Fonds Commun de Placement - Fundsquare

BPI Global Investment FundFonds Commun de Placement

R.C.S. Luxembourg N° B 46684Semi-Annual Report as at June 30, 2012 (Unaudited)

BPI Global Investment Fund - BPI Europa (Lux.)

BPI Global Investment Fund - BPI Opportunities

BPI Global Investment Fund - BPI High Income Bond Fund

BPI Global Investment Fund - BPI Universal

BPI Global Investment Fund - BPI Iberia

BPI Global Investment Fund - BPI Global Tactic Asset Allocation

BPI Global Investment Fund - BPI Africa

BPI Global Investment Fund - BPI America

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus which will be accompaniedby a copy of the latest available annual report and a copy of the latest available semi-annual report, if published after such annual report.

BPI Global Investment Fund

1

Table of Contents

Board of Directors 3

Statistics 4

Combined Statement of Net Assets as at June 30, 2012 6

Combined Statement of Operations and Changes in Net Assets for the period ended June 30, 2012 6


Statement of Net Assets as at June 30, 2012 7

Statement of Operations and Changes in Net Assets for the period ended June 30, 2012 7

Securities Portfolio as at June 30, 2012 8

Portfolio Breakdowns 10

Top Ten Holdings 10





Financial derivative instruments as at June 30, 2012 12


Top Ten Holdings 13







Top Ten Holdings 17







Top Ten Holdings 20






Top Ten Holdings 23




2

Table of Contents






Top Ten Holdings 27







Top Ten Holdings 30

Notes to the Financial Statements 31


3

Management Company

BPI Global Investment Fund Management Company S.A.33, rue de GasperichL-5826 HesperangeGrand Duchy of Luxembourg

Board of Directors of the Management Company

ChairmanFernando Maria Costa Duarte UlrichCEO of Banco BPI, S.A.Vice-President of the Board ofBanco Português de Investimento, S.A., Porto, Portugal

Vice ChairmanCarla Maria de Castro Chousal (since 8 June 2012)Vice-Président of BPI Gestão de Activos - Sociedade Gestora deFundos de Investimento Mobiliário, S.A., Lisboa, Portugal

MembersManuel Maria Pimentel de Sousa e Meneses Central Director of Banco BPI, S.A., Porto, Portugal

José Manuel Chaves da Veiga SarmentoMember of the Board ofBPI Gestão de Activos - Sociedade Gestora deFundos de Investimento Mobiliário, S.A., Lisboa, Portugal

João António Braga da Silva Pratas Sénior Director of Banco BPI, S.A., Porto, Portugal

António Luís Traça Borges de Assunção (until 8 June 2012)Member of the Board ofBPI Gestão de Activos - Sociedade Gestora deFundos de Investimento Mobiliário, S.A., Lisboa, Portugal

Portofolio ManagerBPI Gestão, de Activos - Sociedade Gestora de Fundos de Investimento Mobiliário, S.A.1-5, Largo Jean Monnet1269-067 Lisboa, Portugal

Custodian, Paying Agent, Domiciliary Agent and Administrative Agent BNP Paribas Securities Services, Luxembourg Branch33, rue de GasperichL - 5826 Hesperange(postal address: L-2085 Luxembourg)Grand Duchy of Luxembourg

Cabinet de révision agréé Deloitte AuditSociété à responsabilité limitée560, rue de NeudorfL - 2220 LuxembourgGrand Duchy of Luxembourg

Board of Directors


4

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

Statistics


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

26,375,272.96 23,029,353.65 26,832,497.96EUR

"I" 9.57 9.22 10.78EUR

Net asset value per unit

¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of units

"I" 2,757,224.73 2,497,033.55 2,490,033.10¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

27,429,298.92 26,932,800.58 33,563,816.01EUR

"R" 4.85 4.73 5.72EUR"I" 6.06 5.86 7.02EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of units

"R" 30,659.18 28,336.26 43,987.05"I" 4,502,263.30 4,570,425.39 4,745,938.16¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

17,876,049.90 22,900,486.20 22,212,791.01EUR

"R" 7.08 6.34 6.60EUR"I" 7.32 6.54 6.77EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of units

"R" 435,146.00 329,812.31 269,590.02"I" 2,020,105.63 3,184,234.17 3,018,590.28¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

26,765,114.19 23,762,673.68 26,014,466.97EUR

"R" 6.06 6.11 6.71EUR"I" 6.41 6.43 6.99EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of units

"R" 192,772.04 513,619.32 503,049.88"I" 3,993,631.35 3,209,122.27 3,237,284.03¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

7,895,271.55 7,735,965.74 12,056,077.90EUR

"R" 2.82 3.21 3.93EUR"I" 2.96 3.34 4.05EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of units

"R" 7,371.41 5,286.04 4,473.45"I" 2,660,465.88 2,310,635.76 2,973,367.84¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

- 7,953,021.95 16,542,063.33EUR

December 31, 2010June 30, 2012 December 31, 2011


5


Statistics

"R" - 4.95 4.95EUR"I" - 5.11 5.08EUR


¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of units

"R" - 3,000.00 3,000.00"I" - 1,553,933.00 3,255,997.30¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

2,853,173.35 1,806,714.60 -EUR


"R" 9.37 9.00 -EUR"I" 9.45 9.03 -EUR"R USD" 8.26 8.08 -USD¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of units

"R" 102,799.92 25.00 -"I" 200,000.00 200,000.00 -"R USD" 25.00 25.00 -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

549,355.22 513,429.47 -EUR


"R" 11.06 10.29 -EUR"I" 11.13 10.30 -EUR"I EUR Hedged" 10.18 9.62 -EUR¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of units

"R" 1,500.00 1,500.00 -"I" 25,000.00 25,000.00 -"I EUR Hedged" 25,000.00 25,000.00 -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

December 31, 2010June 30, 2012 December 31, 2011

6



Combined Statements

EUR

AssetsInvestment in securities at cost 99,568,656.10

Unrealised appreciation / (depreciation) on securities (3,549,636.78)

Investment in securities at market value 2 96,019,019.32

Cash at bank 12,974,527.49

Receivable for investment sold 709,028.04

Net unrealised appreciation on futures contracts 177,115.76

Dividends and interest receivable 463,636.29

Total assets 110,343,326.90

LiabilitiesBank overdraft 6.07

Accrued expenses 283,134.58

Payable on fund shares repurchased 292,560.00Net unrealised depreciation on forward foreign exchangecontracts

7,522.65

Net unrealised depreciation on futures contracts 16,567.51

Total liabilities 599,790.81

Net assets at the end of the period 109,743,536.09

Notes

Statement of Net Assets as at June 30, 2012

IncomeDividends (net of withholding taxes) 2 1,083,613.01

Interest on bonds 2 806,948.38

Bank interest 2 21,696.03

Total income 1,912,257.42

ExpensesGlobal management fees 3 639,184.13

Custodian fees 2,638.73

Performance fees 4 141,929.75

Professional fees 60,823.28

Transactions cost 67,862.51

Taxe d'abonnement 5 6,931.29

Bank interest and charges 1,621.57

Other expenses 11,362.50

Total expenses 932,353.76

Net investment income / (loss) 979,903.66

Net realised gain / (loss) on: Investments 445,385.69

Foreign currencies transactions 2,467.37

Futures contracts (1,065,283.29)

Forward foreign exchange contracts (14,480.04)

Net realised gain / (loss) for the period 347,993.39

Net change in unrealised appreciation / (depreciation) on: Investments 2,768,410.54

Futures contracts 166,013.15

Forward foreign exchange contracts 9,021.47

Increase / (Decrease) in net assets as a result ofoperations

3,291,438.55

Proceeds received on subscription of shares 18,649,148.23

Net amount paid on redemption of shares (26,831,496.56)

Net assets at the beginning of the period 114,634,445.87


EURNotes

Statement of Operations and Changes in Net Assets forthe period ended June 30, 2012

7



BPI Global Investment Fund - BPI Europa (Lux.) (in EUR)Statement of operations and changes in net assets for theperiod ended June 30, 2012

EUR

AssetsInvestment in securities at cost 22,440,220.96Unrealised appreciation / (depreciation) on securities 920,967.62

Investment in securities at market value 2 23,361,188.58Cash at bank 2,998,364.25Dividends and interest receivable 61,988.35


LiabilitiesAccrued expenses 46,268.22



Notes

Statement of net assets as at June 30, 2012

IncomeDividends (net of withholding taxes) 2 518,643.71Interest on bonds 2 394.89Bank interest 2 1,103.89

Total income 520,142.49

ExpensesGlobal management fees 3 240,862.08Performance fees 4 2.87Professional fees 8,407.31Transactions cost 44,491.32Taxe d'abonnement 5 1,264.33Bank interest and charges 1.14Other expenses 85.54



Net realised gain / (loss) on: Investments 204,704.00Foreign currencies transactions 2,144.20Futures contracts (133,200.00)


Net change in unrealised appreciation / (depreciation) on: Investments 541,180.47


839,856.57

Proceeds received on subscription of shares 3,245,231.82Net amount paid on redemption of shares (739,169.08)Net assets at the beginning of the period 23,029,353.65


EURNotes

Statement of operations and changes in net assets for theperiod ended June 30, 2012

Number of units in issueat the end of the period

Number of units in issueat the beginning of the

period

Number of unitssubscribed

Number of unitsredeemed

Statement of changes in number of shares

"I" 2,497,033.55 337,157.91 (76,966.73) 2,757,224.73


8

BPI Global Investment Fund - BPI Europa (Lux.) (in EUR)


Securities Portfolio as at June 30, 2012

ABERDEEN ASSET MGMT PLC GBP 452,155.96 1.71140,870.00

Transferable securities admitted to an official exchange listing

SharesUnited Kingdom

AMEC PLC GBP 144,337.04 0.5511,655.00ASSOCIATED BRITISH FOODS PLC GBP 400,619.06 1.5225,284.00BARCLAYS PLC GBP 94,201.82 0.3646,803.00BERKELEY GROUP HOLDINGS GBP 395,846.98 1.5022,731.00BG GROUP PLC GBP 350,185.39 1.3321,795.00BP PLC GBP 616,116.88 2.35118,142.00BURBERRY GROUP PLC GBP 277,511.43 1.0516,946.00CARTER & CARTER GROUP PLC GBP 0.00 0.0047,582.00CENTRICA PLC GBP 491,125.47 1.86124,959.00GKN PLC GBP 301,249.99 1.14134,962.00HSBC HOLDINGS PLC GBP 274,787.12 1.0439,624.00KINGFISHER PLC GBP 46,319.32 0.1813,040.00LLOYDS BANKING GROUP PLC GBP 185,618.30 0.70482,906.00MEGGITT PLC GBP 111,723.19 0.4223,461.00PEARSON PLC GBP 100,109.60 0.386,398.00PETROPAVLOVSK PLC GBP 482,217.49 1.8385,637.00REXAM PLC GBP 304,716.38 1.1658,562.00ROLLS-ROYCE HOLDINGS PLC GBP 401,672.53 1.5237,878.00SAINSBURY (J) PLC GBP 166,744.12 0.6344,762.00SMITHS GROUP PLC GBP 383,168.46 1.4530,544.00STANDARD CHARTERED PLC GBP 129,346.63 0.497,559.00STANDARD LIFE PLC GBP 16,930.23 0.065,869.00TESCO PLC GBP 80,426.76 0.3020,988.00VODAFONE GROUP PLC GBP 717,879.52 2.73324,037.00WEIR GROUP PLC/THE GBP 416,074.53 1.5822,003.00WILLIAM HILL PLC GBP 379,237.21 1.44108,501.00WM MORRISON SUPERMARKETS GBP 274,828.58 1.0483,564.00

7,995,149.99 30.32

ADP EUR 301,874.00 1.145,065.00France

BNP PARIBAS EUR 142,301.49 0.544,691.00BOUYGUES SA EUR 124,126.00 0.475,855.00CHRISTIAN DIOR EUR 31,284.25 0.12289.00CREDIT AGRICOLE SA EUR 156,424.09 0.5945,066.00ESSILOR INTERNATIONAL EUR 209,711.30 0.802,861.00HERMES INTERNATIONAL EUR 432,174.00 1.641,784.00LVMH MOET HENNESSY LOUIS VUITTON EUR 512,358.75 1.944,275.00PPR EUR 412,069.75 1.563,671.00REMY COINTREAU EUR 363,289.68 1.384,196.00SANOFI EUR 559,524.84 2.129,366.00SCOR SE EUR 37,723.14 0.141,974.00TOTAL SA EUR 673,399.50 2.5618,969.00VIVENDI EUR 444,239.95 1.6830,365.00ZODIAC AEROSPACE EUR 316,195.32 1.203,948.00

4,716,696.06 17.88

ARYZTA AG CHF 264,801.48 1.006,753.00Switzerland

CREDIT SUISSE GROUP AG-REG CHF 127,673.56 0.488,885.00NESTLE SA-REG CHF 712,083.21 2.7015,125.00NOVARTIS AG-REG CHF 822,820.38 3.1218,683.00SIKA AG-BR CHF 44,134.37 0.1729.00SWISS RE AG CHF 386,406.94 1.477,794.00UBS AG CHF 162,656.66 0.6217,681.00ZURICH INSURANCE GROUP AG CHF 523,285.19 1.982,944.00

3,043,861.79 11.54

INVESTMENT AB KINNEVIK-B SHS SEK 63,988.76 0.244,047.00Sweden

NORDEA BANK AB SEK 208,705.27 0.7930,777.00SVENSKA CELLULOSA AB-B SHS SEK 467,938.87 1.7839,603.00SWEDBANK AB - A SHARES SEK 42,500.23 0.163,428.00TELE2 AB-B SHS SEK 359,019.67 1.3629,446.00TELIASONERA AB SEK 437,523.12 1.6686,865.00

1,579,675.92 5.99

BAYER AG-REG EUR 31,853.58 0.12561.00Germany

COMMERZBANK AG EUR 94,355.00 0.3670,625.00

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

DEUTSCHE BANK AG-REGISTERED EUR 63,783.00 0.242,238.00LINDE AG EUR 377,271.40 1.433,076.00METRO AG EUR 224,965.90 0.859,779.00SUEDZUCKER AG EUR 432,371.50 1.6415,475.00

1,224,600.38 4.64

ORKLA ASA NOK 116,808.48 0.4420,464.00Norway

STATOIL ASA NOK 589,344.73 2.2431,442.00TGS NOPEC GEOPHYSICAL CO ASA NOK 140,817.31 0.536,656.00YARA INTERNATIONAL ASA NOK 306,046.66 1.168,921.00

1,153,017.18 4.37

BANCO BILBAO VIZCAYA ARGENTA EUR 105,774.54 0.4018,791.00Spain

BANCO SANTANDER SA EUR 184,269.97 0.7035,294.00CAIXABANK EUR 192,126.22 0.7375,020.00ENDESA SA EUR 447,797.45 1.6932,367.00INDITEX EUR 18,018.13 0.07221.00MAPFRE SA EUR 23,314.03 0.0914,544.00TELEFONICA SA EUR 6,678.28 0.03644.00

977,978.62 3.71

CARLSBERG AS-B DKK 345,542.52 1.315,570.00Denmark

DANSKE BANK A/S DKK 20,442.11 0.081,867.00NOVO NORDISK A/S-B DKK 554,226.80 2.104,856.00

920,211.43 3.49

KONINKLIJKE DSM EUR 421,251.60 1.5910,857.00Netherlands

ROYAL DUTCH SHELL PLC-A SHS GBP 336,789.37 1.2812,689.00758,040.97 2.87

COCA-COLA HELLENIC BOTTLING EUR 253,386.00 0.9618,099.00Greece

253,386.00 0.96

INTESA SANPAOLO EUR 126,301.58 0.47112,971.00Italy

LUXOTTICA GROUP SPA EUR 62,034.52 0.242,246.00UNICREDIT SPA EUR 49,661.70 0.1916,665.00

237,997.80 0.90

OMV AG EUR 210,817.47 0.808,511.00Austria

210,817.47 0.80

KESKO OYJ-B SHS EUR 195,769.72 0.749,508.00Finland

195,769.72 0.74

WPP PLC GBP 70,335.26 0.277,362.00Ireland

70,335.26 0.27

23,337,538.59 88.48

BANCO POPOLARE 4.75% 10-24/03/2014 CV EUR 15,716.59 0.0616,764.90

Bonds and other debt instrumentsItaly

15,716.59 0.06

15,716.59 0.06

CAIXABANK S.A. EUR 4,366.51 0.021,705.00

Other transferable securities

SharesSpain

4,366.51 0.02


Market valuein EUR

Currency %NAV


9




CORIO NV EUR 3,566.89 0.01103.00Netherlands

3,566.89 0.01

7,933.40 0.03

Total portfolio 23,361,188.58 88.57


Market valuein EUR

Currency %NAV

Summary of net assets%

NAV23,361,188.58 88.57Total securities portfolio

2,998,364.25 11.37Cash at bank

15,720.13 0.06Other asset and liabilities

26,375,272.96 100.00Total net assets


10



Nature allocation % of portfolio % of netassets

Shares 99.93 88.51

Bonds and other debt instruments 0.07 0.06

100.00 88.57

Country allocation % of portfolio % of netassets

United Kingdom 34.22 30.31

France 20.19 17.88

Switzerland 13.03 11.54

Sweden 6.76 5.99

Germany 5.24 4.64

Norway 4.94 4.37

Spain 4.21 3.72

Denmark 3.94 3.49

Netherlands 3.26 2.89

Other 4.21 3.73

100.00 88.57

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

NOVARTIS AG-REG 822,820.38 3.12Cosmetics

VODAFONE GROUP PLC 717,879.52 2.73Telecommunication

NESTLE SA-REG 712,083.21 2.70Food services

TOTAL SA 673,399.50 2.56Energy

BP PLC 616,116.88 2.35Energy

STATOIL ASA 589,344.73 2.24Energy

SANOFI 559,524.84 2.12Cosmetics

NOVO NORDISK A/S-B 554,226.80 2.10Cosmetics

ZURICH INSURANCE GROUP AG 523,285.19 1.98Insurance

LVMH MOET HENNESSY LOUIS VUITTON 512,358.75 1.94Financial services

EUR

Sector

Top Ten Holdings

11



BPI Global Investment Fund - BPI Opportunities (in EUR)Statement of operations and changes in net assets for theperiod ended June 30, 2012

EUR

AssetsInvestment in securities at cost 23,424,478.76Unrealised appreciation / (depreciation) on securities (1,266,706.70)

Investment in securities at market value 2 22,157,772.06Cash at bank 5,241,752.12Net unrealised appreciation on futures contracts 30,362.28Dividends and interest receivable 27,619.14





Notes


IncomeDividends (net of withholding taxes) 2 336,217.01Interest on bonds 2 8,247.53Bank interest 2 1,855.70


ExpensesGlobal management fees 3 137,969.76Performance fees 4 86.28Professional fees 7,635.48Transactions cost 4,686.87Taxe d'abonnement 5 1,427.24Bank interest and charges 26.50Other expenses 499.29



Net realised gain / (loss) on: Investments 192,350.51Foreign currencies transactions (6,701.75)Futures contracts (197,833.45)


Net change in unrealised appreciation / (depreciation) on: Investments 660,422.33Futures contracts 54,627.58


896,854.04

Proceeds received on subscription of shares 3,062,639.10Net amount paid on redemption of shares (3,462,994.80)Net assets at the beginning of the period 26,932,800.58


EURNotes




period




"R" 28,336.26 3,872.92 (1,550.00) 30,659.18

"I" 4,570,425.39 490,051.14 (558,213.23) 4,502,263.30


12

BPI Global Investment Fund - BPI Opportunities (in EUR)



FRANCO-NEVADA CORP CAD 426,930.92 1.5611,997.00


SharesCanada

GOLDCORP INC USD 570,370.26 2.0819,261.00GOLDCORP INC CAD 192,546.22 0.706,499.00KINROSS GOLD CORP CAD 202,786.48 0.7431,571.00NEVSUN RESOURCES LTD CAD 411,514.55 1.50160,845.00NEXEN INC CAD 323,412.41 1.1824,270.00PAN AMERICAN SILVER CORP USD 398,370.03 1.4529,932.00SILVER STANDARD RESOURCES USD 338,001.56 1.2338,162.00SILVER WHEATON CORP USD 500,528.30 1.8223,666.00SUNCOR ENERGY INC CAD 329,841.78 1.2014,495.00TANZANIAN ROYALTY EXPLORATION USD 2,088,911.27 7.62638,779.00YAMANA GOLD INC USD 572,641.43 2.0947,189.00

6,355,855.21 23.17

AXA SA EUR 179,941.60 0.6617,170.00France

BNP PARIBAS EUR 242,133.97 0.887,982.00CAP GEMINI EUR 341,707.00 1.2511,783.00CARREFOUR SA EUR 125,552.45 0.468,632.00CIMENTS FRANCAIS EUR 81,886.36 0.301,714.00COMPAGNIE DE SAINT-GOBAIN EUR 130,193.40 0.474,474.00L'OREAL EUR 251,815.20 0.922,730.00LVMH MOET HENNESSY LOUIS VUITTON EUR 359,550.00 1.313,000.00SANOFI EUR 537,660.00 1.969,000.00SCHNEIDER ELECTRIC SA EUR 306,110.00 1.127,000.00TELEPERFORMANCE EUR 233,686.82 0.8513,438.00TOTAL SA EUR 988,426.50 3.6027,843.00VINCI SA EUR 105,499.39 0.382,868.00VIVENDI EUR 306,308.31 1.1220,937.00

4,190,471.00 15.28

GOLDEN MINERALS CO USD 122,511.51 0.4534,473.00United States

GOLDEN STAR RESOURCES LTD USD 223,336.44 0.81244,332.00MC EWEN MINING USD 536,038.77 1.95226,000.00MICROSOFT CORP USD 578,511.49 2.1124,000.00ROYAL GOLD INC USD 1,051,284.66 3.8317,017.00WAL-MART STORES INC USD 931,870.80 3.4016,962.00

3,443,553.67 12.55

ALLIANZ AG REG EUR 316,440.00 1.154,000.00Germany

BASF SE EUR 469,818.30 1.718,589.00BAYER AG-REG EUR 393,031.16 1.436,922.00FRESENIUS SE & CO KGAA EUR 613,350.00 2.247,500.00MUENCHENER RUECKVER AG EUR 362,015.55 1.323,257.00SAP AG EUR 325,815.01 1.197,000.00SIEMENS AG-REG EUR 372,566.62 1.365,633.00

2,853,036.64 10.40

BG GROUP PLC GBP 762,326.04 2.7847,446.00United Kingdom

HIKMA PHARMACEUTICALS PLC GBP 277,895.17 1.0134,459.00VODAFONE GROUP PLC GBP 553,856.14 2.02250,000.00

1,594,077.35 5.81

FUGRO NV-CVA EUR 348,047.16 1.277,292.00Netherlands

KONINKLIJKE PHILIPS ELECTRONICS EUR 150,452.91 0.559,663.00UNILEVER NV-CVA EUR 336,039.37 1.2312,736.00VOPAK EUR 563,076.45 2.0511,139.00

1,397,615.89 5.10

ENEL SPA EUR 122,135.48 0.4548,047.00Italy

ENI SPA EUR 329,458.52 1.2019,634.00SAIPEM SPA EUR 699,800.00 2.5520,000.00

1,151,394.00 4.20

HOLCIM LTD-REG CHF 169,059.36 0.623,879.00Switzerland


Market valuein EUR

Currency %NAV

REPOWER AG-PC CHF 66,150.03 0.24361.00XSTRATA PLC GBP 268,104.96 0.9827,163.00ZURICH INSURANCE GROUP AG CHF 337,540.27 1.231,899.00

840,854.62 3.07

BANCO SANTANDER SA EUR 218,958.30 0.7941,938.00Spain

LA SEDA DE BARCELONA SA LSB EUR 23,615.38 0.0923,975.00242,573.68 0.88

ARCELORMITTAL EUR 88,100.25 0.327,275.00Luxembourg

88,100.25 0.32

22,157,532.31 80.78

LA SEDA DE BARCELONA RTS 29/06/2012 EUR 239.75 0.0023,975.00

RightsSpain

239.75 0.00

239.75 0.00



Market valuein EUR

Currency %NAV

EURO FX CURR FUT (CME)17/09/2012

USD 5,615,026.9945.00 30,362.28

Futures

30,362.285,615,026.99

Total Futures 30,362.285,615,026.99

NameQuantity Commitmentin EUR

Currency Unrealisedappreciation /(depreciation)

in EUR

Financial derivative instruments as at June 30, 2012

Summary of net assets

30,362.28 0.11Total financial derivative instruments

%NAV

22,157,772.06 80.78Total securities portfolio

5,241,752.12 19.11Cash at bank

(587.54) -Other asset and liabilities

27,429,298.92 100.00Total net assets


13

BPI Global Investment Fund - BPI Opportunities (in EUR)



Shares 100.00 80.78

Rights - -

100.00 80.78


Canada 28.68 23.17

France 18.91 15.28

United States 15.54 12.55

Germany 12.88 10.40



Italy 5.20 4.20

Switzerland 3.79 3.07

Other 1.49 1.21

100.00 80.78



assets

TANZANIAN ROYALTY EXPLORATION 2,088,911.27 7.62Metal

ROYAL GOLD INC 1,051,284.66 3.83Metal

TOTAL SA 988,426.50 3.60Energy

WAL-MART STORES INC 931,870.80 3.40Distribution &Wholesale

BG GROUP PLC 762,326.04 2.78Energy

SAIPEM SPA 699,800.00 2.55Chemical

FRESENIUS SE & CO KGAA 613,350.00 2.24Cosmetics

MICROSOFT CORP 578,511.49 2.11Computer software

YAMANA GOLD INC 572,641.43 2.09Metal

GOLDCORP INC 570,370.26 2.08Metal

EUR

Sector

Top Ten Holdings

14



BPI Global Investment Fund - BPI High Income Bond Fund (in EUR)Statement of operations and changes in net assets for theperiod ended June 30, 2012

EUR


Investment in securities at market value 2 16,421,556.65Cash at bank 1,558,586.79Dividends and interest receivable 360,402.59


LiabilitiesAccrued expenses 155,368.62Payable on fund shares repurchased 292,560.00Net unrealised depreciation on futures contracts 16,567.51



Notes


IncomeInterest on bonds 2 701,875.46Bank interest 2 1,423.49


ExpensesGlobal management fees 3 86,659.18Performance fees 4 137,547.31Professional fees 7,635.49Taxe d'abonnement 5 1,571.96Bank interest and charges 20.50Other expenses 365.46



Net realised gain / (loss) on: Investments (127,599.99)Foreign currencies transactions 11,122.67Futures contracts 172,227.56


Net change in unrealised appreciation / (depreciation) on: Investments 2,024,914.21Futures contracts (24,824.45)


2,525,339.05



EURNotes




period




"R" 329,812.31 122,321.00 (16,987.31) 435,146.00

"I" 3,184,234.17 161,437.67 (1,325,566.21) 2,020,105.63


15

BPI Global Investment Fund - BPI High Income Bond Fund (in EUR)



CEMEX FIN EUROPE 4.75% 07-05/03/2014 EUR 292,175.00 1.63310,000.00


Bonds and other debt instrumentsNetherlands

CLONDALKIN BV 8% 04-15/03/2014 EUR 231,275.00 1.29290,000.00EDP FINANCE BV 5.875% 11-01/02/2016 EUR 355,886.30 1.99385,000.00HEIDELCEMENT FIN 9.5% 11-15/12/2018 EUR 294,810.00 1.65250,000.00MAGYAR TELECOM 9.5% 09-15/12/2016 EUR 194,134.20 1.09260,000.00NEW WORLD RESOUR 7.875% 10-01/05/2018 EUR 260,631.25 1.46275,000.00OI EUROPEAN GRP 6.75% 10-15/09/2020 EUR 296,105.60 1.66280,000.00PHOENIX FINANCE 9.625% 10-15/07/2014 EUR 181,966.95 1.02165,000.00PORTUGAL TEL FIN 4.5% 05-16/06/2025 EUR 70,468.00 0.39100,000.00PORTUGAL TEL FIN 5% 09-04/11/2019 EUR 244,545.00 1.37300,000.00PORTUGAL TEL FIN 5.625% 11-08/02/2016 EUR 253,184.40 1.42270,000.00SCHAEFFLER FIN 7.75% 12-15/02/2017 EUR 103,845.00 0.58100,000.00TPG 5.375% 07-14/11/2017 EUR 438,376.00 2.45400,000.00UPC HOLDING BV 9.75% 09-15/04/2018 EUR 214,308.00 1.20200,000.00ZIGGO 8% 10-15/05/2018 EUR 282,874.80 1.58260,000.00

3,714,585.50 20.78

ARCELORMITTAL 4.5% 12-29/03/2018 EUR 203,072.00 1.14200,000.00Luxembourg

ARCELORMITTAL 4.625% 10-17/11/2017 EUR 204,398.00 1.14200,000.00CIRSA FUNDING LX 8.75% 10-15/05/2018 EUR 122,812.50 0.69150,000.00CLARIANT FINANCE 5.625% 12-24/01/2017 EUR 157,008.00 0.88150,000.00FIAT FIN & TRADE 7% 12-23/03/2017 EUR 194,512.00 1.09200,000.00GLENCORE FINANCE 5.25% 10-22/03/2017 EUR 318,825.00 1.77300,000.00INEOS GRP HLDG 7.875% 06-15/02/2016 EUR 172,642.00 0.97200,000.00KION FINANCE 7.875% 11-15/04/2018 EUR 192,250.00 1.08200,000.00NUMERICABLE FIN 12.375% 12-15/02/2019 EUR 119,108.75 0.67125,000.00SCHMOLZBICKENBAC 9.875% 12-15/05/2019 EUR 91,291.00 0.51100,000.00SUNRISE COMM HLD 8.5% 10-31/12/2018 EUR 243,057.10 1.36230,000.00TELENET FIN LUX 6.375% 10-15/11/2020 EUR 283,398.30 1.59285,000.00WIND ACQUISITION 11.75% 09-15/07/2017 EUR 209,734.20 1.17260,000.00WIND ACQUISITION 7.375% 10-15/02/2018 EUR 214,930.00 1.20250,000.00

2,727,038.85 15.26

GROHE HOLDING 11-15/09/2017 FRN EUR 285,190.25 1.60305,000.00Germany

HAPAG-LLOYD 9% 10-15/10/2015 EUR 279,991.25 1.57275,000.00HECKLER & KOCH 9.5% 11-15/05/2018 EUR 74,250.00 0.42100,000.00HEIDELBERG DRUCK 9.25% 11-15/04/2018 EUR 153,267.40 0.86220,000.00HENKEL KGAA 05-25/11/2104 SR EUR 443,861.50 2.48425,000.00NORDENIA HOLDING 9.75% 10-15/07/2017 EUR 286,200.00 1.60270,000.00UNITYMEDIA GMBH 7.5% 12-15/03/2019 EUR 293,339.20 1.64280,000.00UPC GERMANY 8.125% 09-01/12/2017 EUR 502,665.00 2.80470,000.00

2,318,764.60 12.97

ALCATEL-LUCENT 8.5% 10-15/01/2016 EUR 282,523.80 1.58290,000.00France

BANQUE PSA FIN 6% 12-16/07/2014 EUR 310,641.00 1.73300,000.00CMA CGM 8.875% 11-15/04/2019 EUR 54,884.00 0.31100,000.00FAURECIA 9.375% 11-15/12/2016 EUR 191,630.25 1.07175,000.00GIE PSA TRESORER 6% 03-19/09/2033 EUR 23,389.80 0.1330,000.00LABCO SAS 8.5% 11-15/01/2018 EUR 202,914.00 1.14225,000.00LAFARGE SA 5.5% 09-16/12/2019 EUR 252,990.00 1.42250,000.00REXEL SA 7% 11-17/12/2018 EUR 211,000.00 1.18200,000.00REXEL SA 8.25% 09-15/12/2016 EUR 54,831.50 0.3150,000.00WENDEL INVEST 4.375% 05-09/08/2017 EUR 188,590.00 1.05200,000.00

1,773,394.35 9.92

LOTTOMATICA SPA 5.375% 10-02/02/2018 EUR 500,465.00 2.80500,000.00Italy

PIRELLI & C SPA 5.125% 11-22/02/2016 EUR 570,188.10 3.19570,000.00TELECOM ITALIA 5.25% 10-10/02/2022 EUR 267,699.00 1.50300,000.00

1,338,352.10 7.49

CYFROWY POLSAT F 7.125% 11-20/05/2018 EUR 344,675.00 1.93340,000.00Sweden

EILEME 2 AB 11.75% 12-31/01/2020 EUR 174,533.90 0.98170,000.00STENA AB 7.875% 10-15/03/2020 EUR 198,712.50 1.11210,000.00VERISURE HOLDING 8.75% 12-01/09/2018 EUR 239,862.50 1.34250,000.00

957,783.90 5.36


Market valuein EUR

Currency %NAV

ABENGOA SA 8.5% 10-31/03/2016 EUR 135,562.50 0.76150,000.00Spain

INAER AVIATION F 9.5% 10-01/08/2017 EUR 119,175.00 0.67140,000.00OBRASCON HUARTE 7.375% 10-28/04/2015 EUR 248,542.50 1.38250,000.00OBRASCON HUARTE 7.625% 12-15/03/2020 EUR 131,839.50 0.74150,000.00

635,119.50 3.55

EC FINANCE 9.75% 10-01/08/2017 EUR 250,720.60 1.41260,000.00United Kingdom

KERLING PLC 10.625% 10-01/02/2017 EUR 48,410.45 0.2755,000.00LEHMAN BROS CAP 05-29/03/2049 FRNDFLT

EUR 754.00 0.00580,000.00

R&R ICE CREAM 8.375% 10-15/11/2017 EUR 173,582.50 0.97175,000.00VIRIDIAN GROUP 11.125% 12-01/04/2017 EUR 91,846.00 0.51100,000.00

565,313.55 3.16

FOODCORP LTD 8.75% 11-01/03/2018 EUR 149,347.60 0.84152,000.00South Africa

PEERMONT GLOBAL 7.75% 30/04/14 EUR 307,451.10 1.72330,000.00456,798.70 2.56

ARDAGH GLASS FIN 7.125% 07-15/06/2017 EUR 174,732.50 0.98185,000.00Ireland

NARA CABLE FUNDI 8.875% 10-01/12/2018 EUR 217,687.50 1.21250,000.00SMURFIT KAPPA AQ 7.25% 09-15/11/2017 EUR 58,423.75 0.3355,000.00

450,843.75 2.52

BANCO ESPIRITO 5.625% 09-05/06/2014 EUR 232,875.00 1.30250,000.00Portugal

BRISA 4.5% 06-05/12/2016 EUR 40,950.00 0.2350,000.00273,825.00 1.53

AGROKOR 10% 09-07/12/2016 EUR 215,949.30 1.21210,000.00Croatia

215,949.30 1.21

SAPPI PAPIER HOL 6.625% 11-15/04/2018 EUR 211,483.80 1.18220,000.00Austria

211,483.80 1.18

FAGE DAIRY IND 7.5% 05-15/01/2015 EUR 164,320.00 0.92208,000.00Greece

164,320.00 0.92

PETROLEOS MEXICA 5.5% 09-09/01/2017 EUR 132,836.40 0.74120,000.00Mexico

132,836.40 0.74

NORSKE SKOGIND 7% 07-26/06/2017 EUR 121,776.00 0.68200,000.00Norway

121,776.00 0.68

PEMEX MASTER TR 5.5% 05-24/02/2025 EUR 120,863.85 0.68115,000.00United States

120,863.85 0.68

MOL HUNGARIAN 5.875% 10-20/04/2017 EUR 93,551.00 0.52100,000.00Hungary

93,551.00 0.52

IDEAL STANDARD 11.75% 11-01/05/2018 EUR 67,003.00 0.37100,000.00Belgium

67,003.00 0.37

16,339,603.15 91.40

MALACHITE FDG 0% 08-21/12/2056 EUR 76.00 0.00760,000.00

Structured productsCayman Islands

76.00 0.00

76.00 0.00


Market valuein EUR

Currency %NAV


16




HEATM I JN 07-22/02/2019 FRN MTGE EUR 15.00 0.00150,000.00

Mortgage backed securitiesLuxembourg

15.00 0.00

15.00 0.00

YIOULA GLASSWORK 9% 05-01/12/2015 EUR 81,862.50 0.46185,000.00


Bonds and other debt instrumentsGreece

81,862.50 0.46

81,862.50 0.46



Market valuein EUR

Currency %NAV


USD 3,618,572.95(29.00) (16,567.51)

Futures

(16,567.51)3,618,572.95

Total Futures (16,567.51)3,618,572.95



in EUR



(16,567.51) (0.09)Total financial derivative instruments

%NAV


1,558,586.79 8.72Cash at bank

(87,526.03) (0.49)Other asset and liabilities

17,876,049.90 100.00Total net assets


17





Other - -

100.00 91.86



Luxembourg 16.61 15.26

Germany 14.12 12.97

France 10.80 9.92

Italy 8.15 7.49

Sweden 5.83 5.36

Spain 3.87 3.55


South Africa 2.78 2.56

Ireland 2.75 2.52

Other 9.03 8.30

100.00 91.86



assets

PIRELLI & C SPA 5.125% 11-22/02/2016 570,188.10 3.19Auto Parts &Equipment

UPC GERMANY 8.125% 09-01/12/2017 502,665.00 2.80Media

LOTTOMATICA SPA 5.375% 10-02/02/2018 500,465.00 2.80Undefined

HENKEL KGAA 05-25/11/2104 SR 443,861.50 2.48Distribution &Wholesale

TPG 5.375% 07-14/11/2017 438,376.00 2.45Transportation

EDP FINANCE BV 5.875% 11-01/02/2016 355,886.30 1.99Energy

CYFROWY POLSAT F 7.125% 11-20/05/2018 344,675.00 1.93Media

GLENCORE FINANCE 5.25% 10-22/03/2017 318,825.00 1.77Metal

BANQUE PSA FIN 6% 12-16/07/2014 310,641.00 1.73Financial services

PEERMONT GLOBAL 7.75% 30/04/14 307,451.10 1.72Undefined

EUR

Sector

Top Ten Holdings

18



BPI Global Investment Fund - BPI Universal (in EUR)Statement of operations and changes in net assets for theperiod ended June 30, 2012

EUR

AssetsInvestment in securities at cost 22,992,187.92Unrealised appreciation / (depreciation) on securities 224,445.82

Investment in securities at market value 2 23,216,633.74Cash at bank 2,730,099.58Receivable for investment sold 688,733.04Net unrealised appreciation on futures contracts 146,753.48Dividends and interest receivable 9,497.27





Notes




ExpensesGlobal management fees 3 83,201.10Performance fees 4 3,405.92Professional fees 8,113.15Taxe d'abonnement 5 1,730.93Bank interest and charges 1,456.54Other expenses 1,922.83


Net investment income / (loss) (78,204.98)

Net realised gain / (loss) on: Investments 800,719.29Foreign currencies transactions 6,096.10Futures contracts (986,785.41)

Net realised gain / (loss) for the period (258,175.00)

Net change in unrealised appreciation / (depreciation) on: Investments (226,585.45)Futures contracts 193,290.86


(291,469.59)



EURNotes




period




"R" 513,619.32 42,884.03 (363,731.31) 192,772.04

"I" 3,209,122.27 1,174,893.12 (390,384.04) 3,993,631.35


19

BPI Global Investment Fund - BPI Universal (in EUR)



US TREASURY N/B 3.75% 08-15/11/2018 USD 2,678,295.28 10.012,900,000.00


Bonds and other debt instrumentsUnited States

2,678,295.28 10.01

2,678,295.28 10.01

AXA IM FIIS-US CORP BD-IUSD USD 1,079,780.15 4.0311,100.00

Funds

Undertakings for collective investmentLuxembourg

GOLDMAN SACHS EMMKT DEBT-I-DIST USD 907,460.70 3.3964,300.00GS-GLOBAL FIXED INCOME USD 667,337.77 2.4950,500.00JPM LIQ-USD LIQUIDITY-B USD 667,082.53 2.4967.00JPMORGAN F-EM MK DB-B-ACC-EUR EUR 1,188,810.00 4.4494,500.00JPMORGAN F-EU GOVER BOND-BEURA EUR 1,107,000.00 4.1490,000.00MLIIF WORLD HEALTHSCIENC AA USD USD 685,741.30 2.5649,000.00MORGAN ST-EMER MARK DEBT-AUSD USD 1,073,153.93 4.0118,300.00PARVEST BD EUR GOV-IN EUR 2,089,686.82 7.8213.00PARVEST BOND EURO CORP-I EUR 1,109,200.61 4.147.00PICTET FUNDS LUX BIOTHECH I USD 889,208.46 3.323,000.00PICTET FUNDS-GLOB EMG DEBT-I- USD 673,909.62 2.522,700.00PICTET SIC -EUR CORP BONDS-I-CAP EUR 1,097,085.00 4.106,540.00PICTET-EUR GOVMNT BONDS-I EUR 1,085,062.00 4.058,600.00PIONEER FUNDS-EMG MKT BD-IUSD USD 1,055,813.40 3.9486,000.00PIONEER FUNDS-EURO BOND-I CAP EUR 1,105,000.00 4.13125,000.00

16,481,332.29 61.57

BGI EURO GOVT BOND INDEX FLX EUR 1,627,443.60 6.0891,920.00Ireland

BNY MELLON GL-GLOBAL BOND -USD-C- USD 665,220.36 2.49357,000.00GOLDMAN SACHS US TREAS LIQ RESERV-INS-A

USD 662,081.07 2.4783.00

GS EURO GOV LIQ RERERV -INS-A EUR 1,102,261.14 4.12106.004,057,006.17 15.16

20,538,338.46 76.73



Market valuein EUR

Currency %NAV


USD 11,729,167.4994.00 146,753.48

Futures

146,753.4811,729,167.49

Total Futures 146,753.4811,729,167.49



in EUR



146,753.48 0.55Total financial derivative instruments

%NAV


2,730,099.58 10.20Cash at bank


26,765,114.19 100.00Total net assets


20

BPI Global Investment Fund - BPI Universal (in EUR)



Undertakings for collective investment 88.46 76.74


100.00 86.74


Luxembourg 70.99 61.58

Ireland 17.47 15.16


100.00 86.74



assets

US TREASURY N/B 3.75% 08-15/11/2018 2,678,295.28 10.01Government

PARVEST BD EUR GOV-IN 2,089,686.82 7.82Open-ended Funds

BGI EURO GOVT BOND INDEX FLX 1,627,443.60 6.08Open-ended Funds

JPMORGAN F-EM MK DB-B-ACC-EUR 1,188,810.00 4.44Open-ended Funds

PARVEST BOND EURO CORP-I 1,109,200.61 4.14Open-ended Funds

JPMORGAN F-EU GOVER BOND-BEURA 1,107,000.00 4.14Open-ended Funds

PIONEER FUNDS-EURO BOND-I CAP 1,105,000.00 4.13Open-ended Funds

GS EURO GOV LIQ RERERV -INS-A 1,102,261.14 4.12Open-ended Funds

PICTET SIC -EUR CORP BONDS-I-CAP 1,097,085.00 4.10Open-ended Funds

PICTET-EUR GOVMNT BONDS-I 1,085,062.00 4.05Open-ended Funds

EUR

Sector

Top Ten Holdings

21



BPI Global Investment Fund - BPI Iberia (in EUR)Statement of operations and changes in net assets for theperiod ended June 30, 2012

EUR


Investment in securities at market value 2 7,743,233.26Cash at bank 152,761.15Receivable for investment sold 10,349.45Dividends and interest receivable 53.51





Notes


IncomeDividends (net of withholding taxes) 2 178,064.21Bank interest 2 67.84


ExpensesGlobal management fees 3 36,247.43Performance fees 4 887.37Professional fees 7,020.63Transactions cost 6,918.70Taxe d'abonnement 5 370.34Bank interest and charges 0.16



Net realised gain / (loss) on: Investments (659,644.23)


Net change in unrealised appreciation / (depreciation) on: Investments (309,369.28)


(842,326.09)

Proceeds received on subscription of shares 1,273,268.88Net amount paid on redemption of shares (271,636.98)Net assets at the beginning of the period 7,735,965.74


EURNotes




period




"R" 5,286.04 5,553.52 (3,468.15) 7,371.41

"I" 2,310,635.76 430,121.31 (80,291.19) 2,660,465.88


22

BPI Global Investment Fund - BPI Iberia (in EUR)



ABERTIS INFRAESTRUCTURAS SA EUR 300,838.35 3.8128,261.00


SharesSpain

ACERINOX SA EUR 196,808.94 2.4922,319.00BANCO BILBAO VIZCAYA ARGENTA EUR 351,046.96 4.4562,364.00BANCO SANTANDER SA EUR 375,995.54 4.7672,016.00BANKINTER SA EUR 85,653.94 1.0831,502.00BOLSAS Y MERCADOS ESPANOLES EUR 200,261.67 2.5412,603.00CAIXABANK EUR 203,276.81 2.5779,374.00CONSTRUCC Y AUX DE FERROCARR EUR 231,944.00 2.94632.00DISTRIBUIDORA INTERNACIONAL EUR 54,537.00 0.6914,700.00EDP RENOVAVEIS SA EUR 113,152.99 1.4341,893.00ENAGAS SA EUR 104,469.90 1.327,270.00FERROVIAL SA EUR 334,622.21 4.2437,653.00IBERDROLA SA EUR 151,069.50 1.9140,621.00INDITEX EUR 363,786.86 4.614,462.00JAZZTEL PLC EUR 348,762.81 4.4278,023.00OBRASCON HUARTE LAIN S.A. EUR 85,672.80 1.095,256.00REPSOL SA EUR 251,927.84 3.1919,931.00TECNICAS REUNIDAS SA EUR 122,350.80 1.553,720.00TELEFONICA SA EUR 360,751.56 4.5734,788.00

4,236,930.48 53.66

BANCO COMERCIAL PORTUGUES-R EUR 49,195.31 0.62501,993.00Portugal

BANCO ESPIRITO SANTO-REG EUR 254,686.51 3.23473,395.00EDP-ENERGIAS DE PORTUGAL SA EUR 364,242.38 4.61195,409.00GALP ENERGIA SGPS SA-B SHRS EUR 754,090.00 9.5675,409.00IMPRESA SGPS SA EUR 7,807.10 0.1022,306.00JERONIMO MARTINS EUR 633,470.50 8.0247,540.00PORTUCEL EMPRESA PRODUTORA EUR 45,539.79 0.5823,731.00PORTUGAL TELECOM SGPS SA-REG EUR 736,961.87 9.33213,303.00SONAE CAPITAL SGPS SA EUR 2,409.12 0.0315,057.00SONAECOM SGPS SA EUR 310,324.93 3.93237,433.00ZON MULTIMEDIA SERVICOS DE T EUR 319,566.05 4.05136,742.00

3,478,293.56 44.06

7,715,224.04 97.72

ABERTIS INFRAESTRUCTURAS RTS18/06/2012

EUR 4.63 0.009.00

RightsSpain

CAIXABANK RTS 15/06/2012 EUR 2.05 0.0038.00REPSOL YPF SA RTS 05/07/2012 EUR 11,041.77 0.1419,931.00

11,048.45 0.14

11,048.45 0.14

ABERTIS INFRAESTRUCTURAS SA EUR 12,965.61 0.161,218.00


SharesSpain

CAIXABANK S.A. EUR 3,995.16 0.051,560.0016,960.77 0.21

16,960.77 0.21



Market valuein EUR

Currency %NAV



152,761.15 1.93Cash at bank

(722.86) -Other asset and liabilities

7,895,271.55 100.00Total net assets


23

BPI Global Investment Fund - BPI Iberia (in EUR)



Shares 99.86 97.93

Rights 0.14 0.14

100.00 98.07


Spain 55.08 54.02

Portugal 44.92 44.06

100.00 98.07



assets

GALP ENERGIA SGPS SA-B SHRS 754,090.00 9.56Energy

PORTUGAL TELECOM SGPS SA-REG 736,961.87 9.33Telecommunication

JERONIMO MARTINS 633,470.50 8.02Food services

BANCO SANTANDER SA 375,995.54 4.76Banks

EDP-ENERGIAS DE PORTUGAL SA 364,242.38 4.61Energy

INDITEX 363,786.86 4.61Distribution &Wholesale

TELEFONICA SA 360,751.56 4.57Telecommunication

BANCO BILBAO VIZCAYA ARGENTA 351,046.96 4.45Banks

JAZZTEL PLC 348,762.81 4.42Telecommunication

FERROVIAL SA 334,622.21 4.24Building materials

EUR

Sector

Top Ten Holdings

24



BPI Global Investment Fund - BPI Global Tactic Asset Allocation (in EUR)



ExpensesGlobal management fees 3 22,517.87Custodian fees 2,638.73Professional fees 7,969.89Taxe d'abonnement 5 199.80Bank interest and charges 76.14Other expenses 8,285.26



Net realised gain / (loss) on: Investments (10,624.52)Foreign currencies transactions (183.94)Futures contracts 80,358.27


Net change in unrealised appreciation / (depreciation) on: Investments 18,470.42Futures contracts (57,080.84)


80,800.07

Proceeds received on subscription of shares -Net amount paid on redemption of shares (8,033,822.02)Net assets at the beginning of the period 7,953,021.95

Net assets at the end of the period -

EURNotes




period




"R" 3,000.00 - (3,000.00) -

"I" 1,553,933.00 - (1,553,933.00) -

25



BPI Global Investment Fund - BPI Africa (in EUR)Statement of operations and changes in net assets for theperiod ended June 30, 2012

EUR

AssetsInvestment in securities at cost 2,653,726.10Unrealised appreciation / (depreciation) on securities (91,266.59)

Investment in securities at market value 2 2,562,459.51Cash at bank 287,355.49Receivable for investment sold 9,945.55Dividends and interest receivable 3,732.71


LiabilitiesBank overdraft 6.07Accrued expenses 10,313.84



Notes




ExpensesGlobal management fees 3 28,924.25Professional fees 7,020.67Transactions cost 11,622.97Taxe d'abonnement 5 335.84Bank interest and charges 4.80


Net investment income / (loss) 271.68

Net realised gain / (loss) on: Investments 31,603.08Foreign currencies transactions (9,711.22)


Net change in unrealised appreciation / (depreciation) on: Investments 24,295.21


46,458.75

Proceeds received on subscription of shares 1,000,000.00Net amount paid on redemption of shares -Net assets at the beginning of the period 1,806,714.60


EURNotes




period




"R" 25.00 102,774.92 - 102,799.92

"I" 200,000.00 - - 200,000.00

"R USD" 25.00 - - 25.00


26

BPI Global Investment Fund - BPI Africa (in EUR)



ABSA GROUP LTD ZAR 95,095.17 3.336,990.00


SharesSouth Africa

ADCOCK INGRAM HOLDINGS LTD ZAR 19,376.47 0.683,349.00AFRICAN BANK INVESTMENTS LTD ZAR 44,846.34 1.5712,819.00ANGLOGOLD ASHANTI LTD ZAR 143,411.91 5.035,335.00AVENG LTD ZAR 60,579.87 2.1217,563.00BIDVEST GROUP LTD ZAR 26,022.67 0.911,484.00EXXARO RESOURCES LTD ZAR 71,402.50 2.503,899.00FIRSTRAND LTD ZAR 120,834.19 4.2447,523.00GROUP FIVE LTD ZAR 14,385.42 0.506,560.00IMPALA PLATINUM HOLDINGS LTD ZAR 42,090.72 1.483,230.00JD GROUP LTD ZAR 31,184.37 1.097,527.00KUMBA IRON ORE LTD ZAR 87,210.85 3.061,650.00LEWIS GROUP LTD ZAR 51,964.95 1.827,672.00MMI HOLDINGS LTD ZAR 26,940.30 0.9415,534.00MR PRICE GROUP LTD ZAR 62,996.41 2.215,842.00MTN GROUP LTD ZAR 210,994.06 7.4115,540.00NAMPAK LTD ZAR 16,403.39 0.576,810.00NASPERS LTD-N SHS ZAR 199,830.65 7.004,768.00NEDBANK GROUP LTD ZAR 29,939.58 1.051,787.00OMNIA HOLDINGS LTD ZAR 22,621.75 0.792,215.00SASOL LTD ZAR 137,171.79 4.814,158.00STANDARD BANK GROUP LTD ZAR 134,535.89 4.7212,632.00THE FOSCHINI GROUP LTD ZAR 81,734.88 2.866,627.00TRUWORTHS INTERNATIONAL LTD ZAR 60,712.43 2.137,039.00VODACOM GROUP LTD ZAR 25,241.28 0.882,820.00WILSON BAYLY HOLMES-OVCON ZAR 37,592.97 1.323,019.00WOOLWORTHS HOLDINGS LTD ZAR 111,003.88 3.8922,932.00

1,966,124.69 68.91

ACCESS BANK PLC NGN 15,689.40 0.55499,300.00Nigeria

DANGOTE CEMENT PLC NGN 36,808.88 1.2969,113.00DANGOTE SUGAR REFINERY PLC NGN 9,774.57 0.34482,971.00FLOUR MILLS NIGERIA PLC NGN 13,070.89 0.4647,362.00GUARANTY TRUST BANK NGN 38,078.18 1.33524,306.00GUINNESS NIGERIA PLC NGN 28,434.60 1.0025,758.00NIGERIAN BREWERIES PLC NGN 26,956.54 0.9454,999.00SKYE BANK PLC NGN 8,197.41 0.29587,874.00ZENITH BANK PLC NGN 36,814.94 1.29552,995.00

213,825.41 7.49

AFREN PLC GBP 40,330.34 1.4131,467.00United Kingdom

AFRICAN BARRICK GOLD LTD GBP 39,921.17 1.408,342.00ANGLO AMERICAN PLC ZAR 24,544.94 0.86939.00BHP BILLITON PLC ZAR 13,245.56 0.46585.00TULLOW OIL PLC GBP 28,705.97 1.011,580.00

146,747.98 5.14

BAMBURI CEMENT CO LTD KES 3,577.19 0.132,304.00Kenya

BARCLAYS BANK LTD KES 13,333.72 0.47109,242.00EQUITY BANK LTD KES 16,928.05 0.5985,172.00KENYA COMMERCIAL BANK LTD KES 23,161.45 0.81107,668.00SAFARICOM LTD KES 27,854.82 0.97863,237.00

84,855.23 2.97

MAURITIUS COMMERCIAL BANK MUR 20,844.80 0.734,868.00Mauritius

STATE BANK MAURITIUS LTD MUR 21,765.55 0.7610,476.0042,610.35 1.49

TANZANIAN ROYALTY EXPLORATION USD 9,866.08 0.353,017.00Canada

TANZANIAN ROYALTY EXPLORATION CAD 31,114.98 1.099,700.0040,981.06 1.44

ECOBANK TRANSNATIONAL INC NGN 15,944.41 0.56304,919.00Togo

15,944.41 0.56


Market valuein EUR

Currency %NAV

GHANA COMMERCIAL BANK GHS 13,897.04 0.4917,390.00Ghana

13,897.04 0.49

HERITAGE OIL PLC GBP 13,274.45 0.478,732.00Jersey

13,274.45 0.47

PANORO ENERGY ASA NOK 12,261.45 0.4324,088.00Norway

12,261.45 0.43

CHARIOT OIL & GAS LTD GBP 11,937.44 0.429,423.00Guernsey

11,937.44 0.42

2,562,459.51 89.81



Market valuein EUR

Currency %NAV



287,349.42 10.07Cash at bank


2,853,173.35 100.00Total net assets


27

BPI Global Investment Fund - BPI Africa (in EUR)



Shares 100.00 89.81

100.00 89.81


South Africa 76.73 68.91

Nigeria 8.34 7.49


Kenya 3.31 2.97

Other 5.89 5.29

100.00 89.81



assets

MTN GROUP LTD 210,994.06 7.41Telecommunication

NASPERS LTD-N SHS 199,830.65 7.00Media

ANGLOGOLD ASHANTI LTD 143,411.91 5.03Metal

SASOL LTD 137,171.79 4.81Chemical

STANDARD BANK GROUP LTD 134,535.89 4.72Banks

FIRSTRAND LTD 120,834.19 4.24Banks

WOOLWORTHS HOLDINGS LTD 111,003.88 3.89Distribution &Wholesale

ABSA GROUP LTD 95,095.17 3.33Banks

KUMBA IRON ORE LTD 87,210.85 3.06Metal

THE FOSCHINI GROUP LTD 81,734.88 2.86Distribution &Wholesale

EUR

Sector

Top Ten Holdings

28



BPI Global Investment Fund - BPI America (in EUR)Statement of operations and changes in net assets for theperiod ended June 30, 2012

EUR

AssetsInvestment in securities at cost 489,818.75Unrealised appreciation / (depreciation) on securities 66,356.77

Investment in securities at market value 2 556,175.52Cash at bank 5,608.11Dividends and interest receivable 342.72

Total assets 562,126.35

LiabilitiesAccrued expenses 5,248.48Net unrealised depreciation on forward foreign exchangecontracts

7,522.65


Net assets at the end of the period 549,355.22

Notes




ExpensesGlobal management fees 3 2,802.46Professional fees 7,020.66Transactions cost 142.65Taxe d'abonnement 5 30.85Bank interest and charges 35.79Other expenses 204.12


Net investment income / (loss) (7,226.91)

Net realised gain / (loss) on: Investments 13,877.55Foreign currencies transactions (298.69)Futures contracts (50.26)Forward foreign exchange contracts (14,480.04)


Net change in unrealised appreciation / (depreciation) on: Investments 35,082.63Forward foreign exchange contracts 9,021.47


35,925.75

Proceeds received on subscription of shares -Net amount paid on redemption of shares -Net assets at the beginning of the period 513,429.47

Net assets at the end of the period 549,355.22

EURNotes




period




"R" 1,500.00 - - 1,500.00

"I" 25,000.00 - - 25,000.00

"I EUR Hedged" 25,000.00 - - 25,000.00


29

BPI Global Investment Fund - BPI America (in EUR)



AKAMAI TECHNOLOGIES INC USD 6,604.94 1.20264.00


SharesUnited States

ALTERA CORP USD 5,573.11 1.01209.00AMAZON.COM INC USD 7,017.57 1.2839.00AMGEN INC USD 7,021.69 1.28122.00ANALOG DEVICES INC USD 6,114.83 1.11206.00APOLLO GROUP INC CL A USD 5,988.65 1.09210.00APPLE INC USD 12,885.23 2.3628.00BEAM INC USD 7,336.99 1.34149.00BERKSHIRE HATHAWAY INC-CL B USD 6,631.99 1.21101.00BRISTOL-MYERS SQUIBB CO USD 6,940.43 1.26245.00CERNER CORP USD 8,467.59 1.54130.00CHEVRON CORP USD 6,484.38 1.1878.00CHIPOTLE MEXICAN GRILL INC USD 7,784.33 1.4226.00CINTAS CORP USD 7,879.90 1.43259.00CLIFFS NATURAL RESOURCES INC USD 4,544.29 0.83117.00COACH INC USD 5,714.13 1.04124.00COGNIZANT TECHN. SOLUTIONS CL.A USD 5,437.14 0.99115.00COLGATE-PALMOLIVE CO USD 6,972.54 1.2785.00CR BARD INC USD 7,450.23 1.3688.00CUMMINS INC USD 6,261.87 1.1482.00DOMINION RESOURCES INC/VA USD 6,850.79 1.25161.00DUKE ENERGY CORP USD 7,123.06 1.30392.00EDWARDS LIFESCIENCES CORP USD 9,442.34 1.73116.00ELI LILLY & CO USD 6,897.79 1.26204.00EMC CORP/MASS USD 5,594.35 1.02277.00ENTERGY CORP USD 5,831.14 1.06109.00EQUITY RESIDENTIAL USD 6,830.34 1.24139.00ESTEE LAUDER COMPANIES-CL A USD 5,842.51 1.06137.00EXXON MOBIL CORP USD 6,540.55 1.1997.00FAMILY DOLLAR STORES USD 6,757.75 1.23129.00FASTENAL CO USD 6,003.38 1.09189.00FIFTH THIRD BANCORP USD 6,060.91 1.10574.00FRANKLIN RESOURCES INC USD 6,821.81 1.2478.00FREEPORT-MCMORAN COPPER CL B USD 5,530.45 1.01206.00F5 NETWORKS INC USD 4,785.60 0.8761.00GENERAL ELECTRIC CO USD 6,782.18 1.23413.00HOSPIRA INC USD 6,670.47 1.21242.00HUNTINGTON BANCSHARES INC USD 6,359.40 1.161,261.00INTEL CORP USD 6,110.99 1.11291.00INTUIT INC USD 6,360.35 1.16136.00JDS UNIPHASE CORP USD 6,171.55 1.12712.00JM SMUCKER CO/THE USD 6,010.42 1.09101.00JOHNSON & JOHNSON USD 6,601.35 1.20124.00JPMORGAN CHASE & CO USD 7,038.73 1.28250.00LIMITED BRANDS INC USD 6,233.47 1.13186.00LINEAR TECHNOLOGY CORP USD 6,171.94 1.12250.00LSI CORP USD 6,831.54 1.241,361.00MICROSOFT CORP USD 6,170.79 1.12256.00MOLEX INC USD 5,546.16 1.01294.00NATIONAL OILWELL VARCO INC USD 5,230.15 0.95103.00OREILLY AUTOMOTIVE INC USD 6,534.99 1.1999.00PFIZER INC USD 6,633.31 1.21366.00PHILIP MORRIS INTERNATIONAL USD 6,325.93 1.1592.00PIONEER NATURAL RESOURCES CO USD 5,908.24 1.0885.00PNC FINANCIAL SERVICES GROUP USD 6,163.73 1.12128.00PRICELINE.COM INC USD 5,759.99 1.0511.00PUBLIC SERVICE ENTERPRISE GP USD 6,914.62 1.26270.00QUALCOMM INC USD 6,318.05 1.15144.00RALPH LAUREN CORP USD 5,739.03 1.0452.00REYNOLDS AMERICAN INC USD 6,505.72 1.18184.00ROSS STORES INC USD 8,417.61 1.53171.00SANDISK CORP USD 4,541.85 0.83158.00SOUTHERN CO/THE USD 6,676.57 1.22183.00STARBUCKS CORP USD 7,520.81 1.37179.00TERADYNE INC USD 6,758.28 1.23610.00TEXAS INSTRUMENTS INC USD 5,606.65 1.02248.00TJX COMPANIES INC USD 8,558.60 1.56253.00TRIPADVISOR INC-W/I USD 7,500.86 1.37213.00UNITEDHEALTH GROUP INC USD 7,744.38 1.41168.00VERISIGN INC USD 7,312.88 1.33213.00WALGREEN CO USD 5,547.49 1.01238.00


Market valuein EUR

Currency %NAV

WAL-MART STORES INC USD 7,416.73 1.35135.00WELLS FARGO & CO USD 8,142.28 1.48309.00WESTERN UNION CO USD 6,064.28 1.10457.00WHOLE FOODS MARKET INC USD 8,788.02 1.60117.00WILLIAMS COS INC USD 6,040.83 1.10266.00WISCONSIN ENERGY CORP USD 7,233.95 1.32232.00WW GRAINGER INC USD 6,479.90 1.1843.00ZIMMER HOLDINGS INC USD 7,860.84 1.43155.003M CO USD 6,566.17 1.2093.00

533,896.68 97.19

TANZANIAN ROYALTY EXPLORATION USD 4,444.15 0.811,359.00Canada

YAMANA GOLD INC USD 6,006.86 1.09495.0010,451.01 1.90

TE CONNECTIVITY LTD USD 5,607.29 1.02223.00Switzerland

5,607.29 1.02

549,954.98 100.11

HOST HOTELS & RESORTS INC USD 6,220.54 1.13499.00


SharesUnited States

6,220.54 1.13

6,220.54 1.13

Total portfolio 556,175.52 101.24


Market valuein EUR

Currency %NAV

340,000.00 07/11/12260,466.54 (7,522.65)USDEUR 260,466.54Forward foreign exchange contracts

(7,522.65)260,466.54

Total Forex (7,522.65)260,466.54

To receiveTo pay Unrealisedappreciation /(depreciation)

in EUR

MaturityDate

Commitmentin EUR



(7,522.65) (1.37)Total financial derivative instruments

%NAV

556,175.52 101.24Total securities portfolio

5,608.11 1.02Cash at bank

(4,905.76) (0.89)Other asset and liabilities

549,355.22 100.00Total net assets


30

BPI Global Investment Fund - BPI America (in EUR)



Shares 100.00 101.24

100.00 101.24



Other 2.89 2.92

100.00 101.24



assets

APPLE INC 12,885.23 2.36Computer hardware

EDWARDS LIFESCIENCES CORP 9,442.34 1.73Cosmetics

WHOLE FOODS MARKET INC 8,788.02 1.60Food services

TJX COMPANIES INC 8,558.60 1.56Distribution &Wholesale

CERNER CORP 8,467.59 1.54Computer software

ROSS STORES INC 8,417.61 1.53Distribution &Wholesale

WELLS FARGO & CO 8,142.28 1.48Banks

CINTAS CORP 7,879.90 1.43Textile

ZIMMER HOLDINGS INC 7,860.84 1.43Cosmetics

CHIPOTLE MEXICAN GRILL INC 7,784.33 1.42Distribution &Wholesale

EUR

Sector

Top Ten Holdings


Notes to the Financial Statements as at June 30, 2012

31

Note 1. General BPI Global Investment Fund (the "Fund") is established in accordance with Part I of the Luxembourg Law governing undertakings for collective investment enacted on December 17, 2010 by BPI Global Investment Fund Management Company S.A. (the "Management Company"), as an open-ended investment fund since July 1, 2011 (until June 30, 2011 the Fund was subject to the provisions of Part I of the amended law of December 20, 2002). The Shareholders of the Management Company are Banco BPI S.F.E. (Madeira) and Banco BPI S.F.E. (Santa Maria). The Management Regulations for the Fund entered in force on February 18, 1994 and were changed in May 2005. They may be amended by the Management Company in observance with the relevant legal provisions. Any amendment must be announced in the Luxembourg "Mémorial, Recueil des Sociétés et Associations" hereinafter called "Mémorial", the official gazette of the Grand Duchy of Luxembourg. Such amendments become legally binding in respect of all unitholders subsequent to its publication in the "Mémorial". The Management Regulations are available at the Register of Commerce and Companies of the District Court of Luxembourg for inspection. The active Sub-Funds and related classes of Units of BPI Global Investment Fund as at June 30, 2012 are: - BPI Global Investment Fund - BPI Europa (Lux.) - Class of Units "I" - BPI Global Investment Fund - BPI Opportunities - Classes of Units "I" & "R" - BPI Global Investment Fund - BPI High Income Bond Fund - Classes of Units "I" & "R" - BPI Global Investment Fund - BPI Universal - Classes of Units "I" & "R" - BPI Global Investment Fund - BPI Iberia - Classes of Units "I" & "R" - BPI Global Investment Fund - BPI Africa - Classes of Units "I", "R" & "R USD" - BPI Global Investment Fund - BPI America - Classes of Units "I", "R" & “I EUR Hedged” The Sub-Fund BPI Global Investment Fund - BPI Global Tactic Asset Allocation has been liquidated on June 20, 2012. The investment objective of BPI Global Investment Fund - BPI Europa (Lux.) is to provide unitholders with long-term capital appreciation through investment in a diversified portfolio of mainly equity securities issued by companies of the European Union, Switzerland or Norway, with no specific focus on any economic sector of activity. The investment objective of BPI Global Investment Fund - BPI High Income Bond Fund is to provide unitholders with a high current income through a diversified portfolio based on the acquisition of fixed-income securities. The investment objective of BPI Global Investment Fund - BPI Opportunities and BPI Global Investment Fund - BPI Iberia is to provide unitholders with long-term capital appreciation based on risk spreading and future potential growth. The investment objective of BPI Global Investment Fund - BPI Universal is to provide unitholders with long-term capital appreciation through a sound diversification strategy. The investment objective of BPI Global Investment Fund - BPI Africa is to provide unitholders with long-term capital appreciation in investing mainly in instruments issued by African companies (companies having their head office in Africa or listed in Stock Markets in African countries) and/or companies that have significant operations in Africa. The investment objective of BPI Global Investment Fund - BPI America is to provide unitholders with long-term capital appreciation in investing mainly in securities issued by companies from the United Stated of America and Canada or which have their securities traded in a stock market in these countries. The portfolio movements can be obtained free of charge from the registered office of the Management Company. Note 2. Significant accounting policies The financial statements are presented in accordance with Luxembourg regulations relating to Undertakings for Collective Investment Funds. The books and records of each class of units are maintained in Euro ("EUR"). The combined financial statements are expressed in EUR. Valuation of investments The value of the assets held by each Sub-Fund is calculated as follows: - Securities which are listed on an official stock exchange are valued at the last available price. If the same security is quoted on several stock exchanges, the last available listing on the stock exchange that represents the major market for this security shall be used; - Securities that are not listed on an official stock exchange, but which are actively traded on another regulated market which operates regularly and is recognized and open to the public, are valued at the last available price on this market; - If these prices fail to conform correctly to market trends, the respective securities, as well as the other legally admissible assets, will be valued at their corresponding market value which the Management Company, acting in good faith, shall estimate on the basis of the probable selling price;


Notes to the Financial Statements as at June 30, 2012 (suite)

32

Note 2. Significant accounting policies (continued) Valuation of investments (continued) - Liquid assets are valued at their nominal value plus any accrued interest; - Units / shares issued by open-ended investment funds shall be valued at their last available net asset value. The Management Company is authorized to apply other adequate valuation principles for the total assets of the Fund and the assets of an individual Sub-Fund if the aforementioned valuation criteria appears impossible or inappropriate due to extraordinary circumstances or events. In the case of extensive redemption applications, the Management Company may establish the value of the units of the relevant Sub-Fund on the basis of the prices at which the necessary sales of securities are affected. In such an event, the same basis for calculation shall be applied for subscription and redemption applications submitted at the same time. Foreign exchange translation All investments, cash balances and other assets or liabilities of each class of units expressed in currencies other than EUR have been valued after taking into account the exchange rate at the time of determination of the net asset value of units. Foreign exchange rates used as of June 30, 2012 are as follows:

1 EUR = 1.293750 CAD 1 EUR = 39.467500 MUR 1 EUR = 1.201150 CHF 1 EUR = 7.543800 NOK 1 EUR = 7.434350 DKK 1 EUR = 206.537944 NGN 1 EUR = 0.809100 GBP 1 EUR = 8.7595 SEK 1 EUR = 2.465151 GHS 1 EUR = 1.26905 USD 1 EUR = 101.25755 JPY 1 EUR = 10.378950 ZAR 1 EUR = 106.917496 KES

Transactions in foreign currencies are translated at prevailing exchange rates at the transaction date. Gains or losses on foreign exchange are recognized in the statement of operations and changes in net assets in determining the net realized profit or loss for the period. Income Dividends, net of withholdings taxes, are recognized as income on the ex-dividend date. Interest income is accrued on a daily basis. Investment transactions Realized gains or losses arising from sales of investment securities are computed using the average cost basis. Net asset value per unit The net asset value per each class of units of each Sub-Fund is expressed in the currency of the Sub-Fund and is obtained by dividing the total net assets of the Sub-Fund by the number of units outstanding. The net assets of each Sub-Fund are equal to the difference between the sum of the assets of the Sub-Fund and its liabilities. Issue of units The issue price of each Sub-Fund is based on the net asset value per each class of units. In addition, the sales agencies are allowed to charge an issuing fee of maximum 3% in their favour. All subscription requests received by the Management Company or by the Register and Transfer Agent prior to 5 p.m. on a Luxembourg banking day ("Valuation Day") shall be executed at the issue price of this Valuation Day, as made public on the following Valuation Day. Redemption of units The redemption price of each Sub-Fund is based on the net asset value per each class of units minus a redemption fee of maximum 2% in favour of the sales agencies. All redemption requests received by the Management Company or by the Register and Transfer Agent prior to 5 p.m. on a Valuation day shall be executed at the redemption price of this Valuation Day, as made public on the following Valuation Day.



33

Note 2. Significant accounting policies (continued) Valuation method for futures Unrealized gains or losses on open futures contracts are calculated as being the net difference, on any Valuation day, between the contract price and the closing price reported on the primary exchange of the futures contracts. Upon entering into future contracts, the Fund is required to pledge an amount as an initial deposit. These amounts are included in cash at bank on the Statement of Net Assets Note 3. Global Management Fee The Fund is subject to a Global Management Fee, which includes the remuneration of the Portfolio Manager, the Administrative Agent, the Custodian and the Paying Agent. BNP Paribas Securities Services - Luxembourg Branch is the Administrative Agent, the Custodian and the Paying Agent. The Global Management Fee is expressed as a percentage per annum of the average daily net assets of each Sub-Fund and is payable on a monthly basis. This is a specific Global Management Fee for each Sub-Fund and class of units at the following annual rates: BPI Global Investment Fund - BPI Europa (Lux.) - "I" 2.00% BPI Global Investment Fund - BPI Opportunities - "I" 1.00% BPI Global Investment Fund - BPI Opportunities - "R" 2.00% BPI Global Investment Fund- BPI High Income Bond Fund - "I" 0.75% BPI Global Investment Fund - BPI High Income Bond Fund - "R" 1.25% BPI Global Investment Fund - BPI Universal - "I" 0.60% BPI Global Investment Fund - BPI Universal - "R" 1.60% BPI Global Investment Fund - BPI Iberia - "I" 1.00% BPI Global Investment Fund - BPI Iberia - "R" 2.00% BPI Global Investment Fund - BPI Global Tactic Asset Allocation - "I" 0.60% BPI Global Investment Fund - BPI Global Tactic Asset Allocation - "R" 1.20% BPI Global Investment Fund - BPI Africa - "I" 2.00% BPI Global Investment Fund - BPI Africa - "R EUR" and “R USD” 3.00% BPI Global Investment Fund - BPI America - “I” and “I EUR Hedged” 1.00% BPI Global Investment Fund - BPI America - “R” 2.00%

Note 4. Performance Fee The sub-funds are entitled to receive a yearly performance fee ("Performance Fee") paid out of the assets of these Sub-Funds. The Performance Fee shall amount to a percentage of the positive difference between each Sub-Fund's net performance by class of Units and the performance of its respective benchmark. The rates and benchmarks of each Sub-Fund are detailed as follows: Sub-Fund: Rate: Benchmark: BPI Global Investment Fund - BPI Europa (Lux.) 15.00% p.a. Stoxx600 Total Return Index Euro benchmark BPI Global Investment Fund - BPI Opportunities 15.00% p.a. MSCI Daily Total Return World Net Euro

benchmark BPI Global Investment Fund - BPI High Income Bond Fund 20.00% p.a. Composite of 50% IBOX Euro Index rating BBB, 30% JP Morgan Euro High Yield and 20% JP Morgan Emerging Markets Bonds Index Global Diversified Composite benchmark BPI Global Investment Fund - BPI Universal 15.00% p.a. Euribor 6M + 500bp benchmark BPI Global Investment Fund - BPI Iberia

20.00% p.a. Composite of 50% Iberia Index and 50% Portuguese

Stock Index 20 TR



34

Note 4. Performance Fee (continued) BPI Global Investment Fund - BPI Global Tactic Asset Allocation 15.00% p.a. Euribor 3M + 200bp benchmark BPI Global Investment Fund - BPI Africa 20.00% p.a. S&P Pan Africa benchmark

No Performance Fees are paid by BPI Global Investment Fund - BPI America The table below indicates the performance fees that have been charged for the following Sub-Funds during the period: EUR BPI Global Investment Fund - BPI Europa (Lux.) 2.87 BPI Global Investment Fund - BPI Opportunities 86.28 BPI Global Investment Fund - BPI High Income Bond Fund 137,547.31 BPI Global Investment Fund - BPI Universal 3,405.92 BPI Global Investment Fund - BPI Iberia 887.37 BPI Global Investment Fund - BPI Global Tactic Asset Allocation - BPI Global Investment Fund - BPI Africa -

Note 5. Taxation In conformity with current legislation in the Grand Duchy of Luxembourg, the assets of the Fund are not subject to any Luxembourg withholding taxes on income, capital gains or wealth. The Fund's assets are only subject to a "taxe d'abonnement" of 0.05% p.a. on total net assets attributable to non-institutional investors, which is accrued daily and payable quarterly. Where net assets are attributable to institutional investors, the rate of the "taxe d'abonnement" is reduced to 0.01% p.a.. Under the current legislation, except for the EU Council Directive 2003/48/EC on taxation of savings income in form of interest payments, the unitholders are not subject to any taxes on capital gains, income, inheritance or other taxes in Luxembourg unless they are or were residents of Luxembourg or maintain a permanent establishment there with title to the units. Potential unitholders should seek information on the laws and regulations in force and, where appropriate, seek advice on subscription, purchase, possession and sale of units at their place of residence. Capital gains, dividends and interest on securities issued in other countries may be subject to irrecoverable withholding or capital gain taxes imposed by such countries. Note 7. Distribution Policy In principle, the net proceeds of the individual Sub-Funds shall not be distributed to unitholders. Nevertheless, according to article 13 of the Management Regulations, the Management Company may decide, after closing the annual accounts, whether and to what extent distributions are to be paid to unitholders. For the period ended June 30 2012, no distribution was declared to or paid to unitholders. Note 8. Management Fee Rates Investments held by BPI Global Investment Fund - BPI Universal in underlying investment funds are also subject to management fees. These management fees are charged at various rates but do not exceed 2% of average daily net assets for any individual underlying investment fund. Note 9. Total Expense Ratio ("TER")



35

The TER of each Sub-Fund for the period ended June 30, 2012 is given below:

Sub-Funds Classes of units TER excluding

Performance fees in % Performance

fees in % BPI Global Investment Fund - BPI Europa (Lux.) Unit "I" 2.08% -

BPI Global Investment Fund - BPI Opportunities Unit "R" 2.09% - Unit "I" 1.06% - BPI Global Investment Fund - BPI High Income Bond Fund Unit "R" 1.37% 0.47%

Unit "I" 0.83% 0.63% BPI Global Investment Fund - BPI Universal Unit "R" 1.58% 0.02%

Unit "I" 0.56% 0.01% BPI Global Investment Fund - BPI Iberia Unit "R" 2.25% -

Unit "I" 1.19% 0.01% BPI Global Investment Fund - BPI Global Tactic Asset Allocation* Unit "R" - -

Unit "I" - - BPI Global Investment Fund - BPI Africa Unit "R" 3.65% -

Unit "I" 2.73% -

Unit "R USD" 2.96% - BPI Global Investment Fund - BPI America Unit "R" 5.64% N/A Unit “I” 4.59% N/A Unit “I EUR Hedged” 4.61% N/A

*The sub-fund has been liquidated on June 20, 2012 Note 10. Portfolio Turnover Ratio ("PTR") The PTR of each Sub-Fund for the period ended June 30 2012 are given below: BPI Global Investment Fund - BPI Europa (Lux.) 127.86 % BPI Global Investment Fund - BPI Opportunities 30.89 % BPI Global Investment Fund - BPI High Income Bond Fund 16.19 % BPI Global Investment Fund - BPI Universal 575.85 % BPI Global Investment Fund - BPI Iberia 88.35 % BPI Global Investment Fund - BPI Global Tactic Asset Allocation* - - BPI Global Investment Fund - BPI Africa 59.43 % BPI Global Investment Fund - BPI America 86.45 %

*The sub-fund has been liquidated on June 20, 2012.

Documents

Fonds Commun de Placement - Fundsquare