Crédit Agricole Asset Management

CAAM Fundsa société d’investissement à capital variable 5, Allée Scheffer - L-2520 Luxembourg Tel. + 352 4767 6222 / + 352 4767 6667 Fax + 352 4767 3781www.caam-funds.com

Crédit Agricole Asset Management

CAAM FundsSICAV with Sub-Funds under Luxembourg lawUnaudited semi-annual report as of 31/12/09

2

CAAM FUNDS

Unaudited semi-annual report

For the period from 1st July 2009 to 31 December 2009

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual report of the SICAV and theunaudited semi-annual report if published after such annual report.

Additional information concerning the representation and distribution of the Fund in Hong Kong as of 31 December 2009.

Sub-Funds not authorised in Hong Kong:Residents in Hong Kong please note that the following Sub-Funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:

Equities:Emerging Markets / Emerging World / Euro SRI / Gems Europe / Gems World / Clean Planet / Japan Value / Restructuring Equities / Select Euro / Minimum Variance Europe / Select Europe.

Bonds:Emerging Markets Debt / Euro Select Bond / European Bond / Global Aggregate / Global Convertible Bond / Global Corporate Bond / Global Inflation Bond / LDI Gilt Plus (GBP) / LDI Index Linked Plus (GBP).

Indexed:Index Euro / Index Europe / Index Global Bond (EUR) Hedged / Index North America / Index Pacific

Guaranteed/Protected :Multi Asset Protected.

Absolute Return:Arbitrage Inflation / Arbitrage VaR 2 (EUR) / Arbitrage VaR 2 (GBP) / Arbitrage VaR 2 (USD) / Equity Statistical Arbitrage (EUR) / Dynarbitrage Forex / Dynarbitrage Forex (USD) / Dynarbitrage Forex Asia Pacific /Dynarbitrage High Yield / Dynarbitrage VaR 4 (EUR) / Dynarbitrage VaR 4 (USD) / Dynarbitrage Volatility / Volatility Euro Equities / Volatility World Equities.

For all Sub-Funds authorized in Hong Kong, please note that the shares C(2), C(3), C(4), C(5), S(2), H, HK, I(2), I(4), I(5), I(6), I(7), I(8), I(9), I(10), I(11), I(12), I(13), I(14), I(15), L, M, S and S (3) are not authorized inHong Kong.The share class I in respect of the following sub-funds are not authorized in Hong Kong: Euro Quant, Global Equities, Switzerland, US Innovative Companies, Europe Smaller Companies, Global Finance, Asean NewMarkets, Asia Pacific Renaissance, Asian Growth, Brazil, Emerging Europe, Emerging Internal Demand, Greater China, India, India Infrastructure, Latin America Equities, European Convertible Bond, Euro Bond, EuroCorporate Bond, Euro Inflation Bond, Euro High Yield Bond, Asian Income and Global Bond.

R.C.S. B 68.806

Table of contents

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Global Convertible Bond 83Global Corporate Bond 85Global Inflation Bond 88LDI Gilt Plus (GBP) 89LDI Index Linked Plus (GBP) 90 Indexed Index Euro 91Index Europe 94Index Global Bond (EUR) Hedged 99Index North America 100Index Pacific 107 Guaranteed/protected Multi Asset Protected 112 Absolute Return Arbitrage Inflation 113Arbitrage VaR 2 (EUR) 114Arbitrage VaR 2 (GBP) 116Arbitrage VaR 2 (USD) 117Dynarbitrage Forex 118Dynarbitrage Forex (USD) 119Dynarbitrage High Yield 120Dynarbitrage VaR 4 (EUR) 121Dynarbitrage VaR 4 (USD) 123Dynarbitrage Volatility 125Equity Statistical Arbitrage (EUR) 128Volatility Euro Equities 130Volatility World Equities 131 Reserve Euro Reserve 132USD Reserve 133 Accounts : Statement of net assets 134Financial Details Relating to the Last 3 Years 158Statement of Operations and Changes in Net Assets 184Notes to the Financial Statements 210Notices and Reports 222Additional information 224

Management and Administration 4 Portfolios’ details : Equities Aqua Global 9ASEAN New Markets 10Asia Pacific Renaissance 11Asian Growth 13Brazil 14Clean Planet 16Emerging Europe 17Emerging Internal Demand 19Emerging Markets 24Emerging World 26Euro Quant 31Euro SRI 33Europe Smaller Companies 35Gems Europe 37Gems World 40Global Agriculture 41Global Equities 43Global Finance 45Global Resources 47Greater China 49India 50India Infrastructure 52Japan Value 53Korea 55Latin America Equities 56Minimum Variance Europe 58Restructuring Equities 59Select Euro 60Select Europe 61Switzerland 62Thailand 63US Innovative Companies 64US Opportunities 65 Bonds Asian Income 66Emerging Markets Debt 67Euro Bond 68Euro Corporate Bond 71Euro High Yield Bond 74Euro Inflation Bond 76Euro Select Bond 77European Bond 78Global Aggregate 79Global Bond 81

Management and Administration

6

Registered Office 5, allée Scheffer, L-2520 Luxembourg Management Company Crédit Agricole Asset Management Luxembourg S.A. (“CAAM Luxembourg”) 5, allée Scheffer, L-2520 Luxembourg Board of Directors Chairman Until December 18th, 2009 : Mr. Paul Henri de la Porte du Theil, Deputy Chief Executive Officer Crédit Agricole Asset Management, Paris As from January 1st, 2010 : Mr. Jean-Paul Mazoyer, General Management Committee Member in charge of Development Crédit Agricole Asset Management, Paris Directors Mr. Bruno Calmettes, Central Manager, Marketing and Wealth Management Banque de Gestion Privée Indosuez, Paris Mr. Olivier Chatain, Private Banking Director Crédit Agricole Luxembourg S.A., Luxembourg Mr. Etienne Clement, Deputy Chief Executive Officer, Head of Sales & Marketing Departments CPR Asset Management, Paris Mr. Michel Escalera, Chief Executive Officer Crédit Agricole Asset Management Distribución Agencia de Valores, Madrid Mr. Jean-François Pinçon, Head of International Business Development, Crédit Agricole Asset Management, Paris Mrs. Christine Moser, Head of Sales France Crédit Agricole Asset Management, Paris Mr. Gabriele Tavazzani, Head of Sales & Marketing Department Crédit Agricole Asset Management SGR S.p.A, Milan Mr. Giorgio Gretter, Head of Marketing Crédit Agricole Asset Management, Paris Mr. Christophe Lhote, Head of Marketing Products Crédit Agricole (Suisse) SA, Genève General Managers Mr. Guillaume Abel, Head of Client Servicing Crédit Agricole Asset Management, Paris Mr. Dominique Couasse, General Manager Crédit Agricole Asset Management Luxembourg S.A., Luxembourg Custodian CACEIS Bank Luxembourg S.A. 5, allée Scheffer, L-2520 Luxembourg Administrative Agent CACEIS Bank Luxembourg S.A. 5, allée Scheffer, L-2520 Luxembourg


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Investment Managers Crédit Agricole Asset Management acting through :

• Its main establishment 90, boulevard Pasteur, F-75015 Paris, France • Its London branch 41, Lothbury, London EC2R 7HF, United Kingdom

Crédit Agricole Asset Management Hong Kong Ltd 901-907, One Pacific Place, No. 88 Queensway, Hong Kong Crédit Agricole Asset Management Japan Ltd 1-2-2, Uchisaiwaicho Chiyoda-Ku, Tokyo 100 – 0011 Japan CPR Asset Management 10, place des 5 Martyrs du Lycée Buffon, F-75015 Paris, France Emerging Markets Management 1001, 19th Street North, 16th Floor, Arlington, Virginia 22209-1722, USA Resona Bank Ltd 2-1, Bingomachi 2-chome, Chuo-ku, Osaka, Japan Crédit Agricole Structured Asset Management 91-93, Boulevard Pasteur, F-75 015 Paris, France Investment Sub-Managers Crédit Agricole Asset Management Singapore Ltd 168, Robinson Road #22-03, Capital Tower, Singapore 068912 Victory Capital Management Inc. 127, Public Square, 20th Floor, Cleveland, OH 44114-1306, USA Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d’entreprises 400, route d'Esch, L-1471 Luxembourg Legal Adviser Linklaters Loesch 35, Avenue John F.Kennedy, PO Box 1107, L-1011 Luxembourg Paying and Information Agent in Austria Meinl Bank A.G. Bauernmarkt 2, 1010 Vienna, Austria Financial Agent in Belgium Fund Administration Service and Technology Network Belgium Avenue du Port / Havenlaan 86 C/320, B-1000 Brussels, Belgium Centralizing Agent in France CACEIS Bank 1/3, place Valhubert, F-75206 Paris Cedex 13, France


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Legal Representative in Germany LINKLATERS OPPENHOFF & RÄDLER Mainzer Landstrasse 16, D-60325 Frankfurt am Main, Germany Paying and Information Agent in Germany Marcard, Stein & Co. AG Ballindam 36, 20095 Hamburg, Germany Paying Agent in Greece Emporiki Bank of Greece 11, Sofokleous Str., 102 35 Athens, Greece Paying Agent in Switzerland Crédit Agricole (Suisse) S.A. 4, Quai Général Guisan, CH-1204 Geneva, Switzerland Representative in Greece Emporiki Asset Management M.F.M.C. 45, Mitropoleos Street, 105 56 Athens, Greece Representative in Hong Kong Crédit Agricole Asset Management Hong Kong Ltd 901-907, One Pacific Place, 88, Queensway, Hong-Kong Representative in The Netherlands Fund Administration Service and Technology Network Netherlands De Ruyterkade 6, 1013 AA Amsterdam, The Netherlands Representative in Spain Crédit Agricole Asset Management Distribution A.V. Paeso de la Castellana 1, 28046 Madrid, Spain Representative in Switzerland CACEIS Fastnet (Suisse) S.A. 7-9, Chemin de Précossy, CH-1260 Nyon, Switzerland Facilities Agent in United Kingdom Crédit Agricole Asset Management London. 41, Lothbury, London EC2R 7HF, United Kingdom.

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Securities Portfolio as of 31/12/09

Aqua Global

The accompanying notes form an integral part of these financial statements

CRANE GROUP LTD54,407 322,629 1.04

Transferable securities admitted to an official stockexchange listing and/or dealt in on another regulatedmarket

30,906,989 99.95

Shares 30,906,989 99.95

Australia 322,629 1.04

BEIJING ENTERPRISES WATER1,058,000 246,309 0.79

Bermuda 393,517 1.27

CHINA WATER AFFAIRS GROUP LTD530,000 147,208 0.48

CIA SANEAMENTO MINAS GERAIS SA95,500 1,269,616 4.11

Brazil 2,515,676 8.14

SABESP -SHS SPONSORED ADR REPR 2 SHS45,700 1,246,060 4.03

GLV -A- SUBORD VOTING27,000 161,199 0.52

Canada 161,199 0.52

CONSOLIDATED WATER17,013 169,448 0.55

Cayman Islands 169,448 0.55

GUANGDONG INVEST -RC-1,336,000 544,002 1.76

China 544,002 1.76

KEMIRA OY74,700 776,133 2.51

Finland 776,133 2.51

SUEZ ENVIRONNEMENT COMPANY SA75,025 1,209,778 3.92

France 2,101,247 6.80

VEOLIA ENVIRONNEMENT SA38,550 891,469 2.88

EYDAP ATHENS WATER SEWERAGE PUBLIC CO161,607 895,303 2.90

Greece 895,303 2.90

CHINA EVERBRIGHT INTERNATIONAL1,408,000 506,243 1.64

Hong Kong 506,243 1.64

EBARA CORPORATION300,000 893,926 2.89

Japan 3,453,734 11.17

KURITA WATER INDUSTRIES LTD43,200 937,949 3.03ORGANO CORP102,000 468,121 1.51TORISHIMA PUMP MFG LTD76,100 1,153,738 3.74

YTL CORP BHD274,816 408,370 1.32

Malaysia 408,370 1.32

EPURE INTERNATIONAL LTD1,854,000 676,508 2.19

Singapore 1,712,798 5.54

HYFLUX LTD588,000 1,036,290 3.35

FLUIDRA SA49,762 174,167 0.56

Spain 174,167 0.56

CARDO AB15,311 321,338 1.04

Sweden 321,338 1.04

GEBERIT AG9,307 1,151,491 3.72

Switzerland 1,151,491 3.72

NORTHUMBRIAN WATER GROUP PLC202,002 614,566 1.99

United Kingdom 3,064,479 9.91

PENNON GROUP PLC107,232 648,739 2.10

% of N

AV

Market V

alue

EUR

Quan

tity

SEVERN TRENT PLC84,667 1,034,930 3.34UNITED UTILITIES GROUP PLC137,335 766,244 2.48

AMERCIAN WATER WORKS CO INC75,651 1,181,627 3.82

United States of America 12,235,215 39.56

AMERICAN STATES WATER CO18,900 466,457 1.51AQUA AMERICA INC83,900 1,023,934 3.31ARCH CHEMICALS INC11,100 238,904 0.77BADGER METER INC30,171 837,365 2.71CALGON CARBON CORP113,100 1,095,724 3.54CALIFORNIA WATER SERVICE GROUP7,057 181,104 0.59ENERGY RECOVERY INC109,000 522,683 1.69FRANKLIN ELECTRIC CO31,600 640,480 2.07INSITUFORM TECHNOLOGIES INC -A-21,390 338,722 1.10ITRON INC16,800 791,201 2.56ITT30,100 1,043,509 3.37MUELLER WATER PROD SERIES A171,300 620,847 2.01NALCO HOLDING CO73,401 1,305,076 4.21PENTAIR INC55,400 1,247,200 4.03TETREA TECH INC13,200 249,970 0.81WATTS WATER TECHNOLOGIES INC CLASS -A-20,900 450,412 1.46

Total securities portfolio 30,906,989 99.95

% of N

AV

Market V

alue

EUR

Quan

tity

10


ASEAN New Markets


ASTRA INTERNATIONAL TBK1,802,500 6,657,451 3.34


194,600,882 98.05

Shares 194,600,882 98.05

Indonesia 39,499,142 19.90

BANK CENTRAL ASIA DEP6,217,500 3,209,673 1.62BANK MANDIRI8,060,000 4,032,145 2.03BANK RAKYAT INDONESIA4,873,000 3,967,903 2.00BUMI RESOURCES11,058,000 2,854,247 1.44INDO TAMBANGRAYA MEGAH724,500 2,452,273 1.24INDOCEMENT TUNGGAL PRAKARSA1,969,000 2,871,240 1.45PERUSAHAAN GAS NEGA -B-11,224,500 4,659,452 2.35PT PP LONDON SUMATRA1,672,500 1,486,469 0.75TAMBANG BATUBARA -B-1,853,500 3,403,180 1.71UNITED TRACTORS2,367,000 3,905,109 1.97

GENTING SINGAPORE PLC1,003,600 929,300 0.47

Isle of Man 929,300 0.47

AMMB HOLDING BHD3,393,500 4,955,445 2.50

Malaysia 32,128,732 16.19

AXIATA GROUP1,511,775 1,346,641 0.68CIMB GROUP HOLDINGS BHD2,014,500 7,554,351 3.81DNP HOLDINGS2,132,200 840,672 0.42GAMUDA BHD1,144,700 869,220 0.44GENTING BHD963,800 2,066,083 1.04IJM CORP1,477,980 1,933,799 0.97IJM LAND2,964,400 2,034,555 1.03IOI CORPORATION BHD1,342,720 2,145,051 1.08PERLIS PLANTATIONS BHD319,200 1,487,855 0.75SIME DARBY BHD2,114,400 5,539,167 2.79SUPERMAX CORPORATION BHD983,600 1,355,893 0.68

CAPITALAND LTD1,424,000 4,260,017 2.15

Singapore 88,654,440 44.66

CAPITALMALLS1,082,000 1,957,551 0.99CDL HOSPITALITY TRUST STAPLED ECURITY1,437,000 1,791,212 0.90CITY DEVELOPMENT289,000 2,379,621 1.20CSE GLOBAL LTD2,395,000 1,475,617 0.74DBS GROUP HOLDINGS1,207,500 13,245,242 6.68EZION HOLDINGS LTD3,236,000 1,774,808 0.89FALCON ENERGY3,046,000 1,692,297 0.85FRASERS CENTER.TR.UNITS REAL ESTATE INVE1,231,000 1,227,547 0.62GOLDEN AGRI-RESOURCES1,758,000 638,618 0.32INDOFOOD AGRI RESOURCES LTD2,891,000 4,797,954 2.42JARDINE CYCLE & CARRIAGE LTD124,000 2,384,721 1.20KEPPEL CORPORATION LTD1,124,000 6,588,981 3.32NOBLE GROUP LTD943,000 2,182,967 1.10OLAM INTERNATIONAL LTD832,000 1,576,366 0.79OVERSEA-CHINESE BANKING CORPORATION LTD1,699,000 11,012,524 5.55SEMBCORP INDUSTRIES LTD783,000 2,063,553 1.04SEMBCORP MARINE LTD1,532,000 4,037,500 2.03SINGAPORE AIRPORT TERMINAL SERVICES LTD2,367,000 4,619,563 2.33STRAITS ASIA RESOURCES -SHS-2,042,000 3,796,193 1.91UNITED OVERSEAS BANK871,000 12,221,836 6.16WILMAR INTERNATIONAL LTD353,000 1,616,731 0.81

% of N

AV

Market V

alue

USD

Quan

tity

YING LI INTERNATIONAL REAL ESTATE LTD2,836,000 1,313,021 0.66

AIRPORTS OF THAILAND-REG-FOREIGN1,797,700 2,102,889 1.06

Thailand 25,776,800 12.99

BANGKOK BANK PUBLIC CO LTD -F-604,600 2,112,655 1.06BANK OF AYUDHYA N-VTG DEPOSIT CO LTD4,088,600 2,759,254 1.39BANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT)223,200 3,856,127 1.95KASIKORNBANK UNITS NVDR1,094,800 2,791,183 1.41KRUNG THAI BANK PUBLIC NVTG DEPO CO LTD7,485,400 2,211,494 1.11LPN DEV.PUBLIC CO N.VOTING DEPOS.RECEIPT3,926,900 836,263 0.42PTT EXPLORATION AND PRODUCTION PUBLIC CO631,300 2,783,477 1.40PTT PUBLIC COMPANY LTD -F-267,800 1,975,969 1.00SIAM COMMERCIAL BANK PUBLIC -F-915,700 2,382,633 1.20THAI OIL-FOREIGN REG735,000 942,449 0.47THORESEN THAI AGENC NON VOTING DEP REC1,250,900 1,022,407 0.52

BINH MINH PLASTICS -SHS-215,340 763,493 0.38

Vietnam 7,612,468 3.84

DHG PHARMACEUTICAL106,893 659,619 0.33FPT CORP -SHS-148,570 635,327 0.32HO CHI MINCH CITY INFRASTRUCTURE INV197,200 629,793 0.32HOA PHAT GROUP JOINT STOCK COMPANY180,770 572,428 0.29PETROVIETMAN DRILLING AND WELL SERVICES148,706 543,339 0.27SONG DA URB AND INDUSTRIAL ZONE102,980 445,945 0.22THUDUC HOUSE173,085 627,730 0.32TIEN PHONG134,200 793,257 0.41VIET NAM EXPORT-IMPORT579,600 752,971 0.38VIETNAM MFG & MANUFACTURING AND EXP.PROC2,898,000 609,198 0.31VINAMILK142,710 579,368 0.29

SONG DA URBAN IND 08.01.10 RIGHT25,745 97,551 0.05

Other transferable securities 97,551 0.05

Options, Warrants, Rights 97,551 0.05

Vietnam 97,551 0.05


% of N

AV

Market V

alue

USD

Quan

tity

11


Asia Pacific Renaissance


ANZ BANKING GROUP LTD10,678 219,725 0.96


21,849,278 95.73

Shares 21,849,278 95.73

Australia 4,001,294 17.53

BHP BILLITON LTD21,310 826,410 3.61CHALLENGER FINANCIAL SERVICES GROUP LTD46,673 177,558 0.78COMMONWEALTH BANK OF AUSTRALIA6,607 325,923 1.43DOWNER EDI LTD11,556 97,175 0.43FAIRFAX MEDIA133,743 209,293 0.92JB HI-FI LIMITED9,341 189,861 0.83KINGSGATE CONSOLIDATED LTD19,432 160,957 0.71MACARTHUR COAL19,912 201,466 0.88MACQUARIE GROUP4,190 182,387 0.80NAT. AUSTRALIA BANK8,297 204,459 0.90QBE INSURANCE GROUP5,441 125,272 0.55RIO TINTO5,194 349,831 1.53VIRGIN BLUE HOLDINGS LTD170,572 90,509 0.40WESFARMERS5,737 161,342 0.71WESTPAC BANKING CORP14,087 320,533 1.40WOODSIDE PETROLEUM3,736 158,593 0.69

CNPC (HK) LTD98,000 130,430 0.57

Bermuda 226,078 0.99

GOME ELECTRICAL APP263,000 95,648 0.42

TENCENT HOLDINGS LTD21,100 458,516 2.01


ANTA SPORTS PRODUCTS77,000 114,397 0.50

China 3,132,580 13.73

BANK OF CHINA LTD -H-423,000 229,119 1.00BELLE INTERNAIONAL HOLDING86,000 100,484 0.44CHINA CONSTRUCTION BANK CORPORATION -H-521,000 448,163 1.96CHINA LIFE INSURANCE CO LTD93,500 462,435 2.04CHINA LONGYUAN POWER GROUP CORP -H-75,000 97,111 0.43CHINA MOBILE LTD7,500 70,463 0.31CHINA OVERSEAS LAND INVESTMENT LTD -RC-70,760 149,659 0.66CHINA PACIFIC INSURANCE (GROUP) CO LTD¦17,200 68,542 0.30CHINA SHENHUA ENERGY CO LTD-SHS.-H-78,000 382,253 1.67CNOOC LTD -RC-89,000 140,030 0.61INDUS.AND COMMERCIAL BANK OF CHINA -H-512,000 425,234 1.86NINE DRAGONS PAPER (HOLDINGS) LTD42,000 67,707 0.30PETROCHINA CO LTD -H-109,000 131,013 0.57PING AN INS (GRP) CO -H-9,500 83,311 0.37YANZHOU COAL MINING CO -H-73,500 162,659 0.71

BOC HONG KONG (HOLDINGS) LTD43,000 97,601 0.43

Hong Kong 876,734 3.84

HONG KONG EXCHANGES AND CLEARING LTD6,500 116,855 0.51HSBC HOLDINGS PLC (USD 0.5)9,200 106,071 0.46KERRY PROPERTIES53,000 269,989 1.19SUN HUNG KAI PROPERTIES LTD6,000 89,992 0.39WHARF HOLDINGS34,001 196,226 0.86

% of N

AV

Market V

alue

USD

Quan

tity

ASTRA INTERNATIONAL TBK39,000 144,045 0.63

Indonesia 495,418 2.17

INDOCEMENT TUNGGAL PRAKARSA82,500 120,303 0.53PERUSAHAAN GAS NEGA -B-191,000 79,287 0.35UNITED TRACTORS92,000 151,783 0.66

CANON INC7,100 298,201 1.31

Japan 8,878,078 38.91

EAST JAPAN RAILWAY CO1,400 88,275 0.39FANUC LTD2,400 222,482 0.97FAST RETAILING CO LTD1,800 337,784 1.48FUJITSU LTD12,000 76,825 0.34FUNAI ELECTRIC CO4,000 200,226 0.88HITACHI CHEMICAL CO LTD7,300 147,498 0.65HITACHI LTD48,000 146,431 0.64HONDA MOTOR CO LTD8,200 273,935 1.20HOYA CORP14,600 385,799 1.69IBIDEN2,000 70,895 0.31JFE HOLDINGS INC3,600 141,146 0.62KOMATSU LTD30,700 637,777 2.78MITSUBISHI CORP17,800 440,723 1.93MITSUBISHI ELECTRIC CORP25,000 183,952 0.81MITSUBISHI ESTATE5,000 79,381 0.35MITSUBISHI UFJ FINANCIAL GROUP INC72,100 350,064 1.53MITSUI AND CO LTD30,400 428,106 1.88MITSUI FUDOSAN CO LTD5,000 83,678 0.37MURATA MANUFACTURING CO LTD1,800 88,941 0.39NIDEC CORP5,500 504,539 2.21NINTENDO CO LTD400 94,699 0.41NIPPON ELECTRIC GLASS CO LTD21,000 286,707 1.26NIPPON STEEL CORP21,000 84,591 0.37NISSAN MOTOR CO LTD24,400 212,299 0.93NITORI CO LTD1,150 85,606 0.38NITTO DENKO CORP9,600 342,360 1.50NOMURA HOLDINGS INC21,400 156,543 0.69ORIX CORP3,150 212,154 0.93PANASONIC CORP7,700 109,592 0.48ROHM CO LTD1,200 78,114 0.34SHIN-ETSU CHEM. CO LTD2,100 117,976 0.52SOFTBANK CORP3,600 83,914 0.37SONY CORP7,500 215,103 0.94SUMITOMO MITSUI FINANCIAL GROUP INC4,000 113,647 0.50TDK CORP3,400 206,348 0.90TOKYO ELECTRON LTD5,700 362,468 1.59TOSHIBA CORP63,000 345,808 1.52TOYOTA MOTOR CORP14,000 583,491 2.55

CIMB GROUP HOLDINGS BHD9,000 33,750 0.15

Malaysia 105,992 0.46

GENTING BHD33,700 72,242 0.31

KEPPEL CORPORATION LTD15,000 87,931 0.39

Singapore 188,078 0.82

SEMBCORP MARINE LTD38,000 100,147 0.43

DOOSAN HVY IND1,358 94,578 0.41

South Korea 1,666,458 7.30

DOOSAN INFRACORE7,850 110,219 0.48

% of N

AV

Market V

alue

USD

Quan

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12




HYNIX SEMICONDUCTOR3,580 71,171 0.31HYUNDAI MOTOR CO LTD1,333 138,511 0.61KB FINANCIAL GROUP INC1,323 67,827 0.30LG CHEM879 172,482 0.76LG PHILIPS LCD5,240 176,620 0.77POSCO352 186,811 0.82SAMSUNG ELECTRONICS CO LTD747 512,552 2.25SAMSUNG ENGINEERING1,463 135,687 0.59

ACER INC64,100 192,791 0.84

Taiwan 1,820,052 7.97

ASUSTEK COMPUTER91,112 176,042 0.77HIGH TECH COMPUTER CORP9,450 108,283 0.47HON HAI PRECISION INDUSTRY CO LTD75,325 356,784 1.56MEDIA TEK INCORPORATION17,032 297,135 1.30SILICONWARE PRECISION INDUSTRIES CO LTD62,000 84,030 0.37SIMPLO TECHNOLOGY9,900 58,809 0.26TAIWAN SEMICONDUCTOR MANUFACTURING COLT

180,966 364,930 1.61

WISTRON CORP93,353 181,248 0.79

ISHARES MSCI INDIA INDEX ETF69,900 481,611 2.11

Shares/Units of UCITS/UCIS 481,611 2.11

Shares/Units in investment funds 481,611 2.11

Hong Kong 481,611 2.11


% of N

AV

Market V

alue

USD

Quan

tity

13


Asian Growth


CNPC (HK) LTD1,500,000 1,996,380 0.53


363,188,917 97.08

Shares 363,188,917 97.08

Bermuda 6,360,560 1.70

GOME ELECTRICAL APP12,000,000 4,364,180 1.17

SUNTECH POWER HOLDINGS CO LTD ( ADR)395,000 6,568,850 1.76

Cayman Islands 23,350,902 6.24

TENCENT HOLDINGS LTD410,000 8,909,556 2.38WYNN MACAU LTD6,392,000 7,872,496 2.10

BANK OF CHINA LTD -H-10,600,000 5,741,528 1.53

China 82,966,710 22.18

BELLE INTERNAIONAL HOLDING4,519,000 5,280,109 1.41CH HS TRANSMISS SHS3,090,000 7,555,603 2.02CHINA CONSTRUCTION BANK CORPORATION -H-7,530,000 6,477,287 1.73CHINA LIFE INSURANCE CO LTD1,756,000 8,684,848 2.33CHINA LONGYUAN POWER GROUP CORP -H-3,066,000 3,969,887 1.06CHINA OVERSEAS LAND INVESTMENT LTD -RC-688,081 1,455,311 0.39CHINA PACIFIC INSURANCE (GROUP) CO LTD¦830,600 3,309,960 0.88CHINA SHENHUA ENERGY CO LTD-SHS.-H-1,744,000 8,546,777 2.28CNOOC LTD -RC-1,082,000 1,702,391 0.46INDUS.AND COMMERCIAL BANK OF CHINA -H-7,953,000 6,605,248 1.77NINE DRAGONS PAPER (HOLDINGS) LTD3,170,000 5,110,243 1.37PING AN INS (GRP) CO -H-248,000 2,174,868 0.58SHANGHAI ELECTRIC GROUP CO LTD -H-3,994,000 1,849,161 0.49SHIMAO PROPERTY HOLDINGS LIMITED900,000 1,708,530 0.46SINOPHARM GROUP CO LTD1,302,800 4,628,835 1.24YANZHOU COAL MINING CO -H-3,690,000 8,166,124 2.18

HONG KONG EXCHANGES AND CLEARING LTD96,500 1,734,852 0.46

Hong Kong 35,267,040 9.43

HSBC HOLDINGS PLC (USD 0.5)570,000 6,571,805 1.76KERRY PROPERTIES1,955,812 9,963,146 2.67SHANGHAI INDUSTRIAL HOLDINGS LTD -RC-682,000 3,487,385 0.93SUN HUNG KAI PROPERTIES LTD257,000 3,854,652 1.03WHARF HOLDINGS1,673,000 9,655,200 2.58

AXIS BK - DEMARTERIALISED133,000 2,827,198 0.76

India 57,854,359 15.46

HDFC BANK DEMATERIALISED60,000 2,194,801 0.59HOUSING DEVELOPMENT FIN.DEMATERIALISED35,000 2,012,529 0.54ICICI BANK DEMATERIALISED193,000 3,637,286 0.97INFOSYS TECHNOLOGIES DEMATERALISED96,000 5,365,977 1.43IRB INFRASTRUCTURE DEVELOPERS729,724 3,852,870 1.03ITC DEMATERIALISED350,000 1,886,323 0.50IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT600,000 4,522,405 1.21JAIPRAKASH ASSOCIATES1,275,000 4,023,506 1.08JINDAL STL & POWER240,000 3,627,208 0.97KOTAK MAHINDRA BANK ( DEMAT.)250,000 4,335,181 1.16LARSEN & TOUBRO LTD DEMATERIALISED107,000 3,857,383 1.03LUPIN SHS/DEMATERIALISED76,000 2,407,471 0.64MUNDRA PORT AND SPECIAL ECONOMIC ZONE290,000 3,449,030 0.92RELIANCE INDUSTRIES DEMATERAILISED235,000 5,507,240 1.46TATA CONSULT.SERVICES SVS DEMATERIALISED150,000 2,418,343 0.65

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USD

Quan

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TATA POWER DEMATERIALISED65,000 1,929,608 0.52

ASTRA INTERNATIONAL TBK550,000 2,031,400 0.55

Indonesia 10,545,769 2.82

BANK MANDIRI3,100,000 1,550,825 0.41BANK RAKYAT INDONESIA1,850,000 1,506,386 0.40BUMI RESOURCES8,000,000 2,064,928 0.56INDO TAMBANGRAYA MEGAH511,500 1,731,315 0.46INDOCEMENT TUNGGAL PRAKARSA1,139,000 1,660,915 0.44

AMMB HOLDING BHD1,800,000 2,628,496 0.70

Malaysia 9,117,435 2.44

CIMB GROUP HOLDINGS BHD730,000 2,737,491 0.73GENTING BHD1,750,000 3,751,448 1.01

INDOFOOD AGRI RESOURCES LTD1,300,000 2,157,503 0.58

Singapore 16,550,418 4.42

KEPPEL CORPORATION LTD447,000 2,620,351 0.70SEMBCORP MARINE LTD2,250,000 5,929,749 1.58STRAITS ASIA RESOURCES -SHS-1,505,000 2,797,880 0.75UNITED OVERSEAS BANK217,000 3,044,935 0.81

GS ENGINEERING & CONSTRUCTION CORP59,355 5,530,404 1.48

South Korea 55,554,832 14.85

HYNIX SEMICONDUCTOR115,000 2,286,223 0.61HYUNDAI MOBIS17,137 2,516,522 0.67HYUNDAI MOTOR CO LTD45,500 4,727,881 1.26KB FINANCIAL GROUP INC101,283 5,192,550 1.39LG CHEM27,000 5,298,095 1.42LG ELECTRONICS INC19,000 1,982,438 0.53LG PHILIPS LCD69,000 2,325,726 0.62POSCO10,078 5,348,508 1.43SAMSUNG ELECTRONICS CO LTD17,925 12,299,167 3.29SAMSUNG ENGINEERING49,814 4,620,032 1.23SHINHAN FINANCIAL GROUP92,384 3,427,286 0.92

ACER INC2,649,000 7,967,287 2.13

Taiwan 62,338,347 16.66

ADVANCED SEMICONDUCTOR ENGINEERING INC1,400,000 1,262,779 0.34ALI CORP500,000 1,211,505 0.32ASUSTEK COMPUTER3,202,600 6,187,919 1.65AU OPTRONICS3,265,584 3,961,376 1.06CATHAY FINANCIAL1,000,000 1,866,499 0.50CHICONY ELECTRONICS855,805 2,076,299 0.55CHINA FIN HOLDINGS1,851,659 1,154,935 0.31FAR EASTERN TEXTILE2,000,000 2,501,171 0.67FUBON FINANCIAL HOLDING COMPANY1,785,000 2,193,230 0.59HON HAI PRECISION INDUSTRY CO LTD2,051,741 9,718,262 2.60MEDIA TEK INCORPORATION446,176 7,783,839 2.08SIMPLO TECHNOLOGY650,000 3,861,183 1.03TAIWAN SEMICONDUCTOR MANUFACTURING COLT

2,016,367 4,066,144 1.09

TRIPOD TECHNOLOGY CO LTD1,932,700 6,525,919 1.74

BANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT)190,000 3,282,545 0.88

Thailand 3,282,545 0.88


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USD

Quan

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14


Brazil


BRF ADR REPR 2 SHS17,000 890,290 0.54


162,617,095 99.21

Shares 162,617,095 99.21

Agriculture and fishery 3,404,664 2.08

BRF FOODS58,500 1,522,574 0.93COSAN -A-114,000 991,800 0.61

CIELO217,617 1,915,014 1.17

Banks and credit institutions 1,915,014 1.17

DURATEX50,399 468,372 0.29

Building materials and trade 2,539,900 1.55

LLX LOGISTICA357,179 2,071,528 1.26

GERDAU SA COSG118,000 1,500,050 0.92

Coal mining and steel industry 5,875,159 3.58

VALE ADR REP 1SH109,500 3,178,785 1.93VALE PFD -A- ADR REPR 1PFD SHS-A-48,200 1,196,324 0.73

BRASIL TELECOM ADR REPR.1SHS26,317 416,072 0.25

Communications 1,930,706 1.18

VIVO PART ADR44,962 1,393,821 0.86VIVO PATICIPACOES SA3,900 120,813 0.07

AGRA EMPREENDIM -SHS-604,000 1,728,985 1.05

Consumer Discretionary 10,418,687 6.36

B2W CIA GLOBAL SHS12,000 329,051 0.20CAMRGO CORREA DESENVOLVIMENTOIMOBILIARO

480,000 1,500,692 0.92

CIA HERING116,000 1,953,079 1.20GAFISA SA56,000 907,207 0.55LOJAS AMERICANAS PREF.48,700 433,865 0.26SARAIVA SA LIVREIROS EDITORES PREF100,000 1,950,441 1.20TECNISA SHS86,000 513,081 0.31TRISUL SA305,000 1,102,286 0.67

AMBEV35,554 3,008,392 1.85

Consumer Staples 9,539,001 5.82

AMBEV - ADR 1.SHS7,600 656,260 0.40AMBEV PRF ADR REP 1 SHS12,000 1,213,080 0.74COMP.BRASIL.DISTR.ADR 2PFD CL.-A- REG-S40,000 3,004,800 1.83COSAN SA INDUSTRIA35,000 513,999 0.31JBS111,100 593,996 0.36MARFRIG FRIGORIFICO SHS20,000 219,367 0.13NATURA COSMETICO SA15,800 329,107 0.20

PETROBRAS SA-ADR-REPR.100 PFD SHS 144A111,000 4,705,290 2.87

Energy 15,727,526 9.59

PETROLEO BRASILEIRO -PETROBRAS- PREF.356,500 7,503,452 4.57PETROLEO BRASILEIRO SP.ADR REPR.2 SH73,800 3,518,784 2.15

AMIL PARTICIPACOES SA67,600 531,277 0.32

Financials 34,853,349 21.26

BANCO ABC BRASIL SA CONY146,000 988,300 0.60BANCO BRADESCO PFD ADR REPR 1206,000 4,505,220 2.75BANCO BRADESCO PREF.316,400 6,603,178 4.03BANCO DO BRASIL SA227,100 3,869,256 2.36

% of N

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Market V

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USD

Quan

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BANRISUL - PFD SHS -B-155,000 1,307,082 0.80BRADESPAR PFD SHS253,600 5,605,342 3.42BRASIL BROKERS PARTICIPACOES SA47,000 174,714 0.11EZ TEC181,000 882,574 0.54ITAUSA INVESTIMENTOS ITAU SA-PREF1,081,149 7,349,500 4.48JHSF PARTICIPACOES -SHS-237,200 510,270 0.31KLABIN SEGALL SA103,600 294,184 0.18MRV ENGENHARIA PARTICIPACOES SA276,000 2,232,452 1.36

ACUCAR GUARANI SA AGY128,000 411,199 0.25

Foods and non alcoholic drinks 411,199 0.25

PROFARMA13,000 123,423 0.08

Health Care 123,423 0.08

BMF BOVESPA581,200 4,084,280 2.49

Holding and finance companies 10,033,582 6.12

ITAU UNIBANCO PFD ADR REPR 1 PFD SHS196,050 4,477,782 2.73ITAUUNIBANCO PFD SHS66,300 1,471,520 0.90

CONCESSOES RODOVIARIAS42,400 970,250 0.59

Industrials 3,737,457 2.28

EMBRAER SHS SP.ADR REPR.4 PFD SHS13,700 302,907 0.18INDUSTRIAS ROMI SA ROMI24,000 161,497 0.10LOCALIZA RENT A CAR SA72,000 797,983 0.49MARCOPOLO PREF.77,500 300,095 0.18TAM SA (ADR)11,000 244,420 0.15TEGMA GESTAO -SHS-108,000 960,305 0.59

REDECARD SHS96,000 1,597,066 0.97

Information Technology 2,003,217 1.22

TOTVS6,000 406,151 0.25

IOCHPE MAXION6,000 87,598 0.05

Machine and apparatus construction 87,598 0.05

CIA SIDERURGICA NACIONAL ADR 1 SHS54,000 1,724,220 1.05

Materials 25,043,578 15.28

COMPANHIA SIDERURGICA NACIONAL114,800 3,687,939 2.25CONFAB INDUSTRIAL PREF.SHS51,300 150,969 0.09FOSFERTIL PREF.FERTILIZANTES FOSFATADOS40,800 386,187 0.24GERDAU METALUGICA PREF.54,500 1,091,754 0.67GERDAU PFD SHS/SPONS.ADR REPR. 1 PFD SH.154,000 2,622,620 1.60KLABIN PREF.607,800 1,851,438 1.13SUZANO PAPEL PFD.SHS252,400 2,968,227 1.81USIMINA205,300 5,899,209 3.59VALE DO RIO DOCE143,000 4,060,646 2.48VALE DO RIO DOCE PREF -A-24,800 600,369 0.37

CR2 EMPREEDIM64,700 230,489 0.14

Miscellaneous sectors 2,424,009 1.48

GOL LINHAS AEREAS PFD10,000 149,610 0.09GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH.54,000 828,900 0.51LUPATECH20,000 311,497 0.19MPX ENERGIA70,000 903,513 0.55

FIBRIA ADR REPR 1 SH73,274 1,673,578 1.02

Paper and forest products 1,673,578 1.02

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Quan

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15


Brazil


OGX PETROLEO E GAS PARTICIPACOES SA809,300 7,938,885 4.84

Petroleum 7,938,885 4.84

BR MALLS PARTICIPACOES SA32,000 394,677 0.24

Real estate companies 3,009,272 1.84

BRASCAN RESIDENTIAL PROPERTIES SA427,000 1,910,629 1.17EVEN CONSTR SHS80,000 391,924 0.24HELBOR EMPREENDIMENTOS SA43,000 312,042 0.19

LOJAS AMERICANAS75,000 550,713 0.34

Retail trade, department stores 550,713 0.34

BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS70,853 2,063,948 1.26

Telecommunication Services 8,310,478 5.07

TELE NORTE LESTE PARTICIPACOES76,000 1,948,835 1.19TELECOMUNICACOES DE SAO PAULO26,000 566,179 0.35TELEMAR PFD -A-21,000 749,434 0.46TIM PARTICIPACOES-ADR REP 10 PFD SHS28,000 831,880 0.51VIVO PARTICIPACOES SA PREF.68,800 2,150,202 1.30

AES TIETE89,200 880,131 0.54

Utilities 8,082,956 4.93

CEMIG ADR REPR 1 PFD SH59,980 1,083,239 0.66CEMIG (CIA ENERGETICA MINAS GERAIS)22,200 310,740 0.19CENTRAIS ELETRICAS BRASILEIRAS31,000 646,250 0.39COELCE -A- PREF60,900 1,077,771 0.66COPEL SP.ADR REPR.1 PFD SHS -B-62,000 1,329,900 0.81ELETROPAULO ELETRICIDADE PFD -B-95,600 1,892,041 1.15EQUATORIAL ENERGIA SA24,000 249,198 0.15SABESP -SHS SPONSORED ADR REPR 2 SHS2,900 113,448 0.07TRACTEBEL ENERGIA SA18,300 226,021 0.14TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD9,237 274,217 0.17

CESP PREFERD SHS -B-100,000 1,378,503 0.84

Utilities 2,983,144 1.82

ELETROBRAS-CENTRAIS ELEC BRASILEIRA ADR71,000 1,497,390 0.91RANDON PARTICIPACOES PREF.-4-12,000 107,251 0.07

JBS (DEBS 2009-69 SUB CV) 29.01.10 RIGHT159 0 0.00

Options, Warrants, Rights 0 0.00

Foods and non alcoholic drinks 0 0.00


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Market V

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USD

Quan

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16


Clean Planet


INFIGEN ENERGY - TRIPLE STAPLED SECURITY372,515 325,743 1.12


28,707,647 98.79

Shares 28,707,647 98.79


COSAN -A-120,700 731,898 2.52

Bermuda 731,898 2.52


Brazil 827,700 2.85

SAO MARTINHO27,000 183,523 0.63

A POWER ENERGY GENENRATION SYSTEMS LTD51,900 661,614 2.28

British Virgin Islands 661,614 2.28

WESTPORT INNOVATNS44,700 363,461 1.25

Canada 363,461 1.25

SUNTECH POWER HOLDINGS CO LTD ( ADR)38,300 443,930 1.53


TRINA SOLAR -ADR REPE 100 SHS9,600 361,117 1.24YINGLI GREEN -ADR- REP 1 SHS77,050 849,040 2.92

BYD COMPANY LTD -H-14,500 89,215 0.31

China 1,349,403 4.64

CH HS TRANSMISS SHS382,000 651,025 2.23CHINA LONGYUAN POWER GROUP CORP -H-675,000 609,163 2.10

VESTAS WIND SYSTEMS AS10,450 445,192 1.53

Denmark 445,192 1.53

CIE DE SAINT-GOBAIN SA14,282 543,716 1.88

France 1,492,283 5.14

EDF ENERGIES NOUVELLES SA7,141 257,147 0.88SCHNEIDER ELECTRIC SA3,932 321,559 1.11VEOLIA ENVIRONNEMENT SA15,994 369,861 1.27

AIXTRON AG24,647 579,205 1.99

Germany 4,034,387 13.88

MANZ AUTOMATION AG3,715 247,048 0.85PHOENIX SOLAR9,045 381,970 1.31ROTH AND RAU AG9,543 288,389 0.99SIEMENS AG REG SHS12,154 780,408 2.69SMA SOLAR TECHNOLOGY AG1,600 149,200 0.51SOLARWORLD AG10,083 154,572 0.53WACKER CHEMIE AG11,903 1,453,595 5.01

CHINA EVERBRIGHT INTERNATIONAL618,000 222,200 0.76

Hong Kong 222,200 0.76

KINGSPAN GROUP39,459 236,754 0.81

Ireland 236,754 0.81

TOSHIBA CORP75,000 286,932 0.99

Japan 286,932 0.99

KUALA LUMPUR KEPONG MY48,800 163,905 0.56

Malaysia 163,905 0.56

% of N

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Market V

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EUR

Quan

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KONINKLIJKE PHILIPS ELECTRONICS NV18,766 388,081 1.34

Netherlands 388,081 1.34

RENEWABLE ENERGY CORPORATION AS36,000 194,372 0.67

Norway 194,372 0.67

ABENGOA SA9,662 218,361 0.75

Spain 2,520,124 8.67

ACCIONA SA3,177 289,425 1.00EDP RENOVAVEIS SA40,311 267,262 0.92GAMESA CORPORACION TECNOLOGICA SA21,848 257,479 0.89IBERDROLA RENOVABLES SA160,172 531,771 1.83RED ELECTRICA CORPORACION SA24,622 955,826 3.28

ABB LTD REG SHS62,448 839,573 2.89


GEBERIT AG8,317 1,029,006 3.54

BRIGHT LED ELECTRONICS CORP316,200 332,802 1.15

Taiwan 1,808,159 6.22

EPISTAR CORP306,000 800,166 2.75EVERLIGHT ELECTRONICS CO LTD258,207 675,191 2.32

JOHNSON MATHEY PLC27,150 467,856 1.61


NATIONAL GRID PLC130,465 997,082 3.43

AMERICAN SUPERCONDUCTOR47,200 1,345,517 4.64


BALDOR ELECTRIC CO LTD6,900 135,090 0.46COMVERGE SHS17,700 138,664 0.48CREE10,400 408,606 1.41EMERSON ELECTRIC CO15,500 460,220 1.58ENERNOC INC8,300 175,806 0.61FIRST SOLAR INC5,400 509,608 1.75FUEL SYSTEMS SOLUTIONS32,000 919,798 3.17GT SOLAR INTERNATIONAL48,700 188,724 0.65IDACORP INC32,100 714,825 2.46ITC HOLDINGS CORP19,800 718,858 2.47ITRON INC4,500 211,929 0.73MEMC ELECTRONIC MATERIALS49,700 471,799 1.62ORMAT TECHNOLOGIES18,900 498,467 1.72PG AND E CORP15,300 476,142 1.64SUNPOWER CORP -A-17,800 293,782 1.01


% of N

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Market V

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EUR

Quan

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17


Emerging Europe


ALLIANCE OIL COMPANY LTD SWE DEP.REC.5,003 50,058 0.17


29,258,648 96.54

Shares 29,258,648 96.54

Bermuda 50,058 0.17

INTEGRA GROUP HOLDING GDR REPR 1/20 REG15,395 32,190 0.11


GLOBALTRANS INV -GDR- REP 1 SH REG -S20,695 142,799 0.47

Cyprus 142,799 0.47

CEZ AS15,780 516,339 1.70

Czech Republic 1,137,912 3.75

KOMERCNI BANKA AS2,715 403,985 1.33TELEFONICA O2 CZECH REPUBLIC AS13,745 217,588 0.72

MAGYAR TELEKOM PLC18,141 49,140 0.16

Hungary 1,702,849 5.62

MOL HUNGARIAN OIL AND GAS PLC -A-4,369 274,851 0.91OTP BANK LTD62,522 1,262,333 4.17RICHTER GEDEON PLC734 116,525 0.38

EXILLON ENERGY PLC27,279 55,267 0.18

Isle of Man 55,267 0.18

KERNEL HOLDING SA3,468 35,306 0.12

Luxembourg 35,306 0.12

BANK HANDLOWY1,742 29,699 0.10

Poland 958,582 3.16

BANK ZACHODNI WBK2,229 103,148 0.34BSK BANK SLASKI383 72,760 0.24BUDIMEX3,841 68,291 0.23GRUPA PEKAO SA1,925 75,812 0.25MOSTOSTAL WARSZAWA1,224 18,155 0.06NETIA SA121,436 144,924 0.48PKO BANK POLSKI SA25,439 235,440 0.77POLISH TELECOM SA54,422 210,353 0.69

AEROFLOT80,951 98,501 0.33

Russia 19,140,333 63.16

AK SBEREGATELNY BANK SBERBANK182,713 289,870 0.96BASHNEFT24 414 0.00BASHNEFT PREF3,500 31,957 0.11COMSTAR UNITED TELESYSTEMS (GDR)30,989 118,794 0.39EURASIA DRILLIN GDR SHS REG-S4,657 55,180 0.18FSK EES25,951,656 189,923 0.63GAZPROM64,117 269,919 0.89GAZPROM NEFT ADR REPR 5 SHS5,900 112,469 0.37GAZPROM OAO ADR149,363 2,654,648 8.76GK PIK - GDR - RECEIPT REPR 1 SH RGS-S10,961 31,705 0.10GROUP LSR -GDR- REPR SHS REG -S7,050 44,715 0.15HYDRO WGC811,981 21,336 0.07IDGC HOLDING958,304 73,004 0.24INTER RAO UES - SHS142,482,944 155,418 0.51JSFC SISTEMA294,856 159,949 0.53JSFC SISTEMA GDR REPR.SHS REG-S84 1,229 0.00

% of N

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Market V

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EUR

Quan

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LUKOIL HOLDINGS ADR REPR.1 SHS63,337 2,489,776 8.22MAGNIT GDR REPR 1/5 SH REG-S WHEN ISSUED663 7,278 0.02MAGNITOGORSK IRON SPONSORED GDR REPR1311,431 90,030 0.30MECHEL OJSC ADR REPR.1 SHS23,600 309,568 1.02MMC NORILSK NICKEL400 38,957 0.13MMC NORILSK NICKEL ADR REPR.1/10SHS71,625 716,375 2.36MOBILE TELESYSTEMS ADR REPR.5 SHS22,600 770,109 2.54MOBILE TELESYSTEMS OJSC48,705 246,792 0.81NOVATEK GDR REPR 1/100 SHS REG-S14,459 665,129 2.19NOVOLIPETSK STEEL - GDR - REPR SHS REG S5,943 127,165 0.42NOVOROSS PORT SHS GDR REPR SHS REG-S17,386 139,476 0.46PHARMSTANDARD JSC5,617 238,813 0.79POLYMETAL GDR - REPR 1 SH 1 SH REG-S36,602 233,936 0.77POLYUS GOLD CO ZAO7,212 263,172 0.87RASPADSKAYA -SHS-150,860 507,746 1.68ROSNEFT OIL-GDR-205,562 1,232,154 4.07ROSTELECOM45,240 66,532 0.22RUSHYDRO ADR REPR 100 SHS143,997 384,393 1.27SBERBANK1,411,300 2,763,089 9.11SEVERSTAL-AUTO2,688 26,289 0.09SILVINIT53 28,808 0.10SILVINIT -PREF SHS235 62,241 0.21SURGUTNEFTEGAZ398,200 245,678 0.81SURGUTNEFTEGAZ JSC PFD ADR 10 PFD SHS63,140 211,237 0.70SURGUTNEFTEGAZ PREF SHS1,806,235 606,548 2.00TATNEFT -GDR-REPR 6 SHS REG-S26,747 543,236 1.79TGK-5- GDR - REPR 4000 SHS REG-S1 1 0.00TMK SHS SPONSORED GDR REPR.SHS REG-S9,818 122,695 0.40TNK BP HOLDING67,743 81,447 0.27URALKALIY OJSC78,734 227,430 0.75VIMPEL COMMUNICATIONS SPONS ADR 1/20 SHS48,100 623,230 2.06VNESHTORGBANK168,235,637 269,693 0.89VOZROZHDENIYE BANK4,042 110,558 0.36VYKSA METALLURGICAL PLANT OJSC86 65,935 0.22WGC-23,568,071 75,353 0.25WIMM BILL DANN FOODS6,791 212,441 0.70X5 RETAIL GROUP GDR REPR SHS REG-S1,259 27,992 0.09

ADANA CIMENTO -A-0 1 0.00

Turkey 5,859,574 19.33

AKBANK75,436 331,467 1.09AKCANSA CIMENTO SANAYI VE TICARET AS7,266 22,467 0.07AKSIGORTA AS44,636 107,924 0.36ALBARAKA TURK KATILIM BANKASI79,216 81,402 0.27ANADOLU EFES BIRACILIK VE MALT SANAYI21,659 169,190 0.56ARCELIK16,163 43,965 0.15ASYA KATILIM BANK-SHS B-151,805 244,226 0.81BAGFAS BANDIRMA1,033 44,910 0.15BIM BIRLESIK MAGAZALAR1,911 61,756 0.20CIMSA CIMENTO SANAYI VE TICARET19,978 70,134 0.23COCA COLA ICECEK SANAYI A.S7,094 49,478 0.16DOGUS OTOMOTIV SERVIS20,000 45,010 0.15ENKA INSAAT VE SANAY A.S34,664 111,215 0.37EREGLI DEMIR VE CELIK21,868 45,757 0.15HACI OMER SABANCI HOLDING AS74,193 198,363 0.65KOC HOLDING AS -B-116,755 239,954 0.79MIGROS TICARET A.S.0 3 0.00

% of N

AV

Market V

alue

EUR

Quan

tity

18


Emerging Europe


SINPAS GAYRIM46,400 49,838 0.16TAV HAVALIMALARI HOLDING AS18,627 41,054 0.14TEKFEN HOLDING AS26,399 60,147 0.20TOFAS TURK OTOMOBIL FABRIKASI AS18,555 40,722 0.13TRAKYA CAM SANAYII0 0 0.00TUPRAS TURKIYE PETROL RAFINELERI17,781 245,965 0.81TURCAS PETROL AS13,474 30,073 0.10TURK HAVA YOLLARI AO57,887 153,421 0.51TURK SISE CAM35,962 31,269 0.10TURK TELEKOM58,463 123,958 0.41TURK TRAKTOR VE ZIR23,282 97,971 0.32TURKCELL ILETISIM HIZMET107,013 527,440 1.74TURKIYE GARANTI BANKASI AS (NAMEN-AKT)413,345 1,220,442 4.03TURKIYE HALK BANKA -SHS-74,403 411,687 1.36TURKIYE IS BANKASI AS173,032 506,871 1.67TURKIYE SINAI KALK0 0 0.00TURKIYE VAKIFLAR BANKASI TAO134,374 266,168 0.88YAPI VE KREDI BANKASI AS121,516 185,326 0.61

EURASIAN NATURAL RESOURCES CORPORATION4,799 49,424 0.16

United Kingdom 143,778 0.47

KAZAKHMYS PLC2,879 43,034 0.14PETER HAMBRO MINING PLC4,444 51,320 0.17


% of N

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EUR

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19


Emerging Internal Demand


NORTEL INVERSORA ADR REPR.1/20 PFD -B-9,800 147,000 0.15


92,551,203 96.73

Shares 91,926,819 96.08

Argentina 147,000 0.15


Bermuda 259,669 0.27


Brazil 20,219,215 21.13

AES TIETE24,364 240,398 0.25AES TIETE PREF1,900 21,799 0.02AGRA EMPREENDIM -SHS-169,300 484,631 0.51AMBEV - ADR 1.SHS1,600 138,160 0.14AMIL PARTICIPACOES SA15,000 117,887 0.12BANCO ABC BRASIL SA CONY27,800 188,183 0.20BANCO BRADESCO PFD ADR REPR 123,100 505,197 0.53BANCO DO BRASIL SA15,600 265,788 0.28BANRISUL - PFD SHS -B-55,500 468,020 0.49BMF BOVESPA14,000 98,383 0.10BR MALLS PARTICIPACOES SA7,100 87,569 0.09BRADESPAR PFD SHS8,580 189,644 0.20BRASCAN RESIDENTIAL PROPERTIES SA98,000 438,505 0.46BRASIL TELECOM ADR REPR.1SHS946 14,956 0.02BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS6,475 188,617 0.20BRF ADR REPR 2 SHS200 10,474 0.01CAMRGO CORREA DESENVOLVIMENTOIMOBILIARO

135,400 423,320 0.44

CEMIG (CIA ENERGETICA MINAS GERAIS)4,750 66,487 0.07CENTRAIS ELETRICAS BRASILEIRAS8,900 185,536 0.19CIA BRASILEIRA DIST PFD SHS -A-15,000 559,490 0.58CIA HERING26,000 437,759 0.46CIA SIDERURGICA NACIONAL ADR 1 SHS400 12,772 0.01CIELO14,688 129,253 0.14COELCE -A- PREF4,800 84,947 0.09COMPANHIA SIDERURGICA NACIONAL4,000 128,500 0.13COMP.BRASIL.DISTR.ADR 2PFD CL.-A- REG-S3,900 292,968 0.31CR2 EMPREEDIM13,000 46,312 0.05DURATEX4,500 41,820 0.04ELETROPAULO ELETRICIDADE PFD -B-5,800 114,789 0.12EVEN CONSTR SHS31,000 151,871 0.16EZ TEC51,700 252,094 0.26FOSFERTIL PREF.FERTILIZANTES FOSFATADOS1,900 17,984 0.02GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH.10,600 162,710 0.17GUARARAPES CONFECCOES SA1,500 63,504 0.07HYPERMARCAS SA4,600 105,553 0.11IOCHPE MAXION1,300 18,980 0.02ITAU UNIBANCO PFD ADR REPR 1 PFD SHS29,402 671,542 0.70ITAUSA INVESTIMENTOS ITAU SA-PREF80,227 545,372 0.57JHSF PARTICIPACOES -SHS-122,900 264,385 0.28KLABIN PREF.146,400 445,953 0.47KLABIN SEGALL SA80,900 229,725 0.24LLX LOGISTICA94,842 550,055 0.57LOCALIZA RENT A CAR SA20,400 226,095 0.24MPX ENERGIA15,000 193,610 0.20

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MRV ENGENHARIA PARTICIPACOES SA29,400 237,805 0.25OGX PETROLEO E GAS PARTICIPACOES SA110,000 1,079,052 1.13PETROBRAS SA-ADR-REPR.100 PFD SHS 144A36,500 1,547,234 1.62PETROLEO BRASILEIRO -PETROBRAS- PREF.103,900 2,186,840 2.29PETROLEO BRASILEIRO SP.ADR REPR.2 SH14,300 681,824 0.71REDECARD SHS1,900 31,609 0.03SARAIVA SA LIVREIROS EDITORES PREF26,000 507,115 0.53SUZANO PAPEL PFD.SHS44,800 526,848 0.55TAM SA (ADR)1,500 33,330 0.03TECNISA SHS10,000 59,661 0.06TEGMA GESTAO -SHS-12,000 106,701 0.11TELE NORTE LESTE PARTICIPACOES16,200 415,409 0.43TELECOMUNICACOES DE SAO PAULO8,500 185,097 0.19TIM PARTICIPACOES-ADR REP 10 PFD SHS4,300 127,753 0.13TNLP PREF.SHS-REPR.1000 PREF.TELEMAR-ADR3,300 70,686 0.07TRISUL SA74,000 267,440 0.28USIMINA12,050 346,252 0.36VALE ADR REP 1SH2,200 63,866 0.07VALE DO RIO DOCE5,000 141,981 0.15VALE DO RIO DOCE PREF -A-20,800 503,535 0.53VALE PFD -A- ADR REPR 1PFD SHS-A-24,500 608,090 0.64VIVO PART ADR8,925 276,675 0.29VIVO PARTICIPACOES SA PREF.3,047 95,228 0.10VIVO PATICIPACOES SA400 12,391 0.01

HOLLYSYS AUTOMATION TECHNOLOGIES29,200 350,692 0.37


EASTERN PLATINUM SHS867 799 0.00

Canada 799 0.00

CHINA AUTOMATION GROUP LTD¦256,000 210,306 0.22


KWG PROPERTY HOLDING LTD128,000 98,880 0.10NETEASE.COM ADR REPR.SHS7,600 285,836 0.30PARKSON RETAIL GP102,500 180,835 0.19SA SA INTERNATIONAL HOLDINGS446,000 295,645 0.31WASION GROUP SHS238,000 248,926 0.26

ANDINA SPONS.ADR REPR.6 PFD -B-5,000 102,000 0.11

Chile 447,661 0.47

CENCOSUD SA11,700 39,668 0.04CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS2,000 78,040 0.08EMBOTELLADORA ANDINA PFD -B-13,089 44,821 0.05EMPRESAS CMPC1,870 74,347 0.08EMPRESAS LA POLAR7,067 40,205 0.04ENERSIS SA ADR REPR.50 SHS3,000 68,580 0.07

ANHUI CONCH CEMENT CO -H-56,000 360,380 0.38

China 15,981,436 16.70

BANK OF CHINA LTD -H-745,000 403,532 0.42BEIJING JINGKELONG CO -H-259,000 211,100 0.22CHINA BLUECHEMICAL SHS.H-392,000 240,133 0.25CHINA COAL ENERGY CO LTD -H-139,000 255,268 0.27CHINA COMMUNICATION SERCICES CORP -H-123,000 60,596 0.06CHINA CONSTRUCTION BANK CORPORATION -H-1,758,000 1,512,227 1.57CHINA DONGXIANG (GROUP) CO LTD567,000 438,739 0.46CHINA LIFE INSURANCE CO LTD285,000 1,409,557 1.47CHINA MERCHANT BANK -H-152,500 400,227 0.42

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20




CHINA MERCHANTS HOLDINGS -RC-16,000 52,102 0.05CHINA MOBILE LTD138,500 1,301,223 1.36CHINA OILFIELD SERVICES -H-164,000 196,698 0.21CHINA OVERSEAS LAND INVESTMENT LTD -RC-179,760 380,197 0.40CHINA PACIFIC INSURANCE (GROUP) CO LTD¦11,200 44,632 0.05CHINA PETROLEUM AND CHEMICAL -H-750,000 668,362 0.70CHINA POWER INTERNATIONAL DEV. -RC-170,000 42,752 0.04CHINA RESOURCES BEIJING LAND LTD116,000 263,894 0.28CHINA RESOURCES ENTERPRISE LTD -RC-90,000 329,055 0.34CHINA RESOURCES POWER HOLDINGS -RC-148,000 294,701 0.31CHINA SHENHUA ENERGY CO LTD-SHS.-H-99,000 485,167 0.51CHINA SOUTH LOCOMOTIVE & ROLLING STOCK289,000 212,444 0.22CHINA TELECOM CORP LTD -H-284,000 118,669 0.12CHINA YURUN FOOD GROUP LTD66,000 195,769 0.20CNOOC LTD -RC-639,000 1,005,386 1.05CTRIP.COM INTL - SHS ADR REPR.1/2SHS2,000 143,720 0.15DENWAY MOTORS LTD -RC-284,000 180,933 0.19GOLDEN EAGLE RETAIL GROUP LTD67,000 136,868 0.14GREAT WALL MOTOR CO-H-117,000 146,061 0.15GUANGDONG INVEST -RC-574,000 335,338 0.35HENGAN INTERNATIONAL GROUP CO LTD13,000 96,569 0.10INDUS.AND COMMERCIAL BANK OF CHINA -H-1,920,000 1,594,628 1.66LIANHUA SUPERMARKET -H-72,000 217,280 0.23MINDRAY MEDICAL -ADR-4,000 135,680 0.14NEW WORLD DEPARTMENT STORE CHINA LTD165,000 151,295 0.16PERFECT WORLD -B- ADR REC. REPR 5 SHS -B5,800 228,752 0.24PETROCHINA CO LTD -H-334,000 401,453 0.42PING AN INS (GRP) CO -H-11,000 96,466 0.10SHOUGANG CONCORD INT'L ENTREPRISES CO598,000 149,615 0.16SICHUAN EXPRESSWAY / -H-316,000 167,495 0.18YANZHOU COAL MINING CO -H-90,000 199,174 0.21ZHEJIANG EXPRESSWAY -H-278,000 257,778 0.27ZHUZHOU CSR TIMES - SHS -H-129,000 264,520 0.28ZIJIN MINING CORP CO LTD -H-118,000 112,917 0.12ZTE CORPORATION -H-13,260 82,084 0.09

BANCOLOMBIA ADR REPR.4 PREF SHS700 31,857 0.03

Colombia 31,857 0.03


Cyprus 189,882 0.20

CEZ AS2,231 104,738 0.11

Czech Republic 153,025 0.16

TELEFONICA O2 CZECH REPUBLIC AS2,126 48,287 0.05

COMMERCIAL INTERNATIONAL BANK GDR REG-S18,595 185,950 0.19

Egypt 450,555 0.47

ORASCOM CONSTRUCTION INDUSTRIE REG.2,887 131,424 0.14ORASCOM TELECOM GDR REPR.5 SH REG-S5,793 133,181 0.14

BEIJING ENTERPRISES HOLDINGS LTD -RC-39,000 282,917 0.30

Hong Kong 2,835,404 2.96

CAFE DE CORAL HOLDINGS LTD74,000 169,300 0.18CHINA UNICO HK114,160 151,349 0.16CN TAIPING INSURANCE HOLDINGS CO128,000 414,340 0.44FUSHAN INTL ENERGY209,000 203,231 0.21HENDERSON LAND DEVLOPMENT CO LTD31,000 233,478 0.24LENOVO GROUP LTD -RC-68,000 42,620 0.04

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LIFESTYLE INTERNATIONAL212,000 396,440 0.41POLY (HONG KONG)INVESTEMENTS LTD123,000 154,186 0.16SKYWORTH DIGITAL HOLDINGS LTD318,000 327,267 0.34TEXWINCA HOLDINGS196,000 183,259 0.19WHARF HOLDINGS48,000 277,017 0.29

OTP BANK LTD18,218 527,737 0.55

Hungary 527,737 0.55

CAIRN INDIA - SHS DEMARTERALISED55,056 333,815 0.35

India 4,542,862 4.75

DR REDDYS LABORATORIES ADR7,600 183,996 0.19GVK POWER & INFRASTRUCTURE LTD175,000 174,680 0.18HDFC BANK DEMATERIALISED7,748 283,422 0.30ICICI BANK ADR REPR.2 SHS9,800 369,557 0.39INDIABULLS REAL EST SHS DEMATERIALISED13,612 66,605 0.07IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT18,600 140,195 0.15JINDAL STL & POWER17,044 257,592 0.27LARSEN TOUBRO GDR-GL.DEPOS.REC.REPR 1SH1,600 58,640 0.06LUPIN SHS/DEMATERIALISED10,767 341,069 0.36MAHINDRA AND MAHINDRA DEMATERALISED11,300 262,461 0.27MARUTI UDYOG LTD2,600 87,166 0.09MUNDRA PORT AND SPECIAL ECONOMIC ZONE22,548 268,168 0.28NAGURJANA CONSTRUCTION -SHS DEMAT38,241 136,208 0.14NTPC DS - SHS - DEMATERIALISED22,000 111,407 0.12RELIANCE INDUSTRIES GDR REPR.2 SHS3,934 182,931 0.19STERLITE INDUSTRIES - DEMATERIALISED15,296 283,848 0.30SUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL1,392 45,133 0.05TATA CHEMICALS LTD (DEMATERIALISED)13,000 89,912 0.09ULTRA TECH CEMENT LTD20,593 404,558 0.42UNITED PHOSPHORUS LTD DEMATERIALISED84,000 313,545 0.33UNITED SPIRITS LTD -DEMATERIALISED5,463 147,954 0.15


Indonesia 4,754,878 4.97

BANK CENTRAL ASIA DEP530,500 273,861 0.29BANK DANAMON INDONESIA SERIES -A-287,000 138,994 0.15BANK MANDIRI646,500 323,422 0.34BANK RAKYAT INDONESIA507,000 412,831 0.43CIPUTRA DEVELOPMENT TBK3,316,000 171,183 0.18GUDANG GARAM145,500 333,744 0.35INDO TAMBANGRAYA MEGAH72,500 245,397 0.26INDOCEMENT TUNGGAL PRAKARSA349,500 509,648 0.52JASA MARGA -B-1,377,000 265,287 0.28KALBE FARMA1,349,500 186,732 0.20PERUSAHAAN GAS NEGA -B-764,500 317,355 0.33RAMAYANA LESTARI1,482,500 97,834 0.10SUMMARECON AGUNG TBK3,500,000 223,523 0.23TAMBANG BATUBARA -B-163,000 299,282 0.31TELKOM INDONESIA SERIES -B-449,000 451,629 0.47

BEZEQ THE ISRAEL TELECOMMUNICATION21,633 54,699 0.06

Israel 790,657 0.83

TEVA PHARMA IND.ADR13,100 735,958 0.77

KERNEL HOLDING SA4,154 60,676 0.06


TERNIUM SA -ADR 1/10 SHS-2,000 70,840 0.08

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21




AMMB HOLDING BHD106,100 154,935 0.16

Malaysia 2,446,370 2.56

CIMB GROUP HOLDINGS BHD49,300 184,874 0.19DIGI.COM BHD10,000 64,135 0.07GAMUDA BHD100,000 75,934 0.08GENTING BHD243,800 522,631 0.56GENTING MALAYSIA BHD155,400 127,533 0.13IJM CORP42,280 55,319 0.06IOI CORPORATION BHD25,100 40,098 0.04KUALA LUMPUR KEPONG MY58,500 281,906 0.29MALAYAN BANKING BHD156,200 312,947 0.33PLUS EXPRESSWAYS BHD75,000 71,407 0.07PUBLIC BANK BHD FOREIGN105,100 345,627 0.36TANJONG PLC42,500 209,024 0.22

AMERICA MOVIL ADR REPR.20SHS -L-11,300 530,874 0.56

Mexico 5,287,079 5.53

AMERICA MOVIL -L-90,700 213,838 0.22DESARROLLADORE HOMEX -ADR- REPR 6 SHS13,100 440,422 0.46EMPRESAS ICA - ADR - REPR 44,000 37,400 0.04FEMSA SPON ADR REP.10UTS CONS-B-+20SH-D-4,000 191,520 0.20GEO -B-187,200 498,276 0.52GMEXICO -B-791,469 1,819,322 1.91GRUMA SHS-B-127,500 225,303 0.24GRUPO FINANCIERO BANORTE -O-64,600 236,719 0.25GRUPO MODELO-C- SHS-C-38,500 215,245 0.22GRUPO TELEVISA ADR (5 ORD.PART.CERT.)23,200 481,632 0.50INDUSTRIAL PENOLES SAB DE CV2,745 58,628 0.06KIMBERLY-CLARK -A-9,300 41,715 0.04SARE HOLDINGS -B-249,900 92,645 0.10URBI DESARROLL SHS37,500 84,390 0.09WAL MART -V-26,500 119,150 0.12

BUENAVENTURE SP ADR-SHS-5,700 190,779 0.20

Peru 236,991 0.25

CREDICORP600 46,212 0.05

BANK OF THE PHILIPPINE ISLANDS195,100 202,570 0.21

Philippines 696,611 0.73

ENERGY DEVELOPMENT730,000 74,216 0.08METROBANK AND TRUST175,900 171,220 0.18PHILIPPINE LONG DISTANCE TEL.770 43,638 0.05SM PRIME HOLDINGS INC966,900 204,967 0.21

ASSECO POLAND1,073 23,603 0.02

Poland 779,512 0.81

BANK ZACHODNI WBK336 22,308 0.02BUDIMEX6,969 177,773 0.19GRUPA PEKAO SA670 37,858 0.04MOSTOSTAL WARSZAWA2,036 43,328 0.05NETIA SA52,538 89,959 0.09PKO BANK POLSKI SA6,407 85,077 0.09POLIMEX MOSTOSTAL SA38,118 52,880 0.06POLISH OIL AND GAS COMPANY SA21,771 28,833 0.03POLISH TELECOM SA39,291 217,893 0.22

AEROFLOT177,378 309,667 0.32

Russia 6,690,669 6.99

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AK SBEREGATELNY BANK SBERBANK184,664 420,332 0.44COMSTAR UNITED TELESYSTEMS (GDR)10,472 57,596 0.06FSK EES12,925,391 135,717 0.14GK PIK18,806 76,264 0.08GK PIK - GDR - RECEIPT REPR 1 SH RGS-S10,266 42,604 0.04GROUP LSR -GDR- REPR SHS REG -S12,800 116,480 0.12HYDRO WGC6,849,270 258,217 0.27IDGC HOLDING2,694,794 294,541 0.31INTER RAO UES - SHS117,000,000 183,105 0.19JSFC SISTEMA87,608 68,185 0.07JSFC SISTEMA GDR REPR.SHS REG-S10,918 229,278 0.24MAGNIT GDR REPR 1/5 SH REG-S WHEN ISSUED1,489 23,452 0.02MAGNITOGORSK IRON146,685 123,582 0.13MOBILE TELESYSTEMS ADR REPR.5 SHS4,800 234,672 0.25MOBILE TELESYSTEMS OJSC19,007 138,181 0.14NOVATEK GDR REPR 1/100 SHS REG-S1,500 99,000 0.10NOVOROSS PORT SHS GDR REPR SHS REG-S20,536 236,369 0.25PHARMSTANDARD JSC3,012 183,732 0.19POLYUS GOLD CO ZAO1,419 74,292 0.08POLYUS ZOLOTO ADR REP.1/2 SHS3,075 84,716 0.09ROSTELECOM29,737 62,745 0.07RUSHYDRO ADR REPR 100 SHS17,508 67,056 0.07SBERBANK527,244 1,481,029 1.56SEVERSTAL-AUTO5,015 70,371 0.07SILVINIT38 29,635 0.03SILVINIT -PREF SHS183 69,540 0.07SURGUTNEFTEGAZ PREF SHS112,435 54,171 0.06TMK SHS SPONSORED GDR REPR.SHS REG-S730 13,089 0.01VIMPEL COMMUNICATIONS SPONS ADR 1/20 SHS37,100 689,689 0.72VOZROZHDENIYE BANK3,821 149,950 0.16WGC-22,027,800 61,442 0.06WIMM BILL DANN FOODS12,298 551,970 0.58

COMFORTDELGRO CORP161,000 188,071 0.20


PARKWAY HOLDING174,000 361,897 0.38SMRT CORPORATION LTD181,000 246,243 0.26STRAITS ASIA RESOURCES -SHS-59,000 109,684 0.11

ALTRON1,120 4,190 0.00

South Africa 2,609,353 2.73

BIDVEST GROUP6,250 109,489 0.11FIRSTRAND LTD50,525 125,837 0.13FOSCHINI LTD3,698 30,378 0.03GOLD FIELDS11,472 152,644 0.16JD GROUP11,276 75,952 0.08MTN GROUP LTD55,252 884,636 0.93NASPERS -N-14,670 597,660 0.63NORTHAM PLATINUM (PTY)9,472 61,794 0.06SHOPRITE HOLDINGS LTD (SHP)12,252 108,515 0.11STANDARD BANK GROUP LIMITED32,942 456,302 0.49WOOLWORTHS HOLDINGS807 1,956 0.00

AMOREPACIFIC CORP411 329,654 0.34

South Korea 9,590,494 10.02

CJ CHEILJEDANG2,149 379,243 0.40DONG-A PHARMACEUTICAL1,782 196,644 0.21DOOSAN HVY IND1,765 122,924 0.13

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GS ENGINEERING & CONSTRUCTION CORP930 86,653 0.09HANA FINANCIAL GROUP INC10,730 303,155 0.32HITE BREWERY900 131,390 0.14HYUNDAI DEPARTMENT STORE SHS1,000 96,610 0.10HYUNDAI DEVELOPMENT COMPANYENGINEERING

2,470 80,073 0.08

HYUNDAI ENGINEERING CONSTRUCTION744 45,299 0.05HYUNDAI FIRE MARINE INSURANCE CO LTD13,350 214,384 0.22KANGWON LAND5,260 74,531 0.08KB FINANCIAL GROUP INC9,462 485,095 0.50KCC CORP891 284,254 0.30KT ADR10,900 183,338 0.19KT CORPORATION6,486 217,783 0.23LG CORP8,129 506,808 0.52LG ELECTRONICS INC2,848 297,157 0.31LG ELECTRONICS INC PFD SHS.NON VOTING1,054 45,256 0.05LG HOUSEHOLD AND HEALTHCARE1,246 311,373 0.33LG TELECOM CO LTD8,450 61,608 0.06MIRAEASSET SECURITIES CO2,990 166,899 0.17NHN CORP2,426 400,002 0.42OCI COMPANY LTD188 35,276 0.04ORION CORPORATION1,567 388,899 0.41POSCO2,615 1,387,811 1.44SAMSUNG CARD SHS4,020 198,501 0.21SAMSUNG ENGINEERING1,400 129,844 0.14SAMSUNG FIRE AND MARINE INSURANCE2,450 419,738 0.44SAMSUNG HEAVY INDUSTRIES CO LTD10,820 224,860 0.24SHINHAN FINANCIAL GROUP17,109 634,714 0.65SHINSEGAE CO LTD1,016 468,530 0.49SK TELECOM CO LTD - ADR - REP.1/90 SH4,300 69,918 0.07SK TELEKOM1,167 169,868 0.18WOONG JIN COWAY CO LTD6,560 216,324 0.23YUHAN CORP1,479 226,078 0.24

CATHAY FINANCIAL225,450 420,802 0.43

Taiwan 3,031,320 3.17

CHINA FIN HOLDINGS302,384 188,606 0.20CHINA STEEL CORP279,000 287,854 0.30CHUNGHWA TELECOM28,822 53,616 0.06CHUNGHWA TELECOM ADR25,602 475,428 0.49FAR EASTERN TEXTILE134,800 168,579 0.18FORMOSA PLASTICS CORP168,080 353,659 0.37FUBON FINANCIAL HOLDING COMPANY118,000 144,987 0.15MEDIA TEK INCORPORATION23,282 406,170 0.42PRESIDENT CHAIN STORE CORP18,176 43,245 0.05SYNNEX TECHNOLOGY INTERNATIONAL CORP47,100 102,343 0.11TAIWAN CEMENT CORP110,100 117,036 0.12TAIWAN MOBILE72,000 140,466 0.15UNITED MICROELECTRONICS CORP103,000 55,388 0.06WPG HOLDING42,000 73,141 0.08

ADVANCED INFO SERVICE -F-113,500 294,474 0.31

Thailand 2,429,531 2.54

BANPU PUBLIC CO LTD -F-9,900 171,632 0.18BIG C SUPERCENTER CO LTD172,100 219,384 0.23KASIKORNBANK -F-125,000 326,185 0.34MAJOR CINEPLEX GROUP FOREIGN REGISTERED234,800 59,862 0.06PTT CHEMICAL (F)35,000 77,684 0.08

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PTT EXPLORATION AND PRODUCTION PUBLIC CO54,800 241,620 0.25PTT PUBLIC COMPANY LTD -F-74,300 548,224 0.57SIAM COMMERCIAL BANK PUBLIC -F-167,800 436,612 0.46THAI OIL-FOREIGN REG42,000 53,854 0.06

AKCANSA CIMENTO SANAYI VE TICARET AS17,548 77,849 0.08

Turkey 3,993,241 4.17

AKSIGORTA AS62,611 217,200 0.23ALBARAKA TURK KATILIM BANKASI63,403 93,478 0.10ARCELIK91,799 358,262 0.37ASYA KATILIM BANK-SHS B-87,310 201,533 0.21BAGFAS BANDIRMA904 56,388 0.06BIM BIRLESIK MAGAZALAR2,756 127,782 0.13CIMSA CIMENTO SANAYI VE TICARET8,666 43,649 0.05KOC HOLDING AS -B-67,807 199,942 0.21SINPAS GAYRIM89,409 137,784 0.14TAV HAVALIMALARI HOLDING AS19,000 60,081 0.06TEKFEN HOLDING AS17,414 56,925 0.06TOFAS TURK OTOMOBIL FABRIKASI AS23,925 75,336 0.08TURCAS PETROL AS25,981 83,197 0.09TURK HAVA YOLLARI AO24,356 92,616 0.10TURK TELEKOM8,639 26,281 0.03TURK TRAKTOR VE ZIR27,523 166,169 0.17TURKCELL ILETISIM HIZMET29,503 208,631 0.22TURKIYE GARANTI BANKASI AS (NAMEN-AKT)172,811 732,068 0.76TURKIYE HALK BANKA -SHS-46,745 371,098 0.39TURKIYE IS BANKASI AS94,316 396,399 0.41TURKIYE VAKIFLAR BANKASI TAO58,212 165,435 0.17YAPI VE KREDI BANKASI AS20,628 45,138 0.05

SABMILLER PLC3,215 94,480 0.10


DEUTSCHE BK (BHARTI AIRTEL) 24.01.17 WAR9,396 66,595 0.07


India 304,272 0.31

JP MORGAN (HOUSING DVPT) 12.06.12 WAR4,140 237,677 0.24

JP MORGAN (BHARAT HEAVY) 09.01.14 WAR2,247 113,092 0.12

Jersey Island 113,092 0.12

JP MORGAN (HOUSING DEV) 25.08.14 WAR3,606 207,020 0.22


CLSA FIN PROD. (STATE BK I) 13.05.10 WAR2,000 97,549 0.10

Other transferable securities 2,884,539 3.01

Options, Warrants, Rights 2,884,539 3.01

Bermuda 946,094 0.99

CLSA FIN.PROD (EQUITY) 05.05.10 WAR79,778 430,100 0.45CLSA FIN.PROD (SUN PHARMA ) 01.12.10 WAR6,556 212,633 0.22CLSA FIN.PROD.REGS (TATA) 20.05.10 WAR15,500 205,812 0.22

CLSA FIN PROD. (GAIL INDIA) 16.01.12 WAR27,752 246,560 0.26

India 1,938,445 2.02

CLSA FIN PROD. (JSW STEEL) -03.10.12 WAR10,830 235,876 0.25CLSA FIN PROD.(RELIANCE I) -17.05.10 WAR46,996 1,101,708 1.14CLSA FIN PROD.(TATA POWER) -02.08.10 WAR11,931 354,301 0.37

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23





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Emerging Markets


TELECOM ARGENTINA SPONS. ADR REPR. 5 B SHS88,900 1,495,298 0.23


606,554,297 93.28

Shares 603,789,698 92.85

Argentina 1,495,298 0.23

RAIFFEISEN INTERNATIONAL BANK-HOLDING AG174,100 9,866,704 1.52

Austria 9,866,704 1.52


Bermuda 3,176,396 0.49

AMBEV PRF ADR REP 1 SHS39,058 3,948,373 0.61

Brazil 92,974,098 14.30

BANCO ABC BRASIL SA CONY214,200 1,449,958 0.22BRF ADR REPR 2 SHS64,500 3,377,865 0.52CEMIG ADR REPR 1 PFD SH340,442 6,148,383 0.95COMP.BRASIL.DISTR.ADR 2PFD CL.-A- REG-S43,900 3,297,768 0.51COPEL SP.ADR REPR.1 PFD SHS -B-135,388 2,904,073 0.45GERDAU PFD SHS/SPONS.ADR REPR. 1 PFD SH.337,400 5,745,922 0.88ITAU UNIBANCO PFD ADR REPR 1 PFD SHS486,795 11,118,398 1.71JBS450,600 2,409,134 0.37MARFRIG FRIGORIFICO SHS140,700 1,543,248 0.24PETROBRAS SA-ADR-REPR.100 PFD SHS 144A693,149 29,382,586 4.51SUZANO PAPEL PFD.SHS320,400 3,767,907 0.58VALE PFD -A- ADR REPR 1PFD SHS-A-591,760 14,687,483 2.26VIVO PART ADR103,000 3,193,000 0.49

PARKSON RETAIL GP3,357,000 5,922,564 0.91


BANCO SANTANDER CHILE SPONS -1039- ADR19,400 1,256,732 0.19

Chile 4,564,818 0.70

CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS11,723 457,431 0.07EMPRESAS LA POLAR252,157 1,434,549 0.22ENDESA ADR REPR.30 SHS (CHILE)28,170 1,416,106 0.22

BAIDU - SHS -A- ADR REPR 1 SH -A-8,000 3,289,840 0.51

China 94,318,916 14.50

BELLE INTERNAIONAL HOLDING4,947,000 5,780,194 0.89CH HS TRANSMISS SHS1,502,000 3,672,659 0.56CHINA MENGNIU DAIRY1,982,500 7,094,936 1.09CHINA MERCHANT BANK -H-4,129,200 10,836,840 1.67CHINA MOBILE LTD1,249,000 11,734,492 1.80CHINA SHENHUA ENERGY CO LTD-SHS.-H-1,016,500 4,981,536 0.77CNOOC LTD -RC-8,321,000 13,092,050 2.01CTRIP.COM INTL - SHS ADR REPR.1/2SHS19,117 1,373,748 0.21INDUS.AND COMMERCIAL BANK OF CHINA -H-12,235,690 10,162,174 1.56MINDRAY MEDICAL -ADR-126,596 4,294,136 0.66NEW ORIENTAL EDUCATION & TECH.GR ADR RE463,563 4,805,998 0.74PING AN INS (GRP) CO -H-1,029,000 9,023,948 1.39WUXI PHARMA TECH SPONSORED ADR REPR 8261,677 4,176,365 0.64

BANCOLOMBIA ADR REPR.4 PREF SHS25,300 1,151,403 0.18

Colombia 2,761,655 0.42

CEMENTOS ARGOS SA304,606 1,610,252 0.24

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TELEFONICA O2 CZECH REPUBLIC AS55,476 1,260,003 0.19

Czech Republic 1,260,003 0.19

COMMERCIAL INTERNATIONAL BANK GDR REG-S425,925 4,259,251 0.66

Egypt 8,422,333 1.30

ORASCOM CONSTRUCTION INDUSTRIE REG.63,475 2,889,544 0.44TELECOM EGYPT SHS385,914 1,273,538 0.20

AAC ACOUSTIC TECHNOLOGIES HOLDINGS INC2,830,000 4,678,932 0.72

Hong Kong 16,776,946 2.58

ASM PACIFIC TECHNOLOGY565,000 5,381,103 0.82HONG KONG EXCHANGES AND CLEARING LTD115,400 2,074,631 0.32SAMSON HOLDING LTD9,484,000 1,467,726 0.23SHANGRI - LA ASIA LTD1,686,000 3,174,554 0.49


India 48,059,350 7.39

BHARAT HEAVY ELECTRICALS (DEMATERIALISED)77,151 3,984,466 0.61GVK POWER & INFRASTRUCTURE LTD3,035,697 3,030,154 0.47HOUSING DEVELOPMENT & INFRASTRUCTURE189,586 1,470,123 0.23INFOSYS TECHNOLOGIES DEMATERALISED95,800 5,354,798 0.82JAIPRAKASH ASSOCIATES1,449,610 4,574,522 0.70OIL AND NATURAL GAS CORP. DEMATERIALISED144,800 3,665,510 0.56PUNJAB NATIONAL BANK SHS/DEMAT.167,598 3,263,724 0.50RELIANCE INDUSTRIES DEMATERAILISED157,458 3,690,038 0.57SUZLON ENERGY LTD2,464,577 4,785,101 0.74TATA POWER DEMATERIALISED132,735 3,940,408 0.61UNITED PHOSPHORUS LTD DEMATERIALISED888,948 3,318,155 0.51

ANEKA TAMBANG SHS12,195,000 2,855,668 0.44

Indonesia 10,411,097 1.60

BANK MANDIRI4,862,000 2,432,294 0.37DELTA DUNIA MAKMUR11,535,000 2,074,950 0.32PERUSAHAAN GAS NEGA -B-7,343,000 3,048,185 0.47

DRAGON OIL PLC298,394 1,872,080 0.29

Ireland 1,872,080 0.29

BEZEQ THE ISRAEL TELECOMMUNICATION867,996 2,194,731 0.34

Israel 13,986,700 2.15

CHECK POINT SOFTWARE TECHNOLOGIES41,500 1,406,020 0.22ISRAEL CHEMICALS LTD227,576 3,003,898 0.46TEVA PHARMA IND.ADR131,400 7,382,051 1.13

HALYK SAVINGS BANK OF KAZAKHSTAN-GDR-92,700 880,650 0.13

Kazakstan 1,447,125 0.22

KAZMUNAIGAS SPONS.GDR REPR REG-S22,750 566,475 0.09

TERNIUM SA -ADR 1/10 SHS-41,100 1,455,762 0.22

Luxembourg 1,455,762 0.22

AMMB HOLDING BHD3,597,437 5,253,250 0.81

Malaysia 10,375,907 1.60

GENTING MALAYSIA BHD3,107,700 2,550,411 0.39TENAGA NASIONAL BHD1,048,500 2,572,246 0.40

AMERICA MOVIL ADR REPR.20SHS -L-236,900 11,129,563 1.72

Mexico 25,397,745 3.91

CEMEX ADR AMERI.DEPO.RECEIPT REPR 10 CPO266,300 3,147,666 0.48GEO -B-1,016,500 2,705,650 0.42

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Emerging Markets


GMEXICO -B-796,100 1,829,966 0.28GRUPO FINANCIERO BANORTE -O-906,800 3,322,861 0.51WAL MART -V-725,507 3,262,039 0.50

BANK MUSCAT SAOG SPONSOR.GL.DEP.REC.SHS214,044 1,797,970 0.28

Oman 1,797,970 0.28

COPA HOLDINGS SA12,200 664,534 0.10

Panama 664,534 0.10

BUENAVENTURE SP ADR-SHS-31,100 1,040,917 0.16

Peru 1,771,519 0.27

SOUTHERN COPPER CORP22,200 730,602 0.11

ALLIANCE GLOBAL GROUP14,673,000 1,317,174 0.20

Philippines 3,589,847 0.55

FIRST PHILIPPINE HOLDINGS905,900 940,584 0.14METROBANK AND TRUST1,368,500 1,332,089 0.21

COMM BK QATAR -GDR- RECP 1/5 SHS REG-S863,900 3,110,040 0.48

Qatar 3,110,040 0.48

AK SBEREGATELNY BANK SBERBANK8,069,303 18,367,347 2.83

Russia 47,980,922 7.38

GAZPROM OAO ADR526,500 13,425,750 2.06LUKOIL HOLDINGS ADR REPR.1 SHS125,600 7,083,840 1.09SURGUTNEFTEGAZ JSC PFD ADR 10 PFD SHS328,400 1,576,320 0.24SURGUTNEFTEGAZ PREF SHS15,624,045 7,527,665 1.16

AFRICAN BANK INVESTMENTS LIMITED836,389 3,384,755 0.52

South Africa 24,460,321 3.76

AVENG LTD853,008 4,621,986 0.71EXXARO RESOURCES LTD71,053 1,008,327 0.16GRINDROD1,028,851 2,484,202 0.38HARMONY GOLD MINING SPONSORED ADR228,719 2,326,072 0.36IMPERIAL HOLDINGS LTD531,916 6,381,932 0.98INVESTEC LTD576,000 4,165,285 0.64MONDI -SHS-15,387 87,762 0.01

AMOREPACIFIC CORP1,962 1,573,677 0.24

South Korea 70,741,062 10.88

KB FINANCIAL GROUP INC101,627 5,210,186 0.80KOREAN REINSURANCE CO214,234 1,813,991 0.28KT & G CORP-SHS.104,620 5,785,893 0.89LG HOUSEHOLD AND HEALTHCARE19,030 4,755,559 0.73MEGASTUDY16,499 3,386,299 0.52NHN CORP33,350 5,498,786 0.85POSCO6,700 3,555,765 0.55SAMSUNG CARD SHS93,384 4,611,159 0.71SAMSUNG ELECTRONICS CO LTD26,770 18,368,130 2.82SAMSUNG FIRE AND MARINE INSURANCE24,630 4,219,656 0.65SHINHAN FINANCIAL GROUP133,217 4,942,119 0.76SHINSEGAE CO LTD8,400 3,873,677 0.60SK TELECOM CO LTD - ADR - REP.1/90 SH73,087 1,188,395 0.18SK TELEKOM13,450 1,957,770 0.30

CATCHER TECHNOLOGY730,923 2,040,688 0.31

Taiwan 79,657,459 12.25

CATHAY FINANCIAL1,735,900 3,240,056 0.50CHINA FIN HOLDINGS8,839,919 5,513,719 0.85

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CHUNGHWA TELECOM4,964,442 9,235,084 1.42DELTA ELECTRONIC INCS2,620,411 8,192,621 1.26HIGH TECH COMPUTER CORP543,812 6,231,265 0.96HON HAI PRECISION INDUSTRY CO LTD3,001,521 14,216,984 2.19MAKALOT INDUSTRIAL CO LTD402,995 763,529 0.12MEDIA TEK INCORPORATION316,245 5,517,106 0.85PRIME VIEW INTERNATIONAL CO LTD201,000 529,129 0.08SILICONWARE PRECISION INDUSTRIES CO LTD2,127,714 2,883,738 0.44TAIWAN FERTILIZER CO852,000 3,036,672 0.47TAIWAN SEMICONDUCTOR MANUFACTURING COLT

7,551,125 15,227,366 2.33

TRIPOD TECHNOLOGY CO LTD897,210 3,029,502 0.47

PTT EXPLORATION AND PRODUCTION PUBLIC CO340,600 1,501,746 0.23

Thailand 5,272,001 0.81

SIAM COMMERCIAL BANK PUBLIC -F-1,151,800 2,996,961 0.46TOTAL ACCESS COMMUNICATION PUB.(FOR REG)696,800 773,294 0.12

TOFAS TURK OTOMOBIL FABRIKASI AS531,168 1,672,555 0.26

Turkey 8,516,250 1.31

TRAKYA CAM SANAYII0 0 0.00TUPRAS TURKIYE PETROL RAFINELERI68,643 1,362,353 0.21TURK TELEKOM253,786 772,039 0.12TURKIYE GARANTI BANKASI AS (NAMEN-AKT)1,111,672 4,709,303 0.72

DEPA1,119,925 593,560 0.09

United Arab Emirates 1,682,276 0.26

DP WORLD2,531,897 1,088,716 0.17

ALDAR FUNDING LTD 5.767 07-11 10/11Q2,736,000 2,764,599 0.43

Convertible bonds 2,764,599 0.43

United Arab Emirates 2,764,599 0.43



Brazil 0 0.00

EMM UMBRELLA EME MKTS GLB SMALLCAP2,080,059 30,467,019 4.69

Shares/Units of UCITS/UCIS 30,467,019 4.69

Shares/Units in investment funds 30,467,019 4.69

Ireland 30,467,019 4.69


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Emerging World


NORTEL INVERSORA ADR REPR.1/20 PFD -B-2,300 34,500 0.12


27,384,364 95.33

Shares 27,149,008 94.51



Bermuda 41,460 0.14


Brazil 6,150,865 21.40

AES TIETE6,400 63,148 0.22AES TIETE PREF3,400 39,009 0.14AGRA EMPREENDIM -SHS-49,300 141,124 0.49AMBEV - ADR 1.SHS300 25,905 0.09AMIL PARTICIPACOES SA4,600 36,152 0.13BANCO BRADESCO PFD ADR REPR 110,842 237,115 0.82BANCO DO BRASIL SA6,334 107,917 0.38BANRISUL - PFD SHS -B-5,300 44,694 0.16BMF BOVESPA5,400 37,948 0.13BR MALLS PARTICIPACOES SA1,600 19,734 0.07BRADESPAR PFD SHS5,839 129,060 0.45BRASCAN RESIDENTIAL PROPERTIES SA29,000 129,762 0.45BRASIL TELECOM ADR REPR.1SHS516 8,158 0.03BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS2,898 84,419 0.29BRF ADR REPR 2 SHS200 10,474 0.04CAMRGO CORREA DESENVOLVIMENTOIMOBILIARO

22,000 68,782 0.24

CEMIG (CIA ENERGETICA MINAS GERAIS)1,425 19,946 0.07CENTRAIS ELETRICAS BRASILEIRAS2,700 56,286 0.20CESP PREFERD SHS -B-2,200 30,327 0.11CIA BRASILEIRA DIST PFD SHS -A-3,800 141,737 0.49CIA HERING6,500 109,440 0.38CIELO2,134 18,779 0.07COELCE -A- PREF1,500 26,546 0.09COMPANHIA SIDERURGICA NACIONAL2,500 80,312 0.28COMP.BRASIL.DISTR.ADR 2PFD CL.-A- REG-S926 69,561 0.24COPEL SP.ADR REPR.1 PFD SHS -B-600 12,870 0.04ELETROPAULO ELETRICIDADE PFD -B-1,700 33,645 0.12ENERGIAS DO BRAZIL200 3,849 0.01EQUATORIAL ENERGIA SA2,500 25,958 0.09EVEN CONSTR SHS9,000 44,091 0.15EZ TEC8,600 41,934 0.15FIBRIA ADR REPR 1 SH1,400 31,976 0.11FOSFERTIL PREF.FERTILIZANTES FOSFATADOS5,200 49,220 0.17GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH.2,000 30,700 0.11ITAU UNIBANCO PFD ADR REPR 1 PFD SHS6,453 147,387 0.51ITAUSA INVESTIMENTOS ITAU SA-PREF37,946 257,952 0.89JHSF PARTICIPACOES -SHS-11,900 25,600 0.09KLABIN PREF.24,900 75,849 0.26KLABIN SEGALL SA10,000 28,396 0.10LLX LOGISTICA24,084 139,680 0.49LOCALIZA RENT A CAR SA4,800 53,199 0.19LOJAS RENNER1,000 22,545 0.08MPX ENERGIA2,800 36,141 0.13MRV ENGENHARIA PARTICIPACOES SA10,200 82,504 0.29

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OGX PETROLEO E GAS PARTICIPACOES SA37,400 366,878 1.27PETROBRAS SA-ADR-REPR.100 PFD SHS 144A12,472 528,687 1.83PETROLEO BRASILEIRO -PETROBRAS- PREF.37,600 791,387 2.74PETROLEO BRASILEIRO SP.ADR REPR.2 SH300 14,304 0.05SARAIVA SA LIVREIROS EDITORES PREF6,200 120,927 0.42SUZANO PAPEL PFD.SHS14,300 168,168 0.59TELE NORTE LESTE PARTICIPACOES3,000 76,928 0.27TELECOMUNICACOES DE SAO PAULO500 10,888 0.04TELEMAR PFD -A-2,200 78,512 0.27TIM PARTICIPACOES-ADR REP 10 PFD SHS1,500 44,565 0.16TRISUL SA9,400 33,972 0.12USIMINA5,500 158,040 0.55VALE ADR REP 1SH4,800 139,344 0.49VALE DO RIO DOCE3,600 102,226 0.36VALE DO RIO DOCE PREF -A-7,498 181,515 0.63VALE PFD -A- ADR REPR 1PFD SHS-A-9,147 227,029 0.78VIVO PART ADR6,267 194,277 0.68VIVO PATICIPACOES SA300 9,293 0.03

EASTERN PLATINIUM15,349 13,470 0.05

Canada 13,625 0.05

EASTERN PLATINUM SHS168 155 0.00

CHINA AUTOMATION GROUP LTD¦48,000 39,432 0.14


INTEGRA GROUP HOLDING GDR REPR 1/20 REG3,754 11,262 0.04JU TENG INTERNATIONAL HOLDINGS398,000 396,766 1.38KWG PROPERTY HOLDING LTD35,000 27,038 0.09NETEASE.COM ADR REPR.SHS1,800 67,698 0.24PARKSON RETAIL GP11,500 20,289 0.07WASION GROUP SHS22,000 23,010 0.08

ANDINA SPONS.ADR REPR.6 PFD -B-400 8,160 0.03

Chile 120,321 0.42

CENCOSUD SA2,822 9,568 0.03CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS100 3,902 0.01EMBOTELLADORA ANDINA PFD -B-6,361 21,782 0.08EMPRESAS CMPC614 24,411 0.08EMPRESAS LA POLAR3,390 19,286 0.07ENERSIS SA ADR REPR.50 SHS517 11,819 0.04ENTEL700 10,122 0.04SOQUIMICH SPONSORED ADR REPR 1 -B- PREF300 11,271 0.04

ANHUI CONCH CEMENT CO -H-12,000 77,224 0.27

China 4,198,469 14.62

BANK OF CHINA LTD -H-344,000 186,329 0.65CHINA BLUECHEMICAL SHS.H-56,000 34,305 0.12CHINA COAL ENERGY CO LTD -H-42,000 77,131 0.27CHINA COMM CONSTRUCTION -H-13,000 12,457 0.04CHINA COMMUNICATION SERCICES CORP -H-42,000 20,691 0.07CHINA CONSTRUCTION BANK CORPORATION -H-532,012 457,636 1.59CHINA DONGXIANG (GROUP) CO LTD99,000 76,605 0.27CHINA LIFE INSURANCE CO LTD81,588 403,519 1.40CHINA MERCHANT BANK -H-58,500 153,530 0.53CHINA MERCHANTS HOLDINGS -RC-4,000 13,025 0.05CHINA MOBILE LTD45,072 423,456 1.47CHINA OILFIELD SVC -H-34,000 40,779 0.14CHINA OVERSEAS LAND INVESTMENT LTD -RC-46,720 98,814 0.34

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Emerging World


CHINA PACIFIC INSURANCE (GROUP) CO LTD¦3,400 13,549 0.05CHINA PETROLEUM AND CHEMICAL -H-232,230 206,952 0.72CHINA POWER INTERNATIONAL DEV. -RC-63,000 15,843 0.06CHINA RAILWAY CONSTRUCTION -H-8,000 10,266 0.04CHINA RESOURCES BEIJING LAND LTD22,000 50,049 0.17CHINA RESOURCES ENTERPRISE LTD -RC-22,000 80,436 0.28CHINA RESOURCES POWER HOLDINGS -RC-22,000 43,807 0.15CHINA SHENHUA ENERGY CO LTD-SHS.-H-30,423 149,093 0.52CHINA SOUTH LOCOMOTIVE & ROLLING STOCK46,000 33,815 0.12CHINA TELECOM CORP LTD -H-95,760 40,013 0.14CHINA YURUN FOOD GROUP LTD7,000 20,763 0.07CNOOC LTD -RC-190,835 300,255 1.05CTRIP.COM INTL - SHS ADR REPR.1/2SHS200 14,372 0.05DENWAY MOTORS LTD -RC-92,000 58,612 0.20GOLDEN EAGLE RETAIL GROUP LTD14,000 28,599 0.10GREAT WALL MOTOR CO-H-29,000 36,203 0.13GUANGDONG INVEST -RC-88,000 51,411 0.18INDUS.AND COMMERCIAL BANK OF CHINA -H-556,332 462,054 1.61MINDRAY MEDICAL -ADR-900 30,528 0.11NEW WORLD DEPARTMENT STORE CHINA LTD8,000 7,336 0.03PERFECT WORLD -B- ADR REC. REPR 5 SHS -B1,200 47,328 0.16PETROCHINA CO LTD -H-122,669 147,443 0.51PING AN INS (GRP) CO -H-2,500 21,924 0.08SHOUGANG CONCORD INT'L ENTREPRISES CO84,000 21,016 0.07SINO-OCEAN LAND -RC-28,201 26,113 0.09YANZHOU COAL MINING CO -H-26,000 57,539 0.20ZHEJIANG EXPRESSWAY -H-52,000 48,217 0.17ZHUZHOU CSR TIMES - SHS -H-26,000 53,314 0.19ZIJIN MINING CORP CO LTD -H-24,000 22,966 0.08ZTE CORPORATION -H-3,740 23,152 0.08

BANCOLOMBIA ADR REPR.4 PREF SHS300 13,653 0.05

Colombia 13,653 0.05


Cyprus 29,839 0.10

COMMERCIAL INTERNATIONAL BANK GDR REG-S623 6,230 0.02

Egypt 83,274 0.29

ORASCOM CONSTRUCTION INDUSTRIE REG.1,045 47,571 0.17ORASCOM TELECOM GDR REPR.5 SH REG-S1,282 29,473 0.10

BEIJING ENTERPRISES HOLDINGS LTD -RC-11,000 79,797 0.28

Hong Kong 484,585 1.69

CAFE DE CORAL HOLDINGS LTD8,000 18,303 0.06CHINA UNICO HK36,000 47,727 0.17CN TAIPING INSURANCE HOLDINGS CO26,800 86,752 0.30FUSHAN INTL ENERGY45,000 43,758 0.15HENDERSON LAND DEVLOPMENT CO LTD6,000 45,189 0.16LENOVO GROUP LTD -RC-30,000 18,803 0.07LIFESTYLE INTERNATIONAL32,000 59,840 0.21POLY (HONG KONG)INVESTEMENTS LTD33,000 41,367 0.14SINOTRANS -RC-43,000 19,964 0.07WHARF HOLDINGS4,000 23,085 0.08

MOL HUNGARIAN OIL AND GAS PLC -A-352 31,771 0.11

Hungary 163,923 0.57

OTP BANK LTD4,562 132,152 0.46

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DR REDDYS LABORATORIES ADR3,000 72,630 0.25

India 241,863 0.84

ICICI BANK ADR REPR.2 SHS2,692 101,515 0.36LARSEN TOUBRO GDR-GL.DEPOS.REC.REPR 1SH406 14,880 0.05STERLITE INDUSTRIES (INDIA) LTD-ADR2,900 52,838 0.18


Indonesia 858,411 2.99

BANK CENTRAL ASIA DEP135,000 69,691 0.24BANK DANAMON INDONESIA SERIES -A-56,000 27,121 0.09BANK MANDIRI124,000 62,033 0.22BANK RAKYAT INDONESIA138,286 112,601 0.39GUDANG GARAM14,000 32,113 0.11INDO TAMBANGRAYA MEGAH17,000 57,541 0.20INDOCEMENT TUNGGAL PRAKARSA74,500 108,638 0.38PERUSAHAAN GAS NEGA -B-216,000 89,665 0.31TAMBANG BATUBARA -B-52,500 96,394 0.34TELKOM INDONESIA SERIES -B-89,440 89,964 0.31

EXILLON ENERGY PLC11,674 33,934 0.12

Isle of Man 33,934 0.12

CHECK POINT SOFTWARE TECHNOLOGIES600 20,328 0.07

Israel 251,025 0.87

TEVA PHARMA IND.ADR3,600 202,248 0.70TEVA PHARMACEUTICAL IND.UNITS 1 UT =1SH505 28,449 0.10

KERNEL HOLDING SA871 12,722 0.04


AMMB HOLDING BHD25,000 36,507 0.13

Malaysia 596,460 2.08

CIMB GROUP HOLDINGS BHD14,600 54,750 0.19DIGI.COM BHD2,100 13,468 0.05GAMUDA BHD36,538 27,745 0.10GENTING BHD60,412 129,504 0.44GENTING MALAYSIA BHD43,062 35,340 0.12IJM CORP5,040 6,594 0.02IOI CORPORATION BHD6,866 10,969 0.04KUALA LUMPUR KEPONG MY12,300 59,273 0.21MALAYAN BANKING BHD38,000 76,133 0.27PLUS EXPRESSWAYS BHD15,800 15,043 0.05PUBLIC BANK BHD1 3 0.00PUBLIC BANK BHD FOREIGN31,500 103,589 0.36TANJONG PLC5,600 27,542 0.10

AMERICA MOVIL ADR REPR.20SHS -L-3,901 183,269 0.64

Mexico 1,714,314 5.97

AMERICA MOVIL -L-20,000 47,153 0.16DESARROLLADORE HOMEX -ADR- REPR 6 SHS3,400 114,308 0.40EMPRESAS ICA - ADR - REPR 4800 7,480 0.03FEMSA SPON ADR REP.10UTS CONS-B-+20SH-D-1,377 65,931 0.23GEO -B-43,300 115,253 0.40GMEXICO -B-319,413 734,223 2.55GRUMA SHS-B-8,100 14,313 0.05GRUPO FINANCIERO BANORTE -O-30,900 113,229 0.39GRUPO MODELO-C- SHS-C-12,600 70,444 0.25GRUPO TELEVISA ADR (5 ORD.PART.CERT.)6,993 145,175 0.51INDUSTRIAL PENOLES SAB DE CV900 19,222 0.07

% of N

AV

Market V

alue

USD

Quan

tity

28


Emerging World


KIMBERLY-CLARK -A-3,400 15,251 0.05SARE HOLDINGS -B-48,000 17,795 0.06URBI DESARROLL SHS4,800 10,802 0.04WAL MART -V-9,000 40,466 0.14

BUENAVENTURE SP ADR-SHS-2,000 66,940 0.24

Peru 82,344 0.29

CREDICORP200 15,404 0.05

BANK OF THE PHILIPPINE ISLANDS26,600 27,618 0.10


PHILIPPINE LONG DISTANCE TEL.170 9,634 0.03PHILIPPINE LONG DISTANCE TEL.ADR (1 SH)100 5,667 0.02SM PRIME HOLDINGS INC194,100 41,147 0.14

ASSECO POLAND279 6,137 0.02

Poland 176,718 0.62

BANK ZACHODNI WBK87 5,776 0.02BUDIMEX1,098 28,009 0.10GRUPA PEKAO SA169 9,549 0.03MOSTOSTAL WARSZAWA576 12,258 0.04NETIA SA16,707 28,607 0.10PKO BANK POLSKI SA1,382 18,351 0.06POLIMEX MOSTOSTAL SA5,445 7,554 0.03POLISH OIL AND GAS COMPANY SA4,369 5,786 0.02POLISH TELECOM SA9,862 54,691 0.20

COMSTAR UNITED TELESYSTEMS (GDR)3,592 19,756 0.07

Russia 2,738,057 9.53

EURASIA DRILLIN GDR SHS REG-S2,293 38,981 0.14GAZPROM NEFT ADR REPR 5 SHS600 16,410 0.06GAZPROM OAO ADR23,723 604,937 2.10GK PIK - GDR - RECEIPT REPR 1 SH RGS-S5,243 21,758 0.08GROUP LSR -GDR- REPR SHS REG -S2,150 19,565 0.07JSFC SISTEMA GDR REPR.SHS REG-S6,567 137,907 0.48LUKOIL HOLDINGS ADR REPR.1 SHS3,017 170,159 0.59MAGNIT GDR REPR 1/5 SH REG-S WHEN ISSUED552 8,694 0.03MAGNITOGORSK IRON SPONSORED GDR REPR136,242 70,535 0.25MECHEL OJSC ADR REPR.1 SHS3,700 69,634 0.24MOBILE TELESYSTEMS ADR REPR.5 SHS2,100 102,669 0.36NOVATEK GDR REPR 1/100 SHS REG-S1,163 76,758 0.27NOVOROSS PORT SHS GDR REPR SHS REG-S1,775 20,430 0.07PHARMSTANDARD-OKT SHS GDR SHS REG-S5,738 117,572 0.41POLYMETAL GDR - REPR 1 SH 1 SH REG-S3,808 34,919 0.12POLYUS ZOLOTO ADR REP.1/2 SHS1,109 30,553 0.11ROSNEFT OIL COMPANY OJSC3,301 27,794 0.10ROSNEFT OIL-GDR-17,164 147,610 0.51RUSHYDRO ADR REPR 100 SHS30,738 117,727 0.41SURGUTNEFTEGAZ JSC PFD ADR 10 PFD SHS28,400 136,320 0.47TMK SHS SPONSORED GDR REPR.SHS REG-S894 16,029 0.06TNK BP HOLDING36,156 62,369 0.22VIMPEL COMMUNICATIONS SPONS ADR 1/20 SHS9,900 184,041 0.64VNESHTORGBANK-GDR-REPR 2000 SHS REG-S92,137 434,887 1.50WIMM BILL DANN FOODS ADR REP 1/4 144A2,100 50,043 0.17

COMFORTDELGRO CORP12,000 14,018 0.05


STRAITS ASIA RESOURCES -SHS-11,000 20,449 0.07

% of N

AV

Market V

alue

USD

Quan

tity

ALTRON225 842 0.00


ANGLO PLATINUM601 64,681 0.23ANGLOGOLD ASHANTI LTD-REG.SHS2,830 117,712 0.41BIDVEST GROUP1,977 34,634 0.12FIRSTRAND LTD15,380 38,305 0.13FOSCHINI LTD1,496 12,289 0.04GOLD FIELDS3,357 44,667 0.16IMPALA PLATINUM HOLDINGS LTD2,798 77,130 0.27JD GROUP3,280 22,093 0.08MASSMART HOLDINGS LTD12 146 0.00MTN GROUP LTD14,607 233,872 0.81NASPERS -N-4,223 172,046 0.60NORTHAM PLATINUM (PTY)3,487 22,749 0.08SAPPI LTD6,489 31,283 0.11SHOPRITE HOLDINGS LTD (SHP)4,609 40,822 0.14STANDARD BANK GROUP LIMITED11,586 160,486 0.56

AMOREPACIFIC CORP60 48,125 0.17

South Korea 3,153,945 10.98

CJ CHEILJEDANG330 58,237 0.20DONG-A PHARMACEUTICAL478 52,747 0.18DOOSAN HVY IND513 35,728 0.12GS ENGINEERING & CONSTRUCTION CORP193 17,983 0.06HANA FINANCIAL GROUP INC3,240 91,540 0.32HITE BREWERY160 23,358 0.08HYNIX SEMICONDUCTOR1,150 22,862 0.08HYUNDAI DEPARTMENT STORE SHS150 14,492 0.05HYUNDAI DEVELOPMENT COMPANYENGINEERING

680 22,044 0.08

HYUNDAI ENGINEERING CONSTRUCTION235 14,308 0.05HYUNDAI FIRE MARINE INSURANCE CO LTD3,600 57,811 0.20HYUNDAI MOBIS255 37,446 0.13KB FINANCIAL GROUP INC2,685 137,654 0.48KCC CORP175 55,830 0.19KT ADR900 15,138 0.05KT CORPORATION241 8,092 0.03LG CORP1,517 94,578 0.33LG DISPLAY CO -ADR 1/2 SHS.5,700 96,501 0.34LG ELECTRONICS INC594 61,977 0.22LG ELECTRONICS INC PFD SHS.NON VOTING245 10,520 0.04LG HOUSEHOLD AND HEALTHCARE279 69,722 0.24LG TELECOM CO LTD2,570 18,737 0.07MIRAEASSET SECURITIES CO550 30,701 0.11NHN CORP290 47,816 0.17ORION CORPORATION160 39,709 0.14POSCO738 391,665 1.36SAMSUNG CARD SHS470 23,208 0.08SAMSUNG CORP781 37,626 0.13SAMSUNG ELECTRO MECHANICS348 32,126 0.11SAMSUNG ELECTRONICS CO LTD546 374,636 1.30SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG1,013 456,708 1.58SAMSUNG ENGINEERING142 13,170 0.05SAMSUNG FIRE AND MARINE INSURANCE598 102,450 0.36SAMSUNG HEAVY INDUSTRIES CO LTD3,470 72,113 0.25SAMSUNG SDI CO LTD172 21,934 0.08SHINHAN FINANCIAL GROUP5,467 202,816 0.71SHINSEGAE CO LTD244 112,521 0.39

% of N

AV

Market V

alue

USD

Quan

tity

29


Emerging World


SK TELECOM CO LTD - ADR - REP.1/90 SH1,000 16,260 0.06SK TELEKOM258 37,554 0.13WOONG JIN COWAY CO LTD1,140 37,593 0.13YUHAN CORP248 37,909 0.13

ACER INC26,140 78,620 0.27

Taiwan 2,717,507 9.46

ADVANCED SEMICONDUCTOR ENGINEERING INC84,000 75,767 0.26ASUSTEK COMPUTER52,018 100,507 0.35AU OPTRONICS37,810 45,866 0.16AU OPTRONICS CORP ADR REPR.10 SHS4,200 50,358 0.18CATHAY FINANCIAL58,500 109,190 0.38CHICONY ELECTRONICS25,000 60,653 0.21CHINA FIN HOLDINGS53,966 33,660 0.12CHINA STEEL CORP26,000 26,825 0.09CHUNGHWA TELECOM16,132 30,009 0.10CHUNGHWA TELECOM ADR2,573 47,781 0.17COMPAL ELECTRONICS34,085 47,262 0.16CYNTEC CO LTD18,000 51,999 0.18DELTA ELECTRONIC INCS21,120 66,031 0.23DYNAPACK INTERNATIONAL TECHNOLOGY CORP12,000 42,395 0.15FAR EASTERN TEXTILE31,160 38,968 0.14FORMOSA PLASTICS CORP54,240 114,127 0.40FUBON FINANCIAL HOLDING COMPANY37,000 45,462 0.16HIGH TECH COMPUTER CORP6,100 69,897 0.24HON HAI PRECISION INDUSTRY CO LTD77,802 368,517 1.28MEDIA TEK INCORPORATION10,048 175,294 0.61PRESIDENT CHAIN STORE CORP3,408 8,108 0.03QUANTA COMPUTER INC40,140 87,345 0.30SILICONWARE PRECISION INDUSTRIES CO LTD28,000 37,949 0.13SILITECH TECHNOLOGY CORP LTD12,090 43,469 0.15SYNNEX TECHNOLOGY INTERNATIONAL CORP19,700 42,806 0.15TAIWAN CEMENT CORP29,000 30,827 0.11TAIWAN MOBILE30,000 58,527 0.20TAIWAN SEMICONDUCTOR MANUFACTURING COLT

233,460 470,789 1.64

TRIPOD TECHNOLOGY CO LTD21,050 71,077 0.25UNIMICRON TECHNOLOGY CORP23,000 33,366 0.12UNITED MICROELECTRONICS CORP58,000 31,190 0.11WISTRON CORP36,375 70,623 0.25WPG HOLDING30,000 52,243 0.18

ADVANCED INFO SERVICE -F-9,100 23,610 0.08

Thailand 400,171 1.39

BANPU PUBLIC CO LTD -F-2,600 45,075 0.16KASIKORNBANK -F-24,287 63,376 0.22PTT CHEMICAL (F)10,000 22,196 0.08PTT EXPLORATION AND PRODUCTION PUBLIC CO14,700 64,814 0.23PTT PUBLIC COMPANY LTD -F-14,100 104,037 0.35SIAM COMMERCIAL BANK PUBLIC -F-25,182 65,523 0.23THAI OIL-FOREIGN REG9,000 11,540 0.04

AKCANSA CIMENTO SANAYI VE TICARET AS3,722 16,512 0.06

Turkey 993,261 3.46

AKSIGORTA AS14,482 50,239 0.17ALBARAKA TURK KATILIM BANKASI21,915 32,310 0.11ARCELIK9,987 38,976 0.14ASYA KATILIM BANK-SHS B-30,201 69,711 0.24

% of N

AV

Market V

alue

USD

Quan

tity

BAGFAS BANDIRMA221 13,785 0.05CIMSA CIMENTO SANAYI VE TICARET2,941 14,813 0.05EREGLI DEMIR VE CELIK0 0 0.00KOC HOLDING AS -B-12,545 36,991 0.13SINPAS GAYRIM9,749 15,024 0.05TAV HAVALIMALARI HOLDING AS9,311 29,443 0.10TEKFEN HOLDING AS3,962 12,951 0.05TOFAS TURK OTOMOBIL FABRIKASI AS4,823 15,187 0.05TURCAS PETROL AS4,681 14,989 0.05TURK HAVA YOLLARI AO5,458 20,755 0.07TURK TELEKOM1,922 5,847 0.02TURK TRAKTOR VE ZIR6,346 38,314 0.13TURKCELL ILETISIM HIZMET8,801 62,236 0.22TURKIYE GARANTI BANKASI AS (NAMEN-AKT)58,644 248,431 0.87TURKIYE HALK BANKA -SHS-12,944 102,759 0.36TURKIYE IS BANKASI AS20,031 84,189 0.29TURKIYE VAKIFLAR BANKASI TAO19,754 56,140 0.20YAPI VE KREDI BANKASI AS6,242 13,659 0.05

EURASIAN NATURAL RESOURCES CORPORATION644 9,516 0.03


KAZAKHMYS PLC726 15,570 0.05PETER HAMBRO MINING PLC1,308 21,672 0.08SABMILLER PLC654 19,219 0.07

DEUTSCHE BK (BHARTI AIRTEL) 24.01.17 WAR1,692 11,968 0.04


India 64,874 0.23

JP MORGAN (HOUSING DVPT) 12.06.12 WAR917 52,906 0.19

JP MORGAN (BHARAT HEAVY) 09.01.14 WAR500 25,758 0.09


JP MORGAN (CAIRN IND) 11.01.11 WAR6,756 40,873 0.14

JP MORGAN (HOUSING DEV) 25.08.14 WAR1,800 103,851 0.36


CLSA FIN PROD. (MUNDRA PORT)06.12.12 WAR2,000 23,800 0.08



Bermuda 514,726 1.79

CLSA FIN PROD. (STATE BK I) 13.05.10 WAR600 29,265 0.10CLSA FIN PROD.(JINDAL ) 07.01.13 WAR4,278 64,683 0.23CLSA FIN PROD.(SATYA COM.) 20.05.10 WAR14,000 29,537 0.10CLSA FIN.PROD (EQUITY) 05.05.10 WAR19,231 103,655 0.36CLSA FIN.PROD (INFOSYS) 10.05.10 WAR2,988 167,070 0.58CLSA FIN.PROD (SUN PHARMA ) 01.12.10 WAR1,920 62,266 0.22CLSA FIN.PROD.REGS (TATA) 20.05.10 WAR2,600 34,450 0.12

CLSA FIN PROD. (GAIL INDIA) 16.01.12 WAR10,276 91,251 0.32

India 776,538 2.70

CLSA FIN PROD. (JSW STEEL) -03.10.12 WAR2,760 60,113 0.21CLSA FIN PROD. (LUPIN LTD) 07.06.10 WAR2,157 68,355 0.24CLSA FIN PROD.(RELIANCE I) -17.05.10 WAR18,792 440,484 1.53CLSA FIN PROD.(TATA POWER) -02.08.10 WAR3,917 116,335 0.40

% of N

AV

Market V

alue

USD

Quan

tity

30


Emerging World


CLSA FIN (NAGARJUNA CONST) 25.08.10 WAR10,400 37,024 0.13

Taiwan 37,024 0.13


% of N

AV

Market V

alue

USD

Quan

tity

31


Euro Quant


OMV AG19,049 584,805 0.69


84,616,973 98.88

Shares 84,614,469 98.88

Austria 723,996 0.85

VOESTALPINE AG5,416 139,191 0.16

ANHEUSER-BUSCH INBEV NV13,265 482,780 0.56

Belgium 1,687,837 1.97

CNP7,000 260,400 0.30DEXIA20,503 91,443 0.11FORTIS80,726 211,744 0.25GROUPE DELHAIZE10,744 576,093 0.67MOBISTAR SA1,365 65,377 0.08

NOKIA OYJ141,386 1,261,163 1.48

Finland 2,153,845 2.52

UPM KYMENNE CORP22,682 188,714 0.22WARTSILA CORPORATION -B-25,079 703,968 0.82

AIR LIQUIDE SA2,227 184,908 0.22

France 26,572,804 31.05

ALSTOM SA18,181 891,960 1.04AXA SA94,958 1,570,605 1.84BNP PARIBAS SA40,073 2,240,081 2.62BOUYGUES8,519 310,305 0.36CAP GEMINI SA5,108 163,303 0.19CARREFOUR SA9,474 317,947 0.37CASINO GUICHARD PERRACHON SA10,683 668,008 0.78CFAO12,343 353,874 0.41CIE DE SAINT-GOBAIN SA13,974 531,990 0.62CREDIT AGRICOLE SA34,536 426,865 0.50DANONE SA7,599 325,465 0.38EIFFAGE8,190 323,096 0.38EURAZEO SA17,351 847,336 0.99EUROPEAN AERONAUTIC DEFENSE AND SPACE14,120 198,880 0.23FRANCE TELECOM SA69,805 1,216,701 1.42GDF SUEZ SA48,058 1,455,437 1.70LAFARGE SA14,660 847,495 0.99PERNOD RICARD SA10,081 603,953 0.71PEUGEOT SA27,406 648,563 0.76PPR3,760 316,742 0.37RALLYE SA24,318 595,791 0.70RENAULT SA6,818 246,812 0.29SANOFI-AVENTIS SA49,902 2,747,603 3.21SCHNEIDER ELECTRIC SA8,752 715,739 0.84SCOR SE ACT PROV REGROUPEMENT16,019 280,333 0.33SOCIETE GENERALE SA18,028 882,471 1.03STMICROELECTRONICS NV64,071 411,656 0.48THALES10,256 368,652 0.43TOTAL SA69,970 3,148,999 3.67UNIBAIL-RODAMCO SE5,269 809,845 0.95VALLOUREC SA2,180 276,969 0.32VINCI SA7,556 298,235 0.35VIVENDI SA64,736 1,346,185 1.57

% of N

AV

Market V

alue

EUR

Quan

tity

ALLIANZ SE REG SHS22,162 1,931,419 2.26

Germany 20,248,370 23.66

BASF SE32,753 1,423,445 1.66BAYER AG REG SHS26,929 1,506,947 1.76COMMERZBANK AG40,309 237,218 0.28DAIMLER AG REG SHS24,817 923,937 1.08DEUTSCHE BANK AG REG SHS20,296 1,003,028 1.17DEUTSCHE BOERSE AG REG SHS7,464 432,912 0.51DEUTSCHE TELEKOM AG REG SHS73,224 753,475 0.88E.ON AG REG SHS67,841 1,982,993 2.32FRESENIUS MEDICAL CARE AG & CO KGAA3,936 145,396 0.17INFINEON TECHNOLOGIES REG SHS43,183 167,550 0.20KALI SALZ AG11,596 463,724 0.54LINDE AG9,284 781,341 0.91MAN SE8,728 475,152 0.56MERCK KGAA3,819 248,846 0.29METRO AG5,361 228,218 0.27MUENCHENER RUECKVERSICHERUNGS AG REGSHS

10,428 1,133,211 1.32

PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR14,047 614,416 0.72QIAGEN NV7,782 121,555 0.14RWE AG23,733 1,612,895 1.88RWE VORZ.AKT OHNE STIMMRECHT5,996 373,491 0.44SAP AG31,810 1,049,730 1.23SIEMENS AG REG SHS18,845 1,210,037 1.41THYSSENKRUPP AG23,781 627,818 0.73UNITED INTERNET AG REG SHS29,673 273,585 0.32VOLKSWAGEN AG3,221 248,017 0.29VOLKSWAGEN VORZ.AKT4,229 278,014 0.32

GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS8,231 126,264 0.15

Greece 758,606 0.89

NATIONAL BANK OF GREECE REG.22,887 414,254 0.49PUBLIC POWER CORP OF GREECE16,776 218,088 0.25

CRH PLC25,705 490,966 0.57

Ireland 490,966 0.57

ASSICURAZIONI GENERALI SPA9,480 178,414 0.21

Italy 8,829,304 10.32

BENETTON GROUP SPA34,701 216,534 0.25ENEL SPA458,491 1,855,742 2.17ENI SPA114,434 2,036,926 2.39EXOR SPA20,428 277,412 0.32FINMECCANICA SPA44,545 498,459 0.58INTESA SANPAOLO SPA409,661 1,290,432 1.51TELECOM ITALIA SPA373,318 406,170 0.47UBI BANCA SCPA66,308 665,732 0.78UNICREDIT SPA599,139 1,403,483 1.64

ARCELORMITTAL SA REG SHS38,170 1,228,311 1.44


AEGON NV133,585 606,476 0.71

Netherlands 8,478,733 9.91

ASML HOLDING NV16,697 400,728 0.47HEINEKEN NV19,860 660,643 0.77ING GROEP NV152,629 1,053,140 1.23KONINKLIJKE AHOLD NV62,575 579,445 0.68

% of N

AV

Market V

alue

EUR

Quan

tity

32


Euro Quant


KONINKLIJKE DSM NV15,862 546,605 0.64KONINKLIJKE KPN NV69,283 820,311 0.96KONINKLIJKE PHILIPS ELECTRONICS NV25,330 523,824 0.61RANDSTAD HOLDING3,987 139,146 0.16REED ELSEVIER NV104,649 900,086 1.05SNS REAAL NV49,905 211,597 0.25TNT NV15,196 326,714 0.38UNILEVER NV58,413 1,328,895 1.55WOLTERS KLUWER NV24,910 381,123 0.45

PORTUGAL TELECOM REG.128,973 1,098,850 1.28

Portugal 1,098,850 1.28

ACS6,920 240,885 0.28

Spain 12,342,847 14.42

BANCO BILBAO VIZCAYA ARGENT. SA REG SHS150,127 1,911,117 2.23BANCO SANTANDER SA REG SHS325,707 3,761,915 4.40ENDESA21,406 512,567 0.60IBERDROLA SA129,151 861,437 1.01INDITEX SA REG SHS8,366 363,001 0.42INDRA SISTEMAS SA16,545 272,331 0.32REPSOL YPF SA44,089 825,567 0.96TECNICAS REUNIDAS6,631 266,102 0.31TELEFONICA SA170,488 3,327,925 3.89

ANH.-B.INBV STRIP STRIP VVPR18,659 93 0.00


Belgium 93 0.00

UBI BANCA (SHS) 30.06.11 WAR49,093 2,411 0.00

Italy 2,411 0.00

FORTIS SA CP 42 01.07.14 RIGHT71,404 0 0.00

Other transferable securities 0 0.00


Belgium 0 0.00

CPR CASH -P- CAP30 659,864 0.77



France 659,864 0.77


% of N

AV

Market V

alue

EUR

Quan

tity

33


Euro SRI


ERSTE GROUP BANK AG1,300 33,878 0.22


15,498,395 99.57

Shares 15,498,395 99.57

Austria 212,403 1.36

IMMOEAST AG5,800 22,330 0.14OESTERR.ELEKTR.WIRT.AG -A-(VERBUNDGESEL)3,480 103,391 0.66OMV AG1,720 52,804 0.34


Belgium 347,496 2.23

DEXIA4,100 18,286 0.12KBC GROUPE SA1,050 31,894 0.20UMICORE6,640 155,375 1.00

FORTUM CORP3,420 64,877 0.42

Finland 601,553 3.86

KESKO CORP2,780 64,162 0.41METSO CORP1,100 27,093 0.17NOKIA OYJ24,900 222,109 1.43ORION CORPORATION (NEW) -B-2,400 36,120 0.23SANOMA CORP5,600 88,256 0.57STORA ENSO -R-4,300 20,984 0.13UPM KYMENNE CORP3,600 29,952 0.19WARTSILA CORPORATION -B-1,710 48,000 0.31

ACCOR SA1,381 52,823 0.34

France 5,080,941 32.65

AIR LIQUIDE SA860 71,406 0.46ALCATEL-LUCENT SA5,300 12,625 0.08AXA SA12,900 213,365 1.37BIC370 17,871 0.11BIOMERIEUX SA430 35,122 0.23BNP PARIBAS SA6,617 369,889 2.38BOUYGUES1,970 71,757 0.46CAP GEMINI SA4,880 156,014 1.00CARREFOUR SA4,180 140,281 0.90CASINO GUICHARD PERRACHON SA450 28,139 0.18CHRISTIAN DIOR SA740 53,102 0.34CIE DE SAINT-GOBAIN SA2,131 81,127 0.52CNP ASSURANCES2,090 141,618 0.91CREDIT AGRICOLE SA10,200 126,072 0.81DANONE SA2,371 101,550 0.65ESSILOR INTERNATIONAL SA1,730 72,228 0.46EURAZEO SA2,361 115,299 0.74EUROPEAN AERONAUTIC DEFENSE AND SPACE8,500 119,723 0.77FRANCE TELECOM SA7,140 124,450 0.80GDF SUEZ SA5,010 151,728 0.97KLEPIERRE SA4,572 129,799 0.83LAFARGE SA900 52,029 0.33LAGARDERE GROUPE SCA NOM3,610 102,560 0.66LEGRAND SA4,600 89,585 0.58L'OREAL SA720 56,160 0.36LVMH MOET HENNESSY LOUIS VUITTON SA1,420 111,300 0.72MICHELIN SA REG SHS913 48,919 0.31PERNOD RICARD SA571 34,209 0.22

% of N

AV

Market V

alue

EUR

Quan

tity

PPR240 20,218 0.13RENAULT SA1,860 67,332 0.43SANOFI-AVENTIS SA9,790 539,036 3.47SCHNEIDER ELECTRIC SA3,610 295,225 1.90SCOR SE ACT PROV REGROUPEMENT2,700 47,250 0.30SOCIETE GENERALE SA3,646 178,472 1.15STMICROELECTRONICS NV4,300 27,628 0.18SUEZ ENVIRONNEMENT COMPANY SA1,500 24,188 0.16TECHNIP-COFLEXIP920 45,448 0.29TOTAL SA13,100 589,565 3.80UNIBAIL-RODAMCO SE225 34,583 0.22VALLOUREC SA400 50,820 0.33VEOLIA ENVIRONNEMENT SA1,075 24,859 0.16VINCI SA1,895 74,796 0.48VIVENDI SA8,693 180,771 1.16

ADIDAS AG2,870 108,400 0.70

Germany 3,750,563 24.10

ALLIANZ SE REG SHS3,370 293,696 1.88BASF SE9,300 404,177 2.59BAYER AG REG SHS4,280 239,509 1.54BEIERSDORF AG1,610 73,947 0.48BMW AG5,911 187,970 1.21CELESIO NAMEN AKT1,800 31,860 0.20DAIMLER AG REG SHS5,310 197,691 1.27DEUTSCHE BANK AG REG SHS2,920 144,306 0.93DEUTSCHE BOERSE AG REG SHS890 51,620 0.33DEUTSCHE LUFTHANSA AG REG SHS10,600 124,550 0.80DEUTSCHE POST AG REG SHS2,300 31,016 0.20DEUTSCHE TELEKOM AG REG SHS24,600 253,134 1.63E.ON AG REG SHS9,210 269,208 1.73FRAPORT AG410 14,875 0.10HEIDELBERGCEMENT AG590 28,456 0.18HENKEL AG & CO KGAA1,820 66,303 0.43HENKEL KGAA1,000 31,150 0.20KALI SALZ AG600 23,994 0.15MERCK KGAA350 22,806 0.15METRO AG770 32,779 0.21MUENCHENER RUECKVERSICHERUNGS AG REGSHS

1,570 170,612 1.10

PUMA AG120 27,821 0.18RWE AG4,280 290,869 1.87RWE VORZ.AKT OHNE STIMMRECHT1,990 123,957 0.80SAP AG3,690 121,770 0.78SIEMENS AG REG SHS5,240 336,460 2.15WACKER CHEMIE AG390 47,627 0.31

COCA COLA HBC - REG SHS4,300 68,757 0.44

Greece 177,090 1.14

EFG EUROBANK ERGASIAS3,090 24,349 0.16NATIONAL BANK OF GREECE REG.4,640 83,984 0.54

ATLANTIA SPA3,900 71,175 0.46

Italy 1,466,058 9.42

AUTOGRILL SPA2,900 25,578 0.16ENEL SPA56,832 230,028 1.48ENI SPA19,280 343,183 2.21FIAT SPA6,600 67,650 0.43

% of N

AV

Market V

alue

EUR

Quan

tity

34


Euro SRI


INTESA SANPAOLO SPA28,100 88,515 0.57SAIPEM SPA5,540 133,514 0.86SNAM RETE GAS SPA17,200 59,684 0.38TELECOM ITALIA SPA79,000 85,952 0.55TERNA SPA23,300 69,900 0.45UBI BANCA SCPA4,400 44,176 0.28UNICREDIT SPA105,316 246,703 1.59

ARCELORMITTAL SA REG SHS4,320 139,018 0.89


AEGON NV6,400 29,056 0.19


AKZO NOBEL NV760 35,264 0.23ASML HOLDING NV2,380 57,120 0.37HEINEKEN HOLDING800 23,388 0.15ING GROEP NV41,026 283,079 1.82KONINKLIJKE AHOLD NV2,600 24,076 0.15KONINKLIJKE DSM NV5,980 206,071 1.32KONINKLIJKE KPN NV5,400 63,936 0.41KONINKLIJKE PHILIPS ELECTRONICS NV3,460 71,553 0.46REED ELSEVIER NV4,600 39,565 0.25TNT NV3,168 68,112 0.44UNILEVER NV18,140 412,685 2.65

PORTUGAL TELECOM REG.20,400 173,808 1.12

Portugal 173,808 1.12

ACS830 28,892 0.19

Spain 2,235,560 14.36

BANCO BILBAO VIZCAYA ARGENT. SA REG SHS35,595 453,124 2.91BANCO SABADELL REG.SHS7,200 27,900 0.18BANCO SANTANDER SA REG SHS57,400 662,970 4.25BANKINTER REG.SHS2,900 20,735 0.13ENAGAS2,100 32,393 0.21GAMESA CORPORACION TECNOLOGICA SA1,300 15,321 0.10IBERDROLA SA27,700 184,759 1.19INDITEX SA REG SHS710 30,807 0.20INDRA SISTEMAS SA1,820 29,957 0.19REPSOL YPF SA6,000 112,350 0.72TELEFONICA SA32,600 636,352 4.09


% of N

AV

Market V

alue

EUR

Quan

tity

35


Europe Smaller Companies


INTERCELL AG3,470 89,908 0.52


17,069,071 98.24

Shares 17,069,071 98.24

Austria 301,297 1.73

KTM POWER SPORTS1,557 25,691 0.15MAYR-MELNHOF KARTON AG1,271 91,512 0.53OESTERREICHISCHE POST AG4,952 94,186 0.53

ACKERMANS AND VAN HAAREN NV2,030 105,540 0.61

Belgium 860,065 4.95

BEKAERT PARTS SOC. NV1,167 126,619 0.73MOBISTAR SA1,832 87,744 0.51MOVETIS9,025 113,535 0.65NYRSTAR14,456 120,563 0.69TELENET GROUP HOLDING NV15,357 306,064 1.76

PURECIRCLE59,203 162,259 0.93

Bermuda 162,259 0.93

PLAYTECH LTD32,175 150,382 0.87


ROCKWOOL INT SHS -B-556 45,879 0.26

Denmark 45,879 0.26

KONE -B-10,701 320,602 1.85

Finland 484,856 2.79

KONECRANES OYJ4,216 80,441 0.46POHJOLA BANK -A-11,101 83,813 0.48

ALTRAN TECHNOLOGIES SA39,650 147,617 0.85

France 3,130,500 18.02

APRIL GROUP5,935 143,627 0.83BIOMERIEUX SA2,036 166,300 0.96CIMENT VICAT SA2,908 170,990 0.98EUTELSAT COMMUNICATIONS SA10,643 239,042 1.38FIMALAC1,375 53,391 0.31INGENICO SA10,678 181,099 1.04IPSOS SA11,671 246,958 1.41MERCIALYS SA6,462 158,642 0.91M6 METROPOLE TELEVISION SA9,825 176,555 1.02NEXANS SA1,752 97,797 0.56REXEL SA5,945 60,639 0.35RUBIS580 35,786 0.21SCOR SE ACT PROV REGROUPEMENT13,132 229,810 1.32SEB SA5,626 223,352 1.29SECHILIENNE SIDEC4,379 124,145 0.71STALLERGENES2,767 162,838 0.94TECHNIP-COFLEXIP3,132 154,721 0.89TELEPERFORMANCE SA6,044 137,078 0.79VALEO SA6,420 157,483 0.91ZODIAC AEROSPACE SA2,150 62,630 0.36

CENTROTHERM PHOTOVOLTAICS AG1,412 59,586 0.34

Germany 2,747,753 15.82

DEUTSCHE EUROSHOP AG REG SHS3,326 78,726 0.45

% of N

AV

Market V

alue

EUR

Quan

tity

ELRINGKLINGER -NAMEN AKT7,288 118,066 0.68FIELMANN AG2,630 135,077 0.78FUCHS PETROLUB AG3,342 216,562 1.25GEA GROUP AG9,529 148,271 0.85GERRESHEIMER AG8,433 198,176 1.14GFK SE7,069 170,575 0.98HOCHTIEF AG3,902 208,952 1.20INFINEON TECHNOLOGIES REG SHS26,033 101,008 0.58QIAGEN NV14,293 223,256 1.29RHOEN KLINIKUM AG13,218 226,291 1.31SALZGITTER AG2,583 176,781 1.02SGL CARBON SE3,584 74,368 0.43SOFTWARE AG1,171 89,464 0.51TOGNUM AG4,946 57,374 0.33VOSSLOH AG2,005 139,388 0.80WACKER CHEMIE AG1,480 180,738 1.04WINCOR NIXDORF AG3,045 145,094 0.84

ALLIED IRISH BANKS PLC20,591 24,915 0.14

Ireland 331,986 1.91

DCC PLC4,276 83,382 0.48KINGSPAN GROUP6,820 40,920 0.24RYANAIR HOLDING ORD.21,031 69,613 0.40UNITED DRUG PLC53,125 113,156 0.65

ANSALDO STS SPA19,118 254,461 1.46

Italy 1,327,016 7.64

CAMPARI POST FRAZIONAMENTO24,304 177,298 1.02CREDITO VALTELLINESE4,754 26,622 0.15DIASORIN10,922 271,739 1.56MAIRE TECHNIMONT12,158 30,030 0.17MILANO ASSICURAZIONI SPA69,423 142,317 0.82TERNA SPA50,709 152,127 0.88TOD'S SPA5,252 272,422 1.58

ASM INTERNATIONAL NV9,947 176,610 1.01


BINCKBANK NV10,736 134,629 0.77BRIT INSURANCE HOLDINGS NV30,273 67,160 0.39BRUNEL INTERNATIONAL5,549 130,124 0.75KONINKLIJKE VOPAK NV2,375 131,813 0.76NUTRECO HOLDING NV4,384 172,225 0.99SLIGRO FOOD GROUP5,914 142,054 0.82WERELDHAVE NV2,622 174,887 1.01

BANCO ESPIRIT SANTO36,025 164,634 0.95

Portugal 343,110 1.97

BANCO PORTUGUES DE INVESTIMENTOS NOM.42,924 90,999 0.52REN29,159 87,477 0.50

BOLSAS Y MERCADOS ESPANOLES SA9,111 204,997 1.19

Spain 716,543 4.12

CONSTRUC.Y AUXIL.FERROCARRILES VN 500478 179,776 1.03ENAGAS6,013 92,751 0.53TECNICAS REUNIDAS1,438 57,707 0.33VISCOFAN SA10,209 181,312 1.04

FASTIGHETS HUFVUDSTADEN -A- FREE19,181 101,576 0.58

Sweden 257,415 1.48

% of N

AV

Market V

alue

EUR

Quan

tity

36




SWEDISH MATCH10,175 155,839 0.90

BALOISE HOLDING REG.SHS1,282 74,380 0.43


BARRY CALLEBAUT NOM.SHS353 155,419 0.89BURCKHARDT COMPRESSION HOLDING1,574 196,331 1.12CIE ASSURANCES NATLE SUISSE NAM.AKT8,163 170,068 0.98CLARIANT NAMEN AKT19,312 159,116 0.92DUFRY GROUP2,723 128,701 0.74HELVETIA HOLDING AG818 176,903 1.02SIKA FINANZ AG BAAR76 82,756 0.48SULZER AG NOM1,369 74,858 0.43

AEGIS GROUP PLC165,999 223,089 1.29


AMEC12,111 107,962 0.62AMLIN PLC7,601 30,688 0.18ASHMORE GROUP15,421 47,212 0.27AVEVA GROUP PLC13,205 149,670 0.86BABCOCK INTERNATIONAL GROUP PLC28,465 190,952 1.10BALFOUR BEATTY58,433 170,014 0.98BETONSPORTS PLC227,970 0 0.00CAIRN ENERGY PLC38,810 145,289 0.84CARILLION57,273 195,841 1.13CLOSE BROTHERS GROUP PLC6,020 46,753 0.27COBHAM PLC70,197 198,712 1.14DANA PETROLEUM PLC12,329 163,193 0.94EASYJET PLC33,223 132,002 0.76FERREXPO48,097 107,460 0.62GREENE KING PLC24,142 110,867 0.64GROUP 4 SECURICOR49,335 144,709 0.83HUNTING PLC33,134 217,239 1.25INTERTEK GROUP PLC6,123 86,492 0.50INVESTEC39,406 188,547 1.09ITE GROUP PLC93,049 134,057 0.77J D WETHERSPOON PLC13,403 64,115 0.37KELLER GROUP PLC19,104 138,799 0.80SAGE GROUP69,518 172,142 0.99SIG13,624 17,190 0.10THOMAS COOK GRP54,439 140,992 0.81TOMKINS PLC39,464 85,817 0.49TRAVIS PERKINS PLC7,096 68,049 0.39ULTRA ELECTRONICS HOLDINGS PLC5,646 87,380 0.50VT GROUP PLC25,488 148,892 0.86WH SMITH26,591 147,852 0.85


% of N

AV

Market V

alue

EUR

Quan

tity

37


Gems Europe



Long positions 53,054,900 97.81

Transferable securities admitted to an official stock exchangelisting and/or dealt in on another regulated market

49,835,722 91.87

Shares 49,834,537 91.87

Belgium 474,612 0.87

BELGACOM SA663 16,787 0.03GROUPE DELHAIZE579 31,046 0.06KBC GROUPE SA1,497 45,471 0.08MOBISTAR SA413 19,781 0.04TELENET GROUP HOLDING NV6,458 128,708 0.24

FORTUM CORP1,421 26,956 0.05

Finland 784,307 1.45

NOKIA OYJ47,925 427,491 0.80POHJOLA BANK -A-23,274 175,719 0.32SAMPO LEONIA OYJ -A-2,979 50,703 0.09WARTSILA CORPORATION -B-3,685 103,438 0.19

ACCOR SA2,606 99,680 0.18

France 11,927,516 21.99

AIR LIQUIDE SA4,274 354,870 0.65ALCATEL-LUCENT SA38,993 92,881 0.17ALSTOM SA7,039 345,333 0.64AXA SA37,644 622,632 1.15BNP PARIBAS SA15,462 864,326 1.59BOUYGUES2,438 88,804 0.16CAP GEMINI SA9,941 317,814 0.59CARREFOUR SA12,176 408,627 0.75CASINO GUICHARD PERRACHON SA2,453 153,386 0.28CFAO2,459 70,500 0.13CIE DE SAINT-GOBAIN SA6,750 256,973 0.47CNP ASSURANCES526 35,642 0.07CREDIT AGRICOLE SA9,495 117,358 0.22DANONE SA16,480 705,838 1.30DASSAULT SYSTEMES SA2,000 79,500 0.15EDF SA1,943 80,751 0.15ERAMET SA138 30,464 0.06EULER HERMES SA223 11,661 0.02EUROPEAN AERONAUTIC DEFENSE AND SPACE15,522 218,627 0.40EUTELSAT COMMUNICATIONS SA1,521 34,162 0.06FRANCE TELECOM SA27,705 482,898 0.89GDF SUEZ SA29,272 886,503 1.64GROUPE EUROTUNNEL SA3,597 23,524 0.04ILIAD SA1,693 141,399 0.26LAFARGE SA2,951 170,597 0.31L'OREAL SA757 59,046 0.11LVMH MOET HENNESSY LOUIS VUITTON SA1,564 122,586 0.23MERCIALYS SA693 17,013 0.03MICHELIN SA REG SHS3,243 173,760 0.32M6 METROPOLE TELEVISION SA3,573 64,207 0.12NATIXIS SA5,800 20,573 0.04PERNOD RICARD SA2,696 161,517 0.30PEUGEOT SA1,507 35,663 0.07PPR1,592 134,110 0.25REMY COINTREAU SA2,209 78,651 0.14

% of N

AV

Market V

alue

EUR

Quan

tity

RENAULT SA7,260 262,812 0.48RUBIS557 34,367 0.06SAFRAN -ACT.-7,880 107,877 0.20SANOFI-AVENTIS SA17,802 980,178 1.82SCHNEIDER ELECTRIC SA4,281 350,100 0.65SCOR SE ACT PROV REGROUPEMENT1,316 23,030 0.04SOCIETE GENERALE SA2,982 145,969 0.27SODEXO SA1,600 63,784 0.12STMICROELECTRONICS NV9,500 61,038 0.11SUEZ ENVIRONNEMENT COMPANY SA1,500 24,188 0.04THALES4,000 143,780 0.27TOTAL SA22,354 1,006,041 1.86UNIBAIL-RODAMCO SE776 119,271 0.22VALEO SA764 18,741 0.03VALLOUREC SA567 72,037 0.13VEOLIA ENVIRONNEMENT SA5,298 122,516 0.23VINCI SA2,645 104,398 0.19VIVENDI SA30,381 631,773 1.16ZODIAC AEROSPACE SA3,218 93,740 0.17

ALLIANZ SE REG SHS7,430 647,525 1.19

Germany 7,003,598 12.91

BASF SE11,077 481,406 0.89BAYER AG REG SHS14,090 788,476 1.45BEIERSDORF AG1,588 72,937 0.13DAIMLER AG REG SHS14,470 538,718 0.99DEUTSCHE BANK AG REG SHS1,206 59,601 0.11DEUTSCHE BOERSE AG REG SHS4,093 237,394 0.44DEUTSCHE POST AG REG SHS3,822 51,540 0.10DEUTSCHE TELEKOM AG REG SHS39,256 403,944 0.74E.ON AG REG SHS21,013 614,210 1.13FRESENIUS SE2,768 138,428 0.26GEA GROUP AG14,538 226,211 0.42HEIDELBERGCEMENT AG1,443 69,596 0.13LINDE AG2,632 221,509 0.41MERCK KGAA2,362 153,908 0.28METRO AG438 18,646 0.03MUENCHENER RUECKVERSICHERUNGS AG REGSHS

2,447 265,915 0.49

PUMA AG334 77,435 0.14QIAGEN NV2,316 36,176 0.07RWE AG3,523 239,423 0.44SAP AG7,581 250,173 0.46SIEMENS AG REG SHS14,564 935,154 1.73THYSSENKRUPP AG16,805 443,652 0.82VOLKSWAGEN VORZ.AKT481 31,621 0.06

ALPHA BANK3,128 25,650 0.05

Greece 549,148 1.01

GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS3,410 52,309 0.10HELLENIC EXCHANGES SA REG SHS4,718 34,441 0.06HELLENIC TELECOMMUNICATIONSORGANISATION

17,227 177,266 0.33

NATIONAL BANK OF GREECE REG.14,336 259,482 0.47

C AND C GROUP PLC7,942 23,905 0.04

Ireland 165,559 0.31

CRH PLC1,367 25,987 0.05CRH PLC4,415 84,327 0.16

% of N

AV

Market V

alue

EUR

Quan

tity

38


Gems Europe


GREENCORE GROUP PLC19,823 27,476 0.05GREENCORE GROUP PLC2,780 3,864 0.01

ATLANTIA SPA3,715 67,799 0.12

Italy 1,795,147 3.31

BANCA POPOLARE DI MILANO18,451 91,886 0.17ENEL SPA57,522 232,820 0.43ENI SPA31,086 553,330 1.02FIAT SPA7,881 80,780 0.15INTESA SANPAOLO SPA76,198 240,024 0.44MEDIOBANCA SPA1,271 10,568 0.02MILANO ASSICURAZIONI SPA11,871 24,336 0.04SNAM RETE GAS SPA39,327 136,465 0.25SOGEFI SPA3,962 8,360 0.02TERNA SPA12,103 36,309 0.07TOD'S SPA1,021 52,959 0.10UBI BANCA SCPA11,792 118,392 0.22UNICREDIT SPA60,243 141,119 0.26

WPP PLC20,928 143,572 0.26




SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)1,556 24,515 0.05

AEGON NV29,606 134,411 0.25


AKZO NOBEL NV8,058 373,891 0.69CORIO NV1,882 89,753 0.17CSM NV992 18,228 0.03HEINEKEN NV2,726 90,680 0.17ING GROEP NV92,304 636,897 1.16KONINKLIJKE AHOLD NV28,838 267,040 0.49KONINKLIJKE BOSKALIS WESTMINSTER NV3,894 105,333 0.19KONINKLIJKE KPN NV44,435 526,110 0.97KONINKLIJKE PHILIPS ELECTRONICS NV1,376 28,456 0.05NUTRECO HOLDING NV486 19,093 0.04ROYAL DUTCH SHELL PLC6,314 133,225 0.25ROYAL DUTCH SHELL PLC15,766 333,971 0.62SBM OFFSHORE NV13,679 188,428 0.35TNT NV8,317 178,816 0.33UNILEVER NV13,119 298,457 0.55WOLTERS KLUWER NV17,862 273,289 0.50

DNB NOR ASA27,529 208,421 0.38

Norway 489,144 0.90

NORSK HYDRO ASA26,732 157,104 0.29STATOIL ASA2,350 41,056 0.08TELENOR AS3,400 33,248 0.06YARA INTERNATIONAL ASA1,550 49,315 0.09


Portugal 514,500 0.95

CIMPOR CIMENTOS DE PORTUGAL NOM.4,787 30,776 0.06EDP-ENERGIAS REG.SHS52,230 162,331 0.30PORTUGAL TELECOM REG.27,576 234,947 0.43

% of N

AV

Market V

alue

EUR

Quan

tity

BANCO BILBAO VIZCAYA ARGENT. SA REG SHS39,065 497,297 0.92

Spain 2,684,676 4.95

BANCO SANTANDER SA REG SHS88,944 1,027,303 1.90BOLSAS Y MERCADOS ESPANOLES SA1,271 28,598 0.05IBERDROLA SA24,450 163,082 0.30MAPFRE I09204 545 0.00MAPFRE REG-SHS9,758 28,562 0.05REPSOL YPF SA20,592 385,585 0.71TELEFONICA SA28,366 553,704 1.02

ELECTROLUX -B- FREE2,883 47,139 0.09

Sweden 437,779 0.81

HENNES AND MAURITZ AB935 36,271 0.07NORDEA BANK18,390 130,867 0.24SECURITAS -B- FREE10,652 72,838 0.13TELEFON AB L.M.ERICSSON23,421 150,664 0.28

ABB LTD REG SHS6,051 81,352 0.15


BALOISE HOLDING REG.SHS452 26,224 0.05BARRY CALLEBAUT NOM.SHS41 18,051 0.03CIE SUISSE DE REASSURANCES SA REG SHS3,143 105,766 0.19CLARIANT NAMEN AKT10,461 86,190 0.16CREDIT SUISSE GROUP AG REG SHS16,310 563,039 1.04GEBERIT AG224 27,714 0.05HOLCIM LTD REG SHS2,484 134,823 0.25NESTLE SA REG SHS40,208 1,360,916 2.50NOVARTIS AG REG SHS27,026 1,029,545 1.90ROCHE HOLDING AG GENUSSSCHEIN7,254 859,828 1.59SCHINDLER HOLDING SA811 43,553 0.08SYNGENTA NAMEN1,288 252,450 0.47SYNTHES INC955 87,120 0.16THE SWATCH GROUP REG CHF 2.25923 162,987 0.30UBS SA REG SHS25,466 275,582 0.51ZURICH FINANCIAL SERVICES AG REG SHS2,726 416,302 0.77

ADMIRAL GROUP PLC2,903 38,850 0.07


ANGLO AMERICAN PLC16,692 509,337 0.94ASTRAZENECA PLC3,686 120,751 0.22AVIVA PLC57,381 256,986 0.47BAE SYSTEMS PLC51,837 209,752 0.39BARCLAYS PLC108,915 338,348 0.62BG GROUP PLC27,068 341,835 0.63BHP BILLITON PLC23,608 530,114 0.98BP PLC215,207 1,453,364 2.68BRITISH AMERICAN TOBACCO PLC19,900 451,667 0.83BT GROUP PLC16,269 24,721 0.05CABLE WIRELESS PLC26,733 42,547 0.08CADBURY PLC9,874 88,632 0.16CENTRICA PLC97,665 309,006 0.57DAVIS SERVICE GROUP PLC26,109 117,431 0.22DIAGEO PLC18,778 229,111 0.42GLAXOSMITHKLINE PLC55,880 829,913 1.53HAYS99,458 116,535 0.21HSBC HOLDINGS PLC224,996 1,795,003 3.32IMPERIAL TOBACCO GROUP PLC27,232 600,762 1.11INTERCONTINENTAL HOTELS GROUP PLC9,550 95,989 0.18

% of N

AV

Market V

alue

EUR

Quan

tity

39


Gems Europe


INTERNATIONAL POWER35,896 124,886 0.23J SAINSBURY PLC5,653 20,584 0.04KESA ELECTRICALS PLC11,792 19,803 0.04KINGFISHER PLC88,295 227,582 0.42LOGICA56,571 72,397 0.13LSE GROUP6,318 51,059 0.09MEGGITT PLC65,736 192,373 0.35MORRISON SUPERMARKETS PLC31,190 97,384 0.18PRUDENTIAL PLC39,302 283,114 0.52RECKITT BENCKISER GROUP PLC4,599 173,721 0.32RENTOKIL INITIAL PLC64,539 83,974 0.15RIO TINTO PLC10,176 388,279 0.72ROLLS-ROYCE GROUP5,391 29,338 0.05ROYAL DUTCH SHELL PLC -B-45,984 937,588 1.73SABMILLER PLC2,159 44,373 0.08SAGE GROUP21,143 52,355 0.10SSL INTERNATIONAL1,497 13,227 0.02STANDARD CHARTERED PLC26,208 464,602 0.86TESCO PLC76,814 370,042 0.68UNILEVER PLC7,615 170,908 0.32VODAFONE GROUP PLC497,214 804,206 1.48WHITBREAD4,132 65,623 0.12



Belgium 8 0.00

MEDIOBANCA SPA (SHS) 18.03.11 WAR1,211 131 0.00

Italy 1,177 0.00

UBI BANCA (SHS) 30.06.11 WAR21,300 1,046 0.00

SVENSKA MILJOEBOLAGET -B-330,000 0 0.00


Shares 364 0.00

Sweden 0 0.00

ROLLS-ROYCE GROUP -C- ENTITLEMENT JAN 10323,460 364 0.00

United Kingdom 364 0.00



Belgium 0 0.00

CAAM DYNARBITRAGE ACTIONS -I- 3DEC91 471,740 0.87



France 3,182,591 5.87

CAAM DYNARBITRAGE VOLATILITE166 999,614 1.84CAAM VOLATILITE ACTIONS EURO CAP24 1,711,237 3.16LCL ACTIONS MIDVAL EUROPE FCP 3 DEC CAP0 0 0.00

DJ EURO STOXX 50 JAN 2900 18.01.10 CALL37 36,223 0.07

Derivative instruments 36,223 0.07


Germany 36,223 0.07

% of N

AV

Market V

alue

EUR

Quan

tity

DJ EURO STOXX 50 JAN 3000 18.01.10 CALL-37 -13,098 -0.02

Short positions -16,798 -0.03

Derivative instruments -16,798 -0.03

Options, Warrants, Rights -16,798 -0.03

Germany -16,798 -0.03

DJ EURO STOXX 50 JAN 2800 18.01.10 PUT-37 -3,700 -0.01


% of N

AV

Market V

alue

EUR

Quan

tity

40


Gems World


AXA SA1,233 29,260 0.07



32,555,071 80.56

Shares 17,956,957 44.43

France 3,900,257 9.65

FRANCE TELECOM SA48,100 1,202,869 2.98SANOFI-AVENTIS SA10,600 837,372 2.07VEOLIA ENVIRONNEMENT SA30,000 995,358 2.46VIVENDI SA28,000 835,398 2.07

DEUTSCHE BANK AG REG SHS6,000 425,432 1.05

Germany 1,049,089 2.60

MUENCHENER RUECKVERSICHERUNGS AG REGSHS

4,000 623,657 1.55

ENI SPA37,000 944,926 2.34

Italy 944,926 2.34

AEGON NV100,600 655,285 1.62


ROYAL DUTCH SHELL PLC32,000 968,743 2.40

ASTRAZENECA PLC26,900 1,264,338 3.13


AVIVA PLC100,000 642,565 1.59BRITISH LAND CO PLC REIT136,700 1,059,627 2.62LAND SECURITIES GROUP PLC REIT80,000 884,960 2.19VODAFONE GROUP PLC414,000 960,728 2.38

BANK OF AMERICA CORP40,000 602,400 1.49


CITIGROUP INC36,200 119,822 0.30GOLDMAN SACHS GROUP INC3,400 574,056 1.42JPMORGAN CHASE CO19,400 808,398 2.00MORGAN STANLEY55,500 1,642,801 4.06PFIZER INC43,500 791,265 1.96WELLS FARGO AND CO40,300 1,087,697 2.68

BELGIAN TREASURY BILLS -10 18/02U1,200,000 1,790,153 4.43

Bonds 14,598,114 36.13

Belgium 1,790,153 4.43

FRANCE BTF -10 06/05U2,000,000 3,013,368 7.46

France 7,309,371 18.09

FRANCE BTF -10 25/03U2,500,000 3,727,483 9.22FRANCE BTF 09-10 22/04U400,000 568,520 1.41

US TREASURY BILLS -10 08/04U3,500,000 3,499,412 8.66


USA TREASURY BILLS 09-10 06/05U2,000,000 1,999,178 4.95

DJ EURO STOXX 50 DEC 2600 20.12.10 PUT25 62,483 0.15



Germany 85,633 0.21

DJ EURO STOXX 50 MAR 2700 22.03.10 PUT35 23,150 0.06

% of N

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USD

Quan

tity

EUR(P)/USD(C)OTC JUL1.10 05.07.12 ONE TO3,000,000 807,047 2.00


DJ EURO STOXX 50 MAR 2500 22.03.10 PUT-50 -16,213 -0.04




Germany -16,213 -0.04


% of N

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Market V

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USD

Quan

tity

41


Global Agriculture


AWB -B- LTD1,252,827 1,273,220 1.17


107,389,868 98.26

Shares 107,389,868 98.26

Australia 3,830,571 3.51

GRAINCORP LTD-A-245,652 1,369,764 1.25INCITEC PIVOT LTD371,966 1,187,587 1.09

COSAN -A-131,100 1,140,570 1.04

Bermuda 1,140,570 1.04

ACUCAR GUARANI SA AGY340,200 1,092,889 1.00

Brazil 10,996,281 10.06

ALL AMERICA LATINA LOGISTICA -4 PFD +1SH255,300 2,387,219 2.18COSAN SA INDUSTRIA178,800 2,625,798 2.41JBS339,500 1,815,138 1.66MARFRIG FRIGORIFICO SHS123,000 1,349,108 1.23SLC AGRICOLA SA184,600 1,726,129 1.58

AGRIUM39,300 2,452,464 2.24

Canada 7,677,101 7.02

POTASH CORP OF SASKATCHEWAN22,100 2,411,459 2.21VITERRA INC298,800 2,813,178 2.57

CHINA FISHERY997,000 980,001 0.90


FRESH DEL MONTE PRODUCE87,300 1,929,330 1.76

SOQUIMICH SPONSORED ADR REPR 1 -B- PREF51,900 1,949,883 1.78

Chile 1,949,883 1.78

CHAODA MODERN AGRICULTURE (HOLDINGS) LTD1,654,000 1,770,459 1.62

China 12,796,739 11.70

CHINA AGRI-INDUSTRIES LTD -RC-1,397,000 1,837,676 1.68CHINA BLUECHEMICAL SHS.H-1,650,000 1,010,764 0.92CHINA GREEN (HOLDINGS) LTD1,629,000 1,548,321 1.42CHINA MENGNIU DAIRY372,000 1,331,307 1.22CHINA YURUN FOOD GROUP LTD775,000 2,298,802 2.09FIRST TRACTOR CO LTD2,750,000 1,780,364 1.63SINOFERT HOLDINGS -RC-2,178,000 1,219,046 1.12

DANISCO A/S19,492 1,309,806 1.20

Denmark 1,309,806 1.20

VILMORIN ET CIE10,688 1,326,444 1.21

France 1,326,444 1.21

KALI SALZ AG14,758 846,750 0.77

Germany 1,944,762 1.78

SUEDZUCKER MANNH./OCHS52,634 1,098,012 1.01

ASTRA AGRO LESTARI845,500 2,047,379 1.88

Indonesia 2,389,082 2.19

PT BISI INTERNATIONAL2,378,000 341,703 0.31

ISRAEL CHEMICALS LTD109,054 1,439,462 1.32

Israel 1,439,462 1.32

% of N

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HOKUTO48,600 1,010,162 0.92

Japan 4,906,070 4.49

KUBOTA CORP111,000 1,013,481 0.93NIHON NOHYAKU CO LTD190,000 1,065,362 0.98NIPPON MEAT PACKERS INC., OSAKA69,000 796,026 0.73NIPPON SUISAN KAISH LTD362,800 1,021,039 0.93

KUALA LUMPUR KEPONG MY323,300 1,557,953 1.43

Malaysia 1,557,953 1.43

CNH GLOBAL NV44,000 1,099,120 1.01


NUTRECO HOLDING NV37,121 2,092,294 1.91

CERMAQ ASA152,400 1,477,360 1.36

Norway 4,235,445 3.88

MARINE HARVEST1,977,000 1,447,982 1.32YARA INTERNATIONAL ASA28,700 1,310,103 1.20

GOLDEN AGRI-RESOURCES4,709,400 1,710,755 1.57

Singapore 9,202,421 8.42

INDOFOOD AGRI RESOURCES LTD1,199,000 1,989,881 1.82NOBLE GROUP LTD590,000 1,365,801 1.25OLAM INTERNATIONAL LTD679,400 1,287,239 1.18WILMAR INTERNATIONAL LTD622,000 2,848,745 2.60

NAMHAE CHEMICAL CORP49,340 790,220 0.72

South Korea 790,220 0.72

VISCOFAN SA19,525 497,520 0.46

Spain 497,520 0.46

SYNGENTA NAMEN10,204 2,869,503 2.63


TATE LYLE PLC149,834 1,046,985 0.96


AGCO CORP52,800 1,707,552 1.56


ANDERSONS INC43,600 1,125,752 1.03ARCHER-DANIELS MIDLAND CO97,600 3,055,856 2.80BUNGE LTD53,700 3,427,671 3.13CAL-MAINE FOODS45,850 1,562,568 1.43CF INDUSTRIES HOLDINGS INC9,400 853,332 0.78CHIQUITA BRANDS INTERNATIONAL INC111,300 2,007,852 1.84CORN PRODUCTS INTERNATIONAL INC50,600 1,479,038 1.35DARLING INTERNATIONAL INC134,600 1,127,948 1.03DEERE AND CO33,000 1,784,970 1.63DEERE AND CO - POUR CFD DEERE UBS-1,300 70,317 0.06LINDSAY57,400 2,287,390 2.09MONSANTO CO27,500 2,248,125 2.06MOSAIC CO27,600 1,648,548 1.51SANDERSON FARMS46,400 1,956,224 1.79SEABOARD CORP (DEL.)693 934,857 0.86TYSON FOODS INC -A-171,500 2,104,305 1.93



Brazil 0 0.00

% of N

AV

Market V

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USD

Quan

tity

42


Global Agriculture



% of N

AV

Market V

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USD

Quan

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43


Global Equities


BHP BILLITON LTD49,684 1,926,767 1.83


105,258,200 99.90

Shares 105,258,198 99.90

Australia 1,926,767 1.83

BARRICK GOLD CORP63,400 2,496,691 2.37

Canada 4,288,133 4.07

POTASH CORP OF SASKATCHEWAN6,700 731,076 0.69RESEARCH IN MOTION15,650 1,060,366 1.01

PARKSON RETAIL GP623,000 1,099,123 1.04


TENCENT HOLDINGS LTD16,800 365,075 0.35

CHINA MERCHANT BANK -H-290,750 763,056 0.72

China 1,823,789 1.73

CHINA OVERSEAS LAND INVESTMENT LTD -RC-308,000 651,429 0.62SINOPHARM GROUP CO LTD115,200 409,304 0.39

AIR LIQUIDE SA11,912 1,419,044 1.35

France 13,540,730 12.85

AXA SA22,432 532,329 0.51BNP PARIBAS SA21,724 1,742,320 1.65DANONE SA20,640 1,268,335 1.20ESSILOR INTERNATIONAL SA26,419 1,582,520 1.50GDF SUEZ SA22,887 994,472 0.94LVMH MOET HENNESSY LOUIS VUITTON SA17,094 1,922,317 1.83PERNOD RICARD SA12,108 1,040,754 0.99SCHNEIDER ELECTRIC SA11,250 1,320,006 1.25VEOLIA ENVIRONNEMENT SA16,349 542,437 0.51VINCI SA20,770 1,176,196 1.12

E.ON AG REG SHS13,071 548,168 0.52

Germany 1,431,558 1.36

SIEMENS AG REG SHS9,589 883,390 0.84

HONG KONG EXCHANGES AND CLEARING LTD79,200 1,423,836 1.35

Hong Kong 2,982,664 2.83

PEACE MARK (HOLDING)550,000 0 0.00SHUI ON LAND LTD959,000 568,917 0.54SUN HUNG KAI PROPERTIES LTD66,000 989,911 0.94

COOPER INDUSTRIES11,300 481,832 0.46

Ireland 972,276 0.92

CRH PLC17,897 490,444 0.46

CANON INC19,900 835,802 0.79

Japan 8,841,189 8.39

JFE HOLDINGS INC35,500 1,391,858 1.32KEYENCE CORP2,900 598,099 0.57KOMATSU LTD81,800 1,699,353 1.62KURITA WATER INDUSTRIES LTD22,700 707,127 0.67MITSUBISHI CORP21,900 542,236 0.51MITSUI FUDOSAN CO LTD31,000 518,803 0.49NOMURA HOLDINGS INC141,800 1,037,282 0.98TOYOTA MOTOR CORP21,400 891,906 0.85

% of N

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Market V

alue

USD

Quan

tity

TSUMURA AND CO19,200 618,723 0.59



KONINKLIJKE KPN NV46,373 787,759 0.75


NESTLE SA REG SHS33,732 1,638,087 1.56


TRANSOCEAN LTD12,500 1,035,000 0.98

TAIWAN SEMICON ADR (REPR 5 SHS)62,310 712,826 0.68

Taiwan 712,826 0.68

TURKCELL ILETISIM HIZMET0 3 0.00

Turkey 3 0.00

ARM HOLDINGS PLC300,730 862,022 0.82


BRITISH AMERICAN TOBACCO PLC38,145 1,242,164 1.18HSBC HOLDINGS PLC92,749 1,061,637 1.01RECKITT BENCKISER GROUP PLC31,674 1,716,596 1.63SABMILLER PLC29,769 877,826 0.83STANDARD CHARTERED PLC51,979 1,322,062 1.25

AMGEN INC9,000 509,130 0.48


ANADARKO PETROLEUM CORP31,800 1,984,956 1.88APACHE CORP16,700 1,722,939 1.64APPLE INC11,300 2,382,718 2.25APPLIED MATERIALS INC48,200 671,908 0.64BAXTER INTERNATIONAL INC9,400 551,592 0.52BECTON DICKINSON20,900 1,648,174 1.56BUNGE LTD15,300 976,599 0.93CELGENE CORP9,200 512,256 0.49CERNER CORP21,200 1,747,728 1.66CISCO SYSTEMS INC65,100 1,558,494 1.48CVS CAREMARK CORP26,100 840,681 0.80CYBERSOURCE83,200 1,673,152 1.59ECOLAB INC24,100 1,074,378 1.02EMERSON ELECTRIC CO15,500 660,300 0.63EQT15,800 693,936 0.66EXELON CORP11,100 542,457 0.51FEDEX CORP11,400 951,330 0.90FIRST SOLAR INC4,500 609,300 0.58FPL GROUP INC13,000 686,660 0.65GOOGLE INC3,100 1,921,938 1.82GREENHILL AND CO INC22,500 1,805,400 1.71HANSEN NATURAL CORP18,400 706,560 0.67IBM CORP16,000 2,094,400 1.99INTUITIVE SURGICAL5,800 1,759,256 1.67JOHNSON AND JOHNSON18,322 1,180,120 1.12JPMORGAN CHASE CO35,300 1,470,951 1.40MEDCO HEALTH SOLUTIONS INC21,200 1,354,892 1.29MICROSOFT CORP20,100 612,849 0.58NATIONAL OILWELL VARCO INC25,700 1,133,113 1.08NIKE INC15,500 1,024,085 0.97OCCIDENTAL PETROLEUM CORP19,383 1,576,807 1.50ORACLE CORP39,000 957,060 0.91

% of N

AV

Market V

alue

USD

Quan

tity

44


Global Equities


PEABODY ENERGY CORP16,500 745,965 0.71PEPSICO INC15,600 948,480 0.90PRAXAIR INC13,200 1,060,092 1.01QUESTAR CORP33,650 1,398,831 1.33ROPER INDUSTRIES INC9,600 502,752 0.48ROSS STORES INC16,100 687,631 0.65RYLAND GROUP INC.58,300 1,148,510 1.09SALESFORCE COM.INC20,500 1,512,285 1.44SOUTHWESTERN ENERGY CO68,300 3,292,060 3.11TETREA TECH INC32,500 883,025 0.84TJX COS INC18,900 690,795 0.66UNITED TECHNOLOGIES CORP15,200 1,055,032 1.00US BANCORP22,700 510,977 0.48WAL-MART STORES INC14,800 791,060 0.75WELLS FARGO AND CO30,400 820,496 0.78

GROUPE BRUXELLES LAMBERT SA STRIP VVPR160 2 0.00


Belgium 2 0.00


% of N

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Market V

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USD

Quan

tity

45


Global Finance


AMP LIMITED31,967 194,637 0.60


31,947,361 98.91

Shares 31,947,361 98.91

Australia 2,713,052 8.40

ANZ BANKING GROUP LTD20,000 411,547 1.27AXA ASIA PACIFIC HOLDINGS15,367 90,662 0.28COMMONWEALTH BANK OF AUSTRALIA12,803 631,571 1.96NAT. AUSTRALIA BANK15,485 381,589 1.18QBE INSURANCE GROUP15,650 360,320 1.12WESTFIELD GROUP LTD STAPLED SECURITY8,867 100,002 0.31WESTPAC BANKING CORP23,852 542,724 1.68

KBC GROUPE SA3,766 164,124 0.51

Belgium 164,124 0.51

BANCO BRADESCO PFD ADR REPR 115,050 329,144 1.02

Brazil 1,166,358 3.61

BANCO DO BRASIL SA17,800 303,271 0.94BMF BOVESPA27,300 191,846 0.59ITAU UNIBANCO PFD ADR REPR 1 PFD SHS14,978 342,097 1.06

BANK OF MONTREAL8,800 468,819 1.45

Canada 2,829,508 8.76

BANK OF NOVA SCOTIA8,000 375,605 1.16IGM FINANCIAL INC3,800 153,727 0.48INDUSTRIAL ALLIANCE INSURANCE AND FIN.2,600 79,860 0.25MANULIFE FINANCIAL CORP9,014 166,207 0.51NATIONAL BK CANADA COMMON3,200 183,880 0.57POWER FINANCIAL5,400 160,094 0.50ROYAL BANK OF CANADA13,600 731,674 2.26TORONTO DOMINION BANK8,100 509,642 1.58

POHJOLA BANK -A-34,225 370,737 1.14

Finland 563,431 1.74

SAMPO LEONIA OYJ -A-7,891 192,694 0.60

AXA SA17,766 421,600 1.31

France 2,223,441 6.88

BNP PARIBAS SA10,120 811,649 2.51CNP ASSURANCES1,439 139,898 0.43EULER HERMES SA1,470 110,284 0.34MERCIALYS SA2,914 102,640 0.32NATIXIS SA20,557 104,616 0.32SCOR SE ACT PROV REGROUPEMENT2,744 68,897 0.21SOCIETE GENERALE SA5,691 399,685 1.24UNIBAIL-RODAMCO SE291 64,172 0.20


Germany 1,033,974 3.20

DEUTSCHE BANK AG REG SHS5,371 380,833 1.18DEUTSCHE BOERSE AG REG SHS1,290 107,348 0.33

ALPHA BANK16,075 189,122 0.59

Greece 745,604 2.31

HELLENIC EXCHANGES SA REG SHS15,553 162,897 0.50NATIONAL BANK OF GREECE REG.15,156 393,585 1.22

% of N

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Market V

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USD

Quan

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BOC HONG KONG (HOLDINGS) LTD100,000 226,979 0.70

Hong Kong 1,367,460 4.23

HANG LUNG PROPERTIES LTD64,000 252,564 0.78HANG SENG BANK LTD12,300 181,945 0.56HONG KONG EXCHANGES AND CLEARING LTD9,500 170,789 0.53SUN HUNG KAI PROPERTIES LTD16,400 245,978 0.76WHARF HOLDINGS25,000 144,280 0.45WING HANG BANK LTD15,500 144,925 0.45

INTESA SANPAOLO SPA30,549 138,065 0.43

Italy 344,039 1.07

MILANO ASSICURAZIONI SPA48,554 142,809 0.44UNICREDIT SPA18,794 63,165 0.20

BANK OF YOKOHAMA LTD7,000 31,731 0.10

Japan 1,381,538 4.28

MITSUBISHI ESTATE7,000 111,134 0.34MITSUBISHI UFJ FINANCIAL GROUP INC64,700 314,135 0.97MIZUHO FINANCIAL GROUP INC91,700 163,513 0.51NOMURA HOLDINGS INC32,200 235,546 0.73SHINSEI BANK LTD71 77 0.00SONY FINANCIAL HOLDINGS28 72,846 0.23SUMITOMO MITSUI FINANCIAL GROUP INC5,500 156,265 0.48SUMITOMO TRUST BANK3,000 14,598 0.05T AND D HOLDINGS INC4,750 96,893 0.30TOKIO MARINE HOLDINGS INC6,800 184,800 0.57

ING GROEP NV31,124 308,121 0.95


DNB NOR ASA17,489 189,973 0.59

Norway 189,973 0.59


Portugal 95,533 0.30

SBERBANK122,191 343,235 1.06

Russia 343,235 1.06

CAPITALAND LTD40,500 121,159 0.38

Singapore 1,008,378 3.12

CAPITARETAIL CHINA TRUST -UNITS-154,633 140,982 0.44CITY DEVELOPMENT19,000 156,446 0.48DBS GROUP HOLDINGS24,500 268,744 0.82SINGAPORE EXCHANGE LTD21,000 124,600 0.39UNITED OVERSEAS BANK14,000 196,447 0.61

BANCO BILBAO VIZCAYA ARGENT. SA REG SHS32,292 589,793 1.83

Spain 1,868,282 5.78

BANCO SANTANDER SA REG SHS62,834 1,041,245 3.22BOLSAS Y MERCADOS ESPANOLES SA3,751 121,089 0.37MAPFRE I09602 2,306 0.01MAPFRE REG-SHS27,110 113,849 0.35

NORDEA BANK18,850 192,458 0.60

Sweden 287,664 0.89

SVENSKA HANDELSBANK -A- FREE3,329 95,206 0.29



% of N

AV

Market V

alue

USD

Quan

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46


Global Finance


CIE SUISSE DE REASSURANCES SA REG SHS2,289 110,516 0.34CREDIT SUISSE GROUP AG REG SHS9,978 494,201 1.53UBS SA REG SHS16,483 255,919 0.79ZURICH FINANCIAL SERVICES AG REG SHS318 69,677 0.22

CHINA FIN HOLDINGS390,673 243,674 0.75

Taiwan 243,674 0.75

AKSIGORTA AS67,871 235,448 0.73

Turkey 674,966 2.09

TURKIYE GARANTI BANKASI AS (NAMEN-AKT)103,752 439,518 1.36



BARCLAYS PLC84,535 376,781 1.17HSBC HOLDINGS PLC147,336 1,686,459 5.23LLOYDS BANKING GROUP PLC159,330 130,426 0.40PRUDENTIAL PLC25,117 259,592 0.80STANDARD CHARTERED PLC24,683 627,801 1.95

AFLAC INC3,500 161,875 0.50


AMERICAN EXPRESS CO COM.3,700 149,924 0.46AMERIPRISE FINANCIAL INC - WHEN ISSUED5,400 209,628 0.65ANNALY CAPITAL MANAGEMENT4,700 81,545 0.25AON CORP2,700 103,518 0.32BANK OF AMERICA CORP58,800 885,528 2.74BANK OF NEW YORK MELLON CORP9,300 260,121 0.81BB AND T CORP5,000 126,850 0.39BERKSHIRE HATHAWAY -B-90 295,740 0.92CAPITAL ONE FINANCIAL CORP2,700 103,518 0.32CHARLES SCHWAB CORP/THE14,300 269,126 0.83CHUBB CORP3,400 167,212 0.52CITIGROUP INC60,800 201,248 0.62CME GROUP -A-700 235,165 0.73FRANKLIN RESOURCES INC2,200 231,770 0.72GOLDMAN SACHS GROUP INC2,000 337,680 1.05JPMORGAN CHASE CO30,039 1,251,724 3.89METLIFE INC8,300 293,405 0.91MORGAN STANLEY7,300 216,080 0.67NORTHERN TRUST CORP3,200 167,680 0.52PNC FINANCIAL SERVICES GROUP INC3,700 195,323 0.60PRINCIPAL FINANCIAL GROUP INC5,400 129,816 0.40PROGRESSIVE CORP9,700 174,503 0.54PRUDENTIAL FINANCIAL INC3,076 153,062 0.47SIMON PROPERTY GROUP INC2,013 160,637 0.50TRAVELERS COS INC/THE5,400 269,244 0.83US BANCORP16,300 366,913 1.14WELLS FARGO AND CO34,400 928,456 2.87

LLOYDS BANKING GROUP PLC DEF 15P108,688 0 0.00


Shares 0 0.00

United Kingdom 0 0.00


% of N

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Market V

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USD

Quan

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47


Global Resources


BHP BILLITON LTD44,685 1,732,904 2.62


66,109,926 99.69

Shares 65,624,292 98.96

Australia 4,871,785 7.35

CENTAMIN EGYPT -SHS-176,900 350,987 0.53FORTESCUE METALS GROUP LTD139,051 555,253 0.84LIHIR GOLD LTD227,158 670,094 1.01NEWCREST MINING LTD20,721 658,398 0.99ORICA LIMITED8,800 206,169 0.31RIO TINTO10,363 697,980 1.05

PETROBRAS SA-ADR-REPR.100 PFD SHS 144A15,600 661,284 1.00

Brazil 1,644,156 2.48

VALE PFD -A- ADR REPR 1PFD SHS-A-39,600 982,872 1.48

AGNICO EAGLE MINES LTD13,800 749,279 1.13

Canada 20,407,362 30.77

AURIZON MINES LTD136,300 613,350 0.92BANKERS PETROLEUM106,091 629,460 0.95BARRICK GOLD CORP82,600 3,266,697 4.93CANADIAN NATURAL RESOURCES4,900 355,230 0.54CENTERRA GOLD INC29,000 298,759 0.45CRESCENT POINT ENERGY CORP14,800 557,504 0.84DETOUR GOLD26,200 446,857 0.67ELDORADO GOLD CORP71,900 1,023,286 1.54EQUINOX MINERALS SHS193,200 753,755 1.14FIRST QUANTUM MINERALS LTD4,300 329,206 0.50FRANCO-NEVADA CORP11,000 294,848 0.44GOLDCORP87,400 3,447,358 5.20HUDBAY MINERALS INC21,800 282,186 0.43IAMGOLD CORP52,300 823,661 1.24INMET MINING CORP6,000 365,036 0.55KINROSS GOLD CORP75,500 1,395,006 2.10MAJOR DRILLING GROUP INTERNATIONAL INC17,500 480,261 0.72OSISKO MINING42,000 338,937 0.51PACIFIC RUB39,238 578,276 0.87POTASH CORP OF SASKATCHEWAN4,800 523,756 0.79RED BACK MINING60,570 866,659 1.31SUNCOR ENERGY INC4,700 166,823 0.25YAMANA GOLD INC159,100 1,821,172 2.75

YINGLI GREEN -ADR- REP 1 SHS17,200 271,932 0.41


CH HS TRANSMISS SHS110,000 268,970 0.41

China 2,056,156 3.10

CHINA BLUECHEMICAL SHS.H-462,000 283,014 0.43CHINA MOLYBDENUM CO LTD -H-234,000 188,310 0.28CHINA SHENHUA ENERGY CO LTD-SHS.-H-111,500 546,425 0.82SINOFERT HOLDINGS -RC-472,000 264,183 0.40ZIJIN MINING CORP CO LTD -H-528,000 505,254 0.76

CGG VERITAS SA15,140 324,311 0.49

France 1,967,037 2.97

LAFARGE SA6,686 554,556 0.84

% of N

AV

Market V

alue

USD

Quan

tity

TECHNIP-COFLEXIP5,963 422,637 0.64TOTAL SA10,307 665,533 1.00

BASF SE12,320 768,204 1.15

Germany 1,438,923 2.17

KALI SALZ AG4,341 249,068 0.38THYSSENKRUPP AG11,132 421,651 0.64

ENI SPA13,674 349,214 0.53

Italy 989,658 1.49

SAIPEM SPA18,522 640,444 0.96

MITSUI MINING SMELTING CO LTD42,000 108,276 0.16

Japan 281,487 0.42

NIPPON STEEL CORP43,000 173,211 0.26

RANDGOLD RESSOURCES LTD15,724 1,269,627 1.91

Jersey Island 1,269,627 1.91



AKZO NOBEL NV2,686 178,813 0.27


ROYAL DUTCH SHELL PLC19,248 584,991 0.88SBM OFFSHORE NV29,439 581,823 0.88


Peru 1,081,081 1.63

ANGLOGOLD ASHANTI LTD-REG.SHS23,416 973,976 1.47


GOLD FIELDS15,844 210,817 0.32KUMBA IRON ORE13,748 569,432 0.86

HOLCIM LTD REG SHS7,342 571,744 0.87


NOBLE CORP10,800 439,560 0.66SYNGENTA NAMEN596 167,603 0.25TRANSOCEAN LTD5,453 451,508 0.68

ANGLO AMERICAN PLC30,430 1,332,216 2.01


BG GROUP PLC18,841 341,382 0.51BHP BILLITON PLC31,734 1,022,377 1.54BP PLC121,500 1,177,256 1.78CAIRN ENERGY PLC80,710 433,504 0.65KAZAKHMYS PLC29,837 639,877 0.96RIO TINTO PLC16,418 898,800 1.36ROYAL DUTCH SHELL PLC -B-12,925 378,105 0.57TULLOW OIL PLC26,100 550,040 0.83XSTRATA PLC74,662 1,351,600 2.04

AIR PRODUCTS CHEMICALS INC2,500 202,650 0.31


ANADARKO PETROLEUM CORP15,400 961,268 1.45APACHE CORP5,600 577,752 0.87CABOT OIL AND GAS CORP -A-10,200 444,618 0.67CHEVRON CORP8,664 667,041 1.01CIMAREX ENERGY CO6,200 328,414 0.50CLIFF NATURAL RESOURCES12,300 566,907 0.85

% of N

AV

Market V

alue

USD

Quan

tity

48


Global Resources


CONOCOPHILLIPS CO7,600 388,132 0.59DIAMOND OFFSHORE DRILLING3,300 324,786 0.49EI DU PONT DE NEMOURS & CO12,600 424,242 0.64EOG RESOURCES INC1,700 165,410 0.25FMC TECHNOLOGIES INC12,500 723,000 1.09FREEPORT MCMORAN COPPER & GOLD INC18,900 1,517,481 2.28HALLIBURTON CO20,700 622,863 0.94HELMERICH PAINE8,300 331,004 0.50MONSANTO CO3,800 310,650 0.47MOSAIC CO9,400 561,462 0.85NATIONAL OILWELL VARCO INC11,300 498,217 0.75NEWFIELD EXPLORATION CO12,500 602,875 0.91NEWMONT MINING CORP28,600 1,353,066 2.04NOBLE ENERGY INC6,100 434,442 0.66OCCIDENTAL PETROLEUM CORP6,800 553,180 0.83PETROHAWK ENERGY CORP10,600 254,294 0.38SCHLUMBERGER LTD15,200 989,368 1.49SOUTHWESTERN ENERGY CO11,600 559,120 0.84STEEL DYNAMICS30,400 538,688 0.81US STEEL14,400 793,728 1.20

PENN WEST ENERGY TRUST UNITS27,400 484,835 0.73


Canada 484,835 0.73

FRANCO-NEVADA (SHS) 13.03.12 WAR147 799 0.00


Canada 799 0.00


% of N

AV

Market V

alue

USD

Quan

tity

49


Greater China


CHINA RESOURCES CEMENT14,306,000 7,103,154 1.00


679,946,599 95.40

Shares 679,946,599 95.40


CHINA STATE CONSTRUCTION INTL HLDG LTD69,182,400 29,442,988 4.13

SANY HEAVY EQUIPMENT INTERNATIONAL HLG7,579,000 9,588,556 1.35

Coal mining and steel industry 30,125,583 4.23

YANZHOU COAL MINING CO -H-9,280,000 20,537,027 2.88

ANTA SPORTS PRODUCTS2,700,000 4,011,331 0.56


BELLE INTERNAIONAL HOLDING10,939,000 12,781,391 1.79CHINA RESOURCES ENTERPRISE LTD -RC-3,900,000 14,259,031 2.01GOLDEN EAGLE RETAIL GROUP LTD3,603,000 7,360,236 1.03PORTS DESIGN LTD2,784,000 8,652,838 1.21

CHINA YURUN FOOD GROUP LTD5,900,000 17,500,569 2.46


SKYWORTH DIGITAL HOLDINGS LTD7,000,000 7,203,992 1.01

Electrical engineering and electronics 7,203,992 1.01

CHINA COAL ENERGY CO LTD -H-8,000,000 14,691,708 2.06

Energy 50,425,315 7.07

CHINA SHENHUA ENERGY CO LTD-SHS.-H-4,300,000 21,072,902 2.95CNOOC LTD -RC-9,318,000 14,660,705 2.06

BANK OF CHINA LTD -H-60,400,000 32,715,875 4.59

Financials 253,524,303 35.56

CHINA CONSTRUCTION BANK CORPORATION -H-58,364,000 50,204,564 7.04CHINA LIFE INSURANCE CO LTD7,334,000 36,272,591 5.09CHINA OVERSEAS LAND INVESTMENT LTD -RC-3,216,400 6,802,777 0.95HSBC HOLDINGS PLC (USD 0.5)3,060,000 35,280,218 4.95INDUS.AND COMMERCIAL BANK OF CHINA -H-42,668,000 35,437,287 4.97KERRY PROPERTIES3,948,891 20,116,135 2.82PING AN INS (GRP) CO -H-1,598,500 14,018,252 1.97SUN HUNG KAI PROPERTIES LTD468,000 7,019,366 0.98WHARF HOLDINGS2,713,000 15,657,238 2.20

MINDRAY MEDICAL -ADR-406,000 13,771,520 1.93

Health Care 13,771,520 1.93

BEIJING ENTERPRISES HOLDINGS LTD -RC-1,931,500 14,011,659 1.97


SHANGHAI INDUSTRIAL HOLDINGS LTD -RC-2,420,000 12,374,591 1.74SUNTECH POWER HOLDINGS CO LTD ( ADR)980,000 16,297,400 2.28

WYNN MACAU LTD15,035,200 18,517,608 2.60

Hotels and restaurants 18,517,608 2.60

CH HS TRANSMISS SHS5,791,000 14,160,031 1.99


DONGFANG ELECTRIC -H-3,828,200 20,538,099 2.88SHANGHAI ELECTRIC GROUP CO LTD -H-14,000,000 6,481,788 0.91

CHINA PACIFIC INSURANCE (GROUP) CO LTD¦2,715,600 10,821,727 1.52

Insurance 18,338,099 2.57

% of N

AV

Market V

alue

USD

Quan

tity

CN TAIPING INSURANCE HOLDINGS CO2,322,000 7,516,372 1.05

TENCENT HOLDINGS LTD1,290,000 28,032,506 3.93

Internet and Internet services 28,032,506 3.93

NINE DRAGONS PAPER (HOLDINGS) LTD8,923,000 14,384,449 2.02

Materials 14,384,449 2.02


Office supplies and computing 13,456,222 1.89

CNPC (HK) LTD6,000,000 7,985,521 1.12

Petroleum 7,985,521 1.12

SINOPHARM GROUP CO LTD3,602,400 12,799,289 1.80

Pharmaceuticals and cosmetics 12,799,289 1.80

PARKSON RETAIL GP8,473,500 14,949,313 2.10

Retail trade, department stores 14,949,313 2.10

CHINA LONGYUAN POWER GROUP CORP -H-8,849,000 11,457,773 1.61

Utilities 11,457,773 1.61


% of N

AV

Market V

alue

USD

Quan

tity

50


India


BANK OF INDIA DEMATERIALISED850,000 7,029,606 0.67


1,053,940,342 99.74

Shares 1,053,940,342 99.74


IRB INFRASTRUCTURE DEVELOPERS2,400,000 12,671,760 1.20


CHAMBAL FERTILISER AND CHEMICALS LTD3,500,000 4,351,029 0.41

Chemicals 19,397,723 1.84

LUPIN SHS/DEMATERIALISED475,000 15,046,694 1.43

HERO HONDA MOTORS LTD DEMATERIALISED375,000 13,842,009 1.31


MAHINDRA AND MAHINDRA DEMATERALISED500,000 11,613,309 1.10MARUTI UDYOG LTD500,000 16,762,663 1.59PANTALOON RETAIL INDIA DEMATERIALISED1,218,306 9,966,893 0.94VOLTAS-DEMATERIALISED SHS-1,500,000 5,586,121 0.53

ITC DEMATERIALISED4,750,000 25,600,102 2.42


K.S. OILS5,250,000 7,361,399 0.70

CROMPTON GREAVES-SHS.DEMATERIALISED700,000 6,427,639 0.61


RELIANCE INDUSTRIES DEMATERAILISED4,100,000 96,083,760 9.09

Energy 96,083,760 9.09


Financials 234,696,381 22.21

DLF SHS1,600,000 12,419,047 1.18HDFC BANK DEMATERIALISED1,325,000 48,468,522 4.59HOUSING DEVELOPMENT & INFRASTRUCTURE400,000 3,101,753 0.29HOUSING DEVELOPMENT FIN.DEMATERIALISED985,000 56,638,329 5.35ICICI BANK DEMATERIALISED3,000,000 56,538,125 5.35INFRASTRUCTURE DEVL FIN. DEMATERIALISED1,000,000 3,315,786 0.31KOTAK MAHINDRA BANK ( DEMAT.)1,100,000 19,074,794 1.81MAHINDRA GESCO DEVELOPERS LTD (DEMAT.)1,000,000 7,307,408 0.69POWER FINANCE2,400,000 13,484,053 1.28

SHREE RENUKA SUGARS LTD2,250,000 10,741,116 1.02

Foods and non alcoholic drinks 10,741,116 1.02

EVERONN SYSTEMS325,000 2,869,374 0.27

Graphic art and publishing 2,869,374 0.27

APOLLO HOSPITALS DEMATERIALISED535,000 7,551,052 0.71

Health Care 32,784,709 3.10

AUROBINDO PHARMA (DEMAT.)750,000 14,696,206 1.39SUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL325,000 10,537,451 1.00

LIC HOUSING FINANCE LTD DEMATERIALISED547,000 9,436,593 0.89


COX AND KINGS643,529 6,252,752 0.59

Hotels and restaurants 6,252,752 0.59

% of N

AV

Market V

alue

USD

Quan

tity

BEML400,000 9,677,453 0.92

Industrials 179,267,263 16.96

BHARAT HEAVY ELECTRICALS (DEMATERIALISED)650,000 33,569,270 3.17IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT1,900,000 14,320,950 1.36JAIN IRRIGATION SYSTEMS LTD ( DEMAT.)766,500 14,368,898 1.36JAIPRAKASH ASSOCIATES3,750,000 11,833,842 1.12LARSEN & TOUBRO LTD DEMATERIALISED1,300,000 46,865,400 4.43MUNDRA PORT AND SPECIAL ECONOMIC ZONE850,000 10,109,225 0.96NAGURJANA CONSTRUCTION -SHS DEMAT2,000,000 7,123,675 0.67SIMPLEX INFRASTRUCTURE776,000 9,285,825 0.88TATA MOTORS DEMATERIALISED LTD1,300,000 22,112,725 2.09

INFOSYS TECHNOLOGIES DEMATERALISED1,700,000 95,022,516 8.99


TATA CONSULT.SERVICES SVS DEMATERIALISED1,250,000 20,152,854 1.91WIPRO DEMATERIALISED600,000 8,767,600 0.83

TEXMACO LTD1,500,000 5,279,900 0.50

Machine and apparatus construction 5,279,900 0.50

HINDALCO INDUSTRIES LTD3,000,000 10,369,621 0.98

Materials 63,383,505 6.00

JINDAL STL & POWER1,259,988 19,042,658 1.80TATA STEEL DEMATERIALISED1,800,000 23,892,999 2.27UNITED PHOSPHORUS LTD DEMATERIALISED2,700,000 10,078,227 0.95

DELTA CORP LTD2,936,000 2,867,547 0.27

Miscellaneous services 12,396,681 1.17

INDIA INFOLINE1,420,000 3,933,343 0.37MINDTREE LTD375,000 5,595,791 0.53

DECCAN CHRONICLE HI SHS1,350,000 4,778,020 0.45

Miscellaneous trading companies 13,205,552 1.25

MCLEOD RUSSEL INDIA (DEMAT)1,500,000 8,427,532 0.80

EDUCOMP SOLUTIONS1,625,000 24,925,878 2.36

Office supplies and computing 24,925,878 2.36

GUJARAT STATE PETRONET DEMATERIALISED2,000,000 4,143,121 0.39

Petroleum 4,143,121 0.39

ZEE ENTERTAINMENT - DEMATERIALISED1,000,000 5,524,877 0.52

Photographics and optics 5,524,877 0.52

BAJAJ AUTO LTD100,000 3,770,927 0.36

Road vehicles 3,770,927 0.36

BHARTI AIRTEL LTD (DEMATERIALISED)2,750,000 19,486,689 1.84


BOMBAY RAYON FASHIONS LTD1,200,000 4,886,647 0.47

Textiles and garments 9,579,032 0.91

KALPATARU POWER TRANSMISSION LTD200,000 4,692,385 0.44

GAIL (INDIA) SHS DEMATERIALISED800,000 7,105,194 0.67

Utilities 38,682,777 3.66

GVK POWER & INFRASTRUCTURE LTD11,900,000 11,878,271 1.13KSK ENERGY VENT2,383,098 10,280,589 0.97RURAL ELECTRIFICATI1,800,000 9,418,723 0.89

% of N

AV

Market V

alue

USD

Quan

tity

51


India


RELIANCE INFRASTRUCTURE DEMATERIALISED500,000 12,321,378 1.17

Utilities 21,227,261 2.01

TATA POWER DEMATERIALISED300,000 8,905,883 0.84

Total securities portfolio 1,053,940,342 99.74

% of N

AV

Market V

alue

USD

Quan

tity

52


India Infrastructure


IRB INFRASTRUCTURE DEVELOPERS300,000 1,583,970 1.95


76,695,266 94.66

Shares 76,695,266 94.66


ULTRA TECH CEMENT LTD30,000 589,363 0.73

Chemicals 589,363 0.73

JSW STEEL -SHS- DEMATERIALISED30,000 653,186 0.81

Coal mining and steel industry 653,186 0.81

MAHINDRA AND MAHINDRA DEMATERALISED75,000 1,741,997 2.15


VOLTAS-DEMATERIALISED SHS-350,000 1,303,428 1.61

CROMPTON GREAVES-SHS.DEMATERIALISED175,000 1,606,909 1.98


SANGHVI MOVERS45,000 217,482 0.27

CAIRN INDIA - SHS DEMARTERALISED125,000 757,898 0.94

Energy 10,781,145 13.31

OIL AND NATURAL GAS CORP. DEMATERIALISED100,000 2,531,430 3.12RELIANCE INDUSTRIES DEMATERAILISED280,000 6,561,817 8.10RELIANCE INDUSTRIES GDR REPR.2 SHS20,000 930,000 1.15

ASCENDAS INDIA UNITS800,000 558,429 0.69

Financials 5,942,928 7.33

DLF SHS150,000 1,164,286 1.44HOUSING DEVELOPMENT & INFRASTRUCTURE100,000 775,438 0.96INFRASTRUCTURE DEVL FIN. DEMATERIALISED200,000 663,157 0.82MAHINDRA GESCO DEVELOPERS LTD (DEMAT.)150,000 1,096,111 1.35POWER FINANCE300,000 1,685,507 2.07

BF UTILITIES (DEMATERIALISED)25,000 688,300 0.85


SHIRAM TRANSPORT FIN DEMATERIALISED100,000 1,048,458 1.29

ABB SHS60,000 989,063 1.22

Industrials 20,613,571 25.45

ADANI ENTERPRISE - DEMATERIALISED50,000 468,465 0.58BEML45,000 1,088,713 1.34BHARAT HEAVY ELECTRICALS (DEMATERIALISED)50,000 2,582,252 3.19IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT225,000 1,695,902 2.09JAIPRAKASH ASSOCIATES600,000 1,893,415 2.34LARSEN & TOUBRO LTD DEMATERIALISED120,000 4,326,037 5.35LARSEN TOUBRO GDR-GL.DEPOS.REC.REPR 1SH20,000 733,000 0.90MUNDRA PORT AND SPECIAL ECONOMIC ZONE175,000 2,081,311 2.57NAGURJANA CONSTRUCTION -SHS DEMAT350,000 1,246,643 1.54SIMPLEX INFRASTRUCTURE80,000 957,302 1.18TATA MOTORS DEMATERIALISED LTD150,000 2,551,468 3.15

REDINGTON INDIA150,000 1,007,790 1.24


HINDUSTAN DORR OLIVER LTD (DEMAT)200,000 716,665 0.88

Machine and apparatus construction 2,688,806 3.32

TEXMACO LTD300,000 1,055,981 1.31

% of N

AV

Market V

alue

USD

Quan

tity

THERMAX DEMATERIALISED70,000 916,160 1.13

EVEREST KANTO CYLIN150,000 464,006 0.57

Materials 8,173,987 10.09

HINDALCO INDUSTRIES LTD500,000 1,728,270 2.13JINDAL STL & POWER150,000 2,267,005 2.80STERLITE INDUSTRIES - DEMATERIALISED75,000 1,391,776 1.72TATA STEEL DEMATERIALISED175,000 2,322,930 2.87

JAIPRAKASH HYDRO POWER LTD (DEMAT)600,000 947,030 1.17

Miscellaneous services 947,030 1.17

HINDUSTAN ZINC LTD DEMATERIALISED50,000 1,299,990 1.60

Non-ferrous metals 1,299,990 1.60

BHARAT PETROLEUM CORP DEMATERIALISED50,000 682,874 0.84

Petroleum 1,718,654 2.12

GUJARAT STATE PETRONET DEMATERIALISED500,000 1,035,780 1.28

BHARTI AIRTEL LTD (DEMATERIALISED)200,000 1,417,214 1.75


KALPATARU POWER TRANSMISSION LTD60,000 1,407,715 1.74


SINTEX INDUSTRIES LTD DEMATERIALISED135,000 796,337 0.98

CESC LTD DEMATERIALISED125,000 1,037,660 1.28

Utilities 6,944,548 8.57

GAIL INDIA SPONS.GLOB.DEP.REC.REPR.6REGS30,000 1,590,000 1.96INDRAPRASTHA GAS LTD200,000 858,279 1.06RELIANCE INFRASTRUCTURE DEMATERIALISED50,000 1,232,138 1.52TATA POWER DEMATERIALISED75,000 2,226,471 2.75

GVK POWER & INFRASTRUCTURE LTD1,400,000 1,397,443 1.73

Utilities 3,522,458 4.35

KSK ENERGY VENT250,000 1,078,490 1.33RURAL ELECTRIFICATI200,000 1,046,525 1.29


% of N

AV

Market V

alue

USD

Quan

tity

53


Japan Value


SURUGA BANK LTD37,000 29,822,000 0.73


3,880,536,034 95.35

Shares 3,880,536,034 95.35


KANDENKO CO LTD500 292,500 0.01


TOTO LTD56,000 32,872,000 0.80

DIC193,000 30,494,000 0.75

Chemicals 30,494,000 0.75

NIPPON TEL. TEL. STREET NAME2,600 9,490,000 0.23


AKEBONO BRAKE INDUSTRY CO LTD50,000 23,150,000 0.57

Consumer Discretionary 1,003,338,384 24.66

ASKUL CORP26,900 45,461,000 1.12BRIDGESTONE CORP27,600 44,877,600 1.10CASIO COMPUTER CO LTD42,000 30,954,000 0.76DAIHATSU MOTOR CO150 138,750 0.00DCM JAPAN HOLDINGS CO LTD89,200 47,989,600 1.18DENSO CORP16,500 45,870,000 1.13DOUTOR NICHIRES56 67,144 0.00FAST RETAILING CO LTD25 436,750 0.01FCC CO LTD14,700 24,108,000 0.59HONDA MOTOR CO LTD34,450 107,139,500 2.64ISETAN MITSUKOSHI38,120 31,906,440 0.78IZUMI CO LTD25,600 28,851,200 0.71KYORITSU MAINTENANCE CO LTD15,700 20,143,100 0.49NAMCO BANDAI HOLDINGS INC, TOKYO53,200 47,241,600 1.16NISSAN MOTOR CO LTD66,100 53,541,000 1.32RAKUTEN371 26,229,700 0.64ROUND ONE CORP85,700 47,049,300 1.16SEGA SAMMY HOLDINGS INC20,000 22,280,000 0.55SEKISUI HOUSE LTD47,250 39,642,750 0.97SHARP CORP850 991,950 0.02SHIMAMURA CORP3,400 30,124,000 0.74SONY CORP34,500 92,115,000 2.27TOYOTA MOTOR CORP49,750 193,030,000 4.75

AEON CO LTD46,600 35,043,200 0.86


AJINOMOTO CO INC68,000 59,500,000 1.47KAO CORP400 870,000 0.02NICHIREI CORP104,000 33,488,000 0.82SEVEN & I HOLDINGS CO LTD50 94,850 0.00SHISEIDO21,000 37,401,000 0.92TOYO SUISAN KAISHA350 747,250 0.02YAMAZAKI BAKING CO700 770,700 0.02

NIPPON CHEMI-CON CORP74,000 25,012,000 0.61

Electronics and semiconductors 25,012,000 0.61

MITSUBISHI ESTATE600 886,800 0.02

Financials 531,882,300 13.07

% of N

AV

Market V

alue

JPY

Quan

tity

MITSUBISHI UFJ FINANCIAL GROUP INC314,600 142,199,200 3.50MITSUI FUDOSAN CO LTD33,000 51,414,000 1.26MIZUHO FINANCIAL GROUP INC440,000 73,040,000 1.79NOMURA HOLDINGS INC97,600 66,465,600 1.63ORIX CORP5,210 32,666,700 0.80RICOH LEASING CO LTD50 92,000 0.00SEVENTY-SEVEN BANK LTD500 246,500 0.01SHIZUOKA BANK LTD600 483,000 0.01SUMITOMO TRUST BANK124,000 56,172,000 1.38TOKIO MARINE HOLDINGS INC30,950 78,303,500 1.93TOKYO TATEMONO CO84,500 29,913,000 0.74

ALFRESA HOLDINGS CORP50 184,500 0.00

Health Care 181,266,550 4.45

DAIICHI SANKYO CO LTD25,200 49,114,800 1.21MITSUBISHI TANABE PHARMA CORP750 870,750 0.02NICHII GAKKAN CO22,000 18,172,000 0.45OLYMPUS CORP13,000 38,740,000 0.95SAWAI PHARMACEUTICAL CO LTD50 265,500 0.01TAKEDA PHARMA CO LTD19,300 73,919,000 1.81

TAKARA SHUZO CO. LTD700 373,800 0.01

Holding and finance companies 373,800 0.01

ALL NIPPON AIRWAYS CO LTD152,000 38,304,000 0.94

Industrials 708,679,250 17.42

ASAHI GLASS CO LTD38,000 33,364,000 0.82COMSYS HOLDINGS CORP30,000 29,220,000 0.72DAIKIN INDUSTRIES LTD10,200 37,332,000 0.92EAST JAPAN RAILWAY CO10,150 59,580,500 1.46HITACHI TRANSPORT SYSTEM40,300 47,876,400 1.18KAWASAKI KISEN KAISHA LTD500 132,000 0.00KUBOTA CORP47,000 39,950,000 0.98MARUBENI CORP85,000 43,435,000 1.07MEITEC CORP19,000 23,845,000 0.59MINEBEA CO LTD78,000 39,156,000 0.96MITSUBISHI CORP50 115,250 0.00MITSUI AND CO LTD64,600 84,690,600 2.08MITSUI OSK LINES LTD66,000 32,274,000 0.79MORI SEIKI CO LTD38,300 31,980,500 0.79NIPPON HODO CO LTD750 499,500 0.01NTN CORP77,000 32,109,000 0.79PANASONIC ELECTRIC WORKS30,000 33,660,000 0.83RYOBI LTD109,000 26,487,000 0.65SHIMA SEIKI MFG LTD14,500 24,476,000 0.60TOBU RAILWAY CO LTD500 242,500 0.01TOKYU CORP135,000 49,950,000 1.23

ADVANTEST CORP15,000 36,075,000 0.89


CANON INC50 195,500 0.00FUJI SOFT16,600 24,767,200 0.61FUJIFILM HOLDINGS CORP18,200 50,778,000 1.25HITACHI LTD146,000 41,464,000 1.02HOYA CORP50 123,000 0.00JAPAN AVIATION ELECTRONICS INDUSTRY48,000 30,000,000 0.74KONAMI CO LTD30,000 49,680,000 1.22KONICA MINOLTA HOLDINGS INC56,000 53,312,000 1.31

% of N

AV

Market V

alue

JPY

Quan

tity

54


Japan Value


NINTENDO CO LTD75 1,653,000 0.04NIPPON ELECTRIC GLASS CO LTD500 635,500 0.02NOMURA RESEARCH INSTITUTE16,100 29,479,100 0.72SUMCO CORP19,600 31,948,000 0.79TDK CORP10,200 57,630,000 1.42TOSHIBA CORP131,000 66,941,000 1.63TREND MICRO INC200 706,000 0.02WORKS APPLICATIONS600 29,490,000 0.72YOKOGAWA ELECTRIC CORP36,000 29,232,000 0.72

ASAHI KASEI CORPORATION78,000 36,192,000 0.89

Materials 413,700,500 10.17

FUJIKURA KASEI CO LTD44,200 20,287,800 0.50JFE HOLDINGS INC16,000 58,400,000 1.43MITSUBISHI GAS CHEM.500 233,000 0.01MITSUBISHI MATERIAL147,000 33,369,000 0.82MITSUBISHI RAYON70,000 26,110,000 0.64MITSUI MINING SMELTING CO LTD123,000 29,520,000 0.73NIFCO INC11,000 20,295,000 0.50NIPPON STEEL CORP500 187,500 0.00NISSHIN STEEL CO LTD199,000 32,636,000 0.80NITTO DENKO CORP10,000 33,200,000 0.82OJI PAPER CO LTD131,000 50,959,000 1.24SHIN-ETSU CHEM. CO LTD50 261,500 0.01SUMITOMO CHEMICAL CO LTD99,000 40,095,000 0.99SUMITOMO METAL MINING CO LTD800 1,103,200 0.03TEIJIN LTD102,000 30,600,000 0.75TORAY INDUSTRIES INC500 251,500 0.01

SANKYO CO LTD50 232,000 0.01

Miscellaneous consumer goods 232,000 0.01

JAPAN PETROLEUM EXPLORATION CO LTD7,500 30,675,000 0.75

Petroleum 30,675,000 0.75

FAMILYMART CO LTD10,300 28,273,500 0.69

Retail trade, department stores 28,273,500 0.69

NIPPON TEL.18,450 67,342,500 1.65


ATSUGI CO224,000 25,088,000 0.62


HOKKAIDO ELECTRIC POWER CO INC50 84,450 0.00

Utilities 59,677,450 1.47

OSAKA GAS CY189,000 59,346,000 1.46TOHO GAS500 247,000 0.01


% of N

AV

Market V

alue

JPY

Quan

tity

55


Korea


CHEIL WORLDWIDE3,430 927,843 1.00


89,121,142 96.26

Shares 89,121,142 96.26


HYUNDAI DEPARTMENT STORE SHS14,670 1,417,269 1.53HYUNDAI MOBIS3,407 500,309 0.54HYUNDAI MOTOR CO LTD57,484 5,973,132 6.46LG ELECTRONICS INC39,769 4,149,452 4.48

AMOREPACIFIC CORP1,439 1,154,190 1.25


LG HOUSEHOLD AND HEALTHCARE1,336 333,864 0.36

SK ENERGY CHEMICAL CORP (TENTATIVE)18,274 1,843,917 1.99

Energy 1,843,917 1.99

HANA FINANCIAL GROUP INC108,890 3,076,477 3.32

Financials 11,177,806 12.07

HYUNDAI FIRE MARINE INSURANCE CO LTD19,690 316,197 0.34KOREA EXCHANGE BANK210,960 2,626,866 2.84SAMSUNG FIRE AND MARINE INSURANCE4,824 826,456 0.89SAMSUNG SECURITIES CO LTD9,130 495,516 0.54SHINHAN FINANCIAL GROUP103,409 3,836,294 4.14

KB FINANCIAL GROUP INC93,516 4,794,353 5.18


DOOSAN INFRACORE61,260 860,131 0.93

Industrials 15,122,466 16.33

GS ENGINEERING & CONSTRUCTION CORP28,115 2,619,615 2.82HYUNDAI DEVELOPMENT COMPANYENGINEERING

14,030 454,825 0.49

HYUNDAI ENGINEERING CONSTRUCTION24,436 1,487,805 1.61LG CORP30,570 1,905,908 2.06ORION CORPORATION6,828 1,694,576 1.83SAMSUNG CORP32,859 1,583,022 1.71SAMSUNG ENGINEERING25,242 2,341,086 2.53SUNG KWANG BEND SHS84,128 2,044,546 2.21T.K. CORP4,420 130,952 0.14

HYNIX SEMICONDUCTOR212,400 4,222,555 4.56


LG PHILIPS LCD160,500 5,409,841 5.84SAMSUNG ELECTRO MECHANICS36,865 3,403,239 3.68SAMSUNG ELECTRONICS CO LTD13,080 8,974,790 9.69

DOOSAN HVY IND6,006 418,289 0.45

Machine and apparatus construction 418,289 0.45

HYUNDAI STEEL CO33,240 2,469,147 2.67

Materials 14,636,838 15.81

LG CHEM17,837 3,500,079 3.78OCI COMPANY LTD1,635 306,788 0.33POSCO15,754 8,360,824 9.03

KOREA ZINC CO LTD9,816 1,719,628 1.86

Non-ferrous metals 1,719,628 1.86

% of N

AV

Market V

alue

USD

Quan

tity

KIA MOTORS170,830 2,941,361 3.18

Road vehicles 2,941,361 3.18


% of N

AV

Market V

alue

USD

Quan

tity

56


Latin America Equities


NORTEL INVERSORA ADR REPR.1/20 PFD -B-370,632 5,559,480 0.31


1,793,858,708 100.42

Shares 1,793,858,708 100.42

Argentina 13,874,651 0.78

TELECOM ARGENTINA SPONS. ADR REPR. 5 B SHS152,300 2,561,686 0.14TENARIS SA ADR 2 SHS134,900 5,753,485 0.33

COSAN -A-944,600 8,218,020 0.46

Bermuda 8,218,020 0.46

ACUCAR GUARANI SA AGY1,286,100 4,131,584 0.23

Brazil 1,336,762,777 74.82

AES TIETE1,237,420 12,209,544 0.68AES TIETE PREF152,300 1,747,366 0.10AGRA EMPREENDIM -SHS-6,412,300 18,355,585 1.03AMBEV198,104 16,762,513 0.94AMBEV PREF SHS24 2,402 0.00AMBEV PRF ADR REP 1 SHS69,900 7,066,191 0.40AMIL PARTICIPACOES SA1,075,400 8,451,708 0.47BANCO ABC BRASIL SA CONY657,200 4,448,703 0.25BANCO BRADESCO PFD ADR REPR 12,718,900 59,462,343 3.33BANCO BRADESCO PREF.207,200 4,324,205 0.24BANCO DO BRASIL SA1,279,200 21,794,593 1.22BANRISUL - PFD SHS -B-1,619,732 13,658,857 0.76BMF BOVESPA3,098,300 21,772,756 1.22BR MALLS PARTICIPACOES SA231,500 2,855,245 0.16BRADESPAR PFD SHS2,482,000 54,859,854 3.07BRASCAN RESIDENTIAL PROPERTIES SA3,698,900 16,550,879 0.93BRASIL BROKERS PARTICIPACOES SA90,000 334,558 0.02BRASIL TELECOM ADR REPR.1SHS16,598 262,414 0.01BRASIL TELECOM PDF.1,221 11,732 0.00BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS624,242 18,184,169 1.02BRF ADR REPR 2 SHS211,700 11,086,729 0.62BRF FOODS90,600 2,358,038 0.13B2W CIA GLOBAL SHS45,000 1,233,941 0.07CAMRGO CORREA DESENVOLVIMENTOIMOBILIARO

3,292,500 10,293,810 0.58

CEMIG ADR REPR 1 PFD SH260,969 4,713,100 0.26CEMIG (CIA ENERGETICA MINAS GERAIS)234,446 3,281,607 0.18CENTRAIS ELETRICAS BRASILEIRAS631,300 13,160,566 0.74CESP PREFERD SHS -B-480,000 6,616,813 0.37CIA BRASILEIRA DIST PFD SHS -A-520,700 19,421,752 1.09CIA HERING872,000 14,681,771 0.82CIA SIDERURGICA NACIONAL ADR 1 SHS301,800 9,636,474 0.54CIELO1,178,805 10,373,402 0.58COELCE -A- PREF279,100 4,939,339 0.28COMPANHIA SIDERURGICA NACIONAL796,800 25,597,126 1.43COMP.BRASIL.DISTR.ADR 2PFD CL.-A- REG-S97,700 7,339,224 0.41CONCESSOES RODOVIARIAS126,300 2,890,156 0.16CONFAB INDUSTRIAL PREF.SHS366,995 1,080,019 0.06COPEL SP.ADR REPR.1 PFD SHS -B-285,500 6,123,975 0.34COSAN SA INDUSTRIA267,100 3,922,543 0.22CR2 EMPREEDIM259,700 925,161 0.05DURATEX809,907 7,526,690 0.42ELETROPAULO ELETRICIDADE PFD -B-589,900 11,674,851 0.65

% of N

AV

Market V

alue

USD

Quan

tity

EMBRAER164,100 895,247 0.05EMBRAER SHS SP.ADR REPR.4 PFD SHS84,200 1,861,662 0.10ENERGIAS DO BRAZIL92,600 1,782,204 0.10EQUATORIAL ENERGIA SA250,000 2,595,807 0.15EVEN CONSTR SHS1,041,300 5,101,379 0.29EZ TEC1,643,300 8,012,898 0.45FIBRIA ADR REPR 1 SH344,400 7,866,096 0.44FOSFERTIL PREF.FERTILIZANTES FOSFATADOS458,200 4,337,035 0.24GAFISA SA -ADR- REPR 2 SHS122,200 3,954,392 0.22GERDAU PFD SHS/SPONS.ADR REPR. 1 PFD SH.1,092,300 18,601,869 1.04GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH.484,900 7,443,215 0.42GUARARAPES CONFECCOES SA32,900 1,392,856 0.08HELBOR EMPREENDIMENTOS SA120,000 870,814 0.05INDUSTRIAS ROMI SA ROMI122,400 823,632 0.05IOCHPE MAXION221,000 3,226,517 0.18ITAU UNIBANCO PFD ADR REPR 1 PFD SHS2,137,861 48,828,745 2.73ITAUSA INVESTIMENTOS ITAU SA-PREF10,642,181 72,344,056 4.05ITAUUNIBANCO PFD SHS84,376 1,872,714 0.10JBS230,000 1,229,696 0.07JHSF PARTICIPACOES -SHS-3,114,600 6,700,194 0.38KLABIN PREF.5,845,400 17,805,846 1.00KLABIN SEGALL SA1,308,900 3,716,769 0.21LLX LOGISTICA4,444,443 25,776,406 1.44LOCALIZA RENT A CAR SA997,600 11,056,494 0.62LOJAS AMERICANAS120,000 881,140 0.05LOJAS AMERICANAS PREF.200,000 1,781,785 0.10LOJAS RENNER141,200 3,183,326 0.18MARCOPOLO PREF.789,800 3,058,263 0.17MELPAPER SA PREF.SHS442 2,536 0.00MPX ENERGIA570,000 7,357,177 0.41MRV ENGENHARIA PARTICIPACOES SA2,483,700 20,089,638 1.12NATURA COSMETICO SA19,000 395,762 0.02OGX PETROLEO E GAS PARTICIPACOES SA5,624,600 55,174,907 3.09PETROBRAS SA-ADR-REPR.100 PFD SHS 144A680,900 28,863,351 1.62PETROLEO BRASILEIRO -PETROBRAS- PREF.5,265,600 110,827,986 6.21PETROLEO BRASILEIRO SP.ADR REPR.2 SH735,900 35,087,712 1.96PROFARMA204,000 1,936,788 0.11REDECARD SHS319,800 5,320,229 0.30SAO MARTINHO181,500 1,770,025 0.10SARAIVA SA LIVREIROS EDITORES PREF802,200 15,646,436 0.88SUZANO PAPEL PFD.SHS2,162,600 25,432,199 1.42TAM SA (ADR)234,900 5,219,478 0.29TECNISA SHS360,000 2,147,780 0.12TEGMA GESTAO -SHS-624,800 5,555,544 0.31TELE NORTE LESTE PARTICIPACOES531,600 13,631,585 0.76TELECOMUNICACOES DE SAO PAULO238,200 5,187,067 0.29TELEMAR PFD -A-162,400 5,795,622 0.32TIM PARTICIPACOES-ADR REP 10 PFD SHS203,300 6,040,043 0.34TNLP PREF.SHS-REPR.1000 PREF.TELEMAR-ADR596,800 12,783,456 0.72TOTVS55,049 3,726,364 0.21TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD33,541 995,727 0.06TRISUL SA2,291,000 8,279,793 0.46USIMINA1,296,175 37,245,047 2.08VALE ADR REP 1SH760,000 22,062,800 1.24VALE DO RIO DOCE2,324,400 66,003,950 3.69VALE DO RIO DOCE PREF -A-575,900 13,941,625 0.78VALE PFD -A- ADR REPR 1PFD SHS-A-2,228,900 55,321,298 3.10

% of N

AV

Market V

alue

USD

Quan

tity

57




VIVO PART ADR802,346 24,872,726 1.39VIVO PARTICIPACOES SA PREF.139,735 4,367,130 0.24VIVO PATICIPACOES SA82,500 2,555,651 0.14

ANDINA PFD SHS -A-241,562 685,755 0.04

Chile 48,692,132 2.73

ANDINA SPONS.ADR REPR.6 PFD -B-55,200 1,126,080 0.06BANCO SANTANDER CHILE SPONS -1039- ADR58,100 3,763,718 0.21CENCOSUD SA735,832 2,494,793 0.14CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS118,800 4,635,576 0.26EMBOTELLADORA ANDINA PFD -B-1,494,100 5,116,316 0.29EMPRESAS CMPC47,738 1,897,944 0.11EMPRESAS COPEC SA35,895 539,440 0.03EMPRESAS LA POLAR2,031,494 11,557,388 0.65ENERSIS SA ADR REPR.50 SHS206,000 4,709,160 0.26ENTEL389,460 5,631,411 0.32FALABELLA SOCIEDAD ANONIMA.210,506 1,243,988 0.07LAN AIRLINES SP ADR REPR 1 SHS109,800 1,830,366 0.10SOQUIMICH SPONSORED ADR REPR 1 -B- PREF92,100 3,460,197 0.19

BANCOLOMBIA ADR REPR.4 PREF SHS119,800 5,452,098 0.31

Colombia 5,452,098 0.31

TENARIS SA - REG.SHS23,326 492,170 0.03


TERNIUM SA -ADR 1/10 SHS-222,000 7,863,240 0.44

AMERICA MOVIL ADR REPR.20SHS -L-1,766,500 82,990,170 4.64

Mexico 347,719,630 19.46

AMERICA MOVIL -L-2,934,652 6,918,862 0.39COCA COLA FEMSA -L- (KOFL)270,800 1,785,710 0.10DESARROLLADORE HOMEX -ADR- REPR 6 SHS416,600 14,006,092 0.78EMPRESAS ICA1,038,900 2,426,278 0.14EMPRESAS ICA - ADR - REPR 4196,400 1,836,340 0.10FEMSA SPON ADR REP.10UTS CONS-B-+20SH-D-515,300 24,672,564 1.38GEO -B-5,493,300 14,621,691 0.82GMEXICO -B-30,708,780 70,589,163 3.94GRUMA SHS-B-4,628,500 8,178,946 0.46GRUPO BIMBO -SHS- -A-148,400 983,808 0.06GRUPO CARSO SAB DE CV -A1-75,000 229,790 0.01GRUPO CONTINENTAL364,600 923,829 0.05GRUPO FINANCIERO BANORTE -O-6,186,000 22,667,862 1.27GRUPO MODELO-C- SHS-C-2,607,400 14,577,414 0.82GRUPO TELEVISA ADR (5 ORD.PART.CERT.)1,636,300 33,969,588 1.90INDUSTRIAL PENOLES SAB DE CV298,780 6,381,402 0.36KIMBERLY-CLARK -A-1,237,100 5,549,008 0.31MEGACABLE CERT PART ORD CONS OF 2 -A-212,400 451,956 0.03PASA -B-467,200 554,682 0.03SARE HOLDINGS -B-10,735,900 3,980,094 0.22URBI DESARROLL SHS3,176,100 7,147,521 0.40WAL MART -V-4,954,575 22,276,860 1.25


Peru 23,050,579 1.29

CREDICORP97,600 7,517,152 0.42

SIVENSA130,332 894,666 0.05

Venezuela 1,733,411 0.10

SIVENSA ADR REPR. 1SH122,187 838,745 0.05

% of N

AV

Market V

alue

USD

Quan

tity



Brazil 0 0.00

SUPERMERCADOS UNIMARC ADR REPR.50SHS99,836 68,517 0.00


Shares 68,517 0.00

Chile 68,517 0.00


% of N

AV

Market V

alue

USD

Quan

tity

58


Minimum Variance Europe


BELGACOM SA9,711 245,883 1.98


12,106,763 97.48

Shares 12,106,763 97.48

Belgium 673,721 5.42

COLRUYT1,581 266,240 2.14MOBISTAR SA3,374 161,598 1.30

NOVO-NORDISK -B-7,160 319,465 2.57

Denmark 319,465 2.57

DANONE SA5,802 248,500 2.00

France 2,407,307 19.38

ESSILOR INTERNATIONAL SA7,453 311,163 2.51FRANCE TELECOM SA15,319 267,010 2.15GDF SUEZ SA10,545 319,355 2.57PERNOD RICARD SA4,071 243,894 1.96PUBLICIS GROUPE4,682 133,437 1.07SANOFI-AVENTIS SA5,888 324,193 2.61SCHNEIDER ELECTRIC SA1,045 85,460 0.69TOTAL SA5,000 225,025 1.81VIVENDI SA11,987 249,270 2.01

HENKEL KGAA3,958 123,292 0.99

Germany 817,056 6.58

QIAGEN NV21,004 328,082 2.65SIEMENS AG REG SHS4,961 318,546 2.56VOLKSWAGEN VORZ.AKT717 47,136 0.38

ENI SPA8,000 142,400 1.15

Italy 383,627 3.09

SNAM RETE GAS SPA69,518 241,227 1.94

RANDGOLD RESSOURCES LTD1,947 109,573 0.88


KONINKLIJKE KPN NV26,800 317,312 2.56


ROYAL DUTCH SHELL PLC15,000 316,500 2.55UNILEVER NV10,985 250,238 2.01

PORTUGAL TELECOM REG.29,336 249,943 2.01

Portugal 249,943 2.01

INDITEX SA REG SHS4,102 177,986 1.43

Spain 499,129 4.02

TELEFONICA SA16,452 321,143 2.59

SWEDISH MATCH7,468 114,379 0.92

Sweden 114,379 0.92

ACTELION LTD NAMEN8,234 306,454 2.47


NESTLE SA REG SHS9,279 314,065 2.53NOVARTIS AG REG SHS8,555 325,899 2.62ROCHE HOLDING AG GENUSSSCHEIN2,806 332,599 2.68SGS SA REG SHS347 316,082 2.55SWISSCOM SHS NOM1,180 314,741 2.53

% of N

AV

Market V

alue

EUR

Quan

tity

SYNGENTA NAMEN1,602 313,995 2.53

BAE SYSTEMS PLC60,000 242,782 1.95


BHP BILLITON PLC15,553 349,239 2.82BP PLC47,165 318,521 2.56BRITISH AMERICAN TOBACCO PLC5,631 127,806 1.03CAPITA GROUP37,621 318,007 2.56CENTRICA PLC100,787 318,884 2.57DIAGEO PLC20,672 252,220 2.03EXPERIAN GROUP26,305 182,088 1.47GLAXOSMITHKLINE PLC21,536 319,846 2.58HSBC HOLDINGS PLC75 598 0.00IMPERIAL TOBACCO GROUP PLC3,461 76,353 0.61PEARSON PLC14,996 150,390 1.21RECKITT BENCKISER GROUP PLC8,378 316,468 2.55SABMILLER PLC5,435 111,704 0.90VODAFONE GROUP PLC210,070 339,772 2.74


% of N

AV

Market V

alue

EUR

Quan

tity

59


Restructuring Equities


KBC GROUPE SA3,410 103,579 0.46


22,404,681 99.65

Shares 22,404,681 99.65

Belgium 103,579 0.46

POHJOLA BANK -A-46,899 354,087 1.57

Finland 354,087 1.57

AIR LIQUIDE SA3,998 331,954 1.48

France 7,719,520 34.33

ALCATEL-LUCENT SA102,350 243,798 1.08ALSTOM SA12,649 620,560 2.76AXA SA21,036 347,935 1.55BNP PARIBAS SA7,727 431,939 1.92CAP GEMINI SA16,790 536,776 2.39CARREFOUR SA6,660 223,510 0.99CASINO GUICHARD PERRACHON SA6,040 377,681 1.68DANONE SA11,825 506,465 2.25EULER HERMES SA834 43,610 0.19EUROPEAN AERONAUTIC DEFENSE AND SPACE24,166 340,378 1.51GDF SUEZ SA22,105 669,450 2.98GROUPE EUROTUNNEL SA13,465 88,061 0.39ILIAD SA6,102 509,639 2.27PERNOD RICARD SA6,523 390,793 1.74REMY COINTREAU SA6,832 243,253 1.08SAFRAN -ACT.-19,575 267,982 1.19SANOFI-AVENTIS SA12,447 685,332 3.05VEOLIA ENVIRONNEMENT SA18,738 433,316 1.93VIVENDI SA20,538 427,088 1.90


Germany 3,376,429 15.02

BAYER AG REG SHS12,440 696,142 3.10GEA GROUP AG9,511 147,991 0.66MERCK KGAA8,384 546,301 2.43PUMA AG584 135,395 0.60QIAGEN NV8,678 135,550 0.60SIEMENS AG REG SHS8,194 526,137 2.34THYSSENKRUPP AG22,742 600,389 2.67

ENEL SPA38,187 154,562 0.69

Italy 320,581 1.43

FIAT SPA16,197 166,019 0.74



AKZO NOBEL NV6,310 292,784 1.30


ING GROEP NV85,202 587,894 2.61KONINKLIJKE AHOLD NV25,379 235,010 1.05KONINKLIJKE KPN NV51,254 606,846 2.70SBM OFFSHORE NV39,472 543,727 2.42UNILEVER NV26,313 598,621 2.66

% of N

AV

Market V

alue

EUR

Quan

tity


Portugal 101,349 0.45

BANCO SANTANDER SA REG SHS58,104 671,101 2.98

Spain 1,300,486 5.78

REPSOL YPF SA33,612 629,385 2.80

ELECTROLUX -B- FREE10,794 176,489 0.79

Sweden 176,489 0.79

BARRY CALLEBAUT NOM.SHS153 67,363 0.30

Switzerland 903,465 4.02

CLARIANT NAMEN AKT36,939 304,348 1.35UBS SA REG SHS27,321 295,656 1.32ZURICH FINANCIAL SERVICES AG REG SHS1,546 236,098 1.05

ANGLO AMERICAN PLC27,466 838,092 3.73


BARCLAYS PLC150,940 468,900 2.09BG GROUP PLC45,028 568,647 2.53CABLE WIRELESS PLC114,481 182,201 0.81CADBURY PLC37,175 333,694 1.48CENTRICA PLC196,337 621,198 2.76HSBC HOLDINGS PLC107,371 856,599 3.82J SAINSBURY PLC21,069 76,716 0.34LSE GROUP23,691 191,459 0.85SSL INTERNATIONAL5,617 49,630 0.22STANDARD CHARTERED PLC19,828 351,501 1.56


% of N

AV

Market V

alue

EUR

Quan

tity

60


Select Euro


KBC GROUPE SA2,588 78,611 0.36


22,002,163 99.76

Shares 22,002,163 99.76

Belgium 78,611 0.36

NOKIA OYJ73,310 653,925 2.97

Finland 653,925 2.97

AIR LIQUIDE SA5,263 436,987 1.98

France 9,747,617 44.19

AXA SA33,315 551,030 2.50BNP PARIBAS SA14,255 796,855 3.61CARREFOUR SA9,006 302,241 1.37CFAO7,411 212,473 0.96CIE DE SAINT-GOBAIN SA8,476 322,681 1.46DANONE SA11,292 483,636 2.19DASSAULT SYSTEMES SA4,701 186,865 0.85FRANCE TELECOM SA38,886 677,783 3.07GDF SUEZ SA31,261 946,739 4.29LVMH MOET HENNESSY LOUIS VUITTON SA4,752 372,462 1.69RENAULT SA11,714 424,047 1.92SAFRAN -ACT.-25,377 347,411 1.58SANOFI-AVENTIS SA16,643 916,364 4.16SOCIETE GENERALE SA4,572 223,799 1.01SODEXO SA2,743 109,350 0.50STMICROELECTRONICS NV19,825 127,376 0.58TECHNIP-COFLEXIP1,827 90,254 0.41THALES9,289 333,893 1.51TOTAL SA28,015 1,260,814 5.72VIVENDI SA30,034 624,557 2.83


Germany 5,723,711 25.95

BASF SE7,845 340,944 1.55BAYER AG REG SHS15,626 874,431 3.96DAIMLER AG REG SHS18,358 683,468 3.10DEUTSCHE BANK AG REG SHS3,622 178,999 0.81DEUTSCHE TELEKOM AG REG SHS32,341 332,789 1.51E.ON AG REG SHS26,667 779,476 3.53GEA GROUP AG25,642 398,990 1.81HEIDELBERGCEMENT AG6,181 298,110 1.35MUENCHENER RUECKVERSICHERUNGS AG REGSHS

2,972 322,967 1.46

SAP AG10,394 343,002 1.56SIEMENS AG REG SHS9,470 608,069 2.76

HELLENIC TELECOMMUNICATIONSORGANISATION

23,374 240,518 1.09

Greece 538,698 2.44


BANCA POPOLARE DI MILANO53,589 266,873 1.21

Italy 1,411,629 6.40

ENI SPA28,907 514,545 2.33INTESA SANPAOLO SPA101,656 320,216 1.45UNICREDIT SPA132,335 309,995 1.41

% of N

AV

Market V

alue

EUR

Quan

tity



ING GROEP NV63,137 435,645 1.98


KONINKLIJKE KPN NV37,288 441,490 2.00UNILEVER NV8,792 200,018 0.91WOLTERS KLUWER NV21,103 322,876 1.46

BANCO SANTANDER SA REG SHS56,307 650,346 2.95

Spain 1,183,710 5.37

TELEFONICA SA27,324 533,364 2.42

ABB LTD REG SHS16,680 224,252 1.02


NESTLE SA REG SHS9,733 329,432 1.49

TESCO PLC49,578 238,836 1.08


VODAFONE GROUP PLC158,223 255,914 1.16

CAAM TRESO INSTITUTION CAP/DIS5 109,264 0.50



France 109,264 0.50


% of N

AV

Market V

alue

EUR

Quan

tity

61


Select Europe


NOKIA OYJ80,000 713,600 2.44


28,527,792 97.54

Shares 28,527,792 97.54

Finland 713,600 2.44

AIR LIQUIDE SA6,100 506,483 1.73

France 9,388,130 32.10

AXA SA38,166 631,266 2.16BNP PARIBAS SA10,700 598,130 2.05CAP GEMINI SA12,200 390,034 1.33CARREFOUR SA14,920 500,715 1.71CFAO8,744 250,690 0.86CIE DE SAINT-GOBAIN SA6,000 228,420 0.78DANONE SA10,000 428,300 1.46DASSAULT SYSTEMES SA8,000 318,000 1.09FRANCE TELECOM SA30,200 526,386 1.80GDF SUEZ SA26,000 787,410 2.69PPR402 33,864 0.12RENAULT SA16,500 597,300 2.04SAFRAN -ACT.-3,924 53,720 0.18SANOFI-AVENTIS SA17,000 936,020 3.20SODEXO SA3,000 119,595 0.41STMICROELECTRONICS NV34,000 218,450 0.75THALES14,500 521,203 1.78TOTAL SA23,000 1,035,114 3.54VIVENDI SA34,000 707,030 2.42


Germany 5,013,971 17.14

BASF SE3,720 161,671 0.55BAYER AG REG SHS11,000 615,560 2.10BEIERSDORF AG3,500 160,755 0.55DAIMLER AG REG SHS15,000 558,450 1.91DEUTSCHE TELEKOM AG REG SHS28,823 296,589 1.01E.ON AG REG SHS18,500 540,755 1.85GEA GROUP AG41,000 637,960 2.18HEIDELBERGCEMENT AG5,164 249,060 0.85LINDE AG4,400 370,304 1.27MUENCHENER RUECKVERSICHERUNGS AG REGSHS

4,000 434,680 1.49

SAP AG6,500 214,500 0.73SIEMENS AG REG SHS5,263 337,937 1.16

HELLENIC TELECOMMUNICATIONSORGANISATION

19,500 200,655 0.69

Greece 466,110 1.59


ENI SPA17,000 302,600 1.03

Italy 302,600 1.03

ING GROEP NV67,325 464,543 1.59


KONINKLIJKE KPN NV25,000 296,000 1.01ROYAL DUTCH SHELL PLC45,000 953,233 3.27UNILEVER NV12,000 273,000 0.93

% of N

AV

Market V

alue

EUR

Quan

tity

WOLTERS KLUWER NV40,000 612,000 2.09

CREDIT SUISSE GROUP AG REG SHS9,000 310,690 1.06


NESTLE SA REG SHS42,000 1,421,569 4.86NOVARTIS AG REG SHS24,500 933,318 3.19ROCHE HOLDING AG GENUSSSCHEIN5,187 614,823 2.10UBS SA REG SHS25,000 270,539 0.93ZURICH FINANCIAL SERVICES AG REG SHS2,600 397,060 1.36



ASTRAZENECA PLC8,500 278,454 0.95BARCLAYS PLC30,000 93,196 0.32BG GROUP PLC35,000 442,006 1.51BHP BILLITON PLC11,214 251,809 0.86BP PLC85,000 574,033 1.96GLAXOSMITHKLINE PLC50,000 742,585 2.54HSBC HOLDINGS PLC150,000 1,196,691 4.10IMPERIAL TOBACCO GROUP PLC39,000 860,375 2.94RIO TINTO PLC6,525 248,970 0.85UNILEVER PLC10,000 224,436 0.77VODAFONE GROUP PLC600,000 970,454 3.32

CAAM TRESO EONIA FCP CAP4 853,199 2.92



France 1,049,873 3.59

CAAM TRESO INSTITUTION CAP/DIS9 196,674 0.67


% of N

AV

Market V

alue

EUR

Quan

tity

62


Switzerland


GAM HOLDING AG7,936 99,914 0.76


12,764,603 97.65

Shares 12,764,603 97.65

Banks and credit institutions 294,038 2.25

JULIUS BAER GROUP NAMEN AKT5,336 194,124 1.49

CALIDA HOLDING -NAMEN292 93,440 0.71

Consumer Discretionary 471,624 3.61

THE SWATCH GROUP REG CHF 2.251,444 378,184 2.90

BARRY CALLEBAUT NOM.SHS245 159,985 1.22


CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.11 279,455 2.14NESTLE SA REG SHS16,234 814,947 6.24


Financials 2,973,318 22.74

CIE SUISSE DE REASSURANCES SA REG SHS12,334 615,590 4.71CREDIT SUISSE GROUP AG REG SHS21,141 1,082,420 8.27POHJOLA BANK -A-10,135 113,490 0.87UBS SA REG SHS32,179 516,473 3.95ZURICH FINANCIAL SERVICES AG REG SHS1,760 398,640 3.05

ACTELION LTD NAMEN5,266 290,683 2.22

Health Care 2,409,124 18.43

CYTOS BIOTECHNOLOGY SA1,500 18,675 0.14LONZA GROUP NOM.796 58,108 0.44NOBEL BIOCARE HLDG - NAMEN AKT4,824 167,779 1.28NOVARTIS AG REG SHS15,021 848,686 6.50ROCHE HOLDING AG GENUSSSCHEIN3,429 602,818 4.62SONOVA HOLDING NAM-AKT2,157 270,704 2.07SYNTHES INC1,121 151,671 1.16

ARYZTA4,566 176,019 1.35

Holding and finance companies 830,124 6.35

COMPAGNIE FINANCIERE RICHEMONT SA18,834 654,105 5.00

ABB LTD REG SHS30,216 602,507 4.60


ADECCO REG.SHS4,948 282,283 2.16GEBERIT AG1,521 279,104 2.14KOMAX HOLDING NAMEN786 56,592 0.43KUEHNE + NAGEL INTERNATIONAL AG2,088 209,844 1.61SCHINDLER HOLDING SA4,671 372,045 2.85SGS SA REG SHS208 281,008 2.15

LOGITECH NAMEN AKT5,716 102,488 0.79

Information Technology 185,105 1.42

TEMENOS GROUP AG NAM.AKT3,077 82,617 0.63

CLARIANT NAMEN AKT6,359 77,707 0.59

Materials 1,802,633 13.79

GIVAUDAN SA REG.SHS301 248,777 1.90GURIT HEBERLEIN116 67,280 0.51HOLCIM LTD REG SHS8,043 647,462 4.96SIKA FINANZ AG BAAR40 64,600 0.49

% of N

AV

Market V

alue

CHF

Quan

tity

SYNGENTA NAMEN2,397 696,807 5.34

GATEGROUP HOLDING AG1,537 53,795 0.41

Miscellaneous services 53,795 0.41

SWISSCOM SHS NOM1,029 407,072 3.11

Telecommunication Services 407,072 3.11


% of N

AV

Market V

alue

CHF

Quan

tity

63


Thailand


KASIKORNBANK UNITS NVDR354,500 903,795 2.67


34,754,841 102.63

Shares 34,754,841 102.63

Banks and credit institutions 903,795 2.67

SIAM CITY CEMENT PUBLIC CO LTD -F-164,000 1,155,969 3.41


TOTAL ACCESS COMM. - UNITS N.V.D.R1,402,300 1,503,666 4.44


SOUBOON ADVANCE TEC - FOREIGN REGISTERED3,001,900 1,188,515 3.51


BANPU PUBLIC CO LTD -F-130,900 2,269,353 6.70

Energy 9,226,788 27.25

BANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT)21,700 374,901 1.11PTT EXPLORATION AND PRODUCTION PUBLIC CO550,600 2,427,661 7.17PTT PUBLIC COMPANY LTD -F-442,100 3,262,047 9.63THAI OIL-FOREIGN REG696,300 892,826 2.64

BANGKOK BANK PUBLIC CO LTD -F-146,200 510,867 1.51

Financials 9,326,120 27.53

BANK OF AYUDHYA N-VTG DEPOSIT CO LTD2,458,200 1,658,954 4.89KASIKORNBANK -F-651,100 1,699,033 5.01KRUNG THAI BANK PUBLIC NVTG DEPO CO LTD4,971,900 1,468,903 4.34LPN DEV.PUBLIC CO N.VOTING DEPOS.RECEIPT6,339,600 1,350,065 3.99QUALITY HOUSES -F-12,861,100 1,026,111 3.03SIAM COMMERCIAL BANK PUBLIC -F-619,600 1,612,187 4.76

TISCO FIN GRP (UNITS NON VOTING DEP REC)2,181,700 1,583,598 4.68


AIRPORTS OF THAILAND-REG-FOREIGN1,745,000 2,041,243 6.03


THORESEN THAI AGENC NON VOTING DEP REC817,300 668,009 1.97

BANGKOK LIFE ASSURANCE LTD UNITS NON-VOT2,572,400 1,334,809 3.94

Insurance 1,334,809 3.94

SIAM CEMENT FOREIGN REGISTERED138,400 992,129 2.93

Materials 1,482,702 4.38

TPI POLENE PUBLIC CO LTD -F-1,848,100 490,573 1.45

CP SEVEN ELEVEN ALL FOREIGN REGISTERED1,743,900 1,297,203 3.83

Miscellaneous services 1,297,203 3.83

AMATA CORP -FOREIGN REG-3,806,000 839,055 2.48

Real estate companies 839,055 2.48

ADVANCED INFO SERVICE -F-592,200 1,536,452 4.54


REGIONAL CONTAINER FOREIGN REGISTERED2,223,500 666,917 1.97

Transportation 666,917 1.97

% of N

AV

Market V

alue

USD

Quan

tity

DUSIT THAI PROPERTIES PCL ( FOREIGN)222,913 0 0.00


Shares 0 0.00

Miscellaneous sectors 0 0.00

SWEDISH MOTORS CIE 5.00 03-10 28/11A3,472 0 0.00

Bonds 0 0.00

Road vehicles 0 0.00


% of N

AV

Market V

alue

USD

Quan

tity

64


US Innovative Companies


RESEARCH IN MOTION3,450 233,013 0.56


39,614,530 94.98

Shares 39,614,530 94.98

Canada 233,013 0.56

ABBOTT LABORATORIES LTD10,500 566,895 1.36


AIR PRODUCTS CHEMICALS INC3,900 316,134 0.76AKAMAI TECHNOLOGIES10,300 260,899 0.63ALTERA CORP20,000 452,600 1.09AMAZON.COM INC3,550 477,546 1.14AMERCIAN WATER WORKS CO INC10,100 226,341 0.54AMERICAN ELECTRIC POWER CO INC9,850 342,682 0.82AMETEK INC16,600 634,784 1.52AMGEN INC4,633 262,089 0.63APACHE CORP3,100 319,827 0.77APPLE INC3,665 772,802 1.85AT AND T INC26,800 751,204 1.80BAKER HUGHES INC6,800 275,264 0.66BANK OF AMERICA CORP41,000 617,460 1.48BANK OF NEW YORK MELLON CORP13,200 369,204 0.89BAXTER INTERNATIONAL INC2,900 170,172 0.41BLACKROCK INC1,715 398,223 0.95BORG WARNER8,800 292,336 0.70BRISTOL-MYERS SQUIBB CO10,088 254,722 0.61CAMPBELL SOUP CO8,000 270,400 0.65CAPITAL ONE FINANCIAL CORP5,000 191,700 0.46CARDIONET15,300 90,882 0.22CELGENE CORP3,700 206,016 0.49CEPHALON INC5,450 340,135 0.82CHARLES SCHWAB CORP/THE20,150 379,223 0.91CHEVRON CORP8,750 673,663 1.62CHUBB CORP5,150 253,277 0.61CHURCH AND DWIGHT8,100 489,645 1.17CISCO SYSTEMS INC35,600 852,263 2.04COACH INC7,400 270,322 0.65COCA-COLA CO8,700 495,900 1.19CONAGRA FOODS INC14,350 330,768 0.79CONOCOPHILLIPS CO6,000 306,420 0.73DANAHER CORP6,300 473,760 1.14DIAMOND FOODS INC6,900 245,226 0.59EL PASO CORP28,500 280,155 0.67EMC CORP20,650 360,756 0.86EXELON CORP6,850 334,760 0.80EXXON MOBIL CORP12,826 874,604 2.10FIRST SOLAR INC1,600 216,640 0.52FPL GROUP INC4,800 253,536 0.61GAMESTOP CORP -A-6,200 136,028 0.33GENERAL ELECTRIC CO46,000 695,980 1.67GILEAD SCIENCES INC3,900 168,792 0.40GOOGLE INC1,550 960,968 2.29HEWLETT-PACKARD CO14,900 767,499 1.84HJ HEINZ CO4,450 190,282 0.46HONEYWELL INTERNATIONAL INC14,350 562,520 1.35

% of N

AV

Market V

alue

USD

Quan

tity

HOSPIRA7,650 390,150 0.94HUDSON CITY12,500 171,625 0.41IBM CORP6,302 824,931 1.98INTEL CORP26,500 540,600 1.30J.B. HUNT TRANSPORT SERVICES INC9,150 295,271 0.71JOHNSON AND JOHNSON6,300 405,783 0.97JPMORGAN CHASE CO19,400 808,397 1.94KRAFT FOODS INC8,900 241,902 0.58LIFE TECHNOLOGIES CORP4,000 208,920 0.50LOGMELN INC10,151 202,512 0.49MARATHON OIL CORP6,850 213,857 0.51MEAD JOHNSON NUTRITION CO5,185 226,585 0.54MEDASSETS INC11,000 233,310 0.56METLIFE INC9,150 323,453 0.78MICROSOFT CORP40,800 1,243,991 2.97MONSANTO CO5,400 441,450 1.06NATIONAL OILWELL VARCO INC7,900 348,311 0.84NIKE INC5,200 343,564 0.82NUCOR CORP6,850 319,553 0.77OCCIDENTAL PETROLEUM CORP4,970 404,310 0.97ONYX PHARMACEUTICALS INC8,000 234,720 0.56ORACLE CORP23,000 564,420 1.35PEOPLES UNITED FINANCIAL21,800 364,060 0.87PEPSICO INC11,800 717,440 1.72PERRIGO6,850 272,904 0.65PFIZER INC51,668 939,840 2.25PG AND E CORP6,600 294,690 0.71PROCTER AND GAMBLE CO5,850 354,686 0.85PSS WORLD MEDICAL10,300 232,471 0.56QUALCOMM INC15,500 717,030 1.72QUESTAR CORP8,950 372,052 0.89ROPER INDUSTRIES INC4,900 256,613 0.62SCHLUMBERGER LTD8,450 550,011 1.32SILICON VALLEY BANCSHARES FINANCIAL GRP9,000 375,210 0.90SPX CORP5,100 278,970 0.67ST JUDE MEDICAL INC9,850 362,283 0.87UNITED TECHNOLOGIES CORP7,500 520,575 1.25URBAN OUTFITTERS INC12,400 433,876 1.04US BANCORP18,350 413,059 0.99VERIZON COMMUNICATIONS INC12,000 397,560 0.95VF CORP4,150 303,946 0.73WAL-MART STORES INC14,475 773,688 1.85WALT DISNEY CO23,000 741,750 1.78WELLPOINT INC6,600 384,714 0.92WELLS FARGO AND CO14,300 385,957 0.93ZIMMER HOLDINGS INC8,750 517,213 1.24


% of N

AV

Market V

alue

USD

Quan

tity

65


US Opportunities


BARRICK GOLD CORP21,372 841,629 1.72


46,996,921 96.20

Shares 46,996,921 96.20

Canada 841,629 1.72

INGERSOLL-RAND13,500 482,490 0.99

Ireland 482,490 0.99

TEVA PHARMA IND.ADR19,000 1,067,420 2.19

Israel 1,067,420 2.19

NESTLE SA APONS.ADR REPR.1 REG.SHS15,500 749,425 1.53


TYCO INTERNATIONAL LTD20,880 744,998 1.53WEATHERFORD IN42,800 766,548 1.57

TAIWAN SEMICON ADR (REPR 5 SHS)104,831 1,199,267 2.45

Taiwan 1,199,267 2.45

ENSCO ADR REPR 1 SH -A-11,800 471,292 0.96


ALCON INC REG.SHS4,622 759,626 1.55


ALTERA CORP27,872 630,743 1.29AMGEN INC9,000 509,130 1.04ANADARKO PETROLEUM CORP16,748 1,045,410 2.14APACHE CORP2,700 278,559 0.57APPLIED MATERIALS INC97,862 1,364,196 2.79BANK OF AMERICA CONS OF DEP SHS + WTS17,000 253,640 0.52BANK OF AMERICA CORP78,300 1,179,198 2.41CHARLES SCHWAB CORP/THE67,291 1,266,417 2.59COLGATE-PALMOLIVE CO4,000 328,600 0.67CVS CAREMARK CORP29,300 943,753 1.93EMC CORP98,500 1,720,795 3.52ESTEE LAUDER COMPANIES INC -A-5,400 261,144 0.53EXELON CORP900 43,983 0.09EXPEDITORS INTERNATIONAL OF WASHINGTON14,000 486,220 1.00FORD MOTOR33,600 336,000 0.69GENERAL ELECTRIC CO28,507 431,311 0.88HALLIBURTON CO47,200 1,420,248 2.91HESS CORP9,619 581,950 1.19HJ HEINZ CO5,400 230,904 0.47ILLINOIS TOOL WORKS4,400 211,156 0.43INTEL CORP77,880 1,588,752 3.25INVESCO LTD30,775 722,905 1.48JOHNSON AND JOHNSON16,800 1,082,088 2.22JUNIPER NETWORKS INC2,500 66,675 0.14KELLOGG7,500 399,000 0.82KROGER CO32,600 669,278 1.37LAM RESEARCH CORP20,200 792,042 1.62LOCKHEED MARTIN CORP9,500 715,825 1.47LOWE'S COMPANIES INC80,775 1,889,327 3.88MCAFFE2,100 85,197 0.17MEAD JOHNSON NUTRITION CO7,400 323,380 0.66MERCK AND CO23,500 858,690 1.76

% of N

AV

Market V

alue

USD

Quan

tity

MICROSOFT CORP58,300 1,777,567 3.64MOTOROLA INC113,200 878,432 1.80NEWMONT MINING CORP12,200 577,182 1.18NEWS CORP -A- WHEN ISSUED21,844 299,044 0.61NORTHERN TRUST CORP17,013 891,481 1.82NUCOR CORP25,400 1,184,910 2.43ORACLE CORP37,535 921,109 1.89PAYCHEX INC15,400 471,856 0.97PFIZER INC92,300 1,678,937 3.44PNC FINANCIAL SERVICES GROUP INC2,428 128,174 0.26RAYTHEON CO13,000 669,760 1.37SCHLUMBERGER LTD29,596 1,926,404 3.95SHERWIN WILLIAMS CO4,000 246,600 0.50SOUTHWEST AIRLINES CO56,600 646,938 1.32TARGET CORP21,926 1,060,561 2.17TOLL BROTHERS INC17,325 325,883 0.67UNITED PARCEL SERVICE INC27,431 1,573,716 3.22VERIZON COMMUNICATIONS INC19,700 652,661 1.34WASTE MANAGEMENT INC11,300 382,053 0.78YAHOO INC53,900 904,442 1.85


% of N

AV

Market V

alue

USD

Quan

tity

66


Asian Income


KCRC MTN TR.1 REG-S 5.125 09-19 20/05S400,000 415,620 3.04


12,045,219 88.21

Bonds 9,936,132 72.76

Hong Kong 415,620 3.04

INDONESIA REGS 11.625 09-19 04/03S550,000 798,050 5.84

Indonesia 1,733,407 12.69

INDONESIE REG S 10.375 09-14 04/05S750,000 935,357 6.85

PETRONAS CAP 5.25 09-19 12/08S400,000 400,714 2.93

Malaysia 400,714 2.93

PHILIPPINES 6.50 09-20 20/01S1,000,000 1,078,356 7.89

Philippines 1,831,840 13.41

PHILIPPINES 8.375 04-11 15/02S700,000 753,484 5.52

RAS LAFFAN REGS 6.75 09-19 30/09S600,000 661,939 4.85

Qatar 661,939 4.85

TEMASEK FIN EMTN REGS 5.375 09-39 23/11S600,000 589,457 4.32


HANAROTELECOM -REGS- 7.00 05-12 01/02S700,000 733,250 5.37

South Korea 4,303,155 31.52

IND.BK OF KOREA REG S 7.125 09-14 23/04S400,000 448,932 3.29KOREA 5.75 09-14 16/04S500,000 546,640 4.00KOREA 7.125 09-19 16/04S1,000,000 1,149,145 8.42KOREA DEV.BANK 8.00 09-14 23/01S500,000 575,637 4.22KOREA NATIONAL 5.375 09-14 30/07S400,000 423,835 3.10SHINHAN BANK REGS 6.00 09-12 29/06S400,000 425,716 3.12

TATA MOTORS CV REGS 1.00 04-11 27/04S200,000 231,958 1.70

Convertible bonds 231,958 1.70

India 231,958 1.70

LAND BANK OF PHL FL.R 06-16 19/10S650,000 681,281 4.99

Floating rate bonds 1,877,129 13.75


DBS BANK LTD SUB.REGS FL.R 09-21 15/07Q500,000 436,874 3.20


DBS BANK SUB REG S FL.R 07-17 16/05S400,000 414,474 3.04

CHINATRUST COMM.BANK FL.R 05-XX 17/03S400,000 344,500 2.52

Taiwan 344,500 2.52


% of N

AV

Market V

alue

USD

Quan

tity

67


Emerging Markets Debt


ARGENTINA 7.82 03-33 31/12S250,000 271,542 1.61


15,660,914 92.86

Bonds 15,498,414 91.90


ARGENTINA REPU DIS$ 8.28 05-33 31/12S83 71 0.00ARGENTINA SERIE V 7.00 06-11 28/03S250,000 249,230 1.48BUENOS AIRES REGS 9.375 06-18 14/09S400,000 280,667 1.66

DUBAI HLDG COM.OP 4.75 07-14 30/01A300,000 272,244 1.61


HUTCHINSON WHAM REGS 7.625 09-19 09/04S500,000 573,266 3.40

COLOMBIA 6.125 09-41 18/01S500,000 465,730 2.76

Colombia 465,730 2.76

EL SALVADOR REP REG-S 7.65 05-35 15/06S350,000 346,785 2.06

El Salvador 346,785 2.06

INDONESIA REGS 8.50 05-35 12/10S500,000 602,916 3.57

Indonesia 1,474,478 8.74

PERUSAHAAN 8.80 09-14 23/04S750,000 871,562 5.17

IRAQ FL.R 06-28 15/01S750,000 580,313 3.44

Iraq 580,313 3.44

PETRONAS CAP 5.25 09-19 12/08S500,000 500,893 2.97

Malaysia 500,893 2.97

MEXICAN STATES 5.95 08-19 19/03S1,000,000 1,060,600 6.29

Mexico 1,360,567 8.07

PEMEX C TR.2 REG S 4.875 09-15 15/03S300,000 299,967 1.78

MAJAPAHIT HOLD.REGS 8.00 09-19 07/08S500,000 532,000 3.15


WHITE NIGHTS FINANCE 10.50 09-14 08/03Q1,000,000 1,139,583 6.76

PERU (REP OF) 6.55 07-37 14/03S750,000 780,165 4.63

Peru 780,165 4.63

PHILIPPINES 7.75 06-31 14/01S650,000 740,475 4.39


QATAR STATE OF 6.40 09-40 20/01S250,000 251,901 1.49

Qatar 251,901 1.49

KOREA NATIONAL 5.375 09-14 30/07S500,000 529,794 3.14

South Korea 529,794 3.14

SRI LANKA REGSS 7.40 09-15 22/01S250,000 260,938 1.55

Sri Lanka 260,938 1.55

UK SPV CREDIT FIN.SUB-8.00 07-12 06/02S400,000 302,000 1.80

Ukraine 493,300 2.93

UKRAINE REG S SENIOR 6.58 06-16 21/11S250,000 191,300 1.13

US TREASURY BILLS -10 08/04U1,000,000 999,789 5.93


US TREASURY BILLS -10 11/03U200,000 199,948 1.19USA TREASURY BILLS 09-10 06/05U1,200,000 1,199,508 7.11

% of N

AV

Market V

alue

USD

Quan

tity

URUGUAY 8.00 05-22 18/11S250,000 286,490 1.70

Uruguay 286,490 1.70

PETROLEOS VENEZUELA 5.375 07-27 12/04S500,000 224,288 1.33

Venezuela 1,708,737 10.13

VENEZUELA 7.65 05-25 21/04S1,500,000 891,089 5.28VENEZUELA REGS 7.00 07-38 31/03S500,000 278,110 1.65VENEZUELA REGS 8.25 09-24 13/10S500,000 315,250 1.87

DUBAI HLDG COM.OP FL.R 07-12 01/02Q250,000 162,500 0.96

Floating rate bonds 162,500 0.96



% of N

AV

Market V

alue

USD

Quan

tity

68


Euro Bond


ANZ BANKING GROUP 2.625 09-12 16/11A200,000 200,593 0.07

Long positions 292,558,764 102.14


282,401,198 98.60

Bonds 259,775,603 90.70


BHP BILLITON 6.375 09-16 04/04A150,000 171,550 0.06NATL AUSTRALIA BK 3.50 09-15 23/01A550,000 546,096 0.19

AUSTRIA 4.30 03-14 15/07A4,000,000 4,277,280 1.49

Austria 10,825,866 3.78

AUSTRIA EMTN 3.50 04-15 15/07A5,100,000 5,243,769 1.83OESTERREICH VOLKSBK 2.25 09-12 14/09A1,300,000 1,304,817 0.46

ELIA SYSTEM OP SA/NV 4.50 09-13 22/04A200,000 210,158 0.07

Belgium 210,158 0.07

HUTCHISON WHAMPOA 4.75 09-16 14/11A350,000 350,563 0.12


DONG ENERGY 4.00 09-16 16/12A250,000 248,193 0.09

Denmark 248,193 0.09

SAMPO EMTN 6.339 09-12 10/04A400,000 428,016 0.15

Finland 428,016 0.15

ALSTOM SA 4.00 09-14 23/09A100,000 101,642 0.04

France 59,697,133 20.85

AREVA EMTN 4.375 09-19 06/11A750,000 755,640 0.26AREVA SA EMTN 3.875 09-16 23/09A250,000 250,550 0.09AXA SA EMTN 4.50 09-15 23/01A350,000 365,498 0.13AXA SUB 6.75 00-20 15/12A350,000 354,596 0.12BANQUE PSA 8.50 09-12 04/05A100,000 110,340 0.04BANQUE PSA FINANCE 6.375 09-10 16/11A250,000 258,055 0.09BNP PARIBAS FL.R 03-XX 16/01A850,000 767,393 0.27BNP PARIBAS COV 4.125 08-11 24/01A3,000,000 3,085,935 1.08BNP PARIBAS COVERED 4.75 08-13 28/05A3,500,000 3,749,984 1.31BNP PARIBAS HOME LOAN 3.00 09-13 23/07U2,100,000 2,128,472 0.74BNPP HOME LOAN COV 2.25 09-12 01/10A6,400,000 6,405,202 2.23BOUYGUES 6.125 08-15 03/07A200,000 223,686 0.08BPCE 9.25 06-XX 22/04S650,000 618,249 0.22CASINO GUICHARD EMTN 5.50 09-15 30/01A400,000 426,810 0.15CIE DE FIN.FONCIER 4.00 07-12 25/10A1,000,000 1,045,959 0.37CIE DE SAINT GOBAIN 6.00 09-13 20/05A350,000 377,335 0.13CIE FIN CRD-MUTL 5.375 09-14 22/04A400,000 434,267 0.15CREDIT AG COV BD -01- 4.50 09-16 29/01A3,200,000 3,390,803 1.18CREDIT AGRICOLE 5.875 09-19 11/06A500,000 533,685 0.19CREDIT AGRICOLE CB 3.50 09-14 21/07A1,200,000 1,226,750 0.43CREDIT AGRICOLE 302 5.875 09-19 11/06A250,000 274,936 0.10CRH 3.75 08-11 24/06A6,800,000 7,007,589 2.44DEXIA CLF EMTN 5.375 09-14 21/07A650,000 685,443 0.24DEXIA MUN AGENCY EMTN 3.50 09-16 16/09A2,400,000 2,392,063 0.84EDF SA 4.625 09-24 11/09A350,000 347,392 0.12FRANCE BTF 09-10 08/04U999,525 997,963 0.35FRANCE GOVT 4.50 09-41 25/04A5,000,000 5,205,600 1.82FRANCE OAT 3.25 06-16 25/04A5,000,000 5,088,250 1.78FRANCE OAT 5.75 00-32 25/10A4,500,000 5,483,160 1.90PEUGEOT 3.625 09-11 14/10A400,000 402,124 0.14

% of N

AV

Market V

alue

EUR

Quan

tity

RCI BANQUE SA 4.00 09-11 21/10A250,000 253,124 0.09RCI BANQUE SA 8.125 09-12 15/05A400,000 438,665 0.15SG SCF 4.75 08-13 06/06A2,000,000 2,139,156 0.75SOCIETE GENERALE 6.999 07-17 19/12A200,000 184,867 0.06SODEXHO 6.25 09-15 30/01A300,000 335,651 0.12ST GOBAIN 8.25 09-14 28/07A450,000 528,041 0.18SUEZ ENVIRONNEMENT 5.50 09-24 22/07A200,000 211,979 0.07SUEZ ENVIRONNEMENT CO 4.875 09-14 08/04A300,000 318,009 0.11TPSA EURO FINANCE 6.00 09-14 22/05A200,000 217,519 0.08UNIBAIL-RODAMCO 4.625 09-16 23/09A350,000 359,744 0.13VEOLIA ENVRNMT 5.25 09-14 24/04A200,000 215,007 0.08

BERTELSMANN EMTN 7.875 09-14 16/01A250,000 284,650 0.10

Germany 30,213,796 10.55

BRD 6.50 97-27 04/07A4,000,000 5,195,240 1.81COMMERZBANK AG 4.75 09-15 26/01A350,000 368,831 0.13DEUTSCHLAND I/L BOND 1.50 06-16 15/04A7,500,000 8,348,069 2.91GERMANY 4.75 08-40 04/07A7,500,000 8,323,425 2.91GERMANY -06- 4.00 06-16 04/07A6,500,000 6,926,010 2.42ROBERT BOSCH EMTN 3.75 09-13 12/06A250,000 258,145 0.09VOLKSWAGEN BANK 5.75 08-10 18/06A500,000 509,426 0.18

GREECE 6.00 09-19 19/07A3,000,000 3,047,400 1.06

Greece 34,736,420 12.13

HELLENIC REPUBLIC 4.30 09-12 20/03A14,000,000 14,075,600 4.92HELLENIC REPUBLIC 5.30 09-26 20/03A6,000,000 5,358,900 1.87HELLENIC REPUBLIC 5.50 09-14 20/08A12,000,000 12,254,520 4.28

BANK IRELAND (GOV&CO) 4.625 09-13 08/04A250,000 247,053 0.09

Ireland 2,687,250 0.94

GE CAP EURO FUNDING 4.125 07-10 05/02A750,000 751,931 0.26GECC EMTN 5.375 09-20 23/01A350,000 357,354 0.12IRISH GOVT TREASURY 5.00 02-13 18/04A1,250,000 1,330,912 0.47

ASSICURAZ GENERALI 4.875 09-14 11/11A200,000 212,691 0.07

Italy 36,545,293 12.76

ASSICURAZ GENERALI 5.125 09-24 16/09A300,000 307,109 0.11ATLANTIA REG-S 5 EMTN 5.625 09-16 06/05A300,000 327,206 0.11BANCA POP MILANO 3.50 09-16 17/10A1,500,000 1,482,083 0.52BCO POPULAR SC 3.75 09-12 07/08A500,000 506,099 0.18INTESA SAN PAOLO 3.75 09-16 23/11A900,000 889,611 0.31INTESA SANPAOLO 5.375 08-13 19/12A250,000 271,299 0.09INTESA SANPAOLO 6.625 08-18 08/05A350,000 360,394 0.13INTESA SANPAOLO EMTN 5.00 09-19 23/09A300,000 305,348 0.11ITALY BTP 3.50 09-14 01/06S13,000,000 13,368,549 4.66ITALY BTP 4.50 09-19 01/09S9,000,000 9,211,140 3.21ITALY BTP 4.75 08-23 01/08S5,500,000 5,714,995 2.00LOTTOMATICA 5.375 09-16 05/12A350,000 355,870 0.12MONTE DEI PASCHI EMTN 6.00 08-11 20/06A350,000 369,371 0.13TELECOM ITALIA EMTN 4.75 06-14 19/05A500,000 522,413 0.18TELECOM ITALIA EMTN 6.75 09-13 21/03A300,000 331,773 0.12TERNA EMTN 4.875 09-19 03/10A600,000 630,640 0.22UNICREDIT SPA 4.875 08-13 12/02A500,000 530,219 0.19UNIPOL GRUPPO FI 5.00 09-17 11/01A850,000 848,483 0.30

ENEL FINANCE INTL 4.00 09-16 14/09A300,000 305,446 0.11


ENEL FINANCE INTL 5.00 09-22 14/09A350,000 360,120 0.12

% of N

AV

Market V

alue

EUR

Quan

tity

69


Euro Bond


JOHN DEERE BANK 6.00 08-11 23/06A250,000 263,961 0.09

PEMEX 5.50 09-17 09/01A1,250,000 1,249,740 0.44

Mexico 1,249,740 0.44

BK NEDERLANDSE GEMEEN.4.125 06-16 28/06A1,500,000 1,572,494 0.55


BMW FINANCE NV 6.125 09-12 02/04A300,000 322,286 0.11CRH FINANCE EMTN 7.375 09-14 28/05A300,000 340,929 0.12DAIMLER INTL 6.125 08-15 08/09A350,000 388,654 0.14DAIMLER INTL FIN EMTN 9.00 08-12 30/01A350,000 394,203 0.14EADS FIN BV -3- 4.625 09-16 12/08A200,000 203,709 0.07EDP FINANCE EMTN 4.75 09-16 26/09A200,000 210,270 0.07EUREKO BV 7.375 09-14 16/06A350,000 394,615 0.14FORTIS BANK NEDERLAND 3.00 09-12 17/04A2,000,000 2,045,924 0.71ING BANK NV 3.00 09-14 30/09A4,700,000 4,672,936 1.63ING GROEP NV 5.625 08-13 03/09A400,000 427,659 0.15LEASEPLAN CORP 4.25 09-11 07/10A350,000 354,815 0.12NEDERLANDS 3.25 05-15 15/07A5,000,000 5,129,799 1.80NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A450,000 454,577 0.16PORTUGAL TELECOM 5.00 09-19 04/11A250,000 252,144 0.09SCHLUMBERGER FINANCE 4.50 09-14 25/03A500,000 526,636 0.18VW INTL FINANCE 3.50 09-15 02/02A750,000 748,541 0.26VW INTL FINANCE 5.375 09-13 15/11A300,000 322,506 0.11

BANCO ESPIRITOS 4.375 08-11 25/01A1,100,000 1,129,407 0.39

Portugal 12,356,660 4.31

BCO SANTANDER TOTTA 3.25 09-14 21/10A6,300,000 6,260,437 2.19BCP 3.75 09-11 17/06A450,000 460,044 0.16BCP SA 5.625 09-14 23/04A250,000 269,252 0.09PORTUGAL OT'S 4.375 03-14 16/06A4,000,000 4,237,520 1.48

ABERTIS INFRAESTRUCT. 4.625 09-16 14/10A350,000 363,379 0.13

Spain 21,719,328 7.58

BANCAJA 3.00 09-14 27/10A2,800,000 2,773,142 0.97BANCO ESP.DE CREDITO 2.625 09-13 28/02A3,300,000 3,289,074 1.14BBVA 3.00 09-14 09/10A4,000,000 3,968,644 1.38BILBAO BIZKAIA KUTXA 3.375 09-14 29/09A1,200,000 1,197,746 0.42CA VALENCIA Y ALICANTE2.375 09-12 18/09A800,000 798,748 0.28CAIXA CATALUNYA 3.00 09-14 29/10A2,500,000 2,477,850 0.87CAJA DE AHORROS 3.00 09-14 03/11A3,200,000 3,170,650 1.10CAJA MADRID 3.125 09-12 20/02A2,000,000 2,038,232 0.71GAS NATURAL CAPITAL 5.25 09-14 09/07A400,000 427,690 0.15IBERDROLA FIN.EMTN 7.50 08-15 25/11A250,000 301,251 0.11SANTANDER INTL 3.375 09-11 21/04A400,000 408,788 0.14TELEFONICA EMISIONES 4.693 09-19 11/11A500,000 504,134 0.18

INVESTOR AB 4.875 09-21 18/11A200,000 201,394 0.07

Sweden 5,185,192 1.81

SKAND ENSK.BANK. 5.50 09-14 06/05A350,000 376,013 0.13STADSHYPOTEK AB 3.00 09-14 01/10A3,300,000 3,284,800 1.14SVENSKA HANDELSBANK 4.875 09-14 25/03A500,000 533,384 0.19TELEFONAKTIE EMTN 5.00 09-13 24/06A300,000 317,058 0.11TELIASONERA 4.75 09-21 16/11A250,000 253,700 0.09VATTENFALL AB EMTN 5.25 09-16 17/03A100,000 108,343 0.04VOLVO TREASURY EMTN 7.875 09-12 01/10A100,000 110,500 0.04

ANGLO AMER CAPITAL 4.375 09-16 02/12A200,000 200,305 0.07


% of N

AV

Market V

alue

EUR

Quan

tity

ANGLO AMERCAN CAPITAL 4.25 09-13 30/09A200,000 206,398 0.07BARCLAYS BANK 5.25 09-14 27/05A650,000 695,041 0.25BARCLAYS BANK EMTN 4.875 09-19 13/08A300,000 306,243 0.11CARNIVAL PLC 4.25 06-13 27/11A350,000 351,841 0.12HSBC BANK 4.50 09-14 30/04A300,000 316,172 0.11HSBC BANK EMTN 3.75 09-16 30/11A500,000 501,148 0.17HSBC CAP FDG FL.R 03-XX 31/12A750,000 638,503 0.22HSBC HOLDINGS SUB 6.00 09-10 10/06A250,000 272,064 0.09IMPERIAL TOBACCO EMTN FL.R 09-12 25/06A250,000 262,330 0.09LLOYDS BANK EMTN 3.25 09-12 26/11A750,000 748,109 0.27LLOYDS TSB BANK EMTN 6.25 09-14 15/04A125,000 135,715 0.05LLOYDS TSB EMTN 5.375 09-19 03/09A200,000 200,398 0.07LLOYDS TSB GROUP SUB 4.75 99-11 18/03A900,000 906,377 0.33RBS 5.375 09-19 30/09A200,000 196,237 0.07ROYAL BK SCOTLAND 5.25 08-13 15/05A500,000 516,633 0.18ROYAL BK SCOTLAND SUB 6.00 01-13 10/05A150,000 149,163 0.05SABMILLER PLC 4.50 09-15 20/01A200,000 205,860 0.07SL MACS PLC 5.314 04-XX 06/01A500,000 409,584 0.14STANDARD CHART SUB FL.R 05-17 03/02A450,000 440,889 0.15STANDARD CHARTERED 5.75 09-14 30/04A640,000 693,679 0.24STANDARD CHARTERED 5.875 07-17 26/09A50,000 52,592 0.02UBS LONDON EMTN 6.25 08-13 03/09A500,000 546,685 0.19

AMERICAN HONDA FIN. 3.875 09-14 16/09A250,000 255,323 0.09


BANCO COMERCIAL BCP 3.75 09-16 08/10A1,900,000 1,885,236 0.65BANK OF AMERICA EMTN 7.00 09-16 15/06A450,000 506,148 0.18BMW US CAPITAL LLC 5.00 08-15 28/05A500,000 529,762 0.18CITIGROUP 7.375 09-19 04/09A600,000 661,803 0.23CITIGROUP INC -63- 7.375 09-14 16/06A250,000 275,591 0.10CL CAPITAL TRUST I 7.047 02-XX 26/04A1,000,000 936,036 0.33GOLDMAN SACHS 5.375 08-13 15/02A500,000 530,083 0.19GOLDMAN SACHS GROUP 5.125 07-14 16/10A500,000 525,118 0.18GOLDMAN SACHS GROUP 5.125 09-19 23/10A150,000 151,949 0.05JOHN DEERE CAP CORP 7.50 09-14 24/01A300,000 344,371 0.12JP MORGAN CHASE EMTN 6.00 08-11 01/08A750,000 797,948 0.28JPM CHASE 5.25 07-15 14/01A200,000 215,569 0.08JPM CHASE 5.25 08-13 08/05A500,000 537,388 0.19JPMORGAN CHASE AND CO 6.125 09-14 01/04A1,000,000 1,112,362 0.39MORGAN STANLEY 4.375 07-12 10/02A500,000 512,913 0.18MORGAN STANLEY 4.50 09-10 29/10A250,000 251,970 0.09MORGAN STANLEY EMTN 3.75 06-13 01/03A350,000 350,207 0.12PHILIP MORRIS 5.625 08-11 06/09A250,000 264,926 0.09SES GLOBAL AMERICAS 4.875 09-14 09/07A250,000 260,993 0.09SG CAPITAL TRUST REG-S7.875 00-49 29/12A200,000 194,000 0.07SG CAPITAL TRUST SUB FL.R 03-49 10/11A100,000 80,629 0.03SWISS RE TRE.US EMTN 6.00 09-12 18/05A350,000 373,947 0.13TOYOTA MOTOR CREDIT 5.25 09-12 03/02A500,000 529,274 0.18VERIZON WIRELES REG-S 7.625 08-11 19/12A400,000 439,900 0.15WACHOVIA BANK 6.00 08-13 23/05A400,000 431,386 0.15WAL-MART STORES INC 4.875 09-29 21/09A200,000 196,850 0.07WELLS FARGO CO 4.125 06-16 03/11A350,000 345,715 0.12ZURICH FINANCE USA 4.875 09-12 14/04A250,000 262,169 0.09

DANICA PENSION FL.R 06-XX 06/10A350,000 324,257 0.11


Denmark 324,257 0.11

% of N

AV

Market V

alue

EUR

Quan

tity

70


Euro Bond


ALLIANZ IARD SA FL.R 05-XX 10/06A500,000 407,127 0.14

France 5,741,283 2.01

AXA SA SUB 6.211 07-17 05/10A600,000 509,197 0.18BFCM EMTN SUB FL.R 06-16 19/12Q500,000 465,220 0.16BNP PARIBAS SUB FL.R 05-15 06/12A2,000,000 2,008,493 0.71CNP ASSURANCES SA FL.R 06-XX 22/12A600,000 455,250 0.16CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q1,700,000 1,313,306 0.46CREDIT LOGEMENT SUB FL.R 06-XX 16/03A300,000 240,000 0.08SOCIETE GENE SA SUB FL.R 09-XX 04/09A300,000 342,690 0.12

ALLIANZ EMTN FL.R 04-XX 29/01A150,000 139,975 0.05

Germany 567,644 0.20

MUNICH RE FINANCE FL.R 03-23 21/06A400,000 427,669 0.15

CREDIT SUISSE GR FIN. FL.R 06-18 23/01A400,000 396,504 0.14

Guernsey 396,504 0.14

GE CAPITAL EURO FUND FL.R 04-14 28/07Q750,000 715,089 0.25

Ireland 1,198,650 0.42

ULSTER BANK FINANCE FL.R 06-11 29/03Q500,000 483,561 0.17

BANCA INTESA SPA BAVB FL.R 06-16 02/08Q500,000 485,413 0.17

Italy 2,275,259 0.79

INTESA SANPAOLO FL.R 08-18 28/05A700,000 738,790 0.25INTESA SANPAOLO SPA FL.R 08-XX 20/06A550,000 548,682 0.19UNICREDITO ITAL.EMTN FL.R 06-16 20/09A500,000 502,374 0.18

UNICREDIT FINANCE FL.R 09-XX 10/12A1,000,000 1,012,679 0.35


ABN AMRO EMTN FL.R 05-15 08/06Q500,000 407,143 0.14


EUREKO BV FL.R 05-49 29/06A300,000 219,152 0.08

BBVA INTL PREF. -E- FL.R 09-XX 21/10A550,000 582,450 0.20

Spain 2,149,853 0.75

BBVA SENIOR FINANCE FL.R 05-17 23/05Q700,000 662,410 0.24SANTANDER ISSUANCES FL.R 07-17 24/10A450,000 469,813 0.16SANTANDER ISSUANCES FL.R 09-19 27/07A400,000 435,180 0.15

NORDEA BANK EMTN FL.R 06-16 08/03Q500,000 482,356 0.17

Sweden 965,267 0.34

SVENSKA HANDELSBK SUB FL.R 05-XX 16/12A300,000 263,333 0.09SVENSKA HAND.EMTN SUB FL.R 07-XX 23/03Q250,000 219,578 0.08

ABBEY NATL SUB FL.R 05-15 21/04Q750,000 728,466 0.25


AVIVA PLC FL.R 04-XX 29/11A450,000 352,517 0.12HSBC BANK PLC SUB FL.R 05-20 30/09Q500,000 456,093 0.16HSBC HOLDINGS PLC FL.R 05-20 29/06A250,000 244,212 0.09OLD MUTUAL PLC SUB. FL.R 07-17 18/01A200,000 154,600 0.05PRUDENTIAL PLC SUB FL.R 01-21 19/12A500,000 489,921 0.17SL FINANCE SUB FL.R 02-22 12/07A1,000,000 969,190 0.34UBS AG LONDON FL.R 08-10 26/08Q1,000,000 1,003,862 0.35VODAFONE GROUP EMTN FL.R 07-14 06/06Q250,000 245,943 0.09

BANK OF AMERICA FL.R 07-17 23/05A250,000 228,658 0.08


BNP PAR.CAP.TRST SUB.FL.R 02-XX 24/01A255,000 236,037 0.08CITIGROUP INC FL.R 04-19 10/02Q500,000 436,876 0.15

% of N

AV

Market V

alue

EUR

Quan

tity

JP MORGAN CHASE SUB FL.R 07-17 29/05A1,000,000 1,019,853 0.36JPMORGAN CHASE SUB. FL.R 04-19 12/11A100,000 99,533 0.03MERRILL LYNCH EMTN FL.R 06-1808/08S600,000 502,128 0.18MERRILL LYNCH EMTN FL.R 05-10 08/02Q200,000 200,015 0.07

PORTFOLIO ALPHA PORTABLE FCP CAP10 2,602,341 0.90



France 7,716,188 2.69

PORTFOLIO EONIA GARANTI FCP10 2,539,029 0.89PORTOFOLIO ARBITRAGE EURO GOVIES FCP CAP10 2,574,818 0.90

STRUCTURA VAR NEW EUR AGGREGATE -I- CAP4 2,373,878 0.83


EURX EURO BUND FEB 122.5 01.02.10 PUT90 67,500 0.02



Germany 67,500 0.02

EURX EURO BUND FEB 121 01.02.10 PUT-90 -26,550 -0.01

Short positions 14,850 0.01



Germany 14,850 0.01

EURX EURO BUND FEB 125.0 01.02.10 CALL-90 41,400 0.02


% of N

AV

Market V

alue

EUR

Quan

tity

71


Euro Corporate Bond


ANZ BANKING GROUP 2.625 09-12 16/11A1,300,000 1,303,855 0.26

Long positions 559,030,274 112.79


554,770,988 111.93

Bonds 394,164,561 79.53

Australia 4,679,721 0.94

NATL AUSTRALIA BK 3.50 09-15 23/01A3,400,000 3,375,866 0.68

INBEV NV 7.375 09-13 30/01A2,000,000 2,250,188 0.45

Belgium 2,250,188 0.45

HUTCHISON WHAMPOA 4.75 09-16 14/11A2,350,000 2,353,779 0.48


HUTCHISON WHAMP.-144A-7.625 09-19 09/04S200,000 160,956 0.03

CEZ EMTN 5.75 09-15 20/05A800,000 874,832 0.18


AP MOLLER-MAERSK A/S 4.875 09-14 30/10A2,500,000 2,542,649 0.51

Denmark 7,997,968 1.61

CARLSBERG BREWER 6.00 09-14 28/05A1,200,000 1,304,539 0.26DONG ENERGY 4.00 09-16 16/12A1,350,000 1,340,240 0.27DONG ENERGY 4.875 09-21 16/12A1,500,000 1,490,487 0.30DONG ENERGY A/S 4.875 09-14 07/05A1,250,000 1,320,053 0.27

SAMPO EMTN 6.339 09-12 10/04A5,000,000 5,350,200 1.08

Finland 5,350,200 1.08

AREVA EMTN 4.375 09-19 06/11A5,050,000 5,087,976 1.02

France 91,722,658 18.50

AREVA EMTN 4.875 09-24 23/09A1,200,000 1,223,052 0.25AUTOR.PARIS RHIN RHONE 7.50 09-10 12/01A1,800,000 2,034,549 0.41AXA SA EMTN 4.50 09-15 23/01A1,500,000 1,566,420 0.32BANQUE PSA 8.50 09-12 04/05A650,000 717,211 0.14BANQUE PSA FINANCE 6.375 09-10 16/11A2,000,000 2,064,438 0.42BNP PARIBAS FL.R 03-XX 16/01A2,000,000 1,805,630 0.36BPCE 9.25 06-XX 22/04S4,250,000 4,042,396 0.82CASINO GUICHARD EMTN 5.50 09-15 30/01A3,450,000 3,681,233 0.74CIE DE SAINT GOBAIN 4.875 06-16 31/05A4,000,000 4,108,548 0.83CIE DE SAINT GOBAIN 6.00 09-13 20/05A2,500,000 2,695,253 0.54CIE FIN CRD-MUTL 5.375 09-14 22/04A3,000,000 3,257,001 0.66CNCEP EMTN SUB FL.R 03-XX 30/07A2,000,000 1,361,698 0.27CNCEP PERP 6.117 07-XX 30/10A750,000 528,750 0.11CREDIT AGRICOLE 5.875 09-19 11/06A4,500,000 4,803,165 0.97DEXIA CLF EMTN 5.375 09-14 21/07A3,200,000 3,374,486 0.68EDF SA 4.625 09-24 11/09A2,700,000 2,679,882 0.54FRANCE GOVT 4.50 09-41 25/04A10,000,000 10,411,199 2.09FRANCE TELECOM EMTN 8.125 03-33 28/01A1,500,000 2,027,165 0.41LAFARGE EMTN 6.125 08-15 28/05A1,500,000 1,601,274 0.32LAFARGE SA EMTN 7.625 09-14 27/05A1,550,000 1,762,595 0.36PEUGEOT 3.625 09-11 14/10A2,700,000 2,714,340 0.55PPR SA 8.625 09-14 03/04A2,000,000 2,362,196 0.48RCI BANQUE SA 4.00 09-11 21/10A1,900,000 1,923,739 0.39RCI BANQUE SA 8.125 09-12 15/05A2,250,000 2,467,492 0.50REXEL 8.25 09-16 15/12S3,570,000 3,628,016 0.73SAFRAN SA 4.00 09-14 26/11A2,850,000 2,855,848 0.58SODEXHO 6.25 09-15 30/01A1,000,000 1,118,837 0.23SUEZ ENVIRONNEMENT 5.50 09-24 22/07A1,650,000 1,748,823 0.35

% of N

AV

Market V

alue

EUR

Quan

tity

TPSA EURO FINANCE 6.00 09-14 22/05A3,050,000 3,317,168 0.67UNIBAIL-RODAMCO 4.625 09-16 23/09A2,000,000 2,055,678 0.41VEOLIA ENVIRONNEMENT 4.375 06-17 16/01A3,000,000 3,036,381 0.61VEOLIA ENVRNMT 6.75 09-19 24/04A2,100,000 2,453,945 0.50VIVENDI 4.25 09-16 01/12A1,200,000 1,206,274 0.24

BERTELSMANN EMTN 7.875 09-14 16/01A1,950,000 2,220,272 0.45

Germany 8,258,149 1.67

EWE AG 5.25 09-21 16/07A1,400,000 1,466,972 0.30MAN AG 7.25 09-16 20/05A1,800,000 2,091,838 0.42SIXT AG 5.375 09-12 06/11A2,400,000 2,479,067 0.50

ALLIED IRISH BK. 4.50 09-12 01/10A2,550,000 2,492,742 0.51

Ireland 6,572,079 1.33

BANK IRELAND (GOV&CO) 4.625 09-13 08/04A1,700,000 1,679,959 0.34GECC EMTN 5.375 09-20 23/01A2,350,000 2,399,378 0.48

ASSICURAZ GENERALI 5.125 09-24 16/09A2,500,000 2,559,245 0.52

Italy 46,824,007 9.45

ATLANTIA REG-S 5 EMTN 5.625 09-16 06/05A2,000,000 2,181,376 0.44A2A EMTN 4.50 09-16 02/11A1,250,000 1,271,619 0.26BCO POPULAR SC 3.75 09-12 07/08A2,450,000 2,479,885 0.50EDISON SPA -1- 4.25 09-14 22/07A1,750,000 1,798,435 0.36INTESA SAN PAOLO 3.75 09-16 23/11A5,600,000 5,535,358 1.12INTESA SAN PAOLO 8.375 09-XX 14/10A650,000 687,845 0.14INTESA SANPAOLO 5.375 08-13 19/12A3,000,000 3,255,588 0.66INTESA SANPAOLO 6.625 08-18 08/05A3,000,000 3,089,094 0.62INTESA SANPAOLO EMTN 5.00 09-19 23/09A2,500,000 2,544,563 0.51LOTTOMATICA 5.375 09-16 05/12A2,000,000 2,033,544 0.41MONTE DEI PASCHI EMTN 6.00 08-11 20/06A3,250,000 3,429,878 0.69OLIVETTI FINANCE NV 6.875 03-13 24/01A2,500,000 2,763,900 0.56SOGERIM EMTN 7.00 01-11 20/04A2,000,000 2,136,370 0.43TELECOM ITALIA EMTN 4.75 06-14 19/05A3,000,000 3,134,475 0.63UNICREDIT SPA 4.875 08-13 12/02A3,000,000 3,181,311 0.64UNIPOL GRUPPO FI 5.00 09-17 11/01A4,750,000 4,741,521 0.96

ARCELORMITTAL SA 9.375 09-16 03/06A1,950,000 2,380,971 0.48

Luxembourg 10,681,579 2.15

ENEL FINANCE INTL 5.00 09-22 14/09A2,500,000 2,572,283 0.52FIAT FINANCE TRADE 7.625 09-14 15/09A2,800,000 2,935,318 0.59FINMECCANICA FINANCE 5.25 09-22 21/01A600,000 612,073 0.12MICHELIN LUX SCS 8.625 09-14 24/04A1,850,000 2,180,934 0.44

PEMEX 5.50 09-17 09/01A4,000,000 3,999,168 0.81

Mexico 3,999,168 0.81

BMW FINANCE NV EMTN 8.875 08-13 19/09A3,000,000 3,572,088 0.72


CRH FINANCE EMTN 7.375 09-14 28/05A2,300,000 2,613,789 0.53DAIMLER INTL 6.125 08-15 08/09A1,750,000 1,943,270 0.39DAIMLER INTL FIN EMTN 9.00 08-12 30/01A2,000,000 2,252,590 0.45DEUTSCHE TELEKOM EMTN 7.50 03-33 24/01A3,500,000 4,397,771 0.89EADS FIN BV -3- 4.625 09-16 12/08A1,250,000 1,273,181 0.26EDP FINANCE EMTN 4.75 09-16 26/09A2,000,000 2,102,700 0.42ENBW INTL FIN. EMTN 6.125 09-39 07/07A1,750,000 1,931,869 0.39EUREKO BV 7.375 09-14 16/06A2,950,000 3,326,039 0.67ING GROEP NV 5.625 08-13 03/09A4,500,000 4,811,162 0.98KPN 5.625 09-24 30/09A1,200,000 1,268,942 0.26KPN NV KONINKLIJKE 4.75 07-14 29/05A3,000,000 3,162,681 0.64

% of N

AV

Market V

alue

EUR

Quan

tity

72


Euro Corporate Bond


LEASEPLAN CORP 4.25 09-11 07/10A2,500,000 2,534,393 0.51NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A2,700,000 2,727,459 0.55PORTUGAL TELECOM 5.00 09-19 04/11A1,800,000 1,815,435 0.37PORTUGAL TELECOM 6.00 09-13 30/04A1,200,000 1,301,125 0.26REPSOL INTL FIN 6.50 09-14 27/03A1,800,000 2,004,527 0.40VW INTL FINANCE 3.50 09-15 02/02A3,000,000 2,994,162 0.60

BCP 3.75 09-11 17/06A3,400,000 3,475,891 0.70

Portugal 5,737,610 1.16

BCP SA 5.625 09-14 23/04A2,100,000 2,261,719 0.46

GAS NATURAL CAP 3.125 09-12 02/11A1,150,000 1,164,534 0.23

Spain 12,748,427 2.57

GAS NATURAL CAPITAL 4.375 09-16 02/11A2,500,000 2,527,883 0.51GAS NATURAL CAPITAL 5.25 09-14 09/07A3,300,000 3,528,438 0.72TELEFONICA EMISIONES 4.674 07-14 07/02A2,000,000 2,099,464 0.42TELEFONICA EMISIONES 4.693 09-19 11/11A3,400,000 3,428,108 0.69

INVESTOR AB 4.875 09-21 18/11A1,400,000 1,409,761 0.28

Sweden 12,623,825 2.55

SKAND ENSK.BANK. 5.50 09-14 06/05A2,700,000 2,900,669 0.58SVENSKA HANDELSBANK 4.875 09-14 25/03A1,000,000 1,066,768 0.22TELEFONAKTIE EMTN 5.00 09-13 24/06A2,650,000 2,800,682 0.57TELIASONERA 4.75 09-21 16/11A1,550,000 1,572,937 0.32VOLVO TREASURY EMTN 7.875 09-12 01/10A2,600,000 2,873,008 0.58

ANGLO AMER CAPITAL 4.375 09-16 02/12A1,300,000 1,301,981 0.26


ANGLO AMERCAN CAPITAL 4.25 09-13 30/09A1,550,000 1,599,586 0.32BARCLAYS BANK 5.25 09-14 27/05A4,000,000 4,277,176 0.86BARCLAYS BANK EMTN 4.875 09-19 13/08A2,000,000 2,041,620 0.41BAT INTERNATIONAL FIN 4.875 09-21 24/02A850,000 848,641 0.17CARNIVAL PLC 4.25 06-13 27/11A3,250,000 3,267,092 0.66HSBC BANK EMTN 3.75 09-16 30/11A3,200,000 3,207,347 0.65HSBC CAP FDG FL.R 03-XX 31/12A4,800,000 4,086,418 0.82HSBC HOLDINGS SUB 6.00 09-10 10/06A1,800,000 1,958,857 0.40IMPERIAL TOBACCO EMTN FL.R 09-12 25/06A1,900,000 1,993,710 0.40LLOYDS BANK EMTN 3.25 09-12 26/11A4,650,000 4,638,277 0.94LLOYDS TSB EMTN 5.375 09-19 03/09A1,500,000 1,502,984 0.30LLOYDS TSB GROUP SUB 4.75 99-11 18/03A3,400,000 3,424,096 0.69RBS 5.375 09-19 30/09A1,500,000 1,471,781 0.30ROYAL BK SCOTLAND 5.25 08-13 15/05A4,450,000 4,598,029 0.93ROYAL BK SCOTLAND SUB 6.00 01-13 10/05A1,250,000 1,243,028 0.25SABMILLER PLC 4.50 09-15 20/01A1,400,000 1,441,020 0.29STANDARD CHART SUB FL.R 05-17 03/02A5,500,000 5,388,647 1.09STANDARD CHARTERED 5.75 09-14 30/04A2,000,000 2,167,746 0.44STANDARD CHARTERED 5.875 07-17 26/09A1,000,000 1,051,848 0.21UBS LONDON EMTN 6.25 08-13 03/09A7,000,000 7,653,582 1.55VODAFONE GROUP 6.25 09-16 15/01A2,000,000 2,242,486 0.45

AMERICAN HONDA FIN. 3.875 09-14 16/09A1,600,000 1,634,069 0.33


BANK OF AMERICA CORP 4.25 03-10 21/10A3,000,000 3,057,813 0.62BANK OF AMERICA EMTN 7.00 09-16 15/06A3,500,000 3,936,706 0.79BMW US CAPITAL LLC 5.00 08-15 28/05A2,000,000 2,119,046 0.43CITIGROUP 7.375 09-19 04/09A4,350,000 4,798,072 0.97CITIGROUP INC EMTN 3.625 06-11 28/03A3,000,000 3,041,667 0.61CITIGROUP INC -63- 7.375 09-14 16/06A2,200,000 2,425,201 0.49CL CAPITAL TRUST I 7.047 02-XX 26/04A3,250,000 3,042,117 0.61

% of N

AV

Market V

alue

EUR

Quan

tity

GOLDMAN SACHS 5.375 08-13 15/02A5,000,000 5,300,829 1.07GOLDMAN SACHS GROUP 5.125 09-19 23/10A1,200,000 1,215,590 0.25JPMORGAN CHASE AND CO 6.125 09-14 01/04A3,000,000 3,337,089 0.67MORGAN STANLEY 4.50 09-10 29/10A1,450,000 1,461,427 0.29MORGAN STANLEY EMTN 3.75 06-13 01/03A3,500,000 3,502,065 0.71PEMEX PROJECT FD REGS 6.25 03-13 05/08A3,000,000 3,220,998 0.65SES GLOBAL AMERICAS 4.875 09-14 09/07A2,000,000 2,087,946 0.42SG CAPITAL TRUST REG-S7.875 00-49 29/12A450,000 436,500 0.09SG CAPITAL TRUST SUB FL.R 03-49 10/11A4,600,000 3,708,934 0.75SWISS RE TRE.US EMTN 6.00 09-12 18/05A2,600,000 2,777,892 0.56WACHOVIA BANK 6.00 08-13 23/05A2,800,000 3,019,705 0.61WAL-MART STORES INC 4.875 09-29 21/09A1,400,000 1,377,947 0.28WELLS FARGO CO 4.125 06-16 03/11A3,000,000 2,963,274 0.60ZURICH FINANCE USA 4.50 04-14 17/09A2,500,000 2,596,825 0.52ZURICH FINANCE USA 6.50 09-15 14/10A2,500,000 2,828,568 0.57

ERSTE BANK OEST SPAR.FL.R 06-17 19/07Q2,700,000 2,187,135 0.44


Austria 2,187,135 0.44

DANICA PENSION FL.R 06-XX 06/10A2,350,000 2,177,153 0.44

Denmark 3,175,324 0.64

DANSKE BANK EMTN FL.R 07-16 20/03Q1,000,000 998,171 0.20

ALLIANZ IARD SA FL.R 05-XX 10/06A5,000,000 4,071,270 0.82

France 40,336,596 8.14

AXA SA SUB 6.211 07-17 05/10A2,000,000 1,697,324 0.34BFCM EMTN SUB FL.R 06-16 19/12Q7,000,000 6,513,080 1.31BNP PARIBAS FL.R 07-17 27/04Q5,000,000 3,353,790 0.68BNP PARIBAS PERP FL.R 07-19 22/01A1,400,000 1,433,991 0.29BNP PARIBAS SUB FL.R 05-15 06/12A8,000,000 8,033,968 1.63CNP ASSURANCES FL.R 01-21 11/04A1,350,000 1,279,517 0.26CNP ASSURANCES SA FL.R 06-XX 22/12A3,600,000 2,731,500 0.55CREDIT AGRICOLE FL.R 09-XX 26/10A2,350,000 2,517,040 0.51CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q3,200,000 2,472,106 0.50CREDIT LOGEMENT SUB FL.R 06-XX 16/03A3,000,000 2,400,000 0.48DEXIA CLF SUB. FL.R 05-XX 18/11A1,000,000 457,487 0.09NATIXIS EMTN FL.R 07-19 14/05A1,100,000 1,033,806 0.21SOCIETE GENE SA SUB FL.R 09-XX 04/09A2,050,000 2,341,717 0.47

MUNICH RE FINANCE FL.R 03-23 21/06A1,500,000 1,603,760 0.32

Germany 1,603,760 0.32

CREDIT SUISSE GR FIN. FL.R 06-18 23/01A4,800,000 4,758,043 0.96

Guernsey 4,758,043 0.96

BANCA INTESA SPA BAVB FL.R 06-16 02/08Q3,500,000 3,397,888 0.69

Italy 15,187,674 3.06

INTESA SANPAOLO FL.R 08-18 28/05A5,000,000 5,277,079 1.06INTESA SANPAOLO SPA FL.R 08-XX 20/06A2,400,000 2,394,247 0.48UNICREDITO ITAL PERP. FL.R 05-XX 27/10A900,000 601,842 0.12UNICREDITO ITAL.EMTN FL.R 06-16 20/09A3,500,000 3,516,618 0.71

UBS JERSEY BRANCH FL.R 06-18 25/09A3,000,000 2,932,035 0.59


DEXIA BIL FL.R 01-XX 06/07A2,100,000 1,207,500 0.24


UNICREDIT FINANCE FL.R 09-XX 10/12A2,700,000 2,734,233 0.56

% of N

AV

Market V

alue

EUR

Quan

tity

73


Euro Corporate Bond


ABN AMRO EMTN FL.R 05-15 08/06Q4,000,000 3,257,140 0.65


EUREKO BV FL.R 05-49 29/06A400,000 292,203 0.06ING BANK EMTN FL.R 06-16 18/03Q3,000,000 2,710,929 0.55ING VERZEKERINGEN FL.R 01-21 21/06A1,650,000 1,490,749 0.30

BBVA INTL PREF. -E- FL.R 09-XX 21/10A4,350,000 4,606,650 0.93

Spain 18,638,111 3.76

BBVA SENIOR FINANCE FL.R 05-17 23/05Q5,000,000 4,731,500 0.95SANTANDER ISSUANCES FL.R 07-17 24/10A5,000,000 5,220,145 1.06SANTANDER ISSUANCES FL.R 09-19 27/07A3,750,000 4,079,816 0.82

NORDEA BANK EMTN FL.R 06-16 08/03Q1,500,000 1,447,070 0.29

Sweden 4,652,023 0.94

SVENSKA HANDELSBK SUB FL.R 05-XX 16/12A1,650,000 1,448,334 0.29SVENSKA HAND.EMTN SUB FL.R 07-XX 23/03Q2,000,000 1,756,619 0.36

CREDIT SUISSE FINANCE FL.R 05-20 14/09A3,000,000 2,851,371 0.58


ABBEY NATL SUB FL.R 05-15 21/04Q5,000,000 4,856,440 0.98


AVIVA PLC FL.R 04-XX 29/11A5,250,000 4,112,693 0.83BARCLAYS BANK PLC-160-FL.R 07-17 30/05Q2,250,000 2,008,856 0.41BARCLAYS BK EMTN SUB FL.R 04-19 04/03A2,850,000 2,846,942 0.57CREDIT AGRICOLE -119- FL.R 05-16 13/03Q3,500,000 2,366,327 0.48HSBC BANK SUB EMTN FL.R 03-16 18/03A4,100,000 4,146,305 0.84OLD MUTUAL PLC SUB. FL.R 07-17 18/01A2,850,000 2,203,050 0.44PRUDENTIAL PLC SUB FL.R 01-21 19/12A4,000,000 3,919,368 0.79SL FINANCE SUB FL.R 02-22 12/07A3,500,000 3,392,165 0.68VODAFONE GROUP EMTN FL.R 07-14 06/06Q2,250,000 2,213,487 0.45

BANK OF AMERICA CORP FL.R 04-19 06/05A5,000,000 4,566,914 0.92


BNP PAR.CAP.TRST SUB.FL.R 02-XX 24/01A1,800,000 1,666,141 0.34CITIGROUP EMTN FL.R 06-12 12/01Q4,000,000 3,860,304 0.78JP MORGAN CHASE FL.R 06-18 31/03A2,500,000 2,492,313 0.50JP MORGAN CHASE SUB FL.R 07-17 29/05A1,500,000 1,529,780 0.31JPMORGAN CHASE SUB. FL.R 04-19 12/11A750,000 746,499 0.15MERRILL LYNCH EMTN FL.R 06-1808/08S3,900,000 3,263,832 0.66MERRILL LYNCH EMTN FL.R 05-10 08/02Q2,400,000 2,400,185 0.48








Germany 105,000 0.02

% of N

AV

Market V

alue

EUR

Quan

tity





Germany 23,100 0.00



% of N

AV

Market V

alue

EUR

Quan

tity

74


Euro High Yield Bond


SAPPI PAPIER EMTN 11.75 09-14 01/08S3,600,000 3,951,000 1.14


374,465,745 107.81

Bonds 314,601,307 90.57

Austria 3,951,000 1.14

CENT EURO MEDIA 11.625 09-16 15/09S6,730,000 6,393,500 1.84

Bermuda 7,752,761 2.23

PETROPLUS FINANCE 144A9.375 09-19 15/09S1,960,000 1,359,261 0.39

BOMBARDIER INC -REGS- 7.25 06-16 15/11S3,550,000 3,603,250 1.03

Canada 4,009,500 1.15

MACACHROME INTL 9.00 06-14 15/05S3,125,000 406,250 0.12

AGROKOR D.D EMTN 10.00 09-16 07/12S2,250,000 2,216,250 0.64

Croatia 2,216,250 0.64

SAZKA 8.50 06-21 12/07S1,603,953 914,253 0.26


NORDIC TEL CO HLDG 8.25 06-16 01/05Q8,130,000 8,617,800 2.48

Denmark 8,617,800 2.48

BPCE 9.25 06-XX 22/04S6,720,000 6,316,800 1.82

France 43,641,691 12.57

CGG VERITAS SA REGS 9.50 09-16 15/05S4,500,000 3,355,985 0.97CMA CGM SA REGS 5.50 07-12 16/05S8,700,000 5,220,000 1.50EUROPCAR REG-S SUB 8.125 06-14 15/05S3,850,000 3,253,250 0.94GIE GEOPHYSIQUE 7.50 05-15 15/05S4,450,000 3,078,324 0.89KORREDEN REG-S 11.00 08-14 01/08A1,400,000 420,000 0.12NEXANS SA EMTN 5.75 07-17 02/05A4,600,000 4,186,000 1.21REXEL 8.25 09-16 15/12S7,000,000 7,113,757 2.04TEREOS EUROPE REGS 6.375 07-14 15/04S6,805,000 6,226,575 1.79WENDEL 4.875 04-14 04/11A3,300,000 2,970,000 0.86WENDEL INVESTISSEMENT 4.375 05-17 09/08A1,900,000 1,501,000 0.43

COGNIS DEUTSCH. REGS 9.50 04-14 15/05S1,600,000 1,660,800 0.48

Germany 34,911,523 10.05

HEIDELBERGCEMENT EMTN 7.50 09-14 31/10S4,360,000 4,556,200 1.31HEIDELBERGCEMENT FIN 8.00 09-17 31/01S2,270,000 2,355,125 0.68HEIDELBERGCEMENT FIN 8.50 09-19 31/10S3,250,000 3,444,935 0.99HELLA KG HUECK 7.25 09-14 20/10A4,480,000 4,502,400 1.30IESY REG-S 8.75 05-15 15/02S1,250,000 1,300,000 0.37KABEL DEUTSCHLAND 10.75 06-14 01/07S5,200,000 5,473,000 1.58UNITY MEDIA REG S 8.125 09-17 01/12A8,250,000 8,332,500 2.39UNITY MEDIA REG S 9.625 09-19 01/12S3,250,000 3,286,563 0.95

ARDAGH GLASS FIN REGS 9.25 09-16 01/07S3,990,000 4,309,200 1.23

Ireland 10,777,200 3.10

SMURFIT KAPPA ACQ 7.25 09-17 15/11S3,300,000 3,217,500 0.93SMURFIT KAPPA ACQ 7.75 09-19 15/11S3,300,000 3,250,500 0.94

FIAT FIN.N.US EMTN 5.625 07-17 12/06A3,400,000 3,145,068 0.91

Italy 31,835,655 9.17

LIGHTHOUSE INTL REG S 8.00 04-14 30/04S22,723,000 14,769,950 4.25PIAGGIO & C 7.00 09-16 01/12S2,330,000 2,348,617 0.68WIND ACQUISITION FIN. 9.75 05-15 01/12S10,917,000 11,572,020 3.33

% of N

AV

Market V

alue

EUR

Quan

tity

SOFTBANK CORP 7.75 06-13 15/10S4,700,000 4,676,500 1.35

Japan 4,676,500 1.35

BEVERAGE PACK REGS 9.50 07-17 15/06S2,300,000 2,231,000 0.64

Luxembourg 22,149,490 6.38

BEVERAGE PACK -REGS- 8.00 07-16 15/12S900,000 846,000 0.24CIRSA FIN.LUX REGS 8.75 04-14 15/05S3,300,000 3,143,250 0.90CODERE FINANCE REGS 8.25 05-15 15/06S4,173,000 3,672,240 1.06FIAT FINANCE TRADE 7.625 09-14 15/09A5,000,000 5,222,500 1.51TROY CAPITAL 9.50 06-11 10/08A1,900,000 1,501,000 0.43WIND ACQUI.FIN REGS 11.75 09-17 15/07S5,100,000 5,533,500 1.60

BOATS INV.NETH.PIK 11.00 07-17 31/03S8,218,396 5,752,878 1.66


HOLLANDWIDE PARENT BV 0.00 09-14 01/08A3,850,000 154,000 0.04IMPRESS METAL REG-S 9.25 06-14 15/09S1,506,000 1,558,710 0.45INTERGEN 9.50 07-17 30/06A967,000 1,131,949 0.33INTERGEN NV 8.50 07-17 30/06S925,000 934,250 0.27MAGYAR TELECOM REG S 9.50 09-16 15/12S6,135,000 6,074,386 1.75UPC HOLDING BV REGS 9.75 09-18 15/04S6,500,000 6,662,500 1.91

UBS LX (VIMPELCOM)REGS8.25 06-16 23/05S1,400,000 1,007,493 0.29

Russia 1,007,493 0.29

CONSOL GLASS LTD REGS 7.625 07-14 15/04S3,800,000 3,458,000 1.00


FOODCORP LTD REG-S 8.875 05-12 15/06S3,000,000 2,865,000 0.82

ABENGOA 9.625 09-15 25/02S8,300,000 8,922,500 2.57

Spain 13,765,817 3.96

CAMPOFRIO FOOD SA 8.25 09-16 31/10S4,900,000 4,843,317 1.39

TVN FINANCE CORP PLC 10.75 09-17 15/11S4,600,000 4,738,000 1.36

Sweden 4,738,000 1.36

MHP SA -REGS- 10.25 06-11 30/11S2,950,000 1,881,338 0.54

Ukraine 1,881,338 0.54

ECO-BAT FIN PLC REG-S10.125 03-13 31/01S3,800,000 3,857,000 1.11


FCE BANK EMTN 7.125 07-12 16/01A1,000,000 980,000 0.28FCE BANK EMTN 7.125 07-13 15/01A5,000,000 4,850,000 1.40FCE BANK EMTN 9.375 09-14 17/01A3,200,000 3,224,000 0.93INEOS GRP REG-S 7.875 06-16 15/02S6,536,000 4,134,020 1.19INFINIS PLC REGS 9.125 09-14 15/12S1,500,000 1,732,146 0.50INMARSAT FINANCE 144A 7.375 09-17 01/12S990,000 705,541 0.20ISS FINANCING PLC 11.00 09-14 15/06S5,800,000 6,264,000 1.80LBG CAP REG S 14 SUB 9.334 09-20 07/02A1,300,000 1,299,839 0.37LBG CAP REG S 15 SUB 6.439 09-20 23/05A1,100,000 823,625 0.24LBG CAP REG S 18 SUB 6.385 09-20 12/05A6,450,000 4,824,065 1.39LBG CAP REG S 22 SUB 15.00 09-19 21/12S7,250,000 8,993,044 2.59LBG CAP REG S 36 SUB 7.625 09-20 14/10A700,000 562,042 0.16LBG CAPITAL N.2 15.00 09-29 22/01S189,000 264,983 0.08VIRGIN MEDIA FIN 8.75 05-14 15/04S609,499 632,355 0.18VIRGIN MEDIA FIN 8.875 09-19 15/10S6,755,000 7,717,176 2.22VIRGIN MEDIA FIN. 9.75 05-14 15/04S767,128 893,666 0.26VIRGIN MEDIA FINANCE 9.50 09-16 15/08S3,730,000 3,991,100 1.15

CEDC FINANCE REG S 8.875 09-16 01/12S7,600,000 7,645,592 2.20


% of N

AV

Market V

alue

EUR

Quan

tity

75




CEMEX FINANCE EUR REGS9.625 09-17 14/12S2,300,000 2,385,289 0.69CENT.EUROPE.DIST REGS 8.00 05-12 25/07S4,800,000 4,995,059 1.44CHESAPEAKE ENEERGY 6.25 06-17 15/01S5,510,000 5,014,100 1.44FRESENIUS US FIN REGS 8.75 09-15 15/07S4,200,000 4,788,000 1.38REYNOLDS REGS 7.75 09-16 04/11S4,900,000 4,965,846 1.43ROYAL CARIBBEAN 5.625 07-14 27/01A4,150,000 3,620,875 1.04

BOMBARDIER INC FL.R 06-13 15/11Q4,385,000 4,176,713 1.20


Canada 4,176,713 1.20

NORDIC TEL CO HLDG FL.R 06-16 01/05Q4,900,000 4,851,000 1.40

Denmark 4,851,000 1.40

DEXIA CLF SUB. FL.R 05-XX 18/11A4,500,000 1,957,500 0.56

France 9,302,375 2.68

EUROPCAR REG-S SUB FL.R 06-13 15/03Q3,900,000 3,217,500 0.93RHODIA SA REG-S FL.R 06-13 15/10Q4,450,000 4,127,375 1.19

COGNIS GMBH FL.R 07-13 15/09Q2,700,000 2,551,500 0.73

Germany 2,551,500 0.73

LOTTOMATICA EMTN FL.R 06-66 31/03A5,277,000 5,019,746 1.45

Italy 5,019,746 1.45

UBS PFD FDG EMTN FL.R 05-XX 29/04A3,364,000 2,240,424 0.65


DEXIA BIL FL.R 01-XX 06/07A3,360,000 1,848,000 0.53


HELLAS II FL.R 06-15 15/01Q5,000,000 100,000 0.03

BOATS INV.NETHLD.(PIK)FL.R 07-15 18/12Q838,626 335,451 0.10


IMPRESS METAL PACK FL.R 06-13 15/09Q4,310,000 4,072,950 1.17

EDCON HLDGS PROP REGS FL.R 07-15 15/06Q4,000,000 2,040,000 0.59


EDCON PROPRIET REGS FL.R 07-14 15/06Q6,713,000 4,249,329 1.22

AVIS FINANCE CIE PLC FL.R 06-13 31/07S2,390,000 1,995,650 0.57


HBOS PERP. SUB FL.R 01-XX 29/11S2,200,000 1,535,258 0.44LECTA SA REG-S FL.R 07-14 15/02Q5,976,000 4,780,799 1.38LLOYDS TSB B EMTN FL.R 09-XX 21/01S1,611,000 1,926,600 0.55NORTHERN ROCK PLC FL.R 02-15 13/01A2,750,000 1,702,403 0.49RBS CAP.TR.REGS.PREF FL.R 02-XX 29/12A8,148,000 3,748,080 1.08ROYAL BK OF SCOTL. FL.R 07-XX 30/09A6,400,000 3,152,000 0.91

INVITEL HOLDINGS-REGS-FL.R 07-13 01/02Q288,000 236,160 0.07

United States of America 236,160 0.07

UNITY MEDIA MANAGEMENT SA34 48 0.00


Shares 262,463 0.08


UNITY MEDIA S.C.A34 262,415 0.08

% of N

AV

Market V

alue

EUR

Quan

tity

UNITY MEDIA S.C.A 0.00 05-49 24/06U34 2 0.00

Bonds 2 0.00

Luxembourg 2 0.00




Luxembourg 10,682,451 3.08


% of N

AV

Market V

alue

EUR

Quan

tity

76


Euro Inflation Bond


FRANCE OAT INDEX 2.10 08-23 25/07A8,250,000 9,034,900 2.71



307,387,825 92.23

Bonds 306,185,875 91.87

France 136,641,400 41.00

FRANCE OAT INDEX 2.25 03-20 25/07A22,500,000 27,426,200 8.24FRANCE OAT INDEX 3.40 99-29 25/07A8,200,000 12,477,409 3.74FRANCE OAT INDEXE 1.60 03-11 25/07A17,200,000 19,578,479 5.87FRANCE OAT INDEXE 1.80 06-40 25/07A6,650,000 7,143,477 2.14FRANCE OAT INDEXEE 1.00 05-17 25/07A20,000,000 21,287,166 6.39FRANCE OAT INDEXEE 1.60 04-15 25/07A7,000,000 8,087,622 2.43FRANCE OAT INDEXEE 2.50 02-13 25/07A17,000,000 20,693,320 6.21FRANCE OAT INDEXEE 3.15 02-32 25/07A7,550,000 10,912,827 3.27

DEUTSCHLAND I/L BOND 1.50 06-16 15/04A17,400,000 19,367,519 5.81

Germany 69,856,627 20.96

DEUTSCHLAND INDEXED 1.75 09-20 15/04U5,900,000 6,175,560 1.85GERMANY INFL. INDEX 2.25 07-13 15/04A39,600,000 44,313,548 13.30

GREECE INFL. INDEX 2.30 06-30 25/07A17,540,000 13,021,731 3.91

Greece 13,021,731 3.91

ITALY BTPSI (INDEXEE) 2.55 09-41 15/09S7,300,000 7,730,495 2.32

Italy 86,666,117 26.00

ITALY INFL. INDEX 1.85 07-12 15/09S300,000 328,885 0.10ITALY INFL. INDEX 2.10 06-17 15/09S9,100,000 10,176,418 3.05ITALY INFL. INDEX 2.15 03-14 15/09S12,250,000 14,548,460 4.37ITALY INFL. INDEX 2.35 04-35 15/09S12,900,000 15,121,377 4.54ITALY INFL. INDEX 2.35 08-19 15/09S16,500,000 17,619,595 5.29ITALY INFL. INDEX 2.60 07-23 15/09S18,950,000 21,140,887 6.33

RABOBANK EMTN FL.R 06-18 21/08A1,500,000 1,201,950 0.36



CAAM INFLATION MONDE 3 DEC CAP68 1,601,138 0.48



France 1,601,138 0.48




Germany 63,750 0.02





Germany 14,020 0.00



% of N

AV

Market V

alue

EUR

Quan

tity

77


Euro Select Bond


BELGIQUE -36- 5.00 01-11 28/09A1,500,000 1,592,940 7.29


21,389,327 97.91

Bonds 19,521,236 89.36

Belgium 1,592,940 7.29

BPB PLC 6.50 00-10 17/03A200,000 201,969 0.92

France 2,978,149 13.63

BPCE 5.50 00-11 30/10A500,000 528,750 2.42CNCEP EMTN 4.625 07-10 14/06A100,000 100,916 0.46CRH 5.75 00-10 25/04A1,300,000 1,319,600 6.05FRANCE TELECOM SA 5.70 97-10 25/07A100,000 102,389 0.47FRANCE TELECOM UNSUB. 6.625 00-10 10/11A350,000 365,829 1.67NATEXIS BANQUE SUB 6.375 00-10 25/04A200,000 201,340 0.92REF PARALLEL BONDS 5.25 98-10 14/04A50,000 50,606 0.23VAUBAN MOBIL.GARANT. 6.00 00-11 28/10A100,000 106,750 0.49

GREECE 6.00 00-10 19/05A4,000,000 4,056,080 18.57

Greece 4,056,080 18.57

ASSICURAZ GENERALI 6.15 00-10 20/07A400,000 410,618 1.88

Italy 4,888,048 22.37

EDISON SPA EMTN -1- 5.125 03-10 10/12A300,000 310,086 1.42ENI SPA 6.125 00-10 08/06A100,000 102,180 0.47ITALY 9.25 91-11 07/03A1,300,000 1,419,183 6.50ITALY BTP 5.50 99-10 01/11S2,550,000 2,645,981 12.10

HOLCIM FINANCE EMTN 4.375 03-10 23/06A200,000 202,665 0.93


GAS NATURAL FINANCE 6.125 00-10 10/02A200,000 201,025 0.92


RABOBANK 5.25 98-13 12/03A2,000,000 974,387 4.46RABOBANK NEDERLAND 5.625 98-10 07/01A1,100,000 499,233 2.29SNS BANK NED. 6.125 00-10 07/04A100,000 101,210 0.46

PORTUGAL ODT 5.85 00-10 20/05A3,100,000 3,159,086 14.46

Portugal 3,159,086 14.46

VATTENFALL TREASURY 4.50 99-11 25/10A150,000 156,284 0.72

Sweden 156,284 0.72

BRITISH TELECOM 7.125 01-11 15/02A100,000 106,316 0.49


CGNU REG-S SUB 5.75 01-21 14/11A100,000 98,969 0.45

CITICORP SUB 5.50 98-10 30/06A200,000 100,380 0.46


GOLDMAN SACHS GROUP 4.25 03-10 04/08A400,000 406,464 1.86

BANQUE PSA FINANCE FL.R 08-10 04/01Q250,000 250,001 1.15


France 526,685 2.41

CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q100,000 77,253 0.35LAFARGE SA EMTN FL.R 07-10 06/07Q200,000 199,431 0.91

DEUTSCHE BANK AG FL.R 00-10 18/10Q400,000 400,020 1.83

Germany 400,020 1.83

% of N

AV

Market V

alue

EUR

Quan

tity

UNICREDITO ITALIA.SUB FL.R 00-10 29/10A40,000 41,800 0.19

Italy 41,800 0.19

DEUTSCHE TELEKOM INTL FL.R 00-10 06/07A194,000 199,532 0.91


MERRILL LYNCH EMTN FL.R 05-10 08/02Q700,000 700,054 3.21



% of N

AV

Market V

alue

EUR

Quan

tity

78


European Bond


DENMARK 6.00 99-11 15/11A13,000,000 1,886,559 3.05



75,771,951 122.65

Bonds 66,190,656 107.14

Denmark 4,215,725 6.82

DENMARK 7.00 94-24 10/11A13,000,000 2,329,166 3.77

EDF SA 4.625 09-24 11/09A2,000,000 1,985,098 3.21

France 9,997,404 16.19

FRANCE OAT 4.75 04-35 25/04A3,000,000 3,230,760 5.24PPR SA 8.625 09-14 03/04A1,000,000 1,181,098 1.91RCI BANQUE SA 8.125 09-12 15/05A1,000,000 1,096,663 1.77VIVENDI 4.875 09-19 02/12A2,500,000 2,503,785 4.06

KRED.ANST.WIEDERAUFB. 4.125 07-17 04/07A2,600,000 2,724,823 4.41

Germany 2,724,823 4.41

HUNGARY(REP OF)-10/C- 6.75 07-10 12/04A433,000,000 1,603,941 2.60

Hungary 1,603,941 2.60

ICELAND 7.00 04-10 17/03A294,000,000 1,287,908 2.08

Iceland 3,566,593 5.77

ICELAND T-BILLS -10 15/03U26,000,000 127,289 0.21ICELAND T-NOTES 7.25 02-13 17/05A285,000,000 1,248,984 2.02ISLANDE 13.75 08-10 10/12A110,000,000 509,369 0.82RIKISBREF 8.00 09-11 22/07A18,000,000 79,615 0.13RIKISBREF 8.00 09-25 12/06A71,000,000 313,428 0.51

GE CAPITAL UK -EMTN- 6.27 07-10 17/08S2,500,000 2,887,050 4.67

Ireland 2,887,050 4.67

ATLANTIA REG-S 5 EMTN 5.625 09-16 06/05A1,000,000 1,090,688 1.77

Italy 10,582,752 17.14

ITALY BTP 4.00 05-37 01/02S4,000,000 3,569,480 5.78ITALY BTP 5.00 01-12 01/02S730,000 777,669 1.26ITALY BTP 5.75 02-33 01/33S3,500,000 3,984,050 6.45OLIVETTI FINANCE EMTN 7.75 03-33 24/01A1,000,000 1,160,865 1.88

ARCELORMITTAL SA 9.375 09-16 03/06A1,000,000 1,221,011 1.98

Luxembourg 7,741,451 12.53

BEI EMTN 4.75 07-17 15/10A6,000,000 6,520,440 10.55

EADS FIN BV -3- 4.625 09-16 12/08A1,000,000 1,018,545 1.65


RABOBANK SUB 5.875 09-19 20/05A500,000 551,096 0.89SHELL INTL FIN REG-S 4.375 09-18 14/05A1,000,000 1,033,258 1.67

PORTUGAL 4.10 06-37 15/04A1,900,000 1,716,156 2.78

Portugal 1,716,156 2.78

KUZNETSKY MOST BANK 7.335 06-13 13/05S3,900,000 2,843,799 4.60

Russia 2,843,799 4.60

GAS NATURAL CAPITAL 5.25 09-14 09/07A750,000 801,918 1.30

Spain 2,683,032 4.34

SPAIN 4.70 09-41 30/07A1,900,000 1,881,114 3.04

INVESTOR AB 4.875 09-21 18/11A750,000 755,229 1.23

Sweden 1,152,944 1.87

% of N

AV

Market V

alue

EUR

Quan

tity

SWEDEN -1046- 5.50 01-12 08/10A3,700,000 397,715 0.64

SWITZERLAND 4.25 94-14 06/01A2,000,000 1,516,340 2.45


BARCLAYS BANK -EMTN- 6.213 07-10 16/08S2,700,000 3,132,632 5.08


ROYAL BK OF SCOTLAND 6.19 07-10 23/08S1,050,000 1,219,144 1.97UK TREASURY STOCK 4.50 07-42 07/12S690,391 791,911 1.28UNITED KINGDOM 4.25 03-36 07/03S1,000,000 1,089,506 1.76UNITED KINGDOM 4.25 05-55 07/12S670,000 747,567 1.21

AMER INTL GROUP EMTN 5.95 07-10 04/10S1,500,000 1,687,827 2.73


BANK OF AMERICA EMTN 7.00 09-16 15/06A1,500,000 1,687,160 2.73

BPCE FL.R 09-XX 30/09S1,000,000 1,159,300 1.88


France 5,052,900 8.18

CREDIT LOGEMENT SUB FL.R 06-XX 16/03A500,000 400,000 0.65LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A2,250,000 1,629,023 2.63LAFARGE EMTN FL.R 09-16 24/11A300,000 344,577 0.56VINCI FL.R 06-XX 13/11A1,600,000 1,520,000 2.46

GE CAP EUROP FUN.EMTN FL.R 07-14 03/04Q1,500,000 1,431,576 2.32

Ireland 1,431,576 2.32

VCL 8 A FL.R 06-13 21/10M800,497 795,302 1.29

Mortgage and asset backed securities 3,096,819 5.01


HERME 13-A1 FL.R 07-39 18/08Q1,179,263 1,169,529 1.89


SMI 2009-1 A2 FL.R 09-55 21/01Q1,000,000 1,131,988 1.83


EURIBOR 3 MONTH JUN 98.00 14.06.10 PUT410 -71,750 -0.12



United Kingdom -71,750 -0.12

EURIBOR 3 MONTH JUN 97.50 14.06.10 PUT-410 46,125 0.07






% of N

AV

Market V

alue

EUR

Quan

tity

79


Global Aggregate


GMAC 7 PERP PFD SHS SERIES -G- REG-S159 92,220 0.19



74,510,402 154.20

Shares 92,220 0.19


ANZ BANKING GROUP 6.15 07-10 23/08S250,000 415,956 0.86

Bonds 63,005,792 130.39


HUTCHISON WHAMPOA 4.625 09-15 11/09S1,000,000 1,010,991 2.09


AIR FRANCE KLM 6.75 09-16 27/10A300,000 447,823 0.93

France 19,702,152 40.78

ALSTOM SA 4.00 09-14 23/09A1,000,000 1,458,307 3.02BANQUE PSA 8.50 09-12 04/05A1,000,000 1,583,105 3.28CASINO GUICHARD EMTN 4.875 07-14 10/04A1,000,000 1,500,410 3.10CIE DE SAINT GOBAIN 7.25 08-13 16/09A600,000 970,069 2.01CREDIT AGRICOLE 9.75 09-XX 26/12S1,000,000 1,065,250 2.20FRANCE OAT 4.00 04-55 25/04A1,500,000 2,061,068 4.27HAVAS SA 5.50 09-14 04/11A500,000 725,627 1.50LAFARGE EMTN 5.50 09-19 16/12A500,000 710,594 1.47LAGARDERE 4.875 09-14 06/10A500,000 701,563 1.45PEUGEOT 8.375 09-14 15/07A325,000 510,989 1.06RALLYE SA 7.625 09-16 04/11A1,000,000 1,466,102 3.03RCI BANQUE SA 8.125 09-12 15/05A1,000,000 1,573,437 3.26SAFRAN SA 4.00 09-14 26/11A1,000,000 1,437,694 2.98UNIBAIL-RODAMCO 4.625 09-16 23/09A1,000,000 1,474,692 3.05VIVENDI 4.25 09-16 01/12A700,000 1,009,576 2.09VIVENDI 4.875 09-19 02/12A700,000 1,005,846 2.08

DEUTSCHE BANK EMTN 5.96 07-10 12/10S500,000 835,674 1.73

Germany 835,674 1.73

HELLENIC REPUBLIC 4.60 07-40 20/09A1,700,000 1,881,210 3.89

Greece 1,881,210 3.89

GE CAP EUROPEAN FDG 6.025 08-38 01/03A500,000 729,154 1.51

Ireland 3,214,472 6.65


ITALY BTP 4.00 05-37 01/02S1,800,000 2,304,590 4.77

Italy 3,398,700 7.03

LOTTOMATICA 5.375 09-16 05/12A750,000 1,094,110 2.26

ARCELORMITTAL 7.00 09-39 15/10S750,000 788,234 1.63


ARCELORMITTAL SA 9.375 09-16 03/06A750,000 1,313,884 2.72ENEL FINANCE INTL 5.00 09-22 14/09A1,000,000 1,476,233 3.06PROLOGIS INTL FDG 7.625 07-14 23/10A400,000 533,727 1.10

MEXIQUE BONOS 7.25 06-16 15/12S20,000,000 1,497,984 3.10

Mexico 1,497,984 3.10

EADS FIN BV -3- 4.625 09-16 12/08A1,500,000 2,192,036 4.54


KBC IFIMA 3887 4.50 09-14 17/09A1,000,000 1,454,283 3.01

% of N

AV

Market V

alue

USD

Quan

tity

KPN 6.25 08-13 16/09A300,000 476,263 0.99SHELL INTL FIN REG-S 4.375 09-18 14/05A500,000 741,233 1.53

GAS NATURAL CAPITAL 5.25 09-14 09/07A1,000,000 1,534,069 3.17

Spain 1,534,069 3.17

INVESTOR AB 4.875 09-21 18/11A500,000 722,377 1.49

Sweden 722,377 1.49

BARCLAYS BANK 5.25 09-14 27/05A500,000 767,085 1.59


BRITISH TELECOM 6.125 09-14 11/07A1,000,000 1,558,646 3.23HSBC CAP FDG FL.R 03-XX 31/12A750,000 916,092 1.90ROYAL BK OF SCOTLAND 6.19 07-10 23/08S1,000,000 1,665,874 3.44UNITED KINGDOM 4.25 03-36 07/03S250,000 390,792 0.81



CITIGROUP INC 6.375 09-14 12/08S500,000 524,253 1.08CL CAPITAL TRUST I 7.047 02-XX 26/04A1,250,000 1,678,722 3.47GMAC EMTN 5.375 04-11 06/06A150,000 209,294 0.43GMAC LLC 5.375 08-11 06/06S751,000 719,083 1.49INTESABCI CAP TR.REG. FL.R 01-XX 12/07A249,000 341,926 0.71MERRILL LYNCH EMTN 6.644 07-11 16/02S1,250,000 2,087,660 4.32MICROSOFT CORP 5.20 09-39 01/06S500,000 471,872 0.98SG CAPITAL TRUST REG-S7.875 00-49 29/12A500,000 695,854 1.44US TREASURY N/B 4.375 09-39 15/11S3,000,000 2,871,093 5.94USA TREASURY NOTES 0.75 09-11 30/11S3,000,000 2,980,780 6.18

BPCE REG S FL.R 09-XX 29/06S143,000 162,305 0.34


France 4,753,273 9.84

CNP ASSURANCES SA FL.R 06-XX 22/12A1,000,000 1,088,617 2.26CREDIT AGRICOLE FL.R 09-XX 26/10A500,000 768,367 1.59CREDIT LOGEMENT FL.R 06-XX 05/04A500,000 624,116 1.29CREDIT LOGEMENT SUB FL.R 06-XX 16/03A500,000 573,900 1.19LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A500,000 519,387 1.07SOCIETE GENERALE FL.R 08-XX 22/05A750,000 1,016,581 2.10

BNP PARIBAS CAP TST FL.R 01-XX 29/12A500,000 680,960 1.41


SIEMENS FIN NV FL.R 06-66 14/09A500,000 702,808 1.45


AVIVA PLC FL.R 04-XX 29/11A500,000 561,970 1.16


ROYAL BK OF SCOTL. FL.R 07-XX 30/09A500,000 350,654 0.73

BEAR STEARNS COS FL.R 06-11 15/08Q500,000 495,698 1.03


RABOBANK CAP FDG REGS FL.R 04-XX 29/12Q200,000 145,533 0.30

VCL 8 A FL.R 06-13 21/10M400,249 570,530 1.18



HERME 13-A1 FL.R 07-39 18/08Q589,632 838,991 1.74


% of N

AV

Market V

alue

USD

Quan

tity

80


Global Aggregate


FTA SANTANDER EMPRESA FL.R 05-38 25/10Q210,904 281,824 0.58

Spain 281,824 0.58

SMI 2009-1 A2 FL.R 09-55 21/01Q1,250,000 2,030,149 4.20


CAAM OBLIG EMERGENTS -I- 3DEC75 2,604,523 5.39



France 3,379,612 6.99

PORTFOLIO FIXED INCOME TRADE2 775,089 1.60

USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL10,000,000 123,710 0.25






90DAY EURO$ JUN 98.25 14.06.10 PUT221 20,719 0.04







90DAY EURO$ JUN 97.75 14.06.10 PUT-221 -9,669 -0.02

United States of America -9,669 -0.02


% of N

AV

Market V

alue

USD

Quan

tity

81


Global Bond


ANZ BANKING GROUP 6.15 07-10 23/08S10,000,000 16,638,223 2.72

Long positions 862,787,459 140.94


845,658,550 138.14

Bonds 726,166,692 118.62

Australia 16,638,223 2.72

AUSTRIA EMTN 3.80 03-13 20/10A5,000,000 7,537,961 1.23

Austria 7,537,961 1.23

CANADA 8.00 92-23 01/06S2,000,000 2,694,976 0.44

Canada 2,694,976 0.44

CARLSBERG BREWER 6.00 09-14 28/05A3,500,000 5,459,089 0.89

Denmark 5,459,089 0.89

ACCOR 6.50 09-13 06/05A3,150,000 4,845,637 0.79

France 37,120,677 6.06

AREVA EMTN 4.875 09-24 23/09A2,800,000 4,094,472 0.67CNCEP PERP 6.117 07-XX 30/10A10,000,000 10,114,987 1.66FRANCE OAT 0.00 92-16 25/04U990,918 1,178,620 0.19FRANCE OAT INDEX 3.40 99-29 25/07A1,500,000 3,274,749 0.53FRANCE(STRIP/8.50OAT) 0.00 92-23 25/04U3,350,000 2,752,008 0.45PEUGEOT 8.375 09-14 15/07A1,000,000 1,572,275 0.26PPR SA 8.625 09-14 03/04A2,000,000 3,389,161 0.55UNIBAIL-RODAMCO 4.625 09-16 23/09A4,000,000 5,898,768 0.96

BRD STRIP (6.50) 0.00 -22 04/07U1,500,000 1,323,083 0.22

Germany 16,638,252 2.72

GERMANY -301- 4.75 03-34 04/07A9,125,000 14,210,813 2.32LANDWIRT.RENTENBANK 1.375 01-13 25/04A100,000,000 1,104,356 0.18

GREECE 6.00 00-10 19/05A0 0 0.00

Greece 58,948,532 9.63

GREECE 6.50 99-14 11/01A1,900,000 2,884,707 0.47HELLENIC REPUBLIC 4.60 07-40 20/09A13,000,000 14,385,722 2.35HELLENIC REPUBLIC 5.50 09-14 20/08A26,000,000 38,094,707 6.22HELLENIC REPUBLIC 5.90 02-22 22/10A2,500,000 3,583,396 0.59

ICELAND 7.00 04-10 17/03A510,000,000 3,205,416 0.52

Iceland 10,755,139 1.76

ICELAND T-BILLS -10 15/03U116,000,000 845,184 0.14ICELAND T-NOTES 7.25 02-13 17/05A666,000,000 4,187,575 0.69ISLANDE 13.75 08-10 10/12A148,000,000 983,282 0.16RIKISBREF 8.00 09-11 22/07A76,000,000 482,293 0.08RIKISBREF 8.00 09-25 12/06A166,000,000 1,051,389 0.17


Ireland 69,090,363 11.29

IRISH GOVT TREASURY 4.50 07-18 18/10A24,000,000 34,295,920 5.60

INTESA SANPAOLO EMTN 5.00 09-19 23/09A7,000,000 10,222,271 1.67

Italy 24,100,636 3.94

ITALY BTP 5.25 98-29 01/11S9,000,000 13,878,365 2.27

AFRICAN DEV.BK 7.375 93-23 06/04A8,900,000 10,525,434 1.72

Ivory Coast 10,525,434 1.72

JAPAN 303 JGB 1.40 09-19 20/09S2,000,000,000 21,754,767 3.55

Japan 21,754,767 3.55

% of N

AV

Market V

alue

USD

Quan

tity

ARCELORMITTAL 7.00 09-39 15/10S5,000,000 5,254,890 0.86

Luxembourg 28,980,213 4.73

BEI EMTN 1.90 06-26 26/01S25,000,000 264,964 0.04ENEL FINANCE INTL 5.00 09-22 14/09A2,000,000 2,952,466 0.48EUROP.INVEST.BK 2.15 07-27 18/01S1,500,000,000 16,279,387 2.66MICHELIN LUX SCS 8.625 09-14 24/04A2,500,000 4,228,506 0.69

MEXICAN BONOS -M- 9.00 06-13 20/06S270,000,000 22,028,040 3.60

Mexico 41,825,771 6.83

MEXICAN BONOS 131219 8.00 03-13 19/12S250,000,000 19,797,731 3.23

NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A3,000,000 4,348,024 0.71


WHITE NIGHTS FINANCE 10.50 09-14 08/03Q5,000,000 5,697,915 0.93

METROP.LISBOA -144A- 7.42 96-16 15/10S700,000 799,216 0.13

Portugal 799,216 0.13

TEMASEK FIN EMTN REGS 5.375 09-39 23/11S4,000,000 3,929,712 0.64

Singapore 3,929,712 0.64

CEDULAS TDA 6 3.875 05-05 23/05A15,000,000 17,487,242 2.86

Spain 62,436,728 10.20

CRITERIA CAIXACORP 4.125 09-14 20/11A5,000,000 7,229,074 1.18ICO 3.375 08-11 15/11A1,000,000 1,037,290 0.17SPAIN 4.30 09-19 31/10A10,000,000 14,722,400 2.40SPAIN 5.75 01-32 30/07A13,000,000 21,317,272 3.48SPAIN BTS PP STRIP 0.00 98-13 31/01U480,810 643,450 0.11

BQUE.CENT.TUNISIE NO1 3.30 00-10 02/08S1,140,000,000 12,222,289 2.00

Tunesia 12,222,289 2.00



ROYAL BK OF SCOTLAND 6.19 07-10 23/08S16,400,000 27,320,320 4.46UK TREASURY STOCK 5.00 01-12 07/03S65,000 112,655 0.02UNITED KINGDOM 4.25 03-36 07/03S8,075,000 12,622,593 2.06UNITED KINGDOM 5.00 01-25 07/03S12,000,000 20,572,363 3.36VODAFONE GROUP 5.00 05-15 15/09S3,000,000 3,173,475 0.52



BEAR STEARNS 7.25 08-18 01/02S9,700,000 11,191,482 1.83CITIGROUP 5.30 07-12 17/10S3,000,000 3,105,681 0.51CITIGROUP INC 5.50 09-14 15/10S3,000,000 3,043,020 0.50CITIGROUP INC 6.375 09-14 12/08S3,000,000 3,145,515 0.51CL CAPITAL TRUST I 7.047 02-XX 26/04A5,000,000 6,714,888 1.10GOLDMAN SACHS GROUP 5.125 09-19 23/10A3,000,000 4,360,171 0.71INTESABCI CAP TR.REG. FL.R 01-XX 12/07A1,000,000 1,373,195 0.22MERRILL LYNCH 6.00 08-13 11/02A6,000,000 9,143,561 1.49MERRILL LYNCH EMTN 6.644 07-11 16/02S20,000,000 33,402,569 5.46MICROSOFT CORP 5.20 09-39 01/06S2,000,000 1,887,488 0.31SG CAPITAL TRUST REG-S7.875 00-49 29/12A5,500,000 7,654,391 1.25USA NT INDEX 3.50 01-11 15/01S2,000,000 2,578,647 0.42USA TREAS.NOTES C-2017 4.50 07-17 15/05S5,000,000 5,346,094 0.87USA TREASURY BONDS 6.25 99-30 15/05S26,000,000 31,805,313 5.20USA TREASURY NOTES 3.875 08-18 15/05S25,000,000 25,394,531 4.15USA TREASURY NOTES 4.125 05-15 15/05S500,000 533,359 0.09USA TREASURY NOTES 4.625 07-17 15/02S15,000,000 16,181,250 2.64

% of N

AV

Market V

alue

USD

Quan

tity

82


Global Bond


CNP ASSURANCES SA FL.R 06-XX 22/12A3,000,000 3,265,850 0.53


France 20,632,875 3.37

CREDIT LOGEMENT FL.R 06-XX 05/04A7,200,000 8,987,273 1.48LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A3,500,000 3,635,707 0.59SOCIETE GENERALE FL.R 08-XX 22/05A3,500,000 4,744,045 0.77

SAN PAOLO IMI PERP.REG FL.R 00-XX 29/12A3,000,000 4,266,588 0.70

Italy 4,266,588 0.70

SL FINANCE SUB FL.R 02-22 12/07A3,000,000 4,171,636 0.68


VODAFONE GROUP FL.R 06-11 15/06Q2,000,000 2,002,044 0.33

BEAR STEARNS COS FL.R 05-12 27/07Q7,000,000 9,933,398 1.62


BEAR STEARNS COS FL.R 06-11 15/08Q7,200,000 7,138,058 1.17GECC FL.R 06-66 15/09A7,500,000 8,151,173 1.33HSBC FINANCE CORP FL.R 06-16 01/06Q8,000,000 7,292,000 1.19MORGAN STANLEY EMTN FL.R 06-13 01/03Q3,300,000 4,479,817 0.73MORGAN STANLEY GMTN FL.R 06-13 29/11Q7,000,000 9,376,428 1.53

LOGGI 2003-1 A FL.R 03-25 24/11Q2,583,565 3,363,486 0.55


France 3,363,486 0.55

VCL 10 A FL.R 07-13 21/01M1,070,053 1,528,649 0.25

Germany 1,528,649 0.25

MERM 2007-1 -A2- FL.R 07/40 30/01Q11,169,284 15,977,855 2.61

Ireland 15,977,855 2.61

CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q1,099,355 1,488,655 0.24


DELPHINUS 2004-II-A- FL.R 04-90 25/11Q9,782,820 14,035,593 2.30

FTA SANTANDER EMPRESA FL.R 05-38 25/10Q2,711,625 3,623,454 0.59

Spain 3,623,454 0.59

SMI 2009-1 A2 FL.R 09-55 21/01Q1,250,000 2,030,149 0.33


PORTFOLIO FIXED INCOME TRADE23 8,913,521 1.46



France 8,913,521 1.46

AUSTRALIAN T BILL -10 26/02U7,500,000 6,881,001 1.12

Money market instruments 6,881,001 1.12

Bonds 6,881,001 1.12

Australia 6,881,001 1.12

EURX EURO SCHATZ FEB 107.8 01.02.10 PUT1,200 -129,127 -0.02

Derivative instruments 1,334,387 0.22


Germany -90,389 -0.01

EURX EURO SCHATZ FEB 108 01.02.10 PUT1,400 38,738 0.01

% of N

AV

Market V

alue

USD

Quan

tity

USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL35,000,000 1,002,925 0.16


USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL34,100,000 421,851 0.07

EURX EURO SCHATZ FEB 107.5 01.02.10 PUT-2,400 206,604 0.04




Germany 226,691 0.04

EURX EURO SCHATZ FEB 107.7 01.02.10 PUT-2,800 20,087 0.00


% of N

AV

Market V

alue

USD

Quan

tity

83


Global Convertible Bond


AIR LIQUIDE FIN 6.125 08-12 28/11A200,000 220,719 0.50



38,897,035 87.66

Bonds 860,490 1.94

France 860,490 1.94

CARREFOUR EMTN 6.625 08-13 02/12A130,000 147,982 0.33EDF EMTN TR1 4.50 09-14 17/07A85,000 89,361 0.20GDF SUEZ 4.375 09-10 16/01A139,000 145,448 0.33MICHELIN FRANCE-ML-CV 0.00 07-17 01/01U827 88,880 0.20SCHNEIDER ELECTRIC 6.75 09-13 16/07A150,000 168,100 0.38

CFS RET.PROP TRT CV 5.075 07-14 21/08S760,000 467,443 1.05



HONGKONG LD CV REGD 2.75 05-12 21/12S500,000 468,162 1.05

Bermuda 578,876 1.30

NOBLE GROUPE CV 0.00 07-14 13/06U100,000 110,714 0.25

TRANSOCEAN -A- CV 1.625 07-37 15/12S2,537,000 1,752,356 3.95


AIR FRANCE KLM SA CV 2.75 05-20 01/04A31,963 652,998 1.47

France 6,315,429 14.24

AXA SA CV SUB 3.75 00-17 01/01A6,286 1,435,451 3.25CAP GEMINI SA CV -CAP- 3.50 09-14 01/01A16,225 693,986 1.56MICHELIN SA -ML- CV 0.00 07-17 01/01U10,699 1,149,854 2.59PUBLICIS GROUPE CV 3.125 09-14 30/07S39,118 1,413,652 3.19UNIBAIL-RODAMCO CV 3.50 09-15 01/01A5,036 969,488 2.18

KFW CV 0.50 05-10 03/02A460,000 460,216 1.04

Germany 4,868,085 10.97

KFW CV (DEUTSCHE TEL) 3.25 08-13 27/06A4,100,000 4,407,869 9.93

FINMECCANICA CV 0.375 03-10 08/08A718,000 711,021 1.60

Italy 711,021 1.60

CASIO COMPUTER CV 0.00 08-15 31/03U60,000,000 436,676 0.98

Japan 3,617,554 8.15

MITSUB. CHEM. CV 0.00 07-13 22/10U70,000,000 471,911 1.06MITSUI O.S.K.LINES CV 0.00 06-11 29/03U50,000,000 369,849 0.83NEC CORPORATION CV 1.00 96-11 30/09S65,000,000 483,237 1.09SHARP CORP S20- 0.00 06-13 30/09U188,000,000 1,352,079 3.05TOSHIBA CORP CV 0.00 04-11 21/07U60,000,000 503,802 1.14

WPP CV 5.75 09-14 19/05S700,000 1,056,711 2.38


PARGESA NETHERL. CV 1.70 06-13 27/04A1,290,000 839,833 1.89


SUEDZUCKER INT FIN CV 2.50 09-16 30/06A350,000 386,113 0.87

CARNIVAL PLC CV 2.00 01-21 15/04S764,000 552,798 1.25

Panama 552,798 1.25

PARPUBLICA SGPS CV 2.69 05-10 16/12A700,000 738,913 1.67

Portugal 1,995,113 4.50

PORTUGAL TEL. CV 4.125 07-14 28/08S1,150,000 1,256,200 2.83

% of N

AV

Market V

alue

EUR

Quan

tity

LA CAIXA CV 3.50 08-11 19/06S1,100,000 1,123,793 2.53

Spain 1,123,793 2.53

ADECCO FINANCIAL SERV 0.00 03-13 26/08U1,350,000 995,925 2.24


STMICROELEC CV REG-S 0.00 06-16 23/02U1,232,000 899,633 2.03SWISS AMER.CV REG SUB 3.25 01-21 21/11A730,000 469,707 1.06

COMPAL ELECTRONICS CV 0.00 05-10 19/08U381,000 417,859 0.94

Taiwan 417,859 0.94

SCHLUMBERGER LTD CV 2.125 03-23 01/06S397,000 454,599 1.02

The Netherlands Antilles 1,248,768 2.81

TEVA PHARMA. FIN CV 1.75 06-26 01/02S922,000 794,169 1.79

ANGLO AMERCAN CV-AAL- 4.00 09-14 07/05S2,200,000 2,670,652 6.02


3I GROUP PLC CV REG-S 3.625 08-11 29/05S450,000 502,722 1.13

AFFILIATED MANAG.CV 3.95 09-38 15/08S616,000 427,773 0.96


ALLERGAN CV 1.50 06-26 01/04S1,430,000 1,156,532 2.61CAMERON INTL CORP 2.50 06-26 15/06S628,000 589,288 1.33DANAHER CV 0.00 01-21 22/01A1,056,000 812,415 1.83FISHER SCIENTIFIC CV 3.25 04-24 01/03S576,000 532,218 1.20HASBRO INC CV 2.75 01-21 01/12S300,000 306,254 0.69INTEL DEDS CV 2.95 05-35 15/12S2,000,000 1,351,869 3.06NEWS CORP REGS 144A 0.75 03-23 15/03S1,423 988,411 2.23OMNICOM GROUP CV 0.00 06-38 01/07U580,000 401,394 0.90

JK LAKSHMI CEMENT -GDR- REG -S45,000 47,487 0.11


Shares 47,487 0.11

India 47,487 0.11

CAAM VOLATILITE ACTIONS EURO CAP19 1,354,729 3.05



France 3,397,836 7.66

PORTFOLIO JOUR -C- 3 DEC CAPITALISATION111 2,043,107 4.61

DJ EURO STOXX 50 JAN 2900 18.01.10 CALL210 205,590 0.46



Germany 205,590 0.46

ARCELORMITTAL JUN 30.00 18.06.10 CALL1,800 828,000 1.87






Germany -79,620 -0.18

DJ EURO STOXX 50 JAN 3000 18.01.10 CALL-210 -74,340 -0.17

% of N

AV

Market V

alue

EUR

Quan

tity

84




ARCELOR MITTAL JUN 38.00 18.06.10 CALL-1,800 -230,400 -0.52

Netherlands -230,400 -0.52


% of N

AV

Market V

alue

EUR

Quan

tity

85


Global Corporate Bond


ANZ BANKING GROUP 2.625 09-12 16/11A200,000 287,801 0.35



76,329,444 93.43

Bonds 63,265,985 77.44

Australia 3,350,833 4.10

COMMONW.BK AUST 144A 5.00 09-19 15/10S500,000 499,614 0.61NATL AUSTRALIA BK 3.50 09-15 23/01A500,000 712,282 0.87RIO TINTO FIN USA LTD 5.875 08-13 15/07S250,000 268,805 0.33RIO TINTO FIN USA LTD 8.95 09-14 01/05S250,000 296,148 0.36SINGTEL OPTUS PTY 4.625 09-19 15/10S500,000 470,744 0.58WEA FINANCE 144A 5.75 09-15 02/09S500,000 517,130 0.63WESTPAC BANKING REGS 1.90 09-12 14/12S300,000 298,309 0.37

HUTCHISON WHAMPOA 4.625 09-15 11/09S350,000 353,847 0.43


HUTCHISON WHAMPOA 4.75 09-16 14/11A350,000 502,970 0.62PETROBRAS INTL FIN 5.75 09-20 20/01S500,000 507,454 0.62VALE OVERSEAS 5.625 09-19 15/09S200,000 200,698 0.25

AP MOLLER-MAERSK A/S 4.875 09-14 30/10A400,000 583,691 0.71

Denmark 1,309,670 1.60

CARLSBERG BREWER 6.00 09-14 28/05A100,000 155,974 0.19DONG ENERGY 4.00 09-16 16/12A200,000 284,875 0.35DONG ENERGY 4.875 09-21 16/12A200,000 285,130 0.35

AUTOR.PARIS RHIN RHONE 7.50 09-10 12/01A250,000 405,426 0.50

France 8,349,350 10.22

BNP PARIBAS FL.R 03-XX 16/01A450,000 582,891 0.71BPCE 9.25 06-XX 22/04S550,000 750,566 0.93CASINO GUICHARD EMTN 5.50 09-15 30/01A150,000 229,637 0.28CNCEP EMTN SUB FL.R 03-XX 30/07A250,000 244,212 0.30CNCEP PERP 6.117 07-XX 30/10A50,000 50,575 0.06DEXIA CLF EMTN 5.375 09-14 21/07A450,000 680,842 0.83ELECT.DE FRANCE -144A-6.50 09-19 26/01S250,000 281,333 0.34FRANCE TELECOM 5.375 09-19 08/07S250,000 264,192 0.32LAFARGE SA 6.15 06-11 15/07S150,000 156,017 0.19PERNOD RICARD 7.00 09-15 15/01A150,000 231,589 0.28PEUGEOT 3.625 09-11 14/10A350,000 504,829 0.62PPR SA 8.625 09-14 03/04A100,000 169,458 0.21RCI BANQUE SA 4.00 09-11 21/10A250,000 363,169 0.44RCI BANQUE SA 8.125 09-12 15/05A300,000 472,031 0.58REXEL 8.25 09-16 15/12S715,000 1,042,518 1.29SAFRAN SA 4.00 09-14 26/11A400,000 575,078 0.70SOCIETE GENERALE 6.999 07-17 19/12A100,000 132,619 0.16SOCIETE GENERALE 8.75 09-XX 07/04S250,000 255,094 0.31SUEZ ENVIRONNEMENT 5.50 09-24 22/07A200,000 304,136 0.37TPSA EURO FINANCE 6.00 09-14 22/05A250,000 390,107 0.48VIVENDI -144A- 5.75 08-13 04/04S250,000 263,031 0.32

DAIMLERCHRYSLER 6.50 03-13 15/11S450,000 496,031 0.61

Germany 1,537,960 1.88

EWE AG 5.25 09-21 16/07A250,000 375,846 0.46FRESENIUS FINANCE BV 5.50 06-16 31/01S100,000 147,378 0.18SIXT AG 5.375 09-12 06/11A350,000 518,705 0.63

% of N

AV

Market V

alue

USD

Quan

tity

ALLIED IRISH BK. 4.50 09-12 01/10A350,000 490,887 0.60

Ireland 1,358,060 1.66

BANK IRELAND (GOV&CO) 4.625 09-13 08/04A250,000 354,459 0.43GECC EMTN 5.375 09-20 23/01A350,000 512,714 0.63

A2A EMTN 4.50 09-16 02/11A200,000 291,913 0.36

Italy 4,574,475 5.60

BCO POPULAR SC 3.75 09-12 07/08A300,000 435,675 0.53EDISON SPA -1- 4.25 09-14 22/07A250,000 368,615 0.45FIAT FIN.& TRADE SA 6.625 06-13 15/02S200,000 295,852 0.36INTESA SAN PAOLO 3.75 09-16 23/11A500,000 709,094 0.87INTESA SAN PAOLO 8.375 09-XX 14/10A100,000 151,829 0.19LOTTOMATICA 5.375 09-16 05/12A300,000 437,644 0.54UNICREDITO ITALIANO 5.00 06-16 01/02A500,000 738,102 0.90UNIPOL GRUPPO FI 5.00 09-17 11/01A800,000 1,145,751 1.40

ARCELORMITTAL SA 9.375 09-16 03/06A200,000 350,369 0.43


FIAT FINANCE TRADE 7.625 09-14 15/09A200,000 300,818 0.37TYCO INTL FINANCE 4.125 09-14 15/10S250,000 254,788 0.31WIND ACQUI.FIN REGS 11.75 09-17 15/07S250,000 392,425 0.48

PEMEX 5.50 09-17 09/01A350,000 502,058 0.61

Mexico 502,058 0.61

AEGON NV 4.75 03-13 01/06S500,000 502,640 0.62


BMW FINANCE -EMTN- 5.00 06-11 02/02A250,000 258,452 0.32CRH FINANCE EMTN 7.375 09-14 28/05A200,000 326,099 0.40ENBW INTL FIN. EMTN 6.125 09-39 07/07A250,000 395,964 0.48EUREKO BV 7.375 09-14 16/06A300,000 485,292 0.59KONINKLIJKE KPN NV 5.75 09-29 17/09A190,000 303,236 0.37LEASEPLAN CORP 4.25 09-11 07/10A350,000 509,071 0.62LUKOIL INTL FIN 7.25 09-19 05/11S500,000 504,872 0.62NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A450,000 652,203 0.80VW INTL FINANCE 3.50 09-15 02/02A500,000 715,978 0.88

TEMASEK FIN EMTN 144A 5.375 09-39 23/11S500,000 481,745 0.59


GAS NATURAL CAPITAL 4.375 09-16 02/11A300,000 435,226 0.53

Spain 1,314,289 1.61

TELEFONICA EMIS SA 5.888 06-14 31/01A300,000 517,410 0.64TELEFONICA EMISIONES 4.693 09-19 11/11A250,000 361,653 0.44

INVESTOR AB 4.875 09-21 18/11A200,000 288,951 0.35

Sweden 1,511,712 1.85

SKAND ENSK.BANK. 5.50 09-14 06/05A300,000 462,415 0.56TELIASONERA 4.75 09-21 16/11A250,000 363,995 0.45VOLVO TREASURY EMTN 7.875 09-12 01/10A250,000 396,351 0.49

ANGLO AMER CAPITAL 4.375 09-16 02/12A200,000 287,387 0.35


ANGLO AMERCAN CAPITAL 4.25 09-13 30/09A200,000 296,130 0.36BARCLAYS BANK 6.75 09-19 22/05S500,000 559,389 0.68BARCLAYS BANK PLC 5.20 09-14 10/07S250,000 265,190 0.32BAT INTERNATIONAL FIN 4.875 09-21 24/02A100,000 143,246 0.18HSBC CAP FDG FL.R 03-XX 31/12A500,000 610,728 0.75IMPERIAL TOBACCO EMTN FL.R 09-12 25/06A500,000 752,757 0.92

% of N

AV

Market V

alue

USD

Quan

tity

86




INTERCONTI HOTELS GR 6.00 09-16 09/12A400,000 640,278 0.78LLOYDS BANK EMTN 3.25 09-12 26/11A700,000 1,001,793 1.24LLOYDS TSB EMTN 5.375 09-19 03/09A200,000 287,521 0.35LLOYDS TSB GROUP SUB 4.75 99-11 18/03A250,000 361,230 0.44MARKS AND SPENC.EMTN 6.125 09-19 02/12A300,000 487,166 0.60OLD MUTUAL EMTN 7.125 09-16 19/10S500,000 800,372 0.99PRUDENTIAL FIN.EMTN 6.125 01-31 19/12A200,000 293,096 0.36RBS 5.375 09-19 30/09A200,000 281,552 0.34ROYAL BK OF SCOTLAND 6.40 09-19 21/10U500,000 498,447 0.61ROYAL BK SCOTLAND SUB 6.934 08-18 09/04A250,000 333,975 0.41ROYAL BK SCOTLAND 68 4.875 09-14 25/08S500,000 508,380 0.62SABMILLER PLC 4.50 09-15 20/01A150,000 221,518 0.27STAGECOACH GROUS 5.75 09-16 16/12A500,000 803,844 0.99STAND CHART 144A 5.50 09-14 18/11S250,000 265,030 0.32STANDARD BANK SUB 8.125 09-19 02/12S500,000 509,125 0.62STANDARD CHART SUB FL.R 05-17 03/02A200,000 281,140 0.34STANDARD CHARTERED 5.75 09-14 30/04A200,000 311,017 0.38STANDARD CHARTERED 5.875 07-17 26/09A50,000 75,457 0.09UBS LONDON EMTN 6.25 08-13 03/09A250,000 392,178 0.48VODAFONE GROUP PLC 5.45 09-19 10/06S250,000 258,573 0.32

ABBOTT LABORATORIES 6.15 07-37 30/11S250,000 266,838 0.33


ALLSTATE CORP B 7.45 09-19 16/05S250,000 290,596 0.36ALTRIA GROUP INC 9.25 09-19 06/08S250,000 305,056 0.37AMER EXPRESS CREDIT 5.375 09-14 01/10A350,000 569,761 0.70AMERICAN HONDA FIN. 3.875 09-14 16/09A200,000 293,060 0.36ANADARKO PETROLEUM 7.625 09-14 15/03S150,000 171,092 0.21ANHEUSER BUSCH 7.75 09-19 15/01S450,000 522,743 0.64AT&T INC 5.50 07-27 15/03A250,000 396,750 0.49AT&T INC 6.55 09-39 15/02S250,000 265,308 0.32BANK OF AMERICA 5.75 07-17 01/12S500,000 509,143 0.62BANK OF AMERICA CORP 7.00 08-28 31/07S350,000 630,889 0.77BOEING 4.70 09-19 27/10S500,000 490,895 0.60CATERPILLAR FIN SERV 7.15 09-19 15/02S250,000 290,187 0.36CISCO SYSTEMS INC 5.90 09-39 15/02S250,000 255,075 0.31CITIGROUP 7.375 09-19 04/09A300,000 474,761 0.58CITIGROUP INC 6.00 07-17 15/08S250,000 248,630 0.30CITIGROUP INC 6.375 09-14 12/08S800,000 838,803 1.02CITIGROUP SUB 6.125 06-36 25/08S350,000 302,374 0.37CL CAPITAL TRUST I 7.047 02-XX 26/04A300,000 402,893 0.49COMCAST CORP 6.45 06-37 15/03S250,000 258,256 0.32CONOCOPHILLIPS 5.90 02-32 15/10S150,000 153,495 0.19CONOCOPHILLIPS 6.50 09-39 01/02S250,000 277,530 0.34COX COMMUNICAT.-144A- 8.375 09-39 01/03S200,000 249,814 0.31CREDIT SUISSE NY SUB 5.30 09-19 13/08S250,000 257,716 0.32DEERE AND CO 5.375 09-29 16/10S500,000 496,972 0.61DELL 5.875 09-19 15/06S100,000 106,778 0.13DUKE ENERGY CORP 5.05 09-19 15/09S150,000 150,066 0.18EI DU PONT DE NEMOURS 4.625 09-20 15/01S200,000 195,983 0.24ELI LILLY AND CO 5.95 09-37 15/11S100,000 104,894 0.13EXELON GENERATION 5.20 09-19 01/10S250,000 250,251 0.31GENERAL ELECTRIC 5.875 08-38 14/01S200,000 184,841 0.23GENERAL MILLS INC 5.65 09-19 15/02S250,000 264,227 0.32GOLDMAN SACHS 5.375 08-13 15/02A250,000 380,268 0.47GOLDMAN SACHS GROUP 5.125 09-19 23/10A100,000 145,339 0.18HESS CORP 6.00 09-40 15/01S500,000 497,795 0.61

% of N

AV

Market V

alue

USD

Quan

tity

JP MORGAN CHASE -T- 6.55 06-36 29/09S350,000 325,483 0.40MARATHON OIL CORP 7.50 09-19 15/02S250,000 289,052 0.35MERRILL LYNCH AND CO 6.05 07-12 15/08S250,000 267,199 0.33MORGAN STANLEY 4.50 09-10 29/10A250,000 361,514 0.44MORGAN STANLEY 5.625 09-19 23/09S250,000 251,717 0.31MORGAN STANLEY EMTN 3.75 06-13 01/03A200,000 287,119 0.35ORACLE CORP 6.125 09-39 08/07S500,000 525,296 0.64PACIFIC GAS & ELECTRIC 6.50 09-39 01/03S250,000 270,637 0.33PEPSI BOTTLING -B- 7.00 99-29 01/03S200,000 231,417 0.28PPL ENERGY SUPPLY LCC 6.30 08-13 15/07S250,000 266,790 0.33PRUDENTIAL FINANCIAL 4.75 09-15 17/09S400,000 406,117 0.50PRUDENTIAL FINANCIAL 5.15 08-13 15/01S500,000 526,084 0.64SG CAPITAL TRUST REG-S7.875 00-49 29/12A100,000 139,171 0.17SG CAPITAL TRUST SUB FL.R 03-49 10/11A200,000 231,365 0.28SIMON PRPERTY GROUP 6.75 09-14 15/05S250,000 266,286 0.33SOUTHN.CALIF.EDISON 6.05 09-39 15/03S250,000 267,825 0.33SWISS RE TRE.US EMTN 6.00 09-12 18/05A450,000 689,811 0.84TIME WARNER CABLE INC 7.50 09-14 01/04S200,000 229,918 0.28VALERO ENERGY CORP 6.875 02-12 15/04S250,000 270,570 0.33VERIZON COMMUNICATION 6.35 09-19 01/04S150,000 166,368 0.20VIACOM INC 4.375 09-14 15/09S250,000 258,967 0.32WACHOVIA BANK 6.00 08-13 23/05A350,000 541,564 0.66WAL-MART STORES INC 4.875 09-29 21/09A200,000 282,430 0.35WELLPOINT INC 7.00 09-19 15/02S250,000 277,956 0.34WELLS FARGO CO SUB 5.75 06-16 16/05S500,000 516,147 0.63XTO ENERGY 6.50 08-18 15/12S250,000 286,256 0.35

DANICA PENSION FL.R 06-XX 06/10A200,000 265,844 0.33


Denmark 265,844 0.33

AXA SA SUB 6.211 07-17 05/10A150,000 182,643 0.22

France 3,560,155 4.35

BNP PARIBAS FL.R 07-17 27/04Q250,000 240,593 0.29BNP PARIBAS SUB FL.R 05-15 06/12A250,000 360,210 0.44CNP ASSURANCES FL.R 01-21 11/04A425,000 577,932 0.70CNP ASSURANCES SA FL.R 06-XX 22/12A500,000 544,308 0.67CREDIT AGRICOLE FL.R 09-XX 26/10A300,000 461,020 0.56CREDIT AGRICOLE EMTN FL.R 06-XX 24/02A400,000 504,538 0.62CREDIT AGRICOLE SUB 8.125 09-XX 26/10A250,000 421,011 0.52DEXIA CLF SUB. FL.R 05-XX 18/11A100,000 65,638 0.08NATIXIS EMTN FL.R 07-19 14/05A150,000 202,262 0.25

CREDIT SUISSE GR FIN. FL.R 06-18 23/01A250,000 355,552 0.44

Guernsey 355,552 0.44

ULSTER BANK FINANCE FL.R 06-11 29/03Q500,000 693,788 0.85

Ireland 693,788 0.85

INTESA SANPAOLO FL.R 08-18 28/05A200,000 302,852 0.37

Italy 1,474,841 1.81

INTESA SANPAOLO SPA FL.R 08-XX 20/06A500,000 715,654 0.88UNICREDITO ITAL PERP. FL.R 05-XX 27/10A100,000 95,944 0.12UNICREDITO ITAL.EMTN FL.R 06-16 20/09A250,000 360,391 0.44

DEXIA BIL FL.R 01-XX 06/07A350,000 288,743 0.35


UNICREDIT FINANCE FL.R 09-XX 10/12A450,000 653,824 0.80

% of N

AV

Market V

alue

USD

Quan

tity

87




ING BANK EMTN SUB FL.R 05-20 16/09A250,000 319,144 0.39


BBVA INTL PREF. -E- FL.R 09-XX 21/10A300,000 455,820 0.56

Spain 768,008 0.94

SANTANDER ISSUANCES FL.R 09-19 27/07A200,000 312,188 0.38

ABBEY NATL SUB FL.R 05-15 21/04Q250,000 348,389 0.43


AVIVA PLC FL.R 04-XX 29/11A500,000 561,970 0.69BARCLAYS BANK EMTN FL.R 05-15 25/05Q500,000 475,760 0.58BARCLAYS BK EMTN SUB FL.R 04-19 04/03A150,000 214,982 0.26CREDIT AGRICOLE -119- FL.R 05-16 13/03Q500,000 485,013 0.59HSBC FINANCE CAP IX FL.R 05-35 30/11S300,000 245,400 0.30OLD MUTUAL PLC SUB. FL.R 07-17 18/01A250,000 277,265 0.34SL FINANCE SUB FL.R 02-22 12/07A800,000 1,112,437 1.36

BANK OF AMERICA FL.R 07-17 23/05A250,000 328,066 0.40


JPMORGAN CHASE SUB FL.R 05-15 01/09S100,000 100,223 0.12JPMORGAN CHASE SUB. FL.R 04-19 12/11A100,000 142,805 0.17UBS PFD FDG V S.1 FL.R 06-XX 15/05S500,000 391,250 0.49

BARICK INTL BANK CORP 6.35 06-36 15/10S250,000 255,528 0.31


Bonds 757,816 0.93


MECCANICA HLDG 144A 6.25 09-40 15/01S500,000 502,288 0.62




Germany 24,749 0.03





Germany 5,452 0.01



% of N

AV

Market V

alue

USD

Quan

tity

88


Global Inflation Bond


AUSTRALIA (INDEXED) 4.00 94-15 20/08Q200,000 204,215 0.41


54,716,786 107.52

Bonds 54,716,786 107.52


AUSTRALIA (INDEXED) 4.00 96-20 20/08Q200,000 195,523 0.38

CANADA (INDEXED) 3.00 03-36 01/12S360,000 352,725 0.69

Canada 1,218,942 2.40

CANADA (INDEXED) 4.00 99-31 01/12S670,000 817,807 1.61CANADA (INDEXED) 4.25 91-21 01/12S40,000 48,410 0.10

FRANCE OAT INDEX 2.10 08-23 25/07A500,000 547,570 1.08

France 5,627,505 11.06

FRANCE OAT INDEX 2.25 03-20 25/07A1,120,000 1,365,215 2.68FRANCE OAT INDEX 3.40 99-29 25/07A400,000 608,654 1.20FRANCE OAT INDEXE 1.80 06-40 25/07A295,000 316,891 0.62FRANCE OAT INDEXEE 1.00 05-17 25/07A450,000 478,961 0.94FRANCE OAT INDEXEE 1.60 04-15 25/07A1,160,000 1,340,235 2.63FRANCE OAT INDEXEE 2.50 02-13 25/07A500,000 608,627 1.20FRANCE OAT INDEXEE 3.15 02-32 25/07A250,000 361,352 0.71

DEUTSCHLAND I/L BOND 1.50 06-16 15/04A1,515,000 1,686,310 3.31

Germany 3,185,809 6.26

GERMANY INFL. INDEX 2.25 07-13 15/04A1,340,000 1,499,499 2.95

GREECE INFL. INDEX 2.30 06-30 25/07A450,000 334,081 0.66

Greece 334,081 0.66

ITALY BTPSI (INDEXEE) 2.55 09-41 15/09S585,000 619,499 1.22

Italy 4,011,771 7.88

ITALY INFL. INDEX 2.10 06-17 15/09S840,000 939,362 1.85ITALY INFL. INDEX 2.35 04-35 15/09S165,000 193,413 0.38ITALY INFL. INDEX 2.35 08-19 15/09S1,160,000 1,238,710 2.42ITALY INFL. INDEX 2.60 07-23 15/09S915,000 1,020,787 2.01

JAPAN 04(INDEXED)JGB 0.50 05-15 10/06S41,200,000 294,984 0.58

Japan 2,358,074 4.63

JAPAN 09(INDEXED)JGB 1.10 06-16 10/09S72,300,000 524,160 1.03JAPAN 14(INDEXED)JGB 1.20 07-17 10/12S214,700,000 1,538,930 3.02

SWEDEN INDEXED -3102- 4.00 96-20 01/12A1,070,000 160,847 0.32

Sweden 621,193 1.22

SWEDEN NR 3104 INDEX 3.50 98-28 01/12A1,765,000 264,709 0.52SWEDEN NR 3105 INDEX 3.50 98-15 01/12A1,500,000 195,637 0.38

UNITED KINGDOM 2.50 82-11 23/08S30,000 102,355 0.20


UNITED KINGDOM INDEX 0.75 07-47 22/11S505,000 649,774 1.28UNITED KINGDOM INDEX 1.125 02-37 22/11S1,495,000 2,023,922 3.97UNITED KINGDOM INDEX 1.25 06-17 22/11S1,420,000 1,854,858 3.64UNITED KINGDOM INDEX 1.875 07-22 22/11S1,060,000 1,383,328 2.72UNITED KINGDOM INDEX 2.50 86-24 17/07S305,000 893,122 1.76UNITED KINGDOM INDEXE 1.25 05-55 22/11S145,000 245,673 0.48UNITED KINGDOM INDEXE 1.25 06-27 22/11S1,130,000 1,490,376 2.93UNITED KINGDOM INDEXE 2.50 83-20 16/04S260,000 860,445 1.69UNITED KINGDOM INDEXE 2.50 85-13 16/08S550,000 1,611,185 3.17

% of N

AV

Market V

alue

EUR

Quan

tity

UNITED STATES INDEXEE 1.875 05-15 15/07S1,400,000 1,142,844 2.25


UNITED STATES INDEXEE 2.00 06-16 15/01S2,035,000 1,633,065 3.21US TREASURY INDEXEE 1.375 08-18 15/07S2,320,000 1,624,696 3.19US TREASURY INDEXEE 2.125 09-19 15/01S1,085,000 808,004 1.59US TREASURY INDEXEE 2.375 07-27 15/01S1,460,000 1,148,517 2.26US TREASURY INDEXEE 2.50 09-29 15/01S450,000 339,460 0.67US TREASURY INFL IX 2.375 06-11 15/04S1,380,000 1,080,866 2.12USA NTS INDEX 2.00 04-14 15/07S620,000 526,058 1.03USA NTS INDEX 3.00 02-12 15/07S4,060,000 3,660,352 7.20USA NTS S.A-10 INDEX 2.50 06-16 15/07S1,600,000 1,301,442 2.56USA NTS S.A-10 INDEX 4.25 00-10 15/01S360,000 322,874 0.63USA T NOTES INDEX 2.00 06-26 15/01S880,000 672,057 1.32USA T NOTES INDEX 2.375 04-25 15/01S1,250,000 1,055,140 2.07USA T.BDS INF.INDEXE 3.875 99-29 15/04S1,100,000 1,299,078 2.55USA TREASURY INF.INDX 2.625 07-17 15/07S2,540,000 2,032,197 3.99USA TREASURY NTS INDX 0.875 04-10 15/04S3,550,000 2,835,091 5.57USA TREASURY NTS INDX 1.75 08-18 15/01S1,720,000 1,188,226 2.33USA TREASURY NTS INDX 1.875 03-13 15/07S3,670,000 3,174,668 6.24

CAAM MONE 3 MOIS FCP 3 DECIMALES CAP7 161,213 0.32



France 3,147,409 6.18

CAAM TRESO EONIA FCP CAP14 2,986,196 5.86

EURX EURO BUND FEB 121 01.02.10 PUT-5 -1,470 0.00



Germany 4,580 0.01

EURX EURO BUND FEB 122.5 01.02.10 PUT5 3,750 0.01EURX EURO BUND FEB 125.0 01.02.10 CALL-5 2,300 0.00


% of N

AV

Market V

alue

EUR

Quan

tity

89


LDI Gilt Plus (GBP)


FRANCE BTF -10 03/06U2,000,000 1,812,994 1.55


112,519,818 96.26

Bonds 98,577,114 84.33

France 6,355,015 5.44

FRANCE BTF -10 11/03U5,000,000 4,542,021 3.89

DEUTSCHE BANK EMTN 5.96 07-10 12/10S3,500,000 3,622,360 3.10

Germany 8,172,290 6.99

GERMANY SERIE 07 4.25 07-39 04/07A5,000,000 4,549,930 3.89

GREECE 3.80 08-11 20/03A8,000,000 7,140,082 6.11

Greece 9,195,813 7.87



Ireland 6,925,129 5.92

IRISH NATIONWIDE 3.50 09-10 22/09A2,000,000 1,795,129 1.54

ITALY BOT (12 MESI) -10 15/01U6,500,000 5,854,945 5.01

Italy 5,854,945 5.01

BCO POPULAR ESPANOL -10 10/02U5,000,000 4,468,813 3.82

Spain 4,468,813 3.82

TURKEY 11.875 00-30 15/01S30,000 29,995 0.03

Turkey 29,995 0.03

ANGLO IRISH BANK 2.375 09-10 29/09S2,000,000 1,242,065 1.06


BARCLAYS BANK -EMTN- 6.213 07-10 16/08S4,500,000 4,638,645 3.97UK TREASURY BILL -10 25/01U7,800,000 7,793,034 6.66UK TREASURY BILL 09-10 08/02U15,000,000 14,981,181 12.81UK TREASURY GILT STK 4.75 04-38 07/12S3,000,000 3,164,217 2.71



BEAR STEARNS 7.25 08-18 01/02S2,000,000 1,428,903 1.22GOLDMAN SACHS GROUP 5.45 07-12 01/11S6,500,000 4,331,956 3.71MERRILL LYNCH EMTN 6.644 07-11 16/02S7,000,000 7,239,435 6.19MORGAN STANLEY DEAN 5.25 07-12 02/11S1,500,000 983,650 0.84

VENEZUELA 7.65 05-25 21/04S3,000,000 1,103,591 0.94

Venezuela 2,274,878 1.95

VENEZUELA REGS 8.25 09-24 13/10S3,000,000 1,171,287 1.01

BPCE FL.R 09-XX 30/09S1,000,000 1,029,980 0.88


France 2,316,473 1.98

LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A2,000,000 1,286,493 1.10

SANTANDER ISS.SUB FL.R 07-17 24/10S5,000,000 5,156,186 4.41

Spain 5,156,186 4.41

BARCLAYS BANK SUB FL.R 86-XX 29/08S1,300,000 442,754 0.38


BEAR STEARNS CO INC FL.R 06-13 26/09Q2,000,000 1,746,206 1.50


% of N

AV

Market V

alue

GBP

Quan

tity

BEAR STEARNS COS FL.R 05-12 27/07Q1,000,000 878,732 0.75

MERM 2007-1 -A2- FL.R 07/40 30/01Q1,595,612 1,413,439 1.21


Ireland 1,413,439 1.21

ASSET BACKED EUR.-A-2-FL.R 05-15 01/10Q714,371 629,619 0.54

Italy 629,619 0.54

DELPHINUS 2004-II-A- FL.R 04-90 25/11Q978,282 869,136 0.74


SAEC 5A FL.R 05-42 25/05Q569,325 490,159 0.42

PORTF.FOR.TRAD. -PARTS-6 1,770,386 1.51



France 1,770,386 1.51

CAAM GLOBAL EMERGENTS FCP -R-1 3,810,705 3.26


EUR(C)/USD(P)OTC JAN 1.53 11.01.10 CALL19,000,000 34 0.00




USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL10,000,000 76,606 0.07USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL20,000,000 196,062 0.16


% of N

AV

Market V

alue

GBP

Quan

tity

90


LDI Index Linked Plus (GBP)


EDF EMTN 5.375 08-20 29/05A2,500,000 2,421,031 1.01


222,526,635 92.48

Bonds 202,635,290 84.22

France 2,421,031 1.01


Germany 19,966,940 8.30

GERMANY SERIE 07 4.25 07-39 04/07A10,000,000 9,099,860 3.78

GREECE 3.80 08-11 20/03A14,000,000 12,495,143 5.20

Greece 15,921,362 6.62



Ireland 8,720,258 3.62

IRISH NATIONWIDE 3.50 09-10 22/09A4,000,000 3,590,258 1.49

ITALY BOT (12 MESI) -10 15/01U7,600,000 6,845,782 2.85

Italy 6,845,782 2.85

E.ON INTL FINANCE 5.75 08-20 07/05A2,500,000 2,492,571 1.04



Spain 8,937,626 3.71

ANGLO IRISH BANK 2.375 09-10 29/09S3,000,000 1,863,098 0.77


BARCLAYS BANK -EMTN- 6.213 07-10 16/08S8,500,000 8,761,885 3.64UK TREASURY BILL -10 25/01U16,500,000 16,485,330 6.85UK TREASURY BILL 09-10 08/02U27,200,000 27,166,782 11.29UK TREASURY GILT STK 4.75 04-38 07/12S10,000,000 10,547,390 4.38UNITED KINGDOM 4.25 00-32 07/06S100,000 97,285 0.04UNITED KINGDOM 4.25 03-36 07/03S1,500,000 1,451,958 0.60UNITED KINGDOM INDEX 1.125 02-37 22/11S4,000,000 4,811,113 2.00UNITED KINGDOM INDEX 1.875 07-22 22/11S600,000 697,927 0.29UNITED KINGDOM INDEX 2.00 02-35 26/01S3,000,000 4,776,930 1.99UNITED KINGDOM INDEX 2.50 86-24 17/07S1,500,000 3,911,235 1.63UNITED KINGDOM INDEX 4.125 92-30 22/07S2,700,000 6,818,040 2.83UNITED KINGDOM INDEXE 1.25 05-55 22/11S3,000,000 4,538,225 1.89UNITED KINGDOM INDEXE 1.25 06-27 22/11S2,200,000 2,583,036 1.07



BEAR STEARNS 7.25 08-18 01/02S2,000,000 1,428,903 0.59GENERAL ELECTRIC CAP 3.50 09-12 13/08S1,500,000 948,179 0.39GOLDMAN SACHS GROUP 5.45 07-12 01/11S6,500,000 4,331,956 1.80JP MORGAN CHASE 5.375 07-12 01/10S5,000,000 3,345,356 1.39MERRILL LYNCH EMTN 6.644 07-11 16/02S14,000,000 14,478,870 6.03MORGAN STANLEY DEAN 5.25 07-12 02/11S1,500,000 983,650 0.41

VENEZUELA 7.65 05-25 21/04S6,400,000 2,354,328 0.98

Venezuela 4,306,472 1.79

VENEZUELA REGS 8.25 09-24 13/10S5,000,000 1,952,144 0.81

% of N

AV

Market V

alue

GBP

Quan

tity

BPCE FL.R 09-XX 30/09S1,000,000 1,029,980 0.43


France 2,316,473 0.96

LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A2,000,000 1,286,493 0.53

ARGON CAPITAL EMTN FL.R 07-XX 29/10A3,000,000 1,477,020 0.61

Ireland 1,477,020 0.61

SANTANDER ISS.SUB FL.R 07-17 24/10S5,000,000 5,156,186 2.15

Spain 5,156,186 2.15

BARCLAYS BANK SUB FL.R 86-XX 29/08S2,000,000 681,160 0.28


BEAR STEARNS CO INC FL.R 06-13 26/09Q2,000,000 1,746,206 0.72


BEAR STEARNS COS FL.R 05-12 27/07Q1,000,000 878,732 0.37

MERM 2007-1 -A2- FL.R 07/40 30/01Q3,191,224 2,826,879 1.17


Ireland 2,826,879 1.17

ASSET BACKED EUR.-A-2-FL.R 05-15 01/10Q1,714,490 1,511,086 0.63

Italy 1,511,086 0.63

DELPHINUS 2004-II-A- FL.R 04-90 25/11Q1,956,564 1,738,271 0.72


HERME 13-A1 FL.R 07-39 18/08Q471,705 415,627 0.17SAEC 5A FL.R 05-42 25/05Q1,328,425 1,143,705 0.48




France 3,341,536 1.39



EUR(C)/USD(P)OTC JAN 1.53 11.01.10 CALL31,000,000 55 0.00






% of N

AV

Market V

alue

GBP

Quan

tity

91


Index Euro




112,261,032 99.12

Shares 112,260,440 99.12

Austria 1,104,108 0.97

IMMOEAST AG27,000 103,950 0.09OESTERR.ELEKTR.WIRT.AG -A-(VERBUNDGESEL)2,613 77,632 0.07OMV AG6,535 200,625 0.18RAIFFEISEN INTERNATIONAL BANK-HOLDING AG3,286 129,797 0.11TELEKOM AUSTRIA AG16,331 162,493 0.14VOESTALPINE AG6,093 156,590 0.14WIENER INSURANCE GROUP1,302 46,872 0.04

ANHEUSER-BUSCH INBEV NV34,574 1,258,322 1.12

Belgium 3,313,929 2.93

BELGACOM SA7,688 194,660 0.17CNP1,332 49,550 0.04COLRUYT566 95,314 0.08DEXIA27,354 121,999 0.11FORTIS110,268 289,233 0.27GROUPE BRUXELLES LAMBERT GBL4,024 265,785 0.23GROUPE DELHAIZE5,015 268,904 0.24KBC GROUPE SA8,012 243,365 0.21MOBISTAR SA1,051 50,338 0.04SOLVAY2,986 225,592 0.20UCB5,206 152,119 0.13UMICORE4,220 98,748 0.09

BANK OF CYPRUS PUBLIC COMPANY LTD20,737 102,233 0.09

Cyprus 102,233 0.09

ELISA CORPORATION -A-4,794 76,512 0.07

Finland 3,676,543 3.25

FORTUM CORP21,805 413,641 0.37KESKO CORP2,240 51,699 0.05KONE -B-7,751 232,220 0.21METSO CORP6,620 163,051 0.14NESTE OIL4,348 54,002 0.05NOKIA OYJ178,935 1,596,100 1.40NOKIAN TYRES PLC3,599 61,183 0.05ORION CORPORATION (NEW) -B-3,012 45,331 0.04OUTOKUMPU OYJ -A-4,000 53,040 0.05POHJOLA BANK -A-5,952 44,938 0.04RAUTARUUKKI2,853 46,047 0.04SAMPO LEONIA OYJ -A-20,662 351,667 0.31SANOMA CORP2,757 43,450 0.04STORA ENSO -R-29,964 146,224 0.13UPM KYMENNE CORP26,158 217,635 0.19WARTSILA CORPORATION -B-2,843 79,803 0.07

ACCOR SA7,136 272,952 0.24

France 35,594,649 31.43

AEROPORTS DE PARIS-ADP-1,007 56,724 0.05AIR FRANCE - KLM SA4,582 50,402 0.04AIR LIQUIDE SA12,008 997,024 0.88ALCATEL-LUCENT SA114,780 273,406 0.24

% of N

AV

Market V

alue

EUR

Quan

tity

ALSTOM SA9,846 483,045 0.43ATOS ORIGIN SA1,380 44,277 0.04AXA SA81,252 1,343,908 1.19BIC913 44,098 0.04BIOMERIEUX SA395 32,264 0.03BNP PARIBAS SA44,373 2,480,452 2.20BOUYGUES10,938 398,417 0.35BUREAU VERITAS SA1,849 67,313 0.06CAP GEMINI SA7,320 234,020 0.21CARREFOUR SA30,476 1,022,775 0.90CASINO GUICHARD PERRACHON SA2,836 177,335 0.16CGG VERITAS SA4,733 70,664 0.06CHRISTIAN DIOR SA3,191 228,986 0.20CIE DE SAINT-GOBAIN SA17,778 676,808 0.60CNP ASSURANCES1,940 131,454 0.12CREDIT AGRICOLE SA43,059 532,209 0.47DANONE SA26,370 1,129,427 1.00DASSAULT SYSTEMES SA3,395 134,951 0.12EDF SA11,695 486,044 0.43EIFFAGE1,264 49,865 0.04ERAMET SA176 38,852 0.03ESSILOR INTERNATIONAL SA9,826 410,236 0.36EURAZEO SA898 43,854 0.04EUROPEAN AERONAUTIC DEFENSE AND SPACE20,273 285,545 0.25EUTELSAT COMMUNICATIONS SA4,081 91,659 0.08FONCIERE DES REGIONS SA989 70,595 0.06FRANCE TELECOM SA87,507 1,525,247 1.35GDF SUEZ SA57,632 1,745,385 1.54GECINA SA REG SHS529 40,278 0.04HERMES INTERNATIONAL SA2,631 245,499 0.22ICADE SA667 44,522 0.04ILIAD SA724 60,468 0.05IMERYS SA1,156 48,569 0.04IPSEN702 27,210 0.02JC DECAUX SA2,255 38,414 0.03KLEPIERRE SA3,671 104,220 0.09LAFARGE SA9,687 560,005 0.49LAGARDERE GROUPE SCA NOM6,010 170,744 0.15LEGRAND SA4,357 84,853 0.07L'OREAL SA11,523 898,794 0.79LVMH MOET HENNESSY LOUIS VUITTON SA11,782 923,473 0.82MICHELIN SA REG SHS7,108 380,847 0.34M6 METROPOLE TELEVISION SA2,187 39,300 0.03NATIXIS SA33,364 118,342 0.10NEOPOST1,075 61,995 0.05PAGES JAUNES SA4,283 33,407 0.03PERNOD RICARD SA9,604 575,376 0.51PEUGEOT SA7,730 182,930 0.16PPR3,751 315,984 0.28PUBLICIS GROUPE6,047 172,340 0.15RENAULT SA9,167 331,845 0.29SAFRAN -ACT.-11,865 162,432 0.14SANOFI-AVENTIS SA50,145 2,760,985 2.45SCHNEIDER ELECTRIC SA11,238 919,044 0.81SCOR SE ACT PROV REGROUPEMENT8,590 150,325 0.13SOCIETE GENERALE SA29,699 1,453,766 1.28SODEXO SA4,792 191,033 0.17

% of N

AV

Market V

alue

EUR

Quan

tity

92


Index Euro


STE DES AUTOROUTES PARIS-RHIN-RHONE -B-992 53,012 0.05STMICROELECTRONICS NV34,552 221,997 0.20SUEZ ENVIRONNEMENT COMPANY SA13,607 219,413 0.19TECHNIP-COFLEXIP5,582 275,751 0.24T.F.1 SA3,981 51,315 0.05THALES4,632 166,497 0.15TOTAL SA100,367 4,517,018 4.00UNIBAIL-RODAMCO SE4,076 626,481 0.55VALLOUREC SA2,656 337,445 0.30VEOLIA ENVIRONNEMENT SA18,474 427,211 0.38VINCI SA20,367 803,885 0.71VIVENDI SA56,140 1,167,431 1.03

ADIDAS AG9,527 359,835 0.32

Germany 27,229,159 24.04

ALLIANZ SE REG SHS21,630 1,885,055 1.66BASF SE44,086 1,915,978 1.69BAYER AG REG SHS38,385 2,148,024 1.90BEIERSDORF AG4,475 205,537 0.18BMW AG16,075 511,185 0.45BMW VORZUG - STIMMRECHTSLOS1,770 40,710 0.04CELESIO NAMEN AKT2,885 51,065 0.05COMMERZBANK AG35,409 208,382 0.18DAIMLER AG REG SHS42,029 1,564,740 1.38DEUTSCHE BANK AG REG SHS28,325 1,399,822 1.24DEUTSCHE BOERSE AG REG SHS9,465 548,970 0.48DEUTSCHE LUFTHANSA AG REG SHS13,766 161,751 0.14DEUTSCHE POST AG REG SHS41,121 554,517 0.49DEUTSCHE POSTBANK AG2,781 63,629 0.06DEUTSCHE TELEKOM AG REG SHS135,712 1,396,476 1.23E.ON AG REG SHS90,603 2,648,325 2.35FRAPORT AG1,242 45,060 0.04FRESENIUS AG958 41,625 0.04FRESENIUS MEDICAL CARE AG & CO KGAA9,409 347,568 0.31FRESENIUS SE4,102 205,141 0.18GEA GROUP AG8,286 128,930 0.11HANNOVER RUECKVERSICHERUNG AG REG SHS2,045 66,892 0.06HEIDELBERGCEMENT AG6,936 334,523 0.30HENKEL AG & CO KGAA8,838 321,968 0.28HENKEL KGAA6,621 206,244 0.18HOCHTIEF AG1,424 76,255 0.07INFINEON TECHNOLOGIES REG SHS55,067 213,660 0.19KALI SALZ AG8,541 341,555 0.30LINDE AG7,348 618,408 0.55MAN SE5,226 284,503 0.25MERCK KGAA3,254 212,031 0.19METRO AG4,471 190,330 0.17MUENCHENER RUECKVERSICHERUNGS AG REGSHS

9,169 996,395 0.88

PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR4,392 192,106 0.17PUMA AG217 50,309 0.04QIAGEN NV8,923 139,377 0.12RWE AG20,057 1,363,074 1.20RWE VORZ.AKT OHNE STIMMRECHT1,323 82,410 0.07SALZGITTER AG1,394 95,405 0.08SAP AG41,075 1,355,475 1.20SIEMENS AG REG SHS39,208 2,517,545 2.22SOLARWORLD AG2,842 43,568 0.04

% of N

AV

Market V

alue

EUR

Quan

tity

SUEDZUCKER MANNH./OCHS1,896 27,568 0.02THYSSENKRUPP AG16,384 432,538 0.38TUI AG REG SHS7,243 42,299 0.04UNITED INTERNET AG REG SHS4,264 39,314 0.03VOLKSWAGEN AG1,697 130,669 0.12VOLKSWAGEN (OTC)205 15,785 0.01VOLKSWAGEN VORZ.AKT5,199 341,782 0.30WACKER CHEMIE AG531 64,846 0.06

ALPHA BANK23,260 190,732 0.16

Greece 1,511,450 1.33

BANK OF PIRAEUS15,484 125,266 0.11COCA COLA HBC - REG SHS6,792 108,604 0.10EFG EUROBANK ERGASIAS16,538 130,319 0.12GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS11,315 173,572 0.15HELLENIC PETROLEUM4,146 32,380 0.03HELLENIC TELECOMMUNICATIONSORGANISATION

9,143 94,081 0.08

MARFIN INVESTMENT - REGISTERED SHS20,274 40,345 0.04NATIONAL BANK OF GREECE REG.29,300 530,331 0.46PUBLIC POWER CORP OF GREECE3,541 46,033 0.04TITAN CEMENT REG.1,958 39,787 0.04

ANGLO-IRISH BANK25,753 258 0.00

Ireland 896,676 0.79

CRH PLC22,939 436,070 0.38CRH PLC10,603 202,517 0.18ELAN CORP16,037 67,355 0.06KERRY GROUP PLC7,239 148,950 0.13RYANAIR HOLDING ORD.12,595 41,526 0.04

ASSICURAZIONI GENERALI SPA56,062 1,055,087 0.93

Italy 11,368,942 10.04

ATLANTIA SPA12,926 235,900 0.21AUTOGRILL SPA3,451 30,438 0.03A2A SPA42,502 62,308 0.06BANCA CARIGE AZ.24,643 45,935 0.04BANCA MONTE DEI PASCHI DI SIENA SPA83,834 102,948 0.09BANCA POPOLARE DI MILANO13,372 66,593 0.06BANCO POPOLARE SOCIETA COOPERATIVA32,385 170,669 0.15ENEL SPA315,046 1,275,148 1.13ENI SPA121,691 2,166,099 1.90EXOR SPA2,800 38,024 0.03FIAT SPA37,428 383,637 0.34FINMECCANICA SPA20,278 226,911 0.20FONDIARIA SAI SPA2,338 25,975 0.02INTESA SANPAOLO SPA369,295 1,163,279 1.03INTESA SANPAOLO SPA NON CONV58,045 136,116 0.12ITALCEMENTI SPA2,403 23,009 0.02LUXOTTICA GROUP SPA4,510 81,406 0.07MEDIASET SPA36,217 207,705 0.18MEDIOBANCA SPA17,513 145,621 0.13MEDIOLANUM SPA7,422 32,378 0.03PARMALAT SPA87,047 170,003 0.15PIRELLI & C SPA93,860 39,421 0.03PRYSMIAN SPA3,672 44,762 0.04SAIPEM SPA13,123 316,264 0.28SNAM RETE GAS SPA74,887 259,858 0.23

% of N

AV

Market V

alue

EUR

Quan

tity

93


Index Euro


TELECOM ITALIA SPA486,918 529,767 0.47TELECOM ITALIA SPA RISP NON CONV301,873 233,348 0.21TERNA SPA66,265 198,795 0.18UBI BANCA SCPA28,534 286,481 0.25UNICREDIT SPA680,208 1,593,386 1.41UNIPOL GRUPPO FINANZIARIO SPA22,586 21,671 0.02



SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)14,265 224,745 0.20TENARIS SA - REG.SHS23,317 350,221 0.31

AEGON NV76,540 347,492 0.31


AKZO NOBEL NV11,270 522,928 0.46ASML HOLDING NV21,068 505,632 0.45CORIO NV2,070 98,718 0.09FUGRO NV -CERT OF SHS2,624 105,642 0.09HEINEKEN HOLDING5,683 166,143 0.15HEINEKEN NV12,019 399,812 0.35ING GROEP NV174,918 1,206,933 1.08KONINKLIJKE AHOLD NV57,887 536,034 0.47KONINKLIJKE BOSKALIS WESTMINSTER NV1,891 51,152 0.05KONINKLIJKE DSM NV7,697 265,239 0.23KONINKLIJKE KPN NV75,827 897,792 0.79KONINKLIJKE PHILIPS ELECTRONICS NV46,793 967,679 0.85KONINKLIJKE VOPAK NV2,100 116,550 0.10RANDSTAD HOLDING5,249 183,190 0.16REED ELSEVIER NV35,877 308,578 0.27SBM OFFSHORE NV5,004 68,930 0.06TNT NV18,145 390,118 0.34UNILEVER NV77,834 1,770,723 1.57WOLTERS KLUWER NV14,044 214,873 0.19


Portugal 944,283 0.83

BCP, BANCO COMMERCIAL PORTUGUES SA NOM.79,610 67,270 0.06BRISA AUTO ESTRADAS DE PORTUGAL5,310 38,126 0.03CIMPOR CIMENTOS DE PORTUGAL NOM.9,117 58,613 0.05EDP-ENERGIAS REG.SHS90,739 282,017 0.25GALP ENERGIA SA REG SHS -B-5,968 72,093 0.06JERONIMO MARTINS SGPS SA7,470 52,178 0.05PORTUGAL TELECOM REG.29,190 248,699 0.22

ABERTIS INFRAESTRUCTURAS SA -A-14,168 222,721 0.20

Spain 15,493,206 13.68

ACCIONA SA970 88,367 0.08ACERINOX REG SHS4,841 70,340 0.06ACS7,169 249,553 0.22BANCO BILBAO VIZCAYA ARGENT. SA REG SHS169,798 2,161,529 1.90BANCO DE VALENCIA REG8,833 46,903 0.04BANCO SABADELL REG.SHS45,515 176,371 0.16BANCO SANTANDER SA REG SHS384,042 4,435,684 3.91BANKINTER REG.SHS10,439 74,639 0.07BCO POPULAR ESPANOL REG.43,162 221,421 0.20CRITERIA CAIXACORP SA43,560 143,530 0.13EDP RENOVAVEIS SA6,676 44,262 0.04ENAGAS9,377 144,640 0.13

% of N

AV

Market V

alue

EUR

Quan

tity

FERROVIAL SA16,277 133,878 0.12FOMENTO DE CONSTRUCCIONES Y CONTRATAS1,550 45,648 0.04GAMESA CORPORACION TECNOLOGICA SA9,583 112,936 0.10GAS NATURAL SDG11,522 173,809 0.15GRIFOLS-SHS.A6,336 77,331 0.07IBERDROLA RENOVABLES SA43,966 145,967 0.13IBERDROLA SA176,290 1,175,854 1.04IBERIA LINEAS AEREAS DE ESPANA SA REG16,163 30,694 0.03INDITEX SA REG SHS10,637 461,539 0.41INDRA SISTEMAS SA3,340 54,976 0.05MAPFRE REG-SHS24,823 72,657 0.06RED ELECTRICA CORPORACION SA5,480 212,734 0.19REPSOL YPF SA35,405 662,959 0.59SACYR VALLEHERMOSO SA2,585 20,680 0.02TELECINCO3,764 38,280 0.03TELEFONICA SA201,427 3,931,855 3.46ZARDOYA OTIS SPLIT ISSUE4,515 61,449 0.05



Belgium 50 0.00

UBI BANCA (SHS) 30.06.11 WAR11,047 542 0.00

Italy 542 0.00




Belgium 0 0.00


% of N

AV

Market V

alue

EUR

Quan

tity

94


Index Europe




485,323,054 99.86

Shares 485,321,467 99.86

Austria 2,150,626 0.44

OESTERR.ELEKTR.WIRT.AG -A-(VERBUNDGESEL)8,733 259,457 0.05OMV AG18,405 565,034 0.12RAIFFEISEN INTERNATIONAL BANK-HOLDING AG3,504 138,408 0.03TELEKOM AUSTRIA AG28,257 281,157 0.06VOESTALPINE AG7,477 192,159 0.04WIENER INSURANCE GROUP4,486 161,496 0.03

ANHEUSER-BUSCH INBEV NV72,204 2,627,866 0.55

Belgium 7,427,685 1.53

BELGACOM SA21,435 542,734 0.11CNP2,542 94,562 0.02COLRUYT1,822 306,825 0.06DEXIA80,726 360,038 0.07FORTIS273,150 716,472 0.15GROUPE BRUXELLES LAMBERT GBL6,697 442,337 0.09GROUPE DELHAIZE11,989 642,850 0.13KBC GROUPE SA14,134 429,320 0.09MOBISTAR SA2,006 96,077 0.02SOLVAY6,614 499,688 0.10UCB11,777 344,124 0.07UMICORE13,880 324,792 0.07

SEADRILL LTD31,165 556,501 0.11

Bermuda 556,501 0.11

BANK OF CYPRUS PUBLIC COMPANY LTD84,705 417,596 0.09

Cyprus 417,596 0.09

A.P. MOELLER-MAERSK -A-66 313,105 0.06

Denmark 6,244,322 1.28

A.P. MOELLER-MAERSK -B- A/S126 619,760 0.13CARLSBERG AS -B-12,880 664,689 0.14COLOPLAST -B-1,581 100,500 0.02DANSKE BANK50,021 793,243 0.16DSV12,342 155,914 0.03NOVO-NORDISK -B-43,232 1,928,923 0.39NOVOZYMES -B-5,061 367,284 0.08TOPDANMARK1,031 97,406 0.02TRYGVESTA A/S1,761 81,116 0.02VESTAS WIND SYSTEMS AS22,729 968,303 0.20WILLIAM DEMANT HOLDING2,921 154,079 0.03

ELISA CORPORATION -A-24,189 386,056 0.08

Finland 7,778,170 1.60

FORTUM CORP49,500 939,015 0.19KESKO CORP4,277 98,713 0.02KONE -B-14,779 442,779 0.09METSO CORP8,258 203,395 0.04NESTE OIL8,298 103,061 0.02NOKIA OYJ370,569 3,305,476 0.68NOKIAN TYRES PLC6,868 116,756 0.02ORION CORPORATION (NEW) -B-5,767 86,793 0.02

% of N

AV

Market V

alue

EUR

Quan

tity

OUTOKUMPU OYJ -A-7,633 101,214 0.02POHJOLA BANK -A-11,357 85,745 0.02RAUTARUUKKI5,446 87,898 0.02SAMPO LEONIA OYJ -A-36,509 621,383 0.13SANOMA CORP14,653 230,931 0.05STORA ENSO -R-47,935 233,923 0.05UPM KYMENNE CORP47,421 394,543 0.08WARTSILA CORPORATION -B-12,130 340,489 0.07

ACCOR SA18,858 721,319 0.15

France 75,952,612 15.64

AEROPORTS DE PARIS-ADP-1,921 108,210 0.02AIR FRANCE - KLM SA8,745 96,195 0.02AIR LIQUIDE SA24,144 2,004,676 0.41ALCATEL-LUCENT SA258,504 615,757 0.13ALSTOM SA20,875 1,024,128 0.21ATOS ORIGIN SA4,165 133,634 0.03AXA SA166,791 2,758,723 0.57BIC1,739 83,994 0.02BIOMERIEUX SA1,296 105,857 0.02BNP PARIBAS SA93,943 5,251,413 1.08BOUYGUES25,915 943,954 0.19BUREAU VERITAS SA5,628 204,887 0.04CAP GEMINI SA15,452 494,000 0.10CARREFOUR SA61,350 2,058,906 0.42CASINO GUICHARD PERRACHON SA6,868 429,456 0.09CGG VERITAS SA9,595 143,253 0.03CHRISTIAN DIOR SA6,466 464,000 0.10CIE DE SAINT-GOBAIN SA41,140 1,566,200 0.32CNP ASSURANCES2,762 187,153 0.04CREDIT AGRICOLE SA93,371 1,154,066 0.24DANONE SA55,043 2,357,492 0.49DASSAULT SYSTEMES SA7,301 290,215 0.06EDF SA26,184 1,088,207 0.22EIFFAGE2,413 95,193 0.02ERAMET SA337 74,393 0.02ESSILOR INTERNATIONAL SA20,120 840,010 0.17EURAZEO SA1,689 82,482 0.02EUROPEAN AERONAUTIC DEFENSE AND SPACE40,597 571,809 0.12EUTELSAT COMMUNICATIONS SA5,686 127,708 0.03FONCIERE DES REGIONS SA2,631 187,801 0.04FRANCE TELECOM SA180,654 3,148,799 0.65GDF SUEZ SA123,194 3,730,929 0.77GECINA SA REG SHS1,010 76,901 0.02HERMES INTERNATIONAL SA5,884 549,036 0.11ICADE SA1,274 85,040 0.02ILIAD SA1,605 134,050 0.03IMERYS SA5,482 230,326 0.05IPSEN2,366 91,706 0.02JC DECAUX SA10,986 187,147 0.04KLEPIERRE SA5,379 152,710 0.03LAFARGE SA18,535 1,071,508 0.22LAGARDERE GROUPE SCA NOM13,165 374,018 0.08LEGRAND SA5,931 115,506 0.02L'OREAL SA22,957 1,790,646 0.37LVMH MOET HENNESSY LOUIS VUITTON SA25,012 1,960,441 0.40MICHELIN SA REG SHS16,142 864,888 0.18

% of N

AV

Market V

alue

EUR

Quan

tity

95


Index Europe


M6 METROPOLE TELEVISION SA4,174 75,007 0.02NATIXIS SA113,537 402,716 0.08NEOPOST3,468 200,000 0.04PAGES JAUNES SA8,175 63,765 0.01PERNOD RICARD SA20,430 1,223,961 0.25PEUGEOT SA18,664 441,684 0.09PPR8,470 713,513 0.15PUBLICIS GROUPE14,969 426,617 0.09RENAULT SA15,531 562,222 0.12SAFRAN -ACT.-27,903 381,992 0.08SANOFI-AVENTIS SA111,026 6,113,091 1.25SCHNEIDER ELECTRIC SA22,406 1,832,363 0.38SCOR SE ACT PROV REGROUPEMENT18,885 330,488 0.07SOCIETE GENERALE SA63,338 3,100,395 0.64SODEXO SA8,487 338,334 0.07STE DES AUTOROUTES PARIS-RHIN-RHONE -B-2,182 116,606 0.02STMICROELECTRONICS NV94,457 606,886 0.12SUEZ ENVIRONNEMENT COMPANY SA24,621 397,014 0.08TECHNIP-COFLEXIP13,221 653,117 0.13T.F.1 SA7,597 97,925 0.02THALES7,708 277,064 0.06TOTAL SA213,585 9,612,392 1.97UNIBAIL-RODAMCO SE9,143 1,405,279 0.29VALLOUREC SA4,623 587,352 0.12VEOLIA ENVIRONNEMENT SA42,168 975,135 0.20VINCI SA43,156 1,703,367 0.35VIVENDI SA119,528 2,485,585 0.51

ADIDAS AG21,996 830,789 0.17

Germany 58,327,157 12.00

ALLIANZ SE REG SHS46,258 4,031,385 0.83BASF SE91,518 3,977,372 0.82BAYER AG REG SHS81,711 4,572,548 0.94BEIERSDORF AG7,956 365,419 0.08BMW AG37,474 1,191,673 0.25BMW VORZUG - STIMMRECHTSLOS1,421 32,683 0.01CELESIO NAMEN AKT5,505 97,439 0.02COMMERZBANK AG57,317 337,311 0.07DAIMLER AG REG SHS92,080 3,428,138 0.71DEUTSCHE BANK AG REG SHS58,311 2,881,730 0.59DEUTSCHE BOERSE AG REG SHS21,751 1,261,558 0.26DEUTSCHE LUFTHANSA AG REG SHS20,243 237,855 0.05DEUTSCHE POST AG REG SHS98,167 1,323,782 0.27DEUTSCHE POSTBANK AG5,515 126,183 0.03DEUTSCHE TELEKOM AG REG SHS278,268 2,863,378 0.59E.ON AG REG SHS194,095 5,673,396 1.16FRAPORT AG2,372 86,056 0.02FRESENIUS AG1,826 79,340 0.02FRESENIUS MEDICAL CARE AG & CO KGAA16,441 607,331 0.12FRESENIUS SE8,860 443,089 0.09GEA GROUP AG25,617 398,601 0.08HANNOVER RUECKVERSICHERUNG AG REG SHS3,903 127,667 0.03HEIDELBERGCEMENT AG15,902 766,953 0.16HENKEL AG & CO KGAA19,873 723,973 0.15HENKEL KGAA19,116 595,463 0.12HOCHTIEF AG2,719 145,602 0.03INFINEON TECHNOLOGIES REG SHS122,785 476,406 0.10

% of N

AV

Market V

alue

EUR

Quan

tity

KALI SALZ AG18,602 743,894 0.15LINDE AG15,762 1,326,530 0.27MAN SE13,197 718,445 0.15MERCK KGAA7,208 469,673 0.10METRO AG11,792 501,985 0.10MUENCHENER RUECKVERSICHERUNGS AG REGSHS

19,101 2,075,706 0.43

PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR8,184 357,968 0.07PUMA AG1,053 244,128 0.05QIAGEN NV17,590 274,756 0.06RWE AG40,998 2,786,224 0.57RWE VORZ.AKT OHNE STIMMRECHT4,350 270,962 0.06SALZGITTER AG4,357 298,193 0.06SAP AG84,244 2,780,052 0.57SIEMENS AG REG SHS84,010 5,394,281 1.10SOLARWORLD AG13,925 213,470 0.04SUEDZUCKER MANNH./OCHS6,220 90,439 0.02THYSSENKRUPP AG38,561 1,018,010 0.21UNITED INTERNET AG REG SHS21,741 200,452 0.04VOLKSWAGEN AG2,513 193,501 0.04VOLKSWAGEN (OTC)792 60,984 0.01VOLKSWAGEN VORZ.AKT7,616 500,676 0.10WACKER CHEMIE AG1,013 123,708 0.03

ALPHA BANK47,401 388,688 0.08

Greece 3,651,165 0.75

BANK OF PIRAEUS30,991 250,717 0.05COCA COLA HBC - REG SHS18,342 293,289 0.06EFG EUROBANK ERGASIAS27,407 215,967 0.04GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS27,650 424,151 0.09HELLENIC PETROLEUM15,248 119,087 0.02HELLENIC TELECOMMUNICATIONSORGANISATION

24,471 251,807 0.05

MARFIN INVESTMENT - REGISTERED SHS106,483 211,901 0.04NATIONAL BANK OF GREECE REG.66,005 1,194,690 0.25PUBLIC POWER CORP OF GREECE17,304 224,952 0.05TITAN CEMENT REG.3,736 75,916 0.02

RESOLUTION LIMITED348,533 350,710 0.07

Guernsey 350,710 0.07

ANGLO-IRISH BANK28,503 285 0.00

Ireland 2,304,803 0.47

ANGLO-IRISH BANK20,676 207 0.00CRH PLC44,774 855,183 0.18CRH PLC33,053 628,338 0.13ELAN CORP30,673 128,827 0.03ELAN CORP28,684 120,473 0.02KERRY GROUP PLC22,073 454,174 0.09RYANAIR HOLDING ORD.35,443 117,316 0.02

ASSICURAZIONI GENERALI SPA110,952 2,088,117 0.43

Italy 24,595,251 5.06

ATLANTIA SPA20,148 367,701 0.08AUTOGRILL SPA11,130 98,167 0.02A2A SPA81,114 118,913 0.02BANCA CARIGE AZ.107,032 199,508 0.04BANCA MONTE DEI PASCHI DI SIENA SPA221,982 272,594 0.06BANCA POPOLARE DI MILANO43,981 219,025 0.05

% of N

AV

Market V

alue

EUR

Quan

tity

96


Index Europe


BANCO POPOLARE SOCIETA COOPERATIVA48,085 253,408 0.05ENEL SPA638,106 2,582,734 0.53ENI SPA265,826 4,731,703 0.96EXOR SPA16,412 222,875 0.05FIAT SPA79,193 811,728 0.17FINMECCANICA SPA51,013 570,835 0.12FONDIARIA SAI SPA4,481 49,784 0.01INTESA SANPAOLO SPA739,998 2,330,994 0.48INTESA SANPAOLO SPA NON CONV57,340 134,462 0.03ITALCEMENTI SPA13,891 133,006 0.03LUXOTTICA GROUP SPA15,501 279,793 0.06MEDIASET SPA85,645 491,174 0.10MEDIOBANCA SPA57,628 479,177 0.10MEDIOLANUM SPA41,927 182,907 0.04PARMALAT SPA198,907 388,465 0.08PIRELLI & C SPA169,364 71,133 0.01PRYSMIAN SPA15,558 189,652 0.04SAIPEM SPA27,559 664,172 0.14SNAM RETE GAS SPA156,679 543,676 0.11TELECOM ITALIA SPA1,047,573 1,139,759 0.23TELECOM ITALIA SPA RISP NON CONV684,120 528,825 0.11TERNA SPA128,674 386,022 0.08UBI BANCA SCPA67,729 679,999 0.14UNICREDIT SPA1,395,894 3,269,882 0.67UNIPOL GRUPPO FINANZIARIO SPA119,918 115,061 0.02

PETROFAC LTD23,499 275,868 0.06


RANDGOLD RESSOURCES LTD10,780 606,675 0.12SHIRE60,968 830,336 0.17WPP PLC110,824 760,282 0.16



MILLICOM INTERNATIONAL CELLULAR SA-SDR-6,787 353,122 0.07SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)38,579 607,812 0.13TENARIS SA - REG.SHS55,681 836,329 0.17

AEGON NV149,497 678,716 0.14


AKZO NOBEL NV27,114 1,258,090 0.26ASML HOLDING NV47,538 1,140,912 0.23CORIO NV7,195 343,130 0.07FUGRO NV -CERT OF SHS6,677 268,816 0.06HEINEKEN HOLDING8,646 252,766 0.05HEINEKEN NV27,319 908,767 0.19ING GROEP NV351,539 2,425,618 0.50KONINKLIJKE AHOLD NV109,847 1,017,183 0.21KONINKLIJKE BOSKALIS WESTMINSTER NV3,610 97,651 0.02KONINKLIJKE DSM NV14,988 516,486 0.11KONINKLIJKE KPN NV166,189 1,967,678 0.40KONINKLIJKE PHILIPS ELECTRONICS NV93,455 1,932,649 0.40RANDSTAD HOLDING8,012 279,619 0.06REED ELSEVIER NV81,429 700,371 0.14ROYAL DUTCH SHELL PLC362,027 7,668,802 1.57SBM OFFSHORE NV16,708 230,153 0.05TNT NV38,811 834,437 0.17UNILEVER NV164,102 3,733,320 0.77

% of N

AV

Market V

alue

EUR

Quan

tity

WOLTERS KLUWER NV30,422 465,457 0.10

DNB NOR ASA87,159 659,877 0.14

Norway 5,173,024 1.06

NORSK HYDRO ASA76,563 449,960 0.09ORKLA BORREGAARD FRIE A61,925 424,750 0.09RENEWABLE ENERGY CORPORATION AS48,739 263,152 0.05STATOIL ASA108,271 1,891,551 0.38TELENOR AS93,714 916,421 0.19YARA INTERNATIONAL ASA17,831 567,313 0.12


Portugal 2,593,901 0.53

BCP, BANCO COMMERCIAL PORTUGUES SA NOM.381,921 322,723 0.07BRISA AUTO ESTRADAS DE PORTUGAL15,254 109,524 0.02CIMPOR CIMENTOS DE PORTUGAL NOM.42,516 273,335 0.06EDP-ENERGIAS REG.SHS223,815 695,617 0.14GALP ENERGIA SA REG SHS -B-17,031 205,734 0.04JERONIMO MARTINS SGPS SA35,962 251,195 0.05PORTUGAL TELECOM REG.52,344 445,971 0.09


Spain 33,480,257 6.89

ACCIONA SA3,739 340,623 0.07ACERINOX REG SHS9,131 132,673 0.03ACS15,492 539,277 0.11BANCO BILBAO VIZCAYA ARGENT. SA REG SHS363,549 4,627,979 0.95BANCO DE VALENCIA REG18,827 99,971 0.02BANCO SABADELL REG.SHS67,399 261,171 0.05BANCO SANTANDER SA REG SHS832,721 9,617,927 1.97BANKINTER REG.SHS39,884 285,171 0.06BCO POPULAR ESPANOL REG.82,076 421,050 0.09CRITERIA CAIXACORP SA94,468 311,272 0.06EDP RENOVAVEIS SA21,760 144,269 0.03ENAGAS19,114 294,833 0.06FERROVIAL SA31,062 255,485 0.05FOMENTO DE CONSTRUCCIONES Y CONTRATAS2,915 85,847 0.02GAMESA CORPORACION TECNOLOGICA SA17,442 205,554 0.04GAS NATURAL SDG26,316 396,977 0.08GRIFOLS-SHS.A16,924 206,557 0.04IBERDROLA RENOVABLES SA97,990 325,327 0.07IBERDROLA SA358,547 2,391,508 0.49IBERIA LINEAS AEREAS DE ESPANA SA REG29,637 56,281 0.01INDITEX SA REG SHS19,760 857,386 0.18INDRA SISTEMAS SA6,375 104,933 0.02MAPFRE REG-SHS92,332 270,256 0.06RED ELECTRICA CORPORACION SA12,071 468,596 0.10REPSOL YPF SA79,854 1,495,266 0.31SACYR VALLEHERMOSO SA2,859 22,872 0.00TELECINCO7,688 78,187 0.02TELEFONICA SA432,359 8,439,648 1.74ZARDOYA OTIS SPLIT ISSUE17,049 232,037 0.05

ALFA LAVAL43,275 418,208 0.09

Sweden 17,705,714 3.64

ASSA ABLOY -B-29,201 392,796 0.08ATLAS COPCO AB -A-57,840 594,534 0.12ATLAS COPCO -B- FREE49,199 448,803 0.09

% of N

AV

Market V

alue

EUR

Quan

tity

97


Index Europe


ELECTROLUX -B- FREE28,389 464,178 0.10GETINGE -B-22,325 297,035 0.06HENNES AND MAURITZ AB52,199 2,024,929 0.42HOLMEN -B-3,418 61,058 0.01HUSQVARNA -B-39,671 204,275 0.04INVESTOR -B- FREE51,583 669,193 0.14LUNDIN PETROL14,244 78,699 0.02NORDEA BANK329,790 2,346,847 0.47SANDVIK AB102,408 863,709 0.18SCANIA -B-34,511 310,942 0.06SECURITAS -B- FREE46,037 314,800 0.06SKANDINAVISKA ENSKILDA BANKEN -A-169,809 734,981 0.15SKANSKA -B- FREE35,598 422,551 0.09SKF AB -B-54,799 661,167 0.14SSAB SWEDISH STEEL -A- FREE11,688 139,308 0.03SSAB SWEDISH STEEL -B- FREE3,116 33,915 0.01SVENSKA CELLULOSA SCA AB-SHS-B-53,492 498,408 0.10SVENSKA HANDELSBANK -A- FREE51,598 1,028,510 0.21SWEDBANK -A-35,026 242,755 0.05SWEDISH MATCH23,783 364,258 0.07TELEFON AB L.M.ERICSSON289,455 1,862,028 0.38TELE2 AB34,022 365,983 0.08TELIASONERA AB207,736 1,051,430 0.22VOLVO -A- FREE39,727 236,557 0.05VOLVO -B- FREE95,667 573,857 0.12

ABB LTD REG SHS217,198 2,920,088 0.60

Switzerland 56,242,916 11.57

ACTELION LTD NAMEN13,756 511,972 0.11ADECCO REG.SHS13,723 527,861 0.11ARYZTA13,157 341,976 0.07BALOISE HOLDING REG.SHS5,464 317,013 0.07BKW FMB ENERGIE AG1,517 82,337 0.02CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH54 80,828 0.02CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.9 154,162 0.03CIE SUISSE DE REASSURANCES SA REG SHS37,411 1,258,931 0.26COMPAGNIE FINANCIERE RICHEMONT SA47,911 1,121,902 0.23CREDIT SUISSE GROUP AG REG SHS114,908 3,966,753 0.82GAM HOLDING AG23,043 195,605 0.04GEBERIT AG3,705 458,394 0.09GIVAUDAN SA REG.SHS897 499,862 0.10HOLCIM LTD REG SHS27,361 1,485,056 0.31JULIUS BAER GROUP NAMEN AKT23,043 565,219 0.12KUEHNE + NAGEL INTERNATIONAL AG5,173 350,529 0.07LOGITECH NAMEN AKT28,650 346,354 0.07LONZA GROUP NOM.5,356 263,620 0.05NESTLE SA REG SHS351,482 11,896,569 2.46NOBEL BIOCARE HLDG - NAMEN AKT13,174 308,931 0.06NOVARTIS AG REG SHS215,940 8,226,147 1.69PARGESA HOLDING SA1,749 106,840 0.02ROCHE HOLDING AG GENUSSSCHEIN71,735 8,502,857 1.75SCHINDLER HOLDING SA5,682 305,142 0.06SGS SA REG SHS652 593,906 0.12SONOVA HOLDING NAM-AKT6,692 566,258 0.12STRAUMANN HOLDING REG506 99,791 0.02SWISS LIFE HOLDING N-NAMEN REGISTERED3,900 347,099 0.07SWISSCOM SHS NOM2,625 700,165 0.14

% of N

AV

Market V

alue

EUR

Quan

tity

SYNGENTA NAMEN9,266 1,816,152 0.37SYNTHES INC6,530 595,698 0.12THE SWATCH GROUP REG CHF 0.453,256 108,449 0.02THE SWATCH GROUP REG CHF 2.252,868 506,442 0.10UBS SA REG SHS363,293 3,931,398 0.81ZURICH FINANCIAL SERVICES AG REG SHS14,292 2,182,610 0.45



AMEC46,517 414,671 0.09ANGLO AMERICAN PLC130,535 3,983,121 0.82ANTOFAGASTA PLC29,222 326,279 0.07ASSOCIATED BRITISH FOODS PLC38,739 358,416 0.07ASTRAZENECA PLC144,294 4,726,970 0.97AUTONOMY CORPORATION PLC20,038 340,789 0.07AVIVA PLC255,642 1,144,915 0.24BAE SYSTEMS PLC330,059 1,335,542 0.27BALFOUR BEATTY87,364 254,191 0.05BARCLAYS PLC1,126,603 3,499,830 0.72BG GROUP PLC343,053 4,332,326 0.89BHP BILLITON PLC225,345 5,060,085 1.04BP PLC1,913,211 12,920,553 2.67BRITISH AIRWAYS37,319 78,507 0.02BRITISH AMERICAN TOBACCO PLC201,719 4,578,382 0.94BRITISH LAND CO PLC REIT66,965 361,790 0.07BRITISH SKY BROADCASTING GROUP118,436 749,182 0.15BT GROUP PLC866,251 1,316,269 0.27BUNZL PLC41,329 313,997 0.06BURBERRY GROUP PLC28,023 188,933 0.04CABLE WIRELESS PLC228,416 363,532 0.07CADBURY PLC133,999 1,202,816 0.25CAIRN ENERGY PLC141,370 529,233 0.11CAPITA GROUP62,553 528,756 0.11CARNIVAL PLC15,257 366,635 0.08CENTRICA PLC482,746 1,527,378 0.31COBHAM PLC108,740 307,818 0.06COMPASS GROUP PLC205,916 1,031,840 0.21DIAGEO PLC251,058 3,063,165 0.63DRAX GROUP56,503 263,802 0.05EURASIAN NATURAL RESOURCES CORPORATION35,911 369,841 0.08EXPERIAN GROUP109,032 754,738 0.16F&C ASSET MANAGEMENT PLC1 1 0.00FIRSTGROUP PLC57,334 274,909 0.06FRESNILLO PLC32,196 287,008 0.06GLAXOSMITHKLINE PLC522,037 7,753,140 1.60GROUP 4 SECURICOR118,208 346,728 0.07HAMMERSON PLC72,417 345,600 0.07HOME RETAIL GROUP107,009 340,256 0.07HSBC HOLDINGS PLC1,767,896 14,104,166 2.91ICAP PLC57,794 279,717 0.06IMPERIAL TOBACCO GROUP PLC110,549 2,438,810 0.50INMARSAT44,977 350,319 0.07INTERCONTINENTAL HOTELS GROUP PLC16,766 168,519 0.03INTERNATIONAL POWER141,883 493,624 0.10INVENSYS58,735 197,866 0.04INVESTEC26,083 124,800 0.03J SAINSBURY PLC117,029 426,123 0.09

% of N

AV

Market V

alue

EUR

Quan

tity

98


Index Europe


JOHNSON MATHEY PLC24,369 419,933 0.09KAZAKHMYS PLC13,853 207,066 0.04KINGFISHER PLC263,342 678,770 0.14LAND SECURITIES GROUP PLC REIT84,328 650,174 0.13LEGAL GENERAL GROUP PLC653,827 593,151 0.12LIBERTY INTERNATIONAL PLC REIT56,255 326,088 0.07LLOYDS BANKING GROUP PLC3,641,293 2,077,519 0.43LONMIN PLC16,017 353,169 0.07LSE GROUP9,727 78,609 0.02MAN GROUP PLC188,783 655,519 0.13MARKS AND SPENCER GROUP PLC153,299 693,637 0.14MORRISON SUPERMARKETS PLC252,305 787,770 0.16NATIONAL GRID PLC261,387 1,997,656 0.41NEXT PLC22,774 533,944 0.11OLD MUTUAL452,860 556,613 0.11PEARSON PLC71,197 714,013 0.15PRUDENTIAL PLC278,524 2,006,363 0.41RECKITT BENCKISER GROUP PLC58,652 2,215,500 0.46REED ELSEVIER PLC140,202 807,173 0.17REXAM97,778 319,819 0.07RIO TINTO PLC139,962 5,340,438 1.10ROLLS-ROYCE GROUP216,965 1,180,737 0.24ROYAL BANK OF SCOTLAND GROUP PLC1,980,509 650,919 0.13ROYAL DUTCH SHELL PLC -B-275,253 5,612,254 1.15RSA INSURANCE GROUP PLC460,021 624,442 0.13SABMILLER PLC93,617 1,924,077 0.40SAGE GROUP170,258 421,597 0.09SCHRODERS7,962 119,190 0.02SCOTTISH AND SOUTHERN ENERGY PLC84,883 1,109,226 0.23SEGRO (REIT)69,968 271,382 0.06SERCO GROUP46,981 280,263 0.06SEVERN TRENT PLC25,316 309,451 0.06SMITH AND NEPHEW PLC98,321 707,708 0.15SMITHS GROUP -SHS-54,797 625,406 0.13STANDARD CHARTERED PLC205,227 3,638,162 0.75STANDARD LIFE PLC246,360 600,337 0.12TESCO PLC806,601 3,885,702 0.80THE CARPHONE WAREHOUSE GROUP PLC45,347 95,854 0.02THOMAS COOK GRP80,271 207,894 0.04TOMKINS PLC147,559 320,878 0.07TUI TRAVEL PLC36,184 103,854 0.02TULLOW OIL PLC86,507 1,270,658 0.26UNILEVER PLC128,726 2,889,072 0.59UNITED UTILITIES GROUP PLC77,255 431,035 0.09VEDANTA RESOURCES11,562 339,787 0.07VODAFONE GROUP PLC5,359,164 8,668,037 1.78WHITBREAD11,308 179,589 0.04WOLSELEY PLC25,972 364,535 0.08XSTRATA PLC184,975 2,333,918 0.483I GROUP PLC145,924 464,815 0.10



Belgium 40 0.00

UBI BANCA (SHS) 30.06.11 WAR31,493 1,547 0.00

Italy 1,547 0.00

% of N

AV

Market V

alue

EUR

Quan

tity

LLOYDS BANKING GROUP PLC DEF 15P1,556,108 2 0.00


Shares 14,654 0.00


ROLLS-ROYCE GROUP -C- ENTITLEMENT JAN 1013,017,900 14,652 0.00WOLSELEY DEFFERED SHARES62,233 0 0.00



Belgium 0 0.00


% of N

AV

Market V

alue

EUR

Quan

tity

99


Index Global Bond (EUR) Hedged


AUSTRALIE GVT -217- 6.00 04-17 15/02S1,150,000 740,908 0.44


166,348,378 99.21

Bonds 166,348,378 99.21


BELGIAN -44- 5.00 04-35 28/03A280,000 301,344 0.18

Belgium 3,608,772 2.15

BELGIQUE OLO -38- 5.00 02-12 28/09A1,100,000 1,194,083 0.71BELGIQUE OLO -46- 3.75 05-15 28/09A1,350,000 1,411,385 0.84BELGIQUE OLO -48- 4.00 06-22 28/03A700,000 701,960 0.42

CANADA 5.00 04-37 01/06S400,000 306,206 0.18

Canada 3,367,679 2.01

CANADA 5.25 01-12 01/06S1,750,000 1,258,904 0.75CANADA 5.75 98-29 01/06S610,000 489,363 0.29CANADA GOVT 4.25 07-18 01/06S950,000 666,440 0.40CANADA GOVT DEBS 4.50 04-15 01/06S900,000 646,766 0.39

DENMARK 4.00 05-17 15/11A2,800,000 390,598 0.24

Denmark 915,576 0.55

DENMARK 4.50 07-39 15/11A1,650,000 231,991 0.14DENMARK 5.00 01-13 15/11A2,000,000 292,987 0.17

FRANCE BTAN 3.75 08-13 12/01A4,230,000 4,462,566 2.67

France 11,882,903 7.09

FRANCE OAT 3.00 04-15 25/10A2,180,000 2,201,233 1.31FRANCE OAT 3.75 06-17 25/04A700,000 726,698 0.43FRANCE OAT 4.00 04-55 25/04A650,000 622,499 0.37FRANCE OAT 4.25 03-19 25/04A1,820,000 1,926,961 1.15FRANCE OAT 4.25 06-23 25/10A910,000 937,700 0.56FRANCE OAT 5.75 00-32 25/10A825,000 1,005,246 0.60

ALLEMAGNE 3.50 09-19 04/07A350,000 354,536 0.21

Germany 14,614,758 8.72

BRD 6.25 94-24 04/01A480,000 605,376 0.36BRD -98- 5.625 98-28 04/01A860,000 1,022,359 0.61GERMANY 4.50 03-13 04/01A2,000,000 2,155,020 1.29GERMANY 5.25 00-11 04/01A4,050,000 4,227,471 2.52GERMANY SERIE 07 4.25 07-39 04/07A930,000 952,543 0.57GERMANY -04- 3.75 04-15 04/01A1,650,000 1,744,347 1.04GERMANY -06- 4.00 06-16 04/07A200,000 213,108 0.13GERMANY -07- 4.00 07-18 04/01A2,210,000 2,337,429 1.39GERMANY -301- 4.75 03-34 04/07A180,000 195,381 0.12GERMANY -303- 4.25 03-14 04/01A750,000 807,188 0.48

BTPS 4.25 08-13 15/04S1,070,000 1,132,477 0.68

Italy 14,710,987 8.77

ITALY BTP 4.00 06-17 01/02S1,070,000 1,112,169 0.66ITALY BTP 4.25 04-14 01/08S800,000 850,352 0.51ITALY BTP 4.25 04-15 01/02S1,100,000 1,166,858 0.70ITALY BTP 4.50 08-19 01/03S2,300,000 2,416,288 1.44ITALY BTP 4.75 08-23 01/08S1,790,000 1,859,971 1.11ITALY BTP 5.25 01-11 01/08S3,400,000 3,599,376 2.14ITALY BUONI DEL TESO 5.00 03-34 01/08S2,480,000 2,573,496 1.53

% of N

AV

Market V

alue

EUR

Quan

tity

JAPAN 001 JGB 2.40 07-48 20/03S106,000,000 817,221 0.49

Japan 50,760,727 30.28

JAPAN 013 JGB 2.00 03-33 20/12S320,000,000 2,287,254 1.36JAPAN 030 JGB 3.70 95-15 21/09S698,000,000 6,134,829 3.66JAPAN 037 JGB 3.10 97-17 20/09S461,000,000 4,000,304 2.39JAPAN 040 JGB 2.30 98-18 20/09S769,000,000 6,312,029 3.76JAPAN 058 JGB 1.90 02-22 20/09S344,000,000 2,668,286 1.59JAPAN 074 JGB 2.10 04-24 20/12S165,000,000 1,285,344 0.77JAPAN 090 JGB 2.20 06-26 20/09S232,000,000 1,801,869 1.07JAPAN 099 JGB 2.10 07-27 20/12S280,000,000 2,120,061 1.26JAPAN 234 JGB 1.40 01-11 20/09S1,265,000,000 9,679,470 5.78JAPAN 247 JGB 0.80 03-13 20/03S1,180,000,000 8,989,934 5.37JAPAN 262 JGB 1.90 04-14 20/06S585,000,000 4,664,126 2.78

NEDERLAND 4.00 06-16 15/07A600,000 634,770 0.38


NEDERLAND 5.50 98-28 15/01A550,000 640,382 0.38NETHERLANDS 2.50 09-12 15/01A1,000,000 1,022,129 0.60NETHERLANDS 4.00 09-19 15/07A400,000 414,288 0.25NETHERLANDS GOVERNMENT3.75 04-14 15/07A680,000 717,339 0.43

SPAIN 4.10 08-11 30/04A1,800,000 1,867,139 1.11

Spain 6,036,074 3.60

SPAIN 4.10 08-18 30/07A1,320,000 1,352,657 0.81SPAIN 5.75 01-32 30/07A950,000 1,085,765 0.65SPAIN BTS 4.75 98-14 30/07A1,400,000 1,514,702 0.90SPANISH 4.90 07-40 30/07A210,000 215,811 0.13

SWEDEN -1046- 5.50 01-12 08/10A3,000,000 322,472 0.19

Sweden 775,128 0.46

SWEDEN -1047- 5.00 03-20 01/12A4,050,000 452,656 0.27

UK TREASURY STOCK 4.75 05-20 07/03S1,205,000 1,427,522 0.85


UK TREASURY STOCK 6.00 98-28 07/12S1,275,000 1,726,318 1.03UNITED KINGDOM 4.00 06-16 07/09S1,110,000 1,290,146 0.77UNITED KINGDOM 4.25 03-36 07/03S1,370,000 1,492,624 0.89UNITED KINGDOM 4.25 06-46 07/12S880,000 974,661 0.58UNITED KINGDOM 4.50 08-13 07/03S2,930,000 3,526,144 2.10

US TREASURY NOTE 5.00 07-37 15/05S3,700,000 2,743,248 1.64


US TREASURY NOTES S F 4.25 07-17 15/11S2,370,000 1,729,803 1.03US TREASURY NT P-2011 4.625 06-11 31/10S7,500,000 5,567,172 3.32USA T.NOTES P-2012 4.125 07-12 31/08S13,850,000 10,318,418 6.15USA TREASURY BOND 6.75 96-26 15/08S2,010,000 1,767,812 1.05USA TREASURY BOND 9.125 88-18 15/05S3,260,000 3,190,273 1.90USA TREASURY BOND 9,25 86-16 15/02S7,010,000 6,582,181 3.93USA TREASURY BONDS 8.125 89-19 15/08S4,180,000 3,923,985 2.34USA TREASURY NOTES 4.25 03-13 15/11S5,450,000 4,106,612 2.45USA TREASURY NOTES 4.25 04-14 15/08S5,300,000 3,986,082 2.38USA TREASURY NOTES 5.25 98-28 15/11S780,000 589,604 0.35USA TREASURY NOTES 7.125 93-23 15/02S630,000 563,353 0.34


% of N

AV

Market V

alue

EUR

Quan

tity

100


Index North America


ARCH CAPITAL GROUP LTD1,506 75,103 0.02


331,876,129 98.86

Shares 331,622,947 98.78

Bermuda 881,280 0.26

AXIS CAPITAL HOLDINGS LTD4,927 97,561 0.03EVEREST REINSURANCE GROUP2,208 131,857 0.04MARVELL TECHNOLOGY GROUP LTD23,300 336,975 0.10PARTNERRE LTD1,897 98,714 0.03VALIDUS HOLDING7,513 141,070 0.04

AGNICO EAGLE MINES LTD6,271 237,315 0.07

Canada 29,855,293 8.89

AGRIUM6,975 303,374 0.09ALIMENTATION COUCHE - TARD INC SUB VTG B3,980 55,092 0.02BANK OF MONTREAL23,269 864,021 0.26BANK OF NOVA SCOTIA43,275 1,416,126 0.42BARRICK GOLD CORP41,535 1,144,898 0.34BCE INC9,516 183,475 0.05BIOVAL CORP5,000 48,800 0.01BOMBARDIER INC B51,373 163,945 0.05BROOKFIELD ASSET MANAGEMENT INC -A-21,369 332,306 0.10BROOKFIELD PROPERTIES CORPORATION10,546 89,747 0.03CAMECO CORP16,709 376,927 0.11CANADIAN IMPERIAL BANK OF COMMERCE15,888 719,877 0.21CANADIAN NATIONAL RAILWAY19,687 750,517 0.22CANADIAN NATURAL RESOURCES23,320 1,178,326 0.35CANADIAN PACIFIC RAILWAY8,909 336,375 0.10CANADIAN TIRE CORP -A- NON VOTING2,795 106,850 0.03CANADIAN UTILITIES -A- NON VOTING3,931 114,342 0.03CDN OIL SANDS - TRUST UNITS8,445 167,934 0.05CENOVUS ENERGY INC32,206 567,422 0.17CGI GROUP SUB.VTG SHS -A-9,834 93,103 0.03CI FINANCIAL7,677 112,289 0.03COMPAGNIE PETROLIERE IMPERIALE LTEE11,963 323,393 0.10CRESCENT POINT ENERGY CORP6,638 174,280 0.05ELDORADO GOLD CORP12,371 122,715 0.04EMPIRE -A- NON VOTING958 30,381 0.01ENBRIDGE INC15,006 485,168 0.14ENCANA CORP32,206 730,368 0.22ENERPLUS RESOURCES FUND TRUST UNITS5,898 94,934 0.03ENSIGN ENERGY SERVICES INC3,771 37,607 0.01FAIRFAX FINANCIAL HOLDINGS SUB.VTG632 172,276 0.05FINNING INTERNATIONAL6,181 68,545 0.02FIRST QUANTUM MINERALS LTD2,717 144,981 0.04FORTIS INC8,554 163,107 0.05FRANCO-NEVADA CORP5,229 97,690 0.03GEORGE WESTON1,848 82,221 0.02GERDAU AMERISTEEL CORP5,421 31,392 0.01GILDAN ACTIVEWEAR10,000 170,866 0.05GOLDCORP30,111 827,797 0.25GREAT WEST LIFECO INC12,680 226,606 0.07GROUPE AEROPLAN2,461 17,818 0.01HUSKY ENERGY11,385 227,685 0.07IAMGOLD CORP9,746 106,979 0.03

% of N

AV

Market V

alue

EUR

Quan

tity

IGM FINANCIAL INC4,810 135,624 0.04INDUSTRIAL ALLIANCE INSURANCE AND FIN.3,956 84,691 0.03INMET MINING CORP2,458 104,229 0.03INTACT FINANCIAL CORP7,630 188,455 0.06IVANHOE MINES LIMITED11,732 120,978 0.04KINROSS GOLD CORP28,019 360,832 0.11LOBLAW COMPANIES3,925 88,411 0.03MAGNA INTERNATIONAL SHS -A- SUB.VTG3,803 134,664 0.04MANULIFE FINANCIAL CORP72,371 930,079 0.28METRO -A- SUB VTG3,557 92,750 0.03NATIONAL BK CANADA COMMON6,537 261,810 0.08NEXEN INC18,874 316,470 0.09NIKO RESOURCES LTD1,139 74,515 0.02PAN AMERICAN SILVER CORP3,337 55,598 0.02PETROBAKKEN ENERGY -A-6,500 139,715 0.04PETROBANK ENERGY5,622 191,412 0.06POTASH CORP OF SASKATCHEWAN12,494 950,195 0.28POWER CORP DU CANADA SUB.15,294 297,013 0.09POWER FINANCIAL8,832 182,500 0.05PROGRESS ENERGY RESOURCES CORP15,000 141,114 0.04RESEARCH IN MOTION19,774 933,812 0.28RITCHIE BROTHERS AUCTIONEERS2,564 40,384 0.01ROGERS COMMUNICATIONS -B- NON VOTING21,078 458,108 0.14ROYAL BANK OF CANADA56,920 2,134,359 0.63SAPUTO5,172 105,737 0.03SHAW COMMUNICATIONS -B- NON.VOTING12,352 177,959 0.05SHERRITT INTERNATIONAL12,648 55,247 0.02SHOPPERS DRUG MART CORP9,147 276,155 0.08SILVER WHEATON CORP16,012 169,052 0.05SINO FOREST CORP13,500 173,945 0.05SNC-LAVALIN GROUP5,399 193,798 0.06SUN LIFE FINANCIAL INC23,664 475,923 0.14SUNCOR ENERGY INC62,681 1,550,668 0.46TALISMAN ENERGY INC44,268 579,507 0.17TECK RESOURSES LTD -B-21,543 527,367 0.16TELUS CORP3,725 84,476 0.03TELUS NON-VOTING5,188 112,963 0.03THOMSON REUTERS18,049 407,395 0.12TORONTO DOMINION BANK37,047 1,624,639 0.48TRANSALTA CORP8,572 133,815 0.04TRANSCANADA CORP28,978 697,237 0.21TRICAN WELL SERVICE6,000 56,087 0.02VITERRA INC11,580 75,989 0.02YAMANA GOLD INC32,557 259,746 0.08

GARMIN REG.SHS6,212 132,921 0.04


ACCENTURE - SHS CLASS A27,828 804,923 0.24

Ireland 2,104,629 0.63

COOPER INDUSTRIES6,227 185,063 0.06COVIDIEN PLC20,781 693,641 0.21INGERSOLL-RAND14,041 349,765 0.10WARNER CHILCOTT3,590 71,237 0.02

ROYAL CARIBBEAN CRUISES4,211 74,197 0.02

Liberia 74,197 0.02

% of N

AV

Market V

alue

EUR

Quan

tity

101


Index North America


FLEXTRONICS INTERNATIONAL LTD29,993 152,813 0.05


ACE LTD REG SHS13,876 487,437 0.15


FOSTER WHEELER AG (NAMEN)5,162 105,920 0.03NOBLE CORP11,532 327,132 0.10TRANSOCEAN LTD13,734 792,595 0.24TYCO ELECTRONICS LTD REG SHS20,140 344,615 0.10TYCO INTERNATIONAL LTD19,061 474,017 0.14WEATHERFORD IN29,982 374,266 0.11

WILLIS GROUP6,025 110,779 0.03


ABBOTT LABORATORIES LTD62,634 2,356,933 0.70


ABERCROMBIE AND FITCH -A-3,114 75,639 0.02ACTIVISION BLIZ29,234 226,374 0.07ADOBE SYSTEMS INC22,530 577,559 0.17ADVANCE AUTO PARTS3,912 110,373 0.03ADVANCED MICRO DEVICES INC22,839 154,091 0.05AES CORP29,430 273,019 0.08AETNA INC19,924 440,210 0.13AFFILIATED COMPUTER SERVICES INC -A-3,245 135,002 0.04AFLAC INC19,685 634,557 0.19AGCO CORP3,283 74,001 0.02AGILENT TECHNOLOGIES15,247 330,179 0.10AIR PRODUCTS CHEMICALS INC8,988 507,801 0.15AIRGAS INC1,605 53,248 0.02AKAMAI TECHNOLOGIES6,053 106,864 0.03ALCOA INC42,672 479,437 0.14ALLEGHENY ENERGY INC6,043 98,895 0.03ALLEGHENY TECHNOLOGIES INC6,397 199,612 0.06ALLERGAN INC12,904 566,706 0.17ALLIANCE DATA SYSTEMS CORP2,408 108,404 0.03ALLIANT ENERGY CORP3,953 83,372 0.02ALLSTATE CORP21,502 450,197 0.13ALPHA NATURAL RESOURCES INC4,900 148,153 0.04ALTERA CORP10,766 169,810 0.05ALTRIA GROUP84,202 1,152,037 0.34AMAZON.COM INC13,997 1,312,338 0.39AMB PROPERTY CORP6,898 122,839 0.04AMERCIAN WATER WORKS CO INC11,495 179,546 0.05AMEREN CORPORATION13,523 263,438 0.08AMERICAN EAGLE OUTFITTERS6,630 78,465 0.02AMERICAN ELECTRIC POWER CO INC20,744 503,003 0.15AMERICAN EXPRESS CO COM.42,795 1,208,610 0.36AMERICAN INTERNATIONAL GROUP INC4,330 90,478 0.03AMERICAN TOWER CORP -A-16,784 505,479 0.15AMERIPRISE FINANCIAL INC - WHEN ISSUED11,353 307,178 0.09AMERISOURCEBERGEN CORP11,342 206,089 0.06AMETEK INC3,819 101,787 0.03AMGEN INC41,227 1,625,518 0.48AMPHENOL -A-6,328 203,678 0.06ANADARKO PETROLEUM CORP20,329 884,430 0.26ANALOG DEVICES INC12,901 283,961 0.08ANNALY CAPITAL MANAGEMENT23,986 290,055 0.09

% of N

AV

Market V

alue

EUR

Quan

tity

AOL WHEN ISSUED4,221 68,489 0.02AON CORP8,712 232,806 0.07APACHE CORP15,028 1,080,633 0.32APOLLO GROUP -A-6,334 267,443 0.08APPLE INC36,521 5,367,358 1.60APPLIED MATERIALS INC56,969 553,510 0.16ARCH COAL3,690 57,224 0.02ARCHER-DANIELS MIDLAND CO24,160 527,234 0.16ARROW ELECTRONICS INC4,282 88,371 0.03ASSURANT INC4,244 87,202 0.03AT AND T INC240,322 4,695,051 1.40AUTODESK INC8,015 141,949 0.04AUTOMATIC DATA PROCESSING INC21,382 638,144 0.19AUTOMATION11,683 155,936 0.05AUTOZONE INC1,586 174,734 0.05AVALONBAY COMMUN2,844 162,761 0.05AVERY DENNISON CORP3,430 87,235 0.03AVNET INC5,383 113,156 0.03AVON PRODUCTS INC. COM.18,625 408,913 0.12BAKER HUGHES INC12,612 355,835 0.11BALL CORP3,287 118,444 0.04BANK OF AMERICA CORP354,140 3,717,267 1.11BANK OF NEW YORK MELLON CORP53,530 1,043,551 0.31BARD INC4,399 238,844 0.07BAXTER INTERNATIONAL INC24,639 1,007,713 0.30BB AND T CORP29,543 522,395 0.16BECKMAN COULTER INC3,102 141,485 0.04BECTON DICKINSON10,108 555,579 0.17BED BATH AND BEYOND INC11,493 309,444 0.09BERKSHIRE HATHAWAY -B-453 1,037,503 0.31BEST BUY CO INC14,409 396,291 0.12BIOGEN IDEC INC12,169 453,767 0.14BJ SERVICES CO10,528 136,484 0.04BLACK DECKER CORP2,346 106,005 0.03BLACKROCK INC855 138,373 0.04BMC SOFTWARE INC6,801 190,082 0.06BOEING CO COM.28,095 1,059,963 0.32BORG WARNER4,160 96,320 0.03BOSTON PROPERTIES INC5,550 259,445 0.08BOSTON SCIENTIFIC CORP63,111 395,887 0.12BRISTOL-MYERS SQUIBB CO70,741 1,244,963 0.37BROADCOM CORPORATION17,306 379,351 0.11BROWN-FORMAN CORP -B- NON VOTING3,686 137,626 0.04BUNGE LTD5,855 260,481 0.08BURLINGTON NORTHERN SANTA FE CORP14,035 964,720 0.29CA INC19,838 310,550 0.09CABLEVISION SYSTEMS -A-11,129 200,279 0.06CABOT OIL AND GAS CORP -A-4,173 126,782 0.04CALPINE CORP WHEN ISSUED22,849 175,180 0.05CAMERON INTERNATIONAL CORP9,644 280,968 0.08CAMPBELL SOUP CO7,978 187,947 0.06CAPITAL ONE FINANCIAL CORP18,547 495,621 0.15CARDINAL HEALTH INC15,108 339,489 0.10CAREFUSION - SHS WHEN ISSUED7,554 131,678 0.04CARMAX INC (WHEN ISSUED)10,202 172,433 0.05CARNIVAL CORP17,642 389,667 0.12CATERPILLAR INC24,756 983,338 0.29

% of N

AV

Market V

alue

EUR

Quan

tity

102


Index North America


CBS -B-21,145 207,066 0.06CELANESE CORP-A-5,374 120,234 0.04CELGENE CORP19,864 770,885 0.23CENTERPOINT ENERGY11,622 117,536 0.04CENTURYTEL INC12,609 318,224 0.09CEPHALON INC2,433 105,833 0.03CERNER CORP2,025 116,355 0.03CF INDUSTRIES HOLDINGS INC1,921 121,546 0.04CHARLES RIVER LABORATORIES INTERNATIONAL2,427 56,989 0.02CHARLES SCHWAB CORP/THE40,887 536,326 0.16CHESAPEAKE ENERGY CORP26,337 475,066 0.14CHEVRON CORP84,529 4,535,903 1.35C.H.ROBINSON WORLWIDE INC7,463 305,490 0.09CHUBB CORP15,027 515,092 0.15CHURCH AND DWIGHT2,385 100,487 0.03CIGNA CORP12,078 296,910 0.09CIMAREX ENERGY CO2,973 109,761 0.03CINCINNATI FINANCIAL CORP5,521 100,973 0.03CINTAS CORP4,950 89,875 0.03CISCO SYSTEMS INC236,055 3,938,774 1.17CITIGROUP INC875,234 2,019,184 0.60CITRIX SYSTEMS6,527 189,293 0.06CLIFF NATURAL RESOURCES6,055 194,511 0.06CLOROX CO5,663 240,769 0.07CME GROUP -A-2,580 604,113 0.18COACH INC12,057 306,982 0.09COCA-COLA CO88,354 3,510,143 1.05COCA-COLA ENTERPRISES INC10,475 154,780 0.05COGNIZANT TECHNOLOGY SOLUTIONS -A-12,838 405,340 0.12COLGATE-PALMOLIVE CO20,344 1,164,844 0.35COMCAST CORP75,790 890,622 0.27COMCAST CORP SPECIAL CLASS A35,616 397,430 0.12COMERICA INC5,385 110,984 0.03COMPUTER SCIENCES CORP.6,742 270,338 0.08CONAGRA FOODS INC19,734 317,037 0.09CONOCOPHILLIPS CO58,309 2,075,512 0.62CONSOL ENERGY INC6,556 227,558 0.07CONSOLIDATED EDISON INC9,805 310,466 0.09CONSTELLATION BRANDS INC -A-6,944 77,099 0.02CONSTELLATION ENRGY GROUP6,382 156,442 0.05CORNING INC65,958 887,715 0.26COSTCO WHOLESALE CORP17,894 737,960 0.22COVANCE2,256 85,806 0.03COVENTRY HEALTH CARE INC6,945 117,577 0.04CROWN CASTLE INTERNATIONAL12,912 351,340 0.10CROWN HOLDINGS INC4,224 75,309 0.02CSX CORP17,205 581,474 0.17CUMMINS INC8,473 270,829 0.08CVS CAREMARK CORP59,288 1,331,010 0.40D AND B CORP1,953 114,846 0.03DANAHER CORP11,754 616,066 0.18DARDEN RESTAURANTS INC4,747 116,032 0.03DAVITA INC4,211 172,402 0.05DEAN FOODS14,453 181,727 0.05DEERE AND CO17,883 674,188 0.20DELL INC75,113 751,784 0.22DENBURY RESOURCES8,837 91,157 0.03

% of N

AV

Market V

alue

EUR

Quan

tity

DENTSPLY INTERNATIONAL INC5,054 123,889 0.04DEVON ENERGY CORP16,317 835,894 0.25DEVRY1,588 62,790 0.02DIAMOND OFFSHORE DRILLING2,487 170,602 0.05DIRECTV -A-34,671 805,909 0.24DISCOVER FINANCIAL SERVICES - SHS WI23,933 245,377 0.07DISCOVERY COMM -A-6,249 133,582 0.04DISCOVERY COMM -C-6,591 121,828 0.04DISH NETWORK -A-7,572 109,615 0.03DOLBY LABORATORIES -A-1,850 61,544 0.02DOLLAR TREE INC3,224 108,534 0.03DOMINION RESOURCES INC23,931 649,169 0.19DOVER CORP7,490 217,222 0.06DOW CHEMICAL CO50,907 980,352 0.29DR HORTON11,486 87,021 0.03DR PEPPER SNAPPLE GROUP (WHEN ISSUED)11,336 223,599 0.07DTE ENERGY COMPANY5,837 177,337 0.05DUKE ENERGY HLDG52,282 627,129 0.19DUKE REALTY10,259 87,020 0.03EASTMAN CHEMICAL CO2,734 114,791 0.03EATON CORP6,959 308,578 0.09EATON VANCE NON-VOTING4,506 95,506 0.03EBAY46,144 757,086 0.23ECOLAB INC10,393 322,927 0.10EDISON INTERNATIONAL12,605 305,560 0.09EDWARDS LIFESCIENCES CORP1,993 120,643 0.04EI DU PONT DE NEMOURS & CO37,138 871,536 0.26EL PASO CORP25,096 171,942 0.05ELECTRONIC ARTS11,410 141,159 0.04ELI LILLY AND CO42,113 1,048,165 0.31EMC CORP84,916 1,033,966 0.31EMERSON ELECTRIC CO31,490 934,988 0.28ENERGEN CORP2,438 79,525 0.02ENERGIZER HOLDINGS INC2,962 126,511 0.04ENTERGY CORP8,018 457,357 0.14EOG RESOURCES INC10,350 701,903 0.21EQT4,449 136,191 0.04EQTY RESIDENTIAL PPTYS TR SHS BEN.INT.12,192 287,051 0.09EQUIFAX INC4,590 98,822 0.03ESTEE LAUDER COMPANIES INC -A-3,754 126,533 0.04EXELON CORP27,271 928,896 0.28EXPEDIA9,018 161,598 0.05EXPEDITORS INTERNATIONAL OF WASHINGTON9,473 229,306 0.07EXPRESS SCRIPTS -A-10,968 660,870 0.20EXXON MOBIL CORP197,144 9,369,749 2.80FAMILLY DOLLAR DTORE4,750 92,136 0.03FASTENAL CO4,518 131,124 0.04FED RLTY INV TR / SHS.OF BENEF.INTEREST2,108 99,497 0.03FEDEX CORP12,258 712,967 0.21FIDELITY NATIONAL12,574 205,426 0.06FIDELITY NATIONAL FINANCL-A SHS -A-12,690 119,050 0.04FIFTH THIRD BANCORP33,603 228,353 0.07FIRST AMERICAN6,702 154,663 0.05FIRST SOLAR INC2,095 197,709 0.06FIRSTENERGY CORP12,772 413,493 0.12FISERV INC6,917 233,724 0.07FLIR SYSTEMS INC4,733 107,938 0.03

% of N

AV

Market V

alue

EUR

Quan

tity

103


Index North America


FLOWSERVE2,549 167,944 0.05FLUOR CORP WHEN ISSUED7,928 248,878 0.07FMC CORP2,812 109,285 0.03FMC TECHNOLOGIES INC4,560 183,830 0.05FORD MOTOR120,821 842,105 0.25FOREST LABORATORIES INC13,330 298,328 0.09FORTUNE BRANDS5,366 161,569 0.05FPL GROUP INC16,042 590,583 0.18FRANKLIN RESOURCES INC6,533 479,701 0.14FREEPORT MCMORAN COPPER & GOLD INC16,768 938,354 0.28GAMESTOP CORP -A-5,564 85,084 0.03GAP INC21,435 312,991 0.09GENERAL DYNAMICS CORP13,976 664,049 0.20GENERAL ELECTRIC CO433,002 4,566,174 1.36GENERAL MILLS INC13,809 681,523 0.20GENUINE PARTS CO5,791 153,216 0.05GENWORTH FINANCIAL INC CLASS-A22,000 174,037 0.05GENZYME CORP11,157 381,115 0.11GILEAD SCIENCES INC36,912 1,113,470 0.33GOLDMAN SACHS GROUP INC20,750 2,441,840 0.73GOODRICH CORP4,477 200,486 0.06GOODYEAR TIRE RUBBER CO16,482 161,977 0.05GOOGLE INC10,216 4,414,508 1.32H & R BLOCK INC15,288 241,028 0.07HALLIBURTON CO36,551 766,558 0.23HANSEN NATURAL CORP3,135 83,906 0.02HARLEY DAVIDSON INC8,422 147,924 0.04HARRIS CORP3,689 122,260 0.04HARSCO CORP3,017 67,773 0.02HARTFORD FINANCIAL SERVICES GROUP INC14,517 235,348 0.07HASBRO INC4,544 101,537 0.03HCP12,909 274,780 0.08HEALTH CARE REIT4,475 138,235 0.04HELMERICH PAINE4,246 118,021 0.04HENRY SCHEIN INC3,199 117,280 0.03HERSHEY9,792 244,263 0.07HESS CORP12,215 515,078 0.15HEWLETT-PACKARD CO97,592 3,503,721 1.04HJ HEINZ CO13,293 396,173 0.12HOLOGIC INC9,171 92,685 0.03HOME DEPOT INC69,076 1,392,834 0.41HONEYWELL INTERNATIONAL INC29,054 793,809 0.24HORMEL FOODS CORP2,671 71,580 0.02HOSPIRA7,186 255,435 0.08HOST HOTELS & RESORTS - SHS27,387 222,761 0.07HUDSON CITY16,739 160,186 0.05HUMANA INC7,594 232,306 0.07IBM CORP53,417 4,873,521 1.45IHS INC -A-2,030 77,550 0.02ILLINOIS TOOL WORKS17,406 582,202 0.17ILLUMINA INC4,591 98,076 0.03IMS HEALTH6,509 95,542 0.03INTEGRYS ENG GRP SHS2,735 80,044 0.02INTEL CORP228,003 3,241,862 0.97INTERCONTINENTAL EXCHANGE INC2,788 218,221 0.07INTERNATIONAL FLAVORS FRAGRANCES2,531 72,574 0.02INTERNATIONAL GAME TECHNOLOGY10,626 139,014 0.04

% of N

AV

Market V

alue

EUR

Quan

tity

INTERNATIONAL PAPER CO18,111 338,047 0.10INTERPUBLIC GROUP OF COMPANIES INC17,053 87,716 0.03INTUIT12,427 265,993 0.08INTUITIVE SURGICAL1,676 354,323 0.11INVESCO LTD18,202 298,007 0.09IRON MOUNTAIN6,849 108,648 0.03ITT7,640 264,864 0.08ITT EDUCATIONAL SERVICES2,163 144,667 0.04JACOBS ENGIN GROUP4,381 114,842 0.03J.B. HUNT TRANSPORT SERVICES INC4,671 105,059 0.03JC PENNEY INC7,549 140,010 0.04JEFFERIES GROUP4,981 82,383 0.02J.M. SMUCKER CO SHS/WHEN ISSUED4,223 181,753 0.05JOHNSON AND JOHNSON112,371 5,044,652 1.50JOHNSON CONTROLS INC25,876 491,279 0.15JOY GLOBAL INC2,831 101,796 0.03JPMORGAN CHASE CO160,167 4,651,791 1.39JUNIPER NETWORKS INC22,871 425,140 0.13KBR INC8,833 116,973 0.03KELLOGG11,284 418,407 0.12KEYCORP35,571 137,598 0.04KIMBERLY CLARK17,076 758,259 0.23KIMCO REALTY16,453 155,155 0.05KINDER MORGAN MANAGEMENT LLC2,706 103,053 0.03KINDER MORGAN MANAGEMENT LLC (FRACTION)110,016 0 0.00KLA-TENCOR CORP6,200 156,259 0.05KOHL'S CORP11,656 438,131 0.13KRAFT FOODS INC59,975 1,136,170 0.34KROGER CO25,991 371,908 0.11LABORATORY CORP OF AMERICA HOLDINGS3,980 207,606 0.06LAM RESEARCH CORP4,489 122,679 0.04LAS VEGAS SANDS CORP9,759 101,620 0.03LEGG MASON5,006 105,232 0.03LEGGETT PLATT INC5,753 81,799 0.02LENDER PROCESSING SERVICES WHEN ISSUED3,900 110,524 0.03LEUCADIA NATIONAL CORP6,667 110,547 0.03LEVEL 3 COMMUNICATIONS INC89,589 95,537 0.03LIBERTY GLOBAL INC SERIES -A-5,346 81,639 0.02LIBERTY GLOBAL SERIES -C-5,905 89,928 0.03LIBERTY MEDIA HOLDING CORP INTERACTIVE-A20,198 152,602 0.05LIBERTY PROPERTY TRUST4,145 92,477 0.03LIFE TECHNOLOGIES CORP7,742 281,836 0.08LIMITED BRANDS INC10,962 147,000 0.04LINCOLN NATIONAL CORP13,208 229,040 0.07LINEAR TECHNOLOGY CORP8,950 190,509 0.06LOCKHEED MARTIN CORP14,786 776,529 0.23LOEWS CORP14,018 355,152 0.11LORILLARD WHEN ISSUED6,771 378,629 0.11LOWE'S COMPANIES INC66,168 1,078,703 0.32LSI CORP30,433 127,480 0.04LUBRIZOL CORP2,716 138,095 0.04L-3 COMMUNICATIONS HOLDINGS INC5,146 311,862 0.09MACYS24,049 280,928 0.08MANPOWER INC2,842 108,114 0.03MARATHON OIL CORP29,098 633,169 0.19MARRIOTT INTERNATIONAL -A-13,499 256,385 0.08MARSH MC-LENNAN COS. INC.21,786 335,274 0.10

% of N

AV

Market V

alue

EUR

Quan

tity

104


Index North America


MARSHALL & ILSLEY - SHS WHEN ISSUED8,357 31,745 0.01MARTIN MARIETTA1,481 92,292 0.03MASCO13,199 127,045 0.04MASTERCARD INC -A-3,728 665,129 0.20MATTEL12,903 179,684 0.05MAXIM INTEGRATED PRODUCTS INC12,273 173,648 0.05MC GRAW-HILL INC13,367 312,199 0.09MCAFFE6,969 197,060 0.06MCCORMICK & CO INC NON VOTING4,157 104,682 0.03MCDERMOTT INTERNATIONAL INC8,136 136,153 0.04MCDONALD'S CORP44,494 1,936,369 0.58MCKESSON CORP11,727 510,847 0.15MDU RESOURCES GROUP6,229 102,460 0.03MEAD JOHNSON NUTRITION CO8,451 257,403 0.08MEADWESTVACO6,113 121,983 0.04MEDCO HEALTH SOLUTIONS INC18,654 830,930 0.25MEDTRONIC INC45,581 1,397,214 0.42MEMC ELECTRONIC MATERIALS8,085 76,750 0.02MERCK AND CO125,424 3,194,280 0.95METLIFE INC34,097 840,097 0.25METROPCS COMMUNICATIONS INC7,514 39,959 0.01MGM MIRAGE19,836 126,088 0.04MICRON TECHNOLOGY37,646 277,081 0.08MICROSHIP TECH6,590 133,476 0.04MICROSOFT CORP328,104 6,972,566 2.08MILLIPORE CORP2,837 143,061 0.04MIRANT CORP6,645 70,723 0.02MOHAWK INDUSTRIES INC1,717 56,964 0.02MOLSON COORS BREWING CO -B- NON VOTING4,907 154,452 0.05MONSANTO CO22,225 1,266,349 0.38MOODY'S CORP WHEN ISSUED7,414 138,488 0.04MORGAN STANLEY47,940 989,039 0.29MOSAIC CO6,895 287,045 0.09MOTOROLA INC99,350 537,345 0.16M&T BANK CORPORATION2,564 119,537 0.04MURPHY OIL CORP7,961 300,740 0.09MYLAN INC12,422 159,566 0.05MYRIAD GNETICS INC4,528 82,370 0.02NABORS INDUSTRIES LTD10,027 152,982 0.05NASDAQ STOCK MARKET INC5,009 69,196 0.02NATIONAL OILWELL VARCO INC17,803 547,088 0.16NATIONAL SEMICONDUCTOR CORP.8,209 87,883 0.03NETAPP13,503 323,658 0.10NEW YORK COMMUNITY BANCORP INC11,686 118,184 0.04NEWELL RUBBERMAID9,917 103,749 0.03NEWFIELD EXPLORATION CO4,731 159,035 0.05NEWMONT MINING CORP19,505 643,165 0.19NEWS CORP -A- WHEN ISSUED78,603 750,009 0.22NEWS CORP -B- WHEN ISSUED15,718 174,407 0.05NII HOLDINGS INC5,930 138,790 0.04NIKE INC15,503 713,911 0.21NISOURCE12,757 136,750 0.04NOBLE ENERGY INC7,612 377,854 0.11NORDSTROM INC5,787 151,577 0.05NORFOLK SOUTHERN CORP15,651 571,825 0.17NORTHEAST UTILITIES INC9,271 166,649 0.05NORTHERN TRUST CORP9,273 338,669 0.10

% of N

AV

Market V

alue

EUR

Quan

tity

NORTHROP GRUMMAN CORP13,405 521,812 0.16NRG ENERGY WHEN ISSUED11,828 194,640 0.06NSTAR6,343 162,692 0.05NUANCE COMMUNICATIONS INC9,585 103,817 0.03NUCOR CORP13,332 433,482 0.13NVIDIA CORP24,225 315,402 0.09NYSE EURONEXT11,760 207,373 0.06O REILLY AUTOMOTIVE5,524 146,768 0.04OCCIDENTAL PETROLEUM CORP32,720 1,855,217 0.55OLD REPUBLIC INTERNATIONAL CORP15,644 109,473 0.03OMNICARE INC8,987 151,459 0.05OMNICOM GROUP INC13,624 371,758 0.11ONEOK INC (NEW)3,551 110,311 0.03ORACLE CORP170,939 2,923,745 0.87OWENS-ILLINOIS INC5,974 136,864 0.04PACCAR INC13,893 351,210 0.10PACTIV9,356 157,417 0.05PALL CORP5,790 146,087 0.04PARKER-HANNIFIN CORP5,999 225,284 0.07PATTERSON COS INC2,576 50,236 0.01PATTERSON-UTI ENERGY13,000 139,083 0.04PAYCHEX INC13,225 282,428 0.08PEABODY ENERGY CORP11,816 372,331 0.11PENTAIR INC5,661 127,444 0.04PEOPLES UNITED FINANCIAL14,184 165,097 0.05PEPCO HOLDINGS7,738 90,877 0.03PEPSI BOTTLING GROUP6,752 176,477 0.05PEPSIAMERICAS INC6,500 132,560 0.04PEPSICO INC63,355 2,684,777 0.80PERRIGO5,402 150,002 0.04PETROHAWK ENERGY CORP15,348 256,629 0.08PETSMART INC4,557 84,772 0.03PFIZER INC340,205 4,313,176 1.28PG AND E CORP15,324 476,889 0.14PHARMACEUTICAL PRODUCTS DEV.SERVICES3,836 62,670 0.02PHILIP MORRIS INTERNATIONAL INC79,879 2,682,955 0.80PINNACLE WEST CAPITAL CORP3,605 91,912 0.03PIONER NATURAL RESOURCES COMPANY5,343 179,385 0.05PITNEY BOWES INC7,435 117,944 0.04PLAIN EXPLORATION & PRODUCTION CO6,366 122,728 0.04PLUM CREEK TIMBER6,125 161,199 0.05PNC FINANCIAL SERVICES GROUP INC20,858 767,446 0.23POLO RALPH LAUREN2,604 146,975 0.04PPG INDUSTRIES INC7,260 296,219 0.09PPL CORP15,882 357,656 0.11PRAXAIR INC13,015 728,513 0.22PRECISION CASTPARTS CORP5,640 433,786 0.13PRICELINE.COM INC2,139 325,751 0.10PRIDE INTERNATIONAL INC6,194 137,760 0.04PRINCIPAL FINANCIAL GROUP INC13,759 230,539 0.07PROCTER AND GAMBLE CO119,066 5,031,518 1.50PROGRESS ENERGY INC11,810 337,570 0.10PROGRESSIVE CORP28,394 356,026 0.11PROLOGIS TRUST17,394 165,969 0.05PRUDENTIAL FINANCIAL INC19,706 683,444 0.20PUBLIC SERVICE ENTERPRISE GROUP INC21,261 492,719 0.15PUBLIC STORAGE INC5,084 288,616 0.09

% of N

AV

Market V

alue

EUR

Quan

tity

105


Index North America


PULTE HOMES14,831 103,370 0.03QUALCOMM INC71,149 2,294,025 0.68QUANTA SERVICES INC10,252 148,912 0.04QUEST DIAGNOSTICS6,969 293,283 0.09QUESTAR CORP6,205 179,782 0.05QWEST COMMUNICATIONS INTERNATIONAL INC55,594 163,130 0.05RALCORP HOLDINGS2,012 83,733 0.02RANGE RESOURCES CORP6,959 241,789 0.07RAYONIER REIT3,217 94,531 0.03RAYTHEON CO17,988 645,926 0.19RED HAT7,609 163,874 0.05REGENCY CENTERS2,504 61,189 0.02REGIONS FINANCIAL CORP49,866 183,859 0.05RENAISSANCERE HOLDINGS LTD2,082 77,127 0.02REPUBLIC SERVICES -A-19,378 382,360 0.11REYNOLDS AMERICAN7,746 285,977 0.09ROBERT HALF INTERNATIONAL INC5,301 98,760 0.03ROCKWELL AUTOMATION6,376 208,778 0.06ROCKWELL COLLINS WHEN ISSUED6,705 258,713 0.08ROPER INDUSTRIES INC3,207 117,059 0.03ROSS STORES INC4,753 141,489 0.04ROWAN COMPANIES INC4,044 63,813 0.02R.R.DONNELLEY SONS CO8,879 137,819 0.04SAFEWAY INC17,344 257,365 0.08SAIC INC6,586 86,941 0.03SALESFORCE COM.INC5,001 257,135 0.08SANDISK CORP8,053 162,716 0.05SARA LEE CORP35,304 299,706 0.09SBA COMMUNICATIONS1,910 45,475 0.01SCANA3,977 104,446 0.03SCHLUMBERGER LTD51,251 2,325,093 0.69SCRIPPS NETWORKS3,179 91,952 0.03SEAGATE TECHNOLOGY21,978 278,641 0.08SEAHAWK DRILLING INC1 16 0.00SEALED AIR5,658 86,206 0.03SEARS HOLDINGS CORP2,391 139,069 0.04SEI INVESTMENTS COMPANY4,799 58,601 0.02SEMPRA ENERGY9,451 368,752 0.11SHERWIN WILLIAMS CO3,573 153,529 0.05SIGMA-ALDRICH CORP4,508 158,766 0.05SIMON PROPERTY GROUP INC11,514 640,402 0.19SLM16,734 131,446 0.04SMITH INTERNATIONAL7,831 148,296 0.04SOUTHERN CO33,750 783,795 0.23SOUTHWEST AIRLINES CO9,593 76,423 0.02SOUTHWESTERN ENERGY CO13,837 464,850 0.14SPECTRA ENERGY - WHEN ISSUED28,213 403,310 0.12SPRINT NEXTEL 1 SHS-SERIES 199,297 253,303 0.08SPX CORP1,973 75,221 0.02ST JUDE MEDICAL INC15,881 407,111 0.12STANLEY WORKS (THE)2,531 90,867 0.03STAPLES28,803 493,651 0.15STARBUCKS CORP32,071 515,461 0.15STARWOOD HOTELS AND RESORTS6,682 170,316 0.05STATE STREET CORP20,456 620,773 0.18STERICYCLE INC3,057 117,550 0.04STRYKER CORP12,262 430,484 0.13

% of N

AV

Market V

alue

EUR

Quan

tity

SUN MICROSYSTEM33,332 217,683 0.06SUNOCO4,182 76,076 0.02SUNPOWER CORP -A-7,500 123,785 0.04SUNTRUST BANKS INC19,789 279,853 0.08SUPERVALUE INC8,617 76,335 0.02SYMANTEC CORP35,718 445,370 0.13SYNOPSYS5,112 79,383 0.02SYSCO CORP25,254 491,791 0.15T ROWE PRICE GROUP INC11,198 415,608 0.12TARGET CORP30,052 1,013,149 0.30TD AMERITRADE HOLDING CORP11,906 160,821 0.05TELEPHONE AND DATA SYSTEMS3,669 86,742 0.03TERADATA - SHS WHEN ISSUED6,388 139,937 0.04TEXAS INSTRUMENTS INC56,112 1,019,187 0.30TEXTRON INC8,895 116,616 0.03TFS FINANCIAL4,043 34,209 0.01THE WESTERN UNION COMPANY WHEN ISSUED31,107 408,689 0.12THERMO FISHER SCIEN SHS17,495 581,521 0.17TIFFANY CO4,509 135,136 0.04TIME WARNER46,432 943,041 0.28TIME WARNER CABLE (WHEN ISSUED)15,221 439,099 0.13TJX COS INC16,641 423,927 0.13TOLL BROTHERS INC4,828 63,297 0.02TORCHMARK CORP3,122 95,635 0.03TOTAL SYSTEM SERVICES INC6,014 72,390 0.02TRANSATLANTIC HOLDINGS INC4,067 147,713 0.04TRAVELERS COS INC/THE24,135 838,732 0.25TYSON FOODS INC -A-10,369 88,676 0.03ULTRA PETROLEUM CORP5,470 190,092 0.06UNION PACIFIC CORP20,789 925,888 0.28UNITED PARCEL SERVICE INC28,476 1,138,643 0.34UNITED TECHNOLOGIES CORP36,445 1,763,128 0.53UNITEDHEALTH GROUP INC49,383 1,049,098 0.31UNUM SHS12,365 168,228 0.05URBAN OUTFITTERS INC5,871 143,179 0.04URS CORP3,387 105,098 0.03US BANCORP83,515 1,310,279 0.39US STEEL6,433 247,142 0.07VALERO ENERGY CORP (NEW)22,119 258,228 0.08VARIAN MEDICAL SYTEMS4,468 145,897 0.04VENTAS INC7,046 214,805 0.06VERISIGN INC7,853 132,676 0.04VERIZON COMMUNICATIONS INC115,299 2,662,384 0.79VERTEX PHARMACEUTICALS INC7,050 210,554 0.06VF CORP3,969 202,606 0.06VIACOM -B-23,948 496,236 0.15VIRGIN MEDIA INC13,152 154,276 0.05VISA INC -A-18,289 1,114,867 0.33VORNADO REALTY TRUST SHS OF BENEF.INT7,025 342,449 0.10VULCAN MATERIALS CO5,483 201,282 0.06WALGREEN CO40,386 1,033,611 0.31WAL-MART STORES INC98,889 3,683,999 1.10WALT DISNEY CO76,442 1,718,247 0.51WASHINGTON POST217 66,488 0.02WASTE MANAGEMENT INC20,457 482,071 0.14WATERS3,543 153,005 0.05WATSON PHARMACEUTICALS2,310 63,774 0.02

% of N

AV

Market V

alue

EUR

Quan

tity

106


Index North America


WELLPOINT INC18,583 754,977 0.22WELLS FARGO AND CO207,469 3,902,832 1.16WESTERN DIGITAL CORP9,912 305,011 0.09WEYERHAEUSER CO9,382 282,098 0.08WHIRLPOOL CORP2,664 149,767 0.04WHOLE FOODS MARKET5,021 96,063 0.03WILLIAMS COS INC25,552 375,422 0.11WINDSTREAM15,733 120,513 0.04WISCONSIN ENERGY CORP4,184 145,314 0.04W.R.BERKLEY CORP5,246 90,093 0.03WW GRAINGER INC2,319 156,507 0.05WYNN RESORTS LTD3,758 152,520 0.05XCEL ENERGY INC15,692 232,085 0.07XEROX CORP38,475 226,868 0.07XILINX INC9,894 172,813 0.05XL CAPITAL -A-13,775 175,986 0.05XTO ENERGY INC22,665 735,043 0.22YAHOO INC54,896 642,032 0.19YUM BRANDS INC19,684 479,770 0.14ZIMMER HOLDINGS INC8,370 344,834 0.103M CO26,831 1,545,997 0.46

PENN WEST ENERGY TRUST UNITS18,761 231,379 0.07


Canada 253,182 0.08

PROVIDENT ENERGY TRUST -TRUST UNITS-4,632 21,803 0.01

ARC ENERGY TRUST1,896 25,135 0.01



Canada 74,539 0.02

YELLOW PAGES INCOME FUND13,812 49,404 0.01


% of N

AV

Market V

alue

EUR

Quan

tity

107


Index Pacific


AGL ENERGY LTD14,647 127,627 0.17


76,373,900 99.19

Shares 76,314,017 99.11

Australia 18,961,166 24.63

ALUMINA75,209 85,194 0.11AMCOR LTD36,726 141,720 0.18AMP LIMITED62,714 264,643 0.34ANZ BANKING GROUP LTD82,202 1,163,429 1.50ARISTOCRAT LEISURE14,000 35,464 0.05ARROW ENERGY SHS14,422 36,443 0.05ASCIANO GROUP - STAPLE SECURITY95,817 107,047 0.14ASX LTD5,881 127,086 0.17AXA ASIA PACIFIC HOLDINGS32,870 132,773 0.17BENDIGO AND ADELAIDE BANK10,988 66,337 0.09BHP BILLITON LTD108,500 2,883,529 3.74BILLABONG INTERNATIONAL LTD6,491 43,551 0.06BLUESCOPE STEEL58,921 112,217 0.15BORAL LTD17,615 64,685 0.08BRAMBLES45,419 191,378 0.25CALTEX AUSTRALIA LTD5,192 29,600 0.04CFS RETAIL PROPERTY TRUST54,310 63,041 0.08COCA-COLA AMATIL LTD17,099 122,174 0.16COCHLEAR2,147 91,522 0.12COMMONWEALTH BANK OF AUSTRALIA49,538 1,677,891 2.17COMPUTERSHARE LIMITED16,173 114,450 0.15CROWN15,283 75,241 0.10CSL LTD19,262 386,632 0.50CSR LTD46,451 51,461 0.07DEXUS PROPERTY GROUP STAPLED SECURITY143,850 74,311 0.10ENERGY RESOURCES OF AUSTRALIA LTD -A-1,757 25,698 0.03FAIRFAX MEDIA73,804 78,549 0.10FORTESCUE METALS GROUP LTD42,841 115,989 0.15FOSTER BREWING GROUP LTD63,687 217,615 0.28GOODMAN GROUP - STAPLED SECURITY166,296 62,101 0.08GOODMANN FIELDER LTD34,086 34,156 0.04GPT GROUP STAPLED SECURITY297,467 110,160 0.14HARVEY NORMAN HOLDINGS19,100 49,691 0.06INCITEC PIVOT LTD49,347 108,725 0.14INSURANCE AUSTRALIA GROUP LIMITED69,558 173,170 0.22LEIGTHON HOLDINGS LTD4,828 114,728 0.15LEND LEASE CORP LTD - STAPLED SECURITIES14,005 88,125 0.11MACQUARIE GROUP10,681 319,028 0.41MACQUARIE INFRASTRUCTURE(STAPLED SECUR.)70,157 58,293 0.08MAP GROUP STAPLED SECURITIES18,840 34,709 0.05METCASH LTD25,570 70,820 0.09MIRVAC GROUP STAPLED SECURITIES74,733 71,863 0.09NAT. AUSTRALIA BANK68,521 1,160,004 1.51NEWCREST MINING LTD15,320 333,347 0.43NUFARM LTD5,193 35,133 0.05ONESTEEL LTD43,044 88,944 0.12ORICA LIMITED11,861 189,133 0.25ORIGIN ENERGY LTD28,510 296,333 0.38OZ MINERALS89,030 65,940 0.09PALADIN ENERGY19,830 51,590 0.07

% of N

AV

Market V

alue

EUR

Quan

tity

QBE INSURANCE GROUP32,882 520,441 0.68QUANTAS AIRWAYS LTD28,982 52,852 0.07RIO TINTO14,232 661,156 0.86SANTOS LTD26,986 235,144 0.31SIMS METAL MANAGEMENT LTD5,393 73,576 0.10SONIC HEALTHCARE LTD10,730 100,976 0.13SP AUSNET STAPLED SECURITY39,100 22,267 0.03STOCKLAND80,674 195,823 0.25SUNCORP METWAY41,786 223,404 0.29TABCORP HOLDINGS LTD19,300 83,845 0.11TATTS GROUP32,319 48,880 0.06TELSTRA CORP139,734 296,567 0.39TOLL HOLDING LTD20,003 106,446 0.14TRANSURBAN GROUP35,061 120,675 0.16WESFARMERS32,538 630,632 0.82WESFARMERS PRICE PROTECTED SHS4,684 90,666 0.12WESTFIELD GROUP LTD STAPLED SECURITY66,464 512,950 0.67WESTPAC BANKING CORP96,028 1,510,323 1.95WOODSIDE PETROLEUM16,124 475,181 0.62WOOLWORTHS LTD39,579 679,647 0.88WORLEYPARSONS LTD5,417 96,425 0.13

CHINESE ESTATES HOLDINGS LTD20,000 23,470 0.03

Bermuda 88,445 0.11

MONGOLIA ENERGY103,000 36,186 0.04ORIENT OVERSEAS INTL9,000 28,789 0.04

SANDS CHINA LTD66,000 56,041 0.07


YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD39,000 23,422 0.03

China 23,422 0.03

ASM PACIFIC TECHNOLOGY5,000 33,223 0.04

Hong Kong 5,241,630 6.81

BANK OF EAST ASIA LTD46,400 130,286 0.17BOC HONG KONG (HOLDINGS) LTD117,500 186,026 0.24CATHAY PACIFIC AIRWAYS49,000 64,281 0.08CHEUNG KONG INFRASTRUCTURE HOLDINGS14,000 37,361 0.05CHEUNG-KONG HOLDINGS LTD46,000 408,982 0.53CHINA L&P HLDGS67,000 315,755 0.41ESPRIT HOLDINGS LTD37,300 172,435 0.22FOXCONN INTERNATIONAL HOLDINGS LTD60,000 47,927 0.06HANG LUNG GROUP LTD29,000 98,757 0.13HANG LUNG PROPERTIES LTD65,000 172,292 0.22HANG SENG BANK LTD25,400 260,634 0.34HENDERSON LAND DEVLOPMENT CO LTD37,000 190,330 0.25HKG. AIRCRAFT ENGIN. CO LTD2,400 21,500 0.03HONG KONG CHINA GAS126,000 220,541 0.29HONG KONG ELECTRIC HOLDINGS LTD46,500 176,527 0.23HONG KONG EXCHANGES AND CLEARING LTD34,100 423,748 0.56HOPEWELL HLDGS18,000 40,515 0.05HUTCHISON WHAMPOA68,000 320,163 0.42HYSAN DEVELOPMENT21,000 41,418 0.05KERRY PROPERTIES24,000 85,504 0.11LI AND FUNG LTD76,000 218,521 0.28LIFESTYLE INTERNATIONAL20,000 24,907 0.03MTR CORP LTD43,500 104,555 0.14NEW WORLD DEVELOPMENT80,000 112,280 0.15

% of N

AV

Market V

alue

EUR

Quan

tity

108


Index Pacific


NWS HOLDINGS LTD33,000 42,342 0.05PCCW LTD100,000 16,982 0.02SHANGRI - LA ASIA LTD48,000 63,486 0.08SINO LAND48,000 64,090 0.08SUN HUNG KAI PROPERTIES LTD46,000 474,494 0.63SWIRE PACIFIC LTD SIE A25,000 207,447 0.27TELEVISION BROADCASTS LTD9,000 30,244 0.04THE LINK REIT - UNITS68,500 121,867 0.16WHARF HOLDINGS42,000 163,972 0.21WHEELOCK COMPANY LTD33,000 69,829 0.09WING HANG BANK LTD5,000 32,324 0.04YUE YUEN INDUSTRIAL HOLDINGS23,000 46,085 0.06

GENTING SINGAPORE PLC138,000 86,304 0.11

Isle of Man 86,304 0.11

ABC MART INC. TOKYO700 13,742 0.02

Japan 48,201,611 62.60

ACOM CO LTD1,430 15,286 0.02ADVANTEST CORP5,200 94,608 0.12AEON CO LTD19,800 112,640 0.15AEON CREDIT SERVICE LTD1,800 12,187 0.02AEON MALL CO LTD2,800 38,001 0.05AIOI INSURANCE CO LTD16,000 53,742 0.07AIR WATER5,000 41,381 0.05AISIN SEIKI CO LTD6,000 120,284 0.16AJINOMOTO CO INC21,000 139,007 0.18ALFRESA HOLDINGS CORP1,000 27,915 0.04ALL NIPPON AIRWAYS CO LTD26,000 49,566 0.06AMADA CO LTD9,000 39,557 0.05AOZORA BANK SHS20,000 14,827 0.02ASAHI BREWERIES LTD12,500 161,891 0.21ASAHI GLASS CO LTD34,000 225,831 0.29ASAHI KASEI CORPORATION42,000 147,427 0.19ASICS CORP KOBE4,000 25,146 0.03ASTELLAS PHARMA14,700 384,772 0.50BANK OF KYOTO10,000 56,738 0.07BANK OF YOKOHAMA LTD38,000 121,313 0.16BENESSE HOLDINGS INC2,500 73,570 0.10BRIDGESTONE CORP19,700 242,324 0.31BROTHER INDUSTRIES6,200 49,764 0.06CANON INC34,400 1,017,526 1.33CANON MARKETING JAPAN INC2,100 21,765 0.03CASIO COMPUTER CO LTD6,500 36,240 0.05CENTRAL JAPAN RAILWAY CO47 221,156 0.29CHIBA BANK24,000 100,584 0.13CHIYODA CORP6,000 32,454 0.04CHUBU ELECTRIC POWER CO INC22,000 369,475 0.48CHUGAI PHARMACEUTICAL7,400 97,407 0.13CHUGOKU BANK LTD5,000 43,461 0.06CHUGOKU ELECTRIC POWER CO9,300 124,880 0.16CHUO MITSUI TRUST HOLDING31,000 72,934 0.09CITIZEN HOLDINGS -SHS-8,500 34,402 0.04COCA-COLA WEST SHS1,700 21,078 0.03COSMO OIL LTD15,000 22,128 0.03CREDIT SAISON CO LTD4,100 32,381 0.04DAI NIPPON PRINTING CO LTD17,000 151,883 0.20DAICEL CHEMICAL INDUSTRIES LTD8,000 32,923 0.04

% of N

AV

Market V

alue

EUR

Quan

tity

DAIDO STEEL7,000 18,217 0.02DAIHATSU MOTOR CO6,000 41,986 0.05DAIICHI SANKYO CO LTD21,400 315,526 0.41DAIKIN INDUSTRIES LTD7,900 218,735 0.28DAINIPPON SUMITOMO PHARMA CO LTD5,200 38,394 0.05DAITO TRUST CONSTRUCTION CO LTD2,300 76,558 0.10DAIWA HOUSE INDUSTRY CO LTD17,000 127,834 0.17DAIWA SECURITIES GROUP INC56,000 196,993 0.26DENA CO LTD9 37,447 0.05DENKI KAGAKU KOGYO KK19,000 59,650 0.08DENSO CORP16,400 344,904 0.45DENTSU4,900 79,141 0.10DOWA HOLDINGS CO LTD7,000 27,219 0.04EAST JAPAN RAILWAY CO11,300 501,795 0.65EISAI8,300 214,741 0.28ELECTRIC POWER DEVELOPMENT CO4,300 85,878 0.11ELPIDA MEMORY INC5,400 61,522 0.08FAMILYMART CO LTD2,300 47,762 0.06FANUC LTD6,400 417,831 0.54FAST RETAILING CO LTD1,600 211,457 0.27FUJI ELECTRIC HOLDINGS CO15,000 18,156 0.02FUJI HEAVY INDUSTRIES LTD22,000 74,894 0.10FUJI MEDIA HLDGS14 13,652 0.02FUJIFILM HOLDINGS CORP15,500 327,149 0.42FUJITSU LTD60,000 270,525 0.35FUKUOKA FINANCIAL GROUP24,000 58,462 0.08FURUKAWA ELECTRIC CO LTD25,000 73,002 0.09GS YUASA CORP13,000 66,973 0.09GUNMA BANK LTD12,000 42,939 0.06HACHIJUNI BANK13,000 53,106 0.07HAKUHODO DY HOLDINGS INC720 24,565 0.03HANKYU HANSHIN HOLDINGS INC34,000 106,485 0.14HINO MOTORS LTD9,000 21,855 0.03HIROSE ELECTRIC CO1,000 73,456 0.10HIROSHIMA BANK14,000 37,810 0.05HISAMITSU PHARMACEUTICAL CO INC2,000 45,390 0.06HITACHI CHEMICAL CO LTD3,300 46,958 0.06HITACHI CONST MACH.3,900 71,251 0.09HITACHI HIGH-TECHNOLOGIES2,000 27,824 0.04HITACHI LTD145,000 311,527 0.40HITACHI METALS LTD4,000 26,931 0.03HOKKAIDO ELECTRIC POWER CO INC6,500 83,053 0.11HOKUGIN FINANCIAL GROUP46,000 65,770 0.09HOKURIKU ELECTRIC POWER CO INC5,700 87,319 0.11HONDA MOTOR CO LTD53,400 1,256,354 1.64HOYA CORP13,500 251,234 0.33IBIDEN4,400 109,844 0.14IDEMITSU KOSAN600 24,511 0.03IHI CORP37,000 41,146 0.05INPEX27 143,183 0.19ISETAN MITSUKOSHI11,000 69,651 0.09ISUZU MOTORS LTD42,000 54,967 0.07ITO EN LTD2,100 22,193 0.03ITOCHU CORP51,000 263,126 0.34ITOCHU TECHNO-SOLUTIONS CORP CTC700 13,212 0.02IYO BANK8,000 45,632 0.06JAFCO CO LTD800 13,496 0.02

% of N

AV

Market V

alue

EUR

Quan

tity

109


Index Pacific


JAPAN AIRLINES CORP JAL27,000 13,685 0.02JAPAN PETROLEUM EXPLORATION CO LTD1,100 34,035 0.04JAPAN RETAIL FUND INVESTMENT CORP14 44,165 0.06JAPAN STEEL WORKS10,000 89,192 0.12JAPAN TOBACCO149 352,810 0.46JFE HOLDINGS INC16,100 444,558 0.58J.FRONT RETAILING CO LTD16,000 49,505 0.06JGC CORP6,000 77,436 0.10JOYO BANK LTD21,000 59,098 0.08JP REAL ESTATE INVESTMENT18 93,141 0.12JS GROUP7,800 94,352 0.12JSR CORP5,900 83,911 0.11JTEKT CORP5,900 52,891 0.07JUPITER TELECOMMUNICATIONS CO LTD78 54,405 0.07KAJIMA CORP28,000 39,610 0.05KAMIGUMI CO LTD9,000 46,230 0.06KANEKA CORP8,000 35,767 0.05KANSAI ELECTRIC POWER24,600 390,809 0.51KANSAI PAINT CO LTD7,000 41,146 0.05KAO CORP17,500 287,943 0.37KAWASAKI HEAVY INDUSTRIES46,000 81,430 0.11KAWASAKI KISEN KAISHA LTD19,000 37,946 0.05KDDI CORP94 350,578 0.46KEIH ELECTRIC EXPRESS RAILWAY14,000 72,443 0.09KEIO18,000 76,255 0.10KEISEI ELECTRIC RAILWAY CO LTD9,000 34,587 0.04KEYENCE CORP1,270 184,465 0.24KIKKOMAN CORP5,000 42,894 0.06KINDEN CORP5,000 29,617 0.04KINETSU49,000 114,171 0.15KIRIN HOLDINGS CO LTD28,000 315,613 0.41KOBE STEEL92,000 116,925 0.15KOITO MANUFACTURING4,000 44,755 0.06KOMATSU LTD30,600 447,701 0.58KONAMI CO LTD2,500 31,319 0.04KONICA MINOLTA HOLDINGS INC15,500 111,629 0.14KUBOTA CORP37,000 237,920 0.31KURARAY CO LTD11,000 90,455 0.12KURITA WATER INDUSTRIES LTD4,000 87,754 0.11KYOCERA CORP5,200 321,392 0.42KYOWA HAKKO KIRIN CO LTD8,000 59,612 0.08KYUSHU ELECTRIC POWER CO INC12,400 179,545 0.23LAWSON INC1,800 55,830 0.07MABUCHI MOTOR CO LTD800 27,718 0.04MAKITA CORP4,100 98,323 0.13MARUBENI CORP51,000 197,152 0.26MARUI GROUP CO LTD8,500 36,717 0.05MARUICHI STEEL TUBE LTD800 11,239 0.01MATSUI SECURITIES CO LTD3,000 14,638 0.02MAZDA MOTOR CORP42,000 67,359 0.09MC DONALD'S CO (JAPAN)2,400 32,300 0.04MEDICEO HOLDINGS CORP4,000 34,829 0.05MEIJI HLDGS2,453 65,135 0.08MINEBEA CO LTD14,000 53,167 0.07MITSUBISHI CHEMICAL HOLDINGS CORP38,000 113,263 0.15MITSUBISHI CORP41,400 721,907 0.94MITSUBISHI ELECTRIC CORP65,000 336,832 0.44

% of N

AV

Market V

alue

EUR

Quan

tity

MITSUBISHI ESTATE39,000 436,063 0.57MITSUBISHI GAS CHEM.11,000 38,778 0.05MITSUBISHI HEAVY INDUSTRIES LTD97,000 239,221 0.31MITSUBISHI LOGISTICS4,000 33,195 0.04MITSUBISHI MATERIAL39,000 66,973 0.09MITSUBISHI MOTORS CORP106,000 102,642 0.13MITSUBISHI RAYON20,000 56,435 0.07MITSUBISHI TANABE PHARMA CORP8,000 70,264 0.09MITSUBISHI UFJ FINANCIAL GROUP INC408,600 1,397,163 1.82MITSUI AND CO LTD56,200 557,377 0.72MITSUI CHEMICALS30,000 54,468 0.07MITSUI ENGINEERING SHIPBUILDING CO LTD24,000 40,306 0.05MITSUI FUDOSAN CO LTD28,000 330,016 0.43MITSUI MINING SMELTING CO LTD19,000 34,496 0.04MITSUI OSK LINES LTD39,000 144,272 0.19MITSUI SUMITOMO INSURANCE GROUP HOLDINGS13,500 241,532 0.31MITSUMI ELECTRIC CO LTD2,600 32,120 0.04MIZUHO FINANCIAL GROUP INC439,000 551,293 0.72MIZUHO SECURITIES CO LTD19,000 40,390 0.05MIZUHO TRUST AND BANKING CO LTD40,000 26,024 0.03M'UFJ LEASE & FIN -SHS-1,710 36,157 0.05MURATA MANUFACTURING CO LTD6,700 233,154 0.30NAMCO BANDAI HOLDINGS INC, TOKYO5,300 35,604 0.05NEC CORP80,000 144,643 0.19NGK INSULATORS LTD8,000 122,251 0.16NGK SPARK PLUG CO LTD6,000 47,433 0.06NHK SPRING CO LTD6,000 39,081 0.05NIDEC CORP3,500 226,118 0.29NIKON CORP10,000 138,289 0.18NINTENDO CO LTD3,200 533,546 0.69NIPPON BUILDING FD17 90,795 0.12NIPPON ELECTRIC GLASS CO LTD12,000 115,382 0.15NIPPON EXPRESS27,000 77,821 0.10NIPPON INSURANCE CO LTD18,000 71,762 0.09NIPPON MEAT PACKERS INC., OSAKA5,000 40,624 0.05NIPPON MINING HOLDINGS INC30,500 91,601 0.12NIPPON OIL CORP42,000 136,624 0.18NIPPON PAPER GROUP2,700 48,613 0.06NIPPON SHEET GLASS CO LTD19,000 38,090 0.05NIPPON STEEL CORP166,000 470,922 0.61NIPPON TEL.17,100 472,171 0.61NIPPON YUSEN KK45,000 97,021 0.13NISHI NIPPON CITY BANK24,000 41,214 0.05NISSAN CHEMICAL INDUSTRIES LTD5,000 49,967 0.06NISSAN MOTOR CO LTD81,100 496,954 0.65NISSAY DOWA GENERAL4,000 13,435 0.02NISSHA PRINTING LTD1,000 34,496 0.04NISSHIN FLOUR MILL.6,500 61,761 0.08NISSHIN FOODS2,000 45,844 0.06NISSHIN STEEL CO LTD24,000 29,776 0.04NISSHINBO HOLDINGS4,000 25,963 0.03NITORI CO LTD1,150 60,289 0.08NITTO DENKO CORP5,000 125,579 0.16NOK CORP3,400 32,897 0.04NOMURA HOLDINGS INC116,100 598,121 0.78NOMURA REAL ESTATE HOLDINGS INC3,600 37,338 0.05NOMURA RESEARCH INSTITUTE3,500 48,480 0.06

% of N

AV

Market V

alue

EUR

Quan

tity

110


Index Pacific


NSK LTD17,000 87,452 0.11NTN CORP15,000 47,319 0.06NTT DATA CORP39 85,295 0.11NTT DOCOMO INC495 485,311 0.63NTT URBAN DEVELOPMENT42 19,572 0.03OBAYASHI CORP22,000 52,592 0.07OBIC190 21,862 0.03ODAKYU ELECTRIC RAILWAY CO LTD19,000 102,483 0.13OJI PAPER CO LTD30,000 88,284 0.11OLYMPUS CORP7,300 164,569 0.21OMRON CORP7,300 91,783 0.12ONO PHARMACEUTICAL CO LTD2,600 78,283 0.10ORACLE CORP JAPAN1,400 40,881 0.05ORIENTAL LAND CO LTD1,600 74,077 0.10ORIX CORP3,430 162,694 0.21OSAKA GAS CY60,000 142,525 0.19OTSUKA CORP400 14,010 0.02PANASONIC CORP63,400 635,499 0.83PANASONIC ELECTRIC WORKS13,000 110,343 0.14RAKUTEN221 118,201 0.15RESONA HOLDINGS INC14,900 105,730 0.14RICOH CO LTD22,000 218,690 0.28RINNAI CORP1,100 37,280 0.05ROHM CO LTD3,000 137,532 0.18SANKYO CO LTD1,700 59,673 0.08SANTEN PHARMACEUTICAL CO LTD2,500 56,359 0.07SANYO ELECTRIC CO LTD51,000 65,975 0.09SAPPORO HOKUYO HOLDINGS INC6,200 15,806 0.02SAPPORO HOLDINGS LTD10,000 38,506 0.05SBI HOLDING598 74,915 0.10SECOM CO LTD6,900 230,718 0.30SEGA SAMMY HOLDINGS INC5,400 45,508 0.06SEIKO EPSON CORP5,200 58,850 0.08SEKISUI CHEMICAL CO LTD16,000 69,719 0.09SEKISUI HOUSE LTD18,000 114,247 0.15SENSHU IKEDA HOLDINGS11,200 28,808 0.04SEVEN & I HOLDINGS CO LTD24,900 357,336 0.46SEVEN BANK21 29,390 0.04SEVENTY-SEVEN BANK LTD11,000 41,025 0.05SHARP CORP34,000 300,165 0.39SHIKOKU ELECTRIC POWER CO5,500 99,858 0.13SHIMADZU CORPORATION9,000 41,940 0.05SHIMAMURA CORP700 46,918 0.06SHIMANO INC2,500 70,355 0.09SHIMIZU CORP24,000 60,460 0.08SHIN-ETSU CHEM. CO LTD13,300 526,215 0.68SHINKO ELECTRIC INDUSTRIES CO LTD3,000 30,230 0.04SHINOGI CO LTD10,500 159,660 0.21SHINSEI BANK LTD40,000 30,563 0.04SHISEIDO11,700 157,638 0.20SHIZUOKA BANK LTD21,000 127,887 0.17SHOWA DENKO KK54,000 75,575 0.10SHOWA SHELL SEKIYU KK5,100 29,168 0.04SMC CORP1,800 143,387 0.19SOFTBANK CORP25,000 410,402 0.53SOJITZ CORP31,600 41,835 0.05SOMPO JAPAN INSURANCE INC30,000 134,582 0.17

% of N

AV

Market V

alue

EUR

Quan

tity

SONY CORP32,400 654,435 0.85SONY FINANCIAL HOLDINGS27 49,471 0.06SQUARE ENIX HDLGS3,200 47,303 0.06STANLEY ELECTRIC CO LTD3,800 53,642 0.07SUMCO CORP3,800 46,858 0.06SUMITOMO CHEMICAL CO LTD51,000 156,255 0.20SUMITOMO CORP37,400 266,805 0.35SUMITOMO ELECTRIC INDUSTRIES LTD25,000 217,494 0.28SUMITOMO HEAVY INDUSTRIES18,000 63,728 0.08SUMITOMO METAL INDUSTRIES LTD113,000 212,857 0.28SUMITOMO METAL MINING CO LTD18,000 187,779 0.24SUMITOMO MITSUI FINANCIAL GROUP INC29,300 586,278 0.76SUMITOMO REALTY & DEVELOPMENT CO LTD12,000 157,867 0.21SUMITOMO RUBBER INDUSTRIES LTD7,200 43,683 0.06SUMITOMO TRUST BANK44,000 150,786 0.20SURUGA BANK LTD6,000 36,584 0.05SUZUKEN CO2,000 46,147 0.06SUZUKI MOTOR CORP11,000 189,731 0.25SYSMEX1,400 51,366 0.07T AND D HOLDINGS INC9,200 132,167 0.17TAIHEIYO CEMENT CORP36,000 28,868 0.04TAISEI25,000 30,071 0.04TAISHO PHARMACEUTICAL4,000 48,356 0.06TAIYO NIPPON SANSO9,000 66,996 0.09TAKASHIMAYA CO LTD8,000 35,828 0.05TAKEDA PHARMA CO LTD24,400 706,966 0.92TDK CORP3,900 166,695 0.22TEIJIN LTD28,000 63,546 0.08TERUMO CORP.5,200 220,293 0.29THK CO LTD3,400 42,131 0.05TOBU RAILWAY CO LTD26,000 95,395 0.12TOHO CO3,300 37,771 0.05TOHO GAS14,000 52,320 0.07TOHOKU ELECTRIC POWER CO INC13,300 185,131 0.24TOKIO MARINE HOLDINGS INC24,000 459,348 0.60TOKUYAMA CORP8,000 31,289 0.04TOKYO ELECTRIC POWER CO INC39,000 688,908 0.89TOKYO ELECTRON LTD5,700 255,274 0.33TOKYO GAS CO LTD77,000 216,110 0.28TOKYO STEEL MFG CO LTD SHS3,200 25,297 0.03TOKYO TATEMONO CO10,000 26,780 0.03TOKYU CORP39,000 109,163 0.14TOKYU LAND CORP12,000 31,047 0.04TONENGENERAL SEKIYU12,000 70,355 0.09TOPPAN PRINTING20,000 113,627 0.15TORAY INDUSTRIES INC43,000 163,624 0.21TOSHIBA CORP132,000 510,276 0.66TOSOH CORP20,000 39,035 0.05TOTO LTD8,000 35,525 0.05TOYO SEIKAN KAISHA4,800 51,418 0.07TOYO SUISAN KAISHA3,000 48,454 0.06TOYODA GOSEI CO LTD1,600 33,770 0.04TOYOTA BOSHOKU CORP2,200 34,285 0.04TOYOTA INDUSTRIES CORP5,500 114,629 0.15TOYOTA MOTOR CORP95,700 2,809,013 3.66TOYOTA TSUSHO CORP6,600 68,253 0.09TREND MICRO INC3,700 98,807 0.13

% of N

AV

Market V

alue

EUR

Quan

tity

111


Index Pacific


TSUMURA AND CO1,800 40,851 0.05UBE INDUSTRIES LTD35,000 67,253 0.09UNI-CHARM1,400 92,248 0.12UNY CO LTD5,000 24,624 0.03USHIO INC.4,000 46,782 0.06USS710 30,401 0.04WEST JAPAN RAILWAY COMPANY57 134,536 0.17YAHOO JAPAN CORP444 93,511 0.12YAKULT HONSHA CO LTD3,100 65,899 0.09YAMADA DENKI CO LTD2,700 127,864 0.17YAMAGUCHI FINANCIAL GROUP7,000 45,647 0.06YAMAHA CORP.5,600 47,278 0.06YAMAHA MOTOR CO LTD7,200 63,510 0.08YAMATO HOLDINGS CO LTD12,000 116,925 0.15YAMATO KOGYO CO LTD1,000 22,922 0.03YAMAZAKI BAKING CO5,000 41,645 0.05YASKAWA ELECTRIC CORP8,000 46,722 0.06YOKOGAWA ELECTRIC CORP8,600 52,828 0.07

JAMES HARDIES IND/CHESS UNITS OF FOR SEC15,402 80,428 0.10


AUCKLAND INTERNATIONAL AIRPORT24,000 24,028 0.03

New Zealand 251,607 0.33

CONTACT ENERGY LTD13,470 41,132 0.05FLETCHER BUILDING LTD18,715 74,949 0.11SKY CITY23,273 39,028 0.05TELECOM CORP OF NEW ZEALAND LTD57,907 72,470 0.09

ASCENDAS REAL ESTATE INVES.TRUST UNITS42,000 43,569 0.06

Singapore 3,323,363 4.32

CAPITALAND LTD86,500 180,321 0.23CAPITALMALLS38,000 47,907 0.06CAPITAMALL REAL ESTATE INVESTMENT TRUST72,400 63,246 0.08CITY DEVELOPMENT18,000 102,386 0.13COMFORTDELGRO CORP69,000 55,824 0.07COSCO CORP (S) LTD25,000 14,642 0.02DBS GROUP HOLDINGS56,500 429,063 0.57FRASER & NEAVE LTD34,000 71,215 0.09GOLDEN AGRI-RESOURCES191,512 48,003 0.06JARDINE CYCLE & CARRIAGE LTD5,000 66,311 0.09KEPPEL CORPORATION LTD40,000 163,198 0.21NEPTUNE ORIENT LINES LTD31,500 25,485 0.03NOBLE GROUP LTD46,000 72,377 0.09OLAM INTERNATIONAL LTD44,000 57,437 0.07OVERSEA-CHINESE BANKING CORPORATION LTD85,000 383,078 0.50SEMBCORP INDUSTRIES LTD27,000 49,317 0.06SEMBCORP MARINE LTD32,000 58,291 0.08SINGAPORE AIRLINES LTD19,000 140,326 0.18SINGAPORE AIRPORT TERMINAL SERVICES LTD680 925 0.00SINGAPORE EXCHANGE LTD27,000 110,962 0.14SINGAPORE TECHNOLOGIES ENGINEERING46,000 73,975 0.10SINGAPORE TELECOM - SH BOARD LOT 1000265,000 407,746 0.54S'PORE PRESS HOLDINGS LTD51,000 92,901 0.12STARHUB17,000 18,057 0.02UNITED OVERSEAS BANK40,000 390,721 0.51UOL GROUP LTD14,000 28,421 0.04WILMAR INTERNATIONAL LTD40,000 127,659 0.17

% of N

AV

Market V

alue

EUR

Quan

tity

JAPAN PRIME REALTY INVESTMENT CORP12 17,484 0.02


Japan 59,425 0.08

NOMURA REAL ESTATE OFFICE FD11 41,941 0.06

GOLDEN AGRI-RESOURCES 23.07.12 RIGHT6,364 458 0.00


Mauritius 458 0.00

BGP HOLDINGS206,362 0 0.00


Shares 0 0.00

Malta 0 0.00

WOODSIDE PETROLEUM 29.01.10 RIGHT1,343 4,389 0.01




% of N

AV

Market V

alue

EUR

Quan

tity

112


Multi Asset Protected


CASAM ETF EUROMTS BROAD GLB FCP37,881 6,270,443 16.74



France 33,526,633 89.51

CASAM ETF EUROMTS BROAD 10-1522,583 3,901,891 10.42CASAM ETF EUROMTS BROAD 1-3 FCP25,552 3,933,219 10.50CASAM ETF EUROMTS BROAD 3-5 FCP23,947 3,917,729 10.46CASAM ETF EUROMTS BROAD 5-7 FCP23,114 3,906,728 10.43CASAM ETF EUROMTS BROAD 7-10 FCP22,757 3,894,633 10.40LYXOR ETF CHINA ENT FCP -A- CAP/DIS EUR33,926 3,840,762 10.25LYXOR ETF EASTERN EUR FCP CAP / DIS212,272 3,861,228 10.31

ISHARES MSCI BRAZIL93,549 3,885,090 10.37

Ireland 3,885,090 10.37


% of N

AV

Market V

alue

EUR

Quan

tity

113


Arbitrage Inflation


FRANCE BTF -10 04/02U10,000,000 9,997,055 19.82



21,966,609 43.55

Bonds 21,966,609 43.55

France 9,997,055 19.82

UNITED KINGDOM INDEX 1.25 06-17 22/11S1,000,000 1,306,238 2.59


US TREASURY INFL IX 2.375 06-11 15/04S2,500,000 1,958,090 3.88


USA NTS INDEX 3.375 02-12 15/01S5,600,000 5,085,601 10.09USA T NOTES INDEX 2.375 04-25 15/01S700,000 592,013 1.17USA TREASURY NTS INDX 1.875 03-13 15/07S3,500,000 3,027,612 6.00

CPR CASH EURO GOVERNMENT -I- CAP2 201,885 0.40



France 3,953,008 7.84

CPR CASH -P- CAP133 2,925,399 5.80CPR GLOBAL INFLATION FCP 3 DEC CAP2,187 825,724 1.64

90DAY EURO$ JUN99.25 14.06.10 PUT117 36,187 0.07




90DAY EURO$ JUN 99 14.06.10 PUT-117 -23,445 -0.05




United States of America -23,445 -0.05


% of N

AV

Market V

alue

EUR

Quan

tity

114


Arbitrage VaR 2 (EUR)


ARGENTINA (REP OF) FL.R 02-12 03/08S1,000,000 238,055 0.09



207,051,050 82.28

Bonds 161,727,223 64.27

Argentina 1,071,862 0.43

ARGENTINA SERIE V 7.00 06-11 28/03S1,200,000 833,807 0.34


Australia 6,957,960 2.76

BCP FINANCE BANK -10 25/02U10,000,000 9,981,125 3.97


FRANCE BTF -10 04/02U1,500,000 1,498,424 0.60

France 12,613,924 5.01

FRANCE OAT 5.75 00-32 25/10A2,250,000 2,741,580 1.09HSBC FRANCE 5.75 08-13 19/06A7,650,000 8,373,920 3.32


Greece 10,482,055 4.17

HELLENIC REPUBLIC 4.50 05-37 20/09A1,850,000 1,425,351 0.57HELLENIC REPUBLIC 4.60 07-40 20/09A800,000 617,024 0.25HELLENIC REPUBLIC 5.50 09-14 20/08A6,000,000 6,127,260 2.43

ICELAND T-BILLS -10 15/03U72,000,000 352,492 0.14

Iceland 2,306,121 0.92

ISLANDE 13.75 08-10 10/12A377,000,000 1,745,746 0.70RIKISBREF 8.00 09-11 22/07A47,000,000 207,883 0.08

GE CAP EUROPEAN FDG 6.025 08-38 01/03A5,150,000 5,234,563 2.08

Ireland 19,727,556 7.84


ITALY BOT (12 MESI) -10 15/02U8,000,000 7,986,579 3.17

Italy 7,986,579 3.17

MEXICAN BONOS -MI10- 9.50 04-14 18/12S87,000,000 5,064,753 2.01

Mexico 5,064,753 2.01

BANCO ESPIRITO SANTO 09-10 12/02U10,000,000 9,981,379 3.97

Portugal 9,981,379 3.97


Spain 7,985,816 3.17

UKRAINE REG.S 6.75 07-17 14/11S1,000,000 534,518 0.21

Ukraine 534,518 0.21



LLOYDS BANK -10 17/03U5,000,000 4,991,420 1.98UK TREASURY GILT STK 4.75 04-38 07/12S700,000 831,017 0.33UNITED KINGDOM 4.25 03-36 07/03S1,200,000 1,307,408 0.52



JP MORGAN CHASE 5.375 07-12 01/10S5,000,000 3,765,384 1.50MERRILL LYNCH EMTN 6.644 07-11 16/02S15,000,000 17,460,831 6.94

% of N

AV

Market V

alue

EUR

Quan

tity

VENEZUELA 7.65 05-25 21/04S1,700,000 703,887 0.28

Venezuela 3,015,471 1.20

VENEZUELA 9.25 97-27 15/09S4,500,000 2,311,584 0.92

SCCI S9 FL.R 05-10 31/07S4,000,000 3,992,400 1.59


Italy 3,992,400 1.59

GECC FL.R 06-66 15/09A5,750,000 4,355,625 1.73


INTL LEASE FIN.EMTN FL.R 05-11 15/08Q2,400,000 1,985,911 0.79

FCC PROUDREED S.1 C.A FL.R 05-17 18/08Q1,213,293 970,634 0.39


France 970,634 0.39

RCL SEC. 2006-1 -A- FL.R 06-14 22/12Q4,000,000 3,945,000 1.57

Germany 4,703,323 1.87

VCL 9 A REG-S FL.R 07-12 21/04M760,635 758,323 0.30

MERM 2007-1 -A2- FL.R 07/40 30/01Q3,191,224 3,181,810 1.26

Ireland 3,181,810 1.26


Italy 1,700,812 0.68

ADAGI II-X -A1- FL.R 05-21 15/01S4,000,000 3,530,000 1.40


DELPHINUS 2004-II-A- FL.R 04-90 25/11Q5,869,692 5,869,564 2.34E-MAC 2007-1 A1- FL.R 07-46 25/07Q2,074,585 2,000,387 0.79E-MAC NL04-II-A- FL.R 04-37 25/01Q3,976,025 3,121,219 1.24

FTA SANTANDER EMPRESA FL.R 05-38 25/10Q1,687,234 1,571,419 0.62

Spain 1,571,419 0.62

ECLIP 2005-3 A FL.R 05-15 10/10Q3,627,507 2,648,080 1.05


KARTA 2005-1 -A- FL.R 05-10 15/07Q1,300,000 1,259,297 0.50PROMI 1 A1 FL.R 05-32 20/12Q5,400,000 4,433,346 1.76

CREDIT AGRI.(OIS+0.02)0.354 09-10 06/01U5,000,000 5,000,000 1.99


Bonds 15,000,000 5.96

France 15,000,000 5.96

NATIXIS (OIS+0.24) 0.59 -10 19/02U10,000,000 10,000,000 3.97




France 2,765,018 1.10

PORTFOLIO FIXED INCOME TRADE4 1,047,768 0.42



% of N

AV

Market V

alue

EUR

Quan

tity

115




EUR(P)/USD(C)OTC JUL1.10 03.07.12 PUT2,000,000 375,000 0.16




USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL10,300,000 205,713 0.08USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL9,000,000 77,602 0.03USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL12,000,000 132,408 0.05



90DAY EURO$ JUN 98.25 14.06.10 PUT150 9,801 0.00







90DAY EURO$ JUN 97.75 14.06.10 PUT-150 -4,574 0.00

United States of America -4,574 0.00


% of N

AV

Market V

alue

EUR

Quan

tity

116


Arbitrage VaR 2 (GBP)


ANZ BANKING GROUP 6.15 07-10 23/08S300,000 309,090 6.49


8,979,704 188.67

Bonds 8,727,686 183.37


BELGIAN TREASURY BILLS -10 18/02U700,000 631,268 13.26

Belgium 631,268 13.26

FRANCE BTF -10 18/02U700,000 635,635 13.35

France 3,232,275 67.92

FRANCE BTF -10 25/02U700,000 631,267 13.26FRANCE BTF 09-10 14/01U1,500,000 1,277,752 26.86FRANCE BTF 09-10 28/01U800,000 687,621 14.45

HELLENIC REPUBLIC 4.30 09-12 20/03A50,000 44,662 0.94

Greece 235,540 4.95

HELLENIC REPUBLIC 4.50 05-37 20/09A50,000 34,226 0.72HELLENIC REPUBLIC 4.60 07-40 20/09A30,000 20,557 0.43HELLENIC REPUBLIC 5.50 09-14 20/08A150,000 136,095 2.86

GE CAPITAL UK -EMTN- 6.27 07-10 17/08S300,000 307,800 6.47

Ireland 307,800 6.47

ITALY BOT (12 MESI) -10 15/01U1,100,000 975,828 20.50

Italy 975,828 20.50

NEDERLAND T-BILLS -10 29/01U700,000 614,696 12.91


BARCLAYS BANK -EMTN- 6.213 07-10 16/08S300,000 309,243 6.50


UK TREASURY BILL -10 12/04U1,300,000 1,297,983 27.27UK TREASURY BILL -10 25/01U800,000 799,248 16.79

VENEZUELA 7.65 05-25 21/04S40,000 14,715 0.31

Venezuela 14,715 0.31

MORGAN STANLEY EMTN FL.R 06-13 01/03Q150,000 126,094 2.65



ASSET BACKED EUR.-A-2-FL.R 05-15 01/10Q142,874 125,924 2.65

Mortgage and asset backed securities 125,924 2.65

Italy 125,924 2.65

PORTF.FOR.TRAD. -PARTS-0 28,903 0.61



France 51,461 1.08


CAAM GLOBAL EMERGENTS FCP -R-0 149,089 3.13


% of N

AV

Market V

alue

GBP

Quan

tity

USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL300,000 5,323 0.11





% of N

AV

Market V

alue

GBP

Quan

tity

117


Arbitrage VaR 2 (USD)




51,336,738 80.65

Bonds 46,790,843 73.51

Australia 3,161,262 4.97

HSBC FRANCE 5.75 08-13 19/06A650,000 1,020,838 1.60

France 1,020,838 1.60

HELLENIC REPUBLIC 4.30 09-12 20/03A400,000 576,999 0.91

Greece 2,613,054 4.11

HELLENIC REPUBLIC 4.50 05-37 20/09A300,000 331,625 0.52HELLENIC REPUBLIC 4.60 07-40 20/09A150,000 165,989 0.26HELLENIC REPUBLIC 5.50 09-14 20/08A1,050,000 1,538,441 2.42

GE CAP EUROPEAN FDG 6.025 08-38 01/03A350,000 510,408 0.80

Ireland 2,664,350 4.19


ITALY BTP 4.00 05-37 01/02S680,000 870,623 1.37

Italy 870,623 1.37

UKRAINE REG.S 6.75 07-17 14/11S150,000 115,035 0.18

Ukraine 115,035 0.18



ROYAL BK OF SCOTLAND 6.19 07-10 23/08S2,100,000 3,498,334 5.49



MERRILL LYNCH EMTN 6.644 07-11 16/02S2,300,000 3,841,295 6.04US TREASURY BILLS -10 08/04U7,000,000 6,998,203 10.99US TREASURY BILLS -10 11/02U2,000,000 1,997,964 3.14US TREASURY BILLS -10 11/03U3,800,000 3,799,787 5.97US TREASURY BILLS -10 28/01U7,500,000 7,498,672 11.77USA TREASURY BILLS -10 14/01U2,500,000 2,499,616 3.93

VENEZUELA 7.65 05-25 21/04S300,000 178,218 0.28

Venezuela 178,218 0.28

GECC FL.R 06-66 15/09A300,000 326,047 0.51



INTL LEASE FIN.EMTN FL.R 05-11 15/08Q300,000 356,161 0.56

ECLIP 2005-3 A FL.R 05-15 10/10Q680,157 712,374 1.12



GRACECHURCH 1X A2B FL.R 05-41 11/10Q82,149 80,547 0.13SMI 2009-1 A2 FL.R 09-55 21/01Q150,000 243,618 0.38

AMER.EX.CRED 2005-7 A FL.R 05-15 16/03M1,100,000 1,082,037 1.69


MBNA MAS.2004-A8 A8 FL.R 04-14 15/01M700,000 690,998 1.09NCSLT 2004-1 CLASS A2 FL.R 04-27 25/06Q1,005,732 864,095 1.36SLM STUDENT 2003-6 A4 FL.R 03-18 17/12Q190,773 190,018 0.30

% of N

AV

Market V

alue

USD

Quan

tity

SLMA 2002-A -A2- FL.R 02-30 16/12Q912,101 729,681 1.15


Mortgage and asset backed securities 729,681 1.15





France 629,900 0.99




USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL1,700,000 48,714 0.08





% of N

AV

Market V

alue

USD

Quan

tity

118


Dynarbitrage Forex


BELGIAN TREASURY BILLS -10 18/02U1,000,000 998,316 11.61


9,931,553 115.50

Bonds 9,931,553 115.50

Belgium 998,316 11.61

FRANCE BTF -10 18/02U2,420,000 2,417,659 28.12

France 3,916,650 45.55

FRANCE BTF 09-10 04/03U1,500,000 1,498,991 17.43

ITALY BOT (12 MESI) -10 15/01U800,000 798,799 9.29

Italy 798,799 9.29

DUTCH TREASURY 09-10 31/03U1,400,000 1,398,020 16.26


US TREASURY BILLS -10 11/02U1,700,000 1,163,721 13.53


USA TREASURY BILLS -10 14/01U2,400,000 1,656,047 19.26




France 751,712 8.74


% of N

AV

Market V

alue

EUR

Quan

tity

119


Dynarbitrage Forex (USD)


US TREASURY BILLS -10 11/02U100,000 99,970 37.67


249,896 94.16

Bonds 249,896 94.16


US TREASURY BILLS -10 25/02U50,000 49,997 18.84USA TREASURY BILLS -10 14/01U100,000 99,929 37.65

Total securities portfolio 249,896 94.16%

of NAV

Market V

alue

USD

Quan

tity

120


Dynarbitrage High Yield


ISS GLOBAL A/S 4.75 03-10 18/09A284,000 285,278 0.64


34,386,872 77.50

Bonds 31,951,692 72.01

Denmark 921,278 2.08

TDC AS EMTN 6.50 02-12 19/04A600,000 636,000 1.44

BANQUE PSA 8.50 09-12 04/05A750,000 827,552 1.87

France 11,371,798 25.62

BANQUE PSA FINANCE 6.375 09-10 16/11A800,000 825,775 1.86CMA CGM SA REGS 5.50 07-12 16/05S800,000 480,000 1.08FRANCE BTF -10 04/02U800,000 799,162 1.80FRANCE BTF -10 11/03U2,000,000 1,997,836 4.50FRANCE BTF -10 18/02U2,000,000 1,998,065 4.49GIE GEOPHYSIQUE 7.50 05-15 15/05S300,000 207,527 0.47PEUGEOT 3.625 09-11 14/10A700,000 703,718 1.59RCI BANQUE SA 8.125 09-12 15/05A1,000,000 1,096,663 2.47REMY COINTREAU REG S 5.20 04-12 15/01S1,000,000 1,000,000 2.25TEREOS EUROPE REGS 6.375 07-14 15/04S800,000 732,000 1.65WENDEL 5.00 04-11 16/02A700,000 703,500 1.59

COGNIS DEUTSCH. REGS 9.50 04-14 15/05S2,250,000 2,335,499 5.26

Germany 5,628,579 12.68

EVONIK INDUSTRIES 7.00 09-14 14/10A265,000 284,732 0.64FRESENIUS MED.C.REGD 7.375 01-11 15/06Q400,000 420,000 0.95HECKLER AND KOCH REGS 9.25 04-11 15/07S750,000 768,750 1.73PERI GMBH REG-S 5.625 04-11 15/12S300,000 305,625 0.69SIXT AG 5.375 09-12 06/11A500,000 516,473 1.16UNITY MEDIA GMBH REGS10.125 05-15 15/02S950,000 997,500 2.25

TRANSCREDIT FINANCE 9.00 08-11 25/06S950,000 691,932 1.56

Ireland 691,932 1.56

FIAT FIN.&TRADE GMTN 5.625 06-11 15/11S550,000 565,125 1.27

Italy 2,352,625 5.30

LIGHTHOUSE INTL REG S 8.00 04-14 30/04S2,750,000 1,787,500 4.03

ATF BANK EMTN REGS 9.25 05-12 12/04S750,000 517,367 1.17

Kazakstan 517,367 1.17

CIRSA CAP.LUX REGS 7.875 05-12 15/07S500,000 475,000 1.07


FIAT FINANCE TRADE 9.00 09-12 30/07A750,000 812,753 1.84MOBILE TELESYSTEMS 8.00 05-12 28/01S900,000 658,237 1.48TROY CAPITAL 9.50 06-11 10/08A350,000 276,500 0.62

AHOLD FINANCE EMTN 5.875 01-12 14/03A250,000 266,908 0.60


BOATS INV.NETH.PIK 11.00 07-17 31/03S327,687 229,381 0.52HEIDELBERGER ZEMENT 7.625 08-12 25/01A800,000 835,000 1.88

GAZ CAPITAL LOAN PART.4.56 05-12 09/12A800,000 811,616 1.83

Russia 2,342,263 5.28

SB CAPITAL SA 5.93 06-11 14/11S350,000 254,457 0.57SIBACADEMFIN. (URSABK) 7.00 07-10 21/05A350,000 352,684 0.79VIMPELCOM -UBS LUX 8.375 04-11 22/10S1,250,000 923,506 2.09

% of N

AV

Market V

alue

EUR

Quan

tity

CONSOL GLASS LTD REGS 7.625 07-14 15/04S600,000 546,000 1.23


FOODCORP LTD REG-S 8.875 05-12 15/06S600,000 573,000 1.29

MHP SA -REGS- 10.25 06-11 30/11S150,000 95,661 0.22

Ukraine 95,661 0.22

ECO-BAT FIN PLC REG-S10.125 03-13 31/01S400,000 406,000 0.92


IMPERIAL TOBACCO EMTN FL.R 09-12 25/06A250,000 262,330 0.59INFINIS PLC REGS 9.125 09-14 15/12S162,000 187,072 0.42ISS FINANCING PLC 11.00 09-14 15/06S1,700,000 1,836,000 4.14

CENT.EUROPE.DIST REGS 8.00 05-12 25/07S640,000 666,008 1.50


BOMBARDIER INC FL.R 06-13 15/11Q650,000 619,125 1.40


Canada 619,125 1.40

CENT.EURO MEDIA REGS FL.R 07-14 15/05S600,000 426,000 0.96


M-REAL CORP FL.R 06-10 15/12Q250,000 241,250 0.54

Finland 241,250 0.54

SGL CARBON AG FL.R 07-15 15/05Q500,000 422,500 0.95

Germany 422,500 0.95

IMPRESS METAL PACK FL.R 06-13 15/09Q733,000 692,685 1.56


INVITEL HOLDINGS-REGS-FL.R 07-13 01/02Q41,000 33,620 0.08







% of N

AV

Market V

alue

EUR

Quan

tity

121


Dynarbitrage VaR 4 (EUR)


AXA SA19,200 317,568 0.14

Long positions 235,028,917 105.62


215,214,072 96.71

Shares 12,201,714 5.48

France 3,256,917 1.46

CREDIT AGRICOLE SA10,200 126,072 0.06FRANCE TELECOM SA38,400 669,312 0.30SAFT GROUPE SA REG SHS1,200 40,512 0.02SANOFI-AVENTIS SA10,700 589,142 0.26SPECEA-AREVA69 24,081 0.01TOTAL SA12,500 562,563 0.25VEOLIA ENVIRONNEMENT SA10,800 249,750 0.11VIVENDI SA32,600 677,917 0.31


Germany 1,429,861 0.64

DAIMLER AG REG SHS8,300 309,009 0.14DEUTSCHE BANK AG REG SHS5,100 252,042 0.11DEUTSCHE TELEKOM AG REG SHS2,300 23,667 0.01HANNOVER RUECKVERSICHERUNG AG REG SHS1,500 49,065 0.02MUENCHENER RUECKVERSICHERUNGS AG REGSHS

2,900 315,143 0.14

VOLKSWAGEN AG700 53,900 0.02

ENI SPA23,800 423,640 0.19

Italy 721,534 0.32

TELECOM ITALIA SPA273,800 297,894 0.13

AEGON NV58,718 266,580 0.12


KONINKLIJKE KPN NV1,700 20,128 0.01ROYAL DUTCH SHELL PLC15,600 329,160 0.15

SASOL ADR REPR,SHS4,900 136,404 0.06

South Africa 136,404 0.06

CIE SUISSE DE REASSURANCES SA REG SHS1,100 37,016 0.02


NOVARTIS AG REG SHS8,100 308,565 0.13ROCHE HOLDING AG GENUSSSCHEIN1,000 118,532 0.05SWISSCOM SHS NOM1,100 293,403 0.13UBS SA REG SHS9,500 102,805 0.05ZURICH FINANCIAL SERVICES AG REG SHS1,400 213,802 0.10

ASTRAZENECA PLC17,800 583,116 0.26


AVIVA PLC96,000 429,944 0.19BG GROUP PLC3,700 46,726 0.02BP PLC62,900 424,785 0.19BRITISH LAND CO PLC REIT49,200 265,811 0.12GLAXOSMITHKLINE PLC13,100 194,557 0.09LAND SECURITIES GROUP PLC REIT27,000 208,172 0.09LEGAL GENERAL GROUP PLC215,020 195,066 0.09PRUDENTIAL PLC12,300 88,604 0.04SEGRO (REIT)24,500 95,027 0.04UK COAL PLC93,632 78,514 0.04VODAFONE GROUP PLC411,100 664,923 0.31

% of N

AV

Market V

alue

EUR

Quan

tity

BANK OF AMERICA CORP8,700 91,320 0.04


CITIGROUP INC18,500 42,680 0.02EXXON MOBIL CORP1,900 90,302 0.04GOLDMAN SACHS GROUP INC500 58,840 0.03HEXCEL CORPORATION12,300 111,277 0.05MORGAN STANLEY19,300 398,174 0.18NOVELL INC31,400 90,824 0.04PATRIOT COAL SHS - WHEN ISSUED5,600 60,342 0.03PEABODY ENERGY CORP2,400 75,626 0.03PFIZER INC33,300 422,182 0.19WELLS FARGO AND CO13,300 250,195 0.11

ARGENTINA (REP OF) FL.R 02-12 03/08S1,500,000 357,083 0.16

Bonds 150,472,977 67.62



Australia 13,915,921 6.25

CASINO GUICHARD EMTN 4.875 07-14 10/04A2,000,000 2,091,528 0.94

France 16,038,747 7.21

CIE SAINT GOBAIN EMTN 4.75 07-17 11/04A5,500,000 5,538,781 2.49FRANCE OAT 4.00 06-38 25/10A3,200,000 3,076,896 1.38FRANCE OAT 5.75 00-32 25/10A2,700,000 3,289,896 1.48PPR SA EMTN 4.00 05-13 29/01A2,000,000 2,041,646 0.92

GERMANY SERIE 07 4.25 07-39 04/07A3,580,000 3,666,779 1.65

Germany 7,354,792 3.31

VOLKSWAGEN LEASING 4.875 07-12 18-10A3,500,000 3,688,013 1.66


Greece 11,640,541 5.23

HELLENIC REPUBLIC 4.50 05-37 20/09A2,400,000 1,849,104 0.83HELLENIC REPUBLIC 5.50 09-14 20/08A5,650,000 5,769,837 2.59

ICELAND T-BILLS -10 15/03U28,000,000 137,080 0.06

Iceland 1,323,207 0.59

ISLANDE 13.75 08-10 10/12A238,000,000 1,102,089 0.49RIKISBREF 8.00 09-11 22/07A19,000,000 84,038 0.04


Ireland 17,553,267 7.89

ITALY BTP 4.00 05-37 01/02S4,200,000 3,747,954 1.68

Italy 10,291,105 4.62

MONTE DEI PASCHI EMTN 6.00 08-11 20/06A6,200,000 6,543,151 2.94

NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A1,400,000 1,414,238 0.64


UBS LX (VIMPELCOM)REGS8.25 06-16 23/05S500,000 359,474 0.16

Russia 359,474 0.16

UKRAINE REG.S 6.75 07-17 14/11S2,200,000 1,175,940 0.53

Ukraine 1,175,940 0.53



ROYAL BK OF SCOTLAND 6.19 07-10 23/08S10,800,000 12,539,768 5.64UK TREASURY GILT STK 4.75 04-38 07/12S1,500,000 1,780,751 0.80

% of N

AV

Market V

alue

EUR

Quan

tity

122




UNITED KINGDOM 4.25 03-36 07/03S1,000,000 1,089,506 0.49



BEAR STEARNS 5.35 07-12 01/02S3,000,000 2,211,076 0.99DAIMLER NORTH 5.75 08-10 18/06A8,800,000 8,962,721 4.03MERRILL LYNCH EMTN 6.644 07-11 16/02S5,800,000 6,751,521 3.03

VENEZUELA 7.65 05-25 21/04S2,550,000 1,055,831 0.47

Venezuela 5,052,302 2.27

VENEZUELA 9.25 97-27 15/09S7,780,000 3,996,471 1.80

SCCI S9 FL.R 05-10 31/07S7,000,000 6,986,700 3.14


Italy 6,986,700 3.14

GECC FL.R 06-66 15/09A2,000,000 1,515,000 0.68


MERRILL LYNCH FL.R 06-11 15/06Q25,000,000 15,268,711 6.86

FCC PROUDREED S.1 C.A FL.R 05-17 18/08Q3,899,870 3,119,896 1.40


France 3,119,896 1.40

VCL 9 A REG-S FL.R 07-12 21/04M295,803 294,903 0.13

Germany 294,903 0.13

MERM 2007-1 -A2- FL.R 07/40 30/01Q3,989,030 3,977,262 1.79

Ireland 3,977,262 1.79


Italy 2,409,483 1.08

ADAGI II-X -A1- FL.R 05-21 15/01S2,000,000 1,765,000 0.79


DELPHINUS 2004-II-A- FL.R 04-90 25/11Q6,358,833 6,358,694 2.87E-MAC NL04-II-A- FL.R 04-37 25/01Q1,590,410 1,248,488 0.56

BBVAP 5 A1 FL.R 06-39 15/03Q1,244,432 1,131,854 0.51

Spain 2,627,516 1.18

CAP TDA S.1 CL.1 FL.R 03-13 12/09Q900,000 878,319 0.39FTA SANTANDER EMPRESA FL.R 05-38 25/10Q662,842 617,343 0.28

ECLIP 2005-3 A FL.R 05-15 10/10Q5,713,321 4,170,725 1.87


KARTA 2005-1 -A- FL.R 05-10 15/07Q1,400,000 1,356,166 0.61PROMI 1 A1 FL.R 05-32 20/12Q1,755,000 1,440,837 0.65

CAAM PORTFOLIO GLOBAL TRADING FCP13 3,183,061 1.44



France 6,358,605 2.86

PORTF.FOR.TRAD. -PARTS-2 631,691 0.28PORTFOLIO LISTED DERIVATIVES1 233,213 0.10PORTFOLIO MANAGEMENT TRADING CAP68 2,310,640 1.04



% of N

AV

Market V

alue

EUR

Quan

tity








90DAY EURO$ JUN 98.25 14.06.10 PUT323 21,106 0.01







90DAY EURO$ JUN 97.75 14.06.10 PUT-323 -9,849 0.00



% of N

AV

Market V

alue

EUR

Quan

tity

123


Dynarbitrage VaR 4 (USD)





114,198,958 79.64

Bonds 101,354,071 70.68

Australia 4,492,320 3.13

CIE SAINT GOBAIN EMTN 4.75 07-17 11/04A500,000 722,433 0.50

France 722,433 0.50


Germany 3,342,695 2.33


Greece 7,621,926 5.32

HELLENIC REPUBLIC 4.50 05-37 20/09A1,100,000 1,215,959 0.85HELLENIC REPUBLIC 5.50 09-14 20/08A2,600,000 3,809,471 2.66

ICELAND 7.00 04-10 17/03A48,000,000 301,687 0.21

Iceland 556,314 0.39

ICELAND T-BILLS -10 15/03U2,000,000 8,807 0.01ISLANDE 13.75 08-10 10/12A37,000,000 245,820 0.17


Ireland 11,266,772 7.86

ITALY BTP 4.00 05-37 01/02S2,350,000 3,008,771 2.10

Italy 4,068,682 2.84

MONTE DEI PASCHI EMTN 6.00 08-11 20/06A700,000 1,059,911 0.74

MEXICAN BONOS -MI10- 9.50 04-14 18/12S55,000,000 4,593,862 3.20

Mexico 4,593,862 3.20

NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A600,000 869,605 0.61



Spain 4,453,390 3.11

UKRAINE REG.S 6.75 07-17 14/11S900,000 690,210 0.48

Ukraine 690,210 0.48



ROYAL BK OF SCOTLAND 6.19 07-10 23/08S4,950,000 8,246,072 5.75UK TREASURY GILT STK 4.75 04-38 07/12S400,000 681,315 0.48UNITED KINGDOM 4.25 03-36 07/03S800,000 1,250,536 0.87



BEAR STEARNS 5.35 07-12 01/02S3,000,000 3,172,341 2.21DAIMLER NORTH 5.75 08-10 18/06A1,100,000 1,607,408 1.12MERRILL LYNCH EMTN 6.644 07-11 16/02S8,000,000 13,361,028 9.31US TREASURY BILLS -10 11/02U5,000,000 4,994,909 3.48USA TREASURY BILLS 09-10 21/01U4,000,000 3,998,684 2.79

VENEZUELA 7.65 05-25 21/04S3,900,000 2,316,834 1.61

Venezuela 2,788,520 1.94

VENEZUELA 9.25 97-27 15/09S640,000 471,686 0.33

% of N

AV

Market V

alue

USD

Quan

tity

CIE DE SAINT GOBAIN FL.R 07-12 11/04Q2,000,000 2,826,388 1.97


France 2,826,388 1.97

INTL LEASE FIN.EMTN FL.R 05-11 15/08Q600,000 712,322 0.50


RCL SEC. 2006-1 -A- FL.R 06-14 22/12Q850,000 1,202,769 0.84


Germany 1,202,769 0.84


Italy 1,626,826 1.13

E-MAC NL04-II-A- FL.R 04-37 25/01Q795,205 895,633 0.62


HERME 13-A1 FL.R 07-39 18/08Q280,075 398,521 0.28

ECLIP 2005-3 A FL.R 05-15 10/10Q2,040,471 2,137,124 1.50


GRACECHURCH 1X A2B FL.R 05-41 11/10Q821,494 805,470 0.56PROMI 1 A1 FL.R 05-32 20/12Q1,350,000 1,590,186 1.11SMI 2009-1 A2 FL.R 09-55 21/01Q400,000 649,648 0.45

CAAM PORTFOLIO GLOBAL TRADING FCP5 1,956,776 1.37



France 3,636,138 2.54

PORTF.FOR.TRAD. -PARTS-0 146,824 0.10PORTFOLIO LISTED DERIVATIVES0 111,457 0.08PORTFOLIO MANAGEMENT TRADING CAP29 1,421,081 0.99










90DAY EURO$ JUN 98.25 14.06.10 PUT150 14,063 0.01







90DAY EURO$ JUN 97.75 14.06.10 PUT-150 -6,563 0.00


% of N

AV

Market V

alue

USD

Quan

tity

124





% of N

AV

Market V

alue

USD

Quan

tity

125


Dynarbitrage Volatility


CARREFOUR SA38,341 1,286,724 0.16



389,687,659 48.24

Shares 108,817,707 13.47

France 31,853,965 3.94

CIE DE SAINT-GOBAIN SA14,035 534,312 0.07FRANCE TELECOM SA140,675 2,451,965 0.30LVMH MOET HENNESSY LOUIS VUITTON SA282,024 22,105,042 2.74PEUGEOT SA124,212 2,939,477 0.36PPR3,175 267,462 0.03VINCI SA21,443 846,355 0.10VIVENDI SA68,412 1,422,628 0.18

ADIDAS AG13,037 492,407 0.06

Germany 71,703,928 8.88

BAYER AG REG SHS96,830 5,418,607 0.67DAIMLER AG REG SHS58,523 2,178,811 0.27DEUTSCHE BOERSE AG REG SHS34,814 2,019,212 0.25DEUTSCHE LUFTHANSA AG REG SHS91,802 1,078,674 0.13DEUTSCHE TELEKOM AG REG SHS1,561,323 16,066,014 1.99E.ON AG REG SHS150,660 4,403,792 0.55LINDE AG32,373 2,724,512 0.34MERCK KGAA3,168 206,427 0.03METRO AG77,987 3,319,907 0.41RWE AG138,553 9,416,062 1.17SAP AG221,285 7,302,405 0.90SIEMENS AG REG SHS265,957 17,077,098 2.11

FIAT SPA9,149 93,777 0.01

Italy 93,777 0.01

ABB LTD REG SHS93,129 1,252,060 0.15


ACTELION LTD NAMEN55,580 2,068,580 0.26HOLCIM LTD REG SHS34,000 1,845,397 0.23

BANQUE PSA FINANCE -10 28/01U14,000,000 13,961,288 1.73

Bonds 232,474,968 28.78

France 151,185,450 18.72

BFCM (OIS+0.170) 0.521 09-10 11/06U29,000,000 29,000,000 3.59DEXIA CLF (OIS+0.09) 0.43 09-10 19/01U29,000,000 29,000,000 3.59LAFARGE 09-10 26/02U10,500,000 10,480,925 1.30SAFRAN -10 01/02U9,750,000 9,743,237 1.21SOCIETE GEN (OIS+0.14)0.482 -10 01/06U36,000,000 36,000,000 4.45SOCIETE GEN.(OIS+0.08)0.429 09-10 01/03U23,000,000 23,000,000 2.85

ITALY BOT (6 MESI) -10 30/04U19,500,000 19,455,491 2.41

Italy 30,936,203 3.83

ITALY BOT (6 MESI) -10 31/03U11,500,000 11,480,712 1.42

ENEL FINANCE INTL -09 11/01U21,000,000 20,958,955 2.59

Luxembourg 20,958,955 2.59

BMW FINANCE -10 15/03U9,500,000 9,484,951 1.17


IBERDROLA INTL -10 25/05U20,000,000 19,909,409 2.47

% of N

AV

Market V

alue

EUR

Quan

tity

CAP GEMINI SA CV -CAP- 2.50 03-10 01/01A24,655 1,253,546 0.16


France 3,811,440 0.47

FAURECIA CV 4.50 09-15 01/01A82,800 1,543,835 0.18PEUGEOT SA 4.45 09-16 01/01S32,750 1,014,059 0.13

KFW CV 0.50 05-10 03/02A32,885,000 32,900,456 4.07

Germany 32,900,456 4.07

FINMECCANICA CV 0.375 03-10 08/08A1,855,000 1,836,969 0.23

Italy 1,836,969 0.23

ACTELION FINANCE CV 0.00 06-11 22/11U3,655,000 2,763,990 0.34


ADECCO FINANCIAL SERV 0.00 03-13 26/08U9,600,000 7,082,129 0.88


PORTFOLIO JOUR -C- 3 DEC CAPITALISATION1,894 34,861,665 4.31



France 39,213,122 4.85

PORTOFOLIO ASYMETRIE JAPON110 4,351,457 0.54

VOLKSWAGEN GROUP SERVICES -10 23/03U9,500,000 9,482,981 1.17


Bonds 285,436,288 35.33

Belgium 9,482,981 1.17

BNP PARIBAS (OIS+0.02)0.344 09-10 08/02U37,500,000 37,500,000 4.64

France 255,987,493 31.69

BNP PARIBAS (OIS+0.12)0.47 09-10 26/05U20,000,000 20,000,000 2.48CALYON (OIS+0.03) 0.354 09-10 08/02U35,000,000 35,000,000 4.33CALYON (OIS+0.20) 0.542 09-10 01/03U27,000,000 27,000,000 3.34CRCAM MORBIHAN 09-10 04/02U10,000,000 9,987,493 1.24CREDIT AGRI.(OIS+0.11)0.452 09-10 01/03U16,500,000 16,500,000 2.04CREDIT AGRI.(OIS+0.16)0.502 -10 01/06U16,500,000 16,500,000 2.04CREDIT AGRI.(OIS+0.26)0.602 09-10 01/12U16,500,000 16,500,000 2.04CR.LYONNAIS(OIS+0.04) 0.368 09-10 04/02U20,000,000 20,000,000 2.48GROUPE BPCE(OIS+0.06) 0.384 09-10 08/02U37,500,000 37,500,000 4.65NATIXIS (OIS+0.19) 0.534 -10 22/02U19,500,000 19,500,000 2.41

DEUTSCHE POSTBANK AG -10 17/02U20,000,000 19,965,814 2.47

Germany 19,965,814 2.47

CARREFOUR MAR 28 19.03.10 PUT1,000 25,000 0.00



France 2,037,035 0.25

CARREFOUR MAR 32 19.03.10 CALL75 19,350 0.00LVMH MAR 64 19.03.10 PUT740 60,680 0.01LVMH MAR 72 19.03.10 PUT835 153,640 0.02PEUGEOT JUN 20 18.06.10 PUT910 103,740 0.01PEUGEOT JUN 22 18.06.10 CALL725 133,400 0.02PPR JUN 88 18.06.10 CALL415 214,970 0.03SAINT GOBAIN MAR 28.00 19.03.10 CALL1,140 1,191,300 0.15VIVENDI JUN 19.00 18.06.10 PUT825 94,875 0.01

% of N

AV

Market V

alue

EUR

Quan

tity

126




VIVENDI JUN 24 18.06.10 CALL1,670 40,080 0.00

ABB MAR 19 22.03.10 PUT985 43,832 0.01

Germany 13,177,790 1.63

ACTELION NAMEN MAR 60 22.03.10 PUT2,000 478,037 0.06DAIMLER MAR 26 22.03.10 PUT400 8,000 0.00DAX JAN 5800 18.01.10 PUT268 61,238 0.01DAX INDEX JAN 5900 18.01.10 PUT268 99,160 0.01DAX INDEX JUN 5000 21.06.10 PUT396 223,542 0.03DEUT.LUFTHANSA MAR 10 22.03.10 PUT1,650 26,400 0.00DEUT.LUFTHANSA SEP 11.00 20.09.10 CALL1,650 270,600 0.03DEUT.TELEKOM JUN 8.00 21.06.10 PUT2,404 45,676 0.01DJ EURO STOXX 50 DEC 2600 20.12.10 PUT1,350 2,351,700 0.29DJ EURO STOXX 50 DEC 3000 20.12.10 CALL700 1,576,400 0.20DJ EURO STOXX 50 JUN 2800 21.06.10 CALL2,400 6,079,199 0.75DJ EURO STOXX 50 JUN 2800 21.06.10 PUT700 1,041,600 0.13DJ EURO STOXX 50 MAR 2700 22.03.10 PUT295 135,995 0.02DT.LUFTHANSA SEP 11 20.09.10 PUT5,365 498,945 0.06DT.LUFTHANSA SEP 12.00 20.09.10 CALL600 66,600 0.01HOLCIM MAR 72 22.03.10 PUT340 28,426 0.00RWE -A- JAN 62.00 18.01.10 PUT666 3,996 0.00SAP JAN 32 18.01.10 CALL480 29,760 0.00SAP JAN 35 18.01.10 CALL2,376 9,504 0.00SIEMENS JAN 62 18.01.10 PUT690 34,500 0.00SIEMENS MAR 56 22.03.10 PUT490 64,680 0.01

FIAT MAR 6.80 19.03.10 PUT370 7,678 0.00

Italy 7,678 0.00

OMXS30 JAN 660 22.01.10 CALL1,955 5,577,454 0.69

Sweden 7,379,589 0.91

OMXS30 JAN 860 22.01.10 CALL1,980 1,794,017 0.22OMXS30 JAN 860 22.01.10 PUT1,980 8,118 0.00

NASDAQ 100 DEC 1400 18.12.10 CALL118 4,143,056 0.52


NASDAQ 100 DEC 1400 18.12.10 PUT118 351,183 0.04

CAC 40 MAR 3200 19.03.10 PUT-394 -80,573 -0.01

Short positions -31,886,083 -3.95

Derivative instruments -31,886,083 -3.95

Options, Warrants, Rights -31,886,083 -3.95

France -6,336,343 -0.78

CARREFOUR MAR 28 19.03.10 CALL-1,000 -585,000 -0.07CARREFOUR MAR 32 19.03.10 PUT-1,670 -161,990 -0.02FRANCE TELECOM MAR 18 19.03.10 CALL-3,310 -142,330 -0.02LVMH MAR 64 19.03.10 CALL-740 -1,132,200 -0.14LVMH MAR 72 19.03.10 CALL-875 -728,000 -0.09LVMH MAR 76 19.03.10 CALL-1,340 -757,100 -0.09LVMH MAR 80 19.03.10 CALL-835 -277,220 -0.03PEUGEOT JUN 20 18.06.10 CALL-910 -436,800 -0.05PEUGEOT JUN 22 18.06.10 CALL-725 -252,300 -0.03PPR JUN 84 18.06.10 CALL-415 -283,030 -0.04SAINT GOBAIN MAR 30.00 19.03.10 CALL-1,355 -1,173,430 -0.15VINCI JUN 38 18.06.10 CALL-330 -134,970 -0.02VIVENDI JUN 19 18.06.10 CALL-825 -191,400 -0.02

% of N

AV

Market V

alue

EUR

Quan

tity

ABB MAR 19 22.03.10 CALL-985 -106,924 -0.01

Germany -19,651,685 -2.44

ABB MAR 20 22.03.10 CALL-4,135 -284,374 -0.04ABB MAR 20 22.03.10 PUT-4,135 -298,314 -0.04ACTELION NAMEN MAR 60 22.03.10 CALL-2,000 -155,075 -0.02ADIDAS DEC 32 20.12.10 PUT-2,720 -663,680 -0.08ADIDAS DEC 40 20.12.10 CALL-1,660 -600,920 -0.07BAYER DEC 48 20.12.10 PUT-330 -123,420 -0.02BAYER DEC 52 20.12.10 CALL-330 -273,900 -0.03BAYER JUN 52 21.06.10 CALL-990 -639,540 -0.08BAYER JUN 56 21.06.10 CALL-320 -129,280 -0.02DAIMLER MAR 26 22.03.10 CALL-600 -685,200 -0.08DAX MAR 4800 22.03.10 PUT-185 -25,345 0.00DAX MAR 4600 22.03.10 PUT-462 -44,121 -0.01DAX INDEX JUN 4500 21.06.10 PUT-594 -174,636 -0.02DEUTSCHE BANK DEC 60.00 20.12.10 CALL-396 -240,768 -0.03DEUTSCHE BOERSE DEC 52.00 20.12.10 CALL-396 -401,940 -0.05DEUTSCHE BOERSE JUN 52 21.06.10 PUT-792 -259,776 -0.03DEUTSCHE BOERSE MAR 58.00 22.03.10 CALL-333 -111,888 -0.01DEUTSCHE TELEKOM DEC 10 20.12.10 CALL-12,120 -1,127,160 -0.14DEUTSCHE TELEKOM DEC 11 20.12.10 CALL-1,735 -85,015 -0.01DEUTSCHE TELEKOM DEC 9.00 20.12.10 CALL-10,410 -1,644,780 -0.20DEUTSCHE TELEKOM JUN 8 21.06.10 CALL-2,404 -562,536 -0.07DEUT.TELEKOM DEC 08.00 20.12.10 PUT-2,970 -124,740 -0.02DEUT.TELEKOM MAR 9.50 22.03.10 PUT-8,275 -148,950 -0.02DJ EURO STOXX 50 JAN 2700 15.01.10 PUT-1,550 -69,750 -0.01DJ EURO STOXX 50 MAR 2500 22.03.10 PUT-1,750 -395,500 -0.05DJ EURO STOXX 50 JUN 3200 21.06.10 CALL-1,700 -1,110,100 -0.14E ON DEC 28 20.12.10 CALL-2,490 -739,530 -0.09HOLCIM MAR 72 22.03.10 CALL-340 -223,969 -0.03LINDE AG DEC 68 20.12.10 CALL-396 -721,908 -0.09METRO AG SEP 42.00 20.09.10 CALL-1,332 -595,404 -0.07RWE -A- DEC 58.00 20.12.10 CALL-1,665 -1,871,461 -0.23SAP AG DEC 32 20.12.10 CALL-2,970 -592,515 -0.07SAP AG DEC 35.00 20.12.10 CALL-10,596 -1,063,838 -0.13SAP AG MAR 30 22.03.10 PUT-2,505 -70,140 -0.01SIEMENS DEC 58 20.12.10 CALL-1,980 -2,168,101 -0.28SIEMENS JUN 52.00 21.06.10 PUT-345 -64,170 -0.01SIEMENS JUN 60.00 18.06.10 PUT-345 -143,175 -0.02SIEMENS MAR 56 22.03.10 CALL-490 -424,830 -0.05SIEMENS MAR 64 22.03.10 CALL-1,661 -485,012 -0.06

NIKKEI 225 JAN 10000 08.01.10 CALL-99 -405,345 -0.05

Japan -2,074,393 -0.26

NIKKEI 225 JAN 10250 08.01.10 CALL-99 -223,426 -0.03NIKKEI 225 JAN 10500 08.01.10 CALL-99 -79,145 -0.01NIKKEI 225 JAN 8250 08.01.10 PUT-132 -10 0.00NIKKEI 225 JAN 8500 08.01.10 PUT-132 -10 0.00NIKKEI 225 JAN 8750 08.01.10 PUT-132 -10 0.00NIKKEI 225 JAN 9000 08.01.10 PUT-132 -20 0.00NIKKEI 225 JAN 9250 08.01.10 PUT-132 -109 0.00NIKKEI 225 JAN 9500 08.01.10 CALL-99 -775,778 -0.10NIKKEI 225 JAN 9750 08.01.10 CALL-99 -590,540 -0.07

OMXS30 JAN 660 22.01.10 PUT-1,955 -191 0.00

Sweden -191 0.00

% of N

AV

Market V

alue

EUR

Quan

tity

127




SP 500 INDEX DEC 875 18.12.10 CALL-189 -3,378,223 -0.41

United States of America -3,823,471 -0.47

SP 500 INDEX DEC 875 18.12.10 PUT-189 -445,248 -0.06


% of N

AV

Market V

alue

EUR

Quan

tity

128


Equity Statistical Arbitrage (EUR)


TELEKOM AUSTRIA AG27,126 269,904 0.44


40,958,559 66.80

Shares 30,979,261 50.52

Austria 269,904 0.44

NOKIA OYJ30,283 270,124 0.44

Finland 270,124 0.44

EIFFAGE6,837 269,720 0.44

France 1,345,785 2.19

FRANCE TELECOM SA15,210 265,110 0.43HERMES INTERNATIONAL SA2,852 266,120 0.43UNIBAIL-RODAMCO SE1,795 275,891 0.45VEOLIA ENVIRONNEMENT SA11,630 268,944 0.44

CELESIO NAMEN AKT15,627 276,597 0.45

Germany 1,079,965 1.76

HENKEL AG & CO KGAA7,369 268,453 0.44MERCK KGAA4,117 268,264 0.44VOLKSWAGEN AG3,463 266,651 0.43

COVIDIEN PLC14,130 471,640 0.77

Ireland 471,640 0.77

BANCO POPOLARE SOCIETA COOPERATIVA50,283 264,991 0.43

Italy 531,284 0.87

TELECOM ITALIA SPA244,754 266,293 0.44

KONINKLIJKE DSM NV7,694 265,135 0.43



Spain 798,856 1.30

BANCO SABADELL REG.SHS68,544 265,608 0.43BCO POPULAR ESPANOL REG.51,639 264,908 0.43

SKANSKA -B- FREE22,712 269,593 0.44

Sweden 269,593 0.44

ACE LTD REG SHS20,588 723,217 1.18


JULIUS BAER GROUP NAMEN AKT10,802 264,961 0.43



BALFOUR BEATTY111,267 323,739 0.53BARCLAYS PLC87,871 272,974 0.45PRUDENTIAL PLC37,801 272,302 0.44RSA INSURANCE GROUP PLC200,004 271,489 0.44SMITHS GROUP -SHS-24,015 274,086 0.45TULLOW OIL PLC18,547 272,428 0.44XSTRATA PLC21,701 273,812 0.45

ACTIVISION BLIZ61,186 473,794 0.77


AFLAC INC22,070 711,439 1.16AMAZON.COM INC4,955 464,573 0.76AMGEN INC12,010 473,536 0.77

% of N

AV

Market V

alue

EUR

Quan

tity

AON CORP17,818 476,140 0.78BANK OF NEW YORK MELLON CORP7,949 154,963 0.25CARDINAL HEALTH INC31,447 706,640 1.15CEPHALON INC4,100 178,345 0.29COGNIZANT TECHNOLOGY SOLUTIONS -A-15,159 478,622 0.78CONOCOPHILLIPS CO649 23,101 0.04CONSTELLATION ENRGY GROUP7,181 176,028 0.29CORNING INC14,764 198,706 0.32DEERE AND CO18,864 711,172 1.16EXELON CORP14,006 477,068 0.78FISERV INC14,109 476,741 0.78FPL GROUP INC23,871 878,806 1.44GENZYME CORP20,803 710,615 1.16GILEAD SCIENCES INC29,043 876,098 1.43HERSHEY18,988 473,658 0.77HOME DEPOT INC8,627 173,953 0.28IMS HEALTH32,770 481,015 0.78INTUITIVE SURGICAL881 186,252 0.30IRON MOUNTAIN53,417 847,375 1.38JC PENNEY INC25,557 474,000 0.77KB HOME50,058 477,291 0.78LEUCADIA NATIONAL CORP9,472 157,058 0.26LEXMARK INTERNATIONAL INC -A-7,978 144,463 0.24LOWE'S COMPANIES INC11,188 182,392 0.30MARRIOTT INTERNATIONAL -A-2 38 0.00MEDCO HEALTH SOLUTIONS INC10,636 473,774 0.77MERCK AND CO27,930 711,317 1.16MOLEX INC11,594 174,142 0.28MOLSON COORS BREWING CO -B- NON VOTING15,334 482,651 0.79MONSANTO CO3,200 182,331 0.30MURPHY OIL CORP12,694 479,536 0.78MYLAN INC37,120 476,823 0.78NASDAQ STOCK MARKET INC11,790 162,870 0.27NATIONAL SEMICONDUCTOR CORP.16,657 178,325 0.29NORFOLK SOUTHERN CORP2,174 79,429 0.13NOVELL INC52,473 151,778 0.25PACTIV43,247 727,641 1.19PEPCO HOLDINGS39,907 468,676 0.76PHILIP MORRIS INTERNATIONAL INC14,141 474,964 0.77PNC FINANCIAL SERVICES GROUP INC19,470 716,377 1.17QWEST COMMUNICATIONS INTERNATIONAL INC61,410 180,196 0.29RAYTHEON CO4,873 174,983 0.29R.R.DONNELLEY SONS CO10,645 165,230 0.27SIGMA-ALDRICH CORP13,521 476,192 0.78ST JUDE MEDICAL INC6,531 167,423 0.27STRYKER CORP13,558 475,983 0.78TELLABS INC179,894 712,178 1.16TJX COS INC28,157 717,295 1.17WELLS FARGO AND CO38,838 730,606 1.19ZIMMER HOLDINGS INC11,479 472,921 0.77

PPR -10 22/01U2,000,000 1,994,150 3.25

Bonds 9,979,298 16.28

France 1,994,150 3.25

COCA-COLA HELLENIC -10 16/02U3,000,000 2,992,251 4.88

Greece 5,989,472 9.78

% of N

AV

Market V

alue

EUR

Quan

tity

129




HELLENIC REPUBLIC -10 22/01U3,000,000 2,997,221 4.90

BANCO POPULAR ESPANOL -10 04/03U2,000,000 1,995,676 3.25

Spain 1,995,676 3.25

MARRIOTT INTERNATIONAL529 0 0.00


Shares 0 0.00

United States of America 0 0.00

RBS PLC (OIS+0.61) 0.98 09-10 08/04U2,500,000 2,500,000 4.08

Bonds 2,500,000 4.08


CAAM TRESO EONIA FCP CAP23 4,905,894 8.00



France 4,905,894 8.00

FORTIS BANK 09-10 07/01U3,000,000 2,995,354 4.90


Bonds 12,965,859 21.15

Belgium 5,983,505 9.77


NATEXIS BP (OIS+0.60)0.949 09-10 04/02U4,000,000 4,000,000 6.52

France 4,000,000 6.52

SANTANDER CP -10 22/02U3,000,000 2,982,354 4.86

Spain 2,982,354 4.86


% of N

AV

Market V

alue

EUR

Quan

tity

130


Volatility Euro Equities





161,533,386 21.40

Bonds 161,533,386 21.40

France 96,202,073 12.75

DEXIA CLF (OIS+0.09) 0.43 09-10 19/01U22,500,000 22,500,000 2.98LAFARGE 09-10 26/02U7,250,000 7,236,829 0.96SAFRAN -10 01/02U8,250,000 8,244,277 1.09SOCIETE GEN (OIS+0.14)0.482 -10 01/06U29,750,000 29,750,001 3.95SOCIETE GEN.(OIS+0.08)0.429 09-10 01/03U18,000,000 18,000,000 2.38

ITALY BOT (6 MESI) -10 30/04U16,000,000 15,963,479 2.11

Italy 25,447,546 3.37

ITALY BOT (6 MESI) -10 31/03U9,500,000 9,484,067 1.26


Luxembourg 15,469,705 2.05

BMW FINANCE -10 15/03U8,500,000 8,486,535 1.12


IBERDROLA INTL -10 25/05U16,000,000 15,927,527 2.11

CAAM MONE CASH 3DEC3,493 35,878,804 4.75



France 35,878,804 4.75



Bonds 263,197,417 34.87

Belgium 8,484,772 1.12

BFCM (OIS+0.17) 0.522 -10 11/06U25,000,000 25,000,000 3.31

France 238,739,994 31.63

BNP PARIBAS (OIS+0.02)0.344 09-10 08/02U31,500,000 31,500,000 4.17BNP PARIBAS (OIS+0.12)0.47 09-10 26/05U16,000,000 16,000,000 2.12CALYON (OIS+0.03) 0.354 09-10 08/02U29,500,000 29,500,000 3.91CALYON (OIS+0.20) 0.542 09-10 01/03U17,000,000 17,000,000 2.25CRCAM MORBIHAN 09-10 04/02U8,000,000 7,989,995 1.06CREDIT AGRI.(OIS+0.11)0.452 09-10 01/03U16,000,000 16,000,000 2.12CREDIT AGRI.(OIS+0.16)0.502 -10 01/06U16,000,000 16,000,000 2.12CREDIT AGRI.(OIS+0.26)0.602 09-10 01/12U16,000,000 16,000,000 2.12CR.LYONNAIS(OIS+0.04) 0.368 09-10 04/02U16,000,000 16,000,000 2.12GROUPE BPCE(OIS+0.06) 0.384 09-10 08/02U31,500,000 31,499,999 4.18NATIXIS (OIS+0.19) 0.534 -10 22/02U16,250,000 16,250,000 2.15


Germany 15,972,651 2.12

DJ EURO STOXX 50 DEC 2200 20.12.10 PUT4,700 4,037,300 0.53



Germany 147,702,900 19.57

DJ EURO STOXX 50 DEC 2600 20.12.10 CALL3,700 17,223,500 2.28DJ EURO STOXX 50 DEC 2600 20.12.10 PUT15,550 27,088,100 3.59

% of N

AV

Market V

alue

EUR

Quan

tity

DJ EURO STOXX 50 DEC 2700 20.12.10 CALL2,050 8,156,950 1.08DJ EURO STOXX 50 DEC 2700 20.12.10 PUT2,050 4,214,800 0.56DJ EURO STOXX 50 DEC 2750 20.12.10 CALL2,400 8,776,800 1.16DJ EURO STOXX 50 DEC 2750 20.12.10 PUT2,400 5,352,000 0.71DJ EURO STOXX 50 DEC 2800 20.12.10 CALL8,800 29,480,000 3.91DJ EURO STOXX 50 DEC 2850 20.12.10 CALL3,450 10,536,300 1.40DJ EURO STOXX 50 DEC 2850 20.12.10 PUT9,250 24,198,000 3.21DJ EURO STOXX 50 DEC 3000 20.12.10 CALL200 450,400 0.06DJ EURO STOXX 50 DEC 3200 20.12.10 CALL1,700 2,373,200 0.31DJ EURO STOXX 50 JAN 2850 18.01.10 PUT6,500 1,014,000 0.13DJ EURO STOXX 50 JUN 2500 21.06.10 CALL500 2,379,500 0.32DJ EURO STOXX 50 JUN 2500 21.06.10 PUT3,350 2,422,050 0.32

DJ EURO STOXX 50 JAN 2700 15.01.10 PUT-6,000 -270,000 -0.04




Germany -56,931,200 -7.54

DJ EURO STOXX 50 JAN 3000 18.01.10 CALL-6,900 -2,442,600 -0.32DJ EURO STOXX 50 JUN 1500 21.06.10 PUT-4,600 -225,400 -0.03DJ EURO STOXX 50 JUN 1700 21.06.10 PUT-1,800 -160,200 -0.02DJ EURO STOXX 50 JUN 1900 18.06.10 CALL-2,500 -25,432,500 -3.36DJ EURO STOXX 50 JUN 2000 21.06.10 CALL-500 -4,612,000 -0.61DJ EURO STOXX 50 JUN 2000 21.06.10 PUT-1,050 -214,200 -0.03DJ EURO STOXX 50 JAN 2600 18.01.10 PUT-6,000 -150,000 -0.02DJ EURO STOXX 50 JUN 1900 21.06.10 PUT-12,000 -1,872,000 -0.25DJ EURO STOXX 50 JUN 2400 21.06.10 CALL-3,850 -21,552,300 -2.86


% of N

AV

Market V

alue

EUR

Quan

tity

131


Volatility World Equities





72,578,468 22.21

Bonds 72,578,468 22.21

France 43,460,857 13.29

DEXIA CLF (OIS+0.09) 0.43 09-10 19/01U6,500,000 9,325,875 2.85LAFARGE 09-10 26/02U2,250,000 3,381,109 1.03SAFRAN -10 01/02U2,750,000 4,045,192 1.24SOCIETE GEN (OIS+0.14)0.482 -10 01/06U9,500,000 13,630,125 4.17SOCIETE GEN.(OIS+0.08)0.429 09-10 01/03U6,000,000 8,608,500 2.63

ITALY BOT (6 MESI) -10 30/04U5,000,000 7,427,507 2.28

Italy 11,886,716 3.64

ITALY BOT (6 MESI) -10 31/03U3,000,000 4,459,209 1.36



BMW FINANCE -10 15/03U2,750,000 3,939,449 1.21


IBERDROLA INTL -10 25/05U5,000,000 7,456,074 2.28

PORTFOLIO JOUR -C- 3 DEC CAPITALISATION595 15,713,081 4.81



France 15,713,081 4.81



Bonds 120,214,604 36.78

Belgium 4,002,180 1.22

BFCM (OIS+0.17) 0.522 -10 11/06U8,000,000 11,478,000 3.51

France 108,783,893 33.29

BNP PARIBAS (OIS+0.02)0.344 09-10 08/02U10,000,000 14,347,500 4.39BNP PARIBAS (OIS+0.12)0.47 09-10 26/05U5,000,000 7,173,750 2.20CALYON (OIS+0.03) 0.354 09-10 08/02U9,500,000 13,630,125 4.17CALYON (OIS+0.20) 0.542 09-10 01/03U4,000,000 5,739,000 1.76CRCAM MORBIHAN 09-10 04/02U2,250,000 3,329,768 1.02CREDIT AGRI.(OIS+0.11)0.452 09-10 01/03U6,000,000 8,608,500 2.63CREDIT AGRI.(OIS+0.16)0.502 -10 01/06U6,000,000 8,608,500 2.63CREDIT AGRI.(OIS+0.26)0.602 09-10 01/12U5,750,000 8,249,813 2.52CR.LYONNAIS(OIS+0.04) 0.368 09-10 04/02U4,000,000 5,739,000 1.76GROUPE BPCE(OIS+0.06) 0.384 09-10 08/02U10,000,000 14,347,499 4.40NATIXIS (OIS+0.19) 0.534 -10 22/02U5,250,000 7,532,438 2.30


Germany 7,428,531 2.27

DJ EURO STOXX 50 DEC 2600 20.12.10 CALL800 5,343,009 1.63



Germany 27,862,665 8.53

DJ EURO STOXX 50 DEC 2600 20.12.10 PUT1,550 3,873,968 1.19DJ EURO STOXX 50 DEC 2700 20.12.10 CALL550 3,139,879 0.96

% of N

AV

Market V

alue

USD

Quan

tity

DJ EURO STOXX 50 DEC 2700 20.12.10 PUT550 1,622,415 0.50DJ EURO STOXX 50 DEC 2800 20.12.10 PUT725 2,514,148 0.77DJ EURO STOXX 50 DEC 2850 20.12.10 CALL600 2,629,036 0.80DJ EURO STOXX 50 DEC 2850 20.12.10 PUT1,850 6,943,616 2.13DJ EURO STOXX 50 JAN 2850 18.01.10 PUT850 190,248 0.06DJ EURO STOXX 50 JUN 2400 21.06.10 CALL200 1,606,346 0.49

NIKKEI 225 DEC 10000 10.12.10 CALL480 6,462,456 1.97

Japan 18,146,243 5.55

NIKKEI 225 DEC 11000 10.12.10 PUT270 3,977,856 1.22NIKKEI 225 DEC 9500 10.12.10 CALL195 3,629,269 1.11NIKKEI 225 DEC 10000 10.12.10 PUT480 4,076,662 1.25

SP 500 JAN 1100 16.01.10 PUT450 463,500 0.14


SP 500 INDEX DEC 1000 18.12.10 CALL1,100 17,787,000 5.44SP 500 INDEX DEC 1000 18.12.10 PUT1,100 6,996,000 2.14





Germany -1,222,120 -0.37

DJ EURO STOXX 50 JAN 3000 18.01.10 CALL-850 -431,716 -0.13DJ EURO STOXX 50 JUN 2000 21.06.10 PUT-1,700 -497,572 -0.15DJ EURO STOXX 50 JUN 2500 21.06.10 PUT-200 -207,465 -0.06DJ EURO STOXX 50 JAN 2600 18.01.10 PUT-850 -30,488 -0.01

SP 500 JAN 1000 16.01.10 PUT-450 -67,500 -0.02

United States of America -9,825,000 -3.01

SP 500 JAN 1050 16.01.10 PUT-450 -135,000 -0.04SP 500 JAN 1150 16.01.10 CALL-450 -130,500 -0.04SP 500 INDEX JUN 800 19.06.10 CALL-300 -9,396,000 -2.88SP 500 INDEX JUN 600 19.06.10 PUT-800 -96,000 -0.03


% of N

AV

Market V

alue

USD

Quan

tity

132


Euro Reserve


CAIXA GERAL DEPOS. 09-10 19/02U20,000,000 19,909,941 3.57


212,742,512 38.11

Bonds 212,742,512 38.11


DEXIA CLF (OIS+0.09) 0.43 09-10 19/01U10,000,000 10,000,000 1.79

France 10,000,000 1.79

INTESA SAN PAOLO BK IRELAND 09-10 24/02U20,000,000 19,923,626 3.57

Ireland 19,923,626 3.57

ITALY BOT (6 MESI) -10 29/01U20,000,000 19,951,601 3.57

Italy 39,925,058 7.15

UNICREDITO ITALIANO -10 05/01U20,000,000 19,973,457 3.58

ABN AMRO BANK -10 02/02U10,000,000 9,979,852 1.79


BANCO ESPIRITO SANTO -10 04/03U5,000,000 4,990,643 0.89

Portugal 24,952,892 4.47

BANCO ESPIRITO SANTO -10 25/02U20,000,000 19,962,249 3.58

BCO BILBAO VISCAYA ARG. -10 08/03U7,000,000 6,990,432 1.25

Spain 41,886,539 7.50

BCO BILBAO VISCAYA ARG. 09-10 22/02U20,000,000 19,922,702 3.57BCO POPULAR ESPANOL -10 10/02U15,000,000 14,973,405 2.68

SVENSKA HANDELSBANK -10 17/06U14,000,000 13,949,503 2.50

Sweden 13,949,503 2.50

LLOYDS BANK 09-10 14/01U15,000,000 14,972,970 2.68


NYSE EURONEXT -10 22/01U17,250,000 17,242,131 3.09


BANK OF WESTERN AUSTRALIA -10 15/03U9,000,000 8,988,091 1.61


Bonds 273,599,047 49.01

Australia 8,988,091 1.61

FORTIS BANK 09-10 22/02U20,000,000 19,906,407 3.57

Belgium 19,906,407 3.57

BFT - CDN (OIS+0.00) 0.321 -10 04/01U3,000,000 3,000,000 0.54

France 113,000,000 20.24

CALYON (OIS+0.00) 0.397 -10 01/02U20,000,000 20,000,000 3.58CFCM L.ATL(OIS+0.18) 0.53 09-10 24/05U20,000,000 20,000,000 3.58NATEXIS BP (OIS+0.60)0.949 09-10 04/02U25,000,000 25,000,000 4.48STE DE PAIEMENT PASS 0.675 09-10 09/03U20,000,000 20,000,000 3.58STE GENERALE(OIS+0.18)0.431 09-10 01/02U25,000,000 25,000,000 4.48

BANESTO FINANCIAL -10 02/02U15,000,000 14,979,129 2.68

Ireland 14,979,129 2.68

BANCA INTESA -10 10/03U20,000,000 19,942,597 3.57

Italy 19,942,597 3.57

% of N

AV

Market V

alue

EUR

Quan

tity

FORTIS BANK NEDERLAND -10 11/03U20,000,000 19,962,570 3.58


NEDERL.WATERSCHAPSBK -10 04/03U25,000,000 24,926,370 4.46

CAJA MADRID -10 25/01U10,000,000 9,983,837 1.79

Spain 51,893,883 9.30

GENERALITAT VALENCIANA 09-10 04/03U15,000,000 14,982,919 2.68SANTANDER COMMERCIAL PAPER -10 04/03U10,000,000 9,958,942 1.78SANTANDER CONS FIN -10 02/03U17,000,000 16,968,185 3.05


% of N

AV

Market V

alue

EUR

Quan

tity

133


USD Reserve


CAIXA GERAL DEPOS -09 19/02U2,000,000 1,991,349 2.82


26,975,906 38.15

Bonds 26,975,906 38.15


OKO BANK -10 22/03U2,000,000 1,998,291 2.83

Finland 1,998,291 2.83

BFCM 09-10 11/01U5,000,000 4,998,709 7.06

France 15,991,580 22.61

CIC PARIS -10 13/01U3,000,000 2,997,357 4.24HSBC FRANCE -10 08/03U3,000,000 2,997,954 4.24NATEXIS BQ POP -10 11/01U2,000,000 1,999,552 2.83SNCF -10 28/01U3,000,000 2,998,008 4.24

SCHLUMBERGER FINANCE 09-10 15/01U2,000,000 1,999,575 2.83


BANCO ESPIRITO SANTO 09-10 05/01U2,000,000 1,996,480 2.82

Portugal 4,995,111 7.06

PORTUGAL (REP OF) -10 16/02U3,000,000 2,998,631 4.24

BANK OF WESTERN AUSTRALIA -10 16/02U3,000,000 2,998,667 4.24


Bonds 35,473,878 50.16

Australia 5,997,647 8.48

RABO BANK AUSTRALIA -10 22/02U3,000,000 2,998,980 4.24

ENI COORDINATION CENTER 09-10 26/02U2,000,000 1,998,956 2.83

Belgium 1,998,956 2.83

BNP PARIBAS 0.25 -10 25/01U2,000,000 2,000,119 2.83

France 5,997,601 8.48

CAISSE DE DEPOT ET CONS -10 28/01U3,000,000 2,997,931 4.24CAISSE DE DEPOT ET CONS S1855 -10 26/02U1,000,000 999,551 1.41

KRED.WIEDERAUFBAU -10 17/03U2,000,000 1,998,765 2.83

Germany 1,998,765 2.83

UNICREDITO ITALIANO BANK 09-10 17/03U2,000,000 1,998,501 2.83

Ireland 1,998,501 2.83

BGL SA -10 13/01U2,000,000 1,998,468 2.83





BCO BILBAO VISCAYA ARG0.26 09-10 16/03U2,000,000 2,000,000 2.82

Spain 8,488,584 11.99

CAJA MADRID 09-10 15/03U2,000,000 1,997,129 2.82GENERALITAT DE VALENCIA -10 22/03U2,000,000 1,998,135 2.83SANTANDER CP 09-10 17/05U2,500,000 2,493,320 3.52

KOMMUNINVEST I SVERIG -10 10/03U3,000,000 2,997,777 4.24

Sweden 2,997,777 4.24

% of N

AV

Market V

alue

USD

Quan

tity


% of N

AV

Market V

alue

USD

Quan

tity

134

Statement of net assets

AssetsSecurities portfolio at market value 2Acquisition costUnrealised gain/loss on the securities portfolioOptions purchased at market value 2Options purchased at costCash at banks and liquiditiesReverse repurchase agreements 2Time depositsInterest receivableBrokers receivableSubscribers receivableDividends receivableUnrealised net appreciation on forward foreign exchange contracts 2Unrealised net appreciation on futures contracts 2Unrealised net appreciation on swaps 2Receivable on spot exchangeOther assetsLiabilitiesDebts derived from reverse repurchase agreements and securities borrowing 2Options sold at market valueOptions sold at costBank overdraftsBrokers payableRepurchase agreements 2Subscribers payableUnrealised net depreciation on forward foreign exchange contracts 2Unrealised net depreciation on futures contracts 2Unrealised net depreciation on swaps 2Accrued management fees 4Payable on spot exchangeOther liabilities

Net asset value

Note

English

31,194,952 29,750,71030,906,989 28,566,65229,591,271 38,956,6141,315,719 -10,389,962

- -- -

132,164 1,036,924- -- -

78 398- -

43,744 54,412111,976 92,324

- -- -- -- -- -

271,965 166,577- -- -- -- -- -- -

132,333 37,609- -- -- -

116,335 107,454- -

23,297 21,514

30,922,987 29,584,133

EUR

Aqua Global

31/12/09EUR

31/12/08

199,240,190 125,958,442194,698,433 119,655,691145,202,779 168,655,16049,495,654 -48,999,469

- -- -

4,266,334 5,547,434- -- -- 1,400

73,643 615,99195,750 30,25932,445 107,667

- -- -- -

73,584 -- -

765,060 792,392- -- -- -- 1- -- -

208,371 476,018- -- -- -

399,590 264,30773,643 -83,456 52,065

198,475,130 125,166,051

USD

ASEAN New Markets

31/12/09USD

31/12/08


135

22,911,498 19,025,67322,330,889 18,779,31119,084,645 21,979,8783,246,245 -3,200,567

- -- -

507,450 235,711- -- -

23 73- -

67,713 5,6045,424 4,974

- -- -- -- -- -

87,695 130,186- -- -- -- -- -- -

222 53,096- -- -- -

73,437 65,309- -

14,036 11,780

22,823,803 18,895,488

USD


31/12/09USD

31/12/08

375,389,907 367,641,358363,188,917 361,870,738292,785,758 484,304,35970,403,159 -122,433,621

- -- -

8,121,087 5,667,188- -- -- 593- -

4,022,302 4,29257,600 98,547

- -- -- -- -- -

1,276,153 1,025,329- -- -- -- 2,357- -- -

119,893 77,273- -- -- -

1,012,593 820,703- -

143,667 124,996

374,113,754 366,616,029

USD

Asian Growth

31/12/09USD

31/12/08

166,479,490 8,695,717162,617,095 8,471,614149,236,889 15,798,96113,380,206 -7,327,347

- -- -

1,630,695 -- -- -- -- 115,429

1,620,782 2,859610,918 105,815

- -- -- -- -- -

2,559,285 205,190- -- -- -- 127,107

1,656,592 7,964- -

182,892 -- -- -- -

471,583 22,813- -

248,218 47,306

163,920,204 8,490,528

USD

Brazil

31/12/09USD

31/12/08

29,646,930 25,583,65128,707,647 22,826,41623,733,351 22,713,6314,974,296 112,785

- -- -

170,418 1,387,029- -- -- 11

698,795 -41,006 1,326,66829,065 43,527

- -- -- -- -- -

588,651 88,350- -- -- -

108,846 -358,339 -

- -38,522 2,094

- -- -- -

73,288 77,122- -

9,656 9,134

29,058,279 25,495,301

EUR

Clean Planet

31/12/09EUR

31/12/08


136



Net asset value

Note

English

31,408,024 14,551,54629,258,648 12,356,34525,080,501 27,801,1814,178,146 -15,444,836

- -- -

1,423,510 2,120,162- -- -- -

464,988 -173,806 30,26312,544 6,612

- -74,528 -

- -- -- 38,165

1,101,690 129,249- -- -- -

212,283 -558,301 -

- -75,030 16,061

- -- 39,769- -

101,161 62,301- -

154,915 11,117

30,306,334 14,422,297

EUR

Emerging Europe

31/12/09EUR

31/12/08

97,034,225 37,786,74295,435,742 31,425,33383,277,458 55,733,88012,158,283 -24,308,547

- -- -

1,147,546 1,657,360- -- -- -

187,959 111,029147,177 4,429,604108,253 163,416

- -7,548 -

- -- -- -

1,353,250 582,844- -- -- -

28,316 -583,357 414,373

- -18,041 -

- -- -- -

197,567 94,815- -

525,969 73,656

95,680,975 37,203,898

USD


31/12/09USD

31/12/08


137

655,029,931 441,306,026637,021,316 391,655,818520,492,832 616,284,221116,528,484 -224,628,403

- -- -

13,449,933 29,301,380- -- -

21,915 35,5311,315,231 2,008,8782,801,203 14,718,126

420,333 909,878- -- -- -- 2,259,942- 416,473

4,787,262 18,156,187- -- -- -1 2

1,649,896 5,459,732- -

969,859 8,898,020- -- -- -

1,864,864 1,199,747- 2,259,186

302,643 339,500

650,242,669 423,149,839

USD

Emerging Markets

31/12/09USD

31/12/08

29,002,468 6,085,93128,712,652 5,842,26525,224,145 9,906,8253,488,507 -4,064,560

- -- -

172,653 207,896- -- -3 -

76,349 16,44014,955 -24,179 19,330

- -1,677 -

- -- -- -

275,730 28,898- -- -- -

258 -164,383 11,641

- -5,455 -

- -- -- -

56,502 14,999- -

49,132 2,257

28,726,739 6,057,033

USD

Emerging World

31/12/09USD

31/12/08

85,891,075 91,322,95485,276,837 80,591,89093,577,143 125,741,444-8,300,306 -45,149,554

- -- -

131,900 3,528,788- 7,193,491- -- 6,929- -

459,797 1,855- -- -

22,540 -- -- -- -

313,088 496,323- -- -- -- 98- -- -

43,059 135,235- -- 36,520- -

208,711 235,999- -

61,317 88,471

85,577,986 90,826,631

EUR

Euro Quant

31/12/09EUR

31/12/08

15,592,858 10,507,03315,498,395 10,324,24316,199,171 16,387,406

-700,777 -6,063,162- -- -

93,171 180,681- -- -- -- -

148 2,10954 -

- -1,090 -

- -- -- -

27,530 28,284- -- -- -- -- -- -- -- -- 500- -

23,919 25,202- -

3,611 2,582

15,565,328 10,478,750

EUR

Euro SRI

31/12/09EUR

31/12/08


138



Net asset value

Note

English

17,495,618 15,603,71117,069,071 14,196,91615,949,331 19,792,0991,119,741 -5,595,183

- -- -

388,702 1,293,685- -- -- -

527 87,394598 18,165

8,018 7,55128,702 -

- -- -- -- -

121,427 343,445- -- -- -- -- 96,996- -

43,508 16,882- 144,499- 15,120- -

68,279 62,088- -

9,639 7,860

17,374,192 15,260,266

EUR


31/12/09EUR

31/12/08

56,450,621 68,696,99053,018,677 64,423,51854,007,992 90,774,531

-989,315 -26,351,01436,223 173,46023,148 217,420

1,456,168 3,743,904- -- -- -

72,526 202,2731,674,003 2,652

37,427 89,34570,320 -81,816 61,283

- -- -

3,461 5552,206,705 965,179

- -16,798 204,26022,143 220,92012,077 11,783

255,263 -- -

1,695,304 56,089- 461,447- -- -

161,851 167,029- -

65,412 64,571

54,243,916 67,731,811

EUR

Gems Europe

31/12/09EUR

31/12/08


139

64,556,505 21,104,13932,555,070 10,139,60533,765,098 13,321,560-1,210,028 -3,181,955

892,680 1,541,725581,931 886,506

9,018,931 9,182,144- -- -

-357,651 237,6312,306,422 -5,198,116 -

26,827 3,035521,011 -

- -- -

14,395,099 -- -

24,147,386 4,047,729- -

16,213 13,44225,096 164,00128,722 -

804,917 -- -

8,610,977 -- 3,673,675

200,536 315,661- -

76,326 40,51914,398,785 -

10,909 4,432

40,409,119 17,056,410

USD

Gems World

31/12/09USD

31/12/08

110,409,051 58,053,133107,389,868 56,309,99894,363,185 86,003,84013,026,682 -29,693,842

- -- -

2,026,145 1,593,878- -- -- 2

160,376 -750,822 76,54181,841 72,715

- -- -- -- -- -

1,122,952 219,481- -- -- -

656,207 -- -- -

53,081 37794,285 89,555

- -- -

274,883 112,734- -

44,497 16,815

109,286,098 57,833,652

USD

Global Agriculture

31/12/09USD

31/12/08

106,139,940 101,886,356105,258,200 99,637,94988,143,405 116,395,22217,114,795 -16,757,273

- -- -

816,208 1,408,295- -- -- 7- -

9,751 761,00455,782 79,101

- -- -- -- -- -

779,757 424,548- -- -- -- -- -- -

126,684 37,192- -

276,619 -- -

325,732 307,913- -

50,722 79,443

105,360,183 101,461,808

USD

Global Equities

31/12/09USD

31/12/08

32,474,230 58,705,97031,947,361 56,878,48733,557,718 88,484,864-1,610,358 -31,606,377

- -- -

396,896 1,626,066- -- -- -- -

2,544 50,71438,414 150,70318,727 -70,288 -

- -- -- -

174,946 203,416- -- -- -- -- -- -

56,949 6,988- -- -- -

103,337 159,913- -

14,660 36,516

32,299,285 58,502,554

USD

Global Finance

31/12/09USD

31/12/08


140



Net asset value

Note

English

66,458,679 38,377,97166,109,926 37,987,63364,960,153 59,084,7091,149,774 -21,097,076

- -- -

149,443 220,862- -- -- -- 151,414

181,372 11017,939 17,953

- -- -- -- -- -

146,112 100,715- -- -- -- 7,059- -- -

973 2,156- -- -- -

125,726 82,229- -

19,412 9,270

66,312,567 38,277,257

USD

Global Resources

31/12/09USD

31/12/08

719,218,647 353,528,311679,946,599 350,842,769557,314,650 470,327,625122,631,949 -119,484,856

- -- -

36,174,842 1,918,726- -- -- -- 212,895

2,668,637 307,176428,568 246,744

- -- -- -- -- -

6,458,118 2,407,774- -- -- -- -- -- -

2,319,655 1,076,569- -- -- -

1,726,696 813,910- -

2,411,767 517,294

712,760,529 351,120,536

USD

Greater China

31/12/09USD

31/12/08


141

1,059,081,701 497,471,5991,053,940,342 477,680,300

869,820,561 873,178,000184,119,780 -395,497,700

- -- -

3,016,826 19,630,624- -- -- 220- -

2,043,850 33,71058,558 126,745

- -- -- -

22,125 -- -

2,384,998 1,694,003- -- -- -- -- 445,446- -

346,149 286,276- -- -- -

1,488,309 749,67222,127 -

528,413 212,609

1,056,696,703 495,777,596

USD

India

31/12/09USD

31/12/08

81,494,110 19,502,43776,695,266 19,342,08468,438,336 39,415,1428,256,930 -20,073,058

- -- -

4,578,529 84,720- -- -- 46- -

173,933 64,50446,382 11,084

- -- -- -- -- -

469,928 92,814- -- -- -- -- -- -

295,178 40,360- -- -- -

136,401 33,156- -

38,348 19,298

81,024,182 19,409,623

USD


31/12/09USD

31/12/08

4,235,079,942 1,335,131,3363,880,536,034 1,309,086,3683,807,843,467 1,593,382,378

72,692,567 -284,296,010- -- -

307,599,227 18,547,768- -- -- -- -

45,317,413 5,429,6701,627,268 2,067,530

- -- -- -- -- -

165,507,612 4,157,942- -- -- -- -

150,636,780 -- -

3,991,813 -- -- -- -

9,148,378 3,765,239- -

1,730,641 392,703

4,069,572,330 1,330,973,394

JPY

Japan Value

31/12/09JPY

31/12/08

92,952,410 63,151,70689,121,142 61,995,59769,293,077 79,065,17419,828,064 -17,069,577

- -- -

3,674,521 1,026,813- -- -- 450- -

156,747 4,569- 124,278- -- -- -- -- -

370,454 383,288- -- -- -- -- -- -

125,668 192,143- -- -- -

202,393 160,664- -

42,392 30,480

92,581,957 62,768,418

USD

Korea

31/12/09USD

31/12/08


142



Net asset value

Note

English

1,817,936,187 477,192,3981,793,927,225 467,082,5871,377,019,038 770,644,743

416,908,186 -303,562,156- -- -

10,832,848 3,366,356- -- -- -- -

8,624,728 1,392,7104,551,388 5,329,082

- -- -- -- 21,663- -

31,551,253 2,521,327- -- -- -2 260

13,244,457 17,469- -

6,491,083 957,688- -- -- -

4,131,469 1,325,561- 21,772

7,684,242 198,576

1,786,384,934 474,671,071

USD


31/12/09USD

31/12/08

12,446,597 -12,106,763 -10,950,790 -1,155,974 -

- -- -

181,313 -- -- -- -

125,179 -- -

9,143 -- -

24,200 -- -- -- -

27,177 -- -- -- -- -- -- -- -

4,896 -- -- -

19,427 -- -

2,853 -

12,419,420 -

EUR


31/12/09EUR

31/12/08


143

22,533,374 16,581,05822,404,681 16,412,43422,134,265 23,730,241

270,417 -7,317,807- -- -

25,116 156,750- -- -- -- -- -

11,378 11,87492,199 -

- -- -- -- -

50,939 171,989- -- -- -- -- -- -- -- 97,528- -- -

45,540 37,844- -

5,399 36,618

22,482,435 16,409,068

EUR


31/12/09EUR

31/12/08

22,214,887 12,256,50022,111,427 11,613,14918,337,941 11,032,1833,773,486 580,966

- -- -

41,213 623,897- -- -- 0- 19,454

5,594 -4,737 -

- -- -- -

51,917 -- -

160,659 12,798- -- -- -

51,506 -- -- -

1,589 -- -- 3,750- -

44,952 6,31451,905 -10,707 2,734

22,054,228 12,243,702

EUR

Select Euro

31/12/09EUR

31/12/08

30,457,092 13,562,16329,577,665 12,744,13824,764,187 12,344,5404,813,478 399,598

- -- -

178,110 361,703- -- -- -

201,837 456,3234,882 -

35,900 -- -- -- -

458,698 -- -

1,210,568 444,607- -- -- -- -

682,948 400,160- -

11,499 -- -- -- -

50,997 6,798457,407 -

7,716 37,648

29,246,524 13,117,556

EUR

Select Europe

31/12/09EUR

31/12/08

13,137,885 14,896,71412,764,603 14,450,53511,475,633 17,490,3961,288,970 -3,039,861

- -- -

347,888 445,996- -- -- -- -

80 184- -- -

25,315 -- -- -- -

66,612 147,380- -- -- -

8,393 -- 68,825- -

17,226 21,260- -- 9,046- -

34,937 41,785- -

6,057 6,465

13,071,273 14,749,334

CHF

Switzerland

31/12/09CHF

31/12/08


144



Net asset value

Note

English

35,269,501 25,037,97734,754,841 23,517,63728,676,851 30,693,9146,077,989 -7,176,276

- -- -

412,208 117,680- -- -- 277

22,297 599,75256,914 737,98723,242 64,644

- -- -- -- -- -

1,404,265 286,956- -- -- -- -- 133,735- -

1,248,438 27,543- -- -- -

134,634 111,056- -

21,193 14,622

33,865,236 24,751,022

USD

Thailand

31/12/09USD

31/12/08

41,847,723 30,623,59139,614,530 28,449,20736,864,621 36,423,8422,749,909 -7,974,635

- -- -

2,149,504 2,084,168- -- -- -- -

47,320 2,80536,370 36,111

- -- 51,300- -- -- -

139,415 113,257- -- -- -- -- -- -

6,546 12,662- -

3,150 -- -

106,605 84,217- -

23,114 16,378

41,708,308 30,510,334

USD


31/12/09USD

31/12/08


145

50,145,851 46,584,82846,996,921 42,707,16241,446,932 50,734,0105,549,989 -8,026,848

- -- -

2,852,071 3,798,849- -- -- -- -

257,897 41,46338,962 37,354

- -- -- -- -- -

1,294,109 247,721- -- -- -- -

639,328 42,148- -

484,177 48,646- -- -- -

150,541 137,836- -

20,063 19,091

48,851,743 46,337,107

USD

US Opportunities

31/12/09USD

31/12/08

14,471,445 8,662,81212,045,219 6,260,85111,376,029 10,841,264

669,190 -4,580,413- -- -

587,509 2,185,679- -

1,500,039 -207,728 140,153

- 75,00033,023 1,129

- -97,928 -

- -- -- -- -

815,749 415,417- -- -- -- -

759,461 -- -

11,610 203,087- 180,944

20,313 -- -

19,370 26,871- -

4,995 4,515

13,655,696 8,247,395

USD

Asian Income

31/12/09USD

31/12/08

17,075,734 6,512,49515,660,914 5,696,71915,361,934 8,881,847

298,980 -3,185,128- -- -

758,388 527,078- -- -

269,776 204,961- -

386,656 60- -- -- 83,677- -- -- -

210,899 188,327- -- -- -- 110,725- -- -

42,773 17,106- 30,725

65,160 -- -

57,128 25,619- -

45,839 4,152

16,864,835 6,324,168

USD


31/12/09USD

31/12/08

308,163,447 163,012,814292,491,264 155,299,034288,738,633 161,128,409

3,752,632 -5,829,37567,500 -

- -1,822,845 2,746,660

- -- -

5,588,250 2,985,921- -

8,193,588 1,509,511- -- -- 463,440- -- -- 8,249

21,745,716 1,123,843- -

-14,850 -- -- -

5,427,369 -13,948,379 -1,298,940 759,710

- -346,960 -49,233 87,931

248,074 203,677- -

441,611 72,524

286,417,730 161,888,972

EUR

Euro Bond

31/12/09EUR

31/12/08


146



Net asset value

Note

English

578,904,266 429,262,207558,925,274 411,442,153535,906,932 484,280,26423,018,342 -72,838,111

105,000 92,500- 93,750

6,041,458 2,455,370- -- -

12,416,796 11,718,253- 1,339,918

994,853 365,239- -

44,106 -376,779 1,844,750

- -- -- 4,024

83,237,852 7,276,438- -

-23,100 447,500- 491,500

11,241 --1,100,000 1,345,92779,319,779 -2,442,135 4,333,048

- 13,366- -

1,066,463 181,151710,121 650,802

- -811,213 304,645

495,666,414 421,985,769

EUR

Euro Corporate Bond

31/12/09EUR

31/12/08

400,675,444 218,660,123385,410,661 177,847,933372,506,244 282,113,21112,904,418 -104,265,278

- -- -

4,342,080 8,588,518- 24,999,999- -

8,293,629 6,797,609185,000 -296,229 71,774

- -- -

347,760 315,4161,197,636 -

- -602,449 38,874

53,351,685 6,342,593- -- -- -

2,377 -- -

51,515,783 -13,631 8,927

684,554 684,748- -- 5,034,004

382,897 245,286- -

752,442 369,629

347,323,759 212,317,529

EUR


31/12/09EUR

31/12/08


147

334,212,264 123,792,538308,988,963 118,451,942303,259,700 118,586,554

5,729,263 -134,61163,750 -

- -3,589,692 4,136,227

13,999,999 -- -

2,825,977 1,194,4953,144,378 -1,599,504 9,874

- -- -- -- -- -- -

919,062 7,299,073- -

-14,020 -- -- -- -- 6,706,109

149,987 334,811- -- -- -

548,759 202,647- -

234,337 55,506

333,293,201 116,493,465

EUR

Euro Inflation Bond

31/12/09EUR

31/12/08

22,049,518 32,685,51821,389,327 31,563,80121,665,304 31,804,059

-275,977 -240,258- -- -

43,980 206,065- -- -

616,211 842,591- -- 73,060- -- -- -- -- -- -

203,053 127,150- -- -- -- -- -- -

161,174 56,085- -- 2,920- -

32,356 55,621- -

9,523 12,524

21,846,465 32,558,368

EUR

Euro Select Bond

31/12/09EUR

31/12/08

96,097,742 136,123,90075,771,951 84,532,97673,885,551 93,958,9101,886,401 -9,425,935

-71,750 401,750- 93,625

14,061,426 15,265,967- -

1,500,000 1,500,0001,574,418 1,550,381

- 97,400191,200 17,052

- -- -

71,563 724,071- -

2,998,934 32,033,908- 395

34,311,954 68,573,327- -

-46,125 609,600- 139,130

33,534 276,3683,690,741 146,280

25,991,623 32,702,08871,525 1,882,005

186,743 130,023- -- -

87,360 119,0693,000,261 32,066,1981,296,292 641,697

61,785,788 67,550,574

EUR

European Bond

31/12/09EUR

31/12/08

94,015,810 48,774,89377,890,015 37,265,07072,704,306 41,833,9965,185,709 -4,568,926

88,940 605,603188,196 373,216

2,855,982 2,061,411- -

1,000,000 -1,430,689 838,090

- -5,468,732 1,943,275

- -864,119 -152,167 528,226

- -4,265,167 5,533,218

- -45,690,962 13,921,068

- --26,003 514,39049,725 67,6781,189 401,844

- 89,33029,086,975 2,873,00110,226,491 1,978,450

- 2,481,344- -- -

64,313 46,9714,262,679 5,530,2372,075,318 5,501

48,324,848 34,853,826

USD

Global Aggregate

31/12/09USD

31/12/08


148



Net asset value

Note

English

1,005,884,946 1,151,011,796861,453,073 840,585,821838,514,636 905,736,93622,938,436 -65,151,1161,334,387 3,527,391

835,300 1,034,66481,733,285 61,910,27835,379,890 165,471,2532,152,125 46,650,013

15,198,335 19,815,7652,204,370 1,417,8511,939,061 73,067

- -629,218 1,206,054

2,092,964 -1,768,239 -

- 10,337,743- 16,560

393,724,366 360,670,171- -

-226,691 4,998,064- 3,484,713

620,672 6,818,579- -

378,444,759 332,456,356848,281 587,672

- -- 1,975,708- -

872,825 1,290,249- 10,603,627

13,164,521 1,939,917

612,160,579 790,341,625

USD

Global Bond

31/12/09USD

31/12/08

45,272,040 24,653,68242,342,358 23,884,15539,437,515 27,074,5392,904,843 -3,190,3831,033,590 54,400

961,150 85,7371,118,050 424,280

- -- -

274,469 271,633- -

503,572 19,214- -- -- -- -- -- -

900,552 121,742- -

310,020 16,700297,585 52,737

- -- -- -

115,831 18,156- -

333,995 -- -

115,491 64,482- -

25,216 22,405

44,371,487 24,531,940

EUR


31/12/09EUR

31/12/08


149

82,711,200 41,075,02477,087,260 39,146,17475,296,133 47,180,0901,791,126 -8,033,916

24,749 -- -

3,974,245 224,317- -- -

1,394,533 1,014,603- -

230,412 -- -- 661,268- 18,097- -- -- 10,565

1,021,960 167,657- -

-5,452 -- -- -- -- -

16,949 -91,786 -90,008 -

117,721 102,67586,911 48,591

- -624,037 16,390

81,689,240 40,907,367

USD


31/12/09USD

31/12/08

60,494,814 -57,864,195 -57,260,024 -

604,170 -3,750 -

- -277,701 -

- -- -

385,957 -- -

1,960,467 -- -- -

2,744 -- -- -- -

9,605,191 -- -

-830 -- -- -

1,175,941 -7,386,561 -

10,869 -980,882 -

- -- -

31,034 -- -

20,736 -

50,889,623 -

EUR


31/12/09EUR

31/12/08

137,322,850 151,963,531118,100,908 102,073,129114,291,447 104,418,146

3,809,461 -2,345,016272,702 575,847363,320 651,251

1,039,346 7,939,998- 10,676,210- 11,118,775

991,885 19,419,558- 160,014- -- -

251,240 -- -- -

16,666,768 -- -

20,427,682 27,408,588- 11,148,303- 28,135- 47,377- 76,066- -- -- -- 10,920,251

10,836 3,112,3993,146,946 -

166,556 177,08516,661,862 -

441,482 1,946,348

116,895,168 124,554,943

GBP

LDI Gilt Plus (GBP)

31/12/09GBP

31/12/08

243,881,277 245,171,652231,479,868 199,515,773225,665,901 199,560,660

5,813,967 -44,886546,158 627,284656,635 741,755

2,332,106 9,909,061- -

6,501,986 20,303,8502,347,868 14,622,313

- 193,370- -- -

673,290 -- -- -- -- -

3,270,253 23,276,462- -- 78,779- 132,903- 48,339- 203,039- -- -- 17,434,502

30,971 2,807,1902,046,284 -

300,970 259,301- -

892,028 2,445,313

240,611,024 221,895,190

GBP


31/12/09GBP

31/12/08


150



Net asset value

Note

English

113,317,452 66,960,666112,261,032 66,228,226114,947,726 87,056,274

-2,686,694 -20,828,048- -- -

1,002,717 729,793- -- -- -

628 -- -

34,295 2,646- -

18,780 -- -- -- -

59,412 25,198- -- -- -- -- -- -

27,677 -- -- 3,750- -

24,062 17,030- -

7,674 4,418

113,258,039 66,935,467

EUR

Index Euro

31/12/09EUR

31/12/08

487,040,710 349,014,684485,337,708 295,127,431399,778,892 326,918,57185,558,816 -31,791,140

- -- -

1,139,220 43,909,543- -- -- -

1,791 -50 7,748,714

556,664 183,990- 20,803

5,277 -- -- 2,024,202- -

1,046,894 51,781,377- -- -- -- 2,048- 49,719,817- -

891,145 4,654- -- 6,806- -

123,319 33,224- 2,000,000

32,430 14,828

485,993,816 297,233,307

EUR

Index Europe

31/12/09EUR

31/12/08


151

179,097,592 75,440,827166,348,378 69,857,643169,579,384 65,760,372

-3,231,006 4,097,272- -- -

475,203 1,473,206- -- -

2,357,613 919,2947,410,390 -

50 -- -- 3,175,127- 15,556- -

2,505,958 -- -

11,421,641 22,136- -- -- -- -

4,024,427 -- -

3,122,220 -1,724,977 -

- -- -

40,652 14,5992,490,254 -

19,110 7,537

167,675,951 75,418,690

EUR


31/12/09EUR

31/12/08

336,598,896 247,740,190331,950,668 230,729,601293,330,790 250,675,63938,619,878 -19,946,038

- -- -

3,245,523 4,331,572- -- -- -- -

989,560 5,356,187400,314 294,793

- -12,831 265,454

- -- 6,762,583- -

900,272 6,740,271- -- -- -

798,312 -- -- -- -- 39,970- -- -

79,544 28,094- 6,660,000

22,416 12,207

335,698,624 240,999,920

EUR

Index North America

31/12/09EUR

31/12/08

77,024,947 28,471,75576,378,289 28,402,57566,685,026 28,293,9339,693,263 108,643

- -- -

561,498 37,301- -- -

302 -- -

73 -74,091 31,878

- -10,695 -

- -- -- -

32,625 36,586- -- -- -- 14,077- 16,912- -

2,985 -- -- -- -

17,809 2,638- -

11,831 2,959

76,992,323 28,435,169

EUR

Index Pacific

31/12/09EUR

31/12/08

37,679,088 -37,411,723 -37,514,989 -

-103,266 -- -- -- -- -- -- -

137,375 -74,935 -

- -55,055 -

- -- -- -- -

221,158 -- -- -- -

142,680 -- -- -- -- -- -- -

67,536 -- -

10,942 -

37,457,930 -

EUR


31/12/09EUR

31/12/08


152



Net asset value

Note

English

56,355,618 13,921,36025,919,617 1,333,54925,817,134 1,304,176

102,484 29,37436,187 4,72130,006 4,169

149,163 118,67518,918,229 12,406,170

- -121,569 9,467

- -11,091,636 48,778

- -12,859 -

106,359 -- -- -- -

5,909,991 60,423- -

23,445 -20,004 -43,585 23

5,164,923 -- -

586,787 25,543- -- 3,777

1,330 -69,813 25,354

- -20,108 5,725

50,445,627 13,860,937

EUR

Arbitrage Inflation

31/12/09EUR

31/12/08

266,480,240 430,959,723233,904,527 280,210,056252,119,168 336,564,205-18,214,641 -56,354,149

779,899 792,500507,933 220,000

2,280,235 7,415,600- 21,903,087

19,500,000 21,719,3992,959,987 6,754,370

- 59,638,8153,132,216 658,190

- -- 11,923,179

97,795 -214,252 -

1,798,065 18,202,5871,813,265 1,741,942

14,814,110 169,922,785- 22,084,204

-8,551 -20,598 -

112,340 45,766- 61,665,879- 58,039,336

766,937 912,802650,399 -

- 3,567,609- -

252,658 356,7011,798,036 19,065,370

11,242,291 4,185,119

251,666,131 261,036,937

EUR


31/12/09EUR

31/12/08


153

11,419,046 535,278,0489,180,254 427,045,8249,170,465 413,352,165

9,788 13,693,6595,323 -2,464 -

1,458,815 10,896,330- -- 52,981,926

83,860 7,621,982- 580,110

15,083 -- -

26,864 -- -- -

87,786 36,151,876561,061 -

6,659,487 97,543,878- -- -- -- 99,973- 5,387,004- -

590,776 150- 49,062,745

10,297 5,599,795- -

5,675 330,50688,017 36,465,514

5,964,722 598,190

4,759,559 437,734,171

GBP


31/12/09GBP

31/12/08

65,891,683 47,751,80254,998,003 39,306,98858,660,118 50,658,261-3,662,115 -11,351,273

48,714 -22,219 -

1,265,013 3,753,163- -

8,000,000 1,390,050580,707 742,554

- -101,671 5,374

- -347,741 -

- -- -

455,015 2,553,67394,819 -

2,245,944 4,513,003- -- -- -- 9,234- 389,230- -

151,137 1,430- 865,218

42,784 536,101- -

56,856 57,928456,238 2,558,428

1,538,930 95,434

63,645,738 43,238,799

USD


31/12/09USD

31/12/08

15,289,032 6,973,32810,683,265 4,932,53310,792,126 5,164,558

-108,861 -232,026- -- -

935,623 1,007,867- -- 1,000,000

41,355 -17,072- -

46,577 -- -

6,044 -- -- -

3,576,168 50,000- -

6,690,039 526,677- -- -- -- -- -- -

2,848,655 34,617- 372,065- -- -

18,608 19,9233,571,296 50,750

251,480 49,322

8,598,993 6,446,651

EUR

Dynarbitrage Forex

31/12/09EUR

31/12/08

395,864 10,599,294249,896 8,941,198249,896 9,277,900

- -336,702- -- -

64,319 1,633,141- -- -

85 9,66549,999 -

- -- -- -- -- -

31,565 15,291- -

130,477 577,313- -- -- -- -- -- -

29,341 -- 550,247- -- -

1,533 10,43931,460 15,52068,143 1,107

265,387 10,021,981

USD


31/12/09USD

31/12/08


154



Net asset value

Note

English

8,931,987 14,125,094- 1,945,263- 1,945,408- -145- 514,390- 52,790

910,986 2,909,588- -

7,858,468 8,638,5741,604 111,864

- -25,873 5,415

- -135,056 -

- -- -- -- -

13,490 862,604- -- 514,390- 67,678- -- -- -- -- 326,161- -- -

12,041 19,845- -

1,450 2,209

8,918,497 13,262,489

USD

Dynarbitrage Forex Asia Pacific

31/12/09USD

31/12/08

45,962,979 27,972,21935,811,199 18,290,67733,700,863 22,867,5062,110,337 -4,576,828

- -- -

806,863 9,148,4358,598,717 -

- -652,333 527,528

- -88,895 -

- -- -- -- -- -

4,971 5,5791,592,150 585,731

- -- -- -

311 -- -- -

5,000 -104,285 94,78811,835 22,953

716,787 399,28151,380 38,815

- -702,552 29,894

44,370,829 27,386,488

EUR


31/12/09EUR

31/12/08


155

249,777,173 376,060,305234,104,547 305,265,310254,233,793 396,762,171-20,129,246 -91,496,861

924,370 -655,401 -

3,483,551 35,234,377- -

1,742,464 -3,589,969 5,524,258

- 11,332,4461,054,161 15,470

18,074 14,165- 12,697,543

274,152 -- -

4,356,739 5,450,327229,145 526,409

27,259,579 85,084,997- 6,422,878

-18,413 -44,354 -48,507 1,405,808

- 11,356,28713,818,520 52,957,452

617,946 1,219,2131,203,061 -

- 4,843,279- -

431,995 574,3514,357,936 5,477,8266,800,028 827,903

222,517,594 290,975,309

EUR


31/12/09EUR

31/12/08

156,436,737 77,455,152126,059,525 64,951,034127,201,385 80,127,414

-1,141,860 -15,176,380585,892 -420,163 -

2,530,674 5,088,637- -

20,500,000 2,000,0001,745,717 1,571,044

- -4,895 -

- -1,368,433 -

364,613 -- -

3,160,837 3,844,437116,150 -

13,048,812 6,532,439- -

-12,269 -30,000 -48,103 -

- -- -

6,344,930 -- 1,769,360- 680,822

513 -185,293 99,817

3,169,054 3,872,3963,313,187 110,044

143,387,925 70,922,713

USD


31/12/09USD

31/12/08

866,805,688 540,396,465714,337,068 288,792,844707,380,133 296,799,862

6,956,935 -8,007,01827,096,331 65,167,82421,463,378 42,836,89039,907,649 20,588,53450,880,000 153,460,132

- -574,688 1,353,33698,757 -

16,207,850 10,928,731- -- -- 97,932- -

17,703,345 -- 7,132

58,819,334 26,691,675- 2,514,148

31,886,083 17,882,03432,040,406 23,497,018

3,010 586,7391,221,622 -

- -6,246,426 2,846,373

151,943 -11,459 -15,104 -

1,379,022 866,04917,595,784 -

308,880 1,996,332

807,986,354 513,704,790

EUR


31/12/09EUR

31/12/08

87,145,999 26,087,78961,330,312 24,115,91961,098,595 24,124,366

231,717 -8,448- -- -

3,446,865 659,095- -- -

55,397 23,86221,360,942 1,182,488

937,668 -14,815 2,443

- 56,214- -- 47,767- -- -

25,831,712 1,684,257- -- -- -- -

22,090,855 1,655,260- -

619,249 -980,351 -290,689 18,719

1,740,612 -96,999 7,089

- -12,957 3,188

61,314,287 24,403,532

EUR


31/12/09EUR

31/12/08


156



Net asset value

Note

English

818,179,508 687,581,619460,609,607 153,795,069460,606,742 153,784,099

2,865 10,969147,702,900 379,807,800153,594,650 234,838,730

666,287 8,018,840200,036,078 141,878,938

- -292,709 814,400

- -6,517,096 3,266,573

- -545,435 -

1,809,395 -- -- -- -

63,390,163 345,897,861- -

56,931,200 312,027,49052,782,700 283,144,3001,809,395 -

- -- -

2,931,954 30,700,561- -- 2,128,910

12,003 -1,350,100 791,682

- -355,512 249,218

754,789,345 341,683,758

EUR


31/12/09EUR

31/12/08

371,562,912 111,364,139208,506,152 21,442,157213,133,971 20,845,584

-4,627,819 596,57371,255,408 22,044,19175,911,717 20,394,68264,921,031 30,306,821

- 27,522,987- -

-1,609,184 735,329- -

1,616,339 114,025- -

18,876 -- -- 9,198,628

26,854,289 -- -

44,742,137 36,411,931- -

11,047,120 30,634,44411,945,461 34,128,3225,295,408 -

- -- -

257,983 192,754- 5,093,825

351,547 367,0955,313 -

490,046 102,69927,220,780 -

73,940 21,114

326,820,775 74,952,208

USD


31/12/09USD

31/12/08


157

559,815,868 780,687,033486,341,559 646,640,790486,341,559 646,640,790

- -- -- -

806,012 1,854,52369,999,312 119,974,634

- -1,028,686 4,698,069

- 1,070,0001,640,300 6,449,016

- -- -- -- -- -- -

1,594,244 3,370,196- -- -- -- -- -- -

1,038,293 1,658,308- -- -- -

132,888 254,670- -

423,063 1,457,217

558,221,624 777,316,837

EUR

Euro Reserve

31/12/09EUR

31/12/08

74,346,496 73,278,20262,449,784 58,711,89362,449,784 58,711,893

- -- -- -

358,870 1,392,209- -

11,000,000 13,000,00025,258 131,550

- -512,585 42,551

- -- -- -- -- -- -

3,633,542 412,623- -- -- -- -

2,998,980 -- -

602,034 297,745- -- -- -

22,146 54,525- -

10,383 60,354

70,712,954 72,865,578

USD

USD Reserve

31/12/09USD

31/12/08

12,235,792,278 9,420,147,96610,972,783,388 7,359,114,66210,046,602,171 9,043,565,242

926,181,217 -1,684,450,581230,233,455 469,152,801232,502,918 296,830,854286,606,334 376,052,391386,991,470 631,700,25366,167,147 164,337,48060,631,533 108,766,96338,343,379 81,201,04485,535,176 57,115,5865,996,164 6,484,8104,703,381 29,226,4955,222,129 4,368,1212,639,320 6,657,402

86,507,913 123,279,8903,431,490 2,690,069

872,757,696 1,288,721,419- 42,725,486

96,533,617 357,661,95793,592,557 335,094,5038,031,838 10,054,962

60,301,426 138,833,884474,870,917 391,354,45254,623,314 58,122,7216,801,252 101,591,1011,782,549 25,940,1589,534,867 5,776,144

18,194,120 12,668,70986,637,463 124,627,33955,446,334 19,364,506

11,363,034,582 8,131,426,547

EUR

Consolidated

EUR31/12/09 31/12/08


158

Classic C183,028.55 190,920.11 201,757.03Number of shares

Net asset value per share

Total Net Assets EUR 30,922,987 33,798,918 35,588,337

Aqua Global30/06/0830/06/0931/12/09Period ending at:

79.14 69.21 84.80

Classic D8,161.48 7,953.41 7,787.67Number of shares

Net asset value per share 74.36 65.59 80.51

Classic S C139,732.27 146,062.53 162,965.13Number of shares


Institutional C5,405.74 12,365.17 4,549.88Number of shares


M C5,891.18 16,920.18 2,229.97Number of shares


Classic C804,472.70 825,061.97 1,002,075.99Number of shares


Total Net Assets USD 198,475,130 159,668,663 293,733,087

ASEAN New Markets30/06/0830/06/0931/12/09Period ending at:

69.38 54.00 86.48







Institutional I4 C1,979,000.00 2,067,000.00 2,233,700.00Number of shares


Institutional I9 C4,720.00 4,480.00 4,510.00Number of shares


M C0.00 0.00 621.66Number of shares





Asia Pacific Renaissance30/06/0830/06/0931/12/09Period ending at:

15.81 13.15 18.85





Financial Details Relating to the Last 3 Years


159



Asia Pacific Renaissance30/06/0830/06/0931/12/09Period ending at:

1,680.92 1,392.43 1,980.77



Classic C5,299,432.01 5,002,028.02 6,163,100.74Number of shares



Asian Growth30/06/0830/06/0931/12/09Period ending at:

23.45 19.03 24.37






Net asset value per share 2,404.51 1,942.88 2,469.61


Net asset value per share 1,167.94 941.59 1,191.24



Classic C1,150,469.97 25,626.24 4,674.00Number of shares



Brazil30/06/0830/06/0931/12/09Period ending at:

113.71 73.51 106.80

Classic D6,881.99 0.00 0.00Number of shares










160




Clean Planet30/06/0830/06/0931/12/09Period ending at:

75.63 62.25 78.72

Classic D107.00 63.00 0.00Number of shares


Classic S C7,337.64 3,200.99 720.79Number of shares


Institutional C4,167.88 3,977.00 1.00Number of shares







Emerging Europe30/06/0830/06/0931/12/09Period ending at:

27.30 19.10 37.84







M C1,454.53 1,792.84 377.87Number of shares





Emerging Internal Demand30/06/0830/06/0931/12/09Period ending at:

82.68 60.78 87.49







M C186,514.22 64.00 27,219.69Number of shares




161




Emerging Markets30/06/0830/06/0931/12/09Period ending at:

29.99 23.04 32.52



Classic S C1,180,450.63 1,145,597.03 455,873.65Number of shares




Institutional C1.00 1.00 1.00Number of shares


Institutional I7 C0.00 79,619.96 237,073.44Number of shares

Net asset value per share 0.00 822.90 1,146.77



Classic C11,117.50 1,182.45 10.00Number of shares



Emerging World30/06/0830/06/0931/12/09Period ending at:

93.97 69.50 97.31








Euro Quant30/06/0830/06/0931/12/09Period ending at:

6.75 5.50 7.79



Classic S C1,903,741.71 2,263,582.86 3,240,042.61Number of shares








162

Classic C105.41 180.36 180.00Number of shares



Euro SRI30/06/0830/06/0931/12/09Period ending at:

71.05 56.89 80.42

Classic S C380.27 114.71 260.05Number of shares







Europe Smaller Companies30/06/0830/06/0931/12/09Period ending at:

6.42 5.40 8.31










Gems Europe30/06/0830/06/0931/12/09Period ending at:

70.15 57.02 79.77












Gems World30/06/0830/06/0931/12/09Period ending at:

74.83 58.41 82.87



162

163



Gems World30/06/0830/06/0931/12/09Period ending at:

71.51 55.93 79.58



Institutional D0.00 0.00 15,000.00Number of shares


M C9,034.86 0.00 0.00Number of shares


Classic 2 C9,755.00 0.00 0.00Number of shares



Global Agriculture30/06/0830/06/0931/12/09Period ending at:

103.40 0.00 0.00





Classic D6,709.43 3,494.46 0.00Number of shares






Institutional I10 C16,900.00 10,000.00 0.00Number of shares

Net asset value per share 1,007.40 779.20 0.00






Global Equities30/06/0830/06/0931/12/09Period ending at:

7.30 5.94 8.59



Classic S C976,845.79 1,043,043.80 697,026.62Number of shares




164



Global Equities30/06/0830/06/0931/12/09Period ending at:

939.18 760.87 1,098.13

Classic 3 C10.00 10.00 0.00Number of shares



Global Finance30/06/0830/06/0931/12/09Period ending at:

103.14 90.71 0.00





Classic S 3 C10.00 10.00 0.00Number of shares






M C122.06 55,246.71 0.00Number of shares





Global Resources30/06/0830/06/0931/12/09Period ending at:

78.30 63.39 105.29











165




Greater China30/06/0830/06/0931/12/09Period ending at:

487.50 414.02 443.15







Institutional I2 D15,412.00 25,452.00 19,652.00Number of shares












Total Net Assets USD 1,056,696,703 836,365,446 836,376,753

India30/06/0830/06/0931/12/09Period ending at:

151.86 121.82 132.39

















166




India Infrastructure30/06/0830/06/0931/12/09Period ending at:

65.15 53.02 58.10













Total Net Assets JPY 4,069,572,330 3,704,309,507 26,304,411,590

Japan Value30/06/0830/06/0931/12/09Period ending at:

6,386 6,508 8,234


Net asset value per share 10,696 10,900 0


Net asset value per share 6,328 6,461 8,211





Institutional I8 C0.00 0.00 334,555.23Number of shares







Korea30/06/0830/06/0931/12/09Period ending at:

18.51 13.36 22.15





167



Korea30/06/0830/06/0931/12/09Period ending at:

17.61 12.74 21.20











Total Net Assets USD 1,786,384,934 781,076,043 1,316,736,862

Latin America Equities30/06/0830/06/0931/12/09Period ending at:

651.96 431.95 677.47













Total Net Assets EUR 12,419,420 10,496,627 0

Minimum Variance Europe30/06/0830/06/0931/12/09Period ending at:

118.58 101.65 0.00


Net asset value per share 1,191.67 1,017.93 0.00



168




Restructuring Equities30/06/0830/06/0931/12/09Period ending at:

63.36 51.95 74.34

Classic S C1,185.89 849.84 594.10Number of shares







Select Euro30/06/0830/06/0931/12/09Period ending at:

128.18 105.28 0.00







S C31,768.06 32,877.07 0.00Number of shares





Select Europe30/06/0830/06/0931/12/09Period ending at:

127.54 104.85 0.00







Classic C832,991.57 1,006,560.54 1,174,986.58Number of shares


Total Net Assets CHF 13,071,273 12,542,861 23,211,055

Switzerland30/06/0830/06/0931/12/09Period ending at:

7.94 6.66 9.01



169



Switzerland30/06/0830/06/0931/12/09Period ending at:

7.93 6.68 9.03








Thailand30/06/0830/06/0931/12/09Period ending at:

58.66 44.82 64.78



Classic S C409,141.72 458,587.59 1,148,110.18Number of shares




Institutional I7 C0.00 0.00 50,903.86Number of shares







US Innovative Companies30/06/0830/06/0931/12/09Period ending at:

8.13 6.79 9.46



Classic S C1,128,648.70 845,487.09 979,835.68Number of shares








170




US Opportunities30/06/0830/06/0931/12/09Period ending at:

10.03 8.37 12.05










Asian Income30/06/0830/06/0931/12/09Period ending at:

17.18 15.41 15.73







M C0.00 0.00 67,930.59Number of shares





Emerging Markets Debt30/06/0830/06/0931/12/09Period ending at:

22.58 19.47 19.88











171




Euro Bond30/06/0830/06/0931/12/09Period ending at:

14.54 13.79 12.49







Institutional I2 D2,297,487.02 984,801.11 433,642.58Number of shares







Euro Corporate Bond30/06/0830/06/0931/12/09Period ending at:

14.67 12.99 12.66

Classic D9,833,917.32 16,224,422.54 22,661,234.09Number of shares


Classic S C3,574,667.14 798,053.62 583,446.26Number of shares




Institutional D9,395.99 5,000.00 0.00Number of shares


Institutional I2 D1,916,065.64 1,974,517.43 2,061,891.44Number of shares


M C21,543.35 660.51 260,414.71Number of shares





Euro High Yield Bond30/06/0830/06/0931/12/09Period ending at:

13.20 10.52 11.45





172



Euro High Yield Bond30/06/0830/06/0931/12/09Period ending at:

12.85 10.25 11.18

Institutional C455.00 16,127.00 38,431.59Number of shares


Institutional I2 D4,177,921.00 3,971,898.00 3,569,961.00Number of shares







Euro Inflation Bond30/06/0830/06/0931/12/09Period ending at:

129.41 124.53 118.90

Classic D1,037,048.51 203,160.19 152,028.63Number of shares











Euro Select Bond30/06/0830/06/0931/12/09Period ending at:

111.99 111.36 107.96









173




European Bond30/06/0830/06/0931/12/09Period ending at:

139.77 130.18 121.41












Global Aggregate30/06/0830/06/0931/12/09Period ending at:

148.13 125.14 99.26








Global Bond30/06/0830/06/0931/12/09Period ending at:

23.06 20.31 18.65

Classic D5,256,626.36 4,762,143.34 7,159,709.59Number of shares


Classic S C1,253,447.88 903,246.58 8,953,703.61Number of shares




Institutional D36,180.91 24,703.41 20,423.00Number of shares


Institutional I5 D41.00 1,731.00 3,281.00Number of shares


M C571,281.57 399,733.66 1,555,016.05Number of shares




174




Global Convertible Bond30/06/0830/06/0931/12/09Period ending at:

10.55 9.29 10.08












Global Corporate Bond30/06/0830/06/0931/12/09Period ending at:

114.31 101.19 97.03







Classic C260,283.00 0.00 0.00Number of shares


Total Net Assets EUR 50,889,623 0 0

Global Inflation Bond30/06/0830/06/0931/12/09Period ending at:

102.88 0.00 0.00



Classic S C10.00 0.00 0.00Number of shares


Institutional C10,672.25 0.00 0.00Number of shares




175



Total Net Assets GBP 116,895,168 129,693,674 179,923,923

LDI Gilt Plus (GBP)30/06/0830/06/0931/12/09Period ending at:

1,170.35 1,091.33 918.30




LDI Index Linked Plus (GBP)30/06/0830/06/0931/12/09Period ending at:

1,223.63 1,115.26 1,050.69

Classic C2,104.00 140.00 0.00Number of shares



Index Euro30/06/0830/06/0931/12/09Period ending at:

96.13 77.61 0.00












Index Europe30/06/0830/06/0931/12/09Period ending at:

96.43 77.75 0.00











176




Index Global Bond (EUR) Hedged30/06/0830/06/0931/12/09Period ending at:

107.24 105.64 0.00







Classic 5 C1.00 0.00 0.00Number of shares



Index North America30/06/0830/06/0931/12/09Period ending at:

100.35 0.00 0.00














Index Pacific30/06/0830/06/0931/12/09Period ending at:

121.56 108.56 0.00











177




Multi Asset Protected30/06/0830/06/0931/12/09Period ending at:

102.50 98.50 0.00




Arbitrage Inflation30/06/0830/06/0931/12/09Period ending at:

108.53 108.31 105.21

Classic H C2,476.83 2,896.13 3,106.42Number of shares











Arbitrage VaR 2 (EUR)30/06/0830/06/0931/12/09Period ending at:

116.46 109.75 107.57



Classic H C35,919.11 391.04 24,758.82Number of shares











Arbitrage VaR 2 (GBP)30/06/0830/06/0931/12/09Period ending at:

117.41 115.77 114.47



178



Arbitrage VaR 2 (GBP)30/06/0830/06/0931/12/09Period ending at:

98.48 99.99 103.61

Classic H C1.00 1.00 1.00Number of shares






Institutional D1.00 1.00 1.00Number of shares

Net asset value per share 992.44 1,009.04 1,048.04




Arbitrage VaR 2 (USD)30/06/0830/06/0931/12/09Period ending at:

121.07 117.11 112.44












Dynarbitrage Forex30/06/0830/06/0931/12/09Period ending at:

106.98 106.58 102.47











179



Dynarbitrage Forex30/06/0830/06/0931/12/09Period ending at:

104.30 103.78 99.16



Total Net Assets USD 265,387 5,422,904 10,494,406

Dynarbitrage Forex (USD)30/06/0830/06/0931/12/09Period ending at:

98.55 100.30 103.34










Dynarbitrage Forex Asia Pacific30/06/0830/06/0931/12/09Period ending at:

123.26 123.44 117.69










Dynarbitrage High Yield30/06/0830/06/0931/12/09Period ending at:

99.52 94.08 96.89









180



Dynarbitrage High Yield30/06/0830/06/0931/12/09Period ending at:

104.72 96.69 97.03




Dynarbitrage VaR 4 (EUR)30/06/0830/06/0931/12/09Period ending at:

111.27 103.02 104.38














Dynarbitrage VaR 4 (USD)30/06/0830/06/0931/12/09Period ending at:

108.81 102.33 97.76












Dynarbitrage Volatility30/06/0830/06/0931/12/09Period ending at:

116.05 115.59 109.81



181



Dynarbitrage Volatility30/06/0830/06/0931/12/09Period ending at:

104.17 104.58 0.00

Classic H C1,017,946.45 910,478.93 191,193.05Number of shares






M C2,202,892.12 2,161,408.00 1,195,635.55Number of shares





Equity Statistical Arbitrage (EUR)30/06/0830/06/0931/12/09Period ending at:

93.34 100.15 0.00




Net asset value per share 936.91 1,003.51 0.00


Net asset value per share 931.33 1,002.75 0.00






Volatility Euro Equities30/06/0830/06/0931/12/09Period ending at:

140.51 141.22 116.97

Classic C4 D100.00 0.00 0.00Number of shares






Classic S C1,524,767.15 792,510.69 1,535,265.43Number of shares




182



Volatility Euro Equities30/06/0830/06/0931/12/09Period ending at:

1,432.76 1,434.63 1,179.58

Institutional I12 D82,044.52 22,416.77 0.00Number of shares


Institutional I14 D834.00 0.00 0.00Number of shares







Volatility World Equities30/06/0830/06/0931/12/09Period ending at:

98.54 0.00 0.00











Institutional I14 D634.55 0.00 0.00Number of shares







Euro Reserve30/06/0830/06/0931/12/09Period ending at:

12.33 12.31 12.00

Classic D1,093,086.45 1,047,956.26 10,787.10Number of shares






183



Euro Reserve30/06/0830/06/0931/12/09Period ending at:

1,214.40 1,211.61 1,177.54





M C602,624.53 714,209.64 1,301,758.35Number of shares





USD Reserve30/06/0830/06/0931/12/09Period ending at:

12.08 12.08 11.94











184

Statement of Operations and Changes in Net Assets

IncomeNet dividends 2Bond Interest 2Bank interest 2Bank interest on time depositsOther financial incomeIncome on Reverse ReposInterest received on swapsOther income 6Net equalisation on income 10ExpensesManagement fees 4Custodian feesTaxe d'abonnement 5Administration fees 2Performance feesBank interest & similar chargesLegal feesBrokers & transactions feesDistributor feesExpenses on ReposInterest paid on swapsOther expenses 7Net equalisation on expenses 10

NET INVESTMENT INCOME (LOSS) FROM INVESTMENTSNet realised profit/(loss) on securities soldNet realised profit/(loss) on financial futuresNet realised profit/(loss) on optionsNet realised profit/(loss) on swapsNet realised profit/(loss) on foreign exchangeNet realised profit/(loss) on forward foreign exchange contractsNet equalisation on net realised results

NET REALISED PROFIT/(LOSS)Net change in unrealised appreciation/(depreciation) on forward foreign exchangecontractsNet change in unrealised appreciation/(depreciation) on financial futuresNet change in net unrealised appreciation/(depreciation) on swapsNet change in unrealised appreciation/(depreciation) on investments and on debtsderived from reverse repurchase agreementsNet change in net unrealised appreciation/(depreciation) on options

RESULT OF OPERATIONSDividend paid 9SubscriptionsRedemptionsNet equalisation adjustment total

Increase (decrease) in net assets

Reevaluation of consolidated Net Assets

Net assets at the beginning of the period (30/06/09)

Net assets at the end of the period

Note

English

241,177 310,833302,522 299,463

- -170 9,739

- -- -- -- -- -

-61,515 1,631342,363 360,283238,348 243,033

- -6,790 7,132

57,162 57,316- -

1,624 286- -

75,525 29,57520,689 24,720

- -- -

320 --58,096 -1,779

-101,185 -49,449-1,599,277 -3,441,258

- -- -- -

-661,710 283,390-948 -560

521,503 43,457

-1,841,617 -3,164,421- -

- -- -

6,862,454 -5,903,213

- -

5,020,837 -9,067,634-4,834 -1,109

10,352,325 10,144,121-17,726,174 -7,032,714

-518,085 -46,867

-2,875,931 -6,004,204

- -

33,798,918 35,588,337

30,922,987 29,584,133

EUR

Aqua Global

31/12/09EUR

31/12/08

1,982,412 2,684,8982,052,393 2,773,508

- -35 49,134

- -- -- -- -- -

-70,017 -137,7442,154,270 3,037,133

764,038 759,776- 64

21,989 17,155405,527 395,922

- -1,452 199

- -1,034,755 2,049,847

4,340 5,164- -- -- -

-77,832 -190,948

-171,858 -352,23511,152,501 -129,619,029

- -- -- -

881,528 -11,505,990- -

-458,658 4,010,768

11,403,513 -137,466,486- -

- -- -

34,570,244 -914,029

- -

45,973,757 -138,380,515-44,748 -

22,129,696 17,930,096-29,703,081 -44,052,645

450,843 -4,063,972

38,806,467 -168,567,036

- -

159,668,663 293,733,087

198,475,130 125,166,051

USD

ASEAN New Markets

31/12/09USD

31/12/08


185

56 199,31237,778 333,531

- -2,263 12,227

- -- -- -- -- -

-39,985 -146,446-513 134,375

15,046 69,254- -

338 7215,861 26,982

- 57,82426 2,815

- -11,734 53,739

373 616- -- -- -

-33,891 -77,577

570 64,937880,022 -3,899,36475,997 -396,482

- -- -

159,063 -1,512,306-539 3,101

-84,640 2,330,538

1,030,471 -3,409,576- -

2,723 31,186- -

-29,266 -2,144,266

- -

1,003,929 -5,522,656- -

514,700 4,036,842-5,569,222 -8,287,053

90,734 -2,261,669

-3,959,860 -12,034,536

- -

3,959,860 17,905,525

- 5,870,990

USD

Asia Pacific Quant

16/10/09USD

31/12/08

155,852 314,252136,474 363,737

- -95 5,835

- -- -- -- -- -

19,283 -55,320317,476 443,308134,151 183,261

- -3,703 3,843

46,165 61,338- -

34 115- -

108,700 277,4326,258 10,988

- -- -- -

18,464 -93,669

-161,623 -129,056765,279 -8,477,001

- -- -- -

546,559 -566,110- -

119,932 1,009,546

1,270,147 -8,162,622- -

- -- -

2,138,034 -3,765,968

- -

3,408,181 -11,928,590-1,865 -

6,446,625 2,203,079-3,480,371 -16,243,437

-120,751 -1,047,895

6,251,819 -27,016,843

- -

16,571,984 45,912,331

22,823,803 18,895,488

USD


31/12/09USD

31/12/08

2,471,224 7,608,7903,584,344 6,705,451

- -866 78,150

- -- -- -- -- -

-1,113,986 825,1894,926,511 7,005,3292,118,009 2,029,183

- -48,558 39,610

789,887 726,220- -

13,426 1,097- -

3,279,103 3,595,31717,190 15,342

- -- -- -

-1,339,664 598,560

-2,455,287 603,46171,276,564 -119,174,444

- -- -- -

1,691,016 -27,255,483-1,119 -

-16,945,371 -10,865,423

53,565,804 -156,691,889- -

- -- -

29,235,794 -90,648,679

- -

82,801,598 -247,340,569-33,943 -

50,251,784 210,773,768-227,626,042 -103,858,397

16,719,693 10,638,795

-77,886,910 -129,786,403

- -

452,000,663 496,402,433

374,113,754 366,616,029

USD

Asian Growth

31/12/09USD

31/12/08

1,951,159 302,5641,109,648 286,037

- -176 1,036

- -- -- -- -- -

841,335 15,4912,779,962 178,768

535,433 61,677- -

22,130 784172,897 23,94867,840 43,25317,983 9311,523 -

569,095 41,43824,484 1,994

- -- -- -

1,358,577 5,582

-828,803 123,7961,059,990 -1,936,357

- -- -- -

-744,509 -579,902-141,071 -

1,621,304 54,884

966,911 -2,337,580- -

- -- -

13,300,173 -8,093,387

- -

14,267,084 -10,430,966- -

160,517,185 2,711,045-25,129,825 -1,257,153-1,104,061 -64,793

148,550,383 -9,041,868

- -

15,369,821 17,532,396

163,920,204 8,490,528

USD

Brazil

31/12/09USD

31/12/08


186










Note

English

132,234 344,912145,311 530,132

- -114 15,262

- -- -- -- -- -

-13,191 -200,482214,790 252,967143,458 194,459

- -4,039 4,771

42,179 68,275- -

1,975 1,17031 -

45,560 59,596823 119

- -- -- -

-23,274 -75,422

-82,556 91,9452,451,219 -23,454,037

- -415,059- -- -

16,055 1,860,002-2,068 -700

-157,964 1,878,340

2,224,685 -20,039,510- -

- -- -

3,287,392 8,712,506

- -

5,512,077 -11,327,004-35 -

2,076,796 3,618,651-6,025,998 -28,899,872

147,882 -1,753,281

1,710,721 -38,361,505

- -

27,347,558 63,856,806

29,058,279 25,495,301

EUR

Clean Planet

31/12/09EUR

31/12/08

217,300 316,674205,484 317,422

- -11,173 11,417

- -- -- -- -- 17,224

644 -29,390433,340 390,808183,498 212,061

6,601 -5,340 4,447

62,280 71,22455,544 -5,989 9,182

- 15,363113,725 123,33214,372 13,443

- -- -

34 9,666-14,041 -67,910

-216,040 -74,133669,378 -14,152,997395,355 -778,920

- -- -

97,782 1,300,530-2,500 -3,0818,147 627,658

952,123 -13,080,943- -

158,979 49,411- -

7,632,670 -15,982,548

- -

8,743,772 -29,014,081-2,305 -

8,876,492 1,145,543-9,380,430 -13,891,623

-22,833 -666,179

8,214,697 -42,426,339

- -

22,091,637 56,848,636

30,306,334 14,422,297

EUR

Emerging Europe

31/12/09EUR

31/12/08


187

1,145,781 790,857521,600 826,368

- -981 12,184

- -- -- -- -- -

623,200 -47,6951,577,400 630,047

320,590 292,075150 -

6,894 4,125132,387 110,745417,067 60,295

3,055 1,38050 -

320,022 173,8142,018 955

- -- -- -

375,168 -13,342

-431,619 160,8102,117,359 -18,195,366

58,373 -81,741- -- -

84,040 -3,379,554-6,829 -3,317

915,792 -925,779

2,737,115 -22,424,947- -

19,141 11,534- -

14,661,011 -16,489,886

- -

17,417,267 -38,903,299- -

42,595,198 7,831,828-2,616,493 -16,678,432-1,163,824 960,132

56,232,148 -46,789,771

- -

39,448,826 83,993,669

95,680,975 37,203,898

USD


31/12/09USD

31/12/08

6,568,492 12,335,0806,882,197 14,177,090

86,619 144,85810 90,723

- -125,680 -

- -- -- -

-526,015 -2,077,5916,001,782 5,440,6783,559,763 2,994,906

50 -76,211 53,229

1,316,209 1,257,927- 171,020

3,037 1381 -

1,189,943 1,686,42460,918 24,093

- -- -

385 15,087-205,114 -762,007

566,710 6,894,40231,687,982 -96,443,293

- -- -- -

835,047 -24,617,790-5,938 -

-1,103,015 4,075,210

31,980,787 -110,091,471- -

- -- -

126,554,312 -353,412,399

- -

158,535,099 -463,503,870-42,685 -25,713

175,479,553 196,324,891-220,915,951 -257,658,783

1,423,915 -2,759,626

114,479,931 -527,623,099

- -

535,762,738 950,772,938

650,242,669 423,149,839

USD

Emerging Markets

31/12/09USD

31/12/08

216,662 118,856130,160 117,839

- -184 2,938

- -- -- -- -- 416

86,319 -2,338519,208 111,963

83,080 41,042- -

1,472 38735,358 16,4999,368 -1,422 30

- -213,223 56,148

1,998 318- -- -

405 -172,882 -2,461

-302,546 6,893534,966 -1,501,90011,247 -

- -- -

16,719 -329,215-6,407 -1,049

322,747 35,907

576,727 -1,789,365- -

3,694 -- -

3,792,908 -3,765,100

- -

4,373,328 -5,554,465- -

16,763,295 1,752,967-955,705 -189,294-236,184 -36,030

19,944,734 -4,026,822

- -

8,782,005 10,083,855

28,726,739 6,057,033

USD

Emerging World

31/12/09USD

31/12/08

588,721 1,082,085631,670 1,303,902

- 75,0574 14,580- -- -- 6,929- -- -

-42,953 -318,383625,400 836,447412,314 629,041

- -13,750 16,999

145,047 229,05515,721 41,2965,711 1,226

50 -52,630 70,80625,180 35,726

- -- -- -

-45,003 -187,701

-36,679 245,638-5,058,332 -31,439,788

448,477 -2,736,040- -- -

-316 -639-90 -1,460

320,240 3,906,587

-4,326,700 -30,025,702- -

32,940 280,280- -

21,839,510 -17,359,706

- -

17,545,750 -47,105,128-13,359 -13,388

8,481,872 42,403,110-23,788,521 -77,860,198

-322,290 -3,775,905

1,903,454 -86,351,509

- -

83,674,533 177,178,140

85,577,986 90,826,631

EUR

Euro Quant

31/12/09EUR

31/12/08


188










Note

English

107,233 101,21188,499 144,110

- -11 4,059

- -- -- -- -- -

18,722 -46,95886,976 68,07538,879 62,711

- -627 758

13,875 22,394- -

585 -- -

13,543 10,57035 31

- -- -- -

19,432 -28,388

20,256 33,135-90,029 -5,375,60119,853 -68,976

- -- -

-607 -2,857- -

-42,429 675,349

-92,955 -4,738,949- -

1,170 13,540- -

2,116,776 -1,571,220

- -

2,024,990 -6,296,629- -

5,846,215 100,045-15,110 -4,640,97343,140 -656,780

7,899,235 -11,494,336

- -

7,666,093 21,973,086

15,565,328 10,478,750

EUR

Euro SRI

31/12/09EUR

31/12/08

120,382 160,755120,980 175,596

- -48 14,086

- -- -- -- -

10,104 5,938-10,750 -34,865

209,004 355,339132,921 173,528

- -4,115 4,089

37,665 48,770- -

235 409- -

44,919 185,3652,556 2,782

- 205- -

82 --13,490 -59,809

-88,622 -194,585309,508 -14,940,471

- -302,977- -- -

28,491 -1,016,245-53,599 -96,107-16,787 2,350,506

178,993 -14,199,87942,133 -144,499

- -15,120- -

2,759,755 1,931,833

- -

2,980,880 -12,427,664-5,592 -8,702

922,923 545,006-2,766,472 -18,882,508

14,047 -2,375,449

1,145,785 -33,149,318

- -

16,228,406 48,409,584

17,374,192 15,260,266

EUR


31/12/09EUR

31/12/08


189

445,080 854,742392,331 810,348

- -214 36,054

- -- -- -- -

88,812 56,875-36,277 -48,535

506,024 727,622312,536 420,003

- -12,066 12,74790,018 133,41923,576 34,4592,442 6,628

- -83,689 125,46117,887 16,850

- -- -- -

-36,190 -21,944

-60,944 127,119-1,282,554 -15,662,088

852,898 -3,171,15328,721 184,759

- --402,185 -527,118-158,711 -710,094

92,651 326,263

-930,125 -19,432,31160,222 -469,401

103,964 666,345- -

11,987,045 -10,939,312

18,420 -165,148

11,239,526 -30,339,827- -

2,297,679 4,822,919-9,590,593 -20,150,583

-92,563 -299,672

3,854,048 -45,967,163

- -

50,389,868 113,698,974

54,243,916 67,731,811

EUR

Gems Europe

31/12/09EUR

31/12/08

125,091 244,63476,544 92,40824,932 150,5532,767 178,400

- -- -- -- -- -

20,848 -176,726141,398 116,055116,144 146,906

- -1,794 1,668

44,915 50,089-58,712 -

8,004 97- -

39,262 17,384706 1,420

- -- -- -

-10,717 -101,508

-16,307 128,579348,807 -3,747,343

4,037,170 -19,427,242-5,835 1,347,905

- --335,423 -2,339,712

1,285,790 4,283,1771,627,645 7,067,602

6,941,847 -12,687,033504,893 -3,979,018

-83,021 2,101,034- -

-151,388 1,654,613

172,538 663,137

7,384,868 -12,247,267- -235,350

44,405,691 7,336,315-30,278,514 -27,028,359-1,659,210 -6,992,384

19,852,835 -39,167,046

- -

20,556,284 56,223,456

40,409,119 17,056,410

USD

Gems World

31/12/09USD

31/12/08

145,895 370,22061,097 99,86115,142 183,6481,055 196,320

539 -- -- -- -

136,921 --68,859 -109,610

133,246 184,27463,526 169,871

- -1,060 1,888

24,463 58,830- -

5,214 159- -

27,415 16,6325 2- -- -- -

11,565 -63,108

12,649 185,9461,091,256 -2,768,2545,105,170 -22,577,966

1,900 1,362,492- -

1,118,662 -3,346,681-1,830,256 11,195,880-4,300,267 3,089,257

1,199,115 -12,859,32693,199 -5,598,710

208,459 2,707,530- -

1,501,094 791,650

-141,093 663,137

2,860,774 -14,295,719- -

533 369-37,057,723 -20,991,788

4,380,691 -3,042,755

-29,815,725 -38,329,893

- -

29,815,725 64,937,920

- 26,608,027

USD

Gems World Hedged

16/10/09USD

31/12/08

412,451 486,425372,418 460,201

- -126 11,287

- -- -- -- -- 537

39,907 14,4001,052,284 713,998

488,276 366,311- -

12,496 3,948136,417 101,957

- -1,030 810

- -228,577 194,05414,422 3,710

- -- -

143 4170,923 43,203

-639,833 -227,5731,719,140 -29,662,735

- -- -- -

1,030,057 -5,039,77320,814 -420,259

606,227 -4,358,439

2,736,405 -39,708,778-98,305 -89,555

- -- -

18,485,070 -27,847,665

- -

21,123,171 -67,645,998- -

67,002,706 36,505,172-38,651,624 -51,621,701

-475,212 4,387,242

48,999,042 -78,375,285

- -

60,287,057 136,208,937

109,286,098 57,833,652

USD

Global Agriculture

31/12/09USD

31/12/08


190










Note

English

1,031,306 920,176980,880 598,919

- -177 94,752

- -- -- -- -

33,602 12,71316,647 213,792

952,039 1,664,618618,707 576,980

300 -25,211 21,728

168,289 160,879- 13

841 -5,050- -

100,954 369,88113,758 42,554

- 63- -

50 -23,929 497,570

79,267 -744,442935,305 -29,628,029431,428 -611,714

- -252,147- -

352,516 -4,267,743-1,623 -12,54725,787 -15,805,324

1,822,680 -51,321,945- 28,083

-205,419 536,883- -

17,680,984 -4,748,191

- 271,847

19,298,246 -55,233,324- -8,722

15,709,553 70,652,566-12,487,094 -24,039,055

-18,505 16,089,103

22,502,200 7,460,569

- -

82,857,983 94,001,240

105,360,183 101,461,808

USD

Global Equities

31/12/09USD

31/12/08

317,163 976,450345,281 820,405

- -124 11,480

- -1,315 -

- -- -

17,606 1,811-47,164 142,754

369,851 702,481205,362 348,476

427 -4,757 6,954

62,554 98,689- 9,982

4,023 3- 1,172

122,458 94,1577,101 12,215

- -- -

1,360 --38,189 130,833

-52,688 273,969-4,668,189 -4,395,223

-58,667 -108,600- -- -

633,030 -632,50547,090 -43,980

434,834 -748,741

-3,664,589 -5,655,08018,727 26,485

70,288 57,960- -

9,557,316 -25,587,849

- -

5,981,742 -31,158,484-1,018 -1,740

13,260,388 24,172,989-18,722,739 -6,249,584

-425,860 736,820

92,513 -12,499,998

- -

32,206,772 71,002,552

32,299,285 58,502,554

USD

Global Finance

31/12/09USD

31/12/08


191

326,800 334,206213,544 368,427

- -132 9,088

- -- -- -- -- -

113,124 -43,309692,689 366,831204,596 242,872

- -3,913 2,472

56,976 67,612- -

4,556 179- -

196,260 101,1215,593 1,001

- -- -- -

220,795 -48,427

-365,889 -32,625-3,463,499 -11,530,099

- -- -- -

-181,917 -3,200,246-3,810 -3,035

-2,730,322 964,399

-6,745,438 -13,801,606- -

- -- -

11,936,903 -27,625,432

- -

5,191,466 -41,427,038- -

58,388,020 2,699,937-29,966,908 -24,456,994

2,837,993 -969,517

36,450,570 -64,153,611

- -

29,861,997 102,430,868

66,312,567 38,277,257

USD

Global Resources

31/12/09USD

31/12/08

3,560,073 6,203,8603,654,377 6,691,961

- -974 27,843

- -- -- -- -- -

-95,278 -515,9448,252,391 6,368,6633,310,925 2,169,242

- -95,502 50,915

1,490,863 983,562194,978 305,180

3,665 206- -

2,977,684 3,274,595224,367 157,516

- -- -- 0

-45,592 -572,552

-4,692,318 -164,80385,999,708 -162,384,559

- -- -- -

470,053 1,581,031- -

-1,666,727 9,995,760

80,110,715 -150,972,572- -

- -- -

26,618,592 -53,198,862

- -

106,729,307 -204,171,433-32,203 -36,912

239,968,179 62,859,056-228,218,712 -158,875,329

1,716,413 -10,052,368

120,162,984 -310,276,986

- -

592,597,544 661,397,522

712,760,529 351,120,536

USD

Greater China

31/12/09USD

31/12/08

5,577,225 4,248,7495,486,403 4,359,328

- -5 35,812- -- -- -- -

81,861 -8,955 -146,390

6,647,450 4,510,5592,775,657 2,029,543

- -70,257 40,104

1,967,677 1,415,080- 2,358

36 15- -

1,694,196 1,137,57294,921 73,843

- -- -- 15

44,706 -187,972

-1,070,225 -261,81028,673,820 -126,429,573

- -- -- -

-9,042,864 -36,675,003- -

-76,094 3,956,083

18,484,637 -159,410,303- -

- -- -

194,722,938 -163,365,538

- -

213,207,575 -322,775,841-12,871 -14,811

73,306,265 86,666,116-66,281,557 -100,476,956

111,844 -3,997,665

220,331,257 -340,599,156

- -

836,365,446 836,376,753

1,056,696,703 495,777,596

USD

India

31/12/09USD

31/12/08

556,614 233,067384,327 235,068

- -- 3,725- -- -- -- -

44,687 -127,600 -5,726

653,964 229,662219,881 93,998

- -6,172 1,909

125,186 57,3871,531 11,398

- 496- -

183,664 72,6898,635 1,051

- -- -- -

108,895 -9,267

-97,349 3,405-58,600 -5,065,513

- -- -- -

-387,758 -1,279,834- -

-150,322 101,811

-694,030 -6,240,131- -

- -- -

12,997,866 -8,594,246

- -

12,303,837 -14,834,376- -

35,327,441 3,562,342-8,509,151 -3,600,649

131,617 -105,352

39,253,744 -14,978,035

- -

41,770,439 34,387,658

81,024,182 19,409,623

USD


31/12/09USD

31/12/08


192










Note

English

24,487,055 10,073,88822,223,643 182,860,486

- -- 633,994- -- -- -- -- -

2,263,412 -173,420,59234,660,014 19,541,83518,766,317 31,359,781

- -703,502 572,114

5,790,590 7,937,278- -- 19,115- -

5,390,842 29,629,384799,022 79,247

- -- -- -

3,209,741 -50,055,084

-10,172,959 -9,467,94751,366,722 -17,278,549,132

- -- -- -

-14,045 -178,755- -

7,308,205 9,980,811,453

48,487,923 -7,307,384,381- -

- -- -

-94,360,179 8,022,047,635

- -

-45,872,256 714,663,254-9,148,980 -10,871,580

2,192,367,800 1,217,406,846-1,765,721,865 -17,037,190,771

-6,361,876 -9,857,445,945

365,262,823-24,973,438,196

- -

3,704,309,507 26,304,411,590

4,069,572,330 1,330,973,394

JPY

Japan Value

31/12/09JPY

31/12/08

19,866 229,46822,167 218,974

- -- 52,887- -- -- -- -- -

-2,301 -42,3941,008,889 1,448,763

377,988 516,748- -

7,715 8,593172,867 221,136

- -28 20

- -434,543 1,147,75313,257 19,433

- -- -- -

2,492 -464,920

-989,023 -1,219,2955,468,622 -31,203,313

- -- -- -

70,274 -26,619,537- -

33,413 9,851,313

4,583,286 -49,190,832- -

- -- -

21,145,574 -7,617,478

- -

25,728,859 -56,808,310-30,341 -24,794

27,553,921 28,442,912-24,648,078 -63,368,545

-28,620 -10,273,839

28,575,741 -102,032,576

- -

64,006,215 164,800,994

92,581,957 62,768,418

USD

Korea

31/12/09USD

31/12/08


193

19,966,462 15,373,54416,837,198 17,509,717

- -- 74,254- -- -- -- -- -

3,129,264 -2,210,42722,136,235 5,990,677

6,770,864 4,341,833- -

191,569 81,4832,467,250 1,527,6746,022,278 -

50,500 6,2591,153 -

2,104,138 880,67995,066 81,874

- -- -

940 -4,432,477 -929,123

-2,169,774 9,382,8667,169,309 -125,145,021

- -- -- -

-1,879,835 -19,857,711-28,101 -1,786

1,260,669 6,630,591

4,352,269 -128,991,060- -

- -- -

456,243,095 -595,208,107

- -

460,595,364 -724,199,166-187,560 -76,816

823,190,243 323,518,652-278,331,699 -435,959,172

42,544 -5,349,288

1,005,308,891 -842,065,791

- -

781,076,043 1,316,736,862

1,786,384,934 474,671,071

USD


31/12/09USD

31/12/08

106,978 -105,863 -

- -623 -

- -- -- -- -- -

492 -91,251 -36,183 -

- -605 -

14,403 -- -

48 -- -

39,662 -- -- -- -- -

351 -

15,726 -518,687 -105,336 -

-3,360 -- -

-5,790 --10,948 -

1,249 -

620,901 --4,896 -

24,200 -- -

1,162,022 -

- -

1,802,227 -- -

9,193,184 --9,071,228 -

-1,390 -

1,922,793 -

- -

10,496,627 -

12,419,420 -

EUR


31/12/09EUR

31/12/08

122,790 157,127127,433 166,769

- -- 2,198- -- -- -- -- -

-4,643 -11,840137,588 178,336

87,201 92,917- -

1,147 98627,386 26,733

- 32,791323 9

- -26,548 36,893

132 68- -- -- -

-5,149 -12,060

-14,798 -21,209-902,632 -6,520,007

- -38,020- -- -

-255,515 -459,002-83,042 -47,27740,855 499,304

-1,215,132 -6,586,212117,843 -97,528

- 17,550- -

5,417,464 -995,624

- -

4,320,175 -7,661,814- -

1,146,052 2,473-1,639,880 -1,978,674

-41,361 -499,524

3,784,986 -10,137,539

- -

18,697,449 26,546,607

22,482,435 16,409,068

EUR


31/12/09EUR

31/12/08

154,164 3,351108,365 1,381

328 58164 1,388

- -- -- -- -

48,659 --3,253 -

145,074 13,01787,532 6,314

- -2,332 306

29,357 2,428- -

334 -- -

23,031 3,9699,203 -

- -- -- -

-6,715 -

9,090 -9,666595,009 19,251-19,380 45,681

- -- -

-3,402 5,220- -

-13,435 -

567,882 60,486- -

4,830 -3,750- -

3,506,294 580,966

- -

4,079,006 637,702-43 -

4,189,943 11,606,000-4,283,082 -

9,973 -

3,995,798 12,243,702

- -

18,058,431 -

22,054,228 12,243,702

EUR

Select Euro

31/12/09EUR

31/12/08


194










Note

English

210,638 1,444162,480 -

- 1,05743 386

- -- -- -- -

50,230 --2,114 -

164,873 60,94698,772 6,798

- -2,052 328

35,764 2,615- 34,706

161 -- -

29,229 16,5001,095 -

- -- -- -

-2,200 -

45,765 -59,503817,246 37,311127,694 -

- -- -

-35,546 36,241- -

-6,542 -

948,618 14,049- -

4,200 -- -

4,385,349 399,598

- -

5,338,167 413,647-70 -

2,368,094 12,703,909-1,777,531 -

6,456 -

5,935,116 13,117,556

- -

23,311,408 -

29,246,524 13,117,556

EUR

Select Europe

31/12/09EUR

31/12/08

24,675 92,86326,244 101,803

- -36 4,053

- -- -- -- -

329 --1,934 -12,993

117,652 164,60969,332 100,342

- -2,346 2,824

20,527 29,765- -

177 -- -

29,020 45,4943,022 3,684

- -- -- -

-6,773 -17,500

-92,976 -71,746239,349 -3,382,877143,144 -15,189

- -- -

-4,096 -13,465-394 -218

-20,264 251,418

264,762 -3,232,077- -

-696 -67,391- -

1,994,808 -2,600,408

- -

2,258,873 -5,899,875-139 -

431,813 74,311-2,177,561 -2,380,231

15,426 -255,925

528,412 -8,461,721

- -

12,542,861 23,211,055

13,071,273 14,749,334

CHF

Switzerland

31/12/09CHF

31/12/08


195

319,382 420,035338,967 936,564

810 219 25,327

- -- -- -- -- 14,710

-20,414 -556,569522,725 749,499252,663 397,549

- -5,971 6,841

87,118 141,187- -

2,112 -- -

278,849 960,8688,594 10,003

- -- -- 13,872

-112,582 -780,821

-203,343 -329,4659,663,363 -43,051,819

- -- -- -

-616,006 -7,650,914- -192

-1,204,661 22,272,480

7,639,354 -28,759,910- -

- -- -

-128,743 -10,124,696

- -

7,510,611 -38,884,606-5,518 -1,776

44,986,217 10,929,544-51,828,539 -82,416,624

1,112,493 -22,496,732

1,775,264 -132,870,193

- -

32,089,972 157,621,215

33,865,236 24,751,022

USD

Thailand

31/12/09USD

31/12/08

525,578 252,166503,303 242,133

- -- 6,887- -- -- -- -

866 -21,409 3,146

311,197 309,887190,640 195,033

- -6,728 6,249

57,315 57,791-5,903 -

2 79- -

25,518 33,44414,049 13,344

- -- -- -

22,848 3,946

214,381 -57,722230,050 -2,981,79028,261 -265,092

- -- -

12,424 739-147 -352

3,380 -56,323

488,350 -3,360,540- -

13,763 51,300- -

5,470,897 -9,724,350

- -

5,973,009 -13,033,590- -

12,729,294 6,743,487-7,085,366 -7,267,280

-1,942 57,124

11,614,995 -13,500,259

- -

30,093,312 44,010,592

41,708,308 30,510,334

USD


31/12/09USD

31/12/08

306,056 491,204291,262 360,939

- -- 9,642- -- -- -- -- -

14,794 120,622497,201 704,268288,653 287,561

- -7,676 7,778

80,907 80,701- -

1,209 3- -

100,782 141,5582,218 1,699

- -- -- -

15,756 184,969

-191,146 -213,0652,447,248 -8,903,049

- -- -- -

-2,926 -28,585-205 -208

150,773 -1,941,981

2,403,744 -11,086,888- -

- -- -

5,261,918 -7,575,856

- -

7,665,663 -18,662,744- -

22,166,415 31,879,521-23,817,657 -11,245,092

-149,811 2,006,327

5,864,610 3,978,011

- -

42,987,133 42,359,096

48,851,743 46,337,107

USD

US Opportunities

31/12/09USD

31/12/08

32 194,66417,678 290,923

- -- 4,055- -- -- -- -- -

-17,646 -100,314-52 140,915

16,720 122,153150 -680 1,861

4,786 42,001- -

32 8- -

33,123 35,8412,344 2,367

- -- -- -

-57,888 -63,316

84 53,748365,814 -8,981,06914,776 -354,926

- -- -

15,263 -16,974-84 -2,079

-110,267 2,273,808

285,587 -7,027,492- -

- 3,425- -

465,313 -1,155,609

- -

750,899 -8,179,676- -

2,139,783 904,936-6,763,863 -17,119,442

70,024 -2,236,810

-3,803,156 -26,630,993

- -

3,803,156 44,569,996

- 17,939,003

USD

US Quant

16/10/09USD

31/12/08


196










Note

English

647,790 411,310- 2,506

306,742 980,118380 24,518

- -- -- -- -- -

340,668 -595,83271,104 47,32236,790 94,349

- -2,235 3,225

14,280 36,491- -

96 1,849- -

910 8,7951,388 7,871

- -- -- 44

15,404 -105,303

576,686 363,989-790,838 -10,095,687178,459 826,959

- -- -

76,275 1,632,404-178,673 347,143-207,195 3,724,060

-345,284 -3,201,132135,989 147,651

-51,250 399,243- -

1,482,504 -456,604

- -

1,221,959 -3,110,842-1,840 -328

5,655,700 6,293,626-2,306,197 -40,015,438

-118,069 -3,233,532

4,451,555 -40,066,513

- -

9,204,142 48,313,908

13,655,696 8,247,395

USD

Asian Income

31/12/09USD

31/12/08

511,704 663,560- -

517,942 671,721265 6,159

- -- -- 1,285- -- -

-6,502 -15,606184,662 88,792102,701 69,375

- -3,501 1,844

28,938 17,34423,412 18

164 14- -

4,836 1,6905,286 3,4151,743 11,702

- -- -

14,082 -16,610

327,042 574,7671,236,666 -1,894,065

251,826 649,315- -- -

129,281 -58,026-136,958 207,500182,328 43,473

1,990,185 -477,035-5,188 -29,324

-179,041 79,640- -

351,863 -2,110,641

- -

2,157,819 -2,537,359-155,382 -161,126

9,619,671 971,551-6,430,080 -3,993,286

-161,744 -44,477

5,030,285 -5,764,698

- -

11,834,550 12,088,866

16,864,835 6,324,168

USD


31/12/09USD

31/12/08


197

4,823,040 3,567,471- -

4,930,686 3,725,201317 39,202

- -- -

12,290 25,77251,999 26,720

- --172,253 -249,424

1,009,243 687,548439,367 430,953

- -19,422 15,024

147,837 145,212167,324 -

1,174 -- -

10,184 9,76312,279 12,35588,338 77,8411,544 60,475

374 150121,400 -64,225

3,813,797 2,879,9231,313,326 1,197,128-451,240 2,729,898

70,853 248,225178,986 -48,453

-4,639 -14,204-80 -

103,863 -408,571

5,024,866 6,583,946- -

-380,260 249,250-59,883 333,377

4,989,409 1,091,719

21,850 2,250

9,595,982 8,260,543-4,267,409 -1,330,487

135,068,812 40,966,960-21,153,529 -61,557,805

189,791 593,770

119,433,647 -13,067,019

- -

166,984,084 174,955,991

286,417,730 161,888,972

EUR

Euro Bond

31/12/09EUR

31/12/08

4,710,532 13,685,956- 279

12,536,750 13,286,172553 69,215

- -- -

16,102 85,405196,103 541,912

- 641-8,038,977 -297,3902,884,855 2,830,8001,347,432 1,403,703

- -71,214 72,965

473,758 517,445520,917 -18,070 -

- -13,092 60,57337,845 6,987

127,741 172,39868,014 737,318

162 -206,610 -140,589

1,825,677 10,855,1572,770,424 -14,218,999

641,285 15,075,831-5,860 23,105

2,260,408 -376,460-209,770 -732,079199,871 -437,438-76,990 525,983

7,405,045 10,715,09963,595 -5,645

-293,266 1,782,394-1,172,251 611,69941,771,353 -40,346,836

128,100 242,750

47,902,576 -27,000,540-10,263,879 -15,432,987171,033,236 34,571,589

-158,483,762 -83,315,1188,322,578 -369,182

58,510,749 -91,546,238

- -

437,155,665 513,532,007

495,666,414 421,985,769

EUR

Euro Corporate Bond

31/12/09EUR

31/12/08

17,679,862 15,837,2371,537 -

15,300,609 12,731,031853 85,789

- -856,280 -

6,928 146,471552,507 1,657,979

- -961,148 1,215,968

1,452,042 1,766,311732,250 577,596

- -19,760 13,772

338,192 271,18553 -

5,125 287- -

7,033 7,6838,694 5,533

127,411 5,487218,186 858,290

40 100-4,703 26,379

16,227,820 14,070,92611,879,400 -44,082,747

-748,861 2,110,847- -

1,705,845 -1,524,490-511,066 230,072

1,352,761 -4,283,702251,211 -1,388,845

30,157,110 -34,867,939-695,720 -868,507

780,041 979,025-146,785 -3,455,256

45,608,714 -56,472,988

- -

75,703,360 -94,685,664-16,375,872 -14,865,33943,379,459 25,195,315

-46,930,974 -50,134,941-1,217,062 199,256

54,558,911 -134,291,373

- -

292,764,848 346,608,902

347,323,759 212,317,529

EUR


31/12/09EUR

31/12/08

-2,317,963 2,676,763- -2,510

2,399,478 1,548,81448 34,227

- -- -

10,452 227,19652,100 -

- --4,780,041 866,5261,852,062 908,064

851,474 492,122- -

64,964 24,456325,081 170,25150,611 -

295 -- -

4,986 5,54621,389 15,5996,080 338,906

- -1,051 -

526,132 -138,816

-4,170,025 1,768,6992,406,935 1,358,025

-51,598 126,721- 8,580- -

254,475 -10,203-40 -20

1,257,821 -603,810

-302,432 2,647,993- -

- -433,13013,380 -

3,518,321 -1,953,709

77,770 -

3,307,039 261,154-1,087,566 -78,186

202,256,515 56,687,904-30,547,861 -96,982,791

4,048,352 -401,533

177,976,480 -40,513,451

- -

155,316,721 157,006,916

333,293,201 116,493,465

EUR

Euro Inflation Bond

31/12/09EUR

31/12/08


198










Note

English

581,396 1,105,559- -

602,940 964,143- 4,068- -- -- -- -- -

-21,544 137,348100,485 139,034

63,470 110,369- -

4,470 6,90331,291 52,853

- -201 -

- -883 2,370

3,703 2,030- -- -

10 --3,543 -35,492

480,910 966,525-162,565 -224,383

- -274,567- -- -- -- -

7,113 83,701

325,458 551,275- -

- -90,665- -

-198,416 460,029

- -

127,043 920,640-174 -43

5,821,534 13,044,891-6,292,062 -18,146,818

10,889 -256,541

-332,772 -4,437,871

- -

22,179,237 36,996,240

21,846,465 32,558,368

EUR

Euro Select Bond

31/12/09EUR

31/12/08

3,001,642 4,930,667- -

2,137,021 3,749,51615,062 203,487

- -- -

16,376 901,832- -- 395

833,183 75,437784,117 1,767,166184,585 377,059

- -9,216 12,987

75,359 159,565314,447 53,419

941 35,525- -

10,497 8,52712,898 34,045

120,929 1,274,785- -

2,294 108,96652,951 -297,711

2,217,525 3,163,5011,756,047 -7,081,469-101,724 3,719,765-140,923 148,925

- --1,001,287 -10,560,919

-356,556 -3,566,138-72,620 7,507,249

2,300,463 -6,669,086-164,793 -153,177

-38,100 2,651,677- -

2,547,325 5,727,490

87,361 -162,345

4,732,257 1,394,559-25,900 -30,841

25,180,849 35,935,106-31,358,681 -165,184,116

-707,612 -7,880,397

-2,179,088 -135,765,688

- -

63,964,876 203,316,262

61,785,788 67,550,574

EUR

European Bond

31/12/09EUR

31/12/08


199

2,027,597 798,8883,918 -

1,905,278 748,3472,489 25,566

- -- -

10,368 -- -- -

105,544 24,9751,298,728 109,251

118,587 105,277- -

4,188 1,98543,415 32,030

1,162,390 -2,332 782

- -10,197 2,620

912 377,978 205

- -- 26

-121,272 -33,676

728,869 689,6371,729,676 76,789-132,633 2,552,325-427,838 861,914

- -1,328,187 -1,745,644

-1,674,326 7,928,045-73,206 -1,718,815

1,478,730 8,644,251869,826 -2,706,395

-7,962 553,326- -

4,320,628 -4,805,836

222,399 -214,326

6,883,620 1,471,020- -

21,765,516 4,501,833-22,811,108 -18,608,663

-153,611 1,660,163

5,684,417 -10,975,647

- -

42,640,430 45,829,472

48,324,848 34,853,826

USD

Global Aggregate

31/12/09USD

31/12/08

22,922,695 32,727,625- -

19,506,349 18,264,28058,078 3,593,425

- -- -

136,158 4,900,627952,552 20,712

- 11,5562,269,558 5,937,025

9,804,098 11,461,2881,605,528 2,991,407

- -76,000 132,000

684,625 1,243,4975,860,836 -

2,623 93,279- -

37,262 39,78224,272 41,526

751,516 6,905,464-291,314 -117

75 825,1061,052,675 -810,657

13,118,596 21,266,337-12,937,600 58,503,260

2,055,011 18,249,1581,383,929 4,155,477

- 3,702,07123,826,864 -87,284,73116,833,011 77,270,7404,308,435 -14,739,370

48,588,247 81,122,943-4,240,599 -2,073,767

145,088 1,540,835-762,713 -

18,545,600 -122,637,371

-301,119 3,091,086

61,974,503 -38,956,272-4,787,565 -16,062,028

241,325,119 624,953,858-127,893,749 -743,414,904

-5,525,318 7,991,688

165,092,989 -165,487,658

- -

447,067,590 955,829,284

612,160,579 790,341,625

USD

Global Bond

31/12/09USD

31/12/08

477,160 473,6661,574 10,244

481,088 388,284565 13,341

- -- -- -- -2 -

-6,069 61,796439,181 233,800216,374 161,584

- -8,798 5,609

73,433 50,580- 9,133

7,392 1,751- -

136,208 36,55316,031 10,233

- -- -- -

-19,056 -41,643

37,979 239,8661,712,501 -6,716,760-147,087 -22,846470,183 -152,059

- --227,835 -437,292

-480 -440-136,512 1,064,048

1,708,750 -6,025,483- -

-324,147 -- -

4,003,707 2,901,657

123,088 -104,368

5,511,398 -3,228,193-2,723 -1,189

36,830,401 4,481,727-35,592,513 -22,749,898

123,524 -1,167,487

6,870,087 -22,665,041

- -

37,501,400 47,196,981

44,371,487 24,531,940

EUR


31/12/09EUR

31/12/08

2,017,175 1,354,912- -

1,876,010 1,177,281145 3,811

- -- -- -

94,498 139,372- -

46,522 34,447822,397 480,592155,679 103,198

- -3,872 2,018

52,211 31,468389,715 -22,878 238

- -16,073 12,721

611 1- -

12,840 331,240124 12

168,395 -304

1,194,778 874,3191,944,311 -836,438

24,219 474,569-1,150 83,874

357,446 84,9081,027,460 -1,770,546-142,479 4,533,945254,425 65,269

4,659,011 3,509,901-152,030 829,986

-139,853 81,610-119,674 157,170

3,211,626 -7,300,901

30,201 710

7,489,282 -2,721,524- -

24,670,041 4,424,889-7,873,015 -6,613,848

-132,553 -100,020

24,153,755 -5,010,503

- -

57,535,485 45,917,870

81,689,240 40,907,367

USD


31/12/09USD

31/12/08


200










Note

English

-100,397 -- -

141,358 -- -- -- -

155 -- -- -

-241,910 -192,828 -

34,460 -- -

5,515 -13,601 -4,877 -6,479 -

- -5,954 -

1 -4,244 -

- -- -

117,697 -

-293,226 -112,897 -19,296 -

- -- -

-160,704 -329,992 -832,674 -

840,927 --980,882 -

2,744 -- -

604,170 -

4,580 -

471,540 -- -

55,574,052 --4,682,904 -

-473,066 -

50,889,623 -

- -

- -

50,889,623 -

EUR


31/12/09EUR

31/12/08

2,149,502 4,177,278- -

2,010,830 4,728,42811,299 259,908

- -- -- 28,194

112,883 10,795- -

14,490 -850,046356,297 2,007,422322,192 416,378

- -6,431 7,613

64,438 82,033- -- 1,226- -

1,868 2,407- -- 1,964- 1,653,310

49 --38,683 -157,508

1,793,205 2,169,856-1,056,992 -4,126,330

535,780 -191,256-363,106 -162,785

5,231,868 22,741,0641,062,296 18,953,570-641,971 -8,164,648

1,173,823 -3,205,253

7,734,903 28,014,219-470,024 -11,774,101

-470,184 -1,389,709-5,013,762 -6,134,679 -3,945,098

380,614 -60,334

8,296,226 10,844,977- -

19,588,392 87,386-39,456,127 -70,199,134-1,226,997 3,897,791

-12,798,506 -55,368,980

- -

129,693,674 179,923,923

116,895,168 124,554,943

GBP

LDI Gilt Plus (GBP)

31/12/09GBP

31/12/08


201

4,163,393 5,679,923- 659

3,892,399 5,573,28013,607 341,496

- -- -- -

121,163 -235,512- -

136,224 -718,188 -7,386,729591,448 -3,832,820

- -12,131 11,054

118,290 109,377- 4,387,106

107 2,014- -

2,566 1,796- -- -- -8,065,256

24 --6,377 -

3,445,205 13,066,652-28,499 -1,255,687873,975 3,970,571

-249,764 -188,37519,138,651 -10,054,584-1,142,499 25,690,613

324,779 -11,471,525538,755 -

22,900,602 19,757,664-438,581 -18,383,415

-709,816 -738,355-10,532,422 -10,070,914 -2,785,739

360,755 -64,518

21,651,452 -2,214,364- -

28,566,724 --46,807,072 -

-681,356 -

2,729,748 -2,214,364

- -

237,881,275 224,109,554

240,611,024 221,895,190

GBP


31/12/09GBP

31/12/08

581 281,474- -

68,587 277,465137 4,955

- -- -- -- -- -

-68,142 -947581 88,920

19,083 63,783- -

571 3,9737,157 23,920

- -581 42

- -12,165 -1,124 2,390

- -- -- -

-40,099 -5,187

- 192,554-128,996 -55,201

- -- -- -

-6,350 -4,204- -

135,346 1,302

- 134,451- -

- -- -

235,030 388,265

- -

235,030 522,716-328 -505

146,546 1,284,905-10,631,088 -2,263,102

-107,303 -5,543

-10,357,144 -461,528

- -

10,357,144 15,807,981

- 15,346,452

CHF

Swiss Franc Bond

16/10/09CHF

31/12/08

893,735 328,068621,140 306,203

- -75 21,865

- -- -- -- -

104,809 -167,711 -

119,072 45,67542,882 18,655

- -4,883 3,747

22,125 9,339- -

3,876 -- -

25,400 13,933- -- -- -- -

19,906 -

774,663 282,393-893,428 -335,103132,632 -185,368

- --169 -

- 0- -7,375

-148,615 -

-134,918 -245,453- -

19,780 -3,750- -

16,675,780 -20,828,048

- -

16,560,642 -21,077,250-1,346,303 -37,894,672 89,364,056-8,470,684 -1,351,338

811 -

44,639,138 66,935,467

- -

68,618,901 -

113,258,039 66,935,467

EUR

Index Euro

31/12/09EUR

31/12/08

4,634,793 664,5684,376,717 609,852

- -283 54,716

- -- -- -- -

670,223 --412,431 -409,373 653,888245,219 34,974

- -25,210 10,684

125,655 17,637- -

12,060 21,576- -

32,032 569,017- -- -- -- -

-30,803 -

4,225,419 10,6808,642,735 -388,542

729,146 -431,118- -- -

207,171 756,756-1,000 -947,975

-293,461 -

13,510,010 -1,000,198- 20,803

60,748 -6,806- -

91,240,901 -31,791,140

- -

104,811,659 -32,777,341-7,233,668 -60,455,422 330,271,252

-122,451,378 -260,604675,089 -

36,257,124 297,233,307

- -

449,736,692 -

485,993,816 297,233,307

EUR

Index Europe

31/12/09EUR

31/12/08


202










Note

English

2,929,404 513,655- -

2,678,953 496,60128 17,054

- -- -- -- -- -

250,423 -192,645 42,221

75,462 15,160- -

7,856 3,00277,624 15,050

- -600 693

- -10,950 8,316

- -- -- -- -

20,152 -

2,736,759 471,433-225,988 274,602

2,199 27,306- -- -

-5,923,278 1,472,7174,617,464 -5,907,511-388,284 -

818,871 -3,661,453-424,430 3,175,127

- 15,556- -

1,477,644 4,097,272

- -

1,872,086 3,626,502- -

59,642,374 78,137,143-49,505,560 -6,344,955

158,014 -

12,166,913 75,418,690

- -

155,509,038 -

167,675,951 75,418,690

EUR


31/12/09EUR

31/12/08

4,075,407 904,3354,031,141 876,216

- 249 28,116

- -- -- -- -

28,914 -15,303 -

275,734 119,691154,816 29,810

345 -16,601 8,68178,801 14,963

- -1,097 30,840

- -24,083 35,397

- -- -- -- -

-8 -

3,799,672 784,6443,528,743 -313,331

531,787 -447,343- -- -

-1,236,116 1,097,135-44,045 -1,038,77240,420 -

6,620,461 82,33339,631 -39,970

35,396 265,454- -

49,025,190 -19,946,038

- -

55,720,678 -19,638,220-2,688,369 -43,836,012 260,638,139

-47,669,020 --55,731 -

49,143,571 240,999,920

- -

286,555,054 -

335,698,624 240,999,920

EUR

Index North America

31/12/09EUR

31/12/08


203

756,226 43,203755,358 40,606

- -867 2,597

- -- -- -- -- -- -

94,295 30,09133,633 2,638

- -3,623 714

33,654 2,640- -

256 1,18854 -

22,954 22,911- -- -- -

120 -- -

661,931 13,111107,236 -1,858

9,833 8,884- -- -

4,652 18,258-1,600 -

- -

782,052 38,395- -

7,756 -- -

6,719,360 108,643

- -

7,509,168 147,037-128,974 -

11,688,525 28,288,132-484,286 -

- -

18,584,434 28,435,169

- -

58,407,888 -

76,992,323 28,435,169

EUR

Index Pacific

31/12/09EUR

31/12/08

112,017 -30,786 -

- -- -- -- -- -- -- -

81,232 -406,531 -

85,451 -- -

5,310 -13,672 -

- -20 -

- -32,769 -

- -- -- -- -

269,310 -

-294,514 -100,079 -

- -- -- -

-17,873 --351,559 -377,319 -

-186,547 -55,055 -

- -- -

-102,685 -

- -

-234,177 -- -

32,978,547 --19,556 -

-189,240 -

32,535,575 -

- -

4,922,356 -

37,457,930 -

EUR


31/12/09EUR

31/12/08

-420,279 381,675- -

56,967 186,826- 1,798- -- -

29,143 240,278- -- -

-506,390 -47,227308,654 76,020111,481 86,208

- -8,718 2,255

50,164 28,839- -

508 1,126- -

10,281 18,2516,981 3,808

193 252- -- -

120,327 -64,718

-728,933 305,655172,503 284,437

-111,605 -253,0697,155 43,566

- -54,753-301,568 553,474

7,043 -450,195-34,143 -35,649

-989,548 393,466-41,215 -232,352

121,154 63,802-2,121 5,794

311,557 12,913

-1,789 9,506

-601,962 253,128- -

43,545,385 22,108,968-21,246,932 -51,003,806

660,860 18,159

22,357,351 -28,623,552

- -

28,088,276 42,484,489

50,445,627 13,860,937

EUR

Arbitrage Inflation

31/12/09EUR

31/12/08

4,849,218 11,877,895-50 -

4,106,255 13,547,53345,004 518,321

- -- -- 796,053

2,130,910 234,762- -

-1,432,902 -3,218,7747,922,947 1,389,320

474,056 1,101,973- -

43,908 68,850270,837 607,945

4,472,545 -1,228 120,390

- -3,575 9,262

51,172 114,215- 247,968

1,980,014 58,927- -

625,613 -940,209

-3,073,729 10,488,575-2,702,346 -19,155,552

-677,783 -1,062,116250,734 828,335

763 -284,978122,683 -19,122,537

4,092,214 2,158,811169,617 9,974,365

-1,817,848 -16,175,097-851,829 8,045,207

85,397 -3,228,028-174,683 -

13,135,932 -12,475,797

-35,821 597,500

10,341,147 -23,236,216-139,627 -540,360

101,939,241 88,662,914-75,979,729 -577,058,089

1,888,899 -7,695,801

38,049,930 -519,867,551

- -

213,616,201 780,904,489

251,666,131 261,036,937

EUR


31/12/09EUR

31/12/08


204










Note

English

-96,353 13,173,351- 3,302

49,478 12,024,841932 566,136

- -- -- 579,419- 504

51,064 --197,826 -850

40,504 1,036,04110,604 700,282

- -934 23,847

5,529 235,399- 475- -- -

750 9,3051,097 2,164

- 8,037- 82,739- -

21,591 -26,207

-136,856 12,137,31017,403 832,48718,189 -1,944,309

- 530,365- 496

202,377 44,878,248-171,633 -34,776,270-12,566 44,003

-83,086 21,702,331-14,191 -50,529,236

-17,546 -5,033,022- -

20,492 15,278,755

2,859 -

-91,472 -18,581,171-62 -566

1,525,814 902,196-1,577,480 -11,426,891

231,983 -69,360

88,782 -29,175,792

- -

4,670,777 466,909,963

4,759,559 437,734,171

GBP


31/12/09GBP

31/12/08

668,405 1,093,184- 247

652,444 1,694,2827,652 224,300

- -- -- 69,581- 22,218- -

8,309 -917,442896,704 203,594101,302 195,148

- -8,249 11,674

49,215 100,226564,895 -

9 3,045- -

1,089 8,5504,932 12,666

- 14,870- 53,035- -

167,013 -195,621

-228,298 889,591-162,093 -2,393,138

-5,535 13,306- -10,590- -1,122

-302,208 -5,735,611277,642 15,220,325

-131,544 -4,039,167

-552,037 3,943,593525,732 -812,685

-75,160 -395,034- -

1,490,108 -11,237,251

26,495 -

1,415,138 -8,501,377-1,179 -3,506

23,920,666 50,261,982-5,603,849 -114,928,028

290,248 4,760,989

20,021,024 -68,409,941

- -

43,624,714 111,648,740

63,645,738 43,238,799

USD


31/12/09USD

31/12/08


205

194,540 99,892- -

19,344 285,4231,650 35,903

- -- -- 47,409- 2,366- -

173,546 -271,20948,576 26,15236,509 75,680

- -1,941 2,531

13,662 24,8202,618 45,574

- 4,832- -

944 5,1063,070 4,064

- -- 4,009- -

-10,166 -140,466

145,963 73,740-14,585 147,187

- -- -- -3,211

-31,132 -10,799174,796 1,845,696

-4,334 -1,551,813

270,708 500,800-73,495 -1,427,393

- -- -

32,853 -561,820

- -

230,066 -1,488,412- -

4,081,481 5,067,854-6,239,333 -54,795,938

-179,379 1,682,557

-2,107,163 -49,533,939

- -

10,706,156 55,980,590

8,598,993 6,446,651

EUR

Dynarbitrage Forex

31/12/09EUR

31/12/08

673 79,378- -

2,934 58,298167 21,217

- -- -- -- -- -

-2,428 -1371,217 31,2557,198 21,995

- -95 512

1,962 5,305- -

59 -- -

707 3,453129 15

- -- -- -

-8,932 -25

-544 48,123578 -10,458

- -- -- -

24,382 -822,886-113,037 1,412,137

71,728 -451

-16,892 626,46519,400 -609,411

- -- -- -470,753

- -

2,508 -453,699- -

47,245 90,685-5,129,039 -109,974

-78,232 563

-5,157,517 -472,425

- -

5,422,904 10,494,406

265,387 10,021,981

USD


31/12/09USD

31/12/08

7,874 166,203- -

309 65,3216,588 114,050

- -- -- -- -2 -

975 -13,16831,199 45,93723,405 38,187

- -698 1,006

5,515 8,686- 746- 15- -

76 397232 535

- -- -- -

1,274 -3,633

-23,324 120,266- 1,187- -

15,259 117,207- -

43,886 272,327-224,439 -233,346

-7,766 37,440

-196,384 315,081214,433 -291,253

- -- -- -145

-14,888 14,888

3,162 38,570- -

781,373 8,346,884-255,178 -7,742,243

8,065 -27,906

537,422 615,305

- -

8,381,074 12,647,184

8,918,497 13,262,489

USD

Dynarbitrage Forex Asia Pacific

31/12/09USD

31/12/08

1,177,104 1,413,206- 2,000

1,052,808 1,160,16641 42,605

- -- -

8,946 9,29039,059 274,760

- -76,251 -75,615

1,199,508 383,624100,838 85,166

- -3,461 1,880

25,931 19,348680,891 -

136 7- -

4,348 3,3941,807 769

- -250,754 285,452

- 100131,342 -12,492

-22,404 1,029,582879,057 -3,528,186

-132,716 -103,038- -

457,843 259,202-17,571 -38,004106,279 -642,56625,769 340,866

1,296,256 -2,682,145-105,297 -117,371

31,371 -111,924-1,065,308 -457,6531,974,010 -1,782,439

- -

2,131,033 -5,151,531- -

15,988,004 23,046,238-9,561,410 -27,301,628

29,323 -277,744

8,586,949 -9,684,666

- -

35,783,879 37,071,155

44,370,829 27,386,488

EUR


31/12/09EUR

31/12/08


206










Note

English

4,893,667 12,248,794120,902 664,298

4,738,453 10,669,2097,236 230,648

- -- -

2,373 639,632- -

38,457 124,126-13,754 -79,119

7,494,920 2,644,609872,088 1,504,125

- -52,425 69,927

320,247 511,6136,476,902 -

265 93,481- -

42,975 79,06068,813 100,81130,461 802,543

- -- -

-369,257 -516,950

-2,601,253 9,604,185-1,994,898 -24,717,287-1,437,564 -10,893,015

130,471 -- -

363,602 -20,429,5923,527,008 6,177,959-124,992 7,615,785

-2,137,626 -32,641,966-1,347,635 9,132,013

541,726 -3,774,538- -

20,191,313 -15,243,195

329,137 -

17,576,914 -42,527,685-539,510 -601,814

29,186,893 31,715,466-42,860,849 -227,353,021

-230,511 -8,053,616

3,132,937 -246,820,670

- -

219,384,657 537,795,979

222,517,594 290,975,309

EUR


31/12/09EUR

31/12/08

2,421,847 1,831,297- -

2,529,905 1,744,90519,612 150,821

- -- -- 142,255- 96- -

-127,669 -206,7803,475,720 264,521

369,029 277,546- -

7,829 4,90775,520 55,412

3,191,118 -238 435

- -4,516 8,769

422 588- -

799 6,245- -

-173,749 -89,381

-1,053,873 1,566,776902,536 -3,142,589

2,198,806 -3,096,42184,345 -

-36 -6,800 -4,869,015

-234,484 19,290,585-89,915 -3,290,385

1,814,177 6,458,9512,060,452 -1,756,207

149,770 209,059-513 -

4,834,870 -14,496,705

206,314 -

9,065,069 -9,584,902-7,743 -12,546

17,105,984 46,908,203-14,820,934 -105,695,085

43,835 3,407,783

11,386,211 -64,976,546

- -

132,001,713 135,899,259

143,387,925 70,922,713

USD


31/12/09USD

31/12/08


207

2,731,045 13,558,318283,663 91,525

1,396,100 8,462,79116,149 285,700

- -- -

416,578 904,711190 3,718,881

143,452 681,360474,914 -586,650

5,151,317 7,790,1052,807,426 2,238,882

- -135,166 105,459

1,140,699 895,655- 1,789,515

9,709 12,178- -

1,139,020 866,47598,236 79,796

- -59,593 2,992,235

- --238,532 -1,190,089

-2,420,272 5,768,2132,935,268 1,042,962

-4,673,643 -55,401,500-674,719 48,962,944

- -503,102-52,942 -177,546

-1,086,975 262,920763,415 11,082,815

-5,209,868 11,037,706-151,943 -

-967,963 10,346,8721,921 -

7,543,499 2,922,733

4,095,796 10,605,068

5,311,442 34,912,380-66,139 -

420,343,843 512,003,219-480,843,543 -849,903,985

-1,476,861 -11,686,254

-56,731,257 -314,674,640

- -

864,717,611 828,379,430

807,986,354 513,704,790

EUR


31/12/09EUR

31/12/08

310,612 26,789116,895 2,648269,114 23,836

484 305- -- -

3,707 -- -- -

-79,588 -352,290 13,284221,491 7,089

- -3,837 610

81,340 2,578- -

1,973 17- -

112,485 2,9891,654 -

- -- -

28 --70,519 -

-41,677 13,505-704,676 72,637

-2,787,917 16,04911,760 -

- --138,466 -60,247631,371 -484,430 -

-2,545,176 41,943-824,937 56,214

-426,417 -18,719-1,095,697 47,767

225,702 -8,448

- -

-4,666,526 118,757-135,176 -

26,517,284 24,785,290-41,953,258 -500,515

-475,361 -

-20,713,036 24,403,532

- -

82,027,322 -

61,314,287 24,403,532

EUR


31/12/09EUR

31/12/08

744,389 5,119,485- -

660,431 6,332,4382,243 229,431

- -- -

220,443 969,32487 25,679

- --138,815 -2,437,388

4,764,376 2,243,1782,426,810 1,946,960

- -103,883 65,262710,291 590,814

- -6,110 51,354

- -374,381 533,453256,147 200,070

- -32,063 155,487

- -854,691 -1,300,220

-4,019,987 2,876,30719,377 315,625

24,894,144 -117,803,905135,175,819 81,906,529

- -573,514-577,821 -

-1,916,196 -12,013,808 13,066,269

165,589,144 -20,212,689529,116 -

2,196,465 -148,861-5,235 -42,5661,003 1,406

-163,236,785 95,218,120

5,073,707 74,815,411-13,788 -429

558,370,580 755,931,546-256,926,561 -996,903,013-11,020,302 -11,929,101

295,483,635 -178,085,585

- -

459,305,710 519,769,343

754,789,345 341,683,758

EUR


31/12/09EUR

31/12/08

281,920 1,058,694- -

224,163 930,987227 83,930

- -- -

41,533 94,634-290 36,915

- -16,288 -87,772

1,542,970 308,809797,007 228,782

- -30,067 5,821

199,091 50,469- -

4,771 236- -

139,274 56,61814,081 621

- -10,376 31,469

- -348,303 -65,205

-1,261,050 749,8851,795,552 926,4234,566,638 2,091,8555,352,059 7,267,4464,218,022 -4,157,1541,127,477 -8,171,4171,489,253 2,229,098

949,172 -1,101,910

18,237,123 -165,775798,643 -5,093,825

-75,678 766,841-3,630,924 8,066,247-5,534,018 340,659

-12,529,547 6,693,088

-2,734,401 10,607,235- -

309,728,485 37,133,904-119,391,277 -54,397,107

-617,157 1,124,477

186,985,650 -5,531,491

- -

139,835,124 80,483,700

326,820,775 74,952,208

USD


31/12/09USD

31/12/08


208










Note

English

2,502,853 17,288,851- -

1,757,651 17,344,34210,951 41,054

- -- -

191,144 2,804,404276,113 1,296,943

- -266,993 -4,197,892

1,140,262 2,492,681297,710 525,739

- -26,638 43,257

217,471 348,856- -

1,777 2,661- -

4,917 9,94929,719 56,229

385 26,576568,061 1,548,769

1,444 --7,861 -69,355

1,362,591 14,796,170- 715,711- -- -- -4- -

-372 -- -134,246

1,362,219 15,377,631- -

- -- -- -4,206

- -

1,362,219 15,373,425-218,157 -232,350

206,944,054 798,102,858-270,579,185 -636,349,688

-274,854 4,262,783

-62,765,923 181,157,027

- -

620,987,547 596,159,810

558,221,624 777,316,837

EUR

Euro Reserve

31/12/09EUR

31/12/08

171,717 906,985- -

137,130 875,08612,322 39,759

- -- -- 18,785

4,120 23,594- -

18,144 -50,240134,593 78,472

55,192 116,953- -

3,264 3,81241,744 58,251

- -- 15- -

1,952 6,4867,176 15,775

- -8,242 71,696

- -17,024 -194,518

37,124 828,513-350 -

- -- -- -15- -

-329 -9 -5

36,454 828,493- -

- -- -- -

- -

36,454 828,493-1,773 -7,175

39,666,376 45,685,121-28,235,055 -53,933,338

-1,129 -144,273

11,464,873 -7,571,172

- -

59,248,081 80,436,750

70,712,954 72,865,578

USD

USD Reserve

31/12/09USD

31/12/08


209

123,976,307 205,588,80443,488,526 51,402,74381,303,596 140,142,879

225,985 7,231,122374 -

944,435 -1,065,179 12,237,3344,292,078 7,758,9221,460,418 917,801

-8,804,285 -13,687,03398,618,086 65,541,33633,473,681 28,073,941

7,693 461,258,383 1,051,362

13,159,282 12,630,09425,170,319 7,303,753

206,846 512,5399,233 16,205

13,405,174 15,283,0601,205,889 1,194,0971,082,788 7,940,1602,998,405 427,423

8,458 1,236,9866,631,936 -9,709,556

25,358,221 140,047,468200,248,385 -1,076,012,83432,351,427 -187,100,119

139,075,187 143,121,51135,220,922 9,935,6274,728,925 -163,795,553

20,984,256 48,340,2176,421,859 150,278,942

464,389,183 -935,184,741-5,281,278 -88,719,927

291,876 8,678,485-24,344,950 2,847,255

1,119,584,162 -1,318,291,885

-166,108,323 114,148,158

1,388,530,669 -2,216,522,656-48,341,068 -45,216,523

4,296,003,158 4,840,201,610-3,170,228,095 -6,369,387,334

9,014,362 -146,301,465

2,474,979,026 -3,937,230,179

-108,482,237 506,743,753

8,996,537,793 11,561,912,973

11,363,034,582 8,131,426,547

EUR

Consolidated

EUR31/12/09 31/12/08


Notes to the Financial Statements as of 31 December 2009

210

1. Introduction CAAM FUNDS (the “Fund”) is organised as a “Société d’Investissement à Capital Variable” (“SICAV”) under the laws of the Grand Duchy of Luxembourg. The Fund, initially Groupe Indosuez Funds FCP, an unincorporated mutual investment fund (“Fonds Commun de Placement”) created on 18 July 1985, was transformed, in accordance with Article 110 (2) of the law of 30 March 1988 on Undertakings for Collective Investment, and renamed GIF SICAV II on 15 March 1999. The deed of transformation and the Articles of Incorporation (the “Articles”) were published in the Mémorial, Recueil des Sociétés et Associations on 28 April 1999. The name of the Fund was then changed to GIF SICAV on 1st December 1999, to CREDIT AGRICOLE FUNDS on 8 December 2000 and to CAAM FUNDS on 1st July 2007. The amendments to the Articles have been published in the Mémorial, Recueil des Sociétés et Associations respectively on 14 January 2000 and on 17 January 2001, for the first two name changes and on 13 June 2007 for the last one. The Fund is a UCITS III fund (Undertaking for Collective Investment in Transferable Securities) submitted to Part I of the law of 20 December 2002 on undertakings for collective investment. A latest amendment to the article of incorporation has been made on November 23, 2009 and published in the Mémorial, Recueil des Sociétés et Associations on January 15, 2010. The following Sub-Fund has been launched as of 25 August 2009 : CAAM Funds Global Inflation Bond The following Sub-Funds have been merged during the year as of 16 October 2009 : CAAM Funds Asia Pacific Quant into CAAM Funds Asia Pacific Renaissance CAAM Funds Gems World Hedged into CAAM Funds Gems World CAAM Funds US Quant into CAAM Funds US Innovative Companies CAAM Funds Swiss Franc Bond into CAAM Funds European Bond This Sub-Fund has been renamed as of 30 September 2009 : CAAM Funds European Convertible Bond in CAAM Funds Global Convertible Bond On 31 December 2009, the Fund consisted of 70 Sub-Funds in activity, each investing in a specific market or group of markets, and 2 dormant Sub-Funds. Categories of Share Classes : In order for CAAM Funds to be marketed by different distribution networks and to different investor profiles, 26 separate sub-categories of shares were created, each with its own characteristics and its own fee and expenses structure.


N

otes

to th

e Fi

nanc

ial S

tate

men

ts a

s of

31

Dec

embe

r 200

9

211 D

enom

inat

ion

Inve

stor

s Sp

ecifi

c ch

arac

teri

stic

s T

axat

ion

Min

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inve

stm

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Dis

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Acc

umul

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bscr

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e 3

Red

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Fee

Cla

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of S

hare

s

Inst

itutio

nal C

lass

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Inst

itutio

nal

Cla

ss

Cla

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Inst

itutio

nal I

nves

tors

inve

stin

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r th

eir o

wn

acco

unt o

r for

indi

vidu

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with

in th

e fr

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of a

col

lect

ive

savi

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r any

com

para

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sche

me

as

wel

l as U

CIT

S

- 0.

01%

p.a

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SD 5

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Acc

umul

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Max

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-

Inst

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C

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I (2

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pane

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CIs

-

0.01

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Dis

tribu

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Max

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Max

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-

Inst

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C

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D

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with

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(2):

Onl

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ccum

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Shar

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0.01

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Acc

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ax 5

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M

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-

Inst

itutio

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C

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I (5

) In

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Diff

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I: b

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(E

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Inst

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Inst

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Inst

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Sp

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Inst

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Inst

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) Ja

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0)

Inst

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D

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with

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(EU

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this

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to

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AV

in

Euro

reg

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0.01

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Max

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-

Inst

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Inst

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D

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am

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in n

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0.01

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1,

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for

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a so

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in c

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% b

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vest

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for t

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own

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o co

nver

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fee

is a

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r a c

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ithin

a sa

me

Sub-

Fund

.


N

otes

to th

e Fi

nanc

ial S

tate

men

ts a

s of

31

Dec

embe

r 200

9

212

D

enom

inat

ion

Inve

stor

s Sp

ecifi

c ch

arac

teri

stic

s T

axat

ion

Min

imum

inve

stm

ent 1

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trib

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g/

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umul

atio

n Su

bscr

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e C

onve

rsio

n Fe

e 3

Red

empt

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Fee

Cla

sses

of S

hare

s In

stitu

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l C

lass

XII

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lass

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2)

Inst

itutio

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nves

tors

D

iffer

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with

Cla

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-

base

cur

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hedg

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is o

pera

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aim

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he

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the

NA

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rega

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0.01

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Inst

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Inst

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IV

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(14)

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stitu

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I:

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M C

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M C

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UC

Is g

over

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w a

nd

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of d

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por

tfolio

m

anag

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date

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Italy

and

in

vest

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in U

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p.a

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ax 2

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L C

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Cla

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for i

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inve

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a a

man

date

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y LC

L Sp

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ay

0.05

% p

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EUR

100

A

ccum

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Max

4.5

0%

- -

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ssic

Cla

ss

Cla

ssic

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Cla

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ll In

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- 0.

05%

p.a

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Acc

umul

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tribu

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4 M

ax 4

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M

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.00%

-

1 Eac

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inim

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t am

ount

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appr

ecia

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at le

vel o

f the

con

cern

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ly o

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Sub

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, exc

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f oth

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prov

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in th

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3

No

conv

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on fe

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app

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for a

cha

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of C

lass

or C

ateg

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with

in a

sam

e Su

b-Fu

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4 Onl

y ac

cum

ulat

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shar

e w

ill b

e av

aila

ble

for C

AA

M F

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Mul

ti A

sset

Pro

tect

ed S

ub-F

und.


N

otes

to th

e Fi

nanc

ial S

tate

men

ts a

s of

31

Dec

embe

r 200

9

213 D

enom

inat

ion

Inve

stor

s Sp

ecifi

c ch

arac

teri

stic

s T

axat

ion

Min

imum

inve

stm

ent 1

Dis

trib

utin

g/

Acc

umul

atio

n Su

bscr

iptio

n Fe

e C

onve

rsio

n Fe

e 3

Red

empt

ion

Fee

Cla

sses

of S

hare

s

C

lass

ic (2

) C

lass

C

lass

C(2

) A

ll In

vest

ors

Diff

eren

ce w

ith C

lass

C:

- bas

e cu

rren

cy (E

UR

) - h

edge

d C

lass

(thi

s ope

ratio

n ai

ms t

o he

dge

the

NA

V in

Eur

o re

gard

ing

to

the

curr

ency

of d

enom

inat

ion

of th

e co

ncer

ning

Sub

-Fun

d)

0.05

% p

.a.

- A

ccum

ulat

ion

Max

4.5

0%

Max

1.0

0%

-

Cla

ssic

(3)

Cla

ss

Cla

ss C

(3)

All

Inve

stor

s D

iffer

ence

with

Cla

ss C

: - b

ase

curr

ency

(EU

R)

0.05

% p

.a.

- A

ccum

ulat

ion

Max

4.5

0%

Max

1.0

0%

-

Cla

ssic

(4)

Cla

ss

Cla

ss C

(4)

All

Inve

stor

s D

iffer

ence

with

Cla

ss C

: - b

ase

curr

ency

(GB

P)

- hed

ged

Cla

ss (t

his o

pera

tion

aim

s to

hedg

e th

e N

AV

in G

BP

rega

rdin

g to

th

e cu

rren

cy o

f den

omin

atio

n of

the

rele

vant

Sub

-Fun

d)

0.05

% p

.a.

- D

istri

butio

n M

ax 4

.50%

M

ax 1

.00%

-

Cla

ssic

(5)

Cla

ss

Cla

ss C

(5)

All

Inve

stor

s D

iffer

ence

with

Cla

ss C

: - b

ase

curr

ency

(USD

) 0.

05%

p.a

. -

Acc

umul

atio

n M

ax 4

.50%

M

ax 1

.00%

-

Cla

ssic

S C

lass

es

Cla

ssic

S

Cla

ss

Cla

ss S

A

ll In

vest

ors

Shar

es o

nly

avai

labl

e th

roug

h a

netw

orks

of d

istri

buto

rs sp

ecifi

cally

au

thor

ised

by

the

Boa

rd

0.05

% p

.a.

- A

ccum

ulat

ion

Max

3.0

0%

Max

1.0

0%

-

Cla

ssic

S (2

) C

lass

C

lass

S (2

) A

ll In

vest

ors

Shar

es o

nly

avai

labl

e th

roug

h a

netw

orks

of d

istri

buto

rs sp

ecifi

cally

au

thor

ised

by

the

Boa

rd

0.05

% p

.a.

USD

100

,000

D

istri

butio

n M

ax 3

.00%

M

ax 1

.00%

-

Cla

ssic

S (3

) C

lass

C

lass

S (3

) A

ll In

vest

ors

- Sha

res o

nly

avai

labl

e th

roug

h a

netw

orks

of d

istri

buto

rs sp

ecifi

cally

au

thor

ised

by

the

Boa

rd

- Diff

eren

ce w

ith S

Cla

ss :

base

cu

rren

cy (

EUR

)

0.05

% p

.a.

- A

ccum

ulat

ion

Max

3.0

0%

Max

1.0

0%

-

Cla

ssic

H C

lass

C

lass

ic H

C

lass

C

lass

H

All

Inve

stor

s - S

hare

s onl

y av

aila

ble

thro

ugh

a ne

twor

ks o

f dis

tribu

tors

spec

ifica

lly

auth

oris

ed b

y th

e B

oard

. - D

iffer

ence

with

Cla

ss S

: Red

uced

Su

bscr

iptio

n Fe

e

0.05

% p

.a.

- A

ccum

ulat

ion

Max

1.0

0%

Max

1.0

0%

-

Cla

ssic

HK

Cla

ss

HK

Cla

ss

Cla

ss H

K

All

Inve

stor

s bas

ed in

H

ong-

Kon

g -

0,05

%

- A

ccum

ulat

ion

Max

5.0

0%

Max

1.0

0%

-

1 Eac

h m

inim

um in

vest

men

t am

ount

mus

t be

appr

ecia

ted

at le

vel o

f the

con

cern

ed C

lass

, ind

epen

dent

ly o

f the

Sub

-fun

d(s)

, exc

ept i

f oth

erw

ise

prov

ided

in th

e ta

ble.

3 N

o co

nver

sion

fee

is a

pplie

d fo

r a c

hang

e of

Cla

ss o

r Cat

egor

y w

ithin

a sa

me

Sub-

Fund

.


214

2. Principal accounting conventions Presentation of the financial statements: The SICAV’s financial statements were prepared in accordance with the regulatory provisions in force in Luxembourg concerning undertakings for collective investment. Figures disclosed in the statement of net assets and in the statement of operations and changes in net assets as of 31 December 2009 have been subject to reclassification for comparative purposes with the figures as of 31 December 2009. The impacted accounts are the performance and Management fees split into two separated accounts, and the dividends receivable and the other receivable which included the dividends receivable in previous year audited annual report. (a) The financial statements are presented on the basis of the latest net asset value calculated during the financial year. In accordance with the prospectus dated November 2009, the net asset values were calculated using the latest exchange rates known at the time of calculation. (b) Securities portfolio. Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the Board of Directors. (c) Conversion of items expressed in foreign currencies. The Fund’s financial statements are expressed in Euro (EUR). Net assets of each Sub-Fund expressed in foreign currencies are therefore converted and consolidated in EUR at the exchange rate in force at the close of the financial year. Transactions and acquisition costs for portfolio securities expressed in foreign currencies are converted into the accounting currency of the Sub-Fund concerned at the exchange rate in force on the date of transaction or acquisition, as appropriate. Valuation values for securities in the portfolio and of other assets and liabilities expressed in foreign currencies are converted into the accounting currency of the Sub-Fund concerned at the exchange rate in force at the end of the financial year. Currency differences resulting from these conversions are recorded in the Statement of Operations and Changes in net assets. (d) Return on investments. Dividends are entered as yields on the date when they are declared and in so far as the appropriate information can be obtained by the Fund. Interest is entered on a daily basis. (e) Distribution of costs and expenses. Each Sub-Fund is charged with costs or expenses specifically attributable to it. Costs and expenses not attributable to a specific sub-fund are distributed between the Sub-Funds on an equitable basis, in proportion to their respective net assets. (f) Repurchase agreements. Repurchase agreements (Repos) are equivalent to borrowing guaranteed by underlying assets presented in the securities portfolio of the Sub-Fund which remains exposed to market risk. Reverse Repurchase agreements (Reverse Repos) are similar to guaranteed loans. In this case, the Sub-Fund is not subject to the risk of depreciation in the value of the underlying assets. Repos and Reverse Repos are regarded as borrowings and loans, respectively, of the sum of liquid assets received and/or paid. (g) Futures contracts. Unexpired futures contracts are valued at their last known price on the date of valuation or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets. (h) Forward foreign exchange contracts. Unexpired forward foreign exchange contracts are valued at the exchange rates applicable on the valuation date or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets. (i) Valuation of options. Options officially listed on a stock market or any other regulated market, operating in a regular manner, recognised and open to the public, are valued on the basis of their closing prices on the valuation day or, in the absence of such prices, on the basis of the last-known prices available. If these last-known prices are not representative, the valuation will be based on the probable realisation value estimated by the Board of Directors with prudence and in good faith.Currency options are valued at the market value. (j) Swaps. The SICAV is authorised to enter into volatility swaps, correlation swaps, credit default swaps, total return swaps, inflation swaps, asset swaps or interest rate swaps. Interest rate swaps, volatility swaps, correlation swaps, variance swaps, credit default swaps, total return swaps and inflation swaps are recorded at the estimated market value based on the valuation elements laid down in the contracts. The unrealised net gain is included in the item “Unrealised net appreciation on swaps” in the Statement of Net Assets and the unrealised net loss is included in the item “Unrealised net depreciation on swaps” in the Statement of Net Assets. (k) Fee structure. The Administration Fee is a fee expressed as a percentage of the Net Asset Value of the Sub-Funds and classes of shares, including all the administrative expenses of the Fund.

Such fee includes the remuneration of the Administration Agent, Domiciliary Agent, Transfer Agent and Registrar for its services rendered to the Fund, the remuneration of the Custodian for its services rendered to the Fund as well as all other administrative expenses incurred in the operation of the Fund including, but not limited to:

- the fees of auditors and legal advisers of the Fund (including costs associated with compliance with legal and regulatory requirements);

- the cost of translation, printing and distributing to investors the annual and semi-annual reports and of the prospectus dated November 2009 of the Fund and any supplement thereto;

- any costs related to the information of the shareholders including costs related to the publication of prices of shares in the financial press, the production of information material for the subscribers and distributors;

- any fees and expenses involved in registering and maintaining the registration of the Fund with any governmental agency or stock exchange and to comply with any regulatory requirements and the reimbursement of such fees and expenses incurred by any local representative;

- the fees of any local representative/correspondent, of which the services are required pursuant to the applicable law;

- the costs related to extraordinary measures, in particular any expertise or trial aiming at the protection of the shareholders’ interests;

- the costs related to the translation, distribution and publication of any notice to the shareholders.

The maximum amount of the Administration Fee, expressed as a percentage of the Net Asset Value (NAV), is set out in the following schedule (the maximal and the effective amounts are identical):


215

Classes Institutional Class Class Class Class Class Classes Sub-Fund I, I(2), I(4), I(5), I(6),

I(10), I(12), I(13), I(14), I(15)

I(7) I(8) I(9) I(11) M, L C, C(2), C(3), C(4), C(5), S, S(2), S(3), H,

HK EQUITY SUB-FUNDS Global/Regional/Country 0.25% - 0.10% 0.25% - 0.35% 0.35% Smaller Companies / Thematic 0.25% - - - - 0.35% 0.45% Asia / Emerging Markets 0.40% 0.25% 0.40% 0.33% - 0.50% 0.50% Socially Responsible Investments 0.25% - - - - 0.35% 0.35% BOND SUB-FUNDS Convertible Bond 0.25% - - - - 0.35% 0.35% Global Bonds 0.15% - - - - 0.30% 0.35% Euro Bonds 0.10% - - - - 0.25% 0.30% Specific Bonds 0.20% - - - - 0.25% 0.30% High Yield Bond 0.20% - - - - 0.35% 0.40% Global Bonds and Debts 0.20% - - - - 0.30% 0.30% - Except Global Aggregate 0.15% - - - - 0.30% 0.35% - Except Global Inflation Bond 0.15% - - - - 0.30% 0.30% Emerging Markets Debt 0.20% - - - - 0.35% 0.40% LDI Bonds 0.10% - - - - - 0.30% INDEX SUB-FUNDS Indexed Equities 0.05% - - - - 0.10% 0.15% - Except Index Pacific 0.10% - - - - 0.15% 0.15% Indexed Bonds 0.10% - - - - 0.15% 0.15% GUARANTEED/PROTECTED SUB-FUND - - - - - - 0.20% ABSOLUTE RETURN SUB-FUNDS Arbitrage VaR 0.10% - - - - 0.25% 0.30% Dynarbitrage VaR 0.10% - - - - 0.30% 0.30% Equity Arbitrage 0.20% - - - - 0.30% 0.30% Arbitrage Inflation 0.10% - - - - 0.30% 0.30% (0.35% pour CS) Dynarbitrage Forex 0.10% - - - - 0.25% 0.30% - Except Dynarbitrage Forex Asia Pacific 0.10% - - - - 0.30% 0.30% Dynarbitrage High Yield 0.10% - - - - 0.30% 0.30% Dynarbitrage Volatility 0.10% - - - - 0.30% 0.30% Volatility Equities 0.10% - - - - 0.30% 0.30% RESERVE SUB-FUNDS* 0.05% - - - 0.05% 0.10% 0.15% * From the NAV dated December 2, 2009: CAAM Luxembourg signs away: i. to 0.08% of the administration fees applied to the C Class of “CAAM Funds USD Reserve”. Consequently, during this period the administration fees are 0.07%. ii. to 0.03% of the administration fees applied to the M Class of “CAAM Funds USD Reserve”. Consequently, during this period the administration fees are 0.07%. iii. to 0.08% of the administration fees applied to the S Class of “CAAM Funds USD Reserve”. Consequently, during this period the administration fees are 0.07%. The Administration Fee is payable monthly in arrears to CAAM Luxembourg and is calculated each day for each Sub-Fund and each Share Class.

From such fee, CAAM Luxembourg will pay the fees of the Custodian, the Administration Agent, the Domiciliary Agent, the Transfer Agent and the Registrar and the administrative expenses of the Fund.

l) Cost of investments The brokerage fees and transaction fees are not included in the cost of investments, but are debited in the expenses item “Broker and transaction fees”. 3. Exchange rates used as of 31 December 2009 The exchange rates used for the consolidated figures are the following : 1 EUR = 1.43475 USD 1 EUR = 1.48315 CHF 1 EUR = 0.88845 GBP 1 EUR = 133.56805 JPY


216

4. M

anag

emen

t fee

s

Thes

e M

anag

emen

t fee

s app

licab

le fo

r the

yea

r 200

9, e

xpre

ssed

in p

erce

ntag

es o

f the

NA

V, a

re p

ayab

le q

uarte

rly to

CA

AM

Lux

embo

urg

and

calc

ulat

ed e

ach

day

for e

ach

Sub-

Fund

on

the

basi

s of t

he d

aily

NA

V o

f eac

h C

lass

at t

he fo

llow

ing

rate

s pe

r ann

um. T

he M

anag

emen

t Com

pany

is re

spon

sibl

e fo

r pay

ing

com

mis

sion

s to

inve

stm

ent m

anag

ers.

I I (

2)

I (4)

I (

5)

I(6)

I(

7)

I(8)

I(

9)

I(10

) I(

11)

I(12

) I(

13)

I(14

) I(

15)

M

L

C

C(2

) C

(3)

C(4

) C

(5)

S S(

2)S(

3)

H

HK

EQ

UIT

Y S

UB

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ND

S

Glo

bal /

Reg

iona

l / C

ount

ry S

ub-F

unds

- Eur

o Q

uant

*

- Gem

s Eur

ope*

1.30

%

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s Wor

ld*

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bal E

quiti

es*

0.65

%

0.55

%

- Jap

an V

alue

0.

70%

0.

45%

0.

45%

0.

30%

0.

60%

- Min

imum

Var

ianc

e Eu

rope

*

- Sel

ect E

uro*

- Sel

ect E

urop

e*

- Sw

itzer

land

*

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vativ

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*

0.65

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0.55

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1.30

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Smal

ler

com

pani

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ic S

ub-F

unds

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ler C

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* 0.

80%

0.70

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bal A

gric

ultu

re

0.90

%

0.

90%

0.80

%

1.

60%

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bal F

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ce*

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0.80

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s 0.

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1.60

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Asi

a/E

mer

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- ASE

AN N

ew M

arke

ts*

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0.90

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0.

80%

0.

90%

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orld

*

1.

00%

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ater

Chi

na*

0.

37%

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ia*

0.

37%

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ia In

fras

truc

ture

*

0.90

%

0.60

%

0.80

%

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ea

1.00

%

0.45

%

0.65

%

0.90

%

- Lat

in A

mer

ica

Equi

ties*

0.

90%

0.45

%

0.60

%

0.80

%

- Tha

iland

1.

00%

0.

65%

0.

90%

1.60

%

2.00

%


217

I I (

2)

I (4)

I (

5)

I(6)

I(

7)

I(8)

I(

9)

I(10

) I(

11)

I(12

) I(

13)

I(14

) I(

15)

M

L

C

C(2

) C

(3)

C(4

) C

(5)

S S(

2)S(

3)

H

HK

Soci

ally

Res

pons

ible

Inve

stm

ents

Sub

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ds

- Aqu

a G

loba

l 1.

00%

0.90

%

1.

50%

1.

90%

- Cle

an P

lane

t 1.

00%

0.50

%

0.

90%

1.50

%

1.90

%

- Eur

o SR

I 0.

70%

0.80

%

1.

30%

1.

60%

BO

ND

SU

B-F

UN

DS

Con

vert

ible

Bon

d Su

b-Fu

nds

- Glo

bal C

onve

rtib

le B

ond*

0.

55%

0.45

%

1.

20%

1.

40%

Glo

bal B

onds

Sub

-Fun

ds

- Glo

bal C

orpo

rate

Bon

d*

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%

0.

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0.80

%

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%

Eur

o B

onds

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ds

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o Bo

nd*

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o C

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rate

Bon

d*

0.30

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o In

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n Bo

nd*

0.45

%

0.30

%

0.80

%

1.00

%

Spec

ific

Bon

ds S

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unds

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o Se

lect

Bon

d 0.

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%

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85%

Hig

h Y

ield

Bon

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unds

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o H

igh

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nd*

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%

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Glo

bal B

onds

and

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ts S

ub-F

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bal A

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bal B

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%

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bal I

nfla

tion

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* 0.

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Em

ergi

ng M

arke

ts D

ebts

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%

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I Bon

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I Ind

ex L

inke

d Pl

us (G

BP) *

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I Gilt

Plu

s (G

BP) *

0.

50%

0.80

%


218

I I (

2)

I (4)

I (

5)

I(6)

I(

7)

I(8)

I(

9)

I(10

) I(

11)

I(12

) I(

13)

I(14

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15)

M

L

C

C(2

) C

(3)

C(4

) C

(5)

S S(

2)S(

3)

H

HK

IND

EX

ED

SU

B-F

UN

DS

Inde

xed

Equ

ities

Sub

-Fun

ds

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ex E

uro

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ex E

urop

e

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ex N

orth

Am

eric

a

0.

10%

0.

15%

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ex P

acifi

c

0.10

%

0.10

%

0.15

%

Inde

xed

Bon

ds S

ub-F

unds

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ex G

loba

l Bon

d (E

UR)

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0.

10%

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%

GU

AR

AN

TE

ED

/PR

OT

EC

TE

D S

UB

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ND

S

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ti As

set P

rote

cted

**

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SOL

UT

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ET

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S

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itrag

e V

aR S

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unds

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e Va

R 2

(EU

R) *

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itrag

e Va

R 2

(GBP

) *

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itrag

e Va

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(USD

) *

0.30

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0.25

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0.50

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0.60

%

0.80

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e V

aR S

ub-F

unds

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40%

0.80

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0.90

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Equ

ity A

rbitr

age

Sub-

Fund

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ity S

tatis

tical

arb

itrag

e (E

UR)

* 0.

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0.55

%

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e In

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n Su

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nd

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e In

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%

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e Fo

rex

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Fund

s

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e Fo

rex*

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arbi

trag

e Fo

rex

(USD

) *

0.40

%

0.

30%

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e Fo

rex

Asia

Pac

ific*

0.

50%

0.40

%

0.80

%

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%

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e H

igh

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ld S

ub-F

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e H

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%

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e V

olat

ility

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d

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arbi

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e Vo

latil

ity*

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%

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%

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%

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atili

ty E

quiti

es S

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unds

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ty E

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orld

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*0.

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1.

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1.

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1.

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1.

60%

1.

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219

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220

5. Taxation The Fund is further liable in Luxembourg to a tax of 0.05% per annum in respect of the Equity Sub-Funds and Bond Sub-Funds (except on investments by these Sub-Funds in other undertakings for collective investment established in Luxembourg for which no tax is applied) and of 0.01% per annum in respect of the Reserve Sub-Funds, the M Class and the Institutional Class and the Institutional Class II, IV, V, VI, VII, VIII, IX, X, XI, XII, XIII, XIV, and XV of all the Sub-Funds (“Taxe d'abonnement”), such tax being payable quarterly on the basis of the value of the net assets of the Fund at the end of the relevant calendar quarter.

The benefit of the 0.01% per annum Taxe d'abonnement is available to those Shareholders admitted in the M Class, the Institutional Class and the Institutional Class II, IV, V, VI, VII, VIII, IX, X, XI, XIII, XIV, and XV Shares on the basis of the Luxembourg legal, regulatory and tax provisions as these are known to the Fund at the time of admission of an Investors in such Share Class. However, no guarantee can be given for the past and for the future and such assessment is subject to interpretations on the status of an eligible Investors in the M Class, the Institutional Class and the Institutional Class II, IV, V, VI, VII, VIII, IX, X, XI, XIII, XIV and XV Shares by any competent authorities as will exist from time to time. Any such reclassification made by an authority as to the status of an Investors may submit the entire Class to a Taxe d'abonnement rate of 0.05% per annum. 6. Other income Balances for other income in the Statement of Operations and Changes in Net Assets include mainly gains from securities lending. 7. Other expenses Balances for other expenses in the Statement of Operations and Changes in Net Assets mainly include other taxes. 8. Statement of portfolio movements Details of movements of securities in the portfolio for the financial year ending 31 December 2009 may be obtained free of charge on request from the Fund’s registered office and the Hong Kong representative office. The list of the portfolio changes can also be obtained free of charge at the Paying and Information Agent’s office in Germany and at the Representative’s office in Switzerland. 9. Dividends The SICAV distributed the following dividends per share during the financial year under review: Ex-date : 24 September 2009 Payment date : 29 September 2009 Classic Class CAAM Funds Aqua Global EUR 0.60 CAAM Funds ASEAN New Markets USD 0.74 CAAM Funds Asia Pacific Renaissance USD 0.07 CAAM Funds Asian Growth USD 0.17 CAAM Funds Clean Planet EUR 0.33 CAAM Funds Emerging Europe EUR 0.11 CAAM Funds Emerging Markets USD 0.38 CAAM Funds Euro Quant EUR 0.11 CAAM Funds Europe Smaller Companies EUR 0.03 CAAM Funds Global Finance USD 0.07 CAAM Funds Latin America Equities USD 8.78 CAAM Funds Select Euro EUR 0.53 CAAM Funds Select Europe EUR 0.49 CAAM Funds Switzerland CHF 0.03 CAAM Funds Thaïland USD 0.77 CAAM Funds Asian Income USD 0.76 CAAM Funds Emerging Market Debt USD 1.20 CAAM Funds Euro Bond EUR 0.33 CAAM Funds Euro Corporate Bond EUR 0.41 CAAM Funds Euro High Yield Bond EUR 0.63 CAAM Funds Euro Inflation Bond EUR 1.09 CAAM Funds Euro Select Bond EUR 4.29 CAAM Funds European Bond EUR 4.63 CAAM Funds Global Bond USD 0.65 CAAM Funds Global Convertible Bond EUR 0.07 CAAM Funds Swiss Franc Bond * CHF 0.23 CAAM Funds Index Euro EUR 0.75


221

CAAM Funds Index Global Bond (EUR) Hedged EUR 0.43 CAAM Funds Arbitrage VaR 2 (EUR) EUR 2.53 CAAM Funds Arbitrage VaR 2 (GBP) GBP 2.94 CAAM Funds Arbitrage VaR 2 (USD) USD 1.28 CAAM Funds Dynarbitrage VaR 4 (EUR) EUR 3.96 CAAM Funds Dynarbitrage VaR 4 (USD) USD 2.23 CAAM Funds Dynarbitrage Volatility EUR 0.81 CAAM Funds Volatility Euro Equities EUR 0.56 CAAM Funds Euro Reserve EUR 0.25 CAAM Funds USD Reserve USD 0.11 Institutional Class CAAM Funds Emerging Markets USD 21.36 CAAM Funds Euro Corporate Bond EUR 3.24 CAAM Funds Global Bond USD 53.30 CAAM Funds Index Euro EUR 24.67 CAAM Funds Index Europe EUR 22.82 CAAM Funds Index North America EUR 12.30 CAAM Funds Index Pacific EUR 12.32 CAAM Funds Arbitrage VaR 2 (GBP) GBP 32.62 CAAM Funds Equity Statisical Arbitrage (EUR) EUR 5.13 CAAM Funds Euro Reserve EUR 2.52 Institutional 12 Class CAAM Funds Volatility Euro Equities EUR 0.03 Institutional 5 Class CAAM Funds Global Bond USD 87.21

Ex-date : 2 July 2009, 3 August 2009, 2 September 2009, 2 October 2009, 2 November 2009, 2 December 2009. Payment date : 7 July 2009, 7 August 2009, 7 September 2009, 7 October 2009, 9 November 2009, 7 December 2009. Institutional 2 Class CAAM Funds Greater China USD 0.27 CAAM Funds India USD 0.10 CAAM Funds Japan Value JPY 10.00 CAAM Funds Korea JPY 15.00 CAAM Funds Euro Bond EUR 0.50 CAAM Funds Euro Corporate Bond EUR 0.53 CAAM Funds Euro High Yield Bond EUR 0.67

* This Sub-Fund has been merged as of 16 October 2009. 10. Equalisation accounts Details with regard to equalisation accounts are disclosed in the Statement of Operations and Changes in Net Assets and are available free of charge from the Company headquarters. 11. Subsequent events As from January 1, 2010, regarding to the combination of Crédit Agricole Asset Management Group’s and of Société Générale Asset Management’s activites activities, the following entities have been renamed as follows: - Credit Agricole Asset Management into Amundi - Credit Agricole Structured Asset Management into Amundi Investment Solutions.

Notices and Reports

222

If required by the Law, notices to shareholders will be published in the Luxembourg “Mémorial”, the Luxemburger Wort and in such other newspapers as the Directors may determine. All dividend payment will be announced in the Luxemburger Wort and such other newspapers, or using such other means, as the Board may determine.

224 His

tori

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Her

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10.6

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.79

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- C

(D)

11.7

4 22

.99

11.4

9 24

.08

23.2

4 37

.26

16.0

7 25

.82

13.2

8 19

.40

10.6

5 13

.79

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- I (

C)

1,20

9.65

2,

404.

51

1,18

0.62

2,

469.

61

2,36

7.70

3,

802.

23

1,62

3.82

2,

627.

47

1,33

3.26

1,

958.

48

1,04

8.75

1,

363.

05

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- I7

(C)

585.

37

1,16

7.94

57

0.41

1,

191.

24

1,13

7.14

1,

827.

93

957.

99

1260

.92

- -

- -

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- M

(C)

45.5

9 90

.62

44.4

9 93

.04

90.7

4 10

9.23

-

- -

- -

-

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- S

(C)

11.4

9 22

.60

11.2

6 23

.63

22.8

8 36

.66

15.8

9 25

.44

13.1

7 19

.20

10.4

9 13

.55

CA

AM

FU

ND

S B

RA

ZIL

- C (C

) 42

.09

114.

75

38.2

0 10

6.80

89

.57

117.

26

- -

- -

- -

CA

AM

FU

ND

S B

RA

ZIL

- C (D

) 94

.28

110.

59

- -

- -

- -

- -

- -

CA

AM

FU

ND

S B

RA

ZIL

- I (C

) 42

2.51

1,

158.

45

384.

00

1,07

0.61

89

5.97

1,

174.

57

- -

- -

- -

CA

AM

FU

ND

S B

RA

ZIL

- M (C

) 90

.48

100.

00

- -

- -

- -

- -

- -

CA

AM

FU

ND

S B

RA

ZIL

- S (C

) 41

.92

113.

93

38.0

8 10

6.64

89

.56

117.

12

- -

- -

- -

Additional information

* Th

e da

tas

date

from

16/

10/0

9 be

caus

e th

is S

ub-F

und

has

been

mer

ged

as o

f 16

octo

ber 2

009.

225

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

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ffer

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rice

Hig

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rice

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id

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ffer

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rice

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QU

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CA

AM

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CA

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CA

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CA

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ND

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NE

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CA

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SE

AN

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AR

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-

CA

AM

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ND

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SE

AN

NE

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CA

AM

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ND

S A

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AN

NE

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CA

AM

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SE

AN

NE

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I9 (C

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-

CA

AM

FU

ND

S A

SE

AN

NE

W M

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KE

TS -

S (C

) -

- -

- -

- -

- -

- -

-

CA

AM

FU

ND

S A

SIA

PA

CIF

IC Q

UA

NT

- C (C

) *

- -

- -

- -

- -

- -

- -

CA

AM

FU

ND

S A

SIA

PA

CIF

IC Q

UA

NT

- I (C

) *

- -

- -

- -

- -

- -

- -

CA

AM

FU

ND

S A

SIA

PA

CIF

IC Q

UA

NT

- S (C

) *

- -

- -

- -

- -

- -

- -

CA

AM

FU

ND

S A

SIA

PA

CIF

IC R

EN

AIS

SA

NC

E -

C (C

) 8.

80

13.3

3 7.

54

10.1

1 8.

49

10.3

7 10

.01

1,59

2.35

5.

08

1,96

0.82

2.

46

5.46

CA

AM

FU

ND

S A

SIA

PA

CIF

IC R

EN

AIS

SA

NC

E -

C (D

) 8.

80

13.3

3 7.

54

10.1

1 8.

49

10.3

7 9.

80

1,59

2.35

5.

08

1,96

0.82

2.

46

5.46

CA

AM

FU

ND

S A

SIA

PA

CIF

IC R

EN

AIS

SA

NC

E -

I (C

) 89

3.17

1,

358.

21

763.

35

1,01

9.00

85

1.98

1,

044.

67

1,00

0.87

1,

596.

06

5.08

1,

962.

48

2.46

5.

46

CA

AM

FU

ND

S A

SIA

PA

CIF

IC R

EN

AIS

SA

NC

E - M

(C)

- -

- -

- -

- -

- -

- -

CA

AM

FU

ND

S A

SIA

PA

CIF

IC R

EN

AIS

SA

NC

E -

S (C

) 8.

96

13.5

4 7.

68

10.3

3 8.

49

10.6

1 10

.01

1,59

2.35

5.

08

1,96

0.82

2.

46

5.46

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- C

(C)

9.02

13

.25

7.48

10

.44

6.96

11

.04

3.05

10

.64

3.61

5.

15

1.93

3.

98

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- C

(D)

9.02

13

.25

7.48

10

.44

6.96

11

.04

3.05

10

.64

3.61

5.

15

1.93

3.

98

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- I (

C)

882.

09

1,30

1.96

73

1.35

1,

015.

11

673.

15

1,07

1.37

3.

05

1,01

2.28

3.

61

5.15

1.

93

3.98

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- I7

(C)

- -

- -

- -

- -

- -

- -

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- M

(C)

- -

- -

- -

- -

- -

- -

CA

AM

FU

ND

S A

SIA

N G

RO

WTH

- S

(C)

8.90

13

.07

7.39

10

.33

6.91

10

.93

3.05

10

.65

3.61

5.

15

1.93

3.

98

CA

AM

FU

ND

S B

RA

ZIL

- C (C

) -

- -

- -

- -

- -

- -

-

CA

AM

FU

ND

S B

RA

ZIL

- C (D

) -

- -

- -

- -

- -

- -

-

CA

AM

FU

ND

S B

RA

ZIL

- I (C

) -

- -

- -

- -

- -

- -

-

CA

AM

FU

ND

S B

RA

ZIL

- M (C

) -

- -

- -

- -

- -

- -

-

CA

AM

FU

ND

S B

RA

ZIL

- S (C

) -

- -

- -

- -

- -

- -

-

* Th

is S

ub-F

und

has

been

mer

ged

as o

f 16

octo

ber 2

009.


226

Acc

ount

ing

perio

d en

ding

at :

A

ccou

ntin

g ye

ar e

ndin

g at

:

31

/12/

09

31/1

2/09

30

/06/

09

30/0

6/09

30

/06/

08

30/0

6/08

30

/06/

07

30/0

6/07

30

/06/

06

30/0

6/06

30

/06/

05

30/0

6/05

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

wes

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P

rice

Hig

hest

Offe

r P

rice

Low

est B

id

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e H

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ffer

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wes

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Hig

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Offe

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rice

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est B

id

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e H

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st O

ffer

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e Lo

wes

t Bid

P

rice

Hig

hest

Offe

r P

rice

CA

AM

FU

ND

S C

LEA

N P

LAN

ET

- C (C

) 47

.10

75.9

4 47

.10

81.2

6 78

.20

112.

03

94.0

9 11

3.61

87

.52

103.

05

74.4

7 88

.71

CA

AM

FU

ND

S C

LEA

N P

LAN

ET

- C (D

) 95

.98

123.

01

- -

- -

- -

- -

- -

CA

AM

FU

ND

S C

LEA

N P

LAN

ET

- I (C

) 53

4.34

86

6.04

53

4.34

91

8.94

88

2.11

1,

016.

11

- -

- -

- -

CA

AM

FU

ND

S C

LEA

N P

LAN

ET

- I6

(C)

788.

43

1,28

3.03

78

8.43

1,

352.

45

1,29

4.52

1,

841.

47

1,52

5.09

1,

865.

10

1,39

8.35

1,

662.

39

1,17

8.38

1,

417.

95

CA

AM

FU

ND

S C

LEA

N P

LAN

ET

- S (C

) 52

.83

84.9

0 52

.83

91.3

3 88

.08

101.

58

- -

- -

- -

CA

AM

FU

ND

S E

ME

RG

ING

EU

RO

PE

- C

(C)

11.9

3 27

.30

11.9

3 37

.84

35.3

8 47

.28

30.3

5 41

.65

21.3

8 39

.08

17.2

3 16

3.65

CA

AM

FU

ND

S E

ME

RG

ING

EU

RO

PE

- C

(D)

11.9

3 27

.16

11.9

3 37

.83

35.3

7 47

.27

30.3

5 41

.64

21.3

8 39

.07

17.2

3 16

1.08

CA

AM

FU

ND

S E

ME

RG

ING

EU

RO

PE

- I (

C)

1,12

3.95

2,

560.

60

1,12

3.95

3,

584.

37

3,34

4.08

4,

460.

21

2,83

4.13

3,

916.

44

1,98

1.08

3,

644.

14

1,08

6.24

1,

992.

16

CA

AM

FU

ND

S E

ME

RG

ING

EU

RO

PE

- M

(C)

26.4

1 61

.52

26.4

1 85

.46

83.5

7 10

6.00

-

- -

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

EU

RO

PE

- S

(C)

11.5

7 26

.38

11.5

7 36

.79

34.4

3 46

.06

29.7

4 40

.65

21.0

4 38

.32

16.9

9 16

3.65

CA

AM

FU

ND

S E

ME

RG

ING

INTE

RN

AL

DE

MA

ND

- C

(C)

37.2

0 83

.15

35.7

7 87

.49

83.0

3 10

5.23

-

- -

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

INTE

RN

AL

DE

MA

ND

- C

(D)

97.1

7 12

0.09

58

.77

99.8

0 -

- -

- -

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

INTE

RN

AL

DE

MA

ND

- I (

C)

375.

76

835.

38

360.

49

879.

64

833.

09

1052

.62

- -

- -

- -

CA

AM

FU

ND

S E

ME

RG

ING

INTE

RN

AL

DE

MA

ND

- M

(C)

39.6

4 88

.76

38.0

0 92

.71

92.5

2 10

5.46

-

- -

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

INTE

RN

AL

DE

MA

ND

- S

(C)

37.0

0 82

.45

35.6

3 87

.25

82.9

1 10

5.21

-

- -

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

MA

RK

ETS

- C

(C)

14.5

2 29

.99

13.9

7 32

.52

29.1

6 38

.63

23.3

2 33

.34

18.2

0 28

.90

12.9

1 18

.48

CA

AM

FU

ND

S E

ME

RG

ING

MA

RK

ETS

- C

(D)

14.3

5 29

.23

13.8

2 32

.44

29.0

9 38

.53

23.2

5 33

.25

18.2

0 28

.83

12.9

1 18

.48

CA

AM

FU

ND

S E

ME

RG

ING

MA

RK

ETS

- I (

C)

1,53

4.99

3,

189.

07

1,47

3.94

3,

422.

46

3,04

9.39

4,

045.

35

2,41

8.20

3,

481.

78

1,87

2.81

2,

992.

70

1,32

1.69

1,

899.

29

CA

AM

FU

ND

S E

ME

RG

ING

MA

RK

ETS

- I (

D)

585.

77

1,19

4.46

56

3.23

1,

330.

41

1,19

2.33

1,

572.

90

945.

46

1,36

1.47

-

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

MA

RK

ETS

- I7

(C)

516.

55

990.

97

495.

72

1,14

6.77

1,

018.

69

1,35

2.36

94

4.29

1,

162.

50

- -

- -

CA

AM

FU

ND

S E

ME

RG

ING

MA

RK

ETS

- M

(C)

43.8

6 91

.11

42.1

0 97

.74

92.5

0 10

9.27

-

- -

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

MA

RK

ETS

- S

(C)

14.0

1 28

.81

13.5

1 31

.60

28.4

4 37

.64

22.8

4 32

.52

17.9

0 28

.33

12.7

7 18

.23

CA

AM

FU

ND

S E

ME

RG

ING

WO

RLD

- C

(C)

43.0

5 93

.97

41.3

6 97

.31

92.5

0 11

1.60

-

- -

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

WO

RLD

- I (

C)

432.

87

947.

45

415.

45

975.

26

925.

28

1,11

7.69

-

- -

- -

-

CA

AM

FU

ND

S E

ME

RG

ING

WO

RLD

- S

(C)

42.8

7 93

.29

41.2

4 97

.17

92.4

9 11

1.52

-

- -

- -

-

CA

AM

FU

ND

S E

UR

O Q

UA

NT

- C (C

) 4.

14

6.83

4.

14

7.93

7.

77

10.9

3 7.

98

10.8

8 6.

92

8.93

5.

46

6.95

CA

AM

FU

ND

S E

UR

O Q

UA

NT

- C (D

) 4.

01

6.51

4.

01

7.81

7.

65

10.8

7 7.

98

10.8

2 6.

92

8.93

5.

46

6.95

CA

AM

FU

ND

S E

UR

O Q

UA

NT

- I (C

) 43

7.47

72

3.04

43

7.47

83

3.76

81

5.98

1,

139.

63

825.

73

1,13

3.63

71

1.11

92

3.73

55

7.71

71

4.32

CA

AM

FU

ND

S E

UR

O Q

UA

NT

- M (C

) 41

.35

68.6

2 41

.35

78.9

6 77

.29

102.

36

- -

- -

- -

CA

AM

FU

ND

S E

UR

O Q

UA

NT

- S (C

) 4.

00

6.58

4.

00

7.68

7.

53

10.6

2 7.

78

10.5

8 6.

78

8.73

5.

37

6.82


227

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

wes

t Bid

P

rice

Hig

hest

Offe

r P

rice

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

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2.

95

CA

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57

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49

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63

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57

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63

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2.

57

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CA

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UR

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51

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46

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71

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4.

87

10.1

2 3.

63

5.64

2.

57

4.12


228

Acc

ount

ing

perio

d en

ding

at :

A

ccou

ntin

g ye

ar e

ndin

g at

:

31

/12/

09

31/1

2/09

30

/06/

09

30/0

6/09

30

/06/

08

30/0

6/08

30

/06/

07

30/0

6/07

30

/06/

06

30/0

6/06

30

/06/

05

30/0

6/05

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

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t Bid

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hest

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rice

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e H

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rice

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CA

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128.

16

963.

45

1133

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S (C

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00

106.

91

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CA

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FU

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3.69

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8.90

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08

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070.

52

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CA

AM

FU

ND

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EM

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1,00

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52

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131.

59

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S (C

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C (C

) *

32.4

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32.4

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10

0.00

10

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329.

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329.

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) *

32.2

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32.2

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10

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79

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55

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71

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AM

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EQ

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IES

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7.

36

4.44

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68

8.59

10

.91

7.92

10

.35

7.20

8.

98

6.29

7.

52

CA

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EQ

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4.31

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14

4.31

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68

8.59

10

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7.92

10

.35

7.20

8.

98

6.29

7.

52

CA

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564.

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8.51

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313.

51

900.

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0 78

1.93

93

8.08

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4.30

7.

10

4.30

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41

8.32

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7.74

10

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7.06

8.

78

6.19

7.

38


* Th

e da

tas

date

from

16/

10/0

9 be

caus

e th

is S

ub-F

und

has

been

mer

ged

as o

f 16

octo

ber 2

009.

229

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

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e Lo

wes

t Bid

P

rice

Hig

hest

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r P

rice

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est B

id

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e H

ighe

st O

ffer

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e Lo

wes

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rice

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hest

Offe

r P

rice

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est B

id

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e H

ighe

st O

ffer

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e Lo

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r P

rice

CA

AM

FU

ND

S E

UR

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C (C

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-

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FU

ND

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UR

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ND

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UR

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-

CA

AM

FU

ND

S E

UR

OP

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MA

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OM

PA

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C (C

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47

6.05

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76

5.72

4.

80

7.70

7.

64

17.6

2 8.

83

19.6

8 6.

66

9.83

CA

AM

FU

ND

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UR

OP

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MA

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C (D

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64

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83

19.6

8 6.

66

9.83

CA

AM

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ND

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UR

OP

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MA

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OM

PA

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S -

I (C

) 57

3.66

78

0.67

48

2.26

72

9.79

6.

61

841.

29

7.64

17

.62

8.83

19

.68

6.66

9.

83

CA

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42

5.97

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72

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7.67

7.

62

17.6

2 8.

83

19.6

8 6.

66

9.83

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231

Acc

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year

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at:

30

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04

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6/03

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02

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Nam

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Acc

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CTU

RE

- I4

(C)

33.7

3 86

.88

33.7

3 87

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76.0

0 10

6.79

-

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- -

-

CA

AM

FU

ND

S IN

DIA

INFR

AS

TRU

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RE

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(C)

84.3

9 11

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-

CA

AM

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ND

S IN

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RE

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(C)

25.4

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57.9

7 10

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-

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-

CA

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ND

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4,07

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956

10,9

30

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CA

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ND

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CA

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ND

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11,8

90

9,85

6 10

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-

-

CA

AM

FU

ND

S K

OR

EA

- C

(C)

8.70

18

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8.70

22

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21.1

7 31

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16.1

9 25

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12.7

0 19

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8.18

13

.23

CA

AM

FU

ND

S K

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EA

- C

(D)

8.70

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8.70

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21.1

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16.1

9 25

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12.7

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CA

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EA

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1,07

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2,40

3.27

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31

1,58

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CA

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37.6

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4 14

0.63

78

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112.

00

- -

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CA

AM

FU

ND

S K

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EA

- I4

(C)

59.8

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8.63

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14

91.7

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-

-

CA

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ND

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OR

EA

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(C)

35.1

0 75

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88.9

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1.82

-

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CA

AM

FU

ND

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EA

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(C)

8.30

17

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8.30

21

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20.2

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15.6

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12.3

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7.96

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CA

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C (C

) 25

5.70

66

2.44

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9.95

67

7.47

45

3.84

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9.30

30

2.81

55

2.41

20

4.05

39

0.20

12

6.17

20

9.90

CA

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QU

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S -

C (D

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7.67

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5.12

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3.03

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5.28

42

7.41

69

3.25

28

8.35

52

0.23

19

6.15

37

1.56

12

1.21

19

9.75

CA

AM

FU

ND

S L

ATI

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I (C

) 2,

501.

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6,49

6.01

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7.23

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5,33

7.97

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943.

9 3,

739.

79

1,19

1.6

1,99

4.66

CA

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FU

ND

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I7 (C

) 65

6.51

1,

685.

48

613.

66

1,72

5.72

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143.

53

1,88

0.56

98

4.80

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13

- -

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CA

AM

FU

ND

S L

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S -

M (C

) 40

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104.

96

37.8

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6.51

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116.

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CA

AM

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ND

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S -

S (C

) 25

1.36

64

9.26

23

6.21

66

7.78

44

8.88

72

9.05

30

0.80

54

6.73

20

3.56

38

7.90

17

2.95

20

9.68

CA

AM

FU

ND

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CTU

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G E

QU

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S -

C (C

) 42

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63.3

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74.3

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100.

67

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- -

- -

CA

AM

FU

ND

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ES

TRU

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S -

I (C

) 42

5.27

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15

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CA

AM

FU

ND

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S -

S (C

) 42

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63.0

2 42

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74.4

3 73

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100.

67

- -

- -

- -


233

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

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e H

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st O

ffer

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rice

Hig

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rice

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wes

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Offe

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rice

CA

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ND

S IN

DIA

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- C

(C)

- -

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CA

AM

FU

ND

S IN

DIA

INFR

AS

TRU

CTU

RE

- C

(D)

- -

- -

- -

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- -

CA

AM

FU

ND

S IN

DIA

INFR

AS

TRU

CTU

RE

- I (

C)

- -

- -

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CA

AM

FU

ND

S IN

DIA

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AS

TRU

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(C)

- -

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CA

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FU

ND

S IN

DIA

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ND

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VA

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CA

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7.23

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18

4.81

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4.55

10

.00

8.10

14

.87

3.18

9.

44

CA

AM

FU

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S K

OR

EA

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(D)

- -

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CA

AM

FU

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7.23

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6.36

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8.10

14

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3.18

9.

44

CA

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44

CA

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62.7

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75.7

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56

9.45

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5.55

82

4.51

25

6.12

60

7.31

CA

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FU

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C (D

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139.

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61.0

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5.73

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1.39

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38

5.38

66

8.13

21

1.82

49

2.24

CA

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S -

I (C

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368.

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582.

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80

746.

01

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-

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-

CA

AM

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S (C

) -

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234

Acc

ount

ing

perio

d en

ding

at :

A

ccou

ntin

g ye

ar e

ndin

g at

:

31

/12/

09

31/1

2/09

30

/06/

09

30/0

6/09

30

/06/

08

30/0

6/08

30

/06/

07

30/0

6/07

30

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06

30/0

6/06

30

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05

30/0

6/05

Nam

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lass

and

par

t of t

he s

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Low

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ffer

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rice

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Hig

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rice

CA

AM

FU

ND

S S

ELE

CT

EU

RO

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(C)

83.6

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9.05

83

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110.

97

- -

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- -

CA

AM

FU

ND

S S

ELE

CT

EU

RO

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(D)

96.3

8 12

3.43

-

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CA

AM

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ELE

CT

EU

RO

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837.

80

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2.75

83

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CA

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95.9

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CA

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EU

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PE

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82.4

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109.

52

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CA

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EU

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PE

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97.6

5 12

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CA

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ELE

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EU

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PE

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17

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CA

AM

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EU

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PE

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(C)

99.4

1 14

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53

10.3

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16

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CA

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CA

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CA

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29.8

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29.3

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38.8

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CA

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CA

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25

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CA

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24

104.

25

100.

04

103.

18

95.9

2 10

5.58

CA

AM

FU

ND

S E

UR

O H

IGH

YIE

LD B

ON

D -

M (D

) 10

0.00

10

3.79

-

- -

- -

- -

- -

-

CA

AM

FU

ND

S E

UR

O H

IGH

YIE

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ON

D -

S (C

) 7.

67

12.8

8 7.

61

11.1

8 11

.09

13.1

2 12

.20

13.3

1 11

.48

12.3

6 10

.63

11.8

5


237

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

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wes

t Bid

P

rice

Hig

hest

Offe

r P

rice

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

wes

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P

rice

Hig

hest

Offe

r P

rice

Low

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id

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e H

ighe

st O

ffer

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P

rice

Hig

hest

Offe

r P

rice

CA

AM

FU

ND

S A

SIA

N IN

CO

ME

- C

(C)

12.7

0 13

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11.3

1 13

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10.1

5 11

.39

9.99

1,

716.

43

10.8

7 1,

554.

57

8.91

11

.23

CA

AM

FU

ND

S A

SIA

N IN

CO

ME

- C

(D)

- -

- -

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- -

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CA

AM

FU

ND

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SIA

N IN

CO

ME

- I (

C)

1,28

0.67

1,

403.

52

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1,

356.

10

1,01

6.30

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20

999.

21

1,59

2.69

-

- -

-

CA

AM

FU

ND

S A

SIA

N IN

CO

ME

- S

(C)

11.6

9 12

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10.3

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.39

9.95

10

.96

9.99

1,

716.

43

10.8

7 1,

554.

57

8.91

11

.23

CA

AM

FU

ND

S E

ME

RG

ING

MA

RK

ETS

DE

BT

- C (C

) 13

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14.6

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71

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7 9.

84

11.0

4 9.

99

165.

17

134.

91

153.

84

113.

98

155.

71

CA

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FU

ND

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BT

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45

10.6

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99

91.1

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88.9

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101.

93

CA

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FU

ND

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RG

ING

MA

RK

ETS

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BT

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) 13

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2 12

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1,15

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92

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98

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- -

- -

CA

AM

FU

ND

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RG

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MA

RK

ETS

DE

BT

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) -

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CA

AM

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ND

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ME

RG

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RK

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DE

BT

- S (C

) 13

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14.4

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67

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7 9.

84

11.0

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99

165.

17

134.

91

153.

84

113.

98

155.

71

CA

AM

FU

ND

S E

UR

O B

ON

D -

C (C

) 11

0.87

11

6.37

10

1.16

11

4.73

99

.04

223.

39

197.

85

213.

89

194.

82

201.

82

191.

34

207.

39

CA

AM

FU

ND

S E

UR

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ON

D -

C (D

) 10

6.32

11

3.09

10

4.21

11

4.73

-

- -

- -

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-

CA

AM

FU

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UR

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ON

D -

I (C

) 1,

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78

1,12

5.6

1,00

0.00

1,

105.

97

- -

- -

- -

- -

CA

AM

FU

ND

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UR

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ON

D -

I2 (D

) 1,

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78

1,12

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105.

97

- -

- -

- -

- -

CA

AM

FU

ND

S E

UR

O B

ON

D -

M (C

) -

- -

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- -

- -

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-

CA

AM

FU

ND

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UR

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ON

D -

S (C

) 11

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1.16

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4.73

99

.04

223.

39

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85

213.

89

194.

82

201.

82

191.

34

207.

39

CA

AM

FU

ND

S E

UR

O C

OR

PO

RA

TE B

ON

D -

C (C

) 11

.95

12.6

1 10

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12.2

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10.9

0 1.

97

10.4

5 -

2.00

1.

98

2.04

CA

AM

FU

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UR

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OR

PO

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TE B

ON

D -

C (D

) 10

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11.3

8 10

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11.3

6 10

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10.6

5 1.

97

10.4

5 1.

93

2.00

1.

98

2.04

CA

AM

FU

ND

S E

UR

O C

OR

PO

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TE B

ON

D -

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) 1,

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78

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4.88

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98

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69

1,05

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1.

97

1,01

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-

2.00

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98

2.04

CA

AM

FU

ND

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PO

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ON

D -

I (D

) -

- -

- -

- -

- -

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-

CA

AM

FU

ND

S E

UR

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PO

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ON

D -

I2 (D

) 10

5.40

10

9.03

10

0.00

10

8.89

-

- -

- -

- -

-

CA

AM

FU

ND

S E

UR

O C

OR

PO

RA

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ON

D -

M (C

) -

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-

CA

AM

FU

ND

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PO

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ON

D -

S (C

) 11

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12.5

2 10

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12.1

8 10

.37

10.8

8 1.

97

10.4

4 1.

93

2.00

1.

98

2.04

CA

AM

FU

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UR

O H

IGH

YIE

LD B

ON

D -

C (C

) 9.

69

10.9

1 8.

17

9.82

8.

50

10.0

0 9.

92

10.1

6 -

- -

-

CA

AM

FU

ND

S E

UR

O H

IGH

YIE

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ON

D -

C (D

) -

- -

- -

- -

- -

- -

-

CA

AM

FU

ND

S E

UR

O H

IGH

YIE

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ON

D -

I (C

) 98

1.93

1,

111.

88

825.

88

993.

78

863.

05

1,00

3.14

99

1.39

1,

018.

23

- -

- -

CA

AM

FU

ND

S E

UR

O H

IGH

YIE

LD B

ON

D -

I2 (D

) 97

.51

101.

09

- -

- -

- -

- -

- -

CA

AM

FU

ND

S E

UR

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YIE

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ON

D -

M (D

) -

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CA

AM

FU

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D -

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) 9.

56

10.7

4 8.

10

9.68

8.

50

10.0

0 9.

92

10.1

5 -

- -

-


238

Acc

ount

ing

perio

d en

ding

at :

A

ccou

ntin

g ye

ar e

ndin

g at

:

31

/12/

09

31/1

2/09

30

/06/

09

30/0

6/09

30

/06/

08

30/0

6/08

30

/06/

07

30/0

6/07

30

/06/

06

30/0

6/06

30

/06/

05

30/0

6/05

Nam

e, c

lass

and

par

t of t

he s

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est B

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e H

ighe

st O

ffer

Pric

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Hig

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rice

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id

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e H

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ffer

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wes

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Hig

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rice

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CA

AM

FU

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D -

C (C

) 11

6.03

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11

1.97

12

5.16

11

0.92

12

0.82

11

0.47

11

6.62

11

1.85

11

9.84

10

5.71

11

7.93

CA

AM

FU

ND

S E

UR

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FLA

TIO

N B

ON

D -

C (D

) 11

3.30

12

6.25

10

9.34

12

2.22

10

9.74

11

8.52

10

9.30

11

6.01

11

1.81

11

9.81

10

7.35

11

7.90

CA

AM

FU

ND

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FLA

TIO

N B

ON

D -

I (C

) 1,

194.

32

1,34

6.8

1,15

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1,

289.

42

1,13

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1,

237.

69

1,12

7.31

1,

186.

85

1,13

5.28

1,

213.

38

1,06

4.27

1,

192.

46

CA

AM

FU

ND

S E

UR

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FLA

TIO

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D -

M (C

) 98

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110.

58

94.5

2 10

5.82

97

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100.

20

- -

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CA

AM

FU

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FLA

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D -

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) 11

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11

1.11

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11

0.33

12

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9.90

11

6.14

11

1.53

11

9.63

11

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11

7.80

CA

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(C)

109.

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107.

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99.8

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CA

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100.

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CA

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CA

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12

4.03

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0.80

CA

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CA

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CA

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D -

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83.9

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CA

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CA

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CA

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14.8

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CA

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13.1

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12.7

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CA

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CA

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(D)

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4.79

1,

017.

66

- -

CA

AM

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BO

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(C)

95.0

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7.86

94

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110.

44

99.4

2 10

7.55

-

- -

- -

-

CA

AM

FU

ND

S G

LOB

AL

BO

ND

- S

(C)

16.9

5 23

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16.8

4 20

.00

17.0

5 19

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16.3

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.39

15.8

0 16

.66

14.6

9 16

.82


239

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

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st O

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rice

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r P

rice

CA

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FU

ND

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UR

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TIO

N B

ON

D -

C (C

) 99

.15

106.

69

97.4

9 10

3.09

-

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- -

-

CA

AM

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ND

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UR

O IN

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TIO

N B

ON

D -

C (D

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-

CA

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ON

D -

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CA

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ND

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UR

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CA

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UR

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N B

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D -

C (C

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11

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98

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62

122.

18

130.

66

115.

43

123.

21

111.

03

123.

26

CA

AM

FU

ND

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UR

OP

EA

N B

ON

D -

C (D

) 10

2.90

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10

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11

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98

.90

101.

05

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CA

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ND

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UR

OP

EA

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99

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M (C

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43

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94

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CA

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ND

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NV

ER

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ON

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S (C

) 9.

44

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1 8.

81

9.53

8.

61

10.3

4 1.

89

10.1

0 1.

94

2.04

-

-

CA

AM

FU

ND

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LOB

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AG

GR

EG

ATE

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(C)

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FU

ND

S G

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GR

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GR

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ND

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ND

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11.5

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3.

49

3.31

3.

67

CA

AM

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ND

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ND

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10.5

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10

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3.

49

3.31

3.

67

CA

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ND

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ND

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C)

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7.01

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438.

43

977.

22

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3.32

3.

13

1,00

6.29

3.

13

3.49

3.

31

3.67

CA

AM

FU

ND

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AL

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ND

- I (

D)

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CA

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ND

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ND

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11.4

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10

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3.13

3.

49

3.31

3.

67


240

Acc

ount

ing

perio

d en

ding

at :

A

ccou

ntin

g ye

ar e

ndin

g at

:

31

/12/

09

31/1

2/09

30

/06/

09

30/0

6/09

30

/06/

08

30/0

6/08

30

/06/

07

30/0

6/07

30

/06/

06

30/0

6/06

30

/06/

05

30/0

6/05

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

wes

t Bid

P

rice

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hest

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rice

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est B

id

Pric

e H

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ffer

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hest

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rice

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ffer

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rice

CA

AM

FU

ND

S G

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AL

CO

RP

OR

ATE

BO

ND

- C

(C)

82.7

6 11

4.86

82

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101.

19

96.9

4 10

1.20

-

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-

CA

AM

FU

ND

S G

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AL

CO

RP

OR

ATE

BO

ND

- C

(D)

100.

00

104.

98

- -

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CA

AM

FU

ND

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AL

CO

RP

OR

ATE

BO

ND

- I (

C)

833.

85

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8.10

83

3.85

1,

015.

76

972.

65

1,01

3.26

-

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CA

AM

FU

ND

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AL

CO

RP

OR

ATE

BO

ND

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(C)

82.4

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4.25

82

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100.

75

96.7

6 10

1.14

-

- -

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-

CA

AM

FU

ND

S L

DI G

ILT

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S (G

BP

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947.

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8.91

86

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973.

52

1,08

1.08

97

8.03

1,

031.

37

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CA

AM

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ND

EX

LIN

KE

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LUS

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P) -

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48

905.

28

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10

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10.3

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10.5

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0

CA

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0 1,

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49

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3.95

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1,04

6.26

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46

1,05

6.48

11

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1,05

4.05

CA

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WIS

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RA

NC

BO

ND

- C

(D) *

10

.03

10.4

3 9.

69

10.2

7 11

.26

11.5

6 11

.28

11.4

6 11

.27

11.6

7 11

.05

11.6

5

CA

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NC

BO

ND

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C) *

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2.17

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038.

69

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4.13

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49

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028.

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6.26

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025.

46

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6.48

11

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1,05

4.05

CA

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FU

ND

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WIS

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RA

NC

BO

ND

- S

(C )

* 11

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12.0

7 11

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11.8

9 -

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CA

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FU

ND

S IN

DE

X E

UR

O -

C (C

) 57

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96.7

7 57

.52

101.

55

- -

- -

- -

- -

CA

AM

FU

ND

S IN

DE

X E

UR

O -

C (D

) 97

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126.

52

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CA

AM

FU

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DE

X E

UR

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97

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57

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55

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AM

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ND

S IN

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57

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55

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CA

AM

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M (

D)

99.2

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CA

AM

FU

ND

S IN

DE

X E

UR

OP

E -

C (C

) 58

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96.5

2 58

.75

100.

00

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CA

AM

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ND

S IN

DE

X E

UR

OP

E -

C (D

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111.

82

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CA

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OP

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ND

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CA

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DE

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UR

OP

E -

M (C

) 86

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142.

94

86.8

9 12

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-

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CA

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S IN

DE

X G

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ND

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ED

GE

D –

C (C

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10

8.59

10

0.14

10

6.94

-

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ED

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102.

73

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ED

GE

D -

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040.

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1,08

8.37

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001.

62

1,07

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-

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CA

AM

FU

ND

S IN

DE

X G

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BO

ND

(EU

R) H

ED

GE

D -

M

98.6

6 10

3.18

-

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- -

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- -

-

CA

AM

FU

ND

S IN

DE

X N

OR

TH A

ME

RIC

A -

C (C

) 66

.15

99.1

4 66

.15

102.

09

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CA

AM

FU

ND

S IN

DE

X N

OR

TH A

ME

RIC

A -

C (D

) 99

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113.

52

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CA

AM

FU

ND

S IN

DE

X N

OR

TH A

ME

RIC

A -

C 5

(C)

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35

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42

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CA

AM

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ND

S IN

DE

X N

OR

TH A

ME

RIC

A -

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) 66

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99

3.85

66

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1,

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97

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CA

AM

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ND

S IN

DE

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ME

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97

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CA

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ND

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ME

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A -

M (C

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116.

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* Th

e da

tas

date

from

16/

10/0

9 be

caus

e th

is S

ub-F

und

has

been

mer

ged

as o

f 16

octo

ber 2

009.

241

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

wes

t Bid

P

rice

Hig

hest

Offe

r P

rice

Low

est B

id

Pric

e H

ighe

st O

ffer

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e Lo

wes

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rice

Hig

hest

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r P

rice

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id

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e H

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st O

ffer

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wes

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r P

rice

CA

AM

FU

ND

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AL

CO

RP

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ATE

BO

ND

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(C)

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CA

AM

FU

ND

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LOB

AL

CO

RP

OR

ATE

BO

ND

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(D)

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AM

FU

ND

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AL

CO

RP

OR

ATE

BO

ND

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C)

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CA

AM

FU

ND

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AL

CO

RP

OR

ATE

BO

ND

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(C)

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CA

AM

FU

ND

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DI G

ILT

PLU

S (G

BP

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(C)

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CA

AM

FU

ND

S L

DI I

ND

EX

LIN

KE

D P

LUS

(GB

P) -

I (C

) 10

.57

10.9

5 10

.29

10.9

9 10

.06

10.3

6 3.

69

10.2

7 3.

66

3.79

3.

68

3.87

CA

AM

FU

ND

S S

WIS

S F

RA

NC

BO

ND

- C

(C) *

11

.10

11.4

3 -

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-

CA

AM

FU

ND

S S

WIS

S F

RA

NC

BO

ND

- C

(D) *

10

.84

11.3

6 10

.53

11.2

2 10

.21

10.5

5 10

.00

10.2

5 3.

66

3.79

3.

68

3.87

CA

AM

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ND

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WIS

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RA

NC

BO

ND

- I (

C) *

11

.10

11.4

3 -

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-

CA

AM

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ND

S S

WIS

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RA

NC

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ND

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(C )

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ND

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ND

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C (D

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242

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243

Acc

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ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

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Acc

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OR

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(US

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- -

-

CA

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FU

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S (C

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97.3

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10

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5.10

99

.98

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15

- -

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CA

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FU

ND

S D

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RB

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CA

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5.55

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-

CA

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FU

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RB

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118.

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-

- -

-

CA

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FU

ND

S D

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RB

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AG

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IGH

YIE

LD -

C (C

) 82

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99.5

4 82

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97.0

7 96

.63

102.

73

99.9

0 10

2.67

-

- -

-

CA

AM

FU

ND

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RB

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YIE

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H (C

) 82

.33

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82.1

7 96

.64

96.3

5 10

2.55

99

.90

102.

62

- -

- -

CA

AM

FU

ND

S D

YNA

RB

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YIE

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I (C

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7.53

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835.

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979.

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08

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0.92

99

9.13

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- -

- -

CA

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FU

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M (C

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82.9

7 97

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96.6

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-

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- -

-

CA

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S (C

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82.4

7 96

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96.4

6 10

2.62

99

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102.

66

- -

- -

CA

AM

FU

ND

S D

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RB

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AR

4 E

UR

- C

(C)

92.1

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102.

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110.

32

104.

46

110.

55

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54

105.

96

99.6

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CA

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UR

- C

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78.7

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98.7

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CA

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5.58

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4.68

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CA

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82

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99.4

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50

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- -

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CA

AM

FU

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99.6

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CA

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10

0.07

10

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CA

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84.4

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93.1

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99

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- -

CA

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ND

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YNA

RB

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AG

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AR

4 (U

SD

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93.0

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7.55

89

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101.

34

95.8

7 10

3.03

10

0.47

10

3.44

-

- -

-

CA

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FU

ND

S D

YNA

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AG

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AR

4 (U

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5.78

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-

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CA

AM

FU

ND

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AG

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SD

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(C)

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1 10

8.21

89

.79

101.

83

95.9

4 10

3.13

10

0.07

10

3.47

-

- -

-


245

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

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wes

t Bid

P

rice

Hig

hest

Offe

r P

rice

Low

est B

id

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wes

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rice

Hig

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rice

Low

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- -

- -

- -


246

Acc

ount

ing

perio

d en

ding

at :

A

ccou

ntin

g ye

ar e

ndin

g at

:

31

/12/

09

31/1

2/09

30

/06/

09

30/0

6/09

30

/06/

08

30/0

6/08

30

/06/

07

30/0

6/07

30

/06/

06

30/0

6/06

30

/06/

05

30/0

6/05

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

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Hig

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rice

CA

AM

FU

ND

S D

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AG

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TILI

TY -

C (C

) 11

3.82

11

6.05

10

9.81

11

5.64

10

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10

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10

2.02

10

5.41

99

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102.

03

- -

CA

AM

FU

ND

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YNA

RB

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AG

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OLA

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C (D

) 10

3.07

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4.84

10

0.01

10

4.69

99

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102.

04

- -

- -

- -

CA

AM

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AG

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H (C

) 11

3.01

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4.90

10

9.11

11

4.70

10

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10

9.11

10

1.98

10

5.05

99

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102.

00

- -

CA

AM

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ND

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RB

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AG

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TILI

TY -

I (C

) 1,

154.

02

1,18

1.23

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111.

28

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3.84

1,

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62

1,11

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06

1,06

0.96

99

9.44

1,

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13

- -

CA

AM

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) 1,

185.

29

1,38

1.18

1,

055.

88

1,36

7.54

98

9.58

1,

102.

53

- -

- -

- -

CA

AM

FU

ND

S V

OLA

TILI

TY W

OR

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QU

ITIE

S -

I 14

(D)

996.

45

1,01

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-

- -

- -

- -

- -

-

CA

AM

FU

ND

S V

OLA

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OR

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S -

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) 98

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68

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- -

- -

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CA

AM

FU

ND

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OR

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QU

ITIE

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S (C

) 11

6.99

13

5.46

10

4.63

13

4.36

98

.82

109.

82

- -

- -

- -


247

Acc

ount

ing

year

end

ing

at:

30

/06/

04

30/0

6/04

30

/06/

03

30/0

6/03

30

/06/

02

30/0

6/02

30

/06/

01

30/0

6/01

30

/06/

00

30/0

6/00

30

/06/

99

30/0

6/99

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

wes

t Bid

P

rice

Hig

hest

Offe

r P

rice

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

wes

t Bid

P

rice

Hig

hest

Offe

r P

rice

Low

est B

id

Pric

e H

ighe

st O

ffer

Pric

e Lo

wes

t Bid

P

rice

Hig

hest

Offe

r P

rice

CA

AM

FU

ND

S D

YNA

RB

ITR

AG

E V

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CA

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ND

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RB

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FU

ND

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FU

ND

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ND

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UR

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- -

-


248

Acc

ount

ing

perio

d en

ding

at :

A

ccou

ntin

g ye

ar e

ndin

g at

:

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

31/1

2/09

31

/12/

09

30/0

6/09

30

/06/

09

30/0

6/08

30

/06/

08

30/0

6/07

30

/06/

07

30/0

6/06

30

/06/

06

30/0

6/05

30

/06/

05

CA

AM

FU

ND

S E

UR

O R

ES

ER

VE

- C

(C)

12.2

4 12

.33

12.0

0 12

.31

11.5

5 12

.00

11.2

4 11

.55

11.0

6 11

.24

10.9

0 11

.06

CA

AM

FU

ND

S E

UR

O R

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ER

VE

- C

(D)

10.1

3 10

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10.2

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10.1

8 10

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9.93

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CA

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2.83

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67

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62

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0.33

1,

074.

51

1,09

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CA

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D)

1,00

0 1,

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) 1,

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CA

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UR

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CA

AM

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ND

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UR

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12.0

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11.8

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10.9

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2 10

.96

CA

AM

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ND

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11.9

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11.5

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10.6

4

CA

AM

FU

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RV

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10.1

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10.4

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7 9.

87

10.0

1

CA

AM

FU

ND

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SD

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RV

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) 1,

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81

1,19

7.66

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38

1,19

5.80

1,

089.

63

1,13

2.38

1,

037.

35

1,08

9.18

1,

000.

31

1,03

7.35

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14

1,00

4.52

CA

AM

FU

ND

S U

SD

RE

SE

RV

E -

M (C

) 10

0.00

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10

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-

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- -

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CA

AM

FU

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RV

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10.9

0 10

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10.5

6


249

Acc

ount

ing

year

end

ing

at:

Nam

e, c

lass

and

par

t of t

he s

ub-fu

nd

30/0

6/04

30

/06/

04

30/0

6/03

30

/06/

03

30/0

6/02

30

/06/

02

30/0

6/01

30

/06/

01

30/0

6/00

30

/06/

00

30/0

6/99

30

/06/

99

CA

AM

FU

ND

S E

UR

O R

ES

ER

VE

- C

(C)

10.7

6 10

.90

10.5

2 10

.76

10.2

3 10

.52

2.38

10

.23

2.32

2.

38

2.27

2.

32

CA

AM

FU

ND

S E

UR

O R

ES

ER

VE

- C

(D)

9.97

10

.07

9.87

10

.19

9.92

10

.31

2.38

10

.23

2.32

2.

38

2.27

2.

32

CA

AM

FU

ND

S E

UR

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VE

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C)

1,02

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21

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1,00

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71

- -

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CA

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D)

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CA

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FU

ND

S E

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CA

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38

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32

CA

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10.4

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73

2.87

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62

2.73

CA

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CA

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2.73

CAA

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RES

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CA

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10.4

3 10

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10.3

7 2.

87

10.2

3 2.

73

2.87

2.

62

2.73



250 The

Tota

l Exp

ense

Rat

io (T

ER

) is

fixed

as

follo

w :

Inst

itutio

nal

C

lass

ic

S

ub-fu

nds

I-C

I-D

I(2

)I(4

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I(11)

I(1

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M

C

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3 C

4 C

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1.90

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58

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57

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CA

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CA

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09


251 The

Tota

l Exp

ense

Rat

io (T

ER

) is

fixed

as

follo

w :

Inst

itutio

nal

C

lass

ic

S

ub-fu

nds

I-C

I-D

I(2

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1.04

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CA

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98

CA

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CAAM Fundsa société d’investissement à capital variable 5, Allée Scheffer - L-2520 Luxembourg Tel. + 352 4767 6222 / + 352 4767 6667 Fax + 352 4767 3781www.caam-funds.com

Crédit Agricole Asset Management

CAAM FundsSICAV with Sub-Funds under Luxembourg lawUnaudited semi-annual report as of 31/12/09

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Crédit Agricole Asset Management