degroof global - fundsquare.net

DEGROOF GLOBAL

A "société d’investissement à capital variable" (SICAV")

with multiple sub-funds

incorporated under Luxembourg law

Sub-funds active as at 31 March 2011:

Degroof Global ISIS Low

Degroof Global ISIS Medium

Degroof Global ISIS High

Degroof Global Ethical

Degroof Global Reactive 5 Winter

Degroof Global Reactive 10 Summer

Degroof Global Reactive 5 Autumn

Degroof Global Reactive 10 Winter

MANAGE ME NT COMPANY

__________________________________________________________________

DEGROOF GEST ION INST ITUT IONNELLE - LUXEMBOURG

12, Rue Eugène Ruppert, L-2453 Luxembourg

Luxembourg Trade and Companies Register (R.C.S.) no. B 24.822

Audited Annual Report

for the year ended 31 March 2011

DEGROOF GLOBAL

3

A société d’investissement à capital variable" ("SICAV")

Luxembourg Trade and Companies Register (R.C.S.) no. B 24.822

Board of Directors

Chairman Eric Nols,

Director and Chairman of the Management Committee

DEGROOF FUND MANAGEMENT COMPANY S.A., BRUSSELS

Directors Benoît Dehem,

Director, Member of the Management Committee


Vincent Planche,

Director, Member of the Management Committee


Patrick Wagenaar,

Manager,

BANQUE DEGROOF LUXEMBOURG S.A.

Alain Léonard,

(until 25 May 2010)

Deputy Director,

DEGROOF GESTION INSTITUTIONNELLE - LUXEMBOURG

Olivier Masse,

Manager,


Eric Lobet,

(since 27 July 2010)

Manager,


Registered office 12, Rue Eugène Ruppert, L-2453 Luxembourg

Distributors BANQUE DEGROOF LUXEMBOURG S.A.


BANK DEGROOF S.A.

DEGROOF GLOBAL

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44, Rue de l'Industrie, B-1040 Brussels

Custodian, BANQUE DEGROOF LUXEMBOURG S.A.

Domiciliary Agent, 12, Rue Eugène Ruppert, L-2453

Luxembourg

Administrative Agent and

Transfer Agent

Cabinet de révision agréé KPMG AUDIT S.à r.l.

9, Allée Scheffer, L-2520 Luxembourg

Management Company DEGROOF GESTION INSTITUTIONNELLE - LUXEMBOURG


Manager DEGROOF FUND MANAGEMENT COMPANY S.A.

16-18, Rue Guimard, B-1040 Brussels

Investment Advisor FORUM ETHIBEL A.S.B.L.

(for Ethical) 333/7, Rue du Progrès, B-1030

Brussels

DEGROOF GLOBAL

5

Contents

Page

Articles of Association, reports, and net asset value.................................................. 6

Board of Directors’ report.......................................................................................................... 7 - 10

Report of the Réviseur d’Entreprises

agréé........................................................................................

11 - 12

Statement of net assets.................................................................................................................. 13 - 15

Statement of operations...................................................................................................... .......... 16 - 18

Statement of changes in net assets.......................................................................................... 18 - 20

Schedule of investments............................................................................................................. 22 - 85

Regional allocation.......................................................................................................... ............ 86 - 91

Sector allocation............................................................................................................................. 92 - 97

Currency allocation..................................................................................................................... 98 - 100

Change in the number of shares......................................................................................... 101 - 102

Dividends paid............................................................................................................... ............... 103

Changes in share capital, total net assets and share price...................................... 104 - 107

Notes to the financial statements........................................................................................... 108 - 118

DEGROOF GLOBAL

6

Articles of Association, reports and net asset value

Degroof Global is a "société d'investissement à capital variable" ("SICAV"),

hereinafter referred to as the "Company", incorporated as a Luxembourg

public limited company ("société anonyme") on 26 September 1986. The

Company is subject to the Luxembourg Law of 10 August 1915 relating to

commercial companies, as subsequently amended, and to Part I of the

Luxembourg Law of 20 December 2002 relating to undertakings for collective

investment, as subsequently amended.

The Company's Articles of Association are on file with the Clerk of the

District Court (Tribunal d'Arrondissement) of and in Luxembourg, where any

interested party may consult them or obtain a copy.

The semi-annual and annual reports may be obtained from the institutions

responsible for financial services. The net asset value, issue price and

redemption price are made available at the registered offices of the Custodian

and Banque Degroof S.A., Brussels.

The net asset value is determined every business day for the Isis Low, Isis

Medium and Isis High sub-funds, and every Thursday for the Ethical,

Reactive 5 Winter, Reactive 10 Summer, Reactive 5 Autumn and Reactive 10

Winter sub-funds (or the following bank business day if Thursday is not a

business day in Luxembourg).

The net asset value is calculated in euros for all sub-funds on the basis of

the last known prices in the markets on which the securities held in the

portfolio are principally traded.

In addition, an assessment of the net asset value is also carried out on 31

March and 30 September each year.

DEGROOF GLOBAL

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Board of Directors’ report

Economic and financial environment

The world economy is facing significant exogenous shocks during the first

quarter of 2011. In the Middle East and North Africa, political instability

and social movements profoundly disrupt the oil market. In Japan, the

earthquake and the tsunami, followed by a potential nuclear disaster,

dominate the news. Nevertheless, global economic activity continues its

momentum from 2010 and although the pace varies between regions,

economic fundamentals remain strong overall.

In the US, household spending continues to grow despite soaring energy prices.

The retail sales statistics published recently confirm the outlook for

household spending growing at a real and annualised rate of approximately

2% throughout the first quarter. This is a reassuring performance in light of

the surge in energy prices.

The labour market continues to improve. The private sector created nearly

150,000 jobs on average during the first two months of the year. Moreover,

the number of new claims for unemployment benefits continued to decline.

Manufacturing activity is growing strongly, benefiting primarily from a

positive momentum in the automotive sector. By contrast, the trend in orders

for non-defence, non-civil aviation capital goods seems to indicate a

potential slowdown in capital investment by businesses. However, this statistic

is very volatile and currently diverges significantly from the recent trend

shown by regional manufacturing index components that measure capital

spending intentions.

In the euro zone, the recovery is also taking shape. With growth of more than

3% in 2010, Germany is the motor, pulling in its wake Belgium and other

trading partners. Mention should be made, however, of the contrast between

the peripheral countries of the euro zone, which have significant deficits,

and its core countries.

DEGROOF GLOBAL

8

Despite facing many pressures such as inflation, as well as pressures on

currencies and on capital flows, growth in emerging markets remains strong,

particularly in Asian countries, whose economies are currently export-

oriented and whose large and under-exploited domestic markets may

constitute an alternative should exports fall.

In monetary terms, the US authorities formally acknowledged at the end of

January stronger economic growth and a gradual improvement in the labour

market. This change in tone was accompanied by upward revisions of growth

prospects and most likely indicates the end, as of next June, of the

quantitative easing programmes. The authorities reiterated, however, their

commitment to keeping interest rates at their current low levels. The attitude

of the US Federal Reserve contrasts with that of the European Central Bank as

regards inflation. In the US, it is estimated that rising commodity prices will

have only temporary effects on inflation. Prior to any toughening of its

policy, Ben Bernanke would like to see tangible improvement on the

employment front and the outcome of the current budget debate between

Democrats and Republicans, in order to determine the negative impact on the

economy, at least in the short term, of the spending cuts still planned for the

2011 financial year.

DEGROOF GLOBAL

9

Board of Directors’ report (continued)

In Europe, the European Central Bank surprised everyone by pre-announcing

a first hike in key interest rates in April. No less than three rate hikes are

now anticipated by the markets in 2011. The ECB decisively chose to

gradually change a monetary policy deemed too accommodating. The Central

Bank wishes to anchor expectations of price increases, which have grown in

recent months, at a reasonable level.

During the 2010-2011 financial year, stock exchanges exhibited high

volatility and posted mixed results.

Tableau 1 Performances (en euro)

31 mars 2010 - 31 mars 2011

Obligations mondiales 3.20%

Obligations euro -2.30%

Obligations d'entreprises 1.40%

Actions mondiales 8.20%

Actions euroland 5.30%

Actions américaines 10.00%

Actions japonaises -3.20%

Actions pays émergents 10.50%

USD-EURO -4.60%

Expressed in euros, the global equity index rose by 8.2% over the period. The

sharp fluctuations in exchange rates and economic fortunes led to large

discrepancies within and between different geographical regions.

The euro zone experienced a rise of 5.3%, led by the German stock exchange,

which added 14.1% thanks to the good performance of the domestic economy.

The Southern European countries, i.e., Spain, Italy and Greece, suffered the

most.

The United States and Japan, as well as non-EMU European countries,

initially benefited from the weak euro. Nevertheless, the position has turned

DEGROOF GLOBAL

10

for the euro-dollar since early 2011, with the euro recovering against the

dollar. Over the past twelve months, the US market rose by 15.4% on a dollar

basis (10.1% on a euro basis), while Japan showed a 10.1% drop on a yen

basis (down 3.3% on a euro basis).

As for emerging markets, they showed solid growth in 2010: up 10.5% on a

euro basis between March 2010 and March 2011. They first continued their

growth in the second half of 2010 then changed course in early 2011 before

rebounding in mid March.

For euro zone sovereign bonds, the last twelve months were dominated by the

debt crisis in the Member States. Yield spreads between countries widened.

The Greek crisis, then the Irish crisis and the Portuguese crisis showed the

limitations of a monetary union, which requires greater economic integration

and greater responsiveness by the authorities. In terms of bond performance,

countries could be divided between those in the North, such as Germany,

Austria, the Netherlands, Finland and France, which provided positive

returns, and the others.

DEGROOF GLOBAL

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Degroof Global Isis Low, Medium & High

For the financial year ended 31 March 2011, the three sub-funds - Low

(class B Cap.), Medium (class B Cap.) and High (Cap.) - posted performances of

2.2%, 4.8% and 7.3%, respectively.

During the 2010-2011 financial year, we remained exposed to equity

markets globally and performed some arbitrage transactions between different

geographic regions.

Thus, in early April and early May 2010, we marginally reduced our equity

exposure and particularly, our exposure to European securities. In the case of

Isis Low and Isis Medium, we used direct sales as well as a "target" strategy,

which is an option strategy consisting of smoothing the movements in equity

markets by buying put options and financing their purchase through the

issuance of short-term options.

After having marginally reduced our exposure to European equities during

the second quarter, we took advantage of the weakness in the markets and

returned in early July. We then followed the changes in markets and in early

September we sold US and European equities in favour of Australian,

Canadian, and Asian (excluding Japan) and emerging markets equities.

Given the buoyancy of euro-zone markets in the first half of September, we

reduced slightly the equity allocation in Isis Medium and Isis High. We also

ended the "target" strategy implemented last May for Isis Low and Isis Medium

and initiated a new "target" strategy at higher levels in order to track the

points of protection and participation in market movements.

Table 2 First half Second half Full year

Performance 31 March 2010-30 September 2010 30 September 2010-31 March 2011 31 March 2010-31 March 2011

Isis Low 0.9% 1.3% 2.2%

Isis Medium 1.0% 3.8% 4.8%

Isis High 0.1% 7.2% 7.3%

DEGROOF GLOBAL

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In November, we reduced our exposure to European and US equities and then

reversed course on weakness in European equities. During December, we

increased the allocation to emerging countries to the detriment of positions in

US equities.

In early 2011, we reduced our equity exposure and took profits on Canadian,

Australian and US small-cap companies, which we had over-weighted

during the year.

For Isis Medium, we took advantage of these arbitrage transactions to increase

marginally, and on weakness, the allocation to emerging markets. For all

three sub-funds, we rebalanced the positions between active management and

indexed management, as well as between different geographic regions (Asia,

Latin America, Eastern Europe and Africa).

During the financial year, we under-weighted Japanese securities and in

February 2011, before the Fukushima earthquake, we reduced our exposure

to the Japanese yen to virtually zero.

As regards real property, we reduced somewhat our positions in real estate in

late 2010 and early 2011, and maintained our exposure to commodities

through the Igni World Commodities fund.

DEGROOF GLOBAL

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On the bond front, we remained very cautious in terms of our positions and

our selection of issuers or maturities. We stayed away from Greek and

Portuguese bonds and invested very little in Italian and Spanish bonds. We

maintained the average maturity of bonds held at a level below the average

market maturity, which was beneficial when long-term interest rates started

to rise again six months ago, last autumn.

Degroof Global Ethical

The Ethical sub-fund aims to achieve long-term capital growth by investing

in an average-risk, internationally diversified portfolio of equities and bonds

that comply with certain ethical investment restrictions.

Overall, during the financial year ended 31 March 2011, we continued to be

over-weight on equities. While maintaining sector diversification, we selected

European and US securities using a "behavioural value" approach.

As regards bonds, we remained cautious in terms of both our selection of

issuers and overall maturities.

At the financial year-end, equities and bonds represented 59.1% and 35.5%

of net assets, respectively. In currency terms, euro-denominated investments

represented 51.8% of net assets. The currency exposure for more than 40% of

net assets resulted from equity investments. Thus, the US dollar and the yen

made up 21.4% and 4.7% of assets, respectively.

As at 31 March 2011, 238,160 shares were issued and outstanding and net

assets totalled EUR 21.72 million. The net asset value per share was

EUR 91.22, compared with EUR 92.19 as at 31 March 2010, a decrease of

1.1% over twelve months.

Degroof Global Reactive

The objective of this family of sub-funds is to offer the highest possible

returns while offsetting losses when markets fall.

This strategy covers several sub-funds comprising (1) two risk profiles based

on a maximum loss objective (5% or 10% in relation to an annual baseline)

DEGROOF GLOBAL

14

and (2) four (potential) seasons based on specific reference dates, which are

then used to define the annual baseline date of each sub-fund.

The sub-funds concerned are:

• Degroof Global Reactive 5 Winter

• Degroof Global Reactive 10 Summer

• Degroof Global Reactive 5 Autumn

• Degroof Global Reactive 10 Winter

The assets of these sub-funds may be invested in all types of eligible

financial assets such as, in particular, equities, bonds, futures contracts,

option contracts, structured products, shares and units of UCITS (undertakings

for collective investment in transferable securities) and/or other collective

investment schemes including Exchange Traded Funds (ETF). These

investments are made in compliance with the conditions and limits set out in

the Prospectus, Sections 3 to 5 of the chapter on "Investment objectives,

policies and restrictions", without excluding, however, other types of eligible

financial assets.

The weight of each asset class is based on the class level of performance

against the baseline and on the trends exhibited by the various asset classes.

DEGROOF GLOBAL

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To the shareholders

of DEGROOF GLOBAL

12, Rue Eugène Ruppert

L-2453 Luxembourg

Report of the Réviseur d’Entreprises agréé

We have audited the accompanying financial statements of Degroof Global

(the "Company") and of each of its sub-funds, which comprise the statement

of net assets and the schedule of investments as at 31 March 2011, as well as

the statement of operations and 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.

Responsibility of the Company’s Board of Directors for the financial

statements

The Company’s Board of Directors is responsible for the preparation and fair

presentation of these financial statements, in accordance with the legal and

regulatory requirements applicable in Luxembourg to the preparation and

presentation of financial statements, and for such internal controls as the

Board of Directors deems necessary to enable the preparation of financial

statements that are free of material misstatement, whether due to fraud or

error.

Responsibility of the Réviseur d’Entreprises agréé

Our responsibility is to express an opinion on the financial statements based

on our audit. We have performed our audit in accordance with International

Standards on Auditing, as adopted for Luxembourg by the "Commission de

Surveillance du Secteur Financier". These standards require that we comply

with ethical requirements and that we plan and perform the audit to obtain

reasonable assurance as to whether the financial statements are free of

material misstatement.

An audit involves performing procedures to obtain audit evidence about the

amounts and disclosures in the financial statements. The procedures selected

depend on the judgment of the Réviseur d’Entreprises agréé, including the

assessment of the risk of material misstatement of the financial statements,

whether due to fraud or error. In making this risk assessment, the Réviseur

d’Entreprises agréé considers the entity’s internal controls relevant to the

DEGROOF GLOBAL

16

preparation and fair presentation of the financial statements in order to

design audit procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the entity’s

internal controls.

An audit also includes evaluating the appropriateness of accounting policies

used and the reasonableness of accounting estimates made by the Company’s

Board of Directors, 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 opinion.

DEGROOF GLOBAL

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Report of the Réviseur d’Entreprises agréé (continued)

Opinion

In our opinion, the financial statements give a true and fair view of the net

assets and financial position of Degroof Global and of each of its sub-funds

as at 31 March 2011, as well as of the results of their operations and changes

in their net assets for the year then ended in accordance with the legal and

regulatory requirements applicable in Luxembourg to the preparation and

presentation of financial statements.

Other matters

Supplementary information included in the annual report has been reviewed

in the context of our appointment, but has not been subject to specific audit

procedures performed in accordance with the standards described above.

Consequently, we express no opinion on such information. However, we have

no observation to make concerning such information in the context of the

financial statements taken as a whole.

Luxembourg, 27 July 2011 KPMG Audit S.à

r.l.

Cabinet de révision agréé

Ravi Beegun

Partner

DEGROOF GLOBAL

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DEGROOF GLOBAL

19

Statement of net assets as at 31 March 2011

(by sub-fund)

DEGROOF

GLOBAL

ISIS LOW

(IN EUR)

DEGROOF

GLOBAL

ISIS MEDIUM

(IN EUR)

DEGROOF

GLOBAL

ISIS HIGH

(IN EUR)

ASSETS

Investments in securities (See Note 1a) 522,991,889.92 1,832,559,341.93 325,079,127.90

Cash at bank 78,185,377.64 262,303,874.52 67,242,351.13

Interest receivable on bonds 3,275,847.60 5,598,691.36 22,077.62

Dividends receivable on equities 50,922.67 459,763.95 87,627.81

Interest receivable on term deposits 2,045.80 9,651.65 3,183.34

Receivables for subscriptions 2,666,947.92 337,427.10 78,801.12

Receivables for securities sold 49,676.04 1,544,650.19 0.00

Unrealised gains on forward foreign

exchange contracts (Note 6) 281,404.00 1,641,268.12 433,214.97

Guarantee deposits on forward commitments

(Note 6) 1,463,960.97 6,883,979.07 4,289,223.51

Total assets 608,968,072.56 2,111,338,647.89 397,235,607.40

LIABILITIES

Taxes and other expenses payable (Note 3) 1,405,367.21 4,547,078.54 813,457.86

Bank overdrafts 0.00 0.00 0.00

Interest payable 398.53 9,812.57 523.93

Payables for securities purchased 0.00 2,444,407.44 16,731.26

Payables for redemptions 56,449.10 3,333,419.63 474,609.36

Total liabilities 1,462,214.84 10,334,718.18 1,305,322.41

NET ASSETS 607,505,857.72 2,101,003,929.71 395,930,284.99

Number of shares issued and outstanding

(at end of year)

- Instit. capitalisation 6,428,082.238 10,096,375.128 6,107,148.417

- Retail capitalisation 2,328,143.825 16,096,837.601 -

- Instit. distribution 189,260.000 - 36,147.000

- Retail distribution 183,771.000 157,802.270 -

Net asset value per share

(at end of year)

DEGROOF GLOBAL

20

- Instit. capitalisation 68.22 80.08 -

- Retail capitalisation 68.09 79.92 64.62

- Instit. distribution 28.08 - -

- Retail distribution 27.94 38.15 36.00

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

DEGROOF GLOBAL

21


(by sub-fund)

DEGROOF

GLOBAL

ETHICAL

(IN EUR)

DEGROOF

GLOBAL

REACTIVE 5

WINTER

(IN EUR) (*)

DEGROOF

GLOBAL

REACTIVE 10

SUMMER

(IN EUR) (*)

ASSETS

Investments in securities (See Note 1a) 20,546,843.53 64,178,285.39 33,947,026.79

Cash at bank 1,145,038.78 27,622,213.86 19,908,987.04

Interest receivable on bonds 94,735.46 0.00 0.00

Dividends receivable on equities 23,494.25 0.00 0.00

Interest receivable on term deposits 0.00 4,150.87 3,138.79

Receivables for subscriptions 0.00 0.00 0.00

Receivables for securities sold 0.00 405,203.00 0.00


exchange contracts (Note 6) 0.00 7,851.72 8,551.89


(Note 6) 0.00 1,605,378.54 1,281,146.40

Total assets 21,810,112.02 93,823,083.38 55,148,850.91

LIABILITIES

Taxes and other expenses payable (Note 3) 85,320.17 239,284.97 203,843.35

Bank overdrafts 0.00 34,480.56 21,284.91

Interest payable 0.00 86.08 73.75

Payables for securities purchased 0.00 4,233,416.13 0.00

Payables for redemptions 0.00 0.00 0.00

Total liabilities 85,320.17 4,507,267.74 225,202.01

NET ASSETS 21,724,791.85 89,315,815.64 54,923,648.90


(at end of year)

- Instit. capitalisation - 675,399.328 471,880.000

- Retail capitalisation 238,160.000 231,092.361 60,432.665

- Instit. Distribution - - -

- Retail distribution - 6,000.000 14,161.475


DEGROOF GLOBAL

22

(at end of year)

- Instit. capitalisation - 97.89 100.51

- Retail capitalisation 91.22 97.85 100.48

- Instit. Distribution - - -

- Retail distribution - 97.84 100.48


(*) See Note 8

DEGROOF GLOBAL

23


(by sub-fund)

DEGROOF

GLOBAL

REACTIVE 5

AUTUMN

(IN EUR) (*)

DEGROOF

GLOBAL

REACTIVE 10

WINTER

(IN EUR) (*)

COMBINED (IN EUR)

ASSETS

Investments in securities (See Note 1a) 48,138,968.30 22,183,636.46 2,869,625,120.22

Cash at bank 20,750,179.35 10,154,973.47 487,312,995.79

Interest receivable on bonds 0.00 0.00 8,991,352.04

Dividends receivable on equities 0.00 0.00 621,808.68

Interest receivable on term deposits 2,168.11 1,251.53 25,590.09

Receivables for subscriptions 0.00 0.00 3.083.176,14

Receivables for securities sold 0.00 0.00 1,999,529.23


exchange contracts (Note 6) 6,032.63 4,574.93 2,382,898.26


(Note 6) 1,166,113.20 743,423.54 17,433,225.23

Total assets 70,063,461.59 33,087,859.93 3,391,475,695.68

LIABILITIES

Taxes and other expenses payable (Note 3) 224,091.77 90,762.66 7,609,206.53

Bank overdrafts 27,719.79 11,930.64 95,415.90

Interest payable 76.01 669.79 11,640.66

Payables for securities purchased 3,063,667.43 3,393,227.22 13,151,449.48

Payables for redemptions 0.00 0.00 3,864,478.09

Total liabilities 3,315,555.00 3,496,590.31 24,732,190.66

NET ASSETS 66,747,906.59 29,591,269.62 3,366,743,505.02


(at end of year)

- Instit. capitalisation 558,849.037 283,057.001

- Retail capitalisation 106,782.000 18,943.000

- Instit. distribution - -

- Retail distribution - 8,980.000


DEGROOF GLOBAL

24

(at end of year)

- Instit. capitalisation 100.28 95.16

- Retail capitalisation 100.26 95.13

- Instit. distribution - -

- Retail distribution - 95.14


(*) See Note 8

DEGROOF GLOBAL

25

Statement of operations for the year ended 31 March 2011

(by sub-fund)

DEGROOF

GLOBAL

ISIS LOW

(IN EUR)

DEGROOF

GLOBAL

ISIS MEDIUM

(IN EUR)

DEGROOF

GLOBAL

ISIS HIGH

(IN EUR)

INCOME

Dividends on equities 1,382,628.62 10,748,685.36 2,448,006.67

Interest on bonds 8,889,589.42 16,323,856.89 59,614.51

Interest on other investments 239,601.82 894,374.67 257,046.82

Commission on securities lending (Note 7) 135,591.89 84,878.66 35,092.83

Other income (Note 9) 1,241,736.85 4,211,062.42 920,615.88

Total income 11,889,148.60 32,262,858.00 3,720,376.71

EXPENSES

Advisory fees (Note 4) 0.00 0.00 0.00

Management fees (Note 4) 809,471.97 2,572,427.22 431,427.07

Distribution fees (Note 4) 4,125,691.74 13,999,620.52 2,574,068.28

Custodian expenses 98,619.47 278,398.22 60,467.51

Subscription tax (Note 5) 168,943.64 865,965.57 211,327.53

Administration expenses 681,439.27 2,166,167.46 433,610.68

Other fees and expenses 92,517.23 473,009.79 75,229.11

Interest expense 17,259.97 48,921.06 3,945.22

Taxes paid to foreign authorities 3,412.70 6,079.34 753.68

Performance fees (Note 4) 0.00 0.00 0.00

Total expenses 5,997,355.99 20,410,589.18 3,790,829.08

NET INVESTMENT INCOME (LOSS) 5,891,792.61 11,852,268.82 (70,452.37)

Net realised gains (losses)

- on investments (Note 1b) 7,368,351.45 23,649,737.89 5,313,858.80

- on foreign currencies (1,300,286.05) (745,409.63) 1,062,347.10

- on forward foreign exchange contracts (173.863.28) (423,825.57) (241,593.58)

- on forward transactions 558,968.11 8,901,557.15 1,103,435.96

NET REALISED INCOME (LOSS) 12,344,962.84 43,234,328.66 7,167,595.91

Change in unrealised gains or losses (Note

1e)

DEGROOF GLOBAL

26

- on investments (238,920.90) 48,680,498.32 16,165,442.19

- on forward foreign exchange contracts 445,352.06 1,641,268.12 433,214.97

- on forward transactions 450,601.60 224,669.18 1,433,222.98

NET OPERATING INCOME (LOSS) 13,001,995.60 93,780,764.28 25,199,476.05


DEGROOF GLOBAL

27


(by sub-fund)

DEGROOF

GLOBAL

ETHICAL

(IN EUR)

DEGROOF

GLOBAL

REACTIVE 5

WINTER

(IN EUR) (*)

DEGROOF

GLOBAL

REACTIVE 10

SUMMER

(IN EUR) (*)

INCOME

Dividends on equities 386,063.62 99,847.16 102,224.23

Interest on bonds 386,692.44 0.00 0.00

Interest on other investments 10.88 126,401.00 38,385.78

Commission on securities lending (Note 7) 7,751.17 418.11 82.93

Other income (Note 9) 4,628.63 0.00 0.00

Total income 785,146.74 226,666.27 140,692.94

EXPENSES

Advisory fees (Note 4) 33,325.74 0.00 0.00

Management fees (Note 4) 59,961.44 131,010.01 71,408.05

Distribution fees (Note 4) 233,217.94 441,820.91 249,928.14


Subscription tax (Note 5) 26,658.61 39,034.42 10,406.26

Administration expenses 47,750.00 131,812.45 46,330.24

Other fees and expenses 327.11 66,207.80 46,196.07


Taxes paid to foreign authorities 2,095.54 160.77 101.41

Performance fees (Note 4) 0.00 141,346.13 223,178.97

Total expenses 414,731.70 997,738.51 665,369.51

NET INVESTMENT INCOME (LOSS) 370,415.04 (771,072.24) (524,676.57)


- on investments (Note 1b) (385,196.65) (3,648,269.31) 773,154.15

- on foreign currencies (7,273.99) 710,605.41 184,442.61

- on forward foreign exchange contracts 0.00 684,019.72 (551.126,81)

- on forward transactions 0.00 (4,780,348.70) (395,034.69)

NET REALISED INCOME (LOSS) (22,055.60) (7,805,065.12) (513,241.31)


DEGROOF GLOBAL

28

1e)

- on investments (48,757.34) (378,380.11) 795,121.21

- on forward foreign exchange contracts 0.00 296,713.69 8,551.89

- on forward transactions 0.00 (39,563.56) 380,922.64

NET OPERATING INCOME (LOSS) (70,812.94) (7,926,295.10) 671,354.43


(*) See Note 8

DEGROOF GLOBAL

29


(by sub-fund)

DEGROOF

GLOBAL

REACTIVE 5

AUTUMN

(IN EUR) (*)

DEGROOF

GLOBAL

REACTIVE 10

WINTER

(IN EUR) (*)

COMBINED (IN EUR)

INCOME

Dividends on equities 63,517.90 15,340.78 15,246,314.34

Interest on bonds 0.00 0.00 25,659,753.26

Interest on other investments 44.,78.42 13,425.50 1,613,424.89

Commission on securities lending (Note 7) 15.92 28.88 263,860.39

Other income (Note 9) 0.00 0.00 6,378,043.78

Total income 107,712.24 28,795.16 49,161,396.66

EXPENSES

Advisory fees (Note 4) 0.00 0.00 33,325.74

Management fees (Note 4) 67,762.53 16,467.39 4,159,935.68

Distribution fees (Note 4) 237,168.84 51,266.77 21,912,783.14


Subscription tax (Note 5) 4,649.15 2,822.21 1,329,807.39

Administration expenses 42,325.34 11,493.18 3,560,928.62

Other fees and expenses 31,665.22 10,996.63 796,148.96


Taxes paid to foreign authorities 128.07 50.85 12,782.36

Performance fees (Note 4) 183,606.55 16,151.65 564,283.30

Total expenses 589,016.26 113,592.06 32,979,222.29

NET INVESTMENT INCOME (LOSS) (481,304.02) (84,796.90) 16,182,174.37


- on investments (Note 1b) (117,310.29) (816,476.17) 32,137,849.87

- on foreign currencies 207,881.86 (124,137.67) (11,830.36)

- on forward foreign exchange contracts (452,385.21) (216,104.32) (1,374,879.05)

- on forward transactions (183,129.92) (669,505.94) 4,535,941.97

NET REALISED INCOME (LOSS) (1,026,247.58) (1,911,021.00) 51,469,256.80


DEGROOF GLOBAL

30

1e)

- on investments 753,795.75 219,067.55 65,947,866.67

- on forward foreign exchange contracts 6,032.63 4,574.93 2,835,708.29


NET OPERATING INCOME (LOSS) 58,482.08 (1,414,877.99) 123,300,086.41


(*) See Note 8

DEGROOF GLOBAL

31

Statement of changes in net assets


(by sub-fund)

DEGROOF

GLOBAL

ISIS LOW

(IN EUR)

DEGROOF

GLOBAL

ISIS MEDIUM

(IN EUR)

DEGROOF

GLOBAL

ISIS HIGH

(IN EUR)

NET ASSETS (at beginning of year) 557,883,937.09 1,963,645,489.11 368,659,631.90

Dividends paid (67,685.80) (17,509.83) 0.00

Net investment income (loss) 5,891,792.61 11,852,268.82 (70,452.37)


- on investments (Note 1b) 7,368,351.45 23,649,737.89 5,313,858.80

- on foreign currencies (1,300,286.05) (745,409.63) 1,062,347.10

- on forward foreign exchange contracts (173,863.28) (423,825.57) (241,593.58)

- on forward transactions 558,968.11 8,901,557.15 1,103,435.96

Subtotal 570,161,214.13 2,006,862,307.94 375,827,227.81

SUBSCRIPTIONS / REDEMPTIONS

- Subscriptions 377,017,599.30 535,582,624.66 70,923,242.45

- Redemptions (340,329,988.47) (491,987,438.51) (68,852,065.41)

Net subscriptions (redemptions) 36,687,610.83 43,595,186.15 2,071,177.04


1e)

- on investments (238,920.90) 48,680,498.32 16,165,442.19

- on forward foreign exchange contracts 445,352.06 1,641,268.12 433,214.97


NET ASSETS (at end of year) 607,505,857.72 2,101,003,929.71 395,930,284.99


DEGROOF GLOBAL

32



(by sub-fund)

DEGROOF

GLOBAL

ETHICAL

(IN EUR)

DEGROOF

GLOBAL

REACTIVE 5

WINTER

(IN EUR) (*)

DEGROOF

GLOBAL

REACTIVE 10

SUMMER

(IN EUR) (*)

NET ASSETS (at beginning of year) 22,417,458.62 59,654,522.25 0.00

Dividends paid 0.00 0.00 0.00

Net investment income (loss) 370,415.04 (771,072.24) (524,676.57)


- on investments (Note 1b) (385,196.65) (3,648,269.31) 773,154.15

- on foreign currencies (7,273.99) 710,605.41 184,442.61

- on forward foreign exchange contracts 0.00 684,019.72 (551,126.81)

- on forward transactions 0.00 (4,780,348.70) (395,034.69)

Subtotal 22,395,403.02 51,849,457.13 (513,241.31)


- Subscriptions 16,102,041.26 140,234,405.99 68,466,356.52

- Redemptions (16,723,895.09) (102,646,817.50) (14,214,062.05)

Net subscriptions (redemptions) (621,853.83) 37,587,588.49 54,252,294.47


1e)

- on investments (48,757.34) (378,380.11) 795,121.21

- on forward foreign exchange contracts 0.00 296,713.69 8,551.89

- on forward transactions 0.00 (39,563.56) 380,922.64

NET ASSETS (at end of year) 21,724,791.85 89,315,815.64 54,923,648.90


(*) See Note 8

DEGROOF GLOBAL

33



(by sub-fund)

DEGROOF

GLOBAL

REACTIVE 5

AUTUMN

(IN EUR) (*)

DEGROOF

GLOBAL

REACTIVE 10

WINTER

(IN EUR) (*)

COMBINED (IN EUR)

NET ASSETS (at beginning of year) 0.00 0.00 2,972,261,038.97

Dividends paid 0.00 0.00 (85,195.63)

Net investment income (loss) (481,304,02) (84,796.90) 16,182,174.37


- on investments (Note 1b) (117,310.29) (816,476.17) 32,137,849.87

- on foreign currencies 207,881.86 (124,137.67) (11,830.36)

- on forward foreign exchange contracts (452,385.21) (216,104.32) (1,374,879.05)

- on forward transactions (183,129.92) (669,505.94) 4,535,941.97

Subtotal (1,026,247.58) (1,911,021.00) 3,023,645,100.14


- Subscriptions 74,847,496.51 31,125,943.11 1,314,299,709.80

- Redemptions (8,158,072.00) (119,795.50) (1,043,032,134.53)

Net subscriptions (redemptions) 66,689,424.51 31,006,147.61 271,267,575.27


1e)

- on investments 753,795.75 219,067.55 65,947,866.67

- on forward foreign exchange contracts 6,032.63 4,574.93 2,835,708.29


NET ASSETS (at end of year) 66,747,906.59 29,591,269.62 3,366,743,505.02


(*) See Note 8

DEGROOF GLOBAL

34

Schedule of investments as at 31 March 2011

DEGROOF GLOBAL ISIS LOW

QUANTITY /

NOMINAL

ACQUISITION VALUE % TOTAL

CURR. INVESTMENT IN FOREIGN COST AS AT 31.03.2011 NET

CURRENCY IN EUR IN EUR ASSETS

Securities listed on a recognised stock

exchange or traded on any other

regulated market

Equities

AUD ALUMINA LTD 14,533 15,031.83 26,052.96 0.00

AUD ANZ BANKING GROUP 5,255 62,900.31 91,179.85 0.02

AUD ASCIANO GROUP 6,000 0.00 7,607.94 0.00

AUD BHP BILLITON LTD 21,187 82,626.52 718,868.08 0.12

AUD BORAL LTD BLD 9,201 33,347.06 33,525.23 0.01

AUD BRAMBLES LTD 9,000 40,743.91 46,434.69 0.01

AUD CONSOLIDATED MEDIA HOLDINGS LTD 3,000 0.00 6,165.06 0.00

AUD CROWN LTD 3,000 28,718.87 17,817.45 0.00

AUD CSL LTD 4,500 28,971.04 117,168.88 0.02

AUD NATIONAL AUSTRALIA BANK LTD 6,492 114,605.32 122,294.19 0.02

AUD ONESTEEL LTD 4,153 749.84 7,384.46 0.00

AUD TABCORP HOLDINGS LTD TAH 4,660 46,286.86 25,435.16 0.00

AUD TELSTRA CORP. LTD 18,000 64,806.81 36,990.34 0.01

AUD TOLL HOLDINGS LTD 6,000 7,176.37 25,928.22 0.00

AUD VIRGIN BLUE HOLDINGS LTD 6,000 0.00 1,377,30 0.00

AUD WESFARMERS LTD 2,891 41,305.37 66,952.80 0.01

Total AUSTRALIAN DOLLAR 567,270.11 1,351,182.61 0.22

CAD BANK OF NOVA SCOTIA 3,165 49,910.85 136,394.55 0.02

CAD BCE INC. 1,281 38,568.51 32,682.69 0.01

CAD BOMBARDIER INC.-B- 6,700 31,027.32 34,605.38 0.01

CAD MSCI CANADA OPALS SERIES 5 2,050 411,646.10 819,703.00 0.13

CAD

NORTEL NETWORKS CORP. -

BANKRUPTCY- 250 172,566.39 4.56 0.00

CAD ROYAL BANK OF CANADA 4,000 57,084.98 173,827.38 0.03

CAD TRANSCANADA CORP. 4,300 34,780.99 122,447.75 0.02

Total CANADIAN DOLLAR 795,585.14 1,319,665.31 0.22

CHF NESTLE -REG- 7,200 151,281.68 291,981.82 0.05

CHF NOVARTIS -REG- 4,170 107,980.22 160,016.48 0.03

CHF

RICHEMONT COMPAGNIE FINANCIERE

S.A. 1,510 16,582.98 61,700.30 0.01

CHF

ROCHE HOLDING A.G. –PARTICIPATION

CERTIFICATE- 1,400 113,218.93 141,477.32 0.02

DEGROOF GLOBAL

35

Total SWISS FRANC 389,063.81 655,175.92 0.11

DKK NOVOZYMES -B- 5 125.45 540.16 0.00

Total DANISH KRONE 125.45 540.16 0.00

DEGROOF GLOBAL

36



QUANTITY /

NOMINAL




EUR ABERTIS INFRAESTRUCTURAS S.A. 3,688 24,715.42 56,537.04 0.01

EUR AEDIFICA -SICAFI- DIS 55,000 2,207,908.22 2,315,500.00 0.38

EUR AGEAS -STRIP VVPR- 20,532 130.24 41.06 0.00

EUR ALLIANZ A.G. -REG- 4,200 352,189.06 415,926.00 0.07

EUR APERAM -REG- 225 0.00 6,378.75 0.00

EUR ARCELOR MITTAL S.A. -REG- 4,500 118,706.92 114,862.50 0.02

EUR ARKEMA 135 0.00 8,652.15 0.00

EUR BANCO SANTANDER S.A. -REG- 30,851 329,931.01 252,731.39 0.04

EUR BENI STABILI SpA 14,700 0.00 10,782.45 0.00

EUR BNP PARIBAS 7,000 392,321.00 361,270.00 0.06

EUR COFINIMMO DIS 6,151 498,824.50 635,090.75 0.10

EUR COMPAGNIE DE SAINT-GOBAIN 2,858 72,436.46 123,479.89 0.02

EUR CORIO N.V. 10,500 495,068.54 518,280.00 0.09

EUR CRH PLC. 2,578 43,239.80 41,712.04 0.01

EUR DELHAIZE GROUP S.A. 4,450 235,056.31 255,652.50 0.04

EUR DEUTSCHE BANK A.G. 7,000 360,704.45 290,395.00 0.05

EUR DEXIA -STRIP VVPR- 12,700 151.68 38.10 0.00

EUR E.ON -REG- 2,190 36,450.60 47,194.50 0.01

EUR EDP-ENERGIAS -REG- 17,000 40,858.32 46,716.00 0.01

EUR ENDESA S.A. 5,300 124,703.92 115,884.50 0.02

EUR ENI SpA 4,010 53,275.14 69,493.30 0.01

EUR ETEX GROUP S.A. 8,103 32,301.78 56,721.00 0.01

EUR EUROCOMMERCIAL PROPERTIES DIS 5,000 139,328.38 174,800.00 0.03

EUR

EUROPEAN AERONAUTIC DEFENCE &

SPACE 3,500 81,592.73 71,890.00 0.01

EUR FONCIERE DES REGIONS 2,450 180,191.51 184,215.50 0.03

EUR FRANCE TELECOM 10,881 378,675.50 172,028.61 0.03

EUR GAS NATURAL SDG S.A. 2,500 49,756.98 33,137.50 0.01

EUR GBL -STRIP VVPR- 3,750 18.67 37.50 0.00

EUR GDF SUEZ 7,140 243,826.07 205,275.00 0.03

EUR GDF SUEZ -STRIP VVPR- 16,128 0.00 16.13 0.00

EUR GECINA ACT NOM 2,300 170,514.84 223,836.00 0.04

EUR HEX25 INDEX SHARE INDEX FUND 15,000 393,615.77 400,500.00 0.07

EUR IBERDROLA S.A. 13,566 54,766.08 83,240.98 0.01

EUR

ION BEAM APPLICATIONS -STRIP

VVPR- 690 0.00 5.52 0.00

EUR KBC GROUPE S.A. 344 24,090.29 9,128.04 0.00

EUR KBC GROUPE -STRIP VVPR- 464 1,655.43 18.10 0.00

EUR KLEPIERRE 7,200 207,180.50 206,208.00 0.03

EUR KONINKLIJKE KPN 8,977 88,321.67 107,903.54 0.02

EUR LAGARDERE SCA 1,500 58,519.42 45,187.50 0.01

EUR LVMH-MOET HENNESSY 2,010 48,713.42 224,517.00 0.04

EUR NOKIA -A- 11,640 221,696.51 70,247.40 0.01

DEGROOF GLOBAL

37

EUR PEUGEOT 2,000 100,162.84 55,760.00 0.01

EUR PORTUGAL TELECOM SGPS S.A. 6,500 64,538.84 52,936.00 0.01

EUR RENAULT S.A. 1,600 73,170.33 62,416.00 0.01

EUR REPSOL YPF S.A. 7,000 88,900.94 169,225.00 0.03

EUR

ROULARTA MEDIA GROEP -STRIP

VVPR- 1,100 0.00 9.90 0.00

EUR ROYAL DUTCH SHELL PLC -A- 95 2,245.22 2,436.28 0.00

EUR ROYAL PHILIPS ELECTRONICS N.V. 2,300 40,552.73 51,876.50 0.01

DEGROOF GLOBAL

38



QUANTITY /

NOMINAL




EUR SANOFI-AVENTIS 4,558 222,660.85 225,507.05 0.04

EUR SIEMENS A.G. -REG- 870 56,683.88 84,137.70 0.01

EUR SOLVAY & CIE 1,630 86,591.83 136,251.70 0.02

EUR STORA ENSO OYJ 10,700 134,591.39 89,933.50 0.01

EUR SUEZ ENVIRONNEMENT CO 1,865 9.42 27,229.00 0.00

EUR TELECOM ITALIA SpA 45,105 112,828.68 48,938.93 0.01

EUR TELEFONICA S.A. 13,317 77,679.51 235,244.81 0.04

EUR TELEKOM AUSTRIA A.G. 3,000 44,883.56 30,960.00 0.01

EUR TITAN CEMENT CY -REG- 4,240 71,677.67 74,708.80 0.01

EUR TOTAL S.A. 5,400 90,572.17 231,957.00 0.04

EUR TOTAL -STRIP VVPR- 32,400 0.00 32.40 0.00

EUR UMICORE S.A. 2,000 17,494.47 69,990.00 0.01

EUR UNIBAIL RODAMCO SE 7,505 1,061,889.44 1,147,139.25 0.19

EUR UNICREDIT SpA 125,000 328,463.09 218,000.00 0.04

EUR VEOLIA ENVIRONNEMENT 2,850 55,420.01 62,529.00 0.01

EUR VINCI 2,500 54,999.65 110,237.50 0.02

EUR VIVENDI 3,730 197,686.13 75,159.50 0.01

EUR WERELDHAVE BELGIUM DIS 3,000 139,238.71 221,310.00 0.04

EUR ZON MULTIMEDIA -REG - 972 0.00 3,596.40 0.00

Total EURO 10,884,378.50 11,443,053.46 1.90

GBP BP PLC 13,360 118,216.44 68,512.82 0.01

GBP BRITISH AMERICAN TOBACCO PLC 878 10,304.66 24,813.69 0.00

GBP BRITISH LAND CY PLC 45,000 238,815.32 280,837.00 0.05

GBP

CAPITAL & COUNTIES PROPERTIES

PLC 41,000 59,862.10 78,035.69 0.01

GBP

CAPITAL SHOPPING CENTERS GROUP

PLC 41,000 165,896.52 177,374.90 0.03

GBP DIAGEO PLC 108 1,407.25 1,445.61 0.00

GBP

GENESIS EMERGING MARKETS FUND

DIS 762,000 1,492,154.36 4,583.361.57 0.75

GBP GLAXOSMITHKLINE PLC 5,226 67,039.82 70,217.18 0.01

GBP LAND SECURITIES GROUP PLC 40,000 310,759.91 331,413.08 0.05

GBP MSCI UK OPALS SERIES 2 DIS 7,550 1,412,789.53 1,118,130.01 0.18

GBP

PANTHEON INTERNATIONAL

PARTICIPATIONS DIS 60,000 770,732.82 491,358.86 0.08

GBP ROYAL DUTCH SHELL PLC -B- 4,211 146,139.67 107,498.70 0.02

GBP SCOTTISH & SOUTHERN ENERGY PLC 52 866.08 740.68 0.00

GBP

TR EUROPEAN GROWTH TRUST PLC

DIS 48,000 151,550.11 234,767.88 0.04

GBP VODAFONE GROUP PLC -NEW- 37,415 118,945.09 74,593.34 0.01

DEGROOF GLOBAL

39

Total POUND STERLING 5,065,479.68 7,643,101.01 1.24

HKD ASM PACIFIC TECHNOLOGY 6,000 20,212.28 53,080.03 0.01

HKD CHEUNG KONG HOLDINGS LTD 7,800 47,698.93 89,602.78 0.01

HKD GIORDANO INTERNATIONAL LTD 48,000 23,236.39 20,525.36 0.00

HKD HANG SENG BANK LTD 7,500 78,002.78 85,341.16 0.01

HKD HONG KONG & CHINA GAS CO LTD 26,620 26,749.66 45,001.54 0.01

HKD

HUTCHISON TELECOM HONG KONG

HOLDING LTD 38,080 12,283.75 8,521.22 0.00

HKD HUTCHISON WHAMPOA 6,000 59,575.59 50,063.19 0.01

DEGROOF GLOBAL

40



QUANTITY /

NOMINAL




HKD POU SHENG INTERNATIONAL LTD 250 63.40 27.63 0.00

HKD POWER ASSETS HOLDINGS LTD 10,000 36,073.04 47,109.77 0.01

HKD SWIRE PACIFIC LTD 10,000 39,419.64 103,279.11 0.02

HKD

YUE YUEN INDUSTRIAL (HOLDINGS)

LTD 10,000 20,845.49 22,422.44 0.00

Total HONG KONG DOLLAR 364,160.95 524,974.23 0.08

NOK NORSK HYDRO 2,500 13,176.70 14,445.68 0.00

NOK STATOIL ASA 2,155 0.00 42,083.73 0.01

Total NORWEGIAN KRONE 13,176.70 56,529.41 0.01

SEK ELECTROLUX -B- 4,500 26,839.48 81,783.91 0.01

SEK HUSQVARNA AB A 1,350 0.00 8,082.88 0.00

SEK HUSQVARNA AB B 4,500 0.00 27,194.28 0.00

SEK TELEFONAB ERICSSON -B-FRIA 8,880 125,337.66 80,743.05 0.01

SEK TELIASONERA AB 18,172 144,929.03 110,730.00 0.02

SEK TELIASONERA AB-DAT-20110223 18,172 0.00 852.55 0.00

SEK XACT OMX30 65,000 643,314.97 810,299.09 0.13

Total SWEDISH KRONA 940,421.14 1,119,685.76 0.17

SGD SATS LTD 5,453 0.00 7,651.51 0.00

SGD SINGAPORE AIRLINES LTD 7,470 37,531.63 57,127.46 0.01

SGD

SINGAPORE TELECOM-BOARD LOT

1000 130,880 224,515.75 220,962.43 0.04

SGD UNITED OVERSEAS BANK LTD 25,500 258,592.58 268,000.89 0.04

SGD UOL GROUP LTD 750 0.00 1,991.56 0.00

SGD WILMAR INTERNATIONAL LTD 60,000 223,037.60 183,139.53 0.03

Total SINGAPORE DOLLAR 743,677.56 738,873.38 0.12

USD

ABERDEEN LATIN AMERICA EQUITY

DIS 8,440 120,423.45 232,050.93 0.04

USD ELBIT SYSTEMS LTD 5,946 280,116.84 231,161.17 0.04

USD HUTCHINSON PORT 600 439.16 418.58 0.00

USD NICE SYSTEMS SP.ADR 11,427 274,881.20 297,451.47 0.05

USD

PARTNER COMMUNICATIONS

COMPAGNIE

ADR 16,364 271,629.45 219,209.10 0.04

USD PERRIGO 7,339 272,081.49 411,244.65 0.07

USD PHAUNOS TIMBER FUND LTD DIS 15,000,000 11,065,660.31 7,980,410.12 1.31

DEGROOF GLOBAL

41

Total US DOLLAR 12,285,231.90 9,371,946.02 1.55

Total equities 32,048,570.94 34,224,727.27 5.62

Bonds

DKK

NYKREDIT REALKREDIT 4.00 09-

011041 24,769,389 3,294,096.24 3,046,301.70 0.50

DKK

REALKREDIT DENMARK 4.00 09-

011041 24,790,280 3,295,789.64 3,044,714.87 0.50

Total DANISH KRONE 6,589,885.88 6,091,016.57 1.00

DEGROOF GLOBAL

42



QUANTITY /

NOMINAL




EUR

ALLG HYPOBK RHEINB 4.25 99-

200114 6,000,000 6,036,095.00 6,208,860.00 1.02

EUR ATENOR GROUP 6.00 10-180115 700,000 706,896.13 706,503.00 0.12

EUR BELGIUM OLO 4.25 04-280914 4,500,000 4,895,120.10 4,682,925.00 0.77

EUR BELGIUM OLO54 4.00 08-280314 2,400,000 2,563,906.28 2,482,320.00 0.41

EUR BNG 5.375 98-050613 8,000,000 8,777,298.40 8,508,240.00 1.40

EUR BONOS OBLIG ESTADO 3.15 05-310116 12,000,000 11,567,646.14 11,411,400.00 1.88

EUR C.A.D.E.S. 5.25 98-251012 5,000,000 5,477,602.00 5,256,100.00 0.87

EUR

CAIS.NAT.AUTOROUTES 5.85 97-

240313 12,900,000 13,881,984.15 13,757,979.00 2.26

EUR


261015 4,000,000 4,448,509.00 4,492,200.00 0.74

EUR

COMPAGNIE FINANC.FONCIER 6.125

00-230215 9,000,000 10,103,862.71 9,913,050.00 1.63

EUR DEUTSCHE PFANDBK 5.25 01-150711 6,000,000 6,352,476.00 6,061,500.00 1.00

EUR DEUTSCHE PFANDBK 5.50 98-150113 5,000,000 5,445,004.50 5,253,300.00 0.86

EUR DEXIA CREDIT LOCAL FRN 09-300911 15,000,000 15,022,572.50 15,037,500.00 2.48

EUR EIB 5.50 98-150218 13,000,000 15,432,301.56 14,604,720.00 2.40

EUR EIB 5.625 99-150228 9,500,000 10,878,562.50 11,009,170.00 1.81

EUR FORTIS BANK 3.00 09-170412 1,700,000 1.742.946,14 1,723,800.00 0.28

EUR FRANCE OATI 1.60 04-250715 1,000,000 1,099,427.68 1,181,999.52 0.19

EUR FRANCE OATI 2.25 04-250720 3,000,000 3,777,455.28 3,741,810.53 0.62

EUR FRANCE OATI 3.40 99-250729 1,000,000 1,564,805.18 1,534,526.27 0.25

EUR GENERALI FINANCE 4.75 99-120514 2,000,000 2,077,708.10 2,077,080.00 0.34

EUR INTERVEST OFFICES 5.10 10-290615 700,000 700,765.00 689,283.00 0.11

EUR IRELAND 4.00 09-150114 2,000,000 2,043,306.20 1,697,640.00 0.28

EUR IRELAND 5.00 02-180413 1,600,000 1,729,793.00 1,469,888.00 0.24

EUR IRELAND TREASURY 4.60 99-180416 1,000,000 1,027,091.00 768,230.00 0.13

EUR ITALY 2.00 10-010613 4,000,000 4,002,863.80 3,926,520.00 0.65

EUR ITALY BTP 2.15 04-150914 2,700,000 3,069,007.65 3,208,074.97 0.53

EUR ITALY BTPS 3.00 10-011115 18,000,000 17,539,051.40 17,368,740.00 2.86

EUR KFW 5.125 98-170613 4,000,000 4,289,124.80 4,258,320.00 0.70

EUR KFW 5.50 98-220118 4,000,000 4,482,543.00 4,495,960.00 0.74

EUR NIBC BANK N.V. 3.125 09-170212 9,300,000 9,427,117.44 9,426,573.00 1.55

EUR RATP 4.75 99-250411 5,200,000 5,279,699.36 5,211,076.00 0.86

EUR

RESEAU FERRE FRANCE 4.625 00-

170314 6,500,000 6,834,872.85 6,861,790.00 1.13

EUR


260213 2,500,000 2,698,750.00 2,642,675.00 0.44

EUR


121020 9,500,000 11,321,622.70 11,118,230.00 1.83

EUR SFEF 2.125 09-200512 11,000,000 11,056,375.20 11,058,630.00 1.82

EUR SFEF 3.125 09-300614 9,500,000 9,668,453.60 9,654,375.00 1.59

DEGROOF GLOBAL

43

EUR SPAIN KINGDOM 4.25 08-310114 14,500,000 14,887,667.60 14,757,375.00 2.43

Total EURO 241,910,283.95 238,258,363.29 39.22

Total bonds 248,500,169.83 244,349,379.86 40.22

Total securities listed on a recognised

stock exchange or traded on any other

regulated market

280,548,740.77

278,574,107.13

45.84

DEGROOF GLOBAL

44



QUANTITY /

NOMINAL




Open-ended investment funds

USD AIMS LOW VOLATILITY USD FUND 2,239 271,399.97 216,128.55 0.04

AMUNDI EMERGING MARKETS IU CAP 3,000 7,487,967.88 8,014,784.02 1.32

USD

ASIA PACIFIC PERFORMANCE -B- USD

CAP 66,161 1,274,678.07 1,798,669.14 0.30

USD IGNI WORLD COMMODITIES CAP 32,700 2,232,490.03 3,053,167.50 0.50

USD

ISHARES MSCI EMERGING MARKETS

IND

DIS 54,012 1,399,362.11 1,853,177.56 0.31

USD

VANGUARD INV EMERGING MARKETS

STOCK INDEX CAP 128,000 15,199,466.80 15,964,786.70 2.63

USD VANGUARD SMALL CAP STOCK DIS 177,619 3,152,113.51 4,732,404.76 0.78

USD VANGUARD US OPPORTUNITIES CAP 6,500 949,650.34 1,320,438.52 0.22

Total US DOLLAR 31,967,128.71 36,953,556.75 6.10

EUR

ATLAS REAL ESTATE EMU BENELUX I

CAP 33,500 6,270,712.04 7,237,340.00 1.19

EUR

DEGROOF ALTERNATIVE FOHF LOW

VOLATILITY A 38,500 3,871,258.85 3,558,555.00 0.59

EUR


VOLATILITY B 142,000 0.00 0.00 0.00

EUR

DEGROOF BONDS CORP. EUR 2015 -A-

CAP 130,000 14,970,800.00 14,657,500.00 2.41

EUR DEGROOF BONDS CORP. EUR -A- CAP 84,200 10,678,185.32 12,291,516.00 2.02

EUR

DEGROOF EQUITIES BELGIUM ACTIVE

BENELUX I CAP 6,700 870,417.00 1,371,423.00 0.23

EUR

DEGROOF EQUITIES EMU BEHAVIORAL

VALUE BENELUX I CAP 103,708 5,307,942.34 6,862,358.36 1.13

EUR DEGROOF EQUITIES EMU INDEX I CAP 26,200 7,014,420.21 7,599,310.00 1.25

EUR

DEGROOF EQUITIES EUROPE

BEHAVIORAL

VALUE -A- CAP 269,000 7,325,930.54 8,513,850.00 1.40

EUR

DEGROOF EQUITIES EUROPE INDEX I

CAP 16,500 2,719,530.00 3,143,250.00 0.52

EUR

DEGROOF EQUITIES JAPAN INDEX I

CAP 11,450 2,126,036.50 2,140,921.00 0.35

EUR

DEGROOF EQUITIES SM CAP EUROPE

ACTIVE -A- C 4,400 3,072,820.56 3,932,852.00 0.65

DEGROOF GLOBAL

45

EUR

DEGROOF EQUITIES US BEHAVIORAL

VALUE BENELUX EUR I CAP 5,420 2,186,119.97 3,074,982.80 0.51

EUR

DEGROOF EQUITIES US INDEX EUR I

CAP 9,000 1,907,085.08 2,488,140.00 0.41

EUR

DEGROOF EQUITIES WORLD FLEX -A-

CAP 178,000 17,895,679.05 19,912,860.00 3.27

EUR

DEGROOF GLOBAL INTERNATIONAL

FLEX

I CAP 737,000 76,561,800.50 82,389,230.00 13.55

EUR DEGROOF PE FUND OF FUNDS -B- CAP 198 176,880.00 166,426.08 0.03

EUR

DEGROOF PRIVATE RENEWABLE

ENERGY

-B- CAP 153 153,000.00 145,654.47 0.02

EUR

SELECT EQUITIES EMERG MGT -A-

EUR CAP 50,000 5,000,000.00 5,006,500.00 0.82

EUR

SELECT EQUITIES JAPAN MGT -A- EUR

CAP 27,000 2,698,920.00 2,457,270.00 0.40

EUR

TREETOP CONVERTIBLE

INTERNATIONAL

EUR -A- CAP 48,210 8,436,824.00 10,692.978.00 1.76

EUR

TREETOP CONVERTIBLE PACIFIC EUR -

A-

CAP 23,360 5,110,472.40 6,251,369.60 1.03

Total EURO 184,354,834.36 203,894,286.31 33.54

Total open-ended investment funds 216,321,963.07 240,847,843.06 39.64

DEGROOF GLOBAL

46



QUANTITY /

NOMINAL




Other Securities

EUR 3I EUROPARTNERS IV B 182,496 63,246.26 182,496.42 0.03

EUR 3I EUROPARTNERS V B 596,970 817,290.13 596,969.80 0.10

EUR ABELOR 500 26,128.99 0.00 0.00

EUR ATLANTIC CERTIFICATES -REG- 20 955,649.20 970,486.60 0.16

EUR CARLYLE EUROPE PARTNER III 353,987 423,783.43 353,987.34 0.06

EUR CITY HOTELS -STRIP VVPR- 1,120 0.00 11.20 0.00

EUR OPTIMUM IMMO S.A SICAR - PRIMO 105 105,231.50 94,115.07 0.02

EUR OPTIMUM IMMO S.A SICAR - SECUNDO 156 156,000.00 156,000.00 0.03

EUR SARENS BESTUUR 5,10 10-061216 A 550,000 550,615.00 537,350.00 0.09

SIGMA FIN CORP FRN 06-300414 3,000,000 2,250,000.00 0.00 0.00

Total EURO 5,347,944.51 2,891,416.43 0.49

USD CARLYLE PARTNERS V USD 810,486 519,990.74 571,126.94 0.09

USD

DGC PENDULUM LIQUIDATING C.1

S.0309 853 127,923.46 107,396.36 0.02

USD WORLDCOM GROUP 18,000 358,671.59 0.00 0.00

USD WORLDCOM-MCI GROUP 720 0.00 0.00 0.00

Total US DOLLAR 1,006,585.79 678,523.30 0.11

Total other securities 6,354,530.30 3,569,939.73 0.60

Total investments 503,225,234.14 522,991,889.92 86.08

DEGROOF GLOBAL

47


DEGROOF GLOBAL ISIS MEDIUM

QUANTITY /

NOMINAL






regulated market

Equities

AUD ALUMINA LTD 140,424 303,945.44 251,734.77 0.01



AUD BHP BILLITON LTD 70,108 276,313.58 2,378,741.83 0.11

AUD BORAL LTD BLD 73,620 266,181.64 268,245.58 0.01

AUD BRAMBLES LTD 90,000 406,627.56 464,346.88 0.02


AUD CROWN LTD 30,000 286,496.36 178,174.53 0.01

AUD CSL LTD 45,000 289,016.03 1,171,688.83 0.06

AUD FOSTER'S GROUP LTD 81,142 222,683.76 338,227.17 0.02

AUD MACQUARIE GROUP LTD 12,000 350,489.09 320,058.30 0.02


AUD NEWCREST MINING LTD 20,000 459,851.12 580,360.72 0.03

AUD ONESTEEL LTD 10,153 2,090.07 18,053.07 0.00




AUD VIRGIN BLUE HOLDINGS LTD 54,000 0.00 12,395.70 0.00


AUD

WESFARMERS LTD – PART

PROTECTED 7,533 101,293.35 176,707.79 0.01

AUD WESTFIELD GROUP 45,652 385,063.94 310,723.03 0.01

AUD WESTFIELD STAPLED SECURITY 45,652 0.00 87,162.14 0.00

AUD WOODSIDE PETROLEUM LTD 24,916 266,806.10 849,749.54 0.04

Total AUSTRALIAN DOLLAR 6,147,956.27 10,915,770.21 0.50

CAD BARRICK GOLD CORP. COM 15,000 432,128.62 547,538.85 0.03

CAD BCE INC. 11,437 345,600.36 291,796.98 0.01

CAD BELL ALIANT INC. 899 0.00 17,479.20 0.00


CAD CANADIAN NATURAL RESOURCES LTD 88,800 246,865.71 3,083,829.19 0.15

CAD CELESTICA INC. 10,000 81,276.16 75,337.75 0.00

CAD GOLDCORP INC. 10,000 296,303.29 350,175.67 0.02

CAD MSCI CANADA OPALS SERIES 5 15,570 3,227,157.11 6,225,744.21 0.30

CAD


BANKRUPTCY- 7,300 1,592,630.97 133.31 0.00

DEGROOF GLOBAL

48

CAD TELUS CORP. - NON-VOTING 17 0.00 580.03 0.00

CAD TRANSCANADA CORP. 38,000 310,597.98 1,082,096.42 0.05

Total CANADIAN DOLLAR 6,762,054.12 11,890,607.88 0.57

DEGROOF GLOBAL

49



QUANTITY /

NOMINAL




CHF CREDIT SUISSE GROUP -REG- 20,000 758,401.87 601,247.79 0.03

CHF NESTLE -REG- 40,000 840,034.99 1,622,121.24 0.08

CHF NOVARTIS -REG- 32,830 1,140,883.22 1,259,794.04 0.06

CHF


S.A. 14,070 154,546.05 574,916.04 0.03

CHF

ROCHE HOLDING A.G. –PARTICIPATION

CERTIFICATE- 10,230 906,967.77 1,033,794.96 0.05

CHF SYNGENTA -REG- 1,800 96,319.83 413,848.88 0.02

CHF UBS S.A. -REG- 42,000 533,662.42 533,127.94 0.03

Total SWISS FRANC 4,430,816.15 6,038,850.89 0.30

DKK AP MOELLER-MAERS -B- 24 144,550.64 159,300.44 0.01

DKK DANISCO 4,500 113,234.00 400,745.70 0.02

DKK DANSKE BANK 40,000 703,821.27 624,991.62 0.03

DKK NOVO NORDISK -B- 4,190 97,318.61 371,452.90 0.02

DKK NOVOZYMES -B- 3,085 75,710.82 333,279.80 0.02



EUR ACCOR 13,000 253,372.52 412,165.00 0.02

EUR ACERINOX -NEW 66,000 220,977.84 919,050.00 0.04

EUR ADIDAS A.G. 12,000 491,786.39 533,460.00 0.03


EUR AEGON N.V. 200,000 1,129,829.72 1,056,800.00 0.05

EUR AGEAS -STRIP VVPR- 154,646 2,107.33 309.29 0.00

EUR AKZO NOBEL N.V. 16,600 617,886.27 804,768.00 0.04

EUR ALLIANZ A.G. -REG- 42,000 3,521,305.56 4,159,260.00 0.20

EUR ALSTOM 22,500 311,651.75 938,812.50 0.04

EUR APERAM -REG- 3,500 0.00 99,225.00 0.00

EUR ARCELOR MITTAL S.A. -REG- 70,000 1,861,928.50 1,786,750.00 0.09

EUR ARKEMA 3,953 0.00 253,347.77 0.01

EUR ASML HOLDING N.V. 21,954 133,044.07 682,769.40 0.03

EUR ASSICURAZIONI GENERALI 150,000 2,694,999.50 2,292,000.00 0.11

EUR AXA 110,000 1,928,875.29 1,621,950.00 0.08

EUR BANCO BILBAO VIZCAYA ARGENTARIA 276,000 3,152,340.81 2,362,836.00 0.11

EUR

BANCO COMMERCIAL PORTUGUES-

REG- 1,000,000 1,001,857.97 576,000.00 0.03

EUR

BANCO POPOLARE SOCIETA

COOPERATIVA 264,000 1,000,227.13 555,456.00 0.03

EUR BANCO POPULAR ESPANOL S.A. 172,428 1,197,880.58 715,231.34 0.03

EUR BANCO SANTANDER S.A. -REG- 534,768 5,717,742.42 4,380,819.46 0.21

DEGROOF GLOBAL

50

EUR BASF SE 33,800 351,576.71 2,062,814.00 0.10

EUR BAYER A.G. 22,500 454,104.16 1,229,400.00 0.06

EUR BEIERSDORF A.G. 12,903 444,746.32 555,667.70 0.03

EUR BENETTON GROUP SpA 24,960 260,129.39 132,038.40 0.01


EUR BNP PARIBAS 65,000 3,642,442.12 3,354,650.00 0.16

EUR BOUYGUES 33,000 969,935.00 1,118,205.00 0.05

EUR

BRISA AUTO-ESTRADAS DE

PORTUGAL 31,000 164,188.11 147,963.00 0.01

EUR CARREFOUR SUPERMARCHE 7,200 196,302.08 224,928.00 0.01

DEGROOF GLOBAL

51



QUANTITY /

NOMINAL




EUR CATALA S.A. 442 20,028.59 24,376.30 0.00

EUR COFINIMMO DIS 24,700 2,136,267.28 2,550,275.00 0.12

EUR COMMERZBANK 90,000 802,673.71 494,910.00 0.02

EUR COMPAGNIE DE SAINT-GOBAIN 35,661 903,490.29 1,540,733.51 0.07

EUR CORIO N.V. 21,000 952,743.08 1,036,560.00 0.05

EUR CREDIT AGRICOLE S.A. 95,000 1,258,704.80 1,100,100.00 0.05

EUR CRH PLC. 20,616 345,461.36 333,566.88 0.02

EUR ALLIANZ A.G. -REG- 29,899 2,083,644.47 1,490,465.15 0.07

EUR DANONE 44,600 1,354,258.86 2,055,837.00 0.10

EUR DELHAIZE GROUP S.A. 17,319 992,480.00 994,976.55 0.05

EUR DEUTSCHE BANK A.G. 21,000 1,081,983.34 871,185.00 0.04

EUR DEUTSCHE BOERSE -REG- 10,000 538,568.66 535,500.00 0.03

EUR DEUTSCHE LUFTHANSA A.G. -REG- 31,000 362,265.33 463,605.00 0.02

EUR DEUTSCHE POST A.G. -REG- 42,251 263,719.79 537,432.72 0.03

EUR DEUTSCHE POST A.G. -REG- 148,545 3,393,287.05 1,614,684.15 0.08

EUR DEXIA -STRIP VVPR- 41,200 444.59 123.60 0.00

EUR E.ON -REG- 130,830 2,256,698.89 2,819,386.50 0.13

EUR EDENRED S.A. 13,000 0.00 276,835.00 0.01

EUR EDP-ENERGIAS -REG- 270,000 1,089,586.46 741,960.00 0.04

EUR ENDESA S.A. 59,400 1,371,321.07 1,298,781.00 0.06

EUR ENEL AZ 161,000 1,151,215.00 716,128.00 0.03

EUR ENI SpA 172,015 2,282,002.37 2,981,019.95 0.14

EUR ERSTE GROUP BANK A.G. 30,000 890,748.38 1,068,150.00 0.05

EUR ESSILOR INTERNATIONAL S.A. 23,200 505,379.91 1,215,680.00 0.06

EUR ETEX GROUP S.A. 39,194 144,391.47 274,358.00 0.01


EUR


SPACE 19,370 298,156.66 397,859.80 0.02


EUR FORTUM CORP. 36,000 485,621.74 862,560.00 0.04

EUR FRANCE TELECOM 90,261 5,301,744.43 1,427,026.41 0.07

EUR FRESENIUS MEDICAL CARE A.G. 18,780 504,764.70 889,984.20 0.04

EUR GAS NATURAL SDG S.A. 37,600 787,320.85 498,388.00 0.02


EUR GBL-GROUPE BRUXELLES LAMBERT 7,700 506,274.83 507,353.00 0.02

EUR GDF SUEZ 50,883 1,305,133.61 1,462,886.25 0.07


EUR GECINA ACT -REG- 3,030 224,320.43 294,879.60 0.01

EUR GENERALE ETS MICHELIN -B- 4,000 106,934.30 238,400.00 0.01

EUR GREENCORE GROUP PLC 85,186 575,950.85 100,519.48 0.00

EUR HELLENIC TELECOM ORG. 62,400 698,678.13 491,712.00 0.02

EUR HENKEL A.G. & CO KGAA 13,500 325,346.11 590,085.00 0.03

EUR HEX25 INDEX SHARE INDEX FUND 57,000 1,495,557.93 1,521,900.00 0.07

DEGROOF GLOBAL

52

EUR HUGO BOSS A.G. -PREF- -NON VOTE- 15,000 388,073.84 885,000.00 0.04

EUR IBERDROLA S.A. 187,458 1,029,502.50 1,150,242.29 0.05

EUR ICADE S.A. 5,025 377,224.85 437,577.00 0.02

EUR INDRA SISTEMAS S.A. 31,000 332,972.60 438,650.00 0.02

EUR

INDUSTRIA DE DISENO TEXTIL -

INDITEX- 30,200 653,355.72 1,709,924.00 0.08

DEGROOF GLOBAL

53



QUANTITY /

NOMINAL




EUR ING GROEP N.V. 180,000 1,716,018.50 1,607,580.00 0.08

EUR INTESA SANPAOLO SpA 900,000 2,773,288.10 1,879,200.00 0.09

EUR KBC GROUPE S.A. 1,111 77,803.24 29,480.39 0.00

EUR KBC GROUPE -STRIP VVPR- 12,077 2,262.96 471.00 0.00

EUR KERRY GROUP PLC 31,300 407,498.79 822,251.00 0.04

EUR KLEPIERRE 16,520 475,878.59 473,132.80 0.02

EUR KONINKLIJKE KPN 126,247 1,138,866.09 1,517,488.94 0.07

EUR LAFARGE 11,657 927,562.88 513,082.86 0.02


EUR L'AIR LIQUIDE 19,875 931,993.98 1,863,480.00 0.09

EUR L'OREAL 23,900 1,499,500.88 1,964,580.00 0.09

EUR LVMH-MOET HENNESSY 22,500 659,051.13 2,513,250.00 0.12

EUR MAN SE 11,000 255,807.93 968,000.00 0.05

EUR MEDIASET SpA 64,000 472,418.66 286,976.00 0.01

EUR MERCIALYS 9,230 234,627.74 259,593.75 0.01

EUR MERCK KGAA 12,000 398,739.09 764,160.00 0.04

EUR METRO A.G. KOELN 30,000 1,270,366.88 1,446,450.00 0.07

EUR METSO CORP. 11,600 123,802.18 440,104.00 0.02

EUR

MORGAN OPALS S1 MSCI GERMANY

INDEX 5,300 1,243,811.37 1,522,584.00 0.07

EUR MORGAN OPALS S7 MSCI ITALY INDEX 34,430 4,679,280.86 2,418,018.90 0.12

EUR NATIXIS 220,000 861,438.33 878,020.00 0.04

EUR NESTE OIL 9,250 0.00 134,587.50 0.01

EUR NIEUWE STEEN INVESTMENTS DIS 25,600 367,242.55 375,040.00 0.02

EUR NOKIA -A- 197,670 4,333,816.69 1,192,938.45 0.06

EUR ORIOLA-KD OYJ -A- 11,000 0.00 41,030.00 0.00

EUR ORION CORP. NEW -A- 11,000 0.00 187,880.00 0.01

EUR PERNOD-RICARD 14,075 390,776.88 927,542.50 0.04

EUR PEUGEOT 29,800 1,441,660.21 830,824.00 0.04

EUR PIRELLI & C SpA 40,727 346,179.36 252,507.40 0.01


EUR PRELIOS SpA 40,727 0.00 22,399.85 0.00

EUR REALDOLMEN S.A. 5 17,786.36 76.10 0.00

EUR REED ELSEVIER N.V. 42,157 732,568.49 382,785.56 0.02

EUR RENAULT S.A. 26,200 1,079,251.11 1,022,062.00 0.05

EUR REPSOL YPF S.A. 68,200 1,030,818.92 1,648,735.00 0.08

EUR


VVPR- 2,850 0.00 25.65 0.00

EUR ROYAL DUTCH SHELL PLC -A- 37,900 1,063,395.54 971,945.50 0.05

EUR ROYAL PHILIPS ELECTRONICS N.V. 73,560 1,097,412.37 1,659,145.80 0.08

EUR RYANAIR HOLDINGS PLC 37,200 102,550.76 123,876.00 0.01

EUR S.A.P. A.G. 51,800 1,558,518.28 2,237,760.00 0.11

EUR SANOFI-AVENTIS 77,780 3,736,791.02 3,848,165.50 0.18

DEGROOF GLOBAL

54

EUR SCHNEIDER ELECTRIC S.A. 13,449 477,860.23 1,621,949.40 0.08

EUR SIEMENS A.G. -REG- 48,780 2,975,787.54 4,717,513.80 0.22

EUR SNAM RETE GAS SpA 173,000 508,354.99 686,118.00 0.03

EUR SOCIETE BIC 3,000 101,053.71 188,160.00 0.01

EUR SOCIETE GENERALE -A- 45,000 2,393,889.50 2,063,250.00 0.10

EUR SOLVAY & CIE 5,512 237,269.00 460,748.08 0.02

EUR STORA ENSO OYJ 109,100 1,335,703.17 916,985.50 0.04

DEGROOF GLOBAL

55



QUANTITY /

NOMINAL





EUR TECHNIP-COFLEXIP 7,600 104,070.85 571,900.00 0.03

EUR TELECOM ITALIA SpA 692,613 1,858,714.52 751,485.11 0.04

EUR TELEFONICA S.A. 349,252 3,204,072.07 6,169,536.58 0.29


EUR TERNA SpA 200,000 395,862.47 675,600.00 0.03

EUR TIETOENATOR OYJ 12,000 292,289.24 154,800.00 0.01


EUR TNT N.V. 22,723 362,675.35 411,286.30 0.02

EUR TOTAL S.A. 158,152 4,143,733.75 6,793,419.16 0.32


EUR UMICORE -STRIP VVPR- 1,035 0.00 10.35 0.00


EUR UNICREDIT SpA 1,200,000 3,140,707.30 2,092,800.00 0.10

EUR UNILEVER N.V. -CF VORM- 57,348 1,326,440.07 1,268,824.50 0.06

EUR VALEO 7,000 365,402.63 288,085.00 0.01


EUR VINCI 19,200 421,963.11 846,624.00 0.04

EUR VIVENDI 71,170 3,181,831.22 1,434,075.50 0.07

EUR WERELDHAVE BELGIUM DIS 29,568 1,624,888.04 2,181,231.36 0.10

EUR WERELDHAVE DIS 6,211 331,936.43 468,060.96 0.02

EUR WIENERBERGER A.G. 16,300 305,036.61 231,786.00 0.01

EUR ZON MULTIMEDIA -REG - 3,741 0.00 13,841.70 0.00

Total EURO 152,965,543.41 161,299,306.71 7.64

GBP ASTRAZENECA PLC 7,816 288,495.26 252,764.13 0.01

GBP BAE SYSTEMS PLC 60,044 307,974.39 220,358.03 0.01

GBP BP PLC 275,138 2,425,060.31 1,410,964.10 0.07

GBP BRITISH AMERICAN TOBACCO PLC 20,208 232,423.15 571,110.54 0.03


GBP BT GROUP PLC 159,131 476,642.69 333,612.49 0.02

GBP

CAPITAL & COUNTIES PROPERTIES

PLC 80,000 120,472.22 152,264.77 0.01

GBP


PLC 80,000 319,970.96 346,097.37 0.02

GBP DIAGEO PLC 50,410 448,460.85 674,752.63 0.03

GBP EXPERIAN PLC 20,769 176,403.12 181,110.00 0.01

GBP


DIS 10,282,000 25,493,162.68 61,845,306.68 2.94


GBP HAMMERSON PLC 75,000 337,208.16 378,600.47 0.02

GBP HOME RETAIL GROUP PLC 20,769 131,068.75 45,300.96 0.00

DEGROOF GLOBAL

56

GBP HSBC HOLDINGS PLC 90,000 715,334.58 651,643.51 0.03



GBP NATIONAL GRID TRANSCO PLC 37,848 323,533.01 253,944.56 0.01

GBP NEXT PLC 1,369 19,973.89 30,618.10 0.00

GBP


PARTICIPATIONS DIS 462,000 5,995,437.91 3,783,463.23 0.18

GBP PEARSON PLC 19,169 203,788.11 238,394.54 0.01

DEGROOF GLOBAL

57



QUANTITY /

NOMINAL




GBP RIO TINTO PLC 12,768 258,013.19 631,549.44 0.03

GBP ROYAL DUTCH SHELL PLC -B- 21,493 685,702.29 548,674.80 0.03

GBP SCOTTISH & SOUTHERN ENERGY PLC 15,577 156,654.51 221,875.04 0.01

GBP SEGRO PLC -REIT- 85,000 329,011.14 308,680.67 0.01

GBP

TEMPLETON EMERGING MARKET UK

DIST 1,006,250 2,423,107.59 7,501,694.34 0.36

GBP TESCO PLC 61,703 202,410.05 265,546.63 0.01

GBP THOMAS COOK GROUP PLC 1,666 402,862.01 3,210.44 0.00

GBP


DIS 1,854,000 8,092,067.36 9,067,909.18 0.43

GBP VODAFONE GROUP PLC -NEW- 371,395 1,524,980.16 740,440.73 0.04







HKD


HOLDING LTD 260,800 83,961.63 58,359.58 0.00


HKD POU SHENG INTERNATIONAL LTD 3,124 792.18 345.29 0.00



HKD


LTD 125,000 259,732.34 280,280.48 0.01

Total HONG KONG DOLLAR 3,089,556.10 4,475,652.17 0.21

JPY ADVANTEST CORP. 5,040 284,960.28 64,191.79 0.00

JPY ASTELLAS PHARMA INC. 10,100 415,874.70 264,489.96 0.01

JPY BRIDGESTONE CORP. 16,200 273,845.95 240,076.42 0.01

JPY CANON INC. 16,200 420,259.99 498,609.66 0.02

JPY FANUC LTD 7,200 265,682.79 770,717.70 0.04

JPY FUJI ELECTRIC CO LTD 80,000 232,849.38 178,888.67 0.01

JPY FUJITSU 37,700 622,740.66 150,652.49 0.01

JPY HITACHI LTD 64,400 594,076.07 237,088.71 0.01

JPY KAJIMA CORP. 54,000 416,675.05 106,976.11 0.01

JPY KAO CORP. 41,000 432,675.62 723,334.30 0.03

JPY MITSUBISHI ELECTRIC CORP. 65,000 311,329.53 542,702.66 0.03

JPY NINTENDO 2,290 178,278.12 437,497.58 0.02

JPY NIPPON STEEL CORP. 120,000 203,583.51 271,393.84 0.01

DEGROOF GLOBAL

58

JPY

NIPPON TELEGRAPH & TELEPHONE

CORP. 18,388 1,539,509.69 583,931.91 0.03

JPY NTT DOCOMO 300 338,761.50 372,911.46 0.02

JPY ORIX CORP. 6,150 599,570.75 407,333.08 0.02

JPY PANASONIC CORP. 22,700 264.521.85 204,196.66 0.01

JPY SECOM 20,600 574,637.95 676,945.68 0.03

JPY SEVEN & I HOLDINGS CO LTD 10,500 456,016.83 189,440.04 0.01

JPY SHIN-ETSU CHEMICAL CO LTD 11,000 488,315.41 386,727.72 0.02

JPY SONY CORP. 18,560 667,098.49 420,387.02 0.02

DEGROOF GLOBAL

59



QUANTITY /

NOMINAL




JPY TAKEDA PHARMACEUTICAL CO LTD 8,800 450,657.34 290,302.99 0.01

JPY TDK CORP. 8,500 526,228.59 355,205.39 0.02

JPY TOKYO ELECTRIC POWER 25,200 576,916.50 99,844.37 0.00

JPY TOYOTA MOTOR CORP. 32,000 1,165,375.09 911,447.99 0.04

JPY USS CO LTD 5,500 283,087.38 302,554.82 0.01

Total YEN 12,583,529.02 9,687,849.02 0.45

NOK DNB NOR ASA -A- 59,000 399,468.99 637,717.99 0.03

NOK NORSK HYDRO 10,000 52,574.43 57,782.70 0.00

NOK STATOIL ASA 38,621 577,143.66 754,206.86 0.04

NOK YARA INTERNATIONAL 4,000 0.00 142,775.25 0.01

Total NORWEGIAN KRONE 1,029,187.08 1,592,482.80 0.08

SEK XACT OMX30 200,000 1,941,317.62 2,493,227.96 0.12

Total SWEDISH KRONA 1,941,317.62 2,493,227.96 0.12

SGD DBS GROUP HOLDINGS LTD 53,000 405,882.88 433,765.65 0.02

SGD KEPPEL CORP. LTD 80,000 233,312.97 550,089.45 0.03

SGD K-GREEN TRUST 16,000 0.00 9,212.88 0.00

SGD SATS LTD 39,522 0.00 55,456.29 0.00


SGD


1000 720,500 854,683.82 1,216,407.65 0.06

SGD SPORE PRESS HOLDINGS 100,000 223,171.77 220,259.39 0.01


SGD UOL GROUP LTD 6,500 0.00 17,260.17 0.00

SGD VENTURE CORP. LTD 39,000 306,102.03 209,520.35 0.01


Total SINGAPORE DOLLAR 3,777,611.00 4,734,911.90 0.23

USD 3M CO 9,400 554,504.05 619,336.20 0.03

USD ABBOTT LABORATORIES 22,800 720,942.07 788,062.86 0.04

USD ABERDEEN LATIN AMERICA EQUITY 118,166 1,661,957.47 3,248,878.04 0.15

USD ADOBE SYSTEMS INC. 18,400 234,582.81 429,951.38 0.02

USD AETNA INC. 16,000 219,818.90 422,013.95 0.02

USD AGILENT TECHNOLOGIES INC. 5,220 70,098.07 164,718.20 0.01

USD ALTRIA GROUP 20,600 955,768.06 377,857.80 0.02

USD AMAZON.COM INC. 13,000 469,093.19 1,650,123.32 0.08

USD AMERICAN EXPRESS CY 20,000 492,891.69 637,023.47 0.03

DEGROOF GLOBAL

60

USD AMGEN INC. 13,500 610,178.07 508,473.68 0.02

USD AOL INC. 2,006 0.00 27,607.06 0.00

USD AT&T INC. 57,222 747,316.50 1,233,875.84 0.06

USD AVERY DENNISON CORP. 2,550 143,517.17 75,398.49 0.00

USD BANK OF AMERICA CORP. 70,000 830,265.79 657,529.42 0.03

USD BANK OF NEW YORK MELLON CORP. 35,000 739,304.73 736,699.32 0.04

DEGROOF GLOBAL

61



QUANTITY /

NOMINAL




USD BAXTER INTERNATIONAL INC. 11,600 351,907.20 439,526.46 0.02

USD BEST BUY CO INC. 11,585 187,867.35 234,459.31 0.01

USD CA INC. 19,000 385,309.64 323,740.40 0.02

USD CALLAWAY GOLF 16,000 189,891.27 76,893.81 0.00

USD CARDINAL HEALTH INC. 6,220 386,456.63 180,275.24 0.01

USD CAREFUSION CORP. 3,110 0.00 61,801.14 0.00

USD CARNIVAL CORP. 11,200 236,157.59 302,749.63 0.01

USD CATERPILLAR INC. 14,040 381,622.18 1,101,651.75 0.05

USD CBS CORP. -A- 8,900 459,868.94 157,542.10 0.01

USD CENTERPOINT ENERGY INC. 9,000 79,177.70 111,366.36 0.01

USD CHEVRON CORP. 16,246 683,967.23 1,229,869.48 0.06

USD CISCO SYSTEMS INC. 78,570 865,660.79 949,528.22 0.05

USD CITIGROUP INC. 320,000 938,846.33 996,688.04 0.05

USD CITRIX SYSTEMS INC. 9,100 223,925.61 471,063.35 0.02

USD COCA COLA CY 21,240 982,695.79 993,075.89 0.05

USD COMCAST -A- 41,971 520,642.50 731,113.47 0.03

USD CONAGRA FOODS INC. 10,000 215,403.99 167,359.59 0.01

USD CONSOLIDATED EDISON INC. 3,700 134,808.64 132,241.56 0.01

USD CORNING INC. 24,000 229,167.65 348,897.19 0.02

USD COVIDIEN PLC 4,022 130,792.89 147,207.86 0.01

USD CVS CAREMARK CORP. 25,000 276,251.29 604,608.55 0.03

USD DELL INC. 38,700 1,440,082.55 395,699.39 0.02

USD DEVON ENERGY CORP. 7,328 148,377.68 473,885.25 0.02

USD DIRECTV 8,564 0.00 282,429.15 0.01

USD DOMINION RESOURCES INC. 6,860 176,747.23 216,082.02 0.01

USD DOW CHEMICAL 12,120 333,341.28 322,408.57 0.02

USD DR PEPPER SNAPPLE GROUP INC. 3,013 56,565.98 78,897.24 0.00

USD DU PONT DE NEMOURS 9,000 456,900.19 348,622.37 0.02

USD DUKE ENERGY CORP. 10,230 200,609.40 130,839.62 0.01

USD E.M.C. CORP. 36,100 997,429.15 675,396.38 0.03

USD ELBIT SYSTEMS LTD 42,211 1,985,246.87 1,641,026.62 0.08

USD ELI LILLY & CY 13,080 718,036.50 324,165.74 0.02

USD EMERSON ELECTRIC CO 9,560 216,341.05 393,623.28 0.02

USD EXELON CORP. 16,000 448,769.31 464,970.76 0.02

USD EXXON MOBIL CORP. 49,830 1,585,652.96 2,954,124.37 0.14

USD FAIRPOINT COMMUNICATIONS INC. 698 0.00 0.00 0.00

USD FEDEX CORP. 4,550 233,274.75 299,945.39 0.01

USD

FIDELITY NATL INFORMATION

SERVICES 4,138 205,301.93 95,321.84 0.00

USD FISERV INC. 12,800 472,130.73 565,721.94 0.03

USD FREEPORT MCMORAN 1,876 45,991.61 73,435.13 0.00

USD FRONTIER COMMUNICATIONS CORP. 8,914 0.00 51,633.49 0.00

USD GENERAL MILLS INC. 11,260 254,124.46 290,009.87 0.01

DEGROOF GLOBAL

62

USD GENUINE PARTS CO 3,260 101,235.46 123,223.45 0.01

USD GOLDMAN SACHS GROUP 5,000 618,401.46 558,346.84 0.03

USD H.J.HEINZ CO 8,500 400,124.16 292,417.73 0.01

USD HOME DEPOT 26,500 560,664.40 692,051.30 0.03

USD HONEYWELL INTERNATIONAL INC. 26,350 1,554,240.54 1,108,701.64 0.05

USD HOSPIRA INC. 3,380 0.00 131,474.88 0.01

DEGROOF GLOBAL

63



QUANTITY /

NOMINAL




USD HUTCHINSON PORT 6,000 4,391.62 4,185.75 0.00

USD

IBM INTERNATIONAL BUSINESS

MACHINES 24,190 1,633,994.82 2,779,693.68 0.13

USD ILLINOIS TOOL WORKS INC. 14,400 487,873.92 545,111.69 0.03

USD INTEL CORP. 61,740 2,164,057.94 877,525.05 0.04

USD INTERNATIONAL PAPER CY 6,140 208,656.99 130,579.38 0.01

USD JOHNSON & JOHNSON CORP. 20,250 1,023,758.04 845,474.24 0.04

USD JOHNSON CONTROLS INC. 8,460 110,725.65 247,820.59 0.01

USD JPMORGAN CHASE & CO. 45,000 1,399,819.98 1,461,842.01 0.07

USD JUNIPER NETWORKS INC. 7,000 99,235.53 207,568.18 0.01

USD KIMBERLY-CLARK CORP. 7,600 328,885.04 349,553.94 0.02

USD KOHL'S CORP. 8,100 281,480.87 302,743.99 0.01

USD KRAFT FOODS INC. 24,927 253,581.77 550,849.64 0.03

USD LENDER PROCESSING SERVICES INC. 2,069 0.00 46,931.94 0.00

USD LIBERTY MEDIA HOLDING CAPITAL -A- 2,141 203,373.21 111,146.13 0.01

USD LIBERTY STARZ SERIES -A- 856 0.00 46,808.26 0.00

USD LIZ CLAIRBORNE INC. 4,010 101,807.11 15,230.71 0.00

USD LOWE'S COMPANIES INC. 34,800 111,304.90 648,131.91 0.03

USD MACY'S INC. 20,000 444,912.35 341,906.84 0.02

USD MASCO CORP. 5,120 104,197.71 50,222.25 0.00

USD MC DONALD'S CORP. 17,010 223,708.67 912,050.52 0.04

USD MCGRAW-HILL COMPANIES INC. 5,200 136,336.67 144,373.19 0.01

USD MCKESSON CORP. 9,900 247,663.15 551,472.76 0.03

USD MEDCO HEALTH SOLUTIONS INC. 26,008 208,262.46 1,029,250.43 0.05

USD MEDTRONIC INC. 9,000 447,850.60 249,559.58 0.01

USD MERCK CO INC. NEW 43,847 2,371,438.36 1,019,934.80 0.05

USD MICROSOFT CORP. 90,440 1,835,258.20 1,616,206.33 0.08

USD MONSANTO NEW CO 10,920 86,639.24 556,042.00 0.03

USD MOODY'S CORP. 23,000 467,118.83 549,594.81 0.03

USD MORGAN STANLEY 22,000 456,108.49 423,536.04 0.02

USD

MORGAN STANLEY EMERGING

MARKETS

FUND 596,700 8,138,255.53 6,707,040.87 0.32

USD NABORS INDUSTRIES LTD 8,600 141,710.17 184,108.24 0.01

USD NEWELL RUBBERMAID INC. 15,000 264,525.05 202,205.62 0.01

USD NEWMONT MINING CORP. 6,000 165,342.25 230,765.98 0.01

USD NICE SYSTEMS SP.ADR 81,122 1,950,233.26 2,111,652.93 0.10

USD NISOURCE INC. 4,400 70,367.84 59,468.68 0.00

USD NOBLE CORP. 13,960 223,463.80 448,774.01 0.02

USD NUCOR CORP. 5,240 50,511.00 169,927.98 0.01

USD


COMPAGNIE 116,169 1,927,524.64 1,556,178.35 0.07

DEGROOF GLOBAL

64

ADR

USD PEPSICO INC. 20,070 420,614.63 910,935.59 0.04

USD PERKINELMER 12,840 72,879.31 237,690.65 0.01

USD PERRIGO 52,102 1,931,202.30 2,919,562.43 0.14

USD PFIZER INC. 77,940 2,332,117.05 1,115,468.54 0.05


USD PHILIP MORRIS INTERNATIONAL INC. 20,600 0.00 952,701.01 0.05

USD PROCTER & GAMBLE 30,598 937,978.37 1,328,191.67 0.06

USD PRUDENTIAL FINANCIAL INC. 22,000 826,388.09 954,661.41 0.05

DEGROOF GLOBAL

65



QUANTITY /

NOMINAL




USD REPUBLIC SERVICES INC. 21,037 685,298.34 445,318.50 0.02

USD RESEARCH IN MOTION LTD 4,800 81,891.52 191,343.81 0.01

USD SAFEWAY INC. 22,160 503,064.84 367,589.60 0.02

USD SCHLUMBERGER 14,500 435,733.92 952,906.77 0.05

USD SEALED AIR CORP. 6,800 125,830.35 127,748.57 0.01

USD SIGMA-ALDRICH CORP. 10,000 241,062.62 448,453.25 0.02

USD SOUTHERN CO 10,550 423,954.47 444,451.06 0.02

USD STANLEY BLACK & DECKER INC. 9,180 308,861.73 495,516.88 0.02

USD STRYKER CORP. 9,200 281,421.59 394,165.32 0.02

USD SUNCOR ENERGY INC. 49,920 307,069.01 1,577,346.77 0.08

USD TECO CONNECTIVITY LTD 4,022 120,428.28 98,686.52 0.00

USD TELLABS INC. 25,000 349,430.11 92,312.03 0.00

USD TENET HEALTHCARE 12,000 603,413.53 62,997.67 0.00

USD TEXAS INSTRUMENTS 32,610 497,840.13 794,166.44 0.04

USD THE NEWS CORP. -B- 33,118 567,867.38 434,541.02 0.02

USD THE WESTERN UNION CO 21,850 0.00 319,797.41 0.02

USD THERMO FISHER SCIENTIFIC INC. 6,900 112,771.84 270,097.24 0.01

USD TIME WARNER CABLE INC. 5,541 160,807.66 278,553.27 0.01

USD TIME WARNER INC. 22,076 546,242.15 555,361.29 0.03

USD TRANSOCEAN LTD 3,984 40,484.34 218,837.85 0.01

USD TRAVELERS COMPANIES INC. 30,000 1,007,650.18 1,257,416.67 0.06

USD TYCO INTERNATIONAL LTD -REG- 4,022 367,739.19 126,886.72 0.01

USD UNION PACIFIC CORP. 17,280 511,943.29 1,197,338.03 0.06

USD UNITED PARCEL SERVICE -B- INC. 5,200 279,209.99 272,330.35 0.01

USD UNITED TECHNOLOGIES 17,660 510,042.51 1,053,427.52 0.05

USD US BANCORP (EX-FIRSTAR) 40,000 627,648.81 744,979.21 0.04

USD VALERO ENERGY CORP. 14,000 429,300.88 294,186.46 0.01

USD VERISIGN 10,800 74,950.02 275,574.66 0.01

USD VERIZON COMMUNICATIONS INC. 37,140 1,481,168.22 1,008,650.27 0.05

USD VIACOM INC. A 8,900 459,868.95 334,212.53 0.02

USD WAL-MART STORES 29,850 1,477,562.30 1,094,843.56 0.05

USD WALT DISNEY CY (CY HOLDING) SERIES 20,000 648,149.28 607,286.31 0.03

USD WASTE MANAGEMENT INC. 86,400 1,791,449.68 2,273,395.81 0.11

USD YUM BRANDS INC. 17,660 85,047.00 639,398.77 0.03

Total US DOLLAR 103,836,929.38 106,833,409.55 5.11

Total equities 360,641,577.19 421,464,988.54 20.07

Bonds

DKK

NYKREDIT REALKREDIT 4.00 09-

011041 59,446,535 7,903,229.66 7,311,124.08 0.35

DEGROOF GLOBAL

66

DKK

REALKREDIT DENMARK 4.00 09-

011041 59,496,671 7,909,895.13 7,307,315.69 0.35


DEGROOF GLOBAL

67



QUANTITY /

NOMINAL




EUR

ALLG HYPOBK RHEINB 4.25 99-

200114 13,000,000 13,218,700.30 13,452,530.00 0.64

EUR ATENOR GROUP 6.00 10-180115 1,700,000 1,716,654.88 1,715,793.00 0.08

EUR BELGIUM OLO 4.25 04-280914 5,000,000 5,419,479.00 5,203,250.00 0.25

EUR BELGIUM OLO54 4.00 08-280314 7,000,000 7,477,935.40 7,240,100.00 0.34

EUR BK AUSTRIA CREDIT 5.75 01-220213 5,000,000 5,252,797.42 5,226,150.00 0.25

EUR BNG 5.375 98-050613 3,000,000 3,323,785.40 3,190,590.00 0.15



EUR


190514 17,000,000 17,099,842.50 17,832,320.00 0.85

EUR


240313 4,250,000 4,661,403.46 4,532,667.50 0.22

EUR


261015 5,000,000 5,666,555.70 5,615,250.00 0.27

EUR

COMPAGNIE FINANC.FONCIER 6.125

00/-230215 17,250,000 19,006,116.70 19,000,012.50 0.90

EUR DEXIA CREDIT LOCAL FRN 09-300911 15,000,000 15,022,572.50 15,037,500.00 0.72

EUR EIB 5.50 98-150218 11,500,000 13,492,438.70 12,919,560.00 0.61

EUR EIB 5.625 99-150228 39,622,000 45,934,647.01 45,916,350.92 2.19

EUR FRANCE OATI 1.60 04-250715 8,500,000 9,586,244.73 10,046,995.92 0.48

EUR FRANCE OATI 2.25 04-250720 20,000,000 25,182,666.84 24,945,403.49 1.19

EUR FRANCE OATI 3.40 99-250729 8,000,000 12,517,961.42 12,276,210.17 0.58

EUR

GENERAL ELECT CAP 5.125 98-

020915 2,000,000 2,195,419.20 2,114,840.00 0.10

EUR GENERALI FINANCE 4.75 99-120514 3,000,000 3,138,200.00 3,115,620.00 0.15

EUR INTERVEST OFFICES 5.10 10-290615 1,800,000 1,801,865.00 1,772,442.00 0.08

EUR 4.50/07/-181018 10,000,000 9,882,002.00 7,175,300.00 0.34

EUR IRELAND 5.00 02-180413 1,300,000 1,405,469.00 1,194,284.00 0.06

EUR ITALY BTP 2.15 04-150914 6,000,000 6,820,009.11 7,129,055.49 0.34

EUR ITALY BTP 3.75 06-010816 7,000,000 7,377,034.60 6,957,510.00 0.33

EUR ITALY BTPS 3.00 10-011115 31,000,000 30,252,752.40 29,912,830.00 1.42

EUR KRFW 5.50 98-220118 16,950,000 18,822,673.61 19,051,630.50 0.91

EUR NIBC BANK 3.50 09-070414 6,000,000 6,376,558.08 6,157,500.00 0.29

EUR


170314 15,400,000 16,365,327.88 16,257,164.00 0.77

EUR


121020 29,550,000 35,198,542.93 34,583,547.00 1.65

EUR SFEF 2.125 09-200512 8,000,000 8,037,694.60 8,042,640.00 0.38

EUR SPAIN 3.00 10-300415 9,000,000 8,648,705.00 8,659,800.00 0.41

EUR SPAIN 3.80 06-310117 20,000,000 19,053,099.00 19,203,600.00 0.91

Total EURO 413,214,875.54 407,717,366.49 19.39

DEGROOF GLOBAL

68

Total bonds 429,028,000.33 422,335,806.26 20.09



regulated market

789,669,577.52

843,800,794.80

40.16

DEGROOF GLOBAL

69



QUANTITY /

NOMINAL





USD AIMS LOW VOLATILITY USD FUND 13,210 1,627,767.67 1,275,148.80 0.07

AMUNDI EMERGING MARKETS IU CAP 14,100 35,450,722.22 37,669,484.88 1.79

USD

ASIA PACIFIC PERFORMANCE -B- USD

CAP 401,037 8,222,486.52 10,902,690.06 0.52


USD


IND

DIS 17,030 490,669.57 584,307.45 0.03

USD


STOCK INDEX CAP 862,000 102,400,305.68 107,512,860.40 5.12

USD VANGUARD SMALL CAP STOCK DIS 1,362,941 25,358,741.23 36,313,730.20 1.73

USD VANGUARD US OPPORTUNITIES CAP 58,000 8,473,286.88 11,782,374.46 0.56

Total US DOLLAR 190,056,842.53 216,964,773.55 10.34

EUR


CAP 146,615 26,631,942.59 31,674,704.60 1.51

EUR


VOLATILITY -A- 95,200 9,595,609.01 8,799,336.00 0.42

EUR


VOLATILITY -B- 365,000 0.00 0.00 0.00

EUR DEGROOF CORP BONDS. EUR-A-CAP 126,000 15,979,113.86 18,393,480.00 0.88

EUR


BENELUX -I- CAP 35,000 4,004,350.00 7,164,150.00 0.34

EUR


VALUE BENELUX -I- CAP 467,334 27,576,818.14 30,923,490.78 1.47


EUR


BEHAVIORAL

VALUE -A- CAP 1,070,000 29,603,416.75 33,865,500.00 1.61

EUR


CAP 174,000 24,921,835.87 33,147,000.00 1.58

EUR


CAP 79,030 15,661,095.80 14,777,029.40 0.70

EUR


ACTIVE -A- C 30,200 24,731,978.09 26,993,666.00 1.28

EUR



EUR DEGROOF EQUITIES US INDEX EUR I 148,700 29,660,734.31 41,109,602.00 1.96

DEGROOF GLOBAL

70

CAP

EUR


CAP 453,000 45,782,426.23 50,677,110.00 2.41

EUR


FLEX

I CAP 2,051,000 222,442,071.44 229,281,290.00 10.91

EUR DEGROOF PE FUND OF FUNDS -B- CAP 2,510 2,240,476.43 2,108,061.69 0.10

EUR


ENERGY

-B- CAP 1,938 1,938,000.00 1,844,956.62 0.09

EUR


EUR CAP 350,000 35,000,000.00 35,045,500.00 1.67

EUR


CAP 90,000 8,996,400.00 8,190,900.00 0.39

EUR

TREETOP CONVERTIBLE

INTERNATIONAL

EUR -A- CAP 188,509 32,270,185.92 41,811,296.20 1.99

EUR


A-

CAP 104,000 21,600,240.00 27,831,440.00 1.32

Total EURO 662,619,309.68 746,109,206.49 35.51


DEGROOF GLOBAL

71



QUANTITY /

NOMINAL




Other Securities

CAD TELUS CORP. NON-CANADIAN 2,500 80,014.96 89,771.45 0.00

Total CANADIAN DOLLAR 80,014.96 89,771.45 0.00

EUR 3I EUROPARTNERS IV B 1,697,217 518,528.84 1,697,216.68 0.08

EUR 3I EUROPARTNERS V B 4,427,526 6,067,190.86 4,427,526.02 0.21

EUR ABELOR 2,000 104,667.56 0.00 0.00

EUR ATLANTIC CERTIFICATES -REG- 20 955,649.20 970,486.60 0.05

EUR CARLYLE EUROPE PARTNER III 4,483,840 5,451,901.14 4,483,839.64 0.21

EUR CITY HOTELS -STRIP VVPR- 3,200 0.00 32.00 0.00

EUR OPTIMUM IMMO S.A SICAR - PRIMO 1,330 1,332,174.00 1,192,124.22 0.06

EUR OPTIMUM IMMO S.A SICAR - SECUNDO 1,976 1,976,000.00 1,976,000.00 0.09

EUR PARMALAT FINANZIARIA SpA 100,000 388,965.60 0.00 0.00

EUR SARENS BESTUUR 5,10 10-061216 A 1,750,000 1,751,815.00 1,709,750.00 0.08

SIGMA FIN CORP FRN 07-300414 10,000,000 7,500,000.00 0.00 0.00

Total EURO 26,046,892.20 16,456,975.16 0.78

USD CARLYLE PARTNERS V USD 10,266,159 6,567,241.13 7,234,274.57 0.34

DELHAIZE AMERICA 9,00 01-150431 1,848,000 2,079,854.46 1,664,385.04 0.08

USD

DGC PENDULUM LIQUIDATING C.1

S.0309 1,899 284,872.09 239,160.87 0.01

USD WORLDCOM GROUP 49,500 1,034,543.02 0.00 0.00

USD WORLDCOM-MCI GROUP 1,980 0.00 0.00 0.00

Total US DOLLAR 9,966,510.70 9,137,820.48 0.43


Total investments 1,678,439,147.59 1,832,559,341.93 87.22

DEGROOF GLOBAL

72


DEGROOF GLOBAL ISIS HIGH

QUANTITY /

NOMINAL






regulated market

Equities

AUD ALUMINA LTD 31,317 68,351.95 56,141.24 0.01



AUD BHP BILLITON LTD 22,524 87,032.20 764,232.06 0.19

AUD BORAL LTD BLD 21,034 76,132.93 76,640.55 0.02

AUD BRAMBLES LTD 22,000 99,503.43 113,507.01 0.03


AUD CROWN LTD 6,000 57,373.49 35,634.91 0.01

AUD CSL LTD 9,000 57,877.85 234,337.77 0.06

AUD FOSTER'S GROUP LTD 20,554 55,673.08 85,675.99 0.02

AUD MACQUARIE GROUP LTD 2,700 78,949.76 72,013.12 0.02


AUD NEWCREST MINING LTD 4,000 92,022.37 116,072.14 0.03

AUD ONESTEEL LTD 3,261 1,013.43 5,798.39 0.00


AUD TELSTRA CORP. Ltd 27,000 97,202.71 55,485.52 0.01


AUD VIRGIN BLUE HOLDINGS LTD 9,600 0.00 2,203.68 0.00


AUD

WESFARMERS LTD - PART

PROTECTED 2,046 26,399.64 47,994.71 0.01

AUD WESTFIELD GROUP 9,130 77,092.72 62,141.88 0.02

AUD WESTFIELD STAPLED SECURITY 9,130 0.00 17,431.66 0.00

AUD WOODSIDE PETROLEUM LTD 6,066 63,269.51 206,878.34 0.05

Total AUSTRALIAN DOLLAR 1,614,259.39 2,852,478.49 0.69


CAD BARRICK GOLD CORP. COM 5,000 144,086.38 182,512.95 0.05

CAD BCE INC. 1,921 57,926.52 49,011.28 0.01

CAD BELL ALIANT INC. 145 0.00 2,819.23 0.00


CAD CANADIAN NATURAL RESOURCES LTD 12,400 49,874.27 430,624.80 0.11

CAD CI FINANCIAL CORP. 2,300 20,514.55 38,404.14 0.01

CAD MSCI CANADA OPALS SERIES 5 5,850 1,226,592.83 2,339,152.45 0.59

CAD


BANKRUPTCY- 850 267,432.15 15.52 0.00

DEGROOF GLOBAL

73

CAD ROYAL BANK OF CANADA 8,000 100,610.61 347,654.75 0.09

CAD TRANSCANADA CORP. 5,300 43,053.06 150,923.97 0.04

Total CANADIAN DOLLAR 1,990,235.23 3,690,564.68 0.94

CHF CREDIT SUISSE GROUP -REG- 7,000 265,490.56 210,436.72 0.05

CHF NESTLE -REG- 8,900 194,952.92 360,921.97 0.09

CHF NOVARTIS -REG- 5,740 217,480.77 220,262.50 0.06

DEGROOF GLOBAL

74



QUANTITY /

NOMINAL




CHF


S.A. 2,710 29,768.17 110,733.65 0.03

CHF ROCHE HOLDING A.G. 1,880 151,451.67 189,983.82 0.05

CHF SYNGENTA -REG- 900 48,172.27 206,924.44 0.05

CHF UBS S.A. -REG- 20,000 254,174.74 253,870.45 0.06

Total SWISS FRANC 1,161,491.10 1,553,133.55 0.39

DKK DANSKE BANK 12,500 219,933.91 195,309.88 0.05

DKK DANSKE BANK-DSO-20110317 12,500 0.00 17,938.33 0.00

DKK NOVO NORDISK -B- 5,000 220,099.39 443,261.22 0.11

Total DANISH KRONE 440,033.30 656,509.43 0.16


EUR ACCOR 2,810 78,445.94 89,091.05 0.02


EUR AEGON N.V. 70,000 395,482.65 369,880.00 0.09

EUR AGEAS -STRIP VVPR- 25,331 490.75 50.66 0.00

EUR AKZO NOBEL N.V. 3,760 167,171.37 182,284.80 0.05

EUR ALLIANZ A.G. -REG- 12,000 1,006.133,73 1,188,360.00 0.30

EUR ALSTOM 5,000 70,302.98 208,625.00 0.05

EUR APERAM -REG- 1,100 0.00 31,185.00 0.01

EUR ARCELOR MITTAL S.A. -REG- 22,000 585,222.10 561,550.00 0.14

EUR ARKEMA 650 0.00 41,658.50 0.01

EUR ASSICURAZIONI GENERALI 25,000 449,220.75 382,000.00 0.10

EUR AXA 25,000 438,430.98 368,625.00 0.09

EUR BANCO BILBAO VIZCAYA ARGENTARIA 30,000 342,703.68 256,830.00 0.06

EUR

BANCO COMMERCIAL PORTUGUES-

REG- 390,000 390,764.26 224,640.00 0.06


EUR BASF SE 8,760 166,782.41 534,622.80 0.14

EUR BAYER AG NA 8,880 225,597.85 485.203,20 0.12


EUR BNP PARIBAS 14,000 784,576.99 722,540.00 0.18

EUR BOUYGUES 3,100 83,115.09 105,043.50 0.03

EUR

BRISA AUTO-ESTRADAS DE

PORTUGAL 9,820 49,897.79 46,870.86 0.01

EUR CARREFOUR SUPERMARCHE 5,490 327,636.76 171,507.60 0.04

EUR COFINIMMO 4,600 415,882.70 474,950.00 0.12

EUR COMMERZBANK 30,000 267,601.24 164,970.00 0.04

EUR COMPAGNIE DE SAINT-GOBAIN 3,789 96,030.55 163,703.75 0.04

EUR CORIO N.V. 9,000 407,783.90 444,240.00 0.11

DEGROOF GLOBAL

75

EUR CREDIT AGRICOLE S.A. 25,000 331,286.00 289,500.00 0.07

EUR CRH PLC. 2,122 35,597.00 34,333.96 0.01

EUR ALLIANZ A.G. -REG- 6,673 294,703.69 332,649.05 0.08

EUR DANONE 7,600 230,196.79 350,322.00 0.09

EUR DEUTSCHE BANK A.G. 8,200 422,528.35 340,177.00 0.09



EUR E.ON -REG- 26,508 432,224.98 571,247.40 0.14

DEGROOF GLOBAL

76



QUANTITY /

NOMINAL




EUR EDENRED S.A. 2,810 0.00 59,838.95 0.02

EUR EDP-ENERGIAS -REG- 70,000 227,119.15 192,360.00 0.05

EUR ENDESA S.A. 16,100 290,375.30 352,026.50 0.09

EUR ENEL AZ 24,400 136,471.69 108,531.20 0.03

EUR ENI SpA 13,875 184,215.73 240,453.75 0.06

EUR ESSILOR INTERNATIONAL S.A. 4,760 98,787.55 249,424.00 0.06

EUR ETEX GROUP S.A. 20,000 75,317.50 140,000.00 0.04


EUR


SPACE 6,200 134,205.09 127,348.00 0.03


EUR FORTUM CORP. 14,000 372,218.32 335,440.00 0.08

EUR FRANCE TELECOM 19,546 514,168.86 309,022.26 0.08


EUR GDF SUEZ 7,770 167,317.93 223,387.50 0.06


EUR GENERALE ETS MICHELIN -B- 2,330 77,055.70 138,868.00 0.04

EUR GREENCORE GROUP PLC 25,729 79,785.63 30,360.22 0.01

EUR HELLENIC TELECOM ORG. OTE 4,350 51,488.29 34,278.00 0.01

EUR HEX25 INDEX SHARE INDEX FUND 23,000 607,670.06 614,100.00 0.16

EUR IBERDROLA S.A. 64,980 262,430.44 398,717.28 0.10

EUR INDRA SISTEMAS S.A. 7,300 78,459.37 103,295.00 0.03

EUR

INDUSTRIA DE DISENO TEXTIL -

INDITEX- 6,670 143,848.88 377,655.40 0.10

EUR ING GROEP N.V. 23,000 258,618.12 205,413.00 0.05

EUR INTESA SANPAOLO SpA 180,000 554,709.62 375,840.00 0.09

EUR KBC GROUPE S.A. 133 9,313.98 3,529.16 0.00

EUR KBC GROUPE -STRIP VVPR- 237 965.67 9.24 0.00

EUR KERRY GROUP PLC 4,350 59,107.34 114,274.50 0.03

EUR KLEPIERRE 6,000 172,859.98 171,840.00 0.04

EUR KONINKLIJKE AHOLD-CF VORM- 12,828 171,758.16 121,455.50 0.03

EUR KONINKLIJKE KPN 23,278 262,114.36 279,801.56 0.07

EUR LAFARGE 2,434 193,577.04 107,132.51 0.03


EUR L'AIR LIQUIDE 2,724 127,872.41 255,402.24 0.06

EUR

LEASINVEST REAL ESTATE -SICAFI-

DIS 2,000 112,540.50 138,480.00 0.03

EUR L'OREAL 4,500 289,398.07 369,900.00 0.09

EUR LVMH-MOET HENNESSY 2,970 92,005.68 331,749.00 0.08

EUR METRO A.G. KOELN 5,000 211,740.31 241,075.00 0.06

EUR MORGAN OPALS S7 MSCI ITALY INDEX 18,300 2,487,521.86 1,285,209.00 0.32

EUR NESTE OIL 2,750 0.00 40,012.50 0.01

EUR NH HOTELES S.A. 7,500 62,067.24 35,887.50 0.01

DEGROOF GLOBAL

77

EUR NIEUWE STEEN INVESTMENTS DIS 10,000 144,397.06 146,500.00 0.04

EUR NOKIA -A- 94,780 1,860,442.04 571,997.30 0.14

EUR PERNOD-RICARD 2,142 59,481.73 141,157.80 0.04

EUR PEUGEOT 5,490 254,787.03 153,061.20 0.04


EUR PUMA A.G. 440 91,018.97 91,058.00 0.02

EUR REALDOLMEN S.A. 10 266.18 1.30 0.00

EUR REALDOLMEN S.A. 2 0.00 30.44 0.00

DEGROOF GLOBAL

78



QUANTITY /

NOMINAL




EUR RENAULT S.A. 2,300 105,186.91 89,723.00 0.02

EUR REPSOL YPF S.A. 14,210 195,412.79 343,526.75 0.09

EUR


VVPR- 850 0.00 7.65 0.00

EUR ROYAL DUTCH SHELL PLC -A- 11,422 305,799.66 292,917.19 0.07


EUR RYANAIR HOLDINGS PLC 12,660 35,102.31 42,157.80 0.01

EUR S.A.P. A.G. 12,920 271,193.91 558,144.00 0.14


EUR SCHNEIDER ELECTRIC S.A. 3,770 182,270.56 454,662.00 0.11

EUR SEAT PAGINE GIALLE SpA 1 0.00 0.07 0.00

EUR SIEMENS A.G. -REG- 10,930 551,208.33 1,057,040.30 0.27

EUR SOCIETE GENERALE -A- 9,000 478,829.90 412,650.00 0.10

EUR STORA ENSO OYJ (R) 25,850 307,119.26 217,269.25 0.05



EUR TELEFONICA S.A. 48,525 466,662.51 857,194.13 0.22


EUR TERNA SpA 300,000 806,622.36 1,013,400.00 0.26


EUR TNT N.V. 4,769 78,462.48 86,318.90 0.02

EUR TOTAL S.A. 26,000 910,561.94 1,116,830.00 0.28



EUR UNICREDIT SpA 450,000 1,139,389.96 784,800.00 0.20

EUR UNILEVER N.V. -CF VORM- 15,309 314,027.26 338,711.63 0.09


EUR VINCI 4,560 100,265.80 201,073.20 0.05

EUR VIVENDI 14,484 378,716.63 291,852.60 0.07

EUR WERELDHAVE BELGIUM DIS 5,000 271,144.67 368,850.00 0.09

EUR WERELDHAVE DIS 2,090 120,879.18 157,502.40 0.04

EUR WIENERBERGER A.G. 2,700 50,540.05 38,394.00 0.01

EUR ZON MULTIMEDIA -REG - 972 0.00 3,596.40 0.00

Total EURO 33,100,382.02 33,508,148.93 8.44


GBP BP PLC 40,847 333,736.69 209,471.79 0.05

GBP BRITISH AMERICAN TOBACCO PLC 1,675 20,494.21 47,338.19 0.01


GBP BT GROUP PLC 32,623 97,730.29 68,392.96 0.02

GBP CABLE & WIRELESS WORLDWIDE PLC 112 0.00 66.35 0.00

GBP CAPITAL & COUNTIES PROPERTIES 35,000 52,714.47 66,615.84 0.02

DEGROOF GLOBAL

79

PLC

GBP


PLC 35,000 140,015.77 151,417.60 0.04

GBP DIAGEO PLC 8,890 71,039.49 118,995.26 0.03

GBP


DIS 2,286,000 6,660,669.33 13,750,084.72 3.47




DEGROOF GLOBAL

80



QUANTITY /

NOMINAL




GBP OLD MUTUAL PLC 8,231 38,011.78 12,644.48 0.00

GBP


PARTICIPATIONS DIS 102,000 1,325,070.06 835,310.06 0.21

GBP RIO TINTO PLC 3,747 74,068.14 185,339.58 0.05

GBP ROYAL DUTCH SHELL PLC -B- 65 1,749.52 1,659.32 0.00

GBP SCOTTISH & SOUTHERN ENERGY PLC 39 639.24 555.51 0.00

GBP

TEMPLETON EMERGING MARKET UK

DIST 173,000 336,539.10 1,289,732.29 0.33

GBP TESCO PLC 23,382 76,713.61 100,627.38 0.03

GBP


DIS 408,000 1,988,826.09 1,995,526.94 0.50

GBP VODAFONE GROUP PLC -NEW- 61,604 235,646.72 122,818.32 0.03







HKD


HOLDING LT 70,133 22,600.85 15,693.76 0.00


HKD POU SHENG INTERNATIONAL LTD 625 158.49 69.08 0.00



HKD


LTD 25,000 52,015.55 56,056.10 0.01


JPY ADVANTEST CORP. 480 27,152.66 6,113.50 0.00

JPY ASTELLAS PHARMA INC. 900 37,071.81 23,568.41 0.01

JPY BRIDGESTONE CORP. 2,100 35,511.64 31,121.02 0.01

JPY CANON INC. 1,650 41,488.46 50,784.32 0.01

JPY DAIWA SECURITIES GROUP INC. 7,000 44,487.36 22,735.19 0.01

JPY FANUC LTD 2,000 72,479.06 214,088.25 0.05

JPY FUJITSU 5,300 67,029.53 21,179.26 0.01

JPY HITACHI LTD 20,600 185,142.87 75,838.93 0.02

JPY KAJIMA CORP. 7,000 51,325.07 13,867.27 0.00

JPY KAO CORP. 4,000 90,338.93 70,569.20 0.02

JPY MITSUBISHI ELECTRIC CORP. 10,000 47,909.50 83,492.72 0.02

DEGROOF GLOBAL

81

JPY MIZUHO FINANCIAL GROUP INC. 41,000 199,065.00 48,106.09 0.01

JPY NINTENDO 500 37,589.29 95,523.49 0.02

JPY NIPPON STEEL CORP. 17,000 28,853.83 38,447.46 0.01

JPY

NIPPON TELEGRAPH & TELEPHONE

CORP. 3,100 249,501.54 98,444.03 0.02

JPY NTT DOCOMO 40 207,287.19 49,721.53 0.01

JPY ORIX CORP. 1,400 144,858.68 92,726.23 0.02

JPY PANASONIC CORP. 3,000 35,026.65 26,986.34 0.01

JPY SECOM 1,700 102,173.75 55,864.45 0.01


JPY SHIN-ETSU CHEMICAL CO LTD 1,700 75,479.56 59,767.01 0.02

DEGROOF GLOBAL

82



QUANTITY /

NOMINAL




JPY SONY CORP. 2,250 79,024.27 50,962.87 0.01

JPY S'TOMO MITSUI FINANCIAL GROUP INC. 800 44,344.11 17,589.59 0.00

JPY TAKEDA PHARMACEUTICAL CO LTD 1,200 61,466.24 39,586.77 0.01

JPY TOKYO ELECTRIC POWER 3,100 70,983.06 12.282,44 0.00

JPY TOYOTA MOTOR CORP. 4,500 159,244.45 128,172.37 0.03

JPY USS CO LTD 600 26,412.07 33,005.98 0.01

Total YEN 2,273,376.17 1,482,195.01 0.36

NOK NORSK HYDRO 37,500 377,781.02 216,685.14 0.05

NOK STATOIL ASA 7,154 117,412.74 139,706.27 0.04


SEK XACT OMX30 85,000 869,995.36 1,059,621.88 0.27

Total SWEDISH KRONA 869,995.36 1,059,621.88 0.27

SGD DBS GROUP HOLDINGS LTD 8,000 59,724.16 65,474.06 0.02

SGD SATS LTD 9,541 0.00 13,387.70 0.00


SGD


1000 130,290 174,395.97 219,966.35 0.06

SGD SPORE PRESS HOLDINGS 20,000 44,686.64 44,051.88 0.01


SGD UOL GROUP LTD 1,250 0.00 3,319.26 0.00

SGD VENTURE CORP. LTD 15,000 158,534.27 80,584.75 0.02


Total SINGAPORE DOLLAR 877.325.80 915,825.60 0.24

USD 3M CO 2,600 156,775.15 171,305.76 0.04


USD

ABERDEEN LATIN AMERICA EQUITY

DIS 26,029 345,953.90 715,646.18 0.18

USD ADOBE SYSTEMS INC. 3,400 43,359.24 79,447.54 0.02

USD AETNA INC. 5,200 71,493.61 137,154.53 0.03

USD AGILENT TECHNOLOGIES INC. 1,530 20,558.19 48,279.47 0.01

USD ALTRIA GROUP 3,940 157,855.89 72,269.89 0.02

USD AMAZON.COM INC. 1,500 59,671.86 190,398.84 0.05

USD AMGEN INC. 2,400 108,529.72 90,395.32 0.02

USD AOL INC. 395 0.00 5,436.09 0.00

USD AT&T INC. 16,920 350,856.51 364,845.32 0.09

DEGROOF GLOBAL

83

USD AUTOZONE INC. 440 29,784.50 84,818.83 0.02

USD AVERY DENNISON CORP. 1,120 61,682.57 33,116.20 0.01

USD BAKER HUGHES INC. 2,400 65,001.18 124,185.75 0.03

USD BANCO SANTANDER SA - ADR 1SH 1,575 84,231.63 13,007.54 0.00


USD BANK OF NEW YORK MELLON CORP. 20,000 422,487.96 420,971.04 0.11

USD BAXTER INTERNATIONAL INC. 3,260 98,347.69 123,522.09 0.03

DEGROOF GLOBAL

84



QUANTITY /

NOMINAL




USD BEST BUY CO INC. 2,685 40,827.87 54,339.51 0.01

USD CARDINAL HEALTH INC. 2,100 133,902.09 60,864.63 0.02

USD CAREFUSION CORP. 1,050 0.00 20,865.34 0.01

USD CARNIVAL CORP. 2,900 61,159.24 78,390.53 0.02

USD CATERPILLAR INC. 4,220 88,488.19 331,123.25 0.08

USD CBS CORP. -A- 2,555 117,208.56 45,226.97 0.01

USD CENTERPOINT ENERGY INC. 4,000 35,240.59 49,496.16 0.01

USD CHEVRON CORP. 8,197 264,920.63 620,536.76 0.16

USD CISCO SYSTEMS INC. 18,980 228,864.59 229,375.66 0.06

USD CITRIX SYSTEMS INC. 2,200 49,400.58 113,883.45 0.03

USD COCA COLA CY 8,000 357,978.84 374,039.88 0.09

USD COMCAST -A- 6,505 85,015.09 113,313.79 0.03

USD COMCAST -A-SPECIAL 3,195 49,281.10 52,278.13 0.01

USD CONAGRA FOODS INC. 3,550 75,604.63 59,412.66 0.02


USD COVIDIEN PLC 1,432 42,103.02 52,412.15 0.01

USD CVS CAREMARK CORP. 7,800 86,382.48 188,637.87 0.05

USD DELL INC. 10,190 303,690.85 104,190.61 0.03

USD DIRECTV 2,048 0.00 67,540.27 0.02

USD DISCOVER FINANCIAL SERVICES 1,615 0.00 27,449.65 0.01

USD DOMINION RESOURCES INC. 3,140 80,393.23 98,906.35 0.02

USD DOW CHEMICAL 1,690 45,182.71 44,956.31 0.01

USD DU PONT DE NEMOURS 1,900 85,282.76 73,598.06 0.02

USD DUKE ENERGY CORP. 2,050 40,212.24 26,219.08 0.01

USD E.M.C. CORP. 7,290 113,803.68 136,388.91 0.03

USD ELBIT SYSTEMS LTD 11,974 563,899.36 465,510.24 0.12

USD EMERSON ELECTRIC CO 3,400 79,906.20 139,991.54 0.04

USD EXELON CORP. 4,860 129,438.58 141,234.87 0.04

USD EXXON MOBIL CORP. 10,690 350,842.15 633,746.53 0.16

USD FAIRPOINT COMMUNICATIONS INC. 118 0.00 0.00 0.00

USD FEDEX CORP. 1,670 79,509.95 110,089.85 0.03

USD FISERV INC. 3,070 103,175.83 135,684.87 0.03

USD FREEPORT MCMORAN 1,206 29,591.37 47,208.30 0.01

USD FRONTIER COMMUNICATIONS CORP. 1,509 0.00 8,740.74 0.00

USD GENERAL MILLS INC. 3,860 81,009.22 99,417.24 0.03

USD H.J.HEINZ CO 2,360 76,070.23 81,188.92 0.02

USD HOME DEPOT 4,090 91,979.08 106,810.94 0.03

USD HONEYWELL INTERNATIONAL INC. 7,280 348,475.35 306,313.02 0.08

USD HUTCHINSON PORT 1,000 731.94 697.63 0.00

USD

IBM INTERNATIONAL BUSINESS

MACHINES 5,560 375,255.71 638,904.38 0.16

USD ILLINOIS TOOL WORKS INC. 2,900 88,350.65 109,779.44 0.03

USD INTEL CORP. 17,060 418,217.09 242,477.77 0.06

DEGROOF GLOBAL

85

USD INTERNATIONAL PAPER CY 2,430 82,207.56 51,678.81 0.01

USD JARDINE MATHESON HOLDINGS LTD 7,000 237,237.93 219,702.63 0.06

USD JOHNSON & JOHNSON CORP. 9,690 507,330.18 404,575.08 0.10

USD JOHNSON CONTROLS INC. 3,540 45,424.34 103,697.98 0.03

USD JUNIPER NETWORKS INC. 1,500 21,321.65 44,478.90 0.01

USD KIMBERLY-CLARK CORP. 1,900 82,232.68 87,388.49 0.02

DEGROOF GLOBAL

86



QUANTITY /

NOMINAL




USD KOHL'S CORP. 2,800 97,354.29 104,652.24 0.03


USD LENDER PROCESSING SERVICES INC. 472 0.00 10,706.56 0.00

USD LIBERTY MEDIA HOLDING CAPITAL -A- 512 30,831.57 26,579.55 0.01

USD LIBERTY STARZ SERIES -A- 204 0.00 11,155.24 0.00

USD LOWE'S COMPANIES INC. 7,420 130,596.72 138,193.64 0.03

USD MACY'S INC. 3,180 59,891.73 54,363.19 0.01

USD MASCO CORP. 2,170 45,293.35 21,285.60 0.01

USD MC DONALD'S CORP. 4,920 70,503.05 263,802.97 0.07

USD MCGRAW-HILL COMPANIES INC. 1,000 27,091.32 27,764.08 0.01

USD MCKESSON CORP. 2,200 55,048.10 122,549.50 0.03

USD MEDCO HEALTH SOLUTIONS INC. 3,904 27,967.77 154,498.37 0.04


USD MERCK CO INC. NEW 7,230 364,254.30 168,178.63 0.04

USD MICROSOFT CORP. 23,900 485,026.85 427,104.50 0.11

USD MONSANTO NEW CO 1,800 14,318.56 91,655.27 0.02

USD

MORGAN STANLEY EMERGING

MARKETS

FUND 139,000 1,971,875.37 1,562,390.95 0.39

USD MSCI OPALS SP500 13 SERIES 9 4,500 3,031,939.36 2,252,853.92 0.57

USD NABORS INDUSTRIES LTD 3,100 51,134.10 66,364.60 0.02

USD NEWELL RUBBERMAID INC. 3,000 52,957.46 40,441.12 0.01

USD NEWMONT MINING CORP. 1,300 33,827.92 49,999.30 0.01

USD NICE SYSTEMS SP.ADR 23,012 553,351.21 599,015.77 0.15

USD NIKE INC.-B 1,260 34,481.64 67,213.02 0.02

USD NOBLE CORP. 1,560 25,003.55 50,149.53 0.01

USD NUCOR CORP. 1,600 15,485.68 51,886.41 0.01

USD


COMPAGNIE

ADR 32,955 546,897.11 441,459.06 0.11

USD PEPSICO INC. 4,880 138,514.54 221,493.06 0.06

USD PERKINELMER 1,470 8,356.87 27,212.25 0.01

USD PERRIGO 14,780 547,878.86 828,204.92 0.21

USD PFIZER INC. 23,270 743,264.87 333,037.63 0.08


USD PHILIP MORRIS INTERNATIONAL INC. 3,940 0.00 182,215.63 0.05

USD PROCTER & GAMBLE 9,600 320,627.13 416,714.82 0.11

USD PRUDENTIAL FINANCIAL INC. 14,000 525,907.19 607,511.80 0.15

USD REPUBLIC SERVICES INC. 2,812 91,638.11 59,525.39 0.02

USD SAFEWAY INC. 4,650 97,440.10 77,134.10 0.02

USD SCHLUMBERGER 4,300 117,507.50 282,586.15 0.07

USD SEALED AIR CORP. 1,500 29,635.62 28,179.83 0.01

DEGROOF GLOBAL

87

USD SIGMA-ALDRICH CORP. 1,680 39,411.84 75,340.15 0.02

USD SOUTHERN CO 5,020 127,663.39 134,812.35 0.03

USD STANLEY BLACK & DECKER INC. 3,111 100,989.30 167,925.16 0.04

USD STRYKER CORP. 2,200 67,308.06 94,256.92 0.02

USD SUNCOR ENERGY INC. 5,146 59,804.36 162,600.69 0.04

USD TECO CONNECTIVITY LTD 1,432 38,766.59 35,136.52 0.01

USD TELLABS INC. 3,940 55,082.83 14,548.38 0.00

USD TEXAS INSTRUMENTS 8,350 129,853.42 203,351.42 0.05

DEGROOF GLOBAL

88



QUANTITY /

NOMINAL




USD THE MCCLATCHY CO -A- 419 24,091.76 1,003.88 0.00

USD THE NEWS CORP. -B- 7,500 120,639.71 98,407.44 0.02

USD THE WESTERN UNION CO 4,580 0.00 67,033.05 0.02

USD THERMO FISHER SCIENTIFIC INC. 1,200 19,631.32 46,973.43 0.01

USD TIME WARNER CABLE INC. 1,093 31,981.24 54,946.53 0.01

USD TIME WARNER INC. 4,356 108,663.04 109,582.98 0.03

USD TRANSOCEAN LTD 1,329 36,171.48 73,000.88 0.02

USD TYCO INTERNATIONAL LTD -REG- 1,432 92,631.05 45,176.97 0.01

USD UNION PACIFIC CORP. 3,640 102,571.21 252,217.04 0.06

USD UNITED PARCEL SERVICE -B- INC. 1,100 59,075.66 57,608.34 0.01

USD UNITED TECHNOLOGIES 3,640 104,064.30 217,127.76 0.05

USD VALERO ENERGY CORP. 2,200 67,516.71 46,229.30 0.01

USD VERISIGN 2,600 65,047.44 66,342.05 0.02

USD VERIZON COMMUNICATIONS INC. 6,290 188,431.33 170,824.18 0.04

USD VIACOM INC. A 2,555 117,208.56 95,945.28 0.02

USD WAL-MART STORES 2,480 123,049.54 90,961.88 0.02

USD WALT DISNEY CY (CY HOLDING) SERIES 6,580 161,917.92 199,797.20 0.05

USD WASTE MANAGEMENT INC. 3,210 77,536.92 84,462.97 0.02

USD YUM BRANDS INC. 4,180 50,736.73 151,341.27 0.04

Total US DOLLAR 25,440,791.56 25,972,925.86 6.53

Total equities 82,565,015.02 93,753,182.66 23.59

Bonds

EUR FRANCE OATI 1.60 04-250715 1,800,000 2,132,766.02 2,127,599.14 0.54

Total bonds 2,132,766.02 2,127,599.14 0.54



regulated market

84,697,781.04

95,880,781.80

24.13


EUR


CAP 30,300 5,694,670.64 6,546,012.00 1.65

EUR


VOLATILITY A 20,100 2,029,811.90 1,857,843.00 0.47

EUR


VOLATILITY B 60,000 0.00 0.00 0.00

DEGROOF GLOBAL

89

EUR


BENELUX I CAP 10,500 1,201,305.00 2,149,245.00 0.54

EUR


VALUE BENELUX I CAP 193,411 12,419,486.96 12,798,005.87 3.23


EUR


BEHAVIORAL

VALUE -A- CAP 335,000 9,747,168.52 10,602,750.00 2.69

EUR


CAP 47,200 7,178,834.24 8,991,600.00 2.27

EUR


CAP 20,600 3.933.908,00 3,851,788.00 0.97

DEGROOF GLOBAL

90



QUANTITY /

NOMINAL




EUR


ACTIVE -A- C 10,100 8,810,718.96 9,027,683.00 2.29

EUR



EUR

DEGROOF EQUITIES US INDEX EUR I

CAP 54,700 11,598,380.97 15,122,362.00 3.82

EUR


CAP 61,000 6,242,538.18 6,824,070.00 1.72

EUR


FLEX

I CAP 126,000 13,225,230.37 14,085,540.00 3.57

EUR DEGROOF PE FUND OF FUNDS -B- CAP 594 530,634.64 499,277.39 0.13

EUR


ENERGY

-B- CAP 459 459,000.00 436,963.41 0.12

EUR


EUR CAP 100,000 10,000,000.00 10,013,000.00 2.53

EUR


CAP 18,000 1,799,280.00 1,638,180.00 0.41

EUR

TREETOP CONVERTIBLE

INTERNATIONAL

EUR -A- CAP 36,000 6,350,250.00 7,984,800.00 2.02

EUR


A-

CAP 17,500 3,621,515.00 4,683,175.00 1.18

Total EURO 136,388,167.98 151,724,013.47 38.35

USD AIMS LOW VOLATILITY USD FUND 260 31,516.56 25,097.55 0.01

USD AMUNDI EMERGING MARKETS IU CAP 3,880 9,205,387.15 10,365,787.33 2.63

USD

ASIA PACIFIC PERFORMANCE -D- USD

CAP 196,857 4,093,336.03 5,190,887.84 1.31


USD


IND

DIS 81,768 2,142,197.57 2,805,499.20 0.71

USD


STOCK INDEX CAP 281,500 34,300,919.87 35,110,058.24 8.87

USD VANGUARD SMALL CAP STOCK DIS 424,296 7,991,375.99 11,304,787.63 2.87

USD VANGUARD US OPPORT CAP 20,000 2,921,865.75 4,062,887.75 1.03

DEGROOF GLOBAL

91

Total US DOLLAR 63,530,427.31 72,693,136.05 18.40


Other Securities

EUR 3I EUROPARTNERS IV B 310,244 107,518.66 310,243.91 0.08

EUR 3I EUROPARTNERS V B 945,202 1,304,380.15 945,202.18 0.25

EUR ABELOR 500 26,105.62 0.00 0.00

EUR CARLYLE EUROPE PARTNER III 1,061,962 1,291,111.24 1,061,962.02 0.27

EUR CITY HOTELS -STRIP VVPR- 480 0.00 4.80 0.00

EUR OPTIMUM IMMO S.A SICAR - PRIMO 315 315,564.50 282,345.21 0.07

EUR OPTIMUM IMMO S.A SICAR - SECUNDO 468 468,000.00 468,000.00 0.12

EUR PARMALAT FINANZIARIA SpA 29,400 98,320.42 0.00 0.00

Total EURO 3,611,000.59 3,067,758.12 0.79

DEGROOF GLOBAL

92



QUANTITY /

NOMINAL




GBP

CABLE & WIRELESS COMMUNICATIONS

PLC 112 2,300.17 57.64 0.00

Total POUND STERLING 2,300.17 57.64 0.00

USD CARLYLE PARTNERS V USD 2.431.459 1,578,393.72 1,713,380.82 0.44

USD WORLDCOM GROUP 9.750 203,791.83 0.00 0.00

USD WORLDCOM-MCI GROUP 390 0.00 0.00 0.00

Total US DOLLAR 1,782,185.55 1,713,380.82 0.44



DEGROOF GLOBAL

93


DEGROOF GLOBAL ETHICAL

QUANTITY /

NOMINAL






regulated market

Equities



AUD WESTPAC BANKING CORP. 8,000 127,272.83 141,490.25 0.65

Total AUSTRALIAN DOLLAR 217,507.21 294,873.38 1.36

CAD BANK OF MONTREAL 3,000 78,484.43 136,738.02 0.63


CAD CANADIAN IMPERIAL BANK TRADE 2,300 109,947.50 140,037.67 0.64

CAD CANADIAN PACIFIC RAILWAY LTD 2,900 80,921.09 131,255.75 0.60

CAD MANULIFE FINANCIAL CORP. 10,000 134,318.83 124,524.61 0.57

CAD TECK RESOURCES -B- LTD 3,000 35,343.07 114,636.53 0.53

Total CANADIAN DOLLAR 588,518.68 819,745.01 3.76

CHF NOVARTIS -REG- 13,500 496,487.22 520,950.47 2.40

CHF

SWISS REINSURANCE COMPAGNIE LTD

-REG- 1,700 60,685.01 67,237.93 0.31

Total SWISS FRANC 557,172.23 588,188.40 2.71

DKK DANISCO 3,000 178,019.20 266,962.62 1.23

Total DANISH KRONE 178,019.20 266,962.62 1.23

EUR AIR FRANCE-KLM 2,750 69,980.23 32,766.25 0.15


EUR BNP PARIBAS 2,000 98,397.49 106,600.00 0.49

EUR CAP GEMINI FRANCE 3,500 101,082.94 146,842.50 0.68


EUR ENI SpA 12,000 217,711.00 208,800.00 0.96

EUR EVN A.G. 6,600 102,011.85 86,592.00 0.40

EUR ING GROEP N.V. 12,100 259,263.01 110,642.40 0.51

EUR KONINKLIJKE BAM GROEP N.V. 10,000 53,210.92 54,680.00 0.25

EUR KONINKLIJKE DSM N.V. 4,500 98,049.12 196,110.00 0.90

EUR LAFARGE 2,456 155,898.63 109,156.92 0.50

EUR NOKIA -A- 5,900 87,141.88 36,108.00 0.17

DEGROOF GLOBAL

94

EUR OCE N.V.-CF.VORM- 4,000 51,401.22 32,880.00 0.15

EUR OMV A.G. 4,500 186,601.37 143,550.00 0.66

EUR RENAULT S.A. 4,000 89,976.45 154,920.00 0.71

EUR REPSOL YPF S.A. 10,000 176,663.59 241,950.00 1.11



DEGROOF GLOBAL

95



QUANTITY /

NOMINAL




EUR SCHNEIDER ELECTRIC S.A. 1,200 88,262.12 144,720.00 0.67

EUR STMICROELECTRONICS 14,000 130,988.60 125,440.00 0.58


EUR UNICREDIT SpA 109,962 406,999.39 199,141.18 0.92


EUR VIVENDI 4,000 106,932.34 80,560.00 0.37

EUR VOLKSWAGEN A.G.-ST O.N. 600 41,861.13 65,310.00 0.30

Total EURO 4,042,283.88 3,536,050.80 16.28


GBP AVIVA PLC 25,000 108,924.04 123,460.97 0.57


GBP BT GROUP PLC 60,000 89,911.91 125,177.91 0.58

GBP HSBC HOLDINGS PLC 15,000 116,318.11 111,148.76 0.51

GBP KINGFISHER PLC 35,000 76,518.88 100,576.08 0.46

GBP LEGAL & GENERAL GROUP PLC 75,000 71,822.92 98,864.79 0.46

GBP OLD MUTUAL PLC 145,000 190,467.69 224,059.64 1.03

GBP PEARSON PLC 7,500 62,926.55 93,442.90 0.43

GBP SMITH & NEPHEW PLC 22,000 186,032.98 175,194.85 0.81




JPY ASTELLAS PHARMA INC. 2,000 55,159.03 52,374.25 0.24

JPY CANON INC. 3,000 61,789.44 92,590.19 0.43

JPY DENSO CORP. 2,000 31,339.00 46,099.54 0.21

JPY FUJIFILM HOLDINGS CORP. 2,000 29,481.18 44,041.98 0.20

JPY KAO CORP. 3,000 44,205.07 53,105.45 0.24

JPY KIRIN BREWERY CO 4,000 30,018.96 36,934.05 0.17

JPY MITSUBISHI UFJ FINANCIAL GROUP 30,000 172,250.83 95,395.96 0.44

JPY MURATA MANUFACTURING CO LTD 1,000 29,888.59 49,823.56 0.23

JPY NTT DOCOMO 150 184,322.40 189,771.63 0.87

JPY PANASONIC CORP. 4,000 56,911.99 35,743.73 0.16

JPY RICOH 3,000 27,248.52 24,894.77 0.11


JPY SONY CORP. 5,000 164,326.72 112,953.23 0.52

JPY S'TOMO MITSUI FINANCIAL GROUP INC. 3,000 75,600.91 65,705.88 0.30

JPY TOKIO MARINE HOLDINGS LTD 4,000 83,857.27 74,786.35 0.34

DEGROOF GLOBAL

96

Total YEN 1,078,570.04 1,010,321.39 4.63

NOK ORKLA ASA 6,000 40,995.98 41,273.36 0.19


DEGROOF GLOBAL

97



QUANTITY /

NOMINAL




SEK SVENSKA HANDELSBANKEN -A- 1,500 25,876.92 34,533.22 0.16

Total SWEDISH KRONA 25,876.92 34,533.22 0.16


USD ALCOA INC. 3,000 76,808.16 37,291.24 0.17


USD BRISTOL-MYERS SQUIBB 9,000 152,750.16 167,874.00 0.77

USD COLGATE-PALMOLIVE 2,000 83,628.60 114,452.82 0.53


USD CSX CORP. 3,000 54,387.99 163,984.22 0.75

USD DEERE & CY 3,200 163,604.47 212,980.06 0.98

USD ELI LILLY & CY 20,500 563,679.33 508,202.38 2.34

USD EVERGREEN SOLAR INC. 8,500 172,001.04 8,265.80 0.04

USD HEWLETT-PACKARD CY 17,000 437,536.02 494,750.19 2.28

USD HOME DEPOT 2,450 71,994.57 64,862.59 0.30

USD INTEL CORP. 15,000 212,518.10 216,263.83 1.00



USD MOTOROLA MOBILITY HOLDINGS INC. 3,375 63,368.91 58,624.30 0.27

USD MOTOROLA SOLUTION 3,857 86,965.91 121,110.51 0.56

USD

NATIONAL AUSTRAL BK REPR 5 ORD

SHS 4,500 65,498.33 84,222.39 0.39

USD NORFOLK SOUTHERN CORP. 3,000 124,916.45 145,845.96 0.67

USD PROCTER & GAMBLE 9,800 395,201.25 427,951.52 1.97

USD SAFEWAY INC. 5,500 128,088.96 91,311.39 0.42

USD STAPLES INC. 4,000 58,040.22 55,697.27 0.26

USD SYMANTEC CORP. 3,750 49,934.40 47,697.48 0.22

USD VERIZON COMMUNICATIONS INC. 12,000 334,969.89 325,220.21 1.50

USD WASTE MANAGEMENT INC. 5,500 108,709.58 144,098.37 0.66

USD WHIRLPOOL CORP. 1,600 88,204.08 94,922.13 0.44

Total US DOLLAR 5,168,745.97 4,655,548.69 21.45

Total equities 13,422,092.10 12,834,145.09 59.08

Bonds

EUR AUSTRIA REP 3.40 09-201014 500,000 512,041.41 514,650.00 2.37

EUR BANK OF SCOTLAND 4.875 03-200315 500,000 528,110.47 482,080.00 2.22

EUR BELGIUM OLO 3.25 06-280916 550,000 551,831.15 540,171.50 2.49

EUR BELGIUM OLO55 4.00 09-280319 250,000 275,840.50 250,370.00 1.15

EUR COMPAGNIE FINANC.FONCIER 6.125 1,100,000 1,220,734.32 1,213,025.00 5.57

DEGROOF GLOBAL

98

00/-230215

EUR EIB 5.50 98-150218 500,000 598,928.20 562,490.00 2.59

EUR

FRANCE OAT INDEXEE 1.00 05-

250717 600,000 614,610.09 658,097.04 3.03

EUR GERMANY 3.75 06-040117 450,000 479,388.85 471,847.50 2.17

EUR IRELAND 4.00 09-150114 130,000 133,188.03 111,329.40 0.51

EUR ITALY BTP 4.00 05-010237 300,000 248,563.25 241,785.00 1.11

DEGROOF GLOBAL

99



QUANTITY /

NOMINAL




EUR ITALY BTP 7.25 96-011126 1,180,000 1,514,658.90 1,422.372,00 6.55

EUR KFW 5.50 98-220118 250,000 282,897.55 281,347.50 1.30

EUR PORTUGAL 4.35 07-161017 130,000 129,708.35 104,058.50 0.48

EUR SPAIN 3.25 10-300416 500,000 471,430.83 476,815.00 2.19

EUR SPAIN 4.00 10-300420 200,000 201,766.50 186,370.00 0.86

EUR SPAIN KINGDOM 2.50 10-311013 200,000 193,655.11 195,890.00 0.90

Total bonds 7,957,353.51 7,712,698.44 35.49



regulated market 21,379,445.61 20,546,843.53 94.57

Other Securities

GBP BRADFORD & BINGLEY PLC 70,200 158,183.06 0.00 0.00

Total other securities 158,183.06 0.00 0.00


DEGROOF GLOBAL

100


DEGROOF GLOBAL REACTIVE 5 WINTER (*)

QUANTITY /

NOMINAL






regulated market

Money market instruments

EUR ACKERMANS VAN HAAREN 210611 1,000,000 986,010.16 996,857.08 1.12

EUR ALCOPA 030611 1,000,000 981,781.56 996,805.53 1.12

EUR ANHEUSER BUSCH INBEV 200511 2,000,000 1,971,640.07 1,996,115.08 2.23

EUR AURUBIS 250511 1,000,000 985,360.27 997,794.01 1.12

EUR AVEVE N.V. 060511 1,000,000 986,825.76 998,697.05 1.12

EUR AVEVE N.V. 210411 1,000,000 987,157.06 999,250.83 1.12

EUR BARRY CALLEBAUT 050711 2,500,000 2,461,508.61 2,489,876.24 2.79

EUR BELGIUM TREASURY 0,00 10-151211 10,000,000 9,870,932.10 9,900,510.16 11.08

EUR BELGIUM TREASURY CERT 10-160611 5,000,000 4,968,306.75 4,992,946.88 5.59

EUR CODRALUX SA 210411 1,000,000 983,536.00 999,047.54 1.12

EUR EXTENSA GROUP 250511 1,000,000 981,342.14 997,188.54 1.12

EUR FINANCIERE A.G.ACHE 290411 1,000,000 991,116.84 998,755.50 1.12

EUR FRANCE T-BILL 0,00 10-010611 5,000,000 4,976,308.75 4,995,602.22 5.59

EUR

FRANCE TREASURY BILL 0,00 10-

151211 5,000,000 4,961,370.00 4,962,386.58 5.56

EUR FRIESLANDCAMPINA 030611 1,000,000 985,114.32 997,389.91 1.12

EUR GERMANY T-BILLS CERT 10-290611 5,000,000 4,978,809.38 4,994,687.59 5.59

EUR LEASINVEST REAL ESTATE 250511 1,000,000 985,360.27 997,794.01 1.12

EUR LEASINVEST S.A. 260411 1,000,000 985,694.96 998,981.01 1.12

EUR PURATOS 100511 1,000,000 985,409.47 998,401.04 1.12

EUR Q-PARK FIN SERV 100511 1,000,000 980,513.21 997,864.46 1.12

EUR SCA CAPITAL 030611 1,000,000 987,278.73 997,763.29 1.12

EUR SCA CAPITAL 050711 1,000,000 986,808.94 996,530.57 1.12

EUR UMICORE FIN 060511 1,000,000 986,825.76 998,697.05 1.12

EUR WAREHOUSES DE PAUW 030611 1,000,000 982,270.25 996,891.22 1.12





EUR DBXT MSCI EMEA CLASS 1 CAP 152,000 4,233,416.13 4,192,160.00 4.69

EUR

EASY ETF S&P GSCI CAPPED CMDY

35/20 116,000 4,158,198.96 4,329,120.00 4.85

EUR EETF FTSE EPRA EUROZONE DIS 24,100 4,190,030.72 4,360,172.00 4.88

DEGROOF GLOBAL

101



(*) See Note 8

DEGROOF GLOBAL

102


DEGROOF GLOBAL REACTIVE 10 SUMMER (*)

QUANTITY /

NOMINAL






regulated market


EUR ANHEUSER BUSCH INBEV 260411 1,000,000 994,361.53 999,072.15 1.82

EUR AURUBIS 240212 1,000,000 980,605.27 982,416.87 1.79

EUR BELGIUM T-BILLS 0,00 11-150312 8,000,000 7,880,434.60 7,882,449.75 14.35

EUR CODRALUX S.A. 230312 1,000,000 976,408.81 976,861.24 1.78


EUR FRANCE T-BILL 0,00 10-300611 10,000,000 9,946,165.89 9,982,602.56 18.18

EUR LEASINVEST REAL ESTATE 200511 1,000,000 992,394.07 997,910.46 1.82

EUR UMICORE FINANCIAL 250511 1,000,000 992,851.96 997,897.64 1.82






EUR


35/20 148,300 4,930,340.48 5,534,556.00 10.08




(*) See Note 8

DEGROOF GLOBAL

103


DEGROOF GLOBAL REACTIVE 5 AUTUMN (*)

QUANTITY /

NOMINAL






regulated market


EUR AGACHE FINANCIERE 100511 1,000,000 991,116.84 998,392.19 1.50

EUR ALCOPA 240212 1,000,000 977,118.87 979,256.12 1.47

EUR ANHEUSER BUSCH INBEV 250511 1,000,000 990,822.02 997,861.06 1.49

EUR AURUBIS 180411 1,000,000 992,157.27 999,290.61 1.50

EUR BARRY CALLEBAUT 250511 2,500,000 2,476,271.80 2,494,173.88 3.74


EUR CODRALUX S.A. 050711 1,000,000 986,646.21 995,371.97 1.49

EUR CODRALUX S.A. 290411 1,000,000 991,168.69 998,706.53 1.50

EUR DEME COORDINATION CTR 260411 1,000,000 991,448.75 998,925.93 1.50


EUR FRENCH T BILL 10-220911 9,000,000 8,940,064.43 8,970,079.91 13.44

EUR GERMANY T-BILLS 0,00 10-280911 5,000,000 4,969,807.13 4,982.540.23 7.46

EUR LEASINVEST S.A. 210411 1,000,000 992,039.98 999,172.47 1.50

EUR PURATOS GROUP NV 230312 1,000,000 978,539.20 978,950.78 1.47

EUR UMICORE FINANCIAL 290411 1,000,000 992,473.74 998,960.66 1.50







EUR


35/20 90,200 2,904,733.14 3,366,264.00 5.04




(*) See Note 8

DEGROOF GLOBAL

104


DEGROOF GLOBAL REACTIVE 10 WINTER (*)

QUANTITY /

NOMINAL






regulated market


EUR ALCOPA 271211 1,000,000 979,096.56 983,039.42 3.32


EUR CODRALUX S.A. 240212 1,000,000 978,374.99 980,394.91 3.31

EUR

DEME COORDINATION CTR N.V.

271211 1,000,000 983,472.40 986,589.88 3.33


EUR

FRANCE TREASURY BILL 0,00 10-

151211 5,000,000 4,961,169.95 4,964,534.25 16.78






EUR


35/20 80,000 2,843,072.58 2,985,600.00 10.09




(*) See Note 8

DEGROOF GLOBAL

105

Regional allocation as at 31 March 2011

(as a percentage of the sub-fund’s total net assets)

DEGROOF GLOBAL ISIS LOW AMOUNT IN EUR % TOTAL NET ASSETS

BELGIUM 130,075,628.13 21.40

FRANCE 105,214,593.80 17.32

LUXEMBOURG 100,825,308.13 16.60

GERMANY 27,115,593.20 4.46

SPAIN 27,114,776.22 4.46

EUROPEAN ORGANISATIONS 25,613,890.00 4.22

ITALY 24,850,549.65 4.09

NETHERLANDS 22,660,443.04 3.73

IRELAND 21,478,823.81 3.54

GUERNSEY 12,563,771.69 2.07

UNITED STATES OF AMERICA 8,153,992.18 1.34

DENMARK 6,091,556.73 1.00

UNITED KINGDOM 2,723,511.93 0.45

CAYMAN ISLANDS 2,106,830.62 0.35

AUSTRALIA 1,351,182.61 0.22

SWEDEN 1,119,685.76 0.18

ISRAEL 747,821.74 0.12

SINGAPORE 739,291.96 0.12

SWITZERLAND 655,175.92 0.11

FINLAND 560,680.90 0.09

CANADA 499,962.31 0.08

HONG KONG 420,397.55 0.07

PORTUGAL 103,248.40 0.02

GREECE 74,708.80 0.01

NORWAY 56,529.41 0.01

BERMUDA 42,975.43 0.01

AUSTRIA 30,960.00 0.01

Total investments 522,991,889.92 86.08

DEGROOF GLOBAL

106



DEGROOF GLOBAL ISIS MEDIUM AMOUNT IN EUR % TOTAL NET ASSETS

BELGIUM 524,439,908.99 24.92

LUXEMBOURG 320,111,697.97 15.24

FRANCE 220,224,581.17 10.48


IRELAND 130,467,388.88 6.21

SPAIN 81,926,725.28 3.90

GUERNSEY 77,900,254.80 3.71

GERMANY 62,370,883.72 2.97


ITALY 57,345,877.37 2.73

UNITED KINGDOM 37,622,910.80 1.79

NETHERLANDS 24,688,543.26 1.18

CAYMAN ISLANDS 18,055,177.55 0.86

DENMARK 16,508,210.23 0.79

AUSTRALIA 10,915,770.21 0.52

JAPAN 9,687,849.02 0.46

CANADA 7,523,325.70 0.36

SWITZERLAND 6,932,035.99 0.33

AUSTRIA 6,854,262.00 0.33

FINLAND 5,452,785.45 0.26

ISRAEL 5,308,857.90 0.25

SINGAPORE 4,739,097.65 0.23

HONG KONG 3,469,030.78 0.17

SWEDEN 2,493,227.96 0.12

PORTUGAL 2,090,564.70 0.10

NORWAY 1,592,482.80 0.08

GREECE 1,016,083.20 0.05

NETHERLANDS ANTILLES 952,906.77 0.05

BERMUDA 601,569.77 0.03

PANAMA 302,749.63 0.01

JERSEY 181,110.00 0.01

Total investments 1,832,559,341.93 87.22

DEGROOF GLOBAL

107



DEGROOF GLOBAL ISIS HIGH AMOUNT IN EUR % TOTAL NET ASSETS

BELGIUM 100,334,732.42 25.35

LUXEMBOURG 74,295,627.69 18.76

IRELAND 39,471,582.17 9.97


GUERNSEY 16,357,018.69 4.13

FRANCE 12,710,618.13 3.21


CAYMAN ISLANDS 7,079,551.93 1.79

GERMANY 5,968,694.10 1.51

SPAIN 3,539,542.42 0.89

ITALY 3,039,533.89 0.77

NETHERLANDS 2,913,261.14 0.74

AUSTRALIA 2,852,478.49 0.72

FINLAND 1,778,819.05 0.45

SWITZERLAND 1,756,597.45 0.44

CANADA 1,514,012.92 0.38

ISRAEL 1,505,985.07 0.38

JAPAN 1,482,195.01 0.37

SWEDEN 1,059,621.88 0.27

SINGAPORE 916,523.23 0.23

HONG KONG 795,218.21 0.20

PORTUGAL 764,723.26 0.19

DENMARK 656,509.43 0.17

BERMUDA 384,953.59 0.10

NORWAY 356,391.41 0.09

NETHERLANDS ANTILLES 282,586.15 0.07

AUSTRIA 223,122.00 0.06

GREECE 139,998.00 0.04

PANAMA 78,390.53 0.02


DEGROOF GLOBAL

108



DEGROOF GLOBAL ETHICAL AMOUNT IN EUR % TOTAL NET ASSETS


FRANCE 2,975,385.21 13.70

ITALY 2,126,798.18 9.79


SPAIN 1,437,643.05 6.62

GERMANY 1,273,707.00 5.86

JAPAN 1,010,321.39 4.65

CANADA 819,745.01 3.77

BELGIUM 790,541.50 3.64

AUSTRIA 744,792.00 3.43

NETHERLANDS 603,816.40 2.78

SWITZERLAND 588,188.40 2.71

EUROPEAN ORGANISATIONS 562,490.00 2.59

AUSTRALIA 379,095.77 1.74

DENMARK 266,962.62 1.23

IRELAND 111,329.40 0.51

PORTUGAL 104,058.50 0.48

HONG KONG 56,325.17 0.26

NORWAY 41,273.36 0.19

FINLAND 36,108.00 0.17

SWEDEN 34,533.22 0.16


DEGROOF GLOBAL REACTIVE

5 WINTER (*)

AMOUNT IN EUR % TOTAL NET ASSETS

BELGIUM 36,344,157.00 40.70

LUXEMBOURG 12,881,452.00 14.42

FRANCE 9,957,988.80 11.15

GERMANY 4,994,687.59 5.59



10 SUMMER (*)


DEGROOF GLOBAL

109

BELGIUM 14,793,376.23 26.92

FRANCE 9,982,602.56 18.18

LUXEMBOURG 9,171,048.00 16.70


(*) See Note 8

DEGROOF GLOBAL

110




5 AUTUMN (*)


BELGIUM 24,348,804.16 36.48

LUXEMBOURG 9,837,544.00 14.74

FRANCE 8,970,079.91 13.44

GERMANY 4,982,540.23 7.46



10 WINTER (*)


BELGIUM 8,885,930.21 30.02

LUXEMBOURG 8,333,172.00 28.16

FRANCE 4,964,534.25 16.78


(*) See Note 8

DEGROOF GLOBAL

111

Sector allocation as at 31 March 2011



INVESTMENT FUNDS (UCIs, mutual funds) 262,416,334.49 43.18

BANKS 79,831,141.71 13.14

GOVERNMENTS 68,231,449.29 11.23

COMMERCIAL SERVICES - PUBLIC 25,878,795.00 4.26


FINANCIAL SERVICES - HOLDINGS 24,695,770.19 4.07

SECURITISATION (ABS & MBS) 17,405,816.57 2.87

TRANSPORTATION & TRAFFIC 5,365,928.17 0.88

REAL ESTATE 5,097,708.81 0.84

TELECOMMUNICATIONS 1,879,755.94 0.31

PHARMACEUTICALS - COSMETICS 1,191,607.73 0.20

INTERMEDIATE INDUSTRIALS 847,493.79 0.14

OIL & DERIVATIVES 813,686.98 0.13

ENERGY SOURCES 728,520.28 0.12

INSURANCE COMPANIES 415,926.00 0.07

CONSTRUCTION MATERIALS 383,663.46 0.06

AEROSPACE & DEFENCE 304,428.47 0.05

FOOD & HOUSEHOLD PRODUCTS 291,981.82 0.05

RETAILING 276,205.49 0.05

TEXTILES & APPAREL 246,939.44 0.04

CHEMICALS 145,444.01 0.02

AUTOMOBILES 118,176.00 0.02

BIOTECHNOLOGY 117,168.88 0.02

ELECTRONIC COMPONENTS & INSTRUMENTS 104,956.53 0.02

NON-FERROUS METALS 96,042.96 0.02

FOREST PRODUCTS & PAPER 89,933.50 0.01

MISCELLANEOUS CAPITAL GOODS 84,137.70 0.01

MISCELLANEOUS CONSUMER GOODS 81,783.91 0.01

MECHANICAL ENGINEERING 69,882.54 0.01

PUBLISHING & BROADCASTING 51,362.46 0.01

MISCELLANEOUS SERVICES 46,434.69 0.01

LEISURE & TOURISM 43,263.81 0.01

BEVERAGES & TOBACCO 26,259.30 0.00


DEGROOF GLOBAL

112




INVESTMENT FUNDS (UCIs, mutual funds) 1,118,254,381.01 53.23

GOVERNMENTS 172,183,259.07 8.20

BANKS 145,043,606.99 6.90


COMMERCIAL SERVICES - PUBLIC 51,392,183.76 2.45


OIL & DERIVATIVES 29,360,243.41 1.40


PHARMACEUTICALS &COSMETICS 24,357,665.92 1.16

SECURITISATION (ABS & MBS) 15,223,048.32 0.72

ENERGY SOURCES 13,469,696.40 0.64

REAL ESTATE 13,437,829.50 0.64

INSURANCE 10,387,426.67 0.49

RETAILING 10,155,735.88 0.48

CHEMICALS 9,736,447.84 0.46

FOOD & HOUSEHOLD PRODUCTS 9,153,098.77 0.44

IT & INTERNET 8,057,953.66 0.38

ELECTRONIC COMPONENTS & INSTRUMENTS 7,718,947.97 0.37

INTERMEDIATE INDUSTRIALS 5,643,141.72 0.27

CONSTRUCTION MATERIALS 5,533,813.39 0.26

COMPUTER HARDWARE & OFFICE ELECTRONICS 5,233,936.83 0.25

AUTOMOBILES 5,216,483.00 0.25

ELECTRIC AL & ELECTRONIC EQUIPMENT 5,136,095.03 0.24

TRANSPORTATION & TRAFFIC 4,916,610.85 0.23

MISCELLANEOUS CAPITAL GOODS 4,717,513.80 0.22

AEROSPACE & DEFENCE 4,433,769.31 0.21

TEXTILES & APPAREL 4,359,259.59 0.21

BEVERAGES & TOBACCO 3,842,191.65 0.18

MECHANICAL ENGINEERING 3,270,763.71 0.16

MISCELLANEOUS CONSUMER GOODS 2,881,052.98 0.14

PUBLISHING & BROADCASTING 2,737,277.16 0.13

ENERGY EQUIPMENT & SERVICES 2,718,714.31 0.13

LEISURE & TOURISM 2,667,117.19 0.13

BIOTECHNOLOGY 1,680,162.51 0.08

PRECIOUS METALS & MINERALS 1,432,100.68 0.07

FOREST PRODUCTS & PAPER 1,421,495.12 0.07



FARMING & FISHING 543,520.95 0.03

HEALTH CARE 485,011.62 0.02

TYRES & RUBBER 478,476.42 0.02

MISCELLANEOUS 427,253.30 0.02

PACKAGING 127,748.57 0.01


DEGROOF GLOBAL

113

DEGROOF GLOBAL

114





BANKS 7,562,347.80 1.91


OIL & DERIVATIVES 5,444,704.25 1.38



ENERGY SOURCES 3,919,562.90 0.99

REAL ESTATE 3,177,960.49 0.80

INSURANCE 2,321,509.48 0.59


GOVERNMENTS 2,127,599.14 0.54

CHEMICALS 2,051,412.78 0.52

RETAILING 1,766,425.47 0.45

IT & INTERNET 1,624,132.59 0.41

INTERMEDIATE INDUSTRIALS 1,453,099.32 0.37

ELECTRONIC COMPONENTS & INSTRUMENTS 1,313,713.93 0.33

COMPUTER HARDWARE & OFFICE ELECTRONICS 1,207,633.92 0.31

ELECTRIC AL & ELECTRONIC EQUIPMENT 1,156,723.96 0.29

AEROSPACE & DEFENCE 1,118,502.70 0.28

MISCELLANEOUS CAPITAL GOODS 1,057,040.30 0.27

TRANSPORTATION & TRAFFIC 983,128.98 0.25



LEISURE & TOURISM 692,305.77 0.17



TEXTILES & APPAREL 546,076.12 0.14



PRECIOUS METALS & MINERALS 395,792.69 0.10

FOREST PRODUCTS & PAPER 356,336.55 0.09

BIOTECHNOLOGY 324,733.09 0.08



SECURITISATION (ABS & MBS) 188,637.87 0.05

TYRES & RUBBER 169,989.02 0.04

ENERGY EQUIPMENT & SERVICES 143,988.36 0.04

HEALTH CARE 137,154.53 0.03

COMMERCIAL SERVICES - PUBLIC 122,549.50 0.03

MISCELLANEOUS 112,251.10 0.03

PACKAGING 28,179.83 0.01


DEGROOF GLOBAL

115

DEGROOF GLOBAL

116




GOVERNMENTS 5,173,755.94 23.80

BANKS 4,057,397.45 18.68



ELECTRONIC COMPONENTS & INSTRUMENTS 782,919.11 3.60

INSURANCE 638,147.94 2.94


OIL & DERIVATIVES 594,300.00 2.74

EUROPEAN ORGANISATIONS 562,490.00 2.59

COMPUTER HARDWARE & OFFICE ELECTRONICS 494,750.19 2.28

TRANSPORTATION & TRAFFIC 473,852.18 2.18

RETAILING 312,447.33 1.44

FINANCIAL SERVICES - HOLDINGS 271,989.01 1.25

ENERGY SOURCES 269,636.60 1.24



FOOD & HOUSEHOLD PRODUCTS 229,829.49 1.06


CHEMICALS 196,110.00 0.90

IT & INTERNET 194,539.98 0.90

HEALTH CARE 175,194.85 0.81


ELECTRIC AL & ELECTRONIC EQUIPMENT 144,720.00 0.67

ENERGY EQUIPMENT & SERVICES 144,098.37 0.66

INTERMEDIATE INDUSTRIALS 114,636.53 0.53

REAL ESTATE 95,137.24 0.44


OPTICAL & PHOTO 44,041.98 0.20





5 WINTER (*)


GOVERNMENTS 29,846,133.43 33.41




BEVERAGES & TOBACCO 1,996,115.08 2.23

DEGROOF GLOBAL

117



BANKS 997,188.54 1.12


(*) See Note 8

DEGROOF GLOBAL

118




10 SUMMER (*)


GOVERNMENTS 17,865,052.31 32.51





BANKS 977,074.35 1.78



5 AUTUMN (*)


GOVERNMENTS 23,908,963.14 35.82



BANKS 1,972,097.38 2.95





10 WINTER (*)


GOVERNMENTS 9,923,365.90 33.53



BANKS 977,074.35 3.30


(*) See Note 8

DEGROOF GLOBAL

119

Currency allocation as at 31 March 2011



EURO 456,487,119.49 75.13

US DOLLAR 47,004,026.07 7.74

POUND STERLING 7,643,101.01 1.26

DANISH KRONE 6,091,556.73 1.00

AUSTRALIAN DOLLAR 1,351,182.61 0.22

CANADIAN DOLLAR 1,319,665.31 0.22

SWEDISH KRONA 1,119,685.76 0.18

SINGAPORE DOLLAR 738,873.38 0.12

SWISS FRANC 655,175.92 0.11

HONG KONG DOLLAR 524,974.23 0.09

NORWEGIAN KRONE 56,529.41 0.01



EURO 1,331,582,854.85 63.36

US DOLLAR 332,936,003.58 15.85

POUND STERLING 99,613,148.99 4.74

DANISH KRONE 16,508,210.23 0.79



YEN 9,687,849.02 0.46

SWISS FRANC 6,038,850.89 0.29

SINGAPORE DOLLAR 4,734,911.90 0.23

HONG KONG DOLLAR 4,475,652.17 0.21

SWEDISH KRONA 2,493,227.96 0.12

NORWEGIAN KRONE 1,592,482.80 0.08


DEGROOF GLOBAL

120




EURO 190,427,519.66 48.11

US DOLLAR 100,379,442.73 25.35

POUND STERLING 20,716,027.09 5.23



SWISS FRANC 1,553,133.55 0.39

YEN 1,482,195.01 0.37

SWEDISH KRONA 1,059,621.88 0.27


SINGAPORE DOLLAR 915,825.60 0.23

DANISH KRONE 656,509.43 0.17




EURO 11,248,749.24 51.77

US DOLLAR 4,655,548.69 21.43

POUND STERLING 1,530,323.05 7.04

YEN 1,010,321.39 4.65

CANADIAN DOLLAR 819,745.01 3.77

SWISS FRANC 588,188.40 2.71

AUSTRALIAN DOLLAR 294,873.38 1.36

DANISH KRONE 266,962.62 1.23



SWEDISH KRONA 34,533.22 0.16



5 WINTER (*)


EURO 64,178,285.39 71.86

DEGROOF GLOBAL

121


(*) See Note 8

DEGROOF GLOBAL

122




10 SUMMER (*)


EURO 33,947,026.79 61.80



5 AUTUMN (*)


EURO 48,138,968.30 72.12



10 WINTER (*)


EURO 22,183,636.46 74.96


(*) See Note 8

DEGROOF GLOBAL

123

Change in the number of shares


DEGROOF

GLOBAL

ISIS LOW

DEGROOF

GLOBAL

ISIS MEDIUM

DEGROOF

GLOBAL

REACTIVE 5

WINTER (*)

Shares issued and

outstanding at beginning

at beginning of year Class A Cap. 2,287,078.514 6,221,933.035 444,480.256

Class B Cap. 5,948,775.962 19,449,304.378 130,183.813

Class A Dist. 189,260.000 - -

Class B Dist. 133,801.000 172,393.270 -

Shares issued during

the year Class A Cap. 4,487,628.516 4,423,935.401 1,004,705.584

Class B Cap. 1,006,417.435 2,312,794.812 336,539.642

Class A Dist. - - -

Class B Dist. 63,713.000 49,273.000 6,000.000

Shares redeemed during

the year Class A Cap. 346,624.792 549,493.308 773,786.512

Class B Cap. 4,627,049.572 5,665,261.589 235,631.094

Class A Dist. - - -

Class B Dist. 13,743.000 63,864.000 -

Shares issued and

outstanding at end

at end of year Class A Cap. 6,428,082.238 10,096,375.128 675,399.328

Class B Cap. 2,328,143.825 16,096,837.601 231,092.361

Class A Dist. 189,260.000 - -

Class B Dist. 183,771.000 157,802.270 6,000.000

DEGROOF

GLOBAL

ISIS HIGH

DEGROOF

GLOBAL

ETHICAL

DEGROOF

GLOBAL

REACTIVE 10

SUMMER (*)

Shares issued and

outstanding at beginning

at beginning of year Class A Cap. - - -

Class B Cap. 6,081,359.627 243,178.000 -

Class Dist. 78,258.000 - -

Shares issued during

the year Class A Cap. - - 592,168.000

Class B Cap. 1,118,370.975 174,550.000 75,366.665

Class Dist. 2,550.000 - 14,561.475

Shares redeemed during

the year Class A Cap. - - 120,288.000

Class B Cap. 1,092,582.185 179,568.000 14,934.000

Class Dist. 44,661.000 - 400.000

DEGROOF GLOBAL

124

Shares issued and

outstanding at end

at end of year Class A Cap. - - 471,880.000

Class B Cap. 6,107,148.417 238,160.000 60,432.665

Class Dist. 36,147.000 - 14,161.475

(*) See Note 8

DEGROOF GLOBAL

125

Change in the number of shares


DEGROOF

GLOBAL

REACTIVE 5

AUTUMN (*)

DEGROOF

GLOBAL

REACTIVE 10

WINTER (*)

Shares issued and outstanding at beginning of

year

Class A Cap. - -

Class B Cap. - -

Class B Dist. - -

Shares issued during the year

Class A Cap. 624,744.037 284,322.001

Class B Cap. 120,589.000 18,943.000

Class B Dist. - 8,980.000

Shares redeemed during the year

Class A Cap. 65,895.000 1,265.000

Class B Cap. 13,807.000 -

Class B Dist. - -

Shares issued and outstanding at end of year

Class A Cap. 558,849.037 283,057.001

Class B Cap. 106,782.000 18,943.000

Class B Dist. - 8,980.000

(*) See Note 8

DEGROOF GLOBAL

126

Dividends paid

Payment of a dividend of EUR 1.70 per Isis Low share value as at 04/09/01






Payment of a dividend of EUR 1.00 per Degroof Global Isis Low share value as at 30/08/07




Payment of a dividend of EUR 1.90 per Isis Medium share value as at 04/09/01






Payment of a dividend of EUR 1.40 per Degroof Global Isis Medium share value as at 30/08/07




Payment of a dividend of EUR 1.50 per Isis High share value as at 04/09/01






Payment of a dividend of EUR 1.40 per Degroof Global Isis High share value as at 30/08/07



DEGROOF GLOBAL

127

Changes in share capital, total net assets and share price

(by sub-fund)

SUB-FUND VALUATION

DATE

SHARES ISSUED AND OUTSTANDING TOTAL NET ASSETS

(in EUR)

SHARE PRICE

(in EUR)

DEGROOF GLOBAL ISIS

LOW

30.09.06 1,419,644.000 (Cl. A Cap.) 421.792.472,67 65.60 (Cl. A Cap.)

(in EUR) 4,977,510.000 (Cl. B Cap.) 65.58 (Cl. B Cap.)

20.000 (Cl. A Dist.) 29.46 (Cl. A Dist.)

75,769.000 (Cl. B Dist.) 29.40 (Cl. B Dist.)

31.03.07 1,530,378.000 (Cl. A Cap.) 478.057.746,56 68.11 (Cl. A Cap.)

5,451,773.000 (Cl. B Cap.) 68.08 (Cl. B Cap.)

560.000 (Cl. A Dist.) 30.60 (Cl. A Dist.)

86,966.000 (Cl. B Dist.) 30.51 (Cl. B Dist.)

30.09.07 1,701,232.000 (Cl. A Cap.) 543.448.356,16 69.07 (Cl. A Cap.)

6,124,689.000 (Cl. B Cap.) 69.03 (Cl. B Cap.)

560.000 (Cl. A Dist.) 30.01 (Cl. A Dist.)

105,900.000 (Cl. B Dist.) 29.92 (Cl. B Dist.)

31.03.08 1,817,227.000 (Cl. A Cap.) 505.830.611,53 65.00 (Cl. A Cap.)

5,928,186.000 (Cl. B Cap.) 64.94 (Cl. B Cap.)

560.000 (Cl. A Dist.) 28.24 (Cl. A Dist.)

96,718.000 (Cl. B Dist.) 28.15 (Cl. B Dist.)

30.09.08 1,908,962.000 (Cl. A Cap.) 462.291.857,08 61.71 (Cl. A Cap.)

5,528,698.000 (Cl. B Cap.) 61.64 (Cl. B Cap.)

560.000 (Cl. A Dist.) 26.07 (Cl. A Dist.)

142,111.000 (Cl. B Dist.) 25.98 (Cl. B Dist.)

31.03.09 1,816,690.690 (Cl. A Cap.) 410.629.095,78 56.59 (Cl. A Cap.)

5,390,223.335 (Cl. B Cap.) 56.52 (Cl. B Cap.)

560.000 (Cl. A Dist.) 23.91 (Cl. A Dist.)

131,207.000 (Cl. B Dist.) 23.82 (Cl. B Dist.)

30.09.09 1,995,507.514 (Cl. A Cap.) 478.232.179,75 62.99 (Cl. A Cap.)

5,549,759.901 (Cl. B Cap.) 62.89 (Cl. B Cap.)

560.000 (Cl. A Dist.) 26.11 (Cl. A Dist.)

133,848.000 (Cl. B Dist.) 26.01 (Cl. B Dist.)

31.03.10 2,287,078.514 (Cl. A Cap.) 557.883.937,09 66.74 (Cl. A Cap.)

5,948,775.962 (Cl. B Cap.) 66.62 (Cl. B Cap.)

189,260.000 (Cl. A Dist.) 27.66 (Cl. A Dist.)

133,801.000 (Cl. B Dist.) 27.55 (Cl. B Dist.)

30.09.10 2,465,664.595 (Cl. A Cap.) 595.025.740,05 67.33 (Cl. A Cap.)

6,243,980.686 (Cl. B Cap.) 67.21 (Cl. B Cap.)

189,260.000 (Cl. A Dist.) 27.71 (Cl. A Dist.)

149,169.000 (Cl. B Dist.) 27.59 (Cl. B Dist.)

31.03.11 6,428,082.238 (Cl. A Cap.) 607.505.857,72 68.22 (Cl. A Cap.)

2,328,143.825 (Cl. B Cap.) 68.09 (Cl. B Cap.)

189,260.000 (Cl. A Dist.) 28.08 (Cl. A Dist.)

183,771.000 (Cl. B Dist.) 27.94 (Cl. B Dist.)

DEGROOF GLOBAL

128


(by sub-fund)

SUB-FUND VALUATION

DATE


(in EUR)

SHARE PRICE

(in EUR)

DEGROOF GLOBAL ISIS 30.09.06 5,592,123.00

0

(Cl. A Cap.) 1,748,114,889.0

4

80.34 (Cl. A Cap.)

MEDIUM (in EUR) 16,113,094.0

00

(Cl. B Cap.) 80.32 (Cl. B Cap.)

700.000 (Cl. A

Dist.)

41.76 (Cl. A Dist.)

109,754.000 (Cl. B Dist.) 41.75 (Cl. B Dist.)

31.03.07 5,867,601.00

0

(Cl. A Cap.) 2,042,492,248.4

8

84.54 (Cl. A Cap.)

18,243,738.0

00

(Cl. B Cap.) 84.50 (Cl. B Cap.)

700.000 (Cl. A

Dist.)

43.94 (Cl. A Dist.)

11,379.000 (Cl. B Dist.) 43.92 (Cl. B Dist.)

30.09.07 5,954,003.00

0

(Cl. A Cap.) 2,263,032,271.3

3

86.83 (Cl. A Cap.)

20,068,875.0

00

(Cl. B Cap.) 86.77 (Cl. B Cap.)

700.000 (Cl. A

Dist.)

43.70 (Cl. A Dist.)

105,578.000 (Cl. B Dist.) 43.67 (Cl. B Dist.)

31.03.08 5,967,627.00

0

(Cl. A Cap.) 2.051.976.534.17 76.97 (Cl. A Cap.)

20,654,965.0

00

(Cl. B Cap.) 76.91 (Cl. B Cap.)

550.000 (Cl. A

Dist.)

38.74 (Cl. A Dist.)

106,068.000 (Cl. B Dist.) 38.70 (Cl. B Dist.)

30.09.08 5,990,481.00

0

(Cl. A Cap.) 1,855,295,650.9

1

69.87 (Cl. A Cap.)

20,521,773.2

37

(Cl. B Cap.) 69.80 (Cl. B Cap.)

700.000 (Cl. A

Dist.)

34.20 (Cl. A Dist.)

126,944.000 (Cl. B Dist.) 34.16 (Cl. B Dist.)

31.03.09 5,455,696.00

0

(Cl. A Cap.) 1,405,412,816.7

5

58.57 (Cl. A Cap.)

18,485,307.3

50

(Cl. B Cap.) 58.50 (Cl. B Cap.)

700.000 (Cl. A

Dist.)

28.67 (Cl. A Dist.)

154,015.000 (Cl. B Dist.) 28.63 (Cl. B Dist.)

30.09.09 5,624,956.71

9

(Cl. A Cap.) 1,739,573,035.8

2

70.31 (Cl. A Cap.)

19,062,973.4

78

(Cl. B Cap.) 70.21 (Cl. B Cap.)

700.000 (Cl. A

Dist.)

33.66 (Cl. A Dist.)

168,642.000 (Cl. B Dist.) 33.60 (Cl. B Dist.)

31.03.10 6,221,933.03

5

(Cl. A Cap.) 1,963,645,489.1

1

76.34 (Cl. A Cap.)

19,449,304.3

78

(Cl. B Cap.) 76.22 (Cl. B Cap.)

172,393.270 (Cl. B Dist.) 36.48 (Cl. B Dist.)

30.09.10 6,257,078.88

0

(Cl. A Cap.) 1,957,340,270.3

4

77.16 (Cl. A Cap.)

19,061,288.3

53

(Cl. B Cap.) 77.02 (Cl. B Cap.)

175,140.270 (Cl. B Dist.) 36.77 (Cl. B Dist.)

31.03.11 10,096,375.1

28

(Cl. A Cap.) 2,101,003,929.7

1

80.08 (Cl. A Cap.)

16,096,837.6

01

(Cl. B Cap.) 79.92 (Cl. B Cap.)

157,802.270 (Cl. B Dist.) 38.15 (Cl. B Dist.)

DEGROOF GLOBAL

129


(by sub-fund)

SUB-FUND VALUATION

DATE


(in EUR)

SHARE PRICE

(in EUR)

DEGROOF GLOBAL ISIS 31.03.08 5,284,591.00

0

(Cap.) 338,737,639.29 63.83 (Cap.)

HIGH (in EUR) 38,024.000 (Dist.) 37.43 (Dist.)

30.09.08 5,702,917.00

0

(Cap.) 317,242,918.30 55.41 (Cap.)

40,035.000 (Dist.) 31.54 (Dist.)

31.03.09 5,188,746.00

0

(Cap.) 220,997,897.24 42.25 (Cap.)

72,861.000 (Dist.) 24.05 (Dist.)

30.09.09 5,805,749.73

4

(Cap.) 317,297,151.19 54.27 (Cap.)

73,311.000 (Dist.) 30.23 (Dist.)

31.03.10 6,081,359.62

7

(Cap.) 368,659,631.90 60.19 (Cap.)

78,258.000 (Dist.) 33.53 (Dist.)

30.09.10 5,816,406.38

5

(Cap.) 352,989,276.18 60.26 (Cap.)

74,326.000 (Dist.) 33.57 (Dist.)

31.03.11 6,107,148.41

7

(Cap.) 395,930,284.99 64.62 (Cap.)

36,147.000 (Dist.) 36.00 (Dist.)

DEGROOF GLOBAL 31.03.08 340,839.000 (Cap.) 31,808,562.78 93.32 (Cap.)

ETHICAL 30.09.08 253,590.000 (Cap.) 21,386,370.80 84.33 (Cap.)

(in EUR) 31.03.09 243,451.000 (Cap.) 15,994,023.27 65.70 (Cap.)

30.09.09 240,786.000 (Cap.) 20,179,333.02 83.81 (Cap.)

31.03.10 243,178.000 (Cap.) 22,417,458.62 92.19 (Cap.)

30.09.10 290,450.000 (Cap.) 26,419,689.95 90.96 (Cap.)

31.03.11 238,160.000 (Cap.) 21,724,791.85 91.22 (Cap.)

DEGROOF GLOBAL 03.02.10

(*)

188,198.00 (Cl. A Cap.) 22,491,300.00 100.00 (Cl. A Cap.)

REACTIVE 5 Winter

(**)

26,715.00 (Cl. B Cap.) 100.00 (Cl. B Cap.)

(in EUR) 31.03.10 444,480.256 (Cl. A Cap.) 59,654,522.25 103.81 (Cl. A Cap.)

130,183.813 (Cl. B Cap.) 103.80 (Cl. B Cap.)

30.09.10 948,319.256 (Cl. A Cap.) 124,313,769.37 101.67 (Cl. A Cap.)

274,445.916 (Cl. B Cap.) 101.64 (Cl. B Cap.)

31.03.11 675,399.328 (Cl. A Cap.) 89,315,815.64 97.89 (Cl. A Cap.)

231,092.361 (Cl. B Cap.) 97.85 (Cl. B Cap.)

6,000.000 (Cl. B Dist.) 97.84 (Cl. B Dist.)


(*)

299,604.000 (Cl. A Cap.) 32,438,100.00 100.00 (Cl. A Cap.)

REACTIVE 10 Summer

(**)

23,702.000 (Cl. B Cap.) 100.00 (Cl. B Cap.)

(in EUR) 1,075.000 (Cl. B Dist.) 100.00 (Cl. B Dist.)

30.09.10 412,075.000 (Cl. A Cap.) 46,922,793.86 99.89 (Cl. A Cap.)

51,320.665 (Cl. B Cap.) 99.88 (Cl. B Cap.)

6,375.000 (Cl. B Dist.) 99.87 (Cl. B Dist.)

31.03.11 471,880.000 (Cl. A Cap.) 54,923,648.90 100.51 (Cl. A Cap.)

60,432.665 (Cl. B Cap.) 100.48 (Cl. B Cap.)

14,161.475 (Cl. B Dist.) 100.48 (Cl. B Dist.)

(*) Date of payment of initial subscription

DEGROOF GLOBAL

130

(**) See Note 8

DEGROOF GLOBAL

131


(by sub-fund)

SUB-FUND VALUATION

DATE


(in EUR)

SHARE PRICE

(in EUR)


(*)

265,247.000 (Cl. A Cap.) 32,216,900.00 100.00 (Cl. A Cap.)

REACTIVE 5 AUTUMN (**) 56,922.000 (Cl. B Cap.) 100.00 (Cl. B Cap.)

(in EUR) 31.03.11 558,849.037 (Cl. A Cap.) 66,747,906.59 100.28 (Cl. A Cap.)

106,782.000 (Cl. B Cap.) 100.26 (Cl. B Cap.)


(*)

160,061.000 (Cl. A Cap.) 17,094,700.00 100.00 (Cl. A Cap.)

REACTIVE 10 WINTER

(**)

6,456.000 (Cl. B Cap.) 100.00 (Cl. B Cap.)

(in EUR) 4,430.000 (Cl. B Dist.) 100.00 (Cl. B Dist.)

31.03.11 283,057.001 (Cl. A Cap.) 29,591,269.62 95.16 (Cl. A Cap.)

18,943.000 (Cl. B Cap.) 95.13 (Cl. B Cap.)

8,980.000 (Cl. B Dist.) 95.14 (Cl. B Dist.)

(*) Date of payment of initial subscription

(**) See Note 8

DEGROOF GLOBAL

132

Notes to the financial statements


NOTE 1 – ACCOUNTING PRINCIPLES AND METHODS

a) Valuation of securities investments and derivative instruments

Securities listed on a recognised stock exchange are valued at their closing

price on 31 March 2011 (the "Valuation Date"). If they are traded on more

than one market, the closing price on the primary market will be used.

The value of securities traded on any other regulated market offering

comparable safeguards is based on their last available price on the Valuation

Date.

Securities investments which, on the Valuation Date, are not traded or listed

on a stock exchange or any other regulated market, or which are traded or

listed on such stock exchange or regulated market but their price, determined

as described above, is not representative of their actual value, are measured

at their probable realisable value estimated prudently and in good faith.

Securities not listed on a regulated market or whose listed price is not

representative of their actual value are measured at their last known market

value or, in the absence of a market value, at their probable realisable

selling price based on valuation criteria deemed prudent by the Board of

Directors.

The value of derivative instruments (futures) that are traded or listed on a

stock exchange or on a regulated market is determined on the basis of their

last settlement price on 31 March 2011 on the stock exchange or regulated

market on which the said instruments are traded. In the event that one or

more of the aforementioned derivative instruments cannot be settled on the

day taken into account in determining the applicable values, the value of

such derivative instrument(s) is determined in a prudent and reasonable

manner by the Board of Directors.

The shares or units of UCIs are measured at their last available net asset

value.

Money market instruments and other fixed income securities with a

remaining maturity of less than three months are recognised at amortised

cost. If a market price for such securities is available, their value determined

as described above is compared periodically with the market price and, in

the event of a notable difference, the Board of Directors may adjust the value

accordingly.

DEGROOF GLOBAL

133

b) Net realised gains (losses) on securities

Net realised gains or losses on sales of securities are determined on the average

acquisition cost basis.

c) Foreign currency translation

The Company's reporting currency is the euro. Cash at bank, other net assets

and the stock market prices of securities investments denominated in

currencies other than the euro are translated into euro using the average

exchange rates in effect on the reporting date (see Note 2).

Income and expenses denominated in currencies other than the euro are

translated at the exchange rates prevailing on the date of payment.

d) Acquisition cost of securities investments

For securities denominated in currencies other than the Company’s reporting

currency, the acquisition cost is calculated on the basis of the exchange rate

in effect on the date of acquisition.

e) Change in unrealised gains or losses

In compliance with the applicable regulations, the change in unrealised

gains or losses at the end of the reporting period is included in the statement

of operations.

DEGROOF GLOBAL

134


for the year ended 31 March 2011 (continued)

NOTE 1 - ACCOUNTING PRINCIPLES AND METHODS (continued)

f) Income, expenses and related accruals

Interest is accrued daily and dividends are recognised on the ex-dividend

date. Interest and other income is recorded net of irrecoverable withholding

tax.

Expenses that can be directly attributable to a specific sub-fund are

allocated to that sub-fund. Expenses not attributable to a specific sub-fund

are spread among the various sub-funds in proportion to the net asset value

of each sub-fund.

g) Valuation of forward foreign exchange contracts

Forward foreign exchange contracts are measured using the last available

forward rate on the Valuation Date.

h) Changes in sub-funds’ securities investments

The statement of changes in sub-funds’ securities investments is available free

of charge at the Company’s registered office.

NOTE 2 - EXCHANGE RATES AS AT 31 MARCH 2011

1 EUR = 1.37225 AUD 1 EUR = 11.03805 HKD

1 EUR = 1.38045 CAD 1 EUR = 117.6150

5

JPY

1 EUR = 1.29830 CHF 1 EUR = 7.85010 NOK

1 EUR = 7.45610 DKK 1 EUR = 8.95225 SEK

1 EUR = 0.88530 GBP 1 EUR = 1.78880 SGD

1 EUR = 1.41910 USD

NOTE 3 - TAXES AND OTHER EXPENSES PAYABLE

Management fees (Note 4) EUR 1,151,079.52

Advisory fees (Note 4) EUR 7,567.25

Distribution fees (Note 4) EUR 5,833,270.43

Performance fees (Note 4) EUR 109,301.29

Subscription tax (Note 5) EUR 272,404.19

Custodian fees EUR 132,636.09

DEGROOF GLOBAL

135

Other expenses EUR 102,947.76

Total EUR 7,609,206.53

NOTE 4 - MANAGEMENT, ADVISORY, DISTRIBUTION AND PERFORMANCE

FEES

The Management Company pays to the Manager, at the Company's cost,

remuneration consisting of an annual fee, payable quarterly and calculated

based on the average net asset value of the sub-fund concerned:

Degroof Global ISIS Low 0.20% with a minimum of EUR

60,000

Degroof Global ISIS Medium 0.20% with a minimum of EUR

60,000

Degroof Global ISIS High 0.20% with a minimum of EUR

60,000

Degroof Global Reactive 5 Winter 0.20% with a minimum of EUR

60,000

Degroof Global Reactive 10 Summer 0.20% with a minimum of EUR

60,000

Degroof Global Reactive 5 Autumn 0.20% with a minimum of EUR

60,000

Degroof Global Reactive 10 Winter 0.20% with a minimum of EUR

60,000

Degroof Global Ethical 0.40% with a minimum of EUR

60,000, less the fees due to FORUM

ETHIBEL A.S.B.L. as described below

DEGROOF GLOBAL

136



NOTE 4 - MANAGEMENT, ADVISORY, DISTRIBUTION AND PERFORMANCE

FEES (CONTINUED)

The Manager also receives from the Degroof Global Reactive 5 Winter, Degroof

Global Reactive 10 Summer, Degroof Global Reactive 5 Autumn and Degroof

Global Reactive 10 Winter sub-funds, via the Management Company, a

performance fee equal to 5% of the increase in the net asset value (NAV) per

share before calculating the performance fee, relative to a baseline NAV per

share. The baseline NAV per share is the highest ever NAV, after performance

fee, previously achieved by the sub-fund concerned.

The performance fee is accrued each time the NAV is calculated, based on the

number of sub-fund shares issued and outstanding at the Valuation Date.

The amount accrued is paid to the Manager at the end of each quarter.

The Investment Advisor for Degroof Global Ethical, FORUM ETHIBEL A.S.B.L.,

receives a fee at the end of each quarter based on the following annual rates

applied to the average net assets of the sub-fund during the quarter under

review:

- For the portion of the portfolio invested in securities other than sovereign

bonds

- for the first EUR 50 million of the average net assets: 0.15%,

- for average net assets exceeding EUR 50 million: 0.05%.

- For the portion of the portfolio invested in sovereign bonds

- for the first EUR 25 million of the average net assets: 0.10%,

- for average net assets between EUR 25 million and EUR 50 million:

0.05%,

- for average net assets exceeding EUR 50 million: 0.03%.

The minimum and maximum fees per quarter are set at EUR 9,500 and EUR

25,000, respectively.

The Management Company pays to the distributors, at the Company's cost,

remuneration consisting of an annual fee, payable quarterly and calculated

based on the number of shares attributable to the distributor concerned:

Degroof Global ISIS Low 0.70% for Class A and Class

B

Degroof Global ISIS Medium 0.70% for Class A and Class

DEGROOF GLOBAL

137

B

Degroof Global ISIS High 0.70%

Degroof Global Reactive 5 Winter 0.70% for Class A and Class

B

Degroof Global Reactive 10 Summer 0.70% for Class A and Class

B

Degroof Global Reactive 5 Autumn 0.70% for Class A and Class

B

Degroof Global Reactive 10 Winter 0.70% for Class A and Class

B

Degroof Global Ethical 1.00%

NOTE 5 - SUBSCRIPTION TAX ("TAXE D'ABONNEMENT") IN LUXEMBOURG

AND BELGIUM

The Company is governed by the tax laws of Luxembourg.

Under the law and regulations currently applicable in Luxembourg, the

Company is subject to a subscription tax at an annual rate of 0.05%, payable

quarterly and calculated based on the net assets of the Company at the end of

each quarter (0.01% for net assets attributable to Class A shares, this class

being reserved for institutional investors).

In addition, as the Company is registered in Belgium, it is subject to tax at an

annual rate of 0.08%, which is calculated, for 2010 based on the value of

shares distributed in Belgium calculated as at 31 December 2009, and for

2011 based on the value of shares distributed in Belgium calculated as at 31

December, 2010.

DEGROOF GLOBAL

138



NOTE 6 - FORWARD COMMITMENTS

As at 31 March 2011, DEGROOF GLOBAL had the following forward

commitments:

a) Forward transactions

Degroof Global ISIS Low:

CURRENC

Y

NUMBER OF

CONTRACTS

DESCRIPTION VALUE

31.03.2011

(IN CURR.)

UNREALISED GAIN OR

LOSS (IN EUR)

COMMITMENT

(IN CURR.)

AUD 24 SPI 200 JUNE 2011 4,865.00 140,644.93 2,919,000.00

CAD 31 TSX COMPOSITE INDEX

JUNE 2011

807.30 112,551.70 5,005,260.00

CHF 18 SMI INDEX JUNE 2011 6,260.00 35,631.21 1,126,800.00

EUR (17) BUND JUNE 2011 121.28 5,780.00 2,061,760.00

EUR 98 BOBL JUNE 2011 114.57 (8,820.00) 11,227,860.00

EUR 8 MIB 30 JUNE 2011 21,353.00 18,745.00 854,120.00

EUR 15 DAX JUNE 2011 7,078.50 139,200.00 2,654,437.00

EUR 13 AEX APRIL 2011 364.10 43,810.00 946,660.00

EUR 4 IBEX 35 INDEX APRIL 2011 10,568.00 7,960.00 422,720.00

EUR 43 CAC 40 JUNE 2011 3,882.00 82,695.00 1,669,260.00

GBP 46 FOOTSIE JUNE 2011 5,884.50 176,663.28 2,706,870.00

HKD 4 HANG SENG APRIL 2011 23,515.00 9,530.67 4,703,000.00

USD 14 SP 500 INDEX JUNE 2011 1,321.00 125,290.68 4,623,500.00

JPY (9) TOPIX JUNE 2011 866.00 (28,312.70) 77,940,000.00

TOTAL 861,369.77

Degroof Global ISIS Medium:

CURRENC

Y

NUMBER OF

CONTRACTS

DESCRIPTION VALUE

31.03.2011

(IN CURR.)

UNREALISED GAIN OR

LOSS (IN EUR)

COMMITMENT

(IN CURR.)

AUD 146 SPI 200 JUNE 2011 4,865.00 851,156.86 17,757,250.00


JUNE 2011

807.30 649,895.32 28,901,340.00

DEGROOF GLOBAL

139

EUR 35 BUND JUNE 2011 121.28 (11,200.00) 4,244,800.00

EUR 133 DAX JUNE 2011 7,078.50 1,276,712.50 23,536,012.50

EUR 413 EURO BOBL JUNE 2011 114.57 (37,170.00) 47,317,410.00

EUR 107 AEX APRIL 2011 364.10 360,590.00 7,791,740.00

EUR 9 IBEX 35 INDEX APRIL 2011 10,568.00 41,805.00 951,120.00

EUR 29 MIB 30 JUNE 2011 21,353.00 105,935.00 3,096,185.00

EUR 347 CAC 40 JUNE 2011 3,882.00 689,935.00 13,470,540.00

GBP 41 FOOTSIE JUNE 2011 5,884.50 157,460.75 2,412,645.00


JPY 192 TOPIX JUNE 2011 866.50 (1,142,838.44) 1,662,720,000.0

0

USD 2 SP 500 INDEX JUNE 2011 1,321.00 17,898.67 660,500.00

USD -10 TREASURY NOTES JUNE 2011 120.1875 (440.42) 1,201,875.00

TOTAL 3,159,467.55

DEGROOF GLOBAL

140



NOTE 6 - FORWARD COMMITMENTS (continued)

a) Forward transactions (continued)

Degroof Global ISIS High:

CURRENC

Y

NUMBER OF

CONTRACTS

DESCRIPTION VALUE

31.03.2011

(IN CURR.)

UNREALISED GAIN OR

LOSS (IN EUR)

COMMITMENT

(IN CURR.)

AUD 51 SPI 200 JUNE 2011 4,865.00 301,038.44 6,202,875.00


JUNE 2011

807.30 196,057.81 8,718,840.00

CHF 7 SMI INDEX JUNE 2011 6,260.00 13,856.58 438,200.00

EUR 28 MIB 30 JUNE 2011 21,353.00 107,670.00 2,989,420.00

EUR 84 DAX JUNE 2011 7,078.50 848,762.50 14,864,850.00

EUR 66 AEX APRIL 2011 364.10 222,420.00 4,806,120.00

EUR 48 IBEX 35 INDEX APRIL 2011 10,568.00 222,960.00 5,072,640.00

EUR 361 CAC 40 JUNE 2011 3,882.00 844,075.00 14,014,020.00

GBP 36 FOOTSIE JUNE 2011 5,884.50 138,258.22 2,118,420.00


JPY 77 TOPIX JUNE 2011 866.00 (461,548.08) 666,820,000.00

USD 5 NASDAQ 100 INDEX JUNE

2011

2,336.25 38,246.07 1,168,125.00

TOTAL 2,505,493.62

Degroof Global Reactive 5 Winter:

CURRENC

Y

NUMBER OF

CONTRACTS

DESCRIPTION VALUE

31.03.2011

(IN CURR.)

UNREALISED GAIN OR

LOSS (IN EUR)

COMMITMENT

(IN CURR.)

AUD 6 SPI 200 JUNE 2011 4,865.00 1,748.95 729,750.00

AUD 24 AUSTRALIAN BONDS JUNE

2011

94.55 0.00 2,269,200.00

CAD 22 TSX JUNE 2011 807.30 37,074.87 3,552,120.00

EUR 154 EUROSTOXX 50 JUNE 2011 2,844.00 (23,100.00) 4,379,760.00

GBP 74 FOOTSIE JUNE 2011 5,884.50 (17,553.37) 4,354,530.00

USD 219 SP 500 EMINI JUNE 2011 1,321.00 337,136.21 14,464,950.00

DEGROOF GLOBAL

141

TOTAL 335,306.66

DEGROOF GLOBAL

142




a) Forward transactions (continued)

Degroof Global Reactive 10 Summer:

CURRENC

Y

NUMBER OF

CONTRACTS

DESCRIPTION VALUE

31.03.2011

(IN CURR.)

UNREALISED GAIN OR

LOSS (IN EUR)

COMMITMENT

(IN CURR.)

AUD 4 SPI 200 JUNE 2011 4,865.00 1,165.97 486,500.00


2011

94.55 0.00 1,418,250.00

CAD 22 TSX JUNE 2011 807.30 79,875.40 3,552,120.00

CAD 1 CANADIAN BONDS JUNE

2011

120.00 (970.70) 120,000.00


GBP 44 FOOTSIE JUNE 2011 5,884.50 (10,397.61) 2,589,180.00

USD 202 SP 500 EMINI JUNE 2011 1,321.00 324,899.58 13,342,100.00

TOTAL 380,922.64

Degroof Global Reactive 5 Autumn:

CURRENC

Y

NUMBER OF

CONTRACTS

DESCRIPTION VALUE

31.03.2011

(IN CURR.)

UNREALISED GAIN OR

LOSS (IN EUR)

COMMITMENT

(IN CURR.)

AUD 5 SPI 200 JUNE 2011 4,865.00 1,457.46 608,125.00


2011

94.55 0.00 1,701,900.00

CAD 16 TSX JUNE 2011 807.30 58,091.20 2,583,360.00


2011

120.00 (970.70) 120,000.00


GBP 54 FOOTSIE JUNE 2011 5.884,50 (12,809.22) 3,177,630.00

USD 158 SP 500 EMINI JUNE 2011 1,321.00 295,782.54 10,435,900.00

TOTAL 324,901.28

DEGROOF GLOBAL

143


CURRENC

Y

NUMBER OF

CONTRACTS

DESCRIPTION VALUE

31.03.2011

(IN CURR.)

UNREALISED GAIN OR

LOSS (IN EUR)

COMMITMENT

(IN CURR.)

AUD 2 SPI 200 JUNE 2011 4,865.00 655.86 243,250.00


2011

94.55 0.00 756,400.00

CAD 12 TSX JUNE 2011 807.30 43,568.40 1,937,520.00


2011

120.00 (970.70) 120,000.00


GBP 26 FOOTSIE JUNE 2011 5,884.50 (6,020.56) 1,529,970.00

USD 118 SP 500 EMINI JUNE 2011 1,321.00 243,217.53 7,793,900.00

TOTAL 272,500.53

DEGROOF GLOBAL

144




b) Forward foreign exchange contracts:

Degroof Global ISIS Low:

MATURITY CURRENCY

PURCHASE /

SALE

NOMINAL PURCHASED NOMINAL SOLD EXCHANGE RATE UNREALISED GAIN

OR LOSS (IN EUR)

09/09/11 EUR / JPY 6,697,237.68 750,000,000 0.00855 281,404.00

Gain 281,404.00

Degroof Global ISIS Medium:

MATURITY CURRENCY

PURCHASE /

SALE


OR LOSS (IN EUR)

09/09/11 EUR / JPY 38,425,381.19 4,300,000,000 0.00855 1,641,268.12

Gain 1,641,268.12

Degroof Global ISIS High:

MATURITY CURRENCY

PURCHASE /

SALE


OR LOSS (IN EUR)

09/09/11 EUR / JPY 10,185,282.15 1,140,000,000 0.00855 433,214.97

Gain 433,214.97


DEGROOF GLOBAL

145

MATURITY CURRENCY

PURCHASE /

SALE


OR LOSS (IN EUR)

29/04/11 EUR / USD 955,535.74 1,350,000.00 0.70510 3,646.26

29/04/11 EUR / USD 305,230.80 430,000.00 0.70510 2,036.37

29/04/11 EUR / GBP 250,772.26 220,000.00 1.13001 2,169.09

Gain 7,851.72

DEGROOF GLOBAL

146




b) Forward foreign exchange contracts (continued):

Degroof Global Reactive 10 Summer:

MATURITY CURRENCY

PURCHASE /

SALE


OR LOSS (IN EUR)

29/04/11 EUR / USD 976,769.86 1,380,000.00 0.70510 3,727.28

29/04/11 EUR / CAD 131,531.83 180,000.00 0.72448 1,125.69

29/04/11 EUR / GBP 153,882.98 135,000.00 1.13001 1,331.04

29/04/11 EUR / USD 354,919.54 500,000.00 0.70510 2,367.88

Gain 8,551.89

Degroof Global Reactive 5 Autumn:

MATURITY CURRENCY

PURCHASE /

SALE


OR LOSS (IN EUR)

29/04/11 EUR / USD 707,804.25 1,000,000.00 0.70510 2,700.93

29/04/11 EUR / GBP 188,079.20 165,000.00 1.13001 1,626.83

29/04/11 EUR / USD 255,542.07 360,000.00 0.70510 1,704.87

Gain 6,032.63


MATURITY CURRENCY

PURCHASE /

SALE


OR LOSS (IN EUR)

29/04/11 EUR / USD 509,619.06 720,000.00 0.70510 1,944.67

29/04/11 EUR / CAD 65,765.92 90,000.00 0.72448 562.85

29/04/11 EUR / GBP 91,189.91 80,000.00 1.13001 788.76

29/04/11 EUR / USD 194,656.55 270,000.00 0.70510 1,278.65

DEGROOF GLOBAL

147

Gain 4,574.93

NOTE 7 - SECURITIES LENDING

The Company may lend securities through a standardised lending system

organised by a recognised securities clearing institution or by a leading

financial institution specialised in such transactions.

As at 31 March 2011, Degroof Global had EUR 37,321,624.13 in securities

lent, for which it had received collateral in the form of sovereign German,

French and Dutch bonds.

DEGROOF GLOBAL

148



NOTE 8 - SIGNIFICANT EVENTS DURING THE REPORTING PERIOD

On 14 July 2010, the Board of Directors decided to launch a new sub-fund

called Degroof Global Reactive Allocation 10. This sub-fund differs from

Degroof Global Reactive Allocation only in its investment objective, which is

to limit the annual maximum loss to 10% (compared to 5% for the existing

sub-fund). The new sub-fund aims to provide the highest possible returns

while offsetting losses when the markets fall by 10% relative to the highest net

asset value achieved by the sub-fund during a calendar year. This objective

may in no event be construed as a guarantee; the objective may not be

achieved. The sub-fund’s net asset value was first determined on 5 August

2010.

The Board of Directors also decided to change the name of the Degroof Global

Reactive Allocation sub-fund to Degroof Global Reactive Allocation 5 with

effect from 5 August 2010 and subsequently to Degroof Global Reactive 5

Winter with effect from 31 March 2011.

The Board of Directors decided to change the name of the Degroof Global

Reactive Allocation 10 sub-fund to Degroof Global Reactive 10 Summer with

effect from 31 March 2011.

On 6 September 2010, the Board of Directors decided to launch a new sub-

fund called Degroof Global Reactive 5 Autumn. This sub-fund has the same

investment policy, the same management approach and the same pricing as

Degroof Global Reactive 5 Winter, except that the annual period for the

capital protection objective of 5% is from 1 October to 30 September instead of

a calendar year. The sub-fund’s net asset value was first determined on 7

October 2010.

On 30 December 2010, the Board of Directors decided to launch a new sub-

fund called Degroof Global Reactive 10 Winter. The investment policy is

similar to that of other Reactive sub-funds. However, the investment objective

differs in terms of the capital protection period (annual period ending 31

December) and level (10%).

NOTE 9 - OTHER INCOME

DEGROOF GLOBAL

149

Other income consists of management fees retroceded by some of the target

funds in which Degroof Global invests.

NOTE 10 - EVENTS AFTER THE REPORTING PERIOD

On 7 April 2011, the Board of Directors decided to launch two new sub-

funds called Degroof Global Reactive 5 Spring and Degroof Global Reactive

10 Spring. Their investment policy is similar to that of other Reactive sub-

funds. However, the investment objective differs in terms of the capital

protection period (annual period ending 31 March) and level (5% for the first

sub-fund and 10% for the second).

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