AMUNDI FUNDS

AMUNDI FUNDS
SICAV with sub-funds under Luxembourg law
Unaudited semi-annual report as at 31/12/12
A company of Crédit Agricole / Société Générale

AMUNDI FUNDS
Unaudited semi-annual report
R.C.S. Luxembourg B 68.806
For the period from 01/07/12 to 31/12/12
No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual
report of the SICAV and the unaudited semi-annual report if published after such annual report.
Additional information concerning the representation and distribution of the Fund in Hong Kong as at 31 December 2012:
Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:
Equities:
Equity Euroland Value / Equity Global Alpha / Equity Japan Target / Equity US Concentrated Core / Equity US Growth / Equity US Relative Value / Equity Japan Value / Equity Euro Select / Equity
Europe Select / Equity Euroland Small Cap / Equity Europe Restructuring / Equity India Select / Equity Global Clean Planet 1 / Equity Europe Minimum Variance / Equity Global Minimum Variance.
Bonds:
Convertible Europe / Bond Global Corporate / Bond Euro Aggregate / Bond Euro Governement / Bond US Opportunistic Core Plus / Bond Europe / Bond Global Aggregate / Bond Global Inflation /
Bond Emerging Inflation / Bond Global Emerging Corporate.
Multi Asset:
Multi Asset Emerging Markets
Indexed:
Index Equity Euro / Index Equity Europe / Index Equity North America / Index Equity Pacific /Index Global Bond (EUR) Hedged.
Absolute Return:
Absolute Forex / Absolute VaR 2(EUR) / Absolute VaR 4(EUR) / Absolute Statistical Arbitrage / Absolute High Yield /Absolute Volatility Arbitrage / Absolute Volatility Arbitrage Plus / Absolute
Volatility Euro Equities / Absolute Volatility World Equities.
For all sub-funds authorized in Hong Kong, please note that the shares
AHC, AHE, AHG, AHK, AHS, AHU, A2E, A2U, AU-MD, FE, FHE, FHE-QD, FHE-MD, FU, IHC, IHE, IHG, IHG0, IHJ, IHS, IHU, I2, I4, I8, I9, ME, MHE, MU, OE, OHE, OU, OR, O1, PU, RE, RG,
RHE, RU, SE, SHE, SHE-MD, SHE-QD, SHG, SJ, SHU, SU, XE, XU are not authorized in Hong Kong.
The share class I in respect of the following sub-funds are not authorized in Hong Kong: Equity Global Select, Equity Global Gold Mines, Equity Global Luxury and Lifestyle, Equity Global
Agriculture, Equity Global Resources, Equity ASEAN, Equity Asia ex Japan, Equity Brazil, Equity Emerging Europe, Equity Emerging Internal Demand, Equity Emerging World, Equity MENA, Equity
Greater China, Equity India, Equity India Infrastructure, Equity Latin America, Convertible Global, Bond Euro Corporate, Bond Euro Inflation, Bond Euro High Yield, Bond Global and Bond Global
Emerging.
1 This sub-fund has been merged as at 12 September 2012.
For the sub-fund Amundi Funds Bond Euro Inflation, the Company will cease marketing to the public Hong Kong, and as of 22 nd March 2013 the authorization of the sub-fund in Hong Kong will be withdrawn.

Table of Contents
Page
Organisation 6
Portfolios details as at 31/12/12:
Equities
Equity Euroland Value 9
Equity Global Alpha 10
Equity Japan Target 12
Equity US Concentrated Core 14
Equity US Growth 15
Equity US Relative Value 16
Equity Global Select 17
Equity Japan Value 18
Equity Euro Select 20
Equity Europe Select 21
Equity Euroland Small Cap 22
Equity Global Gold Mines 23
Equity Global Luxury and Lifestyle 24
Equity Global Agriculture 25
Equity Global Resources 26
Equity Europe Restructuring 27
Equity ASEAN 28
Equity Asia ex Japan 29
Equity Brazil 31
Equity Emerging Europe 33
Equity Emerging Internal Demand 35
Equity Emerging World 39
Equity MENA 45
Equity Greater China 47
Equity India 48
Equity India Select 49
Equity India Infrastructure 50
Equity Korea 51
Equity Latin America 52
Equity Thailand 54
Equity Global Aqua 55
Equity Europe Minimum Variance 56
Equity Global Minimum Variance 57
Bonds
Convertible Europe 59
Convertible Global 61
Bond Global Corporate 63
Bond Euro Aggregate 66
Bond Euro Corporate 69
Bond Euro Government 73
Bond Euro Inflation 74
Bond Euro High Yield 75
Bond US Opportunistic Core Plus 78
Bond Europe 83
Bond Global Aggregate 85
Bond Global 89
Bond Global Inflation 91
Bond Emerging Inflation 92
Bond Global Emerging 93
Bond Global Emerging Corporate 95
Multi Asset
Multi Asset Emerging Markets 97
Indexed
Index Equity Euro 101
Index Equity Europe 104
Index Equity North America 109
Index Equity Pacific 116
Index Global Bond (EUR) Hedged 121
Absolute
Absolute Forex 123
Absolute VaR 2(EUR) 124
Absolute VaR 4(EUR) 126
Absolute Statistical Arbitrage 129
Absolute High Yield 130
Absolute Volatility Arbitrage 131
Absolute Volatility Arbitrage Plus 133
Absolute Volatility Euro Equities 135
Absolute Volatility World Equities 136
Cash
Cash EUR 138
Cash USD 139
Accounts:
Statement of Net Assets 140
Financial Details Relating to the Last 3 Years 164
Statement of Operations and Changes in Net Assets 216
Notes to the Financial Statements as at 31/12/12 240
Notices and Reports 263
Additional Information 264

Organisation
DENOMINATION AND REGISTERED OFFICE
Amundi Funds
5, Allée Scheffer,
L-2520 Luxembourg
MANAGEMENT COMPANY
Amundi Luxembourg S.A.
5, Allée Scheffer,
L-2520 Luxembourg
BOARD OF DIRECTORS
Chairman
Directors
Jean-Paul MAZOYER
General Management Committee Member in charge of Development
Amundi, Paris
Etienne CLEMENT
Deputy Chief Executive Officer, Strategic Marketing Manager
Amundi, Paris
Jean-François PINÇON
Head of International Business Development
Amundi, Paris
Guillaume ABEL
Head of Marketing and Business Development of Institutional and Third party Distribution
Amundi, Paris
Laurent BERTIAU
Deputy Head of Institutional and Third party Distribution
Amundi, Paris
GENERAL MANAGERS
Guillaume ABEL
Head of Marketing and Business Development of Institutional and Third party Distribution
Amundi, Paris
Giorgio GRETTER
General Manager
Amundi Luxembourg S.A., Luxembourg
CUSTODIAN
CACEIS Bank Luxembourg S.A.
5, Allée Scheffer,
L-2520 Luxembourg
REGISTRAR, TRANSFER AND
PAYING AGENT
CACEIS Bank Luxembourg S.A.
5, Allée Scheffer,
L-2520 Luxembourg
ADMINISTRATIVE AGENT
Société Générale Securities Services Luxembourg
16, Boulevard Royal,
L-2449 Luxembourg
INVESTMENT MANAGERS
Amundi acting through:
n Main office
90, Boulevard Pasteur,
F-75015 Paris, France
n London Branch
41, Lothbury,
London EC2R 7HF, United Kingdom
Amundi Hong-Kong Ltd
901-908, One Pacific Place,
No. 88 Queensway, Hong Kong
Amundi Japan
1-2-2, Uchisaiwaicho Chiyoda-Ku,
Tokyo 100-0011, Japan
Resona Bank Ltd
Fukagawa Gatharia W2 Bldg, 5-65, Kiba 1 -Chome, Koto-Ku,
Tokyo 135-8581, Japan
Amundi Singapore Ltd
168, Robinson Road #24-01, Capital Tower,
Singapore 068912
TCW Investment Management Company, Inc. (“TCW”)
865, South Figueroa Street, Suite 800,
Los Angeles, California 90017, United States of America
6

Organisation
CPR Asset Management
90, Boulevard Pasteur,
F-75015 Paris, France
INVESTMENT SUB-MANAGERS
Amundi Singapore Ltd
168, Robinson Road #24-01, Capital Tower,
Singapore 068912
NH-CA Asset Management Co., Ltd
10F Nonghyup Culture & Welfare Foundation Bldg.
34-7 Yeoido-dong Yeongdeungpo-gu, Seoul, Korea
Amundi Japan (as from 01 September 2012)
1-2-2, Uchisaiwaicho Chiyoda-Ku,
Tokyo 100 – 0011 Japan
AUDITOR
PricewaterhouseCoopers, Société coopérative
400, Route d’Esch,
L-1471 Luxembourg
FINANCIAL AGENT IN BELGIUM
CACEIS Belgium SA/VN (formerly FASTNET Belgium)
Avenue du Port / Havenlaan 86 C/320,
B - 1000 Brussels, Belgium
CENTRALIZING AGENT IN FRANCE
CACEIS Bank
1-3, Place Valhubert,
F-75206 Paris Cedex 13, France
PAYING AND INFORMATION AGENT
Marcard, Stein & Co AG
IN GERMANY Ballindam 36,
20095 Hamburg, Germany
PAYING AND INFORMATION AGENT
Meinl Bank A.G.
IN AUSTRIA Bauernmarkt 2, 1010,
Vienna, Austria
PAYING AGENT IN GREECE
Emporiki Bank of Greece
11, Sofokleous Str.,
102 35 Athens, Greece
REPRESENTATIVE IN GREECE
Amundi Hellas M.F.M.C
45, Mitropoleos Street,
105 56 Athens, Greece
REPRESENTATIVE IN HONG KONG
Amundi Hong-Kong Ltd
901-907, One Pacific Place,
88, Queensway, Hong-Kong
REPRESENTATIVE IN THE NETHERLANDS
CACEIS Netherlands (formerly Fastnet Netherlands)
De Ruyterkade 6,
1013 AA Amsterdam, The Netherlands
REPRESENTATIVE IN SPAIN
Amundi Iberia SGICC
Paseo de la Castellana 1,
28046 Madrid, Spain
FACILITIES AGENT IN UNITED KINGDOM
Amundi London Branch.
41, Lothbury,
London EC2R 7HF, United Kingdom.
PAYING AND REPRESENTATIVE AGENT
IN BULGARIA
Société Générale Express Bank
92,Vladislav Varnenchik Blvd,
9000 Varma, Bulgaria
LOCAL REPRESENTATIVE IN BULGARIA
Société Générale Express Bank
92,Vladislav Varnenchik Blvd,
9000 Varma, Bulgaria
7

Organisation
CONTACT BANK IN CZECH REPUBLIC
Komercni Banka A.S
Na Prikogne 33,
Prague 1, Czech Republic
PAYING AND REPRESENTATIVE
SKB Banka D.D. Ljubljana
AGENT IN SLOVENIA Ajdovscina 4,
Ljubljana, Slovenia
FACILITIES AGENT IN IRELAND
Société Générale, Dublin Branch
3 rd Floor, IFSC House, IFSC,
Dublin 1, Ireland
REPRESENTATIVE AGENT IN ITALY
Amundi SGR S.p.A.
Piazza Missori 2,
Milano 20122, Italy
8

Equity Euroland Value
Portfolios details as at 31/12/12:
Securities Portfolio as at 31/12/12
Equities
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
180,017,348
99.88
1,515,802 INTESA SANPAOLO SPA
1,617,361
0.90
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
180,017,348
179,940,929
99.88
99.84
39,339 SAIPEM
518,474 UNICREDIT SPA REGR
Luxembourg
1,152,633
1,921,465
3,088,836
0.64
1.07
1.71
Belgium
17,615 KBC GROUPE
14,596 SOLVAY
2,056,705
460,632
1,596,073
1.14
0.26
0.88
121,410 ARCELORMITTAL SA
84,336 SUBSEA 7 SA
Netherlands
1,570,439
1,518,397
9,766,898
0.87
0.84
5.42
Denmark
305 A.P. MOELLER-MAERSK B
1,741,467
1,741,467
0.97
0.97
482,119 ING GROEP NV-CVA
292,251 KONINKLIJKE AHOLD NV
14,191 KONINKLIJKE VOPAK N.V.
3,404,242
2,961,964
756,522
1.89
1.64
0.42
France
55,615,920
30.86
91,700 UNILEVER CVA
2,644,170
1.47
23,689 ARKEMA
1,876,406
1.04
Spain
13,868,861
7.69
268,211 AXA SA
222,536 BNP PARIBAS
15,432 BOURBON
111,172 CAP GEMINI SA
23,834 CARREFOUR SA
23,227 CHRISTIAN DIOR
3,580,617
9,476,695
321,063
3,653,112
461,069
2,978,863
1.99
5.25
0.18
2.03
0.26
1.65
811,091 BANCO SANTANDER SA
157,490 EBRO FOODS SA
165,409 REPSOL
394,731 TELEFONICA SA
United Kingdom
4,947,655
2,362,350
2,536,547
4,022,309
14,629,622
2.74
1.31
1.41
2.23
8.12
124,351 COMPAGNIE DE SAINT-GOBAIN SA
132,632 CREDIT AGRICOLE SA
99,446 FRANCE TELECOM SA
86,237 GDF SUEZ
53,334 MICHELIN SA
13,688 PEUGEOT SA
123,589 SANOFI
140,253 SOCIETE GENERALE A
4,006,589
806,933
829,280
1,343,141
3,818,181
74,887
8,823,018
3,974,770
2.22
0.45
0.46
0.75
2.12
0.04
4.89
2.21
797,249 KINGFISHER
113,905 RIO TINTO PLC
42,958 ROYAL DUTCH SHELL PLC-A
203,556 SMITH & NEPHEW
278,179 SMITHS GROUP
Warrants, Rights
Spain
2,792,485
4,931,296
1,115,834
1,705,293
4,084,714
76,419
76,419
1.55
2.73
0.62
0.95
2.27
0.04
0.04
152,869 TOTAL
63,480 VINCI SA
79,359 VIVENDI
5,963,420
2,282,741
1,345,135
3.30
1.27
0.75
165,409 REPSOL DROIT OPTION 10/01/2013
Total securities portfolio
76,419
180,017,348
0.04
99.88
Germany
63,661,882
35.32
35,134 ADIDAS AG
2,365,572
1.31
86,198 ALLIANZ SE-REG
9,033,551
5.02
122,687 BAYER AG
8,819,969
4.90
44,096 BAYERISCHE MOTORENWERKE
3,215,921
1.78
241,608 COMMERZBANK
346,466
0.19
68,037 DAIMLER
2,811,289
1.56
155,900 DEUTSCHE BANK AG-REG
5,136,905
2.85
248,288 DEUTSCHE TELEKOM AG-REG
2,134,035
1.18
128,298 E.ON SE
1,807,719
1.00
60,926 FRESENIUS SE & CO KGAA
5,306,655
2.94
78,829 HEIDELBERGCEMENT AG
3,612,733
2.00
37,897 LINDE AG
5,002,404
2.78
16,757 MUENCHENER RUECKVERSICHERUNGS AG-REG
2,278,952
1.26
11,244 PUMA AG
2,528,213
1.40
74,502 SIEMENS AG-REG
6,124,064
3.41
18,225 VOLKSWAGEN AG-PFD
3,137,434
1.74
Italy
15,510,738
8.61
173,424 ASSICURAZIONI GENERALI
2,382,846
1.32
335,345 ENI SPA
6,150,226
3.41
1,758,621 INTESA SANPAOLO SPA
2,286,207
1.27
The accompanying notes form an integral part of these financial statements
9

Equity Japan Target
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
JPY
Pharmaceuticals and Biotechnology
105,000 ASKA PHARMACEUTICAL
83,300 KISSEI PHARMA
126,000 NIPPON SHINYAKU
Software and Computer Services
90,020 ALPHA SYSTEMS
75,000 CAC
44,200 DTS
6,000 NEC FIELDING
52,200 NSD CO LTD
Support Services
126,700 TOPPAN FORMS
Technology Hardware and Equipment
69,600 CANON MARKETING JAPAN INC
248,000 DENKI KOGYO
38,300 ICOM
140,500 JAPAN DIGITAL LABORATORY CO
65,400 RYOSAN
88,000 TOKYO OHKA KOGYO CO LTD
Travel, Leisure and Catering
94,600 DOUTOR-NICHIRES HOLDINGS
Total securities portfolio
304,250,100
49,455,000
132,197,100
122,598,000
241,698,860
98,391,860
51,075,000
46,675,200
6,198,000
39,358,800
97,939,100
97,939,100
631,489,500
85,956,000
86,552,000
73,612,600
136,144,500
99,800,400
149,424,000
106,519,600
106,519,600
6,125,597,560
4.59
0.75
1.99
1.85
3.65
1.49
0.78
0.70
0.09
0.59
1.48
1.48
9.53
1.30
1.31
1.11
2.05
1.51
2.25
1.61
1.61
92.42
The accompanying notes form an integral part of these financial statements
13

Equity US Concentrated Core
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
113,469,979
96.48
Support Services
8,404,282
7.15
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
113,469,979
113,469,979
96.48
96.48
81,300 FASTENAL CO
16,750 LINKEDIN CORP CLASS A
52,650 VERISK ANALYTICS CLASS.A
3,795,897
1,923,235
2,685,150
3.23
1.64
2.28
Aerospace and Defense
4,309,305
3.66
Technology Hardware and Equipment
17,883,972
15.21
22,750 PRECISION CASTPARTS CORP
4,309,305
3.66
16,750 APPLE INC
8,928,252
7.59
Chemicals
33,400 PRAXAIR INC
Financial Services
150,450 CHARLES SCHWAB CORP
27,250 VISA INC-A
3,655,630
3,655,630
6,291,017
2,160,462
4,130,555
3.11
3.11
5.35
1.84
3.51
97,900 ARM HOLDINGS ADR
84,685 QUALCOMM INC
Travel, Leisure and Catering
73,000 STARBUCKS
Total securities portfolio
3,703,557
5,252,163
3,914,260
3,914,260
113,469,979
3.15
4.47
3.33
3.33
96.48
Food Producers
2,777,264
2.36
42,150 MEAD JOHNSON NUTRITION
2,777,264
2.36
General Retailers
9,909,232
8.43
15,400 AMAZON.COM
3,867,556
3.30
28,150 COSTCO WHOLESALE
2,780,376
2.36
5,250 PRICELINE.COM INC
3,261,300
2.77
Health Care Equipment and Services
2,035,036
1.73
4,150 INTUITIVE SURGICAL
2,035,036
1.73
Mining
3,196,394
2.72
88,750 SILVER WHEATON
3,196,394
2.72
Mobile Telecommunications
5,775,933
4.91
74,750 AMERICAN TOWER
5,775,933
4.91
Nonlife Insurance
4,460,820
3.79
55,900 ACE LTD
4,460,820
3.79
Oil and Gas Producers
2,991,621
2.54
39,050 OCCIDENTAL PETROLEUM CORP
2,991,621
2.54
Oil Equipment, Services and Distribution
9,108,067
7.74
29,050 NATIONAL OILWELL VARCO
1,985,568
1.69
61,500 OCEANEERING INTL
3,308,085
2.81
55,050 SCHLUMBERGER LTD
3,814,414
3.24
Pharmaceuticals and Biotechnology
7,521,614
6.40
45,400 ALLERGAN INC
4,164,542
3.55
68,400 LIFE TECH
3,357,072
2.85
Software and Computer Services
21,235,532
18.05
40,895 CERNER CORP
3,175,088
2.70
41,540 COGNIZANT TECH SO-A
3,076,037
2.62
16,700 EQUINIX
3,443,540
2.93
5,420 GOOGLE INC-A
3,844,784
3.26
27,750 SALESFORCE.COM
4,664,775
3.96
32,200 VMWARE CLASS A
3,031,308
2.58
The accompanying notes form an integral part of these financial statements
14

Equity US Growth
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
21,163,390
97.31
Oil Equipment, Services and Distribution
1,946,637
8.94
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
21,163,390
21,163,390
97.31
97.31
6,920 CORE LABORATORIES
8,552 LUFKIN INDUSTRIES INC
12,885 OCEANEERING INTL
756,425
497,128
693,084
3.47
2.29
3.18
Aerospace and Defense
782,877
3.60
Personal Goods
1,159,003
5.33
6,795 B/E AEROSPACE
1,325 PRECISION CASTPARTS CORP
1,439 TRANSDIGM
335,673
250,982
196,222
1.55
1.15
0.90
11,885 GILDAN ACTIVEWEAR A
6,335 MICKAEL KORS
8,285 UNDER ARMOUR
433,657
323,275
402,071
1.99
1.49
1.85
Automobiles and Parts
475,772
2.19
Pharmaceuticals and Biotechnology
1,830,555
8.42
6,643 BORG WARNER INC
475,772
2.19
9,615 ARIAD PHARMACEUTIC
184,416
0.85
Beverages
7,970 MONSTER BEVERAGE CORP
421,454
421,454
1.94
1.94
6,605 BIOMARIN PHARMACEUTICAL INC
9,910 ILLUMINA
9,820 IRONWOOD PHARMACEUTICALS
325,296
550,897
108,904
1.50
2.53
0.50
Electronic and Electrical Equipment
473,311
2.18
11,655 MYLAN
320,279
1.47
6,460 AMETEK
242,702
1.12
8,125 VERTEX PHARMACEUTICALS INC
340,763
1.57
3,460 IPG PHOTONICS
230,609
1.06
Software and Computer Services
3,581,410
16.46
Financial Services
545,138
2.51
3,230 ANSYS
217,508
1.00
8,370 T ROWE PRICE GROUP INC
Food and Drug Retailers
545,138
202,459
2.51
0.93
8,400 ATHENAHEALTH
4,150 CERNER CORP
4,355 PALO ALTO NETWORKS INC
616,980
322,206
233,080
2.84
1.48
1.07
4,210 THE FRESH MARKET
Food Producers
202,459
385,342
0.93
1.77
8,690 RACKSPACE HOSTING
4,065 SALESFORCE.COM
1,380 SERVICENOW INC
645,406
683,326
41,441
2.97
3.13
0.19
7,107 HAIN CELESTIAL GRP
General Retailers
385,342
1,781,695
1.77
8.19
14,515 SPLUNK INC
3,385 ULTIMATE SOFTWARE
1,480 WORKDAY INC
421,225
319,578
80,660
1.94
1.47
0.37
16,210 CARMAX
10,215 DICK’S SPORTING GOODS
3,410 DSW INC.
5,813 PRICESMART
1,085 RESTORATION HARDWARE HOLDING
Health Care Equipment and Services
5,975 CEPHEID
1,445 INTUITIVE SURGICAL
Industrial Engineering
608,523
464,680
224,003
447,892
36,597
910,599
202,015
708,584
1,265,445
2.79
2.14
1.03
2.06
0.17
4.19
0.93
3.26
5.82
Support Services
10,525 FASTENAL CO
2,135 LINKEDIN CORP CLASS A
6,170 MSC INDL DIRECT-A
10,900 ROBERT HALF INTL
Technology Hardware and Equipment
17,189 ARM HOLDINGS ADR
10,676 AVAGO TECHNOLOGIE LTD
9,270 CAVIUM
1,548,486
491,412
245,141
465,095
346,838
1,652,321
650,259
338,002
289,317
7.12
2.26
1.13
2.14
1.59
7.60
2.99
1.55
1.33
3,060 CUMMINS INC
331,551
1.52
13,633 FUSION IO INC
312,605
1.44
5,790 ROCKWELL AUTOMATION INC
486,302
2.24
2,758 RUCKUS WIRELESS
62,138
0.29
4,015 ROPER INDUSTRIES
447,592
2.06
Travel, Leisure and Catering
406,879
1.87
Industrial Metals and Mining
434,755
2.00
34,020 ARCOS DORADOS HOLDINGS CL.A
406,879
1.87
14,320 ALLEGHENY TECHNOLOGIES INC
434,755
2.00 Total securities portfolio
21,163,390
97.31
Industrial Transportation
227,215
1.04
5,745 EXPEDIT INTL WASH
227,215
1.04
Leisure Goods
468,899
2.16
10,504 HARMAN INTERNATIONAL INDUSTRIE
468,899
2.16
Nonlife Insurance
663,138
3.05
8,310 ACE LTD
663,138
3.05
The accompanying notes form an integral part of these financial statements
15

Equity US Relative Value
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
418,801,672
98.39
Industrial Engineering
13,519,587
3.18
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Automobiles and Parts
518,700 DANA HOLDING WI
Banks
269,500 CITIGROUP INC
342,584 JP MORGAN CHASE AND CO
418,801,672
418,801,672
8,096,907
8,096,907
38,732,505
10,661,420
15,063,418
98.39
98.39
1.90
1.90
9.10
2.50
3.54
56,765 PENTAIR
381,700 TEREX
Leisure Goods
414,350 COMCAST CLASS A
Media
144,333 TIME WARNER
Nonlife Insurance
2,790,000
10,729,587
15,488,403
15,488,403
6,903,447
6,903,447
13,107,150
0.66
2.52
3.64
3.64
1.62
1.62
3.08
276,700 STATE STREET CORP
13,007,667
3.06
182,500 TRAVELERS COMPANIES INC
13,107,150
3.08
Beverages
7,068,819
1.66
Oil and Gas Producers
44,753,964
10.51
103,300 PEPSICO INC
7,068,819
1.66
138,400 CHEVRON CORP
14,966,576
3.51
Electricity
560,185 AES CORP
223,800 AMERICAN ELECTRIC POWER INC
15,545,764
5,993,980
9,551,784
3.65
1.41
2.24
110,550 DEVON ENERGY CORPORATION
206,500 ENSCO - A
279,700 NABORS INDUSTRIES
227,180 VALERO ENERGY CORPORATION (NEW)
5,753,022
12,241,320
4,041,665
7,751,381
1.35
2.88
0.95
1.82
Electronic and Electrical Equipment
36,509,033
8.58
Oil Equipment, Services and Distribution
9,670,912
2.27
216,300 HONEYWELL INTERNATIONAL INC
295,900 KON PHLPS SP.ADR
267,600 TE CONNECTIVITY LTD
13,728,561
7,853,186
9,933,312
3.24
1.84
2.33
236,800 BAKER HUGHES INC
Pharmaceuticals and Biotechnology
9,670,912
31,055,833
2.27
7.30
78,300 THERMO FISHER SCIE
4,993,974
1.17
101,700 JOHNSON & JOHNSON
7,129,170
1.67
Financial Services
202,000 AMERICAN EXPRESS CO
190,700 AMERIPRISE FINANCIAL
26,625,910
11,610,960
11,943,541
6.26
2.73
2.81
290,120 MYLAN
636,131 PFIZER INC
Software and Computer Services
7,972,498
15,954,165
4,633,384
1.87
3.76
1.09
179,300 SLM
3,071,409
0.72
210,800 CA
4,633,384
1.09
Fixed Line Telecommunications
9,283,734
2.18
Support Services
4,311,948
1.01
275,400 AT & T INC
9,283,734
2.18
92,750 ADT CORP
4,311,948
1.01
Food Producers
8,078,829
1.90
Technology Hardware and Equipment
34,819,746
8.18
317,190 MONDELEZ INTERNATIONAL
8,078,829
1.90
327,700 APPLIED MATERIALS INC
3,748,888
0.88
General Industrials
703,340 GENERAL ELECTRIC CO
139,700 MEADWESTVACO
182,400 SEALED AIR
210,500 TYCO INTERNATIONAL LTD
General Retailers
28,566,295
14,763,107
4,452,239
3,193,824
6,157,125
23,763,701
6.71
3.46
1.05
0.75
1.45
5.58
486,650 CISCO SYSTEMS INC
397,545 DELL INC
387,700 INTEL CORP
101,700 LAM RESEARCH CORP
136,700 WESTERN DIGITAL CORP
Total securities portfolio
9,562,672
4,027,131
7,998,251
3,674,421
5,808,383
418,801,672
2.25
0.95
1.88
0.86
1.36
98.39
293,140 GAP INC
9,099,066
2.14
237,100 HOME DEPOT INC
14,664,635
3.44
Health Care Equipment and Services
19,740,647
4.64
81,600 CIGNA CORP
4,362,336
1.02
474,091 HOLOGIC INC
9,496,043
2.24
143,400 MEDTRONIC INC
5,882,268
1.38
Household Goods and Home Construction
18,525,154
4.35
94,500 ENERGIZER HOLDINGS
7,558,110
1.78
283,606 LENNAR A
10,967,044
2.57
The accompanying notes form an integral part of these financial statements
16

Equity Global Select
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
168,294,150
100.72
19,335 RECKITT BENCKISER GROUP PLC
1,219,093
0.73
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
166,260,539
99.50
75,938 SABMILLER
175,421 STANDARD CHARTERED
3,486,988
4,486,639
2.09
2.68
Shares
166,260,539
99.50
United States of America
100,839,202
60.35
Australia
4,458,230
2.67
47,400 AKAMAI TECHNOLOGIES INC
1,939,134
1.16
99,231 BHP BILLITON LTD
1,065,660 LYNAS CORPORATION
Bermuda
3,822,073
636,157
-
2.29
0.38
0.00
75,200 ALLEGHENY TECHNOLOGIES INC
44,993 AMGEN INC
43,800 ANADARKO PETROLEUM CORP
35,900 AON PLC
2,283,072
3,883,796
3,254,778
1,996,040
1.37
2.33
1.95
1.19
550,000 PEACE MARK (HLDGS)
Canada
-
6,308,825
0.00
3.78
8,808 APPLE INC
64,900 CAVIUM
41,500 CERNER CORP
4,694,927
2,025,529
3,222,060
2.82
1.21
1.93
27,200 ENBRIDGE
1,175,225
0.70
38,000 CITIGROUP INC
1,503,280
0.90
82,100 GOLDCORP
3,015,434
1.81
25,500 CITRIX SYSTEMS INC
1,676,625
1.00
52,100 POTASH CORP OF SASKATCHEWAN (US)
2,118,166
1.27
32,100 CVS CAREMARK CORP
1,552,035
0.93
Cayman Islands
957,000 GOLDEN EAGLE RETAIL GROUP
2,355,819
2,355,819
1.41
1.41
101,900 EMC CORP
169,900 FORD MOTOR CO
4,650 GOOGLE INC-A
2,578,070
2,200,205
3,298,571
1.54
1.32
1.97
Curacao
48,900 SCHLUMBERGER LTD
3,388,281
3,388,281
2.03
2.03
17,400 IHS
29,700 INFORMATICA CORP
17,400 INTL BUSINESS MACHINES CORP
1,670,400
900,504
3,332,970
1.00
0.54
1.99
France
82,392 BNP PARIBAS
51,357 CARREFOUR SA
34,595 DANONE
6,565 LVMH MOET HENNESSY LOUIS VUITTON
36,003 SCHNEIDER ELECTRIC SA
12,015,758
4,625,822
1,309,832
2,276,169
1,201,355
2,602,580
7.19
2.77
0.78
1.36
0.72
1.56
3,900 INTUITIVE SURGICAL
26,600 KANSAS CITY SOUTHERN
23,100 M&T BANK CORPORATION
26,200 NATIONAL OILWELL VARCO
36,100 NEXTERA ENERGY INC
22,353 OCCIDENTAL PETROLEUM CORP
44,600 PEABODY ENERGY CORP
1,912,443
2,220,568
2,274,657
1,790,770
2,497,759
1,712,463
1,186,806
1.14
1.33
1.36
1.07
1.49
1.02
0.71
Germany
3,631,416
2.17
53,300 PEPSICO INC
3,647,319
2.19
12,998 ADIDAS AG
22,862 SIEMENS AG-NOM
Indonesia
1,153,805
2,477,611
3,782,250
0.69
1.48
2.26
34,500 PNC FINANCIAL SERVICES GROUP
35,200 POLYPORE INTERNATIONAL INC
16,500 PRAXAIR INC
17,400 PRECISION CASTPARTS CORP
2,011,695
1,636,800
1,805,925
3,295,908
1.20
0.98
1.08
1.97
2,268,000 ASTRA INTERNATIONAL TBK PT
2,111,500 BANK CENTRAL ASIA
Japan
1,788,513
1,993,737
11,061,576
1.07
1.19
6.62
32,400 PROLOGIS
34,500 QUALCOMM INC
137,450 QUESTAR CORP
17,900 ROPER INDUSTRIES
1,182,276
2,139,690
2,716,012
1,995,492
0.71
1.28
1.63
1.19
16,600 FANUC LTD
28,700 HAMAMATSU PHOTONICS KK
72,500 KOMATSU LTD
128,300 MITSUBISHI CORPORATION
27,700 SHIN-ETSU CHEMICAL CO LTD
19,600 UNI-CHARM CORP
Netherlands
3,056,405
1,035,610
1,831,261
2,443,880
1,675,487
1,018,933
841,687
1.83
0.62
1.10
1.46
1.00
0.61
0.50
51,200 ROSS STORES INC
13,900 SALESFORCE.COM
22,200 STERICYCLE
44,200 SVB FINANCIAL GROUP
51,600 UNITED TECHNOLOGIES CORP
77,900 US BANCORP
36,400 VERTEX PHARMACEUTICALS INC
13,500 VF CORP
2,772,480
2,336,590
2,070,594
2,473,874
4,231,716
2,488,126
1,526,616
2,038,095
1.66
1.40
1.24
1.48
2.54
1.49
0.91
1.22
7,700 CORE LABORATORIES
841,687
0.50
80,100 XCEL ENERGY INC
2,139,471
1.28
Switzerland
3,325,078
1.99
40,850 ZIMMER HOLDING INC
2,723,061
1.63
18,084 CIE FIN RICHEMONT
1,410,602
0.84
Share/Units of UCITS/UCIS
2,033,611
1.22
29,403 NESTLE SA
1,914,476
1.15
Share/Units in investment funds
2,033,611
1.22
United Kingdom
14,252,417
8.53
France
2,033,611
1.22
207,364 ARM HOLDINGS
2,588,614
1.55
90 AMUNDI TRESO DOLLAR
2,033,611
1.22
150,148 BG GROUP PLC
2,471,083
1.48
Total securities portfolio
168,294,150
100.72
The accompanying notes form an integral part of these financial statements
17

Equity Japan Value
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
JPY
JPY
Long positions
7,529,682,320
98.21
Gas, Water and Multiutilities
28,888,000
0.38
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Automobiles and Parts
28,000 AISIN SEIKI LTD
36,000 FCC
7,529,682,320
7,529,682,320
678,137,750
74,592,000
64,296,000
98.21
98.21
8.84
0.97
0.84
92,000 OSAKA GAS CO LTD
General Retailers
7,400 SHIMAMURA
37,300 YAMADA DENKI
Health Care Equipment and Services
28,888,000
186,034,500
62,012,000
124,022,500
69,802,500
0.38
2.43
0.81
1.62
0.91
187,000 GS YUASA
71,350 HONDA MOTOR CO LTD
35,000 MUSASHI SEIMITSU
64,702,000
224,395,750
63,420,000
0.84
2.93
0.83
20,500 TERUMO CORP
Household Goods and Home Construction
69,802,500
125,259,500
0.91
1.63
116,000 SUMITOMO ELECTRIC INDUSTRIES
114,608,000
1.49
72,250 SEKISUI HOUSE LTD
68,059,500
0.88
76,000 YAMAHA MOTOR CO LTD
72,124,000
0.94
400,000 SXL CORP
57,200,000
0.75
Banks
847,226,370
11.05
Industrial Engineering
847,622,300
11.05
691,600 MITSUBISHI UFJ FINANCIAL GROUP
318,827,600
4.16
25,900 DAIKIN INDUSTRIES LTD
76,197,800
0.99
1,433,200 MIZUHO FINANCIAL GROUP INC
225,012,400
2.93
22,300 DISCO CORPORATION
99,792,500
1.30
452,000 SEVEN BANK LTD
102,604,000
1.34
314,000 KAWASAKI HEAVY INDUSTRIES
72,848,000
0.95
343,370 SUMITOMO MITSUI TRUST HLD
103,354,370
1.35
60,000 KOMATSU LTD
131,040,000
1.71
92,000 SURUGA BANK LTD
97,428,000
1.27
93,000 KUBOTA CORPORATION
91,698,000
1.20
Chemicals
151,000 ASAHI KASEI
44,000 JSR CORP
178,000 MITSUBISHI CHEMICAL HOLDINGS
66,000 NISSAN CHEMICAL INDUSTRIES LTD
291,557,000
76,557,000
72,116,000
75,828,000
67,056,000
3.80
1.00
0.94
0.99
0.87
33,000 KURITA WATER INDUSTRIES LTD
190,000 MITSUBISHI ELECTRIC CORP
192,000 THE JAPAN STEEL WORKS
44,000 THK CO LTD
Industrial Metals and Mining
62,436,000
138,890,000
107,136,000
67,584,000
120,150,000
0.81
1.81
1.40
0.88
1.57
Construction and Materials
366,030,200
4.77
75,000 JFE HOLDINGS
120,150,000
1.57
120,000 ASAHI GLASS CO LTD
75,120,000
0.98
Industrial Transportation
415,210,100
5.42
54,200 COMSYS HOLDINGS
59,945,200
0.78
27,250 EAST JAPAN RAILWAY CO
152,055,000
1.98
58,000 LIXIL GROUP CORPORATION
111,186,000
1.44
47,900 HITACHI TRANSPORT SYSTEM
60,306,100
0.79
149,000 SANWA HOLDINGS
56,471,000
0.74
82,000 MITSUBISHI LOGISTICS CORP
100,942,000
1.32
98,000 TOTO LTD
63,308,000
0.83
507,000 NIPPON YUSEN
101,907,000
1.33
Electronic and Electrical Equipment
365,113,000
4.76
Leisure Goods
139,384,000
1.82
75,000 AMANO CORP
56,250,000
0.73
15,200 NINTENDO CO LTD
139,384,000
1.82
92,000 JAPAN AVIATION ELECTRONICS IND
25,500 MURATA MANUFACTURING CO LTD
24,200 NIDEC CORP
58,604,000
128,775,000
121,484,000
0.76
1.69
1.58
Mining
154,000 PACIFIC METALS CO LTD
62,216,000
62,216,000
0.81
0.81
Financial Services
202,320,900
2.64
Nonlife Insurance
249,980,650
3.26
140,000 MATSUI SECURITIES
9,610 ORIX CORP
109,200,000
93,120,900
1.43
1.21
55,000 MS AD ASSURANCE
65,550 TOKIO MARINE HLDGS INC
93,775,000
156,205,650
1.22
2.04
Fixed Line Telecommunications
75,685,500
0.99
Oil and Gas Producers
148,520,000
1.94
20,850 NIPPON TELEGRAPH & TELEPHONE
Food and Drug Retailers
28,000 FAMILYMART
Food Producers
75,685,500
99,540,000
99,540,000
80,015,000
0.99
1.30
1.30
1.04
18,800 JAPAN PETROLEUM EXPLORATION
188,000 SHOWA SHELL SEKIYU KK
Pharmaceuticals and Biotechnology
24,200 EISAI
95,000 NIPPON SHINYAKU
56,776,000
91,744,000
266,696,000
87,120,000
92,435,000
0.74
1.20
3.48
1.14
1.20
53,000 NICHIREI CORP
23,850,000
0.31
4,800 TAISHO PHARM
28,416,000
0.37
47,000 NIPPON MEAT PACKERS
56,165,000
0.73
22,500 TSUMURA & CO
58,725,000
0.77
The accompanying notes form an integral part of these financial statements
18

Equity Japan Value
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
JPY
Real Estate Investment and Services
58,000 MITSUI FUDOSAN CO LTD
65,500 NOMURA REAL ESTATE HOLDINGS
1,278 NTT URBAN DEVELOPMENT
36,000 SUMITOMO REALTY & DEVELOPMENT
Software and Computer Services
35,100 NOMURA RESEARCH
255 NTT DATA
93,450 TOYOTA MOTOR CORP
Support Services
52,000 DAISEKI
144,000 MARUBENI CORP
82,000 MITSUBISHI CORPORATION
127,500 MITSUI & CO LTD
Technology Hardware and Equipment
57,100 CANON INC
29,400 TOKYO ELECTRON LTD
Travel, Leisure and Catering
26,000 SANKYO CO LTD
158,000 TOKYU CORP
Total securities portfolio
437,330,600
121,220,000
107,289,000
106,329,600
102,492,000
505,684,950
62,899,200
68,518,500
374,267,250
449,036,500
61,984,000
88,416,000
135,054,000
163,582,500
306,403,000
190,714,000
115,689,000
165,838,000
89,050,000
76,788,000
7,529,682,320
5.70
1.57
1.40
1.39
1.34
6.60
0.82
0.89
4.89
5.86
0.81
1.15
1.76
2.14
4.00
2.49
1.51
2.16
1.16
1.00
98.21
The accompanying notes form an integral part of these financial statements
19

Equity Euro Select
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
118,514,981
99.93
Italy
11,669,151
9.84
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
116,369,527
116,332,484
98.12
98.09
109,368 ASSICURAZIONI GENERALI
67,753 ATLANTIA SPA
507,473 ENEL SPA
1,502,716
926,184
1,592,450
1.27
0.78
1.34
Belgium
27,246 ANHEUSER-BUSH INBEV
1,791,152
1,791,152
1.51
1.51
124,966 ENI SPA
1,144,791 INTESA SANPAOLO SPA
89,274 SAIPEM
2,291,876
1,488,228
2,615,729
1.93
1.25
2.21
Finland
514,723
0.43
337,822 UNICREDIT SPA REGR
1,251,968
1.06
16,065 METSO OYJ
514,723
0.43
Luxembourg
478,182
0.40
France
46,027,812
38.81
41,909 APERAM
478,182
0.40
50,148 ACCOR
1,338,701
1.13
Netherlands
9,520,773
8.03
24,650 AIR LIQUIDE
125,609 AXA SA
130,036 BNP PARIBAS
44,796 CARREFOUR SA
52,100 COMPAGNIE DE SAINT-GOBAIN SA
242,289 CREDIT AGRICOLE SA
42,883 DANONE
19,195 DASSAULT SYSTEMES
2,342,983
1,676,880
5,537,582
866,579
1,678,662
1,474,086
2,140,076
1,616,795
1.98
1.41
4.66
0.73
1.42
1.24
1.80
1.36
68,131 EADS
20,093 FUGRO NV CERTIFICAT-CVA
267,470 ING GROEP NV-CVA
61,574 ROYAL PHILIPS ELECTRONICS NV
95,151 STMICROELECTRONICS NV
103,762 UNILEVER CVA
Norway
2,009,865
894,540
1,888,606
1,225,015
510,771
2,991,976
2,416,356
1.70
0.75
1.59
1.03
0.43
2.53
2.04
72,000 ELECTRICITE DE FRANCE
88,683 GDF SUEZ
20,427 L’OREAL
1,006,560
1,381,238
2,142,792
0.85
1.16
1.81
185,939 PETROLEUM GEO SERVICES
Spain
2,416,356
4,158,311
2.04
3.51
25,802 LVMH MOET HENNESSY LOUIS VUITTON
17,049 MICHELIN SA
43,226 PUBLICIS GROUPE
67,652 SAFRAN
76,543 SANOFI
3,581,317
1,220,538
1,955,977
2,205,117
5,464,404
3.02
1.03
1.65
1.86
4.61
248,446 BANCO SANTANDER SA
293,814 DIA SA
80,179 REPSOL
United Kingdom
1,515,521
1,413,245
1,229,545
7,896,311
1.28
1.19
1.04
6.66
43,107 SOCIETE GENERALE A
1,221,652
1.03
114,470 BG GROUP PLC
1,428,934
1.20
22,122 SODEXO
1,409,614
1.19
361,462 MEGGITT PLC
1,703,698
1.44
16,678 TECHNIP SA
1,448,318
1.22
28,990 RIO TINTO PLC
1,255,066
1.06
58,990 THALES SA
1,548,193
1.31
986 ROYAL DUTCH SHELL
25,727
0.02
71,001 TOTAL
2,769,748
2.34
74,887 ROYAL DUTCH SHELL PLC-A
1,945,190
1.64
Germany
42,261 ALLIANZ SE-REG
49,625 BASF SE
31,859,713
4,428,953
3,530,819
26.86
3.73
2.98
807,527 VODAFONE GROUP PLC
Warrants, Rights
Spain
1,537,696
37,043
37,043
1.30
0.03
0.03
57,470 BAYER AG
17,694 BEIERSDORF
30,980 CONTINENTAL AG
4,131,518
1,094,905
2,713,538
3.48
0.92
2.29
80,179 REPSOL DROIT OPTION 10/01/2013
Share/Units of UCITS/UCIS
37,043
2,145,454
0.03
1.81
29,144 DAIMLER
43,141 DEUTSCHE BANK AG-REG
346,820 DEUTSCHE TELEKOM AG-REG
86,554 E.ON SE
62,943 GEA GROUP AG
1,204,230
1,421,496
2,980,918
1,219,546
1,540,215
1.02
1.20
2.51
1.03
1.30
Share/Units in investment funds
France
9 AMUNDI TRESO EONIA C
8 AMUNDI TRESO INSTITUTION
2,145,454
2,145,454
1,966,780
178,674
1.81
1.81
1.66
0.15
16,599 HEIDELBERGCEMENT AG
6,927 MUENCHENER RUECKVERSICHERUNGS AG-REG
760,732
942,072
0.64 Total securities portfolio
0.79
118,514,981
99.93
33,141 SAP AG
2,011,327
1.70
22,083 SIEMENS AG-REG
1,815,223
1.53
155,389 TELEFONICA DEUTSCHLAND HOLDING AG
897,216
0.76
6,779 VOLKSWAGEN AG-PFD
1,167,005
0.98
The accompanying notes form an integral part of these financial statements
20

Equity Europe Select
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
128,153,280
101.66
Norway
1,819,359
1.44
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Belgium
122,930,168
122,930,168
2,629,600
97.52
97.52
2.09
140,000 PETROLEUM GEO SERVICES
Spain
399,533 DIA SA
1,819,359
1,921,754
1,921,754
1.44
1.52
1.52
40,000 ANHEUSER-BUSH INBEV
2,629,600
2.09
Sweden
-
0.00
France
30,576,887
24.27
330,000 SVENSKA MILJOEB B
-
0.00
57,000 ACCOR
1,521,615
1.21
Switzerland
19,839,606
15.74
192,042 AXA SA
125,000 BNP PARIBAS
100,000 CARREFOUR SA
70,000 CGG VERITAS
59,000 COMPAGNIE DE SAINT-GOBAIN SA
21,500 DASSAULT SYSTEMES
2,563,760
5,323,125
1,934,500
1,581,300
1,900,980
1,810,945
2.03
4.23
1.53
1.25
1.51
1.44
45,000 CIE FIN RICHEMONT
130,000 CLARIANT (NAMEN)
30,000 HOLCIM LTD-NOM
55,000 NOVARTIS AG-NOM
23,500 ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
2,662,413
1,330,378
1,663,076
2,618,288
3,583,029
2.11
1.06
1.32
2.08
2.85
55,000 ELECTRICITE DE FRANCE
768,900
0.61
300,000 UBS AG NOM
3,547,398
2.81
30,000 IPSEN
683,250
0.54
71,739 WOLSELEY PLC
2,564,950
2.03
18,000 LVMH MOET HENNESSY LOUIS VUITTON
2,498,400
1.98
9,272 ZURICH INSURANCE GROUP AG
1,870,074
1.48
70,000 SAFRAN
42,000 SANOFI
60,000 SOCIETE GENERALE A
20,000 TECHNIP SA
48,500 THALES SA
Germany
2,281,650
2,998,380
1,700,400
1,736,800
1,272,882
23,091,991
1.81
2.39
1.35
1.38
1.01
18.32
United Kingdom
800,000 BARCLAYS PLC
130,000 BG GROUP PLC
75,000 BHP BILLITON PLC
324,204 BP PLC
100,000 GLAXOSMITHKLINE PLC
29,528,111
2,588,090
1,622,796
1,969,085
1,697,964
1,645,913
23.42
2.05
1.29
1.56
1.35
1.31
36,499 ALLIANZ SE-NOM
3,825,095
3.03
380,000 HSBC HOLDINGS PLC
3,030,724
2.40
25,000 BAYER AG
1,797,250
1.43
40,000 IMPERIAL TOBACCO GROUP PLC
1,170,263
0.93
30,000 BEIERSDORF
1,856,400
1.47
215,000 MEGGITT PLC
1,013,371
0.80
40,000 CONTINENTAL AG
3,503,600
2.78
45,500 RIO TINTO PLC
1,969,834
1.56
45,000 DAIMLER
1,859,400
1.47
2,063 ROYAL DUTCH SHELL
53,828
0.04
213,991 DEUTSCHE TELEKOM AG-NOM
1,839,253
1.46
147,937 ROYAL DUTCH SHELL PLC-A
3,870,327
3.08
83,985 GEA GROUP AG
2,055,113
1.63
25,000 SHIRE
581,618
0.46
96,500 KLOECKNER & CO AG
865,412
0.69
59,712 STANDARD CHARTERED
1,158,388
0.92
25,000 LINDE AG
3,300,000
2.62
125,000 UNILEVER
3,646,283
2.89
15,000 SIEMENS AG-NOM
1,233,000
0.98
1,226,001 VODAFONE GROUP PLC
2,334,556
1.85
165,824 TELEFONICA DEUTSCHLAND HOLDING AG
957,468
0.76
90,000 XSTRATA PLC
1,175,071
0.93
Italy
5,132,260
4.07
Share/Units of UCITS/UCIS
5,223,112
4.14
420,000 ENEL SPA
300,000 FINMECCANICA SPA
54,000 SAIPEM
250,000 UNICREDIT SPA REGR
1,317,960
1,305,600
1,582,200
926,500
1.05
1.04
1.25
0.73
Share/Units in investment funds
France
24 AMUNDI TRESO EONIA C
5,223,112
5,223,112
5,223,112
4.14
4.14
4.14
Jersey
2,244,360
1.78 Total securities portfolio
128,153,280
101.66
205,000 WPP PLC
2,244,360
1.78
Luxembourg
1,350,311
1.07
75,000 SUBSEA 7 SA
1,350,311
1.07
Netherlands
4,795,929
3.80
66,332 EADS
1,956,794
1.55
24,000 FUGRO NV CERTIFICAT-CVA
1,068,480
0.85
89,000 ROYAL PHILIPS ELECTRONICS NV
1,770,655
1.40
The accompanying notes form an integral part of these financial statements
21

Equity Euroland Small Cap
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
145,063,997
101.89
Ireland
1,925,002
1.35
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Austria
130,631 AMAG AUSTRIA METALL
51,314 ANDRITZ AG
77,102 RHI AG
38,363 SCHOELLER-BLECKMANN OILFIELD E
38,332 VOESTALPINE AG
130,973,792
130,973,792
11,538,101
3,025,414
2,490,782
1,919,840
3,041,802
1,060,263
91.99
91.99
8.10
2.12
1.75
1.35
2.14
0.74
20,467 ANGLO IRISH BANK CORP
491,072 GRAFTON GROUP UNIT
Italy
390,385 AMPLIFON
296,771 ANSALDO STS SPA
233,411 BANCA GENERALI
4,763,977 BANCA POPOLARE DI MILANO
156,378 DANIELI & C.OFFICINE RNC
39,040 DE LONGHI
-
1,925,002
21,492,675
1,465,505
2,092,236
3,013,336
2,153,318
1,992,256
426,317
0.00
1.35
15.10
1.03
1.47
2.12
1.51
1.40
0.30
Belgium
36,445 ACKERMANS EN VAN HAAREN
175,301 NYRSTAR STRIP VVPR
2,269,605
2,269,430
175
1.59
1.59
0.00
316,965 PARMALAT FINANZIARIA
161,779 PRYSMIAN SPA
32,342 TOD’S SPA
831,223 UBI BANCA SCPA
-
2,428,303
3,093,511
2,914,268
0.00
1.71
2.17
2.05
Finland
4,655,234
3.27
160,539 YOOX SPA
1,913,625
1.34
217,183 KEMIRA OYJ
2,564,931
1.80
Luxembourg
2,496,550
1.75
185,475 POHJOLA BANK
2,090,303
1.47
20,380 EUROFINS SCIENTIFIC
2,496,550
1.75
France
35,030,237
24.61
Netherlands
13,795,135
9.69
386,002 AIR FRANCE-KLM
357,107 ALTRAN TECHNOLOGIES
29,730 ATOS
25,511 BIC
60,058 CGG VERITAS
58,878 CIMENTS VICAT SA
43,420 EURAZEO
88,299 INTER PARFUMS
74,886 MERCIALYS
122,755 NEXITY
2,701,628
2,053,365
1,571,528
2,304,154
1,356,710
2,777,864
1,572,021
2,045,005
1,284,295
3,134,550
1.90
1.44
1.10
1.62
0.95
1.95
1.10
1.44
0.90
2.21
148,260 AALBERTS INDUSTRIES NV
120,897 ARCADIS NV
24,726 GEMALTO
31,100 KONINKLIJKE VOPAK N.V.
346,942 LBI INTERNATIONAL NV
51,333 NUTRECO HOLDING NV
87,991 QIAGEN NV
24,420 TKH GROUP NV
Spain
2,327,682
2,162,847
1,681,368
1,657,941
988,785
3,290,446
1,209,876
476,190
7,308,064
1.64
1.52
1.18
1.16
0.69
2.32
0.85
0.33
5.13
24,274 REMY COINTREAU
92,264 REXEL
44,332 RUBIS
97,525 SCOR SE ACT PROV
83,085 VALEO
18,914 VILMORIN & CIE
2,008,188
1,424,556
2,296,398
1,990,485
3,126,904
1,770,350
1.41
1.00
1.61
1.40
2.21
1.24
130,608 BOLSAS Y MERCADOS ESPANOLES
140,032 DIA SA
134,504 EBRO FOODS SA
62,911 TECNICAS REUNIDAS
Share/Units of UCITS/UCIS
2,409,718
673,554
2,017,560
2,207,232
14,090,205
1.69
0.47
1.42
1.55
9.90
10,759 VIRBAC SA
Germany
1,612,236
30,463,189
1.13
21.40
Share/Units in investment funds
France
14,090,205
14,090,205
9.90
9.90
73,708 AURUBIS AG
23,027 BILFINGER SE
18,168 BRENNTAG AG
24,108 DRAEGERWERK AG CO KGAA
34,916 EVENTIM AG ORD SHS
3,968,439
1,680,971
1,806,444
1,844,744
930,337
2.79 191,000 AMUNDI ETF EURO STOX SMALL CAP
1.18
38 AMUNDI TRESO EONIA C
1.27
31 AMUNDI TRESO INSTITUTION
1.30
0.65
Total securities portfolio
5,082,510
8,315,109
692,586
145,063,997
3.57
5.84
0.49
101.89
84,935 GSW IMMOBILIEN
2,717,920
1.91
90,353 KUKA AG
2,500,068
1.76
22,016 MTU AERO ENGINES HLDG AG
1,514,701
1.06
57,215 RHEINMETALL AG
2,082,626
1.46
25,722 SALZGITTER AG
1,014,090
0.71
920,186 SKY DE
3,803,129
2.67
76,387 SOFTWARE
2,452,405
1.72
222,974 WIRECARD
4,147,315
2.92
The accompanying notes form an integral part of these financial statements
22

Equity Global Gold Mines
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
115,874,636
99.95
125,200 NEWMONT MINING CORP
5,814,288
5.02
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
115,874,636
99.95
Warrants, Rights
Canada
42,182
42,182
0.04
0.04
Shares
Australia
115,832,454
7,002,013
99.91
6.04
150,000 TOREX GOLD RESOURCES INC WARRANT
23/10/2013
42,182
0.04
104,695 CONTINENTAL GOLD LTD
930,574
0.80 Total securities portfolio
115,874,636
99.95
138,840 MEDUSA MINING
782,694
0.68
180,462 NEWCREST MINING
4,155,517
3.58
519,781 PERSEUS MINING
1,133,228
0.98
Canada
77,137,694
66.54
54,100 AGNICO EAGLE MINES
2,838,086
2.45
175,331 ALACER GOLD CORP
915,680
0.79
302,339 ARGONAUT GOLD
2,875,583
2.48
164,578 BARRICK GOLD CORP
5,755,489
4.96
129,208 CENTERRA GOLD
1,208,150
1.04
97,968 DETOUR GOLD
2,449,012
2.11
586,589 ELDORADO GOLD CORP
7,540,942
6.50
116,400 FIRST MAJESTIC SILVER
2,345,123
2.02
70,052 FRANCO NEVADA
3,994,824
3.45
309,392 GOLDCORP
11,363,594
9.81
252,554 IAMGOLD
2,889,081
2.49
737,668 KINROSS GOLD
7,156,815
6.17
140,700 MIDAS GOLD
316,537
0.27
408,054 NEW GOLD
4,512,183
3.89
108,600 OSISKO MINING CORP
872,573
0.75
91,400 PRETIUM RESOURCES
1,203,457
1.04
224,500 QUEENSTON MINING INC
1,100,317
0.95
119,800 RAINY RIVER RESOURCES
597,991
0.52
169,997 RUBICON MINERALS
435,375
0.38
355,649 SEMAFO INC
1,221,601
1.05
97,500 SILVER WHEATON
3,511,532
3.03
48,700 TAHOE RESOURCES INC
890,189
0.77
1,076,698 TOREX GOLD RESOURCES
2,379,021
2.05
510,032 YAMANA GOLD
8,764,539
7.57
Jersey
8,336,779
7.19
347,768 LYDIAN INTL
729,991
0.63
628,770 POLYUS GOLD INT
2,092,611
1.80
8,475 RANDGOLD RESOURCES
819,652
0.71
47,300 RANDGOLD RESOURCES ADR
4,694,525
4.05
South Africa
10,937,855
9.43
129,613 ANGLOGOLD ASHANTI
4,007,681
3.46
116,900 ANGLOGOLD ASHANTI-SPON ADR
3,667,153
3.16
215,400 HARMONY GOLD
1,878,701
1.62
154,500 HARMONY GOLD ADR
1,384,320
1.19
United Kingdom
4,873,941
4.20
252,391 AFRICAN BAR
1,807,553
1.56
102,138 FRESNILLO PLC-W/I
3,066,388
2.64
United States of America
7,544,172
6.51
57,414 ALLIED NEVADA GOLD CORP
1,729,884
1.49
The accompanying notes form an integral part of these financial statements
23

Equity Global Luxury and Lifestyle
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
98,050,403
99.65
Share/Units of UCITS/UCIS
3,321,565
3.38
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Automobiles and Parts
36,634 BAYERISCHE MOTORENWERKE
94,728,838
94,728,838
5,971,429
3,522,392
96.27
Share/Units in investment funds
96.27
Investment Fund
6.07
147 AMUNDI TRESO DOLLAR
3.58
Total securities portfolio
3,321,565
3,321,565
3,321,565
98,050,403
3.38
3.38
3.38
99.65
23,133 DAIMLER
1,260,200
1.28
35,100 TESLA MOTOR INC
1,188,837
1.21
Beverages
6,564,518
6.67
75,816 DIAGEO
2,202,207
2.24
18,567 PERNOD RICARD
2,140,420
2.18
20,371 REMY COINTREAU
2,221,891
2.25
Food Producers
1,663,601
1.69
511 LINDT AND SPRUENGLI PS
1,663,601
1.69
General Retailers
8,761,577
8.90
11,496 DUFRY GROUP-NOM
1,502,069
1.53
572,000 GOLDEN EAGLE RETAIL GROUP
1,408,076
1.43
484,500 LIFESTYLE INTERNATIONAL HOLDINGS LTD
1,187,679
1.21
11,549 PPR
2,144,610
2.17
33,454 TIFFANY & CO
1,918,252
1.95
38,236 YOOX SPA
600,891
0.61
Health Care Equipment and Services
3,825,756
3.89
8,573 ESSILOR INTERNATIONAL
859,227
0.87
52,553 LUXOTTICA GROUP
2,152,712
2.19
95,996 NOBEL BIOCARE HLDG AG-NOM
813,817
0.83
Personal Goods
59,365,299
60.33
52,711 ADIDAS AG
4,679,043
4.76
64,225 BURBERRY GROUP
1,279,874
1.30
32,075 CHRISTIAN DIOR
5,423,395
5.51
98,476 CIE FIN RICHEMONT
7,681,401
7.81
109,604 COACH INC
6,084,118
6.18
6,868 HERMES INTERNATIONAL
2,049,095
2.08
19,375 L’OREAL
2,679,566
2.72
25,244 LVMH MOET HENNESSY LOUIS VUITTON
4,619,499
4.70
75,506 NIKE INC -B-
3,896,110
3.96
14,118 POLO RALPH LAUREN A
2,116,571
2.15
262,300 PRADA
2,502,580
2.54
36,009 SALVATORE FERRAGAMO
789,972
0.80
15,079 THE SWATCH GROUP
7,597,553
7.72
17,596 TOD’S SPA
2,218,943
2.26
38,071 VF CORP
5,747,579
5.84
Technology Hardware and Equipment
1,937,564
1.97
3,635 APPLE INC
1,937,564
1.97
Travel, Leisure and Catering
6,639,094
6.75
106,606 INTERCONT HOTELS GROUP PLC
2,957,930
3.01
30,129 MARRIOTT INTERNATIONAL-A
1,122,908
1.14
44,600 STARWOOD HTLS & RESORTS WORLD
2,558,256
2.60
The accompanying notes form an integral part of these financial statements
24

Equity Global Agriculture
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
170,109,992
99.17
Spain
931,272
0.54
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Bermuda
170,109,992
170,109,992
13,228,081
99.17
99.17
7.71
16,500 VISCOFAN
Switzerland
28,950 SYNGENTA AG-NOM
931,272
11,594,524
11,594,524
0.54
6.76
6.76
139,800 BUNGE LTD
10,162,062
5.92
Thailand
1,748,734
1.02
122,500 COSAN CL A
1,000,000 NOBLE GROUP LTD
Brazil
616,900 BRF BR FOODS SP ADR
103,800 SLC AGRICOLA
2,120,475
945,544
14,029,064
13,022,759
1,006,305
1.24
0.55
8.18
7.59
0.59
1,585,000 CHAROEN POKPHAND FOOD
United Kingdom
332,500 ASSOCIATED BRITISH FOODS
38,500 GENUS
68,500 TATE & LYLE PLC
1,748,734
10,175,485
8,452,811
874,239
848,435
1.02
5.93
4.93
0.51
0.49
Canada
16,296,020
9.50
United States of America
63,455,318
37.00
51,500 AGRIUM INC
274,700 POTASH CORP OF SASKATCHEWAN (US)
5,127,880
11,168,140
2.99
6.51
37,000 AGCO CORP
22,500 ANDERSONS INC
1,817,440
965,250
1.06
0.56
Cayman Islands
2,886,000 CHAODA MODERN AGRICULTURE HLDGS LTD
-
-
0.00
0.00
371,800 ARCHER-DANIELS MIDLAND CO
23,000 CF INDUSTRIES HOLDINGS INC
55,000 DARLING INTERNATL
10,183,602
4,672,680
882,200
5.94
2.72
0.51
Chile
30,000 SOC QUIM&MIN SP ADR
1,729,200
1,729,200
1.01
1.01
97,100 DEERE & CO
25,500 INGREDION
80,000 INTREPID POTASH INC
8,391,382
1,642,965
1,703,200
4.89
0.96
0.99
Germany
5,779,503
3.37
12,500 LINDSAY SHS
1,001,500
0.58
20,000 BAYWA AG VINK N
38,000 K+S AG NOM.
77,500 SUEDZUCKER
Hong Kong (China)
859,597
1,753,472
3,166,434
839,910
0.50
1.02
1.85
0.49
127,700 MONSANTO
100,000 MOSAIC CO THE -WI
44,000 RENTECH NITROGEN PARTNERS LP
155,000 SMITHFIELD FOODS
9,500 TRACTOR SUPPLY
12,086,804
5,663,000
1,658,360
3,343,350
839,420
7.06
3.30
0.97
1.95
0.49
1,500,000 CHINA AGRI-INDUSTRIES HLDGS
Japan
839,910
5,580,582
0.49
3.25
15,500 TRIMBLE NAVIGATION
350,000 TYSON FOODS -A-
6,500 VALMONT IND INC
926,590
6,790,000
887,575
0.54
3.96
0.52
350,000 KUBOTA CORPORATION
115,000 NIPPON MEAT PACKERS
3,991,210
1,589,372
2.32 Total securities portfolio
0.93
170,109,992
99.17
Mauritius
3,698,479
2.16
6,950,400 GOLDEN AGRI-RESSOURCES LTD
3,698,479
2.16
Netherlands
2,398,224
1.40
37,500 CNH GLOBAL NV
1,510,875
0.88
10,500 NUTRECO HOLDING NV
887,349
0.52
Norway
6,182,475
3.60
2,950,000 MARINE HARVEST
2,713,994
1.58
70,500 YARA INTERNATIONAL ASA
3,468,481
2.02
Russia
4,322,900
2.52
65,000 PHOSAGRO ADR
884,000
0.52
90,000 URALKALI-SPON GDR
3,438,900
2.00
Singapore
8,120,221
4.73
800,000 INDOFOOD AGRI RESOURCES LTD
874,322
0.51
2,650,000 WILMAR INTERNATIONAL
7,245,899
4.22
The accompanying notes form an integral part of these financial statements
25

Equity Global Resources
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
68,234,980
99.81
42,000 CONOCOPHILLIPS
2,435,580
3.56
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
68,234,980
68,232,341
99.81
99.81
72,400 DOW CHEMICAL CO
13,400 E.I. DUPONT DE NEMOURS & CO
39,154 EXXON MOBIL CORP
48,400 FREEPORT MCMORAN COPPER&GLD INC-B
2,339,968
602,598
3,388,779
1,655,280
3.42
0.88
4.96
2.42
Australia
3,334,633
4.88
50,210 HESS CORP
2,659,122
3.89
42,580 BHP BILLITON LTD
27,357 NEWCREST MINING
15,535 RIO TINTO LTD
Canada
1,640,051
629,952
1,064,630
18,171,870
2.40
0.92
1.56
26.58
32,200 INTERNATIONAL PAPER
112,400 MARATHON OIL CORP
43,700 MARATHON PETROLEUM
7,300 MONSANTO
42,700 NEWMONT MINING CORP
1,282,848
3,446,184
2,753,100
690,945
1,982,988
1.88
5.03
4.03
1.01
2.90
40,900 AGNICO EAGLE MINES
88,932 BARRICK GOLD CORP
166,500 ELDORADO GOLD CORP
18,100 FRANCO NEVADA
2,145,614
3,110,058
2,140,454
1,032,181
3.14
4.55
3.13
1.51
41,500 NUCOR CORP
18,000 PHILLIPS 66
4,100 PRAXAIR INC
7,900 VULCAN MATERIALS CO
1,791,970
955,800
448,745
411,195
2.62
1.40
0.66
0.60
92,167 GOLDCORP
170,300 KINROSS GOLD
141,000 LUNDIN MINING
5,900 POTASH CORP OF SASKATCHEWAN (US)
26,200 SILVER WHEATON
3,385,183
1,652,241
725,055
239,869
943,612
4.95
Warrants, Rights
2.42
Canada
1.06
0.35
8,907 KINROSS GOLD WARRANT 17/09/2014
1.38 Total securities portfolio
2,639
2,639
2,639
68,234,980
0.00
0.00
0.00
99.81
162,800 YAMANA GOLD
2,797,603
4.09
Cayman Islands
-
0.00
43,918 APEX SILVER MINES
-
0.00
Curacao
2,342,002
3.43
33,800 SCHLUMBERGER LTD
2,342,002
3.43
France
2,612,515
3.82
10,606 LAFARGE SA
674,398
0.99
37,684 TOTAL
1,938,117
2.83
Germany
1,545,236
2.26
16,473 BASF SE
1,545,236
2.26
Italy
1,965,306
2.87
81,280 ENI SPA
1,965,306
2.87
Jersey
328,054
0.48
3,392 RANDGOLD RESOURCES
328,054
0.48
United Kingdom
4,777,145
6.99
48,006 BHP BILLITON PLC
1,661,674
2.44
26,598 RIO TINTO PLC
1,518,149
2.22
25,053 ROYAL DUTCH SHELL A SHARES
864,128
1.26
1,408 ROYAL DUTCH SHELL PLC-A
48,218
0.07
39,793 XSTRATA PLC
684,976
1.00
United States of America
33,155,580
48.50
16,400 AIR PRODUCTS & CHEMICALS INC
1,377,928
2.02
16,950 ALBEMARLE
1,052,934
1.54
62,900 ALCOA INC
545,972
0.80
17,500 ANADARKO PETROLEUM CORP
1,300,425
1.90
26,800 CELANESE SER A
1,193,404
1.75
7,766 CHEVRON CORP
839,815
1.23
The accompanying notes form an integral part of these financial statements
26

Equity Europe Restructuring
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
22,890,015
100.00
Netherlands
1,516,645
6.63
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
21,762,832
21,746,557
95.08
95.01
15,865 EADS
71,696 ING GROEP NV-CVA
17,314 QIAGEN NV
468,018
506,244
238,068
2.04
2.22
1.04
Austria
257,470
1.12
28,941 SBM OFFSHORE NV
304,315
1.33
4,966 ANDRITZ AG
241,050
1.05
Norway
42,196
0.18
9,052 INTERCELL
16,420
0.07
2,000 ALGETA
42,196
0.18
Belgium
299,348
1.31
Spain
540,221
2.36
7,571 MOBISTAR
4,279 TELENET GROUP HOLDING
Denmark
5,145 ZEALAND PHARMA
146,802
152,546
57,926
57,926
0.64
0.67
0.25
0.25
35,228 REPSOL
Switzerland
3,453 ACTELION N
306 BARRY CALLEBAUT N
540,221
1,216,301
124,552
223,136
2.36
5.31
0.54
0.97
Finland
41,120 POHJOLA BANK
463,422
463,422
2.02
2.02
22,826 CLARIANT (NAMEN)
88 LINDT AND SPRUENGLI PS
35,326 UBS AG NOM
233,594
217,302
417,717
1.02
0.95
1.83
France
5,950,151
26.00
United Kingdom
6,956,736
30.40
135,179 ALCATEL LUCENT
7,835 ALSTOM
3,369 ATOS
12,476 BNP PARIBAS
15,025 CAP GEMINI SA
22,907 CGG VERITAS
8,675 DANONE
4,249 EULER HERMES
3,551 ILIAD
4,445 L’OREAL
5,562 PERNOD RICARD
5,109 REMY COINTREAU
17,216 SAFRAN
6,874 SANOFI
9,167 SOCIETE GENERALE A
135,585
236,108
178,085
531,290
493,722
517,469
432,926
276,185
461,808
466,281
486,341
422,668
561,155
490,735
259,793
0.59
1.03
0.78
2.32
2.16
2.26
1.89
1.21
2.02
2.04
2.12
1.85
2.46
2.14
1.13
16,901 ANGLO AMERICAN PLC
5,748 ARM HOLDINGS
186,210 BARCLAYS PLC
48,741 BG GROUP PLC
149,304 BT GROUP PLC
30,071 BURBERRY GROUP
127,481 CENTRICA PLC
80,118 DARTY SHS
72,039 INVENSYS PLC
36,154 LONDON STOCK EXCHANGE
90,800 MEGGITT PLC
11,428 RECKITT BENCKISER GROUP PLC
36,321 SMITH & NEPHEW
16,180 SMITHS GROUP
57,551 TATE & LYLE PLC
394,655
54,426
602,411
608,437
425,400
454,531
524,321
56,303
288,653
484,966
427,972
546,532
304,280
237,583
540,671
1.72
0.24
2.63
2.66
1.86
1.99
2.29
0.25
1.26
2.12
1.87
2.39
1.33
1.04
2.36
Germany
4,099,377
17.92
18,913 UNILEVER
551,697
2.41
3,316 ADIDAS AG
3,207 ALLIANZ SE-REG
8,805 BAYER AG
223,266
336,094
632,992
0.98
1.47
2.77
7,725 WEIR GROUP
21,058 XSTRATA PLC
Warrants, Rights
178,958
274,940
16,275
0.78
1.20
0.07
8,202 BEIERSDORF
5,002 DEUTSCHE BOERSE AG
16,426 E.ON SE
507,540
231,142
231,442
2.22
1.01
1.01
Spain
35,228 REPSOL DROIT OPTION 10/01/2013
16,275
16,275
0.07
0.07
18,915 GEA GROUP AG
5,662 K+S AG REG
1,414 MERCK KGAA
2,265 PUMA AG
462,850
198,170
141,160
509,285
2.02
0.87
0.62
2.22
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
1,127,183
1,127,183
1,127,183
4.92
4.92
4.92
8,104 SYMRISE
22,841 THYSSENKRUPP AG
Italy
219,780
405,656
160,992
0.96
5 AMUNDI TRESO EONIA C
1.77
Total securities portfolio
0.70
1,127,183
22,890,015
4.92
100.00
9,675 SALVATORE FERRAGAMO
160,992
0.70
Luxembourg
185,772
0.81
14,362 ARCELORMITTAL SA
185,772
0.81
The accompanying notes form an integral part of these financial statements
27

Equity ASEAN
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
207,980,297
99.04
Singapore
51,385,063
24.47
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
205,228,210
205,206,453
97.73
97.72
4,744,000 BUMITAMA AGRI
1,421,000 CAPITALAND
2,287,000 CAPITAMALLS
4,097,294
4,304,233
3,632,184
1.95
2.05
1.73
Bermuda
1,514,800 ARA ASSET MANAGEMENT
3,183,000 NOBLE GROUP LTD
5,018,623
2,008,955
3,009,668
2.39
0.96
1.43
1,927,000 CWT LIMITED
653,500 DBS GROUP HOLDINGS LTD
2,998,000 FAR EAST HOSPITALITY
2,036,000 FIRST RESOURCES LTD
1,932,492
7,939,248
2,466,594
3,366,891
0.92
3.79
1.17
1.60
France
1,631,494
0.78
1,730,000 GOODPACK LIMITED
2,605,937
1.24
2,555,000 CSE GLOBAL
India
1,631,494
2,437,488
0.78
1.16
776,900 KEPPEL CORPORATION LTD
857,000 SEMBCORP MARINE
595,000 SINGAPORE PRESS HOLDING
6,996,128
3,227,295
1,963,008
3.33
1.54
0.93
6,349,000 BANK NEGARA INDONESIA PERSERO
Indonesia
2,437,488
46,061,382
1.16
21.93
1,345,000 SUPER GROUP
2,022,000 TAT HONG HLDGS
1,113,000 WILMAR INTERNATIONAL
3,567,527
2,242,954
3,043,278
1.70
1.07
1.45
33,722,000 ALAM SUTERA
10,136,000 ASTRA INTERNATIONAL TBK PT
8,958,907 BANK MANDIRI
40,287,000 BERAU COAL ENERGY TBK
12,287,000 BW PLANTATION
6,895,500 CHAROEN POKPHAND
404,500 GUDANG GARAM
2,887,000 INDOFOOD CBP
7,843,500 INDOMOBIL SUKSES
27,753,000 MODERN INTERNASIONAL TBK PT
5,733,500 PT HARUM ENERGY TBK
1,611,000 PT SEMEN GRESIK TBK
1,021,000 TAMBANG BATUBARA-B-
2,056,500 TELKOM -B-
1,126,075 UNITED TRACTORS
Malaysia
2,099,423
7,993,107
7,529,662
815,145
1,759,383
2,611,524
2,362,992
2,336,559
4,313,415
2,188,562
3,569,493
2,649,477
1,599,698
1,931,135
2,301,807
16,924,303
1.00
3.80
3.59
0.39
0.84
1.24
1.13
1.11
2.05
1.04
1.70
1.26
0.76
0.92
1.10
8.06
Thailand
590,800 ADVANCED INFO SCE PUB. CO LTD
939,000 BERLI JUCKER PUBLIC CO LTD -FOREIGN
2,053,600 CHAROEN POKPHAND FOOD
1,644,200 C.P. ALL PCL
1,272,400 KASIKORNBANK PCL-NVDR
8,009,175 KRUNG THAI BANK PUBLIC FOREIGN
2,106,300 PTT GLOBAL CHEM
338,300 PTT PUBLIC COMPANY FOREIGN
584,100 SIAM COMMCL BANK -F-
3,875,100 SINO THAI FOREIGN
4,090,500 SUPALAI PUBLIC FOREIGN
1,293,000 SUPALI PUBLIC NVDR
11,354,000 THAI BEVERAGE
620,500 THAI OIL F
1,557,840 THAI UNION FROZEN
53,561,557
4,036,522
1,895,497
2,265,741
2,472,482
8,048,689
5,131,738
4,819,909
3,671,645
3,465,648
3,451,994
2,366,847
748,156
3,671,520
1,369,198
3,666,705
25.52
1.92
0.90
1.08
1.18
3.84
2.44
2.30
1.75
1.65
1.64
1.13
0.36
1.75
0.65
1.75
857,900 AXIATA GROUP BHD
1,848,785
0.88
819,900 VGI GLOBAL MEDIA
2,479,266
1.18
2,355,420 DIALOG
500,500 HONG LEONG BANK
333,200 KUALA LUMPUR KEPONG
1,848,604
2,419,039
2,615,054
0.88
1.15
1.25
Viet Nam
272,067 HAGL JOINT STOCK COMPANY
281,989
281,989
0.13
0.13
805,400 MAXIS BERHAD
6,253,215 SAPURAKENCANA PETROLEUM
1,751,450
6,441,371
0.83
3.07
Warrants, Rights
Malaysia
21,757
21,757
0.01
0.01
Mauritius
3,055,459
1.45
149,510 DIALOG GRP WARRANT 12/02/2017
21,757
0.01
5,742,000 GOLDEN AGRI-RESSOURCES LTD
3,055,459
1.45
Share/Units of UCITS/UCIS
2,752,087
1.31
Philippines
5,171,900 AYALA LAND INC
250,820 MANILA ELECTRIC A
1,308,540 METRO BANK & TRUST
6,249,900 ROBINSONS LAND CORPORATION
24,849,095
3,331,428
1,591,810
3,250,437
3,158,245
11.83
Share/Units in investment funds
1.59
Singapore
0.76
1.55
2,007,000 SUNTEC REIT
1.50 Total securities portfolio
2,752,087
2,752,087
2,752,087
207,980,297
1.31
1.31
1.31
99.04
302,550 SAN MIGUEL PURE FOODS
1,797,801
0.86
1,242,962 SECURITY BANK
4,722,119
2.24
102,850 SM INVESTMENTS CORP
2,209,162
1.05
5,981,325 SM PRIME HLDGS
2,403,455
1.14
1,167,790 UNIVERSAL ROBINA
2,384,638
1.14
The accompanying notes form an integral part of these financial statements
28

Equity Asia ex Japan
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
286,503,198
99.79
428,253 ITC LTD
2,241,704
0.78
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
277,400,872
277,400,872
96.62
96.62
271,889 JINDAL STEEL & POWER LTD
239,847 KOTAK MAHINDRA BANK LTD
133,817 LUPIN
40,899 MAHINDRA & MAHINDR
2,222,403
2,845,638
1,499,243
695,447
0.77
0.99
0.52
0.24
Bermuda
6,820,480
2.38
27,765 MAHINDRA & MAHINDRA FINANCIAL
556,668
0.19
1,029,700 ARA ASSET MANAGEMENT
35,600 JARDINE MATHESON HOLDINGS
289,500 KERRY PROPERTIES
3,108,000 PACIFIC BASIN SHIPPING
Cayman Islands
1,365,607
2,207,200
1,503,370
1,744,303
16,743,904
0.48
0.77
0.52
0.61
5.83
54,928 MARUTI SUZUKI SHS
183,943 MCLEOD RUSSEL INDIA LTD
135,070 RELIANCE INDUSTRIES LTD
401,688 RURAL ELECTRIFICATION CORP LTD
305,892 TATA MOTORS
64,042 WOCKHARDT
1,493,803
1,174,529
2,069,684
1,797,662
1,745,521
1,838,329
0.52
0.41
0.72
0.63
0.61
0.64
575,000 AAC TECHNOLOGIES HOLDINGS IN
554,000 BELLE INTERNATIONAL HOLDINGS
2,832,000 CHINA STATE CONSTRUCTION INTL
1,778,000 INTIME DEPARTMENT STORE
709,500 LI NING CO
750,000 LONGFOR PROPERTIES
124,000 MSTAR SEMICONDUCTOR INC
161,100 TENCENT HOLDINGS LTD
2,010,429
1,202,229
3,398,034
2,096,667
461,354
1,468,874
930,886
5,175,431
0.70
0.42
1.18
0.73
0.16
0.51
0.32
1.81
Indonesia
23,540,500 ALAM SUTERA
5,392,135 BANK MANDIRI
156,500 GUDANG GARAM
1,942,000 INDOMOBIL SUKSES
3,651,500 PT HARUM ENERGY TBK
970,424 UNITED TRACTORS
12,236,622
1,465,556
4,531,909
914,236
1,067,974
2,273,306
1,983,641
4.26
0.51
1.58
0.32
0.37
0.79
0.69
China
34,949,521
12.17
Malaysia
4,573,708
1.59
10,169,000 BANK OF CHINA -H-
3,663,000 CHINA COMMUNICATIONS CONSTR H
2,806,000 CHINA CONSTRUCTION BANK H
4,539,478
3,535,005
2,251,799
1.58
1.23
0.78
774,500 AXIATA GROUP BHD
306,700 HONG LEONG BANK
1,380,749 SAPURAKENCANA PETROLEUM
1,669,057
1,482,356
1,422,295
0.57
0.52
0.50
826,000 CHINA LIFE INSURANCE CO-H
2,696,200
0.94
Mauritius
3,352,385
1.17
759,500 CHINA SHENHUA ENERGY CIE LTD
12,746,175 INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
6,172,000 PETROCHINA CO LTD-H
3,326,742
9,044,699
8,743,389
1.16
3.15
3.05
6,300,000 GOLDEN AGRI-RESSOURCES LTD
Philippines
3,352,385
4,882,196
1.17
1.70
259,600 SINOPHARM
812,209
0.28
2,674,000 AYALA LAND INC
1,722,431
0.60
France
863,341 CSE GLOBAL
Hong Kong (China)
1,938,800 AIA GROUP
301,700 ASM PACIFIC TECHNOLOGY LTD
3,008,000 BRILLIANCE CHINA AUTOMOTIVE
206,000 CHEUNG KONG HOLDINGS LTD
375,000 CHINA MOBILE LTD
551,286
551,286
46,152,479
7,566,760
3,670,613
3,702,352
3,162,756
4,366,465
0.19
0.19
16.08
2.64
1.28
1.29
1.10
1.52
3,305,900 ROBINSONS LAND CORPORATION
391,990 SECURITY BANK
Singapore
1,098,000 CAPITAMALLS
746,000 GOODPACK LIMITED
292,000 KEPPEL CORPORATION LTD
748,000 WILMAR INTERNATIONAL
South Korea
1,670,561
1,489,204
7,542,317
1,743,829
1,123,716
2,629,514
2,045,258
57,909,895
0.58
0.52
2.63
0.61
0.39
0.92
0.71
20.17
710,000 CHINA OVERSEAS LAND & INVESTMENT LTD
355,600 DAH SING FIN HLDGS
242,000 HENGAN INTERNATIONAL GROUP CO LTD
551,000 HUTCHISON WHAMPOA LTD
3,974,000 LENOVO GROUP LTD
155,000 SUN HUNG KAI PROPERTIES
854,000 TECHTRONIC INDUSTRIES
906,000 THE LINK REAL ESTATE INV TRUST
2,116,030
1,603,469
2,184,010
5,751,110
3,599,287
2,323,750
1,582,209
4,523,668
0.74
0.56
0.76
2.00
1.25
0.81
0.55
1.58
8,481 DAUM COMMUNICATIONS CORP
43,027 EUGENETECH
30,752 HYUNDAI MOTOR
7,944 KOREA ZINC
9,031 LG CHEM
129,500 LG DISPLAY CO LTD
5,801 LG HOUSEHOLD & HEALTH CARE LTD
68,350 LOCK LOCK
721,686
564,677
6,276,358
3,005,226
2,783,766
3,755,902
3,560,009
1,477,993
0.25
0.20
2.19
1.05
0.97
1.31
1.24
0.51
India
69,536 ACC LIMITED
3,258,500 BANK NEGARA INDONESIA PERSERO
484,687 EXIDE INDUSTRIES
329,021 HDFC BANK
408,595 IRB INFRAST DEV
29,554,454
1,817,657
1,250,993
1,277,401
4,075,080
952,692
10.29
0.63
0.44
0.44
1.43
0.33
18,545 MANDO CORP
7,710 NHN CORP
16,762 SAMSUNG ELECTRONICS CO LTD
6,188 SAMSUNG ENGINEERING
23,525 SAMSUNG TECHWIN
188,990 SK HYNIX INC
2,225,937
1,634,794
23,829,965
956,602
1,311,858
4,545,681
0.78
0.57
8.30
0.33
0.46
1.58
The accompanying notes form an integral part of these financial statements
29

Equity Asia ex Japan
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
9,000 S-OIL CORP
168,296 3ONE
Taiwan
132,280 ASUSTEK COMPUTER
3,340,000 AU OPTRONICS CORP
1,418,492 CHENG SHIN RUBBER INDUSTRY CO LTD
450,000 CTCI
461,000 FAR EASTONE TELECOMMUNICATION
4,472,000 INNOLUX DISPLAY CORPORATION
162,000 MEDIATEK INC
570,000 NOVATEK MICROELECTRONICS
365,000 ORISE TECHNO
785,048 RADIANT OPTO-ELECTRONICS
285,673 SIMPLO TECHNOLOGY
1,798,000 TAIWAN CEMENT
3,758,091 TAIWAN SEMICONDUCTOR MANUFACTURING CO
LTD
Thailand
335,600 ADVANCED INFO SCE PUB. CO LTD
239,400 KASIKORNBANK PCL-NVDR
4,776,425 KRUNG THAI BANK PUBLIC FOREIGN
1,483,400 PTT GLOBAL CHEM
2,857,300 SINO THAI FOREIGN
2,571,600 SUPALI PUBLIC NVDR
United States of America
142,800 SPREADTRUM COMMUNICATION ADR
Share/Units of UCITS/UCIS
Share/Units in investment funds
Luxembourg
8,600 AMUNDI INTERINVEST CHINA A I CAP
Total securities portfolio
USD
874,297
385,144
35,361,411
1,487,291
1,495,231
3,683,128
889,494
1,176,353
2,402,398
1,804,712
2,306,382
487,689
3,230,596
1,436,285
2,408,562
12,553,290
14,295,490
2,292,920
1,514,348
3,060,410
3,394,508
2,545,323
1,487,981
2,474,724
2,474,724
9,102,326
9,102,326
9,102,326
9,102,326
286,503,198
0.30
0.13
12.32
0.52
0.52
1.28
0.31
0.41
0.84
0.63
0.80
0.17
1.13
0.50
0.84
4.37
4.98
0.80
0.53
1.07
1.17
0.89
0.52
0.86
0.86
3.17
3.17
3.17
3.17
99.79
The accompanying notes form an integral part of these financial statements
30

Equity Brazil
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
158,523,614
99.04
Fixed Line Telecommunications
4,448,041
2.78
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
158,510,994
158,491,971
99.03
99.02
11,900 TELEF BRAZIL
102,370 TELEF BRAZIL PFD
72,506 TELEFONICA BRAZIL ADR 1 PFD
253,690
2,449,857
1,744,494
0.16
1.53
1.09
Aerospace and Defense
2,680,540
1.67
Food and Drug Retailers
5,508,869
3.44
164,100 EMBRAER EMPRESA
53,400 EMBRAER SA ADR
1,158,106
1,522,434
0.72
0.95
35,600 COMPANHIA BRASILEIRA DIST -ADR
63,875 PCAPN PCA4
1,580,284
2,823,264
0.99
1.76
Automobiles and Parts
203,036
0.13
98,100 RAIADROGASIL
1,105,321
0.69
15,200 IOCHPE MAXION
203,036
0.13
Food Producers
8,936,694
5.58
Banks
374,842 BANCO BRADESCO PFD
114,700 BANCO BRADESCO SA BRAD N1
264,200 BANCO BRADESCO-SPONSORED ADR
211,300 BANCO DO BRASIL SA
159,400 BANCO ESTADO RIO GRANDE DO SUL
24,417,717
6,438,617
1,901,285
4,589,154
2,641,870
1,207,458
15.27
4.03
1.19
2.88
1.65
0.75
185,400 BRASIL FOODS
50,800 BRF BR FOODS SP ADR
127,700 COSAN CL A
196,200 HYPERMARCAS
43,900 MINERVA
Forestry and Paper
3,820,245
1,072,388
2,210,487
1,592,582
240,992
1,925,971
2.38
0.67
1.38
1.00
0.15
1.20
262,500 ITAU UNIBANCO ADR
203,500 ITAU UNIBANCO HOLDING SA
4,320,750
3,318,583
2.70
2.07
16,800 FIBRIA CELULOSE SA
51,800 FIBRIA CELULOSE SA
185,188
588,966
0.12
0.37
Beverages
5,648,663
3.53
335,950 SUZANO BAHIA SUL PAPEL PFD A
1,151,817
0.71
138,181 AMBEV-CIA DE BEBIDAS DAS AMERI
5,648,663
3.53
Gas, Water and Multiutilities
2,412,331
1.51
Chemicals
35,800 BRASKEM PREF A
4,700 BRASKEM SP.ADR
286,547
223,802
62,745
0.18
0.14
0.04
15,100 SABESP
21,200 SABESP SP.ADR
General Industrials
640,647
1,771,684
4,092,136
0.40
1.11
2.56
Construction and Materials
2,424,203
1.51
655,100 KLABIN PREF.SHS
4,092,136
2.56
245,240 ARTERIS
2,269,721
1.41
General Retailers
5,480,792
3.42
21,300 DURATEX
154,482
0.10
19,100 ANHANGUERA EDUCACIONAL PARTICIPACOES
322,481
0.20
Electricity
26,700 AES TIETE
155,050 CEMIG
140,325 CEMIG SP ADR
44,600 CESP CIA ENERG SP PRF NPV ‘B’
34,050 CIA ENERG MINAS GERAIS PREF
7,832,470
273,583
1,658,394
1,523,930
422,362
375,835
4.89
0.17
1.05
0.95
0.26
0.23
16,700 ESTACIO PARTICIPACOES S.A.
34,335 KROTON EDUCACIONAL SA
69,200 LOCALIZA RENT A CAR
49,500 LOJAS RENNER SA
142,749 MAGAZINE LUIZA SA
Health Care Equipment and Services
340,277
775,569
1,267,387
1,928,004
847,074
316,943
0.21
0.48
0.79
1.21
0.53
0.20
14,900 CIA ENERGETICA CEARA
29,900 CIA PARANAESE DE ENERGI PFB
39,900 CPELBN SP.ADR
327,469
462,916
612,465
0.20
0.29
0.38
49,200 DIAGNOSTICOS DA AMERICA
Household Goods and Home Construction
316,943
1,406,744
0.20
0.88
52,800 ELETROBRAS PREF B
148,500 ENERGIAS DO BRASIL S.A
14,000 EQUATORIAL ENERGIA SA - ORD
132,490 MPX ENERGIA.
9,200 TRACTEBEL ENERGIA
270,251
905,859
128,067
721,489
149,850
0.17
0.57
0.08
0.45
0.09
78,122 DIRECIONAL ENG
141,300 GAFISA S.A.ADR
53,300 TECNISA SA
Industrial Engineering
539,885
657,045
209,814
1,635,646
0.34
0.41
0.13
1.02
Financial Services
841,100 BOLSA DE MERCADORI
234,700 BRADESPAR PREF
23,186,022
5,751,056
3,763,188
14.49
3.60
2.35
70,400 AUTOMETAL
144,900 MARCOPOLO PREF
Industrial Metals and Mining
722,732
912,914
18,523,885
0.45
0.57
11.57
74,134 CETIP BALCAO ORG.ATIVOS DERIV.
919,289
0.57
8,900 GERDAU PREF.
77,937
0.05
94,500 CIELO
2,630,282
1.64
112,400 METALURGICA GERDAU PREF
1,257,111
0.79
309,000 GERDAU SA
2,325,589
1.45
370,879 MMX MINERACAO TRUST UNITS
630,352
0.39
230,500 GERDAU SP.ADR
2,072,195
1.29
195,500 SID NACIONAL
1,132,409
0.71
1,209,584 ITAUSA INVESTIMENTOS PREF
5,724,423
3.59
30,100 SID NACIONAL SP ADR
177,590
0.11
The accompanying notes form an integral part of these financial statements
31

Equity Brazil
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
23,200 TERNIUM SA ADR
126,700 USIMINAS PREF.SHS A
546,360
792,061
0.34
0.49
Other transferable securities
12,620
0.01
43,600 USINAS SIDERURGICAS DE MINAS GERAIS SA
108,200 VALE DO RIO DOCE
136,700 VALE DO RIO DOCE -PREF-A
335,500 VALE SA - ADR
80,000 VALE SA - PREF ADR
291,090
2,234,262
2,728,633
7,032,080
1,624,000
0.18
Shares
1.40
Real Estate Investment and Services
1.70
4.40
3,800 BRASIL BROKERS PARTICIPACOES S
1.01 Total securities portfolio
12,620
12,620
12,620
158,523,614
0.01
0.01
0.01
99.04
Industrial Transportation
5,622,187
3.51
450,600 CCR SA
4,280,383
2.67
68,000 ECORODIA
574,549
0.36
384,779 LLX LOGISTICA SA
451,019
0.28
18,500 TEGMA GESTAO LOGISTICA S.A.
316,236
0.20
Media
736,352
0.46
58,100 SARAIVA SA LIVREIROS EDITORES
736,352
0.46
Mobile Telecommunications
1,698,745
1.06
189,946 TIM PARTICIPACOES
760,704
0.48
47,328 TIM PARTICIPACOES ADR
938,041
0.58
Nonlife Insurance
1,207,548
0.75
24,100 PORTO SEGURO
276,485
0.17
59,421 QUALICORP
615,535
0.38
36,500 SUL AMERICA SA UNITS
315,528
0.20
Oil and Gas Producers
14,745,011
9.21
134,900 HRT PETROLEO
311,634
0.19
60,900 PACIFIC RUBIALES
1,413,510
0.88
678,400 PETROLEO BRASILEIRO PREF.SHS
6,467,517
4.04
339,500 PETROLEO BRASILEIRO-SP ADR
6,552,350
4.10
Personal Goods
3,900,572
2.44
190,200 CIA HERING
3,900,572
2.44
Pharmaceuticals and Biotechnology
281,316
0.18
40,000 BRAZIL PHARMA SA
281,316
0.18
Real Estate Investment and Services
8,214,952
5.13
129,900 BR MALLS PARTICIPACOES SA
1,714,220
1.08
64,800 BR PROPERTIES
807,025
0.50
61,703 BROOKFIELD INCORPORACOES
103,063
0.06
124,800 CYRELA BRAZIL REALTY SA
1,090,428
0.68
190,700 EVEN CONSTRUTORA E INCORPORADO
875,489
0.55
62,800 EZ TEC EMPREENDIMENTOS PARTICI
788,251
0.49
189,549 HELBOR EMPREENDIMENTOS SA
1,161,815
0.73
305,400 JHSF PARTICIPACOES
1,284,234
0.80
53,000 MRV ENGENHARIA E PARTICIPACOES
310,102
0.19
56,909 TRISUL SA
80,325
0.05
Software and Computer Services
718,038
0.45
36,400 TOTVS
718,038
0.45
Convertible bonds
19,023
0.01
Real Estate Investment and Services
19,023
0.01
77,899 PDG REALTY 0% 19/09/2016 CV
19,023
0.01
The accompanying notes form an integral part of these financial statements
32

Equity Emerging Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
46,338,171
93.51
Russia
28,195,835
56.91
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
46,338,171
46,338,171
93.51
93.51
196,794 ALROSA CJSC
10,707 BANK VOZROZHDENIE
24 BASHNEFT
146,610
143,402
1,049
0.30
0.29
0.00
Austria
4,298 DO & CO AG
22,066 ERSTE GROUP BANK
674,162
144,026
530,136
1.36
0.29
1.07
9,360 BASHNEFT PREF SHS
2,368,119 EON RUSSIA JSC
211,345 GAZPROM OAO
290,212 GAZPROM OAO-SPON ADR REG
309,844
154,115
754,423
2,082,377
0.63
0.31
1.52
4.20
Bermuda
159,928
0.32
15,068 LSR GROUP OJSC
210,421
0.42
20,100 VIMPELCOM ADR 1 SH
Czech Republic
159,928
327,000
0.32
0.66
86,959 LUKOIL SP ADR
49,076 M VIDEO OJSC
44,080 MAGNIT GDR SPONSORED
4,363,120
292,999
1,340,722
8.81
0.59
2.71
12,068 CESKE ENERGETICKE ZAVODY A.S.
Germany
327,000
116,171
0.66
0.23
27,600 MECHEL OAO ADR
107,973 MMC NORILSK NICKEL JSC-ADR
28,347 MOBILE TELESYSTEMS
145,076
1,509,362
173,269
0.29
3.05
0.35
24,983 KAZAKHTELECOM GDR
Hungary
116,171
2,226,223
0.23
4.49
79,200 MOBILE TELESYSTEMS-SP ADR
15,770 NOVATEK OAO-SPONS GDR REG S
30,125 OAO SEVERSTAL GDR
1,120,358
1,432,984
278,080
2.26
2.89
0.56
7,964 MOL HUNGARIAN OIL AND GAS PLC
485,555
0.98
110,907 OJSC LSR GROUP GDR
350,454
0.71
99,679 OTP BANK
1,420,490
2.86
1,503 OJSC MAGNIT
180,248
0.36
2,575 RICHTER GEDEON PLC
320,178
0.65
218,223 ROSNEFT OJSC-GDR
1,474,793
2.98
Isle of Man
21,979 ZHAIKMUNAI L.P
178,379
178,379
0.36
0.36
457,977 ROSTELEKOM PREF
24,452,849 RUSHYDRO
605,424 SBERBANK OF RUSSIA
1,029,441
445,137
1,397,866
2.08
0.90
2.82
Jersey
13,322 POLYMETAL INTERNATIONAL PLC
60,997 POLYUS GOLD INT
346,967
192,989
153,978
0.70
0.39
0.31
1,363,965 SBERBANK PREF
96,787 SBERBANK RUS.ADR
10,408 SEVERSTAL OAO
13,158 SISTEMA JSFC-REG S SPONS GDR
2,282,303
902,973
95,509
201,602
4.61
1.82
0.19
0.41
Luxembourg
8,392 EURASIA DRILLIN GDR
7,731 KERNEL HOLDINGS SA
7,504 MEGAFON
487,939
227,241
126,472
134,226
0.98
0.45
0.26
0.27
4,316,344 SURGUTNEFTEGAZ PRF
480,635 TATNEFT PREF SHS
20,441 TMK OAO GDR REG S
448,115 TNK BP HOLDING
368 TRANSNEFT OJSC PREF SHS
2,136,171
1,266,151
237,372
636,824
630,743
4.31
2.55
0.48
1.29
1.27
Netherlands
167,248
0.34
179,103 VTB BANK OJSC-GDR REG S
470,037
0.95
50,205 NORD GOLD NV-REG S GDR
167,248
0.34
Turkey
7,735,580
15.62
Poland
3,979,126
8.03
27,876 ANADOLU EFES
304,474
0.61
2,313 BANK HANDLOWY
12,968 BANK MILLENNIUM
12,758 BANK PEKAO SA
1,032 BRE BANK
38,916 CYFROWY POLSAT SA
14,757 EUROCASH SA
15,147 KGHM POLSKA MIEDZ SA
97,477 PGE POL GR EN SHS
54,796 PKO BANK POLSKI SA
41,508 POLSKI KONCERN NAFTOWY ORLEN SA
5,626 POWSZECHNY ZAKLAD UBEZPIECZEN
93,144 TAURON POLSKA ENERGIA SA
28,973 TELEKOMUNIKACJA POLSKA SA
21,120 TVN SA
55,723
14,048
523,727
82,453
156,511
158,047
705,323
435,031
495,545
503,553
602,544
108,432
86,842
51,347
0.11
0.03
1.06
0.17
0.32
0.32
1.41
0.88
1.00
1.02
1.21
0.22
0.18
0.10
103,493 ASYA KATILIM BANKA TRY1
5,638 BIM BIRLESIK MAGAZALAR AS
13,059 BIZIM TOP SAT SHS
380,852 EMLAK KONUT REIT
52,751 ENKA INSAAT VE SANAYI AS
14,820 FORD OTOMOTIV
41,067 HACI OMER SABANCI HOLDING
14,603 KOZA ALTIN ISLETMELERI AS
262,648 KOZA ANADOLU META MADENCILIK ISLETMELERI
AS
29,537 MIGROS TICARET AS
66,646 TAV HAVALIMANLARI HOLDING AS
51,722 TUPRAS
113,330 TURK TELEKOMUNIKASYON A.S.
35,402 TURKCELL ILETISIM HIZMETL
97,205
209,063
154,292
505,008
118,821
134,787
171,043
266,869
631,797
269,893
258,319
1,132,062
333,302
173,779
0.20
0.42
0.31
1.02
0.24
0.27
0.35
0.54
1.27
0.54
0.52
2.29
0.67
0.35
368,804 TURKIYE GARANTI BANKASI
1,451,424
2.94
49,574 TURKIYE HALK BANKASI
368,705
0.74
The accompanying notes form an integral part of these financial statements
33

Equity Emerging Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
286,586 TURKIYE IS BANKASI-C
181,911 YAPI VE KREDI BANKASI
United Kingdom
34,965 PETROPAVLOVSK PLC
219,969 VOLGA GAS
United States of America
227,189 URALKALIY
Total securities portfolio
EUR
752,715
402,022
418,683
155,620
263,063
1,324,930
1,324,930
46,338,171
1.53
0.81
0.84
0.31
0.53
2.67
2.67
93.51
The accompanying notes form an integral part of these financial statements
34

Equity Emerging Internal Demand
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
296,670,940
97.36
5,200 ESTACIO PARTICIPACOES S.A.
105,955
0.03
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
295,336,201
293,146,641
96.92
96.20
61,700 EVEN CONSTRUTORA E INCORPORADO
33,800 EZ TEC EMPREENDIMENTOS PARTICI
19,700 GERDAU PREF.
82,400 HELBOR EMPREENDIMENTOS SA
283,260
424,250
172,512
505,060
0.09
0.14
0.06
0.17
Argentina
287,910
0.09
53,800 HYPERMARCAS
436,702
0.14
21,000 NORTEL INV SP.ADR-B
Austria
287,910
1,319,847
0.09
0.43
14,200 IOCHPE MAXION
28,900 ITAU UNIBANCO ADR
50,800 ITAU UNIBANCO HOLDING SA
189,678
475,694
828,423
0.06
0.16
0.27
41,669 ERSTE GROUP BANK
Bermuda
1,319,847
7,055,795
0.43
2.32
592,395 ITAUSA INVESTIMENTOS PREF
153,800 JHSF PARTICIPACOES
307,600 KLABIN PREF.SHS
2,803,541
646,742
1,921,448
0.93
0.21
0.64
1,238,000 ASIAN CITRUS HOLDINGS LTD
260,000 CAFE DE CORAL HLDG LTD
46,000 COSAN CL A
21,100 CREDICORP LTD.
2,131,106 G-RESOURCES GROULTD P
834,000 KUNLUN ENERGY
Brazil
587,787
737,985
796,260
3,092,416
100,357
1,740,990
43,015,142
0.19
0.24
0.26
1.02
0.03
0.58
14.13
10,102 KROTON EDUCACIONAL SA
315,242 LLX LOGISTICA SA
31,500 LOCALIZA RENT A CAR
9,900 LOJAS RENNER SA
43,000 MARCOPOLO PREF
30,500 MINERVA
192,542 MMX MINERACAO TRUST UNITS
100,562 MPX ENERGIA.
228,187
369,511
576,918
385,601
270,913
167,432
327,248
547,622
0.07
0.12
0.19
0.13
0.09
0.05
0.11
0.18
20,364 AES TIETE
208,661
0.07
70,503 PCAPN PCA4
3,116,219
1.03
6,600 AMBEV ADR
275,088
0.09
1,000 PETROLEO BRASILEIRO
9,548
0.00
40,100 AMBEV-CIA DE BEBIDAS DAS AMERI
1,639,237
0.55
322,600 PETROLEO BRASILEIRO PREF.SHS
3,075,501
1.02
107,380 ARTERIS
993,813
0.33
15,300 PETROLEO BRASILEIRO-SP ADR
295,290
0.10
43,000 AUTOMETAL
441,441
0.14
17,789 QUALICORP
184,274
0.06
85,800 BANCO BRADESCO PFD
1,473,776
0.48
28,600 RANDON SA IMPLEMENTOS PRF SHS
177,255
0.06
16,600 BANCO BRADESCO SA BRAD N1
275,164
0.09
7,700 SABESP
326,687
0.11
87,800 BANCO BRADESCO-SPONSORED ADR
1,525,086
0.50
8,700 SABESP SP.ADR
727,059
0.24
15,540 BANCO DO BRASIL SA
194,296
0.06
72,500 SARAIVA SA LIVREIROS EDITORES
918,856
0.30
65,700 BANCO ESTADO RIO GRANDE DO SUL
497,679
0.16
6,000 SID NACIONAL
34,754
0.01
214,800 BOLSA DE MERCADORI
1,468,704
0.48
101,800 SUZANO BAHIA SUL PAPEL PFD A
349,025
0.11
5,200 BR MALLS PARTICIPACOES SA
68,622
0.02
34,700 TECNISA SA
136,596
0.04
12,600 BR PROPERTIES
156,922
0.05
3,500 TEGMA GESTAO LOGISTICA S.A.
59,828
0.02
38,580 BRADESPAR PREF
618,593
0.20
13,500 TELEF BRAZIL
287,799
0.09
20,000 BRAZIL PHARMA SA
140,658
0.05
95,673 TELEF BRAZIL PFD
2,289,587
0.76
35,600 BRF BR FOODS SP ADR
751,516
0.25
8,409 TELEFONICA BRAZIL ADR 1 PFD
202,321
0.07
46,389 BROOKFIELD INCORPORACOES
77,484
0.03
84,931 TIM PARTICIPACOES
340,136
0.11
103,600 CCR SA
984,127
0.32
22,298 TIM PARTICIPACOES ADR
441,946
0.15
7,154 CCX CARVAO
7,163
0.00
9,700 TOTVS
191,345
0.06
29,206 CEMIG
312,384
0.10
14,100 USINAS SIDERURGICAS DE MINAS GERAIS SA
94,137
0.03
26,125 CEMIG SP ADR
283,718
0.09
63,200 VALE DO RIO DOCE
1,305,040
0.43
3,700 CESP CIA ENERG SP PRF NPV ‘B’
35,039
0.01
36,100 VALE DO RIO DOCE -PREF-A
720,583
0.24
5,404 CETIP BALCAO ORG.ATIVOS DERIV.
67,012
0.02
6,500 VALE SA - ADR
136,240
0.04
44,800 CIA ENERG MINAS GERAIS PREF
17,400 CIA ENERGETICA CEARA
51,800 CIA HERING
494,491
382,414
1,062,301
0.16
0.13
0.35
Canada
50,900 PACIFIC RUBIALES
1,181,407
1,181,407
0.39
0.39
3,520 CIELO
24,000 CPELBN SP.ADR
23,100 CYRELA BRAZIL REALTY SA
4,200 DIAGNOSTICOS DA AMERICA
24,204 DIRECIONAL ENG
12,900 DURATEX
12,000 ECORODIA
71,400 ENERGIAS DO BRASIL S.A
97,975
368,400
201,834
27,056
167,269
93,560
101,391
435,545
0.03
0.12
0.07
0.01
0.05
0.03
0.03
0.14
Cayman Islands
102,000 AIRTAC INTERNATIONAL GROUP
2,890,000 ANTON OILFIELD SERVICES GROUP
242,500 BIOSTIME INTL
718,000 CHINA RESOURCES LAND LTD
270,000 CHINA SHANSHUI CEMENT GROUP LTD
2,409,985 COUNTRY GARDEN HOLDINGS CO
182,000 ENN ENERGY HOLDINGS LTD
13,603,194
590,103
1,525,010
757,144
1,954,603
197,514
1,262,385
792,495
4.46
0.19
0.50
0.25
0.64
0.06
0.41
0.26
The accompanying notes form an integral part of these financial statements
35

Equity Emerging Internal Demand
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
751,000 HAITIAN INTERNATIONAL HOLDINGS
896,258
0.29
518,000 CHINA RESOURCES POWER
1,321,927
0.43
449,000 LIFESTYLE INTERNATIONAL HOLDINGS LTD
1,100,656
0.36
728,000 CHINA UNICOM
1,166,553
0.38
99,700 TENCENT HOLDINGS LTD
3,202,921
1.06
636,200 CN TAIPING INSU SHS
1,288,679
0.42
154,698 VINDA INTERNATIONAL HOLDINGS
211,564
0.07
874,000 CNOOC LIMITED
1,892,147
0.62
1,804,000 XINYI GLASS HOLDINGS
1,112,541
0.37
1,240,000 GUANGDONG INVESTMENT LTD
974,295
0.32
Chile
2,957 BANCO SANTANDER-CHILE ADR
13,981 CENCOSUD SA
15,307 CERVECERIAS SP.ADR
1,520,948 CFR PHARMACEUT
3,389,713
84,245
75,789
484,160
384,366
1.11
0.03
0.02
0.16
0.13
130,500 HENGAN INTERNATIONAL GROUP CO LTD
1,278,000 LENOVO GROUP LTD
449,000 SHANGHAI INDUSTRIAL HOLDINGS
172,000 WHARF HOLDINGS
Hungary
1,177,741
1,157,496
1,578,572
1,344,784
2,646,972
0.39
0.38
0.52
0.44
0.87
17,920 EDELNOR
42,072
0.01
140,886 OTP BANK
2,646,972
0.87
26,900 EMBOT AND SP ADR-B
19,033 EMPRESA NACIONAL DE TELECOM.
254,992 ENERSIS
8,700 ENERSIS SA ADR
11,362 INVERSIONES LA CONSTRUCTION SA
5,240 LATAM AIRLINES GROUP-SP ADR
124,056 PARAUCO
China
1,021,393
393,512
93,636
158,514
221,412
123,454
307,160
17,642,083
0.34
0.13
0.03
0.05
0.07
0.04
0.10
5.79
India
116,959 APOLLO HOSPITALS ENTERPRISE
57,889 BHARAT PETROLEUM CORPORATION LIMITED
50,606 CADILLA HEALTHCARE LTD
145,969 CAIRN INDIA LTD
1,257,000 CITRA MARGA NUSAPHALA
25,711 DR REDDY’S LABORATORIES
20,338 EICHER MOTORS LTD
35,869,724
1,680,738
376,506
833,073
850,131
219,119
858,636
1,078,927
11.77
0.55
0.12
0.27
0.28
0.07
0.28
0.35
689,000 BBMG
625,811
0.21
51,644 FEDERAL BANK LTD
507,297
0.17
1,032,000 BEIJING CAPITAL INTL AIRPORT H
738,966
0.24
440,037 GATEWAY DISTRIPARKS LTD
1,125,190
0.37
813,000 CHINA COMMUNICATIONS CONSTR H
784,592
0.26
10,171 GRASIM INDUSTRIES
588,373
0.19
789,200 CHINA CONSTRUCTION BANK H
633,328
0.21
192,911 HDFC BANK
2,389,293
0.78
318,200 CHINA PACIFIC INSURANCE GR H
1,176,187
0.39
57,668 ICICI BANK
1,198,040
0.39
2,902,000 CHINA PETROLEUM & CHEMICAL H
3,287,332
1.08
303,073 IDFC LTD
947,552
0.31
412,500 CHINA SHENHUA ENERGY CIE LTD
1,806,822
0.59
706,183 ITC LTD
3,696,537
1.22
226,000 FIRST TRACTOR H
221,310
0.07
252,012 JINDAL STEEL & POWER LTD
2,059,930
0.68
287,000 GREAT WALL MOTOR
905,341
0.30
160,954 LIC HOUSING FINANCE LTD
855,885
0.28
1,304,020 INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
925,334
0.30
219,780 LUPIN
2,462,346
0.81
29,500 MINDRAY MEDICAL INTERNATIONAL
964,650
0.32
71,589 MAHINDRA & MAHINDR
1,217,300
0.40
39,900 NW ORIENTL ED & TECHNO GP ADR
775,257
0.25
37,836 MARUTI SUZUKI SHS
1,028,975
0.34
774,000 PETROCHINA CO LTD-H
1,096,465
0.36
185,975 MAX INDIA
820,238
0.27
69,000 PING AN INSURANCE GROUP CO-H
577,757
0.19
178,490 NTPC LTD
509,669
0.17
1,284,000 SHANDONG WEIGAO GROUP MEDICAL
1,277,235
0.42
101,890 PHOENIX MILLS DS
477,743
0.16
486,000 WUMART STORES
1,045,885
0.34
328,362 PRESTIGE ESTATES PROJECTS
1,075,162
0.35
216,000 ZHUZHOU CSR TIMES ELECTRIC CO H
799,811
0.26
153,794 RELIANCE INDUSTRIES LTD
2,356,593
0.77
Colombia
2,500 BANCOLOMBIA ADR
166,450
166,450
0.05
0.05
27,975 STATE BANK OF INDIA
144,764 TATA CHEMICALS DS
250,839 TATA MOTORS
1,218,002
935,325
1,431,371
0.40
0.31
0.47
Czech Republic
13,010 CESKE ENERGETICKE ZAVODY A.S.
1,656 KOMERCNI BANKA AS
949,926
464,770
348,864
0.31
0.16
0.11
116,214 YES BANK
518,230 ZEE ENTERTAINMENT SHS DEMATERIALISED
Indonesia
984,287
2,087,486
9,120,119
0.32
0.69
2.99
8,017 TELEFONICA CZECH
136,292
0.04
12,330,000 ACE HARDWARE INDONESIA
1,049,089
0.34
Hong Kong (China)
177,500 BEIJING ENTERPRISE
1,308,000 BRILLIANCE CHINA AUTOMOTIVE
413,000 CHINA EB INTL LTD
102,352 CHINA MERCHANTS HOLDINGS
372,000 CHINA MOBILE LTD
980,000 CHINA OVERSEAS LAND & INVESTMENT LTD
668,250 CHINA OVERS.GRAND OCEANS GROUP
23,261,433
1,156,488
1,609,932
208,876
328,151
4,331,535
2,920,719
803,538
7.63
0.38
0.53
0.07
0.11
1.42
0.96
0.26
2,351,000 ASTRA INTERNATIONAL TBK PT
1,682,500 BANK CENTRAL ASIA
1,027,566 BANK MANDIRI
252,000 GUDANG GARAM
138,500 INDOCEMENT TUNGGAL PRAKARSA TBK PT
1,028,500 MEDIA NUSANTARA CITRA TBK PT
589,500 PT SEMEN GRESIK TBK
1,905,000 RAMAYANA LESTARI
203,500 TAMBANG BATUBARA-B-
1,853,966
1,588,663
863,635
1,472,124
322,628
266,796
969,501
241,152
318,843
0.61
0.52
0.28
0.48
0.11
0.09
0.32
0.08
0.10
The accompanying notes form an integral part of these financial statements
36

Equity Emerging Internal Demand
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
185,000 TELKOM -B-
173,722
0.06
17,005,600 VISTA LAND & LIFE
2,012,718
0.66
Malaysia
7,002,613
2.30
Poland
1,376,649
0.45
281,900 AMMB HOLDINGS BHD
626,857
0.21
2,552 BANK HANDLOWY
81,057
0.03
225,600 AXIATA GROUP BHD
486,171
0.16
33,174 BANK MILLENNIUM
47,378
0.02
436,300 CIMB GROUP HOLDINGS BERHAD
1,088,614
0.35
1,151 BRE BANK
121,241
0.04
500,400 GENTING MALAYSIA BHD
580,912
0.19
21,111 CYFROWY POLSAT SA
111,937
0.04
22,900 HONG LEONG BANK
110,681
0.04
60,352 PGE POL GR EN SHS
355,105
0.12
180,000 IJM CORP BHD
293,134
0.10
27,469 POLSKI KONCERN NAFTOWY ORLEN SA
439,341
0.13
105,500 KUALA LUMPUR KEPONG
827,996
0.27
118,613 TAURON POLSKA ENERGIA SA
182,046
0.06
943,400 MEDIA PRIMA BHD
721,898
0.24
12,025 TVN SA
38,544
0.01
194,600 PUBLIC BANK -F-
255,100 SAPURAKENCANA PETROLEUM
235,700 SIME DARBY
338,600 UEM LAND HOLDINGS
Mauritius
1,037,276
262,776
733,772
232,526
443,792
0.33
0.09
0.24
0.08
0.15
Russia
4,367,204 EON RUSSIA JSC
24,249 LSR GROUP OJSC
111,995 M VIDEO OJSC
45,900 MOBILE TELESYSTEMS-SP ADR
6,573,237
374,706
446,452
881,541
856,035
2.16
0.12
0.15
0.29
0.28
834,000 GOLDEN AGRI-RESSOURCES LTD
443,792
0.15
2,590 OJSC MAGNIT
409,504
0.13
Mexico
266,300 AMERICA MOVIL L
125,000 AMERICA MOVIL-ADR-L
6,400 ARCA CONTINENTAL
121,000 BOLSA MEXICANA DE VALORES
15,783,153
305,550
2,892,500
47,357
303,665
5.18
0.10
0.96
0.02
0.10
267,067 ROSTELEKOM PREF
116,080 RUSHYDRO
577,740 SBERBANK OF RUSSIA
476,907 SBERBANK PREF
Singapore
791,453
2,786
1,758,675
1,052,085
4,315,047
0.26
0.00
0.58
0.35
1.42
191,700 CEMEX CPO
187,478
0.06
1,363,000 FIRST RESOURCES LTD
2,253,965
0.74
184,500 FIBRA UNO ADMINISTRACION SA
554,096
0.18
1,171,000 PARKWAY LIFE REIT
2,061,082
0.68
22,200 FOMENTO ECONOMICO MEXICANO SA DE CV
FEMSA ADR
2,235,540
0.73
South Africa
7,537,401
2.47
51,300 GERDAU SA
386,093
0.13
24,207 ASPEN PHARMACARE
482,178
0.16
69,300 GERDAU SP.ADR
623,007
0.20
17,409 FOSCHIN LTDI
288,803
0.09
135,000 GRUPO BIMBO SA DE CV BIMBO
347,948
0.11
14,698 JD GROUP
77,956
0.03
69,800 GRUPO CARSO S.A1
336,207
0.11
156,448 LIFE HEALTHCARE GROUP HOLDINGS LIMITED
626,944
0.21
421,100 GRUPO FIN BANORTE
2,706,051
0.89
48,639 MEDICLINIC
314,443
0.10
131,000 GRUPO INDUSTRIAL MASECA S.A.B.
395,138
0.13
20,271 MR PRICE GROUP
334,490
0.11
285,174 GRUPO MEXICO SAB DE CV -B-
1,026,635
0.34
30,587 MURRAY&ROBERTS HOLD
89,226
0.03
75,500 GRUPO TELEVISA GDR
2,006,790
0.66
32,761 NASPERS -N-
2,097,477
0.68
8,005 INDUSTRIAS PENOLES SA DE CV
401,255
0.13
74,482 NETWORK HEALTHCARE HOLDINGS
172,502
0.06
29,000 KIMBERLY-CLARK DEMEXICO S.A.B.
73,605
0.02
73,987 RAUBEX GROUP
146,938
0.05
171,845 MEXICHEM S.A.B. DE C.V
954,238
0.31
59,877 SANLAM LTD
315,956
0.10
Panama
1,400 COPA HOLDINGS CLASS A
139,230
139,230
0.05
0.05
36,764 SHOPRIETE HOLDINGS LTD
4,583 TIGER BRANDS
56,276 VODACOM GROUP PTY LTD
886,129
175,690
822,479
0.29
0.06
0.27
Philippines
187,698 AYALA CORP
612,000 AYALA LAND INC
17,145,030
2,363,224
394,214
5.63
0.78
0.13
19,882 WILSON BAYLY HOLMES OVCON
40,424 WOOLWORTHS HOLDINGS LTD
South Korea
367,909
338,281
36,577,893
0.12
0.11
12.00
697,746 BANCO DE ORO UNIBANK
664,720 INTERNATIONAL CONTAINER TERMIN
252,830 JOLLIBEE FOODS CORP.
933,029 METRO BANK & TRUST
7,874,000 METRO PACIFIC
698,345 PHILIPPINE NATIONAL BANK
391,230 SECURITY BANK
22,280 SM INVESTMENTS CORP
6,541,150 SM PRIME HLDGS
1,237,039
1,197,912
628,034
2,317,661
853,316
1,547,626
1,486,317
478,562
2,628,407
0.41
0.39
0.21
0.76
0.28
0.51
0.49
0.16
0.85
3,590 DAEWOO INTL
4,159 DAUM COMMUNICATIONS CORP
35,100 DGF FINANCIAL GROUP
3,212 E-MART
66,000 HANA FINANCIAL GROUP
5,240 HONAM PETROCHEMICAL CORP
13,584 HYUNDAI DEPARTMENT STORE NEW
107,634 HYUNDAI GREENFOOD
6,756 HYUNDAI HOME SHOPPING NETWORK CO
132,960
353,908
477,038
714,061
2,139,224
1,201,616
2,017,473
1,709,154
763,586
0.04
0.12
0.16
0.23
0.70
0.39
0.66
0.56
0.25
The accompanying notes form an integral part of these financial statements
37

Equity Emerging Internal Demand
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
2,885 HYUNDAI MOTOR
5,414 HYUNDAI MOTOR CO LTD-PFD
6,373 HYUNDAI WIA CORP
588,817
350,457
1,029,848
0.19
0.12
0.34
Turkey
491,377 EMLAK KONUT REIT
859,021
859,021
0.28
0.28
100,200 KANGWON LAND
34,057 KIA MOTORS CORP
87,710 KOREA ELECTRIC POWER CORP
2,737,641
1,797,371
2,494,706
0.90
0.59
0.82
United Arab Emirates
467,862 FIRST GULF BANK
1,477,573
1,477,573
0.48
0.48
46,593 KOREAN REINSURANCE
9,271 LG CHEM
7,695 LG CHEMICAL PREF ISSUE 01
500,497
2,857,745
733,148
0.16
0.93
0.24
United Kingdom
69,841 SABMILLER
3,207,020
3,207,020
1.05
1.05
13,724 LG CORP
835,817
0.27
United States of America
3,559,929
1.17
62,530 LG DISPLAY CO LTD
24,070 LG ELECTRONICS
24,190 LG FASHION
829 NHN CORP
1,813,564
1,654,767
707,234
175,778
0.60
0.54
0.23
0.06
6,100 BAIDU ADS
44,400 YUM BRANDS INC
Convertible bonds
611,769
2,948,160
5,000
0.20
0.97
0.00
317 ORION CORP
325,417
0.11
Brazil
5,000
0.00
88,358 PARADISE
12,732 SAMSUNG CORP
6,722 SAMSUNG FIRE & MARINE
1,419,571
744,481
1,368,793
0.47
0.24
0.45
20,477 PDG REALTY 0% 19/09/2016 CV
Warrants, Rights
5,000
2,184,560
0.00
0.72
69,272 SHINHAN FINANCIAL GROUP
2,513,805
0.83
Bahamas
304,312
0.10
3,975 SHINSEGAE
23,420 WOONG JIN COWAY CO LTD
4,056 YUHAN CORP
Taiwan
887,624 CHINATRUST FIN HLDG
758,795 FAR EASTERN TEXTILE
811,281
952,704
655,431
5,756,902
524,218
864,910
0.27
0.31
0.22
1.89
0.17
0.28
21,235 CREDIT SUISSE CERT MOUWASAT MEDICAL
SERVICES19/08/2015
Bermuda
26,729 CLSA WT TATA IRON 20/05/2015
Curacao
304,312
208,280
208,280
905,842
0.10
0.07
0.07
0.30
201,000 FAR EASTONE TELECOMMUNICATION
466,080 FORMOSA PLASTICS
512,900
1,261,541
0.17
0.42
11,089 MERRILL LYNCH WARRANT FAWAZ ABDULAZIZ
24/03/2014
307,486
0.10
87,000 HOTAI MOTOR CO LTD
754,947 TAIWAN CEMENT
239,900 TAIWAN MOBILE CO LTD
698,062
1,011,311
883,960
0.23
0.33
0.29
4,666 MERRILL LYNCH WARRANT JARIR MARKETING
24/03/2014
34,000 MERRILL LYNCH WARRANT ON SAMBA 24/03/2014
193,142
405,214
0.06
0.14
Thailand
21,882,436
7.18
Saudi Arabia
284,315
0.09
59,500 BANGKOK BANK
380,263
0.12
10,156 HSBC BANK CERTIFICAT ACTION 17/05/2013
284,315
0.09
186,500 BANGKOK BANK
35,700 BANK OF AYUDHYA F
1,186,200 BANK OF AYUDHYA NVDR
1,274,224
37,929
1,260,265
0.42
0.01
0.41
United Kingdom
23,778 HSBC BANK PLC EQUITY LINK ETIHAD 05/12/2014
481,811
481,811
0.16
0.16
17,100 BANPU PUBLIC -F-
563,500 C.P. ALL PCL
100,400 ELECTRICITY GENERATING F
224,721
847,369
495,600
0.07
0.28
0.16
Other transferable securities
Shares
1,334,739
1,334,739
0.44
0.44
123,200 GLOW ENERGY PLC FOREIGN
312,128
0.10
Indonesia
830,267
0.27
1,744,900 HANA MICROELECTRONICS-FOREIGN
2,783,087 HOME PROD.FOREIGN
2,323,700 IRPC PUBLIC COMPANY
1,300,547
1,146,352
312,484
0.43
0.38
0.10
1,739,500 PERUSAHAAN GAS NEGARA TBK
South Africa
830,267
504,472
0.27
0.17
352,300 KASIKORNBANK -F-
2,274,175 KRUNG THAI BANK PUBLIC FOREIGN
166,362 PTT EXPLORATION PRODUC PUBLIC
2,228,508
1,486,875
891,905
0.73
134,384 NAMPAK LTD
0.49
0.29
Total securities portfolio
504,472
296,670,940
0.17
97.36
528,700 PTT GLOBAL CHEM
1,209,840
0.40
124,900 PTT PUBLIC COMPANY FOREIGN
1,355,567
0.44
148,900 ROBINSON DEPT FRGN
323,696
0.11
82,800 SIAM CEMENT -F-
1,266,767
0.42
54,700 SIAM CEMENT (NVDR)
786,793
0.26
170,300 SIAM MAKRO F
2,482,961
0.82
837,800 SOMBOON FOREIGN
835,335
0.27
2,458,100 SUPALAI PUBLIC FOREIGN
1,422,307
0.47
The accompanying notes form an integral part of these financial statements
38

Equity Emerging World
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
1,146,096,965
99.24
45,700 ECORODIA
386,131
0.03
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
1,137,826,193
1,088,234,736
98.53
94.24
108,900 EMBRAER EMPRESA
133,900 EMBRAER SA ADR
243,200 ENERGIAS DO BRASIL S.A
13,011 EQUATORIAL ENERGIA SA - ORD
768,542
3,817,489
1,483,535
119,020
0.07
0.33
0.13
0.01
Argentina
362,860
0.03
17,900 ESTACIO PARTICIPACOES S.A.
364,728
0.03
26,552 BANCO MACRO BANSUD B
21,700 NORTEL INV SP.ADR-B
Austria
65,353
297,507
3,318,512
0.01
0.02
0.29
237,400 EVEN CONSTRUTORA E INCORPORADO
144,100 EZ TEC EMPREENDIMENTOS PARTICI
29,400 FIBRIA CELULOSE SA
285,200 GAFISA S.A.ADR
1,089,885
1,808,710
334,278
1,326,180
0.09
0.16
0.03
0.11
104,769 ERSTE GROUP BANK
Bermuda
3,318,512
24,012,984
0.29
2.08
369,662 GERDAU PREF.
311,200 HELBOR EMPREENDIMENTOS SA
255,550 HRT PETROLEO
3,237,107
1,907,459
590,349
0.28
0.17
0.05
1,596,000 ASIAN CITRUS HOLDINGS LTD
212,000 CAFE DE CORAL HLDG LTD
167,980 COSAN CL A
79,600 CREDICORP LTD.
8,040,061 G-RESOURCES GROULTD P
3,170,457 KUNLUN ENERGY
103,200 VIMPELCOM ADR 1 SH
Brazil
757,761
601,742
2,907,734
11,666,176
378,620
6,618,383
1,082,568
189,493,584
0.07
0.05
0.25
1.02
0.03
0.57
0.09
16.41
189,600 HYPERMARCAS
29,100 IOCHPE MAXION
211,086 ITAU UNIBANCO ADR
104,800 ITAU UNIBANCO HOLDING SA
2,114,156 ITAUSA INVESTIMENTOS PREF
588,000 JHSF PARTICIPACOES
1,151,807 KLABIN PREF.SHS
26,983 KROTON EDUCACIONAL SA
1,191,243 LLX LOGISTICA SA
1,539,009
388,707
3,474,476
1,709,030
10,005,360
2,472,592
7,194,857
609,500
1,396,315
0.13
0.03
0.30
0.15
0.87
0.21
0.62
0.05
0.12
69,607 AES TIETE
713,231
0.06
111,700 LOCALIZA RENT A CAR
2,045,768
0.18
53,467 AMBEV ADR
2,228,505
0.19
23,100 LOJAS RENNER SA
899,735
0.08
124,196 AMBEV-CIA DE BEBIDAS DAS AMERI
5,076,974
0.44
265,163 MAGAZINE LUIZA SA
1,573,480
0.14
438,320 ARTERIS
4,056,695
0.35
148,700 MARCOPOLO PREF
936,855
0.08
173,900 AUTOMETAL
1,785,271
0.15
6,800 METALURGICA GERDAU PREF
76,053
0.01
163,400 BANCO BRADESCO PFD
2,806,702
0.24
724,984 MMX MINERACAO TRUST UNITS
1,232,195
0.11
16,300 BANCO BRADESCO SA BRAD N1
270,191
0.02
384,366 MPX ENERGIA.
2,093,108
0.18
523,743 BANCO BRADESCO-SPONSORED ADR
9,097,416
0.79
34,000 PCAPN PCA4
1,502,794
0.13
55,339 BANCO DO BRASIL SA
691,900
0.06
376,275 PETROLEO BRASILEIRO PREF.SHS
3,587,212
0.31
217,960 BANCO ESTADO RIO GRANDE DO SUL
1,651,051
0.14
861,172 PETROLEO BRASILEIRO-SP ADR
16,620,619
1.44
805,165 BOLSA DE MERCADORI
5,505,349
0.48
57,761 QUALICORP
598,339
0.05
12,700 BR MALLS PARTICIPACOES SA
167,595
0.01
28,862 SABESP
1,224,526
0.11
43,600 BR PROPERTIES
542,998
0.05
11,562 SABESP SP.ADR
966,236
0.08
372,739 BRADESPAR PREF
5,976,510
0.52
138,900 SARAIVA SA LIVREIROS EDITORES
1,760,401
0.15
7,500 BRASKEM SP.ADR
100,125
0.01
38,400 SID NACIONAL SP ADR
226,560
0.02
50,000 BRAZIL PHARMA SA
351,645
0.03
680,686 SUZANO BAHIA SUL PAPEL PFD A
2,333,758
0.20
125,700 BRF BR FOODS SP ADR
2,653,527
0.23
116,900 TECNISA SA
460,173
0.04
181,821 BROOKFIELD INCORPORACOES
303,698
0.03
13,000 TEGMA GESTAO LOGISTICA S.A.
222,220
0.02
405,500 CCR SA
3,851,965
0.33
32,803 TELEF BRAZIL
699,310
0.06
79,322 CCX CARVAO
79,418
0.01
52,255 TELEF BRAZIL PFD
1,250,535
0.11
27,896 CEMIG
298,372
0.03
250,744 TELEFONICA BRAZIL ADR 1 PFD
6,032,901
0.52
344,194 CEMIG SP ADR
3,737,947
0.32
187,300 TIM PARTICIPACOES
750,108
0.06
26,228 CESP CIA ENERG SP PRF NPV ‘B’
248,379
0.02
103,309 TIM PARTICIPACOES ADR
2,047,584
0.18
15,700 CETIP BALCAO ORG.ATIVOS DERIV.
194,686
0.02
32,400 TOTVS
639,132
0.06
16,500 CIA ENERGETICA CEARA
362,634
0.03
49,600 USIMINAS PREF.SHS A
310,073
0.03
521,700 CIA HERING
10,698,887
0.93
53,157 USINAS SIDERURGICAS DE MINAS GERAIS SA
354,896
0.03
14,360 CIELO
399,692
0.03
62,700 VALE DO RIO DOCE
1,294,716
0.11
215,035 COMPANHIA BRASILEIRA DIST -ADR
9,545,404
0.83
116,398 VALE DO RIO DOCE -PREF-A
2,323,390
0.20
111,600 CPELBN SP.ADR
1,713,060
0.15
405,344 VALE SA - ADR
8,496,010
0.74
27,500 CYRELA BRAZIL REALTY SA
240,279
0.02
238,482 VALE SA - PREF ADR
4,841,185
0.42
78,628 DIRECIONAL ENG
543,382
0.05
24,400 DURATEX
176,965
0.02
The accompanying notes form an integral part of these financial statements
39

Equity Emerging World
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Canada
182,812 PACIFIC RUBIALES
4,243,130
4,243,130
0.37
0.37
423,000 WUMART STORES
1,050,730 ZHUZHOU CSR TIMES ELECTRIC CO H
184,004 ZTE CORP
910,307
3,890,672
310,043
0.08
0.34
0.03
Cayman Islands
36,227,289
3.14
Colombia
552,614
0.05
213,000 AIRTAC INTERNATIONAL GROUP
2,556,877 CHINA RESOURCES LAND LTD
959,000 CHINA SHANSHUI CEMENT GROUP LTD
1,232,274
6,960,554
701,541
0.11
0.60
0.06
8,300 BANCOLOMBIA ADR
Czech Republic
552,614
3,354,246
0.05
0.29
7,170,714 COUNTRY GARDEN HOLDINGS CO
3,756,125
0.33
46,321 CESKE ENERGETICKE ZAVODY A.S.
1,654,772
0.14
715,970 ENN ENERGY HOLDINGS LTD
3,117,598
0.27
5,598 KOMERCNI BANKA AS
1,179,312
0.10
733,500 LIFESTYLE INTERNATIONAL HOLDINGS LTD
1,798,064
0.16
30,597 TELEFONICA CZECH
520,162
0.05
271,728 MSTAR SEMICONDUCTOR INC
345,867 TENCENT HOLDINGS LTD
186,000 TPK HOLDING CO LTD
2,039,903
11,111,177
3,285,858
0.18
0.96
0.28
Egypt
14,116 TALAAT MOUSTAFA GROUP
9,826
9,826
0.00
0.00
251,880 VINDA INTERNATIONAL HOLDINGS
3,048,000 XINYI GLASS HOLDINGS
Chile
344,470
1,879,725
9,288,673
0.03
0.16
0.80
Hong Kong (China)
475,500 BEIJING ENTERPRISE
2,986,000 BRILLIANCE CHINA AUTOMOTIVE
89,946,574
3,098,086
3,675,274
7.79
0.27
0.32
34,084 ADMT FONDOS PENSIONES PROVIDA
11,948 BANCO SANTANDER-CHILE ADR
116,681 CENCOSUD SA
18,545 CERVECERIAS SP.ADR
4,731,870 CFR PHARMACEUT
68,655 EDELNOR
14,400 EMBOT AND SP ADR-B
65,069 EMBOTELLADORA ANDINA S.A. -B-
210,812 EMBOTELLADORA ANDINA SA PFD A
62,322 EMPRESA NACIONAL DE TELECOM.
1,051,093 ENERSIS
49,700 ENERSIS SA ADR
136,873 HABITAT
29,563 INVERSIONES LA CONSTRUCTION SA
14,180 LATAM AIRLINES GROUP
231,355
340,399
632,509
586,578
1,195,816
161,184
546,768
409,290
1,072,949
1,288,522
385,971
905,534
264,398
576,096
325,496
0.02
0.03
0.05
0.05
0.10
0.01
0.05
0.04
0.09
0.12
0.03
0.08
0.02
0.05
0.03
1,874,000 CHINA EB INTL LTD
940,386 CHINA MERCHANTS HOLDINGS
1,953,345 CHINA MOBILE LTD
3,438,000 CHINA OVERSEAS LAND & INVESTMENT LTD
1,315,250 CHINA OVERS.GRAND OCEANS GROUP
1,639,699 CHINA RESOURCES POWER
2,077,370 CHINA UNICOM
1,866,600 CN TAIPING INSU SHS
3,875,830 CNOOC LIMITED
3,966,000 GUANGDONG INVESTMENT LTD
423,863 HENGAN INTERNATIONAL GROUP CO LTD
4,450,819 LENOVO GROUP LTD
1,139,000 SHANGHAI INDUSTRIAL HOLDINGS
2,735,769 TECHTRONIC INDUSTRIES
627,645 WHARF HOLDINGS
947,779
3,014,978
22,744,568
10,246,354
1,581,524
4,184,485
3,328,795
3,780,963
8,390,893
3,116,173
3,825,294
4,031,147
4,004,440
5,068,570
4,907,251
0.08
0.26
1.96
0.89
0.14
0.36
0.29
0.33
0.73
0.27
0.33
0.35
0.35
0.44
0.42
5,040 LATAM AIRLINES GROUP-SP ADR
99,785 PARAUCO
China
118,742
247,066
64,483,792
0.01
0.02
5.58
Hungary
12,568 MOL HUNGARIAN OIL AND GAS PLC
658,060 OTP BANK
14,424,198
1,010,230
12,363,660
1.25
0.09
1.07
328,050 BANK OF COMMUNICATIONS
247,175
0.02
6,407 RICHTER GEDEON PLC
1,050,308
0.09
2,070,500 BBMG
1,968,000 BEIJING CAPITAL INTL AIRPORT H
232,000 CHINA COMMUNICATION SERVI-H
2,894,251 CHINA COMMUNICATIONS CONSTR H
8,815,341 CHINA CONSTRUCTION BANK H
1,144,400 CHINA PACIFIC INSURANCE GR H
10,939,817 CHINA PETROLEUM & CHEMICAL H
1,518,957 CHINA SHENHUA ENERGY CIE LTD
2,911,511 CHINA TELECOM
616,000 FIRST TRACTOR H
939,500 GREAT WALL MOTOR
4,748,660 INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
107,600 MINDRAY MEDICAL INTERNATIONAL
41,330 NW ORIENTL ED & TECHNO GP ADR
3,340,773 PETROCHINA CO LTD-H
237,000 PING AN INSURANCE GROUP CO-H
2,980,000 SHANDONG WEIGAO GROUP MEDICAL
1,880,613
1,409,190
134,097
2,793,118
7,074,260
4,230,133
12,392,420
6,653,295
1,619,002
603,218
2,963,652
3,369,654
3,518,520
803,042
4,732,611
1,984,470
2,964,300
0.16
0.12
0.01
0.24
0.61
0.37
1.07
0.58
0.14
0.05
0.26
0.29
0.30
0.07
0.41
0.17
0.26
India
78,239 BHARAT PETROLEUM CORPORATION LIMITED
29,554 BHARTI AIRTEL LTD
39,269 CADILLA HEALTHCARE LTD
496,275 CAIRN INDIA LTD
83,285 DR REDDY’S LABORATORIES
177,120 FEDERAL BANK LTD
270,592 GATEWAY DISTRIPARKS LTD
426,467 HDFC BANK
121,158 ICICI BANK
780,396 IDFC LTD
272,934 LIC HOUSING FINANCE LTD
280,552 LUPIN
105,142 MARUTI SUZUKI SHS
411,446 NTPC LTD
136,769 RANBAXY LABORATORIES LTD
41,964,831
508,860
171,045
646,444
2,890,333
2,781,360
1,739,842
691,913
5,281,995
2,517,030
2,439,894
1,451,347
3,143,217
2,859,405
1,174,862
1,255,609
3.63
0.04
0.01
0.06
0.25
0.24
0.15
0.06
0.45
0.22
0.21
0.13
0.27
0.25
0.10
0.11
The accompanying notes form an integral part of these financial statements
40

Equity Emerging World
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
197,390 RELIANCE INDUSTRIES LTD
3,024,617
0.26
211,300 GRUPO CARSO S.A1
1,017,774
0.09
1,102,889 SATYAM COMPUTER SERVICES LTD
2,154,850
0.19
1,487,100 GRUPO FIN BANORTE
9,556,325
0.83
61,461 STATE BANK OF INDIA
2,675,948
0.23
526,800 GRUPO INDUSTRIAL MASECA S.A.B.
1,588,999
0.14
189,977 TATA CHEMICALS DS
1,227,447
0.11
2,160,544 GRUPO MEXICO SAB DE CV -B-
7,778,022
0.67
175,384 TATA MOTORS
1,000,799
0.09
267,611 GRUPO TELEVISA GDR
7,113,100
0.62
88,651 TATA STEEL
693,319
0.06
30,895 INDUSTRIAS PENOLES SA DE CV
1,548,627
0.13
56,948 WOCKHARDT
1,634,695
0.14
149,100 KIMBERLY-CLARK DEMEXICO S.A.B.
378,433
0.03
Indonesia
30,093,066
2.61
666,037 MEXICHEM S.A.B. DE C.V
3,698,437
0.32
9,461,500 ASTRA INTERNATIONAL TBK PT
7,461,206
0.65
Netherlands
891,348
0.08
6,700,000 BANK CENTRAL ASIA
6,326,326
0.55
202,948 NORD GOLD NV-REG S GDR
891,348
0.08
4,526,553 BANK MANDIRI
566,000 GUDANG GARAM
541,500 INDOCEMENT TUNGGAL PRAKARSA TBK PT
3,804,416
3,306,437
1,261,392
0.33
0.29
0.11
Panama
5,600 COPA HOLDINGS CLASS A
556,920
556,920
0.05
0.05
3,889,500 MEDIA NUSANTARA CITRA TBK PT
2,420,500 PT SEMEN GRESIK TBK
738,500 TAMBANG BATUBARA-B-
1,008,949
3,980,794
1,157,079
0.09
0.34
0.10
Peru
110,000 CIA DE MINAS BUENAVENTURA-SP ADR
3,954,500
3,954,500
0.34
0.34
1,902,440 TELKOM -B-
1,786,467
0.15
Philippines
34,689,018
3.00
Jersey
4,440,337
0.38
309,094 AYALA CORP
3,891,668
0.34
174,417 POLYMETAL INTERNATIONAL PLC
333,267 POLYUS GOLD INT
Luxembourg
3,331,190
1,109,147
6,335,667
0.28
0.10
0.55
1,589,300 AYALA LAND INC
2,401,983 BANCO DE ORO UNIBANK
916,660 BANK PHILIPPINE ISL
804,370 INTERNATIONAL CONTAINER TERMIN
1,023,732
4,258,493
2,120,735
1,449,580
0.09
0.37
0.18
0.13
74,760 EURASIA DRILLIN GDR
155,700 TERNIUM SA ADR
Malaysia
2,668,932
3,666,735
18,909,201
0.23
0.32
1.64
3,375,623 METRO BANK & TRUST
25,711,000 METRO PACIFIC
9,805 PHIL LONG DIST TEL
167,820 SECURITY BANK
8,385,109
2,786,337
604,119
637,563
0.72
0.24
0.05
0.06
460,600 AMMB HOLDINGS BHD
1,024,229
0.09
145,400 SM INVESTMENTS CORP
3,123,112
0.27
641,000 AXIATA GROUP BHD
1,381,363
0.12
15,948,600 SM PRIME HLDGS
6,408,570
0.55
1,593,200 CIMB GROUP HOLDINGS BERHAD
1,389,562 GENTING MALAYSIA BHD
87,000 HONG LEONG BANK
679,100 IJM CORP BHD
330,600 KUALA LUMPUR KEPONG
574,200 PUBLIC BANK -F-
890,800 SAPURAKENCANA PETROLEUM
834,645 SIME DARBY
316,800 UEM LAND HOLDINGS
Mauritius
3,975,201
1,613,135
420,492
1,105,930
2,594,648
3,060,661
917,604
2,598,383
217,555
1,580,410
0.34
0.14
0.04
0.10
0.22
0.27
0.08
0.22
0.02
0.14
Poland
9,624 BANK HANDLOWY
125,098 BANK MILLENNIUM
4,342 BRE BANK
79,190 CYFROWY POLSAT SA
2,870 MOSTOSTAL WARSZAWA
195,295 PGE POL GR EN SHS
93,857 POLSKI KONCERN NAFTOWY ORLEN SA
592,614 TAURON POLSKA ENERGIA SA
45,108 TVN SA
5,077,606
305,678
178,660
457,365
419,889
11,638
1,149,095
1,501,159
909,538
144,584
0.44
0.03
0.02
0.04
0.04
0.00
0.10
0.12
0.08
0.01
2,970,000 GOLDEN AGRI-RESSOURCES LTD
1,580,410
0.14
Russia
83,145,429
7.20
Mexico
63,183,936
5.47
77,296 BASHNEFT PREF SHS
3,373,423
0.29
570,420 AMERICA MOVIL L
654,494
0.06
11,130,407 EON RUSSIA JSC
954,989
0.08
501,069 AMERICA MOVIL-ADR-L
11,594,738
0.99
966,737 GAZPROM OAO-SPON ADR REG
9,145,332
0.79
19,200 ARCA CONTINENTAL
142,070
0.01
27,665 LSR GROUP OJSC
509,344
0.04
207,600 BOLSA MEXICANA DE VALORES
520,998
0.05
100,084 LUKOIL SP ADR
6,620,557
0.57
665,100 CEMEX CPO
650,452
0.06
459,171 M VIDEO OJSC
3,614,250
0.31
423,778 CEMEX LATAM HLDG
2,729,255
0.24
42,400 MECHEL OAO ADR
293,832
0.03
638,500 FIBRA UNO ADMINISTRACION SA
1,917,564
0.17
266,795 MMC NORILSK NICKEL JSC-ADR
4,917,032
0.43
64,893 FOMENTO ECONOMICO MEXICANO SA DE CV
FEMSA ADR
506,186 GERDAU SP.ADR
469,200 GRUPO BIMBO SA DE CV BIMBO
6,534,725
4,550,612
1,209,311
0.57
0.39
0.10
159,400 MOBILE TELESYSTEMS-SP ADR
57,381 OJSC LSR GROUP GDR
8,884 OJSC MAGNIT
945,833 ROSTELEKOM PREF
2,972,810
239,049
1,404,647
2,802,976
0.26
0.02
0.12
0.24
The accompanying notes form an integral part of these financial statements
41

Equity Emerging World
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
3,234,981 SBERBANK OF RUSSIA
9,847,476
0.86
13,963 HYUNDAI WIA CORP
2,256,357
0.20
1,844,906 SBERBANK PREF
4,069,973
0.35
211,310 KANGWON LAND
5,773,363
0.50
492,177 SBERBANK RUS.ADR
6,053,777
0.52
137,642 KIA MOTORS CORP
7,264,109
0.63
34,781 SISTEMA JSFC-REG S SPONS GDR
702,576
0.06
240,920 KOREA ELECTRIC POWER CORP
6,852,406
0.59
15,373,859 SURGUTNEFTEGAZ PRF
10,031,136
0.88
77,848 KOREAN REINSURANCE
836,235
0.07
733,415 TATNEFT PREF SHS
2,547,224
0.22
31,681 LG CHEM
9,765,527
0.85
18,474 TMK OAO GDR REG S
282,837
0.02
10,934 LG CHEMICAL PREF ISSUE 01
1,041,747
0.09
4,242,002 TNK BP HOLDING
7,947,815
0.69
48,350 LG CORP
2,944,605
0.25
1,486 TRANSNEFT OJSC PREF SHS
3,357,923
0.29
53,650 LG DISPLAY CO LTD
1,556,017
0.13
38,117 URALKALI-SPON GDR
1,456,451
0.13
152,700 LG DISPLAY CO LTD ADR
2,211,096
0.19
Singapore
541,000 FIRST RESOURCES LTD
894,641
894,641
0.08
0.08
20,960 LG ELECTRONICS
33,020 LG FASHION
105,180 LG TELECOM
1,440,960
965,393
766,321
0.12
0.08
0.07
South Africa
83,855 ASPEN PHARMACARE
151,647 AVI LTD
714 BLUE LABEL TELECOMS
238,250 DISCOVERY HLDGS
37,842 EXXARO RESOURCES LTD
59,421 FOSCHIN LTDI
113,145 HARMONY GOLD
67,817 INVESTEC LIMITED
62,424 JD GROUP
171,632 LIBERTY HOLDINGS LTD
532,769 LIFE HEALTHCARE GROUP HOLDINGS LIMITED
165,637 MEDICLINIC
503,142 MMI HOLDINGS
69,187 MR PRICE GROUP
124,439 MURRAY&ROBERTS HOLD
120,944 NASPERS -N-
42,790,161
1,670,305
1,071,527
678
1,746,359
753,774
985,754
986,841
469,998
331,089
2,248,879
2,135,001
1,070,814
1,314,730
1,141,649
363,004
7,743,267
3.71
0.14
0.09
0.00
0.15
0.07
0.09
0.09
0.04
0.03
0.19
0.18
0.09
0.11
0.10
0.03
0.68
2,954 NHN CORP
1,110 ORION CORP
193,225 PARADISE
45,735 SAMSUNG CORP
32,902 SAMSUNG ELECTRO-MECHANICS
38,631 SAMSUNG ELECTRONICS CO LTD
9,229 SAMSUNG ELECTRONICS PREF SHS
18,739 SAMSUNG FIRE & MARINE
9,167 SAMSUNG SDI
15,078 SFA ENGINEERING CORP
250,127 SHINHAN FINANCIAL GROUP
5,756 SHINSEGAE
206,600 SK HYNIX INC
63,800 SK TELECOM SP ADR
59,640 WOONG JIN COWAY CO LTD
7,745 YUHAN CORP
Taiwan
626,353
1,139,472
3,104,379
2,674,274
3,048,715
54,920,377
7,344,752
3,815,802
1,292,966
664,766
9,076,835
1,174,776
4,969,246
1,009,954
2,426,100
1,251,556
70,849,901
0.05
0.10
0.27
0.23
0.26
4.76
0.64
0.33
0.11
0.06
0.79
0.10
0.43
0.09
0.21
0.11
6.13
253,640 NETWORK HEALTHCARE HOLDINGS
251,000 NORTHAM PLATINUM
255,780 RAUBEX GROUP
532,459 RMI HOLDINGS
532,992 SANLAM LTD
131,974 SHOPRIETE HOLDINGS LTD
15,757 TIGER BRANDS
424,284 VODACOM GROUP PTY LTD
68,890 WILSON BAYLY HOLMES OVCON
140,064 WOOLWORTHS HOLDINGS LTD
587,436
1,124,184
507,980
1,291,551
2,812,470
3,180,987
604,047
6,200,954
1,274,782
1,172,101
0.05
0.10
0.04
0.11
0.24
0.28
0.05
0.55
0.11
0.10
1,859,390 ADVANCED SEMICONDUCTOR ENGI
108,160 ASUSTEK COMPUTER
1,559,440 AU OPTRONICS CORP
3,349,923 CHINATRUST FIN HLDG
34,511 CHUNGHWA TELECOM ADR
289,235 CHUNGHWA TELECOM CO LTD
492,091 COMPAL ELECTRONICS
828,000 DELTA ELECTRONIC INDUSTRIAL INC
923,384 FAR EASTERN TEXTILE
616,000 FAR EASTONE TELECOMMUNICATION
1,613,577
1,216,098
698,121
1,978,415
1,116,086
941,242
331,292
3,036,676
1,052,516
1,571,873
0.14
0.11
0.06
0.17
0.10
0.08
0.03
0.26
0.09
0.14
South Korea
13,590 DAEWOO INTL
12,336 DAUM COMMUNICATIONS CORP
121,690 DGF FINANCIAL GROUP
60,984 DSHM
6,118 E-MART
230,890 HANA FINANCIAL GROUP
19,918 HONAM PETROCHEMICAL CORP
40,844 HYUNDAI DEPARTMENT STORE NEW
43,680 HYUNDAI GREENFOOD
20,943 HYUNDAI HOME SHOPPING NETWORK CO
10,272 HYUNDAI MOTOR
19,263 HYUNDAI MOTOR CO LTD-PFD
172,516,172
503,322
1,049,725
1,653,868
1,213,329
1,360,095
7,483,720
4,567,517
6,066,082
693,609
2,367,049
2,096,473
1,246,924
14.94
0.04
0.09
0.14
0.11
0.12
0.65
0.40
0.53
0.06
0.20
0.18
0.11
1,829,240 FORMOSA PLASTICS
174,000 HOTAI MOTOR CO LTD
84,000 LARGAN PRECISION
1,009,000 PEGATRON CORP
374,000 PHISON ELECTRONICS CORP
826,000 QUANTA COMPUTER
537,000 RADIANT OPTO-ELECTRONICS
111,000 SILICONWARE PRECISION ADR
488,499 SIMPLO TECHNOLOGY
1,139,914 SYNNEX TECHNOLOGY INTL
3,053,142 TAIWAN CEMENT
294,300 TAIWAN MOBILE CO LTD
7,363,585 TAIWAN SEMICONDUCTOR MANUFACTURING CO
LTD
4,951,214
1,396,123
2,250,492
1,304,727
2,479,253
1,942,761
2,209,840
592,740
2,456,038
2,100,121
4,089,923
1,084,408
24,596,854
0.43
0.12
0.19
0.11
0.21
0.17
0.19
0.05
0.21
0.18
0.35
0.09
2.14
The accompanying notes form an integral part of these financial statements
42

Equity Emerging World
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
100,000 TAIWAN SEMICONDUCTOR-SP ADR
656,000 UNIMICRON TECHNOLOGY
2,109,000 UNITED MICROELECTRONICS CORP
856,699 WISTRON CORP
1,291,469 WPG HOLDINGS CO LTD
1,716,000
695,782
849,730
888,001
1,689,998
0.15
0.06
0.07
0.08
0.15
Bahamas
73,403 CREDIT SUISSE CERT MOUWASAT MEDICAL
SERVICES19/08/2015
Bermuda
1,051,913
1,051,913
38,279,848
0.09
0.09
3.32
Thailand
296,500 ADVANCED INFO SCE PUB. CO LTD
171,500 BANGKOK BANK
633,200 BANGKOK BANK
116,600 BANK OF AYUDHYA F
2,989,500 BANK OF AYUDHYA NVDR
59,783 BANPU PUBLIC -F-
1,381,400 C.P. ALL PCL
154,400 ELECTRICITY GENERATING F
435,800 GLOW ENERGY PLC FOREIGN
1,537,933 HOME PROD.FOREIGN
4,804,200 IRPC PUBLIC COMPANY
1,220,797 KASIKORNBANK -F-
7,055,875 KRUNG THAI BANK PUBLIC FOREIGN
3,652,700 LAND AND HOUSE -F-
1,167,200 L.P.N. DEVELOPMENT NVDR
609,013 PTT EXPLORATION PRODUC PUBLIC
1,339,300 PTT GLOBAL CHEM
498,739 PTT PUBLIC COMPANY FOREIGN
223,600 ROBINSON DEPT FRGN
304,900 SIAM CEMENT -F-
132,000 SIAM CEMENT (NVDR)
2,364,800 SUPALAI PUBLIC FOREIGN
Turkey
51,100,010
2,025,777
1,096,053
4,326,212
123,880
3,176,161
785,641
2,077,294
762,158
1,104,103
633,474
646,053
7,722,270
4,613,191
1,164,231
682,997
3,265,059
3,064,760
5,412,925
486,087
4,664,702
1,898,660
1,368,322
3,266,654
4.42
0.18
0.09
0.37
0.01
0.28
0.07
0.18
0.07
0.10
0.05
0.06
0.66
0.40
0.10
0.06
0.28
0.27
0.47
0.04
0.40
0.16
0.12
0.28
233,458 CLSA CW10 MAHINDRA MAH 28/06/2015
1,349,033 CLSA FIN CERT ONE ZEE TELEFILMS 03/05/2015
1,492,693 CLSA FINANCIAL PRODUCTS LTD CERTIFICAT
05/05/2015
366,755 CLSA FINANCIAL PRODUCTS WRTS HDFC BANK
28/06/2015
88,299 CLSA FINANCIAL PRODUCTS WRTS INFOSYS
10/05/2015
69,666 CLSA FINANCIAL PRODUCTS WRTS LUPIN
07/06/2015
358,477 CLSA FINANCIAL WTS 29/06/2012
343,159 CLSA WARRANT 17/05/2015 RELIANCE INDS
470,773 CLSA WRT JINDAL STEEL 07/01/2013
Cayman Islands
2,199,885 MORGAN STANLEY WTS INDIABULLS 28/10/2014
Chile
221 LATAM AIRLINES GROUP DTS 14/01/2013
Curacao
37,802 MERRILL LYNCH WARRANT FAWAZ ABDULAZIZ
24/03/2014
15,902 MERRILL LYNCH WARRANT JARIR MARKETING
24/03/2014
127,309 MERRILL LYNCH WARRANT ON SAMBA 24/03/2014
3,955,292
5,414,344
7,785,140
4,525,903
3,723,198
777,675
3,025,116
5,239,111
3,834,069
580,022
580,022
120
120
3,223,726
1,048,208
658,238
1,517,280
0.34
0.48
0.68
0.39
0.32
0.07
0.26
0.45
0.33
0.05
0.05
0.00
0.00
0.28
0.09
0.06
0.13
1,868,590 EMLAK KONUT REIT
3,266,654
0.28
Netherlands
2,094,740
0.18
United Arab Emirates
798,746 FIRST GULF BANK
United Kingdom
47 EURASIAN NATURAL RESOURCES
742,145 OLD MUTUAL
238,793 PETROPAVLOVSK PLC
2,522,550
2,522,550
3,543,610
217
2,142,188
1,401,205
0.22
0.22
0.31
0.00
0.19
0.12
1,013,963 JP MOR CERT BAOSHAN 09/10/2014
1,957,526 JP MORGAN CERTIFICAT IND COMMERC BK OF
CHINA 02/09/2014
Saudi Arabia
34,618 HSBC BANK CERTIFICAT ACTION 17/05/2013
United Kingdom
790,891
1,303,849
969,123
969,123
2,020,741
0.07
0.11
0.08
0.08
0.17
United States of America
11,300 BAIDU ADS
243,136 GAZPROM OAO-SPON ADR REG
71,619 SOUTHERN COPPER CORP
Convertible bonds
Brazil
81,697 PDG REALTY 0% 19/09/2016 CV
Warrants, Rights
Australia
117,025 MACQUARIE BANK WRT ON DLF SHS 18/04/3013
138,000 MARCQUARIE BANK WARRANT 25/11/2014
6,210,486
1,133,277
2,365,713
2,711,496
19,950
19,950
19,950
49,571,507
1,351,274
490,651
860,623
0.54
0.10
0.20
0.24
0.00
0.00
0.00
4.29
0.12
0.04
0.08
61,612 DEUBK CERT 24/1/17(BHARTI AIRT)
82,194 HSBC BANK PLC EQUITY LINK ETIHAD 05/12/2014
Other transferable securities
Shares
Indonesia
6,519,500 PERUSAHAAN GAS NEGARA TBK
South Africa
32,202 AFRICAN RAINBOW MINERALS
437,152 NAMPAK LTD
157,753 SAPPI LTD
355,254
1,665,487
6,048,111
6,048,111
3,111,770
3,111,770
2,936,341
720,755
1,641,051
574,535
0.03
0.14
0.52
0.52
0.27
0.27
0.25
0.06
0.14
0.05
The accompanying notes form an integral part of these financial statements
43

Equity Emerging World
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
USD
Share/Units of UCITS/UCIS
Share/Units in investment funds
Luxembourg
2,100 AMUNDI INTERINVEST CHINA A I CAP
Total securities portfolio
2,222,661
2,222,661
2,222,661
2,222,661
1,146,096,965
0.19
0.19
0.19
0.19
99.24
The accompanying notes form an integral part of these financial statements
44

Equity MENA
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
21,602,038
92.62
Warrants, Rights
11,824,458
50.70
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
21,473,881
9,649,423
92.07
41.37
Bahamas
41,471 CREDIT SUISSE CERT MOUWASAT MEDICAL
SERVICES19/08/2015
730,053
594,307
3.13
2.55
Egypt
170,681
0.73
8,018 CS /ALMARAI CERTIFICAT 23/09/2015
135,746
0.58
12,538 COMMERCIAL INTL BANK (EGYPT)
68,104
0.29
Curacao
2,269,592
9.73
164,443 ORASCOM TELECOM HOLDING
Kuwait
110,000 AGILITY PUBLIC WAREHOUSING COMPANY
70,000 BOUBYAN BANK
190,250 BURGAN BANK
16,865 COMMERCIAL BANK OF QATAR
102,577
3,774,674
199,494
159,310
358,564
328,406
0.44
16.18
0.86
0.68
1.54
1.41
31,775 MERRIL LYNCH LEPO WARRANT ON SAUDI
TELECOM CO 31/03/2014
186,021 MERRIL LYNCH WARRANT ON EMAAR ECONOMIC
CITY 31/03/2014
126,943 MERRILL L WRT ALINMA BANK 29/04/2015
1,715 MERRILL LYNCH WARRANT JARIR MARKETING
24/03/2014
366,827
411,650
434,910
70,988
1.57
1.76
1.87
0.30
65,000 GULF BANK OF KUWAIT
10,000 GULF CABLE & ELECTR
75,000 KUWAIT FINANCE HOUSE
481,273 KUWAIT PROJECTS COMPANY
97,080
44,806
216,029
667,455
0.42
0.19
0.93
2.86
9,017 MERRILL LYNCH WARRANT SAUDI ARABIAN FE
24/03/2014
29,893 MERRILL LYNCH WARRANT SAVOLA 31/03/2014
38,323 MERRILL WARRANT BANQUE SAOUDI 24/03/2014
366,022
318,799
300,396
1.57
1.37
1.29
107,808 MABANEE COMPANY
250,000 MOBILE TELECOMMUNICATIONS CO
139,000 NATIONAL BANK OF KUWAIT
10,000 NATIONAL MOBILE TELECOMMUNICAT
Morocco
452,375
693,427
474,517
83,211
241,715
1.94
2.96
2.03
0.36
1.04
Netherlands
9,933 JPM STRUCTURED ASTRA INDUSTRIAL WTS
28/01/2016
37,106 JPM STRUCTURED NOTES WARRANT SAUDI
KAYAN PETR 08/02/2016
2,453,908
103,284
119,706
10.52
0.44
0.51
19,291 MAROC TELECOM
Oman
241,715
543,754
1.04
2.33
24,640 JPM STRUCTURED WRT NIC AB 28/01/2016
26,806 JPM WART ETIHAD ETISALAT 08/02/2016
18,745 MORGAN STAN WT SAUDI BASIC 02/10/2013
181,974
543,167
448,547
0.78
2.34
1.93
249,647 BANK MUSCAT SAOG
44,579 OMAN TELECOM
Qatar
373,450
170,304
2,459,795
1.60
0.73
10.55
26,274 MORGAN STANLEY CERTIFICAT ON ABDULLAH AI-
KHODARI 18/12/2013
18,693 MORGAN STANLEY CERTIFICAT YANBY NATIONAL
PETROCHEMICAL 06/01/2014
180,731
235,737
0.77
1.01
2,603 DOHA BANK
15,511 INDUSTRIES QATAR
4,864 MASRAF AL-RAYAN
12,604 QATAR ELECTRICITY & WATER
35,960
660,740
33,117
458,327
0.15
2.83
0.14
1.97
27,090 MORGAN STANLEY CERTIFICATES SAUDI ARABIAN
MINING 16/10/2013
66,330 MORGAN STANLEY WTS RYAD BANK 25/01/2014
Saudi Arabia
234,014
406,748
1,070,397
1.00
1.74
4.59
7,704 QATAR INTERN.ISLAMIC BK
5,362 QATAR ISLAMIC BANK
24,238 QATAR NATIONAL BANK
6,294 QATAR TELECOM
110,027
110,450
871,395
179,779
0.47
0.47
3.75
0.77
10,776 HSBC BANK CERTIFICAT ACTION 17/05/2013
46,298 MORGAN STAN /SAMBA 27/09/2013
18,621 MORGAN STANLEY CERTIFICATES SAUDI PHARMA
17/10/2013
301,672
551,769
216,956
1.29
2.37
0.93
United Arab Emirates
2,352,766
10.09
United Kingdom
4,202,520
18.02
412,300 AIR ARABIA
1,038,011 ALDAR PROPERTIES
93,729
358,904
0.40
1.54
39,630 CREDIT SUISSE INTER WARRANT ON JABAL OMAR
DEVELOP 20/02/2013
200,754
0.86
89,647 ARAMEX
320,718 DANA GAS
165,320 DUBAI FINANCIAL MARKET
662,349 EMAAR PROPERTIES
146,856 FIRST GULF BANK
121,411 NATIONAL BANK OF ABU DHABI
839,335 SOROUTH REAL ESTATE
48,813
39,292
45,909
676,226
463,791
340,462
285,640
0.21
0.17
0.20
2.90
1.99
1.46
1.22
26,813 DEUTSCHE BANK AG LONDON WARRANTS AL
RAJHI BANK 27/09/2016
45,364 DEUTSCHE BANK AG LONDON WARRANTS
NATIONAL INDUSTRIAL 13/09/2016
9,005 DEUTSCHE BANK AG LONDON WARRANTS SABIC
AB 27/09/2016
37,723 DEUTSCHE BANK AG LONDON WARRANTS SAMBA
AB 27/09/2016
464,672
335,026
215,479
449,574
1.99
1.44
0.92
1.93
United Kingdom
8,652 HIKMA PHARMACEUTICALS
106,038
106,038
0.45
0.45
12,287 DEUTSCHE BANK AG LONDON WARRANTS SAUDI
CEMENT 13/09/2016
25,761 DEUTSCHE BANK AG LONDON WARRANTS SAUDI
TELECOM 13/09/2016
311,213
297,398
1.33
1.28
The accompanying notes form an integral part of these financial statements
45

Equity MENA
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
20 GOLDMAN SACHS INT CERTIFICAT ON SAUDI ARA
CEMENT 22/12/2014
20 GOLDMAN SACHS INT CERTIFICAT ON SAUDI ARA
FERTILIZER 22/12/2014
12,000 HSBC /ARABIAN FERTILIZER CERTIFICAT
11/05/2015
224,154 HSBC BANK CERTIFICAT ON DAR AL ARKAN
13/08/2014
10,539 HSBC BANK PLC AL RAJHI BANK CERT 16/02/2015
19,458 HSBC BANK PLC CERT ARABIAN PIPES CO
29/09/2014
24,339 HSBC BANK PLC EQUITY LINK ETIHAD 05/12/2014
4,540 HSBC CERTIFICAT ON UNITED ELECTRONICS CO
22/12/2014
United States of America
16,463 CITIGROUP CERTIFICAT ON SAUDI BRITISH BANK
10/03/2014
6,767 CITIGROUP GLOBAL MARKET CERTIF 03/01/2014
7,917 CITIGROUP GLOBAL MARKET CERTIF 29/01/2014
18,915 CITIGROUP GLOBAL MARKET CERTIF 29/01/2014
Other transferable securities
Shares
Jordan
6,997 JORD PHOSPHATES MINES COMPANY
Total securities portfolio
USD
253
812
487,109
493,048
182,642
145,778
493,179
125,583
1,097,988
131,241
114,566
327,703
524,478
128,157
128,157
128,157
128,157
21,602,038
0.00
0.00
2.09
2.11
0.78
0.63
2.12
0.54
4.71
0.56
0.49
1.41
2.25
0.55
0.55
0.55
0.55
92.62
The accompanying notes form an integral part of these financial statements
46

Equity Greater China
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
679,606,446
99.63
Mining
21,927,659
3.21
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Automobiles and Parts
9,600,000 BRILLIANCE CHINA AUTOMOTIVE
Banks
3,429,500 BOC HONG KONG HOLDINGS LTD
62,741,740 CHINA CONSTRUCTION BANK H
1,063,200 DAH SING FIN HLDGS
6,336,000 HSBC HOLDINGS HKD
663,730,296
663,730,296
11,816,018
11,816,018
179,321,129
10,663,491
50,349,885
4,794,173
66,459,528
97.30
97.30
1.73
1.73
26.30
1.56
7.39
0.70
9.75
3,835,000 CHINA SHENHUA ENERGY CIE LTD
10,463,000 MONGOLIAN MINING CORP
Mobile Telecommunications
4,034,500 CHINA MOBILE LTD
Oil and Gas Producers
8,023,000 CNOOC LIMITED
21,906,000 PETROCHINA CO LTD-H
4,434,000 SPT ENERGY GP
Oil Equipment, Services and Distribution
16,797,966
5,129,693
46,977,346
46,977,346
50,632,797
17,369,219
31,032,515
2,231,063
7,215,120
2.46
0.75
6.89
6.89
7.42
2.55
4.54
0.33
1.06
66,310,575 INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
47,054,052
6.90
4,080,000 ANTON OILFIELD SERVICES GROUP
2,152,955
0.32
Construction and Materials
6,190,500 BBMG
9,759,000 CHINA COMMUNICATIONS CONSTR H
25,616,422
5,622,765
9,417,995
3.76
0.82
1.38
5,000,000 HILONG HLDG
7,540,000 HONGHUA GROUP
Personal Goods
1,754,650
3,307,515
16,256,607
0.26
0.48
2.38
8,814,000 CHINA STATE CONSTRUCTION INTL
10,575,662
1.56
2,338,000 BELLE INTERNATIONAL HOLDINGS
5,073,668
0.74
Electricity
1,635,500 CLP HOLDINGS LTD
Electronic and Electrical Equipment
1,755,000 AAC TECHNOLOGIES HOLDINGS IN
Financial Services
1,027,000 CHEUNG KONG HOLDINGS LTD
4,130,800 DAH SING BKG GRP
13,683,969
13,683,969
6,136,178
6,136,178
20,260,483
15,767,722
4,492,761
2.01
2.01
0.90
0.90
2.97
2.31
0.66
873,000 HENGAN INTERNATIONAL GROUP CO LTD
5,081,500 LI NING CO
Pharmaceuticals and Biotechnology
12,078,000 CHINA PHARM GRP
Real Estate Investment and Services
1,301,500 KERRY PROPERTIES
4,596,500 LONGFOR PROPERTIES
890,000 SUN HUNG KAI PROPERTIES
7,878,681
3,304,258
3,474,973
3,474,973
35,389,040
6,758,676
9,002,240
13,342,821
1.16
0.48
0.51
0.51
5.19
0.99
1.32
1.96
Food Producers
18,557,830
2.72
803,900 WHARF HOLDINGS
6,285,303
0.92
13,012,000 CHINA FOODS LTD
12,020,115
1.76
Software and Computer Services
37,746,569
5.53
2,391,000 WILMAR INTERNATIONAL
6,537,715
0.96
165,000 QIHOO 360 TECHNOLOGY
4,509,450
0.66
General Industrials
25,269,396
3.70
1,034,600 TENCENT HOLDINGS LTD
33,237,119
4.87
2,421,000 HUTCHISON WHAMPOA LTD
25,269,396
3.70
Technology Hardware and Equipment
30,762,411
4.51
General Retailers
6,447,000 INTIME DEPARTMENT STORE
2,198,000 LI & FUNG
11,481,889
7,602,482
3,879,407
1.68
1.11
0.57
803,100 ASM PACIFIC TECHNOLOGY LTD
8,116,000 LENOVO GROUP LTD
1,482,000 ORISE TECHNO
672,860 SPREADTRUM COMMUNICATION ADR
9,770,862
7,350,734
1,980,152
11,660,663
1.43
1.08
0.29
1.71
Household Goods and Home Construction
8,424,443
1.24
Travel, Leisure and Catering
6,358,541
0.93
9,891,000 GOODBABY INTL HOLDING
2,618,500 TECHTRONIC INDUSTRIES
3,573,138
4,851,305
0.52
0.72
2,738,000 SJM HOLDINGS
6,358,541
0.93
Industrial Metals and Mining
5,275,561
0.77
Share/Units of UCITS/UCIS
15,876,150
2.33
17,400,000 MAANSHAN IRON & STEEL SHS H
Industrial Transportation
7,120,000 CHINA SHIPPING DEVELOPMENT -H-
19,008,000 PACIFIC BASIN SHIPPING
5,275,561
14,746,490
4,078,632
10,667,858
0.77
Share/Units in investment funds
2.16
Investment Fund
15,000 AMUNDI INTERINVEST CHINA A I CAP
0.60
1.56 Total securities portfolio
15,876,150
15,876,150
15,876,150
679,606,446
2.33
2.33
2.33
99.63
Life Insurance
66,399,425
9.73
8,296,800 AIA GROUP
32,380,797
4.74
7,645,000 CHINA LIFE INSURANCE CO-H
24,954,539
3.66
1,082,500 PING AN INSURANCE GROUP CO-H
9,064,089
1.33
The accompanying notes form an integral part of these financial statements
47

Equity India
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
578,119,117
100.21
Health Care Equipment and Services
9,340,708
1.62
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Automobiles and Parts
578,119,117
578,119,117
20,786,066
100.21
100.21
3.60
650,000 APOLLO HOSPITALS ENTERPRISE
Household Goods and Home Construction
25,000 TTK PRESTIGE
9,340,708
1,541,796
1,541,796
1.62
0.27
0.27
400,000 CUMMINS INDIA DS
3,791,932
0.66
Industrial Engineering
21,347,755
3.70
900,000 EXIDE INDUSTRIES
225,000 MARUTI SUZUKI SHS
2,350,000 MOTHERSON SUMI SYSTEMS LIMITED
2,371,965
6,119,021
8,503,148
0.41
1.06
1.47
100,000 EICHER MOTORS LTD
675,000 MAHINDRA & MAHINDR
800,000 TATA MOTORS
5,304,982
11,477,707
4,565,066
0.92
1.99
0.79
Banks
95,543,077
16.56
Industrial Metals and Mining
2,143,639
0.37
4,500,000 HDFC BANK
1,275,000 ICICI BANK
1,750,000 INDUSIND BANK LTD
55,734,611
26,487,835
13,320,631
9.66
4.59
2.31
900,000 HINDALCO INDUSTRIES
Media
2,143,639
5,639,349
0.37
0.98
Beverages
18,706,581
3.24
1,400,000 ZEE ENTERTAINMENT SHS DEMATERIALISED
5,639,349
0.98
550,000 UNITED BREWERIES LTD
9,315,065
1.61
Oil and Gas Producers
27,581,488
4.78
271,000 UNITED SPIRIT LTD
9,391,516
1.63
1,800,000 RELIANCE INDUSTRIES LTD
27,581,488
4.78
Chemicals
7,930,369
1.37
Personal Goods
12,872,853
2.23
800,000 COROMANDEL INTERNATIONAL
3,841,576
0.67
250,000 BATA INDIA
3,955,785
0.69
1,500,000 RALLIS INDIA
4,088,793
0.70
400,000 EMAMI
4,375,980
0.76
Construction and Materials
34,129,835
5.92
875,000 TITAN INDUSTRIES
4,541,088
0.78
225,000 ACC LIMITED
5,881,455
1.02
Pharmaceuticals and Biotechnology
40,490,068
7.02
80,000 ASIAN PAINTS
6,472,056
1.12
600,000 GLENMARK PHARMACEUTICALS
5,788,099
1.00
2,500,000 IRB INFRAST DEV
5,829,074
1.01
1,275,000 LUPIN
14,284,697
2.48
3,700,000 JAIPRAKASH ASSOCIATES LTD
6,543,711
1.14
375,000 STRIDES ARCOLAB LTD
7,499,999
1.30
75,000 SHREE CEMENT
6,358,093
1.10
450,000 WOCKHARDT
12,917,273
2.24
300,000 VA TECH WABAG
3,045,446
0.53
Real Estate Investment and Services
20,651,757
3.58
Electricity
19,724,382
3.42
500,000 GODREJ PROPERTIES
5,835,005
1.01
3,000,000 JSW ENERGY LTD
3,723,306
0.65
1,000,000 MAHINDRA LIFESPACEDEVELOPERS L
7,404,635
1.28
2,383,098 KSK ENERGY VENTURES LIMITED
2,633,629
0.46
600,000 OBEROI REALTY
3,155,502
0.55
2,750,000 POWER GRID CORP OF INDIA
5,759,490
1.00
1,300,000 PRESTIGE ESTATES PROJECTS
4,256,615
0.74
1,700,000 RURAL ELECTRIFICATION CORP LTD
7,607,957
1.31
Software and Computer Services
56,885,771
9.86
Electronic and Electrical Equipment
10,457,016
1.81
500,000 HCL TECHNOLOGIES LTD
5,646,102
0.98
900,000 HAVELLS INDIA
10,457,016
1.81
550,000 INFOSYS TECHNOLOGIES
23,275,867
4.03
Financial Services
98,421,959
17.06
1,220,000 TATA CONSULTANCY SERVICES
27,963,802
4.85
100,000 BAJAJ FINANCE
2,468,059
0.43
Tobacco
37,819,485
6.56
882,663 DEWAN HOUSING FINANCE CORP
2,914,286
0.51
7,225,000 ITC LTD
37,819,485
6.56
3,275,000 HOUSING DEVELOPMENT FINANCE CORP LTD
1,400,000 KOTAK MAHINDRA BANK LTD
660,000 MAHINDRA & MAHINDRA FINANCIAL
125,000 MCX INDIA
49,543,405
16,610,144
13,232,522
3,360,900
8.59
2.88
2.29
0.58
Travel, Leisure and Catering
1,500,000 COX AND KINGS
640,000 JUBILANT FOODWORKS LTD
18,729,838
3,679,503
15,050,335
3.25
0.64
2.61
160,000 SHRIRAM TRANSPORT FINANCE CO LTD
2,750,000 SKS MICROFINANCE
2,211,790
8,080,853
0.38 Total securities portfolio
1.40
578,119,117
100.21
Food Producers
17,375,325
3.01
110,000 GLAXO SMITHKLINE CONSUMER
7,637,761
1.32
1,525,000 MCLEOD RUSSEL INDIA LTD
9,737,564
1.69
The accompanying notes form an integral part of these financial statements
48

Equity India Select
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
81,122,397
98.81
Mining
1,587,441
1.93
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Automobiles and Parts
28,000 BAJAJ AUTO
Banks
50,394 AXIS BANK SHS DEMATERIALISED
45,000 BANK OF BARODA
35,000 FEDERAL BANK LTD
403,135 HDFC BANK
257,933 ICICI BANK
81,122,397
81,122,397
1,091,198
1,091,198
16,028,804
1,250,104
712,997
344,464
5,002,603
5,368,788
98.81
98.81
1.33
1.33
19.53
1.52
0.87
0.42
6.09
6.55
174,871 COAL INDIA
150,000 NMDC LTD
Mobile Telecommunications
451,501 BHARTI AIRTEL LTD
Oil and Gas Producers
144,400 BHARAT PETROLEUM CORPORATION LIMITED
100,000 CAIRN INDIA LTD
426,844 OIL & NATURAL GAS CORPORATION LTD
353,646 RELIANCE INDUSTRIES LTD
Oil Equipment, Services and Distribution
1,134,575
452,866
2,618,102
2,618,102
9,045,707
940,970
583,524
2,091,875
5,429,338
661,278
1.38
0.55
3.19
3.19
11.02
1.15
0.71
2.55
6.61
0.81
80,000 INDUSIND BANK LTD
53,079 STATE BANK OF INDIA
50,000 YES BANK
610,112
2,315,442
424,294
0.74
2.82
0.52
180,000 AMBUJA CEMENTS SHS
Personal Goods
661,278
2,417,506
0.81
2.94
Construction and Materials
21,000 ACC LIMITED
500,000 JAIPRAKASH ASSOCIATES LTD
5,684,067
549,990
885,983
6.92
0.67
1.08
170,618 HINDUSTAN LEVER LTD
150,000 TITAN INDUSTRIES
Pharmaceuticals and Biotechnology
1,637,539
779,967
6,512,888
1.99
0.95
7.93
119,363 LARSEN & TOUBRO LTD
3,507,985
4.27
198,758 CIPLA LTD
1,505,632
1.83
20,376 ULTRA TECH CEMENT
740,109
0.90
46,474 DR REDDY’S LABORATORIES
1,555,011
1.89
Electricity
65,000 CESC
484,337 POWER GRID CORP OF INDIA
225,796 RURAL ELECTRIFICATION CORP LTD
Financial Services
328,120 HOUSING DEVELOPMENT FINANCE CORP LTD
380,000 IDFC LTD
2,406,447
377,686
1,016,323
1,012,438
9,120,332
4,973,250
1,190,344
2.93
0.46
1.24
1.23
11.11
6.06
1.45
40,996 IPCA LABORATORIES LTD
129,093 LUPIN
18,000 STRIDES ARCOLAB LTD
93,117 SUN PHARMACEUTICAL INDUSTRIES
Real Estate Investment and Services
105,000 DLF LTD
Software and Computer Services
388,782
1,449,094
360,691
1,253,678
442,772
442,772
9,212,438
0.47
1.77
0.44
1.53
0.54
0.54
11.22
80,000 KOTAK MAHINDRA BANK LTD
950,974
1.16
50,000 FINANCIAL TECHNOLOGIES LTD
1,033,053
1.26
70,000 LIC HOUSING FINANCE LTD
372,945
0.45
66,459 HCL TECHNOLOGIES LTD
751,910
0.92
18,000 MAHINDRA & MAHINDRA FINANCIAL
361,580
0.44
91,268 INFOSYS TECHNOLOGIES
3,869,855
4.70
10,000 MCX INDIA
269,388
0.33
300,000 ONMOBILE GLOBAL
235,074
0.29
176,000 POWER FINANCE
655,595
0.80
116,406 TATA CONSULTANCY SERVICES
2,673,282
3.26
25,000 SHRIRAM TRANSPORT FINANCE CO LTD
346,256
0.42
90,000 WIPRO
649,264
0.79
Industrial Engineering
3,985,675
4.85
Tobacco
5,891,794
7.18
99,712 MAHINDRA & MAHINDR
1,698,759
2.07
1,123,406 ITC LTD
5,891,794
7.18
400,000 TATA MOTORS
2,286,916
2.78 Total securities portfolio
81,122,397
98.81
Industrial Metals and Mining
3,240,837
3.95
150,000 HINDALCO INDUSTRIES
357,959
0.44
50,000 JINDAL STEEL & POWER LTD
409,481
0.50
315,654 TATA STEEL
2,473,397
3.01
Industrial Transportation
246,868
0.30
100,000 ADANI PORTS
246,868
0.30
Media
928,243
1.13
230,000 ZEE ENTERTAINMENT SHS DEMATERIALISED
928,243
1.13
The accompanying notes form an integral part of these financial statements
49

Equity India Infrastructure
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
44,619,094
100.34
100,000 JINDAL STEEL & POWER LTD
817,394
1.84
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Automobiles and Parts
100,000 CUMMINS INDIA DS
375,000 MOTHERSON SUMI SYSTEMS LIMITED
Construction and Materials
30,000 ACC LIMITED
15,000 ASIAN PAINTS
44,619,094
44,619,094
2,304,868
947,983
1,356,885
11,466,580
784,194
1,213,510
100.34
100.34
5.18
2.13
3.05
25.79
1.76
2.73
Mining
100,000 COAL INDIA
Mobile Telecommunications
100,000 BHARTI AIRTEL LTD
400,000 IDEA CELLULAR LTD
Oil and Gas Producers
185,000 RELIANCE INDUSTRIES LTD
Oil Equipment, Services and Distribution
647,563
647,563
1,336,558
578,755
757,803
2,834,764
2,834,764
280,161
1.46
1.46
3.01
1.30
1.71
6.37
6.37
0.63
175,000 ENGINEERS INDIA —- SHS
450,000 INDIA CEMENTS DS
325,000 IRB INFRAST DEV
731,589
746,167
757,780
1.65
1.68
1.70
200,000 GUJARAT
Real Estate Investment and Services
280,161
4,916,825
0.63
11.06
550,000 JAIPRAKASH ASSOCIATES LTD
972,714
2.19
100,000 GODREJ PROPERTIES
1,167,001
2.62
300,000 KALPATARU POWER DS
515,787
1.16
166,377 MAHINDRA LIFESPACEDEVELOPERS L
1,231,961
2.77
42,500 LARSEN & TOUBRO LTD
1,246,648
2.80
850,000 NITESH ESTATES LTD
287,781
0.65
28,000 SHREE CEMENT
2,373,689
5.34
175,000 OBEROI REALTY
920,355
2.07
25,000 ULTRA TECH CEMENT
906,324
2.04
400,000 PRESTIGE ESTATES PROJECTS
1,309,727
2.95
120,000 VA TECH WABAG
1,218,178
2.74
Real Estate Investment Trusts
828,886
1.86
Electricity
5,126,182
11.53
1,350,000 ASCENDAS INDIA TRUST
828,886
1.86
1,000,000 GMR INFRASTRUCTURE
1,200,000 JAIPRAKASH POW
700,000 JSW ENERGY LTD
353,167
821,318
868,772
0.79
1.85
1.95
Software and Computer Services
700,000 REDINGTON INDIA
1,107,045
1,107,045
2.49
2.49
460,410 KSK ENERGY VENTURES LIMITED
400,000 POWER GRID CORP OF INDIA
508,812
837,744
1.14 Total securities portfolio
1.88
44,619,094
100.34
65,000 RELIANCE INFRASTRUCTURE
617,553
1.39
250,000 RURAL ELECTRIFICATION CORP LTD
1,118,816
2.53
Electronic and Electrical Equipment
2,651,984
5.96
275,000 CROMPTON GREAVES
581,721
1.31
110,000 HAVELLS INDIA
1,278,079
2.87
65,000 SIEMENS DS
792,184
1.78
Financial Services
5,590,294
12.57
175,000 DEWAN HOUSING FINANCE CORP
577,797
1.30
350,000 IDFC LTD
1,094,269
2.46
80,000 MAHINDRA & MAHINDRA FINANCIAL
1,603,942
3.61
25,000 MCX INDIA
672,180
1.51
200,000 POWER FINANCE
743,566
1.67
65,000 SHRIRAM TRANSPORT FINANCE CO LTD
898,540
2.02
Industrial Engineering
3,457,592
7.78
15,000 EICHER MOTORS LTD
795,747
1.79
400,000 HINDUSTAN DORR OLI
170,469
0.38
100,000 TATA MOTORS
570,633
1.28
350,000 TEXMACO RAIL
421,610
0.95
75,000 THERMAX DS
844,452
1.91
100,000 TITAGARH WAGONS
654,681
1.47
Industrial Metals and Mining
2,069,792
4.65
400,000 HINDALCO INDUSTRIES
952,727
2.14
456,082 JAI BALAJI INDUSTRIES LTD
299,671
0.67
The accompanying notes form an integral part of these financial statements
50

Equity Korea
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
82,560,618
97.64
General Retailers
875,051
1.03
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Automobiles and Parts
82,560,618
82,560,618
15,335,309
97.64
97.64
18.14
6,143 GS HOME SHOPPING INC
Health Care Equipment and Services
22,789 HUVITZ
875,051
315,043
315,043
1.03
0.37
0.37
31,850 HANKOOK TIRE
1,398,267
1.65
Industrial Engineering
3,431,327
4.06
10,714 HYUNDAI MOBIS
32,481 HYUNDAI MOTOR
13,873 HYUNDAI WIA CORP
26,562 KIA MOTORS CORP
2,067 KOREA ZINC
Banks
83,190 HANA FINANCIAL GROUP
79,290 KB FINANCIAL GROUP
2,882,219
6,629,241
2,241,813
1,401,820
781,949
8,770,836
2,696,395
2,806,988
3.41
7.85
2.65
1.66
0.92
10.37
3.19
3.32
8,075 HYUNDAI HEAVY IND
16,340 SAMSUNG HEAVY INDUSTRIES CO LTD
22,614 SUANG KWANG BEND
24,902 T.K. CORP
Industrial Metals and Mining
3,531 POSCO
Industrial Transportation
1,825,327
588,382
517,519
500,099
1,151,081
1,151,081
508,349
2.16
0.70
0.61
0.59
1.36
1.36
0.60
90,040 SHINHAN FINANCIAL GROUP
3,267,453
3.86
2,457 HYUNDAI GLOVIS CO LTD
508,349
0.60
Chemicals
9,272,168
10.97
Life Insurance
955,494
1.13
22,995 CHEIL INDL
2,023,332
2.39
96,960 TONGYANG LIFE
955,494
1.13
6,959 HONAM PETROCHEMICAL CORP
4,774 KUMHO PETRO CHEMICAL CO LTD
12,776 LG CHEM
1,595,810
581,937
3,938,145
1.89
0.69
4.66
Media
39,430 KT SKYLIFE
1,231,986
1,231,986
1.46
1.46
28,810 SKC CO.LTD
1,132,944
1.34
Nonlife Insurance
2,348,518
2.78
Construction and Materials
4,817,470
5.70
14,150 DONGBU INSURANCE CO LTD
607,330
0.72
94,620 DAEWOO ENGR & CONST
21,101 HYUNDAI ENGINEERING AND CONSTR
879,405
1,379,698
1.04
1.63
23,540 KOREAN REINSURANCE
7,309 SAMSUNG FIRE & MARINE
252,864
1,488,324
0.30
1.76
5,749 KEPCO E&C
37,315 SAMSUNG CORP
Electricity
376,438
2,181,929
645,364
0.45
2.58
0.76
Oil and Gas Producers
7,551 SK INNOVATION CO LTD
11,462 S-OIL CORP
2,340,725
1,227,260
1,113,465
2.77
1.45
1.32
22,690 KOREA ELECTRIC POWER CORP
645,364
0.76
Personal Goods
669,412
0.79
Electronic and Electrical Equipment
3,620,421
4.28
25,190 KOREA KOLMAR
669,412
0.79
26,020 LS CORP
21,929 PARTRON
39,290 SEKONIX CO LTD
2,291,933
400,450
778,038
2.71
0.47
0.92
Pharmaceuticals and Biotechnology
11,587 KLS
893,993
893,993
1.06
1.06
17,474 UI DISPLAY
150,000
0.18
Software and Computer Services
3,410,380
4.03
Financial Services
1,589,091
1.88
16,084 NHN CORP
3,410,380
4.03
58,470 MERITZ FIRE & MARI
16,365 SAMSUNG SECURITIES
Fixed Line Telecommunications
772,809
816,282
593,560
0.91
0.97
0.70
Technology Hardware and Equipment
34,940 ILJIN DISPLAY
59,640 LG DISPLAY CO LTD
13,890,741
721,270
1,729,745
16.43
0.85
2.05
17,900 KT
Food Producers
2,565 LOTTE SAMKANG
852 ORION CORP
Gas, Water and Multiutilities
593,560
2,451,130
1,576,508
874,622
1,101,413
0.70
2.90
1.87
1.03
1.30
5,973 SAMSUNG ELECTRONICS CO LTD
122,570 SK HYNIX INC
Travel, Leisure and Catering
8,482 GOLFZON CO LTD
25,830 GRAND KOREA LEISURE CO LTD
6,889 HANA TOUR SERVICE
8,491,612
2,948,114
2,341,756
498,347
691,245
392,526
10.04
3.49
2.77
0.59
0.82
0.46
15,701 KOREA GAS CORP
1,101,413
1.30
3 KOREAN AIR LINES
47,274 PARADISE
127
759,511
0.00
0.90
Total securities portfolio
82,560,618
97.64
The accompanying notes form an integral part of these financial statements
51

Equity Latin America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
1,152,347,200
99.22
762,205 ENERGIAS DO BRASIL S.A
4,649,499
0.40
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
1,152,095,046
1,152,007,542
99.20
99.19
84,600 EQUATORIAL ENERGIA SA - ORD
64,400 ESTACIO PARTICIPACOES S.A.
1,334,723 EVEN CONSTRUTORA E INCORPORADO
539,000 EZ TEC EMPREENDIMENTOS PARTICI
773,891
1,312,206
6,127,607
6,765,405
0.07
0.11
0.53
0.58
Argentina
2,609,074
0.22
53,000 FIBRIA CELULOSE SA
602,610
0.05
70,044 GRUPO CLARIN CL.B
177,532 NORTEL INV SP.ADR-B
Bermuda
175,110
2,433,964
43,216,667
0.02
0.20
3.72
1,030,400 GAFISA S.A.ADR
124,900 GERDAU PREF.
1,220,437 HELBOR EMPREENDIMENTOS SA
679,850 HRT PETROLEO
4,791,360
1,093,741
7,480,506
1,570,530
0.41
0.09
0.64
0.14
536,570 COSAN CL A
231,500 CREDICORP LTD.
Brazil
9,288,027
33,928,640
744,733,708
0.80
2.92
64.14
667,500 HYPERMARCAS
19,007 INTERGROUP FINANCIAL
142,300 IOCHPE MAXION
72,500 ITAU UNIBANCO ADR
5,418,190
680,451
1,900,790
1,193,350
0.47
0.06
0.16
0.10
204,620 AES TIETE
36,100 AMBEV ADR
46,850 AMBEV ADR
962,754 AMBEV-CIA DE BEBIDAS DAS AMERI
120 AMBEV-CIA DE BEBIDAS PFD
1,368,095 ARTERIS
501,700 AUTOMETAL
567,261 BANCO BRADESCO PFD
648,700 BANCO BRADESCO SA BRAD N1
2,108,566 BANCO BRADESCO-SPONSORED ADR
582,695 BANCO DO BRASIL SA
944,081 BANCO ESTADO RIO GRANDE DO SUL
3,129,139 BOLSA DE MERCADORI
174,148 BR MALLS PARTICIPACOES SA
187,400 BR PROPERTIES
1,983,721 BRADESPAR PREF
582,686 BRASIL FOODS
62,830 BRASKEM SP.ADR
185,000 BRAZIL PHARMA SA
234,100 BRF BR FOODS SP ADR
355,065 BROOKFIELD INCORPORACOES
1,474,584 CCR SA
493,214 CEMIG
732,932 CEMIG SP ADR
137,200 CESP CIA ENERG SP PRF NPV ‘B’
225,058 CETIP BALCAO ORG.ATIVOS DERIV.
114,275 CIA ENERG MINAS GERAIS PREF
107,900 CIA ENERGETICA CEARA
1,279,824 CIA HERING
100,600 CIA PARANAESE DE ENERGI PFB
229,800 CIELO
217,200 COMPANHIA BRASILEIRA DIST -ADR
112,600 CPELBN SP.ADR
40,000 CR2 EMPREENDIMENTOS IMOBILIARI
336,100 CYRELA BRAZIL REALTY SA
292,570 DIRECIONAL ENG
217,448 DURATEX
178,700 ELETROBRAS PREF B
976,100 EMBRAER EMPRESA
175,500 EMBRAER SA ADR
2,096,648
1,504,648
1,967,232
39,356,158
5,016
12,661,856
5,150,492
9,743,774
10,752,950
36,625,791
7,285,396
7,151,431
21,395,616
2,298,136
2,333,897
31,807,049
12,006,489
838,781
1,301,086
4,941,851
593,070
14,007,513
5,275,352
7,959,642
1,299,283
2,790,802
1,261,338
2,371,406
26,246,297
1,557,504
6,396,179
9,641,508
1,728,410
91,623
2,936,640
2,021,893
1,577,080
914,656
6,888,649
5,003,505
0.18
0.13
0.17
3.40
0.00
1.09
0.44
0.84
0.93
3.15
0.63
0.62
1.84
0.20
0.20
2.74
1.03
0.07
0.11
0.43
0.05
1.21
0.45
0.69
0.11
0.24
0.11
0.20
2.26
0.13
0.55
0.83
0.15
0.01
0.25
0.17
0.14
0.08
0.59
0.43
1,460,600 ITAU UNIBANCO HOLDING SA
9,028,340 ITAUSA INVESTIMENTOS PREF
1,915,900 JHSF PARTICIPACOES
4,016,600 KLABIN PREF.SHS
96,812 KROTON EDUCACIONAL SA
3,647,606 LLX LOGISTICA SA
379,931 LOCALIZA RENT A CAR
156,100 LOJAS RENNER SA
969,524 MAGAZINE LUIZA SA
712,577 MARCOPOLO PREF
726,700 METALURGICA GERDAU PREF
330,300 MINERVA
2,829,106 MMX MINERACAO TRUST UNITS
800,100 MPX ENERGIA.
161,500 MRV ENGENHARIA E PARTICIPACOES
10,145 OGX PETROLEO E GAS PARTICIPA
24,700 OSX BRASIL
331,243 PCAPN PCA4
119,179 PETROLEO BRASILEIRO
7,663,680 PETROLEO BRASILEIRO PREF.SHS
675,300 PETROLEO BRASILEIRO-SP ADR
188,840 QUALICORP
147,100 SABESP
33,600 SABESP SP.ADR
71,886 SAO MARTINHO SA
550,688 SARAIVA SA LIVREIROS EDITORES
303,300 SID NACIONAL
165,200 SID NACIONAL SP ADR
2,388,950 SUZANO BAHIA SUL PAPEL PFD A
333,600 TECNISA SA
139,500 TEGMA GESTAO LOGISTICA S.A.
196,000 TELEF BRAZIL
1,914 TELEF BRAZIL PFD
673,286 TELEFONICA BRAZIL ADR 1 PFD
924,400 TEREOS INTERNACIONAL
1,569,291 TIM PARTICIPACOES
53,283 TIM PARTICIPACOES ADR
152,045 TOTVS
433,490 TRISUL SA
190,500 USIMINAS PREF.SHS A
23,818,786
42,727,117
8,056,528
25,090,022
2,186,819
4,275,541
6,958,376
6,080,027
5,753,164
4,489,453
8,127,604
1,813,205
4,808,398
4,357,035
944,934
21,702
128,475
14,640,880
1,137,937
73,061,583
13,033,290
1,956,170
6,241,003
2,807,952
983,047
6,979,348
1,756,827
974,680
8,190,607
1,313,206
2,384,592
4,178,421
45,805
16,199,261
1,395,052
6,284,768
1,056,069
2,999,286
611,855
1,190,904
2.05
3.69
0.69
2.16
0.19
0.37
0.60
0.52
0.50
0.39
0.70
0.16
0.41
0.38
0.08
0.00
0.01
1.26
0.10
6.30
1.12
0.17
0.54
0.24
0.08
0.60
0.15
0.08
0.71
0.11
0.21
0.36
0.00
1.39
0.12
0.54
0.09
0.26
0.05
0.10
The accompanying notes form an integral part of these financial statements
52

Equity Latin America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
343,450 USINAS SIDERURGICAS DE MINAS GERAIS SA
2,292,999
0.20
948,400 GERDAU SP.ADR
8,526,116
0.73
1,860,200 VALE DO RIO DOCE
38,411,965
3.32
2,339,000 GRUPO BIMBO SA DE CV BIMBO
6,028,515
0.52
1,147,100 VALE DO RIO DOCE -PREF-A
22,896,960
1.97
1,194,685 GRUPO CARSO S.A1
5,754,467
0.50
5,700 VALE SA - ADR
119,472
0.01
4,717,100 GRUPO FIN BANORTE
30,312,785
2.61
286,000 VALE SA - PREF ADR
5,805,800
0.50
2,317,400 GRUPO INDUSTRIAL MASECA S.A.B.
6,990,029
0.60
Canada
472,792 PACIFIC RUBIALES
10,973,667
10,973,667
0.94
0.94
7,115,676 GRUPO MEXICO SAB DE CV -B-
917,305 GRUPO TELEVISA GDR
79,800 HERDEZB
25,616,641
24,381,967
243,960
2.21
2.10
0.02
Chile
4,130,270 BANCO SANTANDER CHILE
37,144 BANCO SANTANDER-CHILE ADR
51,732 CAP SA
678,386 CENCOSUD SA
48,703,366
290,879
1,058,233
1,734,664
3,677,424
4.19
0.03
0.09
0.15
0.32
179,740 INDUSTRIAS PENOLES SA DE CV
930,200 KIMBERLY-CLARK DEMEXICO S.A.B.
2,156,602 MEXICHEM S.A.B. DE C.V
4,590,150 WAL MART DE MEXICO V
Panama
9,009,557
2,360,956
11,975,397
14,962,341
1,491,750
0.78
0.20
1.03
1.29
0.13
252,600 CERVECERIAS SP.ADR
14,990,941 CFR PHARMACEUT
13,010,995 CORPBANCA
7,989,738
3,788,436
174,676
0.68
0.33
0.02
15,000 COPA HOLDINGS CLASS A
Peru
1,491,750
13,753,702
0.13
1.18
168,403 EDELNOR
395,367
0.03
312,639 ALICORP
1,016,617
0.09
46,400 EMBOT AND SP ADR-B
1,761,808
0.15
354,300 CIA DE MINAS BUENAVENTURA-SP ADR
12,737,085
1.09
925,109 EMBOTELLADORA ANDINA S.A. -B-
211,469 EMBOTELLADORA ANDINA SA PFD A
11,300 EMPRES ELEC SP ADR
179,418 EMPRESA NACIONAL DE TELECOM.
5,819,026
1,076,292
551,553
3,709,508
0.50
0.09
0.05
0.32
United States of America
99,836 HIPERMAC SPON ADR
246,356 SOUTHERN COPPER CORP
9,327,893
855
9,327,038
0.80
0.00
0.80
307,000 ENERSIS SA ADR
441,325 HABITAT
91,026 INVERSIONES LA CONSTRUCTION SA
25,090 LATAM AIRLINES GROUP
5,593,540
852,509
1,773,828
575,931
0.48
0.07
0.15
0.05
Venezuela
130,332 SIDERURGICA VENEZOLANA SIVENSA
118,887 SIVENSA ADR
566,745
531,079
35,666
0.05
0.05
0.00
148,460 LATAM AIRLINES GROUP-SP ADR
682,663 PARAUCO
500 SDAD QUIMICA Y MINERA CHILE B
44,000 SOC QUIM&MIN SP ADR
3,497,718
1,690,261
28,731
2,536,160
0.30
0.15
0.00
0.22
Convertible bonds
Brazil
353,251 PDG REALTY 0% 19/09/2016 CV
86,263
86,263
86,263
0.01
0.01
0.01
40,000 SONDA
127,084
0.01
Warrants, Rights
1,241
0.00
Colombia
7,212,346
0.62
Chile
1,241
0.00
76,600 BANCOLOMBIA ADR
35,400 ECOPETROL SA ADR
5,100,028
2,112,318
0.44
0.18
391 LATAM AIRLINES GROUP DTS 14/01/2013
5,188 SONDAOSA CI DS 04/01/2013
212
1,029
0.00
0.00
Luxembourg
8,542,081
0.74
Other transferable securities
252,154
0.02
21,466 TENARIS SA
336,800 TERNIUM SA ADR
610,441
7,931,640
0.05
0.69
Shares
Brazil
252,154
252,154
0.02
0.02
Mexico
260,876,543
22.46
28,900 BRASIL BROKERS PARTICIPACOES S
95,980
0.01
614,404 AMERICA MOVIL L
704,960
0.06
37,400 LOG-IN LOGISTICA I COM NPV
156,174
0.01
2,432,700 AMERICA MOVIL-ADR-L
182,602 ARCA CONTINENTAL
56,292,678
1,351,164
4.84 Total securities portfolio
0.12
1,152,347,200
99.22
677,700 BOLSA MEXICANA DE VALORES
1,700,773
0.15
1,323,900 CEMEX CPO
1,294,742
0.11
960,833 CEMEX LATAM HLDG
6,188,047
0.53
280,500 CONTROLADORA UTS UNITS
978,056
0.08
75,946 EL PUERTO DE LIVERPOOL SAB CI
792,503
0.07
501,400 EMPRESAS ICA SAB DE CV
1,242,881
0.11
1,134,900 FIBRA UNO ADMINISTRACION SA
3,408,369
0.29
360,600 FOMENTO ECONOMICO MEXICANO SA DE CV
FEMSA ADR
36,312,420
3.13
590,900 GERDAU SA
4,447,219
0.38
The accompanying notes form an integral part of these financial statements
53

Equity Thailand
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
120,542,830
98.71
7,552,200 L.P.N. DEVELOPMENT NVDR
4,419,235
3.61
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
120,542,830
120,542,830
98.71
98.71
4,331,500 SUPALAI PUBLIC FOREIGN
4,490,100 SUPALI PUBLIC NVDR
Technology Hardware and Equipment
2,506,295
2,598,064
2,431,128
2.05
2.13
1.99
Banks
27,568,599
22.58
1,077,800 SHIN CORP PUBLIC CO NVDR
2,431,128
1.99
1,278,500 KASIKORNBANK -F-
8,087,276
6.63
Bonds
-
0.00
180,000 KASIKORNBANK PCL-NVDR
1,138,608
0.93
General Retailers
-
0.00
11,857,025 KRUNG THAI BANK PUBLIC FOREIGN
943,500 SIAM COMMCL BANK -F-
18,524,780 THANACHART CAPITAL PUBLIC NVDR
7,597,180
5,598,080
5,147,455
6.23
3,472 SWEDISH MOTORS CIE 0% PERPETUAL
4.58
4.21 Total securities portfolio
-
120,542,830
0.00
98.71
Beverages
3,735,224
3.06
11,551,000 THAI BEVERAGE
3,735,224
3.06
Chemicals
6,627,461
5.43
2,896,200 PTT GLOBAL CHEM
6,627,461
5.43
Construction and Materials
7,915,760
6.48
373,900 SIAM CEMENT (NVDR)
5,378,098
4.40
2,848,700 SINO THAI FOREIGN
2,537,662
2.08
Food and Drug Retailers
4,837,595
3.96
3,217,000 C.P. ALL PCL
4,837,595
3.96
Food Producers
9,625,871
7.88
4,123,600 CHAROEN POKPHAND FOOD
4,549,576
3.73
2,156,720 THAI UNION FROZEN
5,076,295
4.15
General Retailers
5,003,647
4.10
12,147,740 HOME PROD.FOREIGN
5,003,647
4.10
Health Care Equipment and Services
6,120,051
5.01
6,849,480 BANGKOK CHAIN HOSPITAL
2,026,407
1.66
1,103,300 BANGKOK DUSIT MEDICAL FOREIGN
4,093,644
3.35
Industrial Transportation
718,263
0.59
1,547,300 PRECIOUS SHIPPING FOREIGN RGD
718,263
0.59
Media
5,647,974
4.62
1,867,800 VGI GLOBAL MEDIA
5,647,974
4.62
Mining
3,736,823
3.06
277,450 BANPU NVDR
3,736,823
3.06
Mobile Telecommunications
12,500,500
10.24
1,221,200 ADVANCED INFO SCE PUB. CO LTD
8,343,604
6.84
1,440,900 TOTAL ACCESS COMMUNICA-NVDR
4,156,896
3.40
Oil and Gas Producers
12,529,003
10.26
868,200 PTT PUBLIC COMPANY FOREIGN
9,422,767
7.72
1,407,700 THAI OIL F
3,106,236
2.54
Real Estate Investment and Services
11,544,931
9.45
222,913 DUSIT THAI PROPERTIE
-
0.00
20,474,400 HEMARAJ LAND FRGN
2,021,337
1.66
The accompanying notes form an integral part of these financial statements
54

Equity Global Aqua
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
31,155,265
99.82
10,997 ROTORK
345,054
1.11
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
30,171,875
30,171,875
96.67
96.67
75,413 SEVERN TRENT PLC
248,826 UNITED UTILITIES GROUP PLC
United States of America
1,463,445
2,066,136
13,000,974
4.69
6.61
41.66
Austria
26,518 ANDRITZ AG
1,287,184
1,287,184
4.12
4.12
19,190 AEGION
2,200 AMERICAN STATES WATER
48,551 AMERICAN WATER WORKS
322,987
80,064
1,367,338
1.03
0.26
4.38
Bermuda
517,792
1.66
44,300 AQUA AMERICA
854,146
2.74
1,876,000 BEIJING ENTERP.WATER GRP.LTD
644,000 CHINA WATER AFFAIRS GROUP
Brazil
367,170
150,622
1,538,838
1.18
0.48
4.93
9,971 BADGER METER INC
4,300 CALIFORNIA WATER SERVICE GRP
7,900 CLEAN HARBORS INC
7,800 COMPASS MINERALS INTERNATIONAL
358,560
59,849
329,626
442,004
1.15
0.19
1.06
1.42
17,900 CIA SANEAMENTO MINAS GERAIS
19,700 SABESP SP.ADR
Finland
290,105
1,248,733
556,620
0.93
4.00
1.78
9,600 CRANE CO
46,400 DANAHER CORP
2,900 FLOWSERVE CORP
6,900 FRANKLIN ELECTRIC
336,990
1,967,354
322,907
325,374
1.08
6.30
1.03
1.04
31,251 KEMIRA OYJ
19,536 UPONOR OYJ
France
369,074
187,546
1,112,900
1.18
0.60
3.57
20,500 IDEX CORP
8,100 ITRON INC
14,000 LAYNE CHRISTENSEN
8,000 LINDSAY SHS
723,502
273,707
257,721
486,165
2.32
0.88
0.83
1.56
29,856 SUEZ ENVIRONNEMENT COMPANY
271,958
0.87
100,300 MUELLER WATER PRODUCTS SER A
426,792
1.37
91,856 VEOLIA ENVIRONNEMENT
840,942
2.70
34,300 PENTAIR
1,278,705
4.10
Israel
70,827 ISRAEL CHEMICALS LTD
642,743
642,743
2.06
2.06
31,000 TETRA TECH
2,900 VALMONT IND INC
14,200 WATTS WATER TECHNOLOGIES CL-A
621,928
300,360
463,029
1.99
0.96
1.48
Italy
434,831
1.39
68,200 XYLEM
1,401,866
4.49
26,493 ACEA SPA
120,649
0.39
Share/Units of UCITS/UCIS
983,390
3.15
54,216 INTERPUMP GROUP
Japan
314,182
885,407
1.00
2.84
Share/Units in investment funds
France
983,390
983,390
3.15
3.15
98,000 EBARA CORP
34,700 KURITA WATER INDUSTRIES LTD
309,486
575,921
0.99
5 AMUNDI TRESO EONIA C
1.85
Total securities portfolio
983,390
31,155,265
3.15
99.82
Malaysia
603,789
1.93
1,281,192 YTL CORP BERHAD
603,789
1.93
Netherlands
821,221
2.63
30,471 AALBERTS INDUSTRIES NV
478,395
1.53
19,163 ARCADIS NV
342,826
1.10
Singapore
363,662
1.17
383,000 EPURE INTL
137,937
0.44
284,000 HYFLUX LTD
225,725
0.73
Sweden
1,047,537
3.36
66,404 ALFA LAVAL
1,047,537
3.36
Switzerland
2,360,099
7.56
12,371 GEBERIT AG-NOM
2,064,567
6.61
2,475 SULZER AG-NOM
295,532
0.95
United Kingdom
4,998,278
16.01
53,190 HALMA PLC
301,264
0.97
106,725 PENNON GROUP PLC
822,379
2.63
The accompanying notes form an integral part of these financial statements
55

Equity Europe Minimum Variance
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
63,026,077
100.09
2,288 GALENICA N
1,005,787
1.60
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Denmark
26,397 CHR. HANSEN HOLDING A/S
45,555 COLOPLAST B
6,380 TOPDANMARK A/S
58,082,644
58,082,644
4,520,183
649,935
1,688,251
1,037,259
92.24
92.24
7.18
1.03
2.68
1.65
16 LINDT AND SPRUENGLI AG-NOM
107,229 LOGITECH INTERNATIONAL NOM
30,313 NESTLE SA
6,093 ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
13,181 STRAUMANN HOLDING (NAMEN)
4,868 SWISSCOM N
United Kingdom
457,607
615,758
1,497,062
928,996
1,223,295
1,588,514
22,127,531
0.73
0.98
2.38
1.48
1.94
2.51
35.14
17,650 WILLIAM DEMANT HOLDING
1,144,738
1.82
130,115 AFREN
210,308
0.33
France
7,555 BIC
31,387 DANONE
18,517 DASSAULT SYSTEMES
8,791 INGENICO
112 REMY COINTREAU
23,785 SODEXO
104,105 VIVENDI
7,475,861
682,368
1,566,368
1,559,687
378,013
9,266
1,515,580
1,764,579
11.87
1.08
2.49
2.48
0.60
0.01
2.41
2.80
49,542 AFRICAN BAR
112,012 BABCOCK INTERNATIONAL GROUP PLC
3,632 BP PLC
23,911 BRITISH AMERICAN TOBACCO PLC
130,569 BRITISH SKY BROADCASTING GRP
455,725 BT GROUP PLC
17,329 BUNZL
20,727 BURBERRY GROUP
189,402 CHEMRING GROUP
269,119
1,333,345
19,022
920,062
1,234,699
1,298,459
215,571
313,294
536,145
0.43
2.12
0.03
1.46
1.96
2.06
0.34
0.50
0.85
Germany
5,681,323
9.02
113,009 DRAX GROUP PLC
758,641
1.20
14,089 BRENNTAG AG
4,053 DRAEGERWERK AG CO KGAA
10,379 GERRESHEIMER AG
29,402 SAP AG
38,394 SUEDZUCKER
35,557 UNITED INTERNET AG & CO KGAA
Ireland
1,400,869
310,136
416,146
1,784,407
1,189,830
579,935
1,484,638
2.22
0.49
0.66
2.84
1.89
0.92
2.36
66,917 EASYJET
82,259 GLAXOSMITHKLINE PLC
28 HSBC HOLDINGS PLC
50,835 IMPERIAL TOBACCO GROUP PLC
92,499 JAZZTEL
47,262 LONDON STOCK EXCHANGE
225,321 MEGGITT PLC
54,456 MICRO FOCUS INTL
631,549
1,353,912
223
1,487,257
486,082
633,967
1,062,017
390,746
1.00
2.15
0.00
2.36
0.77
1.01
1.69
0.62
13,758 PADDY POWER
133,155 RYANAIR HOLDINGS PLC
Italy
859,875
624,763
1,902,833
1.37
0.99
3.02
108,319 PEARSON
52,635 ROYAL DUTCH SHELL B SHARES
67,762 SHIRE
182,950 SMITH & NEPHEW
1,586,525
1,411,430
1,576,464
1,532,666
2.53
2.24
2.51
2.43
259,266 DAVIDE CAMPARI-MILANO SPA
13,180 DIASORIN SPA
Jersey
1,503,743
399,090
1,527,923
2.39
0.63
2.43
101,020 SMITHS GROUP
4,772 SSE PLC
313,637 TESCO PLC
1,483,354
83,426
1,299,248
2.36
0.13
2.06
126,459 EXPERIAN PLC
1,527,923
2.43
Share/Units of UCITS/UCIS
4,943,433
7.85
Netherlands
47,578 KONINKLIJKE AHOLD NV
Norway
482,203
482,203
1,752,991
0.77
0.77
2.78
Share/Units in investment funds
France
111 AMUNDI SERENITE PEA C
17 AMUNDI TRESO EONIA C
4,943,433
4,943,433
1,250,257
3,693,176
7.85
7.85
1.99
5.86
114,635 TELENOR
1,752,991
2.78 Total securities portfolio
63,026,077
100.09
Spain
987,094
1.57
21,438 EBRO FOODS SA
321,570
0.51
15,546 VISCOFAN
665,524
1.06
Sweden
921,565
1.46
77,949 ELEKTA AB B
921,565
1.46
Switzerland
9,218,499
14.64
25,979 ARYZTA
1,008,548
1.60
2,549 FLUGHAFEN ZUERICH N
892,932
1.42
The accompanying notes form an integral part of these financial statements
56

Equity Global Minimum Variance
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
27,891,192
99.71
Norway
358,037
1.28
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Bermuda
27,529,661
27,529,661
296,897
98.42
98.42
1.06
17,759 TELENOR
Singapore
6,500 AVAGO TECHNOLOGIE LTD
358,037
205,790
205,790
1.28
0.74
0.74
25,000 CHEUNG KONG INFRASTRUCTURE
153,209
0.55
Switzerland
1,152,534
4.12
43,000 YUE YUEN INDUSTRIAL HOLDINGS
143,688
0.51
150 BARRY CALLEBAUT N
144,207
0.52
Canada
6,700 BARRICK GOLD CORP
1,900 METRO INC
2,500 OPEN TEXT
9,600 ROGERS COMMUNICATIONS SHS B
3,500 SAPUTO INC
1,587,814
234,307
120,849
139,679
435,419
176,850
5.68
0.84
0.43
0.50
1.56
0.63
4 LINDT AND SPRUENGLI AG-NOM
44 LINDT AND SPRUENGLI PS
9,105 NESTLE SA
604 ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
United Kingdom
150,827
143,245
592,842
121,413
3,058,458
0.54
0.51
2.12
0.43
10.93
7,400 TELUS NON VTG
480,710
1.72
68,126 BT GROUP PLC
255,909
0.91
Cayman Islands
83,600 MGM CHINA HLDGS
151,219
151,219
0.54
0.54
7,980 BUNZL
100,843 CENTRICA PLC
32,477 COMPASS GROUP PLC
130,878
546,820
382,725
0.47
1.95
1.37
Denmark
7,969 NOVOZYMES AS-B
224,182
224,182
0.80
0.80
12,442 GLAXOSMITHKLINE PLC
153 MEGGITT PLC
15,048 SERCO GROUP
269,988
951
130,860
0.97
0.00
0.47
Germany
4,262 SUEDZUCKER
174,133
174,133
0.62
0.62
14,837 SHIRE
17,893 SMITH & NEPHEW
24,537 SSE PLC
455,083
197,627
565,548
1.63
0.71
2.01
Hong Kong (China)
1,076,682
3.85
3,069 WHITBREAD
122,069
0.44
37,500 CLP HOLDINGS LTD
313,756
1.13
United States of America
15,963,341
57.08
126,000 FIRST PACIFIC
11,500 HANG SENG BANK LTD
38,000 MTR CORP
35,000 POWER ASSETS HOLDINGS LTD
138,341
176,117
149,532
298,936
0.49
0.63
0.53
1.07
8,400 ABBOTT LABORATORIES
5,200 ALEXION PHARMACEUTICALS INC
5,400 ALLERGAN INC
1,400 AMGEN INC
550,200
487,812
495,342
120,848
1.97
1.74
1.77
0.43
Ireland
706
0.00
13,700 ANALOG DEVICES INC
576,222
2.06
35 CRH PLC
Israel
706
146,257
0.00
0.52
600 APPLE INC
15,400 AT&T INC
7,500 CELGENE CORP
319,818
519,134
590,400
1.14
1.86
2.11
4,433 NICE SYSTEME LTD
Japan
146,257
3,133,611
0.52
11.20
7,500 CHUBB CORP
15,000 COCA-COLA CO
5,600 COLGATE PALMOLIVE CO
564,900
543,750
585,424
2.02
1.94
2.09
3,200 ABC MART
3,000 BENESSE
143 JUPITER TELECOMMUNICATIONS
16,000 KEIHIN ELEC EXP RAILWAY
5,200 MAC DONALD’S HOLDINGS JPN
1,950 NITORI
349 NTT DOCOMO INC
2,600 ORIENTAL LAND
79,000 OSAKA GAS CO LTD
37,500 RAKUTEN
3,100 SANKYO CO LTD
8,800 SEGA SAMMY HOLDINGS
49,000 SEVEN BANK LTD
104,000 TOKYO GAS CO LTD
139,340
124,733
178,450
141,745
137,420
142,757
500,502
314,833
286,891
292,315
122,795
148,083
128,642
475,105
0.50
0.45
0.64
0.51
0.49
0.51
1.78
1.13
1.03
1.04
0.44
0.53
0.46
1.69
2,900 EBAY INC
6,200 EXXON MOBIL CORP
14,800 GENERAL MILLS INC
800 GOOGLE INC-A
2,700 INTL BUSINESS MACHINES CORP
1,300 JM SMUCKER
8,400 JOHNSON & JOHNSON
6,900 KIMBERLY-CLARK CORP
1,300 MASTERCARD
6,200 MC DONALD’S CORP
13,100 MERCK AND CO INC
6,100 M&T BANK CORPORATION
2,600 PERRIGO
24,100 PFIZER INC
6,300 PHILIP MORRIS INTERNATIONAL INC
147,958
536,610
598,068
567,496
517,185
112,112
588,840
582,567
638,664
546,902
536,314
600,667
270,478
604,428
526,932
0.53
1.92
2.14
2.03
1.85
0.40
2.10
2.08
2.29
1.96
1.92
2.15
0.97
2.16
1.88
The accompanying notes form an integral part of these financial statements
57

Equity Global Minimum Variance
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
13,000 REYNOLDS AMERICAN INC
8,200 THE HERSHEY CO
7,400 UNITED PARCEL SERVICE-B
16,300 US BANCORP
7,800 VERISIGN
12,800 VERIZON COMMUNICATIONS INC
2,100 WATSON PHARMACEUTICALS INC
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
16 AMUNDI TRESO DOLLAR
Total securities portfolio
USD
538,590
592,204
545,602
520,622
302,796
553,856
180,600
361,531
361,531
361,531
361,531
27,891,192
1.93
2.12
1.95
1.86
1.08
1.98
0.65
1.29
1.29
1.29
1.29
99.71
The accompanying notes form an integral part of these financial statements
58

Convertible Europe
Bonds
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
123,602,406
98.53
34,025 TECHNIP 0.50% 01/01/2016 CV
3,477,174
2.77
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
120,653,619
2,644,473
96.18
2.11
Germany
800,000 ADIDAS AG 0.25% 14/06/2019 CV
2,900,000 DEUTSCHE POST AG 0.60% 06/12/2019 CV
8,617,965
914,416
3,034,125
6.87
0.73
2.42
Cayman Islands
1,800,000 SIEM INDUSTRIES INC 1% 12/09/2019 CV
1,420,941
1,420,941
1.14
1.14
1,400,000 GSW IMMOBILIEN AG 2% 20/11/2019 CV
2,400,000 KFW INTERNATIONAL FINANCE INC 1.50%
30/07/2014 CV
1,489,726
2,952,168
1.19
2.35
Germany
693,245
0.55
200,000 SGL CARBON AG 3.50% 30/06/2016 CV
227,530
0.18
700,000 SALZGITTER AG 1.125% 06/10/2016 CV
693,245
0.55
Guernsey
2,314,360
1.84
United Kingdom
530,287
0.42
2,000,000 NERO FIN 4.50% 15/04/2013 CV
2,314,360
1.84
400,000 TUI TRAVEL PLC 6% 05/10/2014 CV
530,287
0.42
Italy
2,884,336
2.30
Convertible bonds
118,009,146
94.07
2,800,000 ENI SPA 0.25% 30/11/2015 CV
2,884,336
2.30
Austria
214,854
0.17
Jersey
1,064,022
0.85
200,000 STEINHOFF FINANCE HOLDING GMBH 6.375%
26/05/2017 CV
214,854
0.17
400,000 DERWENT LDN PLC 2.75% 15/07/2016 CV
400,000 LIBERTY INTERNATIONA 2.50% 04/10/2018 CV
555,118
508,904
0.44
0.41
Belgium
5,076,275
4.05
Luxembourg
9,744,184
7.77
1,600,000 BRUXELLES LAMBERT 0.125% 21/09/2015 CV
1,000,000 FORTIS BANK NV FRN PERPETUAL CV
2,300,000 UCB 4.50% 22/10/2015 CV
Bermuda
2,600,000 SEADRILL LTD 3.375% 27/10/2017 CV
1,621,424
530,700
2,924,151
2,644,569
2,644,569
1.29
0.42
2.34
2.11
2.11
3,700,000 ACERGY SA 2.25% 11/10/2013 CV
2,350,000 ARCELORMITTAL SA 5% 15/05/2014 CV
1,500,000 BNP PARIBAS FORTIS FUNDING FRN PERPETUAL
CV
2,500,000 GLENCORE FINANCE (EUROPE) SA 5% 31/12/2014
CV
3,239,323
1,856,846
652,365
2,331,690
2.58
1.48
0.52
1.86
Cyprus
1,200,000 HOLDGROVE LIMITED 1% 24/09/2017 CV
923,847
923,847
0.74
0.74
800,000 QIAGEN EURO FINANCE(LUXEMBOURG) 3.25%
16/05/2026 CV
1,200,000 SUBSEA 7 SA 1% 05/10/2017 CV
724,885
939,075
0.58
0.75
Finland
2,243,382
1.79
Malta
786,646
0.63
1,200,000 NOKIA OYJ 5% 26/10/2017 CV
600,000 SOLIDIUM OY 0.50% 29/09/2015 CV
France
53,000 ALTRAN TECHNOLOGIES 6.72% 01/01/2015 CV
1,500 ATOS 2.50% PERPETUAL CV
18,446 AXA SA 3.75% 01/01/2017 CV
300,000 BNP PARIBAS 0.25% 21/09/2015 CV
1,630,332
613,050
36,450,366
311,559
85,881
4,845,501
314,922
1.30
0.49
29.05
0.25
0.07
3.86
0.25
700,000 LUFTHANSA MALTA BLUES LP 0.75% 05/04/2017 CV
Netherlands
600,000 CELESIO FINANCE BV 2.50% 07/04/2018 CV
1,500,000 CELESIO FINANCE BV 3.75% 29/10/2014 CV
7,000,000 LUKOIL INTL FINANCE BV 2.625% 16/06/2015 CV
3,250,000 PORTUGAL TELECOM INTL FINANCE BV 4.125%
28/08/2014 CV
786,646
22,303,657
603,174
1,547,385
6,026,350
3,320,330
0.63
17.78
0.48
1.23
4.80
2.65
61,500 CAP GEMINI 3.50% 01/01/2014 CV
74,500 CIE GENERALE DE GEOPHYSIQUE SA 1.25%
01/01/2019 CV
53,200 CIE GENERALE DE GEOPHYSIQUE SA 1.75%
01/01/2016 CV
2,337,323
2,525,093
1,667,824
1.86
2.01
1.33
2,500,000 SIEMENS FINANCIERINGSMAATSCHAP 1.05%
16/08/2017 CV
10,250,000 SIEMENS FINANCIERINGSMAATSCHAP 1.65%
16/08/2019 CV
700,000 WERELDHAVE NV 4.375% 16/09/2014 CV
1,961,544
8,124,665
720,209
1.56
6.49
0.57
36,000 ETABLISSEMENT MAUREL ET PROM 7.125%
31/07/2014 CV
652,791
0.52
Portugal
3,910,875
3.12
82,670 EURAZEO 6.25% 10/06/2014 CV
21,600 FAURECIA 3.25% 01/01/2018 CV
4,466,937
409,290
3.56
0.33
3,750,000 PARPUBLICA - PARTICIPACOES PUB 5.25%
28/09/2017 CV
3,910,875
3.12
73,854 FAURECIA 4.50% 01/01/2015 CV
31,726 FONCIERE DES REGIONS 3.34% 01/01/2017 CV
10,000 MICHELIN (CIE GENERALE ETS) 0% 01/01/2017 CV
1,431,087
2,893,123
1,309,880
1.14
2.31
1.04
Spain
600,000 ABENGOA SA 6.875% 24/07/2014 CV
604,380
604,380
0.48
0.48
29,500 MISARTE 3.25% 01/01/2016 CV
9,340 NEXANS 2.50% 01/01/2019 CV
40,000 PEUGEOT SA 4.45% 01/01/2016 CV
29,000 TECHNIP 0.25% 01/01/2017 CV
4,882,575
640,365
978,065
3,220,976
3.89
0.51
0.78
2.57
Sweden
1,300,000 INDUSTRIVARDEN AB 1.875% 27/02/2017 CV
1,000,000 INDUSTRIVARDEN AB 2.50% 27/02/2015 CV
2,602,347
1,369,797
1,232,550
2.07
1.09
0.98
The accompanying notes form an integral part of these financial statements
59

Convertible Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
Switzerland
70,000 CLARIANT AG MUTTENZ 3% 07/07/2014 CV
United Arab Emirates
5,500,000 AABAR INVESTMENTS P.J.S.C 4% 27/05/2016 CV
United Kingdom
950,000 BRITISH AIRWAYS PLC 5.80% 13/08/2014 CV
500,000 BRITISH LAND CO LTD 1.50% 10/09/2017 CV
100,000 INMARSAT PLC 1.75% 16/11/2017 CV
350,000 ITV PLC 4% 09/11/2016 CV
600,000 J SAINSBURY PLC 4.25% 16/07/2014 CV
7,350,000 SHIRE PLC 2.75% 09/05/2014 CV
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
12 AMUNDI TRESO EONIA C
Derivative instruments
Options
France
230 CAP GEMINI SA - 34.00 - 20.09.13 CALL
Germany
253 ADIDAS NOM - 68.00 - 15.03.13 CALL
253 ADIDAS NOM - 72.00 - 20.09.13 CALL
330 DEUTSCHE POST AG-NOM - 16.00 - 20.12.13 CALL
45 EURO STOXX 50 EUR - 2,650 - 18.01.13 CALL
Short positions
EUR
87,070
87,070
5,622,650
5,622,650
9,913,361
1,385,775
630,422
98,824
708,363
865,558
6,224,419
2,687,933
2,687,933
2,687,933
2,687,933
260,854
260,854
58,420
58,420
202,434
66,286
78,683
45,540
11,925
-28,589
0.07
0.07
4.48
4.48
7.90
1.10
0.50
0.08
0.56
0.69
4.97
2.14
2.14
2.14
2.14
0.21
0.21
0.05
0.05
0.16
0.05
0.06
0.04
0.01
-0.02
Derivative instruments
Options
Germany
-253 ADIDAS NOM - 72.00 - 15.03.13 CALL
Total securities portfolio
-28,589
-28,589
-28,589
-28,589
123,573,817
-0.02
-0.02
-0.02
-0.02
98.51
The accompanying notes form an integral part of these financial statements
60

Convertible Global
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
18,427,991
95.02
4,800 FAURECIA 3.25% 01/01/2018 CV
90,953
0.47
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
18,394,515
524,030
94.85
2.70
10,800 FAURECIA 4.50% 01/01/2015 CV
1,395 GECINA 2.125% 01/01/2016 CV
2,300 INGENICO 2.75% 01/01/2017 CV
700 MISARTE 3.25% 01/01/2016 CV
209,274
170,099
118,147
115,858
1.08
0.88
0.61
0.60
United States of America
524,030
2.70
3,600 TECHNIP 0.50% 01/01/2016 CV
367,901
1.90
45,000 JK LAKSHMI CEMENT GDR
100,265
0.52
Germany
1,018,721
5.25
4,628 STANLEY BLACK 4.75% PREFERED 17/11/2015
Bonds
Bermuda
259,000 NOBLE GROUP LIMITED 0% 13/06/2014 CV
British Virgin Islands
400,000 BILLION EXPRESS INVESTMENTS 0.75% 18/10/2015
CV
Cayman Islands
400,000 SIEM INDUSTRIES INC 1% 12/09/2019 CV
Taiwan
300,000 EPISTAR CORP 0% 27/01/2016 CV
423,765
1,630,442
282,855
282,855
321,456
321,456
315,765
315,765
219,596
219,596
2.18
8.41
1.46
1.46
1.66
1.66
1.63
1.63
1.13
1.13
300,000 DEUTSCHE POST AG 0.60% 06/12/2019 CV
200,000 GSW IMMOBILIEN AG 2% 20/11/2019 CV
400,000 KFW INTERNATIONAL FINANCE INC 1.50%
30/07/2014 CV
Isle of Man
300,000 ANGLOGOLD ASHANTI HOLDING FINANCE PLC
3.50% 22/05/2014 CV
Italy
300,000 ENI SPA 0.25% 30/11/2015 CV
Japan
30,000,000 AEON CO LTD 0.30% 22/11/2013 CV
10,000,000 AEON CREDIT SERVICE CO 0% 23/03/2016 CV
313,875
212,818
492,028
236,050
236,050
309,036
309,036
1,092,772
296,078
108,642
1.62
1.10
2.53
1.22
1.22
1.59
1.59
5.63
1.52
0.56
United States of America
594,000 NUANCE COMMUNICATIONS INC 2.75% 01/11/2031
CV
Convertible bonds
490,770
490,770
16,240,043
2.53
2.53
83.74
20,000,000 FUKUYAMA TRANSPORTING CO LTD 0% 22/03/2017
CV
20,000,000 KDDI CORP 0% 14/12/2015 CV
20,000,000 OSG CORP 0% 04/04/2022 CV
10,000,000 SOFTBANK CORPORATION 1.50% 31/03/2013 CV
178,576
198,327
184,039
127,110
0.92
1.02
0.95
0.66
Australia
404,679
2.09
Jersey
317,029
1.63
270,000 CFS RETAIL PROPERTY TRUST GROUP 5.075%
21/08/2014 CV
231,000 CFS RETAIL PROPERTY TRUST GROUP 5.75%
04/07/2016 CV
213,372
191,307
1.10
0.99
100,000 LIBERTY INTERNATIONA 2.50% 04/10/2018 CV
100,000 WPP PLC 5.75% 19/05/2014 CV
Luxembourg
127,226
189,803
653,770
0.66
0.97
3.37
Belgium
200,000 BRUXELLES LAMBERT 0.125% 21/09/2015 CV
200,000 UCB 4.50% 22/10/2015 CV
456,952
202,678
254,274
2.36
1.05
1.31
500,000 BNP PARIBAS FORTIS FUNDING FRN PERPETUAL
CV
300,000 GLENCORE FINANCE (EUROPE) SA 5% 31/12/2014
CV
217,455
279,803
1.12
1.44
Canada
251,696
1.30
200,000 SUBSEA 7 SA 1% 05/10/2017 CV
156,512
0.81
300,000 GOLDCORP INC 2% 01/08/2014 CV
251,696
1.30
Malta
112,378
0.58
Cayman Islands
224,265
1.16
100,000 LUFTHANSA MALTA BLUES LP 0.75% 05/04/2017 CV
112,378
0.58
300,000 TPK HOLDING CO LTD 0% 20/04/2014 CV
224,265
1.16
Mauritius
300,607
1.55
Cyprus
200,000 HOLDGROVE LIMITED 1% 24/09/2017 CV
France
2,140 AXA SA 3.75% 01/01/2017 CV
100,000 BNP PARIBAS 0.25% 21/09/2015 CV
8,000 CAP GEMINI 3.50% 01/01/2014 CV
10,600 CIE GENERALE DE GEOPHYSIQUE SA 1.25%
01/01/2019 CV
6,100 ETABLISSEMENT MAUREL ET PROM 7.125%
31/07/2014 CV
153,381
153,381
2,940,146
562,148
104,974
304,042
359,275
110,612
0.79
0.79
15.16
2.89
0.54
1.57
1.85
0.57
400,000 GOLDEN AGRI-RESOURCES LTD 2.50% 04/10/2017
CV
Netherlands
500,000 LUKOIL INTL FINANCE BV 2.625% 16/06/2015 CV
500,000 SIEMENS FINANCIERINGSMAATSCHAP 1.65%
16/08/2019 CV
Portugal
350,000 PARPUBLICA - PARTICIPACOES PUB 5.25%
28/09/2017 CV
300,607
826,779
430,454
396,325
365,015
365,015
1.55
4.26
2.22
2.04
1.88
1.88
7,900 EURAZEO 6.25% 10/06/2014 CV
426,863
2.20
The accompanying notes form an integral part of these financial statements
61

Convertible Global
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Singapore
172,054
0.89
Short positions
-13,678
-0.07
250,000 RUBY ASSETS PTE LTD 1.60% 01/02/2017 CV
172,054
0.89
Derivative instruments
-13,678
-0.07
South Korea
180,000 SK TELECOM CO LTD 1.75% 07/04/2014 CV
152,787
152,787
0.79
0.79
Options
Germany
-13,678
-1,921
-0.07
-0.01
Taiwan
340,807
1.76
-17 ADIDAS NOM - 72.00 - 15.03.13 CALL
-1,921
-0.01
400,000 PEGATRON CORPORATION 0% 06/02/2017 CV
340,807
1.76
United States of America
-11,757
-0.06
United Kingdom
722,985
3.73
-200 MICROSOFT CORP - 25.00 - 20.04.13 PUT
-11,529
-0.06
100,000 BRITISH LAND CO LTD 1.50% 10/09/2017 CV
126,084
0.65
-200 MICROSOFT CORP - 35.00 - 20.04.13 CALL
-228
0.00
50,000 ITV PLC 4% 09/11/2016 CV
100,000 J SAINSBURY PLC 4.25% 16/07/2014 CV
101,195
144,260
0.52 Total securities portfolio
0.74
18,414,313
94.95
415,000 SHIRE PLC 2.75% 09/05/2014 CV
351,446
1.82
United States of America
5,188,134
26.75
73,000 ALCOA INC 5.25% 15/03/2014 CV
79,029
0.41
275,000 ALLEGHENY TECHNOLOGI 4.25% 01/06/2014 CV
227,686
1.17
176,000 DANAHER CORP 0% 22/01/2021 CV
217,052
1.12
456,000 ELECTRONIC ARTS INC 0.75% 15/07/2016 CV
320,473
1.65
675,000 GILEAD SCIENCES INC 1% 01/05/2014 CV
839,987
4.32
715,000 INTEL CORP 2.95% 15/12/2035 CV
561,685
2.90
277,000 NATIONAL RETAIL PROPERTIES INC 5.125%
15/06/2028 CV
257,023
1.33
380,000 NEWMONT MINING CORP 1.625% 15/07/2017 CV
377,631
1.95
257,000 PIONEER NATURAL RESOURCES CO 2.875%
15/01/2038 CV
317,741
1.64
481,000 PRICELINE COM INC 1% 15/03/2018 CV
391,418
2.02
200,000 PROLOGIS 3.25% 15/03/2015 CV
172,649
0.89
243,000 STANDARD PACIFIC CORP 1.25% 01/08/2032 CV
216,420
1.12
564,000 TIBCO SOFTWARE INC 2.25% 01/05/2032 CV
407,677
2.10
330,000 TOLL BROHTERS INC 0.50% 15/09/2032 CV
252,469
1.30
210,000 WELLPOINT INC 2.75% 15/10/2042 CV
172,126
0.89
365,000 XILINX INC 2.625% 15/06/2017 CV
377,068
1.94
Derivative instruments
33,476
0.17
Options
33,476
0.17
France
8,890
0.05
35 CAP GEMINI SA - 34.00 - 20.09.13 CALL
8,890
0.05
Germany
20,566
0.10
17 ADIDAS NOM - 68.00 - 15.03.13 CALL
4,454
0.02
17 ADIDAS NOM - 72.00 - 20.09.13 CALL
5,287
0.03
65 DEUTSCHE POST AG-NOM - 16.00 - 20.12.13 CALL
8,970
0.04
7 EURO STOXX 50 EUR - 2,650 - 18.01.13 CALL
1,855
0.01
United States of America
4,020
0.02
200 MICROSOFT CORP - 20.00 - 20.04.13 PUT
1,745
0.01
200 MICROSOFT CORP - 31.00 - 20.04.13 CALL
2,275
0.01
The accompanying notes form an integral part of these financial statements
62

Bond Global Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
247,884,401
97.63
1,500,000 NATIXIS VAR 14/05/2019
1,898,638
0.75
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
247,935,950
247,935,950
97.65
97.65
700,000 NEXANS 4.25% 19/03/2018
1,500,000 PERNOD RICARD 7% 15/01/2015
2,000,000 SCHNEIDER ELECTRIC S 2.95% 27/09/2022
1,800,000 SOCIETE GENERALE VAR PERPETUAL
931,444
2,213,290
2,011,900
1,799,316
0.37
0.87
0.79
0.71
Australia
2,516,515
0.99
2,500,000 SOCIETE GENERALE 2.75% 12/10/2017
2,536,525
1.00
1,100,000 BHP BILLITON FINANCE LIMITED 3.25% 25/09/2024
650,000 OPTUS FINANCE PTY LTD 4.625% 15/10/2019
Austria
1,000,000 TELEKOM FINANZMANAGEMENT GMBH 6.375%
29/01/2016
Belgium
1,787,813
728,702
1,505,639
1,505,639
4,633,038
0.70
0.29
0.59
0.59
1.82
1,000,000 SUEZ VAR PERPETUAL
1,000,000 VIVENDI 3.875% 30/11/2015
1,700,000 WENDEL INVESTISSEMEN 5.875% 17/09/2019
Germany
1,300,000 ALLIANZ SE VAR 17/10/2042
600,000 ENBW ENERGIE BADEN-WUERTTEMBER VAR
PERPETUAL
1,347,444
1,407,906
2,422,577
2,825,603
1,940,295
885,308
0.53
0.55
0.95
1.11
0.76
0.35
900,000 AHNEUSER-BUSH INBEV 2.875% 25/09/2024
1,000,000 FORTIS BANK NV VAR PERPETUAL
1,000,000 FORTIS BANK NV 5.757% 04/10/2017
500,000 FORTIS BANK SA NV FRN 14/02/2018
Bermuda
1,235,601
1,259,573
1,487,286
650,578
900,882
0.49
0.49
0.58
0.26
0.35
Ireland
500,000 BORD GAIS EIREANN 3.625% 04/12/2017
500,000 CLOVERLIE PLC VAR 01/09/2042
400,000 ESB FINANCE 4.375% 21/11/2019
2,000,000 FGA CAPITAL IRELAND PLC 4.375% 18/09/2014
8,784,671
692,898
800,223
560,009
2,703,563
3.46
0.27
0.32
0.22
1.06
900,000 QTEL INTERNATIONAL FINANCE LTD 3.25%
21/02/2023
Brazil
1,300,000 BANCO DO BRASIL SA GRAND CAYMAN BRANCH
3.875% 10/10/2022
500,000 BANCO SANTANDER BRASIL SA 4.50% 06/04/2015
1,500,000 SAMARCO MINERACAO SA 4.125% 01/11/2022
Canada
900,882
3,359,120
1,310,530
518,920
1,529,670
708,617
0.35
1.32
0.52
0.20
0.60
0.28
1,500,000 GE CAPITAL EUROPEAN FUNDING 4.35%
03/11/2021
1,500,000 RZD CAPITAL LIMITED 5.70% 05/04/2022
Italy
1,000,000 ASSICURAZIONI GENERALI VAR 12/12/2042
400,000 INTESA SANPAOLO SPA VAR 28/05/2018
2,285,000 INTESA SANPAOLO SPA 4% 09/11/2017
1,400,000 INTESA SANPAOLO SPA 4.375% 15/10/2019
2,000,000 INTESA SANPAOLO SPA 4.875% 10/07/2015
2,313,733
1,714,245
26,816,526
1,403,793
486,321
3,120,212
1,902,757
2,790,605
0.91
0.68
10.56
0.55
0.19
1.23
0.75
1.10
700,000 XSTRATA FINANCE CANADA LTD 2.45% 25/10/2017
708,617
0.28
2,000,000 SNAM SPA 3.875% 19/03/2018
2,830,605
1.11
Cayman Islands
1,900,000 HUTCHISON WHAMPOA INTERNATIONAL LTD 2%
08/11/2017
500,000 IPIC GMTN LTD 2.375% 30/05/2018
400,000 IPIC GMTN LTD 3.625% 30/05/2023
1,500,000 PETROBRAS INTERNATL FINANCE 3.875%
27/01/2016
4,713,648
1,902,850
677,697
549,161
1,583,940
1.86
0.75
0.27
0.22
0.62
1,200,000 TELECOM ITALIA SPA 4% 21/01/2020
1,400,000 TELECOM ITALIA SPA 5.375% 29/01/2019
1,000,000 UNICREDIT SPA 4.375% 11/09/2015
3,300,000 UNICREDIT SPA 6.95% 31/10/2022
3,500,000 UNIONE DI BANCHE ITALIANE 3.75% 30/10/2015
Japan
500,000 NOMURA HOLDINGS INC 4.125% 19/01/2016
1,606,982
2,031,517
1,389,870
4,534,625
4,719,239
524,415
524,415
0.63
0.80
0.55
1.79
1.86
0.21
0.21
Chile
618,924
0.24
Jersey
1,828,335
0.72
600,000 BANCO SANTANDER CHILE 3.875% 20/09/2022
618,924
0.24
1,000,000 BAA FUNDING LIMITED 6% 20/03/2020
1,828,335
0.72
Denmark
1,247,642
0.49
Luxembourg
8,968,510
3.53
850,000 DONG ENERGY AS VAR PERPETUAL
1,247,642
0.49
1,500,000 GAZ CAPITAL SA 5.136% 22/03/2017
2,200,831
0.87
France
1,500,000 BNP PARIBAS 2.375% 14/09/2017
3,300,000 BPCE SA 2% 24/04/2018
1,000,000 CASINO GUICHARD PERRACHON 5.50% 30/01/2015
700,000 CREDIT LOGEMENT SA VAR PERPETUAL
1,500,000 CSE NAT.CSES EPAR.PREVOYANCE VAR
PERPETUAL
1,000,000 IXIS CORPORATE & INVESTMENT BK VAR
24/07/2018
28,115,973
1,523,670
4,439,693
1,435,105
512,531
1,829,280
1,275,464
11.08
0.60
1.76
0.57
0.20
0.72
0.50
1,000,000 RSHB CAPITAL SA 5.298% 27/12/2017
1,000,000 SBERBANK SB CAP SA 6.125% 07/02/2022
1,300,000 SCHLUMBERGER INVESTMENT SA 1.25%
01/08/2017
3,000,000 VTB CAPITAL SA 6% 12/04/2017
Mexico
500,000 PETROLEOS MEXICANOS SA 4.875% 15/03/2015
1,000,000 PETROLEOS MEXICANOS SA 4.875% 24/01/2022
1,076,420
1,144,620
1,297,699
3,248,940
1,668,345
539,045
1,129,300
0.42
0.45
0.51
1.28
0.66
0.21
0.45
500,000 LA MONDIALE VAR PERPETUAL
531,190
0.21
The accompanying notes form an integral part of these financial statements
63

Bond Global Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Netherlands
1,500,000 ABN AMRO BANK NV 6.375% 27/04/2021
19,067,727
2,264,115
7.51
0.89
2,000,000 HSBC HOLDINGS PLC 4% 30/03/2022
500,000 IMPERIAL TOBACCO FINANCE PLC 5.50%
28/09/2026
2,194,640
950,529
0.86
0.37
2,000,000 ABN AMRO BANK NV 7.125% 06/07/2022
3,108,894
1.22
3,000,000 LLOYDS TSB BANK PLC 6.50% 24/03/2020
4,530,681
1.79
1,000,000 EDP FINANCE BV 3.75% 22/06/2015
1,000,000 EDP FINANCE BV 5.75% 21/09/2017
1,000,000 ENEL FINANCE INTERNATIONAL NV 4.875%
17/04/2023
1,333,693
1,413,852
1,385,783
0.53
0.56
0.55
2,000,000 MORGAN STANLEY AND CO. INTERNATIONAL PLC
4.50% 29/10/2014
1,000,000 NATIONWIDE BUILDING SOCIETY 6.75% 22/07/2020
1,300,000 ROYAL BANK OF SCOTLAND PLC 2.55% 18/09/2015
2,784,672
1,548,698
1,330,953
1.10
0.61
0.52
1,000,000 IBERDROLA INTERNATIONAL BV 4.25% 11/10/2018
2,500,000 ING BANK NV 3.75% 07/03/2017
1,000,000 KONINKLIJKE KPN NV 6.50% 15/01/2016
2,100,000 RABOBANK NEDERLAND 3.75% 09/11/2020
700,000 TENNET HLD BV 6.655% PERPETUAL
Peru
1,429,449
2,659,975
1,505,797
2,966,542
999,627
616,482
0.56
1.05
0.59
1.17
0.39
0.24
500,000 ROYAL BANK OF SCOTLAND PLC 4.875%
15/07/2015
2,200,000 SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
1,000,000 VIRGIN MEDIA SECURED FINANCE PLC 7%
15/01/2018
900,000 WPP FINANCE 2010 3.625% 07/09/2022
720,150
2,269,806
1,763,707
903,564
0.28
0.89
0.69
0.36
580,000 BANCO DE CREDITO DEL PERU 4.75% 16/03/2016
616,482
0.24
United States of America
74,076,122
29.19
Portugal
3,662,306
1.44
1,000,000 ALLSTATE CORP 7.45% 16/05/2019
1,312,300
0.52
2,700,000 BANCO ESPIRITO SANTO 5.875% 09/11/2015
Singapore
1,500,000 DBS BANK LTD 3.625% 21/09/2022
Spain
3,662,306
1,579,635
1,579,635
8,297,128
1.44
0.62
0.62
3.27
1,500,000 ALTRIA GROUP INC 2.85% 09/08/2022
1,500,000 ALTRIA GROUP INC 4.25% 09/08/2042
500,000 AMERICAN EXPRESS CREDIT CORP 1.75%
12/06/2015
350,000 AMERICAN EXPRESS CREDIT CORP 5.375%
01/10/2014
1,485,945
1,465,950
510,650
607,785
0.59
0.58
0.20
0.24
2,000,000 ABERTIS INFRAESTRUCTURAS 4.75% 25/10/2019
1,000,000 IBERDROLA FINANZAS SAU 3.875% 10/02/2014
1,800,000 SANTANDER INTERNATIONAL DEBT SA 4.375%
04/09/2014
1,000,000 TELEFONICA EMISIONES SAU 5.811% 05/09/2017
222,000 TELEFONICA EMISIONES SAU 5.855% 04/02/2013
Sweden
2,788,442
1,356,001
2,431,309
1,498,612
222,764
4,425,094
1.10
0.53
0.96
0.59
0.09
1.74
500,000 AMERICAN TELEPHONE & TELEGRAPH CORP
1.70% 01/06/2017
2,500,000 AMGEN INC 5.15% 15/11/2041
400,000 AON CORP 5% 30/09/2020
500,000 APACHE CORP 3.25% 15/04/2022
600,000 AT& T INC 1.60% 15/02/2017
1,000,000 BANK OF AMERICA CORP 5.125% 26/09/2014
2,000,000 BANK OF AMERICA CORP 5.75% 01/12/2017
508,305
2,825,175
460,696
531,105
607,986
1,408,499
2,325,520
0.20
1.12
0.18
0.21
0.24
0.55
0.92
600,000 PGNIG FINANCE AB 4% 14/02/2017
2,700,000 SKANDINAVISKA ENSKILDA BANKEN 1.875%
14/11/2019
828,251
3,596,843
0.33
1.41
2,000,000 BANK OF AMERICA CORP 6.50% 01/08/2016
2,000,000 CENTURYLINK INC 7.65% 15/03/2042
2,000,000 CITIGROUP INC 3.953% 15/06/2016
2,313,800
2,104,580
2,154,680
0.91
0.83
0.85
Thailand
1,250,000 SIAM COMMERCIAL BANK PUBLIC CO 3.375%
19/09/2017
1,298,213
1,298,213
0.51
0.51
2,000,000 CITIGROUP INC 4.50% 14/01/2022
1,000,000 COMCAST CORP 3.125% 15/07/2022
500,000 COMCAST CORP 4.65% 15/07/2042
250,000 COMCAST CORP 6.45% 15/03/2037
2,237,880
1,038,620
529,725
320,695
0.88
0.41
0.21
0.13
Turkey
2,200,000 AKBANK TAS 3.875% 24/10/2017
2,000,000 TURKIYE GARANTI BANKASI AS 4% 13/09/2017
4,333,118
2,262,678
2,070,440
1.71
0.89
0.82
400,000 CONSOLIDATED EDISON 5.70% 15/06/2040
300,000 DISCOVERY COMMUNICATIONS LLC 3.30%
15/05/2022
3,007,000 EXELON GENERATION 6.25% 01/10/2039
517,528
308,568
3,488,030
0.20
0.12
1.38
United Arab Emirates
1,200,000 TAQA ABU DHABI NATIONAL ENERGY COMPAGNY
3.625% 12/01/2023
2,000,000 XSTRATA FINANCE DUBAI LTD 2.375% 19/11/2018
United Kingdom
3,884,249
1,234,212
2,650,037
26,959,473
1.53
0.49
1.04
10.62
1,000,000 FORD MOTOR CREDIT CO 4.25% 20/09/2022
2,600,000 GENERAL ELECTRIC CO 2.70% 09/10/2022
500,000 GENERAL ELECTRIC CO 5.625% 15/09/2017
1,000,000 GOLDMAN SACHS GROUP INC 3.30% 03/05/2015
1,000,000 GOLDMAN SACHS GROUP INC 4.50% 09/05/2016
800,000 GOLDMAN SACHS GROUP 4.375% 16/03/2017
1,053,520
2,648,360
590,265
1,042,220
1,432,679
1,156,121
0.41
1.05
0.23
0.41
0.56
0.46
1,000,000 ABBEY NATIONAL TREASURY SERVICES 4.125%
03/03/2014
1,365,849
0.54
500,000 GOLDMAN SACHS GROUP 4.75% 28/01/2014
2,200,000 HYUNDAI CAPITAL AMERICA INC 2.125% 02/10/2017
684,929
2,219,602
0.27
0.87
2,000,000 BARCLAYS BANK PLC LONDON 6% 14/01/2021
600,000 BAT INTERNATIONAL FINANCE PLC 1.40%
05/06/2015
2,992,241
606,126
1.18
0.24
500,000 JP MORGAN CHASE AND C 3.45% 01/03/2016
1,000,000 JP MORGAN CHASE AND C 4.65% 01/06/2014
1,000,000 JP MORGAN CHASE AND CO 1.875% 21/11/2019
532,465
1,053,600
1,323,871
0.21
0.41
0.52
2,000,000 BRITISH TELECOMMUNICATIONS PLC 6.50%
07/07/2015
2,997,857
1.19
2,200,000 JP MORGAN CHASE AND CO 2% 15/08/2017
1,500,000 KINDER MORGAN ENERGY 3.45% 15/02/2023
2,246,992
1,549,755
0.88
0.61
The accompanying notes form an integral part of these financial statements
64

Bond Global Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
2,000,000 KRAFT FOODS INC 1.625% 04/06/2015
1,000,000 MERRILL LYNCH AND CO 6.875% 25/04/2018
2,000,000 METLIFE INC VAR 15/12/2022
1,900,000 MICROSOFT CORP 2.125% 15/11/2022
1,700,000 MORGAN STANLEY AND CO INC 3.75% 21/09/2017
500,000 MORGAN STANLEY 4.75% 01/04/2014
1,000,000 MORGAN STANLEY 5.45% 09/01/2017
1,600,000 MORGAN STANLEY 5.625% 23/09/2019
1,000,000 NBC UNIVERSAL 5.15% 30/04/2020
1,100,000 NBCUNIVERSAL MEDIA LLC 2.875% 15/01/2023
1,100,000 PEPSICO INC 2.50% 01/11/2022
400,000 PHILIP MORRIS INTERNATIONAL INC 2.90%
15/11/2021
1,000,000 PRUDENTIAL FINANCIAL INC VAR 15/06/2043
500,000 TIME WARNER CABLE INC 4.50% 15/09/2042
3,000,000 TIME WARNER INC 4.90% 15/06/2042
1,500,000 UBS AG STAMFORD 5.75% 25/04/2018
3,000,000 VERIZON COMMUNICATIONS INC 2.45% 01/11/2022
450,000 VIACOM INC 1.25% 27/02/2015
Derivative instruments
Options
Germany
170 EURO BUND FUTURE - 144.00 - 25.01.13 PUT
Total securities portfolio
USD
2,035,220
1,215,240
2,044,512
1,880,449
2,391,894
517,495
1,107,860
1,806,592
1,187,980
1,101,188
1,781,340
415,628
1,034,100
491,245
3,223,950
1,781,790
3,007,800
453,438
-51,549
-51,549
-51,549
-51,549
247,884,401
0.80
0.48
0.81
0.74
0.94
0.20
0.44
0.71
0.47
0.43
0.70
0.16
0.41
0.19
1.28
0.70
1.19
0.18
-0.02
-0.02
-0.02
-0.02
97.63
The accompanying notes form an integral part of these financial statements
65

Bond Euro Aggregate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
Australia
200,000 BHP BILLITON FINANCE LIMITED 2.125% 29/11/2018
400,000 BHP BILLITON FINANCE LIMITED 2.25% 25/09/2020
800,000 COMMONWEALTH BANK OF AUSTRALIA 3%
03/05/2022
500,000 ORIGIN ENERGY FINANCE LTD 2.875% 11/10/2019
200,000 TELSTRA CORPORATION 3.50% 21/09/2022
274,563,926
251,541,082
248,805,889
2,244,458
208,558
412,320
881,336
520,200
222,044
113.38
103.87
102.74
0.93
0.09
0.17
0.37
0.21
0.09
200,000 CASINO GUICHARD PERRACHON 4.472%
04/04/2016
500,000 CASINO GUICHARD PERRACHON 5.50% 30/01/2015
800,000 CREDIT AGRICOLE HOME LOAN SFH 2.125%
10/07/2017
300,000 CREDIT AGRICOLE SA 1.875% 18/10/2017
300,000 CREDIT AGRICOLE SA 2.625% 21/01/2014
850,000 CREDIT AGRICOLE SA 5.971% 01/02/2018
300,000 DANONE 1.125% 27/11/2017
100,000 EDF ELECTRICITE DE FRANCE 3.875% 18/01/2022
100,000 EDF ELECTRICITE DE FRANCE 4.50% 12/11/2040
350,000 GALERIES LAFAYETTE SA 4.50% 28/04/2017
550,000 GDF SUEZ 2.25% 01/06/2018
219,186
544,260
842,384
304,596
230,789
965,345
301,707
112,593
114,094
374,706
575,388
0.09
0.22
0.35
0.13
0.10
0.40
0.12
0.05
0.05
0.15
0.24
Austria
518,305
0.21
200,000 GECINA 4.25% 03/02/2016
215,454
0.09
500,000 OMV AG 2.625% 27/09/2022
Belgium
518,305
25,620,419
0.21
10.58
300,000 KLEPIERRE 2.75% 17/09/2019
250,000 KLEPIERRE 4% 13/04/2017
300,000 LAGARDERE 4.125% 31/10/2017
306,204
273,470
313,365
0.13
0.11
0.13
10,000,000 BELGIUM 4% 28/03/2022
1,000,000 BELGIUM 4.25% 28/03/2041
10,500,000 BELGIUM 4.25% 28/09/2022
100,000 EANDIS 2.75% 30/11/2022
Cayman Islands
11,765,500
1,227,730
12,523,875
103,314
432,716
4.86
0.51
5.17
0.04
0.18
100,000 MERCIALYS 4.125% 26/03/2019
650,000 RENAULT CI BANQUE 2.125% 24/11/2014
250,000 RENAULT CI BANQUE 4.25% 27/04/2017
150,000 RENAULT CI BANQUE 5.625% 13/03/2015
200,000 SAINT GOBAIN (CIE) 3.50% 30/09/2015
100,000 SAINT GOBAIN (CIE) 3.625% 15/06/2021
110,045
659,165
270,740
163,113
212,070
103,905
0.05
0.27
0.11
0.07
0.09
0.04
200,000 HUTCHISON WHAMPOA FINANCE (CI) 4.75%
14/11/2016
227,104
0.10
500,000 SCHNEIDER ELECTRIC S 3.75% 12/07/2018
300,000 SCOR FRN 06/07/2020
562,415
268,500
0.23
0.11
200,000 IPIC GMTN LTD 2.375% 30/05/2018
205,612
0.08
700,000 SOCIETE GENERALE VAR PERPETUAL
530,744
0.22
Denmark
400,000 CARLSBERG AS 3.375% 13/10/2017
450,000 CARLSBERG BREWERIES A/S 2.625% 03/07/2019
550,000 DANSKE BANK AS 2.50% 09/07/2015
500,000 DONG ENERGY AS 2.625% 19/09/2022
100,000 TDC AS 3.75% 02/03/2022
France
200,000 AUTOROUTE PARIS-RHIN 5% 12/01/2017
150,000 AXA SA VAR 16/04/2040
350,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 4.375%
31/05/2016
800,000 BANQUE PSA FINANCE 6% 16/07/2014
900,000 BNP PARIBAS 2.50% 23/08/2019
500,000 BNP PARIBAS 2.875% 24/10/2022
400,000 BNP PARIBAS 2.875% 27/11/2017
900,000 BNP PARIBAS 5.431% PERPETUAL
1,000,000 BOUYGUES 4% 12/02/2018
400,000 BPCE SA 2% 24/04/2018
2,086,590
436,656
468,617
569,602
501,750
109,965
25,080,222
224,524
157,367
388,080
843,384
938,097
522,815
428,088
1,029,069
1,120,590
408,180
0.86
0.18
0.19
0.23
0.21
0.05
10.36
0.09
0.06
0.16
0.35
0.39
0.22
0.18
0.42
0.46
0.17
1,000,000 SOCIETE GENERALE 2.375% 13/07/2015
400,000 SOCIETE GENERALE 4% 20/04/2016
200,000 UNIBAIL RODAMCO 1.625% 26/06/2017
250,000 UNIBAIL RODAMCO 3% 22/03/2019
700,000 VIVENDI 2.50% 15/01/2020
500,000 VIVENDI 3.50% 13/07/2015
Germany
100,000 BILFINGER SE 2.375% 07/12/2019
200,000 COMMERZBANK AG 3.625% 10/07/2017
200,000 EWE AG 4.125% 04/11/2020
7,000,000 GERMANY BUNDI 1.75% 15/04/2020
350,000 LINDE AG 1.75% 17/09/2020
100,000 MAN SE 2.125% 13/03/2017
150,000 METRO AG 3.375% 01/03/2019
400,000 SAP AG 2.125% 13/11/2019
200,000 VOLKSWAGEN LEASING GMBH 3.25% 10/05/2018
100,000 VOLKSWAGEN LEASING GMBH 3.375% 03/06/2016
Hong Kong (China)
1,033,050
436,344
202,150
268,008
701,246
526,830
10,918,517
103,731
219,516
227,882
9,019,825
352,317
104,175
159,876
404,572
218,684
107,939
315,690
0.43
0.18
0.08
0.11
0.29
0.22
4.51
0.04
0.09
0.09
3.73
0.15
0.04
0.07
0.17
0.09
0.04
0.13
700,000 BPCE SA 2.875% 22/09/2015
300,000 BPCE SA 3.75% 21/07/2017
300,000 BQE FEDERATIVE DU CREDT MUTUEL 2.875%
21/06/2017
4,000,000 CADES 3.375% 25/04/2021
400,000 CAP GEMINI 5.25% 29/11/2016
300,000 CARREFOUR BANQUE 2.875% 25/09/2015
734,881
331,485
320,631
4,518,200
446,304
312,303
0.30
0.14
0.13
1.87
0.18
0.13
300,000 HUTCHISON WHAMPOA LT 2.50% 06/06/2017
Ireland
500,000 FGA CAPITAL IRELAND PLC 4% 28/03/2013
1,000,000 FGA CAPITAL IRELAND PLC 5.25% 28/02/2014
300,000 GE CAPITAL EUROPEAN FUNDING 2.875%
18/06/2019
315,690
8,487,830
502,330
1,028,580
321,045
0.13
3.50
0.21
0.42
0.13
320,000 CARREFOUR SA 1.875% 19/12/2017
250,000 CARREFOUR 5.25% 24/10/2018
320,550
293,808
0.13
0.12
750,000 GE CAPITAL EUROPEAN FUNDING 3.75%
04/04/2016
814,950
0.34
The accompanying notes form an integral part of these financial statements
66

Bond Euro Aggregate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
1,000,000 IRELAND 4.60% 18/04/2016
1,065,250
0.44
300,000 ALLIANZ FINANCE II BV 3.50% 14/02/2022
335,211
0.14
3,000,000 IRELAND 5% 18/10/2020
3,106,950
1.28
500,000 BMW FINANCE NV 1.50% 05/06/2018
507,410
0.21
1,500,000 IRELAND 5.50% 18/10/2017
Italy
1,648,725
66,987,154
0.68
27.66
100,000 DELTA LLOYD LEVENSVERZEKERING VAR
29/08/2042
200,000 DELTA LLOYD NV 4.25% 17/11/2017
111,706
216,130
0.05
0.09
200,000 AEM SPA 4.50% 28/11/2019
208,134
0.09
300,000 ELM BV 2.50% 24/09/2020
309,633
0.13
550,000 ASSICURAZIONI GENERA 4.875% 11/11/2014
100,000 ASSICURAZIONI GENERALI VAR 12/12/2042
100,000 ATLANTIA SPA 4.375% 16/03/2020
100,000 ENI SPA 4.25% 03/02/2020
500,000 INTESA SANPAOLO SPA FRN 24/02/2014
200,000 INTESA SANPAOLO SPA 3.75% 25/09/2019
200,000 INTESA SANPAOLO SPA 4% 09/11/2017
300,000 INTESA SANPAOLO SPA 4.375% 15/10/2019
8,000,000 ITALY BTP 4% 01/02/2017
4,500,000 ITALY BTP 5% 01/03/2025
14,000,000 ITALY BTP 5.25% 01/08/2017
14,000,000 ITALY 4.75% 01/06/2017
16,000,000 ITALY 5.50% 01/09/2022
200,000 SNAM SPA 2% 13/11/2015
300,000 TELECOM ITALIA SPA 4% 21/01/2020
200,000 TELECOM ITALIA SPA 4.50% 20/09/2017
500,000 TELECOM ITALIA SPA 7% 20/01/2017
500,000 TELECOM ITALIA SPA 8.25% 21/03/2016
582,109
106,477
107,159
113,841
380,089
213,486
207,148
309,264
8,327,600
4,663,575
15,240,820
14,920,080
17,362,400
202,062
304,722
213,972
581,410
591,805
0.24
0.04
0.04
0.05
0.16
0.09
0.09
0.13
3.44
1.93
6.28
6.16
7.16
0.08
0.13
0.09
0.24
0.24
300,000 ENEL FINANCE INTERNATIONAL NV 3.625%
17/04/2018
200,000 ENEL FINANCE INTERNATIONAL NV 4.875%
11/03/2020
200,000 ENEXIS HOLDING NV 1.875% 13/11/2020
150,000 HEINEKEN NV 3.50% 19/03/2024
450,000 ING BANK NV 2.125% 10/07/2015
100,000 KONINKLIJKE KPN NV 3.25% 01/02/2021
300,000 METRO FINANCE BV 2.25% 11/05/2018
500,000 NOMURA EUROPE FINANCE NV 5.125% 09/12/2014
100,000 RABOBANK (INTERNATIONAL) NV 5.875%
20/05/2019
400,000 RABOBANK NEDERLAND 4% 11/01/2022
800,000 SIEMENS FINANCIERINGSMAATSCHAP 1.50%
10/03/2020
150,000 VOLKSWAGEN INTERNATIONAL FINANCE NV
1.875% 15/05/2017
Norway
311,445
216,430
200,658
164,053
463,419
100,316
306,855
532,000
120,665
458,728
796,744
154,679
212,704
0.13
0.09
0.08
0.07
0.19
0.04
0.13
0.22
0.05
0.19
0.33
0.06
0.09
300,000 TERNA SPA 2.875% 16/02/2018
350,000 UNICREDIT SPA 3.375% 11/01/2018
300,000 UNICREDIT SPA 4.375% 11/09/2015
310,629
353,941
316,263
0.13
0.15
0.13
200,000 DNB BANK ASA 2.75% 21/03/2017
Poland
212,704
3,443,996
0.09
1.42
200,000 UNICREDIT SPA 4.875% 07/03/2017
214,756
0.09
1,900,000 POLAND 5.25% 20/01/2025
2,321,762
0.96
550,000 UNICREDIT SPA 5.75% 26/09/2017
589,006
0.24
4,200,000 POLAND 5.25% 25/10/2017
1,122,234
0.46
200,000 UNICREDIT SPA 6.95% 31/10/2022
350,000 UNIONE DI BANCHE ITALIANE 3.75% 30/10/2015
Luxembourg
350,000 ARCELORMITTAL SA 8.25% 03/06/2013
1,000,000 EUROPEAN FINANCIALL STABILITY FACILITY
1.125% 30/11/2017
500,000 EUROPEAN INVESTMENT BANK (EIB) 4.50%
15/10/2025
208,454
357,952
3,153,753
357,056
1,013,260
629,715
0.09
0.15
1.30
0.15
0.41
0.25
Portugal
6,000,000 PORTUGUESE REPUBUBLIC 4.95% 25/10/2023
Spain
4,100,000 BANCO SANTANDER SA 4.25% 06/05/2013
250,000 BBVA BILBAO VISCAYA ARGENTINA 3.25%
23/04/2015
1,700,000 CAIXABANK S.A 4% 16/02/2017
5,135,100
5,135,100
69,210,738
4,136,695
250,242
1,719,329
2.12
2.12
28.58
1.71
0.10
0.71
500,000 FINMECCANICA FINANCE SA 4.375% 05/12/2017
200,000 GAZ CAPITAL SA 3.755% 15/03/2017
100,000 HANNOVER FINANCE LUXEMBOURG VAR
30/06/2043
300,000 HOLCIM US FINANCE 2.625% 07/09/2020
Mexico
526,265
212,400
109,681
305,376
903,798
0.22
0.09
0.05
0.13
0.37
250,000 CAJA DE AHORROS DE BARCELONA 3.75%
26/05/2014
300,000 CORPORACION MAPFRE SA 5.125% 16/11/2015
100,000 GAS NATURAL CAPITAL MARKETS SA 5%
13/02/2018
300,000 GAS NATURAL SDG SA 5.25% 09/07/2014
300,000 IBERDROLA FINANZAS SAU 3.875% 10/02/2014
253,957
315,276
110,352
316,752
308,556
0.10
0.13
0.05
0.13
0.13
300,000 AMERICA MOVIL SAB DE CV 3.75% 28/06/2017
333,573
0.14
500,000 IBERDROLA FINANZAS SAU 4.75% 25/01/2016
540,105
0.22
500,000 PETROLEOS MEXICANOS SA 5.50% 09/01/2017
570,225
0.23
3,000,000 INSTITUTO DE CREDITO OFICIAL 4.375% 31/03/2014
3,057,150
1.26
Netherlands
6,964,983
2.88
100,000 SANTANDER INTERNATIONAL DEBT SA 3.381%
01/12/2015
100,914
0.04
300,000 ABB FINANCE BV 2.625% 26/03/2019
100,000 ACHMEA HYPOTHEEKBANK NV 2.375% 08/02/2016
100,000 AEGON NV 3% 18/07/2017
900,000 AKZO NOBEL NV 2.625% 27/07/2022
100,000 ALLIANZ FINANCE II BV VAR 08/07/2041
100,000 ALLIANZ FINANCE II BV VAR 13/01/2025
318,486
103,085
107,041
905,292
114,890
110,107
0.13
0.04
0.04
0.37
0.05
0.05
200,000 SANTANDER INTERNATIONAL DEBT SA 4%
27/03/2017
1,000,000 SANTANDER INTERNATIONAL DEBT SA 4.375%
04/09/2014
500,000 SANTANDER INTERNATIONAL DEBT SA 4.625%
21/03/2016
11,000,000 SPAIN 3.75% 31/10/2015
206,204
1,024,520
522,860
11,134,200
0.09
0.42
0.22
4.60
The accompanying notes form an integral part of these financial statements
67

Bond Euro Aggregate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
10,000,000 SPAIN 3.80% 31/01/2017
9,968,800
4.12
200,000 CARGILL INC 1.875% 04/09/2019
202,270
0.08
11,000,000 SPAIN 4% 30/07/2015
11,232,650
4.64
150,000 GOLDMAN SACHS GROUP INC 4.50% 09/05/2016
163,002
0.07
13,000,000 SPAIN 4.10% 30/07/2018
12,873,640
5.32
100,000 JP MORGAN CHASE AND C VAR 31/03/2018
96,386
0.04
10,000,000 SPAIN 4.60% 30/07/2019
10,036,800
4.14
500,000 JP MORGAN CHASE AND CO 1.875% 21/11/2019
502,075
0.20
200,000 TELEFONICA EMISIONES SAU 4.797% 21/02/2018
218,934
0.09
1,000,000 JP MORGAN CHASE AND CO 2.75% 24/08/2022
1,035,820
0.42
200,000 TELEFONICA EMISIONES SAU 5.811% 05/09/2017
227,338
0.09
200,000 MERRILL LYNCH AND CO 4.625% 14/09/2018
211,792
0.09
300,000 TELEFONICA SA 4.71% 20/01/2020
326,130
0.13
150,000 MORGAN STANLEY AND CO INC 3.75% 21/09/2017
160,080
0.07
300,000 TELEFONICA SA 5.496% 01/04/2016
329,334
0.14
150,000 MORGAN STANLEY 4.50% 23/02/2016
161,418
0.07
Sweden
2,222,312
0.92
200,000 PHILIP MORRIS INTERNATIONAL INC 2.125%
30/05/2019
207,232
0.09
100,000 ATLAS COPCO AB 2.625% 15/03/2019
107,066
0.04
200,000 PROCTER AND GAMBLE CO 2% 16/08/2022
200,972
0.08
350,000 NORDEA BANK AB 2.25% 05/10/2017
366,989
0.15
200,000 WAL MART STORES INC 4.875% 21/09/2029
258,432
0.11
400,000 NORDEA BANK AB 4% 11/07/2019
457,720
0.19
300,000 WELLS FARGO AND CO 2.625% 16/08/2022
310,773
0.13
650,000 SKANDINAVISKA ENSKILDA BANKEN 1.875%
14/11/2019
250,000 SVENSKA HANDELSBANKE 2.25% 14/06/2018
656,786
262,435
0.28
0.11
Convertible bonds
France
2,735,193
483,212
1.13
0.20
200,000 SVENSKA KULLAGERFABR 1.875% 11/09/2019
150,000 SVENSKA KULLAGERFABR 3.875% 25/05/2018
202,162
169,154
0.08
0.07
1,920 MICHELIN (CIE GENERALE ETS) 0% 01/01/2017 CV
1,400 MISARTE 3.25% 01/01/2016 CV
251,497
231,715
0.10
0.10
United Arab Emirates
599,022
0.25
Germany
1,736,921
0.72
600,000 XSTRATA FINANCE DUBAI LTD VAR 19/05/2016
599,022
0.25
400,000 DEUTSCHE POST AG 0.60% 06/12/2019 CV
418,500
0.17
United Kingdom
10,153,667
4.19
1,300,000 KREDITANSTALT WIEDER KFW 3.25% 27/06/2013 CV
1,318,421
0.55
850,000 ABBEY NATIONAL TREASURY SERVICES 3.375%
20/10/2015
250,000 ANGLO AMERICAN CAPITAL PLC 4.375% 02/12/2016
300,000 AVIVA PLC VAR PERPETUAL
902,921
277,698
293,136
0.37
0.11
0.12
Italy
500,000 ENI SPA 0.25% 30/11/2015 CV
Share/Units of UCITS/UCIS
515,060
515,060
23,022,844
0.21
0.21
9.51
500,000 BARCLAYS BANK PLC LONDON 6% 14/01/2021
950,000 BARCLAYS BANK PLC LONDON 6% 23/01/2018
1,000,000 BARCLAYS BANK PLC LONDON 7.625% 21/11/2022
567,400
1,079,589
757,099
0.23
0.46
0.31
Share/Units in investment funds
France
23,022,844
8,714,176
9.51
3.60
100,000 COVENTRY BUILDING SOCIETY 2.25% 04/12/2017
102,000
0.04
195 AMUNDI CREDIT EURO SHORT DURABLE FCP
1,923,669
0.79
350,000 FCE BANK PLC 2.875% 03/10/2017
362,495
0.15
21 AMUNDI TRESO COURT TERME PART C
388,884
0.16
200,000 G4S INTERNATIONAL FINANCE PLC VAR 06/12/2018
200,004
0.08
2 AMUNDI TRESO 3 MOIS
2,522,437
1.04
400,000 HAMMERSON PLC 2.75% 26/09/2019
410,844
0.17
338 SG OBLIG CONVERTIBLE IC
3,879,186
1.61
50,000 HSBC BANK PLC 3.875% 24/10/2018
100,000 HSBC HOLDINGS PLC 6.25% 19/03/2018
250,000 IMPERIAL TOBACCO FINANCE PLC 8.375%
17/02/2016
56,919
120,058
303,603
0.02
0.05
0.13
Luxembourg
3,600 AMUNDI EMERGING INFLATION IE CAP
73,000 AMUNDI FDS EURO HY BOND ME (C)
14,308,668
4,269,708
10,038,960
5.91
1.76
4.15
50,000 LLOYDS TSB BANK PLC VAR 16/12/2021
300,000 LLOYDS TSB BANK PLC 4.625% 02/02/2017
62,931
338,421
0.03 Total securities portfolio
0.14
274,563,926
113.38
350,000 LLOYDS TSB BANK PLC 6.50% 24/03/2020
400,925
0.17
200,000 MOTABILITY OPERATIONS GROUP 3.25%
30/11/2018
218,394
0.09
550,000 RBS GROUP PLC 4.375% 10/02/2015
585,871
0.24
150,000 RENTOKIL INITIAL PLC 3.375% 24/09/2019
155,778
0.06
500,000 RIO TINTO FINANCE PLC 2% 11/05/2020
508,900
0.21
200,000 ROYAL BANK OF SCOTLAND PLC 4.75% 18/05/2016
222,646
0.09
400,000 ROYAL BANK OF SCOTLAND PLC 4.875%
20/01/2017
452,896
0.19
600,000 STANDARD BANK PLC 5.875% 26/09/2017
700,728
0.29
450,000 STANDARD CHARTERED BANK 3.625% 15/12/2015
485,577
0.20
550,000 UBS AG LONDON BRANCH 3.125% 18/01/2016
586,834
0.24
United States of America
4,113,915
1.70
300,000 AMGEN INC 2.125% 13/09/2019
307,683
0.13
250,000 BANK OF AMERICA CORP 7% 15/06/2016
295,980
0.12
The accompanying notes form an integral part of these financial statements
68

Bond Euro Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
1,148,619,280
1,117,005,032
100.68
97.91
3,500,000 BQE FEDERATIVE DU CREDT MUTUEL 2.875%
21/06/2017
6,300,000 BQE FEDERATIVE DU CREDT MUTUEL 3%
29/10/2015
3,740,695
6,662,250
0.33
0.58
Bonds
Australia
3,900,000 BHP BILLITON FINANCE LIMITED 2.25% 25/09/2020
6,700,000 ORIGIN ENERGY FINANCE LTD 2.875% 11/10/2019
3,400,000 TELSTRA CORPORATION 3.50% 21/09/2022
1,113,546,949
14,765,548
4,020,120
6,970,680
3,774,748
97.61
1.29
0.35
0.61
0.33
2,500,000 BQE FEDERATIVE DU CREDT MUTUEL 4%
22/10/2020
5,000,000 CAP GEMINI 5.25% 29/11/2016
5,800,000 CARREFOUR BANQUE 2.875% 25/09/2015
4,200,000 CARREFOUR SA 1.875% 19/12/2017
5,000,000 CARREFOUR 5.25% 24/10/2018
2,616,675
5,578,800
6,037,858
4,207,224
5,876,150
0.23
0.49
0.53
0.37
0.52
Austria
5,000,000 OMV AG 2.625% 27/09/2022
5,183,050
5,183,050
0.45
0.45
4,000,000 CARREFOUR 5.375% 12/06/2015
3,800,000 CASINO GUICHARD PERRACHON 4.472%
04/04/2016
4,411,760
4,164,534
0.39
0.37
Belgium
1,900,000 EANDIS 2.75% 30/11/2022
1,962,966
1,962,966
0.17
0.17
4,500,000 CREDIT AGRICOLE SA 1.875% 18/10/2017
2,000,000 CREDIT AGRICOLE SA 2.625% 21/01/2014
6,700,000 CREDIT AGRICOLE SA 5.971% 01/02/2018
4,568,940
1,538,592
7,609,190
0.40
0.13
0.67
Cayman Islands
2,500,000 HUTCHISON WHAMPOA FINANCE (CI) 4.75%
14/11/2016
2,950,000 IPIC GMTN LTD 2.375% 30/05/2018
Denmark
5,871,577
2,838,800
3,032,777
33,120,747
0.51
0.25
0.26
2.90
2,000,000 DANONE 1.125% 27/11/2017
1,200,000 EDF ELECTRICITE DE FRANCE 3.875% 18/01/2022
2,000,000 EDF ELECTRICITE DE FRANCE 4.50% 12/11/2040
850,000 EDF ELECTRICITE DE FRANCE 4.625% 11/09/2024
5,000,000 ELECTRICITE DE FRANCE 5.375% 29/05/2020
700,000 FRANCE TELECOM 8.125% 28/01/2033
2,011,380
1,351,116
2,281,880
1,002,805
6,158,950
1,106,336
0.18
0.12
0.20
0.09
0.54
0.10
3,000,000 CARLSBERG AS 3.375% 13/10/2017
6,000,000 CARLSBERG BREWERIES A/S 2.625% 03/07/2019
6,200,000 DANSKE BANK AS 2.50% 09/07/2015
7,000,000 DONG ENERGY AS 2.625% 19/09/2022
1,300,000 DONG ENERGY AS 4% 16/12/2016
7,000,000 TDC AS 3.50% 23/02/2015
1,200,000 TDC AS 3.75% 02/03/2022
Finland
3,274,920
6,248,220
6,420,968
7,024,500
1,449,799
7,382,760
1,319,580
6,052,860
0.29
0.55
0.56
0.61
0.13
0.64
0.12
0.53
4,100,000 GDF SUEZ 1.50% 20/07/2017
6,200,000 GDF SUEZ 2.25% 01/06/2018
1,500,000 GDF SUEZ 3.125% 21/01/2020
4,700,000 GECINA 4.25% 03/02/2016
3,500,000 ILIAD 4.875% 01/06/2016
4,400,000 KLEPIERRE 2.75% 17/09/2019
4,000,000 KLEPIERRE 4% 13/04/2017
3,700,000 LAGARDERE 4.125% 31/10/2017
1,300,000 MERCIALYS 4.125% 26/03/2019
4,174,210
6,486,192
1,630,095
5,063,169
3,768,975
4,490,992
4,375,520
3,864,835
1,430,585
0.37
0.57
0.14
0.44
0.33
0.39
0.38
0.34
0.13
5,500,000 SAMPO OYJ 4.25% 27/02/2017
France
6,052,860
276,731,703
0.53
24.27
4,850,000 RENAULT CI BANQUE 2.125% 24/11/2014
500,000 RENAULT CI BANQUE 4.25% 27/04/2017
2,100,000 RENAULT CI BANQUE 5.625% 13/03/2015
4,918,385
541,480
2,283,582
0.43
0.05
0.20
2,500,000 ACCOR SA 2.875% 19/06/2017
2,594,075
0.23
1,850,000 RENAULT SA 4.625% 25/05/2016
1,940,928
0.17
1,800,000 AREVA 3.875% 23/09/2016
1,908,036
0.17
5,000,000 SAINT GOBAIN (CIE) 3.50% 30/09/2015
5,301,750
0.46
2,000,000 ASSURANCES GENERALES VAR PERPETUAL
2,012,440
0.18
2,500,000 SAINT GOBAIN (CIE) 3.625% 15/06/2021
2,597,625
0.23
4,000,000 AUTOROUTE PARIS-RHIN 5% 12/01/2017
4,490,480
0.39
9,600,000 SOCIETE GENERALE VAR PERPETUAL
7,278,785
0.64
4,000,000 AUTOROUTE PARIS-RHIN 7.50% 12/01/2015
4,496,560
0.39
6,900,000 SOCIETE GENERALE 2.375% 13/07/2015
7,128,045
0.62
8,400,000 AXA SA VAR 16/04/2040
8,812,524
0.77
4,700,000 SOCIETE GENERALE 2.50% 15/01/2014
3,607,136
0.32
3,000,000 AXA SA 4.50% 23/01/2015
3,224,340
0.28
3,500,000 SOCIETE GENERALE 3% 31/03/2015
3,654,245
0.32
4,750,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 4.375%
31/05/2016
1,000,000 BANQUE PSA FINANCE 3.625% 17/09/2013
3,700,000 BANQUE PSA FINANCE 6% 16/07/2014
4,875,000 BNP PARIBAS FRN 20/12/2014
9,900,000 BNP PARIBAS 2.875% 24/10/2022
10,700,000 BNP PARIBAS 2.875% 27/11/2017
750,000 BNP PARIBAS 3.50% 07/03/2016
9,400,000 BNP PARIBAS 5.431% PERPETUAL
3,000,000 BOUYGUES 4% 12/02/2018
5,266,800
928,450
3,900,651
3,838,507
10,351,737
11,451,354
806,745
10,748,054
3,361,770
0.46
0.08
0.34
0.34
0.91
1.00
0.07
0.94
0.29
4,100,000 SOCIETE GENERALE 4% 20/04/2016
3,900,000 TPSA EUROFINANCE FRANCE 6% 22/05/2014
6,400,000 UNIBAIL RODAMCO 1.625% 26/06/2017
1,000,000 VALEO 4.875% 11/05/2018
2,400,000 VALLOUREC 4.25% 14/02/2017
10,100,000 VIVENDI 2.50% 15/01/2020
3,000,000 VIVENDI 3.50% 13/07/2015
2,000,000 VIVENDI 4.125% 18/07/2017
Germany
4,472,526
4,170,192
6,468,800
1,117,370
2,642,064
10,117,978
3,160,980
2,196,900
58,606,836
0.39
0.37
0.57
0.10
0.23
0.89
0.28
0.19
5.14
6,400,000 BPCE SA 2% 24/04/2018
6,530,880
0.57
2,250,000 BERTELSMANN AG 7.875% 16/01/2014
2,415,465
0.21
9,200,000 BPCE SA 2.875% 22/09/2015
9,658,436
0.85
1,500,000 BILFINGER SE 2.375% 07/12/2019
1,555,965
0.14
2,300,000 BPCE SA 3.75% 21/07/2017
2,541,385
0.22
5,000,000 COMMERZBANK AG 3.625% 10/07/2017
5,487,900
0.48
1,500,000 EWE AG 4.125% 04/11/2020
1,709,115
0.15
The accompanying notes form an integral part of these financial statements
69

Bond Euro Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
6,000,000 GERMANY BUND 5.625% 04/01/2028
8,980,800
0.79
5,000,000 UNICREDIT SPA 4.375% 11/09/2015
5,271,050
0.46
4,200,000 MAN SE 1% 21/09/2015
4,235,616
0.37
1,500,000 UNICREDIT SPA 4.875% 07/03/2017
1,610,670
0.14
1,250,000 MERCK FINANCIAL SERVICE GMBH 3.375%
24/03/2015
10,000,000 METRO AG 7.625% 05/03/2015
3,000,000 MUNCHENER RUCKVERSIC VAR 26/05/2041
3,500,000 SAP AG 1% 13/11/2015
1,322,700
11,309,800
3,599,310
3,501,750
0.12
0.98
0.32
0.31
8,455,000 UNICREDIT SPA 5.75% 26/09/2017
3,550,000 UNICREDIT SPA 6.95% 31/10/2022
7,000,000 UNIONE DI BANCHE ITALIANE 3.75% 30/10/2015
Luxembourg
9,054,628
3,700,059
7,159,040
25,035,886
0.80
0.32
0.63
2.19
6,000,000 SAP AG 2.125% 13/11/2019
6,068,580
0.53
1,000,000 ENEL FINANCE INTERNATIONAL SA 4% 14/09/2016
1,055,210
0.09
3,500,000 VOLKSWAGEN AG 1.50% 15/09/2015
4,500,000 VOLKSWAGEN LEASING GMBH 3.375% 03/06/2016
Guernsey
3,562,580
4,857,255
1,533,570
0.31
0.43
0.13
4,000,000 ENEL FINANCE INTERNATIONAL SA 4.125%
12/07/2017
6,900,000 FINMECCANICA FINANCE SA 4.375% 05/12/2017
5,000,000 GAZ CAPITAL SA 3.755% 15/03/2017
4,234,680
7,262,457
5,310,000
0.37
0.63
0.47
1,500,000 CREDIT SUISSE GROUP FINANCE 6.375%
07/06/2013
1,533,570
0.13
1,900,000 HANNOVER FINANCE LUXEMBOURG VAR
30/06/2043
2,083,939
0.18
Hong Kong (China)
2,104,600
0.18
5,000,000 HOLCIM US FINANCE 2.625% 07/09/2020
5,089,600
0.45
2,000,000 HUTCHISON WHAMPOA LT 2.50% 06/06/2017
2,104,600
0.18
Mexico
3,991,575
0.35
Ireland
35,077,585
3.07
3,500,000 PETROLEOS MEXICANOS SA 5.50% 09/01/2017
3,991,575
0.35
3,500,000 AIB MORTGAGE BANK 3.125% 04/12/2015
3,564,470
0.31
Netherlands
171,158,756
15.01
1,000,000 BORD GAIS EIREANN 3.625% 04/12/2017
1,051,120
0.09
2,500,000 ABB FINANCE BV 2.625% 26/03/2019
2,654,050
0.23
2,550,000 FGA CAPITAL IRELAND PLC 4.375% 18/09/2014
2,614,566
0.23
10,000,000 ABN AMRO BANK NV 4.25% 11/04/2016
11,036,000
0.98
3,500,000 FGA CAPITAL IRELAND PLC 5.25% 28/02/2014
3,600,030
0.32
4,500,000 ABN AMRO BANK NV 6.375% 27/04/2021
5,151,960
0.45
3,100,000 GE CAPITAL EUROPEAN FUNDING 2% 27/02/2015
3,179,236
0.28
400,000 ACHMEA B.V. 7.375% 16/06/2014
437,060
0.04
4,950,000 GE CAPITAL EUROPEAN FUNDING 2.875%
18/06/2019
5,000,000 GE CAPITAL EUROPEAN FUNDING 3.75%
04/04/2016
3,000,000 GE CAPITAL EUROPEAN FUNDING 4.625%
04/07/2014
2,000,000 GE CAPITAL EUROPEAN FUNDING 4.75%
30/07/2014
5,000,000 GE CAPITAL EUROPEAN FUNDING 4.875%
06/03/2013
Italy
5,297,243
5,433,000
3,173,640
2,124,780
5,039,500
88,521,069
0.46
0.47
0.28
0.19
0.44
7.76
1,700,000 ACHMEA HYPOTHEEKBANK NV 2.375% 08/02/2016
3,000,000 AEGON NV 3% 18/07/2017
3,000,000 AEGON NV 4.125% 08/12/2014
5,000,000 ALLIANZ FINANCE II BV VAR 08/07/2041
400,000 ALLIANZ FINANCE II BV VAR 13/01/2025
4,500,000 ALLIANZ FINANCE II BV 3.50% 14/02/2022
3,500,000 ALTADIS FINANCE BV 5.125% 02/10/2013
5,400,000 BMW FINANCE NV 1.50% 05/06/2018
3,250,000 DELTA LLOYD LEVENSVERZEKERING VAR
29/08/2042
2,250,000 DELTA LLOYD NV 4.25% 17/11/2017
1,752,445
3,211,230
3,185,760
5,744,500
440,428
5,028,165
3,612,105
5,480,028
3,630,445
2,431,463
0.15
0.28
0.28
0.50
0.04
0.44
0.32
0.48
0.32
0.21
2,750,000 AEM SPA 4.50% 28/11/2019
3,400,000 ASSICURAZIONI GENERA 4.875% 11/11/2014
800,000 ASSICURAZIONI GENERA 5.125% 16/09/2024
2,100,000 ASSICURAZIONI GENERALI VAR 12/12/2042
2,000,000 ATLANTIA SPA 3.375% 18/09/2017
1,600,000 ATLANTIA SPA 4.375% 16/03/2020
2,000,000 ENI SPA 4.25% 03/02/2020
1,700,000 INTESA SANPAOLO SPA FRN 24/02/2014
2,000,000 INTESA SANPAOLO SPA 3.375% 19/01/2015
3,000,000 INTESA SANPAOLO SPA 4% 09/11/2017
3,500,000 INTESA SANPAOLO SPA 4.125% 14/01/2016
4,100,000 INTESA SANPAOLO SPA 4.375% 15/10/2019
2,861,843
3,598,492
855,800
2,236,017
2,077,440
1,714,544
2,276,820
1,292,304
2,049,040
3,107,220
3,646,055
4,226,608
0.25
0.32
0.08
0.20
0.18
0.15
0.20
0.11
0.18
0.27
0.32
0.37
2,500,000 DEUTSCHE TELEKOM INTL FINANCE 6% 20/01/2017
3,900,000 ELM BV 2.50% 24/09/2020
3,000,000 ENBW INTERNATIONAL FINANCE BV 6.125%
07/07/2039
1,000,000 ENEL FINANCE INTERNATIONAL NV 4.625%
24/06/2015
3,000,000 ENEL FINANCE INTERNATIONAL NV 4.875%
11/03/2020
6,450,000 ENEL FINANCE INTERNATIONAL SA 5.75%
24/10/2018
2,600,000 ENEXIS HOLDING NV 1.875% 13/11/2020
3,450,000 FORTIS BANK NEDERLAND HOLDING 4%
03/02/2015
2,968,425
4,025,229
4,221,030
1,064,650
3,246,450
7,331,392
2,608,554
3,669,731
0.26
0.35
0.37
0.09
0.28
0.65
0.23
0.32
2,200,000 INTESA SANPAOLO SPA 4.875% 10/07/2015
2,328,326
0.20
4,000,000 HEINEKEN NV 2.125% 04/08/2020
4,047,320
0.35
3,100,000 SNAM SPA 2% 13/11/2015
3,131,961
0.27
2,500,000 HEINEKEN NV 3.50% 19/03/2024
2,734,225
0.24
4,000,000 TELECOM ITALIA SPA 4% 21/01/2020
4,062,960
0.36
2,500,000 ING BANK NV FRN 18/03/2016
2,367,500
0.21
3,000,000 TELECOM ITALIA SPA 4.50% 20/09/2017
3,209,580
0.28
3,050,000 ING BANK NV VAR 29/05/2023
3,331,058
0.29
4,100,000 TELECOM ITALIA SPA 7% 20/01/2017
4,767,562
0.42
5,000,000 ING BANK NV 2.125% 10/07/2015
5,149,100
0.45
5,050,000 TELECOM ITALIA SPA 8.25% 21/03/2016
5,977,230
0.52
11,000,000 ING BANK NV 3.875% 24/05/2016
12,001,220
1.06
2,650,000 TERNA SPA 2.875% 16/02/2018
2,743,890
0.24
1,700,000 KONINKLIJKE KPN NV 3.25% 01/02/2021
1,705,372
0.15
5,500,000 UNICREDIT SPA 3.375% 11/01/2018
5,561,930
0.49
800,000 KONINKLIJKE KPN NV 3.75% 21/09/2020
845,240
0.07
The accompanying notes form an integral part of these financial statements
70

Bond Euro Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
3,000,000 KONINKLIJKE KPN NV 4.75% 29/05/2014
4,000,000 KONINKLIJKE KPN NV 6.25% 04/02/2014
2,750,000 LANXESS FINANCE BV 4.125% 23/05/2018
5,000,000 LEASEPLAN CORPORATION NV 2.50% 19/09/2016
3,500,000 METRO FINANCE BV 2.25% 11/05/2018
2,000,000 NOMURA EUROPE FINANCE NV 5.125% 09/12/2014
5,000,000 RABOBANK (INTERNATIONAL) NV 5.875%
20/05/2019
7,000,000 RABOBANK NEDERLAND VAR PERPETUAL
3,700,000 RABOBANK NEDERLAND 4% 11/01/2022
2,000,000 REPSOL INTERNATIONAL FINANCE BV 5%
22/07/2013
1,000,000 RWE FINANCE BV 5.125% 23/07/2018
10,600,000 SIEMENS FINANCIERINGSMAATSCHAP 1.50%
10/03/2020
3,156,210
4,228,720
3,122,735
5,155,000
3,579,975
2,128,000
6,033,250
5,798,414
4,243,234
2,037,700
1,197,170
10,556,858
0.28
0.37
0.27
0.45
0.31
0.19
0.53
0.51
0.37
0.18
0.10
0.94
United Kingdom
6,500,000 ABBEY NATIONAL TREASURY SERVICES 3.375%
20/10/2015
3,000,000 ABBEY NATIONAL TREASURY SERVICES 4.125%
03/03/2014
1,800,000 ANGLO AMERICAN CAPITAL PLC 4.375% 02/12/2016
1,700,000 AVIVA PLC VAR PERPETUAL
1,600,000 AVIVA PLC VAR 02/10/2023
1,250,000 AVIVA PLC VAR 22/05/2038
2,800,000 BARCLAYS BANK PLC LONDON 5.25% PERPETUAL
5,600,000 BARCLAYS BANK PLC LONDON 6% 14/01/2021
10,000,000 BARCLAYS BANK PLC LONDON 6% 23/01/2018
7,500,000 BARCLAYS BANK PLC LONDON 7.625% 21/11/2022
6,250,000 BP CAPITAL MARKETS PLC 2.177% 16/02/2016
161,251,364
6,904,690
3,107,970
1,999,422
1,661,104
1,619,920
1,366,788
2,976,036
6,354,880
11,364,100
5,678,246
6,507,312
14.14
0.61
0.27
0.18
0.15
0.14
0.12
0.26
0.56
0.99
0.50
0.57
2,500,000 URENCO FINANCE NV 4% 05/05/2017
2,746,975
0.24
3,000,000 CARNIVAL PLC 4.25% 27/11/2013
3,082,920
0.27
2,000,000 VOLKSWAGEN INTERNATIONAL FINANCE NV
1.875% 15/05/2017
Norway
2,400,000 DNB BANK ASA 2.75% 21/03/2017
2,062,380
2,552,448
2,552,448
0.18
0.22
0.22
1,800,000 COVENTRY BUILDING SOCIETY 2.25% 04/12/2017
7,000,000 CREDIT AGRICOLE SA LONDON BRANCH 3%
20/07/2015
1,000,000 CREDIT AGRICOLE SA LONDON BRANCH 5.125%
18/04/2023
1,836,000
7,355,740
1,247,500
0.16
0.64
0.11
Spain
5,000,000 ALTADIS EMISIONES FINANCIERAS 4% 11/12/2015
3,000,000 BBVA SENIOR FINANCE SA UNIPERS 3% 22/08/2013
3,500,000 CORPORACION MAPFRE SA 5.125% 16/11/2015
1,500,000 GAS NATURAL CAPITAL MARKETS SA 4.125%
24/04/2017
300,000 GAS NATURAL CAPITAL MARKETS SA 5%
13/02/2018
1,500,000 GAS NATURAL CAPITAL MARKETS SA 5.625%
09/02/2017
6,100,000 IBERDROLA FINANZAS SAU 4.75% 25/01/2016
1,400,000 SANTANDER INTERNATIONAL DEBT SA 4%
27/03/2017
10,600,000 SANTANDER INTERNATIONAL DEBT SA 4.625%
21/03/2016
1,000,000 TELEFONICA EMISIONES SAU 4.797% 21/02/2018
4,000,000 TELEFONICA EMISIONES SAU 5.811% 05/09/2017
4,100,000 TELEFONICA SA 4.71% 20/01/2020
44,941,572
5,414,300
3,016,410
3,678,220
1,600,005
331,056
1,685,700
6,589,281
1,443,428
11,084,632
1,094,670
4,546,760
4,457,110
3.94
0.47
0.26
0.32
0.14
0.03
0.15
0.58
0.13
0.97
0.10
0.40
0.39
5,150,000 FCE BANK PLC 2.875% 03/10/2017
2,800,000 G4S INTERNATIONAL FINANCE PLC VAR 06/12/2018
5,000,000 HAMMERSON PLC 2.75% 26/09/2019
3,600,000 HSBC BANK PLC 3.875% 24/10/2018
6,000,000 HSBC HOLDINGS PLC 3.875% 16/03/2016
2,000,000 HSBC HOLDINGS PLC 6% 10/06/2019
2,500,000 HSBC HOLDINGS PLC 6.25% 19/03/2018
3,000,000 IMPERIAL TOBACCO FINANCE PLC 7.25%
15/09/2014
5,000,000 IMPERIAL TOBACCO FINANCE PLC 8.375%
17/02/2016
2,500,000 LLOYDS TSB BANK PLC VAR 16/12/2021
4,000,000 LLOYDS TSB BANK PLC 4.625% 02/02/2017
3,750,000 LLOYDS TSB BANK PLC 6.50% 24/03/2020
1,000,000 MOTABILITY OPERATIONS GROUP 3.25%
30/11/2018
4,100,000 RBS GROUP PLC 4.375% 10/02/2015
2,200,000 RENTOKIL INITIAL PLC 3.375% 24/09/2019
5,900,000 RIO TINTO FINANCE PLC 2% 11/05/2020
5,333,855
2,800,056
5,135,550
4,098,168
6,541,320
2,421,760
3,001,450
3,316,380
6,072,050
3,146,550
4,512,280
4,295,625
1,091,970
4,367,402
2,284,744
6,005,020
0.47
0.25
0.45
0.36
0.57
0.21
0.26
0.29
0.53
0.28
0.40
0.38
0.10
0.38
0.20
0.53
Sweden
2,000,000 INVESTOR AB 4.50% 12/05/2023
4,400,000 NORDEA BANK AB 2.25% 05/10/2017
5,000,000 NORDEA BANK AB 4% 11/07/2019
9,100,000 SKANDINAVISKA ENSKILDA BANKEN 1.875%
14/11/2019
3,150,000 SVENSKA HANDELSBANKE 2.25% 14/06/2018
2,450,000 SVENSKA KULLAGERFABR 1.875% 11/09/2019
4,400,000 SWEDBANK AB 1.75% 18/06/2015
1,800,000 TELIASONERA AB 3.625% 14/02/2024
34,191,458
2,385,420
4,613,576
5,721,500
9,195,004
3,306,681
2,476,485
4,495,656
1,997,136
3.00
0.21
0.40
0.50
0.81
0.29
0.22
0.39
0.18
7,500,000 ROYAL BANK OF SCOTLAND PLC 4.875%
20/01/2017
2,600,000 SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
6,500,000 STANDARD BANK PLC 5.875% 26/09/2017
7,600,000 STANDARD CHARTERED BANK 3.625% 15/12/2015
1,780,000 THE ROYAL BANK OF SCOTLAND GROUP PLC
3.95% 21/09/2015
4,950,000 UBS AG LONDON BRANCH 3.125% 18/01/2016
United States of America
8,491,800
2,764,580
7,591,220
8,200,856
1,434,598
5,281,502
133,903,189
0.73
0.24
0.67
0.72
0.13
0.46
11.75
United Arab Emirates
7,000,000 XSTRATA FINANCE DUBAI LTD VAR 19/05/2016
6,988,590
6,988,590
0.61
0.61
2,700,000 AMGEN INC 2.125% 13/09/2019
11,200,000 AT& T INC 3.55% 17/12/2032
5,650,000 BANK OF AMERICA CORP 4.75% 03/04/2017
2,769,147
11,706,912
6,368,510
0.24
1.04
0.56
5,000,000 BANK OF AMERICA CORP 7% 15/06/2016
5,919,600
0.52
2,000,000 CARGILL INC 1.875% 04/09/2019
2,022,700
0.18
The accompanying notes form an integral part of these financial statements
71

Bond Euro Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
4,200,000 CITIGROUP INC FRN 09/02/2016
3,500,000 CITIGROUP INC 4% 26/11/2015
6,000,000 CITIGROUP INC 4.375% 30/01/2017
5,000,000 EDISON MISSION ENERGY 3.25% 17/03/2015
6,500,000 GOLDMAN SACHS GROUP INC 4.50% 09/05/2016
3,000,000 GOLDMAN SACHS GROUP 5.125% 16/10/2014
5,000,000 HSBC FINANCE CORPORATION 3.75% 04/11/2015
3,000,000 JP MORGAN CHASE AND C 2.60% 15/01/2016
5,000,000 JP MORGAN CHASE AND C 3.15% 05/07/2016
11,200,000 JP MORGAN CHASE AND CO 1.875% 21/11/2019
3,600,000 JP MORGAN CHASE CAPITAL XXII 6.125%
01/04/2014
3,700,000 JPMORGAN CHASE BANK NA VAR 30/11/2021
10,500,000 MERRILL LYNCH AND CO 4.625% 14/09/2018
5,000,000 MERRILL LYNCH AND CO 6.75% 21/05/2013
1,500,000 MORGAN STANLEY AND CO INC 3.75% 21/09/2017
8,000,000 MORGAN STANLEY 4.50% 23/02/2016
2,150,000 NATIONAL GRID USA 3.25% 03/06/2015
2,600,000 PHILIP MORRIS INTERNATIONAL INC 2.125%
30/05/2019
3,250,000 PROCTER AND GAMBLE CO 2% 16/08/2022
1,800,000 WAL MART STORES INC 4.875% 21/09/2029
4,450,000 WELLS FARGO AND CO 2.625% 16/08/2022
2,500,000 ZURICH FINANCE USA INC 6.50% 14/10/2015
Convertible bonds
France
26,400 MICHELIN (CIE GENERALE ETS) 0% 01/01/2017 CV
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
50 AMUNDI CREDIT EURO SHORT DURABLE FCP
1,265 AMUNDI TRESO COURT TERME PART C
7 AMUNDI TRESO 3 MOIS
Short positions
EUR
4,096,932
3,789,520
6,738,720
5,204,100
7,063,420
3,204,630
5,372,250
2,369,873
4,020,441
11,246,480
3,841,200
3,923,850
11,119,080
4,866,800
1,600,800
8,608,960
2,272,615
2,694,016
3,265,795
2,325,888
4,609,800
2,881,150
3,458,083
3,458,083
3,458,083
31,614,248
31,614,248
31,614,248
493,249
23,762,841
7,358,158
-6,000
0.36
0.33
0.59
0.46
0.62
0.28
0.47
0.21
0.35
0.99
0.34
0.34
0.97
0.43
0.14
0.75
0.20
0.24
0.29
0.20
0.40
0.25
0.30
0.30
0.30
2.77
2.77
2.77
0.04
2.09
0.64
0.00
Derivative instruments
Options
Germany
-600 EURO BUND FUTURE - 147.50 - 25.01.13 CALL
Total securities portfolio
-6,000
-6,000
-6,000
-6,000
1,148,613,280
0.00
0.00
0.00
0.00
100.68
The accompanying notes form an integral part of these financial statements
72

Bond Euro Government
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
115,554,870
104.76
540,000 NETHERLANDS 5.50% 15/01/2028
786,564
0.71
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
113,385,966
113,385,966
102.79
102.79
Spain
6,200,000 SPAIN 3% 30/04/2015
6,700,000 SPAIN 3.15% 31/01/2016
27,964,509
6,194,420
6,654,306
25.35
5.62
6.03
Austria
250,000 AUSTRIA 3.15% 20/06/2044
1,200,000 AUSTRIA 3.20% 20/02/2017
2,200,000 AUSTRIA 4.30% 15/09/2017
700,000 AUSTRIA 4.85% 15/03/2026
5,121,441
280,975
1,335,756
2,580,556
924,154
4.64
0.25
1.21
2.34
0.84
6,100,000 SPAIN 3.75% 31/10/2015
1,800,000 SPAIN 4.10% 30/07/2018
1,200,000 SPAIN 4.20% 31/01/2037
3,800,000 SPAIN 4.60% 30/07/2019
1,610,000 SPAIN 4.65% 30/07/2025
800,000 SPAIN 5.50% 30/04/2021
6,174,420
1,782,504
952,740
3,813,984
1,472,265
819,240
5.60
1.62
0.86
3.46
1.33
0.74
Belgium
7,946,057
7.20
100,000 SPAIN 5.75% 30/07/2032
100,630
0.09
2,400,000 BELGIUM 3.50% 28/06/2017
1,780,000 BELGIUM 3.75% 28/09/2015
650,000 BELGIUM 4.25% 28/03/2041
600,000 BELGIUM 4.25% 28/09/2022
2,691,840
1,950,880
798,025
715,650
2.44
1.77
0.72
0.65
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
2,168,904
2,168,904
2,168,904
1.97
1.97
1.97
1,450,000 BELGIUM 4.50% 28/03/2026
1,789,662
1.62
9 AMUNDI TRESO ETAT
2,168,904
1.97
France
9,988,400
9.06 Total securities portfolio
115,554,870
104.76
150,000 FRANCE OAT 2.50% 25/10/2020
160,865
0.15
3,600,000 FRANCE OAT 4% 25/04/2018
4,191,840
3.80
1,100,000 FRANCE OAT 4.50% 25/04/2041
1,421,145
1.29
1,200,000 FRANCE OAT 4.75% 25/04/2035
1,576,560
1.43
1,800,000 FRANCE OAT 5.75% 25/10/2032
2,637,990
2.39
Germany
15,454,143
14.01
2,400,000 FMS WERTMANAGEMENT 1.875% 09/05/2019
2,519,592
2.28
2,500,000 FMS WERTMANAGEMENT 3% 08/09/2021
2,800,900
2.54
2,050,000 GERMANY BUND 4.75% 04/07/2028
2,845,605
2.58
2,500,000 GERMANY BUNDI 1.75% 15/04/2020
3,221,366
2.92
4,000,000 KFW BANKENGRUPPE 0.875% 13/10/2017
4,066,680
3.69
Ireland
414,260
0.38
400,000 IRELAND 5% 18/10/2020
414,260
0.38
Italy
45,049,817
40.84
4,150,000 ITALY BTP 4% 01/02/2017
4,319,942
3.92
930,000 ITALY BTP 4% 01/02/2037
809,825
0.73
1,280,000 ITALY BTP 4.25% 01/02/2019
1,323,046
1.20
6,300,000 ITALY BTP 4.50% 01/02/2018
6,648,390
6.02
4,300,000 ITALY BTP 4.50% 01/03/2019
4,500,810
4.08
2,550,000 ITALY BTP 4.50% 01/03/2026
2,522,536
2.29
5,300,000 ITALY BTP 4.75% 01/09/2021
5,526,204
5.00
3,900,000 ITALY BTP 4.75% 15/09/2016
4,175,535
3.79
3,200,000 ITALY BTP 5% 01/03/2022
3,370,880
3.06
350,000 ITALY BTP 5% 01/03/2025
362,723
0.33
800,000 ITALY BTP 5% 01/09/2040
800,704
0.73
750,000 ITALY BTP 5.75% 01/02/2033
817,500
0.74
270,000 ITALY BTP 6% 01/05/2031
301,045
0.27
4,300,000 ITALY 4.25% 01/09/2019
4,429,860
4.02
4,100,000 ITALY 4.50% 15/07/2015
4,312,913
3.91
800,000 ITALY 5.25% 01/11/2029
827,904
0.75
Netherlands
1,447,339
1.31
500,000 NETHERLANDS 3.75% 15/01/2042
660,775
0.60
The accompanying notes form an integral part of these financial statements
73

Bond Euro Inflation
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
Long positions
EUR
187,648,089
120.31
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
France
900,000 FRANCE OATI 0.10% 25/07/2021
10,740,000 FRANCE OATI 0.25% 25/07/2018
3,710,000 FRANCE OATI 1.10% 25/07/2022
10,630,000 FRANCE OATI 1.60% 25/07/2015
3,602,000 FRANCE OATI 1.80% 25/07/2040
2,500,000 FRANCE OATI 1.85% 25/07/2027
4,300,000 FRANCE OATI 2.10% 25/07/2023
11,938,000 FRANCE OATI 2.25% 25/07/2020
5,450,000 FRANCE OATI 3.15% 25/07/2032
1,632,000 FRANCE OATI 3.40% 25/07/2029
Germany
2,700,000 GERMANY BUNDI 0.10% 15/04/2023
2,900,000 GERMANY BUNDI 0.75% 15/04/2018
2,101,000 GERMANY BUNDI 1.50% 15/04/2016
7,850,000 GERMANY BUNDI 1.75% 15/04/2020
Italy
6,150,000 ITALIYI 2.15% 15/09/2014
2,400,000 ITALY BTP 4.75% 01/09/2021
5,600,000 ITALY BTPI 2.10% 15/09/2021
7,900,000 ITALY BTPI 2.35% 15/09/2019
5,350,000 ITALY BTPI 2.35% 15/09/2035
2,600,000 ITALY BTPI 2.55% 15/09/2041
5,900,000 ITALY BTPI 2.60% 15/09/2023
1,600,000 ITALY BTPI 3.10% 15/09/2026
6,000,000 ITALY 4.25% 01/09/2019
8,400,000 ITALYI 2.10% 15/09/2016
10,600,000 ITALYI 2.10% 15/09/2017
Sweden
35,000,000 SWEDENI 3.50% 01/12/2015
14,000,000 SWEDENI 4% 01/12/2020
United Kingdom
4,100,000 UK GILTI 1.25% 22/11/2017
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
7 AMUNDI TRESO 3 MOIS
Luxembourg
2,800 AMUNDI EMERGING INFLATION IE CAP
Total securities portfolio
177,345,963
177,345,963
74,802,081
922,628
11,655,746
4,390,553
13,572,588
5,281,051
3,178,195
5,674,436
17,228,511
9,880,039
3,018,334
19,004,647
2,916,758
3,339,437
2,633,363
10,115,089
67,911,257
7,640,791
2,502,432
5,691,552
8,650,961
5,380,009
2,415,821
6,397,277
1,648,703
6,181,200
9,072,025
12,330,486
8,307,191
5,546,207
2,760,984
7,320,787
7,320,787
10,302,126
10,302,126
6,980,843
6,980,843
3,321,283
3,321,283
187,648,089
113.71
113.71
47.97
0.59
7.47
2.81
8.70
3.39
2.04
3.64
11.06
6.33
1.94
12.18
1.87
2.14
1.69
6.48
43.54
4.90
1.60
3.65
5.55
3.45
1.55
4.10
1.06
3.96
5.82
7.90
5.33
3.56
1.77
4.69
4.69
6.60
6.60
4.47
4.47
2.13
2.13
120.31
The accompanying notes form an integral part of these financial statements
74

Bond Euro High Yield
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
591,131,585
97.99
2,700,000 LAFARGE SA VAR 24/11/2016
3,255,120
0.54
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
552,208,518
552,208,518
91.54
91.54
4,700,000 LAFARGE SA VAR 29/11/2018
5,680,000 LAFARGE SA 5.875% 09/07/2019
2,000,000 LAFARGE SA 8.875% 27/05/2014
700,000 NEXANS 4.25% 19/03/2018
5,301,600
6,191,200
2,189,600
703,500
0.88
1.04
0.36
0.12
Austria
2,773,474
0.46
1,450,000 NEXANS 5.75% 02/05/2017
1,537,000
0.25
2,580,000 SAPPI PAPIER HOLDING AG 6.625% 15/04/2018
Bermuda
2,773,474
3,837,750
0.46
0.64
600,000 PEUGEOT SA 5.625% 11/07/2017
2,670,000 PEUGEOT SA 6.875% 30/03/2016
1,650,000 PEUGEOT SA 8.375% 15/07/2014
613,521
2,839,246
1,776,737
0.10
0.47
0.29
3,655,000 CENT EURO MEDIA 11.625% PERPETUAL
Canada
3,837,750
6,791,250
0.64
1.13
1,500,000 RENAULT CI BANQUE 4.25% 27/04/2017
2,700,000 RENAULT SA 4.625% 25/05/2016
1,300,000 RENAULT SA 5.625% 30/06/2015
1,624,440
2,824,605
1,394,926
0.27
0.47
0.23
5,500,000 BOMBARDIER INC 6.125% 15/05/2021
850,000 BOMBARDIER INC 7.25% 15/11/2016
Cayman Islands
5,898,750
892,500
1,540,000
0.98
0.15
0.26
1,200,000 RENAULT SA 6% 13/10/2014
970,000 REXEL SA 6.125% 15/12/2019
2,000,000 REXEL 7% 17/12/2018
4,270,000 REXEL 8.25% 15/12/2016
1,278,110
780,804
2,199,000
4,671,380
0.21
0.13
0.36
0.77
1,400,000 UPCB FINANCE 7.625% 15/01/2020
1,540,000
0.26
280,000 RHODIA SA 7% 15/05/2018
312,928
0.05
Croatia
2,320,000 AGROKOR DD 10% 07/12/2016
1,560,000 AGROKOR DD 9.125% 01/02/2020
1,750,000 AGROKOR DD 9.875% 01/05/2019
6,200,025
2,557,800
1,688,700
1,953,525
1.03
0.43
0.28
0.32
4,913,000 SOCIETE GENERALE VAR PERPETUAL
1,130,000 SOCIETE GENERALE VAR PERPETUAL
2,700,000 SOCIETE GENERALE VAR PERPETUAL
3,440,000 SPCM SA 5.50% 15/06/2020
2,875,000 TEREOS EUROPE 6.375% 15/04/2014
4,286,386
1,430,646
3,016,680
3,629,200
3,036,719
0.71
0.24
0.50
0.60
0.50
Czech Republic
430,000 CET 21 SPOL S R O 9% 01/11/2017
468,700
468,700
0.08
0.08
2,350,000 WENDEL INVESTISSEMEN 4.375% 09/08/2017
1,000,000 WENDEL INVESTISSEMEN 4.875% 21/09/2015
3,550,000 WENDEL INVESTISSEMEN 4.875% 26/05/2016
2,422,521
1,053,000
3,760,160
0.40
0.17
0.62
Denmark
2,200,000 ISS AS 8.875% 15/05/2016
Finland
3,270,000 STORA ENSO OYJ 5.50% 07/03/2019
2,270,400
2,270,400
3,408,985
3,408,985
0.38
0.38
0.57
0.57
2,500,000 WENDEL INVESTISSEMEN 5.875% 17/09/2019
2,000,000 WENDEL INVESTISSEMEN 6.75% 20/04/2018
Germany
525,000 FRANZ HANIEL UND CIE GMBH 5.875% 01/02/2017
4,000,000 FRANZ HANIEL UND CIE GMBH 6.25% 08/02/2018
2,690,550
2,248,600
48,305,933
585,430
4,457,428
0.45
0.37
8.01
0.10
0.74
France
113,069,329
18.74
1,730,000 GROHE HOLDINGS GMBH FRN 15/12/2017
1,808,940
0.30
3,050,000 AXA SA VAR 16/04/2040
2,070,000 BANQUE PSA FINANCE 6% 16/07/2014
3,850,000 BNP PARIBAS VAR PERPETUAL
1,140,000 BPCE SA VAR PERPETUAL
2,400,000 BPCE SA VAR PERPETUAL
2,200,000 BPCE SA 9.25% PERPETUAL
1,800,000 CEGEDIM 7% 27/07/2015
2,350,000 CIE GENERALE DE GEOPHYSIQUE SA 9.50%
15/05/2016
1,530,000 CMA CGM SA 8.875% 15/04/2019
3,700,000 CREDIT AGRICOLE SA VAR PERPETUAL
1,600,000 CREDIT AGRICOLE SA VAR PERPETUAL
2,000,000 CREDIT AGRICOLE SA VAR PERPETUAL
6,230,000 CROWN EURO HOLDINGS 7.125% 15/08/2018
300,000 CSE NAT.CSES EPAR.PREVOYANCE VAR
PERPETUAL
2,400,000 CSE NAT.CSES EPAR.PREVOYANCE VAR
PERPETUAL
3,199,786
2,182,256
3,657,154
1,041,881
2,538,058
2,314,635
1,834,200
1,911,692
1,217,268
3,385,319
1,727,435
2,099,222
6,853,000
247,037
1,679,952
0.53
0.36
0.61
0.17
0.42
0.38
0.30
0.32
0.20
0.56
0.29
0.35
1.15
0.04
0.28
3,325,000 HEIDELBERGCEMENT AG 8.50% 31/10/2019
4,300,000 KABEL DEUTSCHLAND HOLDING AG 6.50%
29/06/2018
6,420,000 KABEL DEUTSCHLAND HOLDING AG 6.50%
31/07/2017
2,600,000 KINOVE GERMAN BONDCO 10% 15/06/2018
2,970,000 STYROLUTION GP GMBH 7.625% 15/05/2016
2,450,000 TECHEM AG 6.125% 01/10/2019
2,150,000 TECHEM AG 7.875% 01/10/2020
3,980,000 UNITY MEDIA GMBH 9.625% 01/12/2019
1,600,000 UNITYMEDIA HESSEN GMBH CO NRW 5.50%
15/09/2022
1,350,000 UNITYMEDIA HESSEN GMBH CO NRW 5.75%
15/01/2023
5,140,000 UNITYMEDIA HESSEN GMBH CO NRW 7.50%
15/03/2019
1,630,000 UPC GERMANY GMBH 9.50% 15/03/2021
Ireland
4,137,962
4,644,000
6,997,800
2,585,700
3,096,225
2,627,625
2,354,250
4,455,610
1,640,000
1,410,750
5,615,450
1,888,763
24,503,882
0.69
0.77
1.16
0.43
0.51
0.44
0.39
0.74
0.27
0.23
0.93
0.31
4.06
1,800,000 CSE NAT.CSES EPAR.PREVOYANCE VAR
PERPETUAL
2,400,000 EUROPCAR GROUPE SA 11.50% 15/05/2017
2,590,000 FAURECIA 9.375% 15/12/2016
2,856,000 LABCO 8.50% 15/01/2018
1,655,793
2,528,400
2,993,522
2,934,540
0.27
0.42
0.50
0.49
4,200,000 ARDAGH GLASS FINANCE PLC 7.375% 15/10/2017
1,440,000 ARDAGH GLASS FINANCE PLC 9.25% 01/07/2016
3,370,000 ARDAGH PACKAGING FINANCE 9.25% 15/10/2020
1,800,000 FGA CAPITAL IRELAND PLC 5.25% 28/02/2014
4,571,700
1,554,480
3,669,930
1,846,732
0.76
0.26
0.61
0.31
The accompanying notes form an integral part of these financial statements
75

Bond Euro High Yield
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
1,622,000 INAER AVIATION 9.50% 01/08/2017
1,597,670
0.26
1,140,000 LECTA SA 8.875% 15/05/2019
1,222,650
0.20
4,338,000 NARA CABLE FUNDING LTD 8.875% 01/12/2018
4,403,070
0.73
2,790,000 MATTERHORN MOBILE SA 8.25% 15/02/2020
3,041,100
0.50
1,940,000 ROTTAPHARM LTD 6.125% 15/11/2019
2,015,275
0.33
1,970,000 NUMERICABLE FINANCE AND CO 8.75% 15/02/2019
2,098,050
0.35
750,000 SMURFIT KAPPA ACQUISITIONS 7.25% 15/11/2017
808,125
0.13
1,900,000 ONTEX IV SA 7.50% 15/04/2018
2,023,500
0.34
3,650,000 SMURFIT KAPPA ACQUISITIONS 7.75% 15/11/2019
4,036,900
0.67
1,303,000 ONTEX IV SA 9% 15/04/2019
1,374,665
0.23
Italy
1,750,000 INTESA SANPAOLO SPA VAR PERPETUAL
1,400,000 INTESA SANPAOLO SPA VAR PERPETUAL
9,042,425
1,712,375
1,400,000
1.50
0.28
0.23
4,550,000 PICARD BONDCO SA 9% 01/10/2018
3,240,000 SPIE BONDCO 3 SCA 11% 15/08/2019
2,866,000 SUNRISE COMMUNICATIONS INTERNATIONAL S.A
7% 31/12/2017
5,048,225
3,539,700
3,109,610
0.84
0.59
0.52
1,850,000 INTESA SANPAOLO SPA VAR PERPETUAL
2,797,000 LOTTOMATICA SPA VAR PERPETUAL
1,030,000 PIAGGIO & C SPA 7% 01/12/2016
Jersey
1,510,000 ASTON MARTIN CAPITAL LTD 9.25% 15/07/2018
2,100,000 HBOS CAPITAL FUNDING LP VAR PERPETUAL
4,256,000 UBS PREFERRED FUNDING (JERSEY) VAR
PERPETUAL
Liberia
1,889,812
2,936,850
1,103,388
8,249,682
1,850,034
2,335,347
4,064,301
2,535,750
0.31
0.50
0.18
1.37
0.31
0.39
0.67
0.42
5,150,000 SUNRISE COMMUNICATIONS INTERNATIONAL S.A
8.50% 31/12/2018
1,250,000 TELENET FINANCE LUXEMBOURG SCA 6.25%
15/08/2022
800,000 TELENET FINANCE LUXEMBOURG SCA 6.625%
15/02/2021
6,500,000 TLENET FINANCE LUXEMBOURG SCA 6.375%
15/11/2020
3,975,000 WIND ACQUISITION FINANCE SA 11.75% 15/07/2017
1,315,575 WIND ACQUISITION FINANCE SA 12.25% 15/07/2017
5,370,000 WIND ACQUISITION FINANCE SA 7.375% 15/02/2018
5,659,850
1,335,000
848,000
6,955,000
4,163,812
1,315,575
5,450,550
0.94
0.22
0.14
1.14
0.69
0.22
0.90
2,450,000 ROYAL CARIBBEAN CRUISES LTD 5.625%
27/01/2014
2,535,750
0.42
3,290,000 XEFIN LUX SCA 8% 01/06/2018
1,805,000 ZINC CAPITAL SA 8.875% 15/05/2018
3,487,400
1,931,350
0.58
0.32
Luxembourg
113,574,806
18.82
Netherlands
70,237,732
11.64
1,700,000 ALBEA BEAUTY HOLDINGS 8.75% 01/11/2019
1,785,000
0.30
7,250,000 ABN AMRO BANK NV VAR PERPETUAL
5,999,665
0.99
1,160,000 ALTICE FINANCING SA 8% 15/12/2019
650,000 ALTICE FINANCING SA 9.875% 15/12/2020
311,000 ARCELORMITTAL SA VAR 17/11/2017
2,600,000 ARCELORMITTAL SA 9.375% 03/06/2016
1,300,000 BEVERAGE PACKAGING HOLDING 8% 15/12/2016
3,530,000 BEVERAGE PACKAGING HOLDING 9.50%
15/06/2017
2,130,000 BORMIOLI ROCCO HOLDINGS SA 10% 01/08/2018
2,350,000 CAPSUGEL FINANCECO 9.875% 01/08/2019
3,430,000 CIRSA FUNDING LUXEMBOURG SA 8.75%
15/05/2018
1,500,000 CLARIANT FINANCE 5.625% 24/01/2017
1,093,000 CODERE FINANCE LUXEMBOURG 8.25% 15/06/2015
2,030,000 CONVATEC HEALTHCARE 7.375% 15/12/2017
1,000,000 CONVATEC 10.875% 15/12/2018
1,200,000 FIAT FINANCE AND TRADE LTD 5.25% 11/03/2015
1,300,000 FIAT FINANCE AND TRADE LTD 6.125% 08/07/2014
2,700,000 FIAT FINANCE AND TRADE LTD 6.375% 01/04/2016
1,800,000 FIAT FINANCE AND TRADE LTD 6.875% 13/02/2015
720,000 FIAT FINANCE AND TRADE LTD 7% 23/03/2017
2,300,000 FIAT FINANCE AND TRADE LTD 7.375% 09/07/2018
1,200,000 FIAT FINANCE AND TRADE LTD 7.625% 15/09/2014
6,750,000 FIAT FINANCE AND TRADE LTD 7.75% 17/10/2016
6,240,000 FIAT INDUSTRIAL FINANCIAL EUROPE 6.25%
09/03/2018
1,430,000 FMC FINANCE III 6.50% 15/09/2018
2,400,000 FMC FINANCE VII SA 5.25% 15/02/2021
1,226,700
530,309
334,497
3,143,161
1,317,940
3,671,200
2,263,125
2,643,750
3,412,850
1,663,988
901,725
2,192,400
1,130,000
1,269,000
1,339,832
2,766,798
1,886,400
746,136
2,393,035
1,272,000
7,168,770
6,988,800
1,674,387
2,657,376
0.20
0.09
0.06
0.52
0.22
0.61
0.38
0.44
0.57
0.28
0.15
0.36
0.19
0.21
0.22
0.46
0.31
0.12
0.40
0.21
1.18
1.15
0.28
0.44
510,000 BOATS INVESTMENT (NETHERLANDS) 0%
31/03/2017
3,750,000 CONTI GUMMI FINANCE BV 7.125% 15/10/2018
4,500,000 CONTI GUMMI FINANCE BV 7.50% 15/09/2017
2,900,000 EDP FINANCE BV 4.75% 26/09/2016
3,444,000 GMAC INTERNATIONAL FINANCE BV 7.50%
21/04/2015
3,310,000 HEIDELBERGER ZEMENT FINANCE BV 8%
31/01/2017
3,800,000 HEIDELBERGER ZEMENT FINANCE BV 9.50%
15/12/2018
167,000 INTERGEN NV 9.50% 30/06/2017
925,000 INTERGEN 8.50% 30/06/2017
1,255,000 MAGYAR TELECOM BV NLD 9.50% 15/12/2016
5,730,000 OI EUROPEAN 6.75% 15/09/2020
1,635,000 PHOENIX PIB FINANCE 9.625% 15/07/2014
2,125,000 REFRESCO GROUP BV 7.375% 15/05/2018
4,220,000 SCHAEFFLER FINANCE BV 7.75% 15/02/2017
1,600,000 SCHAEFFLER FINANCE BV 8.75% 15/02/2019
2,300,000 THYSSENKRUPP FINANCE NEDERLAND 8.50%
25/02/2016
1,800,000 TMF GROUP HOLDING FRN 01/12/2018
800,000 TMF GROUP HOLDING 9.875% 01/12/2019
3,530,000 UPC HOLDING BV 6.375% 15/09/2022
4,550,000 UPC HOLDING BV 8.375% 15/08/2020
2,450,000 UPC HOLDING BV 9.75% 15/04/2018
3,650,000 ZIGGO 8% 15/05/2018
543,744
4,006,500
4,819,500
2,995,874
3,767,736
3,885,609
4,877,300
181,186
804,750
683,975
6,503,550
1,795,361
2,203,625
4,692,640
1,843,200
2,673,750
1,808,442
811,575
3,600,600
5,105,100
2,619,050
4,015,000
0.09
0.66
0.80
0.50
0.62
0.64
0.81
0.03
0.13
0.11
1.08
0.30
0.37
0.78
0.31
0.44
0.30
0.13
0.60
0.85
0.43
0.67
2,510,000 GATEGROUPE FINANCE LUX SA 6.75% 01/03/2019
5,000,000 HELLAS TELECOM (LUX) V 0% 15/01/2015
DEFAULTED
2,674,405
25,000
0.44
0.00
Poland
3,480,000 CYFROWY POLSAT SA 7.125% 20/05/2018
3,819,300
3,819,300
0.63
0.63
1,921,000 LECTA SA FRN 15/05/2018
1,892,185
0.31
The accompanying notes form an integral part of these financial statements
76

Bond Euro High Yield
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Portugal
3,800,000 BANCO ESPIRITO SANTO 5.875% 09/11/2015
3,800,000 CAIXA GERAL DE DEPOSITOS 5.625% 04/12/2015
7,794,765
3,899,765
3,895,000
1.29
0.64
0.65
600,000 OLD MUTUAL PLC 6.376% PERPETUAL
3,663,000 RBS CAPITAL TRUST A VAR PERPETUAL
2,448,000 R&R ICE CREAM PLC 8.375% 15/11/2017
2,300,000 ROYAL BANK OF SCOTLAND PLC VAR PERPETUAL
654,482
2,555,565
2,695,860
1,950,400
0.11
0.42
0.45
0.32
South Africa
2,200,000 EDCON HOLDINGS (PROPRIETARY) LTD FRN
15/06/2015
9,065,230
2,028,400
1.50
0.34
6,000,000 VIRGIN MEDIA FINANCE PLC 5.125% 15/02/2022
3,062,000 VIRGIN MEDIA FINANCE PLC 8.875% 15/10/2019
United States of America
7,508,322
4,279,099
7,111,500
1.24
0.71
1.18
2,643,000 EDCON (PROPRIETARY) LTD FRN 15/06/2014
600,000 EDCON (PROPRIETARY) LTD 9.50% 01/03/2018
3,540,000 FOODCORP LTD 8.75% 01/03/2018
Spain
2,050,000 ABENGOA SA VAR 25/02/2015
2,270,000 ABENGOA SA 8.875% 01/11/2017
2,537,280
579,000
3,920,550
10,222,495
2,152,500
1,643,236
0.42
0.10
0.64
1.69
0.36
0.27
3,300,000 CEMEX FINANCE 9.625% 14/12/2017
3,300,000 HERTZ CORP 8.50% 31/07/2015
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
3,564,000
3,547,500
38,923,067
38,923,067
38,923,067
0.59
0.59
6.45
6.45
6.45
2,602,000 CAMPOFRIO ALIMENTACI 8.25% 31/10/2016
1,650,000 OBRASCON HUARTE LAIN SA 7.375% 28/04/2015
1,000,000 OBRASCON HUARTE LAIN SA 7.625% 15/03/2020
750,000 OBRASCON HUARTE LAIN SA 8.75% 15/03/2018
2,791,946
1,771,688
1,043,750
819,375
0.46
624 AMUNDI TRESO COURT TERME PART C
0.29
26 AMUNDI TRESO 3 MOIS
0.17
0.14
Total securities portfolio
11,721,740
27,201,327
591,131,585
1.94
4.51
97.99
Sweden
14,476,000
2.40
2,480,000 EILEME 2 AB 11.75% 31/01/2020
2,901,600
0.48
2,500,000 NORCELL SWEDEN HOLDINGS 2 AB 10.75%
29/09/2019
2,712,500
0.45
300,000 STENA AB 7.875% 15/03/2020
325,650
0.05
5,190,000 TVN FINANCE CORP PLC 10.75% 15/11/2017
5,734,950
0.96
2,570,000 VERISURE HOLDING AB 8.75% 01/09/2018
2,801,300
0.46
United Kingdom
82,909,105
13.74
1,880,000 ALGECO SCOTSMAN GLOBAL FINANCE PLC 9%
15/10/2018
1,936,400
0.32
4,380,000 BARCLAYS BANK PLC LONDON VAR PERPETUAL
3,372,600
0.56
4,720,000 BARCLAYS BANK PLC LONDON VAR PERPETUAL
3,599,000
0.60
3,200,000 BOPARAN HOLDINGS LTD 9.875% 30/04/2018
4,458,143
0.74
2,400,000 CARE UK PLC 9.75% 01/08/2017
3,166,071
0.52
1,900,000 CROWN NEWCO 3 PLC 7% 15/02/2018
2,483,048
0.41
2,050,000 EC FINANCE 9.75% 01/08/2017
2,234,500
0.37
1,450,000 ECO BAT FINANCE PLC 7.75% 15/02/2017
1,529,750
0.25
2,280,000 ELLI INVESTMENTS LIMITED 8.75% 15/06/2019
3,062,312
0.51
2,275,000 FULL CIRCLE 9.75% 15/07/2017
3,022,208
0.50
2,820,000 GKN HOLDINGS P.L.C. 5.375% 19/09/2022
3,602,758
0.60
880,000 HELLERMANN TYTON FINANCE FRN 15/12/2017
887,788
0.15
2,360,000 HOUSE OF FRASER 8.875% 15/08/2018
3,055,110
0.51
2,300,000 INEOS GROUP HOLDINGS PLC 7.875% 15/02/2016
2,280,450
0.38
2,112,000 INEOS VINYLS FINANCE PLC 9.25% 15/05/2015
2,266,176
0.38
1,500,000 INFINIS 9.125% 15/12/2014
1,872,457
0.31
2,566,000 JAGUAR LAND ROVER PLC 8.125% 15/05/2018
3,500,883
0.58
2,400,000 JAGUAR LAND ROVER PLC 8.25% 15/03/2020
3,282,579
0.54
2,760,000 KERLING PLC 10.625% 28/01/2017
2,649,600
0.44
1,900,000 LBG CAPITAL N°2 PLC 6.385% 12/05/2020
1,898,974
0.31
1,700,000 LBG CAPITAL 11.04% 19/03/2020
2,457,465
0.41
3,800,000 LBG CAPITAL 6.439% 23/05/2020
3,791,868
0.63
790,000 LBG CAPITAL 9.334% 07/02/2020
1,076,254
0.18
900,000 LLOYDS TSB BANK PLC VAR PERPETUAL
735,399
0.12
1,125,000 OLD MUTUAL PLC 5% PERPETUAL
1,043,584
0.17
The accompanying notes form an integral part of these financial statements
77

Bond US Opportunistic Core Plus
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Nonlife Insurance
7,000 METLIFE EQUITY UNITS 2011
4,940 METLIFE INC
422,868,525
403,709,817
474,014
474,014
311,290
162,724
105.48
100.70
0.12
0.12
0.08
0.04
1,250,000 ANHEUSER BUSCH INBEV WORLDWIDE 2.50%
15/07/2022
150,000 COCA COLA ENTERPRISE 7.375% 03/03/2014
Electricity
75,000 CENTERPOINT ENERGY HOUSTON ELECTRIC
6.15% 01/05/2016
50,000 EDISON MISSION ENERGY 7% 15/05/2017
50,000 ENTERGY CORP 3.60% 01/06/2015
1,260,483
161,969
4,591,689
85,775
26,750
52,445
0.31
0.04
1.15
0.02
0.01
0.01
Bonds
Automobiles and Parts
497,487 CHRYSLER GROUP LLC FRN 24/05/2017
228,253,658
667,605
508,680
56.93
0.17
0.13
125,000 EXELON GENERATION 5.75% 01/10/2041
1,000,000 MIRANT AMERICAS GENERATION 8.50% 01/10/2021
650,000 NISOURCE FINANCE CORPORATION 5.25%
15/02/2043
139,225
1,145,000
690,678
0.03
0.29
0.17
70,000 GOODYEAR TIRE & RUBB 8.25% 15/08/2020
75,000 TENNECO INC 7.75% 15/08/2018
Banks
375,000 ABBEY NATIONAL TREASURY SERVICES 3.875%
10/11/2014
250,000 BANK OF AMERICA CORP FRN 15/06/2016
77,175
81,750
15,090,005
389,277
238,886
0.02
0.02
3.76
0.10
0.06
100,000 NISOURCE FINANCE CORPORATION 6.80%
15/01/2019
1,070,000 PNM RESOURCES INC 9.25% 15/05/2015
355,000 PUBLIC SERVICE CO OF NEW MEXICO 7.95%
15/05/2018
1,000,000 TEXAS COMPETITIVE ELECTRIC HOLDINGS FRN
10/10/2017
122,866
1,226,489
431,836
670,625
0.03
0.31
0.11
0.17
25,000 BANK OF AMERICA CORP 5% 13/05/2021
240,000 BANK OF AMERICA CORP 5.625% 01/07/2020
75,000 BANK OF AMERICA CORP 5.65% 01/05/2018
875,000 BANK OF AMERICA CORP 6% 01/09/2017
300,000 BANK OF AMERICA CORP 6.10% 15/06/2017
155,000 BANK OF AMERICA CORP 7.375% 15/05/2014
35,000 BARCLAYS BANK PLC LONDON 5% 22/09/2016
125,000 CIT GROUP INC 5.25% 15/03/2018
700,000 CITIGROUP INC FRN 15/05/2018
865,000 CITIGROUP INC 6% 15/08/2017
175,000 CITIGROUP INC 6.125% 15/05/2018
500,000 CITIGROUP INC 6.625% 01/04/2018
100,000 CITIGROUP INC 8.125% 15/07/2039
100,000 CITIGROUP INC 8.50% 22/05/2019
75,000 DISCOVER BANK NEW 7% 15/04/2020
375,000 GOLDMAN SACHS GROUP INC 6.15% 01/04/2018
200,000 GOLDMAN SACHS GROUP 3.625% 07/02/2016
50,000 GOLDMAN SACHS GROUP 6% 15/06/2020
400,000 HSBC BANK PLC 3.10% 24/05/2016
450,000 JP MORGAN CHASE AND C 4.625% 10/05/2021
1,525,000 JP MORGAN CHASE CAP XIII FRN 30/09/2034
1,600,000 JP MORGAN CHASE CAPITAL XXII FRN 02/02/2037
100,000 JP MORGAN INTERNATIONAL DERIVATIVES
(JERSEY) LTD 6% 01/10/2017
175,000 JPMORGAN CHASE BANK NA 5.875% 13/06/2016
1,180,000 LLOYDS TSB BANK PLC 0% 13/02/2013
2,500,000 LLOYDS TSB BANK PLC 0% 14/03/2013
500,000 MORGAN STANLEY FRN 18/10/2016
125,000 MORGAN STANLEY 5.45% 09/01/2017
200,000 MORGAN STANLEY 5.50% 24/07/2020
25,000 MORGAN STANLEY 7.30% 13/05/2019
425,000 NATIONAL AUSTRALIA BANK LTD 2.75% 09/03/2017
28,591
284,996
87,360
1,025,700
346,018
167,897
39,265
134,375
706,353
1,020,144
209,967
567,500
150,217
134,639
93,265
441,041
211,860
59,502
423,250
513,978
1,257,631
1,244,293
118,509
199,732
1,179,567
2,498,707
475,760
138,448
225,355
30,420
447,502
0.01
0.07
0.02
0.26
0.09
0.04
0.01
0.03
0.18
0.25
0.05
0.14
0.04
0.03
0.02
0.11
0.05
0.01
0.11
0.13
0.31
0.31
0.03
0.05
0.29
0.63
0.12
0.03
0.06
0.01
0.11
Financial Services
863,000 BANC OF AMERICA COML MTG INC VAR 10/09/2047
2,000,000 BEAR STEARNS ASSET BACKED SEC VAR
25/06/2047
2,640,000 FANNIE MAE 0% 23/01/2013
3,170,000 FANNIE MAE 0.50% 06/11/2015
1,530,000 FANNIE MAE 0.50% 22/10/2015
2,810,000 FANNIE MAE 0.625% 22/02/2016
3,415,000 FANNIE MAE 0.625% 23/05/2016
3,780,000 FANNIE MAE 0.65% 30/04/2015
2,650,000 FANNIE MAE 8.95% 12/02/2018
3,885,000 FREDDIE MAC 0% 07/01/2013
11,000,000 FREDDIE MAC 0% 20/05/2013
1,500,000 GENERAL ELECTRIC CAP CORP FRN 05/05/2026
350,000 GENERAL ELECTRIC CAP CORP FRN 15/08/2036
775,000 GENERAL ELECTRIC CAP CORP 2.10% 11/12/2019
150,000 GENERAL ELECTRIC CAP CORP 4.375% 16/09/2020
50,000 GENERAL ELECTRIC CAP CORP 5.50% 08/01/2020
50,000 GENERAL ELECTRIC CAP CORP 6.875% 10/01/2039
730,000 GENESIS FUNDING LTD FRN 19/12/2032
600,000 GINNIE MAE REMIC PASSTHRU SECS FRN
20/10/2035
1,000,000 GS HOLDINGS CORP 6.099% 25/03/2037
3,000,000 HARBORVIEW MORTGAGE LN TR 06-9 FRN
21/08/2036
125,000 INTL LEASE FINANCE CORP 5.65% 01/06/2014
250,000 INTL LEASE FINANCE CORP 6.50% 01/09/2014
150,000 JOHN DEERE CAPITAL CORP 5.10% 15/01/2013
2,500,000 MERRILL LYNCH WORLD MINING FRN 25/04/2037
130,000 MIRANT CORP 10.06% 30/12/2028
3,395,000 RBS HOLDINGS USA INC 0% 19/03/2013
1,500,000 RESIDENTIAL ASSET MORTGAGE 6% 25/04/2037
47,522,432
963,271
875,849
2,639,984
3,170,577
1,532,254
2,811,922
3,419,443
3,785,727
3,694,460
3,884,995
10,994,866
1,302,315
273,057
778,441
167,684
59,274
68,203
525,724
265,459
475,154
678,419
130,703
268,125
150,222
481,868
143,441
3,392,205
588,790
11.85
0.24
0.22
0.66
0.79
0.38
0.70
0.85
0.94
0.92
0.97
2.74
0.32
0.07
0.19
0.04
0.01
0.02
0.13
0.07
0.12
0.17
0.03
0.07
0.04
0.12
0.04
0.85
0.15
Beverages
1,572,619
0.39
Fixed Line Telecommunications
269,435
0.07
150,000 ANHEUSER BUSCH COMPA 4.375% 15/01/2013
150,167
0.04
80,000 TELECOMITALIA FINANCE 7.175% 18/06/2019
93,240
0.02
The accompanying notes form an integral part of these financial statements
78

Bond US Opportunistic Core Plus
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
150,000 VERIZON COMMUNICATIO 5.50% 01/04/2017
176,195
0.05
6,050,000 USA T-BONDSI 0.125% 15/04/2017
6,602,015
1.65
Food Producers
12,000 KRAFT FOODS INC 5.375% 10/02/2020
13,000 KRAFT FOODS INC 5.375% 10/02/2020
30,142
14,509
15,633
0.01
0.00
0.01
6,515,000 USA T-BONDSI 0.50% 15/04/2015
990,000 USA T-BONDSI 0.625% 15/04/2013
5,030,000 USA T-BONDSI 1.25% 15/04/2014
1,710,000 USA T-BONDSI 1.625% 15/01/2015
7,259,506
1,082,441
5,670,557
2,201,863
1.81
0.27
1.41
0.55
Gas, Water and Multiutilities
200,000 BAY AREA TOLL AUTHORITY CALIFORNIA 6.263%
PERPETUAL
700,000 FLORIDA GAS TRANSMISSION 3.875% 15/07/2022
2,711,992
277,176
745,696
0.68
0.07
0.19
600,000 USA T-BONDSI 1.875% 15/07/2013
550,000 USA T-BONDSI 2% 15/01/2016
375,000 USA T-BONDSI 2.125% 15/02/2041
Health Care Equipment and Services
768,198
711,119
586,154
3,944,538
0.19
0.18
0.15
0.98
650,000 ONCOR ELECTRIC DELIVERY CO 5.25% 30/09/2040
485,000 SABINE PASS LNG 7.50% 30/11/2016
500,000 SOUTHERN UNION CO FRN PERPETUAL
721,357
537,138
430,625
0.18
0.13
0.11
900,000 BARBABAS HEALTH SYSTEMS 4% 01/07/2028
675,000 CHS COMMUNITY HEALTH SYSTEM 5.125%
15/08/2018
870,221
705,375
0.22
0.18
General Industrials
700,000 GENERAL ELECTRIC CO 4.125% 09/10/2042
723,168
723,168
0.18
0.18
1,468,000 HCA 7.25% 15/09/2020
657,000 HCA 7.875% 15/02/2020
75,000 US ONCOLOGY INC 0% 15/08/2017 DEFAULTED
1,633,150
734,198
1,594
0.40
0.18
0.00
General Retailers
183,966
0.05
Industrial Engineering
59,375
0.01
150,000 WAL MART STORES INC 5.80% 15/02/2018
183,966
0.05
50,000 CASE NEW HOLLAND INC 7.875% 01/12/2017
59,375
0.01
Governments
131,328,049
32.75
Industrial Metals and Mining
141,854
0.04
8,265,000 FEDERAL HOME LOAN BANKS 0% 04/01/2013
3,200,000 FEDERAL HOME LOAN BANKS 0% 05/06/2013
5,835,000 FEDERAL HOME LOAN BANKS 0% 11/01/2013
3,815,000 FEDERAL HOME LOAN BANKS 0.50% 08/01/2016
8,264,889
3,198,267
5,834,768
3,818,926
2.06
0.80
1.46
0.95
75,000 ARCELORMITTAL SA 7% 15/10/2039
55,000 SOUTHERN COPPER CORP 7.50% 27/07/2035
Leisure Goods
70,695
71,159
1,201,878
0.02
0.02
0.30
2,845,000 FEDERAL HOME LOAN BANKS 0.50% 16/10/2015
3,225,000 FEDERAL HOME LOAN BANKS 0.55% 13/11/2015
800,000 HOUSTON TEXAS 6.29% 01/03/2032
100,000 NEW YORK CITY MUNICIPAL WATER 5.724%
15/06/2042
2,845,452
3,226,680
994,984
129,878
0.71
0.80
0.25
0.03
500,000 CCO HOLDINGS LLC 7% 15/01/2019
500,000 CCO HOLDINGS LLC 8.125% 30/04/2020
75,000 COMCAST CORP 6.40% 01/03/2040
Media
541,875
562,500
97,503
170,346
0.14
0.14
0.02
0.04
75,000 NEW YORK CITY MUNICIPAL WATER 6.011%
15/06/2042
100,000 NORTH TEXAS TOLLWAY AUTHORITY 6.718%
PERPETUAL
100,880
135,006
0.03
0.03
125,000 NBC UNIVERSAL 4.375% 01/04/2021
25,000 NBC UNIVERSAL 5.15% 30/04/2020
Mining
140,663
29,683
430,100
0.03
0.01
0.11
40,000 SAN DIEGO COUNTY CALIFORNIA 6.138%
PERPETUAL
300,000 STATE OF CALIFORNIA 5.70% 01/11/2021
53,279
357,762
0.01
0.09
460,000 ARCH COAL INC 7% 15/06/2019
Mobile Telecommunications
430,100
678,079
0.11
0.17
150,000 STATE OF CALIFORNIA 5.75% 01/03/2017
330,000 STATE OF CALIFORNIA 6.20% 01/03/2019
400,000 STATE OF CALIFORNIA 7.55% 01/04/2039
600,000 STATE OF CALIFORNIA 7.60% 01/11/2040
172,203
398,231
577,120
877,122
0.04
0.10
0.14
0.22
109,570 INTELSAT (BERMUDA) LTD 11.50% 04/02/2017
500,000 INTELSAT JACKSON 8.50% 01/11/2019
Nonlife Insurance
116,829
561,250
2,304,046
0.03
0.14
0.57
325,000 STATE OF ILLINOIS 4.35% 01/06/2018
25,000 STATE OF ILLINOIS 4.421% 01/01/2015
345,758
26,555
0.09
0.01
250,000 BERKSHIRE HATHAWAY FINANCE CORP 4.40%
15/05/2042
259,718
0.06
250,000 STATE OF ILLINOIS 4.95% 01/06/2023
1,100,000 STATE OF ILLINOIS 6.20% 01/07/2021
3,130,000 USA T-BILLS 0% 06/06/2013
1,950,000 USA T-BILLS 0% 11/04/2013
11,060,000 USA T-BONDS 0.25% 15/05/2015
1,535,000 USA T-BONDS 0.75% 30/06/2017
30,740,000 USA T-BONDS 0.75% 31/10/2017
264,938
1,238,490
3,128,567
1,949,179
11,047,899
1,544,354
30,845,683
0.07
0.31
0.78
0.49
2.75
0.39
7.68
150,000 BERKSHIRE HATHAWAY FINANCE CORP 5%
15/08/2013
200,000 BERKSHIRE HATHAWAY I 3.75% 15/08/2021
75,000 METLIFE INC 6.817% 15/08/2018
1,000,000 METROPOLITAN LIFE INSURANCE 3.875%
11/04/2022
500,000 NATIONWIDE MUTUAL INSURANCE VAR 15/12/2024
154,290
220,720
94,597
1,089,695
485,026
0.04
0.06
0.02
0.27
0.12
1,700,000 USA T-BONDS 0.875% 31/01/2017
3,645,000 USA T-BONDS 1.625% 15/08/2022
6,185,000 USA T-BONDS 1.625% 15/11/2022
730,000 USA T-BONDS 2% 15/11/2021
10,415,000 USA T-BONDS 2.75% 15/08/2042
1,722,845
3,621,650
6,118,320
757,774
10,058,608
0.43
0.90
1.53
0.19
2.50
Oil and Gas Producers
700,000 LINN ENERGY LLC 6.25% 01/11/2019
500,000 PHILLIPS 66 2.95% 01/05/2017
75,000 VALERO ENERGY CORP 6.125% 01/02/2020
1,328,792
707,000
530,458
91,334
0.33
0.18
0.13
0.02
2,450,000 USA T-BONDS 3.50% 15/02/2018
2,790,129
0.70
The accompanying notes form an integral part of these financial statements
79

Bond US Opportunistic Core Plus
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Oil Equipment, Services and Distribution
600,000 CENTERPOINT ENERGY RESOURCES 6.25%
01/02/2037
2,114,498
748,369
0.53
0.19
750,000 US AIRWAYS GROUP INC 5.90% 01/10/2024
Convertible bonds
Life Insurance
817,500
269,760
262,327
0.21
0.07
0.07
75,000 PANHANDLE EASTN PIPELINE CO 7% 15/06/2018
100,000 PANHANDLE EASTN PIPELINE CO 8.125%
01/06/2019
91,492
125,233
0.02
0.03
200,000 PRUDENTIAL HOLDINGS LLC 8.695% 18/12/2023
Technology Hardware and Equipment
262,327
7,433
0.07
0.00
200,000 SPECTRA ENERGY PARTNERS 7.50% 15/09/2038
100,000 TENNESSEE GAS PIPELINE CO 8% 01/02/2016
500,000 TENNESSEE GAS PIPELINE CO. 8.375% 15/06/2032
24,000 WILLIAMS COMPANIES INC 7.875% 01/09/2021
278,148
119,424
720,860
30,972
0.07
0.03
0.18
0.01
7,000 SYNAPTICS INC 0.75% 01/12/2024 CV
Mortgage and asset backed securities
Banks
7,433
174,712,385
473,158
0.00
43.58
0.12
Personal Goods
150,000 PROCTER AND GAMBLE C 4.70% 15/02/2019
Pharmaceuticals and Biotechnology
150,000 GLAXOSMITHKLINE CAPITAL INC 4.375% 15/04/2014
Real Estate Investment and Services
180,000 POST APARTMENT HOMES 4.75% 15/10/2017
177,460
177,460
157,473
157,473
199,121
199,121
0.04
0.04
0.04
0.04
0.05
0.05
2,800,000 BANK OF AMERICA CORP VAR 25/01/2034
580,000 WELLS FARGO AND CO FRN 25/10/2035
Financial Services
725,000 ACADEMIC LOAN FUNDING TRUST FRN 27/12/2044
1,200,000 ACCREDITED MORTGAGE LOAN TRUST FRN
25/02/2037
1,700,000 ACE SECURITIES CORP HOME LOAN TRUST FRN
25/06/2036
309,603
163,555
167,726,766
671,760
637,288
749,717
0.08
0.04
41.83
0.17
0.16
0.19
Real Estate Investment Trusts
275,000 HEALTH CARE PROPERTY 2.625% 01/02/2020
705,000 HEALTH CARE PROPERTY 3.75% 01/02/2019
175,000 HEALTH CARE PROPERTY 5.625% 01/05/2017
200,000 HEALTH CARE PROPERTY 6% 30/01/2017
85,000 HEALTH CARE PROPERTY 6.30% 15/09/2016
750,000 HEALTH CARE REIT INC 2.25% 15/03/2018
650,000 HEALTH CARE REIT INC 4.125% 01/04/2019
175,000 HEALTH CARE REIT INC 4.70% 15/09/2017
7,976,845
274,366
744,990
200,067
229,961
98,164
750,284
700,183
195,415
1.99
0.07
0.19
0.05
0.06
0.02
0.19
0.17
0.05
1,490,000 ACE SECURITIES FRN 25/03/2037
585,000 ACS 2007-1 PASS THROUGH TRUST FRN
14/06/2037
700,000 ADJUSTABLE RATE MORTGAGE TRUST FRN
25/07/2035
800,000 ALM LOAN FUNDING 2012-7A FRN 19/10/2024
1,600,000 AMERICAN HOME MTG INVT TR VAR 25/09/2045
548,000 ASSET BACKED FUNDING CORP FRN 25/11/2036
900,000 BABCOCK & BROWN AIR FUNDING LTD FRN
14/11/2033
707,459
355,517
401,626
800,000
412,028
348,575
586,007
0.18
0.09
0.10
0.20
0.10
0.09
0.15
75,000 HEALTH CARE REIT INC 6.125% 15/04/2020
50,000 HEALTH CARE REIT INC 6.50% 17/01/2017
500,000 HEALTHCARE REALTY TRUST INC 5.125%
01/04/2014
200,000 HEALTHCARE REALTY TRUST INC 5.75% 15/01/2021
150,000 KIMCO REALTY CORP 5.19% 01/01/2013
50,000 LIBERTY PROPERTY TRU 5.125% 02/03/2015
855,000 SL GREEN REALTY CORP 5% 15/08/2018
400,000 UNITED DOMINIUM REALTY TRUST 4.25%
01/06/2018
25,000 UNITED DOMINIUM REALTY TRUST 5.13%
15/01/2014
25,000 UNITED DOMINIUM REALTY TRUST 5.25%
15/01/2015
400,000 VENTAS REALTY LP/VENTAS CAPL 4% 30/04/2019
300,000 VENTAS REALTY LP/VENTAS CAPL 4.75%
01/06/2021
400,000 WEA FINANCE LLC 5.70% 01/10/2016
975,000 WESTFIELD CAPITAL CORP LTD 5.125% 15/11/2014
Travel, Leisure and Catering
87,972
57,221
523,357
225,143
154,732
53,817
929,584
436,464
26,029
26,883
430,558
328,633
457,153
1,045,869
2,678,151
0.02
0.01
0.13
0.06
0.04
0.01
0.23
0.11
0.01
0.01
0.11
0.08
0.11
0.26
0.67
415,000 BANC OF AMERICA COML MTG INC 4.857%
10/07/2043
465,000 BANC OF AMERICA COML MTG INC 5.115%
10/10/2045
3,150,000 BANC OF AMERICA FDG 2006-D TR. VAR 20/05/2036
585,000 BANC OF AMERICA FUNDING CORP FRN 20/07/2036
4,000,000 BAYVIEW COMMERCIAL ASSET TRUST FRN
25/01/2035
1,725,000 BAYVIEW FINANCIAL FRN 25/12/2036
600,000 BEACN 2012-1A A 2027 3.72% 20/09/2027
7,000,000 BEAR STEARNS ALT A TRUST 2005-1 VAR
25/01/2035
3,600,000 BEAR STEARNS ALT FRN 25/11/2034
465,000 BEAR STEARNS CMS TRUST 2005 - TOP20 VAR
12/10/2042
2,000,000 BEAR STEARNS COMPANIES INC VAR 25/08/2047
445,000 BEARS STEARNS COMMERCIAL MORTGAGE VAR
11/03/2039
550,000 BRAZOS HIGHER ED AUTH INC FRN 27/10/2036
650,000 BRAZOS HIGHER ED AUTH INC VAR 26/12/2035
900,000 CAL FUNDING II LTD 3.47% 25/10/2027
451,005
516,378
1,049,208
289,679
824,688
753,574
602,037
703,202
269,358
516,881
857,591
503,134
547,721
596,524
903,114
0.11
0.13
0.26
0.07
0.21
0.19
0.15
0.18
0.07
0.13
0.21
0.13
0.14
0.15
0.23
650,000 CONTINENTAL AIRLINES 6.25% 11/04/2020
1,490,000 CONTINENTAL AIRLINES 7.256% 15/03/2020
25,000 CONTINENTAL AIRLINES 7.707% 02/04/2021
350,000 CONTINENTAL AIRLINES 8.048% 01/11/2020
100,000 DELTA AIR LINES INC 6.20% 02/07/2018
689,000
847,454
17,191
210,937
96,069
0.17
0.22
0.00
0.05
0.02
720,000 CENTEX HOME EQUITY LOAN TRUST 2006-A FRN
25/06/2036
200,000 CIT EDUCATION LOAN TRUST 2007-1 FRN
25/03/2042
755,000 CITIGROUP COMMERCIAL MTGE TRST VAR
15/04/2040
590,316
113,954
793,916
0.15
0.03
0.20
The accompanying notes form an integral part of these financial statements
80

Bond US Opportunistic Core Plus
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
340,000 CITIGROUP MORTGAGE LOAN TRUST CMLTI
5.775% 25/09/2036
775,000 COMMERCIAL MORTGAGE TRUST 4.982%
10/05/2043
765,000 COMMERCIAL MORTGAGE TRUST 6.975%
17/01/2032
250,000 COUNTRYPLACE MANUFACTURED HOUSING
5.846% 15/07/2037
3,000,000 COUNTRYWIDE HOME LOANS INC VAR 25/03/2037
1,850,000 COUNTRYWIDE HOME LOANS INC VAR 25/09/2047
300,000 CREDIT BASED ASSET SERVICING AND
SECURITIZATION LLC FRN 25/12/2033
1,275,000 CREDIT BASED ASSET SERVICING AND
SECURITIZATION LLC VAR 25/01/2033
1,500,000 CREDIT SUISSE COML MTG TR 5% 25/04/2037
400,000 CRONOS CONTAINERS PROGRAM 2012-1A A 3.81%
18/09/2027
325,000 CRONOS CONTAINERS PROGRAM 2012-1A A 4.21%
18/05/2022
1,685,000 DBRR TRUST 0.946% 25/09/2045
185,000 DBRR TRUST 4.537% 12/05/2021
800,000 EDUCATIONAL FUNDING OF THE SOUTH FRN
25/04/2035
850,000 EDUSA 2012-2 FRN 25/04/2039
250,000 EFS VOLUNTEER LLC FRN 25/10/2035
49,427,847 FANNIE MAE FRN 25/06/2029
4,240,000 FANNIE MAE 2.50% 01/11/2022
1,535,000 FANNIE MAE 2.646% 01/10/2022
3,675,000 FANNIE MAE 3% 01/11/2032
4,955,000 FANNIE MAE 3% 01/12/2032
18,210,000 FANNIE MAE 3% 25/10/2042
1,255,000 FANNIE MAE 3.521% 01/12/2020
1,405,000 FANNIE MAE 4.40% 01/02/2020
1,805,000 FANNIE MAE 5.177% 01/05/2019
4,440,000 FNB CORP INC 2.50% 25/12/2027
939,430 FNMA VAR 01/01/2021
6,400,000 FNMA VAR 25/03/2038
263,162
849,062
357,679
224,147
874,733
685,433
148,963
199,079
277,329
403,764
313,062
1,670,046
216,210
806,622
851,099
238,827
1,440,766
4,364,298
1,605,786
3,840,416
5,200,221
19,086,357
1,394,849
1,632,300
1,699,332
4,643,963
1,075,076
398,379
0.07
0.21
0.09
0.06
0.22
0.17
0.04
0.05
0.07
0.10
0.08
0.42
0.05
0.20
0.21
0.06
0.36
1.08
0.40
0.95
1.29
4.75
0.35
0.41
0.42
1.15
0.27
0.10
3,555,000 FREDDIE MAC 3% 01/11/2042
2,660,000 FREDDIE MAC 3% 15/09/2042
2,410,000 FREDDIE MAC 3% 15/09/2042
1,315,000 FREDDIE MAC 3.50% 01/07/2026
1,670,000 FREDDIE MAC 4% 01/03/2041
920,000 FREDDIE MAC 4% 01/03/2041
740,000 FREDDIE MAC 4.50% 01/01/2040
1,565,000 FREDDIE MAC 4.50% 01/02/2041
2,500,000 FREDDIE MAC 5% 15/01/2033
1,800,000 FREDDIE MAC 5.939% 01/11/2017
325,000 GE BUSINESS LOAN TRUST FRN 15/06/2033
750,000 GE SEACO FINANCE FRN 17/11/2020
12,000,000 GNMA GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION VAR 20/07/2036
7,000,000 GNMA GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION VAR 20/12/2040
3,500,000 GNMA GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION 3.50% 20/01/2038
8,690,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 3% 01/01/2043
750,000 GREEN T G2 FUND LTD 7% 15/03/2027
990,000 GREENWICH CAP COML FDG CORP 5.317%
10/06/2036
665,000 GS MORTGAGE SECURITIES CORPORATION II
3.707% 10/08/2044
895,000 GSAMP 2006 HE5 FRN 25/08/2036
5,750,000 GSR MORTGAGE LN TRST 2006-AR2 VAR
25/04/2036
2,400,000 GSR 2007-AR2 2A1 VAR 25/05/2037
830,000 HARBORVIEW MORTGAGE VAR 19/06/2034
900,000 HOUSEHOLD HOME EQUITY FRN 20/01/2036
400,000 HSBC HOME EQUITY LN TR. USA FRN 20/03/2036
1,700,000 HSI ASSET SECURITIZATION CORP FRN 25/12/2035
2,500,000 INDYMAC IMSC MORTGAGE LOAN TRUST 2007-
HOA1 VAR 25/04/2037
850,000 ING INVESTMENT MANAGEMENT CLO LTD FRN
15/10/2023
3,710,732
2,742,377
2,482,925
1,170,765
1,673,749
883,605
559,829
1,491,393
1,063,507
1,017,907
221,090
215,713
361,519
666,648
393,220
9,241,274
346,533
1,013,431
742,206
425,499
2,111,351
932,137
534,334
238,982
225,599
858,193
1,099,627
850,000
0.92
0.68
0.62
0.29
0.42
0.22
0.14
0.37
0.27
0.25
0.06
0.05
0.09
0.17
0.10
2.30
0.09
0.25
0.19
0.11
0.53
0.23
0.13
0.06
0.06
0.21
0.27
0.21
8,000,000 FNMA VAR 25/03/2038
2,040,000 FNMA 3% 01/03/2027
3,150,000 FNMA 3% 01/05/2027
1,005,000 FNMA 3.50% 01/01/2026
1,020,000 FNMA 3.50% 01/01/2026
360,000 FNMA 3.584% 01/09/2020
675,000 FNMA 3.665% 01/10/2020
1,570,000 FNMA 3.763% 12/01/2020
953,947 FNMA 3.794% 01/12/2020
55,000 FNMA 3.841% 01/09/2020
1,150,000 FNMA 4% 01/10/2041
520,000 FNMA 4.303% 01/07/2021
485,000 FNMA 4.50% 01/07/2041
905,000 FNMA 5.50% 01/12/2033
2,500,000 FREDDIE MAC FRN 15/07/2033
1,400,000 FREDDIE MAC 2.373% 25/05/2040
1,975,000 FREDDIE MAC 2.50% 01/11/2027
3,580,000 FREDDIE MAC 3% 01/01/2043
4,345,000 FREDDIE MAC 3% 01/11/2042
309,134
1,987,577
3,162,801
866,339
814,474
391,504
738,716
1,743,947
1,052,511
60,813
1,114,980
598,033
491,200
401,990
299,583
1,429,777
2,058,786
3,743,897
4,533,305
0.08
0.50
0.79
0.22
0.20
0.10
0.18
0.43
0.26
0.02
0.28
0.15
0.12
0.10
0.07
0.36
0.51
0.92
1.12
600,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION
FRN 25/06/2042
925,000 J P MORGAN CHASE COML MTG SECS 5.399%
15/05/2045
1,205,000 JP MORGAN CHASE COMMERCIAL MORTGAGE
SECURITIES VAR 15/02/2051
820,000 JP MORGAN CHASE COMMERCIAL MORTGAGE
2005-LDP5 VAR 15/12/2044
1,200,000 JP MORGAN MORTGAGE TRUST VAR 25/01/2037
710,000 JP MORGAN MORTGAGE TRUST VAR 25/07/2035
1,000,000 JP MORGAN MORTGAGE TRUST 5% 25/06/2021
3,160,000 LB UBS COMMERC MORTG 4.475% 15/10/2029
1,800,000 LEHMAN XS TRUST VAR 25/05/2046
1,250,000 MERRIL LYNCH MORTGAGE INVESTORS TRUST
FRN 25/08/2036
2,500,000 MERRILL LYNCH MTG BACKED SECS 2007-2 VAR
25/08/2036
845,000 MLCC MORTGAGE INVESTORS VAR 12/01/2044
650,000 MONT HGHR EDUC ASS STUD LN REV FRN
20/07/2043
548,305
1,064,728
1,109,580
915,692
616,149
229,566
169,585
1,144,838
730,303
1,196,126
865,934
945,055
606,535
0.14
0.27
0.28
0.23
0.15
0.06
0.04
0.29
0.18
0.30
0.22
0.24
0.15
The accompanying notes form an integral part of these financial statements
81

Bond US Opportunistic Core Plus
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
205,000 MORGAN STANLEY ABS CAPITAL I TR07-HQ13
3.224% PERPETUAL
221,428
0.06
2,700,000 WASHINGTON MUTUAL MORTGAGE SEC FRN
25/06/2037
1,114,278
0.28
165,000 MORGAN STANLEY ABS CAPITAL I TR07-HQ13
4.118% PERPETUAL
189,385
0.05
1,500,000 WELLS FARGO HOME EQUITY ASSET FRN
25/05/2036
84,646
0.02
380,000 MORGAN STANLEY CAPITAL I INC 4.89% 12/06/2047
190,000 MORGAN STANLEY CAPITAL I TRUST 2007-IQ15
VAR PERPETUAL
416,137
220,997
0.10
0.06
675,000 WFHET 2004-2 WELLS FRGO HOME 3.667%
15/11/2044
810,000 WFHET 2004-2 WELLS FRGO HOME 5% 25/05/2034
749,445
687,965
0.19
0.17
1,005,000 MORGAN STANLEY CAPITAL TRUST VAR 12/08/2041
2,700,000 MORTGAGEIT TRUST FRN 25/02/2035
370,000 NCUA GUARANTEED NOTES FRN 05/11/2020
740,000 NCUA GUARANTEED NOTES FRN 07/10/2020
340,000 NCUA GUARANTEED NOTES FRN 08/12/2020
280,000 NCUA GUARANTEED NOTES FRN 08/12/2020
740,000 NCUA GUARANTEED NOTES TRUST 2010 R2 FRN
06/11/2017
510,000 NCUA GUARANTEED NOTES VAR 06/02/2020
1,166,361
603,918
310,182
489,060
288,631
234,883
439,699
399,550
0.29
0.15
0.08
0.12
0.07
0.06
0.11
0.10
Governments
2,270,000 FANNIE MAE GUARANTD REMIC PTGH VAR
25/08/2022
1,625,000 FANNIE MAE GUARANTD REMIC PTGH VAR
25/10/2022
2,760,000 FANNIE MAE GUARANTD REMIC PTGH 6%
01/10/2040
405,000 FEDERAL HOME LOAN BANKS 3.974% 25/01/2021
6,236,707
2,376,607
1,699,867
1,693,809
466,424
1.56
0.60
0.42
0.42
0.12
800,000 NEPTUNE FINANCE CCS LTD FRN 20/04/2020
785,000
0.20
Oil Equipment, Services and Distribution
275,754
0.07
720,000 NEW CENTURY HOME EQUITY 2005 1 FRN
25/09/2035
800,000 OAK HILL CREDIT PARTN IV LTD FRN 20/11/2023
701,327
800,000
0.17
0.20
290,000 PANHANDLE EASTN PIPELINE CO FRN 01/10/2037
Warrants, Rights
275,754
-
0.07
0.00
830,000 PARK PLACE SECURITIES INC FRN 25/09/2035
2,000,000 PRIME MORTGAGE 5% 25/08/2034
5,080,000 PROVIDENT FUNDING MORTGAGE LAON TRUST
VAR 25/10/2035
3,160,000 RASC SERIES 2006 EMX1 TRUST FRN 25/01/2036
3,900,000 RESIDENTIAL ACCREDIT LOANS INC VAR
25/07/2035
775,000 SCHOLAR FUNDING TRUST VAR 28/03/2046
325,000 SLM STUDENT LOAN TRUST 2011-2 FRN 25/03/2025
600,000 SLM STUDENT LOAN TRUST 2011-2 FRN 25/10/2034
2,850,000 STRUCTURED ASSET SECURITIES CORP FRN
25/03/2035
208,786
204,025
800,152
314,498
987,832
748,514
333,703
618,408
519,196
0.05
Financial Services
0.05
525 HYPOTECARIA SU CASITA CERTIFICAT CLASS I
0.20
Share/Units of UCITS/UCIS
0.08
0.25
Share/Units in investment funds
Investment Fund
0.19
155,408 TCW EMERGING MARKETS INCOME OU
0.08
CAPITALISATION
0.15
0.13 Total securities portfolio
-
-
19,158,708
19,158,708
19,158,708
19,158,708
422,868,525
0.00
0.00
4.78
4.78
4.78
4.78
105.48
1,005,000 STRUCTURED ASSET SECURITIES CORP VAR
25/11/2033
297,661
0.07
1,050,000 TAL ADVANTAGE FRN 20/04/2021
343,852
0.09
250,000 TAL ADVANTAGE 4.31% 20/05/2026
213,273
0.05
475,000 TEXTAINER GROUP HOLDINGS LTD 4.70%
15/06/2026
411,402
0.10
1,000,000 TEXTAINER MARINE CONTAINERS LT FRN
15/05/2020
239,050
0.06
150,000 TRINITY RAIL LEASING IV LP 5.27% 14/08/2027
95,747
0.02
265,000 TRIP NAIL MASTER FUND 4.37% 15/07/2021
234,722
0.06
1,200,000 TRITON CONTAINER FIN FRN 26/02/2019
320,267
0.08
836,000 TRITON CONTAINER FIN FRN 26/11/2021
320,480
0.08
3,500,000 WAMU MGT PASSTHRU CERT06-AR7 VAR
25/07/2046
1,139,997
0.28
5,200,000 WAMU MORTGAGE PASS-THROUGH CER FRN
25/08/2045
935,438
0.23
4,000,000 WAMU MORTGAGE PASS-THROUGH CER FRN
25/11/2045
1,010,667
0.25
3,900,000 WAMU MORTGAGE PASS-THROUGH CER FRN
25/12/2045
764,678
0.19
4,200,000 WAMU MORTGAGE PASS-THROUGH CER VAR
25/01/2046
1,001,654
0.25
5,708,325 WAMU PASS TROUGH CERTIFICATE FRN
25/10/2045
1,230,747
0.31
The accompanying notes form an integral part of these financial statements
82

Bond Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
156,022,084
119.99
4,100,000 ITALY BTP 5% 01/09/2040
4,103,608
3.16
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
156,017,694
148,244,577
119.99
114.01
3,500,000 ITALY BTP 5.75% 01/02/2033
8,000,000 ITALY 3.50% 01/06/2014
5,000,000 ITALY 4.75% 01/06/2017
500,000 SNAM SPA 3.875% 19/03/2018
3,815,000
8,191,999
5,328,600
536,750
2.93
6.30
4.10
0.41
Austria
4,786,320
3.68
700,000 TELECOM ITALIA SPA 4.50% 20/09/2017
748,902
0.58
4,000,000 AUSTRIA 4.65% 15/01/2018
Belgium
4,786,320
8,483,950
3.68
6.52
500,000 TELECOM ITALIA SPA 8.25% 21/03/2016
600,000 UNICREDIT SPA 4.375% 11/09/2015
600,000 UNICREDIT SPA 6.95% 31/10/2022
591,805
632,526
626,184
0.46
0.49
0.48
1,500,000 BELGIUM 3.50% 28/03/2015
1,612,050
1.24
2,000,000 UNIONE DI BANCHE ITALIANE 3.75% 30/10/2015
2,045,440
1.57
4,000,000 BELGIUM 3.50% 28/06/2017
2,000,000 BELGIUM 4.25% 28/09/2022
Denmark
520,000 DONG ENERGY AS VAR PERPETUAL
France
4,486,400
2,385,500
583,544
583,544
18,651,612
3.45
1.83
0.45
0.45
14.34
Latvia
2,500,000 LATVIA 2.75% 12/01/2020
Luxembourg
1,000,000 SBERBANK LUX 5.40% 24/03/2017
1,200,000 VTB CAPITAL SA 6% 12/04/2017
1,878,641
1,878,641
1,816,684
830,962
985,722
1.44
1.44
1.40
0.64
0.76
400,000 BANQUE PSA FINANCE 3.625% 17/09/2013
1,000,000 BPCE SA VAR PERPETUAL
800,000 BPCE SA 2% 24/04/2018
500,000 CREDIT LOGEMENT SA VAR PERPETUAL
1,500,000 FRANCE OAT 3.25% 25/10/2021
3,000,000 FRANCE OAT 3.50% 25/04/2020 STRIPS
4,100,000 FRANCE OAT 3.75% 25/04/2017
3,000,000 FRANCE OAT 4.50% 25/04/2041
1,900 FRANCE OAT 4.75% 25/04/2035
371,380
1,179,710
816,360
277,680
1,681,395
3,442,290
4,660,470
3,875,850
2,496
0.29
0.91
0.63
0.21
1.29
2.65
3.57
2.98
0.00
Netherlands
300,000 ENEL FINANCE INTERNATIONAL NV 4.875%
17/04/2023
400,000 IBERDROLA INTERNATIONAL BV 4.50% 21/09/2017
400,000 KBC IFIMA NV 3.625% 07/03/2014
3,000,000 NETHERLANDS 2.50% 15/01/2017
700,000 TENNET HLD BV 4.50% 09/02/2022
Poland
5,254,574
315,333
436,732
412,040
3,260,640
829,829
2,270,268
4.04
0.24
0.34
0.32
2.50
0.64
1.75
1,850,000 LA MONDIALE VAR PERPETUAL
800,000 VINCI VAR PERPETUAL
Germany
300,000 ALLIANZ SE VAR 17/10/2042
1,000,000 GERMANY BUND 4% 04/01/2037
1,490,749
853,232
2,423,684
339,624
1,354,550
1.15
0.66
1.86
0.26
1.04
2,200,000 POLOGNE 3.375% 09/07/2024
Romania
1,300,000 ROMANIA 5.25% 17/06/2016
Slovenia
2,270,268
1,398,995
1,398,995
1,199,989
1.75
1.08
1.08
0.92
600,000 MUNCHENER RUCKVERSIC VAR 26/05/2042
729,510
0.56
1,500,000 SLOVENIA (REPUBLIC OF) 5.50% 26/10/2022
1,199,989
0.92
Guernsey
463,211
0.36
Spain
27,024,609
20.78
600,000 CREDIT SUISSE GROUP FINANCE 1.625%
06/03/2015
463,211
0.36
400,000 ABERTIS INFRAESTRUCTURAS 4.75% 25/10/2019
500,000 BANKINTER SA 3.875% 30/10/2015
423,004
508,090
0.33
0.39
Ireland
400,000 AIB MORTGAGE BANK 3.125% 04/12/2015
1,000,000 ALLIED IRISH BANKS PLC FRN 15/03/2013
1,500,000 BANK OF IRELAND MORTGAGE BANK 3.125%
20/11/2015
1,500,000 IRELAND 5.90% 18/10/2019
2,000,000 IRISH LIFE & PERMANENT 4% 10/03/2015
800,000 RZD CAPITAL LIMITED 5.70% 05/04/2022
7,081,562
407,368
757,039
1,526,865
1,646,325
2,050,500
693,465
5.45
0.31
0.58
1.17
1.27
1.59
0.53
500,000 BBVA SENIOR FINANCE SA UNIPERS 3% 22/08/2013
600,000 CAJA DE AHORROS BARCELONA 5.125% 27/04/2016
800,000 GAS NATURAL CAPITAL MARKETS SA 5.625%
09/02/2017
400,000 GAS NATURAL CAPITAL MARKETS SA 6%
27/01/2020
1,300,000 IBERDROLA FINANZAS SAU 4.75% 25/01/2016
1,600,000 INSTITUTO DE CREDITO OFICIAL 3.875% 20/05/2016
3,400,000 INSTITUTO DE CREDITO OFICIAL 4.875% 01/02/2018
502,735
632,202
899,040
458,104
1,404,273
1,593,520
3,458,582
0.39
0.49
0.69
0.35
1.08
1.23
2.66
Italy
600,000 ASSICURAZIONI GENERALI VAR 12/12/2042
1,000,000 BANCO POPOLARE 3.875% 31/03/2014
1,000,000 INTESA SANPAOLO SPA 4.375% 15/10/2019
1,700,000 ITALY BTP 4.50% 01/02/2020
3,000,000 ITALY BTP 4.75% 01/05/2017
3,200,000 ITALY BTP 4.75% 01/09/2021
1,500,000 ITALY BTP 5% 01/03/2022
39,191,888
638,862
1,019,830
1,030,880
1,766,436
3,198,390
3,336,576
1,580,100
30.15
0.49
0.78
0.79
1.36
2.46
2.57
1.22
4,000,000 SPAIN 3.15% 31/01/2016
4,000,000 SPAIN 3.75% 31/10/2015
3,000,000 SPAIN 3.80% 31/01/2017
1,400,000 SPAIN 4.25% 31/10/2016
1,000,000 SPAIN 5.50% 30/04/2021
2,500,000 SPAIN 6% 31/01/2029
1,000,000 TELEFONICA EMISIONES SAU FRN 04/02/2013
300,000 TELEFONICA SA 4.71% 20/01/2020
3,972,720
4,048,800
2,990,640
1,423,492
1,024,050
2,602,250
756,977
326,130
3.06
3.10
2.30
1.09
0.79
2.00
0.58
0.25
The accompanying notes form an integral part of these financial statements
83

Bond Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Sweden
542,877
0.42
Short positions
30,760
0.02
700,000 SWEDBANK AB 2.125% 29/09/2017
542,877
0.42
Derivative instruments
30,760
0.02
Switzerland
2,000,000 SWITZERLAND 4.25% 06/01/2014
1,732,101
1,732,101
1.33
1.33
Options
Germany
30,760
30,760
0.02
0.02
Turkey
3,798,089
2.92
-740 EURO SCHATZ - 110.60 - 22.02.13 PUT
29,600
0.02
4,000,000 TURKEY 6.25% 26/09/2022
3,798,089
2.92
-370 EURO SCHATZ - 110.70 - 22.02.13 PUT
1,160
0.00
Ukraine
2,829,512
2.18 Total securities portfolio
156,052,844
120.01
2,400,000 UKRAINE 7.65% 11/06/2013
1,838,502
1.42
1,200,000 UKRAINE 9.25% 24/07/2017
991,010
0.76
United Kingdom
16,832,467
12.94
700,000 COVENTRY BUILDING SOCIETY FRN 10/02/2015
882,280
0.68
1,000,000 CREDIT AGRICOLE SA LONDON BRANCH 5.50%
17/12/2021
1,399,938
1.08
1,300,000 UK GILT 4% 07/09/2016
1,803,796
1.39
3,900,000 UK GILT 4.25% 07/03/2036
5,873,561
4.51
1,700,000 UK GILT 4.25% 07/06/2032
2,584,163
1.98
800,000 UK GILT 4.25% 07/12/2046
1,205,869
0.93
1,000,000 UK GILT 4.25% PERPETUAL
1,529,774
1.18
990,391 UK GILT 4.50% 07/12/2042
1,553,086
1.19
Mortgage and asset backed securities
7,773,117
5.98
France
891,750
0.69
1,100,000 FCT GINKGO FRN 18/07/2038
891,750
0.69
Italy
996,229
0.77
1,000,000 SIENA MORTGAGES 07-5 S.P.A FRN 22/11/2070
996,229
0.77
Netherlands
2,236,239
1.72
1,000,000 ARENA 2011-I B.V. FRN 17/12/2042
1,016,842
0.78
1,300,000 HOLLAND MORTGAGE BACKED SERIES HERMES
XVIII BV FRN 18/09/2044
1,219,397
0.94
United Kingdom
3,648,899
2.80
600,000 ARKLE MASTER ISSUER PLC SERIE 2006-1X
CLASS 5A1 FRN 17/05/2060
615,695
0.47
800,000 BUMPER 3 FINANCE PLC VAR 20/06/2022
992,042
0.76
600,000 FOSSE MASTER ISSUER PLC FRN 18/10/2054
465,041
0.36
1,000,000 HOMES MASTER ISSUER FRN 15/10/2054
1,022,630
0.78
700,000 SILVERSTONE MASTER FRN 21/01/2055
553,491
0.43
Derivative instruments
4,390
0.00
Options
4,390
0.00
Germany
4,390
0.00
370 EURO SCHATZ - 110.90 - 22.02.13 PUT
4,390
0.00
The accompanying notes form an integral part of these financial statements
84

Bond Global Aggregate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
760,962,606
110.69
1,600,000 BANQUE PSA FINANCE 4.875% 25/09/2015
2,217,907
0.32
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
688,657,017
635,365,846
100.17
92.42
3,000,000 BNP PARIBAS FRN 20/12/2014
500,000 BNP PARIBAS VAR PERPETUAL
1,500,000 BNP PARIBAS 2.375% 14/09/2017
1,000,000 BPCE SA VAR PERPETUAL
3,114,270
676,168
1,523,670
564,170
0.45
0.10
0.22
0.08
Australia
2,600,455
0.38
3,300,000 BPCE SA 2% 24/04/2018
4,439,692
0.65
1,600,000 BHP BILLITON FINANCE LIMITED 3.25% 25/09/2024
Austria
2,600,455
1,467,142
0.38
0.21
2,000,000 BPCE SA 2.375% 04/10/2013
1,000,000 BPCE SA 9.25% PERPETUAL
1,400,000 CNP ASSURANCES VAR PERPETUAL
2,021,380
1,393,391
1,578,974
0.29
0.20
0.23
1,000,000 OMV AG VAR PERPETUAL
Belgium
1,467,142
9,166,096
0.21
1.33
21,000,000 CREDIT AGRICOLE CIB 0% 02/01/2013
4,200,000 CREDIT AGRICOLE SA 1.875% 18/10/2017
1,500,000 CREDIT LOGEMENT SA VAR PERPETUAL
27,686,093
5,622,111
1,098,280
4.04
0.82
0.16
4,650,000 FORTIS BANK NV VAR PERPETUAL
1,700,000 FORTIS BANK NV 5.757% 04/10/2017
600,000 FORTIS BANK SA NV FRN 14/02/2018
Bermuda
5,857,015
2,528,388
780,693
2,502,450
0.85
0.37
0.11
0.36
900,000 CREDIT LOGEMENT SA 5.454% 16/02/2021
2,000,000 GDF SUEZ 3% 01/02/2023
1,500,000 ILIAD 4.875% 01/06/2016
5,140,000 LA MONDIALE VAR PERPETUAL
1,750,000 NATIXIS BANQUES POPULAIRES VAR PERPETUAL
1,326,800
2,776,603
2,129,579
5,460,633
1,921,113
0.19
0.40
0.31
0.79
0.28
2,500,000 QTEL INTERNATIONAL FINANCE LTD 3.25%
21/02/2023
2,502,450
0.36
2,500,000 NATIXIS BANQUES POPULAIRES VAR 15/01/2019
1,300,000 NEXANS 4.25% 19/03/2018
2,229,225
1,729,825
0.32
0.25
Brazil
2,200,000 BANCO DO BRASIL SA GRAND CAYMAN BRANCH
3.875% 10/10/2022
1,000,000 BANCO SANTANDER BRASIL SA 4.625% 13/02/2017
3,278,260
2,217,820
1,060,440
0.48
0.33
0.15
3,500,000 RENAULT CI BANQUE 4.60% 12/04/2016
2,000,000 SAINT GOBAIN (CIE) 3.625% 15/06/2021
3,500,000 SOCIETE GENERALE VAR PERPETUAL
2,865,000 SOCIETE GENERALE 2.20% 14/09/2013
1,700,000 SOCIETE GENERALE 2.375% 28/02/2018
3,687,740
2,739,767
3,498,670
2,886,917
2,328,264
0.54
0.40
0.51
0.42
0.34
British Virgin Islands
1,555,215
0.23
2,200,000 SOCIETE GENERALE 2.75% 12/10/2017
2,232,142
0.32
1,500,000 CNPC GENERAL CAPITAL LTD 2.75% 19/04/2017
Bulgaria
3,500,000 BULGARIA 4.25% 09/07/2017
Cayman Islands
1,900,000 HUTCHISON WHAMPOA INTERNATIONAL LTD 2%
08/11/2017
1,000,000 IPIC GMTN LTD 2.375% 30/05/2018
1,000,000 IPIC GMTN LTD 3.625% 30/05/2023
1,555,215
5,034,633
5,034,633
8,998,439
1,902,850
1,355,394
1,372,903
0.23
0.73
0.73
1.31
0.27
0.20
0.20
800,000 SUEZ VAR PERPETUAL
1,800,000 WENDEL INVESTISSEMEN 5.875% 17/09/2019
Germany
1,700,000 ALLIANZ SE VAR 17/10/2042
1,500,000 ENBW ENERGIE BADEN-WUERTTEMBER VAR
PERPETUAL
India
3,000,000 AXIS BANK LTD 5.125% 05/09/2017
1,077,955
2,565,082
4,750,579
2,537,308
2,213,271
3,169,560
3,169,560
0.16
0.37
0.69
0.37
0.32
0.46
0.46
1,500,000 ODEBRECHT FINANCE LTD 5.125% 26/06/2022
1,632,150
0.24
Ireland
43,732,822
6.36
1,000,000 ODEBRECHT FINANCE LTD 7.125% 26/06/2042
1,400,000 PETROBRAS INTERNATL FINANCE 5.375%
27/01/2021
Chile
1,158,840
1,576,302
1,719,414
0.17
0.23
0.25
1,600,000 AIB MORTGAGE BANK 3.125% 04/12/2015
4,000,000 ALLIED IRISH BANKS PLC FRN 15/03/2013
1,000,000 BORD GAIS EIREANN 3.625% 04/12/2017
1,500,000 CLOVERLIE PLC VAR 01/09/2042
2,148,296
3,992,320
1,385,797
2,400,668
0.31
0.58
0.20
0.35
1,700,000 CORPORACION NACIONAL DEL COBRE 3%
17/07/2022
1,719,414
0.25
1,100,000 ESB FINANCE 4.375% 21/11/2019
2,200,000 FGA CAPITAL IRELAND PLC 4% 28/03/2013
1,540,024
2,883,048
0.22
0.42
Cyprus
1,551,975
0.23
5,000,000 FGA CAPITAL IRELAND PLC 4.375% 18/09/2014
2,600,000 FGA CAPITAL IRELAND PLC 5.25% 28/02/2014
6,758,909
3,525,808
0.98
0.51
1,500,000 ALFA MTN INVEST LIMITED 9.25% 24/06/2013
1,551,975
0.23
10,000,000 GAZPROMBANK 0% 27/06/2013
9,862,489
1.44
Denmark
2,300,000 DONG ENERGY AS VAR PERPETUAL
3,375,973
3,375,973
0.49
0.49
150,000,000 GPB EUROBOND FINANCE PLC 8.617% 15/12/2015
800,000 NARA CABLE FUNDING LTD 8.875% 01/12/2018
3,000,000 RZD CAPITAL LIMITED 5.70% 05/04/2022
4,997,805
809,168
3,428,490
0.73
0.12
0.50
France
98,373,001
14.31
Italy
83,320,665
12.12
1,000,000 AXA SA VAR PERPETUAL
2,100,000 AXA SA VAR PERPETUAL
1,550,000 AXA SA VAR PERPETUAL
2,000,000 BANQUE PSA FINANCE 3.625% 17/09/2013
653,755
2,738,932
2,005,756
2,448,137
0.10
0.40
0.29
0.36
2,000,000 ASSICURAZIONI GENERALI VAR 12/12/2042
3,500,000 INTESA SANPAOLO SPA FRN 24/02/2014
550,000 INTESA SANPAOLO SPA VAR 28/05/2018
2,316,000 INTESA SANPAOLO SPA 4% 09/11/2017
2,807,586
3,507,770
668,691
3,162,543
0.41
0.51
0.10
0.46
The accompanying notes form an integral part of these financial statements
85

Bond Global Aggregate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
2,900,000 INTESA SANPAOLO SPA 4.375% 15/10/2019
3,941,425
0.57
800,000 TENNET HLD BV 4.50% 09/02/2022
1,250,339
0.18
2,100,000 INTESA SANPAOLO SPA 4.875% 10/07/2015
2,930,135
0.43
1,700,000 TENNET HLD BV 6.655% PERPETUAL
2,427,665
0.35
3,000,000 ITALY BTP 3.75% 15/12/2013
5,000,000 ITALY 3.50% 01/06/2014
20,000,000 ITALY 3.50% 01/11/2017
4,041,621
6,750,208
26,640,910
0.59
0.98
3.87
Peru
1,150,000 BANCO DE CREDITO DEL PERU 4.75% 16/03/2016
1,222,335
1,222,335
0.18
0.18
920,000 LOTTOMATICA SPA VAR PERPETUAL
700,000 TELECOM ITALIA SPA 4% 21/01/2020
2,100,000 TELECOM ITALIA SPA 4.50% 20/09/2017
1,275,843
937,406
2,962,057
0.19
0.14
0.43
Poland
5,000,000 POLOGNE 3.375% 09/07/2024
6,802,548
6,802,548
0.99
0.99
2,000,000 UNICREDIT SPA VAR 22/09/2019
1,400,000 UNICREDIT SPA 4.375% 11/09/2015
6,000,000 UNICREDIT SPA 6.95% 31/10/2022
2,517,247
1,945,819
8,255,610
0.37
0.28
1.19
Portugal
7,000,000 BANCO ESPIRITO SANTO 5.875% 09/11/2015
9,494,866
9,494,866
1.38
1.38
2,100,000 UNICREDIT SPA 6.95% 31/10/2022
2,885,670
0.42
Romania
12,684,006
1.85
6,000,000 UNIONE DI BANCHE ITALIANE 3.75% 30/10/2015
8,090,124
1.18
35,000,000 ROMANIA 5.80% 26/10/2015
10,287,346
1.50
Japan
1,048,830
0.15
4,000,000 ROMANIA 6% 30/04/2016
1,176,230
0.17
1,000,000 NOMURA HOLDINGS INC 4.125% 19/01/2016
1,048,830
0.15
1,000,000 ROMANIA 6.75% 07/02/2022
1,220,430
0.18
Jersey
1,828,335
0.27
Russia
13,566,185
1.97
1,000,000 BAA FUNDING LIMITED 6% 20/03/2020
Latvia
2,500,000 LATVIA 2.75% 12/01/2020
Luxembourg
1,828,335
2,476,800
2,476,800
41,701,820
0.27
0.36
0.36
6.07
100,000,000 RUSSIA 7.35% 20/01/2016
300,000,000 RUSSIA 7.40% 14/06/2017
Singapore
1,900,000 CAPITAMALL TRUST MTN PTE LTD 3.731%
21/03/2018
3,370,530
10,195,655
7,635,073
2,024,868
0.49
1.48
1.11
0.30
500,000 ENEL FINANCE INTERNATIONAL SA 6.25%
15/09/2017
2,500,000 KUZNETSKI CAPITAL 7.335% 13/05/2013
6,200,000 RSHB CAPITAL SA 5.298% 27/12/2017
3,000,000 SBERBANK SB CAP SA 5.125% 29/10/2022
557,455
2,550,375
6,673,804
3,056,220
0.08
0.37
0.97
0.44
1,000,000 CAPITAMALL TRUST MTN PTE LTD 4.321%
08/04/2015
1,300,000 DBS BANK LTD 3.625% 21/09/2022
1,700,000 OVERSEA-CHINESE BANKING VAR 11/03/2023
1,500,000 TEMASEK FINANCIAL (I) LIMITED 3.375% 23/07/2042
1,056,180
1,369,017
1,739,083
1,445,925
0.15
0.20
0.25
0.21
3,800,000 SBERBANK SB CAP SA 6.125% 07/02/2022
4,349,556
0.63
Slovakia
1,199,297
0.17
1,000,000 TELECOMITALIA FINANCE 4.95% 30/09/2014
6,000,000 TELECOMITALIA FINANCE 5.25% 15/11/2013
3,000,000 VIP FINANCE 8.375% 30/04/2013
1,048,420
6,172,440
3,068,160
0.15
0.90
0.45
1,100,000 SLOVAKIA 4.375% 21/05/2022
Slovenia
1,199,297
6,750,144
0.17
0.98
8,000,000 VTB CAPITAL SA 6% 12/04/2017
5,000,000 VTB CAPITAL SA 6.551% 13/10/2020
Mexico
300,000 MEXICO 8.50% 18/11/2038
8,663,840
5,561,550
2,922,908
2,922,908
1.27
0.81
0.43
0.43
6,400,000 SLOVENIA (REPUBLIC OF) 5.50% 26/10/2022
Spain
3,000,000 ABERTIS INFRAESTRUCTURAS 4.75% 25/10/2019
2,200,000 BANKINTER SA 3.875% 30/10/2015
6,750,144
111,281,120
4,182,664
2,947,410
0.98
16.19
0.61
0.43
Netherlands
250,000 EDP FINANCE BV 3.75% 22/06/2015
900,000 EDP FINANCE BV 5.75% 21/09/2017
1,600,000 ENEL FINANCE INTERNATIONAL NV 4.875%
17/04/2023
5,000,000 GENERALI FINANCE BV VAR PERPETUAL
900,000 HIT FINANCE BV 5.75% 09/03/2018
2,000,000 IBERDROLA INTERNATIONAL BV 4.25% 11/10/2018
2,000,000 IBERDROLA INTERNATIONAL BV 4.50% 21/09/2017
29,906,925
333,423
1,272,467
2,217,253
5,701,552
1,326,052
2,858,898
2,878,937
4.35
0.05
0.19
0.32
0.84
0.19
0.42
0.42
2,000,000 BBVA BILBAO VISCAYA ARGENTINA 4.25%
29/01/2013
2,500,000 BBVA SENIOR FINANCE SA UNIPERS 3% 22/08/2013
700,000 GAS NATURAL CAPITAL MARKETS SA 5.625%
09/02/2017
2,000,000 GAS NATURAL CAPITAL MARKETS SA 6%
27/01/2020
10,000,000 INSTITUTO DE CREDITO OFICIAL 4.875% 01/02/2018
9,000,000 SANTANDER INTERNATIONAL DEBT SA 4.375%
04/09/2014
2,641,098
3,314,029
1,037,133
3,019,822
13,411,159
12,156,545
0.38
0.48
0.15
0.44
1.96
1.77
1,385,000 OI EUROPEAN 6.75% 15/09/2020
1,040,000 RED ELECTRICA ESPANA FINANCE 4.75%
18/09/2013
2,081,713
1,404,592
0.30
0.20
3,000,000 SANTANDER INTERNATIONAL DEBT SA 4.625%
21/03/2016
10,000,000 SPAIN 2.30% 30/04/2013
4,136,032
13,226,189
0.60
1.92
1,700,000 REPSOL INTERNATIONAL FINANCE BV 4.375%
20/02/2018
2,000,000 REPSOL INTERNATIONAL FINANCE BV 5%
22/07/2013
731,000 SNS BANK ND 6.625% 30/11/2016
2,415,876
2,686,504
1,051,654
0.35
0.39
0.15
10,000,000 SPAIN 2.50% 31/10/2013
10,000,000 SPAIN 4.20% 30/07/2013
10,000,000 SPAIN 6.15% 31/01/2013
3,700,000 TELEFONICA EMISIONES SAU FRN 04/02/2013
500,000 TELEFONICA EMISIONES SAU 5.134% 27/04/2020
13,218,938
13,367,916
13,238,713
3,692,600
526,765
1.92
1.94
1.93
0.54
0.08
The accompanying notes form an integral part of these financial statements
86

Bond Global Aggregate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
4,000,000 TELEFONICA SA 4.71% 20/01/2020
5,732,931
0.83
4,000,000 SG CAPITAL TRUST III VAR PERPETUAL
5,061,338
0.74
1,000,000 TELEFONICA SA 4.75% 07/02/2017
1,431,176
0.21
1,000,000 TIME WARNER CABLE INC 4.50% 15/09/2042
982,490
0.14
Sweden
900,000 PGNIG FINANCE AB 4% 14/02/2017
2,700,000 SKANDINAVISKA ENSKILDA BANKEN 1.875%
14/11/2019
4,839,219
1,242,376
3,596,843
0.70
0.18
0.52
4,000,000 USA T-BONDS 3.75% 15/08/2041
6,000,000 USA T-BONDS 4.25% 15/11/2040
Mortgage and asset backed securities
France
4,686,250
7,638,282
53,291,171
18,064,821
0.68
1.11
7.75
2.62
Turkey
5,000,000 AKBANK TAS 3.875% 24/10/2017
3,500,000 TURKEY 7.50% 24/09/2014
7,150,453
5,142,450
2,008,003
1.04
0.75
0.29
4,000,000 AUTO ABS 2012-1 CL.A FCT FRN 25/07/2026
3,100,000 AUTONORIA FRN 25/02/2029
3,500,000 CARS ALLIANCE AUTO LOAN F FCC FRN 25/02/2024
3,800,000 FCT GINKGO FRN 18/07/2038
5,297,331
4,090,718
4,615,323
4,061,449
0.76
0.60
0.67
0.59
Ukraine
3,029,850
0.44
Ireland
3,296,000
0.48
3,000,000 UKRAINE 7.65% 11/06/2013
3,029,850
0.44
2,500,000 BILKREDITT 1 LIMITED VAR 26/04/2027
3,296,000
0.48
United Arab Emirates
6,376,762
0.93
Italy
3,200,351
0.47
6,200,000 TAQA ABU DHABI NATIONAL ENERGY COMPAGNY
3.625% 12/01/2023
United Kingdom
1,000,000 ABBEY NATIONAL TREASURY FRN 28/08/2013
1,500,000 ABBEY NATIONAL TREASURY SERVICES 4.125%
03/03/2014
1,000,000 AVIVA PLC VAR PERPETUAL
1,000,000 AVIVA PLC VAR 22/05/2038
2,000,000 BARCLAYS BANK PLC LONDON 6% 14/01/2021
6,376,762
31,482,801
1,330,371
2,048,774
1,288,235
1,441,578
2,992,241
0.93
4.58
0.19
0.30
0.19
0.21
0.44
1,000,000 CLARF 2011-1 A2 VAR 28/11/2060
1,500,000 SIENA MORTGAGES 07-5 S.P.A FRN 22/11/2070
Netherlands
1,300,000 ARENA 2011-I B.V. FRN 17/12/2042
6,000,000 GLOBALDRIVE ABS 0% 20/10/2020
3,000,000 HOLLAND MORTGAGE BACKED SERIES HERMES
XVIII BV FRN 18/09/2044
1,000,000 STICHTING HOLLANDE III FRN 20/03/2083
1,230,209
1,970,142
14,130,829
1,742,785
7,756,613
3,709,971
921,460
0.18
0.29
2.06
0.25
1.14
0.54
0.13
3,000,000 LLOYDS TSB BANK PLC 6.50% 24/03/2020
4,530,682
0.66
United Kingdom
14,599,170
2.12
2,200,000 SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
1,500,000 STANDARD CHARTERED PLC VAR 12/07/2022
5,850,000 UK GILT 4.25% 07/03/2036
1,000,000 VIRGIN MEDIA SECURED FINANCE PLC 5.50%
15/01/2021
600,000 WPP FINANCE 2010 3.625% 07/09/2022
United States of America
1,000,000 ALTRIA GROUP INC 2.85% 09/08/2022
1,000,000 ALTRIA GROUP INC 4.25% 09/08/2042
2,000,000 BANK OF AMERICA CORP VAR 06/05/2019
2,269,806
1,535,955
11,615,553
1,827,230
602,376
57,368,890
990,630
977,300
2,570,643
0.33
0.22
1.68
0.27
0.09
8.34
0.14
0.14
0.37
900,000 ARKLE MASTER ISSUER PLC SERIE 2006-1X
CLASS 5A1 FRN 17/05/2060
1,000,000 BUMPER 3 FINANCE PLC VAR 20/06/2022
1,000,000 FOSSE MASTER ISSUER PLC FRN 18/10/2054
1,200,000 GRACECHURCH MRTG FINANCING FRN 20/11/2056
1,200,000 HOMES MASTER ISSUER FRN 15/10/2054
2,100,000 PARAGON MORTGAGE N 8 PLC FRN 08/04/2040
1,000,000 PERMANENT MASTER ISSUER 2010 1 FRN
15/07/2042
800,000 SILVERSTONE MASTER FRN 21/01/2055
1,600,000 TURBO FINANCE PLC VAR 20/11/2019
1,217,598
1,634,885
1,021,851
1,222,200
1,617,883
3,429,270
1,019,500
833,968
2,602,015
0.18
0.24
0.15
0.18
0.24
0.49
0.15
0.12
0.37
1,500,000 BANK OF AMERICA CORP 5.125% 26/09/2014
2,000,000 BNP PARIBAS CAPITAL TRUST VI VAR PERPETUAL
700,000 CENTURYLINK INC 7.65% 15/03/2042
1,219,000 CITIGROUP INC 4% 26/11/2015
2,112,749
2,644,420
736,603
1,740,071
0.31
0.38
0.11
0.25
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
57,869,428
57,869,428
9,334,818
8.42
8.42
1.36
1,900,000 GOLDMAN SACHS GROUP INC 3.30% 03/05/2015
2,200,000 HYUNDAI CAPITAL AMERICA INC 2.125% 02/10/2017
1,500,000 JP MORGAN CHASE AND C 3.45% 01/03/2016
3,000,000 JP MORGAN CHASE AND CO 1.875% 21/11/2019
1,980,218
2,219,602
1,597,395
3,971,614
0.29
0.32
0.23
0.58
65 AMUNDI OBLIG EMERGENTS I
400 MONETAIRE BIO AMUNDI
Luxembourg
3,112,387
6,222,431
48,534,610
0.45
0.91
7.06
3,000,000 JP MORGAN CHASE AND CO 2% 15/08/2017
1,600,000 KINDER MORGAN ENERGY 3.45% 15/02/2023
2,300,000 MERRILL LYNCH AND CO 6.75% 21/05/2013
2,200,000 MICROSOFT CORP 2.125% 15/11/2022
3,064,080
1,653,072
2,951,539
2,177,362
0.45
0.24
0.43
0.32
5,684 AMUNDI FDS EMERG MKTS DEBT IC
3,747 AMUNDI FDS GBL CORPORATE BD IU
25,420 AMUNDI FUNDS BOND GLOBAL EMERGING CORP
IU-C
11,987,791
5,300,373
31,246,446
1.74
0.77
4.55
2,000,000 MORGAN STANLEY AND CO INC 3.75% 21/09/2017
2,813,993
0.41
1,000,000 MORGAN STANLEY 10.09% 03/05/2017
529,909
0.08
1,000,000 MORGAN STANLEY 4.75% 01/04/2014
1,034,990
0.15
1,000,000 MORGAN STANLEY 5.625% 23/09/2019
1,129,120
0.16
1,300,000 PEPSICO INC 2.50% 01/11/2022
2,105,220
0.31
The accompanying notes form an integral part of these financial statements
87

Bond Global Aggregate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
Derivative instruments
Options
Luxembourg
188,000,000 AUD(P)/USD(C)OTC - 0.95 - 20.12.13 PUT
120,000,000 EUR(C)/USD(P)OTC - 1.31 - 21.01.13 CALL
180,000,000 EUR(C)/USD(P)OTC - 1.33 - 21.01.13 CALL
53,000,000 EUR(P)/PLN(C)OTC - 4.05 - 11.02.13 PUT
220,000,000 EUR(P)/USD(C)OTC - 1.21 - 10.01.13 PUT
110,000,000 EUR(P)/USD(C)OTC - 1.245 - 10.01.13 PUT
152,000,000 NZD(P)/USD(C)OTC - 0.75 - 20.12.13 PUT
80,000,000 NZD(P)/USD(C)OTC - 0.78 - 04.01.13 PUT
70,000,000 USD(C)/CAD(P)OTC - 1.00 - 10.01.13 CALL
130,000,000 USD(C)/JPY(P)OTC - 85.00 - 11.07.13 CALL
60,000,000 USD(P)/CNY(C)OTC - 5.80 - 17.04.13 PUT
60,000,000 USD(P)/CNY(C)OTC - 6.20 - 17.04.13 PUT
3,000,000 USD(P)/RUB(C)OTC - 29.55 - 15.03.13 PUT
55,000,000 USD(P)/SGD(C)OTC - 1.15 - 18.01.13 PUT
2,250,000 USD(P)/TRY(C)OTC - 1.70 - 04.09.13 PUT
United States of America
2,000 10YR US TREASRY NOTE - 130.50 - 25.01.13 PUT
Short positions
USD
14,436,161
14,436,161
14,217,401
3,396,133
1,814,782
999,879
247,729
3
463
2,407,695
1
141,573
4,212,000
1
42,766
768,750
1
185,625
218,760
218,760
-10,778,832
2.10
2.10
2.07
0.49
0.26
0.15
0.04
0.00
0.00
0.35
0.00
0.02
0.61
0.00
0.01
0.11
0.00
0.03
0.03
0.03
-1.57
Derivative instruments
Options
Luxembourg
-376,000,000 AUD(P)/USD(C)OTC - 0.85 - 20.12.13 PUT
-120,000,000 EUR(C)/USD(P)OTC - 1.31 - 21.01.13 CALL
-180,000,000 EUR(C)/USD(P)OTC - 1.34 - 21.01.13 CALL
-220,000,000 EUR(P)/USD(C)OTC - 1.21 - 10.01.13 PUT
-110,000,000 EUR(P)/USD(C)OTC - 1.245 - 10.01.13 PUT
-304,000,000 NZD(P)/USD(C)OTC - 0.68 - 20.12.13 PUT
-160,000,000 NZD(P)/USD(C)OTC - 0.75 - 04.01.13 PUT
-140,000,000 USD(C)/CAD(P)OTC - 1.02 - 10.01.13 CALL
-260,000,000 USD(C)/JPY(P)OTC - 90.00 - 10.10.13 CALL
-120,000,000 USD(P)/CNY(C)OTC - 6.00 - 17.04.13 PUT
Total securities portfolio
-10,778,832
-10,778,832
-10,778,832
-2,576,377
-1,814,782
-425,868
-3
-463
-2,086,670
-1
-21
-3,874,000
-647
750,183,774
-1.57
-1.57
-1.57
-0.38
-0.26
-0.06
0.00
0.00
-0.30
0.00
0.00
-0.57
0.00
109.12
The accompanying notes form an integral part of these financial statements
88

Bond Global
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
529,256,074
121.42
1,000,000 GERMANY BUND 4.75% 04/07/2034
1,927,699
0.43
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
Australia
1,600,000 BHP BILLITON FINANCE LIMITED 3.25% 25/09/2024
Austria
5,000,000 AUSTRIA 3.80% 20/10/2013
510,096,881
500,108,871
2,600,455
2,600,455
6,786,662
6,786,662
117.03
114.74
0.60
0.60
1.56
1.56
100,000,000 LANDWIRTSCHAFTLICHE RENTENBANK 1.375%
25/04/2013
Hong Kong (China)
2,000,000 STANDARD CHARTERED BANK HKG 5.875%
24/06/2020
Ireland
1,400,000 AIB MORTGAGE BANK 3.125% 04/12/2015
1,500,000 ALLIED IRISH BANKS PLC FRN 15/03/2013
1,160,851
2,288,320
2,288,320
12,125,784
1,879,759
1,497,120
0.27
0.52
0.52
2.78
0.43
0.34
Belgium
1,300,000 AHNEUSER-BUSH INBEV 2.875% 25/09/2024
200,000 BELGIUM 3.25% 28/09/2016
10,000,000 BELGIUM 3.75% 28/09/2015
16,701,133
1,784,756
290,647
14,449,664
3.83
0.41
0.07
3.31
2,200,000 BANK OF IRELAND MORTGAGE BANK 3.125%
20/11/2015
4,000,000 IRELAND 5.50% 18/10/2017
Italy
2,952,428
5,796,477
105,265,633
0.68
1.33
24.16
100,000 BELGIUM 5% 28/03/2035
176,066
0.04
1,100,000 INTESA SANPAOLO SPA 4.875% 10/07/2015
1,534,833
0.35
Canada
2,000,000 CANADA 8% 01/06/2023
800,000 XSTRATA FINANCE CANADA LTD 2.45% 25/10/2017
3,981,259
3,171,411
809,848
0.91
0.72
0.19
500,000 ITALY BTP 2.125% 16/09/2013
17,000,000 ITALY BTP 4.75% 01/05/2017
12,000,000 ITALY BTP 4.75% 15/09/2016
1,000,000 ITALY BTP 5.25% 20/09/2016
503,420
23,894,958
16,938,540
1,067,050
0.12
5.48
3.89
0.24
Cayman Islands
700,000 IPIC GMTN LTD 2.375% 30/05/2018
500,000 IPIC GMTN LTD 3.625% 30/05/2023
1,635,227
948,776
686,451
0.38
0.22
0.16
6,000,000 ITALY BTP 6.50% 01/11/2027
30,000,000 ITALY 2.50% 01/03/2015
5,000,000 ITALY 3.50% 01/06/2014
1,530,000 LOTTOMATICA SPA VAR PERPETUAL
9,215,853
39,853,781
6,750,208
2,121,782
2.11
9.15
1.55
0.49
Denmark
2,950,922
0.68
2,400,000 TELECOM ITALIA SPA 4.50% 20/09/2017
3,385,208
0.78
2,000,000 DONG ENERGY AS VAR PERPETUAL
2,950,922
0.68
Ivory Coast
9,654,618
2.21
France
71,221,760
16.35
6,900,000 AFRICAN DEVELOPMENT BANK 7.375% 06/04/2023
9,654,618
2.21
2,800,000 AREVA 4.875% 23/09/2024
4,042,953
0.93
Japan
5,076,669
1.16
2,000,000 AXA SA VAR PERPETUAL
6,500,000 AXA SA VAR 16/04/2040
1,000,000 BNP PARIBAS VAR PERPETUAL
1,500,000 BNP PARIBAS 2.375% 14/09/2017
2,588,072
8,990,452
1,352,336
1,523,670
0.59
2.07
0.31
0.35
200,000,000 JAPAN EXPRESSWAY HOLDING 2.87% 20/12/2046
2,500,000 NOMURA HOLDINGS INC 4.125% 19/01/2016
Luxembourg
2,466,894
2,609,775
20,062,656
0.57
0.59
4.60
2,700,000 CNP ASSURANCES VAR PERPETUAL
2,500,000 CNP ASSURANCES VAR 14/09/2040
650,000 CREDIT LOGEMENT SA VAR PERPETUAL
3,045,164
3,371,511
475,921
0.70
0.77
0.11
3,000,000 ARCELORMITTAL SA 7% 15/10/2039
25,000,000 EUROPEAN INVESTMENT BANK (EIB) 1.90%
26/01/2026
2,817,180
304,525
0.65
0.07
3,100,000 CREDIT LOGEMENT SA 5.454% 16/02/2021
4,878,000 CSE NAT.CSES EPAR.PREVOYANCE VAR
PERPETUAL
4,570,087
5,337,473
1.05
1.22
650,000,000 EUROPEAN INVESTMENT BANK (EIB) 2.15%
18/01/2027
1,000,000 SES GLOBAL SA 4.75% 11/03/2021
8,091,002
1,560,023
1.85
0.36
990,918 FRANCE OAT 0% 25/04/2016 STRIPS
1,294,682
0.30
1,250,000 TELECOM ITALIA FINANCE SA 7.75% 24/01/2033
1,912,076
0.44
3,350,000 FRANCE OAT 0% 25/04/2023 STRIPS
3,507,254
0.80
5,000,000 VTB CAPITAL SA 6.25% 30/06/2035
5,377,850
1.23
4,000,000 FRANCE OAT 4.50% 25/04/2041
1,000,000 IXIS CORPORATE & INVESTMENT BK VAR
24/07/2018
6,813,228
1,275,464
1.56
0.29
Mexico
3,000,000 AMERICA MOVIL SAB DE CV 3% 12/07/2021
4,166,843
4,166,843
0.96
0.96
7,500,000 LA MONDIALE VAR PERPETUAL
2,000,000 NATIXIS VAR 14/05/2019
1,000,000 PEUGEOT SA 8.375% 15/07/2014
2,000,000 SCHNEIDER ELECTRIC S 2.95% 27/09/2022
2,500,000 SOCIETE GENERALE VAR 20/10/2014
3,000,000 SUEZ VAR PERPETUAL
1,750,000 VINCI VAR PERPETUAL
Germany
7,967,849
2,531,518
1,423,173
2,011,900
2,595,999
4,042,333
2,460,721
3,244,115
1.84
0.58
0.33
0.46
0.60
0.93
0.56
0.74
Netherlands
1,000,000 ABN AMRO BANK NV 6.375% 27/04/2021
800,000 IBERDROLA INTERNATIONAL BV 4.50% 21/09/2017
76,891 NETHERLANDS 7.50% 15/01/2023
1,000,000 NOMURA EUROPE FINANCE NV 5.125% 09/12/2014
1,400,000 REPSOL INTERNATIONAL FINANCE BV 4.375%
20/02/2018
6,210,932
1,509,410
1,151,575
157,625
1,402,778
1,989,544
1.42
0.35
0.26
0.04
0.32
0.45
85,005 GERMANY BUND 4.75% 04/07/2028
155,565
0.04
The accompanying notes form an integral part of these financial statements
89

Bond Global
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Singapore
4,000,000 CAPITAMALL TRUST MTN PTE LTD 4.321%
08/04/2015
4,000,000 TEMASEK FINANCIAL (I) LIMITED 5.375% 23/11/2039
Spain
2,000,000 ABERTIS INFRAESTRUCTURAS 4.75% 25/10/2019
2,500,000 GAS NATURAL CAPITAL MARKETS SA 4.125%
26/01/2018
300,000 GAS NATURAL CAPITAL MARKETS SA 5%
13/02/2018
1,200,000 IBERDROLA FINANZAS SAU 4.75% 25/01/2016
3,000,000 INSTITUTO DE CREDITO OFICIAL 4.50% 17/03/2016
5,000,000 INSTITUTO DE CREDITO OFICIAL 4.875% 01/02/2018
7,600,000 SANTANDER INTERNATIONAL DEBT SA 4.375%
04/09/2014
480,810 SPAIN 0% 31/01/2013 STRIPS
7,000,000 SPAIN 3.15% 31/01/2016
2,300,000 SPAIN 5.75% 30/07/2032
3,600,000 TELEFONICA SA 4.75% 07/02/2017
Sweden
4,000,000 NORDEA BANK AB 4.25% 21/09/2022
900,000 PGNIG FINANCE AB 4% 14/02/2017
2,100,000 SWEDBANK AB 2.125% 29/09/2017
United Kingdom
3,450,000 AVIVA PLC VAR PERPETUAL
1,800,000 AVIVA PLC VAR 14/11/2036
2,000,000 AVIVA PLC VAR 22/05/2038
2,000,000 LLOYDS TSB BANK PLC 6.50% 24/03/2020
2,000,000 LLOYDS TSB GROUP PLC 6.50% 14/09/2020
500,000 MORGAN STANLEY AND CO. INTERNATIONAL PLC
4.50% 29/10/2014
2,000,000 NATIONWIDE BUILDING SOCIETY 6.75% 22/07/2020
3,059,000 ROYAL BANK OF SCOTLAND PLC VAR 19/03/2022
2,000,000 THE ROYAL BANK OF SCOTLAND GROUP PLC
3.95% 21/09/2015
11,000,000 UK GILT 4.25% 07/03/2036
8,000,000 UK GILT 4.25% 07/09/2039
1,550,000 UK GILT 4.25% 07/12/2046
400,000 UK GILT 4.75% 07/12/2038
12,000,000 UK GILT 5% 07/03/2025
United States of America
9,457,040
4,224,720
5,232,320
47,430,507
2,788,442
3,501,670
436,464
1,708,979
4,020,935
6,705,580
10,265,527
633,392
9,165,861
3,051,424
5,152,233
7,500,403
4,110,840
1,242,376
2,147,187
92,691,827
4,444,411
3,062,557
2,883,156
3,020,454
2,213,322
696,168
3,097,396
3,815,410
2,125,140
21,841,212
15,839,005
3,080,271
855,505
25,717,820
69,056,106
2.17
0.97
1.20
10.88
0.64
0.80
0.10
0.39
0.92
1.54
2.36
1,500,000 MORGAN STANLEY AND CO INC 3.75% 21/09/2017
29,500,000 USA T-BONDS 3.125% 15/11/2041
1,150,000 USA T-BONDS 5.375% 15/02/2031
5,000,000 USA T-BONDSI 1.375% 15/01/2020
Mortgage and asset backed securities
France
5,000,000 LOGGIAS 2003-1 VAR 24/11/2025
Italy
3,000,000 SIENA MORTGAGES 07-5 S.P.A FRN 22/11/2070
United Kingdom
1,000,000 ARKLE MASTER ISSUER PLC SERIE 2006-1X
CLASS 5A1 FRN 17/05/2060
1,400,000 FOSSE MASTER ISSUER PLC FRN 18/10/2054
1,200,000 SILVERSTONE MASTER FRN 21/01/2055
0.15
2.10 Share/Units of UCITS/UCIS
0.70
Share/Units in investment funds
1.18
France
1.72
0.4 PORTFOLIO FOREX TRADING FCP
0.94
0.29
Luxembourg
0.49
8,286 AMUNDI FDS GBL CORPORATE BD IU
21.27
2,600 AMUNDI FUNDS BOND GLOBAL EMERGING CORP
IU-C
1.02
3,100 STRUCTURA ASIAN LOCAL DEBT I CAPITALISATION
0.70
0.66
Derivative instruments
0.69
Options
0.51
Germany
0.16
1,500 EURO SCHATZ - 110.90 - 22.02.13 PUT
0.71 Short positions
0.88
0.49 Derivative instruments
5.01
Options
3.63
Germany
0.71
-3,000 EURO SCHATZ - 110.60 - 22.02.13 PUT
0.20
-1,500 EURO SCHATZ - 110.70 - 22.02.13 PUT
5.90
15.84
Total securities portfolio
2,110,495
30,769,883
1,638,301
6,342,628
9,988,010
2,013,298
2,013,298
3,940,283
3,940,283
4,034,429
1,352,886
1,430,591
1,250,952
19,156,497
19,156,497
160,716
160,716
18,995,781
11,719,667
3,195,894
4,080,220
2,696
2,696
2,696
2,696
103,600
103,600
103,600
103,600
89,810
13,790
529,359,674
0.48
7.07
0.38
1.46
2.29
0.46
0.46
0.90
0.90
0.93
0.31
0.33
0.29
4.39
4.39
0.04
0.04
4.35
2.68
0.73
0.94
0.00
0.00
0.00
0.00
0.02
0.02
0.02
0.02
0.02
0.00
121.44
2,000,000 ALTRIA GROUP INC 4.25% 09/08/2042
1,700,000 BEAR STEARNS COMPANIES INC 7.25% 01/02/2018
900,000 BNP PARIBAS CAPITAL TRUST VI VAR PERPETUAL
1,500,000 CITIGROUP INC 6.375% 12/08/2014
3,000,000 GE CAPITAL TRUST IV VAR PERPETUAL
1,200,000 GOLDMAN SACHS GROUP INC 3.30% 03/05/2015
3,000,000 GOLDMAN SACHS GROUP 4.375% 16/03/2017
3,000,000 GOLDMAN SACHS GROUP 5.125% 23/10/2019
5,000,000 HSBC FINANCE CORPORATION FRN 01/06/2016
2,000,000 MICROSOFT CORP 5.20% 01/06/2039
1,954,600
2,132,582
1,189,989
1,621,935
3,898,997
1,250,664
4,335,453
4,586,569
4,763,050
2,460,960
0.45
0.49
0.27
0.37
0.89
0.29
0.99
1.05
1.09
0.56
The accompanying notes form an integral part of these financial statements
90

Bond Global Inflation
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
218,355,295
110.54
1,200,000 UK GILTI 2% 26/01/2035
2,982,653
1.51
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
215,243,693
215,243,693
108.96
108.96
510,000 UK GILTI 2.50% 16/04/2020
1,350,000 UK GILTI 2.50% 16/08/2013
United States of America
2,339,129
4,665,804
66,309,596
1.18
2.36
33.56
Australia
1,300,000 AUSTRALIAI 0% 20/08/2015
1,200,000 AUSTRALIAI 0% 20/08/2020
3,692,745
1,863,886
1,828,859
1.87
0.94
0.93
5,000,000 USA T-BONDSI 0.125% 15/04/2016
6,800,000 USA T-BONDSI 0.50% 15/04/2015
6,300,000 USA T-BONDSI 0.625% 15/07/2021
6,320,000 USA T-BONDSI 1.25% 15/04/2014
4,186,667
5,748,036
5,576,056
5,405,178
2.12
2.91
2.82
2.74
Canada
13,259,431
6.71
720,000 USA T-BONDSI 1.375% 15/07/2018
682,120
0.35
2,060,000 CANADAI 3% 01/12/2036
1,470,000 CANADAI 4% 01/12/2031
540,000 CANADAI 4.25% 01/12/2021
4,000,000 CANADAI 4.25% 01/12/2026
France
3,029,641
2,586,029
852,738
6,791,023
16,494,549
1.53
1.31
0.43
3.44
8.35
4,700,000 USA T-BONDSI 1.75% 15/01/2028
2,300,000 USA T-BONDSI 1.875% 15/07/2019
3,500,000 USA T-BONDSI 2.125% 15/01/2019
2,550,000 USA T-BONDSI 2.125% 15/02/2040
4,100,000 USA T-BONDSI 2.125% 15/02/2041
6,350,000 USA T-BONDSI 2.375% 15/01/2025
5,098,259
2,301,200
3,474,405
3,037,562
4,852,305
7,979,599
2.58
1.16
1.76
1.54
2.46
4.03
3,200,000 FRANCE OATI 1.10% 25/07/2022
5,490,000 FRANCE OATI 1.60% 25/07/2015
475,000 FRANCE OATI 1.80% 25/07/2040
500,000 FRANCE OATI 1.85% 25/07/2027
3,787,000
7,009,738
696,418
635,639
1.92
3.55
0.35
0.32
1,150,000 USA T-BONDSI 2.50% 15/01/2029
9,940,000 USA T-BONDSI 2.625% 15/07/2017
1,300,000 USA T-BONDSI 3.375% 15/04/2032
2,500,000 USA T-BONDSI 3.875% 15/04/2029
1,340,415
10,087,296
2,117,827
4,422,671
0.68
5.10
1.07
2.24
1,440,000 FRANCE OATI 2.10% 25/07/2023
1,360,000 FRANCE OATI 3.15% 25/07/2032
Germany
11,500,000 GERMANY BUNDI 1.75% 15/04/2020
Italy
4,255,000 ITALY BTPI 2.35% 15/09/2035
865,000 ITALY BTPI 2.60% 15/09/2023
10,500,000 ITALY 4.25% 01/09/2019
1,900,276
2,465,478
14,818,283
14,818,283
31,225,465
4,278,867
937,906
10,817,100
0.96 Share/Units of UCITS/UCIS
1.25
7.50
Share/Units in investment funds
France
7.50
0.616 AMUNDI TRESO 3 MOIS
15.81
Luxembourg
2.17
0.47
2,078 AMUNDI EMERGING INFLATION IE CAP
5.48 Total securities portfolio
3,111,602
3,111,602
647,425
647,425
2,464,177
2,464,177
218,355,295
1.58
1.58
0.33
0.33
1.25
1.25
110.54
8,250,000 ITALYI 2.10% 15/09/2016
8,910,024
4.51
5,400,000 ITALYI 2.10% 15/09/2017
6,281,568
3.18
Japan
4,247,311
2.15
121,200,000 JAPAN JGBI 0.50% 10/06/2015
1,096,341
0.56
62,300,000 JAPAN JGBI 1.10% 10/09/2016
582,503
0.29
269,700,000 JAPAN JGBI 1.20% 10/12/2017
2,568,467
1.30
Sweden
11,196,968
5.67
24,000,000 SWEDENI 0.50% 01/06/2017
3,103,884
1.57
30,000,000 SWEDENI 3.50% 01/12/2015
4,753,892
2.40
5,765,000 SWEDENI 3.50% 01/12/2028
1,254,649
0.64
10,570,000 SWEDENI 4% 01/12/2020
2,084,543
1.06
United Kingdom
53,999,345
27.34
1,000,000 UK GILTI 0.375% PERPETUAL
1,429,186
0.72
1,620,000 UK GILTI 0.50% PERPETUAL
2,584,209
1.31
1,850,000 UK GILTI 0.625% 22/03/2040
2,954,443
1.50
1,655,000 UK GILTI 0.75% 22/11/2047
2,912,554
1.47
3,295,000 UK GILTI 1.125% 22/11/2037
6,254,905
3.17
4,220,000 UK GILTI 1.25% 22/11/2017
7,535,054
3.81
4,080,000 UK GILTI 1.25% 22/11/2027
7,900,142
4.01
1,600,000 UK GILTI 1.25% 22/11/2032
2,836,143
1.44
1,545,000 UK GILTI 1.25% PERPETUAL
3,553,590
1.80
3,210,000 UK GILTI 1.875% 22/11/2022
6,051,533
3.06
The accompanying notes form an integral part of these financial statements
91

Bond Emerging Inflation
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
Long positions
USD
97,444,954
97.59
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
Brazil
6,380 BRAZILI 6% 15/05/2013
2,050 BRAZILI 6% 15/05/2045
3,000 BRAZILI 6% 15/08/2020
800 BRAZILI 6% 15/08/2024
1,050 BRAZILI 6% 15/08/2030
3,900 BRAZILI 6% 15/08/2040
Chile
251,892,520 CHILE 0% 01/02/2031
652,630,620 CHILEI 0% 01/02/2021
343,489,800 CHILEI 0% 01/02/2041
Israel
12,500,000 ISRAELI 0% 30/04/2018
7,800,000 ISRAELI 0% 30/05/2036
5,400,000 ISRAELI 0% 30/07/2021
6,500,000 ISRAELI 0% 30/09/2022
Mexico
67,200 MEXICOI 2.50% 10/12/2020
55,600 MEXICOI 3.50% 14/12/2017
89,400 MEXICOI 4% 15/11/2040
45,000 MEXICOI 4.50% 04/12/2025
62,000 MEXICOI 4.50% 22/11/2035
Poland
7,000,000 POLANDI 2.75% 25/08/2023
8,000,000 POLANDI 3% 24/08/2016
South Africa
6,000,000 SOUTH AFRICAI 2.50% 31/01/2017
5,800,000 SOUTH AFRICAI 2.60% 31/03/2028
14,520,000 SOUTH AFRICAI 3.45% 07/12/2033
15,000,000 SOUTH AFRICAI 5.50% 07/12/2023
Turkey
2,340,000 TURKEYI 3% 06/01/2021
3,500,000 TURKEYI 3% 21/07/2021
31,500,000 TURKEYI 4.50% 11/02/2015
Total securities portfolio
97,444,954
97,444,954
22,376,681
7,105,638
3,067,603
3,923,569
1,083,584
1,473,121
5,723,166
2,758,918
557,583
1,429,803
771,532
12,290,342
4,606,534
3,334,393
2,338,675
2,010,740
14,874,460
2,744,652
2,317,686
4,364,015
2,291,906
3,156,201
6,546,130
2,988,284
3,557,846
10,721,529
887,278
1,113,767
3,690,695
5,029,789
27,876,894
1,729,473
2,488,627
23,658,794
97,444,954
97.59
97.59
22.41
7.11
3.07
3.93
1.09
1.48
5.73
2.76
0.56
1.43
0.77
12.31
4.62
3.34
2.34
2.01
14.90
2.75
2.32
4.37
2.30
3.16
6.56
2.99
3.57
10.74
0.89
1.12
3.70
5.03
27.91
1.73
2.49
23.69
97.59
The accompanying notes form an integral part of these financial statements
92

Bond Global Emerging
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
254,454,008
98.07
Poland
12,785,281
4.93
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
251,779,004
251,779,004
97.04
97.04
10,000,000 POLAND 5% 25/04/2016
8,000,000 POLAND 5.50% 25/10/2019
17,000,000 POLAND 5.75% 23/09/2022
3,417,733
2,924,177
6,443,371
1.32
1.13
2.48
Argentina
71
0.00
Romania
22,045,254
8.50
83 ARGENTINA 8.28% 31/12/2033
71
0.00
2,400,000 ROMANIA 4.875% 07/11/2019
3,344,137
1.29
Brazil
5,000,000 BRAZIL 8.50% 05/01/2024
2,997,529
2,997,529
1.16
1.16
10,000,000 ROMANIA 5.80% 26/10/2015
25,000,000 ROMANIA 5.85% 28/07/2014
25,000,000 ROMANIA 5.90% 26/07/2017
2,939,242
7,378,725
7,332,608
1.13
2.85
2.83
Colombia
1,804,159
0.70
700,000 ROMANIA 6.50% 18/06/2018
1,050,542
0.40
2,500,000,000 COLOMBIA 7.75% 14/04/2021
1,804,159
0.70
Russia
24,281,475
9.36
France
19,116,588
7.37
260,000,000 RUSSIA 7.50% 15/03/2018
8,913,090
3.44
14,500,000 CREDIT AGRICOLE CIB 0% 02/01/2013
Hungary
250,000,000 HUNGARY 6.50% 24/06/2019
500,000,000 HUNGARY 6.75% 24/11/2017
Indonesia
20,000,000,000 INDONESIA 7% 15/05/2022
20,000,000,000 INDONESIA 7% 15/05/2027
90,000,000,000 INDONESIA 8.25% 15/06/2032
Ireland
19,116,588
3,515,786
1,167,009
2,348,777
16,095,826
2,357,187
2,296,902
11,441,737
5,830,772
7.37
1.36
0.45
0.91
6.20
0.91
0.89
4.40
2.25
130,000,000 RUSSIA 7.60% 14/04/2021
300,000,000 RUSSIA 8.15% 03/02/2027
Serbia
1,000,000 SERBIA MONTENEGRO 5.25% 21/11/2017
375,000 SERBIA MONTENEGRO 7.25% 28/09/2021
South Africa
40,000,000 SOUTH AFRICA 10.50% 21/12/2026
50,000,000 SOUTH AFRICA 13.50% 15/09/2015
20,000,000 SOUTH AFRICA 6.75% 31/03/2021
50,000,000 SOUTH AFRICA 7% 28/02/2031
4,503,357
10,865,028
1,473,068
1,040,910
432,158
35,467,997
6,039,196
7,087,911
2,412,835
5,460,803
1.74
4.18
0.57
0.40
0.17
13.66
2.33
2.73
0.93
2.10
175,000,000 GPB EUROBOND FINANCE PLC 8.617% 15/12/2015
Latvia
2,500,000 LATVIA 2.75% 12/01/2020
Malaysia
5,830,772
2,476,800
2,476,800
13,988,349
2.25
0.95
0.95
5.39
60,000,000 SOUTH AFRICA 8% 21/12/2018
20,000,000 SOUTH AFRICAI 5.50% 07/12/2023
Thailand
100,000,000 THAILAND 2.80% 10/10/2017
60,000,000 THAILAND 3.125% 11/12/2015
7,764,579
6,702,673
12,110,384
3,225,204
1,974,489
2.99
2.58
4.67
1.24
0.76
7,000,000 MALAYSIA 3.434% 15/08/2014
23,000,000 MALAYSIA 4.262% 15/09/2016
2,304,928
7,807,397
0.89
3.01
150,000,000 THAILAND 3.25% 16/06/2017
60,000,000 THAILAND 4.25% 13/03/2013
4,943,479
1,967,212
1.91
0.76
11,000,000 MALAYSIA 4.392% 15/04/2026
3,876,024
1.49
Turkey
49,582,802
19.10
Mexico
15,834,310
6.10
28,000,000 TURKEY 0% 11/09/2013
15,051,462
5.80
650,000 MEXICO 8.50% 18/11/2038
300,000 MEXICO 8.50% 31/05/2029
41,000 MEXICOI 3.50% 19/12/2013
600,000 UNITED MEXICAN STATES 6.50% 10/06/2021
Morocco
6,332,968
2,920,228
1,577,451
5,003,663
1,026,550
2.43
1.13
0.61
1.93
0.40
10,000,000 TURKEY 0% 15/05/2013
15,000,000 TURKEY 0% 20/02/2013
10,500,000 TURKEY 8.50% 14/09/2022
12,500,000 TURKEY 9% 05/03/2014
3,000,000 TURKEY 9.50% 12/01/2022
7,000,000 TURKEYI 3% 23/02/2022
5,481,086
8,338,959
6,699,004
7,238,747
2,018,439
4,755,105
2.11
3.21
2.58
2.79
0.78
1.83
1,000,000 MOROCCO 5.50% 11/12/2042
1,026,550
0.40
Ukraine
2,603,715
1.00
Peru
5,205,676
2.01
1,500,000 UKRAINE 7.65% 11/06/2013
1,514,925
0.58
3,000,000 PERU 6.90% 12/08/2037
1,500,900
0.58
1,000,000 UKRAINE 9.25% 24/07/2017
1,088,790
0.42
7,000,000 PERU 6.95% 12/08/2031
500,000 PERU 7.84% 12/08/2020
3,457,893
246,883
1.33
0.10
Derivative instruments
2,675,004
1.03
Philippines
33,000,000 PHILIPPINES 3.90% 26/11/2022
100,000,000 PHILIPPINES 4.95% 15/01/2021
3,536,612
835,437
2,701,175
1.36
0.32
1.04
Options
Luxembourg
20,000,000 EUR(C)/USD(P)OTC - 1.31 - 21.01.13 CALL
30,000,000 EUR(C)/USD(P)OTC - 1.33 - 21.01.13 CALL
2,675,004
2,675,004
302,464
166,646
1.03
1.03
0.12
0.06
50,000,000 EUR(P)/PLN(C)OTC - 4.05 - 11.02.13 PUT
233,707
0.09
The accompanying notes form an integral part of these financial statements
93

Bond Global Emerging
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
30,000,000 USD(C)/CAD(P)OTC - 1.00 - 10.01.13 CALL
25,000,000 USD(P)/BRL(C)OTC - 1.95 - 16.05.13 PUT
25,000,000 USD(P)/BRL(C)OTC - 1.95 - 16.05.13 PUT
60,000,000 USD(P)/INR(C)OTC - 53.75 - 18.01.13 PUT
1,250,000 USD(P)/RUB(C)OTC - 29.55 - 15.03.13 PUT
1,000,000 USD(P)/TRY(C)OTC - 1.70 - 04.09.13 PUT
60,000,000 USD(P)/ZAR(C)OTC - 8.10 - 14.03.13 PUT
20,000,000 USD(P)/ZAR(C)OTC - 8.45 - 18.01.13 PUT
50,000,000 USD(P)/ZAR(C)OTC - 8.60 - 18.01.13 PUT
Short positions
USD
60,674
103,831
103,831
87,308
320,313
82,500
248,403
135,508
829,819
-1,044,149
0.02
0.04
0.04
0.03
0.12
0.03
0.10
0.05
0.33
-0.40
Derivative instruments
Options
Luxembourg
-20,000,000 EUR(C)/USD(P)OTC - 1.31 - 21.01.13 CALL
-30,000,000 EUR(C)/USD(P)OTC - 1.34 - 21.01.13 CALL
-60,000,000 USD(C)/CAD(P)OTC - 1.02 - 10.01.13 CALL
-50,000,000 USD(P)/ZAR(C)OTC - 8.45 - 18.01.13 PUT
-20,000,000 USD(P)/ZAR(C)OTC - 8.60 - 18.01.13 PUT
Total securities portfolio
-1,044,149
-1,044,149
-1,044,149
-302,464
-70,978
-9
-338,770
-331,928
253,409,859
-0.40
-0.40
-0.40
-0.12
-0.03
0.00
-0.12
-0.13
97.67
The accompanying notes form an integral part of these financial statements
94

Bond Global Emerging Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
137,654,038
98.25
Chile
5,962,170
4.26
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
137,654,038
98.25
1,000,000 BANCO DE CREDITO E INVERSIONES 3%
13/09/2017
1,017,530
0.73
Bonds
Argentina
500,000 AEROPUERTOS ARGENTINA 2000 10.75%
01/12/2020
137,654,038
412,652
412,652
98.25
0.29
0.29
1,000,000 BANCO SANTANDER CHILE 3.875% 20/09/2022
1,500,000 CENCOSUD SA 4.875% 20/01/2023
2,000,000 CFRR INTERNATIONAL SPA 5.125% 06/12/2022
250,000 EMPRESA ELECTRICA NORTE GRANDE 5.625%
15/01/2021
1,031,540
1,541,790
2,087,460
283,850
0.74
1.10
1.49
0.20
Azerbaijan
332,076
0.24
China
1,013,120
0.72
300,000 STATE OIL COMPANY OF AZERBAIDJAN 5.45%
09/02/2017
Bermuda
1,000,000 DIGICEL GROUP LIMITED 8.25% 30/09/2020
500,000 LI & FUNG LTD 5.25% 13/05/2020
1,200,000 QTEL INTERNATIONAL FINANCE LTD 3.25%
21/02/2023
1,100,000 QTEL INTERNATIONAL FINANCE LTD 4.75%
16/02/2021
332,076
4,099,621
1,098,570
557,865
1,201,176
1,242,010
0.24
2.93
0.78
0.40
0.86
0.89
1,000,000 ZOOMLION HK SPV CO LTD 6.125% 20/12/2022
Colombia
700,000 BANCOLOMBIA SA 5.125% 11/09/2022
2,000,000 BANCOLOMBIA SA 5.95% 03/06/2021
500,000 COLOMBIA TELECOMUNICACIONES SA 5.375%
27/09/2022
Croatia
1,000,000 AGROKOR DD 9.125% 01/02/2020
1,013,120
3,557,991
728,021
2,323,700
506,270
1,434,894
1,434,894
0.72
2.54
0.52
1.66
0.36
1.02
1.02
Brazil
5,815,990
4.15
Dominican Republic
1,051,770
0.75
3,300,000 BANCO DO BRASIL SA GRAND CAYMAN BRANCH
3.875% 10/10/2022
3,326,730
2.37
1,000,000 AEROPUERTOS DOMINICANOS 9.25% 13/11/2019
1,051,770
0.75
1,500,000 BANCO SANTANDER BRASIL SA 4.625% 13/02/2017
1,590,660
1.14
Egypt
759,892
0.54
800,000 VOTORANTIM CIMENTOS 7.25% 05/04/2041
898,600
0.64
700,000 AFRICAN EXPORT-IMPORT BANK 5.75% 27/07/2016
759,892
0.54
British Virgin Islands
3,084,894
2.20
El Salvador
758,580
0.54
1,000,000 COSCO FINANCE CO LTD 4% 03/12/2022
500,000 QGOG ATLANTIC / ALASKAN RIGS 5.25% 30/07/2018
1,500,000 SINOPEC GRP OVERSEA DEVELOPMENT 2012 LTD
3.90% 17/05/2022
1,023,870
435,309
1,625,715
0.73
0.31
1.16
750,000 EL SALVADOR 5.875% 30/01/2025
India
800,000 AXIS BANK LTD 5.125% 05/09/2017
758,580
1,744,956
845,216
0.54
1.25
0.60
Canada
578,240
0.41
1,000,000 BUMI INVESTMENT PTE LTD 10.75% 06/10/2017
899,740
0.65
500,000 PTTEP CANADA INTL FINANCE LTD 5.692%
05/04/2021
Cayman Islands
500,000 CHINA OVERSEAS FINANCE CAYMAND 4.875%
15/02/2017
2,000,000 COUNTRY GARDEN HOLDINGS 11.125% 23/02/2018
1,000,000 EVERGRANDE REAL ESTATE GRP LTD 13%
27/01/2015
1,000,000 GRUPO AVAL LTD 4.75% 26/09/2022
4,300,000 HUTCHISON INTL 10 LT VAR PERPETUAL
578,240
15,293,780
541,695
2,315,500
1,089,760
1,006,370
4,569,481
0.41
10.92
0.39
1.65
0.78
0.72
3.27
Indonesia
1,000,000 PERUSAHAAN PERSEROAN PT 5.25% 24/10/2042
Ireland
1,000,000 ALFA BOND ISSUANCE 7.50% 26/09/2019
1,000,000 EUROCHEM FINANCE PLC 5.125% 12/12/2017
2,800,000 RZD CAPITAL LIMITED 5.70% 05/04/2022
Jersey
1,750,000 ATLANTIC FINANCE VAR 27/05/2014
1,034,860
1,034,860
5,287,984
1,061,050
1,027,010
3,199,924
1,915,935
1,915,935
0.74
0.74
3.77
0.76
0.73
2.28
1.37
1.37
250,000 HUTCHISON WHAMPOA INTERNATIONAL LTD
4.625% 13/01/2022
2,000,000 ODEBRECHT FINANCE LTD 7.125% 26/06/2042
500,000 ODEBRECHT FINANCE LTD 7.50% PERPETUAL
278,880
2,317,680
549,565
0.20
1.65
0.39
Kazakhstan
700,000 DEVELOPMENT BANK OF KAZAKHSTAN 4.125%
10/12/2022
708,239
708,239
0.51
0.51
700,000 PETROBRAS INTERNATL FINANCE 5.375%
27/01/2021
1,000,000 SHUI ON DEVELOPMENT SINGAPORE VAR
PERPETUAL
500,000 SUN HUNG KAI & CO LTD 4.50% 14/02/2022
250,000 TELEMOVIL FINANCE 8% 01/10/2017
788,151
1,032,470
534,155
270,073
0.56
0.74
0.38
0.19
Luxembourg
1,000,000 ALTICE FINANCING SA 7.875% 15/12/2019
1,000,000 EVRAZ GROUP SA 6.75% 27/04/2018
1,000,000 GAZ CAPITAL SA 4.95% 19/07/2022
2,000,000 MHP SA 10.25% 29/04/2015
1,000,000 RUSSIAN STANDARD BANK ZAO 9.25% 11/07/2017
16,739,450
1,056,250
1,035,210
1,074,820
2,112,780
1,035,590
11.94
0.75
0.74
0.77
1.51
0.74
800,000 SBERBANK SB CAP SA 5.18% 28/06/2019
878,000
0.63
The accompanying notes form an integral part of these financial statements
95

Bond Global Emerging Corporate
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
2,000,000 SBERBANK SB CAP SA 6.125% 07/02/2022
3,000,000 VIP FINANCE 7.748% 02/02/2021
1,500,000 VTB CAPITAL SA 6% 12/04/2017
2,000,000 VTB CAPITAL SA 6.25% 30/06/2035
2,289,240
3,481,950
1,624,470
2,151,140
1.62
2.48
1.16
1.54
South Korea
1,100,000 KOREA DEVELOPMENT BANK 3.875% 04/05/2017
1,000,000 KOREA GAS CORP 2.25% 25/07/2017
2,205,969
1,191,399
1,014,570
1.57
0.85
0.72
Malaysia
521,335
0.37
Spain
1,130,360
0.81
500,000 IOI CORPORATION BHD 4.375% 27/06/2022
Mexico
1,000,000 ALPEK SAB DE CV 4.50% 20/11/2022
200,000 CEMEX SA FRN 30/09/2015
1,000,000 DESARROLLADORA HOMEX SA DE CV 9.75%
25/03/2020
500,000 GRUPO KUO SAB DE CV 6.25% 04/12/2022
521,335
7,121,620
1,045,390
203,740
1,092,880
538,060
0.37
5.08
0.75
0.15
0.78
0.38
1,000,000 CEMEX ESPANA LUXEMBOURG BRANCH 9.875%
30/04/2019
Thailand
500,000 BANGKOK BANK PUBLIC 4.80% 18/10/2020
2,000,000 PTT PUBLIC COMPANY LIMITED 3.375% 25/10/2022
1,000,000 SIAM COMMERCIAL BANK PUBLIC CO 3.375%
19/09/2017
1,130,360
3,590,875
551,905
2,000,400
1,038,570
0.81
2.56
0.39
1.43
0.74
2,000,000 MEXICHEM SA DE CV 4.875% 19/09/2022
1,000,000 MEXICHEM SA DE CV 6.75% 19/09/2042
1,000,000 URBI DESARROLLOS URB 9.75% 03/02/2022
Mongolia
2,156,000
1,127,770
957,780
686,623
1.54
0.80
0.68
0.49
Turkey
2,000,000 TURKIYE GARANTI BANKASI AS 4% 13/09/2017
1,000,000 TURKIYE GARANTI BANKASI AS 5.25% 13/09/2022
2,000,000 TURKIYE HALK BANKASI AS 4.875% 19/07/2017
11,500,011
2,070,440
1,080,260
2,137,140
8.21
1.48
0.77
1.53
700,000 MONGOLIA 5.125% 05/12/2022
Morocco
686,623
1,270,198
0.49
0.91
1,500,000 TURKIYE IS BANKASI AS 6% 24/10/2022
2,200,000 TURKIYE VAKIFLAR BANKASI AS 6% 01/11/2022
2,300,000 YAPI VE KREDI BANKASI AS 5.50% 06/12/2022
1,593,375
2,287,516
2,331,280
1.14
1.63
1.66
750,000 MOROCCO 4.25% 11/12/2022
500,000 MOROCCO 5.50% 11/12/2042
Netherlands
500,000 GTB FINANCE BV 7.50% 19/05/2016
500,000 HYVA GLOBAL BV 8.625% 24/03/2016
600,000 LISTRINDO CAPITAL BV 6.95% 21/02/2019
200,000 MYRIAD INTL HOLDING BV 6.375% 28/07/2017
1,000,000 ZHAIKMUNAI LLP 7.125% 13/11/2019
756,923
513,275
2,980,551
546,085
481,350
673,476
226,150
1,053,490
0.54
0.37
2.13
0.39
0.34
0.48
0.16
0.76
Ukraine
2,000,000 UKRAINE 7.65% 11/06/2013
United Arab Emirates
1,000,000 ABU DHABI NATIONAL ENERGY CO 6.165%
25/10/2017
1,000,000 DOLPHIN ENERGY LIMITED LLC 5.50% 15/12/2021
2,000,000 DUBAI HOLDING COMMERCIAL OPERA 4.75%
30/01/2014
2,019,900
2,019,900
12,406,502
1,174,170
1,165,780
2,596,535
1.44
1.44
8.85
0.84
0.83
1.84
Peru
1,000,000 BANCO DE CREDITO DEL PERU 5.375% 16/09/2020
500,000 BBVA BANCO CONTINENTAL 5% 26/08/2022
1,200,000 VOLCAN COMPANIA MINERA SA 5.375% 02/02/2022
2,980,452
1,113,620
538,360
1,328,472
2.13
0.79
0.38
0.96
700,000 DUBAI HOLDING COMMERCIAL OPERA 6%
01/02/2017
1,600,000 NATIONAL BANK OF ABU DHABI 3% 13/08/2019
1,850,000 TAQA ABU DHABI NATIONAL ENERGY COMPAGNY
3.625% 12/01/2023
1,104,020
1,620,208
1,902,744
0.79
1.16
1.36
Philippines
600,000 ALLIANCE GLOBAL GROUP INC 6.50% 18/08/2017
Qatar
1,250,000 RAS LAFFAN LIQUIFIED NATL GAS 5.298%
30/09/2020
666,468
666,468
1,125,312
1,125,312
0.48
0.48
0.80
0.80
1,500,000 UNION NATIONAL BANK 3.875% 10/11/2016
1,000,000 UNITED ARAB EMIRATES 7.75% 05/10/2020
United Kingdom
500,000 AFREN PLC 11.50% 01/02/2016
500,000 SASOL FINANCING INTERNATIONAL 4.50%
14/11/2022
1,579,155
1,263,890
1,086,185
582,055
504,130
1.13
0.90
0.78
0.42
0.36
Russia
4,423,340
3.16
United States of America
2,505,594
1.79
2,000,000 HOME CREDIT AND FINANCE BANK OOO 9.375%
24/04/2020
2,000,000 LUKOIL HOLDINGS 6.125% 09/11/2020
Singapore
1,000,000 CAPITAMALL TRUST MTN PTE LTD 3.731%
21/03/2018
900,000 DBS BANK LTD 3.625% 21/09/2022
700,000 OVERSEA-CHINESE BANKING VAR 11/03/2023
2,104,420
2,318,920
2,729,594
1,065,720
947,781
716,093
1.50
1,000,000 HALIFAX CORP 7.25% 28/01/2021
1.66
500,000 RELIANCE HOLDING 4.50% 19/10/2020
700,000 SOUTHERN COPPER CORP 7.50% 27/07/2035
1.95
Venezuela
0.76
4,000,000 PETROLEOS DE VENEZUELA 4.90% 28/10/2014
0.68
1,500,000 PETROLEOS DE VENEZUELA 5.25% 12/04/2017
0.51 Total securities portfolio
1,083,000
524,095
898,499
5,116,055
3,817,640
1,298,415
137,654,038
0.78
0.37
0.64
3.65
2.72
0.93
98.25
The accompanying notes form an integral part of these financial statements
96

Multi Asset Emerging Markets
Multi Asset
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
83,242,318
95.81
26,273 VALE SA - ADR
550,682
0.63
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
81,985,734
94.36
8,400 VALE SA - PREF ADR
Canada
170,520
201,582
0.20
0.23
Shares
46,791,663
53.85
8,685 PACIFIC RUBIALES
201,582
0.23
Austria
190,301
0.22
Cayman Islands
1,704,227
1.96
6,008 ERSTE GROUP BANK
190,301
0.22
21,000 AIRTAC INTERNATIONAL GROUP
121,492
0.14
Bermuda
8,125 COSAN CL A
3,568 CREDICORP LTD.
134,000 KUNLUN ENERGY
943,297
140,644
522,926
279,727
1.09
0.16
0.61
0.32
108,000 CHINA RESOURCES LAND LTD
417,000 COUNTRY GARDEN HOLDINGS CO
44,000 ENN ENERGY HOLDINGS LTD
46,500 LIFESTYLE INTERNATIONAL HOLDINGS LTD
13,000 MSTAR SEMICONDUCTOR INC
294,007
218,431
191,592
113,988
97,593
0.34
0.25
0.22
0.13
0.11
Brazil
8,870,786
10.20
12,400 TENCENT HOLDINGS LTD
398,357
0.46
7,292 AMBEV-CIA DE BEBIDAS DAS AMERI
24,274 ARTERIS
298,088
224,658
0.34
0.26
9,000 TPK HOLDING CO LTD
178,000 XINYI GLASS HOLDINGS
158,993
109,774
0.18
0.13
10,021 AUTOMETAL
102,876
0.12
Chile
122,112
0.14
27,765 BANCO BRADESCO-SPONSORED ADR
7,600 BANCO DO BRASIL SA
19,081 BANCO ESTADO RIO GRANDE DO SUL
482,278
95,022
144,539
0.56
0.11
0.17
3,216 EMBOT AND SP ADR-B
China
122,112
2,811,263
0.14
3.24
43,747 BOLSA DE MERCADORI
19,120 BRADESPAR PREF
26,206 CCR SA
14,527 CEMIG SP ADR
27,598 CIA HERING
10,041 COMPANHIA BRASILEIRA DIST -ADR
6,700 CPELBN SP.ADR
5,800 CYRELA BRAZIL REALTY SA
7,600 DIRECIONAL ENG
11,624 EMBRAER EMPRESA
5,877 EMBRAER SA ADR
11,600 ENERGIAS DO BRASIL S.A
29,138 EVEN CONSTRUTORA E INCORPORADO
5,000 FIBRIA CELULOSE SA
299,122
306,571
248,939
157,763
565,972
445,720
102,845
50,677
52,522
82,034
167,553
70,761
133,770
56,850
0.34
0.35
0.29
0.18
0.65
0.51
0.12
0.06
0.06
0.09
0.19
0.08
0.15
0.07
153,500 BBMG
171,000 CHINA COMMUNICATIONS CONSTR H
412,000 CHINA CONSTRUCTION BANK H
44,800 CHINA PACIFIC INSURANCE GR H
448,000 CHINA PETROLEUM & CHEMICAL H
73,000 CHINA SHENHUA ENERGY CIE LTD
54,000 GREAT WALL MOTOR
266,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
5,751 MINDRAY MEDICAL INTERNATIONAL
156,000 PETROCHINA CO LTD-H
168,000 SHANDONG WEIGAO GROUP MEDICAL
67,000 ZHUZHOU CSR TIMES ELECTRIC CO H
Colombia
139,422
165,025
330,628
165,598
507,485
319,753
170,343
188,754
188,058
220,993
167,115
248,089
53,264
0.16
0.19
0.38
0.19
0.58
0.37
0.20
0.22
0.22
0.25
0.19
0.29
0.06
26,432 GAFISA S.A.ADR
37,823 GERDAU PREF.
20,600 HELBOR EMPREENDIMENTOS SA
122,909
331,214
126,265
0.14
0.38
0.15
800 BANCOLOMBIA ADR
Czech Republic
53,264
204,206
0.06
0.24
12,898 HYPERMARCAS
104,695
0.12
2,785 CESKE ENERGETICKE ZAVODY A.S.
99,491
0.12
9,600 ITAU UNIBANCO ADR
158,016
0.18
379 KOMERCNI BANKA AS
79,843
0.09
114,100 ITAUSA INVESTIMENTOS PREF
539,985
0.62
1,463 TELEFONICA CZECH
24,872
0.03
37,262 JHSF PARTICIPACOES
58,299 KLABIN PREF.SHS
5,200 MINERVA
33,400 MMX MINERACAO TRUST UNITS
17,260 MPX ENERGIA.
2,651 PCAPN PCA4
27,716 PETROLEO BRASILEIRO PREF.SHS
32,889 PETROLEO BRASILEIRO-SP ADR
3,274 SABESP
9,395 SARAIVA SA LIVREIROS EDITORES
32,600 SUZANO BAHIA SUL PAPEL PFD A
14,650 TELEFONICA BRAZIL ADR 1 PFD
37,297 TIM PARTICIPACOES
14,400 USIMINAS PREF.SHS A
156,690
364,169
28,546
56,767
93,991
117,174
264,230
634,757
138,906
119,071
111,770
352,479
149,369
90,021
0.18
0.42
0.03
0.07
0.11
0.13
0.30
0.73
0.16
0.14
0.13
0.41
0.17
0.10
Hong Kong (China)
29,500 BEIJING ENTERPRISE
136,000 BRILLIANCE CHINA AUTOMOTIVE
48,000 CHINA MERCHANTS HOLDINGS
83,500 CHINA MOBILE LTD
150,000 CHINA OVERSEAS LAND & INVESTMENT LTD
76,000 CHINA RESOURCES POWER
114,000 CHINA UNICOM
135,000 CN TAIPING INSU SHS
161,000 CNOOC LIMITED
190,000 GUANGDONG INVESTMENT LTD
21,500 HENGAN INTERNATIONAL GROUP CO LTD
218,000 LENOVO GROUP LTD
4,147,084
192,205
167,394
153,893
972,266
447,049
193,951
182,675
273,454
348,553
149,287
194,034
197,445
4.77
0.22
0.19
0.18
1.13
0.51
0.22
0.21
0.31
0.40
0.17
0.22
0.23
The accompanying notes form an integral part of these financial statements
97

Multi Asset Emerging Markets
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
57,000 SHANGHAI INDUSTRIAL HOLDINGS
200,398
0.23
155,800 BANCO DE ORO UNIBANK
276,219
0.32
129,500 TECHTRONIC INDUSTRIES
239,925
0.28
175,960 METRO BANK & TRUST
437,088
0.51
30,000 WHARF HOLDINGS
234,555
0.27
8,940 SM INVESTMENTS CORP
192,026
0.22
Hungary
628,583
0.72
874,800 SM PRIME HLDGS
351,518
0.40
832 MOL HUNGARIAN OIL AND GAS PLC
66,877
0.08
Poland
192,078
0.22
29,897 OTP BANK
561,706
0.64
6,742 POLSKI KONCERN NAFTOWY ORLEN SA
107,832
0.12
Indonesia
1,622,798
1.87
54,891 TAURON POLSKA ENERGIA SA
84,246
0.10
521,500 ASTRA INTERNATIONAL TBK PT
411,249
0.47
Russia
3,428,780
3.95
318,000 BANK CENTRAL ASIA
300,264
0.35
4,235 BASHNEFT PREF SHS
184,828
0.21
309,500 BANK MANDIRI
260,124
0.30
58,779 GAZPROM OAO-SPON ADR REG
556,048
0.65
32,000 GUDANG GARAM
186,936
0.22
1,706 LUKOIL SP ADR
112,852
0.13
244,500 MEDIA NUSANTARA CITRA TBK PT
63,424
0.07
25,392 M VIDEO OJSC
199,867
0.23
134,500 PT SEMEN GRESIK TBK
221,201
0.25
9,763 MOBILE TELESYSTEMS-SP ADR
182,080
0.21
50,500 TAMBANG BATUBARA-B-
79,123
0.09
670 OJSC MAGNIT
105,934
0.12
107,000 TELKOM -B-
100,477
0.12
58,853 ROSTELEKOM PREF
174,411
0.20
Jersey
12,955 POLYMETAL INTERNATIONAL PLC
247,428
247,428
0.28
0.28
138,819 SBERBANK OF RUSSIA
92,340 SBERBANK PREF
24,645 SBERBANK RUS.ADR
422,573
203,708
303,134
0.49
0.23
0.35
Luxembourg
12,330 TERNIUM SA ADR
290,372
290,372
0.33
0.33
718,961 SURGUTNEFTEGAZ PRF
193,990 TNK BP HOLDING
67 TRANSNEFT OJSC PREF SHS
469,107
363,460
150,778
0.54
0.42
0.17
Malaysia
998,236
1.15
South Africa
2,190,135
2.52
27,200 AMMB HOLDINGS BHD
52,400 AXIATA GROUP BHD
93,600 CIMB GROUP HOLDINGS BERHAD
83,400 GENTING MALAYSIA BHD
22,400 KUALA LUMPUR KEPONG
32,100 PUBLIC BANK -F-
47,400 SIME DARBY
60,484
112,923
233,541
96,819
175,802
171,103
147,564
0.07
0.13
0.27
0.11
0.20
0.20
0.17
6,542 ASPEN PHARMACARE
13,733 AVI LTD
32,323 DISCOVERY HLDGS
19,089 LIBERTY HOLDINGS LTD
31,567 LIFE HEALTHCARE GROUP HOLDINGS LIMITED
7,900 MR PRICE GROUP
5,948 NASPERS -N-
130,310
97,036
236,926
250,121
126,501
130,357
380,813
0.15
0.11
0.27
0.29
0.15
0.15
0.43
Mauritius
145,000 GOLDEN AGRI-RESSOURCES LTD
77,158
77,158
0.09
0.09
44,212 NORTHAM PLATINUM
34,520 RAUBEX GROUP
29,750 RMI HOLDINGS
198,018
68,557
72,163
0.23
0.08
0.08
Mexico
2,480,683
2.86
8,111 SHOPRIETE HOLDINGS LTD
195,500
0.23
23,595 AMERICA MOVIL-ADR-L
545,987
0.62
20,789 VODACOM GROUP PTY LTD
303,833
0.35
19,800 BOLSA MEXICANA DE VALORES
49,691
0.06
South Korea
7,842,718
9.02
46,003 FIBRA UNO ADMINISTRACION SA
3,471 FOMENTO ECONOMICO MEXICANO SA DE CV
FEMSA ADR
64,934 GRUPO FIN BANORTE
30,799 GRUPO INDUSTRIAL MASECA S.A.B.
100,677 GRUPO MEXICO SAB DE CV -B-
12,960 GRUPO TELEVISA GDR
32,456 MEXICHEM S.A.B. DE C.V
Panama
138,158
349,530
417,275
92,900
362,440
344,477
180,225
49,725
0.16
0.40
0.48
0.11
0.42
0.40
0.21
0.06
600 DAEWOO INTL
1,202 DAUM COMMUNICATIONS CORP
480 E-MART
11,680 HANA FINANCIAL GROUP
1,035 HONAM PETROCHEMICAL CORP
1,911 HYUNDAI DEPARTMENT STORE NEW
1,257 HYUNDAI HOME SHOPPING NETWORK CO
2,395 HYUNDAI MOTOR CO LTD-PFD
1,150 HYUNDAI WIA CORP
22,222
102,284
106,709
378,578
237,342
283,819
142,070
155,032
185,835
0.03
0.12
0.12
0.44
0.27
0.33
0.16
0.18
0.21
500 COPA HOLDINGS CLASS A
Peru
49,725
167,887
0.06
0.19
13,240 KANGWON LAND
7,171 KIA MOTORS CORP
11,840 KOREA ELECTRIC POWER CORP
361,740
378,452
336,761
0.42
0.44
0.39
4,670 CIA DE MINAS BUENAVENTURA-SP ADR
Philippines
167,887
1,530,444
0.19
1.76
1,605 LG CHEM
3,193 LG CORP
10,241 LG DISPLAY CO LTD ADR
494,733
194,460
148,290
0.57
0.22
0.17
21,730 AYALA CORP
273,593
0.31
78 ORION CORP
80,071
0.09
The accompanying notes form an integral part of these financial statements
98

Multi Asset Emerging Markets
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
2,180 SAMSUNG ELECTRO-MECHANICS
1,694 SAMSUNG ELECTRONICS CO LTD
407 SAMSUNG ELECTRONICS PREF SHS
202,000
2,408,301
323,904
0.23
2.76
0.37
United States of America
500 BAIDU ADS
50,145
50,145
0.06
0.06
1,035 SAMSUNG FIRE & MARINE
437 SAMSUNG SDI
12,150 SHINHAN FINANCIAL GROUP
10,530 SK HYNIX INC
3,200 SK TELECOM SP ADR
210,756
61,637
440,910
253,273
50,656
0.24
0.07
0.51
0.29
0.06
Bonds
Argentina
500,000 ARGENTINA 0% 03/10/2015
250,000 ARGENTINA 8.28% 31/12/2033
31,834,985
698,334
455,165
243,169
36.64
0.80
0.52
0.28
4,650 WOONG JIN COWAY CO LTD
580 YUHAN CORP
Taiwan
82,000 ADVANCED SEMICONDUCTOR ENGI
5,000 ASUSTEK COMPUTER
212,000 AU OPTRONICS CORP
231,000 CHINATRUST FIN HLDG
57,000 CHUNGHWA TELECOM CO LTD
189,158
93,725
3,135,332
71,160
56,218
94,907
136,425
185,492
0.22
0.11
3.61
0.08
0.06
0.11
0.16
0.21
Belarus
200,000 BELARUSSIA 8.75% 03/08/2015
Brazil
200,000 BANCO DO BRASIL SA GRAND CAYMAN BRANCH
3.875% 10/10/2022
1,000,000 BRAZIL 5.625% 07/01/2041
500,000 BRAZIL 8.50% 05/01/2024
206,028
206,028
1,813,873
201,620
1,312,500
299,753
0.24
0.24
2.09
0.23
1.51
0.35
35,000 DELTA ELECTRONIC INDUSTRIAL INC
128,362
0.15
Cayman Islands
225,186
0.26
29,000 FAR EASTONE TELECOMMUNICATION
97,000 FORMOSA PLASTICS
12,000 HOTAI MOTOR CO LTD
4,000 LARGAN PRECISION
74,001
262,550
96,284
107,166
0.09
0.30
0.11
0.12
200,000 PETROBRAS INTERNATL FINANCE 5.375%
27/01/2021
Colombia
225,186
687,600
0.26
0.79
9,000 PHISON ELECTRONICS CORP
39,000 QUANTA COMPUTER
26,000 RADIANT OPTO-ELECTRONICS
59,661
91,728
106,994
0.07
0.11
0.12
500,000 COLOMBIA 6.125% 18/01/2041
Croatia
687,600
1,097,830
0.79
1.26
23,000 SIMPLO TECHNOLOGY
115,638
0.13
1,000,000 CROATIA 6.25% 27/04/2017
1,097,830
1.26
44,000 SYNNEX TECHNOLOGY INTL
134,000 TAIWAN CEMENT
345,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO
LTD
17,000 UNIMICRON TECHNOLOGY
100,000 UNITED MICROELECTRONICS CORP
81,063
179,504
1,152,416
18,031
40,291
0.09
0.21
1.33
0.02
0.05
Dominican Republic
500,000 DOMINICAN REPUBLIC 8.625% 20/04/2027
Egypt
200,000 EGYPT 5.75% 29/04/2020
605,965
605,965
198,914
198,914
0.70
0.70
0.23
0.23
28,000 WISTRON CORP
37,000 WPG HOLDINGS CO LTD
Thailand
29,023
48,418
2,145,062
0.03
0.06
2.47
El Salvador
250,000 EL SALVADOR 5.875% 30/01/2025
250,000 EL SALVADOR 7.65% 15/06/2035
537,023
252,860
284,163
0.62
0.29
0.33
17,800 ADVANCED INFO SCE PUB. CO LTD
43,800 BANGKOK BANK
82,600 C.P. ALL PCL
46,900 GLOW ENERGY PLC FOREIGN
121,615
299,255
124,211
118,822
0.14
0.34
0.14
0.14
Hungary
500,000 HUNGARY 6% 11/01/2019
250,000 HUNGARY 6.375% 29/03/2021
966,806
688,508
278,298
1.11
0.79
0.32
63,200 KASIKORNBANK -F-
395,200 KRUNG THAI BANK PUBLIC FOREIGN
33,800 PTT PUBLIC COMPANY FOREIGN
399,777
258,385
366,838
0.47
0.30
0.42
Indonesia
1,000,000 PARTAMINA PERSERO PT 6% 03/05/2042
1,133,480
1,133,480
1.30
1.30
23,500 SIAM CEMENT -F-
359,529
0.41
Iraq
236,675
0.27
167,000 SUPALAI PUBLIC FOREIGN
96,630
0.11
250,000 IRAQ 5.80% 15/01/2028
236,675
0.27
Turkey
143,965
0.17
Ireland
1,142,830
1.32
82,351 EMLAK KONUT REIT
143,965
0.17
1,000,000 RZD CAPITAL LIMITED 5.70% 05/04/2022
1,142,830
1.32
United Arab Emirates
255,212
0.29
Latvia
495,360
0.57
80,811 FIRST GULF BANK
255,212
0.29
500,000 LATVIA 2.75% 12/01/2020
495,360
0.57
United Kingdom
66,800
0.08
Lebanon
1,016,480
1.17
11,384 PETROPAVLOVSK PLC
66,800
0.08
1,000,000 LEBANON 6.60% 27/11/2026
1,016,480
1.17
The accompanying notes form an integral part of these financial statements
99

Multi Asset Emerging Markets
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Lithuania
641,615
0.74
Ukraine
2,024,059
2.33
500,000 LITHUANIA 6.625% 01/02/2022
641,615
0.74
1,000,000 UKRAINE 7.65% 11/06/2013
1,009,949
1.16
Luxembourg
200,000 SBERBANK SB CAP SA 5.125% 29/10/2022
500,000 VTB CAPITAL SA 6% 12/04/2017
745,238
203,748
541,490
0.86
0.23
0.63
500,000 UKRAINE 7.80% 28/11/2022
500,000 UKRAINE 7.95% 04/06/2014
United Arab Emirates
505,140
508,970
205,702
0.58
0.59
0.24
Mexico
1,131,160
1.30
200,000 TAQA ABU DHABI NATIONAL ENERGY COMPAGNY
3.625% 12/01/2023
205,702
0.24
1,000,000 MEXICO 4.75% 08/03/2044
1,131,160
1.30
Venezuela
1,905,020
2.19
Mongolia
196,178
0.23
1,000,000 PETROLEOS DE VENEZUELA 5% 28/10/2015
914,430
1.05
200,000 MONGOLIA 5.125% 05/12/2022
196,178
0.23
500,000 PETROLEOS DE VENEZUELA 8.50% 02/11/2017
491,990
0.57
Morocco
400,000 MOROCCO 4.25% 11/12/2022
250,000 MOROCCO 5.50% 11/12/2042
660,330
403,692
256,638
0.76
0.46
0.30
500,000 VENEZUELA 9.25% 15/09/2027
Warrants, Rights
Bermuda
498,600
3,359,086
2,974,766
0.57
3.87
3.43
Netherlands
250,000 VIMPELCOM HOLDINGS BV 7.504% 01/03/2022
Peru
287,253
287,253
865,777
0.33
0.33
1.00
13,311 CLSA CW10 MAHINDRA MAH 28/06/2015
74,494 CLSA FIN CERT ONE ZEE TELEFILMS 03/05/2015
66,423 CLSA FINANCIAL PRODUCTS LTD CERTIFICAT
05/05/2015
225,518
298,982
346,429
0.26
0.34
0.40
100,000 BANCO DE CREDITO DEL PERU 4.75% 16/03/2016
100,000 BBVA BANCO CONTINENTAL 5% 26/08/2022
500,000 PERU 5.625% PERPETUAL
Philippines
40,000,000 PHILIPPINES 3.90% 26/11/2022
106,290
107,672
651,815
1,012,651
1,012,651
0.12
0.12
0.76
1.17
1.17
24,737 CLSA FINANCIAL PRODUCTS WRT CAIRN INDIA
43,631 CLSA FINANCIAL PRODUCTS WRTS HDFC BANK
28/06/2015
5,823 CLSA FINANCIAL PRODUCTS WRTS INFOSYS
10/05/2015
25,928 CLSA FINANCIAL PRODUCTS WRTS LUPIN
07/06/2015
144,070
538,423
245,531
289,432
0.17
0.63
0.28
0.33
Poland
1,500,000 POLOGNE 3% 17/03/2023
1,502,775
1,502,775
1.73
1.73
27,444 CLSA FINANCIAL WTS
27,819 CLSA WARRANT 17/05/15 RELIANCE INDS
28,249 CLSA WRT JINDAL STEEL 30/06/2015
231,594
424,721
230,066
0.27
0.49
0.26
Romania
1,834,277
2.11
Netherlands
384,320
0.44
1,000,000 ROMANIA 4.875% 07/11/2019
1,500,000 ROMANIA 5.80% 26/10/2015
1,393,391
440,886
1.60
0.51
6,188 JP MORGAN STRUCTURED CERT MARUTI SUZUKI
15/02/2017
168,660
0.19
Russia
30,000,000 RUSSIA 8.15% 03/02/2027
1,086,503
1,086,503
1.25
1.25
30,942 JP MORGAN STRUCTURED WRT NTPC 29/03/2017
4,401 JP MORGAN STRUCTURED WRT WOCKHARDT
09/10/2017
88,547
127,113
0.10
0.15
Serbia
312,273
0.36
Other transferable securities
144,384
0.17
300,000 SERBIA MONTENEGRO 5.25% 21/11/2017
Slovenia
312,273
263,678
0.36
0.30
Shares
Indonesia
144,384
144,384
0.17
0.17
250,000 SLOVENIA (REPUBLIC OF) 5.50% 26/10/2022
263,678
0.30
302,500 PERUSAHAAN GAS NEGARA TBK
144,384
0.17
South Africa
2,243,104
2.58
Share/Units of UCITS/UCIS
1,112,200
1.28
1,500,000 SOUTH AFRICA 4.665% 17/01/2024
5,000,000 SOUTH AFRICA 7% 28/02/2031
Sri Lanka
500,000 SRI LANKA 5.875% 25/07/2022
Turkey
1,697,025
546,079
536,985
536,985
3,318,023
1.95
Share/Units in investment funds
0.63
France
0.62
20,000 AMUNDI ETF MSCI BRAZIL
0.62
Total securities portfolio
3.81
1,112,200
1,112,200
1,112,200
83,242,318
1.28
1.28
1.28
95.81
1,500,000 TURKEY 0% 11/09/2013
806,328
0.93
1,500,000 TURKEY 6% 14/01/2041
1,873,695
2.15
1,000,000 TURKEY 8.50% 14/09/2022
638,000
0.73
The accompanying notes form an integral part of these financial statements
100

Index Equity Euro
Indexed
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
158,998,031
99.41
114,513 AXA SA
1,514,434
0.95
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
158,998,031
158,987,614
99.41
99.40
2,205 BIC
65,835 BNP PARIBAS
11,651 BOUYGUES
3,302 BUREAU VERITAS
201,162
2,787,125
258,186
277,962
0.13
1.74
0.16
0.17
Austria
1,609,674
1.01
8,851 CAP GEMINI SA
293,676
0.18
4,948 ANDRITZ AG
12,959 ERSTE GROUP BANK
63,508 IMMOFINANZ AKT
11,168 OMV AG
3,973 RAIFFEISEN INTL BANK HOLDING
21,513 TELEKOM AUSTRIA AG
3,398 VERBUND A
1,792 VIENNA INSURANCE
6,016 VOESTALPINE AG
Belgium
240,176
311,339
201,701
305,501
124,971
123,485
63,746
72,352
166,403
6,432,148
0.15
0.19
0.13
0.19
0.08
0.08
0.04
0.05
0.10
4.02
39,292 CARREFOUR SA
4,053 CASINO GUICHARD
11,852 CGG VERITAS
3,509 CHRISTIAN DIOR
9,672 CNP ASSURANCES
26,912 COMPAGNIE DE SAINT-GOBAIN SA
72,943 CREDIT AGRICOLE SA
37,684 DANONE
3,753 DASSAULT SYSTEMES
12,854 EDENRED
17,224 ELECTRICITE DE FRANCE
756,960
292,870
266,966
448,099
111,373
863,337
441,597
1,860,082
317,016
297,956
237,777
0.47
0.18
0.17
0.28
0.07
0.54
0.28
1.16
0.20
0.19
0.15
190 AGEAS NV
16,460 AGEAS NV
10,016 ANHEUSER BUSCH INBEV STRIP VVP
52,868 ANHEUSER-BUSH INBEV
10,864 BELGACOM
4,105 COLRUYT DIV
5,755 GROUPE BRUXELLES LAMBERT
7,739 GROUPE DELHAIZE
15,755 KBC GROUPE
4,030 SOLVAY
4,590 TELENET GROUP HOLDING
7,067 UCB SA
7,294 UMICORE
Finland
-
366,647
10
3,476,599
240,855
153,589
344,437
231,241
405,691
439,069
163,266
309,429
301,315
4,348,399
0.00
0.23
0.00
2.18
0.15
0.10
0.22
0.14
0.25
0.27
0.10
0.19
0.19
2.72
13,700 ESSILOR INTERNATIONAL
2,218 EURAZEO
9,714 EUTELSAT COMMUNICATIONS
1,721 FONCIERE DES REGIONS
126,350 FRANCE TELECOM SA
87,011 GDF SUEZ
1,467 GECINA
41,289 GROUPE EUROTUNNEL
1,380 ICADE ACT
1,248 ILIAD
2,577 IMERYS SA
2,693 JC DECAUX
7,092 KLEPIERRE
12,597 LAFARGE SA
7,908 LAGARDERE
1,032,843
79,482
241,150
109,714
1,045,799
1,341,275
125,340
239,807
93,743
160,306
124,211
48,003
212,051
602,452
198,254
0.65
0.05
0.15
0.07
0.65
0.84
0.08
0.15
0.06
0.10
0.08
0.03
0.13
0.38
0.12
8,122 ELISA OYJ
27,499 FORTUM OYJ
3,816 KESKO OYJ B
10,381 KONE B
7,406 METSO OYJ
5,661 NESTE OIL
255,264 NOKIA OYJ
7,472 NOKIAN RENKAAT OYJ
5,684 ORION NEW B
11,766 POHJOLA BANK
28,470 SAMPO A
44,604 STORA ENSO OYJ-R
38,980 UPM KYMMENE OYJ
10,893 WARTSILA OYJ
France
135,881
389,111
94,522
579,260
237,288
55,308
746,902
224,907
126,071
132,603
692,960
233,948
343,219
356,419
50,072,620
0.08
0.24
0.06
0.36
0.15
0.03
0.48
0.14
0.08
0.08
0.44
0.15
0.21
0.22
31.30
14,831 LEGRAND
16,435 L’OREAL
17,145 LVMH MOET HENNESSY LOUIS VUITTON
12,315 MICHELIN SA
60,583 NATIXIS
14,431 PERNOD RICARD
20,641 PEUGEOT SA
5,137 PPR
11,844 PUBLICIS GROUPE
1,858 REMY COINTREAU
12,728 RENAULT SA
8,701 REXEL
15,227 SAFRAN
78,884 SANOFI
35,536 SCHNEIDER ELECTRIC SA
12,317 SCOR SE ACT PROV
470,588
1,722,388
2,362,581
877,074
154,184
1,250,302
112,308
719,694
531,973
153,396
513,193
134,604
494,573
5,579,465
1,939,555
252,067
0.29
1.08
1.48
0.55
0.10
0.78
0.07
0.45
0.33
0.10
0.32
0.08
0.31
3.48
1.21
0.16
8,487 ACCOR
224,014
0.14
47,595 SOCIETE GENERALE A
1,339,799
0.84
2,313 ADP
134,940
0.08
6,178 SODEXO
393,724
0.25
20,948 AIR LIQUIDE
1,968,903
1.23
14,381 SUEZ ENVIRONNEMENT COMPANY
130,997
0.08
13,478 ALSTOM
403,329
0.25
6,908 TECHNIP SA
597,818
0.37
4,545 ARKEMA
361,237
0.23
5,273 THALES SA
137,283
0.09
3,087 ATOS
161,172
0.10
140,771 TOTAL
5,477,400
3.42
The accompanying notes form an integral part of these financial statements
101

Index Equity Euro
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
5,907 UNIBAIL RODAMCO
1,092,500
0.68
5,157 SUEDZUCKER
159,815
0.10
6,416 VALLOUREC
252,245
0.16
23,235 THYSSENKRUPP AG
412,654
0.26
22,973 VEOLIA ENVIRONNEMENT
207,906
0.13
8,997 UNITED INTERNET AG & CO KGAA
146,741
0.09
31,352 VINCI SA
1,119,110
0.70
2,006 VOLKSWAGEN AG
326,477
0.20
87,824 VIVENDI
1,490,373
0.93
9,855 VOLKSWAGEN AG-PFD
1,696,538
1.06
2,613 WENDEL ACT
2,762 ZODIAC AEROSPACE
Germany
201,671
229,246
48,189,152
0.13
0.14
30.13
Greece
14,804 COCA COLA HBC
21,808 OPAP SA
369,695
250,187
119,508
0.23
0.16
0.07
13,666 ADIDAS AG
29,929 ALLIANZ SE-NOM
2,170 AXEL SPRINGER
60,605 BASF SE
55,133 BAYER AG
22,090 BAYERISCHE MOTORENWERKE
3,547 BAYERISCHE MOTORENWERKE PFD
6,764 BEIERSDORF
920,132
3,136,559
70,058
4,312,046
3,963,511
1,611,024
172,934
418,556
0.58
1.96
0.04
2.71
2.48
1.01
0.11
0.26
Ireland
25,753 ANGLO IRISH BANK CORP
48,729 CRH PLC
32,997 ELAN CORP
10,172 KERRY GROUP A
804 PROTHENA CORP
6,023 RYANAIR HOLDINGS PLC
1,434,468
-
742,143
254,902
405,100
4,178
28,145
0.90
0.00
0.47
0.16
0.25
0.00
0.02
3,328 BRENNTAG AG
4,375 CELESIO
263,361 COMMERZBANK
6,965 CONTINENTAL AG
59,399 DAIMLER
60,610 DEUTSCHE BANK AG-NOM
13,021 DEUTSCHE BOERSE AG
13,623 DEUTSCHE LUFTHANSA
60,717 DEUTSCHE POST AG-NOM
189,507 DEUTSCHE TELEKOM AG-NOM
122,717 E.ON SE
2,286 FRAPORT
14,490 FRESENIUS MEDICAL CARE AG & CO
8,719 FRESENIUS SE & CO KGAA
11,640 GEA GROUP AG
4,183 HANNOVER RUECKVERSICHERUNG NOM
10,201 HEIDELBERGCEMENT AG
8,966 HENKEL KGAA
11,275 HENKEL KGAA VZ
1,636 HOCHTIEF
1,522 HUGO BOSS AG
73,897 INFINEON TECHNOLOGIES AG-NOM
6,630 KABEL DEUTSCHLAND HOLDING AG
12,012 K+S AG NOM.
5,786 LANXESS
12,304 LINDE AG
330,903
57,072
377,660
610,064
2,454,367
1,997,100
601,700
193,992
1,007,902
1,628,813
1,729,083
100,435
757,972
759,425
284,831
246,630
467,512
465,604
701,305
71,869
121,615
452,915
375,059
420,420
383,438
1,624,128
0.21
0.04
0.24
0.38
1.53
1.25
0.38
0.12
0.63
1.02
1.08
0.06
0.47
0.47
0.18
0.15
0.29
0.29
0.44
0.04
0.08
0.28
0.23
0.26
0.24
1.02
Italy
79,566 ASSICURAZIONI GENERALI
21,022 ATLANTIA SPA
414,783 BANCA MONTE DEI PASCHI DI SIENA SPA
112,401 BANCO POPOLARE SPA
84,916 ENEL GREEN POWER
444,095 ENEL SPA
171,633 ENI SPA
3,313 EXOR SPA
58,316 FIAT INDUSTRIAL SPA
52,884 FIAT SPA
32,897 FINMECCANICA SPA
671,671 INTESA SANPAOLO SPA
42,131 INTESA SANPAOLO SPA
11,190 LUXOTTICA GROUP
24,704 MEDIOBANCA SPA
19,719 PIRELLI & C SPA
11,236 PRYSMIAN SPA
17,839 SAIPEM
123,171 SNAM RETE GAS
639,974 TELECOM ITALIA SPA
360,493 TELECOM ITALIA-RNC
89,027 TERNA SPA
49,557 UBI BANCA SCPA
276,041 UNICREDIT SPA REGR
11,958,459
1,093,237
287,371
93,617
141,400
119,307
1,393,570
3,147,748
62,947
481,399
200,430
143,168
873,172
44,954
347,673
115,170
170,668
168,652
522,683
432,823
437,102
215,395
269,218
173,747
1,023,008
7.48
0.68
0.18
0.06
0.09
0.07
0.87
1.96
0.04
0.30
0.13
0.09
0.55
0.03
0.22
0.07
0.11
0.11
0.33
0.27
0.27
0.13
0.17
0.11
0.64
2,996 MAN SE
4,277 MERCK KGAA
8,756 METRO
11,979 MUENCHENER RUECKVERSICHERUNGS AG-NOM
9,671 PORSCHE AUTOMOBIL HOLDING SE
241,927
426,973
183,876
1,629,144
596,701
0.15
0.27
0.11
1.02
0.37
Luxembourg
63,187 ARCELORMITTAL SA
20,132 SES GLOBAL FDR
31,364 TENARIS SA
1,734,994
812,901
433,442
488,651
1.08
0.50
0.27
0.31
7,327 PROSIEBEN SAT 1 MEDIA VZ
156,065
0.10
Netherlands
15,316,855
9.58
33,348 RWE AG
1,699 RWE VZ
2,635 SALZGITTER AG
61,412 SAP AG
54,311 SIEMENS AG-NOM
1,041,792
48,472
103,885
3,727,094
4,464,364
0.65
0.03
0.06
2.33
2.80
124,783 AEGON NV
14,981 AKZO NOBEL NV-CVA
21,403 ASML HOLDING N.V.
4,591 BOSKALIS WESTMINSTER
3,626 CORIO
596,088
742,084
1,024,883
155,222
125,496
0.37
0.46
0.64
0.10
0.08
The accompanying notes form an integral part of these financial statements
102

Index Equity Euro
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
35,950 DE MASTER BLENDERS 1753 NV W/I
8,360 DELTA LLOYD
28,058 EADS
312,370
103,831
824,765
0.20
0.06
0.52
Warrants, Rights
Spain
10,417
10,417
0.01
0.01
4,612 FUGRO NV CERTIFICAT-CVA
203,850
0.13
11,600 GRIFOLS DTS
10,417
0.01
5,746 GEMALTO
6,377 HEINEKEN HOLDING NV
390,671
263,657
0.24 Total securities portfolio
0.16
158,998,031
99.41
15,732 HEINEKEN NV
790,218
0.49
260,999 ING GROEP NV-CVA
1,824,382
1.14
64,749 KONINKLIJKE AHOLD NV
657,526
0.41
10,182 KONINKLIJKE DSM NV
463,892
0.29
71,649 KONINKLIJKE KPN NV
262,594
0.16
5,103 KONINKLIJKE VOPAK N.V.
270,612
0.17
17,789 QIAGEN NV
244,599
0.15
8,461 RANDSTAD HOLDING NV
233,524
0.15
43,204 REED ELSEVIER NV
478,916
0.30
69,295 ROYAL PHILIPS ELECTRONICS NV
1,374,120
0.86
34,412 STMICROELECTRONICS NV
184,001
0.12
22,889 TNT EXPRESS NV
192,039
0.12
109,904 UNILEVER CVA
3,162,487
1.98
17,245 WOLTERS KLUWER CVA
265,487
0.17
6,864 ZIGGO NV
169,541
0.11
Portugal
1,039,987
0.65
136,547 BANCO ESPERITO SANTO REG
123,029
0.08
139,043 EDP - ENERGIAS DE PORTUGAL
318,826
0.19
14,961 GALP ENERGIA SGPS SA-B
174,071
0.11
16,982 JERONIMO MARTINS SGPS SA
248,192
0.16
46,861 PT TELECOM SGPS N
175,869
0.11
Spain
16,481,163
10.30
26,290 ABERTIS INFRAESTRUCTURAS A
326,127
0.20
1,079 ACCIONA SA
62,604
0.04
9,624 ACS
184,155
0.12
20,888 AMADEUS IT HOLDING
397,916
0.25
367,620 BANCO BILBAO VIZCAYA ARGENTA
2,543,930
1.59
190,797 BANCO DE SABADELL
384,456
0.24
410,280 BANCO POPULAR ESPANOL
239,604
0.15
680,750 BANCO SANTANDER SA
4,089,946
2.55
57,481 BANKIA SA
23,222
0.01
41,388 CAIXABANK
104,546
0.07
65,941 CORPORACION MAFPRE SA
156,940
0.10
36,772 DIA SA
176,910
0.11
12,285 ENAGAS
198,280
0.12
28,546 FERROVIAL SA
321,143
0.20
20,497 GAS NATURAL SDG
280,194
0.18
1,530 GRIFOLS B
28,917
0.02
7,834 GRIFOLS SA
200,550
0.13
267,992 IBERDROLA SA
1,108,147
0.69
14,543 INDITEX
1,517,562
0.95
57,829 INTERNATIONAL CONSOLIDATED AIRLINES GROUP
SA
130,115
0.08
8,206 RED ELECTRICA CORPORACION
309,571
0.19
55,088 REPSOL
852,487
0.53
268,722 TELEFONICA SA
2,732,903
1.71
10,272 ZARDOYA OTIS
110,938
0.07
The accompanying notes form an integral part of these financial statements
103

Index Equity Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
443,118,540
99.38
5,767 ORION NEW B
127,912
0.03
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
443,118,540
443,109,327
99.38
99.38
11,357 POHJOLA BANK
36,509 SAMPO A
29,130 STORA ENSO OYJ-R
47,421 UPM KYMMENE OYJ
127,993
888,630
152,787
417,542
0.03
0.20
0.03
0.09
Austria
2,034,961
0.46
15,752 WARTSILA OYJ
515,405
0.12
7,064 ANDRITZ AG
342,887
0.08
France
61,869,239
13.88
16,173 ERSTE GROUP BANK
73,214 IMMOFINANZ AKT
16,049 OMV AG
3,504 RAIFFEISEN INTL BANK HOLDING
28,257 TELEKOM AUSTRIA AG
4,486 VIENNA INSURANCE
6,451 VOESTALPINE AG
388,556
232,528
439,020
110,218
162,195
181,122
178,435
0.09
0.05
0.10
0.02
0.04
0.04
0.04
14,263 ACCOR
1,921 ADP
24,939 AIR LIQUIDE
17,623 ALSTOM
6,338 ARKEMA
4,216 ATOS
141,634 AXA SA
376,472
112,071
2,344,017
527,368
503,744
220,117
1,873,110
0.08
0.03
0.53
0.12
0.11
0.05
0.42
Belgium
8,002,981
1.79
1,739 BIC
158,649
0.04
22,922 AGEAS NV
8,040 ANHEUSER BUSCH INBEV STRIP VVP
65,935 ANHEUSER-BUSH INBEV
11,396 BELGACOM
8,068 COLRUYT DIV
6,697 GROUPE BRUXELLES LAMBERT
4,839 GROUPE DELHAIZE
14,134 KBC GROUPE
5,383 SOLVAY
5,503 TELENET GROUP HOLDING
10,407 UCB SA
11,008 UMICORE
Bermuda
510,588
8
4,335,886
252,649
301,864
400,815
144,589
363,951
586,478
195,742
455,671
454,740
844,117
0.11
0.00
0.98
0.06
0.07
0.09
0.03
0.08
0.13
0.04
0.10
0.10
0.19
84,363 BNP PARIBAS
20,427 BOUYGUES
5,628 BUREAU VERITAS
14,378 CAP GEMINI SA
45,491 CARREFOUR SA
3,079 CASINO GUICHARD
11,127 CGG VERITAS
4,943 CHRISTIAN DIOR
18,908 CNP ASSURANCES
31,957 COMPAGNIE DE SAINT-GOBAIN SA
84,263 CREDIT AGRICOLE SA
47,021 DANONE
5,740 DASSAULT SYSTEMES
16,360 EDENRED
3,571,508
452,662
473,765
477,062
876,384
222,489
250,636
631,221
217,726
1,025,181
510,128
2,320,957
484,858
379,225
0.80
0.10
0.11
0.11
0.20
0.05
0.06
0.14
0.05
0.23
0.11
0.52
0.11
0.09
30,666 SEADRILL LTD
Denmark
844,117
7,850,913
0.19
1.76
27,336 ELECTRICITE DE FRANCE
16,955 ESSILOR INTERNATIONAL
11,964 EUTELSAT COMMUNICATIONS
377,373
1,278,237
297,006
0.08
0.29
0.07
38 A.P. MOELLER-MAERSK A
124 A.P. MOELLER-MAERSK B
8,565 CARLSBERG B
7,905 COLOPLAST B
60,292 DANSKE BANK AS
9,468 DSV
33,933 NOVO NORDISK B
22,568 NOVOZYMES AS-B
48,976 TDC
1,761 TRYGVESTA
593 WILLIAM DEMANT HOLDING
Finland
203,941
708,040
636,009
292,970
772,985
184,903
4,168,512
481,573
262,847
100,671
38,462
5,298,481
0.05
0.16
0.14
0.07
0.17
0.04
0.93
0.11
0.06
0.02
0.01
1.19
2,990 FONCIERE DES REGIONS
167,516 FRANCE TELECOM SA
110,052 GDF SUEZ
2,647 GECINA
45,711 GROUPE EUROTUNNEL
1,274 ICADE ACT
1,133 ILIAD
3,424 IMERYS SA
8,221 JC DECAUX
4,472 KLEPIERRE
12,998 LAFARGE SA
13,165 LAGARDERE
17,353 LEGRAND
190,613
1,386,530
1,696,452
226,160
265,489
86,543
145,534
165,037
146,539
133,713
621,629
330,047
550,611
0.04
0.31
0.38
0.05
0.06
0.02
0.03
0.04
0.03
0.03
0.14
0.07
0.12
5,136 ELISA OYJ
85,925
0.02
20,461 L’OREAL
2,144,313
0.48
38,283 FORTUM OYJ
541,705
0.12
21,375 LVMH MOET HENNESSY LOUIS VUITTON
2,945,475
0.66
4,277 KESKO OYJ B
105,941
0.02
15,804 MICHELIN SA
1,125,561
0.25
15,035 KONE B
838,953
0.19
55,085 NATIXIS
140,191
0.03
12,531 METSO OYJ
401,493
0.09
17,752 PERNOD RICARD
1,538,033
0.34
8,298 NESTE OIL
81,071
0.02
20,932 PEUGEOT SA
113,891
0.03
282,942 NOKIA OYJ
827,889
0.19
5,578 PPR
781,478
0.18
6,154 NOKIAN RENKAAT OYJ
185,235
0.04
14,801 PUBLICIS GROUPE
664,787
0.15
The accompanying notes form an integral part of these financial statements
104

Index Equity Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
2,229 REMY COINTREAU
184,026
0.04
14,350 LINDE AG
1,894,200
0.42
13,462 RENAULT SA
542,788
0.12
4,104 MAN SE
331,398
0.07
4,356 REXEL
67,387
0.02
4,982 MERCK KGAA
497,353
0.11
20,034 SAFRAN
650,704
0.15
11,792 METRO
247,632
0.06
97,489 SANOFI
6,895,396
1.54
14,522 MUENCHENER RUECKVERSICHERUNGS AG-NOM
1,974,992
0.44
42,171 SCHNEIDER ELECTRIC SA
2,301,693
0.52
10,725 PORSCHE AUTOMOBIL HOLDING SE
661,733
0.15
18,885 SCOR SE ACT PROV
386,482
0.09
10,491 PROSIEBEN SAT 1 MEDIA VZ
223,458
0.05
55,845 SOCIETE GENERALE A
1,572,037
0.35
39,086 RWE AG
1,221,047
0.27
7,137 SODEXO
454,841
0.10
4,357 SALZGITTER AG
171,775
0.04
25,848 SUEZ ENVIRONNEMENT COMPANY
235,449
0.05
77,673 SAP AG
4,713,974
1.06
7,360 TECHNIP SA
636,934
0.14
66,758 SIEMENS AG-NOM
5,487,508
1.22
8,511 THALES SA
221,584
0.05
6,220 SUEDZUCKER
192,758
0.04
172,470 TOTAL
6,710,808
1.50
26,691 THYSSENKRUPP AG
474,032
0.11
7,781 UNIBAIL RODAMCO
1,439,096
0.32
13,343 UNITED INTERNET AG & CO KGAA
217,624
0.05
9,654 VALLOUREC
379,547
0.09
2,523 VOLKSWAGEN AG
410,618
0.09
33,162 VEOLIA ENVIRONNEMENT
300,116
0.07
11,813 VOLKSWAGEN AG-PFD
2,033,608
0.46
39,108 VINCI SA
111,081 VIVENDI
1,069 WENDEL ACT
2,003 ZODIAC AEROSPACE
1,395,960
1,885,045
82,505
166,249
0.31
0.42
0.02
0.04
Greece
18,342 COCA COLA HBC
14,850 OPAP SA
391,358
309,980
81,378
0.09
0.07
0.02
Germany
59,343,166
13.31
Guernsey
330,646
0.07
19,006 ADIDAS AG
1,279,674
0.29
109,120 RESOLUTION LIMITED
330,646
0.07
37,015 ALLIANZ SE-NOM
2,265 AXEL SPRINGER
75,643 BASF SE
66,349 BAYER AG
28,493 BAYERISCHE MOTORENWERKE
5,848 BAYERISCHE MOTORENWERKE PFD
7,956 BEIERSDORF
3,633 BRENNTAG AG
3,879,172
73,126
5,381,999
4,769,830
2,077,994
285,119
492,317
361,229
0.87
0.02
1.20
1.07
0.47
0.06
0.11
0.08
Ireland
49,179 ANGLO IRISH BANK CORP
64,109 CRH PLC
50,436 ELAN CORP
10,161 KERRY GROUP A
1,230 PROTHENA CORP
35,443 RYANAIR HOLDINGS PLC
1,942,677
-
976,381
389,618
404,662
6,391
165,625
0.44
0.00
0.22
0.09
0.09
0.00
0.04
5,505 CELESIO
248,438 COMMERZBANK
7,896 CONTINENTAL AG
76,440 DAIMLER
79,684 DEUTSCHE BANK AG-NOM
14,002 DEUTSCHE BOERSE AG
20,243 DEUTSCHE LUFTHANSA
71,083 DEUTSCHE POST AG-NOM
219,479 DEUTSCHE TELEKOM AG-NOM
154,923 E.ON SE
4,273 FRAPORT
17,972 FRESENIUS MEDICAL CARE AG & CO
10,305 FRESENIUS SE & CO KGAA
14,155 GEA GROUP AG
6,443 HANNOVER RUECKVERSICHERUNG NOM
13,339 HEIDELBERGCEMENT AG
9,418 HENKEL KGAA
15,024 HENKEL KGAA VZ
2,011 HUGO BOSS AG
100,758 INFINEON TECHNOLOGIES AG-NOM
7,595 KABEL DEUTSCHLAND HOLDING AG
11,589 K+S AG NOM.
7,554 LANXESS
71,813
356,260
691,611
3,158,501
2,625,588
647,032
288,260
1,179,978
1,886,422
2,182,865
187,734
940,115
897,566
346,373
379,879
611,326
489,077
934,493
160,689
617,546
429,649
405,615
500,604
0.02
0.08
0.16
0.71
0.59
0.15
0.06
0.26
0.42
0.49
0.04
0.21
0.20
0.08
0.09
0.14
0.11
0.21
0.04
0.14
0.10
0.09
0.11
Italy
89,197 ASSICURAZIONI GENERALI
23,324 ATLANTIA SPA
381,804 BANCA MONTE DEI PASCHI DI SIENA SPA
115,404 BANCO POPOLARE SPA
128,204 ENEL GREEN POWER
551,664 ENEL SPA
208,117 ENI SPA
62,859 FIAT INDUSTRIAL SPA
87,976 FIAT SPA
28,356 FINMECCANICA SPA
827,272 INTESA SANPAOLO SPA
28,892 INTESA SANPAOLO SPA
12,538 LUXOTTICA GROUP
53,873 MEDIOBANCA SPA
33,419 PIRELLI & C SPA
15,558 PRYSMIAN SPA
18,132 SAIPEM
119,098 SNAM RETE GAS
862,525 TELECOM ITALIA SPA
593,822 TELECOM ITALIA-RNC
136,074 TERNA SPA
64,110 UBI BANCA SCPA
14,593,185
1,225,567
318,839
86,173
145,178
180,127
1,731,121
3,816,865
518,901
333,429
123,405
1,075,454
30,828
389,556
251,156
289,241
233,526
531,268
418,510
589,105
354,809
411,488
224,770
3.27
0.27
0.07
0.02
0.03
0.04
0.39
0.87
0.12
0.07
0.03
0.24
0.01
0.09
0.06
0.06
0.05
0.12
0.09
0.13
0.08
0.09
0.05
The accompanying notes form an integral part of these financial statements
105

Index Equity Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
354,525 UNICREDIT SPA REGR
1,313,869
0.29
Portugal
1,145,608
0.26
Jersey
4,808,574
1.08
174,388 BANCO ESPERITO SANTO REG
157,124
0.04
56,255 CAPITAL SHOPPING CENTERS GROUP
245,929
0.06
109,081 EDP - ENERGIAS DE PORTUGAL
250,123
0.06
75,862 EXPERIAN PLC
915,776
0.21
17,031 GALP ENERGIA SGPS SA-B
198,156
0.04
315,865 GLENCORE INTERNATIONAL
1,364,844
0.30
23,521 JERONIMO MARTINS SGPS SA
343,758
0.08
25,045 PETROFAC LIMITED
499,707
0.11
52,344 PT TELECOM SGPS N
196,447
0.04
8,598 RANDGOLD RESOURCES
106,081 WPP PLC
Luxembourg
631,364
1,150,954
2,643,265
0.14
0.26
0.59
Spain
40,246 ABERTIS INFRAESTRUCTURAS A
1,397 ACCIONA SA
20,369,255
499,252
81,054
4.57
0.11
0.02
69,327 ARCELORMITTAL SA
891,891
0.20
11,320 ACS
216,608
0.05
3,809 MILLICOM INTL CELLULAR SDR
248,907
0.06
20,526 AMADEUS IT HOLDING
391,020
0.09
25,643 SES GLOBAL FDR
552,094
0.12
450,849 BANCO BILBAO VIZCAYA ARGENTA
3,119,875
0.70
17,733 SUBSEA 7 SA
317,171
0.07
259,496 BANCO DE SABADELL
522,884
0.12
40,642 TENARIS SA
633,202
0.14
348,846 BANCO POPULAR ESPANOL
203,726
0.05
Netherlands
130,076 AEGON NV
20,908 AKZO NOBEL NV-CVA
27,642 ASML HOLDING N.V.
3,610 BOSKALIS WESTMINSTER
7,298 CORIO
56,321 DE MASTER BLENDERS 1753 NV W/I
6,451 DELTA LLOYD
32,796 EADS
6,677 FUGRO NV CERTIFICAT-CVA
7,686 GEMALTO
9,734 HEINEKEN HOLDING NV
19,700 HEINEKEN NV
18,830,721
621,373
1,035,678
1,323,637
122,054
252,584
489,373
80,121
964,038
295,123
522,571
402,452
989,531
4.22
0.14
0.23
0.30
0.03
0.06
0.11
0.02
0.22
0.07
0.12
0.09
0.22
862,489 BANCO SANTANDER SA
76,400 BANKIA SA
71,817 CAIXABANK
104,883 CORPORACION MAFPRE SA
50,286 DIA SA
19,114 ENAGAS
31,062 FERROVIAL SA
27,255 GAS NATURAL SDG
1,692 GRIFOLS B
8,572 GRIFOLS SA
328,548 IBERDROLA SA
17,457 INDITEX
67,563 INTERNATIONAL CONSOLIDATED AIRLINES GROUP
SA
5,181,833
30,866
181,410
249,622
241,926
308,500
349,448
372,576
31,979
219,443
1,358,546
1,821,638
152,017
1.16
0.01
0.04
0.06
0.05
0.07
0.08
0.08
0.01
0.05
0.30
0.41
0.03
298,886 ING GROEP NV-CVA
2,089,214
0.46
6,169 RED ELECTRICA CORPORACION
232,726
0.05
83,323 KONINKLIJKE AHOLD NV
846,145
0.19
67,248 REPSOL
1,040,663
0.23
14,891 KONINKLIJKE DSM NV
678,434
0.15
347,488 TELEFONICA SA
3,533,952
0.79
71,745 KONINKLIJKE KPN NV
262,945
0.06
2,564 ZARDOYA OTIS
27,691
0.01
3,914 KONINKLIJKE VOPAK N.V.
17,590 QIAGEN NV
5,903 RANDSTAD HOLDING NV
55,389 REED ELSEVIER NV
87,251 ROYAL PHILIPS ELECTRONICS NV
51,918 STMICROELECTRONICS NV
29,547 TNT EXPRESS NV
137,078 UNILEVER CVA
17,542 WOLTERS KLUWER CVA
6,435 ZIGGO NV
Norway
207,559
241,863
162,923
613,987
1,730,187
277,606
247,899
3,944,420
270,059
158,945
4,871,551
0.05
0.05
0.04
0.14
0.38
0.06
0.06
0.87
0.06
0.04
1.09
Sweden
16,913 AB INDUSTRIVAERDEN C
32,403 ALFA LAVAL
23,651 ASSA ABLOY B
54,890 ATLAS COPCO AB-A SHS
32,853 ATLAS COPCO B
18,283 BOLIDEN AB
16,686 ELECTROLUX B
20,344 ELEKTA AB B
236,923 ERICSSON LM-B SHS
20,030 GETINGE AB-B SHS
20,951,215
211,611
509,314
667,390
1,136,966
603,788
259,338
330,506
239,650
1,791,806
511,925
4.70
0.05
0.11
0.15
0.25
0.14
0.06
0.07
0.05
0.40
0.11
15,888 AKER KVAERNER ASA
242,869
0.05
74,068 HENNES & MAURITZ AB-B SHS
1,931,744
0.42
80,239 DNB NOR ASA
764,833
0.17
23,033 HEXAGON B
436,423
0.10
6,108 GJENSIDIGE FORSIKRING ASA
65,664
0.01
39,671 HUSQVARNA
180,614
0.04
65,803 NORSK HYDRO ASA
248,397
0.06
37,482 INVESTOR B
740,243
0.17
63,360 ORKLA ASA
416,069
0.09
20,225 KINNEVIK INVESTMENT AB-B
318,839
0.07
89,278 STATOILHYDRO ASA
1,680,226
0.38
19,839 LUNDIN PETROLEUM
344,559
0.08
61,880 TELENOR
940,051
0.21
201,909 NORDEA BANK AB
1,456,633
0.33
13,850 YARA INTERNATIONAL ASA
513,442
0.12
15,638 RATOS B
113,544
0.03
87,277 SANDVIK
1,049,405
0.24
The accompanying notes form an integral part of these financial statements
106

Index Equity Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
28,340 SCANIA AB B
135,508 SEB A
13,841 SECURITAS B
35,598 SKANSKA AB-B SHS
28,395 SKF AB-B SHS
46,363 SVENSKA CELLULOSA SCA B
41,018 SVENSKA HANDELSBANKEN A
71,531 SWEDBANK A SHS A
13,995 SWEDISH MATCH AB
30,688 TELE2 AB-B SHS
166,809 TELIASONERA AB
115,161 VOLVO AB-B SHS
Switzerland
442,159
869,761
91,170
439,190
538,350
759,440
1,107,423
1,055,360
354,757
417,473
853,821
1,188,013
59,738,410
0.10
0.20
0.02
0.10
0.12
0.17
0.25
0.24
0.08
0.09
0.19
0.27
13.40
United Kingdom
81,815 ABERDEEN ASSET MANAGEMENT PLC
15,164 ADMIRAL GROUP
24,842 AGGREKO
31,999 AMEC PLC
119,329 ANGLO AMERICAN PLC
30,423 ANTOFAGASTA PLC
101,868 ARM HOLDINGS
23,558 ASSOCIATED BRITISH FOODS
101,997 ASTRAZENECA PLC
223,681 AVIVA PLC
32,771 BABCOCK INTERNATIONAL GROUP PLC
251,111 BAE SYSTEMS PLC
147,249,004
367,065
217,886
528,133
396,444
2,776,009
498,098
958,377
453,055
3,630,866
1,026,782
390,393
1,046,232
33.02
0.08
0.05
0.12
0.09
0.62
0.11
0.21
0.10
0.81
0.23
0.09
0.23
173,412 ABB LTD-NOM
2,693,067
0.60
77,577 BALFOUR BEATTY
261,418
0.06
7,549 ACTELION N
272,173
0.06
941,319 BARCLAYS PLC
3,010,450
0.68
8,544 ADECCO SA
339,963
0.08
285,770 BG GROUP PLC
3,519,533
0.79
8,811 ARYZTA
341,902
0.08
175,870 BHP BILLITON PLC
4,608,140
1.03
5,082 BALOISE-HOLDING NOM.
330,424
0.07
1,563,382 BP PLC
8,119,195
1.81
36 BARRY CALLEBAUT N
26,239
0.01
159,561 BRITISH AMERICAN TOBACCO PLC
6,060,179
1.36
41,702 CIE FIN RICHEMONT
2,466,164
0.55
66,965 BRITISH LAND CO PLC
465,552
0.10
109,079 CREDIT SUISSE GROUP AG-NOM
2,011,097
0.45
99,612 BRITISH SKY BROADCASTING GRP
935,935
0.21
3,263 GEBERIT AG-NOM
544,306
0.12
672,927 BT GROUP PLC
1,923,941
0.43
799 GIVAUDAN N
637,294
0.14
18,918 BUNZL
233,225
0.05
17,633 HOLCIM LTD-NOM
977,055
0.22
31,611 BURBERRY GROUP
474,677
0.11
15,071 JULIUS BAER GRUPPE
403,566
0.09
53,696 CAPITA
499,269
0.11
5,214 KUEHNE UND NAGEL INTERNATIONAL AG-NOM
475,040
0.11
15,257 CARNIVAL PLC
443,291
0.10
9 LINDT AND SPRUENGLI AG-NOM
257,287
0.06
403,236 CENTRICA PLC
1,662,311
0.37
54 LINDT AND SPRUENGLI PS
133,284
0.03
108,740 COBHAM
294,021
0.07
5,356 LONZA GROUP AG N
218,969
0.05
147,722 COMPASS GROUP PLC
1,313,064
0.29
264,771 NESTLE SA
13,070,238
2.93
12,894 CRODA INTERNATIONAL PLC
373,216
0.08
190,451 NOVARTIS AG-NOM
9,062,335
2.03
210,475 DIAGEO
4,632,790
1.04
1,749 PARGESA HOLDING
90,756
0.02
16,611 EURASIAN NATURAL RESOURCES
58,066
0.01
1,473 PARTNERS GROUP HOLDING N
257,670
0.06
12,031 FRESNILLO PLC-W/I
273,268
0.06
58,169 ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
2,456 SCHINDLER HOLDING N
4,334 SCHINDLER HOLDING PS
424 SGS SA-NOM
170 SIKA
4,906 SONOVA HOLDING AG
2,138 SULZER AG-NOM
3,244 SWISS LIFE HOLDING NOM
3,403 SWISS PRIME SITE
30,262 SWISS RE AG
1,775 SWISSCOM N
7,693 SYNGENTA AG-NOM
2,439 THE SWATCH GROUP
2,110 THE SWATCH GROUP N
31,248 TRANSOCEAN LTD
301,493 UBS AG NOM
19,810 WOLSELEY PLC
11,749 ZURICH INSURANCE GROUP AG
8,864,949
264,040
473,838
711,495
297,097
412,033
255,175
326,187
215,198
1,651,771
578,950
2,335,904
931,682
137,626
1,044,059
3,563,428
697,568
2,368,581
1.99
0.06
0.11
0.16
0.07
0.09
0.06
0.07
0.05
0.37
0.13
0.52
0.21
0.03
0.23
0.80
0.16
0.53
95,291 GKN
402,981 GLAXOSMITHKLINE PLC
118,208 G4S SHS
73,840 HAMMERSON
19,948 HARGREAVES LANSDOWN
1,492,202 HSBC HOLDINGS PLC
57,794 ICAP PLC
31,003 IMI PLC
80,171 IMPERIAL TOBACCO GROUP PLC
44,977 INMARSAT PLC
27,080 INTERCONT HOTELS GROUP PLC
13,746 INTERTEK GROUP
58,735 INVENSYS PLC
58,021 INVESTEC
246,702 ITV
20,182 JOHNSON MATTHEY PLC
13,853 KAZAKHMYS PLC
222,837 KINGFISHER
71,905 LAND SECURITIES GROUP PLC
267,902
6,627,313
371,472
446,135
165,614
11,874,534
217,773
414,409
2,316,628
322,579
563,140
525,857
233,734
298,311
319,511
581,948
131,514
767,521
720,412
0.06
1.49
0.08
0.10
0.04
2.65
0.05
0.09
0.52
0.07
0.13
0.12
0.05
0.07
0.07
0.13
0.03
0.17
0.16
464,276 LEGAL & GENERAL GROUP
826,501
0.19
The accompanying notes form an integral part of these financial statements
107

Index Equity Europe
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
3,400,961 LLOYDS BANKING GROUP PLC
6,419 LONDON STOCK EXCHANGE
109,914 MARKS AND SPENCER GROUP
78,385 MEGGITT PLC
119,680 MELROSE
188,755 MORRISON SUPERMARKETS PLC
305,998 NATIONAL GRID PLC
15,307 NEXT PLC
401,810 OLD MUTUAL
62,360 PEARSON
210,066 PRUDENTIAL PLC
52,019 RECKITT BENCKISER GROUP PLC
112,786 REED ELSEVIER PLC
65,973 REXAM
109,937 RIO TINTO PLC
11,981,552 ROLLS ROYCE HOLDING C JANV 13
157,652 ROLLS-ROYCE HODLINGS PLC
200,344 ROYAL BANK OF SCOTLAND PLC
210,776 ROYAL DUTCH SHELL B SHARES
294,762 ROYAL DUTCH SHELL PLC-A
285,511 RSA INSUR GRP SHS
77,129 SABMILLER
72,440 SAGE GROUP
117,029 SAINSBURY(J)
7,962 SCHRODERS LTD
69,968 SEGRO PLC
46,981 SERCO GROUP
23,944 SEVERN TRENT PLC
43,554 SHIRE
68,677 SMITH & NEPHEW
31,322 SMITHS GROUP
79,700 SSE PLC
198,277 STANDARD CHARTERED
188,942 STANDARD LIFE PLC
46,634 TATE & LYLE PLC
657,979 TESCO PLC
36,184 TUI TRAVEL
77,147 TULLOW OIL PLC
102,504 UNILEVER
66,705 UNITED UTILITIES GROUP PLC
11,562 VEDANTA RESOURCES PLC
4,015,395 VODAFONE GROUP PLC
20,601 WEIR GROUP
15,897 WHITBREAD
173,336 XSTRATA PLC
64,221 3I GROUP
Warrants, Rights
Spain
10,260 GRIFOLS DTS
Total securities portfolio
EUR
2,023,041
85,958
517,977
370,065
338,809
605,852
2,635,819
693,486
875,346
908,980
2,220,137
2,482,573
879,881
351,851
4,749,004
14,639
1,701,821
794,816
5,656,662
7,685,529
440,589
2,682,482
261,278
496,170
166,059
212,866
308,825
463,989
1,008,428
572,273
455,795
1,398,365
3,815,582
772,436
437,879
2,712,872
125,160
1,189,560
2,982,003
549,728
164,011
7,624,075
472,203
476,259
2,254,459
169,723
9,213
9,213
9,213
443,118,540
0.45
0.02
0.12
0.08
0.08
0.14
0.59
0.16
0.20
0.20
0.50
0.56
0.20
0.08
1.07
0.00
0.38
0.18
1.27
1.72
0.10
0.60
0.06
0.11
0.04
0.05
0.07
0.10
0.23
0.13
0.10
0.31
0.86
0.17
0.10
0.61
0.03
0.27
0.67
0.12
0.04
1.71
0.11
0.11
0.51
0.04
0.00
0.00
0.00
99.38
The accompanying notes form an integral part of these financial statements
108

Index Equity North America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
549,813,380
99.86
8,465 GILDAN ACTIVEWEAR A
234,276
0.04
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
549,484,848
549,484,591
99.80
99.80
44,075 GOLDCORP
15,832 GREAT WEST LIFECO
14,813 HUSKY ENERGY
14,659 IAMGOLD
1,227,868
293,677
331,761
127,193
0.22
0.05
0.06
0.02
Bermuda
1,727,462
0.31
4,810 IGM FINANCIAL
152,431
0.03
6,168 ARCH CAP GRP
4,927 AXIS CAPITAL HOLDINGS
5,762 BUNGE LTD
2,208 EVEREST REINSURANCE GROUP
23,318 INVESCO LTD
23,300 MARVELL TECHNOLOGY
2,820 PARTNERRE
2,082 RENAISSANCERE HOLDINGS LTD
Canada
205,943
129,453
317,688
184,140
461,442
128,306
172,165
128,325
46,852,085
0.04
0.02
0.06
0.03
0.09
0.02
0.03
0.02
8.52
14,653 IMPERIAL OIL
6,134 INDL ALLIANCE INSURANCE FCIAL
5,130 INTACT FINANCIAL CORP
71,176 KINROSS GOLD
3,925 LOBLAW COMPANIES
9,100 MAGNA INTERNATIONAL A SUB.VTG
95,136 MANULIFE FINANCIAL CORP
5,000 MEG ENERGY CORP
2,550 METRO INC
8,573 NATIONAL BANK OF CANADA
476,973
146,633
253,120
523,776
125,372
344,396
979,117
115,944
123,022
504,440
0.09
0.03
0.05
0.10
0.02
0.06
0.18
0.02
0.02
0.09
7,213 AGNICO EAGLE MINES
6,975 AGRIUM INC
4,080 ALIMENTATION COUCHE TARD B
14,042 ARC RESOURCES LTD
24,964 ATHABASCA OIL
34,755 BANK OF MONTREAL
54,482 BANK OF NOVA SCOTIA
48,890 BARRICK GOLD CORP
4,892 BAYTEX ENERGY CORP
11,488 BCE INC
94,401 BOMBARDIER INC B
6,500 BONAVISTA ENERGY CORP
32,169 BROOKFIELD ASSET MANAGEMENT A
10,546 BROOKFIELD PROPERTIES CORP
10,736 CAE INC
19,436 CAMECO CORP
19,720 CANADIAN IMPERIAL BANK OF COM
23,100 CANADIAN NATIONAL RAILWAY CO
59,656 CANADIAN NATURAL RESOURCES
25,999 CANADIAN OIL SANDS LTD (NEW)
2,795 CANADIAN TIRE CORP A N VOT
3,931 CANADIAN UTILITIES LTD SHS A
13,300 CATAMARAN
6,722 CDN PACIFIC RAILWAY LTD
37,206 CENOVUS ENERGY CORP
9,834 CGI GROUP INC A
7,677 CI FINCIAL FD
12,489 CRESCENT POINT ENERGY CORP
34,549 ELDORADO GOLD CORP
2,458 EMPIRE CO LTD -A- NON VOTING
41,179 ENBRIDGE
35,116 ENCANA
13,398 ENERPLUS
6,181 FINNING INTERNATIONAL INC
24,830 FIRST QUANTUM MINERALS LTD
8,554 FORTIS INC
9,432 FRANCO NEVADA
1,848 GEORGE WESTON LTD
287,010
526,778
152,079
261,436
198,731
1,611,326
2,384,806
1,296,831
159,762
373,073
270,395
73,383
892,998
136,254
82,358
290,052
1,201,347
1,589,566
1,301,552
399,482
147,724
215,431
473,965
516,683
943,542
171,853
145,797
357,916
336,884
110,382
1,349,524
525,924
131,663
115,691
414,432
222,989
407,975
99,502
0.05
0.10
0.03
0.05
0.04
0.29
0.43
0.24
0.03
0.07
0.05
0.01
0.16
0.02
0.01
0.05
0.22
0.29
0.24
0.07
0.03
0.04
0.09
0.09
0.17
0.03
0.03
0.07
0.06
0.02
0.25
0.10
0.02
0.02
0.08
0.04
0.07
0.02
31,259 NEW GOLD
26,374 NEXEN
7,355 ONEX CORP SUB VTG
959 OPEN TEXT
15,023 OSISKO MINING CORP
10,637 PACIFIC RUBIALES
7,465 PAN AMERICAN SILVER
8,956 PEMBINA PIPELINE
14,128 PENGROWTH ENERGY
18,761 PENN WEST ENERGY PETROLEUM LTD
46,499 POTASH CORP OF SASKATCHEWAN (US)
15,294 POWER CORP OF CANADA
22,311 RESEARCH IN MOTION
10,644 RIOCAN REAL ESTE INVESTMNT TRT
2,564 RITCHIE BRO AUCTION
23,803 ROGERS COMMUNICATIONS SHS B
70,549 ROYAL BANK OF CANADA
5,403 SAPUTO INC
1 SEARS CANADA INC
24,352 SHAW COMMUNICATIONS B
9,147 SHOPPERS DRUG MART
16,012 SILVER WHEATON
18,000 SINO FOREST CORPORATION
6,170 SNC-LAVALIN GROUP A
23,687 SUN LIFE FINANCIAL
79,716 SUNCOR ENERGY INC. (NOUV. STE)
58,824 TALISMAN ENERGY
28,156 TECK RESOURCES B
9,856 TELUS NON VTG
18,328 THOMSON CORP
7,086 TIM HORTONS INC
46,985 TORONTO DOMINION BANK
11,700 TOURMALINE OIL
8,572 TRANSALTA CORP
38,675 TRANSCANADA CORP
18,212 TURQUOISE HILL
5,470 ULTRA PETROLEUM
13,588 VALEANT PHARMA
262,178
533,829
234,596
40,641
91,555
187,264
106,001
194,171
53,275
154,353
1,433,899
295,697
200,556
223,470
40,529
818,880
3,218,156
207,073
8
423,707
298,234
437,412
-
189,514
475,833
1,986,371
504,129
775,379
485,630
401,828
263,586
2,997,633
278,351
98,734
1,385,312
105,440
75,221
614,239
0.05
0.10
0.04
0.01
0.02
0.03
0.02
0.04
0.01
0.03
0.26
0.05
0.04
0.04
0.01
0.15
0.57
0.04
0.00
0.08
0.05
0.08
0.00
0.03
0.09
0.36
0.09
0.14
0.09
0.07
0.05
0.54
0.05
0.02
0.25
0.02
0.01
0.11
The accompanying notes form an integral part of these financial statements
109

Index Equity North America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
5,000 VERMILION ENERGY TR
197,951
0.04
30,134 AES CORP
244,564
0.04
32,557 YAMANA GOLD
424,355
0.08
13,650 AETNA INC
479,365
0.09
Cayman Islands
6,212 GARMIN LTD
6,323 HERBALIFE
14,104 PRINCIPAL FINANCIAL
21,978 SEAGATE TECHNOLOGY
1,163,523
192,335
157,979
305,102
508,107
0.21
0.03
0.03
0.06
0.09
3,600 AFFILIATED MANAGERS
23,063 AFLAC INC
3,283 AGCO CORP
15,743 AGILENT TECHNOLOGIES INC
11,615 AIR PRODUCTS & CHEMICALS INC
3,169 AIRGAS
355,385
929,237
122,316
488,864
740,210
219,431
0.06
0.17
0.02
0.09
0.13
0.04
Curacao
66,042 SCHLUMBERGER LTD
3,470,912
3,470,912
0.63
0.63
10,127 AKAMAI TECHNOLOGIES INC
6,500 ALBEMARLE
51,593 ALCOA INC
314,241
306,265
339,675
0.06
0.06
0.06
Ireland
29,709 ACCENTURE SHS CLASS A
26,465 COVIDIEN
25,003 EATON CORP
18,758 INGERSOLL RAND PLC
7,453 WILLIS GROUP HOLDING
8,300 WNR CHILCOTT PLC A
14,107 XL GROUP PLC
4,901,309
1,498,520
1,159,048
1,027,884
682,368
189,547
75,798
268,144
0.89
0.28
0.21
0.19
0.12
0.03
0.01
0.05
8,804 ALEXION PHARMACEUTICALS INC
1,000 ALLEGHANY CORPORATION
3,948 ALLEGHENY TECHNOLOGIES INC
16,888 ALLERGAN INC
2,408 ALLIANCE DATA SYST
4,474 ALLIANT ENERGY CORP
25,814 ALLSTATE CORP
16,674 ALTERA CORP
100,206 ALTRIA GROUP INC
626,444
254,414
90,914
1,175,012
264,398
149,009
786,520
435,568
2,388,101
0.11
0.05
0.02
0.21
0.05
0.03
0.14
0.08
0.43
Jersey
557,039
0.10
17,376 AMAZON.COM
3,309,928
0.60
19,200 DELPHI AUTOMOTIVE PLC
Liberia
557,039
263,330
0.10
0.05
15,307 AMEREN CORPORATION
14,500 AMERICAN CAPITAL AGENCY
28,036 AMERICAN ELECTRIC POWER INC
356,668
318,287
907,597
0.06
0.06
0.16
10,211 ROYAL CARIBBEAN CRUISES
Netherlands
263,330
1,332,295
0.05
0.24
48,438 AMERICAN EXPRESS CO
69,098 AMERICAN INTL GRP
19,269 AMERICAN TOWER
2,111,815
1,850,091
1,129,335
0.38
0.34
0.21
2,300 CORE LABORATORIES
15,659 LYONDELLBASELL
7,767 NIELSEN HOLDINGS
11,500 SENSATA TECHNOLOGIE
Panama
190,696
678,073
180,213
283,313
714,622
0.03
0.13
0.03
0.05
0.13
9,888 AMERICAN WATER WORKS
11,613 AMERIPRISE FINANCIAL
11,648 AMERISOURCEBERGEN
9,930 AMETEK
36,812 AMGEN INC
11,017 AMPHENOL CORPORATION-A
278,475
551,670
381,493
282,972
2,410,203
540,655
0.05
0.10
0.07
0.05
0.44
0.10
25,623 CARNIVAL CORP
714,622
0.13
24,748 ANADARKO PETROLEUM CORP
1,394,891
0.25
Singapore
8,400 AVAGO TECHNOLOGIE LTD
29,993 FLEXTRONICS INTL
342,992
201,717
141,275
0.06
0.03
0.03
13,722 ANALOG DEVICES INC
56,010 ANNALY CAPITAL MANAGEMENT
6,400 ANSYS
13,253 AON PLC
437,763
596,466
326,893
558,910
0.08
0.11
0.06
0.10
Switzerland
19,070 ACE LTD
11,802 NOBLE CORPORATION
20,876 TE CONNECTIVITY LTD
25,519 TYCO INTERNATIONAL LTD
41,557 WEATHERFORD INTERNATIONAL
2,972,620
1,154,267
311,700
587,771
566,164
352,718
0.54
0.21
0.06
0.11
0.10
0.06
18,656 APACHE CORP
46,069 APPLE INC
65,186 APPLIED MATERIALS INC
32,452 ARCHER-DANIELS MIDLAND CO
4,282 ARROW ELECTRONICS INC
2,121 ASSURANT
282,872 AT&T INC
1,110,813
18,625,726
565,631
674,196
123,679
55,824
7,232,717
0.20
3.39
0.10
0.12
0.02
0.01
1.32
United Kingdom
9,100 ENSCO - A
409,169
409,169
0.07
0.07
14,263 AUTODESK INC
3,880 AUTOLIV INC
24,404 AUTOMATIC DATA PROCESSING INC
382,431
198,326
1,055,273
0.07
0.04
0.19
United States of America
484,777,233
88.05
1,613 AUTOZONE INC
433,628
0.08
80,412 ABBOTT LABORATORIES
31,314 ACTIVISION BLIZZARD INC
25,584 ADOBE SYSTEMS INC
12,760 ADT CORP
3,912 ADVANCE AUTO PARTS
3,994,983
252,241
731,193
449,949
214,679
0.73
0.05
0.13
0.08
0.04
4,221 AVALONBAY COMMUNITIE
8,543 AVERY DENNISON CORP
5,920 AVNET INC
19,086 AVON PRODUCTS INC
20,270 BAKER HUGHES INC
434,106
226,275
137,448
207,885
627,903
0.08
0.04
0.02
0.04
0.11
The accompanying notes form an integral part of these financial statements
110

Index Equity North America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
6,754 BALL CORP
229,249
0.04
141,229 CITIGROUP INC
4,237,727
0.77
530,283 BANK OF AMERICA CORP
4,665,718
0.85
9,210 CITRIX SYSTEMS INC
459,312
0.08
65,599 BANK OF NEW YORK MELLON CORP
1,278,743
0.23
6,210 CLIFFS NATURAL RESOURCES
181,627
0.03
4,491 BARD (CR) INC
332,942
0.06
6,416 CLOROX CO
356,325
0.06
25,316 BAXTER INTERNATIONAL INC
1,280,010
0.23
18,920 CME GROUP INC
727,725
0.13
10,031 BEAM INC-WHEN ISSUED
464,801
0.08
17,600 CMS ENERGY CORP
325,461
0.06
10,343 BECTON DICKINSON & CO
613,410
0.11
11,132 COACH INC
468,702
0.09
11,760 BED BATH & BEYOND INC
498,712
0.09
14,200 COBALT INTERNATIONAL ENERGY
264,527
0.05
44,931 BERKSHIRE HATAW B
3,056,971
0.56
205,764 COCA-COLA CO
5,657,574
1.03
14,755 BEST BUY CO INC
132,620
0.02
15,290 COCA-COLA ENTERPRI
367,985
0.07
12,328 BIOGEN IDEC INC
1,371,471
0.25
14,013 COGNIZANT TECH SO-A
787,062
0.14
6,014 BLACKROCK INC A
942,926
0.17
22,500 COLGATE PALMOLIVE CO
1,784,094
0.32
7,520 BMC SOFTWARE INC
226,216
0.04
102,649 COMCAST CLASS A
2,910,361
0.53
37,979 BOEING CO
2,170,887
0.39
31,305 COMCAST CLASS A SPECIAL
853,622
0.16
5,619 BORG WARNER INC
305,243
0.06
9,425 COMERICA INC
216,895
0.04
9,333 BOSTON PROPERTIES INC
749,033
0.14
6,908 COMPUTER SCIENCES CORP
209,849
0.04
64,750 BOSTON SCIENTIFIC CORP
281,415
0.05
20,173 CONAGRA FOODS
451,383
0.08
32,914 BRANCH BANKING AND TRUST CORP
726,734
0.13
5,500 CONCHO RESOURCES
336,074
0.06
89,014 BRISTOL MYERS SQUIBB CO
2,200,369
0.40
53,618 CONOCOPHILLIPS
2,358,395
0.43
21,751 BROADCOM CORPORATION A
547,900
0.10
11,715 CONSOL ENERGY INC
285,233
0.05
5,696 BROWN-FORMAN CORP B
273,265
0.05
12,345 CONSOLIDATED EDISON INC
520,056
0.09
20,596 CA
343,371
0.06
7,136 CONSTELLATION BRANDS INC-A
191,553
0.03
11,376 CABLEVISION NY GRP
128,912
0.02
3,887 CONTINENTAL RESOURCES INC
216,668
0.04
8,570 CABOT OIL & GAS
323,325
0.06
73,649 CORNING INC
704,984
0.13
7,384 CALPINE CORP W/I
101,541
0.02
20,916 COSTCO WHOLESALE
1,566,955
0.28
7,400 CAMDEN PROPERTY TRUST SBI
382,853
0.07
7,104 COVENTRY HEALTH
241,560
0.04
14,278 CAMERON INTERNATIONAL CORP
611,450
0.11
4,760 CREE
122,683
0.02
8,174 CAMPBELL SOUP CO
216,316
0.04
14,696 CROWN CASTLE INTERNATIONAL
804,356
0.15
28,514 CAPITAL ONE FINANCIAL CORP
1,252,894
0.23
6,727 CROWN HOLDINGS
187,819
0.03
15,682 CARDINAL HEALTH INC
489,825
0.09
43,132 CSX CORP
645,475
0.12
5,840 CARE FUSION
126,598
0.02
8,657 CUMMINS INC
711,458
0.13
10,444 CARMAX
297,381
0.05
68,302 CVS CAREMARK CORP
2,504,856
0.45
30,586 CATERPILLAR INC
2,078,196
0.38
28,806 DANAHER CORP
1,221,371
0.22
13,012 CBRE GROUP
196,404
0.04
4,334 DARDEN RESTAURANTS INC
148,159
0.03
31,950 CBS CORP-B
922,101
0.17
4,313 DAVITA HEALTHCARE
361,587
0.07
11,246 CELANESE SER A
379,843
0.07
20,686 DEERE & CO
1,355,950
0.25
23,944 CELGENE CORP
1,429,666
0.26
79,135 DELL INC
608,038
0.11
21,270 CENTERPOINT ENERGY INC
310,564
0.06
21,167 DELTA AIR LINES INC
190,574
0.03
27,465 CENTURYLINK INC
814,951
0.15
19,180 DENBURY RESOURCES
235,677
0.04
6,445 CERNER CORP
379,543
0.07
5,205 DENTSPLY INTERNATIONAL
156,379
0.03
3,743 CF INDUSTRIES HOLDINGS INC
576,781
0.10
20,487 DEVON ENERGY CORPORATION
808,665
0.15
6,536 C.H. ROBINSON WORLDWIDE
313,415
0.06
2,562 DIAMOND OFFSHORE DRILLING INC
132,064
0.02
61,730 CHARLES SCHWAB CORP
672,363
0.12
7,200 DICK’S SPORTING GOODS
248,428
0.05
38,628 CHESAPEAKE ENERGY CORP
486,952
0.09
5,309 DIGITAL REALTY TRUST
273,383
0.05
94,470 CHEVRON CORP
7,748,775
1.42
28,764 DIRECTV
1,094,359
0.20
1,281 CHIPOTLE MEXICAN GRILL CL A
289,022
0.05
24,518 DISCOVER FINANCIAL SERVICES
716,906
0.13
13,036 CHUBB CORP
744,745
0.14
6,591 DISCOVERY COMMUNICATION SERIES C
292,456
0.05
9,461 CHURCH & DWIGHT INC
384,425
0.07
6,548 DISCOVERY COMMUNICATIONS INC - SERIES A
315,281
0.06
12,368 CIGNA CORP
501,512
0.09
7,572 DISH NETWORK CORP
209,057
0.04
4,184 CIMAREX ENERGY
183,209
0.03
1,850 DOLBY LABORATORIES
41,156
0.01
6,295 CINCINNATI FINANCIAL CORP
186,978
0.03
13,000 DOLLAR GENERAL
434,747
0.08
4,505 CINTAS CORP
139,756
0.03
11,070 DOLLAR TREE INC
340,564
0.06
261,225 CISCO SYSTEMS INC
3,893,410
0.71
31,493 DOMINION RESOURCES
1,237,362
0.22
8,121 CIT GROUP INC
238,012
0.04
8,819 DOVER CORP
439,545
0.08
The accompanying notes form an integral part of these financial statements
111

Index Equity North America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
52,622 DOW CHEMICAL CO
1,290,005
0.23
3,484 F5 NETWORKS INC
256,728
0.05
11,787 DR HORTON INC
176,841
0.03
5,572 GAMESTOP A
106,039
0.02
11,573 DR PEPPER SNAPPLE GROUP INC
387,815
0.07
13,354 GAP INC
314,402
0.06
7,728 DTE ENERGY CO
351,992
0.06
18,947 GEN GROWTH PROP
285,268
0.05
35,152 DUKE ENERGY
1,701,075
0.31
15,673 GENERAL DYNAMICS CORP
823,474
0.15
20,000 DUKE REALTY
210,407
0.04
525,641 GENERAL ELECTRIC CO
8,368,631
1.53
1,417 DUN AND BRADSTREET
84,532
0.02
35,135 GENERAL MILLS INC
1,076,915
0.20
5,810 EASTMAN CHEMICAL CO
299,887
0.05
40,860 GENERAL MOTORS
893,503
0.16
4,506 EATON VANCE NON VTG
108,856
0.02
6,760 GENUINE PARTS CO
326,002
0.06
58,681 EBAY INC
2,270,862
0.41
35,893 GILEAD SCIENCES INC
1,999,652
0.36
16,442 ECOLAB INC
896,678
0.16
23,853 GOLDMAN SACHS GROUP
2,307,865
0.42
14,586 EDISON INTERNATIONAL
499,956
0.09
15,630 GOODYEAR TYRE & RUBBER CO
163,721
0.03
7,668 EDWARDS LIFESCIENCES
524,441
0.10
12,809 GOOGLE INC-A
6,891,930
1.25
49,586 E.I. DUPONT DE NEMOURS & CO
1,691,355
0.31
7,386 GREEN MOUNTAIN COFFEE ROASTERS
231,709
0.04
22,688 ELECTRONIC ARTS INC
250,043
0.05
45,347 HALLIBURTON CO
1,193,179
0.22
55,794 ELI LILLY & CO
2,087,197
0.38
12,675 HARLEY DAVIDSON
469,544
0.09
97,254 EMC CORP
1,866,297
0.34
5,698 HARRIS CORP
211,600
0.04
39,882 EMERSON ELECTRIC CO
1,602,056
0.29
21,533 HARTFORD FINANCIAL SERVICES GRP
366,505
0.07
5,500 ENERGEN CORP
188,103
0.03
4,690 HASBRO INC
127,709
0.02
2,962 ENERGIZER HOLDINGS
179,688
0.03
10,649 HCA HOLDINGS INC
243,690
0.04
7,739 ENTERGY CORP
374,212
0.07
20,499 HCP INC
702,476
0.13
13,221 EOG RESOURCES
1,211,290
0.22
10,165 HEALTH CARE REIT
472,552
0.09
9,048 EQT CORP
404,772
0.07
4,361 HELMERICH & PAYNE INC
185,270
0.03
4,722 EQUIFAX INC
193,837
0.04
3,884 HENRY SCHEIN INC
237,035
0.04
2,300 EQUINIX
359,724
0.07
19,320 HERTZ GLOBAL HOLDINGS
238,423
0.04
17,740 EQUITY RESIDENTIAL
762,535
0.14
15,988 HESS CORP
642,236
0.12
9,452 ESTEE LAUDER COMPANIES INC-A
429,154
0.08
15,615 H&R BLOCK INC
219,941
0.04
38,422 EXELON CORP
866,710
0.16
91,073 HEWLETT PACKARD CO
984,368
0.18
4,616 EXPEDIA
215,150
0.04
16,188 HJ HEINZ CO
708,225
0.13
9,701 EXPEDIT INTL WASH
291,015
0.05
10,576 HOLLYFRONTIER
373,417
0.07
38,040 EXPRESS SCRIPTS HLD
1,558,070
0.28
25,371 HOLOGIC INC
385,453
0.07
224,542 EXXON MOBIL CORP
14,740,677
2.69
73,295 HOME DEPOT INC
3,438,483
0.62
42,600 FACEBOOK A
860,466
0.16
37,638 HONEYWELL INTERNATIONAL INC
1,811,957
0.33
4,881 FAMILY DOLLAR STORE
234,757
0.04
5,491 HORMEL FOODS
129,986
0.02
10,652 FASTENAL CO
377,231
0.07
7,366 HOSPIRA
174,540
0.03
2,674 FEDERAL REALTY INVESTMT TR SBI
210,975
0.04
32,942 HOST HOTELS & RESORTS INC
391,536
0.07
15,550 FEDEX CORP
1,081,801
0.20
17,304 HUDSON CITY BANCORP
106,706
0.02
12,690 FIDELITY NATIONAL FINANCIAL INC
226,676
0.04
7,775 HUMANA
404,732
0.07
12,863 FIDELITY NATIONAL INFORM SVCES
339,625
0.06
2,030 IHS
147,816
0.03
36,550 FIFTH THIRD BANCORP
421,112
0.08
20,604 ILLINOIS TOOL WORKS INC
950,341
0.17
156,581 FIRST HORIZON FRACTIONAL SHS
-
0.00
8,423 ILLUMINA
355,154
0.06
24,565 FIRSTENERGY CORP
778,090
0.14
2,946 INTEGRYS ENERGY GROUP INC
116,687
0.02
7,071 FISERV INC
423,863
0.08
245,442 INTEL CORP
3,840,616
0.70
13,016 FLIR SYSTEMS
220,257
0.04
3,375 INTERCONTINENTALEXCHANGE INC
316,944
0.06
2,609 FLOWSERVE CORP
290,505
0.05
6,351 INTERNATIONAL FLAVORS & FRAGRANCES
320,537
0.06
8,115 FLUOR NEW
361,556
0.07
18,580 INTERNATIONAL PAPER
561,459
0.10
5,778 FMC CORP
256,469
0.05
21,352 INTERPUBLIC GROUP OF COS INC
178,473
0.03
15,553 FMC TECHNOLOGIES
505,260
0.09
52,141 INTL BUSINESS MACHINES CORP
7,575,552
1.39
173,222 FORD MOTOR CO
1,701,475
0.31
12,287 INTL GAME TECHNOLOG
132,059
0.02
13,637 FOREST LABORATORIES
365,336
0.07
14,193 INTUIT
640,537
0.12
4,023 FOSSIL
284,088
0.05
1,808 INTUITIVE SURGICAL
672,473
0.12
5,221 FRANKLIN RESOURCES INC
497,785
0.09
7,691 IRON MOUNTAIN INC
181,133
0.03
42,476 FREEPORT MCMORAN COPPER&GLD INC-B
1,101,850
0.20
5,355 JACOBS ENGINEERING GROUP INC.
172,908
0.03
38,561 FRONTIER COMMUNICATIONS CORP
125,183
0.02
4,671 J.B HUNT TRANSPORT SERVICES
211,548
0.04
The accompanying notes form an integral part of these financial statements
112

Index Equity North America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
6,689 JC PENNEY CO INC
100,000
0.02
13,583 MASCO CORP
171,642
0.03
5,233 JM SMUCKER
342,304
0.06
5,556 MASTERCARD
2,070,352
0.38
38,423 JOHNSON CONTROLS INC
894,710
0.16
19,797 MATTEL
549,883
0.10
136,093 JOHNSON & JOHNSON
7,236,133
1.32
12,273 MAXIM INTEGRATED PRODUCTS INC
273,685
0.05
4,063 JOY GLOBAL
196,555
0.04
49,309 MC DONALD’S CORP
3,299,110
0.60
187,942 JP MORGAN CHASE AND CO
6,268,060
1.14
11,443 MC GRAW HILL COMPANIES INC
474,506
0.09
26,414 JUNIPER NETWORKS
394,086
0.07
4,484 MCCORMICK NON VTG
216,071
0.04
5,867 KANSAS CITY SOUTHERN
371,494
0.07
14,213 MCKESSON CORP
1,045,276
0.19
8,833 KBR INC
200,458
0.04
6,229 MDU RES GROUP
100,352
0.02
11,553 KELLOGG CO
489,408
0.09
8,356 MEAD JOHNSON NUTRITION
417,610
0.08
34,891 KEYCORP
222,832
0.04
5,495 MEADWESTVACO
132,832
0.02
17,802 KIMBERLY-CLARK CORP
1,140,036
0.21
54,086 MEDTRONIC INC
1,682,803
0.31
16,889 KIMCO REALTY CORP
247,494
0.04
149,024 MERCK AND CO INC
4,627,611
0.84
31,575 KINDER MORGAN
846,135
0.15
37,629 METLIFE INC
940,154
0.17
4,014 KINDER MORGAN MANAGEMENT LLC
229,745
0.04
17,799 METROPCS COMMUNICATIONS
134,195
0.02
58,839 KINDER MORGAN MANAGEMENT LLC ROMPUS
33
0.00
5,305 M&T BANK CORPORATION
396,225
0.07
7,643 KLA-TENCOR
276,873
0.05
16,909 MGM MIRAGE
149,288
0.03
12,301 KOHL S CORP
401,014
0.07
13,505 MICROCHIP TECHNOLOGY INC
333,835
0.06
29,655 KRAFT FOODS
1,022,765
0.19
38,570 MICRON TECHNOLOGY INC
185,770
0.03
26,641 KROGER CO
525,788
0.10
376,548 MICROSOFT CORP
7,634,350
1.40
4,464 LABORATORY CORP
293,289
0.05
3,819 MOHAWK INDUSTRIES
262,064
0.05
9,989 LAM RESEARCH CORP
273,743
0.05
11,352 MOLSON COORS BREWING CO-B
368,441
0.07
18,904 LAS VEGAS SANDS
661,869
0.12
88,964 MONDELEZ INTERNATIONAL
1,718,684
0.31
3,266 LEGG MASON INC
63,715
0.01
24,402 MONSANTO
1,751,858
0.32
5,906 LEGGETT & PLATT INC
121,937
0.02
6,270 MONSTER BEVERAGE CORP
251,485
0.05
9,400 LENNAR A
275,711
0.05
8,724 MOODY’S CORP
332,973
0.06
14,579 LEUCADIA NATIONAL
263,072
0.05
72,002 MORGAN STANLEY
1,044,204
0.19
12,128 LEVEL 3 COMM
212,590
0.04
14,395 MOSAIC CO THE -WI
618,317
0.11
5,905 LIBERTY GLOBAL C
263,136
0.05
11,606 MOTOROLA SOLUTIONS INC
490,156
0.09
5,346 LIBERTY GLOBAL CLASS A
255,419
0.05
8,168 MURPHY OIL
368,935
0.07
4,907 LIBERTY MEDIA CORP
431,782
0.08
18,778 MYLAN
391,398
0.07
29,315 LIBERTY MEDIA HLDG INTER SR A
437,590
0.08
18,448 NABORS INDUSTRIES
202,195
0.04
3,910 LIBERTY PROPERTY TRUST
106,084
0.02
10,170 NASDAQ OMX GRP INC
192,925
0.04
7,934 LIFE TECH
295,359
0.05
20,856 NATIONAL OILWELL VARCO
1,081,241
0.20
11,809 LIMITED BRANDS
421,520
0.08
18,398 NETAPP INC
468,183
0.09
13,544 LINCOLN NATIONAL CORP
266,072
0.05
2,647 NETFLIX
186,278
0.03
9,280 LINEAR TECHNOLOGY CORP
241,432
0.04
13,612 NEW YORK COMMUNITY BANCORP
135,253
0.02
3,800 LINKEDIN CORP CLASS A
330,944
0.06
10,229 NEWELL RUBBERMAID INC
172,785
0.03
16,600 LKQ CORPORATION
265,671
0.05
5,719 NEWFIELD EXPLORATN
116,167
0.02
15,199 LOCKHEED MARTIN CORP
1,063,953
0.19
21,086 NEWMONT MINING CORP
742,744
0.13
18,266 LOEWS CORP
564,578
0.10
75,162 NEWS CORPORATION A
1,456,036
0.26
6,925 LORILLARD INC
612,818
0.11
19,586 NEWS CORPORATION B
389,818
0.07
55,193 LOWE’S COMPANIES INC
1,486,996
0.27
18,227 NEXTERA ENERGY INC
956,558
0.17
31,083 LSI CORP
166,920
0.03
36,098 NIKE INC -B-
1,412,816
0.26
7,048 LULULEMON ATHLETICA
407,516
0.07
13,057 NISOURCE
246,502
0.04
5,260 L3 COMMUNICATION
305,690
0.06
8,100 NOBLE ENERGY
625,071
0.11
5,499 MACERICH CO
243,167
0.04
10,203 NORDSTROM INC
414,033
0.08
23,190 MACY S STORE
686,342
0.12
14,400 NORFOLK SOUTHERN CORP
675,437
0.12
6,342 MANPOWER INC
204,152
0.04
15,211 NORTHEAST UTILITIES
450,884
0.08
41,247 MARATHON OIL CORP
959,218
0.17
9,532 NORTHERN TRUST CORP
362,656
0.07
17,874 MARATHON PETROLEUM
854,113
0.16
8,332 NORTHROP GRUMMAN CORP
427,091
0.08
13,803 MARRIOTT INTERNATIONAL-A
390,199
0.07
12,087 NRG ENERGY INC
210,771
0.04
29,619 MARSH & MCLENNAN COMPANIES
774,398
0.14
9,585 NUANCE COMMUNICATIONS
162,270
0.03
1,300 MARTIN MARIETTA
92,964
0.02
14,688 NUCOR CORP
481,059
0.09
The accompanying notes form an integral part of these financial statements
113

Index Equity North America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
23,319 NVIDIA CORP
217,378
0.04
3,100 REALTY INCOME CORP
94,547
0.02
12,041 NYSE EURONEXT INC
288,056
0.05
7,816 RED HAT
313,968
0.06
40,168 OCCIDENTAL PETROLEUM CORP
2,334,095
0.42
7,000 REGENCY CENTERS CORP
250,182
0.05
4,372 OMNICARE INC
119,713
0.02
3,500 REGENERON PHARMA
454,145
0.08
13,925 OMNICOM GROUP INC
527,680
0.10
51,214 REGIONS FINANCIAL CORP
276,580
0.05
9,002 ONEOK INC
291,896
0.05
19,373 REPUBLIC SERVICES INC
430,985
0.08
185,811 ORACLE CORP
4,696,012
0.85
15,855 REYNOLDS AMERICAN INC
498,235
0.09
5,672 OREILLY AUTOMOTIVE INC
384,701
0.07
5,458 ROBERT HALF INTL
131,731
0.02
14,593 OWENS ILLINOIS INC
235,432
0.04
4,648 ROCK-TENN COMPANY-A
246,467
0.04
16,604 PACCAR INC
569,377
0.10
6,531 ROCKWELL AUTOMATION INC
416,064
0.08
5,915 PALL CORP
270,356
0.05
6,870 ROCKWELL COLLINS INC.
303,116
0.06
7,898 PARKER-HANNIFIN CORP
509,560
0.09
4,286 ROPER INDUSTRIES
362,411
0.07
2,217 PATTERSON COMPANIES
57,561
0.01
9,724 ROSS STORES INC
399,389
0.07
14,874 PAYCHEX INC
351,317
0.06
5,320 ROWAN COMPANIES
126,181
0.02
12,106 PEABODY ENERGY CORP
244,342
0.04
17,724 SAFEWAY INC
243,194
0.04
12,275 PENTAIR
457,612
0.08
6,336 SALESFORCE.COM
807,859
0.15
14,568 PEOPLES UNITED FINANCIAL INC
133,592
0.02
12,309 SANDISK
406,690
0.07
9,444 PEPCO HOLDINGS
140,471
0.03
4,860 SBA COMMUNICATIONS CORP
261,800
0.05
76,228 PEPSICO INC
3,956,525
0.72
5,178 SCANA CORP
179,251
0.03
4,650 PERRIGO
366,914
0.07
18,729 SCIENCE APPLICATIONS ITL
160,810
0.03
4,557 PETSMART INC
236,215
0.04
3,336 SCRIPPS NETWORKS INTER
146,557
0.03
364,133 PFIZER INC
6,926,923
1.26
1 SEAHAWK
-
0.00
20,151 PG&E CORP
614,129
0.11
14,918 SEALED AIR
198,130
0.04
81,939 PHILIP MORRIS INTERNATIONAL INC
5,198,254
0.94
2,437 SEARS HOLDINGS
76,452
0.01
5,000 PHILLIPS VAN HEUSEN CORP
421,003
0.08
9,580 SEI INVESTMENTS
169,597
0.03
33,159 PHILLIPS 66
1,335,515
0.24
12,031 SEMPRA ENERGY
647,360
0.12
4,496 PINNACLE WEST CAPITAL CORP
173,852
0.03
3,763 SHERWIN WILLIAMS CO
439,036
0.08
5,468 PIONEER NATURAL RES
442,077
0.08
5,549 SIGMA-ALDRICH CORP
309,690
0.06
7,654 PITNEY BOWES INC
61,771
0.01
16,207 SIMON PROPERTY GROUP INC
1,943,389
0.35
6,366 PLAINS EXPLORATION & PRODUCT.
226,654
0.04
223,007 SIRIUS XM RADIO INC.
488,843
0.09
7,293 PLUM CREEK TIMBER
245,442
0.04
4,200 SL GREEN REALTY CORPOR
244,182
0.04
28,935 PNC FINANCIAL SERVICES GROUP
1,279,733
0.23
19,377 SLM
251,766
0.05
2,673 POLO RALPH LAUREN A
303,956
0.06
46,384 SOUTHERN CO
1,506,143
0.27
7,430 PPG INDUSTRIES INC
762,781
0.14
17,849 SOUTHWEST AIRLINES
138,633
0.03
30,007 PPL CORP
651,623
0.12
20,995 SOUTHWESTERN ENERGY
532,041
0.10
14,837 PRAXAIR INC
1,231,728
0.22
31,953 SPECTRA ENERGY
663,587
0.12
7,294 PRECISION CASTPARTS CORP
1,047,959
0.19
123,018 SPRINT NEXTEL CORP
529,060
0.10
2,478 PRICELINE.COM INC
1,167,577
0.21
1,876 SPX CORP
99,819
0.02
138,826 PROCTER AND GAMBLE CO
7,148,738
1.30
16,756 ST JUDE MEDICAL INC
459,316
0.08
29,095 PROGRESSIVE CORP
465,644
0.08
7,312 STANLEY BLACK AND DECKER INC.
410,246
0.07
22,264 PROLOGIS
616,212
0.11
39,712 STAPLES INC
343,384
0.06
25,370 PRUDENTIAL FINANCIAL
1,026,230
0.19
40,921 STARBUCKS
1,664,278
0.30
25,533 PUBLIC SERVICE ENTERPRISE GROU
592,620
0.11
9,609 STARWOOD HTLS & RESORTS WORLD
418,061
0.08
7,409 PUBLIC STORAGE
814,630
0.15
18,776 STATE STREET CORP
669,493
0.12
21,000 PULTE HOMES
289,260
0.05
3,204 STERICYCLE
226,666
0.04
7,948 QEP RESOURCES INC
182,483
0.03
13,337 STRYKER CORP
554,562
0.10
83,499 QUALCOMM INC
3,927,949
0.71
1 SUNCOKE ENERGY
12
0.00
10,484 QUANTA SERVICES
217,012
0.04
29,985 SUNTRUST BANKS INC
644,778
0.12
7,138 QUEST DIAGNOSTICS INC
315,482
0.06
36,528 SYMANTEC CORP
521,156
0.09
8,100 RACKSPACE HOSTING
456,301
0.08
10,422 SYNOPSYS INC
251,696
0.05
2,335 RALCORP HOLDINGS INC.
158,778
0.03
24,778 SYSCO CORP
595,018
0.11
7,131 RANGE RESOURCES CORPORATION
339,837
0.06
12,805 T ROWE PRICE GROUP INC
632,577
0.11
4,825 RAYONIER REIT
189,684
0.03
28,517 TARGET CORP
1,279,847
0.23
19,260 RAYTHEON CO
840,872
0.15
11,906 TD AMERITRADE HOLDING
151,805
0.03
The accompanying notes form an integral part of these financial statements
114

Index Equity North America
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
8,300 TERADATA CORP COM STK USD0.01
389,629
0.07
2,746 WHIRLPOOL CORP
211,928
0.04
62,604 TEXAS INSTRUMENTS
1,469,181
0.27
7,215 WHITING PETROLEUM HOLDINGS
237,344
0.04
12,458 TEXTRON INC
234,249
0.04
9,966 WHOLE FOODS MARKET
690,378
0.13
6,144 THE HERSHEY CO
336,559
0.06
28,913 WILLIAMS COMPANIES INC
718,000
0.13
20,518 THERMO FISHER SCIE
992,596
0.18
22,271 WINDSTREAM CORP
139,869
0.03
8,137 TIFFANY & CO
353,895
0.06
11,905 WISCONSIN ENERGY
332,751
0.06
48,983 TIME WARNER
1,777,046
0.32
5,246 W.R.BERKLEY CORP.
150,170
0.03
13,968 TIME WNR CBLE CL A
1,029,695
0.19
2,753 WW GRAINGER INC
422,576
0.08
33,093 TJX COMPANIES INC
1,065,532
0.19
7,100 WYNDHAM WORLWIDE
286,553
0.05
5,596 TOLL BROTHERS INC
137,226
0.02
3,840 WYNN RESORTS
327,641
0.06
4,806 TORCHMARK CORP
188,354
0.03
24,681 XCEL ENERGY INC
500,022
0.09
3,053 TOTAL SYSTEM SERVICES INC
49,602
0.01
82,019 XEROX CORPORATION
424,279
0.08
3,500 TRACTOR SUPPLY
234,572
0.04
11,756 XILINX INC
320,116
0.06
3,400 TRANSDIGM
351,657
0.06
7,837 XYLEM
161,091
0.03
21,443 TRAVELERS COMPANIES INC
1,168,110
0.21
54,694 YAHOO INC
825,554
0.15
8,900 TRIMBLE NAVIGATION
403,551
0.07
25,444 YUM BRANDS INC
1,281,464
0.23
4,539 TRW AUTOMOTIVE HOLDINGS
184,569
0.03
8,576 ZIMMER HOLDING INC
433,614
0.08
13,182 TYSON FOODS -A-
193,971
0.04
30,989 3 M
2,182,440
0.40
4,400 ULTA SALON COSMET.
21,326 UNION PACIFIC CORP
11,800 UNITED DOMINION REALTY INC
327,931
2,033,605
212,837
0.06
0.37
0.04
Warrants, Rights
Canada
257
257
0.00
0.00
38,581 UNITED PARCEL SERVICE-B
2,157,598
0.39
1,145 KINROSS GOLD WARRANT 17/09/2014
257
0.00
41,895 UNITED TECHNOLOGIES CORP
48,951 UNITEDHEALTH GROUP
2,606,044
2,013,882
0.47
0.37
Other transferable securities
328,532
0.06
12,695 UNUM GROUP
6,005 URBAN OUTFITTERS
94,156 US BANCORP
6,587 US STEEL
27,021 VALERO ENERGY CORPORATION (NEW)
200,478
179,275
2,281,055
119,259
699,300
0.04
Shares
0.03
Canada
0.41
0.02
15,832 POWER FINANCIAL CORP
0.13 Total securities portfolio
328,532
328,532
328,532
549,813,380
0.06
0.06
0.06
99.86
4,585 VARIAN MEDICAL SYSTEMS INC
244,274
0.04
12,767 VENTAS INC
626,730
0.11
8,200 VERIFONE HOLDINGS
184,600
0.03
8,034 VERISIGN
236,559
0.04
4,301 VERISK ANALYTICS CLASS.A
166,377
0.03
138,990 VERIZON COMMUNICATIONS INC
4,561,664
0.83
9,395 VERTEX PHARMACEUTICALS INC
298,867
0.05
4,063 VF CORP
465,254
0.08
20,780 VIACOM INC-B
831,263
0.15
13,152 VIRGIN MEDIA
366,608
0.07
25,110 VISA INC-A
2,886,964
0.52
5,226 VMWARE CLASS A
373,161
0.07
7,853 VORNADO REALTY TRUST
476,994
0.09
5,621 VULCAN MATERIALS CO
221,915
0.04
44,923 WALGREEN CO
1,261,074
0.23
91,161 WAL-MART STORES INC
4,717,775
0.86
82,951 WALT DISNEY COMPANY
3,132,684
0.57
22,918 WASTE MANAGEMENT INC
586,509
0.11
4,060 WATERS CORP
268,285
0.05
5,198 WATSON PHARMACEUTICALS INC
339,069
0.06
19,653 WELLPOINT INC
908,116
0.16
251,373 WELLS FARGO & CO
6,516,937
1.18
10,161 WESTERN DIGITAL CORP
327,473
0.06
31,785 WESTERN UNION CO
328,120
0.06
23,502 WEYERHAEUSER CO
495,924
0.09
The accompanying notes form an integral part of these financial statements
115

Index Equity Pacific
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
109,058,495
99.63
14,123 SIDNEY AIRPORT
38,120
0.03
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
109,058,495
109,058,495
99.63
99.63
3,779 SIMS GROUP MGT
12,307 SONIC HEALTHCARE
83,700 STOCKLAND
49,148 SUNCORP GROUP
27,656
129,775
233,823
397,587
0.03
0.12
0.21
0.36
Australia
28,352,025
25.90
37,939 TABCORP HOLDINGS LIMITED
91,058
0.08
23,153 AGL ENERGY LTD
15,910 ALS LTD
98,988 ALUMINA LTD
45,280 AMCOR LTD
109,383 AMP
105,559 ANZ BANKING GROUP
44,796 ASCIANO GROUP
6,942 ASX SHS
62,019 AURIZON HOLDINGS
31,744 AUSTRALIAN PIPELINE TRUST
11,915 BENDIGO & ADELAIDE BANK
124,073 BHP BILLITON LTD
31,061 BORAL
282,769
136,843
71,664
288,619
417,469
2,076,674
165,680
171,533
184,480
139,889
80,167
3,651,589
106,570
0.26
0.13
0.07
0.26
0.38
1.90
0.15
0.16
0.17
0.13
0.07
3.34
0.10
43,149 TATTS GROUP LTD
163,423 TELSTRA CORPORATION LTD
23,876 TOLL HOLDINGS
51,116 TRANSURBAN GROUP
24,833 TREASURY WINE ESTATES LTD
38,345 WESFARMERS LTD
84,915 WESTFIELD GROUP
109,467 WESTFIELD RETAIL TRUST
117,357 WESTPAC BANKING CORP
25,471 WHITEHAVEN COAL
26,186 WOODSIDE PETROLEUM
46,913 WOOLWORTHS LTD
7,015 WORLEY GROUP
102,205
564,561
86,052
247,782
92,237
1,113,142
707,642
262,734
2,426,063
70,754
704,533
1,087,574
131,603
0.09
0.52
0.08
0.23
0.08
1.02
0.65
0.24
2.22
0.06
0.64
0.99
0.12
57,104 BRAMBLES LIMITED
339,720
0.31
Bermuda
789,780
0.72
4,093 CALTEX AUSTRALIA
39,175 CENTRO RETAIL AUSTRALIA
78,310 CFS RETAIL PROP TRT STAPLED SECURITY
24,443 COCA COLA AMATIL
2,637 COCHLEAR LIMITED
61,210 COMMONWEALTH BANK OF AUSTRALIA
14,725 COMPUTERSHARE
13,886 CROWN LIMITED
19,398 CSL LTD
61,873
69,362
118,010
260,631
165,097
2,998,436
105,214
115,938
830,098
0.06
0.06
0.11
0.24
0.15
2.74
0.10
0.11
0.76
19,000 CHEUNG KONG INFRASTRUCTURE
34,000 KERRY PROPERTIES
230,000 LI & FUNG
155,182 NOBLE GROUP LTD
42,500 NWS HOLDINGS LTD
9,000 ORIENT OVERSEAS INTL LTD
20,500 YUE YUEN INDUSTRIAL HOLDINGS
Cayman Islands
88,375
133,866
304,180
113,029
54,711
44,283
51,336
546,381
0.08
0.12
0.28
0.10
0.05
0.04
0.05
0.50
173,530 DEXUS PROPERTY GROUP
26,336 ECHO ENTERTAINMENT GROUP
2,112 FLIGHT CENTRE
58,019 FORTESCUE METAL
67,011 GOODMAN GRP
57,392 GPT GROUP
137,921
71,914
44,923
211,846
229,387
167,104
0.13
0.07
0.04
0.19
0.21
0.15
86,000 HKT LTD
22,800 MGM CHINA HLDGS
99,200 SANDS CHINA LTD
58,400 WYNN MACAU LIMITED
Hong Kong (China)
63,851
31,269
331,866
119,395
8,826,879
0.06
0.03
0.30
0.11
8.06
8,725 HARVEY NORMAN HOLDINGS LTD
15,776 ILUKA RESOURCES LIMITED
72,867 INCITEC PIVOT
79,769 INSURANCE AUSTRALIA GROUP
7,667 LEIGHTON HOLDINGS LTD
18,653 LEND LEASE CORP
13,025 MACQUARIE GROUP LIMITED
26,358 METCASH LIMITED
117,503 MIRVAC GROUP
87,451 NATIONAL AUSTRALIA BANK
30,218 NEWCREST MINING
13,804 ORICA
40,508 ORIGIN ENERGY
8,007 OZ MINERALS LTD
40,982 QANTAS AIRWAYS LTD
48,053 QBE INSURANCE GROUP LTD
5,257 RAMSAY HEALTH CARE
16,496 RIO TINTO LTD
38,060 SANTOS
13,217
112,351
185,784
295,657
107,937
136,363
363,864
70,107
135,925
1,721,810
535,272
273,197
372,320
42,405
47,730
411,795
113,888
863,633
332,449
0.01
0.10
0.17
0.27
0.10
0.12
0.33
0.06
0.12
1.57
0.49
0.25
0.34
0.04
0.04
0.38
0.10
0.79
0.30
415,800 AIA GROUP
6,300 ASM PACIFIC TECHNOLOGY LTD
47,600 BANK OF EAST ASIA
141,000 BOC HONG KONG HOLDINGS LTD
49,000 CATHAY PACIFIC AIRWAYS
55,000 CHEUNG KONG HOLDINGS LTD
70,500 CLP HOLDINGS LTD
58,000 FIRST PACIFIC
81,000 GALAXY ENTERTAINMENT GROUP
97,000 HANG LUNG PROP
31,300 HANG SENG BANK LTD
40,000 HENDERSON LAND DEVELOPMENT CO LTD
42,000 HKG EXCHANGES & CLEARING LTD
193,007 HONG KONG & CHINA GAS
14,500 HOPEWELL HOLDINGS
82,000 HUTCHISON WHAMPOA LTD
27,000 HYSAN DEVELOPMENT CO
51,000 MTR CORP
159,500 NEW WORLD DEVELOPMENT
1,232,405
57,775
138,290
332,401
67,871
639,691
446,879
47,941
242,059
288,450
362,818
216,964
541,901
401,197
47,232
651,322
98,514
152,158
188,163
1.12
0.05
0.13
0.30
0.06
0.58
0.41
0.04
0.22
0.26
0.33
0.20
0.50
0.37
0.04
0.60
0.09
0.14
0.17
The accompanying notes form an integral part of these financial statements
116

Index Equity Pacific
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
88,000 PCCW
29,182
0.03
25,000 COSMO OIL
42,336
0.04
50,500 POWER ASSETS HOLDINGS LTD
325,045
0.30
5,200 CREDIT SAISON CO LTD
98,331
0.09
63,834 SHANGRI-LA ASIA
95,911
0.09
19,000 DAI NIPPON PRINTING CO LTD
112,780
0.10
127,800 SINO LAND
175,769
0.16
11,000 DAICEL CHEMICAL INDUSTRIES
55,010
0.05
89,000 SJM HOLDINGS
157,229
0.14
10,000 DAIDO STEEL
38,278
0.03
59,000 SUN HUNG KAI PROPERTIES
670,054
0.61
6,000 DAIHATSU MOTOR CO LTD
90,545
0.08
26,500 SWIRE PACIFIC A
248,075
0.23
358 DAI-ICHI MUTUAL LIFE INSURANCE COMPANY
378,587
0.35
44,800 SWIRE PROPERTIES LTD
112,626
0.10
24,400 DAIICHI SANKYO CO LTD
284,502
0.26
83,500 THE LINK REAL ESTATE INV TRUST
316,508
0.29
9,000 DAIKIN INDUSTRIES LTD
233,533
0.21
55,005 WHARF HOLDINGS
323,103
0.30
5,000 DAINIPPON SUMITOMO PHARMA
45,643
0.04
37,000 WHEELOCK AND COMPANY LTD
140,068
0.13
2,800 DAITO TRUST CONSTRUCTION CO LTD
201,270
0.18
10,074 WING HANG BANK LTD
79,278
0.07
18,000 DAIWA HOUSE INDUSTRY
234,803
0.21
Ireland
20,193 JAMES HARDIE INDUSTRIES PLC
145,874
145,874
0.13
0.13
70,000 DAIWA SECURITIES GROUP INC
4,800 DENA CO LTD
19,000 DENKI KAGAKU KOGYO K.K
293,262
120,318
49,100
0.27
0.11
0.04
Isle of Man
250,000 GENTING INTERNATIONAL
215,410
215,410
0.20
0.20
18,100 DENSO CORP
7,000 DENTSU INC
2,100 DON QUIJOTE
474,610
142,309
58,714
0.43
0.13
0.05
Japan
800 ABC MART
1,530 ACOM CO LTD
6,000 ADVANTEST CORP
24,200 AEON CO LTD
3,700 AEON CREDIT SERVICE
1,800 AEON MALL
4,000 AIR WATER
8,100 AISIN SEIKI LTD
26,000 AJINOMOTO CO INC
1,100 ALFRESA HOLDINGS CORP
46,000 ALL NIPPON AIRWAYS
15,000 AMADA CO LTD
15,000 AOZORA BANK
38,000 ASAHI GLASS CO LTD
16,400 ASAHI GROUP HOLDINGS
48,000 ASAHI KASEI
4,200 ASICS CORPORATION
17,600 ASTELLAS PHARMA INC
14,000 BANK OF KYOTO
41,000 BANK OF YOKOHAMA LTD
2,300 BENESSE
25,400 BRIDGESTONE CORP
9,600 BROTHER INDUSTRIES LTD
600 CALBEE
43,200 CANON INC
10,600 CASIO
5,300 CENTRAL JAPAN RAILWAY
31,000 CHIBA BANK
6,000 CHIYODA
24,000 CHUBU ELECTRIC POWER CO INC
7,300 CHUGAI PHARM
8,000 CHUGOKU BANK
13,500 CHUGOKU EL POWER
4,500 CITIZEN HOLDINGS SHS
4,100 COCA-COLA WEST HOLDINGS CO LTD
64,076,440
26,566
33,318
71,335
210,667
56,783
33,593
38,878
190,319
262,110
32,695
73,434
73,426
34,927
209,808
265,715
214,641
48,527
601,517
89,892
144,646
72,927
498,232
77,897
32,281
1,272,605
70,399
327,218
137,802
64,985
243,429
106,300
84,742
161,100
17,940
48,203
58.53
0.02
0.03
0.07
0.19
0.05
0.03
0.04
0.17
0.24
0.03
0.07
0.07
0.03
0.19
0.24
0.20
0.04
0.55
0.08
0.13
0.07
0.46
0.07
0.03
1.16
0.06
0.30
0.13
0.06
0.22
0.10
0.08
0.15
0.02
0.04
12,900 EAST JAPAN RAILWAY CO
10,300 EISAI
4,800 ELECTRIC POWER DEVELOPMENT
1,800 FAMILYMART
7,400 FANUC LTD
2,000 FAST RETAILING
22,000 FUJI ELECTRIC HOLDINGS
20,000 FUJI HEAVY INDUSTRIES LTD
17,900 FUJIFILM HOLDINGS CORP
79,000 FUJITSU LTD
27,000 FUKUOKA FINANCIAL GROUP
34,000 FURUKAWA ELECTRIC
4,100 GREE
14,000 GS YUASA
14,000 GUNMA BANK LTD
15,000 HACHIJUNI BANK
520 HAKUHODO DY HOLDINGS
3,300 HAMAMATSU PHOTONICS KK
46,000 HANKYU HANSHIN HOLDINGS INC.
7,000 HINO MOTORS LTD
1,000 HIROSE ELECTRIC
19,000 HIROSHIMA BANK
2,600 HISAMITSU PHARMACEUTICAL CO
3,700 HITACHI CHEMICAL CO LTD
3,100 HITACHI CONSTRUCTION MACHINERY
3,000 HITACHI HIGH-TECH
175,000 HITACHI LTD
7,000 HITACHI METALS LTD
7,800 HOKKAIDO ELECTRIC POWER CO INC
7,800 HOKURIKU ELECTRIC POWER CO INC
62,400 HONDA MOTOR CO LTD
17,800 HOYA CORP
5,800 HULIC CO LTD
5,200 IBIDEN CO LTD
500 IDEMITSU KOSAN
83 INPEX HOLDINGS INC
634,874
327,042
86,703
56,439
1,039,055
385,253
40,942
189,804
272,021
250,838
81,919
57,576
48,384
42,724
51,984
57,021
25,546
90,810
180,949
47,724
90,757
60,496
98,377
42,163
48,996
46,966
777,915
45,131
71,960
70,309
1,730,886
265,477
29,824
62,650
32,986
334,914
0.58
0.30
0.08
0.05
0.95
0.35
0.04
0.17
0.25
0.23
0.07
0.05
0.04
0.04
0.05
0.05
0.02
0.08
0.17
0.04
0.08
0.06
0.09
0.04
0.04
0.04
0.71
0.04
0.07
0.06
1.58
0.24
0.03
0.06
0.03
0.31
The accompanying notes form an integral part of these financial statements
117

Index Equity Pacific
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
14,400 ISETAN MITSUKHOSHI HOLDINGS LTD
106,940
0.10
2,400 MARUICHI STEEL TUBE
41,912
0.04
54,000 ISHIKAWAJIMA-HARIMA HEAVY INDU
105,733
0.10
90,000 MAZDA MOTOR CORP
138,120
0.13
41,000 ISUZU MOTORS LTD
184,786
0.17
6,400 MEDICEO PALTAC HOLDINGS
53,907
0.05
58,200 ITOCHU CORP
465,579
0.43
2,253 MEIJI HOLDINGS CO NPV
74,318
0.07
1,200 ITOCHU TECHNO-SOLUTIONS
37,626
0.03
2,200 MIRACA HOLDINGS INC
67,428
0.06
11,000 IYO BANK
66,264
0.06
50,000 MITSUBISHI CHEMICAL HOLDINGS
187,864
0.17
21,000 J FRONT RETAILING
88,349
0.08
53,200 MITSUBISHI CORPORATION
772,803
0.71
2,300 JAPAN AIRLINES
75,057
0.07
76,000 MITSUBISHI ELECTRIC CORP
489,998
0.45
500 JAPAN PETROLEUM EXPLORATION
13,318
0.01
47,000 MITSUBISHI ESTATE CO LTD
849,383
0.78
39 JAPAN PRIME REALTY INVESTMENT
85,719
0.08
16,000 MITSUBISHI GAS CHEMICAL CO INC
74,087
0.07
20 JAPAN REAL ESTATE INVESTMENT
149,938
0.14
113,000 MITSUBISHI HEAVY INDUSTRIES
413,609
0.38
65 JAPAN RETAIL FUND INVESTMENT
90,924
0.08
4,000 MITSUBISHI LOGISTICS CORP
43,429
0.04
34,100 JAPAN TOBACCO INC
733,851
0.67
46,000 MITSUBISHI MATERIALS CORP
118,469
0.11
17,300 JFE HOLDINGS
244,440
0.22
175,000 MITSUBISHI MOTORS
137,370
0.13
8,000 JGC
188,816
0.17
7,900 MITSUBISHI TANABE PHARMA CORP
78,457
0.07
30,000 JOYO BANK
108,220
0.10
488,100 MITSUBISHI UFJ FINANCIAL GROUP
1,984,600
1.81
7,100 JSR CORP
102,636
0.09
1,770 MITSUBISHI UFJ LEASE & FINANCE CO LTD
57,605
0.05
9,500 JTEKT CORPORATION
68,204
0.06
41,000 MITSUI CHEMICALS INC
80,640
0.07
77 JUPITER TELECOMMUNICATIONS
73,278
0.07
65,700 MITSUI & CO LTD
743,457
0.68
93,440 JX HOLDINGS
398,055
0.36
34,000 MITSUI FUDOSAN CO LTD
626,742
0.57
43,000 KAJIMA CORP
107,709
0.10
51,000 MITSUI O.S.K.LINES LTD
114,253
0.10
9,000 KAMIGUMI CO LTD
54,533
0.05
870,580 MIZUHO FINANCIAL GROUP INC
1,205,513
1.10
12,000 KANEKA CORP
46,040
0.04
20,704 MS AD ASSURANCE
311,345
0.28
26,400 KANSAI ELECTRIC POWER CO INC
211,191
0.19
7,700 MURATA MANUFACTURING CO LTD
342,962
0.31
11,000 KANSAI PAINT
89,937
0.08
24 M3 INC
29,169
0.03
21,400 KAO CORP
424,489
0.39
3,800 NABTESCO CORP
64,015
0.06
58,000 KAWASAKI HEAVY INDUSTRIES
118,681
0.11
7,700 NAMCO BANDAI HOLDINGS INC
75,859
0.07
10,600 KDDI CORP
569,360
0.52
105,000 NEC CORP
167,622
0.15
18,000 KEIHIN ELEC EXP RAILWAY
121,609
0.11
5,400 NEXON
41,341
0.04
26,000 KEIO CORP
147,451
0.13
9,000 NGK INSULATORS LTD
80,649
0.07
13,000 KEISEI EL RAILWAY
83,472
0.08
6,000 NGK SPARK PLUG
60,328
0.06
1,787 KEYENCE CORP
376,219
0.34
6,000 NHK SPRING
37,361
0.03
7,000 KIKKOMAN CORP
75,939
0.07
3,800 NIDEC CORP
168,248
0.15
5,000 KINDEN
24,740
0.02
13,400 NIKON CORP
298,539
0.27
56,000 KINTETSU
174,846
0.16
4,000 NINTENDO CO LTD
323,514
0.30
32,000 KIRIN HOLDINGS CO LTD
285,624
0.26
24 NIPPON BUILDING FUND
189,028
0.17
111,000 KOBE STEEL LTD
106,712
0.10
16,000 NIPPON ELECTRIC GLASS
68,725
0.06
4,000 KOITO MFG
44,029
0.04
27,000 NIPPON EXPRESS
84,539
0.08
35,100 KOMATSU LTD
676,119
0.62
7,000 NIPPON MEAT PACKERS
73,778
0.07
4,000 KONAMI CORP
68,160
0.06
3,700 NIPPON PAPER GROUP INC
38,932
0.04
19,500 KONICA MINOLTA HOLDINGS
105,945
0.10
16,500 NIPPON TELEGRAPH & TELEPHONE
528,268
0.48
42,000 KUBOTA CORPORATION
365,250
0.33
67,000 NIPPON YUSEN
118,778
0.11
11,700 KURARAY
116,092
0.11
19,000 NISHI-NIP CITY BK
35,694
0.03
5,200 KURITA WATER INDUSTRIES LTD
86,774
0.08
98,800 NISSAN MOTOR CO LTD
706,710
0.65
5,900 KYOCERA CORP
404,331
0.37
5,500 NISSHIN SEIFUN GROUP INC
52,293
0.05
13,000 KYOWA HAKKO KIRIN
97,345
0.09
1,700 NISSIN FOOD PRODUCTS CO LTD
49,105
0.04
14,300 KYUSHU ELECTRIC POWER CO INC
123,980
0.11
1,400 NITORI
78,162
0.07
2,800 LAWSON INC
144,964
0.13
5,900 NITTO DENKO
219,598
0.20
9,100 LIXIL GROUP CORPORATION
153,860
0.14
13,025 NKSJ HOLDINGS
210,803
0.19
800 MABUCHI MOTOR
25,789
0.02
5,700 NOK CORP
67,266
0.06
3,600 MAC DONALD’S HOLDINGS JPN
72,552
0.07
139,300 NOMURA HLDGS INC
617,992
0.56
3,900 MAKITA
136,558
0.12
5,300 NOMURA REAL ESTATE HOLDINGS
76,569
0.07
61,000 MARUBENI CORP
330,340
0.30
7 NOMURA REAL ESTATE OFFICE FD
30,684
0.03
8,500 MARUI GROUP CO LTD
51,504
0.05
3,600 NOMURA RESEARCH
56,899
0.05
The accompanying notes form an integral part of these financial statements
118

Index Equity Pacific
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
305,000 NP STI & S’TOMO
564,914
0.52
4,000 SUMCO CORP
29,635
0.03
20,000 NSK LTD
107,426
0.10
48,000 SUMITOMO CHEMICAL
113,883
0.10
42 NTT DATA
99,536
0.09
43,500 SUMITOMO CORP
422,032
0.39
609 NTT DOCOMO INC
666,043
0.61
28,400 SUMITOMO ELECTRIC INDUSTRIES
247,479
0.23
55 NTT URBAN DEVELOPMENT
40,360
0.04
26,000 SUMITOMO HEAVY INDUSTRIES LTD
93,332
0.09
30,000 OBAYASHI
128,065
0.12
18,000 SUMITOMO METAL MINING CO LTD
191,780
0.18
22,000 ODAKYU ELECTRIC RAILWAY
174,246
0.16
51,300 SUMITOMO MITSUI FINANCIAL GRP
1,409,415
1.29
22,000 OJI HOLDINGS
57,435
0.05
131,930 SUMITOMO MITSUI TRUST HLD
350,246
0.32
7,700 OLYMPUS CORP
113,076
0.10
13,000 SUMITOMO REALTY & DEVELOPMENT
326,433
0.30
9,300 OMRON CORP
168,644
0.15
6,700 SUMITOMO RUBBER INDUSTRIES
61,162
0.06
2,900 ONO PHARMACEUTICAL
112,798
0.10
7,000 SURUGA BANK LTD
65,382
0.06
1,400 ORACLE CORP JAPAN
44,329
0.04
2,000 SUZUKEN CO LTD
42,847
0.04
1,700 ORIENTAL LAND
156,985
0.14
14,000 SUZUKI MOTOR CORP
276,839
0.25
4,410 ORIX CORP
376,900
0.34
3,000 SYSMEX
104,913
0.10
66,000 OSAKA GAS CO LTD
182,784
0.17
57,000 TAIHEIYO CEMENT CORP
118,645
0.11
300 OTSUKA
17,252
0.02
29,000 TAISEI CORP
73,152
0.07
13,500 OTSUKA HOLDINGS CO LTD
289,813
0.26
1,600 TAISHO PHARM
83,542
0.08
84,000 PANASONIC CORP
386,735
0.35
5,000 TAIYO NIPPON SANSO CORP
21,785
0.02
3,700 PARK24
44,545
0.04
10,000 TAKASHIMAYA CO LTD
54,066
0.05
28,900 RAKUTEN
171,799
0.16
30,100 TAKEDA PHARMACEUTICAL CO LTD
1,023,421
0.93
70,100 RESONA HOLDINGS
242,364
0.22
5,300 TDK CORPORATION
145,378
0.13
23,000 RICOH COMPANY LTD
183,992
0.17
39,000 TEIJIN LTD
73,267
0.07
1,500 RINNAI
77,395
0.07
6,500 TERUMO CORP
195,206
0.18
4,000 ROHM
98,748
0.09
19,700 T&D HOLDINGS INC
180,876
0.17
1,500 SANKYO CO LTD
45,312
0.04
14,000 THE JAPAN STEEL WORKS
68,901
0.06
2,000 SANRIO
48,386
0.04
5,300 THK CO LTD
71,801
0.07
3,400 SANTEN PHARMACEUTICAL
99,409
0.09
38,000 TOBU RAILWAY
153,166
0.14
4,590 SBI HOLDINGS
30,848
0.03
4,700 TOHO CO LTD
62,968
0.06
8,500 SECOM CO LTD
324,991
0.30
19,000 TOHO GAS
77,589
0.07
8,100 SEGA SAMMY HOLDINGS
103,947
0.09
18,800 TOHOKU ELECTRIC POWER CO INC
133,149
0.12
21,000 SEKISUI CHEMICAL CO LTD
138,728
0.13
27,400 TOKIO MARINE HLDGS INC
575,888
0.53
18,000 SEKISUI HOUSE LTD
149,550
0.14
38,000 TOKYO ELECTRIC POWER
69,042
0.06
21,000 SEVEN BANK LTD
42,044
0.04
6,400 TOKYO ELECTRON LTD
222,120
0.20
28,600 SEVEN & I HOLDINGS CO LTD
614,731
0.56
92,000 TOKYO GAS CO LTD
320,515
0.29
48,000 SHARP CORPORATION
128,277
0.12
45,000 TOKYU CORP
192,891
0.18
8,500 SHIKOKU ELECTRIC POWER CO INC
103,083
0.09
21,000 TOKYU LAND CORP
115,946
0.11
9,000 SHIMADZU CORP
46,596
0.04
11,000 TONENGENERAL SEKIYU KK
72,376
0.07
700 SHIMAMURA
51,738
0.05
19,000 TOPPAN PRINTING
89,152
0.08
3,300 SHIMANO
160,663
0.15
55,000 TORAY INDUSTRIES INC
255,645
0.23
25,000 SHIMIZU CORP
71,221
0.07
150,000 TOSHIBA
445,846
0.41
15,600 SHIN-ETSU CHEMICAL CO LTD
719,598
0.66
13,000 TOTO LTD
74,070
0.07
62,000 SHINSEI BANK
93,509
0.09
6,800 TOYO SEIKAN KAISHA
69,092
0.06
11,100 SHIONOGI & CO LTD
140,684
0.13
3,000 TOYO SUISAN KAISHA LTD
60,804
0.06
12,600 SHISEIDO CO LTD
135,246
0.12
1,700 TOYODA GOSEI CO LTD
26,074
0.02
19,000 SHIZUOKA BANK
140,933
0.13
2,200 TOYOTA BOSHOKU CP
19,249
0.02
71,000 SHOWA DENKO KK
82,034
0.07
5,900 TOYOTA INDUSTRIES CORP
142,114
0.13
8,300 SHOWA SHELL SEKIYU KK
35,724
0.03
106,100 TOYOTA MOTOR CORP
3,747,843
3.42
2,100 SMC CORP
288,199
0.26
7,500 TOYOTA TSUSHO CORP
139,839
0.13
36,400 SOFTBANK CORP
1,008,079
0.92
4,300 TREND MICRO INC
98,341
0.09
46,400 SOJITZ CORP
51,974
0.05
2,100 TSUMURA & CO
48,342
0.04
37,100 SONY CORP
313,475
0.29
46,000 UBE INDUSTRIES LTD
83,577
0.08
5,400 SONY FINANCIAL HOLDINGS INC
73,346
0.07
4,600 UNI-CHARM CORP
182,369
0.17
2,800 SQUARE ENIX
27,042
0.02
4,000 USHIO INC
33,233
0.03
5,400 STANLEY ELECTRIC CO LTD
58,105
0.05
660 USS
52,332
0.05
The accompanying notes form an integral part of these financial statements
119

Index Equity Pacific
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
6,900 WEST JAPAN RAILWAY CO
507 YAHOO JAPAN
4,300 YAKULT HONSHA
206,915
124,581
143,169
0.19
0.11
0.13
United States of America
44,190 SP AUSNET STAPLED
39,295
39,295
0.04
0.04
3,560 YAMADA DENKI
8,000 YAMAGUCHI FINANCIAL GROUP
3,600 YAMAHA CORP
12,800 YAMAHA MOTOR CO LTD
14,800 YAMATO HOLDINGS
104,401
53,625
28,830
107,137
170,739
0.10
0.05
0.03
0.10
0.16
Warrants, Rights
Singapore
15,706 OLAM INTERNATIONAL DTS 21/01/2013
8,129 OLAM INTERNATIONAL WARRANT 28/02/2013
-
-
-
-
0.00
0.00
0.00
0.00
700 YAMATO KOGYO
5,000 YAMAZAKI BAKING
15,484
42,424
0.01 Total securities portfolio
0.04
109,058,495
99.63
5,000 YASKAWA ELECTRIC CORP
36,294
0.03
8,600 YOKOGAWA ELECTRIC CORP
71,376
0.07
Malta
-
0.00
206,362 BGP HOLDINGS ORDS
-
0.00
Mauritius
94,406
0.09
232,512 GOLDEN AGRI-RESSOURCES LTD
94,406
0.09
New Zealand
422,836
0.39
25,373 AUCKLD INTERNATIONAL AIRPORT
42,605
0.04
21,236 CONTACT ENERGY
69,728
0.06
29,418 FLETCHER BUILDING
153,963
0.15
14,402 SKY CITY ENTERTAIN
33,829
0.03
85,076 TELECOM CORPORATION OF NEW ZEA
122,711
0.11
Singapore
5,549,169
5.07
77,000 ASCENDAS REAL ESTATE INV TRUST
114,078
0.10
76,000 CAPITACOMMERCIAL TRUST REIT
79,618
0.07
103,500 CAPITALAND
240,593
0.22
78,400 CAPITAMALL TRUST REIT
104,488
0.10
50,000 CAPITAMALLS
60,439
0.06
17,000 CITY DEVELOPMENTS LTD
135,203
0.12
56,000 COMFORTDELGRO CORP
62,311
0.06
72,845 DBS GROUP HOLDINGS LTD
676,431
0.63
32,000 FRASER & NEAVE
191,818
0.18
82,000 GLOBAL LOGISTIC PROPERTIE
139,276
0.13
245,000 HUTCHISON PORT HOLDINGS TRST
146,762
0.13
5,000 JARDINE CYCLE & CARRIAGE
149,671
0.14
53,600 KEPPEL CORPORATION LTD
365,485
0.33
27,000 KEPPEL LAND
67,785
0.06
50,182 OLAM INTERNATIONAL
48,527
0.04
97,000 OVERSEA-CHINESE BANKING
591,669
0.54
43,000 SEMBCORP INDUSTRIES
140,472
0.13
40,000 SEMBCORP MARINE
114,803
0.10
20,000 SINGAPORE AIRLINES
135,011
0.12
31,000 SINGAPORE EXCHANGE
134,707
0.12
65,000 SINGAPORE PRESS HOLDING
163,588
0.15
61,000 SINGAPORE TECHNOLOGIES ENGINEE
145,580
0.13
316,000 SINGAPORE TELECOMM
652,294
0.60
14,000 STARHUB
32,718
0.03
51,000 UNITED OVERSEAS BANK LTD
626,593
0.57
12,000 UOL GROUP LTD
44,706
0.04
64,000 WILMAR INTERNATIONAL
133,697
0.12
85,000 YANGZIJIANG SHIPBUILDING
50,846
0.05
The accompanying notes form an integral part of these financial statements
120

Index Global Bond (EUR) Hedged
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
485,591,731
96.35
5,190,000 ITALY BTP 4.75% 01/08/2023
5,321,307
1.06
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
485,591,731
96.35
5,795,000 ITALY BTP 5% 01/08/2034
Japan
5,808,618
144,300,011
1.15
28.63
Bonds
484,840,180
96.20
1,260,000,000 JAPAN JGB 1.30% 20/03/2019
11,735,112
2.33
Australia
2,250,000 AUSTRALIA 4.50% 15/04/2020
1,200,000 AUSTRALIA 5.75% 15/07/2022
2,000,000 AUSTRALIA 6.25% 15/06/2014
4,711,955
1,929,010
1,132,674
1,650,271
0.93
0.38
0.22
0.33
1,055,000,000 JAPAN JGB 1.50% 20/12/2015
340,000,000 JAPAN JGB 1.80% 20/09/2016
1,555,000,000 JAPAN JGB 1.90% 20/06/2014
1,014,000,000 JAPAN JGB 1.90% 20/09/2022
1,330,500,000 JAPAN JGB 2% 20/12/2033
9,652,507
3,172,741
14,019,095
9,832,908
12,134,915
1.92
0.63
2.78
1.95
2.41
Belgium
8,896,036
1.77
935,000,000 JAPAN JGB 2.10% 20/12/2024
9,216,169
1.83
2,350,000 BELGIUM 3.75% 28/09/2015
400,000 BELGIUM 4% 28/03/2019
1,675,000 BELGIUM 4% 28/03/2022
1,490,000 BELGIUM 5% 28/03/2035
1,550,000 BELGIUM 5.50% 28/09/2017
Canada
2,576,258
467,992
1,971,425
1,990,833
1,889,528
8,437,456
0.52
0.09
0.39
0.40
0.37
1.67
1,145,000,000 JAPAN JGB 2.10% 20/12/2027
789,000,000 JAPAN JGB 2.20% 20/09/2026
1,516,000,000 JAPAN JGB 2.30% 20/09/2018
955,000,000 JAPAN JGB 2.40% 20/03/2020
778,000,000 JAPAN JGB 2.40% 20/03/2048
491,000,000 JAPAN JGB 3.10% 20/09/2017
1,963,000,000 JAPAN JGB 3.70% 21/09/2015
11,066,518
7,787,533
14,866,160
9,533,535
7,455,116
4,906,366
18,921,336
2.20
1.55
2.95
1.89
1.48
0.97
3.74
1,350,000 CANADA 3.25% 01/06/2021
1,300,000 CANADA 4.25% 01/06/2018
4,600,000 CANADA 4.50% 01/06/2015
1,730,000 CANADA 5% 01/06/2037
375,000 CANADA 5.75% 01/06/2029
Denmark
1,151,995
1,133,455
3,772,849
1,954,275
424,882
2,093,978
0.23
0.22
0.75
0.39
0.08
0.42
Netherlands
1,950,000 NETHERLANDS 3.25% 15/07/2021
1,930,000 NETHERLANDS 3.75% 15/07/2014
1,150,000 NETHERLANDS 4% 15/01/2037
2,900,000 NETHERLANDS 4% 15/07/2016
360,000 NETHERLANDS 4% 15/07/2019
9,844,676
2,253,283
2,039,681
1,530,018
3,285,120
430,488
1.95
0.45
0.40
0.30
0.65
0.09
5,200,000 DENMARK 4% 15/11/2017
824,036
0.16
210,000 NETHERLANDS 5.50% 15/01/2028
306,086
0.06
3,850,000 DENMARK 4.50% 15/11/2039
2,200,000 DENMARK 7% 10/11/2024
France
789,254
480,688
32,831,729
0.16
0.10
6.51
Spain
3,000,000 SPAIN 3.25% 30/04/2016
1,400,000 SPAIN 4.10% 30/07/2018
14,161,464
2,973,000
1,385,440
2.81
0.59
0.27
2,600,000 FRANCE BTAN 3% 12/07/2014
3,780,000 FRANCE OAT 3% 25/10/2015
3,800,000 FRANCE OAT 3.50% 25/04/2020 STRIPS
2,325,000 FRANCE OAT 3.75% 25/04/2017
1,370,000 FRANCE OAT 4% PERPETUAL
2,716,675
4,078,242
4,360,804
2,643,455
1,643,658
0.54
0.81
0.87
0.52
0.33
3,000,000 SPAIN 4.40% 31/01/2015
2,150,000 SPAIN 4.85% 31/10/2020
540,000 SPAIN 4.90% 30/07/2040
2,050,000 SPAIN 5.50% 30/04/2021
1,970,000 SPAIN 5.75% 30/07/2032
3,092,850
2,135,058
475,362
2,104,735
1,995,019
0.62
0.42
0.09
0.42
0.40
2,460,000 FRANCE OAT 4.25% 25/04/2019
4,200,000 FRANCE OAT 4.25% 25/10/2023
4,200,000 FRANCE OAT 5% 25/10/2016
2,931,336
5,057,514
4,928,196
0.58
0.99
0.98
Sweden
12,250,000 SWEDEN 5% 01/12/2020
1,805,558
1,805,558
0.36
0.36
3,050,000 FRANCE OAT 5.75% 25/10/2032
4,471,849
0.89
United Kingdom
36,211,831
7.19
Germany
17,097,704
3.39
2,500,000 UK GILT 2.25% 07/03/2014
3,124,045
0.62
2,350,000 GERMANY BUND 3.50% 04/07/2019
350,000 GERMANY BUND 4% 04/01/2018
2,750,000 GERMANY BUND 4% 04/07/2016
2,410,000 GERMANY BUND 4.25% 04/07/2039
855,000 GERMANY BUND 4.75% 04/07/2034
1,380,000 GERMANY BUND 5.625% 04/01/2028
1,110,000 GERMANY BUND 6.25% 04/01/2024
2,775,068
413,536
3,126,145
3,453,048
1,251,805
2,067,861
1,657,341
0.55
0.08
0.62
0.68
0.25
0.41
0.33
3,840,000 UK GILT 4% 07/03/2022
2,790,000 UK GILT 4% 07/09/2016
1,430,000 UK GILT 4.25% 07/03/2036
4,910,000 UK GILT 4.25% 07/12/2046
4,700,000 UK GILT 4.50% 07/03/2019
1,400,000 UK GILT 4.75% 07/09/2015
2,955,000 UK GILT 6% 07/12/2028
5,622,413
3,837,141
2,133,739
7,325,075
6,909,566
1,910,993
5,348,859
1.12
0.76
0.42
1.46
1.37
0.38
1.06
2,000,000 GERMANY 3.25% 04/07/2021
2,352,900
0.47
United States of America
173,951,108
34.52
Italy
30,496,674
6.05
35,200,000 USA T-BONDS 1.25% 31/08/2015
27,276,398
5.41
3,050,000 ITALY BTP 4% 01/02/2017
3,570,000 ITALY BTP 4.25% 01/02/2015
3,200,000 ITALY BTP 4.25% 01/08/2014
8,740,000 ITALY BTP 4.50% 01/03/2019
3,174,898
3,727,437
3,316,256
9,148,158
0.63
0.74
0.66
1.81
3,900,000 USA T-BONDS 3.125% 15/05/2021
600,000 USA T-BONDS 4.25% 15/08/2014
16,770,000 USA T-BONDS 4.25% 15/11/2017
7,275,000 USA T-BONDS 4.50% 15/08/2039
3,355,227
483,357
14,860,031
7,373,067
0.67
0.10
2.95
1.46
The accompanying notes form an integral part of these financial statements
121

Index Global Bond (EUR) Hedged
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
8,350,000 USA T-BONDS 4.625% 15/02/2040
8,230,000 USA T-BONDS 5% 15/05/2037
9,460,000 USA T-BONDS 7.125% 15/02/2023
13,300,000 USA T-BONDS 8.125% 15/08/2019
14,150,000 USA T-BONDS 8.75% 15/05/2020
14,250,000 USA T-BONDS 9.125% 15/05/2018
47,260,000 USA T-BONDS 9.25% 15/02/2016
Convertible bonds
Australia
850,000 AUSTRALIA 6% 15/02/2017
Total securities portfolio
EUR
8,628,345
8,869,088
10,832,428
14,669,164
16,476,259
15,530,446
45,597,298
751,551
751,551
751,551
485,591,731
1.71
1.76
2.15
2.91
3.27
3.08
9.05
0.15
0.15
0.15
96.35
The accompanying notes form an integral part of these financial statements
122

Absolute Forex
Absolute
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
France
5,000,000 BNP PARIBAS VAR 04/02/2013
5,000,000 BPCE SA VAR 14/02/2013
5,000,000 CREDIT AGRICOLE CIB VAR 14/02/2013
4,000,000 CREDIT AGRICOLE CIB 0% 02/01/2013
5,000,000 NATIXIS VAR 19/02/2013
5,000,000 SOCIETE GENERALE VAR 01/02/2013
Ireland
108,332,559
97,235,369
97,235,369
28,999,956
5,000,000
5,000,000
5,000,000
3,999,956
5,000,000
5,000,000
4,197,144
97.51
87.52
87.52
26.10
4.50
4.50
4.50
3.60
4.50
4.50
3.78
5,000,000 EUR(C)/INR(P)OTC - 74.50 - 10.06.13 CALL
8,500,000 EUR(P)/AUD(C)OTC - 1.20 - 12.02.13 PUT
5,000,000 EUR(P)/INR(C)OTC - 68.50 - 10.06.13 PUT
7,000,000 NZD(C)/JPY(P)OTC - 68.00 - 01.05.13 CALL
7,000,000 NZD(P)/JPY(C)OTC - 52.00 - 01.05.13 PUT
7,000,000 NZD(P)/JPY(C)OTC - 59.00 - 01.05.13 PUT
8,500,000 NZD(P)/JPY(C)OTC - 68.00 - 19.06.13 PUT
4,500,000 USD(C)/JPY(P)OTC - 85.00 - 09.05.13 CALL
4,500,000 USD(C)/JPY(P)OTC - 94.00 - 09.05.13 CALL
4,700,000 USD(P)/INR(C)OTC - 52.00 - 10.01.13 PUT
300,000 USD(P)/INR(C)OTC - 52.00 - 10.01.13 PUT
5,000,000 USD(P)/ZAR(C)OTC - 8.60 - 15.02.13 PUT
Short positions
91,475
1,987
17,509
226,290
566
6,910
104,159
104,177
11,942
39
3
80,724
-542,880
0.08
0.00
0.02
0.21
0.00
0.01
0.09
0.10
0.01
0.00
0.00
0.07
-0.49
4,200,000 IRELAND 0% 18/02/2013
4,197,144
3.78
Derivative instruments
-542,880
-0.49
Italy
10,000,000 ITALY 0% 28/02/2013
13,000,000 ITALY 0% 28/03/2013
Luxembourg
5,000,000 FORTIS BANK LUXEMBOURG 0% 14/02/2013
Netherlands
5,000,000 ING BANK NV 0% 01/03/2013
5,000,000 THE ROYAL BANK OF SCOTLAND NV 0% 06/03/2013
Spain
12,000,000 SPAIN 0% 18/01/2013
Sweden
4,000,000 NORDEA BANK AB 0% 14/02/2013
United Kingdom
5,000,000 BARCLAYS BANK PLC LONDON VAR 18/02/2013
United States of America
22,969,938
9,988,323
12,981,615
4,999,563
4,999,563
9,997,591
4,998,584
4,999,007
11,991,925
11,991,925
3,999,550
3,999,550
5,000,000
5,000,000
5,079,702
20.68
8.99
11.69
4.50
4.50
9.00
4.50
4.50
10.79
10.79
3.60
3.60
4.50
4.50
4.57
Options
Luxembourg
-5,000,000 AUD(C)/MXN(P)OTC - 14.15 - 26.02.13 CALL
-10,000,000 CAD(P)/JPY(C)OTC - 78.00 - 24.01.13 PUT
-8,500,000 EUR(C)/AUD(P)OTC - 1.30 - 12.02.13 CALL
-600,000 EUR(C)/CHF(P)OTC - 1.26 - 18.01.13 CALL
-9,000,000 EUR(C)/CHF(P)OTC - 1.26 - 18.01.13 CALL
-5,000,000 EUR(C)/INR(P)OTC - 73.00 - 10.06.13 CALL
-500,000 EUR(P)/AUD(C)OTC - 1.15 - 12.02.13 PUT
-8,000,000 EUR(P)/AUD(C)OTC - 1.15 - 12.02.13 PUT
-5,000,000 EUR(P)/INR(C)OTC - 65.00 - 10.06.13 PUT
-7,000,000 NZD(C)/JPY(P)OTC - 71.00 - 01.05.13 CALL
-7,000,000 NZD(P)/JPY(C)OTC - 52.00 - 01.05.13 PUT
-7,000,000 NZD(P)/JPY(C)OTC - 59.00 - 01.05.13 PUT
-8,500,000 NZD(P)/JPY(C)OTC - 64.00 - 21.06.13 PUT
-8,500,000 NZD(P)/JPY(C)OTC - 65.00 - 19.06.13 PUT
-9,000,000 USD(C)/JPY(P)OTC - 89.00 - 09.05.13 CALL
-10,000,000 USD(P)/ZAR(C)OTC - 8.40 - 15.02.13 PUT
Total securities portfolio
-542,880
-542,880
-10,434
-30
-30,108
-
-
-124,875
-4
-58
-7,400
-110,487
-566
-6,910
-43,434
-53,784
-81,481
-73,309
107,789,679
-0.49
-0.49
-0.01
0.00
-0.03
0.00
0.00
-0.10
0.00
0.00
-0.01
-0.10
0.00
-0.01
-0.04
-0.05
-0.07
-0.07
97.02
4,200,000 USA T-BILLS 0% 28/03/2013
2,500,000 USA T-BILLS 0% 30/05/2013
3,184,582
1,895,120
2.86
1.71
Share/Units of UCITS/UCIS
10,422,548
9.38
Share/Units in investment funds
France
10,422,548
10,422,548
9.38
9.38
440 SG MONETAIRE PLUS
10,422,548
9.38
Derivative instruments
674,642
0.61
Options
Luxembourg
674,642
674,642
0.61
0.61
5,000,000 AUD(P)/MXN(C)OTC - 13.20 - 26.02.13 PUT
5,000,000 CAD(P)/JPY(C)OTC - 75.00 - 24.01.13 PUT
5,000,000 CAD(P)/JPY(C)OTC - 80.00 - 24.01.13 PUT
500,000 EUR(C)/AUD(P)OTC - 1.34 - 12.02.13 CALL
8,000,000 EUR(C)/AUD(P)OTC - 1.34 - 12.02.13 CALL
4,800,000 EUR(C)/CHF(P)OTC - 1.225 - 18.01.13 CALL
22,289
-
205
280
4,481
1,606
0.02
0.00
0.00
0.00
0.00
0.00
The accompanying notes form an integral part of these financial statements
123

Absolute VaR 2(EUR)
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
57,738,333
107.62
Mortgage and asset backed securities
2,982,846
5.56
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
France
1,500,000 BNP PARIBAS 0% 04/02/2013
2,500,000 BPCE SA 0% 14/02/2013
1,000,000 CADES 1.75% 24/02/2015
52,799,314
49,816,468
13,014,502
1,499,128
2,498,410
775,402
98.41
92.85
24.25
2.79
4.65
1.45
France
400,000 AUTONORIA FRN 25/02/2029
Italy
500,000 SIENA MORTGAGES 07-5 S.P.A FRN 22/11/2070
1,000,000 SIENA MORTGAGES 07-5 S.P.A FRN 22/11/2070
Netherlands
400,360
400,360
1,065,669
69,441
996,228
815,239
0.75
0.75
1.98
0.13
1.85
1.52
3,000,000 CREDIT AGRICOLE SA 0% 14/02/2013
450,000 DEXIA MUNICIPAL AGENCY 3.75% 18/05/2016
1,900,000 HSBC FRANCE (EX CCF) 5.75% 19/06/2013
2,998,092
487,940
1,947,462
5.58
0.91
3.63
900,000 STORM 2012-I BV FRN 22/01/2054
United Kingdom
815,239
701,578
1.52
1.31
2,000,000 SOCIETE GENERALE 0% 01/02/2013
800,000 SOCIETE GENERALE 5.25% 28/03/2013
1,998,972
809,096
3.73
1.51
500,000 ARKLE MASTER ISSUER PLC SERIE 2006-1X
CLASS 5A1 FRN 17/05/2060
513,079
0.96
Germany
401,040
0.75
150,000 SILVERSTONE MASTER VAR 21/01/2055
188,499
0.35
400,000 DEUTSCHE BANK AG 5.125% 31/01/2013
401,040
0.75
Share/Units of UCITS/UCIS
4,289,647
8.00
Ireland
8,375,258
15.60
Share/Units in investment funds
4,289,647
8.00
800,000 INTESA SANPAOLO BANK IRELAND PLC 4%
08/08/2013
2,500,000 IRELAND 0% 21/01/2013
5,000,000 IRELAND 5% 18/04/2013
812,216
2,498,792
5,064,250
1.51
4.66
9.43
France
0.398 AMUNDI GLOBAL EMERGENTS R
Luxembourg
3,848,385
3,848,385
441,262
7.18
7.18
0.82
Italy
8,227,500
15.34
442 STRUCTURA ASIAN LOCAL DEBT I CAPITALISATION
441,262
0.82
3,300,000 ITALY BTP 4.25% 01/08/2013
3,359,730
6.27
Derivative instruments
649,372
1.21
2,700,000 ITALY 3% 01/04/2014
2,100,000 ITALY 3.50% 01/11/2017
2,746,035
2,121,735
5.12
3.95
Options
Luxembourg
649,372
605,011
1.21
1.13
Luxembourg
1,998,778
3.73
3,000,000 AUD(C)/USD(P)OTC - 1.0083 - 21.03.13 CALL
69,711
0.13
2,000,000 FORTIS BANK LUXEMBOURG 0% 14/02/2013
1,998,778
3.73
3,000,000 AUD(C)/USD(P)OTC - 1.0083 - 21.03.13 CALL
69,711
0.13
Netherlands
3,000,000 ING BANK NV 0% 01/02/2013
1,500,000 RABOBANK NEDERLAND FRN 21/08/2013
4,499,188
2,998,378
1,500,810
8.39
5.59
2.80
230,000 AUD(P)/NZD(C)OTC - 1.15 - 25.11.13 PUT
3,000,000 AUD(P)/USD(C)OTC - 1.0083 - 21.03.13 PUT
3,000,000 AUD(P)/USD(C)OTC - 1.0083 - 21.03.13 PUT
5,000,000 EUR(C)/CHF(P)OTC - 1.2138 - 10.01.13 CALL
22,866
15,937
15,937
2,359
0.04
0.03
0.03
0.00
Spain
3,000,000 SPAIN 0% 15/03/2013
3,000,000 SPAIN 0% 23/08/2013
5,931,802
2,988,134
2,943,668
11.06
5.57
5.49
3,500,000 EUR(C)/USD(P)OTC - 1.295 - 08.05.13 CALL
2,400,000 EUR(P)/CAD(C)OTC - 1.26 - 07.06.13 PUT
6,500,000 EUR(P)/CHF(C)OTC - 1.19 - 10.01.13 PUT
3,500,000 EUR(P)/USD(C)OTC - 1.16 - 08.05.13 PUT
109,537
13,741
-
3,090
0.20
0.03
0.00
0.01
Switzerland
2,500,000 UBS AG 0% 28/02/2013
2,499,018
2,499,018
4.66
4.66
3,500,000 EUR(P)/USD(C)OTC - 1.295 - 08.05.13 PUT
4,300,000 GBP(P)/USD(C)OTC - 1.62 - 19.02.13 PUT
5,000,000 USD(C)/JPY(P)OTC - 83.00 - 09.05.13 CALL
44,325
10,831
175,718
0.08
0.02
0.34
United Kingdom
4,256,876
7.93
1,500,000 USD(C)/JPY(P)OTC - 85.00 - 18.01.13 CALL
3,387
0.01
800,000 ABBEY NATIONAL TREASURY FRN 28/08/2013
750,000 LLOYDS TSB BANK PLC FRN 18/01/2013
1,500,000 PERMANENT MASTER ISSUER 2010 1 FRN
15/07/2042
1,000,000 ROYAL BANK OF SCOTLAND PLC 5.25% 15/05/2013
807,264
750,465
1,137,743
1,016,860
1.50
1.40
2.12
1.90
1,500,000 USD(C)/JPY(P)OTC - 86.00 - 19.02.13 CALL
1,500,000 USD(C)/JPY(P)OTC - 87.00 - 18.03.13 CALL
1,500,000 USD(C)/JPY(P)OTC - 88.00 - 18.04.13 CALL
130,000 USD(C)/JPY(P)OTC - 93.00 - 22.11.13 CALL
4,300,000 USD(P)/JPY(C)OTC - 82.00 - 12.02.13 PUT
2,801
1,755
1,155
40,058
2,092
0.01
0.00
0.00
0.07
0.00
200,000 UK GILT 4.25% 07/03/2036
150,000 UK GILT 4.75% 07/12/2038
United States of America
301,208
243,336
612,506
0.56
0.45
1.14
United States of America
127 US 5YR T-NOTES - 122.25 - 22.02.13 PUT
127 US 5YR T-NOTES - 123.75 - 22.02.13 PUT
44,361
2,258
14,299
0.08
0.00
0.03
800,000 WELLS FARGO AND CO 1.25% 13/02/2015
612,506
1.14
51 10YR US TREASRY NOTE - 133.00 - 25.01.13 PUT
27,804
0.05
The accompanying notes form an integral part of these financial statements
124

Absolute VaR 2(EUR)
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
Short positions
EUR
-472,811
-0.88
Derivative instruments
Options
Luxembourg
-6,000,000 AUD(C)/USD(P)OTC - 1.0083 - 21.03.13 CALL
-6,000,000 AUD(P)/USD(C)OTC - 1.0083 - 21.03.13 PUT
-2,400,000 EUR(C)/CAD(P)OTC - 1.335 - 07.06.13 CALL
-5,000,000 EUR(C)/CHF(P)OTC - 1.24 - 10.01.13 CALL
-3,500,000 EUR(C)/USD(P)OTC - 1.295 - 08.05.13 CALL
-2,400,000 EUR(P)/CAD(C)OTC - 1.22 - 07.06.13 PUT
-6,500,000 EUR(P)/CHF(C)OTC - 1.10 - 10.01.13 PUT
-5,000,000 EUR(P)/CHF(C)OTC - 1.20 - 10.01.13 PUT
-4,300,000 USD(C)/JPY(P)OTC - 85.50 - 12.02.13 CALL
-10,000,000 USD(C)/JPY(P)OTC - 90.00 - 09.05.13 CALL
-4,300,000 USD(P)/JPY(C)OTC - 80.70 - 12.02.13 PUT
United States of America
-254 US 5YR T-NOTES - 123.00 - 22.02.13 PUT
-51 10YR US TREASRY NOTE - 131.50 - 25.01.13 PUT
Total securities portfolio
-472,811
-472,811
-453,208
-139,422
-31,874
-34,547
-
-109,537
-5,532
-
-87
-60,192
-71,264
-753
-19,603
-10,536
-9,067
57,265,522
-0.88
-0.88
-0.84
-0.27
-0.06
-0.06
0.00
-0.20
-0.01
0.00
0.00
-0.11
-0.13
0.00
-0.04
-0.02
-0.02
106.74
The accompanying notes form an integral part of these financial statements
125

Absolute VaR 4(EUR)
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
100,765,051
101.68
Spain
262,192
0.26
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
Belgium
2,100 UMICORE
Canada
13,700 RESEARCH IN MOTION
Cayman Islands
2,700 HERBALIFE
88,565,248
9,831,453
87,549
87,549
123,151
123,151
67,459
67,459
89.37
9.92
0.09
0.09
0.12
0.12
0.07
0.07
17,233 IBERDROLA SA
1,800 INDITEX
Switzerland
3,100 NOVARTIS AG-NOM
1,300 ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
1,339 WOLSELEY PLC
United Kingdom
3,800 ASOS
11,600 ASTRAZENECA PLC
72,292
189,900
393,661
147,576
198,211
47,874
3,824,510
126,073
416,104
0.07
0.19
0.40
0.15
0.20
0.05
3.86
0.13
0.41
Curacao
3,800 SCHLUMBERGER LTD
199,713
199,713
0.20
0.20
71,800 AVIVA PLC
27,400 BARCLAYS PLC
21,800 BG GROUP PLC
330,186
88,642
272,130
0.32
0.09
0.27
France
1,401,374
1.41
5,700 BHP BILLITON PLC
149,650
0.15
3,250 AREVA
6,500 AXA SA
2,700 BNP PARIBAS
6,380 CGG VERITAS
7,100 ELECTRICITE DE FRANCE
15,200 FRANCE TELECOM SA
1,936 ORPEA
1,300 PUBLICIS GROUPE
1,400 SANOFI
7,800 TOTAL
10,746 VIVENDI
1,000 WENDEL ACT
Germany
41,665
86,775
114,980
144,124
99,258
126,753
64,856
58,825
99,946
304,278
182,144
77,770
451,548
0.04
0.09
0.12
0.15
0.10
0.13
0.07
0.06
0.10
0.30
0.17
0.08
0.46
31,900 BP PLC
32,800 BRITISH LAND CO PLC
8,900 BURBERRY GROUP
36,900 GKN
17,300 HAMMERSON
4,600 IMPERIAL TOBACCO GROUP PLC
25,000 INCHCAPE
17,700 LAND SECURITIES GROUP PLC
4,700 NATIONAL GRID PLC
6,200 PRUDENTIAL PLC
5,400 RIO TINTO PLC
11,400 ROYAL DUTCH SHELL PLC-A
5,700 SMITH & NEPHEW
21,380 TATE & LYLE PLC
167,071
227,267
134,526
104,090
104,150
134,580
132,813
177,524
40,736
66,158
233,783
296,115
47,752
200,858
0.17
0.23
0.14
0.11
0.11
0.14
0.13
0.18
0.04
0.07
0.24
0.30
0.05
0.20
800 ALLIANZ SE-NOM
1,300 BAYER AG
7,700 DEUTSCHE TELEKOM AG-NOM
83,840
93,457
66,182
0.08
0.09
0.07
85,900 VODAFONE GROUP PLC
9,700 XSTRATA PLC
31,400 3I GROUP
163,571
126,647
84,084
0.17
0.13
0.08
10,100 E.ON SE
800 SIEMENS AG-NOM
Italy
142,309
65,760
129,466
0.15
0.07
0.13
United States of America
1,500 AKAMAI TECHNOLOGIES INC
370 APPLE INC
1,876,839
46,545
149,591
1.89
0.05
0.15
4,100 FIAT INDUSTRIAL SPA
140,000 TELECOM ITALIA SPA
Jersey
33,846
95,620
74,447
0.03
0.10
0.08
5,900 ENERNOC
100 GOOGLE INC-A
14,000 GT ADVANCED TCH
4,500 HALLIBURTON CO
52,583
53,805
32,069
118,405
0.05
0.05
0.03
0.12
6,800 WPP PLC
Netherlands
74,447
939,544
0.08
0.95
10,500 HEXCEL
2,600 ITRON INC
6,300 KKR & CO LP
214,715
87,856
72,777
0.22
0.09
0.07
22,800 AEGON NV
109,508
0.11
2,000 LAS VEGAS SANDS
70,024
0.07
2,200 AKZO NOBEL NV-CVA
109,439
0.11
8,600 MORGAN STANLEY
124,721
0.13
1,400 CORE LABORATORIES
116,076
0.12
900 PEABODY ENERGY CORP
18,165
0.02
5,200 EADS
153,400
0.15
14,400 PFIZER INC
273,932
0.28
30,000 ING GROEP NV-CVA
211,830
0.22
7,800 TESLA MOTOR INC
200,384
0.20
5,100 RANDSTAD HOLDING NV
141,805
0.14
4,200 VERISIGN
123,668
0.12
4,900 ROYAL PHILIPS ELECTRONICS NV
97,486
0.10
1,300 VISA INC-A
149,465
0.15
400 VMWARE CLASS A
28,562
0.03
1,500 WEIGHT WATCHER INTL
59,572
0.06
The accompanying notes form an integral part of these financial statements
126

Absolute VaR 4(EUR)
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Bonds
France
1,400,000 BNP PARIBAS FRN 10/01/2014
3,500,000 BNP PARIBAS 0% 04/02/2013
1,500,000 BPCE SA 0% 14/02/2013
1,300,000 BPCE SA 2.375% 04/10/2013
4,000,000 CREDIT AGRICOLE CIB 0% 02/01/2013
2,000,000 PINAULT PRINTEMPS 4% 29/01/2013
1,000,000 SAINT GOBAIN (CIE) 4.75% 11/04/2017
3,000,000 SOCIETE GENERALE 0% 01/02/2013
1,700,000 SOCIETE GENERALE 2.20% 14/09/2013
Ireland
73,812,294
18,488,601
1,065,366
3,497,965
1,499,046
996,585
3,999,955
2,004,300
1,127,620
2,998,458
1,299,306
14,243,848
74.48
18.67
1.08
3.53
1.51
1.01
4.04
2.02
1.14
3.03
1.31
14.37
United Kingdom
800,000 ARKLE MASTER ISSUER PLC SERIE 2006-1X
CLASS 5A1 FRN 17/05/2060
800,000 FOSSE MASTER ISSUER PLC FRN 18/10/2054
400,000 SILVERSTONE MASTER VAR 21/01/2055
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
3,180 AMUNDI ACTIONS THEMA MONDE R
0.659 AMUNDI GLOBAL EMERGENTS R
4 PORTFOLIO GLOBAL VOLATIL
1,943,645
820,927
620,055
502,663
9,816,838
9,816,838
9,816,838
2,658,067
6,372,073
786,698
1.96
0.82
0.63
0.51
9.91
9.91
9.91
2.68
6.44
0.79
1,100,000 INTESA SANPAOLO BANK IRELAND PLC 4%
08/08/2013
3,000,000 IRELAND 0% 21/01/2013
10,000,000 IRELAND 5% 18/04/2013
1,116,797
2,998,551
10,128,500
1.13
3.03
10.21
Derivative instruments
Options
Luxembourg
2,382,965
2,382,965
2,144,919
2.40
2.40
2.16
Italy
2,300,000 ITALY BTP 4.25% 01/08/2013
4,000,000 ITALY 0% 14/02/2013
2,000,000 ITALY 0% 28/03/2013
4,000,000 ITALY 3% 01/04/2014
5,800,000 ITALY 3.50% 01/11/2017
Mexico
100,000 MEXICO 9.50% 18/12/2014
Netherlands
1,100,000 ING BANK NV FRN 18/10/2013
3,000,000 ING BANK NV 0% 01/02/2013
950,000 NOMURA EUROPE FINANCE NV 5.125% 09/12/2014
1,000,000 RABOBANK NEDERLAND FRN 21/08/2013
Spain
5,000,000 SPAIN 0% 15/03/2013
5,500,000 SPAIN 0% 23/08/2013
18,263,322
2,341,630
3,996,453
1,997,009
4,068,200
5,860,030
636,613
636,613
5,850,287
840,569
2,998,378
1,010,800
1,000,540
10,376,947
4,980,222
5,396,725
18.43
2.36
4.03
2.02
4.11
5.91
0.64
0.64
5.90
0.85
3.02
1.02
1.01
10.47
5.03
5.44
9,500,000 AUD(C)/USD(P)OTC - 1.0083 - 21.03.13 CALL
9,500,000 AUD(C)/USD(P)OTC - 1.0083 - 21.03.13 CALL
860,000 AUD(P)/NZD(C)OTC - 1.15 - 25.11.13 PUT
9,500,000 AUD(P)/USD(C)OTC - 1.0083 - 21.03.13 PUT
9,500,000 AUD(P)/USD(C)OTC - 1.0083 - 21.03.13 PUT
20,000,000 EUR(C)/CHF(P)OTC - 1.2138 - 10.01.13 CALL
12,400,000 EUR(C)/USD(P)OTC - 1.295 - 08.05.13 CALL
8,700,000 EUR(P)/CAD(C)OTC - 1.26 - 07.06.13 PUT
24,350,000 EUR(P)/CHF(C)OTC - 1.19 - 10.01.13 PUT
12,400,000 EUR(P)/USD(C)OTC - 1.16 - 08.05.13 PUT
12,400,000 EUR(P)/USD(C)OTC - 1.295 - 08.05.13 PUT
16,000,000 GBP(P)/USD(C)OTC - 1.62 - 19.02.13 PUT
19,000,000 USD(C)/JPY(P)OTC - 83.00 - 09.05.13 CALL
5,750,000 USD(C)/JPY(P)OTC - 85.00 - 18.01.13 CALL
5,750,000 USD(C)/JPY(P)OTC - 86.00 - 19.02.13 CALL
5,750,000 USD(C)/JPY(P)OTC - 87.00 - 18.03.13 CALL
5,750,000 USD(C)/JPY(P)OTC - 88.00 - 18.04.13 CALL
490,000 USD(C)/JPY(P)OTC - 93.00 - 22.11.13 CALL
16,000,000 USD(P)/JPY(C)OTC - 82.00 - 12.02.13 PUT
220,752
220,752
85,499
50,468
50,468
9,435
388,075
49,810
-
10,948
157,036
40,300
667,729
12,983
10,737
6,726
4,429
150,988
7,784
0.22
0.22
0.09
0.05
0.05
0.01
0.39
0.05
0.00
0.01
0.16
0.04
0.68
0.01
0.01
0.01
0.00
0.15
0.01
United Kingdom
4,957,354
5.00
United States of America
238,046
0.24
1,300,000 ABBEY NATIONAL TREASURY FRN 28/08/2013
350,000 MORGAN STANLEY AND CO. INTERNATIONAL PLC
4.50% 29/10/2014
1,000,000 ROYAL BANK OF SCOTLAND PLC 5.25% 15/05/2013
1,500,000 UK GILT 4.25% 07/03/2036
United States of America
1,300,000 WELLS FARGO AND CO 1.25% 13/02/2015
Mortgage and asset backed securities
Italy
1,200,000 SIENA MORTGAGES 07-5 S.P.A FRN 22/11/2070
Netherlands
600,000 HIGHWAY BV FRN 26/03/2024
1,300,000 STORM 2012-I BV FRN 22/01/2054
1,311,804
369,628
1,016,860
2,259,062
995,322
995,322
4,921,501
1,195,474
1,195,474
1,782,382
604,815
1,177,567
1.32
0.37
1.03
2.28
1.00
1.00
4.97
1.21
1.21
1.80
0.61
1.19
80 S&P 500 INDEX - 1,370 - 19.01.13 PUT
464 US 5YR T-NOTES - 122.25 - 22.02.13 PUT
464 US 5YR T-NOTES - 123.75 - 22.02.13 PUT
186 10YR US TREASRY NOTE - 133.00 - 25.01.13 PUT
Short positions
Derivative instruments
Options
Luxembourg
-19,000,000 AUD(C)/USD(P)OTC - 1.0083 - 21.03.13 CALL
-19,000,000 AUD(P)/USD(C)OTC - 1.0083 - 21.03.13 PUT
-8,700,000 EUR(C)/CAD(P)OTC - 1.335 - 07.06.13 CALL
-20,000,000 EUR(C)/CHF(P)OTC - 1.24 - 10.01.13 CALL
-12,400,000 EUR(C)/USD(P)OTC - 1.295 - 08.05.13 CALL
76,153
8,250
52,242
101,401
-1,667,128
-1,667,128
-1,667,128
-1,573,722
-441,505
-100,935
-125,231
-
-388,076
0.08
0.01
0.05
0.10
-1.68
-1.68
-1.68
-1.59
-0.45
-0.10
-0.13
0.00
-0.39
The accompanying notes form an integral part of these financial statements
127

Absolute VaR 4(EUR)
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
-8,700,000 EUR(P)/CAD(C)OTC - 1.22 - 07.06.13 PUT
-24,350,000 EUR(P)/CHF(C)OTC - 1.10 - 10.01.13 PUT
-20,000,000 EUR(P)/CHF(C)OTC - 1.20 - 10.01.13 PUT
-16,000,000 USD(C)/JPY(P)OTC - 85.50 - 12.02.13 CALL
-38,000,000 USD(C)/JPY(P)OTC - 90.00 - 09.05.13 CALL
-16,000,000 USD(P)/JPY(C)OTC - 80.70 - 12.02.13 PUT
United States of America
-80 S&P 500 INDEX - 1,300 - 19.01.13 PUT
-928 US 5YR T-NOTES - 123.00 - 22.02.13 PUT
-186 10YR US TREASRY NOTE - 131.50 - 25.01.13 PUT
Total securities portfolio
EUR
-20,053
-
-349
-223,969
-270,802
-2,802
-93,406
-21,845
-38,495
-33,066
99,097,923
-0.02
0.00
0.00
-0.23
-0.27
0.00
-0.09
-0.02
-0.04
-0.03
100.00
The accompanying notes form an integral part of these financial statements
128

Absolute Statistical Arbitrage
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
49,005,479
92.50
6,263 EASTMAN CHEMICAL CO
323,268
0.62
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
43,743,238
12,421,105
82.57
23.44
29,454 HEWLETT PACKARD CO
12,732 HOSPIRA
47,756 HUDSON CITY BANCORP
19,440 INTEL CORP
318,355
301,690
294,491
304,192
0.60
0.57
0.56
0.57
Austria
230,384
0.43
13,979 LEGGETT & PLATT INC
288,614
0.54
8,422 OMV AG
France
230,384
1,219,086
0.43
2.30
9,931 LENNAR A
529 MARRIOTT INTL ORD REG
3,904 M&T BANK CORPORATION
291,286
-
291,586
0.55
0.00
0.55
16,308 ELECTRICITE DE FRANCE
27,783 FRANCE TELECOM SA
5,191 LAFARGE SA
48,502 PEUGEOT SA
6,777 VINCI SA
Germany
227,986
231,682
250,362
265,355
243,701
239,289
0.43
0.44
0.47
0.50
0.46
0.45
4,979 OCCIDENTAL PETROLEUM CORP
7,725 OMNICOM GROUP INC
3,560 PIONEER NATURAL RES
6,859 PNC FINANCIAL SERVICES GROUP
7,638 RED HAT
40,432 R.R.DONNELEY & SONS CO
128,699 TELLABS INC
289,321
292,734
287,819
303,359
306,818
276,007
222,568
0.55
0.55
0.54
0.57
0.58
0.52
0.42
1,390 VOLKSWAGEN AG-PFD
239,289
0.45
17,360 TOTAL SYSTEM SERVICES INC
282,047
0.53
Ireland
280,194
0.53
Bonds
31,322,133
59.13
5,555 ACCENTURE SHS CLASS A
280,194
0.53
France
8,732,825
16.48
Italy
17,564 ATLANTIA SPA
240,100
240,100
0.45
0.45
733,333 ALSTOM SA 0% 04/01/2013
3,000,000 BANQUE SOLFEA VAR 15/01/2013
1,500,000 GECINA 0% 21/02/2013
733,318
2,999,995
1,499,567
1.38
5.67
2.83
Netherlands
6,728 CORIO
33,257 ING GROEP NV-CVA
1,125,070
230,871
234,828
2.12
0.44
0.44
1,500,000 MICHELIN 0% 07/01/2013
2,000,000 VIVENDI 0% 03/01/2013
Germany
1,499,980
1,999,965
2,999,702
2.83
3.77
5.66
23,603 KONINKLIJKE AHOLD NV
51,288 KONINKLIJKE KPN NV
11,539 ROYAL PHILIPS ELECTRONICS NV
Sweden
9,296 HENNES & MAURITZ AB-B SHS
239,217
190,586
229,568
479,230
243,327
0.45
0.36
0.43
0.90
0.45
1,500,000 RWE AG 0% 11/01/2013
1,500,000 VOLKSWAGEN BANK GMBH 0% 26/02/2013
Netherlands
2,000,000 ADECCO INTERNATIONAL FINANCIAL 0%
31/01/2013
1,499,963
1,499,739
10,696,309
1,999,789
2.83
2.83
20.20
3.77
32,581 NORDEA BANK AB
235,903
0.45
2,000,000 AEGON NV 0% 28/02/2013
1,999,443
3.77
Switzerland
8,764 JULIUS BAER GRUPPE
3,850 SWISS PRIME SITE
United Kingdom
10,564 ANGLO AMERICAN PLC
13,793 GLAXOSMITHKLINE PLC
69,818 MORRISON SUPERMARKETS PLC
478,362
234,786
243,576
1,389,936
246,679
227,021
226,386
0.90
0.44
0.46
2.63
0.46
0.43
0.43
3,000,000 ING BANK NV 0% 04/03/2013
1,500,000 KONINKLIJKE DSM NV 0% 18/03/2013
2,200,000 PANASONIC FINANCE 0% 14/01/2013
United Kingdom
2,200,000 HITACHI CAPITAL UK PLC 0% 18/01/2013
2,000,000 IMPERIAL TOBACCO FINANCE PLC 0% 19/02/2013
United States of America
2,997,590
1,499,743
2,199,744
4,199,113
2,199,835
1,999,278
4,694,184
5.67
2.83
4.16
7.93
4.16
3.77
8.86
8,935 ROYAL DUTCH SHELL PLC-A
232,087
0.44
2,500,000 HEWLETT PACKARD CO 0% 11/03/2013
2,494,697
4.71
116,248 VODAFONE GROUP PLC
221,360
0.42
2,200,000 SES GLOBAL AMERICAS HOLDINGS 0% 28/01/2013
2,199,487
4.15
7,836 WHITBREAD
United States of America
186,108 ADVANCED MICRO DEVICES INC
11,190 AT&T INC
29,317 BEST BUY CO INC
236,403
6,739,454
338,790
286,116
263,506
0.45
12.73
0.65
0.54
0.50
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
15 AMUNDI TRESO EONIA C
5,262,241
5,262,241
3,168,701
3,168,701
9.93
9.93
5.98
5.98
3,715 BOSTON PROPERTIES INC
17,164 CA
7,290 CIGNA CORP
12,905 COMERICA INC
298,152
286,153
295,603
296,979
0.56
Luxembourg
0.54
0.56
2,000 STRU EQSTYLE ARB I
0.56 Total securities portfolio
2,093,540
2,093,540
49,005,479
3.95
3.95
92.50
The accompanying notes form an integral part of these financial statements
129

Absolute High Yield
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
47,649,664
50.68
Spain
2,651,775
2.82
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
France
39,641,978
39,641,978
11,554,502
42.16
42.16
12.29
400,000 CAMPOFRIO ALIMENTACI 8.25% 31/10/2016
1,500,000 GAS NATURAL CAPITAL MARKETS SA 5.625%
09/02/2017
500,000 OBRASCON HUARTE LAIN SA 7.375% 28/04/2015
429,200
1,685,700
536,875
0.46
1.79
0.57
1,300,000 BANQUE PSA FINANCE 6% 16/07/2014
1,370,499
1.46
United Kingdom
5,210,501
5.54
800,000 CROWN EURO HOLDINGS 7.125% 15/08/2018
300,000 EUROPCAR GROUPE SA 11.50% 15/05/2017
510,000 FAURECIA 9.375% 15/12/2016
2,900,000 PERNOD RICARD 7% 15/01/2015
450,000 RENAULT CI BANQUE 2.125% 24/11/2014
600,000 RENAULT CI BANQUE 4% 02/12/2013
600,000 RENAULT CI BANQUE 5.625% 05/10/2015
880,000
316,050
589,458
3,245,621
456,345
615,288
661,326
0.94
0.34
0.63
3.44
0.49
0.65
0.70
1,100,000 FCE BANK PLC 4.825% 15/02/2017
1,000,000 FCE BANK PLC 5.125% 16/11/2015
1,500,000 FCE BANK PLC 7.25% 15/07/2013
500,000 INEOS VINYLS FINANCE PLC 9.25% 15/05/2015
262,000 INFINIS 9.125% 15/12/2014
United States of America
1,468,122
1,330,958
1,547,865
536,500
327,056
1,182,500
1.56
1.42
1.64
0.57
0.35
1.26
950,000 REXEL 8.25% 15/12/2016
1,039,300
1.11
1,100,000 HERTZ CORP 8.50% 31/07/2015
1,182,500
1.26
1,660,000 TEREOS EUROPE 6.375% 15/04/2014
600,000 WENDEL INVESTISSEMEN 4.875% 04/11/2014
1,753,375
627,240
1.86
0.67
Share/Units of UCITS/UCIS
8,007,686
8.52
Germany
3,000,000 DEGUSSA AG 5.125% 10/12/2013
700,000 DEUTSCHE LUFTHANSA 6.75% 24/03/2014
6,936,083
3,121,170
745,517
7.38
3.32
0.79
Share/Units in investment funds
France
8 AMUNDI TRESO 3 MOIS
8,007,686
8,007,686
8,007,686
8.52
8.52
8.52
730,000 FRANZ HANIEL UND CIE GMBH 6.75% 23/10/2014
1,100,000 HEIDELBERGCEMENT AG 7.50% 31/10/2014
792,704
1,209,450
0.84 Total securities portfolio
1.29
47,649,664
50.68
500,000 THYSSENKRUPP AG 4.375% 18/03/2015
522,242
0.56
500,000 THYSSENKRUPP AG 8% 18/06/2014
545,000
0.58
Ireland
1,355,166
1.44
400,000 ARDAGH GLASS FINANCE PLC 9.25% 01/07/2016
431,800
0.46
900,000 FGA CAPITAL IRELAND PLC 5.25% 28/02/2014
923,366
0.98
Liberia
828,000
0.88
800,000 ROYAL CARIBBEAN CRUISES LTD 5.625%
27/01/2014
828,000
0.88
Luxembourg
4,050,685
4.31
300,000 CLARIANT FINANCE 5.625% 24/01/2017
332,798
0.35
600,000 FIAT FINANCE AND TRADE LTD 5.25% 11/03/2015
634,500
0.67
1,300,000 FIAT FINANCE AND TRADE LTD 7.75% 17/10/2016
1,380,652
1.48
1,131,000 LECTA SA FRN 15/05/2018
1,114,035
1.18
580,000 WIND ACQUISITION FINANCE SA 7.375% 15/02/2018
588,700
0.63
Netherlands
3,972,404
4.22
750,000 CONTI GUMMI FINANCE BV 8.50% 15/07/2015
809,678
0.86
500,000 GMAC INTERNATIONAL FINANCE BV 7.50%
21/04/2015
547,000
0.58
1,400,000 NXP BV FRN 15/10/2013
523,649
0.56
775,000 PHOENIX PIB FINANCE 9.625% 15/07/2014
851,012
0.90
615,000 SCHAEFFLER FINANCE BV 7.75% 15/02/2017
683,880
0.73
520,000 ZIGGO 6.125% 15/11/2017
557,185
0.59
Portugal
1,132,362
1.20
1,100,000 CAIXA GERAL DE DEPOSITOS 5.625% 04/12/2015
1,132,362
1.20
South Africa
768,000
0.82
800,000 EDCON (PROPRIETARY) LTD FRN 15/06/2014
768,000
0.82
The accompanying notes form an integral part of these financial statements
130

Absolute Volatility Arbitrage
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
131,368,319
86.84
Netherlands
15,998,392
10.57
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
103,997,566
13,198,642
68.75
8.72
4,000,000 ABN AMRO BANK NV 0% 04/03/2013
9,000,000 RABOBANK NEDERLAND VAR 22/02/2013
3,000,000 RABOBANK NEDERLAND VAR 22/02/2013
3,998,392
9,000,000
3,000,000
2.64
5.95
1.98
France
5,720,124
3.78
Convertible bonds
17,800,533
11.77
11,550 AIR LIQUIDE
1,097,828
0.73
Cyprus
153,975
0.10
3 ALSTOM
63,306 BOUYGUES
29,900 PEUGEOT SA
90
1,418,054
163,583
0.00
0.94
0.11
200,000 HOLDGROVE LIMITED 1% 24/09/2017 CV
Germany
153,975
17,646,558
0.10
11.67
2,826 SCHNEIDER ELECTRIC SA
25,370 TOTAL
52,723 VINCI SA
154,950
989,684
1,895,918
0.10
0.65
1.25
17,400,000 KREDITANSTALT WIEDER KFW 3.25% 27/06/2013 CV
Share/Units of UCITS/UCIS
17,646,558
14,641,584
11.67
9.68
1 VIVENDI
Germany
17
610,456
0.00
0.40
Share/Units in investment funds
France
14,641,584
14,641,584
9.68
9.68
545 DEUTSCHE TELEKOM AG-NOM
8,712 K+S AG NOM.
3,660 SIEMENS AG-NOM
4,684
304,920
300,852
0.00
0.20
0.20
67 AMUNDI TRESO EONIA C
Derivative instruments
14,641,584
12,729,169
9.68
8.41
Netherlands
459,703
0.30
Options
12,729,169
8.41
179 KONINKLIJKE KPN NV
665
0.00
France
575,121
0.38
23,073 ROYAL PHILIPS ELECTRONICS NV
459,038
0.30
190 AIR LIQUIDE - 96.00 - 15.03.13 PUT
77,121
0.05
Spain
66,815 TELEFONICA SA
680,845
680,845
0.45
0.45
300 SCHNEIDER ELECTR SA - 44.00 - 15.03.13 PUT
290 SCHNEIDER ELECTR SA - 48.00 - 15.03.13 CALL
280 TOTAL SA - 38.00 - 15.03.13 CALL
11,700
223,590
55,440
0.01
0.14
0.04
Switzerland
1,460,181
0.97
630 TOTAL SA - 42.00 - 15.03.13 PUT
207,270
0.14
26,340 HOLCIM LTD-NOM
1,460,181
0.97
Germany
2,004,084
1.32
United Kingdom
87,134 ROYAL DUTCH SHELL PLC-A
2,279,600
2,279,600
1.51
1.51
530 EURO STOXX 50 EUR - 2,100 - 20.12.13 PUT
350 EURO STOXX 50 EUR - 2,200 - 21.06.13 PUT
528 EURO STOXX 50 EUR - 2,500 - 21.06.13 CALL
441,490
161,700
925,584
0.29
0.11
0.60
United States of America
800 APPLE INC
6,300 BAKER HUGHES INC
1,501 GOOGLE INC-A
14,101 HOME DEPOT INC
Bonds
1,987,733
323,441
195,155
807,618
661,519
72,998,391
1.31
0.21
0.13
0.53
0.44
48.26
354 EURO STOXX 50 EUR - 2,650 - 18.01.13 CALL
90 EURO BUND FUTURE - 144.00 - 25.01.13 PUT
280 K & S AG - 36.00 - 15.03.13 PUT
280 K & S AG - 38.00 - 15.03.13 CALL
180 ROY.PHILIPS ELECTR - 20.00 - 21.06.13 PUT
310 SIEMENS AG-NOM - 80.00 - 20.09.13 CALL
270 SIEMENS AG-NOM - 80.00 - 20.09.13 PUT
93,810
-18,900
56,000
12,320
31,140
151,900
149,040
0.06
-0.01
0.04
0.01
0.02
0.10
0.10
France
56,999,999
37.69
Netherlands
223,895
0.15
6,500,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
04/02/2013
6,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
22/02/2013
7,000,000 BNP PARIBAS VAR 08/05/2013
10,000,000 BPCE SA VAR 13/05/2013
6,000,000 CREDIT AGRICOLE SA VAR 04/02/2013
6,500,000
6,000,000
7,000,000
9,999,999
6,000,000
4.30
3.97
4.64
6.62
3.97
1,425 KONINKLIJKE KPN NV - 8.00 - 15.03.13 CALL
480 ROYAL DUTCH SHELL - 26.00 - 15.03.13 PUT
770 ROYAL DUTCH SHELL - 27.00 - 15.03.13 PUT
480 ROYAL DUTCH SHELL - 30.00 - 15.03.13 CALL
450 ROY.PHILIPS ELECTR - 18.00 - 21.06.13 PUT
270 ROY.PHILIPS ELECTR - 20.00 - 21.06.13 CALL
1,425
39,360
116,270
960
36,450
29,430
0.00
0.03
0.08
0.00
0.02
0.02
5,000,000 CREDIT AGRICOLE SA VAR 13/03/2013
5,000,000
3.30
Singapore
9,016,830
5.96
4,000,000 NATIXIS VAR 13/02/2013
3,000,000 NATIXIS VAR 13/03/2013
4,500,000 SOCIETE GENERALE VAR 02/04/2013
5,000,000 SOCIETE GENERALE VAR 03/06/2013
4,000,000
3,000,000
4,500,000
5,000,000
2.64
1.98
2.97
3.30
1,065 NIKKEI 225 SIMEX FUT - 9,000 - 13.12.13 CALL
165 NIKKEI 225 SIMEX FUT - 9,000 - 14.06.13 CALL
190 NIKKEI 225 SIMEX FUT - 9,000 - 14.06.13 PUT
Spain
7,791,628
1,093,530
131,672
32,400
5.15
0.72
0.09
0.02
900 TELEFONICA SA - 10.00 - 15.03.13 PUT
32,400
0.02
The accompanying notes form an integral part of these financial statements
131

Absolute Volatility Arbitrage
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Switzerland
630 HOLCIM LTD-NOM - 62.00 - 15.03.13 PUT
United States of America
36 APPLE INC - 550.00 - 18.01.14 CALL
180 BAKER HUGHES INC - 40.00 - 20.07.13 PUT
18 GOOGLE INC-A - 680.00 - 16.03.13 PUT
18 GOOGLE INC-A - 710.00 - 19.01.13 PUT
270 HOME DEPOT INC - 57.50 - 19.01.13 PUT
270 HOME DEPOT INC - 60.00 - 18.05.13 PUT
90 S&P 500 INDEX - 1,425 - 22.06.13 PUT
Short positions
Derivative instruments
Options
France
43,329
43,329
833,510
173,665
50,516
28,193
25,667
4,813
58,469
492,187
-5,727,723
-5,727,723
-5,727,723
-1,592,672
0.03
-250 NIKKEI 225 SIMEX FUT - 12,000 - 14.06.13 CALL
-190 NIKKEI 225 SIMEX FUT - 7,000 - 14.06.13 PUT
0.03
Spain
0.55
-900 TELEFONICA SA - 11.00 - 15.03.13 CALL
0.11
0.03
United States of America
0.02
-36 APPLE INC - 610.00 - 18.01.14 CALL
0.02
-36 APPLE INC - 670.00 - 18.01.14 CALL
0.00
-270 BAKER HUGHES INC - 35.00 - 20.04.13 PUT
0.04
-180 BAKER HUGHES INC - 47.00 - 20.04.13 CALL
0.33
-27 GOOGLE INC-A - 630.00 - 19.01.13 PUT
-3.79
-270 HOME DEPOT INC - 55.00 - 19.01.13 PUT
-90 S&P 500 INDEX - 1,250 - 22.06.13 PUT
-3.79
-44 S&P 500 INDEX - 1,500 - 21.12.13 CALL
-90 S&P 500 INDEX - 1,500 - 22.06.13 CALL
-3.79
Total securities portfolio
-1.05
-131,584
-9,167
-15,300
-15,300
-743,693
-113,592
-75,023
-21,094
-9,421
-3,789
-2,253
-166,566
-177,881
-174,074
125,640,596
-0.09
-0.01
-0.01
-0.01
-0.49
-0.08
-0.05
-0.01
-0.01
0.00
0.00
-0.11
-0.11
-0.12
83.05
-285 AIR LIQUIDE - 87.27 - 15.03.13 PUT
-95 AIR LIQUIDE - 90.91 - 15.03.13 PUT
-190 AIR LIQUIDE - 96.00 - 15.03.13 CALL
-880 BOUYGUES - 19.00 - 15.03.13 CALL
-910 BOUYGUES - 20.00 - 15.03.13 PUT
-360 BOUYGUES - 21.00 - 18.01.13 PUT
-910 BOUYGUES - 22.00 - 15.03.13 CALL
-200 SCHNEIDER ELECTR SA - 40.00 - 15.03.13 PUT
-300 SCHNEIDER ELECTR SA - 44.00 - 15.03.13 CALL
-270 SCHNEIDER ELECTR SA - 46.00 - 21.06.13 PUT
-280 SCHNEIDER ELECTR SA - 48.00 - 15.03.13 PUT
-270 SCHNEIDER ELECTR SA - 52.00 - 21.06.13 CALL
-270 SCHNEIDER ELECTR SA - 52.00 - 21.06.13 PUT
-550 TOTAL SA - 36.00 - 15.03.13 PUT
-250 TOTAL SA - 38.00 - 15.03.13 PUT
-600 TOTAL SA - 42.00 - 15.03.13 CALL
-730 VINCI SA - 34.00 - 15.03.13 CALL
-30,096
-18,183
-57,893
-330,880
-50,960
-8,640
-152,880
-3,400
-337,200
-49,680
-24,080
-151,470
-105,570
-25,850
-23,750
-19,200
-202,940
-0.02
-0.01
-0.04
-0.22
-0.03
-0.01
-0.10
0.00
-0.22
-0.03
-0.02
-0.10
-0.07
-0.02
-0.02
-0.01
-0.13
Germany
-1,024,829
-0.68
-525 EURO STOXX 50 EUR - 2,400 - 15.03.13 PUT
-265 EURO STOXX 50 EUR - 2,500 - 18.01.13 PUT
-531 EURO STOXX 50 EUR - 2,750 - 18.01.13 CALL
-530 EURO STOXX 50 EUR - 2,800 - 20.12.13 CALL
-442 EURO STOXX 50 EUR - 2,800 - 21.06.13 CALL
-90 EURO BUND FUTURE - 142.00 - 25.01.13 PUT
-90 EURO BUND FUTURE - 143.00 - 25.01.13 PUT
-90 EURO BUND FUTURE - 147.00 - 25.01.13 CALL
-90 EURO BUND FUTURE - 148.00 - 25.01.13 CALL
-270 SIEMENS AG-NOM - 90.00 - 20.09.13 CALL
-161,700
-33,390
-23,895
-561,270
-206,414
7,200
10,800
-18,900
-
-37,260
-0.11
-0.02
-0.02
-0.37
-0.14
0.00
0.01
-0.01
0.00
-0.02
Netherlands
-1,925
0.00
-1,925 KONINKLIJKE KPN NV - 7.20 - 15.03.13 CALL
-1,925
0.00
Singapore
-2,349,304
-1.56
-285 NIKKEI 225 SIMEX FUT - 11,000 - 13.12.13 CALL
-190 NIKKEI 225 SIMEX FUT - 11,000 - 14.06.13 CALL
-875 NIKKEI 225 SIMEX FUT - 12,000 - 13.12.13 CALL
-723,779
-275,844
-1,208,930
-0.48
-0.18
-0.80
The accompanying notes form an integral part of these financial statements
132

Absolute Volatility Arbitrage Plus
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
89,469,085
70.10
Convertible bonds
13,492,159
10.57
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Shares
France
13,981 AIR LIQUIDE
59,762,043
18,202,852
7,878,249
1,328,894
46.82
14.26
6.18
1.04
Cyprus
400,000 HOLDGROVE LIMITED 1% 24/09/2017 CV
Germany
13,000,000 KREDITANSTALT WIEDER KFW 3.25% 27/06/2013 CV
307,949
307,949
13,184,210
13,184,210
0.24
0.24
10.33
10.33
4 ALSTOM
121
0.00
Share/Units of UCITS/UCIS
12,019,211
9.42
97,232 BOUYGUES
11,500 PEUGEOT SA
1,830 SCHNEIDER ELECTRIC SA
2,177,997
62,917
100,339
1.71
0.05
0.08
Share/Units in investment funds
France
12,019,211
12,019,211
9.42
9.42
37,297 TOTAL
76,558 VINCI SA
Germany
650 DEUTSCHE TELEKOM AG-NOM
10,579 K+S AG NOM.
1,454,956
2,753,025
921,002
5,587
370,265
1.14
2.16
0.72
0.00
0.29
55 AMUNDI TRESO EONIA C
Derivative instruments
Options
France
12,019,211
17,687,831
17,687,831
741,687
9.42
13.86
13.86
0.58
6,632 SIEMENS AG-NOM
545,150
0.43
230 AIR LIQUIDE - 96.00 - 15.03.13 PUT
93,357
0.07
Netherlands
211 KONINKLIJKE KPN NV
35,126 ROYAL PHILIPS ELECTRONICS NV
699,616
784
698,832
0.55
0.00
0.55
330 SCHNEIDER ELECTR SA - 44.00 - 15.03.13 PUT
340 SCHNEIDER ELECTR SA - 48.00 - 15.03.13 CALL
390 TOTAL SA - 38.00 - 15.03.13 CALL
900 TOTAL SA - 42.00 - 15.03.13 PUT
12,870
262,140
77,220
296,100
0.01
0.21
0.06
0.23
Spain
971,922
0.76
Germany
3,233,898
2.53
95,380 TELEFONICA SA
971,922
0.76
840 EURO STOXX 50 EUR - 2,100 - 20.12.13 PUT
699,720
0.55
Switzerland
38,069 HOLCIM LTD-NOM
2,110,388
2,110,388
1.65
1.65
660 EURO STOXX 50 EUR - 2,200 - 21.06.13 PUT
836 EURO STOXX 50 EUR - 2,500 - 21.06.13 CALL
620 EURO STOXX 50 EUR - 2,650 - 18.01.13 CALL
304,920
1,465,508
164,300
0.24
1.14
0.13
United Kingdom
2,671,529
2.09
130 EURO BUND FUTURE - 144.00 - 25.01.13 PUT
-27,300
-0.02
102,850 ROYAL DUTCH SHELL PLC-A
United States of America
2,671,529
2,950,146
2.09
2.31
340 K & S AG - 36.00 - 15.03.13 PUT
340 K & S AG - 38.00 - 15.03.13 CALL
370 ROY.PHILIPS ELECTR - 20.00 - 21.06.13 CALL
68,000
14,960
38,110
0.05
0.01
0.03
1,230 APPLE INC
10,300 BAKER HUGHES INC
2,187 GOOGLE INC-A
497,290
319,063
1,176,722
0.39
0.25
0.92
280 ROY.PHILIPS ELECTR - 20.00 - 21.06.13 PUT
460 SIEMENS AG-NOM - 80.00 - 20.09.13 CALL
420 SIEMENS AG-NOM - 80.00 - 20.09.13 PUT
48,440
225,400
231,840
0.04
0.18
0.18
20,401 HOME DEPOT INC
957,071
0.75
Netherlands
239,220
0.19
Bonds
28,067,032
21.99
1,700 KONINKLIJKE KPN NV - 8.00 - 15.03.13 CALL
1,700
0.00
France
22,000,000
17.24
565 ROYAL DUTCH SHELL - 26.00 - 15.03.13 PUT
46,330
0.04
4,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
02/04/2013
1,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
22/02/2013
7,000,000 BNP PARIBAS VAR 08/05/2013
2,000,000 NATIXIS VAR 13/02/2013
3,000,000 NATIXIS VAR 13/03/2013
1,000,000 SOCIETE GENERALE VAR 02/04/2013
4,000,000
1,000,000
7,000,000
2,000,000
3,000,000
1,000,000
3.13
0.78
5.49
1.57
2.35
0.78
910 ROYAL DUTCH SHELL - 27.00 - 15.03.13 PUT
565 ROYAL DUTCH SHELL - 30.00 - 15.03.13 CALL
650 ROY.PHILIPS ELECTR - 18.00 - 21.06.13 PUT
Singapore
1,500 NIKKEI 225 SIMEX FUT - 9,000 - 13.12.13 CALL
180 NIKKEI 225 SIMEX FUT - 9,000 - 14.06.13 CALL
250 NIKKEI 225 SIMEX FUT - 9,000 - 14.06.13 PUT
137,410
1,130
52,650
12,340,316
10,974,121
1,192,942
173,253
0.11
0.00
0.04
9.67
8.60
0.93
0.14
4,000,000 SOCIETE GENERALE VAR 02/04/2013
4,000,000
3.14
Spain
46,260
0.04
United States of America
6,067,032
4.75
1,285 TELEFONICA SA - 10.00 - 15.03.13 PUT
46,260
0.04
8,000,000 USA T-BILLS 0% 14/03/2013
6,067,032
4.75
The accompanying notes form an integral part of these financial statements
133

Absolute Volatility Arbitrage Plus
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Switzerland
910 HOLCIM LTD-NOM - 62.00 - 15.03.13 PUT
United States of America
62,587
62,587
1,023,863
0.05
0.05
0.80
-1,250 NIKKEI 225 SIMEX FUT - 12,000 - 13.12.13 CALL
-260 NIKKEI 225 SIMEX FUT - 12,000 - 14.06.13 CALL
-250 NIKKEI 225 SIMEX FUT - 7,000 - 14.06.13 PUT
Spain
-1,727,041
-136,848
-12,062
-21,845
-1.35
-0.11
-0.01
-0.02
56 APPLE INC - 550.00 - 18.01.14 CALL
290 BAKER HUGHES INC - 40.00 - 20.07.13 PUT
26 GOOGLE INC-A - 680.00 - 16.03.13 PUT
26 GOOGLE INC-A - 710.00 - 19.01.13 PUT
390 HOME DEPOT INC - 57.50 - 19.01.13 PUT
390 HOME DEPOT INC - 60.00 - 18.05.13 PUT
92 S&P 500 INDEX - 1,425 - 22.06.13 PUT
Short positions
Derivative instruments
Options
France
-345 AIR LIQUIDE - 87.27 - 15.03.13 PUT
-115 AIR LIQUIDE - 90.91 - 15.03.13 PUT
-230 AIR LIQUIDE - 96.00 - 15.03.13 CALL
-1,300 BOUYGUES - 19.00 - 15.03.13 CALL
-1,360 BOUYGUES - 20.00 - 15.03.13 PUT
-560 BOUYGUES - 21.00 - 18.01.13 PUT
-1,390 BOUYGUES - 22.00 - 15.03.13 CALL
-220 SCHNEIDER ELECTR SA - 40.00 - 15.03.13 PUT
-330 SCHNEIDER ELECTR SA - 44.00 - 15.03.13 CALL
-380 SCHNEIDER ELECTR SA - 46.00 - 21.06.13 PUT
-340 SCHNEIDER ELECTR SA - 48.00 - 15.03.13 PUT
-390 SCHNEIDER ELECTR SA - 52.00 - 21.06.13 CALL
-390 SCHNEIDER ELECTR SA - 52.00 - 21.06.13 PUT
-760 TOTAL SA - 36.00 - 15.03.13 PUT
-210 TOTAL SA - 38.00 - 15.03.13 PUT
-620 TOTAL SA - 42.00 - 15.03.13 CALL
-1,060 VINCI SA - 34.00 - 15.03.13 CALL
270,145
81,387
40,724
37,075
6,952
84,455
503,125
-8,014,517
-8,014,517
-8,014,517
-2,155,734
-36,432
-22,011
-70,081
-488,800
-76,160
-13,440
-233,520
-3,740
-370,920
-69,920
-29,240
-218,790
-152,490
-35,720
-19,950
-19,840
-294,680
0.21
0.06
0.03
0.03
0.01
0.07
0.39
-6.28
-6.28
-6.28
-1.69
-0.03
-0.02
-0.05
-0.39
-0.06
-0.01
-0.18
0.00
-0.29
-0.05
-0.02
-0.17
-0.12
-0.03
-0.02
-0.02
-0.23
-1,285 TELEFONICA SA - 11.00 - 15.03.13 CALL
United States of America
-56 APPLE INC - 610.00 - 18.01.14 CALL
-56 APPLE INC - 670.00 - 18.01.14 CALL
-440 BAKER HUGHES INC - 35.00 - 20.04.13 PUT
-290 BAKER HUGHES INC - 47.00 - 20.04.13 CALL
-39 GOOGLE INC-A - 630.00 - 19.01.13 PUT
-390 HOME DEPOT INC - 55.00 - 19.01.13 PUT
-92 S&P 500 INDEX - 1,250 - 22.06.13 PUT
-79 S&P 500 INDEX - 1,500 - 21.12.13 CALL
-92 S&P 500 INDEX - 1,500 - 22.06.13 CALL
Total securities portfolio
-21,845
-1,019,270
-176,699
-116,702
-34,375
-15,177
-5,473
-3,254
-170,267
-319,380
-177,943
81,454,568
-0.02
-0.80
-0.14
-0.09
-0.03
-0.01
0.00
0.00
-0.13
-0.26
-0.14
63.82
Germany
-1,624,158
-1.27
-970 EURO STOXX 50 EUR - 2,400 - 15.03.13 PUT
-455 EURO STOXX 50 EUR - 2,500 - 18.01.13 PUT
-930 EURO STOXX 50 EUR - 2,750 - 18.01.13 CALL
-840 EURO STOXX 50 EUR - 2,800 - 20.12.13 CALL
-594 EURO STOXX 50 EUR - 2,800 - 21.06.13 CALL
-130 EURO BUND FUTURE - 142.00 - 25.01.13 PUT
-130 EURO BUND FUTURE - 143.00 - 25.01.13 PUT
-130 EURO BUND FUTURE - 147.00 - 25.01.13 CALL
-130 EURO BUND FUTURE - 148.00 - 25.01.13 CALL
-420 SIEMENS AG-NOM - 90.00 - 20.09.13 CALL
-298,760
-57,330
-41,850
-889,560
-277,398
10,400
15,600
-27,300
-
-57,960
-0.23
-0.04
-0.03
-0.70
-0.22
0.01
0.01
-0.02
0.00
-0.05
Netherlands
-2,265
0.00
-2,265 KONINKLIJKE KPN NV - 7.20 - 15.03.13 CALL
-2,265
0.00
Singapore
-3,191,245
-2.50
-375 NIKKEI 225 SIMEX FUT - 11,000 - 13.12.13 CALL
-250 NIKKEI 225 SIMEX FUT - 11,000 - 14.06.13 CALL
-952,341
-362,953
-0.75
-0.28
The accompanying notes form an integral part of these financial statements
134

Absolute Volatility Euro Equities
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
2,041,456,855
80.24
Short positions
-220,058,310
- 8.39
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
679,983,400
25.94
Derivative instruments
-220,058,310
- 8.39
Bonds
679,983,400
25.94
Options
-220,058,310
- 8.39
France
603,999,883
23.04
Germany
-220,058,310
- 8.39
95,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
04/02/2013
124,000,000 BNP PARIBAS VAR 08/05/2013
80,000,000 BPCE SA VAR 13/05/2013
35,000,000 CREDIT AGRICOLE SA VAR 04/02/2013
64,000,000 CREDIT AGRICOLE SA VAR 13/03/2013
50,000,000 NATIXIS VAR 13/02/2013
34,000,000 NATIXIS VAR 13/03/2013
10,000,000 NATIXIS 0% 03/01/2013
65,000,000 SOCIETE GENERALE VAR 02/04/2013
47,000,000 SOCIETE GENERALE VAR 03/06/2013
95,000,000
124,000,000
80,000,000
35,000,000
64,000,000
50,000,000
34,000,000
9,999,883
65,000,000
47,000,000
3.62 -16,500 EURO STOXX 50 EUR - 1,800 - 20.12.13 PUT
-58,150 EURO STOXX 50 EUR - 1,800 - 21.06.13 PUT
4.73 -30,020 EURO STOXX 50 EUR - 2,000 - 20.12.13 PUT
3.05 -25,700 EURO STOXX 50 EUR - 2,000 - 21.06.13 PUT
1.34 -34,650 EURO STOXX 50 EUR - 2,100 - 21.06.13 PUT
2.44 -21,125 EURO STOXX 50 EUR - 2,200 - 21.06.13 PUT
1.91 -28,060 EURO STOXX 50 EUR - 2,400 - 21.06.13 CALL
1.30 -37,350 EURO STOXX 50 EUR - 2,600 - 21.06.13 CALL
0.38 -6,055 EURO STOXX 50 EUR - 2,700 - 21.06.13 CALL
2.48 -40,500 EURO STOXX 50 EUR - 2,800 - 20.12.13 CALL
1.79
Total securities portfolio
-6,418,500
-7,036,150
-19,452,960
-5,962,400
-11,330,550
-9,759,750
-67,540,420
-44,969,400
-4,698,680
-42,889,500
1,821,398,545
-0.24
-0.27
-0.74
-0.23
-0.43
-0.37
-2.57
-1.72
-0.18
-1.64
69.48
Netherlands
75,983,517
2.90
41,000,000 ABN AMRO BANK NV 0% 04/03/2013
40,983,517
1.56
35,000,000 RABOBANK NEDERLAND VAR 22/02/2013
35,000,000
1.34
Share/Units of UCITS/UCIS
261,800,270
9.99
Share/Units in investment funds
261,800,270
9.99
France
261,800,270
9.99
1,198 AMUNDI TRESO EONIA C
261,800,270
9.99
Derivative instruments
1,099,673,185
41.94
Options
1,099,673,185
41.94
Germany
1,099,673,185
41.94
300 EURO STOXX 50 EUR - 1,600 - 21.06.13 PUT
20,700
0.00
34,650 EURO STOXX 50 EUR - 2,100 - 21.06.13 CALL
167,290,200
6.38
11,175 EURO STOXX 50 EUR - 2,200 - 20.06.14 PUT
19,276,875
0.74
14,000 EURO STOXX 50 EUR - 2,200 - 20.12.13 CALL
60,718,000
2.32
35,200 EURO STOXX 50 EUR - 2,200 - 20.12.13 PUT
37,488,000
1.43
39,680 EURO STOXX 50 EUR - 2,200 - 21.06.13 CALL
157,212,160
6.00
3,900 EURO STOXX 50 EUR - 2,300 - 20.12.13 CALL
14,125,800
0.54
54,820 EURO STOXX 50 EUR - 2,300 - 20.12.13 PUT
73,952,180
2.82
20,610 EURO STOXX 50 EUR - 2,300 - 21.06.13 CALL
64,921,500
2.48
19,810 EURO STOXX 50 EUR - 2,300 - 21.06.13 PUT
12,856,690
0.49
21,950 EURO STOXX 50 EUR - 2,400 - 20.12.13 CALL
65,125,650
2.48
46,320 EURO STOXX 50 EUR - 2,400 - 20.12.13 PUT
78,466,080
2.99
55,090 EURO STOXX 50 EUR - 2,400 - 21.06.13 PUT
49,966,630
1.91
8,830 EURO STOXX 50 EUR - 2,500 - 20.06.14 CALL
22,763,740
0.87
70,890 EURO STOXX 50 EUR - 2,500 - 20.12.13 CALL
168,576,420
6.42
27,340 EURO STOXX 50 EUR - 2,500 - 20.12.13 PUT
57,523,360
2.19
21,700 EURO STOXX 50 EUR - 2,700 - 21.06.13 PUT
49,389,200
1.88
The accompanying notes form an integral part of these financial statements
135

Absolute Volatility World Equities
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
France
75,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
04/02/2013
75,000,000 BNP PARIBAS VAR 08/05/2013
60,000,000 BPCE SA VAR 13/05/2013
30,000,000 CREDIT AGRICOLE SA VAR 04/02/2013
45,000,000 CREDIT AGRICOLE SA VAR 13/03/2013
35,000,000 NATIXIS VAR 13/02/2013
25,000,000 NATIXIS VAR 13/03/2013
46,500,000 SOCIETE GENERALE VAR 02/04/2013
35,000,000 SOCIETE GENERALE VAR 03/06/2013
Netherlands
31,000,000 ABN AMRO BANK NV 0% 04/03/2013
24,000,000 RABOBANK NEDERLAND VAR 22/02/2013
2,230,672,665
754,774,797
754,774,797
562,297,600
98,880,000
98,880,000
79,104,000
39,552,000
59,328,000
46,144,000
32,960,000
61,305,600
46,144,000
72,495,569
40,853,969
31,641,600
86.26
29.19
29.19
21.75
3.83
3.83
3.07
1.53
2.29
1.78
1.27
2.37
1.78
2.80
1.58
1.22
3,300 NIKKEI 225 SIMEX FUT - 8,500 - 13.12.13 CALL
12,960 NIKKEI 225 SIMEX FUT - 9,000 - 13.12.13 CALL
11,270 NIKKEI 225 SIMEX FUT - 9,000 - 13.12.13 PUT
12,150 NIKKEI 225 SIMEX FUT - 9,000 - 14.06.13 CALL
3,800 NIKKEI 225 SIMEX FUT - 9,000 - 14.06.13 PUT
4,000 NIKKEI 225 SIMEX FUT - 9,500 - 13.12.13 CALL
3,000 NIKKEI 225 SIMEX FUT - 9,500 - 13.12.13 PUT
United States of America
970 S&P 500 INDEX - 1,250 - 22.06.13 CALL
14,395 S&P 500 INDEX - 1,300 - 21.12.13 PUT
3,638 S&P 500 INDEX - 1,350 - 22.06.13 CALL
4,060 S&P 500 INDEX - 1,400 - 21.12.13 CALL
9,705 S&P 500 INDEX - 1,400 - 21.12.13 PUT
1,075 S&P 500 INDEX - 1,400 - 22.06.13 CALL
6,665 S&P 500 INDEX - 1,400 - 22.06.13 PUT
2,700 S&P 500 INDEX - 1,450 - 22.06.13 PUT
3,205 S&P 500 INDEX - 1,500 - 21.12.13 CALL
4,775 S&P 500 INDEX - 1,500 - 21.12.13 PUT
Short positions
39,310,706
125,005,963
24,895,277
106,162,326
3,471,925
30,486,326
9,229,168
461,582,710
18,168,100
98,749,700
39,545,060
42,021,000
100,932,000
8,094,750
41,189,700
22,599,000
17,082,650
73,200,750
-207,340,530
1.52
4.83
0.96
4.11
0.13
1.18
0.36
17.85
0.70
3.83
1.53
1.62
3.91
0.31
1.59
0.87
0.66
2.83
-8.02
United States of America
120,000,000 USA T-BILLS 0% 14/03/2013
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
646 AMUNDI TRESO EONIA C
Luxembourg
30,000 AMUNDI MONEY MARKET SH OV USD
Derivative instruments
Options
Germany
20,020 EURO STOXX 50 EUR - 2,100 - 21.06.13 CALL
3,100 EURO STOXX 50 EUR - 2,200 - 20.06.14 PUT
6,030 EURO STOXX 50 EUR - 2,200 - 20.12.13 PUT
8,780 EURO STOXX 50 EUR - 2,200 - 21.06.13 CALL
24,125 EURO STOXX 50 EUR - 2,300 - 20.12.13 PUT
3,585 EURO STOXX 50 EUR - 2,300 - 21.06.13 CALL
3,900 EURO STOXX 50 EUR - 2,300 - 21.06.13 PUT
6,550 EURO STOXX 50 EUR - 2,400 - 20.12.13 CALL
10,400 EURO STOXX 50 EUR - 2,400 - 20.12.13 PUT
22,170 EURO STOXX 50 EUR - 2,400 - 21.06.13 PUT
24,040 EURO STOXX 50 EUR - 2,500 - 20.12.13 CALL
4,875 EURO STOXX 50 EUR - 2,500 - 20.12.13 PUT
1,530 EURO STOXX 50 EUR - 2,700 - 21.06.13 PUT
Singapore
2,000 NIKKEI 225 SIMEX FUT - 10,500 - 13.12.13 PUT
6,180 NIKKEI 225 SIMEX FUT - 8,000 - 13.12.13 PUT
1,585 NIKKEI 225 SIMEX FUT - 8,000 - 14.06.13 CALL
119,981,628
119,981,628
216,351,204
216,351,204
186,178,461
186,178,461
30,172,743
30,172,743
1,259,546,664
1,259,546,664
418,785,653
127,432,008
7,050,144
8,466,699
45,862,337
42,906,834
14,888,362
3,337,002
25,621,588
23,227,044
26,510,638
75,369,130
13,522,829
4,591,038
379,178,301
11,415,024
7,075,927
22,125,659
4.64
4.64
8.37
8.37
7.20
7.20
1.17
1.17
48.70
48.70
16.19
4.92
0.27
0.33
1.77
1.66
0.58
0.13
0.99
0.90
1.03
2.91
0.52
0.18
14.66
0.44
0.27
0.86
Derivative instruments
Options
Germany
-3,000 EURO STOXX 50 EUR - 1,600 - 21.06.13 PUT
-5,450 EURO STOXX 50 EUR - 1,800 - 20.12.13 PUT
-18,820 EURO STOXX 50 EUR - 1,800 - 21.06.13 PUT
-6,525 EURO STOXX 50 EUR - 2,000 - 20.12.13 PUT
-8,600 EURO STOXX 50 EUR - 2,000 - 21.06.13 PUT
-20,025 EURO STOXX 50 EUR - 2,100 - 21.06.13 PUT
-885 EURO STOXX 50 EUR - 2,200 - 21.06.13 PUT
-9,750 EURO STOXX 50 EUR - 2,400 - 21.06.13 CALL
-975 EURO STOXX 50 EUR - 2,600 - 21.06.13 CALL
-9,793 EURO STOXX 50 EUR - 2,700 - 21.06.13 CALL
-11,730 EURO STOXX 50 EUR - 2,800 - 20.12.13 CALL
Singapore
-1,500 NIKKEI 225 SIMEX FUT - 10,500 - 11.01.13 CALL
-4,000 NIKKEI 225 SIMEX FUT - 10,500 - 13.12.13 CALL
-6,975 NIKKEI 225 SIMEX FUT - 11,000 - 13.12.13 CALL
-4,650 NIKKEI 225 SIMEX FUT - 11,000 - 14.06.13 CALL
-3,700 NIKKEI 225 SIMEX FUT - 12,000 - 13.12.13 CALL
-11,150 NIKKEI 225 SIMEX FUT - 12,000 - 14.06.13 CALL
-9,300 NIKKEI 225 SIMEX FUT - 7,000 - 14.06.13 PUT
-10,785 NIKKEI 225 SIMEX FUT - 8,000 - 14.06.13 PUT
-1,500 NIKKEI 225 SIMEX FUT - 9,500 - 11.01.13 PUT
United States of America
-4,445 S&P 500 INDEX - 1,000 - 21.12.13 PUT
-1,920 S&P 500 INDEX - 1,000 - 22.06.13 PUT
-5,645 S&P 500 INDEX - 1,100 - 21.12.13 PUT
-5,690 S&P 500 INDEX - 1,100 - 22.06.13 PUT
-2,400 S&P 500 INDEX - 1,150 - 22.06.13 PUT
-207,340,530
-207,340,530
-82,331,843
-272,909
-2,795,074
-3,002,287
-5,574,459
-2,630,472
-8,633,114
-539,054
-30,940,540
-1,547,670
-10,019,007
-16,377,257
-69,882,962
-850,055
-17,880,068
-23,353,525
-8,900,423
-6,739,722
-7,737,235
-591,569
-3,804,343
-26,022
-55,125,725
-7,289,800
-892,800
-15,410,850
-5,177,900
-3,048,000
-8.02
-8.02
-3.19
-0.01
-0.11
-0.12
-0.22
-0.10
-0.33
-0.02
-1.20
-0.06
-0.39
-0.63
-2.70
-0.03
-0.69
-0.91
-0.34
-0.26
-0.30
-0.02
-0.15
0.00
-2.13
-0.28
-0.03
-0.60
-0.20
-0.12
The accompanying notes form an integral part of these financial statements
136

Absolute Volatility World Equities
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
-970 S&P 500 INDEX - 1,250 - 22.06.13 PUT
-2,398 S&P 500 INDEX - 1,350 - 19.01.13 PUT
-2,880 S&P 500 INDEX - 1,350 - 22.06.13 PUT
-1,815 S&P 500 INDEX - 1,450 - 19.01.13 CALL
-1,080 S&P 500 INDEX - 1,450 - 22.06.13 CALL
Total securities portfolio
USD
-2,366,800
-1,139,050
-13,104,000
-1,588,125
-5,108,400
2,023,332,135
-0.09
-0.04
-0.51
-0.06
-0.20
78.24
The accompanying notes form an integral part of these financial statements
137

Cash EUR
Securities Portfolio as at 31/12/12
Cash
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
EUR
EUR
Long positions
894,915,559
93.05
Germany
15,000,580
1.56
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
Curacao
15,000,000 SOCIETE GENERALE ACCEPTANCE NV FRN
02/09/2013
799,081,774
799,081,774
15,003,769
15,003,769
83.09
83.09
1.56
1.56
15,000,000 DEUTSCHE BANK AG 0% 26/04/2013
Ireland
20,000,000 INTESA SANPAOLO BANK IRELAND PLC VAR
17/10/2013
Italy
15,000,580
20,001,931
20,001,931
47,487,106
1.56
2.08
2.08
4.94
Finland
20,000,000 POHJOLA BANK 0% 30/01/2013
19,992,308
19,992,308
2.08
2.08
12,500,000 INTESA SANPAOLO SPA FRN 26/04/2013
20,000,000 UNICREDIT SPA VAR 29/12/2014
15,000,000 UNICREDIT SPA 0% 18/02/2013
12,500,000
20,000,000
14,987,106
1.30
2.08
1.56
France
452,635,416
47.07
Luxembourg
71,971,349
7.48
20,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
01/02/2013
5,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
04/03/2013
10,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
12/03/2013
15,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
16/09/2013
15,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
25/09/2013
20,007,440
5,000,287
9,999,976
15,007,659
15,000,756
2.08
0.52
1.04
1.56
1.56
20,000,000 BNP PARIBAS FORTIS FUNDING VAR 16/01/2013
10,000,000 FORTIS BANK LUXEMBOURG 0% 03/06/2013
20,000,000 FORTIS BANK LUXEMBOURG 0% 07/02/2013
10,000,000 SOCIETE EUROPEENNE DE BANQUE FRN
28/11/2013
5,000,000 SOCIETE EUROPEENNE DE BANQUE VAR
17/02/2013
7,000,000 SOCIETE EUROPEENNE DE BANQUE VAR
18/02/2013
20,000,000
9,983,102
19,988,247
10,000,000
5,000,000
7,000,000
2.07
1.04
2.08
1.04
0.52
0.73
15,000,000 BANQUE PALATINE VAR 06/06/2013
15,000,000
1.56
Netherlands
128,982,776
13.41
20,000,000 BANQUE PALATINE VAR 20/03/2013
20,000,000 BANQUE POPULAIRE DES ALPES VAR 19/03/2013
10,000,000 BANQUE POPULAIRE DU SUD OUEST VAR
29/08/2013
10,000,000 BANQUE SOLFEA VAR 17/10/2014
5,000,000 BNP PARIBAS FRN 03/12/2014
20,000,000 BNP PARIBAS FRN 20/12/2013
20,000,000 BNP PARIBAS VAR 06/08/2013
20,000,000 BNP PARIBAS VAR 25/09/2013
20,007,506
20,000,485
10,019,872
9,972,154
4,995,031
20,000,111
20,007,328
20,004,801
2.08
2.08
1.04
1.04
0.52
2.08
2.08
2.08
4,000,000 ING BANK NV FRN 08/01/2013
10,000,000 ING BANK NV FRN 28/11/2014
20,000,000 ING BANK NV VAR 01/02/2013
15,000,000 RABOBANK (INTERNATIONAL) NV FRN 14/01/2013
20,000,000 RABOBANK NEDERLAND FRN 08/10/2013
15,000,000 RABOBANK NEDERLAND FRN 13/03/2013
25,000,000 THE ROYAL BANK OF SCOTLAND NV 0% 05/06/2013
20,000,000 THE ROYAL BANK OF SCOTLAND NV 0% 24/01/2013
4,000,042
10,001,577
20,000,289
14,999,308
20,001,241
15,006,605
24,980,198
19,993,516
0.42
1.04
2.08
1.56
2.08
1.56
2.59
2.08
10,000,000 BPCE SA FRN 24/06/2013
10,018,218
1.04
United Kingdom
23,024,015
2.39
25,000,000 BPCE SA VAR 10/06/2013
15,000,000 BPCE SA VAR 19/09/2013
3,000,000 BPCE SA VAR 21/03/2013
5,000,000 CAISSE D’EPARGNE ET DE PREVOYANCE
AQUITAINE POITOU CHARENTES VAR 08/09/2014
15,000,000 CFCM 0% 07/01/2014
25,004,451
15,005,513
3,000,848
5,022,436
14,925,193
2.60
1.56
0.31
0.52
1.55
10,000,000 CREDIT AGRICOLE SA LONDON BRANCH VAR
13/12/2013
3,000,000 HSBC BANK PLC FRN 08/04/2013
10,000,000 LLOYDS TSB BANK PLC 0% 03/05/2013
United States of America
10,033,995
3,006,058
9,983,962
4,982,524
1.04
0.31
1.04
0.52
10,000,000 COMPAGNIE FINANCIERE DU CREDIT MUTUEL
NORD EUROPE VAR 13/08/2014
10,038,326
1.04
5,000,000 BANK OF AMERICA CORP FRN 09/08/2013
4,982,524
0.52
10,000,000 CRCAM BRIE PICARDIE VAR 13/12/2013
10,000,000
1.04
Share/Units of UCITS/UCIS
95,833,785
9.96
20,000,000 CRCAM SUD RHONE ALPES VAR 18/02/2013
20,000,000 CREDIT AGRICOLE CIB VAR 19/04/2014
14,000,000 CREDIT AGRICOLE CIB VAR 20/10/2014
20,001,918
19,999,052
13,999,336
2.08
2.08
1.46
Share/Units in investment funds
France
95,833,785
95,374,536
9.96
9.91
5,000,000 CREDIT DU NORD SA 0% 18/04/2013
9,000,000 CREDIT FONCIER DE FRANCE VAR 10/05/2013
20,000,000 CREDIT FONCIER DE FRANCE VAR 19/04/2013
5,000,000
9,000,000
20,000,000
0.52
0.94
2.08
410 AMUNDI TRESO CORPORATE
Luxembourg
95,374,536
459,249
9.91
0.05
2,000,000 CREDIT MUTUEL ARKEA FRN 10/12/2014
1,998,121
0.21
1,171 AMUNDI MM SH EUR OC D
1,171
0.00
4,600,000 CREDIT MUTUEL ARKEA FRN 14/01/2013
15,000,000 NATIXIS VAR 06/05/2013
4,599,735
15,000,000
0.48
1.56
451 AMUNDI MONEY MARKET FUND SHORT TERM
CLASS OV CAP EUR
458,078
0.05
5,000,000 NATIXIS 0% 04/03/2013
25,000,000 SOCIETE GENERALE FRN 01/02/2013
4,998,863
25,000,000
0.52
2.60
Total securities portfolio
894,915,559
93.05
15,000,000 SOCIETE GENERALE FRN 04/03/2014
15,000,000
1.56
The accompanying notes form an integral part of these financial statements
138

Cash USD
Securities Portfolio as at 31/12/12
% of NaV
Market Value
Quantity
% of NaV
Market Value
Quantity
USD
USD
Long positions
317,636,089
94.07
United Kingdom
17,462,550
5.17
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Bonds
Belgium
10,000,000 LVMH FINANCE BELGIQUE SA 0% 07/01/2013
284,018,794
284,018,794
13,112,722
13,112,722
84.11
84.11
3.88
3.88
8,000,000 LEGAL AND GENERAL FINANCE PLC 0% 18/03/2013
7,000,000 STANDARD CHARTERED BANK 0% 18/01/2013
United States of America
10,000,000 ARABELLA FINANCE LTD 0% 07/01/2013
7,000,000 AXA FINANCIAL INC 0% 07/05/2013
10,465,170
6,997,380
31,974,213
9,998,368
6,988,167
3.10
2.07
9.47
2.96
2.07
Finland
5,000,000 POHJOLA BANK 0% 28/01/2013
4,997,864
4,997,864
1.48
1.48
3,000,000 AXA FINANCIAL INC 0% 26/03/2013
12,000,000 NATIONAL GRID USA 0% 07/01/2013
2,988,962
11,998,716
0.89
3.55
France
93,249,140
27.62
Share/Units of UCITS/UCIS
33,617,295
9.96
3,000,000 AGENCE CENTRALE DES ORGANISMES DE
SECURITE SOCIALE 0% 08/02/2013
2,998,928
0.89
Share/Units in investment funds
Luxembourg
33,617,295
33,617,295
9.96
9.96
10,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0%
18/03/2013
5,000,000 BNP PARIBAS 0% 14/05/2013
9,980,367
4,983,676
2.96
33,425 AMUNDI MONEY MARKET SH OV USD
1.48 Total securities portfolio
33,617,295
317,636,089
9.96
94.07
5,200,000 BPCE SA FRN 07/02/2014
5,258,344
1.56
7,000,000 BPCE SA 0% 10/06/2013
6,980,022
2.07
10,000,000 CAISSE DES DEPOTS ET CONSIGNATIONS 0%
14/01/2013
9,997,573
2.96
5,000,000 CREDIT MUTUEL OCEAN GESTION 0% 22/01/2013
4,997,348
1.48
15,000,000 ELECTRICITE DE FRANCE 0% 29/01/2013
14,995,408
4.43
10,000,000 MANAGED AND ENHANCED TAP FUND MAGENTA
0% 27/02/2013
9,993,080
2.96
10,000,000 MICHELIN 0% 22/01/2013
9,997,648
2.96
10,000,000 VINCI 0% 10/01/2013
13,066,746
3.87
Germany
46,447,478
13.76
10,000,000 ALLIANZ SE 0% 28/02/2013
9,991,162
2.96
10,000,000 BADEN-WURTTEMBERGISCHE BANK AG. 0%
07/01/2013
9,999,456
2.96
8,000,000 BAYERISCHE MOTOREN WERKE AG 0% 20/05/2013
7,989,436
2.37
5,000,000 KFW INTERNATIONAL FINANCE INC FRN 28/11/2014
5,000,000
1.48
3,000,000 KREDITANSTALT WIEDER KFW FRN 25/01/2013
3,000,000
0.89
8,000,000 RWE AG 0% 11/01/2013
10,467,424
3.10
Japan
15,948,951
4.72
5,000,000 BANK OF TOKYO MITSUBISHI UFJ LTD 0%
18/03/2013
4,997,542
1.48
900,000,000 JAPAN 0% 04/02/2013
10,951,409
3.24
Luxembourg
9,962,985
2.95
5,000,000 FORTIS BANK LUXEMBOURG 0% 03/06/2013
4,977,642
1.47
5,000,000 FORTIS BANK LUXEMBOURG 0% 08/04/2013
4,985,343
1.48
Netherlands
20,000,259
5.92
5,000,000 ING BANK NV FRN 15/03/2013
5,006,632
1.48
5,000,000 ROYAL BANK OF SCOTLAND NV 0% 27/06/2013
4,998,023
1.48
10,000,000 TENNET HLD BV 0% 13/02/2013
9,995,604
2.96
Sweden
30,862,632
9.14
5,000,000 AKADEMISKA HUS AB 0% 18/01/2013
4,999,276
1.48
80,000,000 NORDEA BANK AB 0% 28/02/2013
13,868,322
4.11
5,000,000 SKANDINAVISKA ENSKILDA BANKEN 0% 17/01/2013
4,998,527
1.48
7,000,000 SWEDBANK AB 0% 24/01/2013
6,996,507
2.07
The accompanying notes form an integral part of these financial statements
139

Statement of Net Assets
Accounts:
Note
Equity Euroland Value
Equity Global Alpha
English
Assets
31/12/2012
EUR
180,848,642
31/12/2011
EUR
273,319,860
31/12/2012
USD
46,420,461
31/12/2011
USD
26,295,585
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
180,017,348
174,464,512
5,552,836
-
-
580,730
-
-
-
16,634
232,348
1,582
-
-
-
-
-
267,187,244
308,870,811
-41,683,567
-
-
5,027,021
-
-
-
177,454
253,789
126
2,012
-
-
672,214
-
37,478,249
38,150,815
-672,566
3,400
30,100
5,024,962
-
-
-
27,708
327,732
1,966
-
-
-
3,556,444
-
23,291,941
25,917,584
-2,625,643
97,735
303,130
2,326,041
-
-
-
21,842
514,751
4,025
34,136
5,114
-
-
-
Liabilities
611,727
5,256,059
3,984,292
1,343,601
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
-
-
174,625
7,207
623
-
-
350,423
-
78,849
-
-
-
-
672,044
3,520,824
-
-
-
325,979
670,520
66,692
-
-
-
-
166,062
11,346
111,347
-
-
121,249
3,558,480
15,808
-
-
-
-
1,242,879
5,126
-
-
-
83,100
-
12,496
Net asset value
180,236,915
268,063,801
42,436,169
24,951,984
The accompanying notes form an integral part of these financial statements
140

141
The accompanying notes form an integral part of these financial statements
Equity US Relative Value
Equity US Growth
Equity US Concentrated Core
Equity Japan Target
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
USD
USD
JPY
JPY
413,290,865
428,535,524
42,108,995
22,007,308
57,736,288
118,578,609
1,099,733,854
6,846,127,839
410,667,809
418,801,672
41,933,235
21,163,390
56,076,694
113,469,979
1,044,804,040
6,125,597,560
439,107,831
372,276,811
48,377,711
19,624,879
55,907,051
99,961,244
1,117,883,677
5,693,291,053
-28,440,022
46,524,861
-6,444,476
1,538,511
169,643
13,508,735
-73,079,637
432,306,507
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,041,622
141,078
813,803
1,611,560
4,731,434
46,008,850
616,572,638
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
445,875
419,568
9,268
14,850
26,807
54,830
2,982,626
12,554,837
1,845,089
1,041,124
-
-
-
-
5,932,721
22,188,342
87,182
231,538
801
15,265
9,170
322,366
5,617
9,739,870
244,910
-
24,613
-
12,057
-
-
59,474,592
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,466,841
2,863,642
585,282
258,561
410,243
973,037
16,807,929
218,222,582
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,040,317
18,193
-
2
-
-
40,076
-
-
-
-
-
-
-
-
-
1,052,565
858,060
200,517
-
-
-
1,914,743
196,062,887
144,505
250,292
100,862
26,966
99,653
317,077
54,287
194,596
-
444,430
-
19,279
-
62,405
1,933,049
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,089,792
1,136,525
164,537
105,527
218,191
438,402
4,331,531
19,398,301
-
-
195
198
-
-
-
-
139,662
156,142
119,171
106,589
92,399
155,153
8,534,243
2,566,798
409,824,024
425,671,882
41,523,713
21,748,747
57,326,045
117,605,572
1,082,925,925
6,627,905,257

Statement of Net Assets
Note
Equity Global Select
Equity Japan Value
English
Assets
31/12/2012
USD
172,031,673
31/12/2011
USD
145,803,899
31/12/2012
JPY
8,128,889,712
31/12/2011
JPY
4,030,724,958
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
168,294,150
154,293,003
14,001,147
-
-
213,658
-
-
-
95,753
2,281,756
37,647
-
116,882
-
991,827
-
144,988,365
146,202,754
-1,214,389
-
-
558,632
-
-
-
159,349
-
2,259
-
95,294
-
-
-
7,529,682,320
6,767,195,170
762,487,150
-
-
102,909,383
-
-
-
8,002,325
292,949,920
195,345,764
-
-
-
-
-
3,890,176,020
4,556,516,181
-666,340,161
-
-
134,487,555
-
-
-
4,102,928
-
1,958,455
-
-
-
-
-
Liabilities
4,941,350
4,691,515
461,964,202
17,544,721
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
-
-
2,985,712
314,103
-
-
-
539,691
992,265
109,579
-
-
1,117,631
-
2,926,953
95,874
-
-
-
473,592
-
77,465
-
-
28
-
430,254,908
13,088,149
-
-
-
15,939,559
-
2,681,558
-
-
-
-
-
2,409,852
-
-
-
13,364,643
-
1,770,226
Net asset value
167,090,323
141,112,384
7,666,925,510
4,013,180,237
The accompanying notes form an integral part of these financial statements
142

143
The accompanying notes form an integral part of these financial statements
Equity Global Gold Mines
Equity Euroland Small Cap
Equity Europe Select
Equity Euro Select
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
190,438,342
118,001,713
111,163,489
148,740,668
90,092,352
128,976,651
88,345,000
119,104,631
186,398,342
115,874,636
111,093,999
145,063,997
89,331,999
128,153,280
87,925,765
118,514,981
210,441,225
126,143,530
122,134,967
129,340,686
95,548,286
115,970,575
98,839,152
110,219,398
-24,042,883
-10,268,894
-11,040,968
15,723,311
-6,216,287
12,182,705
-10,913,387
8,295,583
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,787,435
1,122,657
1,184
1,448,661
386,421
536,876
218,916
474,674
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
113,571
107,112
63,920
33,180
231,367
259,526
88,837
32,556
1,113,635
-
-
-
-
-
-
-
24,117
323,573
4,386
2,194,830
23,025
26,969
22
82,420
1,242
-
-
-
-
-
-
-
-
-
-
-
119,540
-
111,460
-
-
-
-
-
-
-
-
-
-
573,735
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,014,080
2,067,116
3,979,636
6,362,035
796,612
2,914,040
487,335
503,313
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
40,862
-
32,768
-
-
-
-
-
-
-
-
-
-
-
-
545,742
-
3,701,447
-
2,435,358
-
-
1,372,647
191,455
2,284,120
1,959,224
516,932
79,003
228,608
48,744
-
2,451
-
-
-
-
-
-
-
-
-
-
-
43,000
-
83,260
-
-
-
-
-
-
-
-
562,859
512,602
290,187
265,796
217,560
283,080
212,325
266,533
-
574,590
-
-
-
-
-
-
78,574
240,276
1,364,467
435,568
29,352
73,599
46,402
104,776
188,424,262
115,934,597
107,183,853
142,378,633
89,295,740
126,062,611
87,857,665
118,601,318

Statement of Net Assets
Note
Equity Global Luxury and Lifestyle
Equity Global Agriculture
English
Assets
31/12/2012
USD
100,291,550
31/12/2011
USD
35,900,068
31/12/2012
USD
172,590,061
31/12/2011
USD
177,377,165
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
98,050,403
89,307,215
8,743,188
-
-
1,452,138
-
-
-
80,183
-
421,137
-
-
-
287,689
-
35,212,661
39,083,182
-3,870,521
-
-
653,779
-
-
-
26,785
-
6,843
-
-
-
-
-
170,109,992
160,808,966
9,301,026
-
-
1,880,330
-
-
-
522,233
-
57,730
-
-
-
19,776
-
169,283,434
172,271,312
-2,987,878
-
-
898,756
-
-
-
351,307
2,922,799
482,704
89,513
-
-
3,348,652
-
Liabilities
1,901,564
222,681
1,048,465
4,479,214
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
135,893
-
-
252,162
2,544
712,024
-
391,998
289,145
117,798
-
-
-
-
-
39,673
-
-
-
122,696
-
60,312
-
-
-
-
-
113,177
188,275
-
-
583,684
19,826
143,503
-
-
-
-
397,308
51,652
-
-
-
608,308
3,359,766
62,180
Net asset value
98,389,986
35,677,387
171,541,596
172,897,951
The accompanying notes form an integral part of these financial statements
144

145
The accompanying notes form an integral part of these financial statements
Equity Asia ex Japan
Equity ASEAN
Equity Europe Restructuring
Equity Global Resources
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
EUR
EUR
USD
USD
345,542,131
294,402,792
187,471,174
212,793,766
35,176,933
22,993,095
114,255,580
69,312,442
339,724,816
286,503,198
185,176,266
207,980,297
34,464,049
22,890,015
109,407,425
68,234,980
369,459,263
247,878,431
185,903,387
177,174,642
37,513,698
21,827,811
113,124,749
65,927,196
-29,734,447
38,624,767
-727,121
30,805,655
-3,049,649
1,062,204
-3,717,324
2,307,784
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,207,795
2,179,943
1,490,209
1,837,975
204,752
62,123
2,247,778
862,391
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
484,657
101,217
243,877
21,070
25,976
18,063
188,236
100,024
1,032,975
3,240,449
502,869
2,333,012
287,843
-
1,317,011
-
59,831
44,780
57,953
621,412
-
314
13,324
16,167
-
-
-
-
128,468
22,580
60
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,032,057
2,273,949
-
-
65,845
-
1,081,746
98,880
-
59,256
-
-
-
-
-
-
3,942,923
7,298,954
1,274,268
2,795,743
689,429
102,365
4,128,796
949,972
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
385,621
82,182
1,874
-
-
-
19,573
-
-
-
-
-
-
-
-
-
-
3,447,240
-
1,616,072
141,326
-
354,400
6,833
152,064
359,256
341,967
525,710
391,157
15,684
2,277,808
503,936
-
-
-
-
-
-
-
427
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,155,632
993,246
463,878
557,524
71,728
50,337
344,359
287,183
754,398
2,273,729
383,089
-
65,663
-
1,087,784
98,853
1,495,208
143,301
83,460
96,437
19,555
36,344
44,872
52,740
341,599,208
287,103,838
186,196,906
209,998,023
34,487,504
22,890,730
110,126,784
68,362,470

Statement of Net Assets
Note
Equity Brazil
Equity Emerging Europe
English
Assets
31/12/2012
USD
173,225,116
31/12/2011
USD
129,602,584
31/12/2012
EUR
49,943,045
31/12/2011
EUR
54,251,652
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
158,523,614
154,669,164
3,854,450
-
-
988,342
-
-
-
1,536,529
11,563,979
390,868
-
-
-
142,411
79,373
127,265,806
138,028,955
-10,763,149
-
-
290,803
-
-
-
688,929
27,253
1,329,793
-
-
-
-
-
46,338,171
43,471,382
2,866,789
-
-
3,438,807
-
-
-
118,725
-
47,342
-
-
-
-
-
49,940,053
55,149,565
-5,209,512
-
-
3,381,061
-
-
-
50,100
441,664
13,318
-
-
-
425,456
-
Liabilities
13,169,310
1,121,058
387,213
976,754
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
-
-
361,411
11,936,038
-
-
-
577,498
142,244
152,119
-
-
-
-
-
527,660
-
-
-
522,211
-
71,187
-
-
-
-
-
101,939
-
18,584
-
224,261
-
42,429
-
-
-
-
92,373
138,309
-
50,218
-
239,412
423,680
32,762
Net asset value
160,055,806
128,481,526
49,555,832
53,274,898
The accompanying notes form an integral part of these financial statements
146

147
The accompanying notes form an integral part of these financial statements
Equity Greater China
Equity MENA
Equity Emerging World
Equity Emerging Internal Demand
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
USD
USD
USD
USD
528,945,941
702,565,268
28,180,263
24,575,942
954,675,294
1,165,133,013
271,745,803
308,163,733
517,949,488
679,606,446
25,727,995
21,602,038
946,843,609
1,146,096,965
268,209,194
296,670,940
586,770,299
627,071,962
25,575,258
21,085,579
1,043,252,449
1,054,735,117
289,977,176
267,078,614
-68,820,811
52,534,484
152,737
516,459
-96,408,840
91,361,848
-21,767,982
29,592,326
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,587,221
1,309,807
1,824,987
2,909,601
3,340,740
12,848,643
1,607,107
8,134,061
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
519,919
63,922
64,296
64,303
1,126,486
1,750,107
347,857
520,107
4,701,565
6,927,115
200,591
-
3,034,109
1,835,531
1,437,554
1,198,518
187,748
8,500,447
300,000
-
330,350
1,112,382
143,073
1,334,737
-
-
14,880
-
-
-
1,018
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,157,531
45,085
-
-
1,363,260
-
284,252
-
-
2,429
-
-
126,125
-
21,118
3,152,179
20,440,886
2,055,239
1,252,757
9,022,892
10,234,498
1,373,554
3,461,221
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
453,473
-
211,090
368,707
1,044,730
501,788
27
431,122
-
-
-
-
-
-
-
-
-
10,043,210
1,705,954
821,594
2,180,535
3,232,455
136,264
783,021
681,506
1,799,237
22,661
-
824,552
815,994
142,035
723,465
-
-
-
3,651
-
544,416
-
157,984
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,752,694
2,073,227
57,590
24,973
2,790,032
3,087,953
962,775
896,081
-
6,156,946
44,766
-
-
1,361,740
-
285,230
264,506
368,266
13,178
33,832
2,183,043
690,152
132,453
184,318
525,793,762
682,124,382
26,125,024
23,323,185
945,652,402
1,154,898,515
270,372,249
304,702,512

Statement of Net Assets
Note
Equity India
Equity India Select
English
Assets
31/12/2012
USD
580,514,142
31/12/2011
USD
527,684,366
31/12/2012
USD
82,462,645
31/12/2011
USD
-
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
578,119,117
431,907,316
146,211,801
-
-
870,027
-
-
-
-
1,282,468
232,277
-
-
-
10,253
-
520,100,434
571,546,559
-51,446,125
-
-
5,081,603
-
-
-
6,214
2,250,219
235,800
-
-
-
10,096
-
81,122,397
68,559,001
12,563,396
-
-
993,341
-
-
-
39,028
-
10,759
-
-
-
-
297,120
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Liabilities
3,612,656
7,224,206
361,889
-
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
9,995
-
-
2,375,462
-
-
-
994,614
-
232,585
-
-
4,888,636
-
-
1,169,247
-
-
-
960,013
-
206,310
-
-
9,976
-
-
10,523
-
-
-
243,899
-
97,491
-
-
-
-
-
-
-
-
-
-
-
-
Net asset value
576,901,486
520,460,160
82,100,756
-
The accompanying notes form an integral part of these financial statements
148

149
The accompanying notes form an integral part of these financial statements
Equity Thailand
Equity Latin America
Equity Korea
Equity India Infrastructure
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
USD
USD
USD
USD
72,286,705
126,205,376
1,628,696,647
1,171,942,611
96,464,782
85,968,660
35,967,235
44,723,865
71,072,116
120,542,830
1,617,024,441
1,152,347,200
94,076,999
82,560,618
35,631,573
44,619,094
67,369,032
101,838,219
1,564,938,749
1,003,465,165
92,698,609
75,785,727
52,885,604
46,598,979
3,703,084
18,704,611
52,085,692
148,882,035
1,378,390
6,774,891
-17,254,031
-1,979,885
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,056,834
2,453,818
2,195,306
3,534,034
2,347,272
2,558,166
283,851
31,017
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,226
-
8,573,887
7,400,974
-
12,209
-
-
-
2,576,552
298,908
7,516,035
-
586,078
-
61,660
142,529
632,176
568,734
564,518
40,511
251,589
51,811
12,094
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19,375
178,792
-
-
-
-
-
-
15,996
401,058
-
-
-
-
563,051
4,081,595
8,371,845
10,592,110
1,442,913
1,415,405
229,975
255,064
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,416
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,953,059
820,542
4,348,806
140,591
678,351
-
-
254,058
622,085
2,184,265
1,786,905
133,927
473,069
98,617
79,302
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
259,229
412,488
4,711,678
3,526,846
270,886
229,788
114,660
111,520
-
-
19,472
179,347
-
-
-
-
34,348
93,963
635,888
750,206
897,509
34,197
16,698
64,242
71,723,654
122,123,781
1,620,324,802
1,161,350,501
95,021,869
84,553,255
35,737,260
44,468,801

Statement of Net Assets
Note
Equity Global Aqua
Equity Europe Minimum Variance
English
Assets
31/12/2012
EUR
31,378,601
31/12/2011
EUR
28,597,803
31/12/2012
EUR
63,154,857
31/12/2011
EUR
-
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
31,155,265
28,374,348
2,780,917
-
-
45,352
-
-
-
80,154
-
97,830
-
-
-
-
-
28,180,724
28,644,537
-463,813
-
-
138,388
-
-
-
91,425
90,045
7,176
-
-
-
90,045
-
63,026,077
60,783,434
2,242,643
-
-
49,202
-
-
-
79,578
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Liabilities
165,953
312,987
184,401
-
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
-
-
-
8,978
-
-
-
139,772
-
17,203
-
-
-
-
-
83,363
-
-
-
127,416
89,666
12,542
-
-
-
-
-
-
-
-
-
86,274
-
98,127
-
-
-
-
-
-
-
-
-
-
-
-
Net asset value
31,212,648
28,284,816
62,970,456
-
The accompanying notes form an integral part of these financial statements
150

151
The accompanying notes form an integral part of these financial statements
Bond Global Corporate
Convertible Global
Convertible Europe
Equity Global Minimum Variance
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
EUR
EUR
EUR
EUR
USD
USD
52,310,149
257,558,450
16,420,604
19,520,093
53,300,976
125,982,818
-
28,008,331
48,136,489
247,935,950
15,499,295
18,394,515
49,609,186
123,341,552
-
27,891,192
51,283,943
235,366,504
15,258,246
17,658,618
54,366,470
118,722,034
-
28,117,467
-3,147,454
12,569,446
241,049
735,897
-4,757,284
4,619,518
-
-226,275
-
-51,549
21,969
33,476
65,908
260,854
-
-
-
-
17,964
71,560
53,886
269,087
-
-
3,109,626
3,102,745
266,294
516,819
3,065,322
775,614
-
74,932
-
-
-
-
-
-
-
-
-
2,636,800
-
-
-
-
-
-
940,287
3,545,747
102,900
113,770
560,100
1,121,547
-
-
-
-
7,012
5,689
-
47,406
-
42,207
-
-
416,784
-
-
-
-
-
48,039
2,281
106,350
-
460
408,109
-
-
75,708
-
-
455,824
-
27,736
-
-
-
-
-
-
-
-
-
-
-
386,476
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
542,028
3,659,031
246,980
126,293
155,266
536,721
-
34,702
-
-
-
13,678
-
28,589
-
-
-
-
-
32,549
-
36,432
-
-
6,294
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
287,352
5,076
142,510
18,202
13,337
101,572
-
-
-
2,266,402
37,840
-
9,001
-
-
-
72,338
605,895
5,780
13,080
15,230
125,430
-
-
76,790
-
-
-
-
-
-
-
64,378
296,940
54,183
65,655
93,904
193,464
-
28,188
-
-
-
-
-
-
-
-
34,876
484,718
6,667
15,678
23,794
87,666
-
6,514
51,768,121
253,899,419
16,173,624
19,393,800
53,145,710
125,446,097
-
27,973,629

Statement of Net Assets
Note
Bond Euro Aggregate
Bond Euro Corporate
English
Assets
31/12/2012
EUR
281,574,979
31/12/2011
EUR
220,176,352
31/12/2012
EUR
1,176,897,861
31/12/2011
EUR
475,361,325
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
274,563,926
263,057,715
11,506,211
-
-
2,344,763
-
-
4,295,890
-
-
114,541
9,026
210,050
36,783
-
-
212,027,388
209,922,098
2,105,290
-
-
4,104,117
-
-
3,913,454
1,398
-
25,636
104,359
-
-
-
-
1,148,619,280
1,100,341,657
48,277,623
-
-
6,743,048
-
-
20,087,265
222,998
-
663,810
561,460
-
-
-
-
457,956,563
463,882,611
-5,926,048
235,014
409,000
4,852,022
-
-
10,224,173
47,183
-
42,516
136,867
908,702
958,285
-
-
Liabilities
39,401,963
2,793,148
36,055,639
1,979,302
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
-
37,983,700
-
739,128
-
-
-
306,168
-
372,967
-
-
-
-
-
1,819,149
-
503,276
167,353
259,857
-
43,513
6,000
-
-
29,195,500
-
3,215,432
-
722,450
935,547
1,274,315
-
706,395
200,254
444,000
-
-
-
1,122,838
-
-
-
497,233
-
158,977
Net asset value
242,173,016
217,383,204
1,140,842,222
473,382,023
The accompanying notes form an integral part of these financial statements
152

153
The accompanying notes form an integral part of these financial statements
Bond US Opportunistic Core Plus
Bond Euro High Yield
Bond Euro Inflation
Bond Euro Government
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
104,850,670
456,146,737
373,377,106
606,444,207
236,569,407
189,949,723
12,409,972
117,910,103
101,500,113
422,868,525
357,962,226
591,131,585
206,992,824
187,648,089
12,099,875
115,554,870
102,471,488
413,613,259
385,158,752
556,785,594
212,212,360
181,036,485
12,060,944
112,166,960
-971,375
9,255,266
-27,196,526
34,345,991
-5,219,536
6,611,604
38,931
3,387,910
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,111,651
19,794,916
187,407
740,885
27,614,671
860,232
92,159
318,302
-
-
6,090,000
-
-
-
-
-
-
-
-
-
-
-
-
-
695,891
1,433,463
7,945,221
12,277,441
1,598,289
1,229,170
189,869
1,896,957
4,532
53,158
444,482
390,004
-
-
-
-
1,090,920
11,307,276
-
-
-
-
-
-
364,014
689,399
21,384
1,904,292
72,898
105,468
-
67,973
83,549
-
68,633
-
-
-
-
-
-
-
-
-
290,725
-
28,069
72,001
-
-
-
-
-
106,764
-
-
-
-
-
-
-
-
-
-
-
-
657,753
-
-
-
-
-
2,813,467
55,228,936
1,893,579
3,168,937
27,059,864
33,973,850
64,128
7,607,965
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
803
359,816
285,985
-
-
-
-
-
-
-
-
-
33,252,550
-
5,601,050
2,554,252
51,849,790
-
-
26,090,506
-
-
1,349,864
19,626
249,404
79,412
1,509,231
323,549
152,640
39,362
457,405
-
668,801
-
112,269
185,320
15,515
-
-
-
-
-
-
-
44,696
-
-
-
-
-
76,674
-
-
-
-
176,795
711,707
732,764
907,622
384,561
260,503
20,530
133,784
-
-
-
-
-
-
-
-
62,794
1,748,431
721,587
277,156
75,928
247,946
4,236
65,862
102,037,203
400,917,801
371,483,527
603,275,270
209,509,543
155,975,873
12,345,844
110,302,138

Statement of Net Assets
Note
Bond Europe
Bond Global Aggregate
English
Assets
31/12/2012
EUR
164,410,670
31/12/2011
EUR
102,975,380
31/12/2012
USD
860,964,823
31/12/2011
USD
149,687,979
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
156,017,694
147,001,181
9,016,513
4,390
-
1,759,025
-
3,500,000
2,559,499
-
-
115,973
454,089
-
-
-
-
95,337,180
95,519,759
-182,579
16,237
168,021
1,479,417
-
4,000,000
2,092,719
6,253
-
18,701
24,873
-
-
-
-
746,526,445
712,723,223
33,803,222
14,436,161
12,858,110
14,186,394
-
-
8,706,044
5,012
-
4,611,757
-
85,709
-
72,407,301
-
134,589,328
155,573,703
-20,984,375
1,589,172
4,292,003
4,172,587
-
5,841,675
3,255,727
2,859
-
125,236
111,395
-
-
-
-
Liabilities
34,374,058
18,017,489
173,498,014
31,256,558
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-30,760
-
160,000
33,321,422
-
124,602
-
24,449
-
212,155
-
562,190
4,227
131,311
108
17,247,084
-
100,726
-
121,405
-
163,726
-
380,213
10,778,832
10,329,843
360,000
72,295,445
2,188,063
525,306
10,361,343
-
1,648,655
1,053,889
72,318,362
1,968,119
3,738,308
2,735,219
255,811
26,086,571
-
30,412
-
724,498
-
240,784
-
180,174
Net asset value
130,036,612
84,957,891
687,466,809
118,431,421
The accompanying notes form an integral part of these financial statements
154

155
The accompanying notes form an integral part of these financial statements
Bond Global Emerging
Bond Emerging Inflation
Bond Global Inflation
Bond Global
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
EUR
EUR
USD
USD
134,612,143
268,718,541
52,325,955
100,014,372
198,874,657
223,441,256
476,598,099
571,207,777
94,456,330
251,779,004
51,477,485
97,444,954
190,157,000
218,355,295
450,328,411
529,253,378
102,313,387
241,584,516
55,977,768
92,451,785
167,777,521
193,208,433
475,454,935
474,958,681
-7,857,057
10,194,488
-4,500,283
4,993,169
22,379,479
25,146,862
-25,126,524
54,294,697
985,442
2,675,004
-
-
-
-
78,484
2,696
988,539
1,975,136
-
-
-
-
164,700
-
7,426,354
3,361,600
434,919
1,842,505
4,675,252
967,112
17,613,176
7,704,724
-
-
-
-
2,984,314
-
-
-
-
-
-
-
-
-
-
1,977,600
1,815,890
2,910,083
266,999
657,266
746,948
1,143,722
7,230,694
7,174,271
-
5
-
-
82
-
156,250
156,250
-
-
-
-
-
-
-
-
54,191
729,201
5,782
40,320
175,950
423,984
180,262
454,934
-
606,472
19,362
29,327
-
2,407,454
-
-
-
65,172
-
-
135,111
-
-
-
-
-
-
-
-
143,689
-
-
29,873,936
6,592,000
121,408
-
-
-
1,010,822
24,483,924
-
-
-
-
-
-
-
-
31,521,881
9,268,994
236,812
159,345
2,841,769
25,902,834
233,287,880
135,317,088
907,730
1,044,149
-
-
-
-
17,062
-103,600
1,065,311
1,146,519
-
-
-
-
735,434
-
-
390,000
22,256
9,752
-
24,000
1,739,920
451,337
-
-
-
-
-
25,070,200
215,060,790
102,010,015
-
-
-
-
-
-
9,110,172
-
88,032
242,271
-
-
89,632
128,560
790,850
142,877
546,049
-
-
-
2,372,822
-
714,181
6,056,188
2,734
-
-
-
-
21,697
3,607,230
416,614
-
-
-
-
-
-
-
-
267,113
612,484
81,143
105,193
313,408
356,084
430,702
601,997
29,671,526
6,588,102
121,817
-
-
-
1,011,564
24,477,870
38,697
391,988
11,596
44,400
65,907
302,293
839,533
1,263,790
103,090,262
259,449,547
52,089,143
99,855,027
196,032,888
197,538,422
243,310,219
435,890,689

Statement of Net Assets
Note
Bond Global Emerging Corporate
Multi Asset Emerging Markets
English
Assets
31/12/2012
USD
140,701,534
31/12/2011
USD
-
31/12/2012
USD
87,477,054
31/12/2011
USD
-
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
137,654,038
131,778,840
5,875,198
-
-
983,803
-
-
1,830,209
65,300
-
107,059
-
61,125
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
83,242,318
78,938,688
4,303,630
-
-
3,655,051
-
-
435,851
78,377
15,495
-
-
49,962
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Liabilities
592,861
-
595,226
-
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
-
-
-
-
78,984
-
-
182,879
-
330,998
-
-
-
-
-
-
-
-
-
-
-
-
-
-
285,923
-
126,151
-
86,491
-
-
57,572
-
39,089
-
-
-
-
-
-
-
-
-
-
-
-
Net asset value
140,108,673
-
86,881,828
-
The accompanying notes form an integral part of these financial statements
156

157
The accompanying notes form an integral part of these financial statements
Index Equity Pacific
Index Equity North America
Index Equity Europe
Index Equity Euro
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
109,921,170
109,664,260
529,115,131
551,376,441
429,290,101
446,182,030
242,625,423
168,953,497
107,173,727
109,058,495
524,001,923
549,813,380
417,979,820
443,118,540
238,046,499
158,998,031
104,696,890
100,087,464
426,324,244
428,569,254
381,175,433
361,622,115
266,264,911
146,860,074
2,476,837
8,971,031
97,677,679
121,244,126
36,804,387
81,496,425
-28,218,412
12,137,957
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
218,558
420,354
3,058,990
305,470
9,863,140
1,809,734
4,399,314
1,172,787
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
137,246
126,455
805,814
882,666
956,435
635,120
81,685
4,544
2,341,274
-
1,227,937
-
-
614,355
-
1,935,623
2,366
-
20,467
372,350
20,150
4,281
-
6,842,512
-
-
-
-
-
-
-
-
-
11,151
-
2,575
30,118
-
97,925
-
-
-
-
-
-
-
-
-
47,805
47,805
-
-
422,674
-
-
-
194
-
-
-
17,764
-
-
-
1,607,762
199,968
968,877
772,811
7,836,155
303,397
185,036
9,019,322
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,480,944
39,857
757,085
238,602
-
40,239
-
-
-
-
-
-
-
-
-
-
-
75,021
-
-
7,290,547
-
118,908
118,908
35,072
-
27,617
337,708
-
77,799
-
8,830,345
-
-
-
-
-
-
-
-
360
-
20,876
-
-
20,285
-
7,570
-
-
-
-
-
-
-
-
24,913
25,481
122,041
145,545
97,901
109,984
49,795
35,412
54,728
48,361
-
-
420,000
-
-
-
11,745
11,248
41,258
50,956
27,707
55,090
16,333
27,087
108,313,408
109,464,292
528,146,254
550,603,630
421,453,946
445,878,633
242,440,387
159,934,175

Statement of Net Assets
Note
Index Global Bond (EUR) Hedged
Absolute Forex
English
Assets
31/12/2012
EUR
531,308,927
31/12/2011
EUR
644,036,284
31/12/2012
EUR
112,412,127
31/12/2011
EUR
341,773,150
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
485,591,731
479,140,726
6,451,005
-
-
16,464,161
-
-
5,264,680
11,455
14,296,138
113,550
9,537,782
29,430
-
-
-
630,596,708
588,758,455
41,838,253
-
-
6,082,162
-
-
6,945,019
88,172
-
324,223
-
-
-
-
-
107,657,917
107,538,053
119,864
674,642
500,398
1,548,787
-
2,000,000
4,213
-
-
20,619
505,949
-
-
-
-
334,395,073
334,005,244
389,829
1,670,786
1,468,640
1,319,681
-
-
137,932
-
-
843,041
-
316,038
-
3,090,599
-
Liabilities
27,324,855
14,677,031
1,312,475
6,489,369
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
-
-
-
-
27,002,890
80,059
-
-
-
138,006
-
103,900
-
-
58,098
-
-
824,028
13,585,886
-
-
140,483
-
68,536
542,880
408,996
-
-
-
215,866
-
-
-
91,214
-
462,515
686,733
1,142,682
-
-
-
1,054,188
1,201,676
-
9,896
330,327
3,066,696
139,853
Net asset value
503,984,072
629,359,253
111,099,652
335,283,781
The accompanying notes form an integral part of these financial statements
158

159
The accompanying notes form an integral part of these financial statements
Absolute High Yield
Absolute Statistical Arbitrage
Absolute VaR 4(EUR)
Absolute VaR 2(EUR)
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
101,506,569
95,321,516
77,742,968
53,331,278
80,370,610
104,796,482
99,802,190
64,480,094
85,029,845
47,649,664
57,039,559
49,005,479
76,344,502
98,382,086
93,894,226
57,088,961
85,725,908
46,116,663
57,238,924
49,369,487
78,850,767
96,430,294
95,138,153
56,008,750
-696,063
1,533,001
-199,365
-364,008
-2,506,265
1,951,792
-1,243,927
1,080,211
-
-
9,040
-
-
2,382,965
196,465
649,372
-
-
32,000
-
-
4,090,711
329,000
1,146,867
197,559
1,293,989
4,411,168
2,705,487
3,187,647
2,139,345
2,489,663
1,590,916
15,003,950
45,170,751
10,100,000
-
-
-
-
-
-
-
-
-
-
-
-
2,000,000
1,263,006
969,577
42,047
40,245
597,573
685,192
717,154
457,569
-
-
23,949
13,168
11,743
12,794
-
-
-
-
5,622,498
1,499,730
-
-
-
-
-
21,417
344
250
-
-
59,911
700
7,238
-
-
57,631
-
755,594
-
220,829
-
-
-
9,288
-
136,148
-
-
-
211,147
-
-
-
-
-
-
-
-
494,363
-
-
-
-
-
4,971
4,971
-
-
229,145
302,358
2,444,771
2,471,747
470,628
1,295,194
6,897,774
350,319
1,191,715
5,699,613
3,437,095
10,829,941
-
-
-
-
-
1,667,128
172,179
472,811
-
-
-
-
-
2,403,583
395,890
709,684
-
346,000
-
-
-
-
-
-
-
-
-
-
-
3,532,500
-
7,946,900
9,169
9,169
5,084,160
-
-
-
-
-
46,812
272,859
69,126
-
81,784
115,500
114,975
590,507
-
6,801
511,478
-
168,671
-
131,241
-
12,299
2,340
122,356
-
488,681
-
364,725
17,884
166,297
-
437,183
243,739
-
-
907
-
179,098
175,461
118,745
88,853
192,306
181,381
128,149
79,815
-
-
492,842
-
-
-
-
-
56,953
482,564
61,884
17,727
260,273
203,104
2,524,919
1,722,024
101,035,941
94,026,322
70,845,194
52,980,959
79,178,895
99,096,869
96,365,095
53,650,153

Statement of Net Assets
Note
Absolute Volatility Arbitrage
Absolute Volatility Arbitrage Plus
English
Assets
31/12/2012
EUR
160,724,673
31/12/2011
EUR
285,346,008
31/12/2012
EUR
139,913,246
31/12/2011
EUR
49,776,051
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
2
2
2
2
2
2
118,639,150
119,105,504
-466,354
12,729,169
9,139,960
17,503,387
9,999,490
-
346,921
5,724
182,316
134,020
1,184,350
-
146
-
-
225,193,314
226,448,651
-1,255,337
17,865,860
19,067,978
21,994,538
17,999,600
-
1,023,372
16,500
1,009,257
243,567
-
-
-
-
-
71,781,254
71,876,646
-95,392
17,687,831
12,635,198
15,992,406
32,598,733
-
231,110
-
258,927
-
1,362,985
-
-
-
-
39,626,350
39,474,702
151,648
2,904,197
3,095,782
6,990,076
-
-
54,706
-
200,722
-
-
-
-
-
-
Liabilities
9,432,724
8,963,308
12,271,573
2,276,651
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
2
2
2
2
2
4
5,727,723
5,662,874
-
-
333,534
869,520
-
2,051,504
-
277,325
-
173,118
6,707,787
9,084,832
42,734
-
463,976
680,476
151,627
169,762
10,781
612,450
-
123,715
8,014,517
8,331,513
419,771
-
463,758
-
-
2,778,354
-
216,454
-
378,719
1,159,396
1,328,239
973,961
-
34,904
-
9,383
86,384
-
9,997
-
2,626
Net asset value
151,291,949
276,382,700
127,641,673
47,499,400
The accompanying notes form an integral part of these financial statements
160

161
The accompanying notes form an integral part of these financial statements
Cash USD
Cash EUR
Absolute Volatility World Equities
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
EUR
EUR
USD
USD
337,464,654
340,500,121
1,257,730,795
999,562,261
2,118,203,697
2,886,653,105
259,315,818
317,636,089
907,390,072
894,915,559
1,143,393,783
971,126,001
258,931,948
317,268,196
906,596,824
894,268,602
1,184,127,165
944,567,346
383,870
367,893
793,248
646,957
-40,733,382
26,558,655
-
-
-
-
464,853,782
1,259,546,664
-
-
-
-
346,370,601
1,241,809,725
8,282,626
615,536
230,295
512,770
197,024,356
76,575,386
-
9,999,850
334,203,731
-
296,668,693
578,171,401
60,000,000
10,000,000
-
94,000,000
-
-
31,396
21,103
2,833,747
1,121,701
1,904,298
503,125
-
1,204
-
1,883
-
-
-
-
-
-
-
-
3,358,330
2,204,621
13,072,950
9,010,101
775,181
729,036
-
21,718
-
-
-
-
-
-
-
-
13,512,665
-
-
-
-
247
-
1,492
6,476,484
-
-
-
-
-
-
-
-
-
70,939
-
13,397,880
2,833,084
27,918,234
37,799,151
349,233,750
300,536,376
-
-
-
-
322,483,335
207,340,530
-
-
-
-
450,753,065
298,211,198
-
-
812,024
291,453
7,270,027
41,119,148
-
-
-
-
-
-
6,476,484
-
20,000,000
-
-
-
323,438
2,693,987
5,137,260
36,556,388
1,410,695
3,393,287
2,996
-
-
-
5,526,795
10,682,535
-
-
-
-
-
31,054,093
-
-
9,429
-
40,076
-
55,590
63,262
741,551
646,889
2,843,465
4,669,445
6,441,810
-
-
-
-
-
97,562
75,835
1,217,970
304,421
9,659,357
2,277,338
324,066,774
337,667,037
1,229,812,561
961,763,110
1,768,969,947
2,586,116,729
Absolute Volatility Euro Equities
31/12/2011
31/12/2012
EUR
EUR
2,131,850,727
2,881,636,728
752,815,769
941,783,670
752,506,115
941,588,729
309,654
194,941
672,790,490
1,099,673,185
360,313,120
1,103,935,910
8,335,174
27,107,580
651,521,692
790,124,943
-
-
2,571,826
520,527
-
-
-
-
2,230,570
6,744,148
446,886
1,818,768
40,776,101
13,500,155
-
1,533
362,219
362,219
-
-
387,877,489
260,016,895
341,939,456
220,058,310
360,323,630
269,673,595
27,842,546
13,653,690
-
-
-
-
5,981,651
17,080,435
-
-
-
-
38,437
-
4,284,270
5,872,408
359,623
361,739
7,431,506
2,990,313
1,743,973,238
2,621,619,833

Statement of Net Assets
Note
Combined
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Interest receivable
Dividends receivable
Brokers receivable
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Unrealised net appreciation on swaps and CFD
Receivable on spot exchange
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
Unrealised net depreciation on swaps and CFD
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
2
2
2
2
2
2
2
2
2
2
2
4
31/12/2012 31/12/2011
EUR
EUR
19,469,889,433 16,595,879,014
15,332,011,647 13,497,268,505
14,266,197,286 13,793,934,569
1,065,814,361 -296,666,064
2,102,399,988 1,063,657,712
2,084,969,932 664,609,449
267,728,592 487,626,149
1,324,018,870 1,266,435,191
112,584,949 54,719,620
75,011,077 59,178,687
13,291,845 14,143,791
62,814,450 29,676,875
50,056,284 24,333,272
20,402,491 1,627,235
14,258,154 53,438,556
794,581
958,285
90,991,032 39,195,590
3,525,473 3,619,546
1,166,360,367 1,227,942,409
402,656,723 603,812,612
522,155,692 725,163,949
49,005,978 174,097,840
308,113,642 203,009,407
107,156,522 83,107,655
97,127,014 36,221,456
24,208,287 23,897,744
30,844,592 5,684,610
2,506,457
930,308
33,665,818 29,065,681
90,911,393 39,074,326
20,163,941
18,303,529,066
29,040,770
15,367,936,605
The accompanying notes form an integral part of these financial statements
162

Financial Details Relating to the Last 3 Years
Equity Euroland Value
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 180,236,915 165,081,058 389,673,999
AE ( C )
Number of shares 41,628.24 42,488.74 51,157.73
Net asset value per share EUR 94.07 81.94 101.54
AHK ( C )
Number of shares 5,373.80 2,765.82 5,149.08
Net asset value per share CZK 2,277.94 1,997.16 2,534.37
FE ( C )
Number of shares 4,612.06 3,492.05 3,465.03
Net asset value per share EUR 92.09 80.79 101.51
IE ( C )
Number of shares 6,821.74 7,471.18 114,565.92
Net asset value per share EUR 956.56 828.64 1,015.63
IE ( D )
Number of shares 92,450.00 88,950.00 0.00
Net asset value per share EUR 1,102.58 992.42 0.00
ME ( C )
Number of shares 579,530.83 735,264.03 1,177,005.41
Net asset value per share EUR 95.65 82.86 101.56
OE ( C )
Number of shares 11,751.31 6,726.33 145,396.38
Net asset value per share EUR 968.28 835.40 1,015.81
SE ( C )
Number of shares 1,463.84 1,114.29 0.00
Net asset value per share EUR 93.78 81.86 0.00
Equity Global Alpha
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 42,436,169 41,617,771 31,434,708
AE ( C )
Number of shares 5,442.62 5,694.94 7,391.05
Net asset value per share EUR 93.83 96.47 101.93
AU ( C )
Number of shares 297,254.55 291,223.05 290,879.04
Net asset value per share USD 85.68 84.79 102.38
AU ( D )
Number of shares 65.00 0.00 0.00
Net asset value per share USD 102.46 0.00 0.00
FU ( C )
Number of shares 1,821.65 1,656.77 1,391.44
Net asset value per share USD 83.87 83.60 102.35
The accompanying notes form an integral part of these financial statements
164

Financial Details Relating to the Last 3 Years
Equity Global Alpha
Year ending as of: 31/12/12 30/06/12 30/06/11
IU ( C )
Number of shares 18,151.17 18,151.17 1.50
Net asset value per share USD 868.16 855.55 1,024.01
OU ( C )
Number of shares 0.00 0.00 407.75
Net asset value per share USD 0.00 0.00 1,024.18
SU ( C )
Number of shares 4,340.08 6,487.39 0.00
Net asset value per share USD 86.86 86.13 0.00
Equity Japan Target
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets JPY 6,627,905,257 6,091,682,628 4,851,356,127
AE ( C )
Number of shares 7,263.04 11,717.10 5,026.75
Net asset value per share EUR 106.14 112.47 101.47
AHE ( C )
Number of shares 145,610.53 136,020.88 13,351.11
Net asset value per share EUR 103.25 97.52 102.72
AJ ( C )
Number of shares 157,625.22 161,103.93 81,588.59
Net asset value per share JPY 10,419.29 9,807.13 10,279.41
AJ ( D )
Number of shares 3,367.27 3,615.08 0.00
Net asset value per share JPY 8,756.48 8,245.48 0.00
FHE ( C )
Number of shares 8,893.15 9,756.77 2,527.28
Net asset value per share EUR 101.10 96.12 102.67
FJ ( C )
Number of shares 1,496.66 1,382.43 982.06
Net asset value per share JPY 10,221.35 9,694.49 10,276.67
IHE ( C )
Number of shares 5,243.62 5,251.01 0.00
Net asset value per share EUR 880.20 825.84 0.00
IJ ( C )
Number of shares 19,089.45 19,938.08 1,990.44
Net asset value per share JPY 105,861.10 99,041.05 102,824.00
IJ ( D )
Number of shares 0.73 1.63 0.00
Net asset value per share JPY 88,967.08 83,258.46 0.00
The accompanying notes form an integral part of these financial statements
165

Financial Details Relating to the Last 3 Years
Equity Japan Target
Year ending as of: 31/12/12 30/06/12 30/06/11
MHE ( C )
Number of shares 3,827.88 6,194.08 0.00
Net asset value per share EUR 87.18 81.84 0.00
MJ ( C )
Number of shares 42,304.07 42,467.54 149.48
Net asset value per share JPY 10,550.78 9,876.06 10,273.82
OJ ( C )
Number of shares 0.00 0.00 34,477.01
Net asset value per share JPY 0.00 0.00 102,842.28
SHE ( C )
Number of shares 405.45 1,482.59 0.00
Net asset value per share EUR 83.95 79.46 0.00
SJ ( C )
Number of shares 122.87 34.81 0.00
Net asset value per share JPY 10,026.25 9,456.27 0.00
Equity US Concentrated Core
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 117,605,572 116,324,534 58,404,091
AE ( C )
Number of shares 182,332.22 187,161.27 141,525.28
Net asset value per share EUR 124.42 121.23 103.32
AHE ( C )
Number of shares 25,298.55 35,578.93 21,821.42
Net asset value per share EUR 111.11 104.67 103.64
AU ( C )
Number of shares 371,886.17 414,960.14 268,989.27
Net asset value per share USD 113.54 106.54 103.78
AU ( D )
Number of shares 1,628.72 1,761.68 7,235.07
Net asset value per share USD 113.45 106.70 103.78
FHE ( C )
Number of shares 17,799.59 30,055.79 13,501.48
Net asset value per share EUR 108.46 102.96 103.58
FU ( C )
Number of shares 24,867.28 31,338.17 9,727.27
Net asset value per share USD 111.08 104.92 103.75
IHE ( C )
Number of shares 10,270.05 10,422.77 75.91
Net asset value per share EUR 1,124.47 1,055.39 1,037.07
The accompanying notes form an integral part of these financial statements
166

Financial Details Relating to the Last 3 Years
Equity US Concentrated Core
Year ending as of: 31/12/12 30/06/12 30/06/11
IU ( C )
Number of shares 14,932.88 12,088.20 2.31
Net asset value per share USD 1,147.45 1,070.81 1,038.57
IU ( D )
Number of shares 2.22 97.92 46.90
Net asset value per share USD 1,154.06 1,075.91 1,038.10
MHE ( C )
Number of shares 238.60 10.00 0.00
Net asset value per share EUR 113.48 106.80 0.00
MU ( C )
Number of shares 430.86 4,032.07 19,802.56
Net asset value per share USD 115.19 107.48 103.80
SHE ( C )
Number of shares 92.88 95.11 0.00
Net asset value per share EUR 100.59 95.15 0.00
SU ( C )
Number of shares 35,697.41 37,124.91 0.00
Net asset value per share USD 106.82 100.62 0.00
Equity US Growth
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 21,748,747 35,376,334 117,301,823
AE ( C )
Number of shares 59,391.50 69,008.93 88,636.26
Net asset value per share EUR 100.15 100.25 103.27
AHE ( C )
Number of shares 30,845.11 86,720.79 96,312.75
Net asset value per share EUR 89.16 86.37 103.67
AU ( C )
Number of shares 71,531.85 96,579.45 316,823.02
Net asset value per share USD 91.31 87.98 103.73
AU ( D )
Number of shares 1.50 140.21 1.50
Net asset value per share USD 91.36 87.93 103.81
FHE ( C )
Number of shares 26,261.47 39,464.37 41,369.18
Net asset value per share EUR 87.44 85.31 103.64
FU ( C )
Number of shares 6,890.58 11,808.97 21,451.64
Net asset value per share USD 89.46 86.81 103.70
The accompanying notes form an integral part of these financial statements
167

Financial Details Relating to the Last 3 Years
Equity US Growth
Year ending as of: 31/12/12 30/06/12 30/06/11
IHE ( C )
Number of shares 2.23 2.23 195.81
Net asset value per share EUR 909.43 876.31 1,036.92
IU ( C )
Number of shares 23.11 1,563.11 4,749.90
Net asset value per share USD 929.53 890.52 1,037.58
IU ( D )
Number of shares 1.60 1.60 1.60
Net asset value per share USD 929.24 890.33 1,038.23
MHE ( C )
Number of shares 10.00 9,568.00 0.00
Net asset value per share EUR 97.87 94.34 0.00
MU ( C )
Number of shares 0.00 8,006.18 414,667.71
Net asset value per share USD 0.00 88.98 103.76
SU ( C )
Number of shares 897.18 367.00 0.00
Net asset value per share USD 87.32 84.31 0.00
Equity US Relative Value
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 425,671,882 409,770,885 795,748,069
AE ( C )
Number of shares 122,000.56 111,328.43 152,561.00
Net asset value per share EUR 119.49 113.32 102.09
AHE ( C )
Number of shares 247,965.54 258,016.27 387,601.86
Net asset value per share EUR 106.76 97.92 102.49
AHK ( C )
Number of shares 16,624.98 16,918.72 17,669.63
Net asset value per share CZK 2,597.61 2,387.03 2,556.90
AU ( C )
Number of shares 759,158.31 889,811.45 1,885,938.10
Net asset value per share USD 109.14 99.63 102.55
AU ( D )
Number of shares 18,702.94 13,584.19 5,212.03
Net asset value per share USD 108.92 99.62 102.55
FHE ( C )
Number of shares 10,433.69 10,853.34 17,155.73
Net asset value per share EUR 104.45 96.50 102.46
The accompanying notes form an integral part of these financial statements
168

Financial Details Relating to the Last 3 Years
Equity US Relative Value
Year ending as of: 31/12/12 30/06/12 30/06/11
FU ( C )
Number of shares 39,851.40 38,485.48 36,961.07
Net asset value per share USD 106.83 98.22 102.52
IHE ( C )
Number of shares 78,641.16 79,331.87 33,890.80
Net asset value per share EUR 1,086.12 990.38 1,024.90
IU ( C )
Number of shares 146,588.88 156,335.51 302,908.89
Net asset value per share USD 1,111.34 1,008.40 1,025.78
IU ( D )
Number of shares 33.96 103.67 681.20
Net asset value per share USD 1,106.16 1,008.40 1,025.79
MHE ( C )
Number of shares 1.43 24,031.40 10,089.11
Net asset value per share EUR 108.76 99.63 102.51
MU ( C )
Number of shares 24,245.12 38,488.08 348,412.80
Net asset value per share USD 110.97 100.75 102.58
OHE ( C )
Number of shares 0.00 0.00 65,833.96
Net asset value per share EUR 0.00 0.00 1,025.06
OU ( C )
Number of shares 0.00 0.00 15,346.45
Net asset value per share USD 0.00 0.00 1,025.95
SHE ( C )
Number of shares 1,206.18 247.86 0.00
Net asset value per share EUR 105.53 97.41 0.00
SU ( C )
Number of shares 2,611.38 1,717.66 0.00
Net asset value per share USD 107.14 98.36 0.00
Equity Global Select
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 167,090,323 154,376,291 168,439,569
AE ( C )
Number of shares 7,901.05 10,116.81 0.00
Net asset value per share EUR 102.20 100.85 0.00
AE ( D )
Number of shares 422.00 50.00 0.00
Net asset value per share EUR 102.46 101.13 0.00
The accompanying notes form an integral part of these financial statements
169

Financial Details Relating to the Last 3 Years
Equity Global Select
Year ending as of: 31/12/12 30/06/12 30/06/11
AU ( C )
Number of shares 15,360,986.47 15,124,414.39 15,430,027.57
Net asset value per share USD 8.07 7.66 8.72
AU ( D )
Number of shares 320,819.67 359,775.47 381,441.80
Net asset value per share USD 7.81 7.42 8.44
FU ( C )
Number of shares 516.79 2.00 0.00
Net asset value per share USD 91.12 87.16 0.00
IU ( C )
Number of shares 25,604.83 21,835.86 12,571.33
Net asset value per share USD 1,124.18 1,063.34 1,198.50
OU ( C )
Number of shares 800.00 1,000.00 0.00
Net asset value per share USD 112.90 106.41 0.00
SE ( C )
Number of shares 834.36 1,521.97 979.16
Net asset value per share EUR 98.37 97.26 97.27
SU ( C )
Number of shares 1,365,117.29 1,500,218.60 1,842,635.91
Net asset value per share USD 7.69 7.32 8.36
Equity Japan Value
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets JPY 7,666,925,510 4,071,684,176 4,306,180,600
AE ( C )
Number of shares 4,412.96 16,600.84 4,750.45
Net asset value per share EUR 108.17 107.53 101.12
AJ ( C )
Number of shares 445,215.34 321,626.13 280,181.94
Net asset value per share JPY 6,486.00 5,727.00 6,229.00
AJ ( D )
Number of shares 38,317.87 41,252.29 70,941.51
Net asset value per share JPY 10,842.00 9,594.00 10,433.00
FJ ( C )
Number of shares 7,816.55 7,769.44 8,027.97
Net asset value per share JPY 10,442.00 9,286.00 10,241.00
IJ ( C )
Number of shares 50,759.83 13,726.08 12,036.00
Net asset value per share JPY 67,855.00 59,649.00 64,291.00
The accompanying notes form an integral part of these financial statements
170

Financial Details Relating to the Last 3 Years
Equity Japan Value
Year ending as of: 31/12/12 30/06/12 30/06/11
I2 ( D )
Number of shares 51,633.00 55,633.00 82,033.00
Net asset value per share JPY 5,646.00 5,015.00 5,518.00
I9 ( C )
Number of shares 23,470.00 25,340.00 14,640.00
Net asset value per share JPY 7,593.00 6,658.00 7,141.00
MHE ( C )
Number of shares 0.00 0.00 577.30
Net asset value per share EUR 0.00 0.00 102.39
MJ ( C )
Number of shares 3,822.79 3,973.43 1,110.81
Net asset value per share JPY 10,828.00 9,518.00 10,259.00
SJ ( C )
Number of shares 42,833.73 49,194.56 54,292.34
Net asset value per share JPY 6,351.00 5,619.00 6,135.00
Equity Euro Select
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 118,601,318 110,628,715 119,657,208
AE ( C )
Number of shares 262,409.49 328,517.76 481,169.37
Net asset value per share EUR 128.25 112.14 133.64
AE ( D )
Number of shares 3,111.30 2,775.88 4,845.14
Net asset value per share EUR 117.46 104.11 126.73
FE ( C )
Number of shares 12,441.80 13,751.69 17,357.40
Net asset value per share EUR 95.40 84.01 101.49
IE ( C )
Number of shares 30,705.86 30,637.58 17,233.05
Net asset value per share EUR 1,324.20 1,153.47 1,365.25
ME ( C )
Number of shares 258,487.92 282,483.05 161,859.67
Net asset value per share EUR 98.58 85.82 101.53
OE ( C )
Number of shares 6,044.00 3,500.00 0.00
Net asset value per share EUR 1,199.30 1,040.95 0.00
SE ( C )
Number of shares 74,291.16 77,279.87 92,236.93
Net asset value per share EUR 134.67 117.99 141.14
The accompanying notes form an integral part of these financial statements
171

Financial Details Relating to the Last 3 Years
Equity Europe Select
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 126,062,611 99,662,310 112,819,676
AE ( C )
Number of shares 289,154.59 306,902.93 380,437.68
Net asset value per share EUR 142.47 125.84 140.60
AE ( D )
Number of shares 3,532.82 2,949.79 3,069.74
Net asset value per share EUR 133.13 118.74 133.98
FE ( C )
Number of shares 3,512.55 2,469.64 2,444.57
Net asset value per share EUR 101.24 90.07 102.07
IE ( C )
Number of shares 50,739.73 39,931.44 21,323.19
Net asset value per share EUR 1,466.78 1,293.42 1,434.39
ME ( C )
Number of shares 3,421.64 2,941.91 2,417.91
Net asset value per share EUR 104.70 92.11 102.12
OE ( C )
Number of shares 2,606.30 2,636.30 19,582.97
Net asset value per share EUR 1,014.04 889.18 979.53
SE ( C )
Number of shares 42,148.37 44,665.50 55,524.91
Net asset value per share EUR 156.99 138.95 155.89
Equity Euroland Small Cap
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 142,378,633 85,813,351 169,238,093
AE ( C )
Number of shares 500,242.33 216,457.52 535,770.27
Net asset value per share EUR 104.64 87.94 102.23
AE ( D )
Number of shares 11,572.27 11,764.75 12,329.49
Net asset value per share EUR 104.63 87.94 102.23
FE ( C )
Number of shares 9,431.64 7,938.54 8,713.27
Net asset value per share EUR 102.86 86.94 102.20
IE ( C )
Number of shares 3,513.46 2,888.88 47.88
Net asset value per share EUR 1,060.75 887.55 1,022.62
ME ( C )
Number of shares 723,138.73 647,243.66 977,079.09
Net asset value per share EUR 106.04 88.74 102.26
The accompanying notes form an integral part of these financial statements
172

Financial Details Relating to the Last 3 Years
Equity Euroland Small Cap
Year ending as of: 31/12/12 30/06/12 30/06/11
OE ( C )
Number of shares 4,805.71 3,572.68 9,552.74
Net asset value per share EUR 1,100.58 912.18 1,022.77
SE ( C )
Number of shares 20,689.06 20,480.36 25,225.66
Net asset value per share EUR 104.12 87.65 102.23
Equity Global Gold Mines
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 115,934,597 135,278,897 107,336,561
AE ( C )
Number of shares 47,409.28 54,427.64 40,485.98
Net asset value per share EUR 81.26 81.43 98.91
AE ( D )
Number of shares 155.00 126.00 0.00
Net asset value per share EUR 86.45 86.64 0.00
AU ( C )
Number of shares 740,305.77 815,095.92 958,055.37
Net asset value per share USD 74.21 71.58 99.35
FU ( C )
Number of shares 42,438.40 42,472.73 38,131.10
Net asset value per share USD 72.63 70.55 99.32
IU ( C )
Number of shares 64,483.71 90,835.87 58.40
Net asset value per share USD 753.04 723.10 993.70
MU ( C )
Number of shares 23,837.57 10,985.89 25,208.10
Net asset value per share USD 75.13 72.19 99.37
OU ( C )
Number of shares 300.00 700.00 0.00
Net asset value per share USD 854.37 816.24 0.00
SHE ( C )
Number of shares 9,451.64 2,288.78 0.00
Net asset value per share EUR 69.44 67.52 0.00
SU ( C )
Number of shares 18,946.34 15,342.44 0.00
Net asset value per share USD 70.90 68.52 0.00
The accompanying notes form an integral part of these financial statements
173

Financial Details Relating to the Last 3 Years
Equity Global Luxury and Lifestyle
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 98,389,986 80,932,281 42,614,441
AE ( C )
Number of shares 386,655.23 313,445.55 84,812.25
Net asset value per share EUR 118.48 110.77 103.97
AE ( D )
Number of shares 3,347.56 199.94 0.00
Net asset value per share EUR 101.97 95.54 0.00
AU ( C )
Number of shares 219,585.14 257,342.25 153,702.98
Net asset value per share USD 108.22 97.39 104.43
FHE ( C )
Number of shares 2,854.55 1,334.14 0.00
Net asset value per share EUR 103.61 94.42 0.00
FU ( C )
Number of shares 37,443.45 28,194.15 12,327.24
Net asset value per share USD 106.03 96.09 104.40
MU ( C )
Number of shares 12,479.99 14,989.85 119,587.94
Net asset value per share USD 110.01 98.50 104.46
OU ( C )
Number of shares 5,480.44 6,675.81 0.00
Net asset value per share USD 1,154.07 1,028.63 0.00
SHE ( C )
Number of shares 3,995.48 526.99 0.00
Net asset value per share EUR 99.41 90.15 0.00
SU ( C )
Number of shares 11,688.14 5,550.56 0.00
Net asset value per share USD 102.38 92.32 0.00
Equity Global Agriculture
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 171,541,596 166,345,879 254,777,788
AE ( C )
Number of shares 23,719.10 22,805.66 26,690.61
Net asset value per share EUR 136.36 134.23 134.47
AHE ( C )
Number of shares 17,200.16 15,795.26 22,571.49
Net asset value per share EUR 111.45 106.13 123.39
AU ( C )
Number of shares 600,230.35 679,687.88 927,569.98
Net asset value per share USD 86.37 81.84 93.67
The accompanying notes form an integral part of these financial statements
174

Financial Details Relating to the Last 3 Years
Equity Global Agriculture
Year ending as of: 31/12/12 30/06/12 30/06/11
AU ( D )
Number of shares 12,992.58 13,062.75 12,323.20
Net asset value per share USD 95.46 90.46 103.53
FHE ( C )
Number of shares 4,081.90 98.78 0.00
Net asset value per share EUR 98.71 95.17 0.00
FU ( C )
Number of shares 7,174.99 4,125.69 0.00
Net asset value per share USD 91.30 87.13 0.00
IHE ( C )
Number of shares 42,706.50 39,144.41 53,291.73
Net asset value per share EUR 1,101.95 1,043.78 1,198.83
IU ( C )
Number of shares 16,633.09 25,664.41 23,681.17
Net asset value per share USD 905.02 853.25 967.03
MU ( C )
Number of shares 97,688.20 63,794.52 77,632.86
Net asset value per share USD 126.06 118.85 134.69
OU ( C )
Number of shares 1,216.00 0.00 0.00
Net asset value per share USD 1,016.63 0.00 0.00
SHE ( C )
Number of shares 2,007.33 1,400.89 0.00
Net asset value per share EUR 103.59 98.37 0.00
SU ( C )
Number of shares 230,842.65 269,126.36 339,575.90
Net asset value per share USD 84.72 80.44 92.44
Equity Global Resources
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 68,362,470 82,858,741 162,169,864
AE ( C )
Number of shares 199,926.97 75,500.42 22,236.24
Net asset value per share EUR 90.26 87.21 101.86
AU ( C )
Number of shares 189,498.53 212,558.27 294,208.54
Net asset value per share USD 74.34 69.14 92.26
AU ( D )
Number of shares 2,566.46 2,734.46 5,700.70
Net asset value per share USD 77.74 72.30 96.46
The accompanying notes form an integral part of these financial statements
175

Financial Details Relating to the Last 3 Years
Equity Global Resources
Year ending as of: 31/12/12 30/06/12 30/06/11
FHE ( C )
Number of shares 50.70 0.00 0.00
Net asset value per share EUR 96.43 0.00 0.00
FU ( C )
Number of shares 15,819.02 16,553.56 22,081.94
Net asset value per share USD 80.71 75.60 102.28
IU ( C )
Number of shares 24,626.77 63,442.34 92,662.75
Net asset value per share USD 778.85 720.76 952.18
MU ( C )
Number of shares 26,170.87 66,673.23 258,803.56
Net asset value per share USD 83.68 77.44 102.33
SHE ( C )
Number of shares 1,409.56 515.37 0.00
Net asset value per share EUR 76.45 71.68 0.00
SU ( C )
Number of shares 102,697.86 109,183.31 156,196.54
Net asset value per share USD 72.92 67.96 91.03
Equity Europe Restructuring
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 22,890,730 24,340,368 61,861,991
AE ( C )
Number of shares 93,746.79 107,125.27 125,286.20
Net asset value per share EUR 67.33 60.57 72.38
FE ( C )
Number of shares 2,860.28 4,180.30 9,029.82
Net asset value per share EUR 92.85 84.10 101.89
IE ( C )
Number of shares 7,933.85 9,116.82 41,589.10
Net asset value per share EUR 710.57 635.51 750.76
IE ( D )
Number of shares 3,150.25 3,150.25 0.00
Net asset value per share EUR 1,167.54 1,055.01 0.00
ME ( C )
Number of shares 2,239.50 38,512.20 102,396.73
Net asset value per share EUR 96.45 86.22 101.94
OE ( C )
Number of shares 6,915.06 5,791.06 10,086.12
Net asset value per share EUR 948.22 844.63 990.37
SE ( C )
Number of shares 3,397.34 2,863.84 3,124.99
Net asset value per share EUR 66.18 59.65 71.56
The accompanying notes form an integral part of these financial statements
176

Financial Details Relating to the Last 3 Years
Equity ASEAN
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 209,998,023 198,020,458 233,616,359
AU ( C )
Number of shares 808,146.28 770,596.63 874,205.55
Net asset value per share USD 105.55 92.06 93.82
AU ( D )
Number of shares 25,604.88 29,650.63 37,168.96
Net asset value per share USD 87.32 76.39 77.85
FU ( C )
Number of shares 11,592.99 5,511.39 0.00
Net asset value per share USD 106.57 94.12 0.00
IU ( C )
Number of shares 2,980.70 4,396.98 1,605.36
Net asset value per share USD 1,091.72 953.11 969.55
I4 ( C )
Number of shares 1,010,500.00 1,194,800.00 1,476,000.00
Net asset value per share USD 108.14 93.66 94.14
I9 ( C )
Number of shares 6,158.00 6,075.00 5,670.00
Net asset value per share USD 121.62 105.26 105.63
SU ( C )
Number of shares 77,457.33 83,744.06 82,424.45
Net asset value per share USD 102.58 90.20 92.29
Equity Asia ex Japan
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 287,103,838 259,143,526 473,770,483
AE ( C )
Number of shares 328,885.15 343,249.69 0.00
Net asset value per share EUR 97.67 88.97 0.00
AU ( C )
Number of shares 4,389,191.17 4,565,084.44 8,909,816.67
Net asset value per share USD 25.07 21.98 27.40
AU ( D )
Number of shares 101,640.56 121,824.48 167,019.58
Net asset value per share USD 24.59 21.56 26.87
FU ( C )
Number of shares 24,252.86 18,576.72 0.00
Net asset value per share USD 89.61 79.18 0.00
IU ( C )
Number of shares 39,386.97 39,920.41 46,593.05
Net asset value per share USD 2,641.41 2,305.08 2,846.89
The accompanying notes form an integral part of these financial statements
177

Financial Details Relating to the Last 3 Years
Equity Asia ex Japan
Year ending as of: 31/12/12 30/06/12 30/06/11
MU ( C )
Number of shares 122,325.83 122,325.83 2,016.00
Net asset value per share USD 99.42 86.76 107.16
SU ( C )
Number of shares 332,679.42 389,329.34 533,676.53
Net asset value per share USD 23.87 20.97 26.25
XU ( C )
Number of shares 4,543.36 4,543.36 56,210.57
Net asset value per share USD 1,301.04 1,132.80 1,392.72
Equity Brazil
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 160,055,806 133,809,100 204,687,865
AE ( C )
Number of shares 22,834.80 95.00 0.00
Net asset value per share EUR 84.99 79.67 0.00
AU ( C )
Number of shares 1,015,161.41 941,782.17 876,027.43
Net asset value per share USD 98.90 89.21 125.53
AU ( D )
Number of shares 32,286.87 30,635.61 22,568.30
Net asset value per share USD 92.42 84.68 119.88
FU ( C )
Number of shares 12,586.03 9,145.84 0.00
Net asset value per share USD 83.59 76.21 0.00
IU ( C )
Number of shares 38,553.65 35,088.44 53,163.03
Net asset value per share USD 1,019.08 914.85 1,275.02
MU ( C )
Number of shares 3,389.41 771.06 4,169.00
Net asset value per share USD 96.84 86.98 121.30
SU ( C )
Number of shares 139,374.84 163,586.13 191,627.31
Net asset value per share USD 96.47 87.58 123.83
The accompanying notes form an integral part of these financial statements
178

Financial Details Relating to the Last 3 Years
Equity Emerging Europe
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 49,555,832 49,017,125 78,345,037
AE ( C )
Number of shares 1,336,323.79 1,469,194.88 1,724,742.44
Net asset value per share EUR 30.32 27.05 32.85
AE ( D )
Number of shares 17,332.26 24,259.56 28,999.82
Net asset value per share EUR 30.04 26.92 32.69
FE ( C )
Number of shares 14,379.70 16,281.94 25,242.18
Net asset value per share EUR 91.37 82.10 101.11
IE ( C )
Number of shares 250.02 283.11 2,439.46
Net asset value per share EUR 2,920.46 2,593.08 3,120.02
ME ( C )
Number of shares 4,287.63 4,995.39 6,927.99
Net asset value per share EUR 69.91 62.07 74.68
SE ( C )
Number of shares 213,327.75 241,254.34 318,558.96
Net asset value per share EUR 28.95 25.88 31.56
Equity Emerging Internal Demand
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 304,702,512 252,653,399 357,368,054
AE ( C )
Number of shares 415,515.81 309,131.96 485.00
Net asset value per share EUR 97.96 89.54 94.76
AE ( D )
Number of shares 10.00 10.00 10.00
Net asset value per share EUR 97.48 89.13 94.67
AHE ( C )
Number of shares 27,380.16 17,568.65 11.00
Net asset value per share EUR 92.55 81.76 100.85
AU ( C )
Number of shares 784,111.69 934,917.45 2,027,109.31
Net asset value per share USD 94.21 82.89 100.65
AU ( D )
Number of shares 12,849.23 10,887.24 9,757.22
Net asset value per share USD 136.04 119.69 145.37
FU ( C )
Number of shares 13,013.69 10,835.19 0.00
Net asset value per share USD 93.43 82.79 0.00
The accompanying notes form an integral part of these financial statements
179

Financial Details Relating to the Last 3 Years
Equity Emerging Internal Demand
Year ending as of: 31/12/12 30/06/12 30/06/11
IU ( C )
Number of shares 97,120.33 83,785.40 76,652.60
Net asset value per share USD 964.64 846.30 1,017.42
I4 ( C )
Number of shares 1.00 1.00 0.00
Net asset value per share USD 1,145.86 999.72 0.00
MU ( C )
Number of shares 217,757.45 202,130.28 180,974.22
Net asset value per share USD 102.91 90.20 108.49
OU ( C )
Number of shares 21,695.00 7,550.00 0.00
Net asset value per share USD 95.03 82.77 0.00
SE ( C )
Number of shares 22,496.57 18,369.85 3,114.02
Net asset value per share EUR 100.79 92.36 98.58
SU ( C )
Number of shares 157,946.89 163,818.28 171,195.11
Net asset value per share USD 92.20 81.33 99.17
XU ( C )
Number of shares 36,096.19 36,096.19 36,096.19
Net asset value per share USD 973.73 852.33 1,019.72
Equity Emerging World
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 1,154,898,515 1,064,147,416 802,235,877
AE ( C )
Number of shares 268,869.24 281,523.98 315,610.21
Net asset value per share EUR 100.54 93.38 102.15
AE ( D )
Number of shares 380.00 170.00 0.00
Net asset value per share EUR 100.06 93.32 0.00
AU ( C )
Number of shares 3,758,597.19 3,559,384.55 3,362,729.34
Net asset value per share USD 95.55 85.43 106.78
AU ( D )
Number of shares 2,085,923.27 1,965,606.71 1,119,719.69
Net asset value per share USD 94.62 84.61 105.76
FU ( C )
Number of shares 110,599.91 113,184.48 102,434.93
Net asset value per share USD 89.89 80.94 102.58
The accompanying notes form an integral part of these financial statements
180

Financial Details Relating to the Last 3 Years
Equity Emerging World
Year ending as of: 31/12/12 30/06/12 30/06/11
IU ( C )
Number of shares 155,805.02 166,382.78 106,124.80
Net asset value per share USD 990.34 881.19 1,091.10
IU ( D )
Number of shares 0.00 1,500.00 0.00
Net asset value per share USD 0.00 889.03 0.00
I8 ( C )
Number of shares 54,526.73 60,080.00 54,172.65
Net asset value per share USD 928.93 826.33 1,022.67
MU ( C )
Number of shares 396,578.59 820,731.36 306,002.10
Net asset value per share USD 109.56 97.48 120.70
OU ( C )
Number of shares 0.00 0.00 160.74
Net asset value per share USD 0.00 0.00 1,026.48
O1 ( C )
Number of shares 247,902.76 248,650.46 0.00
Net asset value per share USD 1,063.03 940.60 0.00
SU ( C )
Number of shares 435,447.04 473,094.06 561,995.60
Net asset value per share USD 93.73 83.97 105.37
Equity MENA
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 23,323,185 15,793,695 15,853,136
AE ( C )
Number of shares 134.49 177.08 226.53
Net asset value per share EUR 116.24 113.48 100.88
AHE ( C )
Number of shares 3,786.05 4,566.42 72,114.95
Net asset value per share EUR 105.64 99.51 101.29
AU ( C )
Number of shares 99,679.23 20,127.91 40,133.86
Net asset value per share USD 106.15 99.78 101.34
AU ( D )
Number of shares 115.18 70.36 70.36
Net asset value per share USD 106.15 99.77 101.33
FHE ( C )
Number of shares 4,248.40 3,175.18 0.64
Net asset value per share EUR 103.98 98.72 101.29
The accompanying notes form an integral part of these financial statements
181

Financial Details Relating to the Last 3 Years
Equity MENA
Year ending as of: 31/12/12 30/06/12 30/06/11
FU ( C )
Number of shares 6,318.73 4,361.85 0.65
Net asset value per share USD 105.02 99.48 101.41
IHE ( C )
Number of shares 0.55 0.55 0.55
Net asset value per share EUR 1,057.95 997.22 1,013.03
IU ( C )
Number of shares 0.57 873.08 0.57
Net asset value per share USD 1,063.84 999.79 1,014.46
IU ( D )
Number of shares 877.14 917.63 1,138.73
Net asset value per share USD 1,063.55 1,001.77 1,013.55
OU ( C )
Number of shares 8,584.66 9,840.33 0.00
Net asset value per share USD 1,127.36 1,049.72 0.00
SHE ( C )
Number of shares 1,085.47 712.48 0.00
Net asset value per share EUR 103.81 98.29 0.00
SU ( C )
Number of shares 1,653.39 1,333.55 0.00
Net asset value per share USD 105.84 99.80 0.00
Equity Greater China
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 682,124,382 508,741,656 757,351,386
AE ( C )
Number of shares 930,353.72 427,707.58 507,677.21
Net asset value per share EUR 94.71 84.46 87.61
AE ( D )
Number of shares 4,524.00 10.00 10.00
Net asset value per share EUR 94.16 84.56 87.65
AU ( C )
Number of shares 377,489.14 405,009.35 516,624.35
Net asset value per share USD 520.30 446.63 529.29
AU ( D )
Number of shares 7,761.85 8,674.49 10,081.41
Net asset value per share USD 517.07 446.67 529.27
FU ( C )
Number of shares 68,472.50 72,965.38 87,899.18
Net asset value per share USD 98.66 85.31 102.51
The accompanying notes form an integral part of these financial statements
182

Financial Details Relating to the Last 3 Years
Equity Greater China
Year ending as of: 31/12/12 30/06/12 30/06/11
IU ( C )
Number of shares 130,180.10 40,331.03 58,418.11
Net asset value per share USD 549.39 469.42 550.04
I2 ( D )
Number of shares 5,712.00 7,312.00 8,412.00
Net asset value per share USD 130.03 112.37 135.00
I4 ( C )
Number of shares 450,172.00 534,072.00 657,972.00
Net asset value per share USD 343.75 293.00 342.47
I9 ( C )
Number of shares 7,200.00 10,075.00 11,585.00
Net asset value per share USD 108.08 92.06 107.44
MU ( C )
Number of shares 384,815.90 183,359.33 240,222.86
Net asset value per share USD 99.62 85.11 99.75
SU ( C )
Number of shares 2,875,767.72 2,918,074.75 3,882,310.13
Net asset value per share USD 26.93 23.18 27.58
XU ( C )
Number of shares 11,650.71 10,733.58 11,363.58
Net asset value per share USD 1,257.36 1,071.76 1,250.24
Equity India
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 576,901,486 528,875,458 853,505,098
AE ( C )
Number of shares 74,937.90 60,912.86 33,384.23
Net asset value per share EUR 78.42 67.86 81.40
AE ( D )
Number of shares 69.64 10.00 10.00
Net asset value per share EUR 78.50 67.92 81.41
AU ( C )
Number of shares 274,437.58 229,652.42 204,447.83
Net asset value per share USD 145.76 121.41 166.39
AU ( D )
Number of shares 11,442.13 14,751.05 19,701.63
Net asset value per share USD 120.93 100.70 137.88
FU ( C )
Number of shares 5,545.36 4,705.57 0.00
Net asset value per share USD 85.18 71.97 0.00
IU ( C )
Number of shares 11,163.57 2,097.50 7,508.88
Net asset value per share USD 1,525.33 1,272.50 1,727.58
The accompanying notes form an integral part of these financial statements
183

Financial Details Relating to the Last 3 Years
Equity India
Year ending as of: 31/12/12 30/06/12 30/06/11
I2 ( D )
Number of shares 6,251.00 8,051.00 9,251.00
Net asset value per share USD 115.82 96.35 131.69
I4 ( C )
Number of shares 3,150,155.00 3,678,155.00 4,410,455.00
Net asset value per share USD 149.33 123.51 166.93
I9 ( C )
Number of shares 39,274.00 48,714.00 48,525.00
Net asset value per share USD 94.80 78.35 105.73
MU ( C )
Number of shares 23,419.93 16,654.00 43,138.37
Net asset value per share USD 74.44 62.31 84.58
SU ( C )
Number of shares 239,568.48 265,158.68 324,793.58
Net asset value per share USD 140.49 118.17 162.60
XU ( C )
Number of shares 0.00 0.00 950.00
Net asset value per share USD 0.00 0.00 868.69
Equity India Select
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 82,100,756 87,172,247 0
AE ( C )
Number of shares 137,366.58 154,756.99 0.00
Net asset value per share EUR 107.76 100.79 0.00
AU ( C )
Number of shares 83,006.72 92,136.87 0.00
Net asset value per share USD 120.92 107.86 0.00
AU ( D )
Number of shares 326.00 292.00 0.00
Net asset value per share USD 103.60 92.72 0.00
FU ( C )
Number of shares 16,668.65 21,698.09 0.00
Net asset value per share USD 87.00 78.15 0.00
IU ( C )
Number of shares 1.00 1.00 0.00
Net asset value per share USD 1,293.40 1,148.03 0.00
IU ( D )
Number of shares 1.00 1.00 0.00
Net asset value per share USD 1,102.79 983.01 0.00
The accompanying notes form an integral part of these financial statements
184

Financial Details Relating to the Last 3 Years
Equity India Select
Year ending as of: 31/12/12 30/06/12 30/06/11
I6 ( C )
Number of shares 409,502.57 505,285.30 0.00
Net asset value per share USD 124.67 110.61 0.00
MU ( C )
Number of shares 1.00 1.00 0.00
Net asset value per share USD 124.86 110.63 0.00
Equity India Infrastructure
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 44,468,801 37,368,023 68,089,704
AU ( C )
Number of shares 167,359.16 162,245.72 208,400.06
Net asset value per share USD 48.43 40.94 63.37
AU ( D )
Number of shares 12,322.27 11,984.61 9,567.40
Net asset value per share USD 79.92 67.55 104.57
FU ( C )
Number of shares 3,981.67 9,512.04 0.00
Net asset value per share USD 73.01 62.35 0.00
IU ( C )
Number of shares 3,897.89 121.60 225.60
Net asset value per share USD 1,011.56 414.33 636.56
I4 ( C )
Number of shares 333,268.00 387,828.00 449,078.00
Net asset value per share USD 67.27 56.46 86.20
MU ( C )
Number of shares 7,845.38 1,831.42 14,234.60
Net asset value per share USD 89.18 75.44 115.66
SU ( C )
Number of shares 169,841.93 180,108.25 214,239.30
Net asset value per share USD 47.25 40.19 62.47
Equity Korea
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 84,553,255 86,014,570 170,666,379
AE ( C )
Number of shares 200.00 200.00 200.00
Net asset value per share EUR 82.53 79.40 94.63
AU ( C )
Number of shares 392,568.46 436,762.42 667,040.91
Net asset value per share USD 20.17 18.67 25.43
The accompanying notes form an integral part of these financial statements
185

Financial Details Relating to the Last 3 Years
Equity Korea
Year ending as of: 31/12/12 30/06/12 30/06/11
AU ( D )
Number of shares 2,870.68 33,139.77 69,236.83
Net asset value per share USD 20.18 18.68 25.46
FU ( C )
Number of shares 967.38 937.83 0.00
Net asset value per share USD 77.28 72.08 0.00
IU ( C )
Number of shares 18,570.91 18,644.24 30,571.52
Net asset value per share USD 2,561.69 2,362.09 3,189.66
I2 ( D )
Number of shares 8,875.00 9,575.00 11,075.00
Net asset value per share USD 83.36 77.75 107.13
I4 ( C )
Number of shares 116,427.00 137,237.00 170,087.00
Net asset value per share USD 145.94 134.20 180.23
MU ( C )
Number of shares 0.00 2,673.54 23,062.85
Net asset value per share USD 0.00 77.28 104.45
SU ( C )
Number of shares 399,716.28 510,235.24 609,319.77
Net asset value per share USD 18.95 17.59 24.04
XU ( C )
Number of shares 3,246.00 4,675.00 4,012.00
Net asset value per share USD 1,109.68 1,020.58 1,371.24
Equity Latin America
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 1,161,350,501 1,285,376,590 2,598,470,998
AE ( C )
Number of shares 179,702.21 143,318.32 122,850.32
Net asset value per share EUR 86.34 81.24 92.70
AE ( D )
Number of shares 181,982.59 210.18 190.00
Net asset value per share EUR 84.72 80.80 92.76
AU ( C )
Number of shares 682,758.80 786,974.17 1,001,345.97
Net asset value per share USD 620.71 562.18 732.90
AU ( D )
Number of shares 33,307.14 32,173.46 37,195.55
Net asset value per share USD 554.46 508.74 665.93
The accompanying notes form an integral part of these financial statements
186

Financial Details Relating to the Last 3 Years
Equity Latin America
Year ending as of: 31/12/12 30/06/12 30/06/11
FU ( C )
Number of shares 30,321.17 34,131.79 39,999.49
Net asset value per share USD 85.81 78.40 103.64
IU ( C )
Number of shares 55,140.96 68,732.55 94,514.62
Net asset value per share USD 6,239.02 5,623.86 7,263.56
MU ( C )
Number of shares 63,933.79 91,560.67 275,443.75
Net asset value per share USD 100.60 90.75 117.20
O1 ( C )
Number of shares 113,370.40 113,370.40 0.00
Net asset value per share USD 914.03 819.33 0.00
SE ( C )
Number of shares 43,991.16 71,068.50 44,603.79
Net asset value per share EUR 88.07 83.23 95.35
SU ( C )
Number of shares 131,090.78 166,666.61 219,148.62
Net asset value per share USD 599.42 545.33 713.77
XU ( C )
Number of shares 84,305.81 151,539.69 495,663.49
Net asset value per share USD 1,636.11 1,471.43 1,891.90
Equity Thailand
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 122,123,781 87,922,293 75,147,766
AU ( C )
Number of shares 336,031.85 430,814.35 369,955.40
Net asset value per share USD 128.97 106.90 93.64
AU ( D )
Number of shares 16,475.89 13,279.77 14,241.62
Net asset value per share USD 123.97 103.23 90.42
FU ( C )
Number of shares 209.33 0.00 0.00
Net asset value per share USD 110.23 0.00 0.00
IU ( C )
Number of shares 7,980.80 4,416.34 3,679.27
Net asset value per share USD 6,244.61 5,155.63 4,482.55
MU ( C )
Number of shares 36,887.75 11,173.18 18,589.66
Net asset value per share USD 172.08 142.74 124.11
The accompanying notes form an integral part of these financial statements
187

Financial Details Relating to the Last 3 Years
Equity Thailand
Year ending as of: 31/12/12 30/06/12 30/06/11
SU ( C )
Number of shares 933,913.62 885,129.74 1,271,735.32
Net asset value per share USD 21.70 18.08 15.90
XU ( C )
Number of shares 132.00 78.00 137.00
Net asset value per share USD 2,025.15 1,668.21 1,443.21
Equity Global Aqua
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 31,212,648 33,107,270 34,671,891
AE ( C )
Number of shares 194,612.65 173,569.24 218,766.99
Net asset value per share EUR 99.11 94.02 86.22
AE ( D )
Number of shares 10,696.17 10,811.46 12,792.74
Net asset value per share EUR 92.62 88.19 80.87
FE ( C )
Number of shares 2,628.90 291.71 0.00
Net asset value per share EUR 111.46 106.50 0.00
IE ( C )
Number of shares 2,021.03 7,290.78 5,991.12
Net asset value per share EUR 1,037.59 979.36 889.29
ME ( C )
Number of shares 1,674.04 1,136.39 2,098.89
Net asset value per share EUR 117.92 111.32 101.06
SE ( C )
Number of shares 86,269.58 92,822.34 109,061.42
Net asset value per share EUR 96.76 91.97 84.68
Equity Europe Minimum Variance
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 62,970,456 58,595,504 0
IE ( C )
Number of shares 39,968.38 40,134.96 0.00
Net asset value per share EUR 1,557.16 1,449.50 0.00
ME ( C )
Number of shares 5,381.64 3,700.86 0.00
Net asset value per share EUR 121.43 113.47 0.00
SE ( C )
Number of shares 781.58 0.00 0.00
Net asset value per share EUR 101.90 0.00 0.00
The accompanying notes form an integral part of these financial statements
188

Financial Details Relating to the Last 3 Years
Equity Global Minimum Variance
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 27,973,629 0 0
AU ( C )
Number of shares 10.00 0.00 0.00
Net asset value per share USD 102.26 0.00 0.00
IE ( C )
Number of shares 17,053.76 0.00 0.00
Net asset value per share EUR 958.55 0.00 0.00
OU ( C )
Number of shares 6,469.27 0.00 0.00
Net asset value per share USD 992.35 0.00 0.00
SU ( C )
Number of shares 10.00 0.00 0.00
Net asset value per share USD 102.07 0.00 0.00
Convertible Europe
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 125,446,097 92,824,176 88,149,847
AE ( C )
Number of shares 33,728.66 32,922.00 90,199.78
Net asset value per share EUR 104.70 99.21 100.76
AE ( D )
Number of shares 500.00 0.00 0.00
Net asset value per share EUR 100.57 0.00 0.00
FE ( C )
Number of shares 28,987.38 8,868.23 24,107.17
Net asset value per share EUR 103.72 98.59 100.74
IE ( C )
Number of shares 94,607.33 79,508.99 68,700.61
Net asset value per share EUR 1,059.49 999.71 1,007.34
ME ( C )
Number of shares 171,939.32 90,420.70 73,711.36
Net asset value per share EUR 105.95 100.00 100.77
SE ( C )
Number of shares 3,936.07 1,590.11 0.00
Net asset value per share EUR 102.95 97.66 0.00
The accompanying notes form an integral part of these financial statements
189

Financial Details Relating to the Last 3 Years
Convertible Global
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 19,393,800 17,182,520 20,414,371
AE ( C )
Number of shares 1,231,827.16 964,014.30 868,644.62
Net asset value per share EUR 10.61 10.20 10.79
AE ( D )
Number of shares 50,424.22 50,250.22 50,913.22
Net asset value per share EUR 10.27 9.90 10.52
FE ( C )
Number of shares 1,082.24 574.74 0.00
Net asset value per share EUR 98.42 95.41 0.00
IE ( C )
Number of shares 1,002.17 1,323.00 152.00
Net asset value per share EUR 1,282.23 1,226.65 1,288.16
ME ( C )
Number of shares 0.00 838.47 838.47
Net asset value per share EUR 0.00 103.52 108.73
SE ( C )
Number of shares 388,333.20 465,708.78 880,833.43
Net asset value per share EUR 11.36 10.93 11.60
Bond Global Corporate
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 253,899,419 79,091,119 75,412,057
AE ( C )
Number of shares 56,145.83 276.00 10.00
Net asset value per share EUR 124.14 119.58 101.56
AE ( D )
Number of shares 1,091.00 448.00 0.00
Net asset value per share EUR 112.55 109.82 0.00
AHE ( C )
Number of shares 3,902.77 0.00 0.00
Net asset value per share EUR 100.32 0.00 0.00
AU ( C )
Number of shares 23,730.60 6,456.39 14,330.66
Net asset value per share USD 139.04 129.26 125.38
AU ( D )
Number of shares 2,483.72 1,847.15 1,017.58
Net asset value per share USD 114.49 109.85 111.19
FU ( C )
Number of shares 3,982.90 1,685.71 0.00
Net asset value per share USD 110.46 102.96 0.00
The accompanying notes form an integral part of these financial statements
190

Financial Details Relating to the Last 3 Years
Bond Global Corporate
Year ending as of: 31/12/12 30/06/12 30/06/11
IHE ( C )
Number of shares 4,378.43 0.00 0.00
Net asset value per share EUR 1,009.79 0.00 0.00
IU ( C )
Number of shares 140,150.47 55,896.85 55,293.04
Net asset value per share USD 1,412.91 1,309.32 1,263.33
MU ( C )
Number of shares 37,200.43 0.00 0.00
Net asset value per share USD 106.61 0.00 0.00
OU ( C )
Number of shares 24,593.89 0.00 0.00
Net asset value per share USD 1,053.65 0.00 0.00
SU ( C )
Number of shares 45,700.03 35,883.32 29,334.54
Net asset value per share USD 137.44 127.88 124.33
Bond Euro Aggregate
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 242,173,016 186,188,207 301,033,204
AE ( C )
Number of shares 493,329.40 380,322.55 428,372.45
Net asset value per share EUR 112.83 103.98 99.80
AE ( D )
Number of shares 49,149.49 29,575.33 27,278.46
Net asset value per share EUR 110.30 103.99 99.81
FE ( C )
Number of shares 11,620.10 10,902.12 14,371.13
Net asset value per share EUR 112.14 103.56 99.79
IE ( C )
Number of shares 68,289.55 43,160.19 29,981.68
Net asset value per share EUR 1,136.70 1,046.08 998.16
I2 ( D )
Number of shares 65,488.04 90,613.54 213,654.50
Net asset value per share EUR 1,022.81 973.69 998.19
ME ( C )
Number of shares 237,148.36 6,991.84 1,026.26
Net asset value per share EUR 113.32 104.50 99.81
OE ( C )
Number of shares 990.00 1,737.01 2,095.75
Net asset value per share EUR 1,146.32 1,050.89 998.25
The accompanying notes form an integral part of these financial statements
191

Financial Details Relating to the Last 3 Years
Bond Euro Aggregate
Year ending as of: 31/12/12 30/06/12 30/06/11
SE ( C )
Number of shares 63,761.34 62,657.89 87,531.15
Net asset value per share EUR 112.48 103.77 99.80
Bond Euro Corporate
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 1,140,842,222 690,827,794 542,831,952
AE ( C )
Number of shares 9,520,688.24 6,524,312.44 3,402,258.03
Net asset value per share EUR 17.09 15.96 15.35
AE ( D )
Number of shares 11,626,495.34 9,119,028.61 4,837,684.57
Net asset value per share EUR 11.17 10.72 10.66
FE ( C )
Number of shares 42,083.49 42,145.84 59,265.46
Net asset value per share EUR 110.14 103.07 99.56
IE ( C )
Number of shares 205,393.02 119,369.25 27,602.22
Net asset value per share EUR 1,729.95 1,611.00 1,540.77
IE ( D )
Number of shares 85,472.40 96,999.40 9,905.99
Net asset value per share EUR 1,229.16 1,184.34 1,176.17
I2 ( D )
Number of shares 1,147,534.77 1,466,427.58 1,989,623.34
Net asset value per share EUR 87.09 84.10 86.59
ME ( C )
Number of shares 718,125.33 304,084.33 634,378.61
Net asset value per share EUR 134.24 125.06 119.73
OE ( C )
Number of shares 152,468.00 1,570.00 115,066.35
Net asset value per share EUR 1,126.33 1,046.40 995.91
SE ( C )
Number of shares 910,905.19 923,560.10 1,073,880.97
Net asset value per share EUR 16.67 15.59 15.03
The accompanying notes form an integral part of these financial statements
192

Financial Details Relating to the Last 3 Years
Bond Euro Government
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 110,302,138 119,161,720 13,378,755
AE ( C )
Number of shares 260,591.91 317,741.47 133,435.48
Net asset value per share EUR 108.48 101.63 97.87
AE ( D )
Number of shares 5,902.00 5,322.00 3,312.00
Net asset value per share EUR 103.53 98.90 96.47
FE ( C )
Number of shares 14,195.84 15,011.65 0.00
Net asset value per share EUR 110.05 103.31 0.00
IE ( C )
Number of shares 57,414.90 65,101.14 0.00
Net asset value per share EUR 1,118.00 1,044.04 0.00
ME ( C )
Number of shares 45,452.21 25,400.21 0.00
Net asset value per share EUR 111.71 104.35 0.00
OE ( C )
Number of shares 9,198.11 13,410.00 0.00
Net asset value per share EUR 1,124.86 1,048.31 0.00
SE ( C )
Number of shares 2,297.47 1,150.82 0.00
Net asset value per share EUR 107.19 100.52 0.00
Bond Euro Inflation
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 155,975,873 153,141,622 321,869,745
AE ( C )
Number of shares 421,248.75 407,238.50 931,083.87
Net asset value per share EUR 138.77 129.79 133.02
AE ( D )
Number of shares 154,527.42 167,365.58 339,045.74
Net asset value per share EUR 126.18 119.02 127.76
FE ( C )
Number of shares 24,252.17 24,965.03 52,541.28
Net asset value per share EUR 104.44 98.03 100.87
IE ( C )
Number of shares 18,527.52 21,678.13 46,590.32
Net asset value per share EUR 1,456.57 1,360.13 1,386.43
ME ( C )
Number of shares 178,196.03 182,075.49 296,555.24
Net asset value per share EUR 119.82 111.73 113.85
The accompanying notes form an integral part of these financial statements
193

Financial Details Relating to the Last 3 Years
Bond Euro Inflation
Year ending as of: 31/12/12 30/06/12 30/06/11
OE ( C )
Number of shares 300.00 300.00 1,287.40
Net asset value per share EUR 1,069.21 994.75 1,009.06
SE ( C )
Number of shares 196,784.32 217,384.77 378,832.98
Net asset value per share EUR 136.33 127.84 131.30
Bond Euro High Yield
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 603,275,270 323,573,266 538,441,718
AE ( C )
Number of shares 5,597,062.22 4,098,243.40 7,396,900.19
Net asset value per share EUR 17.32 15.56 15.70
AE ( D )
Number of shares 663,062.14 699,621.96 422,620.65
Net asset value per share EUR 10.91 10.30 10.99
FE ( C )
Number of shares 53,446.63 55,046.73 80,235.61
Net asset value per share EUR 109.54 98.72 100.18
IE ( C )
Number of shares 128,731.28 23,076.13 52,502.36
Net asset value per share EUR 1,995.83 1,786.10 1,782.35
IE ( D )
Number of shares 47,156.41 47,156.41 57,233.95
Net asset value per share EUR 1,057.96 1,005.24 1,056.81
I2 ( D )
Number of shares 1,420,143.00 1,790,418.00 2,482,222.00
Net asset value per share EUR 75.36 71.96 81.82
ME ( C )
Number of shares 385,392.93 58,487.61 100,666.42
Net asset value per share EUR 137.55 123.09 122.90
OE ( C )
Number of shares 1,639.00 0.00 0.00
Net asset value per share EUR 1,079.50 0.00 0.00
SE ( C )
Number of shares 1,470,028.72 1,492,390.96 2,632,804.37
Net asset value per share EUR 16.76 15.07 15.23
The accompanying notes form an integral part of these financial statements
194

Financial Details Relating to the Last 3 Years
Bond US Opportunistic Core Plus
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 400,917,801 224,850,183 83,256,101
AE ( C )
Number of shares 87,130.21 66,630.69 28,344.88
Net asset value per share EUR 120.87 120.59 99.11
AHE ( C )
Number of shares 121,924.96 86,423.03 84,207.36
Net asset value per share EUR 110.33 106.26 99.55
AU ( C )
Number of shares 344,046.57 272,339.44 246,462.05
Net asset value per share USD 110.41 106.04 99.55
AU ( D )
Number of shares 3,226.00 106.00 0.00
Net asset value per share USD 107.10 104.82 0.00
FHE ( C )
Number of shares 630,254.35 361,763.74 126,833.19
Net asset value per share EUR 109.36 105.45 99.54
FU ( C )
Number of shares 170,435.67 157,040.51 32,546.88
Net asset value per share USD 109.45 105.36 99.54
IHE ( C )
Number of shares 42,844.81 22,198.09 10,942.66
Net asset value per share EUR 1,109.29 1,065.03 995.68
IU ( C )
Number of shares 52,732.19 36,839.48 5,175.03
Net asset value per share USD 1,111.11 1,064.69 995.63
IU ( D )
Number of shares 531.54 0.00 0.00
Net asset value per share USD 1,041.01 0.00 0.00
MHE ( C )
Number of shares 137,602.23 2,904.46 0.00
Net asset value per share EUR 106.01 101.79 0.00
MU ( C )
Number of shares 995.74 5,370.13 0.00
Net asset value per share USD 106.32 101.90 0.00
SHE ( C )
Number of shares 302,998.21 129,428.53 0.00
Net asset value per share EUR 108.42 104.43 0.00
The accompanying notes form an integral part of these financial statements
195

Financial Details Relating to the Last 3 Years
Bond US Opportunistic Core Plus
Year ending as of: 31/12/12 30/06/12 30/06/11
SHE-QD ( D )
Number of shares 1,947.13 750.00 0.00
Net asset value per share EUR 102.97 99.98 0.00
SU ( C )
Number of shares 332,783.09 207,015.59 0.00
Net asset value per share USD 109.36 105.11 0.00
Bond Europe
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 130,036,612 110,539,972 100,600,869
AE ( C )
Number of shares 288,701.20 313,269.66 354,146.74
Net asset value per share EUR 162.22 148.71 142.74
AE ( D )
Number of shares 207,562.51 231,053.07 202,028.86
Net asset value per share EUR 109.35 103.65 104.20
FE ( C )
Number of shares 33,695.60 36,344.46 15,446.28
Net asset value per share EUR 112.39 103.29 99.74
IE ( C )
Number of shares 23,059.38 15,121.19 13,115.22
Net asset value per share EUR 1,580.24 1,446.05 1,379.59
ME ( C )
Number of shares 121,476.56 82,605.46 30,165.10
Net asset value per share EUR 124.57 113.93 108.88
SE ( C )
Number of shares 32,252.67 33,956.44 43,155.49
Net asset value per share EUR 159.62 146.46 140.86
Bond Global Aggregate
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 687,466,809 226,491,822 197,940,627
AE ( C )
Number of shares 99,671.09 16,137.20 0.00
Net asset value per share EUR 117.97 113.52 0.00
AE ( D )
Number of shares 54,813.04 8,518.00 83,511.00
Net asset value per share EUR 116.31 116.40 101.51
AU ( C )
Number of shares 245,418.02 125,823.72 342,710.90
Net asset value per share USD 192.48 179.50 177.16
The accompanying notes form an integral part of these financial statements
196

Financial Details Relating to the Last 3 Years
Bond Global Aggregate
Year ending as of: 31/12/12 30/06/12 30/06/11
AU ( D )
Number of shares 146,498.57 20,629.02 561.00
Net asset value per share USD 108.59 105.18 106.60
FHE ( C )
Number of shares 187,422.46 28,032.89 9,212.18
Net asset value per share EUR 105.98 99.40 98.83
FHE ( MD )
Number of shares 519,794.18 112,408.07 0.00
Net asset value per share EUR 101.97 97.39 0.00
FU ( C )
Number of shares 83,357.66 27,914.71 0.00
Net asset value per share USD 107.03 100.16 0.00
IE ( C )
Number of shares 7,531.61 0.00 0.00
Net asset value per share EUR 983.56 0.00 0.00
IHE (C)
Number of shares 7,020.00 0.00 0.00
Net asset value per share EUR 1,010.20 0.00 0.00
IU ( C )
Number of shares 38,643.85 23,769.36 18,560.39
Net asset value per share USD 1,815.25 1,693.12 1,660.25
MHE ( C )
Number of shares 447,155.98 29,732.24 3,740.34
Net asset value per share EUR 108.76 101.16 99.41
MU ( C )
Number of shares 260,391.34 215,550.07 242,304.78
Net asset value per share USD 119.74 111.23 109.04
OU ( C )
Number of shares 36,890.84 0.00 0.00
Net asset value per share USD 1,058.45 0.00 0.00
SHE ( C )
Number of shares 429,550.05 97,413.52 25,397.70
Net asset value per share EUR 107.64 100.70 99.41
SHE-MD ( D )
Number of shares 383,056.94 108,945.80 2,624.36
Net asset value per share EUR 100.89 96.16 99.07
SU ( C )
Number of shares 841,102.30 474,211.21 351,828.89
Net asset value per share USD 190.12 177.44 175.49
The accompanying notes form an integral part of these financial statements
197

Financial Details Relating to the Last 3 Years
Bond Global
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 435,890,689 240,470,608 465,541,274
AE ( C )
Number of shares 17,054.67 12,851.16 19,267.63
Net asset value per share EUR 112.84 105.80 99.66
AE ( D )
Number of shares 52.00 30.00 0.00
Net asset value per share EUR 106.45 104.60 0.00
AU ( C )
Number of shares 4,142,707.68 2,964,786.46 4,379,562.03
Net asset value per share USD 25.39 22.92 24.66
AU ( D )
Number of shares 2,347,308.91 324,334.68 3,203,550.73
Net asset value per share USD 15.60 14.84 17.18
FHE ( C )
Number of shares 13,870.11 4,620.35 0.00
Net asset value per share EUR 100.30 92.14 0.00
FHE ( MD )
Number of shares 56,285.78 32,665.54 0.00
Net asset value per share EUR 98.49 91.69 0.00
FU ( C )
Number of shares 6,325.93 5,481.02 6,615.73
Net asset value per share USD 100.45 92.27 100.09
IE-D ( D )
Number of shares 1.00 1.00 1.00
Net asset value per share EUR 945.49 940.11 981.22
IU ( C )
Number of shares 46,512.25 34,473.04 52,987.96
Net asset value per share USD 2,508.17 2,280.59 2,441.29
IU ( D )
Number of shares 235.80 243.80 15,675.80
Net asset value per share USD 1,913.64 1,830.49 2,122.68
MHE ( C )
Number of shares 3,135.23 0.00 0.00
Net asset value per share EUR 100.32 0.00 0.00
MU ( C )
Number of shares 463,242.48 389,705.96 713,186.05
Net asset value per share USD 136.19 124.03 132.84
OU ( C )
Number of shares 61,484.73 0.00 0.00
Net asset value per share USD 1,078.84 0.00 0.00
The accompanying notes form an integral part of these financial statements
198

Financial Details Relating to the Last 3 Years
Bond Global
Year ending as of: 31/12/12 30/06/12 30/06/11
SHE ( C )
Number of shares 31,618.43 19,227.17 11,314.29
Net asset value per share EUR 102.30 93.87 101.99
SHE-MD ( D )
Number of shares 60,028.61 40,920.15 2,062.00
Net asset value per share EUR 92.58 86.01 96.65
SU ( C )
Number of shares 950,327.10 1,205,176.31 1,645,379.19
Net asset value per share USD 24.43 22.38 24.14
Bond Global Inflation
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 197,538,422 176,414,557 175,317,479
AE ( C )
Number of shares 1,176,412.89 1,148,534.18 1,176,207.75
Net asset value per share EUR 120.31 117.08 110.75
AE ( D )
Number of shares 64,509.07 66,305.67 115,583.09
Net asset value per share EUR 106.36 107.79 106.42
FE ( C )
Number of shares 3,759.69 4,044.84 0.00
Net asset value per share EUR 107.10 104.45 0.00
IE ( C )
Number of shares 23,673.52 17,039.46 22,812.03
Net asset value per share EUR 1,228.70 1,192.22 1,121.11
ME ( C )
Number of shares 52,548.43 30,330.77 13,081.21
Net asset value per share EUR 114.92 111.57 105.02
SE ( C )
Number of shares 114,018.26 91,733.44 52,637.67
Net asset value per share EUR 119.42 116.34 110.27
Bond Emerging Inflation
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 99,855,027 75,587,934 60,061,977
AU ( C )
Number of shares 836.00 638.39 245.39
Net asset value per share USD 101.33 92.07 96.77
AU ( D )
Number of shares 387.00 294.00 0.00
Net asset value per share USD 113.45 104.11 0.00
The accompanying notes form an integral part of these financial statements
199

Financial Details Relating to the Last 3 Years
Bond Emerging Inflation
Year ending as of: 31/12/12 30/06/12 30/06/11
FU ( C )
Number of shares 9,015.61 2,567.86 0.00
Net asset value per share USD 104.18 94.95 0.00
IE ( C )
Number of shares 33,266.59 25,095.41 0.00
Net asset value per share EUR 1,188.88 1,116.06 0.00
IU ( C )
Number of shares 18,827.15 33,828.52 61,917.39
Net asset value per share USD 1,032.09 932.59 969.54
OU ( C )
Number of shares 23,778.08 7,610.59 0.00
Net asset value per share USD 1,094.64 986.35 0.00
SU ( C )
Number of shares 11,741.68 7,152.90 68.57
Net asset value per share USD 100.87 91.75 96.74
Bond Global Emerging
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 259,449,547 130,512,783 125,702,451
AE ( C )
Number of shares 357,353.11 15,166.28 9,748.80
Net asset value per share EUR 113.23 107.35 99.98
AE ( D )
Number of shares 12,463.00 630.00 0.00
Net asset value per share EUR 106.66 104.65 0.00
AU ( C )
Number of shares 462,154.45 412,780.45 487,870.49
Net asset value per share USD 29.23 26.67 28.38
AU ( D )
Number of shares 385,067.24 187,190.79 185,685.69
Net asset value per share USD 16.13 15.31 16.95
FHE ( C )
Number of shares 10,151.65 4,040.17 0.00
Net asset value per share EUR 99.86 92.84 0.00
FHE ( MD )
Number of shares 110,387.10 62,444.96 0.00
Net asset value per share EUR 92.13 87.67 0.00
FU ( C )
Number of shares 4,679.22 3,765.44 0.00
Net asset value per share USD 102.72 94.02 0.00
The accompanying notes form an integral part of these financial statements
200

Financial Details Relating to the Last 3 Years
Bond Global Emerging
Year ending as of: 31/12/12 30/06/12 30/06/11
IU ( C )
Number of shares 48,988.32 34,756.66 32,882.40
Net asset value per share USD 2,107.06 1,912.07 2,013.00
MHE ( C )
Number of shares 142.51 0.00 0.00
Net asset value per share EUR 103.39 0.00 0.00
MU ( C )
Number of shares 126,333.59 18,803.01 46,605.48
Net asset value per share USD 159.15 144.46 152.13
SHE ( C )
Number of shares 18,315.16 7,947.47 50.37
Net asset value per share EUR 100.86 93.68 101.45
SHE-MD ( D )
Number of shares 102,350.10 82,117.10 2,629.05
Net asset value per share EUR 93.44 88.69 100.70
SU ( C )
Number of shares 1,091,089.33 1,053,416.51 1,214,567.35
Net asset value per share USD 28.42 25.96 27.68
Bond Global Emerging Corporate
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 140,108,673 58,979,326 0
AE ( D )
Number of shares 346.50 0.00 0.00
Net asset value per share EUR 99.62 0.00 0.00
AHE ( C )
Number of shares 10,200.00 0.00 0.00
Net asset value per share EUR 102.15 0.00 0.00
AU ( C )
Number of shares 19,807.38 0.00 0.00
Net asset value per share USD 101.32 0.00 0.00
AU ( D )
Number of shares 5,655.00 0.00 0.00
Net asset value per share USD 102.35 0.00 0.00
FHE ( C )
Number of shares 79.46 0.00 0.00
Net asset value per share EUR 100.91 0.00 0.00
IHE ( C )
Number of shares 808.54 0.00 0.00
Net asset value per share EUR 777.42 0.00 0.00
The accompanying notes form an integral part of these financial statements
201

Financial Details Relating to the Last 3 Years
Bond Global Emerging Corporate
Year ending as of: 31/12/12 30/06/12 30/06/11
IU ( C )
Number of shares 110,029.92 52,991.27 0.00
Net asset value per share USD 1,229.10 1,113.00 0.00
SHE ( C )
Number of shares 200.00 0.00 0.00
Net asset value per share EUR 101.92 0.00 0.00
Multi Asset Emerging Markets
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 86,881,828 0 0
AHE (C)
Number of shares 5,500.00 0.00 0.00
Net asset value per share EUR 104.01 0.00 0.00
AU (C)
Number of shares 5,659.95 0.00 0.00
Net asset value per share USD 104.10 0.00 0.00
IHE (C)
Number of shares 11,800.00 0.00 0.00
Net asset value per share EUR 1,041.13 0.00 0.00
IU (C)
Number of shares 66,547.41 0.00 0.00
Net asset value per share USD 1,041.97 0.00 0.00
SU (C)
Number of shares 10.00 0.00 0.00
Net asset value per share USD 104.09 0.00 0.00
Index Equity Euro
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 159,934,175 162,503,156 232,034,310
AE ( C )
Number of shares 48,604.37 46,261.77 48,588.96
Net asset value per share EUR 99.89 86.30 102.32
AE ( D )
Number of shares 34.28 27.41 16.63
Net asset value per share EUR 121.71 107.02 129.86
IE ( C )
Number of shares 112,156.88 146,332.82 146,532.38
Net asset value per share EUR 1,007.18 869.35 1,028.73
IE ( D )
Number of shares 5,455.89 7,790.45 50,968.50
Net asset value per share EUR 910.42 801.09 972.54
The accompanying notes form an integral part of these financial statements
202

Financial Details Relating to the Last 3 Years
Index Equity Euro
Year ending as of: 31/12/12 30/06/12 30/06/11
ME ( C )
Number of shares 31,686.33 6,570.07 99,284.91
Net asset value per share EUR 114.05 98.47 116.45
OE ( C )
Number of shares 35,186.17 29,684.92 15,627.35
Net asset value per share EUR 952.98 822.15 971.90
Index Equity Europe
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 445,878,633 464,996,715 450,844,604
AE ( C )
Number of shares 18,407.65 12,811.67 12,582.10
Net asset value per share EUR 115.10 103.13 108.03
AE ( D )
Number of shares 58.59 51.58 41.43
Net asset value per share EUR 123.64 113.28 121.89
IE ( C )
Number of shares 104,260.24 107,973.75 32,863.64
Net asset value per share EUR 1,160.47 1,038.80 1,086.05
IE ( D )
Number of shares 286,155.86 344,376.26 387,318.90
Net asset value per share EUR 1,042.38 955.62 1,029.06
ME ( C )
Number of shares 50,015.63 50,958.63 42,172.33
Net asset value per share EUR 171.18 153.27 160.31
OE ( C )
Number of shares 15,336.00 15,724.00 8,716.00
Net asset value per share EUR 1,037.90 928.62 969.88
Index Equity North America
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 550,603,630 519,386,713 487,286,249
AE ( C )
Number of shares 279,606.81 276,995.02 65,309.21
Net asset value per share EUR 139.43 136.54 117.16
AE ( D )
Number of shares 269.04 68.72 50.05
Net asset value per share EUR 153.37 151.90 131.89
AU ( C )
Number of shares 14,157.25 12,929.24 23,867.68
Net asset value per share USD 131.48 123.93 121.48
The accompanying notes form an integral part of these financial statements
203

Financial Details Relating to the Last 3 Years
Index Equity North America
Year ending as of: 31/12/12 30/06/12 30/06/11
IE ( C )
Number of shares 92,985.31 109,097.73 103,797.14
Net asset value per share EUR 1,405.94 1,375.47 1,177.91
IE ( D )
Number of shares 152,956.55 159,909.89 224,237.18
Net asset value per share EUR 1,325.71 1,313.67 1,141.00
IU ( C )
Number of shares 2,816.72 2,494.75 6,541.04
Net asset value per share USD 1,089.90 1,026.36 1,004.15
ME ( C )
Number of shares 953,028.98 608,633.92 614,730.19
Net asset value per share EUR 164.14 160.63 137.63
OE ( C )
Number of shares 15,776.00 18,376.00 10,935.86
Net asset value per share EUR 1,134.25 1,109.10 948.85
Index Equity Pacific
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 109,464,292 105,337,920 104,828,860
AE ( C )
Number of shares 26,447.69 24,269.81 44,131.02
Net asset value per share EUR 149.66 142.32 135.91
AE ( D )
Number of shares 89.07 82.21 65.17
Net asset value per share EUR 120.50 117.55 115.04
IE ( C )
Number of shares 42,506.75 43,476.43 44,249.40
Net asset value per share EUR 1,504.88 1,430.09 1,363.37
IE ( D )
Number of shares 24,371.58 23,427.26 26,475.50
Net asset value per share EUR 1,381.63 1,348.44 1,321.30
ME ( C )
Number of shares 20,306.84 21,864.74 19,127.59
Net asset value per share EUR 131.61 125.10 119.33
OE ( C )
Number of shares 5,209.14 5,686.16 1,367.15
Net asset value per share EUR 994.93 945.02 900.05
The accompanying notes form an integral part of these financial statements
204

Financial Details Relating to the Last 3 Years
Index Global Bond (EUR) Hedged
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 503,984,072 618,139,867 328,651,815
AE ( C )
Number of shares 416,616.30 377,031.62 452,305.51
Net asset value per share EUR 122.86 120.84 113.01
AE ( D )
Number of shares 199.56 53.34 53.43
Net asset value per share EUR 105.50 107.07 103.18
IE ( C )
Number of shares 359,453.54 463,022.33 236,570.37
Net asset value per share EUR 1,234.84 1,213.36 1,132.62
ME ( C )
Number of shares 76,202.37 93,672.33 89,349.07
Net asset value per share EUR 116.89 114.89 107.30
Absolute Forex
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 111,099,652 124,356,714 389,404,462
AE ( C )
Number of shares 81,618.61 79,491.37 1,965,801.38
Net asset value per share EUR 100.51 98.93 100.24
AE ( D )
Number of shares 0.00 0.00 13.50
Net asset value per share EUR 0.00 0.00 100.25
FE ( C )
Number of shares 6,375.52 13,315.98 40,221.67
Net asset value per share EUR 99.70 98.34 100.23
Classic H ( C )
Number of shares 3.01 3.01 3.01
Net asset value per share EUR 99.85 98.45 100.27
IE ( C )
Number of shares 90,246.42 103,596.68 64,792.59
Net asset value per share EUR 1,010.57 992.74 1,002.53
ME ( C )
Number of shares 87,544.30 91,477.29 1,179,648.10
Net asset value per share EUR 100.92 99.18 100.25
SE ( C )
Number of shares 22,191.36 33,077.50 50,830.89
Net asset value per share EUR 100.28 98.74 100.24
The accompanying notes form an integral part of these financial statements
205

Financial Details Relating to the Last 3 Years
Absolute VaR 2(EUR)
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 53,650,153 67,640,052 176,761,842
AE ( C )
Number of shares 54,551.22 67,974.71 156,788.28
Net asset value per share EUR 114.87 114.10 117.13
AE ( D )
Number of shares 15,957.18 19,653.94 30,709.23
Net asset value per share EUR 98.39 98.25 102.34
AHG ( C )
Number of shares 2,888.39 3,000.39 9,077.51
Net asset value per share GBP 97.54 96.75 100.08
AHG ( D )
Number of shares 0.00 457.83 457.83
Net asset value per share GBP 0.00 96.95 100.12
AHU ( C )
Number of shares 10,369.23 16,331.60 0.00
Net asset value per share USD 118.58 117.64 0.00
AHU ( D )
Number of shares 20.00 20.00 0.00
Net asset value per share USD 100.23 99.63 0.00
FE ( C )
Number of shares 2,331.38 1,840.35 2,004.48
Net asset value per share EUR 97.97 97.42 100.26
FHU ( C )
Number of shares 117.84 117.84 0.00
Net asset value per share USD 102.01 101.35 0.00
Classic H ( C )
Number of shares 513.88 644.85 3,995.33
Net asset value per share EUR 111.17 110.55 113.76
IE ( C )
Number of shares 6,725.68 6,774.68 39,790.63
Net asset value per share EUR 1,179.35 1,169.70 1,196.26
IHG ( C )
Number of shares 46.49 47.01 47.01
Net asset value per share GBP 982.78 973.30 1,001.37
ME ( C )
Number of shares 4,079.30 9,744.77 270,834.74
Net asset value per share EUR 109.55 108.69 111.25
SE ( C )
Number of shares 292,820.46 386,290.86 652,097.96
Net asset value per share EUR 113.80 113.08 116.18
The accompanying notes form an integral part of these financial statements
206

Financial Details Relating to the Last 3 Years
Absolute VaR 2(EUR)
Year ending as of: 31/12/12 30/06/12 30/06/11
SHU ( C )
Number of shares 27,819.29 33,087.93 0.00
Net asset value per share USD 117.58 116.67 0.00
Absolute VaR 4(EUR)
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 99,096,869 124,542,927 116,435,254
AE ( C )
Number of shares 81,332.80 101,685.74 237,385.86
Net asset value per share EUR 106.26 105.80 113.02
AE ( D )
Number of shares 28,578.46 40,814.99 76,848.98
Net asset value per share EUR 85.99 86.35 94.49
AHU ( C )
Number of shares 1,946.25 2,096.25 0.00
Net asset value per share USD 103.86 103.25 0.00
AHU ( D )
Number of shares 902.00 902.00 0.00
Net asset value per share USD 92.94 92.62 0.00
FE ( C )
Number of shares 5.00 5.00 0.00
Net asset value per share EUR 94.18 94.00 0.00
Classic H ( C )
Number of shares 2,149.16 4,025.11 8,134.49
Net asset value per share EUR 103.22 102.93 110.29
IE ( C )
Number of shares 235.01 305.06 4,484.67
Net asset value per share EUR 1,104.23 1,096.43 1,165.09
IHU ( C )
Number of shares 66,476.76 79,359.14 0.00
Net asset value per share USD 1,067.62 1,058.70 0.00
ME ( C )
Number of shares 5,625.23 6,872.71 52,147.93
Net asset value per share EUR 100.50 99.84 106.19
SE ( C )
Number of shares 311,276.79 401,261.60 630,278.50
Net asset value per share EUR 105.28 104.87 112.15
SHU ( C )
Number of shares 1,676.94 3,749.45 0.00
Net asset value per share USD 103.21 102.67 0.00
The accompanying notes form an integral part of these financial statements
207

Financial Details Relating to the Last 3 Years
Absolute Statistical Arbitrage
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 52,980,959 61,912,771 118,572,747
AE ( C )
Number of shares 10.00 10.00 49,840.71
Net asset value per share EUR 87.88 89.20 98.42
AHU ( C )
Number of shares 100.00 100.00 115.06
Net asset value per share USD 87.69 88.84 98.53
FE ( C )
Number of shares 31.93 53.18 0.00
Net asset value per share EUR 90.31 91.94 0.00
IE ( C )
Number of shares 28,071.74 29,171.74 59,264.21
Net asset value per share EUR 893.38 903.32 990.39
IE ( D )
Number of shares 30,621.90 37,151.41 45,622.93
Net asset value per share EUR 884.74 894.58 980.83
IHU ( C )
Number of shares 10.00 10.00 12.01
Net asset value per share USD 886.21 894.91 986.23
ME ( C )
Number of shares 23.43 5,094.54 56,666.39
Net asset value per share EUR 87.11 88.05 96.62
SE ( C )
Number of shares 9,184.48 21,237.47 48,835.57
Net asset value per share EUR 86.08 87.49 96.92
Absolute High Yield
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 94,026,322 101,256,716 205,549,428
AE ( C )
Number of shares 636,411.37 704,002.46 1,016,005.51
Net asset value per share EUR 105.48 103.33 104.26
AE ( D )
Number of shares 28,810.44 14,905.29 17,791.53
Net asset value per share EUR 100.71 100.58 103.66
FE ( C )
Number of shares 1,511.64 1,415.11 0.00
Net asset value per share EUR 101.63 99.74 0.00
Classic H ( C )
Number of shares 0.00 0.00 775.21
Net asset value per share EUR 0.00 0.00 104.96
The accompanying notes form an integral part of these financial statements
208

Financial Details Relating to the Last 3 Years
Absolute High Yield
Year ending as of: 31/12/12 30/06/12 30/06/11
IE ( C )
Number of shares 12,622.38 21,618.35 65,388.29
Net asset value per share EUR 1,107.92 1,083.30 1,087.08
ME ( C )
Number of shares 70,218.03 12,076.25 193,492.20
Net asset value per share EUR 112.50 110.04 110.53
SE ( C )
Number of shares 18,285.26 20,210.92 49,318.95
Net asset value per share EUR 107.12 104.98 106.01
Absolute Volatility Arbitrage
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 151,291,949 211,667,207 450,108,229
AE ( C )
Number of shares 119,670.24 180,791.23 602,346.36
Net asset value per share EUR 118.18 117.49 118.16
AE ( D )
Number of shares 11,699.99 11,939.69 32,224.35
Net asset value per share EUR 106.08 105.47 106.07
FE ( C )
Number of shares 4,325.06 4,921.96 0.00
Net asset value per share EUR 99.53 99.21 0.00
Classic H ( C )
Number of shares 29,238.61 38,487.85 95,976.07
Net asset value per share EUR 115.97 115.47 116.47
IE ( C )
Number of shares 37,547.55 57,015.12 94,742.56
Net asset value per share EUR 1,221.39 1,212.02 1,212.42
ME ( C )
Number of shares 298,465.26 385,220.47 1,087,452.99
Net asset value per share EUR 112.50 111.60 111.74
SE ( C )
Number of shares 449,473.77 619,146.54 1,090,858.44
Net asset value per share EUR 117.14 116.52 117.30
The accompanying notes form an integral part of these financial statements
209

Financial Details Relating to the Last 3 Years
Absolute Volatility Arbitrage Plus
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 127,641,673 113,059,264 0
AE ( C )
Number of shares 539.75 539.75 0.00
Net asset value per share EUR 102.33 101.21 0.00
IE ( C )
Number of shares 35,969.42 31,968.91 0.00
Net asset value per share EUR 1,028.32 1,014.69 0.00
IE ( D )
Number of shares 88,184.17 79,338.65 0.00
Net asset value per share EUR 1,026.60 1,014.61 0.00
ME ( C )
Number of shares 664.50 664.50 0.00
Net asset value per share EUR 102.30 100.99 0.00
SE ( C )
Number of shares 10.00 10.00 0.00
Net asset value per share EUR 102.19 101.14 0.00
Absolute Volatility Euro Equities
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 2,621,619,833 2,587,252,893 2,629,337,006
AE ( C )
Number of shares 3,839,619.54 4,216,214.65 6,003,186.51
Net asset value per share EUR 151.23 157.40 147.20
AE ( D )
Number of shares 405,792.96 373,812.34 427,570.86
Net asset value per share EUR 136.31 141.87 132.68
AHC ( C )
Number of shares 394,327.47 119,145.84 80,065.00
Net asset value per share CHF 100.21 104.73 98.98
AHG ( D )
Number of shares 3,398.94 2,580.54 3,847.30
Net asset value per share GBP 105.41 109.58 102.87
FE ( C )
Number of shares 95,742.47 98,754.89 4,417.14
Net asset value per share EUR 100.66 105.27 99.17
Classic H ( C )
Number of shares 206,134.73 240,190.13 517,899.66
Net asset value per share EUR 145.79 152.16 143.20
IE ( C )
Number of shares 658,430.65 562,132.46 450,519.35
Net asset value per share EUR 1,572.15 1,631.69 1,514.46
The accompanying notes form an integral part of these financial statements
210

Financial Details Relating to the Last 3 Years
Absolute Volatility Euro Equities
Year ending as of: 31/12/12 30/06/12 30/06/11
IE ( D )
Number of shares 26,684.00 9,770.00 13,439.00
Net asset value per share EUR 1,031.70 1,068.99 992.37
IHC ( C )
Number of shares 23,937.17 22,965.87 30,217.83
Net asset value per share CHF 1,012.02 1,052.60 991.12
IHG ( D )
Number of shares 45,783.29 34,579.48 22,327.69
Net asset value per share GBP 1,073.15 1,113.60 1,036.76
IHG0 ( D )
Number of shares 75,033.32 76,491.23 73,516.51
Net asset value per share GBP 1,102.32 1,143.29 1,061.70
ME ( C )
Number of shares 1,560,597.36 1,424,142.91 2,028,091.86
Net asset value per share EUR 138.21 143.54 133.62
OE ( C )
Number of shares 60,143.29 61,402.94 36,193.00
Net asset value per share EUR 1,046.20 1,083.20 998.21
SE ( C )
Number of shares 2,619,430.08 2,834,525.20 3,224,169.21
Net asset value per share EUR 148.44 154.69 145.17
Absolute Volatility World Equities
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 2,586,116,729 2,738,903,821 2,119,712,575
AE ( C )
Number of shares 26,808.37 78,555.38 200.00
Net asset value per share EUR 110.29 119.40 100.62
AE ( D )
Number of shares 495.00 300.00 220.00
Net asset value per share EUR 97.59 104.54 91.24
AHC ( C )
Number of shares 65,018.45 42,458.84 0.00
Net asset value per share CHF 95.58 99.98 0.00
AHE ( C )
Number of shares 1,090,403.29 1,405,758.55 1,343,259.51
Net asset value per share EUR 102.24 106.69 101.32
AHE ( D )
Number of shares 194,406.16 182,130.18 0.00
Net asset value per share EUR 97.17 101.39 0.00
The accompanying notes form an integral part of these financial statements
211

Financial Details Relating to the Last 3 Years
Absolute Volatility World Equities
Year ending as of: 31/12/12 30/06/12 30/06/11
AHG ( C )
Number of shares 49,490.96 33,260.94 0.00
Net asset value per share GBP 99.30 103.38 0.00
AHG ( D )
Number of shares 24,004.17 23,224.17 39,598.79
Net asset value per share GBP 106.87 111.29 105.52
AHS ( C )
Number of shares 33,309.73 8,670.46 0.00
Net asset value per share SGD 96.66 100.77 0.00
AHS ( D )
Number of shares 548.00 0.00 0.00
Net asset value per share SGD 96.05 0.00 0.00
AU ( C )
Number of shares 2,390,833.98 2,511,403.71 2,209,967.82
Net asset value per share USD 139.14 144.93 137.74
AU ( D )
Number of shares 72,758.30 173,846.91 34,837.32
Net asset value per share USD 125.02 130.21 124.05
FHE ( C )
Number of shares 43,014.91 14,032.09 0.00
Net asset value per share EUR 93.89 98.23 0.00
FU ( C )
Number of shares 198,988.28 81,132.06 0.00
Net asset value per share USD 99.63 104.13 0.00
Classic H ( C )
Number of shares 92,673.46 90,742.87 90,704.09
Net asset value per share USD 135.18 141.21 135.01
IHC ( C )
Number of shares 786.00 0.00 0.00
Net asset value per share CHF 999.56 0.00 0.00
IHE ( C )
Number of shares 575,847.25 571,590.26 408,414.50
Net asset value per share EUR 1,065.99 1,106.78 1,042.41
IHG ( C )
Number of shares 68,085.74 50,112.79 0.00
Net asset value per share GBP 982.35 1,019.38 0.00
IHG ( D )
Number of shares 10,702.26 12,787.50 15,662.04
Net asset value per share GBP 1,048.62 1,087.63 1,026.28
IHG0 ( D )
Number of shares 79,432.33 85,761.93 90,623.89
Net asset value per share GBP 1,025.06 1,063.10 1,000.22
The accompanying notes form an integral part of these financial statements
212

Financial Details Relating to the Last 3 Years
Absolute Volatility World Equities
Year ending as of: 31/12/12 30/06/12 30/06/11
IHJ ( C )
Number of shares 35,848.27 38,192.56 0.00
Net asset value per share JPY 101,175.00 105,259.00 0.00
IU ( C )
Number of shares 499,273.09 524,801.91 489,577.36
Net asset value per share USD 1,448.04 1,502.38 1,417.11
IU ( D )
Number of shares 229.26 1,143.63 5,389.81
Net asset value per share USD 1,075.48 1,116.11 1,053.81
MU ( C )
Number of shares 165,477.26 227,210.23 160,489.18
Net asset value per share USD 104.33 108.36 102.59
OU ( C )
Number of shares 323,774.72 555,215.48 0.00
Net asset value per share USD 100.62 104.14 0.00
SHE ( C )
Number of shares 62,361.27 48,202.89 0.00
Net asset value per share EUR 97.62 101.82 0.00
SU ( C )
Number of shares 852,158.38 786,909.64 661,860.55
Net asset value per share USD 136.96 142.85 136.19
Cash EUR
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets EUR 961,763,110 1,157,990,573 1,339,968,817
AE ( C )
Number of shares 5,869,377.61 7,461,257.85 7,593,144.57
Net asset value per share EUR 100.96 100.78 100.01
AE ( D )
Number of shares 8,660.27 39,864.06 29,675.05
Net asset value per share EUR 100.58 100.80 100.01
FE ( C )
Number of shares 738,728.81 903,347.66 964,098.09
Net asset value per share EUR 100.64 100.56 100.00
IE ( C )
Number of shares 134,614.60 141,316.94 236,409.99
Net asset value per share EUR 1,012.71 1,009.82 1,000.22
IE ( D )
Number of shares 5,239.38 7,663.35 21,999.28
Net asset value per share EUR 1,006.88 1,009.82 1,000.22
The accompanying notes form an integral part of these financial statements
213

Financial Details Relating to the Last 3 Years
Cash EUR
Year ending as of: 31/12/12 30/06/12 30/06/11
ME ( C )
Number of shares 1,184,717.20 1,333,404.15 2,029,271.31
Net asset value per share EUR 101.27 100.98 100.02
OE ( C )
Number of shares 25,034.98 13,858.75 8,651.28
Net asset value per share EUR 1,014.22 1,010.82 1,000.24
SE ( C )
Number of shares 69,149.88 120,095.79 111,265.46
Net asset value per share EUR 100.89 100.73 100.01
Cash USD
Year ending as of: 31/12/12 30/06/12 30/06/11
Total Net Assets USD 337,667,037 382,486,834 469,174,282
AU ( C )
Number of shares 2,384,920.40 2,794,436.21 2,822,853.62
Net asset value per share USD 100.61 100.42 99.99
AU ( D )
Number of shares 4,814.54 2,090.38 2,937.94
Net asset value per share USD 100.63 100.43 99.99
FU ( C )
Number of shares 194,107.68 210,495.53 131,443.50
Net asset value per share USD 100.60 100.40 99.99
IU ( C )
Number of shares 48,983.11 56,352.33 46,635.64
Net asset value per share USD 1,006.14 1,004.17 1,000.01
MU ( C )
Number of shares 189,628.37 159,488.44 1,206,002.76
Net asset value per share USD 100.61 100.42 100.00
SU ( C )
Number of shares 92,808.34 79,015.50 62,400.00
Net asset value per share USD 100.61 100.41 99.99
The accompanying notes form an integral part of these financial statements
214

Statement of Operations and Changes in Net Assets
Note
Equity Euroland Value
Equity Global Alpha
English
Income
31/12/2012
EUR
2,197,207
31/12/2011
EUR
2,601,786
31/12/2012
USD
361,230
31/12/2011
USD
119,003
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
1,866,334
-
6
-
-
330,867
2,481,271
-
25,055
-
-
95,460
330,900
-
287
-
-
30,043
116,588
-
2,415
-
-
-
Expenses
1,153,524
1,196,389
548,677
254,534
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
676,898
-
260,850
10,180
1,714
166,276
37,016
590
-
-
-
711,263
175
418,618
14,458
1,501
43,296
-
7,078
-
-
-
238,051
-
65,553
7,529
770
231,476
1,243
2,439
-
-
1,616
178,146
2,119
44,960
6,036
465
18,798
-
4,010
-
-
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
1,043,683
-4,363,961
-
-6,679
-
-
-2,656
1,405,397
-30,602,785
-713,416
-17,169
6,798
-
-400
-187,447
-891,041
-901,040
387,038
-28,729
-
47,532
-135,531
-689,893
-282,019
354,419
-1,457,436
-
-317,413
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
-3,329,613
27,399,106
-
-3,247
-
-
-29,921,575
-47,806,615
-57,000
1,214
-
-
-1,573,687
2,055,005
58,625
-210,360
173,594
-
-2,527,873
-3,484,334
-224,705
-1,005
91,100
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
24,066,246
-3,380,100
20,660,552
-26,190,841
-77,783,976
-
28,484,259
-72,310,481
503,177
-
1,802,311
-1,487,090
-6,146,817
-
22,109,138
-22,445,045
Increase/(decrease) in net assets
15,155,857
-121,610,198
818,398
-6,482,724
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
165,081,058
389,673,999
41,617,771
31,434,708
Net assets at the end of the period
180,236,915
268,063,801
42,436,169
24,951,984
The accompanying notes form an integral part of these financial statements
216

217
The accompanying notes form an integral part of these financial statements
Equity US Relative Value
Equity US Growth
Equity US Concentrated Core
Equity Japan Target
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
USD
USD
JPY
JPY
4,172,379
3,351,866
104,024
116,961
150,298
568,445
42,843,195
64,755,331
4,145,495
3,350,034
101,619
112,911
149,520
563,623
42,805,579
63,474,565
-
-
-
-
-
-
-
-
26,884
-
2,405
-
778
3,879
37,616
300,413
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,832
-
4,050
-
943
-
980,353
3,708,328
3,148,906
772,185
401,406
670,034
1,256,325
27,787,681
58,335,663
2,685,658
2,226,124
418,712
237,423
442,190
867,089
9,254,476
38,260,318
79
8,025
90,019
-
60,591
60,248
8,023,009
55,306
862,708
639,344
116,066
54,710
106,708
208,916
5,168,349
9,662,493
56,150
50,701
7,631
6,155
12,285
23,292
313,183
949,982
20,554
26,986
26,692
21,593
15,322
28,544
144,348
517,203
49,289
197,235
109,693
81,321
31,988
67,462
4,814,680
8,460,177
-
-
-
-
-
-
-
-
33,821
491
3,165
118
881
497
50,798
418,300
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
69
-
207
86
69
277
18,838
11,884
464,051
202,960
-668,161
-284,445
-519,736
-687,880
15,055,514
6,419,668
-40,913,521
3,899,263
-1,713,593
-1,986,407
125,453
-265,447
-312,115,595
76,622,958
-
-
-
-
-
-
-
-
-16,734,453
8,132,653
-1,717,264
363,399
-719,954
1,108,338
-26,769,809
186,755,395
-
-
-
-
-
-
-
-8,230,000
-
-
-
-
-
-
-
-
204,012
-24,277
-5,976
-8,462
-21,775
-11,299
824,163
-267,969
-56,979,911
12,210,599
-4,104,994
-1,915,915
-1,136,012
143,712
-323,005,727
261,300,052
-48,473,388
34,834,083
-10,571,031
3,279,045
-1,707,806
8,340,411
-202,583,276
329,116,604
-
-
-
-
-
-
-
-
-1,187,274
-2,860,109
-118,121
-277,713
-23,519
-454,539
-2,508,287
24,819,263
-
-
-
-
-
-
-
-15,795,000
-
-
-
-
-
-
-
-
-106,640,573
44,184,573
-14,794,146
1,085,417
-2,867,337
8,029,584
-528,097,290
599,440,919
-
-172
-
-
-
-
-
-11,584
65,021,186
18,535,726
16,855,655
1,339,652
16,553,469
11,658,857
354,943,073
1,017,838,923
-344,304,658
-46,819,130
-77,839,619
-16,052,656
-14,764,178
-18,407,403
-3,595,275,985
-1,081,045,629
-385,924,045
15,900,997
-75,778,110
-13,627,587
-1,078,046
1,281,038
-3,768,430,202
536,222,629
-
-
-
-
-
-
-
-
795,748,069
409,770,885
117,301,823
35,376,334
58,404,091
116,324,534
4,851,356,127
6,091,682,628
409,824,024
425,671,882
41,523,713
21,748,747
57,326,045
117,605,572
1,082,925,925
6,627,905,257

Statement of Operations and Changes in Net Assets
Note
Equity Global Select
Equity Japan Value
English
Income
31/12/2012
USD
881,015
31/12/2011
USD
941,057
31/12/2012
JPY
46,008,848
31/12/2011
JPY
46,158,955
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
828,607
-
17
-
-
52,391
851,465
-
201
-
-
89,391
46,008,848
-
-
-
-
-
46,138,371
-
20,584
-
-
-
Expenses
1,507,476
1,350,752
51,280,714
38,504,003
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
1,058,945
55
269,247
35,986
192
119,456
23,585
10
-
-
-
994,735
5,665
246,117
32,674
49
69,309
-
2,203
-
-
-
28,437,711
-
7,993,114
916,977
364,178
13,492,507
-
76,227
-
-
-
28,365,154
-
7,918,758
850,305
282,596
1,000,709
-
86,481
-
-
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
-626,461
177,112
-
-
315,319
-
-30,095
-409,695
1,793,226
-
-
-875,064
-
-33,231
-5,271,866
-75,624,536
-
-
-
-
-918,683
7,654,952
-202,366,021
-
-281,710
-
-
-1,070,769
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
-164,125
8,543,406
-
-
89,200
-
475,236
-25,875,933
-
-
72,900
-
-81,815,085
923,338,713
-
-
-
-
-196,063,548
-550,094,269
-
-32,422
-
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
8,468,481
-
19,033,460
-14,787,909
-25,327,797
-
16,520,292
-18,519,680
841,523,628
-4,033,605
6,497,098,471
-3,739,347,160
-746,190,239
-3,713,650
2,201,758,572
-1,744,855,046
Increase/(decrease) in net assets
12,714,032
-27,327,185
3,595,241,334
-293,000,363
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
154,376,291
168,439,569
4,071,684,176
4,306,180,600
Net assets at the end of the period
167,090,323
141,112,384
7,666,925,510
4,013,180,237
The accompanying notes form an integral part of these financial statements
218

219
The accompanying notes form an integral part of these financial statements
Equity Global Gold Mines
Equity Euroland Small Cap
Equity Europe Select
Equity Euro Select
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
427,559
671,783
512,094
541,259
810,082
892,572
692,133
1,073,198
424,671
663,490
492,325
490,552
741,099
875,457
644,008
851,171
-
-
-
-
-
-
-
-
2,888
238
524
39
1,927
15
315
11
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,055
19,245
50,668
67,056
17,100
47,810
222,016
1,423,770
1,858,105
2,250,231
1,255,752
620,905
1,016,449
650,959
828,585
1,037,007
999,469
649,466
478,181
440,277
540,300
444,480
523,625
5,395
109,296
1,324,131
359,819
103
151,706
13,577
16,005
257,999
253,770
233,082
177,210
137,322
169,602
137,284
187,292
27,998
23,706
13,161
13,971
13,921
15,701
12,899
15,010
16,791
16,507
2,976
3,920
840
1,236
5,322
6,055
74,251
362,853
26,964
189,859
27,071
117,498
22,543
65,722
-
89,739
-
32,598
-
19,913
-
14,691
4,329
2,765
451
194
1,371
493
14,854
185
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-996,211
-1,186,322
-1,738,137
-714,493
189,177
-123,877
41,174
244,613
-6,827,185
-10,762,244
-17,562,564
2,056,189
-4,345,391
783,272
-3,005,521
-1,528,473
-
-
-
-
-
-
-
-
-37,099
27,476
-
-
-
-
-
-
-
-
-
-
-135,018
312,310
110,647
270,080
-
-
-
-
-
-
-
-
-243,021
-54,665
9,434
-7
-21,847
-18,041
6,216
-5,898
-8,103,516
-11,975,755
-19,291,267
1,341,689
-4,313,079
953,664
-2,847,484
-1,019,678
-23,523,419
17,681,524
-15,096,986
15,377,245
-11,531,459
12,703,666
-16,163,281
16,577,549
-
-
-
-
-
-
-
-
1,242
-5,937
-
-
-
-
-
-
-
-
-
-
-57,036
-80,000
68,640
-56,930
-
-
-
-
-
-
-
-
-31,625,693
5,699,832
-34,388,253
16,718,934
-15,901,574
13,577,330
-18,942,125
15,500,941
-
-
-
-
-2,794
-4,043
-9,403
-5,082
219,736,281
91,039,250
8,967,777
53,431,370
29,160,935
22,277,502
33,995,947
24,460,993
-107,022,887
-116,083,382
-36,633,764
-13,585,022
-36,780,503
-9,450,488
-46,843,962
-31,984,249
81,087,701
-19,344,300
-62,054,240
56,565,282
-23,523,936
26,400,301
-31,799,543
7,972,603
-
-
-
-
-
-
-
-
107,336,561
135,278,897
169,238,093
85,813,351
112,819,676
99,662,310
119,657,208
110,628,715
188,424,262
115,934,597
107,183,853
142,378,633
89,295,740
126,062,611
87,857,665
118,601,318

Statement of Operations and Changes in Net Assets
Note
Equity Global Luxury and Lifestyle
Equity Global Agriculture
English
Income
31/12/2012
USD
731,386
31/12/2011
USD
187,122
31/12/2012
USD
1,494,448
31/12/2011
USD
1,452,723
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
690,847
-
-
-
-
40,539
186,999
-
105
-
-
18
1,410,651
-
288
-
-
83,509
1,450,311
-
2,310
-
-
102
Expenses
1,149,483
409,608
1,863,823
1,743,126
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
750,243
-
185,232
22,872
18,261
147,416
23,895
1,564
-
-
-
267,400
43,283
72,952
6,841
4,804
13,984
-
344
-
-
-
1,155,014
-
286,122
26,045
4,080
299,820
89,534
516
-
-
2,692
1,355,709
67
329,307
27,466
92
25,387
-
5,098
-
-
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
-418,097
676,082
-
26,651
-2,194,997
-
-56,147
-222,486
-431,056
-
-
-
-
1,515
-369,375
-1,468,899
-
3,089,142
-
-
-20,545
-290,403
-10,182,729
-
-7,046,767
-
-
-894,057
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
-1,966,508
12,388,644
-
-6,466
-496,327
-
-652,027
-5,701,978
-
-
-
-
1,230,323
11,332,402
-
-1,120,282
-
-
-18,413,956
-23,334,199
-
-558,808
-
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
9,919,343
-202
40,925,765
-33,387,201
-6,354,005
-
23,519,528
-24,102,577
11,442,443
-
31,942,997
-38,189,723
-42,306,963
-
21,898,415
-61,471,289
Increase/(decrease) in net assets
17,457,705
-6,937,054
5,195,717
-81,879,837
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
80,932,281
42,614,441
166,345,879
254,777,788
Net assets at the end of the period
98,389,986
35,677,387
171,541,596
172,897,951
The accompanying notes form an integral part of these financial statements
220

221
The accompanying notes form an integral part of these financial statements
Equity Asia ex Japan
Equity ASEAN
Equity Europe Restructuring
Equity Global Resources
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
EUR
EUR
USD
USD
3,599,879
2,586,503
2,240,896
1,740,880
280,084
311,843
1,108,832
809,760
3,592,546
2,586,464
2,239,806
1,740,876
273,347
286,627
1,094,170
769,409
-
-
-
-
-
-
-
-
7,333
39
1,090
4
2,217
183
4,917
241
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,520
25,033
9,745
40,110
4,863,521
3,294,768
1,723,053
2,000,388
264,753
184,608
1,054,403
918,435
2,543,504
1,900,757
1,057,487
1,069,512
165,019
104,447
771,216
572,347
1,712
1,463
10,522
79,138
4,850
2,248
4,934
-
837,195
636,934
478,940
466,338
61,348
36,947
199,737
139,575
56,851
47,151
24,987
29,878
3,230
2,659
14,135
13,955
8
9,122
241
4,342
2,447
1,548
7,314
6,515
80,221
695,882
148,000
349,396
26,240
31,586
53,890
163,364
-
-
-
-
-
5,123
-
22,282
1,344,030
3,459
2,876
1,784
1,619
50
3,177
397
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-1,263,642
-708,265
517,843
-259,508
15,331
127,235
54,429
-108,675
-23,411,153
208,338
1,350,369
8,403,696
-5,522,739
-24,787
-12,241,136
-2,781,010
-
-
-
-
664
-
-
-
-2,790
-
-
-
178,686
132,071
-1,011
11,612
-
-
-
-
5,427
-
-
-
-
-
-
-
-
-
-
-
-680,981
7,997
-106,702
-7,077
-65,466
-60,111
-153,326
-76,359
-25,358,566
-491,930
1,761,510
8,137,111
-5,388,097
174,408
-12,341,044
-2,954,432
-77,186,048
36,767,801
-31,588,590
20,547,899
-6,259,546
2,403,297
-8,379,837
8,931,270
-
-
-
-
-
-
-
-
-
-
-
-
226,979
-27,039
60
-1,238
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-102,544,614
36,275,871
-29,827,080
28,685,010
-11,420,664
2,550,666
-20,720,821
5,975,600
-
-
-
-6,561
-
-37,141
-
-
67,931,723
47,384,831
91,690,639
29,738,896
20,733,378
3,252,196
24,171,912
30,361,982
-97,558,384
-55,700,390
-109,283,012
-46,439,780
-36,687,201
-7,215,359
-55,494,171
-50,833,853
-132,171,275
27,960,312
-47,419,453
11,977,565
-27,374,487
-1,449,638
-52,043,080
-14,496,271
-
-
-
-
-
-
-
-
473,770,483
259,143,526
233,616,359
198,020,458
61,861,991
24,340,368
162,169,864
82,858,741
341,599,208
287,103,838
186,196,906
209,998,023
34,487,504
22,890,730
110,126,784
68,362,470

Statement of Operations and Changes in Net Assets
Note
Equity Brazil
Equity Emerging Europe
English
Income
31/12/2012
USD
2,524,953
31/12/2011
USD
2,706,483
31/12/2012
EUR
1,030,455
31/12/2011
EUR
502,064
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
2,524,179
-
1
-
-
773
2,476,420
-
579
-
-
229,484
995,995
-
21,630
-
-
12,830
490,418
-
11,646
-
-
-
Expenses
1,878,492
1,714,743
723,598
774,921
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
1,101,439
63,444
338,614
28,882
4,149
292,061
45,663
2,801
-
-
1,439
1,162,088
-
430,482
26,206
467
70,134
-
25,366
-
-
-
449,167
959
128,924
12,655
6,815
108,749
13,989
91
-
-
2,249
531,136
-
156,628
12,856
6,809
63,507
-
2,770
-
-
1,215
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
646,461
-7,332,367
-
-
-
-
21,163
991,740
-20,073,588
-
-
-
-
-137,616
306,857
-414,745
-
-
501,094
-
11,362
-272,857
-7,438,844
-
-
-1,074,115
-
-204,530
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
-6,664,743
21,886,306
-
-
-
-
-19,219,464
-27,282,098
-
-
-
-
404,568
5,349,470
-
-
-105,872
-
-8,990,346
-7,773,816
-
-
31,158
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
15,221,563
-43,189
64,588,000
-53,519,668
-46,501,562
-13,690
28,647,444
-58,338,531
5,648,166
-2,915
8,798,496
-13,905,040
-16,733,004
-
13,030,765
-21,367,900
Increase/(decrease) in net assets
26,246,706
-76,206,339
538,707
-25,070,139
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
133,809,100
204,687,865
49,017,125
78,345,037
Net assets at the end of the period
160,055,806
128,481,526
49,555,832
53,274,898
The accompanying notes form an integral part of these financial statements
222

223
The accompanying notes form an integral part of these financial statements
Equity Greater China
Equity MENA
Equity Emerging World
Equity Emerging Internal Demand
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
USD
USD
USD
USD
5,354,447
4,675,929
76,131
40,835
10,094,597
11,847,293
2,700,664
2,610,654
5,139,963
4,675,929
73,947
40,835
10,080,815
11,808,904
2,698,924
2,598,261
-
-
-
-
-
1,476
-
-
10,265
-
2,184
-
13,782
649
1,740
3,120
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
204,219
-
-
-
-
36,264
-
9,273
5,570,817
6,969,506
198,501
158,876
10,176,016
10,491,284
3,182,099
3,248,067
3,883,589
3,762,189
120,891
44,662
5,730,856
6,023,897
2,086,393
1,736,276
142,990
34,325
3,793
4,772
-
46
8,344
228,266
1,395,049
1,334,530
37,942
33,868
1,964,394
2,129,955
682,828
590,040
90,072
104,334
3,639
2,621
152,471
180,028
48,321
44,520
29,751
31,934
3
5,071
37,031
48,036
599
5,268
23,503
1,688,940
28,826
63,065
462,411
1,817,791
313,501
558,295
-
-
-
3,340
-
246,910
-
59,595
5,863
13,254
3,407
1,448
1,826,416
39,840
40,559
22,746
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
2,437
4,781
1,554
3,061
-216,370
-2,293,577
-122,370
-118,041
-81,419
1,356,009
-481,435
-637,413
-23,601,984
15,526,758
-475,224
446,988
-83,325,729
-31,123,874
-18,925,052
-719,570
-
-
-
-
-
-
-
-
-
-
-1,061,642
60,066
-152,317
648,450
-140,986
305,173
-
-
-
-
-11,736
-
-52,812
-
-
-
-
-
-
-
-
-
-43,597
-357,895
-8,563
-8,872
-2,584,184
540,077
-562,077
-440,823
-23,861,951
12,875,286
-1,667,799
380,141
-86,155,385
-28,579,338
-20,162,362
-1,492,633
-110,822,023
75,309,979
-69,035
699,311
-116,590,760
149,712,834
-53,185,997
36,366,673
-
-
-
-
-
-
-
-
-
-
-73,395
-22,737
-287,310
-2,009,941
-254,955
-589,359
-
-
-
-
1,807
-
8,130
-
-
-
-
-
-
-
-
-
-134,683,974
88,185,265
-1,810,229
1,056,715
-203,031,648
119,123,555
-73,595,184
34,284,681
-13,627
-35,244
-
-2,009
-
-40,712
-
-
126,625,299
216,399,017
13,411,629
9,483,374
501,887,948
171,379,890
73,577,719
76,508,245
-223,485,322
-131,166,312
-1,329,512
-3,008,590
-155,439,775
-199,711,634
-86,978,340
-58,743,813
-231,557,624
173,382,726
10,271,888
7,529,490
143,416,525
90,751,099
-86,995,805
52,049,113
-
-
-
-
-
-
-
-
757,351,386
508,741,656
15,853,136
15,793,695
802,235,877
1,064,147,416
357,368,054
252,653,399
525,793,762
682,124,382
26,125,024
23,323,185
945,652,402
1,154,898,515
270,372,249
304,702,512

Statement of Operations and Changes in Net Assets
Note
Equity India
Equity India Select
English
Income
31/12/2012
USD
2,553,583
31/12/2011
USD
3,462,611
31/12/2012
USD
604,159
31/12/2011
USD
-
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
2,553,583
-
-
-
-
-
3,460,403
-
2,208
-
-
-
536,032
-
68,127
-
-
-
-
-
-
-
-
-
Expenses
4,093,808
3,654,431
1,579,122
-
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
1,843,954
374,744
1,176,478
45,818
1,758
646,506
-
4,550
-
-
-
2,153,705
13
1,411,066
43,909
230
35,674
-
9,834
-
-
-
485,006
249
185,823
9,202
7,537
274,666
-
616,639
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
-1,540,225
-9,368,096
-
-
-
-
127,157
-191,820
-15,997,998
-
-
-
-
-1,375,007
-974,963
4,342,026
-
-
-
-
40,938
-
-
-
-
-
-
-
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
-10,781,164
114,924,375
-
-
-
-
-17,564,825
-247,829,603
-
-
-
-
3,408,001
6,606,465
-
-
-
-
-
-
-
-
-
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
104,143,211
-4,511
67,644,995
-123,757,667
-265,394,428
-4,626
77,830,088
-145,475,972
10,014,466
-104
187,175
-15,273,028
-
-
-
-
Increase/(decrease) in net assets
48,026,028
-333,044,938
-5,071,491
-
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
528,875,458
853,505,098
87,172,247
-
Net assets at the end of the period
576,901,486
520,460,160
82,100,756
-
The accompanying notes form an integral part of these financial statements
224

225
The accompanying notes form an integral part of these financial statements
Equity Thailand
Equity Latin America
Equity Korea
Equity India Infrastructure
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
USD
USD
USD
USD
USD
USD
925,665
933,599
34,074,570
15,890,540
117,074
70,712
464,757
357,512
925,639
923,417
34,064,272
15,826,323
116,972
70,595
464,757
357,510
-
10,182
-
-
-
-
-
-
26
-
10,298
5
102
117
-
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
64,212
-
-
-
-
868,756
1,205,228
15,066,096
11,230,113
1,758,251
1,739,773
407,444
416,311
600,503
743,106
10,639,819
7,169,363
613,193
464,465
271,824
208,573
-
38,376
-
219,664
-
845
-
44,707
187,987
241,474
3,749,203
2,478,017
239,508
182,315
114,786
87,423
14,627
19,032
208,039
173,515
9,993
7,843
5,751
5,593
-
43
12,436
12,991
281
340
344
1,896
60,228
161,975
89,641
947,701
35,182
1,083,965
14,564
67,617
-
-
-
177,583
-
-
-
-
5,411
1,222
366,694
48,439
860,094
-
175
502
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
264
2,840
-
-
-
-
56,909
-271,629
19,008,474
4,660,427
-1,641,177
-1,669,061
57,313
-58,799
-559,567
6,287,895
-68,602,046
-13,338,846
2,747,721
3,128,904
-1,462,224
-2,906,724
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-6,770
-14,141
-884,450
80,699
-509,895
-59,839
-132,343
-7,407
-509,428
6,002,125
-50,478,022
-8,597,720
596,649
1,400,004
-1,537,254
-2,972,930
-3,768,424
12,286,276
-481,689,725
127,894,252
-34,139,579
5,419,242
-20,693,704
9,526,354
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-4,277,852
18,288,401
-532,167,747
119,296,532
-33,542,930
6,819,246
-22,230,958
6,553,424
-
-6,229
-70,610
-233,854
-12,515
-10,517
-
-
86,620,073
68,019,583
318,794,368
94,445,950
87,606,676
49,583,936
1,728,473
9,824,851
-85,766,333
-52,100,267
-764,702,207
-337,534,717
-129,695,741
-57,853,980
-11,849,959
-9,277,497
-3,424,112
34,201,488
-978,146,196
-124,026,089
-75,644,510
-1,461,315
-32,352,444
7,100,778
-
-
-
-
-
-
-
-
75,147,766
87,922,293
2,598,470,998
1,285,376,590
170,666,379
86,014,570
68,089,704
37,368,023
71,723,654
122,123,781
1,620,324,802
1,161,350,501
95,021,869
84,553,255
35,737,260
44,468,801

Statement of Operations and Changes in Net Assets
Note
Equity Global Aqua
Equity Global Clean Planet
English
Income
31/12/2012
EUR
243,588
31/12/2011
EUR
250,153
12/09/2012
EUR
22,788
31/12/2011
EUR
211,986
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
221,022
-
-
-
-
22,566
249,673
-
384
-
-
96
22,415
-
6
-
-
367
211,275
-
166
-
-
545
Expenses
396,283
338,552
25,085
138,372
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
278,741
-
62,583
7,115
699
42,056
3,864
160
-
-
1,065
264,618
-
59,446
6,712
1
7,672
-
53
-
-
50
15,982
-
3,668
377
24
5,034
-
-
-
-
-
107,352
-
25,389
2,625
6
2,877
-
-
-
-
123
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
-152,695
1,228,871
-
-
-
-
-24,193
-88,399
1,695,224
-
-
-
-
-49,358
-2,297
535,682
-
-
-
-
129
73,614
-1,704,864
-
-
-
-
17,624
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
1,051,983
608,907
-
-
-
-
1,557,467
-2,459,903
-
-
-
-
533,514
-511,328
-
-
-
-
-1,613,626
-1,111,317
-
-
-
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
1,660,890
-3,671
13,331,543
-16,883,384
-902,436
-
6,777,470
-12,262,109
22,186
-
94,134
-5,034,635
-2,724,943
-
627,380
-3,992,174
Increase/(decrease) in net assets
-1,894,622
-6,387,075
-4,918,315
-6,089,737
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
33,107,270
34,671,891
4,918,315
17,573,852
Net assets at the end of the period
31,212,648
28,284,816
-
11,484,115
The accompanying notes form an integral part of these financial statements
226

227
The accompanying notes form an integral part of these financial statements
Convertible Global
Convertible Europe
Equity Global Minimum Variance
Equity Europe Minimum Variance
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
EUR
EUR
EUR
EUR
USD
USD
EUR
EUR
209,737
185,835
1,090,426
1,415,168
-
209,647
-
929,222
9,462
7,158
-
398
-
209,362
-
635,445
199,276
178,382
1,080,431
1,414,338
-
-
-
-
999
295
9,995
243
-
285
-
25
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
189
-
-
-
293,752
153,243
195,619
323,724
575,257
-
135,655
-
547,128
114,400
129,175
217,769
350,414
-
52,352
-
169,508
-
2,981
10,276
-
-
-
-
3,126
30,887
36,594
82,271
135,308
-
27,368
-
85,719
4,101
4,911
4,195
7,556
-
1,267
-
3,416
-
169
2,482
4,286
-
-
-
-
3,855
11,602
6,189
19,437
-
54,142
-
257,044
-
9,130
-
57,831
-
3
-
27,925
-
1
542
425
-
523
-
390
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,056
-
-
-
-
-
-
56,494
-9,784
766,702
839,911
-
73,992
-
382,094
-85,014
563,164
-2,446,765
181,950
-
705,264
-
3,324,423
-26,619
-64,794
41,901
-57,178
-
-
-
-
-1,074,975
376,325
-140,880
-212,456
-
-
-
-
143,023
-96,046
-239,372
825,380
-
42
-
108,863
-
-
-
-
-
-
-
-
52,609
-650
82,792
-51,572
-
-20,726
-
-23,294
-934,482
768,215
-1,935,622
1,526,035
-
758,572
-
3,792,086
-514,389
-151,375
-4,991,476
5,276,598
-
-226,274
-
778,524
28,734
-1,620
-66,807
85,631
-
-
-
-
-118,729
262,261
-29,811
47,710
-
-
-
-
9,470
-46,005
-55,230
-431,160
-
-
-
-285
-
-
-
-
-
-
-
-
-1,529,396
831,476
-7,078,946
6,504,814
-
532,298
-
4,570,325
-1,517
-2,111
-
-
-
-
-
-
698,682
6,117,665
3,864,248
97,870,713
-
27,592,135
-
21,429,092
-3,408,516
-4,735,750
-31,789,439
-71,753,606
-
-150,804
-
-21,624,465
-4,240,747
2,211,280
-35,004,137
32,621,921
-
27,973,629
-
4,374,952
-
-
-
-
-
-
-
-
20,414,371
17,182,520
88,149,847
92,824,176
-
-
-
58,595,504
16,173,624
19,393,800
53,145,710
125,446,097
-
27,973,629
-
62,970,456

Statement of Operations and Changes in Net Assets
Note
Bond Global Corporate
Bond Euro Aggregate
English
Income
31/12/2012
USD
4,518,011
31/12/2011
USD
1,479,011
31/12/2012
EUR
4,200,733
31/12/2011
EUR
4,216,921
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
-
4,048,708
4,297
267
464,739
-
-
1,462,614
4,184
-
-
12,213
-
4,082,564
1,886
-
116,283
-
-
4,156,495
11,961
1,990
-
46,475
Expenses
1,716,547
238,337
1,206,436
811,239
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
468,423
479,623
227,159
16,575
707
30,170
253,185
7,763
232,942
-
-
141,600
1,716
61,494
3,517
13
10,964
-
7,524
596
10,913
-
546,081
174,103
178,979
24,310
1,208
21,362
76,661
7,894
171,603
4,235
-
542,535
1
178,785
22,003
1,006
21,107
-
2,144
680
42,978
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
2,801,464
6,959,626
-14,630
-5,682,315
-830,859
-1,625,795
1,431,488
1,240,674
-997,087
-543,212
1,524,036
695,581
151,124
1,156,276
2,994,297
8,694,612
-24,380
43,687
534,146
-582,404
88,421
3,405,682
-1,674,115
9,734
-447,900
-1,332,689
391,684
485,812
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
3,038,979
12,264,974
-39,367
-1,832,537
-788,507
1,223,819
3,227,392
-6,923,818
-137,736
1,441,042
49,504
-147,004
11,748,379
6,145,843
2,630
-9,152
-338,696
100,447
838,208
3,046,404
10,320
-43,599
-729,494
-128,018
Result of operations
Dividend paid
Subscriptions
Redemptions
9
13,867,361
-9,120
221,637,148
-60,687,089
-2,490,620
-4,470
7,650,037
-28,798,883
17,649,451
-2,988,546
89,884,920
-48,561,016
2,993,821
-5,729,443
21,873,438
-102,787,816
Increase/(decrease) in net assets
174,808,300
-23,643,936
55,984,809
-83,650,000
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
79,091,119
75,412,057
186,188,207
301,033,204
Net assets at the end of the period
253,899,419
51,768,121
242,173,016
217,383,204
The accompanying notes form an integral part of these financial statements
228

229
The accompanying notes form an integral part of these financial statements
Bond Euro High Yield
Bond Euro Inflation
Bond Euro Government
Bond Euro Corporate
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
13,571,352
15,652,062
2,541,287
1,471,213
211,328
2,100,124
9,823,369
19,313,699
-
-
-
-
-
-
-
-
13,480,592
15,525,200
2,507,507
1,427,390
211,039
2,098,067
9,707,220
17,795,464
1,952
54
24,825
3,629
289
2,057
70,965
1,867
11,968
2,559
8,955
824
-
-
40,030
30
48,427
124,090
-
39,370
-
-
-
1,515,169
28,413
159
-
-
-
-
5,154
1,169
2,486,055
2,453,600
1,417,543
981,438
76,299
462,544
1,574,151
4,070,688
1,660,848
1,571,099
864,376
520,257
46,187
277,826
1,028,673
2,303,970
-
-
10,057
79,800
213
-
7,135
29,510
580,323
527,677
377,003
228,235
18,092
96,267
445,388
810,240
40,792
52,581
46,264
28,750
2,781
12,577
52,181
113,532
10,372
11,301
3,217
2,492
-
1,553
4,411
4,690
173,207
21,439
9,404
8,212
8,758
18,525
12,933
62,162
-
131,094
-
34,564
-
52,930
-
465,166
9,319
196
26,619
24
268
2,404
58
2,474
-
-
-
74,447
-
-
22,831
274,921
11,194
-
80,603
4,657
-
462
541
4,023
-
138,213
-
-
-
-
-
-
11,085,297
13,198,462
1,123,744
489,775
135,029
1,637,580
8,249,218
15,243,011
-13,613,661
114,749
-6,106,458
4,756,893
-375,118
1,863,397
-9,608,266
7,729,441
-
-
-
-15,650
-
-17,750
57,295
-51,425
-1,294,347
1,100,747
-1,297,162
-389,215
-31,981
-55,601
-2,549,227
1,529,298
3,314
203,880
-2,576,181
-383,040
13,603
-482,801
4,075,467
832,663
-1,861,752
1,108,315
231,416
-122,010
-
-
-2,416,665
2,542,261
317,929
-282,085
1,036,888
115,590
25,822
54,809
-304,537
-346,192
-5,363,220
15,444,068
-7,587,753
4,452,343
-232,645
2,999,634
-2,496,715
27,479,057
-43,591,417
34,251,838
-7,801,878
4,677,240
462,166
4,453,234
-6,648,450
36,657,460
-
-
-
-
-
-
69,761
32,135
-2,818,889
-547,462
-626,428
40,603
-4,725
4,035
-493,803
116,789
8,930
-377,330
278,588
-17,913
37,925
456,131
907,960
8,894
437,426
-4,355
-
526,213
-
-
2,060,539
519,146
-51,327,170
48,766,759
-15,737,471
9,678,486
262,721
7,913,034
-6,600,708
64,813,481
-12,369,553
-11,351,195
-1,738,559
-179,108
-5,246
-11,441
-7,567,659
-11,556,738
27,188,277
354,372,848
31,431,430
63,052,812
2,721,133
41,014,298
113,074,184
606,397,735
-130,449,745
-112,086,408
-126,315,602
-69,717,939
-4,011,519
-57,775,473
-168,355,746
-209,640,050
-166,958,191
279,702,004
-112,360,202
2,834,251
-1,032,911
-8,859,582
-69,449,929
450,014,428
-
-
-
-
-
-
-
-
538,441,718
323,573,266
321,869,745
153,141,622
13,378,755
119,161,720
542,831,952
690,827,794
371,483,527
603,275,270
209,509,543
155,975,873
12,345,844
110,302,138
473,382,023
1,140,842,222

Statement of Operations and Changes in Net Assets
Note
Bond US Opportunistic Core Plus
Bond Europe
English
Income
31/12/2012
USD
4,247,465
31/12/2011
USD
2,101,531
31/12/2012
EUR
2,871,329
31/12/2011
EUR
2,456,918
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
11,788
4,196,199
17
-
-
39,461
22,396
2,073,289
5,846
-
-
-
-
2,868,174
2,355
800
-
-
-
2,431,373
3,912
114
-
21,519
Expenses
3,500,126
595,798
1,358,910
616,531
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
1,228,252
1,511,531
479,432
63,646
176,588
39,264
-
1,413
-
-
-
349,177
16
149,645
17,913
45,018
27,367
-
6,482
-
-
180
419,190
635,277
167,410
21,829
7,723
29,760
61,216
8,149
-
7,227
1,129
351,400
-
137,432
18,521
2,512
7,967
-
6,590
-
92,109
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
747,339
3,986,121
-
9,651,855
-
-
-3,705
1,505,733
1,052,672
-
-5,229,616
-
-
12,824
1,512,419
2,267,582
386,461
1,737,109
-1,012,226
-
-589,332
1,840,387
-2,414,916
-188,465
598,265
-2,913,640
-
562,440
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
14,381,610
6,551,033
-
-2,580,233
-
-
-2,658,387
-575,589
-
-241,679
-
-
4,302,013
5,648,980
91,603
311,844
-89,678
-
-2,515,929
940,539
73,672
35,371
-230,225
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
18,352,410
-1,488
221,049,924
-63,333,228
-3,475,655
-
40,606,143
-18,349,386
10,264,762
-886,139
66,464,529
-56,346,512
-1,696,572
-996,175
11,025,009
-23,975,240
Increase/(decrease) in net assets
176,067,618
18,781,102
19,496,640
-15,642,978
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
224,850,183
83,256,101
110,539,972
100,600,869
Net assets at the end of the period
400,917,801
102,037,203
130,036,612
84,957,891
The accompanying notes form an integral part of these financial statements
230

231
The accompanying notes form an integral part of these financial statements
Bond Emerging Inflation
Bond Global Inflation
Bond Global
Bond Global Aggregate
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
USD
USD
EUR
EUR
USD
USD
USD
USD
962,943
1,569,785
1,573,962
1,587,649
13,821,504
9,483,431
4,823,649
10,590,313
-
-
-
-
-
-
-
-
962,532
1,569,785
1,545,864
1,533,386
13,766,810
9,465,902
4,628,072
8,742,487
411
-
9,034
577
45,358
11,660
18,073
7,743
-
-
19,064
-
-
5,869
-
-
-
-
-
53,686
-
-
50,342
1,840,083
-
-
-
-
9,336
-
127,162
-
244,017
340,535
1,076,734
1,188,026
2,636,952
4,593,479
1,112,180
8,253,381
163,939
192,184
630,684
682,645
1,021,762
1,072,101
601,230
1,643,062
903
-
-
278
-
2,451,972
29,251
3,079,520
59,380
80,812
275,115
302,545
471,368
547,784
245,380
689,762
2,871
4,665
38,259
41,411
38,357
55,248
24,412
93,815
128
960
181
964
10,792
21,430
16,854
146,309
4,646
15,311
9,522
9,564
21,307
76,077
36,406
317,985
-
27,264
-
26,273
-
163,271
-
549,833
12,150
19,285
6,904
143
51,362
6,152
55,908
2,851
-
-
109,552
121,917
-
-
-
1,686,831
-
-
6,517
2,286
1,022,004
197,680
102,739
43,413
-
54
-
-
-
1,764
-
-
718,926
1,229,250
497,228
399,623
11,184,552
4,889,952
3,711,469
2,336,932
-1,934,536
-141,946
1,464,703
1,180,787
-8,265,809
1,386,606
-2,623,279
6,253,219
-
-5,455
-
-19,120
1,972,086
806,530
-4,729,506
-4,910,690
405,678
-2,675
-10,421,448
1,652,284
5,316,276
-6,346,447
6,888,575
-5,489,716
-
-
-2,358,853
-84,945
-27,637,661
521,647
-8,661,246
3,417,671
-
-
172,079
71,072
-
-
3,822,745
-2,099,953
-835,553
-115,494
4,401,572
116,500
11,025,848
4,994,573
6,589,577
6,202,739
-1,645,485
963,680
-6,244,719
3,316,201
-6,404,708
6,252,861
4,998,335
5,710,202
-4,107,625
7,204,554
18,382,289
-167,481
-47,739,133
37,794,167
-28,519,816
37,007,567
-
-
-
-
1,875,682
-220,343
-3,176,313
1,895,079
-165,427
-134,017
-4,003,137
1,552,326
6,349,127
-6,659,263
3,168,941
-9,692,297
-
-
141,531
-22,440
-1,899,518
-613,031
-215,170
-37,942
-
-
-
518,797
-
-
377,588
-267,962
-5,918,537
8,034,217
8,275,964
5,197,403
-47,818,550
36,554,391
-23,366,435
34,614,647
-
-320
-422,520
-268,975
-3,185,389
-1,497,049
-234,454
-1,307,141
5,162,855
41,585,267
56,230,554
49,161,405
45,025,065
258,003,839
68,539,332
552,155,642
-7,217,152
-25,352,071
-43,368,589
-32,965,968
-216,252,181
-97,641,100
-124,447,649
-124,488,161
-7,972,834
24,267,093
20,715,409
21,123,865
-222,231,055
195,420,081
-79,509,206
460,974,987
-
-
-
-
-
-
-
-
60,061,977
75,587,934
175,317,479
176,414,557
465,541,274
240,470,608
197,940,627
226,491,822
52,089,143
99,855,027
196,032,888
197,538,422
243,310,219
435,890,689
118,431,421
687,466,809

Statement of Operations and Changes in Net Assets
Note
Bond Global Emerging
Bond Global Emerging Corporate
English
Income
31/12/2012
USD
4,757,416
31/12/2011
USD
4,273,875
31/12/2012
USD
2,760,418
31/12/2011
USD
-
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
-
4,752,062
5,354
-
-
-
176,682
4,092,398
4,795
-
-
-
-
2,760,378
40
-
-
-
-
-
-
-
-
-
Expenses
2,014,967
1,233,950
1,129,006
-
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
1,027,970
267,909
306,206
33,901
21,652
87,673
261,854
7,802
-
-
-
599,092
212
181,787
7,642
5,329
70,787
-
369,101
-
-
-
301,302
585,859
100,172
6,508
1
10,839
122,962
1,363
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
2,742,449
2,176,341
-3,948,606
579,726
-103,427
-
2,868,123
3,039,925
-2,104,365
-2,021,668
-2,189,967
-60,231
-
-2,089,003
1,631,412
1,817,087
-
-143,016
-62,058
-
83,581
-
-
-
-
-
-
-
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
4,314,606
12,800,550
1,754,947
-1,194,767
63,797
-
-5,425,309
-11,293,711
563,088
-1,219,811
6,859
-
3,327,006
5,740,679
-
-61,463
59,456
-
-
-
-
-
-
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
17,739,133
-425,445
143,121,913
-31,498,837
-17,368,884
-198,333
52,024,480
-57,069,452
9,065,678
-
89,845,946
-17,782,277
-
-
-
-
Increase/(decrease) in net assets
128,936,764
-22,612,189
81,129,347
-
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
130,512,783
125,702,451
58,979,326
-
Net assets at the end of the period
259,449,547
103,090,262
140,108,673
-
The accompanying notes form an integral part of these financial statements
232

233
The accompanying notes form an integral part of these financial statements
Index Equity North America
Index Equity Europe
Index Equity Euro
Multi Asset Emerging Markets
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
EUR
EUR
EUR
EUR
EUR
EUR
USD
USD
4,009,876
5,267,485
3,922,513
4,737,407
1,343,374
1,024,282
-
259,307
3,960,565
5,157,972
3,473,563
3,859,751
1,080,724
777,323
-
93,400
-
-
-
-
-
-
-
165,906
3,012
959
5,335
493
4,746
18
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46,299
108,554
443,615
877,163
257,904
246,941
-
-
430,941
598,440
352,824
542,111
193,752
232,305
-
170,403
237,503
285,734
198,538
231,322
90,063
71,283
-
57,572
-
-
-
-
-
-
-
12,823
150,082
199,985
103,514
122,283
54,758
46,185
-
40,587
17,221
36,710
20,240
23,523
11,613
9,787
-
3,349
-
-
-
-
-
-
-
-
17,225
45,028
28,693
114,477
37,206
70,772
-
56,068
-
16,547
-
46,126
-
31,132
-
-
8,910
14,436
1,839
4,380
112
3,053
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
93
-
-
3,578,935
4,669,045
3,569,689
4,195,296
1,149,622
791,977
-
88,904
7,396,239
8,822,083
-2,982,020
14,451,309
-5,840,758
459,032
-
73,684
-
-
-
-
-
-
-
-
774,436
-166,097
-
-
-
-
-
217,722
180,306
216,991
-821,183
218,490
-660,301
450,245
-
142,259
-
-
-
-
-
-
-
-
-193,907
189,312
66,332
40,299
-
-
-
-5,165
11,736,009
13,731,334
-167,182
18,905,394
-5,351,437
1,701,254
-
517,404
18,439,019
-3,955,524
-40,752,808
35,105,815
-35,721,782
21,552,726
-
4,303,630
-
-
-
-
-
-
-
-
-7,181
136,691
-
-
-
-
-
-86,491
-68,054
-309,378
-84,678
-142,526
32,895
-55,410
-
49,962
-
-
-
-
-
-
-
-
30,099,793
9,603,123
-41,004,668
53,868,683
-41,040,324
23,198,570
-
4,784,505
-3,209,899
-2,673,669
-9,999,816
-8,587,423
-917,083
-94,018
-
-
127,222,838
109,361,518
77,577,764
62,057,497
97,002,343
47,685,715
-
149,088,287
-113,252,727
-85,074,055
-55,963,938
-126,456,839
-44,638,859
-73,359,248
-
-66,990,964
40,860,005
31,216,917
-29,390,658
-19,118,082
10,406,077
-2,568,981
-
86,881,828
-
-
-
-
-
-
-
-
487,286,249
519,386,713
450,844,604
464,996,715
232,034,310
162,503,156
-
-
528,146,254
550,603,630
421,453,946
445,878,633
242,440,387
159,934,175
-
86,881,828

Statement of Operations and Changes in Net Assets
Note
Index Equity Pacific
Index Global Bond (EUR) Hedged
English
Income
31/12/2012
EUR
1,717,158
31/12/2011
EUR
1,486,515
31/12/2012
EUR
9,189,286
31/12/2011
EUR
8,139,327
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
1,716,038
-
1,120
-
-
-
1,479,859
-
6,656
-
-
-
-
9,188,020
1,266
-
-
-
-
8,130,975
8,352
-
-
-
Expenses
180,401
148,031
692,922
540,318
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
54,110
-
57,228
6,104
-
56,260
-
6,699
-
-
-
43,832
-
52,342
6,376
-
39,220
-
6,261
-
-
-
292,210
-
283,614
33,653
-
14,550
68,372
523
-
-
-
246,358
-
239,686
36,385
-
17,668
-
221
-
-
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
1,536,757
1,181,433
-
-
46,228
-
-25,901
1,338,484
50,188
-
-948
-130,521
-
179,242
8,496,364
9,614,424
-
47,205,092
20,001
-
-25,841,489
7,599,009
3,232,270
-
-19,709,745
300,526
-
-9,604,005
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
2,738,517
2,328,789
-
-
-38,197
-
1,436,445
-4,580,867
-
948
-68,537
-
39,494,392
-31,928,878
-
2,068,014
29,490
-
-18,181,945
50,513,927
-
-12,881,619
-1,553
-
Result of operations
Dividend paid
Subscriptions
Redemptions
9
5,029,109
-908,188
30,601,045
-30,595,594
-3,212,011
-821,197
38,987,263
-31,469,507
9,663,018
-188
68,148,676
-191,967,301
19,448,810
-183
381,421,799
-100,162,988
Increase/(decrease) in net assets
4,126,372
3,484,548
-114,155,795
300,707,438
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
105,337,920
104,828,860
618,139,867
328,651,815
Net assets at the end of the period
109,464,292
108,313,408
503,984,072
629,359,253
The accompanying notes form an integral part of these financial statements
234

235
The accompanying notes form an integral part of these financial statements
Absolute Statistical Arbitrage
Absolute VaR 4(EUR)
Absolute VaR 2(EUR)
Absolute Forex
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
280,224
193,120
990,042
1,047,107
1,136,565
596,591
1,443,942
21,476
118,746
148,599
101,386
97,358
-
-
-
-
128,684
43,391
849,259
930,386
1,050,630
583,951
732,183
14,331
5,305
304
28,373
3,348
44,463
2,089
131,053
5,288
27,489
826
-
-
-
-
-
-
-
-
-
11,088
41,467
10,551
580,706
1,857
-
-
11,024
4,927
5
-
-
-
426,223
369,137
612,667
620,132
766,586
440,052
1,853,607
751,794
279,127
184,299
413,384
383,162
294,978
168,294
698,947
187,663
-
-
715
55
22
25,502
10,251
362,420
89,369
60,107
144,525
109,600
153,189
85,020
437,727
76,781
4,805
2,949
21,228
14,843
19,950
12,520
52,010
7,786
11
31
1
2
131
201
5,367
1,899
52,768
110,960
9,643
63,589
10,310
25,900
21,761
46,233
-
8,629
-
21,572
-
5,687
-
65,654
143
2,147
256
15
1,585
9
5,246
113
-
-
-
12,802
41,927
11,773
622,298
3,245
-
-
-
490
-
2,776
-
-
-
15
22,915
14,002
244,494
102,370
-
-
-145,999
-176,017
377,375
426,975
369,979
156,539
-409,665
-730,318
-16,677,563
339,591
-1,935,158
852,060
-3,426,817
192,069
951,494
-234,945
19,213
5,925
-235,934
-335,024
-226,800
-463,540
-384,952
-465,430
-1,074,632
332,785
-1,096,354
-1,988,255
-550,619
377,417
-8,686,203
2,852,485
6,474,067
-1,391,526
-1,759,794
-1,951,447
-2,363,680
-171,090
-472,665
-75,803
-
-
-
-
-
-
-
-
1,887
20,973
437,351
-649,453
55,041
-189,734
1,940,421
-16,109
-11,403,027
-868,269
-4,212,514
-3,645,144
-6,142,896
-98,339
-7,061,570
1,329,880
2,354,911
105,333
-1,625,711
606,065
673,778
209,793
332,700
-35,705
12,768
-
-
-657,140
293,364
110,344
629,021
185,100
-811,831
-73,149
-252,097
1,595,380
-278,187
123,897
-593,089
760,882
1,670,176
501,733
-156,020
556,107
-253,855
-49,242
264,892
-120,974
81,816
-274,927
-
399
-1,015
437
-30,876
430
-8,095,187
-609,279
-6,246,342
-1,544,333
-5,708,811
296,890
-6,458,922
2,119,613
-
-
-119,426
-25,504
-35,830
-9,015
-
-
4,950,348
79,390
1,197,808
4,319,122
6,902,129
4,433,477
127,862,472
45,282,974
-44,582,714
-8,401,923
-32,088,399
-28,195,343
-81,554,235
-18,711,251
-175,524,231
-60,659,649
-47,727,553
-8,931,812
-37,256,359
-25,446,058
-80,396,747
-13,989,899
-54,120,681
-13,257,062
-
-
-
-
-
-
-
-
118,572,747
61,912,771
116,435,254
124,542,927
176,761,842
67,640,052
389,404,462
124,356,714
70,845,194
52,980,959
79,178,895
99,096,869
96,365,095
53,650,153
335,283,781
111,099,652

Statement of Operations and Changes in Net Assets
Note
Absolute High Yield
Absolute Volatility Arbitrage
English
Income
31/12/2012
EUR
2,163,267
31/12/2011
EUR
2,137,073
31/12/2012
EUR
609,083
31/12/2011
EUR
2,279,961
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
5,925
1,843,843
132
7,685
305,682
-
4,400
2,087,007
3,409
42,257
-
-
123,993
428,597
1,932
4,468
2,849
47,244
125,178
1,349,390
41,799
588,817
106,544
68,233
Expenses
1,213,821
578,804
1,583,889
2,095,090
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
351,474
421,151
126,065
19,371
277
9,360
10,012
1
273,625
-
2,485
397,183
611
138,689
18,468
-
11,617
-
3,639
8,100
-
497
590,009
38,868
215,691
24,491
1,053
594,224
114,218
1,661
3,674
-
-
1,358,324
-
494,538
51,946
380
63,400
-
7,199
119,303
-
-
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
949,446
-393,110
-
54,597
-2,070
-131,530
-1,045
1,558,269
-1,395,081
-
-188,893
-532,680
-1,227,201
87,695
-974,806
1,691,823
2,633,986
635,068
-3,332,400
-
-586,264
184,871
474,351
1,594,994
-2,866,515
-4,770,819
-
2,192,529
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
476,288
805,791
-
-57,735
-10,980
765,062
-1,697,891
-1,527,861
-
-434,383
30,215
-459,805
67,407
-888,821
1,860,998
692,585
-700,218
585
-3,190,589
-1,837,582
95,549
-460,307
508,179
-15,143
Result of operations
Dividend paid
Subscriptions
Redemptions
9
1,978,426
-29,686
12,681,507
-21,860,641
-4,089,725
-27,812
31,649,602
-132,045,552
1,032,536
-
17,752,978
-79,160,772
-4,899,893
-
201,800,449
-370,626,085
Increase/(decrease) in net assets
-7,230,394
-104,513,487
-60,375,258
-173,725,529
Reevaluation of consolidated Net Assets
-
-
-
-
Net assets at the beginning of the period (01/07/12)
101,256,716
205,549,428
211,667,207
450,108,229
Net assets at the end of the period
94,026,322
101,035,941
151,291,949
276,382,700
The accompanying notes form an integral part of these financial statements
236

237
The accompanying notes form an integral part of these financial statements
Cash EUR
Absolute Volatility World Equities
Absolute Volatility Euro Equities
Absolute Volatility Arbitrage Plus
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
31/12/2011
31/12/2012
EUR
EUR
USD
USD
EUR
EUR
EUR
EUR
8,381,035
3,514,245
5,534,648
1,680,431
6,879,876
3,996,548
297
464,650
-
1,883
-
-
-
-
-
139,347
4,141,532
3,119,895
3,897,485
1,311,580
4,421,302
1,299,638
297
276,438
281,347
22,802
21,369
1,842
25,172
35,972
-
835
1,199,122
-
1,014,621
287,803
1,704,797
336,367
-
568
2,759,034
286,818
601,173
79,181
728,605
93,144
-
-
-
82,847
-
25
-
2,231,427
-
47,462
5,605,174
2,525,356
17,754,288
14,690,420
20,144,105
16,693,324
12,623
1,572,779
1,481,982
1,349,770
6,136,572
9,205,716
9,596,150
11,361,690
9,996
411,158
-
-
9,205,460
6,408
6,802,012
96,084
-
267,734
660,941
562,684
1,470,120
2,191,013
2,600,129
2,931,548
1,431
58,854
164,976
27,639
185,706
287,304
331,673
377,784
1,196
6,216
99,535
86,960
1,444
35,895
5,745
22,508
-
-
6,578
2,487
58,053
2,456,323
15,342
1,503,586
-
704,315
-
106,430
-
401,431
-
256,117
-
119,051
15,097
701
47,089
23,789
9,059
49,120
-
5,451
3,176,065
388,685
649,844
82,541
783,995
94,887
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,775,861
988,889
-12,219,640
-13,009,989
-13,264,229
-12,696,776
-12,326
-1,108,129
2,602,403
1,374,939
-53,426,513
19,395,823
1,434,535
963,604
20,109
2,175,375
-
-
-167,839,231
-144,187,316
111,121,848
87,108,127
-22,699
2,806,102
-
-
46,470,455
2,438,102
7,674,821
-4,879,942
-
614,520
-
-
-30,741,256
63,732,591
-428,123,628
5,493,467
-5,196
-3,914,325
-
-
-
-
-
-
-
-
3
-1
10,634,892
-5,521,649
66,623
-7,440
-14,369
-426,730
5,378,267
2,363,827
-207,121,293
-77,152,438
-321,090,030
75,981,040
-34,481
146,813
670,727
-41,561
-53,673,418
41,003,047
-100,336
-163,130
151,648
-828,241
-
-
294,584,398
22,401,111
418,762,124
-185,173,365
-22,742
2,343,357
-
-
1,067,859
-325,627
1,709,212
3,472,515
-9,383
854,819
-
-
10,400,206
-50,166,528
13,472,431
-10,347,919
-86,384
-945,626
-9,429
267
-53,382
4,262
-61,286
3,562
-
-
6,039,565
2,322,533
45,204,370
-64,236,173
112,692,115
-116,227,297
-1,342
1,571,122
-
-57,797
-
-337
-
-
-
-153,355
866,606,619
508,312,266
685,857,400
859,806,581
471,272,356
1,174,646,787
47,500,742
23,333,335
-982,802,440
-706,804,465
-1,081,804,398
-948,357,163
-1,469,328,239
-1,024,052,550
-
-10,168,693
-110,156,256
-196,227,463
-350,742,628
-152,787,092
-885,363,768
34,366,940
47,499,400
14,582,409
-
-
-
-
-
-
-
-
1,339,968,817
1,157,990,573
2,119,712,575
2,738,903,821
2,629,337,006
2,587,252,893
-
113,059,264
1,229,812,561
961,763,110
1,768,969,947
2,586,116,729
1,743,973,238
2,621,619,833
47,499,400
127,641,673

Statement of Operations and Changes in Net Assets
Note
Cash USD
Combined
English
Income
31/12/2012
USD
107,304
31/12/2011
USD
147,235
31/12/2012
EUR
164,071,139
31/12/2011
EUR
172,972,979
Net dividends
Bond interest
Bank interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
2
2
2
6
-
51,767
28,677
8,930
17,930
-
-
58,307
70,032
-
18,896
-
61,169,185
92,773,743
217,932
583,852
4,382,441
4,943,986
75,797,774
85,160,065
1,107,504
4,430,875
4,786,049
1,690,712
Expenses
410,942
406,643
121,868,700
118,252,543
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders
Bank interest and similar charges
Interest paid on swaps
Expenses on Repos
Other expenses
4
4
5
7
128,478
-
187,942
17,283
2,790
7,375
45,820
3,174
18,080
-
-
131,207
-
182,856
43,879
1,620
8,869
-
96
38,116
-
-
64,496,296
9,997,682
21,476,703
2,140,135
679,386
14,956,738
3,918,438
753,342
2,964,038
209,023
276,919
64,047,330
15,704,834
22,295,915
2,069,326
376,777
2,782,275
-
4,153,177
5,420,921
1,110,732
291,256
Net realised profit/(loss) from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss) on foreign exchange
-303,638
2,168,716
-
105,757
-
-
-1,204,035
-259,408
-7,656,842
-
-361,577
-
-
8,472,152
42,202,439
74,189,206
-24,745,700
59,780,811
46,297,426
59,743
-22,151,833
54,720,436
-472,664,428
-22,703,666
-23,470,879
-498,670,505
-1,649,260
21,444,039
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
766,800
-51,759
-
15,496
-
-1,379
194,325
357,706
-
-2,996
-
-
175,632,092
886,190,277
-161,513,192
-11,297,912
-52,061,628
2,883,262
-942,994,263
-1,354,423,669
645,661,150
-14,096,665
21,848,040
2,010,587
Result of operations
Dividend paid
Subscriptions
Redemptions
9
729,158
-
115,346,114
-160,895,069
549,035
-
106,508,412
-252,164,955
839,832,899
-46,000,473
6,622,531,143
-5,651,335,124
-1,641,994,820
-46,891,595
5,315,740,572
-8,364,904,498
Increase/(decrease) in net assets
-44,819,797
-145,107,508
1,765,028,445
-4,738,050,341
Reevaluation of consolidated Net Assets
-
-
-303,976,848
1,037,699,342
Net assets at the beginning of the period (01/07/12)
382,486,834
469,174,282
16,842,477,469
19,068,287,604
Net assets at the end of the period
337,667,037
324,066,774
18,303,529,066
15,367,936,605
The accompanying notes form an integral part of these financial statements
238

Notes to the Financial Statements as at 31/12/12
1 INTRODUCTION
Amundi Funds (the “Fund”) is organised as a “Société d’Investissement à Capital Variable” (“SICAV”) under the laws of the Grand Duchy of Luxembourg. The Fund,
initially Groupe Indosuez Funds FCP, an unincorporated mutual investment fund (“Fonds Commun de Placement”) created on 18 July 1985, was transformed, in
accordance with Article 110 (2) of the law of 30 March 1988 on Undertakings for Collective Investment, and renamed GIF SICAV II on 15 March 1999. The deed of
transformation and the Articles of Incorporation (the “Articles”) were published in the Mémorial, Recueil des Sociétés et Associations on 28 April 1999. The name of the
Fund was then changed to GIF SICAV on 1 st December 1999, to Crédit Agricole Funds on 8 December 2000 and to CAAM Funds on 1 st July 2007. As at 2 March 2010,
in accordance with the decision taken by the shareholders in the framework of the Extraordinary General Meeting held on 23 November 2009 and with the decision of
the Board of Directors taken on 23 December 2009, CAAM Funds was renamed Amundi Funds.
The amendments to the Articles have been published in the Mémorial, Recueil des Sociétés et Associations respectively on 14 January 2000, on 17 January 2001, and
on 13 June 2007 for the first three name changes and on 3 April 2010 for the last one. A latest amendment to the Articles has been made on 14 March 2012 and have
been published in the Mémorial, Recueil des Sociétés et Associations – C, number 943 and dated 12 April 2012. Since 1 st July 2011, the Fund is subject to Part I of the
law of 17 December 2010 on Undertakings for Collective Investment (the “2010 law”).
The following sub-fund has been merged on 12 September 2012:
- Amundi Funds Equity Global Clean Planet into Amundi Funds Equity Global Aqua.
The following sub-funds have been renamed on 3 December 2012:
- Amundi Funds Money Market Euro into Amundi Funds Cash EUR;
- Amundi Funds Money Market USD into Amundi Funds Cash USD.
The following sub-funds have been launched:
- Amundi Funds Equity Global Minimum Variance on 9 July 2012;
- Amundi Funds Multi Asset Emerging Markets on 15 November 2012.
Based on the exchange ratios, calculated from the respective net asset value dated 13 December 2012, of the shares of the said sub-fund, the following French FCP
has been contributed as of 14 December 2012 into the Fund as follows:
- FCP SG Alpha Forex into Amundi Funds Absolute Forex.
In reference to the prospectus of October 2012, as at 31 December 2012, the Fund consisted of 66 sub-funds in activity, each investing in a specific market or group
of markets.
Amundi Funds Equity Euroland Value, Amundi Funds Equity Global Alpha, Amundi Funds Equity Japan Target, Amundi Funds Equity US Concentrated Core, Amundi
Funds Equity US Growth, Amundi Funds Equity US Relative Value, Amundi Funds Equity Global Select, Amundi Funds Equity Japan Value, Amundi Funds Equity Euro
Select, Amundi Funds Equity Europe Select, Amundi Funds Equity Euroland Small Cap, Amundi Funds Equity Global Gold Mines, Amundi Funds Equity Global Luxury
and Lifestyle, Amundi Funds Equity Global Agriculture, Amundi Funds Equity Global Resources, Amundi Funds Equity Europe Restructuring, Amundi Funds Equity
ASEAN, Amundi Funds Equity Asia ex Japan, Amundi Funds Equity Brazil, Amundi Funds Equity Emerging Europe, Amundi Funds Equity Emerging Internal Demand,
Amundi Funds Equity Emerging World, Amundi Funds Equity MENA, Amundi Funds Equity Greater China, Amundi Funds Equity India, Amundi Funds Equity India Select,
Amundi Funds Equity India Infrastructure, Amundi Funds Equity Korea, Amundi Funds Equity Latin America, Amundi Funds Equity Thailand, Amundi Funds Equity Global
Aqua, Amundi Funds Equity Europe Minimum Variance, Amundi Funds Equity Global Minimum Variance, Amundi Funds Convertible Europe, Amundi Funds Convertible
Global, Amundi Funds Bond Global Corporate, Amundi Funds Bond Euro Aggregate, Amundi Funds Bond Euro Corporate, Amundi Funds Bond Euro Government,
Amundi Funds Bond Euro Inflation, Amundi Funds Bond Euro High Yield, Amundi Funds Bond US Opportunistic Core Plus, Amundi Funds Bond Europe, Amundi Funds
Bond Global Aggregate, Amundi Funds Bond Global, Amundi Funds Bond Global Inflation, Amundi Funds Bond Emerging Inflation, Amundi Funds Bond Global Emerging,
Amundi Funds Bond Global Emerging Corporate, Amundi Funds Multi Asset Emerging Markets, Amundi Funds Index Equity Euro, Amundi Funds Index Equity Europe,
Amundi Funds Index Equity North America, Amundi Funds Index Equity Pacific, Amundi Funds Index Global Bond (EUR) Hedged, Amundi Funds Absolute Forex,
Amundi Funds Absolute VaR 2(EUR), Amundi Funds Absolute VaR 4(EUR), Amundi Funds Absolute Statistical Arbitrage, Amundi Funds Absolute High Yield, Amundi
Funds Absolute Volatility Arbitrage, Amundi Funds Absolute Volatility Arbitrage Plus, Amundi Funds Absolute Volatility Euro Equities, Amundi Funds Absolute Volatility
World Equities, Amundi Funds Cash EUR and Amundi Funds Cash USD.
240

Notes to the Financial Statements as at 31/12/12
Classes of Shares
This table further details the characteristics of each Class of Shares.
Denomination Investors
Specific
characteristics
Taxation
Minimum
Distributing/
investment 1 Accumulation
Subscription
Fee
Conversion Redemption
Fee 2 Fee
Classes of Shares
I Classes Category
IC Class IC
Denominated in CHF
Equivalent in CHF of USD
500,000
-
IE Class IE Denominated in EUR Equivalent in EUR of USD
Institutional Investors
500,000
investing for their own account
IG Class IG or for individuals within the Denominated in GBP Equivalent in GBP of USD
0.01% p.a.
framework of a collective
500,000
IJ Class IJ savings or any comparable
scheme as well as UCITS Denominated in JPY Equivalent in JPY of USD
500,000
Accumulation/
Distribution
Max 2.50% Max 1.00%
-
-
-
IU Class IU Denominated in USD USD 500,000
Institutional
Class II
Institutional
Class IV
I(2) Japanese UCIs - 0.01% p.a. USD 50,000 Distribution Max 5.00% Max 1.00%
I(4) Asian UCIs approved by the
Board
Difference with Class I(2): only
Accumulation Shares
0.01% p.a. USD 50,000 Accumulation Max 5.00% Max 1.00%
IE-D Class IE-D Institutional Investors Denominated in EUR 0.01% p.a. USD 1,000,000 Distribution Max 2.50% Max 1.00%
-
-
-
Institutional
Class VI
I(6) Institutional Investors
specifically authorised by the
Board
- 0.01% p.a. - Accumulation Max 0.50% Max 1.00% Max
1.00%
XE Class XE
Denominated in EUR
Specific fee schedule
Institutional Investors
XU Class XU Denominated in USD
Specific fee schedule
Accumulation/
0.01% p.a. USD 30,000,000 3 Distribution
Max 5.00% Max 1.00% -
Institutional
Class VIII
Class I(8) Dedicated institutional
Investors specifically
authorised by the Board
Specific fee schedule 0.01% p.a. USD 100,000,000 except
Equity Emerging World
USD 30,000,000
Accumulation Max 5.00% Max 1.00% -
Institutional
Class IX
I(9) Japanese UCIs specifically
authorised by the Board
Specific fee schedule 0.01% p.a. USD 50,000 Accumulation Max 2.50% Max 1.00% -
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
For XU and XE classes, this minimum investment must be appreciated at level of the concerned Category of Classes, remotely in case of a sole institutional investor or in aggregate in case of companies of a same group, held in 100% by the same parent company
and investing for their own account.
241

Notes to the Financial Statements as at 31/12/12
Denomination Investors
Specific
characteristics
Taxation
Minimum
Distributing/
investment 1 Accumulation
Subscription
Fee
Conversion Redemption
Fee 2 Fee
IHC Class IHC Institutional Investors - base currency (CHF)
- hedged Class of Shares (this
operation aims to hedge the NAV in
CHF regarding to the currency of
denomination of the relevant sub-fund)
0.01% p.a. Equivalent in CHF of
USD 500,000
Accumulation Max 2.50% Max 1.00% -
IHE Class IHE Institutional Investors - base currency (EUR)
- hedged Class of Shares (this
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant subfund)
IHG0 Class IHG0 Institutional Investors
specifically authorised by the
Board
- base currency (GBP)
- hedged Class of Shares (this
operation aims to hedge the NAV in
GBP regarding to the currency of
denomination of the relevant subfund)
0.01% p.a. Equivalent in EUR of
USD 500,000
0.01% p.a. Equivalent in GBP of
USD 500,000
Accumulation Max 2.50% Max 1.00% -
Distribution Max 2.50% Max 1.00% -
IHG Class IHG Institutional Investors Difference with Class I:
- base currency (GBP)
- hedged Class of Shares (this
operation aims to hedge the NAV in
GBP regarding to the currency of
denomination of the relevant subfund)
0.01% p.a. Equivalent in GBP of
USD 500,000
Accumulation/
Distribution
Max 2.50% Max 1.00% -
IHS Class IHS Institutional Investors Difference with Class I:
- base currency (SGD)
- hedged Class of Shares (this
operation aims to hedge the NAV in
SGD regarding to the currency of
denomination of the relevant subfund)
IHU Class IHU Institutional Investors Difference with Class I:
- base currency (USD)
- hedged Class of Shares
(this operation aims to hedge the NAV
in USD regarding to the currency of
denomination of the relevant sub-fund)
0.01% p.a. Equivalent in SGD of
USD 500,000
Accumulation Max 2.50% Max 1.00% -
0.01% p.a USD 500,000 Accumulation Max 2.50% Max 1.00% -
IHJ Class IHJ Institutional Investors Difference with Class I:
- base currency (JPY)
- hedged Class of Shares
(this operation aims to hedge the NAV
in JPY regarding to the currency of
denomination of the relevant sub-fund)
0.01% p.a USD 500,000 Accumulation/
Distribution
Max 2.50% Max 1.00% -
IU-C Class IU-C Institutional Investors Difference with Class I:
- base currency (USD)
0.01% p.a. USD 500,000 Accumulation Max 2.50% Max 1.00% -
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
242

Notes to the Financial Statements as at 31/12/12
Denomination Investors
Specific
characteristics
Taxation
Minimum
Distributing/
investment 1 Accumulation
Subscription
Fee
Conversion Redemption
Fee 2 Fee
M Classes Category
MC Class MC
Denominated in CHF
ME Class ME Denominated in EUR
MG Class MG Denominated in GBP
MJ Class MJ Denominated in JPY
MU Class MU Denominated in USD
Italian GPF and UCITS, UCIs
or mandates authorised by the
Board
MHE Class MHE - base currency (EUR)
- hedged Class of Shares
(this operation aims to hedge the NAV
in EUR regarding to the currency of
denomination of the relevant sub-fund)
0.01% p.a. - Accumulation Max 2.50% Max 1.00% -
MHJ Class MHJ - base currency (JPY)
- hedged Class of Shares
(this operation aims to hedge the NAV
in JPY regarding to the currency of
denomination of the relevant sub-fund)
O Classes Category
OC Class OC
Denominated in CHF
Equivalent in CHF of USD
500,000
OE Class OE Denominated in EUR Equivalent in EUR of USD
500,000
OG Class OG Denominated in GBP Equivalent in GBP of USD
500,000
OJ Class OJ Institutional Investors
Denominated in JPY Equivalent in JPY of USD
specifically authorized by the
500,000
OU Class OU Board
Denominated in USD USD 500,000
Accumulation
OHE Class OHE - base currency (EUR)
- hedged Class of Shares
(this operation aims to hedge the NAV
in EUR regarding to the currency of
denomination of the relevant sub-fund)
0.01% p.a
Equivalent in EUR of USD
500,000
Max 5.00% Max 1.00% -
O1 Class O1 Institutional Investors specifically
authorized by the Board
Difference with OU: specific fees
schedule
Denominated in USD USD 500,000 except
Equity Latin America USD
100,000,000
Accumulation
OR Class OR Dedicated to feeders managed
and or distributed by companies
of Amundi Group
- - Accumulation/
Distribution
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
243

Notes to the Financial Statements as at 31/12/12
Denomination Investors
Specific
characteristics
Taxation
Minimum
Distributing/
investment 1 Accumulation
Subscription
Fee
Conversion Redemption
Fee 2 Fee
A Classes Category
AC Class AC
Denominated in CHF
AE Class AE Denominated in EUR
AG Class AG All investors
Denominated in GBP
AJ Class AJ Denominated in JPY
0.05% p.a. -
Accumulation/
Distribution
Max 4.50% Max 1.00% -
AU Class AU Denominated in USD
AHC Class AHC All Investors - base currency (CHF)
- hedged Class of Shares (this
operation aims to hedge the NAV in
CHF regarding to the currency of
denomination of the relevant sub-fund)
0.05% p.a. - Accumulation Max 4.50% Max 1.00% -
AHE Class AHE All Investors - base currency (EUR)
- hedged Class of Shares (this
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant sub-fund)
0.05% p.a. - Accumulation
Except for
Absolute
Volatility World
Equities:
Accumulation /
Distribution
Max 4.50% Max 1.00% -
AHG Class AHG All Investors - base currency (GBP)
- hedged Class of Shares (this
operation aims to hedge the NAV in
GBP regarding to the currency of
denomination of the relevant sub-fund)
0.05% p.a. - Accumulation/
Distribution
Max 4.50% Max 1.00% -
AHK Class AHK All investors - base currency (CZK)
- hedged Class of Shares (this
operation aims to hedge the NAV in
CZK regarding to the currency of
denomination of the relevant sub-fund)
0.05% p.a. - Accumulation Max 4.50% Max 1.00% -
AHU Class AHU All Investors - base currency (USD)
- hedged Class of Shares (this
operation aims to hedge the NAV in
USD regarding to the currency of
denomination of the relevant sub-fund)
AHS Class AHS All Investors - base currency (USD)
- hedged Class of Shares (this
operation aims to hedge the NAV in
USD regarding to the currency of
denomination of the relevant sub-fund)
0.05% p.a. - Accumulation
Except for
Absolute VaR
2(EUR) and
Absolute VaR
4(EUR)
Accumulation /
Distribution
0.05% p.a. - Accumulation/
Distribution
Max 4.50% Max 1.00% -
Max 4.50% Max 1.00% -
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
244

Notes to the Financial Statements as at 31/12/12
Denomination Investors
Specific
characteristics
Taxation
Minimum
Distributing/
investment 1 Accumulation
Subscription
Fee
Conversion Redemption
Fee 2 Fee
AU-C Class AU-C All Investors Difference with Class AU:
- only accumulation share
A2U Class A2U
Accumulation
Denominated in USD Accumulation/
Distribution
0.05% p.a. -
A2E Class A2E Reserved to Hong Kong Denominated in EUR Accumulation/
Investors
Distribution
AU-MD Class AU-MD - base currency (USD)
- monthly dividend distribution
R Classes Category
RE Class RE All Investors. Shares only
available through a networks
of distributors in the
Netherlands and specifically
authorised by the Board.
Denominated in EUR
Distribution
Max 4.50% Max 1.00% -
RHE Class RHE All Investors. Shares only
available through a networks
of distributors in the
Netherlands and specifically
authorised by the Board.
- base currency (EUR)
- hedged Class of Shares (this
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant Sub-
Fund)
RU Class RU All Investors. Shares only
available through a networks
of distributors in the
Netherlands and specifically
authorised by the Board
Denominated in USD
0.05% p.a. -
Accumulation/
Distribution
Max 4.50% Max 1.00% -
RG Class RG All Investors. Shares only
available through a networks
of distributors in the UK and
specifically authorised by the
Board.
Denominated in GBP
RJ Class RJ All Investors. Shares only
available through a networks
of distributors in the
Netherlands and specifically
authorised by the Board.
Denominated in JPY
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
245

Notes to the Financial Statements as at 31/12/12
Denomination Investors
Specific
characteristics
Taxation
Minimum
Distributing/
investment 1 Accumulation
Subscription
Fee
Conversion Redemption
Fee 2 Fee
S Classes Category
SC Class SC All Investors Shares only Denominated in CHF
SE Class SE
available through a network
Denominated in EUR
of distributors.
SG Class SG Denominated in GBP
SJ Class SJ Denominated in JPY
SU Class SU Denominated in USD
SHE Class SHE
- base currency (EUR)
- hedged Class of Shares (this
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant sub-fund)
0.05% p.a. - Accumulation Max 3.00% Max 1.00% -
Accumulation
SHE-QD Class SHE-QD - base currency (EUR)
- hedged Class of Shares (this
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant sub-fund)
- quarterly dividend distribution
Distribution
SHE-MD Class SHE-MD - base currency (EUR)
- hedged Class of Shares (this
All Investors Shares only
available through a network
of distributors.
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant sub-fund)
- monthly dividend distribution
0.05% p.a. -
Distribution
Max 3.00% Max 1.00% -
SHG Class SHG - base currency (GBP)
- hedged Class of Shares (this
operation aims to hedge the NAV in
GBP regarding to the currency of
denomination of the relevant Sub-
Fund)
Distribution
SHU Class SHU - base currency (USD)
- hedged Class of Shares (this
operation aims to hedge the NAV in
USD regarding to the currency of
denomination of the relevant sub-fund)
Accumulation
Classic H Class Category
Classic H
Class
Class H
All Investors
Shares only available through a
network of distributors specifically
authorised by the Board
Difference with Class S: Reduced
Subscription Fee
0.05% p.a. - Accumulation Max 1.00% Max 1.00% -
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
246

Notes to the Financial Statements as at 31/12/12
Denomination Investors
Specific
characteristics
Taxation
Minimum
Distributing/
investment 1 Accumulation
Subscription
Fee
Conversion Redemption
Fee 2 Fee
F Classes Category
FC Class FC
Denominated in CHF
FE Class FE Denominated in EUR
FG Class FG Denominated in GBP
FJ Class FJ Denominated in JPY
FU Class FU Denominated in USD
FHE Class FHE - base currency (EUR)
- hedged Class of Shares (this
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant sub-fund)
All Investors. Shares only
available through a network
of distributors specifically
authorised by the Board
Difference with S Classes
Category: Distribution fees
FHE-QD Class FHE-QD - base currency (EUR)
- hedged Class of Shares (this
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant sub-fund)
- quarterly dividend distribution
FHE-MD Class FHE-MD - base currency (EUR)
- hedged Class of Shares (this
operation aims to hedge the NAV in
Euro regarding to the currency of
denomination of the relevant sub-fund)
- monthly dividend distribution
FHU Class FHU - base currency (USD)
- hedged Class of Shares (this
operation aims to hedge the NAV in
USD regarding to the currency of
denomination of the relevant sub-fund)
0.05% p.a. - Accumulation - - -
0.05% p.a. - Distribution - - -
0.05% p.a - Distribution - - -
0.05% p.a - Accumulation/
Distribution
- Max 1.00% -
P Classes Category
PU Class PU Private Banks authorised by
the Board
Denominated in USD 0.05% p.a USD 100 000 - or its
eqivalent in EUR
Accumulation/
Distribution
Max 4.50% Max 1.00% -
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
247

Notes to the Financial Statements as at 31/12/12
2 PRINCIPAL ACCOUNTING CONVENTIONS
n
PRESENTATION OF THE FINANCIAL STATEMENTS
The Fund’s financial statements were prepared in accordance with the legal and regulatory provisions in force in Luxembourg concerning undertakings for collective
investment.
The financial statements are presented on the basis of the latest Net Asset Value (“NAV”) calculated during the financial period. In accordance with the prospectus dated
October 2012, the NAV were calculated using the latest market values and exchange rates known at the time of the calculation meaning:
- Amundi Funds Index Equity Pacific: 27 December 2012,
- Amundi Funds Index Equity Euro, Amundi Funds Index Equity Europe, Amundi Funds Index Global Bond (EUR) Hedged: 28 December 2012,
- For all the other sub-funds: 31 December 2012.
In the semi-annual report as at 31 December 2011, the sub-funds merged or liquidated during this year were shown separately in the Statement of Operations and
Changes in Net Assets and were included in the consolidated figures. In the semi-annual report as at 31 December 2012, these sub-funds are not shown separately
in the Statement of Operations and Changes in Net Assets even though they are still included in the consolidated figures as at 31 December 2011.
n Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are
not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the
Board of Directors.
n Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressed
in foreign currencies are therefore converted and consolidated in EUR at the exchange rate in force at the close of the financial period.
Transactions and acquisition costs for portfolio securities expressed in foreign currencies are converted into the accounting currency of the sub-fund concerned at
the exchange rate in force on the date of transaction or acquisition, as appropriate. Valuation values for securities in the portfolio and of other assets and liabilities
expressed in foreign currencies are converted into the accounting currency of the sub-fund concerned at the exchange rate in force at the end of the financial period.
Currency differences resulting from these conversions are recorded in the Statement of Operations and Changes in net assets.
n Return on investments - Dividends are entered as yields on the date when they are declared and in so far as the appropriate information can be obtained by the
Fund. Interest is accrued on a daily basis.
n
Distribution of costs and expenses - Each sub-fund is charged with costs or expenses specifically attributable to it. Costs and expenses not attributable to a specific
sub-fund are distributed between the sub-funds on an equitable basis, in proportion to their respective Net Assets.
n Repurchase agreements - Repurchase agreements (Repos) are equivalent to borrowings guaranteed by underlying assets presented in the securities portfolio
of the sub-fund which remains exposed to market risk. Reverse Repurchase agreements (Reverse Repos) are similar to guaranteed loans. In this case, the
sub-fund is not subject to the risk of depreciation in the value of the underlying assets. Repos and Reverse Repos are regarded as borrowings and loans,
respectively, of the sum of liquid assets received and/or paid.
n Futures contracts - Unexpired futures contracts are valued at their last known price on the date of valuation or on the closing date and unrealised appreciations
or depreciations resulting from them are recorded in the Statement of Net Assets.
n
Forward foreign exchange contracts - Unexpired forward foreign exchange contracts are valued at the exchange rates applicable on the valuation date or on
the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets.
n Valuation of options - Options officially listed on a stock market or any other regulated market, operating in a regular manner, recognised and open to the public,
are valued on the basis of their closing prices on the valuation day or, in the absence of such prices, on the basis of the last-known prices available. If these lastknown
prices are not representative, the valuation will be based on the probable realisation value estimated by the Board of Directors with prudence and in good
faith. Currency options are valued at the market value.
n Swaps - The Fund is authorised to enter into volatility swaps, correlation swaps, credit default swaps, total return swaps, inflation swaps, asset swaps or interest
rate swaps. Except for the interest rate swaps included in the Net Asset Value of the Money Market Euro and Money Market USD sub-funds, interest rate swaps,
volatility swaps, correlation swaps, variance swaps, credit default swaps, total return swaps and inflation swaps are recorded at market value based on the
valuation elements laid down in the contracts. The unrealised net gain is included in the item “Unrealised net appreciation on swaps” in the Statement of Net Assets
and the unrealised net loss is included in the item “Unrealised net depreciation on swaps” in the Statement of Net Assets.
n Money market instruments - For the money market instruments, the accretion (difference between cost and amortised value), is reported under “Net change in
unrealised appreciation/(depreciation) on investments” for securities held. If the instruments have been sold or reimbursed, this result is considered as “Net realised
profit/(loss) on securities sold”.
n “Net realised profit/(loss) on securities sold” - The “Net realised profit/(loss) on securities sold” figure of the Statement of Operations and Changes in Net Assets
is reflecting the difference between the cost and proceeds from securities sold, including the market as well as the currency impacts.
n Transaction costs - The transaction costs include broker fees and fees charged by the custodian for securities and derivatives transactions. The broker fees
are excluded from the cost of securities and derivatives purchased and sold. All these fees are recorded under caption “Broker and transaction fees”.
n Contracts for difference - Contracts for difference are valued based on the closing market price of the underlying security, less any financing charges attributable
to each contract. Upon entering into contracts for difference, the SICAV may be required to pledge to the broker an amount of cash and/or other assets equal
to a certain percentage of the contract amount (“initial margin”). Subsequently, payments known as “variation margin” are made or received by the SICAV
periodically, depending on fluctuations in the value of the underlying security. During the period, contracts are open, changes in the value of contracts are
recognised as unrealised gains and losses by “marking to market” at each valuation point in order to reflect the changes in the value of the underlying security.
Realised gains or losses upon closure of the contract are equal to the difference between the value of the contract at the time it was opened and the value at
the time it was closed. The open contracts for difference are included in the Combined Statement of Net Assets on the basis of the Unrealised Gain/(Loss)
attributable to each contract as at the end of the period. Dividends attributable to open contracts for difference are also included in the value of the Unrealised
Gain/(Loss) at the end of the period. The contracts are subject to a daily financing charge and income, usually applied at a previously agreed rate, which is
accounted for as interest income for short Contracts for Difference, and as interest expense for long Contracts for Difference positions.
248

Notes to the Financial Statements as at 31/12/12
3 EXCHANGE RATES USED AS OF 31 DECEMBER 2012
The exchange rates used for the consolidated figures are the following:
1 JPY = 0.008772 EUR
1 USD = 0.758495 EUR
4 MANAGEMENT FEES, ADMINISTRATION FEES AND DISTRIBUTION FEES
Fee structure - The Administration fee is a fee expressed as a percentage of the NAV of the sub-funds and classes of shares, including all the administrative
expenses of the Fund.
Such fee includes the remuneration of the Administration Agent, Domiciliary Agent, Transfer Agent and Registrar for its services rendered to the Fund, the remuneration
of the Custodian for its services rendered to the Fund as well as all other administrative expenses incurred in the operation of the Fund including but not limited to:
- the fees of auditors and legal advisers of the Fund (including costs associated with compliance with legal and regulatory requirements);
- the cost of translation, printing and distributing to investors the annual and semi-annual reports and of the prospectus dated October 2012 of the Fund and any
supplement there to;
- any costs related to the information of the shareholders including costs related to the publication of prices of shares in the financial press, the production of
information material for the subscribers and distributors;
- any fees and expenses involved in registering and maintaining the registration of the Fund with any governmental agency or stock exchange and to comply with
any regulatory requirements and the reimbursement of such fees and expenses incurred by any local representative;
- the fees of any local representative/correspondent, of which the services are required pursuant to the applicable law;
- the costs related to extraordinary measures, in particular any expertise or trial aiming at the protection of the shareholders’ interests;
- the costs related to the translation, distribution and publication of any notice to the shareholders.
The Administration fee is payable monthly in arrears to Amundi Luxembourg and is calculated each day for each sub-fund and each class of shares.
From such fee, Amundi Luxembourg will pay the fees of the Custodian, the Administration Agent, the Domiciliary Agent, the Transfer Agent and the Registrar and the
administrative expenses of the Fund.
The Management fees applicable for the period ended 31 December 2012, expressed in percentages of the NAV, are payable quarterly to Amundi Luxembourg and
calculated each day for each sub-fund on the basis of the daily NAV of each class of shares at the below rates per annum.
The Management Company is responsible for paying commissions to Investment Managers.
The prospectus dated October 2012 gives details of the extent to which the assets of each sub-fund are subject to Management fees on the part of its assets invested
in other funds.
In addition, some sub-funds are invested in other UCI’s and as a consequence they are subject to the Management fees charged to those funds.
The Management fees, Administration fees and Distribution fees, expressed as a percentage of the NAV, are set out in the following schedule (the maximal and the
effective amounts are identical). All sub-funds and Classes of Shares listed in this table are in existence during the financial period ended on 31 December 2012.
249

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Distribution
Fees
EQUITY SUB-FUND
Global/Regional/Country sub-funds
Equity Euroland Value EUR EUR/USD - IE Class 0.80% 0.25% /
EUR/USD - ME Class 0.70% 0.35% /
EUR/USD - OE Class / 0.25% /
EUR/USD - AE Class 1.70% 0.40% /
CZK - AHK Class 1.70% 0.40% /
EUR/USD - SE Class 2.10% 0.40% /
EUR/USD - FE Class 2.10% 0.40% 1.00%
Equity Global Alpha USD USD/EUR - IU Class 0.70% 0.25% /
EUR - IE Class 0.70% 0.25% /
USD/EUR - MU Class 0.70% 0.35% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.40% 0.35% /
EUR - AE Class 1.40% 0.35% /
USD/EUR - SU Class 1.80% 0.35% /
USD/EUR - FU Class 1.80% 0.35% 1.00%
Equity Japan Target* JPY JPY/EUR/USD - IJ Class 0.80% 0.25% /
EUR - IHE Class 0.80% 0.25% /
JPY/EUR/USD - MJ Class 0.80% 0.35% /
EUR - MHE Class 0.80% 0.35% /
JPY/EUR/USD - OJ Class / 0.25% /
JPY/EUR/USD - AJ Class 1.80% 0.40% /
EUR - AE Class 1.80% 0.40% /
EUR - AHE Class 1.80% 0.40% /
JPY/EUR/USD - SJ Class 2.20% 0.40% /
EUR - SHE Class 2.20% 0.40% /
JPY/EUR/USD - FJ Class 2.20% 0.40% 1.00%
EUR - FHE Class 2.20% 0.40% 1.00%
JPY - RJ Class 0.80% 0.40% /
EUR - RHE Class 0.80% 0.40% /
Equity US Concentrated USD USD/EUR - IU Class 0.80% 0.25% /
Core* EUR - IHE Class 0.80% 0.25% /
USD/EUR - MU Class 0.80% 0.35% /
EUR - MHE Class 0.80% 0.35% /
USD/EUR - AU Class 1.70% 0.40% /
EUR - AE Class 1.70% 0.40% /
EUR - AHE Class 1.70% 0.40% /
USD/EUR - SU Class 2.10% 0.40% /
EUR - SHE Class 2.10% 0.40% /
USD/EUR - FU Class 2.10% 0.40% 1.00%
EUR - FHE Class 2.10% 0.40% 1.00%
GBP - RG Class 0.80% 0.40% /
USD - RU Class 0.80% 0.40% /
EUR - RHE Class 0.80% 0.40% /
Equity US Growth USD USD/EUR - IU Class 0.80% 0.25% /
EUR - IHE Class 0.80% 0.25% /
USD/EUR - MU Class 0.80% 0.35% /
EUR - MHE Class 0.80% 0.35% /
USD/EUR - AU Class 1.70% 0.40% /
EUR - AE Class 1.70% 0.40% /
EUR - AHE Class 1.70% 0.40% /
USD/EUR - SU Class 2.10% 0.40% /
USD/EUR - FU Class 2.10% 0.40% 1.00%
EUR - FHE Class 2.10% 0.40% 1.00%
Equity US Relative Value* USD USD/EUR - IU Class 0.70% 0.25% /
EUR - IHE Class 0.70% 0.25% /
USD/EUR - MU Class 0.70% 0.35% /
EUR - MHE Class 0.70% 0.35% /
EUR - OHE Class / 0.25% /
USD/EUR - AU Class 1.70% 0.40% /
EUR - AE Class 1.70% 0.40% /
EUR - AHE Class 1.70% 0.40% /
CZK - AHK Class 1.70% 0.40% /
USD/EUR - SU Class 2.10% 0.40% /
EUR - SHE Class 2.10% 0.40% /
USD/EUR - FU Class 2.10% 0.40% 1.00%
EUR - FHE Class 2.10% 0.40% 1.00%
GBP - RG Class 0.70% 0.40% /
USD - RU Class 0.70% 0.40% /
* A performance fee is added to some classes of shares of these sub-funds.
250

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Equity Global Select* USD USD/EUR - IU Class 0.70% 0.25% /
USD/EUR - MU Class 0.60% 0.35% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.40% 0.35% /
USD - A2U Class 1.40% 0.35% /
EUR - AE Class 1.40% 0.35% /
USD/EUR - SU Class 1.80% 0.35% /
EUR - SE Class 1.80% 0.35% /
USD/EUR - FU Class 1.80% 0.35% 1.00%
Equity Japan Value JPY JPY/EUR/USD - IJ Class 0.80% 0.25% /
JPY/EUR/USD - Institutional Class II 0.45% 0.25% /
JPY/EUR/USD - Institutional Class VIII 0.45% 0.10% /
JPY/EUR/USD - Institutional Class IX 0.30% 0.25% /
JPY/EUR/USD - MJ Class 0.70% 0.35% /
EUR - MHE Class 0.70% 0.35% /
JPY/EUR/USD - AJ Class 1.50% 0.40% /
EUR - AE Class 1.50% 0.40% /
JPY/EUR/USD - SJ Class 1.90% 0.40% /
JPY/EUR/USD - FJ Class 1.90% 0.40% 1.00%
Equity Euro Select* EUR EUR - IE Class 0.65% 0.25% /
EUR - ME Class 0.55% 0.35% /
EUR - OE Class / 0.25% /
EUR - AE Class 1.30% 0.35% /
EUR - SE Class 1.70% 0.35% /
EUR - FE Class 1.70% 0.35% 1.00%
Equity Europe Select* EUR EUR - IE Class 0.65% 0.25% /
EUR - ME Class 0.55% 0.35% /
EUR - OE Class / 0.25% /
EUR - AE Class 1.30% 0.35% /
EUR - SE Class 1.70% 0.35% /
EUR - FE Class 1.70% 0.35% 1.00%
Smaller Companies/Thematic sub-funds
Equity Euroland Small EUR EUR/USD - IE Class 0.80% 0.25% /
Cap* EUR/USD - ME Class 0.70% 0.35% /
EUR/USD - OE Class / 0.25% /
EUR/USD - AE Class 1.70% 0.40% /
EUR/USD - SE Class 2.10% 0.40% /
EUR/USD - FE Class 2.10% 0.40% 1.00%
Equity Global Gold Mines* USD USD/EUR - IU Class 0.90% 0.25% /
USD/EUR - MU Class 0.80% 0.35% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.70% 0.40% /
USD - A2U Class 1.70% 0.40% /
EUR - AE Class 1.70% 0.40% /
USD/EUR - SU Class 2.10% 0.40% /
EUR - SHE Class 2.10% 0.40% /
USD/EUR - FU Class 2.10% 0.40% 1.00%
EUR - FHE Class 2.10% 0.40% 1.00%
Equity Global Luxury USD USD/EUR - IU Class 0.90% 0.25% /
and Lifestyle USD/EUR - MU Class 0.80% 0.35% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.70% 0.40% /
USD - A2U Class 1.70% 0.40% /
EUR - AE Class 1.70% 0.40% /
USD/EUR - SU Class 2.10% 0.40% /
EUR - SHE Class 2.10% 0.40% /
USD/EUR - FU Class 2.10% 0.40% 1.00%
EUR - FHE Class 2.10% 0.40% 1.00%
GBP - RG Class 0.90% 0.40% /
Equity Global Agriculture USD USD/EUR/GBP - IU Class 0.90% 0.25% /
EUR - IHE Class 0.90% 0.25% /
USD/EUR/GBP - MU Class 0.80% 0.35% /
USD/EUR/GBP - OU Class / 0.25% /
USD/EUR/GBP - AU Class 1.70% 0.40% /
USD - A2U Class 1.70% 0.40% /
EUR - AHE Class 1.70% 0.40% /
EUR - AE Class 1.70% 0.40% /
USD/EUR/GBP - SU Class 2.10% 0.40% /
EUR - SHE Class 2.10% 0.40% /
USD/EUR/GBP - FU Class 2.10% 0.40% 1.00%
EUR - FHE Class 2.10% 0.40% 1.00%
GBP - RHE Class 0.90% 0.40% /
USD - RU Class 0.90% 0.40% /
* A performance fee is added to some classes of shares of these sub-funds.
Distribution
Fees
251

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Equity Global Resources USD USD/EUR/GBP - IU Class 0.90% 0.25% /
USD - Institutional Class IV 0.45% 0.40% /
USD/EUR/GBP - MU Class 0.80% 0.35% /
USD/EUR/GBP - OU Class / 0.25% /
EUR - OR Class / 0.11% /
USD/EUR/GBP - AU Class 1.70% 0.40% /
USD - A2U Class 1.70% 0.40% /
EUR - AE Class 1.70% 0.40% /
USD/EUR/GBP - SU Class 2.10% 0.40% /
EUR - SHE Class 2.10% 0.40% /
USD/EUR/GBP - FU Class 2.10% 0.40% 1.00%
EUR - FHE Class 2.10% 0.40% 1.00%
EUR - RE Class 0.90% 0.40% /
USD - RU Class 0.90% 0.40% /
Equity Europe EUR EUR - IE Class 0.80% 0.25% /
Restructuring* EUR - ME Class 0.70% 0.35% /
EUR - OE Class / 0.25% /
EUR - AE Class 1.70% 0.40% /
EUR - SE Class 2.10% 0.40% /
EUR - FE Class 2.10% 0.40% 1.00%
Asia/Emerging Markets sub-funds
Equity ASEAN* USD USD/EUR/SGD - IU Class 0.90% 0.40% /
USD/EUR/SGD - Institutional Class II 0.45% 0.40% /
USD/EUR/SGD - Institutional Class IV 0.45% 0.40% /
USD/EUR/SGD - XU Class 0.60% 0.25% /
USD/EUR/SGD - Institutional Class IX 0.37% 0.33% /
USD/EUR/SGD - MU Class 0.80% 0.50% /
USD/EUR/SGD - OU Class / 0.25% /
USD/EUR/SGD - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/EUR/SGD - SU Class 2.10% 0.50% /
USD/EUR/SGD - FU Class 2.10% 0.50% 1.00%
Equity Asia ex Japan* USD USD/EUR - IU Class 0.90% 0.40% /
USD/EUR - XU Class 0.60% 0.25% /
USD/EUR - MU Class 0.80% 0.50% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/EUR - SU Class 2.10% 0.50% /
USD/EUR - FU Class 2.10% 0.50% 1.00%
Equity Brazil* USD USD/EUR - IU Class 0.90% 0.40% /
USD/EUR - XU Class 0.60% 0.25% /
USD/EUR - MU Class 0.80% 0.50% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/EUR - SU Class 2.10% 0.50% /
USD/EUR - FU Class 2.10% 0.50% 1.00%
EUR - RHE Class 0.90% 0.50% /
USD - RU Class 0.90% 0.50% /
Equity Emerging Europe* EUR EUR/USD - IE Class 0.90% 0.40% /
EUR/USD - XE Class 0.60% 0.25% /
EUR/USD - ME Class 0.80% 0.50% /
EUR/USD - OE Class / 0.25% /
EUR/USD - AE Class 1.70% 0.50% /
EUR - A2E Class 1.70% 0.50% /
EUR/USD - SE Class 2.10% 0.50% /
EUR/USD - FE Class 2.10% 0.50% 1.00%
Equity Emerging Internal USD USD/EUR/GBP - IU Class 0.90% 0.40% /
Demand* USD/EUR/GBP - XU Class 0.60% 0.25% /
USD/EUR/GBP - MU Class 0.80% 0.50% /
USD/EUR/GBP - OU Class / 0.25% /
USD/EUR/GBP - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
EUR - AHE Class 1.70% 0.50% /
USD/EUR/GBP - SU Class 2.10% 0.50% /
EUR - SE Class 2.10% 0.50% /
USD/EUR/GBP - FU Class 2.10% 0.50% 1.00%
USD/EUR/GBP - Institutional Class IV 0.24% 0.25% /
GBP - RG Class 0.90% 0.50% /
EUR - RHE Class 0.90% 0.50% /
USD - RU Class 0.90% 0.50% /
* A performance fee is added to some classes of shares of these sub-funds.
Distribution
Fees
252

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Distribution
Fees
Equity Emerging World* USD USD/EUR/GBP - IU Class 0.90% 0.40% /
USD/EUR/GBP - XU Class 0.60% 0.25% /
USD/EUR/GBP - Institutional Class VIII 1.00% 0.25% /
USD/EUR/GBP - MU Class 0.80% 0.50% /
USD/EUR/GBP - OU Class / 0.25% /
USD/EUR/GBP - O1 Class / 0.20% /
USD/EUR/GBP - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/EUR/GBP - SU Class 2.10% 0.50% /
USD/EUR/GBP - FU Class 2.10% 0.50% 1.00%
GBP - RG Class 0.90% 0.50% /
EUR - RE Class 0.90% 0.50% /
USD - RU Class 0.90% 0.50% /
Equity MENA* USD USD/EUR - IU Class 1.00% 0.40% /
EUR - IHE Class 1.00% 0.40% /
USD/EUR - MU Class 1.00% 0.50% /
EUR - MHE Class 1.00% 0.50% /
USD/EUR - OU Class / 0.40% /
EUR - OHE Class / 0.40% /
USD/EUR - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
EUR - AHE Class 1.70% 0.50% /
USD/EUR - SU Class 2.10% 0.50% /
EUR - SHE Class 2.10% 0.50% /
USD/EUR - FU Class 2.10% 0.50% 1.00%
EUR - FHE Class 2.10% 0.50% 1.00%
EUR - RE Class 1.00% 0.50% /
Equity Greater China* USD USD/EUR/GBP - IU Class 0.90% 0.40% /
USD/EUR/GBP - Institutional Class II 0.45% 0.40% /
USD/EUR/GBP - Institutional Class IV 0.45% 0.40% /
USD/EUR/GBP - XU Class 0.60% 0.25% /
USD/EUR/GBP - Institutional Class IX 0.37% 0.33% /
USD/EUR/GBP - MU Class 0.80% 0.50% /
USD/EUR/GBP - OU Class / 0.25% /
USD/EUR/GBP - AU Class 1.70% 0.50% /
USD - A2UClass 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/EUR/GBP - SU Class 2.10% 0.50% /
USD/EUR/GBP - FU Class 2.10% 0.50% 1.00%
USD - RU Class 0.90% 0.50% /
EUR - RHE Class 0.90% 0.50% /
Equity India* USD USD/EUR - IU Class 0.90% 0.40% /
USD/EUR - Institutional Class II 0.45% 0.40% /
USD/EUR - Institutional Class IV 0.45% 0.40% /
USD/EUR - XU Class 0.60% 0.25% /
USD/EUR - Institutional Class IX 0.37% 0.33% /
USD/EUR - MU Class 0.80% 0.50% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/EUR - SU Class 2.10% 0.50% /
USD/EUR - FU Class 2.10% 0.50% 1.00%
Equity India Select* USD USD/EUR - IU Class 0.90% 0.40% /
USD/EUR - Institutional Class VI 0.80% 0.40% /
USD/EUR - MU Class 0.90% 0.40% /
USD - AU Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/EUR - FU Class 2.10% 0.50% 1.00%
Equity India Infrastructure* USD USD/EUR - IU Class 0.90% 0.40% /
USD/EUR - Institutional Class II 0.45% 0.40% /
USD/EUR - Institutional Class IV 0.45% 0.40% /
USD/EUR - XU Class 0.60% 0.25% /
USD/EUR - MU Class 0.80% 0.50% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50%
EUR - AE Class 1.70% 0.50% /
USD/EUR - SU Class 2.10% 0.50% /
USD/EUR - FU Class 2.10% 0.50% 1.00%
* A performance fee is added to some classes of shares of these sub-funds.
253

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Equity Korea* USD USD/JPY/EUR - IU Class 1.00% 0.40% /
USD/JPY/EUR - Institutional Class II 0.45% 0.40% /
USD/JPY/EUR - Institutional Class IV 0.45% 0.40% /
USD/JPY/EUR - XU Class 0.65% 0.25% /
USD/JPY/EUR - MU Class 0.90% 0.50% /
USD/JPY/EUR - OU Class / 0.25% /
USD/JPY/EUR - AU Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/JPY/EUR - SU Class 2.10% 0.50% /
USD/JPY/EUR - FU Class 2.10% 0.50% 1.00%
Equity Latin America* USD USD/EUR/JPY/GBP - IU Class 0.90% 0.40% /
USD/EUR/JPY/GBP - Institutional Class IV 0.45% 0.40% /
USD/EUR/JPY/GBP - XU Class 0.60% 0.25% /
USD/EUR/JPY/GBP - MU Class 0.80% 0.50% /
USD/EUR/JPY/GBP - OU Class / 0.25% /
USD - O1 Class / 0.20% /
USD/EUR/JPY/GBP - AU Class 1.70% 0.50% /
USD - A2U Class 1.70% 0.50% /
EUR - AE Class 1.70% 0.50% /
USD/EUR/JPY/GBP - SU Class 2.10% 0.50% /
EUR - SE Class 2.10% 0.50% /
USD/EUR/JPY/GBP - FU Class 2.10% 0.50% 1.00%
USD/EUR - PU Class 0.90% 0.45% /
GBP - RG Class 0.90% 0.50% /
USD - RU Class 0.90% 0.50% /
EUR - RHE Class 0.90% 0.50% /
Equity Thailand* USD USD/EUR - IU Class 1.00% 0.40% /
USD/EUR - XU Class 0.65% 0.25% /
USD/EUR - MU Class 0.90% 0.50% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.60% 0.50% /
USD/EUR - SU Class 2.00% 0.50% /
USD/EUR - FU Class 2.00% 0.50% 1.00%
Socially Responsible Investments sub-fund
Equity Global Aqua EUR EUR/USD - IE Class 0.90% 0.25% /
EUR/USD - ME Class 0.80% 0.35% /
EUR/USD - OE Class / 0.25% /
EUR/USD - AE Class 1.70% 0.40% /
EUR/USD - SE Class 2.10% 0.40% /
EUR/USD - FE Class 2.10% 0.40% 1.00%
Next Generation Equity sub-funds
Equity Europe Minimum EUR EUR - IE Class 0.50% 0.25% /
Variance* EUR - XE Class 0.35% 0.25% /
EUR - ME Class 0.40% 0.35% /
EUR - OE Class / 0.25% /
EUR - AE Class 1.30% 0.35% /
EUR - SE Class 1.70% 0.35% /
EUR - FE Class 2.10% 0.35% 1.00%
Equity Global Minimum USD USD/EUR - IU Class 0.50% 0.25% /
Variance EUR - IE Class 0.50% 0.25% /
USD/EUR/USD - MU Class 0.40% 0.35% /
EUR - XU Class 0.35% 0.25% /
USD/EUR - XE Class 0.35% 0.25% /
USD/EUR - OU Class / 0.25% /
USD/EUR - AU Class 1.30% 0.35% /
USD/EUR - SU Class 1.70% 0.35% /
EUR - FU Class 2.10% 0.35% 1.00%
BOND SUB-FUNDS
Convertible Bond sub-funds
Convertible Europe EUR EUR/USD - IE Class 0.55% 0.20% /
EUR/USD - ME Class 0.45% 0.35% /
EUR/USD - OE Class / 0.20% /
EUR/USD - AE Class 1.20% 0.35% /
EUR/USD - SE Class 1.40% 0.35% /
EUR/USD - FE Class 1.40% 0.35% 0.40%
Convertible Global* EUR EUR/USD - IE Class 0.55% 0.20% /
USD - IHU Class 0.55% 0.20% /
EUR/USD - ME Class 0.45% 0.35% /
EUR/USD - OE Class / 0.20% /
EUR/USD - AE Class 1.20% 0.35% /
EUR - A2E Class 1.20% 0.35% /
USD - AHU Class 1.20% 0.35% /
EUR/USD - SE Class 1.40% 0.35% /
EUR/USD - FE Class 1.40% 0.35% 0.40%
EUR - RE Class 0.55% 0.35% /
* A performance fee is added to some classes of shares of these sub-funds.
Distribution
Fees
254

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Distribution
Fees
Global Bonds sub-fund
Bond Global Corporate* USD USD/EUR - IU Class 0.45% 0.20% /
EUR - IHE Class 0.45% 0.20% /
USD/EUR - MU Class 0.40% 0.30% /
USD/EUR - OU Class / 0.20% /
USD/EUR - AU Class 0.80% 0.35% /
EUR - AE Class 0.80% 0.35% /
EUR - AHE Class 0.80% 0.35% /
USD/EUR - SU Class 1.00% 0.35% /
USD/EUR - FU Class 1.00% 0.35% 0.40%
Euro Bonds sub-funds
Bond Euro Aggregate* EUR EUR/USD - IE Class 0.45% 0.10% /
EUR/USD - Institutional Class II 0.30% 0.10% /
EUR/USD - ME Class 0.40% 0.25% /
EUR/USD - OE Class / 0.10% /
EUR/USD - AE Class 0.80% 0.30% /
EUR/USD - SE Class 1.00% 0.30% /
EUR/USD - FE Class 1.00% 0.30% 0.20%
EUR - RE Class 0.45% 0.30% /
Bond Euro Corporate* EUR EUR/USD - IE Class 0.45% 0.10% /
EUR/USD - Institutional Class II 0.30% 0.10% /
EUR/USD - ME Class 0.40% 0.25% /
EUR/USD - OE Class / 0.10% /
EUR/USD - AE Class 0.80% 0.30% /
EUR - A2E Class 0.80% 0.30% /
EUR/USD - SE Class 1.00% 0.30% /
EUR/USD - FE Class 1.00% 0.30% 0.20%
EUR - RE Class 0.45% 0.30% /
Bond Euro Government EUR EUR/USD - IE Class 0.40% 0.10% /
EUR/USD - ME Class 0.30% 0.25% /
EUR/USD - OE Class / 0.10% /
EUR/USD - AE Class 0.80% 0.30% /
EUR/USD - SE Class 1.00% 0.30% /
EUR/USD - FE Class 1.00% 0.30% 0.20%
Bond Euro Inflation* EUR EUR/USD - IE Class 0.45% 0.10% /
EUR/USD - XE Class 0.25% 0.10% /
EUR/USD - ME Class 0.30% 0.25% /
EUR/USD - OE Class / 0.10% /
EUR/USD - AE Class 0.75% 0.35% /
EUR - A2E Class 0.75% 0.35% /
EUR/USD - SE Class 0.95% 0.35% /
EUR/USD - FE Class 0.95% 0.35% 0.20%
EUR - RE Class 0.45% 0.35% /
High Yield Bonds sub-fund
Bond Euro High Yield EUR EUR/USD - IE Class 0.55% 0.20% /
EUR/USD - Institutional Class II 0.40% 0.20% /
EUR/USD - Institutional Class IV 0.45% 0.20% /
EUR/USD - ME Class 0.45% 0.30% /
EUR/USD - OE Class / 0.20% /
EUR/USD - AE Class 1.20% 0.30% /
EUR - A2E Class 1.20% 0.30% /
EUR/USD - SE Class 1.40% 0.30% /
EUR/USD - FE Class 1.40% 0.30% 0.40%
EUR - RE Class 0.55% 0.30% /
Global Bonds and Debts sub-funds
Bond US Opportunistic USD USD/EUR/GBP - IU Class 0.45% 0.20% /
Core Plus* EUR - IHE Class 0.45% 0.20% /
USD/EUR/GBP - MU Class 0.40% 0.30% /
EUR - MHE Class 0.40% 0.30% /
USD/EUR/GBP - AU Class 0.80% 0.35% /
EUR - AE Class 0.80% 0.35% /
EUR - AHE Class 0.80% 0.35% /
USD/EUR/GBP - SU Class 1.00% 0.35% /
EUR - SHE Class 1.00% 0.35% /
EUR - SHE-QD Class 1.00% 0.35% /
USD/EUR/GBP - FU Class 1.00% 0.35% 0.40%
EUR - FHE Class 1.00% 0.35% 0.40%
EUR - FHE-QD Class 1.00% 0.35% 0.40%
GBP - RG Class 0.45% 0.35% /
EUR - RHE Class 0.45% 0.35% /
* A performance fee is added to some classes of shares of these sub-funds.
255

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Distribution
Fees
Bond Europe* EUR EUR/USD - IE Class 0.45% 0.20% /
EUR/USD - ME Class 0.40% 0.30% /
EUR/USD - OE Class / 0.20% /
EUR/USD - AE Class 0.80% 0.30% /
EUR/USD - SE Class 1.00% 0.30% /
EUR/USD - FE Class 1.00% 0.30% 0.40%
EUR - RE Class 0.45% 0.30% /
Bond Global Aggregate* USD USD/EUR/GBP - IU Class 0.45% 0.20% /
EUR - IE Class 0.45% 0.20% /
EUR - IHE Class 0.45% 0.20% /
USD/EUR/GBP - MU Class 0.40% 0.30% /
EUR - MHE Class 0.40% 0.30% /
USD/EUR/GBP - OU Class / 0.20% /
USD/EUR/GBP - AU Class 0.80% 0.35% /
EUR - AE Class 0.80% 0.35% /
USD/EUR/GBP - SU Class 1.00% 0.35% /
EUR - SHE Class 1.00% 0.35% /
EUR - SHE-MD Class 1.00% 0.35% /
GBP - SHG Class 1.00% 0.35% /
USD/EUR/GBP - FU Class 1.00% 0.35% 0.60%
EUR - FHE Class 1.00% 0.35% 0.60%
EUR - FHE-MD Class 1.00% 0.35% 0.60%
GBP - RG Class 0.45% 0.35% /
EUR - RHE Class 0.45% 0.35% /
USD - RU Class 0.45% 0.35% /
Bond Global* USD USD/EUR/GBP - IU Class 0.45% 0.20% /
EUR - IE-D Class 0.50% 0.20% /
EUR - IHE Class 0.45% 0.20% /
USD/EUR/GBP - MU Class 0.40% 0.30% /
EUR - MHE Class 0.40% 0.30% /
USD/EUR/GBP - OU Class / 0.20% /
USD/EUR/GBP - AU Class 0.80% 0.35% /
USD - A2U Class 0.80% 0.35% /
EUR - AE Class 0.80% 0.35% /
USD/EUR/GBP - SU Class 1.00% 0.35% /
EUR - SHE Class 1.00% 0.35% /
EUR - SHE-MD Class 1.00% 0.35% /
USD/EUR/GBP - FU Class 1.00% 0.35% 0.60%
EUR - FHE Class 1.00% 0.35% 0.60%
EUR - FHE-MD Class 1.00% 0.35% 0.60%
Bond Global Inflation* EUR EUR/USD - IE Class 0.45% 0.10% /
USD - IHU Class 0.45% 0.10% /
EUR/USD - XE Class 0.25% 0.10% /
SGD - IHS Class 0.45% 0.10% /
EUR/USD - ME Class 0.35% 0.30% /
EUR/USD - OE Class / 0.10% /
EUR/USD - AE Class 0.75% 0.35% /
USD - AHU Class 0.75% 0.35% /
EUR/USD - SE Class 0.95% 0.35% /
USD - SHU Class 0.95% 0.35% /
EUR/USD - FE Class 0.95% 0.35% 0.40%
USD - FHU Class 0.95% 0.35% 0.40%
GBP - RG Class 0.45% 0.35% /
EUR - RE Class 0.45% 0.35% /
Emerging Markets Debts sub-funds
Bond Emerging Inflation USD USD/EUR - IU Class 0.55% 0.20% /
EUR - IE Class 0.55% 0.20% /
USD/EUR - XU Class 0.35% 0.20% /
USD/EUR - MU Class 0.45% 0.35% /
USD/EUR - OU Class / 0.20% /
USD/EUR - AU Class 1.40% 0.40% /
USD/EUR - AU-MD Class 1.50% 0.40% /
EUR - AE Class 1.40% 0.40% /
USD/EUR - SU Class 1.60% 0.40% /
USD/EUR - FU Class 1.60% 0.40% 0.40%
* A performance fee is added to some classes of shares of these sub-funds.
256

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Distribution
Fees
Bond Global Emerging* USD USD/EUR/GBP - IU Class 0.55% 0.20% /
EUR/USD - Institutional Class IV 0.45% 0.20% /
USD/EUR/GBP - MU Class 0.45% 0.35% /
EUR - MHE Class 0.45% 0.35% /
USD/EUR/GBP - OU Class / 0.20% /
USD/EUR/GBP - AU Class 1.40% 0.40% /
USD - A2U Class 1.40% 0.40% /
EUR - AE Class 1.40% 0.40% /
USD/EUR/GBP - SU Class 1.60% 0.40% /
EUR - SHE Class 1.60% 0.40% /
EUR - SHE-MD Class 1.60% 0.40% /
USD/EUR/GBP - FU Class 1.60% 0.40% 0.40%
EUR - FHE Class 1.60% 0.40% 0.40%
EUR - FHE-MD Class 1.60% 0.40% 0.40%
GBP - RG Class 0.55% 0.40% /
EUR - RHE Class 0.55% 0.40% /
USD - RU Class 0.55% 0.40% /
Bond Global Emerging USD USD/EUR/GBP - IU Class 0.60% 0.20% /
Corporate* EUR - IHE Class 0.60% 0.20% /
USD/EUR/GBP - IE Class 0.60% 0.20% /
USD/EUR/GBP - MU Class 0.50% 0.35% /
EUR - MHE Class 0.50% 0.35% /
USD/EUR/GBP - OU Class / 0.20% /
USD/EUR/GBP - AU Class 1.45% 0.40% /
EUR - AE Class 1.45% 0.40% /
EUR - AHE Class 1.45% 0.40% /
USD/EUR/GBP - SU Class 1.65% 0.40% /
EUR - SHE Class 1.65% 0.40% /
USD/EUR/GBP - FU Class 1.65% 0.40% 0.40%
EUR - FHE Class 1.65% 0.40% 0.40%
MULTI ASSET SUB-FUND
Multi Asset Emerging USD USD - IU Class 0.70% 0.40% /
Markets* EUR - IHE Class 0.70% 0.40% /
USD - MU Class 0.70% 0.50% /
USD - OU Class / 0.40% /
USD - AU Class 1.50% 0.50% /
EUR - AHE Class 1.50% 0.50% /
USD - SU Class 1.80% 0.50% /
EUR - SHE Class 1.80% 0.50% /
USD - FU Class 2.30% 0.50% 0.40%
EUR - FHE Class 2.30% 0.50% 0.40%
INDEXED SUB-FUNDS
Indexed Equities sub-funds
Index Equity Euro EUR EUR - IE Class 0.10% 0.05% /
EUR - ME Class 0.10% 0.10% /
EUR - OE Class / 0.05% /
EUR - AE Class 0.15% 0.15% /
Index Equity Europe EUR EUR - IE Class 0.10% 0.05% /
EUR - ME Class 0.10% 0.10% /
EUR - OE Class / 0.05% /
EUR - AE Class 0.15% 0.15% /
Index Equity North EUR EUR - IE Class 0.10% 0.05% /
America USD - IU-C Class 0.10% 0.05% /
EUR - ME Class 0.10% 0.10% /
EUR - OE Class / 0.05% /
EUR - AE Class 0.15% 0.15% /
USD - AU-C Class 0.15% 0.15% /
Index Equity Pacific EUR EUR - IE Class 0.10% 0.10% /
EUR - ME Class 0.10% 0.15% /
EUR - OE Class / 0.10% /
EUR - AE Class 0.15% 0.15% /
Indexed Bonds sub-fund
Index Global Bond (EUR) EUR EUR - IE Class 0.10% 0.10% /
Hedged EUR - ME Class 0.10% 0.15% /
EUR - OE Class / 0.10% /
EUR - AE Class 0.20% 0.15% /
* A performance fee is added to some classes of shares of these sub-funds.
257

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Distribution
Fees
ABSOLUTE RETURN SUB-FUNDS
Absolute Forex sub-fund
Absolute Forex* EUR EUR/USD - IE Class 0.30% 0.10% /
EUR/USD - ME Class 0.25% 0.25% /
EUR/USD - OE Class / 0.10% /
EUR/USD - AE Class 0.50% 0.30% /
EUR/USD - SE Class 0.60% 0.30% /
EUR/USD - Classic H Class 0.80% 0.30% /
EUR/USD - FE Class 0.60% 0.30% 0.40 %
Absolute VaR 2 sub-fund
Absolute VaR 2(EUR)* EUR EUR - IE Class 0.30% 0.10% /
GBP - IHG Class 0.30% 0.10% /
USD - IHU Class 0.30% 0.10%
EUR - ME Class 0.25% 0.25% /
EUR - OE Class / 0.10% /
EUR - AE Class 0.50% 0.30% /
GBP - AHG Class 0.50% 0.30% /
USD - AHU Class 0.50% 0.30%
EUR - SE Class 0.60% 0.30% /
USD - SHU Class 0.60% 0.30% /
EUR - Classic H Class 0.80% 0.30% /
EUR - FE Class 0.60% 0.30% 0.20%
USD - FHU Class 0.60% 0.30% 0.20%
Absolute VaR 4 sub-fund
Absolute VaR 4(EUR)* EUR USD - IHU Class 0.50% 0.10% /
EUR - IE Class 0.50% 0.10% /
GBP - IHG Class 0.50% 0.10% /
EUR - ME Class 0.40% 0.30% /
EUR - OE Class / 0.10% /
EUR - AE Class 0.80% 0.30% /
USD - AHU Class 0.80% 0.30% /
GBP - AHG Class 0.80% 0.30% /
EUR - SE Class 0.90% 0.30% /
USD - SHU Class 0.90% 0.30% /
EUR - Classic H Class 1.10% 0.30% /
EUR - FE Class 0.90% 0.30% 0.40%
USD - FHU Class 0.90% 0.30% 0.40%
Absolute Equity Statistical Arbitrage sub-fund
Absolute Statistical EUR EUR/USD - IE Class 0.60% 0.20% /
Arbitrage USD - IHU Class 0.60% 0.20% /
EUR/USD - ME Class 0.60% 0.30% /
EUR/USD - OE Class / 0.20% /
EUR/USD - AE Class 1.10% 0.30% /
USD - AHU Class 1.10% 0.30% /
EUR/USD - SE Class 1.50% 0.30% /
EUR/USD - FE Class 1.50% 0.30% 0.40%
Absolute High Yield sub-fund
Absolute High Yield* EUR EUR - IE Class 0.50% 0.10% /
EUR - ME Class 0.40% 0.30% /
EUR - OE Class / 0.10% /
EUR - AE Class 0.80% 0.30% /
EUR - SE Class 0.90% 0.30% /
EUR - Classic H Class 1.10% 0.30% /
EUR - FE Class 0.90% 0.30% 0.40%
Absolute Volatility Arbitrage sub-funds
Absolute Volatility EUR EUR/USD - IE Class 0.50% 0.10% /
Arbitrage* GBP - IHG Class 0.50% 0.10% /
EUR/USD - ME Class 0.40% 0.30% /
EUR/USD - OE Class / 0.10% /
EUR/USD - AE Class 0.80% 0.30% /
EUR/USD - SE Class 0.90% 0.30% /
EUR/USD - Classic H Class 1.10% 0.30% /
EUR - FE Class 0.90% 0.30% 0.40%
Absolute Volatility EUR EUR/USD - IE Class 0.70% 0.10% /
Arbitrage Plus* GBP - IHG Class 0.70% 0.10% /
EUR/USD - ME Class 0.60% 0.30% /
EUR/USD - OE Class / 0.10% /
EUR/USD - AE Class 1.00% 0.30% /
GBP - AHG Class 1.00% 0.30% /
EUR/USD - SE Class 1.20% 0.30% /
EUR - FE Class 1.20% 0.30% 0.40%
GBP - RG Class 0.70% 0.30% /
* A performance fee is added to some classes of shares of these sub-funds.
258

Notes to the Financial Statements as at 31/12/12
AMUNDI FUNDS
Sub-funds Base
Currency
Other Share Classes
NAV Currencies
Classes
of Shares
Management Fees
Administration
Fees
Absolute Volatility Equities sub-funds
Absolute Volatility Euro EUR EUR - IE Class 0.70% 1 0.10% /
Equities* CHF - IHC Class 0.70% 1 0.10% /
GBP - IHG0 Class 0.70% 1 0.10% /
GBP - IHG Class 0.70% 1 0.10% /
EUR - ME Class 0.70% 1 0.30% /
EUR - OE Class / 0.10% /
EUR - AE Class 1.20% 2 0.30% /
CHF - AHC Class 1.20% 2 0.30% /
GBP - AHG Class 1.20% 2 0.30% /
EUR - SE Class 1.50% 3 0.30% /
EUR - Classic H Class 1.80% 4 0.30% /
EUR - FE Class 1.50% 3 0.30% 0.40%
GBP - RG Class 0.70% 0.30% /
EUR - RE Class 0.70% 0.30% /
Absolute Volatility World USD EUR/USD - IU Class 0.70% 1 0.10% /
Equities* CHF - IHC Class 0.70% 1 0.10% /
EUR - IHE Class 0.70% 1 0.10% /
GBP - IHG0 Class 0.70% 1 0.10% /
GBP - IHG Class 0.70% 1 0.10% /
JPY - IHJ Class 0.70% 1 0.10% /
USD/EUR - MU Class 0.70% 1 0.30% /
USD/EUR - OU Class / 0.10% /
USD/EUR - AU Class 1.20% 2 0.30% /
EUR - AE Class 1.20% 2 0.30% /
CHF - AHC Class 1.20% 2 0.30% /
SGD - AHS Class 1.20% 2 0.30% /
EUR - AHE Class 1.20% 2 0.30% /
GBP - AHG Class 1.20% 2 0.30% /
USD/EUR - SU Class 1.50% 3 0.30% /
EUR - SHE Class 1.50% 3 0.30% /
USD/EUR - Classic H Class 1.80% 4 0.30% /
USD - FU Class 1.50% 3 0.30% 0.40%
EUR - FHE Class 1.50% 3 0.30% 0.40%
GBP - RG Class 0.70% 0.30% /
EUR - RE Class 0.70% 0.30% /
EUR - RHE Class 0.70% 0.30% /
USD - RU Class 0.70% 0.30% /
CASH SUB-FUNDS**
Cash EUR*** EUR EUR - IE Class 0.10% 0.10% /
EUR - ME Class 0.10% 0.10% /
EUR - OE Class / 0.10% /
EUR - AE Class 0.30% 0.10% /
EUR - SE Class 0.35% 0.10% /
EUR - FE Class 0.30% 0.10% 0.20%
Cash USD**** USD USD - IU Class 0.10% 0.10% /
USD - MU Class 0.10% 0.10% /
USD - OU Class / 0.10% /
USD - AU Class 0.30% 0.10% /
EUR - AE Class 0.30% 0.10% /
USD - SU Class 0.35% 0.10% /
USD - FU Class 0.30% 0.10% 0.20%
MERGED SUB-FUND
Equity Global Clean EUR EUR/USD - IE Class 0.90% 0.25% /
Planet***** EUR/USD - Institutional Class VI 0.50% 0.25% /
EUR/USD - ME Class 0.80% 0.35% /
EUR/USD - OE Class / 0.25% /
EUR/USD - AE Class 1.70% 0.40% /
EUR/USD - SE Class 2.10% 0.40% /
EUR/USD - FE Class 2.10% 0.40% 1.00%
Distribution
Fees
1
The Fees applied to these shares classes until 3 December 2012 (excluded) will be 0.50%, as from 3 December 2012 (included) the fees will be increased of 20 basis points from 0.50% to 0.70%.
2
The Fees applied to these shares classes until 3 December 2012 (excluded) will be 1.00%, as from 3 December 2012 (included) the fees will be increased of 20 basis points from 1.00% to 1.20%.
3
The Fees applied to these shares classes until 3 December 2012 (excluded) will be 1.30%, as from 3 December 2012 (included) the fees will be increased of 20 basis points from 1.30% to 1.50%.
4
The Fees applied to these shares classes until 3 December 2012 (excluded) will be 1.60%, as from 3 December 2012 (included) the fees will be increased of 20 basis points from 1.60% to 1.80%.
* A performance fee is added to some classes of shares of these sub-funds.
** The name of the sub-fund Family Money Market Sub-Fund has been renamed into Cash Sub-Funds.
*** The sub-fund Amundi Funds Money Market EUR has been renamed into Amundi Funds Cash EUR on 3 December 2012.
**** The sub-fund Amundi Funds Money Market USD has been renamed into Amundi Funds Cash USD on 3 December 2012.
***** The datas date until 12 September 2012 because this sub-fund has been merged into Amundi Funds Equity Global Aqua as at 12 September 2012.
259

Notes to the Financial Statements as at 31/12/12
5 TAXATION OF THE FUND – TAXE D’ABONNEMENT
The Fund is further liable in Luxembourg to a tax of 0.05% per annum in respect of the Equity sub-funds, Bond sub-funds, Indexed sub-funds and Absolute Return subfunds
(except on investments by these sub-funds in other undertakings for collective investment established in Luxembourg for which no tax is applied) and of 0.01%
per annum in respect of the Money Market sub-funds, the M classes Category, the I classes Category (X classes are included in the Category I) and the O classes
Category of all the sub-funds (“Taxe d'Abonnement”), such tax being payable quarterly on the basis of the NAV of the Fund at the end of the relevant calendar quarter.
The benefit of the 0.01% per annum Taxe d'Abonnement is available to those Shareholders admitted in the M classes Category, the I classes Category (X classes are
included in the Category I) and the O classes Category on the basis of the Luxembourg legal, regulatory and tax provisions as these are known to the Fund at the time
of admission of an Investors in such class of shares. However, no guarantee can be given for the past and for the future and such assessment is subject to interpretations
on the status of an eligible Investors in the M classes Category, the I classes Category (X classes are included in the Category I) and the O classes Category by any
competent authorities as will exist from time to time. Any such reclassification made by an authority as to the status of an Investors may submit the entire class of shares
to a Taxe d'Abonnement rate of 0.05% per annum.
6 OTHER INCOME
Balances for other income in the Statement of Operations and Changes in Net Assets include mainly revenues from securities lending and recovery of provisions on
performance fees.
7 OTHER EXPENSES
Balances for other expenses in the Statement of Operations and Changes in Net Assets mainly include other taxes.
8 STATEMENT OF PORTFOLIO MOVEMENTS
Details of movements of securities in the portfolio for the financial period ending 31 December 2012 may be obtained free of charge on request from the Fund’s
registered office and the Hong Kong representative office.
The list of the portfolio changes can also be obtained free of charge at the Paying and Information Agent’s office in Germany and at the Representative’s office in
Switzerland.
9 DIVIDENDS
The Fund distributed the following dividends per share during the financial period under review:
Ex-date: 25 September 2012
Payment date: 28 September 2012
n AE Class
Amundi Funds Equity Euro Select 1.59 EUR
Amundi Funds Equity Europe Select 1.23 EUR
Amundi Funds Equity Global Luxury and Lifestyle 0.20 EUR
Amundi Funds Equity Emerging Europe 0.13 EUR
Amundi Funds Equity Emerging World 0.40 EUR
Amundi Funds Equity Greater China 0.62 EUR
Amundi Funds Equity Latin America 1.10 EUR
Amundi Funds Equity Global Aqua 0.34 EUR
Amundi Funds Equity Global Clean Planet 0.19 EUR
Amundi Funds Convertible Global 0.04 EUR
Amundi Funds Bond Global Corporate 1.45 EUR
Amundi Funds Bond Euro Aggregate 2.38 EUR
Amundi Funds Bond Euro Corporate 0.30 EUR
Amundi Funds Bond Euro Government 1.96 EUR
Amundi Funds Bond Euro Inflation 1.06 EUR
Amundi Funds Bond Euro High Yield 0.53 EUR
Amundi Funds Bond Europe 3.57 EUR
Amundi Funds Bond Global Aggregate 4.52 EUR
Amundi Funds Bond Global 5.03 EUR
Amundi Funds Bond Global Inflation 4.31 EUR
Amundi Funds Bond Global Emerging 3.65 EUR
Amundi Funds Index Equity Euro 2.11 EUR
Amundi Funds Index Equity Europe 2.75 EUR
Amundi Funds Index Equity North America 1.78 EUR
Amundi Funds Index Equity Pacific 3.02 EUR
Amundi Funds Index Global Bond (EUR) Hedged 3.33 EUR
Amundi Funds Absolute VaR 2(EUR) 0.52 EUR
Amundi Funds Absolute VaR 4(EUR) 0.74 EUR
Amundi Funds Absolute High Yield 1.94 EUR
Amundi Funds Cash EUR 0.40 EUR
260

Notes to the Financial Statements as at 31/12/12
n AU Class
Amundi Funds Equity ASEAN 0.25 USD
Amundi Funds Equity Brazil 1.39 USD
Amundi Funds Equity Emerging World 0.02 USD
Amundi Funds Equity Greater China 3.01 USD
Amundi Funds Equity India Select 0.34 USD
Amundi Funds Equity Latin America 6.90 USD
Amundi Funds Equity Thailand 0.53 USD
Amundi Funds Bond Global Corporate 3.57 USD
Amundi Funds Bond Global Aggregate 4.08 USD
Amundi Funds Bond US Opportunistic Core Plus 2.03 USD
Amundi Funds Bond Global 0.82 USD
Amundi Funds Bond Emerging Inflation 1.09 USD
Amundi Funds Bond Global Emerging 0.62 USD
n AJ Class
Amundi Funds Equity Japan Value 20.35 JPY
Amundi Funds Equity Japan Target 3.39 JPY
n AHU Class
Amundi Funds Absolute VaR 2(EUR) 0.23 USD
Amundi Funds Absolute VaR 4(EUR) 0.23 USD
n AHG Class
Amundi Funds Absolute VaR 2(EUR) 0.53 GBP
n IE Class
Amundi Funds Equity Europe Restructuring 11.79 EUR
Amundi Funds Bond Euro Corporate 41.32 EUR
Amundi Funds Bond Euro High Yield 62.09 EUR
Amundi Funds Bond Global 58.21 EUR
Amundi Funds Index Equity Euro 17.22 EUR
Amundi Funds Index Equity Europe 24.87 EUR
Amundi Funds Index Equity North America 17.42 EUR
Amundi Funds Index Equity Pacific 36.02 EUR
Amundi Funds Absolute Volatility Arbitrage Plus 1.63 EUR
Amundi Funds Cash EUR 5.83 EUR
n IU Class
Amundi Funds Equity US Relative Value 5.07 USD
Amundi Funds Equity Emerging World 8.48 USD
Amundi Funds Equity MENA 2.24 USD
Amundi Funds Equity India Select 4.55 USD
Amundi Funds Bond Global 112.33 USD
Amundi Funds Absolute Volatility World Equities 0.28 USD
n IJ Class
Amundi Funds Equity Japan Target 54.76 JPY
Ex-date: 2 July 2012, 2 August 2012, 3 September 2012, 2 October 2012, 2 November 2012, 3 December 2012
Payment date: 9 July 2012, 7 August 2012, 7 September 2012, 5 October 2012, 7 November 2012, 7 December 2012
n Institutional (2)
Amundi Funds Equity Japan Value 10.00 JPY
Amundi Funds Equity Greater China 0.27 USD
Amundi Funds Equity India 0.10 USD
Amundi Funds Equity Korea 15.00 JPY
Amundi Funds Bond Euro Aggregate 6.00 EUR
Amundi Funds Bond Euro Corporate 0.53 EUR
Amundi Funds Bond Euro High Yield 0.80 EUR
261

Notes to the Financial Statements as at 31/12/12
n FHE-MD Class
Amundi Funds Bond Global 0.20 EUR
Amundi Funds Bond Global Emerging 0.35 EUR
n SHE-MD Class
Amundi Funds Bond Global 0.20 EUR
Amundi Funds Bond Global Emerging 0.35 EUR
Ex-date: 2 July 2012, 2 August 2012
Payment date: 9 July 2012, 7 August 2012
n FHE-MD Class
Amundi Funds Bond Global Aggregate 0.28 EUR
n SHE-MD Class
Amundi Funds Bond Global Aggregate 0.28 EUR
Ex-date: 3 September 2012, 2 October 2012, 2 November 2012, 3 December 2012
Payment date: 7 September 2012, 5 October 2012, 7 November 2012, 7 December 2012
n FHE-MD Class
Amundi Funds Bond Global Aggregate 0.33 EUR
n SHE-MD Class
Amundi Funds Bond Global Aggregate 0.33 EUR
Ex-date: 4 July 2012
Payment date: 10 July 2012
n IE-D Class
Amundi Funds Equity Euroland Value 38 EUR
Ex-date: 2 October 2012
Payment date: 8 October 2012
n FHE-QD Class
Amundi Funds Bond US Opportunistic Core Plus 0.81 EUR
n SHE-QD Class
Amundi Funds Bond US Opportunistic Core Plus 0.81 EUR
262

Notices and Reports
If required by the Law, notices to shareholders will be published in the Luxembourg “Mémorial”, the Luxemburger Wort and in such other newspapers as the Directors
may determine.
263

Additional Information
The Total expense ratio (TER) is fixed as follows:
AMUNDI FUNDS
Currency
Classes
of Shares
%
Equity Euroland Value EUR - AE (C) 2.22%
CZK - AHK (C) 2.25%
EUR - FE (C) 3.62%
EUR - IE (C) 1.11%
EUR - IE (D) 1.12%
EUR - ME (C) 1.12%
EUR - OE (C) 0.33%
EUR - SE (C) 2.64%
Equity Global Alpha EUR - AE (C) 1.97%
USD - AU (C) 1.97%
USD - AU (D)* 1.07%
USD - FU (C) 3.38%
USD - IU (C) 1.14%
USD - SU (C) 2.37%
Equity Japan Target EUR - AE (C) 2.55%
EUR - AHE (C) 2.53%
JPY - AJ (C) 2.57%
JPY - AJ (D)* 2.35%
EUR - FHE (C) 3.98%
JPY - FJ (C) 3.94%
EUR - IHE (C)* 1.15%
JPY - IJ (C) 1.36%
JPY - IJ (D) 1.17%
EUR - MHE (C)* 1.26%
JPY - MJ (C) 1.38%
EUR - SHE (C)* 2.77%
JPY - SJ (C) 2.79%
Equity US Concentrated EUR - AE (C) 2.23%
Core EUR - AE (D)* 0.41%
EUR - AHE (C) 2.22%
USD - AU (C) 2.23%
USD - AU (D) 2.23%
EUR - FHE (C) 3.63%
USD - FU (C) 3.64%
EUR - IHE (C) 1.16%
USD - IU (C) 1.14%
USD - IU (D) 1.14%
EUR - MHE (C) 1.20%
USD - MU (C) 1.25%
EUR - SHE (C)* 2.60%
USD - SU (C) 2.63%
Equity US Growth EUR - AE (C) 2.47%
EUR - AHE (C) 2.45%
USD - AU (C) 2.48%
USD - AU (D) 2.47%
EUR - FHE (C) 3.86%
USD - FU (C) 3.88%
EUR - IHE (C) 1.38%
USD - IU (C) 1.31%
USD - IU (D) 1.37%
EUR - MHE (C) 1.74%
USD - MU (C)* 1.47%
USD - SU (C) 2.95%
Equity US Relative Value EUR - AE (C) 2.16%
EUR - AHE (C) 2.16%
CZK - AHK (C) 2.16%
USD - AU (C) 2.16%
USD - AU (D) 2.18%
EUR - FHE (C) 3.56%
USD - FU (C) 3.57%
EUR - IHE (C) 0.97%
USD - IU (C) 0.97%
USD - IU (D) 0.97%
EUR - MHE (C) 1.07%
USD - MU (C) 1.07%
EUR - OHE (C)* 0.14%
EUR - SHE (C) 2.57%
USD - SU (C) 2.58%
264

Additional Information
AMUNDI FUNDS
Currency
Classes
of Shares
Equity Global Select EUR - AE (C) 1.84%
EUR - AE (D)* 1.87%
USD - AU (C) 1.85%
USD - AU (D) 1.85%
USD - FU (C) 3.24%
USD - IU (C) 1.01%
USD - OU (C) 0.30%
EUR - SE (C) 2.23%
USD - SU (C) 2.25%
Equity Japan Value EUR - AE (C) 2.07%
JPY - AJ (C) 2.06%
JPY - AJ (D) 2.05%
JPY - FJ (C) 3.46%
JPY - IJ (C) 1.18%
JPY - I2 (D) 0.81%
JPY - I9 (C) 0.66%
JPY - MJ (C) 1.16%
JPY - SJ (C) 2.45%
Equity Euro Select EUR - AE (C) 1.74%
EUR - AE (D) 1.75%
EUR - FE (C) 3.15%
EUR - IE (C) 0.96%
EUR - IE (D)* 0.48%
EUR - ME (C) 0.96%
EUR - OE (C) 0.32%
EUR - SE (C) 2.14%
Equity Europe Select EUR - AE (C) 1.75%
EUR - AE (D) 1.75%
EUR - FE (C) 3.15%
EUR - IE (C) 0.96%
EUR - IE (D)* 0.47%
EUR - ME (C) 0.96%
EUR - OE (C) 0.31%
EUR - SE (C) 2.15%
Equity Euroland Small EUR - AE (C) 2.26%
Cap EUR - AE (D) 2.25%
EUR - FE (C) 3.65%
EUR - IE (C) 1.15%
EUR - ME (C) 1.15%
EUR - OE (C) 0.34%
EUR - SE (C) 2.65%
Equity Global Gold Mines EUR - AE (C) 2.27%
EUR - AE (D) 2.66%
USD - AU (C) 2.29%
USD - FU (C) 3.69%
USD - IU (C) 1.30%
USD - MU (C) 1.33%
USD - OU (C)* 0.39%
EUR - SHE (C) 2.72%
USD - SU (C) 2.70%
Equity Global Luxury EUR - AE (C) 2.30%
and Lifestyle EUR - AE (D)* 2.32%
USD - AU (C) 2.30%
EUR - FHE (C)* 3.75%
USD - FU (C) 3.71%
USD - IU (C)* 0.67%
USD - MU (C) 1.30%
USD - OU (C) 0.40%
EUR - SHE (C)* 2.70%
USD - SU (C) 2.72%
Equity Global Agriculture EUR - AE (C) 2.23%
EUR - AHE (C) 2.24%
USD - AU (C) 2.23%
USD - AU (D) 2.24%
EUR - FHE (C)* 3.66%
USD - FU (C) 3.66%
EUR - IHE (C) 1.24%
USD - IU (C) 1.24%
USD - MU (C) 1.25%
USD - OU (C)* 0.28%
EUR - SHE (C) 3.72%
USD - SU (C) 2.64%
%
265

Additional Information
AMUNDI FUNDS
Currency
Classes
of Shares
Equity Global Resources EUR - AE (C) 2.25%
USD - AU (C) 2.26%
USD - AU (D) 2.26%
USD - FHE (C)* 1.86%
USD - FU (C) 3.66%
USD - IU (C) 1.26%
USD - MU (C) 1.25%
EUR - SHE (C) 2.66%
USD - SU (C) 2.66%
Equity Europe EUR - AE (C) 2.29%
Restructuring EUR - FE (C) 3.69%
EUR - IE (C) 1.20%
EUR - IE (D) 1.20%
EUR - ME (C) 1.18%
EUR - OE (C) 0.40%
EUR - SE (C) 2.69%
Equity ASEAN USD - AU (C) 2.33%
USD - AU (D) 2.33%
USD - FU (C) 3.77%
USD - IU (C) 1.36%
USD - I4 (C) 0.94%
USD - I9 (C) 0.79%
USD - SU (C) 2.73%
Equity Asia ex Japan EUR - AE (C) 2.55%
USD - AU (C) 2.31%
USD - AU (D) 2.29%
USD - FU (C) 3.71%
USD - IU (C) 1.37%
USD - MU (C) 1.37%
USD - SU (C) 2.71%
USD - XU (C) 0.92%
Equity Brazil EUR - AE (C)* 2.45%
USD - AU (C) 2.38%
USD - AU (D) 2.38%
USD - FU (C) 3.79%
USD - IU (C) 1.44%
USD - MU (C) 1.45%
USD - SU (C) 2.77%
Equity Emerging Europe EUR - AE (C) 2.46%
EUR - AE (D) 2.46%
EUR - FE (C) 3.86%
EUR - IE (C) 1.55%
EUR - ME (C) 1.51%
EUR - SE (C) 2.86%
Equity Emerging Internal EUR - AE (C) 2.47%
Demand EUR - AE (D) 2.41%
EUR - AHE (C) 2.45%
USD - AU (C) 2.43%
USD - AU (D) 2.44%
USD - FU (C) 3.84%
USD - IU (C) 1.50%
USD - I4 (C)* 0.77%
USD - MU (C) 1.50%
USD - OU (C) 0.45%
EUR - SE (C) 2.83%
USD - SU (C) 2.84%
USD - XU (C) 1.04%
Equity Emerging World EUR - AE (C) 2.32%
EUR - AE (D)* 2.35%
USD - AU (C) 2.33%
USD - AU (D) 2.33%
USD - FU (C) 3.73%
USD - IU (C) 1.39%
USD - IU (D)* 1.35%
USD - I8 (C) 1.34%
USD - MU (C) 1.39%
USD - OU (C)* 0.16%
USD - O1 (C) 0.29%
USD - SU (C) 2.73%
%
266

Additional Information
AMUNDI FUNDS
Currency
Classes
of Shares
%
Equity MENA EUR - AE (C) 3.13%
EUR - AHE (C) 2.66%
USD - AU (C) 2.85%
USD - AU (D) 2.87%
EUR - FHE (C) 4.45%
USD - FU (C) 4.41%
EUR - IHE (C) 1.96%
USD - IU (C) 2.56%
USD - IU (D) 2.00%
USD - OU (C) 1.00%
EUR - SHE (C) 3.20%
USD - SU (C) 3.47%
Equity Greater China EUR - AE (C) 2.26%
EUR - AE (D) 2.23%
USD - AU (C) 2.27%
USD - AU (D) 2.26%
USD - FU (C) 3.67%
USD - IU (C) 1.33%
USD - I2 (D) 0.87%
USD - I4 (C) 0.87%
USD - I9 (C) 0.72%
USD - MU (C) 1.33%
USD - SU (C) 2.67%
USD - XU (C) 0.87%
Equity India EUR - AE (C) 2.26%
EUR - AE (D) 2.25%
USD - AU (C) 2.27%
USD - AU (D) 2.26%
USD - FU (C) 3.68%
USD - IU (C) 1.33%
USD - I2 (D) 0.88%
USD - I4 (C) 0.88%
USD - I9 (C) 0.73%
USD - MU (C) 1.33%
USD - SU (C) 2.67%
USD - XU (C)* 0.44%
Equity India Select EUR - AE (C)* 2.27%
USD - AU (C)* 2.28%
USD - AU (D)* 2.29%
USD - FU (C)* 3.68%
USD - IU (C)* 1.33%
USD - IU (D)* 1.29%
USD - I6 (C)* 1.24%
USD - MU (C)* 0.57%
Equity India Infrastructure USD - AU (C) 2.35%
USD - AU (D) 2.35%
USD - FU (C) 3.76%
USD - IU (C) 1.23%
USD - I4 (C) 0.96%
USD - MU (C) 1.42%
USD - SU (C) 2.76%
Equity Korea EUR - AE (C) 2.50%
USD - AU (C) 2.49%
USD - AU (D) 2.43%
USD - FU (C) 3.91%
USD - IU (C) 1.66%
USD - I2 (D) 1.11%
USD - I4 (C) 1.11%
USD - MU (C)* 1.57%
USD - SU (C) 2.90%
USD - XU (C) 1.16%
267

Additional Information
AMUNDI FUNDS
Currency
Classes
of Shares
Equity Latin America EUR - AE (C) 2.28%
EUR - AE (D) 2.38%
USD - AU (C) 2.28%
USD - AU (D) 2.28%
USD - FU (C) 3.68%
USD - IU (C) 1.34%
USD - MU (C) 1.34%
USD - O1 (C) 0.24%
EUR - SE (C) 2.67%
USD - SU (C) 2.68%
USD - XU (C) 0.88%
Equity Thailand USD - AU (C) 2.23%
USD - AU (D) 2.25%
USD - FU (C)* 1.86%
USD - IU (C) 1.49%
USD - MU (C) 1.50%
USD - SU (C) 2.64%
USD - XU (C) 0.99%
Equity Global Aqua EUR - AE (C) 2.25%
EUR - AE (D) 2.24%
EUR - FE (C) 3.74%
EUR - IE (C) 1.24%
EUR - ME (C) 1.25%
EUR - SE (C) 2.64%
Equity Europe Minimum EUR - IE (C)* 0.96%
Variance EUR - ME (C)* 0.98%
EUR - SE (C)* 1.15%
Equity Global Minimum USD - AU (C)* 0.92%
Variance EUR - IE (C)* 0.42%
USD - OU (C)* 0.14%
USD - SU (C)* 1.10%
Convertible Europe EUR - AE (C) 1.66%
EUR - AE (D)* 0.88%
EUR - FE (C) 2.28%
EUR - IE (C) 0.83%
EUR - ME (C) 0.88%
EUR - SE (C) 1.88%
Convertible Global EUR - AE (C) 1.74%
EUR - AE (D) 1.74%
EUR - FE (C) 2.36%
EUR - IE (C) 0.89%
EUR - ME (C)* 0.90%
EUR - SE (C) 1.93%
Bond Global Corporate EUR - AE (C) 1.39%
EUR - AE (D) 1.49%
EUR - AHE (C)* 0.79%
USD - AU (C) 1.35%
USD - AU (D) 1.34%
USD - FU (C) 1.96%
EUR - IHE (C)* 0.43%
USD - IU (C) 0.81%
USD - MU (C)* 0.49%
USD - OU (C)* 0.24%
USD - SU (C) 1.54%
Bond Euro Aggregate EUR - AE (C) 1.20%
EUR - AE (D) 1.21%
EUR - FE (C) 1.60%
EUR - IE (C) 0.61%
EUR - I2 (D) 0.46%
EUR - ME (C) 0.72%
EUR - OE (C) 0.16%
EUR - SE (C) 1.40%
Bond Euro Corporate EUR - AE (C) 1.21%
EUR - AE (D) 1.21%
EUR - FE (C) 1.60%
EUR - IE (C) 0.62%
EUR - IE (D) 0.61%
EUR - I2 (D) 0.46%
EUR - ME (C) 0.72%
EUR - OE (C) 0.17%
EUR - SE (C) 1.40%
%
268

Additional Information
AMUNDI FUNDS
Currency
Classes
of Shares
Bond Euro Government EUR - AE (C) 1.23%
EUR - AE (D) 1.25%
EUR - FE (C)* 1.63%
EUR - IE (C)* 0.59%
EUR - ME (C)* 0.65%
EUR - OE (C)* 0.20%
EUR - SE (C)* 1.57%
Bond Euro Inflation EUR - AE (C) 1.18%
EUR - AE (D) 1.18%
EUR - FE (C) 1.58%
EUR - IE (C) 0.59%
EUR - ME (C) 0.59%
EUR - OE (C) 0.14%
EUR - SE (C) 1.38%
Bond Euro High Yield EUR - AE (C) 1.74%
EUR - AE (D) 1.74%
EUR - FE (C) 2.34%
EUR - IE (C) 0.81%
EUR - IE (D) 0.80%
EUR - I2 (D) 0.65%
EUR - ME (C) 0.84%
EUR - OE (C) 0.26%
EUR - SE (C) 1.94%
Bond US Opportunistic EUR - AE (C) 1.22%
Core Plus EUR - AHE (C) 1.23%
USD - AU (C) 1.23%
USD - AU (D) 1.23%
EUR - FHE (C) 1.83%
USD - FHE-QD (D)* 0.98%
USD - FU (C) 1.84%
EUR - IHE (C) 0.68%
USD - IU (C) 0.69%
USD - IU (D) 0.35%
EUR - MHE (C) 0.75%
USD - MU (C) 0.77%
EUR - SHE (C) 1.44%
EUR - SHE-QD (D)* 3.67%
USD - SU (C) 1.44%
Bond Europe EUR - AE (C) 1.22%
EUR - AE (D) 1.22%
EUR - FE (C) 1.82%
EUR - IE (C) 0.73%
EUR - ME (C) 0.79%
EUR - SE (C) 1.42%
Bond Global Aggregate EUR - AE (C) 1.39%
EUR - AE (D) 1.38%
USD - AU (C) 1.36%
USD - AU (D) 1.41%
EUR - FHE (C) 2.18%
EUR - FHE (MD) 2.18%
USD - FU (C) 2.18%
EUR - IE (C) 0.51%
EUR - IHE (C) 0.51%
USD - IU (C) 0.81%
EUR - MHE (C) 0.91%
USD - MU (C) 0.85%
USD - OU (C) 0.25%
EUR - SHE (C) 1.58%
EUR - SHE-MD (D) 1.57%
USD - SU (C) 1.56%
Bond Global EUR - AE (C) 1.26%
EUR - AE (D) 1.27%
USD - AU (C) 1.26%
USD - AU (D) 1.28%
EUR - FHE (C) 2.07%
EUR - FHE (MD) 2.06%
USD - FU (C) 2.06%
EUR - IE-D (D) 0.77%
USD - IU (C) 0.72%
USD - IU (D) 0.71%
EUR - MHE (C)* 0.45%
USD - MU (C) 0.76%
USD - OU (C)* 0.16%
EUR - SHE (C) 1.46%
EUR - SHE-MD (D) 1.46%
USD - SU (C) 1.45%
%
269

Additional Information
AMUNDI FUNDS
Currency
Classes
of Shares
Bond Global Inflation EUR - AE (C) 1.17%
EUR - AE (D) 1.17%
EUR - FE (C) 1.67%
EUR - IE (C) 0.58%
EUR - ME (C) 0.69%
EUR - SE (C) 1.38%
Bond Emerging Inflation USD - AU (C) 1.95%
USD - AU (D) 1.95%
USD - FU (C) 2.57%
EUR - IE (C) 0.88%
USD - IU (C) 0.84%
USD - OU (C)* 0.37%
USD - SU (C) 2.16%
Bond Global Emerging EUR - AE (C) 2.08%
EUR - AE (D) 2.38%
USD - AU (C) 2.05%
USD - AU (D) 2.07%
EUR - FHE (C) 2.68%
EUR - FHE (MD) 2.67%
USD - FU (C) 2.66%
USD - IU (C) 0.96%
USD - MHE (C)* 0.61%
USD - MU (C) 1.06%
EUR - SHE (C) 2.26%
EUR - SHE-MD (D) 2.26%
USD - SU (C) 2.25%
Bond Global Emerging EUR - AE (D)* 1.12%
Corporate EUR - AHE (C)* 1.11%
USD - AU (C)* 1.13%
USD - AU (D)* 1.13%
EUR - IHE (C)* 0.50%
USD - IU (C)* 0.95%
EUR - FHE (C)* 1.53%
EUR - SHE (C)* 1.25%
Multi Asset Emerging EUR - AHE (C)* 1.10%
Markets USD - AU (C)* 1.29%
EUR - IHE (C)* 0.60%
USD - IU (C)* 0.60%
USD - OU (C)* 0.21%
USD - SU (C)* 1.21%
Index Equity Euro EUR - AE (C) 0.42%
EUR - AE (D) 0.42%
EUR - IE (C) 0.22%
EUR - IE (D) 0.20%
EUR - ME (C) 0.27%
EUR - OE (C) 0.13%
Index Equity Europe EUR - AE (C) 0.39%
EUR - AE (D) 0.39%
EUR - IE (C) 0.19%
EUR - IE (D) 0.19%
EUR - ME (C) 0.24%
EUR - OE (C) 0.09%
Index Equity North EUR - AE (C) 0.36%
America EUR - AE (D) 0.36%
USD - AU (C) 0.36%
EUR - IE (C) 0.17%
EUR - IE (D) 0.17%
USD - IU (C) 0.17%
EUR - ME (C) 0.22%
EUR - OE (C) 0.07%
Index Equity Pacific EUR - AE (C) 0.43%
EUR - AE (D) 0.42%
EUR - IE (C) 0.29%
EUR - IE (D) 0.29%
EUR - ME (C) 0.34%
EUR - OE (C) 0.19%
%
270

Additional Information
AMUNDI FUNDS
Currency
Classes
of Shares
%
Index Global Bond (EUR) EUR - AE (C) 0.42%
Hedged EUR - AE (D) 0.44%
EUR - IE (C) 0.23%
EUR - ME (C) 0.28%
Absolute Forex EUR - AE (C) 0.94%
EUR - AE (D)* 0.41%
EUR - FE (C) 1.44%
EUR - Classic H (C) 1.32%
EUR - IE (C) 0.51%
EUR - ME (C) 0.61%
EUR - SE (C) 1.04%
Absolute VaR 2(EUR) EUR - AE (C) 0.90%
EUR - AE (D) 0.90%
GBP - AHG (C) 0.90%
GBP - AHG (D)* 0.90%
USD - AHU (C)* 0.90%
USD - AHU (D)* 0.86%
EUR - FE (C) 1.21%
USD - FHU (C)* 1.22%
EUR - Classic H (C) 1.19%
EUR - IE (C) 0.46%
GBP - IHG (C) 0.46%
EUR - ME (C) 0.56%
EUR - SE (C) 1.00%
USD - SHU (C)* 1.00%
Absolute VaR 4(EUR) EUR - AE (C) 1.20%
EUR - AE (D) 1.20%
USD - AHU (C)* 1.20%
USD - AHU (D)* 1.20%
EUR - FE (C) 1.66%
EUR - Classic H (C) 1.49%
EUR - IE (C) 0.66%
USD - IHU (C)* 0.66%
EUR - ME (C) 0.76%
EUR - SE (C) 1.30%
USD - SHU (C)* 1.29%
Absolute Statistical EUR - AE (C) 1.64%
Arbitrage USD - AHU (C) 1.58%
EUR - FE (C) 2.37%
EUR - IE (C) 0.95%
EUR - IE (D) 0.94%
USD - IHU (C) 0.95%
EUR - ME (C) 1.01%
EUR - SE (C) 1.97%
Absolute High Yield EUR - AE (C) 1.18%
EUR - AE (D) 1.18%
EUR - FE (C) 1.69%
EUR - Classic H (C)* 0.73%
EUR - IE (C) 0.64%
EUR - ME (C) 0.75%
EUR - SE (C) 1.28%
Absolute Volatility Arbitrage EUR - AE (C) 1.33%
EUR - AE (D) 1.33%
EUR - FE (C) 1.84%
EUR - Classic H (C) 1.63%
EUR - IE (C) 0.79%
EUR - ME (C) 0.89%
EUR - SE (C) 1.43%
Absolute Volatility Arbitrage EUR - AE (C) 1.62%
Plus EUR - IE (C) 1.09%
EUR - IE (D) 1.10%
EUR - ME (C)* 1.21%
EUR - SE (C) 1.79%
271

Additional Information
AMUNDI FUNDS
Currency
Classes
of Shares
%
Absolute Volatility Euro EUR - AE (C) 1.38%
Equities EUR - AE (D) 1.38%
CHF - AHC (C) 1.39%
GBP - AHG (C)* 0.70%
GBP - AHG (D) 1.38%
EUR - FE (C) 2.09%
EUR - Classic H (C) 1.98%
EUR - IE (C) 0.64%
EUR - IE (D) 0.64%
CHF - IHC (C) 0.64%
GBP - IHG (D) 0.63%
GBP - IHG0 (D) 0.64%
EUR - ME (C) 0.84%
EUR - OE (C) 0.12%
EUR - SE (C) 1.68%
Absolute Volatility World EUR - AE (C) 1.38%
Equities EUR - AE (D) 1.57%
CHF - AHC (C)* 1.41%
EUR - AHE (C) 1.39%
EUR - AHE (D) 1.38%
GBP - AHG (C) 1.39%
GBP - AHG (D) 1.38%
SGD - AHS (C)* 1.41%
SGD - AHS (D) 0.70%
USD - AU (C) 1.38%
USD - AU (D) 1.38%
EUR - FHE (C)* 2.08%
USD - FU (C) 2.08%
USD - Classic H (C) 1.97%
USD - IHC (C)* 0.33%
EUR - IHE (C) 0.63%
GBP - IHG (C) 0.63%
GBP - IHG (D) 0.63%
GBP - IHG0 (D) 0.63%
JPY - IHJ (C) 0.63%
USD - IU (C) 0.63%
USD - IU (D) 0.62%
USD - MU (C) 0.83%
USD - OU (C) 0.13%
EUR - SHE (C) 1.67%
USD - SU (C) 1.67%
Cash EUR 1 EUR - AE (C) 0.40%
EUR - AE (D) 0.38%
EUR - FE (C) 0.59%
EUR - IE (C) 0.22%
EUR - IE (D) 0.22%
EUR - ME (C) 0.22%
EUR - OE (C) 0.12%
EUR - SE (C) 0.43%
Cash USD 2 USD - AU (C) 0.18%
USD - AU (D) 0.17%
USD - FU (C) 0.18%
USD - IU (C) 0.20%
USD - MU (C) 0.20%
USD - SU (C) 0.17%
* In certain cases (when a sub-fund has been taken over, liquidated, or launched within the last 12 months, when any class of shares has been launched or liquidated within the last 12 months, when the
assets under management for any class of shares have increased or reduced significantly within the last 12 months, or when there are few assets under management for any class) the Total Expense Ratios
calculated on an annual basis (reference period of 12 months) may not be representative of the true value.
1
The sub-fund Amundi Funds Money Market Euro has been renamed into Amundi Funds Cash EUR on 3 December 2012.
2
The sub-fund Amundi Funds Money Market USD has been renamed into Amundi Funds Cash USD on 3 December 2012.
272

Additional Information
HISTORICAL DATA (expressed in currencies of the classes)
Here are the highest issue prices and the lowest redemption prices of the shares over the last 10 financial years, or if the sub-fund has not been in existence during
the whole period, over the whole period in which it has been in existence.
Important variation can appear over time in the value of one class of share, due to a corporate action.
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Lowest Highest Lowest Highest Lowest Highest
Price Price Price Price Price Price
Name, class and part of the sub-fund
Amundi Funds Equity Euroland Value - AHK (C) 1,916.70 2,301.85 1,776.32 2,557.48 1,810.78 2,534.37
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity Euroland Value - AE (C) 78.61 95.01 71.65 102.46 94.17 117.55
Amundi Funds Equity Euroland Value - FE (C) 77.43 93.04 71.40 102.43 89.38 110.88
Amundi Funds Equity Euroland Value - IE (C) 795.55 965.76 718.45 1,024.95 970.54 1,262.99
Amundi Funds Equity Euroland Value - IE (D) 916.99 1,113.19 913.56 1,106.74
Amundi Funds Equity Euroland Value - ME (C) 79.55 96.57 71.84 102.49 97.05 126.28
Amundi Funds Equity Euroland Value - OE (C) 802.48 977.36 719.89 1,025.39 92.95 1,015.81
Amundi Funds Equity Euroland Value - SE (C) 78.51 94.73 71.78 99.15
Amundi Funds Equity Global Alpha - AE (C) 92.25 100.70 80.09 105.08 74.89 101.93
Amundi Funds Equity Global Alpha - AU (D) 100.39 103.54
Amundi Funds Equity Global Alpha - AU (C) 80.74 90.27 73.67 104.77 24.83 102.38
Amundi Funds Equity Global Alpha - FU (C) 79.52 88.74 73.39 104.66 98.50 146.07
Amundi Funds Equity Global Alpha - IU (C) 815.11 912.42 738.53 1,048.29 985.17 1,692.98
Amundi Funds Equity Global Alpha - OU (C) 739.91 1,051.44 67.99 1,024.18
Amundi Funds Equity Global Alpha - SU (C) 81.99 91.62 75.08 106.60
Amundi Funds Equity Japan Target - AHE (C) 88.27 103.27 87.11 106.54 54.44 102.72
Amundi Funds Equity Japan Target - AE (C) 101.50 116.48 96.94 114.16 100.04 102.04
Amundi Funds Equity Japan Target - AJ (C) 8,880.84 10,421.18 8,723.36 10,682.47 1,358.07 10,279.41
Amundi Funds Equity Japan Target - AJ (D) 7,463.53 8,758.06 7,924.94 8,245.48
Amundi Funds Equity Japan Target - FHE (C) 86.65 101.13 86.64 105.16 99.99 102.67
Amundi Funds Equity Japan Target - FJ (C) 8,738.90 10,224.37 8,681.54 10,590.43 8,445.95 10,828.90
Amundi Funds Equity Japan Target - IHE (C) 750.60 880.31 794.48 825.84
Amundi Funds Equity Japan Target - IJ (C) 89,994.28 105,869.97 87,361.22 107,485.52 98,837.30 126,531.45
Amundi Funds Equity Japan Target - IJ (D) 75,602.19 88,973.94 80,013.54 83,258.46
Amundi Funds Equity Japan Target - MHE (C) 74.36 87.19 78.73 81.84
Amundi Funds Equity Japan Target - MJ (C) 8,971.35 10,551.75 8,695.56 10,698.36 9,871.91 12,638.01
Amundi Funds Equity Japan Target - OJ (C) 90,457.45 104,545.61 8,210.09 102,842.28
Amundi Funds Equity Japan Target - SHE (C) 71.89 83.97 76.46 79.46
Amundi Funds Equity Japan Target - SJ (C) 8,553.22 10,028.39 8,380.97 10,271
Amundi Funds Equity US Concentrated Core - AHE (C) 101.58 113.15 88.57 114.99 15.70 103.64
Amundi Funds Equity US Concentrated Core - AE (C) 120.85 130.64 88.93 127.52 76.47 103.32
Amundi Funds Equity US Concentrated Core - AE (D) 99.81 106.23
Amundi Funds Equity US Concentrated Core - AU (C) 103.42 115.36 88.78 116.41 20.34 103.78
Amundi Funds Equity US Concentrated Core - AU (D) 103.57 115.53 88.77 116.54 86.48 118.49
Amundi Funds Equity US Concentrated Core - FHE (C) 99.81 110.90 88.46 113.55 99.21 161.19
Amundi Funds Equity US Concentrated Core - FU (C) 101.75 113.27 88.57 115.23 94.91 128.96
Amundi Funds Equity US Concentrated Core - IHE (C) 1,025.35 1,143.12 888.23 1,156.38 991.13 1,037.07
Amundi Funds Equity US Concentrated Core - IU (C) 1,040.24 1,162.11 889.62 1,168.76 991.04 1,550.71
Amundi Funds Equity US Concentrated Core - IU (D) 1,045.20 1,167.65 889.24 1,172.11 922.31 1,274.72
Amundi Funds Equity US Concentrated Core - MHE (C) 103.75 115.66 90.25 117.01
Amundi Funds Equity US Concentrated Core - MU (C) 104.40 116.62 88.91 117.12 99.10 155.43
Amundi Funds Equity US Concentrated Core - SHE (C) 92.35 102.73 92.23 95.15
Amundi Funds Equity US Concentrated Core - SU (C) 97.65 108.86 84.41 110.2
Amundi Funds Equity US Growth - AHE (C) 82.54 94.53 76.82 107.75 19.64 103.67
Amundi Funds Equity US Growth - AE (C) 96.00 108.59 81.86 111.35 87.66 110.25
Amundi Funds Equity US Growth - AU (C) 84.11 96.55 77.38 107.79 28.91 103.73
Amundi Funds Equity US Growth - AU (D) 84.06 96.49 77.33 107.87 99.25 160.20
Amundi Funds Equity US Growth - FHE (C) 81.45 93.10 76.77 107.69 90.98 126.28
Amundi Funds Equity US Growth - FU (C) 82.91 94.99 77.14 107.74 99.23 187.10
Amundi Funds Equity US Growth - IHE (C) 838.14 961.49 769.91 1,077.88 992.38 1,484.79
Amundi Funds Equity US Growth - IU (C) 851.98 979.52 776.95 1,078.37 992.47 2,232.01
Amundi Funds Equity US Growth - IU (D) 851.82 979.35 776.69 1,081.05 992.47 1,696.91
Amundi Funds Equity US Growth - MHE (C) 90.23 103.26 83.38 108.55
Amundi Funds Equity US Growth - MU (C) 85.13 97.86 77.69 107.83 99.25 221.73
Amundi Funds Equity US Growth - SU (C) 80.57 92.43 74.5 101.87
274

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Amundi Funds Equity Euroland Value - AHK (C)
Amundi Funds Equity Euroland Value - AE (C)
Amundi Funds Equity Euroland Value - FE (C)
Amundi Funds Equity Euroland Value - IE (C)
Amundi Funds Equity Euroland Value - IE (D)
Amundi Funds Equity Euroland Value - ME (C)
Amundi Funds Equity Euroland Value - OE (C)
Amundi Funds Equity Euroland Value - SE (C)
Amundi Funds Equity Global Alpha - AE (C)
Amundi Funds Equity Global Alpha - AU (D)
Amundi Funds Equity Global Alpha - AU (C)
Amundi Funds Equity Global Alpha - FU (C)
Amundi Funds Equity Global Alpha - IU (C)
Amundi Funds Equity Global Alpha - OU (C)
Amundi Funds Equity Global Alpha - SU (C)
Amundi Funds Equity Japan Target - AHE (C)
Amundi Funds Equity Japan Target - AE (C)
Amundi Funds Equity Japan Target - AJ (C)
Amundi Funds Equity Japan Target - AJ (D)
Amundi Funds Equity Japan Target - FHE (C)
Amundi Funds Equity Japan Target - FJ (C)
Amundi Funds Equity Japan Target - IHE (C)
Amundi Funds Equity Japan Target - IJ (C)
Amundi Funds Equity Japan Target - IJ (D)
Amundi Funds Equity Japan Target - MHE (C)
Amundi Funds Equity Japan Target - MJ (C)
Amundi Funds Equity Japan Target - OJ (C)
Amundi Funds Equity Japan Target - SHE (C)
Amundi Funds Equity Japan Target - SJ (C)
Amundi Funds Equity US Concentrated Core - AHE (C)
Amundi Funds Equity US Concentrated Core - AE (C)
Amundi Funds Equity US Concentrated Core - AE (D)
Amundi Funds Equity US Concentrated Core - AU (C)
Amundi Funds Equity US Concentrated Core - AU (D)
Amundi Funds Equity US Concentrated Core - FHE (C)
Amundi Funds Equity US Concentrated Core - FU (C)
Amundi Funds Equity US Concentrated Core - IHE (C)
Amundi Funds Equity US Concentrated Core - IU (C)
Amundi Funds Equity US Concentrated Core - IU (D)
Amundi Funds Equity US Concentrated Core - MHE (C)
Amundi Funds Equity US Concentrated Core - MU (C)
Amundi Funds Equity US Concentrated Core - SHE (C)
Amundi Funds Equity US Concentrated Core - SU (C)
Amundi Funds Equity US Growth - AHE (C)
Amundi Funds Equity US Growth - AE (C)
Amundi Funds Equity US Growth - AU (C)
Amundi Funds Equity US Growth - AU (D)
Amundi Funds Equity US Growth - FHE (C)
Amundi Funds Equity US Growth - FU (C)
Amundi Funds Equity US Growth - IHE (C)
Amundi Funds Equity US Growth - IU (C)
Amundi Funds Equity US Growth - IU (D)
Amundi Funds Equity US Growth - MHE (C)
Amundi Funds Equity US Growth - MU (C)
Amundi Funds Equity US Growth - SU (C)
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
275

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity US Relative Value - AHE (C) 95.04 108.15 77.52 104.69 20.04 102.49
Amundi Funds Equity US Relative Value - AHK (C) 2,317.73 2,633.63 1,913.23 2,610.95 1,771.24 2,556.90
Amundi Funds Equity US Relative Value - AE (C) 114.33 123.82 82.97 116.60 64.62 102.09
Amundi Funds Equity US Relative Value - AU (C) 96.69 110.53 78.02 105.98 18.46 102.55
Amundi Funds Equity US Relative Value - AU (D) 96.67 110.33 78.02 105.98 74.58 104.67
Amundi Funds Equity US Relative Value - FHE (C) 93.61 105.88 77.17 104.62 95.19 131.84
Amundi Funds Equity US Relative Value - FU (C) 95.27 108.24 77.72 104.88 98.38 1,184.03
Amundi Funds Equity US Relative Value - IHE (C) 961.60 1,099.96 777.58 1,052.70 983.64 1,534.68
Amundi Funds Equity US Relative Value - IU (C) 979.01 1,124.98 782.80 1,069.10 983.98 1,419.93
Amundi Funds Equity US Relative Value - IU (D) 979.02 1,119.74 782.80 1,069.10 767.99 1,080.49
Amundi Funds Equity US Relative Value - MHE (C) 96.72 110.16 78.27 105.94 98.37 152.98
Amundi Funds Equity US Relative Value - MU (C) 97.81 112.34 78.26 106.84 98.40 152.39
Amundi Funds Equity US Relative Value - OHE (C) 778.90 1,047.41 113.46 1,025.06
Amundi Funds Equity US Relative Value - OU (C) 782.00 1,048.23 125.65 1,025.95
Amundi Funds Equity US Relative Value - SHE (C) 94.53 106.94 77.29 103.98
Amundi Funds Equity US Relative Value - SU (C) 95.44 108.53 77.30 104.74
Amundi Funds Equity Global Select - AE (C) 99.52 107.85 85.61 105.91
Amundi Funds Equity Global Select - AE (D) 99.78 108.14 96.46 105.59
Amundi Funds Equity Global Select - AU (C) 7.40 8.31 6.86 8.88 6.59 8.96 5.70 7.62 4.44 8.68 8.59 10.91
Amundi Funds Equity Global Select - AU (D) 7.16 8.04 6.63 8.60 6.38 8.67 5.53 7.38 4.31 8.68 8.59 10.91
Amundi Funds Equity Global Select - FU (C) 84.06 94.18 79.93 103.84
Amundi Funds Equity Global Select - IU (C) 1,026.99 1,154.59 945.30 1,220.17 829.30 1,232.17 730.75 982.59 564.74 1,110.61 1,098.03 1,387.78
Amundi Funds Equity Global Select - OU (C) 102.82 115.71 99.77 115.46
Amundi Funds Equity Global Select - SE (C) 95.82 103.89 82.83 102.25 93.87 103.20
Amundi Funds Equity Global Select - SU (C) 7.06 7.92 6.57 8.52 6.34 8.59 5.51 7.34 4.30 8.41 8.32 10.60
Amundi Funds Equity Japan Value - AE (C) 101.54 111.69 92.34 112.14 99.72 102.00
Amundi Funds Equity Japan Value - AJ (C) 5,283.00 6,487.00 5,079.00 6,489.00 5,447.00 7,006.00 5,657 7,254 4,493 8,366 7,192 11,611
Amundi Funds Equity Japan Value - AJ (D) 8,849.00 10,844.00 8,507.00 10,869.00 9,123.00 11,735.00 9,475 12,149
Amundi Funds Equity Japan Value - I9 (C) 6,147.00 7,594.00 5,855.00 7,517.00 6,219.00 7,992.00 6,362 8,197 5,012 9,270 9,117 10,000
Amundi Funds Equity Japan Value - I2 (D) 4,620.00 5,646.00 4,477.00 5,698.00 4,834.00 6,223.00 5,097 6,506 4,077 7,663 6,599 10,677
Amundi Funds Equity Japan Value - FJ (C) 8,557.00 10,445.00 8,304.00 10,559.00 9,965.00 10,241.00
Amundi Funds Equity Japan Value - IJ (C) 55,051.00 67,861.00 52,610.00 67,423.00 56,073.00 72,082.00 57,667 74,166 45,561 84,472 72,434 116,334
Amundi Funds Equity Japan Value - MHE (C) 102.98 105.26 99.71 102.39
Amundi Funds Equity Japan Value - MJ (C) 8,784.00 10,829.00 8,395.00 10,759.00 8,948.00 11,503.00
Amundi Funds Equity Japan Value - SJ (C) 5,181.00 6,352.00 4,994.00 6,373.00 5,371.00 6,911.00 5,608 7,178 4,466 8,340 7,179 11,621
Amundi Funds Equity Euro Select - AE (C) 108.85 129.53 94.53 134.59 113.14 141.12 100.24 131.83 83.63 110.97
Amundi Funds Equity Euro Select - AE (D) 101.06 118.64 89.66 127.64 108.22 133.31 96.38 126.09
Amundi Funds Equity Euro Select - FE (C) 81.67 96.40 71.57 102.21 96.94 101.49
Amundi Funds Equity Euro Select - IE (C) 1,120.26 1,337.17 967.45 1,375.06 1,146.83 1,437.44 1,007.96 1,333.93 837.80 1,114.19
Amundi Funds Equity Euro Select - IE (D) 842.26 996.48
Amundi Funds Equity Euro Select - ME (C) 83.34 99.54 71.96 102.26 96.95 101.53
Amundi Funds Equity Euro Select - OE (C) 1,014.01 1,210.81 949.52 1,153.53
Amundi Funds Equity Euro Select - SE (C) 114.79 136.04 99.75 142.15 119.96 149.26 106.70 139.90
Amundi Funds Equity Europe Select - AE (C) 125.65 143.87 105.41 142.56 118.50 147.71 100.73 134.90 82.48 109.52
Amundi Funds Equity Europe Select - AE (D) 118.57 134.42 100.08 135.85 114.29 140.76 97.65 130.11
Amundi Funds Equity Europe Select - FE (C) 89.85 102.32 76.27 103.53 98.37 102.07
Amundi Funds Equity Europe Select - IE (C) 1,292.21 1,480.71 1,077.24 1,455.55 1,199.43 1,502.41 1,011.28 1,363.03 825.11 1,099.17
Amundi Funds Equity Europe Select - IE (D) 899.58 1,142.84
Amundi Funds Equity Europe Select - ME (C) 92.02 105.75 76.69 103.63 98.41 102.12
Amundi Funds Equity Europe Select - OE (C) 888.74 1,024.00 736.73 994.10 943.84 979.53
Amundi Funds Equity Europe Select - SE (C) 138.71 158.55 116.76 158.07 131.89 164.00 112.56 150.28
Amundi Funds Equity Euroland Small Cap - AE (C) 87.23 105.24 74.24 103.89 98.11 180.36
Amundi Funds Equity Euroland Small Cap - AE (D) 87.23 105.23 74.24 103.89 98.11 102.23
Amundi Funds Equity Euroland Small Cap - FE (C) 86.16 103.48 73.88 103.84 98.09 169.11
Amundi Funds Equity Euroland Small Cap - IE (C) 880.86 1,066.51 744.97 1,039.27 981.26 1,960.48
Amundi Funds Equity Euroland Small Cap - ME (C) 88.07 106.62 74.52 103.92 98.13 195.53
Amundi Funds Equity Euroland Small Cap - OE (C) 908.39 1,106.40 753.20 1,039.79 94.60 1,022.77
Amundi Funds Equity Euroland Small Cap - SE (C) 86.91 104.72 74.13 103.88 98.11 102.23
276

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Amundi Funds Equity US Relative Value - AHE (C)
Amundi Funds Equity US Relative Value - AHK (C)
Amundi Funds Equity US Relative Value - AE (C)
Amundi Funds Equity US Relative Value - AU (C)
Amundi Funds Equity US Relative Value - AU (D)
Amundi Funds Equity US Relative Value - FHE (C)
Amundi Funds Equity US Relative Value - FU (C)
Amundi Funds Equity US Relative Value - IHE (C)
Amundi Funds Equity US Relative Value - IU (C)
Amundi Funds Equity US Relative Value - IU (D)
Amundi Funds Equity US Relative Value - MHE (C)
Amundi Funds Equity US Relative Value - MU (C)
Amundi Funds Equity US Relative Value - OHE (C)
Amundi Funds Equity US Relative Value - OU (C)
Amundi Funds Equity US Relative Value - SHE (C)
Amundi Funds Equity US Relative Value - SU (C)
Amundi Funds Equity Global Select - AE (C)
Amundi Funds Equity Global Select - AE (D)
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity Global Select - AU (C) 7.92 10.35 7.20 8.98 6.29 7.52 5.84 7.10 4.91 6.41 6.24 8.33
Amundi Funds Equity Global Select - AU (D) 7.92 10.35 7.20 8.98 6.29 7.52 5.84 7.10 4.91 6.41 6.24 8.33
Amundi Funds Equity Global Select - FU (C)
Amundi Funds Equity Global Select - IU (C) 998.51 1,313.51 900.78 1,130 781.93 938.08 721.24 880.47 604.61 786.76 763.55 1,015.19
Amundi Funds Equity Global Select - OU (C)
Amundi Funds Equity Global Select - SE (C)
Amundi Funds Equity Global Select - SU (C) 7.74 10.08 7.06 8.78 6.19 7.38 5.76 6.99 4.85 6.37 6.20 8.30
Amundi Funds Equity Japan Value - AE (C)
Amundi Funds Equity Japan Value - AJ (C) 9,482 11,873 9,856 10,260
Amundi Funds Equity Japan Value - AJ (D)
Amundi Funds Equity Japan Value - I9 (C)
Amundi Funds Equity Japan Value - I2 (D) 9,956 10,930
Amundi Funds Equity Japan Value - FJ (C)
Amundi Funds Equity Japan Value - IJ (C) 94,772 118,629 98,559 102,577
Amundi Funds Equity Japan Value - MHE (C)
Amundi Funds Equity Japan Value - MJ (C)
Amundi Funds Equity Japan Value - SJ (C) 9,478 11,890 9,856 10,257
Amundi Funds Equity Euro Select - AE (C)
Amundi Funds Equity Euro Select - AE (D)
Amundi Funds Equity Euro Select - FE (C)
Amundi Funds Equity Euro Select - IE (C)
Amundi Funds Equity Euro Select - IE (D)
Amundi Funds Equity Euro Select - ME (C)
Amundi Funds Equity Euro Select - OE (C)
Amundi Funds Equity Euro Select - SE (C)
Amundi Funds Equity Europe Select - AE (C)
Amundi Funds Equity Europe Select - AE (D)
Amundi Funds Equity Europe Select - FE (C)
Amundi Funds Equity Europe Select - IE (C)
Amundi Funds Equity Europe Select - IE (D)
Amundi Funds Equity Europe Select - ME (C)
Amundi Funds Equity Europe Select - OE (C)
Amundi Funds Equity Europe Select - SE (C)
Amundi Funds Equity Euroland Small Cap - AE (C)
Amundi Funds Equity Euroland Small Cap - AE (D)
Amundi Funds Equity Euroland Small Cap - FE (C)
Amundi Funds Equity Euroland Small Cap - IE (C)
Amundi Funds Equity Euroland Small Cap - ME (C)
Amundi Funds Equity Euroland Small Cap - OE (C)
Amundi Funds Equity Euroland Small Cap - SE (C)
277

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity Global Gold Mines - AE (C) 78.08 98.50 72.38 122.09 96.07 179.10
Amundi Funds Equity Global Gold Mines - AE (D) 83.07 104.80 77.02 111.97
Amundi Funds Equity Global Gold Mines - AU (C) 65.54 88.78 63.88 118.45 30.75 99.35
Amundi Funds Equity Global Gold Mines - FU (C) 64.53 87.23 63.07 118.07 95.04 372.21
Amundi Funds Equity Global Gold Mines - IU (C) 662.44 898.13 644.52 1,186.76 950.73 4,496.50
Amundi Funds Equity Global Gold Mines - MU (C) 66.13 89.69 64.34 118.29 95.07 452.60
Amundi Funds Equity Global Gold Mines - OU (C) 748.20 1,016.66 726.73 1,083.46
Amundi Funds Equity Global Gold Mines - SHE (C) 61.78 83.20 60.48 113.67
Amundi Funds Equity Global Gold Mines - SU (C) 62.72 84.91 61.18 113.46
Amundi Funds Equity Global Luxury and Lifestyle - AE (C) 110.52 121.15 86.72 119.41 94.84 130.93
Amundi Funds Equity Global Luxury and Lifestyle - AE (D) 95.32 104.27 94.64 102.90
Amundi Funds Equity Global Luxury and Lifestyle - AU (C) 93.29 109.26 80.51 108.71 89.50 137.19
Amundi Funds Equity Global Luxury and Lifestyle - FHE (C) 90.39 104.67 92.21 105.74
Amundi Funds Equity Global Luxury and Lifestyle - FU (C) 92.00 107.09 80.23 107.40 80.68 122.63
Amundi Funds Equity Global Luxury and Lifestyle - MU (C) 94.39 111.03 80.79 109.44 89.95 139.37
Amundi Funds Equity Global Luxury and Lifestyle - OU (C) 985.99 1,164.49 892.39 1,144.82
Amundi Funds Equity Global Luxury and Lifestyle - SHE (C) 86.33 100.41 87.99 100.59
Amundi Funds Equity Global Luxury and Lifestyle - SU (C) 88.42 103.37 76.89 102.89
Amundi Funds Equity Global Agriculture - AHE (C) 103.88 111.76 92.27 126.80 89.83 130.29 87.70 111.22
Amundi Funds Equity Global Agriculture - AE (C) 132.14 141.17 110.31 140.43 113.05 151.06 97.25 127.63
Amundi Funds Equity Global Agriculture - AU (C) 80.09 86.58 70.37 96.27 68.06 99.34 57.55 82.94 37.52 99.29 89.31 105.79
Amundi Funds Equity Global Agriculture - AU (D) 88.52 95.70 77.78 106.40 75.22 109.80 63.61 91.67
Amundi Funds Equity Global Agriculture - FHE (C) 93.02 99.39 87.56 104.41
Amundi Funds Equity Global Agriculture - FU (C) 85.18 91.66 75.71 103.88
Amundi Funds Equity Global Agriculture - IHE (C) 1,022.35 1,104.66 901.06 1,233.57 873.67 1,264.87 740.52 1,081.96
Amundi Funds Equity Global Agriculture - IU (C) 835.57 906.95 728.37 994.44 695.89 1,023.91 583.04 844.64 377.58 996.20 893.61 1,060.55
Amundi Funds Equity Global Agriculture - MU (C) 116.39 126.33 101.45 138.51 96.93 142.62 94.87 117.65
Amundi Funds Equity Global Agriculture - OU (C) 953.63 1,018.53
Amundi Funds Equity Global Agriculture - SHE (C) 96.23 103.96 90.45 108.03
Amundi Funds Equity Global Agriculture - SU (C) 78.70 84.94 69.37 94.98 67.43 98.09 57.24 82.33 37.42 99.16 89.31 105.71
Amundi Funds Equity Global Resources - AE (C) 87.01 97.37 82.30 108.44 98.09 101.85
Amundi Funds Equity Global Resources - AU (C) 65.93 79.81 65.51 97.32 69.98 101.56 58.73 84.36 39.56 105.29 87.82 106.46
Amundi Funds Equity Global Resources - AU (D) 68.94 83.46 68.50 101.76 73.17 106.19 61.41 88.20 51.04 74.57
Amundi Funds Equity Global Resources - FHE (C) 92.62 101.75
Amundi Funds Equity Global Resources - FU (C) 72.01 87.01 71.75 107.78 97.02 102.28
Amundi Funds Equity Global Resources - IU (C) 687.70 833.71 682.07 1,004.50 715.36 1,045.77 594.79 858.52 398.00 1,056.06 878.50 1,066.65
Amundi Funds Equity Global Resources - MU (C) 73.89 89.58 73.29 107.95 97.03 102.33 89.14 107.60
Amundi Funds Equity Global Resources - SHE (C) 68.30 82.33 68.08 103.46
Amundi Funds Equity Global Resources - SU (C) 64.78 78.38 64.42 95.97 69.32 100.30 58.41 83.74 39.46 105.15 87.81 106.38
Amundi Funds Equity Europe Restructuring - AE (C) 59.94 68.08 51.86 73.22 59.77 75.00 49.92 68.16 42.40 74.34 73.88 100.67
Amundi Funds Equity Europe Restructuring - FE (C) 83.13 93.99 72.74 103.05 97.83 101.89
Amundi Funds Equity Europe Restructuring - IE (C) 629.35 718.88 539.46 759.35 613.55 774.90 506.92 698.02 425.27 748.61 743.84 1,007.15
Amundi Funds Equity Europe Restructuring - IE (D) 1,044.78 1,181.19 951.89 1,141.09
Amundi Funds Equity Europe Restructuring - ME (C) 85.38 97.58 73.23 103.14 97.87 101.94
Amundi Funds Equity Europe Restructuring - OE (C) 836.91 959.08 713.13 1,002.10 950.74 1,007.65
Amundi Funds Equity Europe Restructuring - SE (C) 59.01 66.92 51.22 72.39 59.33 74.26 49.74 67.72 42.33 74.43 73.96 100.67
Amundi Funds Equity ASEAN - AU (C) 92.90 105.55 72.08 101.60 72.06 97.03 51.26 77.07 34.51 86.48 85.52 126.65
Amundi Funds Equity ASEAN - AU (D) 77.09 87.33 59.81 84.31 59.92 80.51 43.20 64.08 29.08 72.87 72.06 106.73
Amundi Funds Equity ASEAN - I4 (C) 94.57 108.14 72.59 102.07 71.36 97.14 50.13 76.14 33.60 83.45 82.47 121.17
Amundi Funds Equity ASEAN - I9 (C) 106.28 121.62 81.49 114.55 79.95 108.98 56.09 85.29 37.57 93.22 92.12 100.00
Amundi Funds Equity ASEAN - FU (C) 94.89 106.58 74.46 105.25
Amundi Funds Equity ASEAN - IU (C) 962.20 1,091.72 746.77 1,050.87 730.92 1,001.13 521.81 789.75 350.23 872.99 862.96 1,272.26
Amundi Funds Equity ASEAN - MU (C) 93.97 107.36
Amundi Funds Equity ASEAN - SU (C) 90.99 102.59 70.83 99.91 71.17 95.50 50.83 76.18 34.26 86.10 85.16 126.44
Amundi Funds Equity Asia ex Japan - AE (C) 89.46 98.66 74.51 102.11
Amundi Funds Equity Asia ex Japan - AU (C) 21.40 25.12 19.27 28.18 22.24 28.77 17.96 24.62 11.62 24.37 23.52 37.71
Amundi Funds Equity Asia ex Japan - AU (D) 21.00 24.64 18.89 27.63 21.81 28.22 17.75 24.14 11.49 24.08 23.24 37.26
Amundi Funds Equity Asia ex Japan - FU (C) 77.02 89.86 70.09 102.65
Amundi Funds Equity Asia ex Japan - IU (C) 2,245.94 2,645.88 2,006.87 2,929.63 2,290.32 2,985.24 1,835.03 2,531.75 1,180.62 2,469.61 2,367.70 3,802.23
Amundi Funds Equity Asia ex Japan - MU (C) 84.54 99.59 75.54 110.27 86.38 112.37 69.16 94.81 44.49 93.04 90.74 109.23
Amundi Funds Equity Asia ex Japan - SU (C) 20.42 23.92 18.44 26.99 21.39 27.59 17.35 23.70 11.26 23.63 22.88 36.66
Amundi Funds Equity Asia ex Japan - XU (C) 1,104.08 1,302.96 982.95 1,433.67 1,116.19 1,459.36 889.46 1,226.09 570.41 1,191.24 1,137.14 1,827.93
278

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Amundi Funds Equity Global Gold Mines - AE (C)
Amundi Funds Equity Global Gold Mines - AE (D)
Amundi Funds Equity Global Gold Mines - AU (C)
Amundi Funds Equity Global Gold Mines - FU (C)
Amundi Funds Equity Global Gold Mines - IU (C)
Amundi Funds Equity Global Gold Mines - MU (C)
Amundi Funds Equity Global Gold Mines - OU (C)
Amundi Funds Equity Global Gold Mines - SHE (C)
Amundi Funds Equity Global Gold Mines - SU (C)
Amundi Funds Equity Global Luxury and Lifestyle - AE (C)
Amundi Funds Equity Global Luxury and Lifestyle - AE (D)
Amundi Funds Equity Global Luxury and Lifestyle - AU (C)
Amundi Funds Equity Global Luxury and Lifestyle - FHE (C)
Amundi Funds Equity Global Luxury and Lifestyle - FU (C)
Amundi Funds Equity Global Luxury and Lifestyle - MU (C)
Amundi Funds Equity Global Luxury and Lifestyle - OU (C)
Amundi Funds Equity Global Luxury and Lifestyle - SHE (C)
Amundi Funds Equity Global Luxury and Lifestyle - SU (C)
Amundi Funds Equity Global Agriculture - AHE (C)
Amundi Funds Equity Global Agriculture - AE (C)
Amundi Funds Equity Global Agriculture - AU (C)
Amundi Funds Equity Global Agriculture - AU (D)
Amundi Funds Equity Global Agriculture - FHE (C)
Amundi Funds Equity Global Agriculture - FU (C)
Amundi Funds Equity Global Agriculture - IHE (C)
Amundi Funds Equity Global Agriculture - IU (C)
Amundi Funds Equity Global Agriculture - MU (C)
Amundi Funds Equity Global Agriculture - OU (C)
Amundi Funds Equity Global Agriculture - SHE (C)
Amundi Funds Equity Global Agriculture - SU (C)
Amundi Funds Equity Global Resources - AE (C)
Amundi Funds Equity Global Resources - AU (C)
Amundi Funds Equity Global Resources - AU (D)
Amundi Funds Equity Global Resources - FHE (C)
Amundi Funds Equity Global Resources - FU (C)
Amundi Funds Equity Global Resources - IU (C)
Amundi Funds Equity Global Resources - MU (C)
Amundi Funds Equity Global Resources - SHE (C)
Amundi Funds Equity Global Resources - SU (C)
Amundi Funds Equity Europe Restructuring - AE (C)
Amundi Funds Equity Europe Restructuring - FE (C)
Amundi Funds Equity Europe Restructuring - IE (C)
Amundi Funds Equity Europe Restructuring - IE (D)
Amundi Funds Equity Europe Restructuring - ME (C)
Amundi Funds Equity Europe Restructuring - OE (C)
Amundi Funds Equity Europe Restructuring - SE (C)
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity ASEAN - AU (C) 99.97 111.04
Amundi Funds Equity ASEAN - AU (D)
Amundi Funds Equity ASEAN - I4 (C) 98.28 105.76
Amundi Funds Equity ASEAN - I9 (C)
Amundi Funds Equity ASEAN - FU (C)
Amundi Funds Equity ASEAN - IU (C) 999.86 1,112.54
Amundi Funds Equity ASEAN - MU (C)
Amundi Funds Equity ASEAN - SU (C) 99.97 110.99
Amundi Funds Equity Asia ex Japan - AE (C)
Amundi Funds Equity Asia ex Japan - AU (C) 16.26 26.13 13.44 19.64 10.65 13.79 9.02 13.25 7.48 10.44 6.96 11.04
Amundi Funds Equity Asia ex Japan - AU (D) 16.07 25.82 13.28 19.40 10.65 13.79 9.02 13.25 7.48 10.44 6.96 11.04
Amundi Funds Equity Asia ex Japan - FU (C)
Amundi Funds Equity Asia ex Japan - IU (C) 1,623.82 2,627.47 1,333.26 1,958.48 1,048.75 1,363.05 882.09 1,301.96 731.35 1,015.11 673.15 1,071.37
Amundi Funds Equity Asia ex Japan - MU (C)
Amundi Funds Equity Asia ex Japan - SU (C) 15.89 25.44 13.17 19.20 10.49 13.55 8.90 13.07 7.39 10.33 6.91 10.93
Amundi Funds Equity Asia ex Japan - XU (C) 957.99 1,260.92
279

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity Brazil - AE (C) 78.76 87.86 76.85 103.17
Amundi Funds Equity Brazil - AU (C) 85.80 98.90 84.26 128.06 99.97 134.36 70.18 118.27 38.20 106.80 89.57 117.26
Amundi Funds Equity Brazil - AU (D) 81.45 92.60 79.98 122.30 96.34 128.32 86.59 113.98
Amundi Funds Equity Brazil - FU (C) 73.22 83.59 71.98 104.38
Amundi Funds Equity Brazil - IU (C) 880.50 1,019.08 864.08 1,300.90 1,012.14 1,360.95 700.40 1,192.58 384.00 1,070.61 895.97 1,174.57
Amundi Funds Equity Brazil - MU (C) 83.71 96.84 82.15 123.78 96.38 129.31 86.60 112.04
Amundi Funds Equity Brazil - SU (C) 84.21 96.47 82.72 126.33 99.03 132.68 69.79 117.38 38.08 106.64 89.56 117.12
Amundi Funds Equity Emerging Europe - AE (C) 27.29 30.96 23.58 34.10 27.43 36.51 17.30 32.96 11.93 37.84 35.38 47.28
Amundi Funds Equity Emerging Europe - AE (D) 27.16 30.81 23.47 33.94 27.29 36.34 17.29 32.80 11.93 37.83 35.37 47.27
Amundi Funds Equity Emerging Europe - FE (C) 82.82 93.41 72.32 104.92 98.99 101.11
Amundi Funds Equity Emerging Europe - IE (C) 2,616.46 2,974.20 2,245.37 3,239.06 2,592.73 3,460.20 1,628.17 3,093.80 1,123.95 3,584.37 3,344.08 4,460.21
Amundi Funds Equity Emerging Europe - ME (C) 62.63 71.19 53.75 77.53 61.80 82.82 39.36 74.14 26.41 85.46 83.57 106.00
Amundi Funds Equity Emerging Europe - SE (C) 26.11 29.50 22.63 32.75 26.45 35.11 16.75 31.82 11.57 36.79 34.43 46.06
Amundi Funds Equity Emerging Internal Demand - AHE (C) 80.46 92.55 73.47 102.79 96.48 100.85
Amundi Funds Equity Emerging Internal Demand - AE (C) 90.93 97.96 76.18 98.53 89.78 100.00
Amundi Funds Equity Emerging Internal Demand - AU (C) 81.56 94.21 73.72 102.53 78.76 102.96 58.17 88.32 35.77 87.49 83.03 105.23
Amundi Funds Equity Emerging Internal Demand - AE (D) 90.52 97.48 75.72 98.07 89.74 100.00
Amundi Funds Equity Emerging Internal Demand - AU (D) 117.78 136.04 106.47 148.09 113.75 148.71 97.17 127.57 58.77 99.80
Amundi Funds Equity Emerging Internal Demand - FU (C) 81.39 93.43 74.42 103.67
Amundi Funds Equity Emerging Internal Demand - IU (C) 831.60 964.64 746.96 1,036.64 792.05 1,041.24 587.46 890.22 360.49 879.64 833.09 1,052.62
Amundi Funds Equity Emerging Internal Demand - I4 (C) 984.91 1,145.86 948.36 1128.71
Amundi Funds Equity Emerging Internal Demand - MU (C) 88.72 102.91 79.63 110.54 84.19 110.89 62.18 94.69 38.00 92.71 92.52 105.46
Amundi Funds Equity Emerging Internal Demand - OU (C) 81.57 95.03 72.56 98.18
Amundi Funds Equity Emerging Internal Demand - SE (C) 93.79 100.79 78.75 102.11 93.46 109.11
Amundi Funds Equity Emerging Internal Demand - SU (C) 80.01 92.20 72.56 101.00 77.91 101.52 57.77 87.45 35.63 87.25 82.91 105.21
Amundi Funds Equity Emerging Internal Demand - XU (C) 838.00 973.73 750.04 1,038.98 928.97 1,045.54
Amundi Funds Equity Emerging World - AE (C) 94.47 100.72 81.04 105.70 100.88 102.15
Amundi Funds Equity Emerging World - AE (D) 94.41 100.66 89.49 99.58
Amundi Funds Equity Emerging World - AU (C) 82.77 95.55 77.58 109.04 85.33 112.66 66.47 98.48 41.36 97.31 92.50 111.60
Amundi Funds Equity Emerging World - AU (D) 81.98 94.62 76.84 107.99 100.00 111.59
Amundi Funds Equity Emerging World - FU (C) 78.34 89.89 74.26 104.73 99.79 102.58
Amundi Funds Equity Emerging World - I8 (C) 801.15 928.93 744.97 1,044.43 973.85 1,076.61
Amundi Funds Equity Emerging World - IU (C) 854.30 990.34 794.71 1,114.31 864.25 1,148.78 666.67 995.51 415.45 975.26 925.28 1,117.69
Amundi Funds Equity Emerging World - IU (D) 861.91 931.46 838.91 1,022.45
Amundi Funds Equity Emerging World - MU (C) 94.51 109.56 87.91 123.27 96.08 127.09 89.93 110.67
Amundi Funds Equity Emerging World - O1 (C) 912.62 1,063.03 841.47 1,079.02
Amundi Funds Equity Emerging World - OU (C) 749.71 1,048.44 998.37 1,026.48
Amundi Funds Equity Emerging World - SU (C) 81.33 93.73 76.48 107.60 84.55 111.29 66.10 97.65 41.24 97.17 92.49 111.52
Amundi Funds Equity MENA - AHE (C) 100.50 107.98 91.31 113.41 45.60 101.29
Amundi Funds Equity MENA - AE (C) 115.17 123.88 92.44 125.21 52.17 101.45
Amundi Funds Equity MENA - AU (C) 100.76 108.31 91.28 113.60 46.67 101.34
Amundi Funds Equity MENA - AU (D) 100.74 108.29 91.27 113.59 42.82 101.33
Amundi Funds Equity MENA - FHE (C) 99.68 106.49 91.49 112.87 54.86 101.29
Amundi Funds Equity MENA - FU (C) 100.41 107.38 91.55 113.56 55.51 101.41
Amundi Funds Equity MENA - IHE (C) 1,006.12 1,077.62 915.37 1,135.35 469.25 1,013.03
Amundi Funds Equity MENA - IU (C) 1,009.19 1,082.58 915.53 1,135.81 485.26 1,014.46
Amundi Funds Equity MENA - IU (D) 1,010.15 1,083.57 914.98 1,135.83 440.81 1,013.55
Amundi Funds Equity MENA - OU (C) 1,060.62 1,144.03 987.69 1,189.93
Amundi Funds Equity MENA - SHE (C) 99.22 106.10 90.95 112.02
Amundi Funds Equity MENA - SU (C) 100.77 107.96 92.02 113.74
Amundi Funds Equity Greater China - AE (C) 84.24 95.67 69.27 91.00 85.39 103.33
Amundi Funds Equity Greater China - AU (C) 432.73 520.30 383.90 539.35 444.42 579.60 387.91 506.23 201.16 452.63 416.35 739.34
Amundi Funds Equity Greater China - AE (D) 84.35 95.11 69.31 91.04 85.42 103.37
Amundi Funds Equity Greater China - AU (D) 432.77 517.07 383.90 539.33 444.37 579.53 387.86 506.13 201.13 452.57 416.33 739.28
Amundi Funds Equity Greater China - I4 (C) 284.17 343.75 249.29 349.03 283.79 371.75 244.60 321.19 125.68 281.85 256.16 456.08
Amundi Funds Equity Greater China - I9 (C) 89.29 108.08 78.24 109.50 88.90 116.51 76.51 100.54 39.27 88.03 85.79 100.00
Amundi Funds Equity Greater China - I2 (D) 108.72 130.03 97.41 137.32 114.33 148.54 101.27 131.19 53.67 121.29 112.44 199.52
Amundi Funds Equity Greater China - FU (C) 82.57 98.66 74.09 104.45 101.04 102.51
Amundi Funds Equity Greater China - IU (C) 455.11 549.39 400.15 560.27 463.55 602.81 401.22 524.86 215.47 483.90 442.06 786.18
Amundi Funds Equity Greater China - MU (C) 82.52 99.62 72.55 101.60 84.14 109.13 73.17 95.36 39.33 88.32 85.11 108.23
Amundi Funds Equity Greater China - SU (C) 22.45 26.93 19.98 28.10 23.24 30.27 20.37 26.53 10.59 23.86 22.03 39.08
Amundi Funds Equity Greater China - XU (C) 1,039.43 1,257.36 910.88 1,273.52 1,051.31 1,363.79 921.73 1,189.39 495.33 1,110.99 1,010.19 1,798.41
280

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Amundi Funds Equity Brazil - AE (C)
Amundi Funds Equity Brazil - AU (C)
Amundi Funds Equity Brazil - AU (D)
Amundi Funds Equity Brazil - FU (C)
Amundi Funds Equity Brazil - IU (C)
Amundi Funds Equity Brazil - MU (C)
Amundi Funds Equity Brazil - SU (C)
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity Emerging Europe - AE (C) 30.35 41.65 21.38 39.08 17.23 163.65 107.22 172.35 89.63 111.55 72.63 619.06
Amundi Funds Equity Emerging Europe - AE (D) 30.35 41.64 21.38 39.07 17.23 161.08 105.54 169.64 88.23 109.79 71.50 609.40
Amundi Funds Equity Emerging Europe - FE (C)
Amundi Funds Equity Emerging Europe - IE (C) 2,834.13 3,916.44 1,981.08 3,644.14 1,086.24 1,992.16 865.68 1,401.04 721.41 900.02 784.85 1,065.06
Amundi Funds Equity Emerging Europe - ME (C)
Amundi Funds Equity Emerging Europe - SE (C) 29.74 40.65 21.04 38.32 16.99 163.65 107.22 172.35 89.63 111.55 72.63 619.06
Amundi Funds Equity Emerging Internal Demand - AHE (C)
Amundi Funds Equity Emerging Internal Demand - AE (C)
Amundi Funds Equity Emerging Internal Demand - AU (C)
Amundi Funds Equity Emerging Internal Demand - AE (D)
Amundi Funds Equity Emerging Internal Demand - AU (D)
Amundi Funds Equity Emerging Internal Demand - FU (C)
Amundi Funds Equity Emerging Internal Demand - IU (C)
Amundi Funds Equity Emerging Internal Demand - I4 (C)
Amundi Funds Equity Emerging Internal Demand - MU (C)
Amundi Funds Equity Emerging Internal Demand - OU (C)
Amundi Funds Equity Emerging Internal Demand - SE (C)
Amundi Funds Equity Emerging Internal Demand - SU (C)
Amundi Funds Equity Emerging Internal Demand - XU (C)
Amundi Funds Equity Emerging World - AE (C)
Amundi Funds Equity Emerging World - AE (D)
Amundi Funds Equity Emerging World - AU (C)
Amundi Funds Equity Emerging World - AU (D)
Amundi Funds Equity Emerging World - FU (C)
Amundi Funds Equity Emerging World - I8 (C)
Amundi Funds Equity Emerging World - IU (C)
Amundi Funds Equity Emerging World - IU (D)
Amundi Funds Equity Emerging World - MU (C)
Amundi Funds Equity Emerging World - O1 (C)
Amundi Funds Equity Emerging World - OU (C)
Amundi Funds Equity Emerging World - SU (C)
Amundi Funds Equity MENA - AHE (C)
Amundi Funds Equity MENA - AE (C)
Amundi Funds Equity MENA - AU (C)
Amundi Funds Equity MENA - AU (D)
Amundi Funds Equity MENA - FHE (C)
Amundi Funds Equity MENA - FU (C)
Amundi Funds Equity MENA - IHE (C)
Amundi Funds Equity MENA - IU (C)
Amundi Funds Equity MENA - IU (D)
Amundi Funds Equity MENA - OU (C)
Amundi Funds Equity MENA - SHE (C)
Amundi Funds Equity MENA - SU (C)
Amundi Funds Equity Greater China - AE (C)
Amundi Funds Equity Greater China - AU (C) 254.03 466.09 194.41 285.27 156.92 201.85 109.30 197.30 88.67 112.15 88.50 120.04
Amundi Funds Equity Greater China - AE (D)
Amundi Funds Equity Greater China - AU (D) 254.03 466.06 194.42 285.27 156.92 201.86
Amundi Funds Equity Greater China - I4 (C) 154.12 286.19 116.39 172.64 99.63 120.30
Amundi Funds Equity Greater China - I9 (C)
Amundi Funds Equity Greater China - I2 (D) 95.05 126.13
Amundi Funds Equity Greater China - FU (C)
Amundi Funds Equity Greater China - IU (C) 267.55 494.29 203.20 300.03 162.93 210.42 112.77 204.27 91.37 115.68 90.28 122.27
Amundi Funds Equity Greater China - MU (C)
Amundi Funds Equity Greater China - SU (C) 13.50 24.68 10.37 15.17 8.40 10.79 7.77 197.30 88.67 112.15 88.50 120.04
Amundi Funds Equity Greater China - XU (C) 973.88 1,128.68
281

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity India - AU (C) 117.31 149.14 110.17 169.90 148.20 194.06 110.36 165.53 62.38 154.38 132.39 249.27
Amundi Funds Equity India - AU (D) 97.29 123.73 91.36 140.78 122.77 160.74 91.38 137.07 51.66 127.84 109.63 206.42
Amundi Funds Equity India - AE (C) 67.65 81.46 59.60 84.54 76.26 100.00
Amundi Funds Equity India - AE (D) 67.72 81.55 59.64 84.56 76.27 100.00
Amundi Funds Equity India - FU (C) 69.46 87.24 65.80 101.00
Amundi Funds Equity India - IU (C) 1,230.35 1,559.72 1,148.90 1,764.31 1,533.00 2,003.22 1,121.66 1,701.62 638.83 1,573.66 1,348.31 2,529.91
Amundi Funds Equity India - I9 (C) 75.79 96.90 70.52 107.99 93.61 122.11 68.14 103.30 38.32 94.07 80.53 100.00
Amundi Funds Equity India - I2 (D) 93.09 118.40 87.30 134.40 117.01 153.04 86.71 130.27 49.04 121.73 104.43 196.11
Amundi Funds Equity India - I4 (C) 119.46 152.65 111.25 170.49 147.87 192.98 107.89 163.38 60.71 149.15 127.71 239.00
Amundi Funds Equity India - MU (C) 60.14 76.12 56.25 86.38 75.05 98.07 55.20 83.32 31.11 76.64 65.66 100.00
Amundi Funds Equity India - SU (C) 114.14 143.78 107.46 166.02 145.05 190.14 108.69 162.55 61.52 152.61 130.93 247.01
Amundi Funds Equity India - XU (C) 578.82 887.24 769.51 1,004.28 987.64 1,004.46
Amundi Funds Equity India Select - AU (C) 105.19 125.17 100.08 107.86
Amundi Funds Equity India Select - AU (D) 90.38 107.24 86.04 92,72
Amundi Funds Equity India Select - AE (C) 101.08 113.75 95.32 100.79
Amundi Funds Equity India Select - FU (C) 76.29 90.36 72.59 78.15
Amundi Funds Equity India Select - I6 (C) 108.17 128.72 102.70 110.61
Amundi Funds Equity India Select - IU (C) 1,119.44 1,335.52 1,064.45 1,148.03
Amundi Funds Equity India Select - IU (D) 958.58 1,138.93 911.34 983.01
Amundi Funds Equity India Select - MU (C) 107.85 128.83 102.57 110.63
Amundi Funds Equity India Infrastructure - AU (C) 39.33 49.52 38.24 65.91 58.48 79.50 47.33 70.82 25.56 66.60 58.10 101.49
Amundi Funds Equity India Infrastructure - AU (D) 64.90 81.73 63.10 108.77 96.51 131.20 92.13 116.88
Amundi Funds Equity India Infrastructure - FU (C) 59.85 74.92 58.33 101.71
Amundi Funds Equity India Infrastructure - I4 (C) 54.30 68.56 52.67 89.74 79.12 107.20 62.75 94.79 33.73 87.25 76.00 106.79
Amundi Funds Equity India Infrastructure - IU (C) 398.38 1,017.95 386.67 662.52 585.31 793.88 469.17 704.38 258.06 669.67 583.70 1,015.73
Amundi Funds Equity India Infrastructure - MU (C) 72.53 91.49 70.40 120.40 106.35 144.25 84.39 127.61
Amundi Funds Equity India Infrastructure - SU (C) 38.61 48.39 37.56 64.95 57.74 78.57 47.03 70.16 25.43 66.42 57.97 101.45
Amundi Funds Equity Korea - AE (C) 77.94 84.96 69.84 102.10 91.62 100.00
Amundi Funds Equity Korea - AU (C) 17.58 20.32 17.23 26.89 17.36 27.43 12.96 20.25 8.70 22.15 21.17 31.95
Amundi Funds Equity Korea - AU (D) 17.58 20.33 17.25 26.94 17.36 27.47 12.96 20.25 8.70 22.16 21.16 31.94
Amundi Funds Equity Korea - FU (C) 67.80 78.19 67.18 103.59
Amundi Funds Equity Korea - I4 (C) 126.49 146.52 122.55 190.68 121.40 193.97 89.54 141.30 59.82 151.01 143.77 216.02
Amundi Funds Equity Korea - I2 (D) 73.10 84.26 72.28 113.15 73.69 115.49 55.81 86.32 37.69 97.45 93.14 140.63
Amundi Funds Equity Korea - IU (C) 2,225.52 2,575.46 2,165.82 3,374.20 2,160.38 3,435.91 1,601.93 2,516.95 1,072.37 2,717.13 2,590.87 3,900.6
Amundi Funds Equity Korea - MU (C) 72.82 84.27 70.92 110.49 70.74 112.51 52.44 82.42 35.10 88.93 88.93 101.82
Amundi Funds Equity Korea - SU (C) 16.56 19.12 16.27 25.43 16.48 25.95 12.35 19.24 8.30 21.20 20.28 30.66
Amundi Funds Equity Korea - XU (C) 961.91 1,114.10 932.38 1,450.73 924.06 1,475.91 957.62 989.15
Amundi Funds Equity Latin America - AE (C) 81.28 88.36 71.37 97.14 89.53 108.08
Amundi Funds Equity Latin America - AU (C) 543.25 620.71 516.78 746.66 582.44 781.84 412.08 683.42 239.95 677.47 453.84 739.30
Amundi Funds Equity Latin America - AE (D) 79.76 87.88 70.98 96.60 89.58 108.13
Amundi Funds Equity Latin America - AU (D) 491.61 554.46 467.66 678.43 532.04 710.40 383.02 624.29 223.03 635.28 427.41 693.25
Amundi Funds Equity Latin America - FU (C) 75.68 85.90 72.81 105.57 99.14 103.64
Amundi Funds Equity Latin America - IU (C) 5,438.15 6,239.02 5,134.18 7,400.65 5,664.55 7,732.05 4,018.38 6,722.75 2,342.15 6,597.23 4,390.69 7,193.25
Amundi Funds Equity Latin America - MU (C) 87.75 100.64 82.84 119.41 90.77 124.76 64.94 108.35 37.82 106.51 79.70 116.13
Amundi Funds Equity Latin America - O1 (C) 792.89 914.03 741.97 1,025.29
Amundi Funds Equity Latin America - SE (C) 83.01 90.37 73.34 99.64 92.15 111.38
Amundi Funds Equity Latin America - SU (C) 526.82 599.93 502.77 727.14 569.51 762.13 404.52 668.83 236.21 667.78 448.88 729.05
Amundi Funds Equity Latin America - XU (C) 1,423.29 1,636.11 1,338.85 1,927.70 1,491.13 2,010.27 1,056.51 1,745.93 613.66 1,725.72 1,143.53 1,880.56
Amundi Funds Equity Thailand - AU (C) 106.13 129.55 78.32 117.09 66.68 103.79 41.24 68.52 29.83 64.78 59.10 77.71
Amundi Funds Equity Thailand - AU (D) 102.48 124.53 75.63 113.06 64.74 100.22 40.57 66.53 29.35 64.21 58.55 76.98
Amundi Funds Equity Thailand - FU (C) 100.55 110.75
Amundi Funds Equity Thailand - IU (C) 5,120.87 6,272.48 3,756.25 5,639.91 3,168.04 4,961.20 1,945.33 3,249.84 1,400.77 3,032.78 2,748.98 3,635.09
Amundi Funds Equity Thailand - MU (C) 141.78 172.85 104.00 156.16 87.71 137.36 53.84 89.98 38.76 83.92 81.55 100.59
Amundi Funds Equity Thailand - SU (C) 17.94 21.80 13.28 19.81 11.37 17.63 7.06 11.69 5.11 11.13 10.19 13.36
Amundi Funds Equity Thailand - XU (C) 1,657.55 2,034.08 1,210.92 1,823.50 1,014.15 1,595.81 1,000.00 1,024.74 652.95 1,373.44 1,239.50 1,645.30
Amundi Funds Equity Global Aqua - AE (C) 93.32 101.51 74.33 94.15 78.43 94.42 65.82 86.85 53.28 90.53 82.18 109.25
Amundi Funds Equity Global Aqua - AE (D) 87.21 95.22 69.72 88.31 73.69 88.57 62.38 81.61 50.50 85.95 78.02 104.12
Amundi Funds Equity Global Aqua - FE (C) 105.14 114.77 85.26 106.91
Amundi Funds Equity Global Aqua - IE (C) 975.78 1,058.80 767.66 979.36 802.85 969.56 669.42 887.81 540.68 915.31 828.77 1,097.01
Amundi Funds Equity Global Aqua - ME (C) 110.89 120.35 87.24 111.32 91.24 110.19 76.08 100.89 61.45 104.03 97.39 100.45
Amundi Funds Equity Global Aqua - SE (C) 91.15 99.25 72.96 92.16 77.32 92.91 65.16 85.71 52.81 89.94 81.78 109.03
282

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity India - AU (C) 91.40 159.81 84.29 122.60
Amundi Funds Equity India - AU (D) 75.69 132.33 69.80 101.52
Amundi Funds Equity India - AE (C)
Amundi Funds Equity India - AE (D)
Amundi Funds Equity India - FU (C)
Amundi Funds Equity India - IU (C) 917.44 1,615.46 845.43 1,228.82
Amundi Funds Equity India - I9 (C)
Amundi Funds Equity India - I2 (D) 90.93 125.44
Amundi Funds Equity India - I4 (C) 85.97 152.17 79.18 115.03
Amundi Funds Equity India - MU (C)
Amundi Funds Equity India - SU (C) 91.04 158.67 84.02 122.30
Amundi Funds Equity India - XU (C)
Amundi Funds Equity India Select - AU (C)
Amundi Funds Equity India Select - AU (D)
Amundi Funds Equity India Select - AE (C)
Amundi Funds Equity India Select - FU (C)
Amundi Funds Equity India Select - I6 (C)
Amundi Funds Equity India Select - IU (C)
Amundi Funds Equity India Select - IU (D)
Amundi Funds Equity India Select - MU (C)
Amundi Funds Equity India Infrastructure - AU (C)
Amundi Funds Equity India Infrastructure - AU (D)
Amundi Funds Equity India Infrastructure - FU (C)
Amundi Funds Equity India Infrastructure - I4 (C)
Amundi Funds Equity India Infrastructure - IU (C)
Amundi Funds Equity India Infrastructure - MU (C)
Amundi Funds Equity India Infrastructure - SU (C)
Amundi Funds Equity Korea - AE (C)
Amundi Funds Equity Korea - AU (C) 16.19 25.44 12.70 19.90 8.18 13.23 7.23 10.40 6.36 9.18 4.81 10.08
Amundi Funds Equity Korea - AU (D) 16.19 25.43 12.70 19.90 8.18 13.23
Amundi Funds Equity Korea - FU (C)
Amundi Funds Equity Korea - I4 (C) 107.66 171.14 91.74 132.01
Amundi Funds Equity Korea - I2 (D) 78.66 112.00
Amundi Funds Equity Korea - IU (C) 1,958 3,096.72 1,523.54 2,403.27 8.31 1,583.57 7.23 10.40 6.36 9.18 4.81 10.08
Amundi Funds Equity Korea - MU (C)
Amundi Funds Equity Korea - SU (C) 15.62 24.45 12.30 19.22 7.96 12.83 7.23 10.40 6.36 9.18 4.81 10.08
Amundi Funds Equity Korea - XU (C)
Amundi Funds Equity Latin America - AE (C)
Amundi Funds Equity Latin America - AU (C) 302.81 552.41 204.05 390.20 126.17 209.90 92.09 145.23 62.75 94.74 75.76 648.86
Amundi Funds Equity Latin America - AE (D)
Amundi Funds Equity Latin America - AU (D) 288.35 520.23 196.15 371.56 121.21 199.75 89.54 139.49 61.01 92.12 73.66 525.73
Amundi Funds Equity Latin America - FU (C)
Amundi Funds Equity Latin America - IU (C) 2,906.16 5,337.97 1,943.9 3,739.79 1,191.60 1,994.66 862.16 1,368.50 582.76 885.80 746.01 1,014.38
Amundi Funds Equity Latin America - MU (C)
Amundi Funds Equity Latin America - O1 (C)
Amundi Funds Equity Latin America - SE (C)
Amundi Funds Equity Latin America - SU (C) 300.80 546.73 203.56 387.90 172.95 209.68
Amundi Funds Equity Latin America - XU (C) 984.80 1,389.13
Amundi Funds Equity Thailand - AU (C) 44.83 62.64 39.11 59.79 40.91 52.50 24.05 67.84 15.13 24.38 8.54 21.82
Amundi Funds Equity Thailand - AU (D) 44.40 62.06 39.10 59.21 40.91 52.49 43.37 57.37
Amundi Funds Equity Thailand - FU (C)
Amundi Funds Equity Thailand - IU (C) 2,076.21 2,910.85 1,791.24 2,755.24 1,862.20 2,397.32 1,087.88 3,075.29 998.67 1,101.28
Amundi Funds Equity Thailand - MU (C)
Amundi Funds Equity Thailand - SU (C) 7.75 10.81 6.80 10.36 7.14 9.14 7.58 67.84 15.13 24.38 8.54 21.82
Amundi Funds Equity Thailand - XU (C) 1,027.54 1,311.63
Amundi Funds Equity Global Aqua - AE (C) 94.86 108.51
Amundi Funds Equity Global Aqua - AE (D) 100.00 103.41
Amundi Funds Equity Global Aqua - FE (C)
Amundi Funds Equity Global Aqua - IE (C) 950.24 1,088.78
Amundi Funds Equity Global Aqua - ME (C)
Amundi Funds Equity Global Aqua - SE (C) 94.79 108.33
283

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity Global Clean Planet - AE (C)* 58.62 61.64 51.27 65.87 63.72 74.32 59.08 78.47 47.10 81.26 78.20 112.03
Amundi Funds Equity Global Clean Planet - AE (D)* 94.94 99.83 83.04 106.69 103.20 120.38 95.98 127.10
Amundi Funds Equity Global Clean Planet - FE (C)* 91.54 96.34 80.96 101.60
Amundi Funds Equity Global Clean Planet - IE (C)* 683.96 718.70 593.46 759.64 734.49 853.17 671.66 894.98 534.34 918.94 882.11 1 016.11
Amundi Funds Equity Global Clean Planet - I6 (C)* 1,120.55 1,270.56 992.71 1,326.06 788.43 1,352.45 1,294.52 1,841.47
Amundi Funds Equity Global Clean Planet - SE (C)* 64.78 68.13 56.84 73.15 70.76 82.74 66.17 87.72 52.83 91.33 88.08 101.58
Amundi Funds Equity Europe Minimum Variance - IE (C) 1,458.76 1,569.66 1,369.22 1,455.38
Amundi Funds Equity Europe Minimum Variance - ME (C) 114.19 122.41 107.17 113.92
Amundi Funds Equity Europe Minimum Variance - SE (C) 97.55 102.79
Amundi Funds Equity Global Minimum Variance - AU (C) 98.87 107.04
Amundi Funds Equity Global Minimum Variance - IE (C) 949.68 1,032.98
Amundi Funds Equity Global Minimum Variance - SU (C) 98.86 106.94
Amundi Funds Convertible Europe - AE (C) 99.91 105.03 90.34 101.46 99.85 120.44
Amundi Funds Convertible Europe - AE (D) 98.17 100.89
Amundi Funds Convertible Europe - FE (C) 99.28 104.07 90.15 101.43 99.84 137.93
Amundi Funds Convertible Europe - IE (C) 1,006.78 1,062.57 905.73 1,017.51 998.29 1,215.23
Amundi Funds Convertible Europe - ME (C) 100.71 106.26 90.59 101.80 99.86 122.22
Amundi Funds Convertible Europe - SE (C) 98.34 103.28 89.06 99.69
Amundi Funds Convertible Global - AE (C) 10.13 10.65 9.7 10.86 9.99 11.01 9.26 10.70 8.11 10.22 10.07 12.21
Amundi Funds Convertible Global - AE (D) 9.84 10.34 9.42 10.58 9.77 10.73 9.13 10.47 7.99 10.13 9.98 12.15
Amundi Funds Convertible Global - FE (C) 94.76 99.10 90.68 100.57
Amundi Funds Convertible Global - IE (C) 1,218.82 1,285.34 1,160.23 1,295.98 1,182.20 1,310.75 1,088.10 1,263.93 947.85 1,192.78 1,173.49 1,412.51
Amundi Funds Convertible Global - ME (C) 102.86 107.96 97.92 109.39 99.83 110.67 91.87 106.71 79.90 100.54
Amundi Funds Convertible Global - SE (C) 10.86 11.39 10.42 11.67 10.75 11.84 9.99 11.53 8.76 11.04 10.88 13.22
Amundi Funds Bond Global Corporate - AE (C) 120.29 128.38 98.08 122.09 100.00 106.38
Amundi Funds Bond Global Corporate - AE (D) 110.47 117.90 100.19 112.13
Amundi Funds Bond Global Corporate - AHE (C) 99.77 100.43
Amundi Funds Bond Global Corporate - AU (C) 129.91 139.20 116.94 129.26 117.07 127.46 101.29 120.00 82.76 101.19 96.94 101.20
Amundi Funds Bond Global Corporate - AU (D) 110.40 114.95 99.41 112.82 106.22 114.05 100.00 109.67
Amundi Funds Bond Global Corporate - FU (C) 103.47 110.59 93.58 102.96
Amundi Funds Bond Global Corporate - IHE (C) 997.01 1,010.88
Amundi Funds Bond Global Corporate - IU (C) 1,315.94 1,414.45 1,180.23 1,309.32 1,173.94 1,281.79 1,016.56 1,199.74 833.85 1,015.76 972.65 1,013.26
Amundi Funds Bond Global Corporate - MU (C) 100.17 106.73
Amundi Funds Bond Global Corporate - OU (C) 997.99 1,054.78
Amundi Funds Bond Global Corporate - SU (C) 128.52 137.59 115.90 127.88 116.32 126.42 100.84 119.28 82.46 100.75 96.76 101.14
Amundi Funds Bond Euro Aggregate - AE (C) 104.43 112.83 97.95 105.44 99.70 122.27
Amundi Funds Bond Euro Aggregate - AE (D) 104.44 110.30 97.96 105.44 99.70 100.07
Amundi Funds Bond Euro Aggregate - I2 (D) 971.96 1,022.81 953.12 1,009.30 997.09 1,000.73
Amundi Funds Bond Euro Aggregate - FE (C) 104.01 112.18 97.79 105.04 99.69 119.79
Amundi Funds Bond Euro Aggregate - IE (C) 1,050.65 1,136.70 981.37 1,060.29 997.07 1,252.33
Amundi Funds Bond Euro Aggregate - ME (C) 104.96 113.32 98.16 105.93 99.70 100.07
Amundi Funds Bond Euro Aggregate - OE (C) 1,055.53 1,146.32 983.88 1,064.84 119.88 1,000.75
Amundi Funds Bond Euro Aggregate - SE (C) 104.22 112.48 97.87 105.24 99.69 100.07
Amundi Funds Bond Euro Corporate - AE (C) 16.02 17.09 14.73 16.07 14.86 15.68 13.01 15.42 11.09 12.99 12.66 13.43
Amundi Funds Bond Euro Corporate - AE (D) 10.77 11.17 9.9 10.81 10.40 11.21 9.76 11.13 8.32 10.13 9.92 10.80
Amundi Funds Bond Euro Corporate - FE (C) 103.47 110.16 95.35 103.88 99.53 100.18
Amundi Funds Bond Euro Corporate - I2 (D) 83.90 87.10 80.77 87.34 86.49 92.29 83.29 93.70 72.37 87.99 87.15 97.07
Amundi Funds Bond Euro Corporate - IE (C) 1,617.35 1,729.98 1,481.73 1,621.38 1,486.65 1,565.77 1,301.69 1,532.73 1,111.18 1,300.00 1,263.65 1,337.10
Amundi Funds Bond Euro Corporate - IE (D) 1,187.65 1,230.44 1,088.82 1,194.44 1,144.34 1,227.98 1,033.49 1,212.47
Amundi Funds Bond Euro Corporate - ME (C) 125.55 134.24 115.09 125.88 115.28 121.74 101.14 119.20 83.91 101.01 95.43 100.10
Amundi Funds Bond Euro Corporate - OE (C) 1,050.55 1,126.40 959.46 1,052.46 995.59 1,001.88
Amundi Funds Bond Euro Corporate - SE (C) 15.65 16.68 14.40 15.70 14.57 15.36 12.78 15.13 10.91 12.76 12.47 13.23
Amundi Funds Bond Euro Government - AE (C) 101.69 108.59 95.34 103.50 96.72 103.25
Amundi Funds Bond Euro Government - AE (D) 98.95 103.64 92.76 100.72 95.37 100.00
Amundi Funds Bond Euro Government - IE (C) 1,045.10 1,118.90 1,030.25 1,062.78
Amundi Funds Bond Euro Government - FE (C) 103.34 110.17 102.14 105.24
Amundi Funds Bond Euro Government - ME (C) 104.45 111.79 102.98 106.23
Amundi Funds Bond Euro Government - OE (C) 1,049.66 1,125.64 965.15 1066.83
Amundi Funds Bond Euro Government - SE (C) 100.57 107.31 98.15 104.29
Amundi Funds Bond Euro Inflation - AE (C) 130.37 138.93 116.84 133.80 128.31 135.00 124.37 132.60 111.97 125.16 110.92 120.82
Amundi Funds Bond Euro Inflation - AE (D) 119.56 126.32 107.15 127.82 123.21 130.66 121.44 128.35 109.34 122.22 109.74 118.52
Amundi Funds Bond Euro Inflation - FE (C) 98.46 104.58 88.46 101.20 99.30 100.87
Amundi Funds Bond Euro Inflation - IE (C) 1,366.43 1,457.98 1,220.62 1,399.57 1,332.89 1,400.14 1,282.70 1,372.82 1,151.07 1,289.42 1,132.21 1,237.69
Amundi Funds Bond Euro Inflation - ME (C) 112.25 119.94 100.23 114.97 109.45 114.97 105.26 112.73 94.52 105.82 97.88 100.20
Amundi Funds Bond Euro Inflation - OE (C) 999.48 1,070.11 889.99 1,022.10 993.08 1,009.06
Amundi Funds Bond Euro Inflation - SE (C) 128.41 136.50 115.23 131.89 126.78 133.46 123.24 131.18 111.11 124.07 110.33 120.03
* This sub-fund has been merged as at 12 September 2012.
284

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Equity Global Clean Planet - AE (C)* 94.09 113.61 87.52 103.05 74.47 88.71 69.18 82.82 59.37 86.20 82.62 107.07
Amundi Funds Equity Global Clean Planet - AE (D)*
Amundi Funds Equity Global Clean Planet - FE (C)*
Amundi Funds Equity Global Clean Planet - IE (C)*
Amundi Funds Equity Global Clean Planet - I6 (C)* 1,525.09 1,865.10 1,398.35 1,662.39 1,178.38 1,417.95 1,080.45 1,306.57 924.24 1,112.77
Amundi Funds Equity Global Clean Planet - SE (C)*
Amundi Funds Equity Europe Minimum Variance - IE (C)
Amundi Funds Equity Europe Minimum Variance - ME (C)
Amundi Funds Equity Europe Minimum Variance - SE (C)
Amundi Funds Equity Global Minimum Variance - AU (C)
Amundi Funds Equity Global Minimum Variance - IE (C)
Amundi Funds Equity Global Minimum Variance - SU (C)
Amundi Funds Convertible Europe - AE (C)
Amundi Funds Convertible Europe - AE (D)
Amundi Funds Convertible Europe - FE (C)
Amundi Funds Convertible Europe - IE (C)
Amundi Funds Convertible Europe - ME (C)
Amundi Funds Convertible Europe - SE (C)
Amundi Funds Convertible Global - AE (C) 10.24 12.12 9.32 10.71 8.79 9.33 8.65 9.28 8.06 8.73 8.43 9.71
Amundi Funds Convertible Global - AE (D) 10.21 12.06 9.30 10.68 8.77 9.31 8.63 9.25 8.04 8.70 8.43 9.71
Amundi Funds Convertible Global - FE (C)
Amundi Funds Convertible Global - IE (C) 1,176.60 1,401.97 1,062.48 1,229.39 996.04 1,063.31 8.65 1 048.76 8.06 8.73 8.43 978.50
Amundi Funds Convertible Global - ME (C)
Amundi Funds Convertible Global - SE (C) 11.11 13.13 10.13 11.63 9.58 10.14 9.44 10.11 8.81 9.53 8.61 10.34
Amundi Funds Bond Global Corporate - AE (C)
Amundi Funds Bond Global Corporate - AE (D)
Amundi Funds Bond Global Corporate - AHE (C)
Amundi Funds Bond Global Corporate - AU (C)
Amundi Funds Bond Global Corporate - AU (D)
Amundi Funds Bond Global Corporate - FU (C)
Amundi Funds Bond Global Corporate - IHE (C)
Amundi Funds Bond Global Corporate - IU (C)
Amundi Funds Bond Global Corporate - MU (C)
Amundi Funds Bond Global Corporate - OU (C)
Amundi Funds Bond Global Corporate - SU (C)
Amundi Funds Bond Euro Aggregate - AE (C)
Amundi Funds Bond Euro Aggregate - AE (D)
Amundi Funds Bond Euro Aggregate - I2 (D)
Amundi Funds Bond Euro Aggregate - FE (C)
Amundi Funds Bond Euro Aggregate - IE (C)
Amundi Funds Bond Euro Aggregate - ME (C)
Amundi Funds Bond Euro Aggregate - OE (C)
Amundi Funds Bond Euro Aggregate - SE (C)
Amundi Funds Bond Euro Corporate - AE (C) 13.11 13.53 13.10 13.64 12.46 13.50 11.95 12.61 10.70 12.25 10.39 10.90
Amundi Funds Bond Euro Corporate - AE (D) 10.73 11.27 11.00 11.79 11.05 11.68 10.86 11.38 10.10 11.36 10.13 10.65
Amundi Funds Bond Euro Corporate - FE (C)
Amundi Funds Bond Euro Corporate - I2 (D) 96.58 102.41 101.23 109.71 106.06 109.83 105.40 109.03 100.00 108.89
Amundi Funds Bond Euro Corporate - IE (C) 1,294.99 1,341.10 1,293.93 1,342.89 1,220,76 1,328.11 1,167.78 1,234.88 1,040.98 1,195.88 1,007.69 1,058.74
Amundi Funds Bond Euro Corporate - IE (D)
Amundi Funds Bond Euro Corporate - ME (C)
Amundi Funds Bond Euro Corporate - OE (C)
Amundi Funds Bond Euro Corporate - SE (C) 13.36 12.95 13.50 12.36 13.37 11.88 12.52 10.66 12.18 10.37 10.88
Amundi Funds Bond Euro Government - AE (C)
Amundi Funds Bond Euro Government - AE (D)
Amundi Funds Bond Euro Government - IE (C)
Amundi Funds Bond Euro Government - FE (C)
Amundi Funds Bond Euro Government - ME (C)
Amundi Funds Bond Euro Government - OE (C)
Amundi Funds Bond Euro Government - SE (C)
Amundi Funds Bond Euro Inflation - AE (C) 110.47 116.62 111.85 119.84 105.71 117.93 99.15 106.69 97.49 103.09
Amundi Funds Bond Euro Inflation - AE (D) 109.30 116.01 111.81 119.81 107.35 117.90
Amundi Funds Bond Euro Inflation - FE (C)
Amundi Funds Bond Euro Inflation - IE (C) 1,127.31 1,186.85 1,135.28 1,213.38 1,064.27 1,192.46 994.26 1,072.82 975.74 1,032.56
Amundi Funds Bond Euro Inflation - ME (C)
Amundi Funds Bond Euro Inflation - OE (C)
Amundi Funds Bond Euro Inflation - SE (C) 109.90 116.14 111.53 119.63 110.85 117.80
* This sub-fund has been merged as at 12 September 2012.
285

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Bond Euro High Yield - AE (C) 15.63 17.32 13.28 15.78 13.83 16.08 10.58 14.86 7.80 11.45 11.35 13.41
Amundi Funds Bond Euro High Yield - AE (D) 10.34 10.97 8.79 11.05 10.33 11.44 8.44 11.10 6.22 9.75 9.67 12.00
Amundi Funds Bond Euro High Yield - FE (C) 99.16 109.54 84.62 100.70 99.02 100.18
Amundi Funds Bond Euro High Yield - I2 (D) 71.49 75.36 66.56 82.14 78.85 86.93 65.80 86.46 51.53 80.72 80.72 101.86
Amundi Funds Bond Euro High Yield - IE (C) 1,794.24 1,995.83 1,512.13 1,803.66 1,553.00 1,822.92 1,143.87 1,665.14 839.11 1,220.32 1,205.83 1,412.45
Amundi Funds Bond Euro High Yield - IE (D) 1,000.31 1,071.92 851.06 1,062.35 999.37 1,080.77
Amundi Funds Bond Euro High Yield - ME (C) 123.65 137.55 104.25 124.32 107.45 125.70 100.00 114.83
Amundi Funds Bond Euro High Yield - OE (C) 999.76 1,079.50 998.04 1,124.82
Amundi Funds Bond Euro High Yield - SE (C) 15.14 16.76 12.88 15.31 13.45 15.60 10.31 14.46 7.61 11.18 11.09 13.12
Amundi Funds Bond US Opportunistic Core Plus - AHE (C) 106.52 110.43 99.51 106.27 12.94 100.10
Amundi Funds Bond US Opportunistic Core Plus - AE (C) 119.58 128.85 99.01 123.38 99.11 130.88
Amundi Funds Bond US Opportunistic Core Plus - AU (C) 106.25 110.47 99.50 106.04 38.61 100.09
Amundi Funds Bond US Opportunistic Core Plus - AU (D) 105.06 108.18 98.81 104.87
Amundi Funds Bond US Opportunistic Core Plus - FHE (C) 105.70 109.51 99.50 105.47 99.40 134.96
Amundi Funds Bond US Opportunistic Core Plus - FHE-QD (D) 100.01 100.46
Amundi Funds Bond US Opportunistic Core Plus - FU (C) 105.59 109.54 99.49 105.37 99.40 156.00
Amundi Funds Bond US Opportunistic Core Plus - IHE (C) 1,067.53 1,109.95 995.23 1,065.61 994.24 1,442.24
Amundi Funds Bond US Opportunistic Core Plus - IU (C) 1,067.12 1,111.58 995.17 1,065.15 994.23 1,776.11
Amundi Funds Bond US Opportunistic Core Plus - IU (D) 1,001.35 1,041.44
Amundi Funds Bond US Opportunistic Core Plus - MHE (C) 102.02 106.07 99.25 101.84
Amundi Funds Bond US Opportunistic Core Plus - MU (C) 102.13 106.37 99.26 101.94
Amundi Funds Bond US Opportunistic Core Plus - SHE (C) 104.67 108.54 98.87 104.48
Amundi Funds Bond US Opportunistic Core Plus - SHE-QD (D) 100.20 103.30 99.98 99.98
Amundi Funds Bond US Opportunistic Core Plus - SU (C) 105.34 109.43 99.35 105.15
Amundi Funds Bond Europe - AE (C) 150.01 162.22 132.38 150.30 141.46 149.25 129.97 144.79 108.04 130.18 120.23 130.19
Amundi Funds Bond Europe - AE (D) 104.55 109.35 92.26 104.75 103.53 115.18 104.70 111.74 87.03 107.39 101.76 112.06
Amundi Funds Bond Europe - FE (C) 104.19 112.39 92.27 104.48 99.10 99.77
Amundi Funds Bond Europe - IE (C) 1,458.71 1,580.24 1,283.46 1,460.44 1,364.26 1,440.18 1,261.29 1,389.32 1,062.97 1,263.33 1,181.17 1,276.81
Amundi Funds Bond Europe - ME (C) 114.93 124.57 101.15 115.07 107.45 113.44 99.32 109.56 83.93 99.47 93.27 100.84
Amundi Funds Bond Europe - SE (C) 147.73 159.62 130.52 148.06 139.87 147.52 128.76 143.23 107.18 128.97 119.34 129.38
Amundi Funds Bond Global Aggregate - AE (C) 113.43 122.91 89.12 116.68
Amundi Funds Bond Global Aggregate - AE (D) 113.16 126.03 92.22 119.64 99.65 106.16
Amundi Funds Bond Global Aggregate - AU (C) 180.68 192.66 152.05 180.66 157.49 179.59 125.19 161.42 98.62 125.14 98.78 101.22
Amundi Funds Bond Global Aggregate - AU (D) 105.16 109.40 89.11 107.53 100.11 108.07 99.86 101.58
Amundi Funds Bond Global Aggregate - FHE (C) 100.05 106.08 84.46 100.03 98.29 100.29
Amundi Funds Bond Global Aggregate - FHE-MD (D) 97.76 102.07 84.65 101.19
Amundi Funds Bond Global Aggregate - FU (C) 100.81 107.14 85.24 100.81
Amundi Funds Bond Global Aggregate - IE (C) 976.63 1,008.61
Amundi Funds Bond Global Aggregate - IHE (C) 1,000.39 1,011.13
Amundi Funds Bond Global Aggregate - IU (C) 1,703.02 1,816.90 1,431.96 1,702.05 1,499.11 1,679.15 1,232.23 1,525.13 991.62 1,231.88 991.08 1,013.86
Amundi Funds Bond Global Aggregate - MHE (C) 101.76 108.86 85.69 101.70 99.29 100.00
Amundi Funds Bond Global Aggregate - MU (C) 111.97 119.85 93.95 111.95 98.35 110.29 98.04 100.15
Amundi Funds Bond Global Aggregate - OU (C) 1,000.07 1,059.54
Amundi Funds Bond Global Aggregate - SHE (C) 101.38 107.75 85.30 101.36 98.78 100.70
Amundi Funds Bond Global Aggregate - SHE-MD (D) 96.52 100.98 83.41 99.60 98.50 100.26
Amundi Funds Bond Global Aggregate - SU (C) 178.61 190.30 150.48 178.60 156.32 177.93 124.52 160.27 98.36 124.48 98.60 101.13
Amundi Funds Bond Global - AE (C) 107.40 115.41 91.08 107.55 98.97 100.60
Amundi Funds Bond Global - AE (D) 104.49 112.39 90.05 106.33
Amundi Funds Bond Global - AU (C) 23.09 25.49 20.82 24.92 22.90 25.48 20.33 23.88 17.12 20.35 17.29 19.58
Amundi Funds Bond Global - AU (D) 14.96 15.87 13.49 17.35 16.26 17.98 15.51 17.54 13.06 15.53 14.09 15.55
Amundi Funds Bond Global - FHE (C) 92.85 100.65 84.30 102.19
Amundi Funds Bond Global - FHE-MD (C) 92.21 98.83 85.24 103.96
Amundi Funds Bond Global - FU (C) 92.96 100.91 84.21 101.08 98.26 100.09
Amundi Funds Bond Global - IU (C) 2,298.07 2,518.95 2065.39 2467.29 2,257.86 2,502.68 2,026.96 2,345.85 1,736.30 2,033.19 1,743.07 1,981.07
Amundi Funds Bond Global - IE-D (D) 927.11 1,010.49 806.58 1,004.19 974.34 1,166.56
Amundi Funds Bond Global - IU (D) 1,844.52 1,960.09 1,657.03 2,145.34 1,998.37 2,177.25 1,880.51 2,126.23 1,607.97 1,882.79 1,740.07 1,919.37
Amundi Funds Bond Global - MHE (C) 100.20 100.69
Amundi Funds Bond Global - MU (C) 124.98 136.78 112.36 134.25 122.88 136.43 110.32 127.86 94.25 110.44 99.42 107.55
Amundi Funds Bond Global - OU (C) 998.30 1,082.63
Amundi Funds Bond Global - SHE (C) 94.59 102.65 85.52 103.02 99.71 104.65
Amundi Funds Bond Global - SHE-MD (D) 86.48 92.89 79.84 97.48 95.58 100.00
Amundi Funds Bond Global - SU (C) 22.55 24.54 20.36 24.38 22.46 24.98 19.98 23.44 16.84 20.00 17.05 19.28
Amundi Funds Bond Global - I5 (D) 947.72 1,138.82 810.46 962.43 816.79 942.98
286

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Bond Euro High Yield - AE (C) 12.45 13.61 11.69 12.61 10.79 12.06 9.69 10.91 8.17 9.82 8.50 10.00
Amundi Funds Bond Euro High Yield - AE (D) 11.43 12.18 11.34 12.12 10.98 12.06
Amundi Funds Bond Euro High Yield - FE (C)
Amundi Funds Bond Euro High Yield - I2 (D) 100.24 104.25 100.04 103.18 95.92 105.58 97.51 101.09
Amundi Funds Bond Euro High Yield - IE (C) 1,296.66 1,431.65 1,205.12 1,311.65 1,102.31 1,239.52 981.93 1,111.88 825.88 993.78 963.05 1,003.14
Amundi Funds Bond Euro High Yield - IE (D)
Amundi Funds Bond Euro High Yield - ME (C)
Amundi Funds Bond Euro High Yield - OE (C)
Amundi Funds Bond Euro High Yield - SE (C) 12.20 13.31 11.48 12.36 10.63 11.85 9.56 10.74 8.10 9.68 8.50 10.00
Amundi Funds Bond US Opportunistic Core Plus - AHE (C)
Amundi Funds Bond US Opportunistic Core Plus - AE (C)
Amundi Funds Bond US Opportunistic Core Plus - AU (C)
Amundi Funds Bond US Opportunistic Core Plus - AU (D)
Amundi Funds Bond US Opportunistic Core Plus - FHE (C)
Amundi Funds Bond US Opportunistic Core Plus - FHE-QD (D)
Amundi Funds Bond US Opportunistic Core Plus - FU (C)
Amundi Funds Bond US Opportunistic Core Plus - IHE (C)
Amundi Funds Bond US Opportunistic Core Plus - IU (C)
Amundi Funds Bond US Opportunistic Core Plus - IU (D)
Amundi Funds Bond US Opportunistic Core Plus - MHE (C)
Amundi Funds Bond US Opportunistic Core Plus - MU (C)
Amundi Funds Bond US Opportunistic Core Plus - SHE (C)
Amundi Funds Bond US Opportunistic Core Plus - SHE-QD (C)
Amundi Funds Bond US Opportunistic Core Plus - SU (C)
Amundi Funds Bond Europe - AE (C) 121.62 126.46 119.73 124.03 109.10 120.80 106.83 111.16 100.31 112.42 98.91 137.62
Amundi Funds Bond Europe - AE (D) 107.43 110.59 107.55 111.74 101.13 109.85 102.90 109.15 100.29 111.30 98.90 101.05
Amundi Funds Bond Europe - FE (C)
Amundi Funds Bond Europe - IE (C) 1,184.65 1,236.97 1,161.27 1,205.53 1,054.29 1,171.29 1,029.76 1,072.95 996.64 1,081.62
Amundi Funds Bond Europe - ME (C)
Amundi Funds Bond Europe - SE (C) 121.22 125.77 119.55 123.72 115.56 120.63
Amundi Funds Bond Global Aggregate - AE (C)
Amundi Funds Bond Global Aggregate - AE (D)
Amundi Funds Bond Global Aggregate - AU (C)
Amundi Funds Bond Global Aggregate - AU (D)
Amundi Funds Bond Global Aggregate - FHE (C)
Amundi Funds Bond Global Aggregate - FHE-MD (D)
Amundi Funds Bond Global Aggregate - FU (C)
Amundi Funds Bond Global Aggregate - IE (C)
Amundi Funds Bond Global Aggregate - IHE (C)
Amundi Funds Bond Global Aggregate - IU (C)
Amundi Funds Bond Global Aggregate - MHE (C)
Amundi Funds Bond Global Aggregate - MU (C)
Amundi Funds Bond Global Aggregate - OU (C)
Amundi Funds Bond Global Aggregate - SHE (C)
Amundi Funds Bond Global Aggregate - SHE-MD (D)
Amundi Funds Bond Global Aggregate - SU (C)
Amundi Funds Bond Global - AE (C)
Amundi Funds Bond Global - AE (D)
Amundi Funds Bond Global - AU (C) 16.55 17.62 15.97 16.85 14.81 16.96 13.21 15.68 11.50 14.50 9.92 11.67
Amundi Funds Bond Global - AU (D) 13.73 14.36 13.25 14.07 12.75 14.29 11.75 13.59 10.50 12.90 9.41 10.77
Amundi Funds Bond Global - FHE (C)
Amundi Funds Bond Global - FHE-MD (C)
Amundi Funds Bond Global - FU (C)
Amundi Funds Bond Global - IU (C) 1,661.31 1,774.64 1,598.74 1,691.41 1,474.75 1,692.94 1,311.31 1,559.06 1,137.01 1,438.43 977.22 1,153.32
Amundi Funds Bond Global - IE-D (D)
Amundi Funds Bond Global - IU (D) 1,661.30 1,773.09 1,649.60 1,672.26
Amundi Funds Bond Global - MHE (C)
Amundi Funds Bond Global - MU (C)
Amundi Funds Bond Global - OU (C)
Amundi Funds Bond Global - SHE (C)
Amundi Funds Bond Global - SHE-MD (D)
Amundi Funds Bond Global - SU (C) 16.36 17.39 15.80 16.66 14.69 16.82 13.13 15.57 11.46 14.42 9.91 11.63
Amundi Funds Bond Global - I5 (D) 917.20 980.34 944.79 1,017.66
287

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Lowest
Price
Highest
Price
Amundi Funds Bond Global Inflation - AE (C) 117.33 120.89 110.74 118.94 103.65 110.98 99.96 105.43
Amundi Funds Bond Global Inflation - AE (D) 104.20 109.60 102.21 109.71 100.10 106.64 98.43 101.82
Amundi Funds Bond Global Inflation - FE (C) 104.67 107.69 99.47 106.16
Amundi Funds Bond Global Inflation - IE (C) 1,194.83 1,234.09 1,121.17 1,210.61 1,043.28 1,123.15 999.77 1,059.79
Amundi Funds Bond Global Inflation - ME (C) 111.81 115.46 105.02 113.30 99.20 105.21
Amundi Funds Bond Global Inflation - SE (C) 116.59 120.04 110.26 118.21 103.44 110.51 99.95 105.26
Amundi Funds Bond Emerging Inflation - AU (C) 91.94 101.38 84.70 97.71 94.97 100.00
Amundi Funds Bond Emerging Inflation - AU (D) 103.97 113.50 97.40 108.42
Amundi Funds Bond Emerging Inflation - FU (C) 94.80 104.24 87.41 101.71
Amundi Funds Bond Emerging Inflation - IE (C) 1,131.29 1,194.89 965.49 1,121.46
Amundi Funds Bond Emerging Inflation - IU (C) 931.63 1,032.50 851.12 979.18 950.06 1,000.00
Amundi Funds Bond Emerging Inflation - OU (C) 985.52 1,095.03 944.08 1,018.31
Amundi Funds Bond Emerging Inflation - SU (C) 91.61 100.93 84.36 97.68 94.97 100.00
Amundi Funds Bond Global Emerging - AE (C) 109.02 115.90 93.66 108.03 97.86 101.72
Amundi Funds Bond Global Emerging - AE (D) 103.95 112.99 91.52 105.32
Amundi Funds Bond Global Emerging - AU (C) 26.84 29.26 24.33 28.86 24.09 28.73 19.49 24.82 11.57 19.88 18.88 20.56
Amundi Funds Bond Global Emerging - AU (D) 15.40 16.15 13.96 17.24 15.00 17.16 13.19 15.46 7.82 14.53 13.97 15.10
Amundi Funds Bond Global Emerging - FHE (C) 93.42 99.91 85.51 102.22
Amundi Funds Bond Global Emerging - FHE-MD (C) 87.88 92.17 83.18 101.38
Amundi Funds Bond Global Emerging - FU (C) 94.58 102.84 86.08 102.18
Amundi Funds Bond Global Emerging - IU (C) 1,924.47 2,109.10 1,733.07 2,045.43 1,697.89 2,034.10 1,368.83 1,744.82 825.73 1,413.42 1,325.27 1,455.52
Amundi Funds Bond Global Emerging - MHE (C) 99.73 103.43
Amundi Funds Bond Global Emerging - MU (C) 145.40 159.31 130.98 154.70 128.29 153.73 103.73 131.13
Amundi Funds Bond Global Emerging - SHE (C) 94.28 100.91 86.08 103.16 99.78 102.55
Amundi Funds Bond Global Emerging - SHE-MD (D) 88.92 93.48 83.91 102.04 99.48 102.19
Amundi Funds Bond Global Emerging - SU (C) 26.12 28.45 23.71 28.14 23.54 28.30 19.09 24.27 11.34 19.51 18.56 20.19
Amundi Funds Bond Global Emerging Corporate - AE (D) 98.66 100.47
Amundi Funds Bond Global Emerging Corporate - AHE (C) 99.58 102.16
Amundi Funds Bond Global Emerging Corporate - AU (C) 100.01 101.33
Amundi Funds Bond Global Emerging Corporate - FHE (C) 100.09 100.94
Amundi Funds Bond Global Emerging Corporate - IHE (C) 769.76 777.48
Amundi Funds Bond Global Emerging Corporate - AU (D) 99.72 102.37
Amundi Funds Bond Global Emerging Corporate - IU (C) 1,115.35 1,229.19 1,087.89 1,115.55
Amundi Funds Bond Global Emerging Corporate - SHE (C) 100.25 101.93
Amundi Funds Multi Asset Emerging Markets - AHE (C) 99.86 104.01
Amundi Funds Multi Asset Emerging Markets - AU (C) 99.89 104.10
Amundi Funds Multi Asset Emerging Markets - IHE (C) 998.72 1,041.13
Amundi Funds Multi Asset Emerging Markets - IU (C) 998.97 1,041.97
Amundi Funds Multi Asset Emerging Markets - OU (C) 998.67 1,016.28
Amundi Funds Multi Asset Emerging Markets - SU (C) 99.89 104.09
Amundi Funds Index Equity Euro - AE (C) 83.04 101.02 73.98 103.26 85.97 106.42 74.09 99.76 57.52 101.55
Amundi Funds Index Equity Euro - AE (D) 102.98 123.09 93.75 131.06 112.48 135.10 97.40 130.47
Amundi Funds Index Equity Euro - IE (C) 836.62 1,018.51 744.10 1,038.18 862.76 1,069.19 742.06 1,000.62 575.71 1,015.55
Amundi Funds Index Equity Euro - IE (D) 770.93 920.66 701.01 981.47 839.83 1,010.79 742.06 974.01 575.71 1,015.55
Amundi Funds Index Equity Euro - ME (C) 94.76 115.34 84.22 117.52 97.71 121.05 96.05 113.33
Amundi Funds Index Equity Euro - OE (C) 791.26 963.68 703.15 980.84 930.22 971.90
Amundi Funds Index Equity Europe - AE (C) 103.03 116.33 85.83 109.65 91.34 113.23 74.62 103.65 58.75 100.00
Amundi Funds Index Equity Europe - AE (D) 113.16 124.96 95.41 123.32 105.90 127.77 98.16 120.14
Amundi Funds Index Equity Europe - IE (C) 1,037.93 1,172.78 863.25 1,103.79 916.55 1,137.64 747.34 1,039.61 587.97 1,000.00
Amundi Funds Index Equity Europe - IE (D) 954.82 1,054.38 803.97 1,041.10 893.54 1,077.93 747.35 1,013.55 587.98 1,000.00
Amundi Funds Index Equity Europe - ME (C) 153.13 173.00 127.41 162.88 135.36 167.96 110.43 153.56 86.89 120.15
Amundi Funds Index Equity Europe - OE (C) 927.91 1,048.90 771.10 986.43 916.02 1,001.26
Amundi Funds Index Equity North America - AE (C) 135.85 147.42 100.61 137.18 102.75 126.86 78.63 116.91 66.15 102.09
Amundi Funds Index Equity North America - AU (C) 121.48 134.46 100.48 129.67 92.53 125.57 93.29 109.89
Amundi Funds Index Equity North America - AE (D) 149.43 164.00 113.27 152.59 117.61 142.82 99.69 133.81
Amundi Funds Index Equity North America - IE (C) 1,369.51 1,485.46 1,011.82 1,381.10 1,031.10 1,274.49 787.46 1,172.74 662.07 1,020.97
Amundi Funds Index Equity North America - IU (C) 1,006.13 1,114.02 830.96 1,073.40 961.70 1,004.15
Amundi Funds Index Equity North America - IE (D) 1,291.36 1,418.72 980.13 1,319.06 1,016.97 1,234.56 787.46 1,156.69 662.07 1,020.97
Amundi Funds Index Equity North America - ME (C) 159.90 173.46 118.21 161.31 120.53 148.94 92.10 137.10
Amundi Funds Index Equity North America - OE (C) 1,104.72 1,197.95 815.18 1,113.32 928.15 948.85
Amundi Funds Index Equity Pacific - AE (C) 140.73 149.79 122.81 146.59 128.34 154.89 104.55 140.75 85.26 111.44
Amundi Funds Index Equity Pacific - AE (D) 113.30 123.72 102.65 121.07 108.64 131.13 95.95 121.64
Amundi Funds Index Equity Pacific - IE (C) 1,414.61 1,505.40 1,232.14 1,472.30 1,287.03 1,553.15 1,046.46 1,410.15 852.93 1,115.34
Amundi Funds Index Equity Pacific - IE (D) 1,298.76 1,419.45 1,176.71 1,388.25 1,247.32 1,505.22 1,046.45 1,395.45 852.92 1,115.33
Amundi Funds Index Equity Pacific - ME (C) 123.73 131.68 107.84 128.81 112.66 135.97 100.00 123.50
Amundi Funds Index Equity Pacific - OE (C) 935.06 994.93 813.52 972.64 867.29 903.46
288

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Lowest
Price
Amundi Funds Bond Global Inflation - AE (C)
Amundi Funds Bond Global Inflation - AE (D)
Amundi Funds Bond Global Inflation - FE (C)
Amundi Funds Bond Global Inflation - IE (C)
Amundi Funds Bond Global Inflation - ME (C)
Amundi Funds Bond Global Inflation - SE (C)
Amundi Funds Bond Emerging Inflation - AU (C)
Amundi Funds Bond Emerging Inflation - AU (D)
Amundi Funds Bond Emerging Inflation - FU (C)
Amundi Funds Bond Emerging Inflation - IE (C)
Amundi Funds Bond Emerging Inflation - IU (C)
Amundi Funds Bond Emerging Inflation - OU (C)
Amundi Funds Bond Emerging Inflation - SU (C)
Amundi Funds Bond Global Emerging - AE (C)
Amundi Funds Bond Global Emerging - AE (D)
Amundi Funds Bond Global Emerging - AU (C) 18.17 20.61 16.87 18.82 14.10 16.87 13.44 14.62 9.71 14.27 9.84 11.04
Amundi Funds Bond Global Emerging - AU (D) 13.73 15.25 13.41 14.46 11.84 13.55 11.61 9.08 12.66 9.45 10.60
Amundi Funds Bond Global Emerging - FHE (C)
Amundi Funds Bond Global Emerging - FHE-MD (C)
Amundi Funds Bond Global Emerging - FU (C)
Amundi Funds Bond Global Emerging - IU (C) 1,260.3 1,442.94 1,157.47 1,302.64 14.10 1,157.47 13.44 14.62 12.27 1,151.07 925.90 1,006.98
Amundi Funds Bond Global Emerging - MHE (C)
Amundi Funds Bond Global Emerging - MU (C)
Amundi Funds Bond Global Emerging - SHE (C)
Amundi Funds Bond Global Emerging - SHE-MD (D)
Amundi Funds Bond Global Emerging - SU (C) 17.90 20.27 16.66 18.55 13.95 16.66 13.35 14.47 9.67 14.17 9.84 11.00
Amundi Funds Bond Global Emerging Corporate - AE (D)
Amundi Funds Bond Global Emerging Corporate - AHE (C)
Amundi Funds Bond Global Emerging Corporate - AU (C)
Amundi Funds Bond Global Emerging Corporate - FHE (C)
Amundi Funds Bond Global Emerging Corporate - IHE (C)
Amundi Funds Bond Global Emerging Corporate - AU (D)
Amundi Funds Bond Global Emerging Corporate - IU (C)
Amundi Funds Bond Global Emerging Corporate - SHE (C)
Amundi Funds Multi Asset Emerging Markets - AHE (C)
Amundi Funds Multi Asset Emerging Markets - AU (C)
Amundi Funds Multi Asset Emerging Markets - IHE (C)
Amundi Funds Multi Asset Emerging Markets - IU (C)
Amundi Funds Multi Asset Emerging Markets - OU (C)
Amundi Funds Multi Asset Emerging Markets - SU (C)
Amundi Funds Index Equity Euro - AE (C)
Amundi Funds Index Equity Euro - AE (D)
Amundi Funds Index Equity Euro - IE (C)
Amundi Funds Index Equity Euro - IE (D)
Amundi Funds Index Equity Euro - ME (C)
Amundi Funds Index Equity Euro - OE (C)
Amundi Funds Index Equity Europe - AE (C)
Amundi Funds Index Equity Europe - AE (D)
Amundi Funds Index Equity Europe - IE (C)
Amundi Funds Index Equity Europe - IE (D)
Amundi Funds Index Equity Europe - ME (C)
Amundi Funds Index Equity Europe - OE (C)
Amundi Funds Index Equity North America - AE (C)
Amundi Funds Index Equity North America - AU (C)
Amundi Funds Index Equity North America - AE (D)
Amundi Funds Index Equity North America - IE (C)
Amundi Funds Index Equity North America - IU (C)
Amundi Funds Index Equity North America - IE (D)
Amundi Funds Index Equity North America - ME (C)
Amundi Funds Index Equity North America - OE (C)
Amundi Funds Index Equity Pacific - AE (C)
Amundi Funds Index Equity Pacific - AE (D)
Amundi Funds Index Equity Pacific - IE (C)
Amundi Funds Index Equity Pacific - IE (D)
Amundi Funds Index Equity Pacific - ME (C)
Amundi Funds Index Equity Pacific - OE (C)
Highest
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289

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Lowest
Price
Highest
Price
Amundi Funds Index Global Bond (EUR) Hedged - AE (C) 120.96 123.17 112.97 121.96 110.14 114.82 105.41 112.01 100.14 106.94
Amundi Funds Index Global Bond (EUR) Hedged - AE (D) 104.53 108.18 103.09 108.07 100.57 108.40 100.03 105.78
Amundi Funds Index Global Bond (EUR) Hedged - IE (C) 1,214.88 1,237.81 1,132.25 1,224.41 1,103.02 1,149.19 1,055.96 1,120.46 1,001.62 1,070.06
Amundi Funds Index Global Bond (EUR) Hedged - ME (C) 115.03 117.18 107.26 115.94 104.51 108.90 100.12 106.19
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Price
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Price
Amundi Funds Absolute Forex - AE (C) 99.17 100.51 97.55 100.85 99.70 108.94
Amundi Funds Absolute Forex - AE (D) 97.56 100.85 99.71 100.25
Amundi Funds Absolute Forex - FE (C) 98.57 99.79 97.34 100.80 99.70 104.41
Amundi Funds Absolute Forex - Classic H (C) 98.69 99.93 97.42 100.84 99.73 100.27
Amundi Funds Absolute Forex - IE (C) 995.20 1,010.57 977.29 1,008.87 997.10 1,100.30
Amundi Funds Absolute Forex - ME (C) 99.42 100.92 97.69 100.88 99.71 107.06
Amundi Funds Absolute Forex - SE (C) 98.98 100.29 97.51 100.83 99.70 100.24
Amundi Funds Absolute VaR 2(EUR) - AHG (C) 96.68 97.54 94.73 100.26 99.85 100.08
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Price
Amundi Funds Absolute VaR 2(EUR) - AE (C) 114.03 114.87 111.77 117.36 116.69 118.53 109.73 118.02 96.81 110.14 105.21 108.05
Amundi Funds Absolute VaR 2(EUR) - AE (D) 97.94 98.64 96.25 102.54 101.99 103.56 98.86 103.27 87.46 103.62 98.97 103.40
Amundi Funds Absolute VaR 2(EUR) - AHG (D) 96.66 97.39 94.92 100.29 99.85 100.12
Amundi Funds Absolute VaR 2(EUR) - AHU (C) 117.54 118.58 115.75 117.64
Amundi Funds Absolute VaR 2(EUR) - AHU (D) 99.55 100.23 98.03 99.63
Amundi Funds Absolute VaR 2(EUR) - FE (C) 97.36 97.97 95.56 100.46 99.92 100.26
Amundi Funds Absolute VaR 2(EUR) - FHU (C) 101.26 102.01 99.74 101.35
Amundi Funds Absolute VaR 2(EUR) - Classic H (C) 110.47 111.17 108.42 113.99 113.37 115.21 107.31 115.11 95.63 108.85 104.21 106.85
Amundi Funds Absolute VaR 2(EUR) - IHG (C) 972.69 982.78 951.16 1,002.24 998.62 1,001.37
Amundi Funds Absolute VaR 2(EUR) - IE (C) 1,169.07 1,179.35 1,143.61 1,198.72 1,186.77 1,209.04 1,114.99 1,199.36 981.71 1,116.14 1,062.78 1,094.05
Amundi Funds Absolute VaR 2(EUR) - ME (C) 108.63 109.55 106.31 111.48 110.54 112.49 103.64 111.57 91.43 103.79 99.38 101.97
Amundi Funds Absolute VaR 2(EUR) - SE (C) 113.01 113.80 110.82 116.41 115.78 117.61 109.13 117.12 96.48 109.77 104.93 107.72
Amundi Funds Absolute VaR 2(EUR) - SHU (C) 116.61 117.58 114.81 116.67
Amundi Funds Absolute VaR 4(EUR) - AE (C) 105.24 106.37 105.10 113.27 110.32 113.98 103.12 113.29 88.92 107.02 102.07 110.32
Amundi Funds Absolute VaR 4(EUR) - AE (D) 85.31 86.82 85.79 94.70 93.35 95.31 91.29 96.06 78.72 98.53 93.97 103.86
Amundi Funds Absolute VaR 4(EUR) - AHU (C) 102.72 103.88 102.89 105.44
Amundi Funds Absolute VaR 4(EUR) - AHU (D) 92.14 93.19 92.30 94.60
Amundi Funds Absolute VaR 4(EUR) - FE (C) 93.48 94.43 93.67 99.79
Amundi Funds Absolute VaR 4(EUR) - Classic H (C) 102.37 103.44 102.44 110.53 108.03 111.44 100.92 110.84 87.20 105.02 100.26 108.60
Amundi Funds Absolute VaR 4(EUR) - IE (C) 1,090.99 1,104.23 1,085.84 1,168.39 1,133.04 1,173.92 1,051.73 1,161.32 903.57 1,086.88 1,034.20 1,113.41
Amundi Funds Absolute VaR 4(EUR) - IHU (C) 1,053.57 1,067.62 1,054.91 1,079.80
Amundi Funds Absolute VaR 4(EUR) - ME (C) 99.34 100.50 98.94 106.43 103.67 107.46 96.35 106.34 82.83 99.45 94.87 100.50
Amundi Funds Absolute VaR 4(EUR) - SE (C) 104.31 105.42 104.25 112.39 109.59 113.16 102.63 112.55 88.56 106.68 101.75 110.06
Amundi Funds Absolute VaR 4(EUR) - SHU (C) 102.13 103.26 102.32 104.89
Amundi Funds Absolute Statistical Arbitrage - AHU (C) 87.64 89.74 88.57 98.62 97.80 100.03
Amundi Funds Absolute Statistical Arbitrage - AE (C) 87.84 90.03 88.93 98.53 94.40 100.72 93.13 100.53
Amundi Funds Absolute Statistical Arbitrage - FE (C) 90.28 92.69 91.67 100.35
Amundi Funds Absolute Statistical Arbitrage - IHU (C) 885.65 905.12 892.15 987.21 978.80 1,000.26
Amundi Funds Absolute Statistical Arbitrage - IE (C) 892.93 913.13 900.57 991.51 948.86 1,010.88 934.92 1,008.20
Amundi Funds Absolute Statistical Arbitrage - IE (D) 884.30 904.30 891.86 981.93 943.59 1,001.07 929.34 1,007.44
Amundi Funds Absolute Statistical Arbitrage - ME (C) 87.07 89.07 87.78 96.73 93.28 98.66 91.76 98.98
Amundi Funds Absolute Statistical Arbitrage - SE (C) 86.05 88.26 87.23 97.02 93.60 99.25 92.69 100.46
Amundi Funds Absolute High Yield - AE (C) 103.42 105.50 99.95 104.40 100.55 104.53 94.22 101.46 82.69 97.07 96.63 102.73
Amundi Funds Absolute High Yield - AE (D) 99.73 101.85 97.28 103.81 100.52 104.20 99.21 100.83
Amundi Funds Absolute High Yield - FE (C) 99.78 101.66 96.80 100.56
Amundi Funds Absolute High Yield - Classic H (C) 100.55 105.11 101.73 105.55 95.44 102.38 82.17 96.64 96.35 102.55
Amundi Funds Absolute High Yield - IE (C) 1,084.20 1,108.11 1,043.68 1,088.67 1,043.88 1,089.31 975.56 1,052.13 835.72 979.14 972.08 1,030.92
Amundi Funds Absolute High Yield - ME (C) 110.13 112.52 106.09 110.69 106.27 110.88 96.83 107.02 82.97 97.24 96.65 100.31
Amundi Funds Absolute High Yield - SE (C) 105.05 107.14 101.61 106.16 102.29 106.29 95.80 103.09 82.47 96.86 96.46 102.62
Amundi Funds Absolute Volatility Arbitrage - AE (C) 117.19 118.18 115.38 118.21 116.13 118.24 114.73 116.46 109.81 115.64 105.21 109.81
Amundi Funds Absolute Volatility Arbitrage - AE (D) 105.20 106.08 103.58 106.11 104.24 106.14 103.00 104.84 100.01 104.69 99.85 102.04
Amundi Funds Absolute Volatility Arbitrage - FE (C) 98.84 99.55 97.87 100.25
Amundi Funds Absolute Volatility Arbitrage - Classic H (C) 115.10 115.98 113.70 116.50 114.80 116.57 113.47 115.14 109.11 114.70 104.81 109.11
Amundi Funds Absolute Volatility Arbitrage - IE (C) 1,210.33 1,221.39 1,184.66 1,213.36 1,185.20 1,212.96 1,170.29 1,188.41 1,111.28 1,173.84 1,059.62 1,111.28
Amundi Funds Absolute Volatility Arbitrage - ME (C) 111.42 112.50 109.17 111.82 109.34 111.80 107.98 109.64 102.65 108.40 99.55 102.65
Amundi Funds Absolute Volatility Arbitrage - OE (C) 997.66 1,012.48
Amundi Funds Absolute Volatility Arbitrage - SE (C) 116.19 117.14 114.53 117.34 115.40 117.38 114.03 115.73 109.34 115.02 104.85 109.34
290

Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Amundi Funds Index Global Bond (EUR) Hedged - AE (C)
Amundi Funds Index Global Bond (EUR) Hedged - AE (D)
Amundi Funds Index Global Bond (EUR) Hedged - IE (C)
Amundi Funds Index Global Bond (EUR) Hedged - ME (C)
Amundi Funds Absolute Forex - AE (C)
Amundi Funds Absolute Forex - AE (D)
Amundi Funds Absolute Forex - FE (C)
Amundi Funds Absolute Forex - Classic H (C)
Amundi Funds Absolute Forex - IE (C)
Amundi Funds Absolute Forex - ME (C)
Amundi Funds Absolute Forex - SE (C)
Amundi Funds Absolute VaR 2(EUR) - AHG (C)
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Amundi Funds Absolute VaR 2(EUR) - AE (C) 102.91 107.09 100.24 103.14 99.94 100.32
Amundi Funds Absolute VaR 2(EUR) - AE (D) 100.07 103.55 99.78 100.33
Amundi Funds Absolute VaR 2(EUR) - AHG (D)
Amundi Funds Absolute VaR 2(EUR) - AHU (C)
Amundi Funds Absolute VaR 2(EUR) - AHU (D)
Amundi Funds Absolute VaR 2(EUR) - FE (C)
Amundi Funds Absolute VaR 2(EUR) - FHU (C)
Amundi Funds Absolute VaR 2(EUR) - Classic H (C) 102.38 106.20 100.10 102.70
Amundi Funds Absolute VaR 2(EUR) - IHG (C)
Amundi Funds Absolute VaR 2(EUR) - IE (C) 1,033.33 1,078.38 1,003.40 1,035.61 999.49 1,004.55
Amundi Funds Absolute VaR 2(EUR) - ME (C)
Amundi Funds Absolute VaR 2(EUR) - SE (C) 102.79 106.84 100.23 103.07 99.92 100.36
Amundi Funds Absolute VaR 2(EUR) - SHU (C)
Amundi Funds Absolute VaR 4(EUR) - AE (C) 104.46 110.55 100.54 105.96 99.63 100.72
Amundi Funds Absolute VaR 4(EUR) - AE (D) 99.05 104.25 98.73 100.57
Amundi Funds Absolute VaR 4(EUR) - AHU (C)
Amundi Funds Absolute VaR 4(EUR) - AHU (D)
Amundi Funds Absolute VaR 4(EUR) - FE (C)
Amundi Funds Absolute VaR 4(EUR) - Classic H (C) 103.32 108.99 100.29 104.98
Amundi Funds Absolute VaR 4(EUR) - IE (C) 1,050.11 1,115.58 1,007.35 1,064.68 996.42 1,009.09
Amundi Funds Absolute VaR 4(EUR) - IHU (C)
Amundi Funds Absolute VaR 4(EUR) - ME (C)
Amundi Funds Absolute VaR 4(EUR) - SE (C) 104.38 110.50 100.60 105.97 99.62 100.78
Amundi Funds Absolute VaR 4(EUR) - SHU (C)
Amundi Funds Absolute Statistical Arbitrage - AHU (C)
Amundi Funds Absolute Statistical Arbitrage - AE (C)
Amundi Funds Absolute Statistical Arbitrage - FE (C)
Amundi Funds Absolute Statistical Arbitrage - IHU (C)
Amundi Funds Absolute Statistical Arbitrage - IE (C)
Amundi Funds Absolute Statistical Arbitrage - IE (D)
Amundi Funds Absolute Statistical Arbitrage - ME (C)
Amundi Funds Absolute Statistical Arbitrage - SE (C)
Amundi Funds Absolute High Yield - AE (C) 99.90 102.67
Amundi Funds Absolute High Yield - AE (D)
Amundi Funds Absolute High Yield - FE (C)
Amundi Funds Absolute High Yield - Classic H (C) 99.90 102.62
Amundi Funds Absolute High Yield - IE (C) 999.13 1,029.55
Amundi Funds Absolute High Yield - ME (C)
Amundi Funds Absolute High Yield - SE (C) 99.90 102.66
Amundi Funds Absolute Volatility Arbitrage - AE (C) 102.02 105.41 99.96 102.03
Amundi Funds Absolute Volatility Arbitrage - AE (D)
Amundi Funds Absolute Volatility Arbitrage - FE (C)
Amundi Funds Absolute Volatility Arbitrage - Classic H (C) 101.98 105.05 99.95 102.00
Amundi Funds Absolute Volatility Arbitrage - IE (C) 1,022.06 1,060.96 999.44 1,022.13
Amundi Funds Absolute Volatility Arbitrage - ME (C)
Amundi Funds Absolute Volatility Arbitrage - OE (C)
Amundi Funds Absolute Volatility Arbitrage - SE (C) 101.79 105.06 99.95 101.80
291

Additional Information
Accounting year ending as at: 31/12/12 31/12/12 30/06/12 30/06/12 30/06/11 30/06/11 30/06/10 30/06/10 30/06/09 30/06/09 30/06/08 30/06/08
Name, class and part of the sub-fund
Amundi Funds Absolute Volatility Arbitrage Plus - AE (C) 100.74 102.33 99.69 101.21
Amundi Funds Absolute Volatility Arbitrage Plus - IE (C) 1,011.03 1,028.32 999.19 1,014.69
Amundi Funds Absolute Volatility Arbitrage Plus - IE (D) 1,010.96 1,026.60 998.67 1,014.61
Amundi Funds Absolute Volatility Arbitrage Plus - ME (C) 100.60 102.30 99.41 100.99
Amundi Funds Absolute Volatility Arbitrage Plus - SE (C) 100.64 102.19 99.63 101.14
Amundi Funds Absolute Volatility Euro Equities - AHC (C) 99.49 105.78 98.75 106.34 98.97 100.44
Amundi Funds Absolute Volatility Euro Equities - AE (C) 150.05 159.02 146.89 159.69 145.97 151.34 136.85 149.49 113.18 141.22 102.72 119.17
Amundi Funds Absolute Volatility Euro Equities - IHG (D) 1,064.54 1,125.63 1,034.31 1,129.12 1,028.07 1,065.07 967.16 1 047.19
Amundi Funds Absolute Volatility Euro Equities - IHG0 (D) 1,093.41 1,158.30 1,059.19 1,164.62 1,052.02 1,089.82 980.36 1 071.82
Amundi Funds Absolute Volatility Euro Equities - AE (D) 135.25 143.32 132.40 143.93 131.57 136.45 123.17 134.87 102.32 127.65 96.63 108.74
Amundi Funds Absolute Volatility Euro Equities - AHG (C) 96.47 100.64
Amundi Funds Absolute Volatility Euro Equities - AHG (D) 104.58 110.73 102.63 111.17 102.47 106.20 96.70 104.84
Amundi Funds Absolute Volatility Euro Equities - FE (C) 99.91 106.35 98.95 106.92 99.04 101.66
Amundi Funds Absolute Volatility Euro Equities - Classic H (C) 144.69 153.65 142.89 154.43 142.32 147.92 133.67 146.46 111.48 138.62 102.01 117.86
Amundi Funds Absolute Volatility Euro Equities - IHC (C) 1,004.38 1,063.57 988.89 1,067.73 990.05 1,004.16
Amundi Funds Absolute Volatility Euro Equities - IE (C) 1,559.22 1,649.21 1,511.37 1,654.53 1,497.72 1,551.68 1,397.32 1,526.60 1,144.65 1,434.63 1,028.35 1,199.27
Amundi Funds Absolute Volatility Euro Equities - IE (D) 1,023.22 1,080.49 990.35 1,083.95 981.41 1,016.76 1,000.00 1,001.52
Amundi Funds Absolute Volatility Euro Equities - ME (C) 137.09 145.07 133.34 145.57 132.24 136.98 123.28 134.98 101.22 126.71 96.47 106.19
Amundi Funds Absolute Volatility Euro Equities - OE (C) 1,037.20 1,096.99 996.23 1,102.97 996.45 1,007.57
Amundi Funds Absolute Volatility Euro Equities - SE (C) 147.31 156.25 144.86 156.97 144.11 149.62 135.01 148.03 112.13 139.66 102.20 118.30
Amundi Funds Absolute Volatility World Equities - AHE (C) 100.26 107.11 99.94 109.47 98.91 105.13 95.29 102.59
Amundi Funds Absolute Volatility World Equities - AHE (D) 95.29 101.71 99.27 104.40
Amundi Funds Absolute Volatility World Equities - AHC (C) 93.77 100.29 98.54 102.66
Amundi Funds Absolute Volatility World Equities - AHG (C) 97.34 103.78 99.86 106.19
Amundi Funds Absolute Volatility World Equities - AHG (D) 104.78 111.73 104.01 114.11 102.99 109.49 99.80 106.59
Amundi Funds Absolute Volatility World Equities - AHS (C) 94.74 101.11 99.66 103.45
Amundi Funds Absolute Volatility World Equities - AHS (D) 94.14 100.23
Amundi Funds Absolute Volatility World Equities - AE (C) 108.46 124.86 99.75 124.52
Amundi Funds Absolute Volatility World Equities - AE (D) 95.97 109.20 90.46 108.88
Amundi Funds Absolute Volatility World Equities - AU (C) 136.39 145.46 135.77 148.67 134.35 143.13 129.46 139.30 104.99 135.07 98.86 109.94
Amundi Funds Absolute Volatility World Equities - AU (D) 122.54 130.69 122.28 133.85 120.99 128.94 116.45 125.49 99.99 121.51
Amundi Funds Absolute Volatility World Equities - FHE (C) 92.13 98.57 96.90 100.81
Amundi Funds Absolute Volatility World Equities - FU (C) 97.70 104.47 98.76 106.79
Amundi Funds Absolute Volatility World Equities - Classic H (C) 132.56 141.68 133.07 144.92 131.94 140.54 127.63 137.38 104.39 133.80 98.80 109.74
Amundi Funds Absolute Volatility World Equities - IHC (C) 980.69 1,006.11
Amundi Funds Absolute Volatility World Equities - IHE (C) 1,044.31 1,111.44 1,028.07 1,135.18 1,015.53 1,078.12 978.77 1 049.53
Amundi Funds Absolute Volatility World Equities - IHG (C) 962.54 1,023.75 993.01 1,046.36
Amundi Funds Absolute Volatility World Equities - IHG (D) 1,027.15 1,092.24 1,011.78 1,114.84 998.85 1,062.60 966.43 1 036.73
Amundi Funds Absolute Volatility World Equities - IHG0 (D) 1,004.09 1,067.78 986.13 1,094.46 972.35 1,036.28
Amundi Funds Absolute Volatility World Equities - IHJ (C) 99,113.00 105,672.00 99,361.00 108,020.00
Amundi Funds Absolute Volatility World Equities - IU (C) 1,418.22 1,508.71 1,397.06 1,540.40 1,378.45 1,469.88 1,316.36 1,423.17 1,055.88 1,367.54 989.58 1,102.53
Amundi Funds Absolute Volatility World Equities - IU (D) 1,053.30 1,120.81 1,038.90 1,145.67 1,025.06 1,093.05 987.09 1 057.72
Amundi Funds Absolute Volatility World Equities - MU (C) 102.20 108.80 101.13 111.23 99.86 106.37 95.89 103.24
Amundi Funds Absolute Volatility World Equities - OU (C) 98.51 104.61 99.20 107.18
Amundi Funds Absolute Volatility World Equities - SHE (C) 95.75 102.26 99.99 104.63
Amundi Funds Absolute Volatility World Equities - SU (C) 134.26 143.35 134.24 146.61 132.99 141.69 128.47 138.15 104.63 134.36 98.82 109.82
Amundi Funds Cash EUR - AE (C)** 100.78 100.96 100.01 100.78 27.44 100.01
Amundi Funds Cash EUR - AE (D)** 100.50 100.90 100.01 100.80 100.00 100.01
Amundi Funds Cash EUR - FE (C)** 100.56 100.65 100.01 100.56 99.99 119.42
Amundi Funds Cash EUR - IE (C)** 1,009.90 1,012.71 1,000.27 1,009.82 1,000.05 1,232.96
Amundi Funds Cash EUR - IE (D)** 1,005.49 1,011.30 1,000.27 1,009.82 1,000.06 1,000.22
Amundi Funds Cash EUR - ME (C)** 100.99 101.27 100.03 100.98 100.00 124.09
Amundi Funds Cash EUR - OE (C)** 1,010.91 1,014.22 1,000.29 1,010.82 119.36 1,000.24
Amundi Funds Cash EUR - SE (C)** 100.74 100.89 100.01 100.73 100.00 100.01
Amundi Funds Cash USD - AU (C)*** 100.42 100.61 99.99 100.42 15.85 99.99
Amundi Funds Cash USD - AU (D)*** 100.44 100.63 99.99 100.43 99.99 99.99
Amundi Funds Cash USD - FU (C)*** 100.40 100.60 99.99 100.40 99.99 117.97
Amundi Funds Cash USD - IU (C)*** 1,004.20 1,006.14 1,000.01 1,004.17 1,000.00 1,223.66
Amundi Funds Cash USD - MU (C)*** 100.42 100.61 100.00 100.42 100.00 122.00
Amundi Funds Cash USD - SU (C)*** 100.41 100.61 99.99 100.41 99.99 99.99
** The sub-fund Amundi Funds Money Market Euro has been renamed into Amundi Funds Cash EUR on 3 December 2012.
*** The sub-fund Amundi Funds Money Market USD has been renamed into Amundi Funds Cash USD on 3 December 2012.
292
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Additional Information
Accounting year ending as at 30/06/07 30/06/07 30/06/06 30/06/06 30/06/05 30/06/05 30/06/04 30/06/04 30/06/03 30/06/03 30/06/02 30/06/02
Name, class and part of the sub-fund
Amundi Funds Absolute Volatility Arbitrage Plus - AE (C)
Amundi Funds Absolute Volatility Arbitrage Plus - IE (C)
Amundi Funds Absolute Volatility Arbitrage Plus - IE (D)
Amundi Funds Absolute Volatility Arbitrage Plus - ME (C)
Amundi Funds Absolute Volatility Arbitrage Plus - SE (C)
Amundi Funds Absolute Volatility Euro Equities - AHC (C)
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Amundi Funds Absolute Volatility Euro Equities - AE (C) 99.98 104.19
Amundi Funds Absolute Volatility Euro Equities - IHG (D)
Amundi Funds Absolute Volatility Euro Equities - IHG0 (D)
Amundi Funds Absolute Volatility Euro Equities - AE (D)
Amundi Funds Absolute Volatility Euro Equities - AHG (C)
Amundi Funds Absolute Volatility Euro Equities - AHG (D)
Amundi Funds Absolute Volatility Euro Equities - FE (C)
Amundi Funds Absolute Volatility Euro Equities - Classic H (C) 99.82 103.65
Amundi Funds Absolute Volatility Euro Equities - IHC (C)
Amundi Funds Absolute Volatility Euro Equities - IE (C) 999.92 1,040.6
Amundi Funds Absolute Volatility Euro Equities - IE (D)
Amundi Funds Absolute Volatility Euro Equities - ME (C)
Amundi Funds Absolute Volatility Euro Equities - OE (C)
Amundi Funds Absolute Volatility Euro Equities - SE (C) 99.97 103.75
Amundi Funds Absolute Volatility World Equities - AHE (C)
Amundi Funds Absolute Volatility World Equities - AHE (D)
Amundi Funds Absolute Volatility World Equities - AHC (C)
Amundi Funds Absolute Volatility World Equities - AHG (C)
Amundi Funds Absolute Volatility World Equities - AHG (D)
Amundi Funds Absolute Volatility World Equities - AHS (C)
Amundi Funds Absolute Volatility World Equities - AHS (D)
Amundi Funds Absolute Volatility World Equities - AE (C)
Amundi Funds Absolute Volatility World Equities - AE (D)
Amundi Funds Absolute Volatility World Equities - AU (C)
Amundi Funds Absolute Volatility World Equities - AU (D)
Amundi Funds Absolute Volatility World Equities - FHE (C)
Amundi Funds Absolute Volatility World Equities - FU (C)
Amundi Funds Absolute Volatility World Equities - Classic H (C)
Amundi Funds Absolute Volatility World Equities - IHC (C)
Amundi Funds Absolute Volatility World Equities - IHE (C)
Amundi Funds Absolute Volatility World Equities - IHG (C)
Amundi Funds Absolute Volatility World Equities - IHG (D)
Amundi Funds Absolute Volatility World Equities - IHG0 (D)
Amundi Funds Absolute Volatility World Equities - IHJ (C)
Amundi Funds Absolute Volatility World Equities - IU (C)
Amundi Funds Absolute Volatility World Equities - IU (D)
Amundi Funds Absolute Volatility World Equities - MU (C)
Amundi Funds Absolute Volatility World Equities - OU (C)
Amundi Funds Absolute Volatility World Equities - SHE (C)
Amundi Funds Absolute Volatility World Equities - SU (C)
Amundi Funds Cash EUR - AE (C)**
Amundi Funds Cash EUR - AE (D)**
Amundi Funds Cash EUR - FE (C)**
Amundi Funds Cash EUR - IE (C)**
Amundi Funds Cash EUR - IE (D)**
Amundi Funds Cash EUR - ME (C)**
Amundi Funds Cash EUR - OE (C)**
Amundi Funds Cash EUR - SE (C)**
Amundi Funds Cash USD - AU (C)***
Amundi Funds Cash USD - AU (D)***
Amundi Funds Cash USD - FU (C)***
Amundi Funds Cash USD - IU (C)***
Amundi Funds Cash USD - MU (C)***
Amundi Funds Cash USD - SU (C)***
** The sub-fund Amundi Funds Money Market Euro has been renamed into Amundi Funds Cash EUR on 3 December 2012.
*** The sub-fund Amundi Funds Money Market USD has been renamed into Amundi Funds Cash USD on 3 December 2012.
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LEGAL NOTICES
AMUNDI FUNDS
Société d'investissement à capital variable
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