Swiss Life Funds (LUX)

Swiss Life Funds (LUX)Bond EuroBond Global Corporates (launched on January 30, 2009)Equity BiomedicalEquity Euro ZoneEquity EuropeEquity GlobalEquity Global DiversifiedEquity Global ex-EuropeEquity Global High DividendEquity Global SustainabilityEquity USAMaturity Guaranty 2019+2 (launched on March 2, 2009)Portfolio Global Income Prudent (EUR)Portfolio Euro Zone Balanced (EUR)Portfolio Global Balanced Harmony (EUR)Portfolio Global Growth (CHF)Portfolio Global Growth (EUR)Portfolio Global Growth Vitality (EUR)

An open-end investment company with variable capital under Luxembourg lawSociété d’investissement à capital variable de droit luxembourgeoisR.C.S. Luxembourg B 69.186

Annual Report as at August 31, 2009 (audited)

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 accompanied by a copy of the latest available

annual report and a copy of the latest available semi-annual report,

if published after such annual report.

Audited annual report as of 31 August 2009

Table of contents Page ISIN

Management and Administration 2Features of the Company 4Independent Auditor’s Report 5

Swiss Life Funds (LUX) 7Bond Euro 9 R/ LU0094706628Bond Global Corporates 15 I/

R/LU0408948700LU0441493979

(CHF hedged) I/(CHF hedged) R/

LU0408948379LU0441499158

Equity Biomedical 22 R/ LU0126497543Equity Euro Zone 28 R/ LU0094707279Equity Europe 36 I/ LU0367319232 R/ LU0367320834Equity Global 44 R/ LU0111916739Equity Global Diversified 52 I/ LU0367321055 R/ LU0367321485Equity Global ex-Europe 58 I/ LU0367322707 R/ LU0367323184Equity Global High Dividend 64 R/ LU0367346474 (CHF) R/ LU0371451146Equity Global Sustainability 72 I/

(CHF) R/LU0367349148LU0367360202

R/ LU0367353926

Equity USA 77 R/ LU0140836007Maturity Guaranty 2019+2 83 R/ LU0408948536Portfolio Global Income Prudent (EUR) 88 I/ LU0367324075 R/ LU0367327417Portfolio Euro Zone Balanced (EUR) 94 R/ LU0094706388Portfolio Global Balanced Harmony (EUR) 103 I/ LU0367331369 R/ LU0367332680Portfolio Global Growth (CHF) 109 R/ LU0094705737Portfolio Global Growth (EUR) 120 R/ LU0111912746Portfolio Global Growth Vitality (EUR) 127 I/ LU0367334462 R/ LU0367334975

Notes to the Financial Statements 133

Sales restrictions

Shares of this Company may not be offered, sold or distributed within the United States of America.

1

Annual Report as of 31 August 2009Swiss Life Funds (LUX)

Management and Administration

Registered Office

33A, avenue J.F. Kennedy,L-1855 LuxembourgR.C.S. Luxembourg N° B 69 186

Board of Directors of the Company

Marcel Finker, ChairmanMember of Executive BoardSwiss Life Asset Management AG, Zurich, Switzerland

Dagmar Maroni,Member of Senior ManagementSwiss Life Asset Management AG, Zurich, Switzerland

Nicolaus Bocklandt,Board MemberMDO Services, Luxembourg

Management Company

Swiss Life Funds (LUX) Management Company33 A, avenue J.F. Kennedy,L-1855 Luxembourg

Board of Directors of the Management Company

Marcel Finker, PresidentMember of Executive BoardSwiss Life Asset Management AG

Jean-Pierre Grimaud, Vice-PresidentChief Executive OfficerSwiss Life Asset Management AG

Beat Hubacher,Delegate for Corporate MandatesSwiss Life Holding

Hermann Inglin,Head Operations and ControllingSwiss Life Investment Management Holding

Portfolio Manager

Swiss Life Asset Management AG,General-Guisan-Quai 40,CH-8002 Zurich

Swiss Life Asset Management (France),86, boulevard Haussmann,F-75008 Paris

Investment Advisor

Adamant Biomedical Investments AG,Aeschenvorstadt 55,CH-4051 Basel

Custodian bank and paying agent

UBS (Luxembourg) S.A.,33A, avenue J.F. Kennedy,P.O. Box 2, L-2010 Luxembourg

Administrative agent, registrar, transfer agent and domiciliation agent

UBS Fund Services (Luxembourg) S.A.,33A, avenue J.F. Kennedy,P.O. Box 91, L-2010 Luxembourg

Independent Auditors of the Company and of the Management Company

PricewaterhouseCoopers S.à r.l.,Réviseur d’entreprises400, route d’Esch, B.P. 1443, L-1014 Luxembourg

Legal Adviser

Arendt & Medernach,14 rue Erasme,P. O. Box 39,L-2010 Luxembourg

22


Sale in Switzerland

Representative Swiss Life Asset Management AG,General-Guisan-Quai 40,CH-8002 Zurich

Paying agentUBS AG, Bahnhofstrasse 45, CH-8098 Zurich

The sales prospectus and the simplified prospectuses, management regula-tions, annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge at the Swiss Representative and at the registered office of the Management Company.

Sale in Germany

Information agentSwiss Life Partner Service- und Finanzvermittlungs GmbH,Berliner Strasse 85, D-80805 Munich

Paying agentWestLB AG,Herzogstrasse 15, D-40217 Düsseldorf

The sales prospectus and the simplified prospectuses, management regula-tions, annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge at the sales agencies and at the registered office of the Management Company.

Sale in France and in the Netherlands

Shares of this Company may be sold in these countries.

The sales prospectus and the simplified prospectuses, management regula-tions, annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge at the sales agencies and at the registered office of the Management Company.

3


Features of the Company

Swiss Life Funds (LUX) (the “Company”) is listed on the official list of collective investment undertakings, in accordance with the law of 20 December 2002 re-lating to undertakings for collective investment and the law of 10 August 1915 relating to commercial companies. In particular, Part I of the law of 20 De-cember 2002 relating to undertakings for collective investment as defined by the European Council Direc-tive of 20 December 1985 (85/611/EC), is applicable.

The Company’s Articles were published for the first time on 14 May 1999 in the Mémorial after being lodged with the Registrar of the District Court of, and in, Luxembourg, where they may be consulted and where copies may be obtained against payment of the Registrar’s fee.

So far, the following Subfunds and share classes are available:

Currency of Share classes Swiss Life Funds (LUX) the Subfunds

Bond Euro EUR R

Bond Global Corporates EUR R, I

Equity Biomedical EUR R

Equity Euro Zone EUR R

Equity Europe EUR R, I

Equity Global EUR R

Equity Global Diversified EUR R, I

Equity Global ex-Europe EUR R, I

Equity Global High Dividend EUR R

Equity Global Sustainability EUR R, I

Equity USA USD R

Maturity Guaranty 2019+2 CHF R

Portfolio Global Income Prudent (EUR)* EUR R, I

Portfolio Euro Zone Balanced (EUR) EUR R

Portfolio Global Balanced Harmony (EUR) EUR R, I

Portfolio Global Growth (CHF) CHF R

Portfolio Global Growth (EUR) EUR R

Portfolio Global Growth Vitality (EUR) EUR R, I

* formerly Portfolio Global Income Defensive (EUR)

– Class “R” Shares, which is open to any investor. The Class “R” Shares is subject to a “taxe d’abonnement” at an annual rate of 0.05% of its net assets, which is calculated and payable quarterly at the end of the relevant quarter.

– Class “I” Shares, which is restricted to institutional investors within the meaning of Article 129 of the Law of 2002. The Class “I” Shares are subject to a “taxe d’abonnement” of 0.01% of its net assets, which is calculated and payable quarterly at the end of the relevant quarter.

The Company is organised in the form of an umbrella fund. The Articles provide that the Company may of-fer separate Classes of Shares each representing inter-ests in a Subfund comprised of a distinct portfolio of investments. Additional Subfunds may, with the prior approval of the Regulatory Authority, be created by the Directors.

The Company shall be considered as one single legal entity. With regard to third parties, in particular to-wards the Company’s creditors, each Subfund shall be exclusively responsible for all liabilities attributable to it.

Any resolution to alter the Class rights of the Shares requires the approval of Shareholders at a general meeting duly convened in accordance with the Arti-cles. Any general meeting convened to consider any alteration to the Class rights of the Shares shall be submitted to a quorum of such number of Sharehold-ers whose holdings comprise one third of the Shares and to a majority requirement of 50% of the votes attached to the Shares represented, both quorum and majority requirements to be met inside each Class of Shares.

The financial year of the fund ends on the last day of August.

Only the information contained in the sales prospec-tus and in one of the documents referred to therein shall be deemed to be valid.

The annual and semi-annual reports shall be available free of charge to shareholders at the registered office of the Management Company and the Custodian Bank.

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the latest annual report and the latest semi-annual report if available.

44


Independent Auditor’s Report

To the Shareholders of

Swiss Life Funds (LUX)

We have audited the accompanying financial state-ments of Swiss Life Funds (LUX) and of each of its Subfunds, which comprise the statement of net assets and the statement of investments in securities and other net assets as at 31 August 2009 and the state-ment of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Board of Directors of the SICAV’s responsibility for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these finan-cial statements in accordance with Luxembourg legal and regulatory requirements relating to the prepara-tion of the financial statements. This responsibility in-cludes: designing, implementing and maintaining in-ternal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting poli-cies; and making accounting estimates that are rea-sonable in the circumstances.

R.C.S. Luxembourg B 65 477 – TVA LU17564447

PricewaterhouseCoopers Société à responsabilité limitée Réviseur d’Entreprises 400, route d’Esch B.P. 1443 L-1014 Luxembourg Telephone +352 494848-1 Facsimile +352 494848-2900 www.pwc.com/lu [email protected]

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We con-ducted our audit in accordance with International Standards on Auditing as adopted by the “Institut des Réviseurs d’Entreprises”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from mate-rial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected de-pend on the Auditor’s judgment, including the assess-ment of the risks of material misstatement of the fi-nancial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of ex-pressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

5


Opinion

In our opinion, these financial statements give a true and fair view of the financial position of Swiss Life Funds (LUX) and of each of its Subfunds as of 31 Au-gust 2009, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the finan-cial statements.

Other matters

Supplementary information included in the annual report has been reviewed in the context of our man-date but has not been subject to specific audit proce-dures carried out in accordance with the standards described above. Consequently, we express no opin-ion on such information. However, we have no obser-vation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, 9 December 2009

PricewaterhouseCoopers S.à r.l.Réviseur d’entreprisesRepresented by

Marc Schernberg

66

Annual Report as of 31 August 2009

Consolidated Statement of Net AssetsEUR

Assets 31.8.2009Investments in securities, cost 484 891 958.10Investments in securities, unrealized appreciation (depreciation) –6 098 501.42

Total investments in securities (Note 1) 478 793 456.68Cash at banks, deposits on demand and deposit accounts 34 613 730.46Other liquid assets (Margins) 462 614.88Receivable on securities sales (Note 1) 283 214.19Receivable on subscriptions 148 543.80Interest receivable on securities 3 782 960.33Interest receivable on liquid assets 2 395.13Receivable on dividends 144 333.55Other receivables 177 711.56Formation expenses, net (Note 2) 6 404.23Unrealized gain (loss) on financial futures (Note 1) 2 257 879.62Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 321 855.55Total Assets 520 995 099.98

LiabilitiesBank overdraft –82 573.12Other short-term liabilities (Margins) –624 431.21Interest payable on bank overdraft –785.22Payable on securities purchases (Note 1) –724 262.12Payable on redemptions –48 513.05Provisions for Investment Advisory fees (Note 2) –1 013 002.59Provisions for custodian bank fees (Note 2) –4 120.58Provisions for taxe d’abonnement (Note 3) –33 433.37Provisions for audit fees, legal and economic advice (Note 2) –203 986.18Provisions for publications, printing costs and publicity (Note 2) –26 481.59Provisions for other commissions and fees (Note 2) –104 362.97

Total provisions –1 385 387.28Total Liabilities –2 865 952.00

Net assets at the end of the financial year 518 129 147.98

Swiss Life Funds (LUX)

The notes are an integral part of the financial statements. 7


Consolidated Statement of OperationsEUR

Income 1.9.2008–31.8.2009Interest on liquid assets 329 053.36Interest on securities 5 894 717.11Dividends 6 333 049.84Income on securities lending (Note 4) 49 480.06Other income 12 651.90Total income 12 618 952.27

ExpensesInvestment Advisory fees (Note 2) –5 140 628.31Performance fee (Note 2) –1 975.94Custodian bank fees (Note 2) –56 713.14Taxe d’abonnement (Note 3) –168 249.76Government fees (Note 2) –144 798.75Audit fees, legal and economic advice (Note 2) –329 732.90Publications, printing costs and publicity (Note 2) –318 573.23Amortization of formation expenses (Note 2) –11 039.96Other expenses –7 976.17Other commissions and fees (Note 2) –439 949.05Interest on cash liquidity and bank overdraft –78 513.54Total expenses –6 698 150.75

Net income (loss) on investments 5 920 801.52

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –68 514 715.46Realized gain (loss) on options –4 632.00Realized gain (loss) on yield-evaluated securities and money market instruments 7 630.02Realized gain (loss) on financial futures –5 134 137.73Realized gain (loss) on options, futures-styled 315 991.00Realized gain (loss) on forward foreign exchange contracts –5 330 940.15

Total realized gain (loss) on investments –78 660 804.32Realized gain (loss) on foreign exchange –1 870 761.25Other realized gain (loss) –21 562.50Total realized gain (loss) –80 553 128.07

Net realized gain (loss) of the financial year –74 632 326.55

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 7 991 298.69Unrealized appreciation (depreciation) on financial futures 2 245 609.62Unrealized appreciation (depreciation) on forward foreign exchange contracts 1 806 346.79Total changes in unrealized appreciation (depreciation) 12 043 255.10

Net increase (decrease) in net assets as a result of operations –62 589 071.45

8 The notes are an integral part of the financial statements.8 The notes are an integral part of the financial statements.


Three-year comparison

Date ISIN 31.8.2009 31.8.2008 31.8.2007Net assets in EUR 46 503 238.98 48 513 146.00 52 071 492.00Class R LU0094706628Shares outstanding 319 986.8000 367 545.0000 396 274.0000Net asset value per share in EUR 145.33 131.99 131.40

Bond Euro


Performance

Currency 2008/2009 2007/2008 2006/2007Class R1 EUR 10.1% 0.5% –1.5%Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.

1 The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark.

Bond Euro

Annual Report as of 31 August 2009Bond Euro

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assetsFrance 32.02Germany 9.53United States 7.99Netherlands 5.98Spain 5.39United Arab Emirates 4.37Czech Republic 4.35South Africa 4.17Ireland 3.88United Kingdom 3.83Sweden 3.40Supranationals 2.26Greece 2.19Slovakia 2.19Italy 1.99Total 93.54

Economic Breakdown as a % of net assetsBanks & credit institutions 22.29Countries & central governments 18.09Finance & holding companies 10.64Energy & water supply 10.37Mortgage & funding institutions 10.04Cantons, federal states 4.52Petroleum 4.40Miscellaneous consumer goods 4.33Bonds issued by banks and financial institutions 3.66Telecommunications 2.94Supranational organisations 2.26Total 93.54

Report of the Portfolio Manager

Monetary easing on the part of central banks and rising public spending have created conditions for a rally in credit markets over the last 6 months. Liquidity has not recovered though and it is has been as tough to buy paper as it was difficult to sell a few months ago. Overall spreads have tightened and led to a de-flight to quality and an outper- formance of high beta credits. Subordinated financial debt, including banks and insurers which played a central role in the previous turmoil have led the rally so far.

It seems reasonable to keep a cautious outlook for fixed income markets. A rise in default rates over the next few quarters is still expected, especially for sub-investment grade bonds or highly leveraged structures. Yet, momen- tum has been building up and systemic risk is on its way down. Spreads in financial credits remain wide and should compensate for default risk.



Statement of Net AssetsEUR

Assets 31.8.2009Investments in securities, cost 43 515 924.40Investments in securities, unrealized appreciation (depreciation) –15 906.54

Total investments in securities (Note 1) 43 500 017.86Cash at banks, deposits on demand and deposit accounts 2 163 480.72Receivable on subscriptions 4 020.90Interest receivable on securities 1 014 059.91Interest receivable on liquid assets 129.23Unrealized gain (loss) on financial futures (Note 1) –33 505.92Total Assets 46 648 202.70

LiabilitiesBank overdraft –19 477.67Payable on redemptions –7 016.50Provisions for Investment Advisory fees (Note 2) –74 740.06Provisions for custodian bank fees (Note 2) –373.47Provisions for taxe d’abonnement (Note 3) –3 917.41Provisions for audit fees, legal and economic advice (Note 2) –26 376.30Provisions for publications, printing costs and publicity (Note 2) –7 222.26Provisions for other commissions and fees (Note 2) –5 840.05

Total provisions –118 469.55Total Liabilities –144 963.72


Statement of OperationsEUR

Income 1.9.2008–31.8.2009Interest on liquid assets 15 183.76Interest on securities 2 113 356.77Income on securities lending (Note 4) 323.50Total income 2 128 864.03

ExpensesInvestment Advisory fees (Note 2) –398 207.66Custodian bank fees (Note 2) –830.65Taxe d’abonnement (Note 3) –21 709.25Government fees (Note 2) –6 641.08Audit fees, legal and economic advice (Note 2) –50 679.36Publications, printing costs and publicity (Note 2) –15 639.11Other expenses –1 000.49Other commissions and fees (Note 2) –24 955.15Interest on cash liquidity and bank overdraft –7 314.46Total expenses –526 977.21


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –2 568 294.32Realized gain (loss) on financial futures 352 488.91Realized gain (loss) on options, futures-styled 97 900.00

Total realized gain (loss) on investments –2 117 905.41Realized gain (loss) on foreign exchange –4 060.02Other realized gain (loss) –30.00Total realized gain (loss) –2 121 995.43

Net realized gain (loss) of the financial year –520 108.61

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 2 323 921.46Unrealized appreciation (depreciation) on financial futures –33 505.92Total changes in unrealized appreciation (depreciation) 2 290 415.54

Net increase (decrease) in net assets as a result of operations 1 770 306.93



Statement of Changes in Net AssetsEUR

1.9.2008–31.8.2009Net assets at the beginning of the financial year 48 513 146.00Redemptions –3 780 213.95

Total net subscriptions (redemptions) –3 780 213.95Net income (loss) on investments 1 601 886.82Total realized gain (loss) –2 121 995.43Total changes in unrealized appreciation (depreciation) 2 290 415.54

Net increase (decrease) in net assets as a result of operations 1 770 306.93Net assets at the end of the financial year 46 503 238.98

Changes in the Number of Shares outstanding

1.9.2008–31.8.2009Class RNumber of shares outstanding at the beginning of the financial year 367 545.0000Number of shares issued 0.0000Number of shares redeemed –47 558.2000Number of shares outstanding at the end of the financial year 319 986.8000



Statement of Investments in Securities and other Net Assets as of 31 August 2009

Description Quantity/ Valuation in EUR as a %Nominal Unrealized gain of net

(loss) on Futures/ assets Options/Forward

Exchange Contracts/Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Asset Backed Securities, floating rate

EUR

EUR FCC SPARC-REG-S 3M EURIBOR+15BP 07-15.07.13 500 000.00 478 490.00 1.03EUR FCC SPARC-REG-S 3M EURIBOR+39BP 07-15.07.13 2 000 000.00 1 683 660.00 3.62

Total EUR 2 162 150.00 4.65

Total Asset Backed Securities, floating rate 2 162 150.00 4.65

Notes, fixed rate

EUR

EUR CEZ AS 4.12500% 06-17.10.13 2 000 000.00 2 022 840.00 4.35

Total EUR 2 022 840.00 4.35

Total Notes, fixed rate 2 022 840.00 4.35

Notes, floating rate

EUR

EUR CREDIT LOGEMENT SA-SUB 3M EURIBOR+29BP 05-23.06.15 500 000.00 465 312.49 1.00

Total EUR 465 312.49 1.00

Total Notes, floating rate 465 312.49 1.00

Medium term notes, fixed rate

EUR

EUR BANK OF SCOTLAND PLC 3.87500% 05-07.02.20 2 000 000.00 1 783 254.20 3.83EUR EUROPEAN INVESTMENT BANK 4.25000% 09-15.04.19 1 000 000.00 1 050 630.00 2.26EUR FRANCE TELECOM SA 8.12500% 03-28.01.33 1 000 000.00 1 369 230.00 2.94EUR GE CAPITAL EUROPEAN FUNDING 4.35000% 06-03.11.21 2 000 000.00 1 805 648.00 3.88EUR SLOVAKIA, REPUBLIC OF 4.37500% 09-21.01.15 1 000 000.00 1 017 800.00 2.19EUR SOUTH AFRICA, REPUBLIC OF 4.50000% 06-05.04.16 2 000 000.00 1 938 908.12 4.18

Total EUR 8 965 470.32 19.28

Total Medium term notes, fixed rate 8 965 470.32 19.28

Medium term notes, floating rate

EUR

EUR BNP PARIBAS-SUB 3M EURIBOR +17/+67BP 05-16.03.15 2 000 000.00 1 902 022.00 4.08EUR CREDIT LOGEMENT SA-SUB 3M EURIBOR+60BP 04-PRP 1 000 000.00 700 000.00 1.51EUR SVENSKA HANDELSBANKEN AB-SUB 3M EURIBOR+30BP 07-PRP 2 000 000.00 1 580 000.00 3.40EUR UNICREDIT SPA-SUB 3M LIBOR+30/90BP 06-20.09.16 1 000 000.00 925 000.00 1.99

Total EUR 5 107 022.00 10.98

Total Medium term notes, floating rate 5 107 022.00 10.98

Bonds, fixed rate

EUR

EUR BERLIN, STATE OF 4.12500% 06-24.05.16 2 000 000.00 2 103 161.14 4.53EUR DEUTSCHE GENOSSENSCHAFTS-HYPOBANK AG 4.00000% 06-31.10.16 1 000 000.00 1 048 620.00 2.25EUR FRANCE, REPUBLIC OF-OAT 4.25000% 03-25.04.19 1 000 000.00 1 062 530.00 2.28EUR GERMANY, REPUBLIC OF 6.25000% 94-04.01.24 1 000 000.00 1 277 933.00 2.75EUR GREECE, HELLENIC REPUBLIC OF 4.30000% 07-20.07.17 1 000 000.00 1 018 850.00 2.19EUR HIT FINANCE BV 4.87500% 06-27.10.21 1 000 000.00 836 239.00 1.80EUR NETHERLANDS, KINGDOM OF THE 4.00000% 09-15.07.19 1 000 000.00 1 036 140.00 2.23EUR PROCTER & GAMBLE CO 4.87500% 07-11.05.27 2 000 000.00 2 014 262.86 4.33EUR SA DE GESTION DES STOCKS DE SECURITE 4.00000% 06-20.10.16 2 000 000.00 2 047 000.00 4.40EUR TAQA ABU DHABI NATIONAL ENERGY CO-REG-S 4.37500% 06-28.10.13 2 000 000.00 2 033 902.00 4.37

Total EUR 14 478 638.00 31.13

FRF

FRF ELECTRICITE DE FRANCE 8.75000% 92-30.06.22 4 000 000.00 765 800.20 1.65

Total FRF 765 800.20 1.65

Total Bonds, fixed rate 15 244 438.20 32.78

Bonds, floating rate

EUR

EUR ALIS FINANCE ARL 4.30000%/CPI LINKED 02-25.07.32 1 000 000.00 1 395 662.50 3.00EUR BNP PARIBAS SA-SUB 8.667%/3M EURIBOR+405BP 08-PRP 2 000 000.00 1 960 000.00 4.22EUR FRANCE, REPUBLIC OF-OAT/LKD INFLATION INDEX VAR 07-25.07.40 1 000 000.00 1 060 072.08 2.28






EUR SG CAPITAL TRUST III 5.41900%/3M EURIBOR+195BP 03-PRP 2 500 000.00 1 701 250.00 3.66EUR SIEMENS FINANCIERINGS NV 5.250%/3M EURIBOR+225BP 06-14.09.66 1 000 000.00 908 880.00 1.95

Total EUR 7 025 864.58 15.11

Total Bonds, floating rate 7 025 864.58 15.11

Total Transferable securities and money market instruments listed on an official stock exchange 40 993 097.59 88.15

Transferable securities and money market instruments traded on another regulated market


EUR

EUR SANTANDER CONSUMER SPAIN-REG-S 3M EURIBOR+13BP 06-20.10.16 5 000 000.00 2 506 920.27 5.39

Total EUR 2 506 920.27 5.39


Total Transferable securities and money market instruments traded on another regulated market 2 506 920.27 5.39

Total investments in securities 43 500 017.86 93.54

Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures on bonds

EUR EURO-BUND FUTURE 08.09.09 –12.00 –33 505.92 –0.07

Total Financial Futures on bonds –33 505.92 –0.07

Total Derivative instruments listed on an official stock exchange –33 505.92 –0.07

Total Derivative instruments –33 505.92 –0.07

Cash at banks, deposits on demand and deposit accounts and other liquid assets 2 163 480.72 4.65Bank overdraft and other short-term liabilities –19 477.67 –0.04Other assets and liabilities 892 723.99 1.92

Total net assets 46 503 238.98 100.00



Most important figures

Date ISIN 31.8.2009Net assets in EUR 67 657 634.21Class (CHF hedged) I1 LU0408948379Shares outstanding 49 143.3820Net asset value per share in CHF 1 051.79Class (CHF hedged) R2 LU0441499158Shares outstanding 10 000.0000Net asset value per share in CHF 100.45Class I1 LU0408948700Shares outstanding 30 238.2000Net asset value per share in EUR 1 055.26Class R2 LU0441493979Shares outstanding 10 000.0000Net asset value per share in EUR 100.48

1 Initial subscription: 30.1.20092 Initial subscription: 3.8.2009

Bond Global Corporates


Performance

Currency 2008/2009 2007/2008 2006/2007Class (CHF hedged) I1 CHF – – –Class (CHF hedged) R1 CHF – – –Class I1 EUR – – –Class R1 EUR – – –Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Bond Global Corporates

Annual Report as of 31 August 2009Bond Global Corporates


Geographical Breakdown as a % of net assetsUnited States 22.03Netherlands 18.38France 14.64United Kingdom 9.52Germany 6.07Australia 3.78Italy 3.76Luxembourg 2.35Ireland 2.29Spain 2.15Switzerland 2.05Sweden 1.81Finland 1.57Canada 1.54Cayman Islands 0.79Denmark 0.77Norway 0.77Total 94.27

Economic Breakdown as a % of net assetsBanks & credit institutions 35.09Finance & holding companies 28.26Telecommunications 7.74Miscellaneous unclassified companies 4.27Energy & water supply 2.77Retail trade, department stores 2.41Miscellaneous services 1.60Pharmaceuticals, cosmetics & medical products 1.56Traffic & transportation 1.53Miscellaneous consumer goods 1.43Chemicals 1.39Building industry & materials 0.82Tobacco & alcohol 0.82Graphic design, publishing & media 0.82Food & soft drinks 0.79Issuance Centres 0.78Petroleum 0.78Computer hardware & network equipment providers 0.77Insurance 0.64Total 94.27


The financial crisis continued in the first quarter of 2009, prompting risk premiums on corporate bonds to rise further.

Measures taken by governments and national banks started to have an initial impact in the second quarter of 2009 as a stabilisation in economic conditions was felt across all regions. Corporate financing on the credit markets also began to function again. Risk premiums on corporate bonds gradually shrank thanks to the improvement in the economy as corporate bonds began a rally that carried on until the end of the reporting period.

We think premiums are set to fall more slowly and assume that there will be greater stability. Despite the positive price performance of corporate bonds, we continue to see risk premiums as attractive and expect a further moderate con- traction in credit spreads.




Assets 31.8.2009Investments in securities, cost 61 150 563.95Investments in securities, unrealized appreciation (depreciation) 2 635 156.26

Total investments in securities (Note 1) 63 785 720.21Cash at banks, deposits on demand and deposit accounts 1 974 895.36Receivable on subscriptions 2 109.74Interest receivable on securities 1 697 215.53Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 256 252.86Total Assets 67 716 193.70

LiabilitiesBank overdraft –1.53Provisions for Investment Advisory fees (Note 2) –39 901.02Provisions for custodian bank fees (Note 2) –541.11Provisions for taxe d’abonnement (Note 3) –1 252.24Provisions for audit fees, legal and economic advice (Note 2) –8 690.81Provisions for other commissions and fees (Note 2) –8 172.78


Net assets at the end of the period 67 657 634.21


Income 30.1.2009–31.8.2009Interest on liquid assets 13 364.10Interest on securities 1 097 436.33Total income 1 110 800.43

ExpensesInvestment Advisory fees (Note 2) –96 617.63Custodian bank fees (Note 2) –2 873.19Taxe d’abonnement (Note 3) –3 868.78Government fees (Note 2) –2 784.43Audit fees, legal and economic advice (Note 2) –9 069.27Publications, printing costs and publicity (Note 2) –2 942.73Other commissions and fees (Note 2) –17 714.32Interest on cash liquidity and bank overdraft –1.38Total expenses –135 871.73

Net income (loss) on investments 974 928.70

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 13 214.38Realized gain (loss) on forward foreign exchange contracts –452 547.59

Total realized gain (loss) on investments –439 333.21Realized gain (loss) on foreign exchange –380 045.55Total realized gain (loss) –819 378.76

Net realized gain (loss) of the period 155 549.94

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 2 635 156.26Unrealized appreciation (depreciation) on forward foreign exchange contracts 256 252.86Total changes in unrealized appreciation (depreciation) 2 891 409.12





30.1.2009–31.8.2009Net assets at the beginning of the period 0.00Subscriptions 65 266 049.59Redemptions –655 374.44

Total net subscriptions (redemptions) 64 610 675.15Net income (loss) on investments 974 928.70Total realized gain (loss) –819 378.76Total changes in unrealized appreciation (depreciation) 2 891 409.12

Net increase (decrease) in net assets as a result of operations 3 046 959.06Net assets at the end of the period 67 657 634.21


30.1.2009–31.8.2009Class (CHF hedged) INumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 50 099.0030Number of shares redeemed –955.6210Number of shares outstanding at the end of the period 49 143.3820Class (CHF hedged) RNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 10 000.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the period 10 000.0000Class INumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 30 238.2000Number of shares redeemed 0.0000Number of shares outstanding at the end of the period 30 238.2000Class RNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 10 000.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the period 10 000.0000








Notes, fixed rate

EUR

EUR ALLIANZ FINANCE II BV 5.62500% 02-29.11.12 400 000.00 434 401.60 0.64EUR BANK OF AMERICA CORP 4.25000% 03-21.10.10 500 000.00 508 686.50 0.75EUR DAIMLER NORTH AMERICA CORP 5.00000% 08-23.05.12 500 000.00 519 650.00 0.78EUR PFIZER INC 4.55000% 07-15.05.17 500 000.00 517 433.00 0.76

Total EUR 1 980 171.10 2.93



EUR

EUR ALLIANZ FINANCE II BV 5.00000% 08-06.03.13 500 000.00 530 620.00 0.78EUR AUSTRALIA & NEW ZEALAND BANKING GROUP 5.25000% 08-20.05.13 500 000.00 530 740.00 0.78EUR BANK OF AMERICA CORP-SUB 4.62500% 07-07.02.2017 500 000.00 437 755.89 0.65EUR BANQUE FEDERATIVE DU CREDIT MUTUEL 4.25000% 07-05.02.14 500 000.00 514 495.48 0.76EUR BARCLAYS BANK PLC-REG-S 5.25000% 09-27.05.14 500 000.00 527 275.00 0.78EUR BAT INTERNATIONAL FINANCE PLC 5.37500% 07-29.06.17 500 000.00 527 845.00 0.78EUR BAYER CAPITAL CORP BV 4.62500% 09-26.09.14 500 000.00 526 625.00 0.78EUR BERTELSMANN AG 7.87500% 09-16.01.14 500 000.00 552 880.00 0.82EUR BHP BILLITON FINANCE LTD 6.37500% 09-04.04.16 500 000.00 568 715.00 0.84EUR BMW US CAPITAL LLC 6.37500% 09-23.07.12 500 000.00 538 860.00 0.80EUR BNP PARIBAS 5.00000% 08-16.12.13 1 000 000.00 1 076 800.00 1.59EUR BP CAPITAL MARKETS PLC 4.50000% 07-08.11.12 500 000.00 530 555.00 0.78EUR BRITISH TELECOMMUNICATIONS PLC 5.25000% 07-22.01.13 500 000.00 522 219.42 0.77EUR CARGILL INC 6.25000% 08-24.07.15 500 000.00 542 917.99 0.80EUR CARREFOUR SA 6.62500% 08-02.12.13 500 000.00 566 515.00 0.84EUR CIE DE SAINT-GOBAIN SA 7.25000% 08-16.09.13 500 000.00 556 260.00 0.82EUR CITIGROUP INC 3.95000% 06-10.10.13 500 000.00 480 632.83 0.71EUR CITIGROUP INC 6.12500% 00-01.10.10 500 000.00 516 978.00 0.76EUR COMMERZBANK AG 5.00000% 09-06.02.14 500 000.00 523 500.00 0.77EUR CREDIT AGRICOLE SA 4.87500% 08-08.04.11 500 000.00 522 850.00 0.77EUR CREDIT AGRICOLE SA LONDON 6.00000% 08-24.06.13 500 000.00 554 350.00 0.82EUR CREDIT SUISSE LONDON BRANCH 5.12500% 07-18.09.17 500 000.00 525 401.99 0.78EUR CREDIT SUISSE LONDON BRANCH 6.12500% 08-05.08.13 500 000.00 545 510.93 0.81EUR DANSKE BANK AS 4.75000% 07-29.06.12 500 000.00 522 863.75 0.77EUR DEUTSCHE BANK AG 4.87500% 07-24.09.12 500 000.00 528 395.00 0.78EUR DEUTSCHE BANK AG 5.12500% 07-31.08.17 500 000.00 536 575.89 0.79EUR DEUTSCHE TELEKOM INTL FINANCE BV 6.00000% 09-20.01.17 500 000.00 553 195.00 0.82EUR DEUTSCHE TELEKOM INTL FINANCE BV 5.75000% 08-14.04.15 400 000.00 435 060.00 0.64EUR DNB NOR BOLIGKREDITT AS-REG-S 4.12500% 08-01.02.13 500 000.00 519 915.00 0.77EUR E.ON INTERNATIONAL FINANCE BV 5.50000% 07-02.10.17 400 000.00 436 296.00 0.64EUR E.ON INTERNATIONAL FINANCE BV 5.50000% 09-19.01.16 800 000.00 873 872.00 1.29EUR ENBW INTERNATIONAL FINANCE BV 6.87500% 08-20.11.18 500 000.00 593 645.00 0.88EUR ENEL-SOCIETA PER AZIONI 4.12500% 04-20.05.11 500 000.00 519 067.00 0.77EUR FORTUM CORP 4.62500% 09-20.03.14 500 000.00 526 930.00 0.78EUR FRANCE TELECOM SA 3.62500% 05-14.10.15 900 000.00 909 651.60 1.34EUR FRANCE TELECOM SA 7.25000% 03-28.01.13 500 000.00 568 914.00 0.84EUR GDF SUEZ 5.62500% 09-18.01.16 500 000.00 554 520.00 0.82EUR GDF SUEZ 6.87500% 08-24.01.19 400 000.00 481 172.00 0.71EUR GE CAPITAL EUROPEAN FUNDING 3.50000% 06-14.02.13 500 000.00 503 380.00 0.74EUR GE CAPITAL EUROPEAN FUNDING 5.25000% 08-18.05.15 500 000.00 518 867.23 0.77EUR GE CAPITAL EUROPEAN FUNDING 5.75000% 08-23.09.11 500 000.00 524 610.00 0.78EUR GLAXOSMITHKLINE CAPITAL PLC 5.12500% 07-13.12.12 500 000.00 537 470.00 0.79EUR GOLDMAN SACHS GROUP INC 5.37500% 08-15.02.13 1 000 000.00 1 046 240.00 1.55EUR GOLDMAN SACHS GROUP INC 6.37500% 08-02.05.18 500 000.00 540 935.00 0.80EUR HOLCIM FINANCE SA 4.37500% 04-09.12.14 500 000.00 510 599.50 0.75EUR HSBC FRANCE 4.87500% 09-15.01.14 500 000.00 529 260.00 0.78EUR IFIL INVESTMENTS SPA 5.37500% 07-12.06.17 500 000.00 457 302.51 0.68EUR IMPERIAL TOBACCO FINANCE PLC 8.37500% 09-17.02.16 500 000.00 584 625.00 0.86EUR ING GROEP NV 5.62500% 08-03.09.13 500 000.00 536 315.26 0.79EUR INTESA SANPAOLO SPA 5.00000% 08-28.04.11 500 000.00 519 485.00 0.77EUR JPMORGAN CHASE & CO 6.00000% 08-01.08.11 1 000 000.00 1 065 830.00 1.58EUR JPMORGAN CHASE & CO-REG-S 5.25000% 07-14.01.15 500 000.00 533 456.35 0.79EUR KINGFISHER PLC 4.50000% 03-21.10.10 500 000.00 509 440.20 0.75EUR KONINKLIJKE KPN NV 5.00000% 07-13.11.12 500 000.00 529 093.54 0.78EUR MERRILL LYNCH & CO INC 4.87500% 07-30.05.14 500 000.00 491 354.50 0.73EUR MORGAN STANLEY 6.50000% 08-15.04.11 800 000.00 837 319.28 1.24EUR NATIONAL AUSTRALIA BANK LTD 4.87500% 08-21.01.13 500 000.00 525 410.00 0.78EUR NOKIA CORP 5.50000% 09-04.02.14 500 000.00 538 035.00 0.80EUR PHILIP MORRIS INTERNATIONAL INC 5.87500% 08-04.09.15 500 000.00 553 225.87 0.82EUR PROCTER & GAMBLE CO 4.50000% 07-12.05.14 400 000.00 424 830.40 0.63EUR RABOBANK NEDERLAND NV 4.37500% 06-07.06.21 500 000.00 499 787.40 0.74EUR RABOBANK NEDERLAND NV 4.37500% 09-22.01.14 1 000 000.00 1 046 780.00 1.55EUR ROCHE HOLDINGS INC 6.50000% 09-04.03.21 500 000.00 593 285.00 0.88EUR RWE FINANCE BV 5.75000% 08-20.11.13 400 000.00 440 800.00 0.65EUR RWE FINANCE BV 6.62500% 08-31.01.19 500 000.00 586 275.00 0.87EUR SANTANDER INTERNATIONAL DEBT SA 5.12500% 08-11.04.11 500 000.00 522 150.00 0.77EUR SHELL INTERNATIONAL FINANCE BV 4.50000% 09-09.02.16 500 000.00 526 735.00 0.78EUR SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 4.12500% 09-20.02.13 1 000 000.00 1 041 400.00 1.54






EUR SOCIETE GENERALE 5.12500% 08-19.12.13 500 000.00 534 878.43 0.79EUR SOCIETE GENERALE 5.25000% 08-28.03.13 500 000.00 535 877.24 0.79EUR SODEXO 6.25000% 09-30.01.15 500 000.00 554 100.00 0.82EUR SYNGENTA FINANCE NV 4.00000% 09-30.06.14 250 000.00 257 585.00 0.38EUR TELECOM ITALIA FINANCE SA 6.87500% 03-24.01.13 500 000.00 552 332.50 0.82EUR TELECOM ITALIA FINANCE STEP-UP-DOWN 01-20.04.11 1 000 000.00 1 082 237.00 1.57EUR TELEFONICA EMISIONES SA 4.37500% 06-02.02.16 400 000.00 409 984.80 0.61EUR TELSTRA CORP LTD 4.75000% 04-15.07.14 400 000.00 419 288.80 0.62EUR TESCO PLC 5.87500% 08-12.09.16 500 000.00 555 644.00 0.82EUR THAMES WATER UTILITIES CAYMAN FINANCE 6.12500% 09-04.02.13 500 000.00 533 360.00 0.79EUR TOTAL CAPITAL 4.87500% 09-28.01.19 500 000.00 535 592.00 0.79EUR TOYOTA MOTOR CREDIT CORP 5.25000% 09-03.02.12 500 000.00 531 455.00 0.79EUR TOYOTA MOTOR CREDIT CORP-REG-S 6.62500% 09-03.02.16 400 000.00 463 432.00 0.68EUR UBS AG LONDON BRANCH 6.00000% 08-18.04.18 300 000.00 320 006.70 0.47EUR UBS AG LONDON BRANCH 6.25000% 08-03.09.13 500 000.00 541 167.50 0.80EUR UNICREDIT SPA 4.12500% 09-27.04.12 500 000.00 514 465.00 0.76EUR UNICREDITO ITALIANO SPA 5.12500% 09-14.01.14 500 000.00 533 465.00 0.79EUR UNILEVER NV 4.62500% 07-14.11.12 500 000.00 532 624.90 0.79EUR VATTENFALL AB 5.25000% 09-17.03.16 500 000.00 539 215.00 0.80EUR VEOLIA ENVIRONNEMENT 5.87500% 02-01.02.12 300 000.00 322 116.00 0.48EUR VODAFONE GROUP PLC 6.87500% 08-04.12.13 500 000.00 571 695.00 0.84EUR VOLKSWAGEN BANK GMBH 5.75000% 08-18.06.10 400 000.00 411 992.00 0.61EUR WACHOVIA BANK NA 6.00000% 08-23.05.13 500 000.00 534 440.00 0.79EUR WELLS FARGO & CO 4.00000% 06-17.05.11 500 000.00 512 039.50 0.76EUR WESTPAC BANKING CORP 4.25000% 07-25.01.12 500 000.00 514 256.08 0.76EUR XSTRATA FINANCE CANADA LTD 4.87500% 07-14.06.12 500 000.00 508 750.00 0.75EUR ZURICH FINANCE (USA) INC 4.50000% 04-17.09.14 1 000 000.00 1 037 935.00 1.53

Total EUR 53 714 606.26 79.37


Bonds, fixed rate

EUR

EUR AIR LIQUIDE SA 4.37500% 09-03.06.15 400 000.00 413 500.00 0.61EUR AKZO NOBEL SWEDEN FINANCE AB 7.75000% 08-31.01.14 600 000.00 686 928.00 1.01EUR BASF SE 4.50000% 06-29.06.16 500 000.00 527 221.50 0.78EUR DEUTSCHE LUFTHANSA AG 4.62500% 06-06.05.13 500 000.00 512 479.16 0.76EUR DEUTSCHE POST FINANCE BV 4.87500% 03-30.01.14 500 000.00 522 120.00 0.77EUR EWE AG 5.25000% 09-16.07.21 500 000.00 513 655.00 0.76EUR INTERNATIONAL BUSINESS MACHINES CORP 4.00000% 06-11.11.11 500 000.00 518 865.50 0.77EUR KONINKLIJKE KPN NV 6.50000% 08-15.01.16 400 000.00 450 280.00 0.67EUR ROYAL BANK OF CANADA 5.75000% 08-25.07.11 500 000.00 533 970.00 0.79EUR VERIZON WIRELESS CAPITAL LLC 8.75000% 08-18.12.15 500 000.00 629 620.00 0.93

Total EUR 5 308 639.16 7.85



EUR

EUR LLOYDS TSB BANK PLC-SUB 5.625%/3M LIBOR+203BP 08-05.03.18 500 000.00 472 870.00 0.70

Total EUR 472 870.00 0.70

Total Bonds, floating rate 472 870.00 0.70




EUR

EUR RABOBANK NEDERLAND NV 4.75000% 08-15.01.18 500 000.00 526 616.79 0.78

Total EUR 526 616.79 0.78

Total Medium term notes, fixed rate 526 616.79 0.78

Bonds, fixed rate

EUR

EUR BANCO SANTANDER SA 4.50000% 04-29.07.16 500 000.00 525 671.00 0.78

Total EUR 525 671.00 0.78

Total Bonds, fixed rate 525 671.00 0.78







Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market


EUR

EUR TOYOTA MOTOR CREDIT CORP 5.37500% 08-29.07.11 500 000.00 529 450.00 0.78

Total EUR 529 450.00 0.78

Total Medium term notes, fixed rate 529 450.00 0.78

Bonds, fixed rate

USD

USD FRANCE TELECOM SA 4.37500% 09-08.07.14 1 000 000.00 727 695.90 1.08

Total USD 727 695.90 1.08


Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 1 257 145.90 1.86


Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 717 875.09 USD 1 000 000.00 7.10.2009 20 939.78 0.03CHF 52 450 000.00 EUR 34 375 409.62 6.11.2009 235 313.08 0.35

Total Forward Foreign Exchange contracts (Purchase/Sale) 256 252.86 0.38

Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 974 895.36 2.92Bank overdraft and other short-term liabilities –1.53 0.00Other assets and liabilities 1 640 767.31 2.43

Total net assets 67 657 634.21 100.00





Equity Biomedical


Performance

Currency 2008/2009 2007/2008 2006/2007Class R1 EUR –10.2% –9.6% 3.4%Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Equity Biomedical

Annual Report as of 31 August 2009Equity Biomedical


Geographical Breakdown as a % of net assetsUnited States 80.01Switzerland 15.78Jersey 1.11Germany 0.82Australia 0.58Denmark 0.33Total 98.63

Economic Breakdown as a % of net assetsBiotechnology 70.73Pharmaceuticals, cosmetics & medical products 21.73Finance & holding companies 4.68Electronics & semiconductors 0.88Banks & credit institutions 0.41Food & soft drinks 0.20Total 98.63


The reporting year, from 1 September 2008 to 31 August 2009, was marked by the impact of the financial and economic crisis on the capital markets. Healthcare stocks outperformed the broader equity market over the past few months due to their rather defensive character, but they also remained stuck in negative territory. Smaller biotech stocks had particular difficulties with financing problems. Medtech names, which tend to operate in cyclical areas, also suffered significant price falls last autumn, although they were able to recover strongly this year.

Biotechnology large caps proved to be a comparatively safe haven during the turbulent times on the stock markets. Examples included Amgen, which benefited from good Phase III trial data on Denosumab, its osteoporosis drug, while Gilead proved to be a solid stock in the infectious diseases area and Genentech benefited from its takeover by Roche. Diagnostic and instrument manufacturers such as Qiagen and Life Technologies received a dual boost this year: at the beginning of the year, these stocks benefited from the US stimulus package, and it also looks as though they are set to be winners in the planned reform of the US healthcare system.

The subfund currently invests just under 80% in the biotech segment. We intend to maintain this high biotech weight- ing. We remain selective when it comes to medtech and specialty pharma stocks.

In light of President Obama’s announced healthcare reform, we continue to see high potential for a variety of mid-sized and smaller biotech names and therefore continue to have high weightings in this area. Should market sentiment turn negative again, we will increase our investment in large caps.




Assets 31.8.2009Investments in securities, cost 25 334 621.98Investments in securities, unrealized appreciation (depreciation) 552 261.89

Total investments in securities (Note 1) 25 886 883.87Cash at banks, deposits on demand and deposit accounts 637 576.00Receivable on securities sales (Note 1) 283 214.19Receivable on subscriptions 1 217.91Interest receivable on liquid assets 10.00Total Assets 26 808 901.97

LiabilitiesInterest payable on bank overdraft –66.05Payable on securities purchases (Note 1) –480 122.64Provisions for Investment Advisory fees (Note 2) –66 857.79Provisions for custodian bank fees (Note 2) –206.62Provisions for taxe d’abonnement (Note 3) –2 210.90Provisions for audit fees, legal and economic advice (Note 2) –11 897.85Provisions for other commissions and fees (Note 2) –2 103.09




Income 1.9.2008–31.8.2009Interest on liquid assets 15 949.66Dividends 25 713.44Income on securities lending (Note 4) 73.52Total income 41 736.62

ExpensesInvestment Advisory fees (Note 2) –360 818.91Performance fee (Note 2) –1 975.84Custodian bank fees (Note 2) –6 626.94Taxe d’abonnement (Note 3) –11 684.73Government fees (Note 2) –5 999.04Audit fees, legal and economic advice (Note 2) –12 175.17Publications, printing costs and publicity (Note 2) –8 728.64Other expenses –990.49Other commissions and fees (Note 2) –17 782.11Interest on cash liquidity and bank overdraft –12 724.27Total expenses –439 506.14

Net income (loss) on investments –397 769.52

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –10 345 233.06Realized gain (loss) on forward foreign exchange contracts –537 085.95

Total realized gain (loss) on investments –10 882 319.01Realized gain (loss) on foreign exchange –82 634.85Other realized gain (loss) –7.32Total realized gain (loss) –10 964 961.18


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 3 956 734.89Unrealized appreciation (depreciation) on forward foreign exchange contracts 145 458.00Total changes in unrealized appreciation (depreciation) 4 102 192.89





1.9.2008–31.8.2009Net assets at the beginning of the financial year 32 552 092.00Subscriptions 953 882.84

Total net subscriptions (redemptions) 953 882.84Net income (loss) on investments –397 769.52Total realized gain (loss) –10 964 961.18Total changes in unrealized appreciation (depreciation) 4 102 192.89

Net increase (decrease) in net assets as a result of operations –7 260 537.81Net assets at the end of the financial year 26 245 437.03










Bearer shares

Australia

AUD BIONOMICS LTD NPV 1 000 000.00 152 742.41 0.58

Total Australia 152 742.41 0.58

Denmark

DKK NEUROSEARCH A/S DKK20 5 000.00 85 646.47 0.33

Total Denmark 85 646.47 0.33

Germany

EUR GENEART AG NPV (BR) 18 577.00 136 540.95 0.52EUR MORPHOSYS ORD NPV 5 000.00 78 250.00 0.30

Total Germany 214 790.95 0.82

Jersey

GBP SHIRE ORD GBP0.05 25 000.00 290 457.72 1.11

Total Jersey 290 457.72 1.11

Switzerland

CHF NOBEL BIOCARE AG CHF0.40(REGD) 35 000.00 746 324.46 2.84

Total Switzerland 746 324.46 2.84

United States

USD ABBOTT LABS COM 11 000.00 346 698.72 1.32USD AFFYMETRIX INC COM 150 000.00 806 940.52 3.07USD ALEXION PHARMACEUTICALS INC COM 12 000.00 377 464.20 1.44USD AMGEN INC COM 20 000.00 832 584.23 3.17USD AMYLIN PHARMACEUTICALS INC COM 70 000.00 614 612.73 2.34USD BIOGEN IDEC INC COM 32 000.00 1 119 626.49 4.27USD BIOMARIN PHARMACEUTICAL INC COM 40 000.00 459 078.08 1.75USD CELERA CORP 180 000.00 820 319.85 3.13USD CELGENE CORP COM 28 000.00 1 017 915.75 3.88USD CEPHALON INC COM USD0.01 26 000.00 1 031 448.38 3.93USD EXELIXIS INC COM 200 000.00 793 003.73 3.02USD GEN-PROBE INC NEW COM 26 000.00 698 442.56 2.66USD GENZYME CORP COM USD0.01 36 000.00 1 397 554.09 5.32USD GILEAD SCIENCES INC COM 40 000.00 1 255 984.11 4.79USD HUMAN GENOME SCIENCES INC COM 175 000.00 2 412 111.07 9.19USD ILLUMINA INC COM 25 000.00 614 438.52 2.34USD INTERMUNE INC COM 75 000.00 793 352.15 3.02USD LIFE TECH CORP COM USD0.01 24 500.00 760 241.80 2.90USD MILLIPORE CORP COM 5 000.00 230 758.51 0.88USD MYRIAD GENETICS INC COM 50 000.00 1 065 119.68 4.06USD MYRIAD PHARMAC INC COM USD0.01 1 500.00 4 703.67 0.02USD ONYX PHARMACEUTICALS INC COM 28 000.00 625 734.29 2.38USD OSI PHARMACEUTICALS INC COM 35 000.00 815 093.55 3.11USD SCOLR PHARMA INC COM USD0.001 217 000.00 52 924.99 0.20CHF SYNTHES INC CHF0.001 7 000.00 571 859.00 2.18USD VERTEX PHARMACEUTICALS INC COM 40 000.00 1 042 751.12 3.97

Total United States 20 560 761.79 78.34

Total Bearer shares 22 050 723.80 84.02

Registered shares

Switzerland

CHF ACTELION CHF0.50(REGD) 7 000.00 282 006.34 1.07CHF BASILEA PHARMACEUT CHF1(REGD) 9 000.00 553 364.08 2.11CHF CYTOS BIOTECH AG CHF0.10 14 000.00 171 234.62 0.65CHF SONOVA HOLDING AG 6 000.00 400 756.26 1.53CHF TECAN GROUP AG CHF0.10(REGD) 15 962.00 599 904.03 2.28CHF YPSOMED HOLDING AG CHF14.4 (REGD) 12 000.00 552 671.76 2.11

Total Switzerland 2 559 937.09 9.75

Total Registered shares 2 559 937.09 9.75

Certificates on baskets

United States

USD CITIGROUP GL MKT/CHINA HEALTHCARE BASKET BSKC 09-09.07.10 5 057.00 365 536.12 1.39

Total United States 365 536.12 1.39

Total Certificates on baskets 365 536.12 1.39








Registered shares

United States

GBP AOI MEDICAL INC COM STK USD0.0001 'REGS' 107 750.00 76 482.94 0.29


Total Registered shares 76 482.94 0.29

Total Transferable securities and money market instruments traded on another regulated market 76 482.94 0.29


Warrants on indices

Switzerland

USD GOLDMAN SACHS/AMEX BIOTEC IND CALL WTS 750.00000 09-25.08.10 760 000.00 450 158.53 1.72USD GS/NASDAQ BIOTECH INDEX 650.00000 CALL WARRANT 09-12.08.10 500 000.00 275 251.73 1.05


Total Warrants on indices 725 410.26 2.77

Warrants on shares

Switzerland

CHF BK VONTOBEL/NOBEL BIOCARE PUT WARRANT 24.00000 09-18.09.09 100 000.00 659.36 0.00CHF ZUERCHER KB/SONOVA CALL WARRANT 78.00000 19.03.10 200 000.00 55 385.86 0.21CHF ZUERCHER KB/SYNTHES CALL WARRANT 125.00000 18.12.09 500 000.00 52 748.44 0.20


Total Warrants on shares 108 793.66 0.41

Total Derivative instruments listed on an official stock exchange 834 203.92 3.18


Cash at banks, deposits on demand and deposit accounts and other liquid assets 637 576.00 2.43Other assets and liabilities –279 022.84 –1.06

Total net assets 26 245 437.03 100.00





Equity Euro Zone


Performance



Equity Euro Zone

Annual Report as of 31 August 2009Equity Euro Zone


Geographical Breakdown as a % of net assetsFrance 30.34Germany 22.31Spain 13.41Italy 10.23Netherlands 8.23Finland 3.42Belgium 3.25Portugal 3.11Luxembourg 0.95Greece 0.64Ireland 0.56Austria 0.30Total 96.75

Economic Breakdown as a % of net assetsBanks & credit institutions 17.17Telecommunications 11.93Energy & water supply 11.03Petroleum 7.94Insurance 5.61Pharmaceuticals, cosmetics & medical products 4.55Chemicals 4.53Food & soft drinks 3.48Vehicles 3.26Building industry & materials 3.21Retail trade, department stores 2.74Finance & holding companies 2.18Various capital goods 2.10Traffic & transportation 1.82Electrical devices & components 1.73Textiles, garments & leather goods 1.56Miscellaneous consumer goods 1.53Tobacco & alcohol 1.49Internet, software & IT services 1.46Mining, coal & steel 1.36Miscellaneous services 1.34Real Estate 0.99Electronics & semiconductors 0.83Graphic design, publishing & media 0.80Investment funds & pension foundations 0.49Issuance Centres 0.45Rubber & tyres 0.42Aerospace industry 0.41Mechanical engineering & industrial equipment 0.17Biotechnology 0.17Total 96.75


Since the beginning of 2009, sentiment on the financial markets has picked up after having witnessed an unprec- edented collapse prompted by investor concerns about the world economy suffering a widespread recession, and, in some cases, even a depression.

The doomsday scenario of the global economy sinking into depression has not been materialised. While the global economy did move into recession, indicators are now increasingly pointing to an improvement in economic conditions. The markets have recovered on the back of an encouraging outlook and higher-risk assets have posted exceptional performance since hitting their lows in March, with risk premiums now falling back from precipitously high levels.

During the period, as market sentiment became more upbeat, we shifted our asset allocation, favouring higher- risk assets given the changing economic and financial conditions.

We are sticking to our scenario of an ongoing economic recovery in 2010 and 2011, coupled with a further rise on the financial markets and a narrowing in credit spreads, even though such a trend is likely to be less smooth from now on.

From a macroeconomic perspective, this scenario involves a return to non-inflationary growth in the developed nations (United States, Europe, Japan) from the third quarter of 2009. However, this growth is set to remain weaker on an annualised basis than in recent years as higher unemploy- ment across all regions coupled with lower credit capacity weighs on consumer spending.

We are therefore maintaining our allocation to high-risk assets, particularly private-sector bonds, and are gradually reweighting our equity exposure.





Total investments in securities (Note 1) 75 465 330.62Cash at banks, deposits on demand and deposit accounts 2 541 432.70Receivable on subscriptions 3 822.91Interest receivable on liquid assets 70.45Receivable on dividends 40 123.24Other receivables 93 997.22Unrealized gain (loss) on financial futures (Note 1) 100 530.00Total Assets 78 245 307.14

LiabilitiesInterest payable on bank overdraft –73.63Payable on redemptions –18 432.98Provisions for Investment Advisory fees (Note 2) –192 205.49Provisions for custodian bank fees (Note 2) –617.62Provisions for taxe d’abonnement (Note 3) –6 570.81Provisions for audit fees, legal and economic advice (Note 2) –22 304.99Provisions for other commissions and fees (Note 2) –3 443.90




Income 1.9.2008–31.8.2009Interest on liquid assets 69 494.40Dividends 2 496 861.83Income on securities lending (Note 4) 23 115.11Total income 2 589 471.34

ExpensesInvestment Advisory fees (Note 2) –1 004 590.57Custodian bank fees (Note 2) 259.14Taxe d’abonnement (Note 3) –33 013.38Government fees (Note 2) –7 601.87Audit fees, legal and economic advice (Note 2) –47 443.48Publications, printing costs and publicity (Note 2) –8 578.61Other expenses –990.49Other commissions and fees (Note 2) –29 932.87Interest on cash liquidity and bank overdraft –9 730.02Total expenses –1 141 622.15


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –20 892 408.08Realized gain (loss) on financial futures –1 376 621.00Realized gain (loss) on forward foreign exchange contracts 364 639.16

Total realized gain (loss) on investments –21 904 389.92Realized gain (loss) on foreign exchange –671.15Total realized gain (loss) –21 905 061.07


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 3 030 730.23Unrealized appreciation (depreciation) on financial futures 95 710.00Unrealized appreciation (depreciation) on forward foreign exchange contracts –30 683.00Total changes in unrealized appreciation (depreciation) 3 095 757.23





1.9.2008–31.8.2009Net assets at the beginning of the financial year 86 538 016.00Subscriptions 8 825 096.37

Total net subscriptions (redemptions) 8 825 096.37Net income (loss) on investments 1 447 849.19Total realized gain (loss) –21 905 061.07Total changes in unrealized appreciation (depreciation) 3 095 757.23



1.9.2008–31.8.2009Class RNumber of shares outstanding at the beginning of the financial year 821 198.0000Number of shares issued 90 035.9970Number of shares redeemed –24 798.2330Number of shares outstanding at the end of the financial year 886 435.7640








Bearer shares

Austria

EUR ERSTE GROUP BK AG NPV 8 016.00 236 952.96 0.30

Total Austria 236 952.96 0.30

Belgium

EUR ANHEUSER-BUSCH INBEV 24 603.00 740 919.35 0.95EUR BELGACOM SA NPV 14 443.00 377 828.88 0.48EUR COLRUYT SA NPV 2 385.00 381 600.00 0.49EUR COMPAGNIE NATIONALE A PORTEFEUILLE SA 7 221.00 261 436.31 0.34EUR GPE BRUXELLES LAM NPV 6 427.00 392 496.89 0.50EUR MOBISTAR NPV 8 433.00 378 641.70 0.49

Total Belgium 2 532 923.13 3.25

Finland

EUR ELISA CORPORATION EUR0.50 29 401.00 404 557.76 0.52EUR FORTUM OYJ EUR3.40 21 004.00 382 692.88 0.49EUR NOKIA OYJ EUR0.06 127 144.00 1 233 296.80 1.58EUR ORION CORP SER'B'NPV 30 243.00 358 379.55 0.46EUR SAMPO OYJ SER'A'NPV 17 421.00 290 930.70 0.37

Total Finland 2 669 857.69 3.42

France

EUR AIR LIQUIDE(L') EUR5.5 (POST-SUBDIVISION) 10 114.00 752 987.30 0.97EUR ALSTOM EUR14 (POST-CONSOLIDATION) 8 622.00 422 521.11 0.54EUR AUTOROUTES PARIS-R EUR0.30 7 250.00 377 290.00 0.48EUR AXA EUR2.29 51 022.00 810 229.36 1.04EUR BIC EUR3.82 8 113.00 347 642.05 0.45EUR BIOMERIEUX NPV 3 491.00 237 527.64 0.30EUR BNP PARIBAS EUR2 27 428.00 1 540 630.76 1.98EUR BOUYGUES EUR1 9 546.00 330 434.79 0.42EUR CARREFOUR EUR2.50 22 493.00 738 782.59 0.95EUR CIE DE ST-GOBAIN EUR4 14 730.00 462 374.70 0.59EUR CREDIT AGRICOLE SA EUR3 34 819.00 449 861.48 0.58EUR DANONE EUR0.25 (POST SUBDIVISION) 30 474.00 1 155 878.82 1.48EUR DASSAULT SYSTEMES EUR1 1 273.00 45 382.45 0.06EUR ESSILOR INTL EUR0.18 2 069.00 77 939.23 0.10EUR EUTELSAT COMMUNICA EUR1 19 683.00 367 087.95 0.47EUR FRANCE TELECOM EUR4 81 805.00 1 451 220.70 1.86EUR GDF SUEZ EUR1 (POST MERGER) 43 559.00 1 280 199.01 1.64EUR HERMES INTL NPV 1 986.00 205 253.10 0.26EUR IPSEN EUR1 1 751.00 60 409.50 0.08EUR L'OREAL EUR0.20 7 991.00 548 821.88 0.70EUR LAFARGE EUR4 7 299.00 432 903.69 0.55EUR LVMH MOET HENNESSY EUR0.30 8 801.00 586 938.69 0.75EUR METROPOLE TV-(M6) EUR0.40 3 276.00 51 859.08 0.07EUR NEOPOST EUR1 6 002.00 345 115.00 0.44EUR PERNOD RICARD NPV 7 770.00 422 454.90 0.54EUR PPR EUR4 3 001.00 243 111.01 0.31EUR SANOFI-AVENTIS EUR2 36 737.00 1 738 394.84 2.23EUR SCHNEIDER ELECTRIC EUR8 9 061.00 582 622.30 0.75EUR SCOR SE EUR7.876972 (POST CONS) 19 205.00 352 507.78 0.45EUR SOC GENERALE EUR1.25 15 902.00 893 851.42 1.15EUR SODEXO EUR4 1 463.00 58 783.34 0.08EUR THALES EUR3 2 721.00 87 072.00 0.11EUR TOTAL EUR2.5 (POST SUBDIVISION) 78 444.00 3 135 406.68 4.03EUR UNIBAIL-RODAMCO EUR5 5 611.00 774 037.45 0.99EUR VEOLIA ENVIRONNEME EUR5 16 165.00 390 061.45 0.50EUR VINCI EUR2.50 (POST SUBDIVISION) 17 788.00 665 715.90 0.85EUR VIVENDI SA EUR5.50 45 746.00 908 973.02 1.17

Total France 23 332 282.97 29.92

Germany

EUR BASF SE NPV 33 919.00 1 234 312.41 1.58EUR BAYER AG ORD NPV 27 521.00 1 178 724.43 1.51EUR BAYERISCHE MOTOREN WERKE AG EUR1 12 970.00 412 121.75 0.53EUR BEIERSDORF AG NPV 10 472.00 370 708.80 0.48EUR FRESENIUS MED CARE NPV 20 307.00 636 421.38 0.82EUR MERCK KGAA NPV 1 119.00 70 776.75 0.09EUR RWE AG (NEU) NPV 17 268.00 1 115 512.80 1.43EUR SAP AG ORD NPV 27 343.00 931 302.58 1.19EUR SUEDZUCKER AG NPV 25 109.00 341 482.40 0.44EUR THYSSENKRUPP AG NPV 13 237.00 313 716.90 0.40EUR VOLKSWAGEN AG ORD NPV 4 512.00 609 345.60 0.78

Total Germany 7 214 425.80 9.25

Ireland

EUR CRH ORD EUR0.32(DUBLIN LISTING) 24 315.00 435 238.50 0.56

Total Ireland 435 238.50 0.56






Italy

EUR ACEA SPA EUR5.16 30 340.00 258 041.70 0.33EUR ASSIC GENERALI SPA EUR1 29 375.00 510 243.75 0.65EUR BCA CARIGE SPA EUR1 97 595.00 205 925.45 0.26EUR ENEL EUR1 289 205.00 1 188 632.55 1.52EUR ENI SPA EUR1 102 149.00 1 689 544.46 2.17EUR FIAT SPA EUR5 30 523.00 252 119.98 0.32EUR INTESA SANPAOLO 269 088.00 813 318.48 1.04EUR MEDIOBANCA SPA EUR0.5 27 006.00 258 447.42 0.33EUR SNAM RETE GAS EUR1 119 397.00 386 846.28 0.50EUR TELECOM ITALIA SPA DI RISP EUR0.55 589 395.00 465 622.05 0.60EUR TERNA SPA ORD EUR0.22 149 277.00 383 641.89 0.49EUR UBI BANCA EUR2.50 34 524.00 363 882.96 0.47EUR UNICREDIT EUR0.50 474 073.00 1 198 219.51 1.54

Total Italy 7 974 486.48 10.22

Netherlands

EUR AEGON NV 58 436.00 306 964.31 0.39EUR AHOLD(KON)NV EUR0.30 49 730.00 406 343.83 0.52EUR AKZO NOBEL NV EUR2 9 233.00 364 749.67 0.47EUR CORIO NV EUR10 8 904.00 379 800.13 0.49EUR EADS(EURO AERO DEF EUR1 16 055.00 232 155.30 0.30EUR KON KPN NV EUR0.24 93 999.00 1 006 729.29 1.29EUR PHILIPS ELEC(KON) EUR0.20 40 882.00 644 300.32 0.83EUR REED ELSEVIER ORD EUR0.07 84 455.00 624 038.00 0.80EUR SBM OFFSHORE NV EUR0.25 (POST SUBDIVISION) 3 331.00 48 299.50 0.06EUR TNT NV EUR0.48 15 098.00 259 836.58 0.33

Total Netherlands 4 273 216.93 5.48

Portugal

EUR GALP ENERGIA EUR1-B 38 984.00 393 738.40 0.51EUR JERONIMO MARTINS EUR5 67 709.00 368 404.67 0.47

Total Portugal 762 143.07 0.98

Spain

EUR GRIFOLS SA EUR0.5 7 042.00 86 370.13 0.11EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 138 659.00 895 737.14 1.15EUR INDRA SISTEMAS SA EUR0.20 SER 'A' 9 806.00 162 289.30 0.21EUR RED ELECTRICA CORPORACION EUR2 11 150.00 364 605.00 0.47EUR REPSOL YPF SA EUR1 31 248.00 540 590.40 0.69EUR TELEFONICA SA EUR1 132 807.00 2 336 075.13 2.99EUR ZARDOYA-OTIS EUR0.10 8 707.00 132 694.68 0.17

Total Spain 4 518 361.78 5.79


Other shares

Netherlands

EUR ING GROEP NV CVA EUR0.24 76 240.00 803 950.80 1.03EUR UNILEVER NV CVA EUR0.16 62 300.00 1 214 538.50 1.56


Total Other shares 2 018 489.30 2.59

Preference shares

Germany

EUR HENKEL AG&CO. KGAA NON-VTG PRF NPV 10 693.00 294 699.08 0.37EUR VOLKSWAGEN AG NON VTG PRF NPV 4 003.00 262 076.41 0.34


Total Preference shares 556 775.49 0.71

Registered shares

France

EUR MICHELIN (CGDE) EUR2(REGD) 6 171.00 323 915.79 0.42

Total France 323 915.79 0.42

Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 15 050.00 1 213 331.00 1.56EUR DAIMLER AG ORD NPV(REGD) 32 042.00 1 010 284.26 1.30EUR DEUTSCHE BANK AG NPV(REGD) 17 977.00 851 210.95 1.09EUR DEUTSCHE BOERSE AG NPV(REGD) 7 197.00 383 240.25 0.49EUR DEUTSCHE POST AG NPV(REGD) 34 674.00 417 301.59 0.53EUR DEUTSCHE TELEKOM NPV(REGD) 100 000.00 927 500.00 1.19EUR E.ON AG NPV 65 880.00 1 944 118.80 2.49EUR HANNOVER RUECKVERS ORD NPV(REGD) 12 672.00 389 030.40 0.50EUR MUENCHENER RUECKVE NPV(REGD) 8 226.00 855 750.78 1.10EUR SIEMENS AG NPV(REGD) 27 130.00 1 640 008.50 2.10

Total Germany 9 631 776.53 12.35






Greece

EUR NATL BK OF GREECE EUR5.00(REGD) 23 001.00 502 571.85 0.64

Total Greece 502 571.85 0.64

Luxembourg

EUR ARCELORMITTAL NPV 29 813.00 744 430.61 0.95

Total Luxembourg 744 430.61 0.95

Netherlands

EUR QIAGEN NV COM EUR0.01 9 095.00 130 331.35 0.17

Total Netherlands 130 331.35 0.17

Portugal

EUR BRISA(AUTO-ESTRADA EUR1(PRIVATIZED) 59 265.00 366 257.70 0.47EUR CIMPOR CIMENTOS DE EUR1(REGD) 34 656.00 177 092.16 0.23EUR EDP ENERGIAS PORTU EUR1(REGD) 130 319.00 392 911.79 0.50EUR PORTUGAL TCOM SGPS EUR0.03 100 888.00 727 402.48 0.93

Total Portugal 1 663 664.13 2.13

Spain

EUR BANCO DE SABADELL SA EUR0.125(REGD) 45 387.00 238 735.62 0.31EUR BANCO SANTANDER SA EUR0.50(REGD) 273 911.00 2 940 434.59 3.78EUR BANKINTER SA 44 683.00 414 211.41 0.53EUR BBVA(BILB-VIZ-ARG) EUR0.49 124 883.00 1 547 300.37 1.98EUR BCO DE VALENCIA EUR0.25 54 027.00 378 189.00 0.48EUR INDITEX EUR0.15 11 141.00 422 912.36 0.54

Total Spain 5 941 783.35 7.62




Other securities and rights

Belgium

EUR FORTIS BANQUE SA RIGHTS PRP 87 072.00 0.87 0.00

Total Belgium 0.87 0.00

Total Other securities and rights 0.87 0.00

Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 0.87 0.00


Warrants on shares

Italy

EUR UBI BANCA SCPA CALL WARRANT 12.30000 09-30.06.11 24 596.00 1 702.04 0.00

Total Italy 1 702.04 0.00

Total Warrants on shares 1 702.04 0.00





Financial Futures on Indices

EUR DJ EURO STOXX 50 INDEX FUTURE 18.09.09 97.00 100 530.00 0.13

Total Financial Futures on Indices 100 530.00 0.13


Total Derivative instruments 100 530.00 0.13






Cash at banks, deposits on demand and deposit accounts and other liquid assets 2 541 432.70 3.26Other assets and liabilities –105 635.60 –0.14

Total net assets 78 001 657.72 100.00




Date ISIN 31.8.2009 31.8.2008Net assets in EUR 12 893 677.33 15 735 949.00Class I1 LU0367319232Shares outstanding 1 414.0000 1 400.0000Net asset value per share in EUR 8 463.60 10 345.92Class R1 LU0367320834Shares outstanding 11 029.0000 12 100.0000Net asset value per share in EUR 83.97 103.44

1 Initial subscription: 8.7.2008

Equity Europe


Performance

Currency 2008/2009 2007/2008 2006/2007Class I1 EUR –18.2% 3.5% –Class R1 EUR –18.8% 3.4% –Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Equity Europe

Annual Report as of 31 August 2009Equity Europe


Geographical Breakdown as a % of net assetsFrance 34.27Germany 21.63Spain 11.75Italy 9.74Netherlands 4.41Belgium 2.78United Kingdom 2.72Finland 1.98Luxembourg 1.57Switzerland 1.50Portugal 1.10Austria 0.51United States 0.43Total 94.39

Economic Breakdown as a % of net assetsBanks & credit institutions 18.90Telecommunications 11.31Energy & water supply 10.44Insurance 8.89Petroleum 8.61Pharmaceuticals, cosmetics & medical products 4.33Chemicals 3.14Vehicles 2.99Building industry & materials 2.67Retail trade, department stores 2.64Food & soft drinks 2.50Internet, software & IT services 2.50Mining, coal & steel 2.50Miscellaneous services 1.85Various capital goods 1.63Graphic design, publishing & media 1.44Traffic & transportation 1.42Finance & holding companies 1.22Electrical devices & components 1.13Miscellaneous consumer goods 0.95Electronics & semiconductors 0.73Aerospace industry 0.70Textiles, garments & leather goods 0.57Lodging, catering & leisure 0.55Tobacco & alcohol 0.46Biotechnology 0.32Total 94.39












Total investments in securities (Note 1) 12 171 282.85Cash at banks, deposits on demand and deposit accounts 635 161.16Interest receivable on liquid assets 34.36Receivable on dividends 7 693.53Other receivables 12 591.06Unrealized gain (loss) on financial futures (Note 1) 92 300.00Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 6 432.93Total Assets 12 925 495.89

LiabilitiesBank overdraft –94.44Interest payable on bank overdraft –0.02Provisions for Investment Advisory fees (Note 2) –18 816.25Provisions for custodian bank fees (Note 2) –101.40Provisions for taxe d’abonnement (Note 3) –279.65Provisions for audit fees, legal and economic advice (Note 2) –5 633.75Provisions for other commissions and fees (Note 2) –6 893.05




Income 1.9.2008–31.8.2009Interest on liquid assets 5 008.82Dividends 387 907.53Income on securities lending (Note 4) 2 176.66Total income 395 093.01

ExpensesInvestment Advisory fees (Note 2) –106 519.83Custodian bank fees (Note 2) –3 936.98Taxe d’abonnement (Note 3) –1 368.17Government fees (Note 2) –10 083.59Audit fees, legal and economic advice (Note 2) –12 623.53Publications, printing costs and publicity (Note 2) –5 795.26Amortization of formation expenses (Note 2) –986.99Other commissions and fees (Note 2) –26 869.35Interest on cash liquidity and bank overdraft –1 557.32Total expenses –169 741.02


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –317 409.23Realized gain (loss) on financial futures 18 346.00Realized gain (loss) on forward foreign exchange contracts 9 709.39

Total realized gain (loss) on investments –289 353.84Realized gain (loss) on foreign exchange –5 019.81Other realized gain (loss) –1 167.86Total realized gain (loss) –295 541.51


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –1 817 684.27Unrealized appreciation (depreciation) on financial futures 85 060.00Unrealized appreciation (depreciation) on forward foreign exchange contracts 6 432.93Total changes in unrealized appreciation (depreciation) –1 726 191.34






Total net subscriptions (redemptions) –1 045 890.81Net income (loss) on investments 225 351.99Total realized gain (loss) –295 541.51Total changes in unrealized appreciation (depreciation) –1 726 191.34



1.9.2008–31.8.2009Class INumber of shares outstanding at the beginning of the financial year 1 400.0000Number of shares issued 14.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 1 414.0000Class RNumber of shares outstanding at the beginning of the financial year 12 100.0000Number of shares issued 0.0000Number of shares redeemed –1 071.0000Number of shares outstanding at the end of the financial year 11 029.0000








Bearer shares

Austria

EUR OMV AG NPV(VAR) 2 411.00 66 254.28 0.51


Belgium

EUR BELGACOM SA NPV 2 025.00 52 974.00 0.41EUR COLRUYT SA NPV 294.00 47 040.00 0.36EUR DELHAIZE GROUP NPV 629.00 29 402.61 0.23EUR DEXIA NPV 4 792.00 28 593.86 0.22EUR FORTIS UNIT(FORTIS SA/NV NPV/0.42) 31 489.00 93 963.18 0.74EUR GPE BRUXELLES LAM NPV 915.00 55 879.05 0.43EUR MOBISTAR NPV 1 127.00 50 602.30 0.39

Total Belgium 358 455.00 2.78

Finland

EUR ELISA CORPORATION EUR0.50 3 226.00 44 389.76 0.34EUR NOKIA OYJ EUR0.06 21 808.00 211 537.60 1.64

Total Finland 255 927.36 1.98

France

EUR ACCOR EUR3 1 935.00 71 053.20 0.55EUR AIR FRANCE-KLM EUR8.50 4 831.00 51 426.00 0.40EUR AIR LIQUIDE(L') EUR5.5 (POST-SUBDIVISION) 1 122.00 83 532.90 0.65EUR ALSTOM EUR14 (POST-CONSOLIDATION) 864.00 42 340.32 0.33EUR AXA EUR2.29 13 707.00 217 667.16 1.69EUR BIC EUR3.82 1 209.00 51 805.65 0.40EUR BIOMERIEUX NPV 205.00 13 948.20 0.11EUR BNP PARIBAS EUR2 6 423.00 360 779.91 2.80EUR BOUYGUES EUR1 786.00 27 207.39 0.21EUR CAP GEMINI EUR8 3 624.00 122 273.76 0.95EUR CARREFOUR EUR2.50 3 547.00 116 501.22 0.90EUR CASINO GUICH-PERR EUR1.53 1 286.00 67 900.80 0.53EUR CIE DE ST-GOBAIN EUR4 1 298.00 40 744.22 0.32EUR CIE GEN GEO-VERIT EUR2 6 774.00 101 271.30 0.79EUR CREDIT AGRICOLE SA EUR3 10 188.00 131 628.96 1.02EUR DANONE EUR0.25 (POST SUBDIVISION) 2 528.00 95 887.04 0.74EUR DASSAULT SYSTEMES EUR1 703.00 25 061.95 0.19EUR EUTELSAT COMMUNICA EUR1 2 759.00 51 455.35 0.40EUR FRANCE TELECOM EUR4 12 409.00 220 135.66 1.71EUR GDF SUEZ EUR1 (POST MERGER) 7 506.00 220 601.34 1.71EUR IMERYS EUR2 630.00 23 026.50 0.18EUR L'OREAL EUR0.20 1 029.00 70 671.72 0.55EUR LEGRAND SA EUR4 1 778.00 30 439.36 0.24EUR LVMH MOET HENNESSY EUR0.30 1 109.00 73 959.21 0.57EUR METROPOLE TV-(M6) EUR0.40 3 174.00 50 244.42 0.39EUR NEOPOST EUR1 82.00 4 715.00 0.04EUR PERNOD RICARD NPV 1 092.00 59 372.04 0.46EUR PEUGEOT SA EUR1 4 348.00 87 807.86 0.68EUR PPR EUR4 720.00 58 327.20 0.45EUR PUBLICIS GROUPE SA EUR0.40 3 474.00 89 108.10 0.69EUR RENAULT SA EUR3.81 2 323.00 72 942.20 0.57EUR SANOFI-AVENTIS EUR2 7 416.00 350 925.12 2.72EUR SCHNEIDER ELECTRIC EUR8 1 061.00 68 222.30 0.53EUR SOC GENERALE EUR1.25 4 971.00 279 419.91 2.17EUR TECHNIP NPV 880.00 37 958.80 0.29EUR THALES EUR3 2 812.00 89 984.00 0.70EUR TOTAL EUR2.5 (POST SUBDIVISION) 12 038.00 481 158.86 3.71EUR VINCI EUR2.50 (POST SUBDIVISION) 4 518.00 169 086.15 1.31EUR VIVENDI SA EUR5.50 8 082.00 160 589.34 1.25

Total France 4 371 180.42 33.90

Germany

EUR BASF SE NPV 4 094.00 148 980.66 1.16EUR BAYER AG ORD NPV 3 901.00 167 079.83 1.30EUR BEIERSDORF AG NPV 1 505.00 53 277.00 0.41EUR FRAPORT AG NPV 739.00 26 027.58 0.20EUR FRESENIUS MED CARE NPV 1 685.00 52 807.90 0.41EUR RWE AG (NEU) NPV 1 769.00 114 277.40 0.89EUR SAP AG ORD NPV 3 831.00 130 483.86 1.01EUR SUEDZUCKER AG NPV 2 451.00 33 333.60 0.26EUR THYSSENKRUPP AG NPV 5 068.00 120 111.60 0.93EUR VOLKSWAGEN AG ORD NPV 766.00 103 448.30 0.80


Italy

EUR ASSIC GENERALI SPA EUR1 6 162.00 107 033.94 0.83EUR BCA CARIGE SPA EUR1 8 284.00 17 479.24 0.14EUR BCA MPS EUR0.67 6 493.00 9 518.74 0.07






EUR ENEL EUR1 58 302.00 239 621.22 1.86EUR ENI SPA EUR1 10 464.00 173 074.56 1.34EUR EXOR SPA NV EUR1 414.00 4 963.86 0.04EUR INTESA SANPAOLO 75 729.00 228 890.90 1.78EUR SAIPEM EUR1 1 659.00 30 973.53 0.24EUR SNAM RETE GAS EUR1 16 039.00 51 966.36 0.40EUR TELECOM ITALIA SPA EUR0.55 175 265.00 197 523.66 1.53EUR TERNA SPA ORD EUR0.22 19 469.00 50 035.33 0.39EUR UNICREDIT EUR0.50 57 321.00 144 878.83 1.12

Total Italy 1 255 960.17 9.74

Netherlands

EUR AEGON NV 20 744.00 108 968.23 0.85EUR KON KPN NV EUR0.24 5 673.00 60 757.83 0.47EUR PHILIPS ELEC(KON) EUR0.20 4 519.00 71 219.44 0.55EUR STMICROELECTRONICS EUR1.04 3 807.00 22 982.86 0.18


Portugal



Spain

EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 35 261.00 227 786.06 1.77EUR RED ELECTRICA CORPORACION EUR2 1 038.00 33 942.60 0.26EUR REPSOL YPF SA EUR1 8 902.00 154 004.60 1.19EUR TELEFONICA SA EUR1 23 691.00 416 724.69 3.24

Total Spain 832 457.95 6.46

United Kingdom

GBP ADMIRAL GROUP ORD GBP0.001 3 559.00 43 208.88 0.34GBP AMEC ORD GBP0.50 2 896.00 24 799.17 0.19GBP AUTONOMY CORP ORD GBP0.003333 2 995.00 44 252.87 0.34GBP BG GROUP ORD GBP0.10 1 216.00 14 045.00 0.11GBP CAPITA PLC ORD GBP0.02066666 3 530.00 27 321.71 0.21GBP REED ELSEVIER ORD GBP0.14 10 067.00 51 106.35 0.40GBP RSA INSURANCE GROUP PLC 34 204.00 50 732.62 0.39GBP TULLOW OIL ORD GBP0.10 2 902.00 35 496.08 0.28

Total United Kingdom 290 962.68 2.26

United States

CHF SYNTHES INC CHF0.001 675.00 55 143.55 0.43



Participation certificates

Switzerland

CHF LINDT & SPRUENGLI PTG CERT CHF10 26.00 38 572.30 0.30


Total Participation certificates 38 572.30 0.30

Other shares

Netherlands

EUR ING GROEP NV CVA EUR0.24 14 198.00 149 717.91 1.16EUR UNILEVER NV CVA EUR0.16 7 952.00 155 024.24 1.20


United Kingdom

GBP BERKELEY GP HLDGS UTS(COMP 1 ORD&3 NEW B SHS) 5 504.00 59 165.20 0.46


Total Other shares 363 907.35 2.82

Registered shares

France

EUR LAGARDERE SCA EUR6.10(REGD) 1 516.00 45 540.64 0.35

Total France 45 540.64 0.35

Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 3 457.00 278 703.34 2.16EUR CELESIO AG NPV(REGD) 1 663.00 31 580.37 0.24EUR DAIMLER AG ORD NPV(REGD) 3 863.00 121 800.39 0.94EUR DEUTSCHE BANK AG NPV(REGD) 5 674.00 268 663.90 2.08EUR DEUTSCHE BOERSE AG NPV(REGD) 843.00 44 889.75 0.35EUR DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK) 6 081.00 68 107.20 0.53EUR DEUTSCHE TELEKOM NPV(REGD) 12 780.00 118 534.50 0.92






EUR E.ON AG NPV 12 067.00 356 097.17 2.77EUR HANNOVER RUECKVERS ORD NPV(REGD) 4 047.00 124 242.90 0.96EUR MUENCHENER RUECKVE NPV(REGD) 2 078.00 216 174.34 1.68EUR SIEMENS AG NPV(REGD) 3 481.00 210 426.45 1.63

Total Germany 1 839 220.31 14.26

Luxembourg



Portugal

EUR BANCO COMERCIAL PORTUGUES SA 21 898.00 19 992.87 0.16EUR BCO ESPIRITO SANTO EUR3.00 7 813.00 35 861.67 0.28EUR BRISA(AUTO-ESTRADA EUR1(PRIVATIZED) 3 800.00 23 484.00 0.18EUR PORTUGAL TCOM SGPS EUR0.03 4 006.00 28 883.26 0.22


Spain

EUR BANCO DE SABADELL SA EUR0.125(REGD) 10 234.00 53 830.84 0.42EUR BANCO SANTANDER SA EUR0.50(REGD) 26 827.00 287 987.85 2.23EUR BANKINTER SA 6 093.00 56 482.11 0.44EUR BBVA(BILB-VIZ-ARG) EUR0.49 17 608.00 218 163.12 1.69EUR BCO DE VALENCIA EUR0.25 7 337.00 51 359.00 0.40EUR IBERIA LINEAS AERE EUR0.78 8 238.00 14 325.88 0.11

Total Spain 682 148.80 5.29

Switzerland

CHF ACTELION CHF0.50(REGD) 1 029.00 41 454.93 0.32CHF BKW ENERGIE AG CHF2.5(REGD)(POST SUBD) 931.00 51 318.69 0.40CHF SWISSCOM AG CHF1(REGD) 233.00 56 228.52 0.44CHF SYNGENTA CHF0.1(REGD) 32.00 5 253.74 0.04




France

EUR CASINO GUICHARD PERRACHO RIGHTS 13.01.10 1 099.00 3 077.20 0.02

Total France 3 077.20 0.02

Total Other securities and rights 3 077.20 0.02




Belgium






Warrants on shares

Italy

EUR UBI BANCA SCPA CALL WARRANT 12.30000 09-30.06.11 5 187.00 358.94 0.00

Total Italy 358.94 0.00

Total Warrants on shares 358.94 0.00

Total Derivative instruments listed on an official stock exchange 358.94 0.00
















EUR 271 454.93 GBP 231 000.00 10.9.2009 9 105.01 0.08EUR 50 789.10 SEK 528 000.00 10.9.2009 –1 028.92 –0.01EUR 18 694.28 CHF 28 663.00 10.9.2009 –206.08 0.00EUR 336 610.72 CHF 516 000.00 10.9.2009 –3 639.18 –0.03CHF 185 000.00 EUR 121 557.86 10.9.2009 431.03 0.00SEK 528 000.00 EUR 51 472.32 10.9.2009 345.75 0.00EUR 68 432.38 GBP 59 000.00 10.9.2009 1 425.32 0.01


Cash at banks, deposits on demand and deposit accounts and other liquid assets 635 161.16 4.93Bank overdraft and other short-term liabilities –94.44 0.00Other assets and liabilities –11 405.17 –0.09

Total net assets 12 893 677.33 100.00





Equity Global


Performance



Equity Global

Annual Report as of 31 August 2009Equity Global


Geographical Breakdown as a % of net assetsUnited States 52.90United Kingdom 7.02Japan 6.31France 4.78Germany 4.41Netherlands 2.49Spain 1.99Italy 1.48Norway 0.81Sweden 0.68Finland 0.66Denmark 0.42Bermuda 0.39Luxembourg 0.29Ireland 0.20Total 84.83

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 12.15Banks & credit institutions 10.60Petroleum 8.71Telecommunications 4.86Pharmaceuticals, cosmetics & medical products 4.65Computer hardware & network equipment providers 4.15Chemicals 4.07Finance & holding companies 3.57Internet, software & IT services 3.47Retail trade, department stores 3.33Insurance 3.29Aerospace industry 3.01Energy & water supply 2.52Food & soft drinks 2.19Vehicles 1.33Lodging, catering & leisure 1.32Electronics & semiconductors 1.31Tobacco & alcohol 1.24Traffic & transportation 1.18Miscellaneous consumer goods 1.12Real Estate 0.89Textiles, garments & leather goods 0.86Graphic design, publishing & media 0.80Biotechnology 0.79Various capital goods 0.60Electrical devices & components 0.53Building industry & materials 0.45Mechanical engineering & industrial equipment 0.44Non-ferrous metals 0.42Miscellaneous services 0.36Precious metals & stones 0.33Mining, coal & steel 0.29Total 84.83


At the beginning of the reporting period, there was a series of bank collapses and government interventions, which triggered a downturn on the international stock markets. Central banks and governments then implemented aggres- sive stimulus measures. There was no recovery on the markets at that time, however. By the end of February, a succession of new lows had been reached. March began to show a change in sentiment, as economic data came in better than expected and more transparency was provided regarding stimulus measures. International equity markets then staged a rally that lasted up until the end of the reporting period.





Total investments in securities (Note 1) 6 679 212.73Cash at banks, deposits on demand and deposit accounts 1 173 154.72Other liquid assets (Margins) 63 999.44Receivable on subscriptions 57.15Interest receivable on liquid assets 4.92Receivable on dividends 13 796.61Other receivables 4 201.47Unrealized gain (loss) on financial futures (Note 1) 61 181.51Total Assets 7 995 608.55

LiabilitiesOther short-term liabilities (Margins) –64 873.29Payable on redemptions –7 433.65Provisions for Investment Advisory fees (Note 2) –24 608.19Provisions for custodian bank fees (Note 2) –63.33Provisions for taxe d’abonnement (Note 3) –663.22Provisions for audit fees, legal and economic advice (Note 2) –12 501.47Provisions for publications, printing costs and publicity (Note 2) –7 222.26Provisions for other commissions and fees (Note 2) –5 195.11




Income 1.9.2008–31.8.2009Interest on liquid assets 9 409.18Dividends 165 743.56Total income 175 152.74

ExpensesInvestment Advisory fees (Note 2) –106 545.08Custodian bank fees (Note 2) –1 542.07Taxe d’abonnement (Note 3) –3 521.88Government fees (Note 2) –5 720.68Audit fees, legal and economic advice (Note 2) 21 214.00Publications, printing costs and publicity (Note 2) –24 182.36Other expenses –990.49Other commissions and fees (Note 2) –28 254.97Interest on cash liquidity and bank overdraft –2 716.77Total expenses –152 260.30


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –2 682 575.18Realized gain (loss) on financial futures –276 040.61

Total realized gain (loss) on investments –2 958 615.79Realized gain (loss) on foreign exchange –88 396.76Other realized gain (loss) –1 677.09Total realized gain (loss) –3 048 689.64


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –172 574.14Unrealized appreciation (depreciation) on financial futures 75 818.51Total changes in unrealized appreciation (depreciation) –96 755.63






Total net subscriptions (redemptions) 1 302 056.86Net income (loss) on investments 22 892.44Total realized gain (loss) –3 048 689.64Total changes in unrealized appreciation (depreciation) –96 755.63



1.9.2008–31.8.2009Class RNumber of shares outstanding at the beginning of the financial year 176 845.0000Number of shares issued 8 636.1180Number of shares redeemed –9 973.9880Number of shares outstanding at the end of the financial year 175 507.1300








Bearer shares

Bermuda

USD ACCENTURE PLC BERM CLS'A'COM USD0.0000225 1 329.00 30 561.30 0.39

Total Bermuda 30 561.30 0.39

Denmark

DKK A.P. MOLLER-MAERSK 'A'DKK1000 3.00 14 509.52 0.18DKK NOVO-NORDISK AS DKK1 SER'B' 444.00 18 879.30 0.24


Finland

EUR NOKIA OYJ EUR0.06 3 033.00 29 420.10 0.37EUR SAMPO OYJ SER'A'NPV 1 349.00 22 528.30 0.29


France

EUR AIR LIQUIDE(L') EUR5.5 (POST-SUBDIVISION) 260.00 19 357.00 0.25EUR AXA EUR2.29 1 259.00 19 992.92 0.25EUR BNP PARIBAS EUR2 616.00 34 600.72 0.44EUR CARREFOUR EUR2.50 519.00 17 046.56 0.22EUR CIE DE ST-GOBAIN EUR4 626.00 19 650.14 0.25EUR FRANCE TELECOM EUR4 1 205.00 21 376.70 0.27EUR GDF SUEZ EUR1 (POST MERGER) 762.00 22 395.18 0.28EUR LVMH MOET HENNESSY EUR0.30 658.00 43 882.02 0.56EUR SANOFI-AVENTIS EUR2 641.00 30 332.12 0.39EUR SCHNEIDER ELECTRIC EUR8 329.00 21 154.70 0.27EUR SOC GENERALE EUR1.25 419.00 23 551.99 0.30EUR TOTAL EUR2.5 (POST SUBDIVISION) 1 538.00 61 473.86 0.76EUR UNIBAIL-RODAMCO EUR5 163.00 22 485.85 0.29EUR VIVENDI SA EUR5.50 972.00 19 313.64 0.25

Total France 376 613.40 4.78

Germany

EUR ADIDAS AG NPV 724.00 23 790.64 0.30EUR BASF SE NPV 793.00 28 857.27 0.37EUR BAYER AG ORD NPV 549.00 23 513.67 0.30EUR RWE AG (NEU) NPV 337.00 21 770.20 0.28EUR SAP AG ORD NPV 680.00 23 160.80 0.29EUR VOLKSWAGEN AG ORD NPV 52.00 7 022.60 0.09


Ireland

EUR CRH ORD EUR0.32(DUBLIN LISTING) 878.00 15 716.20 0.20


Italy

EUR ASSIC GENERALI SPA EUR1 875.00 15 198.75 0.19EUR ENEL EUR1 4 426.00 18 190.86 0.23EUR ENI SPA EUR1 2 196.00 36 321.84 0.47EUR INTESA SANPAOLO 6 226.00 18 818.09 0.24EUR UNICREDIT EUR0.50 10 930.00 27 625.58 0.35

Total Italy 116 155.12 1.48

Netherlands

EUR KON KPN NV EUR0.24 1 953.00 20 916.63 0.27EUR PHILIPS ELEC(KON) EUR0.20 1 576.00 24 837.76 0.32GBP ROYAL DUTCH SHELL 'A'SHS EUR0.07 (DUTCH LISTING) 2 893.00 56 216.75 0.71GBP ROYAL DUTCH SHELL 'B'SHS EUR0.07 (UK LIST) 2 865.00 54 468.74 0.69


Norway

NOK DNB NOR ASA NOK10 5 661.00 40 408.71 0.51NOK STATOIL ASA NOK2.50 1 537.00 23 387.47 0.30

Total Norway 63 796.18 0.81

Spain

EUR TELEFONICA SA EUR1 2 544.00 44 748.96 0.57

Total Spain 44 748.96 0.57

Sweden

SEK HENNES & MAURITZ SER'B'NPV 787.00 30 469.10 0.39SEK NORDEA BANK AB ORD NPV(SEK QUOTE) 3 104.00 22 694.25 0.29

Total Sweden 53 163.35 0.68






United Kingdom

GBP ANGLO AMERICAN USD0.54945(POST CONSOLIDAT) 753.00 17 283.38 0.22GBP ASTRAZENECA ORD USD0.25 678.00 21 868.31 0.28GBP AVIVA ORD GBP0.25 1 702.00 7 851.75 0.10GBP BAE SYSTEMS ORD GBP0.025 1 875.00 6 648.16 0.08GBP BARCLAYS ORD GBP0.25 8 211.00 35 459.50 0.45GBP BG GROUP ORD GBP0.10 1 550.00 17 902.76 0.23GBP BHP BILLITON PLC USD0.50 1 423.00 26 310.35 0.33GBP BP ORD USD0.25 9 305.00 56 220.58 0.68GBP BRIT AMER TOBACCO ORD GBP0.25 810.00 17 239.39 0.22GBP CADBURY PLC ORD GBP5 1 152.00 7 601.44 0.10GBP CARNIVAL PLC ORD USD1.66 237.00 5 119.48 0.07GBP CENTRICA ORD GBP0.061728395 1 655.00 4 734.72 0.06GBP DIAGEO ORD GBX28.935185 1 580.00 17 118.78 0.22GBP GLAXOSMITHKLINE ORD GBP0.25 2 622.00 35 823.30 0.46GBP HSBC HLDGS ORD USD0.50(UK REG) 6 766.00 51 645.59 0.66GBP IMPERIAL TOBACCO ORD GBP0.10 491.00 9 647.06 0.12GBP INTERCONTL HOTELS ORD GBP0.13617 1 395.00 12 127.94 0.15GBP LAND SECURITIES GP ORD GBP0.10 311.00 2 181.05 0.03GBP LLOYDS BANKING GROUP PLC ORD GBP0.25 16 337.00 20 658.13 0.26GBP MAN GROUP ORD USD0.03428571 2 199.00 6 718.07 0.09GBP NATIONAL GRID ORD GBP0.11395 1 464.00 9 851.37 0.13GBP PEARSON ORD GBP0.25 1 412.00 12 059.24 0.15GBP PRUDENTIAL ORD GBP0.05 1 697.00 10 349.60 0.13GBP RECKITT BENCKISER ORD GBP0 280.00 9 072.50 0.12GBP REED ELSEVIER ORD GBP0.14 636.00 3 228.73 0.04GBP RIO TINTO ORD GBP0.10 574.00 15 733.54 0.20GBP ROYAL BK SCOT GRP ORD GBP0.25 9 709.00 6 356.84 0.08GBP RSA INSURANCE GROUP PLC 4 003.00 5 937.40 0.08GBP STANDARD CHARTERED ORD USD0.50 1 323.00 20 975.51 0.27GBP TESCO ORD GBP0.05 5 676.00 24 231.59 0.31GBP UNILEVER PLC ORD GBP0.031111 694.00 13 241.46 0.17GBP UNITED UTILITIES G ORD GBP5.00 408.00 2 098.13 0.03GBP VODAFONE GROUP ORD USD0.11428571 26 260.00 39 605.92 0.50


United States

USD 3M CO COM 812.00 40 796.63 0.52USD ABBOTT LABS COM 964.00 30 383.42 0.39USD AFLAC INC COM USD0.10 800.00 22 644.51 0.29USD AIR PRODS & CHEMS INC COM 966.00 50 506.24 0.64USD ALLSTATE CORP COM 1 685.00 34 509.01 0.44USD AMERICAN EXPRESS CO COM 3 456.00 81 447.98 1.03USD AMGEN INC COM 791.00 32 928.71 0.42USD APACHE CORP COM 319.00 18 883.70 0.24USD APPLE INC COM NPV 702.00 82 285.23 1.05USD AT&T INC COM 4 427.00 80 361.90 1.02USD BK OF AMERICA CORP COM USD0.01 4 893.00 59 975.52 0.76USD BOEING CO COM 547.00 18 932.78 0.24USD BURLINGTN NTHN SAN COM USD0.01 612.00 35 405.21 0.45USD CATERPILLAR INC DEL COM 1 104.00 34 857.49 0.44USD CHEVRON CORP NEW COM 1 708.00 83 242.76 1.06USD CHUBB CORP COM 952.00 32 764.91 0.42USD CISCO SYSTEMS COM USD0.001 4 668.00 70 261.52 0.89USD CITADEL BROADCASTI COM USD0.01 188.00 7.99 0.00USD CITIGROUP INC COM 6 128.00 21 351.17 0.27USD COCA COLA CO COM 1 589.00 54 001.97 0.69USD CONOCOPHILLIPS COM 1 557.00 48 856.63 0.62USD CVS/CAREMARK CORP COM STK USD0.01 1 532.00 40 054.80 0.51USD DEVON ENERGY CORP NEW COM 350.00 14 970.21 0.19USD DOW CHEM CO COM 2 555.00 37 905.26 0.48USD E.I. DUPONT DE NEMOURS & CO COM 2 316.00 51 531.22 0.65USD EMERSON ELEC CO COM 792.00 20 348.45 0.26USD EXXON MOBIL CORP COM NPV 3 281.00 158 099.82 2.02USD FIRSTENERGY CORP COM 812.00 25 536.09 0.32USD GEN ELEC CO COM USD0.06 8 839.00 85 615.20 1.09USD GILEAD SCIENCES INC COM 937.00 29 421.43 0.37USD GOLDMAN SACHS GROUP INC COM 328.00 37 818.11 0.48USD GOOGLE INC COM USD0.001 CL'A' 194.00 62 411.75 0.79USD HEWLETT PACKARD CO COM USD0.01 2 317.00 72 478.40 0.92USD HOME DEPOT INC COM USD0.05 2 360.00 44 879.55 0.57USD HONEYWELL INTL INC COM 1 693.00 43 367.60 0.55USD INTEL CORP COM 5 524.00 78 218.65 0.99USD INTERNATIONAL BUSINESS MACHS COM 1 236.00 101 675.76 1.29USD JOHNSON & JOHNSON COM 2 028.00 85 413.27 1.08USD JOHNSON CTLS INC COM 3 171.00 54 733.75 0.70USD JP MORGAN CHASE & COM USD1 2 801.00 84 827.33 1.08USD KRAFT FOODS INC CL A 1 779.00 35 144.87 0.45USD LILLY ELI & CO COM 1 656.00 38 611.73 0.49USD LOCKHEED MARTIN CORP COM 581.00 30 356.70 0.39USD LOEWS CORP COM 1 864.00 44 357.76 0.56USD MCDONALD'S CORP COM USD0.01 1 075.00 42 129.54 0.54USD MERCK & CO INC COM USD0.01 1 822.00 41 174.50 0.52USD METLIFE INC COM USD0.01 2 168.00 57 045.87 0.72USD MICROSOFT CORP COM USD0.0000125 5 966.00 102 478.59 1.30USD MONSANTO COM STK USD0.01 659.00 38 519.16 0.49USD NORTHROP GRUMMAN CORP COM 1 223.00 41 597.60 0.53USD OCCIDENTAL PETRLM COM USD0.20 1 227.00 62 502.14 0.79






USD ORACLE CORP COM USD0.01 3 595.00 54 787.39 0.70USD PEPSICO INC CAP USD0.016666 918.00 36 251.74 0.46USD PFIZER INC COM USD0.05 5 490.00 63 888.37 0.81USD PHILIP MORRIS INTL COM STK NPV 'WI' 1 672.00 53 257.46 0.68USD PRAXAIR INC COM USD0.01 405.00 21 623.71 0.27USD PROCTER & GAMBLE COM NPV 2 343.00 88 345.17 1.12USD PRUDENTIAL FINL INC COM 1 948.00 68 659.52 0.87USD QUALCOMM INC COM USD0.0001 1 590.00 51 432.21 0.65USD RAYTHEON CO COM NEW 1 101.00 36 197.47 0.46USD SCHLUMBERGER COM USD0.01 1 071.00 41 942.93 0.53USD SEMPRA ENERGY COM 1 591.00 55 622.08 0.71USD SIMON PPTY GROUP INC NEW COM 1 027.00 45 529.94 0.58USD TARGET CORP COM 1 364.00 44 673.01 0.57USD TIME WARNER CABLE INC-W/I 611.00 15 719.40 0.20USD TIME WARNER INC COM USD0.01 2 436.00 47 377.28 0.60USD UNION PACIFIC CORP COM USD2.50 1 022.00 42 594.91 0.54USD US BANCORP DEL COM NEW 2 295.00 36 174.98 0.46USD UTD TECHNOLOGIES COM USD1 1 452.00 60 061.13 0.76USD VERIZON COMMUNICATIONS COM 2 723.00 58 898.24 0.75USD WAL MART STORES INC COM 1 713.00 60 722.84 0.77USD WALT DISNEY CO. DISNEY COM USD0.01 2 826.00 51 279.77 0.65USD WELLS FARGO & CO NEW COM 2 285.00 43 819.52 0.56



Other shares

Netherlands




Preference shares

Germany

EUR VOLKSWAGEN AG NON VTG PRF NPV 219.00 14 337.93 0.18



Registered shares

Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 377.00 30 393.74 0.39EUR DAIMLER AG ORD NPV(REGD) 917.00 28 913.01 0.37EUR DEUTSCHE BANK AG NPV(REGD) 855.00 40 484.25 0.51EUR DEUTSCHE TELEKOM NPV(REGD) 2 138.00 19 829.95 0.25EUR E.ON AG NPV 1 295.00 38 215.45 0.49EUR SIEMENS AG NPV(REGD) 775.00 46 848.75 0.59


Luxembourg

EUR ARCELORMITTAL NPV 919.00 22 947.43 0.29


Spain

EUR BANCO SANTANDER SA EUR0.50(REGD) 6 095.00 65 429.83 0.83EUR BBVA(BILB-VIZ-ARG) EUR0.49 3 755.00 46 524.45 0.59

Total Spain 111 954.28 1.42

United States

USD TRANSOCEAN LTD COM USD0.01 'REGISTERED' 535.00 28 273.86 0.36










Investment certificates, closed end

United States

USD VORNADO REALTY TRUST-SBI 990.00 39 681.40 0.50


Total Investment certificates, closed end 39 681.40 0.50




Belgium





UCITS/other UCIs in accordance with Article 41 (1) e)

Investment certificates, open end

Japan

JPY NIKKEI 225 EXCHANGE TRADED FUND 6 290.00 496 594.82 6.30

Total Japan 496 594.82 6.30

United States

USD ISHARES INC – MSCI PACIFIC EX-JAPAN INDEX FUND 16 350.00 420 983.59 5.35


Total Investment certificates, open end 917 578.41 11.65

Total UCITS/other UCIs in accordance with Article 41 (1) e) 917 578.41 11.65





CHF SWISS MARKET INDEX FUTURE 18.09.09 7.00 38 077.78 0.49USD S&P500 EMINI FUTURE 18.09.09 2.00 5 508.52 0.07USD NIKKEI 225 (CME) INDEX FUTURE 10.09.09 10.00 17 595.21 0.22




Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 237 154.16 15.71Bank overdraft and other short-term liabilities –64 873.29 –0.82Other assets and liabilities –39 627.08 –0.50

Total net assets 7 873 048.03 100.00






Equity Global Diversified


Performance



Equity Global Diversified

Annual Report as of 31 August 2009Equity Global Diversified


Geographical Breakdown as a % of net assetsFrance 54.91Ireland 17.51United States 8.50Luxembourg 7.58Germany 0.55Total 89.05

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 89.05Total 89.05












Total investments in securities (Note 1) 11 358 280.06Cash at banks, deposits on demand and deposit accounts 1 292 221.56Receivable on subscriptions 2 857.05Interest receivable on liquid assets 0.24Unrealized gain (loss) on financial futures (Note 1) 137 144.95Unrealized gain (loss) on forward foreign exchange contracts (Note 1) –4 918.04Total Assets 12 785 585.82

LiabilitiesProvisions for Investment Advisory fees (Note 2) –18 021.09Provisions for custodian bank fees (Note 2) –101.46Provisions for taxe d’abonnement (Note 3) –255.90Provisions for audit fees, legal and economic advice (Note 2) –5 432.60Provisions for other commissions and fees (Note 2) –6 889.94




Income 1.9.2008–31.8.2009Interest on liquid assets 3 685.95Dividends 180 663.51Income on securities lending (Note 4) 4 828.20Total income 189 177.66

ExpensesInvestment Advisory fees (Note 2) –99 320.23Custodian bank fees (Note 2) –6 476.30Taxe d’abonnement (Note 3) –1 228.88Government fees (Note 2) –10 048.48Audit fees, legal and economic advice (Note 2) –12 354.25Publications, printing costs and publicity (Note 2) –7 750.99Amortization of formation expenses (Note 2) –1 104.88Other commissions and fees (Note 2) –27 245.45Interest on cash liquidity and bank overdraft –490.89Total expenses –166 020.35


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –234 310.40Realized gain (loss) on financial futures –167 298.00Realized gain (loss) on forward foreign exchange contracts –998 106.37

Total realized gain (loss) on investments –1 399 714.77Realized gain (loss) on foreign exchange –188 834.46Total realized gain (loss) –1 588 549.23


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –1 236 992.25Unrealized appreciation (depreciation) on financial futures 108 671.95Unrealized appreciation (depreciation) on forward foreign exchange contracts 254 254.00Total changes in unrealized appreciation (depreciation) –874 066.30






Total net subscriptions (redemptions) 42 550.05Net income (loss) on investments 23 157.31Total realized gain (loss) –1 588 549.23Total changes in unrealized appreciation (depreciation) –874 066.30



1.9.2008–31.8.2009Class INumber of shares outstanding at the beginning of the financial year 1 400.0000Number of shares issued 248.0000Number of shares redeemed –200.0000Number of shares outstanding at the end of the financial year 1 448.0000Class RNumber of shares outstanding at the beginning of the financial year 10 000.0000Number of shares issued 1 343.3780Number of shares redeemed –1.0000Number of shares outstanding at the end of the financial year 11 342.3780









Luxembourg

EUR TORRUS FUNDS – MERRILL LYNCH COMMODITY INDEX EXTRA FUND-EUR 6.00 47 137.44 0.37EUR UNI-GLOBAL – MINIMUM VARIANCE JAPAN-B2 448.00 361 683.84 2.83EUR UNI-GLOBAL – MINIMUM VARIANCE US-B2 305.00 244 509.35 1.92



Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 653 330.63 5.12



United States

USD ISHARES TRUST-S&P LATIN AMERICAN 40 INDEX FUND 1 166.00 31 176.21 0.24




France

JPY BNP PARIBAS JAPAQUANT 20 045.00 120 008.83 0.94USD BNP PARIBAS QUANTAMERICA SICAV – CAP 3DECIMALES 3 984.00 119 654.65 0.94EUR HAREWOOD COVERED EUROPEAN EQUITY FUND-A CAPITAL 3 DECIMALES 495.00 493 658.55 3.87EUR LYXOR ETF EASTERN EUROPE CECE EUR 7 352.00 131 968.40 1.03EUR LYXOR ASSET MANAGEMENT LYXOR ASIA PA EXJP-AC 15 798.00 397 793.64 3.12EUR LYXOR ETF MSCI EM LATIN AMERICA 5 414.00 126 362.76 0.99EUR LYXOR ETF MSCI USA-A 33 087.00 2 266 459.50 17.77EUR LYXOR INTERNATIONAL ASSET MANAGEMENT LYXOR ETF MSCI EUROPE 7 861.00 662 367.86 5.19EUR LYXOR INTL ASSET MANAGEMENT ETF MSCI WORLD FCP-A 12 804.00 982 963.08 7.71EUR SSGA EMERGING ASIA ALPHA EQUITY FUND I 825.00 308 393.25 2.42EUR SSGA EMERGING EUROPE ALPHA EQUITY FUND I 141.00 97 681.98 0.77EUR SSGA EMERGING LATIN AMERICA ALPHA EQUITY FUND I 117.00 62 368.02 0.49EUR SSGA WORLD INDEX EQUITY FUND-I 2 186.00 216 982.36 1.70EUR SWISS LIFE FUNDS (F) EQUITY EURO ZONE MINIMUM VOLA (EUR) I 22.00 188 528.56 1.48EUR SWISS LIFE FUNDS (F) EQUITY EUROPE-I 88.00 663 344.88 5.20EUR SWISS LIFE FUNDS (F) MONEY MARKET EURO I 7.00 164 963.89 1.29

Total France 7 003 500.21 54.91

Germany

EUR ISHARES DOW JONES-UBS COMMODITY SWAP (DE) 2 956.00 70 234.56 0.55


Ireland

EUR AXA ROSENBERG EQUITY ALPHA TRT-US EQUITY ALPHA FD-A EUR HDGD 32 590.00 251 920.70 1.98EUR ISHARES MSCI JAPAN FUND 68 817.00 488 256.62 3.83EUR JANUS CAPITAL FUNDS PLC – INTECH GL RISK MANAGED CORE FUND-I 112 167.00 900 701.01 7.05EUR JANUS WORLD FUNDS PLC – US RISK MANAGED CORE FUND-A-EUR 31 509.00 382 204.17 3.00EUR VANGUARD INVESTMENT SERIES PLC – JAPAN STOCK INDEX FD I EUR 2 224.00 210 120.85 1.65

Total Ireland 2 233 203.35 17.51

Luxembourg

EUR DB X-TRACKERS MSCI EM ASIA TRN INDEX ETF 1C-CAP 6 248.00 124 585.12 0.98EUR UNI-GLOBAL SICAV – MINIMUM VARIANCE EUROPE 133.00 189 232.40 1.48


United States

USD ISHARES INC – MSCI PACIFIC EX-JAPAN INDEX FUND 2 558.00 65 863.98 0.52USD ISHARES MSCI AUSTRALIA INDEX FUND 12 636.00 178 482.78 1.40USD ISHARES MSCI CANADA INDEX FUND 26 479.00 438 779.57 3.44USD POWERSHARES DYNAMIC LARGE CAP VALUE PORTFOLIO 34 092.00 369 891.25 2.90


Total Investment certificates, open end 10 673 773.22 83.69

Total UCITS/other UCIs in accordance with Article 41 (1) e) 10 704 949.43 83.93










EUR DJ EURO STOXX 50 INDEX FUTURE 18.09.09 27.00 59 520.00 0.47GBP FTSE 100 INDEX FUTURE 18.09.09 10.00 69 959.71 0.55USD S&P 500 INDEX FUTURE 17.09.09 1.00 7 665.24 0.06






EUR 919 210.70 JPY 125 300 000.00 4.9.2009 –22 045.38 –0.18EUR 3 596 732.44 USD 5 177 000.00 4.9.2009 –9 860.07 –0.08EUR 507 081.59 CAD 780 000.00 4.9.2009 12 165.74 0.10EUR 565 011.65 GBP 480 000.00 4.9.2009 19 870.27 0.16EUR 314 907.92 AUD 540 000.00 4.9.2009 –2 289.88 –0.02USD 300 000.00 EUR 211 755.84 4.9.2009 –2 758.72 –0.02

Total Forward Foreign Exchange contracts (Purchase/Sale) –4 918.04 –0.04


Total net assets 12 754 884.83 100.00






Equity Global ex-Europe


Performance



Equity Global ex-Europe

Annual Report as of 31 August 2009Equity Global ex-Europe


Geographical Breakdown as a % of net assetsFrance 42.67United States 17.89Ireland 17.07Luxembourg 9.73Germany 0.37Total 87.73













Total investments in securities (Note 1) 11 715 067.18Cash at banks, deposits on demand and deposit accounts 1 487 399.21Unrealized gain (loss) on financial futures (Note 1) 218 650.92Unrealized gain (loss) on forward foreign exchange contracts (Note 1) –31 545.24Total Assets 13 389 572.07

LiabilitiesBank overdraft –3 379.66Provisions for Investment Advisory fees (Note 2) –18 976.09Provisions for custodian bank fees (Note 2) –106.92Provisions for taxe d’abonnement (Note 3) –260.24Provisions for audit fees, legal and economic advice (Note 2) –5 346.21Provisions for other commissions and fees (Note 2) –6 886.54




Income 1.9.2008–31.8.2009Interest on liquid assets 4 438.64Dividends 116 341.83Income on securities lending (Note 4) 4 049.81Other income 2 363.49Total income 127 193.77

ExpensesInvestment Advisory fees (Note 2) –98 413.76Custodian bank fees (Note 2) –4 241.64Taxe d’abonnement (Note 3) –28.25Government fees (Note 2) –10 720.80Audit fees, legal and economic advice (Note 2) –12 115.54Publications, printing costs and publicity (Note 2) –6 448.93Amortization of formation expenses (Note 2) –946.91Other commissions and fees (Note 2) –26 767.87Interest on cash liquidity and bank overdraft –578.47Total expenses –160 262.17


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –312 459.07Realized gain (loss) on financial futures –388 503.41Realized gain (loss) on forward foreign exchange contracts –1 452 189.16



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –1 206 123.39Unrealized appreciation (depreciation) on financial futures 208 428.92Unrealized appreciation (depreciation) on forward foreign exchange contracts 434 968.00Total changes in unrealized appreciation (depreciation) –562 726.47






Total net subscriptions (redemptions) 1 308 268.69Net income (loss) on investments –33 068.40Total realized gain (loss) –2 385 570.41Total changes in unrealized appreciation (depreciation) –562 726.47



1.9.2008–31.8.2009Class INumber of shares outstanding at the beginning of the financial year 1 400.0000Number of shares issued 592.0000Number of shares redeemed –400.0000Number of shares outstanding at the end of the financial year 1 592.0000Class RNumber of shares outstanding at the beginning of the financial year 10 000.0000Number of shares issued 2 129.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 12 129.0000









United States

USD POWERSHARES ETF DYNAMIC MARKET PORTFOLIO 15 708.00 385 297.79 2.89



Total Transferable securities and money market instruments listed on an official stock exchange 385 297.79 2.89



Luxembourg


Total Luxembourg 1 100 640.06 8.24





United States





France

JPY BNP PARIBAS JAPAQUANT 42 695.00 255 613.72 1.91USD BNP PARIBAS QUANTAMERICA SICAV – CAP 3DECIMALES 3 534.00 106 139.44 0.79EUR LYXOR ASSET MANAGEMENT LYXOR ASIA PA EXJP-AC 13 008.00 327 541.44 2.45EUR LYXOR ETF MSCI EM LATIN AMERICA 7 208.00 168 234.72 1.26EUR LYXOR ETF MSCI USA-A 38 025.00 2 604 712.50 19.51EUR SSGA EMERGING ASIA ALPHA EQUITY FUND I 1 129.00 422 031.49 3.16EUR SSGA EMERGING LATIN AMERICA ALPHA EQUITY FUND I 162.00 86 355.72 0.65USD SSGA US INDEX EQUITY FUND-I 6 988.00 735 004.86 5.50EUR SWISS LIFE FUNDS (F) GLOBAL CURRENCIES 786.00 166 608.42 1.25EUR SWISS LIFE FUNDS (F) MONEY MARKET EURO I 35.00 824 819.45 6.18

Total France 5 697 061.76 42.66

Germany



Ireland

EUR AXA ROSENBERG EQUITY ALPHA TRT-US EQUITY ALPHA FD-A EUR HDGD 34 707.00 268 285.11 2.01EUR ISHARES MSCI JAPAN FUND 10 194.00 72 326.43 0.54EUR JANUS WORLD FUNDS PLC – US RISK MANAGED CORE FUND-A-EUR 67 112.00 814 068.56 6.10EUR VANGUARD INVESTMENT SERIES PLC – JAPAN STOCK INDEX FD I EUR 11 900.00 1 124 297.72 8.42

Total Ireland 2 278 977.82 17.07

Luxembourg

EUR DB X-TRACKERS MSCI EM ASIA TRN INDEX ETF 1C-CAP 9 981.00 199 021.14 1.49


United States

USD ISHARES INC – MSCI PACIFIC EX-JAPAN INDEX FUND 24 444.00 629 389.78 4.71USD ISHARES MSCI AUSTRALIA INDEX FUND 9 246.00 130 599.23 0.98






USD ISHARES MSCI CANADA INDEX FUND 49 308.00 817 075.53 6.12USD POWERSHARES DYNAMIC LARGE CAP VALUE PORTFOLIO 36 307.00 393 923.55 2.95








USD S&P500 EMINI FUTURE 18.09.09 22.00 40 956.76 0.31USD S&P 500 INDEX FUTURE 17.09.09 10.00 177 694.16 1.33






EUR 4 988 321.21 USD 7 180 000.00 4.9.2009 –13 674.98 –0.10EUR 1 398 762.84 JPY 190 669 000.00 4.9.2009 –33 546.46 –0.26EUR 611 154.62 AUD 1 048 000.00 4.9.2009 –4 444.08 –0.03EUR 838 634.94 CAD 1 290 000.00 4.9.2009 20 120.28 0.15

Total Forward Foreign Exchange contracts (Purchase/Sale) –31 545.24 –0.24

Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 487 399.21 11.14Bank overdraft and other short-term liabilities –3 379.66 –0.03Other assets and liabilities –31 576.00 –0.24

Total net assets 13 354 616.41 100.00




Date ISIN 31.8.2009 31.8.2008Net assets in EUR 11 836 226.46 13 832 802.00Class (CHF) R1 LU0371451146Shares outstanding 202 221.0000 200 000.0000Net asset value per share in CHF 82.21 103.49Class R1 LU0367346474Shares outstanding 10 000.0000 10 000.0000Net asset value per share in EUR 87.49 103.30


Equity Global High Dividend


Performance

Currency 2008/2009 2007/2008 2006/2007Class (CHF) R1 CHF –20.6% 3.5% –Class R1 EUR –15.3% 3.3% –Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Equity Global High Dividend

Annual Report as of 31 August 2009Equity Global High Dividend


Geographical Breakdown as a % of net assetsUnited States 19.38France 14.98United Kingdom 11.38Switzerland 10.31Germany 6.97Spain 6.25Ireland 4.82Italy 3.36Sweden 3.23Canada 3.02Finland 2.19Belgium 2.18Netherlands 1.15Norway 0.90Luxembourg 0.55Austria 0.40Denmark 0.36Total 91.43

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 35.53Banks & credit institutions 10.79Petroleum 6.29Telecommunications 5.34Pharmaceuticals, cosmetics & medical products 4.66Insurance 3.83Energy & water supply 3.61Food & soft drinks 3.08Finance & holding companies 2.85Mechanical engineering & industrial equipment 2.08Tobacco & alcohol 2.05Vehicles 1.71Building industry & materials 1.40Chemicals 1.21Electrical devices & components 1.14Internet, software & IT services 0.98Mining, coal & steel 0.95Retail trade, department stores 0.89Traffic & transportation 0.70Non-ferrous metals 0.53Various capital goods 0.51Graphic design, publishing & media 0.48Miscellaneous services 0.43Precious metals & stones 0.39Total 91.43












Total investments in securities (Note 1) 10 820 639.58Cash at banks, deposits on demand and deposit accounts 873 984.27Interest receivable on liquid assets 162.16Receivable on dividends 16 006.36Other receivables 4 439.23Unrealized gain (loss) on financial futures (Note 1) 111 693.04Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 56 016.86Total Assets 11 882 941.50

LiabilitiesBank overdraft –82.10Interest payable on bank overdraft –0.09Provisions for Investment Advisory fees (Note 2) –33 463.04Provisions for custodian bank fees (Note 2) –93.57Provisions for taxe d’abonnement (Note 3) –997.08Provisions for audit fees, legal and economic advice (Note 2) –5 205.20Provisions for other commissions and fees (Note 2) –6 873.96




Income 1.9.2008–31.8.2009Interest on liquid assets 162.16Dividends 328 191.92Income on securities lending (Note 4) 3 026.75Other income 80.30Total income 331 461.13



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –361 183.23Realized gain (loss) on financial futures –83 114.79Realized gain (loss) on forward foreign exchange contracts –1 347 796.02



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 154 291.77Unrealized appreciation (depreciation) on financial futures 106 813.04Unrealized appreciation (depreciation) on forward foreign exchange contracts 417 912.00Total changes in unrealized appreciation (depreciation) 679 016.81





1.9.2008–31.8.2009Net assets at the beginning of the financial year 13 832 802.00Redemptions –751 997.16

Total net subscriptions (redemptions) –751 997.16Net income (loss) on investments 99 899.87Total realized gain (loss) –2 023 495.06Total changes in unrealized appreciation (depreciation) 679 016.81



1.9.2008–31.8.2009Class (CHF) RNumber of shares outstanding at the beginning of the financial year 200 000.0000Number of shares issued 2 248.0000Number of shares redeemed –27.0000Number of shares outstanding at the end of the financial year 202 221.0000Class RNumber of shares outstanding at the beginning of the financial year 10 000.0000Number of shares issued 0.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 10 000.0000








Bearer shares

Austria

EUR VOESTALPINE AG NPV 2 110.00 47 369.50 0.40


Belgium

EUR BELGACOM SA NPV 1 364.00 35 682.24 0.30EUR KBC ANCORA NPV (POST SPLIT) 15 988.00 222 073.32 1.88


Denmark

DKK NOVO-NORDISK AS DKK1 SER'B' 1 008.00 42 861.12 0.36


Finland

EUR NESTE OIL OYJ NPV 2 885.00 33 408.30 0.28EUR NOKIA OYJ EUR0.06 6 998.00 67 880.60 0.58EUR ORION CORP SER'B'NPV 2 944.00 34 886.40 0.29EUR SANOMA OYJ NPV 4 156.00 57 352.80 0.48EUR WARTSILA OYJ ABP SER'B'EUR3.50 2 510.00 66 188.70 0.56


France

EUR AUTOROUTES PARIS-R EUR0.30 808.00 42 048.32 0.36EUR AXA EUR2.29 5 789.00 91 929.32 0.78EUR BNP PARIBAS EUR2 2 097.00 117 788.49 1.00EUR CIE DE ST-GOBAIN EUR4 1 576.00 49 470.64 0.42EUR FRANCE TELECOM EUR4 2 837.00 50 328.38 0.43EUR GDF SUEZ EUR1 (POST MERGER) 1 583.00 46 524.37 0.39EUR LAFARGE EUR4 1 072.00 63 580.32 0.54EUR PAGESJAUNES GROUPE EUR0.20 14 846.00 115 590.96 0.98EUR RENAULT SA EUR3.81 3 370.00 105 818.00 0.89EUR SANOFI-AVENTIS EUR2 1 653.00 78 219.96 0.66EUR SCHNEIDER ELECTRIC EUR8 820.00 52 726.00 0.45EUR TOTAL EUR2.5 (POST SUBDIVISION) 5 993.00 239 540.21 2.00EUR VINCI EUR2.50 (POST SUBDIVISION) 1 396.00 52 245.30 0.44EUR VIVENDI SA EUR5.50 2 575.00 51 165.25 0.43

Total France 1 156 975.52 9.77

Germany

EUR BASF SE NPV 2 836.00 103 202.04 0.87EUR RWE AG (NEU) NPV 656.00 42 377.60 0.36EUR VOLKSWAGEN AG ORD NPV 177.00 23 903.85 0.20


Italy

EUR ENEL EUR1 42 337.00 174 005.07 1.47EUR ENI SPA EUR1 7 663.00 126 746.02 1.07EUR MEDIASET EUR0.52 10 343.00 47 448.51 0.40EUR TERNA SPA ORD EUR0.22 19 355.00 49 742.35 0.42

Total Italy 397 941.95 3.36

Netherlands

EUR KON KPN NV EUR0.24 3 705.00 39 680.55 0.34GBP ROYAL DUTCH SHELL 'A'SHS EUR0.07 (DUTCH LISTING) 2 283.00 44 363.23 0.37


Norway

NOK ORKLA ASA NOK1.25 7 518.00 42 058.73 0.36NOK STATOIL ASA NOK2.50 4 250.00 64 669.33 0.54

Total Norway 106 728.06 0.90

Spain

EUR CRITERIA CAIXACORP EUR1 16 568.00 57 988.00 0.49EUR REPSOL YPF SA EUR1 3 491.00 60 394.30 0.51EUR TELEFONICA SA EUR1 6 819.00 119 946.21 1.01

Total Spain 238 328.51 2.01

Sweden

SEK ATLAS COPCO AB SER'A'NPV 6 500.00 57 091.88 0.48SEK ERICSSON(LM)TEL SER'B' NPV 5 859.00 39 156.92 0.33SEK HENNES & MAURITZ SER'B'NPV 1 536.00 59 467.02 0.50SEK NORDEA BANK AB ORD NPV(SEK QUOTE) 7 962.00 58 212.52 0.49SEK SANDVIK AB NPV (POST SPLIT) 9 235.00 64 982.13 0.55






SEK SKF AB SER'B'NPV 5 383.00 57 423.79 0.49SEK SWEDISH MATCH NPV 3 461.00 46 532.90 0.39

Total Sweden 382 867.16 3.23

Switzerland

CHF RICHEMONT(CIE FIN) CHF1 2 986.00 56 741.84 0.48


United Kingdom

GBP ASTRAZENECA ORD USD0.25 1 778.00 57 347.88 0.48GBP AVIVA ORD GBP0.25 15 355.00 70 836.49 0.60GBP BHP BILLITON PLC USD0.50 2 526.00 46 704.10 0.39GBP BP ORD USD0.25 28 933.00 174 812.46 1.48GBP BRIT AMER TOBACCO ORD GBP0.25 4 875.00 103 755.59 0.88GBP BT GROUP ORD GBP0.05 33 571.00 52 767.63 0.45GBP DIAGEO ORD GBX28.935185 4 072.00 44 118.77 0.37GBP GLAXOSMITHKLINE ORD GBP0.25 4 217.00 57 615.13 0.49GBP HSBC HLDGS ORD USD0.50(UK REG) 32 192.00 245 724.88 2.11GBP IMPERIAL TOBACCO ORD GBP0.10 2 465.00 48 431.77 0.41GBP LLOYDS BANKING GROUP PLC ORD GBP0.25 162 773.00 205 826.30 1.74GBP NATIONAL GRID ORD GBP0.11395 5 334.00 35 892.91 0.30GBP RIO TINTO ORD GBP0.10 2 296.00 62 934.16 0.53GBP TESCO ORD GBP0.05 10 724.00 45 782.18 0.39GBP VODAFONE GROUP ORD USD0.11428571 62 333.00 94 012.02 0.79

Total United Kingdom 1 346 562.27 11.41



Switzerland

CHF LINDT & SPRUENGLI PTG CERT CHF10 37.00 54 891.34 0.46



Other shares

Netherlands

EUR UNILEVER NV CVA EUR0.16 2 680.00 52 246.60 0.44


Switzerland

CHF ROCHE HLDGS AG GENUSSCHEINE NPV 1 211.00 134 384.10 1.14



Registered shares

Germany

EUR DAIMLER AG ORD NPV(REGD) 2 289.00 72 172.17 0.61EUR DEUTSCHE POST AG NPV(REGD) 3 439.00 41 388.37 0.35EUR DEUTSCHE TELEKOM NPV(REGD) 3 448.00 31 980.20 0.27EUR E.ON AG NPV 2 669.00 78 762.19 0.67EUR SIEMENS AG NPV(REGD) 1 002.00 60 570.90 0.51


Luxembourg



Spain

EUR BANCO SANTANDER SA EUR0.50(REGD) 23 820.00 255 707.70 2.16EUR BBVA(BILB-VIZ-ARG) EUR0.49 19 830.00 245 693.70 2.08

Total Spain 501 401.40 4.24

Switzerland

CHF ABB LTD CHF1.54(REGD) 6 118.00 81 969.60 0.69CHF CREDIT SUISSE GRP CHF0.04(REGD) 2 434.00 86 582.80 0.73CHF NESTLE SA CHF0.10(REGD) 7 425.00 215 313.52 1.82CHF NOVARTIS AG CHF0.50(REGD) 4 511.00 145 981.22 1.23CHF SWISS REINSURANCE CHF0.1(REGD) 6 434.00 207 108.75 1.75CHF SWISSCOM AG CHF1(REGD) 220.00 53 091.30 0.45CHF SYNGENTA CHF0.1(REGD) 244.00 40 059.80 0.34






CHF UBS AG CHF0.1 4 765.00 61 391.34 0.52CHF ZURICH FIN SVS GRP CHF0.10 541.00 83 006.72 0.70






Canada

CAD ISHARES CDN DOW JONES CANADA SELECT DIVIDEND INDEX FUND 30 955.00 357 465.35 3.02

Total Canada 357 465.35 3.02



Belgium







France

EUR LYXOR ETF MSCI USA-A 9 000.00 616 500.00 5.21

Total France 616 500.00 5.21

Germany

EUR ISHARES DOW JONES US SELECT DIVIDEND (DE) 18 500.00 370 555.00 3.13


Ireland

GBP ISHARES DJ ASIA PACIFIC SELECT DIVIDEND FUND 33 212.00 570 125.49 4.82


United States

USD FIRST TRUST VALUE LINE DIVIDEND FUND 37 146.00 318 642.04 2.69USD POWERSHARES ETF DVD ACHERVERS 39 262.00 317 368.18 2.68USD SPDR S&P DIVIDEND ETF 10 525.00 316 985.82 2.68USD VANGUARD DIVIDEND APPRECIATION ETF 10 777.00 324 875.80 2.74USD VANGUARD WHITEHALL HIGH DVD YIELD ETF 12 844.00 321 491.57 2.72USD WISDOMTREE JAPAN DIVIDEND FUND 13 066.00 373 483.38 3.15USD WISDOMTREE LARGECAP DIVIDEND FUND 11 863.00 318 347.19 2.69








EUR DJ EURO STOXX 50 INDEX FUTURE 18.09.09 11.00 41 800.00 0.35USD S&P 500 INDEX FUTURE 17.09.09 4.00 69 893.04 0.59











EUR 1 345 641.81 GBP 1 158 000.00 11.9.2009 30 486.20 0.26EUR 369 158.23 SEK 3 785 000.00 11.9.2009 –2 303.79 –0.02EUR 42 553.27 DKK 317 000.00 11.9.2009 –30.02 0.00EUR 2 877 136.05 USD 4 075 000.00 11.9.2009 40 003.25 0.34EUR 350 146.57 CAD 546 000.00 11.9.2009 3 692.78 0.03EUR 106 294.43 NOK 925 000.00 11.9.2009 –1 050.07 –0.01EUR 367 421.20 JPY 49 820 000.00 11.9.2009 –6 848.93 –0.06EUR 1 153 277.90 CHF 1 761 000.00 11.9.2009 –7 932.56 –0.07


Cash at banks, deposits on demand and deposit accounts and other liquid assets 873 984.27 7.38Bank overdraft and other short-term liabilities –82.10 0.00Other assets and liabilities –26 025.19 –0.22

Total net assets 11 836 226.46 100.00




Date ISIN 31.8.2009 31.8.2008Net assets in EUR 10 598 146.97 14 526 856.00Class (CHF) R1 LU0367360202Shares outstanding 202 063.1200 200 000.0000Net asset value per share in CHF 68.50 101.13Class I1 LU0367349148Shares outstanding 100.0000 100.0000Net asset value per share in EUR 7 342.62 10 095.34Class R1 LU0367353926Shares outstanding 10 116.0000 10 000.0000Net asset value per share in EUR 72.88 100.93


Equity Global Sustainability


Performance

Currency 2008/2009 2007/2008 2006/2007Class (CHF) R1 CHF –32.3% 1.1% –Class I1 EUR –27.3% 1.0% –Class R1 EUR –27.8% 0.9% –Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Equity Global Sustainability

Annual Report as of 31 August 2009Equity Global Sustainability


Geographical Breakdown as a % of net assetsLuxembourg 41.18France 21.93United Kingdom 14.03Austria 8.06Ireland 5.21Germany 5.04Switzerland 4.86Total 100.31



In the reporting year, between 1 September 2008 and 31 August 2009, the international equity markets experienced some of their sharpest-ever declines, followed by a massive countertrend. The last quarter of 2008 was dominated by the collapse of US investment bank Lehman Brothers. This had a dramatic impact and the financial and economic crisis spread across the globe like wildfire. The countermea- sures taken by governments and major central banks were unable to stop the downward trend, which lasted until March 2009 before the first signs of recovery were seen. The equity markets reacted immediately to these signs of recovery and embarked on a recovery rally which lasted up until the end of the reporting year.

Following the strong gains on the equity markets around the world, a consolidation is becoming increasingly likely. However, we believe that any correction will only temporar- ily interrupt the positive trend. Many institutional investors remain underinvested in equities and are using periods of weakness to make additional purchases.





Total investments in securities (Note 1) 10 631 815.90Cash at banks, deposits on demand and deposit accounts 67 475.69Receivable on subscriptions 291.16Receivable on dividends 4 436.08Other receivables 1 117.50Total Assets 10 705 136.33

LiabilitiesBank overdraft –59 537.72Interest payable on bank overdraft –3.99Provisions for Investment Advisory fees (Note 2) –29 866.94Provisions for custodian bank fees (Note 2) –84.10Provisions for taxe d’abonnement (Note 3) –495.87Provisions for audit fees, legal and economic advice (Note 2) –5 136.94Provisions for other commissions and fees (Note 2) –11 863.80




Income 1.9.2008–31.8.2009Interest on liquid assets 4 681.84Dividends 60 827.52Other income 5 179.50Total income 70 688.86



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –2 334 989.55Realized gain (loss) on forward foreign exchange contracts –1 916 210.80

Total realized gain (loss) on investments –4 251 200.35Realized gain (loss) on foreign exchange 210 044.56Total realized gain (loss) –4 041 155.79


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 179 911.34Unrealized appreciation (depreciation) on forward foreign exchange contracts 403 694.00Total changes in unrealized appreciation (depreciation) 583 605.34






Total net subscriptions (redemptions) –324 077.95Net income (loss) on investments –147 080.63Total realized gain (loss) –4 041 155.79Total changes in unrealized appreciation (depreciation) 583 605.34



1.9.2008–31.8.2009Class (CHF) RNumber of shares outstanding at the beginning of the financial year 200 000.0000Number of shares issued 2 081.6060Number of shares redeemed –18.4860Number of shares outstanding at the end of the financial year 202 063.1200Class INumber of shares outstanding at the beginning of the financial year 100.0000Number of shares issued 0.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 100.0000Class RNumber of shares outstanding at the beginning of the financial year 10 000.0000Number of shares issued 116.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 10 116.0000









Luxembourg

EUR LIGA-PAX-CATTOLICO-UNION FCP 600.00 602 352.00 5.68


Switzerland

CHF ETHOS EQUITIES NORTH AMERICA-E 8 000.00 240 374.63 2.27






Austria

EUR ESPA VINIS STOCK GLOBAL STOCK-T 6 500.00 853 775.00 8.06


France

EUR AXA INVESTMENT MANAGERS PARIS AXA EURO VAL RESPONSABLES FCP 14 000.00 395 640.00 3.73EUR EURO CAPITAL DURABLE SICAV-I-4D 6 200.00 588 132.00 5.55USD SSGA WORLD SRI INDEX EQUITY FUND-I 19 250.00 1 340 611.82 12.65

Total France 2 324 383.82 21.93

Germany

EUR ISHARES DJ STOXX SUSTAINABILITY 40 (DE) 58 500.00 534 105.00 5.04


Ireland

GBP ISHARES PLC-FTSE 100 FUND 90 000.00 502 381.12 4.74USD ISHARES S&P GLOBAL WATER 50 3 500.00 49 412.91 0.47


Luxembourg

EUR AVIVA INVESTORS SICAV-EUROPEAN SOCIALLY RESPONS EQUITY FD-I 2 600.00 381 682.08 3.60USD GOLDMAN SACHS FUNDS SICAV-SUSTAIN PORTFOLIO 96 000.00 597 386.85 5.64CHF LODH INVEST SICAV – GENERATION GLOBAL FUND (CHF)-P CAP 226 000.00 1 170 954.66 11.03EUR PARVEST SICAV – EUROPE SUSTAINABLE DEVELOPMENT-CC 9 000.00 662 580.00 6.25JPY PICTET FUNDS (LUX) – JAPAN INDEX-P 5 400.00 375 985.22 3.55EUR PICTET FUNDS (LUX) – WATER – P CAPITALISATION 5 000.00 575 300.00 5.43

Total Luxembourg 3 763 888.81 35.50

Switzerland

CHF PICTET-ETHOS CH SWISS SUSTAINABLE EQUITIES – P 4 400.00 274 682.21 2.59


United Kingdom

GBP AEGON ETHICAL EQUITY FUND-A 585 000.00 547 391.00 5.17GBP FIRST STATE ASIA PACIFIC SUSTAINABILITY FUND B 270 000.00 498 016.59 4.70GBP HENDERSON GLOBAL FUND – INDUSTRIES OF THE FUTURE FUND-A-DIST 225 000.00 441 052.81 4.16





Cash at banks, deposits on demand and deposit accounts and other liquid assets 67 475.69 0.64Bank overdraft and other short-term liabilities –59 537.72 –0.56Other assets and liabilities –41 606.90 –0.39

Total net assets 10 598 146.97 100.00




Date ISIN 31.8.2009 31.8.2008 31.8.2007Net assets in USD 2 320 785.70 2 990 986.00 6 282 540.00Class R LU0140836007Shares outstanding 33 832.9560 32 020.0000 55 051.0000Net asset value per share in USD 68.60 93.41 114.12

Equity USA


Performance

Currency 2008/2009 2007/2008 2006/2007Class R1 USD –26.6% –18.2% 14.6%Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Equity USA

Annual Report as of 31 August 2009Equity USA


Geographical Breakdown as a % of net assetsUnited States 90.85Bermuda 0.74Total 91.59

Economic Breakdown as a % of net assetsBanks & credit institutions 9.91Petroleum 9.01Computer hardware & network equipment providers 7.88Finance & holding companies 6.62Pharmaceuticals, cosmetics & medical products 6.26Internet, software & IT services 6.02Chemicals 5.91Aerospace industry 5.50Telecommunications 4.98Retail trade, department stores 4.59Insurance 3.54Food & soft drinks 2.82Miscellaneous consumer goods 2.17Lodging, catering & leisure 2.09Energy & water supply 1.96Electronics & semiconductors 1.89Traffic & transportation 1.88Biotechnology 1.50Vehicles 1.32Tobacco & alcohol 1.28Graphic design, publishing & media 1.14Real Estate 1.10Investment funds & pension foundations 0.95Mechanical engineering & industrial equipment 0.84Electrical devices & components 0.43Total 91.59


At the beginning of the reporting period, there was a series of bank collapses and government interventions, which triggered a downturn on the international stock markets. Central banks and governments then implemented aggres- sive stimulus measures. There was no recovery on the markets at that time, however. By the end of February, a succession of new lows had been reached. March began to show a change in sentiment, as economic data came in better than expected and more transparency was provided regarding stimulus measures. International equity markets staged a rally that lasted up until the end of the reporting period.



Statement of Net AssetsUSD


Total investments in securities (Note 1) 2 125 705.74Cash at banks, deposits on demand and deposit accounts 221 883.82Other liquid assets (Margins) 9 000.00Receivable on dividends 4 697.17Unrealized gain (loss) on financial futures (Note 1) 7 905.00Total Assets 2 369 191.73

LiabilitiesOther short-term liabilities (Margins) –8 675.00Provisions for Investment Advisory fees (Note 2) –13 313.38Provisions for custodian bank fees (Note 2) –18.66Provisions for taxe d’abonnement (Note 3) –195.50Provisions for audit fees, legal and economic advice (Note 2) –11 493.34Provisions for publications, printing costs and publicity (Note 2) –6 909.49Provisions for other commissions and fees (Note 2) –7 800.66



Statement of OperationsUSD

Income 1.9.2008–31.8.2009Interest on liquid assets 3 383.22Dividends 38 844.28Total income 42 227.50

ExpensesInvestment Advisory fees (Note 2) –35 691.47Custodian bank fees (Note 2) –326.02Taxe d’abonnement (Note 3) –1 190.69Government fees (Note 2) –8 968.14Audit fees, legal and economic advice (Note 2) –12 220.51Publications, printing costs and publicity (Note 2) –21 352.48Other expenses –1 424.99Other commissions and fees (Note 2) –34 475.24Interest on cash liquidity and bank overdraft –192.03Total expenses –115 841.57


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –745 718.10Realized gain (loss) on financial futures –263 902.50



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 54 636.10Unrealized appreciation (depreciation) on financial futures 31 090.00Total changes in unrealized appreciation (depreciation) 85 726.10

Net increase (decrease) in net assets as a result of operations –999 002.25



Statement of Changes in Net AssetsUSD


Total net subscriptions (redemptions) 328 801.95Net income (loss) on investments –73 614.07Total realized gain (loss) –1 011 114.28Total changes in unrealized appreciation (depreciation) 85 726.10

Net increase (decrease) in net assets as a result of operations –999 002.25Net assets at the end of the financial year 2 320 785.70


1.9.2008–31.8.2009Class RNumber of shares outstanding at the beginning of the financial year 32 020.0000Number of shares issued 2 530.9140Number of shares redeemed –717.9580Number of shares outstanding at the end of the financial year 33 832.9560




Description Quantity/ Valuation in USD as a %Nominal Unrealized gain of net




Bearer shares

Bermuda

USD ACCENTURE PLC BERM CLS'A'COM USD0.0000225 518.00 17 094.00 0.74

Total Bermuda 17 094.00 0.74

United States

USD 3M CO COM 317.00 22 855.70 0.98USD ABBOTT LABS COM 376.00 17 006.48 0.73USD AFLAC INC COM USD0.10 312.00 12 673.44 0.55USD AIR PRODS & CHEMS INC COM 377.00 28 286.31 1.22USD ALLSTATE CORP COM 657.00 19 309.23 0.83USD AMERICAN EXPRESS CO COM 1 348.00 45 589.36 1.96USD AMGEN INC COM 308.00 18 399.92 0.79USD APACHE CORP COM 102.00 8 664.90 0.37USD APPLE INC COM NPV 274.00 46 089.54 1.99USD AT&T INC COM 1 726.00 44 962.30 1.94USD BK OF AMERICA CORP COM USD0.01 1 908.00 33 561.72 1.45USD BOEING CO COM 185.00 9 188.95 0.40USD BURLINGTN NTHN SAN COM USD0.01 239.00 19 841.78 0.85USD CATERPILLAR INC DEL COM 431.00 19 528.61 0.84USD CHEVRON CORP NEW COM 666.00 46 580.04 2.01USD CHUBB CORP COM 371.00 18 323.69 0.79USD CISCO SYSTEMS COM USD0.001 1 820.00 39 312.00 1.69USD CITIGROUP INC COM 2 390.00 11 950.00 0.51USD COCA COLA CO COM 598.00 29 164.46 1.26USD CONOCOPHILLIPS COM 607.00 27 333.21 1.18USD CVS/CAREMARK CORP COM STK USD0.01 598.00 22 436.96 0.97USD DEVON ENERGY CORP NEW COM 112.00 6 874.56 0.30USD DOW CHEM CO COM 996.00 21 204.84 0.91USD E.I. DUPONT DE NEMOURS & CO COM 903.00 28 832.79 1.24USD EMERSON ELEC CO COM 268.00 9 881.16 0.43USD EXXON MOBIL CORP COM NPV 1 280.00 88 512.00 3.83USD FIRSTENERGY CORP COM 317.00 14 306.21 0.62USD GEN ELEC CO COM USD0.06 3 447.00 47 913.30 2.06USD GILEAD SCIENCES INC COM 365.00 16 446.90 0.71USD GOLDMAN SACHS GROUP INC COM 274.00 45 336.04 1.95USD GOOGLE INC COM USD0.001 CL'A' 75.00 34 625.25 1.49USD HEWLETT PACKARD CO COM USD0.01 904.00 40 580.56 1.75USD HOME DEPOT INC COM USD0.05 920.00 25 106.80 1.08USD HONEYWELL INTL INC COM 660.00 24 261.60 1.05USD INTEL CORP COM 2 154.00 43 769.28 1.89USD INTERNATIONAL BUSINESS MACHS COM 482.00 56 900.10 2.45USD JOHNSON & JOHNSON COM 791.00 47 808.04 2.06USD JOHNSON CTLS INC COM 1 237.00 30 640.49 1.32USD JP MORGAN CHASE & COM USD1 1 122.00 48 762.12 2.10USD KRAFT FOODS INC CL A 694.00 19 674.90 0.85USD LILLY ELI & CO COM 646.00 21 615.16 0.93USD LOCKHEED MARTIN CORP COM 227.00 17 020.46 0.73USD LOEWS CORP COM 727.00 24 827.05 1.07USD MCDONALD'S CORP COM USD0.01 419.00 23 564.56 1.02USD MERCK & CO INC COM USD0.01 711.00 23 057.73 0.99USD METLIFE INC COM USD0.01 845.00 31 907.20 1.37USD MICROSOFT CORP COM USD0.0000125 2 327.00 57 360.55 2.47USD MONSANTO COM STK USD0.01 257.00 21 557.16 0.93USD NORTHROP GRUMMAN CORP COM 477.00 23 282.37 1.00USD OCCIDENTAL PETRLM COM USD0.20 478.00 34 941.80 1.51USD ORACLE CORP COM USD0.01 1 402.00 30 661.74 1.32USD PEPSICO INC CAP USD0.016666 295.00 16 717.65 0.72USD PFIZER INC COM USD0.05 2 141.00 35 754.70 1.54USD PHILIP MORRIS INTL COM STK NPV 'WI' 652.00 29 802.92 1.28USD PRAXAIR INC COM USD0.01 131.00 10 037.22 0.43USD PROCTER & GAMBLE COM NPV 929.00 50 268.19 2.17USD PRUDENTIAL FINL INC COM 759.00 38 390.22 1.65USD QUALCOMM INC COM USD0.0001 620.00 28 780.40 1.24USD RAYTHEON CO COM NEW 429.00 20 240.22 0.87USD SCHLUMBERGER COM USD0.01 418.00 23 491.60 1.01USD SEMPRA ENERGY COM 621.00 31 155.57 1.34USD SIMON PPTY GROUP INC NEW COM 401.00 25 511.62 1.10USD TARGET CORP COM 532.00 25 004.00 1.08USD TIME WARNER CABLE INC-W/I 238.00 8 786.96 0.38USD TIME WARNER INC COM USD0.01 950.00 26 514.50 1.14USD UNION PACIFIC CORP COM USD2.50 399.00 23 864.19 1.03USD US BANCORP DEL COM NEW 895.00 20 244.90 0.87USD UTD TECHNOLOGIES COM USD1 566.00 33 597.76 1.45USD VERIZON COMMUNICATIONS COM 1 062.00 32 964.48 1.42USD WAL MART STORES INC COM 668.00 33 981.16 1.46USD WALT DISNEY CO. DISNEY COM USD0.01 1 102.00 28 696.08 1.24USD WELLS FARGO & CO NEW COM 891.00 24 520.32 1.06





Description Quantity/ Valuation in USD as a %Nominal Unrealized gain of net



Registered shares

United States

USD TRANSOCEAN LTD COM USD0.01 'REGISTERED' 209.00 15 850.56 0.68






United States

USD VORNADO REALTY TRUST-SBI 385.00 22 145.20 0.95








USD S&P500 EMINI FUTURE 18.09.09 2.00 7 905.00 0.34




Cash at banks, deposits on demand and deposit accounts and other liquid assets 230 883.82 9.95Bank overdraft and other short-term liabilities –8 675.00 –0.37Other assets and liabilities –35 033.86 –1.51

Total net assets 2 320 785.70 100.00




Date ISIN 31.8.2009Net assets in CHF 24 388 509.93Class R1 LU0408948536Shares outstanding 233 044.9870Net asset value per share in CHF 104.65


Maturity Guaranty 2019+2


Performance

Currency 2008/2009 2007/2008 2006/2007Class R1 CHF – – –Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Maturity Guaranty 2019+2

Annual Report as of 31 August 2009Maturity Guaranty 2019+2


Geographical Breakdown as a % of net assetsFrance 25.56Supranationals 14.82Canada 13.25Switzerland 10.21Denmark 6.54Austria 6.18Germany 5.13Ireland 4.68United States 2.09Total 88.46

Economic Breakdown as a % of net assetsCantons, federal states 19.81Investment funds & pension foundations 16.97Supranational organisations 14.82Cities & municipal authorities 13.08Banks & credit institutions 11.31Traffic & transportation 6.24Public, non-profit institutions 6.23Total 88.46


The world’s stock markets continued their decline in the 1st quarter of 2009. By the end of February, new lows had been reached, but March began to show a change in sentiment. Economic data came in better than expected, and governments were able to offer more transparency than before regarding stimulus measures. Credit spreads narrowed in line with the improved environment for riskier asset classes, and equity markets staged a rally that lasted up until the end of the reporting period.

We expect the rally on the equity markets to continue for the time being. On bond markets, we expect premiums on corporate bonds to fall more slowly and government bond yields to increase slightly.



Statement of Net AssetsCHF


Total investments in securities (Note 1) 21 573 880.86Cash at banks, deposits on demand and deposit accounts 2 969 640.46Receivable on subscriptions 65 191.88Interest receivable on securities 212 355.39Interest receivable on liquid assets 0.52Receivable on dividends 4 485.27Formation expenses, net (Note 2) 9 712.86Total Assets 24 835 267.24

LiabilitiesPayable on securities purchases (Note 1) –370 269.90Provisions for Investment Advisory fees (Note 2) –58 555.82Provisions for custodian bank fees (Note 2) –190.15Provisions for taxe d’abonnement (Note 3) –2 054.50Provisions for audit fees, legal and economic advice (Note 2) –12 783.50Provisions for other commissions and fees (Note 2) –2 903.44


Net assets at the end of the period 24 388 509.93

Statement of OperationsCHF

Income 3.3.2009–31.8.2009Interest on liquid assets 10.21Interest on securities 183 683.51Dividends 28 667.55Total income 212 361.27

ExpensesInvestment Advisory fees (Note 2) –150 676.92Custodian bank fees (Note 2) –986.54Taxe d’abonnement (Note 3) –7 154.74Government fees (Note 2) –3 372.08Audit fees, legal and economic advice (Note 2) –15 714.12Publications, printing costs and publicity (Note 2) –2 800.57Amortization of formation expenses (Note 2) –8 375.37Other commissions and fees (Note 2) –15 763.00Interest on cash liquidity and bank overdraft –8.29Total expenses –204 851.63


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 9 300.31

Total realized gain (loss) on investments 9 300.31Realized gain (loss) on foreign exchange –23 570.77Total realized gain (loss) –14 270.46

Net realized gain (loss) of the period –6 760.82

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 1 032 559.15Total changes in unrealized appreciation (depreciation) 1 032 559.15




Statement of Changes in Net AssetsCHF

3.3.2009–31.8.2009Net assets at the beginning of the period 0.00Subscriptions 23 427 508.45Redemptions –64 796.85

Total net subscriptions (redemptions) 23 362 711.60Net income (loss) on investments 7 509.64Total realized gain (loss) –14 270.46Total changes in unrealized appreciation (depreciation) 1 032 559.15

Net increase (decrease) in net assets as a result of operations 1 025 798.33Net assets at the end of the period 24 388 509.93


3.3.2009–31.8.2009Class RNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 233 698.7730Number of shares redeemed –653.7860Number of shares outstanding at the end of the period 233 044.9870




Description Quantity/ Valuation in CHF as a %Nominal Unrealized gain of net





CHF

CHF BRITISH COLUMBIA, PROVINCE OF 2.87500% 09-27.12.17 1 500 000.00 1 574 250.00 6.45CHF EUROPEAN INVESTMENT BANK 2.50000% 07-08.02.19 1 500 000.00 1 528 500.00 6.27CHF ILE DE FRANCE 3.25000% 07-27.11.18 1 500 000.00 1 597 500.00 6.55CHF INTL BK FOR RECONSTR & DEVT WORLD BANK 2.75000% 09-07.05.19 2 000 000.00 2 087 000.00 8.57CHF KOMMUNEKREDIT 3.25000% 08-08.05.18 1 500 000.00 1 596 000.00 6.54CHF ONTARIO, PROVINCE OF 3.75000% 08-30.07.18 1 500 000.00 1 658 250.00 6.80CHF PARIS, CITY OF 3.25000% 08-05.11.18 1 500 000.00 1 593 750.00 6.53CHF RESEAU FERRE DE FRANCE SA 2.87500% 09-26.02.21 1 500 000.00 1 518 750.00 6.23CHF STE NATL DES CHEMINS DE FER FRANCAIS 2.75000% 09-23.01.19 1 500 000.00 1 522 500.00 6.24

Total CHF 14 676 500.00 60.18


Bonds, fixed rate

CHF

CHF KREDITANSTALT FUER WIEDERAUFBAU 2.75000% 09-11.10.18 1 200 000.00 1 250 400.00 5.13CHF OESTERREICHISCHE KONTROLLBANK AG 2.75000% 05-28.01.20 1 500 000.00 1 507 500.00 6.18

Total CHF 2 757 900.00 11.31





Ireland

EUR ISHARE II DJ EURO STOXX 50 15 000.00 632 663.29 2.60GBP ISHARES PLC-FTSE 100 FUND 60 000.00 507 951.72 2.08

Total Ireland 1 140 615.01 4.68

Switzerland

CHF XMTCH(CH) – XMTCH(CH)ON SMI(R) 31 000.00 1 928 510.00 7.90


United States

USD STANDARD&POOR'S DEPOSITORY RECEIPTS TRUST-S1 4 700.00 509 385.85 2.09




Other UCI (Undertakings for collective Investment)


Switzerland

CHF UBS-ETF SMI 9 000.00 560 970.00 2.30



Total Other UCI (Undertakings for collective Investment) 560 970.00 2.30



Total net assets 24 388 509.93 100.00






Portfolio Global Income Prudent (EUR)


Performance

Currency 2008/2009 2007/2008 2006/2007Class R1 EUR –2.1% 0.8% –Class I1 EUR –1.8% 0.8% –Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Portfolio Global Income Prudent (EUR)

Annual Report as of 31 August 2009Portfolio Global Income Prudent (EUR)


Geographical Breakdown as a % of net assetsFrance 68.81Guernsey 6.86Luxembourg 4.92Spain 3.32Ireland 2.69United States 1.43Germany 0.55Total 88.58

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 74.83Mortgage & funding institutions 8.34Banks & credit institutions 3.78Miscellaneous unclassified companies 1.63Total 88.58












Total investments in securities (Note 1) 13 375 842.67Cash at banks, deposits on demand and deposit accounts 1 540 538.17Receivable on subscriptions 65 201.40Interest receivable on securities 6 582.98Interest receivable on liquid assets 2.54Unrealized gain (loss) on financial futures (Note 1) 144 734.28Total Assets 15 132 902.04





Income 1.9.2008–31.8.2009Interest on liquid assets 3 936.84Interest on securities 123 706.19Dividends 78 589.53Income on securities lending (Note 4) 514.83Other income 1 355.88Total income 208 103.27

ExpensesInvestment Advisory fees (Note 2) –88 001.62Custodian bank fees (Note 2) –3 163.21Taxe d’abonnement (Note 3) –1 605.77Government fees (Note 2) –12 479.51Audit fees, legal and economic advice (Note 2) –14 161.23Publications, printing costs and publicity (Note 2) –8 038.53Amortization of formation expenses (Note 2) 181.03Other commissions and fees (Note 2) –24 000.19Interest on cash liquidity and bank overdraft –1 349.59Total expenses –152 618.62


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –865 436.41Realized gain (loss) on options –3 300.00Realized gain (loss) on financial futures 501 357.94Realized gain (loss) on options, futures-styled 30 215.00Realized gain (loss) on forward foreign exchange contracts 34 376.55

Total realized gain (loss) on investments –302 786.92Realized gain (loss) on foreign exchange –20 187.08Total realized gain (loss) –322 974.00


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –15 903.55Unrealized appreciation (depreciation) on financial futures 152 251.28Unrealized appreciation (depreciation) on forward foreign exchange contracts –4 628.56Total changes in unrealized appreciation (depreciation) 131 719.17






Total net subscriptions (redemptions) 114 180.09Net income (loss) on investments 55 484.65Total realized gain (loss) –322 974.00Total changes in unrealized appreciation (depreciation) 131 719.17



1.9.2008–31.8.2009Class INumber of shares outstanding at the beginning of the financial year 1 400.0000Number of shares issued 0.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 1 400.0000Class RNumber of shares outstanding at the beginning of the financial year 10 000.0000Number of shares issued 3 209.0000Number of shares redeemed –622.0000Number of shares outstanding at the end of the financial year 12 587.0000









Guernsey

EUR BH MACRO LTD- SHS EURO CLASS 66 200.00 1 036 030.00 6.86

Total Guernsey 1 036 030.00 6.86

Total Investment certificates, closed end 1 036 030.00 6.86


EUR

EUR FCC SPARC-REG-S 3M EURIBOR+39BP 07-15.07.13 900 000.00 757 647.00 5.02EUR OPERA STRUCTURED CREDIT OFFSHORE PLC FLR 06-30.04.16 750 000.00 83 192.52 0.55EUR RUBY FINANCE PLC-REG-S *DEFAULT*3M EURIBOR+70BP 06-20.12.13 200 000.00 163 280.00 1.08

Total EUR 1 004 119.52 6.65



EUR

EUR BNP PARIBAS-SUB 3M EURIBOR +17/+67BP 05-16.03.15 600 000.00 570 606.60 3.78

Total EUR 570 606.60 3.78

Total Medium term notes, floating rate 570 606.60 3.78




EUR

EUR SANTANDER CONSUMER SPAIN-REG-S 3M EURIBOR+13BP 06-20.10.16 1 000 000.00 501 384.05 3.32

Total EUR 501 384.05 3.32

Total Asset Backed Securities, floating rate 501 384.05 3.32




Luxembourg







France

EUR AXA PARTNERS CREDIT PLUS II C 5 000.00 530 700.00 3.51EUR HAREWOOD COVERED EUROPEAN EQUITY FUND-A CAPITAL 3 DECIMALES 610.00 608 346.90 4.03EUR HAREWOOD EURO LONG-DIVIDENDS 316.00 456 765.36 3.02EUR LYXOR ASSET MANAGEMENT LYXOR ASIA PA EXJP-AC 6 185.00 155 738.30 1.03EUR LYXOR ETF MSCI EM LATIN AMERICA 3 315.00 77 372.10 0.51EUR LYXOR INTERNATIONAL ASSET MANAGEMENT ETF MSCI EMU SMALL CAP 2 995.00 409 206.85 2.71EUR LYXOR INTL ASSET MANAGEMENT DJ EUROSTOXX 50 MASTER UNIT ETF 6 100.00 175 344.50 1.16EUR LYXOR INTL ASSET MANAGEMENT ETF EUROMTS GLOBAL MASTER TRUST 18 272.00 2 371 705.60 15.75EUR LYXOR INTL ASSET MANAGEMENT ETF MSCI EMU VALUE FCP 6 200.00 681 256.00 4.51EUR SINOPIA SOCIETE DE GESTION OBLIG INFLATION WORLD I 74.00 928 569.02 6.15EUR SSGA EMERGING EUROPE ALPHA EQUITY FUND I 135.00 93 525.30 0.62EUR SSGA EMERGING LATIN AMERICA ALPHA EQUITY FUND I 75.00 39 979.50 0.26






EUR SWISS LIFE ASSET MANAGEMENT SLF FRANCE ABS MEZZ-I 65.00 719 417.40 4.76EUR SWISS LIFE FUNDS (F) EQUITY EUROPE-C 1 670.00 217 667.80 1.44EUR SWISS LIFE FUNDS (F) EQUITY EURO ZONE MINIMUM VOLA (EUR) I 37.00 317 070.76 2.10EUR SWISS LIFE FUNDS (F) GLOBAL CURRENCIES 2 950.00 625 311.50 4.14EUR SWISS LIFE FUNDS (F) GLOBAL INFLATION I 60.00 652 924.80 4.32

Total France 9 060 901.69 60.02

Germany



Ireland

EUR JANUS WORLD FUNDS PLC – US RISK MANAGED CORE FUND-A-EUR 13 230.00 160 479.90 1.06


Luxembourg

EUR UNI-GLOBAL SICAV – MINIMUM VARIANCE EUROPE 130.00 184 964.00 1.22


United States

USD ISHARES MSCI ALL COUNTRY ASIA EX JAPAN INDEX FUND 2 340.00 78 693.01 0.52USD POWERSHARES DYNAMIC LARGE CAP VALUE PORTFOLIO 12 710.00 137 900.91 0.91








EUR EURO-BUND FUTURE 08.09.09 13.00 47 350.00 0.31EUR EURO-BOBL FUTURE 08.09.09 35.00 85 600.00 0.58

Total Financial Futures on bonds 132 950.00 0.89

Financial Futures on currencies

USD EURO FX CURRENCY FUTURE 14.09.09 6.00 11 184.28 0.07

Total Financial Futures on currencies 11 184.28 0.07


EUR DJ EURO STOXX 50 INDEX FUTURE 18.09.09 22.00 600.00 0.00

Total Financial Futures on Indices 600.00 0.00



Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 540 538.17 10.20Other assets and liabilities 39 899.79 0.26

Total net assets 15 101 014.91 100.00





Portfolio Euro Zone Balanced (EUR)


Performance



Portfolio Euro Zone Balanced (EUR)

Annual Report as of 31 August 2009Portfolio Euro Zone Balanced (EUR)


Geographical Breakdown as a % of net assetsFrance 29.99Germany 17.87Netherlands 8.96Spain 7.99Italy 4.87Ireland 4.69Sweden 4.47United Kingdom 4.38United States 2.23Supranationals 1.72Poland 1.68Slovakia 1.67Finland 1.63Belgium 1.52Portugal 1.47United Arab Emirates 0.67Luxembourg 0.46Greece 0.31Austria 0.15Total 96.73

Economic Breakdown as a % of net assetsBanks & credit institutions 23.09Telecommunications 7.91Finance & holding companies 7.75Countries & central governments 7.13Petroleum 7.09Energy & water supply 6.76Mortgage & funding institutions 4.40Cantons, federal states 3.44Insurance 2.70Bonds issued by banks and financial institutions 2.23Chemicals 2.15Pharmaceuticals, cosmetics & medical products 2.15Public, non-profit institutions 1.76Supranational organisations 1.72Food & soft drinks 1.64Vehicles 1.57Building industry & materials 1.53Issuance Centres 1.53Retail trade, department stores 1.30Various capital goods 1.01Traffic & transportation 0.87Electrical devices & components 0.83Textiles, garments & leather goods 0.74Miscellaneous consumer goods 0.72Internet, software & IT services 0.70Tobacco & alcohol 0.70Mining, coal & steel 0.65Miscellaneous services 0.64Real Estate 0.47Electronics & semiconductors 0.39Graphic design, publishing & media 0.38Investment funds & pension foundations 0.23Rubber & tyres 0.20Aerospace industry 0.19Biotechnology 0.08Mechanical engineering & industrial equipment 0.08Total 96.73












Total investments in securities (Note 1) 59 083 880.38Cash at banks, deposits on demand and deposit accounts 1 195 442.42Interest receivable on securities 559 499.68Receivable on dividends 15 026.11Other receivables 35 364.34Unrealized gain (loss) on financial futures (Note 1) 360 770.00Total Assets 61 249 982.93

LiabilitiesPayable on redemptions –11 278.50Provisions for Investment Advisory fees (Note 2) –129 392.47Provisions for custodian bank fees (Note 2) –485.79Provisions for taxe d’abonnement (Note 3) –5 145.26Provisions for audit fees, legal and economic advice (Note 2) –21 964.64Provisions for other commissions and fees (Note 2) –2 774.20




Income 1.9.2008–31.8.2009Interest on liquid assets 50 041.53Interest on securities 1 520 970.57Dividends 894 042.03Income on securities lending (Note 4) 6 099.38Total income 2 471 153.51

ExpensesInvestment Advisory fees (Note 2) –712 022.42Custodian bank fees (Note 2) –3 413.71Taxe d’abonnement (Note 3) –27 680.37Government fees (Note 2) –6 460.18Audit fees, legal and economic advice (Note 2) –41 993.29Publications, printing costs and publicity (Note 2) –8 728.95Other expenses –990.49Other commissions and fees (Note 2) –20 254.00Interest on cash liquidity and bank overdraft –11 154.08Total expenses –832 697.49


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –7 159 585.29Realized gain (loss) on financial futures 413 654.18Realized gain (loss) on options, futures-styled 101 816.00Realized gain (loss) on forward foreign exchange contracts 105 528.87



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 316 042.19Unrealized appreciation (depreciation) on financial futures 361 430.00Unrealized appreciation (depreciation) on forward foreign exchange contracts –4 629.00Total changes in unrealized appreciation (depreciation) 672 843.19






Total net subscriptions (redemptions) –2 677 599.20Net income (loss) on investments 1 638 456.02Total realized gain (loss) –6 543 492.94Total changes in unrealized appreciation (depreciation) 672 843.19











Bearer shares

Austria

EUR ERSTE GROUP BK AG NPV 3 150.00 93 114.00 0.15


Belgium

EUR ANHEUSER-BUSCH INBEV 8 945.00 269 378.68 0.43EUR BELGACOM SA NPV 5 326.00 139 328.16 0.23EUR COLRUYT SA NPV 879.00 140 640.00 0.23EUR COMPAGNIE NATIONALE A PORTEFEUILLE SA 2 616.00 94 712.28 0.16EUR GPE BRUXELLES LAM NPV 2 377.00 145 163.39 0.24EUR MOBISTAR NPV 3 105.00 139 414.50 0.23


Finland

EUR ELISA CORPORATION EUR0.50 10 779.00 148 319.04 0.24EUR FORTUM OYJ EUR3.40 7 762.00 141 423.64 0.23EUR NOKIA OYJ EUR0.06 47 303.00 458 839.10 0.76EUR ORION CORP SER'B'NPV 11 208.00 132 814.80 0.22EUR SAMPO OYJ SER'A'NPV 6 664.00 111 288.80 0.18


France

EUR AIR LIQUIDE(L') EUR5.5 (POST-SUBDIVISION) 3 737.00 278 219.65 0.46EUR ALSTOM EUR14 (POST-CONSOLIDATION) 3 176.00 155 639.88 0.25EUR AUTOROUTES PARIS-R EUR0.30 2 654.00 138 114.16 0.23EUR AXA EUR2.29 18 835.00 299 099.80 0.49EUR BIC EUR3.82 3 008.00 128 892.80 0.21EUR BIOMERIEUX NPV 1 271.00 86 478.84 0.14EUR BNP PARIBAS EUR2 10 138.00 569 451.46 0.93EUR BOUYGUES EUR1 3 576.00 123 783.24 0.20EUR CARREFOUR EUR2.50 8 409.00 276 193.61 0.45EUR CIE DE ST-GOBAIN EUR4 5 554.00 174 340.06 0.29EUR CREDIT AGRICOLE SA EUR3 13 257.00 171 280.44 0.28EUR DANONE EUR0.25 (POST SUBDIVISION) 11 306.00 428 836.58 0.70EUR DASSAULT SYSTEMES EUR1 475.00 16 933.75 0.03EUR ESSILOR INTL EUR0.18 761.00 28 666.87 0.05EUR EUTELSAT COMMUNICA EUR1 7 165.00 133 627.25 0.22EUR FRANCE TELECOM EUR4 30 606.00 542 950.44 0.89EUR GDF SUEZ EUR1 (POST MERGER) 15 995.00 470 093.05 0.77EUR HERMES INTL NPV 743.00 76 789.05 0.13EUR IPSEN EUR1 650.00 22 425.00 0.04EUR L'OREAL EUR0.20 2 920.00 200 545.60 0.33EUR LAFARGE EUR4 2 722.00 161 441.82 0.26EUR LVMH MOET HENNESSY EUR0.30 3 277.00 218 543.13 0.36EUR METROPOLE TV-(M6) EUR0.40 1 488.00 23 555.04 0.04EUR NEOPOST EUR1 2 228.00 128 110.00 0.21EUR PERNOD RICARD NPV 2 900.00 157 673.00 0.26EUR PPR EUR4 1 141.00 92 432.41 0.15EUR SANOFI-AVENTIS EUR2 13 552.00 641 280.64 1.05EUR SCHNEIDER ELECTRIC EUR8 3 424.00 220 163.20 0.36EUR SCOR SE EUR7.876972 (POST CONS) 7 167.00 131 550.29 0.22EUR SOC GENERALE EUR1.25 6 028.00 338 833.88 0.55EUR SODEXO EUR4 544.00 21 857.92 0.04EUR THALES EUR3 1 002.00 32 064.00 0.05EUR TOTAL EUR2.5 (POST SUBDIVISION) 28 706.00 1 147 378.82 1.87EUR UNIBAIL-RODAMCO EUR5 2 063.00 284 590.85 0.47EUR VEOLIA ENVIRONNEME EUR5 5 925.00 142 970.25 0.23EUR VINCI EUR2.50 (POST SUBDIVISION) 6 702.00 250 822.35 0.41EUR VIVENDI SA EUR5.50 16 980.00 337 392.60 0.55

Total France 8 653 021.73 14.17

Germany

EUR BASF SE NPV 12 711.00 462 553.29 0.75EUR BAYER AG ORD NPV 10 200.00 436 866.00 0.72EUR BAYERISCHE MOTOREN WERKE AG EUR1 4 790.00 152 202.26 0.25EUR BEIERSDORF AG NPV 3 929.00 139 086.60 0.23EUR FRESENIUS MED CARE NPV 7 497.00 234 955.98 0.38EUR MERCK KGAA NPV 415.00 26 248.75 0.04EUR RWE AG (NEU) NPV 6 330.00 408 918.00 0.67EUR SAP AG ORD NPV 10 215.00 347 922.90 0.57EUR SUEDZUCKER AG NPV 9 355.00 127 228.00 0.21EUR THYSSENKRUPP AG NPV 4 980.00 118 026.00 0.19EUR VOLKSWAGEN AG ORD NPV 1 701.00 229 720.05 0.38

Total Germany 2 683 727.83 4.39

Ireland

EUR CRH ORD EUR0.32(DUBLIN LISTING) 8 837.00 158 182.30 0.26







Italy

EUR ACEA SPA EUR5.16 11 215.00 95 383.58 0.16EUR ASSIC GENERALI SPA EUR1 10 993.00 190 948.41 0.31EUR BCA CARIGE SPA EUR1 35 916.00 75 782.76 0.12EUR ENEL EUR1 106 428.00 437 419.08 0.72EUR ENI SPA EUR1 38 086.00 629 942.44 1.04EUR FIAT SPA EUR5 11 713.00 96 749.38 0.16EUR INTESA SANPAOLO 103 881.00 313 980.32 0.51EUR MEDIOBANCA SPA EUR0.5 10 082.00 96 484.74 0.16EUR SNAM RETE GAS EUR1 43 816.00 141 963.84 0.23EUR TELECOM ITALIA SPA DI RISP EUR0.55 219 349.00 173 285.71 0.28EUR TERNA SPA ORD EUR0.22 54 837.00 140 931.09 0.23EUR UBI BANCA EUR2.50 12 758.00 134 469.32 0.22EUR UNICREDIT EUR0.50 177 460.00 448 530.15 0.73

Total Italy 2 975 870.82 4.87

Netherlands

EUR AEGON NV 22 281.00 117 042.09 0.19EUR AHOLD(KON)NV EUR0.30 18 042.00 147 421.18 0.24EUR AKZO NOBEL NV EUR2 3 427.00 135 383.64 0.22EUR CORIO NV EUR10 3 240.00 138 202.20 0.23EUR EADS(EURO AERO DEF EUR1 5 955.00 86 109.30 0.14EUR KON KPN NV EUR0.24 34 832.00 373 050.72 0.61EUR PHILIPS ELEC(KON) EUR0.20 15 087.00 237 771.12 0.39EUR REED ELSEVIER ORD EUR0.07 31 074.00 229 605.79 0.38EUR SBM OFFSHORE NV EUR0.25 (POST SUBDIVISION) 1 225.00 17 762.50 0.03EUR TNT NV EUR0.48 5 646.00 97 167.66 0.16


Portugal



Spain

EUR GRIFOLS SA EUR0.5 2 613.00 32 048.45 0.05EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 51 219.00 330 874.74 0.54EUR INDRA SISTEMAS SA EUR0.20 SER 'A' 3 759.00 62 211.45 0.10EUR RED ELECTRICA CORPORACION EUR2 4 129.00 135 018.30 0.22EUR REPSOL YPF SA EUR1 11 468.00 198 396.40 0.32EUR TELEFONICA SA EUR1 49 432.00 869 508.88 1.44EUR ZARDOYA-OTIS EUR0.10 3 189.00 48 600.36 0.08

Total Spain 1 676 658.58 2.75


Other shares

Netherlands




Preference shares

Germany

EUR HENKEL AG&CO. KGAA NON-VTG PRF NPV 4 078.00 112 389.68 0.18EUR VOLKSWAGEN AG NON VTG PRF NPV 1 452.00 95 062.44 0.16



Registered shares

France


Total France 120 569.53 0.20

Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 5 754.00 463 887.48 0.76EUR DAIMLER AG ORD NPV(REGD) 12 126.00 382 332.78 0.63EUR DEUTSCHE BANK AG NPV(REGD) 6 864.00 325 010.40 0.53EUR DEUTSCHE BOERSE AG NPV(REGD) 2 685.00 142 976.25 0.23EUR DEUTSCHE POST AG NPV(REGD) 13 365.00 160 847.78 0.26EUR DEUTSCHE TELEKOM NPV(REGD) 37 459.00 347 432.23 0.57EUR E.ON AG NPV 23 718.00 699 918.18 1.16EUR HANNOVER RUECKVERS ORD NPV(REGD) 4 720.00 144 904.00 0.24EUR MUENCHENER RUECKVE NPV(REGD) 3 077.00 320 100.31 0.52EUR SIEMENS AG NPV(REGD) 10 248.00 619 491.60 1.01

Total Germany 3 606 901.01 5.91






Greece


Total Greece 192 192.60 0.31

Luxembourg



Netherlands

EUR QIAGEN NV COM EUR0.01 3 447.00 49 395.51 0.08


Portugal

EUR BRISA(AUTO-ESTRADA EUR1(PRIVATIZED) 21 997.00 135 941.46 0.22EUR CIMPOR CIMENTOS DE EUR1(REGD) 12 946.00 66 154.06 0.11EUR EDP ENERGIAS PORTU EUR1(REGD) 47 781.00 144 059.72 0.24EUR PORTUGAL TCOM SGPS EUR0.03 37 332.00 269 163.72 0.44


Spain

EUR BANCO DE SABADELL SA EUR0.125(REGD) 16 879.00 88 783.54 0.15EUR BANCO SANTANDER SA EUR0.50(REGD) 101 576.00 1 090 418.36 1.78EUR BANKINTER SA 16 606.00 153 937.62 0.25EUR BBVA(BILB-VIZ-ARG) EUR0.49 45 798.00 567 437.22 0.93EUR BCO DE VALENCIA EUR0.25 20 175.00 141 225.00 0.23EUR INDITEX EUR0.15 4 196.00 159 280.16 0.26

Total Spain 2 201 081.90 3.60



EUR

EUR FCC SPARC-REG-S 3M EURIBOR+39BP 07-15.07.13 2 000 000.00 1 683 660.00 2.76

Total EUR 1 683 660.00 2.76


Notes, floating rate

EUR

EUR ASSURANCES GENERALES-SUB VAR 3M EURIBOR+78/178B 00-08.03.20 1 000 000.00 801 905.00 1.31EUR CREDIT LOGEMENT SA-SUB 3M EURIBOR+29BP 05-23.06.15 500 000.00 465 312.49 0.76

Total EUR 1 267 217.49 2.07

Total Notes, floating rate 1 267 217.49 2.07


EUR

EUR BANK OF SCOTLAND PLC 3.87500% 05-07.02.20 3 000 000.00 2 674 881.30 4.38EUR EUROPEAN INVESTMENT BANK 4.25000% 09-15.04.19 1 000 000.00 1 050 630.00 1.72EUR FRANCE TELECOM SA 8.12500% 03-28.01.33 1 000 000.00 1 369 230.00 2.24EUR GE CAPITAL EUROPEAN FUNDING 4.35000% 06-03.11.21 3 000 000.00 2 708 472.00 4.43EUR NV NEDERLANDSE GASUNIE 4.25000% 06-20.06.16 2 000 000.00 2 051 780.00 3.36EUR POLAND, REPUBLIC OF 4.50000% 03-05.02.13 1 000 000.00 1 024 980.00 1.68EUR RESEAU FERRE DE FRANCE SA 4.62500% 99-17.03.14 1 000 000.00 1 075 628.22 1.76EUR SLOVAKIA, REPUBLIC OF 4.37500% 09-21.01.15 1 000 000.00 1 017 800.00 1.67

Total EUR 12 973 401.52 21.24



EUR

EUR BNP PARIBAS-SUB 3M EURIBOR +17/+67BP 05-16.03.15 2 000 000.00 1 902 022.00 3.11EUR CREDIT LOGEMENT SA-SUB 3M EURIBOR+60BP 04-PRP 400 000.00 280 000.00 0.46EUR SVENSKA HANDELSBANKEN AB-SUB 3M EURIBOR+30BP 07-PRP 1 000 000.00 790 000.00 1.29EUR SVENSKA HANDELSBANKEN AB-SUB 4.00000%/FLR 06-20.04.16 2 000 000.00 1 939 418.68 3.18

Total EUR 4 911 440.68 8.04

Total Medium term notes, floating rate 4 911 440.68 8.04

Bonds, fixed rate

EUR

EUR BERLIN, STATE OF 4.12500% 06-24.05.16 2 000 000.00 2 103 161.14 3.44EUR DEUTSCHE PFANDBRIEFBANK AG 5.75000% 00-20.07.10 1 000 000.00 1 034 212.00 1.69EUR GERMANY, REPUBLIC OF 6.25000% 94-04.01.24 1 000 000.00 1 277 933.00 2.09






EUR NETHERLANDS, KINGDOM OF THE 4.00000% 09-15.07.19 1 000 000.00 1 036 140.00 1.70EUR TAQA ABU DHABI NATIONAL ENERGY CO-REG-S 4.37500% 06-28.10.13 400 000.00 406 780.40 0.67

Total EUR 5 858 226.54 9.59

FRF

FRF ELECTRICITE DE FRANCE 8.75000% 92-30.06.22 3 000 000.00 574 350.15 0.94

Total FRF 574 350.15 0.94



EUR

EUR ALIS FINANCE ARL 4.30000%/CPI LINKED 02-25.07.32 1 000 000.00 1 395 662.50 2.28EUR SG CAPITAL TRUST III 5.41900%/3M EURIBOR+195BP 03-PRP 2 000 000.00 1 361 000.00 2.23

Total EUR 2 756 662.50 4.51

Total Bonds, floating rate 2 756 662.50 4.51




EUR

EUR SANTANDER CONSUMER SPAIN-REG-S 3M EURIBOR+13BP 06-20.10.16 2 000 000.00 1 002 768.10 1.64

Total EUR 1 002 768.10 1.64





Belgium






Warrants on shares

Italy

EUR UBI BANCA SCPA CALL WARRANT 12.30000 09-30.06.11 8 613.00 596.02 0.00

Total Italy 596.02 0.00

Total Warrants on shares 596.02 0.00

Total Derivative instruments listed on an official stock exchange 596.02 0.00





EUR EURO-BOBL FUTURE 08.09.09 4.00 7 720.00 0.01












Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 195 442.42 1.96Other assets and liabilities 438 849.27 0.72

Total net assets 61 078 942.07 100.00






Portfolio Global Balanced Harmony (EUR)


Performance



Portfolio Global Balanced Harmony (EUR)

Annual Report as of 31 August 2009Portfolio Global Balanced Harmony (EUR)


Geographical Breakdown as a % of net assetsFrance 70.37Luxembourg 8.54Ireland 3.43Italy 3.10United States 1.80Spain 1.69Guernsey 0.72Germany 0.66Total 90.31

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 82.32Banks & credit institutions 6.30Mortgage & funding institutions 1.69Total 90.31












Total investments in securities (Note 1) 13 412 200.54Cash at banks, deposits on demand and deposit accounts 1 360 031.53Receivable on subscriptions 6 911.64Interest receivable on securities 2 645.32Interest receivable on liquid assets 3.19Unrealized gain (loss) on financial futures (Note 1) 99 496.19Total Assets 14 881 288.41





Income 1.9.2008–31.8.2009Interest on liquid assets 1 869.47Interest on securities 4 009.09Dividends 105 374.93Income on securities lending (Note 4) 278.62Other income 733.11Total income 112 265.22

ExpensesInvestment Advisory fees (Note 2) –89 159.47Performance fee (Note 2) –0.10Custodian bank fees (Note 2) –2 704.88Taxe d’abonnement (Note 3) –1 521.05Government fees (Note 2) –12 463.64Audit fees, legal and economic advice (Note 2) –13 615.57Publications, printing costs and publicity (Note 2) –8 038.55Amortization of formation expenses (Note 2) 180.87Other commissions and fees (Note 2) –27 100.43Interest on cash liquidity and bank overdraft –456.89Total expenses –154 879.71


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –499 032.36Realized gain (loss) on options –666.00Realized gain (loss) on financial futures 129 036.42Realized gain (loss) on options, futures-styled 25 520.00Realized gain (loss) on forward foreign exchange contracts 25 191.69

Total realized gain (loss) on investments –319 950.25Realized gain (loss) on foreign exchange 3 858.47Other realized gain (loss) 11.64Total realized gain (loss) –316 080.14


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –228 871.68Unrealized appreciation (depreciation) on financial futures 62 526.19Unrealized appreciation (depreciation) on forward foreign exchange contracts 4 628.56Total changes in unrealized appreciation (depreciation) –161 716.93






Total net subscriptions (redemptions) 138 030.01Net income (loss) on investments –42 614.49Total realized gain (loss) –316 080.14Total changes in unrealized appreciation (depreciation) –161 716.93



1.9.2008–31.8.2009Class INumber of shares outstanding at the beginning of the financial year 1 400.0000Number of shares issued 0.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 1 400.0000Class RNumber of shares outstanding at the beginning of the financial year 10 000.0000Number of shares issued 6 778.0000Number of shares redeemed –154.0000Number of shares outstanding at the end of the financial year 16 624.0000









Guernsey

EUR BH MACRO LTD- SHS EURO CLASS 6 800.00 106 420.00 0.72

Total Guernsey 106 420.00 0.72



EUR

EUR BNP PARIBAS-SUB 3M EURIBOR +17/+67BP 05-16.03.15 500 000.00 475 505.50 3.20EUR UNICREDIT SPA-SUB 3M LIBOR+40/105BP 04-21.10.16 500 000.00 460 625.00 3.10

Total EUR 936 130.50 6.30





EUR

EUR SANTANDER CONSUMER SPAIN-REG-S 3M EURIBOR+13BP 06-20.10.16 500 000.00 250 692.03 1.69

Total EUR 250 692.03 1.69





Ireland

EUR BETA1 ETFUND PLC-MSCI EURO 800.00 77 392.00 0.52


Luxembourg







France

EUR AXA PARTNERS CREDIT PLUS II C 2 250.00 238 815.00 1.61EUR AXA PARTNERS CREDIT PLUS III FCP-C-CAP 4 DECIMALES 1 050.00 68 659.50 0.46EUR HAREWOOD COVERED EUROPEAN EQUITY FUND-A CAPITAL 3 DECIMALES 560.00 558 482.40 3.76EUR HAREWOOD EURO LONG-DIVIDENDS 306.00 442 310.76 2.98EUR IDE EURO DYNAMISME 20.00 78 667.00 0.53EUR LYXOR ETF EASTERN EUROPE CECE EUR 2 200.00 39 490.00 0.27EUR LYXOR ASSET MANAGEMENT LYXOR ASIA PA EXJP-AC 5 600.00 141 008.00 0.95EUR LYXOR ETF MSCI EM LATIN AMERICA 3 040.00 70 953.60 0.48EUR LYXOR ETF MSCI EMU FCP 9 600.00 334 560.00 2.25EUR LYXOR INTERNATIONAL ASSET MANAGEMENT ETF MSCI EMU SMALL CAP 2 800.00 382 564.00 2.58EUR LYXOR INTL ASSET MANAGEMENT DJ EUROSTOXX 50 MASTER UNIT ETF 22 500.00 646 762.50 4.36EUR LYXOR INTL ASSET MANAGEMENT ETF EUROMTS GLOBAL MASTER TRUST 13 409.00 1 740 488.20 11.72EUR LYXOR INTL ASSET MANAGEMENT ETF MSCI EMU VALUE FCP 6 100.00 670 268.00 4.51EUR SINOPIA SOCIETE DE GESTION OBLIG INFLATION WORLD I 106.00 1 330 112.38 8.96EUR SSGA EMERGING EUROPE ALPHA EQUITY FUND I 110.00 76 205.80 0.51EUR SSGA EMERGING LATIN AMERICA ALPHA EQUITY FUND I 70.00 37 314.20 0.25EUR SWISS LIFE ASSET MANAGEMENT SLF FRANCE ABS MEZZ-I 75.00 830 097.00 5.59EUR SWISS LIFE FUNDS (F) EQUITY EURO ZONE MINIMUM VOLA (EUR) I 46.00 394 196.08 2.65






EUR SWISS LIFE FUNDS (F) EQUITY EUROPE-I 91.00 685 958.91 4.62EUR SWISS LIFE FUNDS (F) FINANCIAL CREDIT SICAV I 3 600.00 633 240.00 4.26EUR SWISS LIFE FUNDS (F) GLOBAL CURRENCIES 400.00 84 788.00 0.57EUR SWISS LIFE FUNDS (F) GLOBAL INFLATION I 45.00 489 693.60 3.30

Total France 9 974 634.93 67.17

Germany



Ireland

EUR CREDIT LYONNAIS PLC-SPDR EUROPE FUND 1 600.00 214 272.00 1.44EUR JANUS WORLD FUNDS PLC – US RISK MANAGED CORE FUND-A-EUR 18 000.00 218 340.00 1.47


Luxembourg



United States









EUR EURO-BUND FUTURE 08.09.09 5.00 13 720.00 0.09EUR EURO-BOBL FUTURE 08.09.09 16.00 37 600.00 0.26











Total net assets 14 850 345.45 100.00




Date ISIN 31.8.2009 31.8.2008 31.8.2007Net assets in CHF 129 820 348.81 148 810 070.00 177 583 427.00Class R LU0094705737Shares outstanding 1 500 530.4270 1 483 298.0000 1 470 858.0000Net asset value per share in CHF 86.52 100.32 120.73

Portfolio Global Growth (CHF)


Performance

Currency 2008/2009 2007/2008 2006/2007Class R1 CHF –13.8% –16.9% 10.4%Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.The performance data were not audited.


Portfolio Global Growth (CHF)

Annual Report as of 31 August 2009Portfolio Global Growth (CHF)


Geographical Breakdown as a % of net assetsSwitzerland 25.52United States 17.06France 9.09Germany 5.70Netherlands 5.45Japan 3.76Ireland 3.56United Kingdom 3.35Sweden 2.25Spain 2.24Denmark 1.48Italy 1.46Luxembourg 0.81Austria 0.79Poland 0.79Belgium 0.66Finland 0.46Greece 0.35Norway 0.33Supranationals 0.26Portugal 0.13Jersey 0.03Total 85.53

Economic Breakdown as a % of net assetsBanks & credit institutions 15.83Investment funds & pension foundations 10.54Pharmaceuticals, cosmetics & medical products 9.84Finance & holding companies 7.98Food & soft drinks 6.74Telecommunications 4.22Petroleum 3.41Insurance 2.77Energy & water supply 2.72Chemicals 2.54Retail trade, department stores 2.10Electrical devices & components 1.81Building industry & materials 1.43Traffic & transportation 1.26Computer hardware & network equipment providers 0.89Internet, software & IT services 0.87Mechanical engineering & industrial equipment 0.80Countries & central governments 0.79Tobacco & alcohol 0.77Miscellaneous services 0.74Vehicles 0.66Real Estate 0.60Aerospace industry 0.56Mining, coal & steel 0.54Electronics & semiconductors 0.52Mortgage & funding institutions 0.52Textiles, garments & leather goods 0.51Issuance Centres 0.48Various capital goods 0.41Biotechnology 0.40Miscellaneous consumer goods 0.39Watches & jewellery 0.34Supranational organisations 0.26Graphic design, publishing & media 0.26Lodging, catering & leisure 0.25Precious metals & stones 0.23Miscellaneous unclassified companies 0.17Miscellaneous trading companies 0.14Rubber & tyres 0.09Forestry, paper & pulp products 0.08Healthcare & social services 0.07Total 85.53


At the beginning of the reporting period, there was a series of bank collapses and government intervention measures, which triggered a downturn on the international stock markets. Central banks and governments then lowered interest rates and implemented further stimulus measures. There was no recovery on the markets at that time, however. By the end of February, a succession of new lows had been reached, but March began to show a change in sentiment. Economic data came in better than expected, and stimulus measures were provided with greater transparency. Credit spreads narrowed in line with the improved environment for riskier asset classes, and equity markets staged a rally that lasted up until the end of the reporting period.

We expect the rally on the equity markets to continue for the time being. On the bond markets, we expect premiums on corporate bonds to fall more slowly and government bond yields to increase slightly.



Statement of Net AssetsCHF


Total investments in securities (Note 1) 111 025 090.59Cash at banks, deposits on demand and deposit accounts 18 026 990.54Other liquid assets (Margins) 595 041.52Receivable on subscriptions 873.96Interest receivable on securities 473 851.81Interest receivable on liquid assets 77.03Receivable on dividends 56 565.64Other receivables 34 199.29Unrealized gain (loss) on financial futures (Note 1) 822 424.71Total Assets 131 035 115.09

LiabilitiesOther short-term liabilities (Margins) –839 475.60Provisions for Investment Advisory fees (Note 2) –323 770.60Provisions for custodian bank fees (Note 2) –1 033.59Provisions for taxe d’abonnement (Note 3) –10 936.00Provisions for audit fees, legal and economic advice (Note 2) –33 690.24Provisions for other commissions and fees (Note 2) –5 860.25

Total provisions –375 290.68Total Liabilities –1 214 766.28


Statement of OperationsCHF

Income 1.9.2008–31.8.2009Interest on liquid assets 132 775.85Interest on securities 845 991.20Dividends 1 896 200.88Total income 2 874 967.93

ExpensesInvestment Advisory fees (Note 2) –1 771 912.26Custodian bank fees (Note 2) –7 487.03Taxe d’abonnement (Note 3) –57 696.82Government fees (Note 2) –12 129.82Audit fees, legal and economic advice (Note 2) –75 215.56Publications, printing costs and publicity (Note 2) –224 533.31Other expenses –1 562.50Other commissions and fees (Note 2) –33 766.31Interest on cash liquidity and bank overdraft –489.60Total expenses –2 184 793.21


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –22 543 845.77Realized gain (loss) on financial futures –2 163 824.09



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –3 074 516.36Unrealized appreciation (depreciation) on financial futures 958 549.71Total changes in unrealized appreciation (depreciation) –2 115 966.65




Statement of Changes in Net AssetsCHF


Total net subscriptions (redemptions) 7 659 873.82Net income (loss) on investments 690 174.72Total realized gain (loss) –25 223 803.08Total changes in unrealized appreciation (depreciation) –2 115 966.65



1.9.2008–31.8.2009Class RNumber of shares outstanding at the beginning of the financial year 1 483 298.0000Number of shares issued 39 060.3060Number of shares redeemed –21 827.8790Number of shares outstanding at the end of the financial year 1 500 530.4270








Bearer shares

Belgium

EUR ANHEUSER-BUSCH INBEV 6 427.00 293 542.89 0.23EUR BELGACOM SA NPV 2 233.00 88 594.52 0.07EUR DELHAIZE GROUP NPV 1 232.00 87 342.63 0.07EUR GPE BRUXELLES LAM NPV 2 711.00 251 094.86 0.19EUR SOLVAY SA NPV 1 184.00 131 893.65 0.10


Denmark

DKK A.P. MOLLER-MAERSK 'A'DKK1000 26.00 190 715.29 0.15DKK DANSKE BANK A/S DKK10 10 624.00 301 975.66 0.23DKK NOVO-NORDISK AS DKK1 SER'B' 3 328.00 214 618.27 0.17DKK VESTAS WIND SYSTEM DKK1 2 638.00 200 221.51 0.15


Finland

EUR FORTUM OYJ EUR3.40 5 031.00 139 021.85 0.11EUR NOKIA OYJ EUR0.06 23 849.00 350 850.66 0.27EUR UPM-KYMMENE CORP NPV 8 258.00 104 954.07 0.08


France

EUR AIR LIQUIDE(L') EUR5.5 (POST-SUBDIVISION) 2 480.00 280 024.98 0.22EUR ALCATEL-LUCENT EUR2 41 714.00 167 651.75 0.13EUR ALSTOM EUR14 (POST-CONSOLIDATION) 1 936.00 143 888.52 0.11EUR AXA EUR2.29 11 146.00 268 441.66 0.21EUR BNP PARIBAS EUR2 5 371.00 457 551.48 0.35EUR CAP GEMINI EUR8 2 285.00 116 926.15 0.09EUR CARREFOUR EUR2.50 4 974.00 247 773.83 0.19EUR CIE DE ST-GOBAIN EUR4 2 663.00 126 777.70 0.10EUR DANONE EUR0.25 (POST SUBDIVISION) 3 807.00 219 001.00 0.17EUR EDF EUR0.5 1 598.00 88 581.81 0.07EUR ESSILOR INTL EUR0.18 2 169.00 123 918.33 0.10EUR FRANCE TELECOM EUR4 10 555.00 283 982.93 0.22EUR GDF SUEZ EUR1 (POST MERGER) 6 149.00 274 084.49 0.21EUR HERMES INTL NPV 788.00 123 514.26 0.10EUR L'OREAL EUR0.20 1 601.00 166 763.88 0.13EUR LAFARGE EUR4 2 126.00 191 236.84 0.15EUR LVMH MOET HENNESSY EUR0.30 2 356.00 238 295.80 0.18EUR PERNOD RICARD NPV 2 067.00 170 443.40 0.13EUR SANOFI-AVENTIS EUR2 6 773.00 486 078.26 0.37EUR SCHNEIDER ELECTRIC EUR8 1 876.00 182 946.54 0.14EUR SOC GENERALE EUR1.25 3 452.00 294 282.72 0.23EUR TOTAL EUR2.5 (POST SUBDIVISION) 12 935.00 784 117.17 0.58EUR UNIBAIL-RODAMCO EUR5 845.00 176 790.45 0.14EUR VEOLIA ENVIRONNEME EUR5 3 554.00 130 063.41 0.10EUR VINCI EUR2.50 (POST SUBDIVISION) 3 588.00 203 654.79 0.16EUR VIVENDI SA EUR5.50 7 792.00 234 815.74 0.18

Total France 6 181 607.89 4.76

Germany

EUR ADIDAS AG NPV 2 225.00 110 886.32 0.09EUR BASF SE NPV 7 180.00 396 266.07 0.30EUR BAYER AG ORD NPV 5 189.00 337 063.81 0.26EUR BAYERISCHE MOTOREN WERKE AG EUR1 2 539.00 122 356.96 0.09EUR HENKEL AG & CO KGAA 3 334.00 118 068.18 0.09EUR K&S AG NPV 1 651.00 88 540.04 0.07EUR LINDE AG NPV 1 514.00 160 962.34 0.12EUR MERCK KGAA NPV 902.00 86 526.16 0.07EUR RWE AG (NEU) NPV 2 896.00 283 734.05 0.22EUR SAP AG ORD NPV 6 452.00 333 287.78 0.26EUR THYSSENKRUPP AG NPV 4 773.00 171 561.63 0.13EUR VOLKSWAGEN AG ORD NPV 428.00 87 663.49 0.07

Total Germany 2 296 916.83 1.77

Greece

EUR ALPHA BANK EUR4.70 9 720.00 170 266.27 0.13EUR OTE(HELLENIC TLCM) EUR2.39(CR) 5 512.00 89 448.56 0.07

Total Greece 259 714.83 0.20

Ireland

USD COVIDIEN PLC USD0.20 2 959.00 123 744.06 0.10EUR CRH ORD EUR0.32(DUBLIN LISTING) 6 897.00 187 237.85 0.14







Italy

EUR ASSIC GENERALI SPA EUR1 8 153.00 214 781.88 0.17EUR ENEL EUR1 42 962.00 267 797.61 0.21EUR ENI SPA EUR1 17 760.00 445 511.43 0.34EUR FIAT SPA EUR5 12 921.00 161 866.34 0.12EUR INTESA SANPAOLO 50 352.00 230 814.68 0.18EUR TELECOM ITALIA SPA EUR0.55 86 450.00 147 764.22 0.11EUR UNICREDIT EUR0.50 110 695.00 424 325.91 0.33

Total Italy 1 892 862.07 1.46

Jersey

GBP EXPERIAN ORD USD0.10 1 994.00 17 773.92 0.01GBP SHIRE ORD GBP0.05 862.00 15 189.05 0.02

Total Jersey 32 962.97 0.03

Netherlands

EUR AHOLD(KON)NV EUR0.30 9 477.00 117 442.83 0.09EUR EADS(EURO AERO DEF EUR1 4 500.00 98 687.28 0.08EUR HEINEKEN NV EUR1.60 3 354.00 149 780.41 0.12EUR KON KPN NV EUR0.24 12 551.00 203 867.59 0.16EUR PHILIPS ELEC(KON) EUR0.20 8 576.00 204 984.66 0.16EUR REED ELSEVIER ORD EUR0.07 7 494.00 83 980.75 0.06GBP ROYAL DUTCH SHELL 'A'SHS EUR0.07 (DUTCH LISTING) 8 419.00 248 117.95 0.18EUR TNT NV EUR0.48 4 775.00 124 633.45 0.10


Norway

NOK ORKLA ASA NOK1.25 23 260.00 197 353.07 0.15NOK STATOIL ASA NOK2.50 9 880.00 228 006.26 0.18

Total Norway 425 359.33 0.33

Spain

EUR ABERTIS INFRAESTR EUR3 SERIE A 4 909.00 112 980.15 0.09EUR ACS ACTIVIDADES CO EUR0.5 1 943.00 105 908.61 0.08EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 22 552.00 220 952.01 0.17EUR REPSOL YPF SA EUR1 5 531.00 145 120.96 0.11EUR TELEFONICA SA EUR1 26 175.00 698 285.32 0.53EUR UNION FENOSA SA EUR1 POST SUBDIVISION 3 455.00 45 849.70 0.04

Total Spain 1 329 096.75 1.02

Sweden

SEK ATLAS COPCO AB SER'A'NPV 12 881.00 171 589.58 0.13SEK ERICSSON(LM)TEL SER'B' NPV 24 585.00 249 192.88 0.19SEK HENNES & MAURITZ SER'B'NPV 4 246.00 249 313.22 0.19SEK INVESTOR AB SER'B'NPV 9 111.00 179 680.20 0.14SEK NORDEA BANK AB ORD NPV(SEK QUOTE) 25 177.00 279 176.31 0.22SEK SANDVIK AB NPV (POST SPLIT) 17 566.00 187 460.74 0.14SEK SVENSKA HANDELSBKN SER'A'NPV 6 202.00 172 158.67 0.13SEK VOLVO AB SER'A'NPV (POST SPLIT) 22 323.00 202 675.24 0.16

Total Sweden 1 691 246.84 1.30

Switzerland

CHF NOBEL BIOCARE AG CHF0.40(REGD) 5 408.00 174 894.72 0.13CHF PARGESA HLDGS SA CHF20(BR)(POST SUBD) 1 842.00 154 912.20 0.12CHF RICHEMONT(CIE FIN) CHF1 20 444.00 589 196.08 0.46CHF SIKA AG CHF9 (BR) 106.00 142 464.00 0.11CHF SWATCH GROUP CHF2.25(BR) 1 260.00 287 406.00 0.22CHF TYCO INTERNATIONAL COM STK CHF7.84 4 745.00 158 917.53 0.12


United Kingdom

GBP ASTRAZENECA ORD USD0.25 2 259.00 110 505.08 0.09GBP AUTONOMY CORP ORD GBP0.003333 310.00 6 946.83 0.01GBP AVIVA ORD GBP0.25 3 529.00 24 691.04 0.02GBP BAE SYSTEMS ORD GBP0.025 6 036.00 32 458.60 0.03GBP BALFOUR BEATTY GBP0.50 1 577.00 9 145.82 0.01GBP BG GROUP ORD GBP0.10 4 763.00 83 435.18 0.06GBP BHP BILLITON PLC USD0.50 8 074.00 226 407.50 0.17GBP BP ORD USD0.25 26 118.00 239 331.14 0.18GBP BRIT AMER TOBACCO ORD GBP0.25 2 679.00 86 474.88 0.07GBP BRITISH AIRWAYS ORD GBP0.25 2 594.00 8 556.31 0.01GBP BRITISH LAND CO ORD GBP0.25 7 646.00 63 873.94 0.05GBP BRITISH SKY BROADC ORD GBP0.50 2 169.00 20 398.58 0.02GBP BT GROUP ORD GBP0.05 11 378.00 27 123.74 0.02GBP CABLE & WIRELESS ORD GBP0.25 5 575.00 14 250.38 0.01GBP CADBURY PLC ORD GBP5 1 267.00 12 679.45 0.01GBP CAPITA PLC ORD GBP0.02066666 1 018.00 11 949.82 0.01GBP CARNIVAL PLC ORD USD1.66 696.00 22 801.71 0.02GBP CENTRICA ORD GBP0.061728395 8 318.00 36 090.65 0.03GBP COMPASS GROUP ORD GBP0.10 4 103.00 23 067.43 0.02GBP F&C ASSET MAN ORD GBP0.001 749.00 980.49 0.00GBP FIRSTGROUP ORD GBP0.05 7 398.00 48 345.86 0.04GBP FRIENDS PROVIDENT GROUP PLC ORD GBP0.48 7 493.00 11 034.94 0.01GBP GLAXOSMITHKLINE ORD GBP0.25 8 265.00 171 260.08 0.13GBP HAMMERSON ORD GBP0.25 10 469.00 73 013.07 0.06






GBP HAYS ORD GBP0.01 31 630.00 56 605.99 0.04GBP HSBC HLDGS ORD USD0.50(UK REG) 24 151.00 279 586.81 0.18GBP IMPERIAL TOBACCO ORD GBP0.10 1 229.00 36 622.30 0.03GBP INTERCONTL HOTELS ORD GBP0.13617 4 199.00 55 365.45 0.04GBP INTL POWER ORD GBP0.50 15 842.00 76 840.52 0.06GBP ITV ORD GBP0.10 79 469.00 66 702.45 0.05GBP JOHNSON MATTHEY ORD GBP1 3 196.00 77 950.28 0.06GBP KINGFISHER ORD GBP0.157142857 4 444.00 16 204.76 0.01GBP LADBROKES ORD GBP0.28333 3 052.00 10 240.51 0.01GBP LAND SECURITIES GP ORD GBP0.10 1 878.00 19 974.70 0.02GBP LEGAL & GENERAL GP ORD GBP0.025 8 841.00 11 725.73 0.01GBP LLOYDS BANKING GROUP PLC ORD GBP0.25 24 587.00 47 152.47 0.04GBP LOGICA 8 703.00 17 239.10 0.01GBP MAN GROUP ORD USD0.03428571 10 881.00 50 416.04 0.04GBP MARKS & SPENCER GP ORD GBP0.25 3 060.00 17 909.87 0.01GBP MEGGITT ORD GBP0.05 19 309.00 71 207.24 0.05GBP MORRISON(W)SUPRMKT ORD GBP0.10 3 476.00 16 584.68 0.01GBP NATIONAL GRID ORD GBP0.11395 3 078.00 31 412.65 0.02GBP NEXT ORD GBP0.10 376.00 10 621.34 0.01GBP OLD MUTUAL PLC ORD GBP0.10 10 779.00 17 424.50 0.01GBP PEARSON ORD GBP0.25 890.00 11 528.04 0.01GBP PRUDENTIAL ORD GBP0.05 4 298.00 39 754.69 0.03GBP REED ELSEVIER ORD GBP0.14 5 965.00 45 926.74 0.04GBP ROLLS ROYCE GROUP ORD GBP0.20 2 729.00 21 279.51 0.02GBP ROYAL BK SCOT GRP ORD GBP0.25 23 859.00 23 691.86 0.02GBP RSA INSURANCE GROUP PLC 6 663.00 14 988.59 0.01GBP SABMILLER ORD USD0.10 1 196.00 29 376.39 0.02GBP SAINSBURY(J) ORD GBP0.28571428 1 888.00 10 591.75 0.01GBP SCOT & STHN ENERGY ORD GBP0.50 1 320.00 25 442.03 0.02GBP SMITH & NEPHEW ORD USD0.20 1 207.00 10 893.97 0.01GBP STANDARD LIFE ORD GBP0.10 4 130.00 13 992.72 0.01GBP TESCO ORD GBP0.05 12 162.00 78 745.37 0.06GBP THOMSON-REUTERS PL ORD GBP10 1 678.00 55 984.69 0.04GBP TOMKINS ORD GBP0.05 18 115.00 55 696.04 0.04GBP TUI TRAVEL PLC ORD GBP0 2 518.00 10 417.82 0.01GBP TULLOW OIL ORD GBP0.10 1 194.00 22 149.69 0.02GBP UNITED UTILITIES G ORD GBP5.00 1 111.00 8 664.99 0.01GBP VODAFONE GROUP ORD USD0.11428571 83 326.00 190 601.49 0.15GBP WOLSELEY GBP0.10 2 405.00 60 024.86 0.05GBP WPP PLC ORD GBP0.10 8 330.00 74 538.08 0.06GBP XSTRATA PLC ORD USD0.50 11 071.00 157 607.69 0.12


United States

USD ABBOTT LABS COM 1 819.00 86 950.61 0.07USD AETNA INC NEW COM 2 712.00 81 686.05 0.06USD AIR PRODS & CHEMS INC COM 994.00 78 819.68 0.06USD AMAZON COM INC COM USD0.01 1 112.00 95 415.88 0.07USD AMERICAN EXPRESS CO COM 3 221.00 115 127.13 0.09USD APACHE CORP COM 1 060.00 95 166.17 0.07USD APPLE INC COM NPV 1 280.00 227 549.11 0.18USD APPLIED MATLS INC COM 10 567.00 147 190.73 0.11USD ARCHER DANIELS MIDLAND CO COM 3 567.00 108 682.87 0.08USD AT&T INC COM 7 144.00 196 681.05 0.15USD BAKER HUGHES INC COM USD1 3 609.00 131 398.21 0.10USD BAXTER INTL INC COM USD1 1 679.00 101 001.76 0.08USD BEST BUY INC COM 3 480.00 133 431.96 0.10USD BK OF AMERICA CORP COM USD0.01 11 172.00 207 687.39 0.16USD BOEING CO COM 2 655.00 139 370.88 0.11USD CENTURYTEL INC COM 4 756.00 162 000.18 0.12USD CHEVRON CORP NEW COM 2 617.00 193 438.40 0.15USD CISCO SYSTEMS COM USD0.001 9 813.00 224 010.77 0.17USD CITADEL BROADCASTI COM USD0.01 267.00 17.22 0.00USD CITIGROUP INC COM 9 535.00 50 385.32 0.04USD COCA COLA CO COM 2 990.00 154 112.30 0.12USD CONOCOPHILLIPS COM 2 634.00 125 351.94 0.10USD CVS/CAREMARK CORP COM STK USD0.01 1 948.00 77 244.07 0.06USD DELL INC COM 5 206.00 87 096.04 0.07USD DEVON ENERGY CORP NEW COM 1 317.00 85 433.07 0.07USD DOW CHEM CO COM 6 443.00 144 969.67 0.11USD EBAY INC COM 4 639.00 108 546.38 0.08USD EMERSON ELEC CO COM 4 273.00 166 501.97 0.13USD ENTERGY CORP NEW COM 1 531.00 127 824.95 0.10USD EXELON CORP COM NPV 3 101.00 163 930.14 0.13USD EXXON MOBIL CORP COM NPV 6 263.00 457 707.41 0.36USD FPL GROUP INC COM 2 780.00 165 059.26 0.13USD GEN ELEC CO COM USD0.06 17 451.00 256 358.94 0.20USD GENZYME CORP COM USD0.01 1 937.00 114 044.97 0.09USD GILEAD SCIENCES INC COM 2 646.00 126 006.92 0.10USD GOLDMAN SACHS GROUP INC COM 868.00 151 784.04 0.12USD GOOGLE INC COM USD0.001 CL'A' 350.00 170 770.58 0.13USD HALLIBURTON COM STK USD2.50 5 327.00 133 483.51 0.10USD HEWLETT PACKARD CO COM USD0.01 3 987.00 189 151.24 0.15USD HOME DEPOT INC COM USD0.05 5 511.00 158 945.16 0.12USD HONEYWELL INTL INC COM 5 105.00 198 328.26 0.15USD INTEL CORP COM 8 595.00 184 579.28 0.14USD INTERNATIONAL BUSINESS MACHS COM 1 945.00 242 660.42 0.19USD JOHNSON & JOHNSON COM 3 303.00 210 982.47 0.16USD JP MORGAN CHASE & COM USD1 4 936.00 226 713.94 0.17






USD MCDONALD'S CORP COM USD0.01 1 603.00 95 277.90 0.07USD MEDTRONIC INC COM USD0.10 3 195.00 129 325.15 0.10USD MERCK & CO INC COM USD0.01 2 726.00 93 429.96 0.07USD MICROSOFT CORP COM USD0.0000125 10 608.00 276 352.75 0.21USD NIKE INC CL B 1 100.00 64 392.81 0.05USD NOBLE ENERGY INC COM 1 242.00 79 360.26 0.06USD NORTHERN TRUST CP COM USD1.666 1 756.00 108 491.74 0.08USD ORACLE CORP COM USD0.01 5 791.00 133 849.18 0.10USD PEPSICO INC CAP USD0.016666 2 394.00 143 380.70 0.11USD PFIZER INC COM USD0.05 9 078.00 160 221.21 0.12USD PHILIP MORRIS INTL COM STK NPV 'WI' 4 708.00 227 436.95 0.18USD PRICE T ROWE GROUP COM USD0.20 1 772.00 84 872.50 0.07USD PROCTER & GAMBLE COM NPV 3 964.00 226 685.91 0.17USD QUALCOMM INC COM USD0.0001 2 547.00 124 953.21 0.10USD SCHERING PLOUGH CORP COM 3 224.00 96 017.27 0.07USD SCHLUMBERGER COM USD0.01 2 394.00 142 191.56 0.11USD STRYKER CORP COM USD0.10 3 124.00 136 884.31 0.11CHF SYNTHES INC CHF0.001 2 502.00 309 997.80 0.24USD SYSCO CORP COM 6 622.00 178 390.76 0.14USD TARGET CORP COM 3 622.00 179 911.80 0.14USD TEXAS INSTRS INC COM 5 405.00 140 464.82 0.11USD TIME WARNER CABLE INC-W/I 3 474.00 135 551.67 0.10USD TIME WARNER INC COM USD0.01 6 455.00 190 401.09 0.15USD UTD TECHNOLOGIES COM USD1 2 614.00 163 988.29 0.13USD VERIZON COMMUNICATIONS COM 3 520.00 115 472.28 0.09USD VISA INC COM STK USD0.0001 1 017.00 76 419.45 0.06USD WAL MART STORES INC COM 3 186.00 171 285.60 0.13USD WALGREEN CO COM USD0.078125 2 268.00 81 208.18 0.06USD WALT DISNEY CO. DISNEY COM USD0.01 7 228.00 198 917.26 0.15USD WELLS FARGO & CO NEW COM 6 654.00 193 528.34 0.15USD WYETH COM 1 490.00 75 349.71 0.06USD YUM BRANDS INC COM 3 310.00 119 812.44 0.09




Switzerland

CHF LINDT & SPRUENGLI PTG CERT CHF10 63.00 141 750.00 0.11CHF SCHINDLER-HLDG AG PTG CERT CHF0.10(POST-SUBD) 2 859.00 196 413.30 0.15



Other shares

Netherlands



Switzerland

CHF ROCHE HLDGS AG GENUSSCHEINE NPV 27 306.00 4 595 599.80 3.54


Total Other shares 5 109 069.31 3.94

Registered shares

France


Total France 122 596.39 0.09

Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 3 119.00 381 363.00 0.29EUR DAIMLER AG ORD NPV(REGD) 5 933.00 283 712.65 0.22EUR DEUTSCHE BANK AG NPV(REGD) 3 941.00 283 013.27 0.22EUR DEUTSCHE BOERSE AG NPV(REGD) 1 711.00 138 181.53 0.11EUR DEUTSCHE TELEKOM NPV(REGD) 17 110.00 240 682.39 0.19EUR E.ON AG NPV 11 667.00 522 166.24 0.40EUR MUENCHENER RUECKVE NPV(REGD) 1 551.00 244 709.47 0.19EUR SIEMENS AG NPV(REGD) 5 795.00 531 288.15 0.40

Total Germany 2 625 116.70 2.02

Greece


Total Greece 195 715.52 0.15

Luxembourg

EUR ARCELORMITTAL NPV 6 735.00 255 056.58 0.20EUR TENARIS S.A. USD1 7 737.00 119 454.02 0.09







Portugal

EUR EDP ENERGIAS PORTU EUR1(REGD) 35 799.00 163 696.21 0.13


Spain

EUR BANCO DE SABADELL SA EUR0.125(REGD) 15 590.00 124 369.03 0.10EUR BANCO SANTANDER SA EUR0.50(REGD) 54 359.00 885 021.65 0.67EUR BBVA(BILB-VIZ-ARG) EUR0.49 23 892.00 448 956.43 0.35EUR INDITEX EUR0.15 2 065.00 118 884.89 0.09

Total Spain 1 577 232.00 1.21

Switzerland

CHF ABB LTD CHF1.54(REGD) 91 130.00 1 851 761.60 1.43CHF ACTELION CHF0.50(REGD) 4 659.00 284 664.90 0.22CHF ADECCO SA CHF1(REGD) 5 582.00 283 844.70 0.22CHF ALLREAL HOLDING AG CHF50 1 418.00 182 922.00 0.14CHF ARYZTA AG CHF0.02 (REGD) 4 819.00 189 868.60 0.15CHF BALOISE-HLDGS CHF0.1(REGD) 2 130.00 204 267.00 0.16CHF BKW ENERGIE AG CHF2.5(REGD)(POST SUBD) 949.00 79 336.40 0.06CHF CLARIANT CHF4.00(REGD) 10 473.00 100 226.61 0.08CHF CREDIT SUISSE GRP CHF0.04(REGD) 43 961.00 2 371 695.95 1.83CHF GALENICA HLDG AG CHF0.10 (REGD) 248.00 84 196.00 0.06CHF GEBERIT CHF0.10(REGD) 1 549.00 252 332.10 0.19CHF GIVAUDAN AG CHF10 396.00 301 356.00 0.23CHF HELVETIA HOLDING CHF10 310.00 105 090.00 0.08CHF HOLCIM CHF2(REGD) 10 166.00 725 852.40 0.56CHF GAM HOLDING LTD CHF0.05 (REGD) 9 285.00 499 997.25 0.39CHF KUEHNE&NAGEL INTL CHF1(REGD)(POST-SUBD) 2 173.00 182 749.30 0.14CHF LINDT & SPRUENGLI CHF100(REGD) 7.00 182 000.00 0.14CHF LOGITECH INTL CHF0.25(REGD) (POST-SUBD) 8 807.00 171 912.64 0.13CHF LONZA GROUP AG CHF1(REGD) 2 389.00 248 456.00 0.19CHF NESTLE SA CHF0.10(REGD) 141 551.00 6 225 412.98 4.79CHF NOVARTIS AG CHF0.50(REGD) 101 552.00 4 984 172.16 3.84CHF PSP SWISS PROPERTY CHF12.70(REGD)(POST SUBD) 2 763.00 160 668.45 0.12CHF SCHINDLER-HLDG AG CHF0.1(REGD)(POST-SUBD) 3 153.00 221 025.30 0.17CHF SGS LTD CHF1(REGD) 220.00 287 980.00 0.22CHF SONOVA HOLDING AG 2 187.00 221 543.10 0.17CHF STRAUMANN HLDG CHF0.1(REGD) 427.00 102 821.60 0.08CHF SULZER AG CHF0.01 1 263.00 103 439.70 0.08CHF SWATCH GROUP CHF0.45(REGD) 3 386.00 151 862.10 0.12CHF SWISS LIFE HLDG CHF12(REGD) 1 376.00 164 844.80 0.13CHF SWISS PRIME SITE CHF18.80 (REGD) 2 094.00 107 631.60 0.08CHF SWISS REINSURANCE CHF0.1(REGD) 12 580.00 614 155.60 0.47CHF SWISSCOM AG CHF1(REGD) 1 058.00 387 228.00 0.30CHF SYNGENTA CHF0.1(REGD) 3 677.00 915 573.00 0.71CHF UBS AG CHF0.1 112 223.00 2 192 837.42 1.69CHF VALIANT HOLDING AG CHF3.30(REGD) 1 391.00 280 564.70 0.22CHF ZURICH FIN SVS GRP CHF0.10 5 549.00 1 291 252.30 0.99


United States

USD TRANSOCEAN LTD COM USD0.01 'REGISTERED' 1 748.00 140 104.83 0.11



Notes, fixed rate

CHF

CHF TOTAL CAPITAL SA 3.12500% 08-06.05.13 400 000.00 424 800.00 0.33

Total CHF 424 800.00 0.33

EUR

EUR BANK OF AMERICA CORP 4.25000% 03-21.10.10 500 000.00 771 490.52 0.59

Total EUR 771 490.52 0.59



CHF

CHF ABN AMRO BANK NV 2.50000% 06-30.12.15 300 000.00 301 500.00 0.23CHF AMERICAN INTERNATIONAL GROUP INC 3.37500% 07-29.06.17 1 000 000.00 605 000.00 0.47CHF BANK OF SCOTLAND PLC 2.86000% 06-13.12.21 500 000.00 368 750.00 0.28CHF BRADFORD & BINGLEY PLC 2.75000% 06-16.10.18 800 000.00 672 000.00 0.52CHF COMPAGNIE DE FINANCEMENT FONCIER 3.25000% 08-21.09.12 1 000 000.00 1 059 500.00 0.81CHF DANSKE BANK AS 2.75000% 07-03.04.13 1 000 000.00 1 019 500.00 0.79CHF DEUTSCHE PFANDBRIEFBANK AG 2.00000% 05-27.12.12 800 000.00 804 000.00 0.62CHF E.ON INTERNATIONAL FINANCE BV 2.00000% 09-25.02.11 1 000 000.00 1 014 000.00 0.78CHF ERSTE EUR PFANDBRIEF-& KOMMUNALBANK AG 2.25000% 05-23.06.16 700 000.00 670 600.00 0.52CHF FRANCE TELECOM SA 3.37500% 09-06.09.13 1 000 000.00 1 051 500.00 0.81CHF KOMMUNINVEST I SVERIGE AB 1.2500% 09-16.03.11 700 000.00 705 600.00 0.54CHF LANDESBANK RHEINLAND-PFALZ 2.75000% 07-13.03.12 1 000 000.00 1 022 000.00 0.79CHF MERRILL LYNCH & CO INC 2.25000% 04-24.09.09 500 000.00 500 250.00 0.39






CHF MORGAN STANLEY 3.12500% 06-21.11.18 500 000.00 425 000.00 0.33CHF OESTERREICHISCHE POSTSPARKASSE BAWAG AG 3.25000% 99-23.02.11 1 000 000.00 1 031 500.00 0.79CHF POLAND, REPUBLIC OF 2.87500% 07-15.05.12 1 000 000.00 1 020 000.00 0.79CHF TOYOTA MOTOR CREDIT CORP 2.87500% 06-20.09.16 1 000 000.00 1 012 500.00 0.78CHF UNILEVER NV 3.62500% 08-02.12.11 1 000 000.00 1 054 000.00 0.81

Total CHF 14 337 200.00 11.05

EUR

EUR ENBW INTERNATIONAL FINANCE BV 4.25000% 06-19.10.16 800 000.00 1 242 895.14 0.94EUR EUROPEAN INVESTMENT BANK 5.37500% 02-15.10.12 200 000.00 332 611.78 0.26EUR FRANCE TELECOM SA 8.12500% 03-28.01.33 200 000.00 415 323.77 0.32EUR NV NEDERLANDSE GASUNIE 4.25000% 06-20.06.16 500 000.00 777 949.11 0.60EUR RABOBANK NEDERLAND NV 4.37500% 09-05.05.16 600 000.00 944 149.29 0.73EUR RESEAU DE TRANSPORT D'ELECTRICITE 4.12500% 06-27.09.16 400 000.00 618 007.16 0.48EUR TOYOTA MOTOR CREDIT CORP 4.62500% 08-18.09.13 500 000.00 802 783.96 0.62

Total EUR 5 133 720.21 3.95


Bonds, fixed rate

CHF

CHF AUCHAN SA 3.75000% 08-23.06.15 900 000.00 956 700.00 0.74CHF CITIBANK CREDIT CARD ISSUANCE TRUST 2.50000% 05-23.02.15 1 000 000.00 887 500.00 0.68CHF GENERAL ELECTRIC CAPITAL CORP 4.00000% 08-26.08.13 1 000 000.00 1 052 500.00 0.82CHF SWEDISH EXPORT CREDIT CORP 2.62500% 06-12.05.14 500 000.00 522 500.00 0.40

Total CHF 3 419 200.00 2.64

EUR

EUR KREDITANSTALT FUER WIEDERAUFBAU 5.00000% 01-04.07.11 400 000.00 645 253.76 0.50EUR LA POSTE 5.75000% 99-25.04.11 600 000.00 967 408.35 0.74

Total EUR 1 612 662.11 1.24





United States

USD VORNADO REALTY TRUST-SBI 2 605.00 158 357.98 0.12






Belgium







Ireland

EUR ISHARE II DJ EURO STOXX 50 102 130.00 4 307 593.43 3.32

Total Ireland 4 307 593.43 3.32

Japan

JPY NIKKEI 225 EXCHANGE TRADED FUND 40 770.00 4 881 717.35 3.75

Total Japan 4 881 717.35 3.75






United States

USD ISHARES INC – MSCI PACIFIC EX-JAPAN INDEX FUND 70 079.00 2 736 627.52 2.11USD STANDARD&POOR'S DEPOSITORY RECEIPTS TRUST-S1 14 700.00 1 593 185.52 1.23








CHF SWISS MARKET INDEX FUTURE 18.09.09 42.00 346 500.00 0.26USD S&P500 EMINI FUTURE 18.09.09 39.00 162 910.79 0.13EUR DJ EURO STOXX 50 INDEX FUTURE 18.09.09 14.00 94 910.87 0.07GBP FTSE 100 INDEX FUTURE 18.09.09 18.00 194 086.13 0.15USD NIKKEI 225 (CME) INDEX FUTURE 10.09.09 9.00 24 016.92 0.02




Cash at banks, deposits on demand and deposit accounts and other liquid assets 18 622 032.06 14.34Bank overdraft and other short-term liabilities –839 475.60 –0.65Other assets and liabilities 190 277.05 0.15

Total net assets 129 820 348.81 100.00





Portfolio Global Growth (EUR)


Performance



Portfolio Global Growth (EUR)

Annual Report as of 31 August 2009Portfolio Global Growth (EUR)


Geographical Breakdown as a % of net assetsFrance 46.98Ireland 16.43United States 8.36Luxembourg 5.44Netherlands 4.22Spain 2.29Sweden 1.44Germany 0.47Total 85.63

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 70.23Petroleum 4.22Banks & credit institutions 3.65Mortgage & funding institutions 3.44Finance & holding companies 2.54Bonds issued by banks and financial institutions 1.55Total 85.63












Total investments in securities (Note 1) 18 752 908.54Cash at banks, deposits on demand and deposit accounts 2 924 766.90Interest receivable on securities 48 767.85Interest receivable on liquid assets 118.81Receivable on dividends 3 724.19Other receivables 3 451.25Unrealized gain (loss) on financial futures (Note 1) 216 199.71Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 39 616.18Total Assets 21 989 553.43

LiabilitiesInterest payable on bank overdraft –424.01Payable on redemptions –4 351.42Provisions for Investment Advisory fees (Note 2) –52 664.57Provisions for custodian bank fees (Note 2) –175.22Provisions for taxe d’abonnement (Note 3) –1 744.46Provisions for audit fees, legal and economic advice (Note 2) –16 829.97Provisions for publications, printing costs and publicity (Note 2) –7 222.26Provisions for other commissions and fees (Note 2) –5 419.31




Income 1.9.2008–31.8.2009Interest on liquid assets 37 118.14Interest on securities 353 930.98Dividends 98 758.09Income on securities lending (Note 4) 3 928.03Other income 2 197.36Total income 495 932.60

ExpensesInvestment Advisory fees (Note 2) –289 384.52Custodian bank fees (Note 2) –6 782.50Taxe d’abonnement (Note 3) –9 524.59Government fees (Note 2) –5 945.60Audit fees, legal and economic advice (Note 2) –19 111.51Publications, printing costs and publicity (Note 2) –24 182.89Other expenses –990.49Other commissions and fees (Note 2) –26 616.29Interest on cash liquidity and bank overdraft –18 731.01Total expenses –401 269.40


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –4 023 055.01Realized gain (loss) on yield-evaluated securities and money market instruments 7 630.02Realized gain (loss) on financial futures –2 721 650.92Realized gain (loss) on options, futures-styled 37 080.00Realized gain (loss) on forward foreign exchange contracts 765 099.39



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 1 861 425.06Unrealized appreciation (depreciation) on financial futures 217 799.71Unrealized appreciation (depreciation) on forward foreign exchange contracts –72 684.00Total changes in unrealized appreciation (depreciation) 2 006 540.77






Total net subscriptions (redemptions) –569 824.48Net income (loss) on investments 94 663.20Total realized gain (loss) –6 446 644.28Total changes in unrealized appreciation (depreciation) 2 006 540.77












EUR

EUR FCC SPARC-REG-S 3M EURIBOR+39BP 07-15.07.13 300 000.00 252 549.00 1.15

Total EUR 252 549.00 1.15



EUR

EUR GE CAPITAL EUROPEAN FUNDING 4.35000% 06-03.11.21 400 000.00 361 129.60 1.65EUR NV NEDERLANDSE GASUNIE 4.25000% 06-20.06.16 900 000.00 923 301.00 4.22

Total EUR 1 284 430.60 5.87



EUR

EUR BNP PARIBAS-SUB 3M LIBOR+17BP/FLR 05-18.02.15 500 000.00 484 375.00 2.21EUR SVENSKA HANDELSBANKEN AB-SUB 3M EURIBOR+30BP 07-PRP 400 000.00 316 000.00 1.44

Total EUR 800 375.00 3.65


Bonds, fixed rate

EUR

EUR LASER COFINOGA 5.60000% 98-10.06.10 190 562.50 194 061.22 0.89

Total EUR 194 061.22 0.89



EUR

EUR SG CAPITAL TRUST III 5.41900%/3M EURIBOR+195BP 03-PRP 500 000.00 340 250.00 1.55

Total EUR 340 250.00 1.55

Total Bonds, floating rate 340 250.00 1.55




EUR

EUR SANTANDER CONSUMER SPAIN-REG-S 3M EURIBOR+13BP 06-20.10.16 1 000 000.00 501 384.05 2.29

Total EUR 501 384.05 2.29





Luxembourg












United States





France

JPY BNP PARIBAS JAPAQUANT 23 065.00 138 089.48 0.63USD BNP PARIBAS QUANTAMERICA SICAV – CAP 3DECIMALES 4 890.00 146 865.27 0.67EUR HAREWOOD COVERED EUROPEAN EQUITY FUND-A CAPITAL 3 DECIMALES 363.00 362 016.27 1.65EUR LYXOR ETF EASTERN EUROPE CECE EUR 4 006.00 71 907.70 0.33EUR LYXOR ASSET MANAGEMENT LYXOR ASIA PA EXJP-AC 19 130.00 481 693.40 2.20EUR LYXOR ETF MSCI EM LATIN AMERICA 5 500.00 128 370.00 0.59EUR LYXOR ETF MSCI USA-A 52 500.00 3 596 250.00 16.43EUR LYXOR INTERNATIONAL ASSET MANAGEMENT LYXOR ETF MSCI EUROPE 10 869.00 915 821.94 4.18EUR LYXOR INTL ASSET MANAGEMENT ETF MSCI WORLD FCP-A 2 900.00 222 633.00 1.02EUR SSGA EMERGING ASIA ALPHA EQUITY FUND I 1 185.00 442 964.85 2.02EUR SSGA EMERGING EUROPE ALPHA EQUITY FUND I 218.00 151 026.04 0.69EUR SSGA EMERGING LATIN AMERICA ALPHA EQUITY FUND I 231.00 123 136.86 0.56EUR SWISS LIFE FUNDS (F) CASH EURO 10.00 210 543.00 0.96EUR SWISS LIFE FUNDS (F) EQUITY EURO ZONE MINIMUM VOLA (EUR) I 24.00 205 667.52 0.94EUR SWISS LIFE FUNDS (F) EQUITY EUROPE-I 99.00 746 262.99 3.41EUR SWISS LIFE FUNDS (F) GLOBAL INFLATION I 130.00 1 414 670.40 6.46

Total France 9 357 918.72 42.74

Germany



Ireland

EUR AXA ROSENBERG EQUITY ALPHA TRT-US EQUITY ALPHA FD-A EUR HDGD 36 725.00 283 884.25 1.30EUR ISHARES BARCLAYS EURO CORPORATE BOND 5 000.00 561 650.00 2.56EUR ISHARES MSCI JAPAN FUND 56 000.00 397 320.00 1.81EUR JANUS CAPITAL FUNDS PLC – INTECH GL RISK MANAGED CORE FUND-I 126 261.00 1 013 875.83 4.64EUR JANUS WORLD FUNDS PLC – US RISK MANAGED CORE FUND-A-EUR 36 300.00 440 319.00 2.01EUR VANGUARD INVESTMENT SERIES PLC – JAPAN STOCK INDEX FD I EUR 5 708.00 539 284.99 2.46

Total Ireland 3 236 334.07 14.78

Luxembourg

EUR DB X-TRACKERS MSCI EM ASIA TRN INDEX ETF 1C-CAP 6 437.00 128 353.78 0.59EUR UNI-GLOBAL SICAV – MINIMUM VARIANCE EUROPE 146.00 207 728.80 0.94


United States

USD ISHARES INC – MSCI PACIFIC EX-JAPAN INDEX FUND 18 897.00 486 564.34 2.22USD ISHARES MSCI CANADA INDEX FUND 31 954.00 529 504.98 2.42USD POWERSHARES DYNAMIC LARGE CAP VALUE PORTFOLIO 37 237.00 404 013.86 1.84








EUR EURO-BUND FUTURE 08.09.09 8.00 13 850.00 0.07EUR EURO-BOBL FUTURE 08.09.09 7.00 4 760.00 0.02EUR EURO-BUXL FUTURE 08.09.09 –3.00 –12 840.00 –0.06








EUR DJ EURO STOXX 50 INDEX FUTURE 18.09.09 37.00 140 470.00 0.64GBP FTSE 100 INDEX FUTURE 18.09.09 10.00 69 959.71 0.32






EUR 480 637.51 AUD 828 000.00 17.9.2009 –5 329.50 –0.02EUR 4 424 404.08 USD 6 270 000.00 17.9.2009 59 712.77 0.26EUR 1 051 985.31 JPY 142 730 000.00 17.9.2009 –20 308.77 –0.09EUR 523 968.18 CAD 817 000.00 17.9.2009 5 541.68 0.03



Total net assets 21 900 722.21 100.00






Portfolio Global Growth Vitality (EUR)


Performance



Portfolio Global Growth Vitality (EUR)

Annual Report as of 31 August 2009Portfolio Global Growth Vitality (EUR)


Geographical Breakdown as a % of net assetsFrance 66.42Ireland 10.67Luxembourg 7.95Italy 3.25United States 1.80Spain 1.77Guernsey 0.88Germany 0.62Total 93.36

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 87.00Banks & credit institutions 4.59Mortgage & funding institutions 1.77Total 93.36












Total investments in securities (Note 1) 13 243 239.85Cash at banks, deposits on demand and deposit accounts 747 309.02Receivable on subscriptions 18 493.07Interest receivable on securities 1 734.59Interest receivable on liquid assets 1 808.10Unrealized gain (loss) on financial futures (Note 1) 200 906.19Total Assets 14 213 490.82

LiabilitiesInterest payable on bank overdraft –217.43Provisions for Investment Advisory fees (Note 2) –16 263.28Provisions for custodian bank fees (Note 2) –112.25Provisions for taxe d’abonnement (Note 3) –291.67Provisions for audit fees, legal and economic advice (Note 2) –5 803.86Provisions for other commissions and fees (Note 2) –6 917.72




Income 1.9.2008–31.8.2009Interest on liquid assets 4 798.10Interest on securities 2 385.52Dividends 97 793.34Income on securities lending (Note 4) 1 065.65Other income 742.26Total income 106 784.87

ExpensesInvestment Advisory fees (Note 2) –92 663.11Custodian bank fees (Note 2) –3 066.70Taxe d’abonnement (Note 3) –1 400.00Government fees (Note 2) –11 324.46Audit fees, legal and economic advice (Note 2) –13 734.60Publications, printing costs and publicity (Note 2) –7 579.50Amortization of formation expenses (Note 2) –946.91Other commissions and fees (Note 2) –27 039.46Interest on cash liquidity and bank overdraft –990.56Total expenses –158 745.30


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –554 036.72Realized gain (loss) on options –666.00Realized gain (loss) on financial futures 74 834.57Realized gain (loss) on options, futures-styled 23 460.00Realized gain (loss) on forward foreign exchange contracts 68 450.69

Total realized gain (loss) on investments –387 957.46Realized gain (loss) on foreign exchange 3 865.42Total realized gain (loss) –384 092.04


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –480 462.18Unrealized appreciation (depreciation) on financial futures 150 916.19Unrealized appreciation (depreciation) on forward foreign exchange contracts –4 629.00Total changes in unrealized appreciation (depreciation) –334 174.99






Total net subscriptions (redemptions) –317 694.93Net income (loss) on investments –51 960.43Total realized gain (loss) –384 092.04Total changes in unrealized appreciation (depreciation) –334 174.99



1.9.2008–31.8.2009Class INumber of shares outstanding at the beginning of the financial year 1 400.0000Number of shares issued 0.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 1 400.0000Class RNumber of shares outstanding at the beginning of the financial year 10 000.0000Number of shares issued 2 486.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 12 486.0000









Guernsey

EUR BH MACRO LTD- SHS EURO CLASS 8 000.00 125 200.00 0.88

Total Guernsey 125 200.00 0.88



EUR

EUR BNP PARIBAS-SUB 3M EURIBOR +17/+67BP 05-16.03.15 200 000.00 190 202.20 1.34EUR UNICREDIT SPA-SUB 3M LIBOR+40/105BP 04-21.10.16 500 000.00 460 625.00 3.25

Total EUR 650 827.20 4.59


Total Transferable securities and money market instruments listed on an official stock exchange 776 027.20 5.47



EUR

EUR SANTANDER CONSUMER SPAIN-REG-S 3M EURIBOR+13BP 06-20.10.16 500 000.00 250 692.03 1.77

Total EUR 250 692.03 1.77





Ireland

EUR BETA1 ETFUND PLC-MSCI EURO 4 300.00 415 982.00 2.93


Luxembourg







France

EUR AXA PARTNERS CREDIT PLUS II C 1 050.00 111 447.00 0.79EUR AXA PARTNERS CREDIT PLUS III FCP-C-CAP 4 DECIMALES 1 250.00 81 737.50 0.58EUR HAREWOOD COVERED EUROPEAN EQUITY FUND-A CAPITAL 3 DECIMALES 540.00 538 536.60 3.80EUR HAREWOOD EURO LONG-DIVIDENDS 292.00 422 074.32 2.98EUR IDE EURO DYNAMISME 18.00 70 800.30 0.50EUR LYXOR ETF EASTERN EUROPE CECE EUR 2 092.00 37 551.40 0.26EUR LYXOR ASSET MANAGEMENT LYXOR ASIA PA EXJP-AC 5 400.00 135 972.00 0.96EUR LYXOR ETF MSCI EM LATIN AMERICA 2 920.00 68 152.80 0.48EUR LYXOR ETF MSCI EMU FCP 18 300.00 637 755.00 4.50EUR LYXOR INTERNATIONAL ASSET MANAGEMENT ETF MSCI EMU SMALL CAP 2 700.00 368 901.00 2.60EUR LYXOR INTL ASSET MANAGEMENT DJ EUROSTOXX 50 MASTER UNIT ETF 39 000.00 1 121 055.00 7.89EUR LYXOR INTL ASSET MANAGEMENT ETF EUROMTS GLOBAL MASTER TRUST 8 000.00 1 038 400.00 7.32EUR LYXOR INTL ASSET MANAGEMENT ETF MSCI EMU VALUE FCP 5 700.00 626 316.00 4.42EUR SSGA EMERGING EUROPE ALPHA EQUITY FUND I 104.00 72 049.12 0.51EUR SSGA EMERGING LATIN AMERICA ALPHA EQUITY FUND I 65.00 34 648.90 0.24EUR SWISS LIFE ASSET MANAGEMENT SLF FRANCE ABS MEZZ-I 85.00 940 776.60 6.63EUR SWISS LIFE FUNDS (F) EQUITY EURO ZONE MINIMUM VOLA (EUR) I 45.00 385 626.60 2.72EUR SWISS LIFE FUNDS (F) EQUITY EUROPE-I 112.00 844 257.12 5.95






EUR SWISS LIFE FUNDS (F) FINANCIAL CREDIT SICAV I 3 600.00 633 240.00 4.46EUR SWISS LIFE FUNDS (F) GLOBAL CURRENCIES 400.00 84 788.00 0.60EUR SWISS LIFE FUNDS (F) GLOBAL INFLATION I 90.00 979 387.20 6.90

Total France 9 233 472.46 65.09

Germany



Ireland

EUR CREDIT LYONNAIS PLC-SPDR EUROPE FUND 6 650.00 890 568.00 6.28EUR JANUS WORLD FUNDS PLC – US RISK MANAGED CORE FUND-A-EUR 17 000.00 206 210.00 1.45

Total Ireland 1 096 778.00 7.73

Luxembourg



United States









EUR EURO-BOBL FUTURE 08.09.09 9.00 21 150.00 0.15










Cash at banks, deposits on demand and deposit accounts and other liquid assets 747 309.02 5.27Other assets and liabilities –7 570.45 –0.05

Total net assets 14 183 884.61 100.00



Notes to the Financial Statements

Note 1 – Summary of significant accounting policies

a) Calculation of the Net Asset ValueThe Administrator shall determine the Net Asset Value (NAV) of the Shares in accordance with the Articles of the Company by reference to prices obtained at the Valuation Point preceding the Valuation Day. The Net Asset Value per Share shall be expressed in the Refer-ence Currency of the relevant Subfund and shall be calculated in the case of each Subfund by dividing the assets of such Subfund less its liabilities (to include a provision for duties and charges) by the number of Shares in issue in respect of such Subfund.

In the event of further Classes of Shares being created in a Subfund, the Net Asset Value per Share of each Class of Share in a Subfund shall be determined by calculating that portion of the Net Asset Value attrib-utable to each Class by reference to the number of Shares in issue or deemed to be in issue in each Class on the relevant Valuation Day subject to adjustment to take account of assets and/or liabilities attributable to each Class.

The method of establishing the value of any assets and liabilities of the Company as set out in the Articles provides the value of an investment which is quoted, listed or normally dealt on a Regulated Market, a stock exchange in an Other State or on any Other Regulated Market will normally be the last available closing price or quotation on such market as at the relevant Valua-tion Day (or, if no trading shall take place in that market on that Valuation Day on the last day on which trading in that market took place before that Valua-tion Day) for such amount and quantity of that invest-ment as the Administrator considers to provide a fair criterion.

If an investment is listed or traded on a Regulated Market, a stock exchange in an Other State or on any Other Regulated Market, but acquired or traded at a premium or at a discount outside or off the relevant market, the Administrator may take into account the level of premium or discount at the date of the valua-tion.

b) Valuation principles– If an investment is quoted, listed or normally dealt

in on more than one Regulated Market, a stock ex-change in an Other State or on any Other Regulated Market, the Administrator will adopt the closing price or quotation on the market which, in the Ad-ministrator’s opinion, provides the principal market for such investment.

– Where in regard to any investment which is listed or normally dealt in on a Regulated Market, a stock exchange in an Other State or on any Other Regu-lated Market but in respect of which for any reason the closing price is unavailable at any relevant time or does not in the opinion of the Directors, reflect their fair value, the value thereof shall be the prob-able realisation value estimated with care and in good faith by a competent person approved for that purpose by the Administrator.

– The value of any investment which is not quoted, listed or normally dealt in on a Regulated Market, a stock exchange in an Other State or on any Other Regulated Market shall be the probable realisation value estimated with care and in good faith by a competent person approved for that purpose by the Administrator.

– The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after mak-ing such discount as may be considered appropriate in such case to reflect the true value thereof.

– The value of Transferable Securities, Money Market Instruments and any financial assets listed or dealt in on a Regulated Market, a stock exchange in an Other State or on any Other Regulated Market (as defined in the sales documents for the shares of the Company) shall be based on the last available price on the relevant market which is normally the princi-pal market of such assets.

– In the event that any assets are not listed or dealt in on any Regulated Market, any stock exchange in an Other State or on any Other Regulated Market, or if, with respect to assets listed or dealt in on any such markets, the price as determined pursuant to the above paragraph is, in the opinion of the Board of Directors, not representative of the fair market value of the relevant assets, the value of such assets will be based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors.

– The Board of Directors may authorise the use of the amortised cost method of valuation for short-term transferable debt securities in certain Subfunds of the Company. This method involves valuing a secu-rity at its cost and thereafter assuming a constant amortization to maturity of any discount or premi-um regardless of the impact of fluctuating interest rates on the market value of the security or other instrument. While this method provides certainty in



valuation, it may result in periods during which the value as determined by amortised cost, is higher or lower than the price the Subfund would receive if it sold the securities. For certain short term transfera-ble debt securities, the yield to a shareholder may differ somewhat from that which could be obtained from a similar Subfund which marks its portfolio securities to market each day.

– Units or shares of open-ended UCITS and/or UCI will be valued at their last determined and available net asset value or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors on a fair and equitable basis. Units or shares of a closed-ended UCI will be valued at their last available stock market value.

– Interest rate swaps will be valued at their market value established by reference to the applicable in-terest rates curve. Index and financial instruments related swaps will be valued at their market value established by reference to the applicable index or financial instrument. The valuation of the index or financial instrument relating swap agreement shall be based upon the market value of such swap trans-action established in good faith. Total return swaps will be valued on a consistent basis.

– All other securities and assets will be valued at fair market value as determined in good faith pursuant to procedures established by the Board of Direc-tors.

In the event of its being impossible or incorrect to carry out a valuation of a specific asset in accordance with the valuation rules set out above, the Directors are entitled to use another generally recognised valu-ation method in order to reach a proper valuation of that specific asset, provided that the alternative method of valuation is approved by the Administra-tor.

In the absence of bad faith, negligence or manifest error, every decision taken by the Directors or their delegate in calculating the Net Asset Value of a Sub-fund or the Net Asset Value per Share, shall be final and binding on the Company and present, past and future Shareholders.

c) Valuation of forward foreign exchange contractsThe unrealized gain (loss) of outstanding forward for-eign exchange contracts is valued on the basis of the forward exchange rates prevailing at valuation date.

d) Valuation of financial futures contractsFinancial futures contracts are valued based on the latest available published price applicable on the valu-ation date. Realized gains and losses and the changes in unrealized gains and losses are recorded in the statement of operations. The realized gains and losses are calculated in accordance with the FIFO method, i.e. the first contracts acquired are regarded as the first to be sold.

e) Net realized gain (loss) on sales of securitiesThe realized gains or losses on the sales of securities are calculated on the basis of the average cost of the securities sold.

f) Conversion of foreign currenciesBank accounts, other net assets and the valuation of the investments in securities held denominated in cur-rencies other than the currency of account of the dif-ferent Subfunds are converted at the mid closing spot rates on the valuation date. Income and expenses denominated in currencies other than the currency of the different Subfunds are converted at the mid clos-ing spot rates at payment date. Gain or loss on foreign exchange is included in the statement of operations.

The cost of securities denominated in currencies is other than the currency of account of the different Subfunds is converted at the mid closing spot rate prevailing on the day of acquisition.

g) Accounting of securities’ portfolio transactionsThe securities’ portfolio transactions are accounted for the bank business day following the transaction dates.

h) Consolidated financial statementsThe consolidated financial statements of the Company are expressed in EUR. The various items of the con-solidated statement of net assets and the consolidated statement of operations as of 31 August 2009 of the Company are equal to the sum of the corresponding items in the financial statements of each Subfund converted into EUR at the following exchange rates.

The following exchange rates were used for the conversion of foreign currencies and the consolidated financial statements as of of 31 August 2009:

Exchange rates

EUR 1 = CHF 1.516633EUR 1 = USD 1.435050



i) Receivable on securities sales, Payable on securities purchasesThe account ”Receivables on securities sales” can also include receivables from foreign currency transac-tions. The account ”Payables on securities purchases” can also include payables from foreign currency trans-actions.

j) Income recognitionDividends, net of withholding taxes, are recognized as income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest income is ac-crued on a daily basis.

Note 2 – Fees and expenses borne by the Company

Management Fee

Swiss Life Funds (LUX) management fee p.a.

Bond Euro R maximum 1.00% effective 0.90%

Bond Global Corporates I maximum 1.00% effective 0.45%

Bond Global Corporates (CHF hedged) I maximum 1.00% effective 0.15%

Bond Global Corporates R maximum 1.00% effective 0.90%

Bond Global Corporates (CHF hedged) R maximum 1.00% effective 0.90%

Equity Biomedical R maximum 1.50% effective 1.50%

Equity Euro Zone R maximum 1.50% effective 1.50%

Equity Europe I maximum 1.50% effective 0.60%

Equity Europe R maximum 1.50% effective 1.50%

Equity Global R maximum 1.50% effective 1.50%

Equity Global Diversified I maximum 1.50% effective 0.60%

Equity Global Diversified R maximum 1.50% effective 1.50%

Equity Global ex-Europe I maximum 1.50% effective 0.60%

Equity Global ex-Europe R maximum 1.50% effective 1.50%

Equity Global High Dividend R maximum 1.50% effective 1.50%

Equity Global High Dividend (CHF) R maximum 1.50% effective 1.50%

Equity Global Sustainability I maximum 1.50% effective 0.60%

Equity Global Sustainability R maximum 1.50% effective 1.50%

Equity Global Sustainability (CHF) R maximum 1.50% effective 1.50%

Swiss Life Funds (LUX) management fee p.a.

Equity USA R maximum 1.50% effective 1.50%

Maturity Guaranty 2019 + 2 R maximum 1.50% effective 1.40%

Portfolio Global Income Prudent (EUR) I* maximum 1.00% effective 0.60%

Portfolio Global Income Prudent (EUR) R* maximum 1.00% effective 1.00%

Portfolio Euro Zone Balanced (EUR) R maximum 1.25% effective 1.25%

Portfolio Global Balanced Harmony (EUR) I maximum 1.25% effective 0.60%

Portfolio Global Balanced Harmony (EUR) R maximum 1.25% effective 1.25%

Portfolio Global Growth (CHF) R maximum 1.50% effective 1.50%

Portfolio Global Growth (EUR) R maximum 1.50% effective 1.50%

Portfolio Global Growth Vitality (EUR) I maximum 1.50% effective 0.60%

Portfolio Global Growth Vitality (EUR) R maximum 1.50% effective 1.50%


The following fees and expenses, if applicable to a Subfund, are payable out of the Subfund’s net as-sets:– an annual Management Company Fee amounting

to a maximum of EUR 3,000 per Subfund payable to the Management Company;

– a Management Fee at a maximum rate as set out in the appendix 1 of the sales prospectus of the Net Asset Value of the Subfund per annum calculated daily and payable quarterly in arrears to (i) the Port-folio Managers, (ii) the distributors of the Shares as may be designated by the Management Company, (iii) Swiss Life Asset Management for its services rendered under the agreement relating to the provi-sion of supporting services;

– additional fees by way of a performance fee or oth-erwise as shall be agreed prior to the commence-ment of the initial subscription period of the Sub-fund concerned and disclosed herein may be charged. The calculation and the rules of such per-formance fee are described further down in this paragraph. Whether a Subfund is subject to such performance fee is disclosed in the appendix 1 of the sales prospectus;



– a custody fee calculated daily and payable to the Custodian monthly in arrears. The custody fee may vary depending on the type of assets held in custo-dy. The Custodian will also be reimbursed its corre-spondent fees (at normal commercial rates). The custody fee including any sub-custodian fees shall be at a specified maximum rate of 0.07% (excluding transaction fees) of the Net Asset Value of the Sub-fund per annum;

– an administration fee calculated daily and payable to the Administrator monthly in arrears at the maximum rate of 0.56% of the Net Asset Value of the Subfund per annum;

– a registrar and transfer fee calculated daily and pay-able to the Registrar and Transfer Agent monthly in arrears at the maximum rate of 0.03% (excluding transaction fees) of the Net Asset Value of the Sub-fund per annum;

– the fees and expenses of the Directors;– the fees for domiciliary and secretary services;– the fees and expenses of the Auditors;– the initial organisation tax of EUR 1,250, the sub-

scription tax (Taxe d’Abonnement) and other fees payable to the supervisory authorities;

– the expenses for establishing and maintaining the Company and the Subfunds and registering the Company, the Subfunds and the Shares with any governmental or regulatory authority or with any Regulated Market;

– the expenses for preparing, translating, printing and distributing of Prospectuses, sales literature, reports and other circulars relating to the Company to Shareholders, the Regulatory Authority and govern-mental agencies;

– the expenses of publishing details and prices of Shares in newspapers and other publications;

– the charges and expenses of legal counsel in con-nection with the Company or in relation to Share-holders or otherwise rendered in relation to the Company at the request of the Administrator;

– the preliminary expenses not exceeding EUR 100,000 (including, without limitation, legal and account-ancy fees, translation and printing costs) incurred by the Administrator or the Custodian in connection with the establishment and promotion of the Com-pany and in addition the expenses incurred by the Administrator or the Custodian in connection with the first issue of Shares in each Subfund (to be am-ortised over a period of not exceeding five years);

– all fiscal charges in relation to purchases and sales of securities in the Subfunds;

– all usual transaction charges and fees levied by pay-ing agents which will be disclosed in the reports of the Company;

– commissions and brokerage fees;– all fees payable to the Company’s representative in

Switzerland or elsewhere;– membership fees paid to professional associations

and stock market organisations which the Company decides to join in its own interest and in the interest of the Shareholders;

– other operating expenses; and– any fees reasonably incurred by the Custodian in the

proper performance of its duties.

The Portfolio Managers are responsible for the pay-ment of the Investment Advisor.

Performance FeeIf applicable (see appendix 1 of the sales prospectus), the performance fee is calculated by reference to a percentage determined by the Directors of the Com-pany. The exact percentages, the selected percentage figure and the calendar quarter to which any given remuneration applies will be published retroactively in the Company’s regular reports. The performance fee is also geared to the following rules:– The performance fee amounts to no more than

15% of the sum that is greater than 1.25% in the calendar quarter (5% p.a.) which is the increase in value of the Net Asset Value per Share of the rele-vant Subfund, before deducting the Management Fee

– The accrued performance fee will be calculated daily throughout the duration of the mandate held by the Portfolio Managers. Corresponding to the results of the daily comparison of the Subfund’s value development in percent, any given accrued performance fee will be set aside as a provision upon determining the net assets of the relevant Subfund. If the value of the Subfund drops under the percentage figure, this provision will be reduced correspondingly

– Any given positive balance of such accrued and set aside performance fees will be paid within the first ten Business Days after the end of the calendar quarter if the increase in the Subfund’s value within the last four calendar quarters has amounted to at least 5% p.a.(Hurdle Rate) and the previous high point of the Net Asset Value per Share since the launch of the relevant Subfund was achieved on at least one day during the calendar quarter (High Water Mark principle)

– A positive balance that can not be paid expires at the end of the calendar quarter.



If the Management Company acquires Shares of other UCIs that are managed directly or indirectly by the Management Company itself or a company with which it is related by virtue of common management or control or by way of a direct or indirect stake of more than 10% of the capital or votes („Related Tar-get Funds“), only a reduced management fee of 0.25% may be charged to the assets of the Subfunds in respect of such investments. Moreover, the Man-agement Company may not charge to the Subfunds any issuing or redemption commissions of the Related Target Funds.

If the Management Company invests in Shares of a Related Target Fund pursuant to the above paragraph which has a lower actual (flat-rate) management fee than the actual management fee indicated in the Data Sheet, the Management Company may – instead of charging the aforementioned reduced management fee on the assets invested in this Related Target Fund – charge the difference between the actual manage-ment fee of the investing Subfund and the actual (flat-rate) management fee of the Related Target Fund.

Note 3 – Taxe d’abonnement

In accordance with the law and the regulations cur-rently in force, the fund is subject to a subscription tax at the annual rate of 0.05% (0.01% for institutional clients), payable quarterly and calculated on the basis of the net assets of each Subfund at the end of each quarter.

The “taxe d’abonnement” is waived for that part of the Company’s assets invested in shares or shares of other undertakings for collective investment that have already paid the “taxe d’abonnement” in accordance with the statutory provisions of Luxembourg law.

Note 4 – Securities Lending

The Company may also lend portions of its securities portfolio to third parties. In general, lendings may only be effected via recognized clearing houses such as Clearstream International or Euroclear, or through first-class financial institutions that specialize in such activities and in the modus specified by them.

There were securities lent out in Swiss Life Funds (LUX) as of 31 August 2009:

Swiss Life Funds (LUX) Securities Lending

Bond EUR 2 551 400.00 EUR

Bond Global Corporates – EUR

Equity Biomedical 715 548.44 EUR

Equity Euro Zone 13 888 260.28 EUR

Equity Europe 1 923 615.98 EUR

Equity Global – EUR

Equity Global Diversified 505 386.02 EUR

Equity Global ex-Europe 315 593.46 EUR

Equity Global High Dividend 833 069.03 EUR

Equity Global Sustainability – EUR

Equity USA – USD

Maturity Guaranty 2019+2 – CHF

Portfolio Global Income Prudent (EUR)* 585 551.81 EUR

Portfolio Euro Zone Balanced (EUR) 5 278 885.38 EUR

Portfolio Global Balanced Harmony (EUR) 983 114.30 EUR

Portfolio Global Growth (CHF) – CHF

Portfolio Global Growth (EUR) 1 380 918.86 EUR

Portfolio Global Growth Vitality (EUR) 200 394.75 EUR


Note 5 – Income distribution

The annual general meeting („AGM“) decides what use is to be made of the annual net profits as shown in the accounts on the last day of August each year, on the basis of proposals put forward by the Direc-tors.

It is not the Company’s intention to pay out dividends on Capitalisation Shares. Nevertheless the AGM may decide each year on proposals made by Directors on this matter Dividends shall however be paid out on Distribution Shares.

Note 6 – Soft commission arrangements

During the reporting period from 1 September 2008 until 31 August 2009, no “soft commission arrange-ments” were entered into on behalf of Swiss Life Funds (LUX) and “soft dollar commissions” amount to nil.



Note 7 – Commitments on Financial Futures and Options

Commitments on Financial Futures per Subfund and respective currency as of 31 August 2009 can be sum-marised as follows:

Financial Futures Financial Futures on indices on indices Swiss Life Funds (LUX) (bought) (sold)

Equity Euro Zone 2 691 750.00 EUR – EUR

Equity Europe 721 500.00 EUR – EUR

Equity Global 722 761.57 EUR – EUR

Equity Global Diversified 1 485 490.64 EUR – EUR

Equity Global ex-Europe 2 558 043.27 EUR – EUR

Equity Global High Dividend 1 015 817.58 EUR – EUR

Equity USA 101 970.00 USD – USD

Portfolio Euro Zone Balanced (EUR) 2 580 750.00 EUR – EUR

Portfolio Global Balanced Harmony (EUR) 499 285.74 EUR – EUR

Portfolio Global Growth (CHF) 7 325 705.56 CHF – CHF

Portfolio Global Growth (EUR) 1 585 348.75 EUR – EUR

Portfolio Global Income Prudent (EUR)* 748 928.61 EUR – EUR

Portfolio Global Vitality (EUR) 499 285.74 EUR – EUR

Financial Futures Financial Futures on bonds on bonds Swiss Life Funds (LUX) (bought) (sold)

Bond EUR – EUR 1 471 560.00 EUR


Portfolio Euro Zone Balanced (EUR) 465 160.00 EUR – EUR

Portfolio Global Balanced Harmony (EUR) 2 473 790.00 EUR – EUR

Portfolio Global Growth (EUR) 1 795 070.00 EUR 296 880.00 EUR

Portfolio Global Vitality (EUR) 1 046 610.00 EUR – EUR

Financial Futures Financial Futures on currencies on currencies Swiss Life Funds (LUX) (bought) (sold)


Portfolio Global Balanced Harmony (EUR) 1 137 750.00 EUR – EUR

Portfolio Global Vitality (EUR) 1 998 000.00 EUR – EUR


Note 8 – Total Expense Ratio (TER)

This ratio was calculated in accordance with the Swiss Funds Association’s (SFA) “Guidelines on the calcula-tion and disclosure of the TER and PTR” in the current version and expresses the sum of all costs and com-missions charged on an ongoing basis to the net assets (operating expenses) taken retrospectively as a percentage of the net assets.

TER for the last 12 months:

Total Expense Thereof Ratio (TER) proportional performance Swiss Life Funds (LUX) fee

Bond EUR R 1.20% 0.00%

Bond Global Corporates I* 0.61% 0.00%

Bond Global Corporates (CHF hedged) I* 0.20% 0.00%

Bond Global Corporates R* 1.08% 0.00%

Bond Global Corporates (CHF hedged) R* 0.71% 0.00%

Equity Biomedical R 1.88% 0.00%

Equity Euro Zone R 1.72% 0.00%

Equity Europe I 1.49% 0.00%

Equity Europe R 2.34% 0.00%

Equity Global R 2.17% 0.00%

Equity Global Diversified I 2.16% 0.00%

Equity Global Diversified R 2.88% 0.00%

Equity Global ex-Europe I 2.37% 0.00%

Equity Global ex-Europe R 2.94% 0.00%

Equity Global High Dividend R 2.54% 0.00%

Equity Global High Dividend (CHF) R 2.06% 0.00%

Equity Global Sustainability I 3.05% 0.00%

Equity Global Sustainability R 3.79% 0.00%

Equity Global Sustainability (CHF) R 2.81% 0.00%

Equity USA R 5.66% 0.00%

Maturity Guaranty 2019+2* 2.04% 0.00%

Portfolio Global Income Prudent (EUR) I** 1.63% 0.00%

Portfolio Global Income Prudent (EUR) R** 1.93% 0.00%

Portfolio Euro Zone Balanced (EUR) R 1.49% 0.00%

Portfolio Global Balanced Harmony (EUR) I 1.79% 0.00%

Portfolio Global Balanced Harmony (EUR) R 2.14% 0.00%

Portfolio Global Growth (CHF) R 1.93% 0.00%

Portfolio Global Growth (EUR) R 2.43% 0.00%

Portfolio Global Growth Vitality (EUR) I 1.73% 0.00%

Portfolio Global Growth Vitality (EUR) R 2.24% 0.00%

* annualized** formerly Portfolio Global Income Defensive (EUR)

Transaction costs and any other costs incurred in con-nection with currency hedging are not included in the TER.



Note 9 – Portfolio Turnover Rate (PTR)

This ratio was calculated in accordance with the Swiss Funds Association’s (SFA) “Guidelines on the calcula-tion and disclosure of the TER and PTR” in the current version. The PTR is considered an indicator of the rel-evance of the additional costs incurred when buying and selling investments. It shows how many security transactions occurred as a result of voluntary invest-ment shifts in relation to the average net assets. Trans-actions that resulted from subscriptions and redemp-tions are not included in this rate.

PTR for the last 12 months:

Swiss Life Funds (LUX) Portfolio Turnover Rate (PTR)

Bond EUR 60.06%

Bond Global Corporates –15.91% *

Equity Biomedical 365.59%

Equity Euro Zone 127.38%

Equity Europe 69.49%

Equity Global –11.65%

Equity Global Diversified 31.73%

Equity Global ex-Europe 36.74%

Equity Global High Dividend 95.52%

Equity Global Sustainability 174.83%

Equity USA –8.85%

Maturity Guaranty 2019+2 –26.43% *

Portfolio Global Income Prudent (EUR)** 129.57%

Portfolio Euro Zone Balanced (EUR) 78.37%

Portfolio Global Balanced Harmony (EUR) 115.74%

Portfolio Global Growth (CHF) 29.73%

Portfolio Global Growth (EUR) 199.61%

Portfolio Global Growth Vitality (EUR) 76.72%

* annualized** formerly Portfolio Global Income Defensive (EUR)

Note 10 – Change of denomination

The Board of Directors of the Company has decided as at 3 August 2009 to change the denomination of

Swiss Life Funds (LUX) – Portfolio Global Income Defensive (EUR)

into

Swiss Life Funds (LUX) – Portfolio Global Income Prudent (EUR).

Note 11 – Applicable law, place of performance and authoritative language

The Luxembourg District Court is the place of per-formance for all legal disputes between the share-holders, the Company and the Custodian Bank. Lux-embourg law applies. However, in matters concerning the claims of investors from other countries, the Com-pany and/or the Custodian Bank can elect to make themselves and the Company subject to the jurisdic-tion of the countries in which the Company shares were bought and sold.

The English version of these financial statements is the authoritative version and only this version was audited by the auditors. However, in the case of shares sold to investors from the other countries in which Compa-ny’s shares can be bought and sold, the Company and the Custodian Bank may recognize approved transla-tions (i.e. approved by the Management Company and the Custodian Bank) into the languages con-cerned as binding upon themselves and the Compa-ny.

Note 12 – Subsequent events

The Board of Directors of the Company has decided as at 15 September 2009 to liquidate the

Swiss Life Funds (LUX) – Equity USA

and to merge the following Subfunds

Swiss Life Funds (LUX)– Equity Global – Bond Euro – Portfolio Global Growth (EUR)

into

Swiss Life Funds (LUX)– Equity Global Diversified– Bond Global Corporates– Portfolio Global Growth Vitality (EUR).


Documents

Swiss Life Funds (LUX)