000887 EEF 311210 draft 6 00044 - fundsquare.net

A Mutual Fund ("Fonds Commun de Placement") governed by theLaw of Luxembourg

Eurizon EasyFund

Subscriptions cannot be accepted on the basis of annual reports.Subscriptions to Units of Eurizon EasyFund are only valid if made on the basis of theProspectus in force accompanied by a copy of the latest available annual report and by thesubsequent semi-annual report if it has been published.

Annual report as at 31 December 2010

Eurizon EasyFund

2

Table of contents

Organisation of the Fund 5

Board of Directors of the Management Company'sreport on the Management of the Fund

15

Independent auditor's report 19

Unaudited Performances 21

Comparative Net Asset Values over the last threeyears

26

Combined Statement of Net Assets 33

Combined Statement of Changes in Net Assets 34

Line Limited Tracking Error

Eurizon EasyFund - Equity Italy 35

Statement of Net Assets 35

Statement of Changes in Net Assets 36

Portfolio 37

Commitments on future contracts purchase/sale 43

Eurizon EasyFund - Equity Euro 44



Portfolio 46


Option contracts 58

Eurizon EasyFund - Equity Europe 59



Portfolio 61


Option contracts 79

Forward foreign exchange contracts 80

Eurizon EasyFund - Equity North America 82



Portfolio 84



Eurizon EasyFund - Equity Japan 101



Portfolio 103



Eurizon EasyFund - Equity Oceania 112



Portfolio 114



Eurizon EasyFund - Equity Emerging Markets 121



Portfolio 123


Eurizon EasyFund - Equity Emerging MarketsEurope, Middle East & Africa

150



Portfolio 152


Eurizon EasyFund - Equity Emerging Markets Asia 159



Portfolio 161


Eurizon EasyFund - Equity Latin America 179



Portfolio 181


Eurizon EasyFund - Equity China 188



Portfolio 190


Eurizon EasyFund - Equity Energy & Materials 196



Portfolio 198


Eurizon EasyFund - Equity Industrials 207

Eurizon EasyFund

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Portfolio 209


Eurizon EasyFund - Equity Consumer Discretionary 217



Portfolio 219


Eurizon EasyFund - Equity Consumer Staples 230



Portfolio 232


Eurizon EasyFund - Equity Pharma 240



Portfolio 242



Eurizon EasyFund - Equity Financial 251



Portfolio 253



Eurizon EasyFund - Equity High Tech 266



Portfolio 268


Eurizon EasyFund - Equity Telecommunication 276



Portfolio 278



Eurizon EasyFund - Equity Utilities 286



Portfolio 288


Eurizon EasyFund - Equity Small Cap Europe 293



Portfolio 295


Eurizon EasyFund - Cash EUR 307



Portfolio 309


Eurizon EasyFund - Bond EUR Floating Rate 315



Portfolio 317

Eurizon EasyFund - Bond EUR Short Term 319



Portfolio 321

Eurizon EasyFund - Bond EUR Medium Term 325



Portfolio 327


Eurizon EasyFund - Bond EUR Long Term 331



Portfolio 333


Eurizon EasyFund - Bond International 338



Portfolio 340



Eurizon EasyFund - Bond GBP 347



Portfolio 349



Eurizon EasyFund - Cash USD 353



Portfolio 355

Eurizon EasyFund - Bond USD 357

Eurizon EasyFund

4



Portfolio 359



Eurizon EasyFund - Bond JPY 364



Portfolio 366



Eurizon EasyFund - Bond Corporate EUR ShortTerm

370



Portfolio 372


Eurizon EasyFund - Bond Emerging Markets 384



Portfolio 386


Eurizon EasyFund - Bond High Yield 395



Portfolio 397


Eurizon EasyFund - Bond Inflation Linked 407



Portfolio 409

Line Flex/Multiasset

Eurizon EasyFund - Focus Azioni Strategia Flessibile 411



Portfolio 413


Eurizon EasyFund - Orizzonte Protetto 6 420



Portfolio 422





Portfolio 430





Portfolio 438


Eurizon EasyFund - ABS Prudente 444



Portfolio 446



Eurizon EasyFund - ABS Attivo 453



Portfolio 455



Notes to the financial statements 463

5

ORGANISATION OF THE FUND Eurizon EasyFund

________________________________________________________________________

MANAGEMENT COMPANY AND PROMOTER

Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg R.C.S. Luxembourg B 28536

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

Chairman of the Board of Directors Mr. Mauro MICILLO Managing Director of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) Vice-Chairman of the Board of Directors Mr. Daniel GROS Vice-Chairman of Eurizon Capital SGR S.p.A., Milan Resident of Brussels (Belgium) (since 10 December 2010) Managing Director Mr. Massimo MAZZINI General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) (since 6 August 2010) Managing Director Mr. Ciro BEFFI General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) (until 5 August 2010) Director Mr. Alex SCHMITT Independent Director, Lawyer, Luxembourg

Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Carlo NICOLETTI Independent Director, Rüschlikon Resident of Rüschlikon (Switzerland)

Director Mr. Bruno ROVELLI

Chief of Alpha-Core Department Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) (until 13 December 2010)

6


________________________________________________________________________

Director Mr. Alessandro SOLINA Chief Investment Officer Investment Solutions Area of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) (from 6 August 2010 to 13 December 2010)

Director Mr. Alessandro VARALDO

Chief Commercial Officer Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) (from 20 January 2010 to 27 July 2010)

CUSTODIAN BANK AND PAYING AGENT

State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) (since 18 May 2010)

Sanpaolo Bank S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg) (until 17 May 2010)

ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT

State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg) (since 18 May 2010)

Sanpaolo Bank S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg) (until 17 May 2010)

(these functions have been delegated by Eurizon Capital S.A.)

INVESTMENT MANAGERS

Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg)

Eurizon Capital SGR S.p.A. Piazzale Cadorna, 3 I-20123 Milan (Italy)

INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT

COMPANY

Ernst & Young S.A. 7, rue Gabriel Lippmann Parc d’Activité Syrdall 2 L-5365 Munsbach (Grand Duchy of Luxembourg)

7


________________________________________________________________________

CONSTITUTION

Eurizon Capital S.A., the Management Company, was incorporated as a Limited Company under the Laws of the Grand Duchy of Luxembourg. The Management Regulations were published in the “Memorial” on 28 September 1988.

Eurizon EasyFund (the “Fund”) was created in the Grand Duchy of Luxembourg on 27 July 1988 and is administered by Eurizon Capital S.A. (the “Management Company”) by virtue of Management Regulations published on 28 September 1988 in the “Mémorial, Recueil Spécial des Sociétés et Associations“ in the Grand Duchy of Luxembourg, after submission to the “Registre de Commerce et des Sociétés“ in Luxembourg. Amendments were made to the Management regulations and were published in the “Mémorial, Recueil Spécial des Sociétés et Associations“ in the Grand Duchy of Luxembourg on 20 January 1991, 13 November 1992, 10 September 1998, 10 June 2000, 20 September 2002, 17 October 2003, 9 September 2005 and 3 July 2006. The notification of the filing with the “Registre de Commerce et des Sociétés” in Luxembourg of the latest modifications to the Management Regulations were published in the “Mémorial, Recueil Spécial des Sociétés et Associations“ on 14 May 2007, 14 December 2007, 20 March 2008, 27 February 2009, 20 October 2009, 22 March 2010 and 11 June 2010. The Management Regulations in force have been filed with the “Registre de Commerce et des Sociétés“ in Luxembourg, where they may be consulted and where copies may be obtained.

The name of the Fund was modified pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998 from “Sanpaolo ECU Fund” to “Sanpaolo International Fund”. The Management Company has decided to modify the Fund’s name from “Sanpaolo International Fund” to “Eurizon EasyFund” with effective date 26 February 2008. Consequently to a merger by incorporation of Sanpaolo Bank S.A. into State Street Bank Luxembourg S.A. as of 18 May 2010, State Street Bank Luxembourg S.A. assumes since that date the function of Custodian Bank and Paying Agent as well as, by delegation, the function of Administrative Agent, Registrar and Transfer Agent of the Fund. State Street Bank Luxembourg S.A. is a société anonyme governed by the Laws of Luxembourg with registered office at 49, avenue J.F. Kennedy, L-1855 Luxembourg.

Eurizon EasyFund

The Fund is an umbrella fund. The Sub-Funds which are active on 31 December 2010 are listed below:

Line Limited Tracking Error :

Eurizon EasyFund - Equity Italy Eurizon EasyFund - Equity Euro Eurizon EasyFund - Equity Europe Eurizon EasyFund - Equity North America Eurizon EasyFund - Equity Japan Eurizon EasyFund - Equity Oceania Eurizon EasyFund - Equity Emerging Markets Eurizon EasyFund - Equity Emerging Markets Europe, Middle East & Africa Eurizon EasyFund - Equity Emerging Markets Asia Eurizon EasyFund - Equity Latin America Eurizon EasyFund - Equity China Eurizon EasyFund - Equity Energy & Materials Eurizon EasyFund - Equity Industrials Eurizon EasyFund - Equity Consumer Discretionary

8


________________________________________________________________________ Eurizon EasyFund - Equity Consumer Staples Eurizon EasyFund - Equity Pharma Eurizon EasyFund - Equity Financial Eurizon EasyFund - Equity High Tech Eurizon EasyFund - Equity Telecommunication Eurizon EasyFund - Equity Utilities Eurizon EasyFund - Equity Small Cap Europe Eurizon EasyFund - Cash EUR Eurizon EasyFund - Bond EUR Floating Rate Eurizon EasyFund - Bond EUR Short Term Eurizon EasyFund - Bond EUR Medium Term Eurizon EasyFund - Bond EUR Long Term Eurizon EasyFund - Bond International Eurizon EasyFund - Bond GBP Eurizon EasyFund - Cash USD Eurizon EasyFund - Bond USD Eurizon EasyFund - Bond JPY Eurizon EasyFund - Bond Corporate EUR Short Term Eurizon EasyFund - Bond Emerging Markets Eurizon EasyFund - Bond High Yield Eurizon EasyFund - Bond Inflation Linked Line Flex/Multiasset: Eurizon EasyFund - Focus Azioni Strategia Flessibile Eurizon EasyFund - Orizzonte Protetto 6 Eurizon EasyFund - Orizzonte Protetto 12 Eurizon EasyFund - Orizzonte Protetto 24 Eurizon EasyFund - ABS Prudente Eurizon EasyFund - ABS Attivo. The Sanpaolo Ecu Fund - Obligations and Sanpaolo Ecu Fund - Mixte Sub-Funds were launched on 29 November 1988. The Sanpaolo Ecu Fund - Obligations France and Sanpaolo Ecu Fund - Actions France Sub-Funds were launched on 16 February 1990. The Sanpaolo Ecu Fund - Actions Sub-Fund was launched on 20 February 1990. The Sanpaolo Ecu Fund - Obligations Italie Sub-Fund was launched on 8 February 1993. The Sanpaolo Ecu Fund - Actions Italie Sub-Fund was launched on 6 April 1993 while the Sanpaolo Ecu Fund - Actions Allemagne and Sanpaolo Ecu Fund - Obligations Ibérie Sub-Funds were launched on 7 December 1993. The Fund was renamed Sanpaolo International Fund pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998.

The Sub-Funds named Sanpaolo Ecu Fund - Obligations, Sanpaolo Ecu Fund - Mixte, Sanpaolo Ecu Fund - Actions, Sanpaolo Ecu Fund - Actions Allemagne, Sanpaolo Ecu Fund - Obligations Italie, Sanpaolo Ecu Fund - Actions Italie and Sanpaolo Ecu Fund - Actions France were respectively renamed Sanpaolo International Fund - Bonds Euro, Sanpaolo International Fund -

9


________________________________________________________________________ Mixed, Sanpaolo International Fund - Equity Europe Small Cap, Sanpaolo International Fund - Equity Germany, Sanpaolo International Fund - Bonds Italy, Sanpaolo International Fund - Equity Italy and Sanpaolo International Fund - Equity France pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998.

The Sanpaolo Ecu Fund - Obligations France and Sanpaolo Ecu Fund - Obligations Ibérie Sub-Funds merged with effect from 26 September 1998 into the Sanpaolo International Fund - Bonds Euro Sub-Fund pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998.

The Sanpaolo International Fund - Equity USA, Sanpaolo International Fund - Equity Japan and Sanpaolo International Fund - Equity Europe Sub-Funds were launched on 15 October 1998.

The Sanpaolo International Fund - Bonds US$, Sanpaolo International Fund - Bonds Yen and Sanpaolo International Fund - Equity Emerging Markets Far East Sub-Funds were launched on 20 October 1998.

The Sanpaolo International Fund - Bonds Italy Sub-Fund was renamed Euro Short Term on 1

February 1999.

The Sanpaolo International Fund - Bonds UK£, Sanpaolo International Fund - Bonds Emerging Markets, Sanpaolo International Fund - Equity Great Britain, and Sanpaolo International Fund - Equity Latin America Sub-Funds were launched on 15 February 1999.

The Sanpaolo International Fund - Equity Switzerland, Sanpaolo International Fund - Equity Scandinavia, Sanpaolo International Fund - Equity Canada, Sanpaolo International Fund - Equity Australia and Sanpaolo International Fund - Equity Africa Sub-Funds were launched on 15 July 1999.

The Sanpaolo International Fund - Bonds FrSw, Sanpaolo International Fund - Bonds Equity Emerging Markets Europe, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Euro Medium Term, Sanpaolo International Fund - Euro Long Term and Sanpaolo International Fund - Dollar Short Term Sub-Funds were launched on 16 July 1999.

The Sanpaolo International Fund - World Convertible Bonds Sub-Fund was launched on 16 September 1999.

The Sanpaolo International Fund - Autumn 36-100 Sub-Fund was launched on 18 October 1999.

The Sanpaolo International Fund - Winter 36-100 Sub-Fund was launched on 15 January 2000.

The Sanpaolo International Fund - Bond High Yield, Sanpaolo International Fund - Equity Energy and Materials, Sanpaolo International Fund - Equity Biotech, Sanpaolo International Fund - Equity Utilities, Sanpaolo International Fund - Equity Information Technology, Sanpaolo International Fund - Equity Finance, Sanpaolo International Fund - Equity Telecommunications, Sanpaolo International Fund - Equity High Growth, Sanpaolo International Fund - Equity Media, Sanpaolo International Fund - Equity World Small Cap, Sanpaolo International Fund - Equity US Small Cap, Sanpaolo International Fund - Equity Pacific Small Cap, Sanpaolo International Fund - Equity Eastern Europe and Sanpaolo International Fund - Equity India Sub-Funds were launched on 14 July 2000.

The Sanpaolo International Fund - Obiettivo USA, Sanpaolo International Fund - Obiettivo Euro, Sanpaolo International Fund - Obiettivo Europa, Sanpaolo International Fund - Obiettivo Giappone, Sanpaolo International Fund - Obiettivo Italia and Sanpaolo International Fund - Obiettivo Paesi Emergenti Sub-Funds were launched on 11 June 2001.

10


________________________________________________________________________ The Sub-Funds known as Sanpaolo International Fund - Equity Biotech, Sanpaolo International Fund - Equity Energy and Materials, Sanpaolo International Fund - Equity Finance, Sanpaolo International Fund - Equity Media, Sanpaolo International Fund - Euro Short Term, Sanpaolo International Fund - Euro Medium Term, Sanpaolo International Fund - Euro Long Term, Sanpaolo International Fund - Bonds US$ and Sanpaolo International Fund - Bonds Yen were respectively renamed Sanpaolo International Fund - Obiettivo Biofarma, Sanpaolo International Fund - Obiettivo Materie Prime, Sanpaolo International Fund - Obiettivo Finanza, Sanpaolo International Fund - Obiettivo Media, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Euro Lungo Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Dollari, Sanpaolo International Fund - Obiettivo Obbligazionario Yen pursuant to the decision made by the Board of Directors of the Management Company on 15 November 2001.

The Sub-Funds known as Sanpaolo International Fund - Equity Information Technology, Sanpaolo International Fund - Equity Telecommunications, Sanpaolo International Fund - Equity Utilities were respectively renamed Sanpaolo International Fund - Obiettivo Alta Tecnologia, Sanpaolo International Fund - Obiettivo Telecomunicazioni, Sanpaolo International Fund - Obiettivo Utilities pursuant to the decision made by the Board of Directors of the Management Company on 26 November 2001.

On 27 September 2002, the Sub-Funds Sanpaolo International Fund - Obiettivo USA, Sanpaolo International Fund - Equity Emerging Markets Europe, Sanpaolo International Fund - Equity Emerging Markets Far East, Sanpaolo International Fund - Equity World Small Cap, Sanpaolo International Fund - Equity Great Britain, Sanpaolo International Fund - Equity Australia, Sanpaolo International Fund - Equity Latin America, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Obiettivo Materie Prime, Sanpaolo International Fund - Obiettivo Media, Sanpaolo International Fund - Obiettivo Biofarma, Sanpaolo International Fund - Obiettivo Finanza, Sanpaolo International Fund - Equity Europe Small Cap, Sanpaolo International Fund - Equity US Small Cap, Sanpaolo International Fund - Mixed, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo International Fund - Bonds Euro, Sanpaolo International Fund - Bonds FrSw, Sanpaolo International Fund - Bonds UK£, Sanpaolo International Fund - Dollar Short Term, Sanpaolo International Fund - World Convertible Bonds, Sanpaolo International Fund - Bonds Emerging Markets, Sanpaolo International Fund - Bond High Yield, were respectively renamed Sanpaolo International Fund - Obiettivo Nord America, Sanpaolo International Fund - Obiettivo Paesi Emergenti Europa, Medio Oriente ed Africa, Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia, Sanpaolo International Fund - Small Cap Internazionale, Sanpaolo International Fund - Obiettivo Gran Bretagna, Sanpaolo International Fund - Obiettivo Oceania, Sanpaolo International Fund - Obiettivo America Latina, Sanpaolo International Fund - Obiettivo Cina, Sanpaolo International Fund - Obiettivo Energia & Materie Prime, Sanpaolo International Fund - Obiettivo Multimedia, Sanpaolo International Fund - Obiettivo Farma, Sanpaolo International Fund - Obiettivo Banche, Sanpaolo International Fund - Small Cap Europa, Sanpaolo International Fund - Small Cap USA, Sanpaolo International Fund - Obiettivo Bilanciato, Sanpaolo International Fund - Obiettivo Liquidità Euro, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Franchi Svizzeri, Sanpaolo International Fund - Obiettivo Obbligazionario Sterline, Sanpaolo International Fund - Obiettivo Liquidità Dollari, Sanpaolo International Fund - Obbligazioni Convertibili, Sanpaolo International Fund - Obbligazionario Paesi Emergenti, Sanpaolo International Fund - Obbligazionario High Yield. On 27 September 2002, the Sub-Fund Sanpaolo International Fund - Equity Italy merged into the Sanpaolo International Fund - Obiettivo Italia Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity Euro, Sanpaolo International Fund - Equity France and Sanpaolo International

11


________________________________________________________________________ Fund - Equity Germany merged into the Sanpaolo International Fund - Obiettivo Euro Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity Scandinavia and Sanpaolo International Fund - Equity Switzerland merged into the Sanpaolo International Fund - Obiettivo Europa Sub- Fund, the Sub-Funds Sanpaolo International Fund - Equity USA and Sanpaolo International Fund - Equity Canada merged into the Sanpaolo International Fund - Obiettivo Nord America Sub-Fund, the Sub-Fund Sanpaolo International Fund - Equity Japan merged into the Sanpaolo International Fund - Obiettivo Giappone Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity Africa and Sanpaolo International Fund - Equity Eastern Europe merged into the Sanpaolo International Fund - Obiettivo Paesi Emergenti Europa, Medio Oriente ed Africa Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity India and Sanpaolo International Fund - Obiettivo Paesi Emergenti merged into the Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity High Growth and Sanpaolo International Fund - Equity Pacific Small merged into the Sanpaolo International Fund - Small Cap Internazionale Sub-Fund. The Sub-Funds Sanpaolo International Fund - Obiettivo Industria, Sanpaolo International Fund - Obiettivo Beni Durevoli, Sanpaolo International Fund - Obiettivo Beni di Consumo and Sanpaolo International Fund - Obiettivo Assicurazioni were launched on 30 September 2002. The Sub-Funds Sanpaolo International Fund - Orizzonte Protetto 6, Sanpaolo International Fund - Orizzonte Protetto 12, Sanpaolo International Fund - Orizzonte Protetto 24 and Sanpaolo International Fund - Euro Inflation Linked were launched on 31 March 2003. On 7 November 2003, the Sub-Funds Sanpaolo International Fund - Obiettivo Liquidità Euro, Sanpaolo International Fund - Euro Inflation Linked and Sanpaolo International Fund - Autumn 36-100 were respectively renamed Sanpaolo International Fund - Valore Liquidità, Sanpaolo International Fund - Valore Reale and Sanpaolo International Fund - Valore Equilibrio. On 7 November 2003, the Sub-Funds Sanpaolo International Fund - Small Cap USA and Sanpaolo International Fund - Small Cap Internazionale merged into the Sanpaolo International Fund - Small Cap Europa Sub-Fund and the Sub-Fund Sanpaolo International Fund - Winter 36-100 merged into the Sanpaolo International Fund - Valore Equilibrio Sub-Fund. The Sub-Funds Sanpaolo International Fund - ABS Prudente and Sanpaolo International Fund - ABS Attivo were put into operation on 30 September 2005. On 26 February 2008, the Sub-Funds Sanpaolo International Fund - Obiettivo Italia, Sanpaolo International Fund - Obiettivo Euro, Sanpaolo International Fund - Obiettivo Europa, Sanpaolo International Fund - Obiettivo Gran Bretagna, Sanpaolo International Fund - Obiettivo Nord America, Sanpaolo International Fund - Obiettivo Giappone, Sanpaolo International Fund - Obiettivo Oceania, Sanpaolo International Fund - Obiettivo Paesi Emergenti Europa, Sanpaolo International Fund - Medio Oriente ed Africa, Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia, Sanpaolo International Fund - Obiettivo America Latina, Sanpaolo International Fund - Obiettivo Cina, Sanpaolo International Fund - Obiettivo Energia & Materie Prime, Sanpaolo International Fund - Obiettivo Industria, Sanpaolo International Fund - Obiettivo Beni Durevoli, Sanpaolo International Fund - Obiettivo Multimedia, Sanpaolo International Fund - Obiettivo Beni di Consumo, Sanpaolo International Fund - Obiettivo Farma, Sanpaolo International Fund - Obiettivo Banche, Sanpaolo International Fund - Obiettivo Assicurazioni, Sanpaolo International Fund - Obiettivo Alta Tecnologia, Sanpaolo International Fund - Obiettivo Telecomunicazioni, Sanpaolo International Fund - Obiettivo Utilities, Sanpaolo International Fund - Small Cap Europa, Sanpaolo International Fund - Valore Liquidità, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine,

12


________________________________________________________________________ Sanpaolo International Fund - Obiettivo Euro Lungo Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Franchi Svizzeri, Sanpaolo International Fund - Obiettivo Obbligazionario Sterline, Sanpaolo International Fund - Obiettivo Liquidità Dollari, Sanpaolo International Fund - Obiettivo Obbligazionario Dollari, Sanpaolo International Fund - Obiettivo Obbligazionario Yen, Sanpaolo International Fund - Obbligazioni Convertibili, Sanpaolo International Fund - Obbligazionario Paesi Emergenti, Sanpaolo International Fund - Obbligazionario High Yield, Sanpaolo International Fund - Valore Reale were respectively renamed Sanpaolo International Fund - Equity Italy, Sanpaolo International Fund - Equity Euro, Sanpaolo International Fund - Equity Europe, Sanpaolo International Fund - Equity Great Britain, Sanpaolo International Fund - Equity North America, Sanpaolo International Fund - Equity Japan, Sanpaolo International Fund - Equity Oceania, Sanpaolo International Fund - Equity Emerging Markets Europe, Sanpaolo International Fund - Middle East & Africa, Sanpaolo International Fund - Equity Emerging Markets Asia, Sanpaolo International Fund - Equity Latin America, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Equity Energy & Materials, Sanpaolo International Fund - Equity Industrials, Sanpaolo International Fund - Equity Durable Goods, Sanpaolo International Fund - Equity Media, Sanpaolo International Fund - Equity Consumer Staples, Sanpaolo International Fund - Equity Pharma, Sanpaolo International Fund - Equity Banks, Sanpaolo International Fund - Equity Insurance, Sanpaolo International Fund - Equity High Tech, Sanpaolo International Fund - Equity Telecommunication, Sanpaolo International Fund - Equity Utilities, Sanpaolo International Fund - Equity Small Cap Europe, Sanpaolo International Fund - Cash EUR, Sanpaolo International Fund - Bond EUR Short Term, Sanpaolo International Fund - Bond EUR Medium Term, Sanpaolo International Fund - Bond EUR Long Term, Sanpaolo International Fund - Bond CHF, Sanpaolo International Fund - Bond GBP, Sanpaolo International Fund - Cash USD, Sanpaolo International Fund - Bond USD, Sanpaolo International Fund - Bond JPY, Sanpaolo International Fund - Bond Convertible, Sanpaolo International Fund - Bond Emerging Markets, Sanpaolo International Fund - Bond High Yield, Sanpaolo International Fund - Bond Inflation Linked. On 7 July 2008, Eurizon Capital S.A. transfered the branch of activity corresponding to its Fund Administration activities to Sanpaolo Bank S.A. and has decided to delegate to the latter, according to the Management Company of the Fund, the functions of administrative agent, registrar and transfer agent on behalf of the Fund from this date on. On 27 February 2009, the Sub-Funds Eurizon EasyFund - Obiettivo Bilanciato, Eurizon EasyFund - Valore Equilibrio and Eurizon EasyFund - Equity Great Britain contributed their assets and liabilities into the Sub-Funds Eurizon EasyFund - ABS Attivo, Eurizon EasyFund - ABS Prudente and Eurizon EasyFund - Equity Europe respectively. Furthermore, a new investment policy was adopted by the incorporating Sub-Fund Eurizon EasyFund - ABS Prudente. On the same date, the Sub-Funds Eurizon EasyFund - Bond Convertible and Eurizon EasyFund - Bond CHF were respectively renamed Eurizon EasyFund - Bond Corporate EUR Short Term and Eurizon EasyFund - Bond International. Furthermore, a new investment policy was adopted by the two renamed Sub-Funds. On 24 April 2009, the Sub-Funds Eurizon Capital Corporate Fund - Premium 5 and Eurizon Capital Corporate Fund - Premium 25 contributed their assets and liabilities into the Sub-Fund Eurizon EasyFund - Bond Corporate EUR Short Term. On 27 November 2009, the Sub-Funds Eurizon EasyFund - Equity Durable Goods and Eurizon EasyFund - Equity Banks were respectively renamed Eurizon EasyFund - Equity Consumer Discretionary and Eurizon EasyFund - Equity Financial.

13


________________________________________________________________________

On the same date, the Sub-Funds Eurizon EasyFund - Equity Media and Eurizon EasyFund - Equity Insurance contributed their assets and liabilities into the Eurizon EasyFund - Equity Consumer Discretionary and Eurizon EasyFund - Equity Financial Sub-Funds respectively. The Sub-Funds Eurizon EasyFund - Equity Emerging Markets and Eurizon EasyFund - Bond EUR Floating Rate were launched on 11 December 2009. On 11 December 2009, the Sub-Fund Giotto Lux Fund - Monetario Plus contributed its assets and liabilities into the Eurizon EasyFund - Cash EUR Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro Medium Term contributed its assets and liabilities into the Eurizon EasyFund - Bond EUR Medium Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro Long Term contributed its assets and liabilities into the Eurizon EasyFund - Bond EUR Long Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro TV contributed its assets and liabilities into the Eurizon EasyFund - Bond EUR Floating Rate Sub-Fund, the Sub-Fund Giotto Lux Fund - Global Credit Bond contributed its assets and liabilities into the Eurizon EasyFund - Bond Corporate EUR Short Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Global Government Bond contributed its assets and liabilities into the Eurizon EasyFund - Bond International Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Italy contributed its assets and liabilities into the Eurizon EasyFund - Equity Italy Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Euro contributed its assets and liabilities into the Eurizon EasyFund - Equity Euro Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Europe ex Euro contributed its assets and liabilities into the Eurizon EasyFund - Equity Europe Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Europe Small Cap contributed its assets and liabilities into the Eurizon EasyFund - Equity Small Cap Europe Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity North America contributed its assets and liabilities into the Eurizon EasyFund - Equity North America Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Japan contributed its assets and liabilities into the Eurizon EasyFund - Equity Japan Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Pacific contributed its assets and liabilities into the Eurizon EasyFund - Equity Oceania Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Emerging Markets contributed its assets and liabilities into the Eurizon EasyFund - Equity Emerging Markets Sub-Fund, the Sub-Fund Giotto Lux Fund - Absolute Bond contributed its assets and liabilities into the Eurizon EasyFund - ABS Prudente Sub-Fund.

The Sub-Fund Eurizon EasyFund - Focus Azioni Strategia Flessibile was launched on 20 May 2010.

The different Units which are available to investors for all Sub-Funds are detailed in note 11 “Units of the Fund” of the notes to the financial statements.

GENERAL MEETINGS

The Annual General Meeting of the Management Company is held in Luxembourg, at the registered office, on the last Tuesday in March at 15.00 hours and, if such day is not a business day in the Grand Duchy of Luxembourg, the next business day.

QUOTATION

The Units of the Fund are denominated in euros and some of them are quoted on the Luxembourg Stock Exchange.

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INFORMATION FOR FUND UNITHOLDERS

Copies of audited annual reports as at 31 December and copies of the unaudited semi-annual reports as at 30 June are available free of charge to Unitholders at the Custodian Bank, other establishments specified by the latter, and at the registered office of the Management Company.

The periodic reports contain all information relative to the Fund and to the composition and development of its assets.

The financial year begins on 1 January and ends on 31 December.

The Net Asset Value is published every day in the daily newspaper “Il Sole 24 Ore” in Italy and in the “Diário Económico“ in Portugal. The Net Asset Value as well as the subscription and redemption prices of the Fund Units can also be obtained from the Custodian Bank. Other information intended for participants is published in the “Mémorial, Recueil Spécial des Sociétés et Associations“ and in the “Registre de Commerce et des Sociétés” in Luxembourg, if this publication is specified by the Management Regulations or by law.

15

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY’S REPORT ON THE MANAGEMENT OF THE FUND

Dear Unitholders,

Market Performance

2010 was a year of recovery for the world economy and global stock markets, albeit not

without moments of negativity due to rising doubts over the maintenance of global growth and

concerns regarding the sustainability of public finances in the Euro zone.

The year began on a wave of optimism, boosted by the release of highly positive

macroeconomic data indicative of continued recovery. Beginning in the spring, however, the

attitude of market investors deteriorated considerably in response to the Greek debt crisis,

quickly translating into concerns as to how well global growth was likely to hold up. Faced with

the risk of default on its public debt, in May, Greece was required to seek the combined help of

the European Union, the International Monetary Fund (“IMF”) and the other countries in the

Euro zone, who together set up a European Financial Stability Fund (“EFSF”). The market then

feared that the debt crisis in the Euro zone could lead to a global contagion throughout the

financial sector. Fears intensified over the summer when a series of greatly disappointing

macroeconomic figures came out, in particular from the USA and China, prompting investors to

wonder whether a new recession was imminent. These concerns died out beginning early in

September in light of improvement in the macroeconomic data and the stance taken by the

U.S. central bank (the “Fed”), which announced a new phase in monetary easing to provide

support for the economy.

Public finances in the Euro zone were back in the headlines in November, however, when

Ireland had to tap the financial aid granted by the EFSF. Continued tensions surrounding public

finances prompted the European Central Bank (the “ECB”) to stop removing extraordinary

liquidity measures and to make direct purchases on government bond markets in the

peripheral countries facing the greatest difficulty. This stance taken by the ECB reassured bond

markets outside the Euro zone with regard to the risk of global contagion, but it was not

sufficient to calm the peripheral bond markets of the Euro zone, which closed out 2010 with

yield differentials relative to Germany near their highs for the year.

The rising trend on global equities markets that began in spring 2009 continued in 2010,

despite displaying alternating trends throughout the year. The MSCI World Index, measured in

local currency with dividends included, rose by 10%. The best performance was turned in by

the U.S. stock market (14,8%), followed by stock exchange listings for Emerging Countries

(14,1%) and the Pacific (5,9%). Gains were modest, on the other hand, on Euro zone equity

markets (2,4%), penalised by the public debt crises of the peripheral countries.

2010 saw a decided fall in short- and long-term bond rates in the USA and Germany, while

those in the peripheral countries rose strongly. There was thus a sharp jump in yield

differentials between the core and the peripheral countries, negatively impacting government

bond prices in the latter. The greatest widening related to Greece and Ireland, followed by

Portugal and Spain. Of the peripheral countries, Italy was less impacted by the tensions. As a

result of these movements in interest rates, the global bond market closed out the year with a

4,2% gain (JPM Global Index in local currency). At the level of major geographical areas, the

United States posted earnings of 6,1% in local currency terms, the Euro zone 1,2% and

Emerging Countries 11,8%.

16

The corporate bond market (namely bonds issued by companies) reported positive results,

especially in high yield issues (characterised by generally higher potential yields but also by

greater risks with regard to issuer solvency).

2010 was characterised by pronounced volatility on currency markets. Beginning with the first

few months of the year, due to the strength of the U.S. macroeconomic data and the debt

crisis in the peripheral countries of the Euro zone, the single currency lost ground against the

dollar, moving from 1,43 at the end of 2009 to a low of 1,19 at the beginning of June.

Preparation of a European aid package for Greece allowed the euro to regain some ground in

the second half of the year. However, continuing fears regarding public finances and the crisis

in Ireland (which in November was also required to have recourse to European assistance) put

brakes on the recovery of the euro, which ended out the year at 1,34, well below its value at

2009 year-end. The debt crisis in the Euro zone and persistent fears about whether the global

recovery would last boosted the strength of the yen, viewed as a safe haven currency. In short,

the euro generally lost ground against other currencies, for example recording a drop in value

of 6,5% against the U.S. dollar and 18,5% against the yen.

Currency dynamics had an effect on the performance of markets outside the Euro zone when

they were converted into euro. The global share market, for example, saw an increase in

earnings upon being converted into euro, hitting +19,5%, while the global bond market raised

its positive performance to 13,8%.

Activity of the Fund

As of 31 December 2010, the mutual investment fund Eurizon EasyFund was composed of 41

Sub-Funds for an overall net asset value of €17 655 mio.

The assets of the Fund showed an increase compared with the end of 2009 (€ 1 954 mio, in

other word +12,44%), owing to a positive annual balance of the net sales (equivalent to €

1 302 mio, as a result of subscriptions amounting to € +10 289 mio and redemptions

amounting to € -8 987 mio), combined with a positive net result of operations of € +652 mio.

As concerns the in- and outflows, positive balances were achieved by the Bond Sub-Funds (€

+1 235,18 mio), the Equity Sub-Funds (€ +228,29 mio), and the Cash Sub-Funds (€ +63,20

mio), while Sub-Funds of the Flex/Multiasset line registered net outflows (€ -224,86 mio).

The best results were achieved by Eurizon EasyFund - Bond EUR Long Term (€ +615,34 mio)

followed by Eurizon EasyFund - Bond Emerging Markets (€ +193,19 mio), Eurizon EasyFund -

Equity North America (€ +191,67 mio) and Eurizon EasyFund - Equity Emerging Markets (€

+164,62 mio).

The most negative balances were achieved by Eurizon EasyFund - ABS Attivo (€ -174,64 mio)

and Eurizon EasyFund - ABS Prudente (€ -153,54 mio).

As a consequence, the portion of the Bond Sub-Funds in the net overall assets of the Fund has

increased from 44% at the end of 2009 to 48% at the end of 2010 and the portion of the

Equity Sub-Funds has increased from 20% at the end of 2009 to 21% at the end of 2010. In

the same time, the relative weight of the Sub-Funds of the Flex/Multiasset line has decreased

from 9% at the end of 2009 to 8% at the end of 2010, while the relative weight of Cash Sub-

Funds showed a decrease from 26% to 23% over the same period.

The annual in- and outflows as well as the assets as of 31 December 2010 of all the Sub-Funds

are shown in the following table (in EUR), which encompasses each Class of Units :

17

DENOMINATION OF THE SUB-FUNDS SUBSCRIPTIONS REDEMPTIONS NET ASSETS

Line Limited Tracking Error

Eurizon EasyFund - Equity Italy 27 537 130,14 (60 373 644,98) 79 995 800,77

Eurizon EasyFund - Equity Euro 61 892 146,63 (61 735 906,27) 154 419 569,63

Eurizon EasyFund - Equity Europe 660 882 829,73 (704 412 159,77) 673 146 177,65

Eurizon EasyFund - Equity North America 940 047 093,13 (748 372 992,67) 1 005 439 773,55

Eurizon EasyFund - Equity Japan 456 610 729,28 (461 902 822,85) 298 077 775,88

Eurizon EasyFund - Equity Oceania 93 592 255,05 (96 468 316,81) 156 701 454,87

Eurizon EasyFund - Equity Emerging Markets 231 933 521,34 (67 308 526,10) 253 856 611,47

Eurizon EasyFund - Equity Emerging Markets

Europe Middle East & Africa 80 701 502,07 (64 620 565,07) 125 589 833,01


Asia 103 586 786,82 (132 349 205,57) 172 832 811,62

Eurizon EasyFund - Equity Latin America 126 179 175,06 (105 943 196,62) 167 710 044,64

Eurizon EasyFund - Equity China 106 865 777,70 (87 713 163,72) 267 300 635,33

Eurizon EasyFund - Equity Energy & Materials 34 952 197,49 (44 735 080,88) 73 723 574,29

Eurizon EasyFund - Equity Industrials 29 838 017,17 (18 769 711,04) 40 122 163,96

Eurizon EasyFund - Equity Consumer

Discretionary 12 014 692,45 (15 888 650,57) 27 310 420,87

Eurizon EasyFund - Equity Consumer Staples 46 819 403,82 (57 877 855,20) 23 836 481,42

Eurizon EasyFund - Equity Pharma 41 745 404,06 (57 411 236,61) 26 628 034,01

Eurizon EasyFund - Equity Financial 15 300 273,95 (28 804 559,42) 39 884 392,13

Eurizon EasyFund - Equity High Tech 12 269 412,31 (20 675 004,83) 27 292 622,47

Eurizon EasyFund - Equity

Telecommunication 22 231 597,96 (35 391 426,66) 13 009 267,30

Eurizon EasyFund - Equity Utilities 33 888 151,70 (34 757 608,45) 33 407 569,09

Eurizon EasyFund - Equity Small Cap Europe 37 546 178,37 (42 634 916,36) 104 934 439,07

Eurizon EasyFund - Cash EUR 1 837 860 958,37 (1 735 613 161,23) 4 000 557 843,24

Eurizon EasyFund - Bond EUR Floating Rate 118 556 623,84 (208 523 460,49) 365 769 379,65

Eurizon EasyFund - Bond EUR Short Term 721 250 274,99 (740 977 176,26) 1 698 245 598,44

Eurizon EasyFund - Bond EUR Medium Term 732 497 772,37 (608 628 308,08) 1 287 887 179,23

Eurizon EasyFund - Bond EUR Long Term 1 429 339 805,83 (814 003 848,74) 2 516 670 888,68

Eurizon EasyFund - Bond International 135 031 054,72 (90 479 330,23) 213 568 598,73

18

Eurizon EasyFund - Bond GBP 55 780 203,58 (26 321 876,32) 90 404 560,21

Eurizon EasyFund - Cash USD 127 997 333,61 (167 042 603,52) 127 322 545,56

Eurizon EasyFund - Bond USD 308 575 860,90 (159 976 171,71) 396 335 394,86

Eurizon EasyFund - Bond JPY 139 740 874,46 (42 605 040,54) 303 921 209,11

Eurizon EasyFund - Bond Corporate EUR

Short Term 322 324 357,68 (344 774 533,61) 486 330 936,88

Eurizon EasyFund - Bond Emerging Markets

(*) 401 809 190,84 (208 617 032,76) 485 383 253,50

Eurizon EasyFund - Bond High Yield (*) 507 801 039,23 (344 408 013,52) 417 422 187,87

Eurizon EasyFund - Bond Inflation Linked 39 926 554,03 (88 138 160,34) 114 443 712,56

Line Flex/Multiasset

Eurizon EasyFund - Focus Azioni Strategia

Flessibile 128 460 588,57 (3 119 506,72) 130 849 649,67

Eurizon EasyFund - Orizzonte Protetto 6 5 321 739,00 (9 117 599,06) 30 532 049,78



Eurizon EasyFund - ABS Prudente 36 142 200,58 (189 681 162,23) 583 446 992,44

Eurizon EasyFund - ABS Attivo 57 696 665,41 (232 341 539,78) 569 048 502,30

Eurizon EasyFund 10 289 237 234,82 (8 987 422 287,18) 17 654 657 057,61

(*) These Sub-Funds have distributed dividends on a monthly basis starting as at 17 May 2010 for the following

amounts (in EUR) :

Eurizon EasyFund - Bond Emerging Markets : 19 461,06

Eurizon EasyFund - Bond High Yield : 29 319,94

Total : 48 781,00

Luxembourg, 21 April 2011 The Board of Directors

19

Independent auditor’s report

To the Unitholders of

Eurizon EasyFund

8, avenue de la Liberté

L-1930 Luxembourg

Following our appointment by the Board of Directors of the management company of 24 February 2010, we

have audited the accompanying financial statements of Eurizon EasyFund and of each of its sub-funds,

which comprise the statement of net assets, the portfolio, the commitments on future contracts

purchase/sale, the option contracts and the forward foreign exchange contracts as at 31 December 2010

and the statement of changes in net assets for the year then ended, and a summary of significant

accounting policies and other explanatory notes to the financial statements.

Board of Directors of the management company responsibility for the financial statements

The Board of Directors of the management 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 and presentation of the financial statements and for such internal control as the Board of

Directors of the management company determines is necessary to enable the preparation and presentation

of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the “réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted

our audit in accordance with International Standards 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 judgement of the “réviseur d’entreprises

agréé”, 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 “réviseur d’entreprises agréé” 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 management company, as well as evaluating the overall presentation of the financial statements.

20

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 Eurizon EasyFund

and of each of its sub-funds as of 31 December 2010, 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 and presentation 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.

ERNST & YOUNG

Société Anonyme

Cabinet de révision agréé

Sylvie TESTA

Luxembourg, 21 April 2011

Eurizon EasyFund

21

TER of the Categories of active Units on the publication date of this report are recorded for complete years only. TER do not include the Performance feesas they are detailed in note 6 "Performance fees" of the notes to the financial statements.

Class I Units 22/06/01LU0130323602 1,998,00 (6,68) (41,02) (33,50) -EUR (28,94)

Class R Units 22/06/01LU0130323438 2,077,95 (6,77) (41,18) (33,72) -EUR (29,32)

Class R2 Units 07/01/08LU0299357342 2,0918,30 (12,78) - - - (44,30)USD

Class Z Units 25/01/08LU0335977038 0,548,79 (5,34) - - -EUR (30,04)

Eurizon EasyFund - Equity Italy

Class I Units 22/06/01LU0130321226 1,9811,45 1,13 (31,54) (13,07) -EUR (18,27)

Class R Units 22/06/01LU0130320921 2,0711,39 1,04 (31,70) (13,35) -EUR (18,65)

Class Z Units 25/01/08LU0335977202 0,5412,25 2,58 - - -EUR (17,87)

Eurizon EasyFund - Equity Euro


Class IH Units 05/11/02LU0155225005 1,9813,25 4,71 (22,08) (6,42) -EUR 35,47


Class RH Units 10/01/03LU0155224883 2,0713,20 4,62 (22,25) (6,70) -EUR 38,88


Class ZH Units 21/02/08LU0335977541 0,5313,99 6,15 - - -EUR (8,39)

Eurizon EasyFund - Equity Europe


Class IH Units 22/06/01LU0130324675 1,9820,78 10,87 (17,28) (6,53) -EUR (4,84)


Class RH Units 22/06/01LU0130324162 2,0720,71 10,76 (17,48) (6,83) -EUR (5,23)

Class Z Units 15/01/08LU0335977970 0,5812,35 21,99 - - -EUR 5,87


Eurizon EasyFund - Equity North America


Class IH Units 22/06/01LU0130323271 1,988,82 (4,43) (44,09) (46,45) -EUR (29,88)


Class R2 Units 18/08/08LU0299358662 2,0216,41 9,68 - - - (5,17)USD

Class RH Units 22/06/01LU0130323198 2,078,77 (4,50) (44,20) (46,61) -EUR (30,37)


Class ZH Units 21/02/08LU0335978515 0,589,58 (3,09) - - -EUR (34,79)

Eurizon EasyFund - Equity Japan

Class I Units 21/08/00LU0114034258 1,9824,19 22,31 3,99 40,03 111,64EUR 86,33

Class IH Units 11/01/01LU0114034332 1,9813,74 1,47 (17,85) 16,05 -EUR 67,56

Class R Units 15/07/99LU0090979880 2,0724,15 22,23 4,28 40,31 112,58EUR 94,57

Class RH Units 28/12/00LU0114034761 2,0713,70 1,38 (18,04) 15,71 68,77EUR 67,38



Eurizon EasyFund - Equity Oceania

Class R Units 11/12/09LU0457147568 2,1217,89 23,46 - - -EUR 28,00

Class Z Units 28/01/10LU0457148020 -18,79 - - - -EUR 29,18


Class I Units 24/04/01LU0114039646 1,9921,45 29,12 (7,84) 15,76 -EUR 166,85

Class R Units 15/07/99LU0090981357 2,0821,38 28,99 (8,18) 15,22 137,57EUR 84,28



Eurizon EasyFund - Equity Emerging Markets Europe, Middle East & Africa

UNAUDITED PERFORMANCES AS AT 31 DECEMBER 2010

Launch date Basecurrency

6months

%

1year%

3years

%

5years

%

10years

%

Fromlaunch

%

TER%

ISIN

Eurizon EasyFund

22


Class I Units 14/11/00LU0114040149 2,1116,99 25,67 (2,55) 35,77 73,04EUR 49,79


Class R2 Units 24/02/10LU0299921006 -25,50 - - - - 26,31USD


Eurizon EasyFund - Equity Emerging Markets Asia

Class I Units 21/08/00LU0114044992 1,9816,38 22,26 18,00 86,64 243,18EUR 194,13


Class R2 Units 07/01/08LU0299359553 2,0227,47 14,29 - - - 13,34USD


Eurizon EasyFund - Equity Latin America

Class R Units 15/07/99LU0090980383 2,074,78 11,97 (10,51) 101,71 98,89EUR (4,65)



Eurizon EasyFund - Equity China

Class I Units 12/02/01LU0114064834 1,9924,09 20,87 (6,96) 14,46 -EUR 47,08




Class RH Units 10/01/03LU0155226151 2,0828,45 10,56 (16,66) 11,80 -EUR 94,28



Eurizon EasyFund - Equity Energy & Materials

Class I Units 08/01/03LU0155231235 2,0115,68 29,06 (7,41) (0,26) -EUR 49,59


Class R Units 01/10/02LU0155253635 2,1115,62 28,95 (7,64) (0,58) -EUR 46,43



Class ZH Units 15/07/08LU0335981063 0,6220,87 18,30 - - -EUR 1,22

Eurizon EasyFund - Equity Industrials

Class I Units 08/01/03LU0155229338 2,0117,34 30,50 7,96 (1,26) -EUR 43,45


Class R Units 01/10/02LU0155230005 2,1117,29 30,36 7,64 (1,63) -EUR 40,54




Eurizon EasyFund - Equity Consumer Discretionary

Class I Units 08/01/03LU0155230344 2,026,61 17,89 7,34 18,40 -EUR 34,10


Class R Units 01/10/02LU0155230690 2,116,55 17,77 7,09 18,02 -EUR 32,53




Eurizon EasyFund - Equity Consumer Staples


Class IH Units 30/01/03LU0155223646 2,007,46 (1,28) (12,77) (10,88) -EUR 16,92

Class R Units 14/07/00LU0114064081 2,092,38 7,26 (3,16) (13,65) (34,74)EUR (34,74)

Class RH Units 10/01/03LU0155223729 2,097,41 (1,35) (12,97) (11,18) -EUR 7,42

Eurizon EasyFund - Equity Pharma



6months

%

1year%

3years

%

5years

%

10years

%

Fromlaunch

%

TER%

ISIN

Eurizon EasyFund

23






Class IH Units 30/01/03LU0155225187 2,0010,16 (0,90) (44,71) (47,46) -EUR (11,02)



Class RH Units 10/01/03LU0155505208 2,0810,11 (0,97) (44,84) (47,63) -EUR (20,53)



Eurizon EasyFund - Equity Financial







Eurizon EasyFund - Equity High Tech

Class I Units 12/02/01LU0114069981 2,0312,10 17,78 (11,09) 10,43 -EUR (47,01)


Class R Units 14/07/00LU0114069635 2,1212,03 17,66 (11,35) 10,05 (46,90)EUR (46,90)




Eurizon EasyFund - Equity Telecommunication

Class I Units 04/04/01LU0114070302 2,012,53 4,76 (15,41) 7,57 -EUR (3,88)

Class IH Units 30/01/03LU0155228793 2,017,13 (1,96) (22,44) 8,81 -EUR 85,10

Class R Units 14/07/00LU0114070138 2,102,49 4,68 (15,57) 7,30 (3,67)EUR (3,67)

Class R2 Units 18/08/08LU0299362425 2,0512,29 (2,07) - - - (9,71)USD

Class RH Units 10/01/03LU0155228959 2,107,10 (2,03) (22,65) 8,42 -EUR 71,63


Class ZH Units 15/07/08LU0335986021 0,587,96 (0,50) - - -EUR (7,65)

Eurizon EasyFund - Equity Utilities

Class I Units 28/12/00LU0114040909 2,0622,10 22,99 (8,59) 11,95 28,07EUR 27,71




Eurizon EasyFund - Equity Small Cap Europe

Class A Units 11/12/09LU0458092185 0,620,21 0,26 - - -EUR 0,32

Class I Units 21/08/00LU0114049959 0,980,04 (0,09) 4,46 9,67 21,83EUR 23,68

Class R Units 01/02/93LU0042866854 1,020,02 (0,14) 4,37 9,59 21,82EUR 114,39


Eurizon EasyFund - Cash EUR

Class R Units 11/12/09LU0457148293 1,12(1,28) (2,49) - - -EUR (2,36)

Class Z Units 03/02/10LU0457148533 -(0,93) - - - -EUR (1,75)

Eurizon EasyFund - Bond EUR Floating Rate



6months

%

1year%

3years

%

5years

%

10years

%

Fromlaunch

%

TER%

ISIN

Eurizon EasyFund

24


Class I Units 21/08/00LU0114049876 1,18(0,59) (0,47) 8,92 12,41 32,37EUR 36,94

Class R Units 15/07/99LU0097116437 1,26(0,64) (0,56) 8,68 12,08 31,74EUR 36,10

Class Z Units 15/01/08LU0335987268 0,32(0,16) 0,39 - - -EUR 10,91

Eurizon EasyFund - Bond EUR Short Term

Class I Units 21/08/00LU0114015893 1,28(1,21) 0,36 12,18 13,83 40,96EUR 46,71

Class R Units 02/11/92LU0012017942 1,36(1,25) 0,27 11,92 13,49 40,12EUR 113,28


Eurizon EasyFund - Bond EUR Medium Term




Eurizon EasyFund - Bond EUR Long Term

Class IH Units 11/01/01LU0114016602 1,27(0,75) 2,38 11,76 8,77 -EUR 32,87


Class RH Units 05/01/01LU0114016941 1,37(0,81) 2,27 11,48 8,42 -EUR 31,43


Class ZH Units 05/03/09LU0335988316 0,40(0,31) 3,27 - - -EUR 4,39

Eurizon EasyFund - Bond International

Class I Units 21/08/00LU0114029845 1,49(3,82) 9,83 (1,08) (5,38) 6,05EUR 6,37

Class IH Units 11/01/01LU0114030009 1,490,55 5,58 12,60 10,52 -EUR 23,77

Class R Units 15/02/99LU0090978999 1,58(3,87) 9,71 (1,29) (5,65) 5,58EUR 20,83

Class RH Units 05/01/01LU0114030777 1,580,49 5,47 12,32 10,18 -EUR 23,39



Eurizon EasyFund - Bond GBP

Class I Units 15/05/01LU0114033441 0,98(8,89) 6,47 9,04 (4,55) -EUR (25,24)

Class R Units 15/07/99LU0097116601 1,03(8,91) 6,41 8,92 (4,65) (18,89)EUR (3,58)


Eurizon EasyFund - Cash USD


Class IH Units 21/08/00LU0114031312 1,48(0,78) 4,41 14,23 19,72 47,71EUR 53,28


Class RH Units 28/12/00LU0114031668 1,57(0,83) 4,31 14,02 19,39 47,64EUR 48,77



Eurizon EasyFund - Bond USD

Class I Units 21/08/00LU0114032716 1,48(1,51) 23,41 51,64 30,50 0,16EUR (8,41)

Class IH Units 21/08/00LU0114032989 1,48(0,70) 1,06 6,27 12,75 35,64EUR 38,01

Class R Units 19/10/98LU0090978643 1,57(1,57) 23,25 51,43 30,25 (0,20)EUR 21,07

Class RH Units 05/01/01LU0114033284 1,56(0,74) 0,97 6,02 12,40 -EUR 26,66



Eurizon EasyFund - Bond JPY

Class I Units 06/08/03LU0114052748 -- - - - -EUR -



Eurizon EasyFund - Bond Corporate EUR Short Term



6months

%

1year%

3years

%

5years

%

10years

%

Fromlaunch

%

TER%

ISIN

Eurizon EasyFund

25



Class IH Units 02/11/04LU0155180655 1,484,75 9,03 22,69 33,16 -EUR 45,96



Class RH Units 10/01/03LU0155179483 1,574,70 8,93 22,33 32,66 -EUR 82,19



Class D Units 06/04/10LU0497415298 -(6,90) - - - -EUR 1,40

Class D2 Units 06/04/10LU0497422583 -1,97 - - - -USD 1,64


Class I Units 24/01/01LU0114075103 1,488,54 13,21 42,48 48,15 -EUR 55,51




Class D Units 06/04/10LU0497415611 -4,77 - - - -EUR 0,39

Class D2 Units 06/04/10LU0497424365 -14,75 - - - -USD 0,63

Eurizon EasyFund - Bond High Yield

Class I Units 31/03/03LU0163967614 1,18(0,60) (0,98) 7,06 7,77 -EUR 19,00

Class R Units 31/03/03LU0163967960 1,27(0,64) (1,07) 6,86 7,58 -EUR 18,77

Class Z Units 23/01/08LU0335993407 0,36(0,20) (0,16) - - -EUR 8,00

Eurizon EasyFund - Bond Inflation Linked

Class R Units 09/07/10LU0497415702 -- - - - -EUR 7,32

Class RL Units 09/07/10LU0497416007 -- - - - -EUR 7,50

Class Z Units 20/05/10LU0497418391 -10,34 - - - -EUR 8,99

Eurizon EasyFund - Focus Azioni Strategia Flessibile

Class R Units 31/03/03LU0163969230 1,290,54 0,14 (0,39) 5,45 -EUR 10,82

Eurizon EasyFund - Orizzonte Protetto 6





Class R Units 09/01/06LU0230568445 1,160,09 (0,58) 2,26 - -EUR 6,90


Eurizon EasyFund - ABS Prudente

Class R Units 09/01/06LU0230568957 1,660,67 (0,59) (0,09) - -EUR 5,10


Eurizon EasyFund - ABS Attivo



6months

%

1year%

3years

%

5years

%

10years

%

Fromlaunch

%

TER%

ISIN

Eurizon EasyFund

26

Class I Units 1 463 426,95 2 165 246,16 76,21 2 042 626,43 61,29EUR 71,12

Class R Units 27 928 942,57 57 593 208,35 75,88 13 715 168,29 61,10EUR 70,74

Class R2 Units 150 690,29 9 804,62 108,86 5 173,47 84,91USD 94,95

Class Z Units 50 491 105,74 59 483 490,04 78,30 41 085 264,25 62,10EUR 74,12

Total net assets EUR 79 995 800,77 119 248 778,23 56 846 780,76


Class I Units 3 761 351,98 5 111 949,74 81,21 9 825 623,60 65,05EUR 82,13

Class R Units 84 499 620,80 125 963 505,22 80,91 40 388 169,03 64,87EUR 81,75

Class Z Units 66 158 596,85 22 268 514,76 83,44 6 901 832,48 65,88EUR 85,59



Class I Units 135 908 731,67 27 545 134,59 79,95 22 183 926,64 61,84EUR 87,27

Class IH Units 112 729 372,31 125 506 794,79 86,44 162 542 395,99 68,86EUR 90,51

Class R Units 60 918 756,29 70 349 604,94 79,90 31 390 079,44 61,84EUR 87,15

Class RH Units 5 077 278,32 5 897 441,58 84,57 3 917 583,96 67,44EUR 88,48

Class Z Units 319 547 697,48 398 288 717,79 82,19 281 718 942,54 62,67EUR 91,05

Class ZH Units 38 964 341,58 36 459 784,01 88,81 3 282 292,72 69,73EUR 94,27



Class I Units 146 590 929,38 92 456 896,56 53,77 48 885 822,23 44,66EUR 64,67


Class R Units 76 437 347,99 77 471 249,07 53,54 31 279 631,47 44,51EUR 64,34


Class Z Units 502 564 172,06 325 833 283,56 55,26 272 460 822,29 45,27EUR 67,41


Total net assets EUR 1 005 439 773,55 674 923 800,90 483 606 238,10


Class I Units 41 054 529,78 32 211 806,69 50,66 26 093 332,33 49,81EUR 60,07


Class R Units 57 246 429,91 52 511 457,20 50,54 37 532 861,63 49,73EUR 59,87

Class R2 Units 47 175,33 31 803,67 72,97 772,99 69,33USD 80,03


Class Z Units 110 507 858,07 136 817 387,38 52,01 73 212 967,83 50,42EUR 62,53




Class I Units 12 475 079,76 10 735 196,72 161,17 1 926 508,26 99,66EUR 197,12


Class R Units 55 984 813,19 44 449 770,65 159,18 14 137 715,93 98,30EUR 194,57


Class Z Units 66 287 969,21 55 064 362,38 166,25 27 348 366,53 101,15EUR 206,26

Class ZH Units 625 450,66 4 248 553,93 162,30 2 235 864,01 115,39EUR 167,01



COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

31 December 200831 December 200931 December 2010

Total NAV per Unit Total NAV per Unit Total NAV per UnitCurrency

Eurizon EasyFund

27

Class R Units 62 167 377,90 46 478 763,75 181,63 - -EUR 224,24

Class Z Units 191 689 233,57 - - - -EUR 227,32

Total net assets EUR 253 856 611,47 46 478 763,75 -


Class I Units 300 291,13 328 129,81 143,16 186 554,10 88,21EUR 184,85

Class R Units 81 172 214,22 55 602 668,72 142,86 33 288 387,02 88,13EUR 184,28

Class R2 Units 7 322 761,54 5 753 197,48 204,96 2 561 336,02 122,51USD 247,34

Class Z Units 38 658 894,10 24 222 036,48 147,15 8 242 575,74 89,42EUR 192,67



Class I Units 7 347 367,69 5 829 331,91 132,62 4 317 227,27 81,70EUR 166,67

Class R Units 124 201 372,91 79 869 385,62 132,36 41 127 296,86 81,62EUR 166,19

Class R2 Units 65 102,51 - - - -USD 222,16

Class Z Units 41 235 348,89 81 074 218,13 136,27 20 872 258,05 82,79EUR 173,68



Class I Units 381 591,85 482 724,04 356,47 1 321 690,77 184,86EUR 435,81

Class R Units 131 587 447,04 86 198 170,86 353,55 35 409 904,22 183,55EUR 431,93

Class R2 Units 1 780 494,21 2 988 779,35 507,25 387 551,90 255,10USD 579,75

Class Z Units 34 413 813,91 31 674 109,20 366,17 11 782 463,45 187,26EUR 453,98



Class R Units 228 720 780,35 218 264 370,19 85,16 134 013 767,69 55,61EUR 95,35

Class R2 Units 369 123,18 - - - -USD 127,47

Class Z Units 38 303 606,53 2 803 819,81 85,30 - -EUR 96,93



Class I Units 6 785 150,25 5 283 831,23 121,72 3 318 064,51 92,05EUR 147,12


Class R Units 28 028 926,27 23 011 963,78 121,12 17 516 663,90 91,69EUR 146,29

Class R2 Units 629 175,08 1 085 722,31 173,77 23 437,58 127,45USD 196,34


Class Z Units 3 938 261,24 10 100 991,23 125,03 5 764 066,07 93,24EUR 153,28

Class ZH Units 3 408 543,90 6 391 264,26 135,92 937 045,85 105,36EUR 152,49



Class I Units 4 319 451,17 3 003 322,11 113,96 2 118 249,52 94,54EUR 147,08


Class R Units 3 750 378,40 905 528,86 113,56 625 539,63 94,30EUR 146,43

Class RH Units 1 190 469,38 680 398,43 130,45 676 160,20 107,82EUR 152,12

Class Z Units 18 424 567,62 12 615 565,77 117,01 6 388 440,07 95,73EUR 153,14

Class ZH Units 5 493 957,17 137 692,01 134,24 205 762,30 109,33EUR 158,80






Eurizon EasyFund

28

Class I Units 3 975 285,63 2 688 617,74 108,16 1 269 256,97 80,40EUR 141,15


Class R Units 2 152 558,00 777 797,38 107,81 275 507,20 80,25EUR 140,54

Class RH Units 1 057 578,77 434 126,90 119,40 221 297,68 87,95EUR 141,04

Class Z Units 13 634 896,34 15 485 132,37 111,06 11 221 968,69 81,41EUR 146,99

Class ZH Units 98 512,40 131 637,66 124,15 111 492,96 90,09EUR 148,87



Class I Units 3 648 784,39 2 909 844,73 112,91 2 151 159,89 97,64EUR 133,11


Class R Units 1 659 049,04 927 208,15 112,53 677 229,67 97,40EUR 132,53

Class RH Units 936 341,94 868 818,99 131,05 518 157,14 113,73EUR 141,89

Class Z Units 11 608 337,60 13 980 578,50 115,97 16 073 284,86 98,88EUR 138,65

Class ZH Units 86 493,87 6 224 748,72 135,91 174 719,90 116,21EUR 149,33



Class I Units 3 239 839,49 2 913 047,45 61,06 2 321 921,29 54,07EUR 65,56


Class R Units 6 826 570,26 7 812 165,48 60,84 6 749 164,43 53,92EUR 65,26


Class Z Units 7 394 402,63 13 700 648,83 62,68 12 660 201,59 54,73EUR 68,27




Class I Units 7 100 703,71 5 832 944,23 43,95 2 344 616,02 33,59EUR 48,02


Class R Units 5 624 644,61 6 320 379,68 43,75 3 681 002,94 33,46EUR 47,76

Class R2 Units 17 481,55 - - - -USD 64,11


Class Z Units 13 061 826,15 24 878 181,19 45,19 12 506 733,99 34,05EUR 50,08




Class I Units 4 111 392,06 3 449 077,46 47,97 2 012 617,07 33,11EUR 55,49


Class R Units 4 556 891,74 3 392 897,10 47,81 2 315 610,90 33,03EUR 55,24


Class Z Units 8 299 330,91 15 531 643,43 49,24 11 277 089,38 33,51EUR 57,77




Class I Units 1 463 611,14 1 265 439,95 45,32 1 010 598,81 40,53EUR 53,38






Eurizon EasyFund

29

Class R Units 3 199 032,74 3 011 890,02 45,13 3 056 397,50 40,39EUR 53,10


Class Z Units 4 225 873,54 9 439 326,15 46,50 5 329 999,20 41,02EUR 55,56




Class I Units 1 522 725,21 1 326 579,39 92,34 1 102 935,33 83,26EUR 96,74


Class R Units 6 629 288,24 6 510 699,66 92,02 5 943 874,89 83,00EUR 96,33

Class R2 Units 80 582,00 34 276,29 132,02 19 279,17 115,38USD 129,29


Class Z Units 11 065 234,66 10 477 579,28 94,82 7 924 895,44 84,31EUR 100,76

Class ZH Units 5 795 620,26 6 172 535,81 107,91 91 943,02 94,93EUR 107,37



Class I Units 20 107,92 17 949 190,96 358,65 12 876 703,21 238,53EUR 441,10

Class R Units 70 056 344,36 67 001 781,25 358,90 38 282 069,25 238,91EUR 441,11

Class R2 Units 626 682,33 1 693 889,90 514,93 5 079,20 332,09USD 592,07

Class Z Units 34 390 853,75 4 566 604,58 368,81 5 913,83 241,66EUR 460,53



Class A Units 30 179 950,01 46 951 873,41 110,89 - -EUR 111,18

Class I Units 364 517 036,29 400 660 149,76 110,83 538 891 763,29 109,44EUR 110,73

Class R Units 495 166 087,05 689 313 831,67 110,86 969 640 574,76 109,51EUR 110,71

Class Z Units 3 110 694 769,89 2 743 709 492,99 112,30 1 886 637 555,17 110,13EUR 112,99

Total net assets EUR 4 000 557 843,24 3 880 635 347,83 3 395 169 893,22


Class R Units 361 368 982,89 466 334 579,13 119,87 - -EUR 116,89

Class Z Units 4 400 396,76 - - - -EUR 117,68

Total net assets EUR 365 769 379,65 466 334 579,13 -


Class I Units 94 761 257,29 108 985 060,64 137,43 108 483 746,67 132,66EUR 136,78

Class R Units 67 851 372,85 93 429 621,36 136,87 120 196 640,06 132,23EUR 136,10

Class Z Units 1 535 632 968,30 1 512 401 904,60 139,68 1 505 612 061,93 133,68EUR 140,22



Class I Units 57 471 189,65 70 763 361,43 295,27 88 470 103,20 283,03EUR 296,32

Class R Units 107 302 771,38 134 449 875,17 293,67 68 958 474,28 281,75EUR 294,45

Class Z Units 1 123 113 218,20 949 523 495,93 300,62 1 426 584 380,23 285,46EUR 304,53



Class I Units 167 611 044,94 187 892 656,39 158,69 219 951 449,22 153,27EUR 159,25





Eurizon EasyFund

30

Class R Units 66 047 985,51 62 581 727,06 158,07 72 433 421,27 152,79EUR 158,48

Class Z Units 2 283 011 858,23 1 636 509 218,13 161,53 1 494 536 221,69 154,59EUR 163,60



Class IH Units 13 935,69 13 611,29 136,11 13 501,45 135,01EUR 139,35

Class R Units 49 354 856,23 25 096 093,16 116,66 3 247 321,83 121,89EUR 130,60


Class Z Units 162 429 895,71 122 629 327,93 117,52 - -EUR 132,87

Class ZH Units 11 361,82 10 206,26 135,63 - -EUR 140,07



Class I Units 3 204 709,18 3 857 211,89 110,46 3 882 083,72 104,34EUR 121,32

Class IH Units 886 298,52 1 082 676,40 134,09 1 044 172,83 138,03EUR 141,57

Class R Units 17 899 486,39 6 881 057,58 110,07 8 023 310,84 104,03EUR 120,76


Class Z Units 9 946 469,22 8 753 308,48 112,70 14 354 155,60 105,29EUR 125,13




Class I Units 4 162 300,03 5 644 220,59 90,63 8 463 928,64 93,66EUR 96,49

Class R Units 94 358 804,23 125 899 950,91 90,61 139 252 835,79 93,67EUR 96,42

Class Z Units 28 801 441,30 22 868 635,45 91,87 26 228 233,09 94,26EUR 98,49



Class I Units 9 096 142,74 10 068 392,06 120,61 12 811 375,18 130,94EUR 135,28


Class R Units 22 099 056,37 18 776 510,98 120,09 29 232 141,55 130,48EUR 134,58


Class Z Units 77 424 594,95 59 485 413,77 123,09 86 202 285,11 132,19EUR 139,56




Class I Units 5 588 796,30 7 201 984,78 98,46 10 793 705,62 104,08EUR 121,51


Class R Units 8 255 107,30 4 545 833,84 98,23 6 937 420,68 103,88EUR 121,07

Class RH Units 165 135,43 277 803,67 147,99 524 025,72 148,02EUR 149,43

Class Z Units 44 888 370,10 37 231 613,51 100,39 84 645 200,94 104,98EUR 125,22




Class I Units - - - 13 291 160,67 56,15EUR -

Class R Units 95 507 633,84 97 519 986,65 59,50 4 465 848,81 56,05EUR 60,55





Eurizon EasyFund

31

Class Z Units 390 823 303,04 399 367 145,36 61,54 8 165,99 57,03EUR 63,15



Class I Units 6 734 024,87 7 687 236,41 190,17 8 369 310,80 156,17EUR 223,29

Class IH Units 77 885 245,24 88 546 439,37 251,98 10 845,87 199,17EUR 274,73

Class R Units 26 675 505,69 11 065 836,35 189,28 9 482 198,36 155,61EUR 222,00

Class R2 Units 92 860,60 18 435,05 271,56 56 061,01 216,31USD 297,97


Class Z Units 198 534 548,73 74 040 211,77 193,98 52 694 245,17 157,64EUR 230,18


Class D Units 385 336,20 - - - -EUR 213,63

Class D2 Units 118 223,34 - - - -USD 286,59



Class I Units 36 262 290,39 19 236 299,80 134,66 22 880 684,21 82,32EUR 152,45

Class R Units 117 736 453,01 98 714 579,71 134,17 11 099 915,48 82,08EUR 151,80

Class R2 Units 4 844 320,90 8 686 937,77 192,50 8 395,32 114,09USD 203,75

Class Z Units 258 674 964,03 89 932 222,18 137,39 60 774 432,83 83,12EUR 157,20

Class D Units 749 539,07 - - - -EUR 144,93

Class D2 Units 520 458,90 - - - -USD 194,43



Class I Units 4 792 047,28 6 298 568,63 120,18 8 011 087,43 114,00EUR 119,00

Class R Units 78 037 246,38 82 633 859,97 120,06 84 898 972,53 113,98EUR 118,77

Class Z Units 31 614 418,90 74 782 821,07 122,03 46 877 533,27 114,82EUR 121,83



Class R Units 59 729 993,74 - - - -EUR 107,32

Class RL Units 32 611 881,55 - - - -EUR 107,50

Class Z Units 38 507 774,38 - - - -EUR 108,99

Total net assets EUR 130 849 649,67 - -


Class R Units 30 532 049,78 34 289 798,46 110,67 47 548 872,29 108,86EUR 110,82



Class R Units 30 139 167,43 35 326 396,98 114,53 44 798 478,96 109,41EUR 116,28



Class R Units 41 157 954,44 53 188 684,19 118,06 63 606 911,29 110,19EUR 119,47






Eurizon EasyFund

32

Class R Units 583 364 845,36 740 728 774,23 107,95 748 200 727,05 104,68EUR 107,32

Class Z Units 82 147,08 88 941,40 109,77 121 855,29 105,82EUR 109,89



Class R Units 526 240 644,73 689 608 891,69 106,59 893 486 780,71 104,00EUR 105,96

Class Z Units 42 807 857,57 58 231 904,73 108,70 75 145 803,56 105,04EUR 109,24






Eurizon EasyFund

33

Assets

Investments in securities at market value 16 547 075 930,35Banks 1 021 889 893,09Amounts due from brokers 15 049 376,27Unrealised profit on forward foreign exchange contracts (Note 8) 13 110 593,51Unrealised profit on future contracts (Note 8) 3 753 094,44Unrealised profit on swap contracts (Note 8) 1 171 709,62Interest receivable on swap contracts (Note 8) 288 844,44Other interest receivable 153 648 795,85Reverse repurchase agreements (Note 9) 36 817 136,95Receivable on investments sold 69 171 228,04Receivable on subscriptions 60 338 452,36Other assets (Note 10) 4 685 123,90Total assets 17 927 000 178,82

Liabilities

Bank overdrafts (15 345 390,45)Option contracts at market value (Note 8) (107 840,00)Amounts due to brokers (214 722,99)Unrealised loss on forward foreign exchange contracts (Note 8) (13 395 896,88)Unrealised loss on future contracts (Note 8) (1 853 340,91)Unrealised loss on swap contracts (Note 8) (452 877,72)Interest payable on swap contracts (Note 8) (499 849,49)Other interest payable (15 591,75)Payable on investments purchased (161 294 393,10)Payable on redemptions (66 056 327,50)Other liabilities (13 106 890,42)Total liabilities (272 343 121,21)

Total net assets 17 654 657 057,61

COMBINED STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2010 IN EUR

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

Eurizon EasyFund

34

Net assets at the beginning of the year 15 700 833 709,44

Net income from investments 408 770 521,86Interest on bank accounts 9 523 350,34Interest received on swap contracts 946 669,39Other income (Note 9) 1 615 300,26

Total income 420 855 841,85

Management fee (Note 5) (94 930 202,80)Performance fee (Note 6) (124 799,13)Custodian fee (Note 7) (17 079 191,06)Subscription tax (Note 3) (3 203 937,24)Interest on bank accounts (129 998,55)Interest paid on swap contracts (3 366 601,22)Other charges and taxes (Notes 4, 7, 10) (14 532 462,59)

Total expenses (133 367 192,59)

Net investment income / (loss) 287 488 649,26

Net realised profit / (loss) on sales of investments, currencies and otherfinancial instruments

86 809 948,27

Change in unrealised appreciation / (depreciation) on investments 274 089 232,59Change in unrealised appreciation / (depreciation) on option contracts (Note 8) 108 952,10Change in unrealised appreciation / (depreciation) on forward foreignexchange contracts

(Note 8) 3 010 551,62

Change in unrealised appreciation / (depreciation) on future contracts (Note 8) 394 472,68Change in unrealised appreciation / (depreciation) on swap contracts (Note 8) 155 375,01

Net result of operations for the year 652 057 181,53

Subscriptions for the year 10 289 237 234,82Redemptions for the year (8 987 422 287,18)

Dividends distribution (Note 2 o) (48 781,00)

Net assets at the end of the year 17 654 657 057,61

COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31DECEMBER 2010 IN EUR



35


Assets

Investments in securities at market value 77 470 422,04Banks 2 275 197,29Amounts due from brokers 380 786,01Other interest receivable 741,05Receivable on subscriptions 227 653,67Total assets 80 354 800,06

Liabilities

Unrealised loss on future contracts (Note 8) (32 250,00)Payable on redemptions (241 943,72)Other liabilities (84 805,57)Total liabilities (358 999,29)

Total net assets 79 995 800,77

STATEMENT OF NET ASSETS AS AT 31 DECEMBER 2010 IN EUR

Class I Units 20 576,06971,12EURClass R Units 394 759,56570,74EURClass R2 Units 1 586,88894,95USDClass Z Units 681 122,44574,12EUR

Units outstandingNet Asset Value per UnitCurrency


36


Net assets at the beginning of the year 119 248 778,23

Net income from investments 2 119 586,88Interest on bank accounts 6 707,62


Management fee (Note 5) (828 014,29)Custodian fee (Note 7) (90 676,74)Subscription tax (Note 3) (20 600,47)Interest on bank accounts (43,63)Other charges and taxes (Notes 4, 7) (85 496,17)




(1 584 889,18)

Change in unrealised appreciation / (depreciation) on investments (5 835 818,64)Change in unrealised appreciation / (depreciation) on future contracts (Note 8) (97 218,00)

Net result of operations for the year (6 416 462,62)

Subscriptions for the year 27 537 130,14Redemptions for the year (60 373 644,98)

Net assets at the end of the year 79 995 800,77

STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER2010 IN EUR


37


LISTED ON AN OFFICAL STOCK EXCHANGE 77 464 764,72 96,8379 471 273,33

Shares 77 459 747,48 96,8279 467 468,57

ITALY 72 294 541,54 90,3675 633 067,78

Finance 22 645 693,08 28,3028 744 851,78

3 568 615,00 UNICREDIT SPA EUR 6 942 296,38 5 524 216,02 6,90

TRANSFERABLE SECURITIES 77 470 422,04 96,8480 469 108,31

1 970 832,00 INTESA SANPAOLO EUR 5 586 572,00 4 000 788,96 4,99

259 250,00 ASSICURAZIONI GENERALI EUR 4 506 376,65 3 683 942,50 4,60

208 470,00 MEDIOBANCA EUR 1 659 734,54 1 388 410,20 1,73

40 388,00 EXOR SPA EUR 609 447,83 996 775,84 1,24

1 099 861,00 BANCA MONTE DEI PASCHI SIENA SPA EUR 1 456 019,46 935 981,71 1,17

122 690,00 UBI BANCA SPCA EUR 1 283 078,63 803 619,50 1,00

308 528,00 BANCA CARIGE SPA EUR 633 078,62 483 771,90 0,60

48 719,00 BANCA POPOLARE EMILIA ROMAGNA EUR 514 843,68 455 522,65 0,57

144 174,00 MEDIOLANUM SPA EUR 556 700,07 445 858,10 0,56

114 152,00 BANCO POPOLARE SCARL EUR 737 938,93 386 975,28 0,48

54 915,00 BANCA POPOLARE DI SONDRIO EUR 401 796,13 337 727,25 0,42

33 198,00 BANCA GENERALI SPA EUR 233 444,81 300 939,87 0,38

13 846,00 EXOR SPA -PFD- EUR 158 493,47 257 535,60 0,32

122 557,00 INTESA SANPAOLO SPA -RISP- EUR 269 395,53 218 519,13 0,27

337 241,00 BENI STABILI SPA EUR 207 161,49 213 473,55 0,27

10 442,00 CREDITO BERGAMASCO EUR 260 038,54 213 434,48 0,27

42 359,00 CREDITO EMILIANO SPA EUR 202 167,09 196 016,27 0,25

63 644,00 BANCA POPOLARE DI MILANO EUR 282 943,45 166 747,28 0,21

8 290,00 CATTOLICA ASSICURAZIONI SCRL EUR 181 225,73 157 675,80 0,20

323 557,00 UNIPOL GRUPPO FINANZIARIO SPA EUR 253 282,21 149 321,56 0,19

17 929,00 AZIMUT HLDG SPA EUR 130 357,98 121 558,62 0,15

16 579,00 FONDIARIA-SAI SPA EUR 190 117,98 103 867,44 0,13

23 400,00 BANCA INTERMOBILIARE SPA EUR 77 146,05 97 812,00 0,12

70 226,00 MILANO ASSICURAZIONI EUR 148 379,22 83 077,36 0,10

24 193,00 PICCOLO CREDITO VALTELLINESE EUR 137 429,07 79 715,94 0,10

27 518,00 BANCA CARIGE SPA -RISP- EUR 70 797,52 76 362,45 0,10

17 653,00 BANCO DESIO E DELLA BRIANZA SPA EUR 77 960,47 71 671,18 0,09

39 837,00 IMMOBILIARE GRANDE DISTRIBUZIONE SPA EUR 49 269,17 58 042,51 0,07

42 303,00 CREDITO ARTIGIANO SPA EUR 87 483,05 54 105,54 0,07

114 852,00 PIRELLI & C REAL ESTATE SPA EUR 25 716,57 51 223,99 0,06

60 724,00 PREMAFIN FINANZIARIA SPA EUR 72 199,83 45 026,85 0,06

121 514,00 UNIPOL GRUPPO FINANZIARIO SPA -PFD- EUR 63 998,93 43 684,28 0,05

8 225,00 BANCA IFIS SPA EUR 35 972,64 43 099,00 0,05

11 931,00 BANCA POPOLARE DELL'ETRURIA EUR 60 969,88 36 568,52 0,05

10 248,00 VITTORIA ASSICURAZIONI SPA EUR 41 580,39 36 380,40 0,05

187 289,00 AEDES SPA EUR 39 212,20 34 966,86 0,04

63 839,00 ALERION CLEANPOWER SPA EUR 34 325,49 33 834,67 0,04

10 466,00 MITTEL SPA EUR 34 677,30 32 523,10 0,04

6 714,00 GRUPPO MUTUIONLINE SPA EUR 32 296,91 32 428,62 0,04

PORTFOLIO AS AT 31 DECEMBER 2010 IN EUR

Description Currency Acquisition cost Market value% of

Net AssetsNominal / Quantity


38


57 962,00 BANCA FINNAT EURAMERICA SPA EUR 35 743,95 28 981,00 0,04

7 303,00 FONDIARIA-SAI SPA -RISP- EUR 59 990,51 28 554,73 0,04

1 185,00 EXOR RSP EUR 14 488,02 21 993,60 0,03

4 496,00 BANCA POPOLARE DI SPOLETO SPA EUR 30 579,30 15 218,96 0,02

25 237,00 UNI LAND SPA EUR 65 610,53 12 833,01 0,02

88 960,00 BROSCHI SVILUPPO IMMOBILIARE SPA EUR 19 734,42 12 676,80 0,02

30 753,00 INTEK SPA EUR 25 937,28 12 116,68 0,02

7 545,00 MILANO ASSICURAZIONI -RISP- EUR 28 448,33 10 080,12 0,01

39 896,00 RISANAMENTO SPA EUR 46 841,57 8 924,74 0,01

2 222,00 BANCO DESIO E DELLA BRIANZA SPA -RISP- EUR 18 755,38 8 204,74 0,01

17 741,00 BANCA PROFILO SPA EUR 10 876,65 7 939,10 0,01

3 725,00 UNICREDIT SPA -RISP- EUR 10 220,99 7 006,73 0,01

702,00 BANCO DI SARDEGNA -RISP- EUR 10 581,34 6 647,94 0,01

3 984,00 BASTOGI SPA EUR 8 662,70 6 362,45 0,01

14 142,00 MERIDIE EUR 12 454,92 4 949,70 0,01

Consumer retail 13 203 203,47 16,5010 649 293,78

226 445,00 FIAT SPA EUR 2 060 509,72 3 494 046,35 4,36

107 612,00 LUXOTTICA GP SPA EUR 1 785 905,61 2 453 553,60 3,07

286 845,00 MEDIASET SPA EUR 1 477 473,16 1 298 690,74 1,62

119 994,00 PIRELLI & C EUR 559 359,24 725 963,70 0,91

77 936,00 BULGARI SPA EUR 470 834,93 630 112,56 0,79

8 030,00 TOD'S SPA EUR 373 328,22 593 417,00 0,74

50 108,00 AUTOGRILL SPA EUR 405 700,87 529 641,56 0,66

41 103,00 LOTTOMATICA SPA EUR 588 150,46 381 230,33 0,48

38 699,00 GRUPPO COIN SPA EUR 211 395,54 301 658,71 0,38

113 745,00 PIAGGIO & C SPA EUR 226 219,13 267 585,11 0,33

32 809,00 INDESIT CO SPA EUR 240 088,03 263 456,27 0,33

44 028,00 DE'LONGHI SPA EUR 151 185,43 258 884,64 0,32

18 356,00 SAFILO GP SPA EUR 176 462,44 244 318,36 0,31

16 052,00 FIAT SPA -PFD- EUR 85 231,29 179 300,84 0,22

20 570,00 BREMBO SPA EUR 115 435,79 158 903,25 0,20

39 485,00 GEOX SPA EUR 202 640,23 135 137,41 0,17

26 430,00 BENETTON GP SPA EUR 169 825,31 130 101,68 0,16

4 812,00 SABAF SPA EUR 83 796,33 122 657,88 0,15

10 728,00 FIAT SPA -RISP- EUR 68 850,50 118 973,52 0,15

107 805,00 RCS MEDIAGP SPA EUR 143 830,46 110 823,54 0,14

37 735,00 ARNOLDO MONDADORI EDITORE SPA EUR 116 416,81 99 997,75 0,13

55 564,00 GRUPPO EDITORIALE L ESPRESSO SPA EUR 107 091,97 94 236,54 0,12

6 388,00 YOOX SPA EUR 50 249,85 61 452,56 0,08

16 867,00 LANDI RENZO SPA EUR 59 626,83 50 348,00 0,06

54 643,00 IMMSI SPA EUR 47 471,99 44 561,37 0,06

16 901,00 SOGEFI EUR 55 962,22 41 745,47 0,05

14 121,00 SNAI SPA EUR 42 821,10 38 197,31 0,05

8 734,00 MARCOLIN SPA EUR 16 452,36 38 167,58 0,05

18 754,00 CALTAGIRONE EDITORE SPA EUR 65 706,81 31 881,80 0,04

31 138,00 POLTRONA FRAU SPA EUR 27 275,45 29 892,48 0,04

10 413,00 BASICNET SPA EUR 15 481,29 28 844,01 0,04

25 949,00 AS ROMA SPA EUR 20 510,85 27 376,20 0,03





39


27 705,00 JUVENTUS FOOTBALL CLUB SPA EUR 24 502,75 26 499,83 0,03

307 911,00 SEAT PAGINE GIALLE EUR 48 081,17 25 464,24 0,03

5 286,00 EMAK SPA EUR 18 946,86 23 469,84 0,03

27 611,00 CICCOLELLA SPA EUR 31 072,38 18 223,26 0,02

39 075,00 MONRIF SPA EUR 20 693,07 15 825,38 0,02

11 020,00 IL SOLE 24 ORE EUR 36 191,88 15 240,66 0,02

10 574,00 ELICA SPA EUR 27 394,02 15 173,69 0,02

17 875,00 DAMIANI SPA EUR 32 606,83 14 639,63 0,02

2 521,00 PIRELLI & C -RISP- EUR 14 083,03 14 142,81 0,02

58 268,00 TELECOM ITALIA MEDIA SPA EUR 75 007,71 13 856,13 0,02

24 737,00 CLASS EDITORI SPA EUR 26 249,08 11 045,07 0,01

8 753,00 I GRANDI VIAGGI SPA EUR 8 439,83 7 146,82 0,01

4 297,00 COBRA AUTOMOTIVE TECHNOLOGIE EUR 30 087,40 5 757,98 0,01

5 300,00 RCS MEDIAGP SPA -RISP- EUR 15 967,35 3 866,35 0,00

3 528,00 CSP INTERNATIONAL FASHION GP EUR 2 689,91 3 711,46 0,00

5 037,00 BIALETTI INDUSTRIE SPA EUR 12 287,51 1 858,65 0,00

499,00 PININFARINA SPA EUR 3 620,64 1 765,21 0,00

437,00 SEAT PAGINE GIALLE SPA -RISP- EUR 82,14 358,34 0,00

Multi-Utilities 11 111 226,35 13,8911 873 609,04

1 465 275,00 ENEL SPA EUR 5 965 294,04 5 480 128,50 6,85

471 022,00 TERNA SPA EUR 1 290 360,33 1 488 429,52 1,86

356 642,00 SNAM RETE GAS EUR 1 180 764,03 1 326 708,24 1,66

1 068 947,00 EDISON SPA EUR 1 180 863,54 919 294,42 1,15

612 317,00 A2A SPA EUR 892 414,89 630 074,19 0,79

340 121,00 IRIDE SPA EUR 430 875,11 426 171,61 0,53

40 876,00 ACEA SPA EUR 377 538,45 351 533,60 0,44

194 821,00 HERA SPA EUR 305 695,33 301 777,73 0,38

37 210,00 ASCOPIAVE SPA EUR 58 893,75 58 642,96 0,07

8 519,00 ACEGASAPS SPA EUR 46 355,62 31 605,49 0,04

11 964,00 ACTELIOS SPA EUR 59 208,63 26 051,61 0,03

17 418,00 EDISON SPA -RISP- EUR 26 001,75 21 337,05 0,03

17 228,00 ACSM AGAM SPA EUR 18 137,26 18 916,34 0,02

15 251,00 ERG RENEW SPA EUR 22 120,12 14 663,84 0,02

8 222,00 ACQUE POTABILI SPA EUR 14 229,10 11 543,69 0,01

9 048,00 ERGYCAPITAL SPA EUR 4 857,09 4 347,56 0,01

Energy 9 941 638,49 12,438 728 782,07

335 433,00 ENI SPA EUR 5 834 357,62 5 480 975,22 6,84

99 588,00 SAIPEM SPA EUR 1 935 470,85 3 668 821,92 4,59

267 672,00 SARAS SPA EUR 538 839,81 421 583,40 0,53

28 852,00 ERG SPA EUR 294 148,18 301 503,40 0,38

7 177,00 GAS PLUS SPA EUR 49 296,24 28 528,58 0,04

27 080,00 PREMUDA SPA EUR 33 098,10 20 540,18 0,03

53 494,00 CAM FINANZIARIA SPA EUR 43 571,27 19 685,79 0,02

Industries 7 833 408,18 9,797 858 466,07

138 105,00 ATLANTIA SPA EUR 2 106 569,41 2 108 863,35 2,63

797 029,00 ENEL GREEN POWER SPA EUR 1 261 047,64 1 260 102,85 1,57





40


139 966,00 FINMECCANICA SPA EUR 1 421 084,78 1 190 410,83 1,48

46 465,00 PRYSMIAN SPA EUR 575 984,56 592 428,75 0,73

93 877,00 MAIRE TECNIMONT SPA EUR 229 790,24 309 090,02 0,39

39 526,00 SIAS SPA EUR 235 941,75 285 772,98 0,36

130 047,00 IMPREGILO SPA EUR 298 143,96 275 374,52 0,34

18 383,00 ANSALDO STS SPA EUR 175 263,39 197 065,76 0,25

7 547,00 DANIELI & CO EUR 121 707,94 180 750,65 0,23

11 848,00 INDUSTRIA MACCHINE AUTOMATIC SPA EUR 159 764,01 173 454,72 0,22

31 938,00 ASTALDI SPA EUR 151 149,08 157 214,81 0,20

108 482,00 CIR SPA EUR 151 875,72 149 054,27 0,19

13 234,00 AUTOSTRADA TORINO-MILANO SPA EUR 126 180,63 133 001,70 0,17

216 866,00 GEMINA SPA EUR 120 076,26 115 264,28 0,14

9 416,00 TREVI FINANZIARIA SPA EUR 93 980,65 101 504,48 0,13

19 926,00 GEWISS SPA EUR 81 019,54 79 106,22 0,10

111 004,00 COFIDE SPA EUR 68 548,68 73 151,64 0,09

5 476,00 DANIELI & CO -RISP- EUR 47 523,38 70 749,92 0,09

11 120,00 INTERPUMP GP SPA EUR 46 670,12 63 328,40 0,08

7 800,00 SAVE SPA EUR 63 396,02 59 904,00 0,07

7 136,00 FIERA MILANO SPA EUR 42 666,84 31 202,16 0,04

6 841,00 CARRARO SPA EUR 24 241,46 26 645,70 0,03

6 302,00 VIANINI LAVORI SPA EUR 35 337,49 25 081,96 0,03

37 841,00 BEGHELLI SPA EUR 30 290,13 25 050,74 0,03

1 922,00 AEROPORTO DI FIRENZE SPA EUR 30 465,51 21 526,40 0,03

5 192,00 GRANITIFIANDRE SPA EUR 24 963,25 20 482,44 0,03

3 122,00 BIESSE SPA EUR 20 350,74 16 968,07 0,02

1 602,00 SOCIETA AEROPORTO TOSCANO SPA EUR 19 308,74 16 372,44 0,02

10 511,00 PANARIAGP INDUSTRIE CERAMICHE SPA EUR 37 079,08 16 113,36 0,02

7 096,00 BOLZONI SPA EUR 12 536,66 15 433,80 0,02

2 361,00 CEMBRE SPA EUR 9 475,79 14 744,45 0,02

4 804,00 KINEXIA SPA EUR 13 795,14 10 040,36 0,01

880,00 IMPREGILO SPA -RISP- EUR 6 635,31 6 947,60 0,01

4 211,00 IRCE SPA EUR 8 810,45 6 548,11 0,01

3 635,00 VIANINI INDUSTRIA SPA EUR 6 791,72 4 656,44 0,01

Telecommunications 3 598 270,19 4,504 113 952,46

2 518 207,00 TEL ITALIA SPA EUR 2 906 290,86 2 435 106,17 3,05

1 432 468,00 TEL ITALIA -RISP- EUR 1 207 661,60 1 163 164,02 1,45

Basic goods 1 797 109,11 2,251 486 383,05

426 753,00 PARMALAT SPA EUR 801 985,79 874 843,65 1,09

145 854,00 DAVIDE CAMPARI-MILANO SPA EUR 523 184,78 710 308,98 0,89

21 007,00 MARR SPA EUR 129 213,45 182 235,73 0,23

781,00 BONIFICA FERRARESI EUR 25 632,05 22 977,02 0,03

3 570,00 LA DORIA SPA EUR 6 366,98 6 743,73 0,01

Health 1 144 110,27 1,43885 557,03

14 685,00 DIASORIN SPA EUR 313 778,47 473 003,85 0,58

58 545,00 RECORDATI SPA EUR 336 311,95 413 034,98 0,52

66 468,00 SORIN SPA EUR 93 566,22 114 324,96 0,14





41


29 539,00 AMPLIFON SPA EUR 104 792,44 110 328,17 0,14

3 454,00 SERVIZI ITALIA SPA EUR 18 222,37 20 482,22 0,03

31 784,00 MOLECULAR MEDICINE SPA EUR 18 885,58 12 936,09 0,02

Raw materials 896 754,86 1,121 126 089,18

28 324,00 BUZZI UNICEM SPA EUR 279 735,84 241 886,96 0,30

29 127,00 ITALCEMENTI SPA EUR 247 968,77 184 228,28 0,23

3 073,00 ITALMOBILIARE SPA EUR 93 430,77 77 132,30 0,10

12 596,00 SOL SPA EUR 46 419,96 62 098,28 0,08

16 086,00 ITALCEMENTI SPA -RISP- EUR 84 324,95 55 979,28 0,07

11 110,00 ZIGNAGO VETRO SPA EUR 44 524,23 53 105,80 0,07

19 039,00 CEMENTIR HLDG SPA EUR 58 200,61 40 267,49 0,05

2 222,00 ITALMOBILIARE SPA -RISP- EUR 51 037,36 39 396,06 0,05

20 227,00 CALTAGIRONE SPA EUR 82 414,14 35 781,56 0,04

5 162,00 BUZZI UNICEM SPA -RISP- EUR 35 774,25 28 081,28 0,04

53 773,00 KME GP EUR 23 034,57 17 879,52 0,02

854,00 BOERO BARTOLOMEO EUR 20 217,50 17 080,00 0,02

4 635,00 ISAGRO SPA EUR 14 392,14 15 735,83 0,02

7 103,00 RDB SPA EUR 24 815,74 14 206,00 0,02

2 181,00 GRUPPO MINERALI MAFFEI SPA EUR 16 172,77 9 749,07 0,01

4 049,00 KME GP -RISP- EUR 2 184,12 2 348,42 0,00

7 390,00 RENO DE MEDICI SPA EUR 1 441,46 1 798,73 0,00

Computing and IT 123 127,54 0,15166 083,32

17 593,00 NICE SPA EUR 50 763,99 53 482,72 0,06

1 724,00 DIGITAL MULTIMEDIA TECH SPA EUR 38 296,21 26 032,40 0,03

2 116,00 SAES GETTERS SPA EUR 31 331,90 14 685,04 0,02

9 523,00 EEMS ITALIA SPA EUR 19 779,44 12 732,25 0,02

2 219,00 GEFRAN SPA EUR 7 222,35 9 475,13 0,01

1 344,00 SAES GETTERS SPA -RISP- EUR 18 689,43 6 720,00 0,01

LUXEMBOURG 3 703 613,66 4,632 522 292,74

Energy 3 703 613,66 4,632 522 292,74

200 597,00 TENARIS SA EUR 2 485 166,75 3 680 954,95 4,60

23 204,00 D AMICO INTL SHIPPING SA EUR 37 125,99 22 658,71 0,03

NETHERLANDS 1 461 592,28 1,831 312 108,05

Computing and IT 1 461 592,28 1,831 312 108,05

185 835,00 STMICROELECTRONICS NV EUR 1 312 108,05 1 461 592,28 1,83

Warrants 5 017,24 0,013 804,76

ITALY 5 017,24 0,013 804,76

Finance 4 693,51 0,013 804,76

106 707,00 UNIPOL GRUPPO FIN -CW13 WTS 31/12/2013 EUR 0,00 2 475,60 0,01

67 236,00 UNIPOL GRUPPO FIN -PFD-CW13 WTS 31/12/2013 EUR 0,00 1 519,53 0,00

218 243,00 UBI BANCA SPCA-CW11 WTS 30/06/2011 EUR 3 804,76 698,38 0,00





42


Raw materials 200,92 0,000,00

11 481,00 KME GROUP SPA CW (KME GP) 30/12/2011 EUR 0,00 200,92 0,00

Consumer retail 122,81 0,000,00

9 097,00 RICHARD GINORI WTS 16/12/2011 EUR 0,00 122,81 0,00

UNQUOTED 5 657,32 0,01997 834,98

Shares 5 657,32 0,01997 830,93

ITALY 5 657,32 0,01997 830,93

Raw materials 5 284,65 0,0114 056,51

15 099,00 NGP SPA EUR 14 056,51 5 284,65 0,01

Basic goods 372,67 0,0088 818,72

372 672,00 CIRIO FINANZIARIA SPA EUR 88 818,72 372,67 0,00

Consumer retail 0,00 0,00590 961,56

8 115,00 MARIELLA BURANI SPA EUR 74 719,57 0,00 0,00

221 691,00 FINPART SPA EUR 320 912,77 0,00 0,00

51 295,00 IT HLDG SPA EUR 39 078,97 0,00 0,00

104 628,00 GIACOMELLI SPORT SPA EUR 141 287,32 0,00 0,00

10 001,00 I VIAGGI DEL VENTAGLIO SPA EUR 14 962,93 0,00 0,00

Energy 0,00 0,0029 178,45

8 393,00 SOCOTHERM SPA EUR 29 178,45 0,00 0,00

Industries 0,00 0,00274 815,69

9 760,00 TREVISAN COMETAL SPA EUR 14 214,32 0,00 0,00

373 284,00 ALITALIA SPA EUR 260 601,37 0,00 0,00

Convertible bonds 0,00 0,004,05

ITALY 0,00 0,004,05

Industries 0,00 0,004,05

27,00 ALITALIA SPA CV 7.50% 22/07/2010 -DEFAULTED- EUR 4,05 0,00 0,00

Total Portfolio 77 470 422,04 96,8480 469 108,31





43


5 30,00 ASX S&P/MIB IDX 18/03/11 20 205,00 EUR (32 250,00) 3 030 750,00Purchase

(32 250,00) 3 030 750,00

COMMITMENTS ON FUTURE CONTRACTS PURCHASE/SALE

Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010

Unrealisedprofit / (loss)

(EUR)Maturity CurrencyCommitment

(EUR)


44


Assets

Investments in securities at market value 149 811 867,30Banks 4 528 253,16Amounts due from brokers 563 791,90Other interest receivable 1 242,64Receivable on subscriptions 70 176,15Other assets 2 065,39Total assets 154 977 396,54

Liabilities

Option contracts at market value (Note 8) (18 240,00)Unrealised loss on future contracts (Note 8) (126 200,00)Payable on redemptions (216 157,07)Other liabilities (197 229,84)Total liabilities (557 826,91)



Class I Units 45 796,78182,13EURClass R Units 1 033 563,76881,75EURClass Z Units 772 894,75585,59EUR



45



Net income from investments 3 517 338,83Interest on bank accounts 10 786,09Other income 23 116,99


Management fee (Note 5) (1 876 364,27)Custodian fee (Note 7) (137 170,91)Subscription tax (Note 3) (48 938,04)Interest on bank accounts (74,95)Other charges and taxes (Notes 4, 7) (150 727,12)




(896 929,08)

Change in unrealised appreciation / (depreciation) on investments 876 744,27Change in unrealised appreciation / (depreciation) on option contracts (Note 8) 18 428,10Change in unrealised appreciation / (depreciation) on future contracts (Note 8) (416 850,36)

Net result of operations for the year 919 359,55





46



Shares 149 389 678,51 96,75146 692 408,66

FRANCE 45 609 430,57 29,5545 057 807,51

Finance 8 481 078,34 5,509 434 266,81

53 656,00 BNP PARIBAS EUR 2 791 472,32 2 554 562,16 1,66


36 332,00 SOCIETE GENERALE -A- EUR 1 751 251,85 1 461 273,04 0,96

100 657,00 AXA SA EUR 1 550 339,31 1 253 179,65 0,82

4 919,00 UNIBAIL-RODAMCO SE EUR 702 142,60 728 012,00 0,47

27 568,00 SCOR SE EUR 499 644,92 523 792,00 0,34

51 155,00 CREDIT AGRICOLE SA EUR 685 734,22 486 177,12 0,31

5 712,00 ICADE EUR 442 231,85 436 111,20 0,28

7 182,00 EURAZEO EUR 351 912,67 398 529,18 0,26

50 377,00 NATIXIS EUR 183 470,74 176 319,50 0,11

5 425,00 KLEPIERRE EUR 149 065,61 146 447,88 0,09

8 540,00 CNP ASSURANCES EUR 142 519,60 115 332,70 0,07

1 552,00 FONCIERE DES REGIONS EUR 98 435,77 112 364,80 0,07

1 081,00 GECINA SA (REGD) EUR 86 045,35 88 977,11 0,06

Consumer retail 8 355 400,14 5,427 212 917,03

16 258,00 LVMH MOET-HENNESSY LOUIS VUITTON EUR 1 263 086,92 2 001 359,80 1,31

67 353,00 VIVENDI SA EUR 1 438 564,38 1 360 530,60 0,89

6 886,00 PPR EUR 624 638,81 819 434,00 0,53

15 172,00 PUBLICIS GP SA EUR 503 109,46 591 708,00 0,38

10 123,00 MICHELIN (CGDE) -B- EUR 536 185,96 543 605,10 0,35

11 054,00 RENAULT SA EUR 493 667,09 480 849,00 0,31

30 583,00 TELEVISION FRANCAISE (T.F.1) EUR 384 418,66 397 579,00 0,26

3 674,00 CHRISTIAN DIOR EUR 274 032,70 392 750,60 0,25

21 434,00 M6-METROPOLE TELEVISION EUR 391 289,82 387 955,40 0,25

8 213,00 ACCOR SA EUR 318 962,03 273 492,90 0,18

5 213,00 SODEXO EUR 214 657,12 268 834,41 0,17

8 789,00 PEUGEOT SA EUR 234 317,73 249 695,49 0,16

6 817,00 LAGARDERE SCA EUR 204 111,02 210 168,11 0,14

5 300,00 EUTELSAT COMS EUR 125 347,68 145 167,00 0,09

4 059,00 JC DECAUX SA EUR 72 423,92 93 458,48 0,06

555,00 HERMES INTL EUR 53 508,11 86 996,25 0,06

7 620,00 PAGES JAUNES EUR 80 595,62 51 816,00 0,03

Industries 7 392 897,31 4,796 491 412,58

15 890,00 SCHNEIDER ELECTRIC SA EUR 1 254 443,25 1 779 680,00 1,15

23 682,00 VINCI SA EUR 913 071,35 963 383,76 0,62

21 754,00 COMPAGNIE DE ST GOBAIN SA EUR 805 906,72 837 529,00 0,54

19 523,00 ALSTOM EUR 837 265,30 699 118,63 0,45

18 842,00 LEGRAND SA EUR 442 368,83 574 209,95 0,37

6 393,00 VALLOUREC EUR 394 122,29 502 489,80 0,33





47


13 358,00 BOUYGUES EUR 478 778,09 430 862,29 0,28

6 216,00 SOCIETE BIC SA EUR 384 777,30 399 813,12 0,26

9 826,00 SAFRAN SA EUR 154 987,57 260 389,00 0,17

27 523,00 GPE EUROTUNNEL SA (REGD) EUR 190 591,30 181 101,34 0,12

9 413,00 EDENRED EUR 22 019,60 166 751,30 0,11

2 831,00 BUREAU VERITAS SA EUR 99 373,84 160 574,32 0,10

5 612,00 THALES SA EUR 174 762,49 146 950,22 0,10

8 181,00 AIR FRANCE-KLM EUR 119 264,29 111 507,03 0,07

1 810,00 ADP EUR 117 722,50 106 916,70 0,07

2 170,00 EIFFAGE EUR 101 957,86 71 620,85 0,05

Energy 5 773 688,00 3,745 992 067,45

123 437,00 TOTAL SA EUR 5 300 429,24 4 894 277,05 3,17

10 109,00 TECHNIP SA EUR 500 186,70 698 531,90 0,45

7 942,00 CIE GEN GEOPHYSIQUE-VERITAS EUR 191 451,51 180 879,05 0,12

Basic goods 4 586 173,49 2,974 346 045,36

31 497,00 DANONE EUR 1 330 376,84 1 480 988,94 0,96

12 997,00 L'OREAL SA EUR 977 456,73 1 079 790,76 0,70

31 931,00 CARREFOUR SA EUR 1 165 401,44 985 071,35 0,64

11 414,00 PERNOD-RICARD SA EUR 670 990,49 803 089,04 0,52

3 252,00 CASINO GUICHARD PERRACHON EUR 201 819,86 237 233,40 0,15

Health 3 310 970,66 2,143 442 603,76

56 473,00 SANOFI-AVENTIS EUR 2 935 796,28 2 702 233,05 1,75

11 666,00 ESSILOR INTL EUR 458 167,07 562 009,55 0,36

633,00 BIOMERIEUX EUR 48 640,41 46 728,06 0,03

Multi-Utilities 2 927 919,76 1,903 338 416,58

66 761,00 GDF SUEZ EUR 2 047 651,83 1 792 532,85 1,17

14 864,00 EDF EUR 587 662,49 456 250,48 0,30

20 114,00 VEOLIA ENVIRONNEMENT EUR 505 161,13 439 893,18 0,28

15 485,00 SUEZ ENVIRONNEMENT SA EUR 197 941,13 239 243,25 0,15

Raw materials 2 167 808,54 1,401 963 441,28

15 382,00 AIR LIQUIDE SA EUR 1 143 006,38 1 455 752,48 0,94

11 591,00 LAFARGE SA EUR 684 557,09 543 849,72 0,35

2 071,00 IMERYS SA EUR 77 042,18 103 311,84 0,07

253,00 ERAMET SA EUR 58 835,63 64 894,50 0,04


99 314,00 FRANCE TEL SA EUR 1 760 213,62 1 548 801,83 1,00

937,00 ILIAD SA EUR 70 401,02 76 271,80 0,05

Computing and IT 988 420,70 0,641 006 022,02

8 508,00 CAP GEMINI SA EUR 267 717,81 297 184,44 0,19

133 396,00 ALCATEL-LUCENT EUR 412 568,40 290 803,28 0,19

3 553,00 DASSAULT SYSTEMES SA EUR 148 192,72 200 460,26 0,13

1 669,00 NEOPOST SA EUR 95 903,82 108 818,80 0,07

2 288,00 ATOS ORIGIN SA EUR 81 639,27 91 153,92 0,06





48


GERMANY 39 953 811,91 25,8735 394 668,10

Raw materials 8 687 626,19 5,637 031 791,63

50 504,00 BASF SE EUR 2 112 014,32 3 015 088,80 1,96

44 798,00 BAYER AG EUR 2 239 066,04 2 477 329,40 1,60

9 773,00 LINDE AG EUR 806 777,55 1 109 724,15 0,72

19 313,00 THYSSENKRUPP AG EUR 499 052,26 598 413,31 0,39

8 289,00 K+S AG EUR 357 013,46 467 168,04 0,30

8 091,00 HEIDELBERGCEMENT AG EUR 371 970,22 379 467,90 0,25

4 803,00 LANXESS AG EUR 280 500,72 283 857,30 0,18

2 427,00 SALZGITTER AG EUR 156 666,74 140 207,79 0,09

1 475,00 BRENNTAG AG EUR 106 713,05 112 542,50 0,07

795,00 WACKER CHEMIE AG EUR 102 017,27 103 827,00 0,07

Finance 7 216 225,61 4,677 564 411,24

28 544,00 ALLIANZ SE (REGD) EUR 2 550 932,58 2 538 417,92 1,64

50 584,00 DEUTSCHE BANK AG (REGD) EUR 2 255 751,85 1 977 834,40 1,28

10 244,00 MUENCHENER RUECKVERSICHERUNG AG (REGD) EUR 1 107 164,46 1 162 181,80 0,75

16 647,00 DEUTSCHE BOERSE AG EUR 921 510,24 862 314,60 0,56

11 028,00 HANNOVER RUECKVERSICHERUNG (REGD) EUR 372 527,68 442 608,78 0,29

41 928,00 COMMERZBANK AG EUR 356 524,43 232 868,11 0,15

Consumer retail 6 810 589,25 4,415 072 587,10

55 294,00 DAIMLER AG (REGD) EUR 2 210 585,15 2 805 064,62 1,81

9 813,00 VOLKSWAGEN AG -PFD- EUR 749 598,72 1 191 298,20 0,77

19 115,00 BMW AG EUR 681 019,23 1 124 917,75 0,73

18 070,00 ADIDAS AG EUR 709 028,67 883 442,30 0,57

1 686,00 VOLKSWAGEN AG EUR 142 331,89 178 547,40 0,12

2 890,00 CONTINENTAL AG EUR 120 872,96 170 914,60 0,11

3 085,00 KABEL DEUTSCHLAND GMBH EUR 109 771,20 107 589,38 0,07

773,00 AXEL SPRINGER AG EUR 89 855,78 94 306,00 0,06

8 702,00 TUI AG EUR 98 532,94 91 371,00 0,06

3 988,00 PROSIEBEN SAT.1 MEDIA AG -PFD- EUR 91 637,73 89 730,00 0,06

296,00 PUMA AG EUR 69 352,83 73 408,00 0,05

Industries 6 765 979,39 4,385 197 127,41

48 895,00 SIEMENS AG (REGD) EUR 3 311 648,12 4 532 566,50 2,94

48 909,00 DEUTSCHE POST AG (REGD) EUR 660 492,13 621 144,30 0,40

26 503,00 GEA GP AG EUR 480 678,85 573 259,89 0,37

6 107,00 MAN SE EUR 350 825,56 543 461,93 0,35

13 474,00 DEUTSCHE LUFTHANSA AG (REGD) EUR 161 279,78 220 367,27 0,14

2 669,00 HOCHTIEF AG EUR 144 856,43 169 588,26 0,11

2 239,00 FRAPORT AG EUR 87 346,54 105 591,24 0,07

Multi-Utilities 3 757 167,46 2,434 531 614,56

111 099,00 E.ON AG EUR 3 043 650,44 2 548 055,57 1,65

22 330,00 RWE AG EUR 1 379 865,24 1 114 043,70 0,72

1 981,00 RWE AG -PFD- (NVTG) EUR 108 098,88 95 068,19 0,06





49


Computing and IT 2 603 783,30 1,692 144 712,74

46 050,00 SAP AG EUR 1 484 854,46 1 754 505,00 1,14

62 749,00 INFINEON TECHNOLOGIES AG EUR 270 757,99 436 921,29 0,28

33 897,00 UNITED INTERNET AG (REGD) EUR 389 100,29 412 357,01 0,27

Basic goods 1 472 562,75 0,951 214 241,91

10 293,00 HENKEL AG & CO KGAA VORZUG EUR 356 650,21 478 984,76 0,30

7 459,00 METRO AG EUR 330 240,23 401 890,92 0,26

7 191,00 HENKEL AG & CO KGAA EUR 222 038,70 277 680,47 0,18

5 822,00 BEIERSDORF AG EUR 251 624,76 241 758,55 0,16

3 626,00 SUEDZUCKER AG EUR 53 688,01 72 248,05 0,05


151 011,00 DEUTSCHE TEL AG (REGD) EUR 1 601 546,96 1 458 011,21 0,94

Health 1 181 866,75 0,771 036 634,55

11 104,00 FRESENIUS MEDICAL CARE AG & CO EUR 413 551,49 480 025,92 0,32

4 634,00 FRESENIUS SE -PFD- EUR 228 835,46 296 900,38 0,19

3 733,00 MERCK KGAA EUR 248 031,71 223 420,05 0,14

1 740,00 FRESENIUS SE EUR 71 762,89 109 185,00 0,07

3 889,00 CELESIO AG EUR 74 453,00 72 335,40 0,05

SPAIN 16 028 986,70 10,3817 874 025,98

Finance 6 909 451,12 4,468 741 069,37

478 105,00 BANCO SANTANDER SA EUR 4 615 821,73 3 790 416,44 2,45

271 931,00 BANCO BILBAO VIZCAYA ARG EUR 2 822 296,85 2 055 798,36 1,33

125 129,00 CRITERIA CAIXACORP SA EUR 468 102,50 498 263,68 0,32

50 058,00 BANCO POPULAR ESPANOL (REGD) EUR 275 157,42 192 222,72 0,12

59 780,00 BANCO DE SABADELL SA EUR 246 399,80 176 351,00 0,11

43 504,00 MAPFRE SA EUR 109 962,73 90 401,31 0,06

16 098,00 BANKINTER SA EUR 125 475,77 66 903,29 0,04

11 919,00 BANCO DE VALENCIA SA EUR 77 852,57 39 094,32 0,03


221 675,00 TELEFONICA SA EUR 3 816 645,45 3 760 716,38 2,44

Multi-Utilities 2 121 855,57 1,372 307 601,60

218 361,00 IBERDROLA SA EUR 1 329 061,08 1 259 506,25 0,81

6 248,00 RED ELECTRICA DE ESPANA EUR 222 668,52 219 929,60 0,14

18 602,00 GAS NATURAL SDG SA EUR 242 458,61 213 736,98 0,14

10 122,00 ENAGAS SA EUR 146 821,02 150 969,63 0,10

50 927,00 IBERDROLA RENOVABLES EUR 179 824,88 135 262,11 0,09

1 572,00 ACCIONA SA EUR 113 110,68 83 316,00 0,05

13 635,00 EDP RENOVAVEIS SA EUR 73 656,81 59 135,00 0,04

Industries 926 228,92 0,60943 867,05

8 180,00 ACS ACTIVIDADES CONS Y SERV SA EUR 273 331,85 286 913,50 0,18

17 008,00 ABERTIS INFRAESTRUCTURAS SA EUR 222 640,33 228 842,64 0,15





50


25 416,00 FERROVIAL SA EUR 201 901,30 188 967,96 0,12

27 653,00 IBERIA LINEASAER DE ESPANA EUR 50 928,21 88 351,34 0,06

8 108,00 ZARDOYA OTIS SA EUR 118 721,85 85 458,32 0,06

2 426,00 FOMENTO DE CONSTRUCCCION Y CONTRATAS SA EUR 76 343,51 47 695,16 0,03

Energy 826 639,95 0,54710 078,91

39 647,00 REPSOL YPF SA EUR 710 078,91 826 639,95 0,54

Consumer retail 785 689,04 0,51606 635,66

12 603,00 INDITEX EUR 516 870,86 706 146,09 0,46

9 665,00 GESTEVISION TELECINCO SA EUR 89 764,80 79 542,95 0,05

Computing and IT 548 340,84 0,36574 246,88

28 648,00 INDRA SISTEMAS SA EUR 396 508,80 366 264,68 0,24

11 612,00 AMADEUS IT HOLDING SA -A- EUR 177 738,08 182 076,16 0,12

Health 86 343,00 0,06110 844,12

8 465,00 GRIFOLS SA EUR 110 844,12 86 343,00 0,06

Raw materials 63 721,88 0,0463 036,94

4 855,00 ACERINOX SA EUR 63 036,94 63 721,88 0,04

NETHERLANDS 13 512 069,49 8,7512 503 646,73

Basic goods 3 828 861,13 2,493 544 768,45

88 490,00 UNILEVER NV -PART CERT- EUR 1 866 512,76 2 061 817,00 1,35

101 646,00 KONINKLIJKE AHOLD NV EUR 960 758,93 1 003 855,90 0,65

14 905,00 HEINEKEN NV EUR 511 183,25 546 864,45 0,35

6 651,00 HEINEKEN HLDG NV EUR 206 313,51 216 323,78 0,14

Industries 2 601 906,50 1,682 298 093,77

53 024,00 PHILIPS ELECTRONICS NV EUR 1 085 807,83 1 215 310,08 0,78

21 679,00 TNT NV EUR 442 444,57 428 160,25 0,28

23 578,00 EUROPEAN AERONAUTIC DEFENCE EUR 345 319,87 411 200,32 0,27

6 370,00 RANDSTAD HLDG NV EUR 186 403,11 251 615,00 0,16

4 213,00 VOPAK EUR 127 081,08 148 929,55 0,10

4 109,00 BOSKALIS WESTMINSTER NV EUR 111 037,31 146 691,30 0,09

Finance 2 222 878,79 1,442 345 455,92

220 960,00 ING GROEP NV -PART CERT- EUR 1 697 033,16 1 608 588,80 1,04

84 606,00 AEGON NV EUR 430 340,13 387 157,06 0,25

3 541,00 CORIO NV EUR 162 873,07 170 021,12 0,11

3 786,00 DELTA LLOYD NV EUR 55 209,56 57 111,81 0,04

Raw materials 1 300 060,04 0,841 153 135,53

19 801,00 AKZO NOBEL NV EUR 840 520,89 920 449,49 0,59

8 910,00 KONINKLIJKE DSM NV EUR 312 614,64 379 610,55 0,25

Computing and IT 1 008 542,47 0,65769 867,10

24 877,00 ASML HLDG NV EUR 520 860,97 718 945,30 0,46

36 821,00 STMICROELECTRONICS NV EUR 249 006,13 289 597,17 0,19





51


Telecommunications 992 595,24 0,641 011 929,78

90 897,00 KONINKLIJKE KPN NV EUR 1 011 929,78 992 595,24 0,64

Energy 711 619,68 0,46528 965,33

9 119,00 FUGRO NV -CVA- EUR 403 286,42 560 818,50 0,36

8 995,00 SBM OFFSHORE NV (POST SUBDIVISION) EUR 125 678,91 150 801,18 0,10

Consumer retail 649 036,96 0,42654 540,22

39 680,00 REED ELSEVIER NV EUR 374 543,37 367 317,76 0,24

17 178,00 WOLTERS KLUWER EUR 279 996,85 281 719,20 0,18

Health 196 568,68 0,13196 890,63

13 436,00 QIAGEN NV EUR 196 890,63 196 568,68 0,13

ITALY 13 075 440,19 8,4714 618 980,30

Finance 3 838 644,50 2,505 499 722,57

761 249,00 UNICREDIT SPA EUR 1 692 651,94 1 178 413,45 0,77

453 104,00 INTESA SANPAOLO EUR 1 318 645,65 919 801,12 0,60

62 192,00 ASSICURAZIONI GENERALI EUR 1 135 627,01 883 748,32 0,57

35 071,00 UBI BANCA SPCA EUR 386 589,97 229 715,05 0,15

27 298,00 MEDIOBANCA EUR 236 768,73 181 804,68 0,12


128 208,00 BANCA MONTE DEI PASCHI SIENA SPA EUR 163 971,73 109 105,01 0,07


3 550,00 EXOR SPA EUR 71 777,85 87 614,00 0,06


Energy 3 527 714,32 2,283 442 567,84

161 180,00 ENI SPA EUR 2 833 603,14 2 633 681,20 1,70

24 268,00 SAIPEM SPA EUR 608 964,70 894 033,12 0,58

Multi-Utilities 2 584 934,09 1,672 733 945,74

440 895,00 ENEL SPA EUR 1 809 434,39 1 648 947,30 1,07

171 389,00 SNAM RETE GAS EUR 622 858,10 637 567,08 0,41

75 250,00 TERNA SPA EUR 212 550,34 237 790,00 0,15

58 921,00 A2A SPA EUR 89 102,91 60 629,71 0,04

Consumer retail 1 510 371,49 0,981 196 114,36

66 320,00 FIAT SPA EUR 723 947,39 1 023 317,60 0,66

40 930,00 MEDIASET SPA EUR 204 053,79 185 310,58 0,12

6 713,00 LUXOTTICA GP SPA EUR 129 857,91 153 056,40 0,10


12 254,00 PIRELLI & C EUR 67 190,07 74 136,70 0,05

Telecommunications 763 251,62 0,49854 020,54

497 531,00 TEL ITALIA SPA EUR 549 123,54 481 112,48 0,31

347 462,00 TEL ITALIA -RISP- EUR 304 897,00 282 139,14 0,18





52


Industries 661 048,82 0,43717 662,98

13 008,00 ATLANTIA SPA EUR 226 869,54 198 632,16 0,13

23 352,00 FINMECCANICA SPA EUR 234 942,45 198 608,76 0,13

10 965,00 PRYSMIAN SPA EUR 133 001,70 139 803,75 0,09

78 434,00 ENEL GREEN POWER SPA EUR 122 849,29 124 004,15 0,08

Basic goods 189 475,35 0,12174 946,27

92 427,00 PARMALAT SPA EUR 174 946,27 189 475,35 0,12

FINLAND 7 371 412,63 4,776 906 871,51

Industries 1 884 024,90 1,221 330 725,00

17 029,00 KONE OYJ -B- EUR 530 168,19 708 406,40 0,46

14 302,00 METSO OYJ EUR 403 648,13 597 823,60 0,39

10 119,00 WARTSILA OYJ -B- EUR 396 908,68 577 794,90 0,37

Computing and IT 1 565 190,54 1,012 255 579,22

202 221,00 NOKIA CORP EUR 2 255 579,22 1 565 190,54 1,01

Multi-Utilities 923 752,53 0,60744 160,80

41 001,00 FORTUM OYJ EUR 744 160,80 923 752,53 0,60

Finance 869 806,74 0,56747 325,98

40 218,00 SAMPO OYJ -A- EUR 686 476,86 806 370,90 0,52

7 072,00 POHJOLA BANK PLC EUR 60 849,12 63 435,84 0,04

Raw materials 828 765,10 0,54697 970,68

30 021,00 UPM-KYMMENE OYJ EUR 318 553,54 396 877,62 0,26

34 406,00 STORA ENSO OYJ -R- EUR 217 799,69 264 410,11 0,17

6 885,00 OUTOKUMPU OYJ EUR 97 453,56 95 563,80 0,06

4 107,00 RAUTARUUKKI OYJ EUR 64 163,89 71 913,57 0,05

Basic goods 436 135,98 0,28373 444,14

12 486,00 KESKO OYJ -B- EUR 373 444,14 436 135,98 0,28

Health 412 082,01 0,27384 043,47

25 173,00 ORION OYJ -B- EUR 384 043,47 412 082,01 0,27

Consumer retail 250 530,45 0,16177 326,51

6 583,00 NOKIAN RENKAAT OYJ EUR 113 001,38 180 703,35 0,11

4 305,00 SANOMA CORP -B- EUR 64 325,13 69 827,10 0,05


6 939,00 ELISA OYJ -A- EUR 100 315,36 112 897,53 0,07

Energy 88 226,85 0,0695 980,35

7 383,00 NESTE OIL OYJ EUR 95 980,35 88 226,85 0,06





53


BELGIUM 5 145 967,14 3,334 914 294,24

Basic goods 2 461 676,93 1,591 965 715,01

38 858,00 ANHEUSER-BUSCH INBEV NV EUR 1 196 466,95 1 663 122,40 1,07

11 397,00 DELHAIZE GP EUR 606 160,64 629 912,19 0,41

4 430,00 COLRUYT SA EUR 162 966,16 168 561,50 0,11

20 211,00 ANHEUSER-BUSCH INBEV -STRIP VVPR- EUR 121,26 80,84 0,00

Finance 886 561,63 0,571 380 080,87

4 659,00 GP BRUXELLES LAMBERT SA EUR 297 271,22 293 190,87 0,19

9 309,00 KBC GROEP NV EUR 305 300,23 237 379,50 0,15

129 091,00 FORTIS EUR 451 623,02 220 745,61 0,14

29 560,00 DEXIA SA EUR 258 444,83 76 856,00 0,05

1 595,00 CNP (CIE NATL A PORTEFEUILLE) EUR 67 432,64 58 377,00 0,04

1 581,00 GPE BRUX LAMBERT -STRIP VVPR- EUR 8,93 12,65 0,00

Raw materials 853 198,82 0,55625 161,00

14 746,00 UMICORE EUR 370 592,93 573 914,32 0,37

3 502,00 SOLVAY SA EUR 254 568,07 279 284,50 0,18

Industries 508 098,50 0,33491 107,12

5 915,00 BEKAERT NV EUR 491 107,12 508 098,50 0,33


8 989,00 BELGACOM SA EUR 229 073,28 225 848,63 0,15

1 293,00 MOBISTAR SA EUR 62 541,82 62 723,43 0,04

Health 147 859,20 0,10160 615,14

5 760,00 UCB SA EUR 160 615,14 147 859,20 0,10

AUSTRIA 2 343 204,95 1,522 086 646,42

Finance 1 232 462,49 0,811 074 296,07

167 052,00 IMMOFINANZ AG EUR 453 825,77 532 728,83 0,35

14 081,00 ERSTE GP BANK AG EUR 414 195,60 494 806,34 0,32

2 896,00 RAIFFEISEN BANK INTERNATIONAL HOLDING AG EUR 119 558,21 118 736,00 0,08

2 216,00 VIENNA INSURANCE GP EUR 86 716,49 86 191,32 0,06

Raw materials 531 185,00 0,34395 016,45

14 900,00 VOESTALPINE AG EUR 395 016,45 531 185,00 0,34

Energy 267 677,70 0,17259 278,12

8 607,00 OMV AG EUR 259 278,12 267 677,70 0,17


19 679,00 TEL AUSTRIA AG EUR 241 013,19 207 023,08 0,13

Multi-Utilities 104 856,68 0,07117 042,59

3 761,00 OEST ELEKTRIZITATSWIRTS -A- EUR 117 042,59 104 856,68 0,07





54


LUXEMBOURG 2 135 193,93 1,381 988 165,29

Raw materials 1 327 446,12 0,861 338 259,68

46 774,00 ARCELOR MITTAL EUR 1 338 259,68 1 327 446,12 0,86

Energy 500 367,80 0,32378 364,45

27 268,00 TENARIS SA EUR 378 364,45 500 367,80 0,32

Consumer retail 307 380,01 0,20271 541,16

17 254,00 SES EUR 271 541,16 307 380,01 0,20

PORTUGAL 1 473 787,09 0,951 564 989,92

Raw materials 355 047,03 0,23365 522,45

70 029,00 CIMPOR-CIMENTOS DE PORTUGAL EUR 365 522,45 355 047,03 0,23


33 680,00 PORTUGAL TEL SGPS SA (REGD) EUR 283 166,12 282 238,40 0,18

Multi-Utilities 273 960,18 0,18311 181,63

109 980,00 ENERGIAS DE PORTUGAL SA EUR 311 181,63 273 960,18 0,18

Energy 190 607,28 0,12150 269,91

13 292,00 GALP ENERGIA SGPS SA -B- EUR 150 269,91 190 607,28 0,12

Finance 181 749,86 0,12312 101,89

162 139,00 BANCO COMERCIAL PORTUGUES (REGD) EUR 186 884,03 94 364,90 0,06

30 342,00 BANCO ESPIRITO SANTO SA (REGD) EUR 125 217,86 87 384,96 0,06

Basic goods 142 294,80 0,0977 517,23

12 482,00 JERONIMO MARTINS EUR 77 517,23 142 294,80 0,09

Industries 47 889,54 0,0365 230,69

9 176,00 BRISA AUTO-ESTRADAS (REGD) EUR 65 230,69 47 889,54 0,03

IRELAND 1 398 727,16 0,911 515 585,03

Raw materials 925 753,00 0,611 029 668,14

59 726,00 CRH PLC EUR 1 029 668,14 925 753,00 0,61

Basic goods 207 226,03 0,13181 514,61

8 299,00 KERRY GP PLC -A- EUR 181 514,61 207 226,03 0,13

Health 119 295,90 0,08144 729,18

28 746,00 ELAN CORP PLC EUR 144 729,18 119 295,90 0,08

Industries 79 825,98 0,0573 721,88

21 174,00 RYANAIR HLDG PLC EUR 73 721,88 79 825,98 0,05

Finance 66 626,25 0,0485 951,22

177 670,00 BANK OF IRELAND EUR 85 951,22 66 626,25 0,04





55


GREECE 1 235 593,27 0,802 126 052,27

Finance 711 751,20 0,461 477 970,34

71 898,00 NATIONAL BANK OF GREECE EUR 897 236,70 434 982,90 0,28

44 098,00 EFG EUROBANK ERGASIAS EUR 345 497,23 165 367,50 0,11

29 316,00 ALPHA BANK AE EUR 235 236,41 111 400,80 0,07

Basic goods 203 764,00 0,13183 239,20

10 525,00 COCA-COLA HELLENIC BOTTLING EUR 183 239,20 203 764,00 0,13

Consumer retail 166 473,10 0,11221 668,54

12 865,00 OPAP SA EUR 221 668,54 166 473,10 0,11


14 183,00 HELLENIC TELMUN ORGANIZA EUR 161 314,26 86 941,79 0,06

Multi-Utilities 66 663,18 0,0481 859,93

6 207,00 PUBLIC POWER CORP EUR 81 859,93 66 663,18 0,04

CYPRUS 106 053,48 0,07140 675,36

Finance 106 053,48 0,07140 675,36

41 106,00 BANK OF CYPRUS LTD EUR 140 675,36 106 053,48 0,07

Other shares 421 077,40 0,27316 356,23

GERMANY 417 728,16 0,27313 025,49

Consumer retail 417 728,16 0,27313 025,49

5 051,00 PORSCHE AUTOMOBIL HLDG -PFD- EUR 244 736,34 301 342,66 0,19

3 023,00 BMW -PFD- EUR 68 289,15 116 385,50 0,08

BELGIUM 3 349,24 0,003 330,74

Finance 3 349,24 0,003 330,74

37,00 COFINIMMO -PFD- EUR 3 330,74 3 349,24 0,00

Warrants 1 085,10 0,002 979,55

FRANCE 718,65 0,000,00

Finance 718,65 0,000,00

1 252,00 FONCIERE DES REGIONS WTS 31/12/2010 EUR 0,00 718,65 0,00

ITALY 366,45 0,002 979,55

Finance 366,45 0,002 979,55

44 401,00 MEDIOBANCA SPA-CW11 WTS 18/03/2011 EUR 2 029,67 244,21 0,00

38 200,00 UBI BANCA SPCA-CW11 WTS 30/06/2011 EUR 949,88 122,24 0,00





56


UNQUOTED 26,29 0,00201 755,19

Shares 5,29 0,00201 755,19

IRELAND 5,29 0,00201 755,19

Finance 5,29 0,00201 755,19

52 871,00 ANGLO IRISH BANK CORP LTD EUR 201 755,19 5,29 0,00

Rights 21,00 0,000,00

AUSTRIA 21,00 0,000,00

Finance 21,00 0,000,00

21 000,00 IMMOEAST AG RTS EUR 0,00 21,00 0,00

Total Portfolio 149 811 867,30 97,02147 213 499,63





57


10 205,00 STO DJ EURO STX 18/03/11 2 794,00 EUR (126 200,00) 5 727 700,00Purchase

(126 200,00) 5 727 700,00


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


58


(570,00) DJ EURO STOXX 50 ST3000 21JAN11 EUR 17 100 000,00Sale CALL (18 240,00)(36 668,10)

17 100 000,00(36 668,10) (18 240,00)

LISTED ON AN OFFICAL STOCK EXCHANGE (18 240,00)(36 668,10) 17 100 000,00

OPTION CONTRACTS AS AT 31 DECEMBER 2010

Nominal /Quantity

Purchase /

Sale Call/Put DescriptionCommitment

(EUR)Currency Acquisition cost Market value


59


Assets

Investments in securities at market value 648 705 275,93Banks 22 712 732,77Amounts due from brokers 2 395 417,05Unrealised profit on forward foreign exchange contracts (Note 8) 557 458,56Unrealised profit on future contracts (Note 8) 47 616,27Other interest receivable 371,56Receivable on investments sold 3 064 232,97Receivable on subscriptions 489 620,71Other assets 693 247,96Total assets 678 665 973,78

Liabilities

Bank overdrafts (3 719 209,59)Option contracts at market value (Note 8) (89 600,00)Unrealised loss on forward foreign exchange contracts (Note 8) (539 431,49)Unrealised loss on future contracts (Note 8) (185 753,61)Other interest payable (165,72)Payable on redemptions (255 636,77)Other liabilities (729 998,95)Total liabilities (5 519 796,13)



Class I Units 1 557 279,46687,27EURClass IH Units 1 245 373,14090,51EURClass R Units 698 982,59587,15EURClass RH Units 57 380,78988,48EURClass Z Units 3 509 393,50391,05EURClass ZH Units 413 283,29494,27EUR



60





Management fee (Note 5) (6 416 237,83)Custodian fee (Note 7) (659 010,07)Subscription tax (Note 3) (92 324,20)Interest on bank accounts (4 924,89)Other charges and taxes (Notes 4, 7) (474 691,49)




11 562 620,12

Change in unrealised appreciation / (depreciation) on investments 30 108 909,40Change in unrealised appreciation / (depreciation) on option contracts (Note 8) 90 524,00Change in unrealised appreciation / (depreciation) on forward foreignexchange contracts

(Note 8) 602 815,64

Change in unrealised appreciation / (depreciation) on future contracts (Note 8) (284 561,24)






61



Shares 647 896 736,43 96,24596 108 791,03

GREAT-BRITAIN 186 085 556,92 27,64170 278 383,16

Finance 43 177 480,71 6,4145 586 455,95

2 047 370,00 HSBC HLDG PLC GBP 16 402 843,18 15 557 479,22 2,32


309 002,00 STANDARD CHARTERED PLC GBP 5 579 632,84 6 222 593,81 0,92

1 174 614,00 BARCLAYS PLC GBP 3 440 914,14 3 586 832,62 0,53

4 442 382,00 LLOYDS BANKING GP PLC GBP 4 384 624,83 3 406 249,60 0,51

278 548,00 PRUDENTIAL PLC GBP 1 812 040,91 2 171 559,36 0,32

308 626,00 AVIVA PLC GBP 1 713 368,61 1 415 533,85 0,21

64 297,00 ADMIRAL GP PLC GBP 1 072 278,94 1 136 837,89 0,17

52 276,00 SCHRODERS PLC GBP 941 242,14 1 131 726,44 0,17

608 161,00 OLD MUTUAL PLC GBP 824 030,48 873 719,08 0,13

1 893 457,00 ROYAL BANK OF SCOTLAND GP PLC GBP 1 987 616,80 863 364,24 0,13

85 908,00 LONDON STOCK EXCHANGE GP GBP 902 477,92 840 180,94 0,12

667 494,00 LEGAL & GENERAL GP PLC GBP 768 329,23 753 691,37 0,11

85 040,00 LAND SECURITIES GP PLC GBP 690 698,57 668 926,42 0,10

189 075,00 MAN GP PLC GBP 1 013 458,05 653 162,16 0,10

250 889,00 STANDARD LIFE PLC GBP 619 043,15 632 456,37 0,09

96 279,00 BRITISH LAND CO PLC GBP 485 397,62 589 348,61 0,09

390 942,00 RSA INSURANCE GP PLC GBP 594 681,29 571 231,11 0,08

109 822,00 3I GP PLC GBP 549 394,03 421 036,67 0,06

65 679,00 ICAP PLC GBP 403 337,23 410 086,54 0,06

78 745,00 HAMMERSON PLC GBP 329 031,16 383 409,16 0,06

56 402,00 INVESTEC PLC GBP 495 569,88 346 896,82 0,05

85 378,00 SEGRO PLC GBP 325 292,10 285 373,86 0,04

52 483,00 LIBERTY INTERNATIONAL PLC GBP 251 152,85 255 784,57 0,04

Basic goods 30 696 247,12 4,5625 852 435,43

260 170,00 BRIT AMERICAN TOBACCO PLC GBP 5 597 259,17 7 480 058,29 1,11

849 309,00 TESCO PLC GBP 3 902 141,24 4 212 596,43 0,63

93 917,00 RECKITT BENCKISER GP PLC GBP 3 386 485,72 3 863 656,71 0,57

272 725,00 DIAGEO PLC GBP 3 248 180,11 3 771 711,79 0,56

158 203,00 IMPERIAL TOBACCO GP PLC GBP 3 565 968,41 3 633 582,35 0,54

140 470,00 UNILEVER PLC GBP 2 873 365,96 3 218 096,63 0,48

103 848,00 SABMILLER PLC GBP 1 561 251,32 2 734 819,54 0,41

222 809,00 MORRISON SUPERMARKETS GBP 740 565,01 695 847,44 0,10

129 052,00 SAINSBURY (J) PLC GBP 564 703,41 566 753,43 0,08

37 664,00 ASSOCIATED BRITISH FOODS PLC GBP 412 515,08 519 124,51 0,08

Raw materials 27 787 959,94 4,1319 081 847,35

285 048,00 BHP BILLITON PLC GBP 5 514 405,58 8 486 403,08 1,26

159 636,00 RIO TINTO PLC GBP 5 640 679,09 8 358 603,19 1,24

145 479,00 ANGLO AMERICAN PLC GBP 3 845 610,58 5 663 128,96 0,84





62


97 072,00 ANTOFAGASTA PLC GBP 1 385 063,80 1 826 224,71 0,27

76 717,00 KAZAKHMYS PLC GBP 986 478,57 1 445 074,84 0,21

21 444,00 JOHNSON MATTHEY PLC GBP 379 480,38 510 041,10 0,08

13 618,00 VEDANTA RESOURCES PLC GBP 384 924,87 400 029,25 0,06

17 156,00 LONMIN PLC GBP 358 367,01 393 635,95 0,06

98 268,00 REXAM PLC GBP 362 098,44 381 557,61 0,06

26 430,00 EURASIAN NATURAL RESOURCES GBP 224 739,03 323 261,25 0,05

Energy 23 108 837,97 3,4322 707 968,57

2 318 495,00 BP PLC GBP 13 791 055,92 12 597 016,36 1,87

365 623,00 BG GP PLC GBP 4 585 940,26 5 530 109,21 0,82

96 150,00 TULLOW OIL PLC GBP 1 292 683,10 1 415 010,21 0,21

73 084,00 PETROFAC LTD GBP 1 049 583,56 1 353 612,74 0,20

93 091,00 AMEC PLC GBP 1 089 451,90 1 249 397,79 0,19

151 348,00 CAIRN ENERGY PLC GBP 686 319,94 741 858,67 0,11

32 772,00 ESSAR ENERGY PLC GBP 212 933,89 221 832,99 0,03


6 312 949,00 VODAFONE GP PLC GBP 11 357 132,31 12 215 521,32 1,81

869 378,00 BT GP PLC GBP 1 549 642,80 1 834 434,76 0,27

47 992,00 INMARSAT PLC GBP 365 584,15 377 226,03 0,06

251 655,00 CABLE & WIRELESS WORLDWIDE GBP 223 965,93 192 959,49 0,03

Health 13 927 317,00 2,0714 130 815,11

554 522,00 GLAXOSMITHKLINE PLC GBP 8 510 984,19 8 024 826,75 1,19

151 170,00 ASTRAZENECA PLC GBP 4 957 633,91 5 155 146,64 0,77

94 658,00 SMITH & NEPHEW PLC GBP 662 197,01 747 343,61 0,11

Consumer retail 12 494 172,50 1,8610 821 229,49

112 326,00 BURBERRY GP PLC GBP 1 067 165,67 1 473 471,72 0,22

206 973,00 COMPASS GP PLC GBP 1 047 624,13 1 403 411,48 0,21

137 046,00 WPP PLC GBP 1 030 308,01 1 262 739,30 0,19

127 109,00 BRIT SKY BROADCASTING GP PLC GBP 917 895,85 1 091 815,65 0,16

88 200,00 PEARSON PLC GBP 872 052,46 1 037 586,51 0,15

137 676,00 REED ELSEVIER PLC GBP 1 030 626,45 870 065,40 0,13

259 455,00 KINGFISHER PLC GBP 606 047,53 797 577,72 0,12

178 711,00 MARKS & SPENCER GP PLC GBP 706 588,42 769 613,81 0,11

31 182,00 WOLSELEY PLC GBP 548 698,52 744 568,73 0,11

18 621,00 CARNIVAL PLC GBP 488 565,35 648 046,01 0,10

37 059,00 INTERCONTINENTAL HOTELS GP GBP 457 902,77 537 600,95 0,08

20 656,00 NEXT PLC GBP 486 911,61 476 111,34 0,07

19 250,00 WHITBREAD PLC GBP 343 431,61 402 141,57 0,06

491 659,00 ITV PLC GBP 351 502,47 401 945,65 0,06

73 121,00 TUI TRAVEL PLC GBP 271 387,78 210 099,67 0,03

89 892,00 HOME RETAIL GP GBP 334 166,76 197 755,06 0,03

76 616,00 THOMAS COOK GP PLC GBP 260 354,10 169 621,93 0,03

Multi-Utilities 10 370 602,63 1,549 359 644,74

377 135,00 NATIONAL GRID PLC GBP 2 426 866,25 2 433 980,92 0,36

560 198,00 CENTRICA PLC GBP 1 807 793,01 2 167 960,05 0,32





63


353 067,00 INTL POWER PLC GBP 1 336 145,20 1 803 140,79 0,27

203 373,00 UNITED UTILITIES GP PLC GBP 1 356 941,69 1 405 109,60 0,21

95 525,00 SCOTTISH & SOUTHERN ENERGY GBP 1 261 241,51 1 365 678,07 0,20

69 263,00 SEVERN TRENT PLC GBP 1 170 657,08 1 194 733,20 0,18

Industries 8 256 961,55 1,237 939 178,61

210 385,00 ROLLS-ROYCE GP PLC GBP 1 193 303,45 1 529 670,95 0,23

348 742,00 BAE SYSTEMS PLC GBP 1 615 552,06 1 343 115,60 0,20

45 458,00 SMITHS GP PLC GBP 584 753,95 660 503,12 0,10

72 895,00 CAPITA GP PLC GBP 572 414,09 592 535,08 0,09

30 000,00 AGGREKO PLC GBP 447 206,85 518 877,28 0,08

24 927,00 WEIR GP PLC /THE GBP 521 797,71 517 827,62 0,08

159 636,00 G4S PLC GBP 467 316,77 474 334,20 0,07

42 959,00 BUNZL PLC GBP 382 418,73 360 477,57 0,05

55 519,00 SERCO GP PLC GBP 271 285,42 359 932,37 0,05

84 377,00 INVENSYS PLC GBP 323 008,34 348 793,06 0,05

16 000,00 INTERTEK GP PLC GBP 344 812,61 331 446,58 0,05

129 527,00 COBHAM PLC GBP 271 800,57 307 623,80 0,05

77 019,00 BALFOUR BEATTY PLC GBP 295 764,50 281 253,95 0,04

41 488,00 BABCOCK INTL GP PLC GBP 311 550,35 276 473,69 0,04

55 489,00 FIRSTGP PLC GBP 258 925,75 257 936,27 0,04

25 672,00 BRITISH AIRWAYS PLC GBP 77 267,46 81 643,46 0,01

12 438 848,00 ROLLS-ROYCE GROUP-C SHRS GBP 0,00 14 516,95 0,00

Computing and IT 1 645 835,90 0,241 302 482,72

150 000,00 ARM HLDG PLC GBP 435 531,38 741 028,18 0,11

149 850,00 SAGE GP PLC/THE GBP 387 334,07 478 134,91 0,07

24 292,00 AUTONOMY CORP PLC GBP 479 617,27 426 672,81 0,06

FRANCE 96 820 864,70 14,3895 585 982,45

Finance 19 141 240,79 2,8321 462 203,69

138 285,00 BNP PARIBAS EUR 7 114 229,47 6 583 748,85 0,97

110 410,00 SOCIETE GENERALE -A- EUR 5 012 985,91 4 440 690,20 0,65

229 905,00 AXA SA EUR 3 533 916,22 2 862 317,25 0,42

9 272,00 UNIBAIL-RODAMCO SE EUR 1 262 989,19 1 372 256,00 0,20

79 361,00 CNP ASSURANCES EUR 1 225 917,27 1 071 770,31 0,16

103 764,00 CREDIT AGRICOLE SA EUR 1 375 775,67 986 173,06 0,15

19 924,00 SCOR SE EUR 326 190,64 378 556,00 0,06

104 355,00 NATIXIS EUR 397 370,12 365 242,50 0,05

12 474,00 KLEPIERRE EUR 327 022,78 336 735,63 0,05

2 568,00 GECINA SA (REGD) EUR 278 471,62 211 372,08 0,03


2 345,00 ICADE EUR 189 002,97 179 040,75 0,03

3 064,00 EURAZEO EUR 245 898,85 170 021,36 0,03

Consumer retail 15 796 904,49 2,3413 925 665,03

37 507,00 LVMH MOET-HENNESSY LOUIS VUITTON EUR 3 157 408,39 4 617 111,70 0,68

132 416,00 VIVENDI SA EUR 2 971 069,90 2 674 803,20 0,39

7 143,00 HERMES INTL EUR 852 997,45 1 119 665,25 0,17





64


20 842,00 MICHELIN (CGDE) -B- EUR 1 060 875,18 1 119 215,40 0,17

8 764,00 PPR EUR 768 347,63 1 042 916,00 0,15

21 753,00 RENAULT SA EUR 1 129 697,11 946 255,50 0,14

7 265,00 CHRISTIAN DIOR EUR 512 362,66 776 628,50 0,12


10 620,00 SODEXO EUR 457 388,29 547 673,40 0,08

15 815,00 ACCOR SA EUR 439 410,70 526 639,50 0,08

17 546,00 PEUGEOT SA EUR 417 232,91 498 481,86 0,07



8 260,00 JC DECAUX SA EUR 218 773,39 190 186,50 0,03



15 693,00 PAGES JAUNES EUR 340 479,41 106 712,40 0,02

Industries 12 958 753,71 1,9311 354 012,03

27 353,00 SCHNEIDER ELECTRIC SA EUR 2 186 285,27 3 063 536,00 0,45

49 311,00 VINCI SA EUR 1 673 112,80 2 005 971,48 0,29

44 632,00 COMPAGNIE DE ST GOBAIN SA EUR 1 480 676,53 1 718 332,00 0,26

19 883,00 BUREAU VERITAS SA EUR 972 050,99 1 127 763,76 0,17

13 276,00 VALLOUREC EUR 826 243,24 1 043 493,60 0,16

26 559,00 BOUYGUES EUR 977 629,02 856 660,55 0,13

23 079,00 ALSTOM EUR 1 146 431,37 826 458,99 0,12

19 365,00 SAFRAN SA EUR 363 434,63 513 172,50 0,08

14 674,00 LEGRAND SA EUR 356 255,20 447 190,15 0,07


17 529,00 EDENRED EUR 203 215,60 310 526,24 0,05

8 760,00 THALES SA EUR 308 546,25 229 380,60 0,03


2 638,00 ADP EUR 154 854,46 155 826,66 0,02

945,00 SOCIETE BIC SA EUR 45 775,21 60 782,40 0,01

151,00 EIFFAGE EUR 8 106,54 4 983,76 0,00

Energy 11 755 503,18 1,7511 891 291,42

265 783,00 TOTAL SA EUR 10 991 228,49 10 538 295,95 1,57

11 340,00 TECHNIP SA EUR 437 065,17 783 594,00 0,12


Basic goods 11 567 494,97 1,7210 973 318,41

87 279,00 DANONE EUR 3 720 866,20 4 103 858,58 0,61

40 446,00 L'OREAL SA EUR 3 204 075,41 3 360 253,68 0,50

66 161,00 CARREFOUR SA EUR 2 411 263,47 2 041 066,85 0,30

22 976,00 PERNOD-RICARD SA EUR 1 271 644,65 1 616 591,36 0,24


Health 8 191 659,47 1,228 289 595,75

144 420,00 SANOFI-AVENTIS EUR 7 206 692,41 6 910 497,00 1,03

23 327,00 ESSILOR INTL EUR 924 859,77 1 123 778,23 0,17

2 132,00 BIOMERIEUX EUR 158 043,57 157 384,24 0,02





65


Multi-Utilities 5 910 147,55 0,886 331 113,97

138 861,00 GDF SUEZ EUR 4 084 439,99 3 728 417,85 0,55

30 049,00 EDF EUR 1 257 856,26 922 354,06 0,14



Raw materials 4 465 001,80 0,664 027 418,55

32 048,00 AIR LIQUIDE SA EUR 2 430 837,43 3 033 022,72 0,45

23 000,00 LAFARGE SA EUR 1 327 060,31 1 079 160,00 0,16

3 895,00 IMERYS SA EUR 107 145,06 194 302,08 0,03

618,00 ERAMET SA EUR 162 375,75 158 517,00 0,02


209 070,00 FRANCE TEL SA EUR 3 852 754,81 3 260 446,65 0,48

11 168,00 ILIAD SA EUR 833 532,29 909 075,20 0,14

Computing and IT 2 864 636,89 0,432 645 076,50

22 798,00 DASSAULT SYSTEMES SA EUR 1 132 373,30 1 286 263,16 0,19

17 239,00 CAP GEMINI SA EUR 437 262,19 602 158,27 0,09



2 378,00 NEOPOST SA EUR 159 580,18 155 045,60 0,02

GERMANY 83 762 719,90 12,4473 047 183,26

Raw materials 19 202 286,15 2,8514 580 046,38

124 187,00 BASF SE EUR 4 847 749,69 7 413 963,90 1,09

92 722,00 BAYER AG EUR 4 337 070,03 5 127 526,60 0,76

20 603,00 LINDE AG EUR 1 599 083,73 2 339 470,65 0,35

38 328,00 THYSSENKRUPP AG EUR 985 179,39 1 187 593,08 0,18

16 710,00 K+S AG EUR 688 114,15 941 775,60 0,14


9 880,00 LANXESS AG EUR 576 761,44 583 908,00 0,09

5 696,00 SALZGITTER AG EUR 369 018,88 329 057,92 0,05

2 004,00 WACKER CHEMIE AG EUR 207 579,93 261 722,40 0,04

3 363,00 BRENNTAG AG EUR 243 305,76 256 596,90 0,04

Finance 14 614 508,38 2,1715 647 240,68

50 808,00 ALLIANZ SE (REGD) EUR 4 678 132,70 4 518 355,44 0,68

103 685,00 DEUTSCHE BANK AG (REGD) EUR 4 657 065,79 4 054 083,50 0,60

30 454,00 MUENCHENER RUECKVERSICHERUNG AG (REGD) EUR 3 385 815,93 3 455 006,30 0,51

21 373,00 DEUTSCHE BOERSE AG EUR 1 223 232,76 1 107 121,40 0,16

26 635,00 HANNOVER RUECKVERSICHERUNG (REGD) EUR 900 059,32 1 068 995,73 0,16


Consumer retail 13 704 820,20 2,049 968 534,02

98 656,00 DAIMLER AG (REGD) EUR 3 733 251,83 5 004 818,88 0,75

19 501,00 VOLKSWAGEN AG -PFD- EUR 1 528 910,28 2 367 421,40 0,36

38 312,00 BMW AG EUR 1 426 499,43 2 254 661,20 0,33





66


14 287,00 VOLKSWAGEN AG EUR 1 107 147,18 1 512 993,30 0,22

23 896,00 ADIDAS AG EUR 848 080,91 1 168 275,44 0,17

5 632,00 CONTINENTAL AG EUR 242 341,56 333 076,48 0,05

7 576,00 KABEL DEUTSCHLAND GMBH EUR 272 954,19 264 213,00 0,04

1 762,00 AXEL SPRINGER AG EUR 204 820,03 214 964,00 0,03


18 552,00 TUI AG EUR 191 866,36 194 796,00 0,03

746,00 PUMA AG EUR 203 719,95 185 008,00 0,03

Industries 12 329 567,10 1,839 378 256,92


98 249,00 DEUTSCHE POST AG (REGD) EUR 1 370 990,27 1 247 762,30 0,19

12 110,00 MAN SE EUR 672 816,84 1 077 668,90 0,16


18 889,00 GEA GP AG EUR 315 461,41 408 569,07 0,06

5 129,00 HOCHTIEF AG EUR 178 178,41 325 896,66 0,05

3 990,00 FRAPORT AG EUR 187 474,54 188 168,40 0,03

Multi-Utilities 7 051 650,71 1,058 307 114,60

198 049,00 E.ON AG EUR 5 308 235,45 4 542 253,82 0,68

45 944,00 RWE AG EUR 2 781 034,23 2 292 146,16 0,34


Computing and IT 5 482 720,77 0,814 388 635,02

96 103,00 SAP AG EUR 3 227 074,82 3 661 524,30 0,54

234 622,00 INFINEON TECHNOLOGIES AG EUR 989 545,45 1 633 672,99 0,24


Health 4 219 290,54 0,633 842 814,83

23 818,00 FRESENIUS SE -PFD- EUR 1 250 420,22 1 526 019,26 0,22

17 723,00 FRESENIUS SE EUR 1 048 800,82 1 112 118,25 0,17


7 399,00 MERCK KGAA EUR 467 091,90 442 830,15 0,07

9 194,00 CELESIO AG EUR 235 550,88 171 008,40 0,03

Basic goods 4 109 242,21 0,613 489 295,79

44 066,00 HENKEL AG & CO KGAA EUR 1 518 715,16 1 701 608,59 0,25


14 819,00 METRO AG EUR 636 798,68 798 447,72 0,12




315 757,00 DEUTSCHE TEL AG (REGD) EUR 3 445 245,02 3 048 633,84 0,45

SWITZERLAND 77 482 555,85 11,5164 107 307,50

Health 19 107 981,86 2,8317 277 609,05

218 822,00 NOVARTIS AG (REGD) CHF 8 145 051,41 9 615 953,38 1,42

73 112,00 ROCHE HLDG AG -GENUSSCHEIN- CHF 7 708 576,22 8 010 191,53 1,19





67


5 844,00 SONOVA HLDG AG (REGD) CHF 454 740,71 564 093,57 0,08

11 194,00 ACTELION LTD (REGD) CHF 397 629,89 458 341,24 0,07

5 092,00 LONZA GP AG (REGD) CHF 420 535,67 305 206,45 0,05

901,00 STRAUMANN HLDG AG (REGD) CHF 151 075,15 154 195,69 0,02

Basic goods 16 873 552,69 2,5112 219 958,74

365 382,00 NESTLE SA (REGD) CHF 11 437 126,19 15 997 972,33 2,37

9 363,00 ARYZTA AG CHF 302 296,60 323 094,45 0,05

13,00 LINDT & SPRUENGLI AG (REGD) CHF 259 524,61 312 927,35 0,05

106,00 LINDT & SPRUENGLI AG -PART CERT- CHF 221 011,34 239 558,56 0,04

Finance 15 866 972,25 2,3615 457 184,80

371 929,00 UBS AG (REGD) CHF 4 814 963,60 4 565 644,49 0,68

118 334,00 CREDIT SUISSE GP AG (REGD) CHF 3 833 927,80 3 564 830,08 0,53

15 697,00 ZURICH FIN SERVICES AG CHF 2 623 748,13 3 040 356,19 0,45

63 587,00 SWISS RE (REGD) CHF 2 024 508,20 2 557 820,06 0,38

22 613,00 JULIUS BAER GP LTD CHF 358 491,30 792 074,37 0,12

5 767,00 BALOISE HLDG (REGD) CHF 334 646,13 419 686,51 0,06

3 515,00 SWISS LIFE HLDG AG (REGD) CHF 289 516,46 380 045,58 0,06

26 641,00 GAM HLDG AG (REGD) CHF 982 013,24 329 164,26 0,05

3 423,00 PARGESA HLDG SA -BRD- CHF 195 369,94 217 350,71 0,03

Raw materials 10 658 667,41 1,588 117 203,90

226 820,00 XSTRATA PLC GBP 2 687 982,28 3 985 265,92 0,58

14 870,00 SYNGENTA AG (REGD) CHF 2 538 520,82 3 252 385,14 0,48

1 968,00 GIVAUDAN (REGD) CHF 1 358 333,84 1 587 997,92 0,24

25 766,00 HOLCIM LTD (REGD) CHF 1 225 599,88 1 455 770,24 0,22

230,00 SIKA AG CHF 306 767,08 377 248,19 0,06

Industries 6 659 656,29 0,995 112 040,61

233 167,00 ABB LTD (REGD) CHF 3 140 151,31 3 884 096,61 0,58

4 668,00 GEBERIT AG (REGD) CHF 478 855,88 807 086,73 0,12

603,00 SGS SA (REGD) CHF 561 849,76 756 613,22 0,11

6 474,00 KUEHNE & NAGEL INTL AG (REGD) CHF 502 560,34 673 053,70 0,10

11 000,00 ADECCO SA (REGD) CHF 428 623,32 538 806,03 0,08

Consumer retail 4 626 163,23 0,692 531 818,59

56 875,00 CIE FINANCIERE RICHEMONT CHF 1 436 270,75 2 501 599,42 0,38

3 246,00 THE SWATCH GP AG -B- CHF 528 836,85 1 081 956,74 0,16

5 362,00 SCHINDLER HLDG -PART CERT- CHF 218 654,72 474 259,03 0,07

5 659,00 THE SWATCH GP AG (REGD) CHF 231 827,91 341 228,04 0,05

2 538,00 SCHINDLER HLDG AG -REG- CHF 116 228,36 227 120,00 0,03


5 339,00 SWISSCOM AG (REGD) CHF 1 373 714,36 1 755 258,43 0,26

Energy 1 652 253,87 0,251 714 008,87

32 257,00 TRANSOCEAN LTD CHF 1 714 008,87 1 652 253,87 0,25





68


Computing and IT 282 049,82 0,04303 768,58

19 814,00 LOGITECH INTERNATIONAL (REGD) CHF 303 768,58 282 049,82 0,04

NETHERLANDS 46 526 179,99 6,9141 337 283,30

Energy 19 038 846,57 2,8216 488 609,91

386 795,00 ROYAL DUTCH SHELL PLC -A- GBP 8 582 939,23 9 653 511,21 1,43

349 239,00 ROYAL DUTCH SHELL PLC -B- GBP 7 380 580,39 8 620 417,63 1,28

7 813,00 FUGRO NV -CVA- EUR 280 225,04 480 499,50 0,07


Basic goods 6 991 024,36 1,046 354 843,45

183 595,00 UNILEVER NV -PART CERT- EUR 3 779 231,59 4 277 763,50 0,64

127 749,00 KONINKLIJKE AHOLD NV EUR 1 230 468,46 1 261 649,12 0,19

27 704,00 HEINEKEN NV EUR 955 303,89 1 016 459,76 0,15


Industries 6 019 997,00 0,895 295 744,49

110 207,00 PHILIPS ELECTRONICS NV EUR 2 310 548,54 2 525 944,44 0,37

28 284,00 VOPAK EUR 824 068,26 999 839,40 0,15

44 504,00 TNT NV EUR 822 008,40 878 954,00 0,13




Finance 5 936 220,52 0,885 847 830,92

640 044,00 ING GROEP NV -PART CERT- EUR 4 497 671,35 4 659 520,32 0,69

177 688,00 AEGON NV EUR 919 844,56 813 100,29 0,12

6 955,00 CORIO NV EUR 309 286,61 333 944,33 0,05


Raw materials 2 945 860,24 0,442 329 540,56

40 096,00 KONINKLIJKE DSM NV EUR 1 239 833,85 1 708 290,08 0,26

26 623,00 AKZO NOBEL NV EUR 1 089 706,71 1 237 570,16 0,18

Computing and IT 2 059 859,92 0,311 460 515,08

50 007,00 ASML HLDG NV EUR 1 015 563,38 1 445 202,30 0,22



182 648,00 KONINKLIJKE KPN NV EUR 2 030 078,29 1 994 516,16 0,30

Consumer retail 1 136 389,08 0,171 128 369,72



Health 403 466,14 0,06401 750,88

27 578,00 QIAGEN NV EUR 401 750,88 403 466,14 0,06





69


SPAIN 32 865 021,44 4,8835 912 267,33

Finance 12 232 642,62 1,8115 600 116,45

897 709,00 BANCO SANTANDER SA EUR 8 204 818,26 7 117 036,95 1,06

467 242,00 BANCO BILBAO VIZCAYA ARG EUR 4 530 588,64 3 532 349,52 0,52

106 835,00 BANCO POPULAR ESPANOL (REGD) EUR 1 006 023,23 410 246,40 0,06



94 606,00 MAPFRE SA EUR 265 544,74 196 591,27 0,03

36 272,00 BANKINTER SA EUR 345 770,75 150 746,43 0,02




Multi-Utilities 4 958 730,04 0,745 215 039,41

446 728,00 IBERDROLA SA EUR 2 654 593,31 2 576 727,10 0,39

32 963,00 RED ELECTRICA DE ESPANA EUR 1 182 614,75 1 160 297,60 0,17



12 920,00 ENAGAS SA EUR 223 354,31 192 701,80 0,03

2 951,00 ACCIONA SA EUR 198 759,87 156 403,00 0,02


Industries 2 845 832,71 0,422 798 721,10

104 168,00 ABERTIS INFRAESTRUCTURAS SA EUR 1 375 985,85 1 401 580,44 0,20


50 761,00 FERROVIAL SA EUR 326 994,44 377 408,04 0,06




Consumer retail 2 565 250,22 0,382 264 601,34

43 874,00 INDITEX EUR 2 157 811,98 2 458 260,22 0,36


Energy 1 718 206,80 0,261 496 204,86

82 408,00 REPSOL YPF SA EUR 1 496 204,86 1 718 206,80 0,26

Computing and IT 513 055,31 0,08520 665,28



Health 188 863,20 0,03327 106,31

18 516,00 GRIFOLS SA EUR 327 106,31 188 863,20 0,03

Raw materials 150 950,63 0,02143 935,06

11 501,00 ACERINOX SA EUR 143 935,06 150 950,63 0,02





70


SWEDEN 29 270 802,47 4,3522 584 573,76

Industries 10 592 387,19 1,576 904 160,58

125 543,00 ATLAS COPCO AB -A- SEK 1 633 238,33 2 362 196,15 0,34

143 044,00 VOLVO AB -B- SEK 1 077 632,48 1 879 444,95 0,28

103 186,00 SANDVIK AB SEK 883 476,35 1 499 909,59 0,22

40 156,00 SKF AB -B- SEK 619 861,45 853 075,68 0,13

39 399,00 ATLAS COPCO AB -B- SEK 316 710,41 664 440,39 0,10

30 599,00 ASSA ABLOY AB -B- SEK 507 632,16 642 921,67 0,10

42 763,00 SKANSKA AB -B- SEK 499 795,85 632 033,25 0,09

33 943,00 SCANIA AB -B- SEK 342 356,02 582 213,34 0,09

35 636,00 ALFA LAVAL AB SEK 270 367,25 559 887,04 0,08

33 084,00 HEXAGON AB -B- SEK 467 390,92 528 962,50 0,08

29 963,00 SECURITAS AB -B- SEK 220 978,37 261 291,71 0,04

7 865,00 HEXAGON AB-NEW SEK 64 720,99 126 010,92 0,02

Finance 6 812 812,10 1,015 624 337,38

310 362,00 NORDEA BANK AB SEK 2 142 785,74 2 517 239,20 0,37

48 424,00 SVENSKA HANDELSBANKEN AB -A- SEK 946 922,30 1 153 821,67 0,17

131 239,00 SKANDINAVISKA ENSKILDA -A- SEK 643 738,19 816 333,06 0,12

46 283,00 INVESTOR AB -B- SEK 663 971,89 738 454,78 0,11

68 336,00 SWEDBANK AB -A- SEK 492 748,85 710 712,58 0,11

26 088,00 KINNEVIK INVESTMENT AB SEK 324 877,45 396 280,74 0,06

12 210,00 RATOSAB -B- SEK 278 344,61 337 098,35 0,05

10 920,00 INDUSTRIVARDEN AB-C SHS SEK 130 948,35 142 871,72 0,02

Consumer retail 4 295 850,26 0,643 492 391,22

95 856,00 HENNES & MAURITZ AB -B- SEK 2 105 121,51 2 380 723,36 0,36

62 986,00 ELECTROLUX AB -B- SEK 947 218,19 1 333 886,91 0,20

52 924,00 HUSQVARNA AB -B- SEK 234 810,28 329 491,36 0,05

4 769,00 MODERN TIMES GP -B- SEK 205 241,24 235 303,80 0,03

4 769,00 CDON GROUP SEK 0,00 16 444,83 0,00


375 363,00 TELIASONERA AB SEK 1 968 025,34 2 218 300,02 0,33

29 041,00 TELE2 AB -B- SEK 392 617,81 449 509,21 0,07

Computing and IT 2 645 445,52 0,392 334 549,74

305 301,00 ERICSSON LM -B- SEK 2 334 549,74 2 645 445,52 0,39

Raw materials 1 423 180,40 0,211 142 934,52

52 487,00 SVENSKA CELLULOSA AB -B- SEK 521 027,65 618 041,84 0,10

27 311,00 BOLIDEN AB SEK 256 931,96 413 949,85 0,06

18 487,00 SSAB CORP -A- SEK 225 480,53 231 625,57 0,03

6 500,00 HOLMEN AB -B- SEK 139 494,38 159 563,14 0,02

Basic goods 515 882,68 0,08407 652,70

23 897,00 SWEDISH MATCH AB SEK 407 652,70 515 882,68 0,08





71


Health 317 435,09 0,05317 904,47

20 319,00 GETINGE AB -B- SEK 317 904,47 317 435,09 0,05

ITALY 26 931 532,56 4,0030 750 783,66

Finance 10 506 172,68 1,5614 376 289,41

205 636,00 ASSICURAZIONI GENERALI EUR 3 636 905,64 2 922 087,56 0,43

1 767 243,00 UNICREDIT SPA EUR 3 976 357,92 2 735 692,16 0,41

1 068 048,00 INTESA SANPAOLO EUR 2 968 648,86 2 168 137,44 0,32

169 174,00 MEDIOBANCA EUR 1 327 033,98 1 126 698,84 0,17




9 508,00 EXOR SPA EUR 207 423,77 234 657,44 0,03



Energy 6 808 015,24 1,016 380 374,30

284 048,00 ENI SPA EUR 4 950 209,78 4 641 344,32 0,69

58 813,00 SAIPEM SPA EUR 1 430 164,52 2 166 670,92 0,32

Multi-Utilities 4 024 510,71 0,604 404 351,57

735 201,00 ENEL SPA EUR 3 094 179,15 2 749 651,74 0,42

170 843,00 SNAM RETE GAS EUR 589 779,48 635 535,96 0,09

155 790,00 TERNA SPA EUR 449 195,85 492 296,40 0,07

142 883,00 A2A SPA EUR 271 197,09 147 026,61 0,02

Consumer retail 2 280 959,91 0,341 709 366,25

82 953,00 FIAT SPA EUR 843 680,78 1 279 964,79 0,20

80 661,00 MEDIASET SPA EUR 464 220,38 365 192,68 0,05


33 850,00 PIRELLI & C EUR 111 711,65 204 792,50 0,03



1 048 408,00 TEL ITALIA SPA EUR 1 406 032,76 1 013 810,54 0,15


Industries 1 284 678,69 0,191 382 431,04

27 876,00 ATLANTIA SPA EUR 440 504,30 425 666,52 0,06



17 098,00 PRYSMIAN SPA EUR 255 945,14 217 999,50 0,03

Basic goods 423 792,40 0,06378 791,99

206 728,00 PARMALAT SPA EUR 378 791,99 423 792,40 0,06





72


FINLAND 15 669 117,18 2,3314 175 855,09

Industries 3 693 705,40 0,551 991 889,34

41 354,00 KONE OYJ -B- EUR 1 028 487,06 1 720 326,40 0,25

23 266,00 WARTSILA OYJ -B- EUR 691 620,67 1 328 488,60 0,20

15 428,00 METSO OYJ EUR 271 781,61 644 890,40 0,10

Computing and IT 3 288 517,02 0,494 911 243,47

424 873,00 NOKIA CORP EUR 4 911 243,47 3 288 517,02 0,49

Multi-Utilities 2 381 668,83 0,352 060 596,56

105 711,00 FORTUM OYJ EUR 2 060 596,56 2 381 668,83 0,35

Finance 1 795 891,78 0,271 564 300,07

50 848,00 SAMPO OYJ -A- EUR 791 237,85 1 019 502,40 0,15


Raw materials 1 697 843,15 0,251 184 417,51





Consumer retail 1 218 024,30 0,18918 931,32

38 434,00 NOKIAN RENKAAT OYJ EUR 758 794,73 1 055 013,30 0,16

10 050,00 SANOMA CORP -B- EUR 160 136,59 163 011,00 0,02

Health 864 450,59 0,13808 287,60

52 807,00 ORION OYJ -B- EUR 808 287,60 864 450,59 0,13

Basic goods 268 402,12 0,04262 477,14

7 684,00 KESKO OYJ -B- EUR 262 477,14 268 402,12 0,04


15 657,00 ELISA OYJ -A- EUR 199 972,47 254 739,39 0,04

Energy 205 874,60 0,03273 739,61

17 228,00 NESTE OIL OYJ EUR 273 739,61 205 874,60 0,03

DENMARK 13 444 098,85 2,0011 079 722,53

Health 6 363 846,43 0,954 262 402,86

62 226,00 NOVO NORDISK A/S -B- DKK 3 185 129,04 5 252 231,45 0,78

9 111,00 COLOPLAST -B- DKK 904 159,15 926 737,16 0,14

3 344,00 WILLIAM DEMANT HLDG DKK 173 114,67 184 877,82 0,03

Industries 2 357 459,99 0,352 688 278,30

147,00 A P MOLLER - MAERSK A/S -B- DKK 879 369,83 996 359,42 0,15

23 820,00 VESTAS WIND SYSTEMS A/S DKK 1 238 969,83 562 888,58 0,08

61,00 A P MOLLER - MAERSK A/S -A- DKK 373 913,06 402 240,98 0,06





73


23 932,00 DSV A/S DKK 196 025,58 395 971,01 0,06

Finance 2 169 381,78 0,322 111 510,19

107 650,00 DANSKE BANK A/S BEARER SHS DKK 1 969 686,09 2 065 719,73 0,30

3 000,00 TRYGVESTA AS DKK 141 824,10 103 662,05 0,02

Basic goods 1 986 725,42 0,301 693 819,22

26 509,00 CARLSBERG AS -B- DKK 1 693 819,22 1 986 725,42 0,30

Raw materials 566 685,23 0,08323 711,96

5 435,00 NOVOZYMES A/S -B- DKK 323 711,96 566 685,23 0,08

BELGIUM 8 462 077,58 1,268 324 911,57

Basic goods 4 491 004,04 0,673 244 115,31

81 741,00 ANHEUSER-BUSCH INBEV NV EUR 2 271 798,19 3 498 514,80 0,52

12 206,00 DELHAIZE GP EUR 677 188,46 674 625,62 0,10

8 350,00 COLRUYT SA EUR 294 909,47 317 717,50 0,05

36 531,00 ANHEUSER-BUSCH INBEV -STRIP VVPR- EUR 219,19 146,12 0,00

Finance 1 718 912,77 0,263 136 759,52

9 305,00 GP BRUXELLES LAMBERT SA EUR 574 760,25 585 563,65 0,09

257 677,00 FORTIS EUR 813 673,51 440 627,67 0,07

13 997,00 KBC GROEP NV EUR 440 034,60 356 923,50 0,05

72 840,00 DEXIA SA EUR 1 158 611,51 189 384,00 0,03


1 744,00 GPE BRUX LAMBERT -STRIP VVPR- EUR 0,00 13,95 0,00

Raw materials 1 092 752,39 0,16745 071,91

7 313,00 SOLVAY SA EUR 536 736,11 583 211,75 0,08

13 092,00 UMICORE EUR 208 335,80 509 540,64 0,08


15 263,00 BELGACOM SA EUR 404 798,94 383 482,88 0,06

1 666,00 MOBISTAR SA EUR 88 492,38 80 817,66 0,01

Industries 396 514,40 0,06369 067,26

4 616,00 BEKAERT NV EUR 369 067,26 396 514,40 0,06

Health 298 593,44 0,04336 606,25

11 632,00 UCB SA EUR 336 606,25 298 593,44 0,04

NORWAY 7 361 879,17 1,096 397 410,45

Energy 2 523 474,88 0,372 201 821,34

128 395,00 STATOIL ASA NOK 2 011 257,56 2 282 138,69 0,33

18 961,00 AKER SOLUTIONS ASA NOK 190 563,78 241 336,19 0,04

Raw materials 1 537 878,52 0,231 220 085,23

22 577,00 YARA INTL ASA NOK 713 348,89 977 171,30 0,15

102 611,00 NORSK HYDRO ASA NOK 506 736,34 560 707,22 0,08





74


Telecommunications 1 227 540,10 0,18819 475,02

100 971,00 TELENOR ASA NOK 819 475,02 1 227 540,10 0,18

Finance 1 226 869,40 0,18941 219,29

116 811,00 DNB NOR ASA NOK 941 219,29 1 226 869,40 0,18

Industries 846 116,27 0,131 214 809,57

93 846,00 ORKLA ASA NOK 637 786,50 682 385,07 0,11

71 767,00 RENEWABLE ENERGY CORP AS NOK 577 023,07 163 731,20 0,02

IRELAND 5 300 637,65 0,794 722 363,13

Industries 2 115 774,32 0,311 629 781,30

209 075,00 EXPERIAN PLC GBP 1 503 635,78 1 947 153,53 0,28

44 727,00 RYANAIR HLDG PLC EUR 126 145,52 168 620,79 0,03

Health 1 338 528,37 0,201 199 675,58

61 120,00 SHIRE PLC GBP 847 765,29 1 100 637,92 0,16

57 323,00 ELAN CORP PLC EUR 351 910,29 237 890,45 0,04

Raw materials 1 251 594,00 0,191 361 652,47

80 748,00 CRH PLC EUR 1 361 652,47 1 251 594,00 0,19

Basic goods 394 251,33 0,06315 088,54

15 789,00 KERRY GP PLC -A- EUR 315 088,54 394 251,33 0,06

Finance 200 489,63 0,03216 165,24


LUXEMBOURG 5 085 096,03 0,764 179 454,11

Raw materials 2 767 390,56 0,412 528 154,89


Energy 1 048 537,35 0,16551 930,59

57 141,00 TENARIS SA EUR 551 930,59 1 048 537,35 0,16


9 066,00 MILLICOM INTL CELLULAR -SDR- SEK 493 276,18 649 366,45 0,10

Consumer retail 619 801,67 0,09606 092,45

34 791,00 SES EUR 606 092,45 619 801,67 0,09

AUSTRIA 3 621 351,79 0,543 368 334,93

Finance 1 888 054,43 0,271 724 854,93

34 102,00 ERSTE GP BANK AG EUR 1 056 931,78 1 198 344,28 0,17



3 179,00 RAIFFEISEN BANK INTERNATIONAL HOLDING AG EUR 108 874,50 130 339,00 0,02





75


Energy 572 830,90 0,09516 103,72

18 419,00 OMV AG EUR 516 103,72 572 830,90 0,09

Raw materials 443 129,50 0,07269 606,36




Multi-Utilities 274 813,16 0,04345 781,71


PORTUGAL 3 125 179,60 0,463 091 070,08

Basic goods 1 137 172,80 0,16797 377,93

99 752,00 JERONIMO MARTINS EUR 797 377,93 1 137 172,80 0,16

Multi-Utilities 538 322,54 0,08576 881,66




Energy 373 729,08 0,06314 716,43


Finance 363 732,56 0,05745 839,62



Industries 128 789,26 0,02145 926,54


Raw materials 50 700,00 0,0151 491,16


GREECE 2 886 072,82 0,434 511 609,65

Finance 1 769 579,85 0,263 224 437,95

166 747,00 NATIONAL BANK OF GREECE EUR 1 578 395,62 1 008 819,35 0,15


50 735,00 ALPHA BANK AE EUR 673 066,48 192 793,00 0,03

Basic goods 462 065,12 0,07404 468,47


Consumer retail 333 269,70 0,05399 018,58

25 755,00 OPAP SA EUR 399 018,58 333 269,70 0,05





76




Multi-Utilities 131 489,82 0,02152 159,78


BERMUDA 808 298,11 0,12497 258,48

Energy 808 298,11 0,12497 258,48

31 933,00 SEADRILL LTD NOK 496 955,93 807 564,69 0,12

1 505,00 INDEPENDENT TANKERS CORP LTD NOK 302,55 733,42 0,00

UNITED STATES 638 949,02 0,09568 037,88

Health 638 949,02 0,09568 037,88

6 326,00 SYNTHES INC CHF 568 037,88 638 949,02 0,09

JERSEY 606 700,41 0,09509 418,85

Raw materials 606 700,41 0,09509 418,85

9 855,00 RANDGOLD RESOURCES LTD GBP 509 418,85 606 700,41 0,09

GUERNSEY 486 122,58 0,07599 928,01

Finance 486 122,58 0,07599 928,01

177 930,00 RESOLUTION LTD GBP 599 928,01 486 122,58 0,07

MEXICO 377 302,63 0,06126 924,63

Raw materials 377 302,63 0,06126 924,63

19 382,00 FRESNILLO PLC GBP 126 924,63 377 302,63 0,06

CYPRUS 278 616,78 0,04352 725,02

Finance 278 616,78 0,04352 725,02


GIBRALTAR 2,40 0,002,20


1,00 PARTYGAMING PLC GBP 2,20 2,40 0,00

Other shares 806 426,84 0,12678 270,19

GERMANY 806 426,84 0,12678 270,19

Consumer retail 806 426,84 0,12678 270,19


5 839,00 BMW -PFD- EUR 170 519,43 224 801,50 0,03





77


Warrants 2 057,67 0,000,00

FRANCE 1 453,37 0,000,00

Finance 1 453,37 0,000,00

2 532,00 FONCIERE DES REGIONS WTS 31/12/2010 EUR 0,00 1 453,37 0,00

ITALY 604,30 0,000,00

Finance 604,30 0,000,00

58 311,00 MEDIOBANCA SPA-CW11 WTS 18/03/2011 EUR 0,00 320,71 0,00


UNQUOTED 54,99 0,00751 258,36

Shares 8,49 0,00751 258,36

IRELAND 8,49 0,00751 258,36

Finance 8,49 0,00751 258,36


Rights 46,50 0,000,00

AUSTRIA 46,50 0,000,00

Finance 46,50 0,000,00


Total Portfolio 648 705 275,93 96,37597 538 319,58





78


10 180,00 LON FTSE 100 ID 18/03/11 5 893,00 GBP 47 616,27 12 379 529,67Purchase

(138 137,34) 25 470 843,05

100 337,00 OMX IDX FUT 21/01/11 1 157,00 SEK (4 457,26) 4 323 195,48Purchase


10 112,00 SWI SWISS IDX M 18/03/11 6 358,00 CHF (121 236,35) 5 694 717,90Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


79


(2 800,00) DJ EURO STOXX 50 ST3000 21JAN11 EUR 84 000 000,00Sale CALL (89 600,00)(180 124,00)

84 000 000,00(180 124,00) (89 600,00)

LISTED ON AN OFFICAL STOCK EXCHANGE (89 600,00)(180 124,00) 84 000 000,00

OPTION CONTRACTS AS AT 31 DECEMBER 2010

Nominal /Quantity

Purchase /

Sale Call/Put DescriptionCommitment

(EUR)Currency Acquisition cost Market value


80


20/01/11 272 724,54 (2 662,04)EUR231 372,93 GBP

18 027,07

20/01/11 135 208,85 (955,52)EUR1 211 386,55 SEK

20/01/11 39 622,63 (19,76)EUR295 143,86 DKK

20/01/11 8 673,81 51,07EUR10 906,58 CHF

20/01/11 370,63 5,67USD281,96 EUR

20/01/11 1 303,26 20,85USD992,36 EUR

20/01/11 43 341,90 (44,44)NOK5 507,76 EUR

20/01/11 165 115,13 (126,05)NOK21 025,59 EUR

20/01/11 596 744,48 (21,92)DKK80 032,18 EUR

20/01/11 734 818,21 147,08SEK81 570,81 EUR

20/01/11 291 712,55 (2 757,56)CHF230 565,51 EUR

20/01/11 761 483,21 1 916,61GBP890 539,37 EUR

20/01/11 661,12 (13,19)EUR869,03 USD

20/01/11 79 184,56 2,86DKK10 625,58 EUR

20/01/11 129 308,31 (180,67)NOK16 384,03 EUR

20/01/11 429 079,06 133,17SEK47 678,56 EUR

20/01/11 184 675,68 (3 111,39)CHF144 599,42 EUR

20/01/11 299 830,27 2 673,46GBP352 564,30 EUR

20/01/11 54 992,09 209,29EUR69 004,80 CHF

20/01/11 41 500,41 (222,57)EUR372 455,68 SEK

20/01/11 24 250,58 89,21EUR189 943,70 NOK

20/01/11 22 391,79 (146,00)EUR19 058,82 GBP

20/01/11 6 879,52 (9,95)EUR8 587,35 CHF

20/01/11 6 633,09 (22,03)EUR59 652,54 SEK

20/01/11 3 538,38 (0,96)EUR26 362,93 DKK

20/01/11 9,69 (0,20)EUR12,73 USD

20/01/11 23,10 0,47USD17,69 EUR

20/01/11 92 220,50 (18,49)NOK11 795,17 EUR

20/01/11 129 128,18 (6,92)DKK17 315,81 EUR

20/01/11 269 323,84 3 076,08GBP317 367,05 EUR

20/01/11 316 749,68 (1 057,18)EUR270 465,90 GBP

20/01/11 289 214,51 (339,08)EUR361 110,35 CHF

20/01/11 51 822,34 (76,08)EUR466 913,72 SEK

20/01/11 36 116,77 (1,68)EUR269 150,83 DKK

20/01/11 16 095,55 33,11EUR125 865,42 NOK

20/01/11 135,58 (2,87)EUR178,00 USD

20/01/11 30 363,75 316,75USD22 951,36 EUR

20/01/11 223 639,14 299,53CAD168 008,69 EUR

20/01/11 14 070 190,21 (23 632,19)NOK1 778 792,55 EUR

20/01/11 23 043 675,22 1 689,72DKK3 093 030,85 EUR

20/01/11 71 751 962,80 (38 293,66)SEK7 912 397,69 EUR

20/01/11 23 775 823,91 (458 527,19)CHF18 558 303,49 EUR

20/01/11 45 142 757,08 536 543,81GBP53 216 473,00 EUR

20/01/11 170 007,36 (2 384,31)EUR143 609,11 GBP

20/01/11 123 821,70 1 241,66EUR156 336,15 CHF

20/01/11 11 086,24 (40,76)EUR99 664,91 SEK

20/01/11 45,46 (1,10)EUR59,50 USD

20/01/11 123 267,76 (136,01)NOK15 654,88 EUR

FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 31 DECEMBER 2010

Maturity Purchase commitment Sale commitmentUnrealised profit / (loss)

EURCurrency Currency


81


20/01/11 220 278,47 5,73DKK29 556,39 EUR

20/01/11 504 807,99 3 497,23EUR435 484,63 GBP

20/01/11 196 007,63 (1 005,88)EUR243 763,03 CHF

20/01/11 11 812,96 (0,62)EUR88 032,47 DKK

20/01/11 5 283,73 15,32EUR41 352,88 NOK

20/01/11 34,50 (0,35)EUR45,81 USD

20/01/11 239 092,28 98,58SEK26 591,92 EUR

20/01/11 182 500,54 (2 395,66)EUR154 302,78 GBP

20/01/11 72 481,59 (57,48)EUR539 747,01 DKK

20/01/11 29 474,68 (6,11)EUR265 899,00 SEK

20/01/11 774,74 (12,89)EUR1 021,82 USD

20/01/11 116,60 (2,78)EUR152,66 USD

20/01/11 10 897,83 (14,71)NOK1 381,33 EUR

20/01/11 27 479,67 (526,76)CHF21 452,55 EUR

20/01/11 333 237,32 (8,37)DKK44 695,88 EUR

20/01/11 589 625,00 (588,11)NOK74 944,25 EUR

20/01/11 250 660,40 358,53CHF200 846,49 EUR

20/01/11 2 503 927,95 624,20SEK278 079,44 EUR

20/01/11 523 559,62 4 408,57GBP615 383,30 EUR





82


Assets

Investments in securities at market value 932 671 010,40Banks 71 178 117,98Amounts due from brokers 4 071 106,88Unrealised profit on forward foreign exchange contracts (Note 8) 3 855 688,70Unrealised profit on future contracts (Note 8) 609 292,08Other interest receivable 2 165,23Receivable on subscriptions 18 950 938,39Other assets 843 899,97Total assets 1 032 182 219,63

Liabilities

Bank overdrafts (7 603 235,68)Unrealised loss on forward foreign exchange contracts (Note 8) (153 796,19)Other interest payable (189,76)Payable on redemptions (18 070 977,73)Other liabilities (914 246,72)Total liabilities (26 742 446,08)



Class I Units 2 266 532,39864,67EURClass IH Units 1 140 199,55293,74EURClass R Units 1 187 985,18264,34EURClass RH Units 182 350,01393,36EURClass Z Units 7 454 984,22867,41EURClass ZH Units 1 597 882,24097,58EUR



83









(24 820 297,43)

Change in unrealised appreciation / (depreciation) on investments 155 376 298,15Change in unrealised appreciation / (depreciation) on forward foreignexchange contracts

(Note 8) 4 586 149,84

Change in unrealised appreciation / (depreciation) on future contracts (Note 8) 617 847,58






84



Shares 929 044 442,06 92,41814 658 853,58

UNITED STATES 828 598 865,94 82,40736 773 858,81

Computing and IT 153 942 373,49 15,31126 159 720,63

87 075,00 APPLE INC USD 10 627 527,38 20 936 164,88 2,09


743 344,00 MICROSOFT CORP USD 14 329 376,49 15 470 287,71 1,55

120 548,00 IBM USD 10 044 336,15 13 187 450,70 1,31

23 608,00 GOOGLE INC -A- USD 7 858 456,34 10 452 419,78 1,04

386 680,00 ORACLE CORP USD 5 805 281,80 9 021 716,67 0,90

534 738,00 INTEL CORP USD 7 697 826,66 8 382 497,96 0,83

547 834,00 CISCO SYSTEMS INC USD 8 492 268,77 8 261 102,32 0,82

218 507,00 HEWLETT-PACKARD CO USD 6 252 348,42 6 857 101,64 0,68

155 915,00 QUALCOMM INC USD 4 619 612,80 5 751 729,98 0,57

207 154,00 EMC CORP/MASS USD 2 415 579,36 3 536 078,86 0,35

112 228,00 TEXAS INSTRUMENTS INC USD 2 278 423,48 2 718 802,88 0,27

47 706,00 VISA INC -A- USD 2 417 145,11 2 502 738,09 0,25

158 208,00 CORNING INC USD 2 127 766,14 2 278 393,32 0,23

108 782,00 EBAY INC USD 2 269 893,70 2 256 645,72 0,22

172 842,00 DELL INC USD 2 384 469,72 1 745 748,65 0,17

47 278,00 AUTOMATIC DATA PROCESSING USD 1 530 002,08 1 630 968,54 0,16

9 515,00 MASTERCARD INC -A- USD 1 301 517,08 1 589 509,63 0,16

28 781,00 COGNIZANT TECH SOLUTIONS -A- USD 844 792,90 1 572 330,13 0,16

216 969,00 MOTOROLA INC USD 2 371 307,28 1 466 891,90 0,15

44 933,00 BROADCOM CORP -A- USD 1 144 879,84 1 458 635,27 0,15

116 140,00 YAHOO! INC USD 1 756 276,90 1 439 684,10 0,14

35 039,00 NETAPP INC USD 766 400,39 1 435 461,55 0,14

136 918,00 APPLIED MATERIALS INC USD 1 541 756,74 1 433 936,79 0,14

146 046,00 XEROX CORP USD 1 165 651,60 1 254 108,99 0,12

54 585,00 ADOBE SYSTEMS INC USD 1 414 087,52 1 252 376,95 0,12

44 983,00 JUNIPER NETWORKS INC USD 869 008,74 1 237 950,40 0,12

87 196,00 SYMANTEC CORP USD 1 042 174,74 1 088 040,73 0,11

10 950,00 SALESFORCE.COM INC USD 665 009,91 1 077 410,46 0,11

20 606,00 CITRIX SYSTEMS INC USD 667 820,87 1 050 766,99 0,10

33 480,00 AGILENT TECHNOLOGIES INC USD 821 142,97 1 033 935,67 0,10

26 575,00 INTUIT INC USD 620 904,10 976 592,37 0,10

34 160,00 ANALOG DEVICES USD 795 127,64 959 194,36 0,10

33 830,00 ALTERA CORPORATION USD 651 680,18 897 224,40 0,09

64 642,00 WESTERN UNION CO USD 1 015 561,03 894 787,33 0,09

23 205,00 BMC SOFTWARE INC USD 599 791,30 815 387,95 0,08

21 460,00 SANDISK CORP USD 840 744,09 797 581,60 0,08

6 798,00 F5 NETWORKS INC USD 390 595,52 659 556,24 0,07

28 348,00 PAYCHEX INC USD 695 624,67 653 152,46 0,06

34 751,00 CA INC USD 621 054,09 633 084,45 0,06

15 577,00 AMPHENOL CORP -A- USD 403 321,43 612 838,93 0,06





85


17 340,00 AKAMAI TECHNOLOGIES USD 490 829,06 608 137,60 0,06

64 203,00 ACTIVISION BLIZZARD INC USD 583 762,95 595 345,18 0,06

50 383,00 NVIDIA CORP USD 698 281,71 578 359,51 0,06

12 742,00 FISERV INC USD 433 474,84 556 201,05 0,06

19 213,00 AUTODESK INC USD 621 823,57 547 081,06 0,05

25 243,00 XILINX INC USD 649 347,15 545 296,22 0,05

26 019,00 FIDELITY NATIONAL INFORMATION USD 618 341,48 531 221,65 0,05

15 453,00 RED HAT INC USD 334 517,46 525 831,65 0,05

18 664,00 MICROCHIP TECHNOLOGY INC USD 441 489,21 475 938,61 0,05

18 447,00 LINEAR TECHNOLOGY CORP USD 526 565,54 475 630,23 0,05

12 314,00 LAM RESEARCH CORP USD 401 931,31 475 285,24 0,05

18 611,00 WESTERN DIGITAL CORP USD 372 287,53 470 286,53 0,05

16 320,00 KLA-TENCOR CORPORATION USD 389 878,78 470 056,87 0,05

12 542,00 COMPUTER SCIENCES CORP USD 486 976,08 463 704,82 0,05

6 900,00 VMWARE INC -A- USD 300 360,57 457 291,19 0,05

13 244,00 MCAFEE INC USD 351 297,08 457 179,86 0,05

38 167,00 SAIC INC USD 513 995,16 451 215,85 0,04

73 836,00 ADVANCED MICRO DEVICES USD 458 085,10 450 209,44 0,04

25 183,00 MAXIM INTEGRATED PRODUCTS USD 352 665,77 443 384,49 0,04

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14 097,00 TERADATA CORP USD 301 185,49 432 509,05 0,04

70 041,00 MICRON TECHNOLOGY INC USD 782 819,45 418 716,28 0,04

15 883,00 VERISIGN INC USD 267 313,96 386 789,62 0,04

10 899,00 HARRIS CORP USD 254 734,80 368 025,57 0,04

14 673,00 AVNET INC USD 292 160,70 361 260,62 0,04

27 997,00 ELECTRONIC ARTS INC USD 329 196,94 341 836,58 0,03

16 827,00 SYNOPSYS INC USD 295 796,07 337 530,89 0,03

Finance 127 127 488,55 12,64134 854 198,97

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472 997,00 WELLS FARGO & CO USD 11 315 851,07 10 926 299,45 1,08

2 791 725,00 CITIGP INC USD 11 784 010,43 9 842 987,03 0,97

967 832,00 BANK OF AMERICA CORP USD 15 351 162,18 9 623 852,17 0,95

48 148,00 GOLDMAN SACHS GP INC USD 5 229 518,28 6 035 233,63 0,59

83 432,00 BERKSHIRE HATHAWAY INC -B- USD 4 853 079,87 4 982 100,94 0,50

191 268,00 US BANCORP USD 3 658 614,18 3 845 177,56 0,38

102 415,00 AMERICAN EXPRESS CORP USD 2 974 137,03 3 276 547,13 0,33

92 796,00 METLIFE INC USD 3 256 381,19 3 073 947,48 0,31

114 922,00 BANK OF NEW YORK MELLON CORP USD 2 881 735,93 2 587 040,66 0,26

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44 709,00 PRUDENTIAL FINANCIAL INC USD 1 802 609,85 1 956 591,55 0,19

45 182,00 AFLAC INC USD 1 532 924,49 1 900 503,34 0,19

45 169,00 TRAVELERS COS INC/THE USD 1 553 673,69 1 875 714,65 0,19

52 053,00 STATE STREET CORP USD 1 844 812,11 1 798 021,71 0,18

6 838,00 CME GP INC USD 1 865 701,57 1 639 988,45 0,16

46 714,00 CAPITAL ONE FINANCIAL CORP USD 1 878 177,39 1 481 978,19 0,15

69 421,00 BB&T CORP USD 1 732 182,81 1 360 424,95 0,14





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16 134,00 FRANKLIN RESOURCES INC USD 1 067 258,72 1 337 454,54 0,13

54 697,00 ALLSTATE CORP USD 1 402 308,48 1 299 795,28 0,13

29 090,00 CHUBB CORP USD 1 005 842,68 1 293 226,19 0,13

57 185,00 SUNTRUST BANKS INC USD 1 455 769,23 1 257 895,23 0,13

8 657,00 BLACKROCK INC USD 1 161 582,90 1 229 809,59 0,12

93 988,00 SCHWAB (CHARLES) CORP USD 1 138 772,00 1 198 713,94 0,12

58 773,00 MARSH & MCLENNAN COS USD 1 051 685,29 1 197 759,17 0,12

33 319,00 AON CORP USD 991 338,42 1 142 713,42 0,11

26 481,00 AMERIPRISE FINANCIAL INC USD 877 843,00 1 135 985,65 0,11

14 952,00 PUBLIC STORAGE USD 867 690,23 1 130 358,05 0,11

22 527,00 T ROWE PRICE GP INC USD 773 439,06 1 083 740,88 0,11

17 356,00 VORNADO REALTY TRUST USD 808 113,98 1 078 063,05 0,11

24 636,00 NORTHERN TRUST CORP USD 1 078 286,63 1 017 539,98 0,10

25 540,00 EQ RESIDENTIAL USD 755 141,23 989 007,49 0,10

35 934,00 HCP INC USD 776 272,04 985 436,14 0,10

88 861,00 FIFTH THIRD BANCORP USD 750 129,50 972 367,40 0,10

14 957,00 BOSTON PROPERTIES INC USD 837 909,10 959 932,69 0,10

52 771,00 INVESCO LTD USD 901 130,11 946 420,38 0,09

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66 029,00 HOST HOTELS & RESORTS INC USD 706 376,42 879 533,55 0,09

30 148,00 LOEWS CORP USD 769 665,00 874 405,49 0,09

65 342,00 ANNALY CAPITAL MANAGEMENT USD 855 998,32 872 817,74 0,09

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55 404,00 PROGRESSIVE CORP USD 824 809,58 820 601,16 0,08

9 657,00 AVALONBAY COMMUNITIES INC USD 691 968,12 810 178,79 0,08

115 809,00 KEYCORP USD 1 271 710,74 763 974,25 0,08

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6 542,00 INTERCONTINENTALEXCHANGE INC USD 459 455,59 581 028,88 0,06

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16 099,00 CIT GROUP INC USD 482 545,54 565 214,04 0,06

59 823,00 SLM CORP USD 1 309 960,46 561 418,93 0,06

26 947,00 LINCOLN NATIONAL CORP USD 665 418,01 558 604,65 0,06

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43 076,00 PROLOGIS USD 344 720,52 463 655,80 0,05

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32 982,00 KIMCO REALTY CORP USD 634 133,00 443 513,31 0,04

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20 045,00 LEUCADIA NATIONAL CORP USD 324 160,03 435 997,99 0,04





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41 033,00 HUDSON CITY BANCORP INC USD 405 749,74 389 668,98 0,04

39 500,00 GENWORTH FINANCIAL INC -A- USD 356 524,68 386 888,30 0,04

13 347,00 LEGG MASON INC USD 890 043,30 360 848,04 0,04

17 781,00 MOODY'S CORP USD 310 511,84 351 763,07 0,03

16 967,00 WR BERKLEY CORP USD 378 497,47 346 283,37 0,03

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28 637,00 PEOPLE'S UNITED FINANCIAL USD 343 906,17 299 060,32 0,03

Energy 101 394 181,53 10,0884 143 123,85

483 421,00 EXXON MOBIL CORP USD 23 712 100,48 26 348 435,41 2,63

190 799,00 CHEVRON CORP USD 10 420 348,95 12 977 830,68 1,29

131 623,00 SCHLUMBERGER LTD USD 6 210 251,05 8 192 404,68 0,81

136 536,00 CONOCOPHILLIPS USD 5 980 868,81 6 930 864,75 0,69

79 628,00 OCCIDENTAL PETROLEUM CORP USD 3 901 521,88 5 822 747,42 0,58

37 798,00 APACHE CORP USD 2 410 668,54 3 359 290,03 0,33

48 507,00 ANADARKO PETROLEUM CORP USD 1 932 529,71 2 753 749,86 0,27

88 146,00 HALLIBURTON CO USD 1 869 054,97 2 682 718,63 0,27

40 644,00 DEVON ENERGY CORPORATION USD 2 070 845,33 2 378 562,44 0,24

42 293,00 NATIONAL OILWELL VARCO INC USD 1 418 192,39 2 120 088,14 0,21

69 488,00 MARATHON OIL CORP USD 1 755 515,28 1 918 035,59 0,19

42 064,00 BAKER HUGHES INC USD 1 758 004,59 1 792 552,55 0,18

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31 021,00 HESS CORP USD 1 456 438,39 1 769 853,78 0,18

72 166,00 CHESAPEAKE ENERGY CORP USD 1 361 008,37 1 393 776,65 0,14

28 064,00 PEABODY ENERGY CORP USD 807 366,42 1 338 403,13 0,13

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64 043,00 VALERO ENERGY CORP USD 1 453 760,19 1 103 704,04 0,11

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15 978,00 NOBLE ENERGY INC USD 623 602,17 1 025 221,75 0,10

51 777,00 WILLIAMS COS INC USD 839 189,20 954 066,15 0,09

16 738,00 MURPHY OIL CORP USD 766 625,12 930 131,49 0,09

82 680,00 EL PASO CORP USD 697 358,77 848 031,61 0,08

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22 429,00 CONSOL ENERGY INC USD 693 285,93 814 870,46 0,08

21 157,00 CAMERON INTERNATIONAL CORP USD 575 728,25 800 040,71 0,08

11 444,00 PIONEER NATURAL RESOURCES CO USD 586 510,32 740 612,04 0,07

10 651,00 CIMAREX ENERGY CO USD 522 182,43 702 868,35 0,07

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15 610,00 HELMERICH & PAYNE USD 530 982,72 564 103,31 0,06

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39 000,00 PETROHAWK ENERGY CORP USD 523 482,13 530 543,03 0,05

37 153,00 DENBURY RESOURCES INC USD 457 151,97 528 680,09 0,05

15 451,00 RANGE RESOURCES CORP USD 595 894,68 518 047,02 0,05

11 392,00 ALPHA NATURAL RESOURCES INC USD 340 743,30 509 754,96 0,05

9 449,00 KINDER MORGAN MANAGEMENT LLC USD 365 303,35 471 058,94 0,05

12 162,00 EQUITABLE RESOURCES INC USD 357 221,82 406 502,99 0,04

15 436,00 ARCH COAL INC USD 447 640,71 403 403,65 0,04

15 660,00 PRIDE INTERNATIONAL INC USD 305 733,38 385 211,14 0,04





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12 525,00 QEP RESOURCES INC USD 216 732,48 338 997,99 0,03

9 298,00 SUNOCO INC USD 254 829,08 279 380,11 0,03

Consumer retail 94 436 687,27 9,3975 493 122,29

103 292,00 MCDONALD'S CORP USD 4 430 162,09 5 910 099,45 0,58

173 738,00 THE WALT DISNEY CO USD 3 846 740,77 4 857 748,41 0,47

32 850,00 AMAZON.COM INC USD 1 980 337,39 4 407 588,24 0,43

159 892,00 HOME DEPOT INC USD 3 250 978,42 4 178 609,46 0,42

294 461,00 FORD MOTOR COMPANY USD 1 795 133,00 3 685 289,55 0,37

192 981,00 COMCAST CORP -A- USD 2 852 004,25 3 160 368,66 0,31

63 208,00 TARGET CORP USD 2 088 199,98 2 833 064,02 0,28

107 266,00 TIME WARNER INC USD 3 283 185,52 2 572 209,18 0,26

137 128,00 LOWE'S COMPANIES INC USD 2 249 524,45 2 563 579,62 0,25

80 612,00 DIRECTV GP INC/THE USD 1 140 520,41 2 399 341,93 0,24

36 227,00 NIKE INC -B- USD 1 623 052,55 2 306 667,91 0,23

66 959,00 JOHNSON CONTROLS INC USD 1 390 502,88 1 906 625,77 0,19

174 771,00 NEWS CORP -PFD ADR- USD 1 967 805,34 1 896 810,23 0,19

74 000,00 STARBUCKS CORP USD 1 145 978,19 1 772 293,24 0,18

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34 322,00 TIME WARNER CABLE USD 464 421,33 1 689 300,93 0,17

48 271,00 CARNIVAL CORP USD 1 351 307,29 1 659 107,61 0,17

59 611,00 GENERAL MOTORS CO USD 1 537 937,47 1 637 852,83 0,16

53 649,00 VIACOM INC -B- USD 1 414 976,59 1 584 016,17 0,16

4 986,00 PRICELINE.COM INC USD 768 875,33 1 484 966,12 0,15

43 451,00 TYCO INTERNATIONAL LTD USD 1 799 102,73 1 342 185,86 0,13

34 700,00 LAS VEGAS SANDS CORP USD 552 345,28 1 188 524,47 0,12

34 035,00 OMNICOM GP USD 1 065 291,94 1 161 941,78 0,12

34 858,00 TJX COMPANIES INC USD 723 775,26 1 153 402,12 0,11

64 748,00 STAPLES INC USD 979 317,21 1 098 961,62 0,11

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63 363,00 COMCAST CORP -A- USD 1 053 924,20 982 881,02 0,10

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36 548,00 BEST BUY CORP INC USD 1 102 042,32 934 166,39 0,09

32 641,00 THOMSON REUTERS CORP CAD 786 392,36 911 891,10 0,09

24 550,00 BED BATH & BEYOND INC USD 686 790,42 899 431,63 0,09

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61 207,00 CBS CORP -B- (NVTG) USD 1 316 212,09 869 138,94 0,09

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46 040,00 GAP INC/THE USD 645 856,98 759 811,86 0,08

36 506,00 VIRGIN MEDIA INC USD 534 379,49 741 249,63 0,07

9 413,00 WYNN RESORTS LTD USD 533 411,08 728 594,48 0,07

26 077,00 MCGRAW-HILL COMPANIES INC USD 585 014,95 707 736,25 0,07

18 069,00 GENUINE PARTS CO USD 588 541,34 691 485,57 0,07

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27 382,00 CARMAX INC USD 541 757,04 650 693,72 0,06

3 200,00 AUTOZONE INC USD 357 765,70 650 209,09 0,06





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13 705,00 TIFFANY & CO USD 363 262,14 636 137,56 0,06

11 655,00 BORGWARNER INC USD 368 741,47 628 642,84 0,06

24 186,00 CABLEVISION SYSTEMS NY GP -A- USD 583 341,79 610 081,06 0,06

13 697,00 COOPER INDUSTRIES LTD -A- USD 446 460,65 595 131,10 0,06

46 801,00 NEWS CORP -B- USD 565 907,84 572 824,29 0,06

13 343,00 DOLLAR TREE INC USD 424 431,01 557 769,33 0,06

50 143,00 MGM MIRAGE USD 466 526,68 555 047,18 0,06

22 962,00 J.C. PENNEY CORP INC USD 747 808,87 553 018,69 0,06

46 665,00 LIBERTY MEDIA INTERACTIVE -A- USD 758 712,19 548 549,85 0,05

23 732,00 LIMITED BRANDS INC USD 447 018,79 543 613,25 0,05

8 919,00 AUTOLIV INC USD 505 488,39 524 815,22 0,05

19 887,00 HARLEY-DAVIDSON INC USD 374 864,32 513 944,53 0,05

26 899,00 MATTEL INC USD 324 014,60 509 888,99 0,05

10 807,00 ROSS STORES INC USD 258 218,09 509 517,16 0,05

6 141,00 POLO RALPH LAUREN CORP USD 386 421,73 507 740,84 0,05

8 128,00 SHERWIN-WILLIAMS CO/THE USD 325 621,60 507 413,07 0,05

63 864,00 INTERPUBLIC GP OF COS INC USD 776 022,06 505 561,24 0,05

3 779,00 NETFLIX INC USD 351 763,87 494 927,73 0,05

3 045,00 CHIPOTLE MEXICAN GRILL INC USD 605 795,63 482 687,71 0,05

7 345,00 VF CORP USD 419 456,73 471 836,38 0,05

12 631,00 FAMILY DOLLAR STORES USD 256 828,45 468 031,02 0,05

10 565,00 ABERCROMBIE & FITCH CORP -A- USD 290 421,26 453 848,87 0,05

6 789,00 WHIRLPOOL CORP USD 431 030,67 449 529,92 0,04

14 962,00 APOLLO GP INC -A- USD 670 933,75 440 422,93 0,04

30 660,00 INTL GAME TECHNOLOGY USD 753 593,10 404 290,11 0,04

13 439,00 PETSMART INC USD 334 460,85 398 897,53 0,04

11 300,00 ROYAL CARIBBEAN CRUISES LTD USD 199 253,41 395 885,36 0,04

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7 775,00 ADVANCE AUTO PARTS INC USD 214 889,34 383 374,64 0,04

10 846,00 DARDEN RESTAURANTS INC USD 266 444,04 375 452,45 0,04

10 270,00 HASBRO INC USD 188 592,37 361 178,19 0,04

13 446,00 LIBERTY GLOBAL INC -A- USD 292 249,11 354 604,36 0,04

25 802,00 NEWELL RUBBERMAID INC USD 339 969,12 349 655,52 0,03

18 587,00 EXPEDIA INC USD 278 049,22 347 618,67 0,03

12 340,00 DISCOVERY COMMUNICATIONS -C- USD 307 794,09 337 486,19 0,03

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10 315,00 URBAN OUTFITTERS INC USD 252 033,13 275 338,34 0,03

Health 92 689 738,30 9,2288 212 665,72

261 656,00 JOHNSON & JOHNSON USD 11 952 744,89 12 063 228,06 1,21

770 234,00 PFIZER INC USD 10 719 684,88 10 053 145,50 1,01

293 785,00 MERCK & CO INC USD 7 161 921,38 7 892 371,81 0,79

150 702,00 ABBOTT LABORATORIES USD 5 660 450,35 5 381 933,45 0,54

92 773,00 AMGEN INC USD 3 871 929,35 3 796 532,15 0,38

160 043,00 BRISTOL-MYERS SQUIBB CO USD 2 857 270,33 3 158 986,72 0,31

109 362,00 UNITEDHEALTH GP INC USD 2 635 782,80 2 943 656,08 0,29

102 423,00 MEDTRONIC INC USD 3 304 333,81 2 831 701,44 0,28

92 884,00 ELI LILLY & CO USD 2 838 409,13 2 426 041,04 0,24





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76 834,00 GILEAD SCIENCES INC USD 2 352 472,21 2 075 557,50 0,21

44 995,00 CELGENE CORP USD 1 805 318,53 1 983 529,72 0,20

52 479,00 BAXTER INTERNATIONAL INC USD 2 144 077,86 1 980 162,48 0,20

47 399,00 EXPRESS SCRIPTS INC USD 1 150 244,23 1 909 668,63 0,19

40 579,00 MEDCO HEALTH SOLUTIONS INC USD 1 020 789,64 1 853 285,62 0,18

41 581,00 THERMO FISHER SCIENTIFIC INC USD 1 164 052,71 1 715 869,08 0,17

37 341,00 WELLPOINT INC USD 1 518 653,55 1 582 653,84 0,16

30 029,00 ALLERGAN INC USD 1 390 176,46 1 537 096,22 0,15

28 335,00 MCKESSON CORP USD 1 018 978,64 1 486 502,40 0,15

21 431,00 BECTON DICKINSON & CORP USD 1 179 956,44 1 350 190,54 0,13

23 530,00 GENZYME CORP USD 1 141 093,48 1 248 806,23 0,12

24 183,00 BIOGEN IDEC INC USD 907 176,10 1 208 654,28 0,12

29 297,00 STRYKER CORP USD 1 047 934,56 1 172 709,85 0,12

38 284,00 CARDINAL HEALTH INC USD 1 299 508,14 1 093 257,83 0,11

20 305,00 MEAD JOHNSON NUTRITION CO-A USD 684 692,43 942 183,48 0,09

162 770,00 BOSTON SCIENTIFIC CORP USD 1 686 390,18 918 466,62 0,09

39 812,00 AETNA INC USD 1 135 385,62 905 418,45 0,09

21 665,00 LIFE TECHNOLOGIES CORP USD 541 575,62 896 282,29 0,09

32 066,00 CIGNA CORP USD 939 762,82 876 254,75 0,09

26 903,00 ST JUDE MEDICAL INC USD 790 951,18 857 294,36 0,09

33 355,00 AMERISOURCEBERGEN CORP USD 619 205,82 848 326,64 0,08

4 408,00 INTUITIVE SURGICAL INC USD 805 835,95 846 902,46 0,08

13 463,00 EDWARDS LIFESCIENCES CORP USD 471 619,02 811 262,29 0,08

33 714,00 FOREST LABORATORIES INC USD 735 291,89 803 677,63 0,08

19 315,00 HOSPIRA INC USD 663 607,29 801 798,18 0,08

19 360,00 HUMANA INC USD 661 394,46 789 956,69 0,08

17 787,00 ZIMMER HLDG INC USD 755 871,59 711 718,65 0,07

10 274,00 BARD (C.R.) INC USD 604 687,11 702 802,71 0,07

9 960,00 LABORATORY CORPORATION OF AMERICA HLDG USD 384 763,78 652 739,89 0,06

9 863,00 ALEXION PHARMACEUTICALS INC USD 584 658,51 592 199,06 0,06

10 324,00 VARIAN MEDICAL SYSTEMS INC USD 311 781,80 533 149,51 0,05

11 022,00 ILLUMINA INC USD 390 546,36 520 393,19 0,05

12 884,00 QUEST DIAGNOSTICS USD 484 391,35 518 317,98 0,05

8 899,00 WATERS CORP USD 394 021,43 515 479,33 0,05

11 141,00 HENRY SCHEIN INC USD 448 224,63 509 817,74 0,05

19 429,00 VERTEX PHARMACEUTICALS INC USD 452 168,65 507 322,03 0,05

12 727,00 WATSON PHARMACEUTICALS INC USD 424 611,52 489 992,58 0,05

9 601,00 PERRIGO CO USD 482 158,22 453 230,46 0,05

8 557,00 DAVITA INC USD 357 750,66 443 237,99 0,04

5 919,00 CERNER CORP COM USD 376 266,47 417 998,63 0,04

25 635,00 MYLAN INC USD 357 686,93 403 762,48 0,04

25 215,00 HOLOGIC INC USD 279 503,39 353 729,86 0,04

7 358,00 CEPHALON INC USD 340 414,97 338 515,72 0,03

17 452,00 CAREFUSION CORP USD 312 648,36 334 327,01 0,03

13 078,00 DENTSPLY INTERNATIONAL INC USD 327 566,64 333 103,69 0,03

5 609,00 BECKMAN COULTER INC USD 264 271,60 314 535,48 0,03

Basic goods 87 077 922,65 8,6677 284 670,85

270 304,00 PROCTER AND GAMBLE CO USD 12 051 465,92 12 961 616,28 1,29





91


198 085,00 COCA-COLA CO/THE USD 7 590 964,97 9 711 192,61 0,97

195 049,00 WAL-MART STORES INC USD 7 569 319,58 7 840 924,73 0,78

176 521,00 PHILIP MORRIS INTL USD 4 619 824,34 7 701 370,90 0,77

153 093,00 PEPSICO INC USD 6 856 307,48 7 455 231,40 0,74

164 073,00 KRAFT FOODS INC -A- USD 3 516 179,18 3 853 706,70 0,38

195 841,00 ALTRIA GP INC USD 4 095 804,25 3 594 055,70 0,36

130 193,00 CVS CAREMARK CORP USD 3 065 399,05 3 374 313,75 0,34

92 622,00 WALGREEN CO USD 2 415 853,27 2 689 838,71 0,27

44 292,00 COLGATE-PALMOLIVE CO USD 2 404 289,38 2 653 459,09 0,26

41 802,00 COSTCO WHOLESALE CORP USD 1 768 945,24 2 250 026,03 0,22

43 509,00 KIMBERLY CLARK CORP USD 1 992 791,01 2 044 506,25 0,20

58 523,00 GENERAL MILLS INC USD 1 338 855,06 1 552 557,54 0,15

66 261,00 ARCHER-DANIELS-MIDLAND CO USD 1 596 735,09 1 485 692,58 0,15

30 807,00 KELLOGG CO USD 1 208 721,63 1 172 987,63 0,12

49 125,00 SYSCO CORP USD 1 004 317,30 1 076 571,88 0,11

46 831,00 AVON PRODUCTS USD 1 152 117,28 1 014 430,22 0,10

26 974,00 HJ HEINZ CO USD 929 131,85 994 472,10 0,10

18 556,00 CLOROX CO USD 906 483,01 875 273,88 0,09

51 340,00 KROGER CO USD 918 808,10 855 698,56 0,09

13 145,00 LORILLARD INC USD 668 542,90 804 054,04 0,08

47 110,00 CONAGRA FOODS INC USD 837 002,34 792 921,47 0,08

42 227,00 COCA-COLA ENTERPRISES USD 338 309,92 787 851,22 0,08

14 912,00 JM SMUCKER CO/THE USD 679 034,15 729 732,62 0,07

29 000,00 REYNOLDS AMERICAN INC USD 486 970,06 705 139,58 0,07

53 634,00 SARA LEE CORP USD 821 481,82 700 034,54 0,07

16 430,00 MOLSON COORS BREWING CORP -B- USD 550 604,62 614 678,32 0,06

10 196,00 ESTEE LAUDER COMPANIES -A- USD 384 041,65 613 333,23 0,06

15 863,00 WHOLE FOODS MKT INC USD 381 182,04 598 195,50 0,06

35 062,00 SAFEWAY INC USD 612 290,61 587 786,05 0,06

20 954,00 DR PEPPER SNAPPLE GP INC USD 407 361,46 549 172,70 0,05

15 573,00 HERSHEY CO/THE USD 476 378,61 547 327,31 0,05

10 958,00 BUNGE LTD USD 542 239,27 535 178,09 0,05

30 359,00 CONSTELLATION BRANDS INC -A- USD 417 569,07 501 249,93 0,05

18 955,00 CAMPBELL SOUP CO USD 524 131,95 490 988,97 0,05

12 193,00 HORMEL FOODS CORP USD 385 889,95 465 888,84 0,05

8 545,00 ENERGIZER HLDG INC USD 442 424,03 464 336,40 0,05

8 389,00 CHURCH & DWIGHT CORP INC USD 382 437,22 431 596,87 0,04

26 814,00 TYSON FOODS INC -A- USD 402 710,59 344 181,79 0,03

9 695,00 MCCORMICK & CO-NON VTG SHRS USD 294 132,88 336 259,07 0,03

6 168,00 BROWN-FORMAN CORP -B- USD 247 622,72 320 089,57 0,03

Industries 86 348 032,01 8,5972 533 587,84

1 024 063,00 GENERAL ELEC CO USD 15 700 404,79 13 961 546,17 1,39

82 636,00 UNITED TECHNOLOGIES CORP USD 3 681 347,27 4 848 947,80 0,48

61 480,00 CATERPILLAR INC USD 2 421 918,92 4 292 211,84 0,43

62 302,00 3M CO USD 3 374 670,92 4 007 798,89 0,40

65 892,00 UNITED PARCEL SERVICE -B- USD 3 039 684,90 3 564 862,55 0,35

46 894,00 UNION PACIFIC CORP USD 2 194 483,58 3 238 938,57 0,32

65 188,00 BOEING CO USD 2 788 849,56 3 171 084,85 0,32





92


74 064,00 EMERSON ELECTRIC CO USD 2 325 087,32 3 156 228,90 0,31

73 761,00 HONEYWELL INTERNATIONAL INC USD 2 261 314,21 2 922 839,07 0,29

42 929,00 DEERE & CO USD 1 716 099,49 2 657 562,86 0,26

29 918,00 FEDEX CORP USD 1 788 244,80 2 074 222,49 0,21

39 122,00 CSX CORP USD 1 476 716,49 1 884 143,28 0,19

44 533,00 ILLINOIS TOOL WORKS USD 1 550 367,02 1 772 622,86 0,18

48 682,00 DANAHER CORP USD 997 002,35 1 711 699,11 0,17

36 512,00 NORFOLK SOUTHERN CORP USD 1 434 070,45 1 709 726,69 0,17

30 863,00 GENERAL DYNAMICS CORP USD 1 315 269,68 1 632 468,77 0,16

28 709,00 LOCKHEED MARTIN CORP USD 1 809 272,50 1 496 065,14 0,15

34 097,00 PACCAR INC USD 787 783,86 1 459 393,79 0,15

17 417,00 CUMMINS INC USD 716 463,50 1 428 231,65 0,14

27 812,00 NORTHROP GRUMMAN CORP USD 1 250 616,99 1 342 969,97 0,13

48 608,00 WASTE MANAGEMENT INC USD 1 172 747,60 1 335 900,23 0,13

38 615,00 RAYTHEON CO USD 1 330 288,31 1 333 844,51 0,13

17 622,00 EATON CORP USD 1 045 437,70 1 333 389,90 0,13

12 356,00 PRECISION CASTPARTS CORP USD 1 019 164,66 1 282 157,77 0,13

23 681,00 EXPEDITORS INTL WASH INC USD 712 576,78 963 797,55 0,10

14 184,00 GOODRICH CORP USD 604 856,30 931 150,45 0,09

14 458,00 PARKER HANNIFIN CORP USD 609 642,19 930 062,54 0,09

19 261,00 DOVER CORP USD 658 016,07 839 182,62 0,08

13 924,00 C.H. ROBINSON WORLDWIDE INC USD 573 381,17 832 295,15 0,08

14 598,00 L-3 COMMUNICATIONS HLDG USD 824 287,09 767 032,92 0,08

15 298,00 FLUOR CORP (NEW) USD 658 115,76 755 577,86 0,08

32 611,00 REPUBLIC SERVICES INC USD 656 720,57 725 850,29 0,07

16 019,00 FASTENAL CO USD 599 640,86 715 365,28 0,07

6 530,00 WW GRAINGER INC USD 423 659,12 672 250,98 0,07

11 752,00 ROPER INDUSTRIES INC USD 487 517,75 669 528,05 0,07

16 609,00 ITT CORP USD 628 872,69 645 145,53 0,06

14 685,00 ROCKWELL COLLINS INC USD 626 048,79 637 731,06 0,06

11 288,00 ROCKWELL AUTOMATION INC USD 501 350,52 603 378,54 0,06

30 362,00 PITNEY BOWES INC USD 469 070,20 547 242,49 0,05

8 400,00 JOY GLOBAL INC USD 331 142,22 543 177,67 0,05

5 230,00 FIRST SOLAR INC USD 507 358,26 507 347,62 0,05

15 286,00 AVERY DENNISON CORP USD 491 770,88 482 433,93 0,05

7 218,00 BUCYRUS INTERNATIONAL INC USD 307 858,85 481 002,72 0,05

16 350,00 AMETEK INC USD 277 855,53 478 355,26 0,05

17 263,00 PENTAIR INC USD 488 797,18 469 808,90 0,05

49 781,00 MASCO CORP USD 495 519,09 469 775,60 0,05

7 511,00 STERICYCLE INC USD 326 479,31 453 050,67 0,05

24 124,00 IRON MOUNTAIN INC USD 426 927,20 449 734,44 0,04

6 862,00 DUN & BRADSTREET CORP USD 426 165,52 419 888,62 0,04

10 600,00 TRW AUTOMOTIVE HLDG CORP USD 388 070,30 416 398,94 0,04

4 591,00 FLOWSERVE CORP USD 318 166,62 407 990,03 0,04

15 386,00 FOSTER WHEELER AG USD 331 340,14 395 903,78 0,04

10 706,00 PALL CORP USD 258 306,06 395 664,33 0,04

22 246,00 TEXTRON INC USD 313 748,98 392 005,84 0,04

10 753,00 JACOBS ENGINEERING GP INC USD 323 504,73 367 504,04 0,04

7 771,00 MANPOWER INC USD 289 514,24 363 540,65 0,04





93


Raw materials 33 380 452,71 3,3226 443 226,59

43 728,00 FREEPORT-MCMORAN COPPER USD 2 174 298,31 3 914 349,46 0,40

87 543,00 DU PONT (E.I.) DE NEMOURS USD 2 323 497,50 3 254 925,15 0,33

108 170,00 DOW CHEMICAL CO USD 1 759 340,25 2 752 729,16 0,27

52 517,00 MONSANTO CO USD 3 004 974,50 2 726 162,93 0,27

47 938,00 NEWMONT MINING CORP USD 1 772 196,45 2 195 096,22 0,22

30 197,00 PRAXAIR INC USD 1 506 636,44 2 148 937,86 0,21

112 509,00 ALCOA INC USD 1 655 013,37 1 290 681,31 0,13

18 825,00 AIR PRODUCTS & CHEMICALS INC USD 967 242,43 1 276 235,51 0,13

29 987,00 NUCOR CORP USD 1 023 633,73 979 486,67 0,10

46 710,00 INTERNATIONAL PAPER CO USD 683 602,01 948 440,54 0,09

14 889,00 PPG INDUSTRIES INC USD 777 622,71 933 038,82 0,09

15 702,00 CLIFFS NATURAL RESOURCES INC USD 459 426,31 913 058,04 0,09

8 900,00 CF INDUSTRIES HLDG INC USD 516 348,62 896 600,95 0,09

22 496,00 ECOLAB INC USD 679 656,53 845 475,99 0,08

13 207,00 MOSAIC CO/THE USD 354 274,66 751 732,34 0,07

14 647,00 SIGMA-ALDRICH USD 562 942,23 726 699,95 0,07

16 564,00 UNITED STATES STEEL CORP USD 539 000,22 721 306,61 0,07

47 365,00 WEYERHAEUSER CO USD 488 053,35 668 345,91 0,07

6 892,00 MARTIN MARIETTA MATERIALS USD 505 319,06 473 868,35 0,05

14 246,00 VULCAN MATERIALS CO USD 826 248,97 471 061,50 0,05

10 016,00 AIRGAS INC USD 400 953,35 466 325,79 0,05

11 128,00 ALLEGHENY TECHNOLOGIES INC USD 399 184,73 457 711,63 0,05

5 545,00 LUBRIZOL CORP USD 293 546,38 441 764,82 0,04

13 479,00 CELANESE CORP -A- USD 281 415,93 413 648,71 0,04

15 451,00 CROWN HLDG INC USD 310 345,14 384 446,63 0,04

7 115,00 BALL CORP USD 302 473,79 360 907,72 0,04

14 795,00 OWENS-ILLINOIS INC USD 345 231,69 338 568,45 0,03

8 095,00 INTL FLAVORS & FRAGRANCES USD 276 333,13 335 433,68 0,03

5 588,00 FMC CORP USD 268 301,59 332 768,31 0,03

8 433,00 RAYONIER INC USD 310 903,46 330 141,37 0,03

5 156,00 EASTMAN CHEMICAL CO USD 248 153,83 323 145,97 0,03

15 762,00 MEADWESTVACO CORP USD 427 055,92 307 356,36 0,03


565 810,00 AT&T INC USD 11 704 514,94 12 391 262,20 1,23

271 052,00 VERIZON COMMUNICATIONS INC USD 6 467 463,17 7 229 130,90 0,72

38 324,00 AMERICAN TOWER CORP -A- USD 1 050 537,73 1 475 197,61 0,15

29 913,00 CENTURYTEL INC USD 747 242,87 1 029 468,31 0,10

302 993,00 SPRINT NEXTEL CORP USD 2 628 412,45 955 357,90 0,10

26 744,00 CROWN CASTLE INTL CORP USD 614 801,56 873 757,61 0,09

127 862,00 QWEST COMMUNICATIONS INTL USD 590 267,89 725 302,69 0,07

89 924,00 FRONTIER COMMUNICATIONS CORP USD 195 658,19 652 201,20 0,06

45 862,00 WINDSTREAM CORP USD 336 065,68 476 550,47 0,05

12 636,00 NII HLDG INC USD 713 899,94 420 650,56 0,04

Multi-Utilities 25 973 109,98 2,5826 600 677,65

82 577,00 SOUTHERN CO USD 2 140 200,36 2 353 187,51 0,24





94


59 473,00 EXELON CORP USD 2 389 756,91 1 845 966,02 0,19

56 076,00 DOMINION RESOURCES INC/VA USD 1 744 419,37 1 785 670,84 0,18

123 683,00 DUKE ENERGY CORP USD 1 640 998,39 1 641 976,99 0,16

51 014,00 AMERICAN ELECTRIC POWER USD 1 429 601,94 1 368 181,37 0,14

37 847,00 P G & E CORP USD 1 152 333,33 1 349 633,25 0,13

34 340,00 FPL GP INC USD 1 341 766,00 1 330 801,39 0,13

55 547,00 PUBLIC SERVICE ENTERPRISE GP USD 1 363 054,18 1 317 095,95 0,13

34 805,00 CONSOLIDATED EDISON INC USD 1 217 565,73 1 286 037,68 0,13

52 266,00 PPL CORPORATION USD 1 350 694,11 1 025 411,74 0,10

31 185,00 PROGRESS ENERGY INC USD 1 103 907,65 1 010 714,32 0,10

18 793,00 ENTERGY CORP USD 1 095 970,46 992 216,61 0,10

54 847,00 XCEL ENERGY INC USD 878 872,70 962 801,87 0,10

34 301,00 FIRSTENERGY CORP USD 1 356 013,02 946 534,25 0,09

21 165,00 SEMPRA ENERGY USD 632 469,53 827 952,14 0,08

78 931,00 AES CORP USD 714 176,18 716 618,52 0,07

24 321,00 EDISON INTERNATIONAL USD 713 944,04 699 780,55 0,07

27 689,00 AMEREN CORPORATION USD 567 874,82 581 829,16 0,06

13 214,00 WISCONSIN ENERGY CORP USD 470 053,10 579 759,26 0,06

45 464,00 CALPINE CORP USD 470 566,51 452 081,37 0,04

17 400,00 NORTHEAST UTILITIES USD 333 286,51 413 485,89 0,04

9 743,00 ONEOK INC USD 350 167,74 402 850,59 0,04

33 544,00 CENTERPOINT ENERGY INC USD 373 423,43 393 061,52 0,04

10 752,00 DTE ENERGY CO USD 406 622,19 363 222,12 0,04

26 297,00 NISOURCE INC USD 330 043,95 345 386,41 0,03

14 859,00 CONSTELLATION ENERGY GP USD 430 396,14 339 257,70 0,03

10 761,00 SCANA CORP USD 320 590,66 325 665,54 0,03

16 759,00 AMERICAN WATER WORKS CO INC USD 281 908,70 315 929,42 0,03

CANADA 86 094 296,00 8,5666 393 949,19

Finance 29 274 004,92 2,9124 503 338,28

138 643,00 ROYAL BANK OF CANADA CAD 4 376 544,27 5 441 711,75 0,54

85 826,00 TORONTO-DOMINION BANK CAD 3 716 380,54 4 780 630,53 0,48

94 932,00 BANK OF NOVA SCOTIA CAD 2 821 147,33 4 066 479,52 0,40

177 061,00 MANULIFE FINANCIAL CORP CAD 3 149 055,31 2 278 016,62 0,23

52 529,00 BANK OF MONTREAL CAD 1 878 015,25 2 265 091,46 0,23

36 816,00 CAN IMPERIAL BANK OF COMMERCE CAD 1 440 157,72 2 163 388,81 0,22

56 933,00 BROOKFIELD ASSET MANAGEMENT -A- CAD 1 070 743,95 1 417 986,20 0,14

62 612,00 SUN LIFE FINANCIAL INC CAD 1 233 077,30 1 414 289,06 0,14

49 379,00 POWER CORP OF CANADA CAD 970 389,35 1 024 993,95 0,10

18 832,00 NATIONAL BANK OF CANADA CAD 790 559,69 968 018,48 0,10

36 936,00 POWER FINANCIAL CORP CAD 794 799,04 851 495,33 0,08

42 882,00 GREAT-WEST LIFECO INC CAD 831 324,60 849 275,92 0,08

1 998,00 FAIRFAX FINANCIAL HLDG LTD CAD 447 943,51 613 024,77 0,06

31 932,00 BROOKFIELD PROPERTIES CORP CAD 420 058,15 420 649,60 0,04

9 794,00 INTACT FINANCIAL CORP CAD 245 779,31 373 685,55 0,04

10 590,00 IGM FINANCIAL INC CAD 317 362,96 345 267,37 0,03





95


Energy 21 374 655,34 2,1315 758 568,28

151 718,00 SUNCOR ENERGY INC CAD 3 558 862,58 4 356 913,01 0,43

102 354,00 CANADIAN NATURAL RESOURCES CAD 1 975 115,15 3 405 401,28 0,34

68 386,00 TRANSCANADA CORP CAD 1 464 433,51 1 948 975,35 0,19

100 422,00 TALISMAN ENERGY INC CAD 1 030 256,79 1 666 417,58 0,17

66 640,00 CENOVUS ENERGY INC CAD 1 173 696,06 1 663 750,34 0,17

73 062,00 ENCANA CORP CAD 1 550 455,26 1 594 428,79 0,16

36 679,00 ENBRIDGE INC CAD 972 025,72 1 548 332,58 0,15

41 415,00 CAMECO CO CAD 857 628,87 1 252 081,40 0,12

56 028,00 NEXEN INC CAD 901 301,38 958 318,38 0,10

24 598,00 IMPERIAL OIL LTD CAD 295 601,00 748 827,34 0,07

33 423,00 HUSKY ENERGY INC CAD 667 325,38 665 701,91 0,07

19 891,00 CRESCENT POINT ENERGY CORP CAD 534 373,19 659 402,32 0,07

21 792,00 PACIFIC RUBIALES ENERGY CORP CAD 426 013,33 551 747,94 0,05

4 578,00 NIKO RESOURCES LTD CAD 351 480,06 354 357,12 0,04

Raw materials 20 527 108,78 2,0413 625 745,88

97 120,00 BARRICK GOLD CORP (CA0679011084 EN CAD) CAD 2 589 993,12 3 870 228,36 0,37

29 846,00 POTASH CORP OF SASKATCHEWAN CAD 2 437 855,28 3 458 150,56 0,34

81 048,00 GOLDCORP INC CAD 1 913 502,75 2 789 559,07 0,28

53 910,00 TECK RESOURCES LTD -B- CAD 1 455 391,59 2 498 948,91 0,25

109 199,00 KINROSS GOLD CORP CAD 1 221 961,35 1 549 102,09 0,15

17 721,00 AGRIUM INC CAD 608 375,85 1 216 407,73 0,12

36 540,00 SILVER WHEATON CORP USD 598 823,34 1 063 338,38 0,11

14 902,00 AGNICO-EAGLE MINES LTD CAD 467 337,47 856 333,98 0,09

82 215,00 YAMANA GOLD INC CAD 634 416,04 787 611,07 0,08

49 337,00 ELDORADO GOLD CORP CAD 430 400,65 684 722,06 0,07

7 357,00 FIRST QUANTUM MINERALS LTD CAD 360 604,03 596 066,02 0,06

23 999,00 IVANHOE MINES LTD CAD 272 237,87 414 086,27 0,04

28 459,00 IAMGOLD CORP CAD 236 544,58 378 955,18 0,04

33 380,00 OSISKO MINING CORP CAD 398 301,96 363 599,10 0,04

Industries 4 212 924,45 0,422 960 001,74

44 844,00 CANADIAN NATL RAILWAY CO CAD 1 373 900,93 2 232 107,58 0,22

20 150,00 CANADIAN PACIFIC RAILWAY LTD CAD 800 800,27 976 813,95 0,10

12 469,00 SNC-LAVALIN GP INC CAD 356 080,66 559 093,87 0,06

118 376,00 BOMBARDIER INC -B- CAD 429 219,88 444 909,05 0,04

Consumer retail 2 434 470,82 0,241 844 967,83

27 358,00 MAGNA INTERNATIONAL INC -A- CAD 883 928,62 1 065 381,68 0,10

29 085,00 SHAW COMMUNICATIONS INC -B- CAD 331 335,90 465 840,02 0,05

14 864,00 TIM HORTONS INC USD 317 866,31 456 816,91 0,05

8 727,00 CANADIAN TIRE CORP -A- CAD 311 837,00 446 432,21 0,04

Computing and IT 2 418 959,73 0,242 665 592,29

47 196,00 RESEARCH IN MOTION CAD 2 320 162,06 2 056 017,79 0,20

28 128,00 CGI GP INC -A- CAD 345 430,23 362 941,94 0,04





96



39 926,00 ROGERS COMMUNICATIONS -B- CAD 755 398,07 1 036 338,78 0,09

24 815,00 BCE INC CAD 584 333,15 657 886,05 0,07

14 006,00 TELUS CORP -NON VOTE- CAD 362 052,74 454 433,23 0,05

Basic goods 1 887 908,03 0,191 664 330,11

20 984,00 SHOPPERS DRUG MART INC CAD 549 020,21 622 278,71 0,07

7 602,00 WESTON (GEORGE) LTD CAD 418 118,56 480 186,35 0,05

14 866,00 SAPUTO INC CAD 363 069,84 441 407,56 0,04

10 146,00 METRO INC -A- CAD 334 121,50 344 035,41 0,03

Multi-Utilities 1 194 570,28 0,121 173 791,92

20 061,00 FORTIS INC CAD 446 214,54 511 382,43 0,05

8 926,00 CANADIAN UTILITIES LTD -A- CAD 309 842,49 364 271,87 0,04

20 100,00 TRANSALTA CORP CAD 417 734,89 318 915,98 0,03

Health 621 035,59 0,06495 828,90

29 273,00 VALEANT PHARMACEUTICAL CAD 495 828,90 621 035,59 0,06

IRELAND 4 981 739,11 0,502 921 481,39

Industries 3 363 260,50 0,342 366 238,13

63 879,00 ACCENTURE PLC -A- USD 1 717 516,90 2 308 890,99 0,24

30 038,00 INGERSOLL-RAND PLC USD 648 721,23 1 054 369,51 0,10

Health 1 618 478,61 0,16555 243,26

47 553,00 COVIDIEN LTD USD 555 243,26 1 618 478,61 0,16

SWITZERLAND 4 475 179,35 0,453 514 262,88

Energy 1 848 865,02 0,191 920 956,91

77 675,00 WEATHERFORD INTL LTD USD 1 432 271,82 1 320 107,34 0,14

19 831,00 NOBLE CORP USD 488 685,09 528 757,68 0,05

Finance 1 605 122,43 0,161 352 623,06

34 592,00 ACE LTD USD 1 352 623,06 1 605 122,43 0,16

Computing and IT 1 021 191,90 0,10240 682,91

38 700,00 TYCO ELECTRONICS LTD USD 240 682,91 1 021 191,90 0,10

BERMUDA 3 179 372,01 0,323 382 724,82

Finance 2 011 510,64 0,211 665 004,48

7 600,00 ARCH CAPITAL GP LTD USD 376 334,54 498 811,08 0,05

28 200,00 XL CAPITAL LTD -A- USD 319 846,80 458 666,47 0,05

6 582,00 PARTNERRE LTD USD 370 243,04 394 218,40 0,04

5 776,00 EVEREST REINSURANCE GP LTD USD 381 092,30 365 189,76 0,04

11 016,00 AXIS CAPITAL HLDG LTD USD 217 487,80 294 624,93 0,03





97


Computing and IT 743 935,82 0,071 085 065,16

53 802,00 MARVELL TECHNOLOGY GP LTD USD 1 085 065,16 743 935,82 0,07

Energy 423 925,55 0,04632 655,18

24 242,00 NABORS INDUSTRIES LTD USD 632 655,18 423 925,55 0,04

CAYMAN ISLANDS 501 433,20 0,05436 438,01

Computing and IT 501 433,20 0,05436 438,01

44 757,00 SEAGATE TECHNOLOGY USD 436 438,01 501 433,20 0,05

SINGAPORE 453 433,98 0,05620 028,51

Computing and IT 453 433,98 0,05620 028,51

77 491,00 FLEXTRONICS INTL LTD USD 620 028,51 453 433,98 0,05

GREAT-BRITAIN 401 966,65 0,04373 741,78

Finance 401 966,65 0,04373 741,78

15 572,00 WILLIS GP HLDG LTD USD 373 741,78 401 966,65 0,04

HONG KONG 358 155,82 0,04242 368,19

Raw materials 358 155,82 0,04242 368,19

20 499,00 SINO-FOREST CORPORATION CAD 242 368,19 358 155,82 0,04

Other shares 2 955 401,89 0,293 059 430,85

CANADA 2 955 401,89 0,293 059 430,85

Energy 2 943 019,43 0,293 058 591,32

48 279,00 PENN WEST ENERGY TRUST CAD 901 446,15 863 444,38 0,08

20 339,00 ENERPLUS RESOURCES FD CAD 596 634,70 467 964,84 0,04

12 979,00 BAYTEX ENERGY TRUST - UNITS CAD 419 008,04 453 826,85 0,05

40 610,00 PENGROWTH ENERGY TRUST CAD 401 160,09 389 344,19 0,04

19 561,00 CANADIAN OIL SANDS TRUST CAD 439 170,16 388 138,37 0,04

10 968,00 VERMILION ENERGY TRUST CAD 301 172,18 380 300,80 0,04

Finance 12 382,46 0,00839,53

642,00 GREAT-WEST LIFECO INC 5.90% PERP -PFD F- CAD 839,53 12 382,46 0,00

Rights 24 125,03 0,000,00

CANADA 24 125,03 0,000,00

Raw materials 24 125,03 0,000,00

23 999,00 IVANHOE MINES LTD RTS 26/01/2011 CAD 0,00 24 125,03 0,00





98


LISTED ON ANOTHER REGULATED MARKET 646 918,03 0,06422 411,05

Shares 646 918,03 0,06422 411,05

UNITED STATES 646 918,03 0,06422 411,05

Consumer retail 646 918,03 0,06422 411,05

14 364,00 O'REILLY AUTOMOTIVE INC USD 422 411,05 646 918,03 0,06

UNQUOTED 123,39 0,0018 607,16

Shares 123,39 0,0018 607,16

UNITED STATES 123,39 0,0018 607,16

Telecommunications 123,39 0,0018 607,16

16 553,00 METROMEDIA FIBER NETWORK -A- USD 18 607,16 123,39 0,00

Total Portfolio 932 671 010,40 92,76818 159 302,64





99


100 40,00 CHI NASDAQ 100 17/03/11 2 216,00 USD 3 693,49 6 607 282,62Purchase

609 292,08 70 371 465,13

250 244,00 CHI S&P 500 17/03/11 1 253,00 USD 523 694,61 56 973 649,88Purchase

200 59,00 THE S&P/TSE 60 17/03/11 767,10 CAD 81 903,98 6 790 532,63Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


100


20/01/11 1 016 372,19 (20 652,60)EUR1 335 498,83 USD

3 701 892,51

20/01/11 2 321 766,68 37 143,01USD1 767 900,44 EUR

20/01/11 5 103 806,49 77 890,68USD3 882 515,44 EUR

20/01/11 1 231 228,55 (32 630,06)EUR1 607 608,10 USD

20/01/11 892 853,19 9 750,87CAD679 310,14 EUR

20/01/11 10 452 324,62 163 776,43USD7 955 445,88 EUR

20/01/11 626 403,05 7 337,77CAD477 083,50 EUR

20/01/11 6 786 740,65 108 881,40USD5 168 046,87 EUR

20/01/11 29 644 465,41 39 703,95CAD22 270 376,34 EUR

20/01/11 282 297 471,82 2 944 828,17USD213 383 047,95 EUR

20/01/11 3 304 461,26 (79 986,14)EUR4 324 794,63 USD

20/01/11 2 382 171,40 5 996,06CAD1 792 409,52 EUR

20/01/11 21 208 809,02 154 294,31USD15 964 368,64 EUR

20/01/11 1 117 732,34 (18 602,95)EUR1 474 196,18 USD

20/01/11 406 297,97 (1 924,44)EUR539 145,09 CAD

20/01/11 2 008 267,24 2 735,88CAD1 508 754,98 EUR

20/01/11 16 849 245,83 303 350,17USD12 863 594,77 EUR





101


Assets

Investments in securities at market value 284 896 135,88Banks 15 996 245,68Amounts due from brokers 280 246,97Unrealised profit on forward foreign exchange contracts (Note 8) 33 808,29Unrealised profit on future contracts (Note 8) 107 483,59Other interest receivable 489,53Receivable on subscriptions 355 440,78Other assets 226 990,86Total assets 301 896 841,58

Liabilities

Bank overdrafts (1 043 456,49)Unrealised loss on forward foreign exchange contracts (Note 8) (1 619 432,59)Unrealised loss on future contracts (Note 8) (7 924,09)Other interest payable (0,05)Payable on investments purchased (626 843,69)Payable on redemptions (194 262,27)Other liabilities (327 146,52)Total liabilities (3 819 065,70)



Class I Units 683 432,74960,07EURClass IH Units 366 569,09270,10EURClass R Units 956 036,20759,87EURClass R2 Units 589,32280,03USDClass RH Units 160 716,34269,61EURClass Z Units 1 767 079,75362,53EURClass ZH Units 718 360,48572,87EUR



102









(15 287 358,99)


(Note 8) (3 185 647,25)







103



Shares 284 291 523,51 95,38264 279 587,92

JAPAN 284 291 523,51 95,38264 279 587,92

Consumer retail 56 715 704,19 19,0251 158 666,32

430 703,00 TOYOTA MOTOR CORP JPY 12 700 808,38 12 704 771,54 4,26


242 690,00 HONDA MOTOR CO LTD JPY 5 601 919,67 7 147 693,98 2,40

153 298,00 SONY CORP JPY 3 705 573,43 4 110 477,76 1,38

282 850,00 PANASONIC CORP JPY 3 131 546,78 2 987 573,38 1,00

389 530,00 NISSAN MOTOR CORP LTD JPY 2 221 495,01 2 758 376,19 0,93

80 731,00 DENSO CORP JPY 1 729 708,68 2 072 247,17 0,70

63 813,00 TOYOTA INDUSTRIES CORP JPY 1 376 095,56 1 473 720,41 0,49

97 446,00 BRIDGESTONE CORP JPY 1 291 924,31 1 400 619,12 0,47

146 010,00 SHARP CORP JPY 1 433 129,49 1 119 543,96 0,38

59 151,00 SUZUKI MOTOR CORP JPY 996 768,25 1 083 740,19 0,36

38 639,00 AISIN SEIKI CORP LTD JPY 751 354,91 1 016 938,28 0,34

64 372,00 NIKON CORP JPY 886 402,03 971 233,59 0,33

7 956,00 FAST RETAILING CORP LTD JPY 730 909,34 942 380,72 0,32

137 360,00 FUJI HEAVY INDUSTRIES LTD JPY 536 637,75 792 745,75 0,27

216 967,00 ISUZU MOTORS LTD JPY 469 356,67 733 420,66 0,25

343 038,00 MAZDA MOTOR CORP JPY 634 752,38 732 202,56 0,25

23 815,00 MAKITA CORP JPY 539 972,01 724 305,46 0,24

57 006,00 YAMAHA MOTOR CORP LTD JPY 587 783,35 690 897,31 0,23

28 395,00 DENTSU INC JPY 507 227,65 655 764,36 0,22

87 148,00 SEKISUI HOUSE LTD JPY 620 348,66 655 441,10 0,22

12 538,00 YAMADA DENKI CORP LTD JPY 654 423,29 636 313,48 0,21

1 009,00 RAKUTEN INC JPY 464 412,10 628 540,36 0,21

555 878,00 MITSUBISHI MOTORS CORP JPY 614 083,78 600 889,46 0,20

50 476,00 NGK SPARK PLUG CORP LTD JPY 565 442,85 576 150,66 0,19

8 018,00 ORIENTAL LAND CORP LTD JPY 441 310,08 552 353,34 0,19

59 576,00 ISETAN MITSUKOSHI HLDG LTD JPY 510 296,52 515 200,68 0,17

32 987,00 NOK CORP JPY 438 116,71 511 300,56 0,17

33 432,00 SEGA SAMMY HLDG INC JPY 260 321,06 473 177,33 0,16

7 072,00 NITORI CORP LTD JPY 397 486,50 459 974,43 0,15

24 421,00 TOYODA GOSEI CORP LTD JPY 412 372,81 426 625,91 0,14

22 809,00 MCDONALD'S HLDG CO JAPAN JPY 403 599,88 425 419,22 0,14

10 632,00 SHIMANO INC JPY 287 564,37 402 251,91 0,13

15 055,00 DENA CORP LTD JPY 279 473,14 401 610,65 0,13

8 731,00 SANKYO CO LTD JPY 350 115,58 366 721,54 0,12

5 999,00 USS CORP LTD JPY 321 953,69 364 905,18 0,12

45 220,00 NAMCO BANDAI HLDG INC JPY 336 721,22 361 226,94 0,12

65 508,00 SEKISUI CHEMICAL CORP LTD JPY 335 927,90 349 861,37 0,12

25 147,00 STANLEY ELECTRIC CORP LTD JPY 380 201,16 349 465,94 0,12

9 601,00 BENESSE HLDG JPY 285 767,63 328 943,39 0,11

4 263,00 SHIMAMURA CORP LTD JPY 280 155,27 294 065,04 0,10





104


70 415,00 J FRONT RETAILING CORP LTD JPY 318 033,77 286 405,43 0,10

42 567,00 TAKASHIMAYA CO LTD JPY 280 074,16 271 403,46 0,09

333,00 JUPITER TELECOMMUNICATIONS JPY 215 283,54 260 516,48 0,09

22 288,00 DAIHATSU MOTOR CO LTD JPY 203 578,39 254 403,00 0,09

5 501,00 RINNAI CORP JPY 232 527,72 249 951,88 0,08

40 887,00 MARUI GP CORP LTD JPY 206 950,97 247 956,97 0,08

29 000,00 NISSHINBO INDUSTRIES INC JPY 229 399,81 236 440,08 0,08

29 463,00 SUMITOMO RUBBER INDUSTRIES JPY 198 870,85 228 878,98 0,08

19 536,00 KOITO MANUFACTURING CO LTD JPY 219 384,74 227 285,88 0,08

24 034,00 YAMAHA CORP JPY 204 988,97 221 931,87 0,07

36 700,00 CASIO COMPUTER CORP LTD JPY 192 433,51 220 211,73 0,07

26 113,00 NHK SPRING CORP LTD JPY 183 680,04 211 227,55 0,07

Industries 56 063 505,73 18,8048 295 631,19

198 540,00 MITSUBISHI CORP JPY 3 349 481,86 3 997 687,08 1,34

29 683,00 FANUC LTD JPY 2 313 706,48 3 390 840,31 1,14

145 890,00 KOMATSU LTD JPY 2 178 328,50 3 283 702,26 1,10

253 757,00 MITSUI & CO LTD JPY 2 661 372,26 3 117 309,34 1,05

49 531,00 EAST JAPAN RAILWAY CO JPY 2 445 528,14 2 395 764,42 0,80

305 191,00 MITSUBISHI ELECTRIC CORP JPY 1 838 754,10 2 382 014,54 0,80

188 762,00 DAI NIPPON PRINTING CO LTD JPY 1 798 842,16 1 912 505,92 0,64

168 193,00 SUMITOMO CORP JPY 1 332 663,65 1 770 357,75 0,59

225 672,00 ITOCHU CORP JPY 1 292 568,76 1 699 349,02 0,57

173 404,00 ASAHI GLASS CORP LTD JPY 1 266 487,06 1 507 503,80 0,51

131 704,00 SUMITOMO ELECTRIC INDUSTRIES JPY 1 108 395,49 1 360 946,82 0,46

211,00 CENTRAL JAPAN RAILWAY CO JPY 1 262 914,36 1 314 390,64 0,44

9 908,00 SMC CORP JPY 992 993,96 1 262 543,12 0,42

240 300,00 MARUBENI CORP JPY 973 007,53 1 256 964,38 0,42

435 711,00 MITSUBISHI HEAVY INDUSTRIES JPY 1 204 097,39 1 217 394,84 0,41

160 245,00 KUBOTA CORP JPY 932 707,80 1 128 869,97 0,38

31 694,00 SECOM CORP LTD JPY 1 113 574,74 1 116 365,71 0,37

42 055,00 DAIKIN INDUSTRIES LTD JPY 1 086 340,23 1 109 540,65 0,37

301,00 WEST JAPAN RAILWAY CO JPY 869 019,19 836 870,54 0,28

158 973,00 MITSUI OSK LINES LTD JPY 877 050,27 806 800,62 0,27

225 706,00 NIPPON YUSEN JPY 706 073,44 744 352,58 0,25

68 844,00 YAMATO HLDG CORP LTD JPY 762 287,45 729 049,51 0,24

94 562,00 ODAKYU ELECTRIC RAILWAY CO JPY 541 829,88 654 894,79 0,22

96 433,00 NSK LTD JPY 509 185,94 648 417,65 0,22

131 811,00 SUMITOMO HEAVY INDUSTRIES JPY 538 665,68 630 311,53 0,21

47 723,00 TOYOTA TSUSHO CORP JPY 451 511,77 625 168,18 0,21

35 627,00 JS GP CORP JPY 436 905,64 583 226,03 0,20

85 347,00 TOPPAN PRINTING CORP LTD JPY 569 894,49 580 129,91 0,19

172 941,00 FURUKAWA ELECTRIC CORP LTD JPY 528 946,69 578 261,02 0,19

145 422,00 NTN CORP JPY 486 325,29 574 169,97 0,19

159 806,00 HANKYU HANSHIN HLDG INC JPY 587 249,49 551 909,06 0,19

34 088,00 JGC CORP JPY 388 922,92 551 786,62 0,19

265 342,00 NIPPON SHEET GLASS CORP LTD JPY 524 997,63 532 332,77 0,18

59 796,00 JTEKT CORP JPY 485 153,11 524 772,10 0,18

30 599,00 THK CORP LTD JPY 454 584,09 523 340,86 0,18





105


151 685,00 TOKYU CORP JPY 520 890,93 516 914,44 0,17

219 109,00 KINTETSU CORP JPY 576 992,71 509 831,92 0,17

120 220,00 TOBU RAILWAY CORP LTD JPY 471 289,52 502 197,63 0,17

41 095,00 NGK INSULATORS LTD JPY 526 693,10 498 813,22 0,17

198 491,00 KAWASAKI HEAVY INDUSTRIES JPY 304 388,87 496 405,47 0,17

133 078,00 NIPPON EXPRESS CORP LTD JPY 399 054,06 446 190,63 0,15

87 365,00 KEIO CORP JPY 389 555,03 443 384,33 0,15

67 100,00 KEIHIN ELEC EXPRESS RAILWAY JPY 386 049,09 440 732,19 0,15

18 598,00 KURITA WATER INDUSTRIES LTD JPY 395 398,66 435 812,69 0,15

90 384,00 MINEBEA CORP LTD JPY 399 194,91 423 930,45 0,14

22 770,00 HITACHI CONSTRUCTION MACHINE JPY 350 434,66 405 918,61 0,14

51 744,00 JAPAN STEEL WORKS LTD JPY 436 496,74 401 965,65 0,13

113 894,00 OBAYASHI CORP JPY 356 121,66 390 216,42 0,13

228 523,00 IHI CORP JPY 314 688,70 378 914,81 0,13

115 153,00 KAWASAKI KISEN KAISHA LTD JPY 379 240,46 376 596,75 0,13

131 125,00 ALL NIPPON AIRWAYS CORP LTD JPY 281 217,03 363 966,34 0,12

56 584,00 AMADA CO LTD JPY 246 912,53 342 632,22 0,11

199 760,00 SOJITZ CORP JPY 255 286,29 325 732,90 0,11

20 000,00 NABTESCO CORP JPY 283 560,85 317 329,89 0,11

50 000,00 KAMIGUMI CORP LTD JPY 294 921,90 312 383,06 0,10

156 090,00 KAJIMA CORP JPY 307 674,72 308 860,18 0,10

169 626,00 TAISEI CORP JPY 291 802,90 295 242,66 0,10

86 406,00 SHIMIZU CORP JPY 344 402,47 274 666,99 0,09

52 761,00 GS YUASA CORP JPY 296 657,20 271 632,93 0,09

50 024,00 KEISEI ELECTRIC RAILWAY CO JPY 209 263,52 248 376,67 0,08

54 378,00 HINO MOTORS LTD JPY 207 123,52 219 184,08 0,07

40 000,00 TOTO LTD JPY 199 951,72 215 828,29 0,07

Finance 48 215 530,34 16,1850 356 799,12

1 995 281,00 MITSUBISHI UFJ FIN GP JPY 8 875 725,76 8 024 198,78 2,68

214 277,00 SUMITOMO MITSUI FIN GP JPY 6 000 213,07 5 676 843,70 1,89

3 320 533,00 MIZUHO FIN GP INC JPY 5 276 935,88 4 654 063,70 1,56

521 887,00 NOMURA HLDG INC JPY 3 217 545,18 2 462 162,99 0,83

178 059,00 MITSUBISHI ESTATE CO LTD JPY 2 267 403,17 2 456 529,55 0,82

100 742,00 TOKIO MARINE HLDG INC JPY 2 202 822,54 2 239 821,64 0,75

130 556,00 MITSUI FUDOSAN CORP LTD JPY 1 655 571,66 1 936 318,41 0,65

80 358,00 MITSUI SUMITOMO INSURANCE GP JPY 1 661 383,00 1 498 051,09 0,50

1 064,00 DAI-ICHI MUTUAL LIFE INSURANCE JPY 1 310 175,98 1 285 640,41 0,43

15 925,00 ORIX CORP JPY 1 373 747,42 1 165 626,23 0,39

204 995,00 NKSJ HOLDINGS INC JPY 1 153 071,42 1 122 994,28 0,38

56 346,00 SUMITOMO REALTY & DEVELOPMNT JPY 724 738,67 1 000 861,52 0,34

200 293,00 SUMITOMO TRUST & BANKING CO JPY 828 669,38 939 439,52 0,32

239 363,00 DAIWA SECURITIES GP INC JPY 1 143 719,95 916 571,59 0,31

85 483,00 AEON CREDIT SERVICE CO LTD JPY 770 748,83 898 989,74 0,30

36 828,00 T&D HLDG INC JPY 779 431,53 694 989,82 0,23

170 165,00 BANK OF YOKOHAMA LTD/THE JPY 743 179,94 656 274,34 0,22

71 627,00 DAIWA HOUSE INDUSTRY CORP LTD JPY 535 314,12 654 847,83 0,22

94 041,00 SHIZUOKA BANK LTD/THE JPY 676 152,82 645 256,14 0,22

11 457,00 DAITO TRUST CONSTRUCT CORP LTD JPY 382 439,16 583 550,97 0,20





106


76,00 NIPPON BUILDING FD INC JPY 504 552,21 579 951,51 0,19

75,00 JAPAN REAL ESTATE INVESTMENT JPY 465 657,84 578 504,11 0,19

98 142,00 CHIBA BANK LTD/THE JPY 459 459,13 474 702,94 0,16

329,00 JAPAN RETAIL FD INVESTMENT JPY 341 196,14 469 264,39 0,16

141 949,00 CHUO MITSUI TRUST HLDG JPY 501 291,13 438 223,16 0,15

97 339,00 HACHIJUNI BANK LTD/THE JPY 407 772,63 404 832,92 0,14

87 100,00 RESONA HLDG INC JPY 826 946,16 388 579,79 0,13

126,00 SONY FINANCIAL HLDG INC JPY 282 008,05 379 174,40 0,13

3 214,00 SBI HLDG INC JPY 462 430,49 362 735,17 0,12

50 688,00 BANK OF KYOTO LTD/THE JPY 360 244,81 357 543,57 0,12

88 725,00 77 BANK LTD/THE JPY 377 848,08 350 313,09 0,12

104 406,00 FUKUOKA FIN GP INC JPY 299 490,46 337 623,96 0,11

36 661,00 CHUGOKU BANK LTD/THE JPY 335 526,74 330 134,50 0,11

103 076,00 HIROSHIMA BANK LTD/THE JPY 329 922,94 322 936,22 0,11

24 997,00 CREDIT SAISON CORP LTD JPY 270 500,50 305 704,79 0,10

196 735,00 HOKUHOKU FIN GP INC JPY 355 915,87 297 371,04 0,10

89 124,00 JOYO BANK LTD/THE JPY 277 473,62 291 471,42 0,10

76 508,00 TOKYU LAND CORP JPY 262 150,06 285 956,59 0,10

53,00 NOMURA REAL ESTATE OFFICE FD JPY 258 746,98 284 515,92 0,10

64 779,00 GUNMA BANK LTD/THE JPY 278 632,13 264 668,46 0,09

8 760,00 MITSUBISHI UFJ LEASE & FINAN JPY 226 343,38 258 400,33 0,09

12 299,00 AEON MALL CO LTD JPY 201 135,36 245 617,55 0,08

31 351,00 YAMAGUCHI FIN GP INC JPY 250 352,69 236 078,43 0,08

103 296,00 NISHI-NIPPON CITY BANK LTD JPY 202 727,37 233 729,51 0,08

32 411,00 SURUGA BANK LTD JPY 239 484,87 224 464,32 0,08

Computing and IT 44 018 991,87 14,7741 129 228,61

171 618,00 CANON INC JPY 5 273 049,02 6 618 781,18 2,21

937 976,00 HITACHI LTD JPY 3 095 778,35 3 720 597,71 1,25

14 471,00 NINTENDO CORP LTD JPY 3 143 258,28 3 159 044,02 1,06

470 512,00 FUJITSU LTD JPY 2 375 694,91 2 435 298,74 0,82

596 622,00 TOSHIBA CORP JPY 2 309 204,92 2 415 764,66 0,81

176 869,00 RICOH CORP LTD JPY 1 983 099,10 1 928 109,85 0,65

70 404,00 FUJIFILM HLDG CORP JPY 1 664 839,91 1 893 592,29 0,64

24 847,00 KYOCERA CORP JPY 1 590 515,05 1 886 955,17 0,63

30 411,00 MURATA MANUFACTURING CO LTD JPY 1 241 896,78 1 585 170,78 0,53

19 720,00 NIDEC CORP JPY 1 253 390,49 1 493 982,50 0,50

30 574,00 TOKYO ELECTRON LTD JPY 1 356 179,46 1 439 621,99 0,48

5 973,00 KEYENCE CORP JPY 954 813,91 1 286 953,70 0,43

214 468,00 SHIMADZU CORP JPY 1 281 070,44 1 239 723,84 0,42

14 007,00 HIROSE ELECTRIC CORP LTD JPY 1 086 183,47 1 174 084,39 0,39

60 080,00 HOYA CORP JPY 1 106 658,44 1 085 350,29 0,36

453 422,00 NEC CORP JPY 1 339 368,14 1 013 504,09 0,34

18 252,00 TDK CORP JPY 816 867,16 944 695,83 0,32

100 069,00 KONICA MINOLTA HLDG INC JPY 878 185,40 773 704,46 0,26

40 400,00 ADVANTEST CORP JPY 862 385,68 679 866,45 0,23

13 833,00 ROHM CORP LTD JPY 865 443,03 671 622,66 0,23

2 233,00 YAHOO! JAPAN CORP JPY 733 593,98 644 365,63 0,22

29 889,00 OMRON CORP JPY 447 231,60 588 958,76 0,20





107


52 478,00 NIPPON ELECTRIC GLASS CO LTD JPY 518 779,16 563 427,42 0,19

75 225,00 YASKAWA ELECTRIC CORP JPY 468 808,74 529 244,69 0,18

188,00 NTT DATA CORP JPY 624 546,76 484 118,62 0,16

19 484,00 IBIDEN CORP LTD JPY 566 793,44 457 288,56 0,15

52 403,00 ELPIDA MEMORY INC JPY 528 882,61 453 650,14 0,15

38 341,00 BROTHER INDUSTRIES LTD JPY 342 511,54 422 885,71 0,14

16 304,00 TREND MICRO INC JPY 394 434,77 400 427,66 0,13

11 800,00 HAMAMATSU PHOTONICS KK JPY 282 091,36 320 832,97 0,11

23 477,00 SEIKO EPSON CORP JPY 353 786,03 318 300,56 0,11

1 750,00 OBIC CORP LTD JPY 242 816,18 268 044,82 0,09

16 053,00 NOMURA RESEARCH INSTITUTE JPY 265 561,34 265 881,26 0,09

6 558,00 ORACLE CORP JAPAN JPY 239 430,02 239 705,17 0,08

46 400,00 CITIZEN HLDG CORP LTD JPY 217 158,06 238 034,06 0,08

23 984,00 SHINKO ELECTRIC INDUSTRIES JPY 224 424,29 199 938,35 0,07

16 700,00 SUMCO CORP JPY 200 496,79 177 462,89 0,06

Raw materials 22 795 498,76 7,6521 477 944,65

83 078,00 SHIN-ETSU CHEMICAL CORP LTD JPY 3 287 171,54 3 348 665,75 1,13

777 458,00 NIPPON STEEL CORP JPY 2 129 758,38 2 079 662,59 0,71

69 693,00 JFE HLDG INC JPY 1 803 338,99 1 805 517,31 0,62

886 412,00 SUMITOMO METAL INDUSTRIES JPY 1 759 811,20 1 624 047,45 0,55

79 106,00 SUMITOMO METAL MINING CORP LTD JPY 799 674,47 1 028 312,02 0,35

205 614,00 ASAHI KASEI CORP JPY 798 738,02 998 301,31 0,33

193 481,00 MITSUBISHI CHEMICAL HLDG JPY 742 028,49 976 614,15 0,33

210 238,00 TORAY INDUSTRIES INC JPY 832 033,00 934 084,24 0,31

228 992,00 SUMITOMO CHEMICAL CORP LTD JPY 790 423,40 839 099,37 0,28

23 851,00 NITTO DENKO CORP JPY 764 601,96 835 739,87 0,28

376 336,00 KOBE STEEL LTD JPY 549 417,77 710 192,49 0,24

50 661,00 KURARAY CORP LTD JPY 399 223,79 540 206,53 0,18

101 588,00 DOWA HLDG CORP LTD JPY 459 431,68 496 024,02 0,17

135 852,00 OJI PAPER CORP LTD JPY 519 836,75 489 093,26 0,16

165 777,00 MITSUI CHEMICALS INC JPY 422 115,08 441 926,82 0,15

251 035,00 SHOWA DENKO K K JPY 381 944,53 420 841,40 0,14

176 139,00 MITSUBISHI MATERIALS CORP JPY 377 194,31 417 915,41 0,14

125 643,00 TEIJIN LTD JPY 384 009,15 399 393,38 0,13

174 606,00 UBE INDUSTRIES LTD JPY 310 461,69 390 285,20 0,13

26 871,00 TOYO SEIKAN KAISHA LTD JPY 332 042,64 380 316,71 0,13

41 263,00 HITACHI METALS LTD JPY 368 557,91 368 551,77 0,12

26 400,00 JSR CORP JPY 374 358,15 366 395,09 0,12

17 356,00 NIPPON PAPER GP INC JPY 442 022,25 338 658,78 0,11

58 973,00 MITSUBISHI GAS CHEMICAL CO JPY 244 594,30 311 718,18 0,10

86 154,00 DENKI KAGAKU KOGYO K K JPY 296 182,71 304 646,25 0,10

42 777,00 TAIYO NIPPON SANSO CORP JPY 291 922,21 280 971,69 0,09

53 358,00 KANEKA CORP JPY 290 925,01 275 195,31 0,09

104 402,00 MITSUI MINING & SMELTING CO JPY 239 513,08 256 316,58 0,09

46 074,00 DAICEL CHEMICAL INDUSTRIES JPY 262 185,88 250 290,12 0,08

15 451,00 HITACHI CHEMICAL CORP LTD JPY 247 976,54 237 934,49 0,08

22 865,00 NISSAN CHEMICAL INDUSTRIES JPY 200 906,27 220 563,00 0,07

49 332,00 DAIDO STEEL CORP LTD JPY 188 546,82 215 565,97 0,07





108


22 364,00 AIR WATER INC JPY 186 996,68 212 452,25 0,07

Health 14 987 514,57 5,0313 942 343,26

106 556,00 TAKEDA PHARMACEUTICAL CO LTD JPY 3 648 883,63 3 899 669,34 1,31

64 806,00 ASTELLAS PHARMA INC JPY 1 791 693,88 1 837 422,21 0,62

100 361,00 DAIICHI SANKYO CORP LTD JPY 1 561 179,21 1 633 749,62 0,55

25 760,00 TERUMO CORP JPY 859 956,12 1 078 437,92 0,36

37 586,00 EISAI CORP LTD JPY 974 300,25 1 012 293,69 0,34

42 488,00 OLYMPUS CORP JPY 936 998,06 956 712,08 0,32

38 701,00 SHIONOGI & CORP LTD JPY 511 642,28 568 314,58 0,19

27 718,00 TAISHO PHARMACEUTICAL CORP LTD JPY 440 825,64 451 213,84 0,15

12 165,00 ONO PHARMACEUTICAL CORP LTD JPY 390 856,38 422 361,59 0,14

30 093,00 CHUGAI PHARMACEUTICAL CORP LTD JPY 390 276,46 410 756,88 0,14

30 899,00 MITSUBISHI TANABE PHARMA JPY 265 906,24 388 074,38 0,13

11 348,00 ALFRESA HLDG CORP JPY 399 433,34 374 763,85 0,13

12 869,00 SANTEN PHARMACEUTICAL CORP LTD JPY 293 872,50 332 450,51 0,11

10 200,00 MIRACA HOLDINGS INC JPY 278 186,96 305 549,10 0,10

38 869,00 KYOWA HAKKO KIRIN CORP LTD JPY 291 922,94 297 675,26 0,10

8 911,00 HISAMITSU PHARMACEUTICAL CO JPY 210 873,78 279 180,86 0,09

11 300,00 SUZUKEN CORP LTD JPY 266 141,97 256 722,08 0,09

4 724,00 SYSMEX CORP JPY 206 078,81 243 641,56 0,08

9 904,00 TSUMURA & CO JPY 223 314,81 238 525,22 0,08

Multi-Utilities 14 005 085,27 4,7013 487 567,34

200 824,00 TOKYO ELECTRIC POWER CORP INC JPY 3 774 180,58 3 648 139,35 1,23

106 833,00 KANSAI ELECTRIC POWER CO INC JPY 1 788 464,19 1 961 264,79 0,66

88 288,00 CHUBU ELECTRIC POWER CO INC JPY 1 579 668,25 1 614 341,11 0,54

364 046,00 TOKYO GAS CORP LTD JPY 1 088 674,22 1 200 582,08 0,40

63 099,00 TOHOKU ELECTRIC POWER CORP INC JPY 985 978,18 1 046 246,80 0,35

53 152,00 KYUSHU ELECTRIC POWER CORP INC JPY 835 095,71 886 184,38 0,30

306 633,00 OSAKA GAS CORP LTD JPY 810 093,61 884 835,50 0,30

47 044,00 CHUGOKU ELECTRIC POWER CO JPY 682 519,13 711 084,61 0,24

29 790,00 HOKURIKU ELECTRIC POWER CO JPY 530 075,51 544 435,57 0,18

23 594,00 SHIKOKU ELECTRIC POWER CO JPY 482 169,60 516 141,75 0,17

25 907,00 HOKKAIDO ELECTRIC POWER CO JPY 364 075,97 393 965,60 0,13

14 865,00 ELECTRIC POWER DEVELOPMENT C JPY 328 086,64 346 838,22 0,12

67 493,00 TOHO GAS CORP LTD JPY 238 485,75 251 025,51 0,08

Basic goods 13 434 351,38 4,5112 219 556,60

109 833,00 SEVEN & I HLDG CORP LTD JPY 2 104 277,57 2 183 361,62 0,74

675,00 JAPAN TOBACCO INC JPY 1 662 247,18 1 858 152,44 0,62

85 051,00 KAO CORP JPY 1 589 778,38 1 704 746,60 0,57

127 818,00 KIRIN HLDG CORP LTD JPY 1 277 829,63 1 333 671,38 0,45

86 945,00 AEON CO LTD JPY 790 532,45 809 228,95 0,27

55 078,00 ASAHI BREWERIES LTD JPY 646 464,82 793 670,02 0,27

46 012,00 SHISEIDO CORP LTD JPY 672 002,33 747 752,40 0,25

96 129,00 AJINOMOTO CORP INC JPY 712 693,32 745 002,76 0,25

16 353,00 UNICHARM CORP JPY 343 639,25 483 874,85 0,16

13 577,00 MEIJI HLDG CO LTD JPY 403 469,23 456 460,26 0,15





109


15 750,00 YAKULT HONSHA CORP LTD JPY 255 244,51 337 476,76 0,11

8 607,00 LAWSON INC JPY 283 363,18 316 570,50 0,11

19 116,00 TOYO SUISAN KAISHA LTD JPY 315 513,24 316 437,73 0,11

31 301,00 NISSHIN SEIFUN GP INC JPY 280 449,94 295 631,00 0,10

10 771,00 NISSIN FOOD PRODUCTS CORP LTD JPY 242 190,66 287 132,34 0,10

9 732,00 FAMILYMART CORP LTD JPY 235 444,52 272 807,70 0,09

32 958,00 UNY CORP LTD JPY 205 001,43 247 877,49 0,08

25 155,00 NIPPON MEAT PACKERS INC JPY 199 414,96 244 496,58 0,08


120 727,00 SOFTBANK CORP JPY 2 149 523,44 3 108 839,82 1,05

2 203,00 NTT DOCOMO INC JPY 2 512 003,20 2 861 698,13 0,96

72 665,00 NIPPON TELEGRAPH & TELEPHONE JPY 2 314 033,54 2 446 333,78 0,82

433,00 KDDI CORP JPY 1 776 965,75 1 860 346,45 0,62

Energy 3 778 123,22 1,273 459 324,90

334 733,00 JX HOLDINGS INC JPY 1 346 916,47 1 689 597,35 0,57

323,00 INPEX CORP JPY 1 526 294,54 1 406 974,20 0,47

46 895,00 TONENGENERAL SEKIYU KK JPY 314 464,44 381 480,72 0,13

3 800,00 IDEMITSU KOSAN CORP LTD JPY 271 649,45 300 070,95 0,10


Shares 604 612,37 0,20634 768,06

JAPAN 604 612,37 0,20634 768,06

Health 604 612,37 0,20634 768,06

33 000,00 OTSUKA HOLDINGS CO LTD JPY 634 768,06 604 612,37 0,20

Total Portfolio 284 896 135,88 95,58264 914 355,98





110


10 000 166,00 NAG JAPAN TOPIX 10/03/11 896,00 JPY 107 483,59 13 625 397,75Purchase

99 559,50 15 683 095,18

1 000 22,00 OSA NIKKEI 225 10/03/11 10 210,00 JPY (7 924,09) 2 057 697,43Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


111


05/01/11 300 000 000,00 33 808,29JPY2 782 171,05 EUR

(1 585 624,30)

20/01/11 9 800 146 605,00 (1 607 525,89)JPY88 185 091,38 EUR

20/01/11 43 000 000,00 (1 967,95)JPY392 014,17 EUR

20/01/11 322 575,23 (1 853,34)EUR35 000 000,00 JPY

20/01/11 50 000 000,00 (4 024,22)JPY454 094,53 EUR

20/01/11 20 832 817,00 (3 695,52)JPY187 182,56 EUR

20/01/11 30 000 000,00 (365,67)JPY274 505,58 EUR





112


Assets

Investments in securities at market value 152 660 567,62Banks 5 013 353,07Amounts due from brokers 269 875,79Unrealised profit on forward foreign exchange contracts (Note 8) 62 612,92Unrealised profit on future contracts (Note 8) 48 813,64Receivable on subscriptions 393 352,28Other assets 154 805,06Total assets 158 603 380,38

Liabilities

Bank overdrafts (1 213 052,24)Unrealised loss on forward foreign exchange contracts (Note 8) (375 892,46)Unrealised loss on future contracts (Note 8) (34 705,54)Other interest payable (709,65)Payable on redemptions (84 682,00)Other liabilities (192 883,62)Total liabilities (1 901 925,51)



Class I Units 63 283,745197,12EURClass IH Units 71 841,086159,70EURClass R Units 287 733,936194,57EURClass RH Units 63 076,575156,23EURClass Z Units 321 369,640206,26EURClass ZH Units 3 744,829167,01EUR



113



Net income from investments 5 066 250,80Interest on bank accounts 166,54






11 875 816,55


(Note 8) 77 366,04







114



Shares 151 784 403,80 96,86120 818 678,33

AUSTRALIA 97 449 766,65 62,1976 933 896,70

Finance 41 596 709,09 26,5534 407 329,25

218 353,00 COMMONWEALTH BANK AUSTRALIA AUD 6 421 191,75 8 451 139,17 5,40


461 914,00 WESTPAC BANKING CORP AUD 6 336 583,79 7 820 933,82 4,99

391 225,00 AUST & NZ BANKING GP AUD 5 165 596,01 6 964 058,51 4,44

253 272,00 NATIONAL AUSTRALIA BANK LTD AUD 4 182 425,73 4 575 983,53 2,92

164 726,00 QBE INSURANCE GP LTD AUD 2 068 921,55 2 279 227,67 1,45

248 298,00 WESTFIELD GP AUD 2 043 853,49 1 813 375,14 1,16

334 480,00 AMP LTD AUD 1 312 625,53 1 348 884,47 0,86

39 304,00 MACQUARIE GP LTD AUD 1 070 298,06 1 108 931,61 0,71

366 472,00 INSURANCE AUSTRALIA GP AUD 908 700,28 1 083 980,45 0,69

152 267,00 SUNCORP GROUP LTD AUD 887 430,39 999 442,63 0,64

178 469,00 AXA ASIA PACIFIC HLDG AUD 666 582,64 858 501,54 0,55

302 059,00 STOCKLAND AUD 742 043,40 828 978,39 0,53

27 806,00 ASX LTD AUD 574 739,48 798 726,95 0,51

906 297,00 DEXUS PROPERTY GP AUD 521 016,78 549 270,91 0,35

528 792,00 MIRVAC GP AUD 524 808,83 493 821,38 0,32

218 669,00 GPT GP AUD 429 077,62 490 098,62 0,31

248 298,00 WESTFIELD RETAIL TRUST AUD 0,00 486 469,11 0,31

63 937,00 LEND LEASE GROUP AUD 367 851,84 420 641,36 0,27

29 563,00 BENDIGO AND ADELAIDE BANK AUD 183 582,08 224 243,83 0,14

Raw materials 27 806 365,19 17,7419 603 616,31

415 816,00 BHP BILLITON LTD AUD 9 485 852,27 14 343 948,16 9,16

52 928,00 RIO TINTO LTD AUD 2 333 319,29 3 448 642,01 2,20

111 544,00 NEWCREST MINING LTD AUD 2 558 177,01 3 438 795,01 2,19

67 240,00 ORICA LTD AUD 932 538,37 1 276 368,21 0,81

230 272,00 FORTESCUE METALS GP LTD AUD 780 138,39 1 148 068,52 0,73

256 180,00 INCITEC PIVOT LTD AUD 622 379,03 773 373,58 0,49

144 200,00 AMCOR LTD AUD 605 689,56 742 024,01 0,47

509 681,00 OZ MINERALS LTD AUD 556 215,43 668 306,70 0,43

308 889,00 ALUMINA LTD AUD 447 675,62 583 986,83 0,37

196 484,00 BLUESCOPE STEEL LTD AUD 339 933,40 337 022,30 0,22

87 049,00 BORAL LTD AUD 274 226,85 320 523,48 0,20

150 496,00 ONESTEEL LTD AUD 297 801,17 297 148,57 0,19

22 173,00 MACARTHUR COAL LTD AUD 196 767,16 216 363,18 0,14

12 880,00 SIMS METAL MANAGEMENT LTD AUD 172 902,76 211 794,63 0,14

Basic goods 9 749 872,13 6,227 480 390,38

194 048,00 WOOLWORTHS LTD AUD 3 154 738,73 3 989 689,01 2,54

117 414,00 WESFARMERS LTD AUD 1 866 708,27 2 864 301,89 1,83

325 385,00 FOSTER'S GP LTD AUD 1 184 400,31 1 408 947,44 0,90





115


79 482,00 COCA-COLA AMATIL LTD AUD 555 429,83 658 032,80 0,42

17 974,00 WESFARMERS LTD -PPS- AUD 357 646,92 442 584,49 0,28

123 297,00 METCASH LTD AUD 361 466,32 386 316,50 0,25

Energy 6 348 531,53 4,055 153 775,34

73 689,00 WOODSIDE PETROLEUM LTD AUD 2 032 181,77 2 390 854,84 1,54

167 160,00 ORIGIN ENERGY LTD AUD 1 587 124,73 2 123 030,76 1,35

91 205,00 SANTOS LTD AUD 775 634,72 914 309,70 0,58

30 980,00 WORLEYPARSONS LTD AUD 541 441,56 631 526,74 0,40

76 845,00 PALADIN ENERGY LTD AUD 217 392,56 288 809,49 0,18

Industries 4 457 415,14 2,844 030 459,12

166 823,00 BRAMBLES LTD AUD 777 127,58 905 492,48 0,58

399 409,00 QR NATIONAL LTD AUD 811 851,69 837 335,43 0,53

159 721,00 TRANSURBAN GP AUD 543 808,82 623 420,26 0,40

22 322,00 LEIGHTON HLDG LTD AUD 447 535,64 523 782,09 0,33

413 274,00 ASCIANO GP AUD 441 364,83 502 513,46 0,32

247 531,00 QANTAS AIRWAYS LTD AUD 470 139,59 479 305,31 0,31

75 442,00 TOLL HLDG LTD AUD 289 613,40 329 546,53 0,21

199 901,00 CSR LTD AUD 249 017,57 256 019,58 0,16

Health 3 113 455,49 1,992 286 295,82

66 561,00 CSL LTD AUD 1 270 843,47 1 841 432,20 1,18

9 734,00 COCHLEAR LTD AUD 450 823,34 596 692,16 0,38

45 853,00 SONIC HEALTHCARE LTD AUD 338 547,87 405 484,89 0,26

19 886,00 RAMSAY HEALTH CARE LTD AUD 226 081,14 269 846,24 0,17

Consumer retail 2 034 267,97 1,301 915 072,57

180 990,00 TABCORP HLDG LTD AUD 920 657,11 981 009,26 0,62

71 444,00 CROWN LTD AUD 426 873,26 449 333,33 0,29

166 724,00 TATTS GP LTD AUD 294 554,62 327 919,13 0,21

258 608,00 FAIRFAX MEDIA LTD AUD 272 987,58 276 006,25 0,18


503 542,00 TELSTRA CORPORATION LTD AUD 1 081 454,05 1 070 998,42 0,68

Multi-Utilities 823 784,23 0,53669 183,83

70 952,00 AGL ENERGY LTD AUD 669 183,83 823 784,23 0,53

Computing and IT 448 367,46 0,29306 320,03

54 559,00 COMPUTERSHARE LTD AUD 306 320,03 448 367,46 0,29

HONG KONG 32 961 136,80 21,0326 197 149,56

Finance 21 213 024,10 13,5316 786 708,91

223 146,00 CHEUNG KONG HLDG LTD HKD 2 047 524,75 2 702 103,17 1,71

1 035 000,00 AIA GROUP LTD HKD 2 360 165,03 2 218 441,13 1,41

161 169,00 SUN HUNG KAI PROPERTIES HKD 1 589 492,14 2 040 113,92 1,29

116 769,00 HONG KONG EXCHANGES & CLEAR HKD 1 285 448,30 2 022 529,16 1,29

614 913,00 BOC HONG KONG HLDG LTD HKD 1 155 789,02 1 584 583,04 1,01





116


108 994,00 SWIRE PACIFIC LTD -A- HKD 879 310,94 1 388 070,71 0,89

217 269,00 WHARF HLDG LTD HKD 845 482,22 1 296 631,65 0,83

338 751,00 HANG LUNG PROPERTIES LTD HKD 865 747,30 1 207 424,14 0,77

88 298,00 HANG SENG BANK LTD HKD 948 993,95 1 105 787,72 0,71

386 500,00 LINK REIT HKD 731 449,20 904 759,84 0,58

193 600,00 KERRY PROPERTIES LTD HKD 697 796,98 775 847,25 0,50

123 581,00 HENDERSON LAND DEVELOPMENT CO LTD HKD 533 302,89 645 846,03 0,41

127 433,00 HANG LUNG GP LTD HKD 521 069,00 642 038,60 0,41

193 648,00 BANK OF EAST ASIA HKD 527 092,57 624 935,75 0,40

326 749,00 SINO LAND CO HKD 451 557,23 467 117,04 0,30

299 207,00 NEW WORLD DEVELOPMENT HKD 401 135,17 431 202,12 0,28

135 000,00 WHEELOCK & CORP LTD HKD 350 934,17 422 663,43 0,27

25 500,00 WING HANG BANK LTD HKD 190 772,43 264 811,28 0,17

103 000,00 HOPEWELL HLDG HKD 235 758,61 245 082,17 0,16

61 905,00 HYSAN DEVELOPMENT CO HKD 167 887,01 223 035,95 0,14

Consumer retail 4 130 004,31 2,643 055 081,59

355 574,00 LI & FUNG LTD HKD 1 032 008,37 1 601 360,66 1,02

747 200,00 GENTING SINGAPORE PLC SGD 509 294,60 967 164,60 0,62

144 034,00 ESPRIT HLDG LTD HKD 657 709,25 520 323,97 0,33

183 999,00 SHANGRI-LA ASIA LTD HKD 234 349,87 391 728,60 0,25

129 089,00 YUE YUEN INDUSTRIAL HLDG HKD 334 988,17 354 414,63 0,23

240 000,00 SJM HLDG LDT HKD 286 731,33 295 011,85 0,19

Industries 3 880 981,05 2,483 029 938,57

261 377,00 HUTCHISON WHAMPOA LTD HKD 1 535 982,06 2 120 103,21 1,35

274 747,00 MTR CORP HKD 715 642,05 768 876,59 0,49

357 862,00 NOBLE GP LTD SGD 310 833,52 463 211,26 0,30

128 848,00 CATHAY PACIFIC AIRWAYS HKD 240 514,48 269 969,37 0,17

26 972,00 ORIENT OVERSEAS INTL LTD HKD 167 626,07 201 109,07 0,13

49 675,00 NWS HLDG LTD HKD 59 340,39 57 711,55 0,04

Multi-Utilities 3 737 127,34 2,383 325 420,49

245 220,00 CLP HLDG LTD HKD 1 328 146,89 1 510 685,22 0,96

293 904,00 HONGKONG ELECTRIC HLDG HKD 1 298 716,57 1 401 484,31 0,89

463 898,00 HONG KONG & CHINA GAS HKD 698 557,03 824 957,81 0,53

SINGAPORE 19 042 468,29 12,1515 577 046,38

Finance 10 047 516,98 6,418 330 704,80

269 225,00 DEV BANK SINGAPORE GP HLDG LTD SGD 1 864 120,18 2 276 113,64 1,44

207 373,00 UNITED OVERSEAS BANK LTD SGD 1 938 259,21 2 244 092,40 1,43

307 447,00 OVERSEA-CHINESE BANKING CORP SGD 1 349 713,74 1 796 174,53 1,15

100 436,00 CITY DEVELOPMENTS LTD SGD 536 236,73 741 367,71 0,47

325 633,00 CAPITALAND LTD SGD 594 866,80 713 882,62 0,46

189 000,00 KEPPEL LAND LTD SGD 478 788,53 533 356,66 0,34

106 000,00 SINGAPORE EXCHANGE LTD SGD 387 865,80 520 389,48 0,33

408 300,00 CAPITAMALL TRUST SGD 430 374,52 466 601,36 0,30

248 000,00 GLOBAL LOGISTIC PROPERTIES L SGD 307 968,13 312 331,64 0,20

195 000,00 CAPITAMALLS ASIA LTD SGD 225 486,96 217 159,35 0,14





117


139 758,00 ASCENDAS REAL ESTATE INV TRT SGD 163 695,66 170 307,40 0,11

20 000,00 UOL GP LTD SGD 53 328,54 55 740,19 0,04

Industries 4 672 900,08 2,983 635 303,45

211 601,00 KEPPEL CORP LTD SGD 892 874,46 1 418 816,10 0,91

447 000,00 SINGAPORE TECH ENGINEERING SGD 827 562,15 880 916,56 0,56

211 200,00 SEMBCORP MARINE LTD SGD 551 421,39 661 269,90 0,42

66 868,00 SINGAPORE AIRLINES LTD SGD 531 395,24 600 412,34 0,38

135 680,00 SEMBCORP INDUSTRIES LTD SGD 266 108,83 408 993,99 0,26

107 856,00 FRASER AND NEAVE LTD SGD 310 577,64 404 986,67 0,26

325 000,00 COMFORTDELGRO CORP LTD SGD 255 363,74 297 504,52 0,19

Basic goods 1 844 639,02 1,181 528 703,02

247 000,00 WILMAR INTL LTD SGD 774 787,55 815 124,48 0,52

1 538 720,00 GOLDEN AGRI-RESOURCES LTD SGD 569 051,52 735 671,62 0,47

157 000,00 OLAM INTERNATIONAL LTD SGD 184 863,95 293 842,92 0,19


970 680,00 SINGAPORE TEL LTD SGD 1 493 322,58 1 737 500,79 1,11

Consumer retail 739 911,42 0,47589 012,53

196 000,00 SINGAPORE PRESS HLDG LTD SGD 447 184,64 455 973,41 0,29

13 007,00 JARDINE CYCLE & CARRIAGE LTD SGD 141 827,89 283 938,01 0,18

NEW ZEALAND 987 876,59 0,631 014 467,41


285 109,00 TEL CORP OF NEW ZEALAND NZD 403 157,07 358 929,36 0,23

Raw materials 340 444,94 0,22316 272,52

76 609,00 FLETCHER BUILDING LTD NZD 316 272,52 340 444,94 0,22

Consumer retail 288 502,29 0,18295 037,82

153 485,00 SKY CITY ENTERTAINMENT GP NZD 295 037,82 288 502,29 0,18

MACAO 951 852,65 0,61719 430,36

Consumer retail 951 852,65 0,61719 430,36

369 060,00 SANDS CHINA LTD HKD 457 253,56 617 197,62 0,40

188 800,00 WYNN MACAU LTD HKD 262 176,80 334 655,03 0,21

CHINA 265 471,60 0,17252 429,11

Industries 265 471,60 0,17252 429,11

231 122,00 YANGZIJIANG SHIPBUILDING SGD 252 429,11 265 471,60 0,17

NETHERLANDS 125 831,22 0,08124 258,81

Raw materials 125 831,22 0,08124 258,81

24 345,00 JAMES HARDIE INDUSTRIES -CDI- AUD 124 258,81 125 831,22 0,08





118


Other shares 876 163,82 0,56738 139,21

AUSTRALIA 876 163,82 0,56738 139,21

Finance 876 163,82 0,56738 139,21

381 598,00 CFS RETAIL PROPERTY TRUST AUD 459 037,73 511 997,32 0,33

734 916,00 GOODMAN GP AUD 279 101,48 364 166,50 0,23

UNQUOTED 0,00 0,0042,20

Shares 0,00 0,0042,20

TAIWAN 0,00 0,0042,20

Industries 0,00 0,0042,20

3 816,00 PACIFIC ELECTRIC WIRE & CABLE TWD 42,20 0,00 0,00

MALTA 0,00 0,000,00

Finance 0,00 0,000,00

1 443 696,00 BGP HLDG AUD 0,00 0,00 0,00

Total Portfolio 152 660 567,62 97,42121 556 859,74





119


50 14,00 H-SENG IDX FUT 28/01/11 23 386,00 HKD 45 315,30 1 576 999,40Purchase

14 108,10 5 265 282,43

200 12,00 STO MSCI SING 28/01/11 381,00 SGD 3 498,34 533 146,76Purchase

25 35,00 SYD SPI 200 FUT 17/03/11 4 730,00 AUD (34 705,54) 3 155 136,27Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


120


20/01/11 750 965,99 (974,83)EUR986 067,08 AUD

(313 279,54)

20/01/11 96 972,61 425,04EUR128 055,67 AUD

20/01/11 37 284,53 154,18EUR64 201,13 SGD

20/01/11 4,93 (0,09)EUR6,47 USD

20/01/11 1,23 (0,02)EUR1,62 USD

20/01/11 72 548,83 (1 118,80)EUR741 267,60 HKD

20/01/11 54 341,95 976,53EUR72 731,17 AUD

20/01/11 7,37 (0,12)EUR9,69 USD

20/01/11 238 528,55 (5 104,59)EUR2 422 365,21 HKD

20/01/11 128 035,86 (651,67)EUR218 442,61 SGD

20/01/11 106,69 (2,41)EUR139,31 USD

20/01/11 98,49 (1,66)EUR129,35 USD

20/01/11 134,60 1,76USD102,50 EUR

20/01/11 2 983,15 22,21USD2 254,90 EUR

20/01/11 206 167,98 (4 986,36)NZD114 432,24 EUR

20/01/11 5 113 775,89 (45 697,23)SGD2 935 953,11 EUR

20/01/11 50 294 076,12 43 886,01HKD4 889 587,70 EUR

20/01/11 19 133 587,57 (316 555,33)AUD14 233 949,13 EUR

20/01/11 113 078,77 797,61EUR149 721,43 AUD

20/01/11 7,57 (0,15)EUR9,91 USD

20/01/11 300 322,17 1 260,48SGD176 367,04 EUR

20/01/11 2 077 010,22 3 383,12HKD203 497,58 EUR

20/01/11 1 373 231,94 11 045,86AUD1 055 346,49 EUR

20/01/11 65 782,49 (799,11)EUR674 367,26 HKD

20/01/11 42 737,54 562,72EUR74 252,72 SGD

20/01/11 4,03 (0,09)EUR5,27 USD

20/01/11 117 166,40 97,40AUD89 198,84 EUR





121


Assets

Investments in securities at market value 232 850 001,57Banks 18 569 877,64Amounts due from brokers 2 364 087,23Unrealised profit on future contracts (Note 8) 665 400,91Other interest receivable 523,72Receivable on subscriptions 675 294,62Other assets 193 756,06Total assets 255 318 941,75

Liabilities

Unrealised loss on future contracts (Note 8) (2 581,95)Other interest payable (3 254,65)Payable on investments purchased (1 006 445,98)Payable on redemptions (168 662,82)Other liabilities (281 384,88)Total liabilities (1 462 330,28)



Class R Units 277 228,818224,24EURClass Z Units 843 236,307227,32EUR



122







Net investment income / (loss) 828 609,91


5 146 394,11

Change in unrealised appreciation / (depreciation) on investments 36 152 772,25Change in unrealised appreciation / (depreciation) on future contracts (Note 8) 625 076,21






123



Shares 226 848 294,52 89,36189 687 887,42

BRAZIL 44 271 514,57 17,4339 233 166,51

Raw materials 11 874 837,10 4,679 891 918,58

108 940,00 VALE SA -PFD A ADR- USD 1 983 347,48 2 463 827,87 0,96


71 297,00 VALE SA -ADR- USD 1 520 284,72 1 844 587,11 0,72

74 188,00 VALE SA -PFD A- BRL 1 219 792,59 1 629 102,85 0,64

51 184,00 VALE SA BRL 975 812,83 1 282 236,08 0,51

101 358,00 GERDAU SA -ADR- USD 1 038 703,83 1 061 217,20 0,42

59 948,00 CIA SIDERURGICA NACIONAL -ADR- USD 733 982,15 747 891,90 0,29

54 457,00 FIBRIA CELULOSE SA -ADR- USD 667 575,63 652 082,02 0,26

12 399,00 ULTRAPAR PARTICIPACOES SA -ADR- USD 459 161,62 599 628,33 0,24

30 013,00 BRASKEM SA -ADR- USD 337 288,61 563 782,59 0,22

30 656,00 CIA SIDERURGICA NACIONAL BRL 336 984,38 370 178,85 0,15

24 100,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -PFD A- BRL 229 021,72 209 067,08 0,08

10 391,00 FIBRIA CELULOSE SA BRL 141 363,33 124 627,08 0,05

11 000,00 BRASKEM SA -PFD A- BRL 59 259,35 101 451,11 0,04

9 748,00 USINAS SIDERURGICAS DE MINAS GERAIS SA (USIMINAS) BRL 93 209,58 93 655,65 0,04

23 800,00 KLABIN SA -PFD- BRL 44 287,81 63 038,51 0,02

8 121,00 MMX MINERACAO E METALICOS SA BRL 30 830,39 41 291,66 0,02

3 362,00 DURATEX SA BRL 21 012,56 27 171,21 0,01

Energy 10 764 659,10 4,2410 587 916,19

173 830,00 PETROLEO BRASILEIRO -ADR- USD 4 235 700,38 4 445 270,99 1,75


95 154,00 PETROLEO BRASILEIRO -PFD- BRL 1 348 861,25 1 175 719,40 0,46

58 628,00 PETROLEO BRASILIERO SA BRL 934 267,57 810 941,25 0,32

30 000,00 OGX PETROLEO E GAS PARTICIPACOES BRL 181 021,90 271 659,16 0,11

17 509,00 OGX PETROLEO E GAS PARTICIPACOES -ADR- USD 141 171,65 157 505,00 0,06

Finance 8 658 403,76 3,417 391 922,11

157 409,00 BANCO ITAU HLDG FIN -ADR- USD 2 552 743,89 2 828 461,38 1,11

111 122,00 BANCO BRADESCO SA -PFD ADR- USD 1 454 704,21 1 687 371,19 0,66

101 231,00 BANCO SANTANDER BRASIL SA -ADR- USD 907 138,77 1 030 340,97 0,41

67 232,00 BANCO BRADESCO SA -PFD- BRL 780 802,93 993 876,26 0,39

43 340,00 BANCO ITAU HLDG FIN -PFD- BRL 629 345,97 780 793,06 0,31

84 511,00 BM& FBOVESPA SA BRL 398 568,12 502 401,66 0,20

19 600,00 BANCO DO BRASIL SA BRL 219 936,23 278 827,34 0,11

28 740,00 CIELO BRL 165 241,34 175 017,77 0,07

21 096,00 PDG REALTY SA BRL 68 521,64 97 043,61 0,04

7 379,00 ODONTOPREV S.A. BRL 89 993,46 83 824,56 0,03

10 146,00 BR MALLS PARTICIPACOES SA BRL 42 115,67 78 553,23 0,03

6 000,00 PORTO SEGURO SA BRL 44 750,25 76 879,54 0,03

6 722,00 ROSSI RESIDENCIAL SA BRL 38 059,63 45 013,19 0,02





124


Basic goods 4 752 453,04 1,873 682 031,00

43 322,00 BRASIL DISTR PAO ACU -ADR- USD 1 169 062,04 1 361 066,88 0,54

107 196,00 BRF BRASIL FOODS SA -ADR- USD 1 126 680,70 1 354 189,85 0,53

47 720,00 COMPANHIA DE BEBIDAS -PFD ADR- USD 765 168,43 1 108 181,11 0,44

22 216,00 BRASIL FOODS SA BRL 168 250,43 275 003,03 0,11

10 500,00 CIA DE BEBIDAS DASAME -PFD- BRL 142 357,68 240 173,86 0,09

3 300,00 SOUZA CRUZ SA BRL 78 756,14 135 053,99 0,05

5 600,00 NATURA COSMETICOS SA BRL 76 753,43 120 917,30 0,05

4 568,00 COSAN SA INDUSTRIA COMERCIO BRL 39 119,34 57 103,88 0,02

16 300,00 JBS SA BRL 60 521,36 53 062,73 0,02

6 797,00 MARFRIG ALIMENTOS SA BRL 55 361,45 47 700,41 0,02

Industries 2 641 367,57 1,042 270 444,49

48 700,00 TAM SA -ADR- USD 682 937,91 886 746,74 0,35

34 672,00 EMBRAER SA-ADR USD 660 992,62 762 877,41 0,30

61 151,00 GOL AIRLINES -ADR- USD 678 986,84 703 863,48 0,28

13 464,00 ECORODOVIAS INFRA E LOG SA BRL 81 830,84 77 907,28 0,03

2 900,00 CIA DE CONCESSOES RODOVIARIA BRL 44 802,38 61 580,60 0,02

4 782,00 LOCALIZA RENT A CAR BRL 36 996,48 58 241,82 0,02

2 544,00 MULTIPLAN EMPREENDIMENTOS BRL 31 336,23 42 502,71 0,02

4 510,00 EMPRESA BRASILEIRA DE AERONAUTICA BRL 15 625,89 24 095,26 0,01

10 987,00 LLX LOGISTICA SA BRL 36 914,20 23 529,54 0,01

2,00 GOL AIRLINES -PFD- BRL 21,10 22,73 0,00

Consumer retail 1 767 627,88 0,701 800 409,09

127 995,00 GAFISA SA -ADR- USD 1 471 882,85 1 391 833,07 0,56

10 974,00 CIA HERING BRL 143 714,47 134 153,44 0,05

4 783,00 LOJAS RENNER SA BRL 68 209,06 122 138,50 0,05

5 100,00 CYRELA BRAZIL REALTY BRL 49 257,81 50 453,90 0,02

2 600,00 B2W COM GLOBAL DO VAREJO BRL 43 140,52 37 081,48 0,01

4 500,00 MRV ENGENHARIA BRL 24 204,38 31 967,49 0,01


34 089,00 VIVO PARTICIPACOES SA -ADR- USD 717 503,13 831 432,80 0,32

47 424,00 TELE NORTE LESTE PART -ADR- USD 600 319,04 521 727,89 0,21

8 800,00 TELE NORTE LESTE PART -PFD- BRL 122 837,81 96 779,48 0,04

27 822,00 TIM PARTICIPACOES SA -PFD- BRL 52 313,45 69 408,56 0,03

3 768,00 TELE NORTE LESTE PART BRL 61 179,64 55 104,43 0,02

945,00 BRASIL TEL SA BRL 10 675,97 6 563,42 0,00

Multi-Utilities 1 572 863,12 0,621 402 549,91

39 470,00 CEMIG SA -ADR- USD 463 959,64 490 051,86 0,20

6 195,00 CIA SANEAMENTO BASICO DE SAO PAULO -ADR- USD 187 545,07 245 166,59 0,10

14 059,00 CIA ENERGETICA MINAS GER -PFD- BRL 161 705,20 170 020,55 0,07

9 000,00 CENTRAIS ELETRICAS BRASILIERAS SA -PFD B- BRL 117 883,71 109 003,24 0,04

5 453,00 CIA SANEAMENTO BASICO DE SAO PAULO BRL 67 717,76 105 151,69 0,04

5 379,00 CIA PARANAENSE DE ENERGIA -PFD B- BRL 80 036,08 101 070,11 0,04

5 200,00 CPFL ENERGIA SA BRL 73 144,13 97 000,43 0,04

7 108,00 TRACTEBEL ENERGIA SA BRL 58 500,65 88 341,11 0,03





125


8 563,00 CENTRAIS ELETRICAS BRASILIERAS SA BRL 128 983,45 86 225,12 0,03

4 612,00 EDP - ENERGIAS DO BRASIL SA BRL 63 074,22 80 832,42 0,03

Health 377 093,84 0,15359 844,96

19 014,00 DIAGNOSTICOS DA AMERICA SA BRL 192 194,49 193 699,77 0,08

10 747,00 HYPERMARCAS SA BRL 96 331,48 109 628,01 0,04

9 153,00 AMIL PARTICIPACOES SA BRL 71 318,99 73 766,06 0,03

Computing and IT 281 192,58 0,11281 301,14

14 900,00 REDECARD SA BRL 150 208,85 142 007,56 0,06

1 819,00 TOTVS SA BRL 131 092,29 139 185,02 0,05

SOUTH KOREA 37 332 524,06 14,7028 987 444,39

Computing and IT 9 773 340,73 3,848 005 556,11

8 831,00 SAMSUNG ELECTRONICS CO LTD KRW 4 387 478,56 5 620 970,15 2,20

46 943,00 HYNIX SEMICONDUCTOR INC KRW 731 607,74 789 091,29 0,30

1 642,00 SAMSUNG ELECTRONICS CO LTD -PFD- KRW 546 205,55 749 489,88 0,30

23 577,00 LG DISPLAY CO LTD KRW 596 539,98 639 906,45 0,25

4 086,00 NHN CORP KRW 500 052,84 601 323,22 0,24

6 241,00 SAMSUNG ELECTRO MECHANICS CO KRW 508 772,23 530 762,26 0,21

2 583,00 SAMSUNG SDI CORP LTD KRW 242 186,34 305 478,25 0,12

1 650,00 NCSOFT CORP KRW 196 361,69 226 929,09 0,09

2 008,00 SK C&C CO LTD KRW 105 483,24 117 270,42 0,05

3 270,00 SEOUL SEMICONDUCTOR CO LTD KRW 97 993,64 89 186,02 0,04

23 010,00 SK BROADBAND CO LTD KRW 78 126,41 82 708,43 0,03

94,00 SAMSUNG ELECTRONICS CO LTD -GDR REGS PFD- (NVTG) USD 14 747,89 20 225,27 0,01

Finance 6 944 236,49 2,745 849 637,37

28 509,00 KB FIN GP INC KRW 968 097,61 1 170 594,14 0,46

32 432,00 SHINHAN FIN GP LTD KRW 939 341,61 1 154 979,85 0,45

25 386,00 HANA FINANCIAL GP KRW 555 072,87 745 508,21 0,29

2 997,00 SAMSUNG FIRE & MARINE INS KRW 370 392,08 446 036,75 0,18

39 250,00 WOORI FIN HLDG CO KRW 396 475,92 414 641,41 0,16

27 070,00 INDUSTRIAL BANK OF KOREA KRW 266 002,88 345 322,89 0,14

4 814,00 SAMSUNG LIFE INSURANCE CO KRW 342 009,41 332 640,64 0,13

27 900,00 BUSAN BANK KRW 225 327,56 271 567,45 0,11

4 649,00 SAMSUNG SECURITIES CORP LTD KRW 178 843,24 268 111,32 0,11

33 650,00 KOREA EXCHANGE BANK KRW 304 254,56 261 581,37 0,10

22 390,00 DAEGU BANK KRW 227 649,16 246 943,77 0,10

4 966,00 SAMSUNG CARD CO KRW 161 407,80 203 906,50 0,08

10 200,00 DAEWOO SECURITIES CO KRW 141 714,82 178 234,51 0,07

5 780,00 KOREA INVESTMENT HLDG CORP LTD KRW 124 823,77 170 700,77 0,07

9 550,00 WOORI INVESTMENT & SECURITIES KRW 106 413,45 148 792,86 0,06

4 350,00 DONGBU INSURANCE CORP LTD KRW 102 059,80 130 925,23 0,05

24 080,00 KOREA LIFE INSURANCE KRW 132 943,86 130 071,73 0,05

12 758,00 HYUNDAI SECURITIES CO KRW 112 149,65 127 148,06 0,05

15 240,00 TONG YANG SECURITIES INC KRW 104 641,50 101 256,02 0,04

2 410,00 MIRAE ASSET SECURITIES CORP LT KRW 90 015,82 95 273,01 0,04





126


Industries 6 083 245,82 2,404 303 219,22

4 272,00 HYUNDAI HEAVY INDUSTRIES KRW 731 520,55 1 234 685,61 0,49

9 385,00 SAMSUNG C&T CORP KRW 317 067,13 492 603,23 0,19

7 788,00 LG CORP KRW 334 862,31 453 279,35 0,18

15 131,00 SAMSUNG HEAVY INDUSTRIES KRW 237 462,68 399 111,30 0,16

2 468,00 SAMSUNG ENGINEERING CORP LTD KRW 174 680,90 314 014,58 0,12

3 225,00 SAMSUNG TECHWIN CORP LTD KRW 213 372,54 228 199,77 0,09

2 667,00 GS ENGINEERING & CONSTRUCT KRW 154 738,10 209 093,68 0,08

2 456,00 DAELIM INDUSTRIAL CORP LTD KRW 114 375,12 201 526,06 0,08

3 166,00 DOOSAN HEAVY INDUSTRIES KRW 146 751,17 182 375,25 0,07

1 908,00 SK HLDG CORP LTD KRW 109 149,87 178 110,93 0,07

3 568,00 KOREAN AIR LINES CO LTD KRW 136 202,23 163 098,20 0,06

6 420,00 DAEWOO SHIPBUILDING & MARINE KRW 81 246,66 152 705,24 0,06

5 893,00 HYUNDAI DEVELOPMENT CO KRW 118 692,38 134 297,04 0,05

6 900,00 DOOSAN INFRACORE CORP LTD KRW 83 370,94 132 719,14 0,05

15 090,00 DAEWOO ENGINEERING & CONSTRUCTION KRW 103 897,27 131 339,82 0,05

483,00 KCC CORP KRW 100 266,58 125 636,20 0,05

1 148,00 DOOSAN CORP KRW 78 684,47 120 131,90 0,05

4 820,00 HANJIN HEAVY INDUS & CONST KRW 80 831,96 119 131,30 0,05

829,00 HYUNDAI MIPO DOCKYARD KRW 77 713,02 118 421,04 0,05

1 283,00 LG INNOTEK CO LTD KRW 136 541,63 116 357,72 0,05

1 144,00 GLOVIS CO LTD KRW 86 775,13 114 772,77 0,05

1 537,00 LS CORP KRW 97 851,36 114 374,12 0,05

4 406,00 HANJIN SHIPPING CO LTD KRW 104 235,51 111 094,40 0,04

4 305,00 DAEWOO INTERNATIONAL CORP KRW 91 114,82 104 829,38 0,04

10 510,00 SK NETWORKS CORP LTD KRW 69 858,70 96 364,64 0,04

12 350,00 STX PAN OCEAN CORP LTD KRW 94 111,60 94 773,04 0,04

3 231,00 HYUNDAI MERCHANT MARINE KRW 77 007,07 83 828,92 0,03

1 350,00 LS INDUSTRIAL SYSTEMS KRW 78 238,55 82 519,67 0,03

1 992,00 S1 CORPORATION KRW 72 598,97 73 851,52 0,03

Consumer retail 5 815 676,51 2,293 902 384,78

13 752,00 HYUNDAI MOTOR CO KRW 1 133 300,66 1 617 242,01 0,64

6 513,00 HYUNDAI MOBIS KRW 778 275,70 1 274 389,73 0,50

29 057,00 KIA MOTORS CORP KRW 550 694,43 1 013 551,83 0,40

7 917,00 LG ELECTRONICS INC KRW 532 719,98 631 215,68 0,25

4 378,00 CHEIL INDUSTRIES INC KRW 205 003,25 328 692,72 0,13

909,00 LOTTE SHOPPING CO KRW 196 469,30 286 271,50 0,11

9 463,00 KANGWON LAND INC KRW 105 294,80 178 559,54 0,07

1 834,00 HYUNDAI DEPT STORE CO KRW 132 312,33 166 938,22 0,07

6 290,00 HANKOOK TIRE CORP LTD KRW 100 489,50 138 747,32 0,05

4 150,00 WOONGJIN COWAY CORP LTD KRW 102 606,20 110 705,59 0,04

782,00 MANDO CORP KRW 65 218,63 69 362,37 0,03

Raw materials 4 986 456,40 1,963 846 064,34

5 038,00 POSCO KRW 1 680 544,10 1 626 785,59 0,64

5 081,00 LG CHEM LTD KRW 896 015,93 1 318 275,31 0,52

7 114,00 HYUNDAI STEEL CO KRW 399 975,04 593 189,52 0,23





127


2 148,00 HONAM PETROCHEMICAL CORP KRW 179 219,13 401 029,65 0,16

1 393,00 OCI CO LTD KRW 209 303,13 306 347,96 0,12

7 672,00 HANWHA CHEMICAL CORP KRW 69 916,93 163 370,08 0,06

6 780,00 DONGKUK STEEL MILL CORP LTD KRW 98 466,80 157 439,16 0,06

4 500,00 HANWHA CORPORATION KRW 117 257,41 142 466,02 0,06

1 942,00 HYOSUNG CORPORATION KRW 104 482,87 140 640,89 0,06

718,00 KOREA ZINC CO. KRW 90 883,00 136 912,22 0,05

Basic goods 1 756 202,76 0,691 520 522,45

1 399,00 SHINSEGAE CORP LTD KRW 470 661,26 571 648,04 0,23

8 394,00 KT&G CORP KRW 335 392,40 366 412,45 0,14

956,00 LG HOUSEHOLD & HEALTH CARE KRW 195 260,17 252 799,87 0,10

330,00 AMOREPACIFIC CORP KRW 199 765,96 246 004,29 0,10

929,00 CJ CHEILJEDANG CORP KRW 132 496,59 133 014,47 0,05

106,00 LOTTE CONFECTIONERY CORP LTD KRW 87 846,36 105 993,26 0,04

969,00 HITE BREWERY CORP LTD KRW 96 484,75 78 223,27 0,03

157,00 HITE HOLDINGS CO LTD KRW 2 614,96 2 107,11 0,00

Energy 910 410,14 0,36505 019,95

4 278,00 SK ENERGY CORP LTD KRW 306 197,83 552 835,94 0,22

4 144,00 GS HLDG CORP KRW 99 180,45 181 168,01 0,07

2 858,00 S-OIL CORPORATION KRW 99 641,67 176 406,19 0,07


6 729,00 KT CORP KRW 184 640,77 203 421,95 0,08

1 460,00 SK TEL CO LTD KRW 159 939,98 167 331,55 0,07

22 597,00 LG TEL LTD KRW 118 733,21 108 248,51 0,04

Multi-Utilities 476 874,29 0,19497 645,32

19 867,00 KOREA ELECTRIC POWER CORP KRW 423 128,50 396 654,74 0,16

2 518,00 KOREA GAS CORPORATION KRW 74 516,82 80 219,55 0,03

Health 107 078,91 0,0494 080,89

937,00 YUHAN CORPORATION KRW 94 080,89 107 078,91 0,04

CHINA 29 933 135,10 11,7827 535 371,23

Finance 12 765 553,29 5,0212 179 750,32

3 551 292,00 CHINA CONSTRUCTION BANK -H- HKD 2 155 964,81 2 418 707,44 0,96

3 964 890,00 IND & COMM BANK OF CHINA -H- HKD 2 244 080,10 2 234 418,68 0,89

4 518 595,00 BANK OF CHINA LTD -H- HKD 1 702 806,98 1 806 462,95 0,71

507 124,00 CHINA LIFE INSURANCE CO LTD -H- HKD 1 733 512,77 1 568 183,00 0,62

125 557,00 PING AN INSURANCE GP CORP -H- HKD 821 231,94 1 068 019,49 0,42

347 992,00 CHINA MERCHANTS BANK -H- HKD 657 163,09 672 142,23 0,26

767 015,00 BANK OF COMMUNICATIONS CO -H- HKD 623 613,79 588 897,52 0,23

1 400 000,00 AGRICULTURAL BANK OF CHINA HKD 447 206,96 538 119,18 0,21

369 727,00 PICC PROPERTY & CASUALTY -H- HKD 341 895,19 409 596,80 0,16

125 162,00 CHINA PACIFIC INSURANCE GR -H- HKD 365 904,75 385 833,57 0,15

674 798,00 CHINA CITIC BANK -H- HKD 355 943,29 332 829,10 0,13

356 172,00 CHINA MINSHENG BANKING -H- HKD 232 761,04 229 885,79 0,09





128


434 357,00 EVERGRANDE REAL ESTATE GROUP HKD 155 476,94 164 025,15 0,06

36 880,00 AGILE PROPERTY HLDG LTD HKD 36 587,96 41 922,82 0,02

37 803,00 LONGFOR PROPERTIES HKD 32 850,83 39 913,00 0,02

133 331,00 COUNTRY GARDEN HLDG CO HKD 32 936,12 38 404,30 0,02

41 782,00 GREENTOWN CHINA HLDG HKD 40 335,96 36 104,32 0,01

59 953,00 KWG PROPERTY HOLDING LTD HKD 33 060,69 36 039,03 0,01

61 465,00 SOHO CHINA LTD HKD 29 877,49 35 349,21 0,01

93 554,00 SHUI ON LAND LTD HKD 33 910,50 34 697,70 0,01

68 016,00 SINO-OCEAN LAND HLDG HKD 41 446,14 34 399,17 0,01

243 206,00 RENHE COMMERCIAL HLDG HKD 39 068,87 31 863,30 0,01

18 006,00 GUANGZHOU R&F PROPERTIES -H- HKD 22 114,11 19 739,54 0,01

Energy 4 928 215,65 1,944 091 562,96

1 438 204,00 PETROCHINA CORP LTD -H- HKD 1 237 483,53 1 435 349,93 0,57

1 644 441,00 CHINA PETROLEUM & CHEMICAL -H- HKD 1 007 295,51 1 199 200,27 0,47

249 480,00 CHINA SHENHUA ENERGY CORP -H- HKD 790 737,07 797 905,32 0,31

231 637,00 YANZHOU COAL MINING CORP -H- HKD 368 509,90 547 818,85 0,22

300 343,00 CHINA COAL ENERGY CORP -H- HKD 341 702,04 360 506,50 0,14

198 000,00 CHINA OILFIELD SERVICES -H- HKD 181 484,41 333 795,73 0,13

47 500,00 INNER MONGOLIA YITAI COAL -B- USD 164 350,50 253 639,05 0,10

Industries 3 176 577,24 1,252 771 715,31

87 000,00 DONGFANG ELECTRIC CORP LTD -H- HKD 195 852,51 319 735,85 0,13

162 600,00 CHINA INTL MARINE CONTAINE -B- HKD 151 543,96 281 949,02 0,11

47 600,00 WEICHAI POWER CORP LTD -H- HKD 136 267,32 226 981,10 0,09

265 000,00 CHINA COSCO HLDG -H- HKD 236 107,17 215 714,89 0,08

228 400,00 AIR CHINA LTD -H- HKD 167 894,01 201 763,67 0,08

481 750,00 CHINA SHIPPING CONTAINER -H- HKD 127 962,70 167 071,27 0,07

333 902,00 SHANGHAI ELECTRIC GRP CORP L -H- HKD 120 060,00 165 976,37 0,07

252 062,00 CHINA COMMUNICATIONS CONST -H- HKD 173 191,88 165 846,24 0,07

162 306,00 CHINA SOUTH LOCOMOTIVE -H- HKD 90 221,88 161 671,20 0,06

395 748,00 METALLURGICAL CORP OF CHIN -H- HKD 152 691,61 132 289,61 0,05

227 509,00 CHINA RAILWAY GP LTD -H- HKD 122 937,97 123 829,63 0,05

37 021,00 ZHUZHOU CSR TIMES ELECTRIC -H- HKD 104 617,06 110 378,97 0,04

105 695,00 CHINA RAILWAY CONSTRUCTION -H- HKD 98 018,11 96 321,47 0,04

145 016,00 CHINA RONGSHENG HEAVY INDUST HKD 105 698,52 93 039,57 0,04

116 521,00 ZHEJIANG EXPRESSWAY CORP -H- HKD 76 217,60 85 758,09 0,03

72 000,00 CHINA HIGH SPEED TRANSMISSION EQ CORP LTD HKD 113 223,71 85 174,27 0,03

100 344,00 JIANGSU EXPRESS CORP LTD -H- HKD 63 723,21 84 678,48 0,03

77 240,00 CHINA SHIPPING DEVELOPMENT -H- HKD 87 740,58 78 574,88 0,03

110 338,00 CHINA LONGYUAN POWER GP -H- HKD 93 201,13 76 849,48 0,03

151 253,00 CHINA SOUTHERN AIRLINES CORP -H- HKD 82 749,05 70 376,66 0,03

164 662,00 BEIJING CAPITAL INTL AIRPO -H- HKD 70 931,94 65 036,14 0,03

142 604,00 CHINA ZHONGWANG HLDG LTD HKD 83 318,73 60 033,09 0,02

90 078,00 CHINA NATIONAL MATERIALS - H - HKD 65 209,57 56 577,52 0,02

66 360,00 SINOTRUK HONG KONG LTD HKD 52 335,09 50 949,77 0,02

Computing and IT 2 658 148,65 1,052 614 894,10

80 487,00 TENCENT HLDG LTD HKD 1 145 061,91 1 352 227,50 0,53





129


108 814,00 BYD CORP LTD -H- HKD 554 975,21 425 587,00 0,17

105 074,00 ZTE CORP -H- HKD 292 516,27 322 896,61 0,13

502 532,00 LENOVO GP LTD HKD 245 354,29 241 085,23 0,09

136 943,00 ALIBABA.COM LTD HKD 228 649,87 199 729,98 0,08

2 051 881,00 SEMICONDUCTOR MANUFACTURING HKD 148 336,55 116 622,33 0,05

Raw materials 2 631 552,19 1,042 265 973,69

407 612,00 ANGANG STEEL CORP LTD -H- HKD 458 015,76 477 483,18 0,19

128 064,00 JIANGXI COPPER CO LTD -H- HKD 203 235,82 326 309,92 0,13

88 000,00 ANHUI CONCH CEMENT CORP LTD -H- HKD 212 221,24 316 205,23 0,12

441 630,00 ALUMINUM CORP OF CHINA LTD HKD 305 550,13 310 144,18 0,12

444 000,00 ZIJIN MINING GP CORP LTD HKD 287 355,22 307 531,36 0,12

444 000,00 SINOPEC SHANGHAI PETROCHEM -H- HKD 128 137,52 175 365,59 0,07

70 000,00 CHINA NATIONAL BUILDING MA -H- HKD 96 821,63 123 133,54 0,05

37 319,00 ZHAOJIN MINING INDUSTRY -H- HKD 105 319,58 119 536,13 0,05

224 000,00 MAANSHAN IRON & STEEL -H- HKD 99 408,85 90 846,39 0,04

161 500,00 FOSUN INTERNATIONAL HKD 81 035,30 90 235,63 0,04

147 337,00 CHINA BLUECHEMICAL LTD -H- HKD 70 825,90 81 044,86 0,03

77 000,00 BBMG CORPORATION -H- HKD 65 882,47 77 885,67 0,03

138 384,00 CHINA SHANSHUI CEMENT GP HKD 83 601,09 75 186,96 0,03

92 440,00 HIDILI INDUSTRY INTL DEVELOP HKD 68 563,18 60 643,55 0,02

Basic goods 1 272 491,75 0,501 171 088,88

197 151,00 CHINA YURUN FOOD GP LTD HKD 452 047,70 491 899,40 0,20

465 126,00 WANT WANT CHINA HLDG LTD HKD 282 014,22 302 448,85 0,12

132 481,00 TINGYI (CAYMAN ISLN) HLDG CO HKD 244 476,07 260 990,35 0,10

34 000,00 TSINGTAO BREWERY CORP LTD -H- HKD 127 150,52 134 288,96 0,05

43 842,00 WUMART STORES INC -H- HKD 65 400,37 82 864,19 0,03

Consumer retail 1 248 934,30 0,491 266 812,19

378 157,00 DONGFENG MOTOR GRP CORP LTD -H- HKD 428 131,84 473 579,66 0,20

185 344,00 GUANGZHOU AUTOMOBILE GROUP H HKD 160 549,25 187 475,87 0,07

80 000,00 LI NING CORP LTD HKD 189 247,70 128 547,48 0,05

102 820,00 PARKSON RETAIL GP LTD HKD 126 399,49 123 614,59 0,05

56 984,00 GOLDEN EAGLE RETAIL GP HKD 87 457,00 109 789,41 0,04

73 121,00 ANTA SPORTS PRODUCTS LTD HKD 92 433,13 86 782,14 0,03

238 174,00 CHINA DONGXIANG GP CO HKD 107 420,00 78 239,54 0,03

28 608,00 GREAT WALL MOTOR -H- HKD 75 173,78 60 905,61 0,02


992 668,00 CHINA TEL CORP LTD -H- HKD 333 307,48 393 984,18 0,16

180 140,00 CHINA COMMUNICATIONS SERVI -H- HKD 63 983,87 82 255,71 0,03

Health 409 414,85 0,16419 083,67

85 086,00 SHANDONG WEIGAO GP MEDICAL-H- HKD 134 260,16 169 670,37 0,07

48 970,00 SINOPHARM GROUP CO -H- HKD 156 690,10 130 909,34 0,05

51 121,00 CHINA SHINEWAY PHARMACEUTICAL GP HKD 128 133,41 108 835,14 0,04

Multi-Utilities 366 007,29 0,14357 198,76

61 180,00 ENN ENERGY HOLDINGS LTD HKD 108 163,50 145 574,05 0,05





130


301 969,00 HUANENG POWER INTL INC -H- HKD 130 148,95 120 722,44 0,05

375 021,00 DATANG INTL POWER GEN CORP -H- HKD 118 886,31 99 710,80 0,04

RUSSIA 23 934 063,80 9,4320 107 742,84

Energy 11 933 106,33 4,7010 695 579,03

1 027 243,00 GAZPROM OAO USD 4 193 637,88 4 873 024,15 1,92

44 613,00 LUKOIL OIL CO JSC USD 1 805 660,86 1 905 258,83 0,75

196 891,00 ROSNEFT OIL CO USD 1 070 376,41 1 056 371,79 0,42

1 302 546,00 SURGUTNEFTEGAZ USD 926 100,50 1 029 834,08 0,41

257 102,00 TATNEFT USD 915 202,84 937 261,67 0,37

8 336,00 NOVATEK OAO -GDR- (REGD) USD 523 265,00 745 511,15 0,29

1 050 932,00 SURGUTNEFTEGAZ -PFD- USD 357 169,98 405 479,49 0,16

277,00 TRANSNEFT -PFD- USD 276 852,90 256 660,20 0,10

15 955,00 TMK -GDR- (REGD) USD 201 226,78 246 692,34 0,10

4 917,00 LUKOIL -ADR- USD 177 552,73 207 910,87 0,08

29 847,00 ROSNEFT OJSC -GDR- USD 162 482,64 159 934,53 0,06

5 777,00 GAZPROM OAO -ADR- USD 86 050,51 109 167,23 0,04

Raw materials 4 980 161,75 1,963 356 718,87

9 152,00 MMC NORILSK NICKEL USD 1 108 476,53 1 607 594,87 0,64

142 666,00 URALKALI USD 465 518,13 769 182,85 0,30

15 693,00 NOVOLIPET STEEL -GDR- ( REGD) USD 371 681,93 560 212,62 0,22

22 753,00 MECHEL -ADR- USD 369 079,15 497 732,52 0,20

8 282,00 POLYUS GOLD USD 310 668,28 391 865,42 0,15

30 158,00 SEVERSTAL CHEREPOVETS METAL FACTORY JSC USD 240 879,02 384 348,32 0,15

67 457,00 RASPADSKAYA USD 234 630,40 355 458,31 0,14

25 082,00 POLYMETAL-CLS USD 224 154,33 353 077,26 0,14

3 426,00 MMC NORILSK NICKEL JSC -ADR- USD 31 631,10 60 689,58 0,02

Finance 3 191 436,26 1,262 560 507,17

1 011 180,00 SBERBANK RF USD 2 066 562,78 2 582 600,79 1,02

245 852 511,00 VTB BANK OJSC USD 493 944,39 608 835,47 0,24

Multi-Utilities 1 703 757,90 0,671 597 639,02

18 796 525,00 RUSHYDRO USD 701 092,02 759 879,28 0,30

55 987 964,00 FEDERAL GRID CORP UNIFIED USD 476 388,99 506 497,91 0,20

3 103 418,00 OGK-4 USD 205 347,34 225 584,25 0,09

179 570 070,00 INTER RAO UES USD 214 810,67 211 796,46 0,08


43 375,00 MOBILE TELESYSTEMS -ADR- USD 678 887,15 677 470,63 0,27

71 025,00 COMSTAR UNITED TELESYST -GDR- USD 344 752,64 355 337,62 0,14

409 299,00 SISTEMA JSFC USD 260 282,12 272 988,53 0,11

7 391,00 SISTEMA JSFC -GDR- (REGD) USD 144 950,56 137 896,74 0,05

Basic goods 681 908,04 0,27468 426,28

25 934,00 MAGNIT OJSC-SPON -GDR- (REGD) USD 398 001,01 568 676,99 0,23

4 589,00 WIMM-BILL-DANN FOODS -ADR- USD 70 425,27 113 231,05 0,04





131


TAIWAN 19 078 517,32 7,5214 645 289,58

Computing and IT 10 878 035,57 4,298 737 898,50

1 699 765,00 TAIWAN SEMICONDUCTOR TWD 2 371 100,61 3 108 574,43 1,21

472 871,00 HON HAI PRECISION INDUSTRY TWD 1 280 822,91 1 429 168,17 0,56

36 828,00 HIGH TECH COMPUTER CORP TWD 387 137,44 872 450,01 0,34

51 402,00 MEDIATEK INC TWD 555 572,17 548 694,87 0,22

113 231,00 DELTA ELECTRONICS INC TWD 271 142,92 406 295,80 0,16

453 349,00 AU OPTRONICS CORP TWD 348 441,72 353 911,07 0,14

765 219,00 UNITED MICROELECTRONICS CORP TWD 266 402,12 318 862,57 0,13

132 711,00 ACER INC TWD 255 713,31 307 221,93 0,12

271 930,00 COMPAL ELECTRONICS TWD 253 330,12 271 738,35 0,11

259 512,00 INNOLUX DISPLAY CORP TWD 261 874,62 263 334,18 0,10

264 860,00 ADVANCED SEMICONDUCTOR ENGR TWD 144 149,71 224 819,05 0,09

31 646,00 ASUSTEK COMPUTER INC TWD 190 518,63 221 813,57 0,09

128 178,00 QUANTA COMPUTER INC TWD 171 341,08 202 764,25 0,08

165 935,00 SILICONWARE PRECISION INDS TWD 143 324,79 148 318,59 0,06

83 869,00 WISTRON CORP TWD 104 446,83 129 004,67 0,05

60 301,00 SYNNEX TECHNOLOGY INTL CORP TWD 88 412,81 119 896,58 0,05

40 228,00 FOXCONN TECHNOLOGY CO LTD TWD 92 835,76 119 512,47 0,05

5 831,00 LARGAN PRECISION CORP LTD TWD 59 325,42 110 088,48 0,04

32 861,00 TRIPOD TECHNOLOGY CORP TWD 71 604,29 101 007,00 0,04

175 048,00 MACRONIX INTL TWD 69 172,69 91 402,06 0,04

84 684,00 PEGATRON CORP TWD 82 074,56 91 050,10 0,04

62 461,00 UNIMICRON TECHNOLOGY CORP TWD 62 767,25 89 488,44 0,04

62 565,00 WINTEK CORP TWD 48 926,39 81 108,20 0,03

29 713,00 EPISTAR CORP TWD 68 298,58 79 866,67 0,03

28 879,00 CATCHER TECHNOLOGY CORP LTD TWD 51 129,53 79 481,99 0,03

30 824,00 POWERTECH TECHNOLOGY INC TWD 68 892,66 76 906,58 0,03

74 326,00 LITE-ON TECHNOLOGY CORP TWD 68 220,16 76 567,78 0,03

31 772,00 NOVATEK MICROELECTRONICS LTD TWD 67 854,44 76 493,26 0,03

30 741,00 SINO-AMERICAN SILICON PRODUCTS TWD 72 405,55 74 880,85 0,03

267 855,00 TATUNG CORP LTD TWD 45 424,58 55 117,88 0,02

36 911,00 WPG HLDG CO LTD TWD 42 138,39 54 211,91 0,02

344 656,00 HANNSTAR DISPLAY CORP TWD 55 158,93 51 595,48 0,02

209 551,00 WINBOND ELECTRONICS CORP TWD 37 351,31 45 653,70 0,02

118 603,00 MITAC INTERNATIONAL TWD 39 302,16 43 014,77 0,02

34 595,00 CORETRONIC CORPORATION TWD 36 110,17 42 534,76 0,02

24 049,00 CLEVO CO TWD 32 381,29 42 373,11 0,02

290 287,00 POWERCHIP SEMICONDUCTOR CORP TWD 43 506,72 40 320,34 0,02

110 933,00 INOTERA MEMORIES INC TWD 50 349,42 40 090,35 0,02

88 840,00 INVENTEC CORP LTD TWD 34 115,12 38 390,22 0,02

69 573,00 QISDA CORP TWD 29 952,37 35 880,45 0,01

166 102,00 CMC MAGNETICS CORP TWD 31 541,53 34 179,65 0,01

13 192,00 KINSUS INTERCONNECT TECH TWD 23 871,21 32 575,02 0,01

19 054,00 CHICONY ELECTRONICS CO LTD TWD 30 368,11 31 905,82 0,01

15 609,00 TRANSCEND INFORMATION INC TWD 34 101,51 31 878,54 0,01

4 599,00 RICHTEK TECHNOLOGY CORP TWD 26 085,07 28 804,82 0,01





132


15 377,00 REALTEK SEMICONDUCTOR CORP TWD 27 386,74 27 133,04 0,01

13 877,00 CHENG UEI PRECISION INDUSTRY TWD 20 007,28 23 558,21 0,01

54 765,00 NANYA TECHNOLOGY CORP TWD 26 585,76 23 031,57 0,01

10 519,00 EVERLIGHT ELECTRONICS CO LTD TWD 23 132,98 22 646,58 0,01

160 808,00 CHUNGHWA PICTURE TUBES LTD TWD 36 951,33 18 861,46 0,01

3 479,00 PHISON ELECTRONICS CORP TWD 12 710,66 14 765,26 0,01

3 623,00 NAN YA PRINTED CIRCUIT BOARD TWD 9 709,53 10 297,54 0,00

4 348,00 ADVANTECH CORP LTD TWD 8 131,31 9 304,98 0,00

13 768,00 VANGUARD INTERNATIONAL SEMI TWD 4 285,95 5 188,14 0,00

Finance 3 179 395,54 1,252 297 964,13

394 770,00 CATHAY FIN HLDG CORP TWD 454 394,95 539 189,53 0,22

316 466,00 FUBON FINANCIAL HLDG CORP TWD 260 212,61 331 302,15 0,14

536 151,00 CHINATRUST FINANCIAL HLDG TWD 219 495,72 301 329,29 0,12

476 935,00 MEGA FINANCIAL HLDG CORP LT TWD 201 225,94 280 316,19 0,11

432 720,00 YUANTA FIN HLDG CORP TWD 199 795,37 244 868,23 0,10

249 327,00 FIRST FIN HLDG CO TWD 105 980,27 174 758,62 0,07

493 776,00 CHINA DEVELOPMENT FINANCIAL TWD 99 621,07 174 001,64 0,07

228 509,00 CHANG HWA COMMERCIAL BANK TWD 84 780,07 154 583,04 0,06

208 742,00 TAIWAN COOPERATIVE BANK TWD 89 639,22 136 915,56 0,05

207 065,00 HUA NAN FINANCIAL HLDG CORP TWD 87 343,50 131 288,42 0,05

315 529,00 SINOPAC FIN HLDG TWD 81 259,47 112 406,61 0,04

283 420,00 SHIN KONG FIN HLDG TWD 78 018,64 108 986,94 0,04

197 933,00 E.SUN FINANCIAL HLDG CORP TWD 58 744,78 101 824,20 0,04

174 001,00 TAISHIN FIN HLDG TWD 48 921,48 79 890,06 0,03

76 363,00 CHINA LIFE INSURANCE CO LTD TWD 44 616,61 62 559,78 0,02

136 000,00 KGI SEC CORP LTD TWD 47 037,24 60 168,63 0,02

159 328,00 TAIWAN BUSINESS BANK TWD 30 705,70 57 170,12 0,02

33 971,00 RUENTEX DEVELOPMENT CO LTD TWD 41 204,19 45 350,12 0,02

74 439,00 POLARIS SECURITIES CORP LTD TWD 27 501,85 36 570,99 0,01

74 130,00 CAPITAL SECURITIES CORP TWD 25 274,00 30 889,57 0,01

7 348,00 FARGLORY LAND DEVELOPMENT CO TWD 12 191,45 15 025,85 0,01

Raw materials 2 767 276,12 1,092 015 864,78

231 722,00 FORMOSA PLASTICS CORP TWD 366 277,44 578 151,68 0,23

285 955,00 NAN YA PLASTICS CORP TWD 389 485,65 533 994,89 0,21

604 571,00 CHINA STEEL CORP TWD 423 600,07 531 056,59 0,21

187 282,00 FORMOSA CHEMICALS & FIBRE TWD 302 396,92 470 644,94 0,19

203 825,00 TAIWAN CEMENT TWD 148 607,96 175 108,29 0,07

42 044,00 TAIWAN FERTILIZER CORP LTD TWD 100 697,79 125 448,31 0,05

136 183,00 CHINA PETROCHEMICAL DEV CORP TWD 98 091,80 103 685,35 0,04

116 932,00 ASIA CEMENT CORP TWD 81 943,12 97 600,24 0,04

27 971,00 TSRC CORP TWD 26 991,96 51 945,51 0,02

40 846,00 ETERNAL CHEMICAL CORP LTD TWD 27 881,70 35 984,29 0,01

37 671,00 TUNG HO STEEL ENTERPRISE CORP TWD 26 404,25 33 429,43 0,01

20 331,00 FENG HSIN IRON & STEEL CORP TWD 23 486,12 30 226,60 0,01

Industries 802 917,66 0,32507 985,08

161 884,00 FAR EASTERN NEW CENTURY CORP TWD 139 366,87 210 280,06 0,09





133


181 982,00 WALSIN LIHWA CORP TWD 53 808,69 86 831,07 0,03

105 549,00 YANG MING MARINE TRANSPORT TWD 32 644,47 81 583,32 0,03

117 710,00 TECO ELECTRIC & MACHINERY TWD 37 978,38 59 646,14 0,02

57 595,00 EVA AIRWAYS CORP TWD 26 214,77 54 221,14 0,02

52 924,00 TAIWAN GLASS IND CORP TWD 33 083,86 51 048,94 0,02

9 343,00 SIMPLO TECHNOLOGY CO LTD TWD 35 773,13 50 587,27 0,02

70 145,00 CHINA AIRLINES TWD 28 101,19 46 459,74 0,02

52 642,00 EVERGREEN MARINE TWD 22 474,28 41 907,89 0,02

13 932,00 MOTECH INDUSTRIES INC TWD 37 626,97 38 702,59 0,02

50 565,00 WAN HAI LINES LTD TWD 20 907,12 33 621,21 0,01

17 246,00 U-MING MARINE TRANSPORT CORP TWD 24 268,90 27 991,14 0,01

17 696,00 EVERGREEN INTL STOR TWD 10 667,67 13 882,82 0,01

8 669,00 CSBC CORP TWD 5 068,78 6 154,33 0,00


138 924,00 CHUNGHWA TEL CORP LTD TWD 214 348,65 263 001,29 0,10

115 218,00 TAIWAN MOBILE CORP LTD TWD 158 254,46 205 675,51 0,08

93 991,00 FAR EASTONE TEL CORP LTD TWD 83 286,73 101 782,04 0,04

Consumer retail 390 423,30 0,15291 124,99

134 872,00 POU CHEN TWD 75 904,53 99 911,87 0,05

37 234,00 CHENG SHIN RUBBER IND CORP LTD TWD 51 936,53 62 731,23 0,02

39 318,00 YULON MOTOR CO TWD 38 957,39 62 702,65 0,02

37 003,00 FAR EASTERN DEPARTMENT STORE TWD 30 373,88 47 589,34 0,02

16 246,00 RUENTEX INDUSTRIES LTD TWD 25 685,77 35 644,97 0,01

46 156,00 CHINA MOTOR TWD 32 502,63 35 022,97 0,01

8 799,00 GIANT MFG TWD 21 127,22 27 159,22 0,01

25 999,00 FORMOSA TAFFETA CO TWD 14 637,04 19 661,05 0,01

Basic goods 320 026,08 0,13217 377,88

195 062,00 UNI-PRESIDENT ENTERPRISES CO TWD 156 702,53 216 248,31 0,09

29 886,00 PRESIDENT CHAIN STORE CORP TWD 60 675,35 103 777,77 0,04

Energy 169 984,21 0,07121 184,38

67 160,00 FORMOSA PETROCHEMICAL CORP TWD 121 184,38 169 984,21 0,07

INDIA 15 754 395,36 6,2112 859 176,35

Finance 4 135 636,68 1,633 263 615,09

64 362,00 ICICI BANK LTD INR 926 857,80 1 231 634,44 0,49

76 755,00 HOUSING DEVELOPMENT FIN INR 675 670,67 934 817,23 0,37

19 555,00 HDFC BANK LTD INR 575 514,13 782 212,43 0,31

13 171,00 AXIS BANK LTD INR 240 367,15 301 408,84 0,12

4 346,00 STATE BANK OF INDIA INR 161 006,44 205 138,82 0,08

61 503,00 INFRASTRUCTURE DEV FIN INR 188 394,31 187 457,85 0,07

24 149,00 DLF LTD INR 127 467,02 119 388,17 0,05

15 616,00 KOTAK MAHINDRA BANK LTD INR 95 527,27 119 089,82 0,05

71 250,00 UNITECH LTD INR 92 133,18 79 343,45 0,03

5 233,00 RELIANCE CAPITAL LTD INR 67 471,30 59 697,21 0,02

11 589,00 RURAL ELECTRIFICATION CORP INR 52 917,40 56 809,06 0,02





134


3 316,00 BAJAJ FINSERV LTD INR 15 997,64 26 156,66 0,01

10 385,00 INDIABULLS REAL ESTATE LTD INR 31 169,70 23 893,92 0,01

2 514,00 HOUSING DEVELOPMENT & INFRAS INR 12 669,79 8 186,27 0,00

36,00 RELIANCE CAPITAL -GDR- (REGD) USD 451,29 402,51 0,00

Computing and IT 3 078 398,94 1,212 252 132,45

36 777,00 INFOSYS TECHNOLOGIES LTD INR 1 599 548,78 2 124 899,76 0,83

31 227,00 TATA CONSULTANCY SVS LTD INR 372 725,89 605 895,73 0,24

37 015,00 WIPRO LTD INR 232 106,82 299 097,72 0,12

3 594,00 HCL TECHNOLOGIES LTD INR 18 331,87 27 333,18 0,01

18 857,00 SATYAM COMPUTER SVCS LTD INR 29 419,09 21 172,55 0,01

Energy 2 339 953,58 0,922 192 121,77

105 863,00 RELIANCE INDUSTRIES LTD INR 1 781 851,72 1 867 345,83 0,73

16 037,00 OIL & NATURAL GAS CORP LTD INR 303 105,72 346 694,52 0,14

22 462,00 CAIRN INDIA LTD INR 107 164,33 125 913,23 0,05

Raw materials 1 646 189,86 0,651 365 072,80

27 190,00 JINDAL STEEL & POWER LTD INR 292 513,94 327 058,64 0,12

71 861,00 HINDALCO INDUSTRIES LTD INR 170 383,27 295 805,68 0,12

44 000,00 COAL INDIA LTD INR 234 349,01 233 688,72 0,09

19 064,00 TATA STEEL LTD INR 164 860,22 224 385,37 0,09

20 738,00 SESA GOA LTD INR 119 057,82 117 723,96 0,05

5 720,00 ULTRATECH CEMCO INR 110 272,88 104 002,52 0,04

5 094,00 JSW STEEL LTD INR 73 884,29 101 579,02 0,04

28 546,00 STEEL AUTHORITY OF INDIA LTD INR 93 803,74 89 777,13 0,04

3 374,00 ACC LTD INR 40 404,78 60 440,80 0,02

22 218,00 AMBUJA CEMENTS LTD INR 32 731,41 53 127,01 0,02

13 646,00 UNITED PHOSPHORUS LTD INR 32 811,44 38 601,01 0,02

Industries 1 574 267,27 0,621 318 565,44

14 210,00 LARSEN & TOUBRO LTD INR 374 927,20 470 717,82 0,19

14 584,00 TATA MOTORS LTD INR 174 768,33 318 821,50 0,13

8 128,00 BHARAT HEAVY ELECTRICALS LTD INR 309 314,68 318 814,44 0,13

98 113,00 STERLITE INDUSTRIES INDIA LTD INR 290 394,58 315 706,84 0,12

61 437,00 JAIPRAKASH ASSOCIATES LTD INR 130 354,32 111 387,66 0,04

1 840,00 ADITYA BIRLA NUVO LTD INR 23 021,69 25 747,32 0,01

12 924,00 SUZLON ENERGY LTD INR 15 784,64 11 732,08 0,00

2 691,00 ZEE LEARN LTD INR 0,00 1 339,61 0,00

Basic goods 857 684,60 0,34671 790,92

149 068,00 ITC LTD INR 325 076,16 434 895,11 0,17

58 126,00 HINDUSTAN UNILEVER LTD INR 242 385,57 304 531,10 0,12

4 819,00 UNITED SPIRITS LTD INR 104 329,19 118 258,39 0,05

Consumer retail 728 413,63 0,29567 235,51

17 595,00 MAHINDRA & MAHINDRA LTD INR 168 609,97 231 723,32 0,10

5 262,00 HERO HONDA MOTORS LTD INR 144 415,99 174 801,11 0,07

4 326,00 BAJAJ AUTO LTD INR 55 153,03 106 891,27 0,04

4 459,00 MARUTI SUZUKI INDIA LTD INR 105 314,79 106 521,52 0,04





135


5 214,00 ADANI ENTERPRISES LTD INR 52 787,49 56 418,10 0,02

21 530,00 ZEE ENTERTAINMENT ENTERPRISE LTD INR 40 954,24 52 058,31 0,02

Health 680 989,30 0,27525 586,72

6 964,00 DR. REDDY'S LABORATORIES INR 123 554,97 194 820,31 0,08

19 135,00 SUN PHARMACEUTICAL INDUS INR 95 780,81 155 964,14 0,06

20 131,00 CIPLA LTD INR 104 514,15 125 478,63 0,05

12 191,00 LUPIN LTD INR 103 015,25 99 294,10 0,04

5 682,00 RANBAXY LABORATORIES LTD INR 41 500,24 57 175,07 0,02

5 731,00 PIRAMAL HEALTHCARE LTD INR 54 890,57 45 014,42 0,02

320,00 RANBAXY LABORATORIES -GDR- USD 2 330,73 3 242,63 0,00

Multi-Utilities 658 853,17 0,26644 559,54

24 951,00 GAIL INDIA LTD INR 182 493,67 215 205,14 0,08

60 341,00 NTPC LTD INR 195 315,29 199 970,30 0,08

5 640,00 TATA POWER CO LTD INR 123 970,46 129 298,55 0,05

6 321,00 RELIANCE INFRASTRUCTURE LTD INR 107 221,89 91 226,93 0,04

8 233,00 RELIANCE POWER LIMITED INR 33 953,34 21 883,84 0,01

18,00 RELIANCE INFRASTRUCTURE -GDR 144A- USD 849,41 754,01 0,00

361,00 RELIANCE NATURAL RESOURCES -GDR- USD 755,48 514,40 0,00


21 823,00 RELIANCE COMMUNICATION LTD INR 58 496,11 54 008,33 0,02

HONG KONG 13 772 638,12 5,4312 524 890,58


483 538,00 CHINA MOBILE LTD HKD 3 494 649,91 3 619 338,25 1,42

462 448,00 CHINA UNICOM HONG KONG LTD HKD 430 012,77 499 842,64 0,19

367,00 TCL COMMUNICATION TECH HLDG HKD 75,28 271,52 0,00

Energy 2 883 306,99 1,141 973 624,14

1 409 229,00 CNOOC LTD HKD 1 687 878,05 2 576 649,37 1,02

197 391,00 KUNLUN ENERGY CO LTD HKD 190 203,85 235 410,34 0,09

218 168,00 CHINA GAS HOLDINGS LTD HKD 95 542,24 71 247,28 0,03

Consumer retail 1 823 545,71 0,721 721 920,32

1 727 632,00 GOME ELECTRICAL APPLIANCES HKD 466 715,98 472 658,12 0,20

327 873,00 BELLE INTERNATIONAL HLDG HKD 298 767,25 425 136,37 0,17

91 687,00 CHINA RESOURCES ENTERPRISES HKD 234 724,86 282 641,08 0,11

800 254,00 GEELY AUTOMOBILE HLDG LT HKD 279 042,30 264 423,18 0,10

196 391,00 BRILLIANCE CHINA AUTOMOTIVE LTD HKD 130 160,87 110 676,39 0,04

173 426,00 HENGDELI HOLDINGS LTD HKD 83 636,64 76 349,81 0,03

131 792,00 SKYWORTH DIGITAL HLDG LTD HKD 87 999,37 58 274,60 0,02

190 056,00 BOSIDENG INTL HLDGS LTD HKD 71 717,83 58 221,88 0,02

326 000,00 CHINA TRAVEL INTL INV HK HKD 61 391,31 56 214,48 0,02


Finance 1 384 633,82 0,551 504 861,68

150 638,00 CHINA TAIPING INS HKD 385 856,47 361 336,17 0,15





136


203 415,00 CHINA EVERBRIGHT LTD HKD 376 533,65 354 681,95 0,14

210 768,00 CHINA OVERSEAS LAND AND INVEST HKD 322 726,88 297 250,98 0,12

84 328,00 CHINA RESOURCES LAND LTD HKD 131 740,20 117 467,48 0,05

73 671,00 SHIMAO PROPERTY HLDG LTD HKD 105 293,60 86 157,44 0,03

342 496,00 YUEXIU PROPERTY CO LTD HKD 67 483,97 67 637,40 0,03

40 533,00 HOPSON DEVELOPMENT HLDG HKD 43 269,55 33 970,78 0,01

43 240,00 POLY HONG KONG INVESTMENT LT HKD 39 036,16 33 323,70 0,01

145 541,00 FRANSHION PROPERTIES HKD 32 921,20 32 807,92 0,01

Basic goods 1 183 059,27 0,471 204 622,12

115 406,00 HENGAN INTL GP CORP LTD HKD 689 786,22 750 985,04 0,30

89 792,00 CHINA MENGNIU DAIRY CO HKD 215 935,26 179 487,12 0,07

158 378,00 CHINA AGRI-INDUSTRIES HLDG HKD 149 692,85 135 178,03 0,05

200 966,00 CHAODA MODERN AGRICULTURE HKD 149 119,68 117 320,19 0,05

632,00 GLOBAL SWEETENERS HLDG LTD HKD 88,11 88,89 0,00

Industries 1 165 554,55 0,461 056 696,38

86 028,00 CHINA MERCHANTS HLDG INTL HKD 213 234,58 257 323,22 0,11

40 255,00 BEIJING ENTERPRISES HLDG HKD 195 581,40 188 854,06 0,07

133 244,00 COSCO PACIFIC LTD HKD 134 177,32 178 161,83 0,07

88 959,00 CITIC PACIFIC LTD HKD 147 827,30 176 108,07 0,07

575 711,00 GCL POLY ENERGY HOLDINGS LTD HKD 136 339,56 160 834,82 0,06

43 620,00 SHANGHAI INDUSTRIAL HLDG LTD HKD 156 625,86 140 979,42 0,06

152 441,00 LONKING HLDG LTD HKD 72 910,36 63 293,13 0,02

Raw materials 674 439,16 0,27642 501,25

129 072,00 HUABAO INTERNATIONAL HLDG HKD 122 155,69 153 932,47 0,06

130 992,00 NINE DRAGONS PAPER HLDG HKD 147 734,69 146 127,14 0,06

246 968,00 FUSHAN INTERNATIONAL ENERGY HKD 131 088,50 130 138,43 0,05

161 547,00 CHINA RESOURCES CEMENT HKD 92 513,09 90 573,14 0,04

136 759,00 LEE & MAN PAPER MANUFACTURIN HKD 76 540,04 79 969,09 0,03

185 689,00 SINOFERT HLDG LTD HKD 72 469,24 73 698,89 0,03

Computing and IT 274 738,51 0,11208 414,96

62 134,00 KINGBOARD CHEMICALS HLDG HKD 208 414,96 274 738,51 0,11

Multi-Utilities 263 907,70 0,10287 511,77

130 255,00 CHINA RESOURCES POWER HLDG HKD 204 642,53 177 176,71 0,07

215 904,00 GUANGDONG INVEST HKD 82 869,24 86 730,99 0,03

SOUTH AFRICA 11 901 772,01 4,698 716 440,22

Raw materials 3 760 169,35 1,492 952 842,35

42 647,00 IMPALA PLATINUM HLDG LTD ZAR 773 551,99 1 122 908,49 0,45

19 134,00 ANGLOGOLD ASHANTI LTD ZAR 601 253,35 706 960,60 0,29

7 423,00 ANGLO PLATINUM LTD ZAR 542 575,44 582 364,37 0,23

37 370,00 GOLD FIELDS LTD ZAR 373 316,17 509 383,56 0,20

44 468,00 NORTHAM PLATINUM LTD ZAR 217 685,18 227 677,61 0,09

15 884,00 HARMONY GOLD MINING CORP LTD ZAR 115 935,84 149 009,00 0,06

2 840,00 KUMBA IRON ORE LTD ZAR 83 970,01 136 260,68 0,05





137


3 887,00 AFRICAN RAINBOW MINERALS LTD ZAR 57 846,44 92 302,85 0,04

6 940,00 ARCELORMITTAL SOUTH AFRICA ZAR 65 208,76 62 139,65 0,02

15 469,00 PRETORIA PORTLAND CEMENT CO ZAR 48 214,77 61 106,01 0,02

3 794,00 EXXARO RESOURCES LTD ZAR 33 801,42 58 422,01 0,02

13 354,00 SAPPI LTD ZAR 39 482,98 51 317,42 0,02

1 169,00 TRANS HEX GROUP LTD ZAR 0,00 317,10 0,00

Finance 2 539 544,42 1,001 958 486,98

63 871,00 STANDARD BANK GP LTD ZAR 652 856,28 776 405,58 0,30

101 977,00 SANLAM LTD ZAR 228 178,27 321 804,54 0,13

145 219,00 FIRSTRAND LTD ZAR 261 848,10 320 225,00 0,13

16 330,00 ABSA GP LTD ZAR 204 403,05 258 397,76 0,10

19 997,00 REMGRO LTD ZAR 178 633,95 255 285,18 0,10

118 749,00 MMI HOLDINGS LTD ZAR 174 138,41 223 067,09 0,09

20 367,00 RMB HLDG LTD ZAR 55 263,54 88 626,24 0,03

18 050,00 AFRICAN BANK INVESTMENTS LTD ZAR 48 827,58 79 053,92 0,03

4 896,00 NEDBANK GP LTD ZAR 53 957,64 72 131,83 0,03

15 946,00 DISCOVERY HLDG LTD ZAR 44 997,32 71 046,53 0,03

6 831,00 LIBERTY HLDG LTD ZAR 41 657,17 55 975,35 0,02

2 761,00 INVESTEC LTD ZAR 13 725,67 17 525,40 0,01


89 838,00 MTN GP LTD ZAR 970 625,74 1 364 892,62 0,54

12 337,00 VODACOM GP (PTY) LTD ZAR 60 431,38 106 642,90 0,04

13 871,00 TELKOM SA LTD ZAR 43 453,01 59 575,25 0,02

Consumer retail 1 249 690,86 0,49766 074,36

20 885,00 NASPERS LTD-N SHS ZAR 582 119,85 915 766,51 0,36

44 460,00 STEINHOFF INTL HLDG LTD ZAR 78 245,99 123 114,74 0,05

10 981,00 TRUWORTHS INTERNATIONAL LTD ZAR 42 723,91 88 926,79 0,04

4 285,00 IMPERIAL HLDG LTD ZAR 31 244,31 61 740,11 0,02

11 056,00 WOOLWORTHS HLDG LTD ZAR 18 372,39 33 664,34 0,01

2 603,00 FOSCHINI LTD ZAR 13 367,91 26 478,37 0,01

Energy 1 204 363,69 0,47860 005,87

30 772,00 SASOL LTD ZAR 860 005,87 1 204 363,69 0,47

Basic goods 854 880,52 0,34576 541,16

27 521,00 SHOPRITE HLDG LTD ZAR 185 255,23 309 967,41 0,12

9 076,00 TIGER BRANDS LTD ZAR 145 127,36 198 628,54 0,08

10 190,00 MASSMART HLDG LTD ZAR 78 118,73 168 958,02 0,07

14 402,00 SPAR GROUP LIMITED/THE ZAR 155 730,63 159 181,20 0,06

3 317,00 PICK'N PAY STORES LTD ZAR 12 309,21 18 145,35 0,01

Industries 533 403,14 0,21382 819,24

17 691,00 BIDVEST GP LTD ZAR 219 831,65 313 425,59 0,13

17 461,00 AVENG LTD ZAR 59 820,92 85 355,15 0,03

9 499,00 REUNERT LTD ZAR 49 286,42 71 932,84 0,03

12 749,00 MURRAY & ROBERTS HLDG ZAR 50 138,04 57 883,19 0,02

6 593,00 EQSTRA HLDG LTD ZAR 3 742,21 4 806,37 0,00





138


Health 228 609,26 0,09145 160,13

12 034,00 ASPEN PHARMACARE HLDG LTD ZAR 75 493,26 125 146,74 0,05

43 417,00 NETCARE LTD ZAR 51 095,52 75 521,91 0,03

4 127,00 ADCOCK INGRAM HLDG LTD ZAR 18 571,35 27 940,61 0,01

MEXICO 6 037 436,80 2,384 630 619,53


857 677,00 AMERICA MOVIL SAB DE CV -L- MXN 1 428 874,03 1 857 564,80 0,73

3 617,00 AMERICA MOVIL -ADR L- USD 117 647,74 155 215,37 0,06

190 478,00 TELEFONOS DE MEXICO SAB -L- MXN 113 852,48 116 422,77 0,05

Basic goods 1 398 379,28 0,551 070 637,43

245 831,00 WALMART DE MEXICO -V- MXN 403 294,06 531 972,75 0,21

96 000,00 FOMENTO ECONOMICO MEXICANO SAB DE CV MXN 308 243,59 406 339,28 0,16

33 479,00 EMBOTELLADORAS ARCA SAB-NOM MXN 107 527,72 122 654,29 0,05

25 632,00 GRUPO MODELO SAB DE CV -C- MXN 102 852,96 119 636,09 0,05

19 039,00 KIMBERLY CLARK MEXICO -A- MXN 58 510,10 88 038,19 0,03

12 700,00 COCA-COLA FEMSA SAB -L- MXN 52 764,71 79 229,36 0,03

7 846,00 GRUPO BIMBO SAB -A- MXN 37 444,29 50 509,32 0,02

Consumer retail 1 057 485,33 0,42914 669,33

104 203,00 GRUPO TELEVISA SA -PART CERT- MXN 296 432,75 406 638,09 0,16

173 354,00 URBI DESARROLLOS URBANOS SA MXN 275 476,66 306 860,58 0,12

65 369,00 DESARROLLADORA HOMEX SAB DE CV MXN 275 821,69 279 401,61 0,11

2 023,00 GRUPO ELEKTRA SA -CPO- MXN 66 938,23 64 585,05 0,03

Raw materials 919 256,90 0,36606 711,73

167 229,00 GRUPO MEXICO SAB DE CV -B- MXN 276 570,86 516 577,27 0,20

399 846,00 CEMEX SAB DE CV -PART CERT- MXN 287 990,63 321 541,88 0,13

2 952,00 INDUSTRIAS PENOLES SAB DE CV MXN 42 150,24 81 137,75 0,03

Finance 294 755,61 0,12237 107,17

21 559,00 BANCO COMPARTAMOS SA MXN 131 033,18 138 208,76 0,06

35 611,00 GRUPO FINANCIERO BANORTE SAB DE CV MXN 86 627,14 127 986,29 0,05

8 622,00 GRUPO FINANCIERO INBURSA -O- MXN 19 446,85 28 560,56 0,01

Industries 238 356,74 0,09141 119,62

8 553,00 ALFA SAB -A- MXN 39 180,16 64 967,76 0,02

13 300,00 GRUPO CARSO SAB DE CV -A1- MXN 31 686,17 63 636,32 0,03

19 729,00 GRUPO AEROPORTUARIO DEL PACIFICO SAB -B- MXN 43 043,84 60 654,58 0,02

18 188,00 MEXICHEM SAB DE CV MXN 27 209,45 49 098,08 0,02

MALAYSIA 5 124 809,49 2,023 953 085,49

Finance 1 817 846,39 0,731 387 595,00

296 685,00 CIMB GP HLDG MYR 460 059,39 624 561,87 0,26

239 993,00 MALAYAN BANKING BHD MYR 402 779,92 501 114,88 0,20

123 750,00 AMMB HLDG BHD MYR 138 874,61 213 062,46 0,08





139


64 000,00 PUBLIC BANK BHD -F- MYR 166 675,48 204 124,79 0,08

26 500,00 HONG LEONG BANK BHD MYR 52 945,76 60 445,69 0,02

33 015,00 SP SETIA BHD MYR 30 988,25 49 102,23 0,02

62 104,00 ALLIANCE FINANCIAL GP BHD MYR 38 763,55 46 713,55 0,02

20 092,00 RHB CAPITAL BHD MYR 27 031,36 42 787,04 0,02

16 621,00 BURSA MALAYSIA BHD MYR 28 317,43 32 026,30 0,01

11 634,00 HONG LEONG FINANCIAL GP BHD MYR 20 554,58 25 570,79 0,01

54 209,00 BERJAYA CORP BHD MYR 18 851,32 14 694,91 0,01

740,00 PUBLIC BANK BHD MYR 642,80 2 356,58 0,00

1 900,00 IJM LAND BHD MYR 1 110,55 1 285,30 0,00

Industries 990 299,40 0,39785 476,20

203 644,00 SIME DARBY BHD MYR 380 413,35 445 109,91 0,17

84 500,00 MISC BHD MYR 167 086,91 175 820,26 0,07

114 300,00 PLUS EXPRESSWAYS BHD MYR 96 176,34 127 566,03 0,05

115 179,00 GAMUDA BHD MYR 62 831,86 110 263,55 0,04

50 400,00 IJM CORP BHD MYR 46 885,25 76 066,18 0,03

63 500,00 AIRASIA BHD MYR 18 439,78 41 250,38 0,02

28 000,00 MALAYSIAN AIRLINE SYSTEM BHD MYR 13 642,71 14 223,09 0,01

Basic goods 718 632,16 0,28547 113,47

251 523,00 IOI CORPORATION BHD MYR 296 496,41 358 111,99 0,13

33 900,00 KUALA LUMPUR KEPONG BHD MYR 116 069,92 185 281,64 0,07

22 300,00 PPB GP BHD MYR 74 514,04 95 087,12 0,04

6 000,00 BRITISH AMERICAN TOBACCO BHD MYR 52 491,22 67 110,32 0,03

6 000,00 GENTING PLANTATION BHD MYR 7 541,88 13 041,09 0,01

Consumer retail 482 500,34 0,19293 824,49

128 313,00 GENTING BHD MYR 203 651,56 352 216,40 0,14

115 400,00 GENTING MALAYSIA BHD MYR 66 311,09 98 920,32 0,04

18 964,00 BERJAYA SPORTS TOTO BHD MYR 16 023,50 20 887,15 0,01

7 345,00 PARKSON HLDG BHD MYR 7 592,75 9 847,74 0,00

5 420,00 BERJAYA RETAIL BHD MYR 245,59 628,73 0,00

Multi-Utilities 442 764,77 0,17385 671,35

184 678,00 TENAGA NASIONAL BHD MYR 283 983,32 303 530,85 0,11

19 200,00 PETRONAS GAS BHD MYR 38 452,30 52 797,36 0,02

22 349,00 YTL CORPORATION BHD MYR 33 417,17 46 283,54 0,02

66 297,00 YTL POWER INTERNATIONAL BHD MYR 29 818,56 40 153,02 0,02


132 175,00 AXIATA GP BHD MYR 95 389,07 153 003,11 0,06

107 937,00 MAXIS BHD MYR 125 476,02 140 234,41 0,06

18 500,00 DIGI.COM BHD MYR 89 349,22 113 310,95 0,04

29 500,00 TEL MALAYSIA BHD MYR 17 804,15 25 359,30 0,01

Raw materials 231 222,91 0,09219 497,73

150 000,00 PETRONAS CHEMICALS GROUP BHD MYR 201 026,38 204 041,76 0,08

14 000,00 LAFARGE MALAYAN CEMENT BHD MYR 18 471,35 27 181,15 0,01





140


Energy 9 635,75 0,005 888,79

3 288,00 PETRONAS DAGANGAN BHD MYR 5 888,79 9 635,75 0,00

INDONESIA 4 234 693,99 1,673 413 971,59

Finance 903 475,21 0,36747 139,35

743 536,00 PT BANK CENTRAL ASIA IDR 334 347,38 399 236,76 0,17

302 311,00 PT BANK RAKYAT INDONESIA -B- IDR 223 044,34 260 473,24 0,10

390 417,00 PT BANK MANDIRI IDR 176 052,41 209 631,84 0,08

532 500,00 PT BANK INTERNASIONAL INDONESIA IDR 13 695,22 34 133,37 0,01

Energy 738 682,88 0,29483 862,43

1 889 900,00 PT BUMI RESOURCES TBK IDR 333 335,76 491 651,82 0,19

70 037,00 PT TAMBANG BATUBARA BUKIT ASAM -B- IDR 94 160,41 139 637,43 0,06

23 758,00 PT INDO TAMBANGRAYA MEGAH IDR 56 366,26 107 393,63 0,04

Consumer retail 610 677,91 0,24441 971,36

134 848,00 PT ASTRA INTL TBANK IDR 441 971,36 610 677,91 0,24

Raw materials 484 233,55 0,19404 629,52

216 072,00 PT SEMEN GRESIK (PERSERO) IDR 158 348,89 177 175,44 0,07

554 242,00 ADARO ENERGY PT IDR 88 581,92 123 421,84 0,05

81 963,00 PT INDOCEMENT TUNGGAL PRAKARSA IDR 99 912,94 109 511,99 0,04

136 222,00 PT INTERNATIONAL NICKEL INDO IDR 43 307,27 56 416,89 0,02

85 943,00 PT ANEKA TAMBANG TBK IDR 14 478,50 17 707,39 0,01

Basic goods 455 409,91 0,18375 602,43

86 190,00 PT UNILEVER INDONESIA TBANK IDR 90 751,13 115 159,75 0,05

31 258,00 GUDANG GARAM IDR 85 848,18 106 817,68 0,04

610 080,00 CHAROEN POKPHAND INDONESI PT IDR 98 650,02 90 909,36 0,04

214 722,00 PT INDOFOOD SUKSES MAK TBK IDR 57 875,62 88 481,11 0,03

24 223,00 PT ASTRA AGRO LESTARI IDR 42 477,48 54 042,01 0,02


632 237,00 PT TELEKOMUNIKASI INDONESIA (PERSERO) TBK IDR 444 048,72 421 054,87 0,16

33 308,00 PT INDOSAT TBK IDR 12 854,85 15 111,72 0,01

Multi-Utilities 310 136,49 0,12261 939,24

832 513,00 PT PERUSAHAAN GAS NEGARA IDR 261 939,24 310 136,49 0,12

Industries 192 250,64 0,08134 396,78

95 037,00 PT UNITED TRACTORS IDR 134 396,78 192 250,64 0,08

Health 103 660,81 0,04107 526,91

374 502,00 KALBE FARMA TBK PT IDR 107 526,91 103 660,81 0,04

TURKEY 3 875 554,53 1,533 358 573,89

Finance 2 156 850,77 0,851 944 135,70

156 865,00 TURKIYE GARANTI BANKASI TRY 502 858,61 588 394,23 0,24





141


100 982,00 AKBANK TAS TRY 376 975,00 415 591,69 0,16

125 242,00 TURKIYE IS BANKASI -C- TRY 290 878,86 330 406,27 0,13

71 109,00 HACI OMER SABANCI HLDG TRY 226 690,94 245 579,82 0,10

102 833,00 YAPI VE KREDI BANKASI TRY 213 373,50 239 720,06 0,09

32 929,00 TURKIYE HALK BANKASI TRY 185 659,03 206 911,89 0,08

40 278,00 TURKIYE VAKIFLAR BANKASI T -D- TRY 72 918,26 75 540,57 0,03

40 159,00 ASYA KATILIM BANKASI AS TRY 74 781,50 54 706,24 0,02

Basic goods 502 596,70 0,20389 798,94

22 162,00 ANADOLU EFES BIRACILIK TRY 194 922,97 248 748,47 0,10

8 436,00 BIM BIRLESIK MAGAZALAR AS TRY 170 055,05 212 437,64 0,08

4 232,00 COCA COLA ICECEK AS TRY 24 820,92 41 410,59 0,02


70 943,00 TURKCELL ILETISIM HIZMET AS TRY 319 821,61 359 002,61 0,14

40 757,00 TURK TELEKOMUNIKASYON AS TRY 97 465,65 127 072,38 0,05

Industries 354 128,92 0,14292 401,33

43 649,00 KOC HLDG AS TRY 118 833,19 157 444,59 0,07

41 016,00 TURK HAVA YOLLARI AO TRY 88 813,62 106 238,68 0,04

28 553,00 ENKA INSAAT VE SANAYI AS TRY 76 910,82 78 887,80 0,03

3 730,00 TEKFEN HLDG AS TRY 7 843,70 11 557,85 0,00

Energy 244 767,84 0,10204 017,88

13 220,00 TUPRAS-TURKIYE PETROL RAFINE TRY 204 017,88 244 767,84 0,10

Raw materials 102 315,57 0,0485 448,52

41 825,00 EREGLI DEMIR VE CELIK FABRIK TRY 85 448,52 102 315,57 0,04

Consumer retail 28 819,74 0,0125 484,26

7 703,00 ARCELIK AS TRY 25 484,26 28 819,74 0,01

CZECH REPUBLIC 2 914 721,09 1,152 902 864,69

Multi-Utilities 1 135 251,45 0,441 150 951,95

36 286,00 CESKE ENERGETICKE ZAVODY AS CZK 1 150 951,95 1 135 251,45 0,44

Finance 953 559,56 0,38909 286,77

5 381,00 KOMERCNI BANKA AS CZK 909 286,77 953 559,56 0,38


54 181,00 TELEFONICA O2 CZECH REPUBLIC CZK 842 625,97 825 910,08 0,33

THAILAND 2 173 197,54 0,861 525 409,03

Energy 759 538,61 0,30490 979,05

26 500,00 PTT PCL -F- THB 137 664,54 210 527,62 0,08

35 200,00 PTT EXPLORATION & PROD -F- THB 109 245,13 146 813,23 0,06

6 550,00 BANPU PUBLIC CORP LTD -F- (REGD) THB 83 337,27 128 138,83 0,05

53 800,00 THAI OIL PCL -F- THB 54 704,99 104 515,30 0,04

604 000,00 IRPC PCL -F- THB 59 900,60 97 468,33 0,04





142


75 900,00 PTT AROMATICS & REFIN -F- THB 46 126,52 72 075,30 0,03

Finance 704 094,59 0,28492 212,25

47 800,00 KASIKORNBANK PCL -F- (REGD) THB 96 588,04 154 864,42 0,06

33 900,00 BANGKOK BANK PUBLIC CORP LTD THB 95 661,25 123 717,25 0,05

47 244,00 SIAM COMMERCIAL BANK PCL -F- THB 90 110,14 121 394,84 0,05

126 753,00 BANK OF AYUDHYA -F- THB 57 565,70 80 243,83 0,03

20 900,00 BANGKOK BANK -F- (REGD) THB 50 549,97 79 127,85 0,03

25 118,00 KASIKORNBANK PCL THB 52 496,19 78 260,39 0,03

154 800,00 KRUNG THAI BANK PUB CORP -F- THB 49 240,96 66 486,01 0,03

Raw materials 315 602,97 0,12239 070,26

92 814,00 INDORAMA VENTURES-FOREIGN THB 118 754,99 133 069,56 0,04

13 200,00 SIAM CEMENT PUB CORP -F- (REGD) THB 73 661,47 118 302,62 0,05

17 600,00 PTT CHEMICAL PCL -F- THB 46 653,80 64 230,79 0,03

Basic goods 143 739,44 0,0695 018,35

132 704,00 CHAROEN POKPHAND FOOD -F- THB 51 610,55 81 375,60 0,04

64 000,00 CP ALL PCL -F- (REGD) THB 43 407,80 62 363,84 0,02

Consumer retail 78 287,73 0,0349 186,40

99 320,00 BEC WORLD PCL -F- THB 49 186,40 78 287,73 0,03


35 487,00 ADVANCED INFO SERVICE -F- (REGD) THB 69 978,30 74 225,38 0,03

Industries 65 098,14 0,0370 164,37

53 513,00 THAI AIRWAYS INTL-FOREIGN THB 70 164,37 65 098,14 0,03

Multi-Utilities 32 610,68 0,0118 800,05

27 800,00 GLOW ENERGY PCL -F- THB 18 800,05 32 610,68 0,01

CHILE 1 971 985,67 0,781 605 801,79

Raw materials 534 391,44 0,22421 119,42

6 725,00 EMPRESAS CMPC SA CLP 227 544,96 268 710,79 0,11

5 170,00 SOC QUIMICA Y MINERA CHILE -B- CLP 169 997,40 220 256,54 0,09

1 134,00 CIA ACERO DEL PACIFICO SA CLP 23 577,06 45 424,11 0,02

Multi-Utilities 486 709,40 0,19455 327,55

6 099,00 EMPRESA NACIONAL DE ELECTRIC-CHILE -ADR- USD 235 372,36 256 566,97 0,10

465 037,00 ENERSIS SA CLP 162 285,09 162 326,65 0,06

3 902,00 ENERSIS SA -ADR- USD 57 663,59 67 807,54 0,03

20,00 AES GENER SA CLP 6,51 8,24 0,00

Industries 408 972,54 0,16336 535,34

25 861,00 EMPRESAS COPEC SA CLP 321 211,99 377 392,19 0,15

1 346,00 LAN AIRLINES SA CLP 15 323,35 31 580,35 0,01

Basic goods 280 461,18 0,11214 589,96

44 464,00 CENCOSUD SA CLP 203 080,12 262 649,48 0,10





143


1 000,00 EMBOTELLADORA ANDINA -ADR- USD 11 509,84 17 811,70 0,01

Finance 261 451,11 0,10178 229,52

1 985,00 BANCO SANTANDER CHILE -ADR- USD 86 000,47 138 854,92 0,05

5 534 736,00 CORPBANCA SA CLP 71 456,07 77 218,17 0,03

855,00 BANCO DE CREDITO E INVERSION CLP 20 772,98 45 378,02 0,02

POLAND 1 378 654,18 0,541 300 356,32

Finance 752 996,94 0,29762 365,35

32 090,00 POWSZECHNA KASA OSZCZEDN BANK POLSKI SA PLN 359 301,01 352 414,02 0,14

5 229,00 BANK PEKAO SA PLN 228 512,94 237 118,83 0,09

1 532,00 POWSZECHNY ZAKLAD UBEZPIECZE PLN 155 643,14 137 972,56 0,05

331,00 BRE BANK SA PLN 18 908,26 25 491,53 0,01

Raw materials 268 439,59 0,11186 399,05

6 125,00 KGHM POLSKA MIEDZ SA PLN 186 399,05 268 439,59 0,11

Energy 156 300,25 0,06134 784,87

13 471,00 POLSKI KONCERN NAFTOWY ORLEN SA PLN 134 784,87 156 300,25 0,06


34 980,00 TELEKOMUNIKACJA POLSKA SA PLN 161 564,03 144 887,84 0,06

Multi-Utilities 55 411,17 0,0254 655,46

9 229,00 ENEA SA PLN 54 655,46 55 411,17 0,02

Computing and IT 618,39 0,00587,56

43,00 ASSECO POLAND SA PLN 549,24 577,35 0,00

3,00 ASSECO POLAND SA-PDA-ALLT PLN 38,32 41,04 0,00

PERU 727 066,96 0,29473 506,22

Raw materials 415 419,89 0,17281 364,46

11 337,00 CIA DE MINAS BUENAVENTUR -ADR- USD 281 362,86 415 401,53 0,17

2,00 VOLCAN CIA MINERA SAA -PFD B- EUR 1,60 18,36 0,00

Finance 311 647,07 0,12192 141,76

3 502,00 CREDICORP LTD USD 192 141,76 311 647,07 0,12

COLUMBIA 677 110,51 0,27552 663,65

Energy 567 301,57 0,23478 843,91

17 378,00 ECOPETROL SA -ADR- USD 478 843,91 567 301,57 0,23

Finance 109 808,94 0,0473 819,74

2 370,00 BANCOLOMBIA SA -ADR- USD 73 819,74 109 808,94 0,04





144


PHILIPPINES 561 320,19 0,22429 485,35

Finance 298 030,51 0,12204 873,89

344 524,00 ALLIANCE GLOBAL GROUP INC PHP 68 059,65 73 041,23 0,04

8 292,00 AYALA CORPORATION PHP 36 574,24 55 999,39 0,02

42 900,00 METROPOLITAN BANK & TRUST PHP 27 875,49 53 543,54 0,02

46 900,00 BANCO DE ORO UNIBANK INC PHP 26 412,37 47 189,59 0,02

34 963,00 BANK OF PHILIPPINE ISLANDS PHP 24 189,89 35 567,44 0,01

74 400,00 AYALA LAND INC PHP 12 947,83 20 835,97 0,01

61 353,00 SM PRIME HLDG INC PHP 8 814,42 11 853,35 0,00

Multi-Utilities 145 255,46 0,06130 694,52

155 376,00 ABOITIZ POWER CORP PHP 88 496,46 83 547,12 0,03

395 000,00 ENERGY DEVELOPMENT CORP PHP 28 838,30 39 507,53 0,02

5 300,00 MANILA ELECTRIC CO PHP 13 359,76 22 200,81 0,01


1 829,00 PHILIPPINE LONG DISTANCE TEL PHP 71 937,22 79 553,21 0,03

300,00 GLOBE TEL INC PHP 4 021,20 4 064,88 0,00

Industries 34 416,13 0,0117 958,52

3 680,00 SM INVESTMENTS CORP PHP 17 958,52 34 416,13 0,01

EGYPT 454 183,01 0,18415 020,11

Finance 216 411,56 0,08173 208,70

14 048,00 COMMERCIAL INTL BANK EGP 51 130,75 85 904,97 0,03

7 516,00 NATIONAL SOCIETE GENERAL EGP 47 191,65 48 462,80 0,02

32 242,00 EGYPTIAN KUWAITI HLDG CO USD 40 699,63 41 020,36 0,02

6 768,00 EGYPTIAN FINANCIAL GP EGP 25 932,76 29 617,04 0,01

10 245,00 T M G HLDG EGP 8 253,91 11 406,39 0,00

Industries 134 143,75 0,05120 753,72

3 040,00 ORASCOM CONSTRUCTION INDUS EGP 99 214,64 112 602,32 0,04

3 099,00 ELSWEDY CABLES HLDG CO EGP 21 539,08 21 541,43 0,01


120 082,00 ORASCOM TEL HLDG EGP 82 342,50 66 924,80 0,04

555,00 MOBINIL-EGYPTIAN MOBILE SERV EGP 16 431,50 11 808,42 0,00

4 692,00 TEL EGYPT EGP 11 240,54 10 944,15 0,00

Raw materials 13 950,33 0,0111 043,15

5 517,00 EL EZZ STEEL REBARS SAE EGP 11 043,15 13 950,33 0,01

UNITED STATES 390 518,22 0,15233 453,61

Raw materials 390 518,22 0,15233 453,61

10 706,00 SOUTHERN COPPER CORP USD 233 453,61 390 518,22 0,15





145


MOROCCO 121 679,14 0,05109 166,68


9 067,00 MAROC TEL EUR 109 166,68 121 679,14 0,05

SINGAPORE 104 670,28 0,0474 996,85

Energy 104 670,28 0,0474 996,85

68 000,00 STRAITSASIA RESOURCES LTD SGD 74 996,85 104 670,28 0,04

GREAT-BRITAIN 59 439,22 0,0243 733,48

Finance 59 439,22 0,0243 733,48

12 052,00 VTB BANK OJSC -GDR- (REGD) USD 43 733,48 59 439,22 0,02

CAYMAN ISLANDS 51 840,34 0,0246 647,94

Industries 51 840,34 0,0246 647,94

62 212,00 CHINA METAL RECYCLING HKD 46 647,94 51 840,34 0,02

PAKISTAN 10 830,41 0,008 997,40

Finance 10 830,41 0,008 997,40

5 566,00 MCB BANK LTD -GDR- (REGD) USD 8 997,40 10 830,41 0,00

ARGENTINA 22,61 0,0012,10


3,00 SIDERAR -A- ARS 10,70 19,72 0,00

Finance 2,89 0,001,40

1,00 BBVA BANCO FRANCES SA ARS 1,40 2,89 0,00

Other shares 3 091 095,23 1,222 561 649,05

BRAZIL 2 297 496,21 0,921 947 819,13

Finance 1 033 430,11 0,42778 610,07

78 137,00 ITAUSA-INVESTIMENTOS ITAU -PFD- BRL 349 826,79 466 985,90 0,19

11 100,00 BRADESPAR SA -PFD- BRL 165 963,39 217 713,08 0,09

15 100,00 BANCO SANTANDER BRASIL SA BRL 136 848,40 154 168,84 0,06

15 900,00 BANCO ESTADO RIO GRANDE SUL BRL 84 068,13 129 581,42 0,05

6 900,00 SUL AMERICA SA UNITS BRL 41 903,36 64 980,87 0,03

Raw materials 659 084,86 0,26670 365,07

29 940,00 GERDAU SA -PFD- BRL 323 427,67 307 309,80 0,12

13 700,00 METALURGICA GERDAU SA -PFD- BRL 181 223,72 166 237,29 0,07

18 500,00 SUZANO PAPEL E CELULOSE SA BRL 115 935,75 123 632,08 0,05

7 200,00 FERTILIZANTES FOSFATADOS -PFD- BRL 49 777,93 61 905,69 0,02





146


Multi-Utilities 272 900,10 0,11215 002,67

9 300,00 CIA ENERGETICA DE SAO PAOLO -PFD B- BRL 84 071,14 113 689,36 0,05

5 000,00 ELETROPAULO METROPOLITANA -PFD- BRL 69 313,87 72 691,46 0,03

4 500,00 AES TIETE SA -PFD- BRL 32 873,40 48 898,65 0,02

1 508,00 CIA DE TRANSMISSAO DE ENERGIA ELECTRICA PAULISTA -PFD- BRL 28 744,26 37 620,63 0,01

Consumer retail 209 396,23 0,08149 736,91

2 900,00 ULTRAPAR PARTICIPACOES -PFD- BRL 92 972,12 137 998,32 0,05

10 300,00 LOJASAMERICANAS SA -PFD- BRL 56 764,79 71 397,91 0,03


13 901,00 BRASIL TEL SA -PFD- BRL 84 699,09 75 652,56 0,03

2 175,00 TELEMAR NORTE LESTE SA -PFD A- BRL 49 405,32 47 032,35 0,02

SOUTH KOREA 390 865,51 0,15313 195,94

Consumer retail 319 747,11 0,12239 960,94

3 680,00 HYUNDAI MOTOR CO LTD -2ND PFD- KRW 106 889,82 156 970,75 0,05

2 380,00 HYUNDAI MOTOR CO LTD -PFD- KRW 71 198,83 95 510,21 0,04

2 230,00 LG ELECTRONICS -PFD- KRW 61 872,29 67 266,15 0,03

Raw materials 71 118,40 0,0373 235,00

669,00 LG CHEM LTD-PREFERENCE KRW 73 235,00 71 118,40 0,03

RUSSIA 238 573,54 0,09191 331,63

Finance 238 573,54 0,09191 331,63

129 580,00 SBERBANK -PFD- USD 191 331,63 238 573,54 0,09

SOUTH AFRICA 163 450,52 0,06108 749,62

Finance 163 450,52 0,06108 749,62

42 083,00 GROWTHPOINT PROPERTIES LTD ZAR 53 535,20 87 185,38 0,03

84 451,00 REDEFINE INCOME FD LTD ZAR 55 214,42 76 265,14 0,03

MALAYSIA 709,45 0,00552,73

Industries 709,45 0,00552,73

3 500,00 MALAYSIAN AIRLINE SYSTEM MYR 552,73 709,45 0,00

Warrants 2 273,46 0,000,00

HONG KONG 2 273,46 0,000,00

Finance 2 273,46 0,000,00

2 783,00 KINGBOARD CHEMICAL WTS 31/10/2012 HKD 0,00 2 273,46 0,00





147


LISTED ON ANOTHER REGULATED MARKET 2 907 046,35 1,152 557 438,28

Shares 2 900 949,26 1,152 557 438,28

RUSSIA 1 584 907,62 0,631 439 970,50

Energy 714 808,37 0,29602 822,57

86 938,00 NOVATEK OAO USD 602 822,57 714 808,37 0,29


96 000,00 MOBILE TELESYSTEMS-CLS USD 596 360,81 610 916,93 0,24

Basic goods 259 182,32 0,10240 787,12

2 606,00 MAGNIT-CLS USD 240 787,12 259 182,32 0,10

BRAZIL 471 688,31 0,19401 410,36

Finance 257 635,83 0,11225 427,95

17 654,00 BANCO DO BRASIL SA -ADR- USD 225 427,95 257 635,83 0,11

Industries 214 052,48 0,08175 982,41

7 620,00 ANHANGUERA EDUCACIONAL PARTI BRL 127 082,00 138 002,85 0,05

8 495,00 ALL AMERICA LATINA LOGISTICA BRL 48 900,41 57 693,61 0,02

10 987,00 PORTX OPERACOES PORT SA BRL 0,00 18 356,02 0,01

SOUTH KOREA 453 051,82 0,18327 221,79

Industries 305 106,84 0,12250 294,66

6 334,00 HYUNDAI ENGINEERING & CONSTR KRW 250 294,66 305 106,84 0,12

Health 147 944,98 0,0676 927,13

6 637,00 CELLTRION INC KRW 76 927,13 147 944,98 0,06

TAIWAN 391 301,51 0,15388 835,63

Computing and IT 182 787,11 0,07187 345,82

115 351,00 PRIME VIEW INTERNATIONAL CO TWD 176 777,93 173 868,84 0,07

2 459,00 PIXART IMAGING INC TWD 10 567,89 8 918,27 0,00

Consumer retail 92 433,38 0,0485 894,81

36 559,00 NAN KANG RUBBER TIRE CO LTD TWD 44 593,16 47 112,36 0,02

76 774,00 TAINAN SPINNING TWD 41 301,65 45 321,02 0,02

Finance 54 389,93 0,0250 685,89

31 990,00 HIGHWEALTH CONSTRUCTION CORP TWD 50 685,89 54 389,93 0,02

Raw materials 51 590,65 0,0252 394,45

31 989,00 LCY CHEMICAL CORP TWD 52 394,45 51 590,65 0,02

Industries 10 100,44 0,0012 514,66

1 449,00 YOUNG FAST OPTOELECTRONICS TWD 12 514,66 10 100,44 0,00





148


Rights 6 097,09 0,000,00

BRAZIL 4 332,63 0,000,00

Finance 4 332,63 0,000,00

1 114,00 BANCO BRADESCO S.A. RTS 31/01/2011 BRL 0,00 4 332,63 0,00

PHILIPPINES 1 764,46 0,000,00

Finance 1 764,46 0,000,00

4 487,00 METROPOLITAN BANK & TRUST RTS 14/01/2011 PHP 0,00 1 764,46 0,00

UNQUOTED 1 292,01 0,0023 138,03

Shares 1 292,01 0,0023 138,03

RUSSIA 1 133,37 0,00831,64

Multi-Utilities 1 133,37 0,00831,64

278,00 ENEL WGC-5 OJSC -GDR- USD 708,08 955,04 0,00

114,00 TGK-5 -GDR- (REGD) USD 123,56 178,33 0,00

TAIWAN 158,64 0,0022 306,39


1 468,00 LCY CHEMICAL CORP RIGHTS TWD 0,00 158,59 0,00

Computing and IT 0,05 0,0022 306,39

176 000,00 YA HSIN INDUSTRIAL CORP LTD TWD 22 306,39 0,05 0,00

Total Portfolio 232 850 001,57 91,73194 830 112,78





149


1 000 69,00 CBOE VIX FUT 18/01/11 19,30 USD (2 581,95) 999 214,19Purchase

662 818,96 28 458 844,89

50 127,00 H-SHARES IDX F 28/01/11 12 858,00 HKD 334 845,77 7 865 470,20Purchase

500 000 9,00 KOR KOREA KOS20 10/03/11 275,25 KRW 22 872,30 822 954,31Purchase

50 124,00 KUA FTSE KLCI 31/01/11 1 540,50 MYR 15 898,41 2 332 523,35Purchase

10 168,00 MEX MEX BOLSA I 18/03/11 38 905,00 MXN 66 164,95 3 972 461,80Purchase

100 324,00 STO SMX TAIWAN 27/01/11 320,00 USD 113 968,86 7 759 317,47Purchase

10 144,00 TOP40 IDX F 17/03/11 28 926,00 ZAR 111 650,62 4 706 903,57Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


150


Assets

Investments in securities at market value 123 007 883,58Banks 2 552 282,94Amounts due from brokers 344 035,82Unrealised profit on future contracts (Note 8) 102 347,13Receivable on subscriptions 849 686,65Total assets 126 856 236,12

Liabilities

Bank overdrafts (115,65)Other interest payable (8 097,09)Payable on investments purchased (906 855,93)Payable on redemptions (171 238,72)Other liabilities (180 095,72)Total liabilities (1 266 403,11)



Class I Units 1 624,509184,85EURClass R Units 440 471,373184,28EURClass R2 Units 29 604,793247,34USDClass Z Units 200 641,425192,67EUR



151









4 689 507,63







152



Shares 120 553 574,15 95,9895 660 834,84

SOUTH AFRICA 48 381 152,09 38,5133 565 947,48

Raw materials 13 999 836,74 11,1510 804 813,86

83 576,00 ANGLOGOLD ASHANTI LTD ZAR 2 554 671,78 3 078 300,51 2,45


111 284,00 IMPALA PLATINUM HLDG LTD ZAR 1 852 676,70 2 920 980,09 2,33

148 343,00 GOLD FIELDS LTD ZAR 1 599 032,03 2 015 713,84 1,60

14 575,00 ANGLO PLATINUM LTD ZAR 966 318,22 1 139 892,48 0,91

19 304,00 KUMBA IRON ORE LTD ZAR 486 188,26 923 292,94 0,74

78 294,00 HARMONY GOLD MINING CORP LTD ZAR 669 360,22 732 185,43 0,58

29 342,00 AFRICAN RAINBOW MINERALS LTD ZAR 474 365,34 694 592,80 0,55

153 087,00 SAPPI LTD ZAR 522 168,80 586 451,01 0,47

38 186,00 EXXARO RESOURCES LTD ZAR 403 050,11 586 169,63 0,47

147 751,00 PRETORIA PORTLAND CEMENT CO ZAR 542 066,77 581 824,65 0,46

53 707,00 ARCELORMITTAL SOUTH AFRICA ZAR 494 974,50 479 380,37 0,38

50 878,00 NORTHAM PLATINUM LTD ZAR 239 941,13 259 682,54 0,21

5 068,00 TRANS HEX GROUP LTD ZAR 0,00 1 370,45 0,00

Finance 10 841 603,68 8,637 859 235,63

248 816,00 STANDARD BANK GP LTD ZAR 2 322 361,34 3 015 110,48 2,39

592 669,00 FIRSTRAND LTD ZAR 1 027 510,84 1 302 818,73 1,03

390 997,00 SANLAM LTD ZAR 757 394,47 1 229 995,01 0,98

89 797,00 REMGRO LTD ZAR 810 068,35 1 142 779,85 0,91

65 853,00 ABSA GP LTD ZAR 734 972,85 1 038 766,92 0,83

149 702,00 AFRICAN BANK INVESTMENTS LTD ZAR 420 488,31 653 602,67 0,52

143 562,00 RMB HLDG LTD ZAR 416 958,78 622 751,44 0,50

328 274,00 MMI HOLDINGS LTD ZAR 426 947,63 614 726,62 0,49

35 695,00 NEDBANK GP LTD ZAR 408 907,49 524 243,35 0,42

51 061,00 INVESTEC LTD ZAR 271 548,86 323 095,51 0,26

53 699,00 DISCOVERY HLDG LTD ZAR 154 402,85 238 504,91 0,19

16 552,00 LIBERTY HLDG LTD ZAR 107 673,86 135 208,19 0,11

Consumer retail 6 535 692,31 5,203 464 980,40

81 662,00 NASPERS LTD-N SHS ZAR 1 816 066,63 3 569 523,78 2,83

92 946,00 TRUWORTHS INTERNATIONAL LTD ZAR 339 854,75 750 345,72 0,60

248 324,00 STEINHOFF INTL HLDG LTD ZAR 409 452,75 685 487,11 0,55

39 076,00 IMPERIAL HLDG LTD ZAR 353 085,85 561 263,33 0,45

161 743,00 WOOLWORTHS HLDG LTD ZAR 285 128,29 490 950,38 0,39

47 150,00 FOSCHINI LTD ZAR 261 392,13 478 121,99 0,38


349 664,00 MTN GP LTD ZAR 3 563 954,29 5 295 772,55 4,21

76 704,00 VODACOM GP (PTY) LTD ZAR 258 920,73 660 967,95 0,53

52 432,00 TELKOM SA LTD ZAR 349 450,82 224 488,72 0,18





153


Energy 4 746 170,37 3,783 357 336,17

121 647,00 SASOL LTD ZAR 3 357 336,17 4 746 170,37 3,78

Basic goods 2 957 506,56 2,351 837 523,67

84 565,00 SHOPRITE HLDG LTD ZAR 457 097,37 949 472,67 0,75

32 356,00 TIGER BRANDS LTD ZAR 526 272,32 705 898,05 0,56

41 180,00 MASSMART HLDG LTD ZAR 328 983,99 680 661,16 0,54

36 125,00 SPAR GROUP LIMITED/THE ZAR 390 624,14 398 030,92 0,32

40 974,00 PICK'N PAY STORES LTD ZAR 134 545,85 223 443,76 0,18

Industries 2 109 237,44 1,681 494 076,20

61 491,00 BIDVEST GP LTD ZAR 705 639,87 1 086 009,48 0,87

82 026,00 AVENG LTD ZAR 291 156,35 399 716,57 0,32

73 140,00 MURRAY & ROBERTS HLDG ZAR 293 321,90 331 033,01 0,26

38 744,00 REUNERT LTD ZAR 203 958,08 292 478,38 0,23

Health 1 009 875,77 0,80575 655,71

56 000,00 ASPEN PHARMACARE HLDG LTD ZAR 315 997,66 580 547,25 0,46

247 592,00 NETCARE LTD ZAR 259 658,05 429 328,52 0,34

RUSSIA 46 939 675,26 37,3840 395 462,60

Energy 25 415 575,49 20,2324 283 093,69

2 493 372,00 GAZPROM OAO USD 11 236 850,49 11 780 861,63 9,38

117 033,00 LUKOIL OIL CO JSC USD 5 116 588,84 4 978 121,55 3,96

422 303,00 ROSNEFT OIL CO USD 2 321 636,84 2 256 730,51 1,80

20 918,00 NOVATEK OAO -GDR- (REGD) USD 1 085 925,19 1 863 293,21 1,48

2 090 515,00 SURGUTNEFTEGAZ USD 1 469 656,95 1 646 235,96 1,31

413 677,00 TATNEFT USD 1 560 628,10 1 502 039,59 1,20

1 877 885,00 SURGUTNEFTEGAZ -PFD- USD 754 296,14 721 652,07 0,57

22 134,00 TMK -GDR- (REGD) USD 387 940,76 340 865,74 0,27

353,00 TRANSNEFT -PFD- USD 349 570,38 325 775,23 0,26

Raw materials 8 447 717,07 6,735 576 578,50

19 969,00 MMC NORILSK NICKEL USD 2 197 179,57 3 493 667,10 2,78

218 921,00 URALKALI USD 943 029,65 1 175 604,22 0,94

26 208,00 NOVOLIPET STEEL -GDR- ( REGD) USD 562 519,74 931 848,68 0,74

37 956,00 MECHEL -ADR- USD 535 240,43 826 994,06 0,66

60 493,00 SEVERSTAL CHEREPOVETS METAL FACTORY JSC USD 509 804,91 767 877,91 0,61

13 566,00 POLYUS GOLD USD 441 655,42 639 319,76 0,51

27 994,00 POLYMETAL-CLS USD 224 570,70 392 497,73 0,31

41 900,00 RASPADSKAYA USD 162 578,08 219 907,61 0,18

Finance 6 516 904,67 5,194 983 798,41

2 151 670,00 SBERBANK RF USD 3 974 449,27 5 473 549,84 4,36

423 001 712,00 VTB BANK OJSC USD 1 009 349,14 1 043 354,83 0,83


114 613,00 MOBILE TELESYSTEMS -ADR- USD 1 702 565,31 1 782 992,29 1,42





154


437 898,00 SISTEMA JSFC USD 278 468,85 290 898,36 0,23

56 789,00 COMSTAR UNITED TELESYST -GDR- USD 277 498,89 282 981,98 0,23

13 468,00 SISTEMA JSFC -GDR- (REGD) USD 247 649,76 250 275,61 0,20

Multi-Utilities 2 460 030,09 1,962 032 696,64

27 453 109,00 RUSHYDRO USD 972 579,74 1 105 409,44 0,88

81 775 382,00 FEDERAL GRID CORP UNIFIED USD 526 673,39 736 834,87 0,59

4 810 278,00 OGK-4 USD 290 597,14 348 259,75 0,28

229 430 614,00 INTER RAO UES USD 242 846,37 269 526,03 0,21

Basic goods 1 492 299,70 1,191 013 112,55

59 699,00 MAGNIT OJSC-SPON -GDR- (REGD) USD 918 190,19 1 303 850,55 1,04

7 668,00 WIMM-BILL-DANN FOODS -ADR- USD 94 922,36 188 449,15 0,15

TURKEY 10 410 350,67 8,298 034 928,05

Finance 5 987 076,92 4,774 690 264,30

496 471,00 TURKIYE GARANTI BANKASI TRY 1 288 961,50 1 880 417,13 1,51

281 013,00 AKBANK TAS TRY 940 911,01 1 167 796,74 0,93

367 791,00 TURKIYE IS BANKASI -C- TRY 823 597,97 979 754,68 0,78

144 247,00 HACI OMER SABANCI HLDG TRY 413 452,60 503 028,79 0,40

205 226,00 YAPI VE KREDI BANKASI TRY 342 585,99 483 083,51 0,38

73 870,00 TURKIYE HALK BANKASI TRY 358 754,38 468 697,84 0,37

179 338,00 TURKIYE VAKIFLAR BANKASI T -D- TRY 331 428,65 339 627,34 0,27

119 714,00 ASYA KATILIM BANKASI AS TRY 190 572,20 164 670,89 0,13


177 528,00 TURKCELL ILETISIM HIZMET AS TRY 795 653,65 907 137,00 0,73

125 537,00 TURK TELEKOMUNIKASYON AS TRY 296 739,69 395 219,77 0,31

Basic goods 1 181 623,52 0,94761 129,55

47 739,00 ANADOLU EFES BIRACILIK TRY 359 156,88 541 056,64 0,43

19 784,00 BIM BIRLESIK MAGAZALAR AS TRY 302 649,58 503 068,32 0,40

13 916,00 COCA COLA ICECEK AS TRY 99 323,09 137 498,56 0,11

Industries 985 500,56 0,78729 960,64

143 059,00 KOC HLDG AS TRY 312 078,56 521 058,62 0,41

99 305,00 TURK HAVA YOLLARI AO TRY 202 018,61 259 727,80 0,21

73 379,00 ENKA INSAAT VE SANAYI AS TRY 215 863,47 204 714,14 0,16

Energy 551 858,57 0,44404 371,24

29 518,00 TUPRAS-TURKIYE PETROL RAFINE TRY 404 371,24 551 858,57 0,44

Raw materials 245 624,54 0,20212 174,20

99 437,00 EREGLI DEMIR VE CELIK FABRIK TRY 212 174,20 245 624,54 0,20

Consumer retail 156 309,79 0,12144 634,78

41 375,00 ARCELIK AS TRY 144 634,78 156 309,79 0,12





155


POLAND 8 099 006,78 6,457 027 212,62

Finance 3 483 865,68 2,772 972 511,00

120 432,00 POWSZECHNA KASA OSZCZEDN BANK POLSKI SA PLN 1 125 179,73 1 317 184,65 1,06

24 020,00 BANK PEKAO SA PLN 920 892,00 1 084 780,06 0,87

6 082,00 POWSZECHNY ZAKLAD UBEZPIECZE PLN 492 756,88 545 508,70 0,43

2 376,00 BANK ZACHODNI WBK SA PLN 112 096,09 128 824,51 0,10

1 129,00 BRE BANK SA PLN 54 374,14 86 593,08 0,07

13 183,00 GLOBE TRADE CENTRE SA PLN 70 476,97 81 488,44 0,06

27 825,00 GETIN HLDG SA PLN 79 744,31 80 732,55 0,06

2 927,00 BANK HANDLOWY W WARSZAWIE SA PLN 41 358,07 69 047,82 0,05

42 093,00 BANK MILLENNIUM SA PLN 54 679,93 52 038,12 0,04

167,00 ING BANK SLASKI SA PLN 20 952,88 37 667,75 0,03

Raw materials 1 403 318,49 1,12788 665,15

32 151,00 KGHM POLSKA MIEDZ SA PLN 788 665,15 1 403 318,49 1,12

Energy 1 309 647,03 1,041 244 690,23

71 184,00 POLSKI KONCERN NAFTOWY ORLEN SA PLN 761 498,80 822 552,31 0,66

423 290,00 POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA PLN 391 783,42 381 260,56 0,30

11 540,00 GRUPA LOTOS SA PLN 91 408,01 105 834,16 0,08

Multi-Utilities 764 636,58 0,61699 419,10

62 263,00 POLSKA GRUPA ENERGETYCZNA SA PLN 361 735,57 364 289,33 0,29

152 688,00 TAURON POLSKA ENERGIA SA PLN 191 844,82 253 096,38 0,20

24 626,00 ENEA SA PLN 145 838,71 147 250,87 0,12


158 293,00 TELEKOMUNIKACJA POLSKA SA PLN 761 973,18 652 972,85 0,52

Computing and IT 196 139,57 0,16218 344,75

13 691,00 ASSECO POLAND SA PLN 204 051,74 183 074,01 0,15

959,00 ASSECO POLAND SA-PDA-ALLT PLN 14 293,01 13 065,56 0,01

Consumer retail 185 998,71 0,15197 406,70

29 142,00 TVN SA PLN 143 494,93 125 727,74 0,10

14 478,00 CYFROWY POLSAT SA PLN 53 911,77 60 270,97 0,05

Industries 102 427,87 0,08144 202,51

1 906,00 PBG SA PLN 144 202,51 102 427,87 0,08

CZECH REPUBLIC 3 764 434,87 3,003 743 460,39

Multi-Utilities 1 727 187,52 1,381 780 161,04

55 345,00 CESKE ENERGETICKE ZAVODY AS CZK 1 780 161,04 1 727 187,52 1,38

Finance 1 139 772,02 0,911 025 662,75

6 448,00 KOMERCNI BANKA AS CZK 1 025 662,75 1 139 772,02 0,91





156



59 024,00 TELEFONICA O2 CZECH REPUBLIC CZK 937 636,60 897 475,33 0,71

EGYPT 2 828 921,81 2,252 791 666,64

Finance 1 378 163,08 1,091 062 137,70

107 266,00 COMMERCIAL INTL BANK EGP 348 742,11 652 876,77 0,51

52 177,00 EGYPTIAN FINANCIAL GP EGP 218 924,27 227 261,43 0,18

191 917,00 T M G HLDG EGP 212 644,24 212 674,31 0,17

118 827,00 EGYPTIAN KUWAITI HLDG CO USD 149 971,76 150 576,50 0,12

21 000,00 NATIONAL SOCIETE GENERAL EGP 131 855,32 134 774,07 0,11

Industries 761 328,19 0,61678 090,50

19 379,00 ORASCOM CONSTRUCTION INDUS EGP 604 337,96 714 447,74 0,57

6 776,00 ELSWEDY CABLES HLDG CO EGP 73 752,54 46 880,45 0,04


582 756,00 ORASCOM TEL HLDG EGP 652 005,59 323 266,94 0,25

64 830,00 TEL EGYPT EGP 140 345,17 150 509,96 0,12

5 699,00 MOBINIL-EGYPTIAN MOBILE SERV EGP 140 394,95 120 687,63 0,10

Raw materials 94 966,01 0,08118 692,73

37 733,00 EL EZZ STEEL REBARS SAE EGP 118 692,73 94 966,01 0,08

UKRAINE 130 032,67 0,10102 157,06

Basic goods 130 032,67 0,10102 157,06

6 918,00 KERNEL HOLDING SA PLN 102 157,06 130 032,67 0,10

Other shares 1 664 090,63 1,331 202 667,79

SOUTH AFRICA 1 156 357,18 0,93820 521,80

Finance 1 156 357,18 0,93820 521,80

309 427,00 GROWTHPOINT PROPERTIES LTD ZAR 416 525,11 639 050,51 0,52

574 628,00 REDEFINE INCOME FD LTD ZAR 403 996,69 517 306,67 0,41

RUSSIA 507 733,45 0,40382 145,99

Finance 507 733,45 0,40382 145,99

276 877,00 SBERBANK -PFD- USD 382 145,99 507 733,45 0,40


Shares 745 794,54 0,59680 384,35

RUSSIA 745 794,54 0,59680 384,35

Energy 335 145,41 0,26283 771,35

40 925,00 NOVATEK OAO USD 283 771,35 335 145,41 0,26





157



45 268,00 MOBILE TELESYSTEMS-CLS USD 281 208,99 286 923,98 0,23

Basic goods 123 725,15 0,10115 404,01

1 249,00 MAGNIT-CLS USD 115 404,01 123 725,15 0,10

UNQUOTED 44 424,26 0,040,00

Rights 44 424,26 0,040,00

RUSSIA 44 424,26 0,040,00

Multi-Utilities 44 424,26 0,040,00

1 146 103,00 RUSHYDRO OJSC RTS PERP USD 0,00 44 424,26 0,04

Total Portfolio 123 007 883,58 97,9497 543 886,98





158


1 000 31,00 CBOE VIX FUT 18/01/11 19,70 USD 8 087,66 455 219,71Purchase

102 347,13 6 167 904,84

10 176,00 TOP40 IDX F 17/03/11 28 808,00 ZAR 94 259,47 5 712 685,13Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


159


Assets

Investments in securities at market value 162 511 240,05Banks 8 240 756,23Amounts due from brokers 1 645 528,96Unrealised profit on future contracts (Note 8) 675 248,03Other interest receivable 11,88Receivable on subscriptions 263 753,42Other assets 59 760,65Total assets 173 396 299,22

Liabilities

Unrealised loss on future contracts (Note 8) (1 646,46)Other interest payable (205,58)Payable on redemptions (126 655,97)Other liabilities (434 979,59)Total liabilities (563 487,60)



Class I Units 44 082,630166,67EURClass R Units 747 314,748166,19EURClass R2 Units 293,014222,16USDClass Z Units 237 409,584173,68EUR



160









12 253 548,78







161



Shares 160 886 590,67 93,09120 333 095,20

SOUTH KOREA 38 980 365,50 22,5627 337 815,61

Computing and IT 10 817 450,17 6,267 315 308,55

10 416,00 SAMSUNG ELECTRONICS CO LTD KRW 4 333 377,26 6 629 829,58 3,84


46 602,00 HYNIX SEMICONDUCTOR INC KRW 624 768,92 783 359,22 0,45

1 597,00 SAMSUNG ELECTRONICS CO LTD -PFD- KRW 446 095,00 728 949,66 0,42

22 371,00 LG DISPLAY CO LTD KRW 507 798,51 607 174,25 0,35

3 584,00 NHN CORP KRW 383 087,52 527 445,53 0,31

5 514,00 SAMSUNG ELECTRO MECHANICS CO KRW 276 377,31 468 934,97 0,27

3 526,00 SAMSUNG SDI CORP LTD KRW 233 231,43 417 002,06 0,24

1 781,00 NCSOFT CORP KRW 169 488,03 244 945,89 0,14

624,00 SAMSUNG ELECTRONICS CO LTD -GDR REGS PFD- (NVTG) USD 83 756,66 134 261,34 0,08

3 912,00 SEOUL SEMICONDUCTOR CO LTD KRW 119 391,75 106 695,94 0,06

1 795,00 SK C&C CO LTD KRW 84 036,10 104 830,88 0,06

17 811,00 SK BROADBAND CO LTD KRW 53 900,06 64 020,85 0,04

Industries 6 559 478,59 3,804 903 062,91

4 575,00 HYUNDAI HEAVY INDUSTRIES KRW 720 587,40 1 322 258,11 0,77

11 520,00 SAMSUNG C&T CORP KRW 359 925,99 604 665,87 0,35

8 700,00 LG CORP KRW 354 359,12 506 359,83 0,29

15 673,00 SAMSUNG HEAVY INDUSTRIES KRW 303 564,53 413 407,67 0,24

2 561,00 SAMSUNG ENGINEERING CORP LTD KRW 128 535,56 325 847,39 0,19

3 622,00 GS ENGINEERING & CONSTRUCT KRW 191 686,29 283 966,00 0,16

3 236,00 DAELIM INDUSTRIAL CORP LTD KRW 132 730,87 265 528,63 0,15

2 927,00 SAMSUNG TECHWIN CORP LTD KRW 113 744,34 207 113,41 0,12

3 575,00 DOOSAN HEAVY INDUSTRIES KRW 229 514,05 205 935,41 0,12

8 609,00 DAEWOO SHIPBUILDING & MARINE KRW 153 833,43 204 772,49 0,12

2 183,00 SK HLDG CORP LTD KRW 199 797,03 203 782,06 0,12

3 724,00 KOREAN AIR LINES CO LTD KRW 112 135,04 170 229,18 0,10

1 111,00 HYUNDAI MIPO DOCKYARD KRW 95 083,56 158 704,19 0,09

511,00 KCC CORP KRW 158 938,80 132 919,45 0,08

5 234,00 HANJIN SHIPPING CO LTD KRW 123 824,02 131 971,87 0,08

5 759,00 HYUNDAI DEVELOPMENT CO KRW 194 039,21 131 243,28 0,08

1 277,00 GLOVIS CO LTD KRW 77 809,75 128 116,11 0,07

1 104,00 DOOSAN CORP KRW 143 810,31 115 527,54 0,07

5 838,00 DOOSAN INFRACORE CORP LTD KRW 112 899,86 112 291,93 0,06

1 499,00 LS CORP KRW 74 043,38 111 546,40 0,06

12 639,00 DAEWOO ENGINEERING & CONSTRUCTION KRW 147 666,97 110 006,89 0,06

3 839,00 HYUNDAI MERCHANT MARINE KRW 91 498,03 99 603,60 0,06

1 086,00 LG INNOTEK CO LTD KRW 115 653,08 98 491,41 0,06

3 862,00 HANJIN HEAVY INDUS & CONST KRW 77 529,45 95 453,33 0,06

3 906,00 DAEWOO INTERNATIONAL CORP KRW 123 720,33 95 113,49 0,06

11 665,00 STX PAN OCEAN CORP LTD KRW 123 658,86 89 516,40 0,05





162


9 390,00 SK NETWORKS CORP LTD KRW 124 193,78 86 095,52 0,05

1 249,00 LS INDUSTRIAL SYSTEMS KRW 54 399,84 76 345,98 0,04

1 960,00 S1 CORPORATION KRW 63 880,03 72 665,15 0,04

Finance 6 282 359,46 3,635 283 970,18

37 445,00 SHINHAN FIN GP LTD KRW 990 833,84 1 333 504,57 0,76

29 279,00 KB FIN GP INC KRW 975 224,66 1 202 210,73 0,70

17 720,00 HANA FINANCIAL GP KRW 397 615,65 520 381,53 0,30

3 080,00 SAMSUNG FIRE & MARINE INS KRW 338 566,71 458 389,46 0,27

4 893,00 SAMSUNG LIFE INSURANCE CO KRW 351 185,94 338 099,43 0,20

27 860,00 WOORI FIN HLDG CO KRW 281 712,63 294 316,17 0,17

4 333,00 SAMSUNG SECURITIES CORP LTD KRW 212 458,52 249 887,37 0,14

18 296,00 INDUSTRIAL BANK OF KOREA KRW 170 043,44 233 395,92 0,14

26 683,00 KOREA EXCHANGE BANK KRW 232 022,61 207 422,76 0,12

17 536,00 DAEGU BANK KRW 142 055,49 193 408,03 0,11

10 539,00 DAEWOO SECURITIES CO KRW 209 380,33 184 158,19 0,11

18 488,00 BUSAN BANK KRW 115 785,73 179 954,80 0,10

10 135,00 WOORI INVESTMENT & SECURITIES KRW 123 257,50 157 907,40 0,09

5 099,00 KOREA INVESTMENT HLDG CORP LTD KRW 90 669,77 150 588,80 0,09

13 588,00 HYUNDAI SECURITIES CO KRW 189 933,27 135 419,96 0,08

3 557,00 DONGBU INSURANCE CORP LTD KRW 80 008,27 107 057,71 0,06

19 660,00 KOREA LIFE INSURANCE KRW 114 339,75 106 196,44 0,06

2 552,00 SAMSUNG CARD CO KRW 96 647,61 104 786,43 0,06

1 722,00 MIRAE ASSET SECURITIES CORP LT KRW 99 051,25 68 074,74 0,04

8 609,00 TONG YANG SECURITIES INC KRW 73 177,21 57 199,02 0,03

Consumer retail 5 644 488,48 3,272 989 704,11

14 266,00 HYUNDAI MOTOR CO KRW 855 970,11 1 677 688,67 0,97

6 337,00 HYUNDAI MOBIS KRW 551 773,19 1 239 952,05 0,72

8 745,00 LG ELECTRONICS INC KRW 564 785,46 697 231,41 0,40

19 840,00 KIA MOTORS CORP KRW 177 756,67 692 049,02 0,40

4 809,00 CHEIL INDUSTRIES INC KRW 158 530,11 361 051,46 0,21

1 021,00 LOTTE SHOPPING CO KRW 249 117,17 321 543,67 0,19

9 350,00 KANGWON LAND INC KRW 93 230,91 176 427,32 0,10

6 596,00 HANKOOK TIRE CORP LTD KRW 68 046,13 145 497,19 0,08

4 527,00 WOONGJIN COWAY CORP LTD KRW 83 282,43 120 762,45 0,07

1 138,00 HYUNDAI DEPT STORE CO KRW 81 342,40 103 585,44 0,06

929,00 MANDO CORP KRW 77 478,40 82 401,07 0,05

1 667,00 LOTTE SHOPPING CO -GDR- USD 28 391,13 26 298,73 0,02

Raw materials 5 520 325,16 3,193 520 859,80

6 208,00 POSCO KRW 1 756 402,56 2 004 582,17 1,16

5 594,00 LG CHEM LTD KRW 698 002,19 1 451 374,16 0,84

5 604,00 HYUNDAI STEEL CO KRW 251 607,74 467 280,59 0,27

2 272,00 HONAM PETROCHEMICAL CORP KRW 99 481,73 424 180,34 0,25

1 530,00 OCI CO LTD KRW 247 022,46 336 476,94 0,19

10 346,00 HANWHA CHEMICAL CORP KRW 89 956,76 220 311,11 0,13

945,00 KOREA ZINC CO. KRW 89 754,58 180 197,84 0,10

2 363,00 HYOSUNG CORPORATION KRW 102 832,32 171 129,98 0,10





163


4 618,00 HANWHA CORPORATION KRW 93 963,01 146 201,80 0,08

5 107,00 DONGKUK STEEL MILL CORP LTD KRW 91 836,45 118 590,23 0,07

Basic goods 1 635 149,51 0,951 336 917,11

1 228,00 SHINSEGAE CORP LTD KRW 399 489,42 501 775,40 0,29

10 180,00 KT&G CORP KRW 451 298,39 444 374,40 0,26

749,00 LG HOUSEHOLD & HEALTH CARE KRW 89 060,63 198 061,82 0,11

1 155,00 CJ CHEILJEDANG CORP KRW 165 784,97 165 373,21 0,10

217,00 AMOREPACIFIC CORP KRW 85 653,02 161 766,46 0,09

101,00 LOTTE CONFECTIONERY CORP LTD KRW 77 734,20 100 993,58 0,06

778,00 HITE BREWERY CORP LTD KRW 67 896,48 62 804,64 0,04

Energy 1 096 889,12 0,63542 963,83

5 056,00 SK ENERGY CORP LTD KRW 263 671,33 653 375,06 0,37

4 239,00 S-OIL CORPORATION KRW 153 072,49 261 646,55 0,15

4 160,00 GS HLDG CORP KRW 126 220,01 181 867,51 0,11


3 190,00 SK TEL CO LTD KRW 393 016,59 365 607,98 0,22

10 550,00 KT CORP KRW 284 946,72 318 933,21 0,18

25 778,00 LG TEL LTD KRW 152 188,75 123 486,75 0,07

Multi-Utilities 510 946,62 0,30523 540,86

23 624,00 KOREA ELECTRIC POWER CORP KRW 467 850,98 471 665,16 0,28

1 233,00 KOREA GAS CORPORATION KRW 55 689,88 39 281,46 0,02

Health 105 250,45 0,0691 336,20

921,00 YUHAN CORPORATION KRW 91 336,20 105 250,45 0,06

CHINA 32 623 630,81 18,8827 241 943,28

Finance 14 046 750,88 8,1412 022 576,38



626 248,00 CHINA LIFE INSURANCE CO LTD -H- HKD 1 737 619,82 1 936 550,95 1,12


152 862,00 PING AN INSURANCE GP CORP -H- HKD 968 489,59 1 300 282,70 0,75

860 306,00 BANK OF COMMUNICATIONS CO -H- HKD 683 617,31 660 524,33 0,38

311 452,00 CHINA MERCHANTS BANK -H- HKD 532 400,91 601 565,67 0,35

1 205 118,00 AGRICULTURAL BANK OF CHINA HKD 401 706,21 463 212,22 0,27

294 756,00 PICC PROPERTY & CASUALTY -H- HKD 238 070,84 326 541,24 0,19

100 455,00 CHINA PACIFIC INSURANCE GR -H- HKD 301 635,78 309 669,96 0,18

615 684,00 CHINA CITIC BANK -H- HKD 299 408,28 303 672,44 0,18

516 119,00 EVERGRANDE REAL ESTATE GROUP HKD 184 743,44 194 900,73 0,11

290 420,00 CHINA MINSHENG BANKING -H- HKD 191 952,50 187 447,16 0,11


106 220,00 SINO-OCEAN LAND HLDG HKD 57 823,65 53 720,88 0,03

28 154,00 CHINA VANKE CORP LTD -B- HKD 22 117,61 26 036,88 0,02

71 047,00 COUNTRY GARDEN HLDG CO HKD 48 506,98 20 464,19 0,01






164



92 081,00 RENHE COMMERCIAL HLDG HKD 12 495,02 12 063,87 0,01


89,00 GREENTOWN CHINA HLDG HKD 90,31 76,91 0,00

Energy 4 899 576,20 2,843 718 148,24



235 433,00 CHINA SHENHUA ENERGY CORP -H- HKD 620 581,09 752 979,17 0,44

186 257,00 YANZHOU COAL MINING CORP -H- HKD 249 691,66 440 495,67 0,25

288 751,00 CHINA COAL ENERGY CORP -H- HKD 316 282,28 346 592,44 0,20

61 461,00 INNER MONGOLIA YITAI COAL -B- USD 123 193,79 328 187,58 0,19

121 897,00 CHINA OILFIELD SERVICES -H- HKD 111 954,78 205 498,48 0,12

Industries 3 478 764,77 2,013 042 425,29

396 293,00 CHINA COMMUNICATIONS CONST -H- HKD 375 807,80 260 744,19 0,16



421 240,00 CHINA RAILWAY GP LTD -H- HKD 245 703,73 229 274,42 0,13

44 084,00 WEICHAI POWER CORP LTD -H- HKD 29 525,71 210 215,02 0,12

220 845,00 AIR CHINA LTD -H- HKD 98 580,17 195 089,75 0,11


189 743,00 CHINA COSCO HLDG -H- HKD 172 476,88 154 454,30 0,09

309 308,00 SHANGHAI ELECTRIC GRP CORP L -H- HKD 91 154,01 153 751,16 0,09



371 566,00 CHINA SHIPPING CONTAINER -H- HKD 78 078,74 128 859,37 0,07


305 797,00 BEIJING CAPITAL INTL AIRPO -H- HKD 146 020,66 120 779,89 0,07

342 808,00 METALLURGICAL CORP OF CHIN -H- HKD 152 526,45 114 592,97 0,07










Computing and IT 3 064 748,72 1,772 434 882,13


124 073,00 BYD CORP LTD -H- HKD 536 910,47 485 267,11 0,28

654 586,00 LENOVO GP LTD HKD 306 247,78 314 031,78 0,18

146 463,00 ALIBABA.COM LTD HKD 202 258,31 213 614,80 0,12

57 772,00 ZTE CORP -H- HKD 136 945,38 177 535,67 0,10


Raw materials 2 415 661,01 1,401 900 202,08

142 061,00 JIANGXI COPPER CO LTD -H- HKD 177 051,41 361 974,59 0,21





165


292 997,00 ANGANG STEEL CORP LTD -H- HKD 336 615,84 343 221,35 0,20

393 848,00 ALUMINUM CORP OF CHINA LTD HKD 266 060,60 276 588,24 0,16

312 793,00 ZIJIN MINING GP CORP LTD HKD 157 188,36 216 652,38 0,13

58 043,00 ANHUI CONCH CEMENT CORP LTD -H- HKD 118 013,60 208 562,50 0,12

81 738,00 CHINA NATIONAL BUILDING MA -H- HKD 121 179,71 143 781,27 0,08


326 501,00 SINOPEC SHANGHAI PETROCHEM -H- HKD 89 884,44 128 957,30 0,07





210 845,00 MAANSHAN IRON & STEEL -H- HKD 85 224,57 85 511,19 0,05


Consumer retail 1 754 139,38 1,011 621 398,54

389 512,00 DONGFENG MOTOR GRP CORP LTD -H- HKD 385 605,83 487 799,93 0,28

295 113,00 GUANGZHOU AUTOMOBILE GROUP H HKD 224 493,10 298 507,46 0,17





400 674,00 CHINA DONGXIANG GP CO HKD 161 914,91 131 620,36 0,08


Basic goods 1 646 684,95 0,951 251 622,00

195 106,00 CHINA YURUN FOOD GP LTD HKD 377 071,78 486 797,04 0,29

702 143,00 WANT WANT CHINA HLDG LTD HKD 381 933,51 456 569,49 0,26

213 064,00 TINGYI (CAYMAN ISLN) HLDG CO HKD 271 068,07 419 740,55 0,24



Health 515 126,00 0,30458 768,36


61 223,00 SINOPHARM GROUP CO -H- HKD 198 857,76 163 664,74 0,09



804 257,00 CHINA TEL CORP LTD -H- HKD 266 297,06 319 204,94 0,19


Multi-Utilities 387 931,95 0,22430 735,22


442 675,00 DATANG INTL POWER GEN CORP -H- HKD 174 044,83 117 698,69 0,07

244 043,00 HUANENG POWER INTL INC -H- HKD 140 969,40 97 564,54 0,06

TAIWAN 32 402 893,32 18,7524 085 313,39

Computing and IT 17 960 185,25 10,3914 152 128,32

2 598 879,00 TAIWAN SEMICONDUCTOR TWD 3 453 581,74 4 752 897,49 2,75

770 405,00 HON HAI PRECISION INDUSTRY TWD 1 682 423,08 2 328 411,56 1,35





166


64 827,00 HIGH TECH COMPUTER CORP TWD 576 134,12 1 535 742,28 0,89

80 055,00 MEDIATEK INC TWD 690 558,73 854 553,67 0,49

147 670,00 DELTA ELECTRONICS INC TWD 274 009,20 529 869,92 0,31

651 128,00 AU OPTRONICS CORP TWD 544 142,00 508 309,06 0,29

193 385,00 ACER INC TWD 256 219,30 447 680,40 0,26

1 040 077,00 UNITED MICROELECTRONICS CORP TWD 406 876,30 433 394,40 0,25

405 776,00 INNOLUX DISPLAY CORP TWD 635 354,90 411 752,41 0,24

454 795,00 ADVANCED SEMICONDUCTOR ENGR TWD 238 053,48 386 040,09 0,22

50 592,00 ASUSTEK COMPUTER INC TWD 302 110,28 354 610,13 0,21

223 960,00 QUANTA COMPUTER INC TWD 275 501,00 354 281,41 0,20

342 323,00 COMPAL ELECTRONICS TWD 241 682,76 342 081,74 0,20

171 177,00 WISTRON CORP TWD 177 746,76 263 299,10 0,15

271 588,00 SILICONWARE PRECISION INDS TWD 273 864,42 242 754,99 0,14

158 765,00 WINTEK CORP TWD 83 083,04 205 820,25 0,12

10 866,00 LARGAN PRECISION CORP LTD TWD 87 141,75 205 148,60 0,12

102 177,00 SYNNEX TECHNOLOGY INTL CORP TWD 86 177,62 203 158,70 0,12

177 901,00 LITE-ON TECHNOLOGY CORP TWD 152 658,86 183 266,76 0,11

127 769,00 UNIMICRON TECHNOLOGY CORP TWD 119 122,57 183 055,79 0,11

57 999,00 FOXCONN TECHNOLOGY CO LTD TWD 187 635,40 172 307,93 0,10

285 533,00 MACRONIX INTL TWD 105 153,72 149 092,27 0,09

135 982,00 PEGATRON CORP TWD 134 389,42 146 204,42 0,08

58 005,00 POWERTECH TECHNOLOGY INC TWD 112 206,93 144 723,80 0,08

48 573,00 CATCHER TECHNOLOGY CORP LTD TWD 186 283,15 133 684,63 0,08

49 695,00 EPISTAR CORP TWD 122 681,55 133 577,03 0,08

627 023,00 TATUNG CORP LTD TWD 165 375,35 129 025,71 0,07

41 077,00 TRIPOD TECHNOLOGY CORP TWD 82 033,88 126 261,05 0,07

50 366,00 NOVATEK MICROELECTRONICS LTD TWD 161 350,88 121 259,59 0,07

277 259,00 INVENTEC CORP LTD TWD 113 719,94 119 811,28 0,07

79 944,00 WPG HLDG CO LTD TWD 59 223,42 117 415,32 0,07

16 242,00 RICHTEK TECHNOLOGY CORP TWD 89 013,79 101 728,18 0,06

193 342,00 QISDA CORP TWD 155 987,88 99 711,07 0,06

81 015,00 CORETRONIC CORPORATION TWD 66 379,64 99 608,44 0,06

53 458,00 CLEVO CO TWD 51 222,55 94 190,28 0,05

428 254,00 WINBOND ELECTRONICS CORP TWD 58 596,49 93 301,29 0,05

247 317,00 INOTERA MEMORIES INC TWD 121 489,29 89 378,50 0,05

592 991,00 HANNSTAR DISPLAY CORP TWD 108 731,52 88 771,56 0,05

40 151,00 EVERLIGHT ELECTRONICS CO LTD TWD 91 480,00 86 441,96 0,05

31 924,00 KINSUS INTERCONNECT TECH TWD 70 375,85 78 829,96 0,05

43 017,00 REALTEK SEMICONDUCTOR CORP TWD 79 680,12 75 904,41 0,04

539 515,00 POWERCHIP SEMICONDUCTOR CORP TWD 271 512,16 74 937,65 0,04

202 438,00 MITAC INTERNATIONAL TWD 79 453,73 73 419,93 0,04

34 152,00 ADVANTECH CORP LTD TWD 48 487,92 73 087,36 0,04

43 555,00 CHICONY ELECTRONICS CO LTD TWD 57 369,21 72 932,62 0,04

344 089,00 CMC MAGNETICS CORP TWD 75 028,60 70 804,94 0,04

28 237,00 SINO-AMERICAN SILICON PRODUCTS TWD 71 370,19 68 781,45 0,04

32 698,00 TRANSCEND INFORMATION INC TWD 71 426,45 66 779,70 0,04

38 865,00 CHENG UEI PRECISION INDUSTRY TWD 68 388,08 65 978,95 0,04

14 484,00 PHISON ELECTRONICS CORP TWD 60 011,44 61 471,70 0,04

19 174,00 NAN YA PRINTED CIRCUIT BOARD TWD 113 542,45 54 497,65 0,03





167


452 946,00 CHUNGHWA PICTURE TUBES LTD TWD 130 550,67 53 126,85 0,03

119 558,00 NANYA TECHNOLOGY CORP TWD 172 948,66 50 280,45 0,03

122 971,00 VANGUARD INTERNATIONAL SEMI TWD 51 582,37 46 338,62 0,03

502,00 VIA TECHNOLOGIES INC TWD 1 003,71 389,95 0,00

Finance 5 224 869,47 3,023 947 741,54

456 084,00 CATHAY FIN HLDG CORP TWD 507 581,21 622 934,16 0,35

767 560,00 MEGA FINANCIAL HLDG CORP LT TWD 369 613,93 451 129,60 0,26

767 460,00 CHINATRUST FINANCIAL HLDG TWD 350 059,73 431 330,31 0,25

393 438,00 FUBON FINANCIAL HLDG CORP TWD 272 784,21 411 882,65 0,24

645 575,00 YUANTA FIN HLDG CORP TWD 313 882,19 365 318,93 0,21

482 812,00 CHANG HWA COMMERCIAL BANK TWD 193 437,41 326 615,35 0,19

894 082,00 CHINA DEVELOPMENT FINANCIAL TWD 226 384,58 315 065,40 0,18

445 409,00 FIRST FIN HLDG CO TWD 219 567,72 312 196,68 0,18

440 050,00 TAIWAN COOPERATIVE BANK TWD 185 081,17 288 632,34 0,17

374 057,00 HUA NAN FINANCIAL HLDG CORP TWD 173 592,45 237 168,77 0,14

442 055,00 TAISHIN FIN HLDG TWD 128 309,47 202 963,21 0,12

507 272,00 SHIN KONG FIN HLDG TWD 215 945,92 195 067,48 0,11

370 223,00 E.SUN FINANCIAL HLDG CORP TWD 101 686,02 190 456,67 0,11

496 098,00 SINOPAC FIN HLDG TWD 159 810,76 176 733,97 0,10

346 129,00 KGI SEC CORP LTD TWD 130 593,35 153 133,15 0,09

149 338,00 CHINA LIFE INSURANCE CO LTD TWD 85 642,69 122 343,97 0,07

317 609,00 TAIWAN BUSINESS BANK TWD 57 625,96 113 964,55 0,07

219 794,00 POLARIS SECURITIES CORP LTD TWD 86 813,21 107 982,15 0,06

59 108,00 RUENTEX DEVELOPMENT CO LTD TWD 72 429,83 78 907,16 0,05

154 205,00 CAPITAL SECURITIES CORP TWD 50 217,65 64 256,38 0,04

27 770,00 FARGLORY LAND DEVELOPMENT CO TWD 46 682,08 56 786,59 0,03

Raw materials 3 791 292,50 2,192 548 549,61

312 583,00 FORMOSA PLASTICS CORP TWD 417 065,59 779 901,72 0,46

363 682,00 NAN YA PLASTICS CORP TWD 402 431,22 679 142,98 0,39

755 573,00 CHINA STEEL CORP TWD 489 963,28 663 697,11 0,38

213 966,00 FORMOSA CHEMICALS & FIBRE TWD 272 455,79 537 702,58 0,31

358 244,00 TAIWAN CEMENT TWD 256 143,78 307 771,34 0,18

69 120,00 TAIWAN FERTILIZER CORP LTD TWD 194 496,18 206 236,01 0,12

197 948,00 ASIA CEMENT CORP TWD 131 947,11 165 222,28 0,10

68 283,00 TSRC CORP TWD 58 296,49 126 809,73 0,07

161 817,00 CHINA PETROCHEMICAL DEV CORP TWD 116 555,82 123 202,25 0,07

83 509,00 ETERNAL CHEMICAL CORP LTD TWD 44 777,32 73 569,30 0,04

46 733,00 FENG HSIN IRON & STEEL CORP TWD 88 860,75 69 479,12 0,04

65 988,00 TUNG HO STEEL ENTERPRISE CORP TWD 75 556,28 58 558,08 0,03

Industries 1 911 462,81 1,111 131 056,70

277 332,00 FAR EASTERN NEW CENTURY CORP TWD 190 854,38 360 241,84 0,22

284 261,00 YANG MING MARINE TRANSPORT TWD 72 418,43 219 717,45 0,13

192 645,00 EVA AIRWAYS CORP TWD 85 348,21 181 360,04 0,10

371 880,00 WALSIN LIHWA CORP TWD 110 095,22 177 439,18 0,10

241 033,00 CHINA AIRLINES TWD 77 391,22 159 645,44 0,09

182 536,00 EVERGREEN MARINE TWD 84 629,22 145 315,51 0,08





168


23 220,00 SIMPLO TECHNOLOGY CO LTD TWD 67 262,72 125 723,69 0,07

232 022,00 TECO ELECTRIC & MACHINERY TWD 74 067,18 117 570,45 0,07

121 799,00 TAIWAN GLASS IND CORP TWD 61 890,25 117 483,74 0,07

162 404,00 WAN HAI LINES LTD TWD 75 051,35 107 984,16 0,06

35 641,00 MOTECH INDUSTRIES INC TWD 120 428,43 99 009,40 0,06

41 147,00 U-MING MARINE TRANSPORT CORP TWD 82 643,66 66 783,68 0,04

42 304,00 EVERGREEN INTL STOR TWD 28 976,43 33 188,23 0,02


623 341,00 CHUNGHWA TEL CORP LTD TWD 880 787,64 1 180 065,99 0,69

173 862,00 TAIWAN MOBILE CORP LTD TWD 190 337,91 310 360,85 0,18

164 396,00 FAR EASTONE TEL CORP LTD TWD 160 586,82 178 023,01 0,10

Consumer retail 1 011 654,68 0,59579 268,28

250 069,00 POU CHEN TWD 125 958,54 185 248,68 0,11

101 216,00 CHENG SHIN RUBBER IND CORP LTD TWD 70 626,57 170 527,04 0,10

96 956,00 YULON MOTOR CO TWD 82 624,83 154 621,25 0,09

33 675,00 GIANT MFG TWD 52 850,65 103 942,14 0,06

78 140,00 FAR EASTERN DEPARTMENT STORE TWD 56 647,28 100 495,40 0,06

130 016,00 FORMOSA TAFFETA CO TWD 77 609,65 98 321,14 0,06

41 754,00 RUENTEX INDUSTRIES LTD TWD 33 158,31 91 611,48 0,05

4 708,00 FORMOSA INTERNATIONAL HOTELS TWD 41 171,82 65 272,16 0,04

54 844,00 CHINA MOTOR TWD 38 620,63 41 615,39 0,02

Basic goods 538 559,31 0,31304 376,89

314 239,00 UNI-PRESIDENT ENTERPRISES CO TWD 207 325,46 348 369,51 0,20

54 771,00 PRESIDENT CHAIN STORE CORP TWD 97 051,43 190 189,80 0,11

Energy 296 419,45 0,17190 479,68

117 114,00 FORMOSA PETROCHEMICAL CORP TWD 190 479,68 296 419,45 0,17

INDIA 19 917 149,13 11,5213 921 325,31

Finance 5 077 394,35 2,933 612 319,96

73 621,00 ICICI BANK LTD INR 899 652,59 1 408 815,13 0,81

95 289,00 HOUSING DEVELOPMENT FIN INR 754 347,25 1 160 547,19 0,67

25 293,00 HDFC BANK LTD INR 635 291,01 1 011 736,08 0,59

18 780,00 AXIS BANK LTD INR 256 529,54 429 766,76 0,25

4 803,00 STATE BANK OF INDIA INR 148 087,92 226 710,03 0,13

24 822,00 KOTAK MAHINDRA BANK LTD INR 150 498,21 189 296,07 0,11

58 991,00 INFRASTRUCTURE DEV FIN INR 161 202,41 179 801,40 0,10

29 026,00 DLF LTD INR 227 939,64 143 499,15 0,08

28 129,00 RURAL ELECTRIFICATION CORP INR 128 441,94 137 887,83 0,08

67 774,00 UNITECH LTD INR 96 397,76 75 472,60 0,04

5 552,00 RELIANCE CAPITAL LTD INR 76 356,47 63 336,31 0,04

21 960,00 INDIABULLS REAL ESTATE LTD INR 77 575,22 50 525,80 0,03

Computing and IT 3 695 259,75 2,142 035 350,80

43 124,00 INFOSYS TECHNOLOGIES LTD INR 1 383 518,70 2 491 616,43 1,44

38 726,00 TATA CONSULTANCY SVS LTD INR 382 993,90 751 398,40 0,43





169


43 055,00 WIPRO LTD INR 191 717,26 347 903,62 0,20

8 017,00 HCL TECHNOLOGIES LTD INR 12 099,68 60 971,08 0,04

38 627,00 SATYAM COMPUTER SVCS LTD INR 65 021,26 43 370,22 0,03

Energy 2 781 429,83 1,612 233 924,52

123 625,00 RELIANCE INDUSTRIES LTD INR 1 778 763,86 2 180 654,51 1,26

17 106,00 OIL & NATURAL GAS CORP LTD INR 286 289,11 369 804,61 0,21

29 656,00 CAIRN INDIA LTD INR 122 552,41 166 240,00 0,10

5 863,00 BHARAT PETROLEUM CORP LTD INR 46 319,14 64 730,71 0,04

Industries 2 235 300,25 1,291 740 677,93

17 148,00 LARSEN & TOUBRO LTD INR 396 855,38 568 041,46 0,32

23 750,00 TATA MOTORS LTD INR 263 758,65 519 199,85 0,30

10 549,00 BHARAT HEAVY ELECTRICALS LTD INR 326 025,09 413 776,26 0,24

121 455,00 STERLITE INDUSTRIES INDIA LTD INR 367 899,73 390 816,44 0,23

91 182,00 JAIPRAKASH ASSOCIATES LTD INR 201 196,46 165 316,49 0,10

7 242,00 SIEMENS INDIA LTD INR 61 211,11 100 447,42 0,06

43 837,00 SUZLON ENERGY LTD INR 46 471,74 39 794,10 0,02

29 147,00 GMR INFRASTRUCTURE LTD INR 61 000,59 22 971,69 0,01

974,00 ADITYA BIRLA NUVO LTD INR 16 259,18 13 629,29 0,01

2 626,00 ZEE LEARN LTD INR 0,00 1 307,25 0,00

Raw materials 2 150 724,48 1,241 355 297,36

40 784,00 JINDAL STEEL & POWER LTD INR 190 164,45 490 575,94 0,28

32 136,00 TATA STEEL LTD INR 245 191,60 378 244,25 0,22

87 691,00 HINDALCO INDUSTRIES LTD INR 211 662,64 360 967,65 0,21

56 000,00 COAL INDIA LTD INR 298 262,37 297 422,00 0,17

22 039,00 SESA GOA LTD INR 37 360,65 125 109,38 0,07

6 797,00 ULTRATECH CEMCO INR 131 035,80 123 584,82 0,07

42 813,00 AMBUJA CEMENTS LTD INR 67 628,96 102 373,14 0,06

4 865,00 JSW STEEL LTD INR 35 539,72 97 012,55 0,06

29 624,00 STEEL AUTHORITY OF INDIA LTD INR 81 059,88 93 167,44 0,05

3 410,00 ACC LTD INR 39 058,07 61 085,69 0,04

7 488,00 UNITED PHOSPHORUS LTD INR 18 333,22 21 181,62 0,01

Basic goods 1 121 364,64 0,65769 723,70

194 012,00 ITC LTD INR 343 851,66 566 015,98 0,33

81 451,00 HINDUSTAN UNILEVER LTD INR 322 602,10 426 734,38 0,25

5 241,00 UNITED SPIRITS LTD INR 103 269,94 128 614,28 0,07

Consumer retail 1 013 175,07 0,59526 817,51

22 059,00 MAHINDRA & MAHINDRA LTD INR 109 919,54 290 513,48 0,17

6 696,00 HERO HONDA MOTORS LTD INR 111 328,38 222 437,91 0,13

17 304,00 ADANI ENTERPRISES LTD INR 183 789,54 187 237,97 0,11

6 214,00 BAJAJ AUTO LTD INR 44 614,60 153 541,92 0,09

4 548,00 MARUTI SUZUKI INDIA LTD INR 47 486,03 108 647,65 0,06

21 008,00 ZEE ENTERTAINMENT ENTERPRISE LTD INR 29 679,42 50 796,14 0,03

Multi-Utilities 927 731,25 0,54881 529,58

37 354,00 GAIL INDIA LTD INR 173 182,92 322 182,39 0,19





170


77 237,00 NTPC LTD INR 242 010,74 255 963,71 0,15

7 624,00 TATA POWER CO LTD INR 192 551,98 174 782,30 0,10

6 436,00 RELIANCE INFRASTRUCTURE LTD INR 128 597,69 92 886,65 0,05

30 818,00 RELIANCE POWER LIMITED INR 145 186,25 81 916,20 0,05

Health 808 715,39 0,47516 810,35

7 760,00 DR. REDDY'S LABORATORIES INR 90 422,14 217 088,68 0,13

22 325,00 SUN PHARMACEUTICAL INDUS INR 77 960,50 181 964,95 0,11

20 179,00 CIPLA LTD INR 65 696,27 125 777,82 0,07

14 486,00 LUPIN LTD INR 122 408,25 117 986,57 0,07

11 527,00 PIRAMAL HEALTHCARE LTD INR 110 403,69 90 539,38 0,05

7 489,00 RANBAXY LABORATORIES LTD INR 49 919,50 75 357,99 0,04


42 853,00 RELIANCE COMMUNICATION LTD INR 248 873,60 106 054,12 0,06

HONG KONG 16 164 684,10 9,3513 282 269,33


562 004,00 CHINA MOBILE LTD HKD 4 134 744,40 4 206 665,40 2,44

447 206,00 CHINA UNICOM HONG KONG LTD HKD 482 912,02 483 368,14 0,29

3 531,00 TCL COMMUNICATION TECH HLDG HKD 359,13 2 612,38 0,00

Energy 3 479 530,31 2,011 862 786,08

1 689 265,00 CNOOC LTD HKD 1 569 917,60 3 088 670,18 1,78

256 749,00 KUNLUN ENERGY CO LTD HKD 179 341,35 306 201,24 0,18

259 236,00 CHINA GAS HOLDINGS LTD HKD 113 527,13 84 658,89 0,05

Consumer retail 2 218 139,78 1,281 860 822,15

405 178,00 BELLE INTERNATIONAL HLDG HKD 339 499,97 525 373,86 0,30

1 861 597,00 GOME ELECTRICAL APPLIANCES HKD 466 845,59 509 309,24 0,29

150 837,00 CHINA RESOURCES ENTERPRISES HKD 342 291,32 464 981,21 0,27

742 962,00 GEELY AUTOMOBILE HLDG LT HKD 157 349,31 245 492,52 0,14

233 359,00 BRILLIANCE CHINA AUTOMOTIVE LTD HKD 154 661,93 131 509,75 0,08


206 071,00 HENGDELI HOLDINGS LTD HKD 99 380,05 90 721,58 0,05

225 831,00 BOSIDENG INTL HLDGS LTD HKD 85 217,57 69 181,22 0,04

357 348,00 CHINA TRAVEL INTL INV HK HKD 60 816,59 61 620,03 0,04

Industries 1 540 031,99 0,891 297 359,62

132 414,00 CHINA MERCHANTS HLDG INTL HKD 327 028,19 396 071,01 0,22

57 182,00 BEIJING ENTERPRISES HLDG HKD 192 404,02 268 266,13 0,16

119 832,00 CITIC PACIFIC LTD HKD 260 790,56 237 225,94 0,14

684 081,00 GCL POLY ENERGY HOLDINGS LTD HKD 162 003,68 191 109,85 0,11

141 138,00 COSCO PACIFIC LTD HKD 139 134,25 188 716,98 0,11



Finance 1 401 344,55 0,811 311 455,51

310 938,00 CHINA OVERSEAS LAND AND INVEST HKD 387 845,01 438 523,04 0,25





171


172 572,00 CHINA EVERBRIGHT LTD HKD 285 861,54 300 902,95 0,17

121 795,00 CHINA TAIPING INS HKD 273 709,03 292 150,31 0,17






275,00 HOPSON DEVELOPMENT HLDG HKD 316,47 230,48 0,00

Basic goods 1 304 720,37 0,751 086 911,63

88 385,00 HENGAN INTL GP CORP LTD HKD 412 880,77 575 150,45 0,33

161 807,00 CHINA MENGNIU DAIRY CO HKD 325 440,75 323 439,42 0,19

244 313,00 CHINA AGRI-INDUSTRIES HLDG HKD 160 008,92 208 524,86 0,12

338 163,00 CHAODA MODERN AGRICULTURE HKD 188 326,39 197 413,23 0,11

1 368,00 GLOBAL SWEETENERS HLDG LTD HKD 254,80 192,41 0,00

Raw materials 803 478,13 0,46699 926,97


145 042,00 HUABAO INTERNATIONAL HLDG HKD 89 306,52 172 978,44 0,10

262 297,00 FUSHAN INTERNATIONAL ENERGY HKD 133 110,10 138 215,96 0,08



235 160,00 SINOFERT HLDG LTD HKD 80 871,15 93 333,64 0,05

Computing and IT 366 608,38 0,21182 849,92

82 911,00 KINGBOARD CHEMICALS HLDG HKD 182 849,92 366 608,38 0,21

Multi-Utilities 358 184,67 0,21362 141,90

182 221,00 CHINA RESOURCES POWER HLDG HKD 292 244,70 247 862,41 0,15

274 631,00 GUANGDONG INVEST HKD 69 897,20 110 322,26 0,06

MALAYSIA 9 492 909,76 5,497 031 685,72

Finance 2 991 395,96 1,731 984 780,41

402 100,00 CIMB GP HLDG MYR 500 270,47 846 474,63 0,49

333 519,00 MALAYAN BANKING BHD MYR 539 381,49 696 400,87 0,40

117 671,00 PUBLIC BANK BHD -F- MYR 264 321,19 375 305,76 0,22

205 348,00 AMMB HLDG BHD MYR 232 331,45 353 551,11 0,20

53 722,00 HONG LEONG BANK BHD MYR 77 816,10 122 538,25 0,07

75 890,00 SP SETIA BHD MYR 76 523,78 112 868,94 0,07

52 387,00 RHB CAPITAL BHD MYR 70 508,75 111 561,06 0,06

113 626,00 ALLIANCE FINANCIAL GP BHD MYR 65 618,21 85 467,51 0,05

117 250,00 UEM LAND HLDG BHD MYR 0,00 72 158,25 0,04

32 502,00 HONG LEONG FINANCIAL GP BHD MYR 35 592,15 71 437,33 0,04

234 424,00 BERJAYA CORP BHD MYR 71 133,69 63 547,38 0,04

31 723,00 BURSA MALAYSIA BHD MYR 49 218,15 61 125,70 0,04

4 612,00 PUBLIC BANK BHD MYR 0,00 14 687,22 0,01

6 315,00 IJM LAND BHD MYR 2 064,98 4 271,95 0,00





172


Industries 1 781 998,79 1,031 305 986,38

287 549,00 SIME DARBY BHD MYR 498 731,04 628 503,22 0,37

126 380,00 MISC BHD MYR 233 146,66 262 960,52 0,15

372 100,00 AIRASIA BHD MYR 102 344,90 241 720,74 0,14

159 973,00 PLUS EXPRESSWAYS BHD MYR 120 377,92 178 539,99 0,10

116 674,00 IJM CORP BHD MYR 114 258,01 176 090,19 0,10

174 574,00 GAMUDA BHD MYR 108 665,90 167 123,78 0,10

101 129,00 MMC CORP BHD MYR 65 790,11 68 658,31 0,04

114 972,00 MALAYSIAN AIRLINE SYSTEM BHD MYR 62 671,84 58 402,04 0,03

Consumer retail 1 220 525,73 0,71792 922,37

237 673,00 GENTING BHD MYR 355 422,23 652 407,23 0,38

343 000,00 GENTING MALAYSIA BHD MYR 216 084,62 294 017,95 0,17

65 581,00 UMW HLDG BHD MYR 85 396,72 116 275,25 0,07

82 827,00 BERJAYA SPORTS TOTO BHD MYR 80 604,68 91 226,51 0,05

48 530,00 PARKSON HLDG BHD MYR 54 815,46 65 066,17 0,04

13 212,00 BERJAYA RETAIL BHD MYR 598,66 1 532,62 0,00

Basic goods 1 173 981,65 0,68830 512,20

358 885,00 IOI CORPORATION BHD MYR 367 715,12 510 971,26 0,29

49 833,00 KUALA LUMPUR KEPONG BHD MYR 167 044,85 272 364,01 0,16

43 729,00 PPB GP BHD MYR 125 920,22 186 460,31 0,11

13 732,00 BRITISH AMERICAN TOBACCO BHD MYR 138 005,09 153 593,16 0,09

23 277,00 GENTING PLANTATION BHD MYR 31 826,92 50 592,91 0,03


285 425,00 AXIATA GP BHD MYR 218 340,26 330 402,22 0,19

251 870,00 MAXIS BHD MYR 292 642,33 327 235,70 0,19

36 200,00 DIGI.COM BHD MYR 189 450,90 221 721,96 0,13

125 098,00 TEL MALAYSIA BHD MYR 239 170,98 107 538,91 0,06

Multi-Utilities 878 386,43 0,51761 825,52

263 897,00 TENAGA NASIONAL BHD MYR 391 401,72 433 732,66 0,25

73 581,00 YTL CORPORATION BHD MYR 115 647,05 152 382,17 0,09

54 070,00 PETRONAS GAS BHD MYR 127 348,65 148 685,07 0,09

237 077,00 YTL POWER INTERNATIONAL BHD MYR 127 428,10 143 586,53 0,08

Raw materials 369 793,10 0,21345 840,09

211 000,00 PETRONAS CHEMICALS GROUP BHD MYR 282 777,11 287 018,74 0,16

42 634,00 LAFARGE MALAYAN CEMENT BHD MYR 63 062,98 82 774,36 0,05

Energy 89 929,31 0,0570 214,28

30 383,00 PETRONAS DAGANGAN BHD MYR 68 167,96 89 039,87 0,05

1 269,00 KNM GP BHD MYR 2 046,32 889,44 0,00

INDONESIA 5 701 161,94 3,303 792 776,82

Finance 1 650 922,29 0,95911 351,58

941 623,00 PT BANK CENTRAL ASIA IDR 245 590,90 505 598,27 0,29





173


499 194,00 PT BANK RAKYAT INDONESIA -B- IDR 261 895,54 430 108,98 0,25

716 411,00 PT BANK MANDIRI IDR 218 646,34 384 672,17 0,22

2 400 000,00 PT BANK INTERNASIONAL INDONESIA IDR 76 933,61 153 840,53 0,09

220 983,00 PT BANK DANAMON IDR 69 362,82 101 178,99 0,06

238 742,00 BANK NEGARA INDONESIA PT IDR 38 922,37 75 523,35 0,04

Energy 752 055,16 0,44615 736,05

2 077 341,00 PT BUMI RESOURCES TBK IDR 513 965,17 540 414,03 0,32

54 826,00 PT TAMBANG BATUBARA BUKIT ASAM -B- IDR 53 866,46 109 310,25 0,06

22 638,00 PT INDO TAMBANGRAYA MEGAH IDR 47 904,42 102 330,88 0,06

Consumer retail 666 334,89 0,39300 550,02

147 138,00 PT ASTRA INTL TBANK IDR 300 550,02 666 334,89 0,39

Raw materials 635 646,67 0,37374 123,62

270 977,00 PT SEMEN GRESIK (PERSERO) IDR 159 505,76 222 196,63 0,13

122 344,00 PT INDOCEMENT TUNGGAL PRAKARSA IDR 55 154,21 163 465,65 0,09

712 864,00 ADARO ENERGY PT IDR 87 076,85 158 744,71 0,09

151 050,00 PT INTERNATIONAL NICKEL INDO IDR 49 568,72 62 557,97 0,04

139 207,00 PT ANEKA TAMBANG TBK IDR 22 818,08 28 681,71 0,02

Basic goods 623 286,63 0,36410 037,17

127 810,00 PT UNILEVER INDONESIA TBANK IDR 82 829,02 170 768,86 0,10

46 742,00 GUDANG GARAM IDR 121 221,63 159 731,02 0,09

329 073,00 PT INDOFOOD SUKSES MAK TBK IDR 55 976,47 135 602,05 0,08

724 920,00 CHAROEN POKPHAND INDONESI PT IDR 117 219,66 108 021,93 0,06

22 036,00 PT ASTRA AGRO LESTARI IDR 32 790,39 49 162,77 0,03


804 101,00 PT TELEKOMUNIKASI INDONESIA (PERSERO) TBK IDR 494 468,65 535 512,23 0,31

65 172,00 PT INDOSAT TBK IDR 35 191,02 29 568,30 0,02

Multi-Utilities 419 896,27 0,24248 229,40

1 127 146,00 PT PERUSAHAAN GAS NEGARA IDR 248 229,40 419 896,27 0,24

Industries 264 765,65 0,15275 321,60

126 634,00 PT UNITED TRACTORS IDR 138 307,39 256 168,31 0,15

1 275 000,00 PT TRUBA ALAM MANUNGGAL ENG IDR 137 014,21 8 597,34 0,00

Health 123 173,85 0,07127 767,71

444 998,00 KALBE FARMA TBK PT IDR 127 767,71 123 173,85 0,07

THAILAND 3 653 357,12 2,112 110 622,07

Energy 1 393 280,42 0,81812 729,64

51 427,00 PTT PCL -F- THB 254 156,11 408 558,64 0,24

70 709,00 PTT EXPLORATION & PROD -F- THB 180 287,48 294 915,24 0,17

14 758,00 BANPU PUBLIC CORP LTD -F- (REGD) THB 160 860,31 288 713,41 0,17

75 533,00 THAI OIL PCL -F- THB 86 298,57 146 735,20 0,08

814 834,00 IRPC PCL -F- THB 71 711,93 131 490,91 0,08





174


129 387,00 PTT AROMATICS & REFIN -F- THB 59 415,24 122 867,02 0,07

Finance 1 165 920,35 0,67705 575,92

101 981,00 SIAM COMMERCIAL BANK PCL -F- THB 176 239,56 262 043,17 0,15

62 104,00 BANGKOK BANK -F- (REGD) THB 154 814,89 235 127,08 0,14

68 682,00 KASIKORNBANK PCL THB 140 808,14 213 993,16 0,12

57 886,00 KASIKORNBANK PCL -F- (REGD) THB 81 559,11 187 541,46 0,11

28 723,00 BANGKOK BANK PUBLIC CORP LTD THB 65 305,10 104 823,91 0,06

143 233,00 BANK OF AYUDHYA -F- THB 58 208,71 90 676,87 0,05

166 974,00 KRUNG THAI BANK PUB CORP -F- THB 28 640,41 71 714,70 0,04

Raw materials 419 607,57 0,24220 371,11

110 286,00 INDORAMA VENTURES-FOREIGN THB 141 110,31 158 119,56 0,08

16 400,00 SIAM CEMENT PUB CORP -F- (REGD) THB 48 648,06 146 982,04 0,09

31 376,00 PTT CHEMICAL PCL -F- THB 30 612,74 114 505,97 0,07

Basic goods 237 205,23 0,1466 991,93

204 587,00 CHAROEN POKPHAND FOOD -F- THB 41 976,77 125 455,07 0,08

114 682,00 CP ALL PCL -F- (REGD) THB 25 015,16 111 750,16 0,06

Consumer retail 131 010,55 0,0871 446,70

166 207,00 BEC WORLD PCL -F- THB 71 446,70 131 010,55 0,08

Multi-Utilities 128 956,47 0,0764 571,38

109 933,00 GLOW ENERGY PCL -F- THB 64 571,38 128 956,47 0,07


47 821,00 ADVANCED INFO SERVICE -F- (REGD) THB 85 562,34 100 023,44 0,06

Industries 77 353,09 0,0483 373,05

63 587,00 THAI AIRWAYS INTL-FOREIGN THB 83 373,05 77 353,09 0,04

PHILIPPINES 1 639 078,49 0,951 211 999,26

Finance 760 125,61 0,45559 403,24

516 669,00 AYALA LAND INC PHP 88 914,20 144 694,90 0,08

20 168,00 AYALA CORPORATION PHP 98 146,94 136 203,05 0,08

99 961,00 BANCO DE ORO UNIBANK INC PHP 70 399,53 100 578,23 0,06

96 949,00 BANK OF PHILIPPINE ISLANDS PHP 74 226,61 98 625,05 0,06

78 469,00 METROPOLITAN BANK & TRUST PHP 70 430,82 97 937,25 0,06

493 257,00 SM PRIME HLDG INC PHP 76 414,18 95 296,87 0,06

409 376,00 ALLIANCE GLOBAL GROUP INC PHP 80 870,96 86 790,26 0,05

Multi-Utilities 389 907,21 0,23274 160,77

43 811,00 MANILA ELECTRIC CO PHP 91 533,15 183 516,94 0,11

1 070 958,00 ENERGY DEVELOPMENT CORP PHP 77 472,57 107 116,22 0,06

184 624,00 ABOITIZ POWER CORP PHP 105 155,05 99 274,05 0,06


4 023,00 PHILIPPINE LONG DISTANCE TEL PHP 139 466,93 174 982,27 0,10

4 250,00 GLOBE TEL INC PHP 62 767,30 57 585,76 0,03





175


Industries 179 525,02 0,10112 781,22

19 196,00 SM INVESTMENTS CORP PHP 112 781,22 179 525,02 0,10

Consumer retail 76 952,62 0,0463 419,80

50 600,00 JOLLIBEE FOODS CORPORATION PHP 63 419,80 76 952,62 0,04

SINGAPORE 170 858,84 0,10133 805,96

Energy 170 858,84 0,10133 805,96

111 000,00 STRAITSASIA RESOURCES LTD SGD 133 805,96 170 858,84 0,10

CAYMAN ISLANDS 108 010,42 0,0694 447,25

Industries 108 010,42 0,0694 447,25


PAKISTAN 32 491,24 0,0289 091,20

Finance 32 491,24 0,0289 091,20

16 698,00 MCB BANK LTD -GDR- (REGD) USD 89 091,20 32 491,24 0,02

Other shares 517 773,68 0,30363 250,39

SOUTH KOREA 510 881,93 0,30356 249,25

Consumer retail 426 369,03 0,25269 221,11

4 815,00 HYUNDAI MOTOR CO LTD -2ND PFD- KRW 104 438,69 205 384,28 0,12

2 930,00 HYUNDAI MOTOR CO LTD -PFD- KRW 64 320,78 117 581,89 0,07

3 428,00 LG ELECTRONICS -PFD- KRW 100 461,64 103 402,86 0,06

Raw materials 84 512,90 0,0587 028,14

795,00 LG CHEM LTD-PREFERENCE KRW 87 028,14 84 512,90 0,05

MALAYSIA 6 891,75 0,007 001,14

Industries 6 891,75 0,007 001,14

34 000,00 MALAYSIAN AIRLINE SYSTEM MYR 7 001,14 6 891,75 0,00

Warrants 6 527,92 0,000,00

HONG KONG 6 527,92 0,000,00

Finance 6 527,92 0,000,00






176


LISTED ON ANOTHER REGULATED MARKET 1 100 159,25 0,64863 918,72

Shares 1 096 931,56 0,64863 918,72

TAIWAN 641 581,54 0,38601 828,85

Computing and IT 349 908,94 0,21308 745,78

204 301,00 PRIME VIEW INTERNATIONAL CO TWD 241 474,20 307 943,40 0,19

11 571,00 PIXART IMAGING INC TWD 67 271,58 41 965,54 0,02

Consumer retail 109 833,24 0,06102 063,85

43 441,00 NAN KANG RUBBER TIRE CO LTD TWD 52 987,55 55 980,96 0,03

91 226,00 TAINAN SPINNING TWD 49 076,30 53 852,28 0,03

Finance 64 625,23 0,0460 224,15

38 010,00 HIGHWEALTH CONSTRUCTION CORP TWD 60 224,15 64 625,23 0,04

Raw materials 61 302,70 0,0462 257,83

38 011,00 LCY CHEMICAL CORP TWD 62 257,83 61 302,70 0,04

Industries 55 911,43 0,0368 537,24

8 021,00 YOUNG FAST OPTOELECTRONICS TWD 68 537,24 55 911,43 0,03

SOUTH KOREA 455 350,02 0,26262 089,87

Industries 300 049,03 0,17194 477,42

6 229,00 HYUNDAI ENGINEERING & CONSTR KRW 194 477,42 300 049,03 0,17

Health 155 300,99 0,0967 612,45

6 967,00 CELLTRION INC KRW 67 612,45 155 300,99 0,09

Rights 3 227,69 0,000,00

PHILIPPINES 3 227,69 0,000,00

Finance 3 227,69 0,000,00

8 208,00 METROPOLITAN BANK & TRUST RTS 14/01/2011 PHP 0,00 3 227,69 0,00

UNQUOTED 188,53 0,00360 789,43

Shares 188,53 0,00360 789,43

TAIWAN 188,53 0,00320 347,34


1 744,00 LCY CHEMICAL CORP RIGHTS TWD 0,00 188,41 0,00

Computing and IT 0,11 0,00287 441,38

445 000,00 YA HSIN INDUSTRIAL CORP LTD TWD 287 441,38 0,11 0,00





177


Industries 0,01 0,0032 905,96

33 204,00 PACIFIC ELECTRIC WIRE & CABLE TWD 32 905,96 0,01 0,00

SOUTH KOREA 0,00 0,0040 442,09

Health 0,00 0,0040 442,09

1 093,00 MEDISON CORP LTD KRW 40 442,09 0,00 0,00

Total Portfolio 162 511 240,05 94,03121 921 053,74





178


1 000 44,00 CBOE VIX FUT 18/01/11 19,30 USD (1 646,46) 637 180,06Purchase

673 601,57 15 727 109,38


500 000 61,00 KOR KOREA KOS20 10/03/11 275,25 KRW 311 358,94 5 577 801,46Purchase

100 61,00 STO SMX TAIWAN 27/01/11 320,00 USD 20 749,00 1 460 859,15Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


179


Assets

Investments in securities at market value 165 819 551,32Banks 1 061 524,57Amounts due from brokers 436 203,36Unrealised profit on future contracts (Note 8) 77 500,67Other interest receivable 165,77Receivable on investments sold 670 989,21Receivable on subscriptions 317 064,92Other assets 528 743,83Total assets 168 911 743,65

Liabilities

Bank overdrafts (86 277,99)Other interest payable (252,97)Payable on investments purchased (686 155,37)Payable on redemptions (167 249,54)Other liabilities (261 763,14)Total liabilities (1 201 699,01)



Class I Units 875,575435,81EURClass R Units 304 647,447431,93EURClass R2 Units 3 071,135579,75USDClass Z Units 75 803,743453,98EUR



180









7 932 157,16







181



Shares 152 096 143,69 90,69115 849 359,24

BRAZIL 105 244 428,35 62,7483 468 189,78

Finance 28 277 111,01 16,8521 551 745,78

368 696,00 BANCO ITAU HLDG FIN -ADR- USD 5 598 503,56 6 598 629,17 3,93


346 142,00 BANCO BRADESCO SA -PFD- BRL 3 124 926,56 5 074 780,56 3,03

271 712,00 BANCO ITAU HLDG FIN -PFD- BRL 2 861 988,50 4 854 701,61 2,89

191 710,00 BANCO BRADESCO SA -PFD ADR- USD 2 599 487,32 2 899 478,89 1,73

412 129,00 BM& FBOVESPA SA BRL 2 012 474,68 2 429 840,04 1,45

226 070,00 BANCO SANTANDER BRASIL SA -ADR- USD 2 142 817,20 2 291 790,84 1,37

114 500,00 BANCO DO BRASIL SA BRL 1 200 564,68 1 615 442,30 0,96

127 675,00 CIELO BRL 813 373,43 771 095,08 0,46

108 290,00 PDG REALTY SA BRL 362 025,13 494 039,69 0,29

34 764,00 PORTO SEGURO SA BRL 200 041,64 441 769,74 0,26

47 688,00 BR MALLS PARTICIPACOES SA BRL 220 022,37 366 171,89 0,22

19 592,00 ODONTOPREV S.A. BRL 238 941,85 220 728,91 0,13

32 922,00 ROSSI RESIDENCIAL SA BRL 176 578,86 218 642,29 0,13

Raw materials 25 960 935,81 15,4719 725 300,47

283 758,00 VALE SA -PFD A- BRL 3 573 981,91 6 179 731,93 3,68

197 580,00 VALE SA BRL 2 841 574,65 4 908 891,51 2,93

119 972,00 VALE SA -PFD A ADR- USD 2 294 769,78 2 702 511,16 1,61

158 908,00 CIA SIDERURGICA NACIONAL BRL 1 286 496,01 1 903 042,82 1,13

72 232,00 VALE SA -ADR- USD 1 617 896,88 1 861 324,77 1,11

104 796,00 CIA SIDERURGICA NACIONAL -ADR- USD 1 290 286,04 1 302 187,26 0,78

104 724,00 GERDAU SA -ADR- USD 1 074 091,20 1 092 086,59 0,65

112 518,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -PFD A- BRL 925 786,81 968 048,89 0,58

80 455,00 FIBRIA CELULOSE SA -ADR- USD 1 008 065,44 959 546,79 0,57

16 590,00 ULTRAPAR PARTICIPACOES SA -ADR- USD 633 649,95 799 109,84 0,48

33 206,00 BRASKEM SA -ADR- USD 590 226,37 621 274,35 0,37

43 341,00 FIBRIA CELULOSE SA BRL 906 965,08 515 537,98 0,31

52 253,00 BRASKEM SA -PFD A- BRL 274 551,58 477 949,53 0,28

44 360,00 USINAS SIDERURGICAS DE MINAS GERAIS SA (USIMINAS) BRL 433 970,26 425 274,36 0,25

129 551,00 KLABIN SA -PFD- BRL 237 946,03 340 311,34 0,20

33 243,00 DURATEX SA BRL 163 374,97 266 451,53 0,16

9 264,00 KLABIN SA -ADR- USD 193 603,93 239 273,68 0,14

43 000,00 MMX MINERACAO E METALICOS SA BRL 163 244,28 216 834,31 0,13

20 212,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -ADR- USD 214 819,30 181 547,17 0,11

Energy 19 549 687,50 11,6617 239 707,84



335 406,00 PETROLEO BRASILEIRO -PFD- BRL 3 745 304,72 4 110 116,63 2,45

188 060,00 PETROLEO BRASILIERO SA BRL 2 556 525,02 2 579 808,26 1,54





182


267 300,00 OGX PETROLEO E GAS PARTICIPACOES BRL 1 189 325,11 2 400 538,84 1,43

68 808,00 OGX PETROLEO E GAS PARTICIPACOES -ADR- USD 389 367,53 616 504,91 0,37

Basic goods 12 278 803,73 7,327 983 255,33

146 370,00 COMPANHIA DE BEBIDAS -PFD ADR- USD 2 335 307,88 3 385 532,48 2,03

100 810,00 CIA DE BEBIDAS DASAME -PFD- BRL 867 493,71 2 286 897,71 1,36

51 799,00 BRASIL DISTR PAO ACU -ADR- USD 1 313 170,74 1 620 902,70 0,97

126 760,00 BRF BRASIL FOODS SA -ADR- USD 1 366 416,87 1 594 952,70 0,95

115 415,00 BRASIL FOODS SA BRL 915 825,28 1 416 904,40 0,84

15 489,00 SOUZA CRUZ SA BRL 248 466,34 628 671,18 0,37

21 240,00 NATURA COSMETICOS SA BRL 177 688,18 454 843,11 0,27

26 086,00 COSAN SA INDUSTRIA COMERCIO BRL 271 644,53 323 410,18 0,19

92 400,00 JBS SA BRL 277 114,14 297 489,00 0,18

38 678,00 MARFRIG ALIMENTOS SA BRL 210 127,66 269 200,27 0,16

Multi-Utilities 5 293 190,65 3,164 123 028,65

64 851,00 CEMIG SA -ADR- USD 797 447,97 801 966,45 0,49

59 898,00 CIA ENERGETICA MINAS GER -PFD- BRL 546 547,91 718 399,45 0,43

12 702,00 CIA SANEAMENTO BASICO DE SAO PAULO -ADR- USD 438 043,28 500 675,90 0,30

26 310,00 CIA PARANAENSE DE ENERGIA -PFD B- BRL 247 916,16 490 285,14 0,29

27 847,00 EDP - ENERGIAS DO BRASIL SA BRL 320 226,43 484 040,13 0,29

23 400,00 CPFL ENERGIA SA BRL 304 691,02 432 905,25 0,26

33 295,00 TRACTEBEL ENERGIA SA BRL 251 728,92 410 394,14 0,24

40 293,00 CENTRAIS ELETRICAS BRASILIERAS SA BRL 377 283,66 402 387,21 0,24

20 222,00 CIA SANEAMENTO BASICO DE SAO PAULO BRL 245 337,95 386 733,26 0,23

31 000,00 CENTRAIS ELETRICAS BRASILIERAS SA -PFD B- BRL 300 255,85 372 361,92 0,22

15 619,00 CIA PARANAENSE DE ENERGIA -ADR- USD 293 549,50 293 041,80 0,17

Industries 4 219 607,38 2,523 620 999,38

61 068,00 EMBRAER SA-ADR USD 1 191 917,07 1 338 302,11 0,81

50 150,00 TAM SA -ADR- USD 751 685,26 909 507,29 0,54

66 373,00 GOL AIRLINES -ADR- USD 748 177,43 760 923,36 0,45

16 800,00 CIA DE CONCESSOES RODOVIARIA BRL 162 298,55 353 803,32 0,21

23 646,00 LOCALIZA RENT A CAR BRL 178 553,60 285 620,75 0,17

35 748,00 ECORODOVIAS INFRA E LOG SA BRL 217 267,44 205 145,68 0,12

12 236,00 MULTIPLAN EMPREENDIMENTOS BRL 148 674,02 202 742,88 0,12

55 295,00 LLX LOGISTICA SA BRL 172 045,25 117 442,91 0,07

8 704,00 EMPRESA BRASILEIRA DE AERONAUTICA BRL 50 380,76 46 119,08 0,03

Consumer retail 3 780 282,32 2,253 510 495,40

153 570,00 GAFISA SA -ADR- USD 1 751 093,84 1 663 279,12 0,99

24 806,00 LOJAS RENNER SA BRL 354 255,56 628 225,60 0,37

62 910,00 MRV ENGENHARIA BRL 295 335,96 440 963,22 0,26

42 200,00 CYRELA BRAZIL REALTY BRL 366 833,58 414 041,31 0,25

29 137,00 CIA HERING BRL 381 575,40 353 255,05 0,21

14 061,00 B2W COM GLOBAL DO VAREJO BRL 303 907,34 198 887,07 0,12

5 616,00 MRV ENGENHARIA -ADR- USD 57 493,72 81 630,95 0,05


53 255,00 VIVO PARTICIPACOES SA -ADR- USD 1 027 237,64 1 293 712,83 0,78





183


55 666,00 TELE NORTE LESTE PART -ADR- USD 659 426,12 609 958,78 0,36

34 781,00 TELE NORTE LESTE PART -PFD- BRL 458 063,00 379 358,10 0,23

13 441,00 TIM PARTICIPACOES SA -ADR- USD 321 189,71 342 048,93 0,20

132 002,00 TIM PARTICIPACOES SA -PFD- BRL 261 070,16 326 596,78 0,19

19 047,00 BRASIL TEL SA -ADR- USD 304 139,59 311 356,80 0,19

16 498,00 TELE NORTE LESTE PART BRL 317 021,07 239 283,97 0,14

Health 1 304 135,43 0,781 215 871,54

59 290,00 HYPERMARCAS SA BRL 516 200,74 599 822,05 0,36

50 485,00 DIAGNOSTICOS DA AMERICA SA BRL 510 304,98 510 063,99 0,30

24 303,00 AMIL PARTICIPACOES SA BRL 189 365,82 194 249,39 0,12

Computing and IT 1 078 358,33 0,641 149 638,10

75 300,00 REDECARD SA BRL 801 476,01 711 748,99 0,42

4 831,00 TOTVS SA BRL 348 162,09 366 609,34 0,22

MEXICO 29 141 439,48 17,3821 269 458,11


4 288 968,00 AMERICA MOVIL SAB DE CV -L- MXN 6 895 652,41 9 193 987,60 5,49

1 089 033,00 TELEFONOS DE MEXICO SAB -L- MXN 679 932,39 658 817,36 0,39

Basic goods 6 859 469,76 4,094 721 349,52

1 256 892,00 WALMART DE MEXICO -V- MXN 1 908 091,92 2 692 040,53 1,60

446 828,00 FOMENTO ECONOMICO MEXICANO SAB DE CV MXN 1 193 677,81 1 871 926,76 1,12

137 502,00 KIMBERLY CLARK MEXICO -A- MXN 456 987,47 629 313,27 0,38

121 802,00 GRUPO MODELO SAB DE CV -C- MXN 394 636,45 562 684,58 0,34

63 655,00 COCA-COLA FEMSA SAB -L- MXN 228 895,98 393 048,22 0,23

57 309,00 GRUPO BIMBO SAB -A- MXN 241 417,88 365 154,75 0,22

88 893,00 EMBOTELLADORAS ARCA SAB-NOM MXN 285 506,19 322 335,94 0,19

9 584,00 ORGANIZACION SORIANA SAB DE CV -B- MXN 12 135,82 22 965,71 0,01

Raw materials 4 981 051,69 2,973 446 038,46

851 716,00 GRUPO MEXICO SAB DE CV -B- MXN 1 153 286,43 2 604 050,51 1,56

2 052 138,00 CEMEX SAB DE CV -PART CERT- MXN 1 948 859,45 1 633 361,28 0,97

25 967,00 INDUSTRIAS PENOLES SAB DE CV MXN 323 359,92 706 414,01 0,42

18 912,00 GRUPO SIMEC SAB DE CV -B- MXN 20 532,66 37 225,89 0,02

Consumer retail 3 415 809,65 2,042 835 014,71

484 684,00 GRUPO TELEVISA SA -PART CERT- MXN 1 372 727,40 1 872 049,90 1,12

334 863,00 URBI DESARROLLOS URBANOS SA MXN 554 275,79 586 685,42 0,35

137 693,00 DESARROLLADORA HOMEX SAB DE CV MXN 591 383,63 582 505,22 0,35

11 854,00 GRUPO ELEKTRA SA -CPO- MXN 316 627,89 374 569,11 0,22

Industries 2 248 463,92 1,341 339 545,22

237 832,00 MEXICHEM SAB DE CV MXN 380 957,96 635 449,03 0,38

82 191,00 ALFA SAB -A- MXN 367 796,62 617 923,29 0,37

183 069,00 GRUPO AEROPORTUARIO DEL PACIFICO SAB -B- MXN 393 676,01 557 062,86 0,33

92 495,00 GRUPO CARSO SAB DE CV -A1- MXN 197 114,63 438 028,74 0,26





184


Finance 1 783 839,50 1,061 351 925,40

273 095,00 GRUPO FINANCIERO BANORTE SAB DE CV MXN 660 337,52 971 457,77 0,57

137 002,00 GRUPO FINANCIERO INBURSA -O- MXN 343 677,44 449 176,03 0,27

57 242,00 BANCO COMPARTAMOS SA MXN 347 910,44 363 205,70 0,22

CHILE 9 769 272,40 5,836 526 183,28

Multi-Utilities 2 371 497,45 1,421 986 209,24

41 889,00 ENERSIS SA -ADR- USD 556 842,58 725 028,94 0,44

14 602,00 EMPRESA NACIONAL DE ELECTRIC-CHILE -ADR- USD 476 535,15 611 813,51 0,36

1 636 344,00 COLBUN SA CLP 293 523,21 349 279,48 0,21

199 087,00 EMPRESA NACIONAL DE ELECTRIC CLP 267 909,71 278 027,38 0,17

502 830,00 AES GENER SA CLP 191 288,47 205 568,29 0,12

582 619,00 ENERSIS SA CLP 200 110,12 201 779,85 0,12

Raw materials 2 156 746,54 1,291 320 797,53

22 756,00 EMPRESAS CMPC SA CLP 626 313,15 902 151,73 0,55

18 035,00 SOC QUIMICA Y MINERA CHILE -B- CLP 473 717,33 762 333,97 0,45

12 386,00 CIA ACERO DEL PACIFICO SA CLP 220 767,05 492 260,84 0,29

Industries 2 135 293,09 1,271 411 154,39

98 316,00 EMPRESAS COPEC SA CLP 1 011 383,56 1 423 516,93 0,85

30 576,00 LAN AIRLINES SA CLP 399 770,83 711 776,16 0,42

Basic goods 1 585 774,64 0,95885 057,10

180 004,00 CENCOSUD SA CLP 479 960,20 1 054 972,21 0,63

22 166,00 CIA CERVECERIAS UNIDAS SA CLP 144 805,29 202 057,23 0,12

10 392,00 EMBOTELLADORA ANDINA -ADR- USD 128 755,83 184 361,07 0,11

80 427,00 VINA CONCHA Y TORO SA CLP 131 535,78 144 384,13 0,09

Finance 972 435,06 0,58641 220,21

8 442,00 BANCO SANTANDER CHILE -ADR- USD 373 845,23 588 180,64 0,35

14 695 677,00 CORPBANCA SA CLP 189 728,17 203 424,40 0,12

3 434,00 BANCO DE CREDITO E INVERSION CLP 77 646,81 180 830,02 0,11

Consumer retail 375 990,05 0,22161 014,96

44 893,00 FALABELLA SACI CLP 161 014,96 375 990,05 0,22


13 080,00 EMPRESA NACIONAL DE TEL CLP 120 729,85 171 535,57 0,10

COLUMBIA 3 482 284,21 2,082 184 686,30

Energy 1 785 833,46 1,071 070 013,07

54 924,00 ECOPETROL SA -ADR- USD 1 070 013,07 1 785 833,46 1,07

Finance 1 696 450,75 1,011 114 673,23

36 761,00 BANCOLOMBIA SA -ADR- USD 1 114 673,23 1 696 450,75 1,01





185


PERU 2 820 602,53 1,681 624 751,54

Raw materials 1 665 317,27 0,99965 040,83

45 630,00 CIA DE MINAS BUENAVENTUR -ADR- USD 965 032,46 1 665 271,37 0,99

5,00 VOLCAN CIA MINERA SAA -PFD B- EUR 8,37 45,90 0,00

Finance 1 155 285,26 0,69659 710,71

13 034,00 CREDICORP LTD USD 659 710,71 1 155 285,26 0,69

UNITED STATES 1 638 097,07 0,98776 087,08

Raw materials 1 638 097,07 0,98776 087,08

45 088,00 SOUTHERN COPPER CORP USD 776 087,08 1 638 097,07 0,98

ARGENTINA 19,65 0,003,15


3,00 SIDERAR -A- ARS 3,15 19,65 0,00

Other shares 10 899 466,06 6,508 137 983,45

BRAZIL 10 899 466,06 6,508 137 983,45

Finance 4 659 167,98 2,782 987 814,76

416 209,00 ITAUSA-INVESTIMENTOS ITAU -PFD- BRL 1 461 510,22 2 466 977,46 1,48

48 200,00 BRADESPAR SA -PFD- BRL 711 861,87 937 594,97 0,56

84 762,00 BANCO ESTADO RIO GRANDE SUL BRL 349 834,53 671 777,86 0,40

32 100,00 BANCO SANTANDER BRASIL SA BRL 296 994,72 325 035,92 0,19

27 600,00 SUL AMERICA SA UNITS BRL 167 613,42 257 781,77 0,15

Raw materials 3 062 762,10 1,832 756 122,48

144 200,00 GERDAU SA -PFD- BRL 1 156 861,84 1 467 900,31 0,87

60 700,00 METALURGICA GERDAU SA -PFD- BRL 781 967,42 730 471,49 0,44

75 527,00 SUZANO PAPEL E CELULOSE SA BRL 524 322,91 501 252,38 0,30

42 586,00 FERTILIZANTES FOSFATADOS -PFD- BRL 292 970,31 363 137,92 0,22

Multi-Utilities 1 636 925,58 0,981 150 424,06

43 918,00 ELETROPAULO METROPOLITANA -PFD- BRL 470 932,18 633 231,69 0,38

50 716,00 CIA ENERGETICA DE SAO PAOLO -PFD B- BRL 447 162,39 614 877,41 0,37

20 116,00 AES TIETE SA -PFD- BRL 116 796,51 216 786,71 0,13

6 953,00 CIA DE TRANSMISSAO DE ENERGIA ELECTRICA PAULISTA -PFD- BRL 115 532,98 172 029,77 0,10

Consumer retail 946 883,70 0,56511 434,84

10 738,00 ULTRAPAR PARTICIPACOES -PFD- BRL 243 175,28 506 764,17 0,30

64 020,00 LOJASAMERICANAS SA -PFD- BRL 268 259,56 440 119,53 0,26


58 004,00 BRASIL TEL SA -PFD- BRL 346 363,24 312 549,62 0,18

13 111,00 TELEMAR NORTE LESTE SA -PFD A- BRL 385 824,07 281 177,08 0,17





186



Shares 2 801 820,49 1,672 550 208,02

BRAZIL 2 801 820,49 1,672 550 208,02

Multi-Utilities 1 241 450,03 0,741 235 275,81

52 533,00 CENTRAIS ELETRICAS BRASILIERAS SA -ADR PFD- USD 636 809,21 652 379,55 0,39

57 474,00 CENTRAIS ELETRICAS BRASILEIRAS SA -ADR- USD 598 466,60 589 070,48 0,35

Industries 836 797,73 0,50691 503,13

56 682,00 ALL AMERICA LATINA LOGISTICA BRL 354 085,41 381 782,67 0,23

20 232,00 ANHANGUERA EDUCACIONAL PARTI BRL 337 417,72 363 394,70 0,22

55 295,00 PORTX OPERACOES PORT SA BRL 0,00 91 620,36 0,05

Finance 673 891,39 0,40582 358,12

46 362,00 BANCO DO BRASIL SA -ADR- USD 582 358,12 673 891,39 0,40

Basic goods 49 681,34 0,0341 070,96

2 500,00 COMPANHIA DE BEBIDAS-CM ADR USD 41 070,96 49 681,34 0,03

Rights 22 121,08 0,010,00

BRAZIL 22 121,08 0,010,00

Finance 22 121,08 0,010,00

5 735,00 BANCO BRADESCO S.A. RTS 31/01/2011 BRL 0,00 22 121,08 0,01

Total Portfolio 165 819 551,32 98,87126 537 550,71





187


1 000 43,00 CBOE VIX FUT 18/01/11 19,70 USD 11 218,37 631 433,79Purchase

77 500,67 6 739 754,81

10 261,00 MEX MEX BOLSA I 18/03/11 38 725,00 MXN 66 282,30 6 108 321,02Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


188


Assets

Investments in securities at market value 260 758 844,46Banks 5 364 420,55Amounts due from brokers 1 040 495,82Unrealised profit on future contracts (Note 8) 662 524,32Receivable on subscriptions 618 226,12Other assets 21 538,94Total assets 268 466 050,21

Liabilities

Unrealised loss on future contracts (Note 8) (2 806,47)Other interest payable (723,69)Payable on redemptions (717 808,04)Other liabilities (444 076,68)Total liabilities (1 165 414,88)



Class R Units 2 398 519,75995,35EURClass R2 Units 2 895,483127,47USDClass Z Units 395 145,31396,93EUR



189









9 649 162,53







190



Shares 260 731 192,11 97,54215 929 156,76

CHINA 179 799 756,14 67,26149 338 495,21

Finance 86 118 693,04 32,2272 473 633,47





3 650 696,00 CHINA LIFE INSURANCE CO LTD -H- HKD 9 338 040,28 11 289 072,08 4,22

859 221,00 PING AN INSURANCE GP CORP -H- HKD 4 779 260,44 7 308 750,39 2,73

1 898 594,00 CHINA MERCHANTS BANK -H- HKD 3 668 063,10 3 667 110,74 1,37

8 650 390,00 AGRICULTURAL BANK OF CHINA HKD 3 015 178,30 3 324 957,72 1,24

3 702 248,00 BANK OF COMMUNICATIONS CO -H- HKD 2 783 479,49 2 842 505,88 1,06

3 238 629,00 CHINA CITIC BANK -H- HKD 1 548 571,98 1 597 381,70 0,60

1 440 867,00 PICC PROPERTY & CASUALTY -H- HKD 1 119 615,12 1 596 244,00 0,60

492 582,00 CHINA PACIFIC INSURANCE GR -H- HKD 1 486 438,99 1 518 469,45 0,57

1 960 615,00 CHINA MINSHENG BANKING -H- HKD 1 304 350,57 1 265 449,06 0,47

1 135 145,00 SINO-OCEAN LAND HLDG HKD 612 879,12 574 100,85 0,21


1 243 524,00 EVERGRANDE REAL ESTATE GROUP HKD 445 116,14 469 588,86 0,18


361 622,00 CHINA VANKE CORP LTD -B- HKD 366 310,81 334 428,76 0,13

1 155 856,00 COUNTRY GARDEN HLDG CO HKD 1 059 934,94 332 929,64 0,12

2 516 872,00 RENHE COMMERCIAL HLDG HKD 395 765,71 329 744,52 0,12



141 255,00 LONGFOR PROPERTIES HKD 115 422,56 149 139,24 0,06

85 942,00 GREENTOWN CHINA HLDG HKD 87 207,10 74 263,51 0,03

50 932,00 SHANGHAI LUJIAZUI FIN&TRAD -B- USD 67 193,95 60 987,28 0,02

36 917,00 GUANGZHOU R&F PROPERTIES -H- HKD 61 878,39 40 471,21 0,02

Energy 28 702 299,56 10,7423 130 621,15



1 591 052,00 CHINA SHENHUA ENERGY CORP -H- HKD 4 258 518,65 5 088 619,77 1,90

991 804,00 YANZHOU COAL MINING CORP -H- HKD 1 055 260,05 2 345 605,09 0,88

1 683 673,00 CHINA COAL ENERGY CORP -H- HKD 2 341 405,89 2 020 939,60 0,76

313 480,00 INNER MONGOLIA YITAI COAL -B- USD 815 717,87 1 673 910,94 0,63

824 668,00 CHINA OILFIELD SERVICES -H- HKD 1 000 671,95 1 390 255,86 0,52

Industries 16 900 426,42 6,3215 874 977,58

1 915 794,00 CHINA COMMUNICATIONS CONST -H- HKD 1 894 587,72 1 260 512,21 0,48

2 231 892,00 CHINA RAILWAY GP LTD -H- HKD 1 424 840,24 1 214 784,29 0,45

1 435 516,00 CHINA COSCO HLDG -H- HKD 1 361 041,57 1 168 536,52 0,44

228 262,00 WEICHAI POWER CORP LTD -H- HKD 229 071,04 1 088 469,74 0,41





191


1 212 287,00 AIR CHINA LTD -H- HKD 549 975,95 1 070 908,41 0,40


1 667 057,00 SHANGHAI ELECTRIC GRP CORP L -H- HKD 598 892,82 828 662,52 0,31


2 169 679,00 CHINA SHIPPING CONTAINER -H- HKD 446 886,37 752 446,33 0,28









1 440 494,00 METALLURGICAL CORP OF CHIN -H- HKD 670 041,17 481 524,59 0,18



1 031 615,00 BEIJING CAPITAL INTL AIRPO -H- HKD 645 073,93 407 454,43 0,15




Computing and IT 14 252 067,81 5,339 460 760,42


2 974 145,00 LENOVO GP LTD HKD 1 264 473,25 1 426 819,46 0,53

343 111,00 BYD CORP LTD -H- HKD 1 191 863,36 1 341 955,82 0,50

795 496,00 ALIBABA.COM LTD HKD 1 538 517,61 1 160 222,86 0,43

272 955,00 ZTE CORP -H- HKD 609 889,82 838 801,66 0,31


Raw materials 13 035 863,74 4,8811 078 016,90

756 848,00 JIANGXI COPPER CO LTD -H- HKD 1 025 056,69 1 928 465,56 0,72

448 988,00 ANHUI CONCH CEMENT CORP LTD -H- HKD 892 379,35 1 613 322,20 0,60

2 213 174,00 ALUMINUM CORP OF CHINA LTD HKD 1 797 045,78 1 554 249,12 0,58

2 163 007,00 ZIJIN MINING GP CORP LTD HKD 1 223 794,58 1 498 181,25 0,56

650 264,00 CHINA NATIONAL BUILDING MA -H- HKD 1 265 583,07 1 143 847,24 0,43

861 037,00 ANGANG STEEL CORP LTD -H- HKD 1 042 263,99 1 008 632,44 0,38

1 730 155,00 SINOPEC SHANGHAI PETROCHEM -H- HKD 618 826,08 683 355,06 0,26



1 279 632,00 MAANSHAN IRON & STEEL -H- HKD 560 462,18 518 972,96 0,19





Basic goods 7 567 866,21 2,835 483 002,29

3 384 097,00 WANT WANT CHINA HLDG LTD HKD 1 824 938,30 2 200 513,92 0,83

795 908,00 CHINA YURUN FOOD GP LTD HKD 1 371 133,79 1 985 821,36 0,74

1 007 559,00 TINGYI (CAYMAN ISLN) HLDG CO HKD 1 249 462,77 1 984 912,39 0,74





192




Consumer retail 7 171 980,51 2,685 766 483,07

1 294 398,00 DONGFENG MOTOR GRP CORP LTD -H- HKD 718 607,13 1 621 021,33 0,61

1 520 119,00 GUANGZHOU AUTOMOBILE GROUP H HKD 1 033 370,03 1 537 603,75 0,58





1 744 990,00 CHINA DONGXIANG GP CO HKD 647 677,90 573 224,66 0,21


Health 2 332 972,24 0,872 143 142,03


328 811,00 SINOPHARM GROUP CO -H- HKD 1 057 187,02 878 995,94 0,33


Multi-Utilities 1 889 901,25 0,712 203 518,73


1 583 486,00 HUANENG POWER INTL INC -H- HKD 915 554,86 633 052,70 0,24

1 829 753,00 DATANG INTL POWER GEN CORP -H- HKD 756 062,61 486 495,80 0,18


4 251 490,00 CHINA TEL CORP LTD -H- HKD 1 550 081,99 1 687 391,75 0,63


HONG KONG 80 752 408,82 30,2166 434 115,33


2 978 730,00 CHINA MOBILE LTD HKD 21 168 066,56 22 296 140,97 8,35

1 958 512,00 CHINA UNICOM HONG KONG LTD HKD 2 442 106,18 2 116 881,94 0,79

Energy 18 134 671,40 6,789 979 792,66

8 792 631,00 CNOOC LTD HKD 8 516 128,70 16 076 540,51 6,01

1 379 182,00 KUNLUN ENERGY CO LTD HKD 937 748,44 1 644 825,27 0,62

1 265 593,00 CHINA GAS HOLDINGS LTD HKD 525 915,52 413 305,62 0,15

Consumer retail 10 055 478,59 3,768 530 405,19

2 336 890,00 BELLE INTERNATIONAL HLDG HKD 1 791 298,23 3 030 127,30 1,13

713 581,00 CHINA RESOURCES ENTERPRISES HKD 1 639 106,34 2 199 737,20 0,82

7 007 231,00 GOME ELECTRICAL APPLIANCES HKD 1 878 096,13 1 917 089,19 0,72

2 310 991,00 GEELY AUTOMOBILE HLDG LT HKD 454 525,05 763 607,03 0,29

1 118 314,00 BRILLIANCE CHINA AUTOMOTIVE LTD HKD 766 960,37 630 227,24 0,24

1 057 738,00 HENGDELI HOLDINGS LTD HKD 520 540,75 465 663,13 0,17


1 116 113,00 BOSIDENG INTL HLDGS LTD HKD 434 513,62 341 910,81 0,13

1 609 400,00 CHINA TRAVEL INTL INV HK HKD 368 243,62 277 520,18 0,10





193


Industries 7 523 109,55 2,816 937 133,05

592 557,00 CHINA MERCHANTS HLDG INTL HKD 1 515 154,15 1 772 430,77 0,66

623 389,00 CITIC PACIFIC LTD HKD 1 573 934,07 1 234 094,75 0,46

238 644,00 BEIJING ENTERPRISES HLDG HKD 823 072,10 1 119 584,88 0,42

834 357,00 COSCO PACIFIC LTD HKD 1 039 084,88 1 115 626,76 0,42

3 439 208,00 GCL POLY ENERGY HOLDINGS LTD HKD 837 940,31 960 802,19 0,36



Finance 7 082 487,72 2,656 277 294,55

1 791 711,00 CHINA OVERSEAS LAND AND INVEST HKD 1 783 226,12 2 526 891,42 0,96

528 228,00 CHINA TAIPING INS HKD 1 180 852,05 1 267 063,29 0,47

586 821,00 CHINA EVERBRIGHT LTD HKD 929 932,75 1 023 202,91 0,38






78 119,00 HOPSON DEVELOPMENT HLDG HKD 83 230,88 65 471,68 0,02

Basic goods 6 008 453,77 2,254 851 210,57

412 182,00 HENGAN INTL GP CORP LTD HKD 1 659 110,23 2 682 204,70 1,00

691 046,00 CHINA MENGNIU DAIRY CO HKD 1 383 247,91 1 381 346,41 0,52

1 776 534,00 CHAODA MODERN AGRICULTURE HKD 1 163 521,39 1 037 107,30 0,39

1 063 596,00 CHINA AGRI-INDUSTRIES HLDG HKD 645 331,04 907 795,36 0,34

Raw materials 4 219 740,70 1,583 769 796,57

1 002 539,00 HUABAO INTERNATIONAL HLDG HKD 667 427,79 1 195 637,33 0,45


1 488 090,00 FUSHAN INTERNATIONAL ENERGY HKD 728 504,31 784 140,83 0,29



1 047 373,00 SINOFERT HLDG LTD HKD 471 200,72 415 696,28 0,16

Multi-Utilities 1 690 868,23 0,631 636 412,31

851 579,00 CHINA RESOURCES POWER HLDG HKD 1 199 487,81 1 158 343,01 0,43

1 325 643,00 GUANGDONG INVEST HKD 436 924,50 532 525,22 0,20

Computing and IT 1 624 575,95 0,61841 897,69

367 409,00 KINGBOARD CHEMICALS HLDG HKD 841 897,69 1 624 575,95 0,61

CAYMAN ISLANDS 179 027,15 0,07156 546,22

Industries 179 027,15 0,07156 546,22






194


Warrants 27 652,35 0,010,00

HONG KONG 27 652,35 0,010,00

Finance 27 652,35 0,010,00


Total Portfolio 260 758 844,46 97,55215 929 156,76





195


1 000 75,00 CBOE VIX FUT 18/01/11 19,30 USD (2 806,47) 1 086 102,38Purchase

659 717,85 16 631 244,28



Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


196


Assets

Investments in securities at market value 73 312 295,40Banks 130 326,63Unrealised profit on forward foreign exchange contracts (Note 8) 269 780,15Other interest receivable 80,81Receivable on subscriptions 394 583,27Other assets 31 262,63Total assets 74 138 328,89

Liabilities

Bank overdrafts (132 754,60)Unrealised loss on forward foreign exchange contracts (Note 8) (113 964,53)Other interest payable (277,68)Payable on redemptions (41 041,99)Other liabilities (126 715,80)Total liabilities (414 754,60)



Class I Units 46 117,311147,12EURClass IH Units 76 200,390146,48EURClass R Units 191 597,310146,29EURClass R2 Units 3 204,275196,34USDClass RH Units 137 733,710144,70EURClass Z Units 25 691,912153,28EURClass ZH Units 22 351,111152,49EUR



197



Net income from investments 1 316 409,53Interest on bank accounts 404,98Other income 32 296,40






(2 493 944,30)


(Note 8) 299 190,40






198



Shares 72 659 638,43 98,5559 442 129,56

UNITED STATES 29 348 159,49 39,8123 941 099,74

Energy 22 090 012,11 29,9618 262 074,12

106 570,00 EXXON MOBIL CORP USD 5 316 515,43 5 808 503,89 7,88


42 371,00 CHEVRON CORP USD 2 354 693,26 2 882 004,96 3,91

28 284,00 SCHLUMBERGER LTD USD 1 295 583,60 1 760 436,81 2,39

29 093,00 CONOCOPHILLIPS USD 1 243 953,65 1 476 824,05 2,00

17 413,00 OCCIDENTAL PETROLEUM CORP USD 897 871,67 1 273 314,67 1,73

7 864,00 APACHE CORP USD 515 604,54 698 911,50 0,95

10 661,00 ANADARKO PETROLEUM CORP USD 414 378,75 605 226,61 0,82

19 547,00 HALLIBURTON CO USD 429 068,84 594 911,86 0,81

8 852,00 DEVON ENERGY CORPORATION USD 438 808,08 518 035,50 0,70

8 976,00 NATIONAL OILWELL VARCO INC USD 274 783,16 449 954,16 0,61

14 498,00 MARATHON OIL CORP USD 363 560,45 400 179,60 0,54

8 576,00 BAKER HUGHES INC USD 346 600,75 365 465,26 0,50

5 363,00 EOG RESOURCES INC USD 303 551,42 365 421,96 0,50

6 198,00 HESS CORP USD 287 435,41 353 617,03 0,48

14 091,00 CHESAPEAKE ENERGY CORP USD 257 763,89 272 146,26 0,37

14 405,00 SPECTRA ENERGY CORP USD 242 978,19 268 332,12 0,36

5 418,00 PEABODY ENERGY CORP USD 139 041,41 258 390,40 0,35

3 647,00 NOBLE ENERGY INC USD 155 527,79 234 008,24 0,32

4 004,00 MURPHY OIL CORP USD 186 219,81 222 502,48 0,30

11 929,00 WILLIAMS COS INC USD 173 812,66 219 809,09 0,30

7 674,00 SOUTHWESTERN ENERGY CO USD 171 129,95 214 108,92 0,29

5 257,00 CAMERON INTERNATIONAL CORP USD 133 082,59 198 790,66 0,27

10 801,00 VALERO ENERGY CORP USD 331 576,38 186 142,24 0,25

2 707,00 FMC TECHNOLOGIES INC USD 90 242,91 179 403,95 0,24

4 903,00 CONSOL ENERGY INC USD 158 409,37 178 131,43 0,24

2 615,00 PIONEER NATURAL RESOURCES CO USD 80 409,40 169 232,83 0,23

2 887,00 NEWFIELD EXPLORATION CO USD 103 016,48 155 179,88 0,21

13 997,00 EL PASO CORP USD 121 461,81 143 564,32 0,19

3 563,00 ULTRA PETROLEUM CORP USD 124 913,77 126 871,54 0,17

2 800,00 ALPHA NATURAL RESOURCES INC USD 80 088,54 125 290,89 0,17

8 287,00 DENBURY RESOURCES INC USD 101 886,19 117 922,43 0,16

2 361,00 KINDER MORGAN MANAGEMENT LLC USD 82 701,37 117 702,42 0,16

3 451,00 RANGE RESOURCES CORP USD 88 484,70 115 706,44 0,16

1 752,00 CIMAREX ENERGY CO USD 50 066,85 115 615,94 0,16

1 705,00 CONCHO RESOURCES INC USD 108 470,61 111 421,38 0,15

3 600,00 QEP RESOURCES INC USD 87 956,19 97 436,55 0,13

2 810,00 EQUITABLE RESOURCES INC USD 74 661,82 93 921,51 0,13

3 684,00 PRIDE INTERNATIONAL INC USD 88 319,90 90 620,55 0,12

2 410,00 HELMERICH & PAYNE USD 71 360,83 87 090,90 0,12

3 272,00 ARCH COAL INC USD 81 455,15 85 510,28 0,12





199


6 100,00 PETROHAWK ENERGY CORP USD 122 567,65 82 982,37 0,11

1 525,00 DIAMOND OFFSHORE DRILLING USD 103 005,53 76 014,13 0,10

2 436,00 CABOT OIL & GAS CORP USD 64 598,12 68 728,41 0,09

2 745,00 PLAINS EXPLORATION & PRODUCT USD 50 675,90 65 762,96 0,09

1 959,00 SUNOCO INC USD 53 779,35 58 862,73 0,08

Raw materials 7 133 666,37 9,685 558 340,74

10 037,00 FREEPORT-MCMORAN COPPER USD 499 442,52 898 470,67 1,23

18 236,00 DU PONT (E.I.) DE NEMOURS USD 526 465,94 678 030,40 0,92

24 502,00 DOW CHEMICAL CO USD 556 230,84 623 531,20 0,85

11 903,00 MONSANTO CO USD 624 651,97 617 885,97 0,84

10 539,00 NEWMONT MINING CORP USD 351 536,47 482 584,15 0,65

6 116,00 PRAXAIR INC USD 308 705,87 435 238,73 0,59

4 563,00 AIR PRODUCTS & CHEMICALS INC USD 228 555,35 309 347,28 0,42

23 098,00 ALCOA INC USD 394 506,75 264 975,75 0,36

7 305,00 NUCOR CORP USD 214 517,35 238 608,40 0,32


9 237,00 INTERNATIONAL PAPER CO USD 117 893,29 187 556,10 0,25

3 269,00 MOSAIC CO/THE USD 129 608,85 186 068,98 0,25

4 729,00 ECOLAB INC USD 138 098,04 177 731,86 0,24

2 800,00 CLIFFS NATURAL RESOURCES INC USD 56 449,06 162 817,64 0,22

1 500,00 CF INDUSTRIES HLDG INC USD 108 442,51 151 112,52 0,20

3 255,00 UNITED STATES STEEL CORP USD 93 842,91 141 744,33 0,19

2 364,00 SIGMA-ALDRICH USD 65 501,87 117 288,09 0,16

2 279,00 BALL CORP USD 71 316,79 115 602,06 0,16

1 407,00 LUBRIZOL CORP USD 65 962,12 112 094,34 0,15

3 400,00 CELANESE CORP -A- USD 80 602,87 104 340,50 0,14

4 052,00 CROWN HLDG INC USD 67 327,13 100 820,51 0,14

2 886,00 VULCAN MATERIALS CO USD 130 149,12 95 429,14 0,13

1 400,00 EASTMAN CHEMICAL CO USD 50 924,13 87 743,28 0,12

1 468,00 FMC CORP USD 56 412,89 87 420,16 0,12

3 732,00 OWENS-ILLINOIS INC USD 82 821,79 85 403,00 0,12

1 236,00 MARTIN MARIETTA MATERIALS USD 85 563,69 84 982,77 0,12

4 367,00 SEALED AIR CORP USD 71 696,76 82 844,58 0,11

1 601,00 AIRGAS INC USD 47 838,07 74 539,50 0,10

1 797,00 ALLEGHENY TECHNOLOGIES INC USD 42 191,50 73 913,35 0,10

1 651,00 INTL FLAVORS & FRAGRANCES USD 60 877,92 68 412,72 0,09

2 969,00 MEADWESTVACO CORP USD 56 699,80 57 895,00 0,08

Consumer retail 124 481,01 0,17120 684,88

1 994,00 SHERWIN-WILLIAMS CO/THE USD 120 684,88 124 481,01 0,17

CANADA 9 315 873,04 12,646 557 908,15

Energy 4 809 069,36 6,533 670 620,72

33 884,00 SUNCOR ENERGY INC CAD 793 387,39 973 052,90 1,31

23 061,00 CANADIAN NATURAL RESOURCES CAD 520 703,76 767 258,33 1,04

15 600,00 TRANSCANADA CORP CAD 350 049,06 444 594,15 0,60

16 147,00 CENOVUS ENERGY INC CAD 312 501,90 403 129,90 0,55

15 947,00 ENCANA CORP CAD 338 404,61 348 010,68 0,47





200


20 667,00 TALISMAN ENERGY INC CAD 229 129,01 342 951,27 0,47

7 635,00 ENBRIDGE INC CAD 220 227,26 322 296,66 0,44

8 673,00 CAMECO CO CAD 150 361,96 262 206,98 0,36

11 441,00 NEXEN INC CAD 164 626,79 195 690,02 0,27

5 929,00 IMPERIAL OIL LTD CAD 142 903,08 180 494,24 0,24

5 278,00 CRESCENT POINT ENERGY CORP CAD 133 855,88 174 969,86 0,24

5 457,00 PACIFIC RUBIALES ENERGY CORP CAD 95 421,72 138 164,85 0,19

5 588,00 HUSKY ENERGY INC CAD 90 848,17 111 298,87 0,15

903,00 NIKO RESOURCES LTD CAD 55 943,73 69 896,13 0,09

2 192,00 PETROBANK ENERGY & RESOURCES CAD 72 256,40 41 521,38 0,06

1 348,00 PETROMINERALES LTD CAD 0,00 33 533,14 0,05

Raw materials 4 506 803,68 6,112 887 287,43

21 514,00 BARRICK GOLD CORP (CA0679011084 EN CAD) CAD 588 831,81 857 332,09 1,17

6 204,00 POTASH CORP OF SASKATCHEWAN CAD 441 982,22 718 835,56 0,98

16 882,00 GOLDCORP INC CAD 450 639,40 581 054,88 0,79

11 968,00 TECK RESOURCES LTD -B- CAD 233 828,00 554 765,73 0,75

24 451,00 KINROSS GOLD CORP CAD 280 503,83 346 863,02 0,47

3 068,00 AGRIUM INC CAD 101 391,57 210 594,15 0,29

7 100,00 SILVER WHEATON CORP CAD 66 391,27 207 620,41 0,28

3 607,00 AGNICO-EAGLE MINES LTD CAD 139 397,82 207 273,97 0,28

10 751,00 ELDORADO GOLD CORP CAD 79 109,75 149 207,43 0,20

15 495,00 YAMANA GOLD INC CAD 140 161,42 148 440,47 0,20

1 681,00 FIRST QUANTUM MINERALS LTD CAD 59 250,83 136 195,05 0,18

5 320,00 IVANHOE MINES LTD CAD 49 623,64 91 792,95 0,12

6 114,00 IAMGOLD CORP CAD 45 998,69 81 412,98 0,11

7 094,00 OSISKO MINING CORP CAD 83 844,19 77 272,98 0,10

2 399,00 PAN AMERICAN SILVER CORP USD 65 452,23 73 692,96 0,10

2 583,00 FRANCO-NEVADA CORP CAD 60 880,76 64 449,05 0,09

GREAT-BRITAIN 8 706 169,31 11,817 465 510,00

Raw materials 4 807 925,84 6,523 466 517,40

30 816,00 RIO TINTO PLC GBP 1 103 123,02 1 613 537,77 2,18

47 488,00 BHP BILLITON PLC GBP 933 151,19 1 413 805,08 1,92

28 419,00 ANGLO AMERICAN PLC GBP 796 467,55 1 106 279,69 1,50

8 905,00 ANTOFAGASTA PLC GBP 103 952,84 167 530,61 0,23

4 654,00 JOHNSON MATTHEY PLC GBP 73 033,17 110 694,43 0,15

4 904,00 KAZAKHMYS PLC GBP 88 923,34 92 373,88 0,13

20 166,00 REXAM PLC GBP 75 531,10 78 301,08 0,11

2 610,00 VEDANTA RESOURCES PLC GBP 84 711,87 76 668,85 0,10

3 252,00 LONMIN PLC GBP 124 103,84 74 615,53 0,10

6 060,00 EURASIAN NATURAL RESOURCES GBP 83 519,48 74 118,92 0,10

Energy 3 898 243,47 5,293 998 992,60

406 529,00 BP PLC GBP 2 665 146,87 2 208 783,05 3,00

72 416,00 BG GP PLC GBP 902 535,99 1 095 304,15 1,49

19 266,00 TULLOW OIL PLC GBP 216 787,35 283 531,84 0,38


5 332,00 PETROFAC LTD GBP 46 628,56 98 755,72 0,13





201


6 385,00 AMEC PLC GBP 65 297,39 85 694,70 0,12

AUSTRALIA 5 557 443,00 7,543 925 197,20

Raw materials 4 592 676,60 6,233 194 682,68

73 086,00 BHP BILLITON LTD AUD 1 729 108,24 2 526 946,70 3,42

8 999,00 RIO TINTO LTD AUD 365 949,70 587 694,01 0,80

15 869,00 NEWCREST MINING LTD AUD 347 105,10 490 347,55 0,67

8 553,00 ORICA LTD AUD 87 050,46 162 727,56 0,22

29 114,00 FORTESCUE METALS GP LTD AUD 73 349,77 145 486,58 0,20

25 908,00 AMCOR LTD AUD 87 734,23 133 622,92 0,18

37 944,00 INCITEC PIVOT LTD AUD 142 010,46 114 810,50 0,16

57 626,00 ALUMINA LTD AUD 81 169,86 109 197,69 0,15

81 209,00 OZ MINERALS LTD AUD 80 179,73 106 727,40 0,14

40 851,00 ONESTEEL LTD AUD 84 236,97 80 843,62 0,11

42 142,00 BLUESCOPE STEEL LTD AUD 68 919,65 72 450,43 0,10

3 751,00 SIMS METAL MANAGEMENT LTD AUD 47 868,51 61 821,64 0,08

Energy 964 766,40 1,31730 514,52

13 238,00 WOODSIDE PETROLEUM LTD AUD 343 021,42 430 494,20 0,59

19 908,00 ORIGIN ENERGY LTD AUD 150 614,10 253 422,95 0,34

18 201,00 SANTOS LTD AUD 140 912,91 182 879,20 0,25

4 795,00 WORLEYPARSONS LTD AUD 95 966,09 97 970,05 0,13

NETHERLANDS 3 842 035,37 5,213 359 011,05

Energy 3 463 169,74 4,703 061 147,38

75 382,00 ROYAL DUTCH SHELL PLC -A- GBP 1 680 560,32 1 881 360,88 2,56

57 422,00 ROYAL DUTCH SHELL PLC -B- GBP 1 270 888,34 1 417 372,12 1,92

1 579,00 FUGRO NV -CVA- EUR 51 979,58 97 108,50 0,13


Raw materials 378 865,63 0,51297 863,67

4 925,00 AKZO NOBEL NV EUR 196 370,92 228 938,63 0,31


JAPAN 3 405 779,47 4,623 273 993,58

Raw materials 2 832 181,91 3,842 770 948,92

8 749,00 SHIN-ETSU CHEMICAL CORP LTD JPY 334 218,98 353 799,04 0,49

115 960,00 NIPPON STEEL CORP JPY 324 556,94 311 197,87 0,43

10 746,00 JFE HLDG INC JPY 287 579,45 279 300,56 0,38

36 500,00 MITSUBISHI CHEMICAL HLDG JPY 149 316,48 184 837,47 0,25

34 600,00 ASAHI KASEI CORP JPY 147 007,88 168 537,88 0,23

12 000,00 SUMITOMO METAL MINING CORP LTD JPY 117 786,16 156 498,15 0,21

41 600,00 SUMITOMO CHEMICAL CORP LTD JPY 185 784,40 152 932,18 0,21

80 869,00 SUMITOMO METAL INDUSTRIES JPY 197 193,39 148 647,51 0,20

4 200,00 NITTO DENKO CORP JPY 143 283,62 147 647,56 0,20

72 000,00 KOBE STEEL LTD JPY 90 287,66 136 315,51 0,18

29 600,00 TORAY INDUSTRIES INC JPY 139 312,14 131 940,77 0,18





202


31 470,00 OJI PAPER CORP LTD JPY 110 442,00 113 667,12 0,15

9 200,00 KURARAY CORP LTD JPY 78 048,07 98 420,68 0,13

29 800,00 TEIJIN LTD JPY 124 667,38 95 036,69 0,13

38 000,00 MITSUBISHI MATERIALS CORP JPY 86 181,30 90 454,24 0,12

5 900,00 TOYO SEIKAN KAISHA LTD JPY 79 014,30 83 777,24 0,11

4 800,00 JSR CORP JPY 67 920,09 66 834,30 0,09

9 000,00 TAIYO NIPPON SANSO CORP JPY 61 419,40 59 307,17 0,08

10 000,00 MITSUBISHI GAS CHEMICAL CO JPY 46 929,28 53 029,97 0,07

Energy 573 597,56 0,78503 044,66

47 786,00 JX HOLDINGS INC JPY 208 649,58 241 990,23 0,33

46,00 INPEX CORP JPY 190 086,62 201 026,78 0,27

16 000,00 TONENGENERAL SEKIYU KK JPY 104 308,46 130 580,55 0,18

FRANCE 2 720 237,74 3,692 791 216,83

Energy 1 980 189,38 2,692 078 301,26

44 331,00 TOTAL SA EUR 1 930 528,35 1 757 724,15 2,39

2 144,00 TECHNIP SA EUR 92 029,90 148 150,40 0,20


Raw materials 740 048,36 1,00712 915,57

5 839,00 AIR LIQUIDE SA EUR 435 748,63 552 602,96 0,75

3 995,00 LAFARGE SA EUR 277 166,94 187 445,40 0,25

SWITZERLAND 2 456 016,04 3,332 012 994,86

Raw materials 1 705 647,29 2,311 261 430,81

42 188,00 XSTRATA PLC GBP 524 426,45 741 250,32 1,00

2 035,00 SYNGENTA AG (REGD) CHF 330 416,77 445 097,76 0,60

5 198,00 HOLCIM LTD (REGD) CHF 249 944,68 293 685,23 0,40

180,00 GIVAUDAN (REGD) CHF 96 626,70 145 243,71 0,20

49,00 SIKA AG CHF 60 016,21 80 370,27 0,11

Energy 750 368,75 1,02751 564,05

6 715,00 TRANSOCEAN LTD USD 378 489,86 347 925,65 0,48

15 393,00 WEATHERFORD INTL LTD USD 234 068,48 261 608,14 0,35

5 282,00 NOBLE CORP USD 139 005,71 140 834,96 0,19

GERMANY 2 214 912,69 3,001 544 376,21

Raw materials 2 214 912,69 3,001 544 376,21

19 266,00 BASF SE EUR 765 377,73 1 150 180,20 1,55

3 451,00 LINDE AG EUR 259 017,55 391 861,05 0,53

7 631,00 THYSSENKRUPP AG EUR 154 880,59 236 446,54 0,32

3 340,00 K+S AG EUR 126 567,82 188 242,40 0,26


1 702,00 LANXESS AG EUR 92 422,96 100 588,20 0,14





203


ITALY 1 125 736,18 1,531 168 321,62

Energy 1 125 736,18 1,531 168 321,62

55 385,00 ENI SPA EUR 1 020 057,75 904 990,90 1,23

5 992,00 SAIPEM SPA EUR 148 263,87 220 745,28 0,30

NORWAY 722 419,12 0,98603 257,62

Energy 430 281,66 0,58343 939,29

24 208,00 STATOIL ASA NOK 343 939,29 430 281,66 0,58

Raw materials 292 137,46 0,40259 318,33

4 110,00 YARA INTL ASA NOK 52 756,66 177 887,85 0,25

20 908,00 NORSK HYDRO ASA NOK 206 561,67 114 249,61 0,15

LUXEMBOURG 721 243,03 0,98635 704,79

Raw materials 527 044,98 0,72527 458,33

18 571,00 ARCELOR MITTAL EUR 527 458,33 527 044,98 0,72

Energy 194 198,05 0,26108 246,46

10 583,00 TENARIS SA EUR 108 246,46 194 198,05 0,26

SPAIN 334 996,95 0,45322 613,75

Energy 334 996,95 0,45322 613,75

16 067,00 REPSOL YPF SA EUR 322 613,75 334 996,95 0,45

FINLAND 331 539,88 0,45352 165,99

Raw materials 331 539,88 0,45352 165,99




BERMUDA 280 303,08 0,38244 259,78

Energy 280 303,08 0,38244 259,78

6 352,00 SEADRILL LTD NOK 102 645,08 160 637,93 0,22

6 843,00 NABORS INDUSTRIES LTD USD 141 614,70 119 665,15 0,16

SWEDEN 252 048,05 0,34195 431,98

Raw materials 252 048,05 0,34195 431,98


6 052,00 BOLIDEN AB SEK 56 386,52 91 729,50 0,12

IRELAND 229 090,00 0,31266 225,38

Raw materials 229 090,00 0,31266 225,38

14 780,00 CRH PLC EUR 266 225,38 229 090,00 0,31





204


AUSTRIA 214 564,30 0,29160 399,15

Raw materials 108 233,40 0,1561 332,11


Energy 106 330,90 0,1499 067,04

3 419,00 OMV AG EUR 99 067,04 106 330,90 0,14

BELGIUM 212 733,85 0,29177 585,46

Raw materials 212 733,85 0,29177 585,46

2 755,00 UMICORE EUR 69 665,22 107 224,60 0,15

1 323,00 SOLVAY SA EUR 107 920,24 105 509,25 0,14

ISRAEL 125 011,92 0,1787 437,39

Raw materials 125 011,92 0,1787 437,39

9 764,00 ISRAEL CHEMICALS LTD ILS 87 437,39 125 011,92 0,17

JERSEY 115 799,44 0,1692 008,15

Raw materials 115 799,44 0,1692 008,15

1 881,00 RANDGOLD RESOURCES LTD GBP 92 008,15 115 799,44 0,16

DENMARK 108 749,35 0,1524 103,00

Raw materials 108 749,35 0,1524 103,00

1 043,00 NOVOZYMES A/S -B- DKK 24 103,00 108 749,35 0,15

MEXICO 90 889,79 0,1267 686,42

Raw materials 90 889,79 0,1267 686,42

4 669,00 FRESNILLO PLC GBP 67 686,42 90 889,79 0,12

HONG KONG 82 117,78 0,1162 696,52

Raw materials 82 117,78 0,1162 696,52

4 700,00 SINO-FOREST CORPORATION CAD 62 696,52 82 117,78 0,11

PORTUGAL 76 417,86 0,1065 012,48

Energy 76 417,86 0,1065 012,48


NEW ZEALAND 69 351,70 0,0945 912,46

Raw materials 69 351,70 0,0945 912,46

15 548,00 FLETCHER BUILDING LTD NZD 45 912,46 69 351,70 0,09





205


Other shares 647 309,03 0,88679 961,75

CANADA 647 309,03 0,88679 961,75

Energy 647 309,03 0,88679 961,75

9 806,00 PENN WEST ENERGY TRUST CAD 213 061,61 175 375,12 0,24

4 579,00 CANADIAN OIL SANDS TRUST CAD 115 078,91 90 858,63 0,12

2 529,00 VERMILION ENERGY TRUST CAD 68 036,45 87 689,71 0,12

3 746,00 ENERPLUS RESOURCES FD CAD 91 443,73 86 188,91 0,12

2 445,00 BAYTEX ENERGY TRUST - UNITS CAD 78 694,97 85 492,46 0,12

6 966,00 PENGROWTH ENERGY TRUST CAD 69 243,85 66 785,81 0,09

2 881,00 ARC ENERGY TRUST-UNITS CAD 44 402,23 54 918,39 0,07

Rights 5 347,94 0,010,00

CANADA 5 347,94 0,010,00

Raw materials 5 347,94 0,010,00

5 320,00 IVANHOE MINES LTD RTS 26/01/2011 CAD 0,00 5 347,94 0,01

Total Portfolio 73 312 295,40 99,4460 122 091,31





206


20/01/11 45 543,40 114,64GBP53 262,10 EUR

155 815,62

20/01/11 83 166,51 (92,34)AUD63 298,21 EUR

20/01/11 91 098,21 1 393,54USD69 302,56 EUR

20/01/11 130 842,59 1 996,83USD99 533,24 EUR

20/01/11 11 243,60 (296,21)NZD6 240,69 EUR

20/01/11 171 977,70 12,61DKK23 083,66 EUR

20/01/11 345 433,90 455,09HKD33 583,07 EUR

20/01/11 1 127 864,29 (601,93)SEK124 374,45 EUR

20/01/11 3 064 674,70 (5 147,41)NOK387 444,69 EUR

20/01/11 549 623,50 (10 599,73)CHF429 010,57 EUR

20/01/11 176 274 727,00 (34 175,83)JPY1 586 180,65 EUR

20/01/11 3 354 387,13 (61 343,96)AUD2 495 411,57 EUR

20/01/11 6 047 103,68 8 099,12CAD4 542 880,87 EUR

20/01/11 5 083 887,81 60 424,50GBP5 993 133,69 EUR

20/01/11 18 591 182,00 193 936,69USD14 052 704,95 EUR

20/01/11 102 570,02 (1 707,12)EUR135 281,34 USD

20/01/11 107 265,05 146,13CAD80 585,23 EUR

20/01/11 78 219,50 658,63GBP91 937,90 EUR

20/01/11 141 212,70 2 542,37USD107 809,16 EUR





207


Assets

Investments in securities at market value 39 977 856,73Banks 78 218,94Unrealised profit on forward foreign exchange contracts (Note 8) 104 315,88Other interest receivable 45,14Receivable on investments sold 31 092,37Receivable on subscriptions 157 083,16Other assets 31 951,69Total assets 40 380 563,91

Liabilities







208



Net income from investments 541 781,27Interest on bank accounts 128,17Other income 1 247,50

Total income 543 156,94

Management fee (Note 5) (295 430,15)Custodian fee (Note 7) (30 723,06)Subscription tax (Note 3) (4 486,79)Interest on bank accounts (1 194,37)Other charges and taxes (Notes 4, 7) (30 339,77)

Total expenses (362 174,14)



128 080,14


(Note 8) 4 583,60






209



Shares 39 977 856,73 99,6433 912 647,36

UNITED STATES 18 357 506,02 45,7615 503 072,48

Industries 17 838 355,42 44,4715 084 778,69

210 599,00 GENERAL ELEC CO USD 2 662 068,29 2 871 198,02 7,17


17 169,00 UNITED TECHNOLOGIES CORP USD 842 935,09 1 007 449,35 2,51

12 202,00 CATERPILLAR INC USD 576 261,82 851 879,78 2,12

13 118,00 3M CO USD 751 197,29 843 862,25 2,10

14 310,00 UNITED PARCEL SERVICE -B- USD 665 041,07 774 193,88 1,93

9 605,00 UNION PACIFIC CORP USD 501 765,91 663 411,20 1,65

13 583,00 BOEING CO USD 628 033,76 660 748,07 1,65

14 437,00 EMERSON ELECTRIC CO USD 496 936,71 615 231,11 1,53

14 089,00 HONEYWELL INTERNATIONAL INC USD 443 963,36 558 287,98 1,39

8 103,00 DEERE & CO USD 359 635,20 501 624,35 1,25

5 993,00 FEDEX CORP USD 360 830,20 415 496,20 1,04

11 029,00 DANAHER CORP USD 310 603,66 387 788,70 0,97

7 337,00 CSX CORP USD 267 878,39 353 355,13 0,88

8 841,00 ILLINOIS TOOL WORKS USD 293 923,03 351 913,38 0,88

6 542,00 GENERAL DYNAMICS CORP USD 320 248,73 346 032,81 0,86

7 230,00 NORFOLK SOUTHERN CORP USD 285 596,88 338 555,10 0,84

3 769,00 CUMMINS INC USD 186 956,82 309 066,15 0,77

5 810,00 LOCKHEED MARTIN CORP USD 340 249,53 302 767,02 0,75

2 840,00 PRECISION CASTPARTS CORP USD 238 890,70 294 701,20 0,73

6 562,00 PACCAR INC USD 212 922,93 280 861,72 0,70

5 761,00 NORTHROP GRUMMAN CORP USD 252 939,23 278 183,88 0,69

3 301,00 EATON CORP USD 175 267,66 249 774,15 0,62

7 172,00 RAYTHEON CO USD 262 382,68 247 736,19 0,62

8 920,00 WASTE MANAGEMENT INC USD 216 455,47 245 149,57 0,61

3 548,00 C.H. ROBINSON WORLDWIDE INC USD 156 659,74 212 078,66 0,53

3 162,00 PARKER HANNIFIN CORP USD 149 737,13 203 406,95 0,51

4 672,00 EXPEDITORS INTL WASH INC USD 143 863,00 190 146,62 0,47

2 679,00 GOODRICH CORP USD 131 020,02 175 870,84 0,44

7 680,00 REPUBLIC SERVICES INC USD 156 499,94 170 940,18 0,43

3 355,00 FLUOR CORP (NEW) USD 122 076,25 165 705,56 0,41

3 615,00 DOVER CORP USD 123 738,32 157 501,96 0,39

3 751,00 ITT CORP USD 140 688,62 145 700,58 0,36

2 672,00 ROCKWELL AUTOMATION INC USD 102 351,76 142 826,67 0,36

1 262,00 WW GRAINGER INC USD 95 768,52 129 920,48 0,32

2 921,00 ROCKWELL COLLINS INC USD 118 153,28 126 851,37 0,32

1 885,00 JOY GLOBAL INC USD 69 457,33 121 891,66 0,30

2 283,00 L-3 COMMUNICATIONS HLDG USD 136 676,67 119 957,27 0,30

1 734,00 STERICYCLE INC USD 78 875,97 104 591,91 0,26

2 319,00 FASTENAL CO USD 76 308,92 103 560,28 0,26

1 710,00 ROPER INDUSTRIES INC USD 71 636,55 97 421,12 0,24





210


3 195,00 AMETEK INC USD 59 454,36 93 476,76 0,23

1 400,00 BUCYRUS INTERNATIONAL INC USD 63 683,91 93 295,07 0,23

1 041,00 FLOWSERVE CORP USD 73 708,82 92 510,92 0,23

5 126,00 TEXTRON INC USD 105 972,60 90 327,34 0,23

2 567,00 JACOBS ENGINEERING GP INC USD 82 064,14 87 732,06 0,22

2 143,00 PALL CORP USD 57 454,37 79 199,39 0,20

4 206,00 PITNEY BOWES INC USD 80 272,31 75 808,64 0,19

1 619,00 MANPOWER INC USD 63 412,43 75 739,58 0,19

7 134,00 MASCO CORP USD 62 741,23 67 322,46 0,17

2 522,00 EQUIFAX INC USD 61 217,82 66 924,97 0,17

5 037,00 RR DONNELLEY & SONS CO USD 88 379,98 65 593,08 0,16

2 083,00 HUNT (JB) TRANSPRT SVCS INC USD 49 933,91 63 364,94 0,16

2 781,00 KBR INC USD 44 031,86 63 163,56 0,16

2 761,00 ROBERT HALF INTL INC USD 59 200,70 62 976,86 0,16

4 223,00 QUANTA SERVICES INC USD 59 985,02 62 705,20 0,16


2 951,00 CINTAS CORP USD 67 102,42 61 503,45 0,15

2 227,00 PENTAIR INC USD 50 359,79 60 607,33 0,15

2 314,00 FOSTER WHEELER AG USD 59 629,64 59 542,53 0,15

3 165,00 IRON MOUNTAIN INC USD 58 309,43 59 003,88 0,15

935,00 DUN & BRADSTREET CORP USD 52 576,46 57 213,04 0,14

1 500,00 AGCO CORP USD 40 576,79 56 643,43 0,14

1 800,00 URS CORP USD 61 492,10 55 829,45 0,14

2 167,00 VERISK ANALYTICS INC -A- USD 50 600,87 55 049,28 0,14

990,00 SPX CORP USD 42 363,22 52 756,21 0,13

Consumer retail 465 219,70 1,16372 022,75

10 146,00 TYCO INTERNATIONAL LTD USD 266 798,45 313 406,31 0,78

3 494,00 COOPER INDUSTRIES LTD -A- USD 105 224,30 151 813,39 0,38

Energy 53 930,90 0,1346 271,04

900,00 IHS INC -A- USD 46 271,04 53 930,90 0,13

JAPAN 7 107 371,22 17,716 198 383,12

Industries 6 872 633,19 17,135 992 122,46

26 204,00 MITSUBISHI CORP JPY 449 229,34 529 347,46 1,33

3 900,00 FANUC LTD JPY 298 612,11 446 968,19 1,12

19 400,00 KOMATSU LTD JPY 288 995,04 438 079,01 1,09

34 626,00 MITSUI & CO LTD JPY 389 690,54 426 753,08 1,06

6 647,00 EAST JAPAN RAILWAY CO JPY 321 879,48 322 556,03 0,80

40 226,00 MITSUBISHI ELECTRIC CORP JPY 248 323,54 314 986,54 0,79

32 834,00 ITOCHU CORP JPY 200 689,50 248 051,11 0,62

20 900,00 SUMITOMO CORP JPY 182 874,41 220 704,85 0,55

29,00 CENTRAL JAPAN RAILWAY CO JPY 168 802,59 181 239,34 0,45

63 766,00 MITSUBISHI HEAVY INDUSTRIES JPY 180 235,94 178 745,28 0,45

33 317,00 MARUBENI CORP JPY 136 060,11 174 842,72 0,44

20 000,00 ASAHI GLASS CORP LTD JPY 145 658,38 174 438,27 0,43

1 300,00 SMC CORP JPY 133 158,41 166 194,27 0,41

15 400,00 SUMITOMO ELECTRIC INDUSTRIES JPY 139 060,53 159 652,37 0,40





211


21 563,00 KUBOTA CORP JPY 122 130,67 152 398,64 0,38

4 216,00 SECOM CORP LTD JPY 138 533,13 148 984,99 0,37

26 650,00 MITSUI OSK LINES LTD JPY 144 134,33 135 691,47 0,34

4 900,00 DAIKIN INDUSTRIES LTD JPY 128 470,46 129 698,25 0,32

33 745,00 NIPPON YUSEN JPY 106 461,16 111 649,68 0,28

10 550,00 DAI NIPPON PRINTING CO LTD JPY 105 123,95 107 239,10 0,27

38,00 WEST JAPAN RAILWAY CO JPY 103 758,58 105 995,60 0,26

5 400,00 JS GP CORP JPY 69 435,40 88 687,80 0,22

12 000,00 ODAKYU ELECTRIC RAILWAY CO JPY 67 968,04 83 377,45 0,21

24 000,00 HANKYU HANSHIN HLDG INC JPY 84 624,44 83 156,87 0,21

33 000,00 KAWASAKI HEAVY INDUSTRIES JPY 64 373,03 82 798,44 0,21

12 000,00 TOPPAN PRINTING CORP LTD JPY 82 709,35 81 833,42 0,20

35 000,00 KINTETSU CORP JPY 87 319,32 81 704,75 0,20

23 000,00 TOKYU CORP JPY 77 839,94 78 635,08 0,20

18 438,00 TOBU RAILWAY CORP LTD JPY 72 895,86 77 272,37 0,19

7 138,00 YAMATO HLDG CORP LTD JPY 75 040,53 75 836,79 0,19

10 800,00 KEIHIN ELEC EXPRESS RAILWAY JPY 64 511,88 71 168,61 0,18

10 000,00 NSK LTD JPY 53 264,75 67 459,27 0,17

20 544,00 KAWASAKI KISEN KAISHA LTD JPY 65 274,64 67 406,03 0,17

12 950,00 KEIO CORP JPY 59 210,97 65 936,38 0,16

5 239,00 NGK INSULATORS LTD JPY 69 483,57 63 798,41 0,16

18 000,00 OBAYASHI CORP JPY 58 130,90 61 871,36 0,15

2 600,00 KURITA WATER INDUSTRIES LTD JPY 52 568,03 61 125,08 0,15

12 620,00 SUMITOMO HEAVY INDUSTRIES JPY 56 544,76 60 544,60 0,15

7 750,00 JAPAN STEEL WORKS LTD JPY 67 868,61 60 400,86 0,15

17 919,00 NIPPON EXPRESS CORP LTD JPY 58 063,84 60 275,44 0,15

3 700,00 JGC CORP JPY 46 955,31 60 087,46 0,15

3 425,00 THK CORP LTD JPY 53 322,78 58 769,29 0,15

17 000,00 FURUKAWA ELECTRIC CORP LTD JPY 55 804,91 57 027,90 0,14

33 550,00 IHI CORP JPY 49 625,97 55 810,60 0,14

26 000,00 NIPPON SHEET GLASS CORP LTD JPY 47 288,30 52 331,48 0,13

26 000,00 KAJIMA CORP JPY 51 523,08 51 614,61 0,13

18 000,00 ALL NIPPON AIRWAYS CORP LTD JPY 44 326,63 50 125,73 0,12

12 500,00 NTN CORP JPY 45 084,11 49 514,55 0,12

3 724,00 TOYOTA TSUSHO CORP JPY 45 089,16 48 943,08 0,12

29 600,00 SOJITZ CORP JPY 44 997,19 48 423,62 0,12

14 642,00 SHIMIZU CORP JPY 45 016,69 46 695,54 0,12

5 200,00 JTEKT CORP JPY 44 078,27 45 784,07 0,11

Computing and IT 158 455,75 0,39147 142,29

2 100,00 NIDEC CORP JPY 147 142,29 158 455,75 0,39

Consumer retail 76 282,28 0,1959 118,37

2 500,00 MAKITA CORP JPY 59 118,37 76 282,28 0,19

FRANCE 2 130 058,13 5,311 937 763,82

Industries 2 130 058,13 5,311 937 763,82

4 726,00 SCHNEIDER ELECTRIC SA EUR 400 474,47 529 312,00 1,32

8 658,00 VINCI SA EUR 338 555,91 352 207,44 0,88





212



2 143,00 VALLOUREC EUR 146 896,86 168 439,80 0,42

4 551,00 BOUYGUES EUR 165 023,01 146 792,51 0,37

3 975,00 ALSTOM EUR 182 025,11 142 344,75 0,35

3 200,00 LEGRAND SA EUR 75 976,48 97 520,00 0,24

3 443,00 SAFRAN SA EUR 61 589,33 91 239,50 0,23


2 439,00 THALES SA EUR 73 938,03 63 865,22 0,16

1 041,00 BUREAU VERITAS SA EUR 44 893,11 59 045,52 0,15

2 846,00 EDENRED EUR 39 695,32 50 416,89 0,13


GERMANY 2 111 117,77 5,261 691 153,57

Industries 2 111 117,77 5,261 691 153,57


17 765,00 DEUTSCHE POST AG (REGD) EUR 227 671,77 225 615,50 0,56

2 055,00 MAN SE EUR 133 171,21 182 874,45 0,46


3 265,00 GEA GP AG EUR 59 501,55 70 621,95 0,18

973,00 HOCHTIEF AG EUR 53 120,76 61 824,42 0,15

SWEDEN 1 809 964,26 4,511 228 929,43

Industries 1 809 964,26 4,511 228 929,43

26 781,00 VOLVO AB -B- SEK 242 590,62 351 873,66 0,87

20 317,00 SANDVIK AB SEK 197 402,64 295 327,50 0,74

13 575,00 ATLAS COPCO AB -A- SEK 161 673,39 255 424,94 0,64

7 802,00 SKF AB -B- SEK 103 179,59 165 746,00 0,41

6 080,00 ASSA ABLOY AB -B- SEK 90 922,45 127 748,09 0,32

7 350,00 ATLAS COPCO AB -B- SEK 74 624,79 123 953,32 0,31

7 678,00 ALFA LAVAL AB SEK 81 981,57 120 631,18 0,30

7 740,00 SKANSKA AB -B- SEK 92 536,58 114 396,50 0,29

6 171,00 SCANIA AB -B- SEK 59 585,24 105 849,17 0,26

4 766,00 HEXAGON AB -B- SEK 67 025,68 76 201,04 0,19


1 311,00 HEXAGON AB-NEW SEK 10 788,20 21 004,49 0,05

GREAT-BRITAIN 1 587 565,74 3,961 549 158,61

Industries 1 448 523,22 3,611 387 130,32

37 353,00 ROLLS-ROYCE GP PLC GBP 228 863,65 271 586,85 0,67

66 673,00 BAE SYSTEMS PLC GBP 282 336,06 256 778,78 0,64

8 804,00 SMITHS GP PLC GBP 117 681,53 127 921,81 0,32

12 702,00 CAPITA GP PLC GBP 106 608,87 103 249,61 0,26

5 209,00 AGGREKO PLC GBP 78 489,33 90 094,39 0,22

29 630,00 G4S PLC GBP 84 208,64 88 041,06 0,22

4 235,00 WEIR GP PLC /THE GBP 88 651,38 87 976,89 0,22

11 176,00 SERCO GP PLC GBP 65 164,03 72 454,55 0,18

3 258,00 INTERTEK GP PLC GBP 67 451,76 67 490,81 0,17





213


15 971,00 INVENSYS PLC GBP 53 001,02 66 020,05 0,16

17 041,00 BALFOUR BEATTY PLC GBP 56 373,54 62 229,43 0,16

25 236,00 COBHAM PLC GBP 62 262,66 59 934,95 0,15

10 735,00 FIRSTGP PLC GBP 56 459,22 49 900,81 0,12

5 090,00 BUNZL PLC GBP 39 578,63 42 711,21 0,11

1 826 816,00 ROLLS-ROYCE GROUP-C SHRS GBP 0,00 2 132,02 0,01

Consumer retail 139 042,52 0,35162 028,29

5 823,00 WOLSELEY PLC GBP 162 028,29 139 042,52 0,35

SWITZERLAND 1 381 609,13 3,441 105 339,85

Industries 1 221 283,40 3,04992 888,73

42 112,00 ABB LTD (REGD) CHF 614 340,86 701 501,83 1,74

114,00 SGS SA (REGD) CHF 110 141,06 143 041,31 0,35

803,00 GEBERIT AG (REGD) CHF 91 554,03 138 836,90 0,35

2 501,00 ADECCO SA (REGD) CHF 102 436,16 122 504,90 0,31

1 110,00 KUEHNE & NAGEL INTL AG (REGD) CHF 74 416,62 115 398,46 0,29

Consumer retail 160 325,73 0,40112 451,12

1 154,00 SCHINDLER HLDG -PART CERT- CHF 71 334,52 102 069,18 0,25

651,00 SCHINDLER HLDG AG -REG- CHF 41 116,60 58 256,55 0,15

CANADA 1 019 416,43 2,54813 707,14

Industries 1 019 416,43 2,54813 707,14

9 434,00 CANADIAN NATL RAILWAY CO CAD 388 013,58 469 576,82 1,17

3 579,00 CANADIAN PACIFIC RAILWAY LTD CAD 142 062,54 173 499,61 0,43

2 999,00 SNC-LAVALIN GP INC CAD 88 590,82 134 471,29 0,34

29 245,00 BOMBARDIER INC -B- CAD 94 352,80 109 915,57 0,27

4 216,00 FINNING INTERNATIONAL INC CAD 61 130,80 85 680,00 0,21

5 359,00 CAE INC CAD 39 556,60 46 273,14 0,12

NETHERLANDS 946 558,80 2,36876 719,68

Industries 946 558,80 2,36876 719,68

19 162,00 PHILIPS ELECTRONICS NV EUR 414 146,93 439 193,04 1,10

7 963,00 TNT NV EUR 160 249,11 157 269,25 0,39



1 797,00 VOPAK EUR 54 837,88 63 523,95 0,16


AUSTRALIA 687 780,93 1,71631 071,58

Industries 687 780,93 1,71631 071,58

28 246,00 BRAMBLES LTD AUD 129 534,45 153 666,87 0,37

55 399,00 QR NATIONAL LTD AUD 113 938,69 116 406,69 0,29

25 616,00 TRANSURBAN GP AUD 88 554,12 100 213,12 0,25

3 081,00 LEIGHTON HLDG LTD AUD 73 896,86 72 460,88 0,18





214


58 727,00 ASCIANO GP AUD 64 372,17 71 571,78 0,18

16 224,00 TOLL HLDG LTD AUD 68 032,98 71 032,30 0,18

27 951,00 QANTAS AIRWAYS LTD AUD 47 819,12 54 246,83 0,14

37 535,00 CSR LTD AUD 44 923,19 48 182,46 0,12

SINGAPORE 558 530,66 1,39431 139,25

Industries 558 530,66 1,39431 139,25

26 000,00 KEPPEL CORP LTD SGD 126 908,54 171 255,67 0,42

13 406,00 SINGAPORE AIRLINES LTD SGD 105 845,38 119 348,19 0,30

19 978,00 FRASER AND NEAVE LTD SGD 44 737,52 74 513,55 0,19

24 000,00 SEMBCORP INDUSTRIES LTD SGD 58 542,59 71 779,36 0,18

36 000,00 SINGAPORE TECH ENGINEERING SGD 59 715,40 71 639,71 0,18

16 000,00 SEMBCORP MARINE LTD SGD 35 389,82 49 994,18 0,12

HONG KONG 536 573,26 1,34426 801,57

Industries 536 573,26 1,34426 801,57

41 951,00 HUTCHISON WHAMPOA LTD HKD 252 616,18 321 810,38 0,81

31 000,00 MTR CORP HKD 78 178,18 84 123,22 0,21

61 872,00 NOBLE GP LTD SGD 57 499,48 78 123,03 0,19

25 533,00 CATHAY PACIFIC AIRWAYS HKD 38 507,73 52 516,63 0,13

DENMARK 417 601,95 1,04413 898,69

Industries 417 601,95 1,04413 898,69

26,00 A P MOLLER - MAERSK A/S -B- DKK 148 979,75 176 226,84 0,44

3 985,00 VESTAS WIND SYSTEMS A/S DKK 150 694,72 94 169,23 0,23

4 513,00 DSV A/S DKK 49 928,34 74 670,62 0,19

11,00 A P MOLLER - MAERSK A/S -A- DKK 64 295,88 72 535,26 0,18

IRELAND 409 781,59 1,02300 156,32

Industries 409 781,59 1,02300 156,32

6 358,00 INGERSOLL-RAND PLC USD 155 006,66 223 173,36 0,55

20 037,00 EXPERIAN PLC GBP 145 149,66 186 608,23 0,47

FINLAND 319 996,60 0,80202 695,41

Industries 319 996,60 0,80202 695,41

3 037,00 KONE OYJ -B- EUR 78 024,81 126 339,20 0,32

2 532,00 METSO OYJ EUR 71 471,30 105 837,60 0,26

1 538,00 WARTSILA OYJ -B- EUR 53 199,30 87 819,80 0,22

SPAIN 267 932,42 0,67271 840,17

Industries 267 932,42 0,67271 840,17


6 718,00 ABERTIS INFRAESTRUCTURAS SA EUR 91 533,49 90 390,69 0,23

9 585,00 FERROVIAL SA EUR 78 037,18 71 264,48 0,18





215


ITALY 148 761,32 0,37167 431,08

Industries 148 761,32 0,37167 431,08

5 748,00 ATLANTIA SPA EUR 92 653,45 87 771,96 0,22


NORWAY 110 495,10 0,28104 342,93

Industries 110 495,10 0,28104 342,93

15 196,00 ORKLA ASA NOK 104 342,93 110 495,10 0,28

BELGIUM 69 235,40 0,1759 042,66

Industries 69 235,40 0,1759 042,66

806,00 BEKAERT NV EUR 59 042,66 69 235,40 0,17

Total Portfolio 39 977 856,73 99,6433 912 647,36





216


20/01/11 74 505,35 714,84EUR8 182 037,00 JPY

18 305,55

20/01/11 31 712,42 (665,39)EUR41 641,51 USD

20/01/11 28 325,15 (575,57)EUR37 218,85 USD

20/01/11 22 831,93 463,57EUR30 558,21 AUD

20/01/11 134 126,88 2 046,95USD102 031,63 EUR

20/01/11 2 790 455,00 69,30JPY25 719,78 EUR

20/01/11 46 107,90 928,10USD35 299,16 EUR

20/01/11 207 417,62 (4 390,85)EUR272 307,60 USD

20/01/11 57 100,26 (542,57)EUR6 152 033,00 JPY

20/01/11 32 738,52 (38,38)EUR40 876,99 CHF

20/01/11 7 771,06 (204,72)NZD4 313,28 EUR

20/01/11 356 680,15 (599,07)NOK45 092,50 EUR

20/01/11 1 117 799,42 81,96DKK150 036,31 EUR

20/01/11 1 636 746,45 2 156,29HKD159 124,41 EUR

20/01/11 381 848,97 (2 958,82)SGD219 229,53 EUR

20/01/11 353 666,97 (6 467,75)AUD263 101,61 EUR

20/01/11 466 519,21 624,83CAD350 472,11 EUR

20/01/11 628 148,88 (12 114,13)CHF490 303,83 EUR

20/01/11 5 374 685,54 (2 868,44)SEK592 689,70 EUR

20/01/11 528 729,93 6 284,21GBP623 292,50 EUR

20/01/11 273 774 492,00 (53 078,91)JPY2 463 517,08 EUR

20/01/11 8 600 859,50 89 721,14USD6 501 218,74 EUR

20/01/11 33 012,21 (799,08)EUR43 205,54 USD

20/01/11 198 678,89 81,18SEK22 096,39 EUR

20/01/11 42 457,85 (706,65)EUR55 998,38 USD

20/01/11 63 515,08 1 143,51USD48 490,73 EUR





217


Assets


Liabilities

Unrealised loss on forward foreign exchange contracts (Note 8) (38 008,42)Other interest payable (53,97)Payable on redemptions (157 998,99)Other liabilities (36 682,91)Total liabilities (232 744,29)



Class I Units 28 163,086141,15EURClass IH Units 44 732,481142,88EURClass R Units 15 315,841140,54EURClass RH Units 7 497,992141,04EURClass Z Units 92 759,088146,99EURClass ZH Units 661,706148,87EUR



218









914 932,51


(Note 8) (3 508,21)






219



Shares 27 091 951,24 99,2120 590 142,48

UNITED STATES 14 220 532,56 52,0810 330 089,83

Consumer retail 14 165 536,47 51,8810 278 974,65

15 380,00 MCDONALD'S CORP USD 678 250,91 880 003,58 3,21


26 295,00 THE WALT DISNEY CO USD 567 979,46 735 213,34 2,69

5 188,00 AMAZON.COM INC USD 334 969,21 696 090,34 2,55

24 488,00 HOME DEPOT INC USD 485 982,51 639 968,16 2,34

43 995,00 FORD MOTOR COMPANY USD 234 018,91 550 613,88 2,02

30 063,00 COMCAST CORP -A- USD 331 941,13 492 329,10 1,80

10 028,00 TARGET CORP USD 342 563,79 449 467,88 1,65

16 388,00 TIME WARNER INC USD 349 376,37 392 979,73 1,44

20 574,00 LOWE'S COMPANIES INC USD 338 231,88 384 626,68 1,41

12 710,00 DIRECTV GP INC/THE USD 291 611,53 378 301,44 1,39

5 414,00 NIKE INC -B- USD 247 058,20 344 723,55 1,26

26 919,00 NEWS CORP -PFD ADR- USD 228 536,03 292 155,07 1,07

9 796,00 JOHNSON CONTROLS INC USD 197 602,46 278 936,45 1,02

5 174,00 TIME WARNER CABLE USD 164 464,58 254 660,07 0,93

10 608,00 STARBUCKS CORP USD 141 470,51 254 060,63 0,93

6 798,00 YUM! BRANDS INC USD 176 489,01 248 549,74 0,91

8 100,00 VIACOM INC -B- USD 173 470,44 239 156,95 0,88

6 606,00 CARNIVAL CORP USD 164 614,39 227 052,78 0,83

705,00 PRICELINE.COM INC USD 82 109,95 209 968,13 0,77

7 525,00 GENERAL MOTORS CO USD 197 857,41 206 754,50 0,76

5 813,00 TJX COMPANIES INC USD 141 001,69 192 343,98 0,70

10 549,00 STAPLES INC USD 163 616,63 179 047,17 0,66

4 214,00 COACH INC USD 89 318,04 173 736,60 0,64

4 214,00 KOHLS CORP USD 141 574,64 170 689,69 0,62


4 657,00 LAS VEGAS SANDS CORP USD 68 165,53 159 508,89 0,58

5 409,00 THOMSON REUTERS CORP CAD 120 154,10 151 111,15 0,55

4 270,00 OMNICOM GP USD 110 666,80 145 776,15 0,53

3 823,00 BED BATH & BEYOND INC USD 95 357,40 140 062,20 0,51

4 205,00 MARRIOTT INTERNATIONAL -A- USD 86 853,46 130 204,39 0,48

9 136,00 CBS CORP -B- (NVTG) USD 87 271,87 129 731,13 0,48

5 022,00 BEST BUY CORP INC USD 137 684,63 128 362,25 0,47

2 757,00 STARWOOD HOTELS & RESORTS USD 71 632,20 124 908,10 0,46


6 121,00 MACY'S INC USD 87 555,92 115 434,61 0,42

2 229,00 STANLEY WORKS/THE USD 95 452,63 111 105,24 0,41

6 422,00 GAP INC/THE USD 84 555,71 105 984,18 0,39

2 215,00 FORTUNE BRANDS INC USD 87 692,74 99 477,28 0,36

8 270,00 LIBERTY MEDIA INTERACTIVE -A- USD 64 228,97 97 214,34 0,36

5 016,00 MATTEL INC USD 66 222,08 95 081,72 0,35





220


3 715,00 CABLEVISION SYSTEMS NY GP -A- USD 63 278,15 93 709,22 0,34

4 596,00 VIRGIN MEDIA INC USD 54 490,15 93 321,19 0,34


1 169,00 WYNN RESORTS LTD USD 59 409,87 90 484,11 0,33


3 413,00 HARLEY-DAVIDSON INC USD 81 510,93 88 202,98 0,32

1 606,00 BORGWARNER INC USD 41 899,66 86 623,80 0,32

1 854,00 TIFFANY & CO USD 54 292,23 86 056,11 0,32

646,00 NETFLIX INC USD 55 443,70 84 605,27 0,31


1 280,00 VF CORP USD 65 282,59 82 226,08 0,30


392,00 AUTOZONE INC USD 34 698,14 79 650,61 0,29

951,00 POLO RALPH LAUREN CORP USD 49 187,69 78 629,14 0,29

3 243,00 CARMAX INC USD 34 889,81 77 065,22 0,28

1 809,00 DOLLAR TREE INC USD 38 883,95 75 620,53 0,28

3 134,00 J.C. PENNEY CORP INC USD 78 435,32 75 479,51 0,28

1 123,00 WHIRLPOOL CORP USD 57 284,63 74 358,83 0,27

6 072,00 NEWS CORP -B- USD 57 456,00 74 318,69 0,27

1 255,00 AUTOLIV INC USD 70 839,88 73 847,19 0,27

2 070,00 ROYAL CARIBBEAN CRUISES LTD USD 36 927,33 72 520,59 0,27

446,00 CHIPOTLE MEXICAN GRILL INC USD 88 633,59 70 699,09 0,26


1 749,00 FAMILY DOLLAR STORES USD 31 687,27 64 807,71 0,24

1 785,00 HASBRO INC USD 40 992,42 62 775,37 0,23

1 942,00 DISCOVERY COMMUNICATIONS -A- USD 41 220,19 60 364,06 0,22

1 187,00 ADVANCE AUTO PARTS INC USD 34 936,03 58 529,35 0,21

4 374,00 INTL GAME TECHNOLOGY USD 70 512,48 57 676,61 0,21

3 041,00 EXPEDIA INC USD 40 702,64 56 873,53 0,21

1 315,00 ABERCROMBIE & FITCH CORP -A- USD 47 875,53 56 489,47 0,21

1 861,00 APOLLO GP INC -A- USD 81 720,31 54 780,58 0,20

3 978,00 NEWELL RUBBERMAID INC USD 49 401,75 53 907,82 0,20

1 957,00 DISCOVERY COMMUNICATIONS -C- USD 36 464,51 53 521,92 0,20

1 986,00 URBAN OUTFITTERS INC USD 41 827,37 53 012,31 0,19

1 364,00 SCRIPPS NETWORKS INTER -A- USD 36 886,96 52 616,00 0,19

4 751,00 MGM MIRAGE USD 35 365,16 52 590,18 0,19

6 640,00 INTERPUBLIC GP OF COS INC USD 31 102,99 52 563,68 0,19

1 750,00 PETSMART INC USD 29 381,64 51 943,65 0,19

1 782,00 LIBERTY GLOBAL INC -A- USD 23 953,10 46 995,76 0,17

1 672,00 LIBERTY GLOBAL INC -C- USD 22 506,41 42 237,77 0,15

2 839,00 DISH NETWORK CORP -A- USD 39 956,21 41 604,67 0,15

4 450,00 H&R BLOCK INC USD 64 283,04 39 506,17 0,14

4 437,00 DR HORTON INC USD 43 429,94 39 456,90 0,14

895,00 MOHAWK INDUSTRIES INC USD 43 739,20 37 866,80 0,14

2 218,00 LEGGETT & PLATT INC USD 31 711,70 37 629,37 0,14

672,00 SEARS HLDG CORP USD 45 253,57 36 942,34 0,14

1 546,00 DOLLAR GENERAL CORP USD 38 088,34 35 344,06 0,13

1 920,00 GAMESTOP CORP -A- USD 47 890,16 32 745,41 0,12

853,00 DEVRY INC USD 33 403,64 30 507,20 0,11





221


3 413,00 GOODYEAR TIRE & RUBBER CO USD 35 868,87 30 147,26 0,11

5 327,00 PULTE HOMES INC USD 50 822,23 29 860,27 0,11

2 732,00 AMERICAN EAGLE OUTFITTERS USD 32 497,30 29 793,27 0,11

89,00 WASHINGTON POST -B- USD 26 532,50 29 156,95 0,11

1 992,00 TOLL BROTHERS INC USD 33 943,27 28 212,14 0,10

Industries 54 996,09 0,2051 115,18

1 400,00 TRW AUTOMOTIVE HLDG CORP USD 51 115,18 54 996,09 0,20

JAPAN 5 038 861,11 18,454 418 606,22

Consumer retail 5 038 861,11 18,454 418 606,22

39 867,00 TOYOTA MOTOR CORP JPY 1 189 770,36 1 179 817,92 4,33

23 668,00 HONDA MOTOR CO LTD JPY 516 487,91 699 339,56 2,56

14 532,00 SONY CORP JPY 332 515,67 390 925,20 1,43

28 515,00 PANASONIC CORP JPY 340 315,24 302 167,84 1,11

36 100,00 NISSAN MOTOR CORP LTD JPY 185 485,94 256 467,45 0,94

7 000,00 DENSO CORP JPY 134 246,46 180 265,13 0,66

9 378,00 BRIDGESTONE CORP JPY 123 984,18 135 231,77 0,50

14 486,00 SHARP CORP JPY 130 463,52 111 434,46 0,41

777,00 FAST RETAILING CORP LTD JPY 55 236,04 92 334,73 0,34

4 914,00 SUZUKI MOTOR CORP JPY 73 748,17 90 325,57 0,33

2 600,00 AISIN SEIKI CORP LTD JPY 47 233,15 68 652,21 0,25

107,00 RAKUTEN INC JPY 41 049,95 66 871,07 0,24

4 400,00 NIKON CORP JPY 74 102,85 66 602,70 0,24

8 280,00 SEKISUI HOUSE LTD JPY 58 606,03 62 476,84 0,23

1 220,00 YAMADA DENKI CORP LTD JPY 70 440,58 62 117,67 0,23

2 500,00 TOYOTA INDUSTRIES CORP JPY 51 624,00 57 923,98 0,21

53 000,00 MITSUBISHI MOTORS CORP JPY 59 003,86 57 478,24 0,21

2 357,00 DENTSU INC JPY 34 852,83 54 610,73 0,20

16 000,00 ISUZU MOTORS LTD JPY 37 248,40 54 261,51 0,20

23 000,00 MAZDA MOTOR CORP JPY 53 892,60 49 252,62 0,18

5 600,00 ISETAN MITSUKOSHI HLDG LTD JPY 44 317,46 48 585,38 0,18

700,00 ORIENTAL LAND CORP LTD JPY 33 651,20 48 379,51 0,18

8 234,00 FUJI HEAVY INDUSTRIES LTD JPY 26 246,33 47 675,69 0,17

3 851,00 YAMAHA MOTOR CORP LTD JPY 42 256,57 46 825,12 0,17

2 800,00 SEGA SAMMY HLDG INC JPY 27 219,88 39 758,69 0,15

1 000,00 SHIMANO INC JPY 26 351,06 39 381,87 0,14

3 420,00 DAIHATSU MOTOR CO LTD JPY 23 532,17 39 164,24 0,14

1 101,00 BENESSE HLDG JPY 32 997,32 37 844,65 0,14

550,00 NITORI CORP LTD JPY 22 259,57 35 889,43 0,13

6 540,00 SEKISUI CHEMICAL CORP LTD JPY 28 926,03 35 042,24 0,13

2 880,00 NGK SPARK PLUG CORP LTD JPY 24 118,02 32 980,41 0,12

1 200,00 DENA CORP LTD JPY 11 810,25 32 115,76 0,12

738,00 SANKYO CO LTD JPY 25 900,58 31 098,63 0,11

2 100,00 STANLEY ELECTRIC CORP LTD JPY 24 657,08 29 278,61 0,11

2 850,00 ASICS CORP JPY 20 690,63 27 345,82 0,10

6 663,00 J FRONT RETAILING CORP LTD JPY 28 776,81 27 189,32 0,10

4 202,00 TAKASHIMAYA CO LTD JPY 29 049,67 26 878,86 0,10





222


34,00 JUPITER TELECOMMUNICATIONS JPY 20 710,40 26 685,93 0,10

383,00 SHIMAMURA CORP LTD JPY 22 718,38 26 505,70 0,10

563,00 RINNAI CORP JPY 16 515,86 25 664,67 0,09

1 600,00 NOK CORP JPY 14 908,49 24 880,89 0,09

2 700,00 NAMCO BANDAI HLDG INC JPY 24 499,70 21 638,43 0,08

2 200,00 YAMAHA CORP JPY 26 531,82 20 381,15 0,07

3 200,00 CASIO COMPUTER CORP LTD JPY 25 077,28 19 263,57 0,07

310,00 USS CORP LTD JPY 14 425,34 18 918,00 0,07

1 530,00 TOHO CORP LTD JPY 15 985,10 18 336,42 0,07

2 200,00 NISSHINBO INDUSTRIES INC JPY 14 476,75 17 995,26 0,07

2 300,00 SUMITOMO RUBBER INDUSTRIES JPY 16 089,01 17 925,42 0,07

2 900,00 MARUI GP CORP LTD JPY 20 137,23 17 644,18 0,06

402,00 HAKUHODO DY HLDG INC JPY 12 987,59 17 198,53 0,06

900,00 MCDONALD'S HLDG CO JAPAN JPY 12 474,23 16 840,92 0,06

1 334,00 KOITO MANUFACTURING CO LTD JPY 13 165,20 15 570,59 0,06

850,00 TOYODA GOSEI CORP LTD JPY 11 869,56 14 897,56 0,05

1 771,00 NHK SPRING CORP LTD JPY 10 267,71 14 372,25 0,05

438,00 ABC-MART INC JPY 11 550,49 11 673,95 0,04

800,00 TOYOTA BOSHOKU CORP JPY 11 508,17 10 536,14 0,04

8,00 FUJI MEDIA HLDG INC JPY 7 932,69 9 440,62 0,03

800,00 CANON MARKETING JAPAN INC JPY 11 706,85 8 499,50 0,03

FRANCE 1 743 038,03 6,381 396 765,48

Consumer retail 1 743 038,03 6,381 396 765,48

3 563,00 LVMH MOET-HENNESSY LOUIS VUITTON EUR 252 970,06 438 605,30 1,62

18 040,00 VIVENDI SA EUR 347 849,24 364 408,00 1,33

2 569,00 MICHELIN (CGDE) -B- EUR 124 099,93 137 955,30 0,51

1 099,00 PPR EUR 85 185,08 130 781,00 0,48

2 788,00 RENAULT SA EUR 129 118,01 121 278,00 0,44

924,00 CHRISTIAN DIOR EUR 60 946,04 98 775,60 0,36

2 182,00 ACCOR SA EUR 80 216,32 72 660,60 0,27

1 393,00 SODEXO EUR 56 927,21 71 837,01 0,26


2 247,00 PEUGEOT SA EUR 60 899,70 63 837,27 0,23



150,00 HERMES INTL EUR 15 125,42 23 512,50 0,09

865,00 JC DECAUX SA EUR 13 351,01 19 916,63 0,07


823,00 M6-METROPOLE TELEVISION EUR 14 271,01 14 896,30 0,05

1 610,00 PAGES JAUNES EUR 12 508,67 10 948,00 0,04

GERMANY 1 591 250,96 5,831 118 791,41

Consumer retail 1 591 250,96 5,831 118 791,41

13 061,00 DAIMLER AG (REGD) EUR 475 091,87 662 584,53 2,43

2 461,00 VOLKSWAGEN AG -PFD- EUR 165 705,67 298 765,40 1,09

4 797,00 BMW AG EUR 150 355,84 282 303,45 1,03

2 993,00 ADIDAS AG EUR 109 260,31 146 327,77 0,54





223


440,00 VOLKSWAGEN AG EUR 85 286,25 46 596,00 0,17

754,00 CONTINENTAL AG EUR 27 594,10 44 591,56 0,16

754,00 KABEL DEUTSCHLAND GMBH EUR 27 069,75 26 295,75 0,10

203,00 AXEL SPRINGER AG EUR 21 937,15 24 766,00 0,09


1 752,00 TUI AG EUR 21 047,85 18 396,00 0,07

69,00 PUMA AG EUR 14 101,37 17 112,00 0,06

GREAT-BRITAIN 1 406 722,94 5,151 083 019,33

Consumer retail 1 406 722,94 5,151 083 019,33

27 151,00 COMPASS GP PLC GBP 126 933,13 184 101,43 0,68

18 151,00 WPP PLC GBP 120 531,13 167 242,98 0,61

16 511,00 BRIT SKY BROADCASTING GP PLC GBP 102 155,75 141 822,91 0,52

11 764,00 PEARSON PLC GBP 112 371,79 138 391,92 0,51

17 644,00 REED ELSEVIER PLC GBP 93 987,67 111 504,07 0,41



2 624,00 CARNIVAL PLC GBP 69 432,59 91 320,16 0,33

6 277,00 BURBERRY GP PLC GBP 36 305,34 82 340,53 0,30


2 580,00 NEXT PLC GBP 49 023,73 59 467,82 0,22


51 767,00 ITV PLC GBP 33 680,90 42 321,04 0,15

11 251,00 THOMAS COOK GP PLC GBP 31 532,30 24 908,85 0,09

11 319,00 HOME RETAIL GP GBP 39 568,17 24 900,88 0,09


SWEDEN 524 474,51 1,92371 866,25

Consumer retail 524 474,51 1,92371 866,25

14 987,00 HENNES & MAURITZ AB -B- SEK 274 059,16 372 223,97 1,36

3 545,00 ELECTROLUX AB -B- SEK 42 767,03 75 074,29 0,27

6 037,00 HUSQVARNA AB -B- SEK 24 934,81 37 584,83 0,14

750,00 MODERN TIMES GP -B- SEK 30 105,25 37 005,21 0,14

750,00 CDON GROUP SEK 0,00 2 586,21 0,01

SWITZERLAND 523 749,69 1,92319 741,06

Consumer retail 523 749,69 1,92319 741,06

7 671,00 CIE FINANCIERE RICHEMONT CHF 229 622,48 337 402,54 1,24

446,00 THE SWATCH GP AG -B- CHF 73 649,49 148 660,72 0,54

625,00 THE SWATCH GP AG (REGD) CHF 16 469,09 37 686,43 0,14

HONG KONG 422 701,92 1,55289 613,88

Consumer retail 422 701,92 1,55289 613,88

33 071,00 LI & FUNG LTD HKD 77 027,88 143 018,30 0,53


15 728,00 ESPRIT HLDG LTD HKD 84 829,08 55 801,13 0,20





224


18 684,00 SHANGRI-LA ASIA LTD HKD 26 050,22 37 802,46 0,14

11 523,00 YUE YUEN INDUSTRIAL HLDG HKD 23 397,10 30 882,69 0,11

20 000,00 SJM HLDG LDT HKD 25 429,48 23 665,35 0,09

10 000,00 LIFESTYLE INTL HLDG LTD HKD 11 036,98 18 353,11 0,07

CANADA 364 367,45 1,33241 807,68

Consumer retail 364 367,45 1,33241 807,68

3 087,00 MAGNA INTERNATIONAL INC -A- CAD 58 353,18 120 214,68 0,43

5 050,00 SHAW COMMUNICATIONS INC -B- CAD 65 629,23 80 883,35 0,30

2 391,00 TIM HORTONS INC USD 48 499,58 73 482,86 0,27

1 117,00 CANADIAN TIRE CORP -A- CAD 40 671,72 57 140,46 0,21

1 535,00 GILDAN ACTIVEWEAR INC CAD 28 653,97 32 646,10 0,12

ITALY 294 849,02 1,08226 272,54

Consumer retail 294 849,02 1,08226 272,54

11 085,00 FIAT SPA EUR 113 062,18 171 041,55 0,62

10 364,00 MEDIASET SPA EUR 52 353,08 46 923,01 0,17



3 052,00 PIRELLI & C EUR 15 059,47 18 464,60 0,07

SPAIN 196 011,84 0,72131 828,18

Consumer retail 196 011,84 0,72131 828,18

3 111,00 INDITEX EUR 111 750,70 174 309,33 0,64


AUSTRALIA 195 179,00 0,71173 149,84

Consumer retail 195 179,00 0,71173 149,84

10 147,00 TABCORP HLDG LTD AUD 49 760,80 55 125,25 0,19

6 505,00 CROWN LTD AUD 31 620,59 41 005,73 0,15

32 163,00 FAIRFAX MEDIA LTD AUD 31 979,45 34 405,50 0,13

16 838,00 TATTS GP LTD AUD 27 691,94 33 193,54 0,12

2 617,00 BILLABONG INTERNATIONAL LTD AUD 17 261,02 16 296,89 0,06

6 745,00 HARVEY NORMAN HLDG LTD AUD 14 836,04 15 152,09 0,06

NETHERLANDS 160 359,30 0,59143 268,20

Consumer retail 160 359,30 0,59143 268,20



MACAO 92 550,46 0,3459 950,94

Consumer retail 92 550,46 0,3459 950,94

35 320,00 SANDS CHINA LTD HKD 33 515,47 57 846,40 0,21

20 800,00 WYNN MACAU LTD HKD 26 435,47 34 704,06 0,13





225


SINGAPORE 84 191,12 0,3150 690,88

Consumer retail 84 191,12 0,3150 690,88

21 457,00 SINGAPORE PRESS HLDG LTD SGD 38 685,15 49 690,95 0,18

1 620,00 JARDINE CYCLE & CARRIAGE LTD SGD 12 005,73 34 500,17 0,13

LUXEMBOURG 77 548,70 0,2865 167,91

Consumer retail 77 548,70 0,2865 167,91

4 353,00 SES EUR 65 167,91 77 548,70 0,28

FINLAND 59 445,00 0,2242 777,09

Consumer retail 59 445,00 0,2242 777,09

1 554,00 NOKIAN RENKAAT OYJ EUR 28 106,70 42 657,30 0,16

1 035,00 SANOMA CORP -B- EUR 14 670,39 16 787,70 0,06

CAYMAN ISLANDS 43 867,18 0,1651 830,50

Computing and IT 43 867,18 0,1651 830,50

1 899,00 GARMIN LTD USD 51 830,50 43 867,18 0,16

GREECE 38 677,66 0,1463 748,26

Consumer retail 38 677,66 0,1463 748,26

2 989,00 OPAP SA EUR 63 748,26 38 677,66 0,14

NEW ZEALAND 13 572,79 0,0511 157,00

Consumer retail 13 572,79 0,0511 157,00

7 194,00 SKY CITY ENTERTAINMENT GP NZD 11 157,00 13 572,79 0,05

Other shares 137 301,25 0,50136 545,67

GERMANY 101 505,90 0,37106 380,93

Consumer retail 101 505,90 0,37106 380,93


715,00 BMW -PFD- EUR 16 435,06 27 527,50 0,10

CANADA 35 795,35 0,1330 164,74

Consumer retail 35 795,35 0,1330 164,74

7 696,00 YELLOW MEDIA INC CAD 30 164,74 35 795,35 0,13





226



Shares 91 065,74 0,3356 031,48

UNITED STATES 91 065,74 0,3356 031,48

Consumer retail 91 065,74 0,3356 031,48

2 022,00 O'REILLY AUTOMOTIVE INC USD 56 031,48 91 065,74 0,33

Total Portfolio 27 320 318,23 100,0420 782 719,63





227


20/01/11 51 134,40 (1 039,04)EUR67 189,89 USD

24 792,32

20/01/11 12 948,04 21,29EUR1 410 732,00 JPY

20/01/11 8 295,55 79,60EUR911 002,00 JPY

20/01/11 2 301,94 (16,27)EUR20 623,94 SEK

20/01/11 2 066,48 (4,31)EUR18 607,29 SEK

20/01/11 1 549,78 9,13EUR1 948,72 CHF

20/01/11 1 488,32 (32,06)EUR15 182,46 HKD

20/01/11 761,98 1,59EUR1 312,07 SGD

20/01/11 647,47 (6,32)EUR549,30 GBP

20/01/11 559,00 1,26EUR746,98 CAD

20/01/11 549,23 3,67EUR725,28 AUD

20/01/11 483,59 (2,94)EUR640,85 CAD

20/01/11 370,76 0,37EUR486,83 AUD

20/01/11 60,98 1,69EUR107,77 NZD

20/01/11 23,20 0,53EUR40,80 NZD

20/01/11 7,18 (0,03)EUR12,28 SGD

20/01/11 359,41 (3,40)CHF284,07 EUR

20/01/11 859,26 2,17GBP1 004,89 EUR

20/01/11 11 777,42 21,82HKD1 151,30 EUR

20/01/11 12 873,39 205,94USD9 802,39 EUR

20/01/11 3 265,06 52,32EUR360 846,00 JPY

20/01/11 3 314,10 (9,17)EUR29 820,82 SEK

20/01/11 2 123,81 (42,41)EUR21 700,02 HKD

20/01/11 771,94 4,67EUR1 334,48 SGD

20/01/11 56,13 (1,26)NZD31,37 EUR

20/01/11 66,61 (1,03)AUD49,74 EUR

20/01/11 105,74 (1,78)CHF82,79 EUR

20/01/11 244,38 0,53CAD183,79 EUR

20/01/11 1 777,39 15,85GBP2 090,00 EUR

20/01/11 37 792,83 576,77USD28 749,38 EUR

20/01/11 3 947,32 (40,95)EUR5 124,24 AUD

20/01/11 3 068,94 (7,94)EUR332 959,00 JPY

20/01/11 2 256,26 (21,40)EUR243 096,00 JPY

20/01/11 330,10 (3,07)EUR436,03 CAD

20/01/11 218,49 0,83EUR274,16 CHF

20/01/11 180,45 (1,29)EUR307,86 SGD

20/01/11 158,58 (4,11)EUR1 610,43 HKD

20/01/11 24,42 (0,03)NZD14,17 EUR

20/01/11 26,65 (0,28)NZD15,21 EUR

20/01/11 333,58 3,65CAD253,80 EUR

20/01/11 415,66 1,63AUD318,45 EUR

20/01/11 2 859,38 0,98SEK317,82 EUR

20/01/11 3 856,80 2,18SEK429,54 EUR

20/01/11 649,51 4,85GBP762,80 EUR

20/01/11 2 003,03 12,04SGD1 177,55 EUR

20/01/11 2 237,33 25,56GBP2 636,44 EUR

20/01/11 35 557,85 69,19HKD3 479,28 EUR

20/01/11 5 245,52 82,20USD3 992,46 EUR





228


20/01/11 8 124,72 8,45CHF6 506,92 EUR

20/01/11 13 215,60 266,01USD10 117,56 EUR

20/01/11 3 984,14 (84,35)EUR5 230,56 USD

20/01/11 1 478,09 (1,73)EUR1 845,53 CHF

20/01/11 27,14 (0,18)NZD15,60 EUR

20/01/11 162,19 0,92AUD124,54 EUR

20/01/11 1 837,32 0,28SEK203,87 EUR

20/01/11 2 368,63 4,62HKD231,78 EUR

20/01/11 370,55 4,34CAD282,22 EUR

20/01/11 721,49 2,83GBP844,78 EUR

20/01/11 1 502,05 7,05SGD881,06 EUR

20/01/11 941 926,00 81,87JPY8 740,26 EUR

20/01/11 12 319,04 (324,54)NZD6 837,61 EUR

20/01/11 90 314,11 (699,82)SGD51 851,70 EUR

20/01/11 75 721,88 (1 384,78)AUD56 331,38 EUR

20/01/11 1 125 009,43 1 482,12HKD109 373,36 EUR

20/01/11 169 993,18 227,67CAD127 707,21 EUR

20/01/11 177 002,29 (3 413,57)CHF138 159,76 EUR

20/01/11 1 362 510,21 (727,17)SEK150 249,86 EUR

20/01/11 327 179,26 3 888,69GBP385 694,79 EUR

20/01/11 152 460 734,00 (29 558,81)JPY1 371 894,15 EUR

20/01/11 5 219 993,03 54 453,14USD3 945 688,98 EUR

20/01/11 7 858,16 56,03EUR860 862,00 JPY

20/01/11 5 194,72 (125,75)EUR6 798,71 USD

20/01/11 1 854,75 (26,01)EUR1 566,75 GBP

20/01/11 1 307,49 (4,80)EUR11 754,32 SEK

20/01/11 762,75 7,65EUR963,04 CHF

20/01/11 149,93 0,48EUR258,45 SGD

20/01/11 32,20 (0,24)AUD24,30 EUR

20/01/11 144,99 (2,55)NZD81,75 EUR

20/01/11 542,70 (0,99)CAD405,99 EUR

20/01/11 7 003,56 15,57HKD687,23 EUR

20/01/11 232,93 1,61EUR200,94 GBP

20/01/11 15,72 (0,06)NZD9,08 EUR

20/01/11 75,32 (0,11)AUD57,30 EUR

20/01/11 128,12 0,53CHF103,01 EUR

20/01/11 15 658,22 13,06HKD1 514,72 EUR

20/01/11 3 090,22 6,83SGD1 804,95 EUR

20/01/11 39 640,00 16,34SEK4 408,77 EUR

20/01/11 6 388,99 16,08CAD4 807,25 EUR

20/01/11 976 015,00 20,71JPY8 992,46 EUR

20/01/11 31 928,01 232,27USD24 032,96 EUR

20/01/11 19 542,24 (325,25)EUR25 774,59 USD

20/01/11 2 522,21 (0,52)EUR22 753,55 SEK

20/01/11 1 463,89 35,65EUR1 874,51 CHF

20/01/11 1 307,15 (21,84)EUR13 400,23 HKD

20/01/11 1 032,23 23,25EUR114 809,00 JPY

20/01/11 749,60 8,33EUR1 302,37 SGD

20/01/11 439,79 11,40EUR591,85 AUD

20/01/11 202,35 (0,96)EUR268,51 CAD





229


20/01/11 4,12 (0,10)EUR41,90 HKD

20/01/11 11,65 (0,30)NZD6,47 EUR

20/01/11 96,51 (1,49)NZD54,62 EUR

20/01/11 333,52 (0,30)AUD253,91 EUR

20/01/11 4 574,86 1,14SEK508,07 EUR

20/01/11 457,55 6,95GBP540,89 EUR

20/01/11 937,65 1,94SGD547,54 EUR

20/01/11 2 121,22 2,89CAD1 593,61 EUR

20/01/11 3 137,11 4,49CHF2 513,67 EUR

20/01/11 2 183,78 18,39GBP2 566,78 EUR

20/01/11 1 501 087,00 (63,11)JPY13 735,22 EUR

20/01/11 37 150,53 668,85USD28 362,66 EUR





230


Assets

Investments in securities at market value 23 813 673,06Banks 5 059,78Unrealised profit on forward foreign exchange contracts (Note 8) 63 475,70Receivable on investments sold 12 887,44Receivable on subscriptions 29 957,66Other assets 38 495,23Total assets 23 963 548,87

Liabilities




Class I Units 27 411,538133,11EURClass IH Units 41 116,500143,43EURClass R Units 12 518,209132,53EURClass RH Units 6 599,020141,89EURClass Z Units 83 720,675138,65EURClass ZH Units 579,194149,33EUR



231



Net income from investments 813 588,33Interest on bank accounts 97,93






1 900 868,08


(Note 8) 55 052,08






232



Shares 23 813 673,06 99,9020 628 571,69

UNITED STATES 12 287 545,14 51,5510 830 328,30

Basic goods 12 159 337,66 51,0110 741 932,29

37 973,00 PROCTER AND GAMBLE CO USD 1 710 184,90 1 820 881,14 7,63


27 806,00 COCA-COLA CO/THE USD 1 081 697,01 1 363 199,75 5,72

27 284,00 WAL-MART STORES INC USD 1 064 293,67 1 096 810,50 4,60

24 510,00 PHILIP MORRIS INTL USD 781 963,15 1 069 337,93 4,49

21 273,00 PEPSICO INC USD 968 193,20 1 035 939,84 4,35

23 280,00 KRAFT FOODS INC -A- USD 492 433,73 546 794,98 2,29

27 809,00 ALTRIA GP INC USD 498 211,27 510 348,16 2,14

18 088,00 CVS CAREMARK CORP USD 438 374,13 468 800,83 1,97

6 478,00 COLGATE-PALMOLIVE CO USD 365 559,82 388 086,06 1,63

13 018,00 WALGREEN CO USD 322 138,56 378 056,19 1,59

5 854,00 COSTCO WHOLESALE CORP USD 249 771,37 315 096,22 1,32

5 497,00 KIMBERLY CLARK CORP USD 247 826,97 258 306,35 1,08

8 527,00 GENERAL MILLS INC USD 209 422,83 226 212,91 0,95

8 728,00 ARCHER-DANIELS-MIDLAND CO USD 183 236,05 195 697,69 0,82

7 789,00 SYSCO CORP USD 161 268,02 170 695,54 0,72

4 283,00 HJ HEINZ CO USD 137 783,80 157 904,80 0,66

8 287,00 KROGER CO USD 141 418,08 138 121,81 0,58

3 604,00 KELLOGG CO USD 135 878,12 137 223,60 0,58

2 068,00 LORILLARD INC USD 109 425,44 126 495,53 0,53

5 797,00 AVON PRODUCTS USD 141 511,12 125 571,78 0,53

4 724,00 REYNOLDS AMERICAN INC USD 88 484,89 114 864,81 0,48

8 463,00 SARA LEE CORP USD 81 164,32 110 459,64 0,46


1 549,00 ESTEE LAUDER COMPANIES -A- USD 54 806,24 93 179,01 0,39

1 898,00 CLOROX CO USD 84 894,72 89 527,37 0,38

5 231,00 SAFEWAY INC USD 90 976,39 87 693,48 0,37

1 743,00 BUNGE LTD USD 78 545,74 85 126,43 0,36

4 532,00 COCA-COLA ENTERPRISES USD 39 695,75 84 555,89 0,35




2 126,00 HERSHEY CO/THE USD 63 365,79 74 720,21 0,31

2 742,00 CAMPBELL SOUP CO USD 69 028,05 71 025,68 0,30

1 877,00 WHOLE FOODS MKT INC USD 41 571,07 70 781,88 0,30

1 039,00 BROWN-FORMAN CORP -B- USD 39 330,75 53 919,11 0,23

1 540,00 MCCORMICK & CO-NON VTG SHRS USD 40 195,68 53 412,99 0,22

3 874,00 TYSON FOODS INC -A- USD 42 598,52 49 726,27 0,21

913,00 CHURCH & DWIGHT CORP INC USD 40 515,28 46 971,98 0,20

850,00 ENERGIZER HLDG INC USD 41 826,33 46 189,11 0,19

2 663,00 CONSTELLATION BRANDS INC -A- USD 34 015,02 43 968,13 0,18





233


998,00 HANSEN NATURAL CORPORATION USD 27 825,01 38 891,91 0,16

967,00 HORMEL FOODS CORP USD 26 173,70 36 948,62 0,16

723,00 RALCORP HLDG INC USD 32 831,28 35 035,76 0,15

Health 128 207,48 0,5488 396,01

2 763,00 MEAD JOHNSON NUTRITION CO-A USD 88 396,01 128 207,48 0,54

GREAT-BRITAIN 3 392 310,17 14,232 998 073,13

Basic goods 3 392 310,17 14,232 998 073,13

26 939,00 BRIT AMERICAN TOBACCO PLC GBP 635 097,35 774 513,94 3,24

108 265,00 TESCO PLC GBP 526 343,52 536 997,43 2,25

34 135,00 DIAGEO PLC GBP 418 517,45 472 077,67 1,98

17 302,00 UNILEVER PLC GBP 361 970,58 396 380,07 1,66

12 814,00 SABMILLER PLC GBP 238 458,05 337 454,53 1,42

8 201,00 RECKITT BENCKISER GP PLC GBP 300 168,23 337 381,40 1,42

13 545,00 IMPERIAL TOBACCO GP PLC GBP 304 358,75 311 099,49 1,31

28 605,00 MORRISON SUPERMARKETS GBP 97 211,46 89 335,33 0,37

16 263,00 SAINSBURY (J) PLC GBP 67 579,14 71 421,68 0,30

4 763,00 ASSOCIATED BRITISH FOODS PLC GBP 48 368,60 65 648,63 0,28

SWITZERLAND 2 142 525,65 8,991 628 599,82

Basic goods 2 142 525,65 8,991 628 599,82

46 377,00 NESTLE SA (REGD) CHF 1 537 574,86 2 030 581,59 8,53

2,00 LINDT & SPRUENGLI AG (REGD) CHF 38 655,99 48 142,67 0,20

1 063,00 ARYZTA AG CHF 30 837,71 36 681,55 0,15

12,00 LINDT & SPRUENGLI AG -PART CERT- CHF 21 531,26 27 119,84 0,11

JAPAN 1 293 873,36 5,431 210 434,89

Basic goods 1 293 873,36 5,431 210 434,89

10 290,00 SEVEN & I HLDG CORP LTD JPY 190 295,35 205 220,46 0,87

61,00 JAPAN TOBACCO INC JPY 160 053,20 168 468,95 0,71

7 300,00 KAO CORP JPY 140 744,55 146 796,51 0,62

11 200,00 KIRIN HLDG CORP LTD JPY 114 647,34 117 243,10 0,49

4 844,00 SHISEIDO CORP LTD JPY 74 576,99 78 977,49 0,33

8 100,00 AEON CO LTD JPY 64 017,57 75 635,26 0,32

5 200,00 ASAHI BREWERIES LTD JPY 67 592,99 75 175,72 0,32

9 249,00 AJINOMOTO CORP INC JPY 68 429,78 71 913,55 0,30

1 595,00 UNICHARM CORP JPY 30 839,84 47 348,78 0,20

968,00 MEIJI HLDG CO LTD JPY 28 322,61 32 650,29 0,14

1 377,00 YAKULT HONSHA CORP LTD JPY 27 480,35 29 601,23 0,12

800,00 LAWSON INC JPY 26 043,10 29 520,32 0,12

974,00 FAMILYMART CORP LTD JPY 23 695,72 27 392,14 0,11

1 500,00 TOYO SUISAN KAISHA LTD JPY 28 163,09 24 911,22 0,10

2 500,00 NIPPON MEAT PACKERS INC JPY 23 625,34 24 378,16 0,10

900,00 NISSIN FOOD PRODUCTS CORP LTD JPY 22 728,80 24 070,28 0,10

2 527,00 NISSHIN SEIFUN GP INC JPY 23 512,26 23 944,70 0,10

3 000,00 UNY CORP LTD JPY 21 683,98 22 636,54 0,09





234


2 500,00 KIKKOMAN CORP JPY 23 187,81 20 908,70 0,09

2 000,00 YAMAZAKI BAKING CORP LTD JPY 16 691,67 17 995,26 0,08

4 000,00 SAPPORO HLDG LTD JPY 18 478,30 13 528,62 0,06

600,00 COCA-COLA WEST HLDG CORP LTD JPY 8 202,77 8 111,66 0,03

600,00 ITO EN LTD JPY 7 421,48 7 444,42 0,03

FRANCE 1 116 085,99 4,681 039 678,13

Basic goods 1 116 085,99 4,681 039 678,13

7 764,00 DANONE EUR 324 170,83 365 063,28 1,53

3 186,00 L'OREAL SA EUR 236 763,33 264 692,88 1,11

7 971,00 CARREFOUR SA EUR 283 514,70 245 905,35 1,03

2 683,00 PERNOD-RICARD SA EUR 152 111,80 188 775,88 0,79

708,00 CASINO GUICHARD PERRACHON EUR 43 117,47 51 648,60 0,22

AUSTRALIA 945 814,22 3,97737 187,75

Basic goods 945 814,22 3,97737 187,75

16 511,00 WOOLWORTHS LTD AUD 283 628,36 340 249,60 1,44

13 372,00 WESFARMERS LTD AUD 233 819,35 326 956,26 1,37

26 076,00 FOSTER'S GP LTD AUD 89 101,45 113 170,34 0,47

7 585,00 COCA-COLA AMATIL LTD AUD 48 419,86 62 940,29 0,26

2 024,00 WESFARMERS LTD -PPS- AUD 34 711,99 49 952,40 0,21

10 063,00 METCASH LTD AUD 26 483,08 31 601,86 0,13

20 379,00 GOODMAN FIELDER LTD AUD 21 023,66 20 943,47 0,09

NETHERLANDS 844 570,10 3,54771 585,73

Basic goods 844 570,10 3,54771 585,73

21 737,00 UNILEVER NV -PART CERT- EUR 461 103,15 506 472,10 2,12

16 147,00 KONINKLIJKE AHOLD NV EUR 147 971,39 159 467,77 0,67

3 507,00 HEINEKEN NV EUR 116 948,58 128 671,83 0,54


BELGIUM 529 866,69 2,22406 322,60

Basic goods 529 866,69 2,22406 322,60

9 739,00 ANHEUSER-BUSCH INBEV NV EUR 300 701,81 416 829,20 1,75

1 312,00 DELHAIZE GP EUR 70 060,33 72 514,24 0,30

1 065,00 COLRUYT SA EUR 35 560,46 40 523,25 0,17

CANADA 371 316,43 1,56300 449,17

Basic goods 371 316,43 1,56300 449,17

2 987,00 SHOPPERS DRUG MART INC CAD 90 705,72 88 579,23 0,38

1 867,00 SAPUTO INC CAD 33 768,99 55 435,75 0,23

1 573,00 LOBLAW COMPANIES LTD CAD 39 164,83 47 638,42 0,20

1 365,00 METRO INC -A- CAD 33 065,95 46 285,07 0,19

729,00 WESTON (GEORGE) LTD CAD 33 772,07 46 047,86 0,19

1 739,00 ALIMENTATION COUCHE -B- CAD 24 236,37 35 301,83 0,15





235


4 899,00 VITERRA INC CAD 32 691,68 34 105,57 0,14

428,00 EMPIRE CORP LTD -A- CAD 13 043,56 17 922,70 0,08

GERMANY 348 150,96 1,46276 383,60

Basic goods 348 150,96 1,46276 383,60


1 746,00 METRO AG EUR 72 637,85 94 074,48 0,39

1 741,00 HENKEL AG & CO KGAA EUR 50 884,28 67 228,72 0,28


943,00 SUEDZUCKER AG EUR 13 908,03 18 789,28 0,08

SINGAPORE 156 386,06 0,66129 683,22

Basic goods 156 386,06 0,66129 683,22

26 343,00 WILMAR INTL LTD SGD 85 235,09 86 297,62 0,37

88 160,00 GOLDEN AGRI-RESOURCES LTD SGD 24 557,79 41 038,05 0,17

15 900,00 OLAM INTERNATIONAL LTD SGD 19 890,34 29 050,39 0,12

DENMARK 108 370,93 0,4577 733,13

Basic goods 108 370,93 0,4577 733,13

1 446,00 CARLSBERG AS -B- DKK 77 733,13 108 370,93 0,45

SWEDEN 64 482,64 0,2743 538,93

Basic goods 64 482,64 0,2743 538,93

2 987,00 SWEDISH MATCH AB SEK 43 538,93 64 482,64 0,27

ITALY 50 233,20 0,2150 250,51

Basic goods 50 233,20 0,2150 250,51

24 504,00 PARMALAT SPA EUR 50 250,51 50 233,20 0,21

GREECE 47 335,20 0,2042 287,51

Basic goods 47 335,20 0,2042 287,51


IRELAND 44 821,15 0,1938 261,37

Basic goods 44 821,15 0,1938 261,37

1 795,00 KERRY GP PLC -A- EUR 38 261,37 44 821,15 0,19

PORTUGAL 36 138,00 0,1521 874,10

Basic goods 36 138,00 0,1521 874,10






236


FINLAND 33 847,17 0,1425 899,80

Basic goods 33 847,17 0,1425 899,80

969,00 KESKO OYJ -B- EUR 25 899,80 33 847,17 0,14

Total Portfolio 23 813 673,06 99,9020 628 571,69





237


20/01/11 95 276,98 (1 936,02)EUR125 192,62 USD

28 121,47

20/01/11 29 292,47 (614,62)EUR38 463,88 USD

20/01/11 11 087,64 18,24EUR1 208 036,00 JPY

20/01/11 10 801,74 126,13EUR13 660,44 CHF

20/01/11 8 349,67 (20,56)EUR7 135,87 GBP

20/01/11 7 545,26 44,42EUR9 487,52 CHF

20/01/11 3 588,69 3,55EUR4 712,18 AUD

20/01/11 1 668,87 (10,13)EUR2 211,57 CAD

20/01/11 1 545,90 (15,09)EUR1 311,50 GBP

20/01/11 1 334,86 12,81EUR146 592,00 JPY

20/01/11 1 176,65 7,87EUR1 553,81 AUD

20/01/11 725,85 (3,22)EUR1 241,72 SGD

20/01/11 716,99 1,62EUR958,11 CAD

20/01/11 670,63 1,41EUR1 154,78 SGD

20/01/11 667,40 0,11EUR4 974,66 DKK

20/01/11 475,16 (0,99)EUR4 278,54 SEK

20/01/11 208,46 (0,11)EUR1 552,77 DKK

20/01/11 3,14 0,01EUR24,61 NOK

20/01/11 2,49 (0,05)EUR25,45 HKD

20/01/11 0,49 0,00EUR3,85 NOK

20/01/11 0,39 (0,01)EUR3,98 HKD

20/01/11 1 303,46 0,99SEK145,42 EUR

20/01/11 2 058,12 32,98EUR227 458,00 JPY

20/01/11 344,61 (0,12)EUR2 567,37 DKK

20/01/11 263,32 (0,73)EUR2 369,42 SEK

20/01/11 257,40 1,56EUR444,98 SGD

20/01/11 23,06 0,47EUR30,86 AUD

20/01/11 1,44 0,01EUR11,34 NOK

20/01/11 1,15 (0,03)EUR11,72 HKD

20/01/11 95,40 0,21CAD71,75 EUR

20/01/11 215,53 1,92GBP253,44 EUR

20/01/11 381,12 (6,42)CHF298,41 EUR

20/01/11 10 905,57 166,43USD8 295,97 EUR

20/01/11 13 390,02 (278,78)EUR17 585,32 USD

20/01/11 4 090,99 (42,44)EUR5 310,74 AUD

20/01/11 3 872,67 1,39EUR28 871,77 DKK

20/01/11 1 473,75 (13,98)EUR158 786,00 JPY

20/01/11 1 401,52 (9,97)EUR2 391,14 SGD

20/01/11 962,32 (6,28)EUR819,08 GBP

20/01/11 408,19 (1,05)EUR44 286,00 JPY

20/01/11 1,75 0,00HKD0,17 EUR

20/01/11 1,69 0,00NOK0,22 EUR

20/01/11 5,48 0,01HKD0,54 EUR

20/01/11 5,31 0,00NOK0,68 EUR

20/01/11 705,33 0,24SEK78,40 EUR

20/01/11 2 029,49 1,15SEK226,03 EUR

20/01/11 1 789,51 0,04DKK240,11 EUR

20/01/11 370,92 2,62CAD280,78 EUR





238


20/01/11 525,19 5,73CAD399,58 EUR

20/01/11 1 126,16 6,77SGD662,05 EUR

20/01/11 1 565,98 1,63CHF1 254,16 EUR

20/01/11 1 880,55 7,34AUD1 440,72 EUR

20/01/11 1 855,16 (5,64)CHF1 478,19 EUR

20/01/11 5 246,62 59,93GBP6 182,54 EUR

20/01/11 25 306,14 509,38USD19 373,80 EUR

20/01/11 3 338,02 (3,91)EUR4 167,82 CHF

20/01/11 251,79 (0,02)EUR1 876,37 DKK

20/01/11 62,07 (0,09)EUR559,23 SEK

20/01/11 1,13 0,00HKD0,11 EUR

20/01/11 1,08 0,00NOK0,14 EUR

20/01/11 107,67 1,26CAD82,00 EUR

20/01/11 275,56 1,56AUD211,60 EUR

20/01/11 393,28 1,85SGD230,69 EUR

20/01/11 164 842,00 14,33JPY1 529,59 EUR

20/01/11 2 124,94 8,32GBP2 488,05 EUR

20/01/11 25 795,86 413,85USD19 643,33 EUR

20/01/11 1 533,65 2,02HKD149,10 EUR

20/01/11 1 483,51 (2,49)NOK187,55 EUR

20/01/11 172 038,38 (91,82)SEK18 971,41 EUR

20/01/11 271 553,70 19,91DKK36 449,22 EUR

20/01/11 81 981,23 (635,24)SGD47 067,58 EUR

20/01/11 144 039,86 192,92CAD108 209,81 EUR

20/01/11 369 131,53 (6 750,56)AUD274 606,08 EUR

20/01/11 42 216 693,00 (8 184,90)JPY379 880,33 EUR

20/01/11 821 132,60 (15 835,90)CHF640 937,96 EUR

20/01/11 854 462,88 10 155,71GBP1 007 282,31 EUR

20/01/11 4 916 499,38 51 287,20USD3 716 284,16 EUR

20/01/11 2 279,72 21,34EUR3 018,45 AUD

20/01/11 2 033,56 20,39EUR2 567,55 CHF

20/01/11 2 063,95 (49,96)EUR2 701,24 USD

20/01/11 1 677,39 11,96EUR183 758,00 JPY

20/01/11 977,45 2,46EUR1 306,50 CAD

20/01/11 0,56 0,00EUR4,40 NOK

20/01/11 0,45 (0,01)EUR4,55 HKD

20/01/11 722,22 0,29SEK80,32 EUR

20/01/11 352,93 (0,74)SGD204,62 EUR

20/01/11 2 172,81 0,05DKK291,54 EUR

20/01/11 1 688,16 27,82GBP1 997,84 EUR

20/01/11 9 227,00 (91,69)EUR12 252,64 USD

20/01/11 6 786,22 47,01EUR5 854,29 GBP

20/01/11 2 925,15 (15,02)EUR3 637,83 CHF

20/01/11 321,16 0,60EUR422,07 AUD

20/01/11 78,85 (0,01)EUR587,59 DKK

20/01/11 0,46 0,00EUR3,61 NOK

20/01/11 0,36 0,00EUR3,73 HKD

20/01/11 24,16 0,06CAD18,18 EUR

20/01/11 781,96 0,32SEK86,97 EUR

20/01/11 743,14 1,65SGD434,06 EUR





239


20/01/11 53 657,00 1,14JPY494,37 EUR

20/01/11 28 437,21 (678,28)EUR37 231,39 USD

20/01/11 5 236,02 127,52EUR6 704,72 CHF

20/01/11 1 372,30 30,91EUR152 633,00 JPY

20/01/11 657,39 7,30EUR1 142,16 SGD

20/01/11 502,99 (6,61)EUR425,27 GBP

20/01/11 277,00 (0,22)EUR2 062,70 DKK

20/01/11 78,09 (0,02)EUR704,44 SEK

20/01/11 64,73 (0,16)EUR582,60 SEK

20/01/11 0,64 0,00EUR4,99 NOK

20/01/11 0,51 (0,02)EUR5,16 HKD

20/01/11 33,76 0,07SGD19,71 EUR

20/01/11 1 197,65 (0,03)DKK160,64 EUR

20/01/11 612,21 1,95CAD461,05 EUR

20/01/11 781,65 9,88USD592,56 EUR

20/01/11 917,54 (17,99)AUD681,37 EUR

20/01/11 931,09 (0,85)AUD708,84 EUR

20/01/11 1 407,75 1,91CAD1 057,60 EUR

20/01/11 510 245,00 (21,45)JPY4 668,84 EUR

20/01/11 4 210,61 35,45GBP4 949,08 EUR

20/01/11 6 796,47 9,72CHF5 445,80 EUR





240


Assets

Investments in securities at market value 26 360 195,05Banks 249 065,90Amounts due from brokers 18 085,35Unrealised profit on forward foreign exchange contracts (Note 8) 88 278,46Other interest receivable 96,22Receivable on investments sold 11 964,61Receivable on subscriptions 17 790,66Other assets 28 684,13Total assets 26 774 160,38

Liabilities

Bank overdrafts (5 911,91)Unrealised loss on forward foreign exchange contracts (Note 8) (42 990,31)Unrealised loss on future contracts (Note 8) (2 493,00)Other interest payable (27,63)Payable on investments purchased (46 426,88)Payable on redemptions (4 142,86)Other liabilities (44 133,78)Total liabilities (146 126,37)






241









82 782,95


(Note 8) 66 780,59







242



Shares 26 360 195,05 98,9924 884 574,92

UNITED STATES 15 683 757,32 58,9014 824 357,41

Health 15 514 955,28 58,2714 673 904,08

41 641,00 JOHNSON & JOHNSON USD 1 897 396,57 1 919 791,17 7,22


124 349,00 PFIZER INC USD 1 685 230,85 1 623 011,43 6,11

46 598,00 MERCK & CO INC USD 1 190 729,39 1 251 829,54 4,70

23 162,00 ABBOTT LABORATORIES USD 878 380,17 827 171,12 3,11

14 628,00 AMGEN INC USD 608 637,82 598 618,91 2,25

27 836,00 BRISTOL-MYERS SQUIBB CO USD 504 242,70 549 437,05 2,06

16 771,00 MEDTRONIC INC USD 530 639,91 463 669,93 1,74

16 702,00 UNITEDHEALTH GP INC USD 407 963,11 449 561,49 1,69

16 056,00 ELI LILLY & CO USD 484 718,71 419 367,33 1,57

12 666,00 GILEAD SCIENCES INC USD 386 998,93 342 153,36 1,28

8 473,00 EXPRESS SCRIPTS INC USD 233 413,83 341 370,54 1,28

8 943,00 BAXTER INTERNATIONAL INC USD 366 419,81 337 441,51 1,27

6 885,00 CELGENE CORP USD 270 717,27 303 513,77 1,14

6 476,00 MEDCO HEALTH SOLUTIONS INC USD 235 004,30 295 765,73 1,11

6 566,00 THERMO FISHER SCIENTIFIC INC USD 222 961,08 270 950,59 1,02

6 069,00 WELLPOINT INC USD 252 924,60 257 227,34 0,97

4 766,00 ALLERGAN INC USD 198 735,30 243 957,53 0,92

3 535,00 BECTON DICKINSON & CORP USD 190 962,35 222 711,19 0,84

4 113,00 MCKESSON CORP USD 171 564,85 215 774,99 0,81

3 866,00 GENZYME CORP USD 172 588,67 205 179,98 0,77

4 553,00 STRYKER CORP USD 172 721,34 182 248,97 0,68

3 453,00 BIOGEN IDEC INC USD 131 866,47 172 579,22 0,65

7 567,00 AETNA INC USD 182 073,77 172 091,36 0,65

5 092,00 ST JUDE MEDICAL INC USD 144 411,10 162 262,31 0,61

5 416,00 CARDINAL HEALTH INC USD 150 058,34 154 662,11 0,58

5 495,00 AMERISOURCEBERGEN CORP USD 99 482,57 139 755,80 0,52

24 641,00 BOSTON SCIENTIFIC CORP USD 156 841,00 139 042,43 0,52

4 801,00 CIGNA CORP USD 110 264,85 131 195,01 0,49

3 208,00 HUMANA INC USD 110 888,17 130 897,78 0,49

2 529,00 VARIAN MEDICAL SYSTEMS INC USD 87 160,11 130 602,01 0,49

1 960,00 LABORATORY CORPORATION OF AMERICA HLDG USD 107 115,43 128 450,82 0,48

2 975,00 HOSPIRA INC USD 92 228,25 123 497,26 0,46

3 076,00 ZIMMER HLDG INC USD 133 417,01 123 081,27 0,46

2 933,00 LIFE TECHNOLOGIES CORP USD 81 688,73 121 338,38 0,46

5 035,00 FOREST LABORATORIES INC USD 111 221,12 120 024,82 0,45

1 850,00 ALEXION PHARMACEUTICALS INC USD 103 135,29 111 078,60 0,42

7 013,00 MYLAN INC USD 92 772,34 110 457,82 0,41

1 820,00 WATERS CORP USD 82 309,49 105 424,47 0,40

537,00 INTUITIVE SURGICAL INC USD 105 443,95 103 173,01 0,39

1 472,00 BARD (C.R.) INC USD 88 151,58 100 693,56 0,38





243


1 650,00 EDWARDS LIFESCIENCES CORP USD 48 649,02 99 426,78 0,37

1 973,00 PERRIGO CO USD 65 036,19 93 138,60 0,35

915,00 SYNTHES INC CHF 81 988,84 92 418,33 0,35

2 248,00 QUEST DIAGNOSTICS USD 87 517,21 90 436,11 0,34

1 908,00 ILLUMINA INC USD 48 338,66 90 084,39 0,34

1 937,00 HENRY SCHEIN INC USD 77 430,61 88 638,09 0,33

1 150,00 CERNER CORP COM USD 57 259,26 81 212,78 0,30

2 934,00 VERTEX PHARMACEUTICALS INC USD 71 604,74 76 611,40 0,29

1 352,00 DAVITA INC USD 58 216,68 70 031,29 0,26

1 706,00 WATSON PHARMACEUTICALS INC USD 47 205,86 65 681,41 0,25

1 114,00 BECKMAN COULTER INC USD 51 859,43 62 469,70 0,23

4 418,00 HOLOGIC INC USD 57 740,84 61 978,13 0,23

3 134,00 CAREFUSION CORP USD 46 963,29 60 037,87 0,23

1 895,00 DENTSPLY INTERNATIONAL INC USD 47 721,47 48 266,67 0,18

2 430,00 COVENTRY HEALTH CARE INC USD 40 888,99 47 819,31 0,18

2 604,00 HUMAN GENOME SCIENCES INC USD 52 736,67 46 371,41 0,17

1 151,00 COVANCE INC USD 46 994,64 44 107,87 0,17

906,00 CEPHALON INC USD 42 466,66 41 681,88 0,16

1 970,00 PHARMACEUTICAL PRODUCT DEVEL USD 34 833,92 39 853,75 0,15

1 263,00 LIFEPOINT HOSPITALS INC USD 34 099,32 34 598,23 0,13

5 000,00 MICROMET INC USD 27 534,03 30 263,50 0,11

850,00 INTEGRA LIFESCIENCES HOLDING USD 25 455,20 29 969,07 0,11

700,00 THE COOPER COS INC USD 25 083,54 29 397,34 0,11

1 505,00 EMERGENT BIOSOLUTIONS INC USD 20 069,67 26 318,29 0,10

1 336,00 OMNICARE INC USD 24 483,34 25 284,96 0,09

920,00 ONYX PHARMACEUTICALS INC USD 20 150,54 25 284,48 0,09

559,00 GEN PROBE INC USD 20 280,74 24 313,41 0,09

1 285,00 THERAVANCE INC USD 20 659,97 24 013,23 0,09

1 334,00 MYRIAD GENETICS INC USD 21 010,99 22 711,46 0,09

1 332,00 CEPHEID INC USD 19 899,30 22 588,05 0,08

1 667,00 VIROPHARMA INC USD 20 110,51 21 521,70 0,08

665,00 PHARMASSET INC USD 20 134,87 21 518,13 0,08

447,00 UNITED THERAPEUTICS CORP USD 20 185,75 21 064,69 0,08

910,00 PATTERSON COS INC USD 19 233,23 20 776,94 0,08

1 155,00 CUBIST PHARMACEUTICALS INC USD 19 671,24 18 424,21 0,07

519,00 CHARLES RIVER LABORATORIES USD 14 455,57 13 749,22 0,05

170,00 FURIEX PHARMACEUTICALS USD 2 452,16 1 831,09 0,01

Computing and IT 168 802,04 0,63150 453,33

5 466,00 AGILENT TECHNOLOGIES INC USD 150 453,33 168 802,04 0,63

SWITZERLAND 2 791 312,91 10,482 632 232,42

Health 2 791 312,91 10,482 632 232,42

31 851,00 NOVARTIS AG (REGD) CHF 1 203 900,77 1 399 666,08 5,25

10 845,00 ROCHE HLDG AG -GENUSSCHEIN- CHF 1 242 379,69 1 188 184,25 4,46

635,00 SONOVA HLDG AG (REGD) CHF 48 793,76 61 293,53 0,23

1 270,00 ACTELION LTD (REGD) CHF 47 637,14 52 000,48 0,20

694,00 LONZA GP AG (REGD) CHF 48 111,25 41 597,26 0,16





244


70,00 GALENICA HLDG AG (REGD) CHF 24 608,20 31 628,61 0,12

99,00 STRAUMANN HLDG AG (REGD) CHF 16 801,61 16 942,70 0,06

GREAT-BRITAIN 2 033 064,46 7,642 077 949,41

Health 2 033 064,46 7,642 077 949,41

78 226,00 GLAXOSMITHKLINE PLC GBP 1 218 156,88 1 132 056,25 4,26

22 357,00 ASTRAZENECA PLC GBP 734 822,49 762 410,62 2,86

13 956,00 SMITH & NEPHEW PLC GBP 99 485,08 110 185,38 0,41

3 000,00 HIKMA PHARMACEUTICALS PLC GBP 25 484,96 28 412,21 0,11

JAPAN 1 570 484,32 5,901 504 102,61

Health 1 524 659,81 5,731 457 241,47

11 072,00 TAKEDA PHARMACEUTICAL CO LTD JPY 394 738,58 406 526,09 1,54

6 571,00 ASTELLAS PHARMA INC JPY 184 421,56 186 912,21 0,70

10 062,00 DAIICHI SANKYO CORP LTD JPY 166 925,81 164 330,17 0,62

3 568,00 EISAI CORP LTD JPY 94 396,06 96 409,03 0,36

2 272,00 TERUMO CORP JPY 84 285,89 95 426,74 0,36

5 280,00 SHIONOGI & CORP LTD JPY 75 823,55 77 788,07 0,29

3 086,00 OLYMPUS CORP JPY 62 806,64 69 714,54 0,26

5 310,00 MITSUBISHI TANABE PHARMA JPY 56 620,79 66 907,92 0,25

1 347,00 ONO PHARMACEUTICAL CORP LTD JPY 44 634,52 46 919,39 0,18

3 023,00 CHUGAI PHARMACEUTICAL CORP LTD JPY 37 466,44 41 397,11 0,16

2 160,00 TAISHO PHARMACEUTICAL CORP LTD JPY 32 473,36 35 276,60 0,13

3 927,00 KYOWA HAKKO KIRIN CORP LTD JPY 30 347,08 30 172,60 0,11

1 000,00 MIRACA HOLDINGS INC JPY 27 225,93 30 053,38 0,11

1 120,00 SANTEN PHARMACEUTICAL CORP LTD JPY 25 923,02 29 027,70 0,11

3 000,00 KAKEN PHARMA CO LTD JPY 23 441,29 27 185,90 0,10

464,00 SYSMEX CORP JPY 20 712,83 24 008,88 0,09

887,00 TSUMURA & CO JPY 20 404,26 21 431,86 0,08

629,00 HISAMITSU PHARMACEUTICAL CO JPY 16 393,16 19 770,71 0,07

540,00 ALFRESA HLDG CORP JPY 17 678,52 17 891,41 0,07

782,00 SUZUKEN CORP LTD JPY 18 262,33 17 823,95 0,07

1 360,00 MEDIPAL HOLDINGS CORP JPY 13 815,48 11 186,84 0,04

1 253,00 DAINIPPON SUMITOMO PHARMA CO JPY 8 444,37 8 498,71 0,03

Computing and IT 45 824,51 0,1746 861,14

900,00 OTSUKA CORP JPY 46 861,14 45 824,51 0,17

GERMANY 963 855,74 3,62870 798,51

Raw materials 628 484,50 2,36579 871,05

11 365,00 BAYER AG EUR 579 871,05 628 484,50 2,36

Health 335 371,24 1,26290 927,46


1 479,00 FRESENIUS SE -PFD- EUR 76 433,43 94 759,53 0,35

830,00 FRESENIUS SE EUR 38 989,96 52 082,50 0,20

782,00 MERCK KGAA EUR 52 295,84 46 802,70 0,18





245


933,00 CELESIO AG EUR 19 041,16 17 353,80 0,07

FRANCE 933 316,47 3,51976 060,78

Health 908 888,97 3,42952 041,58

14 784,00 SANOFI-AVENTIS EUR 786 545,70 707 414,40 2,66

3 155,00 ESSILOR INTL EUR 122 581,39 151 992,13 0,57

300,00 VIRBAC SA EUR 30 774,33 39 000,00 0,15

142,00 BIOMERIEUX EUR 12 140,16 10 482,44 0,04

Consumer retail 24 427,50 0,0924 019,20

750,00 CFAO EUR 24 019,20 24 427,50 0,09

DENMARK 658 385,55 2,47365 103,65

Health 658 385,55 2,47365 103,65

6 903,00 NOVO NORDISK A/S -B- DKK 307 076,12 582 652,81 2,19

658,00 COLOPLAST -B- DKK 49 329,53 66 929,32 0,25

151,00 WILLIAM DEMANT HLDG DKK 8 247,95 8 348,25 0,03

32,00 H LUNDBECK A/S DKK 450,05 455,17 0,00

ISRAEL 557 723,76 2,09631 030,22

Health 557 723,76 2,09631 030,22

11 339,00 TEVA PHARMACEUTICAL INDUSTRIES ILS 505 684,58 443 908,57 1,66

2 929,00 TEVA PHARMACEUTICAL INDUSTRIES -ADR- USD 125 345,64 113 815,19 0,43

IRELAND 509 482,61 1,91462 995,59

Health 509 482,61 1,91462 995,59

7 973,00 COVIDIEN LTD USD 252 984,20 271 363,11 1,01

9 433,00 SHIRE PLC GBP 126 455,49 169 867,76 0,64

9 047,00 ELAN CORP PLC EUR 51 557,60 37 545,05 0,14

1 826,00 WARNER CHILCOTT LTD -A- USD 31 998,30 30 706,69 0,12

AUSTRALIA 373 851,43 1,40286 434,33

Health 373 851,43 1,40286 434,33

8 672,00 CSL LTD AUD 171 557,59 240 463,71 0,91

837,00 COCHLEAR LTD AUD 38 777,00 51 425,54 0,19

4 320,00 SONIC HEALTHCARE LTD AUD 36 513,80 38 289,97 0,14

2 000,00 RAMSAY HEALTH CARE LTD AUD 23 007,81 27 201,53 0,10

1 700,00 ANSELL LTD AUD 16 578,13 16 470,68 0,06

CANADA 92 286,57 0,3568 181,26

Health 92 286,57 0,3568 181,26

4 350,00 VALEANT PHARMACEUTICAL CAD 68 181,26 92 286,57 0,35





246


SWEDEN 73 101,48 0,2766 172,83

Health 73 101,48 0,2766 172,83

1 279,00 ELEKTA AB -B- SEK 30 529,18 36 700,88 0,13

2 330,00 GETINGE AB -B- SEK 35 643,65 36 400,60 0,14

NETHERLANDS 53 853,03 0,2052 034,18

Health 53 853,03 0,2052 034,18

3 681,00 QIAGEN NV EUR 52 034,18 53 853,03 0,20

BELGIUM 32 061,83 0,1235 938,19

Health 32 061,83 0,1235 938,19

1 249,00 UCB SA EUR 35 938,19 32 061,83 0,12

FINLAND 23 916,57 0,0921 776,51

Health 23 916,57 0,0921 776,51

1 461,00 ORION OYJ -B- EUR 21 776,51 23 916,57 0,09

SPAIN 9 741,00 0,049 407,02

Health 9 741,00 0,049 407,02

955,00 GRIFOLS SA EUR 9 407,02 9 741,00 0,04

Total Portfolio 26 360 195,05 98,9924 884 574,92





247


100 15,00 BAYER AG 18/03/11 55,39 EUR (2 131,50) 83 089,50Purchase

(2 493,00) 156 195,00

100 15,00 SANOFI AVENTIS 18/03/11 48,74 EUR (361,50) 73 105,50Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


248


20/01/11 12 949,23 (263,13)EUR17 015,10 USD

45 288,15

20/01/11 9 194,96 9,11EUR12 073,58 AUD

20/01/11 7 455,39 43,88EUR9 374,51 CHF

20/01/11 3 342,34 5,50EUR364 159,00 JPY

20/01/11 2 136,93 (15,35)EUR10 079,53 ILS

20/01/11 1 737,77 (16,96)EUR1 474,28 GBP

20/01/11 1 594,05 (15,12)EUR7 501,42 ILS

20/01/11 1 413,34 3,18EUR1 888,63 CAD

20/01/11 1 005,79 (0,50)EUR7 492,01 DKK

20/01/11 636,24 4,25EUR840,17 AUD

20/01/11 280,86 (1,98)EUR2 516,35 SEK

20/01/11 159,51 (0,33)EUR1 436,30 SEK

20/01/11 0,60 0,00EUR1,03 SGD

20/01/11 1 124,85 4,85CAD848,39 EUR

20/01/11 3 690,85 59,04USD2 810,38 EUR

20/01/11 384 899,00 (35,43)JPY3 502,65 EUR

20/01/11 42 334,12 (1,55)DKK5 677,63 EUR

20/01/11 7 991,37 (75,54)CHF6 316,27 EUR

20/01/11 6 365,57 16,03GBP7 444,41 EUR

20/01/11 7 304,32 (57,97)EUR6 208,23 GBP

20/01/11 5 690,51 91,19EUR628 901,00 JPY

20/01/11 956,82 (6,19)EUR4 516,41 ILS

20/01/11 653,97 (2,22)EUR868,97 CAD

20/01/11 427,88 (0,15)EUR3 187,73 DKK

20/01/11 130,86 2,77EUR167,04 CHF

20/01/11 129,39 (0,36)EUR1 164,24 SEK

20/01/11 1 667,13 (25,73)AUD1 244,98 EUR

20/01/11 37 903,34 578,45USD28 833,44 EUR

20/01/11 5 783,93 (37,72)EUR4 923,00 GBP

20/01/11 3 458,42 13,16EUR4 339,67 CHF

20/01/11 2 200,60 (26,78)EUR10 327,75 ILS

20/01/11 1 607,36 (4,15)EUR174 388,00 JPY

20/01/11 770,58 (11,45)EUR1 012,14 CAD

20/01/11 369,87 (3,44)EUR488,56 CAD

20/01/11 333,01 (0,09)EUR2 481,09 DKK

20/01/11 23,35 (0,13)EUR209,54 SEK

20/01/11 2 050,07 0,71SEK227,87 EUR

20/01/11 386,69 2,94AUD297,68 EUR

20/01/11 571,85 2,24AUD438,11 EUR

20/01/11 4 608,28 10,24ILS979,92 EUR

20/01/11 2 677,43 30,58GBP3 155,04 EUR

20/01/11 24 727,80 (1,33)DKK3 315,94 EUR

20/01/11 651 086,00 57,14JPY6 042,07 EUR

20/01/11 12 111,78 12,61CHF9 700,08 EUR

20/01/11 16 204,24 253,90USD12 333,33 EUR

20/01/11 22 137,83 445,61USD16 948,22 EUR

20/01/11 28 829,89 (610,30)EUR37 849,24 USD

20/01/11 497,61 (0,02)EUR3 708,32 DKK





249


20/01/11 88,97 1,04CAD67,76 EUR

20/01/11 1 150,12 0,18SEK127,62 EUR

20/01/11 333,76 1,89AUD256,29 EUR

20/01/11 1 328,32 5,20GBP1 555,30 EUR

20/01/11 1 941,57 1,42CHF1 554,36 EUR

20/01/11 23 454,79 75,79ILS5 011,20 EUR

20/01/11 1 655 939,00 143,93JPY15 365,69 EUR

20/01/11 33,60 (0,88)NZD18,65 EUR

20/01/11 163,51 (1,26)SGD93,88 EUR

20/01/11 232 856,17 (124,28)SEK25 678,05 EUR

20/01/11 43 922,71 58,82CAD32 996,89 EUR

20/01/11 176 761,18 (3 232,55)AUD131 497,02 EUR

20/01/11 758 348,41 (97,84)ILS159 475,58 EUR

20/01/11 1 630 363,93 119,55DKK218 835,14 EUR

20/01/11 56 930 762,00 (11 037,63)JPY512 282,59 EUR

20/01/11 672 537,07 7 993,43GBP792 819,34 EUR

20/01/11 1 237 755,96 (23 870,66)CHF966 134,80 EUR

20/01/11 7 470 190,07 77 926,40USD5 646 568,19 EUR

20/01/11 56 063,82 (1 357,05)EUR73 374,90 USD

20/01/11 16 959,08 (237,85)EUR14 325,72 GBP

20/01/11 8 197,14 76,74EUR10 853,38 AUD

20/01/11 5 529,38 55,45EUR6 981,35 CHF

20/01/11 995,42 7,09EUR109 048,00 JPY

20/01/11 928,61 (3,41)EUR8 348,20 SEK

20/01/11 708,07 (3,74)EUR3 346,25 ILS

20/01/11 763,31 (1,38)CAD571,03 EUR

20/01/11 15 701,76 0,41DKK2 106,82 EUR

20/01/11 11 256,83 (28,22)EUR1 221 386,00 JPY

20/01/11 9 387,47 (93,28)EUR12 465,74 USD

20/01/11 6 295,51 43,61EUR5 430,97 GBP

20/01/11 2 598,77 (13,33)EUR3 231,94 CHF

20/01/11 1 963,34 (0,10)EUR14 631,21 DKK

20/01/11 958,67 (3,74)EUR1 273,19 CAD

20/01/11 38,00 (0,16)EUR341,46 SEK

20/01/11 229,67 (0,35)AUD174,71 EUR

20/01/11 5 675,08 10,76ILS1 204,92 EUR

20/01/11 24 788,26 (591,25)EUR32 454,00 USD

20/01/11 15 018,66 (249,96)EUR19 808,37 USD

20/01/11 4 090,72 (7,00)EUR19 401,57 ILS

20/01/11 3 871,13 (8,05)EUR4 829,06 CHF

20/01/11 3 057,58 (22,06)EUR2 600,65 GBP

20/01/11 2 594,70 (22,65)EUR12 219,68 ILS

20/01/11 1 229,77 0,12EUR9 165,84 DKK

20/01/11 527,64 (0,11)EUR4 760,02 SEK

20/01/11 328,60 0,45CAD246,87 EUR

20/01/11 2 920,97 0,73SEK324,40 EUR

20/01/11 4 526,14 0,42DKK607,61 EUR

20/01/11 1 004,24 (19,69)AUD745,75 EUR

20/01/11 1 560,97 4,96CAD1 175,55 EUR

20/01/11 276 023,00 (11,60)JPY2 525,66 EUR





250


20/01/11 6 766,12 102,69GBP7 998,50 EUR

20/01/11 10 531,85 (9,61)AUD8 017,90 EUR

20/01/11 1 323 661,00 (274,31)JPY11 893,08 EUR

20/01/11 23 599,56 (452,39)CHF18 423,46 EUR





251


Assets

Investments in securities at market value 39 629 844,56Banks 295 024,06Amounts due from brokers 18 268,38Unrealised profit on forward foreign exchange contracts (Note 8) 104 504,73Other interest receivable 64,20Receivable on subscriptions 41 690,37Other assets 39 958,35Total assets 40 129 354,65

Liabilities

Bank overdrafts (11 431,03)Unrealised loss on forward foreign exchange contracts (Note 8) (76 274,63)Unrealised loss on future contracts (Note 8) (2 716,70)Other interest payable (31,30)Payable on investments purchased (85 665,25)Payable on redemptions (9 665,96)Other liabilities (59 177,65)Total liabilities (244 962,52)



Class I Units 147 839,88948,02EURClass IH Units 226 419,04348,45EURClass R Units 117 745,05347,76EURClass R2 Units 272,64864,11USDClass RH Units 61 734,62047,80EURClass Z Units 260 768,82850,08EURClass ZH Units 3 242,13950,15EUR



252









(1 414 774,11)


(Note 8) 62 480,18







253



Shares 39 570 587,01 99,2138 574 333,46

UNITED STATES 14 718 767,67 36,9114 480 210,00

Finance 14 604 625,40 36,6214 385 408,46

46 306,00 JPMORGAN CHASE & CO USD 1 358 914,96 1 464 202,24 3,68


51 922,00 WELLS FARGO & CO USD 1 275 215,14 1 199 405,75 3,02

302 040,00 CITIGP INC USD 1 409 995,11 1 064 924,30 2,68

103 515,00 BANK OF AMERICA CORP USD 1 725 514,37 1 029 324,36 2,59

5 003,00 GOLDMAN SACHS GP INC USD 520 224,34 627 113,77 1,57

8 710,00 BERKSHIRE HATHAWAY INC -B- USD 457 548,54 520 113,38 1,30

20 066,00 US BANCORP USD 380 215,87 403 399,07 1,01

11 124,00 AMERICAN EXPRESS CORP USD 323 818,61 355 888,40 0,89

9 805,00 METLIFE INC USD 253 210,59 324 799,08 0,81

13 052,00 BANK OF NEW YORK MELLON CORP USD 302 072,46 293 817,15 0,74

6 568,00 AFLAC INC USD 217 380,40 276 271,66 0,69

6 064,00 PRUDENTIAL FINANCIAL INC USD 218 047,20 265 377,69 0,67

12 811,00 MORGAN STANLEY USD 296 138,15 259 839,22 0,65

5 424,00 PNC FINANCIAL SERVICES GP USD 239 895,59 245 496,09 0,62

5 830,00 TRAVELERS COS INC/THE USD 210 546,05 242 100,03 0,61

5 211,00 CHUBB CORP USD 186 460,47 231 660,42 0,58

3 014,00 SIMON PROPERTY GP INC USD 150 578,45 223 519,70 0,56

5 232,00 STATE STREET CORP USD 182 760,86 180 724,45 0,45

738,00 CME GP INC USD 192 644,84 176 997,88 0,44

3 948,00 AMERIPRISE FINANCIAL INC USD 110 853,99 169 361,86 0,42

4 913,00 CAPITAL ONE FINANCIAL CORP USD 156 443,98 155 862,46 0,39

1 712,00 FRANKLIN RESOURCES INC USD 113 302,91 141 919,06 0,36

6 916,00 BB&T CORP USD 141 632,91 135 531,02 0,34

932,00 BLACKROCK INC USD 118 694,62 132 399,51 0,33

9 548,00 DISCOVER FIN SERVICES USD 112 862,75 131 880,62 0,33

10 023,00 SCHWAB (CHARLES) CORP USD 135 570,10 127 832,38 0,32

2 576,00 T ROWE PRICE GP INC USD 87 099,03 123 927,58 0,31

5 996,00 MARSH & MCLENNAN COS USD 94 715,23 122 194,95 0,31

5 379,00 SUNTRUST BANKS INC USD 116 987,76 118 321,56 0,30

4 937,00 ALLSTATE CORP USD 102 003,72 117 320,68 0,29

6 235,00 UNUM GP USD 91 484,44 112 565,09 0,28

2 898,00 EQ RESIDENTIAL USD 74 270,67 112 221,76 0,28

1 760,00 VORNADO REALTY TRUST USD 78 895,45 109 321,90 0,27

3 831,00 HCP INC USD 82 385,25 105 059,44 0,26

1 386,00 PUBLIC STORAGE USD 83 302,28 104 780,38 0,26

9 495,00 FIFTH THIRD BANCORP USD 71 589,78 103 899,67 0,26

3 002,00 AON CORP USD 81 606,67 102 957,04 0,26

6 854,00 PROGRESSIVE CORP USD 82 825,24 101 516,14 0,25

2 444,00 NORTHERN TRUST CORP USD 103 050,09 100 944,46 0,25

4 863,00 HARTFORD FINANCIAL SVCS GRP USD 83 234,38 96 023,91 0,24





254


1 496,00 BOSTON PROPERTIES INC USD 68 912,99 96 012,52 0,24

7 041,00 HOST HOTELS & RESORTS INC USD 53 223,70 93 789,03 0,24

3 177,00 LOEWS CORP USD 78 531,71 92 144,96 0,23

6 669,00 ANNALY CAPITAL MANAGEMENT USD 83 277,68 89 082,39 0,22

5 719,00 CB RICHARD ELLIS GROUP INC -A- USD 80 725,63 87 305,82 0,22

2 985,00 ASSURANT INC USD 75 646,25 85 708,47 0,21

1 903,00 TORCHMARK CORP USD 71 487,51 84 741,69 0,21

4 695,00 INVESCO LTD USD 73 470,98 84 202,38 0,21

3 445,00 PRINCIPAL FINANCIAL GP USD 60 999,90 83 611,64 0,21

14 072,00 REGIONS FINANCIAL CORP USD 100 594,01 73 425,52 0,18

2 045,00 CIT GROUP INC USD 61 488,68 71 797,17 0,18

3 255,00 LINCOLN NATIONAL CORP USD 53 910,71 67 475,35 0,17

4 790,00 NEW YORK COMMUNITY BANCORP USD 53 808,72 67 303,86 0,17

1 694,00 VENTAS INC USD 48 339,09 66 267,47 0,17

2 077,00 COMERICA INC USD 56 630,77 65 396,35 0,16

776,00 AVALONBAY COMMUNITIES INC USD 39 340,21 65 102,90 0,16

5 592,00 PROLOGIS USD 50 914,16 60 190,44 0,15

676,00 INTERCONTINENTALEXCHANGE INC USD 57 729,79 60 039,06 0,15

4 427,00 KIMCO REALTY CORP USD 48 070,93 59 530,45 0,15

888,00 M & T BANK CORP USD 48 663,58 57 620,22 0,14

5 743,00 GENWORTH FINANCIAL INC -A- USD 48 871,15 56 250,62 0,14


5 592,00 HUDSON CITY BANCORP INC USD 58 045,95 53 104,30 0,13

7 935,00 KEYCORP USD 44 364,98 52 345,98 0,13

5 403,00 SLM CORP USD 46 355,90 50 705,36 0,13

1 799,00 PLUM CREEK TIMBER CO USD 43 404,28 50 219,93 0,13

1 163,00 AMERICAN INTL GP USD 28 819,78 49 951,22 0,13

1 346,00 HEALTH CARE REIT INC USD 42 054,54 47 798,02 0,12

1 350,00 MACERICH CO/THE USD 43 626,89 47 668,37 0,12

2 183,00 LEUCADIA NATIONAL CORP USD 41 963,69 47 482,35 0,12

4 000,00 GENERAL GROWTH PROPERTIES USD 49 788,22 46 155,57 0,12

1 676,00 LEGG MASON INC USD 37 179,08 45 312,15 0,11

1 834,00 CINCINNATI FINANCIAL CORP USD 33 524,30 43 322,62 0,11

2 169,00 MOODY'S CORP USD 52 102,50 42 909,52 0,11

4 108,00 PEOPLE'S UNITED FINANCIAL USD 50 189,11 42 900,44 0,11

683,00 FEDERAL REALTY INVS TRUST USD 28 934,19 39 675,14 0,10

1 490,00 AMB PROPERTY CORP USD 24 598,08 35 218,89 0,09

2 474,00 TD AMERITRADE HLDG CORP USD 30 782,38 35 020,13 0,09

1 542,00 EATON VANCE CORP USD 31 541,33 34 746,87 0,09

3 229,00 OLD REPUBLIC INTL CORP USD 27 209,63 32 806,28 0,08

1 567,00 WR BERKLEY CORP USD 25 689,73 31 981,26 0,08

5 914,00 MARSHALL & ILSLEY CORP USD 55 259,32 30 505,67 0,08

744,00 TRANSATLANTIC HLDG INC USD 27 832,13 28 627,54 0,07

550,00 ERIE INDEMNITY COMPANY-CL A USD 26 622,39 26 840,97 0,07

1 062,00 LIBERTY PROPERTY TRUST USD 20 967,89 25 268,56 0,06

1 361,00 SEI INVESTMENTS CO USD 22 748,05 24 134,91 0,06

1 198,00 JEFFERIES GP INC (NEW) USD 19 889,45 23 780,51 0,06

660,00 REGENCY CENTERS CORP USD 17 214,41 20 780,74 0,05

1 155,00 NASDAQ OMX GP/THE USD 17 166,87 20 412,99 0,05





255


63,00 WHITE MOUNTAINS INSURANCE GP USD 15 877,84 15 759,98 0,04

1 471,00 FIDELITY NATIONAL FINL -A- USD 14 649,55 15 000,02 0,04

1 409,00 DUKE REALTY CORP USD 10 646,08 13 086,46 0,03

11,00 FIRST HORIZON NATIONAL CORP USD 214,26 96,59 0,00

4,00 FOREST CITY ENTERPRISES -A- USD 30,05 49,76 0,00

6,00 COLONIAL BANCGP INC USD 89,77 0,04 0,00

Raw materials 114 142,27 0,2994 801,54

6 000,00 WEYERHAEUSER CO USD 70 685,73 84 663,26 0,22

753,00 RAYONIER INC USD 24 115,81 29 479,01 0,07

GREAT-BRITAIN 3 923 474,22 9,844 045 995,88

Finance 3 923 474,22 9,844 045 995,88

182 431,00 HSBC HLDG PLC GBP 1 547 602,21 1 386 249,92 3,47

27 632,00 STANDARD CHARTERED PLC GBP 451 517,60 556 445,31 1,40

115 684,00 BARCLAYS PLC GBP 451 599,45 353 255,75 0,89

412 566,00 LLOYDS BANKING GP PLC GBP 296 406,32 316 339,92 0,79

26 966,00 PRUDENTIAL PLC GBP 183 792,78 210 226,85 0,53

39 824,00 AVIVA PLC GBP 169 984,93 182 655,45 0,46

92 677,00 LEGAL & GENERAL GP PLC GBP 92 257,12 104 644,92 0,26

60 197,00 OLD MUTUAL PLC GBP 76 457,03 86 482,48 0,22

184 755,00 ROYAL BANK OF SCOTLAND GP PLC GBP 214 009,06 84 243,19 0,21

24 356,00 STANDARD LIFE PLC GBP 56 143,57 61 398,10 0,15

39 549,00 RSA INSURANCE GP PLC GBP 52 666,00 57 787,65 0,14

9 233,00 BRITISH LAND CO PLC GBP 47 001,99 56 517,58 0,14

16 116,00 MAN GP PLC GBP 55 349,13 55 672,94 0,14

6 653,00 LAND SECURITIES GP PLC GBP 48 662,68 52 332,64 0,13

2 002,00 WILLIS GP HLDG LTD USD 41 288,41 51 678,48 0,13

7 462,00 ICAP PLC GBP 36 075,01 46 591,24 0,12

2 442,00 ADMIRAL GP PLC GBP 37 849,93 43 177,10 0,11

6 101,00 INVESTEC PLC GBP 27 461,52 37 523,80 0,09

8 895,00 3I GP PLC GBP 29 492,26 34 101,74 0,09

8 678,00 ASHMORE GP PLC GBP 36 867,94 33 938,24 0,09


1 153,00 SCHRODERS PLC GBP 13 676,42 24 961,37 0,06


3 792,00 LIBERTY INTERNATIONAL PLC GBP 14 793,92 18 480,94 0,05

4 674,00 SEGRO PLC GBP 15 121,80 15 622,73 0,04

32,00 GREAT PORTLAND ESTATES PLC GBP 95,48 134,75 0,00

JAPAN 3 579 982,31 8,983 749 700,76

Finance 3 579 982,31 8,983 749 700,76

131 481,00 MITSUBISHI UFJ FIN GP JPY 640 531,18 530 484,96 1,34

13 704,00 SUMITOMO MITSUI FIN GP JPY 445 615,00 364 242,99 0,92

216 512,00 MIZUHO FIN GP INC JPY 415 488,17 304 452,09 0,77

12 760,00 MITSUBISHI ESTATE CO LTD JPY 128 506,95 176 612,41 0,45

7 817,00 TOKIO MARINE HLDG INC JPY 148 032,63 174 363,45 0,45

34 646,00 NOMURA HLDG INC JPY 228 369,41 163 985,67 0,42





256


9 040,00 MITSUI FUDOSAN CORP LTD JPY 103 816,40 134 511,94 0,34

90,00 DAI-ICHI MUTUAL LIFE INSURANCE JPY 113 491,73 109 102,04 0,27

5 812,00 MITSUI SUMITOMO INSURANCE GP JPY 98 088,90 108 701,51 0,27

29 110,00 CHUO MITSUI TRUST HLDG JPY 92 342,04 90 160,78 0,23

1 147,00 ORIX CORP JPY 69 209,92 84 227,86 0,21

15 247,00 NKSJ HOLDINGS INC JPY 63 516,71 83 797,52 0,21

18 443,00 DAIWA SECURITIES GP INC JPY 80 179,46 70 852,21 0,18

1 347,00 DAITO TRUST CONSTRUCT CORP LTD JPY 53 487,99 68 831,61 0,17

3 855,00 SUMITOMO REALTY & DEVELOPMNT JPY 48 083,32 68 698,58 0,17

13 077,00 SUMITOMO TRUST & BANKING CO JPY 57 119,80 61 535,20 0,15

3 006,00 T&D HLDG INC JPY 48 495,80 56 911,73 0,14

12 728,00 BANK OF YOKOHAMA LTD/THE JPY 50 556,58 49 247,91 0,12

6 594,00 SHIZUOKA BANK LTD/THE JPY 46 035,89 45 391,69 0,11

4 461,00 DAIWA HOUSE INDUSTRY CORP LTD JPY 31 910,62 40 917,43 0,10

7 985,00 CHIBA BANK LTD/THE JPY 36 364,82 38 748,46 0,10

5,00 JAPAN REAL ESTATE INVESTMENT JPY 31 987,01 38 692,58 0,10

5,00 NIPPON BUILDING FD INC JPY 30 295,34 38 279,00 0,10

3 000,00 CENTURY TOKYO LEASING CORP JPY 34 090,77 36 422,49 0,09

25,00 JAPAN RETAIL FD INVESTMENT JPY 19 036,63 35 774,55 0,09

10 166,00 FUKUOKA FIN GP INC JPY 31 924,59 32 981,50 0,08

6 348,00 RESONA HLDG INC JPY 69 301,45 28 412,63 0,07

237,00 SBI HLDG INC JPY 29 576,35 26 835,19 0,07

7 120,00 TOKYU LAND CORP JPY 17 030,88 26 698,43 0,07

5 928,00 HACHIJUNI BANK LTD/THE JPY 25 128,47 24 734,87 0,06

3 117,00 YAMAGUCHI FIN GP INC JPY 27 468,61 23 548,01 0,06

10,00 JAPAN PRIME REALTY INVESTMENT JPY 14 013,18 22 976,59 0,06

9 980,00 NISHI-NIPPON CITY BANK LTD JPY 26 486,26 22 655,47 0,06

1 781,00 CREDIT SAISON CORP LTD JPY 17 717,14 21 851,98 0,05

5 299,00 GUNMA BANK LTD/THE JPY 21 480,52 21 720,73 0,05

4,00 NOMURA REAL ESTATE OFFICE FD JPY 15 226,65 21 542,85 0,05

3 579,00 IYO BANK LTD/THE JPY 28 685,25 21 380,64 0,05

7,00 SONY FINANCIAL HLDG INC JPY 13 861,33 21 133,87 0,05

1 552,00 NOMURA REAL ESTATE HLDG JPY 15 168,89 21 096,26 0,05

3 000,00 SURUGA BANK LTD JPY 19 154,70 20 844,36 0,05

5 084,00 77 BANK LTD/THE JPY 21 657,77 20 138,56 0,05

5 695,00 JOYO BANK LTD/THE JPY 20 338,51 18 685,62 0,05

5 174,00 TOKYO TATEMONO CORP LTD JPY 11 406,05 17 879,68 0,04

5 080,00 SAPPORO HOKUYO HLDG INC JPY 13 187,45 17 741,60 0,04

22 613,00 MIZUHO TRUST & BANKING CO JPY 17 636,73 17 457,54 0,04

1 773,00 CHUGOKU BANK LTD/THE JPY 16 921,09 16 017,98 0,04

2 033,00 BANK OF KYOTO LTD/THE JPY 14 034,30 14 387,11 0,04

13 663,00 SHINSEI BANK LTD JPY 21 096,33 13 310,60 0,03

8 472,00 HOKUHOKU FIN GP INC JPY 13 615,65 12 847,41 0,03

8,00 SEVEN BANK LTD JPY 16 578,67 12 638,96 0,03

1 186,00 AEON CREDIT SERVICE CO LTD JPY 9 071,93 12 513,31 0,03

550,00 JAFCO CORP LTD JPY 11 956,85 11 929,45 0,03

10 100,00 SENSHU IKEDA HLDG INC JPY 19 199,77 10 767,75 0,03

2 000,00 MATSUI SECURITIES CORP LTD JPY 10 031,73 10 624,38 0,03

12,00 NTT URBAN DEVELOPMENT CORP JPY 8 109,89 8 823,01 0,02





257


281,00 MITSUBISHI UFJ LEASE & FINAN JPY 6 397,08 8 315,87 0,02

2 560,00 HIROSHIMA BANK LTD/THE JPY 7 241,19 8 046,59 0,02

354,00 AEON MALL CO LTD JPY 4 199,38 7 092,60 0,02

588,00 ACOM CO LTD JPY 18 086,33 5 431,11 0,01

770,00 SHINKO SECURITIES CORP LTD JPY 1 832,79 1 648,89 0,00

210,00 AOZORA BANK LTD JPY 223,93 324,25 0,00

CANADA 3 398 993,93 8,522 658 131,29

Finance 3 398 993,93 8,522 658 131,29

10 680,00 TORONTO-DOMINION BANK CAD 463 786,95 594 891,22 1,50

14 804,00 ROYAL BANK OF CANADA CAD 467 374,28 581 054,22 1,46

10 636,00 BANK OF NOVA SCOTIA CAD 320 806,04 455 600,60 1,14

5 172,00 CAN IMPERIAL BANK OF COMMERCE CAD 240 245,22 303 918,05 0,76

5 814,00 BANK OF MONTREAL CAD 199 148,07 250 704,22 0,63

19 033,00 MANULIFE FINANCIAL CORP CAD 224 011,26 244 873,18 0,61

5 559,00 BROOKFIELD ASSET MANAGEMENT -A- CAD 81 947,23 138 453,71 0,35

5 502,00 SUN LIFE FINANCIAL INC CAD 104 263,87 124 279,99 0,31

1 638,00 NATIONAL BANK OF CANADA CAD 53 519,78 84 197,87 0,21

2 926,00 POWER FINANCIAL CORP CAD 50 789,20 67 453,85 0,17

2 400,00 TMX GP INC CAD 59 692,68 66 544,64 0,17

2 368,00 INDUSTRIAL ALLIANCE INSURANCE CAD 58 411,53 65 390,91 0,16

3 148,00 POWER CORP OF CANADA CAD 51 708,29 65 345,21 0,16

206,00 FAIRFAX FINANCIAL HLDG LTD CAD 53 375,78 63 204,76 0,16

3 120,00 GREAT-WEST LIFECO INC CAD 51 490,29 61 791,45 0,15

1 392,00 INTACT FINANCIAL CORP CAD 37 850,14 53 111,12 0,13

1 328,00 IGM FINANCIAL INC CAD 35 438,97 43 296,98 0,11

2 087,00 CI FINANCIAL CORP CAD 26 375,61 35 226,93 0,09

2 310,00 BROOKFIELD PROPERTIES CORP CAD 19 890,75 30 430,31 0,08

1 400,00 GENWORTH MI CANADA INC CAD 27 822,25 28 976,74 0,07

1 360,00 RIOCAN REAL ESTATE INVST TRUST CAD 19 596,76 22 445,61 0,06

785,00 ONEX CORPORATION CAD 10 586,34 17 802,36 0,04

AUSTRALIA 3 110 426,71 7,802 431 906,22

Finance 3 110 426,71 7,802 431 906,22

16 120,00 COMMONWEALTH BANK AUSTRALIA AUD 418 932,91 625 338,99 1,56

30 921,00 WESTPAC BANKING CORP AUD 388 883,77 524 741,48 1,31

26 206,00 AUST & NZ BANKING GP AUD 315 277,18 467 553,09 1,17

21 348,00 NATIONAL AUSTRALIA BANK LTD AUD 344 970,77 386 588,42 0,97

21 916,00 WESTFIELD GP AUD 163 578,25 160 424,28 0,40

11 090,00 QBE INSURANCE GP LTD AUD 151 925,46 153 798,28 0,39

3 353,00 MACQUARIE GP LTD AUD 94 939,53 94 819,13 0,24

14 306,00 SUNCORP GROUP LTD AUD 77 376,55 94 116,26 0,24

22 903,00 AMP LTD AUD 86 197,13 92 574,49 0,23

25 776,00 STOCKLAND AUD 63 549,27 70 902,46 0,18

22 395,00 INSURANCE AUSTRALIA GP AUD 54 625,65 66 393,58 0,17

2 034,00 ASX LTD AUD 44 796,14 58 560,55 0,15

14 859,00 CHALLENGER FINANCIAL SERVICE AUD 44 912,85 53 361,83 0,13

21 039,00 GPT GP AUD 37 510,68 47 262,40 0,12





258


21 916,00 WESTFIELD RETAIL TRUST AUD 0,00 43 036,58 0,11

8 259,00 AXA ASIA PACIFIC HLDG AUD 28 938,00 39 819,90 0,10

41 379,00 MIRVAC GP AUD 39 578,58 38 731,06 0,10

5 137,00 LEND LEASE GROUP AUD 27 725,50 33 873,78 0,08

4 095,00 BENDIGO AND ADELAIDE BANK AUD 25 952,41 31 132,95 0,08

45 102,00 DEXUS PROPERTY GP AUD 22 235,59 27 397,20 0,07

HONG KONG 1 683 605,36 4,221 336 619,68

Finance 1 683 605,36 4,221 336 619,68

19 541,00 CHEUNG KONG HLDG LTD HKD 180 801,43 224 664,12 0,55

15 248,00 SUN HUNG KAI PROPERTIES HKD 152 774,49 188 758,65 0,46

11 046,00 HONG KONG EXCHANGES & CLEAR HKD 114 446,90 186 734,73 0,47

74 000,00 AIA GROUP LTD HKD 169 116,16 155 042,55 0,39

10 603,00 SWIRE PACIFIC LTD -A- HKD 92 902,69 129 935,36 0,33

8 430,00 HANG SENG BANK LTD HKD 96 862,35 103 306,15 0,26

39 917,00 BOC HONG KONG HLDG LTD HKD 51 536,61 101 239,81 0,25

15 214,00 WHARF HLDG LTD HKD 59 582,07 87 239,33 0,22

22 430,00 HANG LUNG PROPERTIES LTD HKD 58 666,29 78 181,04 0,20

25 841,00 LINK REIT HKD 42 671,02 59 840,36 0,15

11 361,00 HENDERSON LAND DEVELOPMENT CO LTD HKD 54 478,57 57 737,79 0,14

16 519,00 BANK OF EAST ASIA HKD 35 021,58 51 558,76 0,13

64 000,00 FIRST PACIFIC CO HKD 43 785,10 42 958,17 0,11

25 474,00 NEW WORLD DEVELOPMENT HKD 35 297,70 35 662,99 0,09

25 458,00 SINO LAND CO HKD 37 242,49 35 494,12 0,09

6 303,00 HANG LUNG GP LTD HKD 23 056,15 30 884,17 0,08

7 774,00 KERRY PROPERTIES LTD HKD 27 946,86 30 190,29 0,08

6 783,00 HYSAN DEVELOPMENT CO HKD 12 935,13 23 805,13 0,06

9 450,00 HOPEWELL HLDG HKD 22 551,91 22 110,03 0,06

6 364,00 WHEELOCK & CORP LTD HKD 13 636,02 19 191,93 0,05

1 850,00 WING HANG BANK LTD HKD 11 308,16 19 069,88 0,05

SWITZERLAND 1 651 594,46 4,141 616 602,50

Finance 1 651 594,46 4,141 616 602,50

37 646,00 UBS AG (REGD) CHF 587 247,52 462 126,51 1,17

11 834,00 CREDIT SUISSE GP AG (REGD) CHF 390 867,91 356 501,08 0,89

1 471,00 ZURICH FIN SERVICES AG CHF 221 981,77 284 918,39 0,71

3 644,00 ACE LTD USD 125 979,49 169 087,25 0,42

3 788,00 SWISS RE (REGD) CHF 121 727,09 152 374,27 0,38

2 002,00 JULIUS BAER GP LTD CHF 26 409,80 70 124,84 0,18

200,00 HELVETIA HLDG AG CHF 44 105,18 57 499,30 0,14

574,00 BALOISE HLDG (REGD) CHF 32 180,69 41 772,16 0,10

265,00 SWISS LIFE HLDG AG (REGD) CHF 22 607,15 28 652,09 0,07

1 801,00 GAM HLDG AG (REGD) CHF 37 725,04 22 252,35 0,06

99,00 PARGESA HLDG SA -BRD- CHF 5 770,86 6 286,22 0,02





259


FRANCE 1 438 760,54 3,611 740 618,77

Finance 1 438 760,54 3,611 740 618,77

11 692,00 BNP PARIBAS EUR 662 083,67 556 656,12 1,40

6 406,00 SOCIETE GENERALE -A- EUR 353 151,84 257 649,32 0,65

17 841,00 AXA SA EUR 283 439,46 222 120,45 0,56

983,00 UNIBAIL-RODAMCO SE EUR 147 403,40 145 484,00 0,36


1 572,00 SCOR SE EUR 25 890,84 29 868,00 0,07

1 022,00 KLEPIERRE EUR 28 494,39 27 588,89 0,07

7 396,00 NATIXIS EUR 20 589,16 25 886,00 0,06

432,00 EURAZEO EUR 20 478,81 23 971,68 0,06

1 408,00 CNP ASSURANCES EUR 25 287,68 19 015,04 0,05

175,00 GECINA SA (REGD) EUR 12 738,56 14 404,25 0,04

123,00 FONCIERE DES REGIONS EUR 8 801,35 8 905,20 0,02

110,00 ICADE EUR 7 634,98 8 398,50 0,02

GERMANY 1 079 772,16 2,711 119 589,15

Finance 1 079 772,16 2,711 119 589,15

4 674,00 ALLIANZ SE (REGD) EUR 387 374,35 415 658,82 1,05

7 162,00 DEUTSCHE BANK AG (REGD) EUR 319 306,70 280 034,20 0,70

1 864,00 MUENCHENER RUECKVERSICHERUNG AG (REGD) EUR 196 098,27 211 470,80 0,53

1 914,00 DEUTSCHE BOERSE AG EUR 122 317,69 99 145,20 0,25


694,00 HANNOVER RUECKVERSICHERUNG (REGD) EUR 24 914,93 27 853,69 0,07

SPAIN 1 052 636,04 2,641 348 076,66

Finance 1 052 636,04 2,641 348 076,66

75 459,00 BANCO SANTANDER SA EUR 698 122,09 598 238,95 1,50

42 828,00 BANCO BILBAO VIZCAYA ARG EUR 462 586,36 323 779,68 0,81



7 350,00 BANCO POPULAR ESPANOL (REGD) EUR 54 248,51 28 224,00 0,07


4 056,00 MAPFRE SA EUR 11 573,13 8 428,37 0,02

1 242,00 BANKINTER SA EUR 9 741,04 5 161,75 0,01

SWEDEN 769 000,69 1,93589 118,30

Finance 769 000,69 1,93589 118,30

32 665,00 NORDEA BANK AB SEK 212 608,74 264 934,55 0,67

5 276,00 SVENSKA HANDELSBANKEN AB -A- SEK 88 392,73 125 713,76 0,32

15 645,00 SKANDINAVISKA ENSKILDA -A- SEK 65 356,49 97 315,06 0,24

5 482,00 KINNEVIK INVESTMENT AB SEK 70 121,15 83 272,42 0,21

7 764,00 SWEDBANK AB -A- SEK 56 961,63 80 747,67 0,20

4 906,00 INVESTOR AB -B- SEK 62 747,52 78 276,24 0,20

1 600,00 INDUSTRIVARDEN AB-C SHS SEK 18 564,55 20 933,58 0,05





260


645,00 RATOSAB -B- SEK 14 365,49 17 807,41 0,04

SINGAPORE 683 940,96 1,71541 374,80

Finance 683 940,96 1,71541 374,80

26 277,00 OVERSEA-CHINESE BANKING CORP SGD 100 904,90 151 062,93 0,37

17 211,00 DEV BANK SINGAPORE GP HLDG LTD SGD 112 910,81 143 408,31 0,35

12 254,00 UNITED OVERSEAS BANK LTD SGD 108 495,43 129 770,05 0,33

22 582,00 CAPITALAND LTD SGD 43 958,41 48 748,53 0,12

8 907,00 SINGAPORE EXCHANGE LTD SGD 34 138,77 43 638,39 0,11

5 638,00 CITY DEVELOPMENTS LTD SGD 30 578,39 41 204,05 0,10

26 800,00 GUOCOLAND LTD SGD 36 500,14 40 232,75 0,10

20 430,00 CAPITAMALL TRUST SGD 17 482,98 23 180,79 0,06

18 000,00 GLOBAL LOGISTIC PROPERTIES L SGD 23 648,91 22 623,07 0,06

7 000,00 KEPPEL LAND LTD SGD 14 061,32 19 550,80 0,05

8 422,00 ASCENDAS REAL ESTATE INV TRT SGD 8 210,36 10 144,04 0,03

7 386,00 CAPITAMALLS ASIA LTD SGD 9 211,35 8 337,51 0,02

738,00 UOL GP LTD SGD 1 273,03 2 039,74 0,01

ITALY 659 108,01 1,65981 577,60

Finance 659 108,01 1,65981 577,60

140 563,00 UNICREDIT SPA EUR 338 258,06 217 591,52 0,55

11 577,00 ASSICURAZIONI GENERALI EUR 197 619,18 164 509,17 0,41

78 372,00 INTESA SANPAOLO EUR 264 300,36 159 095,16 0,40


4 832,00 MEDIOBANCA EUR 43 046,52 32 181,12 0,08



367,00 EXOR SPA EUR 4 780,66 9 057,56 0,02


876,00 BANCA CARIGE SPA EUR 1 691,40 1 373,57 0,00

810,00 BENI STABILI SPA EUR 0,00 512,73 0,00

NETHERLANDS 479 922,27 1,20558 121,80

Finance 479 922,27 1,20558 121,80

48 846,00 ING GROEP NV -PART CERT- EUR 432 421,55 355 598,88 0,89

17 587,00 AEGON NV EUR 83 789,24 80 478,11 0,20

637,00 CORIO NV EUR 29 155,31 30 585,56 0,08

879,00 DELTA LLOYD NV EUR 12 755,70 13 259,72 0,03

BERMUDA 342 796,36 0,86289 934,85

Finance 342 796,36 0,86289 934,85

1 155,00 PARTNERRE LTD USD 64 318,23 69 176,88 0,18

3 681,00 XL CAPITAL LTD -A- USD 47 044,84 59 870,61 0,15

3 744,00 MONTPELIER RE HOLDINGS LTD USD 47 908,99 55 648,59 0,14

632,00 ARCH CAPITAL GP LTD USD 30 803,44 41 480,08 0,10

594,00 EVEREST REINSURANCE GP LTD USD 34 374,88 37 555,87 0,09





261


1 159,00 AXIS CAPITAL HLDG LTD USD 24 952,68 30 997,67 0,08

615,00 RENAISSANCERE HLDG LTD USD 22 155,10 29 197,09 0,07

827,00 VALIDUS HLDG LTD USD 18 376,69 18 869,57 0,05

DENMARK 161 918,59 0,41138 434,14

Finance 161 918,59 0,41138 434,14

4 894,00 DANSKE BANK A/S BEARER SHS DKK 74 970,79 93 912,05 0,24

1 566,00 JYSKE BANK (REGD) DKK 45 244,58 54 426,81 0,14

393,00 TRYGVESTA AS DKK 18 218,77 13 579,73 0,03

NORWAY 156 043,51 0,39119 211,68

Finance 156 043,51 0,39119 211,68

14 857,00 DNB NOR ASA NOK 119 211,68 156 043,51 0,39

BELGIUM 142 869,92 0,36180 992,77

Finance 142 869,92 0,36180 992,77

892,00 GP BRUXELLES LAMBERT SA EUR 60 542,57 56 133,56 0,14

1 711,00 KBC GROEP NV EUR 49 942,04 43 630,50 0,11

19 962,00 FORTIS EUR 55 796,61 34 135,02 0,09

3 293,00 DEXIA SA EUR 14 244,10 8 561,80 0,02

11,00 CNP (CIE NATL A PORTEFEUILLE) EUR 467,45 402,60 0,00

805,00 GPE BRUX LAMBERT -STRIP VVPR- EUR 0,00 6,44 0,00

ISRAEL 120 785,30 0,30101 364,62

Finance 120 785,30 0,30101 364,62

13 000,00 BANK LEUMI LE-ISRAEL ILS 42 634,81 49 716,91 0,13

9 500,00 BANK HAPOALIM BM ILS 28 744,12 36 931,45 0,09

10 400,00 ISRAEL DISCOUNT BANK -A- ILS 15 971,78 17 719,69 0,04

2 000,00 MIZRAHI TEFAHOT BANK LTD ILS 14 013,91 16 417,25 0,04

AUSTRIA 112 835,66 0,28103 465,04

Finance 112 835,66 0,28103 465,04

1 705,00 ERSTE GP BANK AG EUR 54 780,41 59 913,70 0,15


303,00 RAIFFEISEN BANK INTERNATIONAL HOLDING AG EUR 11 617,01 12 423,00 0,03

125,00 VIENNA INSURANCE GP EUR 4 387,50 4 861,88 0,01

FINLAND 112 807,11 0,2895 698,22

Finance 112 807,11 0,2895 698,22

4 719,00 SAMPO OYJ -A- EUR 77 314,86 94 615,95 0,23






262


GREECE 85 751,95 0,22217 995,44

Finance 85 751,95 0,22217 995,44

10 888,00 NATIONAL BANK OF GREECE EUR 174 684,76 65 872,40 0,17

3 691,00 ALPHA BANK AE EUR 29 510,39 14 025,80 0,04


GUERNSEY 40 702,83 0,1046 262,85

Finance 40 702,83 0,1046 262,85

14 898,00 RESOLUTION LTD GBP 46 262,85 40 702,83 0,10

PORTUGAL 29 741,89 0,0743 495,15

Finance 29 741,89 0,0743 495,15



IRELAND 17 625,00 0,0419 953,19

Finance 17 625,00 0,0419 953,19


CYPRUS 16 723,56 0,0419 882,10

Finance 16 723,56 0,0419 882,10


Other shares 58 393,69 0,1547 682,52

AUSTRALIA 55 365,58 0,1445 190,69

Finance 55 365,58 0,1445 190,69

65 554,00 GOODMAN GP AUD 24 981,19 32 557,86 0,08

16 960,00 CFS RETAIL PROPERTY TRUST AUD 20 209,50 22 807,72 0,06

CANADA 3 028,11 0,012 491,83

Finance 3 028,11 0,012 491,83

157,00 GREAT-WEST LIFECO INC 5.90% PERP -PFD F- CAD 2 491,83 3 028,11 0,01

Warrants 855,86 0,00319,19

HONG KONG 560,78 0,00319,19

Finance 560,78 0,00319,19

3 249,00 HENDERSON L-CW11 WTS 01/06/2011 HKD 319,19 560,78 0,00





263


FRANCE 220,99 0,000,00

Finance 220,99 0,000,00

385,00 FONCIERE DES REGIONS WTS 31/12/2010 EUR 0,00 220,99 0,00

ITALY 74,09 0,000,00

Finance 74,09 0,000,00

8 737,00 MEDIOBANCA SPA-CW11 WTS 18/03/2011 EUR 0,00 48,05 0,00


UNQUOTED 8,00 0,00101 960,66

Shares 1,21 0,00101 960,66

IRELAND 1,21 0,00101 960,66

Finance 1,21 0,00101 960,66


MALTA 0,00 0,000,00

Finance 0,00 0,000,00

147 606,00 BGP HLDG AUD 0,00 0,00 0,00

Rights 6,79 0,000,00

AUSTRIA 6,79 0,000,00

Finance 6,79 0,000,00


Total Portfolio 39 629 844,56 99,3638 724 295,83





264


100 85,00 BCO SANTANDER 18/03/11 7,82 EUR (1 691,50) 66 461,50Purchase

(2 716,70) 152 617,90

110 20,00 DEUTSCHE BANK 18/03/11 39,16 EUR (1 025,20) 86 156,40Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


265


20/01/11 71 254,62 (1 447,89)EUR93 627,57 USD

28 230,10

20/01/11 27 652,36 442,38USD21 055,79 EUR

20/01/11 25 290,49 (504,98)EUR258 405,57 HKD

20/01/11 60 431,22 1 216,40USD46 264,76 EUR

20/01/11 78 447,31 1 258,55USD59 736,98 EUR

20/01/11 130 421,41 (16,82)ILS27 426,75 EUR

20/01/11 336 725,00 24,69DKK45 196,82 EUR

20/01/11 360 067,53 (604,76)NOK45 520,74 EUR

20/01/11 436 073,53 (3 378,99)SGD250 361,27 EUR

20/01/11 2 428 137,24 (1 295,89)SEK267 761,14 EUR

20/01/11 676 107,08 (13 039,03)CHF527 737,77 EUR

20/01/11 6 296 010,48 8 294,54HKD612 097,84 EUR

20/01/11 1 504 928,08 (27 521,64)AUD1 119 553,23 EUR

20/01/11 1 592 885,74 2 133,41CAD1 196 653,89 EUR

20/01/11 134 332 520,00 (26 044,15)JPY1 208 770,24 EUR

20/01/11 1 216 233,50 14 455,53GBP1 433 755,08 EUR

20/01/11 7 138 376,68 74 465,04USD5 395 757,05 EUR

20/01/11 38 151,16 (535,06)EUR32 227,16 GBP

20/01/11 24 457,08 228,96EUR32 382,28 AUD

20/01/11 24 811,25 (600,57)EUR32 472,33 USD

20/01/11 2 482 639,00 (159,25)JPY22 661,72 EUR

20/01/11 67 630,02 (1 125,60)EUR89 198,38 USD

20/01/11 20 978,76 176,65GBP24 658,09 EUR

20/01/11 100 455,43 1 808,58USD76 692,93 EUR





266


Assets


Liabilities

Unrealised loss on forward foreign exchange contracts (Note 8) (30 205,64)Other interest payable (26,19)Payable on redemptions (41 935,90)Other liabilities (43 615,80)Total liabilities (115 783,53)






267







Net investment income / (loss) (154 605,38)


914 301,14


(Note 8) 70 076,08






268



Shares 27 136 617,42 99,4323 167 288,98

UNITED STATES 20 710 128,88 75,8916 735 978,83

Computing and IT 20 637 373,49 75,6216 664 473,70

10 020,00 APPLE INC USD 1 111 418,37 2 409 191,76 8,84


101 043,00 MICROSOFT CORP USD 1 905 063,93 2 102 881,41 7,71

16 361,00 IBM USD 1 324 714,83 1 789 825,47 6,57

3 196,00 GOOGLE INC -A- USD 1 090 591,85 1 415 025,99 5,18

52 131,00 ORACLE CORP USD 793 567,61 1 216 279,90 4,46

72 176,00 INTEL CORP USD 1 069 190,17 1 131 423,56 4,15

74 027,00 CISCO SYSTEMS INC USD 1 210 939,67 1 116 295,49 4,09

30 420,00 HEWLETT-PACKARD CO USD 929 442,35 954 628,60 3,50

20 791,00 QUALCOMM INC USD 633 250,26 766 983,41 2,81

26 664,00 EMC CORP/MASS USD 302 410,93 455 149,34 1,67

15 407,00 TEXAS INSTRUMENTS INC USD 286 393,84 373 245,50 1,37

6 365,00 VISA INC -A- USD 309 431,45 333 918,75 1,22

15 125,00 EBAY INC USD 284 823,95 313 763,00 1,15

19 973,00 CORNING INC USD 256 996,10 287 636,21 1,05

22 867,00 DELL INC USD 316 838,00 230 962,58 0,85

1 381,00 MASTERCARD INC -A- USD 195 924,84 230 700,24 0,85

6 484,00 AUTOMATIC DATA PROCESSING USD 194 918,90 223 681,20 0,82

3 937,00 COGNIZANT TECH SOLUTIONS -A- USD 106 392,77 215 081,61 0,79

16 538,00 YAHOO! INC USD 236 821,05 205 006,85 0,75

29 055,00 MOTOROLA INC USD 219 926,13 196 436,10 0,72

4 613,00 NETAPP INC USD 103 144,45 188 983,25 0,69

5 789,00 BROADCOM CORP -A- USD 116 476,97 187 925,12 0,69

17 726,00 APPLIED MATERIALS INC USD 191 807,16 185 643,70 0,68

6 694,00 JUNIPER NETWORKS INC USD 115 530,64 184 221,59 0,67

6 895,00 ADOBE SYSTEMS INC USD 164 605,86 158 196,19 0,58

18 138,00 XEROX CORP USD 143 499,15 155 752,50 0,57

1 529,00 SALESFORCE.COM INC USD 69 371,41 150 443,89 0,55

3 922,00 INTUIT INC USD 86 608,21 144 127,76 0,53

10 313,00 SYMANTEC CORP USD 127 474,65 128 686,68 0,47

2 394,00 CITRIX SYSTEMS INC USD 63 122,77 122 077,85 0,45

8 664,00 WESTERN UNION CO USD 123 084,44 119 928,80 0,44

3 075,00 SANDISK CORP USD 59 359,74 114 285,34 0,42


4 051,00 ALTERA CORPORATION USD 70 478,31 107 438,84 0,39

1 031,00 F5 NETWORKS INC USD 61 507,56 100 029,79 0,37

5 248,00 CA INC USD 87 436,65 95 606,66 0,35

4 142,00 PAYCHEX INC USD 96 449,06 95 433,80 0,35

2 209,00 AMPHENOL CORP -A- USD 59 652,98 86 907,70 0,32

2 524,00 RED HAT INC USD 46 202,93 85 886,18 0,31

7 256,00 NVIDIA CORP USD 75 881,74 83 293,50 0,31





269


1 905,00 FISERV INC USD 65 554,47 83 155,16 0,30

2 915,00 AUTODESK INC USD 77 408,36 83 003,24 0,30

2 360,00 AKAMAI TECHNOLOGIES USD 57 922,71 82 768,44 0,30

2 306,00 BMC SOFTWARE INC USD 50 410,27 81 029,29 0,30

3 084,00 WESTERN DIGITAL CORP USD 56 529,83 77 930,45 0,29


2 082,00 COMPUTER SCIENCES CORP USD 69 351,50 76 976,04 0,28

3 470,00 XILINX INC USD 63 917,67 74 958,52 0,27

12 083,00 MICRON TECHNOLOGY INC USD 62 054,39 72 234,10 0,26

7 507,00 ACTIVISION BLIZZARD INC USD 56 111,70 69 611,33 0,26

3 392,00 FIDELITY NATIONAL INFORMATION USD 70 676,12 69 253,39 0,25

2 250,00 TERADATA CORP USD 40 391,41 69 032,09 0,25

1 977,00 MCAFEE INC USD 53 381,76 68 245,59 0,25

3 827,00 MAXIM INTEGRATED PRODUCTS USD 47 454,76 67 380,08 0,25

971,00 VMWARE INC -A- USD 42 188,04 64 352,14 0,24

2 506,00 MICROCHIP TECHNOLOGY INC USD 59 218,99 63 903,89 0,23

1 300,00 CREE INC USD 64 979,13 63 849,28 0,23


1 562,00 LAM RESEARCH CORP USD 42 214,42 60 288,74 0,22

4 819,00 SAIC INC USD 65 891,37 56 970,92 0,21

2 282,00 VERISIGN INC USD 46 809,95 55 572,24 0,20

1 614,00 HARRIS CORP USD 59 279,50 54 499,80 0,20

4 058,00 ELECTRONIC ARTS INC USD 116 449,95 49 547,20 0,18

2 141,00 FLIR SYSTEMS INC USD 44 875,87 47 478,48 0,17

1 866,00 AVNET INC USD 34 963,61 45 942,37 0,17

3 226,00 NUANCE COMMUNICATIONS INC USD 32 428,15 43 717,10 0,16

7 030,00 ADVANCED MICRO DEVICES USD 70 226,73 42 864,90 0,16

1 599,00 ARROW ELECTRONICS INC USD 33 895,40 40 822,74 0,15

8 929,00 LSI CORP USD 37 601,93 39 867,85 0,15

800,00 DOLBY LABORATORIES INC -A- USD 16 985,86 39 774,89 0,15

721,00 ALLIANCE DATA SYSTEMS CORP USD 33 118,38 38 174,22 0,14

1 831,00 SYNOPSYS INC USD 30 340,32 36 727,82 0,13

3 219,00 NATIONAL SEMICONDUCTOR CORP USD 47 972,18 33 016,62 0,12

1 290,00 LENDER PROCESSING SERVICES INC USD 29 690,54 28 385,67 0,10

2 115,00 TOTAL SYSTEM SERVICES INC USD 27 218,62 24 247,10 0,09

2 699,00 MEMC ELECTRONIC MATERIALS USD 90 089,66 22 653,45 0,08

Industries 72 755,39 0,2771 505,13

750,00 FIRST SOLAR INC USD 71 505,13 72 755,39 0,27

JAPAN 3 272 258,65 11,993 206 036,24

Computing and IT 3 259 916,55 11,943 193 867,90

14 767,00 CANON INC JPY 454 069,47 571 373,28 2,08

1 280,00 NINTENDO CORP LTD JPY 293 934,48 280 336,45 1,02

58 588,00 HITACHI LTD JPY 223 063,67 233 153,60 0,85

51 500,00 TOSHIBA CORP JPY 196 510,35 209 206,44 0,77

5 930,00 FUJIFILM HLDG CORP JPY 144 375,22 160 013,38 0,59

2 100,00 KYOCERA CORP JPY 131 779,44 159 999,78 0,59





270


2 600,00 MURATA MANUFACTURING CO LTD JPY 109 010,76 135 966,27 0,50

24 750,00 FUJITSU LTD JPY 123 761,97 128 519,55 0,47

540,00 KEYENCE CORP JPY 79 309,80 116 728,43 0,43

2 250,00 TOKYO ELECTRON LTD JPY 94 636,33 106 289,70 0,39

5 600,00 HOYA CORP JPY 107 274,49 101 494,03 0,37

9 000,00 RICOH CORP LTD JPY 116 496,29 98 431,71 0,36

1 587,00 TDK CORP JPY 82 799,54 82 408,30 0,30

35 000,00 NEC CORP JPY 110 361,02 78 488,03 0,29

1 300,00 ROHM CORP LTD JPY 80 962,37 63 323,48 0,23

184,00 YAHOO! JAPAN CORP JPY 48 004,17 53 268,93 0,20

2 600,00 OMRON CORP JPY 41 567,93 51 399,55 0,19

6 500,00 KONICA MINOLTA HLDG INC JPY 58 139,28 50 419,83 0,18

4 510,00 NIPPON ELECTRIC GLASS CO LTD JPY 45 933,65 48 579,13 0,18

17,00 NTT DATA CORP JPY 54 574,05 43 919,29 0,16

1 651,00 TREND MICRO INC JPY 40 215,08 40 680,80 0,15

1 690,00 IBIDEN CORP LTD JPY 46 189,75 39 793,43 0,15

3 500,00 BROTHER INDUSTRIES LTD JPY 27 602,43 38 729,34 0,14

2 100,00 ADVANTEST CORP JPY 40 745,38 35 454,72 0,13

400,00 HIROSE ELECTRIC CORP LTD JPY 33 469,51 33 637,73 0,12

1 800,00 SEIKO EPSON CORP JPY 39 405,55 24 483,85 0,09

800,00 HAMAMATSU PHOTONICS KK JPY 19 124,84 21 822,25 0,08

1 300,00 NOMURA RESEARCH INSTITUTE JPY 20 476,38 21 601,67 0,08

3 000,00 YASKAWA ELECTRIC CORP JPY 25 352,77 21 175,22 0,08

1 300,00 KONAMI CORP JPY 24 560,31 20 621,95 0,08

2 200,00 ELPIDA MEMORY INC JPY 47 937,41 19 107,33 0,07

500,00 ORACLE CORP JAPAN JPY 17 824,98 18 335,32 0,07

1 660,00 SUMCO CORP JPY 44 371,89 17 697,49 0,06

3 000,00 SHIMADZU CORP JPY 20 902,81 17 397,87 0,06

2 900,00 YOKOGAWA ELECTRIC CORP JPY 19 693,99 17 217,74 0,06

1 200,00 MITSUMI ELECTRIC CORP LTD JPY 26 415,52 16 476,97 0,06

900,00 HITACHI HIGH-TECHNOLOGIES CORP JPY 12 003,74 15 699,44 0,06

3 000,00 CITIZEN HLDG CORP LTD JPY 17 524,44 15 440,27 0,06

100,00 OBIC CORP LTD JPY 16 761,75 15 366,74 0,06

800,00 SQUARE ENIX CORP LTD JPY 17 524,54 10 587,61 0,04

200,00 OTSUKA CORP JPY 19 169,90 10 183,22 0,04

300,00 ITOCHU TECHNO-SOLUTIONS CORP JPY 7 566,90 8 395,65 0,03

800,00 SHINKO ELECTRIC INDUSTRIES JPY 12 463,75 6 690,78 0,02

Consumer retail 12 342,10 0,0512 168,34

1 300,00 GREE INC JPY 12 168,34 12 342,10 0,05

GERMANY 538 042,33 1,97452 436,33

Computing and IT 538 042,33 1,97452 436,33

11 148,00 SAP AG EUR 385 341,99 424 738,80 1,56

13 856,00 INFINEON TECHNOLOGIES AG EUR 55 577,28 96 479,33 0,35






271


FINLAND 371 334,24 1,36627 907,81

Computing and IT 371 334,24 1,36627 907,81

47 976,00 NOKIA CORP EUR 627 907,81 371 334,24 1,36

CANADA 343 612,93 1,26338 346,51

Computing and IT 343 612,93 1,26338 346,51

6 313,00 RESEARCH IN MOTION CAD 295 437,18 275 015,69 1,00

3 293,00 CGI GP INC -A- CAD 23 325,60 42 490,32 0,16

761,00 OPEN TEXT CORP CAD 19 583,73 26 106,92 0,10

SWEDEN 333 950,66 1,22337 052,31

Computing and IT 333 950,66 1,22337 052,31

38 540,00 ERICSSON LM -B- SEK 337 052,31 333 950,66 1,22

IRELAND 303 471,39 1,11214 234,02

Industries 303 471,39 1,11214 234,02

8 396,00 ACCENTURE PLC -A- USD 214 234,02 303 471,39 1,11

NETHERLANDS 230 529,29 0,84197 868,95

Computing and IT 230 529,29 0,84197 868,95

5 665,00 ASML HLDG NV EUR 107 781,70 163 718,50 0,60


FRANCE 226 939,54 0,83327 655,20

Computing and IT 226 939,54 0,83327 655,20


1 838,00 CAP GEMINI SA EUR 67 442,79 64 201,34 0,24

805,00 DASSAULT SYSTEMES SA EUR 30 717,76 45 418,10 0,17

409,00 NEOPOST SA EUR 33 817,14 26 666,80 0,10

578,00 ATOS ORIGIN SA EUR 22 385,41 23 027,52 0,08

GREAT-BRITAIN 190 573,92 0,70144 449,63

Computing and IT 190 573,92 0,70144 449,63

17 648,00 ARM HLDG PLC GBP 55 261,65 87 184,43 0,32



SWITZERLAND 184 928,12 0,68156 908,21

Computing and IT 184 928,12 0,68156 908,21

5 816,00 TYCO ELECTRONICS LTD USD 123 971,70 153 469,05 0,56

2 210,00 LOGITECH INTERNATIONAL (REGD) CHF 32 936,51 31 459,07 0,12





272


BERMUDA 101 533,79 0,3782 104,24

Computing and IT 101 533,79 0,3782 104,24

7 343,00 MARVELL TECHNOLOGY GP LTD USD 82 104,24 101 533,79 0,37

SINGAPORE 89 120,09 0,33100 172,97

Computing and IT 89 120,09 0,33100 172,97

10 153,00 FLEXTRONICS INTL LTD USD 72 069,85 59 409,68 0,22

1 400,00 AVAGO TECHNOLOGIES LTD USD 28 103,12 29 710,41 0,11

CAYMAN ISLANDS 66 974,28 0,2584 442,39

Computing and IT 66 974,28 0,2584 442,39

5 978,00 SEAGATE TECHNOLOGY USD 84 442,39 66 974,28 0,25

SPAIN 54 811,02 0,2054 348,31

Computing and IT 54 811,02 0,2054 348,31



AUSTRALIA 48 712,83 0,1832 702,36

Computing and IT 48 712,83 0,1832 702,36

5 914,00 COMPUTERSHARE LTD AUD 32 702,36 48 712,83 0,18

HONG KONG 23 062,78 0,0814 839,32

Computing and IT 23 062,78 0,0814 839,32

2 448,00 ASM PACIFIC TECHNOLOGY HKD 14 839,32 23 062,78 0,08

ISRAEL 20 100,61 0,0718 420,78

Computing and IT 20 100,61 0,0718 420,78

764,00 NICE SYSTEMS LTD ILS 18 420,78 20 100,61 0,07

CHINA 13 662,54 0,0529 686,16

Computing and IT 13 662,54 0,0529 686,16

26 240,00 FOXCONN INTERNATIONAL HLDG HKD 29 686,16 13 662,54 0,05

NORWAY 12 869,53 0,0511 698,41

Industries 12 869,53 0,0511 698,41


Total Portfolio 27 136 617,42 99,4323 167 288,98





273


20/01/11 28 096,39 (570,92)EUR36 918,26 USD

86 013,59

20/01/11 21 614,17 (453,51)EUR28 381,52 USD

20/01/11 10 200,63 97,87EUR1 120 214,00 JPY

20/01/11 6 269,08 10,31EUR683 037,00 JPY

20/01/11 2 550,36 5,75EUR3 408,02 CAD

20/01/11 2 188,86 (4,56)EUR19 709,24 SEK

20/01/11 1 283,69 (7,79)EUR1 701,14 CAD

20/01/11 1 265,29 (3,12)EUR1 081,35 GBP

20/01/11 673,23 (6,57)EUR571,15 GBP

20/01/11 420,43 2,81EUR555,19 AUD

20/01/11 241,89 2,83EUR305,91 CHF

20/01/11 137,96 0,79EUR1 082,80 NOK

20/01/11 104,95 0,10EUR137,80 AUD

20/01/11 73,64 0,44EUR92,60 CHF

20/01/11 44,52 (0,96)EUR454,10 HKD

20/01/11 37,87 (0,27)EUR178,64 ILS

20/01/11 14,04 0,10EUR110,38 NOK

20/01/11 2,61 0,01EUR4,50 SGD

20/01/11 1,99 (0,01)EUR3,40 SGD

20/01/11 0,56 0,00EUR4,17 DKK

20/01/11 0,42 0,00EUR3,15 DKK

20/01/11 330,74 0,64ILS70,24 EUR

20/01/11 2 373,36 4,40HKD232,01 EUR

20/01/11 17 229,17 13,01SEK1 922,14 EUR

20/01/11 2 621,72 (52,30)EUR3 446,21 USD

20/01/11 1 186,21 19,01EUR131 097,00 JPY

20/01/11 354,51 (2,82)EUR301,31 GBP

20/01/11 207,33 (4,14)EUR2 118,44 HKD

20/01/11 141,27 (0,48)EUR187,71 CAD

20/01/11 22,10 0,47EUR28,21 CHF

20/01/11 2,75 0,02EUR4,76 SGD

20/01/11 0,59 0,00EUR4,41 DKK

20/01/11 572,64 (0,80)NOK72,56 EUR

20/01/11 512,50 0,66ILS108,50 EUR

20/01/11 380,77 (5,88)AUD284,35 EUR

20/01/11 42 941,67 13,33SEK4 771,61 EUR

20/01/11 22 270,31 (590,21)EUR29 078,21 USD

20/01/11 7 624,23 (113,29)EUR10 014,22 CAD

20/01/11 7 493,47 (71,08)EUR807 367,00 JPY

20/01/11 1 927,93 (10,34)EUR17 302,66 SEK

20/01/11 694,85 (14,47)EUR912,55 USD

20/01/11 28,56 (0,34)EUR134,05 ILS

20/01/11 1,05 0,00DKK0,14 EUR

20/01/11 2,00 0,00DKK0,27 EUR

20/01/11 1,14 0,01SGD0,67 EUR

20/01/11 2,16 0,01SGD1,27 EUR

20/01/11 6,43 0,05AUD4,95 EUR

20/01/11 16,32 0,13GBP19,17 EUR





274


20/01/11 37,28 0,04CHF29,86 EUR

20/01/11 299,22 (0,06)NOK38,27 EUR

20/01/11 78,64 (0,24)CHF62,66 EUR

20/01/11 503,54 1,11ILS107,07 EUR

20/01/11 905,09 (0,44)NOK115,50 EUR

20/01/11 164,36 0,64AUD125,92 EUR

20/01/11 3 177,39 6,18HKD310,90 EUR

20/01/11 3 460,76 8,71HKD340,61 EUR

20/01/11 4 646,66 1,59SEK516,48 EUR

20/01/11 821,42 5,80CAD621,79 EUR

20/01/11 2 765,50 31,58GBP3 258,82 EUR

20/01/11 452 347,00 11,24JPY4 169,31 EUR

20/01/11 253,85 (0,30)EUR316,95 CHF

20/01/11 86,02 0,18EUR672,67 NOK

20/01/11 39,83 (0,63)EUR186,25 ILS

20/01/11 72,79 0,14HKD7,12 EUR

20/01/11 9,90 0,05AUD7,60 EUR

20/01/11 25,08 0,10GBP29,37 EUR

20/01/11 74,84 0,88CAD57,00 EUR

20/01/11 4 086,27 0,62SEK453,41 EUR

20/01/11 992 186,00 86,24JPY9 206,63 EUR

20/01/11 23 965,93 384,49USD18 249,86 EUR

20/01/11 1 579,69 0,11DKK212,03 EUR

20/01/11 1 703,94 (13,20)SGD978,28 EUR

20/01/11 9 518,68 (15,99)NOK1 203,38 EUR

20/01/11 33 661,18 (4,34)ILS7 078,72 EUR

20/01/11 16 314,01 (314,62)CHF12 733,96 EUR

20/01/11 174 787,92 230,27HKD16 992,87 EUR

20/01/11 24 449,46 (447,12)AUD18 188,56 EUR

20/01/11 59 281,13 704,58GBP69 883,47 EUR

20/01/11 1 090 485,14 (581,99)SEK120 252,49 EUR

20/01/11 187 114,69 250,61CAD140 569,73 EUR

20/01/11 134 391 982,00 (26 055,67)JPY1 209 305,30 EUR

20/01/11 10 897 947,71 113 683,56USD8 237 542,06 EUR

20/01/11 13 218,37 (319,96)EUR17 299,86 USD

20/01/11 7 407,85 52,83EUR811 531,00 JPY

20/01/11 80,63 0,76EUR106,76 AUD

20/01/11 54,21 0,45EUR426,58 NOK

20/01/11 41,99 0,42EUR53,02 CHF

20/01/11 31,95 (0,16)EUR151,01 ILS

20/01/11 4,27 0,01EUR7,36 SGD

20/01/11 0,92 0,00EUR6,82 DKK

20/01/11 3 119,44 6,94HKD306,10 EUR

20/01/11 591,87 9,76GBP700,45 EUR

20/01/11 10 295,14 4,21SEK1 144,99 EUR

20/01/11 1 788,65 (3,25)CAD1 338,08 EUR

20/01/11 16 835,17 (167,29)EUR22 355,62 USD

20/01/11 1 945,82 (7,59)EUR2 584,21 CAD

20/01/11 260,16 (2,32)EUR2 688,12 HKD

20/01/11 36,03 (0,18)EUR44,81 CHF





275


20/01/11 3,37 (0,01)EUR5,77 SGD

20/01/11 0,72 0,00EUR5,34 DKK

20/01/11 27,57 (0,04)AUD20,97 EUR

20/01/11 2 436,17 4,62ILS517,24 EUR

20/01/11 833,74 (6,62)GBP966,32 EUR

20/01/11 15 477,92 6,38SEK1 721,46 EUR

20/01/11 210 986,00 4,48JPY1 943,91 EUR

20/01/11 32 291,60 (11,22)NOK4 125,41 EUR

20/01/11 12 800,53 (213,05)EUR16 882,83 USD

20/01/11 457,91 (1,07)EUR609,10 CAD

20/01/11 185,63 (3,11)EUR1 902,94 HKD

20/01/11 92,85 2,26EUR118,89 CHF

20/01/11 50,83 1,32EUR68,41 AUD

20/01/11 31,46 (0,75)EUR320,18 HKD

20/01/11 23,65 (0,21)EUR111,38 ILS

20/01/11 8,09 0,09EUR63,84 NOK

20/01/11 3,18 (0,01)EUR5,44 SGD

20/01/11 0,68 0,00EUR5,05 DKK

20/01/11 7,20 0,00DKK0,97 EUR

20/01/11 7,77 (0,05)SGD4,47 EUR

20/01/11 39,81 0,06CHF31,90 EUR

20/01/11 167,01 0,53CAD125,77 EUR

20/01/11 189,00 (0,17)AUD143,89 EUR

20/01/11 850,66 0,23ILS179,23 EUR

20/01/11 2 044,41 (2,03)NOK259,86 EUR

20/01/11 344,00 5,22GBP406,66 EUR

20/01/11 625,70 5,27GBP735,44 EUR

20/01/11 12 113,16 3,02SEK1 345,26 EUR

20/01/11 22 218,12 (0,10)SEK2 461,85 EUR

20/01/11 272 141,00 (56,40)JPY2 445,18 EUR

20/01/11 1 465 203,00 (61,59)JPY13 406,88 EUR

20/01/11 29 376,79 528,90USD22 427,78 EUR





276


Assets

Investments in securities at market value 12 865 410,93Banks 103 557,17Amounts due from brokers 15 141,85Unrealised profit on forward foreign exchange contracts (Note 8) 25 845,09Other interest receivable 59,48Receivable on subscriptions 5 025,57Other assets 43 156,96Total assets 13 058 197,05

Liabilities

Bank overdrafts (222,05)Unrealised loss on forward foreign exchange contracts (Note 8) (18 243,28)Unrealised loss on future contracts (Note 8) (2 432,00)Other interest payable (59,08)Payable on redemptions (3 409,17)Other liabilities (24 564,17)Total liabilities (48 929,75)






277









38 391,70


(Note 8) 10 400,51







278



Shares 12 865 410,93 98,8911 626 779,58

UNITED STATES 4 209 180,18 32,373 554 225,66


47 154,00 VERIZON COMMUNICATIONS INC USD 1 071 572,94 1 257 627,46 9,67


54 269,00 AT&T INC USD 1 088 892,81 1 188 493,32 9,14

9 067,00 AMERICAN TOWER CORP -A- USD 279 168,01 349 014,11 2,68

6 877,00 CENTURYTEL INC USD 170 840,91 236 674,81 1,82

6 485,00 CROWN CASTLE INTL CORP USD 169 736,62 211 872,50 1,63

65 969,00 SPRINT NEXTEL CORP USD 252 702,74 208 004,82 1,60

35 399,00 QWEST COMMUNICATIONS INTL USD 120 964,42 200 802,35 1,54

22 181,00 FRONTIER COMMUNICATIONS CORP USD 88 996,88 160 874,46 1,24

3 907,00 NII HLDG INC USD 101 962,31 130 063,45 1,00

10 857,00 WINDSTREAM CORP USD 83 856,71 112 814,71 0,87

2 298,00 SBA COMMUNICATIONS CORP -A- USD 57 711,02 70 127,93 0,54

5 497,00 METROPCS COMMUNICATIONS INC USD 39 762,36 51 751,41 0,40

1 140,00 TELEPHONE AND DATA SYSTEMS USD 28 057,93 31 058,85 0,24

GREAT-BRITAIN 1 632 739,74 12,561 460 981,18


590 101,00 VODAFONE GP PLC GBP 1 002 763,00 1 141 842,17 8,79

175 332,00 BT GP PLC GBP 333 519,62 369 960,04 2,84

9 632,00 INMARSAT PLC GBP 73 842,25 75 709,31 0,58

58 986,00 CABLE & WIRELESS WORLDWIDE GBP 50 856,31 45 228,22 0,35

JAPAN 1 356 339,18 10,431 141 143,15


18 303,00 SOFTBANK CORP JPY 329 779,28 472 855,76 3,64

254,00 NTT DOCOMO INC JPY 292 824,16 331 020,97 2,54

66,00 KDDI CORP JPY 265 561,12 284 486,94 2,19

7 934,00 NIPPON TELEGRAPH & TELEPHONE JPY 252 978,59 267 975,51 2,06

SPAIN 1 054 289,93 8,101 060 542,51



CANADA 551 981,11 4,24481 743,70


9 859,00 ROGERS COMMUNICATIONS -B- CAD 238 465,58 255 905,03 1,96

5 630,00 BCE INC CAD 122 113,04 149 260,47 1,15

3 261,00 TELUS CORP -NON VOTE- CAD 88 359,52 105 805,14 0,81





279


1 202,00 TELUS CORP CAD 32 805,56 41 010,47 0,32

GERMANY 515 692,86 3,96541 019,01


53 412,00 DEUTSCHE TEL AG (REGD) EUR 541 019,01 515 692,86 3,96

FRANCE 495 455,97 3,81535 412,54


30 126,00 FRANCE TEL SA EUR 511 613,15 469 814,97 3,61

315,00 ILIAD SA EUR 23 799,39 25 641,00 0,20

SWEDEN 450 264,74 3,46357 532,92


53 553,00 TELIASONERA AB SEK 265 287,80 316 484,63 2,43

8 643,00 TELE2 AB -B- SEK 92 245,12 133 780,11 1,03

NETHERLANDS 386 578,92 2,97393 354,75


35 401,00 KONINKLIJKE KPN NV EUR 393 354,75 386 578,92 2,97

SINGAPORE 359 817,34 2,77327 648,77


175 861,00 SINGAPORE TEL LTD SGD 283 676,62 312 100,58 2,40

31 181,00 STARHUB LTD SGD 43 972,15 47 716,76 0,37

ITALY 315 744,66 2,43361 821,21




NORWAY 254 757,33 1,96205 624,37


20 955,00 TELENOR ASA NOK 205 624,37 254 757,33 1,96

AUSTRALIA 208 558,76 1,60214 811,18


97 832,00 TELSTRA CORPORATION LTD AUD 214 811,18 208 558,76 1,60

SWITZERLAND 171 613,58 1,32134 463,62


522,00 SWISSCOM AG (REGD) CHF 134 463,62 171 613,58 1,32





280


ISRAEL 169 644,13 1,30146 736,36


52 132,00 BEZEQ THE ISRAELI TEL CP ILS 98 778,03 118 723,71 0,91

1 991,00 PARTNER COMMUNICATIONS CORP LTD ILS 28 603,87 30 172,38 0,23

543,00 CELLCOM ISRAEL LTD USD 12 611,97 13 231,46 0,10

310,00 CELLCOM ISRAEL LTD ILS ILS 6 742,49 7 516,58 0,06

BELGIUM 153 025,52 1,18151 636,09


4 229,00 BELGACOM SA EUR 113 176,12 106 253,63 0,82

930,00 TELENET GP HLDG NV EUR 20 812,14 27 416,40 0,21

399,00 MOBISTAR SA EUR 17 647,83 19 355,49 0,15

LUXEMBOURG 150 200,91 1,15121 915,06


2 097,00 MILLICOM INTL CELLULAR -SDR- SEK 121 915,06 150 200,91 1,15

PORTUGAL 108 269,60 0,83108 604,49



AUSTRIA 78 226,72 0,6081 723,02



NEW ZEALAND 63 828,81 0,4964 656,43


50 513,00 TEL CORP OF NEW ZEALAND NZD 64 656,43 63 828,81 0,49

FINLAND 50 827,48 0,3946 961,10


3 124,00 ELISA OYJ -A- EUR 46 961,10 50 827,48 0,39

HONG KONG 35 686,94 0,2724 972,33


108 189,00 PCCW LTD HKD 24 972,33 35 686,94 0,27

GREECE 34 297,35 0,2651 189,00







281


PHILIPPINES 17 373,93 0,1316 577,33


400,00 PHILIPPINE LONG DIST ADR USD 16 577,33 17 373,93 0,13

MEXICO 14 959,56 0,1114 664,96


350,00 AMERICA MOVIL -ADR L- USD 14 664,96 14 959,56 0,11

INDONESIA 13 286,87 0,1013 834,76


500,00 TELEKOMUNIK INDONESIA -ADR- USD 13 834,76 13 286,87 0,10

TURKEY 12 768,81 0,1012 984,08


1 000,00 TURKCELL ILETISIM HIZMET -ADR- USD 12 984,08 12 768,81 0,10

Total Portfolio 12 865 410,93 98,8911 626 779,58





282


100 45,00 DEUTSCHE TEL 18/03/11 9,67 EUR (949,50) 43 506,00Purchase

(2 432,00) 125 313,50

100 25,00 FRANCE TELECOM 18/03/11 15,73 EUR (865,00) 39 320,00Purchase

100 25,00 TELEFONICA 18/03/11 17,00 EUR (617,50) 42 487,50Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


283


20/01/11 5 731,06 (120,25)EUR7 525,44 USD

7 601,81

20/01/11 4 246,19 9,56EUR5 674,13 CAD

20/01/11 3 514,97 5,78EUR382 968,00 JPY

20/01/11 927,98 8,90EUR101 909,00 JPY

20/01/11 804,37 (4,88)EUR1 065,95 CAD

20/01/11 691,87 4,63EUR913,64 AUD

20/01/11 498,14 1,04EUR857,75 SGD

20/01/11 347,77 (7,49)EUR3 547,63 HKD

20/01/11 283,15 (2,68)EUR1 332,48 ILS

20/01/11 251,54 6,98EUR444,57 NZD

20/01/11 52,89 0,31EUR66,50 CHF

20/01/11 28,38 0,02EUR37,26 AUD

20/01/11 8,94 0,21EUR15,73 NZD

20/01/11 58,94 (0,04)NOK7,51 EUR

20/01/11 625,75 1,16HKD61,17 EUR

20/01/11 201,02 (1,90)CHF158,88 EUR

20/01/11 2 235,10 (2,29)NOK284,03 EUR

20/01/11 5 497,85 4,15SEK613,36 EUR

20/01/11 9 750,06 15,40ILS2 067,03 EUR

20/01/11 1 914,40 22,21GBP2 256,24 EUR

20/01/11 3 961,87 10,36SGD2 315,67 EUR

20/01/11 4 445,38 68,00USD3 381,80 EUR

20/01/11 38 010,98 7,61SEK4 219,53 EUR

20/01/11 3 890,41 9,80GBP4 549,76 EUR

20/01/11 4 917,57 (39,02)EUR4 179,64 GBP

20/01/11 4 778,36 76,58EUR528 093,00 JPY

20/01/11 2 228,59 88,78EUR3 985,16 NZD

20/01/11 475,78 9,66EUR636,78 AUD

20/01/11 425,34 9,01EUR542,96 CHF

20/01/11 189,46 1,14EUR327,52 SGD

20/01/11 97,15 (0,63)EUR458,56 ILS

20/01/11 80,26 (0,28)EUR106,64 CAD

20/01/11 28,15 (0,08)EUR253,28 SEK

20/01/11 671,14 1,29HKD65,65 EUR

20/01/11 9 609,92 (13,42)NOK1 217,63 EUR

20/01/11 1 892,95 28,89USD1 439,99 EUR

20/01/11 5 442,52 (113,32)EUR7 147,74 USD

20/01/11 4 746,83 (25,46)EUR42 601,59 SEK

20/01/11 2 518,58 (37,42)EUR3 308,09 CAD

20/01/11 2 443,08 (6,31)EUR265 058,00 JPY

20/01/11 2 402,36 (7,97)EUR21 604,89 SEK

20/01/11 2 136,16 (20,26)EUR230 156,00 JPY

20/01/11 2 127,65 (15,14)EUR3 630,00 SGD

20/01/11 2 024,69 (40,74)EUR20 683,99 HKD

20/01/11 1 221,70 (12,57)EUR2 077,69 SGD

20/01/11 1 087,12 (28,81)EUR1 419,45 USD

20/01/11 257,86 (1,68)EUR219,48 GBP

20/01/11 117,79 (1,17)EUR99,91 GBP





284


20/01/11 89,52 1,61EUR156,71 NZD

20/01/11 31,72 (0,33)EUR41,18 AUD

20/01/11 26,37 (0,04)EUR32,91 CHF

20/01/11 10,09 0,02EUR17,38 NZD

20/01/11 6,91 0,02AUD5,29 EUR

20/01/11 105,16 0,23ILS22,36 EUR

20/01/11 676,23 1,72ILS144,01 EUR

20/01/11 1 720,16 4,33HKD169,30 EUR

20/01/11 269,47 (0,82)CHF214,71 EUR

20/01/11 3 663,23 (0,74)NOK468,53 EUR

20/01/11 1 670,84 11,80CAD1 264,78 EUR

20/01/11 12 632,19 (6,27)NOK1 611,94 EUR

20/01/11 1 639,11 (15,58)EUR176 599,00 JPY

20/01/11 1 377,05 (2,02)EUR12 407,09 SEK

20/01/11 853,80 (2,85)EUR729,04 GBP

20/01/11 378,10 (0,44)EUR472,09 CHF

20/01/11 287,86 (4,59)EUR377,68 CAD

20/01/11 254,54 0,52EUR1 990,44 NOK

20/01/11 105,08 (0,82)EUR136,77 AUD

20/01/11 33,18 0,38EUR57,71 NZD

20/01/11 20,87 (0,42)EUR213,19 HKD

20/01/11 608,20 1,96ILS129,94 EUR

20/01/11 892,64 4,20SGD523,60 EUR

20/01/11 3 704,53 59,43USD2 820,97 EUR

20/01/11 31,91 0,00DKK4,28 EUR

20/01/11 136 940,76 180,41HKD13 313,37 EUR

20/01/11 34 660,03 (913,10)NZD19 237,83 EUR

20/01/11 224 470,29 (28,95)ILS47 204,60 EUR

20/01/11 69 021,89 (1 262,25)AUD51 347,09 EUR

20/01/11 75 435,74 (1 454,82)CHF58 881,63 EUR

20/01/11 619 840,97 (1 041,08)NOK78 362,02 EUR

20/01/11 169 568,12 (1 313,93)SGD97 353,51 EUR

20/01/11 240 834,00 322,56CAD180 926,31 EUR

20/01/11 1 754 249,82 (936,23)SEK193 448,68 EUR

20/01/11 39 095 843,00 (7 579,83)JPY351 797,85 EUR

20/01/11 458 590,71 5 450,58GBP540 608,99 EUR

20/01/11 1 824 538,91 19 032,95USD1 379 132,70 EUR

20/01/11 11 097,85 (268,63)EUR14 524,58 USD

20/01/11 6 046,28 43,12EUR662 371,00 JPY

20/01/11 1 663,30 (6,12)EUR14 953,00 SEK

20/01/11 1 124,95 3,60EUR1 939,23 SGD

20/01/11 569,80 5,71EUR719,42 CHF

20/01/11 313,83 0,79EUR419,48 CAD

20/01/11 203,47 1,72EUR1 601,28 NOK

20/01/11 174,59 (0,92)EUR825,11 ILS

20/01/11 15,63 (0,36)EUR159,25 HKD

20/01/11 304,00 (2,27)AUD229,44 EUR

20/01/11 831,36 (14,61)NZD468,73 EUR

20/01/11 979,58 16,15GBP1 159,28 EUR

20/01/11 9 223,53 63,90EUR7 956,90 GBP





285


20/01/11 1 482,60 (14,73)EUR1 968,76 USD

20/01/11 930,78 (3,72)EUR8 364,98 SEK

20/01/11 657,34 (1,65)EUR71 322,00 JPY

20/01/11 405,94 2,45EUR702,31 NZD

20/01/11 119,97 0,22EUR157,66 AUD

20/01/11 105,73 0,30EUR827,45 NOK

20/01/11 87,56 0,22CAD65,88 EUR

20/01/11 87,52 0,36CHF70,36 EUR

20/01/11 2 515,65 2,10HKD243,36 EUR

20/01/11 1 039,39 2,29SGD607,09 EUR

20/01/11 2 941,33 5,58ILS624,50 EUR

20/01/11 7 177,34 (119,46)EUR9 466,31 USD

20/01/11 4 653,33 113,32EUR5 958,58 CHF

20/01/11 2 916,05 (21,04)EUR2 480,27 GBP

20/01/11 2 003,06 21,61EUR15 800,16 NOK

20/01/11 1 582,40 (6,12)EUR2 708,57 SGD

20/01/11 1 294,29 (16,99)EUR1 094,31 GBP

20/01/11 623,64 (2,95)EUR827,55 CAD

20/01/11 150,85 (0,26)EUR715,46 ILS

20/01/11 139,18 (2,33)EUR1 426,75 HKD

20/01/11 111,48 (0,98)EUR524,99 ILS

20/01/11 101,90 (2,42)EUR1 037,11 HKD

20/01/11 17,13 (0,01)NOK2,18 EUR

20/01/11 222,78 (3,43)NZD126,09 EUR

20/01/11 346,10 0,50CHF277,32 EUR

20/01/11 390,35 (0,36)AUD297,17 EUR

20/01/11 5 925,50 1,48SEK658,07 EUR

20/01/11 13 586,34 (0,06)SEK1 505,42 EUR

20/01/11 2 602,97 3,55CAD1 955,54 EUR

20/01/11 5 108,95 (131,84)NZD2 838,44 EUR

20/01/11 5 105,83 91,93USD3 898,06 EUR

20/01/11 603 213,00 (25,36)JPY5 519,51 EUR

20/01/11 17 697,66 (347,11)AUD13 142,27 EUR

20/01/11 33 622,95 (219,36)SGD19 344,99 EUR

20/01/11 9 463 914,00 (1 961,27)JPY85 033,13 EUR





286


Assets

Investments in securities at market value 33 383 694,23Banks 24 939,66Unrealised profit on forward foreign exchange contracts (Note 8) 105 010,86Other interest receivable 3,22Receivable on investments sold 158 788,81Receivable on subscriptions 9 569,54Other assets 55 084,60Total assets 33 737 090,92

Liabilities




Class I Units 15 739,26596,74EURClass IH Units 25 295,728103,64EURClass R Units 68 811,78296,33EURClass R2 Units 623,175129,29USDClass RH Units 55 809,584102,36EURClass Z Units 109 815,499100,76EURClass ZH Units 53 976,192107,37EUR



287









(3 213 220,86)


(Note 8) 21 869,78






288



Shares 33 337 712,36 99,7934 005 940,71

UNITED STATES 13 445 839,60 40,2513 215 134,58

Multi-Utilities 13 445 839,60 40,2513 215 134,58

38 521,00 SOUTHERN CO USD 989 206,08 1 097 728,62 3,30


30 636,00 EXELON CORP USD 1 078 691,42 950 902,34 2,86

27 296,00 DOMINION RESOURCES INC/VA USD 798 538,67 869 207,35 2,60

61 079,00 DUKE ENERGY CORP USD 767 240,24 810 865,78 2,43

18 286,00 FPL GP INC USD 703 797,52 708 649,80 2,12

18 080,00 P G & E CORP USD 576 292,06 644 737,21 1,93

22 171,00 AMERICAN ELECTRIC POWER USD 576 282,36 594 620,09 1,78

23 387,00 PUBLIC SERVICE ENTERPRISE GP USD 566 686,74 554 538,01 1,66

13 052,00 CONSOLIDATED EDISON INC USD 433 150,69 482 268,75 1,44

8 794,00 ENTERGY CORP USD 518 759,95 464 298,03 1,39

13 697,00 PROGRESS ENERGY INC USD 416 744,68 443 923,49 1,33

22 346,00 PPL CORPORATION USD 498 418,23 438 408,35 1,31

10 863,00 SEMPRA ENERGY USD 405 274,60 424 948,93 1,27

14 277,00 EDISON INTERNATIONAL USD 386 172,02 410 787,67 1,23

14 053,00 FIRSTENERGY CORP USD 461 127,93 387 791,78 1,16

21 177,00 XCEL ENERGY INC USD 330 663,10 371 747,87 1,11

31 005,00 AES CORP USD 301 414,22 281 495,96 0,84

8 003,00 DTE ENERGY CO USD 255 315,22 270 355,90 0,81

5 549,00 WISCONSIN ENERGY CORP USD 201 775,61 243 460,28 0,73

11 314,00 AMEREN CORPORATION USD 267 325,52 237 741,17 0,71

18 806,00 CENTERPOINT ENERGY INC USD 201 405,08 220 364,74 0,66

9 071,00 CONSTELLATION ENERGY GP USD 273 834,22 207 107,25 0,62

8 334,00 NORTHEAST UTILITIES USD 160 003,26 198 045,48 0,59

4 778,00 ONEOK INC USD 147 786,90 197 559,29 0,59

12 072,00 NRG ENERGY INC USD 220 358,54 175 831,60 0,53

13 093,00 NISOURCE INC USD 158 208,13 171 964,27 0,51

5 569,00 SCANA CORP USD 154 717,52 168 537,44 0,50

16 770,00 CALPINE CORP USD 148 035,51 166 756,21 0,50

5 119,00 PINNACLE WEST CAPITAL USD 142 739,49 158 162,24 0,47

8 241,00 AMERICAN WATER WORKS CO INC USD 130 156,38 155 353,80 0,47

4 707,00 NSTAR USD 123 669,83 148 029,02 0,44

7 900,00 ALLEGHENY ENERGY INC USD 182 952,24 142 742,35 0,43

10 366,00 PEPCO HLDG INC USD 151 293,53 141 015,62 0,42

5 129,00 ALLIANT ENERGY CORP USD 128 573,89 140 578,68 0,42

3 569,00 INTEGRYS ENERGY GP INC USD 119 121,61 129 053,85 0,39

8 256,00 MDU RESOURCES GP INC USD 131 348,89 124 743,11 0,37

3 100,00 ENERGEN CORP USD 108 052,70 111 517,27 0,33





289


JAPAN 4 568 167,92 13,674 488 359,12

Multi-Utilities 4 568 167,92 13,674 488 359,12

66 046,00 TOKYO ELECTRIC POWER CORP INC JPY 1 222 595,41 1 203 690,39 3,60

34 790,00 KANSAI ELECTRIC POWER CO INC JPY 609 671,19 640 763,41 1,92

30 070,00 CHUBU ELECTRIC POWER CO INC JPY 548 544,23 551 619,39 1,65

118 084,00 TOKYO GAS CORP LTD JPY 386 018,54 390 696,14 1,17

19 680,00 TOHOKU ELECTRIC POWER CORP INC JPY 315 903,43 327 377,80 0,98

18 107,00 KYUSHU ELECTRIC POWER CORP INC JPY 304 769,65 302 875,01 0,91

92 820,00 OSAKA GAS CORP LTD JPY 250 224,49 268 718,57 0,80

14 084,00 CHUGOKU ELECTRIC POWER CO JPY 207 946,33 213 577,51 0,64

8 256,00 SHIKOKU ELECTRIC POWER CO JPY 168 909,97 181 196,40 0,54

8 314,00 HOKURIKU ELECTRIC POWER CO JPY 139 675,25 152 439,84 0,46

8 535,00 HOKKAIDO ELECTRIC POWER CO JPY 131 219,63 130 213,85 0,39

5 410,00 ELECTRIC POWER DEVELOPMENT C JPY 127 732,71 126 640,25 0,38

21 000,00 TOHO GAS CORP LTD JPY 75 148,29 78 359,36 0,23

GREAT-BRITAIN 3 421 425,90 10,243 337 635,68

Multi-Utilities 3 421 425,90 10,243 337 635,68

164 266,00 NATIONAL GRID PLC GBP 1 097 746,38 1 060 151,70 3,17

243 752,00 CENTRICA PLC GBP 858 401,83 943 317,54 2,82

44 096,00 SCOTTISH & SOUTHERN ENERGY GBP 634 854,73 630 420,73 1,89

72 551,00 INTL POWER PLC GBP 323 106,21 370 523,64 1,11

32 348,00 UNITED UTILITIES GP PLC GBP 250 876,40 223 493,21 0,67

11 219,00 SEVERN TRENT PLC GBP 172 650,13 193 519,08 0,58

GERMANY 2 969 371,61 8,893 507 609,01

Multi-Utilities 2 969 371,61 8,893 507 609,01

83 621,00 E.ON AG EUR 2 223 314,20 1 917 847,64 5,74

19 406,00 RWE AG EUR 1 189 294,04 968 165,34 2,90


FRANCE 2 464 461,14 7,382 866 330,53

Multi-Utilities 2 464 461,14 7,382 866 330,53

57 419,00 GDF SUEZ EUR 1 738 567,16 1 541 700,15 4,61

11 925,00 EDF EUR 484 308,70 366 037,88 1,10



SPAIN 1 772 534,01 5,312 004 372,69

Multi-Utilities 1 772 534,01 5,312 004 372,69

187 155,00 IBERDROLA SA EUR 1 184 948,37 1 079 510,04 3,24

5 122,00 RED ELECTRICA DE ESPANA EUR 190 036,71 180 294,40 0,54


8 248,00 ENAGAS SA EUR 134 388,04 123 018,92 0,37





290



1 297,00 ACCIONA SA EUR 108 800,20 68 741,00 0,21


ITALY 1 753 423,28 5,251 897 650,13

Multi-Utilities 1 646 721,59 4,931 789 467,53

305 263,00 ENEL SPA EUR 1 286 382,62 1 141 683,62 3,42

67 845,00 SNAM RETE GAS EUR 238 119,88 252 383,40 0,76

61 713,00 TERNA SPA EUR 179 269,38 195 013,08 0,58

56 017,00 A2A SPA EUR 85 695,65 57 641,49 0,17

Industries 106 701,69 0,32108 182,60


HONG KONG 1 266 229,30 3,791 127 706,26

Multi-Utilities 1 266 229,30 3,791 127 706,26

89 463,00 CLP HLDG LTD HKD 483 060,59 541 303,16 1,61

198 776,00 HONG KONG & CHINA GAS HKD 313 794,41 349 186,27 1,05

63 828,00 HONGKONG ELECTRIC HLDG HKD 266 517,12 299 899,03 0,90

22 217,00 CHEUNG KONG INFRASTRUCTURE HKD 64 334,14 75 840,84 0,23

CANADA 536 699,73 1,61447 104,93

Multi-Utilities 536 699,73 1,61447 104,93

8 148,00 FORTIS INC CAD 157 495,98 207 703,71 0,63

4 047,00 CANADIAN UTILITIES LTD -A- CAD 122 935,38 165 158,89 0,49

10 326,00 TRANSALTA CORP CAD 166 673,57 163 837,13 0,49

FINLAND 461 887,53 1,38407 580,53

Multi-Utilities 461 887,53 1,38407 580,53

20 501,00 FORTUM OYJ EUR 407 580,53 461 887,53 1,38

AUSTRALIA 248 660,66 0,74205 821,80

Multi-Utilities 248 660,66 0,74205 821,80

21 368,00 AGL ENERGY LTD AUD 205 821,80 248 660,66 0,74

PORTUGAL 221 850,95 0,66265 477,18

Multi-Utilities 221 850,95 0,66265 477,18


AUSTRIA 86 065,56 0,2697 327,18

Multi-Utilities 86 065,56 0,2697 327,18






291


GREECE 63 623,76 0,1984 633,21

Multi-Utilities 63 623,76 0,1984 633,21


NEW ZEALAND 57 471,41 0,1753 197,88

Multi-Utilities 57 471,41 0,1753 197,88

15 842,00 CONTACT ENERGY LTD NZD 53 197,88 57 471,41 0,17

Other shares 45 981,87 0,1439 328,06

AUSTRALIA 45 981,87 0,1439 328,06

Multi-Utilities 45 981,87 0,1439 328,06

69 171,00 SP AUSNET STAPLED SECURITY AUD 39 328,06 45 981,87 0,14

Total Portfolio 33 383 694,23 99,9334 045 268,77





292


20/01/11 22 570,95 (433,42)EUR230 798,57 HKD

56 205,43

20/01/11 22 384,18 259,69GBP26 381,20 EUR

20/01/11 67 726,20 1 033,59USD51 519,98 EUR

20/01/11 53 761,62 (509,96)EUR5 792 421,00 JPY

20/01/11 29 643,65 (596,51)EUR302 835,95 HKD

20/01/11 22 239,31 (57,49)EUR2 412 816,00 JPY

20/01/11 20 365,34 232,60GBP23 998,20 EUR

20/01/11 60 474,49 1 217,27USD46 297,89 EUR

20/01/11 26 059,38 (551,65)EUR34 211,98 USD

20/01/11 576,25 (11,12)CHF449,79 EUR

20/01/11 30 936,27 (815,00)NZD17 170,98 EUR

20/01/11 180 225,20 (3 295,90)AUD134 073,99 EUR

20/01/11 307 393,71 411,70CAD230 929,23 EUR

20/01/11 5 915 364,52 7 793,07HKD575 091,46 EUR

20/01/11 1 208 753,89 14 366,63GBP1 424 937,75 EUR

20/01/11 213 519 927,00 (41 396,85)JPY1 921 325,78 EUR

20/01/11 7 610 644,35 79 391,57USD5 752 734,79 EUR

20/01/11 227 938,11 190,13HKD22 049,97 EUR

20/01/11 5 399 919,00 114,61JPY49 751,87 EUR

20/01/11 68 347,24 (1 137,53)EUR90 144,34 USD





293


Assets

Investments in securities at market value 94 526 120,78Banks 9 824 595,40Unrealised profit on future contracts (Note 8) 1 600,00Unrealised profit on swap contracts (Note 8) 119 249,92Other interest receivable 7 870,10Receivable on investments sold 372 682,35Receivable on subscriptions 52 530,18Other assets 1 043 686,24Total assets 105 948 334,97

Liabilities

Bank overdrafts (779 337,55)Amounts due to brokers (1 600,00)Interest payable on swap contracts (Note 8) (2 245,19)Other interest payable (530,18)Payable on redemptions (71 463,06)Other liabilities (158 719,92)Total liabilities (1 013 895,90)



Class I Units 45,585441,10EURClass R Units 158 815,097441,11EURClass R2 Units 1 058,441592,07USDClass Z Units 74 675,227460,53EUR



294





Management fee (Note 5) (1 388 994,44)Custodian fee (Note 7) (92 792,09)Subscription tax (Note 3) (36 366,75)Interest on bank accounts (2 443,28)Interest paid on swap contracts (876,67)Other charges and taxes (Notes 4, 7) (127 668,10)




10 731 615,51

Change in unrealised appreciation / (depreciation) on investments 9 176 771,40Change in unrealised appreciation / (depreciation) on future contracts (Note 8) (64 400,00)Change in unrealised appreciation / (depreciation) on swap contracts (Note 8) (634 739,47)






295



Shares 84 691 658,49 80,7070 391 027,09

GREAT-BRITAIN 26 011 320,47 24,7921 501 351,87

Consumer retail 6 075 606,20 5,795 532 092,16

73 631,00 COOKSON GP PLC GBP 377 536,69 565 863,50 0,53


64 974,00 UNITED BUSINESS MEDIA LTD GBP 383 691,07 523 219,47 0,49

77 938,00 DAILY MAIL & GENERAL TRUST -A- NV GBP 284 664,05 522 103,19 0,49

112 256,00 INCHCAPE PLC GBP 393 622,45 467 182,00 0,45

248 529,00 AEGIS GP PLC GBP 328 165,80 407 519,69 0,39

81 166,00 PERSIMMON PLC GBP 383 519,45 394 818,10 0,38


188 214,00 WILLIAM HILL PLC GBP 394 102,89 374 956,29 0,36

246 167,00 LADBROKES PLC GBP 445 131,21 352 508,50 0,34

83 944,00 MITCHELLS & BUTLERS PLC GBP 263 851,71 342 888,49 0,33

57 762,00 GREENE KING PLC GBP 265 409,72 323 173,29 0,31

851 740,00 TAYLOR WIMPEY PLC GBP 408 870,59 313 220,83 0,30

55 202,00 HALFORDS GP PLC GBP 345 450,81 294 419,26 0,28

335 114,00 DEBENHAMS PLC GBP 278 358,30 276 898,77 0,26

257 162,00 BARRATT DEVELOPMENTS PLC GBP 337 746,00 266 060,70 0,25

961 780,00 DSG INTERNATIONAL PLC GBP 272 832,42 257 267,88 0,25

Finance 5 999 286,77 5,725 162 217,50

33 176,00 SCHRODERS PLC GBP 392 084,49 718 229,33 0,68


98 439,00 IG GP HLDG PLC GBP 479 951,77 585 912,24 0,56

238 574,00 ABERDEEN ASSET MGMT PLC GBP 406 527,21 564 937,45 0,54

26 857,00 DERWENT LONDON PLC GBP 462 201,38 489 277,90 0,47


105 644,00 INTERMEDIATE CAPITAL GP GBP 325 905,95 410 443,93 0,39

96 801,00 ASHMORE GP PLC GBP 308 087,40 378 572,85 0,36

36 227,00 PROVIDENT FIN PLC GBP 469 593,08 369 520,90 0,35

36 483,00 CLOSE BROTHERS GP PLC GBP 345 463,88 362 552,08 0,35

85 300,00 GREAT PORTLAND ESTATES PLC GBP 358 643,52 359 178,85 0,34

219 372,00 HENDERSON GP PLC GBP 329 069,68 346 909,10 0,33

39 368,00 JARDINE LLOYD THOMPSON GP GBP 196 937,38 288 994,25 0,28

Industries 5 214 773,92 4,974 168 882,33

86 408,00 MICHAEL PAGE INTL GBP 260 881,28 559 683,03 0,54

344 608,00 HAYS PLC GBP 296 657,56 518 410,12 0,49

153 635,00 BRITISH AIRWAYS PLC GBP 472 866,96 488 598,21 0,47

106 472,00 CARILLION PLC GBP 472 804,85 477 654,63 0,46

20 568,00 SPIRAX-SARCO ENGINEERING PLC GBP 331 151,04 464 241,26 0,44

44 410,00 CHARTER INTL PLC GBP 426 428,51 437 699,07 0,42

75 451,00 HOMESERVE PLC GBP 213 420,11 390 353,36 0,37





296


18 122,00 ULTRA ELECTRONICS HLDG PLC GBP 249 392,21 358 696,53 0,34

143 398,00 STAGECOACH GP PLC GBP 311 689,64 355 126,99 0,34

111 095,00 NATIONAL EXPRESS GP PLC GBP 326 461,94 325 434,38 0,31

9 311,00 CHEMRING GP PLC GBP 237 281,11 315 564,50 0,30

175 962,00 QINETIQ PLC GBP 378 978,26 266 966,91 0,25

93 787,00 MITIE GP PLC GBP 190 868,86 256 344,93 0,24

Computing and IT 2 596 308,96 2,471 893 846,76

23 042,00 ROTORK PLC GBP 310 764,06 491 577,01 0,46

30 721,00 SPECTRIS PLC GBP 313 724,58 470 038,29 0,45

99 943,00 HALMA PLC GBP 215 900,96 418 737,67 0,40

115 993,00 ELECTROCOMPONENTS PLC GBP 323 280,15 359 817,23 0,34


73 500,00 MISYS PLC GBP 162 082,45 294 223,03 0,28

54 562,00 MICRO FOCUS INTERNATIONAL GBP 269 996,45 247 514,14 0,24

Raw materials 2 237 924,91 2,131 457 445,83

37 286,00 CRODA INTL PLC GBP 349 584,47 703 205,65 0,67

97 837,00 MONDI PLC GBP 401 784,79 586 325,49 0,56

42 432,00 PETROPAVLOVSK PLC GBP 368 934,04 566 519,32 0,54

22 064,00 VICTREX PLC GBP 337 142,53 381 874,45 0,36

Energy 2 095 453,99 2,001 512 064,11

128 395,00 JOHN WOOD GP PLC GBP 602 814,11 837 635,58 0,80

31 273,00 PREMIER OIL PLC GBP 462 496,77 711 703,92 0,68

80 679,00 ESSAR ENERGY PLC GBP 446 753,23 546 114,49 0,52


710 000,00 CABLE & WIRELESS PLC GBP 430 993,85 402 127,56 0,38

55 000,00 TELECITY GROUP PLC GBP 317 349,75 301 943,16 0,29

Multi-Utilities 394 689,06 0,38314 058,91

102 172,00 NORTHUMBRIAN WATER GP PLC GBP 314 058,91 394 689,06 0,38

Basic goods 352 562,51 0,34379 162,46

63 827,00 BRITVIC PLC GBP 379 162,46 352 562,51 0,34

Health 340 643,43 0,32333 238,21

35 968,00 HIKMA PHARMACEUTICALS PLC GBP 333 238,21 340 643,43 0,32

FRANCE 9 133 618,30 8,706 970 252,20

Industries 3 053 997,84 2,912 101 716,61

43 158,00 EDENRED EUR 638 719,85 764 543,97 0,72

8 623,00 WENDEL EUR 247 074,06 594 210,93 0,57

9 832,00 ZODIAC AEROSPACE EUR 263 361,07 552 558,40 0,53


6 050,00 NEXANS SA EUR 349 122,36 356 103,00 0,34

12 946,00 TELEPERFORMANCE EUR 290 816,02 326 886,50 0,31





297


Consumer retail 1 684 611,73 1,611 393 710,64

5 870,00 SEB SA EUR 339 831,87 456 275,10 0,43


13 601,00 JC DECAUX SA EUR 188 308,04 313 163,03 0,30


33 599,00 PAGES JAUNES EUR 248 461,35 228 473,20 0,22

Raw materials 1 563 819,09 1,491 049 112,16

27 447,00 RHODIA SA EUR 426 132,19 679 313,25 0,65

1 762,00 ERAMET SA EUR 281 287,30 451 953,00 0,43

8 671,00 IMERYS SA EUR 341 692,67 432 552,84 0,41

Finance 1 300 759,99 1,241 036 013,25

5 974,00 ICADE EUR 398 609,65 456 114,90 0,43


7 521,00 EURAZEO EUR 200 021,20 417 340,29 0,40

Computing and IT 546 724,32 0,52504 372,46


Energy 359 283,21 0,34323 695,66

10 351,00 BOURBON SA EUR 323 695,66 359 283,21 0,34


4 292,00 ILIAD SA EUR 324 186,96 349 368,80 0,33

Health 275 053,32 0,26237 444,46

3 726,00 BIOMERIEUX EUR 237 444,46 275 053,32 0,26

GERMANY 6 944 202,66 6,625 779 470,24

Industries 2 905 919,20 2,782 170 114,18

12 908,00 MTU AERO ENGINES HLDG AG EUR 371 821,08 653 273,88 0,63

10 393,00 RHEINMETALL AG EUR 473 097,93 625 346,81 0,61

25 862,00 TOGNUM AG EUR 408 373,15 505 860,72 0,48

9 217,00 FRAPORT AG EUR 315 793,89 434 673,72 0,41

16 548,00 KLOECKNER & CO EUR 303 037,66 347 590,74 0,33

12 555,00 SGL CARBON SE EUR 297 990,47 339 173,33 0,32

Computing and IT 1 505 486,38 1,431 299 819,13

5 300,00 SOFTWARE AG EUR 523 611,68 581 940,00 0,55

8 438,00 WINCOR NIXDORF AG EUR 396 149,25 514 802,38 0,49


Health 768 532,14 0,73893 222,94

15 423,00 STADA ARZNEIMITTEL AG EUR 539 348,17 391 435,74 0,37

20 274,00 CELESIO AG EUR 353 874,77 377 096,40 0,36

Consumer retail 750 018,50 0,71624 133,11






298


1 222,00 PUMA AG EUR 247 794,45 303 056,00 0,29

Raw materials 355 207,44 0,34239 567,07

8 083,00 AURUBIS AG EUR 239 567,07 355 207,44 0,34

Basic goods 337 928,00 0,32257 521,33


Finance 321 111,00 0,31295 092,48

30 582,00 DEUTSCHE WOHNEN AG -BRD- EUR 295 092,48 321 111,00 0,31

SPAIN 6 363 578,57 6,066 315 130,94

Industries 1 425 661,27 1,351 374 776,67



54 850,00 GAMESA CORP TECNOLOGICA SA EUR 289 668,86 313 303,20 0,30


Computing and IT 1 116 449,22 1,061 037 068,73



Multi-Utilities 1 031 059,70 0,981 080 267,62

22 121,00 ENDESA SA EUR 434 785,06 426 824,70 0,40

6 900,00 ACCIONA SA EUR 369 533,04 365 700,00 0,35


Finance 887 775,88 0,85985 793,54

184 200,00 MAPFRE SA EUR 379 401,08 382 767,60 0,37

70 370,00 BANKINTER SA EUR 302 532,89 292 457,72 0,28


Health 405 151,20 0,39434 568,25

39 720,00 GRIFOLS SA EUR 434 549,85 405 144,00 0,39

1,00 CLINICA BAVIERA SA EUR 18,40 7,20 0,00

Basic goods 389 038,08 0,37263 662,63

24 576,00 EBRO PULEVA SA EUR 263 662,63 389 038,08 0,37

Energy 385 776,73 0,37330 463,70

8 102,00 TECNICAS REUNIDAS SA EUR 330 463,70 385 776,73 0,37

Consumer retail 363 461,49 0,35437 439,38


Raw materials 359 205,00 0,34371 090,42

27 368,00 ACERINOX SA EUR 371 090,42 359 205,00 0,34





299


SWITZERLAND 5 539 265,38 5,284 050 303,07

Finance 1 994 619,38 1,891 474 145,55

9 631,00 PSP SWISS PROPERTY AG (REGD) CHF 465 446,65 577 652,05 0,54

3 569,00 PARTNERS GP HLDG AG CHF 258 219,19 506 330,20 0,48

1 602,00 HELVETIA HLDG AG CHF 345 725,36 460 569,39 0,44

7 088,00 PARGESA HLDG SA -BRD- CHF 404 754,35 450 067,74 0,43

Industries 1 151 195,57 1,10697 017,38

6 215,00 SULZER AG (REGD) CHF 393 303,26 708 255,03 0,68

1 050,00 FISCHER (GEORG) (REGD) CHF 303 714,12 442 940,54 0,42

Health 1 045 731,13 1,00810 957,43

1 280,00 GALENICA HLDG AG (REGD) CHF 354 804,53 578 351,79 0,55

33 150,00 NOBEL BIOCARE HLDG AG (REGD) CHF 456 152,90 467 379,34 0,45

Consumer retail 578 471,75 0,55510 669,81

5 750,00 DUFRY GROUP (REGD) CHF 510 669,81 578 471,75 0,55

Computing and IT 519 641,41 0,50349 781,09

16 704,00 TEMENOS GP AG (REGD) CHF 349 781,09 519 641,41 0,50

Multi-Utilities 249 606,14 0,24207 731,81

867,00 ALPIQ HLDG AG (REGD) CHF 207 731,81 249 606,14 0,24

SWEDEN 4 005 539,20 3,822 880 449,47

Finance 1 174 947,50 1,12678 996,26

53 930,00 INDUSTRIVAERDEN AB SEK 347 999,40 716 953,88 0,68

45 119,00 CASTELLUM AB SEK 330 996,86 457 993,62 0,44

Health 991 851,47 0,95790 323,86

22 381,00 ELEKTA AB -B- SEK 350 528,30 642 222,29 0,62

61 588,00 MEDA AB -A- SEK 439 795,56 349 629,18 0,33

Energy 591 977,48 0,56433 241,77

63 826,00 LUNDIN PETROLEUM AB SEK 433 241,77 591 977,48 0,56

Industries 507 215,21 0,48347 447,67

64 340,00 TRELLEBORG AB -B- SEK 347 447,67 507 215,21 0,48

Consumer retail 396 413,13 0,38380 010,79

22 700,00 JM AB SEK 380 010,79 396 413,13 0,38

Raw materials 343 134,41 0,33250 429,12

13 978,00 HOLMEN AB -B- SEK 250 429,12 343 134,41 0,33





300


FINLAND 3 939 624,96 3,752 963 238,16

Industries 1 579 829,67 1,501 087 853,41

30 220,00 YIT OYJ EUR 365 055,74 563 603,00 0,54

12 115,00 OUTOTEC OYJ EUR 361 673,51 560 197,60 0,53

14 763,00 KONECRANES OYJ EUR 361 124,16 456 029,07 0,43

Raw materials 1 122 519,03 1,07806 174,74



27 723,00 KEMIRA OYJ EUR 258 306,88 324 359,10 0,31

Consumer retail 431 792,62 0,41364 559,47

26 621,00 SANOMA CORP -B- EUR 364 559,47 431 792,62 0,41

Health 404 453,59 0,39305 791,46

24 707,00 ORION OYJ -B- EUR 305 791,46 404 453,59 0,39

Energy 401 030,05 0,38398 859,08

33 559,00 NESTE OIL OYJ EUR 398 859,08 401 030,05 0,38

ITALY 3 885 344,58 3,703 818 478,27

Multi-Utilities 1 827 247,92 1,741 870 408,42

400 000,00 SNAM RETE GAS EUR 1 445 309,97 1 488 000,00 1,42

329 687,00 A2A SPA EUR 425 098,45 339 247,92 0,32

Finance 1 026 352,98 0,981 051 180,21

518 000,00 BENI STABILI SPA EUR 303 902,93 327 894,00 0,32

115 200,00 BANCA POPOLARE DI MILANO EUR 303 684,95 301 824,00 0,29

11 250,00 CATTOLICA ASSICURAZIONI SCRL EUR 213 282,61 213 975,00 0,20

26 941,00 AZIMUT HLDG SPA EUR 230 309,72 182 659,98 0,17

Basic goods 363 808,48 0,35330 831,82

74 704,00 DAVIDE CAMPARI-MILANO SPA EUR 330 831,82 363 808,48 0,35

Consumer retail 361 935,20 0,34233 064,71

59 824,00 PIRELLI & C EUR 233 064,71 361 935,20 0,34

Industries 306 000,00 0,29332 993,11

24 000,00 PRYSMIAN SPA EUR 332 993,11 306 000,00 0,29

NORWAY 3 501 557,13 3,342 644 632,79

Energy 1 704 064,11 1,631 012 043,45

59 262,00 PETROLEUM GEO-SERVICES NOK 426 938,16 690 449,51 0,66

43 459,00 AKER SOLUTIONS ASA NOK 254 334,07 553 147,48 0,53

27 305,00 TGS NOPEC GEOPHYSICAL CORP ASA NOK 330 771,22 460 467,12 0,44





301


Basic goods 522 227,57 0,50442 565,74

660 000,00 MARINE HARVEST NOK 442 565,74 522 227,57 0,50

Finance 512 772,40 0,49483 540,05

91 603,00 STOREBRAND ASA NOK 483 540,05 512 772,40 0,49

Consumer retail 456 218,27 0,43379 243,94

20 683,00 SCHIBSTED ASA NOK 379 243,94 456 218,27 0,43

Industries 306 274,78 0,29327 239,61


DENMARK 3 190 441,48 3,042 768 425,61

Health 1 710 480,79 1,631 478 745,72

13 013,00 WILLIAM DEMANT HLDG DKK 634 400,85 719 442,30 0,68

6 045,00 COLOPLAST -B- DKK 508 890,42 614 875,00 0,59

55 127,00 GN GREAT STORE NORDIC LTD DKK 335 454,45 376 163,49 0,36

Finance 1 479 960,69 1,411 289 679,89

15 789,00 JYSKE BANK (REGD) DKK 324 242,86 548 751,49 0,52

18 482,00 SYDBANK A/S DKK 354 158,31 375 240,08 0,36

3 481,00 TOPDANMARK AS DKK 329 035,28 344 498,53 0,33

6 120,00 TRYGVESTA AS DKK 282 243,44 211 470,59 0,20

NETHERLANDS 3 134 553,61 2,992 445 545,41

Industries 1 219 156,54 1,17815 873,41

23 576,00 IMTECH NV EUR 497 518,50 669 322,64 0,65

15 554,00 VOPAK EUR 318 354,91 549 833,90 0,52

Finance 991 241,97 0,94971 171,44

5 632,00 WERELDHAVE NV EUR 364 535,37 411 473,92 0,39

9 550,00 EUROCOMMERCIAL PROPERTI -CVA- EUR 326 098,62 328 949,75 0,31


Basic goods 924 155,10 0,88658 500,56

8 282,00 NUTRECO HLDG NV EUR 312 986,48 470 334,78 0,45

17 328,00 CSM EUR 345 514,08 453 820,32 0,43

BELGIUM 1 806 214,44 1,721 646 526,09

Finance 1 018 567,69 0,97973 638,01

5 939,00 ACKERMANS & VAN HAAREN EUR 348 313,36 371 068,72 0,35

4 903,00 SOFINA EUR 311 465,13 337 277,37 0,32



14 500,00 TELENET GP HLDG NV EUR 326 836,25 427 460,00 0,41

7 425,00 MOBISTAR SA EUR 346 051,83 360 186,75 0,34





302


AUSTRIA 1 724 037,50 1,641 584 440,68

Industries 1 111 077,18 1,05852 126,53

9 691,00 ANDRITZ AG EUR 376 722,33 666 643,89 0,63

31 101,00 WIENERBERGER AG EUR 475 404,20 444 433,29 0,42

Finance 375 064,49 0,36362 900,87


Consumer retail 237 895,83 0,23369 413,28

8 067,00 BWIN INTERACTIVE ENTERTAINMENT EUR 369 413,28 237 895,83 0,23

GREECE 1 576 318,00 1,501 836 914,07

Finance 624 850,00 0,59662 825,65

89 000,00 PIRAEUS BANK SA EUR 329 111,24 324 850,00 0,30




Multi-Utilities 319 708,32 0,30421 351,58


Raw materials 237 416,78 0,23312 205,62

14 459,00 TITAN CEMENT CO SA EUR 312 205,62 237 416,78 0,23

IRELAND 1 193 177,05 1,141 004 916,03

Industries 514 338,40 0,49362 935,32

21 794,00 DCC PLC EUR 362 935,32 514 338,40 0,49

Consumer retail 367 294,80 0,35335 753,17

11 964,00 PADDY POWER PLC EUR 335 753,17 367 294,80 0,35

Basic goods 311 543,85 0,30306 227,54

92 091,00 C&C GP PLC EUR 306 227,54 311 543,85 0,30

PORTUGAL 1 180 639,73 1,13849 632,47

Basic goods 647 303,40 0,62278 956,14


Industries 301 459,88 0,29359 443,37


Raw materials 231 876,45 0,22211 232,96






303


LUXEMBOURG 434 973,72 0,41385 343,58

Basic goods 434 973,72 0,41385 343,58

11 082,00 ORIFLAME COSMETICS SA -SDR- SEK 385 343,58 434 973,72 0,41

BERMUDA 410 776,22 0,39363 222,85

Finance 410 776,22 0,39363 222,85

95 128,00 CATLIN GP LTD GBP 363 222,85 410 776,22 0,39

UNITED ARAB EMIRATES 407 669,98 0,39284 240,00

Energy 407 669,98 0,39284 240,00

65 123,00 DRAGON OIL PLC EUR 284 240,00 407 669,98 0,39

AUSTRALIA 308 805,51 0,29298 513,29

Raw materials 308 805,51 0,29298 513,29

150 000,00 CENTAMIN EGYPT LTD GBP 298 513,29 308 805,51 0,29

Other shares 354 379,65 0,34390 695,11

GREAT-BRITAIN 354 379,65 0,34390 695,11

Consumer retail 354 379,65 0,34390 695,11

34 118,00 BERKELEY GP HLDG GBP 390 695,11 354 379,65 0,34

Ordinary bonds 501 000,00 0,48503 495,00

GERMANY 501 000,00 0,48503 495,00

Government 501 000,00 0,48503 495,00

500 000,00 BUNDESSCHATZANWEISUNGEN 1.25% 11/03/2011 EUR 503 495,00 501 000,00 0,48

Zero-coupon bonds 8 948 190,00 8,538 892 501,30

ITALY 8 948 190,00 8,538 892 501,30

Government 8 948 190,00 8,538 892 501,30

3 000 000,00 BOT 0.00% 15/04/2011 EUR 2 970 734,55 2 988 150,00 2,85

3 000 000,00 BOT 0.00% 16/05/2011 EUR 2 964 006,75 2 983 800,00 2,84

3 000 000,00 CTZ 0.00% 30/06/2011 EUR 2 957 760,00 2 976 240,00 2,84

Warrants 7 338,22 0,010,00

FRANCE 7 338,22 0,010,00

Energy 3 767,94 0,010,00

21 780,00 MAUREL ET PROM WTS 30/06/2014 (MAUREL) EUR 0,00 3 767,94 0,01





304


Finance 3 570,28 0,000,00

6 220,00 FONCIERE DES REGIONS WTS 31/12/2010 EUR 0,00 3 570,28 0,00


Shares 8 978,70 0,018 119,45

IRELAND 8 978,70 0,018 119,45

Energy 8 978,70 0,018 119,45

1 430,00 DRAGON OIL PLC GBP 8 119,45 8 978,70 0,01

UNQUOTED 14 575,72 0,011 810 954,09

Shares 14 468,52 0,011 810 954,09

FRANCE 14 449,50 0,0114 449,50

Consumer retail 14 449,50 0,0114 449,50

780,00 SEB PROV PRIME DE FIDELITE 2011 EUR 14 449,50 14 449,50 0,01

ICELAND 6,85 0,009,07

Finance 6,85 0,009,07

166 150,00 STRAUMUR-BURDARAS ISK 9,07 6,85 0,00

AUSTRIA 6,70 0,001 501 734,03

Consumer retail 6,70 0,001 501 734,03

6 700,00 YLINE INTERNET BUSINESS EUR 1 501 734,03 6,70 0,00

BELGIUM 5,00 0,0035 441,41

Consumer retail 5,00 0,0035 441,41

500,00 CREDIT COMMERCIAL INTL SA EUR 35 441,41 5,00 0,00

GREAT-BRITAIN 0,46 0,00259 250,78

Finance 0,46 0,00259 250,78

385 796,00 BRADFORD & BINGLEY PLC GBP 259 250,78 0,46 0,00

ITALY 0,01 0,0069,30

Basic goods 0,01 0,0069,30

630,00 PARMALAT FINANZIARIA SPA EUR 69,30 0,01 0,00





305


Rights 107,20 0,000,00

AUSTRIA 107,20 0,000,00

Finance 107,20 0,000,00


Total Portfolio 94 526 120,78 90,0881 996 792,04





306


50 320,00 STO STOX 600 AU 18/03/11 180,30 EUR 1 600,00 2 884 800,00Purchase

1 600,00 2 884 800,00


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


307


Assets

Investments in securities at market value 3 378 389 608,00Banks 676 610 320,91Amounts due from brokers 295 664,72Other interest receivable 12 802 130,52Receivable on investments sold 4 509 908,55Receivable on subscriptions 22 504 048,58Other assets 10 442,70Total assets 4 095 122 123,98

Liabilities

Unrealised loss on future contracts (Note 8) (327 712,50)Unrealised loss on swap contracts (Note 8) (146 394,00)Payable on investments purchased (89 719 681,66)Payable on redemptions (2 758 317,37)Other liabilities (1 612 175,21)Total liabilities (94 564 280,74)



Class A Units 271 427,427111,18EURClass I Units 3 291 843,058110,73EURClass R Units 4 472 624,405110,71EURClass Z Units 27 530 242,202112,99EUR



308



Net income from investments 42 272 272,62Interest on bank accounts 8 508 654,65


Management fee (Note 5) (11 564 369,58)Custodian fee (Note 7) (4 148 048,28)Subscription tax (Note 3) (412 397,90)Interest on bank accounts (409,24)Interest paid on swap contracts (154 826,40)Other charges and taxes (Notes 4, 7) (2 370 435,58)




(11 519 572,65)

Change in unrealised appreciation / (depreciation) on investments (2 982 944,37)Change in unrealised appreciation / (depreciation) on future contracts (Note 8) (57 650,00)Change in unrealised appreciation / (depreciation) on swap contracts (Note 8) 104 425,00


Subscriptions for the year 1 837 860 958,37Redemptions for the year (1 735 613 161,23)




309


LISTED ON AN OFFICAL STOCK EXCHANGE 3 178 995 368,30 79,473 186 227 532,64

Floating rate notes 1 011 378 142,95 25,281 015 003 331,47

ITALY 600 941 411,90 15,01603 694 144,61

Government 480 332 847,20 12,00481 123 062,87

362 730 000,00 CCT FRN 01/11/2011 EUR 362 276 552,92 362 109 731,70 9,05

TRANSFERABLE SECURITIES 3 378 389 608,00 84,453 386 564 719,96

107 250 000,00 CCT FRN 01/03/2012 EUR 106 990 171,82 106 384 492,50 2,66

10 070 000,00 CCT FRN 01/05/2011 EUR 10 075 058,13 10 063 958,00 0,25

1 800 000,00 CCT FRN 01/11/2012 EUR 1 781 280,00 1 774 665,00 0,04

Finance 120 608 564,70 3,01122 571 081,74

58 500 000,00 SOCIETA CARTOLAR CRED INPS FRN 31/07/2011 EUR 58 437 071,65 58 178 250,00 1,46

29 700 000,00 FIP FDING 1 A1 FRN 10/01/2023 EUR 13 475 509,98 12 907 097,28 0,33

11 000 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 10 972 060,00 10 851 874,00 0,27

28 000 000,00 VELAH 3 A FRN 30/07/2040 EUR 10 985 311,37 10 513 983,65 0,26

6 000 000,00 CREDITO EMILIANO FRN 01/10/2012 EUR 5 994 060,00 5 970 900,00 0,15

30 500 000,00 LOMBA 4 A FRN 30/01/2022 EUR 5 935 598,54 5 764 190,42 0,14

23 800 000,00 LOCAT 2005-3 A2 FRN 12/12/2026 EUR 5 318 668,20 5 188 277,48 0,13

78 000 000,00 SCIC 2 A2 FRN 22/09/2023 EUR 4 977 503,29 4 878 759,60 0,12

58 700 000,00 SPLIT 2 A FRN 25/10/2018 EUR 4 194 302,43 4 108 540,67 0,10

25 000 000,00 FEGRE 1 A FRN 30/10/2018 EUR 1 782 293,50 1 746 502,10 0,04

500 000,00 UNICREDIT SPA FRN 21/02/2011 EUR 498 702,78 500 189,50 0,01

GERMANY 94 244 512,94 2,3694 225 093,48

Finance 72 511 032,86 1,8272 556 124,48

20 000 000,00 DUESSELDORFER HYPOBANK FRN 16/02/2011 EUR 19 989 500,00 19 960 260,00 0,50

19 500 000,00 HYPOTHEKENBANK IN ESSEN FRN 11/04/2011 EUR 19 495 012,50 19 490 581,50 0,49

17 894 000,00 DEXIA KOMMUNALBANK AG FRN 23/08/2011 EUR 17 884 683,98 17 883 979,36 0,45

15 200 000,00 DEUTSCHE BANK AG FRN 15/03/2013 EUR 15 186 928,00 15 176 212,00 0,38

Government 21 733 480,08 0,5421 668 969,00

12 000 000,00 LAND NORDRHEIN-WESTFALEN FRN 21/04/2011 EUR 12 000 585,00 12 014 460,00 0,30

9 680 000,00 LAND BERLIN FRN 25/06/2012 EUR 9 668 384,00 9 719 020,08 0,24

BELGIUM 92 574 331,71 2,3192 731 275,87

Government 92 574 331,71 2,3192 731 275,87

92 644 000,00 BELGIUM FRN 22/06/2011 EUR 92 731 275,87 92 574 331,71 2,31

GREAT-BRITAIN 58 614 103,62 1,4758 839 679,83

Finance 56 224 024,50 1,4156 271 574,32

15 000 000,00 BARCLAYS BANK PLC FRN 21/11/2011 EUR 15 072 210,00 15 024 600,00 0,38

13 000 000,00 CREDIT SUISSE LONDON FRN 07/01/2013 EUR 13 025 365,00 12 996 607,00 0,32






310


7 000 000,00 ROYAL BANK OF SCOTLAND PLC FRN 17/09/2012 EUR 7 000 000,00 7 032 872,00 0,18

6 150 000,00 CREDIT AGRICOLE LONDON FRN 10/09/2012 EUR 6 155 670,30 6 154 612,50 0,15

6 000 000,00 LLOYDS TSB BANK PLC FRN 25/03/2013 EUR 5 952 829,02 5 991 708,00 0,15

Government 2 390 079,12 0,062 568 105,51

5 500 000,00 GRANM 2005-2 A5 FRN 20/12/2054 EUR 2 568 105,51 2 390 079,12 0,06

FRANCE 54 749 006,25 1,3754 817 577,49

Finance 54 749 006,25 1,3754 817 577,49

16 800 000,00 BNP PARIBAS FRN 18/01/2013 EUR 16 817 216,00 16 769 155,20 0,42

14 800 000,00 SOCIETE GENERALE FRN 18/08/2011 EUR 14 770 236,49 14 853 664,80 0,37

13 250 000,00 BFCM FRN 25/03/2013 EUR 13 230 125,00 13 171 096,25 0,33

10 000 000,00 DEXIA CREDIT LOCAL FRN 19/02/2013 EUR 10 000 000,00 9 955 090,00 0,25

NETHERLANDS 29 531 011,50 0,7429 471 086,50

Finance 29 531 011,50 0,7429 471 086,50

19 500 000,00 ING BANK NV FRN 22/08/2011 EUR 19 475 086,50 19 534 651,50 0,49

10 000 000,00 RABOBANK NEDERLAND FRN 08/10/2012 EUR 9 996 000,00 9 996 360,00 0,25

UNITED STATES 27 975 500,00 0,7027 594 171,69

Finance 27 975 500,00 0,7027 594 171,69

18 700 000,00 MERRILL LYNCH & CO FRN 16/02/2012 EUR 18 264 414,18 18 419 500,00 0,46

5 000 000,00 MORGAN STANLEY FRN 20/07/2012 EUR 4 852 750,00 4 904 500,00 0,12


SWEDEN 20 497 592,63 0,5120 470 140,00

Government 20 497 592,63 0,5120 470 140,00

7 500 000,00 SWEDISH HOUSING FIN CORP FRN 02/03/2012 EUR 7 485 000,00 7 503 515,63 0,19



IRELAND 16 811 916,90 0,4217 678 707,00

Finance 9 887 516,90 0,2510 678 707,00

10 700 000,00 ALLIED IRISH BANKS PLC FRN 19/03/2012 EUR 10 678 707,00 9 887 516,90 0,25

Consumer retail 6 924 400,00 0,177 000 000,00

7 000 000,00 CARS ALIA FD 2007-1 A FRN 08/10/2023 EUR 7 000 000,00 6 924 400,00 0,17

DENMARK 10 432 185,50 0,2610 485 855,00

Finance 10 432 185,50 0,2610 485 855,00

8 000 000,00 NYKREDIT BANK A/S FRN 11/03/2013 EUR 7 988 080,00 7 938 248,00 0,20

2 500 000,00 DANSKE BANK A/S FRN 16/09/2013 EUR 2 497 775,00 2 493 937,50 0,06





311


FINLAND 5 006 570,00 0,134 995 600,00

Finance 5 006 570,00 0,134 995 600,00

5 000 000,00 POHJOLA BANK PLC FRN 25/02/2013 EUR 4 995 600,00 5 006 570,00 0,13

Ordinary bonds 543 118 567,95 13,58549 141 463,00

ITALY 440 791 601,15 11,02446 082 441,00

Government 440 791 601,15 11,02446 082 441,00

271 500 000,00 BTP 5.25% 01/08/2011 EUR 281 252 346,00 276 297 405,00 6,91

97 735 000,00 BTP 3.50% 15/03/2011 EUR 98 244 945,00 98 134 736,15 2,45

50 000 000,00 BTP 4.25% 01/09/2011 EUR 50 763 000,00 50 692 000,00 1,27

15 000 000,00 BTP 3.75% 15/09/2011 EUR 15 321 000,00 15 166 500,00 0,38

500 000,00 BTP 3.75% 01/02/2011 EUR 501 150,00 500 960,00 0,01

DENMARK 37 000 000,00 0,9236 973 360,00

Finance 37 000 000,00 0,9236 973 360,00

37 000 000,00 NYKREDIT A/S 1.00% 01/01/2011 EUR 36 973 360,00 37 000 000,00 0,92

FRANCE 33 507 370,00 0,8434 054 160,00

Finance 20 057 440,00 0,5020 550 000,00

20 000 000,00 CIE FINANCEMENT FONCIER 3.875% 11/02/2011 EUR 20 550 000,00 20 057 440,00 0,50

Government 13 449 930,00 0,3413 504 160,00

13 000 000,00 FRANCE OAT 5.00% 25/10/2011 EUR 13 504 160,00 13 449 930,00 0,34

GERMANY 19 981 380,00 0,5019 990 000,00

Finance 19 981 380,00 0,5019 990 000,00

20 000 000,00 SEB AG 1.00% 28/09/2011 EUR 19 990 000,00 19 981 380,00 0,50

AUSTRIA 11 634 776,80 0,2911 837 800,00

Finance 11 634 776,80 0,2911 837 800,00

11 600 000,00 KOMMUNALKREDIT AUSTRIA 3.25% 01/03/2011 EUR 11 837 800,00 11 634 776,80 0,29

SPAIN 203 440,00 0,01203 702,00

Government 203 440,00 0,01203 702,00

200 000,00 SPAIN 5.35% 31/10/2011 EUR 203 702,00 203 440,00 0,01

Zero-coupon bonds 1 624 498 657,40 40,611 622 082 738,17

ITALY 656 303 041,40 16,41655 390 882,04

Government 656 303 041,40 16,41655 390 882,04

274 000 000,00 BOT 0.00% 15/08/2011 EUR 270 467 742,93 271 229 860,00 6,78

109 200 000,00 BOT 0.00% 15/09/2011 EUR 107 670 279,44 107 871 036,00 2,70





312


104 430 000,00 CTZ 0.00% 30/09/2011 EUR 102 948 239,50 102 851 018,40 2,57

103 000 000,00 BOT 0.00% 14/10/2011 EUR 101 513 063,57 101 534 310,00 2,54

51 300 000,00 BOT 0.00% 30/06/2011 EUR 50 872 888,00 50 873 184,00 1,27

20 300 000,00 BOT 0.00% 28/02/2011 EUR 20 246 208,60 20 271 377,00 0,51

1 700 000,00 BOT 0.00% 15/11/2011 EUR 1 672 460,00 1 672 256,00 0,04

GERMANY 395 706 108,00 9,89394 585 970,16

Government 395 706 108,00 9,89394 585 970,16

204 000 000,00 DE TREASURY 0.00% 26/10/2011 EUR 202 364 901,14 203 122 800,00 5,08

178 200 000,00 DE TREASURY 0.00% 24/08/2011 EUR 177 308 493,97 177 654 708,00 4,44

15 000 000,00 DE TREASURY 0.00% 23/11/2011 EUR 14 912 575,05 14 928 600,00 0,37

SPAIN 361 510 378,00 9,04361 740 895,10

Government 361 510 378,00 9,04361 740 895,10

107 000 000,00 ES TREASURY 0.00% 23/09/2011 EUR 104 973 184,77 104 634 230,00 2,63

85 800 000,00 ES TREASURY 0.00% 21/10/2011 EUR 84 251 456,47 83 671 302,00 2,09

46 000 000,00 ES TREASURY 0.00% 22/07/2011 EUR 45 092 898,25 45 307 240,00 1,13

42 000 000,00 ES TREASURY 0.00% 19/08/2011 EUR 41 223 747,92 41 180 160,00 1,03

25 000 000,00 ES TREASURY 0.00% 20/05/2011 EUR 24 602 189,21 24 763 750,00 0,62

21 000 000,00 ES TREASURY 0.00% 18/02/2011 EUR 20 894 670,51 20 963 880,00 0,52

21 000 000,00 ES TREASURY 0.00% 18/03/2011 EUR 20 883 054,99 20 926 920,00 0,52

20 300 000,00 ES TREASURY 0.00% 17/06/2011 EUR 19 819 692,98 20 062 896,00 0,50

FRANCE 210 979 130,00 5,27210 364 990,87

Government 210 979 130,00 5,27210 364 990,87

128 000 000,00 BTF 0.00% 17/11/2011 EUR 126 956 888,65 127 274 240,00 3,18

45 000 000,00 BTF 0.00% 20/10/2011 EUR 44 605 863,00 44 778 600,00 1,12

39 000 000,00 BTF 0.00% 05/05/2011 EUR 38 802 239,22 38 926 290,00 0,97


Floating rate notes 14 538 752,50 0,3615 349 795,15

SPAIN 14 538 752,50 0,3615 349 795,15

Government 14 538 752,50 0,3615 349 795,15

15 350 000,00 SPAIN FRN 29/10/2012 EUR 15 349 795,15 14 538 752,50 0,36


BELGIUM 90 589 652,00 2,2790 704 964,46

Government 90 589 652,00 2,2790 704 964,46

91 600 000,00 BE TREASURY 0.00% 20/10/2011 EUR 90 704 964,46 90 589 652,00 2,27





313


FRANCE 49 315 795,20 1,2349 214 787,90

Government 49 315 795,20 1,2349 214 787,90

49 490 000,00 BTF 0.00% 28/07/2011 EUR 49 214 787,90 49 315 795,20 1,23

SPAIN 35 233 340,00 0,8835 382 134,30

Government 35 233 340,00 0,8835 382 134,30

35 000 000,00 ES TREASURY 0.00% 18/11/2011 EUR 34 183 274,30 34 034 000,00 0,85

1 200 000,00 ES TREASURY 0.00% 21/01/2011 EUR 1 198 860,00 1 199 340,00 0,03

PORTUGAL 9 716 700,00 0,249 685 505,51

Government 9 716 700,00 0,249 685 505,51

10 000 000,00 PT TREASURY 0.00% 23/09/2011 EUR 9 685 505,51 9 716 700,00 0,24

Total Portfolio 3 378 389 608,00 84,453 386 564 719,96





314


250 000 (563,00) 3MO EURIBOR 14/03/11 98,97 EUR (15 037,50) 139 300 275,00Sale

(327 712,50) 304 199 350,00

250 000 (667,00) 3MO EURIBOR 13/06/11 98,89 EUR (312 675,00) 164 899 075,00Sale


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


315


Assets

Investments in securities at market value 363 754 274,86Banks 673 418,12Other interest receivable 1 477 921,90Receivable on investments sold 15 576 495,46Receivable on subscriptions 16 304,09Total assets 381 498 414,43

Liabilities

Payable on investments purchased (13 859 911,13)Payable on redemptions (1 477 740,69)Other liabilities (391 382,96)Total liabilities (15 729 034,78)



Class R Units 3 091 493,282116,89EURClass Z Units 37 392,147117,68EUR



316









(945 935,77)

Change in unrealised appreciation / (depreciation) on investments (9 775 945,27)






317




ITALY 357 318 364,76 97,68366 168 971,31

Government 341 852 621,00 93,45350 885 472,99

43 850 000,00 CCT FRN 01/07/2016 EUR 43 332 520,27 41 131 300,00 11,24


40 450 000,00 CCT FRN 01/11/2012 EUR 40 356 823,60 39 912 015,00 10,90

39 500 000,00 CCT FRN 01/07/2013 EUR 39 430 125,61 38 694 200,00 10,58

37 100 000,00 CCT FRN 01/03/2012 EUR 37 089 255,70 36 800 603,00 10,06

35 000 000,00 CCT FRN 01/12/2014 EUR 34 776 000,00 33 603 500,00 9,19

34 500 000,00 CCT FRN 01/03/2014 EUR 34 317 150,00 33 316 650,00 9,11

32 800 000,00 CCT FRN 01/09/2015 EUR 32 463 001,03 31 012 400,00 8,48

29 700 000,00 CCT FRN 01/11/2011 EUR 29 675 485,10 29 649 213,00 8,11

28 050 000,00 CCT FRN 15/12/2015 EUR 27 982 606,71 27 006 540,00 7,38

17 300 000,00 CCT FRN 01/03/2017 EUR 16 568 577,67 16 054 400,00 4,39

15 600 000,00 CCT FRN 15/10/2017 EUR 14 893 927,30 14 671 800,00 4,01

Finance 15 465 743,76 4,2315 283 498,32



5 000 000,00 BPLR 2004 A2 FRN 30/12/2040 EUR 1 604 835,49 1 580 705,00 0,43

21 000 000,00 SCIC 2 A2 FRN 22/09/2023 EUR 1 290 876,20 1 313 512,20 0,36

3 000 000,00 FIP FDING 1 A1 FRN 10/01/2023 EUR 1 159 048,15 1 303 747,20 0,36

13 500 000,00 SPLIT 2 A FRN 25/10/2018 EUR 892 388,48 944 894,36 0,26

FINLAND 2 002 628,00 0,551 998 240,00

Finance 2 002 628,00 0,551 998 240,00


UNITED STATES 1 997 200,00 0,551 962 000,00

Finance 1 997 200,00 0,551 962 000,00


IRELAND 831 660,30 0,23898 209,00

Finance 831 660,30 0,23898 209,00

900 000,00 ALLIED IRISH BANKS PLC FRN 19/03/2012 EUR 898 209,00 831 660,30 0,23

BELGIUM 99 924,80 0,03100 045,20

Government 99 924,80 0,03100 045,20

100 000,00 BELGIUM FRN 22/06/2011 EUR 100 045,20 99 924,80 0,03





318


Ordinary bonds 1 504 497,00 0,411 530 750,00

AUSTRIA 1 504 497,00 0,411 530 750,00

Finance 1 504 497,00 0,411 530 750,00

1 500 000,00 KOMMUNALKREDIT AUSTRIA 3.25% 01/03/2011 EUR 1 530 750,00 1 504 497,00 0,41

Total Portfolio 363 754 274,86 99,45372 658 215,51





319


Assets

Investments in securities at market value 1 675 487 348,05Banks 1 611 700,70Amounts due from brokers 4,23Other interest receivable 25 367 862,50Receivable on investments sold 5 217 002,35Receivable on subscriptions 404 208,90Other assets 1 159,38Total assets 1 708 089 286,11

Liabilities

Payable on investments purchased (7 158 692,30)Payable on redemptions (2 040 489,88)Other liabilities (644 505,49)Total liabilities (9 843 687,67)



Class I Units 692 779,367136,78EURClass R Units 498 505,068136,10EURClass Z Units 10 950 828,203140,22EUR



320





Management fee (Note 5) (3 980 254,84)Custodian fee (Note 7) (1 726 364,69)Subscription tax (Note 3) (204 249,96)Interest on bank accounts (106,90)Interest paid on swap contracts (788 500,00)Other charges and taxes (Notes 4, 7) (1 153 080,27)




(7 884 756,73)

Change in unrealised appreciation / (depreciation) on investments (34 898 718,05)Change in unrealised appreciation / (depreciation) on future contracts (Note 8) 38 950,00






321




ITALY 78 639 579,10 4,6378 752 570,74

Government 62 584 480,50 3,6862 674 132,75

38 000 000,00 CCT FRN 01/11/2011 EUR 37 933 000,90 37 935 020,00 2,23


24 850 000,00 CCT FRN 01/03/2012 EUR 24 741 131,85 24 649 460,50 1,45

Finance 16 055 098,60 0,9516 078 437,99




3 000 000,00 SCIC 2 A2 FRN 22/09/2023 EUR 132 627,99 187 644,60 0,01

GREAT-BRITAIN 21 990 909,70 1,2921 981 912,09

Finance 21 990 909,70 1,2921 981 912,09





SWEDEN 11 805 123,40 0,7011 820 074,87

Finance 5 907 227,50 0,355 921 570,76

5 900 000,00 SKANDINAVISKA ENSKILDA FRN 08/02/2011 EUR 5 921 570,76 5 907 227,50 0,35

Government 5 897 895,90 0,355 898 504,11



UNITED STATES 9 277 538,00 0,558 918 570,00

Finance 9 277 538,00 0,558 918 570,00

4 800 000,00 GOLDMAN SACHS GP INC FRN 23/05/2016 EUR 4 092 000,00 4 374 960,00 0,26



Ordinary bonds 1 473 507 817,99 86,761 505 751 396,03

GERMANY 377 203 444,13 22,21382 002 194,44

Government 374 406 050,93 22,05379 203 594,44

96 000 000,00 BUNDESREPUBLIK DEUTSCHLAND 3.75% 04/07/2013 EUR 103 873 870,00 102 517 751,04 6,03







322


85 230 000,00 BUNDESSCHATZANWEISUNGEN 0.50% 15/06/2012 EUR 85 149 636,93 84 999 026,70 5,01

Finance 2 797 393,20 0,162 798 600,00

2 800 000,00 SEB AG 1.00% 28/09/2011 EUR 2 798 600,00 2 797 393,20 0,16

ITALY 323 761 898,23 19,06330 359 828,43

Government 323 761 898,23 19,06330 359 828,43

96 930 000,00 BTP 2.00% 01/06/2013 EUR 96 320 648,64 94 639 439,41 5,57

90 000 000,00 BTP 4.25% 15/04/2013 EUR 95 151 243,98 92 606 430,60 5,45

51 170 000,00 BTP 4.25% 01/08/2013 EUR 53 788 140,95 52 646 592,22 3,10

37 020 000,00 BTP 3.00% 01/03/2012 EUR 37 632 695,98 37 310 397,09 2,20

30 000 000,00 BTP 2.25% 01/11/2013 EUR 29 918 946,00 29 179 419,00 1,72

17 400 000,00 BTP 2.50% 01/07/2012 EUR 17 548 152,88 17 379 619,91 1,02

FRANCE 292 685 449,07 17,23295 766 933,92

Government 292 685 449,07 17,23295 766 933,92

106 400 000,00 FR TREASURY 3.75% 12/01/2013 EUR 113 590 535,00 112 163 807,17 6,60

65 000 000,00 FR TREASURY 0.75% 20/09/2012 EUR 65 027 812,00 64 802 596,30 3,82

57 700 000,00 FR TREASURY 4.50% 12/07/2012 EUR 61 657 269,92 60 904 448,55 3,59

28 050 000,00 FRANCE OAT 4.75% 25/10/2012 EUR 30 367 347,00 29 948 623,15 1,76

23 000 000,00 FR TREASURY 4.50% 12/07/2013 EUR 25 123 970,00 24 865 973,90 1,46

SPAIN 149 093 974,17 8,78154 541 382,02

Government 149 093 974,17 8,78154 541 382,02

42 000 000,00 SPAIN 3.90% 31/10/2012 EUR 44 232 904,76 42 326 503,80 2,49

37 900 000,00 SPAIN 2.50% 31/10/2013 EUR 37 522 253,75 36 501 354,31 2,15

25 000 000,00 SPAIN 5.00% 30/07/2012 EUR 26 912 617,92 25 657 399,00 1,51

25 500 000,00 SPAIN 2.30% 30/04/2013 EUR 25 506 726,97 24 730 647,66 1,46

20 000 000,00 SPAIN 2.75% 30/04/2012 EUR 20 366 878,62 19 878 069,40 1,17

NETHERLANDS 105 961 096,32 6,24105 765 925,26

Government 105 961 096,32 6,24105 765 925,26

74 150 000,00 NETHERLANDS 1.75% 15/01/2013 EUR 74 743 232,34 75 415 270,38 4,44

15 000 000,00 NETHERLANDS 5.00% 15/07/2012 EUR 16 271 042,92 15 966 478,80 0,94

13 500 000,00 NETHERLANDS 4.25% 15/07/2013 EUR 14 751 650,00 14 579 347,14 0,86

BELGIUM 69 590 017,06 4,1071 679 569,96

Government 69 590 017,06 4,1071 679 569,96

46 000 000,00 BELGIUM 4.00% 28/03/2013 EUR 49 228 940,00 47 799 419,72 2,82

8 000 000,00 BELGIUM 8.00% 24/12/2012 EUR 9 161 160,00 8 912 857,44 0,52

8 262 000,00 BELGIUM 5.00% 28/09/2012 EUR 9 007 829,96 8 684 422,26 0,51

4 000 000,00 BELGIUM 4.25% 28/09/2013 EUR 4 281 640,00 4 193 317,64 0,25





323


GREECE 61 170 029,68 3,6067 374 862,48

Government 61 170 029,68 3,6067 374 862,48

32 000 000,00 GREECE 4.00% 20/08/2013 EUR 27 040 490,00 25 418 888,96 1,49

22 000 000,00 GREECE 4.60% 20/05/2013 EUR 20 330 680,00 18 117 082,72 1,07

20 000 000,00 GREECE 4.10% 20/08/2012 EUR 20 003 692,48 17 634 058,00 1,04

IRELAND 34 616 359,71 2,0438 269 668,72

Government 20 970 626,31 1,2423 009 601,72

21 550 000,00 IR TREASURY 5.00% 18/04/2013 EUR 23 009 601,72 20 970 626,31 1,24

Finance 13 645 733,40 0,8015 260 067,00

15 300 000,00 ALLIED IRISH BANKS PLC 3.25% 04/02/2013 EUR 15 260 067,00 13 645 733,40 0,80

AUSTRIA 26 960 348,83 1,5927 269 400,39

Government 26 960 348,83 1,5927 269 400,39

23 300 000,00 AUSTRIA 3.80% 20/10/2013 EUR 25 100 700,00 24 837 183,25 1,46

2 000 000,00 AUSTRIA 5.00% 15/07/2012 EUR 2 168 700,39 2 123 165,58 0,13

FINLAND 22 791 050,79 1,3423 151 610,41

Government 22 791 050,79 1,3423 151 610,41

12 000 000,00 FINLAND 5.375% 04/07/2013 EUR 13 562 840,00 13 271 181,36 0,78

9 000 000,00 FINLAND 4.25% 15/09/2012 EUR 9 588 770,41 9 519 869,43 0,56

UNITED STATES 9 674 150,00 0,579 570 020,00

Finance 9 674 150,00 0,579 570 020,00

9 550 000,00 WM COVERED BD PROGRAM 3.875% 27/09/2011 EUR 9 570 020,00 9 674 150,00 0,57


ITALY 71 599 026,00 4,2271 734 058,00

Government 71 599 026,00 4,2271 734 058,00

40 100 000,00 CTZ 0.00% 30/04/2012 EUR 38 611 057,00 38 716 550,00 2,29

29 000 000,00 CTZ 0.00% 31/08/2012 EUR 27 966 295,00 27 725 740,00 1,63

5 200 000,00 BOT 0.00% 30/06/2011 EUR 5 156 706,00 5 156 736,00 0,30



SPAIN 6 630 050,00 0,396 664 700,00

Government 6 630 050,00 0,396 664 700,00

7 000 000,00 SPAIN FRN 29/10/2012 EUR 6 664 700,00 6 630 050,00 0,39





324


Ordinary bonds 2 037 303,86 0,122 065 920,00

PORTUGAL 2 037 303,86 0,122 065 920,00

Government 2 037 303,86 0,122 065 920,00

2 000 000,00 PT TREASURY 5.45% 23/09/2013 EUR 2 065 920,00 2 037 303,86 0,12

Total Portfolio 1 675 487 348,05 98,661 707 689 201,73





325


Assets

Investments in securities at market value 1 267 258 183,05Banks 7 032 171,57Unrealised profit on future contracts (Note 8) 26 400,00Other interest receivable 23 113 479,92Receivable on investments sold 3 195 101,92Receivable on subscriptions 169 060,21Total assets 1 300 794 396,67

Liabilities

Amounts due to brokers (26 400,01)Payable on investments purchased (11 478 643,76)Payable on redemptions (839 695,07)Other liabilities (562 478,60)Total liabilities (12 907 217,44)



Class I Units 193 945,280296,32EURClass R Units 364 406,012294,45EURClass Z Units 3 687 941,208304,53EUR



326





Management fee (Note 5) (3 632 756,35)Custodian fee (Note 7) (1 204 213,91)Subscription tax (Note 3) (166 730,76)Interest on bank accounts (111,14)Other charges and taxes (Notes 4, 7) (830 518,08)




7 756 543,77

Change in unrealised appreciation / (depreciation) on investments (30 735 491,43)Change in unrealised appreciation / (depreciation) on future contracts (Note 8) 4 500,00






327




ITALY 30 616 402,30 2,3730 696 154,61

Government 22 492 359,50 1,7422 510 782,61

19 550 000,00 CCT FRN 01/11/2011 EUR 19 518 892,60 19 516 569,50 1,51


3 000 000,00 CCT FRN 01/03/2012 EUR 2 991 890,01 2 975 790,00 0,23

Finance 8 124 042,80 0,638 185 372,00



UNITED STATES 11 031 860,00 0,8610 693 113,45

Finance 11 031 860,00 0,8610 693 113,45


4 200 000,00 BEAR STEARNS CO LLC FRN 27/07/2012 EUR 3 959 508,00 4 165 560,00 0,32

FRANCE 4 836 221,15 0,384 840 494,00

Finance 4 836 221,15 0,384 840 494,00

4 850 000,00 BPCE FRN 20/07/2012 EUR 4 840 494,00 4 836 221,15 0,38

GREAT-BRITAIN 2 009 392,00 0,162 000 000,00

Finance 2 009 392,00 0,162 000 000,00


Ordinary bonds 1 068 737 794,87 82,981 095 572 256,09

GERMANY 304 252 275,16 23,62303 831 055,93

Government 304 252 275,16 23,62303 831 055,93


54 685 000,00 BUNDESOBLIGATION 2.50% 27/02/2015 EUR 56 326 324,56 56 560 695,50 4,39






ITALY 265 378 211,02 20,61274 711 599,61

Government 265 378 211,02 20,61274 711 599,61

90 980 000,00 BTP 3.00% 15/06/2015 EUR 91 784 844,16 88 336 458,74 6,86

67 700 000,00 BTP 4.25% 01/08/2014 EUR 72 353 583,86 69 564 352,39 5,40





328


47 125 000,00 BTP 3.00% 15/04/2015 EUR 47 605 247,42 45 963 911,16 3,57

30 500 000,00 BTP 3.50% 01/06/2014 EUR 31 079 536,17 30 609 011,88 2,38

20 000 000,00 BTP 3.00% 01/11/2015 EUR 19 739 750,00 19 280 603,80 1,50

11 590 000,00 BTP 3.75% 01/08/2015 EUR 12 148 638,00 11 623 873,05 0,90

SPAIN 105 839 728,23 8,22110 886 722,48

Government 105 839 728,23 8,22110 886 722,48

55 970 000,00 SPAIN 3.00% 30/04/2015 EUR 55 871 484,80 53 023 450,96 4,11

25 600 000,00 SPAIN 4.25% 31/01/2014 EUR 27 005 510,32 25 835 420,67 2,01

19 830 000,00 SPAIN 3.30% 31/10/2014 EUR 20 182 643,13 19 276 085,24 1,50

8 000 000,00 SPAIN 2.50% 31/10/2013 EUR 7 827 084,23 7 704 771,36 0,60

FRANCE 82 538 076,58 6,4183 036 660,00

Government 82 538 076,58 6,4183 036 660,00

40 500 000,00 FR TREASURY 2.00% 12/07/2015 EUR 40 584 260,00 40 275 408,06 3,13

34 000 000,00 FRANCE OAT 3.50% 25/04/2015 EUR 36 200 340,00 36 048 328,30 2,80

6 000 000,00 FRANCE OAT 3.00% 25/10/2015 EUR 6 252 060,00 6 214 340,22 0,48

NETHERLANDS 81 096 089,17 6,3080 769 947,26

Government 81 096 089,17 6,3080 769 947,26

40 500 000,00 NETHERLANDS 2.75% 15/01/2015 EUR 41 348 129,85 42 103 563,08 3,27

18 500 000,00 NETHERLANDS 3.25% 15/07/2015 EUR 19 889 570,00 19 564 273,36 1,52

18 020 000,00 NETHERLANDS 3.75% 15/07/2014 EUR 19 532 247,41 19 428 252,73 1,51

BELGIUM 78 032 232,07 6,0680 205 353,27

Government 78 032 232,07 6,0680 205 353,27

41 655 000,00 BELGIUM 4.00% 28/03/2014 EUR 44 269 037,27 43 397 493,21 3,37

34 000 000,00 BELGIUM 3.50% 28/03/2015 EUR 35 936 316,00 34 634 738,86 2,69

AUSTRIA 54 020 444,61 4,1954 088 977,54

Government 54 020 444,61 4,1954 088 977,54

34 225 000,00 AUSTRIA 3.40% 20/10/2014 EUR 35 819 957,54 36 076 103,96 2,80

17 000 000,00 AUSTRIA 3.50% 15/07/2015 EUR 18 269 020,00 17 944 340,65 1,39

GREECE 37 963 749,89 2,9544 712 846,36

Government 37 963 749,89 2,9544 712 846,36

24 000 000,00 GREECE 4.50% 20/05/2014 EUR 23 687 286,36 17 974 172,40 1,40

20 500 000,00 GREECE 3.70% 20/07/2015 EUR 14 417 810,00 13 883 107,17 1,08

8 000 000,00 GREECE 5.50% 20/08/2014 EUR 6 607 750,00 6 106 470,32 0,47

IRELAND 27 452 648,20 2,1330 948 326,74

Government 27 452 648,20 2,1330 948 326,74

30 130 000,00 IR TREASURY 4.00% 15/01/2014 EUR 30 948 326,74 27 452 648,20 2,13





329


FINLAND 21 559 139,54 1,6721 547 071,90

Government 21 559 139,54 1,6721 547 071,90

9 000 000,00 FINLAND 3.125% 15/09/2014 EUR 9 283 471,90 9 516 530,52 0,74

6 500 000,00 FINLAND 4.25% 04/07/2015 EUR 7 275 750,00 7 144 373,92 0,55

5 000 000,00 FINLAND 1.75% 15/04/2016 EUR 4 987 850,00 4 898 235,10 0,38

LUXEMBOURG 7 776 000,00 0,607 903 295,00

Supranational 7 776 000,00 0,607 903 295,00

7 500 000,00 EIB 3.125% 15/04/2014 EUR 7 903 295,00 7 776 000,00 0,60

PORTUGAL 2 829 200,40 0,222 930 400,00

Government 2 829 200,40 0,222 930 400,00

3 000 000,00 PT TREASURY 3.60% 15/10/2014 EUR 2 930 400,00 2 829 200,40 0,22


ITALY 3 470 880,00 0,273 470 859,81

Government 3 470 880,00 0,273 470 859,81

3 500 000,00 BOT 0.00% 30/06/2011 EUR 3 470 859,81 3 470 880,00 0,27


Ordinary bonds 146 555 632,73 11,38145 124 381,36

FRANCE 146 555 632,73 11,38145 124 381,36

Government 146 555 632,73 11,38145 124 381,36

84 100 000,00 FR TREASURY 2.50% 15/01/2015 EUR 85 423 772,06 86 002 309,20 6,68

48 000 000,00 FR TREASURY 3.00% 12/07/2014 EUR 49 573 608,64 50 186 918,88 3,90

10 050 000,00 FR TREASURY 2.50% 12/01/2014 EUR 10 127 000,66 10 366 404,65 0,80

Total Portfolio 1 267 258 183,05 98,401 292 397 259,32





330


100 000 30,00 DTB EURO-BOBL 08/03/11 118,78 EUR 26 400,00 3 563 400,00Purchase

26 400,00 3 563 400,00


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


331


Assets

Investments in securities at market value 2 472 499 765,68Banks 3 219 625,16Amounts due from brokers 37 822,43Other interest receivable 52 755 746,56Receivable on investments sold 17 907 664,94Receivable on subscriptions 836 602,68Other assets 4 230,22Total assets 2 547 261 457,67

Liabilities

Unrealised loss on future contracts (Note 8) (37 820,00)Payable on investments purchased (6 978 746,88)Payable on redemptions (22 553 110,65)Other liabilities (1 020 891,46)Total liabilities (30 590 568,99)



Class I Units 1 052 462,901159,25EURClass R Units 416 747,534158,48EURClass Z Units 13 954 705,974163,60EUR



332





Management fee (Note 5) (6 485 345,71)Custodian fee (Note 7) (2 331 141,37)Subscription tax (Note 3) (267 881,03)Interest on bank accounts (277,83)Other charges and taxes (Notes 4, 7) (1 516 551,07)




23 821 570,19



Subscriptions for the year 1 429 339 805,83Redemptions for the year (814 003 848,74)




333




ITALY 48 354 651,60 1,9248 482 484,34

Government 31 672 482,00 1,2631 720 848,34

20 300 000,00 CCT FRN 01/11/2011 EUR 20 266 864,99 20 265 287,00 0,81


11 500 000,00 CCT FRN 01/03/2012 EUR 11 453 983,35 11 407 195,00 0,45

Finance 16 682 169,60 0,6616 761 636,00



4 800 000,00 BANCA DELLE MARCHE FRN 19/10/2011 EUR 4 782 816,00 4 792 065,60 0,19

GREAT-BRITAIN 26 246 471,00 1,0426 154 335,00

Finance 26 246 471,00 1,0426 154 335,00





SWEDEN 7 500 408,00 0,307 499 921,00

Government 4 496 733,00 0,184 496 596,00



Finance 3 003 675,00 0,123 003 325,00

3 000 000,00 SKANDINAVISKA ENSKILDA FRN 08/02/2011 EUR 3 003 325,00 3 003 675,00 0,12

IRELAND 4 983 294,40 0,205 573 339,69

Finance 4 983 294,40 0,205 573 339,69

5 600 000,00 ALLIED IRISH BANKS PLC FRN 19/03/2012 EUR 5 573 339,69 4 983 294,40 0,20

Ordinary bonds 2 313 234 694,13 91,922 387 365 195,23

ITALY 641 712 996,68 25,50677 590 311,21

Government 641 712 996,68 25,50677 590 311,21

106 075 000,00 BTP 4.25% 01/03/2020 EUR 108 277 539,50 103 036 724,54 4,10

70 060 000,00 BTP 6.00% 01/05/2031 EUR 80 354 496,62 75 860 649,93 3,02

58 900 000,00 BTP 5.25% 01/08/2017 EUR 66 060 795,51 62 468 825,21 2,48

61 200 000,00 BTP 4.50% 01/08/2018 EUR 64 378 349,55 61 589 736,90 2,45

53 500 000,00 BTP 4.25% 01/09/2019 EUR 54 470 010,39 52 374 004,76 2,08

53 100 000,00 BTP 5.00% 01/09/2040 EUR 54 496 072,76 50 133 806,39 1,99





334


45 995 000,00 BTP 5.00% 01/03/2025 EUR 47 724 816,17 45 924 561,87 1,82

38 000 000,00 BTP 5.25% 01/11/2029 EUR 40 580 700,00 38 088 584,84 1,51

26 700 000,00 BTP 6.50% 01/11/2027 EUR 33 827 944,83 30 525 752,49 1,21

30 500 000,00 BTP 4.00% 01/02/2017 EUR 32 071 775,00 30 379 683,30 1,21

30 980 000,00 BTP 3.75% 01/03/2021 EUR 30 199 533,30 28 476 430,92 1,13

23 170 000,00 BTP 4.00% 01/09/2020 EUR 23 209 204,66 22 000 193,27 0,87

16 230 000,00 BTP 5.00% 01/08/2039 EUR 15 971 037,35 15 394 510,93 0,61

13 000 000,00 BTP 4.50% 01/03/2019 EUR 13 188 470,00 12 997 293,27 0,52

6 500 000,00 BTP 7.25% 01/11/2026 EUR 8 235 800,00 7 974 471,77 0,32

4 000 000,00 BTP 4.50% 01/02/2018 EUR 4 084 204,00 4 049 314,16 0,16

250 000,00 BTP 2.35% IND 15/09/2019 EUR 261 871,84 250 809,53 0,01

200 000,00 BTP 2.10% IND 15/09/2021 EUR 197 689,73 187 642,60 0,01

GERMANY 529 142 850,65 21,03519 422 012,05

Government 517 374 450,65 20,56507 534 692,05













Finance 11 768 400,00 0,4711 887 320,00

12 000 000,00 LB BADEN-WUERTTEMBERG 2.25% 21/06/2016 EUR 11 887 320,00 11 768 400,00 0,47

FRANCE 481 750 290,82 19,14475 248 792,46

Government 481 750 290,82 19,14475 248 792,46

102 203 000,00 FRANCE OAT 3.50% 25/04/2020 EUR 104 910 076,00 103 950 575,23 4,13

66 840 000,00 FRANCE OAT 3.50% 25/04/2026 EUR 66 645 643,00 65 321 483,43 2,60

47 020 000,00 FRANCE OAT 3.75% 25/04/2017 EUR 50 928 055,00 49 980 636,87 1,99

47 510 000,00 FRANCE OAT 3.75% 25/10/2019 EUR 48 638 191,21 49 446 269,10 1,96

32 000 000,00 FRANCE OAT 5.75% 25/10/2032 EUR 39 505 780,15 40 957 792,96 1,63

36 530 000,00 FRANCE OAT 4.00% 25/04/2018 EUR 38 186 139,13 39 126 510,75 1,55

29 550 000,00 FRANCE OAT 5.50% 25/04/2029 EUR 34 769 405,73 36 039 610,25 1,43

28 160 000,00 FRANCE OAT 4.50% 25/04/2041 EUR 28 871 899,72 31 237 372,67 1,24

27 600 000,00 FRANCE OAT 4.00% 25/10/2038 EUR 26 832 452,23 28 250 715,82 1,12

27 000 000,00 FRANCE OAT 3.25% 25/04/2016 EUR 27 275 610,29 28 220 624,10 1,12

9 000 000,00 FRANCE OAT 4.00% 25/04/2060 EUR 8 685 540,00 9 218 699,64 0,37





335


BELGIUM 139 039 567,39 5,52142 985 314,44

Government 139 039 567,39 5,52142 985 314,44

42 000 000,00 BELGIUM 3.25% 28/09/2016 EUR 42 604 886,01 41 628 595,26 1,66

26 955 000,00 BELGIUM 3.75% 28/09/2020 EUR 27 472 342,18 26 501 702,34 1,05

22 000 000,00 BELGIUM 4.25% 28/03/2041 EUR 21 965 566,00 21 463 258,74 0,85

20 070 000,00 BELGIUM 4.00% 28/03/2019 EUR 20 910 901,30 20 370 047,10 0,81

16 000 000,00 BELGIUM 4.00% 28/03/2017 EUR 17 174 538,95 16 427 280,63 0,65

13 000 000,00 BELGIUM 2.75% 28/03/2016 EUR 12 857 080,00 12 648 683,32 0,50

SPAIN 135 409 876,30 5,38148 069 873,31

Government 135 409 876,30 5,38148 069 873,31

41 640 000,00 SPAIN 3.15% 31/01/2016 EUR 41 223 406,45 39 047 396,99 1,55

27 500 000,00 SPAIN 5.75% 30/07/2032 EUR 30 919 113,29 26 867 315,48 1,07

26 080 000,00 SPAIN 4.20% 31/01/2037 EUR 23 929 397,47 20 208 884,75 0,80

19 920 000,00 SPAIN 4.85% 31/10/2020 EUR 19 886 733,60 19 088 484,22 0,76

18 965 000,00 SPAIN 4.65% 30/07/2025 EUR 17 689 355,00 16 839 440,54 0,67

11 950 000,00 SPAIN 3.80% 31/01/2017 EUR 12 201 547,50 11 297 735,06 0,45

2 000 000,00 SPAIN 5.50% 30/07/2017 EUR 2 220 320,00 2 060 619,26 0,08

NETHERLANDS 132 552 831,95 5,27131 989 409,09

Government 132 552 831,95 5,27131 989 409,09

73 400 000,00 NETHERLANDS 3.50% 15/07/2020 EUR 75 592 057,45 75 534 912,40 3,00

25 200 000,00 NETHERLANDS 3.75% 15/01/2042 EUR 25 618 927,12 26 315 174,34 1,05

14 350 000,00 NETHERLANDS 4.50% 15/07/2017 EUR 16 384 739,50 15 996 356,70 0,64

9 970 000,00 NETHERLANDS 4.00% 15/07/2016 EUR 10 773 272,69 10 864 126,05 0,43

3 070 000,00 NETHERLANDS 5.50% 15/01/2028 EUR 3 620 412,33 3 842 262,46 0,15

AUSTRIA 95 299 307,33 3,7994 007 327,17

Government 95 299 307,33 3,7994 007 327,17

32 120 000,00 AUSTRIA 3.20% 20/02/2017 EUR 32 719 342,94 32 985 687,00 1,31

21 000 000,00 AUSTRIA 4.00% 15/09/2016 EUR 22 208 971,36 22 563 021,60 0,90

21 480 000,00 AUSTRIA 3.90% 15/07/2020 EUR 23 094 745,00 22 401 176,67 0,89

12 940 000,00 AUSTRIA 4.15% 15/03/2037 EUR 12 309 994,33 13 530 263,41 0,54

3 530 000,00 AUSTRIA 4.35% 15/03/2019 EUR 3 674 273,54 3 819 158,65 0,15

IRELAND 65 572 492,41 2,6186 224 923,59

Government 65 572 492,41 2,6186 224 923,59

33 010 000,00 IR TREASURY 5.40% 13/03/2025 EUR 32 904 791,51 23 740 911,17 0,95

30 010 000,00 IR TREASURY 5.00% 18/10/2020 EUR 29 817 562,07 22 351 676,08 0,89

22 485 000,00 IE TREASURY 4.60% 18/04/2016 EUR 23 502 570,01 19 479 905,16 0,77

GREECE 51 293 509,89 2,0471 060 965,52

Government 51 293 509,89 2,0471 060 965,52

16 000 000,00 GREECE 6.00% 19/07/2019 EUR 16 638 944,19 10 481 021,60 0,43





336


15 415 000,00 GREECE 5.30% 20/03/2026 EUR 15 174 630,10 9 144 034,02 0,36

13 000 000,00 GREECE 6.25% 19/06/2020 EUR 12 862 460,00 8 681 381,02 0,34

14 000 000,00 GREECE 2.90% IND 25/07/2025 EUR 8 607 487,23 7 887 088,77 0,31

14 500 000,00 GREECE 4.60% 20/09/2040 EUR 9 889 654,00 7 884 025,55 0,31

6 500 000,00 GREECE 4.30% 20/07/2017 EUR 4 326 290,00 4 019 671,44 0,16

3 000 000,00 GREECE 5.90% 22/10/2022 EUR 2 248 500,00 1 975 480,77 0,08

2 000 000,00 GREECE 4.60% 20/07/2018 EUR 1 313 000,00 1 220 806,72 0,05

FINLAND 29 535 755,37 1,1728 557 886,39

Government 29 535 755,37 1,1728 557 886,39

13 585 000,00 FINLAND 4.00% 04/07/2025 EUR 13 572 971,89 14 396 681,07 0,57

12 950 000,00 FINLAND 3.375% 15/04/2020 EUR 12 989 774,50 13 179 780,26 0,52

2 000 000,00 FINLAND 1.75% 15/04/2016 EUR 1 995 140,00 1 959 294,04 0,08

PORTUGAL 11 925 215,34 0,4712 208 380,00

Government 11 925 215,34 0,4712 208 380,00

10 000 000,00 PT TREASURY 4.80% 15/06/2020 EUR 8 925 500,00 8 742 923,30 0,34

4 000 000,00 PT TREASURY 3.85% 15/04/2021 EUR 3 282 880,00 3 182 292,04 0,13


ITALY 6 941 760,00 0,276 941 719,61

Government 6 941 760,00 0,276 941 719,61

7 000 000,00 BOT 0.00% 30/06/2011 EUR 6 941 719,61 6 941 760,00 0,27

FRANCE 3 717 155,00 0,153 360 000,00

Government 3 717 155,00 0,153 360 000,00

5 000 000,00 FRANCE OAT 0.00% 25/10/2019 EUR 3 360 000,00 3 717 155,00 0,15


Ordinary bonds 61 521 331,55 2,4468 174 116,74

SPAIN 61 521 331,55 2,4468 174 116,74

Government 61 521 331,55 2,4468 174 116,74

43 020 000,00 SPAIN 4.10% 30/07/2018 EUR 43 342 916,80 40 197 515,02 1,59

25 750 000,00 SPAIN 4.70% 30/07/2041 EUR 24 831 199,94 21 323 816,53 0,85

Total Portfolio 2 472 499 765,68 98,242 553 551 111,61





337


100 000 (197,00) DTB EURO-BOBL 08/03/11 118,78 EUR (34 520,00) 23 399 660,00Sale

(37 820,00) 44 580 490,00

100 000 (163,00) DTB EURO-BUND 08/03/11 125,31 EUR (3 000,00) 20 425 530,00Sale

100 000 (7,00) KUA FTSE KLCI 08/03/11 107,90 EUR (300,00) 755 300,00Sale


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


338


Assets

Investments in securities at market value 202 880 169,68Banks 8 418 680,28Amounts due from brokers 134 676,15Unrealised profit on forward foreign exchange contracts (Note 8) 75 702,43Unrealised profit on future contracts (Note 8) 23 710,00Other interest receivable 1 624 641,14Receivable on investments sold 608 786,50Receivable on subscriptions 388 080,24Total assets 214 154 446,42

Liabilities

Bank overdrafts (9,87)Unrealised loss on forward foreign exchange contracts (Note 8) (142 268,00)Unrealised loss on future contracts (Note 8) (117 471,53)Payable on redemptions (199 041,25)Other liabilities (127 057,04)Total liabilities (585 847,69)



Class IH Units 100,000139,35EURClass R Units 377 897,294130,60EURClass RH Units 12 778,029137,62EURClass Z Units 1 222 471,228132,87EURClass ZH Units 81,115140,07EUR



339









13 249 670,53


(Note 8) (7 880,27)







340




ITALY 5 182 878,80 2,435 188 735,00

Government 4 492 305,00 2,114 490 513,00

4 500 000,00 CCT FRN 01/11/2011 EUR 4 490 513,00 4 492 305,00 2,11


Finance 690 573,80 0,32698 222,00

700 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 698 222,00 690 573,80 0,32

GREAT-BRITAIN 1 764 177,95 0,831 681 093,32

Finance 1 004 696,00 0,471 000 000,00


Multi-Utilities 759 481,95 0,36681 093,32

1 000 000,00 SCOTTISH POWER PLC FRN 17/07/2011 AUD 681 093,32 759 481,95 0,36

UNITED STATES 985 000,00 0,46983 530,00

Finance 985 000,00 0,46983 530,00

1 000 000,00 MERRILL LYNCH & CO FRN 16/02/2012 EUR 983 530,00 985 000,00 0,46

AUSTRALIA 457 627,05 0,21351 288,06

Finance 457 627,05 0,21351 288,06

600 000,00 ING BANK (AUSTRALIA) LTD FRN 28/08/2013 AUD 351 288,06 457 627,05 0,21

Ordinary bonds 154 173 709,62 72,19153 003 570,35

JAPAN 56 017 966,76 26,2453 266 788,98

Government 56 017 966,76 26,2453 266 788,98

900 000 000,00 JAPAN-307(10 YEAR ISSUE) 1.30% 20/03/2020 JPY 8 295 674,98 8 466 367,79 3,97

600 000 000,00 JAPAN-271 (10 YEAR ISSUE) 1.20% 20/06/2015 JPY 5 528 380,45 5 719 847,36 2,69

550 000 000,00 JAPAN-304 (10 YR ISSUE) 1.30% 20/09/2019 JPY 5 221 561,75 5 197 042,64 2,43



450 000 000,00 JAPAN -26(30 YEAR ISSUE) 2.40% 20/03/2037 JPY 4 619 218,54 4 497 501,99 2,11




400 000 000,00 JAPAN- 62 (20 YEAR ISSUE) 0.80% 20/06/2023 JPY 3 372 850,05 3 451 488,14 1,62








341


35 000 000,00 JAPAN-288(10 YEAR ISSUE) 1.70% 20/09/2017 JPY 336 555,08 343 809,74 0,16

ITALY 21 083 305,99 9,8721 709 459,87

Government 21 083 305,99 9,8721 709 459,87

5 000 000,00 BTP 4.25% 15/04/2013 EUR 5 268 166,67 5 144 801,70 2,41

4 850 000,00 BTP 3.00% 15/06/2015 EUR 4 845 173,21 4 709 076,99 2,20

4 000 000,00 BTP 3.75% 01/03/2021 EUR 3 771 640,00 3 676 750,28 1,72

2 470 000,00 BTP 2.00% 01/06/2013 EUR 2 460 367,00 2 411 631,23 1,13

2 000 000,00 ITALY 2.125% 16/09/2013 USD 1 565 162,81 1 471 581,38 0,69

700 000,00 BTP 9.00% 01/11/2023 EUR 983 688,00 963 672,09 0,45

800 000,00 BTP 6.00% 01/05/2031 EUR 885 516,00 866 236,37 0,41

700 000,00 BTP 6.50% 01/11/2027 EUR 834 176,00 800 300,62 0,37

600 000,00 BTP 5.00% 01/09/2040 EUR 611 280,18 566 483,69 0,27

450 000,00 BTP 5.75% 01/02/2033 EUR 484 290,00 472 771,64 0,22

GERMANY 17 542 245,16 8,2117 848 483,12

Government 15 917 868,28 7,4516 304 878,64






600 000,00 BUNDESREPUBLIK DEUTSCHLAND 5.625% 04/01/2028 EUR 783 162,00 764 263,55 0,36



Finance 1 624 376,88 0,761 543 604,48

1 300 000,00 NRW.BANK 2.50% 19/02/2014 USD 948 009,32 984 571,57 0,46

540 000,00 NRW.BANK 2.625% 07/12/2012 GBP 595 595,16 639 805,31 0,30

UNITED STATES 17 230 822,85 8,0718 132 751,99

Government 15 480 615,37 7,2516 364 734,94

5 200 000,00 US TREASURY 4.375% 15/02/2038 USD 4 469 789,46 3 918 508,44 1,83

3 800 000,00 US TREASURY 6.125% 15/11/2027 USD 3 615 696,88 3 559 047,85 1,67

4 000 000,00 US TREASURY 2.125% 31/05/2015 USD 2 998 392,04 3 029 611,28 1,42

3 200 000,00 US TREASURY 3.125% 30/04/2017 USD 2 589 780,31 2 472 047,26 1,16

2 900 000,00 US TREASURY 2.75% 30/11/2016 USD 2 387 035,63 2 207 023,23 1,03

400 000,00 US TREASURY 2.75% 15/02/2019 USD 304 040,62 294 377,31 0,14

Finance 1 750 207,48 0,821 768 017,05

1 500 000,00 CREDIT SUISSE USA INC 6.125% 15/11/2011 USD 1 176 149,39 1 165 741,12 0,55

500 000,00 BEAR STEARNS COS LLC 4.625% 26/01/2011 GBP 591 867,66 584 466,36 0,27

FRANCE 12 133 708,98 5,6811 763 658,99

Government 10 564 582,53 4,9510 495 764,61

3 502 000,00 FRANCE OAT 3.25% 25/04/2016 EUR 3 693 109,80 3 660 319,47 1,72





342


2 400 000,00 FRANCE OAT 3.50% 25/04/2020 EUR 2 423 396,25 2 441 037,74 1,14

2 297 000,00 FR TREASURY 2.00% 12/07/2015 EUR 2 340 463,11 2 284 262,03 1,07

1 700 000,00 FRANCE OAT 4.50% 25/04/2041 EUR 1 742 623,45 1 885 778,89 0,88

300 000,00 FRANCE OAT 3.50% 25/04/2026 EUR 296 172,00 293 184,40 0,14

Finance 1 569 126,45 0,731 267 894,38

170 000 000,00 CIE FINANCEMENT FONCIER 1.25% 01/12/2011 JPY 1 267 894,38 1 569 126,45 0,73

GREAT-BRITAIN 10 187 108,15 4,7710 075 980,22

Government 10 187 108,15 4,7710 075 980,22

1 650 000,00 UK TREASURY 4.25% 07/12/2027 GBP 2 004 766,95 1 978 280,39 0,93

1 550 000,00 UK TREASURY 4.50% 07/09/2034 GBP 1 963 053,24 1 888 257,63 0,88

1 400 000,00 UK TREASURY 4.75% 07/09/2015 GBP 1 863 666,47 1 819 049,08 0,85

1 400 000,00 UK TREASURY 3.75% 07/09/2019 GBP 1 591 200,66 1 685 666,33 0,79

1 000 000,00 UK TREASURY 4.75% 07/12/2030 GBP 1 184 456,45 1 265 118,75 0,59

710 000,00 UK TREASURY 4.50% 07/03/2013 GBP 871 420,48 889 231,39 0,42

550 000,00 UK TREASURY 4.25% 07/12/2055 GBP 597 415,97 661 504,58 0,31

SPAIN 5 266 620,75 2,475 720 246,07

Government 5 266 620,75 2,475 720 246,07

2 500 000,00 SPAIN 2.50% 31/10/2013 EUR 2 500 000,00 2 407 741,05 1,13

1 750 000,00 SPAIN 5.75% 30/07/2032 EUR 2 001 183,48 1 709 738,26 0,80

1 213 000,00 SPAIN 3.00% 30/04/2015 EUR 1 219 062,59 1 149 141,44 0,54

NETHERLANDS 3 910 739,70 1,833 908 811,29

Government 2 792 768,22 1,312 889 071,75

1 000 000,00 NETHERLANDS 4.50% 15/07/2017 EUR 1 158 170,00 1 114 728,69 0,53

900 000,00 NETHERLANDS 3.50% 15/07/2020 EUR 952 920,00 926 177,40 0,43

720 000,00 NETHERLANDS 3.75% 15/01/2042 EUR 777 981,75 751 862,13 0,35

Finance 1 117 971,48 0,521 019 739,54

900 000,00 RABOBANK NEDERLAND 3.125% 05/02/2015 CAD 606 579,34 676 316,58 0,31

365 000,00 RABOBANK NEDERLAND 4.00% 10/09/2015 GBP 413 160,20 441 654,90 0,21

LUXEMBOURG 2 953 037,61 1,382 931 680,44

Supranational 2 953 037,61 1,382 931 680,44

2 000 000,00 EIB 1.375% 20/10/2015 USD 1 421 988,71 1 429 391,38 0,67

1 052 000,00 EIB 3.00% 07/12/2015 GBP 1 251 032,21 1 246 561,99 0,58

380 000,00 EIB 6.00% 06/08/2020 AUD 258 659,52 277 084,24 0,13

IRELAND 1 776 394,84 0,831 837 865,22

Finance 1 776 394,84 0,831 837 865,22

2 500 000,00 BANK OF IRELAND 2.75% 02/03/2012 USD 1 837 865,22 1 776 394,84 0,83





343


CANADA 1 686 648,92 0,791 636 970,37

Government 1 686 648,92 0,791 636 970,37

1 050 000,00 CANADIAN 5.75% 01/06/2033 CAD 1 008 331,94 1 053 922,73 0,49

800 000,00 CANADIAN 3.75% 01/06/2019 CAD 628 638,43 632 726,19 0,30

DENMARK 1 298 760,20 0,611 273 144,65

Government 1 298 760,20 0,611 273 144,65

4 500 000,00 DENMARK 4.00% 15/11/2017 DKK 658 095,43 657 687,16 0,31

2 385 000,00 DENMARK 7.00% 10/11/2024 DKK 424 988,51 448 630,25 0,21

1 300 000,00 DENMARK 5.00% 15/11/2013 DKK 190 060,71 192 442,79 0,09

BELGIUM 1 222 402,55 0,571 273 188,00

Government 1 222 402,55 0,571 273 188,00

1 200 000,00 BELGIUM 3.50% 28/03/2015 EUR 1 273 188,00 1 222 402,55 0,57

SWEDEN 1 021 338,93 0,48915 806,33

Government 1 021 338,93 0,48915 806,33

2 700 000,00 SWEDEN 3.75% 12/08/2017 SEK 268 962,94 312 009,32 0,15

2 120 000,00 SWEDEN 5.00% 01/12/2020 SEK 225 322,74 268 903,15 0,13

2 000 000,00 SWEDEN 4.50% 12/08/2015 SEK 240 452,92 238 925,04 0,11

1 710 000,00 SWEDEN 5.50% 08/10/2012 SEK 181 067,73 201 501,42 0,09

AUSTRALIA 842 608,23 0,39708 734,81

Government 842 608,23 0,39708 734,81

1 104 000,00 QUEENSLAND TREASURY CORP 5.75% 21/11/2014 AUD 708 734,81 842 608,23 0,39



FRANCE 1 111 399,01 0,521 201 878,36

Finance 1 111 399,01 0,521 201 878,36

1 501 000,00 BNP PARIBAS FRN 08/04/2013 USD 1 201 878,36 1 111 399,01 0,52

CANADA 1 081 489,99 0,51968 733,30

Government 1 081 489,99 0,51968 733,30

1 450 000,00 ONTARIO (PROVINCE OF) FRN 19/11/2012 USD 968 733,30 1 081 489,99 0,51

Ordinary bonds 38 123 887,26 17,8538 035 347,24

UNITED STATES 29 204 385,35 13,6729 791 653,32

Government 29 204 385,35 13,6729 791 653,32

9 000 000,00 US TREASURY 0.50% 15/11/2013 USD 6 696 343,02 6 622 703,22 3,10





344


5 000 000,00 US TREASURY 1.875% 30/06/2015 USD 3 892 835,93 3 742 318,81 1,75

3 800 000,00 US TREASURY 3.625% 15/08/2019 USD 2 783 783,74 2 961 336,70 1,39

3 195 000,00 US TREASURY 2.375% 31/07/2017 USD 2 523 034,43 2 351 524,78 1,10

3 000 000,00 US TREASURY 1.00% 15/07/2013 USD 2 335 456,90 2 247 400,40 1,05

3 000 000,00 US TREASURY 0.50% 15/10/2013 USD 2 209 339,98 2 211 411,24 1,04

2 700 000,00 US TREASURY 2.625% 15/08/2020 USD 1 988 007,95 1 908 272,49 0,89

2 300 000,00 US TREASURY 3.50% 15/05/2020 USD 1 865 538,21 1 756 492,03 0,82

1 800 000,00 US TREASURY 1.25% 30/09/2015 USD 1 319 960,38 1 301 898,93 0,61

1 400 000,00 US TREASURY 1.75% 31/01/2014 USD 1 038 860,30 1 065 581,79 0,50

1 200 000,00 US TREASURY 0.75% 15/08/2013 USD 941 619,26 892 740,68 0,42

1 000 000,00 US TREASURY 1.875% 31/10/2017 USD 745 259,32 708 747,58 0,33

600 000,00 US TREASURY 1.25% 31/10/2015 USD 437 576,43 432 883,14 0,20

550 000,00 US TREASURY 1.875% 30/09/2017 USD 397 656,60 390 515,81 0,18

400 000,00 US TREASURY 3.75% 15/11/2018 USD 329 647,92 317 193,73 0,15

400 000,00 US TREASURY 4.25% 15/11/2040 USD 286 732,95 293 364,02 0,14

NETHERLANDS 7 373 001,95 3,456 736 747,65

Finance 7 373 001,95 3,456 736 747,65

400 000 000,00 RABOBANK NEDERLAND 0.80% 03/02/2011 JPY 3 324 705,58 3 677 607,20 1,72



CANADA 679 671,56 0,32647 624,21

Government 679 671,56 0,32647 624,21

890 000,00 CANADA HOUSING TRUST 2.95% 15/03/2015 CAD 647 624,21 679 671,56 0,32

SPAIN 467 195,66 0,22501 222,94

Government 467 195,66 0,22501 222,94

500 000,00 SPAIN 4.10% 30/07/2018 EUR 501 222,94 467 195,66 0,22

VENEZUELA 399 632,74 0,19358 099,12

Supranational 399 632,74 0,19358 099,12

450 000,00 CORP ANDINA DE FOMENTO 8.125% 04/06/2019 USD 358 099,12 399 632,74 0,19

Total Portfolio 202 880 169,68 95,00201 414 175,63





345


100 000 (16,00) DTB EURO-BOBL 08/03/11 118,78 EUR (7 360,00) 1 900 480,00Sale

(93 761,53) 15 805 322,51

100 000 (19,00) DTB EURO-BUND 08/03/11 125,31 EUR (2 570,00) 2 380 890,00Sale

100 000 (20,00) DTB EURO-SCHATZ 08/03/11 109,01 EUR 500,00 2 180 100,00Sale

100 000 (5,00) EURO BTP FUT 08/03/11 108,77 EUR 18 450,00 543 850,00Sale

100 000 (2,00) KUA FTSE KLCI 08/03/11 107,90 EUR 4 760,00 215 800,00Sale

100 000 3,00 LON LONG GILT 29/03/11 119,49 GBP (1 890,65) 418 357,94Purchase

100 000 000 (2,00) TOK JAPAN GOVT 10/03/11 140,61 JPY (9 190,64) 2 584 590,61Sale

100 000 10,00 US GOVT T B 22/03/11 122,04 USD (21 593,49) 910 327,61Purchase

100 000 10,00 US 10Y T-NOTES 22/03/11 120,14 USD (21 779,84) 897 748,87Purchase

100 000 43,00 US 5Y T-NOTES 31/03/11 117,23 USD (53 086,91) 3 773 177,48Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


346


20/01/11 304 301,45 (6 069,94)EUR400 000,00 USD

(66 565,57)

20/01/11 75 258,11 (255,38)EUR100 000,00 CAD

20/01/11 789,26 3,09AUD604,67 EUR

20/01/11 915,21 6,47CAD692,79 EUR

20/01/11 249 799,00 6,20JPY2 302,41 EUR

20/01/11 2 669,06 (60,51)EUR3 498,69 USD

20/01/11 1 300,35 (0,88)EUR141 349,00 JPY

20/01/11 5 662,27 86,41USD4 307,34 EUR

20/01/11 693 312,00 (102,27)JPY6 270,81 EUR

20/01/11 11 274 641,01 (90 959,27)EUR15 000 000,00 USD

20/01/11 2 240 329,10 58 004,28EUR250 000 000,00 JPY

20/01/11 745 440,44 4 586,85EUR1 000 000,00 CAD

04/01/11 278 413,38 (2 675,65)EUR30 000 000,00 JPY

20/01/11 32 938,74 309,11EUR300 000,00 SEK

20/01/11 250 000,00 3 553,03GBP295 293,79 EUR

20/01/11 1 500 000,00 (29 708,83)AUD1 113 609,80 EUR

20/01/11 350,31 (6,75)CHF273,44 EUR

20/01/11 80 682,00 (43,06)SEK8 897,15 EUR

20/01/11 75 200,51 5,52DKK10 093,77 EUR

20/01/11 17 646,08 (322,70)AUD13 127,36 EUR

20/01/11 45 929,06 61,51CAD34 504,16 EUR

20/01/11 94 058,13 1 117,93GBP110 880,29 EUR

20/01/11 741 354,90 7 733,55USD560 375,43 EUR

20/01/11 61 419 708,00 (11 907,94)JPY552 675,67 EUR

20/01/11 1 863,56 13,29EUR204 153,00 JPY

20/01/11 1 338,50 22,06GBP1 584,04 EUR

20/01/11 5 604,29 102,61USD4 280,32 EUR

20/01/11 7 188,87 (150,84)EUR9 439,69 USD

20/01/11 6 588,18 63,22EUR723 502,00 JPY

20/01/11 90 639,00 (3,81)JPY829,36 EUR

20/01/11 6 733,98 (0,17)DKK903,20 EUR

20/01/11 1 516,19 27,30USD1 157,54 EUR





347


Assets

Investments in securities at market value 88 518 500,51Banks 492 173,21Amounts due from brokers 1 167,43Unrealised profit on forward foreign exchange contracts (Note 8) 589 404,94Other interest receivable 861 576,48Receivable on subscriptions 29 037,74Total assets 90 491 860,31

Liabilities

Unrealised loss on forward foreign exchange contracts (Note 8) (5 658,78)Unrealised loss on future contracts (Note 8) (8 181,12)Payable on redemptions (9 555,15)Other liabilities (63 905,05)Total liabilities (87 300,10)






348









(1 279 305,86)


(Note 8) 654 876,56







349



Floating rate notes 693 731,23 0,77667 771,78

FRANCE 350 298,89 0,39353 775,42

Finance 350 298,89 0,39353 775,42

300 000,00 BNP PARIBAS FRN 29/09/2011 GBP 353 775,42 350 298,89 0,39


UNITED STATES 343 432,34 0,38313 996,36

Finance 343 432,34 0,38313 996,36

300 000,00 MERRILL LYNCH & CO FRN 21/02/2012 GBP 313 996,36 343 432,34 0,38

Ordinary bonds 87 824 769,28 97,1486 255 699,93

GREAT-BRITAIN 83 941 851,15 92,8482 542 899,45

Government 82 041 345,81 90,7480 786 390,50

3 500 000,00 UK TREASURY 5.00% 07/09/2014 GBP 4 475 717,21 4 547 246,89 5,03

3 400 000,00 UK TREASURY 2.75% 22/01/2015 GBP 3 902 997,98 4 079 884,92 4,51

3 100 000,00 UK TREASURY 4.75% 07/09/2015 GBP 4 036 623,62 4 027 894,38 4,46

2 900 000,00 UK TREASURY 4.75% 07/03/2020 GBP 3 710 903,96 3 743 347,15 4,14

2 900 000,00 UK TREASURY 4.50% 07/03/2019 GBP 3 567 461,74 3 697 984,83 4,09

2 850 000,00 UK TREASURY 4.75% 07/12/2030 GBP 3 511 473,19 3 605 588,44 3,99

2 950 000,00 UK TREASURY 3.75% 07/09/2020 GBP 3 617 562,35 3 510 870,11 3,88

2 820 000,00 UK TREASURY 4.25% 07/12/2027 GBP 3 431 354,28 3 381 061,02 3,74

2 800 000,00 UK TREASURY 3.75% 07/09/2019 GBP 3 190 057,01 3 371 332,67 3,73

2 500 000,00 UK TREASURY 5.00% 07/03/2025 GBP 3 211 449,86 3 275 363,25 3,62

2 600 000,00 UK TREASURY 4.00% 07/03/2022 GBP 3 039 421,82 3 121 635,53 3,45

2 200 000,00 UK TREASURY 2.25% 07/03/2014 GBP 2 497 307,40 2 621 467,47 2,90

1 900 000,00 UK TREASURY 5.00% 07/03/2018 GBP 2 394 037,11 2 519 362,08 2,79

2 100 000,00 UK TREASURY 4.25% 07/06/2032 GBP 2 492 585,45 2 484 168,76 2,75

1 900 000,00 UK TREASURY 4.75% 07/12/2038 GBP 2 306 195,23 2 426 427,61 2,68

1 970 000,00 UK TREASURY 4.50% 07/09/2034 GBP 2 341 121,49 2 399 914,54 2,65

1 450 000,00 UK TREASURY 8.00% 07/06/2021 GBP 2 362 539,29 2 357 195,55 2,61

2 000 000,00 UK TREASURY 4.25% 07/03/2036 GBP 2 417 073,62 2 353 240,35 2,60

1 800 000,00 UK TREASURY 4.50% 07/03/2013 GBP 2 223 636,50 2 254 389,45 2,49

1 850 000,00 UK TREASURY 4.25% 07/12/2049 GBP 2 111 317,80 2 205 890,48 2,44

1 750 000,00 UK TREASURY 4.25% 07/12/2046 GBP 2 080 018,93 2 077 676,95 2,30

1 500 000,00 UK TREASURY 8.00% 27/09/2013 GBP 2 111 374,55 2 071 472,25 2,29

1 600 000,00 UK TREASURY 4.50% 07/12/2042 GBP 1 973 566,64 1 971 983,89 2,18

1 650 000,00 UK TREASURY 4.25% 07/09/2039 GBP 1 835 964,32 1 947 103,99 2,15

1 600 000,00 UK TREASURY 4.25% 07/12/2055 GBP 1 889 850,52 1 924 376,96 2,13

1 200 000,00 UK TREASURY 8.75% 25/08/2017 GBP 1 996 124,36 1 921 681,97 2,13

1 300 000,00 UK TREASURY 4.25% 07/12/2040 GBP 1 573 649,12 1 526 212,29 1,69

1 200 000,00 UK TREASURY 4.00% 07/09/2016 GBP 1 481 227,82 1 510 477,68 1,67





350


1 100 000,00 UK TREASURY 4.00% 22/01/2060 GBP 1 147 953,18 1 255 653,50 1,39

1 000 000,00 UK TREASURY 5.25% 07/06/2012 GBP 1 242 077,42 1 240 961,66 1,37

760 000,00 UK TREASURY 6.00% 07/12/2028 GBP 1 110 584,04 1 110 829,34 1,23

600 000,00 UK TREASURY 2.00% 22/01/2016 GBP 712 278,17 686 903,89 0,76

300 000,00 UK TREASURY 1.25% IND 22/11/2017 GBP 413 981,37 444 027,92 0,49

300 000,00 UK TREASURY 5.00% 07/03/2012 GBP 376 903,15 367 718,04 0,41

Finance 1 900 505,34 2,101 756 508,95

900 000,00 LLOYDS TSB BANK PLC 2.75% 16/03/2012 GBP 970 491,45 1 068 960,73 1,18

700 000,00 BARCLAYS BANK PLC 2.875% 23/12/2011 GBP 786 017,50 831 544,61 0,92

GERMANY 1 677 096,35 1,861 560 339,93

Finance 1 677 096,35 1,861 560 339,93

900 000,00 NRW.BANK 2.625% 07/12/2012 GBP 992 658,61 1 068 845,19 1,19

500 000,00 KFW 3.75% 07/09/2016 GBP 567 681,32 608 251,16 0,67

LUXEMBOURG 1 445 632,72 1,601 423 924,44

Supranational 1 445 632,72 1,601 423 924,44

1 220 000,00 EIB 3.00% 07/12/2015 GBP 1 423 924,44 1 445 632,72 1,60

NETHERLANDS 526 355,84 0,58491 789,04

Finance 526 355,84 0,58491 789,04

435 000,00 RABOBANK NEDERLAND 4.00% 10/09/2015 GBP 491 789,04 526 355,84 0,58

UNITED STATES 233 833,22 0,26236 747,07

Finance 233 833,22 0,26236 747,07

200 000,00 BEAR STEARNS COS LLC 4.625% 26/01/2011 GBP 236 747,07 233 833,22 0,26

Total Portfolio 88 518 500,51 97,9186 923 471,71





351


100 000 (11,00) LON LONG GILT 29/03/11 119,49 GBP (8 181,12) 1 533 979,11Sale

(8 181,12) 1 533 979,11


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


352


20/01/11 430 000,00 1 683,99GBP503 478,10 EUR

583 746,16

20/01/11 49 094 377,64 583 510,76GBP57 874 835,10 EUR

20/01/11 700 000,00 (5 658,78)GBP811 215,35 EUR

20/01/11 500 000,00 4 210,19GBP587 691,71 EUR





353


Assets

Investments in securities at market value 91 373 680,17Banks 35 965 671,78Other interest receivable 323 054,77Receivable on subscriptions 87 232,82Total assets 127 749 639,54

Liabilities

Other interest payable (19,05)Payable on redemptions (322 405,40)Other liabilities (104 669,53)Total liabilities (427 093,98)



Class I Units 43 135,65596,49EURClass R Units 978 599,44796,42EURClass Z Units 292 419,17898,49EUR



354









8 710 244,18

Change in unrealised appreciation / (depreciation) on investments 2 681 653,08






355




BELGIUM 11 140 330,22 8,7610 289 233,66

Government 11 140 330,22 8,7610 289 233,66

15 000 000,00 BELGIUM FRN 06/08/2012 USD 10 289 233,66 11 140 330,22 8,76


GERMANY 5 961 498,27 4,685 596 253,30

Finance 5 961 498,27 4,685 596 253,30

4 000 000,00 L-BANK BW FOERDERBANK FRN 28/08/2012 USD 2 809 876,72 2 985 987,85 2,34

2 000 000,00 NRW.BANK FRN 22/07/2011 USD 1 416 982,54 1 490 739,82 1,17

2 000 000,00 NRW.BANK FRN 09/10/2012 USD 1 369 394,04 1 484 770,60 1,17

GREAT-BRITAIN 3 591 084,39 2,823 727 491,64

Finance 3 591 084,39 2,823 727 491,64

2 500 000,00 BARCLAYS BANK PLC FRN 05/03/2012 USD 1 990 683,60 1 877 831,62 1,47

1 000 000,00 LLOYDS TSB BANK PLC FRN 01/04/2011 USD 737 490,32 745 483,96 0,59

1 500 000,00 GRANM 2007-1 2A1 FRN 20/12/2054 USD 653 957,01 571 892,17 0,45

500 000,00 CREDIT AGRICOLE (LONDON) FRN 07/06/2011 USD 331 663,96 372 092,36 0,29

100 000,00 GRANITE MORTGAGES 2003-2 1A3 FRN 20/07/2043 USD 13 696,75 23 784,28 0,02

FRANCE 1 863 064,74 1,461 771 742,16

Finance 1 863 064,74 1,461 771 742,16

1 500 000,00 SFEF FRN 16/07/2012 USD 1 039 986,45 1 119 269,13 0,88

1 000 000,00 BANQUE FED CRED MUTUEL FRN 20/09/2011 USD 731 755,71 743 795,61 0,58

NETHERLANDS 1 116 652,76 0,881 117 568,18

Finance 1 116 652,76 0,881 117 568,18

1 500 000,00 NEDER WATERSCHAPSBANK FRN 01/03/2013 USD 1 117 568,18 1 116 652,76 0,88

ITALY 743 656,22 0,58690 250,76

Finance 743 656,22 0,58690 250,76

1 000 000,00 UNICREDIT SPA FRN 04/10/2011 USD 690 250,76 743 656,22 0,58

Ordinary bonds 25 185 554,67 19,7826 658 687,50

UNITED STATES 19 406 582,58 15,2420 841 173,09

Government 19 406 582,58 15,2420 841 173,09

12 900 000,00 US TREASURY 0.875% 30/04/2011 USD 10 669 355,00 9 638 282,28 7,57

12 650 000,00 US TREASURY 1.00% 31/08/2011 USD 9 860 694,87 9 477 273,83 7,44

390 000,00 US TREASURY 0.875% 28/02/2011 USD 311 123,22 291 026,47 0,23





356


ITALY 5 778 972,09 4,545 817 514,41

Government 5 778 972,09 4,545 817 514,41

6 200 000,00 ITALY 6.00% 22/02/2011 USD 4 724 662,63 4 648 786,85 3,65

1 500 000,00 ITALY 3.50% 15/07/2011 USD 1 092 851,78 1 130 185,24 0,89



NETHERLANDS 1 496 594,24 1,171 487 818,49

Finance 1 496 594,24 1,171 487 818,49

2 000 000,00 RABOBANK NEDERLAND FRN 08/04/2011 USD 1 487 818,49 1 496 594,24 1,17

GREAT-BRITAIN 746 493,98 0,59673 559,42

Finance 746 493,98 0,59673 559,42

1 000 000,00 ROYAL BANK OF SCOTLAND PLC FRN 30/03/2012 USD 673 559,42 746 493,98 0,59

Ordinary bonds 39 528 750,68 31,0539 433 608,21

UNITED STATES 39 528 750,68 31,0539 433 608,21

Government 39 528 750,68 31,0539 433 608,21

19 450 000,00 US TREASURY 1.00% 31/10/2011 USD 14 440 323,20 14 583 107,06 11,46

12 470 000,00 US TREASURY 1.00% 30/09/2011 USD 9 050 151,08 9 346 411,63 7,34

9 700 000,00 US TREASURY 0.75% 30/11/2011 USD 7 414 638,75 7 259 252,10 5,70

7 100 000,00 US TREASURY 1.00% 31/07/2011 USD 5 492 261,96 5 316 366,80 4,18

4 050 000,00 US TREASURY 0.875% 31/03/2011 USD 3 036 233,22 3 023 613,09 2,37

Total Portfolio 91 373 680,17 71,7791 446 213,32





357


Assets

Investments in securities at market value 384 406 510,25Banks 5 283 767,34Unrealised profit on forward foreign exchange contracts (Note 8) 4 040 179,36Unrealised profit on future contracts (Note 8) 297 265,76Other interest receivable 2 672 531,76Receivable on subscriptions 193 680,46Total assets 396 893 934,93

Liabilities

Bank overdrafts (10,60)Amounts due to brokers (145 923,38)Unrealised loss on forward foreign exchange contracts (Note 8) (112 605,10)Payable on redemptions (106 979,06)Other liabilities (193 021,93)Total liabilities (558 540,07)



Class I Units 67 236,559135,28EURClass IH Units 21 379,732195,49EURClass R Units 164 198,771134,58EURClass RH Units 40 939,931194,66EURClass Z Units 554 743,547139,56EURClass ZH Units 1 366 319,989201,68EUR



358









10 834 088,62

Change in unrealised appreciation / (depreciation) on investments (330 157,12)Change in unrealised appreciation / (depreciation) on forward foreignexchange contracts

(Note 8) 4 360 014,10

Change in unrealised appreciation / (depreciation) on future contracts (Note 8) 241 330,49






359




ITALY 1 487 312,44 0,381 445 983,02

Finance 1 487 312,44 0,381 445 983,02

2 000 000,00 UNICREDIT SPA FRN 04/10/2011 USD 1 445 983,02 1 487 312,44 0,38


Ordinary bonds 182 816 461,30 46,12188 370 536,51

UNITED STATES 152 568 383,45 38,49157 677 163,91

Government 149 537 456,53 37,73154 615 904,40

20 400 000,00 US TREASURY 2.25% 31/01/2015 USD 16 448 660,96 15 611 990,37 3,95

12 500 000,00 US TREASURY 3.00% 31/08/2016 USD 10 638 399,66 9 675 724,91 2,44

12 060 000,00 US TREASURY 1.75% 31/03/2014 USD 8 694 061,37 9 167 286,72 2,31

11 665 000,00 US TREASURY 4.50% 15/02/2036 USD 9 598 569,14 9 002 214,09 2,27

10 800 000,00 US TREASURY 2.375% 31/10/2014 USD 8 477 077,74 8 334 354,40 2,10

10 500 000,00 US TREASURY 2.625% 30/04/2016 USD 8 414 566,63 8 014 793,43 2,02

10 018 000,00 US TREASURY 2.75% 30/11/2016 USD 8 301 602,15 7 624 123,72 1,92

7 500 000,00 US TREASURY 6.875% 15/08/2025 USD 7 890 475,94 7 474 737,72 1,89

9 500 000,00 US TREASURY 2.625% 31/07/2014 USD 7 389 212,39 7 407 491,00 1,87

8 480 000,00 US TREASURY 3.125% 30/04/2017 USD 7 028 670,18 6 550 925,25 1,65

8 000 000,00 US TREASURY 3.375% 15/11/2019 USD 6 602 108,28 6 088 805,87 1,54

6 955 000,00 US TREASURY 5.00% 15/05/2037 USD 5 747 560,08 5 785 356,72 1,46

7 500 000,00 US TREASURY 4.375% 15/02/2038 USD 6 465 014,58 5 651 694,86 1,43

6 600 000,00 US TREASURY 5.25% 15/02/2029 USD 5 529 222,05 5 642 645,19 1,42

5 550 000,00 US TREASURY 6.25% 15/08/2023 USD 5 240 180,21 5 201 315,08 1,31

5 700 000,00 US TREASURY 5.375% 15/02/2031 USD 4 947 543,57 4 960 161,54 1,25

5 500 000,00 US TREASURY 2.125% 31/05/2015 USD 4 131 353,69 4 165 715,50 1,05

5 010 000,00 US TREASURY 3.125% 15/05/2019 USD 3 452 797,89 3 774 602,79 0,95

4 000 000,00 US TREASURY 6.125% 15/11/2027 USD 3 631 588,83 3 746 366,16 0,95

3 805 000,00 US TREASURY 6.50% 15/11/2026 USD 3 425 234,81 3 682 499,68 0,93

4 700 000,00 US TREASURY 2.75% 15/02/2019 USD 3 572 477,32 3 458 933,35 0,87

4 000 000,00 US TREASURY 4.625% 15/02/2040 USD 3 353 000,72 3 123 951,79 0,79

3 200 000,00 US TREASURY 4.50% 15/02/2016 USD 2 789 228,57 2 671 629,82 0,67

3 000 000,00 US TREASURY 3.125% 31/10/2016 USD 2 461 519,57 2 333 267,73 0,59

500 000,00 US TREASURY 3.625% 15/02/2020 USD 385 778,07 386 868,84 0,10

Finance 3 030 926,92 0,763 061 259,51

3 900 000,00 CREDIT SUISSE USA INC 6.125% 15/11/2011 USD 3 061 259,51 3 030 926,92 0,76

LUXEMBOURG 10 066 299,44 2,549 973 604,56

Supranational 10 066 299,44 2,549 973 604,56

7 580 000,00 EIB 1.375% 20/10/2015 USD 5 389 337,21 5 417 393,32 1,37

5 800 000,00 EIB 4.25% 15/07/2013 USD 4 584 267,35 4 648 906,12 1,17





360


GREAT-BRITAIN 8 546 746,67 2,168 628 807,90

Finance 8 546 746,67 2,168 628 807,90

6 400 000,00 BARCLAYS BANK PLC 2.70% 05/03/2012 USD 5 085 752,40 4 878 702,99 1,23

4 800 000,00 LLOYDS TSB BANK PLC 2.80% 02/04/2012 USD 3 543 055,50 3 668 043,68 0,93

IRELAND 5 670 229,82 1,436 017 706,95

Finance 5 670 229,82 1,436 017 706,95

5 000 000,00 IRISH LIFE & PERMANENT 3.60% 14/01/2013 USD 3 666 205,69 3 396 444,42 0,86

3 200 000,00 BANK OF IRELAND 2.75% 02/03/2012 USD 2 351 501,26 2 273 785,40 0,57

ITALY 4 450 076,41 1,124 608 531,58

Government 4 450 076,41 1,124 608 531,58

4 000 000,00 ITALY 2.125% 16/09/2013 USD 3 130 325,62 2 943 162,76 0,74

2 000 000,00 ITALY 3.50% 15/07/2011 USD 1 478 205,96 1 506 913,65 0,38

GERMANY 1 514 725,51 0,381 464 721,61

Finance 1 514 725,51 0,381 464 721,61

2 000 000,00 NRW.BANK 2.50% 19/02/2014 USD 1 464 721,61 1 514 725,51 0,38



CANADA 1 819 886,61 0,461 630 144,31

Government 1 819 886,61 0,461 630 144,31

2 440 000,00 ONTARIO (PROVINCE OF) FRN 19/11/2012 USD 1 630 144,31 1 819 886,61 0,46

NETHERLANDS 1 444 213,43 0,361 435 744,84

Finance 1 444 213,43 0,361 435 744,84

1 930 000,00 RABOBANK NEDERLAND FRN 08/04/2011 USD 1 435 744,84 1 444 213,43 0,36

Ordinary bonds 196 838 636,47 49,67200 261 067,28

UNITED STATES 196 838 636,47 49,67200 261 067,28

Government 196 838 636,47 49,67200 261 067,28

21 970 000,00 US TREASURY 0.50% 15/11/2013 USD 16 266 850,92 16 166 754,40 4,08

19 000 000,00 US TREASURY 3.00% 28/02/2017 USD 14 685 396,49 14 609 733,14 3,69

16 500 000,00 US TREASURY 0.50% 15/10/2013 USD 11 825 164,80 12 162 761,83 3,07

15 000 000,00 US TREASURY 1.375% 15/03/2013 USD 11 424 742,61 11 345 755,58 2,86

15 500 000,00 US TREASURY 2.625% 15/11/2020 USD 11 185 304,43 10 899 385,33 2,75

14 200 000,00 US TREASURY 1.875% 30/06/2015 USD 11 074 400,36 10 628 185,42 2,68

14 144 000,00 US TREASURY 1.00% 15/07/2013 USD 11 050 696,11 10 595 743,73 2,67

13 000 000,00 US TREASURY 1.375% 15/05/2013 USD 10 629 211,31 9 830 717,06 2,48





361


13 000 000,00 US TREASURY 0.375% 31/10/2012 USD 9 803 693,24 9 661 894,10 2,44

13 000 000,00 US TREASURY 1.25% 31/08/2015 USD 9 800 072,40 9 425 693,44 2,38

12 300 000,00 US TREASURY 2.375% 31/07/2017 USD 9 451 299,38 9 052 818,42 2,28

12 000 000,00 US TREASURY 0.75% 15/08/2013 USD 8 901 654,64 8 927 406,78 2,25

11 800 000,00 US TREASURY 2.625% 15/08/2020 USD 8 663 633,65 8 339 857,56 2,10

10 000 000,00 US TREASURY 1.75% 31/01/2014 USD 7 814 518,99 7 611 298,50 1,92

10 000 000,00 US TREASURY 1.375% 15/01/2013 USD 7 565 826,07 7 568 204,69 1,91

8 000 000,00 US TREASURY 3.625% 15/08/2019 USD 6 185 511,17 6 230 898,95 1,57

8 000 000,00 US TREASURY 1.25% 30/09/2015 USD 5 775 807,80 5 786 217,43 1,46

7 700 000,00 US TREASURY 1.875% 30/09/2017 USD 5 533 778,73 5 467 221,33 1,38

7 000 000,00 US TREASURY 3.50% 15/05/2020 USD 5 630 512,07 5 345 845,29 1,35

6 500 000,00 US TREASURY 4.00% 15/08/2018 USD 5 025 521,50 5 251 490,24 1,33

6 300 000,00 US TREASURY 1.25% 31/10/2015 USD 4 602 873,02 4 545 272,98 1,15

4 505 000,00 US TREASURY 3.75% 15/11/2018 USD 3 539 744,14 3 572 394,42 0,90

3 000 000,00 US TREASURY 1.875% 31/10/2017 USD 2 143 431,87 2 126 242,73 0,54

2 300 000,00 US TREASURY 4.25% 15/11/2040 USD 1 681 421,58 1 686 843,12 0,43

Total Portfolio 384 406 510,25 96,99393 143 475,96





362


100 000 (35,00) US GOVT T B 22/03/11 122,04 USD 67 622,34 3 186 146,62Sale

297 265,76 34 932 307,78

100 000 (70,00) US 10Y T-NOTES 22/03/11 120,14 USD 90 112,65 6 284 242,11Sale




Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


363


20/01/11 2 266 827,34 (30 090,99)EUR3 000 000,00 USD

3 927 574,26

20/01/11 2 282 260,90 (45 524,55)EUR3 000 000,00 USD

20/01/11 378 224 700,18 3 945 507,36USD285 892 533,20 EUR

20/01/11 1 528 147,13 (36 989,56)EUR2 000 000,00 USD

20/01/11 3 000 000,00 47 993,22USD2 284 338,64 EUR

20/01/11 3 000 000,00 37 908,36USD2 274 253,78 EUR

20/01/11 4 000 000,00 8 770,42USD2 990 564,32 EUR





364


Assets

Investments in securities at market value 301 346 185,28Banks 6 238 946,93Amounts due from brokers 152 435,60Unrealised profit on forward foreign exchange contracts (Note 8) 4 354,24Other interest receivable 803 427,76Receivable on subscriptions 24 793,23Total assets 308 570 143,04

Liabilities

Unrealised loss on forward foreign exchange contracts (Note 8) (4 426 181,40)Unrealised loss on future contracts (Note 8) (53 499,03)Other interest payable (3,19)Payable on redemptions (37 856,87)Other liabilities (131 393,44)Total liabilities (4 648 933,93)



Class I Units 45 994,277121,51EURClass IH Units 21 161,083183,10EURClass R Units 68 179,853121,07EURClass RH Units 1 105,065149,43EURClass Z Units 358 459,040125,22EURClass ZH Units 1 277 330,956188,79EUR



365









(1 168 258,27)


(Note 8) (8 765 554,15)







366



Ordinary bonds 286 259 418,98 94,19260 955 202,93

JAPAN 266 709 213,95 87,76247 318 253,62

Government 266 709 213,95 87,76247 318 253,62

1 870 000 000,00 JAPAN-260(10 YEAR ISSUE) 1.60% 20/06/2014 JPY 14 727 936,66 17 912 870,78 5,89



1 400 000 000,00 JAPAN-74 (5 YEAR ISSUE) 1.00% 20/06/2013 JPY 12 888 326,00 13 076 996,01 4,30



1 250 000 000,00 JAPAN-299 (10 YR ISSUE) 1.30% 20/03/2019 JPY 11 481 360,51 11 823 263,56 3,89

1 190 000 000,00 JAPAN-108 (20 YR ISSUE) 1.90% 20/12/2028 JPY 10 891 975,98 11 034 231,59 3,63



1 100 000 000,00 JAPAN-249 (10 YEAR ISSUE) 0.60% 20/03/2013 JPY 9 918 630,28 10 170 688,48 3,35



950 000 000,00 JAPAN- 62 (20 YEAR ISSUE) 0.80% 20/06/2023 JPY 7 844 516,52 8 170 667,41 2,69







650 000 000,00 JAPAN- 273(10 YEAR ISSUE) 1.50% 20/09/2015 JPY 6 163 484,24 6 267 068,28 2,06





620 000 000,00 JAPAN-295(10 YR ISSUE) 1.50% 20/06/2018 JPY 5 810 279,68 5 982 419,52 1,97










50 000 000,00 JAPAN-284(10 YEAR ISSUE) 1.70% 20/12/2016 JPY 444 401,79 489 387,91 0,16

FRANCE 8 067 854,91 2,655 650 013,65

Finance 8 067 854,91 2,655 650 013,65

650 000 000,00 DEXIA MUNICIPAL AGENCY 0.80% 21/05/2012 JPY 3 934 627,13 5 951 812,39 1,95





367


230 000 000,00 CIE FINANCEMENT FONCIER 1.25% 01/12/2011 JPY 1 715 386,52 2 116 042,52 0,70

GERMANY 4 825 895,00 1,592 981 083,74

Finance 4 825 895,00 1,592 981 083,74

502 000 000,00 KFW 2.05% 16/02/2026 JPY 2 981 083,74 4 825 895,00 1,59

LUXEMBOURG 3 802 462,15 1,252 516 867,24

Supranational 3 802 462,15 1,252 516 867,24

400 000 000,00 EIB 1.40% 20/06/2017 JPY 2 516 867,24 3 802 462,15 1,25

ITALY 1 478 689,47 0,491 341 526,11

Government 1 478 689,47 0,491 341 526,11

150 000 000,00 ITALY 3.45% 24/03/2017 JPY 1 341 526,11 1 478 689,47 0,49

AUSTRIA 1 375 303,50 0,451 147 458,57

Finance 1 375 303,50 0,451 147 458,57

150 000 000,00 PFANDBRIEF OST LAND HYPO 1.60% 15/02/2011 JPY 1 147 458,57 1 375 303,50 0,45


Ordinary bonds 15 086 766,30 4,9614 076 943,51

NETHERLANDS 12 154 710,53 4,0011 379 509,84

Finance 12 154 710,53 4,0011 379 509,84




SOUTH KOREA 2 771 969,07 0,912 515 185,37

Finance 2 771 969,07 0,912 515 185,37

300 000 000,00 KOREA DEVELOPMENT BANK 2.51% 14/09/2011 JPY 2 515 185,37 2 771 969,07 0,91

ITALY 160 086,70 0,05182 248,30

Government 160 086,70 0,05182 248,30

16 000 000,00 ITALY 3.70% 14/11/2016 JPY 182 248,30 160 086,70 0,05

Total Portfolio 301 346 185,28 99,15275 032 146,44





368


100 000 000 (12,00) TOK JAPAN GOVT 10/03/11 140,61 JPY (53 499,03) 15 457 190,01Sale

(53 499,03) 15 457 190,01


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


369


20/01/11 1 856 274,58 (23 578,08)EUR200 000 000,00 JPY

(4 421 827,16)

20/01/11 1 381 792,98 (7 270,60)EUR150 000 000,00 JPY

04/01/11 719 172,45 (9 224,25)EUR77 493 305,87 JPY

20/01/11 26 739 542 013,00 (4 386 108,47)JPY240 611 600,11 EUR

20/01/11 100 000 000,00 4 354,24JPY920 591,73 EUR





370


Assets

Investments in securities at market value 467 680 834,21Banks 56 660,60Unrealised profit on future contracts (Note 8) 40 800,00Unrealised profit on swap contracts (Note 8) 1 052 459,70Interest receivable on swap contracts (Note 8) 288 844,44Other interest receivable 9 264 866,30Reverse repurchase agreements (Note 9) 6 966 379,25Receivable on investments sold 2 802 026,79Receivable on subscriptions 149 499,83Other assets 2 286,07Total assets 488 304 657,19

Liabilities

Bank overdrafts (339,94)Amounts due to brokers (40 799,60)Unrealised loss on swap contracts (Note 8) (306 483,72)Interest payable on swap contracts (Note 8) (497 604,30)Payable on redemptions (895 595,08)Other liabilities (232 897,67)Total liabilities (1 973 720,31)



Class I Units --EURClass R Units 1 577 319,70560,55EURClass Z Units 6 188 327,70963,15EUR



371



Net income from investments 20 409 275,86Interest on bank accounts 34 614,02Interest received on swap contracts 946 669,39Other income (Note 9) 127 521,41


Management fee (Note 5) (1 537 975,97)Custodian fee (Note 7) (523 341,55)Subscription tax (Note 3) (90 247,36)Interest on bank accounts (1 240,92)Interest paid on swap contracts (2 422 398,15)Other charges and taxes (Notes 4, 7) (397 221,55)




724 633,03

Change in unrealised appreciation / (depreciation) on investments (5 974 986,89)Change in unrealised appreciation / (depreciation) on future contracts (Note 8) (87 010,00)Change in unrealised appreciation / (depreciation) on swap contracts (Note 8) 685 689,48






372




UNITED STATES 37 160 204,13 7,6534 936 605,75

Finance 37 160 204,13 7,6534 936 605,75



6 700 000,00 GOLDMAN SACHS GP INC FRN 04/02/2013 EUR 6 228 584,00 6 556 606,60 1,35

3 450 000,00 BNP PARIBAS CAP TRST III VRN PERP EUR 2 787 650,00 3 437 235,00 0,71

3 000 000,00 CITIGP INC FRN 12/01/2012 EUR 2 667 450,00 2 967 600,00 0,61

2 500 000,00 JPMORGAN CHASE & CO FRN 12/10/2015 EUR 2 338 600,00 2 284 995,00 0,47

2 000 000,00 BNP PARIBAS CAP TRST VI VRN PERP EUR 1 932 400,00 1 935 340,00 0,40

1 775 000,00 HSBC FIN CORP FRN 28/10/2013 EUR 1 703 750,00 1 699 385,00 0,35

1 500 000,00 JPMORGAN CHASE BANK SA VRN 31/05/2017 EUR 1 500 660,00 1 505 700,00 0,31

1 500 000,00 CL CAPITAL TRUST 1 VRN PERP EUR 1 315 000,00 1 455 750,00 0,30

1 300 000,00 DEUTSCHE BK CAP FRN 29/09/49 EUR 1 147 250,00 1 145 128,40 0,24



1 000 000,00 HSBC FIN CORP FRN 05/04/2013 EUR 969 780,00 968 500,00 0,20

789 000,00 MORGAN STANLEY FRN 01/03/2013 EUR 718 581,75 765 793,93 0,16

750 000,00 BANK OF AMERICA CORP FRN 15/02/2012 EUR 688 800,00 739 125,00 0,15

750 000,00 BANK OF AMERICA CORP FRN 12/09/2013 EUR 652 912,50 712 554,00 0,15

600 000,00 JPMORGAN CHASE & CO FRN 30/01/2014 EUR 553 800,00 585 540,00 0,12

400 000,00 MERRILL LYNCH & CO FRN 31/10/2011 EUR 384 800,00 396 440,00 0,08

200 000,00 HVB FDING TRUST VIII VRN PERP EUR 162 965,00 193 125,20 0,04

100 000,00 CITIGP INC FRN 03/06/2011 EUR 82 890,00 99 750,00 0,02

ITALY 27 498 963,60 5,6627 554 495,50

Finance 23 111 984,10 4,7623 095 820,50

3 700 000,00 UNICREDIT SPA FRN 20/09/2016 EUR 3 510 000,00 3 515 188,70 0,72

3 000 000,00 MONTE DEI PASCHI SIENA FRN 19/10/2012 EUR 2 994 060,00 2 971 590,00 0,61

2 550 000,00 BANCA POPOLARE DI MILANO FRN 24/09/2012 EUR 2 548 495,50 2 544 415,50 0,52



1 600 000,00 UBI BANCA SPCA FRN 05/11/2012 EUR 1 596 832,00 1 591 136,00 0,33



1 400 000,00 INTESA SANPAOLO SPA VRN PERP EUR 1 400 000,00 1 340 288,60 0,28

1 250 000,00 INTESA SANPAOLO SPA VRN PERP EUR 1 250 000,00 1 200 545,00 0,25

1 000 000,00 UNICREDIT SPA FRN 07/04/2016 EUR 885 000,00 957 100,00 0,20

1 000 000,00 UNICREDIT SPA FRN 21/10/2016 EUR 975 000,00 941 900,00 0,19

750 000,00 INTESA SANPAOLO SPA FRN 19/04/2016 EUR 592 500,00 724 869,00 0,15

Consumer retail 2 417 927,50 0,502 484 675,00

2 500 000,00 LOTTOMATICA SPA VRN 02/02/2018 EUR 2 484 675,00 2 417 927,50 0,50





373



2 000 000,00 TEL ITALIA SPA FRN 06/12/2012 EUR 1 974 000,00 1 969 052,00 0,40

SPAIN 15 519 421,70 3,1915 827 535,00

Finance 15 519 421,70 3,1915 827 535,00

3 500 000,00 SANTANDER ISSUANCES FRN 03/03/2016 EUR 3 325 000,00 3 322 896,50 0,68

3 500 000,00 SANTANDER ISSUANCES FRN 23/03/2017 EUR 3 320 735,00 3 101 350,00 0,64

2 500 000,00 SANTANDER INTL DEBT SA FRN 27/10/2013 EUR 2 500 000,00 2 428 432,50 0,50

2 500 000,00 BBVA SUB CAPITAL UNIPERS FRN 24/10/2016 EUR 2 259 500,00 2 305 357,50 0,47

1 500 000,00 SANTANDER INTL DEBT SA FRN 26/04/2012 EUR 1 470 300,00 1 474 096,50 0,30

1 350 000,00 BBVA SENIOR FIN SA FRN 22/01/2013 EUR 1 350 000,00 1 297 109,70 0,27

1 000 000,00 SANTANDER INTL DEBT SA FRN 18/01/2013 EUR 1 000 000,00 961 999,00 0,20

700 000,00 BBVA SUB CAPITAL UNIPERS FRN 23/05/2017 EUR 602 000,00 628 180,00 0,13

GERMANY 12 566 815,00 2,5812 796 940,00

Finance 9 678 115,00 1,999 806 630,00

9 150 000,00 DEUTSCHE BANK AG VRN 16/01/2014 EUR 8 883 255,00 8 839 815,00 1,82

1 000 000,00 COMMERZBANK AG VRN 13/09/2016 EUR 923 375,00 838 300,00 0,17

Multi-Utilities 2 888 700,00 0,592 990 310,00

3 000 000,00 RWE AG VRN PERP EUR 2 990 310,00 2 888 700,00 0,59

NETHERLANDS 11 390 687,00 2,3411 506 125,00

Finance 11 390 687,00 2,3411 506 125,00

6 250 000,00 ALLIANZ FIN II BV VRN 31/05/2022 EUR 6 511 125,00 6 381 250,00 1,31

3 000 000,00 FORTIS BANK SA/NV FRN 03/02/2012 EUR 2 995 900,00 3 007 461,00 0,62

2 000 000,00 ABN AMRO BANK NV FRN 15/01/2013 EUR 1 999 100,00 2 001 976,00 0,41

GREAT-BRITAIN 11 039 368,20 2,2710 965 472,00

Finance 11 039 368,20 2,2710 965 472,00



2 100 000,00 HSBC BANK PLC VRN 18/03/2016 EUR 2 041 090,00 2 095 590,00 0,43


1 000 000,00 HSBC BANK PLC FRN 29/03/2016 EUR 966 825,00 983 400,00 0,20

250 000,00 AVIVA PLC VRN 22/05/2038 EUR 244 432,00 248 170,00 0,05

200 000,00 SL PLC VRN 12/07/2022 EUR 191 960,00 198 160,00 0,04

FRANCE 8 370 984,20 1,728 361 335,00

Finance 7 168 326,70 1,477 111 335,00

2 000 000,00 BPCE FRN 20/07/2012 EUR 1 997 500,00 1 994 318,00 0,42


1 000 000,00 GROUPE BPCE FRN 29/10/2013 EUR 998 520,00 996 350,00 0,20

1 000 000,00 SOCIETE GENERALE FRN 07/06/2017 EUR 949 000,00 945 375,00 0,19

1 000 000,00 CNP ASSURANCES VRN 14/09/2040 EUR 1 000 000,00 940 400,00 0,19





374


500 000,00 DEXIA CREDIT LOCAL FRN 06/02/2012 EUR 498 800,00 499 299,50 0,10

Multi-Utilities 1 202 657,50 0,251 250 000,00

1 250 000,00 SUEZ ENVIRONNEMENT VRN PERP EUR 1 250 000,00 1 202 657,50 0,25

IRELAND 5 748 289,40 1,185 728 189,17

Finance 5 748 289,40 1,185 728 189,17

2 500 000,00 BANESTO FINANCIAL PR PLC FRN 11/01/2013 EUR 2 496 275,00 2 357 905,00 0,48

2 000 000,00 GE CAPITAL EURO FDING FRN 25/05/2012 EUR 1 877 000,00 1 986 400,00 0,41

1 400 000,00 GE CAPITAL EURO FDING FRN 06/09/2011 EUR 1 354 914,17 1 403 984,40 0,29

DENMARK 3 992 206,00 0,823 998 220,00

Finance 3 992 206,00 0,823 998 220,00

2 000 000,00 SYDBANK A/S FRN 03/09/2012 EUR 2 000 000,00 1 997 056,00 0,41

2 000 000,00 DANSKE BANK A/S FRN 16/09/2013 EUR 1 998 220,00 1 995 150,00 0,41

FINLAND 2 753 613,50 0,572 747 580,00

Finance 2 753 613,50 0,572 747 580,00


LUXEMBOURG 2 184 012,55 0,452 235 728,80

Finance 1 904 515,55 0,391 986 756,30

1 450 000,00 HANNOVER FINANCE SA VRN 14/09/2040 EUR 1 450 000,00 1 351 720,45 0,28

559 000,00 MERRILL LYNCH FRN 15/11/2011 EUR 536 756,30 552 795,10 0,11

Raw materials 279 497,00 0,06248 972,50

250 000,00 ARCELORMITTAL VRN 03/06/2013 EUR 248 972,50 279 497,00 0,06

GUERNSEY 1 965 052,00 0,401 963 900,00

Finance 1 965 052,00 0,401 963 900,00

2 000 000,00 CREDIT SUISSE GP FIN (GRN) VRN 23/01/2018 EUR 1 963 900,00 1 965 052,00 0,40

SWEDEN 1 747 499,25 0,361 747 410,00

Government 1 747 499,25 0,361 747 410,00


JERSEY 1 746 717,70 0,361 436 500,00

Finance 1 746 717,70 0,361 436 500,00

1 700 000,00 HSBC CAPITAL FDING LP VRN PERP EUR 1 436 500,00 1 746 717,70 0,36

AUSTRALIA 1 007 823,00 0,211 018 500,00

Finance 1 007 823,00 0,211 018 500,00

1 000 000,00 NATIONAL AUSTRALIA BANK VRN 23/06/2016 EUR 1 018 500,00 1 007 823,00 0,21





375


SLOVENIA 847 025,00 0,17850 000,00

Finance 847 025,00 0,17850 000,00

850 000,00 ABANKA VIPA DD FRN 18/09/2012 EUR 850 000,00 847 025,00 0,17

CAYMAN ISLANDS 346 500,35 0,07321 525,01

Finance 346 500,35 0,07321 525,01

350 000,00 SANTANDER CENT HISP ISSU FRN 28/03/2011 EUR 321 525,01 346 500,35 0,07

Convertible bonds 2 259 750,00 0,462 232 036,20

FRANCE 2 259 750,00 0,462 232 036,20

Finance 2 259 750,00 0,462 232 036,20

2 300 000,00 SOCIETE GENERALE VRN PERP EUR 2 232 036,20 2 259 750,00 0,46

Ordinary bonds 291 828 861,33 60,01293 197 650,24

ITALY 48 556 635,75 9,9949 173 617,01

Finance 32 831 654,85 6,7633 226 506,90

6 250 000,00 BANCO POPOLARE SCARL 3.75% 07/08/2012 EUR 6 273 462,50 6 283 125,00 1,30

6 000 000,00 UBI BANCA SPCA 4.939% 25/06/2014 EUR 6 282 000,00 6 188 310,00 1,27

5 850 000,00 MONTE DEI PASCHI SIENA 6.00% 20/06/2011 EUR 6 164 674,90 5 950 994,40 1,22

4 350 000,00 UNIPOL GRUPPO FINANZIARIO 5.00% 11/01/2017 EUR 4 327 929,00 4 318 810,50 0,89

2 700 000,00 UNICREDIT SPA 4.125% 27/04/2012 EUR 2 724 642,00 2 761 052,40 0,57

2 550 000,00 UNICREDIT SPA 4.875% 12/02/2013 EUR 2 672 897,50 2 641 545,00 0,54

2 350 000,00 BANCO POPOLARE SCARL 5.473% 12/11/2016 EUR 2 356 150,00 2 265 315,40 0,47

950 000,00 BANCO POPOLARE SCARL 4.125% 22/10/2014 EUR 945 877,00 948 974,00 0,20

750 000,00 MEDIOBANCA 4.375% 20/01/2012 EUR 767 449,00 764 010,75 0,16

500 000,00 INTESA SANPAOLO SPA 3.375% 19/01/2015 EUR 499 840,00 494 567,00 0,10

112 000,00 UNICREDIT SPA 6.00% 16/03/2011 EUR 112 085,00 111 630,40 0,02

100 000,00 INTESA SANPAOLO SPA 5.375% 13/12/2012 EUR 99 500,00 103 320,00 0,02

Multi-Utilities 6 124 913,70 1,266 220 454,11

2 650 000,00 A2A SPA 4.50% 02/11/2016 EUR 2 682 390,61 2 670 863,45 0,55

2 200 000,00 EDISON SPA 3.875% 10/11/2017 EUR 2 190 210,00 2 077 154,20 0,43

1 350 000,00 EDISON SPA 4.25% 22/07/2014 EUR 1 347 853,50 1 376 896,05 0,28

Government 4 881 844,60 1,004 928 500,00

5 000 000,00 BTP 2.00% 01/06/2013 EUR 4 928 500,00 4 881 844,60 1,00


3 400 000,00 TELECOM ITALIA SPA 6.75% 21/03/2013 EUR 3 727 956,00 3 675 022,60 0,76

1 000 000,00 TELECOM ITALIA SPA 6.25% 01/02/2012 EUR 1 070 200,00 1 043 200,00 0,21





376


UNITED STATES 47 653 720,57 9,8047 907 443,23

Finance 32 518 019,37 6,6932 672 556,32

4 250 000,00 CITIGP INC 6.40% 27/03/2013 EUR 4 515 317,50 4 529 811,50 0,93

3 360 000,00 GOLDMAN SACHS GP INC 5.125% 16/10/2014 EUR 3 576 678,00 3 506 939,52 0,72

3 000 000,00 SWISS RE TREASURY (US) 6.00% 18/05/2012 EUR 3 175 248,00 3 159 384,00 0,65

3 000 000,00 ZURICH FIN USA INC 4.875% 14/04/2012 EUR 3 115 448,00 3 106 710,00 0,64

2 500 000,00 MERRILL LYNCH & CO 4.625% 02/10/2013 EUR 2 544 175,00 2 538 275,00 0,52

2 550 000,00 CITIGROUP INC 4.00% 26/11/2015 EUR 2 536 204,50 2 520 606,15 0,52

2 200 000,00 BANK OF AMERICA CORP 5.125% 26/09/2014 EUR 2 343 156,60 2 251 392,00 0,46

2 000 000,00 JPMORGAN CHASE & CO 5.25% 14/01/2015 EUR 2 146 920,00 2 155 400,00 0,44

2 100 000,00 MORGAN STANLEY 4.50% 29/10/2014 EUR 2 110 934,72 2 133 723,90 0,44

1 800 000,00 WACHOVIA BANK NA 6.00% 23/05/2013 EUR 1 940 400,00 1 939 411,80 0,40

1 500 000,00 CITIGP INC 7.375% 16/06/2014 EUR 1 660 350,00 1 664 178,00 0,34

1 500 000,00 BANK OF AMERICA CORP 7.00% 15/06/2016 EUR 1 617 450,00 1 631 620,50 0,34

1 000 000,00 GOLDMAN SACHS GROUP INC 4.00% 02/02/2015 EUR 992 290,00 999 527,00 0,21

400 000,00 BANK OF AMERICA CORP 4.625% 07/08/2017 EUR 397 984,00 381 040,00 0,08

Basic goods 7 312 683,00 1,507 435 030,00

7 000 000,00 KRAFT FOODS INC 5.75% 20/03/2012 EUR 7 435 030,00 7 312 683,00 1,50

Consumer retail 5 533 338,20 1,145 572 865,74

4 200 000,00 BMW US CAPITAL LLC 6.375% 23/07/2012 EUR 4 532 615,74 4 484 134,20 0,92

1 000 000,00 DAIMLER NORTH AMER CORP 4.375% 21/03/2013 EUR 1 040 250,00 1 049 204,00 0,22

Health 2 078 400,00 0,432 010 695,67

2 000 000,00 PFIZER INC 3.625% 03/06/2013 EUR 2 010 695,67 2 078 400,00 0,43


200 000,00 VERIZON WIRELESS CAPITAL 7.625% 19/12/2011 EUR 216 295,50 211 280,00 0,04

GREAT-BRITAIN 47 624 270,63 9,7947 492 002,99

Finance 29 001 176,59 5,9628 946 388,69

6 000 000,00 UBS AG LONDON 4.625% 06/07/2012 EUR 6 155 978,50 6 225 600,00 1,27

3 500 000,00 ROYAL BANK OF SCOTLAND PLC 3.625% 17/05/2013 EUR 3 492 955,00 3 509 100,00 0,71

2 100 000,00 ROYAL BANK OF SCOTLAND GP PLC 5.25% 15/05/2013 EUR 2 149 637,24 2 172 450,00 0,45

2 000 000,00 UBS AG LONDON 5.625% 19/05/2014 EUR 2 108 195,00 2 167 512,00 0,45

2 000 000,00 BARCLAYS BANK PLC 5.25% 27/05/2014 EUR 2 063 298,00 2 134 000,00 0,44

2 050 000,00 LLOYDS TSB BANK PLC 3.75% 07/09/2015 EUR 2 046 884,00 1 995 689,35 0,41

1 900 000,00 STANDARD CHARTERED PLC 3.625% 15/12/2015 EUR 1 895 763,00 1 928 959,80 0,40

1 800 000,00 ROYAL BANK OF SCOTLAND PLC 4.875% 20/01/2017 EUR 1 817 191,29 1 733 128,20 0,36


1 500 000,00 WESTPAC SECURITIES NZ LT 3.875% 20/03/2017 EUR 1 493 325,00 1 504 348,50 0,31


1 100 000,00 CREDIT SUISSE LONDON 6.125% 05/08/2013 EUR 1 214 730,66 1 197 985,80 0,25

700 000,00 HSBC HLDG PLC 4.50% 30/04/2014 EUR 703 339,00 739 526,90 0,15

500 000,00 UBS AG LONDON 6.25% 03/09/2013 EUR 552 363,00 545 700,00 0,11





377



7 500 000,00 BRITISH TEL PLC 5.25% 22/01/2013 EUR 7 867 330,00 7 920 735,00 1,63

500 000,00 VODAFONE GP PLC 3.625% 29/11/2012 EUR 497 178,00 517 310,50 0,11

Basic goods 7 933 908,79 1,637 876 975,80

6 350 000,00 IMPERIAL TOBACCO FIN 5.00% 25/06/2012 EUR 6 539 588,50 6 611 543,80 1,36

1 345 000,00 BAT HOLDINGS BV 4.00% 07/07/2020 EUR 1 337 387,30 1 322 364,99 0,27

Multi-Utilities 1 989 935,00 0,412 050 000,00

2 050 000,00 SCOTTISH & SOUTHERN ENERERGY 5.025% PERP EUR 2 050 000,00 1 989 935,00 0,41

Consumer retail 261 204,75 0,05254 130,50

250 000,00 WPP PLC 4.375% 05/12/2013 EUR 254 130,50 261 204,75 0,05

FRANCE 36 726 165,75 7,5536 608 319,33

Finance 19 830 351,25 4,0719 844 079,93

3 600 000,00 RCI BANQUE SA 4.00% 21/10/2011 EUR 3 619 546,00 3 652 974,00 0,74

2 150 000,00 BANQUE PSA FIN 8.50% 04/05/2012 EUR 2 284 383,00 2 313 185,00 0,48

2 000 000,00 HSBC FRANCE 5.75% 19/06/2013 EUR 2 165 204,43 2 171 788,00 0,45


2 000 000,00 BNP PARIBAS 2.625% 16/09/2016 EUR 1 989 060,00 1 939 218,00 0,40

1 850 000,00 RCI BANQUE SA 4.00% 11/07/2013 EUR 1 845 190,00 1 892 041,25 0,39

1 700 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 1 696 039,00 1 710 839,20 0,35

1 750 000,00 CREDIT AGRICOLE SA 3.90% 19/04/2021 EUR 1 744 102,50 1 573 843,25 0,32

1 000 000,00 BANQUE PSA FIN 4.00% 19/07/2013 EUR 995 490,00 1 017 796,00 0,21

900 000,00 BANQUE PSA FIN 3.625% 17/09/2013 EUR 897 534,00 908 423,10 0,19

400 000,00 LVMH MOET-HENNESSY 4.375% 12/05/2014 EUR 402 829,50 425 065,60 0,09

250 000,00 SOCIETE GENERALE 5.625% 13/02/2012 EUR 255 442,50 257 700,00 0,05

Basic goods 6 119 825,50 1,266 127 291,00

3 000 000,00 CASINO GUICHARD PERRACHON 6.375% 04/04/2013 EUR 3 273 053,50 3 257 727,00 0,67

1 750 000,00 CARREFOUR SA 6.625% 02/12/2013 EUR 1 961 397,50 1 962 033,50 0,40

850 000,00 CASINO GUICHARD PERRACHON 4.875% 10/04/2014 EUR 892 840,00 900 065,00 0,19

Raw materials 4 625 737,50 0,954 678 073,00

3 000 000,00 LAFARGE SA 5.375% 29/11/2018 EUR 2 991 990,00 2 952 051,00 0,61

1 500 000,00 LAFARGE SA 7.625% 27/05/2014 EUR 1 686 083,00 1 673 686,50 0,34

Consumer retail 4 029 914,35 0,833 926 539,40

1 450 000,00 PPR 8.625% 03/04/2014 EUR 1 730 463,40 1 699 555,15 0,35

850 000,00 PEUGEOT SA 5.625% 29/06/2015 EUR 845 495,00 892 446,45 0,18

700 000,00 ACCOR SA 6.50% 06/05/2013 EUR 752 507,00 754 121,90 0,16

550 000,00 PEUGEOT SA 8.375% 15/07/2014 EUR 544 599,00 626 519,85 0,13

50 000,00 VIVENDI 7.75% 23/01/2014 EUR 53 475,00 57 271,00 0,01

Industries 1 632 472,80 0,341 577 170,00

900 000,00 ALSTOM 4.00% 23/09/2014 EUR 895 167,00 933 382,80 0,20

600 000,00 COMPAGNIE DE ST GOBAIN 6.00% 20/05/2013 EUR 632 538,00 648 540,00 0,13





378


50 000,00 COMPAGNIE DE ST GOBAIN 4.25% 31/05/2011 EUR 49 465,00 50 550,00 0,01

Multi-Utilities 487 864,35 0,10455 166,00

450 000,00 VEOLIA ENVIRONNEMENT 5.25% 24/04/2014 EUR 455 166,00 487 864,35 0,10

NETHERLANDS 33 615 629,45 6,9133 808 022,92

Finance 25 067 035,90 5,1525 147 950,25

8 450 000,00 ING BANK NV 5.50% 04/01/2012 EUR 8 722 937,50 8 657 870,00 1,79

3 000 000,00 DAIMLER INTL FIN BV 9.00% 30/01/2012 EUR 3 300 366,91 3 227 832,00 0,67

2 350 000,00 ABN AMRO BANK NV 2.75% 29/10/2013 EUR 2 349 201,00 2 354 909,15 0,48

1 900 000,00 RABOBANK NEDERLAND 4.125% 04/04/2012 EUR 1 975 998,00 1 962 076,80 0,40

1 750 000,00 BASF FIN EUROPE NV 6.00% 04/12/2013 EUR 1 897 624,50 1 941 028,25 0,40

1 600 000,00 DAIMLER INTL FIN BV 7.75% 26/03/2012 EUR 1 754 349,71 1 713 088,00 0,35

1 400 000,00 SCHLUMBERGER FINANCE BV 2.75% 01/12/2015 EUR 1 391 376,00 1 402 667,00 0,29

1 300 000,00 ALLIANZ FIN II BV 5.00% 06/03/2013 EUR 1 361 792,00 1 382 158,70 0,28

1 000 000,00 AEGON NV 7.00% 29/04/2012 EUR 1 080 900,00 1 058 600,00 0,22

750 000,00 EADS FIN BV 4.625% 12/08/2016 EUR 761 190,00 794 625,00 0,16

300 000,00 VOLKSWAGEN INTL FIN NV 5.625% 09/02/2012 EUR 301 473,63 312 486,00 0,06

150 000,00 SYNGENTA FIN NV 4.00% 30/06/2014 EUR 149 241,00 157 785,00 0,03

100 000,00 EDP FINANCE BV 4.25% 12/06/2012 EUR 101 500,00 101 910,00 0,02


1 650 000,00 KONINKLIJKE KPN NV 3.75% 21/09/2020 EUR 1 639 060,50 1 563 870,00 0,33



450 000,00 PORTUGAL TEL INTL FIN 3.75% 26/03/2012 EUR 446 040,00 454 091,85 0,09

100 000,00 PORTUGAL TEL INTL FIN 6.00% 30/04/2013 EUR 99 886,00 104 759,90 0,02

Basic goods 1 777 480,50 0,371 816 080,00

1 500 000,00 METRO FIN BV 9.375% 28/11/2013 EUR 1 816 080,00 1 777 480,50 0,37

Consumer retail 1 580 485,50 0,321 564 534,80

1 500 000,00 BMW FIN NV 6.125% 02/04/2012 EUR 1 564 534,80 1 580 485,50 0,32

Raw materials 870 455,25 0,18877 710,00

750 000,00 AKZO NOBEL NV 7.25% 27/03/2015 EUR 877 710,00 870 455,25 0,18

GERMANY 14 756 363,98 3,0315 086 260,63


4 750 000,00 DEUTSCHE TEL INTL FIN 8.125% 29/05/2012 EUR 5 360 772,50 5 166 575,00 1,05

1 500 000,00 DEUTSCHE TEL INTL FIN 4.875% 22/04/2025 EUR 1 498 425,00 1 494 412,50 0,31

Finance 5 730 981,10 1,185 876 412,33

3 200 000,00 COMMERZBANK AG 6.125% 02/05/2011 EUR 3 322 280,00 3 175 360,00 0,65

1 500 000,00 VOLKSWAGEN FIN SERV AG 5.375% 25/01/2012 EUR 1 586 460,00 1 559 994,00 0,32

500 000,00 COMMERZBANK AG 5.00% 06/02/2014 EUR 519 868,33 530 850,00 0,11

450 000,00 VOLKSWAGEN FIN SERV AG 3.875% 09/07/2012 EUR 447 804,00 464 777,10 0,10





379


Health 1 094 718,05 0,231 069 869,00

550 000,00 MERCK FIN SERVICES GMBH 3.375% 24/03/2015 EUR 548 729,50 560 005,05 0,12

500 000,00 MERCK FIN SERVICES GMBH 4.875% 27/09/2013 EUR 521 139,50 534 713,00 0,11

Multi-Utilities 678 730,50 0,14696 864,00

700 000,00 EUROGRID GMBH 3.875% 22/10/2020 EUR 696 864,00 678 730,50 0,14

Government 590 946,83 0,12583 917,80

500 000,00 BUNDESSCHATZANWEISUNGEN 1.00% 16/03/2012 EUR 499 715,00 502 491,31 0,10



SWEDEN 12 947 976,35 2,6613 152 548,25

Finance 9 653 994,35 1,989 855 539,25

4 000 000,00 PKO FIN AB (PKO BANK PL) 3.733% 21/10/2015 EUR 3 987 000,00 3 740 308,00 0,76

3 700 000,00 NORDEA BANK AB 2.75% 11/08/2015 EUR 3 706 166,00 3 664 380,10 0,75

1 250 000,00 SKANDINAVISKA ENSKILDA 4.375% 29/05/2012 EUR 1 265 091,25 1 293 506,25 0,27

900 000,00 NORDEA BANK AB 4.50% 12/05/2014 EUR 897 282,00 955 800,00 0,20

Consumer retail 3 293 982,00 0,683 297 009,00

3 000 000,00 VOLVO TREASURY AB 7.875% 01/10/2012 EUR 3 297 009,00 3 293 982,00 0,68

SPAIN 10 341 500,05 2,1310 587 299,03

Finance 5 526 320,10 1,145 623 297,53

3 500 000,00 BBVA SENIOR FIN SA 3.625% 14/05/2012 EUR 3 541 797,50 3 490 550,00 0,72

1 500 000,00 SANTANDER INTL DEBT SA 5.625% 14/02/2012 EUR 1 580 686,03 1 532 848,50 0,32

400 000,00 GAS NATURAL CAPITAL 3.125% 02/11/2012 EUR 398 864,00 402 651,60 0,08

100 000,00 CAJA AHORROS MONTE MADRID 5.125% 11/04/2011 EUR 101 950,00 100 270,00 0,02


2 100 000,00 TELEFONICA EMISIONES SAU 3.406% 24/03/2015 EUR 2 101 500,00 2 069 457,60 0,43

2 000 000,00 TELEFONICA EMISIONES SAU 3.661% 18/09/2017 EUR 2 000 000,00 1 905 266,00 0,39

250 000,00 TELEFONICA EMISIONES SAU 4.674% 07/02/2014 EUR 263 875,50 259 880,75 0,05

Multi-Utilities 305 044,80 0,06299 679,00

300 000,00 GAS NATURAL CAPITAL 5.25% 09/07/2014 EUR 299 679,00 305 044,80 0,06

Industries 275 530,80 0,06298 947,00

300 000,00 ABERTIS INFRAESTRUCTURAS 4.625% 14/10/2016 EUR 298 947,00 275 530,80 0,06

IRELAND 7 389 693,35 1,527 372 138,00

Finance 7 389 693,35 1,527 372 138,00

2 150 000,00 GE CAPITAL EURO FUNDING 2.875% 17/09/2015 EUR 2 141 529,00 2 128 983,75 0,44

2 000 000,00 BANESTO FINANCIAL PR PLC 4.00% 08/05/2012 EUR 2 008 202,50 1 990 600,00 0,41

1 950 000,00 GE CAPITAL EURO FUNDING 2.875% 28/10/2014 EUR 1 948 771,50 1 959 609,60 0,40

1 250 000,00 CATERPILLAR INTL FIN LTD 5.125% 04/06/2012 EUR 1 273 635,00 1 310 500,00 0,27





380


AUSTRALIA 6 032 216,35 1,245 887 333,75

Finance 4 486 080,85 0,924 386 353,75

2 550 000,00 NATIONAL AUSTRALIA BANK 3.50% 23/01/2015 EUR 2 542 865,75 2 607 035,85 0,53

1 850 000,00 AUST & NZ BANKING GP 2.625% 16/11/2012 EUR 1 843 488,00 1 879 045,00 0,39

Consumer retail 1 546 135,50 0,321 500 980,00

1 500 000,00 WESFARMERS LTD 3.875% 10/07/2015 EUR 1 500 980,00 1 546 135,50 0,32

NETHERLANDS ANTILLES 5 504 950,00 1,135 492 025,00

Basic goods 5 504 950,00 1,135 492 025,00

5 500 000,00 SARA LEE/DE ANTILLES NV 2.25% 30/03/2012 EUR 5 492 025,00 5 504 950,00 1,13

CAYMAN ISLANDS 4 069 841,10 0,843 928 837,50

Finance 4 069 841,10 0,843 928 837,50

3 900 000,00 HUTCH WHAMPOA FIN 4.75% 14/11/2016 EUR 3 928 837,50 4 069 841,10 0,84

LUXEMBOURG 3 799 066,50 0,783 843 410,00

Finance 3 799 066,50 0,783 843 410,00

2 000 000,00 FIAT FIN & TRADE 6.625% 15/02/2013 EUR 2 075 800,00 2 088 000,00 0,43

1 500 000,00 FINMECCANICA FIN SA 8.125% 03/12/2013 EUR 1 767 610,00 1 711 066,50 0,35

DENMARK 3 212 678,40 0,663 246 204,00

Basic goods 3 212 678,40 0,663 246 204,00

2 000 000,00 CARLSBERG BREWERIES A/S 6.00% 28/05/2014 EUR 2 204 100,00 2 198 286,00 0,45

1 050 000,00 CARLSBERG BREWERIES A/S 3.375% 13/10/2017 EUR 1 042 104,00 1 014 392,40 0,21

FINLAND 2 716 164,90 0,562 687 823,00

Finance 2 716 164,90 0,562 687 823,00

2 700 000,00 POHJOLA BANK PLC 3.125% 25/03/2015 EUR 2 687 823,00 2 716 164,90 0,56

GUERNSEY 2 217 116,25 0,462 243 295,00

Finance 2 217 116,25 0,462 243 295,00

2 250 000,00 CREDIT SUISSE GUERNSEY 2.875% 24/09/2015 EUR 2 243 295,00 2 217 116,25 0,46

MEXICO 1 458 889,95 0,301 438 305,60


1 450 000,00 AMERICA MOVIL SAB DE CV 4.75% 28/06/2022 EUR 1 438 305,60 1 458 889,95 0,30

BRAZIL 1 229 935,00 0,251 241 225,00

Government 1 229 935,00 0,251 241 225,00

1 250 000,00 BANCO NAC DE DESEN ECONO 4.125% 15/09/2017 EUR 1 241 225,00 1 229 935,00 0,25





381


HUNGARY 1 000 700,00 0,211 002 500,00

Finance 1 000 700,00 0,211 002 500,00

1 000 000,00 OTP BANK NYRT 5.75% 16/05/2011 EUR 1 002 500,00 1 000 700,00 0,21

PORTUGAL 975 347,00 0,20999 040,00

Finance 975 347,00 0,20999 040,00

1 000 000,00 BANCO COMERCIAL PORTUGUES 3.75% 17/06/2011 EUR 999 040,00 975 347,00 0,20


ITALY 7 879 199,90 1,627 743 214,64

Government 4 812 143,00 0,994 800 824,64

4 900 000,00 BOT 0.00% 15/12/2011 EUR 4 800 824,64 4 812 143,00 0,99

Finance 3 067 056,90 0,632 942 390,00

1 600 000,00 INTESA SANPAOLO SPA 0.00% 09/06/2011 EUR 1 523 840,00 1 586 102,40 0,33

1 500 000,00 INTESA SANPAOLO SPA 0.00% 14/08/2011 EUR 1 418 550,00 1 480 954,50 0,30



UNITED STATES 2 243 025,00 0,462 111 647,50

Finance 2 243 025,00 0,462 111 647,50

2 250 000,00 BANK OF AMERICA CORP FRN 28/06/2011 EUR 2 111 647,50 2 243 025,00 0,46

Ordinary bonds 17 584 815,40 3,6217 506 015,50

NETHERLANDS 7 748 888,00 1,607 720 461,74

Finance 4 055 730,00 0,844 050 560,00

3 000 000,00 ING BANK NV 2.25% 23/09/2013 EUR 2 991 060,00 2 983 230,00 0,62

1 000 000,00 E.ON INTL FIN BV 5.125% 07/05/2013 EUR 1 059 500,00 1 072 500,00 0,22



GREAT-BRITAIN 5 555 335,00 1,145 564 766,76

Finance 5 555 335,00 1,145 564 766,76



FRANCE 4 280 592,40 0,884 220 787,00

Consumer retail 3 107 367,40 0,643 032 527,00

1 750 000,00 PEUGEOT SA 5.00% 28/10/2016 EUR 1 738 065,00 1 783 274,50 0,37





382


1 300 000,00 PEUGEOT SA 4.00% 28/10/2013 EUR 1 294 462,00 1 324 092,90 0,27

Raw materials 1 173 225,00 0,241 188 260,00

1 000 000,00 COMPAGNIE DE ST GOBAIN 8.25% 28/07/2014 EUR 1 188 260,00 1 173 225,00 0,24

Total Portfolio 467 680 834,21 96,17466 786 625,31





383


100 000 (60,00) DTB EURO-BUND 08/03/11 125,31 EUR 40 800,00 7 518 600,00Sale

40 800,00 7 518 600,00


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


384


Assets

Investments in securities at market value 449 939 923,34Banks 30 118 508,65Unrealised profit on forward foreign exchange contracts (Note 8) 198 490,51Other interest receivable 8 142 438,56Receivable on subscriptions 9 561 641,80Total assets 497 961 002,86

Liabilities

Unrealised loss on forward foreign exchange contracts (Note 8) (2 902 685,16)Payable on redemptions (9 348 141,73)Other liabilities (326 922,47)Total liabilities (12 577 749,36)



Class I Units 30 157,406223,29EURClass IH Units 283 496,446274,73EURClass R Units 120 159,381222,00EURClass R2 Units 311,639297,97USDClass RH Units 122 931,537273,50EURClass Z Units 862 506,858230,18EURClass ZH Units 499 676,208282,96EURClass D2 Units 412,503286,59USDClass D Units 1 803,725213,63EUR



385

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








(4 851 235,98)


(Note 8) 2 600 093,16







386




RUSSIA 8 099 481,47 1,677 270 990,55

Government 8 099 481,47 1,677 270 990,55

10 500 000,00 RUSSIA FOREIGN BOND VRN 31/03/2030 USD 7 270 990,55 8 099 481,47 1,67


ARGENTINA 6 302 411,39 1,305 344 683,80

Government 6 302 411,39 1,305 344 683,80

19 000 000,00 ARGENTINA STEP CPN 31/12/2038 USD 5 344 683,80 6 302 411,39 1,30

BRAZIL 5 674 406,47 1,175 539 756,68

Government 5 674 406,47 1,175 539 756,68

7 000 000,00 BANCO NAC DE DESEN ECONO VRN 16/06/2018 USD 5 539 756,68 5 674 406,47 1,17

SERBIA 1 574 131,26 0,321 683 998,13

Government 1 574 131,26 0,321 683 998,13

2 300 000,00 SERBIA VRN 01/11/2024 USD 1 683 998,13 1 574 131,26 0,32

Ordinary bonds 380 985 065,62 78,49366 000 860,52

TURKEY 26 985 390,03 5,5724 592 166,82

Government 26 985 390,03 5,5724 592 166,82

7 500 000,00 TURKEY 5.625% 30/03/2021 USD 5 835 529,57 5 856 099,29 1,22

6 000 000,00 TURKEY 6.75% 30/05/2040 USD 4 713 622,71 4 925 273,00 1,02

5 700 000,00 TURKEY 7.25% 15/03/2015 USD 4 397 995,33 4 896 761,21 1,01

3 800 000,00 TURKEY 6.875% 17/03/2036 USD 2 731 216,97 3 172 449,78 0,65

3 150 000,00 TURKEY 6.75% 03/04/2018 USD 2 210 234,17 2 682 624,57 0,55

2 800 000,00 TURKEY 7.375% 05/02/2025 USD 2 070 498,04 2 478 476,39 0,51

2 000 000,00 TURKEY 7.25% 05/03/2038 USD 1 395 708,55 1 742 387,54 0,36

1 500 000,00 TURKEY 11.50% 23/01/2012 USD 1 237 361,48 1 231 318,25 0,25

BRAZIL 21 053 809,59 4,3420 916 135,57

Government 21 053 809,59 4,3420 916 135,57

10 000 000,00 BRAZIL 5.625% 07/01/2041 USD 7 663 269,50 7 398 158,84 1,53

6 600 000,00 BRAZIL 4.875% 22/01/2021 USD 5 132 891,01 5 018 076,10 1,03

5 650 000,00 BRAZIL 5.875% 15/01/2019 USD 4 246 384,88 4 674 816,44 0,96

3 000 000,00 BRAZIL 8.00% 15/01/2018 USD 2 241 035,37 2 184 963,87 0,45

2 000 000,00 BRAZIL 7.125% 20/01/2037 USD 1 632 554,81 1 777 794,34 0,37





387


NETHERLANDS 19 767 501,21 4,0718 152 239,15

Energy 14 635 377,92 3,0113 349 894,13

5 250 000,00 KAZMUNAIGAZ FIN SUB 8.375% 02/07/2013 USD 3 526 524,50 4 299 830,42 0,88

4 400 000,00 KMG FINANCE SUB BV 7.00% 05/05/2020 USD 3 555 462,14 3 410 979,83 0,70




Multi-Utilities 5 132 123,29 1,064 802 345,02

3 000 000,00 MAJAPAHIT HLDG BV 7.75% 20/01/2020 USD 2 433 776,59 2 582 833,29 0,53


1 000 000,00 MAJAPAHIT HLDG BV 7.75% 17/10/2016 USD 811 166,66 864 671,46 0,18

PHILIPPINES 19 469 550,15 4,0118 522 321,43

Government 19 469 550,15 4,0118 522 321,43

7 500 000,00 PHILIPPINES INTL 6.375% 15/01/2032 USD 5 843 322,03 5 925 981,14 1,22






INDONESIA 19 430 416,32 4,0017 424 597,91

Government 19 430 416,32 4,0017 424 597,91

7 000 000,00 INDONESIA 5.875% 13/03/2020 USD 5 603 331,32 5 687 451,08 1,17

4 000 000,00 INDONESIA 6.625% 17/02/2037 USD 2 939 223,16 3 257 426,11 0,67

3 050 000,00 INDONESIA 7.75% 17/01/2038 USD 1 824 554,13 2 767 973,62 0,57

2 800 000,00 INDONESIA 8.50% 12/10/2035 USD 2 619 481,34 2 760 240,02 0,57

3 000 000,00 INDONESIA 6.75% 10/03/2014 USD 2 101 293,56 2 510 156,17 0,52

2 800 000,00 INDONESIA 7.50% 15/01/2016 USD 2 336 714,40 2 447 169,32 0,50

VENEZUELA 19 187 879,69 3,9520 151 344,90

Government 16 191 345,83 3,3316 967 431,46

8 300 000,00 VENEZUELA 5.75% 26/02/2016 USD 4 128 250,80 4 377 212,93 0,90

10 000 000,00 VENEZUELA 6.00% 09/12/2020 USD 4 341 564,69 4 341 992,47 0,89

4 750 000,00 VENEZUELA 9.25% 15/09/2027 USD 2 606 619,33 2 637 807,01 0,54

2 300 000,00 VENEZUELA 10.75% 19/09/2013 USD 1 769 307,78 1 645 857,40 0,34

3 000 000,00 VENEZUELA 7.65% 21/04/2025 USD 1 821 357,77 1 369 684,32 0,28

2 500 000,00 VENEZUELA 7.00% 31/03/2038 USD 1 106 242,08 1 052 886,59 0,22

1 500 000,00 VENEZUELA 9.375% 13/01/2034 USD 1 194 089,01 765 905,11 0,16

Energy 2 996 533,86 0,623 183 913,44

3 800 000,00 PETROLEOS DE VENEZUELA S 5.375% 12/04/2027 USD 1 317 532,19 1 338 377,25 0,28

2 300 000,00 PETROLEOS DE VENEZUELA S 5.25% 12/04/2017 USD 1 209 107,55 968 655,66 0,20

2 000 000,00 PETROLEOS DE VENEZUELA S 5.50% 12/04/2037 USD 657 273,70 689 500,95 0,14





388


COLUMBIA 17 320 636,59 3,5716 573 645,51

Government 17 320 636,59 3,5716 573 645,51

8 500 000,00 COLOMBIA 7.375% 18/03/2019 USD 7 384 043,95 7 603 145,62 1,57

6 500 000,00 COLOMBIA 6.125% 18/01/2041 USD 5 062 582,94 4 966 270,36 1,02

3 400 000,00 COLOMBIA 7.375% 18/09/2037 USD 2 511 105,12 3 003 242,52 0,62

2 000 000,00 COLOMBIA 7.375% 27/01/2017 USD 1 615 913,50 1 747 978,09 0,36

PERU 17 177 239,02 3,5416 663 390,48

Government 17 177 239,02 3,5416 663 390,48

9 100 000,00 PERU 6.55% 14/03/2037 USD 7 184 698,48 7 427 602,40 1,53

3 700 000,00 PERU 7.125% 30/03/2019 USD 3 180 296,40 3 295 814,55 0,68

3 000 000,00 PERU 8.375% 03/05/2016 USD 2 607 778,06 2 761 730,83 0,57

3 500 000,00 PERU 5.625% 18/11/2050 USD 2 456 110,46 2 413 253,33 0,50

1 250 000,00 PERU 8.75% 21/11/2033 USD 1 234 507,08 1 278 837,91 0,26

LEBANON 15 842 048,38 3,2614 990 432,09

Government 15 842 048,38 3,2614 990 432,09

10 200 000,00 LEBANON 6.375% 09/03/2020 USD 7 849 985,07 7 992 806,83 1,64

4 500 000,00 LEBANON 8.50% 19/01/2016 USD 3 464 403,31 3 882 635,76 0,80

3 000 000,00 LEBANON 7.875% 20/05/2011 USD 2 165 776,99 2 278 260,22 0,47

1 000 000,00 LEBANON 9.00% 20/03/2017 USD 791 615,37 903 805,30 0,19

1 000 000,00 LEBANON 7.50% 19/03/2012 USD 718 651,35 784 540,27 0,16

LUXEMBOURG 15 107 835,14 3,1114 528 179,32

Finance 13 731 514,86 2,8313 335 292,37

7 000 000,00 SB CAPITAL SA 5.93% 14/11/2011 USD 5 185 887,36 5 397 338,90 1,11

6 000 000,00 RSHB CAPITAL (RUSS AG BANK) 7.175% 16/05/2013 USD 4 561 623,75 4 751 966,01 0,98

3 000 000,00 RSHB CAPITAL (RUSS AG BANK) 6.299% 15/05/2017 USD 2 287 781,26 2 241 809,85 0,46

1 300 000,00 VTB CAPITAL SA 8.25% 30/06/2011 EUR 1 300 000,00 1 340 400,10 0,28

Energy 1 376 320,28 0,281 192 886,95

3 000 000,00 GAZPROM INTL SA (GAZPROM) 7.201% 01/02/2020 USD 1 192 886,95 1 376 320,28 0,28

SOUTH AFRICA 14 706 132,42 3,0314 160 751,87

Government 14 706 132,42 3,0314 160 751,87

9 000 000,00 SOUTH AFRICA 5.50% 09/03/2020 USD 7 185 263,99 7 136 334,83 1,47

4 000 000,00 SOUTH AFRICA 7.375% 25/04/2012 USD 3 081 567,59 3 205 247,66 0,66

3 000 000,00 SOUTH AFRICA 6.875% 27/05/2019 USD 2 291 448,69 2 619 171,85 0,54

1 250 000,00 SOUTH AFRICA 5.875% 30/05/2022 USD 918 221,60 1 008 628,08 0,21

700 000,00 SOUTH AFRICA 5.25% 16/05/2013 EUR 684 250,00 736 750,00 0,15

POLAND 13 906 768,30 2,8713 802 480,12

Government 13 906 768,30 2,8713 802 480,12

10 000 000,00 POLAND INTL 6.375% 15/07/2019 USD 8 245 443,87 8 348 552,05 1,72





389


4 500 000,00 POLAND INTL 5.25% 15/01/2014 USD 3 498 801,17 3 578 230,41 0,74

2 500 000,00 POLAND INTL 5.00% 19/10/2015 USD 2 058 235,08 1 979 985,84 0,41

MEXICO 13 887 294,55 2,8613 408 365,07

Government 13 887 294,55 2,8613 408 365,07

6 600 000,00 MEXICO 5.95% 19/03/2019 USD 5 071 156,76 5 473 146,73 1,13

7 000 000,00 MEXICO 6.05% 11/01/2040 USD 5 545 671,51 5 335 246,55 1,10

2 200 000,00 MEXICO 6.75% 27/09/2034 USD 1 737 094,24 1 848 980,66 0,38

1 500 000,00 MEXICO 5.625% 15/01/2017 USD 1 054 442,56 1 229 920,61 0,25

UKRAINE 13 816 480,94 2,8512 913 594,33

Government 10 361 522,12 2,149 496 817,37

4 500 000,00 UKRAINE 6.385% 26/06/2012 USD 3 265 116,21 3 408 836,79 0,71

4 000 000,00 UKRAINE 6.75% 14/11/2017 USD 2 681 961,71 2 977 898,70 0,62

2 900 000,00 UKRAINE 6.58% 21/11/2016 USD 1 784 376,00 2 158 976,56 0,44

2 400 000,00 UKRAINE 7.75% 23/09/2020 USD 1 765 363,45 1 815 810,07 0,37

Finance 3 454 958,82 0,713 416 776,96

4 500 000,00 UKREXIMBANK 8.375% 27/04/2015 USD 3 416 776,96 3 454 958,82 0,71

PANAMA 13 132 384,19 2,7112 103 757,95

Government 13 132 384,19 2,7112 103 757,95

4 500 000,00 PANAMA 6.70% 26/01/2036 USD 3 935 839,50 3 740 076,78 0,78

3 350 000,00 PANAMA 8.875% 30/09/2027 USD 2 915 800,79 3 421 042,82 0,70

3 500 000,00 PANAMA 7.25% 15/03/2015 USD 2 823 984,04 3 013 305,51 0,62

3 300 000,00 PANAMA 7.125% 29/01/2026 USD 2 428 133,62 2 957 959,08 0,61

URUGUAY 11 305 393,03 2,3310 642 214,07

Government 11 305 393,03 2,3310 642 214,07

4 500 000,00 URUGUAY 6.875% 28/09/2025 USD 3 744 765,92 3 823 935,00 0,79

3 000 000,00 URUGUAY 7.625% 21/03/2036 USD 2 766 775,06 2 655 510,42 0,55

2 700 000,00 URUGUAY 8.00% 18/11/2022 USD 2 202 224,41 2 490 589,25 0,51

2 600 000,00 URUGUAY 7.875% 15/01/2033 USD 1 928 448,68 2 335 358,36 0,48

RUSSIA 10 976 668,79 2,2611 073 569,68

Government 6 614 363,98 1,366 790 397,84

2 800 000,00 RUSSIA FOREIGN BOND 12.75% 24/06/2028 USD 3 743 606,80 3 629 011,22 0,74

4 000 000,00 RUSSIA FOREIGN BOND 5.00% 29/04/2020 USD 3 046 791,04 2 985 352,76 0,62

Industries 3 104 617,80 0,643 037 006,83

4 000 000,00 RUSSIAN RAILWAYS 5.739% 03/04/2017 USD 3 037 006,83 3 104 617,80 0,64

Finance 1 257 687,01 0,261 246 165,01

1 700 000,00 VNESHECONOMBANK 6.80% 22/11/2025 USD 1 246 165,01 1 257 687,01 0,26





390


LITHUANIA 10 346 241,29 2,139 801 896,38

Government 10 346 241,29 2,139 801 896,38

5 000 000,00 LITHUANIA 7.375% 11/02/2020 USD 4 099 220,23 4 118 370,54 0,85

5 000 000,00 LITHUANIA 6.75% 15/01/2015 USD 3 453 340,17 4 025 194,74 0,83

3 000 000,00 LITHUANIA 5.125% 14/09/2017 USD 2 249 335,98 2 202 676,01 0,45

UNITED ARAB EMIRATES 8 107 514,45 1,678 310 114,66

Multi-Utilities 5 573 654,36 1,155 664 800,34

8 000 000,00 DUBAI ELECTRICITY & WATE 7.375% 21/10/2020 USD 5 664 800,34 5 573 654,36 1,15

Government 2 533 860,09 0,522 645 314,32

3 600 000,00 DUBAI 7.75% 05/10/2020 USD 2 645 314,32 2 533 860,09 0,52

HUNGARY 8 000 074,53 1,657 962 044,68

Government 8 000 074,53 1,657 962 044,68

9 000 000,00 HUNGARY 4.75% 03/02/2015 USD 6 373 059,90 6 557 713,09 1,35

2 000 000,00 HUNGARY 6.25% 29/01/2020 USD 1 588 984,78 1 442 361,44 0,30

SOUTH KOREA 7 068 711,57 1,466 730 459,78

Finance 7 068 711,57 1,466 730 459,78

9 000 000,00 HANA BANK 6.50% 09/04/2012 USD 6 730 459,78 7 068 711,57 1,46

IRELAND 7 010 547,50 1,447 196 580,49

Finance 7 010 547,50 1,447 196 580,49

9 000 000,00 VEB FINANCE LTD 6.902% 09/07/2020 USD 7 196 580,49 7 010 547,50 1,44

EL SALVADOR 6 906 548,39 1,426 768 102,02

Government 6 906 548,39 1,426 768 102,02

4 500 000,00 EL SALVADOR 7.375% 01/12/2019 USD 3 672 115,91 3 656 218,55 0,75

2 000 000,00 EL SALVADOR 7.75% 24/01/2023 USD 1 587 017,51 1 639 894,15 0,34

1 929 000,00 EL SALVADOR 8.25% 10/04/2032 USD 1 508 968,60 1 610 435,69 0,33

ARGENTINA 5 635 866,10 1,164 802 698,72

Government 5 635 866,10 1,164 802 698,72

6 300 000,00 ARGENTINA 8.28% 31/12/2033 USD 4 802 698,72 5 635 866,10 1,16

CAYMAN ISLANDS 5 549 940,00 1,145 437 564,21

Energy 5 549 940,00 1,145 437 564,21

7 000 000,00 PETROBRAS INTL FIN CO 5.875% 01/03/2018 USD 5 437 564,21 5 549 940,00 1,14





391


CROATIA 5 426 558,83 1,125 639 453,89

Government 5 426 558,83 1,125 639 453,89

3 500 000,00 CROATIA 6.75% 05/11/2019 USD 2 757 760,23 2 726 324,03 0,56

3 500 000,00 CROATIA 6.625% 14/07/2020 USD 2 881 693,66 2 700 234,80 0,56

CHILE 5 229 889,28 1,085 106 046,63

Raw materials 5 229 889,28 1,085 106 046,63

5 000 000,00 CODELCO INC 3.75% 04/11/2020 USD 3 571 459,52 3 540 356,68 0,73

2 200 000,00 CODELCO INC 5.625% 21/09/2035 USD 1 534 587,11 1 689 532,60 0,35

DOMINICAN REPUBLIC 3 605 903,62 0,743 635 150,13

Government 3 605 903,62 0,743 635 150,13

4 500 000,00 DOMINICAN REPUBLIC 7.50% 06/05/2021 USD 3 635 150,13 3 605 903,62 0,74

QATAR 3 080 073,05 0,632 994 049,20

Government 3 080 073,05 0,632 994 049,20

4 000 000,00 QATAR 4.00% 20/01/2015 USD 2 994 049,20 3 080 073,05 0,63

MALAYSIA 2 874 920,88 0,592 827 930,15

Energy 2 874 920,88 0,592 827 930,15

3 000 000,00 PETRONAS CAPITAL LTD 7.875% 22/05/2022 USD 2 827 930,15 2 874 920,88 0,59

BULGARIA 2 621 967,13 0,542 465 068,12

Government 2 621 967,13 0,542 465 068,12

3 000 000,00 BULGARIA 8.25% 15/01/2015 USD 2 465 068,12 2 621 967,13 0,54

SRI LANKA 2 225 038,21 0,462 191 566,91

Government 2 225 038,21 0,462 191 566,91

1 900 000,00 SRI LANKA 6.25% 04/10/2020 USD 1 410 489,59 1 416 272,23 0,29

1 000 000,00 SRI LANKA 8.25% 24/10/2012 USD 781 077,32 808 765,98 0,17

PAKISTAN 1 994 707,62 0,412 044 573,17

Government 1 994 707,62 0,412 044 573,17

1 800 000,00 PAKISTAN 7.125% 31/03/2016 USD 1 317 206,66 1 207 558,42 0,25

1 200 000,00 PAKISTAN 6.875% 01/06/2017 USD 727 366,51 787 149,20 0,16

EGYPT 1 966 009,46 0,411 978 598,12

Government 1 966 009,46 0,411 978 598,12

2 500 000,00 EGYPT 6.875% 30/04/2040 USD 1 978 598,12 1 966 009,46 0,41





392


KAZAKHSTAN 1 950 091,31 0,401 876 398,06

Finance 1 950 091,31 0,401 876 398,06

2 500 000,00 HSBK EUROPE BV 7.75% 13/05/2013 USD 1 876 398,06 1 950 091,31 0,40

REPUBLIC OF BELARUS 1 900 786,40 0,391 875 013,84

Government 1 900 786,40 0,391 875 013,84

2 500 000,00 BELARUS 8.75% 03/08/2015 USD 1 875 013,84 1 900 786,40 0,39

GABON 1 657 038,50 0,341 295 606,95

Government 1 657 038,50 0,341 295 606,95

1 900 000,00 GABONESE REPUBLIC 8.20% 12/12/2017 USD 1 295 606,95 1 657 038,50 0,34

GHANA 1 338 749,95 0,281 160 671,80

Government 1 338 749,95 0,281 160 671,80

1 600 000,00 GHANA 8.50% 04/10/2017 USD 1 160 671,80 1 338 749,95 0,28

JORDAN 1 249 612,57 0,261 255 092,69

Government 1 249 612,57 0,261 255 092,69

1 750 000,00 JORDANIE 3.875% 12/11/2015 USD 1 255 092,69 1 249 612,57 0,26

VIETNAM 1 174 015,14 0,241 142 876,50

Government 1 174 015,14 0,241 142 876,50

1 500 000,00 VIETNAM 6.875% 15/01/2016 USD 1 142 876,50 1 174 015,14 0,24

GEORGIA 990 831,50 0,20884 117,15

Government 990 831,50 0,20884 117,15

1 300 000,00 GEORGIA 7.50% 15/04/2013 USD 884 117,15 990 831,50 0,20


Ordinary bonds 47 304 427,13 9,7544 565 118,91

MEXICO 14 600 648,49 3,0014 483 549,26

Energy 11 003 130,70 2,2610 708 575,23

6 500 000,00 PETROLEOS MEXICANOS 6.00% 05/03/2020 USD 5 296 907,32 5 123 737,46 1,05

6 250 000,00 PETROLEOS MEXICANOS 4.875% 15/03/2015 USD 4 432 385,93 4 935 988,22 1,02

1 250 000,00 PETROLEOS MEXICANOS 5.50% 21/01/2021 USD 979 281,98 943 405,02 0,19

Government 3 597 517,79 0,743 774 974,03

5 500 000,00 MEXICO 5.75% 12/10/2110 USD 3 774 974,03 3 597 517,79 0,74





393


PHILIPPINES 8 646 714,62 1,788 277 078,56

Industries 8 646 714,62 1,788 277 078,56

10 000 000,00 POWER SECTOR ASSETS & LI 7.25% 27/05/2019 USD 8 277 078,56 8 646 714,62 1,78

IRAQ 4 075 509,67 0,843 137 842,67

Government 4 075 509,67 0,843 137 842,67

6 000 000,00 IRAQ 5.80% 15/01/2028 USD 3 137 842,67 4 075 509,67 0,84

NETHERLANDS 3 882 486,67 0,803 569 070,28

Multi-Utilities 3 882 486,67 0,803 569 070,28


MALAYSIA 3 833 621,95 0,793 371 173,37

Energy 3 833 621,95 0,793 371 173,37

4 800 000,00 PETRONAS CAPITAL LTD 5.25% 12/08/2019 USD 3 371 173,37 3 833 621,95 0,79

SRI LANKA 2 553 389,73 0,532 464 525,40

Government 2 553 389,73 0,532 464 525,40

3 100 000,00 SRI LANKA 7.40% 22/01/2015 USD 2 464 525,40 2 553 389,73 0,53

CHILE 2 274 339,57 0,472 207 361,80

Raw materials 2 274 339,57 0,472 207 361,80

2 500 000,00 CODELCO INC 7.50% 15/01/2019 USD 2 207 361,80 2 274 339,57 0,47

TURKEY 2 233 889,90 0,461 868 326,04

Government 2 233 889,90 0,461 868 326,04

2 500 000,00 TURKEY 7.50% 07/11/2019 USD 1 868 326,04 2 233 889,90 0,46

QATAR 2 028 644,10 0,422 104 322,61

Government 2 028 644,10 0,422 104 322,61

2 500 000,00 QATAR 6.40% 20/01/2040 USD 2 104 322,61 2 028 644,10 0,42

VIETNAM 1 824 754,94 0,381 671 251,77

Government 1 824 754,94 0,381 671 251,77

2 400 000,00 VIETNAM 6.75% 29/01/2020 USD 1 671 251,77 1 824 754,94 0,38

BERMUDA 1 350 427,49 0,281 410 617,15


2 000 000,00 QTEL INTERNATIONAL FIN 5.00% 19/10/2025 USD 1 410 617,15 1 350 427,49 0,28

Total Portfolio 449 939 923,34 92,70430 405 408,59





394


20/01/11 347 000 000,00 (2 564 247,89)USD256 088 938,88 EUR

(2 704 194,65)

20/01/11 369 620,45 3 150,53EUR500 000,00 USD

20/01/11 2 224 791,44 11 835,73EUR2 999 999,99 USD

20/01/11 11 000 000,00 80 573,97USD8 279 952,73 EUR

20/01/11 2 000 000,00 13 140,77USD1 503 936,93 EUR

20/01/11 1 499 999,99 1 022,65USD1 119 119,86 EUR

20/01/11 800 000,00 8 506,41USD604 824,84 EUR

20/01/11 500 000,00 873,51USD373 572,58 EUR

20/01/11 400 000,01 5 667,04USD303 826,24 EUR

20/01/11 378 341,32 (5 568,74)EUR500 000,00 USD

20/01/11 221 723,10 1 939,48EUR300 000,00 USD

20/01/11 376 126,78 (3 354,60)EUR500 000,00 USD

20/01/11 378 671,98 (5 899,34)EUR500 000,00 USD

20/01/11 378 995,46 (6 222,77)EUR499 999,99 USD

20/01/11 380 492,89 (7 719,91)EUR500 000,00 USD

20/01/11 534 973,92 (13 091,34)EUR700 000,00 USD

20/01/11 598 131,29 (1 696,48)EUR800 000,00 USD

20/01/11 611 768,12 (15 330,82)EUR799 999,99 USD

20/01/11 746 926,40 (1 383,03)EUR1 000 000,00 USD

20/01/11 761 472,54 (15 926,50)EUR1 000 000,01 USD

20/01/11 766 238,90 (20 691,99)EUR1 000 000,00 USD

20/01/11 768 589,88 (23 042,54)EUR1 000 000,00 USD

20/01/11 769 313,62 (23 766,15)EUR1 000 000,00 USD

20/01/11 1 901 619,34 (37 754,63)EUR2 500 000,00 USD

20/01/11 3 048 552,78 (66 368,14)EUR4 000 000,01 USD

20/01/11 1 147 108,22 (28 788,27)EUR1 500 000,00 USD

20/01/11 2 661 333,86 (51 923,43)EUR3 500 000,00 USD

20/01/11 377 998,09 (5 225,57)EUR500 000,00 USD

20/01/11 7 234 875,05 71 780,42EUR9 800 000,00 USD

20/01/11 1 100 000,00 (4 683,02)USD815 310,04 EUR





395


Assets

Investments in securities at market value 373 235 536,05Banks 11 775 318,02Unrealised profit on forward foreign exchange contracts (Note 8) 472 496,54Other interest receivable 9 339 698,51Reverse repurchase agreements (Note 9) 29 850 757,70Receivable on subscriptions 659 867,59Other assets 84,54Total assets 425 333 758,95

Liabilities

Unrealised loss on forward foreign exchange contracts (Note 8) (1 181 823,93)Payable on investments purchased (5 504 415,69)Payable on redemptions (910 604,71)Other liabilities (314 726,75)Total liabilities (7 911 571,08)



Class I Units 237 858,187152,45EURClass R Units 775 567,040151,80EURClass R2 Units 23 774,903203,75USDClass Z Units 1 645 480,361157,20EURClass D Units 5 171,467144,93EURClass D2 Units 2 676,696194,43USD



396



Net income from investments 25 010 671,69Interest on bank accounts 35 249,36Other income (Note 9) 15 058,25






12 285 627,08


(Note 8) 998 290,56








397




JERSEY 21 643 701,11 5,1817 044 773,30

Finance 21 643 701,11 5,1817 044 773,30

9 816 000,00 UBS AG JERSEY BRANCH VRN PERP EUR 6 674 575,00 8 319 060,00 1,99


5 000 000,00 RZB FINANCE JERSEY IV VRN PERP EUR 3 956 000,00 3 400 000,00 0,81

3 702 000,00 HBOS EURO FIN LP VRN PERP EUR 1 227 864,12 3 202 230,00 0,77

2 393 000,00 BANK OF SCOTLAND CAP FD VRN PERP GBP 1 023 450,03 2 262 157,90 0,54

3 000 000,00 HBOS CAPITAL FUNDING LP VRN PERP USD 1 933 114,94 1 822 518,73 0,44

1 500 000,00 HBOS STERLING FIN JERSEY VRN PERP GBP 1 071 019,21 1 417 984,48 0,34

1 700 000,00 ERSTE CAPITAL FINANCE JE VRN PERP EUR 1 158 750,00 1 219 750,00 0,29

NETHERLANDS 19 293 076,92 4,6119 499 162,80

Finance 17 403 076,92 4,1617 787 090,00

8 000 000,00 ING VERZEKERINGEN NV FRN 21/06/2021 EUR 7 155 450,00 7 120 000,00 1,70

7 700 000,00 ABN AMRO BANK NV VRN PERP EUR 5 586 740,00 5 313 076,92 1,27

4 200 000,00 SNS BANK NV VRN PERP EUR 4 264 900,00 4 200 000,00 1,01

1 000 000,00 ING GROEP NV VRN PERP EUR 780 000,00 770 000,00 0,18

Basic goods 1 890 000,00 0,451 712 072,80

2 000 000,00 SUEDZUCKER INT FIN VRN PERP EUR 1 712 072,80 1 890 000,00 0,45

GREAT-BRITAIN 14 882 529,42 3,5712 043 873,62

Finance 8 195 228,89 1,975 783 049,39

2 700 000,00 BANK OF SCOTLAND PLC VRN PERP GBP 1 657 380,99 2 615 393,59 0,63

2 500 000,00 CLERICAL MEDICAL FIN PLC VRN PERP EUR 1 700 000,00 2 037 500,00 0,49

2 000 000,00 SCOTTISH WIDOWS PLC VRN PERP GBP 1 311 951,68 1 902 316,63 0,46

1 825 000,00 BANK OF SCOTLAND PLC VRN PERP GBP 1 113 716,72 1 640 018,67 0,39

Industries 3 532 391,99 0,853 297 966,43

2 900 000,00 BRITISH AIRWAYS VRN 23/08/2016 GBP 3 297 966,43 3 532 391,99 0,85

Raw materials 1 929 980,02 0,461 916 666,67

2 000 000,00 REXAM PLC VRN 29/06/2067 EUR 1 916 666,67 1 929 980,02 0,46

Consumer retail 1 224 928,52 0,291 046 191,13

1 029 000,00 ITV PLC VRN 05/01/2017 GBP 1 046 191,13 1 224 928,52 0,29

FRANCE 7 384 730,44 1,777 603 414,27

Finance 7 201 335,10 1,737 459 255,95

5 300 000,00 GROUPE BPCE VRN PERP EUR 5 519 255,95 5 176 335,10 1,24

2 500 000,00 NATIXIS VRN PERP EUR 1 940 000,00 2 025 000,00 0,49





398


Raw materials 183 395,34 0,04144 158,32

429 000,00 RHODIA FRN 15/10/2013 EUR 144 158,32 183 395,34 0,04

UNITED STATES 7 134 000,00 1,717 500 517,86

Finance 7 134 000,00 1,717 500 517,86

8 200 000,00 BANCA POPOLARE DI LODI INV VRN PERP EUR 7 500 517,86 7 134 000,00 1,71

LUXEMBOURG 3 762 500,00 0,903 775 000,00

Finance 3 762 500,00 0,903 775 000,00

5 000 000,00 JPMORGAN LUX (SWISS LIF) VRN PERP EUR 3 775 000,00 3 762 500,00 0,90

HUNGARY 2 620 000,00 0,632 715 000,00

Finance 2 620 000,00 0,632 715 000,00

4 000 000,00 OTP BANK NYRT VRN PERP EUR 2 715 000,00 2 620 000,00 0,63

SPAIN 2 576 960,05 0,622 688 125,00

Finance 2 576 960,05 0,622 688 125,00

2 600 000,00 CA VALENCIA Y ALICANTE VRN 03/03/2049 EUR 1 513 750,00 1 414 400,05 0,34

2 076 000,00 BANCAJA EMISIONES SA UNI VRN PERP EUR 1 174 375,00 1 162 560,00 0,28

BELGIUM 2 412 500,00 0,582 424 600,00

Finance 2 412 500,00 0,582 424 600,00

2 500 000,00 FORTIS BANK SA/NV VRN PERP EUR 2 424 600,00 2 412 500,00 0,58

CAYMAN ISLANDS 1 114 790,02 0,271 404 500,00

Finance 1 114 790,02 0,271 404 500,00

2 050 000,00 ESFG INTERNATIONAL VRN PERP EUR 1 404 500,00 1 114 790,02 0,27

SWEDEN 1 032 852,89 0,251 018 268,94

Finance 1 032 852,89 0,251 018 268,94

1 000 000,00 SWEDBANK AB VRN PERP GBP 1 018 268,94 1 032 852,89 0,25

Ordinary bonds 253 683 533,11 60,77241 073 294,29

GREAT-BRITAIN 48 542 026,20 11,6246 092 439,15

Consumer retail 19 464 877,92 4,6518 574 632,32

4 200 000,00 LADBROKES GROUP FIN PLC 7.625% 05/03/2017 GBP 4 965 515,98 5 073 233,36 1,21

3 500 000,00 WILLIAM HILL PLC 7.125% 11/11/2016 GBP 4 001 000,66 4 207 270,82 1,00

3 340 000,00 ITV PLC 10.00% 30/06/2014 EUR 3 436 683,50 3 857 666,64 0,92

2 800 000,00 DSG INTERNATIONAL PLC 8.75% 03/08/2015 GBP 3 230 717,14 3 202 427,49 0,77

1 300 000,00 DAILY MAIL & GENERAL TRUST 5.75% 07/12/2018 GBP 1 407 814,71 1 442 129,90 0,35

1 000 000,00 ITV PLC 5.375% 19/10/2015 GBP 1 004 983,46 1 132 053,45 0,27

550 000,00 DAILY MAIL & GENERAL TRUST 6.375% 21/06/2027 GBP 527 916,87 550 096,26 0,13





399



3 850 000,00 VIRGIN MEDIA SECURED FIN 7.00% 15/01/2018 GBP 4 371 853,59 4 762 793,95 1,14

2 050 000,00 VIRGIN MEDIA FIN PLC 8.875% 15/10/2019 GBP 2 270 588,93 2 715 469,45 0,65

2 800 000,00 VIRGIN MEDIA FIN PLC 9.50% 15/08/2016 USD 2 085 842,54 2 358 465,96 0,57

2 000 000,00 VIRGIN MEDIA FIN PLC 9.125% 15/08/2016 USD 1 686 302,18 1 587 715,70 0,38

350 000,00 CABLE & WIRELESS PLC 8.75% 06/08/2012 GBP 484 827,67 434 002,45 0,10

400 000,00 VIRGIN MEDIA SECURED FIN 6.50% 15/01/2018 USD 302 383,89 313 816,11 0,08

Industries 11 642 167,15 2,7911 320 290,36

4 105 000,00 TVN FIN CORP PLC 10.75% 15/11/2017 EUR 4 262 923,50 4 494 975,00 1,07

3 750 000,00 BAA SH LTD 7.125% 01/03/2017 GBP 4 391 141,86 4 370 517,15 1,05

2 530 000,00 ISS FINANCING PLC 11.00% 15/06/2014 EUR 2 666 225,00 2 776 675,00 0,67

Finance 4 170 000,00 1,003 884 144,84

2 500 000,00 FCE BANK PLC 7.125% 15/01/2013 EUR 2 446 725,00 2 612 500,00 0,63

1 400 000,00 FCE BANK PLC 9.375% 17/01/2014 EUR 1 437 419,84 1 557 500,00 0,37

Raw materials 1 092 717,51 0,261 111 572,83

941 000,00 DSG INTERNATIONAL PLC 6.125% 15/11/2012 GBP 1 111 572,83 1 092 717,51 0,26

LUXEMBOURG 44 703 852,54 10,7141 736 295,97

Consumer retail 16 351 850,01 3,9215 322 003,90

6 200 000,00 CODERE FIN LUXEMBOURG SA 8.25% 15/06/2015 EUR 5 772 187,59 6 169 000,00 1,48

3 900 000,00 CIRSA CAPITAL LUXEMBOURG 7.875% 15/07/2012 EUR 3 641 333,33 4 036 500,00 0,97

3 100 000,00 CIRSA FUNDING LUXEMBOURG 8.75% 15/05/2018 EUR 3 088 241,98 3 177 500,00 0,76


1 000 000,00 FIAT FIN & TRADE 9.00% 30/07/2012 EUR 993 670,00 1 074 850,01 0,26

700 000,00 FIAT FIN & TRADE 7.625% 15/09/2014 EUR 727 286,00 747 250,00 0,18


6 800 000,00 WIND ACQUISITION FIN SA 11.75% 15/07/2017 EUR 7 399 417,61 7 548 000,00 1,81

5 800 000,00 WIND ACQUISITION FIN SA 7.375% 15/02/2018 EUR 5 867 116,00 5 814 500,00 1,39

850 000,00 VIP FIN (VIMPELCOM) 9.125% 30/04/2018 USD 584 550,55 720 714,84 0,17

800 000,00 UBS (VIMPELCOM) 8.25% 23/05/2016 USD 475 200,43 652 260,43 0,16

Raw materials 10 353 300,21 2,488 667 412,08

3 200 000,00 ALROSA FIN SA 8.875% 17/11/2014 USD 2 408 668,10 2 665 573,40 0,63

3 150 000,00 STEEL CAPITAL (SEVERSTAL) 9.75% 29/07/2013 USD 1 839 179,72 2 615 236,03 0,63

2 250 000,00 EVRAZ GP SA 8.875% 24/04/2013 USD 1 405 976,34 1 807 144,72 0,43

2 050 000,00 STEEL CAPITAL (SEVERSTAL) 9.25% 19/04/2014 USD 1 574 790,75 1 699 992,55 0,41

2 000 000,00 ALROSA FINANCE SA 7.75% 03/11/2020 USD 1 438 797,17 1 565 353,51 0,38

Finance 3 263 227,05 0,783 420 595,40

3 200 000,00 AGEAS HYBRID FINANCING 8.25% PERP USD 2 426 595,40 2 281 540,05 0,54

1 400 000,00 ESPIRITO SANTO FIN GP 6.875% 21/10/2019 EUR 994 000,00 981 687,00 0,24





400


FRANCE 34 824 503,96 8,3432 243 174,71

Consumer retail 10 242 959,33 2,4410 104 924,50

3 500 000,00 RENAULT SA 5.625% 22/03/2017 EUR 3 602 295,00 3 576 195,07 0,85

2 800 000,00 GIE PSA TRESORERIE 6.00% 19/09/2033 EUR 2 689 070,00 2 611 756,00 0,62

1 700 000,00 PEUGEOT SA 8.375% 15/07/2014 EUR 1 774 072,00 1 913 258,21 0,45

1 050 000,00 RENAULT SA 6.00% 13/10/2014 EUR 1 044 487,50 1 111 950,02 0,27

1 000 000,00 RENAULT SA 5.625% 30/06/2015 EUR 995 000,00 1 029 800,03 0,25

Finance 9 931 315,79 2,388 599 026,25

5 015 000,00 TEREOS EUROPE 6.375% 15/04/2014 EUR 4 504 200,00 5 165 450,00 1,24

3 000 000,00 WENDEL 4.375% 09/08/2017 EUR 2 189 653,84 2 647 500,00 0,63

1 500 000,00 WENDEL 4.875% 21/09/2015 EUR 1 217 500,00 1 447 500,00 0,35

1 000 000,00 GROUPE BPCE 6.75% PERP USD 687 672,41 670 865,79 0,16

Computing and IT 2 957 039,92 0,712 833 660,00

2 700 000,00 REXEL SA 8.25% 15/12/2016 EUR 2 833 660,00 2 957 039,92 0,71

Raw materials 2 866 875,00 0,692 771 250,00

2 750 000,00 CROWN EURO HOLDINGS SA 7.125% 15/08/2018 EUR 2 771 250,00 2 866 875,00 0,69

Basic goods 2 335 209,93 0,562 295 079,00

1 900 000,00 PERNOD-RICARD SA 4.875% 18/03/2016 EUR 1 895 079,00 1 911 209,93 0,46

400 000,00 PICARD BONDCO 9.00% 01/10/2018 EUR 400 000,00 424 000,00 0,10


2 400 000,00 ALCATEL-LUCENT 8.50% 15/01/2016 EUR 2 328 840,00 2 322 000,00 0,56

Energy 2 296 504,05 0,551 935 394,96

1 000 000,00 CIE GEN GEOPHYSIQUE 9.50% 15/05/2016 USD 683 313,95 812 493,01 0,20

1 050 000,00 CIE GEN GEOPHYSIQUE 7.50% 15/05/2015 USD 598 308,35 796 373,60 0,19

900 000,00 CIE GEN GEOPHYSIQUE 7.75% 15/05/2017 USD 653 772,66 687 637,44 0,16

Industries 1 872 599,94 0,451 375 000,00

2 000 000,00 WENDEL 4.875% 26/05/2016 EUR 1 375 000,00 1 872 599,94 0,45

NETHERLANDS 29 661 891,93 7,1128 723 647,04

Raw materials 9 218 610,00 2,208 519 711,00

5 409 000,00 OI EUROPEAN GP BV 6.875% 31/03/2017 EUR 5 265 795,00 5 625 360,00 1,34

2 900 000,00 IFCO SYSTEMS NV 10.00% 30/06/2016 EUR 3 104 750,00 3 436 500,00 0,82

150 000,00 HEIDELBERGCEMENT FIN BV 6.75% 15/12/2015 EUR 149 166,00 156 750,00 0,04

Multi-Utilities 6 459 348,01 1,556 690 016,07

3 950 000,00 INTERGEN NV 8.50% 30/06/2017 EUR 4 060 437,50 4 196 875,00 1,01

1 795 000,00 INTERGEN NV 9.50% 30/06/2017 GBP 2 629 578,57 2 262 473,01 0,54

Consumer retail 5 876 000,00 1,415 497 150,00

5 650 000,00 UPC HLDG BV 8.00% 01/11/2016 EUR 5 497 150,00 5 876 000,00 1,41





401



3 240 000,00 CABLE & WIRELESS INT FIN 8.625% 25/03/2019 GBP 3 788 019,97 3 904 183,92 0,94

Finance 3 841 500,00 0,923 878 750,00

3 000 000,00 ING GROEP NV 8.00% PERP EUR 2 945 000,00 2 910 000,00 0,70

900 000,00 POLISH TELEV HOLDING BV 11.00% 15/05/2017 EUR 933 750,00 931 500,00 0,22

Computing and IT 362 250,00 0,09350 000,00

350 000,00 UPC HOLDING BV 8.375% 15/08/2020 EUR 350 000,00 362 250,00 0,09

IRELAND 25 525 741,99 6,1224 459 528,10

Finance 14 900 687,80 3,5814 119 499,05

6 000 000,00 ALFA BANK (ALFA BOND) 7.875% 25/09/2017 USD 4 490 147,26 4 517 162,98 1,09

4 650 000,00 SMURFIT KAPPA FDING 7.75% 01/04/2015 USD 2 837 115,70 3 552 793,41 0,86

2 850 000,00 EUROCHEM FIN 7.875% 21/03/2012 USD 2 147 513,86 2 209 384,66 0,53

1 650 000,00 SMURFIT KAPPA ACQUISITIO 7.25% 15/11/2017 EUR 1 669 756,42 1 720 125,00 0,41

2 000 000,00 GAZPROMBK 6.25% 15/12/2014 USD 1 552 259,40 1 518 392,88 0,36

1 800 000,00 GAZPROMBK 6.50% 23/09/2015 USD 1 422 706,41 1 382 828,87 0,33

Consumer retail 5 795 000,00 1,395 967 500,00

6 100 000,00 NARA CABLE FUNDING 8.875% 01/12/2018 EUR 5 967 500,00 5 795 000,00 1,39

Raw materials 3 858 141,10 0,923 396 068,26

2 240 000,00 RASPADSKAYA SEC LTD 7.50% 22/05/2012 USD 1 329 619,76 1 723 141,10 0,41

1 000 000,00 ARDAGH GLASS FIN 9.25% 01/07/2016 EUR 1 061 448,50 1 085 000,00 0,26

1 000 000,00 SMURFIT KAPPA ACQUISITIO 7.75% 15/11/2019 EUR 1 005 000,00 1 050 000,00 0,25


1 150 000,00 MTS INTL FUNDING LTD 8.625% 22/06/2020 USD 976 460,79 971 913,09 0,23

GERMANY 20 146 084,55 4,8319 339 403,89

Finance 10 025 437,50 2,409 441 259,89

4 650 000,00 UPC GERMANY GMBH 8.125% 01/12/2017 EUR 4 638 899,59 4 923 187,50 1,18

3 500 000,00 IKB DEUTSCHE INDUSTRIEBK 4.50% 09/07/2013 EUR 2 502 300,00 2 660 000,00 0,64

1 350 000,00 FRANZ HANIEL & CIE GMBH 5.875% 01/02/2017 EUR 1 354 047,00 1 397 250,00 0,33

950 000,00 UPC GERMANY GMBH 9.625% 01/12/2019 EUR 946 013,30 1 045 000,00 0,25

Raw materials 9 712 410,06 2,339 477 585,00

4 500 000,00 HEIDELBERGCEMENT AG 8.00% 31/01/2017 EUR 4 713 750,00 4 803 750,00 1,15



Industries 208 136,99 0,05212 405,00

200 000,00 DEUTSCHE LUFTHANSA AG 4.625% 06/05/2013 EUR 212 405,00 208 136,99 0,05

Government 200 100,00 0,05208 154,00






402


FINLAND 9 744 141,55 2,338 515 603,01

Raw materials 9 744 141,55 2,338 515 603,01

4 177 000,00 UPM-KYMMENE CORP 6.625% 23/01/2017 GBP 4 205 871,32 4 883 718,90 1,17

6 300 000,00 STORA ENSO OYJ 6.404% 15/04/2016 USD 4 309 731,69 4 860 422,65 1,16

BELGIUM 8 232 500,00 1,978 039 125,00

Finance 8 232 500,00 1,978 039 125,00

8 900 000,00 KBC BANK NV 8.00% PERP EUR 8 039 125,00 8 232 500,00 1,97

ITALY 6 219 219,43 1,496 241 224,14

Consumer retail 4 713 705,05 1,134 597 695,00

4 500 000,00 PIAGGIO & C SPA 7.00% 01/12/2016 EUR 4 597 695,00 4 713 705,05 1,13

Finance 1 505 514,38 0,361 643 529,14

1 500 000,00 MONTE DEI PASCHI SIENA 5.75% 30/09/2016 GBP 1 643 529,14 1 505 514,38 0,36

JERSEY 5 800 830,00 1,395 969 027,50

Finance 5 800 830,00 1,395 969 027,50

7 206 000,00 PROSECURE FUNDING 4.668% 30/06/2016 EUR 5 969 027,50 5 800 830,00 1,39

CYPRUS 4 757 526,71 1,144 636 633,00

Finance 4 757 526,71 1,144 636 633,00

3 250 000,00 ALFA MTN ISSUANCE LTD 8.00% 18/03/2015 USD 2 457 266,31 2 513 417,32 0,60

2 785 000,00 ALFA MTN INVEST LTD 9.25% 24/06/2013 USD 2 179 366,69 2 244 109,39 0,54

HUNGARY 3 680 000,00 0,883 677 875,00

Energy 3 680 000,00 0,883 677 875,00

4 000 000,00 MOL HUNGARIAN OIL AND GAS 5.875% 20/04/2017 EUR 3 677 875,00 3 680 000,00 0,88

DENMARK 3 552 750,00 0,853 472 761,61


1 800 000,00 TELE DANMARK AS 5.875% 16/12/2015 EUR 1 965 060,00 1 948 500,00 0,47

Industries 1 604 250,00 0,381 507 701,61

1 550 000,00 ISS HLDG AS 8.875% 15/05/2016 EUR 1 507 701,61 1 604 250,00 0,38

NORWAY 2 748 900,00 0,662 632 132,28

Raw materials 2 748 900,00 0,662 632 132,28

3 570 000,00 NORSKE SKOGINDUSTRIER 7.00% 26/06/2017 EUR 2 632 132,28 2 748 900,00 0,66





403


CAYMAN ISLANDS 2 285 975,17 0,552 143 757,62

Finance 2 285 975,17 0,552 143 757,62

2 900 000,00 SABLE INTL FINANCE LTD 7.75% 15/02/2017 USD 2 143 757,62 2 285 975,17 0,55

CANADA 1 741 500,00 0,421 782 759,60

Consumer retail 1 741 500,00 0,421 782 759,60

1 800 000,00 BOMBARDIER INC 6.125% 15/05/2021 EUR 1 782 759,60 1 741 500,00 0,42

UNITED STATES 1 516 089,08 0,361 367 906,67

Consumer retail 1 206 000,00 0,291 102 000,00

1 200 000,00 FIAT FIN NORTH AMERI 5.625% 12/06/2017 EUR 1 102 000,00 1 206 000,00 0,29

Finance 310 089,08 0,07265 906,67

400 000,00 CEDC FIN CORP INTL INC 9.125% 01/12/2016 USD 265 906,67 310 089,08 0,07

UCI Units 47 831,91 0,0148 382,34

LUXEMBOURG 47 831,91 0,0148 382,34

Finance 47 831,91 0,0148 382,34

5 139,90 FIDELITY FD EUROPEAN HIGH YIELD -A DIS- EUR 48 382,34 47 831,91 0,01



NETHERLANDS 3 150 000,00 0,763 157 500,00

Finance 3 150 000,00 0,763 157 500,00

3 500 000,00 ING VERZEKERINGEN NV VRN 07/05/2027 EUR 3 157 500,00 3 150 000,00 0,76

LUXEMBOURG 2 565 000,00 0,612 436 669,64

Finance 2 565 000,00 0,612 436 669,64

3 600 000,00 AGEAS HYBRID FINANCING VRN PERP EUR 2 436 669,64 2 565 000,00 0,61

Ordinary bonds 29 931 529,21 7,1728 344 996,56

FRANCE 8 093 518,91 1,947 806 843,89

Basic goods 3 338 529,97 0,803 245 646,00

3 050 000,00 PERNOD-RICARD SA 7.00% 15/01/2015 EUR 3 245 646,00 3 338 529,97 0,80

Consumer retail 2 550 009,92 0,612 547 947,89

1 400 000,00 PEUGEOT SA 5.00% 28/10/2016 EUR 1 390 452,00 1 380 300,64 0,33

1 100 000,00 PEUGEOT SA 4.00% 28/10/2013 EUR 1 106 654,64 1 118 405,23 0,27

50 000,00 GIE PSA TRESORERIE 5.875% 27/09/2011 EUR 50 841,25 51 304,05 0,01





404


Raw materials 2 204 979,02 0,532 013 250,00

2 100 000,00 RHODIA SA 7.00% 15/05/2018 EUR 2 013 250,00 2 204 979,02 0,53

GREAT-BRITAIN 5 244 000,00 1,264 883 222,00


4 600 000,00 VIRGIN MEDIA FIN PLC 9.50% 15/08/2016 EUR 4 883 222,00 5 244 000,00 1,26

NETHERLANDS 4 338 505,82 1,044 094 492,31

Finance 1 806 875,00 0,431 719 237,64

1 750 000,00 ZIGGO BOND CO 8.00% 15/05/2018 EUR 1 719 237,64 1 806 875,00 0,43

Consumer retail 1 741 500,00 0,421 670 528,26

1 620 000,00 UPC HLDG BV 9.75% 15/04/2018 EUR 1 670 528,26 1 741 500,00 0,42

Multi-Utilities 790 130,82 0,19704 726,41

1 000 000,00 INTERGEN NV 9.00% 30/06/2017 USD 704 726,41 790 130,82 0,19

IRELAND 3 806 250,00 0,913 606 032,26

Finance 3 806 250,00 0,913 606 032,26

3 750 000,00 SMURFIT KAPPA FDING 7.75% 01/04/2015 EUR 3 606 032,26 3 806 250,00 0,91

UNITED STATES 3 488 175,00 0,843 388 999,89

Finance 3 488 175,00 0,843 388 999,89

3 330 000,00 CEDC FIN CORP INTL INC 8.875% 01/12/2016 EUR 3 388 999,89 3 488 175,00 0,84

CAYMAN ISLANDS 2 730 000,00 0,652 607 268,68

Finance 2 730 000,00 0,652 607 268,68

2 600 000,00 UPCB FINANCE LTD 7.625% 15/01/2020 EUR 2 607 268,68 2 730 000,00 0,65

GERMANY 1 138 500,00 0,271 047 750,00

Raw materials 1 138 500,00 0,271 047 750,00


LUXEMBOURG 1 092 579,48 0,26910 387,53

Telecommunications 1 092 579,48 0,26910 387,53

1 300 000,00 WIND ACQUISITION FIN SA 11.75% 15/07/2017 USD 910 387,53 1 092 579,48 0,26





405


UNQUOTED 0,97 0,000,00

Ordinary bonds 0,97 0,000,00

LUXEMBOURG 0,97 0,000,00

Telecommunications 0,97 0,000,00

1 300 000,00 WIND ACQUISITION E 11.75% 15/07/2017 USD 0,00 0,97 0,00

Total Portfolio 373 235 536,05 89,41352 778 078,62





406


18/02/11 1 200 000,00 18 664,68GBP1 419 194,61 EUR

(709 327,39)

18/03/11 16 000 000,00 209 045,89GBP18 884 180,96 EUR

18/03/11 23 000 000,00 (73 145,80)USD17 088 301,94 EUR

18/02/11 800 000,00 9 376,09GBP943 062,60 EUR

04/02/11 1 800 000,00 (49 552,75)GBP2 051 165,18 EUR

04/02/11 2 400 000,00 (96 825,31)USD1 692 703,74 EUR

04/02/11 1 000 000,00 7 608,52GBP1 174 674,03 EUR

04/02/11 800 000,00 4 615,89USD601 137,65 EUR

18/03/11 1 000 000,00 14 208,63GBP1 181 404,69 EUR

04/02/11 12 300 000,00 72 400,47GBP14 427 306,32 EUR

18/02/11 14 000 000,00 (201 890,57)USD10 239 082,58 EUR

18/03/11 1 000 000,00 15 446,06USD761 614,62 EUR

18/02/11 11 000 000,00 121 130,31GBP12 959 319,52 EUR

18/02/11 16 000 000,00 (139 613,45)USD11 792 974,34 EUR

04/02/11 1 010 179,04 (17 928,00)EUR850 000,00 GBP

04/02/11 16 000 000,00 (466 799,08)USD11 463 453,08 EUR

04/02/11 6 000 000,00 (136 068,97)GBP6 866 324,11 EUR





407


Assets

Investments in securities at market value 106 648 918,73Banks 7 269 509,54Other interest receivable 669 553,83Receivable on investments sold 4 992 100,15Receivable on subscriptions 33 456,01Total assets 119 613 538,26

Liabilities

Payable on investments purchased (4 958 322,55)Payable on redemptions (97 139,41)Other liabilities (114 363,74)Total liabilities (5 169 825,70)



Class I Units 40 266,345119,00EURClass R Units 657 028,873118,77EURClass Z Units 259 478,536121,83EUR



408









667 792,61







409




ITALY 2 881 737,00 2,532 875 672,30

Finance 1 989 000,00 1,751 980 000,00



Government 892 737,00 0,78895 672,30

900 000,00 CCT FRN 01/03/2012 EUR 895 672,30 892 737,00 0,78

UNITED STATES 1 629 840,00 1,421 587 064,50

Finance 1 629 840,00 1,421 587 064,50

850 000,00 GOLDMAN SACHS GP INC FRN 04/10/2012 EUR 832 872,50 836 400,00 0,73

800 000,00 BEAR STEARNS CO LLC FRN 27/07/2012 EUR 754 192,00 793 440,00 0,69

GREAT-BRITAIN 1 502 494,50 1,311 505 797,27

Finance 1 502 494,50 1,311 505 797,27


500 000,00 CREDIT SUISSE LONDON FRN 07/01/2013 EUR 500 347,27 499 869,50 0,44

Ordinary bonds 72 102 177,73 63,0070 527 221,15

FRANCE 30 973 725,21 27,0729 263 455,62

Government 30 973 725,21 27,0729 263 455,62

4 250 000,00 FRANCE OAT 2.25% IND 25/07/2020 EUR 5 006 369,82 5 267 494,08 4,61










ITALY 30 309 728,07 26,4831 090 918,63

Government 30 309 728,07 26,4831 090 918,63

3 850 000,00 BTP 2.15% IND 15/09/2014 EUR 4 393 897,97 4 452 144,21 3,88

4 000 000,00 BTP 3.50% 15/03/2011 EUR 4 104 920,00 4 016 360,00 3,51

3 800 000,00 BTP 2.35% IND 15/09/2019 EUR 3 920 502,18 3 812 304,86 3,33

3 650 000,00 BTP 4.25% 01/09/2011 EUR 3 757 894,00 3 700 516,00 3,23

3 400 000,00 BTP 2.10% IND 15/09/2017 EUR 3 623 626,66 3 622 389,47 3,17





410


3 200 000,00 BTP 2.60% IND 15/09/2023 EUR 3 355 281,12 3 249 436,08 2,84

3 000 000,00 BTP 2.35% IND 15/09/2035 EUR 3 232 471,50 2 960 987,70 2,59

1 950 000,00 BTP 2.10% IND 15/09/2021 EUR 1 914 841,46 1 829 515,38 1,60

1 500 000,00 BTP 1.85% IND 15/09/2012 EUR 1 648 238,59 1 636 226,08 1,43

1 150 000,00 BTP 2.55% IND 15/09/2041 EUR 1 139 245,15 1 029 848,29 0,90

GERMANY 10 818 724,45 9,4510 172 846,90

Government 10 818 724,45 9,4510 172 846,90

3 350 000,00 DEUTSCHLAND BD 1.50% IND 15/04/2016 EUR 3 477 894,63 3 881 202,87 3,39




ITALY 22 024 529,50 19,2421 989 038,22

Government 22 024 529,50 19,2421 989 038,22

6 300 000,00 BOT 0.00% 15/11/2011 EUR 6 185 238,07 6 197 184,00 5,41

5 000 000,00 BOT 0.00% 30/06/2011 EUR 4 958 322,55 4 958 400,00 4,33

4 450 000,00 BOT 0.00% 15/08/2011 EUR 4 389 455,08 4 405 010,50 3,85

4 000 000,00 BOT 0.00% 28/02/2011 EUR 3 991 772,52 3 994 360,00 3,49

2 500 000,00 BOT 0.00% 15/09/2011 EUR 2 464 250,00 2 469 575,00 2,16

SPAIN 6 508 140,00 5,696 488 207,87

Government 6 508 140,00 5,696 488 207,87

3 000 000,00 ES TREASURY 0.00% 22/07/2011 EUR 2 948 051,40 2 954 820,00 2,59

2 600 000,00 ES TREASURY 0.00% 20/05/2011 EUR 2 559 116,69 2 575 430,00 2,25

1 000 000,00 ES TREASURY 0.00% 23/09/2011 EUR 981 039,78 977 890,00 0,85

Total Portfolio 106 648 918,73 93,19104 973 001,31





411


Assets

Investments in securities at market value 111 704 466,11Banks 20 829 835,16Unrealised profit on forward foreign exchange contracts (Note 8) 2 280 166,18Other interest receivable 5 456,38Receivable on investments sold 9 530 608,74Receivable on subscriptions 945 979,70Other assets 66 332,75Total assets 145 362 845,02

Liabilities

Unrealised loss on forward foreign exchange contracts (Note 8) (216 454,51)Payable on investments purchased (13 984 326,04)Payable on redemptions (8 707,29)Other liabilities (303 707,51)Total liabilities (14 513 195,35)



Class R Units 556 520,756107,32EURClass RL Units 303 344,493107,50EURClass Z Units 353 310,896108,99EUR



412


Net assets at the beginning of the period 0,00

Net income from investments 496 954,16Interest on bank accounts 23 842,18


Management fee (Note 5) (448 545,50)Performance fee (Note 6) (124 799,13)Custodian fee (Note 7) (40 472,73)Subscription tax (Note 3) (17 789,93)Other charges and taxes (Notes 4, 7) (42 898,71)


Net investment income / (loss) (153 709,66)


(476 296,67)


(Note 8) 2 063 711,67

Net result of operations for the period 5 508 567,82

Subscriptions for the period 128 460 588,57Redemptions for the period (3 119 506,72)

Net assets at the end of the period 130 849 649,67

STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD FROM 20 MAY 2010(LAUNCH DATE) TO 31 DECEMBER 2010 IN EUR


413



Shares 73 404 219,39 56,1069 389 684,27

UNITED STATES 35 913 394,83 27,4434 021 172,09

Consumer retail 7 906 143,85 6,047 355 167,20






12 392,00 TIME WARNER CABLE USD 531 055,48 609 924,16 0,47


1 856,00 WASHINGTON POST -B- USD 620 145,36 608 036,97 0,46


17 780,00 OMNICOM GP USD 554 517,28 607 002,35 0,46

9 426,00 VF CORP USD 576 777,01 605 518,01 0,46

19 560,00 TYCO INTERNATIONAL LTD USD 622 227,28 604 201,41 0,46

31 852,00 MATTEL INC USD 559 355,95 603 776,50 0,46

23 375,00 MEREDITH CORP USD 566 141,84 603 737,28 0,46

Industries 6 712 309,19 5,136 443 832,93

12 621,00 BOEING CO USD 618 851,72 613 951,37 0,46

22 330,00 WASTE MANAGEMENT INC USD 589 812,20 613 698,41 0,47

10 025,00 DUN & BRADSTREET CORP USD 563 686,37 613 433,90 0,47


15 724,00 ITT CORP USD 568 909,95 610 769,36 0,47

14 316,00 EMERSON ELECTRIC CO USD 625 274,66 610 074,70 0,47

12 631,00 NORTHROP GRUMMAN CORP USD 580 584,18 609 918,51 0,47


9 437,00 3M CO USD 604 970,27 607 068,76 0,46

15 297,00 HONEYWELL INTERNATIONAL INC USD 620 939,37 606 155,95 0,46

10 325,00 UNITED TECHNOLOGIES CORP USD 563 797,17 605 854,42 0,46

Computing and IT 5 477 228,37 4,195 058 063,60

39 205,00 INTEL CORP USD 610 197,72 614 573,55 0,48

5 617,00 IBM USD 578 517,20 614 476,48 0,48


18 063,00 HARRIS CORP USD 623 759,17 609 931,72 0,47

29 226,00 MICROSOFT CORP USD 571 046,61 608 244,14 0,46

58 057,00 APPLIED MATERIALS INC USD 505 971,47 608 028,66 0,46

59 275,00 NATIONAL SEMICONDUCTOR CORP USD 590 958,08 607 971,38 0,46



Basic goods 4 254 878,84 3,254 177 600,92






414


15 232,00 WAL-MART STORES INC USD 616 115,31 612 322,88 0,47



10 135,00 COLGATE-PALMOLIVE CO USD 570 036,68 607 170,77 0,46

12 810,00 CLOROX CO USD 608 281,23 604 238,98 0,46


Health 3 650 366,25 2,793 579 000,21

17 273,00 ABBOTT LABORATORIES USD 644 032,85 616 860,67 0,48

23 355,00 ELI LILLY & CO USD 619 382,58 610 010,21 0,47

13 192,00 JOHNSON & JOHNSON USD 621 288,61 608 195,89 0,46

22 614,00 MERCK & CO INC USD 601 073,85 607 512,62 0,46

9 595,00 BECTON DICKINSON & CORP USD 546 101,45 604 501,81 0,46

21 126,00 CARDINAL HEALTH INC USD 547 120,87 603 285,05 0,46

Finance 3 039 885,61 2,322 898 886,07



25 580,00 ALLSTATE CORP USD 621 645,89 607 871,79 0,46

13 655,00 CHUBB CORP USD 570 980,00 607 047,22 0,46

14 390,00 AFLAC INC USD 544 915,69 605 290,67 0,46

Raw materials 1 822 113,52 1,391 646 359,75


32 039,00 SEALED AIR CORP USD 545 067,71 607 798,85 0,46

24 746,00 BEMIS COMPANY USD 575 899,15 602 440,73 0,46

Energy 1 222 907,76 0,931 076 549,56

12 119,00 CONOCOPHILLIPS USD 528 249,49 615 186,84 0,47

11 150,00 EXXON MOBIL CORP USD 548 300,07 607 720,92 0,46

Multi-Utilities 1 214 228,89 0,931 207 210,18

14 747,00 ONEOK INC USD 582 223,95 609 754,46 0,47

11 449,00 ENTERGY CORP USD 624 986,23 604 474,43 0,46


28 006,00 AT&T INC USD 578 501,67 613 332,55 0,47

GREAT-BRITAIN 14 687 896,07 11,2314 270 454,37

Consumer retail 5 509 233,31 4,225 249 643,94


66 914,00 WPP PLC GBP 539 114,05 616 544,35 0,47

71 690,00 BRIT SKY BROADCASTING GP PLC GBP 626 665,92 615 788,53 0,47



26 468,00 NEXT PLC GBP 643 972,61 610 075,28 0,47


89 761,00 COMPASS GP PLC GBP 626 322,44 608 637,93 0,47

51 480,00 PEARSON PLC GBP 583 802,15 605 611,72 0,46





415


Industries 3 069 605,49 2,353 035 945,71

93 963,00 BABCOCK INTL GP PLC GBP 591 602,41 626 164,12 0,48

206 400,00 G4S PLC GBP 623 713,05 613 286,34 0,47

158 800,00 BAE SYSTEMS PLC GBP 634 683,02 611 588,96 0,47

42 013,00 SMITHS GP PLC GBP 568 847,34 610 447,39 0,47

72 471,00 BUNZL PLC GBP 617 099,89 608 118,68 0,46

Multi-Utilities 1 227 985,90 0,941 133 869,62

120 649,00 INTL POWER PLC GBP 518 983,75 616 163,88 0,47

158 094,00 CENTRICA PLC GBP 614 885,87 611 822,02 0,47


78 336,00 INMARSAT PLC GBP 630 689,36 615 735,50 0,47

313 304,00 VODAFONE GP PLC GBP 559 938,47 606 241,50 0,46

Health 1 219 124,61 0,931 248 119,90

17 886,00 ASTRAZENECA PLC GBP 647 614,66 609 942,14 0,46

42 095,00 GLAXOSMITHKLINE PLC GBP 600 505,24 609 182,47 0,47

Basic goods 1 207 119,37 0,921 208 116,48

26 286,00 IMPERIAL TOBACCO GP PLC GBP 580 560,75 603 732,84 0,46

14 667,00 RECKITT BENCKISER GP PLC GBP 627 555,73 603 386,53 0,46

Computing and IT 617 842,20 0,47577 212,28


Finance 615 008,19 0,47626 918,61

134 089,00 AVIVA PLC GBP 626 918,61 615 008,19 0,47

NETHERLANDS 3 748 477,17 2,863 579 397,31

Industries 1 279 126,40 0,971 266 742,07

32 804,00 TNT NV EUR 641 312,46 647 879,00 0,49


Raw materials 1 237 576,04 0,951 084 828,82


13 283,00 AKZO NOBEL NV EUR 568 558,25 617 460,26 0,47

Basic goods 619 402,97 0,47618 390,05

62 718,00 KONINKLIJKE AHOLD NV EUR 618 390,05 619 402,97 0,47


56 078,00 KONINKLIJKE KPN NV EUR 609 436,37 612 371,76 0,47

FRANCE 3 696 380,29 2,823 459 190,71

Industries 1 225 245,84 0,931 125 405,64

15 138,00 VINCI SA EUR 562 862,12 615 813,84 0,46






416


Consumer retail 626 712,50 0,48609 757,20


Finance 622 459,00 0,48560 873,36

32 761,00 SCOR SE EUR 560 873,36 622 459,00 0,48

Basic goods 617 521,75 0,47557 621,30


Health 604 441,20 0,46605 533,21


SWEDEN 3 059 853,29 2,342 833 826,76

Industries 1 228 395,22 0,941 112 602,66

41 641,00 SKANSKA AB -B- SEK 572 691,34 615 450,19 0,47


Raw materials 1 222 604,54 0,931 206 996,07

24 984,00 HOLMEN AB -B- SEK 625 117,96 613 311,63 0,46


Consumer retail 608 853,53 0,47514 228,03

28 750,00 ELECTROLUX AB -B- SEK 514 228,03 608 853,53 0,47

BELGIUM 2 466 989,99 1,892 256 301,43

Raw materials 1 227 519,14 0,941 062 278,91

7 734,00 SOLVAY SA EUR 590 776,16 616 786,50 0,47

15 692,00 UMICORE EUR 471 502,75 610 732,64 0,47


12 863,00 MOBISTAR SA EUR 568 525,08 623 984,13 0,48

Basic goods 615 486,72 0,47625 497,44

11 136,00 DELHAIZE GP EUR 625 497,44 615 486,72 0,47

GERMANY 2 455 350,43 1,882 091 300,61

Raw materials 1 221 595,50 0,941 055 621,31

11 082,00 BAYER AG EUR 560 764,30 612 834,60 0,47

10 197,00 BASF SE EUR 494 857,01 608 760,90 0,47

Basic goods 619 408,48 0,47489 343,11


Finance 614 346,45 0,47546 336,19

15 307,00 HANNOVER RUECKVERSICHERUNG (REGD) EUR 546 336,19 614 346,45 0,47





417


SWITZERLAND 2 444 007,31 1,872 206 070,35

Finance 1 223 032,58 0,941 117 328,19

3 166,00 ZURICH FIN SERVICES AG CHF 553 892,76 613 223,40 0,47

13 142,00 ACE LTD USD 563 435,43 609 809,18 0,47


1 867,00 SWISSCOM AG (REGD) CHF 539 341,08 613 797,99 0,47

Health 607 176,74 0,46549 401,08

13 817,00 NOVARTIS AG (REGD) CHF 549 401,08 607 176,74 0,46

FINLAND 1 856 815,46 1,421 640 217,62

Multi-Utilities 621 692,82 0,48530 483,34

27 594,00 FORTUM OYJ EUR 530 483,34 621 692,82 0,48

Health 619 440,80 0,47571 893,15

37 840,00 ORION OYJ -B- EUR 571 893,15 619 440,80 0,47

Raw materials 615 681,84 0,47537 841,13


SPAIN 1 841 657,23 1,411 797 954,39

Consumer retail 615 373,56 0,47613 245,22



36 267,00 TELEFONICA SA EUR 612 620,07 615 269,66 0,47

Finance 611 014,01 0,47572 089,10


ITALY 620 682,75 0,47606 498,07

Industries 620 682,75 0,47606 498,07

48 681,00 PRYSMIAN SPA EUR 606 498,07 620 682,75 0,47

PORTUGAL 612 714,57 0,47627 300,56

Raw materials 612 714,57 0,47627 300,56



ITALY 38 300 246,72 29,2738 239 919,36

Government 38 300 246,72 29,2738 239 919,36

23 498 000,00 CTZ 0.00% 31/03/2011 EUR 23 366 909,36 23 419 046,72 17,90





418


15 000 000,00 CTZ 0.00% 30/06/2011 EUR 14 873 010,00 14 881 200,00 11,37

Total Portfolio 111 704 466,11 85,37107 629 603,63





419


04/01/11 500 000,00 4 218,81USD376 931,77 EUR

2 063 711,67

04/01/11 260 000,00 3 599,76GBP307 029,20 EUR

04/01/11 1 200 000,00 (1 314,73)USD893 196,08 EUR

04/01/11 280 000,00 2 680,32GBP329 450,52 EUR

04/01/11 130 000,00 1 750,04GBP153 464,76 EUR

04/01/11 700 000,00 (1 060,50)SEK76 540,37 EUR

04/01/11 80 000,00 (2 156,18)CHF61 823,80 EUR

04/01/11 100 000,00 605,28GBP117 308,93 EUR

04/01/11 1 100 000,00 22 233,12USD842 201,97 EUR

04/01/11 280 000,00 3 574,32GBP330 344,50 EUR

04/01/11 200 000,00 3 563,21USD152 648,45 EUR

04/01/11 100 000,00 805,17GBP117 508,81 EUR

04/01/11 700 000,00 501,74SEK78 102,34 EUR

04/01/11 70 000,00 (205,68)CHF55 776,89 EUR

04/01/11 1 000 000,00 10 103,57USD755 529,53 EUR

04/01/11 250 000,00 1 625,07GBP293 384,19 EUR

04/01/11 600 000,00 77,82SEK66 592,67 EUR

04/01/11 80 000,00 (1 269,36)CHF62 710,67 EUR

04/01/11 1 050 000,00 6 800,27USD789 497,43 EUR

04/01/11 250 000,00 4 520,39GBP296 279,44 EUR

04/01/11 240 000,00 2 631,27USD181 533,50 EUR

04/01/11 240 000,00 1 752,66USD180 654,87 EUR

04/01/11 1 000 000,00 (677,54)SEK110 180,70 EUR

04/01/11 100 000,00 (2 886,45)CHF77 088,52 EUR

04/01/11 700 000,00 (1 168,33)SEK76 432,56 EUR

04/01/11 44 490 000,00 1 048 796,45USD34 212 813,08 EUR

04/01/11 8 815 000,00 230 164,52GBP10 517 586,98 EUR

04/01/11 2 805 000,00 (85 439,38)CHF2 157 858,30 EUR

04/01/11 19 710 000,00 (37 680,41)SEK2 147 339,52 EUR

04/01/11 1 240 000,00 33 322,13GBP1 480 446,76 EUR

04/01/11 5 000 000,00 (8 916,89)SEK545 375,22 EUR

04/01/11 40 000,00 (1 154,93)CHF30 835,05 EUR

04/01/11 329 976,02 (9 429,63)EUR430 000,00 USD

04/01/11 1 615 850,73 (50 391,33)EUR2 100 000,00 USD

04/01/11 280 000,00 4 180,12USD212 899,42 EUR

02/02/11 49 670 000,00 801 673,46USD37 837 467,24 EUR

02/02/11 12 005 000,00 51 744,47GBP14 062 316,97 EUR

02/02/11 29 110 000,00 9 937,99SEK3 234 696,03 EUR

02/02/11 3 255 000,00 (1 070,89)CHF2 603 062,90 EUR

02/02/11 900 000,00 4 991,81GBP1 055 347,09 EUR

02/02/11 186 988,70 (838,49)EUR1 680 000,00 SEK

02/02/11 228 567,95 (4 824,48)EUR300 000,00 USD

02/02/11 722 543,35 (2 339,77)EUR900 000,00 CHF

04/01/11 1 250 000,00 11 044,56USD942 826,97 EUR

04/01/11 650 000,00 8 779,28USD493 306,21 EUR

04/01/11 300 000,00 4 488,57GBP354 599,45 EUR

04/01/11 700 000,00 (905,32)SEK76 695,52 EUR

04/01/11 80 000,00 (2 724,22)CHF61 255,74 EUR





420


Assets

Investments in securities at market value 32 890 727,37Banks 1 616 707,63Amounts due from brokers 91 136,61Unrealised profit on future contracts (Note 8) 649,08Other interest receivable 271 660,28Receivable on investments sold 1 543,88Receivable on subscriptions 9 484,90Other assets 452,80Total assets 34 882 362,55

Liabilities

Payable on investments purchased (4 293 259,99)Payable on redemptions (15 074,69)Other liabilities (41 978,09)Total liabilities (4 350 312,77)



Class R Units 275 491,071110,82EUR



421



Net income from investments 446 764,64Interest on bank accounts 1 207,67






147 211,21

Change in unrealised appreciation / (depreciation) on investments (137 995,60)Change in unrealised appreciation / (depreciation) on future contracts (Note 8) 4 752,52






422



Shares 2 258 542,87 7,402 130 068,74

UNITED STATES 903 094,29 2,96912 468,87

Industries 202 039,56 0,65204 411,66

792,00 CATERPILLAR INC USD 56 030,26 55 293,30 0,17


792,00 3M CO USD 51 655,04 50 948,23 0,16

792,00 UNITED TECHNOLOGIES CORP USD 47 064,94 46 473,29 0,15

792,00 BOEING CO USD 38 803,95 38 527,02 0,13

792,00 GENERAL ELEC CO USD 10 857,47 10 797,72 0,04

Computing and IT 152 336,98 0,50154 016,05

792,00 IBM USD 87 546,15 86 641,51 0,29

792,00 HEWLETT-PACKARD CO USD 25 224,66 24 854,24 0,08

792,00 MICROSOFT CORP USD 16 623,45 16 482,90 0,05

792,00 INTEL CORP USD 12 546,67 12 415,31 0,04

792,00 CISCO SYSTEMS INC USD 12 075,12 11 943,02 0,04

Basic goods 127 246,60 0,42128 546,67

792,00 COCA-COLA CO/THE USD 39 096,43 38 828,10 0,14

792,00 PROCTER AND GAMBLE CO USD 38 368,22 37 977,98 0,12

792,00 WAL-MART STORES INC USD 32 273,95 31 838,22 0,10

792,00 KRAFT FOODS INC -A- USD 18 808,07 18 602,30 0,06

Energy 97 037,78 0,3298 463,31

792,00 CHEVRON CORP USD 54 675,31 53 870,52 0,18

792,00 EXXON MOBIL CORP USD 43 788,00 43 167,26 0,14

Finance 91 145,97 0,3091 658,75

792,00 TRAVELERS COS INC/THE USD 33 151,39 32 889,06 0,11

792,00 AMERICAN EXPRESS CORP USD 25 373,88 25 338,33 0,08

792,00 JPMORGAN CHASE & CO USD 25 206,75 25 043,15 0,08

792,00 BANK OF AMERICA CORP USD 7 926,73 7 875,43 0,03

Consumer retail 88 158,74 0,2988 996,60

792,00 MCDONALD'S CORP USD 45 817,43 45 316,18 0,15

792,00 THE WALT DISNEY CO USD 22 371,51 22 144,47 0,07

792,00 HOME DEPOT INC USD 20 807,66 20 698,09 0,07

Health 68 127,76 0,2268 905,22

792,00 JOHNSON & JOHNSON USD 36 971,50 36 513,88 0,12

792,00 MERCK & CO INC USD 21 494,08 21 276,64 0,07

792,00 PFIZER INC USD 10 439,64 10 337,24 0,03

Raw materials 38 532,92 0,1338 738,29

792,00 DU PONT (E.I.) DE NEMOURS USD 29 659,56 29 447,25 0,10





423


792,00 ALCOA INC USD 9 078,73 9 085,67 0,03


792,00 VERIZON COMMUNICATIONS INC USD 21 225,48 21 123,15 0,07

792,00 AT&T INC USD 17 506,84 17 344,83 0,06

FRANCE 480 225,30 1,57434 220,99

Finance 107 058,70 0,3695 217,10

864,00 BNP PARIBAS EUR 30 617,85 41 135,04 0,14

639,00 SOCIETE GENERALE -A- EUR 22 994,94 25 700,58 0,08

1 602,00 AXA SA EUR 23 194,36 19 944,90 0,07


919,00 CREDIT AGRICOLE SA EUR 7 602,32 8 734,18 0,03

Energy 76 009,05 0,2574 349,30

1 917,00 TOTAL SA EUR 74 349,30 76 009,05 0,25

Industries 64 795,51 0,2147 399,08

231,00 SCHNEIDER ELECTRIC SA EUR 14 747,98 25 872,00 0,08

448,00 VINCI SA EUR 14 243,68 18 224,64 0,06

373,00 COMPAGNIE DE ST GOBAIN SA EUR 11 214,55 14 360,50 0,05

177,00 ALSTOM EUR 7 192,87 6 338,37 0,02

Basic goods 58 226,12 0,1951 144,69

531,00 DANONE EUR 22 061,28 24 967,62 0,08

205,00 L'OREAL SA EUR 13 936,91 17 031,40 0,06

526,00 CARREFOUR SA EUR 15 146,50 16 227,10 0,05

Consumer retail 48 738,30 0,1636 655,43

221,00 LVMH MOET-HENNESSY LOUIS VUITTON EUR 13 547,98 27 205,10 0,09

1 066,00 VIVENDI SA EUR 23 107,45 21 533,20 0,07

Health 46 127,40 0,1545 204,20

964,00 SANOFI-AVENTIS EUR 45 204,20 46 127,40 0,15

Multi-Utilities 30 823,80 0,1036 819,88

1 148,00 GDF SUEZ EUR 36 819,88 30 823,80 0,10


1 644,00 FRANCE TEL SA EUR 30 713,55 25 638,18 0,08

Raw materials 22 808,24 0,0716 717,76

241,00 AIR LIQUIDE SA EUR 16 717,76 22 808,24 0,07

GERMANY 415 541,79 1,36341 869,51

Finance 91 310,85 0,3081 249,07

390,00 ALLIANZ SE (REGD) EUR 30 189,70 34 682,70 0,12

805,00 DEUTSCHE BANK AG (REGD) EUR 26 567,99 31 475,50 0,10

145,00 MUENCHENER RUECKVERSICHERUNG AG (REGD) EUR 15 965,16 16 450,25 0,05





424


168,00 DEUTSCHE BOERSE AG EUR 8 526,22 8 702,40 0,03

Raw materials 86 817,50 0,2857 979,70

791,00 BASF SE EUR 26 796,80 47 222,70 0,15

716,00 BAYER AG EUR 31 182,90 39 594,80 0,13

Industries 68 783,40 0,2345 529,57

742,00 SIEMENS AG (REGD) EUR 45 529,57 68 783,40 0,23

Multi-Utilities 57 771,54 0,1968 130,39

1 738,00 E.ON AG EUR 46 337,48 39 861,03 0,13

359,00 RWE AG EUR 21 792,91 17 910,51 0,06

Consumer retail 55 793,75 0,1839 045,86

775,00 DAIMLER AG (REGD) EUR 24 863,11 39 315,75 0,13

280,00 BMW AG EUR 14 182,75 16 478,00 0,05

Computing and IT 30 251,40 0,1023 056,72

794,00 SAP AG EUR 23 056,72 30 251,40 0,10



SPAIN 178 799,04 0,59168 783,37

Finance 86 593,80 0,2883 622,56





Multi-Utilities 19 876,53 0,0720 229,18

3 446,00 IBERDROLA SA EUR 20 229,18 19 876,53 0,07

Energy 14 240,55 0,0510 814,57

683,00 REPSOL YPF SA EUR 10 814,57 14 240,55 0,05

ITALY 120 934,43 0,40128 323,83

Finance 57 536,17 0,1963 732,79


2 804,00 MEDIOBANCA EUR 20 696,04 18 674,64 0,06


Energy 34 297,66 0,1134 388,28

2 099,00 ENI SPA EUR 34 388,28 34 297,66 0,11

Multi-Utilities 20 521,38 0,0720 568,32

5 487,00 ENEL SPA EUR 20 568,32 20 521,38 0,07





425




NETHERLANDS 75 003,50 0,2560 924,98

Basic goods 31 152,10 0,1125 436,27


Finance 24 300,64 0,0820 774,84


Industries 19 550,76 0,0614 713,87

853,00 PHILIPS ELECTRONICS NV EUR 14 713,87 19 550,76 0,06

BELGIUM 27 563,20 0,0924 322,96

Basic goods 27 563,20 0,0924 322,96

644,00 ANHEUSER-BUSCH INBEV NV EUR 24 322,96 27 563,20 0,09

FINLAND 25 093,08 0,0832 111,59

Computing and IT 25 093,08 0,0832 111,59

3 242,00 NOKIA CORP EUR 32 111,59 25 093,08 0,08

LUXEMBOURG 22 647,24 0,0715 371,31

Raw materials 22 647,24 0,0715 371,31

798,00 ARCELOR MITTAL EUR 15 371,31 22 647,24 0,07

IRELAND 9 641,00 0,0311 671,33

Raw materials 9 641,00 0,0311 671,33

622,00 CRH PLC EUR 11 671,33 9 641,00 0,03

Ordinary bonds 6 809 349,50 22,306 941 907,00

AUSTRIA 3 500 490,00 11,463 590 043,00

Government 3 500 490,00 11,463 590 043,00

3 500 000,00 AUSTRIA 5.25% 04/01/2011 EUR 3 590 043,00 3 500 490,00 11,46

FRANCE 3 308 859,50 10,843 351 864,00

Government 3 308 859,50 10,843 351 864,00

2 800 000,00 FR TREASURY 3.00% 12/01/2011 EUR 2 844 324,00 2 801 232,00 9,18

500 000,00 FR TREASURY 3.50% 12/07/2011 EUR 507 540,00 507 627,50 1,66





426



ITALY 23 822 835,00 78,0323 811 587,92

Government 23 822 835,00 78,0323 811 587,92

6 500 000,00 BOT 0.00% 15/07/2011 EUR 6 443 360,34 6 442 215,00 21,10

5 000 000,00 BOT 0.00% 31/05/2011 EUR 4 965 093,12 4 966 700,00 16,27

5 000 000,00 BOT 0.00% 15/06/2011 EUR 4 960 819,28 4 964 500,00 16,26

4 000 000,00 CTZ 0.00% 30/06/2011 EUR 3 965 800,00 3 968 320,00 13,00

3 500 000,00 BOT 0.00% 16/05/2011 EUR 3 476 515,18 3 481 100,00 11,40

Total Portfolio 32 890 727,37 107,7332 883 563,66





427


5 10,00 DJIA MINI 18/03/11 11 513,00 USD 149,08 429 093,21Purchase

649,08 1 127 593,21

10 25,00 STO DJ EURO STX 18/03/11 2 794,00 EUR 500,00 698 500,00Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


428


Assets

Investments in securities at market value 28 553 907,90Banks 1 667 940,44Amounts due from brokers 15 371,42Unrealised profit on future contracts (Note 8) 20 036,52Other interest receivable 46 923,71Receivable on subscriptions 21 984,99Other assets 1 594,23Total assets 30 327 759,21

Liabilities







429









371 163,60

Change in unrealised appreciation / (depreciation) on investments 94 945,49Change in unrealised appreciation / (depreciation) on future contracts (Note 8) (89 273,67)






430



Shares 5 198 094,90 17,255 209 479,29

UNITED STATES 2 107 220,05 6,981 956 401,84

Industries 471 425,62 1,55424 972,72



1 848,00 3M CO USD 119 144,28 118 879,21 0,39


1 848,00 BOEING CO USD 94 753,30 89 896,37 0,30

1 848,00 GENERAL ELEC CO USD 21 784,83 25 194,68 0,08

Computing and IT 355 452,97 1,17348 398,76

1 848,00 IBM USD 187 024,42 202 163,53 0,66



1 848,00 INTEL CORP USD 29 379,28 28 969,06 0,10

1 848,00 CISCO SYSTEMS INC USD 32 015,40 27 867,05 0,09

Basic goods 296 908,73 0,99281 707,64

1 848,00 COCA-COLA CO/THE USD 76 395,19 90 598,90 0,31

1 848,00 PROCTER AND GAMBLE CO USD 90 330,15 88 615,29 0,29



Energy 226 421,50 0,75189 679,13

1 848,00 CHEVRON CORP USD 103 011,04 125 697,89 0,42


Finance 212 673,94 0,71211 171,24



1 848,00 JPMORGAN CHASE & CO USD 55 215,89 58 434,02 0,19

1 848,00 BANK OF AMERICA CORP USD 21 562,49 18 376,00 0,06

Consumer retail 205 703,73 0,68190 144,81




Health 158 964,78 0,53163 276,32


1 848,00 MERCK & CO INC USD 52 588,08 49 645,50 0,16

1 848,00 PFIZER INC USD 21 609,18 24 120,22 0,08

Raw materials 89 910,15 0,3067 945,05






431


1 848,00 ALCOA INC USD 15 203,01 21 199,90 0,07


1 848,00 VERIZON COMMUNICATIONS INC USD 42 464,41 49 287,35 0,17

1 848,00 AT&T INC USD 36 641,76 40 471,28 0,13

FRANCE 1 089 760,86 3,621 141 727,13

Finance 241 608,49 0,81309 403,33

1 948,00 BNP PARIBAS EUR 108 194,53 92 744,28 0,31


3 555,00 AXA SA EUR 62 700,44 44 259,75 0,15



Energy 171 605,20 0,57192 255,24

4 328,00 TOTAL SA EUR 192 255,24 171 605,20 0,57

Industries 147 995,24 0,49130 858,16

534,00 SCHNEIDER ELECTRIC SA EUR 38 796,46 59 808,00 0,19

1 011,00 VINCI SA EUR 42 264,85 41 127,48 0,14

854,00 COMPAGNIE DE ST GOBAIN SA EUR 30 609,57 32 879,00 0,11

396,00 ALSTOM EUR 19 187,28 14 180,76 0,05

Basic goods 132 016,94 0,44122 193,72

1 200,00 DANONE EUR 47 888,81 56 424,00 0,19

468,00 L'OREAL SA EUR 31 402,42 38 881,44 0,13

1 190,00 CARREFOUR SA EUR 42 902,49 36 711,50 0,12

Consumer retail 111 378,40 0,3785 847,07

508,00 LVMH MOET-HENNESSY LOUIS VUITTON EUR 33 857,30 62 534,80 0,21

2 418,00 VIVENDI SA EUR 51 989,77 48 843,60 0,16

Health 104 600,10 0,35114 295,08


Multi-Utilities 69 971,10 0,2382 000,12

2 606,00 GDF SUEZ EUR 82 000,12 69 971,10 0,23


3 723,00 FRANCE TEL SA EUR 67 042,31 58 060,19 0,19

Raw materials 52 525,20 0,1737 832,10

555,00 AIR LIQUIDE SA EUR 37 832,10 52 525,20 0,17

GERMANY 951 564,09 3,16866 924,94

Finance 207 943,46 0,70240 081,98

877,00 ALLIANZ SE (REGD) EUR 82 869,16 77 991,61 0,26







432



Raw materials 199 577,90 0,66133 226,40

1 835,00 BASF SE EUR 64 069,60 109 549,50 0,36

1 628,00 BAYER AG EUR 69 156,80 90 028,40 0,30

Industries 158 795,10 0,53107 535,92

1 713,00 SIEMENS AG (REGD) EUR 107 535,92 158 795,10 0,53

Multi-Utilities 130 751,87 0,43163 864,30

3 939,00 E.ON AG EUR 114 045,86 90 340,97 0,30

810,00 RWE AG EUR 49 818,44 40 410,90 0,13

Consumer retail 130 234,11 0,43103 431,11


651,00 BMW AG EUR 38 517,91 38 311,35 0,13

Computing and IT 67 779,90 0,2257 296,26

1 779,00 SAP AG EUR 57 296,26 67 779,90 0,22



SPAIN 412 784,85 1,37461 411,66

Finance 204 295,68 0,67261 387,99





Multi-Utilities 44 453,98 0,1548 755,78

7 707,00 IBERDROLA SA EUR 48 755,78 44 453,98 0,15

Energy 32 234,10 0,1130 019,66

1 546,00 REPSOL YPF SA EUR 30 019,66 32 234,10 0,11

ITALY 274 119,83 0,91370 308,45

Finance 131 861,57 0,45193 768,43


6 557,00 MEDIOBANCA EUR 45 345,12 43 669,62 0,15


Energy 76 814,34 0,2591 303,22

4 701,00 ENI SPA EUR 91 303,22 76 814,34 0,25

Multi-Utilities 45 990,78 0,1555 047,47

12 297,00 ENEL SPA EUR 55 047,47 45 990,78 0,15





433




NETHERLANDS 171 141,30 0,57175 430,75

Basic goods 71 088,30 0,2458 284,37


Finance 55 473,60 0,1877 330,93


Industries 44 579,40 0,1539 815,45


BELGIUM 62 145,60 0,2152 677,11

Basic goods 62 145,60 0,2152 677,11


FINLAND 56 370,42 0,1991 885,95

Computing and IT 56 370,42 0,1991 885,95

7 283,00 NOKIA CORP EUR 91 885,95 56 370,42 0,19

LUXEMBOURG 51 225,90 0,1768 926,29

Raw materials 51 225,90 0,1768 926,29


IRELAND 21 762,00 0,0723 785,17

Raw materials 21 762,00 0,0723 785,17

1 404,00 CRH PLC EUR 23 785,17 21 762,00 0,07

Ordinary bonds 2 642 022,00 8,772 689 876,00

ITALY 2 235 920,00 7,422 276 356,00

Government 2 235 920,00 7,422 276 356,00

1 200 000,00 BTP 5.25% 01/08/2011 EUR 1 246 056,00 1 222 080,00 4,06

1 000 000,00 BTP 4.25% 01/09/2011 EUR 1 030 300,00 1 013 840,00 3,36

FRANCE 406 102,00 1,35413 520,00

Government 406 102,00 1,35413 520,00

400 000,00 FR TREASURY 3.50% 12/07/2011 EUR 413 520,00 406 102,00 1,35





434



ITALY 20 713 791,00 68,7220 627 383,89

Government 20 713 791,00 68,7220 627 383,89

5 400 000,00 CTZ 0.00% 30/06/2011 EUR 5 329 978,00 5 357 232,00 17,76

4 650 000,00 BOT 0.00% 15/06/2011 EUR 4 593 791,05 4 616 985,00 15,32

4 100 000,00 CTZ 0.00% 31/03/2011 EUR 4 075 033,00 4 086 224,00 13,56

3 700 000,00 BOT 0.00% 16/05/2011 EUR 3 664 371,84 3 680 020,00 12,21

3 000 000,00 BOT 0.00% 15/07/2011 EUR 2 964 210,00 2 973 330,00 9,87

Total Portfolio 28 553 907,90 94,7428 526 739,18





435


5 32,00 DJIA MINI 18/03/11 11 513,00 USD 20 036,52 1 373 098,28Purchase

(16 443,48) 3 496 538,28



Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


436


Assets

Investments in securities at market value 37 252 210,86Banks 3 379 705,53Amounts due from brokers 32 362,39Unrealised profit on future contracts (Note 8) 44 456,04Other interest receivable 203 500,22Receivable on investments sold 507 351,00Receivable on subscriptions 9 951,92Other assets 3 485,19Total assets 41 433 023,15

Liabilities







437









93 588,42

Change in unrealised appreciation / (depreciation) on investments 146 775,10Change in unrealised appreciation / (depreciation) on future contracts (Note 8) (114 401,21)






438



Shares 11 209 147,36 27,239 764 793,09

UNITED STATES 4 509 342,37 10,953 154 276,07

Industries 1 008 592,90 2,44562 421,33



3 952,00 3M CO USD 169 502,53 254 226,53 0,62


3 959,00 BOEING CO USD 120 076,83 192 586,44 0,47

3 959,00 GENERAL ELEC CO USD 33 112,95 53 974,96 0,13

Computing and IT 760 146,17 1,84569 793,59

3 952,00 IBM USD 294 500,06 432 332,39 1,05



3 952,00 INTEL CORP USD 46 676,65 61 951,15 0,15

3 952,00 CISCO SYSTEMS INC USD 52 571,16 59 594,47 0,14

Basic goods 635 286,78 1,54487 796,01

3 957,00 COCA-COLA CO/THE USD 135 519,44 193 993,43 0,46

3 952,00 PROCTER AND GAMBLE CO USD 144 119,44 189 506,29 0,46



Energy 484 521,80 1,18384 259,30

3 955,00 CHEVRON CORP USD 186 989,45 269 012,52 0,66


Finance 455 294,71 1,11315 003,46



3 952,00 JPMORGAN CHASE & CO USD 96 201,85 124 962,80 0,30

3 959,00 BANK OF AMERICA CORP USD 37 294,45 39 367,19 0,10

Consumer retail 440 704,26 1,07295 159,06




Health 340 165,57 0,83281 516,89


3 960,00 MERCK & CO INC USD 79 016,38 106 383,21 0,26

3 952,00 PFIZER INC USD 42 305,12 51 581,77 0,13

Raw materials 192 678,84 0,47101 600,06






439


3 958,00 ALCOA INC USD 29 178,36 45 405,40 0,11


3 952,00 VERIZON COMMUNICATIONS INC USD 86 669,09 105 402,38 0,26

3 952,00 AT&T INC USD 70 057,28 86 548,96 0,21

FRANCE 2 373 758,42 5,772 353 888,45

Finance 523 824,32 1,27645 162,92

4 214,00 BNP PARIBAS EUR 218 251,70 200 628,54 0,48


7 781,00 AXA SA EUR 130 457,62 96 873,45 0,24



Energy 376 793,95 0,92395 736,34

9 503,00 TOTAL SA EUR 395 736,34 376 793,95 0,92

Industries 321 553,50 0,78263 249,69

1 161,00 SCHNEIDER ELECTRIC SA EUR 77 158,73 130 032,00 0,31

2 194,00 VINCI SA EUR 88 487,24 89 251,92 0,22


868,00 ALSTOM EUR 39 859,15 31 083,08 0,08

Basic goods 288 365,83 0,70245 322,34

2 633,00 DANONE EUR 96 168,48 123 803,66 0,30

1 009,00 L'OREAL SA EUR 58 622,09 83 827,72 0,20

2 617,00 CARREFOUR SA EUR 90 531,77 80 734,45 0,20

Consumer retail 242 574,80 0,59171 669,83

1 102,00 LVMH MOET-HENNESSY LOUIS VUITTON EUR 65 442,24 135 656,20 0,33

5 293,00 VIVENDI SA EUR 106 227,59 106 918,60 0,26

Health 227 718,15 0,55237 461,41


Multi-Utilities 152 508,00 0,37171 053,44

5 680,00 GDF SUEZ EUR 171 053,44 152 508,00 0,37


8 122,00 FRANCE TEL SA EUR 151 781,21 126 662,59 0,31

Raw materials 113 757,28 0,2872 451,27

1 202,00 AIR LIQUIDE SA EUR 72 451,27 113 757,28 0,28

GERMANY 2 055 679,40 4,991 718 442,30

Finance 452 456,07 1,10487 769,52

1 939,00 ALLIANZ SE (REGD) EUR 164 648,86 172 435,27 0,42







440



Raw materials 428 399,10 1,04243 482,74

3 919,00 BASF SE EUR 113 207,83 233 964,30 0,57

3 516,00 BAYER AG EUR 130 274,91 194 434,80 0,47

Industries 344 287,80 0,84214 538,14

3 714,00 SIEMENS AG (REGD) EUR 214 538,14 344 287,80 0,84

Multi-Utilities 285 716,07 0,69311 655,87

8 590,00 E.ON AG EUR 215 068,69 197 011,65 0,47

1 778,00 RWE AG EUR 96 587,18 88 704,42 0,22

Consumer retail 271 026,33 0,66206 072,10


1 359,00 BMW AG EUR 78 531,43 79 977,15 0,19

Computing and IT 150 152,10 0,36119 572,84

3 941,00 SAP AG EUR 119 572,84 150 152,10 0,36



SPAIN 876 091,96 2,13927 480,84

Finance 419 616,96 1,02508 215,58





Multi-Utilities 98 961,58 0,24101 629,67

17 157,00 IBERDROLA SA EUR 101 629,67 98 961,58 0,24

Energy 70 160,25 0,1760 620,20

3 365,00 REPSOL YPF SA EUR 60 620,20 70 160,25 0,17

ITALY 603 016,15 1,47768 575,75

Finance 288 030,32 0,71396 930,92


14 396,00 MEDIOBANCA EUR 93 864,97 95 877,36 0,23


Energy 169 739,92 0,41189 331,64

10 388,00 ENI SPA EUR 189 331,64 169 739,92 0,41

Multi-Utilities 102 038,42 0,25113 624,34

27 283,00 ENEL SPA EUR 113 624,34 102 038,42 0,25





441




NETHERLANDS 370 965,10 0,90340 865,55

Basic goods 155 480,90 0,38120 347,40


Finance 119 930,72 0,29148 954,78


Industries 95 553,48 0,2371 563,37


BELGIUM 136 275,20 0,33120 680,85

Basic goods 136 275,20 0,33120 680,85


FINLAND 123 553,62 0,30198 609,78

Computing and IT 123 553,62 0,30198 609,78

15 963,00 NOKIA CORP EUR 198 609,78 123 553,62 0,30

LUXEMBOURG 112 895,64 0,27129 588,77

Raw materials 112 895,64 0,27129 588,77


IRELAND 47 569,50 0,1252 384,73

Raw materials 47 569,50 0,1252 384,73

3 069,00 CRH PLC EUR 52 384,73 47 569,50 0,12

Ordinary bonds 13 666 465,50 33,2114 123 771,00

ITALY 12 955 787,00 31,4813 395 344,00

Government 12 955 787,00 31,4813 395 344,00

4 000 000,00 BTP 5.25% 01/08/2011 EUR 4 250 054,58 4 073 600,00 9,90

3 500 000,00 BTP 3.50% 15/03/2011 EUR 3 603 326,75 3 514 315,00 8,54

3 300 000,00 BTP 4.25% 01/09/2011 EUR 3 466 158,67 3 345 672,00 8,13

2 000 000,00 BTP 3.75% 15/09/2011 EUR 2 075 804,00 2 022 200,00 4,91

FRANCE 710 678,50 1,73728 427,00

Government 710 678,50 1,73728 427,00

700 000,00 FR TREASURY 3.50% 12/07/2011 EUR 728 427,00 710 678,50 1,73





442



ITALY 12 376 598,00 30,0712 142 179,50

Government 12 376 598,00 30,0712 142 179,50

4 500 000,00 CTZ 0.00% 30/06/2011 EUR 4 362 360,00 4 464 360,00 10,85

4 200 000,00 CTZ 0.00% 31/03/2011 EUR 4 060 644,00 4 185 888,00 10,17

2 000 000,00 BOT 0.00% 15/06/2011 EUR 1 981 777,34 1 985 800,00 4,82

1 750 000,00 BOT 0.00% 16/05/2011 EUR 1 737 398,16 1 740 550,00 4,23

Total Portfolio 37 252 210,86 90,5136 030 743,59





443


5 71,00 DJIA MINI 18/03/11 11 513,00 USD 44 456,04 3 046 561,81Purchase

(34 743,96) 7 656 661,81



Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


444


Assets

Investments in securities at market value 575 615 062,55Banks 10 017 798,89Amounts due from brokers 189 108,50Unrealised profit on future contracts (Note 8) 98 131,45Other interest receivable 1 836 376,97Receivable on subscriptions 235 165,45Other assets 47 681,03Total assets 588 039 324,84

Liabilities

Bank overdrafts (145 076,02)Unrealised loss on forward foreign exchange contracts (Note 8) (616 671,84)Unrealised loss on future contracts (Note 8) (306 575,08)Other interest payable (414,55)Payable on redemptions (2 236 379,41)Other liabilities (1 287 215,50)Total liabilities (4 592 332,40)



Class R Units 5 435 269,730107,32EURClass Z Units 747,487109,89EUR



445





Management fee (Note 5) (6 021 350,84)Custodian fee (Note 7) (684 195,00)Subscription tax (Note 3) (312 594,93)Interest on bank accounts (4 104,31)Other charges and taxes (Notes 4, 7) (1 067 058,26)


Net investment income / (loss) (2 421 389,63)


1 259 778,25

Change in unrealised appreciation / (depreciation) on investments (1 556 425,38)Change in unrealised appreciation / (depreciation) on forward foreignexchange contracts

(Note 8) (903 040,00)







446



Shares 3 038 619,78 0,523 010 814,99

UNITED STATES 1 332 894,78 0,231 366 127,56

Multi-Utilities 505 922,25 0,09476 985,06

28 000,00 ALLEGHENY ENERGY INC USD 476 985,06 505 922,25 0,09


Raw materials 283 999,85 0,05390 465,21

25 000,00 METALS USA HOLDINGS CORP USD 390 465,21 283 999,85 0,05

Consumer retail 212 161,31 0,04184 736,90


Industries 185 129,14 0,03169 807,72


Computing and IT 145 682,23 0,02144 132,67


LUXEMBOURG 851 400,00 0,15742 854,66

Raw materials 851 400,00 0,15742 854,66


FRANCE 429 720,00 0,07467 831,78

Industries 429 720,00 0,07467 831,78

12 000,00 ALSTOM EUR 467 831,78 429 720,00 0,07

SPAIN 250 200,00 0,04244 821,89

Energy 250 200,00 0,04244 821,89

12 000,00 REPSOL YPF SA EUR 244 821,89 250 200,00 0,04

GERMANY 174 405,00 0,03189 179,10

Basic goods 174 405,00 0,03189 179,10



ITALY 44 840 541,61 7,6845 097 512,00

Finance 36 344 237,61 6,2336 581 467,00

7 000 000,00 BANCO POPOLARE SCARL FRN 27/01/2012 EUR 6 976 825,00 6 942 243,00 1,19

6 000 000,00 BANCA LOMBARDA E PIEMONT FRN 30/01/2012 EUR 5 925 627,50 5 918 370,00 1,01






447





2 750 000,00 CENTRO LEASING BANCA SPA FRN 27/09/2016 EUR 2 674 265,00 2 582 547,91 0,44




Government 6 496 100,00 1,116 515 045,00

6 500 000,00 CCT FRN 01/05/2011 EUR 6 515 045,00 6 496 100,00 1,11

Industries 2 000 204,00 0,342 001 000,00

2 000 000,00 ATLANTIA SPA FRN 09/06/2011 EUR 2 001 000,00 2 000 204,00 0,34

FRANCE 12 230 322,30 2,1012 071 508,75

Finance 11 508 727,80 1,9811 321 508,75

5 250 000,00 NATIXIS FRN 21/01/2016 EUR 5 027 673,75 5 218 258,50 0,90


2 500 000,00 BPCE FRN 20/07/2012 EUR 2 496 875,00 2 492 897,50 0,43

Multi-Utilities 721 594,50 0,12750 000,00

750 000,00 SUEZ ENVIRONNEMENT VRN PERP EUR 750 000,00 721 594,50 0,12

NETHERLANDS 9 375 687,50 1,6110 229 768,50

Finance 9 375 687,50 1,6110 229 768,50




GREAT-BRITAIN 7 297 480,40 1,257 275 991,33

Finance 7 297 480,40 1,257 275 991,33




GERMANY 4 805 822,20 0,826 150 786,60

Finance 4 035 502,20 0,695 353 370,60

2 600 000,00 VOLKSWAGEN BANK GMBH FRN 10/04/2012 EUR 2 599 220,00 2 607 376,20 0,45

3 000 000,00 HSH NORDBANK AG FRN 14/02/2017 EUR 2 754 150,60 1 428 126,00 0,24

Multi-Utilities 770 320,00 0,13797 416,00

800 000,00 RWE AG VRN PERP EUR 797 416,00 770 320,00 0,13

SWEDEN 4 007 272,00 0,693 991 733,00

Government 4 007 272,00 0,693 991 733,00






448


BELGIUM 3 855 200,00 0,663 895 542,60

Finance 3 855 200,00 0,663 895 542,60


SOUTH AFRICA 2 111 472,00 0,362 162 320,00

Finance 2 111 472,00 0,362 162 320,00

2 200 000,00 FIRSTRAND BANK LTD FRN 20/06/2012 EUR 2 162 320,00 2 111 472,00 0,36

LUXEMBOURG 1 963 140,46 0,342 099 475,00

Finance 1 535 625,00 0,271 575 000,00

6 500 000,00 ALFA DIV PYMT RIGHTS FIN FRN 15/03/2012 EUR 1 575 000,00 1 535 625,00 0,27

Industries 427 515,46 0,07524 475,00

560 000,00 CALCIPAR SA FRN 01/07/2014 EUR 524 475,00 427 515,46 0,07

DENMARK 1 497 792,00 0,261 500 000,00

Finance 1 497 792,00 0,261 500 000,00


Ordinary bonds 54 807 615,02 9,3956 261 131,66

ITALY 21 863 056,40 3,7422 355 408,00

Government 13 504 664,00 2,3113 854 949,00

6 600 000,00 BTP 3.50% 15/03/2011 EUR 6 789 384,00 6 626 994,00 1,13

6 000 000,00 BTP 3.75% 01/02/2011 EUR 6 175 700,00 6 011 520,00 1,03

850 000,00 BTP 4.00% 15/04/2012 EUR 889 865,00 866 150,00 0,15

Finance 5 854 142,40 1,005 936 784,00


800 000,00 BANCO POPOLARE SC 6.00% 05/11/2020 EUR 797 184,00 767 822,40 0,13


2 500 000,00 TEL ITALIA SPA 4.50% 28/01/2011 EUR 2 563 675,00 2 504 250,00 0,43

FRANCE 9 437 461,50 1,629 424 194,10

Finance 8 293 141,50 1,428 230 530,10

4 000 000,00 RCI BANQUE SA 4.00% 21/10/2011 EUR 4 034 661,10 4 058 860,00 0,70


1 300 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 1 296 971,00 1 308 288,80 0,22

Industries 1 144 320,00 0,201 193 664,00

1 200 000,00 THALES SA 2.75% 19/10/2016 EUR 1 193 664,00 1 144 320,00 0,20





449


GERMANY 7 018 200,00 1,206 988 670,00

Government 7 018 200,00 1,206 988 670,00


SPAIN 5 422 339,80 0,935 508 521,50

Finance 5 422 339,80 0,935 508 521,50


NETHERLANDS 4 517 465,00 0,774 609 817,80

Finance 4 517 465,00 0,774 609 817,80

2 500 000,00 VOLKSWAGEN INTL FIN NV 5.25% 01/04/2011 EUR 2 552 817,80 2 523 865,00 0,43

2 000 000,00 ING BANK NV 5.875% 23/02/2011 EUR 2 057 000,00 1 993 600,00 0,34

BRAZIL 3 006 000,00 0,523 626 750,00

Government 3 006 000,00 0,523 626 750,00

3 000 000,00 BRAZIL 9.50% 24/01/2011 EUR 3 626 750,00 3 006 000,00 0,52

UNITED STATES 1 794 100,00 0,311 864 520,00

Finance 1 794 100,00 0,311 864 520,00


AUSTRALIA 1 651 921,20 0,281 795 374,00

Finance 1 651 921,20 0,281 795 374,00

1 800 000,00 MACQUARIE BANK LTD 6.00% 21/09/2020 EUR 1 795 374,00 1 651 921,20 0,28

LUXEMBOURG 97 071,12 0,0287 876,26


125 000,00 TEL ITALIA CAPITAL 5.25% 15/11/2013 USD 87 876,26 97 071,12 0,02


ITALY 373 924 050,00 64,09372 687 470,17

Government 373 924 050,00 64,09372 687 470,17

113 000 000,00 BOT 0.00% 31/03/2011 EUR 112 397 107,71 112 679 080,00 19,30

70 000 000,00 BOT 0.00% 31/01/2011 EUR 69 630 738,90 69 960 100,00 11,99

35 000 000,00 BOT 0.00% 14/01/2011 EUR 34 720 901,95 34 995 450,00 6,00

33 500 000,00 BOT 0.00% 15/12/2011 EUR 32 826 366,59 32 899 345,00 5,64

29 500 000,00 BOT 0.00% 15/09/2011 EUR 29 078 984,85 29 140 985,00 4,99

25 000 000,00 BOT 0.00% 28/02/2011 EUR 24 880 535,50 24 964 750,00 4,28

15 000 000,00 CTZ 0.00% 30/09/2011 EUR 14 798 250,00 14 773 200,00 2,53

11 000 000,00 BOT 0.00% 16/05/2011 EUR 10 926 854,07 10 940 600,00 1,88

10 000 000,00 BOT 0.00% 15/03/2011 EUR 9 971 059,00 9 979 200,00 1,71





450


10 000 000,00 CTZ 0.00% 31/03/2011 EUR 9 841 066,67 9 966 400,00 1,71

10 000 000,00 BOT 0.00% 15/04/2011 EUR 9 947 121,90 9 960 500,00 1,71

7 500 000,00 BOT 0.00% 31/05/2011 EUR 7 444 188,03 7 450 050,00 1,28

6 500 000,00 CTZ 0.00% 31/08/2012 EUR 6 224 295,00 6 214 390,00 1,07


Ordinary bonds 27 439 081,88 4,7028 010 071,01

UNITED STATES 14 054 482,63 2,4014 291 461,01

Government 14 054 482,63 2,4014 291 461,01

11 000 000,00 US TREASURY 1.25% IND 15/07/2020 USD 8 500 704,89 8 438 552,25 1,44


LUXEMBOURG 7 633 050,00 1,317 848 830,00

Consumer retail 4 593 150,00 0,794 620 830,00



3 000 000,00 TEL ITALIA FIN SA 7.50% 20/04/2011 EUR 3 228 000,00 3 039 900,00 0,52

GREAT-BRITAIN 3 970 800,00 0,684 054 505,00

Finance 3 970 800,00 0,684 054 505,00


GERMANY 1 780 749,25 0,311 815 275,00

Finance 1 780 749,25 0,311 815 275,00


UCI Units 24 420 965,40 4,1924 450 568,36

LUXEMBOURG 24 420 965,40 4,1924 450 568,36

Finance 24 420 965,40 4,1924 450 568,36

155 870,00 EURIZON STARS FD TOTAL RETURN FOREX -I ACC- EUR 15 645 238,70 15 474 773,60 2,66

88 340,00 EURIZON STARS FD TOTAL RETURN GOVT BD -I ACC- EUR 8 805 329,66 8 946 191,80 1,53

Total Portfolio 575 615 062,55 98,66578 894 693,97





451


50 140,00 CHI S&P 500 EMI 18/03/11 1 253,00 USD (4 239,50) 6 537 959,82Purchase

(208 443,63) 49 571 219,21

25 (21,00) DAX GERMAN IDX 18/03/11 6 927,00 EUR 34 387,50 3 636 675,00Sale

50 (90,00) N-Y DJSTX 600 F 18/03/11 366,40 EUR (26 550,00) 1 648 800,00Sale

50 (70,00) N-Y DJSTX 600 R 18/03/11 270,60 EUR 16 450,00 947 100,00Sale

50 120,00 N-Y DJSTX 600 U 18/03/11 314,10 EUR 24 000,00 1 884 600,00Purchase

500 100,00 OSA NIKKEI 225 10/03/11 10 210,00 JPY (48 250,84) 4 691 819,60Purchase


50 160,00 STO DJSTX 600 H 18/03/11 385,50 EUR (36 000,00) 3 084 000,00Purchase

100 000 50,00 DTB EURO-BUND 08/03/11 125,31 EUR (29 500,00) 6 265 500,00Purchase

100 000 (100,00) US GOVT T B 22/03/11 122,04 USD (78 034,74) 9 103 276,06Sale

100 000 100,00 US 10Y T-NOTES 22/03/11 120,14 USD 23 293,95 8 977 488,73Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


452


18/01/11 7 000 000,00 (247 323,63)USD4 970 673,03 EUR

(616 671,84)

18/01/11 1 100 000,00 (38 865,15)USD781 105,76 EUR

18/01/11 11 000 000,00 (330 483,06)USD7 869 227,74 EUR





453


Assets

Investments in securities at market value 548 151 291,16Banks 21 225 946,51Amounts due from brokers 256 555,42Unrealised profit on future contracts (Note 8) 203 818,95Other interest receivable 2 051 946,01Receivable on subscriptions 37 905,42Other assets (Note 10) 477 706,50Total assets 572 405 169,97

Liabilities

Bank overdrafts (294 442,48)Unrealised loss on forward foreign exchange contracts (Note 8) (613 138,63)Unrealised loss on future contracts (Note 8) (484 891,83)Other interest payable (362,33)Payable on redemptions (1 118 372,06)Other liabilities (845 460,34)Total liabilities (3 356 667,67)



Class R Units 4 966 081,373105,96EURClass Z Units 391 868,596109,24EUR



454





Management fee (Note 5) (8 761 650,50)Custodian fee (Note 7) (669 954,82)Subscription tax (Note 3) (288 776,08)Interest on bank accounts (6 603,82)Other charges and taxes (Notes 4, 7, 10) (1 608 924,59)


Net investment income / (loss) (5 063 343,84)


6 904 633,75

Change in unrealised appreciation / (depreciation) on investments (5 209 159,91)Change in unrealised appreciation / (depreciation) on forward foreignexchange contracts

(Note 8) (657 569,29)







455



Shares 8 461 595,21 1,498 240 647,56

UNITED STATES 3 899 397,74 0,683 821 367,75

Multi-Utilities 1 264 805,64 0,221 192 462,65

70 000,00 ALLEGHENY ENERGY INC USD 1 192 462,65 1 264 805,64 0,22


Industries 1 131 886,21 0,201 131 008,84

73 421,00 RAILAMERICA INC USD 742 876,90 708 733,89 0,13


Computing and IT 624 352,43 0,11551 722,71


Consumer retail 518 616,53 0,09451 579,08


Raw materials 359 736,93 0,06494 594,47

31 667,00 METALS USA HOLDINGS CORP USD 494 594,47 359 736,93 0,06

LUXEMBOURG 2 156 880,00 0,381 881 772,52

Raw materials 2 156 880,00 0,381 881 772,52


FRANCE 895 250,00 0,161 002 747,65

Industries 895 250,00 0,161 002 747,65

25 000,00 ALSTOM EUR 1 002 747,65 895 250,00 0,16

SPAIN 604 650,00 0,11591 652,90

Energy 604 650,00 0,11591 652,90

29 000,00 REPSOL YPF SA EUR 591 652,90 604 650,00 0,11

GREAT-BRITAIN 490 167,47 0,09492 680,32

Energy 490 167,47 0,09492 680,32


GERMANY 415 250,00 0,07450 426,42

Basic goods 415 250,00 0,07450 426,42






456


Other shares 0,37 0,000,37

BELGIUM 0,37 0,000,37

Finance 0,37 0,000,37

367,00 AGEAS -STRIP VVPR- EUR 0,37 0,37 0,00


ITALY 41 936 494,11 7,3842 165 467,00

Finance 34 445 695,11 6,0634 657 867,00

7 000 000,00 BANCO POPOLARE SCARL FRN 27/01/2012 EUR 6 976 825,00 6 942 243,00 1,23

6 000 000,00 BANCA LOMBARDA E PIEMONT FRN 30/01/2012 EUR 5 925 627,50 5 918 370,00 1,05







1 250 000,00 CENTRO LEASING BANCA SPA FRN 27/09/2016 EUR 1 249 475,00 1 173 885,41 0,21


Government 5 490 595,00 0,975 506 600,00

5 500 000,00 CCT FRN 01/11/2011 EUR 5 506 600,00 5 490 595,00 0,97

Industries 2 000 204,00 0,352 001 000,00

2 000 000,00 ATLANTIA SPA FRN 09/06/2011 EUR 2 001 000,00 2 000 204,00 0,35

NETHERLANDS 9 772 687,50 1,7210 826 182,50

Finance 9 772 687,50 1,7210 826 182,50




FRANCE 9 248 460,30 1,639 241 035,00

Finance 8 526 865,80 1,508 491 035,00


2 500 000,00 BPCE FRN 20/07/2012 EUR 2 496 875,00 2 492 897,50 0,44

2 250 000,00 NATIXIS FRN 21/01/2016 EUR 2 197 200,00 2 236 396,50 0,39

Multi-Utilities 721 594,50 0,13750 000,00

750 000,00 SUEZ ENVIRONNEMENT VRN PERP EUR 750 000,00 721 594,50 0,13

GREAT-BRITAIN 6 338 280,40 1,116 317 592,64

Finance 6 338 280,40 1,116 317 592,64






457




SWEDEN 5 009 090,00 0,884 990 400,00

Government 5 009 090,00 0,884 990 400,00


GERMANY 3 377 696,20 0,593 396 636,00

Finance 2 607 376,20 0,452 599 220,00

2 600 000,00 VOLKSWAGEN BANK GMBH FRN 10/04/2012 EUR 2 599 220,00 2 607 376,20 0,45

Multi-Utilities 770 320,00 0,14797 416,00

800 000,00 RWE AG VRN PERP EUR 797 416,00 770 320,00 0,14

DENMARK 1 497 792,00 0,261 500 000,00

Finance 1 497 792,00 0,261 500 000,00


BELGIUM 1 445 700,00 0,251 481 521,30

Finance 1 445 700,00 0,251 481 521,30


LUXEMBOURG 1 010 095,91 0,181 115 000,00

Finance 826 875,00 0,15875 000,00

3 500 000,00 ALFA DIV PYMT RIGHTS FIN FRN 15/03/2012 EUR 875 000,00 826 875,00 0,15

Industries 183 220,91 0,03240 000,00

240 000,00 CALCIPAR SA FRN 01/07/2014 EUR 240 000,00 183 220,91 0,03

SOUTH AFRICA 767 808,00 0,13798 200,00

Finance 767 808,00 0,13798 200,00

800 000,00 FIRSTRAND BANK LTD FRN 20/06/2012 EUR 798 200,00 767 808,00 0,13

Ordinary bonds 69 619 384,60 12,2371 221 910,50

ITALY 23 264 513,60 4,0823 798 919,00

Government 14 092 310,00 2,4714 474 930,00

9 000 000,00 BTP 3.50% 15/03/2011 EUR 9 287 780,00 9 036 810,00 1,58

5 000 000,00 BTP 3.75% 15/09/2011 EUR 5 187 150,00 5 055 500,00 0,89

Finance 6 667 953,60 1,176 760 314,00


800 000,00 BANCO POPOLARE SC 6.00% 05/11/2020 EUR 797 184,00 767 822,40 0,13





458



2 500 000,00 TEL ITALIA SPA 4.50% 28/01/2011 EUR 2 563 675,00 2 504 250,00 0,44

GERMANY 20 023 515,00 3,5220 087 880,00

Government 20 023 515,00 3,5220 087 880,00



FRANCE 9 437 461,50 1,669 421 195,50

Finance 8 293 141,50 1,468 227 531,50

4 000 000,00 RCI BANQUE SA 4.00% 21/10/2011 EUR 4 031 662,50 4 058 860,00 0,72


1 300 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 1 296 971,00 1 308 288,80 0,23

Industries 1 144 320,00 0,201 193 664,00

1 200 000,00 THALES SA 2.75% 19/10/2016 EUR 1 193 664,00 1 144 320,00 0,20

SPAIN 5 924 408,30 1,046 021 996,00

Finance 5 924 408,30 1,046 021 996,00


NETHERLANDS 4 517 465,00 0,794 605 276,00

Finance 4 517 465,00 0,794 605 276,00

2 500 000,00 VOLKSWAGEN INTL FIN NV 5.25% 01/04/2011 EUR 2 548 276,00 2 523 865,00 0,44

2 000 000,00 ING BANK NV 5.875% 23/02/2011 EUR 2 057 000,00 1 993 600,00 0,35

BRAZIL 3 006 000,00 0,533 626 750,00

Government 3 006 000,00 0,533 626 750,00

3 000 000,00 BRAZIL 9.50% 24/01/2011 EUR 3 626 750,00 3 006 000,00 0,53

UNITED STATES 1 794 100,00 0,321 864 520,00

Finance 1 794 100,00 0,321 864 520,00


AUSTRALIA 1 651 921,20 0,291 795 374,00

Finance 1 651 921,20 0,291 795 374,00

1 800 000,00 MACQUARIE BANK LTD 6.00% 21/09/2020 EUR 1 795 374,00 1 651 921,20 0,29


ITALY 337 078 930,00 59,24336 082 210,94

Government 337 078 930,00 59,24336 082 210,94

77 000 000,00 BOT 0.00% 31/03/2011 EUR 76 589 179,59 76 781 320,00 13,50





459


54 000 000,00 BOT 0.00% 15/09/2011 EUR 53 229 328,20 53 342 820,00 9,37

49 000 000,00 BOT 0.00% 15/12/2011 EUR 48 014 685,46 48 121 430,00 8,46

40 000 000,00 BOT 0.00% 28/02/2011 EUR 39 809 709,60 39 943 600,00 7,02

32 000 000,00 BOT 0.00% 14/01/2011 EUR 31 762 741,84 31 995 840,00 5,62

32 000 000,00 BOT 0.00% 31/01/2011 EUR 31 831 193,41 31 981 760,00 5,62

19 000 000,00 BOT 0.00% 16/05/2011 EUR 18 873 657,03 18 897 400,00 3,32

14 000 000,00 BOT 0.00% 15/04/2011 EUR 13 925 970,66 13 944 700,00 2,45

9 000 000,00 CTZ 0.00% 31/08/2012 EUR 8 618 145,00 8 604 540,00 1,51

8 500 000,00 BOT 0.00% 15/03/2011 EUR 8 475 400,15 8 482 320,00 1,49

5 000 000,00 CTZ 0.00% 31/03/2011 EUR 4 952 200,00 4 983 200,00 0,88


Ordinary bonds 28 197 206,88 4,9528 829 946,01

UNITED STATES 14 054 482,63 2,4714 291 461,01

Government 14 054 482,63 2,4714 291 461,01



LUXEMBOURG 8 391 175,00 1,478 668 705,00

Consumer retail 4 337 975,00 0,764 364 705,00



4 000 000,00 TEL ITALIA FIN SA 7.50% 20/04/2011 EUR 4 304 000,00 4 053 200,00 0,71

GREAT-BRITAIN 3 970 800,00 0,704 054 505,00

Finance 3 970 800,00 0,704 054 505,00


GERMANY 1 780 749,25 0,311 815 275,00

Finance 1 780 749,25 0,311 815 275,00


UCI Units 24 390 059,68 4,2924 388 900,00

LUXEMBOURG 24 390 059,68 4,2924 388 900,00

Finance 24 390 059,68 4,2924 388 900,00

155 065,00 EURIZON STARS FD TOTAL RETURN FOREX -I ACC- EUR 15 506 500,00 15 394 853,20 2,71

88 824,00 EURIZON STARS FD TOTAL RETURN GOVT BD -I ACC- EUR 8 882 400,00 8 995 206,48 1,58





460


UNQUOTED 10,00 0,0010,00

Shares 10,00 0,0010,00

BELGIUM 10,00 0,0010,00


1 000,00 CREDIT COMMERCIAL INTL SA EUR 10,00 10,00 0,00

UNITED STATES 0,00 0,000,00

Multi-Utilities 0,00 0,000,00

397,00 MIRANT CORP USD 0,00 0,00 0,00

Total Portfolio 548 151 291,16 96,33550 595 659,82





461


50 360,00 CHI S&P 500 EMI 18/03/11 1 253,00 USD (10 901,57) 16 811 896,69Purchase

(281 072,88) 82 288 900,68

25 (50,00) DAX GERMAN IDX 18/03/11 6 927,00 EUR 81 875,00 8 658 750,00Sale

50 (180,00) N-Y DJSTX 600 F 18/03/11 366,40 EUR (53 100,00) 3 297 600,00Sale

50 (190,00) N-Y DJSTX 600 R 18/03/11 270,60 EUR 44 650,00 2 570 700,00Sale

50 270,00 N-Y DJSTX 600 U 18/03/11 314,10 EUR 54 000,00 4 240 350,00Purchase

500 200,00 OSA NIKKEI 225 10/03/11 10 210,00 JPY (43 655,52) 9 383 639,20Purchase


50 340,00 STO DJSTX 600 H 18/03/11 385,50 EUR (76 500,00) 6 553 500,00Purchase

100 000 50,00 DTB EURO-BUND 08/03/11 125,31 EUR (29 500,00) 6 265 500,00Purchase

100 000 (100,00) US GOVT T B 22/03/11 122,04 USD (78 034,74) 9 103 276,06Sale

100 000 100,00 US 10Y T-NOTES 22/03/11 120,14 USD 23 293,95 8 977 488,73Purchase


Size Quantity

Purchase /

Sale Contract

Market priceas at

31 December2010



(EUR)


462


18/01/11 7 000 000,00 (247 323,63)USD4 970 673,03 EUR

(613 138,63)

18/01/11 1 000 000,00 (35 331,94)USD710 096,15 EUR

18/01/11 11 000 000,00 (330 483,06)USD7 869 227,74 EUR




463

NOTES TO THE FINANCIAL STATEMENTS Eurizon EasyFund

________________________________________________________________________________

1. ACTIVITY

The Investment Fund Eurizon EasyFund (hereafter referred to as the “Fund”) was established in the Grand Duchy of Luxembourg on 27 July 1988 in accordance with the Law of 30 March 1988 regulating undertakings for collective investment and since 9 September 2005 in accordance with Part I of the Law of 20 December 2002 as amended concerning undertakings for collective investment. Eurizon EasyFund, by virtue of being a collective investment fund in transferable securities, does not possess legal personality. The Fund is a joint ownership of transferable securities and other financial assets, administered for the exclusive benefit of its participants by Eurizon Capital S.A. (hereafter referred to as the “Management Company”), a limited company established on 27 July 1988 with its registered office in Luxembourg. There is no maximum limit set on the amount of wealth or the number of Units of jointly owned property which comprise the assets of the Fund. The minimum net assets of the Fund are to be at least EUR 1 250 000,00. In order to offer investments with different levels of risks, Eurizon EasyFund is subdivided into a wide range of Sub-Funds.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund keeps the books of each Sub-Fund in its respective currency and the financial statements were prepared in EUR in accordance with the Luxembourg regulations relating to undertakings for collective investment and in particular using the following valuation rules: a) Valuation of investment securities Investment securities, including zero-coupon bonds and money market instruments, quoted on an official stock exchange or on another regulated market are valued according to the last known price and, in the event of being quoted on several markets, according to the last known price of the principal market. Valuation of investment securities, including zero-coupon bonds and money market instruments, not quoted on an official stock exchange or on another regulated market is fixed in a reasonable way on the basis of the sale prices anticipated cautiously and in good faith or, in the absence of a market value, according to the probable value in the reasonable estimation of the Board of Directors of the Management Company. The value of each investment in open-ended funds, either listed or not, is based on the last known Net Asset Value on the Valuation Day. b) Net realised profit / (loss) on sales of investments Realised profits or losses made on the sales of investments are calculated according to the average cost. c) Option contracts Options quoted on an official stock exchange or on another regulated market are valued according to the last known market price or, if there are several markets, according to the last known price of the principal market. Options not quoted on an official stock exchange or on another regulated market are valued at their last known market value or, in the absence of a market value, according to their probable market value in the reasonable estimation of the Board of Directors of the Management Company.

464


________________________________________________________________________________

Premiums received on the written option contracts are recorded as liabilities and premiums paid on purchased option contracts are recorded as assets. Unrealised profits and losses on option contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation) on option contracts“.

d) Forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward foreign exchange rate for the remaining period to run until maturity at the date of valuation.

Unrealised profits and losses are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation) on forward foreign exchange contracts“.

e) Future contracts

Commitments related to future contracts are recorded off balance sheet and valued according to the last available contract price. Unrealised profits and losses on future contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation) on future contracts“. Guarantee deposits are recorded in the Statement of Net Assets under the heading “Amounts due from brokers” and “Amounts due to brokers”.

f) Swap contracts

Swaps are, in general, contracts by which two parties commit themselves during a given period to exchange

two flows, one in exchange of the other, determined on the basis of a nominal value. The flows may be linked

to interest rate(s), exchange rate(s), share(s), index(es) or credit event(s).

Swap contracts are valued using the difference between the values of forecasted flows the counterparty is to pay to the Sub-Fund and those owed by the Sub-Fund to its counterparties.

Unrealised profits and losses on swap contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation) on swap contracts”. Swap contracts are presented at clean price except credit default swap contracts which are presented at dirty price.

g) Repurchase, reverse repurchase agreements

Repurchase agreements (repos) consist in a sale of securities with a simultaneous agreement to repurchase them at a specific future date and price. The purchase price corresponds to the sale price decreased by an interest rate. These operations, including accrued interest, are recorded in the Statement of Net Assets under the heading “Repurchase agreements”.

For repurchase agreements, interest charges which consist in the difference between the sale price and the purchase price of the securities are accounted for on a prorata temporis basis over the course of the operation and recorded in the accounts in the Statement of Changes in Net Assets under the heading “Other charges and taxes”.

465


________________________________________________________________________________

Reverse repurchase agreements (reverse repos) consist in a purchase of securities with a simultaneous agreement to resell them at a specific future date and price. The sale price corresponds to the purchase price increased by an interest rate. These operations, including accrued interest, are recorded in the Statement of Net Assets under the heading “Reverse repurchase agreements”. For reverse repurchase agreements, interest returns which consist in the difference between the purchase price and the sale price of the securities are accounted for on a prorata temporis basis over the course of the operation and recorded in the accounts in the Statement of Changes in Net Assets under the heading “Other income”. h) Combined statements of the Fund

The combined statements correspond to the sum of the statements of each Sub-Fund. i) Cost of purchase of securities in portfolios For securities in currencies other than the base currency of the Sub-Fund, the purchase price is calculated based on the closing exchange rate of the day of purchase.

j) Income Dividends are recognised on the date on which the Shares/Units concerned are quoted “ex-dividend“, net of withholding tax. Interest is calculated on a prorata temporis basis, net of withholding tax.

k) Translation of items expressed in foreign currencies Assets and liabilities in foreign currencies are converted into the base currency of the Sub-Fund at the closing exchange rate of the final day of the financial year. Income and expenses in currencies other than the base currency of the Sub-Fund are converted into the currency of the Sub-Fund at the closing exchange rate in force on the day of the transaction. Any resulting profit or loss made on foreign exchange is included in the Statement of Changes in Net Assets.

l) Presentation of the Financial Statements

The Financial Statements are presented on the basis of the last Net Asset Value (NAV) of the financial year. In accordance with the Prospectus, the NAVs have been calculated on the basis of the last market price available at the time the calculation was performed. The prices and the exchange rates used to value the portfolios are the following:

- Sub-Funds investing mainly in American and European securities: 31 December 2010; - Sub-Funds investing mainly in Asian and Pacific area securities: 3 January 2011 concerning securities of these regions.

466


________________________________________________________________________________

For these Sub-Funds, if the portfolio had been valued using the prices as of 31 December 2010, an increase of the Net Asset Value of 0,35% would have been observed for all the classes of the Eurizon EasyFund - Equity Japan Sub-Fund, a decrease of the Net Asset Value of 0,64% would have been observed for all the classes of the Eurizon EasyFund - Equity Oceania Sub-Fund, a decrease of the Net Asset Value of 1,10% would have been observed for all the classes of the Eurizon EasyFund - Equity Emerging Markets Sub-Fund, a decrease of the Net Asset Value of 1,57% would have been observed for all the classes of the Eurizon EasyFund - Equity Emerging Markets Asia Sub-Fund, a decrease of the Net Asset Value of 2,04% would have been observed for all the classes of the Eurizon EasyFund - China and an increase of the Net Asset Value of 0,33% would have been observed for all the classes of the Eurizon EasyFund - Bond JPY Sub-Fund.

m) Contingent assets

As of 31 December 2010, some of the Sub-Funds of the Fund are involved in some collective legal actions ("Class Actions"). In the context of these procedures, these Sub-Funds could receive, with no certainty, compensations related to losses occured in the course of previous financial years. As of 31 December 2010, the following procedures are pending:

Eurizon EasyFund - Equity Financial: American International Group, MBNA Corp., Marsh & McLennan. Eurizon EasyFund - Equity Pharma: Biovail Corp.. Eurizon EasyFund - Equity Consumer Discretionary: Dollar General Corp.. Eurizon EasyFund - Equity High Tech: Marvell Technology. Eurizon EasyFund - Bond High Yield: Adelphia Communications Corp.. Eurizon EasyFund - Equity North America: Dollar General Corp., American International Group, Biovail Corp., Marvell Technology, Sealed Air Corp., MBNA Corp., Marsh & McLennan, Calpine Corp., Enron. Eurizon EasyFund - Equity Utilities: Calpine Corp., Enron. Eurizon EasyFund - Equity Small Cap Europe: Healthsouth, Delphi Corp., Parmalat, Marvell Technology, Sealed Air Corp., Calpine Corp.. Eurizon EasyFund - ABS Attivo: American International Group, Shell, MBNA Corp., Enron. Eurizon EasyFund - Orizzonte Protetto 6: American International Group. Eurizon EasyFund - Orizzonte Protetto 12: American International Group. Eurizon EasyFund - Orizzonte Protetto 24: American International Group. Eurizon EasyFund - Bond Corporate EUR Short Term: American International Group, Parmalat. Eurizon EasyFund - Energy & Materials: Shell, Sealed Air Corp.. Eurizon EasyFund - Equity Europe: Shell, Parmalat. Eurizon EasyFund - Equity Euro: Shell, Parmalat. Eurizon EasyFund - Equity Italy: Parmalat. Eurizon EasyFund - Equity Consumer Staples: Parmalat.

467


________________________________________________________________________________

n) Net Asset Value per Unit The Net Asset Value of each Sub-Fund is equal to the difference between the total assets and the liabilities of the Sub-Fund. The Net Asset Value per Unit is calculated by dividing the Net Asset Value by the number of Units outstanding on the day of calculation. o) Dividends distribution Categories “D“ and “D2“ Units allow the distribution of dividends. During the financial year, the following distributions occured:

Sub-Funds Class Distribution

date

Amount per Class

in EUR Ratio per

Class Currency Total

Amount Amount

in EUR

Eurizon EasyFund - Bond Emerging Markets D 17/05/2010 1,03 0,45% EUR 50,15 50,15

Eurizon EasyFund - Bond Emerging Markets D2 17/05/2010 1,03 0,45% USD 317,19 257,25

Eurizon EasyFund - Bond Emerging Markets D 15/06/2010 1,02 0,45% EUR 1 054,86 1 054,86

Eurizon EasyFund - Bond Emerging Markets D2 15/06/2010 1,02 0,45% USD 2 370,24 1 918,76













Sub-total 19 461,06

Eurizon EasyFund - Bond High Yield D 17/05/2010 0,78 0,55% EUR 1 056,88 1 056,88

Eurizon EasyFund - Bond High Yield D2 17/05/2010 0,78 0,55% USD 194,13 157,73








Eurizon EasyFund - Bond High Yield D2 15/09/2010 0,89 0,60% USD 1 139,82 874,80


Eurizon EasyFund - Bond High Yield D2 15/10/2010 0,90 0,60% USD 4 140,05 2 954,75





Sub-total 29 319,94

Total 48 781,00

468


________________________________________________________________________________

3. TAXATION

The Fund is governed by Luxembourg tax laws applicable to investment funds. It is up to prospective purchasers of Units of the Fund to inquire about the laws and rules applicable to the acquisition, holding and possibly sale of Units, taking into account their residence or nationality.

As legislation now stands, the Fund is subject to a Luxembourg tax at an annual rate of 0,05% calculated and payable quarterly on the Net Asset Value of each Sub-Fund at the end of each quarter in question. The rate of the annual subscription tax is fixed at 0,01% for the Sub-Funds or Classes of Units, if the Units in these Sub-Funds or Classes are reserved for one or more Institutional Investors, as well as for Sub-Funds whose exclusive aim is the collective investment in money market instruments and/or deposits with credit institutions.

The value of the assets represented by Units held in other Luxembourg UCIs shall be exempt from the subscription tax, provided such UCIs have already been subject to the subscription tax.

4. OTHER CHARGES AND TAXES Registration fees payable to the Authority of Control and other professional fees (administrative agent, paying agent, registrar and transfer agent, transactions fees, miscellaneous) are divided amongst the various Sub-Funds in proportion to the Net Asset Value of each Sub-Fund.

5. MANAGEMENT FEE

The Management Company, as remuneration for its services, is entitled to receive a management fee calculated according to the Net Asset Value of each Sub-Fund of the Fund. As at 31 December 2010, the rates in force for each Sub-Fund are the following:

Annual management fee rate by Unit Class: Sub-Funds

R

R2

RH

I

IH

Z

ZH

A

D

D2

RL

Eurizon EasyFund - Line Limited Tracking Error:

Eurizon EasyFund - Equity Italy 1,80% 1,80% - 1,80% - 0,35% - - - - -

Eurizon EasyFund - Equity Euro 1,80% 1,80% - 1,80% - 0,35% - - - - -

Eurizon EasyFund - Equity Europe 1,80% 1,80% 1,80% 1,80% 1,80% 0,35% 0,35% - - - -

Eurizon EasyFund - Equity North America 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Japan 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Oceania 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Emerging Markets 1,80% - - - - 0,40% - - - - -


1,80% 1,80% - 1,80% - 0,40% - - - - -

Eurizon EasyFund - Equity Emerging Markets Asia 1,80% 1,80% - 1,80% - 0,40% - - - - -

Eurizon EasyFund - Equity Latin America 1,80% 1,80% - 1,80% - 0,40% - - - - -

Eurizon EasyFund - Equity China 1,80% 1,80% - 1,80% - 0,40% - - - - -

Eurizon EasyFund - Equity Energy & Materials 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Industrials 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Consumer Discretionary 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Consumer Staples 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Pharma 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Financial 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

469


________________________________________________________________________________

Sub-Funds

R

R2

RH

I

IH

Z

ZH

A

D

D2

RL

Eurizon EasyFund - Equity High Tech 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Telecommunication 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Utilities 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - -

Eurizon EasyFund - Equity Small Cap Europe 1,90% 1,90% - 1,90% - 0,40% - - - - -

Eurizon EasyFund - Cash EUR 0,80% - - 0,80% - 0,12% - 0,40% - - -

Eurizon EasyFund - Bond EUR Floating Rate 0,85% - - - - 0,14% - - - - -

Eurizon EasyFund - Bond EUR Short Term 1,00% 1,00% - 1,00% - 0,14% - - - - -

Eurizon EasyFund - Bond EUR Medium Term 1,10% 1,10% - 1,10% - 0,16% - - - - -

Eurizon EasyFund - Bond EUR Long Term 1,10% 1,10% - 1,10% - 0,18% - - - - -

Eurizon EasyFund - Bond International 1,10% - 1,10% 1,10% 1,10% 0,22% 0,22% - - - -

Eurizon EasyFund - Bond GBP 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - -

Eurizon EasyFund - Cash USD 0,80% 0,80% - 0,80% - 0,12% - - - - -

Eurizon EasyFund - Bond USD 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - -

Eurizon EasyFund - Bond JPY 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - -


0,90% 0,90% - 0,90% - 0,16% - - - - -

Eurizon EasyFund - Bond Emerging Markets 1,30% 1,30% 1,30% 1,30% 1,30% 0,25% 0,25% - 1,30% 1,30% -

Eurizon EasyFund - Bond High Yield 1,30% 1,30% - 1,30% - 0,25% - - 1,30% 1,30% -

Eurizon EasyFund - Bond Inflation Linked 1,00% 1,00% - 1,00% - 0,18% - - - - -

Eurizon EasyFund - Line Flex/Multiasset:


1,80% - - - - 0,60% - - - - 1,40%

Eurizon EasyFund - Orizzonte Protetto 6 1,00% - - 1,00% - 0,17% - - - - -



Eurizon EasyFund - ABS Prudente 0,90% - - 0,90% - 0,30% - - - - -

Eurizon EasyFund - ABS Attivo 1,40% - - 1,40% - 0,40% - - - - -

In each Sub-Fund of the Fund, this fee is payable monthly and calculated on the basis of the average Net Asset Value over the month.

6. PERFORMANCE FEE

In addition, for the Sub-Funds Eurizon EasyFund - ABS Prudente, Eurizon EasyFund - ABS Attivo and Eurizon EasyFund - Focus Azioni Strategia Flessibile, the Management Company will be paid a performance fee. The existence and amount for the Sub-Funds Eurizon EasyFund - ABS Prudente and Eurizon EasyFund - ABS Attivo is defined according to the following conditions:

An over-performance is recorded every Valuation Day when the Net Asset Value per Unit of each Class, as determined on the previous Valuation Day, has recorded - in comparison with the Net Asset Value per Unit as determined on the same day of the previous quarter (or the first previous Valuation Day if this day is not a Valuation Day) - a percentage variation that is above the percentage variation recorded over the same period by the Performance Objective.

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An under-performance is recorded every Valuation Day when the Net Asset Value per Unit of each Class, as determined on the previous Valuation Day, has recorded - in comparison with the Net Asset Value per Unit as determined on the same day of the previous quarter (or the first previous Valuation Day if this day is not a Valuation Day) - a percentage variation that is below the percentage variation recorded over the same period by the Performance Objective. The performance fee is entered each Valuation Day and corresponds to 20% of the recorded over-performance/under-performance, applied to the lower of the Net Asset Value of the Unit Class concerned for the previous Valuation Day and the average Net Asset Value of the Unit Class concerned for the previous quarter, and divided by the number of days of the reference solar quarter.

This system provides for compensation between over-performances and under-performances recorded each Valuation Day of the current solar year, within the limits of the over-performance commission recorded during the same year.

The amount related to under-performance fees not compensated by over-performance fees will be set to zero at the end of each solar year. The residual amount of over-performance fees not used to compensate under-performance fees will be paid on a yearly basis on the first Valuation Day of the following solar year.

For the Sub-Fund Eurizon EasyFund - ABS Prudente, the objective, on an 18-month timeframe, is to reach an average annual yield equivalent to the index performance of MTS “ex-banca d’Italia” BOT Capitalizzazione lorda + 0,60% (“Performance Objective”). For the Sub-Fund Eurizon EasyFund - ABS Attivo, the objective, on a 2-year timeframe, is to reach an average annual yield equivalent to the index performance of MTS “ex-banca d’Italia” BOT Capitalizzazione lorda + 1,40% (“Performance Objective”).

The existence and amount for the Sub-Fund Eurizon EasyFund - Focus Azioni Strategia Flessibile is defined according to the following conditions:

The performance commission amounts to 20% of the respective annual performance (on a calendar year basis) of the Net Asset Value per Unit of each Class recorded in excess of the applicable High Water Mark applied to the annual average Net Asset Value of the same Class of the Sub-Fund. For each Class, the applicable High Water Mark is defined as the highest Net Asset Value per Unit recorded at the end of any previous calendar year to which is added the highest return (the “Hurdle Rate”) recorded during the current calendar year between MTS “ex Banca d’Italia” BOT (Bloomberg code: ITGCBOTG Index) + 1,50% and the following Composite Benchmark: 50% MTS “ex Banca d’Italia” BOT + 25% MSCI Europe (local currencies) (Bloomberg code: MSDLE15 Index) + 25% S&P 500 (local currencies) (Bloomberg code: SPX Index). A performance commission is accrued on each Valuation Day when the respective performance of each Class of the Sub-Fund – calculated on the basis of the Net Asset Value per Unit of each Class as determined on the previous Valuation Day and the last Net Asset Value per Unit of the same Class on the previous calendar year – outperforms the High Water Mark calculated on a prorata temporis basis over the same period. The performance commission paid on each Class of this Sub-Fund is capped at 100% of the fixed part of the management commission of the Class RL of the Sub-Fund.

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The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year.

With regard to the first calendar year, the Hurdle Rate and the performance commission, if any, are calculated on a prorata temporis basis.

With regard to the first calendar year, a performance commission will be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per Unit of each Class and the initial price of the same Class of the Sub-Fund – outperforms the performance of the Hurdle Rate applied on a prorata temporis basis.

For the financial year closing 31 December 2010, the following performance fee is recorded in the Statement of Changes in Net Assets (in EUR):

Eurizon EasyFund - Focus Azioni Strategia Flessibile : 124 799,13

7. CUSTODIAN AND PAYING AGENT FEE

The Custodian Bank receives a fee whose annual rate is 0,10%, payable quarterly and calculated on the average of the quarterly Net Asset Value.

Furthermore, in accordance with the current Custodian Bank and Paying Agent convention it has received during the financial year a global amount of EUR 1 686 819,98 concerning movement fees on the operations of the Sub-Funds registered in the Statement of Changes in Net Assets under the heading “Other charges and taxes“.

8. FORWARD FOREIGN EXCHANGE CONTRACTS, FUTURE CONTRACTS, OPTION

CONTRACTS AND SWAP CONTRACTS

During the financial year, certain Sub-Funds have taken out forward foreign exchange contracts, future contracts and option contracts. Details of open positions as at 31 December 2010 are disclosed following the Portfolios of the concerned Sub-Funds.

As at 31 December 2010, the Sub-Fund Eurizon EasyFund - Equity Small Cap Europe entered into the following equity swap contracts (in EUR):

Underlying name Currency Notional Counterparty Maturity date Interest payable

Unrealised profit / (loss)

EAS SCXR BNP EUR 7 227 750,00 BNP PARIBAS 10/12/2011 (221,65) 119 249,92

EAS SCXR CS EUR 11 848 947,72 CREDIT SUISSE 01/11/2011 (2 023,54) 0,00

Total (2 245,19) 119 249,92

As at 31 December 2010, the Sub-Fund Eurizon EasyFund - Cash EUR entered into the following credit default swap contract (in EUR):

Underlying name Currency Notional Counterparty Maturity Date Unrealised

profit / (loss)

Merrill Lynch & Co Inc EUR 5 000 000,00 JP Morgan USA 20/03/2013 (146 394,00)

Total (146 394,00)

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As at 31 December 2010, the Sub-Fund Eurizon EasyFund - Bond Corporate EUR Short Term entered into the following credit default swap contracts and interest rate swap contracts (in EUR):

Credit default swap contracts

Underlying name Currency Notional Counterparty Maturity Date Unrealised

profit / (loss)

Fiat S.p.A. EUR 2 000 000,00 Banca IMI SPA 20/03/2013 (141 095,00)

MARKIT ITRX EUR SNR FIN 12/15 EUR 10 000 000,00 Banca IMI SPA 20/12/2015 339 116,00


MARKIT ITRX EUR 12/15 EUR 5 000 000,00 Banca IMI SPA 20/12/2015 (9 684,00)


General Electric Capital Corp EUR 2 000 000,00 Banca IMI SPA 20/12/2012 7 554,00

Rabobank EUR 3 000 000,00 BNP PARIBAS 20/03/2015 37 914,00

United Kingdom of Great Britain USD 2 000 000,00 BNP PARIBAS 20/03/2015 (21 384,22)

General Electric Capital Corp EUR 1 000 000,00 Banca IMI SPA 20/09/2014 136 904,70

Total 857 999,48

Interest rate swap contracts

Counterparty Currency Notional Maturity Date Interest

receivable Interest payable

Unrealised profit / (loss)

Deutsche Bank Frankfurt EUR 22 000 000,00 14/05/2013 216 059,86 (35 869,78) 22 297,00

Deutsche Bank Frankfurt EUR 2 500 000,00 29/03/2015 7 349,58 (45 918,89) (11 099,25)

Deutsche Bank Frankfurt EUR 22 500 000,00 30/03/2015 65 435,00 (415 815,63) (123 221,25)

288 844,44 (497 604,30) (112 023,50)

9. REVERSE REPURCHASE AGREEMENTS

During the financial year, certain Sub-Funds entered into reverse repurchase agreements. As at 31 December 2010, the Sub-Funds Eurizon EasyFund - Bond Corporate EUR Short Term and Eurizon EasyFund - Bond High Yield are involved in reverse repurchase agreements. The total commitment of the reverse repurchase agreements is as follows (in EUR): Eurizon EasyFund - Bond Corporate EUR Short Term:

Counterparty Currency Nominal Value Date Redemption date

Buy Sell

BANCA IMI SPA EUR 7 000 000,00 29/12/2010 05/01/2011 6 965 992,25 6 967 346,73

Total 6 965 992,25 6 967 346,73

Eurizon EasyFund - Bond High Yield:

Counterparty Currency Nominal Value Date Redemption date

Buy Sell

BANCA IMI SPA EUR 30 000 000,00 29/12/2010 05/01/2011 29 849 099,44 29 854 903,37

Total 29 849 099,44 29 854 903,37

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During the financial year, the following income were recorded by the Fund in relation with its reverse repurchase agreements (in EUR): Eurizon EasyFund - Bond Corporate EUR Short Term 9 026,49Eurizon EasyFund - Bond High Yield 1 658,26

Total 10 684,75

10. OTHER ASSETS

The net balance of futures call margin accounts receivable from Lehman Brothers International (Europe) Ltd, already depreciated at 50% in the previous years, has been further depreciated in 2010 to 70%. The related charge of EUR 253 508,13 recorded during the financial year 2010 by the Sub-Fund Eurizon EasyFund - ABS Attivo is presented in the caption ‘’Other charges and taxes’’ of the Statement of Changes in Net Assets.

11. UNITS OF THE FUND

The Units Classes active as at 31 December 2010 are the following:

Sub-Fund Units available

Line Limited Tracking Error :

Eurizon EasyFund - Equity Italy R, I, R2, Z Eurizon EasyFund - Equity Euro R, I, Z Eurizon EasyFund - Equity Europe R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity North America R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Japan R, I, R2, RH, IH, Z, ZH Eurizon EasyFund - Equity Oceania R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Emerging Markets R, Z Eurizon EasyFund - Equity Emerging Markets Europe, Middle East & Africa R, I, R2, Z Eurizon EasyFund - Equity Emerging Markets Asia R, I, R2, Z Eurizon EasyFund - Equity Latin America R, I, R2, Z Eurizon EasyFund - Equity China R, R2, Z Eurizon EasyFund - Equity Energy & Materials R, I, R2, RH, IH, Z, ZH Eurizon EasyFund - Equity Industrials R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Consumer Discretionary R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Consumer Staples R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Pharma R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Financial R, I, R2, RH, IH, Z, ZH Eurizon EasyFund - Equity High Tech R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Telecommunication R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Utilities R, I, R2, RH, IH, Z, ZH Eurizon EasyFund - Equity Small Cap Europe R, I, R2, Z Eurizon EasyFund - Cash EUR R, I, Z, A Eurizon EasyFund - Bond EUR Floating Rate R, Z Eurizon EasyFund - Bond EUR Short Term R, I, Z Eurizon EasyFund - Bond EUR Medium Term R, I, Z Eurizon EasyFund - Bond EUR Long Term R, I, Z Eurizon EasyFund - Bond International R, RH, IH, Z, ZH Eurizon EasyFund - Bond GBP R, I, RH, IH, Z, ZH

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Eurizon EasyFund - Cash USD R, I, Z Eurizon EasyFund - Bond USD R, I, RH, IH, Z, ZH Eurizon EasyFund - Bond JPY R, I, RH, IH, Z, ZH Eurizon EasyFund - Bond Corporate EUR Short Term R, Z Eurizon EasyFund - Bond Emerging Markets R, I, R2, RH, IH, Z, ZH, D, D2 Eurizon EasyFund - Bond High Yield R, I, R2, Z, D, D2 Eurizon EasyFund - Bond Inflation Linked R, I, Z

Line Flex/Multiasset:

Eurizon EasyFund - Focus Azioni Strategia Flessibile R, RL, Z Eurizon EasyFund - Orizzonte Protetto 6 R Eurizon EasyFund - Orizzonte Protetto 12 R Eurizon EasyFund - Orizzonte Protetto 24 R Eurizon EasyFund - ABS Prudente R, Z Eurizon EasyFund - ABS Attivo R, Z • Unit Classes R, RL and R2 can be acquired by any investor.

• Class RH Units can be acquired by any investor and as part of their features include coverage of exchange rate risks. As such, transactions intended to cover these risks, such as forward foreign exchange contracts, currency option contracts or future contracts, can be entered into for Class RH in order to cover, insofar as possible, exchange rate fluctuations between the currency or currencies of the Sub-Fund’s assets and the currency it is expressed in. The attention of Unitholders in Class RH Units is drawn to the fact that costs connected with seeking this coverage against exchange rate risks will be allocated to this class and reflected in the Net Asset Value.

• Class D and D2 Units may be acquired by any investor and moreover allow for distribution of the income accrued by investments made in each of the Fund’s Sub-Funds, in accordance with the criteria specified in the Sub-Fund Information Sheets.

• Unit Classes R, RL, R2, RH, I, I2, IH, A, Z and ZH allow for the accumulation of income, in other words full capitalisation of the income accrued by investments made in each of the Fund’s Sub-Funds.

• Class I Units and Class Z Units can only be acquired by institutional investors (“Institutional Investors”). Such Institutional Investors include: insurance companies; asset management companies; credit institutions or other professionals in the financial sector acting on their own behalf or within the framework of a discretionary management mission on behalf of their clients, even private clients (in this case, however, the clients on whose behalf the credit institutions or other professionals in the financial sector are acting must not have a right of property claim against the Fund but only against the credit institutions or other professionals in the financial sector); undertakings for collective investment; territorial governmental units; holding companies, provided that they can justify their actual substance and have a structure and business activities of their own, separate from those of their shareholders, and that they have significant financial interest; and finally, holding companies known as “family companies”, provided these are holding companies where a family or branch of a family has significant financial interest.

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• Class IH Units and Class ZH Units can only be acquired by Institutional Investors as defined above, and as part of their features they include coverage of exchange rate risk. As such, transactions intended to cover these risks, such as forward foreign exchange contracts, currency option contacts or future contracts can be entered into for Classes IH and ZH in order to cover, insofar as possible, exchange rate fluctuations between the currency or currencies of the Sub-Fund’s assets and the currency they are expressed in. The attention of Unitholders in Classes IH and ZH Units is drawn to the fact that costs connected with seeking this coverage against exchange rate risks will be allocated to these classes and reflected in the Net Asset Value. • Class A Units can only be acquired by Institutional Investors, companies, as defined here below, associations, foundations and companies owned by a sole proprietor. Institutional Investors include: insurance companies; asset management companies; credit institutions or other professionals in the financial sector acting on their own behalf or within the framework of a discretionary management mission on behalf of their clients, even private clients (in this case, however, the clients on whose behalf the credit institutions or other professionals in the financial sector are acting must not have a right of property claim against the Fund but only against the credit institutions or other professionals in the financial sector); undertakings for collective investment; territorial governmental units; holding companies, provided that they can justify their actual substance and have a structure and business activities of their own, separate from those of their shareholders, and that they have significant financial interest; and finally, holding companies known as “family companies”, provided these are holding companies where a family or branch of a family has significant financial interest.

12. PROTECTION OF EURIZON EASYFUND’S INVESTORS WITHIN THE

FOLLOWING SUB-FUNDS: EURIZON EASYFUND - ORIZZONTE PROTETTO 6,

EURIZON EASYFUND - ORIZZONTE PROTETTO 12 AND EURIZON EASYFUND -

ORIZZONTE PROTETTO 24

The Sub-Funds Eurizon EasyFund - Orizzonte Protetto 6, Eurizon EasyFund - Orizzonte Protetto 12 and Eurizon EasyFund - Orizzonte Protetto 24 have the objective of preserving the invested capital. This objective shall be achieved by using a risk-spreading methodology consisting in periodic realignment of the portfolio composition. Such activity shall be managed through the use of an algorithm (Constant Proportion Portfolio Insurance) which shall determine the optimum distribution between equities, bonds and monetary-market instruments type.

13. CHANGES IN THE COMPOSITION OF PORTFOLIO

The list of movements in the portfolio composition for the financial year from 1 January 2010 to 31 December 2010 is available at the Management Company’s registered office.

www.eurizoncapital.com

Documents

000887 EEF 311210 draft 6 00044 - fundsquare.net