HSBC Global Investment Funds

Annual Report 2012

Contents
Page
HSBC Global Investment Funds

1-364

Additional notes for Hong Kong residents in relation to HSBC Global Investment Funds.
The following sub-funds of HSBC Global Investment Funds referred to in this document are not authorized in Hong Kong and
not available to Hong Kong residents:
HSBC Global Investment Funds sub-funds:
Asian Currencies Bond
Brazil Bond
CIVETS
Emerging Inflation Linked Bond
Euro Bond
Euro Credit Bond
Euro Reserve
Euroland Growth
European Equity Absolute Return
Frontier Markets
GEM Debt Total Return
GEM Equity Absolute Return
Global Credit Bond
Global Currency

Global Emerging Markets Corproate Debt

Global Emerging Markets Elite
Global Emerging Markets Investment Grade Bond
Global Emerging Markets Local Debt
Global Flex Allocation
Global Inflation Linked Bond
Global Macro II
Global Marco
Latin American Local Debt
Middle East and North Africa Equity
Multi Government Bond Strategies
RMB Fixed Income
Turkey Equity

[This page is intentionally left blank]

Audited report for the year from 1 April 2011 to 31 March 2012

Socit dInvestissement Capital Variable (SICAV), Luxembourg

Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland.
HSBC Private Bank (Suisse) SA, Quai du Gnral Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal
representative of the Company in Switzerland and the Companys paying agent in that country. The Prospectus, Articles
and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC
Private Bank (Suisse) S.A. A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global
Investment Funds for the period under review can be obtained, free of charge, from the Companys representative in
Switzerland.
Information concerning the distribution of shares of HSBC Global Investment Funds in or from Germany.
HSBC Trinkaus & Burkhardt AG, 21-23 Knigsallee, D-40212 Dsseldorf, is the legal representative of the Company in
Germany and the Companys paying agent in that country. The Prospectus, Articles and annual and semi-annual reports
of the Company may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt AG. A breakdown
of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review
can be obtained, free of charge, from the Companys representative in Germany.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the
current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.
Audited report for the year from 1 April 2011 to 31 March 2012

Table of Contents
General Information

Board of Directors

13

Management and Administration

14

Directors Report

18

Report of the Rviseur dEntreprises Agr

23

Statement of Net Assets as at 31 March 2012

24

Key Figures as at 31 March 2012

36

Statement of Operations and Changes in Net Assets

82

Notes to the Financial Statements

94

Comparative Table of Net Assets

177

Portfolio of Investments and Other Net Assets

200

Currency Conversion Table

349

Dealing Days of the Fund

350

Fund Holiday Calendar for 2012

351

General Information
General
HSBC Investment Funds (Luxembourg) S.A. (the Management Company) uses a risk management process that
allows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios on the
managed funds at any time. In accordance with the Law of 17 December 2010 and the applicable regulatory
requirements of the Commission de Surveillance du Secteur Financier ("CSSF") the Management Company reports to
the CSSF on a regular basis on the risk management process. The Management Company assures, at the basis of
appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset
value of the portfolio. The Management Company uses the following methods:

Commitment Approach:
The "commitment approach" is based on the positions of derivative financial instruments, converted into their
corresponding underlying equivalents using the delta approach. Netting and Hedging might be considered for
derivative financial instruments and their underlying assets. The sum of these underlying equivalents must not
exceed the net asset value of the fund.

VaR- approach:
The value-at-Risk (VaR) is a mathematical-statistical concept and is used as a standard measure of risk in the
financial sector. The VaR represents the potential loss of a portfolio over a given period (so-called holding period),
which is with a certain probability (so-called confidence level).
o Relative VaR approach:
The relative VaR concept determines the VaR based on a reference portfolio. The relative VaR cannot
exceed the VaR of a reference portfolio by more than a maximum of twice (200%). The reference
portfolio is a matching portfolio in comparison to the Fund's investment policy.
o Absolute VaR approach:
In the absolute VaR approach the VaR (99% confidence level, 20-day holding period) of the fund cannot
exceed 20% of the fund net assets.
The Management Company has delegated the VaR monitoring to the following Global Risk Management teams:

HSBC Global Asset Management (UK) Limited

For the HGIF European Equity Absolute Return, the HGIF GEM Equity Absolute Return and HGIF RMB Fixed
Income Funds, the VaR has been calculated using the BarraOne risk engine which uses a parametric approach
with the following parameters:
One tailed confidence interval of 99%.
Holding period equivalent to 1-month
Effective observation period of at least 250 days.
Daily data set updates.
Daily VaR calculation.
For the HGIF Global Currency Fund the VaR has been calculated using a historic simulation approach with the
following parameters:
One tailed confidence interval of 99%.
Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month)
Effective observation period of at least 250 days.
Daily data set updates.
Daily VaR calculation.

General Information (continued)

HSBC Global Asset Management Limited (AMGB)
The VaR for several fixed income funds has been calculated using the Algorithmics risk engine which uses a historic
simulation approach using the following parameters:
One tailed confidence interval of 99%.
Holding period equivalent to 1-month
Effective observation period of at least 250 days.
Daily data set updates.
Daily VaR calculation.
HSBC Global Asset Management (France)
The VaR has been calculated using a parametrical approach (variance-covariance matrix) with the following parameters:
One tailed confidence interval of 99%.
Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month)
Effective observation period of at least 250 days.
Daily data set updates are used for:
o HGIF Global Inflation Linked Bond
o HGIF - Multi Government Bond Strategies (liquidated as at 2 March 2012)
Weekly data set updates are used for
o all other sub-funds managed by HSBC Global Asset Management (France).
Daily VaR calculation.
HSBC Bank Brasil S.A Banco Mltiplo
The VaR has been calculated using a parametrical approach (variance-covariance matrix) with the following parameters:
One tailed confidence interval of 99%.
Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month)
Effective observation period of at least 250 days.
Weekly data set updates.
Daily VaR calculation.

Leverage:
For Sub-funds measuring and monitoring the global risk on derivatives via VaR approach, the Management Company
has delegated the leverage monitoring to the respective Sub-Funds Investment Advisers. They determine the sum of
the nominal values or equivalent values of all the relevant derivatives and estimate in this regard a degree of the
expected average value (leverage). This level of leverage can, depending on the respective market conditions, derive
from the actual value at the reporting date. Furthermore, the published expected/ level of leverage is explicitly not
understood as an investment limit.

01/04/2011

01/04/2011

01/04/2011

HSBC Global Asset

Management (France)

HSBC Global Asset

Management (France)

HSBC Global Asset

Management (France)

HSBC Global Asset

Management Limited
(AMGB)

HGIF Euro Bond

HGIF Euro Credit

Bond

HGIF Euro High

Yield Bond

HGIF - Global Bond

30/06/2011

HSBC Global Asset

Management (France)

HGIF- Emerging
Inflation Linked
Bond (launched as
at 30 June 2011)

01/04/2011

01/04/2011

HSBC Bank Brazil SA

HGIF - Brazil Bond

27/04/2011

01/04/2011

HSBC Global Asset

Management Limited
(AMGB)

HSBC Global Asset

Management (France)

Starting
period

HGIF - Asian
Currencies Bond
(launched as at 27
April 2011)

2) Bond Sub-Funds

HGIF Euro
Reserve

1) Reserve Sub-Funds

UCITS

Entity in charge of
Commitment / VaR
monitoring

General Information (continued)

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

Ending
period

Relative VaR

Relative VaR

Relative VaR

Relative VaR

Commitment

Absolute VaR

Relative VaR

Absolute VaR

Market Risk
Calculation

83.8%

88.42%

91.07%

94.19%

N/A

0.063%*

70.5%

0.05%

Lowest
fund VaR
utilisation

120.1%

118.13%

135.69%

114.76%

N/A

0.805%*

108.0%

0.15%

Highest
fund VaR
utilisation

106.2%

108.24%

119.38%

104.24%

N/A

0.368%*

93.0%

0.07%

Average
fund VaR
utilisation

127%

120%

150%

140%

N/A

N/A

120%

15%

VaR
utilisation
limit
(internal
limit)

100%

100%

100%

100%

N/A

N/A

100%

0%

Maximum
expected
level
of
leverage
(net
leverage)

17%

3%

30%

45%

N/A

2.5%

22%

0%

Realised
average
level
of
leverage

Barclays Capital Global

Aggregate

Merrill Lynch EHY BB-B

CONST

Iboxx Euro Corp Index

Barclays Capital Euro

Aggregate Index

N/A

N/A

MARKIT iBoxx ABF Pan

Asia (ex Chinese Yuan
and HK Dollar) Index

N/A

Reference Portfolio
(if any)

01/04/2011

01/04/2011

HSBC Global Asset

Management Limited
(AMGB)

HSBC Global Asset

Management Limited
(AMGB)

HSBC Global Asset

Management Limited
(AMGB)

HSBC Global Asset

Management (France)

HSBC Global Asset

Management Limited
(AMGB)

HSBC Global Asset

Management (UK)
Limited

HGIF - Global
Emerging Markets
Investment Grade
Bond

HGIF - Global
Emerging Markets
Local Debt

HGIF- Global High

Income Bond

HGIF Global
Inflation Linked
Bond

HGIF Latin
American Local
Debt (launched as
at 19 May 2011)

HGIF RMB Fixed

Income (launched
as at 25 October
2011)

25/10/2011

19/05/2011

01/04/2011

01/04/2011

01/04/2011

HSBC Global Asset

Management Limited
(AMGB)

HGIF - Global
Emerging Markets
Corporate Debt

01/04/2011

01/04/2011

HSBC Global Asset

Management Limited
(AMGB)

HSBC Global Asset

Management (France)

Starting
period

HGIF - Global
Emerging Markets
Bond

HGIF - Global
Credit Bond

UCITS

Entity in charge of
Commitment / VaR
monitoring

General Information (continued)

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

Ending
period

Absolute VaR

Relative VaR

Relative VaR

Relative VaR

Relative VaR

Absolute VaR

Relative VaR

Relative VaR

Relative VaR

Market Risk
Calculation

0.5%

95.1%

82.61%

52.6%

74.4%

3.5%

79.3%

78.5%

112.24%

Lowest
fund VaR
utilisation

4.2%

115.7%

100.04%

86.1%

104.2%

12.6%

103.2%

114.0%

147.54%

Highest
fund VaR
utilisation

2.7%

101.2%

92.63%

62.0%

87.0%

8.2%

86.3%

97.4%

122.61%

Average
fund VaR
utilisation

5.4%

131%

150%

190%

124%

15.7%

110%

131%

150%

VaR
utilisation
limit
(internal
limit)

100%

N/A

100%

100%

150%

150%

50%

50%

100%

Maximum
expected
level
of
leverage
(net
leverage)

18%

0%

0%

1%

23%***

38%***

0%***

8%***

4%

Realised
average
level
of
leverage

N/A

JP MORGAN GBI-EM
Global Latin America
Index

Barclays World Inflation

Linked Bond index

GHI Aggregate
Benchmark

JP Morgan GBI-EM
Global Diversified

N/A

JP Morgan CEMBI
Diversified

JP Morgan EMBI Global

50% ML US Corporate
1-10 years + 50% ML
Euro Corporate (US
hedged)

Reference Portfolio
(if any)

01/04/2011

01/04/2011

01/04/2011

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HGIF - BRIC Equity

HGIF - BRIC
Markets

HGIF - BRIC
Markets Equity

HGIF China
Consumer
Opportunities
(launched as at 23
September 2011)

HGIF CIVETS
(launched as at 17
May 2011)

01/04/2011

HSBC Global Asset

Management (UK)
Limited

HGIF Asia Pacific

ex Japan Equity
High Dividend

17/05/2011

23/09/2011

01/04/2011

HSBC Global Asset

Management (UK)
Limited

HGIF Asia ex
Japan Equity
Smaller Companies

01/04/2011

01/04/2011

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management Limited
(AMGB)

HGIF Asia ex
Japan Equity

3) Equity Sub-Funds

HGIF US Dollar
Bond

General Information (continued)

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Relative VaR

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

61.7%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

119.3%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

95.7%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

121%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

100%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

32%

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Barclays Capital US
Aggregate

01/04/2011

01/04/2011

HSBC Global Asset

Management (France)

HSBC Global Asset

Management (France)

HSBC Global Asset

Management (France)

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HGIF - Euroland
Equity

HGIF - Euroland
Equity Smaller
Companies

HGIF - Euroland
Growth

HGIF - European
Equity

HGIF Frontier
Markets (launched
as at 30 November
2011)

HGIF - Global
Emerging Markets
Elite (liquidated as
at 20 May 2011)

HGIF - Global
Emerging Markets
Equity

01/04/2011

01/04/2011

30/11/2011

01/04/2011

01/04/2011

01/04/2011

HSBC Global Asset

Management (France)

HGIF - Emerging
Wealth

01/04/2011

HSBC Global Asset

Management (France)

Starting
period

HGIF - Climate
Change

UCITS

Entity in charge of
Commitment / VaR
monitoring

General Information (continued)

31/03/2012

20/05/2011

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

Ending
period

Commitment

Commitment

Commitment

Commitment

Relative VaR

Relative VaR

Relative VaR

Commitment

Commitment

Market Risk
Calculation

N/A

N/A

N/A

N/A

92.16%

96.82%

95.26%

N/A

N/A

Lowest
fund VaR
utilisation

N/A

N/A

N/A

N/A

107.22%

128.23%

119.05%

N/A

N/A

Highest
fund VaR
utilisation

N/A

N/A

N/A

N/A

99.44%

112.72%

106.09%

N/A

N/A

Average
fund VaR
utilisation

N/A

N/A

N/A

N/A

200%

200%

200%

N/A

N/A

VaR
utilisation
limit
(internal
limit)

N/A

N/A

N/A

N/A

10%

10%

10%

N/A

N/A

Maximum
expected
level
of
leverage
(net
leverage)

N/A

N/A

N/A

N/A

3.80%

0%

1.93%

N/A

N/A

Realised
average
level
of
leverage

N/A

N/A

N/A

N/A

MSCI EMU (NR)

MSCI EMU SMALL

CAPS EUR (NR) Index

MSCI EMU (NR)

N/A

N/A

Reference Portfolio
(if any)

01/04/2011

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HGIF - Latin
American Equity

HGIF - Middle East

& North Africa
Equity

01/04/2011

01/04/2011

01/04/2011

01/04/2011

01/04/2011

01/04/2011

01/04/2011

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (France)

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (UK)
Limited

HGIF - Chinese
Equity

HGIF - Hong Kong

Equity

HGIF - Indian
Equity

HGIF - Japanese
Equity

HGIF - Korean
Equity

HGIF - Russia
Equity

HGIF - Singapore
Equity

10

01/04/2011

HSBC Bank Brazil SA

HSBC Global Asset

Management (UK)
Limited

HGIF - Brazil Equity

01/04/2011

01/04/2011

HSBC Global Asset

Management (France)

HGIF - Global
Equity

General Information (continued)

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Relative VaR

Commitment

Commitment

Commitment

N/A

N/A

N/A

N/A

N/A

N/A

N/A

0.167%**

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

0.426%**

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

0.284%**

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

MSCI Brazil

N/A

N/A

N/A

01/04/2011

01/04/2011

01/04/2011

01/04/2011

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (Turkey)

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management (France)

HGIF - Thai Equity

HGIF - Turkey
Equity

HGIF - UK Equity

HGIF - US Equity

01/04/2011

01/04/2011

01/04/2011

HSBC Global Asset

Management (UK)
Limited

HSBC Global Asset

Management Limited
(AMGB)

HSBC Global Asset

Management (UK)
Limited

HGIF - European
Equity Absolute
Return

HGIF - GEM Debt

Total Return

HGIF - GEM Equity

Absolute Return

4) Other Sub-Funds

01/04/2011

HSBC Global Asset

Management (UK)
Limited

Starting
period

HGIF - Taiwan
Equity

UCITS

Entity in charge of
Commitment / VaR
monitoring

General Information (continued)

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

Ending
period

Absolute VaR

Absolute VaR

Absolute VaR

Commitment

Commitment

Commitment

Commitment

Commitment

Market Risk
Calculation

4.0%

1.2%

2.1%

N/A

N/A

N/A

N/A

N/A

Lowest
fund VaR
utilisation

11.9%

7.6%

5.7%

N/A

N/A

N/A

N/A

N/A

Highest
fund VaR
utilisation

6.4%

4.2%

3.3%

N/A

N/A

N/A

N/A

N/A

Average
fund VaR
utilisation

20%

9%

20%

N/A

N/A

N/A

N/A

N/A

VaR
utilisation
limit
(internal
limit)

200%

200%

220%

N/A

N/A

N/A

N/A

N/A

Maximum
expected
level
of
leverage
(net
leverage)

79%

55%***

118%

N/A

N/A

N/A

N/A

N/A

Realised
average
level
of
leverage

11

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Reference Portfolio
(if any)

HSBC Global Asset

Management (France)

HSBC Global Asset

Management (France)

HSBC Global Asset

Management (France)

HGIF - Global
Macro

HGIF - Global
Macro II

HGIF - Multi
Government Bond
Strategies
(liquidated as at 2
March 2012)

12

01/04/2011

01/04/2011

01/04/2011

01/04/2011

01/04/2011

02/03/2012

31/03/2012

31/03/2012

31/03/2012

31/03/2012

Absolute VaR

Absolute VaR

Absolute VaR

Relative VaR

Absolute VaR

1.77%

5.64%

2.83%

38.39%

0.4%

HGIF - Brazil Bond: VaR utilisation as a percentage of the sub-fund Assets Under Management
HGIF - Brazil Equity: VaR utilisation as percentage of the corresponding reference portfolio
Realised average level of leverage between 31 October 2011 and 31 March 2012

HSBC Global Asset

Management (France)

HGIF - Global Flex

Allocation

*
**
***

HSBC Global Asset

Management (UK)
Limited

HGIF - Global
Currency

General Information (continued)

6.02%

18.99%

8.92%

149.58%

9.8%

8.27%

8.94%

4.67%

83.85%

3.5%

10%

20%

10%

200%

20%

2000%

2400%

1200%

300%

2700%

N/A

1688%

710%

144%

453%

N/A

N/A

N/A

40%MSCI World (NR)

EUR + 60% CitiGroup
EMU Gvt Bonds Index

N/A

Board of Directors
BOARD OF DIRECTORS OF THE COMPANY
Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France)
Immeuble Ile de France, 4, Place de la Pyramide, La Dfense 9, 92800 Puteaux, France.
Dr. Michael Boehm, Chief Operating Officer (appointed 29 July 2011)
HSBC Global Asset Management (Deutschland) GmbH, Knigsallee 21/23, 40212 Dsseldorf, Germany.
James Boucher, Managing Director, HSBC Bank (Mauritius) Limited
6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius.
Thies Clemenz, Chief Executive Officer, HSBC Trinkaus Investment Managers S.A.
8, rue Lou Hemmer, L-1748 Luxembourg-Findel, Grand Duchy of Luxembourg.
George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited
Level 21, 8 Canada Square, London E14 5HQ, United Kingdom.
David Silvester, Head of Product Management - Global Funds, HSBC Global Asset Management (UK) Limited
Level 21, 8, Canada Square, London E14 5HQ, United Kingdom.
Sylvie Vigneaux, Head of Regulatory and Wealth Engineering, HSBC Global Asset Management (France)
Immeuble Ile de France, 4, Place de la Pyramide, La Dfense 9, 92800 Puteaux, France.
Edgar Ng, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) Limited
Level 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong.
Richard Long, Head of Global Funds Operations (appointed on 29 July 2011 and resigned on 31 August 2011)
HSBC Global Asset Management (UK) Limited, 8 Canada Square, London E14 5HQ, United Kingdom

13

Management and Administration

Registered Office
16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.
R.C.S. Luxembourg N B-25087
Management Company
HSBC Investment Funds (Luxembourg) S.A.
16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.
Custodian, Administration Agent, Registrar and Transfer Agent and Central Paying Agent
RBC Dexia Investor Services Bank S.A.
14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.
Domiciliary Agent
HSBC Securities Services (Luxembourg) S.A.
16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.
Investment Advisers
From 1 July 2011
HSBC Global Asset Management (France)
Immeuble Ile de France, 4, Place de la Pyramide, La Dfense 9, 92800 Puteaux, France
HSBC Global Asset Management (Hong Kong) Limited
Level 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong
HSBC Global Asset Management (Singapore) Limited
21 Collyer Quay, #10-01 HSBC Building, Singapore 049320, Singapore
HSBC Global Asset Management (UK) Limited
8, Canada Square, London E14 5HQ, United Kingdom
HSBC Global Asset Management (USA) Inc.
452 Fifth Avenue, 7th Floor, New York, NY 10018, USA
HSBC Bank Brasil S.A. Banco Mltiplo
Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil
HSBC Portfoy Yonetimi A.S.
Esentepe Mahallesi, Bykdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey
Until 30 June 2011
Halbis Capital Management (France)
Immeuble Ile de France, 4, place de la Pyramide, La Dfense 9, 92800 Puteaux, France
HSBC Global Asset Management (France)
Immeuble Ile de France, 4, Place de la Pyramide, La Dfense 9, 92800 Puteaux, France
HSBC Global Asset Management (Hong Kong) Limited
Level 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong
HSBC Global Asset Management (Singapore) Limited
21 Collyer Quay, #10-01 HSBC Building, Singapore 049320, Singapore
14

Management and Administration (continued)

Investment Advisers (continued)
HSBC Global Asset Management (UK) Limited
8, Canada Square, London E14 5HQ, United Kingdom
HSBC Global Asset Management (USA) Inc.
452 Fifth Avenue, 18th Floor, New York, NY 10018, USA
HSBC Bank Brasil S.A. Banco Mltiplo
Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil
HSBC Portfoy Yonetimi A.S.
Esentepe Mahallesi, Bykdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey
Sinopia Asset Management
4, place de la Pyramide, La Dfense 9, 92800 Puteaux, France
Sinopia Asset Management (UK) Limited
8, Canada Square, London E14 5HQ, United Kingdom

15

Management and Administration (continued)

Share Distributors
Global Distributor
HSBC Investment Funds (Luxembourg) S.A., 16, boulevard dAvranches, L-1160 Luxembourg, Grand Duchy of
Luxembourg.
Austria, Eastern Europe and Germany Distributor
HSBC Trinkaus & Burkhardt AG, Knigsallee 21/23, D-40212 Dsseldorf, Germany.
Hong Kong Representative and Distributor
HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong.
United Kingdom Representative and Distributor
HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.
Republic of Ireland Distributor
HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.
Republic of Ireland Representative
HSBC Securities Services (Ireland) Limited, HSBC House, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland.
Jersey Representative and Distributor
HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel
Islands.
Singapore Representative and Distributor
HSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320,
Singapore.
Swiss Representative and Paying Agent in Switzerland
HSBC Private Bank (Suisse) S.A., Quai du Gnral Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.
Korea Representative and Distributor
HSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.
Distributor for Continental Europe
HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Dfense 9, 92800
Puteaux, France.

16

Management and Administration (continued)

Paying Agent in Hong Kong
The Hong Kong and Shanghai Banking Corporation Limited, HSBC Main Building, 1 Queens Road Central,
Hong Kong.
Representative and Paying Agent in Poland
HSBC Bank Polska S.A., Krakw Business Park 200, Ul. Krakowska 280, 32-080 Zabierzw, Poland.
Rviseur d'Entreprises Agr
KPMG Luxembourg S. r.l.
9, alle Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.
Legal Adviser
Elvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.

17

Directors Report
Directors Comments
The Board of Directors present the Audited Annual Report and Accounts for HSBC Global Investment Funds (the
Company) for the year ending 31 March 2012.
The Company
The Company is a variable capital investment company, incorporated under the laws of the Grand Duchy of
Luxembourg and is organized as an umbrella with a number of sub-funds, each of which has their own investment
policies and restrictions. At present, the Company has issued shares in 57 sub-funds. During the year, the total net
assets of the Company decreased from USD 27.5 billion to USD 23 billion at year end.
The Company qualifies as an Undertaking for Collective Investments in Transferable Securities under the directive
2009/65/EC of 13 July 2009 and may therefore be offered for sale in European Union Member States, subject to
registration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Company
and its sub-funds may be made in other countries. The Company and its sub-funds are currently registered for offer and
distribution in the Grand Duchy of Luxembourg and in the following jurisdictions: Austria, Bahrain, Belgium, Brunei,
Chile, Colombia, Costa Rica, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong,
Hungary, Ireland, Italy, Japan, Jersey, Jordan, Korea, Lebanon, Macau, Malta, Mauritius, Netherlands, Norway, Oman,
Panama, Peru, Poland, Portugal, Qatar, Singapore, Slovakia, Spain, Sweden, United Arab Emirates and United Kingdom.
Responsibility of the Directors
The responsibility of the Directors of the Company is governed exclusively by Luxembourg law. With respect to these
financial statements, the duties of the Directors are governed by general corporate law and the law of 19 December
2002 on, inter alia, the accounting and annual accounts of undertakings and by the law of 20 December 2002 relating to
undertakings for collective investments. From 1 July 2011, the Company is governed by Part I of the law of 17
December 2010 (the 2010 Law) implementing the directive 2009/65/EC into Luxembourg Law.
Annual General Meeting
The next Annual General Meeting of the Company will be held on Friday, 27 July 2012.
Market Overview
Global Equities
During the second and third quarters of 2011, financial markets continued to be affected by high levels of risk aversion
and volatility as the slowdown in global growth became more apparent. Meanwhile, on-going sovereign debt problems
in the eurozone, particularly Greece, also weighed on the already-fragile sentiment. Asian and emerging markets
equities were also affected by the developments in the West. Meanwhile, as equity markets fell, risk aversion rose as
investors moved from equities into perceived safer havens. Nonetheless, whilst US sovereign debt was ultimately
downgraded, this did not negatively impact the performance of US Treasuries. Global bourses saw a distinct
improvement in the last quarter of 2011 whilst still experiencing strong volatility levels. Indeed, equities outperformed
bonds over the fourth quarter of the year as economic data improved, notably from the US. Meanwhile, persistent
sovereign debt concerns in the eurozone kept sentiment in check. Over the quarter as whole, most stock markets
performed strongly with Western markets outperforming Asia and emerging markets. The US was among the best
performing and Continental European bourses also enjoyed robust gains in spite of the debt problems. Meanwhile,
Asian and emerging markets registered positive but modest returns over the last quarter of the year. Into 2012, US
economic data releases were generally better than expected over the first quarter. Gross Domestic Product (GDP)
growth for the fourth quarter of 2011 was revised upwards to 2.8% (annualised) despite weaker government spending
and low consumer confidence. The US quantitative easing programme was not increased during the period. In the
eurozone, the latest in the series of European Union (EU) summits produced some positive developments in the Greek
debt crisis. A Greek debt swap was negotiated and took place successfully.
18

Directors Report (continued)

Global Equities (continued)
The European Central Bank (ECB) also continued to inject liquidity into the banking system, which helped to restore
confidence. Although the Japanese economy contracted by 0.6% in the last quarter of 2011, recent data releases
suggest an improvement in the pace of growth. The yen continued to weaken against the US dollar and this should
support exports and help bolster confidence in the near term. UK GDP shrank by 0.2% during the final quarter of 2011,
slightly more than had been expected. The FTSE World index rose 11.3% over the quarter, continuing its positive
momentum from the previous quarter, as investor risk appetite returned to the market. Indeed, the new year began
strongly, with improving economic data from the US and signs of positive progress in the Greek debt crisis. There was
also further monetary stimulus from the ECB, the Bank of Japan and the Bank of England, which improved investor
confidence. The rally was led by cyclical sectors, in particular IT, and financial stocks also recovered from their
depressed levels. The rally tailed off in March as fears returned about a sharp slowdown in China and the deteriorating
debt situation in Spain. The higher oil price and its possible dampening effect on global growth also weighed on global
equity markets.
US Equities
At the start of the review period, data showing that the US economy had grown by only 1.8% in the first quarter of
2011, well below the previous quarter, mainly due to weak consumer spending, raised fears about the sustainability of
growth. Employment figures were also worse than expected. As such, the S&P 500 index was flat over the second
three-month period of the year. Into the second half of 2011, data showed that annualised US GDP had grown by only
1.3% in the second quarter, while growth for the first quarter was revised down to just 0.3%. Standard & Poors
downgrading of the US long-term credit rating further exacerbated fears. Ongoing worries over the sovereign debt crisis
in the eurozone also stoked risk aversion among equity investors. Towards the end of the quarter, however, the Federal
Reserve announced a fresh attempt to stimulate the economy, by lowering long-term interest rates and launching
Operation Twist, a programme to purchase US$400 billion of longer-dated US Treasuries and sell an equal amount of
shorter-dated US Treasuries by the end of June 2012. Nonetheless, the S&P 500 index slumped over the third quarter,
in one of the worst three-month periods for global stocks in a decade. Concerns about US growth returned in the last
quarter of 2011 after third-quarter GDP figures were revised down amid lacklustre personal spending. Conversely,
employment data started to show encouraging signs towards the end of the quarter. At the end of November, the
Federal Reserve and five other major central banks announced a coordinated action to ease dollar funding pressures by
reducing swap rates and extending swap duration. As a result, US stocks rose significantly, reversing the previous
quarters losses. This strong performance continued in December and into the New Year too, with signs of a robust
pick-up in the economy bolstering US equities in the first three months of 2012. Against this backdrop, the S&P 500
index was up significantly for the 12-month period as a whole.
Europe ex-UK Equities
The second quarter of 2011 began promisingly with robust economic data and positive corporate earnings supporting
eurozone equity markets. However, sovereign debt worries soon resurfaced, this time involving Greece. At the
beginning of June, Standard & Poors downgraded Greeces sovereign debt, citing an increased likelihood of debt
restructuring or default. Nonetheless, at the end of the month, the Greek parliament gained approval for further austerity
measures, a necessary step in ensuring the release of funds by the IMF, and thus narrowly avoided defaulting. Equity
markets rallied strongly in relief. The third quarter of the year, however, saw a distinct turnaround in fortunes. Ongoing
fears over the sovereign debt crisis in the eurozone and slowing economic growth, notably in the US, led equity markets
lower. Meanwhile, the Greek debt crisis intensified, sparking concerns that it would spread to other Southern European
nations. Any indication that the debt crisis was reaching resolution led only to short-lived rallies in shares. As a result,
European bourses fell dramatically over the third quarter as a whole. On a more positive note, the fourth quarter began
promisingly. After intense negotiations among EU leaders and bankers, a plan was reached for a US$1.4 trillion support
package for eurozone debt and an agreement for the private sector to take a 50% voluntary reduction in value on
Greeces obligations. Unfortunately, in November, the eurozone debt crisis worsened again, with Italy the potential
victim, and the regions markets dipped sharply. The main focus in December was the 8-9 December EU leaders
summit, which failed to find a definitive solution to the crisis. After the initial confusion surrounding the impact of the
summit, equities struggled in December. Nevertheless, the FTSE World Europe ex UK index was up over the last
quarter of 2011, and began 2012 in promising fashion, rising in both January and February. However, fears that Spain
could be the next country to threaten the eurozone weighed on investor sentiment in March. Against this backdrop,
continental European equities were down over the 12-month review period.

19

Directors Report (continued)

UK Equities
The second quarter of 2011 began optimistically with equities performing strongly amid better-than-expected corporate
earnings, although economic data was mixed. The rally was short lived, as sovereign debt worries resurfaced, this time
involving Greece. At the beginning of June, Standard & Poors downgraded Greeces sovereign debt, in light of a higher
risk of debt restructuring or default. Nevertheless, at the end of the month, after passing further austerity measures, a
requirement for the release of funds by the IMF, Greece avoided defaulting on its debt obligations. Equity markets
staged a strong but ephemeral rally as a result. Sentiment turned in the third quarter, however, as persistent fears over
the sovereign debt crisis in the eurozone and slowing economic growth led global equity markets lower. Disappointing
US economic data stoked fears of a double-dip recession in the UK. As the quarter progressed, equities continued their
downwards trajectory as the Greek debt crisis intensified, and there were concerns that contagion would spread to
other countries. Nonetheless, UK equities rebounded strongly over the fourth quarter, reversing some of the previous
quarters losses. The period began well with equities rallying as the situation in the eurozone showed signs of
improvement and the European Union summit ended on an encouraging note. Even so, shares then weakened on
further disappointing news regarding the eurozone debt crisis, which now threatened to engulf Italy. Stock markets
rallied towards the end of the year on improving economic data from the US and more positive developments in the
eurozone. Into 2012, UK equities continued their run of strong performance in light of an increasing investor appetite for
risk. By March, however, this rally had run out of steam amid weak retail sales figures. Against this backdrop, UK
equities, as represented by the FTSE All Share index, were down slightly over the 12-month period as a whole.
Japanese Equities
The review period began on a lacklustre note for Japanese equities, which fell in April as investors continued to evaluate
the effect of the devastating earthquake and subsequent tsunami in March. There was little relief in May, in light of
further minor earthquakes and increasing fears about the scale of the problem at the damaged Fukushima nuclear plant.
In June, economic data showed signs of recovering, and so the market rallied, outperforming most other developed
markets. This resilience continued into the third quarter, with economic indicators picking up and investors being
cheered by the governments stimulus plans. In August, however, Japanese equities followed other global markets
downwards amid fears about slowing global growth and the eurozone debt crisis. Exporting companies fared particularly
badly with the strength of the yen hampering exports. In September, Japanese equities continued to be volatile, as any
positive news from the eurozone brought only brief relief rallies. The market edged up during October amid increased
tolerance for risk among investors, but underperformed world markets due to mixed domestic economic data. The
market then fell in November as the situation in the eurozone worsened and threatened to engulf Italy as well. This was
despite more positive news in Japan, as the economy continued to recover from the earthquake in March. December
was another volatile month; the TOPIX dipped sharply when investors sold riskier assets mid-month, but then recovered
on the improving outlook for the US economy. Japanese equities picked up considerably in 2012, however, as a
weakening yen boosted the performance of exporters. Indeed, as a result, Japans stock market was up over the 12month period overall.
Asia ex Japan Equities
Despite signs of moderation, Asian economic growth remained robust in the second quarter although the focus
remained on inflation. This continued throughout the summer, with Chinas inflation accelerating to its fastest pace in
three years in June. In response, the Peoples Bank of China increased the bank reserve requirement once again.
Meanwhile, business sentiment remained robust. In the equity markets, the second quarter began strongly, on betterthan-expected corporate earnings but the rally was temporary, as risk aversion soon returned to the markets amid fears
of a Greek debt default. There were also concerns for Chinese growth; manufacturing data suggested that the economy
was slowing. At the end of the quarter, when Greece narrowly avoided defaulting on its debt, Asian equities rallied
strongly in relief. By the third quarter, however, the global slowdown had started to affect exports. Despite inflationary
pressures remaining in some areas, the Peoples Bank of China paused in its rate hiking cycle, a move in line with
market expectations, and indeed headline inflation began a downward trend. Nonetheless, Asian equities slumped over
the third quarter, as fears over the sovereign debt crisis in the eurozone and slowing economic growth led global equity
markets lower. The fourth quarter saw positive news from China in November; the People Bank of China cut banks
reserve ratio requirement in response to a further decline in headline CPI inflation. Easing inflationary pressures in other
Asian markets also suggested that Asian central banks could begin to cut rates. Meanwhile, equity markets in the
region were largely driven by vacillating sentiment with regard to the eurozone.
20

Directors Report (continued)

Asia ex Japan Equities (continued)
Though equities rallied strongly in October on better-than-expected US economic data and encouraging progress in
Europe, this optimism proved short lived and the market retreated later in November, with global macroeconomic
concerns continuing to temper returns from the Asian equity market. Buoyed by the unexpected cut in Chinas banking
reserve ratio requirement, Asian bourses began December positively, but the rally soon faded on renewed concerns
about the eurozone, and Asia equities underperformed global markets. The prevailing mood changed in 2012, however,
with Asian ex Japan stocks performing strongly in the first quater of the year with signs of improvement in the US
economy helping to boost the performance of export-reliant markets. For the review period as a whole, though, the
regions equities were in negative territory.
Emerging Market Equities
The MSCI Emerging Markets index suffered a volatile second quarter in 2011, falling slightly. Asia was the bestperforming region, followed by Latin America and Eastern Europe, Middle East and Africa (EMEA). Over the course of
the quarter, there was a pull-back in risk appetite, which resulted in a sell-off of emerging market equities. The main
factors behind this were concerns over Greek sovereign debt, weakening US economic data and fears of a hard
landing in China. Ongoing concerns over inflation in emerging markets also weighed on markets, as did the tightening
measures that followed. All of the BRIC (Brazil, Russia, India and China) countries finished in negative territory. Emerging
markets equities fell more significantly over the third quarter, though, as fears over the sovereign debt crisis in the
eurozone and slowing economic growth led global equity markets lower. In July, emerging markets as a whole held up
relatively well, albeit with wide dispersions between markets. In August and September, however, they suffered heavy
falls as investors shunned risk assets. Aside from global growth fears, there were some emerging-market-specific
concerns including continuing high inflation in many markets, and the unexpected interest rate cut in Brazil, which
suggested that growth was slowing in Latin America. Over the period, most emerging market currencies weakened
sharply as a result of risk aversion. Nonetheless, the fourth quarter saw a turnaround in fortunes, with the MSCI
Emerging Markets index up over the last three months of 2011. However, emerging market stocks ended 2011
considerably down, in one of the weakest years for a decade. Latin America was the best-performing region during the
quarter with Peru and Mexico being the main contributors. The next best-performing region was Asia, followed closely
by EMEA. The underperformance of the broader emerging market index by EMEA was primarily caused by the
European debt crisis as well as political and social unrest that had been seen in the region throughout 2011. In
December, the political unrest in Russia impacted that market. Yet, the broader rally that begin in the fourth quarter
continued into the first quarter of 2012, with the MSCI Emerging Markets index registering double-digit gains. EMEA
was the top-performing region, followed by Latin America and Asia. The first two months of the quarter saw a sharp
rebound in markets as the risk-on trading environment dominated. Loosening monetary policy in emerging markets,
the easing of the European sovereign debt crisis, as the European Central Banks Long Term Refinancing Operation
took effect, and Greek bailout package was agreed, were the driving force behind improved sentiment. March saw a
halt to the rebound in emerging market equities as fears over Chinese growth and a lack of monetary policy loosening in
China and India negatively impacted market sentiment and saw a decline across markets.
UK Bonds
Gilts began the period strongly, registering robust returns in the second quarter of 2011, amid a continuation of weak
economic data and concerns for the path of global growth. The robust performance of gilts continued in the third
quarter, as UK GDP growth disappointed and forecasts for the rest of the year were reduced. Although inflation in the
UK remained stubbornly high, the poor economic data pushed expectations for interest rate increases further out. In the
minutes of the September Monetary Policy Committee meeting, it was revealed that most members of the committee
believed that that an extension of the quantitative easing programme was increasingly probable. This news sparked an
additional rally in the gilt market. The last three months of the year were no different; gilts performed very strongly over
the fourth quarter. The extension of the quantitative easing programme by 75 billion also lent support to the market.
Ten-year gilt yields fell below 2% for the first time on record and two-year gilt yields also reached a record low of 0.29%
during the period. However, a return of risk appetite among investors, amid signs of an improvement in the global
economy, saw UK bonds weaken in the first quarter of 2012. Despite holding up in January, gilts performed weakly in
February and March as demand receded for the perceived safer havens of government bonds. Against this backdrop,
over the 12-month review period as a whole, UK bonds rose significantly.
21

Directors Report (continued)

Global Bonds
Global bonds strengthened over the second quarter of 2011, as risk aversion returned to the market and investors
moved out of risk assets. The combination of weakening economic data following the Japanese earthquake and the
continuing sovereign debt worries in the eurozone led investors to seek the safe haven of core government bonds.
Following a series of downgrades, Greek bond yields reached record levels and crisis talks were held as it looked likely
that they could default. At the very end of the quarter, the Greek government avoided default by passing an austerity
package involving budget cuts of 78 billion, in order to meet the demands of the EU and IMF. Amid fears of contagion,
Portuguese and Irish bonds also came under pressure, and spreads between Italian bonds and German bunds reached
eurozone highs. The US $600bn quantitative easing programme was completed at the end of June, taking away some
of the support for US Treasuries. Global bonds continued to perform strongly in the third quarter, as risk aversion
prevailed and investors sought safe havens. This was despite the news earlier in the quarter being dominated by the US
sovereign debt crisis, as with the 2 August deadline for raising the US debt ceiling approaching, Democrats and
Republicans struggled to agree on a balance of spending cuts and tax rises that would allow them to raise the debt
ceiling. An agreement was finally reached on 1 August and so the US avoided defaulting. For the rest of the quarter,
attention was focused on the eurozone debt crisis. The benchmark 10-year German bund yield reached record lows in
September, as the Greek debt crisis intensified and investors sought safe havens. Spreads on Greek bonds over
German bunds rose to unprecedented levels during the period as negotiations over the terms of the bailout continued
between the European Commission, the ECB and the IMF. The performance of global bonds, though positive, was
more muted in the final quarter of 2011. They began the period weakly, as investors favoured risk assets and sold
government bonds. As the quarter progressed and the sovereign debt crisis in the eurozone intensified, investors
sought the safe haven of core government bonds. In the eurozone, spreads on peripheral nations bonds over German
bunds reached euro-era highs. A plan was reached for a US$1.4 trillion support package for eurozone debt and an
agreement for the private sector to take a 50% voluntary reduction on the value of Greeces debt. Later in the quarter, a
wall of liquidity unleashed by the ECB in December saw conditions in European bond markets ease slightly. Global
bonds weakened slightly in the first quarter of 2012, however, as risk appetite among investors returned amid signs of a
pick-up in the economy, notably in the US. Indeed, US Federal Open Market Committee minutes in March, reflecting a
firmer outlook for the US economic growth and labour market conditions, saw US 10-year bond yields rise significantly.
In Europe, however, although ratings agency Moodys declared Greece to have defaulted as per the condition of the
debt exchange program, the debt swap was generally perceived to be a success. Against this backdrop, global bonds
performed strongly over the 12-month period under review.

22

Report of the Rviseur dEntreprises agr

To the Shareholders of
HSBC Global Investment Funds
16, Boulevard dAvranches
L-1160 Luxembourg
Grand Duchy of Luxembourg
REPORT OF THE RVISEUR D'ENTREPRISES AGR
Following our appointment by the Annual General Meeting of the shareholders dated 29 July 2011, we have audited the
accompanying financial statements of HSBC Global Investment Funds (the Company) and each of its sub-funds, which
comprise the statement of net assets and the statement of investments in securities and other net assets as at 31 March 2012
and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Board of Directors of the Company responsibility for the financial statements
The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in
accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for
such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the Rviseur d'Entreprises agr
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur
Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the judgment of the Rviseur d'Entreprises agr, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Rviseur
d'Entreprises agr considers internal control relevant to the entity's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity's internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of HSBC Global Investment Funds and
each of its sub-funds as of 31 March 2012, and of the results of their operations and changes in their net assets for the year then
ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been
subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no
opinion on such information. However, we have no observation to make concerning such information in the context of the
financial statements taken as a whole.
Luxembourg, 12 July 2012
KPMG Luxembourg S. r.l.
Cabinet de rvision agr

R. Beegun

23

Statement of Net Assets as at 31 March 2012

CONSOLIDATED
USD

Portfolio at Cost *
Unrealised Appreciation/(Depreciation) *
Portfolio at Market Value
Cash at Bank
Bank Overdraft
Receivable from Brokers
Payable to Brokers
Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)

Total Net Assets

International and
Regional Equity
Sub-Funds
Asia ex Japan
Equity
USD

Asia ex Japan
Equity Smaller
Companies
USD

Asia Pacific ex
Japan Equity
High Dividend
USD

160,334,379

22,594,152,978

592,578,900

45,291,557

(743,809,738)

13,933,664

1,311,743

20,458,760

21,850,343,240

606,512,564

46,603,300

180,793,139

1,226,807,142

24,191,171

1,815,286

2,349,683

(2,496,471)

201,878,813

8,884,009

778,797

4,226,579

(346,337,635)

(6,341,676)

(64,833)

215,793,681

296,087

433,312

860,610

(173,654,627)

(3,035,341)

(2,971,927)

(6,736,611)

204,687,521

3,289,673

71,732

836,061

(101,161,161)

(1,200,269)

(149,297)

(2,295,221)

23,075,860,503

632,596,218

46,581,203

179,969,407

*amounts including transaction fees.

The accompanying notes form an integral part of these financial statements.
24

Statement of Net Assets as at 31 March 2012

BRIC Equity
USD

BRIC Markets
USD

1,537,821,572

15,500,829

460,238,910

69,889,036

22,048,403

(96,127,216)

1,935,189

22,983,504

7,740,967

61,624

5,167,025

1,441,694,356

17,436,018

483,222,414

77,630,003

22,110,027

29,507,007

28,437,550

23,065

25,237,328

2,388,211

416,496

9,154

(5)

10,090,296

1,821,508

302,425

(14,772,553)

(3,054,712)

3,364,133

965,509

3,305,683

67,468

106,605

(6,591,079)

(1,553,638)

(1,647,662)

(2,871)

(93,165)

1,175,921

32,283

1,017,654

707,624

20,352

101,619

(1,692,142)

(19,820)

(1,040,302)

(110,485)

(9,014)

(44,740)

1,461,706,477

17,471,546

507,848,965

81,040,170

22,602,458

29,888,905

BRIC Markets China Consumer CIVETS (launched

Opportunities
as at 17 May
Equity
USD (launched as at 23
2011)
USD
September 2011)
USD

Climate Change
USD

24,339,982

25

Statement of Net Assets as at 31 March 2012

Emerging Wealth
USD

Portfolio at Cost *
Unrealised Appreciation/(Depreciation) *
Portfolio at Market Value
Cash at Bank
Bank Overdraft
Receivable from Brokers
Payable to Brokers
Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)

Total Net Assets

Euroland Equity
EUR

Euroland Equity
Smaller
Companies
EUR

20,502,921

746,713,995

52,191,762

85,002,836

2,032,923

(147,241,483)

6,165,862

(14,008,693)

22,535,844

599,472,512

58,357,624

70,994,143

30

427,644

2,935,572

4,484,200

(5,268)

(983,231)

609,780

3,384,507

(109,474)

(763,141)

64,118

296,775

297,125

1,204

(163,338)

(5,210,957)

(227,283)

(3,081,780)

48,958

186,551

100,266

12,186

(35,686)

(891,753)

(79,517)

(134,939)

22,944,964

595,918,907

61,383,787

72,275,014

*amounts including transaction fees.

The accompanying notes form an integral part of these financial statements.
26

Euroland Growth
EUR

Statement of Net Assets as at 31 March 2012

European Equity Frontier Markets

EUR (launched as at 30
November 2011)
USD

Global Emerging
Markets Equity
USD

Global Equity
USD

Latin American
Equity
USD

171,514,472

85,845,918

61,031,872

676,259,209

60,134,132

3,333,780

7,123,456

(45,029,427)

4,325,168

8,018,582

89,179,698

68,155,328

631,229,782

64,459,300

179,533,054

1,226,162

952,333

12,102,842

2,947,607

7,618,727

(1,917)

(5)

(280,724)

54,646

108,724

7,153,481

743,027

(461,345)

(71,466)

(3,582,564)

(45,578)

145,087

315,928

716,709

27,498

483,988

(312,529)

(661,351)

(10,101,259)

(402,811)

(3,511,960)

261,211

499,143

1,525,533

383,224

558,425

(106,530)

(114,267)

(1,351,466)

(46,926)

(198,637)

89,984,483

69,184,372

637,693,053

67,087,168

185,181,046

27

Statement of Net Assets as at 31 March 2012

Market Specific
Equity Sub-Funds
Brazil Equity
Middle East and
USD
North Africa
Equity
USD

Portfolio at Cost *
Unrealised Appreciation/(Depreciation) *
Portfolio at Market Value
Cash at Bank

Chinese Equity Hong Kong Equity

USD
USD

8,892,392

1,764,080,001

2,019,537,975

77,765

138,177,486

58,874,492

310,227,189
8,444,273

8,970,157

1,902,257,487

2,078,412,467

318,671,462
12,065,902

153,170

61,892,841

55,831,984

Bank Overdraft

Receivable from Brokers

5,883,128

18,889,904

6,457,496
(3,794,336)

Payable to Brokers
Receivable from Shareholders
Payable to Shareholders

(12,919,728)

(33,224,902)

23,793

22,364,870

11,690,368

1,302,384

(32,440)

(16,249,686)

(8,594,141)

(11,485,112)

Other Assets (note 18)

25,805

6,797,007

632,377

Other Liabilities (note 18)

(6,670)

(2,881,066)

(3,263,601)

(334,522)

9,133,815

1,967,144,853

2,119,742,079

323,515,651

Total Net Assets

*amounts including transaction fees.

The accompanying notes form an integral part of these financial statements.
28

Statement of Net Assets as at 31 March 2012

Indian Equity
USD

Japanese Equity
JPY

Korean Equity
USD

Russia Equity
USD

Singapore Equity
USD

Taiwan Equity
USD

4,642,096,221

5,281,382,536

102,165,769

675,543,322

64,909,016

20,332,422

(885,130,139)

(221,195,731)

7,999,037

(63,377,432)

6,457,811

126,680

3,756,966,082

5,060,186,805

110,164,806

612,165,890

71,366,827

20,459,102

288,131,912

723,718,375

762,724

7,691,052

3,010,275

50,730

(80,498)

(7,381)

45,896,413

7,026,543

9,997,571

164,243

(71,475,183)

(5,980,749)

(11,212,800)

(34,073)

5,101,693

349,219,080

121,355

7,104,896

84,390

179,749

(17,488,454)

(20,666,271)

(545,255)

(2,680,739)

(323,435)

(156,006)

32,601,861

77,649,515

622,803

549,404

55

(44,021,527)

(6,116,485)

(162,636)

(976,576)

(106,822)

(33,800)

3,995,712,797

6,183,910,521

112,002,210

622,638,698

74,031,235

20,630,000

29

Statement of Net Assets as at 31 March 2012

Portfolio at Cost *
Unrealised Appreciation/(Depreciation) *
Portfolio at Market Value
Cash at Bank

Thai Equity
USD

Turkey Equity
EUR

UK Equity
GBP

US Equity
USD

113,959,725

127,121,642

70,046,581

133,092,705

22,760,059

(6,978,206)

5,603,564

22,827,285

136,719,784

120,143,436

75,650,145

155,919,990

3,379,346

3,485,275

1,970,174

16,903,392

Bank Overdraft

Receivable from Brokers

505,069

(2,265,823)

(2,095,636)

7,953,820

2,543,398

464,190

8,513,520

(2,810,526)

(4,952,553)

(296,381)

(705,331)

1,067,526

72,783

410,311

1,211,913

Payable to Brokers
Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)

Total Net Assets

(194,089)

(185,349)

(116,290)

(211,870)

143,850,038

119,516,423

78,082,149

181,631,614

*amounts including transaction fees.

The accompanying notes form an integral part of these financial statements.
30

Statement of Net Assets as at 31 March 2012

Bond Sub-Funds
Asian Currencies
Bond (launched
as at 27 April
2011)
USD

Brazil Bond
USD

Emerging
Inflation Linked
Bond (launched
as at 30 June
2011)
USD

Euro Bond
EUR

Euro Credit Bond

EUR

Euro High Yield

Bond
EUR

75,916,265

53,979,146

124,219,187

84,119,772

427,550,717

599,636,691

31,161

753,846

9,597,702

1,764,718

8,072,989

15,988,556

75,947,426

54,732,992

133,816,889

85,884,490

435,623,706

615,625,247

5,694,931

469,760

2,367,260

2,305,703

9,861,423

17,479,799

(140,000)

2,951,566

3,102,895

22,392,032

(4,297,862)

(2,894,256)

(27,649,494)

(24,321,568)

216,891

327,652

983,904

151,044

3,529,977

26,303,459

(203,255)

(53,703)

(1,897,201)

(2,861,704)

(2,089,311)

803,523

3,787,780

2,207,726

1,255,687

9,648,388

17,428,318

(73,374)

(71,370)

(140,564)

(105,073)

(3,055,001)

(462,144)

81,243,101

59,043,559

139,181,512

87,803,289

447,349,327

649,963,800

31

Statement of Net Assets as at 31 March 2012

Portfolio at Cost *
Unrealised Appreciation/(Depreciation) *
Portfolio at Market Value
Cash at Bank

Global Bond
USD

Global Credit
Bond
USD

Global Emerging
Markets Bond
USD

Global Emerging
Markets
Corporate Debt
USD

198,539,164

19,742,687

2,100,015,449

10,135,119

4,040,834

(59,838)

119,178,452

138,974

202,579,998

19,682,849

2,219,193,901

10,274,093

4,400,272

1,406,124

60,234,151

572,813

Bank Overdraft

Receivable from Brokers

6,009,540

(22,692,125)

322,555

33,134,353

12,392

Payable to Brokers
Receivable from Shareholders
Payable to Shareholders

(129,421)

(32,798,191)

Other Assets (note 18)

1,977,814

381,803

46,343,389

169,822

Other Liabilities (note 18)

Total Net Assets

(230,520)

(132,863)

(4,837,142)

(2,511)

186,228,573

21,337,913

2,327,280,001

11,026,609

*amounts including transaction fees.

The accompanying notes form an integral part of these financial statements.
32

Statement of Net Assets as at 31 March 2012

Global Emerging
Markets
Investment Grade
Bond
USD

Global Emerging
Markets Local
Debt
USD

Global High
Income Bond
USD

Latin American
RMB Fixed
Global Inflation
Local Debt Income (launched
Linked Bond
USD (launched as at 19
as at 25 October
May 2011)
2011)
USD
USD

111,992,314

741,481,615

555,399,376

31,499,964

19,861,422

1,369,116

5,833,231

19,190,090

6,310,590

44,360

285,255

113,361,430

747,314,846

574,589,466

37,810,554

19,905,782

52,334,173

11,210,428

138,133,696

40,525,840

1,242,443

296,828

31,789,364

(11,336)

2,367,721

3,705,000

3,837,883

567,240

(3,979,538)

(8,501,905)

(673,998)

(1,425,744)

239,138

11,959,220

6,719,987

961,653

(326,524)

(3,297,573)

(247,097)

1,601,467

18,020,680

10,685,024

263,819

237,789

4,074,349

(471,309)

(1,236,310)

(10,300,380)

(233,641)

(6,898)

(3,854,886)

124,329,337

917,570,608

614,258,342

38,965,081

20,433,501

83,631,812

52,048,918

33

Statement of Net Assets as at 31 March 2012

US Dollar Bond
USD

Reserve SubFund
Euro Reserve
EUR

150,238,015
2,780,049

Other Sub-Funds
European Equity
Absolute Return
EUR

GEM Debt Total

Return
USD

140,164,211

15,793,652

918,211,767

39,824

464,428

(13,008,987)

153,018,064

140,204,035

16,258,080

905,202,780

29,364,279

1,795,871

2,432,936

189,962,622

Bank Overdraft

(13,516)

Receivable from Brokers

10,000,000

(43,986,235)

(9,992,836)

1,156,249

94,211

20,433

26,187,912

(2,823,552)

(2,718,105)

(2,627,058)

900,377

26,800

7,748

17,192,819

(177,807)

(41,788)

(287,891)

(6,484,471)

137,451,375

139,368,188

18,417,790

1,129,434,604

Portfolio at Cost *
Unrealised Appreciation/(Depreciation) *
Portfolio at Market Value
Cash at Bank

Payable to Brokers
Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)

Total Net Assets

*amounts including transaction fees.

The accompanying notes form an integral part of these financial statements.
34

Statement of Net Assets as at 31 March 2012

GEM Equity
Absolute Return
USD

Global Currency
USD

Global Flex
Allocation
EUR

Global Macro
EUR

Global Macro II
EUR

20,825,226

48,456,046

17,477,973

169,658,170

6,553,513

(680,117)

31,208

(157,160)

(181,772)

(1,636)

20,145,109

48,487,254

17,320,813

169,476,398

6,551,877

5,057,407

15,978,743

1,699,369

37,590,971

2,536,213

(1,112)

(499,497)

(23,766)

(14,347)

(90,022)

12,262

548,173

28,851

(12,471)

(605,007)

(31,842)

76,783

13,259

6,362,293

(46,525)

(506,172)

188,144

3,433

301,013

973,591

55,843

(495,600)

(1,715,423)

(46,329)

(1,925,296)

(123,868)

24,893,948

62,284,768

19,264,150

211,900,604

8,927,052

35

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Asia ex Japan
Equity
USD

Asia ex Japan
Equity Smaller
Companies
USD

Asia Pacific ex
Japan Equity
High Dividend
USD

BRIC Equity
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

3,015,493.643
49.90

228,549.327
35.15

2,033,853.648
18.79

7,924,650.265
21.95

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

3,588.351
16.16

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

3,649,090.078
21.70

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

3,191,816.627
1.05

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

4,156,039.503
46.16

962,809.878
33.45

4,747,975.962
15.75

128,171.131
22.02

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

123.862
16.33

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

79,570.582
21.17

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

99.900
1.09

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

1,363,764.098
8.95

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

7,097,449.553
1.15

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

146,719.153
45.67

102,883.658
34.31

195,727.053
18.39

173,390.425
21.37

Class ED

Number of Shares Outstanding

Net Asset Value per Share

3,661.487
45.24

N/A
N/A

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

2,286,229.720
50.48

78,153.043
36.02

1,347,931.824
16.98

5,245,205.257
22.38

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

33,779.816
13.13

1,163,877.236
12.65

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

142,661.269
49.94

N/A
N/A

N/A
N/A

55,000.000
22.79

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

6,066,563.987
10.67

N/A
N/A

N/A
N/A

15,394,756.189
16.80

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

36

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Asia ex Japan
Equity
USD

Asia ex Japan
Equity Smaller
Companies
USD

Asia Pacific ex
Japan Equity
High Dividend
USD

BRIC Equity
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

5,305.000
22.31

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

1,337,237.090
23.37

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

29,569,106.070
22.47

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

7,657,476.736
22.50

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

37

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Asia ex Japan
Equity
USD

Asia ex Japan
Equity Smaller
Companies
USD

Asia Pacific ex
Japan Equity
High Dividend
USD

BRIC Equity
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

293,237.442
9.75

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

794,073.316
22.42

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

263,212.801
47.28

N/A
N/A

1,228,245.800
16.00

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

38

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
BRIC Markets
USD

BRIC Markets China Consumer CIVETS (launched

Opportunities
as at 17 May
Equity
USD (launched as at 23
2011)
USD
September 2011)
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

11,295,549.200
14.15

4,833,553.916
12.46

136,407.833
9.82

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

22,165.912
13.92

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

13,018,668.292
1.60

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

9,679,174.498
14.09

N/A
N/A

38,971.347
9.82

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

1,978,292.271
13.75

N/A
N/A

1,985.850
9.94

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

8,142.310
13.75

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

572,593.864
14.83

N/A
N/A

60,476.000
9.90

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

650.000
14.04

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

11,731,649.672
14.99

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

39

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
BRIC Markets
USD

BRIC Markets China Consumer CIVETS (launched

Opportunities
as at 17 May
Equity
USD (launched as at 23
2011)
USD
September 2011)
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

40

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
BRIC Markets
USD

BRIC Markets China Consumer CIVETS (launched

Opportunities
as at 17 May
Equity
USD (launched as at 23
2011)
USD
September 2011)
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

4,075.000
25.91

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

1,679.995
25.91

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

649,085.000
26.69

N/A
N/A

N/A
N/A

1,998,000.000
9.98

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

41

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Climate Change Emerging Wealth
USD
USD

Euroland Equity
EUR

Euroland Equity
Smaller
Companies
EUR

Class AC

Number of Shares Outstanding

Net Asset Value per Share

1,710,431.953
5.93

1,014,381.590
8.24

9,874,732.395
23.61

926,235.741
39.18

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

2,460,566.815
5.86

1,793,334.794
8.11

1,744,006.892
22.25

105,656.522
37.81

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

478,808.143
5.80

4,068.181
8.24

34,879.373
23.00

30,321.279
38.20

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

6,475.624
22.03

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

412,844.665
6.16

N/A
N/A

12,166,973.498
24.71

436,463.620
41.12

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

42

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Climate Change Emerging Wealth
USD
USD

Euroland Equity
EUR

Euroland Equity
Smaller
Companies
EUR

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

43

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Climate Change Emerging Wealth
USD
USD

Euroland Equity
EUR

Euroland Equity
Smaller
Companies
EUR

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

92,827.668
27.30

44,017.784
45.19

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

809,806.212
24.56

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

44

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Euroland Growth
EUR

European Equity Frontier Markets

EUR (launched as at 30
November 2011)
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

2,253.064
10.18

654,936.033
30.73

941,813.762
65.13

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

13,740.131
28.05

N/A
N/A

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

2,684.103
28.82

N/A
N/A

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

82,427.123
27.65

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

6,741,304.000
10.38

13,543.311
31.82

12,430.000
92.40

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

5,694.000
92.40

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

45

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Euroland Growth
EUR

European Equity Frontier Markets

EUR (launched as at 30
November 2011)
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

65,911.477
10.23

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

166,702.812
9.54

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

4,519.000
32.16

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

2,196,816.340
27.76

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

46

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Euroland Growth
EUR

European Equity Frontier Markets

EUR (launched as at 30
November 2011)
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

27,027.027
16.95

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

179,089.719
28.54

535,942.160
11.51

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

47

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Global Emerging
Markets Equity
USD

Global Equity
USD

Latin American
Equity
USD

Middle East and

North Africa
Equity
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

3,203,361.721
16.31

176,168.863
24.09

272,857.307
18.35

123,179.039
9.65

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

1,720.886
16.40

N/A
N/A

424.001
16.73

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

338,670.000
15.43

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

5,949,079.775
15.92

753,298.554
23.64

823,383.801
18.33

53,771.204
9.41

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

59.334
16.51

N/A
N/A

93.285
16.64

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

235,969.351
1.13

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

916,802.624
15.34

19,844.714
23.72

97,252.369
18.16

67,321.698
9.56

Class ED

Number of Shares Outstanding

Net Asset Value per Share

24,630.149
15.24

N/A
N/A

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

1,845,615.646
16.93

172,759.372
25.14

2,438,915.083
18.76

180,587.000
9.86

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

0.003
13.33

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

48

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Global Emerging
Markets Equity
USD

Global Equity
USD

Latin American
Equity
USD

Middle East and

North Africa
Equity
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

2,030,793.560
18.55

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

2,688,656.319
18.61

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

1,608,732.508
18.40

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

19,059,840.510
11.15

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

1,169,461.446
10.93

N/A
N/A

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

1,230,517.323
7.89

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

49

Key Figures as at 31 March 2012

International and
Regional Equity
Sub-Funds
Global Emerging
Markets Equity
USD

Global Equity
USD

Latin American
Equity
USD

Middle East and

North Africa
Equity
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

8,069,190.289
16.44

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

2,134.887
26.71

N/A
N/A

499,000.000
10.05

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

4,425,450.036
16.32

1,560,828.905
25.73

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

50

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Brazil Equity
USD

Chinese Equity Hong Kong Equity

USD
USD

Indian Equity
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

15,466,376.781
35.17

5,643,417.742
68.69

139,200.301
105.93

7,970,516.864
138.67

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

5,613.641
17.49

157.730
16.16

N/A
N/A

34,236.408
15.48

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

67,490.000
13.01

33,633.000
12.35

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

17,984,317.636
34.79

23,092,471.640
66.86

25,560.021
98.62

18,515,075.079
138.23

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

3,568.727
16.96

147.915
16.13

N/A
N/A

2,236.757
15.44

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

22,477.000
11.70

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

1,736,432.351
1.12

2,847,270.980
1.06

N/A
N/A

1,682,633.177
1.00

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

1,509,961.725
34.11

361,610.606
66.31

13,181.098
103.38

447,779.726
132.59

Class ED

Number of Shares Outstanding

Net Asset Value per Share

5,643.132
34.11

1,786.758
66.23

N/A
N/A

993.549
132.59

Class IC

Number of Shares Outstanding

Net Asset Value per Share

3,396,289.773
37.32

910,603.919
72.70

40,403.039
110.25

1,406,903.933
149.80

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

600,000.000
12.99

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

585,692.357
35.96

336.504
69.00

N/A
N/A

279,075.401
146.43

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

90,446.860
72.05

793,904.594
7.22

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

51

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Brazil Equity
USD

Chinese Equity Hong Kong Equity

USD
USD

Indian Equity
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

2,541,611.174
97.37

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

52

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Brazil Equity
USD

Chinese Equity Hong Kong Equity

USD
USD

Indian Equity
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

1,479,322.409
37.21

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

14,384,013.623
37.53

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

3,626.533
40.42

N/A
N/A

N/A
N/A

N/A
N/A

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

594.601
36.68

1,261,739.469
69.72

456,934.190
103.33

66,884.107
146.28

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

53

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Japanese Equity
JPY

Korean Equity
USD

Russia Equity
USD

Singapore Equity
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

256,017.575
4,547.46

1,517,656.124
15.12

10,770,899.017
7.15

351,905.637
43.11

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

1.000
16.19

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

9,100.000
12.79

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

84,860.171
673.19

3,569,498.893
15.12

47,217,370.778
7.15

705,126.001
36.77

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

7,865.668
17.23

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

11,291,025.239
1.05

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

159,289.884
646.24

489,662.949
14.76

2,286,372.828
7.01

87,507.656
41.96

Class ED

Number of Shares Outstanding

Net Asset Value per Share

1,341.732
646.02

2,817.980
14.77

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

536,830.401
4,780.24

1,447,020.997
15.94

4,478,649.858
7.45

N/A
N/A

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

304,414.846
15.56

N/A
N/A

27,182.600
37.62

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

54

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Japanese Equity
JPY

Korean Equity
USD

Russia Equity
USD

Singapore Equity
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

1,741.381
4,657.51

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

3,110,635.888
696.23

N/A
N/A

N/A
N/A

634,669.009
36.85

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

55

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Japanese Equity
JPY

Korean Equity
USD

Russia Equity
USD

Singapore Equity
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

2,756.746
6,255.74

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

19,623,171.628
7.47

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

148,764.407
682.30

N/A
N/A

36,367.837
7.34

128,456.165
37.77

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

56

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Taiwan Equity
USD

Thai Equity
USD

Turkey Equity
EUR

UK Equity
GBP

Class AC

Number of Shares Outstanding

Net Asset Value per Share

131,798.785
11.97

859,442.803
17.30

2,156,665.956
20.62

1,839,058.315
28.09

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

11,000.511
13.05

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

1,517,754.806
11.86

5,702,689.921
15.41

1,107,711.716
15.52

1,048,385.267
24.27

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

1,604.866
13.12

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

88,647.001
11.83

752,523.798
16.85

1,008,702.518
20.14

7,873.276
27.67

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

1,502,808.845
18.24

1,615,181.003
21.39

N/A
N/A

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

80,000.000
15.81

28,178.267
27.08

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

57,722.865
18.25

189,000.000
8.33

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

57

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Taiwan Equity
USD

Thai Equity
USD

Turkey Equity
EUR

UK Equity
GBP

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

58

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds
Taiwan Equity
USD

Thai Equity
USD

Turkey Equity
EUR

UK Equity
GBP

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

59

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds

Bond Sub-Funds

US Equity
USD

Asian Currencies
Bond (launched
as at 27 April
2011)
USD

Brazil Bond
USD

Emerging
Inflation Linked
Bond (launched
as at 30 June
2011)
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

1,852,295.769
22.70

1,099,232.187
10.25

1,592,080.173
22.56

476,106.741
97.91

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

45,367.742
9.79

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

1,817,010.378
25.64

1,456,445.000
13.73

N/A
N/A

4,253,974.439
9.79

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

107,899.990
25.40

522,614.541
10.25

181,678.487
14.39

N/A
N/A

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

21,646.967
26.55

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

222,786.892
22.12

N/A
N/A

746,607.012
22.20

N/A
N/A

Class ED

Number of Shares Outstanding

Net Asset Value per Share

152.863
24.56

N/A
N/A

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

804,610.165
23.44

125.000
10.35

170,434.000
23.11

138,256.724
98.31

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

3,751,316.914
9.83

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

7,463.887
9.60

1,019,992.000
10.35

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

1,503,901.685
14.29

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

60

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds

Bond Sub-Funds

US Equity
USD

Asian Currencies
Bond (launched
as at 27 April
2011)
USD

Brazil Bond
USD

Emerging
Inflation Linked
Bond (launched
as at 30 June
2011)
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

1,690,039.632
26.16

N/A
N/A

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

61

Key Figures as at 31 March 2012

Market Specific
Equity Sub-Funds

Bond Sub-Funds

US Equity
USD

Asian Currencies
Bond (launched
as at 27 April
2011)
USD

Brazil Bond
USD

Emerging
Inflation Linked
Bond (launched
as at 30 June
2011)
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

4,792.434
150.18

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

1,689,949.823
9.41

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

1,211,199.493
10.38

N/A
N/A

N/A
N/A

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

191,657.185
25.99

N/A
N/A

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

62

Key Figures as at 31 March 2012

Bond Sub-Funds
Euro Bond
EUR

Euro Credit Bond

EUR

Euro High Yield

Bond
EUR

Global Bond
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

151,686.936
21.67

6,128,690.088
20.95

7,108,393.021
28.84

280,928.180
17.18

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

54,803.604
17.73

213,448.321
15.51

305,829.477
19.67

1,889,399.616
14.49

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

92,176.575
21.34

123,971.575
20.64

184,286.404
28.38

197,157.621
13.22

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

3.650
23.17

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

3,606,876.486
22.62

14,166,478.926
22.08

9,916,419.466
30.67

621,909.276
17.60

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

2,649,846.728
30.78

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

63

Key Figures as at 31 March 2012

Bond Sub-Funds
Euro Bond
EUR

Euro Credit Bond

EUR

Euro High Yield

Bond
EUR

Global Bond
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

469,580.994
11.84

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

64

Key Figures as at 31 March 2012

Bond Sub-Funds
Euro Bond
EUR

Euro Credit Bond

EUR

Euro High Yield

Bond
EUR

Global Bond
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

3,241.899
199.82

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

1,505,535.790
30.83

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

51,566.808
31.63

556,391.762
16.07

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

12,787.729
17.40

N/A
N/A

8,379,306.955
14.96

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

65

Key Figures as at 31 March 2012

Bond Sub-Funds

Global Credit
Bond
USD

Global Emerging
Markets Bond
USD

Global Emerging Global Emerging

Markets
Markets
Corporate Debt Investment Grade
USD
Bond
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

1,374.350
111.12

2,085,787.844
30.80

18,563.689
10.61

3,977.689
10.95

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

19,822.747
16.80

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

3,600.000
146.37

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

558,230.355
30.52

N/A
N/A

N/A
N/A

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

6,125.817
16.86

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

575,085.148
19.65

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

3,046,660.837
26.24

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

477,133.602
30.31

N/A
N/A

53,391.802
10.95

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

25,137.390
24.82

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

37,125.095
112.63

26,566,289.382
32.04

1,150.000
10.73

2,667,406.643
11.06

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

3,600.000
148.18

202,983.724
13.49

N/A
N/A

628,935.000
147.49

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

10,804,881.041
21.60

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

22,929,148.687
20.74

N/A
N/A

10,000.000
144.93

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

66

Key Figures as at 31 March 2012

Bond Sub-Funds

Global Credit
Bond
USD

Global Emerging
Markets Bond
USD

Global Emerging Global Emerging

Markets
Markets
Corporate Debt Investment Grade
USD
Bond
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

8,071,983.008
30.90

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

8,834,651.489
19.98

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

67

Key Figures as at 31 March 2012

Bond Sub-Funds

Global Credit
Bond
USD

Global Emerging
Markets Bond
USD

Global Emerging Global Emerging

Markets
Markets
Corporate Debt Investment Grade
USD
Bond
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

50.000
113.23

1,040,514.708
32.05

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

139,850.000
113.96

N/A
N/A

999,000.000
10.83

N/A
N/A

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

4,460,407.574
26.23

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

68

Key Figures as at 31 March 2012

Bond Sub-Funds

Global Emerging
Markets Local
Debt
USD

Global High
Income Bond
USD

Latin American
Global Inflation
Local Debt
Linked Bond
USD (launched as at 19
May 2011)
USD

Class AC

Number of Shares Outstanding

Net Asset Value per Share

9,399,548.983
14.52

954,895.664
11.34

8,521.808
113.88

90,487.000
9.67

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

772.917
16.35

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

77,702.042
13.16

N/A
N/A

20,943.551
152.69

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

948.773
8.50

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

3,370,163.003
12.74

N/A
N/A

N/A
N/A

N/A
N/A

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

16,263.086
16.35

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

58,284,316.833
10.35

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

58,840.579
8.44

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

1,206,813.121
14.39

N/A
N/A

18,132.179
113.65

N/A
N/A

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

9,417,249.119
15.01

N/A
N/A

10,000.000
114.68

500.000
9.73

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

23,878.956
154.22

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

16,662.928
185.52

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

26,289,152.203
13.19

N/A
N/A

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

2,970,297.030
13.21

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

69

Key Figures as at 31 March 2012

Bond Sub-Funds

Global Emerging
Markets Local
Debt
USD

Global High
Income Bond
USD

Latin American
Global Inflation
Local Debt
Linked Bond
USD (launched as at 19
May 2011)
USD

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

70

Key Figures as at 31 March 2012

Bond Sub-Funds

Global Emerging
Markets Local
Debt
USD

Global High
Income Bond
USD

Latin American
Global Inflation
Local Debt
Linked Bond
USD (launched as at 19
May 2011)
USD

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

4,973,536.446
15.02

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

214,877.748
115.49

1,998,995.211
9.78

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

1.460
12.49

N/A
N/A

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

9,289,551.831
12.63

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

71

Key Figures as at 31 March 2012

Reserve SubFund

Bond Sub-Funds

Other Sub-Funds

RMB Fixed
Income (launched
as at 25 October
2011)
USD

US Dollar Bond
USD

Euro Reserve
EUR

European Equity
Absolute Return
EUR

Class AC

Number of Shares Outstanding

Net Asset Value per Share

889,523.494
10.21

221,777.981
14.78

5,555,719.525
17.35

N/A
N/A

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

166,210.629
13.39

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

891,971.126
10.14

919,489.441
10.58

28,763.889
15.47

N/A
N/A

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

140,720.000
13.69

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

924,357.853
10.16

520,702.076
14.54

N/A
N/A

N/A
N/A

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

4,935,880.741
10.23

392,971.663
14.96

2,447,585.826
17.37

N/A
N/A

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

72

Key Figures as at 31 March 2012

Reserve SubFund

Bond Sub-Funds

Other Sub-Funds

RMB Fixed
Income (launched
as at 25 October
2011)
USD

US Dollar Bond
USD

Euro Reserve
EUR

European Equity
Absolute Return
EUR

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

123,634.122
10.40

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

8,970.909
7.35

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

13,521.618
10.27

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

23,475.694
10.05

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

11,359.909
7.27

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

2,497,772.908
10.61

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

73

Key Figures as at 31 March 2012

Reserve SubFund

Bond Sub-Funds

Other Sub-Funds

RMB Fixed
Income (launched
as at 25 October
2011)
USD

US Dollar Bond
USD

Euro Reserve
EUR

European Equity
Absolute Return
EUR

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

121,008.289
10.67

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

867,325.811
1.59

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

9,000.000
10.25

289,531.000
15.65

N/A
N/A

1,559,055.690
10.65

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

7,029,909.812
11.19

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

74

Key Figures as at 31 March 2012

Other Sub-Funds

GEM Debt Total

Return
USD

GEM Equity
Absolute Return
USD

Global Currency
USD

Global Flex
Allocation
EUR

Class AC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

698,500.000
121.34

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

75

Key Figures as at 31 March 2012

Other Sub-Funds

GEM Debt Total

Return
USD

GEM Equity
Absolute Return
USD

Global Currency
USD

Global Flex
Allocation
EUR

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

11,409,209.007
13.54

14,390.000
10.25

250,000.000
10.32

24,397.000
106.90

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

259,050.180
10.64

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

2,596,953.652
12.54

133,001.919
13.95

346,358.875
14.26

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

154,453.814
15.59

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

315,904.587
117.30

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

187,500.000
1.51

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

6,042,482.469
12.53

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

32,816,211.454
12.09

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

9,389,152.483
13.60

71,146.774
10.12

93,260.560
9.54

4,790.528
105.90

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

48,892.229
13.82

58,829.032
12.78

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

3,944.204
17.57

27,355.655
15.92

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

9,892,957.812
12.32

4,209.826
10.12

992,893.661
10.26

N/A
N/A

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

50.000
105.23

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

76

Key Figures as at 31 March 2012

Other Sub-Funds

GEM Debt Total

Return
USD

GEM Equity
Absolute Return
USD

Global Currency
USD

Global Flex
Allocation
EUR

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

2,023,187.468
10.57

N/A
N/A

149,850.000
107.73

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

9,831,478.874
13.79

N/A
N/A

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

77

Key Figures as at 31 March 2012

Other Sub-Funds
Global Macro
EUR

Global Macro II
EUR

Class AC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class AC
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ACH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ACH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ACH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class AD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class AD
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ADH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ADH
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class AM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class AM
HKD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class AMD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class AMH
SGD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class EC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ED

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class IC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ICH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ICH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ID

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class IDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class J1C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class J1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

78

Key Figures as at 31 March 2012

Other Sub-Funds
Global Macro
EUR

Global Macro II
EUR

Class L1C

Number of Shares Outstanding

Net Asset Value per Share

729,003.644
112.50

70.000
92.08

Class L1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class L1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class L1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

88,012.913
122.18

N/A
N/A

Class L1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class L1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

3,064.738
124.83

N/A
N/A

Class L1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

140,780.507
125.85

N/A
N/A

Class L1D

Number of Shares Outstanding

Net Asset Value per Share

31,378.164
113.12

8,336.300
92.07

Class L1DH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class L1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

1,769.014
120.97

6,549.209
108.50

Class L1DH
USD

Number of Shares Outstanding

Net Asset Value per Share

407.740
98.77

N/A
N/A

Class M1C

Number of Shares Outstanding

Net Asset Value per Share

263,781.750
109.98

2,379.575
91.19

Class M1CH
CHF

Number of Shares Outstanding

Net Asset Value per Share

35,075.923
78.02

N/A
N/A

Class M1CH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class M1CH
GBP

Number of Shares Outstanding

Net Asset Value per Share

928.665
113.21

N/A
N/A

Class M1CH
JPY

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class M1CH
NOK

Number of Shares Outstanding

Net Asset Value per Share

4,788.105
113.54

N/A
N/A

Class M1CH
SEK

Number of Shares Outstanding

Net Asset Value per Share

451,677.977
122.43

N/A
N/A

Class M1CH
USD

Number of Shares Outstanding

Net Asset Value per Share

5,523.744
108.79

N/A
N/A

Class M1D

Number of Shares Outstanding

Net Asset Value per Share

34,791.584
110.12

332.637
89.15

Class M1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

37,694.046
113.30

N/A
N/A

Class M1DH
SEK

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class M2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class M2D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class PC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class PD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class R1C

Number of Shares Outstanding

Net Asset Value per Share

8,248.744
93.79

N/A
N/A

Class S1D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

79

Key Figures as at 31 March 2012

Other Sub-Funds
Global Macro
EUR

Global Macro II
EUR

Class S2C

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class S3D

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class WD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class XC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class YAC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class YC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class YD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ZC

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

76,977.798
93.48

Class ZCH
GBP

Number of Shares Outstanding

Net Asset Value per Share

583.698
101.75

N/A
N/A

Class ZD

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ZDH
EUR

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class Z1DH
GBP

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

Class ZM

Number of Shares Outstanding

Net Asset Value per Share

N/A
N/A

N/A
N/A

The accompanying notes form an integral part of these financial statements.

80

[This page is intentionally left blank]

81

Statement of Operations and Changes in Net Assets as at 31 March 2012

International and
Regional Equity
Sub-Funds
CONSOLIDATED
USD

Asia ex Japan
Equity
USD

Asia ex Japan
Equity Smaller
Companies
USD

Asia Pacific ex
Japan Equity High
Dividend
USD

27,550,553,866

776,006,555

73,130,192

163,544,153

781,358,838

16,582,594

1,842,051

6,729,354

1,739,857

5,716

21,237

87

12,448,507

551,436

63,757

111,157

795,547,202

17,139,746

1,927,045

6,840,598

Management Fees (note 4.2)

(263,156,823)

(8,474,881)

(906,021)

(2,192,052)

Performance Fees (note 4.3)

(2,533,899)

Transaction fees

(48,304,078)

(2,779,301)

(334,746)

(481,306)

Operating, Administrative and Servicing

Fees (note 4.4)

(77,723,762)

(2,163,027)

(209,731)

(584,658)
(947)

Net Assets at the Beginning of the Year

INCOME
Investment Income
Bank Interest
Other Income (note 15)
Total Income
EXPENSES

Other fees
Interest Paid
Total Expenses

(1,442,501)

(10,061)

(54,569,349)

(213)

(100)

(78)

(447,730,412)

(13,427,483)

(1,450,598)

(3,259,041)

Net Investment Profit/(Loss)

347,816,790

3,712,263

476,447

3,581,557

Realised Profit/(Loss) on Sale of

Investments

277,230,540

(9,640,474)

1,471,503

9,279,310

Realised Profit/(Loss) for the year before

Foreign Currency Movement

625,047,330

(5,928,211)

1,947,950

12,860,867

Profit/(Loss) on Foreign Currency

(23,190,468)

(2,070,025)

(132,768)

(814,900)

Change in unrealised
appreciation/(depreciation) of
Investments, futures, forward foreign
exchange contracts, CFD and swaps

(3,901,472,744)

(112,558,976)

(11,426,354)

(22,179,903)

Change in Total Net Assets

as a Result of Operations

(3,299,615,882)

(120,557,212)

(9,611,172)

(10,133,936)

Proceeds on Issue of Shares (note 18)

11,850,787,720

245,262,154

29,684,021

116,517,907

(12,578,849,159)

(267,366,098)

(46,579,283)

(87,310,266)

Dividends Paid (note 13)

(159,960,714)

(749,181)

(42,555)

(2,648,451)

Currency Translation

(287,055,328)

23,075,860,503

632,596,218

46,581,203

179,969,407

Payments on Redemption of Shares

(note 18)

Net Assets as at 31 March 2012

82

The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assets as at 31 March 2012

BRIC Equity
USD

BRIC Markets
USD

BRIC Markets
Equity
USD

China Consumer
Opportunities
(launched as at 23
September 2011)
USD

CIVETS (launched
as at 17 May 2011)
USD

Climate Change
USD

2,077,032,912

41,955,053

706,821,539

40,866,614

35,971,011

661,295

15,344,850

218,150

441,787

1,032,645

3,510

9,557

27

3,240

5,892

597,442

17,032

300,986

2,993

34,932

36,571,963

678,330

15,655,393

218,177

448,020

1,073,469

(15,680,497)

(236,413)

(6,751,925)

(348,578)

(15,535)

(478,191)

(7,129,402)

(29,167)

(522,575)

(236,385)

(119,155)

(57,165)

(6,085,760)

(59,084)

(1,760,306)

(92,954)

(52,179)

(110,006)
(571)

(119,378)

(4,082)

(721)

(3,722)

(439)

(3,101)

(402)

(28,899,741)

(325,385)

(9,157,906)

(678,356)

(189,970)

(646,335)

7,672,222

352,945

6,497,487

(460,179)

258,050

427,134

42,913,257

2,274,700

(6,288,256)

1,159,848

(284,626)

(10,028,038)

50,585,479

2,627,645

209,231

699,669

(26,576)

(9,600,904)

(1,496,251)

(90,714)

(143,055)

(68,878)

(17,201)

(90,171)

(472,967,674)

(9,247,009)

(114,439,598)

7,928,565

162,682

4,987,653

(423,878,446)

(6,710,078)

(114,373,422)

8,559,356

118,905

(4,703,422)

296,474,454

21,552

80,267,260

147,667,269

22,541,626

3,414,840

(487,471,823)

(17,794,981)

(164,640,860)

(75,186,455)

(58,073)

(9,635,762)

(450,620)

(225,552)

(53,365)

1,461,706,477

17,471,546

507,848,965

81,040,170

22,602,458

29,888,905

The accompanying notes form an integral part of these financial statements.

83

Statement of Operations and Changes in Net Assets as at 31 March 2012

Emerging Wealth
USD

Euroland Equity
EUR

Euroland Equity
Smaller
Companies
EUR

Euroland Growth
EUR

31,479,904

1,012,399,563

72,028,576

90,492,275

524,540

28,996,579

1,119,835

2,619,653

1,803

82,276

8,757

11,323

59,380

2,641,260

164,858

308,436

585,723

31,720,115

1,293,450

2,939,412

Management Fees (note 4.2)

(369,663)

(8,721,808)

(760,734)

(587,664)

Performance Fees (note 4.3)

(127,567)

(681,355)

(159,506)

(44,716)

(98,524)

(2,348,705)

(187,727)

(193,804)

(2,052)

(29,456)

(2,464)

(778)

(2,149)

(598,584)

(11,783,473)

(1,107,967)

(828,648)

Net Assets at the Beginning of the Year

INCOME
Investment Income
Bank Interest
Other Income (note 15)
Total Income
EXPENSES

Transaction fees

Operating, Administrative and Servicing

Fees (note 4.4)
Other fees
Interest Paid
Total Expenses
Net Investment Profit/(Loss)

(12,861)

19,936,642

185,483

2,110,764

Realised Profit/(Loss) on Sale of

Investments

(1,778,371)

(43,165,990)

(3,996,969)

(3,147,086)

Realised Profit/(Loss) for the year before

Foreign Currency Movement

(1,791,232)

(23,229,348)

(3,811,486)

(1,036,322)

Profit/(Loss) on Foreign Currency

Change in unrealised
appreciation/(depreciation) of
Investments, futures, forward foreign
exchange contracts, CFD and swaps
Change in Total Net Assets
as a Result of Operations
Proceeds on Issue of Shares (note 18)

Payments on Redemption of Shares

(note 18)
Dividends Paid (note 13)
Currency Translation

Net Assets as at 31 March 2012

84

26,218

10,995

(19,658)

(2,543)

(210,593)

(128,245,536)

(5,571,349)

(7,200,199)

(1,975,607)

(151,463,889)

(9,402,493)

(8,239,064)

5,226,139

314,471,465

36,904,827

9,763,885

(11,735,803)

(577,259,914)

(38,139,554)

(19,714,282)

(49,669)

(2,228,318)

(7,569)

(27,800)

22,944,964

595,918,907

61,383,787

72,275,014

The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assets as at 31 March 2012

European Equity
EUR

Frontier Markets
Global Emerging
(launched as at 30
Markets Elite
November 2011) (liquidated as at 20
May 2011)
USD
USD

Global Emerging
Markets Equity
USD

Global Equity
USD

Latin American
Equity
USD

120,600,765

13,976,745

720,215,938

88,167,851

337,454,578

2,712,957

1,067,257

73,706

15,710,739

1,589,281

7,243,401

4,971

147

10

3,259

25,764

667

180,363

1,897

557,280

67,212

26,593

2,898,291

1,067,404

75,613

16,271,278

1,682,257

7,270,661

(1,081,880)

(384,154)

(17,376)

(5,453,804)

(391,039)

(2,126,739)

(239,077)

(177,645)

(665,624)

(105,085)

(537,469)

(345,091)

(93,259)

(4,346)

(2,090,348)

(208,870)

(826,969)

(25,987)

(169)

(2,014)

(331)

(14,763)

(3,355)

(159)

(1,666,217)

(657,072)

(22,053)

(8,224,539)

(734,336)

(3,491,336)

1,232,074

410,332

53,560

8,046,739

947,921

3,779,325

(6,090,632)

616,429

1,062,796

(24,321,538)

786,923

445,640

(4,858,558)

1,026,761

1,116,356

(16,274,799)

1,734,844

4,224,965

(19,817)

(312,880)

(70,855)

(1,334,508)

(58,424)

(525,300)

(4,555,646)

7,170,423

(978,097)

(98,304,413)

(2,471,610)

(47,806,243)

(9,434,021)

7,884,304

67,404

(115,913,720)

(795,190)

(44,106,578)

25,249,850

88,258,324

184,650,344

8,487,594

57,290,498

(44,857,893)

(26,958,256)

(14,044,149)

(147,513,467)

(27,900,428)

(164,750,718)

(1,574,218)

(3,746,042)

(872,659)

(706,734)

89,984,483

69,184,372

637,693,053

67,087,168

185,181,046

The accompanying notes form an integral part of these financial statements.

85

Statement of Operations and Changes in Net Assets as at 31 March 2012

Market Specific
Equity Sub-Funds
Middle East and
North Africa Equity
USD

Brazil Equity
USD

Chinese Equity
USD

Hong Kong Equity

USD

10,333,463

2,543,613,754

2,954,044,156

437,909,828

416,238

65,929,341

64,256,959

10,848,942

821

734

38

354

90,089

3,244,921

420,885

416,595

66,020,251

67,502,614

11,269,865

Management Fees (note 4.2)

(62,366)

(29,095,104)

(34,149,904)

(3,073,778)

Performance Fees (note 4.3)

Transaction fees

(15,721)

(4,509,684)

(14,300,645)

(1,827,269)

Operating, Administrative and Servicing

Fees (note 4.4)

(30,152)

(6,985,806)

(9,439,449)

(1,187,744)

Net Assets at the Beginning of the Year

INCOME
Investment Income
Bank Interest
Other Income (note 15)
Total Income
EXPENSES

Other fees
Interest Paid
Total Expenses
Net Investment Profit/(Loss)

Realised Profit/(Loss) on Sale of

Investments
Realised Profit/(Loss) for the year before
Foreign Currency Movement
Profit/(Loss) on Foreign Currency

Change in unrealised
appreciation/(depreciation) of
Investments, futures, forward foreign
exchange contracts, CFD and swaps
Change in Total Net Assets
as a Result of Operations
Proceeds on Issue of Shares (note 18)

Payments on Redemption of Shares

(note 18)
Dividends Paid (note 13)
Currency Translation

Net Assets as at 31 March 2012

86

(11,883)

(195)

(10,130)

(197)

(38)

(108,434)

(40,600,724)

(57,902,078)

(6,088,829)

308,161

25,419,527

9,600,536

5,181,036

(407,805)

33,777,305

12,478,051

(1,254,382)

(99,644)

59,196,832

22,078,587

3,926,654

(9,393)

(6,850,936)

(1,315,452)

(181,572)

117,268

(401,262,733)

(484,935,459)

(61,076,569)

8,231

(348,916,837)

(464,172,324)

(57,331,487)

2,352,029

1,366,216,165

318,857,059

49,814,226

(3,550,408)

(1,591,629,734)

(682,707,944)

(102,354,140)

(9,500)

(2,138,495)

(6,278,868)

(4,522,776)

9,133,815

1,967,144,853

2,119,742,079

323,515,651

The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assets as at 31 March 2012

Indian Equity
USD

Japanese Equity
JPY

Korean Equity
USD

Russia Equity
USD

Singapore Equity
USD

Taiwan Equity
USD

5,917,782,756

5,247,366,135

153,459,927

503,883,135

72,779,560

35,195,281

55,779,834

109,798,028

9,136,664

3,151,024

953,954

6,632

616,474

155

134

155,451

1,666,998

159,364

209,013

93,008

55,941,917

112,081,500

159,519

9,345,811

3,244,032

953,955

(65,188,824)

(48,486,757)

(1,798,612)

(9,435,610)

(888,476)

(452,262)

(8,266,164)

(2,880,269)

(1,037,618)

(1,507,751)

(253,651)

(158,609)

(18,076,536)

(14,723,300)

(505,900)

(2,187,367)

(274,138)

(119,055)

(183,642)

(646,610)

(131,873)

(2,095)

(143)

(15,791)

(29,258)

(1,052)

(3,154)

(908)

(492)

(91,730,957)

(66,766,194)

(3,475,055)

(13,133,882)

(1,419,268)

(730,561)

(35,789,040)

45,315,306

(3,315,536)

(3,788,071)

1,824,764

223,394

447,608,549

(542,324,423)

7,988,850

(23,202,701)

2,553,165

(2,509,026)

411,819,509

(497,009,117)

4,673,314

(26,990,772)

4,377,929

(2,285,632)

(15,348,695)

(9,699,646)

(213,208)

(1,329)

(375,042)

(74,524)

(1,769,499,663)

337,330,307

(31,857,115)

(144,683,985)

(3,792,304)

(1,270,147)

(1,373,028,849)

(169,378,456)

(27,397,009)

(171,676,086)

210,583

(3,630,303)

601,075,990

3,431,788,403

102,478,759

782,832,265

58,191,571

36,156,254

(1,150,007,912)

(2,304,781,383)

(116,539,467)

(492,400,478)

(56,451,042)

(46,897,594)

(109,188)

(21,084,178)

(138)

(699,437)

(193,638)

3,995,712,797

6,183,910,521

112,002,210

622,638,698

74,031,235

20,630,000

* Please refer to note 7 related to the Korean Withholding Tax.

The accompanying notes form an integral part of these financial statements.

87

Statement of Operations and Changes in Net Assets as at 31 March 2012

Thai Equity
USD

Turkey Equity
EUR

UK Equity
GBP

US Equity
USD

136,229,473

142,715,776

48,624,419

170,599,436

5,495,638

2,300,931

1,985,991

2,093,256

58

201,067

1,636

18,085

59,541

497,819

6,507

16,342

5,555,237

2,999,817

1,994,134

2,127,683

Management Fees (note 4.2)

(1,748,831)

(1,947,792)

(899,299)

(1,798,038)

Performance Fees (note 4.3)

Transaction fees

(398,007)

(220,622)

(351,727)

(104,667)

Operating, Administrative and Servicing

Fees (note 4.4)

(402,629)

(447,042)

(186,394)

(507,938)
(11,949)

Net Assets at the Beginning of the Year

INCOME
Investment Income
Bank Interest
Other Income (note 15)
Total Income
EXPENSES

Other fees
Interest Paid
Total Expenses
Net Investment Profit/(Loss)

(21,300)

(999)

(1,225)

(138)

(647)

(2,571,766)

(2,616,681)

(1,437,558)

(2,423,239)

2,983,471

383,136

556,576

(295,556)

Realised Profit/(Loss) on Sale of

Investments

13,382,315

(24,427,263)

1,463,576

785,804

Realised Profit/(Loss) for the year before

Foreign Currency Movement

16,365,786

(24,044,127)

2,020,152

490,248

Profit/(Loss) on Foreign Currency

(506,273)

(176,146)

(79,533)

100,341

Change in unrealised
appreciation/(depreciation) of
Investments, futures, forward foreign
exchange contracts, CFD and swaps

(5,259,135)

8,223,472

(1,277,268)

5,220,749

Change in Total Net Assets

as a Result of Operations

10,600,378

(15,996,801)

663,351

5,811,338

Proceeds on Issue of Shares (note 18)

Payments on Redemption of Shares

(note 18)
Dividends Paid (note 13)
Currency Translation

Net Assets as at 31 March 2012

88

165,509,747

124,921,033

60,056,680

149,796,629

(167,068,163)

(132,065,998)

(30,827,054)

(144,433,309)

(1,421,397)

(57,587)

(435,247)

(142,480)

143,850,038

119,516,423

78,082,149

181,631,614

The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assets as at 31 March 2012

Bond Sub-Funds
Asian Currencies
Bond (launched as
at 27 April 2011)
USD

Brazil Bond
USD

Emerging Inflation
Linked Bond
(launched as at 30
June 2011)
USD

Euro Bond
EUR

Euro Credit Bond

EUR

Euro High Yield

Bond
EUR

60,309,377

78,001,894

409,950,506

528,034,276

1,839,772

1,533,541

3,442,140

3,329,134

21,316,847

36,600,877

156

1,990

6,913

11,015

74,805

60,342

2,000

42,077

156,809

1,839,928

1,535,531

3,451,053

3,340,149

21,433,729

36,818,028

(260,678)

(589,722)

(689,483)

(338,864)

(2,224,431)

(4,202,344)

(117,807)

(13,467)

(16,835)

(135,402)

(193,467)

(253,645)

(130,598)

(869,558)

(1,192,463)

(17,339)

(26,806)

(84)

(184)

(4,068)

(113,487)

(2,252,122)

(201,377)
(5,613,019)

(513,971)

(783,373)

(947,196)

(600,288)

(5,386,384)

1,325,957

752,158

2,503,857

2,739,861

16,047,345

31,205,009

1,144,221

433,388

(16,836,634)

682,790

479,480

(14,684,598)

2,470,178

1,185,546

(14,332,777)

3,422,651

16,526,825

16,520,411

(146,404)

213,202

(873,713)

(620)

4,269

(21,648)

80,468

(2,326,372)

9,571,207

2,710,453

8,994,356

(4,188,053)

2,404,242

(927,624)

(5,635,283)

6,132,484

25,525,450

12,310,710

97,737,805

44,428,632

236,213,017

79,266,609

254,145,011

605,909,832

(18,898,946)

(44,085,984)

(91,396,222)

(75,562,347)

(242,112,761)

(495,898,474)

(680,842)

(35,351)

(158,879)

(392,544)

81,243,101

59,043,559

139,181,512

87,803,289

447,349,327

649,963,800

The accompanying notes form an integral part of these financial statements.

89

Statement of Operations and Changes in Net Assets as at 31 March 2012

Global Bond Global Credit Bond

USD
USD

Net Assets at the Beginning of the Year

Global Emerging
Global Emerging
Markets Bond Markets Corporate
Debt
USD
USD

112,015,501

20,622,837

1,331,154,117

10,178,686

INCOME
Investment Income

3,821,842

1,045,054

110,212,213

706,497

Bank Interest

13,941

1,240

8,122

Other Income (note 15)

14,764

42

3,850,547

1,046,294

110,220,377

706,497

Management Fees (note 4.2)

(388,562)

(31,167)

(10,065,521)

(776)

Performance Fees (note 4.3)

Transaction fees

(295,383)

(42,035)

(4,581,358)

(25,976)

(1,125)

(159)

(2,275)

(39)

(3,938,501)

Total Expenses

(685,070)

(73,400)

(18,587,655)

(26,752)

Net Investment Profit/(Loss)

3,165,477

972,894

91,632,722

679,745

Realised Profit/(Loss) on Sale of

Investments

2,664,982

358,205

(12,012,243)

(78,513)

Realised Profit/(Loss) for the year before

Foreign Currency Movement

5,830,459

1,331,099

79,620,479

601,232

930,176

(199,489)

603,755

(786)

92,351

(104,534)

84,652,113

63,814

6,852,986

1,027,076

164,876,347

664,260

Total Income
EXPENSES

Operating, Administrative and Servicing

Fees (note 4.4)
Other fees
Interest Paid

Profit/(Loss) on Foreign Currency

Change in unrealised
appreciation/(depreciation) of
Investments, futures, forward foreign
exchange contracts, CFD and swaps
Change in Total Net Assets
as a Result of Operations
Proceeds on Issue of Shares (note 18)

Payments on Redemption of Shares

(note 18)
Dividends Paid (note 13)
Currency Translation

Net Assets as at 31 March 2012

90

209,000,507

589,000

1,678,407,210

265,545

(138,753,556)

(901,000)

(811,441,250)

(81,882)

(2,886,865)

(35,716,423)

186,228,573

21,337,913

2,327,280,001

11,026,609

The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assets as at 31 March 2012

Global Emerging
Markets
Investment Grade
Bond
USD

Global Emerging
Markets Local
Debt
USD

Global High
Income Bond
USD

Global Inflation
Linked Bond
USD

Latin American
Local Debt
(launched as at 19
May 2011)
USD

RMB Fixed Income

(launched as at 25
October 2011)
USD

22,612,739

668,552,245

1,210,337,809

38,820,270

4,551,013

52,059,043

48,682,908

674,647

731,667

364,795

3,168

51,021

34,654

3,088

337

76,538

10,940

545

32

4,554,181

52,121,004

48,718,107

677,735

732,004

441,365

(323,812)

(5,391,942)

(10,363,434)

(71,631)

(2,552)

(103,682)

(3)

(209,495)

(2,110,643)

(2,072,687)

(68,523)

(42,515)

(48,168)

(725)

(236)

(319,609)

(15,138,945)

(19,583)

(6,559)

(103)

(296)

(852,916)

(22,641,533)

(12,456,429)

(146,949)

(45,170)

(152,146)

3,701,265

29,479,471

36,261,678

530,786

686,834

289,219

(659,232)

(7,883,972)

4,473,731

(630,340)

(1,137,456)

19,248

3,042,033

21,595,499

40,735,409

(99,554)

(450,622)

308,467

47,514

(605,255)

3,186,289

(609,349)

(52,847)

(83,783)

875,330

(14,289,029)

1,378,730

3,983,548

44,360

285,255

3,964,877

6,701,215

45,300,428

3,274,645

(459,109)

509,939

119,257,767

634,260,742

379,166,677

7,263,080

20,893,959

102,642,448

(21,506,046)

(375,952,431)

(974,565,897)

(10,392,914)

(1,349)

(19,520,575)

(15,991,163)

(45,980,675)

124,329,337

917,570,608

614,258,342

38,965,081

20,433,501

83,631,812

The accompanying notes form an integral part of these financial statements.

91

Statement of Operations and Changes in Net Assets as at 31 March 2012

Reserve SubFund

Net Assets at the Beginning of the Year

Other Sub-Funds

US Dollar Bond
USD

Euro Reserve
EUR

European Equity
Absolute Return
EUR

GEM Debt Total

Return
USD

95,003,755

22,008,155

18,769,159

1,098,763,853

INCOME
Investment Income

2,367,124

478,793

228,896

81,625,890

Bank Interest

19,279

2,979

15,042

232,354

Other Income (note 15)

93,180

1,788

2,392

12,932

2,479,583

483,560

246,330

81,871,176

Management Fees (note 4.2)

(233,592)

(284,139)

(17,085)

(6,272,304)

Performance Fees (note 4.3)

(8)

(2,531,815)

Transaction fees

(197,888)

(77,512)

(54,123)

(3,025,507)

Total Income
EXPENSES

Operating, Administrative and Servicing

Fees (note 4.4)
Other fees

(723)

(1,601)

(18,096)

(1,057)

(55)

(257,308)

(26,818,729)

Total Expenses

(433,260)

(361,706)

(330,125)

(38,666,451)

Net Investment Profit/(Loss)

2,046,323

121,854

(83,795)

43,204,725

Realised Profit/(Loss) on Sale of

Investments

3,652,201

121,854

970,633

(14,497,081)

Realised Profit/(Loss) for the year before

Foreign Currency Movement

5,698,524

243,708

886,838

28,707,644

Interest Paid

Profit/(Loss) on Foreign Currency

161,961

(5,738)

56,630

4,065,014

Change in unrealised
appreciation/(depreciation) of
Investments, futures, forward foreign
exchange contracts, CFD and swaps

2,165,985

23,784

329,920

(43,374,376)

Change in Total Net Assets

as a Result of Operations

8,026,470

261,754

1,273,388

(10,601,718)

Proceeds on Issue of Shares (note 18)

132,737,990

174,854,463

2,275,992

641,280,047

Payments on Redemption of Shares

(note 18)

(93,430,199)

(57,755,873)

(3,900,749)

(578,185,238)

(4,886,641)

(311)

(21,822,340)

137,451,375

139,368,188

18,417,790

1,129,434,604

Dividends Paid (note 13)

Currency Translation

Net Assets as at 31 March 2012

92

The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assets as at 31 March 2012

GEM Equity
Absolute Return
USD

Global Currency
USD

Global Flex
Allocation
EUR

Global Macro
EUR

Global Macro II
EUR

Multi Government
Bond Strategies
(Formerly Global
Bond Market
Neutral Liquidated on 2
March 2012)
EUR

30,096,792

84,761,711

14,921,457

630,916,883

32,182,463

73,801,656

358,261

471,899

2,705,466

281,249

1,564,450

2,012

22,232

14,753

311,408

24,929

34,594

98,660

2,104

6,517

673

458,933

22,232

488,756

3,023,391

306,851

1,599,044

(75,515)

(819,947)

(5,923)

(4,938,817)

(132,580)

(180,848)

(5)

(1,551)

(52,438)

(111,818)

(163,991)

(32,802)

(1,142,126)

(46,696)

(59,922)

(62,090)

(57,298)

(10,562)

(471,679)

(17,224)

(427,634)

(6,998)

(1,668)

(1,290,266)

(158,356)

(1,581,901)

(677,057)

(1,048,239)

(50,955)

(7,844,439)

(390,070)

(1,839,895)

(218,124)

(1,026,007)

437,801

(4,821,048)

(83,219)

(240,851)

438,334

3,964,726

501,635

(32,469,370)

(5,302,360)

(4,973,279)

220,210

2,938,719

939,436

(37,290,418)

(5,385,579)

(5,214,130)

(58,421)

(835,958)

181,847

1,768,869

139,623

549,155

(1,658,250)

(1,446,265)

172,406

(627,901)

(74,733)

423,611

(1,496,461)

656,496

1,293,689

(36,149,450)

(5,320,689)

(4,241,364)

7,490,512

6,440,844

3,254,537

197,874,399

25,821,995

787,915

(11,196,895)

(29,574,283)

(205,533)

(580,741,228)

(43,756,717)

(70,348,207)

24,893,948

62,284,768

19,264,150

211,900,604

8,927,052

The accompanying notes form an integral part of these financial statements.

93

Notes to the Financial Statements

1. Basis of presentation
HSBC Global Investment Funds (the Company) is incorporated under the laws of the Grand Duchy of Luxembourg as
an investment company with variable capital (Socit dInvestissement Capital Variable or SICAV). The capital
comprises various Classes of Shares each relating to a separate portfolio (a sub-fund) consisting of securities, cash
and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the
individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are
expressed in the currency designated in the Prospectus for that particular sub-fund and the financial statements of the
Company are expressed in United States Dollars (USD). The financial statements have been prepared in accordance
with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.
The Company is an officially registered investment fund under part I of the Luxembourg law of 17 December 2010 on
undertakings for collective investment (the 2010 Law) and has been certified as a UCITS fund under the European
directive 2009/65/EC.
Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section
104 of the Securities and Futures Ordinance.
In the Prospectus and in the various reports, the short names of the sub-funds are used. The complete name of each
sub-fund consists of HSBC Global Investment Funds plus the short name of the sub-fund.
From 1 April 2011 to 31 March 2012:
1) The following sub-funds have been liquidated:
Global Emerging Markets Elite on 20 May 2011
Multi Government Bond Strategies on 2 March 2012.
2) The following sub-funds have been opened:

Asian Currencies Bond on 27 April 2011

CIVETS on 17 May 2011
Latin American Local Debt on 19 May 2011
Emerging Inflation Linked Bond on 30 June 2011
China Consumer Opportunities on 23 September 2011
RMB Fixed Income on 25 October 2011
Frontier Markets on 30 November 2011

3) The following sub-fund has changed its name:

Global Bond Market Neutral has changed its name to Multi Government Bond Strategies on 31 May 2011.

94

Notes to the Financial Statements (continued)

1. Basis of presentation (continued)
The following investment advisers changes have occurred during the year:
Name of the Sub-fund
Emerging Wealth

Investment Adviser from 1 June 2011

HSBC Global Asset Management (UK) Limited

Name of the Sub-fund

Euro Bond
Euro Credit Bond
Euro High Yield Bond
Global Credit Bond
Global Inflation Linked Bond
BRIC Markets
BRIC Markets Equity
Climate Change
Euroland Equity
Euroland Equity Smaller Companies
Euroland Growth
Global Equity
Japanese Equity
US Equity
Global Flex Allocation
Global Macro
Global Macro II
Multi Government Bond Strategies
(Formerly Global Bond Market Neutral)

Investment Adviser from 1 July 2011

HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (UK) Limited
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (UK) Limited
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)
HSBC Global Asset Management (France)

Name of the Sub-fund

Latin American Equity
Brazil Equity

Investment Adviser from 1 September 2011

HSBC Bank Brasil S.A.- Banco Multiplo
HSBC Bank Brasil S.A.- Banco Multiplo

Name of the Sub-fund

Climate Change

Investment Adviser from 30 September 2011

HSBC Global Asset Management (UK) Limited

Name of the Sub-fund

Global High Income Bond

BRIC Markets

Sub-Investment Adviser
HSBC Global Asset Management (UK) Limited has
appointed HSBC Global Asset Management (USA) Inc to
provide discretionary investment management services
in respect of a part of the sub-fund's portfolio. HSBC
Global Asset Management (France) (replacing Halbis
Capital Management (France) from 1 July 2011) will
continue
to
provide
discretionary
investment
management services in respect of a part of the subfund's portfolio.
Until 30 June 2011, Sinopia Asset Management (UK)
Limited has appointed HSBC Global Asset Management
(UK) Limited to provide non-binding investment advice in
respect of a part of the sub-funds portfolio.

95

Notes to the Financial Statements (continued)

2. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered
material in relation to the Companys financial statements.
a) Accounting convention
The financial statements have been prepared under the historical cost convention modified by the revaluation of
investments.
b) Assets and portfolio securities valuation
Portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the
last available price on the principal market on which such securities are traded. Securities traded on other organised
markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised
markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other
permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith
by or under the direction of the Directors.
The assets of each share class within each sub-fund are valued using prices available at different times during the day of
30 March 2012, being the last business day of the reporting period (31 March 2012 was not a business day). If the
Company had calculated the net asset values solely with a view to publication, the market prices used to value the net
assets would have been the closing prices on 30 March 2012. However, these net asset values would not have been
significantly different from those shown in these financial statements.
The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised
market are valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds
are valued at their last available net asset value reduced by any applicable charges.
The Company uses the amortized cost method of valuation in valuing its portfolio of financial instruments in the form of
short term debt (such as commercial paper, certificate of deposit, treasury bills).
c) Income and Expenses
Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.
d) Foreign Exchange
The cost of investments, income and expenses in currencies other than the fund relevant reporting currency have been
recorded at the rate of exchange ruling at the time of the transaction. The market value of investments and other assets
and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange
ruling at 30 March 2012.
e) Realised Profit/(Loss) on Sale of Investments
Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and
the sale proceeds.
f) Segregated Liability
The Company has segregated liability between its sub-funds; meaning, the assets of a sub-fund are exclusively
available to satisfy the rights of shareholders in relation to that sub-fund and the rights of creditors whose claims
have arisen in connection with the creation, operation and liquidation of that sub-fund.

96

Notes to the Financial Statements (continued)

3. Share capital
The Company has issued either A, E, I, J, L, M, P, R, S, W, X, Y, Z and ZP Shares to investors in one or several subfunds as detailed below.
Within each Share Class of a sub-fund, the Company shall be entitled to create different sub-classes, distinguished by
their distribution policy (Capital-Accumulation (C), Distribution (D) and Monthly Distribution (M) Shares), their reference
currency, their hedging activity (H) and/or by any other criteria stipulated by the Board of Directors.
All share classes are available as both Capital Accumulation and Distribution shares.
Class

Description

Class A

A Shares are available to all investors.

USD

Minimum Initial
Investment
Minimum Holding
5,000

Class E

E Shares are available in certain countries, subject to the

relevant regulatory approval, through specific distributors
selected by the Distributor. E Shares will incur annual
management fee, equivalent to that of the Class A Shares plus
0.3% to 0.5% per annum of the Net Asset Value of Class E
Shares, which may be payable to specific distributors in certain
countries.

USD

5,000

Class I

I Shares are available through specific distributors selected by

the Distributor.

USD

1,000,000

Class J

J Shares are available for investment by fund of fund ranges

managed by the HSBC Group only.

USD

100,000

Class L

L Shares are available through specific distributors selected by

the Distributor, provided that the investors qualify as
institutional investors within the meaning of article 174 of the
2010 Law.

USD

1,000,000

Class M

M Shares are available to all investors.

USD

5,000

Class P

P Shares are available for subscription in certain jurisdictions or

through certain distributors selected by the Distributor.

USD

50,000

Class R

R Shares are available in certain countries, subject to the

relevant regulatory approval, through specific distributors
selected by the Distributor. R Shares will incur annual
management fees equivalent to that of the Class M shares plus
0.3% to 0.5% per annum of the Net Asset Value of Class R
Shares, which may be payable to specific distributors in certain
countries.

USD

5,000

Class S

S Shares are available in certain jurisdictions or through certain

distributors selected by the Distributor provided that the
investors qualify as institutional investors within the meaning of
article 174 of the 2010 Law.

USD

100,000

97

Notes to the Financial Statements (continued)

3. Share capital (continued)

98

Class

Description

Minimum Initial
Investment
Minimum Holding
100,000

Class W

W Shares are available through specific distributors that will

also be members or affiliated entities of the HSBC Group as
selected by the Distributor provided that the investors
qualify as institutional investors within the meaning of article
174 of the 2010 Law. No Operating, Administrative and
Servicing Expenses will be charged to Class W Shares. All
the fees and charges allocated to this class will be paid
directly by members or affiliated entities of the HSBC
Group.

USD

Class X

X Shares are available through specific distributors selected

by the Distributor, provided that the investors qualify as
institutional investors within the meaning of article 174 of
the 2010 Law and fall into one of the following categories:
companies or company pension funds, insurance
companies or registered charities or funds managed or
advised by an HSBC Group entity and other such
institutional investors, as agreed by the Board of Directors.

USD

10,000,000
Unless otherwise
provided in the SubFund characteristics
of the Prospectus

Class Y

Y Shares are available in certain jurisdictions through

specific distributors appointed by the Distributor.

USD

1,000

Class Z

Z Shares are available to investors having entered into a

discretionary management agreement with an HSBC Group
entity and to investors subscribing via distributors selected
by the Distributor, provided that such investors qualify as
institutional investors within the meaning of article 174 of
the 2010 Law.

USD

1,000,000

Class ZP

ZP Shares are available to investors having entered into a

discretionary management agreement with an HSBC Group
entity and to investors subscribing via distributors selected
by the Distributor provided that such investors qualify as
institutional investors within the meaning of article 174 of
the 2010 Law.

USD

1,000,000

Notes to the Financial Statements (continued)

3. Share capital (continued)
The Board of Directors of the Company is authorised to issue different Classes of Shares in one or more sub-funds.
Details of the characteristics of such Share Classes offered will be determined at the sole discretion of the Board of
Directors. In case of the creation of any additional Classes of Shares, the Prospectus will be updated.
The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments.
All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally in
assets of the relevant class of the sub-fund to which it relates on liquidation and in dividends and other distributions as
declared for such sub-fund. The Shares will carry no preferential or pre-emptive rights and each whole Share will be
entitled to one vote at all meetings of shareholders.
The minimum initial investment amount may be waived or reduced at the discretion of the Company.
Share Class Denominations and Successive Classes:
The Share Classes issued in the different sub-funds are designated by their class name, followed by their distribution
characteristics and, if applicable, their specific hedging policy and the currency into which the Base Currency is hedged.
This means that for example Shares issued in Class A which are distributing income and applying a hedging policy to
Euro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating income would be
identified as IC.
Distribution Shares are identifiable by a "D" following the sub-fund and Class names (e.g.: Class AD), with the exception
of Monthly Distribution Shares which are identifiable by an "M" following the sub-fund and Class names (e.g.: Class AM).
Successive Classes J, L, M, R and ZP in a given sub-fund are numbered 1, 2, 3 and will be referred to as J1, J2, J3,
(), L1, L2, L3 (), M1, M2, M3 () etc.
Successive Classes S Shares will be issued in different sub-funds, and numbered 1, 2, 3 etc. and will be referred to as
S1, S2, S3, etc. for the S Class launched in the first sub-fund, S Class launched in the second sub-fund and S Class
launched in the third sub-fund, respectively and as disclosed in the relevant sub-fund characteristics (see Section 3.2. of
the Prospectus).
Within each Share Class of a sub-fund, separate currency hedged classes may be issued (suffixed by H and the
currency into which the Base Currency is hedged or the currency into which the currency the sub-fund total assets are
primarily invested in, is hedged. These currency hedged share classes will be named : "ACHEUR" or "ACHGBP" for a
Capital-Accumulation Share Class hedged into Euro or Pound Sterling). Any fees of the Administrator relating to the
execution of the currency hedging policy will be borne by the relevant currency hedged class. These fees are in addition
to the operating, administrative and servicing expenses detailed below. Any gains or losses shall also accrue to the
relevant currency hedged class.
4. Charges and Expenses
1. Explanation of the Charging Structure
Investment in the Company is generally offered via charging structures, as represented by the A, E, I, J, L, M, P, R, S,
W, X, Y, Z and ZP Classes of Shares.
The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investment
management, investment advisory and distribution services provided in relation to the relevant class (see paragraph (2)
headed Management Fee below).
In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicing
expenses. To safeguard shareholders from fluctuations in a sub-funds operating, administrative and servicing expenses,
the Company has agreed with the Management Company that the fee charged to cover such operating, administrative
and servicing expenses is fixed at an annual rate. The potential excess of such expenses above such annual rate will be
borne directly by the Management Company (see paragraph (4) headed Operating, Administrative and Servicing
Expenses / Operating Currency Hedging Fees below).
99

Notes to the Financial Statements (continued)

4. Charges and Expenses (continued)
2. Management Fee
The Company pays to the Management Company an annual management fee calculated as a percentage of the Net
Asset Value of each sub-fund or share class (Management Fee). The Management Fee is accrued daily and payable
monthly in arrears at the rates specified in the table on page 160.
The maximum rate for Class E, I, J, L and M Shares is 3.5%.
The maximum rate for Class A, P, R, S, X, Y, Z and ZP Shares is as stated in the Prospectus.
No Management Fee is currently charged for Class W Shares.
The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the
Company by the Management Company, the Investment Advisers and the Share Distributors. The Management
Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors
and may pay part of such fee to recognised intermediaries or such other person as the Management Company may
determine, at its discretion.
The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the
assets of the Company to any of such service providers. In such case, the Management Fee due to the Management
Company is reduced accordingly.
3. Performance Fee
Unless otherwise provided in the Prospectus, for sub-funds issuing Class J Shares, L Shares, M Shares, R Shares and
ZP Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of
each twelve month period.
Each Dealing Day, the Performance Fee accrual will be calculated as 20% of the difference between the change in the
Net Asset Value per share of the relevant Class of the sub-fund since the previous Dealing Day (net of all other fees and
expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage
defined in the Prospectus for the relevant sub-funds (hereafter the "Percentage") provided that on such Dealing Day the
Net Asset Value per Share of the relevant Class of the sub-fund is higher than the Low Tide Mark (as defined below).
On a Dealing Day when the Net Asset Value exceeds the Low Tide Mark but immediately follows a Dealing Day when
the Net Asset Value per share was below the Low Tide Mark, no accrual is made. On the first issue of the relevant
Class of Shares in a sub-fund, the Low Tide Mark will equal the initial offer price of the relevant Class of Shares of the
sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant Class of Shares of the
sub-fund.
The cumulative Performance Fee accrual from the beginning of the twelve month period will be included in the
calculation of the Net Asset Value per Share. In the event of any change in the Net Asset Value per Share of the relevant
Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily Performance Fee accrual
will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of
zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be
set as the Low Tide Mark. No further daily Performance Fee accrual will be made until the Net Asset Value per Share
exceeds the Low Tide Mark.

100

Notes to the Financial Statements (continued)

4. Charges and Expenses (continued)
3. Performance Fee (continued)
At the end of the twelve month period, the positive balance (if any) of the Performance Fee accrual will become payable
to the Management Company and the Performance Fee accrual in the Net Asset Value per Share of the relevant Class
of Shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When
there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the
relevant Class of Shares, followed by a period of negative performance, all shareholders will participate (in proportion
with their shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual
contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below
the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant
Class of Shares of the sub-fund, including Shares that are newly issued and which only experience positive
performance.
The detailed Performance Fee information can be found in the Prospectus dated December 2011.
If there is a positive balance of the Performance Fee, it will become payable to the Management Company and will be
included in the performance fees balance from the statement of operations. If there was a positive balance of the
Performance Fees accrued as at 31 March 2011 but no performance fees paid during the year ended 31 March 2012 or
payable as at 31 March 2012, the 31 March 2011 accrual reversal is included in the other income balance from the
statement of operations.
With effect from 1 June 2011, the Board of Directors has decided to bring into line the Performance Period starting on
the first issue of each relevant Class of Shares and used for the calculation of the Performance Fee payable annually.
The positive balance (if any) of the Performance Fee accrual will therefore become payable to the Management
Company each year on the last Business Day of November.
The first date on which Performance Fees were paid simultaneously for all relevant Class of Shares was on 30
November 2011.
As a consequence:
1. Any Class of Share that was due to pay a Performance Fee between 1 June 2011 and 30 November 2011 delayed its
payment date until 30 November 2011 (and consequently the next following performance period will be between 12 to
18 months).
2. Any Class of Share that is due to pay a Performance Fee between 1 December 2011 and 31 May 2012 had an earlier
payment date, on 30 November 2011 (and consequently the next following performance period will be between 6 to 12
months).
In relation to performance fees, the following sub-funds stopped paying performance fees compared to last year:
BRIC Equity
Euroland Growth
GEM Equity
4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees
The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing
Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below,
inter alia, payable to the Custodian, Administration Agent, Registrar and Transfer Agent.
This fee is set, for each sub-fund and/or Class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or
class specified in the Companys Prospectus (as specified in the table on page 158). Such fee is accrued daily and
payable monthly in arrears.

101

Notes to the Financial Statements (continued)

4. Charges and Expenses (continued)
4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees (continued)
No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges
allocated to such Class of Shares will be paid directly by a member or an affiliated entity of HSBC Group.
The maximum rate for class A, E, I, J, L, M, P, R, S, X, Y, Z and ZP Shares is 1.0% (but not including the fees of the
Administration Agent relating to the execution of the currency hedging for the currency hedged Share Classes).
However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and
Servicing Expenses applicable to each Class of Shares. In the event of an increase of such expenses, the concerned
shareholders will be given at least three months prior notice of such increase. During this three months notice, such
shareholders may request the redemption of their Shares, free of charge.
Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to
the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary
services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services
payable to the Registrar and Transfer Agent.
Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the
costs of the Subsidiaries (see paragraph (6) below); the Luxembourg asset-based taxe dabonnement, at the rate
referred to under Section Taxation of the Companys Prospectus; attendance fees and reasonable out-of-pocket
expenses incurred by the Board of Directors; legal and auditing fees and expenses; ongoing registration and listing fees,
including translation expenses; the costs and expenses of preparing, printing, and distributing the Companys
Prospectus, Key Investor Information Documents, financial reports, statements and other documents made available
directly or through intermediaries to its shareholders.
The Company pays to the Management Company a fee to cover the expense of the Administration Agent relating to
the execution of the hedged Share Classes launched on or after 1 December 2008.
The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assets
of the Company to any of the aforementioned service providers. In such case the fee due to the Management
Company is reduced accordingly.
5. Transaction expenses and extraordinary expenses
The transaction expenses linked to security dealing are written off against the realised profit/loss from the sale of
investments.
Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments,
brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction
fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to
which they are attributable. Transaction fees are allocated across each sub-funds Share Classes.
The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of
any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.
6. Indian Equity and Global Emerging Markets Equity
The Company's wholly owned subsidiaries in Mauritius, HSBC Global Investment Funds Mauritius Limited ("HSBC
Mauritius") and HSBC GIF Mauritius No. 2 Limited ("HSBC Mauritius No. 2"), (each a Subsidiary or collectively, the
Subsidiaries") are located at Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius. HSBC Mauritius
manages the Indian Equity sub-funds investments in India, whilst HSBC Mauritius No. 2 manages the Global Emerging
Markets Equity sub-funds investments in India.

102

Notes to the Financial Statements (continued)

6. Indian Equity and Global Emerging Markets Equity (continued)
HSBC Mauritius was incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and of
HSBC Mauritius are consolidated.
HSBC Mauritius No. 2 was incorporated in Mauritius on 21 November 2007. The accounts of the Global Emerging
Markets Equity sub-fund and of HSBC Mauritius No. 2 are consolidated.
The Subsidiaries have appointed Multiconsult Limited, Rogers House, 5 President John Kennedy Street, Port Louis,
Mauritius, to provide administrative services to the Subsidiaries in Mauritius, including maintenance of its accounts,
books and records.
The Subsidiaries have appointed KPMG Mauritius, KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors
of the Subsidiaries in Mauritius to perform the auditors duties required by Mauritius law.
7. Taxation of the Company
The following summary is based on the Companys understanding of the law and practice currently in force in the Grand
Duchy of Luxembourg and in other jurisdictions and is subject to changes therein.
Belgium
The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds
registered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the net
outstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is not
substantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds.
To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of
the Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial or long
term, the Management Company may require the sub-funds concerned to bear that tax charge for future periods.
China

Where the Company invests in shares and securities issued by companies tax resident (or with their primary activity) in
PRC, securities issued by government agencies in the PRC or other permissible PRC investments, the Company may
be subject to withholding and other taxes imposed in the PRC. The tax laws, regulations and practice in the PRC are
constantly changing, and they may be changed with retrospective effect. In particular, there is uncertainty as to whether
and how capital gains are to be taxed. Therefore any provision for PRC tax liabilities that the Company may hold is likely
to be excessive or inadequate to meet final PRC tax liabilities, and in particular (but not exclusively) in relation to gains
derived from the disposal of PRC investments.
Consequently, the Company and shareholders may be disadvantaged depending upon the final outcome of how PRC
investment returns will be taxed.
Hong Kong

The Company may be subject to Hong Kong profits tax in relation to a particular sub-fund if it is treated as carrying on a
trade or business in Hong Kong either on its own account or through the agency of the investment adviser of that subfund. If the Company is treated as carrying on business in Hong Kong, a liability to profits tax, the rate of which is
currently 16.5%, will only exist in respect of any profits of the relevant sub-funds which arise in or are derived from
Hong Kong from that trade or business, and which are not capital profits. Such amounts may include, but not be limited
to, profits arising from the disposal of securities (except those held as capital assets) listed on the Hong Kong Stock
Exchange, unlisted securities where the purchase or sale contracts are effected in Hong Kong and interest income
arising from certain debt instruments where the loan funds were first made available to the issuer in Hong Kong.

103

Notes to the Financial Statements (continued)

7. Taxation of the Company (continued)
Hong Kong (continued)
Under the Revenue (Profits Tax Exemption for Offshore Funds) Ordinance 2006, funds resident outside Hong Kong
(Offshore Funds) are exempted from Hong Kong profits tax providing certain conditions are met. It is intended that
affairs of the Company will be conducted as far as possible to comply with the conditions for exemption from profits
tax.
India
On the basis that they are Mauritian tax residents, the Subsidiaries will benefit from the tax advantages available to
them under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries will file,
through their Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it
invests. Until 31 March 2012, capital gains resulting from the purchase and sale by the Subsidiaries of stocks on the
Indian stock exchanges has been exempt from tax on the basis that the Subsidiaries are able to benefit from the
provisions of the India-Mauritius double taxation treaty.
Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exempt
from income tax. The sale and purchase of stocks and securities is exempt from Indian Sales tax.
The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiaries
neither have a permanent establishment nor its effective management and control in India. No guarantee or warranty
can be given or should be assumed that the tax benefits of the said treaty will continue to be available to the Indian
Equity and in Global Emerging Markets Equity sub-funds in future periods due to, among others, changes in the
regulatory environment in Mauritius, India or the European Union.
Dividends paid by the Indian companies are exempt from tax in the hands of the recipients if the said company pays a
dividend distribution tax at the prescribed tax rate on dividends declared, distributed or paid by them on or after 1 April
2003.
India-Mauritius tax treaty benefits shall now be subject to fulfilment of the conditions prescribed under the General AntiAvoidance Rule (GAAR).
The foresaid rules i.e. GAAR have been introduced in the Indian Income Tax Act Finance Bill 2012 and shall be effective
from financial year 2014 i.e. 1st April 2013.
South Korea
In 2011, the South Korean tax authorities issued a "clarification" that the S.Korean/Luxembourg double taxation
agreement was not applicable to Luxembourg SICAVs and that they would be looking to recover amounts they
considered as owing back to 2006 (including penalties). In anticipation of these claims, a provision has been
booked for HGIF Korean Equity corresponding to the withholding tax on dividends. This provision being higher
than the dividend income for the year, the net amount has been booked under the caption Other fees.
Luxembourg
The Company is not liable to any Luxembourg tax on profits or income. The Company is however liable in Luxembourg
to a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of the value of the net
assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for the
Euro Reserve sub-fund and Classes J, L, S, W, X, Z and ZP Shares in the relevant sub-funds. No stamp duty or other tax
is payable in Luxembourg on the issue of shares.
The classes/sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the articles 174
and 175 of the Luxembourg law of 17 December 2010 which include: (i) the shares of the class/sub-fund must be
reserved to institutional investors; (ii) the exclusive object of the class/sub-funds portfolio must be the investment in
money market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of the class/subfunds portfolio must be less than 90 days; and (iv) the class/sub-fund must benefit from the highest possible rating of a
recognized rating agency.
No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.
104

Notes to the Financial Statements (continued)

7. Taxation of the Company (continued)
Luxembourg (continued)
Are also exempt from this tax:
a) sub-funds/Classes whose Shares are reserved for (i) institutions for occupational retirement pension or similar
investment vehicles, set up on one or more employers' initiative for the benefit of their employees and (ii) companies of
one or more employers investing funds they hold, to provide retirement benefits to their employees;
b) sub-funds whose main objective is the investment in microfinance institutions;
c) sub-funds/Classes of Shares whose Shares are listed or traded on at least one stock exchange or another regulated
market operating regularly, recognised and open to the public and whose exclusive object is to replicate the
performance of one or more indices.
Also exempt from the tax are the value of assets represented by units/shares held in other UCIs provided that such
units/shares have already been subject of this tax provided for by Article 174 of the 2010 Law or by the Law of 13
February 2007 as amended.
Mauritius
The Subsidiaries are registered with the Financial Services Commission in Mauritius as offshore companies. As a result
they are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capital gains tax will
be payable in respect of the Subsidiaries investments in India and any dividends and redemption proceeds paid by the
Subsidiaries to the Indian Equity or Global Emerging Markets Equity sub-funds will be exempt from Mauritian
withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by the Mauritius Revenue
Authority. On the basis that they are Mauritian tax residents, the Subsidiaries have to date qualified for certain reliefs
from Indian tax as set out in the Indian tax paragraph above.
Thailand
Where possible, Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which
enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the
sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favourable position,
no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be
available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an
adverse effect on investment returns and a possible impact on the net asset value.
United Kingdom
It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident in
the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not
be subject to United Kingdom corporation tax on its income and capital gains.

105

Notes to the Financial Statements (continued)

7. Taxation of the Company (continued)
France
For the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, the following
sub-funds have invested in excess of 75% of equity or equity equivalent securities, which have their registered office in
a country which is a member of the EU or the European Economic Area.

Euroland Equity
Euroland Equity Smaller Companies
Euroland Growth
European Equity
UK Equity

% of holdings in shares
100.60
95.07
98.23
94.02
91.79

General
In many markets the company, as a foreign investment fund, may be subject to non-recoverable tax on income and
gains (either by withholding or direct assessment) in relation to the investment returns it realizes from its holdings of
shares and securities in those markets. Where practicable the Company will make claims under the relevant double tax
treaties and domestic law of the countries concerned in order to minimize the impact of local taxation on the investment
return and to obtain the best return for its shareholders. Those claims will be made on the basis of the Companys
understanding of the validity of such claims given the information available from the Companys custodians, external
advisers and other sources as to the interpretation and application of the relevant legal provisions by the tax authorities
in the country concerned.
The company will seek to provide for tax on capital gains where it considers that it is more likely than not that the tax will
be payable, given the advice and information available to the Company at the date concerned. However, any provision
held may be insufficient to cover, or be in excess of, any final liability.
The Company will seek to claim concessionary tax treatment and account for tax on a bests efforts basis, given the tax
law and practice at that date. Any change in tax law or practice in any country where the Company is registered,
marketed or invested could affect the value of the Companys investments in the affected country. In particular, where
retrospective changes to tax law or practice are applied by the legislature or tax authorities in a particular country these
may result in a loss for current Sahreholders in the affected sub fund. The Company does not offer any warranty as to
the tax position of returns from investments held in a particular market nor of the risk of a retrospective assessment to
tax in a particular market or country.
8. Public and bank holidays in Hong Kong
HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and Share
Distributor in Hong Kong. There will be no dealing for the shares of the Company in Hong Kong on a day which is a
public or bank holiday in Hong Kong.

106

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts
As at 31 March 2012, the Company had entered into various forward foreign currency contracts, for the purpose of
hedging the portfolio, which obliges the Company to deliver currencies at specified dates. Open contracts are as
follows:
Contracts with a settlement date of 30 March 2012 still appear because they were open at the time of the preparation
and publication of the net asset value of 31 March 2012.
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

1,802,385

Asia ex Japan Equity

EUR

71,362,000

30/03/2012

USD

93,408,797

USD

95,095,279

30/03/2012

EUR

71,362,000

(115,900)

EUR

58,617,000

29/06/2012

USD

78,415,621

(313,744)

USD

1,372,741

Asia Pacific ex Japan Equity High Dividend

USD

3,863

05/04/2012

HKD

30,000

(1)

USD

(1)

Global Emerging Markets Equity

USD

468,419

02/04/2012

ZAR

3,560,470

4,684

USD

654,176

03/04/2012

ZAR

5,009,041

1,875

USD

6,559

(62,032)

US Equity
USD

5,941,868

30/03/2012

EUR

4,500,000

USD

10,648,168

31/05/2012

EUR

8,000,000

(20,841)

EUR

35,885,000

08/06/2012

USD

47,111,157

735,605

USD

1,005,386

08/06/2012

EUR

757,000

(3,953)

USD

648,779

Asian Currencies Bond

KRW

10,809,200,000

18/04/2012

USD

9,496,249

37,465

MYR

9,137,000

18/04/2012

USD

2,994,116

(15,874)
(3,328)

PHP

30,000,000

18/04/2012

USD

701,098

USD

239,808

18/04/2012

SGD

300,000

933

USD

1,620,000

18/04/2012

PHP

70,032,600

(8,900)

USD

810,000

18/04/2012

THB

24,696,900

10,354

USD

2,170,000

18/04/2012

KRW

2,458,610,000

1,508

USD

655,093

18/04/2012

MYR

2,000,000

3,190
107

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Asian Currencies Bond (continued)

USD

1,600,000

18/04/2012

KRW

1,797,600,000

14,533

USD

2,413,043

18/04/2012

IDR

22,200,000,000

(10,106)

USD

2,125,775

18/04/2012

KRW

2,400,000,000

8,985

USD

1,591,658

14/05/2012

IDR

14,500,000,000

13,542

PHP

57,000,000

16/05/2012

USD

1,333,333

(10,192)

USD

42,110

(74)

Emerging Inflation Linked Bond

USD

301,112

02/04/2012

EUR

225,746

USD

66,704

03/04/2012

EUR

50,000

(5)

BRL

1,000,000

08/06/2012

USD

552,792

(13,195)

CLP

1,600,000,000

08/06/2012

USD

3,275,333

(14,533)

ILS

6,050,000

08/06/2012

USD

1,591,052

31,619

KRW

6,250,000,000

08/06/2012

USD

5,558,026

(64,276)

MXN

57,000,000

08/06/2012

USD

4,470,939

(38,733)

USD

1,415,064

08/06/2012

PLN

4,440,000

565

USD

3,205,553

08/06/2012

ILS

12,100,000

(39,957)
105,530

USD

5,192,636

08/06/2012

ZAR

39,500,000

USD

4,229,750

08/06/2012

TRY

7,670,000

6,564

USD

(26,495)

(23,208)

Global Bond

108

USD

2,645,156

02/04/2012

EUR

2,000,000

GBP

167,000

05/04/2012

USD

266,456

1,092

USD

4,852,143

05/04/2012

EUR

3,694,000

(76,269)
3,982

USD

487,677

05/04/2012

CAD

482,000

USD

11,177,735

05/04/2012

EUR

8,378,000

92

USD

2,292,024

05/04/2012

GBP

1,438,000

(11,772)

USD

133,169

05/04/2012

CAD

132,000

705

USD

627,301

05/04/2012

GBP

400,000

(13,533)

USD

1,165,093

05/04/2012

EUR

890,000

(22,316)

USD

267,193

05/04/2012

GBP

170,000

(5,161)

JPY

76,610,000

06/04/2012

USD

944,242

(10,371)

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Global Bond (continued)

USD

1,767,736

06/04/2012

JPY

145,350,000

(4,071)

USD

5,299,988

10/04/2012

EUR

4,000,000

(36,641)

USD

2,656,500

18/04/2012

EUR

2,000,000

(11,591)

AUD

1,680,000

16/05/2012

USD

1,750,242

(12,286)

CHF

850,000

16/05/2012

USD

918,138

23,513

DKK

3,770,000

16/05/2012

USD

662,081

13,692

KRW

2,002,000,000

16/05/2012

USD

1,777,344

(15,584)

MXN

7,194,000

16/05/2012

USD

568,323

(7,435)

PLN

1,433,000

16/05/2012

USD

449,385

8,407

SEK

6,258,000

16/05/2012

USD

918,804

22,931

USD

(175,824)

Global Credit Bond

EUR

7,240,288

02/04/2012

USD

9,650,000

9,861

USD

9,650,000

02/04/2012

EUR

7,343,474

(147,531)

USD

9,650,000

01/06/2012

EUR

7,238,360

(3,013)

EUR

381,000

02/04/2012

USD

500,929

7,395

EUR

381,000

02/04/2012

USD

500,929

7,395

USD

507,763

02/04/2012

EUR

381,000

(561)

USD

507,763

02/04/2012

EUR

381,000

(561)

EUR

381,000

01/06/2012

USD

507,900

198

EUR

381,000

01/06/2012

USD

507,900

198

USD

(126,619)

Global Emerging Markets Bond

EUR

360,790,140

30/03/2012

USD

483,117,509

(1,751,302)

USD

483,992,407

30/03/2012

EUR

362,733,743

33,049

USD

793,176

02/04/2012

EUR

594,737

(310)

BRL

53,403,976

03/04/2012

USD

30,851,517

(1,575,137)

USD

2,075,451

03/04/2012

EUR

1,563,004

(9,874)

USD

30,359,730

03/04/2012

BRL

53,509,024

1,026,821

EUR

14,328

04/04/2012

USD

19,135

(20)

USD

670,062

04/04/2012

EUR

501,969

349

EUR

364,377,441

30/04/2012

USD

486,258,862

(81,339)

USD

(2,357,763)
109

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Global Emerging Markets Investment Grade Bond

110

BRL

14,695,845

03/04/2012

USD

8,338,834

(282,484)

USD

8,235,557

03/04/2012

BRL

14,695,845

179,392

PEN

1,253,679

19/04/2012

USD

467,662

2,158

USD

465,595

19/04/2012

PEN

1,253,679

(4,226)

BRL

17,185,820

03/05/2012

USD

9,535,322

(182,696)

USD

1,500,000

03/05/2012

BRL

2,762,250

(3,260)

THB

174,182,118

21/05/2012

USD

5,635,538

(9,455)

USD

8,328,802

21/05/2012

THB

260,920,176

(99,302)

COP

3,109,307,123

22/05/2012

USD

1,736,977

(14,421)

USD

450,000

22/05/2012

COP

799,450,000

7,156

RUB

162,116,225

24/05/2012

USD

5,404,771

53,034

USD

541,775

24/05/2012

RUB

16,138,752

(1,566)

MXN

46,052,233

01/06/2012

USD

3,590,397

(6,751)

USD

630,100

01/06/2012

MXN

8,011,316

6,732

CZK

148,046

04/06/2012

USD

8,021

(56)

PLN

10,168,176

04/06/2012

USD

3,267,156

(26,334)

USD

600,000

04/06/2012

PLN

1,899,300

(5,390)

USD

1,300,000

04/06/2012

CZK

24,369,800

(11,230)

USD

595,000

04/06/2012

PLN

1,906,380

(12,703)

USD

595,000

04/06/2012

CZK

11,287,150

(12,320)

USD

151,741

04/06/2012

PLN

472,508

1,152

USD

3,366,120

07/06/2012

ZAR

25,629,802

64,677
(7,373)

ZAR

10,147,233

07/06/2012

USD

1,314,753

MXN

7,694,777

14/06/2012

USD

590,000

7,938

MYR

1,337,160

14/06/2012

USD

440,000

(6,150)
13,048

USD

2,488,194

14/06/2012

MYR

7,628,844

CLP

60,972,500

21/06/2012

USD

124,964

(885)

USD

1,053,320

26/06/2012

EUR

800,000

(12,704)

KRW

379,580,800

09/07/2012

USD

336,806

(3,914)

CNY

9,481,500

27/07/2012

USD

1,500,000

(2,435)

USD

67,611

30/07/2012

PEN

180,319

50

USD

(370,318)

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

(529,872)

Global Emerging Markets Local Debt

BRL

31,671,275

03/04/2012

USD

17,892,255

ILS

52,491,680

03/04/2012

USD

13,776,514

358,235

USD

13,997,781

03/04/2012

ILS

52,491,680

(137,004)

USD

17,964,421

03/04/2012

BRL

31,671,275

602,660

RON

52,956,716

05/04/2012

USD

15,924,560

183,814

USD

15,986,931

05/04/2012

RON

52,956,716

(121,518)

HUF

12,623,729,572

17/04/2012

USD

51,355,419

5,531,146

USD

35,696,896

17/04/2012

HUF

7,975,410,220

(243,524)

CNY

52,152,000

19/04/2012

USD

8,280,724

(5,297)

PEN

11,601,400

19/04/2012

USD

4,300,000

47,659

USD

7,170,920

19/04/2012

CNY

45,212,650

(3,380)

USD

3,222,165

19/04/2012

PEN

8,636,900

(14,541)

USD

1,104,289

19/04/2012

CNY

6,939,350

3,162

USD

1,099,184

19/04/2012

PEN

2,964,500

(11,773)
192,426

ARS

32,115,575

27/04/2012

USD

7,073,915

USD

7,274,196

27/04/2012

ARS

32,115,575

7,944

BRL

33,355,920

03/05/2012

USD

18,200,000

(47,508)

USD

31,509,895

03/05/2012

BRL

57,437,425

254,219

TRY

97,491,923

11/05/2012

USD

51,612,202

2,480,705

USD

21,648,071

11/05/2012

TRY

39,854,717

(470,419)

PHP

858,586,000

18/05/2012

USD

19,825,710

102,071

THB

802,064,740

21/05/2012

USD

25,874,542

32,150

USD

29,069,937

21/05/2012

THB

898,459,100

49,900

COP

56,692,753,083

22/05/2012

USD

31,549,038

(141,253)

RUB

1,729,059,300

24/05/2012

USD

58,187,364

23,146

USD

6,007,072

29/05/2012

IDR

55,024,780,000

28,817

MXN

455,000,000

01/06/2012

USD

34,985,199

421,536

USD

14,296,409

01/06/2012

MXN

184,194,723

(37,340)

CZK

663,927,480

04/06/2012

USD

35,972,537

(249,918)

PLN

72,920,764

04/06/2012

USD

23,540,293

(298,841)

USD

28,400,000

04/06/2012

CZK

533,569,200

(309,052)

USD

22,692,385

07/06/2012

ZAR

173,131,200

390,374

ZAR

10,116,220

07/06/2012

USD

1,308,898

(5,514)

TWD

228,480,000

12/06/2012

USD

7,773,279

(40,145)

MYR

58,063,400

14/06/2012

USD

19,200,000

(360,981)
111

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Global Emerging Markets Local Debt (continued)

USD

35,400,954

14/06/2012

MXN

460,000,000

(347,247)

USD

4,876,262

14/06/2012

MYR

14,801,894

74,146

CLP

4,014,867,000

21/06/2012

USD

8,147,878

22,376

ILS

52,491,680

21/06/2012

USD

13,948,311

120,299

RON

46,324,716

21/06/2012

USD

13,925,963

39,317

SGD

67,604,671

21/06/2012

USD

52,618,419

1,214,099

USD

9,100,000

21/06/2012

SGD

11,507,041

(62,867)

INR

456,663,680

25/06/2012

USD

9,027,049

(300,663)

USD

15,747,134

26/06/2012

EUR

11,960,000

(189,926)

HKD

377,897,133

28/06/2012

USD

48,623,584

45,409

USD

4,200,000

28/06/2012

HKD

32,617,200

(737)

KRW

6,155,426,000

09/07/2012

USD

5,468,115

(69,807)

ARS

32,115,575

27/07/2012

USD

7,010,604

(15,992)

CNY

162,178,900

27/07/2012

USD

25,659,565

(44,056)

PEN

5,348,154

30/07/2012

USD

2,005,307

(1,493)

USD

10,800,000

08/08/2012

TRY

19,712,160

113,617

USD

8,278,559

Global High Income Bond

SGD

400,774

30/03/2012

USD

318,073

1,028

USD

316,846

30/03/2012

SGD

400,773

(2,253)

SGD

637,283

02/05/2012

USD

504,859

2,626

EUR

8,000,000

02/04/2012

USD

10,568,822

104,634

USD

165,508,622

02/04/2012

EUR

126,000,000

(2,598,345)

EUR

1,000,000

01/06/2012

USD

1,326,531

7,060

USD

157,405,746

01/06/2012

EUR

118,000,000

42,027

EUR

4,809,000

05/04/2012

USD

6,370,439

45,566

USD

4,977,350

05/04/2012

GBP

3,132,000

(40,376)

USD

7,891,789

05/04/2012

EUR

5,954,000

(51,837)

USD

(2,489,870)

Global Inflation Linked Bond

112

EUR

5,148,500

16/04/2012

USD

6,775,422

93,186

GBP

1,926,600

16/04/2012

USD

3,044,247

41,894

AUD

91,324

11/05/2012

USD

95,074

(538)

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

(385)

Global Inflation Linked Bond (continued)

CAD

111,870

11/05/2012

USD

112,563

EUR

527,653

11/05/2012

USD

703,000

954

GBP

170,200

11/05/2012

USD

270,238

2,334
2,969

JPY

10,550,469

11/05/2012

USD

125,675

SEK

845,337

11/05/2012

USD

125,413

1,832

USD

1,080,105

11/05/2012

AUD

1,025,000

19,142
(124,095)

USD

7,907,071

11/05/2012

EUR

6,019,809

USD

920,819

11/05/2012

CAD

912,000

6,313

USD

11,867,078

11/05/2012

GBP

7,559,648

(239,684)

USD

637,813

11/05/2012

JPY

52,568,670

(3,166)

USD

929,748

11/05/2012

SEK

6,325,860

(22,501)

USD

(221,745)

(23,209)

US Dollar Bond
USD

2,645,156

02/04/2012

EUR

2,000,000

USD

5,299,988

10/04/2012

EUR

4,000,000

(36,641)

USD

2,656,500

18/04/2012

EUR

2,000,000

(11,591)

USD

(71,441)

4,456

European Equity Absolute Return

GBP

198,200

30/04/2012

EUR

233,478

USD

199,800

30/04/2012

EUR

148,521

1,223

EUR

5,679

GEM Debt Total Return

EUR

430,056,909

30/03/2012

USD

566,367,297

6,339,494

JPY

5,047,888,966

30/03/2012

USD

62,700,820

(1,361,851)
(133,208)

USD

32,717,389

30/03/2012

EUR

24,668,166

USD

61,304,483

30/03/2012

JPY

5,047,888,966

(34,486)

USD

537,651,552

30/03/2012

EUR

405,388,746

(2,204,643)

BRL

53,509,024

03/04/2012

USD

29,977,044

(676,038)

USD

30,911,119

03/04/2012

BRL

53,509,024

1,611,774

HUF

10,128,000

17/04/2012

USD

40,900

4,703

EUR

428,003,506

02/05/2012

USD

567,758,126

2,129,398

JPY

7,008,929,447

02/05/2012

USD

84,988,371

199,138

USD

1,253,195

02/05/2012

EUR

943,523

(3,109)

113

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange
for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

GEM Debt Total Return (continued)

USD

29,788,467

03/05/2012

BRL

53,509,024

707,167

TRY

72,755,362

11/05/2012

USD

37,745,972

2,601,605

USD

38,290,000

11/05/2012

TRY

72,289,688

(1,819,833)

USD

49,428,111

14/06/2012

MXN

643,900,000

(407,451)

USD

50,568,803

08/08/2012

TRY

92,460,000

467,298

USD

7,419,958

54,094

GEM Equity Absolute Return

EUR

2,690,100

30/04/2012

USD

3,535,223

GBP

45,400

30/04/2012

USD

71,157

1,562

USD

977,868

30/04/2012

EUR

739,856

(9,299)

USD

2,142

30/04/2012

GBP

1,350

(20)

USD

28,415

30/04/2012

EUR

21,600

(406)

USD

45,931

Global Currency

114

AUD

1,744,237

30/03/2012

USD

1,815,297

(767)

CHF

2,531,126

30/03/2012

USD

2,756,125

48,293
(11,717)

CZK

32,907,944

30/03/2012

USD

1,785,390

EUR

4,363,970

30/03/2012

USD

5,737,877

87,154

GBP

2,926,411

30/03/2012

USD

4,643,232

43,267

JPY

3,094,672,690

30/03/2012

USD

39,150,781

(1,438,448)

NZD

2,198,672

30/03/2012

USD

1,799,789

7,080

SEK

3,769,189

30/03/2012

USD

560,455

8,903

SGD

2,249,336

30/03/2012

USD

1,790,160

(570)

USD

2,737,824

30/03/2012

CHF

2,491,693

(22,903)

USD

5,632,219

30/03/2012

EUR

4,253,125

(44,852)

USD

23,210

30/03/2012

CHF

21,297

(386)

USD

55,234

30/03/2012

EUR

42,045

(888)

USD

1,801,790

30/03/2012

MXN

22,923,095

5,949

USD

1,796,686

30/03/2012

PLN

5,597,161

(1,654)

USD

1,788,640

30/03/2012

ILS

6,653,114

(3,203)

USD

1,812,183

30/03/2012

ZAR

13,852,960

5,092

USD

20,166

30/03/2012

GBP

12,726

(213)

USD

588,019

30/03/2012

JPY

48,251,739

13

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange
for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss) by
Sub-Fund

Global Currency (continued)

USD

2,055,626

30/03/2012

SEK

13,711,171

(15,529)

USD

24,562

30/03/2012

GBP

15,612

(439)

USD

1,786,261

30/03/2012

EUR

1,338,836

(818)

USD

2,801,220

30/03/2012

GBP

1,768,548

(31,020)

USD

36,869,978

30/03/2012

JPY

3,046,123,824

(250,727)

USD

1,796,238

30/03/2012

NOK

10,249,730

(3,717)

USD

50,419

30/03/2012

EUR

37,900

(170)

USD

284,605

30/03/2012

SEK

1,898,847

(2,227)

USD

19,855

30/03/2012

CHF

18,136

(240)

USD

39,714

30/03/2012

EUR

30,083

(440)

USD

3,615

30/03/2012

JPY

297,127

(6)

CHF

2,491,693

02/05/2012

USD

2,738,895

21,924

EUR

4,272,188

02/05/2012

USD

5,657,786

44,187

GBP

1,778,548

02/05/2012

USD

2,816,549

31,208

JPY

3,046,123,824

02/05/2012

USD

36,881,317

246,851

SEK

1,870,340

02/05/2012

USD

276,773

5,351

EUR

819

31/05/2012

USD

1,092

GBP

685

31/05/2012

USD

1,091

CAD

4,055,408

19/06/2012

USD

4,069,214

(7,557)
45,869

TRY

15,795,197

19/06/2012

USD

8,620,940

USD

8,829,551

19/06/2012

CAD

8,791,918

24,135

USD

3,945,746

19/06/2012

TRY

7,329,543

(77,654)

AUD

5,763,405

20/06/2012

USD

5,991,601

(57,386)

CZK

77,303,475

20/06/2012

USD

4,179,470

(19,383)

EUR

8,203,155

20/06/2012

USD

10,910,279

29,637

GBP

2,622,437

20/06/2012

USD

4,162,513

34,558

ILS

40,583,146

20/06/2012

USD

10,843,125

33,524

INR

446,904,718

20/06/2012

USD

8,671,123

(114,685)

KRW

4,602,625,805

20/06/2012

USD

4,056,337

(15,232)

MXN

137,238,654

20/06/2012

USD

10,735,285

(82,820)

MYR

18,537,532

20/06/2012

USD

6,038,481

(26,759)

NOK

62,248,412

20/06/2012

USD

10,864,893

22,416

NZD

5,004,027

20/06/2012

USD

4,062,254

26,526

PHP

260,544,626

20/06/2012

USD

6,043,717

(12,109)

PLN

27,817,323

20/06/2012

USD

8,738,458

112,346

115

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange
for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Global Currency (continued)

116

RUB

259,251,015

20/06/2012

USD

8,722,485

(15,280)

SEK

59,701,800

20/06/2012

USD

8,776,897

203,925

SGD

5,167,020

20/06/2012

USD

4,093,133

18,172

USD

2,994,434

20/06/2012

MYR

9,255,947

(7,317)

USD

199,571

20/06/2012

KRW

227,749,048

(395)

USD

593,746

20/06/2012

MYR

1,829,087

577

USD

592,853

20/06/2012

KRW

676,683,184

(1,282)

USD

4,026,932

20/06/2012

AUD

3,879,914

32,360

USD

1,784,853

20/06/2012

CZK

32,907,944

13,934

USD

1,798,706

20/06/2012

AUD

1,744,237

2,804

USD

977,446

20/06/2012

CZK

18,050,726

6,056

USD

4,899,559

20/06/2012

AUD

4,706,919

53,691

USD

6,001,779

20/06/2012

MXN

76,756,321

44,362

USD

6,054,084

20/06/2012

CZK

113,941,909

(77,820)
10,637

USD

4,618,208

20/06/2012

PHP

199,033,945

USD

399,138

20/06/2012

KRW

455,493,530

(790)

USD

2,008,777

20/06/2012

MYR

6,224,992

(10,053)

USD

4,062,343

20/06/2012

RUB

120,458,484

16,854

USD

4,537,342

20/06/2012

MYR

13,952,925

12,489

USD

6,031,551

20/06/2012

ILS

22,899,394

(106,211)

USD

3,976,450

20/06/2012

INR

205,477,222

43,478

USD

2,706,798

20/06/2012

PHP

116,998,095

(1,718)

USD

1,584,846

20/06/2012

KRW

1,808,862,162

(3,354)

USD

4,052,898

20/06/2012

ZAR

31,317,974

23,311

USD

2,767,598

20/06/2012

PHP

119,339,135

4,927

USD

8,832,622

20/06/2012

SGD

11,141,304

(32,311)

USD

4,132,855

20/06/2012

PLN

13,026,478

(11,974)

USD

8,821,936

20/06/2012

GBP

5,611,539

(159,133)
(130,650)

USD

6,058,225

20/06/2012

EUR

4,640,561

USD

6,038,722

20/06/2012

KRW

6,827,861,969

44,109

USD

8,781,183

20/06/2012

NZD

10,808,849

(50,997)

USD

676,699

20/06/2012

PHP

29,249,502

(430)

USD

593,840

20/06/2012

MYR

1,829,087

672

USD

4,152,777

20/06/2012

SEK

28,065,988

(69,422)

USD

6,044,181

20/06/2012

NOK

35,142,302

(102,657)

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Global Currency (continued)

ZAR

67,642,425

20/06/2012

USD

8,733,732

(29,709)

USD

(1,639,376)

Global Flex Allocation

CHF

1,882,000

27/04/2012

JPY

161,208,194

89,351

EUR

86,713

27/04/2012

GBP

72,000

272

EUR

36,274

27/04/2012

SEK

320,000

146

EUR

110,721

27/04/2012

USD

144,000

2,791

EUR

227,109

27/04/2012

SEK

2,000,000

1,309

EUR

536,532

27/04/2012

GBP

450,000

(3,728)
7,469

EUR

682,035

27/04/2012

USD

900,000

NOK

1,392,000

27/04/2012

EUR

183,784

(911)

USD

812,000

27/04/2012

CAD

813,519

(3,031)

USD

1,740,000

27/04/2012

AUD

1,638,747

30,497

USD

464,000

27/04/2012

SGD

587,206

(2,695)

EUR

121,470

Global Macro
CHF

3,316,900

08/06/2012

EUR

2,744,690

11,312

GBP

13,003,980

08/06/2012

EUR

15,647,943

(45,625)

NOK

4,210,000

08/06/2012

EUR

561,332

(8,974)

SEK

497,869,900

08/06/2012

EUR

55,521,841

658,107

USD

24,914,370

08/06/2012

EUR

19,073,611

(397,425)

AUD

6,000,000

26/04/2012

USD

6,269,598

(35,790)

CAD

12,945,010

26/04/2012

USD

13,000,000

(11,473)

CAD

5,194,545

26/04/2012

AUD

5,000,000

19,250

CZK

93,506,500

26/04/2012

USD

5,000,000

28,566

EUR

5,000,000

26/04/2012

SEK

44,742,770

(58,231)

JPY

458,853,450

26/04/2012

USD

5,500,000

69,320

JPY

1,532,400,000

26/04/2012

SGD

24,000,000

(314,403)
50,701

SEK

44,676,695

26/04/2012

EUR

5,000,000

SGD

12,565,070

26/04/2012

USD

10,000,000

(1,526)

SGD

24,000,000

26/04/2012

JPY

1,521,501,600

413,888

SGD

6,500,000

26/04/2012

NZD

6,326,775

(12,507)

SGD

6,244,520

26/04/2012

USD

5,000,000

(23,424)

117

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange
for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Global Macro (continued)

118

USD

3,132,000

26/04/2012

AUD

3,000,000

15,849

USD

10,000,000

26/04/2012

CHF

9,122,860

(81,154)

USD

10,000,000

26/04/2012

GBP

6,338,847

(112,169)

USD

10,000,000

26/04/2012

AUD

9,424,911

170,339

USD

9,500,000

26/04/2012

JPY

756,969,500

205,257

USD

10,134,550

26/04/2012

AUD

9,693,479

62,151

USD

5,000,000

26/04/2012

JPY

405,462,500

43,598

USD

6,556,310

26/04/2012

EUR

5,000,000

(87,607)

USD

5,500,000

26/04/2012

JPY

445,580,300

51,869

USD

3,000,000

26/04/2012

CAD

2,972,340

13,905

USD

5,000,000

26/04/2012

CZK

93,773,300

(39,349)

USD

3,147,900

26/04/2012

AUD

3,000,000

27,799

USD

5,000,000

26/04/2012

JPY

418,031,000

(71,148)

PHP

470,250,000

27/04/2012

USD

11,000,000

(51,722)

BRL

8,887,500

30/04/2012

USD

5,000,000

(120,954)

KRW

7,484,500,000

30/04/2012

EUR

5,000,000

(57,885)

KRW

50,939,100,000

30/04/2012

USD

45,000,000

(91,889)

MYR

33,358,600

30/04/2012

USD

11,000,000

(101,816)

USD

15,000,000

30/04/2012

KRW

16,996,500,000

19,585

AUD

2,164,501

08/06/2012

EUR

1,700,000

(26,862)
(180,494)

EUR

23,300,000

08/06/2012

GBP

19,570,183

EUR

1,380,000

08/06/2012

USD

1,825,501

11,570

EUR

20,000,000

08/06/2012

JPY

2,155,678,000

304,212
(17,205)

EUR

1,700,000

08/06/2012

SEK

15,217,528

EUR

1,600,000

08/06/2012

CAD

2,105,342

18,895

EUR

13,480,000

08/06/2012

NOK

101,214,122

201,120

GBP

1,435,161

08/06/2012

EUR

1,720,000

1,922

JPY

243,157,640

08/06/2012

EUR

2,200,000

21,633

MXN

135,663,947

08/06/2012

USD

10,620,000

(57,086)

PLN

27,500,074

08/06/2012

USD

8,700,000

46,545

SEK

179,547,349

08/06/2012

EUR

20,050,000

210,234

SGD

54,922,048

08/06/2012

USD

43,600,000

75,158

USD

9,440,000

08/06/2012

CZK

174,442,704

37,318

USD

59,444,064

08/06/2012

EUR

45,300,000

(739,833)

USD

16,760,000

08/06/2012

CZK

313,820,441

(99,732)

USD

20,000,000

08/06/2012

ZAR

152,612,000

242,216

USD

21,800,000

08/06/2012

MXN

277,536,759

173,571

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Global Macro (continued)

USD

5,360,000

08/06/2012

SGD

6,770,564

(20,373)

ZAR

40,668,551

08/06/2012

USD

5,280,000

(26,600)

BRL

51,948,400

12/06/2012

USD

28,000,000

(2,739)

INR

1,125,663,500

12/06/2012

USD

22,100,000

(376,851)

KRW

3,720,668,000

12/06/2012

USD

3,280,000

(9,929)

TWD

1,293,820,800

12/06/2012

USD

43,900,000

(81,916)

USD

11,510,000

12/06/2012

CLP

5,632,418,500

53,303

USD

5,400,000

12/06/2012

TWD

159,213,600

8,442

USD

21,360,000

12/06/2012

CLP

10,470,672,000

71,061

USD

2,850,000

12/06/2012

INR

146,977,350

23,079

USD

15,380,000

12/06/2012

BRL

28,529,900

3,427

RUB

652,038,000

13/06/2012

USD

21,800,000

98,853

USD

3,340,000

13/06/2012

RUB

98,797,200

12,785

EUR

112,149

Global Macro II
GBP

604,920

24/04/2012

EUR

728,275

(2,535)

AUD

400,000

26/04/2012

USD

417,973

(2,386)

CAD

598,351

26/04/2012

USD

600,000

139

CZK

5,610,390

26/04/2012

USD

300,000

1,714

JPY

88,176,850

26/04/2012

SGD

1,381,000

(18,091)

JPY

41,713,950

26/04/2012

USD

500,000

6,302

SGD

500,000

26/04/2012

NZD

486,675

(962)

SGD

1,381,000

26/04/2012

JPY

87,549,738

23,816

SGD

1,097,163

26/04/2012

USD

875,000

(1,496)

USD

393,379

26/04/2012

EUR

300,000

(5,256)

USD

200,000

26/04/2012

CAD

198,156

927

USD

1,308,800

26/04/2012

AUD

1,243,601

14,447

USD

575,000

26/04/2012

GBP

364,484

(6,450)

USD

547,000

26/04/2012

JPY

43,585,507

11,818

USD

575,000

26/04/2012

CHF

524,564

(4,666)

USD

209,860

26/04/2012

AUD

200,000

1,853

USD

300,000

26/04/2012

JPY

25,081,860

(4,269)

USD

300,000

26/04/2012

CZK

5,626,398

(2,361)

USD

800,000

26/04/2012

JPY

64,835,050

7,334
119

Notes to the Financial Statements (continued)

9. Forward foreign exchange contracts (continued)
Sub-funds

In exchange for

Settlement

Contract to
deliver

Unrealised
Gain / (Loss)
by Sub-Fund

Global Macro II (continued)

120

PHP

27,060,750

27/04/2012

USD

633,000

(2,976)

BRL

533,250

30/04/2012

USD

300,000

(7,257)

KRW

431,107,200

30/04/2012

EUR

288,000

(3,334)

KRW

2,932,960,180

30/04/2012

USD

2,591,000

(5,291)

MYR

1,919,636

30/04/2012

USD

633,000

(5,859)

USD

1,000,000

30/04/2012

KRW

1,133,100,000

1,306

AUD

250,623

18/04/2012

EUR

198,000

(3,074)

EUR

48,000

18/04/2012

SEK

428,858

(501)

EUR

146,000

18/04/2012

CAD

191,849

1,791

EUR

61,800

18/04/2012

GBP

51,534

(27)

EUR

1,000,000

18/04/2012

NOK

7,489,683

15,205

EUR

1,770,000

18/04/2012

GBP

1,485,625

(12,349)

EUR

1,560,000

18/04/2012

JPY

168,174,084

24,290

JPY

10,502,184

18/04/2012

EUR

95,000

902

MXN

9,645,559

18/04/2012

USD

758,000

(2,951)

PLN

2,170,133

18/04/2012

USD

690,000

4,292

SEK

13,850,557

18/04/2012

EUR

1,550,000

16,393

SGD

4,283,643

18/04/2012

USD

3,400,000

6,197

USD

241,000

18/04/2012

SGD

304,385

(886)

USD

150,760

18/04/2012

EUR

114,000

(1,038)

USD

1,444,000

18/04/2012

ZAR

10,937,041

16,202

USD

1,220,000

18/04/2012

CZK

22,840,462

(8,062)

USD

1,670,000

18/04/2012

MXN

21,167,098

11,426

USD

960,000

18/04/2012

CZK

17,745,101

2,851

USD

4,578,196

18/04/2012

EUR

3,490,000

(59,625)

ZAR

1,920,163

18/04/2012

USD

251,000

(951)

RUB

50,795,550

19/04/2012

USD

1,710,000

10,679

BRL

4,023,468

20/04/2012

USD

2,190,000

4,218

INR

81,615,600

20/04/2012

USD

1,620,000

(21,043)

KRW

287,235,900

20/04/2012

USD

254,000

(493)

TWD

100,415,600

20/04/2012

USD

3,400,000

1,032

USD

1,660,000

20/04/2012

CLP

808,420,000

5,088

USD

242,000

20/04/2012

TWD

7,161,022

(424)

USD

1,160,000

20/04/2012

BRL

2,128,600

(1,197)

USD

1,070,000

20/04/2012

CLP

521,293,300

2,968

USD

181,000

20/04/2012

RUB

5,318,453

371

EUR

7,751

Notes to the Financial Statements (continued)

10. Futures
As at 31 March 2012, the Company had entered into the following outstanding futures contracts:
Sub-funds

Number
of
contracts

Currency

Commitments

Maturity
Date

Unrealised
gain / (loss) in
sub-fund
currency

Asia ex Japan Equity

HONG KONG HANG SENG INDICES

22

HKD

22,550,000

27/04/2012

HSCEI - HKD CHINA ENT

91

HKD

48,275,500

27/04/2012

6,446

KOREA KOSPI 200 INDEX

46

KRW

6,158,250,000

14/06/2012

29,448

SGX S&P NIFTY INDEX

(23,093)

219

USD

2,333,664

26/04/2012

26,937

SIMSCI MSCI SINGAPORE FREE

33

SGD

2,277,000

27/04/2012

11,561

TAMSCI MSCI TAIWAN IDX FUT

141

USD

3,980,430

27/04/2012

7,050

USD

58,349

(408,802)

BRIC Markets Equity

HSCEI - HKD CHINA ENT

319

HKD

169,229,500

27/04/2012

SGX S&P NIFTY INDEX

588

USD

6,265,728

26/04/2012

27,771

USD

(381,031)

15/06/2012
EUR

(125,700)
(125,700)

Euroland Equity
DOW JONES EURO STOXX
50/PR.IND

Euroland Growth
DOW JONES EURO STOXX
50/PR.IND

171

EUR

4,095,450

65

EUR

1,556,750

15/06/2012
EUR

(70,180)
(70,180)

(12,808)

Global Equity
AEX

EUR

256,640

20/04/2012

BEL-20

10

EUR

231,900

20/04/2012

(2,562)

CAC 40

EUR

170,250

20/04/2012

(11,141)

(5)

EUR

(865,500)

15/06/2012

27,018

DAX-INDEX

121

Notes to the Financial Statements (continued)

10. Futures (continued)

Sub-funds

Number
of
contracts

Currency

Commitments

Maturity
Date

Unrealised
gain / (loss) in
sub-fund
currency

Global Equity (continued)

FTSE MIB INDEX
HONG KONG HANG SENG INDICES
IBEX-35 INDICES (BOLSA ESPANOL)
S&P / ASX 200 INDEX
S&P 500 INDICES

12

EUR

937,800

15/06/2012

(50,433)

HKD

6,150,000

27/04/2012

(19,628)

(10)

EUR

(788,000)

20/04/2012

66,376

(8)

AUD

(869,000)

21/06/2012

(16,648)

12

USD

4,195,500

14/06/2012

95,100

S&P INDICES S&P/TSX 60 INDEX

(10)

CAD

(1,405,000)

14/06/2012

(3,914)

SIMSCI MSCI SINGAPORE FREE

SGD

552,000

27/04/2012

(3,185)

(12)

CHF

(732,240)

15/06/2012

14,090

36

SEK

3,825,900

20/04/2012

(19,817)
82,831

SMI INDEX/(OHNE DIVIDENDENKORR.)

SWED OPTI OMX STOCKHOLM 30
TOPIX INDEX (TOKYO)

15

JPY

128,550,000

07/06/2012

UKX FTSE 100 INDEX

(19)

GBP

(1,085,850)

15/06/2012

56,131

USD

201,410

26/04/2012

USD

Indian Equity
CAIRN INDIA LIMITED

132

INR

43,731,600

Japanese Equity
TOPIX INDEX (TOKYO)

Singapore Equity
SIMSCI MSCI SINGAPORE FREE

131

20

JPY

SGD

1,122,670,000

1,380,000

07/06/2012

19,271,000

JPY

19,271,000

27/04/2012

(4,698)

USD

(4,698)

29/03/2012
USD

28,965
28,965

Thai Equity
THAI SET 50 INDEX (SET50)

122

61

THB

51,819,500

Notes to the Financial Statements (continued)

10. Futures (continued)
Sub-funds

Number
of
contracts

Currency

Commitments

Maturity
Date

Unrealised
gain / (loss) in
sub-fund
currency

US Equity
S&P 500 INDICES

73

USD

25,522,625

14/06/2012
USD

407,300
407,300

Brazil Bond
IDI INTERBK DEP RATE INDEX

(10)

BRL

IDI INTERBK DEP RATE INDEX

95

BRL

(91,100)

28/06/2012

1,011,750

29/12/2012

IDI INTERBK DEP RATE INDEX

(235)

BRL

(2,239,550)

30/12/2012

USD

Euro Bond
EURO BOBL

(1)

EUR

(124,050)

30/06/2012

(740)

EURO BUND

(15)

EUR

(2,075,700)

07/06/2012

(5,700)

52

EUR

5,737,160

07/06/2012

(2,860)

EUR

(9,300)

EURO SCHATZ

Euro Credit Bond

EURO BOBL

(312)

EUR

(38,703,600)

30/06/2012

(139,940)

EURO BUND

(362)

EUR

(50,093,560)

07/06/2012
EUR

(648,850)

(508,910)

Global Bond
10Y TREASURY NOTES USA
EURO BOBL

(113)

USD

(14,677,641)

20/06/2012

112,989

22

EUR

2,729,100

30/06/2012
USD

111,228

07/06/2012
07/06/2012

(366)

USD

(233)

(1,761)

Global Credit Bond

EURO BUND
EURO SCHATZ

(1)

EUR

(138,380)

EUR

551,650

133

123

Notes to the Financial Statements (continued)

10. Futures (continued)
Sub-funds

Number
of
contracts

Currency

Commitments

Maturity
Date

Unrealised
gain / (loss) in
sub-fund
currency

Global High Income Bond

EURO BOBL

(37)

EUR

(4,589,850)

30/06/2012

4,937

EURO BUND

(41)

EUR

(5,673,580)

07/06/2012

(14,610)

USD

(9,673)

Global Inflation Linked Bond

10 YEAR TREAS.BOND
AUSTRAL.6%

(5)

AUD

(580,414)

15/06/2012

3,266

10Y TREASURY NOTES USA

(6)

USD

TREASURY BONDS USA

(8)

USD

(779,344)
(1,221,500)

20/06/2012
20/06/2012

8,132
51,063

EURO BUND

(4)

EUR

(553,520)

7/06/2012

428

LONG GILT STERLING FUTURES

(3)

GBP

(343,560)

27/06/2012

3,268

USD

66,157

Latin American Local Debt

IDI INTERBK DEP RATE INDEX

20

BRL

213,000

29/12/2012

IDI INTERBK DEP RATE INDEX

(40)

BRL

(381,200)

30/12/2012

USD

US Dollar Bond
10Y TREASURY NOTES USA

(10)

USD

(1,298,906)

20/06/2012

(10,781)

30Y TREASURY NOTES USA

13

USD

1,805,375

20/06/2012

(48,547)

USD

(59,328)

(29,050)

European Equity Absolute Return

DJ EURO STOXX/BANKS/PRICE

70

EUR

366,450

15/06/2012

DOW JONES EURO STOXX 50

(39)

EUR

(934,050)

15/06/2012

18,330

EUR

(10,720)

124

Notes to the Financial Statements (continued)

10. Futures (continued)
Sub-funds

Number
of
contracts

Currency

Commitments

Maturity
Date

Unrealised
gain / (loss)
in sub-fund
currency

Global Currency
3M SHORT STERLING

GBP

866,950

19/12/2012

1,541

90 DAYS - EURO $ FUTURE

BANKERS ACC.CANADIAN 3
MONTHS

USD

1,989,500

17/12/2012

2,700

CAD

986,700

17/12/2012

(2,810)

EURIBOR 360 /3 MONATE

EUR

744,713

17/12/2012
USD

3,433

(6,359)

2,002

Global Flex Allocation

10Y TREASURY NOTES USA

USD

779,344

20/06/2012

2Y TREASURY NOTES USA

(6)

USD

(1,321,031)

29/06/2012

562

TREASURY BONDS USA

(3)

USD

(458,063)

20/06/2012

14,352

5Y TREASURY NOTES USA

10

USD

1,226,797

29/06/2012

(5,329)

EUR

513,280

20/04/2012

(19,200)

AEX
DAX-INDEX

(1)

EUR

(173,100)

15/06/2012

4,050

DJ CBOT MINI SIZED (DJ IND AV)

DOW JONES EURO STOXX
50/PR.IND

(8)

USD

(524,000)

15/06/2012

(6,056)

26

EUR

622,700

15/06/2012

(7,800)

EUR

319,920

15/06/2012

(2,145)

EURO BOBL

(10)

EUR

(1,240,500)

30/06/2012

800

EURO BUND

(11)

EUR

(1,522,180)

07/06/2012

(10,840)

EURO SCHATZ

EUREX MDAX INDEX

(26)

EUR

(2,868,580)

07/06/2012

1,200

EURO-BUXL-FUTURES

(4)

EUR

(506,400)

07/06/2012

1,280

FTSE MIB INDEX

16

EUR

1,250,400

15/06/2012

(86,800)

HONG KONG HANG SENG INDICES

(1)

HKD

(1,025,000)

27/04/2012

2,413

EUR

23,640

20/04/2012

(1,482)

IBEX MINI 35 MEFF

IBEX-35 INDICES (BOLSA ESPANOL)

EUR

157,600

20/04/2012

(9,950)

NASDAQ 100 E-MINI INDEX

USD

494,955

15/06/2012

13,829

S&P / ASX 200 INDEX

(4)

AUD

(434,500)

21/06/2012

(6,239)

S&P 500 EMINI INDEX

(2)

USD

(139,875)

15/06/2012

(2,398)

S&P 500 INDICES

(2)

USD

(699,250)

14/06/2012

(11,880)

CAD

140,500

14/06/2012

293

S&P INDICES S&P/TSX 60 INDEX

125

Notes to the Financial Statements (continued)

10. Futures (continued)
Sub-funds

Number
of
contracts

Currency

Commitments

Maturity
Date

Unrealised
gain / (loss)
in sub-fund
currency

Global Flex Allocation (continued)

SIMSCI MSCI SINGAPORE FREE
SMI INDEX/(OHNE
DIVIDENDENKORR.)
SWED OPTI OMX STOCKHOLM 30
(IDX)

SGD

69,000

27/04/2012

(298)

(19)

CHF

(1,159,380)

15/06/2012

16,720

(37)

SEK

(3,932,175)

20/04/2012

15,265

TOPIX INDEX (TOKYO)

12

JPY

102,840,000

07/06/2012

49,666

UKX FTSE 100 INDEX

(6)

GBP

(342,900)

15/06/2012

15,167

EUR

(41,179)

Global Macro
10Y TREASURY NOTES USA
CAC 40
DAX-INDEX
EURO BUND
EURO-BUXL-FUTURES
HONG KONG HANG SENG INDICES
HSCEI - HKD CHINA ENT
IBEX-35 INDICES (BOLSA ESPANOL)

(220)

USD

(28,562,187)

20/06/2012

713,093

(75)

EUR

(2,565,750)

20/04/2012

113,250

(28)

EUR

(4,867,100)

15/06/2012

93,100

(549)

EUR

(75,849,840)

7/06/2012

(337,640)

136

EUR

17,146,880

7/06/2012

(57,120)

29

HKD

29,725,000

27/04/2012

(71,076)

100

HKD

53,050,000

27/04/2012

(6,031)

23

EUR

1,816,310

20/04/2012

(110,515)

JP 10Y MINI GV BDS

(93)

JPY

(1,320,228,000)

8/06/2012

29,717

KOREA KOSPI 200 INDEX

132

KRW

17,671,500,000

14/06/2012

309,989
139,893

LONG GILT STERLING FUTURES

44

GBP

5,033,160

27/06/2012

NIKKEI 225 INDICES D

428

JPY

2,159,260,000

07/06/2012

646,851

SGX S&P NIFTY INDEX

(1,910)

USD

(20,352,960)

26/04/2012

(120,045)

S&P / ASX 200 INDEX

S&P 500 EMINI INDEX

11

AUD

1,194,875

21/06/2012

(5,261)

(160)

USD

(11,236,000)

15/06/2012

(103,246)

CAD

705,600

14/06/2012

3,797

S&P INDICES S&P/TSX 60 INDEX

SMI INDEX/(OHNE
DIVIDENDENKORR.)

(13)

CHF

(792,220)

15/06/2012

12,302

UKX FTSE 100 INDEX

185

GBP

10,598,650

15/06/2012
EUR

(437,255)

126

813,803

Notes to the Financial Statements (continued)

10. Futures (continued)
Sub-funds

Number
of
contracts

Currency

Commitments

Maturity
Date

Unrealised
gain / (loss)
in sub-fund
currency

Global Macro II
10Y TREASURY NOTES USA

(13)

USD

(1,687,766)

20/06/2012

CAC 40

(6)

EUR

(205,260)

20/04/2012

9,060

DAX-INDEX

(2)

EUR

(347,650)

15/06/2012

6,650

EURO BUND

54,836

(39)

EUR

(5,388,240)

07/06/2012

(29,870)

EURO-BUXL-FUTURES

EUR

1,008,640

07/06/2012

(3,360)

HONG KONG HANG SENG INDICES

HKD

2,050,000

27/04/2012

(4,902)

IBEX-35 INDICES (BOLSA ESPANOL)

EUR

78,970

20/04/2012

(4,805)

JP 10Y MINI GV BDS

KOREA KOSPI 200 INDEX
LONG GILT STERLING FUTURES

(8)

JPY

(113,568,000)

08/06/2012

2,556

KRW

1,071,000,000

14/06/2012

18,143

GBP

457,560

27/06/2012

12,910

11

JPY

55,495,000

07/06/2012

30,529

S&P / ASX 200 INDEX

(6)

AUD

(651,750)

21/06/2012

(9,352)

S&P 500 EMINI INDEX

SMI INDEX/(OHNE
DIVIDENDENKORR.)

(2)

USD

(140,450)

15/06/2012

(2,828)

(1)

CHF

(60,940)

15/06/2012

946

UKX FTSE 100 INDEX

15

GBP

859,350

15/06/2012

(35,453)

EUR

45,060

NIKKEI 225 INDICES D

127

Notes to the Financial Statements (continued)

11. Swaps

Euro Bond
As at 31 March 2012, the Company entered into the following CDS swaps:
Counterparty

J.P. MORGAN CHASE LONDON

SOCIETE GENERALE PARIS
J.P. MORGAN CHASE LONDON
BNP PARIBAS PARIS

Currency

Maturity
Date

Net
notional
amount

Unrealised
gain / (loss)
in EUR

EUR
EUR
EUR
EUR

20/09/2013
20/12/2015
20/12/2015
20/09/2015

1,000,000
1,000,000
1,000,000
2,000,000
EUR

29,422
(20,181)
(42,967)
(19,050)
(52,776)

Euro Credit Bond

As at 31 March 2012, the Company entered into the following CDS swaps:
Counterparty

MORGAN STANLEY CIE LONDON

BNP PARIBAS PARIS
J.P. MORGAN CHASE LONDON
MORGAN STANLEY CIE LONDON
UBS AG LONDON
MORGAN STANLEY CIE LONDON
MORGAN STANLEY CIE LONDON
J.P. MORGAN SEC LONDON
BNP PARIBAS PARIS
UBS AG LONDON
MORGAN STANLEY CIE LONDON
BNP PARIBAS PARIS
BNP PARIBAS PARIS
J.P MORGAN SEC LONDON
BNP PARIBAS PARIS

128

Currency

Maturity
Date

Net
notional
amount

Unrealised
gain / (loss)
in EUR

USD
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR

20/09/2014
20/12/2016
20/06/2017
20/06/2017
20/03/2017
20/06/2017
20/09/2014
20/12/2016
20/06/2017
20/06/2017
20/03/2017
20/06/2017
20/12/2016
20/06/2017
20/12/2016

3,000,000
8,000,000
6,000,000
15,000,000
7,000,000
6,000,000
3,000,000
8,000,000
30,000,000
6,000,000
6,000,000
25,000,000
8,000,000
10,000,000
6,000,000
EUR

(2,477)
(200,750)
(118,755)
183,463
176,379
26,170
(43,492)
(85,837)
(1,960,486)
172,166
374,183
305,772
(180,365)
(653,495)
103,874
(1,903,650)

Notes to the Financial Statements (continued)

11. Swaps (continued)

Euro High Yield Bond

As at 31 March 2012, the Company entered into the following CDS swaps:
Counterparty

J.P MORGAN CHASE GBP

J.P MORGAN LONDON
SOCIETE GENERALE PARIS
CREDIT SUISSE FIRST BOSTON LONDON
CREDIT SUISSE FIRST BOSTON LONDON
HSBC LONDON
MORGAN STANLEY CIE LONDON
SOCIETE GENERALE PARIS
HSBC FRANCE
MORGAN STANLEY CIE LONDON
J.P MORGAN LONDON
HSBC FRANCE
MORGAN STANLEY CIE LONDON
BNP PARIBAS PARIS
BNP PARIBAS PARIS
SOCIETE GENERALE PARIS
UBS LONDON
BNP PARIBAS PARIS

Currency

Maturity
Date

Net
notional
amount

Unrealised
gain / (loss) in
EUR

EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR

20/03/2014
20/09/2015
20/12/2016
20/12/2012
20/12/2017
20/06/2013
20/12/2016
20/06/2015
20/12/2013
20/12/2016
20/03/2014
20/06/2013
20/06/2015
20/06/2016
20/03/2013
20/03/2014
20/03/2017
20/09/2012

1,000,000
2,000,000
2,000,000
2,000,000
2,000,000
1,000,000
2,000,000
2,000,000
1,000,000
1,500,000
1,000,000
1,000,000
1,000,000
2,500,000
1,000,000
1,000,000
1,000,000
1,000,000
EUR

98,403
36,767
154,247
(32,030)
(181,182)
(22,751)
115,933
18,911
34,925
(133,381)
43,559
21,007
10,049
169,979
(39,259)
100,255
73,760
5,335
474,527

Global Emerging Markets Bond

As at 31 March 2012, the Company entered into the following CDS swaps:
Counterparty

BANK OF AMERICA LONDON

BARCLAYS CAP
BARCLAYS CAP
BARCLAYS BANK PLC
BARCLAYS BANK PLC
DEUTSCHE BANK LONDON
BARCLAYS BANK PLC
BANK OF AMERICA NEW YORK
J.P MORGAN LONDON

Currency

Maturity
Date

Net notional
amount

USD
USD
USD
USD
USD
USD
USD
USD
USD

20/09/2016
20/03/2017
20/12/2016
20/12/2016
20/12/2016
20/09/2016
20/12/2016
20/09/2016
20/09/2016

15,000,000
13,150,000
5,000,000
15,000,000
30,000,000
11,000,000
20,000,000
10,000,000
11,000,000

Unrealised
gain / (loss)
in USD
(86,428)
(132,806)
567,638
1,702,914
3,405,828
(63,380)
2,270,552
(2,210)
(2,430)
129

Notes to the Financial Statements (continued)

11. Swaps (continued)

Global Emerging Markets Bond (Continued)

Counterparty

J.P MORGAN LONDON

BARCLAYS CAP

Currency

Maturity
Date

Net notional
amount

USD
USD

20/09/2016
20/12/2016

19,500,000
30,000,000
USD

Unrealised
gain / (loss)
in USD
(4,309)
3,405,828
11,061,197

Global Emerging Markets Investment Grade Bond

As at 31 March 2012, the Company entered into the following interest rate swaps:
Counterparty

BARCLAYS BANK PLC

BARCLAYS BANK PLC
UBS LONDON
CREDIT SUISSE FIRST BOSTON LONDON

Currency

Maturity
Date

Net notional
amount

ZAR
PLN
BRL
MXN

23/03/2014
27/03/2014
02/01/2015
23/12/2021

121,000,000
52,000,000
12,298,364
11,200,000

Unrealised
gain / (loss)
in USD
3,248
11,271
110,474
5,405

USD

130,398

Global Emerging Markets Local Debt

As at 31 March 2012, the Company entered into the following interest rate swaps:
Counterparty

DEUTSCHE BANK LONDON

CREDIT SUISSE FIRST BOSTON LONDON
BARCLAYS BANK PLC
BARCLAYS BANK PLC
DEUTSCHE BANK LONDON
BARCLAYS BANK PLC

130

Currency

Maturity
Date

Net notional
amount

ZAR
MXN
PLN
BRL
PLN
ZAR

23/03/2014
23/12/2021
27/03/2014
02/01/2014
27/03/2014
23/03/2014

335,000,000
88,560,000
168,000,000
84,083,800
100,000,000
392,000,000
USD

Unrealised
gain / (loss)
in USD
8,993
42,738
36,414
18,198
21,675
10,522
138,540

Notes to the Financial Statements (continued)

11. Swaps (continued)

Global High Income Bond

As at 31 March 2012, the Company entered into the following CDS swaps:
Counterparty

BARCLAYS BANK PLC

Currency

Maturity
Date

Net notional
amount

USD

17/02/2051

10,000,000
USD

Unrealised
gain / (loss)
in USD
663,417
663,417

European Equity Absolute Return

As at 31 March 2012, the Company entered into the following CFDS:
Description

ACCIONA SA /ESP 167

ACCIONA SA /ESP 167
ACCOR SA
ACCOR SA
ACTELION LTD. ALLSCHWIL
ARYZTA AG /NAM.
ARYZTA AG /NAM.
ASHTEAD GROUP PLC
ASHTEAD GROUP PLC
AUTOGRILL SPA
BABCOCK INTERNATIONAL GROUP
BABCOCK INTERNATIONAL GROUP
BHP BILLITON PLC
BOURBON
BOURBON
BP PLC
BRISA
BRISA
CAPITA GRP
CAPITA GRP
CARNIVAL PLC
CARNIVAL PLC
CENTRICA PLC
CENTRICA PLC
CIE GEN.GEOPHYSIQUE/VERITAS
CIE GEN.GEOPHYSIQUE/VERITAS
CRH PLC
CRH PLC

Quantity

Currency

(2,640)
(2,120)
(4,390)
(5,480)
6,400
(6,130)
(4,910)
(24,000)
(30,000)
(47,440)
(19,800)
(24,740)
26,660
(1,690)
(2,430)
60,570
(23,380)
(36,810)
(20,920)
(10,000)
(7,470)
(5,980)
133,270
66,360
(5,450)
(4,360)
(9,430)
(7,550)

EUR
EUR
EUR
EUR
CHF
CHF
CHF
GBP
GBP
EUR
GBP
GBP
GBP
EUR
EUR
GBP
EUR
EUR
GBP
GBP
GBP
GBP
GBP
GBP
EUR
EUR
EUR
EUR

Commitment

Unrealised
gain / (loss)
in EUR

(138,600)
(111,300)
(117,059)
(146,124)
211,776
(269,720)
(216,040)
(61,440)
(76,800)
(374,064)
(157,905)
(197,302)
509,873
(37,603)
(54,068)
279,803
(62,658)
(98,651)
(153,657)
(73,450)
(149,549)
(119,720)
421,800
210,029
(120,391)
(96,312)
(143,195)
(114,647)

17,292
8,593
(5,950)
(1,452)
(5,313)
4,580
2,468
(592)
(3,242)
(24,544)
(13,610)
(13,220)
(43,059)
(6,697)
3,438
(26,839)
(4,763)
1,841
3,705
1,595
(13,814)
(9,183)
20,004
6,847
5,995
(2,122)
8,063
(831)
131

Notes to the Financial Statements (continued)

11. Swaps (continued)

European Equity Absolute Return (continued)

Description

DAILY MAIL & GENERAL TR A

DAILY MAIL & GENERAL TR A
DANONE
DEUTSCHE TELEKOM /NAM.
DEUTSCHE TELEKOM /NAM.
DUFRY AG BASEL
DUFRY AG BASEL
DUFRY AG BASEL
ELECTROLUX AB B
ELECTROLUX AB B
EMS CHEMIE HOLDING AG
EMS CHEMIE HOLDING AG
FIRSTGROUP PLC
FIRSTGROUP PLC
FUGRO NV
G4S PLC
G4S PLC
GDF SUEZ
GDF SUEZ
GERRESHEIMER AG
GERRESHEIMER AG
GIVAUDAN SA /REG.
GIVAUDAN SA /REG.
GKN PLC
GKN PLC
GLAXOSMITHKLINE PLC
GROUPE EUROTUNNEL REGROUPEMT
GROUPE EUROTUNNEL REGROUPEMT
HAYS PLC
HEXAGON AB B
HEXAGON AB B
HOLCIM LTD /NAM.
HOLCIM LTD /NAM.
HUSQVARNA AB -BHUSQVARNA AB -BIBERDROLA SA

132

Quantity

Currency

(37,250)
(46,560)
(7,200)
(28,800)

GBP
GBP
EUR
EUR
EUR
CHF
CHF
CHF
SEK
SEK
CHF
CHF
GBP
GBP
EUR
GBP
GBP
EUR
EUR
EUR
EUR
CHF
CHF
GBP
GBP
GBP
EUR
EUR
GBP
SEK
SEK
CHF
CHF
SEK
SEK
EUR

(36,000)
(1,820)
(1,000)
(1,460)
(19,000)
(15,200)
1,300
1,040
(69,540)
(55,640)
(3,600)
(88,300)
(70,640)
(6,500)
(5,200)
(7,200)
(9,000)
(410)
(330)
(43,020)
(53,770)
61,120
(27,860)
(34,820)
597,640
(8,990)
(7,200)
(2,930)
(2,350)
(36,810)
(29,450)
(83,890)

Commitment

Unrealised
gain / (loss)
in EUR

(167,290)
(209,101)
(376,272)
(259,402)
(324,252)
(212,758)
(116,900)
(170,674)
(2,641,000)
(2,112,800)
222,300
177,840
(165,644)
(132,534)
(190,800)
(241,677)
(193,342)
(125,450)
(100,360)
(236,412)
(295,515)
(356,290)
(286,770)
(88,621)
(110,766)
853,235
(180,811)
(225,982)
507,695
(1,152,518)
(923,040)
(171,259)
(137,358)
(1,463,934)
(1,171,227)
(357,455)

(10,077)
(10,679)
487
(13,983)
(19,097)
(11,332)
1,645
(10,676)
13,530
(2,299)
(5,396)
(1,653)
46,680
32,347
(4,978)
16,435
9,598
1,105
783
(1,927)
4,500
(4,936)
(7,491)
152
8,265
(24,954)
(1,572)
766
(7,535)
4,878
(3,356)
1,338
1,738
208
(6,019)
5,844

Notes to the Financial Statements (continued)

11. Swaps (continued)

European Equity Absolute Return (continued)

Description

Quantity

Currency

IMI PLC
IMI PLC
INDRA SISTEMAS SA
INDRA SISTEMAS SA
INDRA SISTEMAS SA
INDRA SISTEMAS SA
INDRA SISTEMAS SA
INMARSAT PLC
INMARSAT PLC
INMARSAT PLC
INTERCONT HOTELS GROUP INC
INTERCONT HOTELS GROUP INC
J.SAINSBURY PLC
J.SAINSBURY PLC
KEMIRA OYJ
KEMIRA OYJ
LINDE A.G.
LINDE A.G.
LUXOTTICA GROUP
LUXOTTICA GROUP
MEGGITT PLC
MEGGITT PLC
MODERN TIMES GROUP AB B
MODERN TIMES GROUP AB B
NESTLE / ACT NOM
NESTLE / ACT NOM
NEXT PLC
NEXT PLC
NORSK HYDRO AS
NORSK HYDRO AS
PERNOD-RICARD
PERNOD-RICARD

24,960
16,470
(6,000)
(4,610)
(350)
(5,570)
(3,430)
17,800
41,080
34,720
11,100
8,880
(81,050)
(101,310)
(17,500)
(14,000)
(1,550)
(1,930)
(8,280)
(10,350)
(33,260)
(26,610)
7,000
6,220
9,100
7,280
13,430
10,750
(36,120)
(28,900)
(2,900)
(2,320)

GBP
GBP
EUR
EUR
EUR
EUR
EUR
GBP
GBP
GBP
GBP
GBP
GBP
GBP
EUR
EUR
EUR
EUR
EUR
EUR
GBP
GBP
SEK
SEK
CHF
CHF
GBP
GBP
NOK
NOK
EUR
EUR

Commitment

Unrealised
gain / (loss)
in EUR

241,738
159,512
(54,936)
(42,209)
(3,205)
(50,999)
(31,405)
82,005
189,256
159,955
160,617
128,494
(251,903)
(314,871)
(174,125)
(139,300)
(207,235)
(258,041)
(223,974)
(279,968)
(134,437)
(107,558)
2,547,300
2,263,458
514,605
411,684
398,200
318,738
(1,114,302)
(891,565)
(226,258)
(181,006)

(6,591)
6,837
15,926
2,804
432
15,074
10,115
5,785
(524)
(7,880)
8,346
2,834
(17,707)
(15,207)
13,825
9,091
(15,382)
(17,177)
(5,104)
621
(7,109)
(5,524)
31,314
28,334
8,310
5,406
31,287
29,854
13,063
2,806
(1,044)
(204)

133

Notes to the Financial Statements (continued)

11. Swaps (continued)

European Equity Absolute Return (continued)

Description

Quantity

Currency

PETROFAC LTD
PORTUGAL TELEC.SGPS NOM.
PORTUGAL TELEC.SGPS NOM.
PPR SA
PPR SA
QIAGEN NV
QIAGEN NV
RENTOKIL INITIAL PLC
RENTOKIL INITIAL PLC
RHOEN KLINIKUM AG
RHOEN KLINIKUM AG
ROCHE HOLDING AG /GENUSSSCHEIN
ROCHE HOLDING AG /GENUSSSCHEIN
ROY.PHILIPS ELECTR./EUR 0.2
ROY.PHILIPS ELECTR./EUR 0.2
SAAB AB B
SAAB AB B
SCHINDLER HOLDING SA /PARTIC.
SCHINDLER HOLDING SA /PARTIC.
SEVERN TRENT PLC
SKANSKA B
SKANSKA B
SKF AB B
SKF AB B
SMITH AND NEPHEW PLC
STADA ARZNEIMITTEL AG
STADA ARZNEIMITTEL AG
SUEZ ENVIRONNEMENT CIE
SUEZ ENVIRONNEMENT CIE
SVENSKA CELLUL.-BTELE2 AB / B
TELE2 AB / B

19,710
(62,960)
(50,370)
(1,380)
(1,720)
(37,570)
(40,750)
(395,360)
(316,290)
(39,550)
(35,550)
5,190
1,910
(19,100)
(15,280)
9,600
12,000
2,210
2,760
38,810
(17,680)
(22,100)
8,890
11,110
60,250
(13,460)
(10,770)
(25,090)
(20,080)
(27,790)
14,260
30,720

GBP
EUR
EUR
EUR
EUR
EUR
EUR
GBP
GBP
EUR
EUR
CHF
CHF
EUR
EUR
SEK
SEK
CHF
CHF
GBP
SEK
SEK
SEK
SEK
GBP
EUR
EUR
EUR
EUR
SEK
SEK
SEK

134

Commitment

Unrealised
gain / (loss)
in EUR

340,983
(256,562)
(205,258)
(177,192)
(220,848)
(437,691)
(474,738)
(336,056)
(268,847)
(595,228)
(535,028)
815,349
300,061
(289,747)
(231,798)
1,185,600
1,482,000
240,006
299,736
598,450
(2,013,752)
(2,517,190)
1,425,956
1,782,044
380,178
(332,260)
(265,857)
(286,904)
(229,615)
(3,190,292)
1,922,248
4,141,056

9,231
(12,214)
(7,049)
(2,521)
(1,376)
(17,472)
(5,909)
(33,233)
(44,526)
(14,238)
(27,567)
(1,724)
(5,805)
11,174
(2,293)
(4,588)
(14,921)
(3,138)
(5,270)
(29,827)
1,769
16,987
2,555
(8,665)
(1,447)
(23,084)
(39,591)
(11,165)
(11,062)
3,091
11,400
347

Notes to the Financial Statements (continued)

11. Swaps (continued)

European Equity Absolute Return (continued)

Description

TELENOR AS
TELENOR AS
TELIASONERA AB
TELIASONERA AB
TGS NOPEC GEOPHYSICAL CO
THYSSENKRUPP AG DUESSELDORF
UCB
UCB
ULTRA ELECTRONICS HLDGS PLC
UNITED BUSINESS MEDIA LTD
UNITED BUSINESS MEDIA LTD
VOLVO B
VOLVO B
WOLSELEY PLC
WOLSELEY PLC

Quantity

Currency

(20,450)
(16,360)
(42,350)
(33,880)
11,220
(19,150)
(5,180)
(6,470)
36,090
(19,160)
(23,940)
17,950
25,950
(4,400)
(5,490)

NOK
NOK
SEK
SEK
NOK
EUR
EUR
EUR
GBP
GBP
GBP
SEK
SEK
GBP
GBP

Commitment

Unrealised
gain / (loss)
in EUR

(2,145,205)
(1,716,164)
(1,953,182)
(1,562,546)
1,741,344
(355,903)
(167,780)
(209,563)
631,214
(119,750)
(149,625)
1,724,995
2,493,795
(104,896)
(130,882)
EUR

(4,303)
(4,310)
10,340
3,075
(9,296)
7,583
(7,620)
(13,458)
5,201
(9,108)
(12,074)
10,366
12,344
(2,554)
3,429
(228,376)

GEM Debt Total Return

As at 31 March 2012, the Company entered into the following CDS swaps:
Counterparty

Currency

BANK OF AMERICA LONDON

DEUTSCHE BANK AG LONDON
STANDARD CHARTERED LONDON
BARCLAYS BANK PLC
BARCLAYS CAP
STANDARD CHARTERED GB
UBS AG LONDON
BARCLAYS BANK PLC
DEUTSCHE BANK LONDON
BANK OF AMERICA NEW YORK
STANDARD CHARTERED GB
STANDARD CHARTERED LONDON
STANDARD CHARTERED LONDON
J.P MORGAN LONDON

USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD

Maturity
Date

Net notional
amount

20/03/2017
20/03/2017
20/12/2016
20/12/2015
20/12/2016
20/03/2016
20/03/2017
20/06/2015
20/09/2016
20/06/2015
20/09/2015
20/09/2015
20/12/2016
20/03/2017

10,000,000
8,000,000
10,000,000
25,000,000
92,000,000
3,000,000
8,000,000
5,000,000
8,000,000
5,000,000
10,000,000
15,000,000
10,000,000
4,000,000
USD

Unrealised
gain / (loss)
in USD
80,121
64,097
58,756
1,956,838
10,245,959
15,593
64,097
585,657
(46,094)
631,978
1,601
2,402
58,755
32,047
13,751,807

135

Notes to the Financial Statements (continued)

11. Swaps (continued)

GEM Debt Total Return (continued)

As at 31 March 2012, the Company entered into the following interest rate swaps:
Counterparty

Currency

DEUTSCHE BANK AG LONDON

BARCLAYS BANK PLC
DEUTSCHE BANK AG LONDON
CREDIT SUISSE FIRST BOSTON LONDON

USD
USD
USD
MXN

Maturity
Date

Net notional
amount

06/06/2021
21/06/2021
12/05/2021
23/12/2021

65,500,000
66,000,000
32,000,000
260,240,000
USD

Unrealised
gain / (loss)
in USD
(5,579,376)
(5,632,409)
(3,124,519)
125,077
(14,211,227)

GEM Equity Absolute Return

As at 31 March 2012, the Company entered into the following CFDS:
Description

Quantity

Currency

ALL AMERICA /CONV

ALL AMERICA /CONV
ALL AMERICA /CONV
ALL AMERICA /CONV
ALL AMERICA /CONV
ALL AMERICA /CONV
BANCO DO BRASIL SA
BANCO DO BRASIL SA
BANCO DO BRASIL SA
BANCO DO BRASIL SA
BHART=J2 IS
CANARA BANK /DEMAT.
CANARA BANK /DEMAT.
CANARA BANK /DEMAT.
CANARA BANK /DEMAT.
CANARA BANK /DEMAT.
CANARA BANK /DEMAT.
CENCOSUD SA - USD EQ
CHEIL INDUSTRIAL INC USD EQUIV
CHINA RESOURCES ENTERPRISE LTD
CHINA RESOURCES ENTERPRISE LTD
CHINA RESOURCES ENTERPRISE LTD
CHINA RESOURCES ENTERPRISE LTD
CHINA UNICO (HK)
CHINA UNICO (HK)

(17,800)
(26,000)
(4,500)
(18,971)
(16,000)
(9,100)
7,200
5,700
5,800
8,900
(55,000)
5,600
8,447
9,555
8,500
5,594
8,500
(73,467)
(4,508)
(24,000)
(12,000)
(12,000)
(86,000)
(110,000)
(40,000)

USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD

136

Commitment

Unrealised
gain / (loss)
in USD

(90,326)
(131,936)
(22,835)
(96,268)
(81,192)
(46,178)
103,921
82,271
83,714
128,458
(367,710)
52,301
78,891
89,239
79,386
52,245
79,386
(481,376)
(381,238)
(83,770)
(41,885)
(41,885)
(300,176)
(186,448)
(67,799)

(9,647)
1,363
3,660
110,292
17,096
6,101
(21,960)
9,717
4,702
(2,298)
(9,802)
(1,589)
(469)
(25,098)
(29)
332
4,400
7,503
19,421
(9,623)
7,524
7,157
67,762
13,235
8,621

Notes to the Financial Statements (continued)

11. Swaps (continued)

GEM Equity Absolute Return (continued)

Description

Quantity

Currency

CHINA UNICO (HK)

CHINA UNICO (HK)
CHINA UNICO (HK)
CHINA UNICO (HK)
CIA BRASILEIRA /PFD
CIA BRASILEIRA /PFD
CIPLA=J2 IS
COCA COLA FEMSA/SADR 10 SHS-LEMPRESAS COPEC SA
EMPRESAS COPEC SA
EMPRESAS COPEC SA
EMPRESAS COPEC SA
EMPRESAS COPEC SA
FALABELLA SA COMERC.E INDUST.
FALABELLA SA COMERC.E INDUST.
FALABELLA SA COMERC.E INDUST.
FALABELLA SA COMERC.E INDUST.
FAR EAST DEPT STORES
FAR EAST DEPT STORES
FAR EAST DEPT STORES
FAR EAST DEPT STORES
FAR EAST DEPT STORES
FAR EAST DEPT STORES
FAR EAST DEPT STORES
FAR EASTERN TEXTILE
FAR EASTERN TEXTILE
FORMOSA PETROCHEMICAL CO
FORMOSA PETROCHEMICAL CO
FORMOSA PETROCHEMICAL CO
GOL LINHAS AEREAS /ADR
GRUPO BIMBO SAB DE CV A
GRUPO BIMBO SAB DE CV A
GRUPO FIN.I.SAB DE CV O
GRUPO FIN.I.SAB DE CV O
GRUPO FIN.I.SAB DE CV O
GRUPO FIN.I.SAB DE CV O

(12,000)
(52,000)
(26,000)
(12,000)
(87)
(9,824)
(58,000)
(4,128)
(4,929)
(6,942)
(9,000)
(4,900)
(3,400)
(5,400)
(12,000)
(12,000)
(19,600)
(89,000)
(62,000)
(42,000)
(1,680)
(28,000)
(95,000)
(11,760)
(187,000)
(64,000)
(53,000)
(57,000)
(41,000)
(51,172)
(126,700)
(65,000)
(50,000)
(37,000)
(78,000)
(52,700)

USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD

Commitment

Unrealised
gain / (loss)
in USD

(20,340)
(88,139)
(44,070)
(20,340)
(4,045)
(456,749)
(351,336)
(431,252)
(82,951)
(116,828)
(151,462)
(82,463)
(57,219)
(52,299)
(116,221)
(116,221)
(189,828)
(113,834)
(79,300)
(53,719)
(2,149)
(35,813)
(121,508)
(15,041)
(216,370)
(74,052)
(165,207)
(177,675)
(127,802)
(342,766)
(297,545)
(152,647)
(103,996)
(76,957)
(162,234)
(109,612)

2,618
15,058
9,269
4,869
(627)
(69,525)
(17,613)
(1,238)
7,532
(6,797)
(15,624)
(4,045)
(4,443)
(3,503)
(13,739)
(10,413)
25,968
13,970
(926)
25,560
(2,149)
14,531
28,068
3,474
6,524
3,119
(4,433)
(4,082)
(2,846)
88,103
(31,060)
(22,104)
(909)
(3,927)
32,376
(11,282)
137

Notes to the Financial Statements (continued)

11. Swaps (continued)

GEM Equity Absolute Return (continued)

Description

Quantity

Currency

GRUPO MODELO SA DE CV C
GRUPO MODELO SA DE CV C
GRUPO MODELO SA DE CV C
GRUPO TELEVISA /GDS
GRUPO TELEVISA /GDS
KMB=J2 IS
MAGNIT OJSC - SGDR
MRV ENGENHARIA -EQUIV CFD
MRV ENGENHARIA -EQUIV CFD
NASPERS LTD N
NASPERS LTD N
NASPERS LTD N
NASPERS LTD N
PDG REALTY SA
PDG REALTY SA
PDG REALTY SA
PDG REALTY SA
POLISH TELECOM WARSZAWA
POLISH TELECOM WARSZAWA
POLISH TELECOM WARSZAWA
POLISH TELECOM WARSZAWA
ROSSI RESIDENCIAL ON
RPWR=J2 IS
RURAL ELECTRIFICATION CORP LTD
RURAL ELECTRIFICATION CORP LTD
RURAL ELECTRIFICATION CORP LTD
RURAL ELECTRIFICATION CORP LTD
RURAL ELECTRIFICATION CORP LTD
SAMSUNG CORP
SAMSUNG CORP
SAMSUNG CORP
SAMSUNG CORP
SAMSUNG ELECTRO-MECHANICS CO
SAMSUNG ELECTRO-MECHANICS CO
SAMSUNG TECHWIN CO LTD
SAMSUNG TECHWIN CO LTD
SESA GOA LTD /DEMATERIALISED

(25,700)
(33,086)
(2,500)
(16,000)
(3,931)
(42,000)
(15,807)
13,700
32,500
(192)
(3,300)
(1,100)
(1,835)
11,000
10,800
720
25,000
(9,746)
(32,394)
(20,000)
(18,714)
57,865
(184,000)
15,905
17,702
20,513
22,800
30,000
(2,300)
(1,763)
(1,981)
(292)
(3,163)
(2,092)
(1,458)
(5,424)
96,954

USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD

138

Commitment

Unrealised
gain / (loss)
in USD

(178,045)
(229,214)
(17,320)
(334,400)
(82,158)
(451,699)
(460,616)
99,282
235,524
(10,771)
(185,130)
(61,710)
(102,944)
39,043
38,333
2,556
88,735
(53,178)
(176,753)
(109,127)
(102,110)
317,125
(426,727)
64,126
71,371
82,704
91,925
120,954
(161,211)
(123,572)
(138,852)
(20,467)
(278,940)
(184,490)
(87,521)
(325,593)
370,536

(28,381)
(26,822)
(3,147)
2,967
(4,787)
(13,609)
(2,213)
18,365
38,719
(601)
(36,378)
(7,424)
(25,538)
(10,890)
(13,938)
(1,251)
(15,405)
2,854
15,172
137
(3,499)
55,757
4,881
(14,347)
(7,855)
6,082
16,580
(28,065)
(31,546)
(22,213)
2,111
255
(18,067)
(9,819)
(11,257)
(12,353)
73,469

Notes to the Financial Statements (continued)

11. Swaps (continued)

GEM Equity Absolute Return (continued)

Description

Quantity

Currency

SESA GOA LTD /DEMATERIALISED

SILICONWARE PRECISION
SILICONWARE PRECISION
SINOPHARM GROUP CO -HSINOPHARM GROUP CO -HSINOPHARM GROUP CO -HSINOPHARM GROUP CO -HSINOPHARM GROUP CO -HSINOPHARM GROUP CO -HTAIWAN FERTILIZER CO
TAIWAN FERTILIZER CO
TAIWAN FERTILIZER CO
TAIWAN FERTILIZER CO
TAIWAN FERTILIZER CO
TIM PARTICIPACOES SA EQ USD
TSINGTAO BREWERY CO LTD H
TSINGTAO BREWERY CO LTD H
TSINGTAO BREWERY CO LTD H
TSINGTAO BREWERY CO LTD H
ULTRAPAR PARTICIPACOES SA
UNI-PRESIDENT ENT.
UNI-PRESIDENT ENT.
UNI-PRESIDENT ENT.
WAL-MART DE MEXICO V
WAL-MART DE MEXICO V
YULON MOTOR CO
YULON MOTOR CO
YULON MOTOR CO
YULON MOTOR CO
ZEE ENTERTAINMENT

13,900
(105,000)
(300,000)
(30,000)
(22,000)
(22,000)
(38,000)
(10,000)
(48,000)
(64,000)
(63,000)
(7,000)
(29,000)
(1,000)
(79,500)
(14,000)
(32,000)
(12,000)
(10,000)
(21,888)
(77,000)
(70,000)
(138,000)
(6,000)
(117,927)
(106,000)
(25,000)
(47,000)
(23,000)
(146,000)

USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD

Commitment

Unrealised
gain / (loss)
in USD

53,123
(127,361)
(363,889)
(83,847)
(61,488)
(61,488)
(106,207)
(27,949)
(134,156)
(165,668)
(163,079)
(18,120)
(75,068)
(2,589)
(501,986)
(75,643)
(172,898)
(64,837)
(54,031)
(478,021)
(106,573)
(96,885)
(191,001)
(20,211)
(397,227)
(202,558)
(47,773)
(89,813)
(43,951)
(367,687)
USD

(155)
(27,288)
(72,268)
(9,159)
(7,146)
(6,726)
(6,776)
7,214
(5,108)
(17,367)
(14,248)
2,893
4,312
616
(75,682)
(2,569)
(9,737)
(808)
4,027
7,295
(6,914)
6,671
2,213
(4,773)
(12,821)
55,541
2,332
15,993
6,748
(2,612)
(20,233)

139

Notes to the Financial Statements (continued)

11. Swaps (continued)

Global Macro
As at 31 March 2012, the Company entered into the following CDS swaps:
Counterparty

HSBC LONDON

Currency

Maturity
Date

Net notional
amount

EUR

20/06/2017

132,400,000

Unrealised
gain / (loss)
in EUR
(1,619,367)

EUR

(1,619,367)

Unrealised
gain / (loss)
in EUR
(120,719)
(120,719)

Global Macro II
As at 31 March 2012, the Company entered into the following CDS swaps:
Counterparty

HSBC LONDON

140

Currency

Maturity
Date

Net notional
amount

EUR

20/06/2017

9,870,000
EUR

Notes to the Financial Statements (continued)

12. Options
As at 31 March 2012, the Company had entered into the following written options contracts:

Sub-funds

Quantity

Strike
(in Trade
currency)

Trade
currency

Maturity
Date

Commitment
(in Trade
currency)

Unrealised
Gain /
(Loss)

Euro Bond
PUT EURO BUND

(40)

135.5

EUR

20/04/2012

(5,420,000)

PUT EURO BUND

(40)

136.5

EUR

20/04/2012

(5,460,000)

1,200

EUR

2,400

1,200

Euro Credit Bond

PUT EURO BUND

(150)

Global Emerging Markets Investment Grade Bond

CALL USD/BRL SPOT CROSS
(1,250,000)

136

EUR

20/04/2012

(20,400,000)
EUR

45,750
45,750

1.745

USD

25/05/2012

(2,181,250)
USD

(37,954)
(37,954)

12,800
12,600
67.04

HKD
HKD
SGD

28/06/2012
28/06/2012
23/08/2012

(60,800,000)
(59,850,000)
(1,608,960,000)

116,929
107,721
(65,854)

Global Macro
CALL HSCEI - HKD CHINA ENT
CALL HSCEI - HKD CHINA ENT
CALL SGD/JPY SPOT CROSS

(95)
(95)
(24,000,000)

PUT EUR/CHF SPOT CROSS

(20,000,000)

1.21

EUR

11/04/2012

(24,200,000)

148,144

(190)

10,000

HKD

28/06/2012

(95,000,000)

(18,081)

(40)
(28,800,000)

9,000
60.66

JPY
SGD

13/04/2012
23/08/2012

(360,000,000)
(1,747,008,000)
EUR

26,331
129,685
444,875

PUT HSCEI - HKD CHINA ENT

PUT NIKKEI 225 INDICES
PUT SGD/JPY SPOT CROSS

Global Macro II
CALL HSCEI - HKD CHINA ENT

(5)

12,600

HKD

28/06/2012

(3,150,000)

5,670

CALL HSCEI - HKD CHINA ENT

(5)

12,800

HKD

28/06/2012

(3,200,000)

6,154
(4,116)

CALL SGD/JPY SPOT CROSS

(1,500,000)

67.04

SGD

23/08/2012

(100,560,000)

PUT HSCEI - HKD CHINA ENT

(10)

10,000

HKD

28/06/2012

(5,000,000)

(952)

(1,800,000)

60.66

SGD

23/08/2012

(109,188,000)

8,105

EUR

14,861

PUT SGD/JPY SPOT CROSS

141

Notes to the Financial Statements (continued)

13. Dividends
Most distributing fund share classes in issue as at 31 March 2012 have UK Reporting Fund status, either from 1 April 2010 or from
the launch of the fund share class concerned. As and when new fund share classes are launched, UK Reporting Fund applications
will be made to HM Revenue & Customs accordingly. Details of the distributing share classes that have UK Reporting Fund status
can be found on the HM Revenue & Customs website (www.hmrc.gov.uk).
At the date of this Report, the status can be found at http://www.hmrc.gov.uk/collective/rep-funds.xls.
The Company will make available to Shareholders the reportable income information that they required for their UK tax returns at
www.assetmanagement.hsbc.com/uk/globalfunds/gif by 30 September 2012. If investors do not have access to the internet they
can apply in writing at the registered office of the Company.
The Company paid the following dividends during the year ended 31 March 2012.

Sub-Fund
Share class
Asia ex Japan Equity
AD
ADH
ID
WD
ZD

Currency

Ex-date

Payment
date

Number of
shares

Total amount
paid

0.080284
0.028492
0.523285
0.201552
0.862915

06/07/2011
06/07/2011
06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011
27/07/2011
27/07/2011

5,202,301
95,554
143,462
20,958
289,138

417,662
2,723
75,071
4,223
249,502

Asia ex Japan Equity Smaller Companies

AD
USD
0.030558

06/07/2011

27/07/2011

1,392,586

42,555

Asia Pacific ex Japan Equity High Dividend

AD
USD
0.025291
AD
USD
0.281389
AM
USD
0.024417
AM
USD
0.022610
AM
USD
0.019967
AM
USD
0.022102
AM
USD
0.020355
AM
USD
0.020515
AM
USD
0.022327
AM
USD
0.023497
AM
USD
0.022650
AM HKD
USD
0.003140
AM HKD
USD
0.002907
AM HKD
USD
0.002567
AM HKD
USD
0.002842
AM HKD
USD
0.002617
AM HKD
USD
0.002640
AM HKD
USD
0.002872
AM HKD
USD
0.003022
AM HKD
USD
0.002912
ZD
USD
0.063681
ZD
USD
0.508048

06/07/2011
07/02/2012
29/07/2011
31/08/2011
30/09/2011
31/10/2011
30/11/2011
30/12/2011
31/01/2012
29/02/2012
30/03/2012
29/07/2011
31/08/2011
30/09/2011
31/10/2011
30/11/2011
30/12/2011
31/01/2012
29/02/2012
30/03/2012
06/07/2011
07/02/2012

27/07/2011
16/02/2012
10/08/2011
12/09/2011
11/10/2011
10/11/2011
09/12/2011
10/01/2012
09/02/2012
09/03/2012
16/04/2012
10/08/2011
12/09/2011
11/10/2011
10/11/2011
09/12/2011
10/01/2012
09/02/2012
09/03/2012
16/04/2012
27/07/2011
16/02/2012

5,365,111
4,735,554
1,055,578
1,637,002
1,738,528
1,632,365
1,703,877
1,700,149
1,640,628
1,335,901
1,363,764
6,033,886
8,160,585
9,233,931
6,892,036
7,102,299
6,995,355
7,183,151
6,786,953
7,097,450
1,201,586
1,214,138

135,689
1,332,533
25,774
37,013
34,714
36,079
34,681
34,878
36,629
31,389
30,889
18,946
23,723
23,706
19,587
18,587
18,468
20,630
20,510
20,668
76,518
616,840

142

USD
USD
USD
USD
USD

Dividend
per share

Notes to the Financial Statements (continued)

13. Dividends (continued)
Share
Sub-Fund
class
BRIC Equity
AD
M2D

Currency

Dividend
per share

Ex-date

Number of
shares

Total amount
paid

27/07/2011
27/07/2011

92,321
9,316,041

2,239
448,381

USD
USD

0.024247
0.048130

BRIC Markets Equity

AD

USD

0.020974

06/07/2011

27/07/2011

10,753,885

225,552

Climate Change
AD

USD

0.018742

06/07/2011

27/07/2011

2,847,324

53,365

Emerging Wealth
AD

USD

0.020696

06/07/2011

27/07/2011

2,399,915

49,669

Euroland Equity
AD
ED
ZD

EUR
EUR
EUR

0.276654
0.151481
0.750658

06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011

6,175,292
8,694
690,836

1,708,419
1,317
518,582

Euroland Equity Smaller Companies

AD
EUR

0.049416

06/07/2011

27/07/2011

153,165

7,569

Euroland Growth
M1D

EUR

0.161208

06/07/2011

27/07/2011

172,449

27,800

European Equity
AD
ED
PD
WD
ZD

EUR
EUR
EUR
EUR
EUR

0.386786
0.243183
0.525825
0.552016
0.857657

06/07/2011
06/07/2011
06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011
27/07/2011
27/07/2011

18,585
84,728
2,601,126
27,027
190,949

7,189
20,604
1,367,737
14,919
163,769

06/07/2011
06/07/2011
06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011
27/07/2011
27/07/2011

5,763,649
1,466,204
1,319,389
7,834,036
777,265

271,065
132,829
89,003
2,998,235
254,910

Global Emerging Markets Equity

AD
USD
USD
PD
USD
S1D
WD
ZD

USD
USD

0.047030
0.090594
0.067458
0.382719
0.327958

06/07/2011
06/07/2011

Payment
date

143

Notes to the Financial Statements (continued)

13. Dividends (continued)
Share
Sub-Fund class
Global Equity
AD
ZD
Latin American Equity
AD
L1D
M1D

Currency

Dividend
per share

Ex-date

Payment
date

Number of
shares

Total amount
paid

USD
USD

0.043930
0.420144

06/07/2011
06/07/2011

27/07/2011
27/07/2011

860,934
1,987,028

37,821
834,838

USD
USD
USD

0.023118
0.233227
0.115192

06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011

1,217,298
1,903,616
2,036,755

28,141
443,975
234,618

0.172348

06/07/2011

27/07/2011

55,120

9,500

Middle East and North Africa Equity

AD
USD
Brazil Equity
AD
ID

USD
USD

0.089007
0.463383

06/07/2011
06/07/2011

27/07/2011
27/07/2011

20,402,050
696,118

1,815,926
322,569

Chinese Equity
AD
ID
ZD

USD
USD
USD

0.170936
0.836118
1.429549

06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011

25,687,295
3,180
1,318,826

4,390,883
2,659
1,885,326

Hong Kong Equity

AD
PD
ZD

USD
USD
USD

0.729883
1.260092
2.587824

06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011

26,564
2,616,111
466,356

19,388
3,296,541
1,206,847

Indian Equity
ZD

USD

0.931150

06/07/2011

27/07/2011

117,261

109,188

JPY
JPY

06/07/2011
06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011
27/07/2011

88,365
3,886,201
2,757
72,306

123,736
19,674,295
365,690
920,457

06/07/2011

27/07/2011

43,125

138

Japanese Equity
AD
PD
WD
ZD

JPY
JPY

1.400282
5.062604
132.652726
12.730101

Russia Equity
ZD

USD

0.003210

144

Notes to the Financial Statements (continued)

13. Dividends (continued)
Share
Sub-Fund class
Singapore Equity
AD
PD

Currency

Dividend
per share

Ex-date

Payment
date

Number of
shares

Total amount
paid

USD
USD

0.410937
0.581105

06/07/2011
06/07/2011

27/07/2011
27/07/2011

791,985
643,568

325,456
373,981

USD

0.078585

06/07/2011

27/07/2011

2,464,058

193,638

AD

USD

0.224130

06/07/2011

27/07/2011

6,341,840

1,421,397

Turkey Equity
AD

EUR

0.056264

06/07/2011

27/07/2011

1,023,512

57,587

06/07/2011
06/07/2011

27/07/2011
27/07/2011

1,663,140
7,543

431,354
3,893

Taiwan Equity
AD
Thai Equity

UK Equity
AD
ID

GBP
GBP

0.259361
0.516155

ID
WD
YD
ZD

USD
USD
USD
USD

0.019263
1.539520
0.053698
0.212795

06/07/2011
06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011
27/07/2011

8,511
4,792
1,833,431
171,465

164
7,377
98,452
36,487

AD
ID

USD
USD

1.413773
1.738981

06/07/2011
06/07/2011

27/07/2011
27/07/2011

247,688
190,150

350,175
330,667

AD

EUR

0.512840

06/07/2011

27/07/2011

68,932

35,351

Euro Credit Bond

AD
ZD

EUR
EUR

0.528754
0.770976

06/07/2011
06/07/2011

27/07/2011
27/07/2011

245,771
37,520

129,952
28,927

Euro High Yield Bond

AD
ED

EUR
EUR

0.948072
1.053057

06/07/2011
06/07/2011

27/07/2011
27/07/2011

412,694
1,216

391,264
1,280

US Equity

Brazil Bond

Euro Bond

145

Notes to the Financial Statements (continued)

13. Dividends (continued)
Share
Sub-Fund class
Global Bond
AD
PD
WD
ZD

Currency
USD
USD
USD
USD

Global Emerging Markets Bond

AD
USD
ADH
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
AM
USD
ED
USD
ID
USD
IDH
USD
PD
USD
ZD
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD

146

Dividend
per share
0.425099
0.375034
7.733686
0.557863

0.259513
0.390221
0.159052
0.033664
0.099600
0.070293
0.099649
0.109632
0.097138
0.104008
0.104843
0.105145
0.104590
0.086884
0.094019
1.113984
1.154496
1.098102
1.002175
1.553586
0.183240
0.061164
0.110400
0.264152
0.124917
0.130398
0.134831
0.133057
0.134525
0.114657
0.123337

Ex-date

Payment
date

Number of
shares

Total amount
paid

06/07/2011
06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011
27/07/2011

2,517,036
588,176
8,737
2,740,312

1,069,989
220,587
67,570
1,528,719

06/07/2011
06/07/2011
28/04/2011
31/05/2011
09/06/2011
30/06/2011
29/07/2011
31/08/2011
30/09/2011
31/10/2011
30/11/2011
30/12/2011
31/01/2012
29/02/2012
30/03/2012
06/07/2011
06/07/2011
06/07/2011
06/07/2011
06/07/2011
28/04/2011
31/05/2011
09/06/2011
31/08/2011
30/09/2011
31/10/2011
30/11/2011
30/12/2011
31/01/2012
29/02/2012
30/03/2012

27/07/2011
27/07/2011
11/05/2011
09/06/2011
20/06/2011
12/07/2011
10/08/2011
12/09/2011
11/10/2011
10/11/2011
09/12/2011
10/01/2012
09/02/2012
09/03/2012
16/04/2012
27/07/2011
27/07/2011
27/07/2011
27/07/2011
27/07/2011
11/05/2011
09/06/2011
20/06/2011
12/09/2011
11/10/2011
10/11/2011
09/12/2011
10/01/2012
09/02/2012
09/03/2012
16/04/2012

112,857
75,529
294,419
292,867
297,628
280,647
415,926
434,308
430,440
424,418
576,664
564,640
573,874
633,746
3,046,661
19,501
4,705,161
13,164,822
7,746,556
63,225
4,582,602
4,616,191
4,616,191
4,647,795
4,695,858
4,719,838
4,744,059
4,769,500
4,794,706
4,819,654
4,460,408

29,288
29,473
46,828
9,859
29,644
19,728
41,447
47,614
41,812
44,143
60,459
59,369
60,021
55,062
286,444
21,724
5,432,089
14,456,317
7,763,404
98,225
839,716
282,345
509,627
1,227,724
586,592
615,457
639,646
634,615
645,009
552,608
550,134

Notes to the Financial Statements (continued)

13. Dividends (continued)
Share
Sub-Fund class
Currency
Global Emerging Markets Local Debt
AD
USD
ID
USD
ZD
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD
ZM
USD

Ex-date

Payment
date

Number of
shares

Total amount
paid

0.496721
0.607555
0.665008
0.173415
0.064200
0.031425
0.059933
0.035183
0.045083
0.056694
0.046425
0.039521

06/07/2011
06/07/2011
06/07/2011
28/04/2011
09/06/2011
30/09/2011
31/10/2011
30/11/2011
30/12/2011
31/01/2012
29/02/2012
30/03/2012

27/07/2011
27/07/2011
27/07/2011
11/05/2011
20/06/2011
11/10/2011
10/11/2011
09/12/2011
10/01/2012
09/02/2012
09/03/2012
16/04/2012

3,742,077
15,006,726
2
8,924,913
9,041,942
9,086,530
9,109,789
9,154,141
9,180,756
9,215,285
9,255,873
9,289,552

1,858,768
9,117,411
2
1,547,714
580,493
285,544
545,977
322,070
413,897
522,451
429,704
367,132

AMD
AMD
AMD
AMD
AMD
AMD
AMD
AMD
AMD
AMD
AMD
AMD

USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD

0.036724
0.036429
0.037681
0.037946
0.037750
0.050000
0.050000
0.050000
0.050000
0.050000
0.047500
0.047500
0.047500
0.047500
0.047500
0.047500
0.047500

30/11/2011
30/12/2011
31/01/2012
29/02/2012
30/03/2012
28/04/2011
31/05/2011
30/06/2011
29/07/2011
31/08/2011
30/09/2011
31/10/2011
30/11/2011
30/12/2011
31/01/2012
29/02/2012
30/03/2012

09/12/2011
10/01/2012
09/02/2012
09/03/2012
16/04/2012
11/05/2011
09/06/2011
12/07/2011
10/08/2011
12/09/2011
11/10/2011
10/11/2011
09/12/2011
10/01/2012
09/02/2012
09/03/2012
16/04/2012

5,649
17,638
17,638
17,638
58,841
112,228,463
102,818,571
97,564,354
92,711,110
81,424,925
74,040,411
69,854,030
66,716,292
64,875,477
61,851,637
59,933,594
58,284,317

207
643
665
669
2,221
5,611,423
5,140,929
4,878,218
4,635,556
4,071,246
3,516,920
3,318,066
3,169,024
3,081,585
2,937,953
2,846,846
2,768,504

US Dollar Bond
AD
PD
WD
ZD

USD
USD
USD
USD

0.409372
0.437358
0.517176
0.526202

06/07/2011
06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011
27/07/2011

305,535
1,746,450
1,398,272
6,223,060

125,077
763,824
723,153
3,274,587

Global High Income Bond

AMH SGD
AMH SGD
AMH SGD
AMH SGD
AMH SGD

Dividend
per share

147

Notes to the Financial Statements (continued)

13. Dividends (continued)
Share
Sub-Fund class
Euro Reserve
AD
GEM Debt Total Return
L1D
L1DH
M1D
ZD

Currency

Dividend
per share

Ex-date

Payment
date

Number of
shares

Total amount
paid

EUR

0.007252

06/07/2011

27/07/2011

42,892

311

USD
USD
USD
USD

0.382711
0.469923
0.398147
0.000717

06/07/2011
06/07/2011
06/07/2011
06/07/2011

27/07/2011
27/07/2011
27/07/2011
27/07/2011

5,711,060
32,958,982
10,418,890
308,241

2,185,685
15,488,185
4,148,250
221

14. Equalisation received/(paid)

Equalisation is calculated for bonds and reserve sub-funds only.
Equalisation received reflects the amounts received by a sub-fund in respect of undistributed income on the shares
issued during the accounting year. Equalisation paid reflects the amounts paid by a sub-fund in respect of undistributed
income on shares purchased during the year.
Sub-fund

Currency

Total amount received /

(paid)

Asian Currencies Bond

USD

Brazil Bond

USD

23,312

Emerging Inflation Linked Bond

Euro Bond
Euro Credit Bond
Euro High Yield Bond
Global Bond
Global Credit Bond
Global Emerging Markets Bond
Global Emerging Markets Corporate Debt
Global Emerging Markets Investment Grade Bond
Global Emerging Markets Local Debt
Global High Income Bond
Global Inflation Linked Bond
Latin American Local Debt
RMB Fixed Income
US Dollar Bond
Euro Reserve

USD
EUR
EUR
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR

185,878
73,371
770,911
1,246,244
765,157
(14,506)
29,125,182
7,185
964,303
3,727,032
(9,817,791)
(23,629)
(19,447)
128,850
342,689
166,787

148

57,225

Notes to the Financial Statements (continued)

15. Securities lending
The Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As
at 31 March 2012, the value of securities lent is as follows:
Sub-fund
Asia ex Japan Equity
Asia ex Japan Equity Smaller Companies
Asia Pacific ex Japan Equity High Dividend
BRIC Equity
BRIC Markets
BRIC Markets Equity
CIVETS
Climate Change
Emerging Wealth
Euroland Equity
Euroland Equity Smaller Companies
Euroland Growth
European Equity
Global Emerging Markets Equity
Global Equity
Chinese Equity
Hong Kong Equity
Indian Equity
Japanese Equity
Korean Equity
Russia Equity
Singapore Equity
Turkey Equity
UK Equity
US Equity
European Equity Absolute Return
GEM Equity Absolute Return
Global Flex Allocation

Value of securities lent

Currency

54,298,823
2,069,659
17,952,862
169,816,146
762,782
41,902,591
2,130,374
1,435,848
2,607,817
76,038,808
7,264,939
1,107,171
7,358,160
86,124,692
1,430,595
730,143,191
29,491,290
19,716,762
56,129,182
1,983,314
64,456,870
16,384,490
14,016,033
2,871,450
3,325,558
554,049
1,665,365
93,769

USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
USD
USD
USD
USD
USD
JPY
USD
USD
USD
EUR
GBP
USD
EUR
USD
EUR

In return for making securities available for loan throughout the year, the sub-funds participating in the programs
received fees which are reflected in the financial statements as "other income" for USD 12,292,254.
With regards to the holding of collateral as at 31 March 2012, collaterals were held for USD 168,415,151 as cash
collateral and for USD 1,402,125,917 as non-cash collateral.
As at 31 March 2012, the cash collateral was reinvested in the following securities:
Asset Type

Security Name

Mutual fund

HSBC EURO LIQUIDITY FUND

Local Collateral
Currency
EUR

Security Description /
Yield / Maturity date
N/A

Cash Collateral Received

(Base Currency USD)
168,415,151

149

Notes to the Financial Statements (continued)

15. Securities lending (continued)
As per Prospectus, HSBC Investment Funds (Luxembourg) S.A. (the "Management Company") is entitled to
collect a fee of up to 10% of the stock lending gross fee payable to the Company to cover the administration
work associated with the monitoring and oversight of this activity.
Since 5 October 2011, HSBC Bank plc acts as the securities lending agent and fees received by this affiliate,
together with the fees earned by the Management Company, are included in the below table.
Affiliate Company Earnings
HSBC Bank PLC (Lending Agent)

Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12

USD
77,271
101,036
95,065
212,329
213,435
218,821

HSBC Investment Funds Luxembourg

(Management Company)

EUR
12,661
631
373
1,282
677
38

EUR
48,542
57,316
52,694
59,807
49,519
40,003
55,305
2,799
1,495
5,130
2,710
155

GBP
101
118
123
121
106
99
21
-

USD
61,149
72,733
67,227
88,435
83,750
65,774
73,317
99,746
87,644
141,333
142,321
146,892

As at 31 March 2012, only the following sub fund was involved in a program where the level of the
securities lent represented 30% or more of its total net assets.
Sub-fund

Nature of
collateral

Counterparty
providing the
collateral

Total value (as a

percentage of the
securities on loan)
secured by collateral,
including asset class,
if non-cash

Total value (as a

percentage of the
Total Net Assets)
secured by collateral,
including asset class,
if non-cash

Collateral
credit rating

Chinese
Equity

Cash and
Equities

HSBC Bank PLC

113.10%

38.96%

150

Notes to the Financial Statements (continued)

16. Transactions with connected persons and Brokerage Commission paid per sub-fund
HGIF transactions with connected persons. All the figures are expressed in USD
Name

Asia ex Japan Equity

Asia ex Japan Equity Smaller Companies
Asia Pacific ex Japan Equity High Dividend
BRIC Equity
BRIC Markets Equity
Climate Change
Emerging Wealth
Euroland Equity
Euroland Equity Smaller Companies
Euroland Growth
European Equity
Global Emerging Markets Elite (Liquidated)
Global Emerging Markets Equity
Global Equity
Latin American Equity
Middle East and North Africa Equity
Brazil Equity
Chinese Equity
Hong Kong Equity
Indian Equity
Korean Equity
Russia Equity
Singapore Equity
Taiwan Equity
Thai Equity
Turkey Equity
UK Equity
US Equity
Asian Currencies Bond
Emerging Inflation Linked Bond
Euro Bond
Euro Credit Bond
Euro High Yield Bond
Global Credit Bond
Global High Income Bond
Global Inflation Linked Bond
RMB Fixed Income

Total Aggregate
value of
transactions for
the year with
HSBC
(USD)

Total Brokerage
Commission
paid per subfund (USD)

Average rate of
commission
(%)

Percentage of
Transaction
(%)

5,245,156
3,596,051
796,972
297,545,271
776,730,966
10,414,773
9,024,192
731,014,347
13,366,328
38,299,081
22,025,252
465,047
107,882,593
264,266,492
94,318,615
2,398,374
1,301,041,006
134,563,198
20,162,881
97,394,387
9,434,989
1,392,331
370,880
2,029,230
658,651
105,672,472
5,970,804
345,113,268
26,609,169
26,387,090
325,571,649
2,391,696,602
118,955,873
1,860,534
51,123,552
9,633,633
12,936,406

12,513
5,465
2,303
572,757
237,594
16,719
19,812
863,278
203,501
58,279
35,240
1,134
243,056
57,465
163,520
2,686
2,349,044
192,444
35,510
181,036
23,587
2,228
572
5,097
13,150
299,055
9,553
95,576
0
342
1,065
3,817
0
24
11
715
0

0.24
0.15
0.29
0.19
0.03
0.16
0.22
0.12
1.52
0.15
0.16
0.24
0.23
0.02
0.17
0.11
0.18
0.14
0.18
0.19
0.25
0.16
0.15
0.25
2.00
0.28
0.16
0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00

0.48
3.36
0.30
10.23
61.20
12.50
15.30
56.60
9.90
38.30
11.76
2.86
8.14
43.00
5.21
33.50
32.49
2.11
2.80
3.12
2.36
0.14
0.37
2.75
0.38
30.25
4.17
33.40
11.80
3.50
32.00
40.80
10.60
1.40
1.90
2.00
23.48

151

Notes to the Financial Statements (continued)

16. Transactions with connected persons and Brokerage Commission paid per sub-fund (continued)
Name

Euro Reserve
European Equity Absolute Return
GEM Equity Absolute Return
Global Flex Allocation
Global Macro
Global Macro II
Multi Government Bond Strategies (Liquidated)

Total Aggregate
value of
transactions for
the year with
HSBC
(USD)

Total Brokerage
Commission
paid per subfund (USD)

Average rate of
commission
(%)

Percentage of
Transaction
(%)

37,177,146
1,904,794,596
798,184,064
254,581,530
3,402,208,037
984,135,545
453,157,058

0
9,087
3,023
7,206
37,772
25,298
18,215

0.00
0.00
0.00
0.00
0.00
0.00
0.00

2.50
46.46
38.39
41.80
20.37
32.01
22.90

The investment adviser and its connected persons of the following sub-funds have entered into soft commission
arrangements with certain brokers, for which goods and services used to support the investment decision
making process were received by it or its connected persons:
Asia ex Japan Equity
Asia ex Japan Equity Smaller Companies
Asia Pacific ex Japan Equity High Dividend
Chinese Equity
Hong Kong Equity
Korean Equity
Taiwan Equity
BRIC Equity
The investment adviser or its connected persons do not make direct payment for these services, but transact
and agree an amount of business with brokers on behalf of the sub-funds concerned. All transactions were
entered into in the ordinary course of business and on normal commercial terms.
Commissions were paid by the Company on these transactions. The goods and services utilized for the
Company include the following: research and advisory services; portfolio analysis, including valuation and
performance measurement; market analysis, data and quotation services; computer hardware and software
incidental to the above goods and services; clearing and custodian services and investment related publications.
The Management Company is also entitled to a Performance Fee, which is payable annually in arrears after the
end of each twelve month period.
Performance Fees are disclosed in the Statement of Operations, whilst the Performance Fee calculation method
is explained on Page 92. Detailed Performance Fee information may also be found in the Prospectus dated
December 2011.

152

Notes to the Financial Statements (continued)

17. List of movements in the investment portfolio
The detailed list of movements in the investment portfolio can be obtained free of charge upon request at the
registered office of the Company. The current Prospectus, the Articles of Incorporation, together with both the
interim and audited annual reports are available free of charge upon request from the German payment and
information officer from the Management Company.
18. Pricing Adjustment Single - Swinging Prices (SSP)
In the SSP method, the expenses resulting from subscriptions and redemptions above a pre-defined threshold,
for the acquisition and disposal of shares (price/offer margins, market-appropriate brokerages, commissions,
charges etc.) are included in the calculation of the net asset value. The net amount resulting from the difference
between subscriptions and redemptions determines the adjustment of the portfolio and thus the resulting
expenses. The transaction costs incurred on the day of trading for subscriptions and redemptions will be paid by
the investors who commission these transactions.
If the subscriptions on a particular day of trading exceed the redemptions and the threshold for the application of
an adjustment, then the fund management will add the transaction costs incurred by the excess of subscriptions
at the calculated "valuation net asset value". This amount is known as the "modified net asset value". On the
other hand, if the redemptions on a particular valuation day exceed the subscriptions and the threshold for the
application of an adjustment, then the transaction costs resulting from the excess of redemptions will be
deducted from the "valuation net asset value". The surcharge on or deduction from the transaction costs that is
incurred by subscriptions is effected at a flat rate, and is based on an average value from a previous period of a
maximum of one year.
If the fund has been on the market launched for less than one year, then depending on the fund's special
features this factor will be determined depending on the fund's portfolio of investments, so that a
representative figure results.
The following Single Swinging Price values were posted on 31 March 2012:
Asia Pacific ex Japan Equity High Dividend

USD

(1,726,107)

Other liabilities

China Consumer Opportunities

USD

603,277

Other assets

Brazil Bond

USD

3,342,088

Other assets

The amounts shall be booked on the following day after capital has been definitively booked.
19. Subsequent events
The sub-fund Global Macro II has been liquidated as at 29 May 2012.
The sub-fund Managed Solutions-Asia Focused Income has been opened as at 25 May 2012.

153

Notes to the Financial Statements (continued)

Charges and Expenses
Operating, Administration and Servicing Expenses (refer also to note 4.4)
Sub-fund

Class A, AM,
E, M, P, R, S1

Class I, J, L, Y, Z,
ZP, S2, S3, S4

Class X

Class W

RESERVE SUB-FUND
Euro Reserve

0.15%

0.10%

0.00%

BOND SUB-FUNDS
Asian Currencies Bond
Brazil Bond
Emerging Inflation Linked Bond
Euro Bond
Euro Credit Bond
Euro High Yield Bond
Global Bond
Global Credit Bond
Global Emerging Markets Bond
Global Emerging Markets Corporate Debt
Global Emerging Markets Investment Grade Bond
Global Emerging Markets Local Debt
Global High Income Bond
Global Inflation Linked Bond
Latin American Local Debt
RMB Fixed Income
US Dollar Bond

0.35%
0.35%
0.30%
0.25%
0.25%
0.25%
0.25%
0.25%
0.35%
0.35%
0.35%
0.35%
0.25%
0.25%
0.35%
0.25%
0.25%

0.25%
0.25%
0.25%*
0.15%
0.20%
0.20%
0.15%
0.20%
0.25%
0.25%
0.25%
0.25%
0.20%
0.20%**
0.25%
0.20%
0.15%

0.20%
0.20%
0.20%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.15%
0.15%
0.20%
0.15%
0.15%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.35%
0.35%
0.35%
0.40%
0.35%
0.40%
0.40%
0.35%
0.40%
0.35%
0.35%
0.35%
0.35%

0.25%
0.25%
0.25%
0.30%
0.35%***
0.25%
0.30%
0.30%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%

0.20%
0.20%
0.20%
0.25%
0.20%
0.25%
0.25%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

EQUITY SUB-FUNDS
a) International and Regional sub-funds
Asia ex Japan Equity
Asia ex Japan Equity Smaller Companies
Asia Pacific ex Japan Equity High Dividend
BRIC Equity
BRIC Markets
BRIC Markets Equity
China Consumer Opportunities
CIVETS
Climate Change
Emerging Wealth
Euroland Equity
Euroland Equity Smaller Companies
Euroland Growth
European Equity
*0.20% for share class Z
** 0.15% for share class Z
***0.25% for for share class Z
154

Notes to the Financial Statements (continued)

Charges and Expenses (continued)
Operating, Administration and Servicing Expenses (refer also to note 4.4) (continued)
Sub-fund

Frontier Markets
Global Emerging Markets Elite
(liquidated as at 20 May 2011)
Global Emerging Markets Equity
Global Equity
Latin American Equity
Middle East and North Africa Equity
b) Market Specific sub-funds
Brazil Equity
Chinese Equity
Hong Kong Equity
Indian Equity
Japanese Equity
Korean Equity
Russia Equity
Singapore Equity
Taiwan Equity
Thai Equity
Turkey Equity
UK Equity
US Equity
OTHER SUB-FUNDS
European Equity Absolute Return
GEM Debt Total Return
GEM Equity Absolute Return
Global Currency
Global Flex Allocation
Global Macro
Global Macro II
Multi Government Bond Strategies
(Formerly Global Bond Market Neutral)
(liquidated as at 2 March 2012)

Class A, AM, E, M, Class I, J, L,Y, Z, ZP

P, R, S1
S2,S3,S4
0.40%
-

Class X

Class W

0.25%
-

0.00%
-

0.40%***
0.35%
0.40%
0.40%

0.30%
J,Z=0.25% /
Y=0.35%
0.30%
0.25%
0.30%*
0.30%**

0.20%
0.20%
0.25%
0.25%

0.00%
0.00%
0.00%
0.00%

0.40%
0.40%
0.35%
0.40%
0.35%
0.40%
0.40%
0.40%
0.40%
0.35%
0.40%
0.31%
0.35%

0.30%
0.30%
0.25%
0.30%
0.25%
0.30%
0.30%
0.30%
0.30%
0.25%
0.30%
0.25%
0.25%

0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

0.40%
0.35%
0.50%
0.30%
0.30%
0.30%
0.30%
0.30%

0.30%
0.25%
0.40%
0.20%
0.20%
0.20%
0.20%
0.20%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

* 0.25% for class Z

** 0.25% for class J
*** 0.30% for share class S1

155

Notes to the Financial Statements (continued)

Charges and Expenses (continued)
Management Fee Percentages (refer also to note 4.2)
Class Class Class Class Class Class
Sub-Fund
RESERVE SUB-FUND
Euro Reserve
BOND SUB-FUNDS
Asian Currencies Bond
Brazil Bond
Emerging Inflation Linked
Bond
Euro Bond
Euro Credit Bond
Euro High Yield Bond
Global Bond
Global Credit Bond
Global Emerging
Markets Bond
Global Emerging Markets
Corporate Debt
Global Emerging Markets
Investment Grade Bond
Global Emerging
Markets Local Debt
Global High Income Bond
Global Inflation Linked Bond
Latin American Local Debt
RMB Fixed Income
US Dollar Bond
EQUITY SUB-FUNDS
a) International and
Regional sub-funds
Asia ex Japan Equity
Asia ex Japan Equity
Smaller Companies
Asia Pacific ex Japan
Equity High Dividend
BRIC Equity
BRIC Markets
BRIC Markets Equity
China Consumer
Opportunities
CIVETS
Climate Change
Emerging Wealth
Euroland Equity
Frontier Markets
156

Class Class Class

Z, ZM,
J
L
ZP

AM

0.50

0.25

0.00

1.25
1.00

1.55 0.625
1.30 0.50

0.00
0.00

0.60
-

Class

Class

Class Class Class

W

0.00

0.00
0.00

0.60
0.50

1.00

1.25

0.50

0.00

0.00

0.50

0.75
0.85
1.10
0.75
1.00

1.05 0.375
1.15 0.425
1.40 0.55
1.05 0.375
1.30 0.50

0.50
0.50
-

0.00
0.00
0.00
0.00
0.00

0.60
0.60
0.60
0.60
-

0.00
0.00
0.00
0.00
0.00

0.30
0.35
0.50
0.35
0.35

1.25

1.55

0.50

1.00

0.00

0.60

0.00

0.50

1.50

1.80

0.75

0.00

0.60

0.00

0.70

1.10

1.40 0.475

0.00

0.60

0.00

0.45

1.25

1.55 0.625

0.00

0.60

0.00

0.60

1.25
0.70
1.25
0.75
0.75

1.55
1.00
1.55
1.05
1.05

0.625
0.35
0.625
0.375
0.375

0.50

0.00
0.00
0.00
0.00
0.00

0.60
-

0.00
0.00
0.00
0.00
0.00

0.50
0.35
0.60
0.35
0.35

1.50

2.00

0.75

0.00

0.60

0.00

0.70

1.50

2.00

0.75

0.00

0.60

0.00

0.70

1.50

2.00

0.75

0.00

0.60

0.00

0.70

1.50
1.50

2.00
2.00

0.75
0.75

1.00
-

0.00
1.00
0.00

0.60
0.60

0.50
-

0.00
0.00
0.00

1.50
-

0.70
0.60

1.50

2.00

0.75

0.00

0.00

0.70

1.75
1.50
1.50
1.50
1.75

2.25 0.875
2.00 0.75
2.00 0.75
2.00 0.75
2.25 1.25

0.00
0.00
0.00
0.00
0.00

0.60
0.60
-

0.00
0.00
0.00
0.00
0.00

0.75
0.60
0.60
0.60
1.00

Notes to the Financial Statements (continued)

Charges and Expenses (continued)
Management Fee Percentages (refer also to note 4.2) (continued)
Class Class Class Class Class Class
Sub-Fund
Euroland Equity Smaller
Companies
Euroland Growth
European Equity
Global Emerging Markets
Elite (liquidated as at 20 May
2011)
Global Emerging Markets
Equity
Global Equity
Latin American Equity
Middle East and North
Africa Equity
b) Market Specific Equity
sub-funds
Brazil Equity
Chinese Equity
Hong Kong Equity
Indian Equity
Japanese Equity
Korean Equity
Russia Equity
Singapore Equity
Taiwan Equity
Thai Equity
Turkey Equity
UK Equity
US Equity
OTHER SUB-FUNDS
European Equity Absolute
Return
GEM Debt Total Return
GEM Equity Absolute
Return
Global Currency
Global Flex Allocation
Global Macro
Global Macro II
Multi Government Bond
Strategies (Formerly Global
Bond
Market
Neutral)
(liquidated as at 2 March
2012)

AM

Class Class
Z, ZM,
J
ZP

Class

Class

Class

Class Class Class

W

1.50

2.00

0.75

0.00

0.00

0.70

1.50
1.50

2.00
2.00

0.75
0.75

1.25
-

1.00

0.00
0.00

0.00
0.00

0.60
0.60

1.00

0.60

1.50

1.50

2.00

0.75

1.00

0.00

0.60

0.55

0.00

0.70

1.50
1.50

2.00
2.00

0.75
0.75

1.00

0.00
0.00

0.60
-

0.50

1.75

0.00
0.00

0.00

0.60
0.70

1.50

2.00

0.75

0.00

0.60

0.00

0.70

1.75
1.50
1.50
1.50
1.50
1.50
1.75
1.50
1.50
1.50
1.75
1.50
1.50

2.25 0.875
2.00 0.75
2.00 0.75
2.00 0.75
2.00 0.75
2.00 0.75
2.25 0.875
2.00 0.75
2.00 0.75
2.00 0.75
2.25 0.875
2.00 0.75
2.00 0.75

1.00
1.00
1.00
1.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
-

0.55
-

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.30

0.70
0.70
0.70
0.70
0.60
0.70
0.70
0.70
0.70
0.70
0.70
0.60
0.50

1.50

0.00

1.00

2.00

0.00

1.00

0.00

0.60

0.50

1.50

1.00

0.00

1.50

0.00

1.00

2.00

0.00

1.50
1.20
1.50
1.50

0.00
0.00
0.00
0.00

1.00
0.60
1.00
1.00

2.00
1.70
2.00
2.00

0.00
0.00
0.00
0.00

1.05

0.00

0.50

1.55

0.00

157

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
EC
Sub-Fund
Share class

TER excluding the

performance fee (in %)

AC
ACH
AD
ADH
EC
ED
IC
ID
J1C
WD
ZD

1.85%
1.85%
1.86%
1.86%
2.36%
2.36%
1.00%
1.00%
0.85%
0.00%
0.25%

AC
AD
ADH HKD
EC
IC

1.86%
1.85%
1.00%
2.35%
1.00%

AC
AD
AM
AM HKD
EC
IC
ICH EUR
ZC
ZD

1.85%
1.85%
1.85%
1.84%
2.33%
0.99%
1.04%
0.25%
0.25%

AC
AC GBP
ACH HKD
AD
AD GBP
EC
IC
ICH EUR
ID
J1C

1.89%
1.81%
1.90%
1.89%
1.31%
2.39%
1.05%
1.04%
1.04%
0.90%

EQUITY SUB-FUNDS
a) International and Regional sub-funds
Asia ex Japan Equity

Asia ex Japan Equity Smaller Companies

Asia Pacific ex Japan Equity High Dividend

BRIC Equity

158

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

TER excluding the

Share class

BRIC Equity (Continued)

BRIC Markets

BRIC Markets Equity

China Consumer Opportunities

CIVETS

Climate Change

Emerging Wealth

performance fee (in %)

L1C

0.80%

M1C

1.40%

M2C

1.40%

M2D

1.40%

XC

0.94%

YC

1.85%

YD

1.85%

ZC

1.26%

AC

1.85%

AD

1.85%

EC

2.35%

ED

2.35%

IC

1.01%

J1C

0.85%

AC

1.87%

ACH HKD

1.89%

AC

2.10%

ACH EUR

2.01%

AD

2.03%

EC

2.65%

IC

1.09%

ICH EUR

1.15%

ZC

0.30%

AC

1.86%

AD

1.86%

EC

2.36%

IC

1.00%

AC

1.90%

AD

1.91%

EC

2.42%
159

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

Euroland Equity

Euroland Equity Smaller Companies

Euroland Growth

European Equity

160

TER excluding the

Share class

performance fee (in %)

AC

1.88%

AD

1.89%

EC

2.41%

ED

2.39%

IC

1.02%

ZC

0.25%

ZD

0.25%

AC

1.88%

AD

1.88%

EC

2.41%

IC

1.01%

ZC

0.25%

AC

1.87%

IC

1.01%

M1C

1.64%

M1D

1.62%

AC

1.88%

AD

1.89%

EC

2.41%

ED

2.38%

IC

1.03%

PC

1.37%

PD

1.37%

WD

0.00%

ZD

0.25%

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

Frontier Markets

Global Emerging Markets Equity

Global Equity

Latin American Equity

TER excluding the

Share class

performance fee (in %)

AC

2.15%

IC

1.67%

ID

1.57%

ZD

0.30%

AC

1.92%

AC GBP

1.83%

ACH EUR

1.93%

AD

1.93%

AD GBP

2.50%

EC

2.44%

ED

2.44%

IC

1.07%

PC

1.43%

PD

1.43%

S1D

0.90%

WD

0.02%

ZD

0.31%

AC

1.85%

AD

1.86%

EC

2.34%

IC

1.00%

ZC

0.25%

ZD

0.25%

AC

1.90%

AC GBP

1.79%

AD

1.90%

AD GBP

1.79%

ADH HKD

1.89%

EC

2.40%

IC

1.06%

ICH EUR

1.23%

L1D

0.80%

M1C

1.40%

M1D

1.41%

161

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

Middle East and North Africa Equity

Brazil Equity

Chinese Equity

Hong Kong Equity

162

TER excluding the

Share class

performance fee (in %)

AC

1.73%

AD

1.80%

EC

2.17%

IC

0.95%

ZC

0.27%

AC

2.17%

AC GBP

2.05%

ACH EUR

2.12%

AD

2.16%

AD GBP

1.98%

ADH HKD

2.15%

EC

2.66%

ED

2.65%

IC

1.18%

ID

1.18%

S3D

0.85%

XC

0.89%

ZC

0.30%

ZD

0.30%

AC

1.91%

AC GBP

1.77%

ACH EUR

1.87%

AD

1.91%

AD GBP

1.86%

ADH HKD

1.87%

EC

2.42%

ED

2.41%

IC

1.05%

ID

1.00%

J1C

0.90%

ZD

0.30%

AC

1.87%

AD

1.85%

EC

2.36%

IC

1.02%

J1C

0.85%

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

Hong Kong Equity (continued)

Indian Equity

Japanese Equity

Korean Equity

Russia Equity

TER excluding the

Share class

performance fee (in %)

PD

1.35%

ZC

0.25%

ZD

0.25%

AC

1.92%

AC GBP

1.91%

AD

1.92%

AD GBP

1.90%

ADH EUR

1.93%

ADH HKD

1.89%

EC

2.42%

ED

2.42%

IC

1.06%

ICH EUR

1.05%

ID

1.06%

ZD

0.31%

AC

1.84%

AD

1.84%

EC

2.33%

ED

2.31%

IC

0.99%

PC

1.35%

PD

1.35%

WD

0.00%

ZD

0.25%

AC

1.91%

AD

1.91%

EC

2.41%

ED

2.42%

IC

1.06%

J1C

0.90%

AC

2.16%

AC GBP

0.00%

ACH EUR

2.17%

AD

2.15%
163

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

TER excluding the

Share class

Russia Equity (continued)

Singapore Equity

Taiwan Equity

Thai Equity

Turkey Equity

UK Equity

164

performance fee (in %)

AD GBP

2.05%

ADH HKD

2.13%

EC

2.68%

IC

1.18%

XC

0.88%

ZD

0.30%

AC

1.90%

AD

1.90%

EC

2.39%

IC

1.06%

J1C

0.90%

PD

1.40%

ZD

0.30%

AC

1.90%

AD

1.90%

EC

2.42%

IC

1.05%

AC

1.86%

AD

1.86%

EC

2.38%

IC

1.01%

J1C

0.85%

AC

2.19%

AC GBP

2.05%

AD

2.17%

AD GBP

2.03%

EC

2.70%

IC

1.19%

ID

1.19%

J1C

0.91%

AC

1.78%

AD

1.82%

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

UK Equity (continued)

US Equity

TER excluding the

Share class

performance fee (in %)

EC

2.29%

IC

1.02%

ID

1.02%

AC

1.84%

ACH

1.85%

AD

1.87%

ADH

1.86%

EC

2.35%

ED

2.38%

IC

1.01%

ID

1.00%

PD

1.34%

WD

0.00%

YD

0.55%

ZD

0.25%

Bond Sub-Funds
Asian Currencies Bond

Brazil Bond

Emerging Inflation Linked Bond

AC

1.59%

ACH EUR

1.60%

AD

1.56%

IC

0.90%

ID

0.85%

IDH EUR

0.89%

ZC

0.25%

AC

1.35%

AD

1.35%

EC

1.65%

IC

0.74%

ID

0.76%

AC

1.28%

AC GBP

1.26%

ACH EUR

1.27%

IC

0.74%

ICH EUR

0.74%
165

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

Euro Bond

Euro Credit Bond

Euro High Yield Bond

Global Bond

Global Credit Bond

166

TER excluding the

Share class

performance fee (in %)

AC

1.02%

AD

1.01%

EC

1.30%

IC

0.53%

AC

1.11%

AD

1.12%

EC

1.42%

IC

0.63%

ZD

0.20%

AC

1.37%

AD

1.37%

EC

1.68%

ED

1.68%

IC

0.76%

ID

0.75%

XC

0.66%

ZC

0.20%

AC

0.98%

AD

1.00%

EC

1.28%

IC

0.52%

PD

0.75%

WD

0.00%

ZC

0.15%

ZD

0.15%

AC

1.25%

ACH

1.25%

IC

0.70%

ICH

0.70%

XC

0.50%

ZC

0.20%

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

TER excluding the

Share class

Global Emerging Markets Bond

Global Emerging Markets Corporate

Debt

Global Emerging Markets Investment

Grade Bond

Global Emerging Markets Local Debt

performance fee (in %)

AC

1.57%

AC GBP

1.47%

AD

1.56%

AD GBP

1.52%

ADH

1.56%

AM

1.55%

EC

1.89%

ED

1.89%

IC

0.75%

ICH EUR

0.77%

ID

0.74%

IDH

0.74%

PC

1.34%

PD

1.35%

XC

0.67%

ZD

0.32%

ZM

0.25%

AC

1.65%

IC

0.99%

ZC

0.25%

AC

1.42%

EC

1.70%

IC

0.72%

ICH EUR

0.72%

IDH EUR

0.73%

ZC

0.25%

AC

1.60%

AC GBP

1.59%

ACH EUR

1.61%

AD

1.60%

AD GBP

1.56%

167

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

Global Emerging Markets Local Debt (continued)

Global High Income Bond

Global Inflation Linked Bond

Latin American Local Debt

RMB Fixed Income

168

Share class

TER excluding the

performance fee
(in %)

EC

1.86%

IC

0.88%

ID

0.87%

IDH EUR

0.87%

XC

0.78%

ZD

0.26%

ZM

0.25%

AC

1.50%

ACH SGD

1.50%

AMH SGD

1.47%

AMD

1.51%

AC

0.93%

ACH

0.95%

EC

1.25%

IC

0.55%

ICH EUR

0.56%

ICH GBP

0.55%

ZC

0.15%

AC

1.61%

IC

0.87%

ZC

0.25%

AC

0.97%

ACH EUR

0.92%

AD

0.99%

ADH EUR

0.97%

EC

1.17%

IC

0.57%

YAC

1.01%

ZC

0.21%

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

US Dollar Bond

Share class

TER excluding the

performance fee
(in %)

AC

0.99%

AD

0.99%

EC

1.27%

IC

0.52%

PD

0.75%

WD

0.00%

ZC

0.15%

ZD

0.15%

Reserve Sub-Fund
Euro Reserve

AC

0.50%

AD

0.53%

IC

0.34%

L1C

1.28%

Other Sub-Funds
European Equity Absolute Return

GEM Debt Total Return

L1CH USD

1.30%

M1C

1.92%

M1CH GBP

1.95%

M1CH USD

1.95%

ZC

0.30%

J1CH JPY

0.84%

L1C

0.75%

L1CH EUR

0.75%

L1D

0.75%

L1DH EUR

0.75%

M1C

1.35%

M1D

1.35%

ZD

0.25%

ZDH EUR

0.25%

169

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

GEM Equity Absolute Return

Global Currency

Global Flex Allocation

170

Share class

TER excluding the

performance fee
(in %)

L1C

1.43%

L1CH EUR

1.42%

M1C

1.99%

M1CH EUR

1.99%

M1CH GBP

2.00%

M1D

2.01%

ZC

0.40%

L1C

1.21%

L1CH CHF

1.20%

L1CH EUR

1.21%

L1CH GBP

1.20%

M1CH JPY

1.80%

L1CH JPY

1.19%

L1CH SEK

1.20%

M1C

1.80%

M1CH EUR

1.79%

M1CH GBP

1.81%

M1D

1.85%

M1DH GBP

1.80%

L1C

0.77%

M1C

1.49%

R1C

2.02%

ZC

0.20%

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund
Share class
Global Macro

Global Macro II

TER excluding the

performance fee
(in %)

L1C

1.23%

L1CH GBP

1.21%

L1CH SEK

1.21%

L1CH USD

1.21%

L1D

1.26%

L1DH GBP

1.27%

L1DH USD

1.15%

M1C

1.84%

M1CH CHF

1.82%

M1CH GBP

1.88%

M1CH NOK

1.79%

M1CH SEK

1.83%

M1CH USD

1.85%

M1D

1.83%

M1DH GBP

1.87%

M1DH SEK

1.84%

R1C

2.35%

ZCH GBP

0.24%

Z1DH GBP

0.10%

L1C

1.28%

L1D

1.24%

L1DH GBP

1.23%

L1DH USD

1.26%

M1C

1.87%

M1D

1.88%

Z1DH GBP

0.16%

ZC

0.21%

171

Publication of TER (Total Expense Ratio) Information concerning the Swiss Investors
Sub-Fund

TER including the

Share class

GEM Debt Total Return

GEM Equity Absolute Return

172

performance fee (in %)

J1CH JPY

1.04%

L1C

0.93%

L1CH EUR

0.86%

L1D

0.97%

L1DH EUR

1.20%

M1C

1.48%

M1D

1.35%

ZD

0.25%

ZDH EUR

0.25%

L1C

1.99%

L1CH EUR

1.42%

M1C

2.10%

M1CH EUR

1.99%

M1CH GBP

2.00%

M1D

2.01%

ZC

0.40%

Publication of PTR (Portfolio Turnover Ratio) Information concerning the Swiss

Investors

%
Asia ex Japan Equity
Asia ex Japan Equity Smaller Companies
Asia Pacific ex Japan Equity High Dividend
BRIC Equity
BRIC Markets
BRIC Markets Equity
China Consumer Opportunities
CIVETS
Climate Change
Emerging Wealth
Euroland Equity
Euroland Equity Smaller Companies
Euroland Growth
European Equity
Frontier Markets
Global Emerging Markets Equity
Global Equity
Latin American Equity
Middle East and North Africa Equity
Brazil Equity
Chinese Equity
Hong Kong Equity
Indian Equity
Japanese Equity
Korean Equity
Russia Equity
Singapore Equity
Taiwan Equity
Thai Equity
Turkey Equity
UK Equity
US Equity
Asian Currencies Bond
Brazil Bond
Emerging Inflation Linked Bond
Euro Bond
Euro Credit Bond
Euro High Yield Bond
Global Bond
Global Credit Bond

126.88
88.55
86.29
160.68
25.20
52.38
19.32
68.36
182.36
311.61
(26.29)
86.07
0.52
82.43
(2.08)
165.87
252.75
54.00
23.19
28.52
248.48
171.72
47.86
115.38
200.96
61.96
23.91
79.09
(25.91)
73.68
17.23
202.08
228.85
130.82
(25.89)
82.54
293.57
7.83
311.32
20.94

173

Publication of PTR (Portfolio Turnover Ratio) Information concerning the Swiss

Investors

%
Global Emerging Markets Bond
Global Emerging Markets Corporate Debt
Global Emerging Markets Investment Grade Bond
Global Emerging Markets Local Debt
Global High Income Bond
Global Inflation Linked Bond
Latin American Local Debt
RMB Fixed Income
US Dollar Bond
Euro Reserve
European Equity Absolute Return
GEM Debt Total Return
GEM Equity Absolute Return
Global Currency
Global Flex Allocation
Global Macro
Global Macro II

25.64
62.05
134.02
192.29
85.09
97.59
220.51
(104.65)
837.71
2,419.73
486.39
289.71
451.82
243.19
68.87
405.26
345.57

With reference to section 2.8 (2) of the Prospectus dated December 2011, adjustments related to swing pricing
methodology are included in the PTR figures.

174

Publication of performance for sub-funds distributed in Switzerland Information

concerning the Swiss Investors
Calendar Year Performance
Sub-fund name

Share class

Share class
currency

2011

2010

2009

Asia ex Japan Equity

AC

USD

-23.26%

21.18%

61.90%

Asia ex Japan Equity Smaller

Companies

AC

USD

-24.75%

29.04%

102.83%

Asia Pacific ex Japan Equity

High Dividend

AC

USD

-13.66%

17.28%

61.63%

M1C

USD

-28.09%

12.98%

109.05%

BRIC Markets

YC

USD

-25.68%

10.68%

103.07%

BRIC Markets Equity

AC

USD

-23.22%

6.90%

85.43%

Climate Change

AC

USD

-18.93%

0.78%

25.35%

Emerging Wealth

AC

USD

-13.51%

9.49%

50.37%

Euroland Equity

AC

EUR

-18.43%

1.02%

36.97%

BRIC Equity

Euroland Equity Smaller

Companies
Euroland Growth
European Equity
Global Emerging Markets
Equity
Global Equity
Latin American Equity
Middle East and North Africa
Equity

AC

EUR

-22.52%

27.78%

51.04%

M1C

EUR

-14.40%

-0.75%

32.45%

AC

EUR

-13.22%

10.85%

31.26%

AC

USD

-27.38%

14.40%

66.52%

AC

USD

-6.75%

7.67%

26.21%

M1C

USD

-25.54%

19.26%

127.85%

AC

USD

-15.00%

19.73%

n/a

Brazil Equity

AC

USD

-25.76%

13.87%

156.52%

Chinese Equity

AC

USD

-20.43%

0.95%

57.07%

Hong Kong Equity

AC

USD

-22.89%

8.20%

57.48%

Indian Equity

AC

USD

-45.82%

13.00%

131.55%

Japanese Equity

AC

JPY

-18.49%

-0.94%

3.62%

Korean Equity

AC

USD

-16.68%

20.70%

54.12%

Russia Equity

AC

USD

-27.48%

23.74%

145.85%

Singapore Equity

AC

USD

-18.37%

16.05%

87.23%

Taiwan Equity

AC

USD

-21.29%

21.61%

74.13%

175

Publication of performance for sub-funds distributed in Switzerland Information

concerning the Swiss Investors
Calendar Year Performance
Sub-fund name

Share class

Share class
currency

2011

2010

2009

Thai Equity

AC

USD

-4.50%

50.27%

79.05%

Turkey Equity

AC

EUR

-32.62%

37.65%

101.53%

UK Equity

AC

GBP

-6.26%

12.99%

16.47%

US Equity

AC

USD

2.58%

9.14%

23.08%

Brazil Bond

AC

USD

-0.15%

13.01%

43.84%

Euro Bond

AC

EUR

2.90%

3.34%

14.33%

Euro Credit Bond

AC

EUR

0.87%

4.80%

21.36%

Euro High Yield Bond

AC

EUR

-2.34%

12.87%

55.63%

Global Bond

AC

USD

7.57%

3.38%

6.33%

Global Credit Bond

AC

USD

0.51%

4.70%

n/a

Global Emerging Markets Bond

EC

USD

6.31%

11.82%

31.19%

Global Emerging Markets

Corporate Debt

AC

USD

-0.09%

n/a

n/a

Global Emerging Markets

Investment Grade Bond

AC

USD

1.83%

n/a

n/a

Global Emerging Markets Local

Debt

AC

USD

-3.99%

12.69%

n/a

Global High Income Bond

AC

USD

2.25%

n/a

n/a

Global Inflation Linked Bond

AC

USD

11.04%

n/a

n/a

US Dollar Bond
Euro Reserve

AC
AC

USD
EUR

7.27%
0.45%

3.83%
0.27%

n/a
0.54%

European Equity Absolute

Return

M1C

EUR

2.39%

n/a

n/a

GEM Debt Total Return

M1C

USD

-1.47%

8.60%

26.36%

GEM Equity Absolute Return

M1C

USD

-4.45%

n/a

n/a

Global Currency

M1C

USD

-2.13%

n/a

n/a

Global Flex Allocation

M1C

EUR

1.04%

n/a

n/a

Global Macro

M1C

EUR

-6.31%

1.19%

5.09%

176

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

47.32

57.83

49.90

ACH EUR

21.10

26.94

21.70

AD

43.97

53.57

46.16

ADH EUR

20.66

26.28

21.17

EC

43.74

53.19

45.67

ED

43.33

52.70

45.24

IC

47.06

58.00

50.48

ID

47.06

57.90

49.94

J1C

9.92

12.24

10.67

WD

9.10

11.29

9.75

ZD

44.90

54.78

47.28

732,481,378

776,006,555

632,596,218

AC

32.59

38.88

35.15

AD

31.13

37.02

33.45

N/A

N/A

1.09

EC

32.13

38.14

34.31

ED

30.89

N/A

N/A

IC

32.83

39.51

36.02

55,570,392

73,130,192

46,581,203

Asia ex Japan Equity

USD

Net Asset Value per Share

Total Net Assets

Asia ex Japan Equity Smaller Companies
USD

Net Asset Value per Share

ADH HKD

Total Net Assets

177

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

17.20

20.03

18.79

AD

14.84

17.10

15.75

AM

N/A

N/A

8.95

AM HKD

N/A

N/A

1.15

EC

17.01

19.70

18.39

IC

15.28

17.95

16.98

N/A

N/A

13.13

ZC

15.34

18.15

N/A

ZD

15.04

17.38

16.00

130,080,396

163,544,153

179,969,407

Asia Pacific ex Japan Equity High Dividend

USD

Net Asset Value per Share

ICH EUR

Total Net Assets

BRIC Equity
USD

Net Asset Value per Share

AC

23.59

27.71

21.95

AC GBP

N/A

N/A

16.16

ACH HKD

N/A

N/A

1.05

AD

N/A

27.82

22.02

AD GBP

N/A

N/A

16.33

EC

N/A

27.11

21.37

23.66

28.02

22.38

ICH EUR

N/A

N/A

12.65

ID

N/A

N/A

22.79

J1C

17.70

21.00

16.80

L1C

23.47

27.86

22.31

M1C

24.87

29.35

23.37

M2C

23.92

28.22

22.47

M2D

23.99

28.31

22.50

N/A

28.04

22.42

2,020,189,397

2,077,032,912

1,461,706,477

IC

XC

Total Net Assets

178

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

YC

27.85

31.53

25.91

YD

N/A

31.53

25.91

ZC

28.35

32.29

26.69

42,863,997

41,955,053

17,471,546

AC

15.19

16.98

14.15

AD

15.17

16.93

14.09

EC

14.91

16.58

13.75

ED

14.91

16.58

13.75

IC

15.65

17.64

14.83

J1C

15.77

17.80

14.99

693,145,864

706,821,539

507,848,965

AC

N/A

N/A

12.46

ACH HKD

N/A

N/A

1.60

N/A

N/A

81,040,170

AC

N/A

N/A

9.82

ACH EUR

N/A

N/A

13.92

AD

N/A

N/A

9.82

EC

N/A

N/A

9.94

IC

N/A

N/A

9.90

ICH EUR

N/A

N/A

14.04

ZC

N/A

N/A

9.98

N/A

N/A

22,602,458

BRIC Markets
USD

Net Asset Value per Share

Total Net Assets

BRIC Markets Equity
USD

Net Asset Value per Share

Total Net Assets

China Consumer Opportunities (launched as at 23

September 2011)
USD
Net Asset Value per Share

Total Net Assets

CIVETS (launched as at 17 May 2011)
USD

Net Asset Value per Share

Total Net Assets

179

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

6.31

6.67

5.93

AD

6.27

6.62

5.86

EC

6.24

6.56

5.80

IC

6.44

6.87

6.16

44,102,409

40,866,614

29,888,905

AC

7.70

8.77

8.24

AD

7.64

8.65

8.11

EC

7.69

8.76

8.24

34,703,204

31,479,904

22,944,964

AC

26.77

28.19

23.61

AD

25.91

26.84

22.25

EC

26.33

27.59

23.00

ED

25.67

26.59

22.03

IC

27.53

29.24

24.71

ZC

29.97

32.07

27.30

ZD

28.58

29.61

24.56

1,111,987,486

1,012,399,563

595,918,907

AC

37.28

43.82

39.18

AD

36.44

42.33

37.81

EC

36.70

42.93

38.20

IC

38.46

45.59

41.12

ZC

41.63

49.72

45.19

69,348,554

72,028,576

61,383,787

Climate Change
USD

Net Asset Value per Share

Total Net Assets

Emerging Wealth
USD

Net Asset Value per Share

Total Net Assets

Euroland Equity
EUR

Net Asset Value per Share

Total Net Assets

Euroland Equity Smaller Companies
EUR

Net Asset Value per Share

Total Net Assets

180

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

11.01

11.26

10.18

IC

11.04

11.39

10.38

M1C

11.01

11.29

10.23

M1D

10.64

10.69

9.54

125,960,642

90,492,275

72,275,014

AC

30.06

33.24

30.73

AD

28.23

30.74

28.05

EC

28.48

31.34

28.82

ED

27.84

30.31

27.65

IC

30.61

34.14

31.82

PC

31.15

34.61

32.16

PD

27.92

30.40

27.76

WD

17.02

18.55

16.95

ZD

28.67

31.24

28.54

112,787,066

120,600,765

89,984,483

AC

N/A

N/A

65.13

IC

N/A

N/A

92.40

ID

N/A

N/A

92.40

ZD

N/A

N/A

11.51

N/A

N/A

69,184,372

YC

10.66

12.41

N/A

ZC

10.33

11.91

N/A

13,979,295

13,976,745

N/A

Euroland Growth
EUR

Net Asset Value per Share

Total Net Assets

European Equity
EUR

Net Asset Value per Share

Total Net Assets

Frontier Markets (launched as at 30 November 2011)
USD

Net Asset Value per Share

Total Net Assets

Global Emerging Markets Elite (liquidated as at 20 May

2011)
USD
Net Asset Value per Share

Total Net Assets

181

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

Global Emerging Markets Equity

USD

Net Asset Value per Share

AC

17.05

19.60

16.31

AC GBP

N/A

N/A

16.40

ACH EUR

N/A

N/A

15.43

16.69

19.18

15.92

N/A

N/A

16.51

EC

16.20

18.53

15.34

ED

16.10

18.41

15.24

IC

17.41

20.18

16.93

PC

11.54

13.33

11.15

PD

11.40

13.16

10.93

S1D

8.19

9.45

7.89

WD

17.18

19.77

16.44

ZD

17.07

19.63

16.32

722,049,225

720,215,938

637,693,053

AC

21.86

24.17

24.09

AD

21.61

23.77

23.64

EC

21.73

23.92

23.72

IC

22.43

25.02

25.14

ZC

23.47

26.38

26.71

ZD

23.47

25.82

25.73

109,115,760

88,167,851

67,087,168

AD
AD GBP

Total Net Assets

Global Equity
USD

Net Asset Value per Share

Total Net Assets

182

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

N/A

21.30

18.35

AC GBP

N/A

N/A

16.73

AD

N/A

21.30

18.33

AD GBP

N/A

N/A

16.64

ADH HKD

N/A

N/A

1.13

EC

18.42

21.19

18.16

IC

18.52

21.60

18.76

N/A

N/A

13.33

L1D

18.49

21.54

18.55

M1C

18.50

21.49

18.61

M1D

18.45

21.37

18.40

S2C

18.42

N/A

N/A

264,783,920

337,454,578

185,181,046

AC

9.49

9.52

9.65

AD

9.49

9.45

9.41

EC

N/A

9.47

9.56

IC

9.53

9.64

9.86

ZC

9.57

9.76

10.05

6,610,924

10,333,463

9,133,815

Latin American Equity

USD

Net Asset Value per Share

ICH EUR

Total Net Assets

Middle East and North Africa Equity
USD

Net Asset Value per Share

Total Net Assets

183

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

Brazil Equity
USD

Net Asset Value per Share

AC

35.14

40.84

35.17

AC GBP

N/A

N/A

17.49

ACH EUR

N/A

N/A

13.01

35.00

40.50

34.79

AD GBP

N/A

N/A

16.96

ADH HKD

N/A

N/A

1.12

EC

34.43

39.81

34.11

ED

34.43

39.81

34.11

IC

36.57

42.92

37.32

ID

36.10

41.83

35.96

N/A

N/A

37.21

XC

36.58

43.04

37.53

ZC

38.92

46.08

40.42

ZD

N/A

N/A

36.68

2,472,031,818

2,543,613,754

1,967,144,853

AD

S3D

Total Net Assets

Chinese Equity
USD

Net Asset Value per Share

AC

76.58

82.28

68.69

AC GBP

N/A

N/A

16.16

ACH EUR

N/A

N/A

12.35

74.83

80.26

66.86

AD GBP

N/A

N/A

16.13

ADH HKD

N/A

N/A

1.06

EC

74.67

79.83

66.31

ED

74.58

79.73

66.23

IC

79.69

86.35

72.70

ID

77.20

82.81

69.00

J1C

78.74

85.45

72.05

ZD

77.98

83.64

69.72

3,367,916,217

2,954,044,156

2,119,742,079

AD

Total Net Assets

184

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

111.19

123.55

105.93

AD

104.72

115.76

98.62

EC

109.57

121.17

103.38

IC

113.78

127.50

110.25

7.43

8.34

7.22

PD

103.37

114.28

97.37

ZC

109.65

123.80

N/A

ZD

109.65

121.24

103.33

428,756,893

437,909,828

323,515,651

181.65

182.85

138.67

N/A

N/A

15.48

181.07

182.26

138.23

AD GBP

N/A

N/A

15.44

ADH EUR

N/A

N/A

11.70

ADH HKD

N/A

N/A

1.00

EC

175.44

175.71

132.59

ED

175.44

175.71

132.59

IC

192.92

195.84

149.80

N/A

N/A

12.99

ID

188.58

191.44

146.43

ZD

187.13

190.79

146.28

6,876,598,268

5,917,782,756

3,995,712,797

Hong Kong Equity

USD

Net Asset Value per Share

J1C

Total Net Assets

Indian Equity
USD

Net Asset Value per Share

AC
AC GBP
AD

ICH EUR

Total Net Assets

185

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

5,135.45

4,659.37

4,547.46

AD

761.78

691.15

673.19

EC

736.95

665.44

646.24

ED

736.78

665.31

646.02

IC

5,304.91

4,856.65

4,780.24

PC

5,207.14

4,748.48

4,657.51

PD

783.92

714.87

696.23

7,039.03

6,424.35

6,255.74

767.58

700.70

682.30

7,109,597,023

5,247,366,135

6,183,910,521

AC

13.84

18.07

15.12

AD

13.84

18.07

15.12

EC

13.64

17.72

14.76

ED

13.65

17.73

14.77

IC

14.34

18.88

15.94

J1C

13.96

18.40

15.56

123,443,939

153,459,927

112,002,210

AC

7.49

9.39

7.15

AC GBP

N/A

N/A

16.19
12.79

Japanese Equity
JPY

Net Asset Value per Share

WD
ZD

Total Net Assets

Korean Equity
USD

Net Asset Value per Share

Total Net Assets

Russia Equity
USD

Net Asset Value per Share

Total Net Assets

186

ACH EUR

N/A

N/A

AD

7.49

9.39

7.15

AD GBP

N/A

N/A

17.23

ADH HKD

N/A

N/A

1.05

EC

7.42

9.25

7.01

IC

7.66

9.69

7.45

XC

N/A

N/A

7.47

ZD

N/A

9.47

7.34

112,840,000

503,883,135

622,638,698

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

36.13

41.92

43.11

AD

31.73

36.15

36.77

EC

35.52

41.01

41.96

IC

36.73

36.23

N/A

N/A

N/A

37.62

PD

31.75

36.20

36.85

ZD

N/A

N/A

37.77

73,472,733

72,779,560

74,031,235

AC

10.29

12.87

11.97

AD

10.28

12.83

11.86

EC

10.27

12.78

11.83

7,187,878

35,195,281

20,630,000

AC

11.06

15.43

17.30

AD

10.18

13.96

15.41

EC

10.87

15.10

16.85

IC

11.45

16.12

18.24

N/A

N/A

18.25

10.52

N/A

N/A

107,711,690

136,229,473

143,850,038

Singapore Equity
USD

Net Asset Value per Share

J1C

Total Net Assets

Taiwan Equity
USD

Net Asset Value per Share

Total Net Assets

Thai Equity
USD

Net Asset Value per Share

J1C
ZD

Total Net Assets

187

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

21.15

22.30

20.62

N/A

N/A

13.05

16.03

16.84

15.52

N/A

N/A

13.12

EC

20.87

21.89

20.14

IC

21.52

22.91

21.39

ID

N/A

16.93

15.81

J1C

N/A

8.90

8.33

33,564,070

142,715,776

119,516,423

AC

25.08

28.15

28.09

AD

22.35

24.58

24.27

EC

24.94

27.86

27.67

IC

25.26

28.60

N/A

ID

24.92

27.43

27.08

ZC

26.92

N/A

N/A

51,436,817

48,624,419

78,082,149

Turkey Equity
EUR

Net Asset Value per Share

AC
AC GBP
AD
AD GBP

Total Net Assets

UK Equity
GBP

Net Asset Value per Share

Total Net Assets

188

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

18.90

21.53

22.70

ACH EUR

21.97

26.22

25.64

AD

21.15

24.10

25.40

ADH EUR

22.70

27.15

26.55

EC

18.60

21.09

22.12

ED

20.65

23.42

24.56

IC

19.18

22.04

23.44

ID

7.88

9.04

9.60

PD

21.57

24.69

26.16

WD

150.18

US Equity
USD

Net Asset Value per Share

123.41

141.35

YD

7.70

8.87

9.41

ZD

21.36

24.47

25.99

155,416,819

170,599,436

181,631,614

AC

N/A

N/A

10.25

ACH EUR

N/A

N/A

13.73

AD

N/A

N/A

10.25

IC

N/A

N/A

10.35

ID

N/A

N/A

10.35

IDH EUR

N/A

N/A

14.29

ZC

N/A

N/A

10.38

N/A

N/A

81,243,101

AC

17.55

22.07

22.56

AD

14.72

15.40

14.39

EC

17.37

21.78

22.20

ED

17.37

N/A

N/A

IC

17.76

22.47

23.11

Total Net Assets

Asian Currencies Bond (launched as at 27 April 2011)
USD

Net Asset Value per Share

Total Net Assets

Brazil Bond
USD

Net Asset Value per Share

ID

Total Net Assets

14.75

18.65

N/A

43,646,193

60,309,377

59,043,559

189

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

N/A

N/A

97.91

AC GBP

N/A

N/A

9.79

ACH EUR

N/A

N/A

9.79

IC

N/A

N/A

98.31

ICH EUR

N/A

N/A

9.83

N/A

N/A

139,181,512

AC

20.16

20.14

21.67

AD

17.58

16.98

17.73

EC

19.97

19.89

21.34

IC

20.84

20.92

22.62

67,323,983

78,001,894

87,803,289

AC

19.28

19.61

20.95

AD

15.34

15.04

15.51

EC

19.11

19.37

20.64

IC

20.11

20.57

22.08

ZD

17.23

16.90

17.40

375,061,060

409,950,506

447,349,327

Emerging Inflation Linked Bond (launched as at 30

June 2011)
USD
Net Asset Value per Share

Total Net Assets

Euro Bond
EUR

Net Asset Value per Share

Total Net Assets

Euro Credit Bond
EUR

Net Asset Value per Share

Total Net Assets

190

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

25.52

27.56

28.84

AD

19.20

19.73

19.67

EC

25.26

27.20

28.38

ED

22.65

23.28

23.17

IC

26.79

29.14

30.67

ID

N/A

N/A

30.78

XC

N/A

N/A

30.83

ZC

27.32

29.88

31.63

237,598,720

528,034,276

649,963,800

AC

15.25

16.18

17.18

AD

13.60

14.07

14.49

EC

11.81

12.49

13.22

IC

15.47

16.50

17.60

PD

11.11

11.49

11.84

WD

187.36

193.89

199.82

ZC

N/A

15.01

16.07

ZD

14.02

14.51

14.96

87,144,986

112,015,501

186,228,573

AC

103.78

106.42

111.12

ACH EUR

138.19

149.14

146.37

IC

104.00

107.27

112.63

ICH EUR

138.29

150.06

148.18

XC

104.10

107.63

113.23

ZC

104.19

108.00

113.96

15,581,391

20,622,837

21,337,913

Euro High Yield Bond

EUR

Net Asset Value per Share

Total Net Assets

Global Bond
USD

Net Asset Value per Share

Total Net Assets

Global Credit Bond
USD

Net Asset Value per Share

Total Net Assets

191

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

25.61

27.62

30.80

N/A

N/A

16.80

18.43

27.62

30.52

AD GBP

N/A

N/A

16.86

ADH EUR

N/A

19.06

19.65

AM

N/A

24.74

26.24

EC

25.35

27.27

30.31

ED

22.91

23.40

24.82

IC

26.24

28.49

32.04

N/A

N/A

13.49

ID

19.68

20.32

21.60

IDH EUR

18.89

20.64

20.74

PC

N/A

27.64

30.90

PD

N/A

18.84

19.98

XC

26.23

28.48

32.05

ZC

24.57

N/A

N/A

ZD

24.57

25.14

N/A

ZM

N/A

24.63

26.23

918,079,559

1,331,154,117

2,327,280,001

AC

N/A

10.13

10.61

IC

N/A

10.15

10.73

ZC

N/A

10.17

10.83

N/A

10,178,686

11,026,609

Global Emerging Markets Bond

USD

Net Asset Value per Share

AC
AC GBP
AD

ICH EUR

Total Net Assets

Global Emerging Markets Corporate Debt
USD

Net Asset Value per Share

Total Net Assets

192

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

N/A

10.25

10.95

EC

N/A

N/A

10.95

IC

N/A

10.27

11.06

ICH EUR

N/A

N/A

147.49

IDH EUR

N/A

N/A

144.93

ZC

N/A

10.28

N/A

N/A

22,612,739

124,329,337

Global Emerging Markets Investment Grade Bond

USD

Net Asset Value per Share

Total Net Assets

Global Emerging Markets Local Debt
USD

Net Asset Value per Share

AC

13.10

14.38

14.52

AC GBP

N/A

N/A

16.35

ACH EUR

N/A

N/A

13.16

12.40

13.10

12.74

N/A

N/A

16.35

EC

13.05

14.29

14.39

IC

13.34

14.75

15.01

ID

12.83

13.56

13.19

IDH EUR

N/A

N/A

13.21

XC

N/A

N/A

15.02

ZD

12.41

13.12

12.49

ZM

N/A

12.89

12.63

188,366,728

668,552,245

917,570,608

AC

N/A

10.57

11.34

ACH SGD

N/A

N/A

8.50

AMD

N/A

10.21

10.35

AMH SGD

N/A

N/A

8.44

N/A

1,210,337,809

614,258,342

AD
AD GBP

Total Net Assets

Global High Income Bond
USD

Net Asset Value per Share

Total Net Assets

193

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

N/A

103.39

113.88

ACH EUR

N/A

146.96

152.69

EC

N/A

N/A

113.65

IC

N/A

103.70

114.68

ICH EUR

N/A

147.63

154.22

ICH GBP

N/A

167.84

185.52

ZC

N/A

104.01

115.49

N/A

38,820,270

38,965,081

AC

N/A

N/A

9.67

IC

N/A

N/A

9.73

ZC

N/A

N/A

9.78

N/A

N/A

20,433,501

AC

N/A

N/A

10.21

ACH EUR

N/A

N/A

13.39

AD

N/A

N/A

10.14

ADH EUR

N/A

N/A

13.69

EC

N/A

N/A

10.16

IC

N/A

N/A

10.23

YAC

N/A

N/A

1.59

ZC

N/A

N/A

10.25

N/A

N/A

83,631,812

Global Inflation Linked Bond

USD

Net Asset Value per Share

Total Net Assets

Latin American Local Debt (launched as at 19 May

2011)
USD
Net Asset Value per Share

Total Net Assets

RMB Fixed Income (launched as at 25 October 2011)
USD

Net Asset Value per Share

Total Net Assets

194

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

AC

13.43

13.80

14.78

AD

10.22

10.28

10.58

EC

13.30

13.63

14.54

IC

13.47

13.91

14.96

PD

10.25

10.32

10.61

WD

10.31

10.37

10.67

ZC

13.98

14.49

15.65

ZD

10.81

10.88

11.19

87,491,283

95,003,755

137,451,375

AC

17.23

17.28

17.35

AD

15.36

15.41

15.47

IC

17.25

17.28

17.37

29,795,236

22,008,155

139,368,188

L1C

N/A

9.73

10.40

L1CH USD

N/A

6.48

7.35

M1C

N/A

9.71

10.27

M1CH GBP

N/A

8.91

10.05

M1CH USD

N/A

6.44

7.27

ZC

N/A

9.87

10.65

N/A

18,769,159

18,417,790

US Dollar Bond
USD

Net Asset Value per Share

Total Net Assets

Euro Reserve
EUR

Net Asset Value per Share

Total Net Assets

European Equity Absolute Return
EUR

Net Asset Value per Share

Total Net Assets

195

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

GEM Debt Total Return

USD

Net Asset Value per Share

J1CH JPY

N/A

N/A

121.34

12.41

12.99

13.54

N/A

12.81

12.54

L1D

11.94

12.39

12.53

L1DH EUR

11.78

12.83

12.09

M1C

12.56

13.11

13.60

M1D

11.85

12.25

12.32

ZD

12.53

12.53

N/A

N/A

N/A

13.79

567,173,302

1,098,763,853

1,129,434,604

L1C

N/A

10.68

10.25

L1CH EUR

N/A

15.52

13.95

M1C

N/A

10.62

10.12

M1CH EUR

N/A

15.38

13.82

M1CH GBP

N/A

18.12

17.57

M1D

N/A

N/A

10.12

ZC

N/A

10.91

10.57

N/A

30,096,792

24,893,948

L1C
L1CH EUR

ZDH EUR

Total Net Assets

GEM Equity Absolute Return
USD

Net Asset Value per Share

Total Net Assets

196

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

Global Currency
USD

Net Asset Value per Share

L1C

10.68

10.19

10.32

L1CH CHF

9.46

10.42

10.64

L1CH EUR

14.74

14.95

14.26

L1CH GBP

15.19

15.43

15.59

L1CH JPY

107.44

115.12

117.30
1.51

L1CH SEK

N/A

1.54

M1C

10.00

9.48

9.54

M1CH EUR

13.49

13.51

12.78
15.92

M1CH GBP

15.53

15.86

M1CH JPY

106.12

114.25

N/A

M1D

10.75

10.20

10.26

M1DH GBP

15.14

15.32

N/A

68,435,114

84,761,711

62,284,768

L1C

N/A

99.29

106.90

M1C

N/A

99.07

105.90

R1C

N/A

98.95

105.23

ZC

N/A

99.48

107.73

N/A

14,921,457

19,264,150

Total Net Assets

Global Flex Allocation
EUR

Net Asset Value per Share

Total Net Assets

197

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

L1C

118.22

118.97

112.50

L1CH GBP

119.70

121.87

122.18

L1CH SEK

N/A

129.06

124.83

L1CH USD

130.81

125.18

125.85

L1D

118.46

119.63

113.12

L1DH GBP

119.90

121.98

120.97

L1DH USD

N/A

98.17

98.77

116.66

117.01

109.98

Global Macro
EUR

Net Asset Value per Share

M1C
M1CH CHF

N/A

77.41

78.02

M1CH GBP

N/A

113.76

113.21

M1CH NOK

N/A

N/A

113.54

M1CH SEK

N/A

127.41

122.43

M1CH USD

N/A

109.02

108.79

116.82

117.16

110.12

M1DH GBP

N/A

113.75

113.30

M1DH SEK

N/A

128.14

N/A

R1C

N/A

100.29

93.79

ZCH GBP

N/A

100.49

101.75

Z1DH GBP

N/A

115.63

N/A

353,479,140

630,916,883

211,900,604

L1C

N/A

103.42

92.08

L1D

N/A

N/A

92.07

L1DH GBP

N/A

114.70

108.50

M1C

N/A

103.08

91.19

M1D

N/A

100.77

89.15

ZC

N/A

103.92

93.48

N/A

32,182,463

8,927,052

M1D

Total Net Assets

Global Macro II
EUR

Net Asset Value per Share

Total Net Assets

198

Comparative Table of Net Assets

at 31 March 2010

at 31 March 2011

at 31 March 2012

L1C

1,016.24

1,031.38

N/A

M1C

1,000.12

1,008.56

N/A

128,604,573

73,801,656

N/A

Multi Government Bond Strategies (Formerly Global

Bond Market Neutral - Liquidated on 2 March 2012)
EUR
Net Asset Value per Share

Total Net Assets

199

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia ex Japan Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS

CHEUNG KONG HOLDINGS

488,000 HKD

6,304,052

1.00

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

CHINA MOBILE LTD

824,500 HKD

9,074,062

1.43
0.93

SHARES
BERMUDA ISLANDS
CHINA YURUN FOOD GROUP
LTD

3,727,000 HKD

5,299,409

0.84

LUK FOOK HOLDINGS (INT)

LTD

1,324,000 HKD

4,024,380

0.64

5,779,221

0.91

15,103,010

2.39

SKYWORTH DIGITAL HLD LTD

CAYMAN ISLANDS
CHINA METAL RECYCLING
HOLDINGS

3,090,000 HKD

5,874,134

CNOOC LTD

8,412,000 HKD

17,291,439

2.74

220,197 HKD

2,736,766

0.43

SUN HUNG KAI PROPERTIES

LTD

12,361,286 HKD

THE WHARF HOLDING

INDONESIA
INDO TAMBANGRAYA
MEGAH (ITM)

PT BANK RAKYAT INDONESIA

6,556,200 HKD

8,021,854

1.27

CHINA SHANSHUI CEMENT

GRP LTD

9,216,000 HKD

7,276,155

1.15

CHINA ZHENGTONG AUTO

SERVICES

5,266,500 HKD

5,277,165

0.83

KINGBOARD LAMINATES
HLDGS LTD

CHINA OVERSEAS
LAND&INVESTMENT

7,164,000 HKD

3,386,263

PT HARUM ENERGY TBK

1,840,425 HKD

3,252,000 HKD

4,556,994

0.72

MGM CHINA

3,880,000 HKD

7,086,095

1.12

MIE HOLDINGS

19,928,000 HKD

6,493,566

1.03

PEAK SPORT PDT

13,671,000 HKD

3,310,222

0.52

45,408,314

7.18

1,795,500 IDR

8,531,663

1.35

10,245,501

1.62

5,096,000 IDR

4,541,983

0.72

23,319,147

3.69

0.95

MALAYSIA

AIRASIA BHD

5,351,600 MYR

6,026,773

RHB CAPITAL BHD

3,338,240 MYR

8,390,549

1.33

14,417,322

2.28

SINGAPORE

DBS GROUP HOLDINGS LTD

420,000 SGD

4,741,908

0.75

STX OSV HOLDINGS

6,710,000 SGD

9,429,635

1.49

YANGZIJIANG SHIPBUILDING
LTD

8,300,000 SGD

8,789,362

1.39

22,960,905

3.63

CHINA

BANK OF CHINA LTD -H-

1.49

SOUTH KOREA

5,620,762

0.89

BS FINL SHS

9,276,632

1.47

HONAM PETROCHEMICAL
CO. LTD

19,118,182

3.01

23,333,000 HKD

9,406,194

CHINA CITIC BANK -H-

9,345,000 HKD

CHINA COMMUNICATIONS
CONSTRUCTION -H-

9,246,000 HKD
24,739,810 HKD

CHINA CONSTRUCTION BANK

CO. -HDONGFENG MOTOR -HIND & COM BOC -HJIANGXI COPPER CO. LTD -H-

PING AN INSURANCE GRP

CO. -H-

4,578,000 HKD

8,266,522

1.31

27,816,235 HKD

17,948,786

2.84

3,310,000 HKD

7,613,923

1.20

979,000 HKD

7,401,501

1.17

WEICHAI POWER CO LTD /-H-

1,326,000 HKD

6,190,854

0.98

YANZHOU COAL MINING CO.

-H-

2,208,000 HKD

4,788,948

0.76

95,632,304

15.12

AIA GROUP

200

4,355,200 HKD

15,958,401

2.52

781,090 KRW

9,173,043

1.45

23,246 KRW

6,907,072

1.09

HYUNDAI HEAVY INDUSTRIES

34,347 KRW

9,750,581

1.54

HYUNDAI MOBIS

35,723 KRW

9,037,187

1.43

HYUNDAI MOTOR CO. LTD

65,488 KRW

13,473,435

2.12

HYUNDAI STEEL CO.

79,895 KRW

7,195,823

1.14

KIA MOTORS CORP.

176,994 KRW

11,580,771

1.83

KOREA ZINC CO. LTD

27,235 KRW

9,414,990

1.49

KUMHO PETRO SHS

45,042 KRW

5,647,636

0.89

LG INTERNATIONAL CORP.

HONG KONG

1.58
10.63

13,480,000 IDR

0.54

LONGFOR PPT

10,002,984
67,241,838

159,613 KRW

7,244,228

1.15

SAMSUNG ELECTRONICS CO.

LTD

32,349 KRW

36,419,312

5.75

SAMSUNG FIRE&MARINE
INSURANCE

34,243 KRW

6,470,626

1.02

SK TELECOM CO. LTD

54,799 KRW

6,750,059

1.07

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia ex Japan Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

S-OIL CORP.

Quantity/ Currency Evaluation

Face
value
80,609 KRW

% net
assets

7,971,908

1.26

147,036,671

23.23

TAIWAN
ADVANCED
SEMICONDUCTOR ENG. INC.

5,714,797 TWD

5,750,774

HON HAI PRECISION

INDUSTRY CO. LTD

1,269,873 TWD

4,926,458

460,050 TWD

9,305,686

1.47

QUANTA COMPUTER INC.

2,663,000 TWD

6,974,606

1.10

RADIANT OPTO
ELECTRONICS CORP.

1,396,000 TWD

6,196,205

0.98

TAISHIN FINANCIAL
HOLDINGS CO.

9,541,620 TWD

3,814,812

0.60

TAIWAN SEMICONDUCTOR
MANUFACTURING

4,682,849 TWD

13,470,599

2.13

TRIPOD TECHNOLOGY CO.

LTD

2,689,810 TWD

9,022,478

1.43

TSRC CORPORATION

1,526,000 TWD

3,903,647

0.62

63,365,265

10.02

HTC CORP.

THAILAND
BANGKOK BANK PUBLIC
/FOREIGN

BANPU PUBLIC CO. LTD/FOR.

REG
PTT GLOBAL PUBLIC CO
FOREI REG

Description

Quantity/ Currency Evaluation

Face
value

HSBC 22.10.18 CW / UNSP

227,200 USD

% net
assets

2,702,808

0.43

23,659,480

3.75

0.91

NETHERLANDS
JP MORGAN STRUCTURE
PROD BV 25.08.14 CERT/ITC

1,558,136 USD

6,939,661

1.09

0.78

JP MORGAN STRUCTURE
08.09.14 CERT/TTMT

1,144,020 USD

6,181,009

0.98

13,120,670

2.07

1,484,300 THB

9,336,915

1.48

328,200 THB

6,491,550

1.03

UNITED STATES
CITIGROUP GM 24.10.12
CW/TTMT

412,000 USD

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
ADR (American Depositary Receipt)
CAYMAN ISLANDS
SPREADTRUM
COMMUNICATIONS /ADR

225,714 USD

TOTAL ADR (American Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

2,214,500

0.35

2,214,500

0.35

45,780,793

7.24

3,744,595

0.59

3,744,595

0.59

3,744,595

0.59

583,888,045

92.30

3,140,212 THB

7,229,318

1.14

PTT PLC CO. LTD /FOREIGN

REG

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

938,900 THB

10,777,116

1.69

SHARES

SIAM CEMENT PUBLIC CO.

/FOREIGN

448,000 THB

6,042,982

0.96

CHINA

39,877,881

6.30

534,362,657

84.47

TOTAL SHARES
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
DEUTSCHE BANK AG 0702.01.17 WRT /CARN INDIA

GREAT BRITAIN
ABN -30.06.09 WRT/TATA
STEEL

DB LN 08-19.03.18 CERT/RECL
IN
DB LN 24.01.17 CW/CANADA
BK

1,035,400 USD

KGI SECURITIES CO. LTD

11,710,388 TWD

4,939,804

0.78

4,939,804

0.78

SOUTH KOREA

GS HOME SHOPPING INC.

28,420 KRW

2,820,662

0.45

2,820,662

0.45

6,786,143

1.07

TOTAL SHARES

7,760,466

1.23

6,786,143

1.07

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

7,760,466

1.23

OTHER TRANSFERABLE SECURITIES

843,906 USD

7,814,558

1.24

1,358,500 USD

5,477,199

0.87

820,700 USD

7,664,915

1.21

WARRANTS / EQUITY LINKED SECURITIES

CAYMAN ISLANDS
MOR ST AS 12.11.14
CW/BKBAF

463,400 USD

7,256,804

1.15

7,256,804

1.15

201

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia ex Japan Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

NETHERLANDS
JPM STR 12-16.02.17
CERT/HCLT

Quantity/ Currency Evaluation

Face
value

799,800 USD

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
PREFERENTIAL SHARES

% net
assets

7,602,347

1.20

7,602,347

1.20

14,859,151

2.35

4,902

0.00

PHILIPPINES

AYALA LAND INC. /PREF

12,129,600 PHP

TOTAL PREFERENTIAL SHARES

TOTAL OTHER TRANSFERABLE SECURITIES
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

202

4,902

0.00

4,902

0.00

14,864,053

2.35

606,512,564

95.88

26,083,654

4.12

632,596,218 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia ex Japan Equity Smaller Companies
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS

PT ABM INVESTAMA TBK

1,237,500 IDR

531,182

1.14

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

PT HARUM ENERGY TBK

808,500 IDR

720,603

1.55

PT TIGA PILAR SEJAHTERA

FOOD T

SHARES
BERMUDA ISLANDS

TRINITY

CAYMAN ISLANDS
AAC TECHNOLOGIES
HOLDINGS

AMVIG HOLDINGS LTD

CHINA METAL RECYCLING

HOLDINGS
CHINA SHANSHUI CEMENT
GRP LTD

CHINA STATE
CONSTRUCTION
INTERNATIONAL HOLDING
LTD

920,000 HKD

757,160

1.63

757,160

1.63

7,725,000 IDR

430,851

0.92

2,901,836

6.23

419,500 MYR

472,425

1.01

1,490,600 MYR

564,419

1.22

1,036,844

2.23

2,510,600 PHP

736,777

1.58

112,770 PHP

642,974

1.38

1,379,751

2.96

1,177,969

2.53

MALAYSIA

AIRASIA BHD
BENALEC HOLDINGS BHD

180,000 HKD

489,163

1.05

1,016,000 HKD

549,594

1.18

PHILIPPINES
ALLIANCE GLOBAL GROUP
INC.

613,800 HKD

751,017

1.61

SEMIRARA MINING CORP.

1,121,000 HKD

885,044

1.90
SINGAPORE

EZION HOLDINGS LTD

995,296 HKD

926,808

1.99

RAFFLES MEDICAL GROUP

LTD

1,502,000 SGD
459,000 SGD

847,868

1.82

COMBA TELECOM SYST

346,000 HKD

191,621

0.41

STX OSV HOLDINGS

994,000 SGD

1,396,879

3.00

HAITAN INTL HLDGS LTD

594,000 HKD

666,352

1.43

WING TAI HOLDINGS

276,000 SGD

281,285

0.60

INTL TAIFENG

2,336,000 HKD

869,500

1.87

KWG PORPERTY HOLDING

LTD

3,704,001

7.95

1,657,500 HKD

956,380

2.05

SOUTH KOREA

MIE HOLDINGS

2,008,000 HKD

654,310

1.40

ASIA PACIFIC SYSTEMS

55,087 KRW

634,776

1.36

312,000 HKD

482,208

1.04

BS FINL SHS

43,920 KRW

515,792

1.11

7,421,997

15.93

CHEIL WORLDWIDE INC.

68,614 KRW

1,096,610

2.35

VINDA INTL HLDG

CHINA
CHINA RAILWAY
CONSTRUCTION CORP. -H-

CHONGQING RURAL SHS -H-

HARBIN POWER EQUIPMENT

CO. -HZIJIN MINING GROUP -H-

HONG KONG
DAH CHONG HONG
HOLDINGS LTD

EMPEROR WATCH &

JEWELLERY LTD

FILA KOREA LTD

420,000 HKD

261,274

0.56

1,187,000 HKD

567,184

1.22

626,000 HKD

656,292

1.41

1,002,000 HKD

397,482

0.85

1,882,232

4.04

282,000 HKD
4,290,000 HKD

299,278

0.64

679,613

1.46

978,891

2.10

1,219,200

2.62

INDONESIA

LIPPO KARAWACI

13,935,625 IDR

9,409 KRW

712,839

1.53

GRAND KOREA LEISURE CO.

LTD

55,040 KRW

1,061,917

2.28

HYUNDAI DEVELOPMENT CO.

ENGINEERING &
CONSTRUCTION

32,670 KRW

716,863

1.54

6,805 KRW

805,181

1.73

HYUNDAI HOME SHOPPING

NETWORK
HYUNDAI HYSCO

26,200 KRW

927,697

1.99

KOH YOUNG TECHNOLOGY

INC

41,929 KRW

990,373

2.13

LG FASHION CORP.

20,370 KRW

718,569

1.54

MERITZ FIRE & MARINE

INSURANCE CO.

26,130 KRW

297,639

0.64

NEXEN TIRE CORP.

64,357 KRW

1,011,525

2.17

548 KRW

562,757

1.21

10,052,538

21.58

YOUNGPOONG CORP LTD

203

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia ex Japan Equity Smaller Companies
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

JP MORGAN STRUCTURE
15.09.14 CERT/HCLT

TAIWAN
CATCHER TECHNOLOGY CO.
LTD

95,000 TWD

671,118

1.44

E SUN FINANCIAL HOLDING

LTD

801,053 TWD

439,689

0.94

FAR EASTERN DEPARTMENT

STORES

348,560 TWD

445,824

0.96

FLEXIUM INTERCONNECT
INC.

144,000 TWD

583,041

1.25

% net
assets

Quantity/ Currency Evaluation

Face
value
93,399 USD

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
TOTAL TRANSFERABLE SECURITIES
ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

885,957

1.90

3,029,204

6.50

3,029,204

6.50

43,719,603

93.86

36,000 TWD

406,177

0.87

HUAKU DEVELOPMENT CO.

LTD

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

214,000 TWD

543,081

1.17

SHARES

KINSUS INTERCONNECT
TECHN.CORP

136,000 TWD

435,912

0.94

ORIENTAL UNION CHEMICAL

CORP.

535,000 TWD

691,540

1.48

1,113,730 TWD

835,839

1.79

RADIANT OPTO
ELECTRONICS CORP.

211,000 TWD

936,533

2.02

TRIPOD TECHNOLOGY CO.

LTD

251,963 TWD

845,164

1.81

HIWIN TECHNOLOGIES

PRINCE HOUSING
DEVELOPMENT CO.

UNIMICRON TECHNOLOGY
CORP.
WT MICROELECTRO

THAILAND
ASIAN PROPERTY
DEVELOPMENT PUBLIC /
FOREIGN

ESSO THAILAND PUBLIC CO.

LTD
LPN DEVELOPMENT PUB. /
FOR. REG
SUPALAI PUBLIC CO. LTD
/FOREIGN

CHINA

2,317,738 TWD

977,694

2.10

977,694

2.10

SOUTH KOREA

567,000 TWD
499,630 TWD

703,126

1.51

743,160

1.60

8,280,204

17.78

SFA ENGINEERING CORP.

14,903 KRW

704,025

1.51

704,025

1.51

TOTAL SHARES

1,681,719

3.61

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

1,681,719

3.61

0.00

OTHER TRANSFERABLE SECURITIES

SHARES
CAYMAN ISLANDS

REAL GOLD MINING

2,929,980 THB

579,528

527,500 HKD

1.24
TOTAL SHARES

2,279,500 THB

946,084

2.04

150,900 THB

75,840

0.16

1,371,000 THB

TOTAL SHARES

693,493

1.49

2,294,945

4.93

40,690,399

87.36

NETHERLANDS
BNP PARIBAS AR 05.05.14
CW /RDCK

243,589 USD

632,581

BNP PARIBAS AR 05.05.14

CW/STR

98,165 USD

1,129,682

2.42

JP MORGAN STRUCTURE
06.10.14 CERT /INBK

79,546 USD

380,984

0.82

1.36

0.00

0.00

WARRANTS / EQUITY LINKED SECURITIES

NETHERLANDS
BNP PARIBAS AR 01.04.15
CW /GNC

842,538 USD

366,321

0.79

BNP PARIBAS AR 05.05.15

CW/INDIABULLS

205,004 USD

833,376

1.79

1,199,697

2.58

1,199,697

2.58

TOTAL WARRANTS / EQUITY LINKED

SECURITIES

WARRANTS / EQUITY LINKED SECURITIES

204

KGI SECURITIES CO. LTD

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia ex Japan Equity Smaller Companies
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

PREFERENTIAL SHARES
PHILIPPINES

AYALA LAND INC. /PREF

5,644,800 PHP

TOTAL PREFERENTIAL SHARES

TOTAL OTHER TRANSFERABLE SECURITIES
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

2,281

0.00

2,281

0.00

2,281

0.00

1,201,978

2.58

46,603,300 100.05
(22,097)

(0.05)

46,581,203 100.00

205

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia Pacific ex Japan Equity High Dividend
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
SHARES
AUSTRALIA

ANZ BANKING GROUP

200,294 AUD

4,847,521

% net
assets

CHINA COMMUNICATIONS
CONSTRUCTION -H-

1,825,000 HKD

1,831,046

1.02

CHINA CONSTRUCTION BANK

CO. -H-

4,998,400 HKD

3,862,614

2.15

CHINA PETROLEUM & CHEM

CORP. -H-

2,166,000 HKD

2,360,086

1.31

DONGFENG MOTOR -H-

870,000 HKD

1,570,964

0.87

GUANGSHEN RAILWAY CO
LTD -H-

3,510,000 HKD

1,365,253

0.76

IND & COM BOC -H-

5,285,955 HKD

3,410,831

1.90

PETROCHINA CO. LTD /-H-

2,092,000 HKD

2,958,442

1.64

ZHEJIANG EXPRESSWAY CO.

LTD -H-

2,208,000 HKD

1,649,400

0.92

21,554,593

11.98

200,458 AUD

7,218,835

4.02

BRADKEN LTD

146,989 AUD

1,312,243

0.73

CWTHBK OF AUSTRALIA

108,827 AUD

5,673,048

3.15

GRAINCORP LTD -A-

153,356 AUD

1,444,081

0.80

INCITEC PIVOT LTD

475,086 AUD

1,557,130

0.87

84,184 AUD

960,024

0.53

LEND LEASE GROUP

199,127 AUD

1,547,722

0.86

METCASH LTD / DEFERRED

DELIVERY

368,130 AUD

1,647,069

0.92

HONG KONG

AIA GROUP

857,400 HKD

3,141,700

1.75

CATHAY PACIFIC AIRWAYS

730,000 HKD

1,352,013

0.75

2.38

CHINA MOBILE LTD

447,500 HKD

4,924,977

2.74

1.17

CLP HOLDINGS LTD

232,000 HKD

2,001,989

1.11

1,437,712

0.80

CNOOC LTD

1,586,000 HKD

3,260,131

1.81

NATIONAL AUSTRALIA BANK

LTD

167,525 AUD

4,288,020

QBE INSURANCE GROUP

143,420 AUD

2,114,568

SEVEN WEST MEDIA

353,389 AUD

SIMS METAL MANAGEMENT

LTD

Quantity/ Currency Evaluation

Face
value

2.69

BHP BILLITON LTD

JB HI-FI LTD

Description

95,594 AUD

1,461,149

0.81

GUANGDONG INVESTMENT
LTD

2,008,000 HKD

1,399,136

0.78

TATTS GROUP LTD

916,842 AUD

2,365,856

1.31

HSBC HOLDINGS PLC

162,986 HKD

1,437,937

0.80

TELSTRA CORPORATION LTD

758,384 AUD

2,596,134

1.44

WOOLWORTHS

120,896 AUD

KINGBOARD CHEMICALS
HOLDINGS

354,500 HKD

1,239,610

0.69

SJM HOLDINGS LTD

838,000 HKD

1,705,297

0.95

SUN HUNG KAI PROPERTIES

LTD

118,000 HKD

1,466,589

0.81

21,929,379

12.19

0.81

BERMUDA ISLANDS
CHINA YURUN FOOD GROUP
LTD

SKYWORTH DIGITAL HLD LTD

VTECH HLDGS SHS

CAYMAN ISLANDS
AAC TECHNOLOGIES
HOLDINGS

3,268,084

1.82

43,739,196

24.30

916,000 HKD

1,302,457

0.72

2,766,539 HKD

1,293,429

0.72

114,800 HKD

522,000 HKD

1,471,913

0.82

4,067,799

2.26

1,418,574

1,060,000 HKD

1,105,834

0.61

CHINA SHANSHUI CEMENT

GRP LTD

1,911,000 HKD

1,508,759

0.84

XINYI GLASS HOLDING CO.

LTD

2,334,000 HKD

1,424,880

0.79

5,458,047

3.03

2,545,957

1.41

CHINA

206

307,000 IDR

1,458,769

PERUSAHAAN GAS NEGA -B-

4,106,000 IDR

1,706,322

0.95

PT BANK RAKYAT INDONESIA

2,283,500 IDR

1,735,579

0.96

TELKOM INDONESIA S -B-

1,940,000 IDR

0.83
3.55

MALAYSIA
BUMIPUTRA-COMMERCE
HOLDINGS

767,400 MYR

1,926,328

1.07

UMW HOLDINGS

604,100 MYR

1,439,507

0.80

3,365,835

1.87

2,108,834

1.17

SINGAPORE

KEPPEL CORP. LTD

6,315,500 HKD

1,485,109
6,385,779

0.79

ANTA SPORTS PRODUCTS

LTD

BANK OF CHINA LTD -H-

INDONESIA
INDO TAMBANGRAYA
MEGAH (ITM)

241,000 SGD

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia Pacific ex Japan Equity High Dividend
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

% net
assets

Quantity/ Currency Evaluation

Face
value

OVERSEA-CHINESE BANK
CORP.

322,501 SGD

2,290,464

1.27

BANGKOK EXPRESSWAY
/FOR. REG

1,777,700 THB

1,245,066

0.69

SINGAPORE PRESS
HOLDINGS LTD

470,000 SGD

1,466,937

0.82

CHAROEN POK /FOREIGN

REG

1,428,600 THB

1,725,508

0.96

PTT GLOBAL PUBLIC CO

FOREI REG

682,500 THB

1,571,234

0.87

PTT PLC CO. LTD /FOREIGN

REG

173,600 THB

1,992,659

1.11

8,329,761

4.63

169,603,901

94.24

1,277,464

0.71

1,277,464

0.71

1,277,464

0.71

STRAITS ASIA RESOURCES

LTD

712,000 SGD

1,320,881

0.73

UTD OVERSEAS BANK /LOCAL

164,000 SGD

2,396,114

1.33

9,583,230

5.32

1,591,298

0.88

SOUTH KOREA

BS FINL SHS

135,500 KRW
45,250 KRW

1,302,557

0.72

KANGWON LAND INC.

63,530 KRW

1,410,839

0.78

KIA MOTORS CORP.

35,189 KRW

2,302,427

1.29

KT CORPORATION

53,420 KRW

1,483,492

0.82

KT&G CORPORATION

41,920 KRW

2,976,035

1.66

6,636 KRW

2,168,048

1.20

LG CHEMICAL LTD

SAMSUNG ELECTRONICS CO.

LTD

TOTAL SHARES
INVESTMENT FUNDS

HYUNDAI FIRE & MARINE INS

CO.

THAILAND
CPN RETAIL GROWTH
LEASEHOLD

TOTAL INVESTMENT FUNDS

WARRANTS / EQUITY LINKED SECURITIES

6,236 KRW

7,020,645

3.91

GREAT BRITAIN

SK TELECOM CO. LTD

11,418 KRW

1,406,452

0.78

DB LN 11-7.9.21 CW /IBWS

S-OIL CORP.

16,000 KRW

1,582,336

0.88

23,244,129

12.92

TAIWAN

ASIA CEMENT CORP.

ASUSTEK COMPUTER INC.
CHINA STEEL

2,918,334 THB

1,339,498 TWD

1,631,586

0.91

212,280 TWD

2,003,103

1.11

1,769,899 TWD

1,808,027

1.00

1 USD

0.00

0.00

NETHERLANDS
BNPP AR 10-05.05.14
CW/TATA

389,715 USD

2,109,934

1.17

JP MORGAN STRUCTURE 1118.01.16 CERT/CBK

180,343 USD

1,684,311

0.94

JP MORGAN STRUCTURE
15.09.14 CERT/HCLT

136,229 USD

1,292,230

0.72
0.86

CHINATRUST FINANCIAL
HOLDING CO.

2,466,835 TWD

1,550,433

0.86

FAR EASTERN TEXTILE LTD

1,251,216 TWD

1,447,745

0.80

JP MORGAN STRUCTURE
15.10.14 CERT /MM

113,220 USD

1,556,122

558,000 TWD

1,629,711

0.91

JP MORGAN STRUCTURE
25.08.14 CERT/ONGC

324,540 USD

1,711,786

0.95

1,357,123 TWD

1,528,903

0.85

8,354,383

4.64

8,354,383

4.64

179,235,748

99.59

FORMOSA CHEMICALS &

FIBER CO.
FUBON FINANCIAL HOLDING
CO. LTD
HTC CORP.

113,375 TWD

2,293,299

1.27

TAIWAN SEMICONDUCTOR
MANUFACTURING

1,820,161 TWD

5,235,841

2.92

UNIMICRON TECHNOLOGY
CORP.

921,000 TWD

1,142,115

0.63

WISTRON CORP.

THAILAND
BANGKOK BANK PUBLIC
/FOREIGN

1,111,186 TWD

285,400 THB

1,675,390

0.93

21,946,153

12.19

1,795,294

1.00

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
TOTAL TRANSFERABLE SECURITIES
ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

207

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asia Pacific ex Japan Equity High Dividend
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

OTHER TRANSFERABLE SECURITIES

WARRANTS / EQUITY LINKED SECURITIES
NETHERLANDS
BNPP AR 09-01.04.15
CW/TATA

168,185 USD

1,557,391

0.87

1,557,391

0.87

TOTAL WARRANTS / EQUITY LINKED

SECURITIES

1,557,391

0.87

TOTAL OTHER TRANSFERABLE SECURITIES

1,557,391

0.87

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

208

180,793,139 100.46
(823,732)

(0.46)

179,969,407 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

CHINA PETROLEUM & CHEM

CORP. -H-

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

CHINA RAILWAY
CONSTRUCTION CORP. -H-

Quantity/ Currency Evaluation

Face
value

% net
assets

9,086,000 HKD

9,900,157

0.68

11,589,500 HKD

7,209,594

0.49

SHARES

CHINA RESOURCES LAND -H-

2,336,000 HKD

4,037,610

0.28

BERMUDA ISLANDS

DONGFENG MOTOR -H-

1,524,000 HKD

2,751,896

0.19

5,156,500 HKD

10,028,384

0.69

63,261,595 HKD

40,820,363

2.79

SKYWORTH DIGITAL HLD LTD

9,574,970 HKD

4,476,546

0.31

4,476,546

0.31

BRAZIL

IND & COM BOC -HJIANGXI COPPER CO. LTD -H-

BANCO DO BRASIL SA

1,382,777 BRL

19,957,211

1.37

MRV ENGHENHARIA

2,317,300 BRL

16,798,752

1.15

PDG REALTY SA

3,611,000 BRL

12,840,870

0.88

PETROBRAS PETROLEO
BRASILEIRO

1,603,794 BRL

21,114,013

1.44

PETROLEO BRASILEIRO
/PREF.

2,187,600 BRL

27,755,412

1.89

PETROCHINA CO. LTD /-H-

PING AN INSURANCE GRP

CO. -HZIJIN MINING GROUP -H-

ROSSI RESIDENCIAL ON

2,309,200 BRL

12,672,243

0.87

SID NACIONAL

2,155,100 BRL

20,258,941

1.39

VALE RIO DOCE /NAM.

GREAT WALL MOTOR CO.

LTD -H-

664,570 BRL

15,448,582

1.06

146,846,024

10.05

6,954,090

0.48

ZOOMLION HEAVY SHS -H-

3,845,000 HKD

8,844,572

0.61

13,682,000 HKD

19,348,662

1.32

1,093,500 HKD

8,267,151

0.57

15,244,000 HKD

6,047,121

0.41

5,594,800 HKD

7,450,821

0.51

233,721,790

15.99

5.11

FEDERATION OF RUSSIA
AK SBEREGATELNY BANK
SBERBANK

23,169,546 USD

74,634,668

GAZPROM OAO

11,025,764 USD

67,828,968

4.64

23,020 USD

4,219,558

0.29

146,683,194

10.04

3,402,890 GBP

17,511,632

1.20

999,097 GBP

19,672,643

1.34

37,184,275

2.54

37,473,839

2.56
0.65

MMC NORILSK NICKEL

CAYMAN ISLANDS

BAOXIN AUTO GROUP LTD

CHINA SHANSHUI CEMENT

GRP LTD
EVERGRANDE REAL

KWG PORPERTY HOLDING

LTD

5,812,000 HKD

GREAT BRITAIN

8,642,000 HKD

6,822,974

0.47

CAIRN ENERGY

25,967,000 HKD

13,912,786

0.95

VEDANTA RESOURCES PLC

7,459,500 HKD

4,304,143

0.29

390,000 HKD

546,503

0.04

HONG KONG

MGM CHINA

8,632,000 HKD

15,764,735

1.08

CHINA MOBILE LTD

ZHONGSHENG GRP

9,326,500 HKD

18,498,582

1.26

CHINA OVERSEAS
LAND&INVESTMENT

66,803,813

4.57

CNOOC LTD

LONGFOR PPT

CHINA
AGRICULT BANK CHINA /-HSHARES

34,644,000 HKD

14,858,373

BANK OF CHINA LTD -H-

49,489,800 HKD

19,950,741

1.36

3,970,000 HKD

3,338,894

0.23

16,362,000 HKD

9,841,296

0.67

BBMG -HCHINA CITIC BANK -H-

CHINA COMMUNICATIONS
CONSTRUCTION -HCHINA CONSTRUCTION BANK
CO. -HCHINA NATIONAL BUILDING
MATERIAL -H-

GALAXY ENTERTAINMENT
GROUP

3,405,000 HKD
4,984,000 HKD

9,474,655

21,070,000 HKD

43,310,822

2.97

1,929,000 HKD

5,329,157

0.36

95,588,473

6.54

1.02
INDIA

CANARA BANK /DEMAT.

HINDALCO INDUSTRIES /
DEMAT.

257,635 INR

2,406,176

0.16

1,403,659 INR

3,565,283

0.24

8,640,000 HKD

8,668,625

0.59

11,856,273 INR

3,677,084

0.25

62,939,640 HKD

48,637,866

3.33

JINDAL STEEL & POWER

/DEMAT.

193,716 INR

2,072,906

0.14

2,950,000 HKD

3,719,664

0.25

MAHINDRA & MAHINDRA

85,275 INR

1,172,039

0.08

1,127,527 INR

29,889,574

2.05

INDIABULLS POWER

MARUTI SUZUKI INDIA LTD

209

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

OIL & NATURAL GAS CORP.

LTD

625,366 INR

3,294,079

0.23

TATA MOTORS LTD -A-

838,654 INR

2,600,986

0.18

48,678,127

3.33

5,382,704

0.37

5,382,704

0.37

785,364,946

53.74

JERSEY
UNITED COMPANY RUSAL
PLC

TOTAL SHARES

MOR ST AS 09-15.04.14
CW/STLT IN

648,001 USD

26,664,774

1.82

6,363,794 USD

13,871,811

0.95

40,536,585

2.77

GERMANY
DEUTSCHE BANK 07-17.01.17
WRT/HCL

1,159,598 USD

11,014,442

0.75

DEUTSCHE BANK AG 0702.01.17 WRT /CARN INDIA

2,005,762 USD

13,146,018

0.90

24,160,460

1.65

GREAT BRITAIN
ABN AMRO BANK 06-30.06.09
WRT/JSP IN

1,591,864 USD

17,034,148

1.17

DB LN 08-19.03.18 CERT/RECL
IN

4,721,075 USD

19,034,426

1.30

DB LN 24.01.17 CW/CANADA
BK

1,997,069 USD

18,651,594

1.28

HSBC BANK 09-19.11.19

CW/HNDL

1,942,027 USD

4,942,925

0.34

HSBC BANK 13.07.20

CW/LICHF

3,259,291 USD

16,883,049

HSBC 09-02.12.19 CW/JSP

892,504 USD

9,550,468

0.65

HSBC 09-19.11.19 CERT/FGB

636,216 USD

3,351,233

0.23

RBS 03.07.13 CERT/BAJAJ

314,026 USD

10,369,529

0.71

1,149,025 USD

356,356

0.02

288,460 USD

3,972,850

0.27

RBS 11-20.06.13 CERT/TATA

2,022,461 USD

10,949,693

0.75

RBS 28.06.13 CW/HCLT

1,359,512 USD

12,895,950

0.88

127,992,221

8.76

RBS 05.07.13 CW/INDIABULLS

POWER
RBS 10-05.07.12 CERT/MM

210

Quantity/ Currency Evaluation

Face
value

% net
assets

NETHERLANDS
JP MORGAN STRUCTURE
08.02.17 CW/ONGC

882,126 USD

4,652,774

0.32

JP MORGAN STRUCTURE
13.10.14 WRT/IBPOW

24,646,939 USD

7,643,952

0.51

463,007 USD

2,442,130

0.17

1,152,279 USD

4,174,170

0.29

18,913,026

1.29

3,327,087

0.23

9,179,563

0.63

JP MORGAN STRUCTURE
25.08.14 CERT/ONGC
7,024,000 HKD

WARRANTS / EQUITY LINKED SECURITIES

CAYMAN ISLANDS
MOR ST AS 09.06.14 CW
/SBIN

Description

JP MORGAN STRUCTURE
26.08.14 CERT/POWER FIN

UNITED STATES
CITIGROUP GM 24.10.12
CW/TTMT

618,993 USD

CITIGROUP 07-24.10.12
WRT/TATA

991,315 USD

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
SADR (Sponsored American Dep. Receipt)

12,506,650

0.86

224,108,942

15.33

BRAZIL

PETROBRAS /SADR

199,139 USD

5,044,191

0.35

PETROLEO BRASILEIRO
/SADR

299,554 USD

7,878,270

0.54

VALE / -A- /SADR

132,100 USD

2,974,892

0.20

VALE /SADR

683,581 USD

15,845,408

1.08

31,742,761

2.17

FEDERATION OF RUSSIA

GAZPROM OAO /SADR REGS

5,018,038 USD

61,220,064

4.19

LUKOIL /SADR (REP.1 SHS.)

1,171,668 USD

70,534,413

4.83

MMC NORILSK NICKEL /SADR

861,226 USD

15,760,436

1.08

MOBILE TELESYSTEMS
OJS/SADR

824,232 USD

15,050,476

1.03

162,565,389

11.13

1.16
NETHERLANDS

NORD GOLD NV /SADR

2,099,385 USD

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)

12,911,218

0.88

12,911,218

0.88

207,219,368

14.18

FEDERATION OF RUSSIA

AFK SISTEMA / SGDR

GROUPE LSR /SGDR REPR.S

REG S

676,882 USD

13,327,807

0.91

1,275,615 USD

7,526,129

0.51

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

% net
assets

Quantity/ Currency Evaluation

Face
value

NOMOS BANK OJSC SHS

/SGDR

715,641 USD

10,355,325

0.71

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

NOVOLIPETSK STEEL REGS

/GDR

347,588 USD

7,299,348

0.50

SHARES

4,990,283 USD

35,460,451

2.43

AEROFLOT MOSCOW

3,874,902 USD

6,259,412

0.43

73,969,060

5.06

TNK-BP HOLDING

2,445,606 USD

7,833,878

0.53

ROSNEFT OIL COMPANY

OJSC /SGDR

FEDERATION OF RUSSIA

INDIA
FINANCIAL TECHNOLOGIES
/GDR

3 USD

TOTAL GDR (Global Depositary Receipt)

0.00

0.00

73,969,066

5.06

TOTAL SHARES

CHERKIZOVO GROUP /SGDR

432,042 USD

TOTAL GDR (Global Depositary Receipt)

346,348 BRL

1,828,436

0.13

BANRISUL PNB -B- /PREF

468,122 BRL

5,166,103

0.35

1,161,600 BRL

22,024,020

1.50

CIA VALE DO RIO DOCE A

/PREF.

659,106 BRL

14,873,060

1.02

SHARES

ITAU HOLDING /PREF

879,500 BRL

16,936,012

1.16

FEDERATION OF RUSSIA

60,827,631

4.16

RUSHYDRO OJSC

60,827,631

4.16

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

ADR (American Depositary Receipt)

TOTAL SHARES

BRAZIL
ITAU HOLDING ITAU / PFD. /
SADR

INVESTMENT FUNDS

858,643 USD

16,511,705

1.13

16,511,705

1.13

SINGAPORE
INDIABULLS PROPERTIES
INVESTMENT TRUST

9 USD

21,780,000 SGD

FEDERATION OF RUSSIA

687,857 USD

6,287,013

0.43

6,287,013

0.43

5,456,961

0.37

5,456,961

0.37

28,255,679

1.93

INDIA

TATA MOTORS LTD /ADR

202,861 USD

TOTAL ADR (American Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

5,996,743

0.41

5,996,743

0.41

5,996,743

0.41

20,090,033

1.37

OTHER TRANSFERABLE SECURITIES

TOTAL PREFERENTIAL SHARES

MECHEL OJSC /ADR

0.96

FEDERATION OF RUSSIA

BANCO DAYCOVAL SA /PREF.

BRADESPAR SA BRASIL/PREF.

0.96

14,093,290

GDR (Global Depositary Receipt)

PREFERENTIAL SHARES
BRAZIL

14,093,290

1,379,745,632

94.40

TOTAL INVESTMENT FUNDS

0.00

0.00

0.00

2,358,438

0.16

2,358,438

0.16

2,358,438

0.16

WARRANTS / EQUITY LINKED SECURITIES

GREAT BRITAIN
DEUTSCHE BANK 07-24.01.17
WRT/MAHINDRA

564,561 USD

7,775,484

0.54

RBS 12-03.07.13 CERT

/MAHINDRA

269,449 USD

3,703,370

0.25

TOTAL WARRANTS / EQUITY LINKED

SECURITIES

11,478,854

0.79

11,478,854

0.79

211

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

GDR (Global Depositary Receipt)

FEDERATION OF RUSSIA
OAO TATFNEFT /SGDR REP G
REG.S

686,799 USD

TOTAL GDR (Global Depositary Receipt)

TOTAL OTHER TRANSFERABLE SECURITIES
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

212

28,021,399

1.91

28,021,399

1.91

28,021,399

1.91

41,858,691

2.86

1,441,694,356

98.63

20,012,121

1.37

1,461,706,477 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

OGX PETROLEO E GAS

PARTICIP SA

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

PDG REALTY SA

SHARES
BERMUDA ISLANDS
BRILLIANCE CHINA
AUTOMOTIVE

22,000 HKD

23,804

0.14

CHINA YURUN FOOD GROUP

LTD

11,000 HKD

15,642

0.09

HUABA0 INTERNATIONAL

25,000 HKD

16,101

0.09

KUNLUN ENERGY COMPANY

LTD

16,000 HKD

28,853

0.16

84,400

0.48

BRAZIL

ALL AMERICA /CONV

7,100 BRL

35,947

0.21

BANCO DO BRASIL SA

4,700 BRL

67,959

0.39

BM&F BOVESPA BOLSA DE

VALORES

19,300 BRL

120,053

0.68

BR MALLS PARTICIPAES SA

4,000 BRL

50,377

0.29

BRF FOODS

5,300 BRL

108,148

0.62

CIA DE CONCESSOES
RODOVIARIAS
CIELO

COSAN SA INDUSTRIA E
COMERCIO

10,000 BRL

81,347

0.47

2,246 BRL

75,152

0.43

1,400 BRL

25,726

Description

0.15

CPFL ENERGIA SA

1,900 BRL

28,869

0.17

CYRELA BRAZIL REALTY SA

2,700 BRL

24,852

0.14

Quantity/ Currency Evaluation

Face
value
10,800 BRL

91,469

0.52

9,100 BRL

32,096

0.18

REDECARD SA

3,200 BRL

62,138

0.36

ROSSI RESIDENCIAL ON

1,600 BRL

8,952

0.05

SOUZA CRUZ

3,300 BRL

49,743

0.28

TELEMAR

800 BRL

11,388

0.07

USIMINAS

1,500 BRL

13,500 HKD

22,953

0.13

40,000 HKD

41,733

0.24

BELLE INTERNATIONAL
HOLDING LTD

42,000 HKD

75,414

0.43

CHINA ZHONGWANG

28,800 HKD

10,350

0.06

COUNTRY GARDEN
HOLDINGS

55,000 HKD

21,111

0.12

8,000 HKD

27,616

0.16

EVERGRANDE REAL

50,000 HKD

26,792

0.15

GCL-POLY ENERGY
HOLDINGS LTD

76,000 HKD

21,145

0.12
0.35

ENN ENERGY HOLDINGS

6,000 HKD

60,668

PARKSON RETAIL GROUP LTD

HENGAN INTL GROUP

22,500 HKD

25,707

0.15

REHNE COMMERCIAL
HOLDING COMP LTD

82,000 HKD

5,704

0.03

SOHO CHINA LTD

24,000 HKD

17,404

0.10

7,000 HKD

195,298

1.12

40,484

0.23

46,958

0.27

639,337

3.66

4,000 BRL

32,166

0.18

TINGYI HOLDING CORP.

14,000 HKD

3,220 BRL

19,517

0.11

600 BRL

13,553

0.08

WANT WANT CHINA

HOLDINGS LTD

42,000 HKD

20,294

0.12

CHINA
AGILE PROPERTY HOLDINGS
LTD

ELETROBRAS. EL.BRASIL.
/PREF. -B-

1,900 BRL

24,721

0.14

FIBRIA

1,700 BRL

13,782

0.08

HYPERMARCAS SA

2,300 BRL

16,136

0.09

AGRICULT BANK CHINA /-HSHARES

19,298 BRL

121,733

0.69

5,100 BRL

21,821

0.12

INVESTIMENTOS ITAU /PREF.

16,000 HKD

18,466

0.11

130,000 HKD

55,761

0.32

AIR CHINA LTD -H-

16,000 HKD

11,088

0.06

36,000 HKD

17,343

0.10

14,000 HKD

8,998

0.05

12,000 HKD

38,024

0.22

472,400 HKD

190,456

1.09

LOJAS RENNER SA

1,200 BRL

41,548

0.24

ALUMINIUM CORP. OF CHINA

-H-

METALURGICA GERDAU
/PREF.

2,400 BRL

30,490

0.17

ANGANG STEEL COMPANY

LTD -H-

MRV ENGHENHARIA

2,400 BRL

17,364

0.10

NATURA COSMETICOS SA

1,400 BRL

31,171

0.18

JBS AS

7.41

ANTA SPORTS PRODUCTS

LTD

TENCENT HOLDINGS

2,141 BRL

0.10

ALIBABA CO.

DURATEX

ELETROBRAS. CENTR. ELETR.

BRASIL

16,620
1,295,132

CAYMAN ISLANDS

DIAGNOST DA AMERICA SA
BRL
EDP-ENERGIAS DO BRASIL SA

% net
assets

ANHUI CONCH CEMENT CO. HBANK OF CHINA LTD -H-

213

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

BANK OF COMMUNICATIONS
CO. -H-

52,198 HKD

BEIJING CAPITAL
INTERNATIONAL AIRPORT -H-

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

GUANGZHOU AUTO -H-

23,374 HKD

23,183

0.13

39,467

0.23

GUANGZHOU R&F PROPERTY

-H- /NEW

12,000 HKD

14,298

0.08

14,000 HKD

8,097

0.05

8,000 HKD

22,361

0.13

HUANENG POWER
INTERNATIONAL -H-

34,000 HKD

18,481

0.11

CHINA CITIC BANK -H-

57,200 HKD

34,407

0.20

IND & COM BOC -H-

428,300 HKD

276,391

1.58

CHINA COAL ENERGY CO.

LTD -H-

30,000 HKD

33,657

0.19

INNER MONG. YITAI COAL

CO. B -H-

0.13

CHINA COMMUNICATIONS
CONSTRUCTION -H-

37,000 HKD

37,126

0.21

BYD COMPANY LIMITED -H-

CHINA COMMUNICATIONS
SERVICES -H-

4,300 USD

22,966

JIANGXI COPPER CO. LTD -H-

15,800 HKD

36,348

0.21

METALLURGICAL CORP. OF
CHINA -H-

39,000 HKD

8,741

0.05

16,800 HKD

8,115

0.05

CHINA CONSTRUCTION BANK

CO. -H-

NINE DRAGONS PAPER

HOLDINGS LTD-H-

422,850 HKD

326,795

1.87

PETROCHINA CO. LTD /-H-

CHINA COSCO HOLDINGS -H-

20,000 HKD

12,649

0.07

CHINA LIFE INSURANCE CO.

LTD -H-

52,000 HKD

134,964

0.77

21,000 HKD

17,231

0.10

149,200 HKD

211,013

1.21

PICC PROPERTY & CASUALTY

-H-

19,800 HKD

23,566

0.13

PING AN INSURANCE GRP

CO. -H-

11,800 HKD

89,219

0.51

SHANGHAI ELECTRIC GROUP

CO. -H-

38,000 HKD

19,334

0.11
0.13

CHINA MENGNIU DAIRY CO.

LTD -H-

10,000 HKD

29,304

0.17

CHINA MERCHANTS BANK -H-

27,723 HKD

56,706

0.32

CHINA MINSHENG BK -H-

28,000 HKD

25,354

0.15

CHINA NATIONAL BUILDING

MATERIAL -H-

SHIMAO PROPERTY HOLDING

LTD -H-

21,500 HKD

22,958

28,000 HKD

35,309

0.20

SINOFERT HOLDINGS LTD -H-

36,000 HKD

8,764

0.05

CHINA OILFIELD SERVICES -H-

12,000 HKD

17,219

0.10

TSINGTAO BREWERY CO. LTD

-H-

2,000 HKD

10,807

0.06

0.22

WEICHAI POWER CO LTD /-H-

3,000 HKD

14,008

0.08

CHINA PACI INSU (GROUP)

LTD -HCHINA PETROLEUM & CHEM
CORP. -H-

12,400 HKD

38,413

122,000 HKD

132,944

0.76

YANZHOU COAL MINING CO.

-H-

14,000 HKD

30,368

0.17

CHINA RAILWAY
CONSTRUCTION CORP. -H-

18,000 HKD

11,198

0.06

ZHEJIANG EXPRESSWAY CO.

LTD -H-

12,000 HKD

8,965

0.05
0.15

CHINA RAILWAY GROUP LTDH-

ZIJIN MINING GROUP -H-

68,000 HKD

26,977

43,000 HKD

13,791

0.08

ZOOMLION HEAVY SHS -H-

12,800 HKD

17,048

0.10

CHINA RESOURCES LAND -H-

18,000 HKD

31,115

0.18

ZTE CORP. -H-

3,920 HKD

10,553

0.06

CHINA SHENHUA ENERGY

CO. -H-

24,500 HKD

103,352

0.59

2,570,157

14.71

509,334

2.92

509,334

2.92

0.16

CHINA SHIPPING CONTAINER

-H-

39,100 HKD

13,497

0.08

CHINA SHIPPING
DEVELOPMENT -H-

12,000 HKD

8,316

0.05

CHINA SOUTH LOCOMOTIVE H-

24,800 HKD

16,930

0.10

CHINA SOUTHERN AIRLINES

-H-

20,000 HKD

9,557

0.05

CHINA TELECOM CORP. LTD H-

HONG KONG
BEIJING ENTERPRISES
HOLDING LTD

96,700 HKD

53,559

0.31

50,000 HKD

17,647

0.10

DONGFENG MOTOR -H-

26,000 HKD

46,953

0.27

157,008 USD

4,500 HKD

27,446

12,000 HKD

18,208

0.10

CHINA INSURANCE
INTERNATIONAL HOLDING

6,400 HKD

12,514

0.07

CHINA MERCHANTS
HOLDINGS

8,323 HKD

27,874

0.16

CHINA EVERBRIGHT LTD

DATANG INT. POWER

GENERATION -H-

214

FEDERATION OF RUSSIA
AK SBEREGATELNY BANK
SBERBANK

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets
Statement of investments as at 31 March 2012
(expressed in USD)
Description

CHINA MOBILE LTD

Quantity/ Currency Evaluation

Face
value
42,400 HKD

CHINA OVERSEAS
LAND&INVESTMENT

31,341 HKD

CHINA RESOURCES
ENTERPRISE LTD

12,000 HKD

466,677

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

2.68

HOUSING DEVT FIN CORP.

18,215 INR

59,585

0.34

INFRASTRUCTURE
DEVELOPMENT FINANCE
/DEMAT.

41,888

0.24

ITC LTD /DEMAT.

JAIPRAKASH ASSOCIATION
LTD

CHINA RESOURCES POWER

HOLDINGS

14,200 HKD

26,302

0.15

CHINA UNICO (HK)

42,486 HKD

72,018

0.41

% net
assets

240,111

1.38

16,388 INR

43,190

0.25

34,910 INR

154,305

0.88

15,085 INR

23,927

0.14

6,364 INR

67,611

0.39

11,000 HKD

18,533

0.11

JINDAL STEEL & POWER

/DEMAT.

126,200 HKD

259,437

1.48

JSW STEEL LTD / DEMAT.

1,434 INR

20,252

0.12

COSCO PACIFIC LTD

12,000 HKD

18,115

0.10

KOTAK MAHIND

4,696 INR

48,999

0.28

FUSHAN INTERNAT ENERGY

GROUP

38,000 HKD

12,873

0.07

4,000 HKD

13,988

0.08

44,000 HKD

39,616

0.23

6,000 HKD

18,510

0.11

1,133,584

6.49

CITIC PACIFIC LTD

CNOOC LTD

KINGBOARD CHEMICALS
HOLDINGS
LENOVO GROUP LTD

SHANGHAI INDUSTRIAL
HOLDINGS

INDIA

ACC LTD /DEMAT.

ADANI ENTERPRISES
LTD/DEMAT.
ADITYA BIRLA NUVO LTD /
DEMATER.
AMBUJA CEMENTS
LTD/DEMAT.
ASIAN PAINTS
/DEMATERIALISED

809 INR

21,123

0.12

3,520 INR

20,942

0.12

700 INR

12,799

0.07

9,800 INR
500 INR

32,382
31,713

0.19
0.18

AXIS BANK LTD/DEMAT.

4,185 INR

93,620

BAJAJ AUTO LTD

1,400 INR

45,565

0.26

BHARAT HEAVY ELECTRICAL

9,095 INR

45,626

0.26

BHARAT
PETROLEUM/DEMAT.

1,363 INR

18,594

0.11

10,500 INR

68,908

0.39

1,500 INR

13,906

0.08

BHARTI AIRTEL LTD/DEMAT.

CANARA BANK /DEMAT.
CIPLA LTD /DEMAT.

5,131 INR

30,522

0.54

0.17

LIC HSG FINANCE

4,500 INR

22,936

0.13

LUPIN LTD

2,200 INR

22,805

0.13

MAHINDRA & MAHINDRA

4,194 INR

56,754

0.32

MARUTI SUZUKI INDIA LTD

1,069 INR

27,834

0.16

8,883 INR

28,423

0.16

OIL & NATURAL GAS CORP.

LTD

NTPC LTD / DEMAT.

12,286 INR

63,557

0.36

PIRAMAL HEALTHCARE LTD

1,184 INR

10,617

0.06

17,400 INR

36,413

0.21

1,671 INR

12,893

0.07

RELIANCE
COMMUNICATIONS /DEMAT.

13,912 INR

22,910

0.13

RELIANCE INFRASTRUCTURE
LTD

1,759 INR

20,091

0.11

RELIANCE POWER LTD

9,000 INR

20,639

0.12

RURAL ELECTRIFICATION
CORP LTD

4,600 INR

18,331

0.10

POWER GRID CORP. OF INDIA

LTD
RELIANCE CAPITAL LTD
/DEMAT.

SESA GOA LTD /DEMAT.

5,837 INR

22,096

0.13

SHRIRAM TRANSPORT
FINANCE

2,000 INR

23,254

0.13

SIEMENS LTD /DEMAT.

769 INR

11,359

0.07

4,735 INR

52,740

0.30

SUN PHARMACEUTICAL SHS

SUZLON ENERGY LTD

15,400 INR

7,560

0.04

TATA CONSULTANCY
SERVICES /DEMAT.

7,580 INR

171,969

0.98

TATA POWER CO LTD

0.18

COAL INDIA

7,800 INR

51,868

0.30

DLF LIMITED

6,709 INR

26,374

0.15

15,394 INR

9,303

0.05

HCL TECHNOLOGIES /DEMAT.

2,550 INR

23,862

0.14

HERO HONDA MOTORS

/DEMAT.

1,482 INR

59,499

0.34

UNITED PHOSPHORUS LTD

/DEMAT.

HINDALCO INDUSTRIES /
DEMAT.

17,790 INR

45,075

0.26

UNITED SPIRITS LIMITED

/DEMAT.

GMR INFRASTRUCTURE

15,430 INR

30,631

TATA STEEL LTD /DEMAT.

4,864 INR

44,673

0.26

ULTRA TECH CEMENT LTD

1,050 INR

30,728

0.18

26,100 INR

14,395

0.08

3,800 INR

9,699

0.06

1,369 INR

16,127

0.09

UNITECH LTD /DEMAT.

215

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

ZEE ENTERTAINMENT
ENTERPRISE LTD /DEMAT.

VIRGIN ISLANDS
SINO-OCEAN LAND
HOLDINGS LTD

% net
assets

17,325

0.10

2,066,835

11.83

33,061 HKD

15,714

0.09

15,714

0.09

8,314,493

35,000 HKD

TOTAL EXCHANGE TRADED FUNDS

47.59

85,026

0.49

85,026

0.49

85,026

0.49

WARRANTS / EQUITY LINKED SECURITIES

DEUTSCHE BANK LN 30.01.17

WRT /HIND.LEV

700 USD

400 USD

38,577

0.22

15,300 USD

30,432

% net
assets
0.17

2,000 USD

23,280

0.13

808 USD

26,050

0.15

TRACTEBEL ENERGIA SA
/SADR

1,000 USD

17,770

0.10

ULTRAPAR PARTICIPATION
/SADR PREF.

2,800 USD

61,180

0.35

USIMINAS -A- SADR (10000

PREF. REGS)

4,000 USD

26,720

0.15

VALE / -A- /SADR

15,550 USD

349,564

2.00

VALE /SADR

10,400 USD

239,408

1.37

2,052,588

11.75

FEDERATION OF RUSSIA

GAZPROM OAO /SADR REGS

73,960 USD

905,010

5.17

JSC SURGUTNEFTEGAZ
/SADR

15,250 USD

153,132

0.88

JSC SURGUTNEFTEGAZ
/SADR PREF.

14,900 USD

106,088

0.61

9,420 USD

561,903

3.21

LUKOIL /SADR (REP.1 SHS.)

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
UNIT SHARES
BRAZIL
SANTANDER
BR/UNITS(55SH+50PFD)

TELE NORT. LE. TNLP /PREF.

SADR
TIM PARTICIPACOES SA
SADR

EXCHANGE TRADED FUNDS

GREAT BRITAIN
BARCLAYS BANK 6-36-AWRT/MSCI INC.

Quantity/ Currency Evaluation

Face
value

SABESP /SADR
6,964 INR

TOTAL SHARES

HONG KONG
ISHARES MSCI CHINA
TRACKER

Description

122,795

0.70

MMC NORILSK NICKEL /SADR

11,800 USD

216,176

1.24

161,372

0.92

MOBILE TELESYSTEMS
OJS/SADR

11,233 USD

203,654

1.17

161,372

0.92

2,145,963

12.28

INDIA

5,400 BRL

TOTAL - UNIT SHARES

50,414

0.29

50,414

0.29

50,414

0.29

SADR (Sponsored American Dep. Receipt)

BRAZIL

ICICI BANK /SADR

3,810 USD

129,540

0.74

INFOSYS TECHNOLOGIES /
SADR

7,630 USD

430,790

2.47

WIPRO LTD /SADR

7,500 USD

81,150

0.46

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)

BANCO BRADESCO /SADR

15,446 USD

271,850

1.56

FEDERATION OF RUSSIA

BRASIL TELECOM SA ADR

974 USD

20,074

0.11

AFK SISTEMA / SGDR

2,927 USD

CEMIG /SADR

3,203 USD

76,488

0.44

GROUPE LSR /SGDR REPR.S

REG S

641,480

3.67

4,840,031

27.70

59,974

0.34
0.25

CIA SIDER. NAC/SADR

(REP.1SH)

7,600 USD

44,479

6,600 USD

63,096

0.36

NOVATEK OAO /SGDR

2,062 USD

277,132

1.60

COPEL /SADR (1000 PREF. B)

1,114 USD

25,444

0.15

EMBRAER SA /SADR

1,100 USD

35,299

0.20

NOVOLIPETSK STEEL REGS

/GDR

1,490 USD

31,520

0.18

35,700 USD

252,756

1.45

4,200 USD

57,288

0.33

5,700 USD

56,145

0.32

PETROBRAS /SADR

GERDAU SA SADR PREF. SHS

16,100 USD

410,227

2.36

PETROLEO BRASILEIRO
/SADR

12,100 USD

319,561

1.83

216

ROSNEFT OIL COMPANY

OJSC /SGDR
SEVERSTAL CHEREPOVETS
MET/SGDR

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

TRUBNAYA METALL. KOMP.

/SGDR REG

1,432 USD

18,141

0.10

URALKALITY /GDR

5,780 USD

217,328

1.24

INDIA
DR REDDY S
LABORATORIES/ADR

1,550 USD

51,708

28,853 USD

131,369

0.75

HOUSING DEVT FIN CORP.

8,850 USD

293,555

1.67

1,089,987

6.24

STERLITE INDUSTRIES (INDIA)

/ADR

5,940 USD

50,252

0.29

TATA MOTORS LTD /ADR

4,700 USD

42,894

0.25

VNESHTORGBANK SGDR

INDIA

GAIL INDIA LTD /GDR REGS

970 USD

0.30

123,939

0.71

519,454

2.97

1,167,666

6.68

16,173,323

92.57

LARSEN TOUBRO /GDR

REPR.1 SHS

3,670 USD

94,079

0.53

RANBAXY LABORATORY /GDR

(EQ.SHS)

1,900 USD

17,185

0.10

STATE BANK OF INDIA /GDR

REGS

1,030 USD

85,078

0.49

239,236

1.37

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

1,329,223

7.61

SHARES

TOTAL GDR (Global Depositary Receipt)

PREFERENTIAL SHARES

TOTAL ADR (American Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

800 BRL

12,068

0.07

FEDERATION OF RUSSIA
FED HYDROGENE CORUSHYDRO OJSC

BRADESPAR SA BRASIL/PREF.

2,100 BRL

39,741

0.23

INTER RAO UES JSC

CIE ENERGY SAO PAULO

/PREF. -B-

1,300 BRL

26,099

0.15

900 BRL

19,016

0.11

LOJAS AMERICANAS SA
/PRIV.

3,803 BRL

36,506

0.21

SUZANO PAPEL E CELULOSE

-A- /PREF.

2,650 BRL

11,280

0.06

TELECOM SAO PAULO / PFD

2,610 BRL

80,388

0.46

BRAZIL

AES TIETE SA /PFD

ELETROPAULO
ELETRICIDADE PREF

TOTAL PREFERENTIAL SHARES

0.19

34,800

0.20

34,800

0.20

24,400 USD

65,111

0.37

34 USD

66,343

0.38

131,454

0.75

TOTAL SHARES

0.01

PREFERENTIAL SHARES
FEDERATION OF RUSSIA

SBERBANK /PREF.
TRANSNEFT OJSC MOSCOW

1.29

TOTAL PREFERENTIAL SHARES

131,454

0.75

225,098

1.29

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

166,254

0.95

OTHER TRANSFERABLE SECURITIES

BRAZIL

5,700 USD

237,405

1.36

SHARES

BRASIL DISTRIBUTION PAO

/ADR

850 USD

40,486

0.23

ITAU HOLDING ITAU / PFD. /

SADR

BERMUDA ISLANDS
GOME ELECTRICAL
APPLIANCE HOLDING

17,540 USD

342,029

1.96

619,920

3.55

FEDERATION OF RUSSIA

MECHEL OJSC /ADR

1,106
33,694

225,098

ADR (American Depositary Receipt)

AMBEV CIA DE BEBIDAS/ADR

30,008 RUB
31,967,500 USD

3,109 USD

28,292

0.16

28,292

0.16

CHINA
CHAODA MODERN
AGRICULTURE HOLDING -H-

131,000 HKD

26,000 HKD

27,167

0.16

27,167

0.16

1,340

0.01

1,340

0.01

217

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

FEDERATION OF RUSSIA

FSK EES

7,138,000 USD

75,991

0.43

380,000 USD

42,354

0.24

2,561,826 USD

94,352

0.54

212,697

1.21

241,204

1.38

141,231

0.81

IDGC HOLDING
RUSHYDRO OJSC

TOTAL SHARES
SADR (Sponsored American Dep. Receipt)
FEDERATION OF RUSSIA
ROSTELECOM /SADR REP. 6
SHS

4,840 USD

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)

141,231

0.81

141,231

0.81

FEDERATION OF RUSSIA

MAGNIT JSC

5,550 USD

160,506

0.92

OAO TATFNEFT /SGDR REP G

REG.S

5,020 USD

203,762

1.17

364,268

2.09

337,330

1.93

INDIA
RELIANCE INDUSTRIES /GDR
2 SHS 144A

11,526 USD

TOTAL GDR (Global Depositary Receipt)

337,330

1.93

701,598

4.02

ADR (American Depositary Receipt)

INDIA

SATYAM COMPUTER /ADR

4,700 USD

TOTAL ADR (American Depositary Receipt)

TOTAL OTHER TRANSFERABLE SECURITIES
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

218

12,408

0.07

12,408

0.07

12,408

0.07

1,096,441

6.28

17,436,018

99.80

35,528

0.20

17,471,546 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
SHARES
BERMUDA ISLANDS
CHINA GAS HOLDINGS
LIMITED

4,286,000 HKD

2,059,018

0.41

CHINA YURUN FOOD GROUP

LTD

1,337,000 HKD

1,901,076

0.37

HAIER ELECTRONICS GROUP

CO LTD

736,000 HKD

834,179

0.16

4,794,273

0.94

BRAZIL

BANCO BRADESCO SA /PREF.

776,209 BRL

13,422,054

2.63

BANCO DO BRASIL SA

149,300 BRL

2,154,803

0.42

BM&F BOVESPA BOLSA DE

VALORES

269,100 BRL

1,655,432

0.33

14,451 BRL

92,309

0.02

259,000 BRL

5,159,390

1.02

85,700 BRL

1,554,804

0.31

BRASIL TELECOM SA N1
BRF FOODS

COSAN SA INDUSTRIA E
COMERCIO
DIAGNOST DA AMERICA SA
BRL

150,000 BRL

1,170,531

0.23

ECORODOVIAS

171,100 BRL

1,511,708

0.30

ELETROBRAS. EL.BRASIL.
/PREF. -B-

161,582 BRL

2,084,671

0.41

EMBRAER EMPRESA
BRASILEIRA AERONAUTICA

358,400 BRL

2,842,024

0.56

Description

% net
assets

CAYMAN ISLANDS
CHINA SHANSHUI CEMENT
GRP LTD

1,427,000 HKD

1,126,636

CN RESO CEMENT

1,676,000 HKD

1,239,039

0.24

COUNTRY GARDEN
HOLDINGS

5,978,000 HKD

2,294,411

0.45

EVERGRANDE REAL

0.22

4,746,000 HKD

2,542,846

0.50

GCL-POLY ENERGY
HOLDINGS LTD

7,070,000 HKD

1,966,854

0.39

LONKING HOLDINGS LTD

2,271,000 HKD

798,507

0.16

TENCENT HOLDINGS

269,800 HKD

7,526,609

1.48

TINGYI HOLDING CORP.

624,000 HKD

1,804,263

0.36

WANT WANT CHINA

HOLDINGS LTD

CHINA
AGILE PROPERTY HOLDINGS
LTD

1,907,000 HKD

2,138,000 HKD

2,131,913

0.42

21,431,078

4.22

2,467,259

0.49

AGRICULT BANK CHINA /-HSHARES

9,689,000 HKD

4,155,490

0.82

AIR CHINA LTD -H-

2,638,000 HKD

1,827,915

0.36

686,500 HKD

2,175,077

0.43

24,221,000 HKD

9,764,171

1.91

100 HKD

76

0.00

6,585,000 HKD

3,960,697

0.78

ANHUI CONCH CEMENT CO. HBANK OF CHINA LTD -H-

BANK OF COMMUNICATIONS
CO. -HCHINA CITIC BANK -H-

CHINA COMMUNICATIONS
CONSTRUCTION -H-

INVESTIMENTOS ITAU /PREF.

291,300 BRL

1,815,979

0.36

LOCALIZA RENTA A CAR

166,100 BRL

3,059,940

0.60

CHINA CONSTRUCTION BANK

CO. -H-

PDG REALTY SA

896,700 BRL

3,188,703

0.63

CHINA LG PWR -H

PETROBRAS PETROLEO
BRASILEIRO

887,241 BRL

11,680,564

2.30

CHINA LIFE INSURANCE CO.

LTD -H-

PETROLEO BRASILEIRO
/PREF.

1,455,031 BRL

18,460,863

3.63

62,300 BRL

1,208,563

0.24

REDECARD SA

Quantity/ Currency Evaluation

Face
value

3,925,000 HKD

3,938,004

0.78

18,765,000 HKD

14,501,028

2.85

1,468,000 HKD

1,227,071

0.24

893,000 HKD

2,317,531

0.46

CHINA MENGNIU DAIRY CO.

LTD -H-

360,000 HKD

1,054,831

0.21

2,496,000 HKD

3,147,214

0.62
1.72

ROSSI RESIDENCIAL ON

171,700 BRL

942,242

0.19

CHINA NATIONAL BUILDING

MATERIAL -H-

SABESP. CIA SANEAM. BAS.

ESTADO

103,818 BRL

3,927,108

0.77

CHINA PETROLEUM & CHEM

CORP. -H-

8,030,000 HKD

8,749,534

27,300 BRL

686,152

0.14

CHINA RESOURCES LAND -H-

1,106,000 HKD

1,911,642

0.38

636,026 BRL

4,020,863

0.79

CHINA SHENHUA ENERGY

CO. -H-

1,141,000 HKD

4,812,779

0.95

CHINA SOUTHERN AIRLINES

-H-

4,148,000 HKD

1,982,037

0.39

TAM SA
TIM PARTICIPACOES SA
VALE RIO DOCE /NAM.

380,100 BRL

8,835,798

1.74

89,474,501

17.62

219

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

CHINA TELECOM CORP. LTD H-

8,918,000 HKD

4,938,953

0.97

JAIPRAKASH ASSOCIATION
LTD

1,615,200 INR

2,590,279

0.51

DONGFENG MOTOR -H-

1,746,000 HKD

3,152,763

0.62

KOTAK MAHIND

168,200 INR

1,800,526

0.35

LIC HSG FINANCE

487,090 INR

2,517,913

0.50

694,500 HKD

1,350,667

0.27

MUNDRA PORT

385,043 INR

978,762

0.19

1,578,000 HKD

1,564,937

0.31

17,025,000 HKD

10,985,601

2.15

OIL & NATURAL GAS CORP.

LTD

733,900 INR

3,865,776

0.76

4,184,000 HKD

5,916,884

1.17

POWER GRID CORP. OF INDIA

LTD

1,252,600 INR

2,659,115

0.52

816,000 HKD

971,094

0.19

RELIANCE INDUSTRIES
/DEMAT.

382,500 INR

5,635,574

1.11

RELIANCE INFRASTRUCTURE
LTD

189,500 INR

2,184,391

0.43

330,800 INR

1,264,240

0.25

1,131,500 INR

2,466,444

0.49

GREAT WALL MOTOR CO.

LTD -HGUANGZHOU AUTO -HIND & COM BOC -HPETROCHINA CO. LTD /-H-

PICC PROPERTY & CASUALTY

-HPING AN INSURANCE GRP
CO. -HSINOPEC SHANGHAI
PETROCHEMICAL -H-

459,000 HKD

3,470,162

0.68

3,854,000 HKD

1,394,816

0.27

SESA GOA LTD /DEMAT.

WEICHAI POWER CO LTD /-H-

369,000 HKD

1,722,794

0.34

STERLITE IND(INDIA) --- SHS

ZHEJIANG EXPRESSWAY CO.

LTD -H-

SUN PHARMACEUTICAL SHS

144,900 INR

1,621,076

0.32

714,000 HKD

533,366

0.11

TATA CONSULTANCY
SERVICES /DEMAT.

182,800 INR

4,193,866

0.83

TATA MOTORS

901,100 INR

4,868,537

0.96

67,284,034

13.25

334,444,789

65.85

202,762

0.04

ZIJIN MINING GROUP -H-

6,214,000 HKD

2,465,023

0.49

106,459,416

20.96

HONG KONG

CHINA MOBILE LTD

1,887,000 HKD

20,767,440

4.09

TOTAL SHARES

CHINA OVERSEAS
LAND&INVESTMENT

1,202,000 HKD

2,285,019

0.45

BONDS

CHINA RESOURCES
ENTERPRISE LTD

494,000 HKD

1,724,230

0.34

CHINA UNICO (HK)

730,000 HKD

1,237,308

0.24

6,629,000 HKD

13,626,362

2.68

CNOOC LTD

INDIA

DR REDDY 9.25% 11-24.03.14

2,136,000 INR

TOTAL BONDS

GUANGDONG INVESTMENT
LTD

1,084,000 HKD

755,311

0.15

INVESTMENT FUNDS

LENOVO GROUP LTD

5,116,000 HKD

4,605,817

0.91

LUXEMBOURG

45,001,487

8.86

HALBIS FD-CHINA A SHARE-X

300 USD

INDIA

AXIS BANK LTD/DEMAT.

57,500 INR

1,293,679

0.25

TOTAL INVESTMENT FUNDS

DR REDDY S
LABORATORIES/DEMAT.

56,300 INR

1,950,248

0.38

EXCHANGE TRADED FUNDS

HCL TECHNOLOGIES /DEMAT.

196,800 INR

1,866,789

0.37

IRELAND

HDFC BANK LTD

433,900 INR

4,427,574

0.87

HSBC MSCI BRAZIL ETF

HINDALCO INDUSTRIES /
DEMAT.

1,003,300 INR

2,548,375

0.50

HOUSING DEVT FIN CORP.

344,700 INR

4,555,626

0.90

INDIABULLS WHOLESALE
SERVICES

12,637 INR

2,034

0.00

INFOSYS TECHNOLOGIES LTD

/DEMAT.
ITC LTD /DEMAT.

220

125,300 INR

7,049,704

1.39

1,559,000 INR

6,943,506

1.37

UNITED STATES
ISHARES MSCI BRAZIL /INDEX
FD

TOTAL EXCHANGE TRADED FUNDS

56,500 USD

55,909 USD

202,762

0.04

202,762

0.04

2,465,967

0.49

2,465,967

0.49

2,465,967

0.49

1,794,440

0.35

1,794,440

0.35

3,622,903

0.72

3,622,903

0.72

5,417,343

1.07

Portfolio of Investments and Other Net Assets as at 31 March 2012

BRIC Markets Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

SADR (Sponsored American Dep. Receipt)

FEDERATION OF RUSSIA

GAZPROM OAO /SADR REGS

1,770,602 USD

21,601,344

4.25

Description

Quantity/ Currency Evaluation

Face
value

LOJAS AMERICANAS SA
/PRIV.

349,514 BRL

3,316,282

0.65

SUZANO PAPEL E CELULOSE

-A- /PREF.

143,125 BRL

608,708

0.12

65,410,428

12.87

65,410,428

12.87

JSC SURGUTNEFTEGAZ
/SADR

304,910 USD

2,982,020

0.59

LUKOIL /SADR (REP.1 SHS.)

187,168 USD

11,267,514

2.22

TOTAL PREFERENTIAL SHARES

MMC NORILSK NICKEL /SADR

246,083 USD

4,503,319

0.89

ADR (American Depositary Receipt)

MOBILE TELESYSTEMS
OJS/SADR

229,300 USD

4,187,018

0.82

SBERBANK OF RUSSIA
OJSC/SADR

488,000 USD

6,285,440

1.24

50,826,655

10.01

TOTAL ADR (American Depositary Receipt)

50,826,655

10.01

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)
FEDERATION OF RUSSIA

55,750 USD

1,097,718

0.22

NOVATEK OAO /SGDR

29,440 USD

3,989,120

0.79

NOVOLIPETSK STEEL REGS

/GDR

45,210 USD

949,410

0.19

ROSNEFT OIL COMPANY

OJSC /SGDR

599,570 USD

4,260,484

0.83

SEVERSTAL CHEREPOVETS
MET/SGDR

103,140 USD

1,373,825

0.27

62,580 USD

2,359,892

0.46

855,100 USD

3,887,280

0.77

VNESHTORGBANK SGDR

TOTAL GDR (Global Depositary Receipt)

17,917,729

3.53

17,917,729

3.53

BRAZIL
AMBEV CIA DE
BEDIDAS/PREF.

302,725 BRL

12,506,041

BANRISUL PNB -B- /PREF

183,900 BRL

2,029,485

0.40

BRADESPAR SA BRASIL/PREF.

125,000 BRL

2,370,009

0.47

81,822 BRL

448,118

0.09

CIA BRASILEIRA /PFD

MECHEL OJSC /ADR

70,020 USD

639,983

0.13

639,983

0.13

639,983

0.13

477,325,656

93.99

1,257,431

0.25

1,257,431

0.25

SHARES
BERMUDA ISLANDS
GOME ELECTRICAL
APPLIANCE HOLDING

6,064,000 HKD

FEDERATION OF RUSSIA

AO TATNEFT

235,000 USD

TOTAL SHARES

75,133 USD

27,100 BRL

1,260,378

0.25

297,448 BRL

7,097,290

1.40

CIA VALE DO RIO DOCE A

/PREF.

752,300 BRL

16,976,029

3.33

64,100 BRL

1,351,473

0.27

ITAU HOLDING /PREF

858,000 BRL

16,521,999

3.25

KLABIN RIOCELL SA /PREF.

201,300 BRL

924,616

0.18

2,831,331

0.56

0.60

3,065,427

0.60

TOTAL GDR (Global Depositary Receipt)

3,065,427

0.60

TOTAL OTHER TRANSFERABLE SECURITIES

5,896,758

1.16

483,222,414

95.15

24,626,551

4.85

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES

ELETROPAULO
ELETRICIDADE PREF

0.31
0.31

3,065,427

2.46

CIA ENERGET. MIN. GERAIS

/PRIV.

1,573,900
1,573,900

GDR (Global Depositary Receipt)

FEDERATION OF RUSSIA
OAO TATFNEFT /SGDR REP G
REG.S

PREFERENTIAL SHARES

BRASIL TELECOM SA /PREF.

FEDERATION OF RUSSIA

OTHER TRANSFERABLE SECURITIES

AFK SISTEMA / SGDR

URALKALITY /GDR

% net
assets

TOTAL NET ASSETS

507,848,965 100.00

221

Portfolio of Investments and Other Net Assets as at 31 March 2012

China Consumer Opportunities (launched as at 23 September
2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

INVESTMENTS

ITALY

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

PRADA SHS

SHARES

JAPAN

CANADA
HARRY WINSTON DIAMOND
CORP

CAYMAN ISLANDS
BOSIDENG INTERNATION.
HLDG LTD

HERBALIFE LTD
SANDS CHINA /IPO

HONDA MOTOR CO. LTD

113,424 CAD

1,619,936

2.00

1,619,936

2.00

3,218,000 HKD

1,007,143

1.24

33,521 USD

2,316,636

2.86

SOUTH KOREA

HYUNDAI MOBIS

617,200 HKD

2,412,591

2.98

5,736,370

7.08

1,274,828

1.57

1,274,828

1.57

CHINA

DONGFENG MOTOR -H-

706,000 HKD

LUXEMBOURG
L OCCITANE INTERNATIONAL
SA

HYUNDAI MOTOR CO. LTD

SAMSUNG ELECTRONICS CO.

LTD

L'OREAL

20,997 EUR

2,575,905

3.18

SWITZERLAND
CIE FINANCIERE RICHEMONT
SA

LVMH MOET HENNESSY

18,590 EUR

3,178,476

3.92

NESTLE

PPR SA

18,199 EUR

3,112,838

3.84

THE SWATCH GROUP AG

8,867,219

10.94

3,189,466

3.93

FRANCE

41,110 EUR

BMW-BAYERISCHE
MOTOREN WERKE

18,283 EUR

HENKEL / VORZUG

33,209 EUR

1,635,807

2.02

2,431,150

3.00

7,256,423

8.95

GREAT BRITAIN

DIAGEO PLC

107,546 GBP

2,596,203

3.20

INTERCONT HOTELS GROUP

INC.

135,068 GBP

3,131,296

3.87

83,092 GBP

2,750,380

3.39

8,477,879

10.46

283,000 HKD

300,340

0.37

10,490,000 HKD

1,661,803

2.05

1,962,143

2.42

UNILEVER PLC

HONG KONG
DAH CHONG HONG
HOLDINGS LTD

EMPEROR WATCH &

JEWELLERY LTD

222

453,200 HKD

41,700 JPY

832,500 HKD

% net
assets

2,947,680

3.64

2,947,680

3.64

1,598,665

1.97

1,598,665

1.97

1,981,460

2.45

1,981,460

2.45

3,256 KRW

823,701

1.02

12,094 KRW

2,488,207

3.07

2,434 KRW

2,740,259

3.38

6,052,167

7.47

51,371 CHF

3,192,195

3.94

43,669 CHF

2,732,940

3.37

6,925 CHF

3,163,347

3.90

9,088,482

11.21

UNITED STATES

GERMANY

ADIDAS AG

Quantity Currency Evaluation

APPLE INC.

5,375 USD

3,238,975

4.00

COACH INC.

35,070 USD

2,697,584

3.33

MEAD JOHNSON NUTRITION

CO

39,149 USD

3,241,146

4.01

NIKE INC. -B-

26,490 USD

2,872,046

3.54

SOTHEBYS

43,235 USD

1,707,783

2.11

TIFFANY & CO.

32,395 USD

2,220,353

2.74

YUM BRANDS

45,696 USD

3,228,879

3.98

19,206,766

23.71

76,070,018

93.87

TOTAL SHARES

Portfolio of Investments and Other Net Assets as at 31 March 2012

China Consumer Opportunities (launched as at 23 September
2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

ADR (American Depositary Receipt)

INDIA

TATA MOTORS LTD /ADR

57,992 USD

TOTAL ADR (American Depositary Receipt)

1,559,985

1.92

1,559,985

1.92

1,559,985

1.92

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

77,630,003

95.79

TOTAL INVESTMENTS

77,630,003

95.79

3,410,167

4.21

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

81,040,170 100.00

223

Portfolio of Investments and Other Net Assets as at 31 March 2012

CIVETS (launched as at 17 May 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

VODACOM

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

33,719 ZAR

% net
assets

474,525

2.10

5,531,038

24.47

TURKEY

SHARES

ARCELIK AS

98,909 TRY

441,816

1.95

EGYPT
COMMERCIAL
INTERNATIONAL BANK LTD

KOC HOLDING AS

143,432 TRY

582,743

2.58

SABANCI HOLDING

135,033 TRY

580,445

2.57
2.99

ELSEWEDY CABLES

ORASCOM CONSTRUCTION
INDUSTRIE
TELECOM EGYPT

104,597 EGP

433,988

1.92

55,435 EGP

205,134

0.91

8,054 EGP

344,039

1.52

90,575 EGP

210,698

0.93

1,193,859

5.28

GREAT BRITAIN

ANGLO AMERICAN PLC

INDONESIA
INDO TAMBANGRAYA
MEGAH (ITM)

PERUSAHAAN GAS NEGA -B-

12,294 ZAR

457,122

2.02

457,122

2.02

605,841

2.68

TUPRAS TURKIYE PETROL

RAFINEL

26,440 TRY

675,095

TURK TELEKOMUNIKASYON

105,961 TRY

460,234

2.04

TURKIYE GARANTI BANKASI

301,585 TRY

1,194,831

5.28

TURKIYE HALK BANKASI AS

77,601 TRY

555,226

2.46

TURKIYE IS BANKASI AS C

338,327 TRY

833,476

3.69

TURKIYE VAKIFLAR BANKASI

TAO

245,737 TRY

466,100

2.06

YAPI KREDI BANKASA

241,928 TRY

TOTAL SHARES

127,500 IDR

760,282

3.36

134,000 IDR

1,083,680

4.80

PT BANK MANDIRI PERSERO

TBK

1,213,000 IDR

908,678

4.02

PT BANK RAKYAT INDONESIA

1,320,500 IDR

1,003,649

4.44

TOTAL EXCHANGE TRADED FUNDS

TELKOM INDONESIA S -B-

1,181,000 IDR

WARRANTS / EQUITY LINKED SECURITIES

SOUTH AFRICA
AFRICAN BANK
INVESTMENTS

82,325 ZAR

904,079

4.00

5,266,209

23.30

426,949

1.89

AFRICAN RAINBOW
MINERALS LTD

12,680 ZAR

296,912

1.31

ANGLOGOLD ASHANTI LTD

12,082 ZAR

443,178

1.96

AVENG LTD

58,570 ZAR

297,418

1.32

EXXARO RESOURCES
LIMITED

13,423 ZAR

345,794

1.53

FIRSTRAND LTD / NEW

123,195 ZAR

382,060

1.69

GOLD FIELDS

32,419 ZAR

441,445

1.95

IMPERIAL HOLDINGS LTD

20,527 ZAR

411,888

1.82

KUMBA IRON ORE LTD

SASOL LTD /REG

STEINHOFF INTERNATIONAL
HOLDING LTD
THE FOSCHINI GROUP

224

2.16
27.78

18,726,937

82.85

184,260

0.82

EXCHANGE TRADED FUNDS

1,829,500 IDR

PT ASTRA INTERNATIONAL
TBK

488,743
6,278,709

LUXEMBOURG
DB X-TRACK FTSE VIETNAM
ETF

7,737 USD

184,260

0.82

184,260

0.82

UNITED STATES
CITIGROUP GM 20.01.15
CW/PVD

48,490 USD

92,794

0.41

CITIGROUP HLDG 20.01.15

CW/VNM

33,120 USD

146,141

0.65

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
GDR (Global Depositary Receipt)
EGYPT
ORASCOM
CONSTR.IND./SGDR

6,080 ZAR

413,676

1.83

19,399 ZAR

937,809

4.15

103,656 ZAR

368,333

1.63

COLOMBIA

18,130 ZAR

291,051

1.29

BANCOLOMBIA SA / ADR

2,711 USD

TOTAL GDR (Global Depositary Receipt)

238,935

1.06

238,935

1.06

116,137

0.51

116,137

0.51

116,137

0.51

923,819

4.09

ADR (American Depositary Receipt)

14,455 USD

Portfolio of Investments and Other Net Assets as at 31 March 2012

CIVETS (launched as at 17 May 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

ECOPETROL SA/ADR

31,552 USD

TOTAL ADR (American Depositary Receipt)

% net
assets

1,919,939

8.49

2,843,758

12.58

2,843,758

12.58

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

22,110,027

97.82

TOTAL INVESTMENTS

22,110,027

97.82

492,431

2.18

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

22,602,458 100.00

225

Portfolio of Investments and Other Net Assets as at 31 March 2012

Climate Change
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

INVESTMENTS

NETHERLANDS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

UNILEVER CERT.OF SHS

SHARES

SASOL LTD /REG

31,700 BRL

691,668

2.31

691,668

2.31

CANADA

AGRIUM INC.

8,718 USD

753,410

2.52

753,410

2.52

FRANCE

ALSTOM

19,116 EUR

744,478

2.49

LEGRAND HOLDING ACT.

PROV. OPO

21,875 EUR

801,438

2.68

1,545,916

5.17

6,632 EUR

BASF

9,254 EUR

786,801

2.63

803,646

2.69

1,590,447

5.32

GREAT BRITAIN

BG GROUP PLC

33,615 GBP

775,059

2.59

GLAXOSMITHKLINE PLC

32,118 GBP

718,094

2.40

KINGFISHER PLC
XSTRATA PLC

83,965 GBP

744,997

2.49

165,078 GBP

813,011

2.72

37,758 GBP

2.44
2.44

SOUTH KOREA
SAMSUNG ELECTRONICS CO.
LTD

SWITZERLAND
ROCHE HOLDING AG
/GENUSSSCHEIN

UBS AG

13,993 ZAR

676,466

2.26

676,466

2.26

789,203

2.64

789,203

2.64

4,206 CHF

731,438

2.45

53,070 CHF

738,912

2.47

1,470,350

4.92

701 KRW

68,500 HKD

AMERICAN EXPRESS CO.

13,435 USD

774,931

2.59

BANK OF NEW YORK

MELLON CORP. SHS

33,762 USD

802,184

2.69

7,029 USD

749,643

2.51

10,114 USD

767,551

2.57

CHEVRON CORPORATION
CONOCOPHILLIPS
EATON CORP.

16,043 USD

787,872

2.64

ELI LILLY & CO.

18,928 USD

759,770

2.54

JOHNSON & JOHNSON

11,000 USD

724,130

2.42

JP MORGAN

17,070 USD

777,709

2.60

MACY S

19,594 USD

779,645

2.61

MICROSOFT CORP.

24,436 USD

785,129

2.63

ORACLE CORP.

26,085 USD

761,552

2.55

PEPSICO INC.

2.68

644,261

2.16

3,695,422

12.36

12,078 USD

800,167

753,879

2.52

PPG INDUSTRIES INC.

8,304 USD

794,693

2.66

753,879

2.52

STATE STREET CORP.

16,894 USD

758,372

2.54

HONG KONG

CHINA MOBILE LTD

727,854
727,854

UNITED STATES

GERMANY
ALLIANZ SE /NAMEN.
VINKULIERT

HSBC HOLDINGS PLC

21,335 EUR

% net
assets

SOUTH AFRICA

BRAZIL

NATURA COSMETICOS SA

Quantity Currency Evaluation

SYSCO CORP.

24,453 USD

727,232

2.43

KDDI CORP.

110 JPY

718,718

2.40

TJX COS INC.

19,844 USD

778,282

2.60

NTT DOCOMO INC.

400 JPY

669,958

2.24

WAL-MART STORES INC.

12,401 USD

757,453

2.53

8,747 USD

777,433

2.60

JAPAN

3M CO.

SUMITOMO MITSUI
FINANCIAL GROUP

23,000 JPY

763,443

2.56

TOKYO ELECTRON CO. LTD

13,800 JPY

796,525

2.67

2,948,644

9.87

226

13,863,748

46.39

TOTAL SHARES

29,507,007

98.72

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

29,507,007

98.72

TOTAL INVESTMENTS

29,507,007

98.72

Portfolio of Investments and Other Net Assets as at 31 March 2012

Climate Change
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

381,898

% net
assets
1.28

29,888,905 100.00

227

Portfolio of Investments and Other Net Assets as at 31 March 2012

Emerging Wealth
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

Description

HONG KONG
BOC HONG KONG HOLDINGS
LTD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

Quantity Currency Evaluation

83,800 HKD

SHARES
CAYMAN ISLANDS

HERBALIFE LTD
SANDS CHINA /IPO

6,507 USD

449,699

1.96

178,800 HKD

698,916

3.05

1,148,615

5.01

CHINA

BBMG -H-

246,500 HKD

207,314

0.90

CHINA COMMUNICATIONS
CONSTRUCTION -H-

348,000 HKD

349,153

1.52

CHINA CONSTRUCTION BANK

CO. -H-

INDONESIA
PT BANK MANDIRI PERSERO
TBK

463,881

2.02
1.54

817,580

3.56

SOUTH AFRICA

DONGFENG MOTOR -H-

200,000 HKD

361,141

1.58

SOUTH KOREA

IND & COM BOC -H-

669,000 HKD

431,681

1.89

HYUNDAI MOBIS

1,706,113

7.44

HYUNDAI MOTOR CO. LTD

1.51
1.51

GERMANY

ADIDAS AG

3,397 EUR

263,552

1.15

BMW-BAYERISCHE
MOTOREN WERKE

3,683 EUR

329,523

1.44

FRESENIUS MEDICAL CARE

AG
GEA GROUP AG
HENKEL / VORZUG

1.03

353,699

1.55

347,598

1.03

235,972

12,100 JPY

0.00

347,598

235,972

12,300 JPY

422

2,033 EUR

1.01

KOMATSU LTD

356,402

LVMH MOET HENNESSY

1.01

231,510

HONDA MOTOR CO. LTD

100 HKD

FRANCE

231,510

JAPAN

461,200 HKD

CHINA SHENHUA ENERGY

CO. -H-

315,000 IDR

% net
assets

SASOL LTD /REG

SAMSUNG ELECTRONICS CO.

LTD

SPAIN
BANCO SANTANDER
CENTRAL HISPANO/REG

7,065 ZAR

341,544

1.49

341,544

1.49

885 KRW

223,887

0.98

2,449 KRW

503,855

2.20

532 KRW

28,677 EUR

598,939

2.60

1,326,681

5.78

217,589

0.95

217,589

0.95

SWITZERLAND

5,154 EUR

365,484

1.58

ABB LTD ZUERICH /NAMEN.

10,645 CHF

216,956

0.95

10,305 EUR

353,004

1.54

NESTLE

7,330 CHF

458,734

2.00

4,910 EUR

359,449

1.57

1,671,012

7.28

ROCHE HOLDING AG
/GENUSSSCHEIN

1,337 CHF

232,509

1.01

908,199

3.96

1.52

GREAT BRITAIN

DIAGEO PLC

23,969 GBP

578,621

2.52

UNITED STATES

PRUDENTIAL PLC

47,539 GBP

567,807

2.47

AMGEN INC.

5,168 USD

348,788

ROYAL DUTCH SHELL -B-

12,079 GBP

425,752

1.86

APACHE CORP.

2,167 USD

216,158

0.94

STANDARD CHARTERED PLC

21,750 HKD

541,770

2.36

APPLE INC.

1,688 USD

1,017,189

4.42

UNILEVER PLC

14,117 GBP

467,279

2.04

CITIGROUP INC.

12,362 USD

449,853

1.96

VODAFONE GROUP PLC

80,002 GBP

220,525

0.96

COACH INC.

5,206 USD

400,446

1.75

2,801,754

12.21

DANAHER CORP.

5,699 USD

314,984

1.37

EMC CORP.

10,731 USD

317,960

1.39

FMC CORP.

3,600 USD

379,836

1.66

600 USD

387,660

1.69

GOOGLE INC. -A-

228

Portfolio of Investments and Other Net Assets as at 31 March 2012

Emerging Wealth
Statement of investments as at 31 March 2012
(expressed in USD)
Description

JOY GLOBAL INC.

JP MORGAN

MEAD JOHNSON NUTRITION

CO
MYLAN INC.

NATIONAL OILWELL VARCO

INC.

Quantity Currency Evaluation

% net
assets

4,856 USD

352,837

1.54

18,803 USD

856,665

3.72

5,681 USD

470,330

2.05

17,569 USD

409,709

1.79

4,372 USD

343,421

1.50

ORACLE CORP.

14,882 USD

434,480

1.89

PFIZER INC.

20,817 USD

471,921

2.06

6,850 USD

605,403

2.64

PHILIP MORRIS
INTERNATIONAL
QUALCOMM INC.

8,605 USD

584,366

2.55

TIMKEN CO

4,422 USD

225,345

0.98

YUM BRANDS

7,165 USD

TOTAL SHARES

506,279

2.21

9,093,630

39.63

20,847,797

90.86

313,575

1.37

313,575

1.37

332,806

1.45

Description

Quantity Currency Evaluation

SOUTH KOREA
SHINHAN FINANCIAL GROUP
/ADR

4,378 USD

335,530

% net
assets

1.46

335,530

1.46

1,041,666

4.54

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

22,535,844

98.22

TOTAL INVESTMENTS

22,535,844

98.22

409,120

1.78

TOTAL ADR (American Depositary Receipt)

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

22,944,964 100.00

SADR (Sponsored American Dep. Receipt)

BRAZIL
PETROLEO BRASILEIRO
/SADR

FEDERATION OF RUSSIA
SBERBANK OF RUSSIA
OJSC/SADR

11,923 USD

25,839 USD

TOTAL SADR (Sponsored American Dep.

Receipt)
ADR (American Depositary Receipt)
BRAZIL
ITAU HOLDING ITAU / PFD. /
SADR

17,110 USD

332,806

1.45

646,381

2.82

329,025

1.43

329,025

1.43

INDIA

TATA MOTORS LTD /ADR

14,019 USD

377,111

1.65

377,111

1.65

229

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euroland Equity
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

DEUTSCHE BOERSE AG

219,779 EUR

11,032,906

1.85

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

DEUTSCHE LUFTHANSA

745,331 EUR

7,807,342

1.31

DEUTSCHE POST AG BONN

958,517 EUR

13,760,470

2.31

SHARES

FRESENIUS MEDICAL CARE

AG

222,019 EUR

11,800,310

1.98

HEIDELBERGCEMENT AG

174,268 EUR

7,849,031

1.32

HENKEL / VORZUG

234,000 EUR

12,839,580

2.15

MUENCHENER RUECKVERS

121,743 EUR

13,720,436

2.30

SIEMENS AG

130,300 EUR

9,812,893

1.65

141,040,307

23.67

AUSTRIA

OMV AG

208,533 EUR

5,508,399

0.92

5,508,399

0.92

BELGIUM

DELHAIZE GROUP

156,904 EUR

6,187,509

1.04

6,187,509

1.04

4,226,031

0.71

4,226,031

0.71

225,000 EUR

6,567,750

1.10

HELLENIC TELECOM

FINLAND

NOKIA OY

1,043,980 EUR

AXA

1,147,791 EUR

14,146,524

2.37

BNP PARIBAS

558,021 EUR

19,756,734

3.32

BOUYGUES

215,886 EUR

4,922,201

0.83

CAP GEMINI SA

299,590 EUR

9,979,343

1.67

CARREFOUR SA

316,195 EUR

5,664,633

0.95

CIE GEN.GEOPHYSIQUE /
VERITAS

500,000 EUR

11,045,000

1.85

LUXEMBOURG

GAZ DE FRANCE

801,403 EUR

15,471,085

2.60

ARCELORMITTAL SA REG

MICHELIN B /NOM.

193,415 EUR

10,705,520

1.80

NATIXIS

2,725,734 EUR

7,841,937

1.32

PEUGEOT SA

568,536 EUR

6,833,803

1.15

SAFRAN SA

306,348 EUR

8,418,443

1.41

SAINT-GOBAIN

356,668 EUR

11,891,311

2.00

SANOFI-AVENTIS

526,138 EUR

30,558,094

5.12

SOCIETE GENERALE PARIS -A-

594,931 EUR

12,877,282

2.16

TOTAL SA

519,839 EUR

19,720,092

3.31

VALLOUREC

126,186 EUR

5,964,181

1.00

VEOLIA ENVIRONNEMENT

688,888 EUR

8,504,322

VIVENDI

666,049 EUR

9,151,513

89,826 EUR

6,987,565

1.17

227,007,333

38.10

ZODIAC AEROSPACE

3,482,794

0.58

3,482,794

0.58

277,518 EUR

9,574,371

1.61

9,574,371

1.61

ITALY

AUTOGRILL SPA

796,491 EUR

6,280,332

1.05

BUZZI UNICEM

552,287 EUR

4,843,557

0.81

UNICREDIT AZ

3,475,000 EUR

12,968,700

2.18

24,092,589

4.04

639,754 EUR

9,113,296

1.53

9,113,296

1.53

NETHERLANDS

HEINEKEN NV
ING GROEP NV/CERT.OF SHS
KONINKLIJKE DSM NV

208,092 EUR

8,660,789

1.45

2,259,649 EUR

13,982,708

2.35

245,828 EUR

10,609,936

1.78

KONINKLIJKE KPN NV

1,335,905 EUR

10,995,834

1.85

RANDSTAD HOLDING

290,136 EUR

8,190,539

1.37

REED ELSEVIER NV

846,966 EUR

8,081,750

1.36

1.43

ROYAL PHILIPS
ELECTRONICS

641,110 EUR

9,722,433

1.63

1.54

UNILEVER CERT.OF SHS

707,542 EUR

18,091,850

3.03

88,335,839

14.82

3,786,562 EUR

21,534,178

3.61

96,210 EUR

356,939

0.06

657,811 EUR

5,638,098

0.95

SPAIN
BANCO SANTANDER
CENTRAL HISPANO/REG

GERMANY
ALLIANZ SE /NAMEN.
VINKULIERT

221,746 EUR

19,717,655

3.31

DIA

BAYER

290,000 EUR

15,227,900

2.56

FERROVIAL SA

DAIMLER CHRYSLER

388,737 EUR

17,471,784

2.93

230

1,091,785 EUR

IRELAND

KERRY GROUP A

FRANCE

ALSTOM

GREECE

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euroland Equity
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

GESTEVISION TELECINCO SA

Quantity Currency Evaluation

% net
assets

1,093,778 EUR

4,680,276

0.79

GRIFOLS -B-

752,000 EUR

8,685,600

1.46

REPSOL YPF SA. MADRID

948,876 EUR

17,805,658

2.99

1,814,736 EUR

22,203,295

3.72

80,904,044

13.58

TELEFONICA SA

TOTAL SHARES

599,472,512 100.60

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

599,472,512 100.60

TOTAL INVESTMENTS

599,472,512 100.60

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

(3,553,605)

(0.60)

595,918,907 100.00

231

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euroland Equity Smaller Companies
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

GERMANY

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

BILFINGER BERGER AG

14,100 EUR

987,000

1.61

GEA GROUP AG

48,000 EUR

1,232,400

2.01

SHARES

GERRESHEIMER AG

31,058 EUR

1,018,702

1.66

AUSTRIA

LANXESS AG

23,000 EUR

1,412,430

2.30

MTU AERO ENGINES

HOLDINGS /NAMEN

20,000 EUR

1,207,600

1.97

NORDDEUTSCHE AFFINERIE
AG

33,000 EUR

1,302,840

2.12

300,000 EUR

618,300

1.01

60,000 EUR

1,478,700

2.40

9,257,972

15.08

VIENNA INSURANCE GROUP

41,000 EUR

1,338,650

2.18

VOESTALPINE AG

52,000 EUR

1,301,820

2.12

2,640,470

4.30

SKY DEUTSCHLAND AG

BELGIUM
ACKERMANS & VAN HAAREN
SA

12,000 EUR

756,720

1.23

CMB NEW (AFT SPLIT &

DEMERGER)

23,566 EUR

420,182

0.68

COMPAGNIE ENTREPRISES
CFE SA

27,000 EUR

1,286,550

2.10

EURONAV NV ANVERS
FORTIS SA /NV
KINEPOLIS GROUP
NYRSTAR NV
THROMBOGENICS NV

STADA ARZNEIMITTEL AG

AZIMUT HOLDING SPA

95,000 EUR

768,550

1.25

2,222,156 EUR

916,417

1.49

85,700 EUR

575,047

0.94

BANCA POPOLARE DI
MILANO

730,000 EUR

1,183,330

1.93

BENI STABILI SPA

1,000,000 EUR

459,900

0.75

1,402,000

2.27

130,000 EUR

807,560

1.32

CREDITO EMILIANO SPA

CREDEM

152,453 EUR

539,684

0.88

50,000 EUR

1,243,500

2.03

DANIELI +C./RISP.N-CV

115,000 EUR

1,279,950

2.09

PRYSMIAN SPA

100,000 EUR

1,315,000

2.14

7,674,889

12.50

85,000 EUR

1,310,700

2.14

6,590,201

10.74

1.96

20,000 EUR

FINLAND

NOKIAN TYRES PLC

ITALY

SALVATORE FERRAGAMO
SPA

35,000 EUR

1,270,500

2.07

SPONDA OYJ HELSINKI

338,000 EUR

1,041,040

1.70

NETHERLANDS

YIT OYJ

100,000 EUR

1,600,000

2.60

AALBERTS INDUSTRIES NV

78,500 EUR

1,204,975

3,911,540

6.37

ASM INTERNATIONAL NV

45,000 EUR

1,296,900

2.11

100,000 EUR

1,307,500

2.13
2.42

DELTA LLOYD

FRANCE

ATOS ORIGIN

29,000 EUR

1,249,755

2.04

FUGRO NV

28,000 EUR

1,482,040

BIC

20,000 EUR

1,501,200

2.44

GEMALTO

30,000 EUR

1,478,700

2.41

IMTECH NV

60,139 EUR

1,436,119

2.34

CIE GEN.GEOPHYSIQUE /
VERITAS

52,000 EUR

1,148,680

1.87

ETABLISSEMENT MAUREL &

PROM

73,000 EUR

960,680

1.57

FAURECIA SA

57,000 EUR

1,140,570

1.86

ORPEA

50,000 EUR

1,324,750

2.16

POSTNL

RALLYE SA

47,000 EUR

1,303,780

2.12

REXEL SA

78,000 EUR

1,274,910

2.08

SEB SA

20,000 EUR

1,250,200

2.04

ZODIAC AEROSPACE

15,500 EUR

1,205,745

1.96

12,360,270

232

KONINKLIJKE VOPAK

20.14

SBM OFFSHORE NV

PORTUGAL
BANCO ESPIRITO SANTO SA
/REG.

27,000 EUR

1,167,480

1.90

300,000 EUR

1,380,000

2.25

50,157 EUR

763,891

1.24

11,517,605

18.76

1,213,335

1.98

1,213,335

1.98

885,000 EUR

SPAIN

BANKINTER SA

265,000 EUR

1,034,295

1.68

DIA

253,000 EUR

938,630

1.53

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euroland Equity Smaller Companies
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity Currency Evaluation

OBRASCON HUARTE LAIN SA

55,000 EUR

% net
assets

1,218,250

1.99

3,191,175

5.20

TOTAL SHARES

58,357,457

95.07

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

58,357,457

95.07

OTHER TRANSFERABLE SECURITIES

STRIP VVPR
BELGIUM

NYRSTAR NV/STRIP VVPR

83,342 EUR

167

0.00

167

0.00

TOTAL STRIP VVPR

167

0.00

TOTAL OTHER TRANSFERABLE SECURITIES

167

0.00

58,357,624

95.07

3,026,163

4.93

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

61,383,787 100.00

233

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euroland Growth
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

DAIMLER CHRYSLER

59,087 EUR

2,655,666

3.67

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

DEUTSCHE BANK AG

47,598 EUR

1,755,176

2.43

DEUTSCHE BOERSE AG

34,782 EUR

1,746,056

2.42

SHARES

E.ON

63,251 EUR

1,129,979

1.56

FRESENIUS MEDICAL CARE

AG

20,257 EUR

1,076,660

1.49

GEA GROUP AG

27,977 EUR

718,309

0.99

3,617 EUR

407,636

0.56

RWE AG (NEU). ESSEN A

14,776 EUR

525,065

0.73

3.66

SAP AG

43,189 EUR

2,259,217

3.13

601,901

0.83

SIEMENS AG

40,414 EUR

3,043,579

4.22

3,245,709

4.49

WIRECARD AG/APRES
RED.CAP

32,298 EUR

458,793

0.63

21,381,917

29.58

AUSTRIA

VOESTALPINE AG

11,990 EUR

300,170

0.42

300,170

0.42

BELGIUM

ANHEUSER-BUSH INBEV SA

48,448 EUR

UMICORE SA

14,668 EUR

2,643,808

MUENCHENER RUECKVERS

FINLAND

KONE OYJ -BNOKIA OY

SAMPO PLC -A-

13,675 EUR

569,974

0.79

108,623 EUR

439,706

0.61

45,218 EUR

974,448

1.35

1,984,128

2.75

2,125,961

2.94

FRANCE

AIR LIQUIDE
ALSTOM

21,330 EUR

GREAT BRITAIN

DIALOG SEMICONDUCTOR

GREECE
BANQUE NATIONALE
GRECE/NOM. S.C.P.

15,487 EUR

112,394 EUR

282,870

0.39

282,870

0.39

215,796

0.30

215,796

0.30

17,838 EUR

520,691

0.72

106,377 EUR

1,311,097

1.81

BNP PARIBAS

57,776 EUR

2,045,559

2.83

IRELAND

GAZ DE FRANCE

83,119 EUR

1,604,612

2.22

KERRY GROUP A

GROUPE DANONE

22,121 EUR

1,155,822

1.60

IPSOS SA PARIS

13,619 EUR

362,265

0.50

ITALY

6,244 EUR

574,136

0.79

DIASORIN AZ

19,749 EUR

431,121

0.60

LVMH MOET HENNESSY

10,887 EUR

1,395,169

1.93

SAIPEM SPA

25,845 EUR

990,897

1.37

SANOFI-AVENTIS

49,645 EUR

2,883,382

3.99

SCHNEIDER ELECTRIC SA

43,947 EUR

2,148,349

2.97

TERNA- RETE ELETTRICA

NAZIONAL

363,355 EUR

1,087,158

1.50

6,733 EUR

420,880

0.58

UNICREDIT AZ

295,938 EUR

1,104,441

1.53

46,006 EUR

995,800

1.38

3,613,617

5.00

AXA

L'OREAL

SEB SA
SOCIETE GENERALE PARIS -ATOTAL SA

118,751 EUR

4,504,819

6.24

LUXEMBOURG

VEOLIA ENVIRONNEMENT

42,010 EUR

518,613

0.72

ARCELORMITTAL SA REG

VIVENDI

46,026 EUR

632,397

0.87

23,199,552

32.09

GERMANY
ALLIANZ SE /NAMEN.
VINKULIERT

20,994 EUR

1,866,786

2.58

BASF

37,208 EUR

2,421,869

3.35

BAYER

18,140 EUR

952,531

1.32

3,996 EUR

364,595

0.50

BRENNTAG

234

38,758 EUR

34,952 EUR

1,337,151

1.85

1,337,151

1.85

497,891

0.69

497,891

0.69

NETHERLANDS

ASML HOLDING NV

19,953 EUR

743,449

1.03

GEMALTO

19,983 EUR

984,962

1.36

ING GROEP NV/CERT.OF SHS

196,354 EUR

1,215,039

1.68

KONINKLIJKE KPN NV

198,137 EUR

1,630,865

2.26

UNILEVER CERT.OF SHS

46,874 EUR

1,198,568

1.66

5,772,883

7.99

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euroland Growth
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity Currency Evaluation

% net
assets

SPAIN
BANCO BILBAO VIZCAYA
ARGENTARIA/NAM.

48,448 EUR

286,425

0.40

BANCO SANTANDER
CENTRAL HISPANO/REG

400,449 EUR

2,277,353

3.15

GRIFOLS SA -A-

57,522 EUR

919,202

1.27

INDITEX /REG

28,233 EUR

2,018,942

2.79

TELEFONICA SA

239,086 EUR

2,925,217

4.05

8,427,139

11.66

SWEDEN

ELEKTA AB

19,506 SEK

735,320

1.02

735,320

1.02

TOTAL SHARES

70,994,143

98.23

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

70,994,143

98.23

TOTAL INVESTMENTS

70,994,143

98.23

1,280,871

1.77

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

72,275,014 100.00

235

Portfolio of Investments and Other Net Assets as at 31 March 2012

European Equity
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity Currency Evaluation

% net
assets

Description

INVESTMENTS

IRELAND

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

RYANAIR HOLDINGS PLC

SHARES

JERSEY

CANADA

ITHACA ENERGY INC

WOLSELEY PLC
407,301 GBP

978,200

1.09

978,200

1.09

1,492,583

1.66

1,492,583

1.66

3,370,307

3.75

FINLAND

NOKIAN TYRES PLC

115,461 EUR

BNP PARIBAS

102,997 EUR

3,646,609

4.05

76,179 EUR

1,682,794

1.87

SAFRAN SA
SEB SA
VALLOUREC
VIVENDI

142,708 EUR

3,921,615

4.35

62,127 EUR

3,883,559

4.32

69,025 EUR

3,262,467

3.63

UNITED STATES

3,214,253

3.57

VIRGIN MEDIA INC

22,981,604

25.54

68,975 EUR

3,666,021

4.08

INFINEON TECHNOLOGIES
/NAMEN

480,067 EUR

3,650,910

4.06

SOFTWARE AG

61,714 EUR

1,732,003

1.92

9,048,934

10.06

219,671 GBP

3,796,239

4.22

96,441 GBP

3,649,734

4.06

GREAT BRITAIN

BG GROUP PLC

BRITISH AMERICAN
TOBACCO

SWITZERLAND
ROCHE HOLDING AG
/GENUSSSCHEIN

233,934 EUR

GERMANY
FRESENIUS MEDICAL CARE
AG

64,700 GBP

4,168,062

4.63

4,168,062

4.63

1,851,444

2.06

1,851,444

2.06

259,844 EUR

1,607,915

1.79

1,607,915

1.79

SPAIN

AMADEUS IT HOLDING SR. A

ALSTOM

938,330 EUR

% net
assets

NETHERLANDS

ING GROEP NV/CERT.OF SHS

41,118 EUR

FRANCE

CIE GEN.GEOPHYSIQUE /
VERITAS

Quantity Currency Evaluation

208,986 EUR

28,973 CHF

194,207 GBP

2,944,613

3.27

2,944,613

3.27

3,776,423

4.20

3,776,423

4.20

3,600,762

4.00

3,600,762

4.00

TOTAL SHARES

85,518,351

95.04

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

85,518,351

95.04

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
SHARES
SWITZERLAND

JULIUS BAER GRP

122,131 CHF

3,661,347

4.07

3,661,347

4.07
4.07

1,007,871 GBP

3,831,758

4.26

TOTAL SHARES

3,661,347

HSBC HOLDINGS PLC

576,261 GBP

3,832,255

4.25

PETROFAC LTD

189,830 GBP

3,934,942

4.36

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

3,661,347

4.07

PRUDENTIAL PLC

388,841 GBP

3,480,983

3.87

89,179,698

99.11

UNILEVER PLC

149,340 GBP

3,705,004

4.12

804,785

0.89

1,000,467 GBP

3,582,553

3.98

CENTRICA PLC

WM MORRISON
SUPERMARKETS PLC
XSTRATA PLC

236

254,467 GBP

3,254,343

3.62

33,067,811

36.74

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

89,984,483 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Frontier Markets (launched as at 30 November 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS

KUWAIT

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

KUWAIT INVES PROJECT

658,544 KWD

806,487

1.17

MABANEE CO.

262,871 KWD

984,713

1.42

SHARES

MOBILE
TELECOMMUNICATIONS CO.

369,042 KWD

1,156,454

1.67

2,947,654

4.26

BERMUDA ISLANDS

CREDICORP.

CANADA
SOUTHGOBI ENERGY
RESOURCES LTD

14,678 USD

57,532 HKD

1,922,084

2.78

1,922,084

2.78

NIGERIA

OANDO PLC

379,384

0.55

OMAN

379,384

0.55

BANKMUSCAT

1,544,703 NGN

977,524 OMR

CAYMAN ISLANDS

NAGACORP LTD

1,622,827 HKD

737,812

1.07

PANAMA

737,812

1.07

COPA HOLDINGS -A-

10,084 USD

COLOMBIA

ECOPETROL SA

700,794 COP

2,139,005

3.09

2,139,005

3.09

EGYPT
COMMERCIAL
INTERNATIONAL BANK LTD

119,789 EGP

497,021

0.72

ORASCOM CONSTRUCTION
INDUSTRIE

23,884 EGP

1,020,241

1.47

732,600 EGP

480,329

0.69

ORASCOM TELECOM
HOLDING
SIXTH OF OCT. DVPT &I
NV/SODIC SA

94,223 EGP

254,285

0.37

2,251,876

3.25

ESTONIA

TALLINK GROUP AS

GREAT BRITAIN
BANK OF GEORGIA
HOLDINGS PLC

COVE ENERGY
KAZAKHMYS LIMITED

944,696 EUR

1,561,479

2.26

1,561,479

2.26

797,342

1.15

797,342

1.15

PHILIPPINES
METROPOLITAN BANK &
TRUST

275,104 PHP

559,691

0.81

SECURITY BANK CORP.

350,478 PHP

1,167,307

1.69

98,232 PHP

1,510,027

2.18

3,237,025

4.68

SM INVESTMENTS
CORPORATIONS

QATAR
COMMERCIAL BANK OF
QATAR

29,126 QAR

614,383

0.89

DOHA BANK SHS

42,045 QAR

703,281

1.02

INDUSTRIES OF QATAR

25,674 QAR

990,756

1.43

QATAR ELECT & WATER

14,365 QAR

572,098

0.83
1.12

781,456

1.13

QATAR ISLAMIC BANK

36,570 QAR

772,411

1.13

QATAR NATIONAL BANK

49,240 QAR

1,827,135

2.64

5,480,064

7.93

318,492

0.46

318,492

0.46

62,421 GBP

1,050,082

1.52

189,489 GBP

648,164

0.94

77,842 GBP

1,126,796

1.62

2,825,042

4.08

338,164

0.49

338,164

0.49

ROUMANIA
BANCA ROMANA PENTRU
DEZVOLTARE

98,254 RON

SAUDI ARABIA

NATL BANK OF KUWAIT

305,498 GBP

0.32
0.32

781,456

JERSEY

CENTAMIN SHS

217,967
217,967

317,191 KWD

1,233,895

1.78

1,233,895

1.78

237

Portfolio of Investments and Other Net Assets as at 31 March 2012

Frontier Markets (launched as at 30 November 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

SLOVENIA

KRKA D.D.

21,729 EUR

1,453,310

2.10

1,453,310

2.10

1,078,979

1.56

SRI LANKA

JOHN KEELLS HLDG PLC

671,766 LKR

SAMPATH BANK PLC

135,000 LKR

189,572

0.27

1,268,551

1.83

56,734 USD

658,114

0.95
2.48

UNITED ARAB EMIRATES

DP WORLD
EMAAR PROPERTIES

2,080,342 AED

1,716,155

FIRST GULF BANK

464,042 AED

1,229,275

1.78

NATIONAL BANK OF ABU

DHABI

632,118 AED

1,495,536

2.16

UNION NATIONAL BANK

399,168 AED

341,244

0.49

5,440,324

7.86

35,330,926

51.07

TOTAL SHARES
INVESTMENT FUNDS
ROUMANIA

SIF 5 OLTENIA SA

1,212,674 RON

TOTAL INVESTMENT FUNDS

516,739

0.75

516,739

0.75

516,739

0.75

62,190 USD

UNITED STATES
CITIGROUP GM 20.01.15
CW/PVD

179,759 USD

CITIGROUP HLDG 20.01.15

CW/VNM

176,713 USD

238

PERU
BUENAVENTURA / SADR
(1SHS)

44,380 USD

22,742 USD

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)
KAZAKHSTAN
KAZMUNAIGAS
EXPL.PR/REGS/GDR

150,758 USD

TOTAL GDR (Global Depositary Receipt)

627,977

0.91

627,977

0.91

907,178

1.31

907,178

1.31

3,951,723

5.71

3,057,372

4.42

3,057,372

4.42

3,057,372

4.42

2,928,823

4.23

2,928,823

4.23

2,928,823

4.23

PREFERENTIAL SHARES
COLOMBIA
BANCACOLOMBIA SA
/CONV.PREF

182,630 COP

TOTAL PREFERENTIAL SHARES

1,073,714

1.55

1,073,714

1.55

BANCO MACRO SA B /ADR

48,919 USD

969,575

1.40

YPF / SADS -D- ADR

25,912 USD

738,492

1.07

1,708,067

2.47

1,708,067

2.47

49,691,104

71.83

TOTAL ADR (American Depositary Receipt)

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
SADR (Sponsored American Dep. Receipt)

TELECOM ARGENTINA SASADR

LEBANON
LEBANESE CO FOR-A/SADR
10SHS-S

% net
assets

ARGENTINA

GREAT BRITAIN

ARGENTINA
FINANCIERO GALACIA
SP.ADR -B-

Quantity/ Currency Evaluation

Face
value

ADR (American Depositary Receipt)

WARRANTS / EQUITY LINKED SECURITIES

DB LN 10.12.12 CERT /EEC

Description

343,999

0.50

779,741

1.13

1,123,740

1.63

2,197,454

3.18

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
SHARES
CROATIA

CROATIAN TELEKOM INC

123,622 USD

794,889

1.15

91,672 USD

1,621,679

2.34

2,416,568

3.49

12,865 HRK

489,795

0.71

489,795

0.71

Portfolio of Investments and Other Net Assets as at 31 March 2012

Frontier Markets (launched as at 30 November 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

LEBANON
BANK AUDI SAL AUDI
SARADAR

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

CONVERTIBLE BONDS

55,783 USD

362,590

0.52

362,590

0.52

OMAN
BANKMUSCAT 7% 09-20.3.14
CV

8,213 OMR

DANGOTE CEMENT PLC

628,668 NGN

FIRST BANK OF NIGERIA

GUARANTY TRUST BANK
NESTLE FOODS NIGERIA PLC

453,507

0.66

11,961,232 NGN

758,223

1.10

15,424,774 NGN

1,319,020

1.90

633,123 NGN

959,155

1.39

233,883 NGN

618,682

0.89

NIGERIAN BREWERIES PLC

1,442,950 NGN

891,819

1.29

SKYE BANK PLC

6,789,599 NGN

166,992

0.24

13,705,112 NGN

1,077,271

1.55

6,244,669

9.02

ZENITH BANK

OMAN
RENAISSANCE SERVICES
SAOG

428,804 OMR

632,617

0.91

632,617

0.91

2,532,678 PKR

1,040,877

1.51

MCB BANK LTD

498,218 PKR

962,222

1.39

PAKISTAN PETROLEUM LTD

464,279 PKR

934,887

1.35

1,133,624 PKR

953,680

1.38

3,891,666

5.63

UNITED BANK LTD

0.00
0.00

15,077,902

21.79

915,330 BDT

619,516

0.90

1,384,848 BDT

650,196

0.94

1,269,712

1.84

4,310,391 KES

1,156,150

1.66

17,202,063 KES

663,587

0.96

1,819,737

2.62

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET
OTHER TRANSFERABLE SECURITIES
SHARES
BANGLADESH
ISLAMI BANK BANGLADESH
LTD

PRIME BANK

KENJA

KENYA COMMERCIAL BANK

SAFARICOM

UNITED ARAB EMIRATES

DANA GAS

2,225,339 AED

296,873

0.43

296,873

0.43

TOTAL SHARES

3,386,322

4.89

TOTAL OTHER TRANSFERABLE SECURITIES

3,386,322

4.89

68,155,328

98.51

1,029,044

1.49

QATAR
GULF INTERNATIONAL
SERVICES

54,377 QAR

393,544

0.57

QATAR INSURANCE CO.

21,367 QAR

431,935

0.62

OTHER NET ASSETS LESS LIABILITIES

QATAR TELECOM (Q-TELL)

44,639 QAR

1,655,180

2.40

TOTAL NET ASSETS

2,480,659

3.59

UNITED ARAB EMIRATES

ABU DHABI COMMERCIAL
BANK

DRAKE & SCULL

EMIRATES NBD PJSC

TOTAL SHARES

402,708 AED

339,884

0.49

1,733,105 AED

486,005

0.70

181,200 AED

150,466

0.22

976,355

1.41

15,078,351

21.79

0.00

(449)

TOTAL CONVERTIBLE BONDS

PAKISTAN

HUB POWER CO LTD

(449)
(449)

NIGERIA

GUINESS NIGERIA

% net
assets

TOTAL INVESTMENTS

69,184,372 100.00

239

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

Description

FEDERATION OF RUSSIA
AK SBEREGATELNY BANK
SBERBANK

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

GAZPROM OAO

SHARES

Quantity Currency Evaluation

3,735,860 USD

12,034,102

462,759 USD

2,846,829

0.45

14,880,931

2.33

BRAZIL

BANCO DO BRASIL SA

502,463 BRL

7,251,899

1.14

GREAT BRITAIN

MRV ENGHENHARIA

940,500 BRL

6,817,946

1.07

ANGLO AMERICAN PLC

1,809,933 BRL

6,436,199

1.01

PETROLEO BRASILEIRO
/PREF.

162,300 BRL

2,059,199

0.32

ROSSI RESIDENCIAL ON

1,266,400 BRL

6,949,649

1.09

29,514,892

4.63

PDG REALTY SA

CAYMAN ISLANDS

CHINA RONGSHENG

CHINA SHANSHUI CEMENT

GRP LTD
LONKING HOLDINGS LTD
TPK HOLDINGS CO.

926,375 INR

6,594,360

1.03

1.07

CAIRN INDIA LIMITED

928,433 INR

6,085,064

0.95

19,271,000 HKD

6,775,883

1.06

CANARA BANK /DEMAT.

651,680 INR

6,086,351

0.95

535,000 TWD

8,655,581

1.36

JSW STEEL LTD / DEMAT.

467,093 INR

6,614,664

1.04

27,666,240

4.34

OIL & NATURAL GAS CORP.

LTD

1,233,966 INR

6,499,845

1.02

POWER FINANCE
CORPORATION LTD

1,741,383 INR

6,308,216

0.99

RURAL ELECTRIFICATION
CORP LTD

1,566,787 INR

6,316,967

0.99

SESA GOA LTD /DEMAT.

1,735,936 INR

6,634,342

1.04

536,790 INR

6,329,893

0.99

1.21
1.81

BANK OF COMMUNICATIONS
CO. -H-

10,073,300 HKD

7,615,683

1.19

7,073,000 HKD

7,096,433

1.11

18,502,470 HKD

14,298,154

2.25

CHINA MINSHENG BK -H-

8,085,500 HKD

7,320,845

1.15

CHINA NATIONAL BUILDING

MATERIAL -H-

5,154,000 HKD

6,498,694

1.02

CHINA PETROLEUM & CHEM

CORP. -H-

8,700,000 HKD

9,479,570

1.49

SHRIRAM TRANSPORT
FINANCE
TATA MOTORS

MEXICO
URBI DESARROLLOS
URBANOS SAB

1,461,579 INR

3,580,100 MXN

7,896,738

1.25

65,366,440

10.25

4,259,633

0.67

4,259,633

0.67

POLAND

CHINA RAILWAY
CONSTRUCTION CORP. -H-

9,424,500 HKD

5,862,792

0.92

DONGFENG MOTOR -H-

3,826,000 HKD

6,908,631

1.08

240

0.91

6,827,711

7,715,683

WEICHAI POWER CO LTD /-H-

0.91

5,818,649

8,648,000 HKD

11,560,310

JIANGXI COPPER CO. LTD -H-

5,818,649

0.85

28,676,500 HKD

GREAT WALL MOTOR CO.

LTD -H-

0.92
0.92

5,407,065

17,990,000 HKD

IND & COM BOC -H-

1,664,000 HKD

5,862,310
5,862,310

20,479,000 HKD

BANK OF CHINA LTD -H-

CHINA CONSTRUCTION BANK

CO. -H-

157,663 ZAR

1.88

INDIA
BANK OF INDIA /
DEMATERIALISED

CHINA
AGRICULT BANK CHINA /-HSHARES

CHINA COMMUNICATIONS
CONSTRUCTION -H-

HONG KONG
KINGBOARD CHEMICALS
HOLDINGS

% net
assets

KGHM POLSKA MIEDZ SA

181,414 PLN

8,250,852

1.29

8,250,852

1.29

3,577,500 HKD

6,957,538

1.09

SOUTH AFRICA

20,475,955 HKD

13,212,375

2.08

ANGLOGOLD ASHANTI LTD

227,200 ZAR

8,333,891

1.31

2,690,000 HKD

6,187,750

0.97

EXXARO RESOURCES
LIMITED

303,375 ZAR

7,815,334

1.23

1,299,000 HKD

6,064,796

0.95

116,779,254

18.32

GOLD FIELDS

553,659 ZAR

7,539,104

1.18

SASOL LTD /REG

200,378 ZAR

9,686,904

1.51

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

STEINHOFF INTERNATIONAL
HOLDING LTD

Quantity Currency Evaluation

% net
assets

Description

SABANCI HOLDING
2,037,146 ZAR

7,202,112

1.13

996,034 TRY

7,126,503

1.12

TURKIYE VAKIFLAR BANKASI

TAO

3,797,749 TRY

7,203,359

1.13

YAPI KREDI BANKASA

4,215,915 TRY

8,516,997

1.33

43,509,098

6.82

523,407,344

82.09

5,985,428

0.94

1.14

TURKIYE HALK BANKASI AS

40,614,063

6.37

1,041,120 KRW

6,462,742

1.01

BS FINL SHS

538,830 KRW

6,327,966

0.99

DGB FINANCIAL GROUP

460,430 KRW

GS HOLDINGS CORP.

ASIANA AIRLINE INC

6,037,411

0.95

TOTAL SHARES

126,739 KRW

7,262,994

1.14

HONAM PETROCHEMICAL
CO. LTD

SADR (Sponsored American Dep. Receipt)

26,605 KRW

7,905,130

1.24

HYUNDAI MOBIS

38,077 KRW

9,632,700

1.51

HYUNDAI MOTOR CO. LTD

62,090 KRW

12,774,336

2.00

BRAZIL

PETROBRAS /SADR

236,298 USD

PETROLEO BRASILEIRO
/SADR

198,477 USD

5,219,945

0.82

VALE / -A- /SADR

579,335 USD

13,046,624

2.04

VALE /SADR

363,764 USD

KIA MOTORS CORP.

149,064 KRW

9,753,302

1.53

LG CORP.

125,295 KRW

7,191,307

1.13

SAMSUNG ELECTRONICS CO.

LTD

15,518 KRW

17,470,553

2.74

SK ENERGY

53,527 KRW

7,822,248

1.23

FEDERATION OF RUSSIA

SK HOLDINGS CO. LTD

51,432 KRW

6,698,632

1.05

GAZPROM OAO /SADR REGS

SK TELECOM CO. LTD

54,232 KRW

6,680,216

1.05

LUKOIL /SADR (REP.1 SHS.)

S-OIL CORP.

64,232 KRW

6,352,288

1.00

118,371,825

18.57

15,648,526

2.46

12,509,379

1.96

28,157,905

4.42

NETHERLANDS

7,150,735

1.12

HON HAI PRECISION

INDUSTRY CO. LTD

1,017,000 TWD

3,945,440

0.62

RADIANT OPTO
ELECTRONICS CORP.

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)

1,067,000 TWD

4,735,924

0.74

FEDERATION OF RUSSIA

TAISHIN FINANCIAL
HOLDINGS CO.

7,830,000 TWD

3,130,494

0.49

WISTRON CORP.

5,673,955 TWD

8,554,900

1.35

27,517,493

4.32

PTT PUBLIC /NON-VOTING

DEP.REC

NORD GOLD NV /SADR

AFK SISTEMA / SGDR

ROSNEFT OIL COMPANY

OJSC /SGDR

925,448 USD

6,499,316

1.02

679,600 THB

7,800,754

1.22

60,600 THB

695,594

0.11

14,995,664

2.35

5,691,505

0.89

5,691,505

0.89

66,533,457

10.43

319,821 USD

6,297,275

0.99

1,183,386 USD

8,409,023

1.32

TOTAL GDR (Global Depositary Receipt)

11,453,800 THB

1.32
5.12

207,797 USD

3,553,000 TWD

PTT PLC CO. LTD /FOREIGN

REG

8,432,050
32,684,047

1,282,666 USD

TAIWAN
FARGLORY LAND
DEVELOPMENT CO

THAILAND
KRUNG THAI BANK /FOREIGN.
REG.

% net
assets

1,675,479 TRY

7,238,830

SOUTH KOREA

Quantity Currency Evaluation

14,706,298

2.31

14,706,298

2.31

PREFERENTIAL SHARES
BRAZIL

BANRISUL PNB -B- /PREF

TOTAL PREFERENTIAL SHARES

649,226 BRL

7,164,731

1.12

7,164,731

1.12

7,164,731

1.12

TURKEY

ARCELIK AS

1,391,974 TRY

6,217,794

0.98

KOC HOLDING AS

1,782,575 TRY

7,242,333

1.13

241

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

ADR (American Depositary Receipt)

FEDERATION OF RUSSIA

MECHEL OJSC /ADR

624,078 USD

TOTAL ADR (American Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

5,704,073

0.89

5,704,073

0.89

5,704,073

0.89

617,515,903

96.84

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
SHARES
SOUTH KOREA

INDUSTRIAL BANK OF KOREA

505,920 KRW

6,142,501

0.96

6,142,501

0.96

TOTAL SHARES

6,142,501

0.96

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

6,142,501

0.96

7,571,378

1.19

7,571,378

1.19

TOTAL GDR (Global Depositary Receipt)

7,571,378

1.19

TOTAL OTHER TRANSFERABLE SECURITIES

7,571,378

1.19

631,229,782

98.99

6,463,271

1.01

OTHER TRANSFERABLE SECURITIES

GDR (Global Depositary Receipt)
FEDERATION OF RUSSIA
OAO TATFNEFT /SGDR REP G
REG.S

185,573 USD

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

242

637,693,053 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

MICHELIN B /NOM.

6,071 EUR

448,331

0.67

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

TOTAL SA

11,786 EUR

596,524

0.89

VIVENDI

17,078 EUR

313,072

0.47

2,665,958

3.97

SHARES
AUSTRALIA

GERMANY

ANZ BANKING GROUP

16,799 AUD

406,570

0.61

ADIDAS AG

3,623 EUR

281,086

0.42

LEND LEASE GROUP

24,617 AUD

191,336

0.29

BASF

3,681 EUR

319,669

0.48

NATIONAL AUSTRALIA BANK

LTD

0.54

15,045 AUD

385,096

0.57

WESTPAC BANKING CORP.

23,531 AUD

535,955

0.80

WOOLWORTHS

14,186 AUD

383,479

0.57

1,902,436

2.84

7,702 EUR

175,720

0.26

AUSTRIA

ERSTE GROUP BANK AG

OMV AG
TELEKOM AUSTRIA AG
VOESTALPINE AG

4,238 EUR

149,359

0.22

10,802 EUR

125,572

0.19

4,682 EUR

156,387

0.23

607,038

0.90

BELGIUM

ANHEUSER-BUSH INBEV SA

6,900 EUR

502,370

0.75

502,370

0.75

CANADA

DAIMLER CHRYSLER

6,069 EUR

363,931

DEUTSCHE BANK AG

4,628 EUR

227,691

0.34

LANXESS AG

4,841 EUR

396,639

0.59

SAP AG

9,825 EUR

685,707

1.02

2,274,723

3.39

GREAT BRITAIN

ADMIRAL GROUP PLC

13,463 GBP

253,660

0.38

BARCLAYS PLC

53,152 GBP

199,865

0.30

BHP BILLITON PLC

20,407 GBP

625,457

0.94

BP PLC

76,701 GBP

567,674

0.85

BRITISH AMERICAN
TOBACCO

11,081 GBP

559,499

0.83

DIAGEO PLC

33,916 GBP

818,747

1.23

GLAXOSMITHKLINE PLC

16,269 GBP

363,742

0.54

HSBC HOLDINGS PLC

20,754 GBP

184,144

0.27

187,090 GBP

262,428

0.39

64,122 GBP

315,801

0.47

ITV PLC

AGRIUM INC

3,668 CAD

318,187

0.47

KINGFISHER PLC

BARRICK GOLD CORP.

9,303 CAD

404,576

0.60

RIO TINTO PLC /REG

9,454 GBP

522,562

0.78

BCE INC /NEW

10,052 CAD

403,654

0.60

ROYAL DUTCH SHELL -B-

6,745 GBP

237,743

0.35

5,749 CAD

441,467

0.66

SCOTTISH & SOUTHERN

ENERGY PLC

15,819 GBP

337,841

0.50

14,525 CAD

656,747

0.99

SERCO GROUP PLC

47,179 GBP

410,820

0.61

8,142 CAD

278,986

0.42

POWER CORP.CANADA

12,438 CAD

330,565

0.49

5,659,983

8.44

SUNCOR ENERGY

18,230 CAD

319,490

0.48

319,490

0.48

CANADA IMPER. BANK OF

COMMERCE
IMPERIAL OIL LTD
LOBLAW COMPANIES LTD

592,084

0.88

3,426,266

5.11

423,905

0.63

423,905

0.63

DENMARK

COLOPLAST /-B-

2,447 DKK

FRANCE

AXA

19,641 EUR

322,977

CHRISTIAN DIOR SA

1,770 EUR

270,750

0.40

IMERYS

5,258 EUR

318,491

0.47

LVMH MOET HENNESSY

2,315 EUR

395,813

0.59

GUERNSEY

RESOLUTION

76,112 GBP

HONG KONG

HANG SENG BANK LTD

15,200 HKD

202,033

0.30

HONGKONG ELECTRIC
HOLDINGS LTD

47,500 HKD

348,712

0.52

550,745

0.82

0.48
IRELAND

ACCENTURE PLC

3,281 USD

210,903

0.31

210,903

0.31

243

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

ITALY
BANCO POPOLARE SOC.
COOP.

ENEL

Quantity Currency Evaluation

% net
assets

GLOBAL LOGISTIC
276,787

0.41

96,677 EUR

346,715

0.52

623,502

0.93

ASAHI GLASS CO. LTD

26,200 JPY

224,202

0.33

BRIDGESTONE CORP.

14,400 JPY

352,123

0.52

CENTRAL JAPAN RAILWAY

CO.
DAIHATSU MOTOR CO.

7,100 JPY

338,404

0.50

39 JPY

324,227

0.48

ACS

BANCO POPULAR ESPANOL

/REG.

0.32

ZARDOYA OTIS / SPLIT ISSUE

9,395 EUR

14,500 JPY

383,909

0.57

MARUBENI CORP.

54,300 JPY

395,163

0.60

MITSUBISHI UFJ FINANCIAL

GROUP

75,400 JPY

378,677

0.56

NISSAN MOTOR CO. LTD

34,800 JPY

373,728

0.56

SWITZERLAND

OSAKA GAS CO. LTD

95,000 JPY

384,470

0.57

ABB LTD ZUERICH /NAMEN.

SANTEN PHARMACEUTICAL

11,100 JPY

478,315

0.72

ACTELION LTD ALLSCHWIL

SEGA SAMMY HOLDING INC.

18,500 JPY

391,041

0.58

ADECCO /AKTIEN NOM.

SUMITOMO HEAVY
INDUSTRIES

66,000 JPY

370,086

0.55
0.59

199,227

0.30

9,408 JPY

381,320

0.57

5,964,164

8.89

191,786

0.28

179,735

0.27

371,521

0.55

NETHERLANDS

DELTA LLOYD

10,994 EUR

KONINKLIJKE AHOLD NV

13,041 EUR

NORWAY

STATOILHYDRO ASA

PORTUGAL
EDP-ENERGIAS DE
PORTUGAL SA

16,308 NOK

105,081 EUR

438,954

0.65

438,954

0.65

305,774

0.46

305,774

0.46

120,334

0.18

880,627

1.31

0.43

SWEDEN

SANDVIK AB

20,368 SEK

291,813

SKANSKA -B-

19,888 SEK

341,624

0.51

TELE2 AB / -B-

19,542 SEK

396,686

0.60

1,030,123

1.54

17,406 CHF

354,752

0.53

4,409 CHF

161,601

0.24

4,920 CHF

256,136

0.38

NESTLE

3,313 CHF

207,338

0.31

ROCHE HOLDING AG
/GENUSSSCHEIN

3,173 CHF

551,797

0.82

UBS AG

26,882 CHF

374,287

0.56

1,905,911

2.84

UNITED STATES

ABBOTT LABORATORIES INC.

11,047 USD

675,635

1.01

AETNA INC.

7,903 USD

400,050

0.60

AFLAC INC.

8,833 USD

402,696

0.60

AGILENT TECHNOLOGIES

7,374 USD

326,005

0.49

AMERICAN EXPRESS CO.

9,223 USD

531,983

0.79

10,202 USD

399,408

0.60

AMERISOURCEBERGEN
CORP.
AMGEN INC.

7,004 USD

472,700

0.70

APACHE CORP.

3,357 USD

334,861

0.50

APOLLO GROUP INC. -A-

2,719 USD

104,817

0.16

APPLE INC.

3,054 USD

1,840,339

2.74
0.45

APPLIED MATERIALS INC.

24,490 USD

304,656

AT & T

5,157 USD

161,002

0.24

BED BATH & BEYOND INC.

7,077 USD

467,294

0.70

10,488 USD

352,502

0.53

CAMPBELL SOUP CO.

244

0.34

0.47

KAO CORP.

391,680

225,400
216,426

0.58

44,900 JPY

8,852 EUR

318,467

0.31

11,800 JPY

0.33
0.33

6,572 EUR

388,078

TOSHIBA CORP.

222,461
222,461

60,213 EUR

209,514

SUMITOMO MITSUI
FINANCIAL GROUP

127,000 SGD

RED ELECTRICA
CORPORACION SA

5,500 JPY

WEST JAPAN RAILWAY CO.

% net
assets

SPAIN

21,000 JPY

HAMAMATSU PHOTONICS

Quantity Currency Evaluation

SINGAPORE

146,923 EUR

JAPAN

CANON INC.

Description

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

CAPITAL ONE FINANCIAL

CORP.

5,819 USD

324,293

0.48

CATERPILLAR INC.

4,488 USD

477,748

0.71

MCDONALD S CORP.

4,040 USD

395,435

0.59

CHEVRON CORPORATION

6,958 USD

742,071

1.11

MCKESSON CORP.

4,466 USD

391,981

0.58

CITIGROUP INC.

CLIFFS NATURAL
RESOURCES INC.

MARATHON OIL CORP.

15,224 USD

482,905

0.72

MATTEL INC.

12,945 USD

438,447

0.65

17,820 USD

648,470

0.97

MICROSOFT CORP.

11,897 USD

382,251

0.57

2,840 USD

197,124

0.29

NATIONAL OILWELL VARCO

INC.

0.61

5,211 USD

409,324

COCA-COLA CO.

3,936 USD

290,044

0.43

NEWMONT MINING CORP.

5,731 USD

291,421

0.43

COLGATE-PALMOLIVE CO.

3,405 USD

330,966

0.49

NOBLE ENERGY

1,932 USD

189,549

0.28

COMPUTER ASSOCIATES
INTERNATIONAL INC.

16,603 USD

458,409

0.68

3,453 USD

309,182

0.46

DAVITA INC.
DEERE & CO.

NORFOLK SOUTHERN CORP.

5,094 USD

337,019

0.50

OCCIDENTAL PETROLEUM
CORP.

3,588 USD

339,425

0.51

4,272 USD

345,904

0.52

PARKER-HANNIFIN

4,226 USD

357,012

0.53

DELL INC.

16,416 USD

275,050

0.41

PFIZER INC.

9,335 USD

211,624

0.32

DIRECTV

11,335 USD

556,435

0.83

DISCOVER FIN SVC

11,827 USD

387,453

0.58

PHILIP MORRIS
INTERNATIONAL

1.21

EASTMAN CHEMICAL CO.

6,785 USD

349,088

0.52

PITNEY BOWES INC.

ELI LILLY & CO.

6,689 USD

268,496

0.40

EMERSON ELECTRIC CO.

7,224 USD

375,070

0.56

10,522 USD

411,200

0.61

PROCTER & GAMBLE CO.

2,722 USD

182,973

0.27

9,235 USD

796,888

1.19

PRUDENTIAL FINANCIAL INC.

7,439 USD

465,681

0.69

FIDELITY NATIONAL
FINANCIAL -A-

18,126 USD

326,087

0.49

PUBLIC SERVICES
ENTERPRISE

0.58

FREEPORT MCMO.
COPP&GOLD -B-

10,076 USD

378,656

0.56

GENERAL ELECTRIC CO.

11,436 USD

228,606

0.34

THE HERSHEY CO.

GENERAL MOTORS

12,376 USD

313,484

0.47

TYSON FOODS INC. -A-

9,584 USD

466,070

0.69

568 USD

366,985

0.55

EXELON CORP.
EXXON MOBIL CORP.

GILEAD SCIENCES INC.

GOOGLE INC. -A-

9,181 USD

811,416

17,872 USD

314,726

0.47

PNC FINANCIAL SERVICES GP

5,757 USD

367,700

0.55

PPG INDUSTRIES INC.

4,794 USD

458,786

0.68

12,792 USD

390,028

RAYONIER INC REIT

7,907 USD

349,331

0.52

SANDISK CORP.

6,701 USD

330,895

0.49
0.73

7,980 USD

487,578

17,753 USD

339,792

0.51

UTD PARCEL SERVICE INC. -B-

5,879 USD

472,084

0.70

HALLIBURTON CO.

9,099 USD

300,358

0.45

VERIZON COMMUNICATIONS
-I-

9,167 USD

348,621

0.52

HCP INC.

4,709 USD

185,582

0.28

VIACOM INC. -B-

8,434 USD

398,085

0.59

HESS CORP.

7,090 USD

414,836

0.62

WAL-MART STORES INC.

6,124 USD

374,054

0.56

13,271 USD

314,125

0.47

WELLS FARGO & CO.

7,828 USD

265,291

0.40

7,180 USD

359,646

0.54

WESTERN UNION COMPANY

19,692 USD

349,730

0.52

YAHOO INC.

24,305 USD

369,922

0.55

HEWLETT-PACKARD CO.
HOME DEPOT INC.

HONEYWELL
INTERNATIONAL INC.
HORMEL FOODS
CORPORATION
IBM CORP.
INTEL CORP.
JOHNSON & JOHNSON

6,442 USD

392,189

0.58

14,732 USD

434,594

0.65

4,855 USD

1,011,393

1.51

28,470 USD

800,861

1.19

5,578 USD

367,200

0.55

JP MORGAN

17,649 USD

804,088

1.20

KEYCORP

49,555 USD

414,280

0.62

7,525 USD

374,444

0.56

KOHL S CORP.

3M CO.

3,353 USD

298,015

0.44

34,172,424

50.94

TOTAL SHARES

64,459,278

96.08

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

64,459,278

96.08

245

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

OTHER TRANSFERABLE SECURITIES

SHARES
UNITED STATES

RAYONIER INC. REIT

50,000 USD

22

0.00

22

0.00

TOTAL SHARES

22

0.00

TOTAL OTHER TRANSFERABLE SECURITIES

22

0.00

64,459,300

96.08

2,627,868

3.92

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

246

67,087,168 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Latin American Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

INVESTMENTS

CANADA

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

PACIFIC RUB SHS

SHARES

CHILE
BCO DE CRED.DE
INVERSIONES SA

BERMUDA ISLANDS

CREDICORP.

BRAZIL
ANHANGUERA
EDUCACIONAL PART

AREZZO INDUSTRIA E
COMERCIO

15,785 USD

2,067,046

1.12

2,067,046

1.12

63,400 BRL

760,556

0.41

0.91

ENERSIS SA

1,951,378 CLP

794,973

0.43

ENTEL EMPRESA NACIONAL

DE TELECOMUNCACIONES

115,196 CLP

2,283,311

1.23

FALABELLA SA COMERC.E
INDUST.

437,305 CLP

4,248,602

2.30

12,334,115

6.66

0.54
2.24

BANCO DO BRASIL SA

131,344 BRL

1,895,649

1.02

COLOMBIA

BR MALLS PARTICIPAES SA

513,062 BRL

6,461,666

3.49

BANCOLOMBIA SA

BRF FOODS

304,529 BRL

6,066,347

3.28

CIA DE CONCESSOES
RODOVIARIAS

856,948 BRL

6,978,792

3.77

CIA HERING

105,440 BRL

2,687,714

1.45

ANTOFAGASTA PLC

186,601 BRL

1,456,148

0.79

MEXICO

DURATEX

750,983 BRL

4,611,605

2.49

AEROMEXICO

ECORODOVIAS

553,000 BRL

4,885,882

2.64

GERDAU /PREF.

330,414 BRL

3,171,321

1.71

AMERICA MOVIL SAB DE CV L-

72,400 BRL

485,117

0.26

GENOMMA LAB
INTERNACION. SA

463,176 BRL

2,887,462

1.56

2,076,572

1.12

2,277,584

1.23

METALURGICA GERDAU
/PREF.

126,600 BRL

1,567,346

0.85

MILLS ESTRUTUR E
SERVICOS

29,200 BRL

355,255

0.19

MRV ENGHENHARIA

222,990 BRL

1,616,517

0.87

PDG REALTY SA

407,100 BRL

1,447,665

0.78

GRUPO TELEVISA SA / CERT.

PAR.

1,811,846

0.98

1,811,846

0.98

267,505 MXN

478,258

0.26

7,570,900 MXN

9,417,371

5.09

817,700 MXN

1,486,919

0.80

590,925

0.32

5,211,117

2.81

OHL MEXICO SAB DE CV

1,787,824 MXN

2,865,651

1.55

20,050,241

10.83

0.31

PANAMA

BANCO LATINOAMER.COM

26,993 USD

569,552

COPA HOLDINGS -A-

52,821 USD

4,176,557

2.25

4,746,109

2.56

1,258,514

0.68

4,366,567

2.36

PERU

145,428 BRL

1,852,316

1.00

ALICORP SA

TOTVS SA

159,500 BRL

2,875,332

1.55

VALE RIO DOCE /NAM.

133,926 BRL

GRANA Y MONTERO SA
GRAMON

1.68

98,681 GBP

140,500 MXN

331,679 BRL

37.28

0.58
0.58

1,351,327 MXN

SAO MARTINHO SA

3,113,241

1,070,666
1,070,666

MEXICHEM SAB DE CV

PETROBRAS PETROLEO
BRASILEIRO

69,057,116

68,527 COP

GREAT BRITAIN

DIAGNOST DA AMERICA SA
BRL

104,100 BRL

1.79

1,686,413

4,156,829

454,084 BRL

0.80

3,320,816

1,003,633

MARCOPOLO POMO /PREF.

0.80

1,475,395

47,833 CLP

58,300 BRL

IOCHPE MAXION SA

1,475,395

1,520,442 CLP

240,393 BRL

INVESTIMENTOS ITAU /PREF.

50,690 CAD

% net
assets

CRUZ BLANCA SALUD

BANCO BRADESCO SA /PREF.

GOL LINHAS AEREAS

INTELIGENTES

Quantity Currency Evaluation

TOTAL SHARES

496,703 PEN
71,480 PEN

230,408

0.12

1,488,922

0.80

114,101,456

61.61

247

Portfolio of Investments and Other Net Assets as at 31 March 2012

Latin American Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

SADR (Sponsored American Dep. Receipt)

ITAU HOLDING /PREF

BRAZIL

SARAIVA SA LIVREIROS EDIT

/PREF.
TELECOM SAO PAULO / PFD

BANCO BRADESCO /SADR

148,658 USD

2,574,757

1.39

BRF BR FOODS /SADR

21,863 USD

440,321

0.24

GERDAU SA SADR PREF. SHS

65,685 USD

629,919

0.34

PETROBRAS /SADR

PETROLEO BRASILEIRO
/SADR

80,521 USD

2,039,597

1.10

302,921 USD

7,966,821

4.31

TELEF BRASIL /SADR

126,963 USD

3,937,123

2.13

VALE / -A- /SADR

159,759 USD

3,597,773

1.94

VALE /SADR

214,181 USD

4,964,715

2.68

26,151,026

14.13

708,839

0.38

708,839

0.38

1,270,058

0.69

CHILE

BANCO SANTANDER /SADR.

31,839 USD

CEMENTOS PACASMAYO
/SADR

65,298 USD

TOTAL SADR (Sponsored American Dep.

Receipt)
BDR (Bearer Depositary Receipt)

TOTAL BDR (Bearer Depositary Receipt)

MEXICO

AMERICA MOVIL SAB /ADR -L-

3.20

39,742 BRL

495,071

0.27

49,505 BRL

1,540,910

0.83

19,744,015

10.66

19,744,015

10.66

8,194,134

4.43

8,194,134

4.43

426,112 USD

32,841 USD

85,584 USD

167,776 USD

15.60
TOTAL ADR (American Depositary Receipt)

2,098,868

1.13

2,098,868

1.13

2,016,359

1.09

2,016,359

1.09

4,150,778

2.24

4,150,778

2.24

16,460,139

8.89

0.19

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

179,533,054

96.95

347,900

0.19

TOTAL INVESTMENTS

179,533,054

96.95

347,900

0.19

OTHER NET ASSETS LESS LIABILITIES

5,647,992

3.05

347,900

TOTAL NET ASSETS

52,100 BRL

2,152,332

299,691 BRL

1,582,125

0.85

BANRISUL PNB -B- /PREF

139,213 BRL

1,536,328

0.83

BRADESPAR SA BRASIL/PREF.

173,600 BRL

3,291,469

1.78

6,200 BRL

288,352

0.16

CIA VALE DO RIO DOCE A

/PREF.

51,300 BRL

1,157,610

0.63

CIE ENERGY SAO PAULO

/PREF. -B-

36,200 BRL

726,086

0.39

CONTAX
PARTICIPACOES/PREF. SHS

89,645 BRL

1,035,056

0.56

248

LUXEMBOURG
TERNIUM SA LUXEMBOURG
/ADR

0.40

BANCO DAYCOVAL SA /PREF.

CIA BRASILEIRA /PFD

5,938,676

COLOMBIA

1.09

PREFERENTIAL SHARES
BRAZIL
AMBEV CIA DE
BEDIDAS/PREF.

BRAZIL
ITAU HOLDING ITAU / PFD. /
SADR

749,621

BERMUDA ISLANDS

123,579 BRL

% net
assets

ADR (American Depositary Receipt)

2,019,679
28,879,544

308,400 BRL

TOTAL PREFERENTIAL SHARES

BANCOLOMBIA SA / ADR
8,207 USD

PERU
BUENAVENTURA / SADR
(1SHS)

GP INVESTMENTS LTD /BDR

Quantity Currency Evaluation

1.16

185,181,046 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Middle East and North Africa Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

INVESTMENTS

QATAR ISLAMIC BANK

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

QATAR NATIONAL BANK

SHARES

SAUDI ARABIA

EGYPT
COMMERCIAL
INTERNATIONAL BANK LTD

49,759 EGP

206,457

2.26

ELSEWEDY CABLES

15,109 EGP

55,910

0.61

UNITED ARAB EMIRATES

GHABBOUR AUTO

16,685 EGP

58,013

0.64

DP WORLD

ORASCOM CONSTRUCTION
INDUSTRIE

NATL BANK OF KUWAIT

EMAAR PROPERTIES

Quantity/ Currency Evaluation

Face
value

% net
assets

5,991 QAR

126,538

10,590 QAR

392,959

4.29

1,250,889

13.69

167,147 KWD

1.39

650,213

7.12

650,213

7.12

7,063 USD

81,931

0.90

271,784 AED

224,205

2.45

6,273 EGP

267,961

2.93

FIRST GULF BANK

62,748 AED

166,223

1.82

145,430 EGP

95,351

1.04

NATIONAL BANK OF ABU

DHABI

84,812 AED

200,658

2.20

SIXTH OF OCT. DVPT &I

NV/SODIC SA

UNION NATIONAL BANK

113,620 AED

20,186 EGP

54,477

0.60

TELECOM EGYPT

18,132 EGP

ORASCOM TELECOM
HOLDING

42,179

0.46

780,348

8.54

42,558 GBP

47,109

0.52

47,109

0.52

KUWAIT

1,670 USD

69,020

0.76

CS INTL 11-31.10.12 CERT

3,500 USD

100,324

1.10

DB LN 03.12.12 CW /RJHI

10,700 USD

235,378

2.57

800 USD

22,931

0.25

7,831 USD

106,492

1.17

30,000 KWD

43,223

0.47

71,915 KWD

202,045

2.21

KUWAIT INVES PROJECT

167,463 KWD

205,084

2.25

DB LN 08-10.12.12
CW/YANSAB
DB LN 10.12.12 CERT /EEC

NATIONAL MOBILE TEL

40,050 KWD

150,027

1.64

127,500 KWD

399,543

4.38

25,000 KWD

196,304

2.15

1,196,226

13.10

160,646

1.76

160,646

1.76

MOROCCO

MAROC TELECOM

9,848 MAD

OMAN

BANKMUSCAT

55.63

CS INT 11-17.10.11 CT/JARIR

KUWAIT FINANCE HOUSE

MOBILE
TELECOMMUNICATIONS CO.

5,081,327

GREAT BRITAIN

AGILITY PUBLIC

MABANEE CO.

1.06
8.43

WARRANTS / EQUITY LINKED SECURITIES

JERSEY

CENTAMIN SHS

TOTAL SHARES

97,132
770,149

141,323 OMR

225,747

2.47

225,747

2.47

QATAR
COMMERCIAL BANK OF
QATAR

5,925 QAR

124,982

DOHA BANK SHS

7,106 QAR

118,861

1.30

INDUSTRIES OF QATAR

9,988 QAR

385,436

4.22

QATAR ELECT & WATER

2,564 QAR

102,113

1.12

DB LN 03.12.12 CW /SABIC

13,108 USD

226,310

2.48

DB LN 31.12.12 CW /YACCO

9,074 USD

119,282

1.31

HSBC BANK 11-05.12.14

CERT/EEC

3,277 USD

56,578

0.62

HSBC BANK 11-26.09.14

CERT/SAFCO

2,340 USD

118,861

1.30

HSBC 11-13.08.14 CERT/NIC

AB

14,882 USD

191,069

2.09

HSBC 13.08.14 CERT/SAMBA

18,047 USD

269,477

2.94

HSBC 13.08.14 ELN/ SAUDI

11,055 USD

104,644

1.15

1,620,366

17.74

UNITED STATES

CITIGROUP CERT/ALMARAI

4,716 USD

143,353

1.57

CITIGROUP CERT/RJHI

6,973 USD

153,392

1.68

1.37

249

Portfolio of Investments and Other Net Assets as at 31 March 2012

Middle East and North Africa Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

CITIGROUP CERT/SABIC

11,928 USD

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
TOTAL TRANSFERABLE SECURITIES
ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

% net
assets

341,904

3.74

638,649

6.99

2,259,015

24.73

7,340,342

80.36

Description

Quantity/ Currency Evaluation

Face
value

CS INTL 11-26.09.12 CERT

/BSFR

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
TOTAL TRANSFERABLE SECURITIES TRADED
ON ANOTHER REGULATED MARKET

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

OTHER TRANSFERABLE SECURITIES

SHARES

JORDAN

LEBANON
BANK AUDI SAL AUDI
SARADAR

SOLIDERE -A-

10,014 USD

55,907

12,855 JOD

0.61

144,001

1.58

199,908

2.19

DOUJA PROM.GRP ADDOHA

MAROC

4,183 MAD

177,462

1.94

12,817 MAD

112,152

1.23

289,614
OMAN
RENAISSANCE SERVICES
SAOG

DANA GAS

3.17

76,437

0.84

76,437

0.84

0.71

QATAR
GULF INTERNATIONAL
SERVICES

8,941 QAR

64,709

QATAR INSURANCE CO.

3,484 QAR

70,429

0.77

QATAR TELECOM (Q-TELL)

5,588 QAR

207,199

2.27

342,337

3.75

UNITED ARAB EMIRATES

ABU DHABI COMMERCIAL
BANK

DRAKE & SCULL

EMIRATES NBD PJSC

59,035 AED

49,825

0.55

273,680 AED

76,747

0.83

28,058 AED

23,299

0.26

149,871

1.64

1,058,167

11.59

189,203

2.07

TOTAL SHARES
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
CS INTL 11-23.05.12
CERT/RIBL

250

27,610 USD

4.22

385,604

4.22

1,443,771

15.81

147,623

1.62

147,623

1.62

38,421

0.42

38,421

0.42

TOTAL SHARES

186,044

2.04

TOTAL OTHER TRANSFERABLE SECURITIES

186,044

287,997 AED

2.04

8,970,157

98.21

163,658

1.79

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

51,811 OMR

2.15

385,604

UNITED ARAB EMIRATES

MOROCCO

ATTIJARIWAFA BANK

196,401

SHARES

ARAB BANK
8,601 USD

14,971 USD

% net
assets

9,133,815 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Brazil Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

TOTVS SA

1,677,300 BRL

30,236,956

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

VALE RIO DOCE /NAM.

3,071,000 BRL

71,388,410

3.63

1,246,628,049

63.37

1,246,628,049

63.37

SHARES

TOTAL SHARES

BRAZIL
ANHANGUERA
EDUCACIONAL PART

SADR (Sponsored American Dep. Receipt)

1.54

BRAZIL

796,408 BRL

9,553,835

0.49

3,494,049 USD

60,516,929

3.08

1,059,600 BRL

18,240,990

0.93

BRF BR FOODS /SADR

602,854 USD

12,141,480

0.62

BANCO BRADESCO SA /PREF.

3,032,955 BRL

52,445,269

2.67

GERDAU SA SADR PREF. SHS

823,806 USD

7,900,300

0.40

BANCO DO BRASIL SA

2,699,900 BRL

38,966,856

1.98

PETROBRAS /SADR

60,481 USD

1,531,984

0.08

BR MALLS PARTICIPAES SA

8,678,269 BRL 109,296,875

5.56

BRF FOODS

4,211,116 BRL

4.26

PETROLEO BRASILEIRO
/SADR

2,854,057 USD

75,061,698

3.81

TELEF BRASIL /SADR

2,078,402 USD

64,451,245

3.28

14,948,551

0.76

AREZZO INDUSTRIA E
COMERCIO

CIA DE CONCESSOES
RODOVIARIAS
CIA HERING

BANCO BRADESCO /SADR

83,887,215

15,477,324 BRL 126,043,868

6.41

VALE / -A- /SADR

663,790 USD

VALE /SADR

757,477 USD

1,733,337 BRL

44,183,556

2.25

303,200 BRL

3,910,110

0.20

DIAGNOST DA AMERICA SA
BRL

2,975,527 BRL

23,219,638

1.18

DURATEX

8,690,074 BRL

53,363,647

2.71

CONTAX PARTICIPACOES SA

ECORODOVIAS

8,277,014 BRL

73,129,316

3.72

GERDAU /PREF.

4,424,234 BRL

42,463,897

2.16

GOL LINHAS AEREAS

INTELIGENTES

1,637,756 BRL

10,973,794

0.56

INVESTIMENTOS ITAU /PREF.

TOTAL SADR (Sponsored American Dep.

Receipt)
BDR (Bearer Depositary Receipt)

17,558,317

0.89

254,110,504

12.92

254,110,504

12.92

BERMUDA ISLANDS

GP INVESTMENTS LTD /BDR

2,177,142 BRL

13,328,453 BRL

83,090,241

4.22

TOTAL BDR (Bearer Depositary Receipt)

IOCHPE MAXION SA

2,065,640 BRL

41,205,102

2.09

PREFERENTIAL SHARES

MARCOPOLO POMO /PREF.

7,198,058 BRL

36,103,847

1.84

METALFRIO SOLUTIONS SA

1,752,997 BRL

4,733,019

0.24

METALURGICA GERDAU
/PREF.

3,375,000 BRL

41,783,500

2.12

MILLS ESTRUTUR E
SERVICOS

2,139,100 BRL

26,024,879

MRV ENGHENHARIA

BRAZIL
AMBEV CIA DE
BEDIDAS/PREF.

6,129,091

0.31

6,129,091

0.31

6,129,091

0.31

1.93

916,800 BRL

37,874,435

BANCO DAYCOVAL SA /PREF.

4,523,100 BRL

23,878,289

1.21

1.32

BANRISUL PNB -B- /PREF

2,827,603 BRL

31,204,875

1.59

3,068,079 BRL

22,241,358

1.13

BRADESPAR SA BRASIL/PREF.

3,923,881 BRL

74,397,068

3.78

ODONTOPREV SA

286,100 BRL

4,652,019

0.24

CIA BRASILEIRA /PFD

214,700 BRL

9,985,359

0.51

OGX PETROLEO E GAS

PARTICIP SA

940,636 BRL

7,939,074

0.40

CIA ENERGET. MIN. GERAIS

/PRIV.

817,200 BRL

19,498,888

0.99

PDG REALTY SA

6,584,200 BRL

23,413,695

1.19

CIA VALE DO RIO DOCE A

/PREF.

143,000 BRL

3,226,867

0.16

PETROBRAS PETROLEO
BRASILEIRO

3,621,500 BRL

47,677,193

2.42

CIE ENERGY SAO PAULO

/PREF. -B-

606,400 BRL

12,162,939

0.62

PETROLEO BRASILEIRO
/PREF.

2,796,907 BRL

35,486,061

1.80

CONTAX
PARTICIPACOES/PREF. SHS

1,056,100 BRL

12,193,903

0.62

PROFAMA SA

1,623,000 BRL

8,674,999

0.44

ITAU HOLDING /PREF

3,107,300 BRL

59,835,440

3.04

931,356 BRL

11,602,018

0.59

SAO CARLOS
EMPREENDIMENTOS

2,642,684 BRL

46,479,903

2.36

SAO MARTINHO SA

2,027,081 BRL

25,818,927

1.31

SARAIVA SA LIVREIROS EDIT

/PREF.

251

Portfolio of Investments and Other Net Assets as at 31 March 2012

Brazil Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

TELECOM SAO PAULO / PFD

702,320 BRL

TOTAL PREFERENTIAL SHARES

% net
assets

21,860,657

1.11

317,720,738

16.15

317,720,738

16.15

77,669,105

3.95

ADR (American Depositary Receipt)

BRAZIL
ITAU HOLDING ITAU / PFD. /
SADR

4,038,955 USD

77,669,105

3.95

77,669,105

3.95

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

1,902,257,487

96.70

TOTAL INVESTMENTS

1,902,257,487

96.70

64,887,366

3.30

TOTAL ADR (American Depositary Receipt)

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

252

1,967,144,853 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Chinese Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
SHARES
BERMUDA ISLANDS
BRILLIANCE CHINA
AUTOMOTIVE

17,660,000 HKD

19,105,965

0.90

% net
assets

Description

Quantity Currency Evaluation

CHINA PETROLEUM & CHEM

CORP. -H-

19,456,000 HKD

21,199,369

CHINA RAILWAY
CONSTRUCTION CORP. -H-

34,595,000 HKD

21,520,852

1.02

CHINA RESOURCES LAND -H-

31,442,000 HKD

54,345,261

2.56

CHINA SHENHUA ENERGY

CO. -H-

14,434,500 HKD

60,885,244

2.87

CHINA TELECOM CORP. LTD H-

38,602,000 HKD

21,378,502

1.01

1.00

KUNLUN ENERGY COMPANY

LTD

16,748,000 HKD

30,198,822

1.43

DONGFENG MOTOR -H-

19,682,000 HKD

35,539,904

1.68

SKYWORTH DIGITAL HLD LTD

25,856,250 HKD

12,088,465

0.57

GREAT WALL MOTOR CO.

LTD -H-

26,161,250 HKD

50,878,517

2.40

10,520,000 HKD

5,717,777

0.27

61,393,252

2.90

CAYMAN ISLANDS

BAOXIN AUTO GROUP LTD

9,699,000 HKD

11,604,907

0.55

CHINA SHANSHUI CEMENT

GRP LTD

18,120,000 HKD

14,305,982

0.67

EVERGRANDE REAL

52,448,000 HKD

28,100,967

1.33

GEELY AUTOMOBILE HLD

LTD
HENGAN INTL GROUP
LONGFOR PPT

46,640,000 HKD

18,261,276

0.86

2,299,500 HKD

23,248,882

1.10

HUANENG POWER
INTERNATIONAL -HIND & COM BOC -H-

300,335,175 HKD 193,795,161

9.14

JIANGXI COPPER CO. LTD -H-

13,282,000 HKD

30,552,302

1.44

8,989,387

0.42

NINE DRAGONS PAPER

HOLDINGS LTD-H-

10,957,000 HKD

PETROCHINA CO. LTD /-H-

73,004,000 HKD 103,240,001

4.87

PICC PROPERTY & CASUALTY

-H-

17,950,200 HKD

21,361,919

1.01
2.07

7,473,000 HKD

10,471,837

0.49

24,734,800 HKD

45,173,489

2.13

PING AN INSURANCE GRP

CO. -H-

5,801,000 HKD

43,857,106

SOHO CHINA LTD

8,354,000 HKD

6,057,618

0.29

WEICHAI POWER CO LTD /-H-

1,592,000 HKD

7,432,759

0.35

TENCENT HOLDINGS

1,675,000 HKD

46,727,470

2.20

YANZHOU COAL MINING CO.

-H-

2,620,000 HKD

5,682,538

0.27

TINGYI HOLDING CORP.

6,898,000 HKD

19,945,207

0.94

ZIJIN MINING GROUP -H-

74,092,000 HKD

29,391,452

1.39

ZHONGSHENG GRP

2,086,500 HKD

4,138,454

0.20

ZOOMLION HEAVY SHS -H-

14,014,000 HKD

18,663,009

0.88

228,036,089

10.76

1,238,746,221

58.43

MGM CHINA

CHINA
AGRICULT BANK CHINA /-HSHARES

148,647,000 HKD

63,752,818

3.01

AIA GROUP

20,858,400 HKD

76,429,720

3.61

BANK OF CHINA LTD -H-

249,537,400 HKD 100,595,600

4.75

CHINA MOBILE LTD

19,462,500 HKD 214,195,180

10.10

CHINA OVERSEAS
LAND&INVESTMENT

26,048,000 HKD

49,517,618

2.34

180,000 HKD

333,373

0.02

HONG KONG

BBMG -H-

16,449,500 HKD

13,834,545

0.65

CHINA CITIC BANK -H-

28,576,000 HKD

17,187,682

0.81

CHINA COAL ENERGY CO.

LTD -H-

5,173,000 HKD

5,803,094

0.27

CHINA COMMUNICATIONS
CONSTRUCTION -H-

49,046,000 HKD

49,208,492

2.32

269,703,480 HKD 208,418,759

9.83

CHINA CONSTRUCTION BANK

CO. -H-

CNOOC LTD

82,622,000 HKD 169,835,156

8.01

GALAXY ENTERTAINMENT
GROUP

14,452,000 HKD

1.88

39,925,858
550,236,905

25.96

TOTAL SHARES

2,078,412,467

98.05

1.40

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

2,078,412,467

98.05

0.09

TOTAL INVESTMENTS

2,078,412,467

98.05

CHINA LIFE INSURANCE CO.

LTD -H-

5,346,000 HKD

13,874,042

0.65

CHINA NATIONAL BUILDING

MATERIAL -H-

23,550,000 HKD

29,694,267

628,200 HKD

1,945,862

CHINA PACI INSU (GROUP)

LTD -H-

CHINA RESOURCES POWER

HOLDINGS

253

Portfolio of Investments and Other Net Assets as at 31 March 2012

Chinese Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

254

41,329,612

% net
assets
1.95

2,119,742,079 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Hong Kong Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

CHINA NATIONAL BUILDING

MATERIAL -H-

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

CHINA YURUN FOOD GROUP

LTD

2,628,000 HKD
672,000 HKD

2,843,174
955,515

0.88
0.30

Quantity Currency Evaluation

% net
assets

4,150,000 HKD

5,232,748

1.62

248,200 HKD

768,804

0.24

CHINA PETROLEUM & CHEM

CORP. -H-

7,124,000 HKD

7,762,351

2.40

CHINA RAILWAY
CONSTRUCTION CORP. -H-

2,139,000 HKD

1,330,629

0.41

CHINA RESOURCES LAND -H-

3,140,000 HKD

5,427,267

1.68

813,500 HKD

3,431,372

1.06

CHINA PACI INSU (GROUP)

LTD -H-

SHARES
BERMUDA ISLANDS
BRILLIANCE CHINA
AUTOMOTIVE

Description

CHINA SHENHUA ENERGY

CO. -H-

ESPRIT HOLDINGS LTD

344,900 HKD

692,974

0.21

LI & FUNG LTD

856,000 HKD

1,964,629

0.61

LUK FOOK HOLDINGS (INT)

LTD

CHINA SHIPPING CONTAINER

-H-

1,556,000 HKD

537,085

0.17

645,000 HKD

1,960,517

0.61

CHINA SOUTHERN AIRLINES

-H-

5,504,000 HKD

2,629,973

0.81

2,311,037 HKD

1,080,470

0.33

9,497,279

2.94

SKYWORTH DIGITAL HLD LTD

CAYMAN ISLANDS
AAC TECHNOLOGIES
HOLDINGS

250,000 HKD

679,394

0.21

BAOXIN AUTO GROUP LTD

979,000 HKD

1,171,379

CHINA METAL RECYCLING

HOLDINGS

2,524,200 HKD

CHINA ZHENGTONG AUTO

SERVICES

2,327,500 HKD

EVERGRANDE REAL

4,097,000 HKD
111,000 HKD

HKT LTD - STAPLED

5,637,000 HKD

4,385,146

1.36

LONGFOR PPT

3,158,500 HKD

4,425,974

1.36

MIE HOLDINGS

2,664,000 HKD

868,068

0.27

652,800 HKD

2,551,748

0.79

6,368,000 HKD

410,083

0.13

132,900 HKD

3,707,511

1.15

26,937,382

8.33

23,364,400 HKD

9,418,852

BANK OF COMMUNICATIONS
CO. -H-

2,595,260 HKD

CHINA CITIC BANK -H-

8,850,000 HKD

HENGAN INTL GROUP

SANDS CHINA /IPO

SINO PROSPER STATE GOLD

RES
TENCENT HOLDINGS

CHINA COMMUNICATIONS
CONSTRUCTION -HCHINA CONSTRUCTION BANK
CO. -HCHINA LIFE INSURANCE CO.
LTD -H-

IND & COM BOC -H-

498,000 HKD

899,242

0.28

37,920,015 HKD

24,468,380

7.55

JIANGXI COPPER CO. LTD -H-

396,000 HKD

910,910

0.28

NEW CHINA LIFE INSURANCE

CO -H-

1,392,200 HKD

5,675,111

1.75

0.36

NINE DRAGONS PAPER

HOLDINGS LTD-H-

1,209,000 HKD

991,893

0.31

3,088,491

0.95

PETROCHINA CO. LTD /-H-

7,444,000 HKD

10,527,075

3.25

2,332,213

0.72

PING AN INSURANCE GRP

CO. -H-

730,000 HKD

5,518,995

1.71

2,195,120

0.68

ZIJIN MINING GROUP -H-

1,122,255

0.35

14,696,000 HKD

5,829,736

1.80

122,655,950

37.91

HONG KONG

AIA GROUP

3,975,600 HKD

14,567,464

4.50

BOC HONG KONG HOLDINGS

LTD

1,509,000 HKD

4,168,843

1.29

494,000 HKD

6,381,560

1.97

CHINA EVERBRIGHT LTD

CHEUNG KONG HOLDINGS

1,084,000 HKD

1,644,650

0.51

CHINA MOBILE LTD

1,649,000 HKD

18,148,124

5.60

CHINA OVERSEAS
LAND&INVESTMENT

2,290,000 HKD

4,353,323

1.35

2.91

CHINA RESOURCES POWER

HOLDINGS

1,466,000 HKD

2,715,138

0.84

1,962,086

0.61

CHINA UNICO (HK)

1,980,000 HKD

3,355,986

1.04

5,323,033

1.65

CLP HOLDINGS LTD

249,500 HKD

2,153,002

0.67

7,247,000 HKD

14,896,703

4.60

23,040,000 HKD

3,649,947

1.13

1,704,000 HKD

6,243,827

1.93

CHINA

BANK OF CHINA LTD -H-

DONGFENG MOTOR -H-

CNOOC LTD
3,948,000 HKD

3,961,080

1.22

EMPEROR WATCH &

JEWELLERY LTD

21,098,680 HKD

16,304,427

5.04

HANG LUNG PROPERTIES

LTD

1,443,000 HKD

3,744,901

1.16

255

Portfolio of Investments and Other Net Assets as at 31 March 2012

Hong Kong Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

HENDERSON LAND
DEVELOPMENT

303,000 HKD

1,672,216

0.52

H.K.EXCHANGES AND
CLEARING LTD

157,100 HKD

2,640,497

0.82

HONGKONG ELECTRIC
HOLDINGS LTD

618,500 HKD

4,540,603

1.40

HSBC HOLDINGS PLC

3,659,239 HKD

32,283,481

9.97

HUTCHISON WHAMP

471,261 HKD

4,710,014

1.46

1,223,000 HKD

1,469,627

0.45

NEW WORLD DEVELOPMENT

CO. LTD
SUN HUNG KAI PROPERTIES
LTD

529,242 HKD

6,577,799

2.03

SWIRE PACIFIC LTD A

241,000 HKD

2,701,997

0.84

THE WHARF HOLDING

1,560,236 HKD

SINGAPORE
YANGZIJIANG SHIPBUILDING
LTD

1,028,000 SGD

TOTAL SHARES

8,480,115

2.62

147,354,916

45.54

1,088,610

0.34

1,088,610

0.34

307,534,137

95.06

INVESTMENT FUNDS
HONG KONG

THE LINK REIT

888,000 HKD

TOTAL INVESTMENT FUNDS

3,305,292

1.02

3,305,292

1.02

3,305,292

1.02

ADR (American Depositary Receipt)

CAYMAN ISLANDS

CHARM COMM INC -A- ADR

149,727 USD

1,374,494

0.42

MELCO CROWN ENT /ADR

473,774 USD

6,457,539

2.00

7,832,033

2.42

7,832,033

2.42

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

318,671,462

98.50

TOTAL INVESTMENTS

318,671,462

98.50

4,844,189

1.50

TOTAL ADR (American Depositary Receipt)

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

256

323,515,651 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Indian Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

HINDALCO INDUSTRIES /
DEMAT.

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

HINDUSTAN CONSTR. LTD

/DEMAT.

Quantity/ Currency Evaluation

Face
value

% net
assets

7,217,268 INR

18,331,807

0.46

50,174,601 INR

25,311,345

0.63

SHARES

ICICI BANK LTD /DEMAT.

7,180,693 INR 125,473,532

3.14

AUSTRALIA
GUJARAT NRE MINERALS
LTD - SHS

INDIA CEMENTS LTD /DEMAT.

9,600,999 INR

21,003,645

0.53

INDIABULLS FINANCE
SRV/DEMAT.

18,427,734 INR

74,911,796

1.87

INDIABULLS REAL ESTATE

/DEMAT.

27,613,717 INR

34,608,593

0.87

INDIAN BANK LTD

241,332 INR

1,155,854

0.03

INDUSIND BANK LTD

396,940 INR

2,506,147

0.06

INFOSYS TECHNOLOGIES LTD

/DEMAT.

589,537 INR

33,168,886

0.83

73,400,000 AUD

12,983,359

0.32

12,983,359

0.32

28,092,989 GBP 144,569,494

3.62

GREAT BRITAIN

CAIRN ENERGY
VEDANTA RESOURCES PLC

3,436,342 GBP

67,663,029

1.69

212,232,523

5.31

IVR PRIME URBAN

DEVELOPERS

INDIA

ADANI POWER

1,000,000 INR

1,344,587

3,092,123 INR

3,089,390

0.08

IVRCL INFRASTRUCTURES
AND PROJECTS

17,301,976 INR

22,465,895

0.56

JAIPRAKASH ASSOCIATION
LTD

22,123,387 INR

35,479,039

0.89

0.24

JINDAL STEEL & POWER

/DEMAT.

17,130,202 INR 183,305,997

4.59

0.41

KALPATARU POWER

0.91

0.03

ADITYA BIRLA NUVO LTD /

DEMATER.

8,565,822 INR 158,823,646

3.97

ASHAPURA MINECHEM LTD

/DEMAT.

3,343,476 INR

626,758

0.02

AUROBINDO PHARMA

4,059,412 INR

9,482,182

BANK OF BARODA /DEMAT.

1,055,383 INR

16,441,343

BHARAT HEAVY ELECTRICAL

7,241,930 INR

36,554,347

BHARTI AIRTEL LTD/DEMAT.

CAIRN INDIA LIMITED
CANARA BANK /DEMAT.

5,846,045 INR

12,439,119

0.31

551,451 INR

14,145,909

0.35

3,159,915 INR

20,958,576

0.52

LARSEN & TOUBRO LTD /

DEMAT.

714,641 INR

4,683,845

0.12

LIC HSG FINANCE

4,933,291 INR

25,501,647

0.64

6,909,288 INR

64,529,145

1.61

LUPIN LTD

1,510,705 INR

15,701,596

0.39

MAHINDRA & MAHINDRA

8,622,425 INR 118,508,556

2.97

14,106,975 INR 373,961,298

9.37

CROMPTON GREAVES
LTD/DEMAT.

8,510,209 INR

23,069,176

0.58

MARUTI SUZUKI INDIA LTD

CUMMINS INDIA LTD

3,727,005 INR

36,242,167

0.91

ESSAR OIL LTD- DEMAT.

6,850,442 INR

7,214,172

0.18

OIL & NATURAL GAS CORP.

LTD

7,148,532 INR

37,654,479

0.94

EVEREADY INDUSTRIES (I)/

DEMAT.

4,461,166 INR

1,970,285

0.05

OPTO CIRCUITS INDIA

LTD/DEMAT.

8,607,191 INR

34,043,536

0.85

GAMMON INDIA LTD /DEMAT.

4,874,659 INR

4,152,715

0.10

POWER FINANCE
CORPORATION LTD

4,655,534 INR

16,864,821

0.42

GAMMON INFRASTR

12,886,285 INR

3,718,290

0.09

GLENMARK
PHARMACEUTICALS

14,557,222 INR

88,409,104

2.21

GUJARAT NRE COKE LTD

33,900,000 INR

14,739,122

0.37

GUJARAT NRE COKE LTD

PURAVANKARA PROJECTS
LTD

8,405,470 INR

11,235,885

0.28

RADICO KHAITAN LTD

/DEMAT.

11,124,125 INR

28,888,426

0.72

1,571,909 INR

2,890,747 INR

791,558

0.02

RELIANCE INDUSTRIES
/DEMAT.

23,159,764

0.58

115,250,000 INR

39,363,015

0.99

HCL INFOSYSTEMS LTD

/DEMAT.

RURAL ELECTRIFICATION
CORP LTD

28,653,751 INR 115,526,096

2.89

16,300,000 INR

14,509,855

0.36

HCL TECHNOLOGIES /DEMAT.

28,118,246 INR 266,721,646

6.69

ST.BK OF
INDIA/DEMATERIALISED

5,290,724 INR 217,709,346

5.46

0.21

STERLITE IND(INDIA) --- SHS

9,917,882 INR

21,619,004

0.54

STRIDES ARCOLAB LTD

3,405,778 INR

39,232,106

0.98

GVK POWER
INFRASTRUCTURE

HDFC BANK LTD

824,191 INR

8,410,157

257

Portfolio of Investments and Other Net Assets as at 31 March 2012

Indian Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

TATA MOTORS LTD -ATATA STEEL LTD /DEMAT.

UNITECH LTD /DEMAT.

UNITED SPIRITS LIMITED

/DEMAT.
USHA MARTIN LTD

Quantity/ Currency Evaluation

Face
value

% net
assets

6,358,249

0.16

2,051,132

0.05

HSBC BANK 13.07.20

CW/LICHF

182,190,342 INR 102,816,159

2.57

HSBC 14.01.19 CW/MARUTI

HSBC 22.10.18 CW / UNSP

140,459 USD

1,670,923

0.04

9,852,229 INR 117,203,648

2.93

RBS 10-05.07.12 CERT/MM

435,873 USD

6,003,113

0.15

RBS 28.06.13 CW/HCLT

11,284,364

0.28

98,085 INR

63,824

0.00

WIPRO LTD /DEMAT.

486,821 INR

TOTAL SHARES

4,205,512

0.11

2,753,742,093

68.92

2,978,957,975

74.55

WARRANTS / EQUITY LINKED SECURITIES

CAYMAN ISLANDS

1,323,949 USD

2,242,255 USD

12,558,610

0.31

148,340,456

3.70

646,994

0.02

646,994

0.02

5,144,255

0.13
0.07

JP MORGAN STRUCTURE
07.10.14 CERT/GISP

8,969,020 USD

2,587,975

0.06

0.45

JP MORGAN STRUCTURE
08.02.17 CW/BHARTI

1,255,338 USD

8,337,327

0.21

20,772,964

0.52

JP MORGAN STRUCTURE
08.02.17 CW/ONGC

567,186 USD

2,991,623

0.07

38,609,260

0.97

JP MORGAN STRUCTURE
10.07.14 CERT/UT

7,830,152 USD

4,418,821

0.11

JP MORGAN STRUCTURE
13.05.15 CERT/GVKP

11,000,000 USD

3,756,995

0.09

50,000 USD

44,509

0.00

JP MORGAN STRUCTURE
15.09.14 CERT/HCLT

1,068,837 USD

10,138,689

0.26

258,732 USD

2,416,423

0.06

JP MORGAN STRUCTURE
19.05.14 CERT/IBREL

9,800,000 USD

12,282,457

0.32

52,624,549

1.32

0.32

18,210,838

0.46

2,721,384 USD
1,188,810 USD

595,537 USD

17,836,296

3,217,618

0.08

DEUTSCHE BANK LN 0727.03.17 CW /INDIABULLS

1,700,000 USD

2,130,630

0.05

DEUTSCHE BANK LN 30.01.17

WRT /HCL INFOS

2,150,000 USD

1,913,878

0.05

DEUTSCHE BANK 07-04.02.17

CW/HDFC

1,339,273 USD

17,700,119

HSBC BANK 09-12.11.19

CW/BJAUT IN

180,838 USD

HSBC BANK 09-19.11.19

CW/HNDL

3,985,681 USD

UNITED STATES
CITIGROUP HLDG 24.10.12
CW/GNC

5,692,324 USD

2,474,926

0.06

0.44

CITIGROUP HOLDING 0624.10.12 CW / UNITED

1,314,346 USD

15,635,674

0.39

5,971,496

0.15

CITIGROUP 07-24.10.12
WRT/TATA

701,662 USD

6,497,380

0.16

10,144,515

0.25

CITIGROUP 24.01.10 CW / UT

1,000,000 USD

564,334

0.01

2,480,380 USD

32,848,935

0.83

2,391,291 USD

22,683,117

0.57

HSBC BANK 09-19.11.19

WRT/GNP

3,455,166 USD

20,983,969

0.53

CITIGROUP 24.10.12 CW
/HDFC

HSBC BANK 10-26.5.20

CW/BHARTI IN

1,533,955 USD

10,174,176

0.25

CITIGROUP 24.10.12
CW/HCLT

258

0.66

2,966,407

0.14

12,495,484

HSBC BANK 12-01.02.22

CW/RELIANCE

0.30

26,055,994

619,359 USD

5,715,354

22,142,000 USD

DB LN 29.01.17 CERT/ TTMT

NETHERLANDS
JP MORGAN STRUCTURE CW
07.02.17/INBK

12,128,893

982,912 USD

1,074,074 USD

222,436 USD

MOR ST AS 21.04.14 CW/UT

DB LN 24.01.17 CW/CANADA
BK

JERSEY
JP MORGAN INTERNATIONAL
08-13 WRT/GAMMON

2,341,496 USD

JP MORGAN STRUCTURE
06.10.14 CERT /INBK

MOR ST AS 04.07.14 CW /LT

GREAT BRITAIN
ABN AMRO BANK 18.12.06
WRT/HCL INF

% net
assets

221,505 INR

18,695,359 INR

DEUTSCHE BANK 07-24.01.17

WRT /ICICI

Quantity/ Currency Evaluation

Face
value

2,050,134 INR

WELSPUN INVEST&
COMMERCIALS LTD

GERMANY
DEUTSCHE BANK AG 0702.01.17 WRT /CARN INDIA

Description

1,031,267 USD

15,225,590

0.38

TOTAL WARRANTS / EQUITY LINKED

SECURITIES

80,704,366

2.02

339,136,463

8.49

Portfolio of Investments and Other Net Assets as at 31 March 2012

Indian Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

SADR (Sponsored American Dep. Receipt)

YATRA CAPITAL LTD

ICICI BANK /SADR

2,778,337 USD

INFOSYS TECHNOLOGIES /
SADR

2,147,091 USD 122,405,658

3.06

218,730,602

5.47

218,730,602

5.47

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)
INDIA
FINANCIAL TECHNOLOGIES
/GDR

6 USD

UNITED SPIRITS LTD / GDR

1 USD

TOTAL GDR (Global Depositary Receipt)

96,324,944

11

299,604 EUR

2.41

0.00

0.00

17

0.00

17

0.00

ADR (American Depositary Receipt)

STERLITE INDUSTRIES (INDIA)

/ADR

Quantity/ Currency Evaluation

Face
value

TOTAL SHARES

0.03
0.03

46,410,284

1.16

WARRANTS / EQUITY LINKED SECURITIES

GREAT BRITAIN
DEUTSCHE BANK 07-24.01.17
WRT/MAHINDRA

309,438 USD

4,261,772

0.11

4,261,772

0.11

NETHERLANDS
BNP PARIBAS 01.04.15 CW
/HCLT

416,114 USD

3,947,141

0.10

BNP PARIBAS 01.04.15

CW/HCLI

900,000 USD

801,158

0.02

4,748,299

0.12

569,483

0.01

CITIGROUP 24.10.12 CW/INFO

93,816,167

10,101 USD

2.35

6,497,993 USD

55,297,920

1.38

TOTAL WARRANTS / EQUITY LINKED

SECURITIES

559,000 USD

15,037,100

0.38

TOTAL OTHER TRANSFERABLE SECURITIES

164,151,187

4.11

TOTAL INVESTMENTS

164,151,187

4.11

OTHER NET ASSETS LESS LIABILITIES

TOTAL ADR (American Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

1,179,208
1,179,208

UNITED STATES

2,702,857 USD

TATA MOTORS LTD /ADR

% net
assets

JERSEY

INDIA

INDIA
DR REDDY S
LABORATORIES/ADR

Description

TOTAL NET ASSETS

3,700,976,244

569,483

0.01

9,579,554

0.24

55,989,838

1.40

3,756,966,082

94.02

238,746,715

5.98

3,995,712,797 100.00

92.62

OTHER TRANSFERABLE SECURITIES

SHARES
INDIA
EMAMI INFRASTRUCTURE
LTD

2,365,148 INR

18,767,504

IB REAL EST

81,460,465 INR

23,495,523

0.59

INDIABULLS SECURITIES LTD

15,803,106 INR

2,853,832

0.07

KESORAM TEXT.MILLS
LTD/DM
WELSPUN GLOBAL BRANDS
LTD

0.47

1,014,882 INR

4,183

0.00

179,957 INR

110,034

0.00

45,231,076

1.13

259

Portfolio of Investments and Other Net Assets as at 31 March 2012

Japanese Equity
Statement of investments as at 31 March 2012
(expressed in JPY)
Description

Quantity Currency Evaluation

% net
assets

Description

INVESTMENTS

HINO MOTORS LTD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

HISAMITSU
PHARMACEUTICAL CO.
HITACHI LTD

SHARES

HITACHI LTD

JAPAN

AEON CO. LTD

44,700 JPY

48,633,600

0.79

AISIN SEIKI CO. LTD

11,200 JPY

32,547,200

0.53

2,700 JPY

10,624,500

0.17

ASAHI BREWERIES

27,400 JPY

50,224,200

0.81

ASAHI GLASS CO. LTD

73,000 JPY

51,246,000

0.83

ALFRESA HOLDING CORP.

TOKYO

BENESSE CORP.

7,100 JPY

29,287,500

0.47

18,000 JPY

36,108,000

0.58

BROTHER INDUSTRIES LTD

22,900 JPY

25,693,800

0.42

CANON INC.

31,200 JPY 121,992,000

1.97

BRIDGESTONE CORP.

CENTRAL JAPAN RAILWAY

CO.
CHUBU ELECTRIC POWER -C-

Quantity Currency Evaluation

% net
assets

65,000 JPY

38,870,000

0.63

4,200 JPY

16,485,000

0.27

216,000 JPY 114,696,000

21,000 JPY

21,588,000

1.85
0.35

HONDA MOTOR CO. LTD

32,900 JPY 103,470,500

1.67

HOYA CORP.

11,800 JPY

0.35

IDEMITSU KOSAN

21,936,200

4,000 JPY

33,000,000

0.53

IHI CORP.

189,000 JPY

39,501,000

0.64

ISUZU MOTORS LTD

108,000 JPY

52,380,000

0.85

ITOCHU CORP.

22,200 JPY

20,046,600

0.32

J. FRONT RETAILING CO. LTD

55,000 JPY

25,410,000

0.41

JAPAN STEEL WORKS LTD

34,000 JPY

19,278,000

0.31

JAPAN TOBACCO INC.

45 JPY

20,970,000

0.34

JGC CORP.

12,000 JPY

30,780,000

0.50

JSR CORP. TOKYO

21,500 JPY

35,819,000

0.58

216 JPY

17,906,400

0.29

86 JPY

58,652,000

0.95

JUPITER TELECOM CO. LTD

17,000 JPY

25,398,000

0.41

JX HOLDINGS

61,800 JPY

31,703,400

0.51

CHUGOKU BANK LTD

7,000 JPY

7,833,000

0.13

CHUO MITSUI TRUST

HOLDINGS INC.

KANSAI ELECTRIC POWER

CO.

21,200 JPY

27,178,400

0.44

80,000 JPY

21,120,000

0.34

KAO CORP.

25,900 JPY

56,254,800

0.91

CITIZEN HOLDINGS CO. LTD

68,800 JPY

36,051,200

0.58

KAWASAKI KISEN

86,000 JPY

15,652,000

0.25

109 JPY

58,424,000

0.94

DAICEL CHEMICAL
INDUSTRIES CO.

28,000 JPY

14,924,000

0.24

KOMATSU LTD

11,400 JPY

26,892,600

0.43

DAIHATSU MOTOR CO.

24,000 JPY

36,384,000

0.59

LAWSON INC.

8,300 JPY

43,243,000

0.70

429 JPY

49,034,700

0.79

93,000 JPY

55,521,000

0.90

7,100 JPY

7,611,200

0.12

DAI-ICHI LIFE INSURANCE CO.

LTD
DAITO TRUST
CONSTRUCTION

KDDI CORP.

6,200 JPY

46,066,000

0.74

43,000 JPY

47,042,000

0.76

DAIWA SECURITIES GROUP

INC.

100,000 JPY

32,700,000

0.53

DENKI KAGAKU KOGYO KK

66,000 JPY

21,846,000

EAST JAPAN RAILWAY CO.

16,800 JPY

87,528,000

DAIWA HOUSE INDUSTRY

CO. LTD

MARUBENI CORP.

MEDICEO PALTAC HOLDINGS

CO. LTD
MEIJI HOLDINGS CO LTD

4,400 JPY

15,906,000

0.26

MIRACA HOLDINGS INC.

8,800 JPY

28,424,000

0.46

MITSUBISHI CORP.

20,900 JPY

40,128,000

0.65

MITSUBISHI ELECTRIC CORP.

17,000 JPY

12,444,000

0.20

0.35

MITSUBISHI ESTATE CO.

11,000 JPY

16,236,000

0.26

1.42

95,000 JPY

24,890,000

0.40

307,600 JPY 126,731,200

2.06

EISAI CO. LTD

18,300 JPY

60,207,000

0.97

MITSUBISHI MATERIALS
CORP.

ELECTRIC POWER
DEVELOPMENT CO.

11,400 JPY

25,581,600

0.41

MITSUBISHI UFJ FINANCIAL

GROUP

FANUC LTD JPY 50

2,600 JPY

38,168,000

0.62

FUJI HEAVY INDUSTRIES LTD

73,000 JPY

48,545,000

0.79

120,000 JPY

52,320,000

0.85

9,200 JPY

19,218,800

0.31

GS YUASA CORP KYOTO

49,000 JPY

22,246,000

GUNMA BANK LTD

40,000 JPY

17,720,000

FUJITSU LTD
GREE

260

MITSUBISHI UFJ LEASE &

FINANCE

6,320 JPY

23,004,800

0.37

MITSUI & CO. LTD

60,700 JPY

82,369,900

1.33

MITSUI FUDOSAN CO.

11,000 JPY

17,413,000

0.28

0.36

MIZUHO FINANCIAL GROUP

INC.

493,700 JPY

66,649,500

1.08

0.29

NAMCO BANDAI HOLDING

20,600 JPY

24,596,400

0.40

Portfolio of Investments and Other Net Assets as at 31 March 2012

Japanese Equity
Statement of investments as at 31 March 2012
(expressed in JPY)
Description

NGK INSULATORS LTD

Quantity Currency Evaluation

% net
assets

22,000 JPY

25,982,000

0.42

NIDEC CORP.

2,400 JPY

18,096,000

0.29

NIKON CORP.

9,200 JPY

23,110,400

0.37

NIPPON ELECTRIC GLASS

44,000 JPY

31,636,000

0.51

NIPPON SHEET GLASS CO.

50,000 JPY

6,350,000

0.10

NIPPON STEEL CORP.

NIPPON TEL&TEL

140,000 JPY

31,780,000

0.51

17,500 JPY

65,712,500

1.06

NISSAN MOTOR CO. LTD

108,600 JPY

95,676,600

1.55

NOMURA HOLDINGS INC.

99,000 JPY

36,234,000

0.59

NOMURA RESEARCH
INSTITUTE LTD

19,300 JPY

39,622,900

0.64

100,000 JPY

35,000,000

0.57

NTN CORP
NTT DATA CORP.

51 JPY

14,835,900

0.24

NTT DOCOMO INC.

341 JPY

46,853,400

0.76

OJI PAPER CO. LTD

65,000 JPY

26,000,000

0.42

108,000 JPY

35,856,000

0.58

OSAKA GAS CO. LTD

Description

Quantity Currency Evaluation

% net
assets

SUMITOMO HEAVY
INDUSTRIES

76,000 JPY

34,960,000

0.57

SUMITOMO METAL MINING

CO. LTD

28,000 JPY

32,564,000

0.53

SUMITOMO MITSUI
FINANCIAL GROUP

48,600 JPY 132,337,800

2.15

SUMITOMO RUBBER
INDUSTRIES

37,100 JPY

40,772,900

0.66

TAKEDA PHARMACEUTICAL
CO. LTD

30,367 JPY 110,687,715

1.79

TDK CORP.

5,800 JPY

27,202,000

0.44

TOHOKU ELECTRIC POWER

13,000 JPY

12,272,000

0.20

TOKIO MARINE HOLDINGS

INC.

31,400 JPY

71,309,400

1.15

TOKYO ELECTRIC POWER

19,100 JPY

3,972,800

0.06

TOKYO ELECTRON CO. LTD

11,700 JPY

55,399,500

0.90

TOKYO GAS CO. LTD

70,000 JPY

27,300,000

0.44

4,300 JPY

28,939,000

0.47

TOKYU LAND CORP.

95,000 JPY

38,475,000

0.62

OTSUKA HOLDINGS CO LTD

20,400 JPY

49,980,000

0.81

TONENGENERAL SEKIYU KK
TOKYO

34,000 JPY

25,908,000

0.42

PANASONIC CORP.

22,000 JPY

16,742,000

0.27

TOSHIBA CORP.

201,000 JPY

73,164,000

1.18

RESONA HOLDINGS INC.

97,000 JPY

36,957,000

0.60

TOSOH CORP

77,000 JPY

17,710,000

0.29

5,600 JPY

22,680,000

0.37

TOYO SUISAN KAISHA

17,000 JPY

36,533,000

0.59

SEGA SAMMY HOLDING INC.

23,400 JPY

40,575,600

0.66

TOYODA GOSEI CO. LTD

16,500 JPY

26,581,500

0.43

SEKISUI CHEMICAL CO. LTD

38,000 JPY

27,284,000

0.44

TOYOTA MOTOR CORP.

69,997 JPY 249,889,290

4.05

SEKISUI HOUSE LTD

37,000 JPY

30,007,000

0.49

TOYOTA TSUSHO CORP.

6,300 JPY

15,485,400

0.25

OTSUKA CORP.

SECOM LTD

SEVEN & I HOLDINGS CO.

LTD
SHARP CORP.

31,000 JPY

18,724,000

0.30

SHIKOKU ELECTRIC POWER

CO INC.

6,700 JPY

15,631,100

0.25

SHIMAMURA CORP.

2,500 JPY

23,150,000

0.37

SHIN-ETSU CHEMICAL CO.

SHINSEI BANK LTD
SHIONOGI & CO. LTD
SHIZUOKA BANK LTD

2,900 JPY

13,862,000

0.22

221,000 JPY

23,868,000

0.39

23,600 JPY

26,998,400

0.44

44,000 JPY

37,488,000

0.61

201,000 JPY

37,788,000

0.61

SOFTBANK

12,000 JPY

29,364,000

0.47

SONY CORP.

27,300 JPY

46,519,200

0.75

SONY FINANCIAL HOLDING

INC.

27,000 JPY

39,690,000

0.64
0.53

SHOWA DENKO KK

SUMITOMO CHEMICAL CO.

LTD

93,000 JPY

32,736,000

SUMITOMO CORP.

51,800 JPY

61,952,800

1.00

SUMITOMO ELECTRIC
INDUSTRIES

49,300 JPY

55,856,900

0.90

UBE INDUSTRIES LTD

27,600 JPY

46,506,000

0.75

109,000 JPY

24,525,000

0.40

USS CO. LTD TOKAI

WEST JAPAN RAILWAY CO.

4,350 JPY

36,496,500

0.59

13,400 JPY

44,555,000

0.72

7,290 JPY

YAMADA DENKI CO. LTD

37,689,300

0.61

5,060,186,805

81.83

TOTAL SHARES

5,060,186,805

81.83

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

5,060,186,805

81.83

TOTAL INVESTMENTS

5,060,186,805

81.83

OTHER NET ASSETS LESS LIABILITIES

1,123,723,716

18.17

TOTAL NET ASSETS

6,183,910,521 100.00

261

Portfolio of Investments and Other Net Assets as at 31 March 2012

Korean Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

LG CORP.

42,900 KRW

2,462,246

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

LG DISPLAY CO. LTD

58,400 KRW

1,366,531

1.22

LG FASHION CORP.

30,900 KRW

1,090,024

0.97

SHARES

LS CORP.

SOUTH KOREA

ASIA PACIFIC SYSTEMS

49,000 KRW

564,634

0.50

ASIANA AIRLINE INC

157,070 KRW

975,010

0.87

BS FINL SHS

110,810 KRW

1,301,342

1.16

CELLTRION INC.

45,800 KRW

1,494,310

1.33

CRUCIALTEC

70,400 KRW

742,850

0.66

16,450 KRW

1,162,028

1.04

PACIFIC CORP.

5,571 KRW

1,296,207

1.16

POSCO

7,301 KRW

2,449,778

2.19

SAMSUNG ELECTRONICS CO.

LTD

9,800 KRW

11,033,086

9.84

SAMSUNG ENGINEERING CO.

LTD

8,600 KRW

1,837,700

1.64

DAELIM INDUSTRIAL CO. LTD

22,400 KRW

2,422,952

2.16

SAMSUNG FIRE&MARINE
INSURANCE

DAEWOO SHIPBUILDING &

MARINE ENGINEERING CO.

71,000 KRW

1,899,598

1.70

SAMSUNG HEAVY
INDUSTRIES

DOOSAN INFRACORE CO.

LTD

57,700 KRW

1,110,690

0.99

SHINHAN FINANCIAL GROUP

FILA KOREA LTD

15,600 KRW

1,181,878

1.06

SK ENERGY

GS
ENGINEERING&CONSTRUCTTI
ON CORP.

17,100 KRW

1,508,420

1.35

49,000 KRW

1,815,051

1.62

HANA FINANCIAL GROUP INC.

57,000 KRW

2,149,134

1.92

HONAM PETROCHEMICAL
CO. LTD
HYNIX SEMICONDUCTOR INC

HYUNDAI DEPARTMENT
STORE CO.

991,962
4,824,927

4.31

7,334 KRW

1,071,765

0.96
1.06

9,100 KRW

1,185,207
1,344,370

1.20

S-OIL CORP.

22,660 KRW

2,240,983

2.00

TOTAL SHARES

2.08

EXCHANGE TRADED FUNDS

2,728,702

2.44

11,635 KRW

1,787,625

1.60

UNITED STATES
ISHARES/MSCI SOUTH
KOREA IND

95.32

106,757,604

95.32

3.04

3,407,202

3.04

TOTAL EXCHANGE TRADED FUNDS

3,407,202

3.04

3.07

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

110,164,806

98.36

1,999,642

1.79

TOTAL INVESTMENTS

110,164,806

98.36

1,115,361

1.00

OTHER NET ASSETS LESS LIABILITIES

1,837,404

1.64

4,558,691

4.07

TOTAL NET ASSETS

1,334,107

1.19

2,201,250

1.97

HYUNDAI HEAVY INDUSTRIES

12,100 KRW

3,435,002

HYUNDAI HOME SHOPPING

NETWORK

16,900 KRW

HYUNDAI HYSCO

31,500 KRW

HYUNDAI MOBIS

18,020 KRW

HYUNDAI MOTOR CO. LTD

43,573 KRW

8,964,665

7.99

HYUNDAI STEEL CO.

33,650 KRW

3,030,721

2.71

KB FINANCIAL GROUP INC.

98,200 KRW

3,585,483

3.20

KIA MOTORS CORP.

76,608 KRW

5,012,484

4.48

KOREA ZINC CO. LTD

9,603 KRW

3,319,704

2.96

37,100 KRW

506,131

0.45

5,205 KRW

652,634

0.58

11,423 KRW

3,732,008

3.33

57,341 USD

106,757,604

3,407,202

76,470 KRW

262

0.89

8,200 KRW
124,897 KRW

10,914 KRW

2,332,467

60,800 KRW

LG CHEMICAL LTD

1.10
3.31

SK HOLDINGS CO. LTD

7,850 KRW

HYUNDAI FIRE & MARINE INS

CO.

KUMHO PETRO SHS

1,228,253
3,709,991

SK TELECOM CO. LTD

105,650 KRW

HYUNDAI DEVELOPMENT CO.

ENGINEERING &
CONSTRUCTION

KP CHEMICAL CORPORATION

6,500 KRW
111,300 KRW

SAMSUNG SDI CO. LTD

HAN KOOK TIRE

MANUFACTURING CO.

2.20

112,002,210 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Russia Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

PHOSAGRO OJSC /SGDR

727,564 USD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

ROSNEFT OIL COMPANY

OJSC /SGDR

5,939,404 USD

42,204,812

6.78

894,878 USD

11,071,094

1.78

501,162 USD

18,898,819

3.04

6,383,198 USD

29,017,986

4.66

192,582,944

30.93

192,582,944

30.93

TRUBNAYA METALL. KOMP.

/SGDR REG

SHARES
BERMUDA ISLANDS

ALLIANCE OIL CO/SDR

FEDERATION OF RUSSIA
AK SBEREGATELNY BANK
SBERBANK

JERSEY
UNITED COMPANY RUSAL
PLC

URALKALITY /GDR
552,667 SEK

6,063,586

0.97

6,063,586

0.97

59,556,070

9.57

59,556,070

9.57

VNESHTORGBANK SGDR

TOTAL GDR (Global Depositary Receipt)

18,488,554 USD

TOTAL SHARES

11,806,084

1.90

11,806,084

1.90

77,425,740

12.44

SADR (Sponsored American Dep. Receipt)

FEDERATION OF RUSSIA

1.21

ADR (American Depositary Receipt)

FEDERATION OF RUSSIA

GAZPROM NEFT OJSC /ADR

MECHEL OJSC /ADR

15,406,000 HKD

7,537,563

417,645 USD

11,146,945

1.79

1,796,629 USD

16,421,189

2.64

TOTAL ADR (American Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

27,568,134

4.43

27,568,134

4.43

529,929,101

85.11

GAZPROM OAO /SADR REGS

4,978,328 USD

60,735,602

9.75

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

JSC SURGUTNEFTEGAZ
/SADR

2,377,898 USD

23,255,842

3.74

SHARES

998,355 USD

60,100,971

9.65

FEDERATION OF RUSSIA

1,542,569 USD

28,229,013

4.53

AEROFLOT MOSCOW

3,014,363 USD

4,869,321

0.78

TNK-BP HOLDING

4,615,207 USD

14,783,643

2.38

LUKOIL /SADR (REP.1 SHS.)

MMC NORILSK NICKEL /SADR

MOBILE TELESYSTEMS
OJS/SADR

1,664,632 USD

30,396,180

4.88

RUSHYDRO OJSC /SADR

2,164,554 USD

7,935,255

1.27

210,652,863

33.82

21,699,420

3.49

21,699,420

3.49

232,352,283

37.31

NETHERLANDS

NORD GOLD NV /SADR

3,528,361 USD

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)

19,652,964

3.16

19,652,964

3.16

GDR (Global Depositary Receipt)

FEDERATION OF RUSSIA

CHERKIZOVO GROUP /SGDR

466,799 USD

TOTAL GDR (Global Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

FEDERATION OF RUSSIA

AFK SISTEMA / SGDR

TOTAL SHARES

6,479,170

1.04

6,479,170

1.04

6,479,170

1.04

26,132,134

4.20

0.65

OTHER TRANSFERABLE SECURITIES

895,921 USD

17,640,684

2.83

GROUPE LSR /SGDR REPR.S

REG S

1,877,218 USD

11,075,586

1.78

NOMOS BANK OJSC SHS

/SGDR

1,154,403 USD

16,704,211

2.68

FSK EES

381,609,642 USD

4,074,446

NOVATEK OAO /SGDR

205,816 USD

27,888,068

4.48

IDGC HOLDING

39,875,393 USD

4,417,436

0.71

NOVOLIPETSK STEEL REGS

/GDR

RASPADSKAYA

824,548 USD

3,044,343

0.49

502,101 USD

10,544,121

1.69

SHARES
FEDERATION OF RUSSIA

263

Portfolio of Investments and Other Net Assets as at 31 March 2012

Russia Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

RUSHYDRO OJSC

60 USD

TOTAL SHARES

% net
assets

0.00

11,536,227

1.85

11,536,227

1.85

GDR (Global Depositary Receipt)

FEDERATION OF RUSSIA

MAGNIT JSC

492,395 USD

14,318,206

2.30

OAO TATFNEFT /SGDR REP G

REG.S

741,427 USD

30,250,222

4.86

TOTAL GDR (Global Depositary Receipt)

TOTAL OTHER TRANSFERABLE SECURITIES
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

264

44,568,428

7.16

44,568,428

7.16

56,104,655

9.01

612,165,890

98.32

10,472,808

1.68

622,638,698 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Singapore Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

Description

Quantity Currency Evaluation

YANGZIJIANG SHIPBUILDING
LTD

2,800,000 SGD

2,965,086

YONGNAM HOLDINGS LTD

7,000,000 SGD

1,421,235

1.92

67,110,910

90.65

TOTAL SHARES

71,366,827

96.40

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

71,366,827

96.40

TOTAL INVESTMENTS

71,366,827

96.40

2,664,408

3.60

SHARES
BERMUDA ISLANDS

NOBLE GROUP LTD

3,000,000 SGD

3,296,309

4.45

3,296,309

4.45

CAYMAN ISLANDS

MEWAH INTERNATIONAL INC

2,274,000 SGD

959,608

1.30

959,608

1.30

AMTEK ENGINEERING
CSE GLOBAL LTD
DBS GROUP HOLDINGS LTD

1,000 SGD

569

0.00

1,800,000 SGD

1,182,372

1.60

630,000 SGD

7,112,861

9.60

EZION HOLDINGS LTD

3,319,000 SGD

2,602,982

3.52

FALCON ENERGY GROUP

LIMITED

5,000,000 SGD

1,035,073

1.40

FIRST RESSOURCES LTD

1,400,000 SGD

2,129,066

2.88

HI-P INTERNATLIONAL LTD

2,000,000 SGD

1,568,534

2.12

HYFLUX LTD

1,400,000 SGD

1,666,468

2.25
3.48

JARDINE CYCLE & CARRIAGE

LTD
KEPPEL CORP. LTD
OLAM INTERNATIONAL LTD

OVERSEA-CHINESE BANK
CORP.
ROTARY ENGINEERING
SEMBCORP INDUSTRIES LTD

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

SINGAPORE

67,000 SGD

2,576,082

800,000 SGD

7,000,277

9.46

1,700,000 SGD

3,194,395

4.31

999 SGD

7,095

0.01

2,100,000 SGD

1,187,149

1.60
4.20

740,000 SGD

3,110,952

SINGAPORE POST LTD

1,000,000 SGD

812,134

1.10

SINGAPORE TELECOM
/BOARD LOT 1000

2,500,000 SGD

6,270,154

8.47

STRAITS ASIA RESOURCES

LTD

1,500,000 SGD

2,782,754

3.76

STX OSV HOLDINGS

2,300,000 SGD

3,232,215

4.37

SWIBER HOLDINGS LTD

2,064,000 SGD

1,101,063

1.49

UTD OVERSEAS BANK /LOCAL

500,000 SGD

7,305,226

9.86

VENTURE CORPORATION LTD

500,000 SGD

3,391,855

4.58

WHEELOCK PROPERTY
(SINGAPORE) LTD

500,000 SGD

750,428

1.01

WILMAR INTERNATIONAL
LTD

500,000 SGD

1,950,715

2.63

WING TAI HOLDINGS

740,000 SGD

754,170

1.02

% net
assets

4.01

74,031,235 100.00

265

Portfolio of Investments and Other Net Assets as at 31 March 2012

Taiwan Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

MEGA FINANCIAL HOLDING

COMPANY

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
SHARES
CAYMAN ISLANDS

TPK HOLDINGS CO.

TAIWAN
ADVANCED
SEMICONDUCTOR ENG. INC.

ASUSTEK COMPUTER INC.

6,750 TWD

109,206

0.53

109,206

0.53

1,188,400 TWD

839,533

NAN YA PLASTICS CORP.

298,000 TWD

673,459

3.26

PRESIDENT CHAIN STORE

CORP.

101,000 TWD

561,221

2.72

PRINCE HOUSING
DEVELOPMENT CO.

434,230 TWD

325,884

1.58

QUANTA COMPUTER INC.

136,000 TWD

356,195

1.73

83,000 TWD

368,399

1.79

RADIANT OPTO
ELECTRONICS CORP.

4.07

519,590

2.52

SYNNEX TECHNOLOGY
INTERNATIONAL

139,000 TWD

345,214

1.67

422,361

2.05

TAIWAN CEMENT CORP.

233,000 TWD

272,755

1.32

TAIWAN SEMICONDUCTOR
MANUFACTURING

513,834 TWD

1,478,085

7.16

4.10

UNIMICRON TECHNOLOGY
CORP.

209,000 TWD

259,177

1.26

3.95

UNITED MICROELECTRONIC
CORP

792,000 TWD

387,759

1.88

0.82

YUANTA FINANCIAL HOLDING

CO.

588,792 TWD

32,000 TWD

226,061

1.10

340,578 TWD

387,726

1.88

CHUNGHWA TELECOM CO.

LTD

% net
assets

44,760 TWD

CATHAY FINANCIAL HOLDING

CHINATRUST FINANCIAL
HOLDING CO.

Quantity Currency Evaluation

516,339 TWD

CATCHER TECHNOLOGY CO.

LTD
CHINA STEEL

Description

827,970 TWD
1,296,440 TWD
55,194 TWD

845,806
814,827
169,991

306,224

1.48

18,517,489

89.75

18,626,695

90.28

7,211 USD

222,027

1.08

34,008 USD

445,344

2.16

E SUN FINANCIAL HOLDING

LTD

831,891 TWD

456,615

EVA AIRWAYS CORP.

400,000 TWD

245,983

1.19

FAR EASTERN TEXTILE LTD

208,292 TWD

241,008

1.17

SADR (Sponsored American Dep. Receipt)

FAR EASTONE TELECOM. CO.

LTD

218,000 TWD

446,870

2.17

FIRST FINANCIAL HOLDING

CO.

TAIWAN
CHUNGHWA TELECOM CO
/SADR

399,000 TWD

239,961

1.16

QUANTA COMPUTER INC.

/SADR
TAIWAN SEMICONDUCTOR
MANUFACTURING/SADR

37,876 USD

573,820

2.78

1,241,191

6.02

1,241,191

6.02

FLEXIUM INTERCONNECT
INC.

111,000 TWD

449,428

2.21

2.18

FORMOSA CHEMICALS &

FIBER CO.

235,000 TWD

686,348

3.33

FORMOSA PLASTICS

343,000 TWD

1,009,911

4.90

FOXCONN TECHNOLOGY CO.

LTD

68,000 TWD

281,085

1.36

FUBON FINANCIAL HOLDING

CO. LTD

544,491 TWD

613,411

2.97

HON HAI PRECISION

INDUSTRY CO. LTD

472,388 TWD

1,832,623

8.88

HON HAI PRECISION

INDUSTRY /GDR

25,906 USD

202,067

0.98

HTC CORP.

50,191 TWD

1,015,240

4.92

KINSUS INTERCONNECT
TECHN.CORP

97,000 TWD

310,908

1.51

LARGAN PRECISION CO. LTD

12,000 TWD

235,819

1.14

MEDIA TEK INCORPORATION

72,082 TWD

689,945

3.34

266

TOTAL SHARES

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)
TAIWAN
FAR EASTONE TELECOM
/GDR

7,212 USD

221,752

1.08

FUBON FINANCIAL /SP.GDR

8,266 USD

93,122

0.45

TOTAL GDR (Global Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

314,874

1.53

314,874

1.53

20,182,760

97.83

Portfolio of Investments and Other Net Assets as at 31 March 2012

Taiwan Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
SHARES
TAIWAN

SIMPLO TECHNOLOGY CO.

16,000 TWD

120,620

0.58

ST.SHINE OPT

12,000 TWD

155,722

0.76

TOTAL SHARES

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

276,342

1.34

276,342

1.34

276,342

1.34

20,459,102

99.17

170,898

0.83

20,630,000 100.00

267

Portfolio of Investments and Other Net Assets as at 31 March 2012

Thai Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

PTT GLOBAL PUBLIC CO

FOREI REG

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
SHARES
THAILAND
A.J.PLAST PUBLIC
CO/FOR.REG.

ASIAN PROPERTY
DEVELOPMENT PUBLIC /
FOREIGN
ASIAN PROPERTY
DEVELOPMENT PUBLIC CO.

Description

Quantity Currency Evaluation

5,349,984 THB

12,316,599

PTT PLC CO. LTD /FOREIGN

REG

500,000 THB

5,739,225

3.99

SHIN CORP /FOREIGN REG.

3,500,000 THB

6,695,763

4.65

SIAM CEMENT PUBLIC /NVDR

3,000,000 THB

26,000,000 THB

% net
assets

8.57

400,000 THB

4,604,350

3.20

1.05

SIAM COMMERC.BANK
PUBL./FOR.REG

2,800,000 THB

13,028,364

9.07

SRI TRANG AGRO-IND

3,000,000 THB

2,033,048

1.41

5,142,605

3.57

SUPALAI PUBLIC CO. LTD

/FOREIGN

10,500,000 THB

5,311,215

3.69

1,517,490

120 THB

24

0.00

8,800,000 THB

6,762,558

4.70

THAI AIRWAYS
INTERNATIONAL /FOREIGN
REG

300 THB

250

0.00

806,000 THB

5,070,103

3.52

THAI OIL PUBLIC CO. /FOR.

REG.

2,300,000 THB

5,406,869

3.76

93,900 THB

563,271

0.39

THAI UNION
FROZEN/FOREIGN REG.

2,000,000 THB

1,783,375

1.24

220,000 THB

4,351,435

3.02

ELECTRICITY GENERATING /
FOREIGN REG

UNIT SHARES

1,000,000 THB

3,015,525

2.10

GFPT PUBLIC CO - FOREIGN

REG.

130,600 THB

43,617

0.03

THAILAND
BANK OF AYUDHYA /NONVOT DEP. RECEIPT

BANGCHAK PETROLEUM PCL

BANGKOK BANK PUBLIC

/FOREIGN
BANGKOK BANK PUBLIC/ NV
DEP. RECEIPT
BANK OF AYUDHYA PUBLIC
/FOREIGN REG.
BANPU PUBLIC CO. LTD/FOR.
REG

TOTAL SHARES

GLOW ENERGY PUBLIC CO.

LTD

2,500,000 THB

4,985,344

3.47

HANA
MICROELECTRONICS/FOREIG
N REG.

3,674,600 THB

2,609,361

1.81

INDORAMA VENTURES
/FOREIGN REG

9,950,000 THB

12,179,235

8.47

33,000,000 THB

2,996,070

2.08

KASIKORNBANK PUBLIC
COMPANY FOR. REG

500,000 THB

2,537,256

1.76

KASIKORNBANK PUBLIC
COMPANY LTD /NVDR

2,100,000 THB

10,486,245

7.29

KRUNG THAI BANK /FOREIGN.

REG.

9,500,000 THB

5,390,656

3.75

10,000,000 THB

5,025,875

3.49
0.36

JASMINE INTERNATIONAL
PUBLIC

LPN DEVELOPMENT PUB. /

FOR. REG
PRECIOUS SHIPPING
PUBL/FOREIGN

1,000,000 THB

515,558

PRUKSA REAL ESTATE /REIT

4,000,000 THB

1,958,470

1.36

500,000 THB

2,829,081

1.97

PTT EXPL. PROD.PUBLIC

/FOR. REG

268

450,300 THB

900,000 THB

1,033,019

0.72

135,931,856

94.49

135,931,856

94.49

787,928

0.55

787,928

0.55

787,928

0.55

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

136,719,784

95.04

TOTAL INVESTMENTS

136,719,784

95.04

7,130,254

4.96

TOTAL - UNIT SHARES

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

143,850,038 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Turkey Equity
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

Description

Quantity Currency Evaluation

TURKIYE VAKIFLAR BANKASI

TAO

4,100,000 TRY

5,828,701

4.88

YAPI KREDI BANKASA

5,100,000 TRY

7,722,250

6.46

120,143,436 100.52

SHARES
TURKEY

AKBANK

TOTAL SHARES

120,143,436 100.52

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

120,143,436 100.52

TOTAL INVESTMENTS

120,143,436 100.52

2,337,000 TRY

6,880,626

5.76

ANADOLU EFES BIRACILIK VE

MALT

184,594 TRY

1,933,250

1.62

ANADOLU HAYAT EMEKLILIK

AS

1,145,224 TRY

1,854,481

1.55

ANEL ELEKTRIK A.S

1,250,000 TRY

1,156,655

0.97

OTHER NET ASSETS LESS LIABILITIES

ASYA KATILIM BANKASI A.S

1,000,000 TRY

824,380

0.69

TOTAL NET ASSETS

BANVIT BANDIRMA

135,293 TRY

200,304

0.17

77,000 TRY

2,186,078

1.83

BIMEKS BILGI ISLEM

620,000 TRY

743,203

0.62

BIZIM TOPTAN SATIS

MAGAZALARI

140,000 TRY

1,433,832

1.20

COCA COLA ICECEK SANAYI

116,851 TRY

1,118,111

0.94

6,000,000 TRY

5,854,778

4.90

ENKA INSAAT VE SANAYI AS

1,903,038 TRY

4,546,393

3.80

HURRIYET GAZETE

1,308,105 TRY

649,226

0.54

KARDEMIR KARABUK -D-

5,550,000 TRY

2,194,280

1.84

485,364 TRY

1,478,010

1.24

BIM BIRLESIK MAGAZALAR

AS

EMLAK KONUT GAYR.

REIT/IPO

KOC HOLDING AS
KOZA ALTIN ISLETMELE A.S

98,396 TRY

1,398,831

1.17

1,583,689 TRY

2,071,579

1.73

MIGROS TICARET

470,000 TRY

3,212,347

2.69

SABANCI HOLDING

917,814 TRY

2,957,023

2.47

4,600,000 TRY

2,611,938

2.19

370,000 TRY

1,381,929

1.16

1,246,011 TRY

3,238,781

2.71

TOFAS TURK OTOMOBIL

FABRIKASI

700,000 TRY

2,243,490

1.88

TUPRAS TURKIYE PETROL

RAFINEL

215,000 TRY

4,114,538

3.44

TURCAS PETROL AS

1,499,622 TRY

1,703,008

1.42

TURK HAVA YOLLARI AO

5,300,000 TRY

5,795,894

4.85

TURK TELEKOMUNIKASYON

1,699,000 TRY

5,531,024

4.63

TURKCELL ILETISIM HIZMET

1,295,000 TRY

4,967,476

4.16

TURKIYE GARANTI BANKASI

4,100,000 TRY

12,174,740

10.18

TURKIYE HALK BANKASI AS

1,554,000 TRY

8,333,595

6.96

TURKIYE IS BANKASI AS C

6,392,123 TRY

11,802,685

9.87

KOZA ANAD SHS ISSUE 2012

SINPAS GAYRIM YATITIM

TAV HAVALIMALARI HOLDING

AS
TEKFEN HOLDING AS

% net
assets

(627,013)

(0.52)

119,516,423 100.00

269

Portfolio of Investments and Other Net Assets as at 31 March 2012

UK Equity
Statement of investments as at 31 March 2012
(expressed in GBP)
Description

Quantity Currency Evaluation

% net
assets

Description

INVESTMENTS

UNITED STATES

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

VIRGIN MEDIA INC

SHARES
CANADA

ITHACA ENERGY INC

1,229,338 GBP

2,458,676

3.15

2,458,676

3.15

GREAT BRITAIN

BARCLAYS PLC

1,334,739 GBP

3,132,632

4.01

BG GROUP PLC

213,135 GBP

3,067,279

3.93

BHP BILLITON PLC

162,161 GBP

3,102,140

3.97

BP PLC

666,351 GBP

3,078,208

3.94
3.97

BRITISH AMERICAN
TOBACCO

98,440 GBP

3,102,337

BT GROUP PLC

711,513 GBP

1,600,904

2.05

CAPITA GRP

424,680 GBP

3,121,398

4.00

CENTRICA PLC

995,568 GBP

3,151,968

4.04

COMPASS GROUP PLC

480,401 GBP

3,153,833

4.04

GLAXOSMITHKLINE PLC

218,206 GBP

3,045,065

3.90

GREGGS PLC

302,886 GBP

1,574,280

2.02

HOMESERVE PLC

466,411 GBP

1,091,402

1.40

1,119,681 GBP

6,200,793

7.93

336,663 GBP

1,548,650

1.98

1,116,990 GBP

3,433,627

4.40
4.21

HSBC HOLDINGS PLC

INMARSAT PLC
KINGFISHER PLC
PETROFAC LTD

190,228 GBP

3,283,716

PRUDENTIAL PLC

217,264 GBP

1,619,703

2.07

87,347 GBP

3,080,074

3.94

RECKITT BENCKISER GROUP

PLC
UNILEVER PLC

156,670 GBP

3,236,802

4.15

VODAFONE GROUP PLC

1,902,464 GBP

3,273,189

4.19

WM MORRISON
SUPERMARKETS PLC

4.04

1,056,675 GBP

3,151,005

WS ATKINS PLC

213,508 GBP

1,569,284

2.01

XSTRATA PLC

274,618 GBP

2,924,682

3.75

65,542,971

83.94

GUERNSEY

RESOLUTION

1,114,314 GBP

2,919,503

3.74

2,919,503

3.74

3,209,437

4.11

3,209,437

4.11

IRELAND

RYANAIR HOLDINGS PLC

270

867,626 EUR

Quantity Currency Evaluation

98,417 GBP

% net
assets

1,519,558

1.95

1,519,558

1.95

TOTAL SHARES

75,650,145

96.89

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

75,650,145

96.89

TOTAL INVESTMENTS

75,650,145

96.89

2,432,004

3.11

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

78,082,149 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

US Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

INVESTMENTS

CITIGROUP INC.

20,198 USD

735,005

0.40

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

CLIFFS NATURAL
RESOURCES INC.

11,082 USD

769,202

0.42

CMS ENERGY CORP.

35,462 USD

779,809

0.43

COACH INC.

17,324 USD

1,332,562

0.73

SHARES
IRELAND

ACCENTURE PLC

21,761 USD

1,398,797

0.77

1,398,797

0.77

1,148,682

0.63

1,148,682

0.63

SWITZERLAND

ACE LTD

15,744 USD

UNITED STATES

ABBOTT LABORATORIES INC.

30,000 USD

1,834,800

1.01

ADVANCED MICRO DEVICES

INC.

108,805 USD

869,352

0.48

AETNA INC.

26,435 USD

1,338,140

0.74

AFLAC INC.

15,000 USD

683,850

0.38

ALTRIA GROUP

22,047 USD

678,827

0.37

AMERICAN EXPRESS CO.

27,807 USD

1,603,908

0.88

AMGEN INC.

17,000 USD

1,147,330

0.63

APACHE CORP.

15,523 USD

1,548,419

0.85

APPLE INC.

12,871 USD

7,756,064

4.28

AT & T

42,089 USD

1,314,019

0.72

1,802 USD

671,497

0.37

AUTOZONE INC.
BANK OF AMERICA CORP.

35,361 USD

332,393

0.18

BED BATH & BEYOND INC.

17,000 USD

1,122,510

0.62

BERKSHIRE HATHAWAY -B-

21,410 USD

1,732,925

0.95

BIG LOTS

21,260 USD

914,180

0.50

COCA-COLA CO.

13,159 USD

969,687

0.53

COMPUTER ASSOCIATES
INTERNATIONAL INC.

33,187 USD

916,293

0.50

CONAGRA FOODS INC.

23,382 USD

614,947

0.34

CONOCOPHILLIPS

26,325 USD

1,997,804

1.10

CONSOLIDATED EDISON INC.

10,688 USD

622,897

0.34

CONSTELLATION BRAND -A-

43,815 USD

1,040,168

0.57
0.55

CSX CORP.

46,339 USD

1,001,386

DAVITA INC.

13,163 USD

1,178,615

0.65

DEERE & CO.

14,000 USD

1,133,580

0.62

DELL INC.

67,114 USD

1,124,495

0.62

DEVON ENERGY CORP. (NEW)

16,453 USD

1,160,430

0.64

DIRECTV

35,674 USD

1,751,237

0.96

DISCOVER FIN SVC

32,218 USD

1,055,462

0.58

DTE ENERGY COMPANY

11,750 USD

648,130

0.36

ECOLAB INC.

12,500 USD

771,500

0.42

ELI LILLY & CO.

30,000 USD

1,204,200

0.66

ENTERGY CORP.

16,356 USD

1,094,380

0.60

EXXON MOBIL CORP.

69,676 USD

6,012,341

3.31

FORD MOTOR CO.

96,013 USD

1,194,402

0.66

GAP INC.

43,876 USD

1,149,112

0.63

GENERAL ELECTRIC CO.

83,699 USD

1,673,143

0.92

GILEAD SCIENCES INC.

28,000 USD

1,361,640

0.75

GOODYEAR TIRE & RUBBER

45,000 USD

504,450

0.28

2,180 USD

1,408,498

0.78
0.48

BMC SOFTWARE INC.

23,000 USD

924,600

0.51

BOEING CO.

20,330 USD

1,501,777

0.83

CAPITAL ONE FINANCIAL

CORP.

4,054 USD

872,056

23,791 USD

1,325,872

0.73

HALLIBURTON CO.

41,368 USD

1,365,558

0.75

CAREMARK GROUP

33,344 USD

1,485,809

0.82

HARRIS CORP.

21,690 USD

972,580

0.54

CATERPILLAR INC.

13,980 USD

1,488,171

0.82

HEINZ (H.J.) CO.

20,056 USD

1,070,188

0.59

CBRE GROUP -A-

40,000 USD

792,400

0.44

HELMERICH & PAYNE

13,070 USD

691,926

0.38

CELGENE CORP.

15,947 USD

1,231,427

0.68

HONEYWELL
INTERNATIONAL INC.

22,151 USD

1,348,553

0.74

9,465 USD

874,850

0.48

CF INDUSTRIES HOLDINGS
INC.

GOOGLE INC. -AGRAINGER INC..WW

5,726 USD

1,047,114

0.58

HUMANA INC.

32,907 USD

754,558

0.42

IBM CORP.

20,728 USD

4,318,056

2.38

CHEVRON CORPORATION

32,690 USD

3,486,389

1.92

INTEL CORP.

90,820 USD

2,554,767

1.41

CHUBB CORP.

13,786 USD

950,683

0.52

INTERCONTINENTAL
EXCHANGE INC.

5,500 USD

747,175

0.41

22,000 USD

1,448,260

0.80

CHESAPEAKE ENERGY

CINTAS
CISCO SYSTEMS INC.

16,855 USD

655,491

0.36

109,788 USD

2,313,782

1.27

JOHNSON & JOHNSON

271

Portfolio of Investments and Other Net Assets as at 31 March 2012

US Equity
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity Currency Evaluation

% net
assets

Description

Quantity Currency Evaluation

% net
assets

JP MORGAN

68,555 USD

3,123,366

1.72

WELLS FARGO & CO.

91,999 USD

3,117,846

1.72

KROGER CO.

49,169 USD

1,189,890

0.66

WESTERN UNION COMPANY

63,986 USD

1,136,391

0.63

MATTEL INC.

28,770 USD

974,440

0.54

3M CO.

17,000 USD

MCDONALD S CORP.

18,336 USD

1,794,728

0.99

MCGRAW HILL COMPANIES

INC.

29,760 USD

1,433,539

0.79

MEDTRONIC INC.

34,000 USD

1,327,020

0.73

METROPCS
COMMUNICATIONS INC.

68,000 USD

611,320

116,777 USD
28,000 USD

MICROSOFT CORP.
NASDAQ OMX GROUP INC.

1,510,960

0.83

153,372,511

84.44

TOTAL SHARES

155,919,990

85.84

155,919,990

85.84

0.34

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

3,752,044

2.07

TOTAL INVESTMENTS

155,919,990

85.84

721,280

0.40

OTHER NET ASSETS LESS LIABILITIES

25,711,624

14.16

NEWMONT MINING CORP.

18,014 USD

916,012

0.50

NIKE INC. -B-

10,057 USD

1,090,380

0.60

NORFOLK SOUTHERN CORP.

17,500 USD

1,157,800

0.64

OCCIDENTAL PETROLEUM
CORP.

21,327 USD

2,017,534

1.11

OMNICOM GROUP INC.

29,332 USD

1,470,413

0.81
1.53

PFIZER INC.

122,962 USD

2,787,549

PHILIP MORRIS
INTERNATIONAL

32,660 USD

2,886,491

1.59

PNC FINANCIAL SERVICES GP

18,048 USD

1,152,726

0.63

PPG INDUSTRIES INC.

10,832 USD

1,036,622

0.57

PROCTER & GAMBLE CO.

24,796 USD

1,666,787

0.92

PROLOGIS INC.

19,783 USD

704,077

0.39
0.49

PUBLIC SERVICES
ENTERPRISE

28,979 USD

883,570

QUALCOMM INC.

30,235 USD

2,053,259

1.13

SLM CORP.

49,457 USD

773,013

0.43

SOUTHWEST AIRLINES CO.

70,000 USD

577,500

0.32

TARGET CORP.

26,147 USD

1,520,710

0.84

TIME WARNER CABLE

18,748 USD

1,514,463

0.83

TJX COS INC.

28,910 USD

1,133,850

0.62

TORCHMARK CORP.

17,293 USD

859,981

0.47

TYSON FOODS INC. -A-

61,408 USD

1,175,349

0.65

UNION PACIFIC CORP.

11,718 USD

1,264,372

0.70

UNITED TECHNOLOGIES
CORP.

21,669 USD

1,792,460

0.99

UNITEDHEALTH GROUP INC.

28,459 USD

1,679,935

0.92

US BANCORP.

48,947 USD

1,534,488

0.84

VERIZON COMMUNICATIONS
-I-

67,555 USD

2,569,117

1.41

VORNADO
REAL.TRUST/BEN.IN

12,219 USD

1,021,753

0.56

WAL-MART STORES INC.

40,338 USD

2,463,845

1.36

272

TOTAL NET ASSETS

181,631,614 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asian Currencies Bond (launched as at 27 April 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

SOUTH KOREA
BK OF KOREA 3.83% 1102.04.13

BONDS
CAYMAN ISLANDS

C SHASHU 6.5% 11-22.07.14

4,000,000 CNY

614,857

0.76

EVERGRANDE 7.5% 1119.01.14

8,000,000 CNY

1,149,568

1.41

1,764,425

2.17

604,206

0.74

FEDERATION OF RUSSIA

600,000 USD

604,206

Face Value Currency Evaluation

SINGAPORE 3.25% 0501.09.20

INVESTMENTS

RUSSIA 5.625% 12- 04.04.42

Description

0.74

1,000,000 SGD

900,517

1.11

5,886,330

7.26

3,000,000,000 KRW

2,643,571

3.25

10,000,000 INR

195,456

0.24

2,839,027

3.49

KDB 7% 11-03.05.12

THAILAND
THAILAND GOV 3.125% 1011.12.15

40,000,000 THB

1,278,168

1.57

THAILAND GOV 5.25% 0712.05.14

60,000,000 THB

2,019,594

2.49

3,297,762

4.06

HONG KONG

LOTTE SHOP 4% 12-09.02.15

INDONESIA
BK DANAMON 10.6% 0719.04.12

7,500,000 CNY

3,000,000,000 IDR

1,199,878

1.48

VIRGIN ISLANDS

1,199,878

1.48

RAINBOW 3% 11-30.06.16

330,098

0.41

17,560,000,000 IDR

2,038,079

2.50

INDONESIA 8.375% 1015.09.26

9,500,000,000 IDR

1,224,305

1.51

1,000,000 USD

1,049,510

1.29

4,641,992

5.71

643,649

0.79

MALAYSIA
MALAYAN BANKING 6% (FRN)
08-PERP

MALAYSIA 3.58% 11-28.09.18

750,000 SGD
3,000,000 MYR

PHILIPPINES 4.95% 1015.01.21 /USD

TOTAL BONDS

303,754

0.37

303,754

0.37

24,797,733

30.52

70,000,000 PHP
40,000,000 PHP

HONG KONG
DAH SING BANK (FRN) 1209.02.22

1,000,000 SGD

MALAYSIA
MALAYAN BANK 3.8% (FRN)
11-28.04.21

750,000 SGD

807,783

0.99

807,783

0.99

599,713

0.74

599,713

0.74

1.97

981,324

1.21

1,624,973

2.00

SINGAPORE
DBS BANK 3.3% (FRN) 1221.02.22

2,000,000 SGD

1,594,904

1,668,684

2.05

UOBSP FRN 11-01.04.21

1,000,000 SGD

807,425

0.99

2,402,329

2.96

3,809,825

4.69

28,607,558

35.21

PHILIPPINES

PETRON 7% 10-10.11.17 /USD

2,000,000 CNY

FLOATING RATE BONDS

GOV INDONESIA 7% 1115.05.27

PLN 5.5% 11-22.11.21

% net
assets

966,702

1.19

2,635,386

3.24

SINGAPORE

OLAM INTL 6% 11-10.08.18

1,500,000 SGD

1,240,554

1.53

SINGAPORE 2.25% 1101.06.21

2,500,000 SGD

2,092,550

2.59

SINGAPORE 2.375% 1001.04.17

1,000,000 SGD

864,772

1.06

SINGAPORE 2.75% 1201.04.42

1,000,000 SGD

787,937

0.97

TOTAL FLOATING RATE BONDS

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

273

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asian Currencies Bond (launched as at 27 April 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

Face Value Currency Evaluation

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

KOREA 5.75% 08-10.09.18

BONDS

THAILAND
THAILAND GOV 2.8% 1010.10.17

220,000,000 THB

6,814,741

8.39

THAILAND GOV 3.45% 1108.03.19

40,000,000 THB

1,274,607

1.57

INDONESIA
BK DANAMON 8.75% 1009.12.13

5,000,000,000 IDR

564,978

0.70

INDONESIA 7% 11-15.05.22

20,000,000,000 IDR

2,370,247

2.91

INDONESIA 9.5% 10-15.07.31

2,500,000,000 IDR

351,378

0.43

PT INDOFOOD 10.0125% 0715.05.12

3,000,000,000 IDR

330,692

0.41

PT INDOSAT TBK 10.2% 0729.05.14

3,000,000,000 IDR

340,855

0.42

3,958,150

4.87

1,000,000,000 KRW

% net
assets

TOTAL BONDS

THAILAND
THAILAND GOV 1.2% 1114.07.21/CPI

50,000,000 THB

4,000,000 MYR

1,313,680

1.62

MALAYSIA 3.434% 1115.08.14

TOTAL INFLATION INDEX BOND

8,000,000 MYR

2,630,129

3.23

MALAYSIA 4.232% 1130.06.31

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

2,500,000 MYR

829,092

1.02

OTHER TRANSFERABLE SECURITIES

MALAYSIA 4.26% 06-15.09.16

2,000,000 MYR

679,246

0.84

BONDS

MALAYSIA 4.392% 1115.04.26

3,000,000 MYR

1,024,578

1.26

6,476,725

7.97

PHILIPPINES
PHILIPPINES 5.875% 0831.01.18

90,000,000 PHP

2,223,869

2.74

PHILIPPINES 8% 11-19.07.31

80,000,000 PHP

2,304,756

2.83

4,528,625

5.57

MALAYSIA
MALAYSIA 4.012% 1015.09.17

PHILIPPINES
PHILIPPINES 5.875% 1201.03.32

KOREA 4%11-10.03.16

1,500,000 SGD

1,229,595

1.51

700,000 SGD

602,024

0.74

SINGAPORE 3.5% 07-01.03.27

2,000,000 SGD

1,819,634

2.24

TOTAL BONDS

3,651,253

4.49

CONVERTIBLE BONDS
SINGAPORE
CAPITALAND COM 2.875%
09-03.09.16 CV

SOUTH KOREA
BANK OF KOREA 3.62% 1002.04.12

1,000,000,000 KRW

881,983

1.09

BANK OF KOREA 3.81% 1002.08.12

1,000,000,000 KRW

883,695

1.09

750,000 SGD

597,623

0.74

TOTAL CONVERTIBLE BONDS

10,000,000 MYR

40,000,000 PHP

3,000,000,000 KRW

500,000 SGD

KOREA 4.25% 11-10.06.21

6,000,000,000 KRW

5,416,594

6.67

TOTAL OTHER TRANSFERABLE SECURITIES

KOREA 5% 10-10.06.20

3,000,000,000 KRW

2,843,105

3.50

TOTAL INVESTMENTS

274

8,089,348

9.96

38,305,022

47.15

1,680,891

2.07

1,680,891

2.07

1,680,891

2.07

39,985,913

49.22

3,355,475

4.12

3,355,475

4.12

931,090

1.15

931,090

1.15

2,679,735

3.30

2,679,735

3.30

6,966,300

8.57

387,655

0.48

SOUTH KOREA

SINGAPORE 2.5% 09-01.06.19

EIBK 1.57% 10-24.05.12

1.20
14.29

INFLATION INDEX BOND

MALAYSIA
CAGAMAS BHD 4.21% 9931.10.12

SINGAPORE
SINGAPORE 1.125% 1101.04.16

977,921
11,600,921

387,655

0.48

387,655

0.48

7,353,955

9.05

75,947,426

93.48

Portfolio of Investments and Other Net Assets as at 31 March 2012

Asian Currencies Bond (launched as at 27 April 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

5,295,675

% net
assets
6.52

81,243,101 100.00

275

Portfolio of Investments and Other Net Assets as at 31 March 2012

Brazil Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

Face Value Currency Evaluation

BRAZIL 6% 09-15.08.14/INFL

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

TOTAL BONDS

BONDS

13,600 BRL

6,353,724

10.76

BRAZIL 0% 11-01.07.13
LETRAS TES

23,205 BRL

11,420,881

19.33

BRAZIL 10% 07-01.01.13

200 BRL

110,532

0.19

BRAZIL 10% 07-01.01.17

15,800 BRL

8,458,048

14.33

BRAZIL 10% 10-01.01.21

7,100 BRL

3,671,106

6.22

1,500,000 BRL

984,621

1.67

30,998,912

52.50

TOTAL INVESTMENTS

30,998,912

52.50

OTHER NET ASSETS LESS LIABILITIES

TOTAL BONDS
PLACEMENTS

12.78

7,544,873

12.78

1.11

5,500 BRL

2,503,176

BRAZIL 0% 12-01.01.16
LETRAS TES

5,000 BRL

1,879,785

3.18

4,382,961

7.42

4,382,961

7.42

PLACEMENTS

4.24

FLOATING RATE BONDS

BRAZIL

BRAZIL FRN 09-07.03.13

BRAZIL 0% 11-01.01.15 LTN

BRAZIL FRN 07-07.03.13

232 BRL

655,210

BRAZIL FRN 08-07.09.12

50 BRL

141,173

0.24

796,383

1.35

TOTAL FLOATING RATE BONDS

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

TOTAL NET ASSETS

BRAZIL
BRAZIL 0% 11-01.04.14
LETRAS TES

482 BRL

1,361,255

2.31

23,000 BRL

9,648,608

16.34

11,009,863

18.65

TOTAL FLOATING RATE BONDS

11,009,863

18.65

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

46,391,736

78.57

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
BONDS
BRAZIL

238 BRL

672,534

1.14

BRAZIL 10% 06-01.01.14 S.F

6,100 BRL

3,366,706

5.70

BRAZIL 10% 12-01.01.18

2,000 BRL

1,060,099

1.80

276

4.14

7,544,873

BRAZIL

BRAZIL 0% 11-01.01.14

BRAZIL 0% 08-07.03.14

2,445,534

FLOATING RATE BONDS

BRAZIL

BRAZIL 10.25% 07-10.01.28

2,000 BRL

% net
assets

796,383

1.35

8,341,256

14.13

54,732,992

92.70

4,310,567

7.30

59,043,559 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Emerging Inflation Linked Bond (launched as at 30 June
2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

39,100,000 ZAR

TURKEY FRN 09-21.05.14 CPI

BRAZIL

9,700 BRL

85,000 CLP

ISRAEL 3.5% 08-30.04.18 CPI

14,100,000

ILS

ISRAEL 4% 01-30.07.21 /INFL

22,800,000

ILS

9.06

20,178,880

14.50

0.40

19,723,815

14.17

47,536,485

34.15

109,968,412

79.02

2.89

TOTAL INFLATION INDEX BOND

4,028,187

2.89

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

4,875,955

3.50

9,080,340

6.53

13,956,295

10.03

MEXICO 4% 09-13.06.19/INFL

96,000 MXN

4,016,279

2.89

TOTAL BONDS

9.98

4,028,187

2.76

228,000 MXN

13,900,350

9.18

3,843,008

MEXICO 4.5% 06-22.11.35

UDIBONOS

3.79

21,000,000 TRY

12,776,220

95,000 MXN

167,000 MXN

553,795
5,269,670

TURKEY 4% 10-29.04.15
/TUCPI

MEXICO 3.5% 08-14.12.17 CPI

MEXICO 4.5% 0418.12.14/INFL

700,000 TRY

TURKEY 3% 11-06.01.21/CPI

MEXICO

6,684,837

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
BONDS
BRAZIL
BRAZIL 6% 03-15.05.15 S.B /
INDEX

3,300 BRL

4,057,160

BRAZIL 6% 08-15.05.13 / IPCA

9,500 BRL

11,465,150

8.23

15,522,310

11.15

15,522,310

11.15

3,239,909

2.33

3,239,909

2.33

4.80
TOTAL BONDS

9,653,244

6.95

24,197,368

17.40

INFLATION INDEX BOND

54,958,070

39.50

SOUTH KOREA

FLOATING RATE BONDS

KOREA 2.75% 10-10.6.20/CPI

3,000,000,000 KRW

ISRAEL

26,300,000

ILS

TOTAL FLOATING RATE BONDS

7,473,857

5.37

TOTAL INFLATION INDEX BOND

7,473,857

5.37

7,473,857

5.37

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

INFLATION INDEX BOND

2.92

3,239,909

2.33

18,762,219

13.48

OTHER TRANSFERABLE SECURITIES

BONDS

POLAND
POLAND FRN 04-24.08.16 IZ
0816

6,700,000 PLN

2,790,029

2.00

POLAND 2.75% 08-25.08.23

/INFL

13,500,000 PLN

4,843,761

3.48

7,633,790

5.48

SOUTH AFRICA
SOUTH AFRICA FRN 0031.03.13/CPI

12,611,813

8,800,000 TRY

9.18

12,776,220

ISRAEL

ISRAEL 0.5% 10-30.06.13 CPI

% net
assets

TURKEY

BONDS

CHILE
BCO CTRL CHILE 3% 0801.07.13

Face Value Currency Evaluation

SOUTH AFRICA 5.5% 0107.12.23/INFL

INVESTMENTS

BRAZIL 6% 04-15.05.45 N.TES.

Description

27,000,000 ZAR

7,567,067

5.44

BRAZIL
BRAZIL 6% 06-15.05.35
S.NTNB

5,086,258

3.65

5,086,258

3.65

TOTAL BONDS

5,086,258

3.65

TOTAL OTHER TRANSFERABLE SECURITIES

5,086,258

3.65

133,816,889

96.15

5,364,623

3.85

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES

3,900 BRL

277

Portfolio of Investments and Other Net Assets as at 31 March 2012

Emerging Inflation Linked Bond (launched as at 30 June
2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

TOTAL NET ASSETS

278

Face Value Currency Evaluation

% net
assets

139,181,512 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

SCOR ASSIST 6.154% 06PERP.

250,000 EUR

213,391

0.24

SOCGEN 3.75% 12-01.03.17

500,000 EUR

517,978

0.59

BONDS

ST GOBAIN 3.625% 1228.03.22

225,000 EUR

224,847

0.26

AUSTRALIA

VIVENDI 4.125% 12-18.07.17

300,000 EUR

313,733

0.36

15,289,012

17.42

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

TELSTRA 3.75% 11-16.05.22

400,000 EUR

417,410

0.48

417,410

0.48

DAIGR 2.625% 12-02.04.19

1,800,000 EUR

1,796,310

2.05

1,715,480

1.95

GERMANY 2.5% 10-04.01.21

1,200,000 EUR

1,285,560

1.46

1,715,480

1.95

GERMANY 3.25% 09-04.01.20

AUSTRIA

AUSTRIA 3.2% 10-20.02.17

1,600,000 EUR

BELGIUM

BELGIUM 2.75% 10-28.03.16

1,000,000 EUR

1,028,950

1.17

BELGIUM 3.5% 09-28.03.15

1,000,000 EUR

1,054,225

1.20

GERMANY

400,000 EUR

453,230

0.52

GERMANY 3.5% 09-04.07.19

1,200,000 EUR

1,378,860

1.57

GERMANY 4% 05-04.01.37

3.62

2,500,000 EUR

3,181,625

GERMANY 4.75% 98-04.07.28

800,000 EUR

1,040,720

1.19

GERMANY 5.50% 00-04.01.31

1,150,000 EUR

1,654,706

1.88

KFW 3.125% 11-15.06.18

2,000,000 EUR

BELGIUM 3.75% 05-28.09.15

OLO46

1,500,000 EUR

1,598,550

1.82

BELGIUM 3.75% 10-28.09.20

OLO

1,000,000 EUR

1,042,725

1.19

4,724,450

5.38

908,618

1.03

908,618

1.03

HSBC 3.875% 11-24.10.18

1,050,000 EUR

1,124,539

1.29

LLOYDS 3.375% 10-17.03.15

1,000,000 EUR

1,046,610

1.19

LLOYDS 4.625% 12-02.02.17

900,000 EUR

FINLAND
SAMPO BANK 4.25% 1227.02.17

875,000 EUR

FRANCE

AFD 3.75% 12-15.02.27

2,000,000 EUR

2,004,609

2.28

2,161,570

2.46

12,952,581

14.75

0.64

GREAT BRITAIN
BARCLAYS BANK 4.75% 05PERP.

1,000,000 EUR

565,075

BP PLC 2.177% 12-16.02.16

700,000 EUR

710,437

0.81

BPCM 2.994% 12-18.02.19

250,000 EUR

256,003

0.29

922,968

1.05

4,625,632

5.27

300,000 EUR

316,938

0.36

1,000,000 EUR

1,007,125

1.15

BFCM 6.50% 01-19.07.13

EMTN

1,000,000 EUR

1,043,100

1.19

BNP PARIBAS 5.25% 0217.12.12 EMTN

1,000,000 EUR

1,024,065

1.17

ENI 4.25% 12-03.02.20

BPCE SFH 4% 11-23.03.22 S6

1,000,000 EUR

1,062,535

1.21

ITALY 3.75% 05-01.08.15 BTP

CARREFOUR 4.375% 0602.11.16

ITALY 3.75% 10-01.03.21 BTP

2,100,000 EUR

1,940,768

2.21

800,000 EUR

861,072

0.98

ITALY 4% 06-01.02.17 BTP

2,000,000 EUR

1,997,399

2.27

CCBP 9.25% 09-PERP

400,000 EUR

360,184

0.41

ITALY 4.00% 05-01.02.37 BTP

2,300,000 EUR

1,815,563

2.07

CNP ASSURANCES 4.75% 06PERP.

250,000 EUR

168,745

0.19

ITALY 4.25% 03-01.08.13 BTP

2,000,000 EUR

2,048,949

2.33

CR AGR 3.875% 12-13.02.19

700,000 EUR

709,909

0.81

ITALY 4.25% 04-01.02.15 BTP

1,000,000 EUR

1,027,375

1.17

CRH 3.3% 10-23.09.22

1,350,000 EUR

1,373,645

1.56

ITALY 4.25% 04-01.08.14 BTP

AGO

1,000,000 EUR

1,023,925

1.17

CRH 3.75%10-19.02.20

1,000,000 EUR

1,072,100

1.22

ITALY 4.25% 08-15.04.13 BTP

FRANCE 3.5% 04-25.04.15

OAT

1,000,000 EUR

1,076,550

1.23

FRANCE 3.75% 05-25.04.21

OAT

2,000,000 EUR

2,158,199

2.46

RFF 4.375% 06-02.06.22

1,000,000 EUR

1,104,350

1.26

ITALY

1,000,000 EUR

1,023,575

1.17

ITALY 5 % 11-01.03.22 BTP

500,000 EUR

498,213

0.57

UNICREDIT 4.875% 1207.03.17

400,000 EUR

397,178

0.45

13,097,008

14.92

279

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

JERSEY
AIG. SUN. III 4.75% 0311.09.13

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

GE CAP IV FRN 09-15.09.66

SUB
1,100,000 EUR

1,132,846

1.29

1,132,846

1.29

LUXEMBOURG

% net
assets

431,133

0.49

1,409,814

1.61

78,344,057

89.23

FLOATING RATE BONDS

2,300,000 EUR

2,635,455

3.00

HANNOVER FIN 5.75% 0426.02.24

1,500,000 EUR

1,517,445

1.73

FRANCE
CREDIT LOGEMENT FRN 04PERP.

4,152,900

4.73

NATIXIS FRN 07-06.07.17

604,314

0.69

ABN AMRO 4.25% 1111.04.16

500,000 EUR

TOTAL BONDS

BEI 4.75% 07-15.10.17 EMTN

NETHERLANDS
ABN AMRO 4.125% 1228.03.22

Quantity/ Currency Evaluation

Face
value

500,000 EUR

319,813

0.36

1,000,000 EUR

979,240

1.12

SUEZ ENV 4.82% (FRN) 10PERP/SUB

600,000 EUR
500,000 EUR

ABN AMRO 6.375% 1127.04.21/SUB

550,000 EUR

CRH FIN 5% 12-25.01.19

400,000 EUR

0.61

TOTAL FLOATING RATE BONDS

556,067

0.63

435,376

0.50

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

533,528

800,000 EUR

756,920

0.86

2,055,973

2.34

2,055,973

2.34

80,400,030

91.57

ING NV 4.5% 12-21.02.22

800,000 EUR

844,104

0.96

NETHERLANDS 3.5% 1015.07.20

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

3,350,000 EUR

3,715,568

4.22

BONDS

RABOBANK 3.5% 11-17.10.18

1,500,000 EUR

1,550,595

1.77

FRANCE

8,239,552

9.38

CADES 3.25% 11-07.03.18

500,000 EUR

525,845

0.60

PSA FIN 4.25% 11-25.02.16

400,000 EUR

403,842

0.46

929,687

1.06

SPAIN

GAS NCP 5% 12-13.02.18

500,000 EUR

516,923

0.59

SANTANDER 5.435% (FRN)

07-24.10.17

500,000 EUR

422,475

0.48
1.12

SPAIN 3.15% 05-31.01.16

1,000,000 EUR

983,450

SPAIN 4.25% 08-31.01.14

2,000,000 EUR

2,065,300

2.35

SPAIN 5% 02-30.07.12

1,300,000 EUR

1,317,420

1.50

SPAIN 5.5% 02-30.07.17

2,000,000 EUR

2,105,700

2.40

200,000 EUR

203,176

0.23

7,614,444

8.67

2,064,310

2.35

2,064,310

2.35

TELEFONICA 4.797% 1221.02.18

SWEDEN
SWEDBANK 3.375% 1209.02.17

500,000 EUR

530,663

0.60

SCOT & STH EN 5.025% 10PERP

750,000 EUR

728,632

0.83

1,259,295

1.43

SPAIN

LA CAIXA 5.125% 11-27.04.16

TOTAL BONDS

2,000,000 EUR

UNITED STATES
BANK AMERICA CORP 4% 0523.03.15

500,000 EUR

513,570

0.59

BOA 4.75% 10-03.04.17

450,000 EUR

465,111

0.53

280

GREAT BRITAIN
BARCLAYS 4.125% 1115.03.16

400,000 EUR

418,842

0.48

418,842

0.48

2,607,824

2.97

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

FLOATING RATE BONDS

NETHERLANDS
ALLIANDER 4.875% (FRN) 1029.11.49

1,800,000 EUR

1,826,361

2.08

1,826,361

2.08

TOTAL FLOATING RATE BONDS

1,826,361

2.08

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

4,434,185

5.05

1,038,675

1.18

1,038,675

1.18

TOTAL BONDS

1,038,675

1.18

TOTAL OTHER TRANSFERABLE SECURITIES

1,038,675

1.18

OTHER TRANSFERABLE SECURITIES

BONDS
ITALY

UNICREDIT 4.25% 09-29.07.16

1,000,000 EUR

FINANCIAL INSTRUMENTS
OPTIONS
GERMANY
PUT EURO BUND 20/04/2012
135.5

(40) EUR

(4,800)

(0.01)

PUT EURO BUND 20/04/2012

136.5

(40) EUR

(10,000)

(0.01)

PUT EURO BUND 20/04/2012

138.0

40 EUR

26,400

0.03

11,600

0.01

TOTAL OPTIONS

11,600

0.01

TOTAL FINANCIAL INSTRUMENTS

11,600

0.01

85,884,490

97.81

1,918,799

2.19

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

87,803,289 100.00

281

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro Credit Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
BONDS

BELGIUM
FORTIS BANK 4.25% (FRN) 0621 EMTN

CAYMAN ISLANDS
HUTCH WHAM 4.75% 0914.11.16

1,850,000 EUR

5,000,000 EUR

3,000,000 EUR

6,000,000 EUR

2.01

FCE BK 9.375% 09-17.01.14

4,500,000 EUR

4,963,230

1.11

1.48

3,351,060

0.75

5,354,950

1.20

2,031,911

0.45

LLOYDS TSB 5.625% 0805.03.18

4,000,000 EUR

3,499,340

0.78

LLOYDS 4.625% 12-02.02.17

5,000,000 EUR

5,127,600

1.15

MONDI FIN 5.75% 10-03.04.17

7,000,000 EUR

7,590,555

1.70

RBS 4.875% 10-20.01.17

5,000,000 EUR

5,197,250

1.16

UBS LOND. 6% 08-18.04.18

SENIOR

7,000,000 EUR

8,132,145

1.82

VIRGIN MEDIA FIN 9.5% 0915.08.16

3,250,000 EUR

4,658,350

1.04

4,658,350

1.04

3,275,505

0.73

3,275,505

0.73

6,130,590

1.37

6,130,590

1.37

0.58

BPCE 4.5% 12-10.02.22

8,000,000 EUR

8,557,360

1.91

CA HOME LOAN 4% 1217.01.22

5,000,000 EUR

5,395,625

1.21

2,000,000 EUR

2,921,980

0.65

13,000,000 EUR

13,126,100

2.94

RCI BQ 4% 10-25.01.16

3,000,000 EUR

3,080,415

0.69

ST GOBAIN 3.625% 1228.03.22

1,100,000 EUR

1,099,252

0.25

ST GOBAIN 4.5% 11-30.09.19

5,100,000 EUR

5,547,372

1.24

VALEO SA 4.875% 11-11.05.18

5,000,000 EUR

5,256,000

1.17

VALEO SA 5.75% 12-19.01.17

3,000,000 EUR

3,276,825

0.73

50,846,979

11.37

GERMANY
DEUTSCHE BANK 1.671% 0509.03.17

4,500,000 EUR

4,047,053

0.90

DEUTSCHE BANK 5% 1024.06.20

2,150,000 EUR

2,182,970

0.49

6,230,023

1.39

282

9,011,287

5,000,000 EUR

2,586,050

4,000,000 EUR

6,602,490

8,800,000 EUR

3,000,000 EUR

2,500,000 EUR

GREAT BRITAIN
BARCLAYS BANK 6% 1014.01.21

6,000,000 EUR

BPCM 2.994% 12-18.02.19

HSBC HLDG 6.25% 0819.03.18

BFCM 4.125% 10-20.07.20

FRANCE 3% 11-25.04.22 OAT

BARCLAYS 4.875% 0913.08.19

HSBC 3.875% 11-24.10.18

FRANCE

FRANCE TELECOM 8.125%

03-28.01.33

% net
assets

0.45

DENMARK

TDC 3.75% 12-02.03.22

Quantity/ Currency Evaluation

Face
value

2,031,911

AUSTRIA

OMV 4.25% 11-12.10.21

Description

3,718,100

0.83

3,645,753

0.81

66,193,760

14.80

IRELAND
BANK OF IRELAND 4.625%
09-08.04.13

2,500,000 EUR

2,394,050

0.54

GE CAP EUR 5.375% 0923.01.20

4,450,000 EUR

5,105,040

1.14

7,499,090

1.68

ITALY

ASSGEN 6.9% 00-20.07.22

5,000,000 EUR

4,974,975

1.11

ENI 4.25% 12-03.02.20

4,000,000 EUR

4,225,840

0.94

INT SANPAOLO 5.75% (FRN)

08-28.05.18

6,000,000 EUR

5,661,600

1.28

INTESA SAN 5% 12-28.02.17

4,900,000 EUR

4,964,117

1.11

TELECOM IT. 5.25% 0517.03.55

6,000,000 EUR

4,575,900

1.02

UNICREDIT 4.875% 1207.03.17

2,000,000 EUR

1,985,890

0.44

26,388,322

5.90

JERSEY
PROSECURE FUND 4.668%
06-30.06.16

5,500,000 EUR

4,771,965

1.07

4,771,965

1.07

NETHERLANDS
ABN AMRO 4.125% 1228.03.22

4,000,000 EUR

4,028,760

0.90

ABN AMRO 6.375% 1127.04.21/SUB

5,000,000 EUR

5,055,150

1.13

ADECCO IF 4.75% 11-13.04.18

2,000,000 EUR

2,150,360

0.48

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro Credit Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

ALLIANZ FIN.II 6.125% 0231.05.22 EMTN

6,000,000 EUR

5,985,090

1.34

CRH FIN 5% 12-25.01.19

6,000,000 EUR

6,530,640

1.46

ENEL FIN 4.625% 11-24.06.12

3,000,000 EUR

3,160,815

0.71

EUREKO 7.375% 09-16.06.14

9,000,000 EUR

9,844,739

2.20

HIT FIN BV 5.75% 11-09.03.18

5,000,000 EUR

5,280,175

1.18

KPN 5.625% 09-30.09.24

7,000,000 EUR

7,948,535

1.78

RABOBANK 3.5% 11-17.10.18

3,000,000 EUR

3,101,190

0.69

RABOBANK 4.128% 1112.01.21

5,000,000 EUR

5,257,800

1.18

SIEMENS F. 5.25% FLR 0614.09.66

6,000,000 EUR

6,377,820

1.43

TELEFONICA EUR. 5.875% 0333 EMTN

4,000,000 EUR

4,154,300

0.93

68,875,374

15.41

NORWAY

DNB 4.25% 12-18.01.22

5,000,000 EUR

5,289,775

1.18

DNB 4.75% 12-08.03.22/SUB

5,300,000 EUR

5,323,400

1.19

EKSPORTFINANS 4.75% 0811.06.13

4,000,000 EUR

4,022,520

0.90

14,635,695

3.27

SPAIN

GAS NCP 5.125% 09-02.11.21

SWEDEN
ATLAS COPCO 2.625% 1215.03.19

3,000,000 EUR

1,300,000 EUR

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

JP MORGAN CHASE 3.875%

10-23.09.20

7,000,000 EUR

7,338,660

1.64

MORGAN STANLEY 5.5% 0702.10.17

5,000,000 EUR

5,200,450

1.16

WELLS FARGO 4.125% 0603.11.16

5,250,000 EUR

5,685,304

1.27

ZURICH FIN.USA 5.75% 0302.10.23

9,000,000 EUR

9,168,929

2.05

59,474,077

13.29

340,260,808

76.07

5,203,275

1.16

5,203,275

1.16

TOTAL BONDS
FLOATING RATE BONDS
AUSTRIA
OMV 6.75%(FRN) 1129.04.49/SUB

5,000,000 EUR

FRANCE

BPCE FRN 09-PERP

5,000,000 EUR

5,502,500

1.23

CREDIT LOGEMENT FRN 04PERP.

3,000,000 EUR

1,918,875

0.43

CREDIT LOGEMENT FRN 0715.06.17

1,050,000 EUR

1,030,139

0.23

GRPE BPCE FRN 10-PERP/SUB

1,000,000 EUR

925,405

0.21

3,006,255

0.67

STE GENERALE FRN 0707.06.17

7,500,000 EUR

7,384,088

1.64

3,006,255

0.67

SUEZ ENV 4.82% (FRN) 10PERP/SUB

6,000,000 EUR

5,676,900

1.27

22,437,907

5.01

6,176,580

1.38

1,313,319

0.29

NORDEA 4% 12-11.07.19

4,250,000 EUR

4,543,144

1.02

SWEDBANK 7.375% 0826.06.18

10,000,000 EUR

10,386,449

2.32

16,242,912

3.63

UNITED STATES
CITIGROUP 7.375% 0904.09.19

7,000,000 EUR

8,323,700

1.86

CS GROUP (US) 3.625% 0514.09.20

5,700,000 EUR

5,429,165

1.21

FRESENIUS FINANCE II 8.75%

09-15.07.15

2,000,000 EUR

2,327,510

0.52

GE CAP IV FRN 09-15.09.66

SUB

4,000,000 EUR

3,449,060

0.77

GS 4.375% 10-16.03.17

9,000,000 EUR

9,077,850

2.03

JP MORGAN CHASE NY
4.625% 07-31.05.17

3,700,000 EUR

3,473,449

0.78

GERMANY
ENBW 7.375%(FRN) 1102.04.72/SUB

6,000,000 EUR

MUNICH RE FRN (6.25%) 1226.05.42

9,000,000 EUR

8,947,755

2.00

15,124,335

3.38

2,987,070

0.67

2,987,070

0.67

2,643,615

0.59

2,643,615

0.59

GREAT BRITAIN

HSBC HLDGS FRN 05-20

3,000,000 EUR

ITALY

INTESA FRN 09-PERP

3,000,000 EUR

JERSEY

UBS PREF. FD FRN 05-PERP

6,000,000 EUR

4,952,220

1.11

4,952,220

1.11

283

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro Credit Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

NETHERLANDS
ALLIANZ FIN 5.75% 1108.07.41 SUB

SWEDEN
NORDEA 4.625% (FRN)1215.02.22

3,800,000 EUR

5,200,000 EUR

% net
assets

3,794,566

0.85

3,794,566

0.85

NETHERLANDS
ALLIANDER 4.875% (FRN) 1029.11.49

6,000,000 EUR

4,945,590

1.11

TOTAL FLOATING RATE BONDS

4,945,590

1.11

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

6,015,300

1.34

6,015,300

1.34

68,103,878

15.22

408,364,686

91.29

6,087,870

1.36

6,087,870

1.36

6,087,870

1.36

27,287,430

6.10

90

0.00

OTHER TRANSFERABLE SECURITIES

6,000,000 EUR

TOTAL FLOATING RATE BONDS

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

BONDS
NETHERLANDS
LEHMAN 4.625% 07-14.03.19
DEFLT

900,000 EUR

90

0.00

TOTAL BONDS

90

0.00

TOTAL OTHER TRANSFERABLE SECURITIES

90

0.00

FINANCIAL INSTRUMENTS

BONDS

OPTIONS

DENMARK

TDCDC 4.375% 11-23.02.18

Quantity/ Currency Evaluation

Face
value

FLOATING RATE BONDS

LUXEMBOURG

TALANZ FI FRN 12-15.06.42

Description

2,000,000 EUR

2,186,260

0.49

2,186,260

0.49

GERMANY
PUT EURO BUND 20/04/2012
136.0

FRANCE

(150) EUR

(28,500)

(0.01)

(28,500)

(0.01)

PSA FIN 4.25% 11-25.02.16

3,000,000 EUR

3,028,815

0.68

RCI BQ 3.25% 11-17.01.14

2,000,000 EUR

2,034,710

0.45

TOTAL OPTIONS

(28,500)

(0.01)

5,063,525

1.13

TOTAL FINANCIAL INSTRUMENTS

(28,500)

(0.01)

435,623,706

97.38

11,725,621

2.62

GREAT BRITAIN
BARCLAYS 6.625% 1130.03.22

SCOT & STH EN 5.025% 10PERP

NETHERLANDS
SUEDZ FIN 4.125% 1129.03.18

TOTAL BONDS

284

TOTAL INVESTMENTS

5,000,000 EUR

4,756,275

1.06

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

6,000,000 EUR

3,050,000 EUR

5,829,060

1.31

10,585,335

2.37

3,364,440

0.75

3,364,440

0.75

21,199,560

4.74

447,349,327 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro High Yield Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Face Value Currency Evaluation

% net
assets

Description

Face Value Currency Evaluation

% net
assets

SOCIETE GENERALE 7.756%

(FRN) 08-PERP.

4,850,000 EUR

4,196,511

0.65

TEREOS EUROPE 6.375% 0715.04.14 REGS

5,855,000 EUR

6,144,735

0.95

BONDS

VINCI 6.25% 06-PERP

2,850,000 EUR

2,852,038

0.44

AUSTRIA
WIENERBERGER 6.5% 07PERP

WENDEL INVESTMENT
4.375% 05-09.08.17

1,000,000 EUR

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

BELGIUM
FORTIS BANK 4.625% 04 PERP.

KBC BANK 8% 08-PERP.

CAYMAN ISLANDS
UPCB FIN 7.625%10-15.01.20
REGS

7,003,000 EUR

11,650,000 EUR
7,700,000 EUR

1,300,000 EUR

6,081,405

0.94

6,081,405

0.94

GERMANY
COMZBK 7.75% 11-16.03.21 /
SUB

9,106,572

1.40

1.36

2,095,000

0.32

0.94
2.34

HSH NORDBANK 4.375% 0714.02.08

2,050,000 EUR

1,401,595

0.22

KABEL DEUTS 6.5% 1129.06.18

1,000,000 EUR

1,057,325

0.16

MUNICH RE 5.767% 0726.06.49

9,000,000 EUR

8,245,845

1.27

1,377,454

0.21

1,377,454

0.21

MUSKETEER GMBH 9.5% 1115.03.21

1.24

FS FUNDING 8.875% 0615.05.16 REG

1,750,000 EUR

1,794,345

0.28

9,864,008

1.52

5,309,688

0.82

BARCLAYS BANK 4.75% 05PERP.

5,309,688

0.82

FCE BK 4.75% 11-19.01.15

FCE BK 9.375% 09-17.01.14

LLOYDS TSB 5.625% 0805.03.18

UNITYMEDIA 8.125% 0901.12.17

UPC GER 9.625% 09-01.12.19

FRANCE

8,444,249

1.30

6,750,000 EUR

7,332,626

1.13

16,250,000 EUR

17,285,449

2.66

4,274,069

0.66

50,538,609

7.78

3,900,000 EUR

GREAT BRITAIN

ALBA GROUP 8% 11-15.05.18

10,300,000 EUR

8,846,700

2,000,000 EUR

6,094,204

8,069,663

AXA SA 5.777% 06-PERP

10,000,000 EUR

15,200,776

7,500,000 EUR

5,350,000 EUR

0.15
15.81

ELSTER FIN 6.25% 1115.04.18

DENMARK
DONG ENERGY 7.75% 11PERP /SUB

FINLAND
STORA ENSO 5.5% 1207.03.19

953,715
102,813,067

150,000 EUR

155,750

0.02

13,550,000 EUR

7,656,766

1.18

4,750,000 EUR

4,891,004

0.75

11,650,000 EUR

12,849,250

1.99

1,000,000 EUR

874,835

0.13

BPCE 6.117% 07-PERP EMTN

5,600,000 EUR

4,216,184

0.65

CROWN EU HOLDING 7.125%

15.08.18 REGS

LLOYDS 11.875% 11-16.12.21

4,600,000 EUR

5,104,321

0.79

18,350,000 EUR

19,609,910

3.01

MONDI FIN 5.75% 10-03.04.17

1,625,000 EUR

1,762,093

0.27

11,000,000 EUR

10,739,905

1.65

2,850,000 EUR

3,197,045

0.49

47,230,969

7.27

6,619,758

1.02

6,619,758

1.02

5,500,000 EUR

6,214,285

0.96

REXAM PLC 6.75% 0729.06.67

LAFARGE 5.5% 09-16.12.19

ST-UP

15,450,000 EUR

15,561,394

2.38

VIRGIN MEDIA FIN 9.5% 0915.08.16

NEXANS 5.75% 07-02.05.17

5,950,000 EUR

6,169,406

0.95

13,000,000 EUR

13,657,930

2.09

6,436,000 EUR

6,816,657

1.05

FAURECIA 9.375% 1115.12.16

RENAULT 5.625% 10-30.06.15

REXEL 7% 11-17.12.18
REXEL 8.25% 09-15.12.16

2,531,000 EUR

2,769,306

0.43

SCOR ASSIST 6.154% 06PERP.

6,100,000 EUR

5,206,747

0.80

HUNGARY
MOL HU O&G 5.875% 1020.04.17

7,250,000 EUR

285

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro High Yield Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Face Value Currency Evaluation

% net
assets

IRELAND

AIB 5.625% 09-12.11.14

2,000,000 EUR

1,691,250

0.26

Description

Face Value Currency Evaluation

% net
assets

HEIDLRG 7.5% 10-03.04.20

750,000 EUR

798,660

HEIDLRG 8.5% 09-31.10.19

19,800,000 EUR

22,415,480

3.44

4,250,000 EUR

4,133,933

0.64
0.12

ING GP NV 8% 08-PERP

0.12

BANK OF IRELAND 4.625%

09-08.04.13

4,500,000 EUR

4,309,290

0.66

SMURFIT KAP ACQ 7.25% 0915.11.17

ING GROEP 4.125% 1123.03.15

740,000 EUR

771,853

6,750,000 EUR

7,236,979

1.12

INTERXION 9.5% 10-12.02.17

2,350,000 EUR

2,603,694

0.40

13,237,519

2.04

NWORLD RES 7.875% 1001.05.18

3,250,000 EUR

3,312,725

0.51

2,490,767

0.38

RABOBANK 6.875% 1019.03.20

17,150,000 EUR

16,623,667

2.56

2,490,767

0.38

SUEDZUCK.INTERNATIONAL
5.25% 05-PERP

2,500,000 EUR

2,503,625

0.39

14,000,000 EUR

15,136,030

2.33

116,476,590

17.91

5,530,965

0.85

5,530,965

0.85

4,826,000

0.74

4,826,000

0.74

ITALY

CIRINT 5.75% 04-16.12.24

JERSEY
PROSECURE FUND 4.668%
06-30.06.16

KAZAKHSTAN
KAZKOMMERTS 6.875% 0713.02.17

3,050,000 EUR

ZIGGO 8% 10-15.05.18
6,750,000 EUR

1,300,000 EUR

5,856,503

0.90

5,856,503

0.90

1,174,531

0.18

1,174,531

0.18

LUXEMBOURG
CLARIANT FIN 5.625% 1224.01.17

3,100,000 EUR

3,308,429

0.51

FMC FIN 6.5% 11-15.09.18

NORWAY
EKSPORTFINANS 4.75% 0811.06.13

POLAND
CYFROWY PL 7.125% 1120.05.18

5,500,000 EUR

4,750,000 EUR

400,000 EUR

439,718

0.07

GREIF LUX 7.375% 1115.07.21

2,000,000 EUR

2,103,130

0.32

CITIGP 4.75% 07-31.05.17

1,500,000 EUR

1,305,000

0.20

INEOS FIN 9.25% 10-15.05.15

1,000,000 EUR

1,059,585

0.16

CL CAPITAL TRUST 7.047%

02-PERP.

2,450,000 EUR

2,456,125

0.38

SPIE BONDCO3 11% 1215.08.19

1,250,000 EUR

1,265,425

0.19

FRESENIUS FINANCE II 8.75%

09-15.07.15

16,250,000 EUR

18,911,019

2.91

SUNRISE COM 8.5% 1031.12.18

5,500,000 EUR

5,876,942

0.91

GE CAP IV FRN 09-15.09.66

SUB

22,475,000 EUR

19,379,406

2.98

14,053,229

2.16

NETHERLANDS
ABN AMRO 6.375% 1127.04.21/SUB

UNITED STATES

TOTAL BONDS

2,153,000 EUR

2,176,748

0.33

FLOATING RATE BONDS

42,051,550

6.47

450,733,388

69.34

1,050,000 EUR

1,118,234

0.17

23,650,000 EUR

25,061,076

3.85

AUSTRALIA
ORIGIN EN FRN 1116.06.71/SUB

8,250,000 EUR

8,225,456

1.27

EDP FIN BV 5.875% 1101.02.16

1,500,000 EUR

1,383,518

0.21

SANTOS FIN 8.25% (FRN) 1022.09.70

2,500,000 EUR

2,491,463

0.38

EUREKO 5.125% 05-29.06.49

3,250,000 EUR

2,535,585

0.39

10,716,919

1.65

GMAC INTL 7.5% 10-21.04.15

9,365,895

1.44

9,365,895

1.44

BRENNTAG FIN 5.5% 1119.07.18

CONGR 7.125% 10-15.10.18

10,400,000 EUR

10,728,588

1.65

GOODYEAR T&R 6.75% 1115.04.19

3,355,000 EUR

3,351,947

0.52

HEIDEL FIN 9.5% 11-15.12.18

1,550,000 EUR

1,821,227

0.28

286

AUSTRIA
OMV 6.75%(FRN) 1129.04.49/SUB

9,000,000 EUR

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro High Yield Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Face Value Currency Evaluation

% net
assets

Description

AXA SA FRN 07-PERP

1,000,000 EUR

818,145

0.13

LUXEMBOURG

BPCE FRN 09-PERP

1,000,000 EUR

1,100,500

0.17

OXEA FIN 9.625% 10-15.07.17

CNP ASSURANCE FRN 06PERP.

6,600,000 EUR

4,454,867

0.68

CREDIT LOGEMENT FRN 04PERP.

2,800,000 EUR

1,790,950

0.28

CREDIT LOG.FRN 06-PERP

1,850,000 EUR

1,170,292

0.18

NATIXIS FRN 07-06.07.17

1,000,000 EUR

979,240

0.15

SUEZ ENV 4.82% (FRN) 10PERP/SUB

2,650,000 EUR

ENBW 7.375%(FRN) 1102.04.72/SUB

% net
assets

ASSET BACKED SECURITIES

FRANCE

GERMANY
ENBW 7.375%(FRN) 1102.04.72/SUB

Face Value Currency Evaluation

1,500,000 EUR

1,529,752

0.24

1,529,752

0.24

TOTAL ASSET BACKED SECURITIES

1,529,752

0.24

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

551,259,717

84.81

2,507,298

0.38

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

12,821,292

1.97

BONDS

8,830,739

1.35

FRANCE

8,550,000 EUR

RENAULT 4.625% 12-25.05.16

5,000,000 EUR

5,040,975

0.78

5,040,975

0.78

1,474,445

0.23

1,474,445

0.23

750,000 EUR

772,073

0.12

HSH NORDBK FRN 0714.02.17 S.239

4,000,000 EUR

2,715,000

0.42

MUNICH RE FRN (6.25%) 1226.05.42

2,000,000 EUR

1,988,390

0.31

14,306,202

2.20

FIAT FT 6.25% 11-09.03.18

6,350,000 EUR

6,378,543

0.98

8,532,360

1.31

TELE FIN III 6.625% 1115.02.21

1,850,000 EUR

1,878,296

0.29

8,532,360

1.31

TNETBB 6.375% 10-15.11.20

6,500,000 EUR

GREAT BRITAIN

RBS 10.5%(FRN) 12-16.03.22

8,000,000 EUR

GREAT BRITAIN
BARCLAYS 6.625% 1130.03.22

1,550,000 EUR

LUXEMBOURG

JERSEY

UBS PREF. FD FRN 05-PERP

13,450,000 EUR

11,101,227

1.71

11,101,227

1.71

NETHERLANDS
HERTZ HDGS 8.5% 1031.07.15

LUXEMBOURG
CALCIPAR FRN 07-01.07.14
REGS

1,480,000 EUR

1,447,625

0.22

TALANZ FI FRN 12-15.06.42

6,000,000 EUR

5,991,420

0.92

UPC HLD BV 8.375% 15.08.20

REGS

7,439,045

1.14

NETHERLANDS
ABN AMRO BANK FRN 06PERP.

ALLIANZ FIN 5.75% 1108.07.41 SUB

ING VERZEK.FRN 01-21.06.21

TOTAL FLOATING RATE BONDS

11,400,000 EUR

8,704,755

1.34

6,700,000 EUR

6,372,203

0.98

10,300,000 EUR

9,636,679

1.49

24,713,637

3.81

98,996,577

15.23

PHOENIX FIN 9.625% 1015.07.14

6,250,000 EUR

6,561,685

1.01

14,818,524

2.28

6,782,813

1.04

1,650,000 EUR

1,819,892

0.28

21,200,000 EUR

22,018,425

3.39

UPC 9.75% 09-15.04.18

1,900,000 EUR

2,023,576

0.31

ZIGGO 6.125% 10-15.11.17

REG

2,250,000 EUR

2,379,308

0.37

35,024,014

5.39

2,623,964

0.40

2,623,964

0.40

58,981,922

9.08

SWEDEN
TVN FIN III 7.875% 1015.11.18 REG

TOTAL BONDS

2,650,000 EUR

287

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro High Yield Bond
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Face Value Currency Evaluation

% net
assets

ASSET BACKED SECURITIES

UNITED STATES

LYONDELL 8% 10-01.11.17

3,309,000 EUR

TOTAL ASSET BACKED SECURITIES

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

2,999,245

0.46

2,999,245

0.46

2,999,245

0.46

61,981,167

9.54

OTHER TRANSFERABLE SECURITIES

BONDS
VIRGIN ISLANDS
C10 CAP SPV 6.277% FRN 0709.05.49

4,355,000 EUR

2,384,363

0.37

2,384,363

0.37

TOTAL BONDS

2,384,363

0.37

TOTAL OTHER TRANSFERABLE SECURITIES

2,384,363

0.37

615,625,247

94.72

34,338,553

5.28

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

288

649,963,800 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

KFW 3.375% 11-18.01.21

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

GREAT BRITAIN
BAT INTERNATIONAL
FINANCE 8.125% 08-15.11.13
144A

BONDS
AUSTRALIA
AUSTRALIA 5.75% 0715.05.21

AUSTRIA
AUSTRIA 3.65% 11-20.04.22
144A

600,000 AUD

800,000 EUR

CAYMAN ISLANDS
TWU CAYMAN 6.125% 0904.02.13

2,760,000 EUR

350,000 EUR

0.30
0.80

IMPERIAL TOB 5% 1102.12.19

500,000 EUR

745,394

0.40

RBS 4.875% 09-25.08.14

400,000 USD

413,688

0.22

REXAM PLC 6.75% 0729.06.67

500,000 EUR

651,326

0.35

0.38

1,151,041

0.62

UK TSY 4.00% 06-07.09.16

TSY

1,500,000 GBP

2,729,102

1.47

3,942,093

2.12

UK TSY 4.75% 04-07.12.38

500,000 GBP

1,004,067

0.54

3,942,093

2.12

UK 4% 09-07.03.22 GILT

1,550,000 GBP

2,880,480

1.55

UK 5% 01-07.03.25

2,000,000 GBP

4,070,343

2.18

14,542,606

7.81

1,530,594

0.82

1,530,594

0.82

485,621

0.26

485,621

0.26

IRELAND
GE CAP EUR 5.375% 0923.01.20

FRANCE 3% 11-25.04.22 OAT

1,200,000 EUR

1,616,570

0.87

FRANCE 4% 07-25.04.18 OAT

1,000,000 EUR

1,482,897

0.80

ITALY

FRANCE 5.75% 01-25.10.32

LAFARGE 5.5% 09-16.12.19

ST-UP

1,000,000 EUR

49,000 EUR

72,662

0.04

ITALY 4% 06-01.02.17 BTP

5,780,000 EUR

7,701,650

4.13

1,450,000 EUR

2,543,792

1.36

ITALY 4.25% 08-15.04.13 BTP

2,164,000 EUR

2,955,275

1.59

ITALY 4.25% 09-01.03.20 BTP

1,000,000 EUR

1,297,910

0.70

11,954,835

6.42

5.92

250,000 EUR

335,955

0.18

VEOLIA ENVIRONNEMENT
5.25% 08-03.06.13

580,000 USD

603,789

0.32

VIVENDI 5.75% 08-04.04.13

144A

475,000 USD

494,141

0.27

7,149,806

3.84

GERMANY

GERMANY 2.25% 10-10.04.15

4,150,000 EUR

5,852,673

3.14

GERMANY 3.5% 08-12.04.13

1,629,000 EUR

2,247,851

1.21

GERMANY 3.75% 08-04.01.19

740,000 EUR

1,147,844

0.62

GERMANY 4.25% 03-04.01.14

9,000,000 EUR

12,860,953

6.90

GERMANY 4.75% 08-04.07.40

0.78
14.83

555,841

707,925

FRANCE

FRANCE 4% 07-25.04.18 OAT

1,458,281
27,620,467

1,492,365

BRITISH TELECOM. 9.625%

00-15.12.30 MULTIC

0.62

1,000,000 EUR

% net
assets

500,000 USD

0.38

1,151,041

Face Value Currency Evaluation

1,000,000 USD

707,925

BELGIUM

BELGIUM 4.25% 11-28.09.21

Description

715,000 EUR

1,391,102

0.75

KFW 1.5% 11-04.04.14

1,700,000 USD

1,731,476

0.93

KFW 2.05% 06-16.02.26

GLOBAL

70,000,000 JPY

930,287

0.50

JAPAN

JAPAN 0.3% 10-20.06.15

900,000,000 JPY

11,016,018

JAPAN 1.2% 11-20.06.21

40,000,000 JPY

500,416

0.27

JAPAN 1.70% 06-20.12.16

N284

930,000,000 JPY

12,079,514

6.48

JAPAN 1.9% 11-20.06.31

320,000,000 JPY

JERSEY
HSBC CAPITAL 8.03% 00PERP

4,010,523

2.15

27,606,471

14.82

667,087

0.36

667,087

0.36

1,300,000 USD

716,099

0.38

27,800,000 JPY

340,722

0.18

500,000 EUR

LUXEMBOURG

BEI 0% 96-06.11.26 SENIOR

BEI 1.25% 07-20.09.12

289

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

Face Value Currency Evaluation

% net
assets

GAZPROM CAPITAL 5.03% 0625.02.14 REGS

380,000 EUR

532,551

0.29

TELECOM IT CAP 6.175% 0918.06.14

700,000 USD

737,614

0.40

IBRD 1% 11-15.09.16

2,000,000 USD

2,003,270

1.08

2,326,986

1.25

JPM 4.625% 11-10.05.21

1,200,000 USD

1,260,750

0.68

845,999

0.45

0.34

NETHERLANDS

ING NV 5.375% 11-15.04.21

NETHERLANDS 2.25% 1215.07.22

PHILIPPINES
ASIA DVLP BANK 2.35% 0721.06.27

500,000 GBP

SANTANDER US 3.724% 1020.01.15

1,200,000 EUR

70,000,000 JPY

1.31

USA 3.125% 09-15.05.19

966,928

0.52

966,928

0.52

600,000 EUR

735,778

0.40

400,000 USD

390,170
1,737,365

0.93
1.35

500,000 USD

511,515

0.27

5,882,509

3.16

244,643

0.13

244,643

0.13

SWEDEN

1,300,000 SEK

0.26

491,608

0.26

400,000 CHF

505,117

0.27

505,117

0.27

1,000,000 USD

1,006,815

0.54

BOA 6.4% 07-28.08.17

450,000 USD

490,667

0.26

BURL.NORTHERN 5.65% 0701.05.17

500,000 USD

582,856

0.31

CAPITAL ONE 8.8% 0915.07.19

400,000 USD

495,480

0.27

2,000,000 USD

2,015,540

1.08

UNITED ARAB EMIRATES

500,000 USD

UNITED STATES

290

630,615
1,678,203

0.90

250,000 USD

264,809

0.14

3,592,265

1.93

3,250,000 USD

TOTAL BONDS

15,268,250

8.20

125,479,258

67.38

250,062

0.13

250,062

0.13

FLOATING RATE BONDS

DENMARK
FIN DANISH FRN 09-17.08.12
144A

250,000 USD

GERMANY

RWE 4.625% (FRN) 10-PERP

SWEDEN
SWEDISH EXP FRN 0914.08.14

500,000 EUR

1,000,000 USD

TOTAL FLOATING RATE BONDS

637,114

0.34

637,114

0.34

999,642

0.54

999,642

0.54

1,886,818

1.01

TREAS. BONDS/NOTES - FIXED RATE

491,608

FNMA 1.25% 11-28.09.16

600,000 USD
1,000,000 EUR

0.21

2,507,681

BOA 3.75% 11-12.07.16 SR 1

MORGAN STANLEY 6% 0828.10.08

2,434,671

1,300,000 EUR

ABU DHABI 5.5% 07-02.08.12

0.28

TWC 5.5% 11-01.09.41

1,931,000 EUR

SWITZERLAND
SWITZERLAND 2% 1028.04.21

0.39

525,840

0.86

SPAIN 4.1% 08-30.07.18

SWEDEN 5% 03-01.12.20

721,140

500,000 USD

1,588,672

SPAIN 2.75% 09-30.04.12

TELEFONICA EMIS 5.877%

09-15.07.19

600,000 USD

HPQ 4.65% 11-09.12.21

PFIZER 5.75% 09-03.06.21

SPAIN

BBVA 3.5% 06-24.01.21

FREDDIE MAC 5.125% 0717.11.17

UNITED STATES

USA 0.375% 11-30.06.13 TBO

300,000 USD

300,428

0.16

USA 1.5% 11-31.07.16 TBO

1,600,000 USD

1,643,875

0.88

USA 2.125% 10-31.05.15

1,180,000 USD

1,237,663

0.66

USA 2.125% 11-15.08.21 E2021

3,000,000 USD

3,014,766

1.63

6,196,732

3.33

6,196,732

3.33

TOTAL TREASURY BONDS/NOTES - FIXED

RATE

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

MORTGAGE BACKED SECURITIES

QATAR 4% 09-20.01.15 144A

1,000,000 USD

TOTAL MORTGAGE BACKED SECURITIES

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

1,002,414

0.54

1,002,414

0.54

UNITED STATES

1,002,414

0.54

ABIBB 7.75% 11-15.01.19 PST

134,565,222

72.26

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
BONDS
AUSTRALIA
ANZ BANK 2.4% 11-23.11.16
144A

Face Value Currency Evaluation

1,050,000 USD

1,062,243

0.57

1,062,243

0.57

CANADA

COX COMM.7.125% 0201.10.12

700,000 USD

600,000 USD

738,063

0.40

738,063

0.40

786,672

0.42

600,000 USD

619,551

0.33

1,300,000 USD

1,407,572

0.75

RABOBANK CAP.III 5.254%

04-PERP 144A

550,000 USD

520,542

0.28

TIME WARNER CABLE 6.2%

08-01.07.13

535,000 USD

570,198

0.31

WEA&WT FIN 5.75% 0902.09.15 S144A

350,000 USD

382,850

0.21

4,287,385

2.30

23,626,552

12.68

501,414

0.27

MET LIFE 5.125% 09-10.06.14

TOTAL BONDS
FLOATING RATE BONDS

CANADA 2.75% 11-01.06.22

2,000,000 CAD

2,114,607

1.14

AUSTRALIA

CANADA 4.00% 06-01.06.17

3,139,000 CAD

3,526,730

1.89

CBA FRN 09-12.07.13 144A

5,641,337

3.03

500,000 USD

CAYMAN ISLANDS
HUTCH WHAM 5.75% 0911.09.19

1,000,000 USD

1,109,090

0.60

TREAS. BONDS/NOTES - FIXED RATE

KEL 6.6011% 09-17.04.31

700,000 GBP

1,387,391

0.74

UNITED STATES

2,496,481

1.34

USA 4.375% 09-15.11.39 TBO

TOTAL FLOATING RATE BONDS

FRANCE
BNPP HM LN COV 3.375% 1001.17

900,000 EUR

SOCIETE GENERALE 3.1% 1014.09.15

500,000 USD

1,274,118

0.68

300,000 USD

5,250,000 USD

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
FHLMC

501,414

0.27

501,414

0.27

6,393,106

3.43

6,393,106

3.43

6,393,106

3.43

482,575

0.26

1,756,693

0.94

UNITED STATES
FHLMC (30Y) 4% 12-01.04.42
TBA

1,130,000 USD

1,183,852

0.64

307,289

0.17

FHLMC (30Y) 5.0% 1201.04.42 TBA

1,360,000 USD

1,466,038

0.79

307,289

0.17

FHLMC (30Y) 5.5% 1201.04.42 TBA

1,050,000 USD

1,142,039

0.61

FHLMC (30Y) 6% 12-01.04.42

TBA

1,550,000 USD

1,710,086

0.92

FHLMC 4.5% 12-01.04.42 TBA

1,810,000 USD

1,921,710

1.03

7,423,725

3.99

7,423,725

3.99

GREAT BRITAIN

TESCO 2.7% 11-05.01.17 144A

% net
assets

QATAR

GREAT BRITAIN

PERMM FRN 10-15.07.42 1A

Description

JAPAN

JAPAN 0.2% 11-15.06.13

270,000,000 JPY

3,295,063

1.77

JAPAN 2.00% 07-20.03.27 NO

93 (20Y)

310,000,000 JPY

4,041,998

2.16

7,337,061

3.93

TOTAL FHLMC

291

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

FNMA
UNITED STATES
FNMA (15Y) 4% 12-01.04.27
TBA

1,170,000 USD

1,240,383

0.67

830,000 USD

889,527

0.48

FNMA (15Y) 5% 12-01.04.27

TBA

630,000 USD

680,498

0.37

FNMA (30Y) 4% 12-01.04.42

TBA

1,480,000 USD

1,555,156

0.84

FNMA (30Y) 4.5% 1201.04.42TBA

1,910,000 USD

2,034,449

1.08

FNMA (30Y) 5% 12-01.04.42

TBA

1,430,000 USD

1,546,411

0.83

FNMA (30Y) 5.5% 12-01.04.42

TBA

1,370,000 USD

1,493,942

0.80

9,440,366

5.07

9,440,366

5.07

MORTGAGE BACKED SECURITIES

1,000,000 USD

2,000,000 USD

GNMA (30Y) 5.5% 12-01.04.42

TBA
GNMA 4.5% 12-15.04.42 TBA

IRELAND
CAIRN MEZZ.FRN 07-13.08.47
07-3A B1 DEFLT

860,000 USD

UNITED STATES
ABFC 3.684% 05-25.03.33 03AHL1 A1

7,500,000 USD

TOTAL ASSET BACKED SECURITIES

1,001,536

0.54

1,001,536

0.54

470,442
860,836

0.46

1,980,000 USD

2,157,272

1.16

220,000 USD

TOTAL MORTGAGE BACKED SECURITIES

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

JLOC FRN 07-16.02.16 36X-A1

UNITED STATES
BACM 5.634% 06-10.07.46 064 A4

40,000,000 JPY

0.37
0.37

688,059

0.37

8,888

0.00

8,888

0.00

500,000 USD

567,663

0.30

1,400,000 USD

1,547,656

0.84

GNMA 4% (30Y) 12-01.04.42

TBA

1,230,000 USD

1,322,442

0.71

450,000 USD

354,243

0.19

3,792,004

2.04

TOTAL MORTGAGE BACKED SECURITIES

3,800,892

2.04

TOTAL OTHER TRANSFERABLE SECURITIES

5,215,591

2.80

2,667,977

1.44

2,667,977

1.44

MORGAN STANLEY 5.61% 0715.04.49 07-IQ14-A2

FINANCIAL INSTRUMENTS

251,614

0.14

COMMERCIAL PAPER

2.01

4,741,700

2.55

NETHERLANDS
RABOBANK 0% 12-18.04.12
CP

52,126,863

27.99

2,000,000 EUR

SWEDEN

NORDEA 0% 12-10.04.12 CP

2,000,000 EUR

BONDS

292

688,059
688,059

GNMA (30Y) 5% 12-01.04.42

TBA

3,740,164

OTHER TRANSFERABLE SECURITIES

TOTAL BONDS

0.00
0.00

JAPAN

0.25

770,000 USD

JP MORGAN CC 5.875% 06-45

06-LD P7 A4

UNITED STATES
MIDAMERICAN ENERGY
5.95% 07-15.07.17

MORTGAGE BACKED SECURITIES

TOTAL FNMA

UNITED STATES
COMMERCIAL MTG FRN 0615.12.20 FL12 A2

% net
assets

Face Value Currency Evaluation

ASSET BACKED SECURITIES

FNMA (15Y) 4.5% 12-01.04.27

TBA

GREAT BRITAIN
ARRMF FRN 10-16.05.47 10-1X
A2C

Description

TOTAL COMMERCIAL PAPER

610,000 USD

726,640

0.39

CERTIFICATE OF DEPOSIT

726,640

0.39

FRANCE

726,640

0.39

CR AGR 0% 12-02.04.12 CD

2,000,000 EUR

2,667,961

1.43

2,667,961

1.43

5,335,938

2.87

2,668,269

1.43

2,668,269

1.43

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

NORWAY

DNB 0% 12-10.04.12 CD

2,000,000 EUR

2,668,115

1.43

2,668,115

1.43

TOTAL CERTIFICATE OF DEPOSIT

5,336,384

2.86

TOTAL FINANCIAL INSTRUMENTS

10,672,322

5.73

TOTAL INVESTMENTS

202,579,998 108.78

OTHER NET ASSETS LESS LIABILITIES

(16,351,425)

TOTAL NET ASSETS

186,228,573 100.00

(8.78)

293

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Credit Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

MUNICH RE 5.767% 0726.06.49

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
BONDS
AUSTRALIA

ANZ BK 3.75% 10-10.03.17

150,000 EUR

211,782

0.99

CBA 5.5% 09-06.08.19

150,000 EUR

215,276

1.01

NAB 4% 10-13.07.20

150,000 EUR

210,717

0.99

NAB 4.625% 10-10.02.20

100,000 EUR

135,183

0.63

772,958
BELGIUM
FORTIS BANK 4.625% 04 PERP.

100,000 EUR

3.62

104,292

0.49

104,292

0.49

CAYMAN ISLANDS
HUTCH WHAM 4.75% 0914.11.16

150,000 EUR

218,509

1.02

HUTCH. WHAMP. 6.5% 0313.02.13 144A

500,000 USD

520,302

2.44

738,811

3.46

135,443

0.63

135,443

0.63

DENMARK
DANSKE BANK 6.00% 0720.03.16

100,000 EUR

Description

FRANCE

Face Value Currency Evaluation

150,000 EUR

% net
assets

183,360

0.86

864,585

4.05

1.64

GREAT BRITAIN
ANGLIAN WATER 4.625% 0307.10.13

250,000 EUR

349,629

BPCM 2.994% 12-18.02.19

175,000 EUR

239,091

1.12

RBS 4.875% 09-25.08.14

400,000 USD

413,688

1.94

1,002,408

4.70

IRELAND

CRH FIN 7.375% 09-28.05.14

100,000 EUR

148,757

0.70

GE CAP EUR 5.375% 0923.01.20

200,000 EUR

306,118

1.43

454,875

2.13

1.18

ITALY
INT SANPAOLO 5.75% (FRN)
08-28.05.18

200,000 EUR

251,790

INTESA SAN 5% 12-28.02.17

200,000 EUR

270,332

1.27

522,122

2.45

LUXEMBOURG
ARCELORMITTAL 9% 0915.02.15

200,000 USD

230,322

1.08

TELECOM IT CAP 7.175% 0918.06.19

200,000 USD

214,234

1.00

444,556

2.08

NETHERLANDS

AXA SA 5.777% 06-PERP

200,000 EUR

218,763

1.03

KPN 7.5% 09-04.02.19

200,000 EUR

333,442

1.57

BPCE 4.5% 12-10.02.22

200,000 EUR

285,432

1.34

RCI BQ 4% 10-25.01.16

125,000 EUR

171,245

0.80

RABOBANK 4.125% 1014.01.20

200,000 EUR

282,265

1.32

SOCIETE GENERALE PERP

8.75%

200,000 USD

187,415

0.88

SOLVAY FIN. 6.375% 0602.06.21

100,000 EUR

136,671

0.64

VEOLIA ENVIRONMENT
6.125% 03-25.11.33 EMTN

200,000 EUR

308,068

1.43

752,378

3.53

SPAIN

VIVENDI 5.75% 08-04.04.13

144A

200,000 USD

208,059

0.98

GAS NCP 5% 12-13.02.18

100,000 EUR

137,936

0.65

WENDEL 6.75% 11-20.04.18

100,000 EUR

137,929

0.65

TELEFONICA EMIS 5.877%

09-15.07.19

200,000 USD

204,606

0.96

342,542

1.61

143,060

0.67

1,516,911

7.11

GERMANY
COMZBK 7.75% 11-16.03.21 /
SUB

200,000 EUR

236,065

1.11

HENKEL 5.375% 05-25.11.14

STEP-UP

200,000 EUR

276,180

1.29

MUNICH RE FIN. 6.75% 0321.06.23

120,000 EUR

168,980

0.79

294

SWEDEN
SVSK HDBK 3.75% 1024.02.17

100,000 EUR

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Credit Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

SVSK HDBK 4.875% 0925.03.14

Face Value Currency Evaluation

150,000 EUR

% net
assets

213,848

1.00

356,908

1.67

Description

ZURICH FIN. USA 4.5% 0515.06.25

UNITED STATES
AMERICAN EXPRESS 8.125%
20.05.19

200,000 USD

262,676

1.23

FLOATING RATE BONDS

BOA 7% 09-15.06.16

150,000 EUR

225,252

1.06

FRANCE

CAPITAL ONE 8.8% 0915.07.19

200,000 USD

247,740

1.16

CITICORP 5% 04-15.09.14

200,000 USD

207,000

0.97

CNTRYW FIN 5.8% 0707.06.12

200,000 USD

201,452

0.94

200,000 USD

231,444

1.08

CS GROUP (US) 3.625% 0514.09.20

150,000 EUR

190,621

0.89

300,000 USD

311,687

1.46

89,000 USD

113,943

0.53

FRESENIUS FINANCE II 8.75%

09-15.07.15

200,000 EUR

310,536

1.46

GE CAP IV FRN 09-15.09.66

SUB

200,000 EUR

230,087

1.08

GECC 6.375% 07-15.11.67

200,000 USD

203,677

0.95

JP MORGAN CHASE 6.3% 0923.04.19

400,000 USD

466,436

2.19

JPM 4.625% 11-10.05.21

100,000 USD

105,063

0.49

KRAFT FOODS 4.125% 1009.02.16

400,000 USD

435,312

2.04

KROGER CO. 5.00% 0815.04.13

200,000 USD

208,789

0.98

MECCANICA 6.25% 0915.07.19 REGS

200,000 USD

176,426

0.83

MORGAN STANLEY 4.5% 929.10.14

150,000 EUR

205,182

0.96

ETP 9.7% 08-15.03.19

% net
assets

134,918

0.63

6,546,970

30.68

14,555,759

68.21

BPCE FRN 09-PERP

150,000 EUR

220,243

1.03

CREDIT AGRICO FRN 08-PERP

200,000 EUR

243,982

1.14

464,225

2.17

NETHERLANDS
ALLIANZ FIN 5.75% 1108.07.41 SUB

200,000 EUR

253,785

1.19

ING NV FRN 06-26.09.16

200,000 USD

183,500

0.86

TOTAL FLOATING RATE BONDS

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

437,285

2.05

901,510

4.22

15,457,269

72.43

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
BONDS
GREAT BRITAIN
BARCLAYS 6.625% 1130.03.22

MORGAN STANLEY 6% 0828.10.08

200,000 USD

210,205

0.99

400,000 USD

501,394

2.36

ROCHE HOLDING 5.625% 0904.03.16

100,000 EUR

154,660

0.72

WELLS FARGO 4.125% 0603.11.16

250,000 EUR

361,206

1.69

200,000 USD

216,001

1.01

WM COV BD 4.375% 0719.05.14

150,000 EUR

210,947

0.99

XEROX CORP 4.25% 0915.02.15

400,000 USD

424,316

1.99

150,000 EUR

190,375

0.89

190,375

0.89

197,554

0.93

197,554

0.93

137,367

0.64

137,367

0.64

1.06

LUXEMBOURG

FIAT FT 6.375% 11-01.04.16

PFIZER 6.2% 09-15.03.19

WELLS FARGO 4.6% 1101.04.21

100,000 EUR

TOTAL BONDS

COMCAST 5.15% 10-01.03.20

CS NY 5.4% 10-14.01.20
*OPR*

Face Value Currency Evaluation

SPAIN
TELEFONICA 4.75% 1107.02.17

150,000 EUR

100,000 EUR

UNITED STATES
AMEREN CORP 8.875% 0915.05.14

200,000 USD

226,858

AT&T INC. 5.50% 08-02.01.18

400,000 USD

471,432

2.21

BB&T CORP 3.95% 1029.04.16

400,000 USD

433,806

2.03

CITIGROUP INC. 6.40% 0827.03.13

125,000 EUR

173,893

0.81

295

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Credit Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

GLENCORE FDG 6% 0415.04.14 144A

200,000 USD

210,629

0.99

KIMCO REALTY 4.3% 1001.02.18

200,000 USD

205,460

0.96

MIDCONT EXP 5.45% 915.09.14

200,000 USD

208,673

0.98

ROCHE HOLDING 5% 0901.03.14 144A

254,000 USD

274,735

1.29

UNION PACIFIC 6.125% 0915.02.20

400,000 USD

484,004

2.27

WEA&WT FIN 5.75% 0902.09.15 S144A

200,000 USD

TOTAL BONDS

218,771

1.03

2,908,261

13.63

3,433,557

16.09

338,435

1.59

FLOATING RATE BONDS

NETHERLANDS
ALLIANDER 4.875% (FRN) 1029.11.49

250,000 EUR

TOTAL FLOATING RATE BONDS

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

338,435

1.59

338,435

1.59

3,771,992

17.68

230,758

1.09

230,758

1.09

222,830

1.04

OTHER TRANSFERABLE SECURITIES

BONDS
AUSTRALIA
RIO TINTO FIN 8.95% 0901.05.14

200,000 USD

UNITED STATES

BOA 6.875% 08-25.04.18

200,000 USD

TOTAL BONDS
TOTAL OTHER TRANSFERABLE SECURITIES
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

296

222,830

1.04

453,588

2.13

453,588

2.13

19,682,849

92.24

1,655,064

7.76

21,337,913 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

VOTORANTIM 7.375% 1021.01.20

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

BERMUDA ISLANDS
ALLI OIL 9.875% 10-11.03.15
REGS

BRAZIL
BANCO DESENV 6.5% 0910.06.19

2,100,000 USD

1,000,000 USD

1,050,000 USD

1,075,085

0.05

1,075,085

0.05

1,071,790

0.05

1,071,790

0.05

1,238,722

0.05

BANCO VOTO 5.25% 1111.02.16

9,850,000 USD

10,192,583

0.44

BCO ABC 7.875% 10-08.04.20

REGS

5,625,000 USD

5,921,466

0.25

BNDES 5.5% 10-12.07.20 REGS

5,075,000 USD

5,681,183

0.24

BNDES. 6.369% 98-18.06.16

REG.-SBRAZIL 10% 10-01.01.21
BRAZIL 10.125% 97-15.05.27

825,000 USD

961,719

0.04

30 BRL

15,535

0.00

7,100,000 USD

11,874,927

0.51

BRAZIL 4.875% 10-22.01.21

6,275,000 USD

7,112,901

0.31

BRAZIL 5.625% 09-07.01.14

6,400,000 USD

7,421,440

0.32

BRAZIL 5.875% 09-15.01.19

9,625,000 USD

11,539,894

0.50

BRAZIL 6.00% 06-17.01.17

3,550,000 USD

4,223,258

0.18

BRAZIL 7.125% 06-20.01.37

10,135,000 USD

14,000,235

0.59

BRAZIL 8.25% 04-20.01.34

2,400,000 USD

3,651,360

0.16

BRAZIL 8.75% 05-04.02.25

GLOBAL

7,550,000 USD

11,509,220

0.49

BRAZIL 8.875% 01-15.04.24

7,875,000 USD

12,051,899

ELETROBRAS 5.75% 1127.10.21

1,600,000 USD

ITAU UNIBANCO 6.2% 1121.12.21

SANTAND BR 4.625% 1213.02.17
TELEMAR N L 5.5% 23.10.20
REGS

Face Value Currency Evaluation

2,300,000 USD

% net
assets

2,515,372

0.11

123,877,858

5.32

CAYMAN ISLANDS

BONDS
BELIZE
BELIZE STEP-UP 6.00% 0720.02.29

Description

BANBRA 5.875% 11-26.01.22

24,700,000 USD

25,484,471

1.10

C SHASHU 8.5% 11-25.05.16

1,350,000 USD

1,309,176

0.06

ENN ENERGY HLD 6% 1113.05.21

1,500,000 USD

1,448,280

0.06

GRUPO AVAL 5.25% 1201.02.17

4,650,000 USD

4,843,556

0.21

IPIC GMTN 5.5% 11-01.03.22

550,000 USD

567,009

0.02

PETBRA 5.375% 11-27.01.21

5,000,000 USD

5,430,475

0.23

PETBRA 5.75% 09-20.01.20

13,400,000 USD

14,950,313

0.64

PETROBRAS INTERNATIONAL
7.875% 09-15.03.19

1,250,000 USD

1,550,219

0.07

PETROBRAS INTL 8.375% 0310.12.18

1,530,000 USD

1,935,374

0.08

57,518,873

2.47

1,600,000 USD

1,591,552

0.07

10,500,000 USD

10,933,545

0.47

12,525,097

0.54

4,000,000 USD

4,002,420

0.18

800,000 USD

778,388

0.03

4,780,808

0.21

CHILE
BCO CHILE 3.875% 1208.02.22

EMPRESA NAC 4.75% 1106.12.21

CHINA
MCC HLDG 4.875% 1129.07.16

SINOCHEM 6.3% 10-12.11.40

REGS

COLOMBIA
COLOMBIA 4.375% 1112.07.21

30,200,000 USD

32,979,155

1.42

0.52

COLOMBIA 6.125% 0918.01.41

10,675,000 USD

13,152,134

0.57

1,758,416

0.08

COLOMBIA 7.375% 0618.09.37

2,500,000 USD

3,507,125

0.15

5,250,000 USD

5,496,803

0.24

COLOMBIA 8.125% 0421.05.24

3,500,000 USD

4,982,250

0.21

5,950,000 USD

5,987,842

0.26

COLUMBIA 8.25%0422.12.14GL

3,310,000 USD

3,909,772

0.17

700,000 USD

723,083

0.03

REPUBLIC OF COLUMBIA
7.375% 06-27.01.17

5,500,000 USD

6,799,650

0.29

65,330,086

2.81

297

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

CROATIA

CROATIA 6.375% 11-24.03.21

11,700,000 USD

11,257,565

0.48

11,257,565

0.48

Description

Face Value Currency Evaluation

VEDANTA RES 8.25% 1107.06.21

2,300,000 USD

2,141,956

VEDANTA RESOURCES 9.5%

08-18.07.18

1,800,000 USD

1,830,015

0.08

9,806,633

0.42

1,784,955

0.08

1,784,955

0.08

CYPRUS

ALFA MTN ISS 8% 10-18.03.15

ECUADOR
REPUBLIC ECUADOR 9.375%
05-15.12.15

3,625,000 USD

2,845,000 USD

3,828,526

0.16

3,828,526

0.16

HUNGARY

2,909,752

0.13

HUNGARY 6.25% 10-29.01.20

6,700,000 USD

6,159,947

0.26

HUNGARY 7.625% 1129.03.41

8,000,000 USD

7,282,640

0.32

13,442,587

0.58

0.08

4,025,000 USD

4,357,727

0.19

1,875,000 USD

1,922,344

0.08

EL SALVADOR 7.75% 0224.01.23 REG

1,775,000 USD

1,945,311

0.08

5,490,875

0.24

13,716,257

0.59

3,177,405

0.14

FEDERATION OF RUSSIA

RURAIL 5.739% 10-03.04.17

RUSSIA 5% 10-29.04.20

GABON
GABON 8.20% 07-12.12.17
REGS

3,000,000 USD
10,500,000 USD

2,800,000 USD

11,213,055

0.48

14,390,460

0.62

3,413,522

0.15

3,413,522

0.15

INDONESIA
BERAU COAL 7.25% 1213.03.17

1,800,000 USD

1,814,184

BUMI INV 10.75% 10-10.06.17

1,750,000 USD

1,902,766

0.08

INDONESIA 11.625% 0904.03.19

1,975,000 USD

2,949,653

0.13

INDONESIA 4.875% 1105.05.21

48,850,000 USD

52,963,658

2.27

INDONESIA 5.875% 1013.03.20 REGS

26,825,000 USD

30,877,050

1.33

INDONESIA 6.875% 0817.01.18

26,750,000 USD

31,955,817

1.37

INDONESIA 7.25% 0520.04.15

20,588,000 USD

23,499,864

1.01

INDONESIA 7.5% 05-15.01.16

REGS

3,600,000 USD

4,220,658

0.18

INDONESIA 7.75% 0817.01.38 REGS

6,300,000 USD

8,732,115

0.38

5,250,000 USD

7,817,723

0.34

5,450,000 USD

6,632,350

0.28

675,000 USD

709,266

0.03

174,075,104

7.48

GEORGIEN
REP OF GEORGIA 6.875% 1112.04.21

1,050,000 USD

1,110,601

0.04

INDONESIA 8.5% 05-12.10.35

REGS

REP OF GEORGIA 7.5% 0815.04.13

1,025,000 USD

1,067,281

0.05

MAJAPAHIT 8% 09-07.08.19
REGS

2,177,882

0.09

PERTAMINA 5.25% 1123.05.21

GHANA
GHANA 8.50% 07-04.10.17
REG

2,140,000 USD

0.11

IRELAND
ALFA BD ISS 7.75% 1128.04.21

1,075,000 USD

1,061,477

0.05

1,200,000 USD

1,238,064

0.05

1,950,000 USD

2,017,100

0.09

2,462,263

0.11

2,462,263
GREAT BRITAIN

BIZ FIN 8.375% 10-27.04.15

4,075,000 USD

3,778,971

0.16

ALFA BD ISS 7.875% 1025.09.17

VEDANTA RES 6.75% 1107.06.16

2,200,000 USD

2,055,691

0.09

VEB FINANCE 5.375% 1213.02.17

298

1,900,000 USD

0.13

EL SALVADOR 7.65% 0515.06.35 REG

5,000,000 USD

HONG KONG
PACNET 9.25% 10-09.11.15
REGS

0.09

2,909,752

EL SALVADOR
EL SALVADOR 7.375%
01.12.19 REGS

EL SALVADOR 8.25% 0210.04.32

% net
assets

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

VEB FINANCE 6.8% 1022.11.25

1,300,000 USD

1,363,980

0.06

VEB FINANCE 6.902% 1009.07.20 REG-S

2,400,000 USD

2,607,480

0.11

VEB-LEASING INV5.125%
27.05.16

Description

PETRONAS CAP 5.25% 0912.08.19

Face Value Currency Evaluation

22,360,000 USD

% net
assets

25,072,379

1.08

25,747,817

1.11

MEXICO

8,675,000 USD

8,766,260

0.37

ALESTRA 11.75% 10-11.08.14

900,000 USD

1,010,984

0.04

17,054,361

0.73

COM ELEC MX 4.875% 1126.05.21

2,050,000 USD

2,176,383

0.09

KAZAKHSTAN
KAZMUNAIGAZ FIN.9.125%
08-02.07.18 REG

DESARROLLA H 9.5% 0911.12.19 REGS

2,375,000 USD

2,516,621

0.11

2,425,000 USD

3,033,432

0.13

GFB 6.5% 11-10.03.21/SUB

2,700,000 USD

2,821,527

0.12

KAZMUNAIGAZ 11.75% 0923.01.15 REGS

1,825,000 USD

2,234,786

0.10

GRUPO PETROTE 9.5% 0919.08.14

KMG FINANCE 7% 1005.05.20 REGS

1,225,000 USD

1,402,852

0.06

6,671,070

0.29

LITHUANIA
LITHUANIA 5.125% 1014.09.17 REGS

6,200,000 USD

6,465,267

0.28

LITHUANIA 6.125% 1109.03.21

3,350,000 USD

3,605,974

0.15

925,000 USD

1,025,779

0.04

MEXICO 3.625% 12-15.03.22

6,300,000 USD

6,450,822

0.28

MEXICO 5.125% 10-15.01.20

40,880,000 USD

46,999,735

2.03

MEXICO 5.625% 06-15.01.17

S-19

29,370,000 USD

33,995,775

1.46

MEXICO 5.95% 08-19.03.19

25,840,000 USD

30,989,266

1.33

MEXICO 6.05% 08-11.01.40

34,250,000 USD

41,306,355

1.78

MEXICO 6.625% 03-03.03.15

1,000,000 USD

1,144,150

0.05

MEXICO 6.75% 04-27.09.34

GLOB.

15,850,000 USD

20,545,959

0.88

MEXICO 7.5% 03-08.04.33

LITHUANIA 6.625% 1201.02.22

19,100,000 USD

21,207,494

0.91

LITHUANIA 7.375% 1011.02.20

7,375,000 USD

10,308,591

0.44

8,725,000 USD

10,195,773

0.44

MEXICO 8.30% 01-15.08.31

T.7 MTN

7,600,000 USD

11,334,260

0.49

41,474,508

1.78

PEMEX 4.875% 12-24.01.22

12,000,000 USD

12,640,620

0.54

PEMEX 5.5% 10-21.01.21

23,000,000 USD

25,496,075

1.10

LUXEMBOURG
GAZ CAPITAL 4.95% 1123.05.16

7,000,000 USD

7,264,635

0.31

GAZ CAPITAL 6.212% 0622.11.16

1,325,000 USD

1,446,662

0.06

GAZ CAPITAL 6.51% 0707.03.22

13,000,000 USD

14,230,840

0.61

GAZ CAPITAL 8.125% 0931.07.14

12,525,000 USD

13,883,900

0.60

GAZ CAPITAL 9.25% 0923.04.19

20,800,000 USD

25,747,279

1.10

RSHB CAPITAL 6.299% 0715.05.17

2,125,000 USD

2,254,062

0.10

RSHB CAPITAL 7.125% 0814.01.14

1,000,000 USD

1,064,670

0.05

SBERBANK 5.4% 10-24.03.17

REGS

7,500,000 USD

7,761,413

0.33

73,653,461

3.16

MALAYSIA
PETRONA CAPITAL 7.875%
02-22.05.22 REG

URBI DESA 9.5% 10-21.01.20

0.07
10.85

5,825,000 USD

6,495,458

0.28

PLNIJ 7.75% 09-20.01.20

2,950,000 USD

3,544,292

0.15

WHITE NIGHTS 10.5% 0925.03.14

3,800,000 USD

4,338,251

0.19

14,378,001

0.62

PAKISTAN

PAKISTAN 6.875% 07-01.06.17

4,050,000 USD

3,060,990

0.13

PAKISTAN 7.125% 06-31.03.16

1,100,000 USD

922,064

0.04

3,983,054

0.17

PANAMA

PANAMA 8.875% 97-30.09.27

675,438

1,638,590
252,401,492

NETHERLANDS
KAZAK TEMIR 6.375% 1006.10.20

PANAMA 5.2% 09-30.01.20

500,000 USD

1,550,000 USD

11,775,000 USD

13,552,082

0.58

3,900,000 USD

5,976,029

0.26

0.03

299

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

REPUBLIC PANAMA 7.125%

05-29.01.26

Face Value Currency Evaluation

9,125,000 USD

% net
assets

12,208,703

0.52

31,736,814

1.36

COFIDE 4.75% 12-08.02.22

1,900,000 USD

1,971,830

0.08

PEROU 7.125% 09-30.03.19

10,000,000 USD

12,777,250

0.55

1,900,000 USD

2,130,641

0.09

PERU 7.35% 05-21.07.25

14,725,000 USD

20,192,024

0.87

PERU 8.75% 03-21.11.33

6,100,000 USD

9,493,888

0.41

REP OF PERU 6.55% 0714.03.37

1,425,000 USD

1,820,473

0.08

48,386,106

2.08

PHILIPPINES

PHILIPPINES 4% 10-15.01.21

7,750,000 USD

8,080,576

0.35

PHILIPPINES 5% 12-13.01.37

6,050,000 USD

6,311,027

0.27

PHILIPPINES 6.375% 0715.01.32

SOUTH AFRICA
SOUTH AFRICA 4.665% 1217.01.24

SOUTH AFRICA 5.5% 1003.09.20

PERU

PERU 5.625% 10-18.11.50

Description

6,025,000 USD

7,321,881

0.31

SOUTH AFRICA 5.875% 0730.05.22

SOUTH AFRICA 6.25% 1108.03.41
SOUTH AFRICA 6.875% 0927.05.19

Face Value Currency Evaluation

% net
assets

9,075,000 USD

9,327,938

0.40

21,400,000 USD

23,997,105

1.03

1,825,000 USD

2,085,053

0.09

175,000 USD

205,237

0.01

9,050,000 USD

10,954,192

0.47

46,569,525

2.00

875,149

0.04

SRI LANKA

SRI LANKA 6.25% 11-27.07.21

875,000 USD

SRI LANKA 8.25% 07-24.10.12

REG

500,000 USD

512,045

0.02

1,387,194

0.06

7,475,000 USD

9,220,674

0.40

TURKEY
FINANSBANK 5.5% 1111.05.16

2,725,000 USD

2,591,216

0.11

PHILIPPINES 6.5% 09-20.01.20

17,825,000 USD

21,592,938

0.93

TURKEY 5.125% 11-25.03.22

30,100,000 USD

29,997,359

1.29

PHILIPPINES 7.5% 06-25.09.24

GLOBAL

1,450,000 USD

1,887,755

0.08

TURKEY 5.625% 10-30.03.21

43,675,000 USD

45,659,373

1.96

TURKEY 6.25% 12-26.09.22

33,600,000 USD

36,220,799

1.56

TURKEY 6.75% 07-03.04.18

7,575,000 USD

8,512,406

0.37

TURKEY 6.75% 10-30.05.40

2,600,000 USD

2,836,782

0.12

TURKEY 6.875% 06-17.03.36

11,425,000 USD

12,681,750

0.54

TURKEY 7% 08-11.03.19

2,900,000 USD

3,316,875

0.14

TURKEY 7.00% 05-05.06.20

9,975,000 USD

11,422,373

0.49

TURKEY 7.00% 06-26.09.16

9,850,000 USD

11,096,518

0.48

TURKEY 7.25% 04-15.03.15

17,275,000 USD

19,188,206

0.82
0.78

PHILIPPINES 6.375% 0923.10.34

PHILIPPINES 8.375% 0917.06.19

11,825,000 USD

15,718,263

0.68

POWER SECTOR 7.25% 0927.05.19

2,625,000 USD

3,223,894

0.14

PSALM 7.39% 09-02.12.24

REGS

5,200,000 USD

6,605,300

0.28

79,962,308

3.44

POLAND

POLAND 3.875% 10-16.07.15

3,150,000 USD

3,315,296

0.14

TURKEY 7.375% 05-05.02.25

15,350,000 USD

18,074,625

POLAND 5% 11-23.03.22

21,150,000 USD

22,364,116

0.96

TURKEY 7.5% 09-14.07.17

10,375,000 USD

11,983,644

0.51

POLAND 5.125% 11-21.04.21

20,150,000 USD

21,606,543

0.93

TURKEY 9.50% 03-15.01.14

13,200,000 USD

14,779,710

0.64

47,285,955

2.03

YAPI KREDI 6.75% 12-08.02.17

3,150,000 USD

ROUMANIA

ROMANIA 6.75% 12-07.02.22

7,400,000 USD

5,550,000 USD

9.95

0.33

UKRAINE

7,765,856

0.33

NAFTOGAZ 9.5% 09-30.09.14

3,275,000 USD

3,161,538

0.14

UKRAINE FIN. 6.58% 0621.11.16

2,975,000 USD

2,573,970

0.11

UKRAINE 6.25% 11-17.06.16

4,150,000 USD

3,594,004

0.15

375,000 USD

373,821

0.02

4,600,000 USD

3,961,359

0.17

5,868,764

0.25

5,868,764

0.25

UKRAINE 6.385% 07-26.06.12

REGS
UKRAINE 6.75% 07-14.11.17
REGS

300

0.14

7,765,856

SERBIA

SERBIA 7.25% 11-28.09.21

3,250,611
231,612,247

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

UKRAINE 6.875% 10-23.09.15

REG-S

6,425,000 USD

5,888,255

0.25

UKRAINE 7.65% 03-11.06.13

REG.

1,075,000 USD

1,040,412

0.04

UKRAINE 7.75% 10-23.09.20

6,925,000 USD

5,919,974

0.26

UKRAINE 7.95% 11-23.02.21

2,500,000 USD

2,148,275

0.09

28,661,608

1.23

UNITED STATES
PEMEX PROJECT FUNDING
6.625% 05-15.06.35

10,675,000 USD

12,193,679

0.52

PEMEX PROJECT 5.75% 0701.03.18

12,125,000 USD

13,730,532

0.59

25,924,211

1.11

VENEZUELA
PETROLEOS VENEZUELA
5.25% 07-12.04.17

8,985,000 USD

6,831,296

0.29

PETROLEOS VENEZUELA
5.375% 07-12.04.27

9,875,000 USD

6,107,194

0.26

VENEZUELA 6% 05-09.12.20
REGS

6,625,000 USD

4,956,494

0.21

VENEZUELA 7.00% 0301.12.18

13,400,000 USD

11,207,760

9,025,000 USD

6,438,661

0.28

VENEZUELA 7.65% 0521.04.25

31,000,000 USD

23,723,525

1.02

VENEZUELA 7.75% 0913.10.19 REGS

45,025,000 USD

38,091,149

1.65

VENEZUELA 8.25% 0913.10.24

29,950,000 USD

24,011,663

1.03

6,100,000 USD

6,146,970

0.26

VENEZUELA 9% 08-07.05.23
REGS

13,650,000 USD

11,739,341

0.50

VENEZUELA 9.25% 0807.05.28 REG

17,725,000 USD

14,783,979

0.64

VENEZUELA 9.375% 0413.01.34

9,250,000 USD

7,762,831

0.33

161,800,863

6.95

VIETNAM
VIETNAM 6.875% 05-15.01.16
REG.S

TOTAL BONDS

1,275,000 USD

1,400,167

Face Value Currency Evaluation

0.06

1,400,167

0.06

1,673,170,485

71.90

% net
assets

PIK BONDS
ARGENTINA
ARGENTINA 8.28% 0331.12.33 PIK

DOMINICAN REPUBLIC
REPUBLIC DOMINICAN 9.04%
05-23.01.18 REG/PIK

URUGUAY
URUGUAY 7.875% 0315.10.33 PIK

7,750,000 USD

1,350,000 USD

3,365,000 USD

TOTAL PIK BONDS

7,665,939

0.33

7,665,939

0.33

1,623,525

0.07

1,623,525

0.07

4,714,029

0.20

4,714,029

0.20

14,003,493

0.60

13,041,906

0.56

13,041,906

0.56

1,551,568

0.07

1,551,568

0.07

4,099,251

0.18

4,099,251

0.18

ASSET BACKED SECURITIES

ARGENTINA
ARGENTINA 1.33% 0331.12.38

36,225,000 USD

0.48

VENEZUELA 7.00% 0731.03.38 REGS

VENEZUELA 8.5% 04-08.10.14

GLOBAL

Description

BRAZIL
BCO BMG 9.15% 05-15.01.16
REG.S

DOMINICAN REPUBLIC
REP DOMINICAN 7.5%-1006.05.21/POOL

FEDERATION OF RUSSIA
RUSSIA 7.50% 00-31.03.30
REG/ST-UP

IVORY COAST
IVORY COAST 2.5% 0931.12.32/DFLT

JAMACA
GOVT OF JAMAICA 8% 0824.06.19

1,975,000 USD

3,950,000 USD

120,180,000 USD 120,066,624

5.16

120,066,624

5.16

3,947,055

0.17

3,947,055

0.17

1,436,799

0.06

1,436,799

0.06

6,225,000 USD

1,400,000 USD

301

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

LUXEMBOURG
GAZPROM INTL 7.201% 0401.02.20 REG.

Face Value Currency Evaluation

% net
assets

SERBIA
REPUBLIC SERBIA 3.75% 0401.11.24 STEP-UP

0.22

BONDS

5,141,399

0.22

BRAZIL
BANRISUL 7.375% 1202.02.22

7,487,000 USD

6,100,000 USD

6,445,901

0.28

BMG 6.5% 11-14.03.14

1,800,000 USD

1,742,076

0.07

8,187,977

0.35

9,837,918

0.42

9,837,918

0.42

CAYMAN ISLANDS

2,750,000 USD

2,372,716

0.10

BANBRA 5.375% 10-15.01.21

1,000,000 USD

1,029,210

0.04

2,372,716

0.10

COGARD 11.25% 10-22.04.17

3,050,000 USD

3,037,617

0.13

PETBRA 6.75% 11-27.01.41

1,000,000 USD

1,174,650

0.05

PETRO INTERNATIONAL
FINANCE 5.875% 07-01.03.18

3,700,000 USD

4,164,813

0.18

9,406,290

0.40

5,473,214

0.24

5,473,214

0.24

4,075,000 USD

5,676,068

0.24

REPUBLIC URUGUAY 8.00%

05-18.11.22

6,600,000 USD

9,116,745

0.40

URUGUAY 6.875% 0928.09.25

4,675,000 USD

6,048,281

0.26

20,841,094

0.90

VIRGIN ISLANDS
STAR ENERGY 11.5%1012.02.15 REGS

53,950,000 USD

2,200,000 USD

TOTAL ASSET BACKED SECURITIES

47,935,924

2.06

47,935,924

2.06

2,430,714

0.10

2,430,714

0.10

232,702,968

10.00

COLOMBIA
BANCOLOMBIA 5.95% 1103.06.21

5,150,000 USD

INDONESIA
INDONESIA 6.625% 0717.02.37

4,725,000 USD

5,841,872

0.25

INDONESIA 6.875% 0609.03.17 REGS

9,875,000 USD

11,647,512

0.51

17,489,384

0.76

2,669,544

0.11

2,669,544

0.11

9,735,135

0.43

IRELAND
VIP FINANCE 7.748% 1102.02.21

2,700,000 USD

TREAS. BONDS/NOTES - FIXED RATE

UNITED STATES

USA 2% 11-15.11.21 S.F-2021

78,850,000 USD

78,079,980

3.35

USA 2.125% 11-15.08.21 E2021

37,000,000 USD

37,182,110

1.60

115,262,090

4.95

115,262,090

4.95

2,035,139,036

87.45

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
TOTAL TRANSFERABLE SECURITIES
ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

302

% net
assets

5,141,399

URUGUAY
REPUBLIC URUGUAY 7.625%
06-21.03.36

VENEZUELA
PETROLEOS 8.5% 10-02.11.17
/ POOL

Face Value Currency Evaluation

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
12,050,000 USD

PANAMA

PANAMA 6.7% 06-26.01.36

Description

KAZAKHSTAN
DEV BK KAZA 5.5% 1020.12.15

9,100,000 USD

KMG FIN 6.375% 10-09.04.21

REGS

6,950,000 USD

LUXEMBOURG
SB CAPITAL SA 5.499% 1007.07.15

3,350,000 USD

7,686,109

0.33

17,421,244

0.76

3,545,305

0.15

3,545,305

0.15

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

MALAYSIA
1MALAY SUK 3.928% 1004.06.15

Face Value Currency Evaluation

% net
assets

USA 3.75% 11-15.08.41

9,520,000 USD

10,094,199

0.43

10,094,199

0.43

5,434,975

0.23

MEXICO

PEMEX 4.875% 10-15.03.15

Description

5,000,000 USD

% net
assets

Face Value Currency Evaluation

5,000,000 USD

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
TOTAL TRANSFERABLE SECURITIES TRADED
ON ANOTHER REGULATED MARKET

5,483,203

0.24

52,346,719

2.25

52,346,719

2.25

184,041,084

7.91

PEMEX 6% 10-05.03.20

8,400,000 USD

9,622,914

0.41

OTHER TRANSFERABLE SECURITIES

PEMEX 8% 09-03.05.19

16,450,000 USD

20,886,811

0.91

BONDS

2,400,000 USD

2,550,684

0.11

38,495,384

1.66

CAYMAN ISLANDS
BLUE CITY 13.75% 0607.11.13 REG -B1-

1,000,000 USD

0.00

2,203,604

0.09

INDEP INTL 12% 09-30.12.16

144A

1,378,131 USD

13,781

0.00

2,203,604

0.09

URBI DESA 9.75% 12-03.02.22

NAMIBIA

NAMIBIA 5.5% 11-03.11.21

NETHERLANDS
MAJAPAHIT HOLDING 7.25%
07-28.06.17

MAJAPAHIT HOLDING 7.875%

07-29.06.37 REG

2,100,000 USD

TOTAL BONDS

3,000,000 USD

3,459,525

0.14

TOTAL INVESTMENTS

1,775,000 USD

2,233,296

0.10

5,692,821

0.24

SINGAPORE

BUMI CAP 12% 09-10.11.16

SIGMA CAP FRN 10-30.04.15

SOUTH AFRICA
ESKOM HLDGS 5.75% 1126.01.21

VIRGIN ISLANDS
MEGA ADVANCE 5% 1112.05.21

TOTAL OTHER TRANSFERABLE SECURITIES

850,000 USD

939,577

0.04

1,000,000 USD

1,054,215

0.05

1,993,792

0.09

4,536,513

0.19

4,536,513

0.19

4,300,000 USD

4,300,000 USD

TOTAL BONDS

4,485,094

0.19

4,485,094

0.19

131,694,365

5.66

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

13,781

0.00

13,781

0.00

13,781

0.00

2,219,193,901

95.36

108,086,100

4.64

2,327,280,001 100.00

TREAS. BONDS/NOTES - FIXED RATE

UNITED STATES
USA TSY 1.375% 12-28.02.19
/TBO

34,400,000 USD

34,037,188

1.46

USA 2% 12-15.02.22 TBO

13,000,000 USD

12,826,328

0.55

303

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Corporate Debt
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

INVESTMENTS

CYPRUS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

ALFA MTN ISS 8% 10-18.03.15

BONDS

GREAT BRITAIN

BERMUDA ISLANDS
ALLI OIL 9.875% 10-11.03.15
REGS

100,000 USD

107,179

0.97

NOBLE GROUP 8.5%0830.5.13 REG

100,000 USD

105,428

0.96

212,607

1.93

Face Value Currency Evaluation

250,000 USD

% net
assets

264,036

2.39

264,036

2.39

BIZ FIN 8.375% 10-27.04.15

200,000 USD

185,471

1.68

VEDANTA RESOURCES 9.5%

08-18.07.18

100,000 USD

101,668

0.92

287,139

2.60

HONG KONG
BBLTB 4.8% 10-18.10.20 REGS

BRAZIL
BANCO VOTO 5.25% 1111.02.16

200,000 USD

202,349

1.84

200,000 USD

206,956

1.88

ICICI BK 5.75% 10-16.11.20

REGS

100,000 USD

99,316

0.90

BCO ABC 7.875% 10-08.04.20

REGS

250,000 USD

263,175

2.39

PACNET 9.25% 10-09.11.15

REGS

200,000 USD

187,890

1.70

ITAU UNIBANCO 6.2% 1121.12.21

200,000 USD

209,402

1.90

489,555

4.44

201,576

1.83

201,576

1.83

205,169

1.86

205,169

1.86

SANTAND BR 4.625% 1213.02.17

200,000 USD

201,272

1.83

880,805

8.00

INDONESIA
BERAU COAL 7.25% 1213.03.17

200,000 USD

CAYMAN ISLANDS

BANBRA 5.875% 11-26.01.22

200,000 USD

206,352

1.87

ENN ENERGY HLD 6% 1113.05.21

200,000 USD

193,104

1.75

GRUPO AVAL 5.25% 1201.02.17

200,000 USD

208,325

1.89

ISRAEL
ISRAEL ELEC 7.25% 0815.01.19 REGS

200,000 USD

IPIC GMTN 5.5% 11-01.03.22

200,000 USD

206,185

1.87

PETBRA 5.375% 11-27.01.21

100,000 USD

108,610

0.98

LUXEMBOURG
GAZ CAPITAL 6.51% 0707.03.22

200,000 USD

218,936

1.99

SHK PROP 4.5% 14.02.22

EMTN

200,000 USD

193,979

1.76

GAZ CAPITAL 9.25% 0923.04.19

100,000 USD

123,785

1.12

VOTORANTIM 6.625% 0925.09.19

200,000 USD

224,504

2.05

RSHB CAPITAL 6.299% 0715.05.17

200,000 USD

212,147

1.92

1,341,059

12.17

554,868

5.03

CHINA
MCC HLDG 4.875% 1129.07.16

COLOMBIA
BANCOLOMBIA 6.125% 1026.07.20

MEXICO

200,000 USD

200,000 USD

200,121

1.81

200,121

1.81

212,119

1.92

212,119

1.92

GFB 6.5% 11-10.03.21/SUB

150,000 USD

156,752

1.42

GRUPO TELEVISA6.625%0518.03.25

100,000 USD

119,755

1.09

PEMEX 4.875% 12-24.01.22

200,000 USD

210,677

1.91

URBI DESA 9.5% 10-21.01.20

110,000 USD

116,287

1.05

603,471

5.47

208,564

1.89

208,564

1.89

NETHERLANDS

GTB FIN BV 7.5% 11-19.05.16

304

200,000 USD

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Corporate Debt
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

PERU
BANCO PERU 5.75% 1007.10.20

% net
assets

204,363

1.85

BONDS

204,363

1.85

BRAZIL
BANRISUL 7.375% 1202.02.22

200,000 USD

206,388

1.87

206,388

1.87

UNITED STATES

CEMEX FIN 9.5% 09-14.12.16

100,000 USD

200,000 USD

TOTAL BONDS

100,000 USD

VENEZUELA
PETROLEOS 8.5% 10-02.11.17
/ POOL

75,000 USD

TOTAL ASSET BACKED SECURITIES

100,000 USD

TOTAL CONVERTIBLE BONDS

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
TOTAL TRANSFERABLE SECURITIES
ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

1.92

200,000 USD

212,586

1.93

COGARD 11.25% 10-22.04.17

200,000 USD

199,188

1.81

205,730

1.87

HUTCH WHAM 4.625% 1213.01.22

200,000 USD

202,753

1.84

205,730

1.87

KUWAIT PRO 9.375% 1015.07.20

200,000 USD

220,060

1.99

6,377,602

57.84

834,587

7.57

78,561

0.72

78,561

0.72

66,639

0.60

66,639

0.60

145,200

1.32

96,050

0.87

96,050

0.87

96,050

0.87

HONG KONG
BK OF E ASIA 6.125% 1016.07.20

100,000 USD

106,560

0.97

CITIC INTL 6.875% 24.06.20 /

SUB

200,000 USD

211,458

1.91

318,018

2.88

108,981

0.99

108,981

0.99

INDONESIA
PT ADARO IND 7.625% 0922.10.19

100,000 USD

IRELAND
BW GROUP 6.625% 0728.06.17 REG

100,000 USD

98,963

0.90

VIP FINANCE 7.748% 1102.02.21

200,000 USD

197,744

1.79

296,707

2.69

213,959

1.94

213,959

1.94

264,575

2.40

264,575

2.40

276,345

2.51

KAZAKHSTAN
DEV BK KAZA 5.5% 1020.12.15

200,000 USD

UNITED STATES

380,000 USD

1.92

211,341

0.91

TREAS. BONDS/NOTES - FIXED RATE

USA 2% 11-15.11.21 S.F-2021

211,341

0.91

CONVERTIBLE BONDS
JERSEY
VEDANTA RES 4% 10-30.03.17
CV

CAYMAN ISLANDS
ALLIANCE GL 6.5% 1018.08.17

200,000 USD

100,032

ASSET BACKED SECURITIES

BRAZIL
BCO BMG 9.15% 05-15.01.16
REG.S

% net
assets

100,032
VIRGIN ISLANDS

CITIC RES.6.75% 07-15.05.14

Face Value Currency Evaluation

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
200,000 USD

TURKEY

YAPI KREDI 6.75% 12-08.02.17

Description

376,289

3.41

376,289

3.41

376,289

3.41

6,995,141

63.44

LUXEMBOURG
SB CAPITAL SA 5.499% 1007.07.15

250,000 USD

SINGAPORE

BUMI CAP 12% 09-10.11.16

250,000 USD

305

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Corporate Debt
Statement of investments as at 31 March 2012
(expressed in USD)
Description

SIGMA CAP FRN 10-30.04.15

TURKEY
AKBANK 5.125% 10-22.07.15
REGS

UNITED STATES
RELIANCE HLDG 4.5% 1019.10.20

Face Value Currency Evaluation

200,000 USD

150,000 USD

250,000 USD

% net
assets

210,843

1.91

487,188

4.42

150,203

1.36

150,203

1.36

239,473

2.17

239,473

2.17

VIRGIN ISLANDS

PCCW 4.25% 10-24.02.16

150,000 USD

TOTAL BONDS

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

306

153,920

1.40

153,920

1.40

3,278,952

29.74

3,278,952

29.74

10,274,093

93.18

752,516

6.82

11,026,609 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Investment Grade Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

Description

Quantity/ Currency Evaluation

Face
value

COLOMBIA 7.75% 1014.04.21/DUAL

1,068,000,000 COP

710,264

0.57

COLUMBIA 12.00% 0522.10.15

1,240,000,000 COP

868,003

0.70

4,963,545

3.99

BONDS
BRAZIL
BANCO VOTO 5.25% 1111.02.16

BNDES 5.5% 10-12.07.20 REGS

BRAZIL 10% 10-01.01.21
BRAZIL 4.875% 10-22.01.21

% net
assets

CROATIA

1,400,000 USD

1,448,691

1.16

CROATIA 6.375% 11-24.03.21

350,000 USD

336,765

0.27

CROATIA 6.75% 09-05.11.19

REGS

325,000 USD

326,032

0.26

662,797

0.53

0.77

775,000 USD

867,570

0.70

2,107 BRL

1,091,046

0.88

190,000 USD

215,371

0.17

FEDERATION OF RUSSIA

RURAIL 5.739% 10-03.04.17

900,000 USD

953,222

RUSSIA 5% 10-29.04.20

800,000 USD

854,328

0.69

TRANSNEFT 5.67% 0705.03.14

400,000 USD

425,688

0.34

2,233,238

1.80

3,253,667

2.62

3,253,667

2.62

107,799

0.09

BRAZIL 8.25% 04-20.01.34

500,000 USD

760,700

0.61

ELETROBRAS 5.75% 1127.10.21

750,000 USD

824,258

0.66

ITAU UNIBANCO 6.2% 1121.12.21

250,000 USD

261,753

0.21

VOTORANTIM 7.375% 1021.01.20

120,000 USD

131,237

0.11

5,600,626

4.50

INDONESIA
INDONESIA 5.25% 1217.01.42

3,100,000 USD

CAYMAN ISLANDS

BANBRA 5.875% 11-26.01.22

1,200,000 USD

1,238,111

1.00

PETBRA 5.375% 11-27.01.21

1,100,000 USD

1,194,705

0.96

IRELAND

150,000 USD

167,354

0.13

TRANSCAP. 7.7% 08-07.08.13

200,000 USD

206,882

0.17

1,400,000 USD

1,414,728

1.13

1,729,409

1.39

PETBRA 5.75% 09-20.01.20

PETROBRAS INTERNATIONAL
7.875% 09-15.03.19

700,000 USD

868,123

0.70

VEB FINANCE 5.375% 1213.02.17

VOTORANTIM 6.625% 0925.09.19

950,000 USD

1,066,399

0.86

VEB-LEASING INV5.125%
27.05.16

4,534,692

3.65

CHILE
BCO CHILE 3.875% 1208.02.22

250,000 USD

248,680

0.20

LITHUANIA
LITHUANIA 5.125% 1014.09.17 REGS

600,000 USD

625,671

0.50

1,500,000 USD

1,665,510

1.34

1,010,000 USD

1,180,256

0.95

3,471,437

2.79

EMPRESA NAC 4.75% 1106.12.21

1,500,000 USD

1,561,935

1.26

LITHUANIA 6.625% 1201.02.22

EMPRESA NAC 5.25% 1010.08.20

150,000 USD

163,166

0.13

LITHUANIA 7.375% 1011.02.20

1,973,781

1.59

CHINA
MCC HLDG 4.875% 1129.07.16

COLOMBIA
COLOMBIA 4.375% 1112.07.21

1,000,000 USD

3,100,000 USD

100,000 USD

1,000,605

0.80

LUXEMBOURG
GAZ CAPITAL 9.25% 0923.04.19

600,000 USD

742,710

0.60

1,000,605

0.80

RSHB CAPITAL 6.299% 0715.05.17

800,000 USD

848,588

0.68

TNK BP FIN. 7.50% 0713.03.13 REGS

500,000 USD

3,385,278

2.72

526,195

0.42

2,117,493

1.70

307

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Investment Grade Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

POLAND 5.5% 09-25.04.15

MALAYSIA

MALAYSIA 3.58% 11-28.09.18

5,800,000 MYR

1,897,226

1.53

PETRONAS CAP 5.25% 0912.08.19

1,000,000 USD

1,121,305

0.90

3,018,531

2.43

Quantity/ Currency Evaluation

Face
value
5,850,000 PLN

GFB 6.5% 11-10.03.21/SUB

1,400,000 USD

1,463,014

1.18

MEXICO 10% 05-05.12.24 -M-

59,400 MXN

607,183

0.49

MEXICO 10% 06-20.11.36

57,450 MXN

573,838

0.46

MEXICO 5.125% 10-15.01.20

750,000 USD

862,275

0.69

MEXICO 6.05% 08-11.01.40

550,000 USD

663,314

0.53

MEXICO 6.5% 11-10.06.21

MEXICO 6.75% 04-27.09.34

GLOB.

37,500 MXN

298,713

0.24

1,400,000 USD

1,814,785

1.46

MEXICO 7.5% 03-08.04.33

400,000 USD

559,110

0.45

MEXICO 8% 10-11.06.20

531,100 MXN

4,683,522

3.78

MEXICO 8.5% 08-18.11.38

PEMEX 4.875% 12-24.01.22
PEMEX 5.5% 10-21.01.21

NETHERLANDS
KAZAK.TEMIR ZHOLY 7% 0611.05.16

116,000 MXN

1,007,589

0.81

3,650,000 USD

3,844,854

3.09

550,000 USD

609,689

0.49

16,987,886

13.67

617,213

0.50

617,213

0.50

550,000 USD

PANAMA

PANAMA 5.2% 09-30.01.20

780,000 USD

897,718

0.72

REPUBLIC PANAMA 7.125%

05-29.01.26

900,000 USD

1,204,146

0.97

2,101,864

1.69

1.54

8,483,492

6.82

SOUTH AFRICA
SOUTH AFRICA 5.5% 1003.09.20

150,000 USD

157,416

0.13

157,416

0.13

1,400,000 USD

1,569,904

1.26

SOUTH AFRICA 7% 1028.02.31

16,400,000 ZAR

1,798,259

1.45

SOUTH AFRICA 8% 0421.12.18

3,250,000 ZAR

432,228

0.35

61,350,000 ZAR

8,329,593

6.70

12,129,984

9.76

0.22

SOUTH AFRICA 8.25% 0415.09.17

THAILAND
THAILAND GOV 3.65% 1017.12.21

8,650,000 THB

276,844

THAILAND GOV 5.25% 0712.05.14

141,000,000 THB

4,746,047

3.82

5,022,891

4.04

1,599,171

1.29

UNITED STATES
PEMEX PROJECT FUNDING
6.625% 05-15.06.35

1,400,000 USD

TOTAL BONDS

1,599,171

1.29

84,549,957

68.01

5,469,835

4.40

5,469,835

4.40

ASSET BACKED SECURITIES

PERU
BANCO PERU 5.75% 1007.10.20

700,000 USD

715,271

PERU 7.35% 05-21.07.25

200,000 USD

PERU 8.375% 04-03.05.16

525,000 USD

PERU 8.75% 03-21.11.33

800,000 USD

FEDERATION OF RUSSIA
RUSSIA 7.50% 00-31.03.30
REG/ST-UP

0.58

PANAMA

274,255

0.22

PANAMA 6.7% 06-26.01.36

655,594

0.53

1,245,099

0.99

2,890,219

2.32

POLAND

POLAND 3.875% 10-16.07.15

600,000 USD

631,485

0.51

POLAND 5% 11-23.03.22

100,000 USD

105,741

0.09

POLAND 5.125% 11-21.04.21

1,520,000 USD

1,629,873

1.31

POLAND 5.25% 10-25.10.20

13,212,000 PLN

4,195,848

3.37

308

1,920,545

ROUMANIA

ROMANIA 6.75% 12-07.02.22

MEXICO

% net
assets

5,475,000 USD

URUGUAY
REPUBLIC URUGUAY 7.625%
06-21.03.36

TOTAL ASSET BACKED SECURITIES

175,000 USD

750,000 USD

229,950

0.18

229,950

0.18

1,044,675

0.84

1,044,675

0.84

6,744,460

5.42

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Investment Grade Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

PERU 7.84% 05-12.08.20 REGS

TREAS. BONDS/NOTES - FIXED RATE

UNITED STATES

USA 2% 11-15.11.21 S.F-2021

600,000 USD

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
TOTAL TRANSFERABLE SECURITIES
ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

594,141
594,141

0.48

594,141

0.48

91,888,558

73.91

BONDS

FEDERATION OF RUSSIA
RUSSIA 7.85% 11-10.03.18
REGS

KAZAKHSTAN
DEV BK KAZA 5.5% 1020.12.15

KMG FIN 6.375% 10-09.04.21

REGS

450,000 USD

457,533

0.37

SOUTH AFRICA
ESKOM HLDGS 5.75% 1126.01.21

THAILAND
THAILAND GOV 2.8% 1010.10.17

600,000 USD

69,500,000 THB

457,533

0.37

200,000 USD

198,139

200,000 USD

% net
assets

456,790

0.37

1,571,508

1.26

633,002

0.51

633,002

0.51

2,152,838

1.73

2,152,838

1.73

208,609

0.17

208,609

0.17

TOTAL BONDS

15,207,676

12.23

0.16

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

15,207,676

12.23

198,139

0.16

OTHER TRANSFERABLE SECURITIES

1,951,026

1.57

1,951,026

1.57

1,291,858

1.04

1,291,858

1.04

TOTAL BONDS

1,291,858

1.04

TOTAL OTHER TRANSFERABLE SECURITIES

1,291,858

1.04

4,999,187

4.02

4,999,187

4.02

4,999,187

4.02

(70,453)

(0.06)

BONDS

55,000,000 RUB

1,200,000 USD
400,000 USD

1,283,754

1.03

442,366

0.36

1,726,120

1.39

MALAYSIA
MALAYSIA 2.509% 0927.08.12

1,100,000 MYR

358,390

0.29

MALAYSIA 3.21% 09-31.05.13

1,100,000 MYR

359,716

0.29

MALAYSIA 3.434% 1115.08.14

1,050,000 PEN

VIRGIN ISLANDS
MEGA ADVANCE 5% 1112.05.21

CROATIA

CROATIA 6.625% 10-14.07.20

Quantity/ Currency Evaluation

Face
value

0.48

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
BRAZIL
BANCO VOTO 4.25% 1008.02.13

Description

MALAYSIA
MALAYSIA 4.012% 1015.09.17

3,850,000 MYR

FINANCIAL INSTRUMENTS
TREASURY BILLS
UNITED STATES

6,500,000 MYR

2,136,979

1.72

USA 0% 11-28.06.12 TB

5,000,000 USD

TOTAL TREASURY BILLS

CURRENCY OPTIONS

MALAYSIA 3.835% 1012.08.15

1,200,000 MYR

399,149

0.32

MALAYSIA 4.16% 11-15.07.21

2,990,000 MYR

1,010,432

0.81

MALAYSIA 4.24% 03-07.02.18

6,040,000 MYR

2,044,235

1.64

6,308,901

5.07

1,114,718

0.89

GREAT BRITAIN
CALL USD/BRL SPOT CROSS
25/05/2012 1.745

(1,250,000) USD

PERU

PERU 6.95% 08-12.08.31/USD

2,751,000 PEN

309

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Investment Grade Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

CALL USD/BRL SPOT CROSS

25/05/2012 1.86

2,500,000 USD

TOTAL CURRENCY OPTIONS

TOTAL FINANCIAL INSTRUMENTS
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

310

% net
assets

44,604

0.04

(25,849)

(0.02)

(25,849)

(0.02)

4,973,338

4.00

113,361,430

91.18

10,967,907

8.82

124,329,337 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Local Debt
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

INVESTMENTS

MEXICO

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

MEXICO 4% 09-13.06.19/INFL

BONDS
BRAZIL

BRAZIL 10% 10-01.01.21

116,954 BRL

60,561,145

6.60

SAFRA 3.5% 11-16.05.14

620,000 USD

626,361

0.07

61,187,506

6.67

CHILE

CHILE 5.5% 10-05.08.20

425,000,000 CLP

Face Value Currency Evaluation

45 MXN

1,883

0.00

MEXICO 4.5% 06-04.12.25

UDIBONOS

99,885 MXN

4,483,895

0.49

MEXICO 6.5% 11-10.06.21

4,182,000 MXN

33,312,478

3.63

64 MXN

524

0.00

6,297,228 MXN

49,680,224

5.42
0.00

MEXICO 7% 09-19.06.14
MEXICO 7.5% 07-21.06.12

MEXICO 7.75% 07-14.12.17

S.M 10

70 MXN

609

MEXICO 8% 03-07.12.23
S.M20

50,000 MXN

442,612

0.05

MEXICO 8% 03-19.12.13
SR131219

78 MXN

644

0.00

87,922,869

9.59

913,612

0.10

913,612

0.10

2,033,079

0.22

PERU

2,033,079

0.22

REP PERU 7.84% 05-12.08.20

18,267,000 PEN

7,941,669

0.86

REP PERU 9.91% 05-05.05.15

2,000,000 PEN

871,755

0.10

8,813,424

0.96

CYPRUS

ALFA MTN ISS 8% 10-18.03.15

1,925,000 USD

HUNGARY
HUNGARY 6.75% 01-24.11.17
17A

1,992,000,000 HUF

HUNGARY 7% 11-24.06.22

1,243,000,000 HUF

8,174,936

0.89

4,879,404

0.53

13,054,340

1.42

INDONESIA 8.375% 1015.09.26

43,598,000,000 IDR

6,000,000 PLN

1,927,345

0.21

11,500,000 PLN

3,714,023

0.40

0.16

POLAND 5.25% 07-25.04.13

S0413

16,900,000 PLN

5,470,213

0.60

5,618,657

0.61

POLAND 5.25% 10-25.10.20

10,050,000 PLN

3,191,665

0.35

7,044,378

0.77

POLAND 5.5% 09-25.04.15

35,500,000 PLN

11,654,592

1.26

POLAND 5.75% 01-23.09.22

1,300,000 PLN

425,128

0.05

POLAND 5.75% 08-25.04.14

3,500,000 PLN

1,148,848

0.13

6,737,438

0.73

6,737,438

0.73

POLAND 6.25% 04-24.10.15

DS 1015

10,000,000 PLN

1,425,721

IRELAND

TRANSCAP. 7.7% 08-07.08.13

KAZAKHSTAN
KAZMUNAIGAZ FIN. 8.375%
08-02.07.13 REG

6,250,000 USD

7,500,000 USD

POLAND
POLAND 4.75% 07-25.04.12
PS0412

POLAND 5% 10-25.04.16

INDONESIA

INDONESIA 10% 07-15.09.24 10,000,000,000 IDR

% net
assets

8,003,363

0.87

8,003,363

0.87

LUXEMBOURG
GAZ CAP 7.343% 08-11.04.13
REGS

6,925,000 USD

7,288,493

0.79

GAZ CAPITAL 8.125% 0931.07.14

6,000,000 USD

6,650,970

0.72

SBERBANK 6.468% 0802.07.13

9,500,000 USD

10,026,727

1.10

TNK BP FIN. 7.50% 0713.03.13 REGS

7,150,000 USD

7,524,589

0.82

31,490,779

3.43

3,365,707

0.37

30,897,521

3.37

SOUTH AFRICA
SOUTH AFRICA 7.5% 0515.01.14 R206

70,000,000 ZAR

9,378,180

1.02

SOUTH AFRICA 8.25% 0415.09.17

411,820,000 ZAR

55,913,495

6.10

SOUTH AFRICA 8.75% 0321.12.14

95,250,000 ZAR

13,244,726

1.44

78,536,401

8.56

THAILAND
THAILAND GOV 4.25% 0713.03.13

140,000,000 THB

4,582,988

0.50

THAILAND GOV 5.125% 0713.03.18

62,000,000 THB

2,155,497

0.23

311

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Local Debt
Statement of investments as at 31 March 2012
(expressed in USD)
Description

THAILAND GOV 5.25% 0712.05.14

Face Value Currency Evaluation

% net
assets

Description

Face Value Currency Evaluation

% net
assets

ASSET BACKED SECURITIES

65,000,000 THB

2,187,894

0.24

THAILAND 3.625% 0922.05.15

230,000,000 THB

7,471,175

0.81

THAILAND 3.875% 0913.06.19

50,000,000 THB

1,633,174

0.18

THAILAND 4.125% 0918.11.16

90,000,000 THB

2,983,546

0.33

TOTAL ASSET BACKED SECURITIES

THAILAND 5.4% 06-27.07.16

90,000,000 THB

3,123,403

0.34

INFLATION INDEX BOND

24,137,677

2.63

POLAND
POLAND FRN 04-24.08.16 IZ
0816

3,500,000 TRY

2,007,373

0.22

TURKEY 10% 10-09.01.13

30,000,000 TRY

16,910,516

1.85

TURKEY 10% 10-17.06.15

9,625,000 TRY

5,520,059

0.60

TURKEY 16% 08-28.08.13

4,000,000 TRY

2,441,952

0.27

TURKEY 8% 10-9.10.13

7,660,000 TRY

4,230,278

0.46

TURKEY 9% 11-27.01.16

20,500,000 TRY

11,421,095

1.24

TURKEY

42,531,273

4.64

TURKEY FRN 09-21.05.14 CPI

1,500,000 TRY

1,186,703

0.13

TURKEY 12% 08-14.8.13 /CPI

400,000 TRY

332,457

0.04

TURKEY
TURKEY GOVERNMENT BOND
14.00% 07-26.09.12

UNITED ARAB EMIRATES

TAQA 6.6% 08-01.08.13 REGS

3,550,000 USD

TOTAL BONDS

3,764,083

0.41

3,764,083

0.41

407,067,743

44.37

PLACEMENTS
POLAND

BRAZIL
BCO BMG 9.15% 05-15.01.16
REG.S

SOUTH KOREA
KOREA 2.75% 0710.03.17/INFL

2,350,000 USD

14,565,000 PLN

3,000,000,000 KRW

TOTAL INFLATION INDEX BOND

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

1,846,169

0.20

1,846,169

0.20

1,846,169

0.20

6,065,191

0.65

6,065,191

0.65

3,468,388

0.38

3,468,388

0.38

1,519,160

0.17

11,052,739

1.20

436,914,107

47.62

POLAND 0% 09-25.07.12

30,000,000 PLN

9,505,918

1.04

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

POLAND 0% 10-25.10.12

10,000,000 PLN

3,133,067

0.34

BONDS

12,638,985

1.38

3,667,063

0.40

BRAZIL
BANCO VOTO 4.25% 1008.02.13

3,667,063

0.40

16,306,048

1.78

TURKEY

TURKEY 0% 10-08.08.12

6,750,000 TRY

PLACEMENTS
FLOATING RATE BONDS
MEXICO
MEX UDIBONOS FRN 0616.06.16

TOTAL FLOATING RATE BONDS

15,281 MXN

641,408

0.07

641,408

0.07

641,408

0.07

4,016,123

0.44

4,016,123

0.44

FEDERATION OF RUSSIA

RUSSIA 7.35% 11-20.01.16

50,000 RUB

1,711

0.00

RUSSIA 7.85% 11-10.03.18

REGS

560,000,000 RUB

19,864,988

2.17

19,866,699

2.17

7,000,000,000 IDR

927,822

0.10

30,000,000,000 IDR

4,287,842

0.47

INDONESIA
INDONESIA 10% 05-15.07.17
S.FR28

INDONESIA 10.25% 0715.07.22

312

3,950,000 USD

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Emerging Markets Local Debt
Statement of investments as at 31 March 2012
(expressed in USD)
Description

INDONESIA 11% 03-15.12.12

S.FR0023

Face Value Currency Evaluation

% net
assets

2,000,000,000 IDR

229,378

0.02

INDONESIA 11% 05-15.11.20 55,500,000,000 IDR

8,150,462

0.89

INDONESIA 11.5% 0615.09.19

18,500,000,000 IDR

2,716,851

0.30

INDONESIA 12.5% 0615.03.13 S.FR33

25,000,000,000 IDR

2,949,398

0.32

INDONESIA 12.9% 0615.06.22 FR35

5,000,000,000 IDR

823,093

0.09

INDONESIA 7.375% 1015.09.16

9,806,000,000 IDR

1,165,601

0.13

INDONESIA 8.25% 1015.07.21

29,000,000,000 IDR

3,687,497

0.40

INDONESIA 9% 08-15.09.13
FR0049

29,500,000,000 IDR

3,437,157

0.37

INDONESIA 9.5% 04-15.06.15 71,500,000,000 IDR

8,894,658

0.96

INDONESIE 10.75% 0515.05.16 FR30

2,642,411

0.29

INDONESIE 11% 04-15.10.14

FR26

20,000,000,000 IDR
5,000,000,000 IDR

629,665

0.07

40,541,835

4.41

MALAYSIA
MALAYSIA 3.835% 1012.08.15

36,500,000 MYR

12,140,791

1.32

MALAYSIA 4.16% 11-15.07.21

12,000,000 MYR

4,055,244

0.44

5,000,000 MYR

1,707,034

0.19

MALAYSIA 4.378% 0929.11.19

MALAYSIA 5.094% 0430.04.14

THAILAND
THAILAND GOV 2.8% 1010.10.17

THAILAND GOV 4.5% 0709.04.24

Face Value Currency Evaluation

% net
assets

OTHER TRANSFERABLE SECURITIES

BONDS
BRAZIL
BRAZIL 6% 07-15.05.17 IPCAIDX

INDONESIA
INDONESIA
GOVERNMENT11% 0615.09.25

MALAYSIA
MALAYSIA 4.012% 1015.09.17

2,425 BRL

7,870,000,000 IDR

23,695,000 MYR

UNITED STATES
JP MORGAN 6% 07-09.07.12
INT.USD/REGS

8,000,000 PHP

JP MORGAN 8% 07-09.07.12
INT.USD

21,500,000 INR

3,015,485

0.33

3,015,485

0.33

1,208,414

0.13

1,208,414

0.13

7,950,799

0.86

7,950,799

0.86

189,104

0.02

418,690

0.05

607,794

0.07

TOTAL BONDS

12,782,492

1.39

TOTAL OTHER TRANSFERABLE SECURITIES

12,782,492

1.39

35,720,139

3.89

35,720,139

3.89

145,000,000 USD 144,973,313

15.80

FINANCIAL INSTRUMENTS

39,500,000 MYR

13,407,178

1.46

TREASURY BILLS

31,310,247

3.41

MEXICO

8,387,332

0.91

8,387,332

0.91

MEXICO 0% 11-14.06.12 TB

PERU

PERU 6.95% 08-12.08.31/USD

Description

20,699,000 PEN

UNITED STATES

USA 0% 11-28.06.12 TB
247,000,000 THB
150,000,000 THB

7,651,094

46,000,000 MXN

144,973,313

15.80

TOTAL TREASURY BILLS

180,693,452

19.69

0.84

5,151,465

0.56

TOTAL FINANCIAL INSTRUMENTS

180,693,452

19.69

12,802,559

1.40

TOTAL INVESTMENTS

747,314,846

81.44

TOTAL BONDS

116,924,795

12.74

OTHER NET ASSETS LESS LIABILITIES

170,255,762

18.56

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

116,924,795

12.74

TOTAL NET ASSETS

917,570,608 100.00

313

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

VOTORANTIM 7.375% 1021.01.20

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

CANADA
SUNCOR ENERG 6.85% 0801.06.39

BONDS
ARGENTINA

ARGENTINA 7% 05-03.10.15

ARGENTINA 7% 07-17.4.17
S.X

AUSTRALIA
OPTUS FIN SIN 3.5% 1015.09.20

TELSTRA 3.75% 11-16.05.22

425,000 USD
3,000,000 USD

399,627
2,557,936

0.41

CAYMAN ISLANDS

2,957,563

0.48

BANBRA 5.875% 11-26.01.22

0.21

1,306,910

0.21

0.40

0.50

2,400,000 USD

2,476,224

500,000 USD

528,090

0.09

GRUPO AVAL 5.25% 1201.02.17

300,000 USD

312,488

0.05
0.17

0.11

HUTCH WHAM 11 3.5% 1213.01.17

1,000,000 USD

1,018,305

3,765,751

0.61

PETBRA 3.5% 12-06.02.17

1,000,000 USD

1,026,550

0.17

475,000 EUR

680,731

0.11

5,243,766

0.85

PETBRA 4.875% 11-07.03.18

750,000 EUR

1,900,000 USD

1,099,044

0.18

PETBRA 5.75% 09-20.01.20

4,700,000 USD

1,099,044

0.18

PETROBRAS INTL 8.375% 0310.12.18

1,700,000 USD

1,564,376

0.25

1,742,333

0.29

3,306,709

0.54

2,036,401

0.33

2,036,401

0.33

2,000,000 USD

2,121,190

0.34

1,144,836

0.19

COLOMBIA 6.125% 0918.01.41

600,000 USD

739,230

0.12

COLOMBIA 8.125% 0421.05.24

1,350,000 USD

1,921,725

0.31

5,926,981

0.96

1,443,278

0.23

1,443,278

0.23

CROATIA

646,738

0.11
0.66

BRAZIL 4.875% 10-22.01.21

5,100,000 USD

5,781,003

0.94

DENMARK

TDC 3.75% 12-02.03.22

2,500,000 USD

2,899,000

0.47

1,100,000 USD

1,318,845

0.21

900,000 USD

989,109

0.16

1,900,000 USD

1,989,319

0.32

2,300,000 USD

2,314,628

0.38

2.19

1,100,000 USD

4,052,914

BRAZIL 5.625% 09-07.01.14

0.35

BCO BOGOTA 5% 11-15.01.16

625,000 USD

BRAZIL 5.875% 09-15.01.19

2,150,415
13,436,569

COLOMBIA
BANCOLOMBIA 6.125% 1026.07.20

3,850,000 USD

CROATIA 6.375% 11-24.03.21

EL SALVADOR
EL SALVADOR 8.25% 0210.04.32

1,500,000 USD

400,000 EUR

1,300,000 USD

545,296

0.09

545,296

0.09

1,427,628

0.23

1,427,628

0.23

FEDERATION OF RUSSIA

ALFA BK 8.635% 07-22.02.17

314

1,306,910

BCOCPE 5.75%12-18.01.17

BCO ABC 7.875% 10-08.04.20

REGS

SANTAND BR 4.625% 1213.02.17

3.59

696,136

1,650,000 EUR

ITAU UNIBANCO 6.2% 1121.12.21

0.34

3,069,615

KBC BANK 8% 08-PERP.

ELETROBRAS 5.75% 1127.10.21

1,000,000 USD

2,077,916
22,069,472

500,000 EUR

1,500,000 EUR

BRAZIL
BANCO VOTO 5.25% 1111.02.16

1,900,000 USD

% net
assets

2,200,000 EUR

BELGIUM
FORTIS BANK 4.625% 04 PERP.

BERMUDA ISLANDS
ALLI OIL 9.875% 10-11.03.15
REGS

Face Value Currency Evaluation

0.07

AUSTRIA

OMV 4.25% 11-12.10.21

Description

1,400,000 USD

1,322,090

0.22

1,322,090

0.22

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

UNITYMEDIA 8.125% 0901.12.17

FINLAND
SAMPO BANK 4.25% 1227.02.17

575,000 EUR

796,639

0.13

STORA ENSO 5.5% 1207.03.19

400,000 EUR

529,659

0.09

1,326,298

0.22

FRANCE

Face Value Currency Evaluation

1,250,000 EUR

% net
assets

1,774,019

0.29

8,800,393

1.43

GREAT BRITAIN

BIZ FIN 8.375% 10-27.04.15

2,950,000 USD

2,735,697

0.45

BRITISH TELECOM. 9.625%

00-15.12.30 MULTIC

1,000,000 USD

1,492,365

0.24

2,500,000 EUR

2,734,543

0.45

FCE BK 4.75% 11-19.01.15

500,000 EUR

686,903

0.11

BPCE 6.117% 07-PERP EMTN

400,000 EUR

401,802

0.07

FCE BK 9.375% 09-17.01.14

3,500,000 EUR

5,150,398

0.85

CNP ASSURANCES 4.75% 06PERP.

1,500,000 EUR

1,350,837

0.22

HSBC HOLDING 0% 0910.06.19

1,000,000 EUR

1,477,406

0.24

1,500,000 USD

1,593,750

0.26

1,000,000 USD

1,008,775

0.16

600,000 EUR

820,949

0.13

AXA SA 5.777% 06-PERP

CROWN EU HOLDING 7.125%

15.08.18 REGS

2,800,000 EUR

3,992,258

0.65

INEOS FIN 8.375% 15.02.19

144A

EDENRED 3.625% 10-06.10.17

1,500,000 EUR

2,094,110

0.34

LLOYDS 4.2% 28.03.17

750,000 EUR

1,130,604

0.18

MONDI FIN 5.75% 10-03.04.17

2,000,000 EUR

2,893,520

0.47

1,950,000 EUR

2,697,627

0.44

REXAM PLC 6.75% 0729.06.67

1,300,000 EUR

1,693,449

0.28

600,000 USD

560,643

0.09

600,000 USD

558,771

0.09

2,000,000 USD

2,033,350

0.33

22,705,976

3.70

FAURECIA 9.375% 1115.12.16

NEXANS 5.75% 07-02.05.17
RCI BQ 4% 10-25.01.16
RCI BQ 5.625% 12-13.03.15
REXEL 7% 11-17.12.18

LLOYDS 4.625% 12-02.02.17

500,000 EUR

684,982

0.11

2,100,000 EUR

3,002,809

0.49

700,000 EUR

989,178

0.16

ST GOBAIN 4.5% 11-30.09.19

1,300,000 EUR

1,886,607

0.31

VALEO SA 5.75% 12-19.01.17

600,000 EUR

874,388

0.14

VALLOUREC 4.25% 1114.02.17

VINCI 4.125% 11-20.02.17

300,000 EUR

428,154

300,000 EUR

431,965

0.07

3,671,673

0.60

VIVENDI 4.125% 12-18.07.17

400,000 EUR

558,109

0.09

WENDEL INVESTMENT
4.375% 05-09.08.17

500,000 EUR

636,223

0.10

27,565,869

4.49

GEORGIEN
REP OF GEORGIA 6.875% 1112.04.21

550,000 USD

VEDANTA RES 8.25% 1107.06.21

VEDANTA RESOURCES 9.5%
08-18.07.18

0.07

2,750,000 EUR

VINCI 6.25% 06-PERP

VEDANTA RES 6.75% 1107.06.16

581,743

0.09

581,743

0.09

GERMANY

ALZ 5.5% 04-PERP. EMTN

750,000 EUR

985,555

0.16

COMZBK 7.75% 11-16.03.21 /

SUB

500,000 EUR

590,163

0.10

ELSTER FIN 6.25% 1115.04.18

450,000 EUR

628,909

0.10

HENKEL 5.375% 05-25.11.14

STEP-UP

1,500,000 EUR

2,071,346

0.34

MUNICH RE 5.767% 0726.06.49

2,250,000 EUR

2,750,401

0.44

HONG KONG
ICICI BK 5.75% 10-16.11.20
REGS

1,600,000 USD

1,589,056

0.26

PACNET 9.25% 10-09.11.15

REGS

1,200,000 USD

1,127,340

0.18

2,716,396

0.44

HUNGARY
HUNGARY 7.625% 1129.03.41

1,100,000 USD

1,001,363

0.16

MOL HU O&G 5.875% 1020.04.17

1,000,000 EUR

1,218,218

0.20

2,219,581

0.36

INDONESIA
BERAU COAL 7.25% 1213.03.17

200,000 USD

201,576

0.03

BUMI INV 10.75% 10-10.06.17

600,000 USD

652,377

0.11

5,150,000 USD

5,583,681

0.90

INDONESIA 4.875% 1105.05.21

315

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

INDONESIA 7.75% 0817.01.38 REGS

IRELAND
ALFA BD ISS 7.75% 1128.04.21

ALFA BD ISS 7.875% 1025.09.17

CRH FIN 7.375% 09-28.05.14

GPB EUROBD 6.25% 1015.12.14

VEB FINANCE 5.375% 1213.02.17
VIP FIN 9.125% 08-30.04.18
REGS

ITALY
EXOR SPA 5.375% 0712.06.17

UNICREDIT 4.875% 1207.03.17

JERSEY
CPUK FIN 11.625% 1228.02.18

Face Value Currency Evaluation

650,000 USD

1,000,000 USD

% net
assets

900,933

0.15

7,338,567

1.19

987,420

0.16

800,000 USD

825,376

0.13

2,000,000 EUR

2,975,133

0.49

1,700,000 USD

1,770,856

0.29

800,000 USD

827,528

0.13

2,000,000 USD

2,198,190

0.36

9,584,503

1.56

2,200,000 EUR

3,046,764

0.49

500,000 EUR

662,394

0.11

3,709,158

0.60

500,000 GBP

Face Value Currency Evaluation

% net
assets

RSHB CAPITAL 6.299% 0715.05.17

1,300,000 USD

1,378,956

0.22

SBERBANK 5.4% 10-24.03.17

REGS

4,000,000 USD

4,139,420

0.68

TELECOM IT CAP 7.175% 0918.06.19

1,000,000 USD

1,071,170

0.17

VTB CAPIT 6.875% 0829.05.18 REG

2,850,000 USD

3,013,946

0.49

18,790,360

3.06

1,233,436

0.20

1,233,436

0.20

0.35

MALAYSIA
PETRONAS CAP 5.25% 0912.08.19

1,100,000 USD

MEXICO
DESARROLLA H 9.5% 0911.12.19 REGS

2,000,000 USD

2,119,260

GFB 6.5% 11-10.03.21/SUB

3,750,000 USD

3,918,788

0.64

MEXICO 5.125% 10-15.01.20

4,100,000 USD

4,713,769

0.77

MEXICO 5.95% 08-19.03.19

2,000,000 USD

2,398,550

0.39

MEXICO 6.05% 08-11.01.40

5,300,000 USD

6,391,932

1.04

MEXICO 6.75% 04-27.09.34

GLOB.

1,250,000 USD

1,620,344

0.26

PEMEX 4.875% 12-24.01.22

1,000,000 USD

1,053,370

0.17

PEMEX 4.875% 12-24.01.22

650,000 USD

684,700

0.11

832,113

0.14

PEMEX 5.5% 10-21.01.21

3,500,000 USD

3,879,838

0.63

832,113

0.14

URBI DESA 9.5% 10-21.01.20

1,614,000 USD

1,706,248

0.28

28,486,799

4.64

LITHUANIA
LITHUANIA 5.125% 1014.09.17 REGS

1,500,000 USD

1,564,178

0.25

LITHUANIA 6.625% 1201.02.22

1,250,000 USD

1,387,925

0.23

2,952,103

0.48

LUXEMBOURG
ARCELORMIT 3.75% 1225.02.15

Description

NETHERLANDS
ABN AMRO 4.125% 1228.03.22

900,000 EUR

1,209,414

0.20

BRENNTAG FIN 5.5% 1119.07.18

450,000 EUR

639,406

0.10

CRH FIN 5% 12-25.01.19

300,000 EUR

435,659

0.07

1,000,000 EUR

1,432,677

0.23

DEUT TEL IF 5.75% 0810.01.14

1,000,000 USD

1,017,285

0.17

500,000 EUR

520,458

0.08

300,000 EUR

427,171

0.07

HEIDLRG 8.5% 09-31.10.19

4,000,000 EUR

6,041,764

0.99

GAZ CAPITAL 6.51% 0707.03.22

1,400,000 USD

1,532,552

0.25

KAZAK TEMIR 6.375% 1006.10.20

1,575,000 USD

1,756,283

0.29

GAZ CAPITAL 6.605% 0713.02.18 EMTN

1,800,000 EUR

2,697,240

0.44

LINDE FINANCE 7.375% 0614.07.66

1,500,000 EUR

2,234,842

0.36

GAZ CAPITAL 9.25% 0923.04.19

2,000,000 USD

2,475,700

0.40

PLNIJ 7.75% 09-20.01.20

2,400,000 USD

2,883,492

0.47

GAZPROM 4.95% 11-23.05.16

1,000,000 USD

1,036,920

0.17

RABOBANK 6.875% 1019.03.20

2,600,000 EUR

3,362,458

0.55

CLARIANT FIN 5.625% 1224.01.17

316

EUREKO 5.125% 05-29.06.49

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

SOLVAY FIN. 6.375% 0602.06.21

1,500,000 EUR

2,050,072

0.33

SUEDZUCK.INTERNATIONAL
5.25% 05-PERP

1,650,000 EUR

2,204,622

0.36

24,771,147

4.03

NORWAY

DNB 4.75% 12-08.03.22/SUB

PANAMA
REPUBLIC PANAMA 7.125%
05-29.01.26

PERU
BANCO PERU 5.75% 1007.10.20

750,000 EUR

2,900,000 USD

0.63
0.63

0.09

PERU 7.35% 05-21.07.25

1,400,000 USD

1,919,785

0.32

PERU 8.75% 03-21.11.33

925,000 USD

1,439,647

0.23

5,514,038

0.90

2,764,334

0.45

PHILIPPINES

2,650,000 USD
1,000,000 USD

1,215,250
3,979,584

0.20
0.65

650,000 USD

TELEFONICA 3.661% 1018.09.17

3,525,000 USD

3,912,750

0.64

1,100,000 USD

1,221,825

0.20

700,000 USD

722,358

0.12

17,133,492

2.79

UKRAINE

UKRAINE 6.25% 11-17.06.16

1,000,000 USD

866,025

0.14

866,025

0.14

1,800,000 USD
2,100,000 USD

200,000 EUR

AMB PROP 4.5% 10-15.08.17

1,500,000 USD

1,559,297

0.25

BOA 5.7% 12-24.01.22

1,000,000 USD

1,067,490

0.17

BURLINGTON 6.15% 0701.05.37

500,000 USD

604,403

0.10

CAP ONE CAP III 7.686%

15.08.36

2,000,000 USD

2,010,130

0.33

CAPITAL ONE 8.8% 0915.07.19

1,000,000 USD

1,238,700

0.20

CITIGROUP INC 4.875% 0307.05.15

1,000,000 USD

1,037,130

0.17

COMCAST CORP 6.4% 0815.05.38

1,000,000 USD

1,212,595

0.20

1,000,000 USD

1,111,250

0.18

7,000,000 USD

7,581,489

1.22

FORD MC 5.875% 11-02.08.21

SR

1,000,000 USD

1,082,755

0.18

0.33

FREEPORT MCMORAN 1.4%

13.02.15

1,250,000 USD

1,245,956

0.20

2,399,240

0.39

FRESENIUS FINANCE II 8.75%

09-15.07.15

3,750,000 EUR

5,822,556

0.95

4,417,688

0.72

GCI 7.125% 10-01.09.18 SR

1,000,000 USD

1,063,438

0.17

275,871

0.04

0.11
0.11

2,018,448

GE CAP IV FRN 09-15.09.66

SUB

5,100,000 EUR

5,867,212

0.96

GS 4.5% 11-09.05.16

1,900,000 EUR

2,617,392

0.43

500,000 USD

516,283

0.08

1,000,000 USD

1,260,025

0.21
0.16

GS 5.75% 12-24.01.22
1,500,000 EUR

1,949,897

0.32

2,225,768

0.36

1,343,866

0.22

SWEDEN

PGNIG FIN AB 4% 12-14.02.17

0.18

TURKEY 6.875% 06-17.03.36

FORD MC 5.75% 11-01.02.21

682,136
682,136

SPAIN

GAS NCP 5% 12-13.02.18

1,078,000

FIDELITY NAT 7.875% 1015.07.20

ROUMANIA

SOUTH AFRICA 5.875% 0730.05.22

1,000,000 USD

UNITED STATES

0.26

SOUTH AFRICA
SOUTH AFRICA 5.5% 1003.09.20

1.40

TURKEY 6.25% 12-26.09.22

YAPI KREDI 6.75% 12-08.02.17

570,793

ROMANIA 6.75% 12-07.02.22

0.25

TURKEY 7.25% 04-15.03.15

1,583,813

PHILIPPINES 6.375% 0715.01.32

1,521,448
8,677,111

0.16

550,000 USD

PHILIPPINES 5% 12-13.01.37

1,600,000 USD
8,300,000 USD

0.16

3,880,026

% net
assets

TURKEY 5.625% 10-30.03.21

1,005,068

3,880,026

Face Value Currency Evaluation

TURKEY
FINANSBANK 5.5% 1111.05.16

1,005,068

1,550,000 USD

COFIDE 4.75% 12-08.02.22

Description

1,000,000 EUR

1,343,866

0.22

IP CO 7.95% 08-15.06.18

LIMITED BRANDS 6.95% 0301.03.33

1,000,000 USD

962,500

MOR ST 5.375% 10-10.08.20

2,250,000 EUR

2,990,227

0.49

300,000 USD

300,806

0.05

MORGAN STANLEY 4.75% 1222.03.17

317

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

Face Value Currency Evaluation

% net
assets

NORTH TIER 10.5% 1001.12.17

1,000,000 USD

1,091,250

0.18

MUNICH RE FRN (6.25%) 1226.05.42

1,000,000 EUR

1,326,455

QWEST 6.75% 11-01.12.21

1,000,000 USD

1,118,670

0.18

RWE 4.625% (FRN) 10-PERP

750,000 EUR

955,671

0.16

RELIANCE 5.4% 12-14.02.22

144A

1,000,000 USD

992,570

0.16

5,420,901

0.88

500,000 USD

522,920

0.09

2,890,000 USD

2,879,163

0.47

0.16

SLM 7.25% 12-25.01.22

SUNTRUST CAP 6.1% 0615.12.66

WELLS FARGO 4.125% 0603.11.16

2,500,000 EUR

WYNDHAM 7.375% 1001.03.20

4,000,000 USD

3,612,063

0.59

4,738,557

0.77

56,106,827

9.14

VENEZUELA

PETROLEOS 5% 09-28.10.15

6,000,000 USD

4,972,170

0.81

VENEZUELA 7.00% 0301.12.18

7,875,000 USD

6,586,650

1.08

VENEZUELA 7.65% 0521.04.25

6,050,000 USD

4,629,914

0.75

VENEZUELA 7.75% 0913.10.19 REGS

1,400,000 USD

TOTAL BONDS

1,184,400

0.19

17,373,134

2.83

338,785,786

55.14

AUSTRIA
OMV 6.75%(FRN) 1129.04.49/SUB

1,500,000 EUR

1,995,346

0.32

1,995,346

0.32

1,000,000 USD

967,966

UBS PREF. FD FRN 05-PERP

1,750,000 EUR

1,927,115

0.31

2,895,081

0.47

0.17

NETHERLANDS
ABN AMRO BANK FRN 06PERP.

1,000,000 EUR

1,018,762

ALLIANZ FIN 5.75% 1108.07.41 SUB

2,800,000 EUR

3,552,988

0.58

ING VERZEK.FRN 01-21.06.21

3,000,000 EUR

3,744,832

0.61

8,316,582

1.36

UNITED STATES
FTH THRD CAP 6.5% (FRN) 0715.4.67

3,000,000 USD

TOTAL FLOATING RATE BONDS

ARGENTINA
ARGENTINA 8.28% 0931.12.33/POOL

825,000 USD

TOTAL PIK BONDS

2,987,370

0.49

2,987,370

0.49

25,717,799

4.19

790,253

0.13

790,253

0.13

790,253

0.13

ASSET BACKED SECURITIES

650,000 EUR

902,487

0.15

902,487

0.15

FRANCE

NATIXIS FRN 07-06.07.17

1,000,000 EUR

1,306,502

0.21

SUEZ ENV 4.82% (FRN) 10PERP/SUB

1,500,000 EUR

1,893,530

0.31

3,200,032

0.52

GERMANY
ENBW 7.375%(FRN) 1102.04.72/SUB

1,700,000 EUR

2,342,615

0.37

ENBW 7.375%(FRN) 1102.04.72/SUB

250,000 EUR

343,366

0.06

HSH NORDBK FRN 0714.02.17 S.239

500,000 EUR

452,794

0.07

318

JERSEY
HSBC CAPITAL JE FRN 03PERP/PFD

PIK BONDS

FLOATING RATE BONDS

AUSTRALIA
ORIGIN EN FRN 1116.06.71/SUB

0.22

ARGENTINA
ARGENTINA 1.33% 0331.12.38

BRAZIL
BCO BMG 9.15% 05-15.01.16
REG.S

DOMINICAN REPUBLIC
REP DOMINICAN 7.5%-1006.05.21/POOL

2,000,000 USD

3,450,000 USD

550,000 USD

720,050

0.12

720,050

0.12

2,710,334

0.44

2,710,334

0.44

570,782

0.09

570,782

0.09

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

FEDERATION OF RUSSIA
RUSSIA 7.50% 00-31.03.30
REG/ST-UP

Face Value Currency Evaluation

% net
assets

Face Value Currency Evaluation

% net
assets

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
13,225,000 USD

GREAT BRITAIN
GRANM FRN 06-20.12.54 06-1
C2

URUGUAY
REPUBLIC URUGUAY 7.625%
06-21.03.36

VENEZUELA
PETROLEOS 8.5% 10-02.11.17
/ POOL

VIRGIN ISLANDS
STAR ENERGY 11.5%1012.02.15 REGS

13,212,523

2.15

BONDS

13,212,523

2.15

AUSTRALIA

3,149,232

0.51

FMG RES 6.875% 12-01.04.22

4,800,000 USD

1,700,000 USD

2,000,000 USD

1,050,000 USD

TOTAL ASSET BACKED SECURITIES

3,149,232

0.51

2,367,930

0.39

2,367,930

0.39

1,777,050

0.29

1,777,050

0.29

1,160,114

0.19

1,160,114

0.19

25,668,015

4.18

MORTGAGE BACKED SECURITIES

GREAT BRITAIN
THE MALL FD FRN 0522.04.14 -A-

Description

1,000,000 USD

999,056

0.16

999,056

0.16

BRAZIL
BANRISUL 7.375% 1202.02.22

1,400,000 USD

1,479,387

0.24

VOTORANTIM 6.75% 1005.04.21 REGS

2,700,000 USD

3,038,148

0.50

4,517,535

0.74

CANADA
BOMBARDIER INC 5.75%1215.03.22

2,000,000 USD

1,959,840

0.32

BOMBARDIER 7.5% 1015.03.18

1,500,000 USD

1,653,998

0.27

NCX 8.625% 10-01.11.19

1,000,000 USD

1,147,500

0.19

TECK RES 3.85% 10-15.08.17

1,000,000 USD

1,062,086

0.17

XSTRATA FIN 6% 11-15.11.41

144A

1,000,000 USD

1,045,790

0.17

6,869,214

1.12

CAYMAN ISLANDS

1,100,000 GBP

700,013

0.11

700,013

0.11

UNITED STATES
JPMCC FRN 10-15.10.20 1C2
D

5,000,000 USD

4,733,862

0.78

JPMCC FRN 11-15.02.46 C3E

5,000,000 USD

4,496,618

0.73

9,230,480

1.51

9,930,493

1.62

TOTAL MORTGAGE BACKED SECURITIES

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

BANBRA 5.375% 10-15.01.21

3,500,000 USD

3,602,234

0.59

COGARD 11.25% 10-22.04.17

1,050,000 USD

1,045,737

0.17

JBS FIN II 8.25% 10-29.01.18

1,500,000 USD

1,538,108

0.25

SEAGATE HDD 6.875% 1001.05.20

1,500,000 USD

1,610,993

0.26

7,797,072

1.27

1,244,715

0.20

1,244,715

0.20

COLOMBIA
ECOPETROL 7.625% 0923.07.19

1,000,000 USD

FRANCE
400,892,346

65.26

CR AGR 3.9% 10-19.04.21

500,000 EUR

545,898

0.09

LAFARGE 5.375% 29.11.18 STUP

1,550,000 EUR

2,085,847

0.34

PERNOD RIC 5.5% 1215.01.42 144A

1,000,000 USD

1,026,395

0.17

3,658,140

0.60

1,009,130

0.16

GREAT BRITAIN

BARCLAYS 2.75% 12-23.02.15

1,000,000 USD

319

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

SCOT & STH EN 5.025% 10PERP

INDONESIA
INDONESIA 6.625% 0717.02.37

IRELAND
NARA CABLE 8.875% 1201.12.18

VIP FINANCE 7.748% 1102.02.21

Face Value Currency Evaluation

2,750,000 EUR

2,025,000 USD

1,000,000 USD
1,400,000 USD

% net
assets

3,564,519

0.58

4,573,649

0.74

2,503,659

0.41

2,503,659

0.41

947,780

0.15

1,384,208

0.23

2,331,988

0.38

LUXEMBOURG

Description

Face Value Currency Evaluation

% net
assets

BE AEROSPACE 6.875% 1001.10.20

1,000,000 USD

1,098,695

0.18

BERRY PETR 6.375% 1215.09.22

1,000,000 USD

1,026,250

0.17

CALPINE 7.875% 10-31.07.20

144A

2,000,000 USD

2,177,500

0.35

CIMAREX ENERGY CO 5.875%

01.05.22

2,000,000 USD

2,030,000

0.33

COMSTCK RES 7.75% 1101.04.19

1,100,000 USD

1,023,055

0.17

DANA HLDG 6.5% 11-15.02.19

1,000,000 USD

1,059,165

0.17

DCP MID OP 4.95% 1201.01.22 SR

1,000,000 USD

1,010,981

0.16

500,000 USD

524,926

0.09

DELPHI 6.125% 11-15.05.21

1,600,000 USD

1,712,000

0.28

1,000,000 USD

996,830

0.16

500,000 USD

512,368

0.08

DCP MIDSTREAM 4.75% 1130.09.21

FIAT FT 6.25% 11-09.03.18

1,000,000 EUR

1,340,197

0.22

DIRECTV 2.4% 12-15.03.17

TNETBB 6.375% 10-15.11.20

1,750,000 EUR

2,357,008

0.38

EL PASO 5% 11-01.10.21

3,697,205

0.60

ETP 6.5% 12-01.02.42

1,000,000 USD

1,066,830

0.17

EXELON GEN 5.75% 1001.10.41

1,000,000 USD

1,128,725

0.18

425,114

0.07

FTR 8.25% 10-15.4.17

1,000,000 USD

1,080,070

0.18

425,114

0.07

HCA INC 7.25% 10-15.9.20

1,000,000 USD

1,087,500

0.18

HOST HOTELS 6% 1001.11.20

1,100,000 USD

1,171,500

0.19

0.16

ILFC 5.875% 12-01.04.19

1,000,000 USD

972,845

0.16

ILFC 6.25% 11-15.05.19

500,000 USD

500,668

0.08

ILFC 8.25% 10-15.12.20

1,000,000 USD

1,101,110

0.18

JABIL CIR 5.625% 10-15.12.20

1,000,000 USD

1,048,760

0.17

MEXICO

URBI DESA 9.75% 12-03.02.22

NETHERLANDS
DEUT TEL IF 2.25% 1206.03.17

400,000 USD

1,000,000 USD

994,545

ENEL FIN 6% 09-07.10.39

1,000,000 USD

905,845

0.15

ING NV 3.75% 12-07.03.17 144A-

1,000,000 USD

996,020

0.16

2,896,410

0.47

SINGAPORE

JARDEN 6.125% 10-15.11.22

1,000,000 USD

1,057,500

0.17

JBS USA 8.25% 12-01.02.20

144A

1,250,000 USD

1,290,625

0.21

BUMI CAP 12% 09-10.11.16

1,000,000 USD

1,105,385

0.18

SIGMA CAP FRN 10-30.04.15

1,400,000 USD

1,475,901

0.24

JOY GLOB 5.125% 1115.10.21

500,000 USD

544,395

0.09

2,581,286

0.42

KIMCO REALTY 4.3% 1001.02.18

1,500,000 USD

1,540,950

0.25

LG&E AND KU 4.375% 1101.10.21

1,000,000 USD

1,036,556

0.17

LINN EN 6.25% 12-01.11.19

144A

1,500,000 USD

1,457,265

0.24

MARKW ENERGY 6.5% 1115.08.21

2,250,000 USD

2,408,399

0.39

METROPCS WI 7.875% 1001.09.18

2,000,000 USD

2,111,250

0.34

NEWMONT MIN 4.875% 1215.03.42

1,000,000 USD

952,905

0.16

SPAIN
TELEFONICA 4.75% 1107.02.17

1,000,000 EUR

1,373,666

0.22

1,373,666

0.22

UNITED STATES

AIG 4.25% 11-15.09.14

1,000,000 USD

1,039,635

0.17

ALEXANDRIA 4.6% 1201.04.22

400,000 USD

398,711

0.06

BANKAMERICA 8% 9615.12.26 S2

3,000,000 USD

3,032,144

0.50

320

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

NEWS AMERICA 6.9% 1015.08.39

NOBLE ENERGY 4.15% 1115.12.21
NORFOLK STH 3% 1201.04.22 SR

Face Value Currency Evaluation

% net
assets

Description

Face Value Currency Evaluation

FLOATING RATE BONDS

1,000,000 USD

1,200,880

0.20

500,000 USD

513,543

0.08

UNITED STATES
ENT PR 7.034% (FRN) 0715.01.68

3,000,000 USD

1,000,000 USD

987,110

0.16

VERSO PAP. FRN 06-01.08.14

S.B

1,000,000 USD

ONEOK INC 4.25% 01.02.22

300,000 USD

306,426

0.05

PAA 3.65% 12-01.06.22

500,000 USD

492,781

0.08

PETROHAWK EN 7.25% 1015.08.18

1,000,000 USD

1,143,640

0.19

RABOBANK CAP.III 5.254%

04-PERP 144A

% net
assets

TOTAL FLOATING RATE BONDS

3,232,500

0.53

871,250

0.14

4,103,750

0.67

4,103,750

0.67

MORTGAGE BACKED SECURITIES

UNITED STATES

1,000,000 USD

946,440

0.15

ROCK TENN 4.45% 1201.03.19 144A

DBUBS 11-01.01.21 LC1A E

5,500,000 USD

5,109,313

0.83

500,000 USD

502,334

0.08

GSMS 5.231% 10-10.12.43

6,500,000 USD

5,676,352

0.93

SABMIL HLDGS 1.85% 1215.01.15

600,000 USD

608,262

0.10

JPMCC FRN 06-15.04.45 LDP7

AJ

2,580,000 USD

2,284,790

0.37

SANDRIDGE 8.75% 1015.01.20

2,800,000 USD

2,910,963

0.48

JPMCC 5.42% 07-49 07-LDPX

A3

2,000,000 USD

2,229,895

0.36

SANMINA SCI CO 7% 1115.05.19

1,000,000 USD

1,022,500

0.17

JPMCC 5.464%15.03.14
07LDPXC-AM

1,600,000 USD

1,526,450

0.25

SIMON PROP 2.15% 1215.09.17

1,000,000 USD

990,130

0.16
TOTAL MORTGAGE BACKED SECURITIES

SOUTHERN PWR CO. 5.15%

11-15.09.41

1,000,000 USD

1,059,730

0.17

SPI AER INC 6.75% 1115.12.20

2,000,000 USD

2,170,000

0.35

STHWEST EN 4.1% 1215.03.22

1,000,000 USD

999,104

0.16

SWIFT ENERG 7.875%

01.03.22

1,000,000 USD

1,035,000

0.17

VENTAS REAL 4.25% 1201.03.22

1,000,000 USD

980,085

0.16

1,000,000 USD

1,026,250

0.17

VISTEON 6.75% 11-15.04.19

1,250,000 USD

1,275,000

0.21

500,000 USD

530,000

0.09

1,500,000 USD

1,613,565

0.26

WINDSTREAM 7.75% 1015.10.20

2.74

16,826,800

2.74

128,904,365

20.99

2,000,500

0.33

2,000,500

0.33

OTHER TRANSFERABLE SECURITIES

VERSO PAPER11.75%1215.01.19
WINDSTREAM 7.5% 01.06.22
OPE

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

16,826,800

BONDS
NETHERLANDS
LYONDELL IND 5.75% 1215.04.24

2,000,000 USD

UNITED STATES

CARRIZO 8.625% 11-15.10.18

250,000 USD

264,688

0.04

CORELOGIC 7.25% 1101.06.21 144A

500,000 USD

517,500

0.08

DOMTAR 4.4% 04.01.22

350,000 USD

347,748

0.06

FITB 3.5% 12-15.03.22

350,000 USD

342,258

0.06
0.20

WPX ENERGY 6% 11-15.01.22

144A

500,000 USD

502,500

0.08

WYN L VEG 5.375% 1215.03.22

GFI GROUP 8.375% 117.18/GFI

1,250,000 USD

1,203,356

500,000 USD

488,750

0.08

MIDCONT EXP 6.7% 0915.09.19

1,000,000 USD

1,035,000

0.17

PBF HOLD 8.25% 12-15.02.20

1,250,000 USD

1,281,250

0.20

TOTAL BONDS

62,505,106

10.18

107,973,815

17.58

TARGA RES 6.875% 1101.02.21

2,500,000 USD

2,625,000

0.42

TENNECO 6.875% 11-15.12.20

1,000,000 USD

1,080,000

0.18

321

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global High Income Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

VIASAT 6.875% 12-15.06.20

144A

400,000 USD

TOTAL BONDS

% net
assets

413,000

0.07

9,109,800

1.48

11,110,300

1.81

FLOATING RATE BONDS

Description

Face Value Currency Evaluation

MSAC 5.357% 11-15.09.21 11C3 E

2,500,000 USD

2,123,216

0.35

7 WTC DEP 4.0824% 1213.03.31

2,000,000 USD

2,000,000

0.33

TOTAL MORTGAGE BACKED SECURITIES

UNITED STATES
DOMINI.RES.6.3% 0630.09.66

1,750,000 USD

1,570,625

0.26

TOTAL INVESTMENTS

PPL CAP FDG 6.7% (FRN) 0730.03.67

3,000,000 USD

3,000,000

0.48

OTHER NET ASSETS LESS LIABILITIES

4,570,625

0.74

TOTAL NET ASSETS

4,570,625

0.74

TOTAL OTHER TRANSFERABLE SECURITIES

TOTAL FLOATING RATE BONDS

ASSET BACKED SECURITIES
CAYMAN ISLANDS

ATRM FRN 06-20.07.20 5A-C

3,500,000 USD

2,432,500

0.40

CENT CDO XII FRN 0618.11.20

1,250,000 USD

837,500

0.14

CLYDS FRN 05-06.12.17 20051A C

4,500,000 USD

3,397,500

0.55

SLVR FRN 06-16.10.20 06-2A C

2,250,000 USD

1,728,450

0.28

8,395,950

1.37

GREAT BRITAIN
BROADGATE F. FRN 0505.10.25 CL.D

2,000,000 GBP

944,117

0.15

BROADGATE FIN FRN 505.01.22/POOL

3,000,000 GBP

2,243,007

0.37

3,187,124

0.52

11,583,074

1.89

TOTAL ASSET BACKED SECURITIES

MORTGAGE BACKED SECURITIES
IRELAND
SILENUS NO.25 FRN 0715.05.19

VULCAN FRN 07-15.02.14 28X

A

922,000 EUR

740,277

0.12

2,478,000 EUR

1,068,121

0.17

1,808,398

0.29

UNITED STATES
BOAMS 4.873% 03-11.03.41
A3

2,000,000 USD

1,224,276

0.20

JPMCC 5.951% 15.06.20 10C1 B

5,000,000 USD

5,547,492

0.89

MORGAN STANLEY CAP FRN

15.02.21

5,225,000 USD

4,825,374

0.79

322

% net
assets

15,720,358

2.56

17,528,756

2.85

44,792,755

7.29

574,589,466

93.54

39,668,876

6.46

614,258,342 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Inflation Linked Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
BONDS
AUSTRALIA
AUSTRALIA 4% 9620.08.20/INFL

GERMANY
GERMANY 0.1% 1215.04.23/INFL

500,000 AUD

150,000 EUR

964,301

2.48

964,301

2.48

203,968

0.52

203,968

0.52

Face Value Currency Evaluation

% net
assets

GREAT BRIT.1.875% 0722.11.22

200,000 GBP

472,648

1.21

UK TSY FRN IL/06-22.11.17

200,000 GBP

459,441

1.18

UK TSY FRN 06-22.11.27/RPI

540,000 GBP

1,310,900

3.36

UK 0.375% 11-22.03.62 /INFL

200,000 GBP

383,949

0.99

UK 0.75% 07-22.11.47/INFL

570,000 GBP

1,324,516

3.40

UK 1.8% 11-22.03.29/INFL

50,000 GBP

83,360

0.21

UK 2.5% 83-16.04.20/INFL

150,000 GBP

879,466

2.26

UK 2.5% 85-16.08.13 /INFL

340,000 GBP

1,545,184

3.97

UK 2.5% 86-17.07.24/INFL

150,000 GBP

788,847

2.02

UK 2.5% 93-26.07.16 / INFL

300,000 GBP

1,656,928

4.25

11,826,585

30.36

ITALY

SWEDEN
SWEDEN 3.5% 9801.12.28/INFL

1,200,000 SEK

327,754

0.84

SWEDEN 4% 95-01.12.20/INFL

1,900,000 SEK

483,694

1.24

811,448

2.08

TOTAL BONDS

1,979,717

5.08

INFLATION INDEX BOND

FRANCE
FRANCE 1% 05-25.07.17
VAR/INFL

250,000 EUR

389,099

1.00

FRANCE 1.8% 07-25.07.40

S.OAT

100,000 EUR

159,826

0.41

FRANCE 2.25% 0325.07.20/INFL

670,000 EUR

1,177,390

3.02

FRANCE 3.15% 02-25.07.32

OAT

310,000 EUR

634,175

1.63

FRANCE 3.4% 99-25.07.29

OAT/ INFL

400,000 EUR

847,214

2.17

3,207,704

8.23

GERMANY
GERMANY FRN 11-15.04.18
CPI

100,000 EUR

148,965

0.38

GERMANY 1.5% 0615.04.16/INFL

100,000 EUR

166,038

0.43

GERMANY 1.75% 0915.04.20/INFL

100,000 EUR

164,864

0.42

479,867

1.23

2,921,346

7.51

GREAT BRITAIN
GREAT BRITAIN 1.125% 0722.11.37 3MO

Description

ITALY 2.1% 06-15.09.17 /INFL.

500,000 EUR

713,809

1.83

ITALY 2.1% 10-15.09.16

BTP/INFL

400,000 EUR

540,457

1.39

ITALY 2.15% 03-15.09.14/INFL

600,000 EUR

964,561

2.47

ITALY 2.35% 08-15.09.19 CPI

BTP

300,000 EUR

400,618

1.03

ITALY 2.55% 09-15.09.41

180,000 EUR

190,424

0.49

ITALY 2.6% 07-15.09.23 BTP

440,000 EUR

557,096

1.43

3,366,965

8.64

2,381,177

6.11

UNITED STATES

USA 3.875% 99-15.04.29/INFL

1,110,000 USD

2,381,177

6.11

TOTAL INFLATION INDEX BOND

21,262,298

54.57

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

23,242,015

59.65

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
TREAS. BONDS/NOTES - FIXED RATE
UNITED STATES

USA 2% 12-15.02.22 TBO

2,400,000 USD

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
INFLATION INDEX BOND

2,367,938

6.08

2,367,938

6.08

2,367,938

6.08

CANADA

CANADA 4% 99-01.12.31/INFL
1,200,000 GBP

350,000 CAD

791,151

2.03

791,151

2.03

323

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Inflation Linked Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

JAPAN
JAPAN GOVT 1.4% 0810.03.18 CPI

40,000,000 JPY

UNITED STATES
USA 1.625% 08-15.01.18
INF/TBO

% net
assets

516,715

1.33

516,715

1.33

700,000 USD

872,651

2.24

USA 1.875% 05-15.07.15 TB

INDEXED

1,600,000 USD

2,080,890

5.34

USA 2% 04-15.07.14 TBO

INFL.IND

1,000,000 USD

1,310,531

3.36

USA 2% 06-15.01.26
TSY/INFL.IDX

750,000 USD

1,059,339

2.72

USA 2.125% 09-15.01.19

550,000 USD

697,264

1.79

USA 2.375% 04-15.01.25/INFL

850,000 USD

1,310,174

3.36

USA 2.375% 07-15.01.17

TSY/INDEX

580,000 USD

764,775

1.96

USA 3.375% 01-15.04.32

INFLATION

1,050,000 USD

2,064,085

5.30

10,159,709

26.07

TOTAL INFLATION INDEX BOND

11,467,575

29.43

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

13,835,513

35.51

733,026

1.88

OTHER TRANSFERABLE SECURITIES

INFLATION INDEX BOND
UNITED STATES

USA 0.75% 12-15.02.42 TBO

750,000 USD

TOTAL INFLATION INDEX BOND

TOTAL OTHER TRANSFERABLE SECURITIES
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

324

733,026

1.88

733,026

1.88

733,026

1.88

37,810,554

97.04

1,154,527

2.96

38,965,081 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Latin American Local Debt (launched as at 19 May 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

Face Value Currency Evaluation

% net
assets

INVESTMENTS

PERU

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

PERU 6.9% 07-12.08.37

300,000 PEN

120,348

PERU 6.95% 08-12.08.31

170,000 PEN

68,726

0.34

BONDS

REP PERU 7.84% 05-12.08.20

520,000 PEN

226,072

1.10

0.59

REP PERU 8.2% 06-12.08.26

240,000 PEN

109,598

0.54

BRAZIL 0% 11-01.01.14

6,200 BRL

2,897,670

14.19

REP PERU 9.91% 05-05.05.15

110,000 PEN

47,947

0.23

REPUBLIC PERU 8.6% 0512.08.17

22,257

0.11

BRAZIL

BRAZIL 0% 11-01.07.13
LETRAS TES

5,800 BRL

2,855,425

13.98

BRAZIL 10% 07-01.01.17

3,700 BRL

1,982,105

9.70

BRAZIL 10% 10-01.01.21

1,900 BRL

983,858

4.81

BRAZIL 10.25% 07-10.01.28

300,000 BRL

197,101

0.96

8,916,159

43.64

MEXICO

MEXICO 10% 05-05.12.24 -M-

52,425 MXN

535,885

2.63

MEXICO 10% 06-20.11.36

37,415 MXN

373,719

1.83

MEXICO 4.5% 0418.12.14/INFL

50,000 PEN

TOTAL BONDS

594,948

2.91

15,543,292

76.07

682,961

3.34

PLACEMENTS
BRAZIL
BRAZIL 0% 11-01.04.14
LETRAS TES

1,500 BRL

4,991 MXN

199,785

0.98

PLACEMENTS

MEXICO 6.25% 11-16.06.16

29,810 MXN

242,144

1.19

FLOATING RATE BONDS

MEXICO 6.5% 11-09.06.22

BONOS

12,000 MXN

95,005

0.46

BRAZIL 0% 11-01.01.15 LTN

5,260 BRL

MEXICO 6.5% 11-10.06.21

64,797 MXN

516,152

2.53

BRAZIL 0% 12-01.01.16
LETRAS TES

1,100 BRL

682,961

3.34

682,961

3.34

2,207,997

10.80

BRAZIL

MEXICO 7% 09-19.06.14

23,043 MXN

188,787

0.92

MEXICO 7.25% 07-15.12.16

21,199 MXN

179,477

0.88

MEXICO 7.5% 06-03.06.27

BONOS

54,425 MXN

449,273

2.20

TOTAL FLOATING RATE BONDS

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

MEXICO 7.75% 07-14.12.17

S.M 10

32,308 MXN

280,928

1.37

MEXICO 7.75% 11-29.05.31

BONOS

26,280 MXN

216,246

1.06

MEXICO 8% 03-07.12.23
S.M20

10,469 MXN

92,674

0.45

MEXICO 8% 03-19.12.13
SR131219

32,004 MXN

264,083

1.29

BRAZIL

MEXICO 8% 05-17.12.15

20,716 MXN

177,935

0.87

BRAZIL 10% 12-01.01.18

MEXICO 8% 10-11.06.20

52,451 MXN

462,541

2.26

MEXICO 8.5% 08-18.11.38

58,651 MXN

509,449

2.49

MEXICO 8.5% 09-13.12.18

19,699 MXN

179,113

0.88

MEXICO 8.5% 09-31.05.29

BONOS

54,973 MXN

490,738

2.40

MEXICO 9.50% 04-18.12.14

BONOS

45,890 MXN

401,140

1.96

MEXIC0 9% 06-20.06.13 BD

21,500 MXN

177,111

0.87

6,032,185

29.52

413,856

2.03

2,621,853

12.83

2,621,853

12.83

18,848,106

92.24

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
BONDS

200 BRL

106,157

0.52

106,157

0.52

MEXICO

MEXICO 6% 10-18.06.15

32,976 MXN

265,765

1.30

265,765

1.30

TOTAL BONDS

371,922

1.82

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

371,922

1.82

325

Portfolio of Investments and Other Net Assets as at 31 March 2012

Latin American Local Debt (launched as at 19 May 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

OTHER TRANSFERABLE SECURITIES

BONDS
COLOMBIA
COLOMBIA 11.25% 0824.10.18

1,000,000,000 COP

TOTAL BONDS
TOTAL OTHER TRANSFERABLE SECURITIES
TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

326

685,754

3.36

685,754

3.36

685,754

3.36

685,754

3.36

19,905,782

97.42

527,719

2.58

20,433,501 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

RMB Fixed Income (launched as at 25 October 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

Description

INVESTMENTS

VIRGIN ISLANDS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

CHAILEASE 5% 12-05.04.15

BONDS
AUSTRALIA
BMW AU FIN 2% 11-07.12.12
EMTN

15,000,000 CNY

14,000,000 CNY

2,225,963

2.66

BAOSTEEL GROUP 4.15% 1201.03.17

10,000,000 CNY

1,598,362

1.91

161,900

0.19

6,378,434

7.63

1,250,206

1.49

1,250,206

1.49

FRANCE

HONG KONG
BANK OF COMMS 2.88% 1217.01.13

15,000,000 CNY

2,367,923

2.83

LOTTE SHOP 4% 12-09.02.15

17,500,000 CNY

2,793,280

3.34

5,161,203

6.17

NEW ZEALAND

SINGAPORE
GLB LOGISTIC 3.375% 1111.05.16

28.11

CHINA
BANK OF CHINA 2.65% 1030.09.12

GERMANY
BSH BOSCH 3.375% 1128.09.16

6,000,000 CNY

2.83

2,368,814

2.83

1,583,582

1.89

1,583,582

1.89

ICBC ASIA 1.1%11-25.02.13

18,000,000 CNY

2,801,473

3.35

2,801,473

3.35

JAPAN
HITACHI CAPITAL 3.75%
22.03.15

12,500,000 CNY

1,977,982

2.37

MITSUBISHI UFJ LEAS 3.6%

02.03.15

19,400,000 CNY

3,059,791

3.66

5,037,773

6.03

610,694

0.73

620,680

0.74

620,680

0.74

UNITED STATES

CATERPILLAR 2% 10-01.12.12

10,000,000 CNY

1,579,986

1.89

946,219

1.13

CATERPILLAR 2.9% 1216.03.14

14,000,000 CNY

2,224,455

2.66

5,000,000 CNY

789,407

0.94

KDB 3.4% 12-14.01.13

10,000,000 CNY

1,580,675

1.89

15,000,000 CNY

10,000,000 CNY

2,368,814

HONG KONG

SOUTH KOREA

EIBK 2% 11-14.11.12 PCT

4,000,000 CNY

15,000,000 CNY

0.73

EIBK 3.4% 12-18.01.13

SHINHAN BANK 2.5% 1215.03.13

23,511,762

610,694

SOUTH KOREA

EIBK 2% 11-05.11.12

28.11

BONDS

BAOSTEEL GROUP 3.125%

11-01.12.13

4,000,000 CNY

23,511,762

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

2.87

FONTERRA 1.1% 11-27.06.14

TOTAL BONDS

2.84

2,392,209

8,000,000 CNY

1.70
1.70

2.84

15,000,000 CNY

AIR LIQUIDE 3% 11-19.09.16

1,425,744
1,425,744

2,372,260

ADB CHINA 3% 12-17.01.14

1,000,000 CNY

9,000,000 CNY

% net
assets

2,372,260

CHINA

BAOSTEEL GROUP 4.375%

11-01.12.16

Face Value Currency Evaluation

2,376,240

2.85

5,692,541

6.81

7,000,000 CNY

1,103,129

1.32

1,103,129

1.32

3,804,441

4.55

TOTAL BONDS

16,699,212

19.97

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

16,699,212

19.97

327

Portfolio of Investments and Other Net Assets as at 31 March 2012

RMB Fixed Income (launched as at 25 October 2011)
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

FINANCIAL INSTRUMENTS
CERTIFICATE OF DEPOSIT
CHINA
CHINA CONSTR 1.05% 1103.06.13 CD

10,000,000 CNY

1,561,293

1.87

CHINA CONSTR 3% 1230.01.13 CD

10,000,000 CNY

1,580,558

1.89

3,141,851

3.76

1,558,191

1.86

HONG KONG
AGR BANK CHINA 1.2% 1124.06.13 CD

10,000,000 CNY

BANK CHINA HK 2% 1214.05.12 CD

BANK OF E ASIA 1.8%
05.11.12 CD0

4,000,000 CNY

633,275

0.76

10,000,000 CNY

1,582,168

1.89

CN CONSTRUCTION 2.6%
09.08.12 CD
DBS HK 2.8% 12-16.01.13 CD

5,000,000 CNY

791,092

0.95

15,000,000 CNY

2,368,865

2.83

ICBC (ASIA) 1.05% 11-13.05.13

CD
WING LUNG BANK 2% 1105.12.12 CD

3,000,000 CNY

469,007

0.56

10,000,000 CNY

1,578,750

1.89

8,981,348

10.74

TOTAL CERTIFICATE OF DEPOSIT

12,123,199

14.50

TOTAL FINANCIAL INSTRUMENTS

12,123,199

14.50

TOTAL INVESTMENTS

52,334,173

62.58

OTHER NET ASSETS LESS LIABILITIES

31,297,639

37.42

TOTAL NET ASSETS

83,631,812 100.00

328

Portfolio of Investments and Other Net Assets as at 31 March 2012

US Dollar Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
BONDS
FRANCE
VIVENDI 5.75% 08-04.04.13
144A

GERMANY
KFW 4.125% 04-15.10.14
GLOBAL

GREAT BRITAIN
BRITISH TELECOM. 9.625%
00-15.12.30 MULTIC

NATIONAL GRID 6.3% 0601.08.16

250,000 USD

260,074

0.19

260,074

0.19

3,254,700

2.37

3,254,700

2.37

Face Value Currency Evaluation

1,000,000 USD
750,000 USD

1,492,365

1.09

869,888

0.63

2,362,253

1.72

350,000 USD

371,487

0.27

FREDDIE MAC 5.125% 0717.11.17

3,000,000 USD

3,605,699

2.62

GLAXOSMITHKL 4.85% 0815.05.13

250,000 USD

262,145

0.19

HPQ 4.65% 11-09.12.21

500,000 USD

525,840

0.38

1,000,000 USD

1,001,635

0.73

7,435,668

5.41

19,386,306

14.10

997,345

0.73

997,345

0.73

1,000,248

0.73

1,000,248

0.73

IBRD 1% 11-15.09.16

FLOATING RATE BONDS

BELGIUM

BELGIUM FRN 09-06.08.12

DENMARK
FIN DANISH FRN 09-17.08.12
144A

1,000,000 USD

1,000,000 USD

FRANCE

800,000 USD

799,844

0.58

CADES FRN 09-02.07.14

1,000,000 USD

996,805

0.73

799,844

0.58

SOCIETE GENERALE FRN 0919.06.13

1,000,000 USD

997,835

0.72

3,241,275

2.36

1,994,640

1.45

1,502,078

1.09

1,502,078

1.09

483,983

0.35

483,983

0.35

999,642

0.73

LUXEMBOURG

BEI 4.625% 04-15.05.14 EMTN

TELECOM IT CAP 6.175% 0918.06.14

3,000,000 USD

GERMANY

500,000 USD

526,868

0.38

3,768,143

2.74

SPAIN
SANTANDER US 3.724% 1020.01.15

500,000 USD

487,713

0.35

TELEFONICA EMIS 5.877%

09-15.07.19

600,000 USD

613,818

0.45

1,101,531

0.80

404,093

0.29

404,093

0.29

UNITED ARAB EMIRATES

ABU DHABI 5.5% 07-02.08.12

400,000 USD

UNITED STATES

400,000 USD

436,148

0.32

CAPITAL ONE 8.8% 0915.07.19

400,000 USD

495,480

0.36

COMCAST 5.15% 10-01.03.20

KFW FRN 09-05.08.14 REG-S

JERSEY
HSBC CAPITAL JE FRN 03PERP/PFD

SWEDEN
SWEDISH EXP FRN 0914.08.14

1,500,000 USD

500,000 USD

1,000,000 USD

TOTAL FLOATING RATE BONDS

999,642

0.73

6,977,936

5.08

6.52

TREAS. BONDS/NOTES - FIXED RATE

BOA 6.4% 07-28.08.17

CITIGROUP INC. 6.5% 0819.08.13

% net
assets

ELECTRON.DATA 6.5%0301.08.13-B-

TOTAL BONDS

3,000,000 USD

ITALY

ITALY 3.125% 10-26.01.15

Description

150,000 USD
500,000 USD

158,624
578,610

0.12
0.42

UNITED STATES

USA 1% 11-15.01.14 TBO

8,850,000 USD

8,956,304

USA 1% 11-30.09.16 TBO

5,480,000 USD

5,506,972

4.01

15,200,000 USD

15,946,343

11.60

USA 2.375% 09-31.10.14 S2014

329

Portfolio of Investments and Other Net Assets as at 31 March 2012

US Dollar Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

USA 3.125% 11-15.05.21

Face Value Currency Evaluation

4,900,000 USD

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
MORTGAGE BACKED SECURITIES

% net
assets

5,360,523

3.90

35,770,142

26.03

35,770,142

26.03

1,000,000 USD

TOTAL MORTGAGE BACKED SECURITIES

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

CAYMAN ISLANDS
HUTCH WHAM 5.75% 0911.09.19

FRANCE
SOCIETE GENERALE 3.1% 1014.09.15

350,000 USD

LUXEMBOURG
COVIDIEN INTERNATIONAL
5.45% 08-15.10.12

738,063

0.54

738,063

0.54

600,000 USD

786,672

0.57

200,000 USD

208,042

0.15

1,002,414

0.73

BXP 4.125% 10-15.05.21

450,000 USD

467,015

0.34

1,002,414

0.73

CLOROX CO. 5.45% 0715.10.12

500,000 USD

510,873

0.37

MET LIFE 5.125% 09-10.06.14

700,000 USD

757,924

0.55

63,136,798

45.94

METLIFE 5.875% 10-06.02.41

500,000 USD

604,645

0.44

NEWS AMERICA 6.9% 1015.08.39

500,000 USD

600,440

0.44

NY LIFE GBL 3% 10-4.05.15

144A

1,000,000 USD

1,054,509

0.77

RABOBANK CAP.III 5.254%

04-PERP 144A

650,000 USD

615,186

0.45

1,365,741

0.99

TIME WARNER ENTMT.

8.375% 93-15.03.23

525,000 USD

706,981

0.51

1,365,741

0.99

UNION PACIFIC 5.75% 0715.11.17

400,000 USD

471,738

0.34

750,000 USD

998,040

0.73

388,182

0.28

WAL-MART STORES 6.50%

07-15.08.37

388,182

0.28

WEA&WT FIN 5.75% 0902.09.15 S144A

XTRA FIN. 5.15% 07-01.04.17

500,000 USD

700,000 USD

AMER HONDA 4.625% 0802.04.13

482,575

0.35

482,575

0.35

204,859

0.15

204,859

0.15

400,000 USD

437,543

0.32

1,000,000 USD

1,118,623

0.81

TOTAL BONDS

9,338,231

6.79

14,231,294

10.35

1,504,242

1.09

1,504,242

1.09

1,504,242

1.09

233,791

0.17

FLOATING RATE BONDS

200,000 USD

AUSTRALIA

CBA FRN 09-12.07.13 144A

1,500,000 USD

TOTAL FLOATING RATE BONDS

400,000 USD

409,310

0.30

409,310

0.30

NETHERLANDS

ENEL FIN 3.875% 09-07.04.10

750,000 USD

760,826

0.55

ENEL FIN 6% 09-07.10.39

600,000 USD

543,507

0.40

1,304,333

0.95

330

QATAR 4% 09-20.01.15 144A

ABIBB 7.75% 11-15.01.19 PST

GREAT BRITAIN

TESCO 2.7% 11-05.01.17 144A

QATAR

0.73

BONDS

1,350,000 USD

% net
assets

1,002,414

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
AUSTRALIA
ANZ BANK 2.4% 11-23.11.16
144A

Face Value Currency Evaluation

UNITED STATES

GREAT BRITAIN

PERMM FRN 10-15.07.42 1A

Description

ASSET BACKED SECURITIES

UNITED STATES
SLM STU FRN 05-26.04.21 0504 A2

TOTAL ASSET BACKED SECURITIES

380,000 USD

233,791

0.17

233,791

0.17

Portfolio of Investments and Other Net Assets as at 31 March 2012

US Dollar Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

TREAS. BONDS/NOTES - FIXED RATE

USA 3.75% 08-15.11.18 TBO

3,600,000 USD

4,130,438

3.01

USA 4.375% 08-15.02.38 TBO

3,375,000 USD

4,103,262

2.99

USA 4.375% 09-15.11.39 TBO

4,050,000 USD

4,931,823

3.58

13,165,523

9.58

13,165,523

9.58

UNITED STATES
FHLMC (30Y) 4% 12-01.04.42
TBA

2,190,000 USD

2,294,367

1.67

FHLMC (30Y) 5.0% 1201.04.42 TBA

2,640,000 USD

2,845,838

2.07

FHLMC (30Y) 5.5% 1201.04.42 TBA

2,040,000 USD

2,218,819

1.61

FHLMC (30Y) 6% 12-01.04.42

TBA

3,010,000 USD

3,320,877

2.42

FHLMC 4.5% 12-01.04.42 TBA

3,500,000 USD

3,716,015

2.70

14,395,916

10.47

14,395,916

10.47

GREAT BRITAIN
ARRMF FRN 10-16.05.47 10-1X
A2C

1,000,000 USD

1,001,536

0.73

1,001,536

0.73

UNITED STATES
COMMERCIAL MTG FRN 0615.12.20 FL12 A2

1,600,000 USD

376,353

0.27

GNMA (30Y) 5.5% 12-01.04.42

TBA

1,490,000 USD

1,665,773

1.21

GNMA 4.5% 12-15.04.42 TBA

3,840,000 USD

4,183,801

3.05

6,225,927

4.53

TOTAL MORTGAGE BACKED SECURITIES

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

7,227,463

5.26

69,060,964

50.25

893,410

0.65

OTHER TRANSFERABLE SECURITIES

TOTAL FHLMC

BONDS
UNITED STATES
MIDAMERICAN ENERGY
5.95% 07-15.07.17

750,000 USD

FNMA
TOTAL BONDS

UNITED STATES
FNMA (15Y) 4% 12-01.04.27
TBA

2,260,000 USD

2,395,953

1.74

FNMA (15Y) 4.5% 12-01.04.27

TBA

1,610,000 USD

1,725,467

1.26

FNMA (15Y) 5% 12-01.04.27

TBA

1,220,000 USD

1,317,791

0.96

FNMA (30Y) 4% 12-01.04.42

TBA

2,870,000 USD

3,015,742

2.19

FNMA (30Y) 4.5% 1201.04.42TBA

3,710,000 USD

3,951,731

2.89

FNMA (30Y) 5% 12-01.04.42

TBA

2,780,000 USD

3,006,309

2.19

FNMA (30Y) 5.5% 12-01.04.42

TBA

2,650,000 USD

2,889,742

2.10

18,302,735

13.33

18,302,735

13.33

TOTAL FNMA

% net
assets

Face Value Currency Evaluation

MORTGAGE BACKED SECURITIES

UNITED STATES

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
FHLMC

Description

893,410

0.65

893,410

0.65

ASSET BACKED SECURITIES

IRELAND
CAIRN MEZZ.FRN 07-13.08.47
07-3A B1 DEFLT

UNITED STATES
ABFC 3.684% 05-25.03.33 03AHL1 A1

605,000 USD

0.00

0.00

2,425,000 USD

222,472

0.16

BURLINGTON 4.83% 0501.15.23

700,000 USD

421,084

0.31

UNION PACIFIC 5.082% 0501.02.29

500,000 USD

TOTAL ASSET BACKED SECURITIES

454,072

0.33

1,097,628

0.80

1,097,628

0.80

524,899

0.38

524,899

0.38

MORTGAGE BACKED SECURITIES

CAYMAN ISLANDS

CWCI 06-15.08.48 06-C1 A2

900,000 USD

331

Portfolio of Investments and Other Net Assets as at 31 March 2012

US Dollar Bond
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

UNITED STATES
CGCMT 5.378% 06-15.10.49
2006-C5 A2

950,000 USD

236,741

0.17

CIT. DT 5.205% 07-11.12.49

07-CD4 A2B

900,000 USD

535,821

0.39

GNMA (30Y) 5% 12-01.04.42

TBA

2,710,000 USD

2,995,819

2.18

GNMA 4% (30Y) 12-01.04.42

TBA

2,380,000 USD

2,558,872

1.86

MORGAN STANLEY 5.61% 0715.04.49 07-IQ14-A2

1,060,000 USD

834,438

0.61

700,000 USD

470,352

0.34

7,632,043

5.55

8,156,942

5.93

10,147,980

7.38

2,667,977

1.94

2,667,977

1.94

WAMU 5.303% 06-23.11.43

TOTAL MORTGAGE BACKED SECURITIES

TOTAL OTHER TRANSFERABLE SECURITIES
FINANCIAL INSTRUMENTS
COMMERCIAL PAPER
NETHERLANDS
RABOBANK 0% 12-18.04.12
CP

2,000,000 EUR

SWEDEN

NORDEA 0% 12-10.04.12 CP

2,000,000 EUR

TOTAL COMMERCIAL PAPER

2,667,961

1.94

2,667,961

1.94

5,335,938

3.88

2,668,269

1.94

2,668,269

1.94

CERTIFICATE OF DEPOSIT
FRANCE

CR AGR 0% 12-02.04.12 CD

2,000,000 EUR

NORWAY

DNB 0% 12-10.04.12 CD

2,000,000 EUR

2,668,115

1.94

2,668,115

1.94

TOTAL CERTIFICATE OF DEPOSIT

5,336,384

3.88

TOTAL FINANCIAL INSTRUMENTS

10,672,322

7.76

TOTAL INVESTMENTS

153,018,064 111.33

OTHER NET ASSETS LESS LIABILITIES

(15,566,689) (11.33)

TOTAL NET ASSETS

137,451,375 100.00

332

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro Reserve
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Face Value Currency Evaluation

% net
assets

Description

INVESTMENTS

UNITED ARAB EMIRATES

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

NBADUH 0% 07.06.12 CP

OPCVM French - General vocation

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

4,049,200

2.91

4,049,200

2.91

4,049,200

2.91

1.79

2,497,990

1.79

31,083,802

22.30

4,049,200

2.91

COMMERCIAL PAPER

2,500,000 EUR

BELGIUM

BELGIUM 0% 11-14.06.12 CT

5,000,000 EUR

4,998,259

3.59

4,998,259

3.59

3.95

FRANCE

FINANCIAL INSTRUMENTS

2,498,544

1.79

2,498,544

1.79

FRANCE 0% 10.05.12 BTF

5,500,000 EUR

5,499,041

FRANCE 0% 11-05.04.12 BTF

100,000 EUR

99,988

0.07

FRANCE 0% 11-14.6.2012 TB

3,700,000 EUR

3,697,580

2.65

FRANCE 0% 11-16.05.12 BTF

100,000 EUR

99,889

0.07

FRANCE 0% 12-12.07.12 BTF

3,000,000 EUR

2,997,902

2.15

FRANCE 0% 12-24.05.12 BTF

2,000,000 EUR

1,999,551

1.43

FRANCE 0%11-26.07.12 BTF

8,000,000 EUR

7,995,503

5.74

22,389,454

16.06

LUXEMBOURG

FRANCE

ANTALIS 0% 12-03.04.12 CP

2,800,000 EUR

2,799,861

2.01

LMA 0% 12-29.06.12 CP

2,500,000 EUR

2,494,577

1.79

RTE 0% 12-10.05.12 CP

2,500,000 EUR

EFSF 0% 12-07.06.12 TB

2,499,146

1.79

TOTAL TREASURY BILLS

7,793,584

5.59

CERTIFICATE OF DEPOSIT

GERMANY

5,000,000 EUR

4,999,218

3.59

4,999,218

3.59

32,386,931

23.24

FRANCE

ALLIANZ 0% 12-10.04.12 CP

2,000,000 EUR

1,999,512

1.43

DGZ DEKABANK 0% 1202.04.12 CP

4,000,000 EUR

3,999,933

2.87

DGZ DEKABANK 0% 1223.05.12 CP

2,500,000 EUR

2,497,566

1.79

FMS WERTMAN 0% 1223.05.12 CP

5,000,000 EUR

4,997,303
13,494,314

REGENCY AT 0% 12-17.04.12
CP

2,497,990

% net
assets

TREASURY BILLS

4,000 EUR

Total - OPCVM French - General vocation

IRELAND
MATCHPT FIN 0% 12-5.04.12
CP

2,500,000 EUR

TOTAL COMMERCIAL PAPER

FRANCE
HSBC MONETAIRE ETAT-R 3
DEC

FINLAND
POHJOLA BANK 0% 1227.04.12 CP

Face Value Currency Evaluation

2,800,000 EUR
2,000,000 EUR

2,799,720

ACOSS 0% 12-05.04.12 CD

5,000,000 EUR

4,999,833

3.58

BFCM 0.855% 12-01.06.12 CD

2,500,000 EUR

2,496,268

1.79

BNPP EO-0.1% 12-03.04.12

CD

2,000,000 EUR

2,000,000

1.44

BNPP 0% 12-13.04.12 CD

5,000,000 EUR

4,999,358

3.59

3.60

CADES EONIA+0.075% 1213.04.12 CD

2,000,000 EUR

2,000,000

1.44

9.69

CALYON CA EONIA+0.6% 1218.05.12 CD

4,500,000 EUR

4,500,000

3.23

CDC 0% 12-07.05.12 CD

3,000,000 EUR

2,998,893

2.15

CRED.AG.CIB EONIA-0.05%
12-10.04.12

2,500,000 EUR

2,500,000

1.79

GECEF EONIA+0.36%
10.04.12 CD

1,500,000 EUR

1,500,000

1.08

GRPE BPCE EONIA-0.1% 1205.04.12 CD

4,000,000 EUR

4,000,000

2.87

HSBC FR 0% 07.06.12 CD

4,000,000 EUR

3,997,319

2.87

LBP 0% 12-14.5.12 CD

2,500,000 EUR

2,498,128

1.79

2.01

1,999,650

1.43

4,799,370

3.44

333

Portfolio of Investments and Other Net Assets as at 31 March 2012

Euro Reserve
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Face Value Currency Evaluation

NATIXIS EONIA+0.66% 1218.05.12CD

% net
assets

2,700,000 EUR

2,700,000

1.94

OSEO EONIA+0.05% 1214.06.12 CD

500,000 EUR

500,000

0.36

OSEO EONIA+0.17% 1210.04.12 CD

5,000,000 EUR

5,000,000

3.58

SOCGEN EONIA 12-04.04.12

CD

6,000,000 EUR

6,000,000

4.30

52,689,799

37.80

2,498,890

1.79

2,498,890

1.79

2,502,468

1.80

GERMANY
DEUT POSTBANK 0% 1209.05.12 CD

2,500,000 EUR

GREAT BRITAIN
BARCLAYS 1.19% 12-04.06.12
CD

2,500,000 EUR

MIZUHO BANK UK 0% 1212.04.12 CD

1,000,000 EUR

999,802

0.72

SUMITOMO LN 0% 1210.04.12 CD

2,500,000 EUR

2,499,847

1.79

6,002,117

4.31

2,498,575

1.79

2,498,575

1.79

JAPAN
BANK OF TOKYO 0% 1221.05.12 CD

2,500,000 EUR

NETHERLANDS

ING NV 0% 12-15.5.12 CD

2,500,000 EUR

2,496,718

1.79

RABOBANK EONIA+0.08% 1209.05.12 CD

2,000,000 EUR

2,000,000

1.44

4,496,718

3.23

SWEDEN

SHB 0% 12-11.04.12 CD

2,000,000 EUR

1,999,408

1.43

SWEDBANK 0% 12-14.05.12
CD

2,500,000 EUR

2,498,595

1.80

4,498,003

3.23

TOTAL CERTIFICATE OF DEPOSIT

72,684,102

52.15

TOTAL FINANCIAL INSTRUMENTS

136,154,835

97.69

TOTAL INVESTMENTS

140,204,035 100.60

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

334

(835,847)

(0.60)

139,368,188 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

European Equity Absolute Return
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

INVESTMENTS

SPAIN

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

AMADEUS IT HOLDING SR. A

SHARES
AUSTRIA

ANDRITZ AG GRAZ

7,325 EUR

Quantity/ Currency Evaluation

Face
value

24,320 EUR

342,669

1.86

342,669

1.86

TOTAL SHARES

9,858,240

53.52

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

9,858,240

53.52

536,117

2.91

536,117

2.91

563,603

3.06

TREASURY BILLS

563,603

3.06

GERMANY

564,317

3.06

564,317

3.06

6,430 EUR

380,849

2.07

LEGRAND HOLDING ACT.

PROV. OPO

23,520 EUR

645,859

3.50

METROPOLE TELEVISION SA
M6

45,180 EUR

612,415

3.33

TOTAL INVESTMENTS

VINCI

12,680 EUR

491,540

2.67

OTHER NET ASSETS LESS LIABILITIES

2,130,663

11.57

FINANCIAL INSTRUMENTS

BELGIUM

MOBISTAR NV

15,110 EUR

FINLAND

OUTOTEC OYJ

14,870 EUR

GERMANY 0% 11-04.04.12 TB

1,800,000 EUR

1,800,045

9.78

GERMANY 0% 11-16.05.12 TB

1,000,000 EUR

999,975

5.43

GERMANY 0% 11-30.05.12 TB

1,800,000 EUR

1,800,000

9.77

GERMANY 0% 12-11.07.12 TB

1,800,000 EUR

1,799,820

9.77

6,399,840

34.75

TOTAL TREASURY BILLS

6,399,840

34.75

TOTAL FINANCIAL INSTRUMENTS

6,399,840

34.75

16,258,080

88.27

2,159,710

11.73

FRANCE

BIOMERIEUX

% net
assets

TOTAL NET ASSETS

18,417,790 100.00

GERMANY

BILFINGER BERGER AG

10,010 EUR

700,700

3.80

DAIMLER CHRYSLER

14,400 EUR

647,208

3.51

FUCHS PETROLUB AG/VZ.A.

23,810 EUR

998,591

5.42

5,400 EUR

331,614

1.80

10,800 EUR

426,384

2.32

2,540 EUR

679,450

3.69

10,010 EUR

280,931

1.53

4,064,878

22.07

637,245

3.46

637,245

3.46

LANXESS AG

NORDDEUTSCHE AFFINERIE
AG
PUMA AG
SOFTWARE AG

ITALY

ANSALDO STS SPA

85,940 EUR

NETHERLANDS

ASML HOLDING NV

14,400 EUR

536,544

2.91

KONINKLIJKE AHOLD NV

46,680 EUR

482,204

2.62

1,018,748

5.53

335

Portfolio of Investments and Other Net Assets as at 31 March 2012

GEM Debt Total Return
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

PETROBRAS INTERNATIONAL
7.875% 09-15.03.19

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING
SHARES
ISLE OF MAN

LONZIM PLC

1,050,000 GBP

TOTAL SHARES

209,705

0.02

209,705

0.02

209,705

0.02

2,100,000 USD

2,100,000 USD

2,088,912

0.18

EMPRESA NAC 4.75% 1106.12.21

3,800,000 USD

3,956,902

0.36

6,045,814

0.54

4,077,465

0.36

4,077,465

0.36

4,075,000 USD

COLOMBIA
BANCOLOMBIA 6.125% 1026.07.20

4,000,000 USD

4,242,380

0.38

COLOMBIA 8.125% 0421.05.24

9,450,000 USD

13,452,075

1.19

17,694,455

1.57

NOBLE GROUP LTD 6.75% 0929.01.20

1,275,000 USD

1,259,853

0.11

5,091,502

0.45

CROATIA

CROATIA 6.375% 11-24.03.21

BRAZIL
BANCO VOTO 5.25% 1111.02.16

17,500,000 USD

18,108,650

1.60

BCO ABC 7.875% 10-08.04.20

REGS

13,200,000 USD

13,895,706

1.23

BRAZIL 10% 10-01.01.21

57,918 BRL

29,957,390

2.64

ELETROBRAS 5.75% 1127.10.21

2,925,000 USD

3,214,604

0.28

ITAU UNIBANCO 6.2% 1121.12.21

4,850,000 USD

5,077,999

0.45

13,250,000 USD

13,385,945

1.19

3,220,352

0.29

86,860,646

7.68

24,246,359

2.15

11,225,000 USD

10,800,527

0.96

10,800,527

0.96

10,403,028

0.92

10,403,028

0.92

CYPRUS

ALFA MTN ISS 8% 10-18.03.15

9,850,000 USD

FEDERATION OF RUSSIA
RUSSIA BOND 3.625% 1029.04.15

6,400,000 USD

6,662,496

0.59

RUSSIA 5% 10-29.04.20

8,300,000 USD

8,863,653

0.78

15,526,149

1.37

4,632,637

0.41

4,632,637

0.41

GABON
GABON 8.20% 07-12.12.17
REGS

3,800,000 USD

CAYMAN ISLANDS

23,500,000 USD

4.54

0.16

0.34

BANBRA 5.875% 11-26.01.22

0.16

1,790,556

3,831,649

3,200,000 USD

1,860,263
51,296,982

0.16

3,575,000 USD

SANTAND BR 4.625% 1213.02.17

1,500,000 USD

% net
assets

1,790,556

BERMUDA ISLANDS
ALLI OIL 9.875% 10-11.03.15
REGS

SAFRA 3.5% 11-16.05.14

Quantity/ Currency Evaluation

Face
value

CHILE
BCO CHILE 3.875% 1208.02.22

CHINA
MCC HLDG 4.875% 1129.07.16

BONDS
ARGENTINA
ARGENTINA 7% 07-17.4.17
S.X

Description

GREAT BRITAIN

ENN ENERGY HLD 6% 1113.05.21

3,250,000 USD

3,137,940

0.28

BIZ FIN 8.375% 10-27.04.15

3,900,000 USD

3,616,685

0.32

GRUPO AVAL 5.25% 1201.02.17

3,250,000 USD

3,385,281

0.30

VEDANTA RES 6.75% 1107.06.16

9,000,000 USD

8,409,644

0.75

IPIC GMTN 3.125% 1015.11.15

7,225,000 USD

7,316,035

0.65

VEDANTA RES 8.25% 1107.06.21

1,700,000 USD

1,583,185

0.14

IPIC GMTN 5.5% 11-01.03.22

1,000,000 USD

1,030,925

0.09

VEDANTA RESOU 8.75% 0815.01.14

3,198,000 USD

3,303,982

0.29

PETBRA 5.75% 09-20.01.20

336

9,250,000 USD

10,320,179

0.91

Portfolio of Investments and Other Net Assets as at 31 March 2012

GEM Debt Total Return
Statement of investments as at 31 March 2012
(expressed in USD)
Description

VEDANTA RESOURCES 9.5%

08-18.07.18

HONG KONG
PACNET 9.25% 10-09.11.15
REGS

Quantity/ Currency Evaluation

Face
value
2,750,000 USD

3,550,000 USD

% net
assets

2,795,856

0.25

19,709,352

1.75

4.93

1,325,000 USD

1,488,392

0.13

6,500,000 USD

6,887,595

0.61

GFB 6.5% 11-10.03.21/SUB

9,050,000 USD

9,457,341

0.84

GRUPO PETROTE 9.5% 0919.08.14

2,000,000 USD

2,217,900

0.20

6,000 MXN

47,600

0.00

9,000,000 USD

9,480,464

0.83

PEMEX 5.5% 10-21.01.21

1,800,000 USD

1,995,345

0.18

URBI DESA 9.5% 10-21.01.20

3,925,000 USD

4,149,333

0.37

35,723,970

3.16

0.72

INDONESIA 4.875% 1105.05.21

5,050,000 USD

5,475,261

0.48

16,444,096

1.46

3,455,970

MEXICO 6.5% 11-10.06.21

PEMEX 4.875% 12-24.01.22

0.31

ALFA BD ISS 7.875% 1025.09.17

1,500,000 USD

1,547,580

0.14

TRANSCAP. 6.103% 0727.06.12 REGS

7,000,000 USD

7,077,805

0.62

TRANSCAP. 7.7% 08-07.08.13

5,450,000 USD

5,875,046

0.52

VEB FINANCE 5.375% 1213.02.17

7,950,000 USD

8,223,559

0.72

PANAMA
REPUBLIC PANAMA 7.125%
05-29.01.26

3,100,000 USD

4,147,614

0.37

4,147,614

0.37

2,283,171

0.20

2,283,171

0.20

8,605,408

0.76

8,605,408

0.76

11,774,280

1.04

11,774,280

1.04

1,650,281

0.15

1,650,281

0.15

PERU

2,900,000 USD

3,042,724

COFIDE 4.75% 12-08.02.22

2,200,000 USD

0.27
ROUMANIA

525,000 USD

2,200,000 USD
12,175,000 USD

530,523

0.05

29,753,207

2.63

2,353,549

0.21

12,992,125

1.15

15,345,674

1.36

LUXEMBOURG
GAZ CAP 7.343% 08-11.04.13
REGS

3,700,000 USD

3,894,213

0.34

GAZ CAPITAL 6.51% 0707.03.22

1,000,000 USD

1,094,680

0.10

SBERBANK 5.4% 10-24.03.17

REGS

1.01

55,690,647

DESARROLLA H 9.5% 0911.12.19 REGS

0.26

GAZ CAPITAL 8.125% 0931.07.14

1.51

11,365,812

ALESTRA 11.75% 10-11.08.14

2,922,852

KAZMUNAIGAZ FIN. 8.375%

08-02.07.13 REG

17,098,208

10,800,000 USD

0.30

8,045,983

KAZAKHSTAN
DEV BK KAZA 5.5% 1020.12.15

16,200,000 USD

TNK BP FIN. 7.50% 0713.03.13 REGS

3,335,048

2,900,000 USD

VEB-LEASING INV5.125%
27.05.16

SBERBANK 6.468% 0802.07.13

MEXICO

7,400,000 USD

VEB FINANCE 6.8% 1022.11.25

% net
assets

0.30

BUMI INV 10.75% 10-10.06.17

3,500,000 USD

Quantity/ Currency Evaluation

Face
value

3,335,048

INDONESIA
BERAU COAL 7.25% 1213.03.17

IRELAND
ALFA BD ISS 7.75% 1128.04.21

Description

ROMANIA 6.75% 12-07.02.22

SOUTH AFRICA
SOUTH AFRICA 5.5% 1003.09.20

16,959,973

1.50

5,100,000 USD

5,277,761

0.47

10,500,000 USD

SRI LANKA

SRI LANKA 6.25% 11-27.07.21

TURKEY
FINANSBANK 5.5% 1111.05.16

TURKEY 7.25% 04-15.03.15

15,300,000 USD

8,200,000 USD

YAPI KREDI 6.75% 12-08.02.17

1,650,000 USD

6,725,000 USD

6,394,836

0.57

10,150,000 USD

11,274,113

0.99

4,746,924

0.42

22,415,873

1.98

4,600,000 USD

337

Portfolio of Investments and Other Net Assets as at 31 March 2012

GEM Debt Total Return
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

VIRGIN ISLANDS

CITIC RES.6.75% 07-15.05.14

11,600,000 USD

TOTAL BONDS

11,932,340

1.06

11,932,340

1.06

453,030,722

40.11

50,205,281

4.45

PLACEMENTS
TURKEY

TURKEY 0% 10-08.08.12

92,460,000 TRY

PLACEMENTS

142,100,000 USD

4.45

TOTAL ASSET BACKED SECURITIES

4.45

CONVERTIBLE BONDS

17,556,564

1.55

17,556,564

1.55

22 MXN

920

0.00

920

0.00

17,557,484

1.55

CAYMAN ISLANDS

563,558 USD

TOTAL ADR (American Depositary Receipt)

1,160,929

0.10

1,160,929

0.10

1,160,929

0.10

338

6,700,000 USD

TOTAL CONVERTIBLE BONDS

3,234,375

0.29

3,234,375

0.29

4,612,832

0.41

4,612,832

0.41

35,242,365

3.12

6,435,350

0.57

6,435,350

0.57

6,435,350

0.57

UNITED STATES

USA 2% 11-15.11.21 S.F-2021

60,400,000 USD

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
TOTAL TRANSFERABLE SECURITIES
ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

59,810,157

5.30

59,810,157

5.30

59,810,157

5.30

623,651,993

55.22

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET
BONDS

ASSET BACKED SECURITIES

LUXEMBOURG
GAZPROM INTL 7.201% 0401.02.20 REG.

4,175,000 USD

50,205,281

ADR (American Depositary Receipt)

DOMINICAN REPUBLIC
REP DOMINICAN 7.5%-1006.05.21/POOL

2,500,000 USD

% net
assets

TREAS. BONDS/NOTES - FIXED RATE

TOTAL FLOATING RATE BONDS

BRAZIL
BCO BMG 9.15% 05-15.01.16
REG.S

VIRGIN ISLANDS
STAR ENERGY 11.5%1012.02.15 REGS

JERSEY
VEDANTA RES 4% 10-30.03.17
CV

MEXICO
MEX UDIBONOS FRN 0616.06.16

CHINA HYDROEL /ADR

URUGUAY
URUGUAY 6.875% 0928.09.25

Quantity/ Currency Evaluation

Face
value

50,205,281

FLOATING RATE BONDS

ARGENTINA
ARGENTINA FRN 02-03.08.12
/FLAT

Description

9,525,000 USD

5,075,000 USD

34,325,000 USD

7,482,878

0.66

BRAZIL
BANCO VOTO 4.25% 1008.02.13

7,100,000 USD

7,218,853

0.63

7,482,878

0.66

BANRISUL 7.375% 1202.02.22

2,100,000 USD

2,219,081

0.20

VOTORANTIM 6.75% 1005.04.21 REGS

2,000,000 USD

2,250,480

0.20

11,688,414

1.03

0.20

5,266,759

0.47

5,266,759

0.47

14,645,521

1.29

14,645,521

1.29

CAYMAN ISLANDS

BANBRA 5.375% 10-15.01.21

2,200,000 USD

2,264,262

COGARD 11.25% 10-22.04.17

11,875,000 USD

11,826,787

1.05

14,091,049

1.25

Portfolio of Investments and Other Net Assets as at 31 March 2012

GEM Debt Total Return
Statement of investments as at 31 March 2012
(expressed in USD)
Description

COLOMBIA
BANCOLOMBIA 5.95% 1103.06.21

IRELAND
VIP FINANCE 7.748% 1102.02.21

Quantity/ Currency Evaluation

Face
value

% net
assets

6,500,000 USD

5,738,904

0.51

5,738,904

0.51

6,426,680

0.57

6,426,680

0.57

CAYMAN ISLANDS
BLUE CITY 13.75% 0607.11.13 REG -B1-

7,000,000 USD

INDEP INTL 12% 09-30.12.16

144A

4,214,406 USD

TOTAL BONDS

2,500,000 USD

2,656,963

0.24

2,656,963

0.24

CYPRUS
XXI CENTURY 24.05.13
PW/XXI OPE

400 USD

BUMI CAP 12% 09-10.11.16

2,425,000 USD

2,680,559

0.24

SIGMA CAP FRN 10-30.04.15

2,400,000 USD

2,530,116

0.22

5,210,675

0.46

TOTAL WARRANTS / EQUITY LINKED

SECURITIES
FLOATING RATE BONDS

6,208,401

0.55

FRANCE
DOMAS AGR FRN 08-24.10.12
LOAN

6,208,401

0.55

52,021,086

4.61

6,200,000 USD

TOTAL BONDS

PIK BONDS

UNITED STATES
USA TSY 1.375% 12-28.02.19
/TBO

67,400,000 USD

66,689,141

5.90

CYPRUS
XXI CENTURY INV.10%0724.11.14

USA 2% 12-15.02.22 TBO

50,000,000 USD

49,332,032

4.37

TOTAL TREASURY BONDS/NOTES - FIXED

RATE
TOTAL TRANSFERABLE SECURITIES TRADED
ON ANOTHER REGULATED MARKET

116,021,173

10.27

116,021,173

10.27

168,042,259

14.88

0.00

42,144

0.00

42,144

0.00

42,144

0.00

0.00

400,000 USD

TOTAL PIK BONDS

TOTAL OTHER TRANSFERABLE SECURITIES

0.00

0.00

375,718

0.04

375,718

0.04

375,718

0.04

40,364

0.00

40,364

0.00

40,364

0.00

458,683

0.04

49,824,929

4.41

49,824,929

4.41

FINANCIAL INSTRUMENTS
TREASURY BILLS

OTHER TRANSFERABLE SECURITIES

MEXICO

SHARES

TOTAL SHARES

939,294 USD

TOTAL FLOATING RATE BONDS

TREAS. BONDS/NOTES - FIXED RATE

UKRAINE
XXI CENTURY INVESTMENTS
PUBLIC

WARRANTS / EQUITY LINKED SECURITIES

SINGAPORE

TURKEY
AKBANK 5.125% 10-22.07.15
REGS

% net
assets

Quantity/ Currency Evaluation

Face
value

BONDS

5,400,000 USD

MEXICO

URBI DESA 9.75% 12-03.02.22

Description

MEXICO 0% 11-14.06.12 TB

5,069 USD

457

0.00

457

0.00

457

0.00

64,390,000 MXN

UNITED STATES

USA 0% 11-07.06.12 TB

50,000,000 USD

49,995,187

4.43

USA 0% 12-12.07.12 TB

13,000,000 USD

12,997,356

1.15

TOTAL TREASURY BILLS

62,992,543

5.58

112,817,472

9.99

339

Portfolio of Investments and Other Net Assets as at 31 March 2012

GEM Debt Total Return
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

CURRENCY OPTIONS
GREAT BRITAIN
CALL USD/TRY SPOT CROSS
09/05/2012 1.885

68,500,000 USD

232,373

0.02

232,373

0.02

232,373

0.02

TOTAL FINANCIAL INSTRUMENTS

113,049,845

10.01

TOTAL INVESTMENTS

905,202,780

80.15

OTHER NET ASSETS LESS LIABILITIES

224,231,824

19.85

TOTAL CURRENCY OPTIONS

TOTAL NET ASSETS

340

1,129,434,604 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

GEM Equity Absolute Return
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

GOLD FIELDS

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

Quantity/ Currency Evaluation

Face
value
31,365 ZAR

% net
assets

427,093

1.72

872,583

3.51

SOUTH KOREA

SHARES

ASIANA AIRLINE INC

66,760 KRW

414,412

1.66

BRAZIL

DGB FINANCIAL GROUP

26,060 KRW

341,713

1.37

PDG REALTY SA

65,700 BRL

233,632

0.94

GS HOLDINGS CORP.

7,886 KRW

451,920

1.82

ROSSI RESIDENCIAL ON

15,100 BRL

82,865

0.33

HYUNDAI MOBIS

1,124 KRW

284,349

1.14

316,497

1.27

1.80

CAYMAN ISLANDS

CHINA RONGSHENG

CHINA SHANSHUI CEMENT

GRP LTD
LONKING HOLDINGS LTD

1,189,000 HKD

313,931

1.26

507,000 HKD

400,283

1.61

1,200,000 HKD

421,933

1.69

1,136,147

4.56

909,000 HKD

389,859

1.57

BANK OF CHINA LTD -H-

964,900 HKD

388,979

1.56

448,717

7,634 KRW

499,494

2.01

SK ENERGY

2,696 KRW

393,984

1.58

SK HOLDINGS CO. LTD

2,862 KRW

433,000 HKD

434,434

1.74

CHINA CONSTRUCTION BANK

CO. -H-

534,000 HKD

412,659

1.66

CHINA MINSHENG BK -H-

463,000 HKD

419,214

1.68

CHINA NATIONAL BUILDING

MATERIAL -H-

340,000 HKD

428,706

1.72

JIANGXI COPPER CO. LTD -H-

172,000 HKD

395,648

1.59

WEICHAI POWER CO LTD /-H-

52,000 HKD

242,779

0.98

3,112,278

12.50

387,538

1.56

387,538

1.56

405,627

1.63

405,627

1.63

TURKIYE HALK BANKASI AS

71,483 TRY

511,453

2.06

199,906 TRY

403,850

1.62

915,303

3.68

10,803,803

43.40

TOTAL SHARES

BRAZIL

VALE /SADR

116,000 HKD

9,905 PLN

17,293 ZAR

450,487

1.81

450,487

1.81

445,490

1.79

18,577 USD

430,615

1.73

430,615

1.73

FEDERATION OF RUSSIA

GAZPROM OAO /SADR REGS

LUKOIL /SADR (REP.1 SHS.)

35,930 USD

438,346

1.76

7,287 USD

438,677

1.76

877,023

3.52

NETHERLANDS

60,159 USD

TOTAL SADR (Sponsored American Dep.

Receipt)
GDR (Global Depositary Receipt)

369,978

1.49

369,978

1.49

1,677,616

6.74

FEDERATION OF RUSSIA

AFK SISTEMA / SGDR

SOUTH AFRICA
EXXARO RESOURCES
LIMITED

1.50
12.88

TURKEY

NORD GOLD NV /SADR

120,307 USD

POLAND

KGHM POLSKA MIEDZ SA

372,754
3,207,343

SADR (Sponsored American Dep. Receipt)

CHINA COMMUNICATIONS
CONSTRUCTION -H-

HONG KONG
KINGBOARD CHEMICALS
HOLDINGS

2,181 KRW

YAPI KREDI BANKASA

CHINA
AGRICULT BANK CHINA /-HSHARES

FEDERATION OF RUSSIA
AK SBEREGATELNY BANK
SBERBANK

HYUNDAI MOTOR CO. LTD

KIA MOTORS CORP.

19,220 USD

TOTAL GDR (Global Depositary Receipt)

378,442

1.52

378,442

1.52

378,442

1.52

341

Portfolio of Investments and Other Net Assets as at 31 March 2012

GEM Equity Absolute Return
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

ADR (American Depositary Receipt)

FEDERATION OF RUSSIA

MECHEL OJSC /ADR

35,677 USD

TOTAL ADR (American Depositary Receipt)

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

326,088

1.31

326,088

1.31

326,088

1.31

13,185,949

52.97

455,940

1.83

OTHER TRANSFERABLE SECURITIES

GDR (Global Depositary Receipt)
FEDERATION OF RUSSIA
OAO TATFNEFT /SGDR REP G
REG.S

11,175 USD

455,940

1.83

TOTAL GDR (Global Depositary Receipt)

455,940

1.83

TOTAL OTHER TRANSFERABLE SECURITIES

455,940

1.83

7.62

FINANCIAL INSTRUMENTS
TREASURY BILLS
UNITED STATES

USA 0% 11-05.04.12 TB

1,900,000 USD

1,899,994

USA 0% 11-07.06.12 TB

530,000 USD

529,949

2.13

USA 0% 11-21.06.12 TB

1,844,000 USD

1,843,744

7.41

USA 0% 11-26.07.12 CP

1,700,000 USD

1,699,579

6.83

USA 0% 11-31.05.12 TB

530,000 USD

529,954

2.13

6,503,220

26.12

TOTAL TREASURY BILLS

6,503,220

26.12

TOTAL FINANCIAL INSTRUMENTS

6,503,220

26.12

20,145,109

80.92

4,748,839

19.08

TOTAL INVESTMENTS
OTHER NET ASSETS LESS LIABILITIES
TOTAL NET ASSETS

342

24,893,948 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Currency
Statement of investments as at 31 March 2012
(expressed in USD)
Description

Face Value Currency Evaluation

% net
assets

INVESTMENTS
FINANCIAL INSTRUMENTS
TREASURY BILLS
UNITED STATES

USA 0% 11-05.04.12 TB

7,500,000 USD

7,499,700

12.04

USA 0% 11-14.06.12 TB

5,000,000 USD

4,999,573

8.03

USA 0% 11-18.10.12 TB

3,000,000 USD

2,997,433

4.81

USA 0% 11-19.04.12 TB

2,500,000 USD

2,499,983

4.01

USA 0% 11-28.06.12 TB

5,000,000 USD

4,999,525

8.03

USA 0% 11-31.05.12 TB

9,000,000 USD

8,997,366

14.45

USA 0% 12-06.09.12 TB

7,500,000 USD

7,495,900

12.03

USA 0% 12-09.08.12 TB

4,000,000 USD

3,998,504

6.42

USA 0% 12-12.07.12 TB

5,000,000 USD

4,999,270

8.03

48,487,254

77.85

TOTAL TREASURY BILLS

48,487,254

77.85

TOTAL FINANCIAL INSTRUMENTS

48,487,254

77.85

TOTAL INVESTMENTS

48,487,254

77.85

OTHER NET ASSETS LESS LIABILITIES

13,797,514

22.15

TOTAL NET ASSETS

62,284,768 100.00

343

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Flex Allocation
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS

BILFINGER BERGER AG

1,021 EUR

71,470

0.37

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

DEUTSCHE BOERSE AG

1,361 EUR

68,322

0.35

DEUTSCHE POST AG BONN

6,253 EUR

89,768

0.47

SHARES

FRESENIUS MEDICAL CARE

AG

2,193 EUR

116,558

0.61

HENKEL / VORZUG

1,843 EUR

101,125

0.52

915 EUR

68,909

0.36

658,447

3.42

0.36

BELGIUM

ANHEUSER-BUSH INBEV SA

DENMARK
A.P. MOELLER - MAERSK A/S
-B-

1,851 EUR

101,009

0.52

101,009

0.52

SIEMENS AG

GREAT BRITAIN

9 DKK

BARCLAYS PLC

24,942 GBP

70,295

BG GROUP PLC

6,627 GBP

114,524

0.59

33,533 GBP

186,016

0.98

52,114

0.27

52,114

0.27

BP PLC

FINLAND

CAPITA GRP

8,631 GBP

76,178

0.40

NOKIA OY

4,638 EUR

18,775

0.10

CENTRICA PLC

22,211 GBP

84,443

0.44

SAMPO PLC -A-

1,892 EUR

40,772

0.21

G4S PLC

22,137 GBP

72,651

0.38

59,547

0.31

HSBC HOLDINGS PLC

27,666 GBP

183,985

0.96

FRANCE

AIR FRANCE - KLM

6,187 EUR

26,270

0.14

AXA

7,417 EUR

91,415

0.47

BNP PARIBAS

1,730 EUR

61,251

0.32

BOUYGUES

1,813 EUR

41,336

0.21

CAP GEMINI SA

2,102 EUR

70,018

0.36

CARREFOUR SA

1,394 EUR

24,974

0.13

CASINO GUICHARD-PERRACH

1,042 EUR

76,993

0.40

CIE GEN.GEOPHYSIQUE /
VERITAS

3,083 EUR

68,103

0.35

CREDIT AGRICOLE SA PARIS

9,137 EUR

42,341

0.22

GAZ DE FRANCE

3,913 EUR

75,540

0.39

818 EUR

28,933

0.15

LAFARGE SA
MICHELIN B /NOM.

1,011 EUR

55,959

0.29

PEUGEOT SA

3,856 EUR

46,349

0.24

SAFRAN SA

4,069 EUR

111,816

0.59

IMPERIAL TOBACCO GROUP

PLC

2,113 GBP

64,491

0.33

INCHCAPE

10,929 GBP

48,887

0.25

INTERNATIONAL POWER PLC

14,590 GBP

70,939

0.37

3,149 GBP

95,065

0.49

KINGFISHER PLC

30,152 GBP

111,302

0.58

PRUDENTIAL PLC

10,333 GBP

92,503

0.48

2,295 GBP

97,180

0.50

INTERTEK GROUP PLC

RECKITT BENCKISER GROUP

PLC
REED ELSEVIER PLC

13,155 GBP

87,515

0.45

RIO TINTO PLC /REG

900 GBP

37,286

0.19

8,215 GBP

217,025

1.14

11,880 GBP

47,020

0.24
0.51

ROYAL DUTCH SHELL -BTESCO PLC

UNILEVER PLC
VODAFONE GROUP PLC
XSTRATA PLC

SAINT-GOBAIN

2,106 EUR

70,214

0.36

SANOFI-AVENTIS

3,093 EUR

179,641

0.94

GREECE

SOCIETE GENERALE PARIS -A-

2,841 EUR

61,493

0.32

HELLENIC TELECOM

395 EUR

18,670

0.10

37,097

0.19

1,188,413

6.17

VALLOUREC
VEOLIA ENVIRONNEMENT

GERMANY
ALLIANZ SE /NAMEN.
VINKULIERT

BAYER

344

3,005 EUR

1,217 EUR

108,216

0.56

649 EUR

34,079

0.18

3,951 GBP

98,021

82,112 GBP

169,646

0.88

7,676 GBP

98,167

0.51

2,123,139

11.03

6,683 EUR

21,319

0.11

21,319

0.11

IRELAND

KERRY GROUP A

503 EUR

17,354

0.09

17,354

0.09

46,277

0.24

ITALY

AUTOGRILL SPA

5,869 EUR

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Flex Allocation
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

UNICREDIT AZ

Quantity/ Currency Evaluation

Face
value
14,998 EUR

% net
assets

Description

ZURICH FINANCIAL SERVICES

/ NAMEN

55,973

0.29

102,250

0.53

59,900

0.31

TOTAL SHARES

59,900

0.31

BONDS

242 EUR

10,072

0.05

ING GROEP NV/CERT.OF SHS

19,513 EUR

120,746

0.63

KONINKLIJKE KPN NV

10,702 EUR

88,088

0.46

RANDSTAD HOLDING

1,724 EUR

48,669

0.25

267,575

1.39

Quantity/ Currency Evaluation

Face
value
379 CHF

LUXEMBOURG

ARCELORMITTAL SA REG

4,205 EUR

NETHERLANDS

HEINEKEN NV

AUSTRIA
AUSTRIA 4.65% 03-15.01.18
S.2

CAYMAN ISLANDS
HUTCH WHAM 4.75% 0914.11.16

301,000 EUR

450,000 EUR

NORWAY

ACERGY SA
NORSK HYDRO AS

4,163 NOK
11,700 NOK

82,178

0.42

47,485

0.25

129,663

0.67

BANCO SANTANDER
CENTRAL HISPANO/REG

4,979 EUR

70,154

0.36

0.39

736,462

3.82

6,183,802

32.10

345,142

1.79

345,142

1.79

491,326

2.55

491,326

2.55

FINLAND

FINLAND 3.375% 10-15.04.20

290,000 EUR

318,268

1.65

FINLAND 4.25% 04-04.07.15

311,000 EUR

345,567

1.80

663,835

3.45

SPAIN

AMADEUS IT HOLDING SR. A

75,956

% net
assets

FRANCE

19,133 EUR

108,809

0.56

AUCHAN 4.75% 09-15.04.15

400,000 EUR

439,105

2.28

DIA

1,486 EUR

5,513

0.03

CR AGR 3.875% 12-13.02.19

200,000 EUR

202,831

1.05

FERROVIAL SA

6,806 EUR

58,334

0.30

CRH 4% 12-17.06.22

232,000 EUR

251,106

1.30

444 EUR

5,128

0.03

DEXIA MUN AG 2.75% 1025.01.16

232,000 EUR

232,020

1.20

EDF 6.25% 09-25.01.21

350,000 EUR

431,678

2.24

GRIFOLS -BGRIFOLS SA -A-

3,985 EUR

63,680

0.33

REPSOL YPF SA. MADRID

5,422 EUR

101,744

0.53

TELEFONICA SA

9,182 EUR

112,343

0.59

FIN.FONCIER 3.375% 0618.01.16

290,000 EUR

305,385

1.59

525,705

2.73

FRANCE TELECOM 5% 0922.01.14

350,000 EUR

372,771

1.94

RTE EDF TRANSPORT 4.125%

06-27.09.16

400,000 EUR

SWEDEN

ERICSSON TEL -B-

6,388 SEK

49,498

0.26

VOLVO -B-

8,428 SEK

91,407

0.47

140,905

0.73

SWITZERLAND

437,480

2.27

2,672,376

13.87

1.27

GERMANY

GERMANY 2.25% 10-04.09.20

232,000 EUR

244,482

ABB LTD ZUERICH /NAMEN.

5,523 CHF

84,369

0.44

GERMANY 6% 86-20.06.16

283,040 EUR

344,905

1.79

NESTLE

4,421 CHF

207,376

1.07

VW FIN 6.875% 09-15.01.14

365,000 EUR

400,047

2.08

989,434

5.14

2.22

NOVARTIS AG BASEL

2,878 CHF

118,774

0.62

ROCHE HOLDING AG
/GENUSSSCHEIN

1,412 CHF

184,044

0.96

UBS AG

6,319 CHF

65,943

0.34

GREAT BRITAIN
ANGLIAN WATER 4.625% 0307.10.13

406,000 EUR

425,570

BPCM 2.994% 12-18.02.19

375,000 EUR

384,004

1.99

LLOYDS 3.75% 10-07.09.15

300,000 EUR

306,495

1.59

345

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Flex Allocation
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

RBS GRP 5.25% 08-15.05.13

300,000 EUR

% net
assets

Description

309,113

1.60

PREFERENTIAL SHARES

1,425,182

7.40

GERMANY

Quantity/ Currency Evaluation

Face
value

VOLKSWAGEN AG /VORZUG.

ITALY
INTESA TOR 3.375% 1019.01.15

350,000 EUR

351,027

1.82

UNICREDIT 4.875% 1207.03.17

450,000 EUR

446,826

2.32

797,853

4.14

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK
EXCHANGE LISTING

446 EUR

TOTAL PREFERENTIAL SHARES

NETHERLANDS

% net
assets

58,471

0.30

58,471

0.30

58,471

0.30

17,109,209

88.81

ENEL FIN 5.75% 11-24.10.18

360,000 EUR

392,513

2.04

NETHERLANDS 3.25% 1115.07.21

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

464,000 EUR

504,926

2.62

BONDS

NETHERLANDS 4% 0615.07.16

314,360 EUR

352,523

1.83

SIEMENS FIN 5.125% 0920.02.17

377,000 EUR

437,723

2.27

1,687,685

8.76

SPAIN

LA CAIXA 5.125% 11-27.04.16

209,421

1.09

209,421

1.09

TOTAL BONDS

209,421

1.09

TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET

209,421

1.09

NORWAY
DNB NOR BOL 3.375% 1020.01.17

418,000 EUR

446,938

2.32

OTHER TRANSFERABLE SECURITIES

DNB 2.75% 12-21.03.22

500,000 EUR

495,545

2.57

INVESTMENT FUNDS

942,483

4.89

FRANCE

199,987

1.04

HSBC MONETAIRE ETAT CAP.

SPAIN

BBVASM 3% 12-22.08.13

200,000 EUR

TOTAL BONDS

199,987

1.04

10,215,303

53.03

INVESTMENT FUNDS
FRANCE
LYXOR INTERNATIONAL ETF
RUSSIA -A-

294,819

1.53

294,819

1.53

294,819

1.53

IRELAND

TOTAL EXCHANGE TRADED FUNDS

346

0.01
0.01

TOTAL INVESTMENT FUNDS

2,183

0.01

TOTAL OTHER TRANSFERABLE SECURITIES

2,183

0.01

17,320,813

89.91

1,943,337

10.09

OTHER NET ASSETS LESS LIABILITIES

9,063 EUR

EXCHANGE TRADED FUNDS

ISHARES EUR STO TOT MKT

GR/EUR

2,183
2,183

TOTAL INVESTMENTS

TOTAL INVESTMENT FUNDS

HSBC MSCI CHINA USD

200,000 EUR

43,780 GBP

190,733

0.99

7,617 EUR

166,081

0.86

356,814

1.85

356,814

1.85

TOTAL NET ASSETS

1 EUR

19,264,150 100.00

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Macro
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

Description

INVESTMENTS

OPTION ON STOCK INDICES

FINANCIAL INSTRUMENTS

CHINA
CALL HSCEI - HKD CHINA
28/06/2012 11,400

TREASURY BILLS
FRANCE

FRANCE 0% 10.05.12 BTF

24,000,000 EUR

23,998,200

11.33

FRANCE 0% 11-05.04.12 BTF

30,000,000 EUR

30,000,000

14.16

FRANCE 0% 11-12.04.12 BTF

35,300,000 EUR

35,300,000

16.65

FRANCE 0% 11-14.6.2012 TB

23,000,000 EUR

22,997,125

10.85

FRANCE 0% 11-19.04.12 BTF

10,000,000 EUR

10,000,000

4.72

FRANCE 0% 12-21.06.12 BTF

27,000,000 EUR

26,994,600

12.74

FRANCE 0% 12-26.04.12 BTF

20,000,000 EUR

19,999,000

9.44

TOTAL TREASURY BILLS

169,288,925

79.89

169,288,925

79.89

CURRENCY OPTIONS
GREAT BRITAIN
PUT EUR/USD SPOT -CROSS
RATES 11/04/2012 1.27

PUT EUR/USD SPOT -CROSS

RATES 11/04/2012 1.28

10,000,000 EUR

285
470

0.00

755

0.00

24,000,000 SGD

616,564

0.29

CALL SGD/JPY SPOT CROSS

23/08/2012 67.04

(24,000,000) SGD

(263,598)

(0.12)

PUT SGD/JPY SPOT CROSS

23/08/2012 60.66

(28,800,000) SGD

(124,397)

(0.06)

228,569

0.11

84,698

0.04

84,698

0.04

SWITZERLAND
CALL EUR/CHF SPOT CROSS
13/06/2012 1.206

10,000,000 EUR

53,824

0.03

PUT EUR/CHF SPOT CROSS

11/04/2012 1.21

(20,000,000) EUR

(85,856)

(0.05)

(32,032)

(0.02)

281,990

0.13

TOTAL CURRENCY OPTIONS

0.03

95 HKD

50,876

0.02

(95) HKD

(7,792)

0.00

CALL HSCEI - HKD CHINA

28/06/2012 12,800

(95) HKD

(5,042)

0.00

PUT HSCEI - HKD CHI

28/06/2012 10,000

(190) HKD

(337,337)

(0.15)

(231,461)

(0.10)

JAPAN
CALL NIKKEI 225 INDICES
13/04/2012 9,750

40 JPY

138,770

0.06

PUT NIKKEI 225 INDICES

13/04/2012 9,000

(40) JPY

(1,826)

0.00

136,944

0.06

(94,517)

(0.04)

TOTAL FINANCIAL INSTRUMENTS

169,476,398

79.98

TOTAL INVESTMENTS

169,476,398

79.98

42,424,206

20.02

OTHER NET ASSETS LESS LIABILITIES

11,000,000 EUR

67,834

CALL HSCEI - HKD CHINA

28/06/2012 12,600

TOTAL OPTION ON STOCK INDICES

5,000,000 EUR

95 HKD

% net
assets

CALL HSCEI - HKD CHINA

28/06/2012 11,600

0.00

JAPAN
CALL SGD/JPY SPOT CROSS
23/08/2012 63.85

SWEDEN
CALL EUR/SEK SPOT CROSS
14/06/2012 9.0

Quantity/ Currency Evaluation

Face
value

TOTAL NET ASSETS

211,900,604 100.00

347

Portfolio of Investments and Other Net Assets as at 31 March 2012

Global Macro II
Statement of investments as at 31 March 2012
(expressed in EUR)
Description

Quantity/ Currency Evaluation

Face
value

% net
assets

INVESTMENTS
FINANCIAL INSTRUMENTS
TREASURY BILLS
FRANCE

FRANCE 0% 10.05.12 BTF

1,250,000 EUR

1,249,906

14.00

FRANCE 0% 11-05.04.12 BTF

1,650,000 EUR

1,650,000

18.48

FRANCE 0% 11-12.04.12 BTF

500,000 EUR

500,000

5.60

FRANCE 0% 11-19.04.12 BTF

500,000 EUR

500,000

5.60

FRANCE 0% 12-26.04.12 BTF

2,650,000 EUR

2,649,867

29.69

TOTAL TREASURY BILLS

6,549,773

73.37

6,549,773

73.37

0.43

CURRENCY OPTIONS
JAPAN
CALL SGD/JPY SPOT CROSS
23/08/2012 63.85

1,500,000 SGD

38,536

CALL SGD/JPY SPOT CROSS

23/08/2012 67.04

(1,500,000) SGD

(16,475)

(0.18)

PUT SGD/JPY SPOT CROSS

23/08/2012 60.66

(1,800,000) SGD

(7,775)

(0.09)

TOTAL CURRENCY OPTIONS

14,286

0.16

14,286

0.16

OPTION ON STOCK INDICES

CHINA
CALL HSCEI - HKD CHINA
28/06/2012 11,400

5 HKD

3,570

0.04

CALL HSCEI - HKD CHINA

28/06/2012 11,600

5 HKD

2,678

0.03

CALL HSCEI - HKD CHINA

28/06/2012 12,600

(5) HKD

(410)

0.00

CALL HSCEI - HKD CHINA

28/06/2012 12,800

(5) HKD

(265)

0.00

(10) HKD

(17,755)

(0.21)

(12,182)

(0.14)

(12,182)

(0.14)

PUT HSCEI - HKD CHI

28/06/2012 10,000

TOTAL OPTION ON STOCK INDICES

TOTAL FINANCIAL INSTRUMENTS

6,551,877

73.39

TOTAL INVESTMENTS

6,551,877

73.39

OTHER NET ASSETS LESS LIABILITIES

2,375,175

26.61

TOTAL NET ASSETS

8,927,052 100.00

348

Currency Conversion Table

To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we
have produced the following table. It shows the value of one US Dollar against various currencies (as at the given
dates).

31 March 2011

AUD

30 March 2012

USD

USD

0.9664

0.9611

CAD

0.9699

1.0037

HKD

7.7821

7.7643

JPY

82.8950

82.0350

GBP

0.6215

0.6242

SGD

1.2602

1.2560

CHF

0.9155

0.9028

EUR

0.7029

0.7495

349

Dealing Days of the Fund

Dealing for Shares in the Company will take place on any Business Day (other than days during a period of suspension
of dealing in Shares) and which is also for each sub-fund, a day where stock exchanges and regulated markets in
countries where the sub-fund is materially invested are open for normal trading.
The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and available
at the registered office of the Company. Any amendments to such lists are also available at the registered office of the
Company.
Shareholders who deal through the Company's local distributor or representative should note that there will be no
dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day
which is not a business day in such jurisdiction. Shareholders in such jurisdictions can however deal via the Transfer
Agent in Luxembourg.
The Company will determine the dealing/non-dealing calendar according to the latest market information obtained by the
Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Company from the
registered office of the Company or from the Company's local distributor or representative.

350

HSBC Global Investment Funds (HGIF)

Fund Holiday Calendar for 2012
This calendar is indicative as dates in some countries have yet to be confirmed and / or
dates are subject to change.
All HGIF sub-funds will have no NAV calculated on the following days:

all Saturdays and Sundays

and on the following dates :

06-Apr
09-Apr
01-May
17-May
28-May
15-Aug
01-Nov
25-Dec
26-Dec

Luxembourg
Luxembourg
Luxembourg
Luxembourg
Luxembourg
Luxembourg
Luxembourg
Luxembourg
Luxembourg

In addition, the following funds will have no NAV calculated on the following dates:
Asian Currencies Bond

(Hong Kong, Malaysia, Singapore, South Korea)

02-Jan
Hong Kong, Malaysia, Singapore
23-Jan
Hong Kong, Malaysia, Singapore, South Korea
24-Jan
Hong Kong, Malaysia, Singapore, South Korea
25-Jan
Hong Kong
01-Feb
Malaysia
06-Feb
Malaysia
07-Feb
Malaysia
01-Mar
South Korea
04-Apr
Hong Kong
11-Apr
South Korea
06-Jun
South Korea
02-Jul
Hong Kong
09-Aug
Singapore
20-Aug
Malaysia, Singapore
21-Aug
Malaysia
31-Aug
Malaysia
17-Sep
Malaysia
01-Oct
Hong Kong, South Korea
02-Oct
Hong Kong
03-Oct
South Korea
23-Oct
Hong Kong
26-Oct
Malaysia, Singapore
13-Nov
Malaysia, Singapore
15-Nov
Malaysia
19-Dec
South Korea
31-Dec
South Korea

351

Asia ex Japan Equity

(Hong Kong, South Korea)

2-Jan
Hong Kong
23-Jan
Hong Kong, South Korea
24-Jan
Hong Kong, South Korea
25-Jan
Hong Kong
01-Mar
South Korea
04-Apr
Hong Kong
11-Apr
South Korea
06-Jun
South Korea
02-Jul
Hong Kong
01-Oct
Hong Kong, South Korea
02-Oct
Hong Kong
03-Oct
South Korea
23-Oct
Hong Kong
19-Dec
South Korea
31-Dec
South Korea

Asia ex Japan Equity Smaller Companies

(Taiwan)
19-Jan
20-Jan
23-Jan
24-Jan
25-Jan
26-Jan
27-Jan
27-Feb
28-Feb
04-Apr
10-Oct
31-Dec

Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan

Asia Pacific ex Japan Equity High Dividend

(Australia, Hong Kong)
2-Jan
Australia, Hong Kong
23-Jan
Hong Kong
24-Jan
Hong Kong
25-Jan
Hong Kong
26-Jan
Australia
04-Apr
Hong Kong
25-Apr
Australia
11-Jun
Australia
02-Jul
Hong Kong
01-Oct
Hong Kong
02-Oct
Hong Kong
23-Oct
Hong Kong

Brazil Bond
(Brazil)
25-Jan
20-Feb
21-Feb
07-Jun
09-Jul
07-Sep
12-Oct
02-Nov
15-Nov
20-Nov
24-Dec
31-Dec
352

Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil

Brazil Equity
(Brazil, US)
02-Jan
16-Jan
25-Jan
20-Feb
21-Feb
07-Jun
04-Jul
09-Jul
03-Sep
07-Sep
12-Oct
02-Nov
15-Nov
20-Nov
22-Nov
24-Dec
31-Dec

US
US
Brazil
Brazil, US
Brazil
Brazil
US
Brazil
US
Brazil
Brazil
Brazil
Brazil
Brazil
US
Brazil
Brazil

BRIC Equity
BRIC Markets
BRIC Markets Equity

(Brazil, Hong Kong, India, UK, US )

02-Jan
Hong Kong, UK, US
16-Jan
US
23-Jan
Hong Kong
24-Jan
Hong Kong
25-Jan
Brazil, Hong Kong
26-Jan
India
20-Feb
Brazil, India, US
21-Feb
Brazil
08-Mar
India
04-Apr
Hong Kong
05-Apr
India
07-May
UK
04-Jun
UK
05-Jun
UK
07-Jun
Brazil
02-Jul
Hong Kong
04-Jul
US
09-Jul
Brazil
20-Aug
India
27-Aug
UK
03-Sep
US
07-Sep
Brazil
19-Sep
India
01-Oct
Hong Kong
02-Oct
Hong Kong, India
12-Oct
Brazil
23-Oct
Hong Kong
24-Oct
India
02-Nov
Brazil
13-Nov
India
14-Nov
India
15-Nov
Brazil
20-Nov
Brazil
22-Nov
US
28-Nov
India
24-Dec
Brazil
31-Dec
Brazil

353

Chinese Equity
(Hong Kong)
02-Jan
23-Jan
24-Jan
25-Jan
04-Apr
02-Jul
01-Oct
02-Oct
23-Oct

Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong

China Consumer Opportunities

(France, Hong Kong, UK, US)

02-Jan
Hong Kong, UK, US
16-Jan
US
23-Jan
Hong Kong
24-Jan
Hong Kong
25-Jan
Hong Kong
20-Feb
US
04-Apr
Hong Kong
07-May
UK
04-Jun
UK
05-Jun
UK
02-Jul
Hong Kong
04-Jul
US
27-Aug
UK
03-Sep
US
01-Oct
Hong Kong
02-Oct
Hong Kong
23-Oct
Hong Kong
22-Nov
US

Climate Change
(UK, US)
02-Jan
16-Jan
20-Feb
07-May
04-Jun
05-Jun
04-Jul
27-Aug
03-Sep
22-Nov

CIVETS

UK, US
US
US
UK
UK
UK
US
UK
US
US

(Indonesia, Turkey, South Africa, UK)

02-Jan
South Africa, UK
23-Jan
Indonesia
21-Mar
South Africa
23-Mar
Indonesia
23-Apr
Turkey
27-Apr
South Africa
07-May
UK
18-May
Indonesia
04-Jun
UK
05-Jun
UK
09-Aug
South Africa
17-Aug
Indonesia
20-Aug
Indonesia, Turkey

354

CIVETS (continued)

(Indonesia, Turkey, South Africa, UK)

21-Aug
22-Aug
27-Aug
30-Aug
24-Sep
25-Oct
26-Oct
29-Oct
15-Nov
16-Nov
17-Dec
24-Dec
31-Dec

Indonesia, Turkey
Indonesia
UK
Turkey
South Africa
Turkey
Indonesia, Turkey
Turkey
Indonesia
Indonesia
South Africa
Indonesia
Indonesia

Emerging Inflation Linked Bond

(Brazil, US**)
02-Jan
16-Jan
25-Jan
20-Feb
21-Feb
07-Jun
04-Jul
09-Jul
03-Sep
07-Sep
08-Oct
12-Oct
02-Nov
12-Nov
15-Nov
20-Nov
22-Nov
24-Dec
31-Dec

US
US
Brazil
Brazil, US
Brazil
Brazil
US
Brazil
US
Brazil
US **
Brazil
Brazil
US **
Brazil
Brazil
US
Brazil
Brazil

Euro Bond
Euro Credit Bond
Euro High Yield Bond
(UK)
02-Jan
07-May
04-Jun
05-Jun
27-Aug

UK
UK
UK
UK
UK

Emerging Wealth
(UK, US)
02-Jan
16-Jan
20-Feb
07-May
04-Jun
05-Jun
04-Jul
27-Aug
03-Sep
22-Nov

UK, US
US
US
UK
UK
UK
US
UK
US
US

355

European Equity
(UK, France)
02-Jan
07-May
04-Jun
05-Jun
27-Aug

UK
UK
UK
UK
UK

European Equity Absolute Return

(UK, France, Germany)
02-Jan
UK
07-May
UK
04-Jun
UK
05-Jun
UK
27-Aug
UK
24-Dec
Germany
31-Dec
Germany

Frontier Markets (Note: Fund does not deal on a Friday)

(Qatar, UK)
02-Jan
07-May
04-Jun
05-Jun
27-Aug

UK
UK
UK
UK
UK

Global Emerging Markets Equity

(Hong Kong, South Korea, UK)

02-Jan
Hong Kong, UK
23-Jan
Hong Kong, South Korea
24-Jan
Hong Kong, South Korea
25-Jan
Hong Kong
01-Mar
South Korea
04-Apr
Hong Kong
11-Apr
South Korea
07-May
UK
04-Jun
UK
05-Jun
UK
06-Jun
South Korea
02-Jul
Hong Kong
27-Aug
UK
01-Oct
Hong Kong, South Korea
02-Oct
Hong Kong
03-Oct
South Korea
23-Oct
Hong Kong
19-Dec
South Korea
24-Dec
(Due to half day closure in certain markets)
31-Dec
South Korea

356

GEM Equity Absolute Return

(Brazil, Hong Kong, India, South Korea, Taiwan, UK, US

02-Jan
Hong Kong, UK, US
16-Jan
US
19-Jan
Taiwan
20-Jan
Taiwan
23-Jan
Hong Kong, South Korea, Taiwan
24-Jan
Hong Kong, South Korea, Taiwan
25-Jan
Brazil, Hong Kong, Taiwan
26-Jan
India, Taiwan
27-Jan
Taiwan
20-Feb
Brazil, India, US
21-Feb
Brazil
27-Feb
Taiwan
28-Feb
Taiwan
01-Mar
South Korea
08-Mar
India
04-Apr
Hong Kong, Taiwan
05-Apr
India
11-Apr
South Korea
07-May
UK
04-Jun
UK
05-Jun
UK
06-Jun
South Korea
07-Jun
Brazil
02-Jul
Hong Kong
04-Jul
US
09-Jul
Brazil
20-Aug
India
27-Aug
UK
03-Sep
US
07-Sep
Brazil
19-Sep
India
01-Oct
Hong Kong, South Korea
02-Oct
Hong Kong, India
03-Oct
South Korea
10-Oct
Taiwan
12-Oct
Brazil
23-Oct
Hong Kong
24-Oct
India
02-Nov
Brazil
13-Nov
India
14-Nov
India
15-Nov
Brazil
20-Nov
Brazil
22-Nov
US
28-Nov
India
19-Dec
South Korea
24-Dec
Brazil
31-Dec
Brazil, South Korea, Taiwan

357

Global Bond

(Japan, US**)
02-Jan
03-Jan
09-Jan
16-Jan
20-Feb
20-Mar
30-Apr
03-May
04-May
04-Jul
16-Jul
03-Sep
17-Sep
08-Oct
12-Nov
22-Nov
23-Nov
24-Dec
31-Dec

Japan, US
Japan
Japan
US
US
Japan
Japan
Japan
Japan
US
Japan
US
Japan
Japan, US**
US**
US
Japan
Japan
Japan

Global Credit Bond

(France, Germany, Italy, Netherlands, Spain, UK, US**)

02-Jan
UK, US
16-Jan
US
20-Feb
US
07-May
UK
04-Jun
UK
05-Jun
UK
04-Jul
US
27-Aug
UK
03-Sep
US
08-Oct
US**
12-Nov
US**
22-Nov
US
24-Dec
Germany, Italy
31-Dec
Germany, Italy

Global Currency
(UK)
02-Jan
07-May
04-Jun
05-Jun
27-Aug

UK
UK
UK
UK
UK

Global Flex Allocation

(France, Germany, US**)

02-Jan
US
16-Jan
US
20-Feb
US
04-Jul
US
03-Sep
US
08-Oct
US **
12-Nov
US **
22-Nov
US
24-Dec
Germany
31-Dec
Germany

358

Global Emerging Markets Bond

Global Emerging Markets Local Debt
Global Emerging Markets Investment Grade Bond
Global High Income Bond
GEM Debt Total Return
(UK, US**)
02-Jan
16-Jan
20-Feb
07-May
04-Jun
05-Jun
04-Jul
27-Aug
03-Sep
08-Oct
12-Nov
22-Nov

UK, US
US
US
UK
UK
UK
US
UK
US
US **
US **
US

Global Emerging Markets Corporate Debt (Note: Fund deals weekly on Tuesday)
(UK, US)

Global Equity

(Japan, UK, US)

02-Jan
03-Jan
09-Jan
16-Jan
20-Feb
20-Mar
30-Apr
03-May
04-May
07-May
04-Jun
05-Jun
04-Jul
16-Jul
27-Aug
03-Sep
17-Sep
08-Oct
22-Nov
23-Nov
24-Dec
31-Dec

Japan, UK, US
Japan
Japan
US
US
Japan
Japan
Japan
Japan
UK
UK
UK
US
Japan
UK
US
Japan
Japan
US
Japan
Japan
Japan

Global Inflation Linked Bond

(France, Germany, Italy, UK, US**)

02-Jan
UK, US
16-Jan
US
20-Feb
US
07-May
UK
04-Jun
UK
05-Jun
UK
04-Jul
US
27-Aug
UK
03-Sep
US
08-Oct
US **
12-Nov
US **
22-Nov
US
24-Dec
Germany, Italy
31-Dec
Germany, Italy
359

Global Macro
Global Macro II

(Germany, Japan, UK, US**)

02-Jan
Japan, UK, US
03-Jan
Japan
09-Jan
Japan
16-Jan
US
20-Feb
US
20-Mar
Japan
30-Apr
Japan
03-May
Japan
04-May
Japan
07-May
UK
04-Jun
UK
05-Jun
UK
04-Jul
US
16-Jul
Japan
27-Aug
UK
03-Sep
US
17-Sep
Japan
08-Oct
Japan, US**
12-Nov
US**
22-Nov
US
23-Nov
Japan
24-Dec
Germany, Japan
31-Dec
Germany, Japan

Hong Kong Equity

(Hong Kong)
02-Jan
23-Jan
24-Jan
25-Jan
04-Apr
02-Jul
01-Oct
02-Oct
23-Oct

Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong

India Fixed Income (Note: Fund deals weekly on Tuesday)

(Hong Kong, India)
24-Jan
Hong Kong
26-Jan
India
02-Oct
Hong Kong, India
23-Oct
Hong Kong
13-Nov
India

Indian Equity
(India)
26-Jan
20-Feb
08-Mar
05-Apr
20-Aug
19-Sep
02-Oct
24-Oct
13-Nov
14-Nov
28-Nov

360

India
India
India
India
India
India
India
India
India
India
India

Japanese Equity
(Japan, UK)
02-Jan
03-Jan
09-Jan
20-Mar
30-Apr
03-May
04-May
07-May
04-Jun
05-Jun
16-Jul
27-Aug
17-Sep
08-Oct
23-Nov
24-Dec
31-Dec

Japan, UK
Japan
Japan
Japan
Japan
Japan
Japan
UK
UK
UK
Japan
UK
Japan
Japan
Japan
Japan
Japan

Korean Equity
(South Korea)
23-Jan
24-Jan
01-Mar
11-Apr
06-Jun
01-Oct
03-Oct
19-Dec
31-Dec

South Korea
South Korea
South Korea
South Korea
South Korea
South Korea
South Korea
South Korea
South Korea

Latin American Equity

(Brazil, Mexico, US)

02-Jan
US
16-Jan
US
25-Jan
Brazil
06-Feb
Mexico
20-Feb
Brazil, US
21-Feb
Brazil
19-Mar
Mexico
05-Apr
Mexico
07-Jun
Brazil
04-Jul
US
09-Jul
Brazil
03-Sep
US
07-Sep
Brazil
12-Oct
Brazil
02-Nov
Brazil, Mexico
15-Nov
Brazil
19-Nov
Mexico
20-Nov
Brazil
22-Nov
US
12-Dec
Mexico
24-Dec
Brazil
31-Dec
Brazil

361

Latin American Local Debt

(Brazil, Mexico)
25-Jan
06-Feb
20-Feb
21-Feb
19-Mar
05-Apr
07-Jun
09-Jul
07-Sep
12-Oct
02-Nov
15-Nov
19-Nov
20-Nov
12-Dec
24-Dec
31-Dec

Brazil
Mexico
Brazil
Brazil
Mexico
Mexico
Brazil
Brazil
Brazil
Brazil
Brazil, Mexico
Brazil
Mexico
Brazil
Mexico
Brazil
Brazil

Managed Solutions Asia Focused Income

(Hong Kong)
02-Jan
23-Jan
24-Jan
25-Jan
04-Apr
02-Jul
01-Oct
02-Oct
23-Oct

Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong

Middle East and North Africa Equity (Note: Fund does not deal on a Friday)
(Kuwait, Qatar, Saudi Arabia, UK)
02-Jan
UK
27-Feb
Kuwait
07-May
UK
04-Jun
UK
05-Jun
UK
20-Aug
Kuwait, Saudi Arabia
21-Aug
Kuwait
27-Aug
UK
25-Oct
Kuwait
29-Oct
Kuwait
15-Nov
Kuwait

RMB Fixed Income

(China, Hong Kong, US**)

02-Jan
China, Hong Kong, US
03-Jan
China
16-Jan
US
23-Jan
China, Hong Kong
24-Jan
China, Hong Kong
25-Jan
China, Hong Kong
26-Jan
China
27-Jan
China
20-Feb
US
02-Apr
China
03-Apr
China
04-Apr
China, Hong Kong
30-Apr
China
22-Jun
China
02-Jul
Hong Kong
362

RMB Fixed Income (Continued)

(China, Hong Kong, US**)

04-Jul
US
03-Sep
US
01-Oct
China, Hong Kong
02-Oct
China, Hong Kong
03-Oct
China
04-Oct
China
05-Oct
China
08-Oct
US **
23-Oct
Hong Kong
12-Nov
US **
22-Nov
US

Russia Equity
(UK, US)
02-Jan
16-Jan
20-Feb
07-May
04-Jun
05-Jun
04-Jul
27-Aug
03-Sep
22-Nov

UK, US
US
US
UK
UK
UK
US
UK
US
US

Singapore Equity
(Singapore)
02-Jan
23-Jan
24-Jan
09-Aug
20-Aug
26-Oct
13-Nov

Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore

Taiwan Equity
(Taiwan)
19-Jan
20-Jan
23-Jan
24-Jan
25-Jan
26-Jan
27-Jan
27-Feb
28-Feb
04-Apr
10-Oct
31-Dec

Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan
Taiwan

Thai Equity
(Thailand)
02-Jan
03-Jan
07-Mar
13-Apr
16-Apr
07-May
04-Jun
02-Aug
13-Aug

Thailand
Thailand
Thailand
Thailand
Thailand
Thailand
Thailand
Thailand
Thailand
363

Thai Equity (Continued)

(Thailand)
23-Oct
05-Dec
10-Dec
31-Dec

Thailand
Thailand
Thailand
Thailand

Turkey Equity
(Turkey)
23-Apr
20-Aug
21-Aug
30-Aug
25-Oct
26-Oct
29-Oct

Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey

UK Equity
(UK)
02-Jan
07-May
04-Jun
05-Jun
27-Aug

UK
UK
UK
UK
UK

US Equity
(US)
02-Jan
16-Jan
20-Feb
04-Jul
03-Sep
22-Nov

US
US
US
US
US
US

US Dollar Bond
(US**)
02-Jan
16-Jan
20-Feb
04-Jul
03-Sep
08-Oct
12-Nov
22-Nov

**

364

US
US
US
US
US
US **
US **
US

The NYSE and Nasdaq are open on Columbus Day (8 October 2012) and Veterans Day (12 November 2012)
therefore equity sub-funds listing the US as a material market will not have a holiday on these dates. Bond
markets will be closed to trading on these dates and bond sub-funds listing the US as a material market will
have holiday days delayed by one business day in line with a policy adopted by the Board of Directors.

Printed in the Hong Kong SAR

HGIF0312A

Issued by HSBC Global Asset Management (Hong Kong) Limited