hsbc global investment funds · important notice for singapore shareholders ... didier deleage...

Unaudited Semi-Annual Report for the period from 1 April 2010 to 30 September 2010

HSBC Global Investment Funds

Important Notice for Singapore Shareholders These Interim Reports of HSBC Global Investment Funds (“the Company”) cover the complete range of sub-funds in the Company, which are available for distribution in various jurisdictions. Singapore shareholders are advised that the Monetary Authority of Singapore has only registered the following sub-funds of the Company for distribution in Singapore pursuant to the Securities and Futures Act: Recognised Schemes 1. HSBC GIF Asia ex Japan Equity 2. HSBC GIF Asia Pacific ex Japan Equity High Dividend 3. HSBC GIF Asia ex Japan Equity Smaller Companies 4. HSBC GIF Brazil Equity 5. HSBC GIF BRIC Equity 6. HSBC GIF Chinese Equity 7. HSBC GIF Climate Change 8. HSBC GIF Commodity Trends Tracker 9. HSBC GIF Emerging Wealth 10. HSBC GIF Euroland Equity 11. HSBC GIF Euroland Equity Smaller Companies 12. HSBC GIF European Equity 13. HSBC GIF Global Core Plus Bond 14. HSBC GIF Global Emerging Markets Bond 15. HSBC GIF Global Emerging Markets Equity 16. HSBC GIF Global Equity 17. HSBC GIF Global High Income Bond 18. HSBC GIF Indian Equity 19. HSBC GIF Japanese Equity 20. HSBC GIF Korean Equity 21. HSBC GIF Middle East and North Africa Equity 22. HSBC GIF Russia Equity 23. HSBC GIF Singapore Equity 24. HSBC GIF Thai Equity 25. HSBC GIF Taiwan Equity 26. HSBC GIF Turkey Equity 27. HSBC GIF US Equity

Restricted Schemes* 1. HSBC GIF Hong Kong Equity 2. HSBC GIF New World Income 3. HSBC GIF UK Equity * Restricted Schemes may only be offered, whether directly or indirectly, to persons in Singapore that are: (i) an institutional investor defined under Section 304 of the Securities and Futures Act (“SFA”) in accordance with the conditions specified in that section; or (ii) a person who acquires the Units as principal at a consideration of not less than S$200,000 (or its equivalent in foreign currency) in accordance with Section 305 of the SFA; or (iii) an accredited investor or a person within the meaning of “relevant person” defined under Section 305 of the SFA in accordance with the conditions specified in that section. Units subscribed to or purchased by any such permitted persons in Singapore shall not be transferred except as permitted by Section 305A of the SFA. This document is prepared for general information purpose only and the opinions expressed are subject to change without notice. The opinions expressed herein should not be considered to be a recommendation by HSBC Global Asset Management (Singapore) Limited to any reader of this material to buy or sell securities, commodities, currencies or other investments referred to herein. It is published for information only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors may wish to seek advice from a financial advisor before purchasing units in the fund. In the event that the investor chooses not to seek advice from a financial advisor, he should consider whether the fund in question is suitable for him. The past performance of any fund and the manager and any economic and market trends/forecast are not necessarily indicative of the future or likely performance of the fund. Value of investment and units may go down as well as up, and the investor may not get back the original sum invested. Investors and potential investors should read the Singapore prospectus (including the risk warnings) which is available at http://www.assetmanagement.hsbc.com/sg or our authorised distributors, before investing. Changes in rates of currency exchange may affect significantly the value of the investment.

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Unaudited semi-annual report for the period from 1 April 2010 to 30 September 2010

Société d’Investissement à Capital Variable (SICAV), Luxembourg

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Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland or from

Switzerland. HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal representative of the Company in Switzerland and the Company’s paying agent. The Prospectus, simplified Prospectuses, articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Company’s representative in Switzerland.

Information concerning the distribution of shares of HSBC Global Investment Funds in Germany or from Germany.

HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legal representative of the Company in Germany and the Company’s paying agent. The Prospectus, simplified Prospectuses, articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt AG. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Company’s representative in Germany.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.

Unaudited semi-annual report for the period from 1 April 2010 to 30 September 2010

Table of Contents

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Board of Directors 4 Management and Administration 5 Directors’ Report 8 Statement of Net Assets as at 30 September 2010 22 Key Figures as at 30 September 2010 32 Statement of Operations and Changes in Net Assets 56 Notes to the Financial Statements 66 Comparative Table of Net Assets 142 Portfolio of Investments and Other Net Assets 158 Currency Conversion Table 292 Dealing Days of the Fund 293 Holiday calendar 294

Board of Directors

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BOARD OF DIRECTORS OF THE COMPANY Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. James Boucher, Managing Director, HSBC Bank (Mauritius) Limited 6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius (appointed on 30 April 2010). Thies Clemenz, Chief Operating Officer, HSBC Global Asset Management (Deutschland) GmbH Königsallee 21/23, D-40212 Düsseldorf, Germany. David Dibben, Chief Operating Officer - Global Funds, HSBC Global Asset Management Limited 8 Canada Square, London E14 5HQ, United Kingdom (resigned on 30 July 2010). George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited 8 Canada Square, London E14 5HQ, United Kingdom. David Silvester, Head of Global Product Management, HSBC Global Asset Management Limited 8 Canada Square, London E14 5HQ, United Kingdom. Sylvie Vigneaux, Head of Regulatory and Wealth Engineering, HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Edgar Ng, Director, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building, 1 Queen's Road Central, Hong Kong.

Management and Administration

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Registered Office

16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. R.C.S. Luxembourg N° B-25087 Management Company

HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Custodian, Administration Agent, Transfer Agent and Central Paying Agent

RBC Dexia Investor Services Bank S.A. 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg. Investment Advisers

Halbis Capital Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Halbis Capital Management (Hong Kong) Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong. Halbis Capital Management (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. Halbis Capital Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Sinopia Asset Management, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Sinopia Asset Management (Asia Pacific) Limited, Level 22, HSBC Main Building, 1 Queen’s Road Central, Hong Kong. Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany. HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Global Asset Management (Singapore) Limited, 21 Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore. HSBC Global Asset Management (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. HSBC Bank Brazil SA - Banco Múltiplo, Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil. HSBC Portfoy Yonetimi A.S., Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey.

Management and Administration (continued)

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Share Distributors

Global Distributor HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Austria and Eastern Europe Distributor HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany. Hong Kong Representative and Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong. United Kingdom Representative and Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Republic of Ireland Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Republic of Ireland Representative HSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland. Jersey Representative and Distributor HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands. Singapore Representative and Distributor HSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore. Swiss Representative and Paying Agent in Switzerland HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland. Korea Representative and Distributor HSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea. Distributor for Continental Europe HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Management and Administration (continued)

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Paying Agent in Hong Kong

The Hong Kong and Shanghai Banking Corporation Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong. Representative and Paying Agent in Poland

HSBC Bank Polska S.A., PL, Pilsudskiego 2,00-073, Warsaw, Poland. Auditor KPMG Audit S. à r. l. 9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg. Legal Adviser Elvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.

Directors’ Report

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Directors’ Comments

The Directors present the Semi-Annual Report and Accounts for HSBC Global Investment Funds for period ending 30 September 2010.

HSBC GIF Funds – Interim Report --- 1 April 2010 to 30 September 2010

Investment Manager comments regarding the performance during the period.

Reserve Sub-Fund

HGIF Euro Reserve

For the six month period ending 30 September 2010, the Fund returned 0.14% net of fees, against a benchmark return of 0.39% (European Overnight Index Average – EONIA). During the period, the European Central Bank decided to keep its refinancing interest rate at 1.00% to continue to support growth. The amount of excess liquidity in the inter-banking system has driven the EONIA, which was still historically low in the first part of the period. In July, this amount was reduced. As a consequence, the EONIA increased slightly. The normalisation process will probably continue to operate until year end. Despite some government debt concerns, the Eurozone is holding up pretty well. Latest data shows good growth recovery, despite the prospects for the coming months remaining uncertain with poor labour markets and austerity policies. The Manager remained cautious during the period and maintained liquidity within the Fund by investing mainly in short dated government bonds.

Bond Sub-Funds

HGIF Brazil Bond

For the six month period ending 30 September 2010, the Fund returned 9.33% (net of fees share class A), compared with a benchmark return of 10.74%. Markets have been quite volatile in the period up to mid June, due to the renewed fears of a global credit-crunch arising from the problems in Europe, causing the BRL to lose ground, especially in May. The currency remained relatively stable in the period that anticipated the definition of the conditions of the Petrobras IPO, as the uncertainties balanced the positive mood for emerging markets. The perception of the possible resuming of quantitative easing by the Federal Reserve caused the USD to lose ground, and this had a positive effect on the BRL. The Fund remained fully exposed to the currency. With the pick-up in the local economy and inflation expectations observed during Q1, the Central Bank increased the basic interest rate from to 8.75% to 10.75%. The rate hike was interrupted in August, with the perception of lower current inflation figures, and rates are expected to remain on hold until year end. The strong flows from foreigners into the local market forced the authorities to increase the IOF flat fee to fixed income investments to 6% (from 2%). However, in an environment of low rates around the globe, demand for local fixed income kept local rates well bid. During this period, duration was increased in order to benefit from the higher yields and inflation linked bonds were added, given the strength in local demand.

HGIF Euro Core Bond

For the six month period ending 30 September 2010, the Fund returned 2.76% (net of fees, Class AC) against a benchmark return of 2.48% (Barclays Euro aggregate Corporate Total return Index). Credit spreads widened dramatically from March to the end of June 2010 with a generic iTraxx Main moving from 77 bps to 133 bps. The Fund underperformance during this period was attributed to its overweight position on private issuers versus Government issuers. This underperformance was mitigated with a strong underweight in Greece, Portugal and Spain versus Germany, France and Italy. Q3 2010 was quite different regarding credit spreads which tightened slightly (from 133 bp to 111 bp) but PIIGS (Portugal, Italy, Ireland, Greece and Spain) remained weak. The Fund benefited strongly from these changes and returned 2.84%, compared to a benchmark return of 2.20%. The sectorial positioning, overweight financials versus corporates, was kept unchanged as the most prominent European banks significantly improved their credit quality over the last eighteen months. During the last three months, the risk-exposure was reduced while keeping an overweight on credit.

Directors’ Report (continued)

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HGIF Euro Core Credit Bond

For the six month period ending 30 September 2010, the Fund delivered a return of 3.08% (net of fees share class AC) compared with a benchmark return of 3.17% (100% Iboxx Euro Corporate). The top-down overweight credit was retained for the entire period under review, while staying underweight on issuers from peripheral European countries. Excessive budget deficit worries on fiscal gap in these countries triggered important volatility in credit market in May and June, with the most important spread widening occurring in the financial sector. The Fund suffered from its overweight on subordinated financials during this period, as the market stabilised holdings were added, always following the qualitative issuer selection process, these bonds became very well bid after the proposal on Basel 3. Both beta and sector allocation were monitored closely in the last months. Holdings on cyclical names were reduced.

HGIF Euro High Yield Bond

For the six month period ending 30 September 2010, the Fund returned 3.92% (net of fees share class AC) while the benchmark returned 4.99% (100% Merrill Lynch Euro High Yield Constraint BB-B). While market spreads were roughly the same at the end of March and at the end of September, the market volatility during this six-month period was quite high: the market dropped significantly in May and June before rallying in July, August and September. This volatility was the consequence of the uncertainty surrounding the fiscal situation of sovereigns in the European periphery. Financials were the weakest sector, which detracted from Fund performance as it was overweight in this sector. This sectorial positioning is unchanged as the most prominent European banks have significantly improved their credit quality over the last eighteen months. The overall Fund positioning was also relatively stable over the period with an investment ratio which was kept slightly above 100% (using Credit Default Swaps) in order to keep a relatively high exposure to a market which was also viewed as attractive.

HGIF Global Core Plus Bond

For the six month period ending 30 September 2010, the Fund returned 6.0% (net of fees Class AC), compared with a benchmark return of 7.3% (Barclays Capital Global Aggregate Bond Index). During the period under review, there was a sustained fall in government bond yields: in the second calendar quarter, the Euro crisis prompted a move into higher quality government bonds such as the US, Germany and the UK; and in the third quarter, US Federal Reserve economic caution and discussion about further quantitative easing prompted further buying of government debt. While government yields fell sharply over the period, corporate yields did not fall by the same amount so the yield spread between these two markets widened. The fundamentals of the corporate sector continued to be good with good operating results, growing free cash flow and falling leverage. The Fund underperformed over the six month period, primarily due to an underweight position in government bonds and overweights in corporates.

HGIF Global Emerging Markets Bond

For the six month period ending 30 September 2010, the Fund returned 9.7% gross of fees compared with the benchmark return of 9.6%. The Fund continued to outperform its benchmark over the period under review, with the strongest outperformance coming in months of July and September. The asset class performed well as a whole, with a small drop in May as the pace of the global recovery was once again questioned, causing a sell off in the market. The Fund’s outperformance was driven by small off benchmark allocations in local currency, and selected country selections such as an underweight to Eastern European countries in the second quarter of the year and an overweight in Argentina in the last quarter. Security selection also helped. Emerging market debt remained constructive in general and maintenance of off-benchmark local currency debt exposure is expected to be a long term outperformer for structural reasons.


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HGIF Global Emerging Markets Local Debt

For the six month period ending 30 September 2010, the Fund returned 9.1% compared to the benchmark’s return of 10.1%. Emerging local debt markets have had a mixed run over the past six months, seeing sharp losses in May as concerns over global growth drove a sell off of risky assets, but then recouping losses in July and again rallying in September as a more positive backdrop supported markets and risk-appetite was back on the table. The Fund underperformed the benchmark in the period. Selected country underweight positions hurt performance, such as an underweight to Thailand toward the end of the period. The main driver, however, was due to a relatively short duration position compared to the benchmark, which hurt performance as the markets rallied. The Fund’s duration is now closer to the benchmark and the manager continues to maintain some structural FX bets in the portfolio that it anticipates will aid performance going forward.

HGIF Global Core Credit Bond

For the six month period ending 30 September 2010, the Fund delivered a return of 3.47% (net of fees share class AC) compared with a benchmark return of 5.08% (50% Merrill Lynch Euro Corporate (USD hedged) + 50% Merrill Lynch US Corporates 1-10yr).The Fund has a strategic overweight in credit with an overweight on subordinated financials on the Euro and the USD sleeve. A core holding on Tier 1 debt was built upon on both sleeves and defensive and diversified players were chosen from bottom-up the stock-picking process. However, the Fund suffered from under exposures to duration on the USD sleeve.

HGIF Global High Income Bond

Since inception on 28 July 2010 and to the period ending 30 September 2010, the Global High Income Bond Fund returned 3.0% net of fees. The Fund has a 40% Emerging Market Debt sleeve, which performed strongly and it has benefited from exposure to high-beta names in the rallying emerging market debt asset class.

HGIF Global Inflation Linked Bond

Since inception on 30 June 2010 through to 30 September 2010, the Fund returned 2.69% (net of fees, Class I USD) marginally in line with its benchmark the Barclays World Government Inflation-Linked Bond hedged USD Index, which posted performance of 2.71%. Over the period under review, international bond markets continued to benefit from concerns over sustainability of the economic recovery in the US, expectations of an extension of quantitative easing and renewed worries about the peripheral markets in the Eurozone. Real rates decreased significantly and US Treasury Inflation Protected Securities (TIPS) strongly outperformed. A significant underexposure to duration had a relative negative contribution, which was offset by a winning country allocation. At the end of the period, the portfolio remained underexposed in sensitivity compared to the benchmark and the country allocation favours US and Japan against Eurozone, United Kingdom and Canada.

HGIF US Dollar Core Plus Bond

For the six month period ending 30 September 2010, the Fund returned 4.1% (net of fees, Class AC) versus a benchmark return of 6.1% (Barclays Capital U.S. Aggregate Bond Index). During the period under review, there was a sustained fall in US Treasury yields: in the second calendar quarter, the Euro crisis prompted a move into higher quality government bonds such as the US; and in the third quarter, US Federal Reserve caution over the economy and discussion about further quantitative easing prompted further buying of US government debt. While US Treasury yields fell sharply over the period, US corporate yields did not fall by the same amount so the yield spread between these two markets widened by 25 basis points. The fundamentals of the corporate sector continued to be good with good operating results, growing free cash flow and falling leverage. The Fund underperformed over the six month period, primarily due to an underweight position in government bonds and overweights in corporates.


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Equity Sub-Funds

International and Regional Equity Sub-Funds

HGIF Asia ex Japan Equity

For the six-month period ending 30 September 2010, the Fund returned 12.75% (net of fees, Class AD) versus a benchmark return of 10.91% (MSCI Asia ex Japan). Against a backdrop of heightened volatility in equity markets, as investors remain sensitive to the macroeconomic environment, the MSCI Asia ex Japan was up more than 10 during the period under review. The combination of the possibility of a double-dip recession, the sustainability of China’s growth and the depth of the European debt crisis, all contributed to the markets’ behaviour. The Fund’s active positions contributed positively over the period. Stock selection in Korea and Hong Kong contributed to Fund performance, while stock picking in Singapore detracted from performance. The Fund’s overweight allocation towards Thai stocks also added to relative returns. At a sector level, stock selection within the financials and industrials sectors contributed positively to relative performance, while stock picking in the telecommunication services and utilities sectors was a negative contributor.

HGIF Asia ex Japan Equity Smaller Companies

For the six-month period ending 30 September 2010, the Fund returned 15.74% (net of fees, Class AD) compared to a benchmark return of 12.26% (MSCI Asia ex Japan Small Cap). Against a backdrop of heightened volatility in equity markets, as investors remain sensitive to the macroeconomic environment, the MSCI Asia ex Japan was up more than 10 during the period under review. The combination of the possibility of a double-dip recession, the sustainability of China’s growth and the depth of the European debt crisis, all contributed to the markets’ behaviour. The Fund’s active positions contributed positively over the period. Stock selection in Taiwan, Korea and Hong Kong contributed to performance, while stock picking in India detracted from performance. The Fund’s overweight allocation towards Philippine stocks also added to relative returns. At a sector level, stock selection in the consumer staples and IT sectors contributed positively to relative performance, while stock picking in the consumer discretionary sector was a laggard.

HGIF Asia Pacific ex Japan Equity High Dividend

For the six-month period ending 30 September 2010, the Fund returned 7.09% (net of fees, Class AD) compared to a benchmark return of 7.86% (MSCI All Country Asia Pacific Ex Japan). Against a backdrop of heightened volatility in equity markets, as investors remain sensitive to the macroeconomic environment, the MSCI Asia ex Japan was up more than 10 during the period under review. The combination of the possibility of a double-dip recession, the sustainability of China’s growth and the depth of the European debt crisis, all contributed to the markets’ behaviour. Stock selection in India contributed to Fund performance, while stock picking in Hong Kong and Singapore detracted from performance. The Fund’s overweight allocation towards Thai stocks made a negative contribution to relative returns. At a sector level, stock selection in the energy and healthcare sectors contributed positively to relative Fund performance, while stock picking in the consumer discretionary sector detracted from performance.

HGIF BRIC Equity

For the six month period ending 30 September 2010, the Fund delivered a return of 4.86% (net of fees, share class AC). By way of reference, an equally weighted index of the four MSCI indices returned 4.44% (MSCI Brazil 25%, MSCI Russia 25%, MSCI India 25%, MSCI China 25%). As the review period began, BRIC markets were hit by a host of global factors, including the continuing sovereign debt crisis in Europe, a slow-down in Chinese growth and increased concerns of a double-dip in global economic activity. The latter particularly came to the fore at the end of June. However, sentiment improved as investors handled the conflicting signals of continued sovereign debt worries which gradually abated and weaker US consumer data offset by the apparent Eurozone recovery. Markets surged in September when the US Federal Reserve hinted at further quantitative easing. Relative to the reference benchmark, both the overweight in Russia and stock selection contributed to its underperformance relative to the reference benchmark. Positions in sectors in the Russia sub-portfolio that are at a valuation discount to peers in other BRIC markets, such as oil and gas underperformed. The underweight in India, which was due to the relatively high valuations, detracted from performance. Stock selection in India was mildly negative. However, in absolute terms, the Fund's India sub-portfolios made the strongest positive contribution to performance. The Brazil sub-portfolios made the second best positive contribution to performance in both absolute and relative terms. China was the biggest contributor the relative performance through strong stock selection. Chinese automobile stocks Brilliance and Guangzhou Automobile Group were strong performers in the China portfolio.


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HGIF BRIC Markets

For the six month period ending 30 September 2010, the Fund returned 4.12% (net of fees, Class YC) in US dollar terms compared with are turn of 4.4% in the MSCI BRIC index (equally weighted at country level). The renewed fears on budget deficit and debt level penalised the Russian market (-4.2%). The Brazilian market rose by 3.1% despite the new 2% tax on foreign capital inflows. Elsewhere, the Chinese and Indian markets yielded strong returns (5.5% and 12.8% respectively) as Asian economic growth remained relatively immune to the fears of a double-dip in developed countries. Looking ahead, the build up of economic growth based on internal consumption sustains Brazilian, Indian and Chinese equity market whereas Russian market will stay more dependent on commodity price expectations.

HGIF BRIC Markets Equity

For the six month period ending 30 September 2010, the Fund returned +3.7% (net of fees, share class AC) vs. a +4.54% performance for its benchmark (MSCI BRIC Index TR USD). During the fall concerns over European countries default risk continued to weigh on markets. In parallel, macro data confirmed the recovery is uneven, further highlighting the short-comings of a one-size-fits-all policy. Whilst G20 countries eventually pledged to reduce deficits at tailored paces not to stymie growth, markets continued to head south. Early in the summer another record earnings season in the US rekindled investors optimism, sending equity markets up and volatility down. As the earnings season winded down focus shifted back towards sub-par growth prospects. In the wake of a sluggish August, equities recorded their best September month in 7 decades. Upbeat macro data eased concerns regarding the pace of the economic recovery; earnings figures and M&A news supported the rally. Meanwhile, oil prices hovered around the $80 mark. The sector rotation picture was mixed, reflecting both concerns over the economic context and specifics. Consumer-related sectors (discretionary and staples) posted the best performances. At the other end of the spectrum, energy, materials and information technology lagged. Asia registered the most significant outperformance, benefiting from the strong out-performance coming from India. China also outperformed. Commodity-related countries (Brazil and Russia) underperformed the benchmark. The Fund's country allocation had a positive impact on performance, especially with the Fund's overweight exposure on Russia and the underweight exposure on India. Stock selection had a negative impact on relative performance, especially in the large cap portion of the Fund. Over the short-term, the Fund is keeping a full exposure as it is expected that BRIC equities will rise moderately despite the recent market rally.

HGIF Climate Change

For the six month period ending 30 September 2010, the Fund returned –1.90% (net of fees, share class AC) versus a –1.45% performance for its benchmark (HSBC Global Climate Change Index TR). Concerns over European countries default risk continued to weigh. In parallel, macro data confirmed the recovery was uneven, further highlighting the shortcomings of a one-size-fits-all policy. Whilst G20 countries eventually pledged to reduce deficits at tailored paces not to stymie growth, markets continued to head south. Early in the summer, another record earnings season in the US rekindled investor’s optimism, sending equity markets up and volatility down. As the earnings season wound down, focus shifted back towards sub par growth prospects. In the wake of a sluggish August, equities recorded their best September month in seven decades. Upbeat macro data eased concerns regarding the pace of the economic recovery; earning figures and M&A news supported the rally. Meanwhile oil prices hovered around the $80 mark. The sector rotation picture was mixed, reflecting both concerns over the economic context and specifics. Gas and bio-energy names posted the best performances. At the other end of the spectrum, the wind sector lagged, mainly on lower-than-expected revenue and guidance by heavyweight Vestas Wind. At odds with previous months, the diversification strategy had a negative impact on the performance. On the contrary, the stock selection strategy added value, especially among wind and industry efficiency names. Over the long-term, demographic pressure on demand and global resources depletion are supporting commodity prices and paving the way for extensive use of sustainable, clean energy sources. The International Energy Agency underscored that oil prices near $75 a barrel meant rural populations in sub-Saharan Africa should turn to solar, wind and other renewables.


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HGIF Climate Change (continued)

Over the medium-term, favourable funding conditions and improved global growth prospects are providing investors with powerful incentives to invest in the sector, as reflected by the recent upsurge in M&A and IPO activity. Despite a challenging economic context and deficit issues here and there, governments worldwide remain strongly committed to promote the theme, which reinforces investors’ confidence. The strategy continues to chase quality stocks displaying attractive valuations and momentum to capture opportunities within this expanding segment.

HGIF Emerging Wealth

For the six month period ending 30 September 2010, the Fund returned +3.47% (net of fees, share class AC) compared to a +2.33% performance for its benchmark (50% MSCI The World / 50% MSCI Emerging Markets). Concerns over European countries default risk continued to weigh. In parallel, macro data confirmed the recovery is uneven, further highlighting the shortcomings of a one-size-fits-all policy. Whilst G20 countries eventually pledged to reduce deficits at tailored paces not to stymie growth, markets continued to head south. Early in the summer, another record earnings season in the US rekindled investor’s optimism, sending equity markets up and volatility down. As the earnings season wound down focus shifted back towards sub par growth prospects. In the wake of a sluggish August, equities recorded their best September month in seven decades. Upbeat macro data eased concerns regarding the pace of the economic recovery; earning figures and M&A news supported the rally. Meanwhile, oil prices hovered around the $80 mark. Emerging markets outperformed developed markets over the period, benefiting from financial stability and positive growth momentum in the area. The stock selection strategy proved successful especially among consumer-related sectors. The financial sector was a more challenging field. The Fund remained primarily overexposed to equity markets based upon positive momentum and attractive valuations, which contributed positively to the performance.

HGIF Euroland Equity

For the six month period ending 30 September 2010, the Fund returned –2.04% (net of fees, share class AC) while its benchmark returned –2.30% (100% MSCI EMU (EUR) NR). The sovereign debt crisis and deteriorating macro-economic data from the US led to currency volatility and increased risk aversion and brought a halt to the market rebound. Investors tried to get exposure to the strong economic growth emanating from the emerging world. Auto, luxury goods, chemical and capital goods outperformed while technology, construction, utilities and financials lagged. During the period, the Fund outperformed modestly the market. Key contributors to performance were found in banking, energy, transportation and utilities. During the semester, some arbitrage was made among cyclical companies and reinforced financials. The Fund remains over-exposed to telecom, financials and healthcare and under-exposed to utilities and material.

HGIF Euroland Equity Smaller Companies

For the six month period ending 30 September 2010, the Fund returned-2.38% net of fees, share class AC), while its benchmark returned-1.85% (100% MSCI EMU Small Cap (EUR) NR).The sovereign debt crisis and deteriorating macroeconomic data from the US led to currency volatility and increased risk-aversion, and brought a halt to the market rebound. Investors tried to get exposure to the strong economic growth of the emerging world (Luxury Goods, Chemicals and Capital Goods) and sectors subsidised by governments, such as auto, technology, utilities and financials lagged. Key contributors to the performance were the underweight positions in financials, and underweights in Greece, Spain, Ireland and Portugal. The Fund remains highly exposed to export companies, especially those with assets in emerging countries and companies whose stock price will benefit from consolidation in their sectors.

HGIF Euroland Growth

For the six month period ending 30 September 2010, the Fund returned -3.31% (net of fees, Class M1D), compared to a benchmark return of -1.14% (100% MSCI EMU (EUR) NR). Relative performance was negative over the period. Most of the underperformance occurred in April, as the Fund was underexposed to "Euro-sensitive" companies. Moreover, the strategy to overweight defensive growth companies at the expense of financially fragile companies and cyclical growth companies was detrimental to relative performance. Turnover was modest. Positions where earnings momentum peaked have been reduced. The proceeds were used to invest in companies able to maintain their strong earnings momentum.


14

HGIF European Equity

For the six-month period ending 30 September 2010, the Fund returned 1.6% (net of fees, Class P), compared to a benchmark return of 0.7% (the FTSE World Europe (RI)). European equity markets fell in the second quarter as the euro crisis developed. This involved concerns over fiscal deficits and high government debt levels of European countries such as Greece, Ireland and Portugal. The EU institutions took measures to alleviate the problems and equity markets recovered in the third quarter to provide an overall small gain over the six-month period. During the period under review, the corporate sector continued to perform well with profits rising strongly. Capital expenditure has been modest and many companies have increased dividend payments. The Fund holdings have concentrated on companies with sustainable cash flows and good balance sheets. Performance was led by companies releasing good results. In addition, one of the oil stocks was taken over. The valuation of the equity market is well below 15-year averages. With corporate earnings expected to grow through 2011, the Fund Manager envisages that investors should receive modest gains from equities over the medium-term. HGIF Global Equity

For the six month period ending 30 September 2010, the Fund returned –1.73% (net of fees, share class AC) compared to a –0.64% performance for its benchmark (MSCI World Index TR USD). Concerns over European countries default risk continued to weigh. In parallel, macro data confirmed the recovery is uneven, further highlighting the shortcomings of a one-size-fits-all policy. Whilst G20 countries eventually pledged to reduce deficits at tailored paces not to stymie growth, markets continued to head south. Early in the summer, another record earnings season in the US rekindled investor’s optimism, sending equity markets up and volatility down. As the earnings season wound down focus shifted back towards sub par growth prospects. In the wake of a sluggish August, equities recorded their best September month in seven decades. Upbeat macro data eased concerns regarding the pace of the economic recovery; earning figures and M&A news supported the rally. Meanwhile, oil prices hovered around the $80 mark. The sector rotation picture was mixed, reflecting both concerns over the economic context and specifics. Telecommunication services and consumer discretionary posted the best performances. At the other end of the spectrum, financials and information technology lagged. Northern Europe registered the most significant out performances, benefiting from a geographical rotation in Europe where the Euro countries were penalised by a sell-off. Greece and Ireland were by far the most significant underperformers. Asia outperformed, thanks to Hong Kong and Singapore. Northern American performances were close to the benchmark. The Fund’s country allocation had a positive impact on performance, especially with underweight exposures in the Euro countries (Spain, Italy, Greece and Ireland). The Fund stock selection had a negative impact on the relative performance, especially in the US portfolio which was the most challenging region in terms of correlation between the fundamentals and the equity returns. Exposure management was positive for the Fund, as the exposure in global equities was raised in the Q3 when risk aversion began to fall. Over the short-term, the Fund is keeping an overweight exposure as we expect global equities to rise moderately despite the recent market rally. HGIF Global Emerging Markets Equity

For the six month period ending 30 September 2010, the Fund delivered a return of 5.46% (net of fees, share class AC) compared with a benchmark return of 8.15% (MSCI EM Index). As the review period began, emerging markets were hit by a host of global factors, including the continuing sovereign debt crisis in Europe, a slow-down in Chinese growth and increased concerns of a double-dip in global economic activity. The latter particularly came to the fore at the end of June. However, sentiment improved as investors handled the conflicting signals of continued sovereign debt worries which gradually abated and weaker US consumer data offset by the apparent Eurozone recovery. Markets surged in September when the US Federal Reserve hinted at further quantitative easing. The most significant detractor to performance at the geographic level was the Fund's exposure to Korea. The Fund is positioned for the global economic recovery and growth in Asia. Companies in Korea, particularly in the industrial sector offer excellent access to this. However, as concerns about growth in China and global growth took hold, these sectors underperformed. Other markets that detracted from relative performance were Russia and Taiwan, which were also hit by global factors and arise in risk-aversion. Their long-term prospects remain attractive however. The Russian market is currently trading at very attractive valuations of approximately 6x forward PE, a 40% discount to emerging markets, although this gap has yet to close. This also represents a discount to its own historical 5-year average. Relative outperformance over the period was led by overweight positions in Turkey, China and Thailand. In Turkey, a market which is currently favoured, considering the country's demographics and strong growth prospects, holdings in industrials and financials were particularly strong.


15

HGIF Global Emerging Markets Elite

For the six month period ending 30 September 2010, the Fund delivered a return of 4.88% (net of fees, share class Y) compared with a benchmark return of 8.15% (MSCI EM Index). As the review period began, emerging markets were hit by a host of global factors, including the continuing sovereign debt crisis in Europe, a slow-down in Chinese growth and increased concerns of a double-dip in global economic activity. The latter particularly came to the fore at the end of June. However, sentiment improved as investors handled the conflicting signals of continued sovereign debt worries which gradually abated and weaker US consumer data offset by the apparent Eurozone recovery. Markets surged in September when the US Federal Reserve hinted at further quantitative easing. The most significant detractor to performance at the geographic level was the Fund's exposure to Korea. The Fund is positioned for the global economic recovery and growth in Asia. Companies in Korea, particularly in the industrial sector offer excellent access to this. However, as concerns about growth in China and global growth took hold, these sectors underperformed. Other markets that detracted from relative performance were Russia and Taiwan, which were also hit by global factors and a rise in risk aversion. Their long-term prospects remain attractive however. The Russian market is currently trading at very attractive valuations of approximately 6x forward PE, a 40% discount to emerging markets, although this gap has yet to close. This also represents a discount to its own historical 5 year average. Relative outperformance over the quarter was led by overweight positions in Turkey, China and Thailand. In Turkey, a market which is currently favoured, considering the country's demographics and strong growth prospects, holdings in industrials and financials were particularly strong.

HGIF Latin American Equity

During the six month period ending 30 September 2010, MSCI LatAm was up 5.1% underperforming MSCI GEM (6.5%) and MSCI EM Asia (8.0%) (5.1%), but eventually outperforming MSCI World (-0.7%). During the second quarter of 2010, from a global perspective, volatility increased as a result of higher uncertainties on the three major themes - sovereign debt crisis in Europe, slowdown in China's growth and worries of potential double dip in US recovery. Overall, global economic data continued to send mixed signals about the sustainability of the global economic recovery and, eventually, markets were not able to distinguish between a slowing in global growth or the early stages of a more serious down-turn. Under such scenario, Brazilian equities faced a challenging environment. At a regional level, Brazil, which represents more than 36% of Latin America GDP, expanded 9.0% YoY (from 4.3% YoY in 4Q09) (fastest pace since early 1995) with domestic demand leading the way (Household consumption climbing 9.3% and investment jumping 26.0% - the fastest on record). During the period under review, Brazil also posted second quarter GDP, which ended up also being strong but with some healthy accommodation. The country posted 1.2% QoQ growth above consensus (0.7%) and with an annualised expansion of 5.1%. In Mexico, the second quarter GDP release contributed to additional increases in market expectations towards Mexican expansion in 2010 (4.52% growth; up from 4.4% previously). However, recent weakness in US economic data together with a sluggish recovery in the domestic Mexican economy positions the country in a Tier 2 type of expansion when compared to Brazil, Peru, Chile and Colombia in 2010 and 2011. The Colombian recovery lagged Brazil, Peru and Chile during 2009 and beginning of 2010. However, over the last few months, overall, economic data confirms that growth is on track. The consumer confidence index rose 9.2 points in August to 38.8, the highest level since the index was started in 2001. At a Fund level, during the period under review, HGIF Latin American Equity was up 7.78% underperforming MSCI LatAm10/40 by 0.67%. At a country level, Brazil was the most important contributor (stock picking worked well within the country) while Colombia was the country that detracted the most as we held an underweight in the country (very high valuation multiples) and eventually it was the best performing market in LatAm. At a sector level, industrials was the most important contributor (stock picking worked well within the sector) while consumer staples was the lagging one (mainly as a consequence of lagging performance of JBS - one of our biggest overweights). As we move towards the fourth quarter of 2010, LatAm equities are likely to experience a more interesting development as most countries across the region continue to post above average growth and interesting earnings results. From a global viewpoint: 1) G3 real interest rates close to zero (nurturing search for real assets -commodities, infrastructure and equities; 2) expectations on a solid US 3Q10 earnings season; 3) worst in China slowdown staying behind. All of them together are also likely to contribute for increasing appetite for Latin American equities.


16

HGIF Middle East and North Africa Equity

For the six month period ending 30 September 2010, the Fund delivered a return of 2.74% (net of fees) compared with a benchmark return of 2.12%. As the review period began, MENA markets were hit by a host of global factors, including the continuing sovereign debt crisis in Europe, a slow-down in Chinese growth and increased concerns of a double-dip in global economic activity. The latter particularly came to the fore at the end of June. In the third quarter, markets including MENA recovered, with an improved global outlook and the prospect of a further round of quantitative easing in the USA responsible for boosting stocks. The Fund strongly outperformed over the period. At a country level, an allocation to Saudi Arabia contributed most significantly to performance with overweight to financials and underweight to energy names primarily responsible. Exposure to Oman, Egypt and Qatar was also positive, whilst exposure to Morocco and UAE marginally detracted. At a sector level, positive stock selection in financials contributed strongly, followed by materials. Positions in utilities and telecoms dragged slightly. Market Specific Equity Sub-Funds

HGIF Brazil Equity

For the six month period ending 30 September 2010, MSCI Brazil was up 1.6% underperforming MSCI GEM (6.5%), MSCI EM Asia (8.0%) and MSCI LatAm (5.1%), but eventually outperforming MSCI World (-0.7%). During the second quarter in 2010, from a global perspective, volatility increased as a result of higher uncertainties on the three major themes - sovereign debt crisis in Europe, slow-down in China's growth and worries of potential a double-dip in US recovery. Overall, global economic data continued to send mixed signals about the sustainability of the global economic recovery and, eventually, markets were not able to distinguish between a slowing in global growth or the early stages of a more serious downturn. Under such scenario, Brazilian equities faced a challenging environment. At a local level, the first quarter 2010 GDP expanded 9.0% YoY (from 4.3% YoY in 4Q09) (fastest pace since early 1995) with domestic demand leading the way (Household consumption climbing 9.3% and investment jumping 26.0% - the fastest on record). During the referred period, Brazil also posted second quarter 2010 GDP which also was strong, but with some healthy accommodation. The country posted 1.2% QoQ growth above consensus (0.7%) and with an annualised expansion of 5.1%.At a Fund level, during the period under review, HGIF Brazil Equity was up 9.61% outperforming MSCI Brazil 10/40 by 1.71%. At a sector level, industrials was the most important contributor (stock picking worked well within the sector) while consumer staples was the lagging one (mainly as a consequence of lagging performance of JBS - one of our biggest overweights). With regards to JBS (largest beef processor globally), there were no changes in its fundamentals. The Fund suffered from negative news flow (lack of definitions on the JBS USA IPO and the Inalca Dispute - 50/50 joint venture with Cremonini Group in Inalca). Investment in JBS remains positive as a) positive outlook for beef producers in the US; 2) cattle prices in a downtrend in Brazil, leading to margins improvement; 3) synergy gains of its acquisitions; 4) geographically diversified; and 5) it has underperformed Brazilian and global peers in the last 6 months and is trading at attractive valuation. HGIF Chinese Equity

For the six-month period ending 30 September 2010, the Fund returned 2.38% (net of fees, Class AD), compared to a benchmark return of 5.60% (MSCI China 10/40). The markets saw ups and downs while investors tried to second guess Beijing’s determination towards both implementing tightening measures and trading quantity for quality in terms of China’s growth. Stock selection in the financials and consumer discretionary sectors contributed positively towards performance, but was offset by negative stock selection effects in the energy, utilities and consumer staples sectors. Allocation effects were positive in the consumer discretionary sector, where the Fund was overweight, but underweight positions in the consumer staples and telecommunication services sectors detracted from relative Fund performance.


17

HGIF Hong Kong Equity

For the six-month period ending 30 September 2010, the Fund returned 6.88%, (net of fees, Class AD) compared with the benchmark return of 8.00% (Hang Seng (RI) USD). The Hong Kong stock market rebounded during the reporting period, primarily driven by ample liquidity, solid corporate earnings and improving macro sentiment. Positive stock selection in consumer discretionary and energy sectors added value. The Fund was overweight in the consumer discretionary and materials sectors, which hurt performance. HGIF Indian Equity

For the six month period ending 30 September 2010, the Fund returned 12.48%, compared to 14.32% for the benchmark, underperforming the benchmark by 1.83%. The cash holding in the Fund during the period contributed approximately 61% of the total performance. From an overall attribution perspective, performance was helped by positions in energy (underweight), utilities (underweight), information technology (underweight) and healthcare (overweight), while positions in industrials (overweight), materials (overweight), consumer discretionary (overweight) and financial (underweight) hurt the performance of the Fund. HGIF Japanese Equity

For the period 1 April 2010 to 30 September 2010, the Fund returned -15.66% (net of fees, Class AC (LU0164882085), compared to a benchmark return of -15.01% (TOKYO (SE) TOPIX). The Japanese market was down over the period, as the yen strengthened to a multi-year-high against the US dollar and market tension over intervention by the bank of Japan rose. In addition, the stronger yen hurt the exporters. Investors grew increasingly more concerned about a faltering US recovery leading to a faster pace of appreciation in the yen. From a sector allocation perspective, the Fund benefited from an overweight in consumer services. Conversely, an underweight towards real estate detracted from the Fund performance. At a stock level, the portfolio did well on selecting stocks from materials and technology hardware whereas was hurt by stock selection on transportation and telecommunications. On the attribution analysis of our quantitative signals, the Fund benefited from the outperformance of valuation factors over the period. The prevailing economic conditions provide a more difficult background for Japanese equity market. In this environment, the portfolio will maintain exposure towards stocks with good value and momentum.

HGIF Korean Equity

For the six month period ending 30 September 2010, the Fund delivered a positive return of 8.36%, matching its benchmark MSCI Korea, which was up 8.34%. The market and the currency both rebounded during the period. The strong rally during September sent KOSPI to the highest point since mid-May 2008, mainly thanks to continuous inflow of foreign capital on the back of improving corporate performance and expectations of quantitative easing in the US. Sector allocation contributed positively to the Fund in general. Furthermore, an underweight in IT and an overweight in consumer discretionary added value to the Fund's performance. Stock selection, on the other hand, was mixed. Active positions in consumer discretionary and financials helped performance while the materials and industrials stocks detracted. We continue to re-orient the portfolio slightly more toward reasonably valued technology and cyclicals while keeping an overweight position in defensive consumer stocks. HGIF Russia Equity For the six month period ending 30 September 2010, the Fund returned -3.17% (net of fees, Class AC), compared to a benchmark return of -1.66% (MSCI Russia 10/40 index).Over the period, returns for the Russian market contrasted starkly, with the MSCI Russia 10/40 index falling 15.4% in Q2 before rebounding 16.3% in Q3. In the second quarter, markets globally were plagued by a number of factors, notably Eurozone sovereign debt levels, fears over Chinese policy tightening and worries surfacing of a double-dip recession. In the third quarter, however, markets rebounded, although disappointingly Russia has underperformed its Global Emerging Market and BRIC peers, in addition to key commodities including oil. Some market observers attribute this weak performance to Russia's summer drought and fires and the potentially negative impact these may have on the country's economic recovery.


18

HGIF Russia Equity (continued)

More positively however, a number of economic indicators are beginning to turn positive (PMI) whilst rising job and wage growth has also been exhibited. Over the past 6 months, the Fund's underperformance of the benchmark has been derived primarily on account of a large overweight to energy stocks and underweight to materials, which have outperformed. Energy stocks, which dominate the Russian market, have been out of favour globally, notably in light of the Petrobras deal overhang, the negative impact of the BP oil spill disaster and a lack of production growth among global energy majors. Despite this however, they continue to trade at incredibly attractive valuations and at a large discount to emerging markets peers. An underweight to utilities and overweight to consumer staples names contributed positively to performance. HGIF Singapore Equity

For the six month period ending 30 September 2010, the Fund returned 12.0% (net of fees, share class AC), versus the benchmark return of 15.9% (MSCI Singapore (RI)). The Singapore market rallied along with regional markets, on rising investor preference for Asian growth markets over slow developed markets, rising global liquidity, higher risk-appetite, Fund inflows and strong macroeconomic data. Asset allocation detracted from performance mainly due to our underweight in consumer discretionary (Genting, Jardine Cycle and Carriage) and cash drag. Stock selection also detracted from performance, mostly due to our underweights in outperforming index stocks such as Genting, Jardine Cycle and Carriage, Yangzijang, City Developments and an overweight in laggard Ho Bee, partly offset by overweights in defensives (Starhub, Singapore Post) and an underweight in laggard oil rig builders. HGIF Taiwan Equity

For the six month period ending 30 September 2010, the Fund delivered a positive return of 10.11%, outperforming its benchmark MSCI Taiwan, which was up 8.73%. The Taiwanese market rebounded on the back of incrementally improving investor sentiments. Notably during the period under review, investors have been turning their focus from technology to non-tech sectors. For the Fund, stock selection contributed significantly to performance. The information technology stocks were the largest positive contributor by far and the materials stocks were the largest detractor. Sector allocation was mixed during the last six month. The Fund was overweight in consumer staples and industrials, which added value, while an underweight in consumer discretionary held back performance. Residual cash holdings also cost the Fund in the rising market. It is believed that the near-term market focus would still be primarily in non-tech and pockets of technology sector which are still seeing secular growth. Therefore, the preference would be on domestic consumption given the limited upside from technology. HGIF Thai Equity For the six month period ending 30 September 2010, the Fund returned 30.0% (net of fees, share class AC), compared to a benchmark return of 31.9% (Thailand SET). The Thai market performed very strongly. Notable events during the period covered included the political disturbances during Q2. This was followed by foreign institutional buying on the back of low relative valuations versus Asian markets, a strong baht versus the US dollar, resilient economic growth, and relative outperformance which attracted investor interest. Asset allocation detracted from performance, mainly from the underweight in index small caps, consumer staples, materials, industrials, and cash drag, but partly offset by overweights in consumer discretionary, and underweight in energy. Stock was negative with underweights in CP Food, CP All, and overweights in Erawan, Siam Commercial Bank, Bangkok Bank, Phatra Securities, but partially offset by overweights in Tisco, BEC World, Asian Property.


19

HGIF Turkey Equity

For the six months ending 30 September 2010, the Fund returned 23.61% (net of fees, Class AC), compared to a benchmark return of 24.35% (MSCI Turkey Gross Index). Concerns on sovereign debt sustainability for some of the members in European Union triggered a sell-off across global equity markets. Later, some of macroeconomic data on the US side awakened double-dip recession fears in developed economies. However, throughout this period, the Turkish equity market outperformed both developed and emerging counterparts, exceeding its all-time-high levels. Turkey's successful fiscal performance, strong GDP growth and a gradual pick-up in employment has created a relatively favourable investment environment. Additionally, The Central Bank of Turkey, kept interest rates at historically low levels helping credit volume growth and supporting domestic demand. On the political side, referendum for constitutional amendments resulted in a market-friendly outcome, diminishing concerns on a possible coalition government, ahead of general election in mid 2011. Consequently, strong fundamentals and political stability have led to substantial interest in Turkish equity market and boosted stock prices. Turkey is expected to continue its strong economic growth in quarters ahead, hence Turkish equity market to maintain its current up-trend. HGIF UK Equity

For the six-month period ending 30 September 2010, the Fund returned 2.4% (net of fees, Class A), compared to a benchmark return of 0.2% (the FTSE All Share (RI)). The UK equity market fell with European equity markets in the second quarter as the euro crisis developed. This involved concerns over fiscal deficits and high government debt levels of European countries such as Greece, Ireland and Portugal. The EU institutions took measures to alleviate the problems and equity markets recovered in the third quarter to provide an overall small gain over the six month period. In the UK, the economy continued to grow with further recovery in manufacturing and construction. During the period under review, the UK corporate sector has continued to perform well with profits rising strongly. Capital expenditures have generally been modest and many companies have increased dividend payments. Fund holdings have concentrated on companies with sustainable cash flows and good balance sheets. Performance was led by companies releasing good results. In addition, one of the oil stocks was taken over. The valuation of the equity market is well below 15 year averages. With corporate earnings expected to grow through 2011, the Fund Manager envisages that investors should receive modest gains from equities over the medium-term. HGIF US Equity

Over the six month period ending 30 September 2010, the Fund returned –2.85% (net of fees, share class AC) versus a –2.15% performance for its benchmark (S&P 500 COMPOSITE (RI)). Macro data confirmed the recovery is uneven, further highlighting the shortcomings of a one-size-fits-all policy. Early in the summer another record earnings season in the US rekindled investors optimism, sending equity markets up and volatility down. As the earnings season winded down focus shifted back towards sub par growth prospects. In the wake of a sluggish August, equities recorded their best September month in seven decades. Upbeat macro data eased concerns regarding the pace of the economic recovery; earning figures and M&A news supported the rally. Meanwhile, oil prices hovered around the $80 mark. The instability in financial markets represents a major downside risk to global growth. The sector allocation contributed negatively to Fund performance; the underweight of outperforming defensive sectors such as telecommunications services (+14.7%) was detrimental to the Fund performance. Meanwhile, the Fund benefited from a positive stock selection within both oil and gas industries and diversified financials industries. In terms of equity market exposure, the manager remained cautious over the period as the sources of uncertainty have not disappeared yet making equities riskier than reflected by low market volatility. The strategy continues to chase quality stocks displaying attractive valuations and momentum to capture opportunities within this expanding segment.


20

Other Sub-Funds

HGIF European Equity Alpha

For the six month period ending 30 September 2010, the Fund achieved a total return of +3.45%. Short positions contributed a positive 5.61%, offset by a 2.16% loss among long positions. Over the same period, the MSCI Europe Index declined by 2.50% and the Fund outperformed on both the long and short portfolios. Market conditions are constantly monitored, as is economic news, investor behaviour and micro-market structure to understand their impact on the portfolio. The impact of those factors on the stock market fundamentals is rather ephemeral. At best, they merely alter the short-term course of the market. The portfolio management process is being ‘fine tuned’ to cope with the headwind caused by market climate and investor sentiment swings. It is expected to continue identifying good long and shorts candidates, and deliver attractive returns for investors.

HGIF Global Currency

For the six month ending 30 September 2010, the Fund delivered a return of -3.37% (net of fees, Class L1) USD Institutional share class, against a benchmark return of 0.07% % (3 month USD T-Bill). During the period the global currency markets showed high volatility and large intra-month movements which was mainly triggered by the uncertainty about the quantitative easing programmes. The Fund was not able to take advantage of these market conditions, and subsequently, the Fund experienced negative performance in 4 out of the 6 months. The manager continues to use a quantitatively-based methodology and employed both short-term and long-term investment strategies. The daily risk management model, which is in place to limit draw downs reduced the overall risk allocation, and hereby limited the negative performance. Going into last quarter the Fund run a reduced gross exposure which will be increased when the Fund returns to positive performance. HGIF Global Bond Market Neutral

For the six month period ending 30 September 2010, the Fund returned 0.73% (net of fees, Class AC), compared to a benchmark return of 0.38% (European Overnight Index Average - EONIA). Both drivers (relative value nominal bond driver and currency overlay) delivered a positive contribution. Over the period, 10-year nominal yields came down sharply on average in the Fund’s investment universe and reached historic lows. The easing was triggered by a slew of disappointing economic data in the US (confidence indicators, employment, housing market) and spread to other markets to varying degrees. In relative terms, speculation about more precise announcements of quantitative easing in the US and in the UK benefited the US and UK nominal bonds markets which strongly outperformed other markets. In this environment, the relative value nominal bonds driver benefited from the long exposure (on average +50%) to the US (+150bp contribution) but was penalized by the short exposure (on average -45%) to the UK market (-55bp contribution). Overall, the contribution of the driver was positive (almost 1%). The currency overlay also contributed positively to Fund performance over the period (almost +40bp). Tactical bets in favour of dollar-bloc currencies versus European currencies (3% on average) and in disfavour of the US dollar versus all other OECD currencies (1% exposure on average) delivered +30bp and +10bp contributions respectively as the US dollar depreciated against other currencies and especially versus high-yielding dollar bloc currencies (Australian and New Zealand dollars).

HGIF Global Emerging Markets Equity Alpha

Since Fund inception on 16 April 2010 to period ending on 30 September 2010, the Fund delivered a small negative return of -0.64% (net of fees, Class L1) USD Institutional share class, against a benchmark return of 0.15% (1 month USD Libor).The investment process for the Fund is fundamentally driven by a robust and highly disciplined approach to stock-picking, using combined profitability /valuation for both long and short equity selection. Over the period, the portfolio held an average of approximately 35 long and 35 short positions selected from a universe of 700 stocks. The Fund saw negative performance in 3 out of the 6 months, but ended the period strongly in September, which provided the best monthly performance of +2.15%. The current market environment with valuations in a neutral zone, it is difficult to conclude on a high net position, and going into the last quarter of the year, the Fund Managers therefore remain focused on individual stocks with low net exposure to drive returns.


21

HGIF Global Macro

The Fund returned -1.30% (net of fees for L class shares) for the 6 month period to 30 September 2010. Over this period, risky markets proved quite volatile, especially in late spring as the sovereign crisis unfolded in the Euro area. Later in the period, bond yields fell heavily as the global economy started to slow-down. The overall performance of the Fund was held back by a short bond position, which was justified by the very low level of yields. Other bets partly offset the losses on duration risk. Positions on emerging market currencies have been maintained throughout the period, providing support especially towards the end of the period. Spread positions on bonds, favouring US or Euro bonds versus Japanese bonds have also contributed to limit the losses on the sub-fund. HGIF New World Income

For the six month period ending 30 September 2010, the Fund returned 4.5% gross of fees. The strategy maintains its place as one performing emerging markets debt products available on a risk-adjusted basis. Absolute performance was strong for the half year to September as both hard currency and local currency debt performed well. The Fund’s strongest months were July and September, whilst May saw some losses. The Fund maintained a net invested position of around 70% - 80% in the period ensuring that the manager captured the majority of market gains, but still maintained protection against any losses in the markets and controlled volatility. A significant amount of performance has been driven by country selection, with gains from both local and currency exposure, as it continues to only put best idea trades into this strategy. Overall, the Fund remains constructive on emerging markets debt, amid expectations for a liquidity-induced global recovery, a positive backdrop for commodity prices, improving fundamentals, and strong technicals with ongoing flows into the asset class.

22

Statement of Net Assets as at 30 September 2010

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

Portfolio at Cost

Unrealised Appreciation/(Depreciation)

Portfolio at Market Value

Cash at Bank

Bank Overdraft

Receivable from Brokers

Payable to Brokers

Receivable from Shareholders

Payable to Shareholders

Other Assets

Other Liabilities

Total Net Assets

CONSOLIDATED

USD

22,173,027,494

4,066,176,969

26,239,204,463

1,216,769,935

(9,844,750)

371,698,403

(440,806,078)

358,007,637

(180,874,088)

402,436,369

(243,806,311)

27,712,785,580

USD

Asia ex Japan

Equity

610,092,139

155,305,106

765,397,245

9,656,766

-

9,827,390

(9,225,051)

2,109,637

(15,214,014)

6,808,996

(1,411,396)

767,949,573

International and

Regional Equity

Sub-Funds

USD

Asia ex Japan

Equity Smaller

Companies

53,230,009

20,322,031

73,552,040

968,210

-

1,335,320

(229,026)

711,716

(2,053,428)

78,251

(291,792)

74,071,291

USD

Asia Pacific ex

Japan Equity

High Dividend

106,234,824

32,882,634

139,117,458

1,116,617

-

1,288,691

(347,402)

393,303

(2,008,809)

521,075

(278,848)

139,802,085

23


USD

BRIC Equity

1,605,396,544

282,879,713

1,888,276,257

45,652,843

(3)

32,318,580

(12,483,134)

7,957,085

(10,858,755)

6,950,955

(3,166,587)

1,954,647,241

USD

BRIC Markets

25,807,061

8,136,946

33,944,007

86,678

-

301,440

-

-

(4,568)

167,613

(35,194)

34,459,976

USD

BRIC Markets

Equity

517,314,965

109,159,641

626,474,606

63,915,448

-

10,636,026

(7,386,085)

1,502,483

(4,117,006)

3,511,343

(838,952)

693,697,863

USD

Climate Change

38,433,722

(2,741,268)

35,692,454

2,372,630

-

-

-

136,837

(476,085)

139,768

(56,586)

37,809,018

USD

Emerging Wealth

29,489,647

1,127,234

30,616,881

2,018,507

-

3,877,426

(3,806,996)

1,397

(85,346)

132,394

(55,283)

32,698,980

EUR

Euroland Equity

977,980,534

(82,754,993)

895,225,541

60,411,462

-

-

-

2,271,880

(7,667,166)

30,449

(1,600,994)

948,671,172

24



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers



Other Assets

Other Liabilities

Total Net Assets

EUR

Euroland Equity

Smaller

Companies

54,453,678

9,928,270

64,381,948

1,814,281

-

-

(666,488)

453,409

(314,147)

36,722

(87,362)

65,618,363

EUR

Euroland Growth

122,813,688

(15,250,302)

107,563,386

13,678,248

-

207,971

-

26,015

(7,010,018)

52,370

(115,504)

114,402,468

EUR

European Equity

101,872,839

7,017,949

108,890,788

1,073,331

-

1,208,728

(1,464,178)

65,493

(706,518)

206,576

(118,541)

109,155,679

USD

Global Emerging

Markets Elite

13,182,631

1,210,606

14,393,237

132,804

-

549,255

(492,218)

-

-

33,775

(28,608)

14,588,245

25


USD

Global Emerging

Markets Equity

635,363,752

59,086,109

694,449,861

13,569,408

(2,064)

21,318,347

(23,088,501)

2,882,619

(11,583,865)

2,680,397

(1,588,614)

698,637,588

USD

Global Equity

76,111,787

5,038,259

81,150,046

9,243,217

(7,209)

-

-

6,870

(970,967)

439,086

(51,811)

89,809,232

USD

Latin American

Equity

247,459,523

49,701,707

297,161,230

5,033,250

(851,621)

-

-

5,230,493

(1,020,857)

387,618

(403,575)

305,536,538

USD

Middle East and

North Africa

Equity

8,289,249

408,769

8,698,018

181,389

(33)

573,488

(686,407)

219,640

(76,105)

3,681

(7,874)

8,905,797

USD

Brazil Equity

2,195,023,573

552,687,640

2,747,711,213

67,103,100

-

12,166,965

-

28,691,726

(17,395,831)

4,882,295

(4,153,105)

2,839,006,363

Market Specific

Equity Sub-Funds

USD

Chinese Equity

2,545,638,624

514,078,509

3,059,717,133

130,452,539

-

87,862,495

(76,181,443)

6,937,525

(24,326,402)

10,632,887

(4,685,525)

3,190,409,209

26



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers



Other Assets

Other Liabilities

Total Net Assets

USD

Hong Kong Equity

371,438,604

71,054,140

442,492,744

1,776,499

-

2,307,735

(1,551,370)

523,503

(3,881,941)

1,181,695

(436,895)

442,411,970

USD

Indian Equity

5,309,092,299

1,945,783,700

7,254,875,999

144,506,297

(3,884,967)

84,591,486

(97,711,911)

29,591,301

(10,660,342)

202,960,753

(174,383,058)

7,429,885,558

JPY

Japanese Equity

5,738,290,189

(1,083,013,738)

4,655,276,451

304,350,972

-

-

-

9,875,365

(26,429,202)

41,950,621

(8,831,914)

4,976,192,293

USD

Korean Equity

99,136,438

31,230,353

130,366,791

1,325,447

-

-

(598,050)

1,144,861

(1,418,182)

625

(174,819)

130,646,673

27


USD

Russia Equity

162,972,703

10,373,558

173,346,261

1,142,298

-

-

(8,007,413)

10,595,108

(1,373,422)

2,321,685

(250,821)

177,773,696

USD

Singapore Equity

66,862,612

14,070,565

80,933,177

2,172,724

-

4,392,643

(4,671,484)

386,507

(612,584)

254,810

(117,463)

82,738,330

USD

Taiwan Equity

4,911,881

1,094,501

6,006,382

67,586

-

174,604

(47,973)

16,027

(195,478)

13,027

(9,804)

6,024,371

USD

Thai Equity

101,554,091

44,004,492

145,558,583

6,470,883

-

3,650,452

(1,577,743)

2,204,438

(7,110,370)

8

(207,116)

148,989,135

EUR

Turkey Equity

79,389,597

15,468,113

94,857,710

9,366,501

-

-

(5,293,156)

7,449,001

(440,061)

638,991

(148,253)

106,430,733

GBP

UK Equity

44,039,646

5,729,707

49,769,353

201,226

-

-

-

39,463

(186,564)

243,263

(72,016)

49,994,725

28



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers



Other Assets

Other Liabilities

Total Net Assets

USD

US Equity

98,609,770

8,257,023

106,866,793

15,505,726

-

-

-

53,724

(757,529)

3,435,379

(142,160)

124,961,933

USD

Brazil Bond

45,503,092

4,160,383

49,663,475

342,668

-

-

-

2,600,080

(998,811)

240,905

(289,453)

51,558,864

Bond Sub-Funds

EUR

Euro Core Bond

77,935,751

2,684,518

80,620,269

1,912,922

-

62,200

(518,136)

86,346

(89,669)

1,190,591

(293,442)

82,971,081

EUR

Euro Core Credit

Bond

394,197,356

6,700,121

400,897,477

23,790,488

-

11,046,856

(24,169,968)

4,033,939

(757,882)

9,892,116

(654,137)

424,078,889

29


EUR

Euro High Yield

Bond

315,800,708

21,083,202

336,883,910

2,793,287

-

647,995

(11,145,855)

11,769,393

(1,186,985)

9,728,042

(288,690)

349,201,097

USD

Global Core

Credit Bond

18,674,227

439,469

19,113,696

2,377,709

(91,409)

-

(339,901)

-

-

503,258

(1,036,655)

20,526,698

USD

Global Core Plus

Bond

100,533,888

6,628,698

107,162,586

5,963,618

(648,774)

141,010

(12,904,932)

329,842

(169,001)

1,015,720

(489,749)

100,400,320

USD

Global Emerging

Markets Bond

968,950,957

97,345,312

1,066,296,269

22,780,062

-

1,103,096

(31,577,075)

107,982,576

(2,233,546)

30,008,799

(878,190)

1,193,481,991

USD

Global Emerging

Markets Local

Debt

467,016,330

38,189,771

505,206,101

65,281,158

-

-

(5,629,464)

5,582,925

(5,994,331)

11,782,618

(487,073)

575,741,934

USD

Global High

Income Bond

(launched as at 28

July 2010)

859,900,060

23,296,689

883,196,749

28,154,015

-

1,160,812

(35,248,957)

81,552,439

(6,272,747)

22,289,246

(16,289,562)

958,541,995

30



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers



Other Assets

Other Liabilities

Total Net Assets

USD

Global Inflation

Linked Bond

(launched as at 30

June 2010)

29,561,553

1,843,550

31,405,103

424,876

-

237,173

(513,839)

-

-

171,890

(278,762)

31,446,441

USD

US Dollar Core

Plus Bond

128,356,126

4,248,722

132,604,848

14,061,488

-

-

(37,861,293)

461,632

(437,290)

745,778

(1,122,692)

108,452,471

EUR

Euro Reserve

24,503,419

8,181

24,511,600

512,569

-

3,754,999

(1,502,309)

268,046

(286,982)

55,763

(6,745)

27,306,941

Reserve Sub-

Fund

EUR

European Equity

Alpha (launched

as at 13 April

2010)

28,747,130

447,833

29,194,963

6,379,972

-

-

-

260,450

(19,686)

12,579

(677,865)

35,150,413

Other Sub-Funds

31


EUR

Global Bond

Market Neutral

114,307,285

136,941

114,444,226

5,905,797

-

-

-

27,737

(1,118,221)

1,292,524

(232,735)

120,319,328

USD

Global Currency

69,450,539

30,583

69,481,122

21,335,775

(1,321)

26,000,000

-

186,199

(1,421,698)

1,391,135

(141,818)

116,829,394

USD

Global Emerging

Markets Equity

Alpha (launched

as at 16 April

2010)

23,863,970

1,259,291

25,123,261

6,085,087

-

4,826,315

(4,317,996)

110,835

(810,596)

109,569

(1,950,728)

29,175,747

EUR

Global Macro

558,606,975

702,975

559,309,950

56,228,714

(3,197,468)

20,000,000

-

10,694,018

(13,463,196)

1,454,662

(9,047,897)

621,978,783

USD

New World

Income

516,216,326

23,540,729

539,757,055

270,963,600

-

10,733,001

(3,323,600)

6,748,709

(668,045)

52,238,601

(9,758,914)

866,690,407

32

Class AC Number of Shares OutstandingNet Asset Value per Share

3,801,283.202 53.35

Class ACH Number of Shares OutstandingNet Asset Value per Share

2,538,556.692 23.94

Class AD Number of Shares OutstandingNet Asset Value per Share

5,820,308.546 49.43

Class ADH Number of Shares OutstandingNet Asset Value per Share

105,708.718 23.36

Class AMD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class EC Number of Shares OutstandingNet Asset Value per Share

145,012.536 49.20

Class ED Number of Shares OutstandingNet Asset Value per Share

5,273.952 48.74

Class IC Number of Shares OutstandingNet Asset Value per Share

1,502,057.807 53.28

Class ICH Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ICHEUR

Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ICHGBP


N/AN/A

Class ID Number of Shares OutstandingNet Asset Value per Share

144,272.515 53.19

Class IDH Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class J1C Number of Shares OutstandingNet Asset Value per Share

9,102,952.605 11.24

Class L1C Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class L1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class M1C Number of Shares OutstandingNet Asset Value per Share

N/AN/A


N/AN/A

Class M1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A

International and

Regional Equity

Sub-Funds

USD

Asia ex Japan

Equity

367,291.754 37.71

N/AN/A

1,256,802.537 35.91

N/AN/A

N/AN/A

124,457.477 37.09

121.000 35.65

274,301.975 38.16

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Asia ex Japan

Equity Smaller

Companies

1,795,459.831 18.42

N/AN/A

4,510,123.297 15.87

N/AN/A

N/AN/A

18,244.742 18.17

N/AN/A

527,781.595 16.44

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Asia Pacific ex

Japan Equity

High Dividend

2,045,297.444 24.61

N/AN/A

40,195.693 24.71

N/AN/A

N/AN/A

79,500.631 24.13

N/AN/A

6,385,276.545 24.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

19,708,736.043 18.55

2,000.000 24.61

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,747,510.192 26.00

42,531,150.132 25.00

N/AN/A

USD

BRIC Equity

Key Figures as at 30 September 2010


33


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A

Class PC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class PD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class S1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class S2C Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class WC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class WD Number of Shares OutstandingNet Asset Value per Share

7,176.894 10.32

Class XC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class YC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class YD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ZC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ZD Number of Shares OutstandingNet Asset Value per Share

334,249.064 50.14

Class ZDH1PGBP


N/AN/A

International and

Regional Equity

Sub-Funds

USD

Asia ex Japan

Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Asia ex Japan

Equity Smaller

Companies

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

307,043.135 16.56

1,299,971.747 16.19

N/AN/A

USD

Asia Pacific ex

Japan Equity

High Dividend

10,705,830.518 25.08

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,203.078 24.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

BRIC Equity



34


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

International and

Regional Equity

Sub-Funds

USD

BRIC Markets

14,520,418.411 15.69

N/AN/A

12,000,761.804 15.64

N/AN/A

N/AN/A

2,200,910.392 15.36

9,120.310 15.35

589,119.578 16.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

14,338,649.672 16.37

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

BRIC Markets

Equity

1,931,985.599 6.19

N/AN/A

3,043,342.296 6.14

N/AN/A

N/AN/A

748,170.613 6.10

N/AN/A

412,844.665 6.34

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Climate Change

586,559.462 8.01

N/AN/A

3,541,178.218 7.91

N/AN/A

N/AN/A

248.698 8.43

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Emerging Wealth



35


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


4,075.000 28.91


N/AN/A


1,163,647.000 29.51


N/AN/A

Class ZDH1PGBP


N/AN/A

International and

Regional Equity

Sub-Funds

USD

BRIC Markets

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

BRIC Markets

Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Climate Change

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Emerging Wealth



36


14,796,670.560 26.22


N/AN/A


7,492,699.389 24.97


N/AN/A


N/AN/A


46,685.681 25.73


6,832.020 24.80


13,087,291.080 27.09


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

International and

Regional Equity

Sub-Funds

EUR

Euroland Equity

1,290,535.130 37.09

N/AN/A

143,651.848 35.83

N/AN/A

N/AN/A

16,699.765 36.43

N/AN/A

254,773.805 38.43

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euroland Equity

Smaller

Companies

2,253.064 10.62

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

10,251,251.000 10.70

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

254,551.645 10.64

N/AN/A

195,002.613 10.07

EUR

Euroland Growth

248,586.896 30.47

N/AN/A

24,398.025 28.17

N/AN/A

N/AN/A

5,081.418 28.79

90,594.392 27.85

226,973.000 31.15

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

European Equity



37


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


58,102.668 29.60


585,485.864 27.33

Class ZDH1PGBP


N/AN/A

International and

Regional Equity

Sub-Funds

EUR

Euroland Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

52,883.455 41.75

N/AN/A

N/AN/A

EUR

Euroland Equity

Smaller

Companies

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euroland Growth

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

5,313.000 31.64

3,034,500.108 27.80

N/AN/A

N/AN/A

N/AN/A

27,027.027 16.85

N/AN/A

N/AN/A

N/AN/A

N/AN/A

217,767.873 28.40

N/AN/A

EUR

European Equity



38


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

International and

Regional Equity

Sub-Funds

USD

Global Emerging

Markets Elite

2,332,752.833 17.84

N/AN/A

6,007,643.444 17.46

N/AN/A

N/AN/A

553,747.429 16.90

39,963.133 16.79

1,414,385.733 18.29

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global Emerging

Markets Equity

194,045.627 21.48

N/AN/A

960,133.422 21.12

N/AN/A

N/AN/A

4,490.923 21.30

N/AN/A

310,783.370 22.13

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global Equity

257,690.894 19.81

N/AN/A

128,461.099 19.81

N/AN/A

N/AN/A

101,348.611 19.76

N/AN/A

5,045,203.087 20.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,903,616.139 19.93

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,945,278.003 19.94

N/AN/A

2,826,513.064 19.83

USD

Latin American

Equity



39


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


500.000 11.18


N/AN/A


1,353,151.398 10.78


N/AN/A

Class ZDH1PGBP


N/AN/A

International and

Regional Equity

Sub-Funds

USD

Global Emerging

Markets Elite

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

28,157,510.132 12.10

1,850,450.247 11.95

1,682,500.396 8.56

N/AN/A

N/AN/A

7,764,763.457 17.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

30,936.975 17.73

N/AN/A

USD

Global Emerging

Markets Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

232.734 23.25

2,565,277.351 22.76

N/AN/A

USD

Global Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

121,516.165 19.79

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Latin American

Equity



40


208,664.406 9.75


N/AN/A


24,833.110 9.67


N/AN/A


N/AN/A


54,949.329 9.72


N/AN/A


117,708.534 9.82


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

International and

Regional Equity

Sub-Funds

USD

Middle East and

North Africa

Equity

35,034,687.085 38.52

N/AN/A

17,101,513.222 38.19

N/AN/A

N/AN/A

2,000,038.201 37.64

6,142.406 37.64

5,550,390.434 40.28

N/AN/A

N/AN/A

N/AN/A

884,620.467 39.26

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Market Specific

Equity Sub-Funds

USD

Brazil Equity

7,676,835.564 78.41

N/AN/A

30,787,369.854 76.49

N/AN/A

N/AN/A

528,741.889 76.26

3,749.758 76.17

499,601.125 81.94

N/AN/A

N/AN/A

N/AN/A

3,179.620 78.58

N/AN/A

125,446.860 81.03

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Chinese Equity

351,947.781 118.54

N/AN/A

28,877.606 111.07

N/AN/A

N/AN/A

14,469.913 116.54

N/AN/A

76,144.424 121.82

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,199,655.054 7.96

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Hong Kong Equity



41


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


499,000.000 9.90


N/AN/A

Class ZDH1PGBP


N/AN/A

International and

Regional Equity

Sub-Funds

USD

Middle East and

North Africa

Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

12,455,877.903 40.34

N/AN/A

N/AN/A

4,241.533 43.05

N/AN/A

N/AN/A

Market Specific

Equity Sub-Funds

USD

Brazil Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,790,949.931 79.07

N/AN/A

USD

Chinese Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,821,019.733 109.37

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

100,545.476 117.84

490,322.590 115.39

N/AN/A

USD

Hong Kong Equity



42


10,395,863.795 204.45


N/AN/A


23,045,259.136 203.79


N/AN/A


N/AN/A


581,111.902 196.96


2,171.549 196.96


1,941,233.805 218.06


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


159,534.620 213.16


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Market Specific

Equity Sub-Funds

USD

Indian Equity

275,644.494 4,362.31

N/AN/A

99,233.372 647.08

N/AN/A

N/AN/A

119,616.835 624.53

4,558.799 624.39

239,162.538 4,527.53

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

JPY

Japanese Equity

1,815,812.272 14.91

N/AN/A

4,377,269.548 14.91

N/AN/A

N/AN/A

191,052.565 14.66

1,808.980 14.67

1,777,359.494 15.52

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

523,414.846 15.11

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Korean Equity

6,023,460.467 7.25

N/AN/A

13,453,502.752 7.25

N/AN/A

N/AN/A

824,856.674 7.16

N/AN/A

4,115,032.353 7.45

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Russia Equity



43


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


169,196.009 211.63

Class ZDH1PGBP


N/AN/A

Market Specific

Equity Sub-Funds

USD

Indian Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,741.560 4,434.58

3,612,039.102 667.61

N/AN/A

N/AN/A

N/AN/A

15,997.507 5,959.13

N/AN/A

N/AN/A

N/AN/A

N/AN/A

53,283.411 650.77

N/AN/A

JPY

Japanese Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Korean Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Russia Equity



44


504,661.192 40.34


N/AN/A


984,616.854 34.79


N/AN/A


N/AN/A


80,875.306 39.56


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Market Specific

Equity Sub-Funds

USD

Singapore Equity

32,641.169 11.45

N/AN/A

474,341.742 11.41

N/AN/A

N/AN/A

20,793.668 11.40

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Taiwan Equity

1,425,288.290 14.37

N/AN/A

7,821,657.745 13.00

N/AN/A

N/AN/A

854,553.375 14.10

N/AN/A

927,731.410 14.95

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Thai Equity

2,128,537.334 26.14

N/AN/A

447,334.095 19.75

N/AN/A

N/AN/A

840,812.770 25.73

N/AN/A

755,465.382 26.73

N/AN/A

N/AN/A

N/AN/A

6,529.000 19.75

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Turkey Equity



45


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


717,281.035 34.75


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A

Market Specific

Equity Sub-Funds

USD

Singapore Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Taiwan Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

67,814.491 13.38

N/AN/A

USD

Thai Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Turkey Equity



46


302,947.580 25.69


N/AN/A


1,769,854.860 22.43


N/AN/A


N/AN/A


864.506 25.48


N/AN/A


146.913 25.97


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


98,659.000 24.91


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Market Specific

Equity Sub-Funds

GBP

UK Equity

790,132.544 18.47

2,220,575.677 21.56

245,296.249 20.67

25,425.389 22.31

N/AN/A

94,677.909 18.13

1,156.601 20.14

622,054.311 18.83

N/AN/A

N/AN/A

N/AN/A

13,695.726 7.73

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

US Equity

1,593,371.141 19.19

N/AN/A

318,479.935 13.39

N/AN/A

N/AN/A

674,935.052 18.97

454.719 18.82

43,046.179 19.48

N/AN/A

N/AN/A

N/AN/A

190,000.000 16.17

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Bond Sub-Funds

USD

Brazil Bond

365,467.544 20.71

N/AN/A

38,408.832 17.47

N/AN/A

N/AN/A

39,004.877 20.49

N/AN/A

3,444,678.632 21.46

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euro Core Bond



47


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


1,500.000 27.79


N/AN/A

Class ZDH1PGBP


N/AN/A

Market Specific

Equity Sub-Funds

GBP

UK Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,031,609.486 21.13

N/AN/A

N/AN/A

N/AN/A

22,604.976 120.14

N/AN/A

N/AN/A

1,969,073.276 7.56

N/AN/A

188,045.917 20.83

N/AN/A

USD

US Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Bond Sub-Funds

USD

Brazil Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euro Core Bond



48


8,650,804.761 19.88


N/AN/A


171,842.304 15.25


N/AN/A


N/AN/A


155,073.619 19.67


N/AN/A


11,814,968.735 20.80


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Bond Sub-Funds

EUR

Euro Core Credit

Bond

4,200,025.145 26.52

N/AN/A

165,302.290 18.99

N/AN/A

N/AN/A

158,156.990 26.21

873.650 22.43

8,233,090.471 27.94

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euro High Yield

Bond

50.000 107.38

3,600.000 144.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

39,991.667 107.93

3,600.000 144.75

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global Core

Credit Bond

40,260.216 16.16

N/AN/A

2,540,078.063 14.05

N/AN/A

N/AN/A

23,572.096 12.49

N/AN/A

492,738.984 16.44

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global Core Plus

Bond



49


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


45,459.562 17.05

Class ZDH1PGBP


N/AN/A

Bond Sub-Funds

EUR

Euro Core Credit

Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

16,941.824 28.58

N/AN/A

N/AN/A

EUR

Euro High Yield

Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50.000 108.17

N/AN/A

N/AN/A

139,850.000 108.40

N/AN/A

N/AN/A

USD

Global Core

Credit Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

751,831.491 11.46

N/AN/A

N/AN/A

N/AN/A

10,095.302 192.63

N/AN/A

N/AN/A

N/AN/A

560,510.994 14.93

2,547,453.369 14.43

N/AN/A

USD

Global Core Plus

Bond



50


8,016,555.858 27.91


N/AN/A


11,081,006.691 19.02


N/AN/A


N/AN/A


394,514.063 27.58


8,947.390 23.68


16,906,696.172 28.68


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


3,387,486.780 20.45


8,241,255.313 20.05


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Bond Sub-Funds

USD

Global Emerging

Markets Bond

9,329,066.593 14.09

N/AN/A

3,237,117.410 12.83

N/AN/A

N/AN/A

240,614.477 14.01

N/AN/A

11,163,509.382 14.40

N/AN/A

N/AN/A

N/AN/A

13,125,003.455 13.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global Emerging

Markets Local

Debt

25,948.231 10.35

N/AN/A

N/AN/A

N/AN/A

93,023,184.920 10.30

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global High

Income Bond

(launched as at 28

July 2010)

125.347 102.59

20,000.000 139.58

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

10,000.000 102.69

N/AN/A

20,000.000 139.72

16,662.928 164.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global Inflation

Linked Bond

(launched as at 30

June 2010)



51


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


945,166.441 28.67


N/AN/A


N/AN/A


N/AN/A


63,225.012 25.24

Class ZDH1PGBP


N/AN/A

Bond Sub-Funds

USD

Global Emerging

Markets Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

5,099,188.798 12.76

N/AN/A

USD

Global Emerging

Markets Local

Debt

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

Global High

Income Bond

(launched as at 28

July 2010)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

214,877.748 102.79

N/AN/A

N/AN/A

USD

Global Inflation

Linked Bond

(launched as at 30

June 2010)



52


109,123.869 13.97


N/AN/A


892,861.872 10.41


N/AN/A


N/AN/A


191,515.075 13.81


N/AN/A


119,557.471 14.05


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Bond Sub-Funds

USD

US Dollar Core

Plus Bond

1,191,510.914 17.25

N/AN/A

84,266.778 15.39

N/AN/A

N/AN/A

N/AN/A

N/AN/A

315,825.000 17.28

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-

Fund

EUR

Euro Reserve

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,561,838.028 10.35

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

8,970.909 7.24

N/AN/A

N/AN/A

258,142.628 10.30

N/AN/A

N/AN/A

Other Sub-Funds

EUR

European Equity

Alpha (launched

as at 13 April

2010)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

113,411.376 1,016.26

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

5,078.793 996.99

N/AN/A

N/AN/A

EUR

Global Bond

Market Neutral



53


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


2,026,297.244 10.43


N/AN/A


N/AN/A


N/AN/A


1,592,819.948 10.45


N/AN/A


N/AN/A


N/AN/A


490,126.651 14.61


4,412,969.761 10.97

Class ZDH1PGBP


N/AN/A

Bond Sub-Funds

USD

US Dollar Core

Plus Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-

Fund

EUR

Euro Reserve

N/AN/A

N/AN/A

N/AN/A

23,175.843 9.87

N/AN/A

N/AN/A

8,970.909 7.23

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,530,000.000 10.44

N/AN/A

N/AN/A

Other Sub-Funds

EUR

European Equity

Alpha (launched

as at 13 April

2010)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Global Bond

Market Neutral



54


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


564,009.191 10.32


N/AN/A

Class LCH1CHF


519,050.180 9.96

Class LCH1EUR


822,973.636 14.54

Class LCH1GBP


309,453.814 15.43

Class LCH1JPY


417,116.622 116.20

Class LCH1SEK


750,000.000 1.46

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A


30,251.674 9.63


N/AN/A


3,769,645.725 10.36

Other Sub-Funds

USD

Global Currency

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

81,424.000 9.94

N/AN/A

N/AN/A

7,770.008 13.84

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

480,409.179 9.91

N/AN/A

3,025.066 9.81

USD

Global Emerging

Markets Equity

Alpha (launched

as at 16 April

2010)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,466,243.000 116.67

4,435.335 117.31

N/AN/A

N/AN/A

25,908.926 122.82

N/AN/A

28,646.141 123.14

64,099.837 128.12

N/AN/A

59,751.614 122.82

710,037.923 115.09

N/AN/A

65,347.733 115.23

EUR

Global Macro

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

16,778,688.749 12.86

3,003,050.581 12.31

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

27,776,810.581 12.11

N/AN/A

6,276,228.706 13.00

N/AN/A

9,054,106.491 12.13

USD

New World

Income



55


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


4,623.706 13.19

Class MCH1GBP


5,921.235 15.85

Class MCH1JPY


150.000 115.66

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


2,250.000 15.34

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A

Other Sub-Funds

USD

Global Currency

N/AN/A

N/AN/A

7,781.008 13.84

173,715.182 16.32

N/AN/A

N/AN/A

N/AN/A

40,463.316 16.35

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,990,487.804 9.98

N/AN/A

N/AN/A

USD

Global Emerging

Markets Equity

Alpha (launched

as at 16 April

2010)

N/AN/A

32,945.374 74.82

N/AN/A

172,668.633 114.83

N/AN/A

256,178.878 121.76

18,889.497 111.75

386,674.016 114.81

882.173 122.05

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

46,979.000 115.80

EUR

Global Macro

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

6,974,100.711 12.38

N/AN/A

USD

New World

Income



56

Statement of Operations and Changes in Net Assets as at 30 September 2010


24,286,177,739Net Assets at the Beginning of thePeriod

INCOME

369,211,529Investment Income

563,295Bank Interest

9,382,343Other Income (note 15)

379,157,167Total Income

EXPENSES

(146,968,968)Management Fees (note 4.2)

(2,306,670)Performance Fees (note 4.3)

(44,305,154)Operating, Administrative and ServicingFees (note 4.4)

(4,535,405)Interest Paid

(198,116,197)Total Expenses

181,040,970Net Investment Profit/(Loss)

397,838,298Realised Profit/(Loss) on Sale ofInvestments

578,879,268Realised Profit/(Loss) for the Periodbefore Foreign Currency Movement

(9,359,932)Profit/(Loss) on Foreign Currency

1,093,166,498Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

1,662,685,834Change in Total Net Assets as a Result of Operations

8,290,058,346Proceeds on Issue of Shares

(6,494,390,193)Payments on Redemption of Shares

(88,568,340)Dividends Paid (note 13)

56,822,194Currency Translation

27,712,785,580Net Assets as at 30 September 2010

CONSOLIDATED

USD

732,481,378

12,188,070

389

270,294

12,458,753

(4,454,269)

-

(1,139,309)

-

(5,593,578)

6,865,175

19,905,612

26,770,787

(1,068,507)

56,249,196

81,951,476

73,807,858

(119,204,239)

(1,086,900)

-

767,949,573

International and

Regional Equity

Sub-Funds

USD

Asia ex Japan

Equity

55,570,392

949,313

15

38,926

988,254

(421,710)

-

(107,049)

-

(528,759)

459,495

1,911,454

2,370,949

(96,449)

6,881,420

9,155,920

27,233,343

(17,767,017)

(121,347)

-

74,071,291

USD

Asia ex Japan

Equity Smaller

Companies

130,080,396

2,876,545

48

42,683

2,919,276

(788,218)

-

(214,061)

(9)

(1,002,288)

1,916,988

4,910,936

6,827,924

(58,822)

3,132,651

9,901,753

22,147,803

(22,192,545)

(135,322)

-

139,802,085

USD

Asia Pacific ex

Japan Equity High

Dividend

57



2,020,189,397

23,820,743

9

531,471

24,352,223

(8,539,537)

-

(3,485,507)

(2,824)

(12,027,868)

12,324,355

60,255,876

72,580,231

(212,930)

9,754,189

82,121,490

171,000,681

(318,664,327)

-

-

1,954,647,241

USD

BRIC Equity

42,863,997

577,158

-

28,900

606,058

(193,500)

-

(48,358)

(7,290)

(249,148)

356,910

1,651,236

2,008,146

66,876

(2,490,373)

(415,351)

6,741,326

(14,729,996)

-

-

34,459,976

USD

BRIC Markets

693,145,864

9,129,566

24,943

212,502

9,367,011

(3,926,291)

-

(1,037,600)

(472)

(4,964,363)

4,402,648

2,963,263

7,365,911

67,846

14,686,378

22,120,135

74,439,773

(95,746,659)

(261,250)

-

693,697,863

USD

BRIC Markets

Equity

44,102,409

487,528

4,407

28,233

520,168

(283,496)

-

(64,437)

(1,126)

(349,059)

171,109

(1,210,913)

(1,039,804)

96,046

213,634

(730,124)

4,046,380

(9,560,601)

(49,046)

-

37,809,018

USD

Climate Change

34,703,204

440,753

2,337

15,408

458,498

(241,757)

-

(65,082)

(928)

(307,767)

150,731

950,081

1,100,812

7,869

81,083

1,189,764

1,677,095

(4,693,876)

(177,207)

-

32,698,980

USD

Emerging Wealth

1,111,987,486

20,779,653

3,241

2,343,481

23,126,375

(5,893,605)

-

(1,522,641)

(3,500)

(7,419,746)

15,706,629

(24,534,919)

(8,828,290)

(37,489)

(18,342,036)

(27,207,815)

219,372,670

(351,605,735)

(3,875,434)

-

948,671,172

EUR

Euroland Equity

58



69,348,554Net Assets at the Beginning of thePeriod

INCOME

903,483Investment Income

530Bank Interest

81,482Other Income (note 15)

985,495Total Income

EXPENSES

(431,993)Management Fees (note 4.2)

-Performance Fees (note 4.3)

(107,736)Operating, Administrative and ServicingFees (note 4.4)

-Interest Paid

(539,729)Total Expenses

445,766Net Investment Profit/(Loss)

926,531Realised Profit/(Loss) on Sale ofInvestments


(18,545)Profit/(Loss) on Foreign Currency

(2,045,551)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

(691,799)Change in Total Net Assets as a Result of Operations

14,996,993Proceeds on Issue of Shares

(17,984,466)Payments on Redemption of Shares

(50,919)Dividends Paid (note 13)

-Currency Translation

65,618,363Net Assets as at 30 September 2010

EUR

Euroland Equity

Smaller

Companies

125,960,642

2,558,160

1,464

303,757

2,863,381

(448,691)

-

(148,325)

-

(597,016)

2,266,365

(4,617,008)

(2,350,643)

(24,150)

(1,226,633)

(3,601,426)

9,954,478

(17,870,559)

(40,667)

-

114,402,468

EUR

Euroland Growth

112,787,066

2,372,669

247

229,274

2,602,190

(534,382)

-

(183,221)

(134)

(717,737)

1,884,453

(316,177)

1,568,276

(172,877)

(1,435,304)

(39,905)

41,858,344

(43,585,083)

(1,864,743)

-

109,155,679

EUR

European Equity

13,979,295

217,591

73

4,655

222,319

(66,784)

-

(16,865)

(81)

(83,730)

138,589

832,443

971,032

(4,275)

(357,807)

608,950

-

-

-

-

14,588,245

USD

Global Emerging

Markets Elite

59



722,049,225

11,658,445

3,888

284,015

11,946,348

(3,084,341)

-

(1,143,141)

(6,257)

(4,233,739)

7,712,609

30,024,968

37,737,577

660,289

(9,241,506)

29,156,360

53,113,057

(103,577,070)

(2,103,984)

-

698,637,588

USD

Global Emerging

Markets Equity

109,115,760

1,087,209

10,026

173,184

1,270,419

(212,619)

-

(148,678)

(1,913)

(363,210)

907,209

1,705,213

2,612,422

151,280

(5,670,106)

(2,906,404)

18,268,226

(33,286,563)

(1,381,787)

-

89,809,232

USD

Global Equity

264,783,920

3,165,975

544

28,674

3,195,193

(1,313,549)

-

(490,276)

(1,279)

(1,805,104)

1,390,089

5,541,888

6,931,977

(62,844)

13,117,489

19,986,622

108,584,249

(87,552,772)

(265,481)

-

305,536,538

USD

Latin American

Equity

6,610,924

170,995

10

-

171,005

(19,995)

-

(12,482)

(377)

(32,854)

138,151

(161,289)

(23,138)

(30,733)

358,410

304,539

3,315,832

(1,323,620)

(1,878)

-

8,905,797

USD

Middle East and

North Africa Equity

2,472,031,818

32,365,018

36

46,973

32,412,027

(18,258,014)

-

(4,298,978)

(22,447)

(22,579,439)

9,832,588

26,937,903

36,770,491

(2,905,884)

204,445,604

238,310,211

1,468,942,448

(1,337,333,499)

(2,944,615)

-

2,839,006,363

Market Specific

Equity Sub-Funds

USD

Brazil Equity

3,367,916,217

61,510,910

5

2,608,807

64,119,722

(22,071,138)

-

(6,090,004)

-

(28,161,142)

35,958,580

39,994,858

75,953,438

(1,587,076)

(9,669,824)

64,696,538

216,574,411

(453,124,648)

(5,653,309)

-

3,190,409,209

USD

Chinese Equity

60




INCOME

8,875,866Investment Income

-Bank Interest


9,037,369Total Income

EXPENSES

(1,811,682)Management Fees (note 4.2)



(204)Interest Paid

(2,491,684)Total Expenses

6,545,685Net Investment Profit/(Loss)

4,898,743Realised Profit/(Loss) on Sale ofInvestments



17,945,726Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

29,175,720Change in Total Net Assets as a Result of Operations



(3,963,322)Dividends Paid (note 13)



USD

Hong Kong Equity

6,876,598,268

37,603,027

69

122,224

37,725,320

(48,833,536)

-

(13,376,513)

(11,955)

(62,222,004)

(24,496,684)

176,867,059

152,370,375

593,107

673,520,298

826,483,780

384,003,796

(657,106,172)

(94,114)

-

7,429,885,558

USD

Indian Equity

7,109,597,023

47,658,054

82,957

1,086,352

48,827,363

(31,453,125)

-

(9,592,913)

(370)

(41,046,408)

7,780,955

(513,419,341)

(505,638,386)

(11,527,743)

(557,229,567)

(1,074,395,696)

1,403,334,639

(2,460,624,168)

(1,719,505)

-

4,976,192,293

JPY

Japanese Equity

123,443,939

339,731

5,235

68,974

413,940

(804,669)

-

(229,990)

(826)

(1,035,485)

(621,545)

3,412,032

2,790,487

(475,931)

6,302,532

8,617,088

31,987,038

(33,401,392)

-

-

130,646,673

USD

Korean Equity

61



112,840,000

1,315,337

50

21,489

1,336,876

(991,653)

-

(236,056)

(497)

(1,228,206)

108,670

1,708,024

1,816,694

9,230

(4,334,474)

(2,508,550)

125,538,779

(58,096,533)

-

-

177,773,696

USD

Russia Equity

73,472,733

1,885,230

-

30,963

1,916,193

(491,315)

-

(144,395)

-

(635,710)

1,280,483

4,257,240

5,537,723

38,546

2,818,386

8,394,655

18,737,223

(16,754,636)

(1,111,645)

-

82,738,330

USD

Singapore Equity

7,187,878

176,897

2

-

176,899

(49,222)

-

(12,649)

(55)

(61,926)

114,973

304,815

419,788

(2,005)

118,585

536,368

838,595

(2,526,316)

(12,154)

-

6,024,371

USD

Taiwan Equity

107,711,690

3,065,953

19

-

3,065,972

(846,765)

-

(202,754)

(51)

(1,049,570)

2,016,402

2,218,454

4,234,856

(153,211)

31,526,215

35,607,860

89,194,801

(81,935,140)

(1,590,076)

-

148,989,135

USD

Thai Equity

33,564,070

699,577

14,496

161,180

875,253

(482,110)

-

(108,036)

(128)

(590,274)

284,979

2,910,955

3,195,934

(188,792)

9,402,179

12,409,321

99,827,620

(39,349,879)

(20,399)

-

106,430,733

EUR

Turkey Equity

51,436,817

925,504

450

10,662

936,616

(359,045)

-

(75,358)

(107)

(434,510)

502,106

1,893,519

2,395,625

(5,935)

(1,205,578)

1,184,112

6,150,751

(7,906,008)

(870,947)

-

49,994,725

GBP

UK Equity

62




INCOME


2,203Bank Interest


824,580Total Income

EXPENSES




-Interest Paid


(80,763)Net Investment Profit/(Loss)

(2,269,503)Realised Profit/(Loss) on Sale ofInvestments

(2,350,266)Realised Profit/(Loss) for the Periodbefore Foreign Currency Movement


(1,122,489)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

(3,478,888)Change in Total Net Assets as a Result of Operations



(104,450)Dividends Paid (note 13)



USD

US Equity

43,646,193

3,153,129

671

-

3,153,800

(217,682)

-

(73,709)

(182)

(291,573)

2,862,227

(680,329)

2,181,898

(83,232)

1,713,323

3,811,989

25,574,592

(20,734,518)

(739,392)

-

51,558,864

Bond Sub-Funds

USD

Brazil Bond

67,323,983

1,731,589

895

5,962

1,738,446

(177,138)

-

(72,870)

(28,278)

(278,286)

1,460,160

429,625

1,889,785

(263)

552,800

2,442,322

61,513,495

(48,286,935)

(21,784)

-

82,971,081

EUR

Euro Core Bond

375,061,060

9,640,978

11,282

43,817

9,696,077

(1,373,692)

-

(572,860)

(399,512)

(2,346,064)

7,350,013

8,089,417

15,439,430

(28,195)

(3,251,694)

12,159,541

181,716,318

(144,774,848)

(83,182)

-

424,078,889

EUR

Euro Core Credit

Bond

63



237,598,720

8,785,581

2,439

28,646

8,816,666

(1,101,210)

-

(383,553)

(4,271)

(1,489,034)

7,327,632

3,809,968

11,137,600

(15,659)

(2,313,397)

8,808,544

264,909,020

(161,978,912)

(136,275)

-

349,201,097

EUR

Euro High Yield

Bond

15,581,391

400,388

577

-

400,965

(5,660)

-

(21,116)

(207)

(26,983)

373,982

944,854

1,318,836

81,578

(755,107)

645,307

4,300,000

-

-

-

20,526,698

USD

Global Core Credit

Bond

87,144,986

2,085,568

4,931

3,600

2,094,099

(176,840)

-

(95,514)

(2,326)

(274,680)

1,819,419

(573,872)

1,245,547

57,572

4,890,972

6,194,091

35,371,526

(25,786,942)

(2,523,341)

-

100,400,320

USD

Global Core Plus

Bond

918,079,559

34,653,177

29,093

-

34,682,270

(3,449,144)

-

(1,479,309)

(8,882)

(4,937,335)

29,744,935

16,992,632

46,737,567

(1,152,508)

52,717,488

98,302,547

714,207,562

(511,276,616)

(25,831,061)

-

1,193,481,991

USD

Global Emerging

Markets Bond

188,366,728

14,940,227

180,930

-

15,121,157

(1,718,901)

-

(672,146)

(235,920)

(2,626,967)

12,494,190

2,829,587

15,323,777

(2,353,842)

30,953,721

43,923,656

789,295,613

(435,017,996)

(10,826,067)

-

575,741,934

USD

Global Emerging

Markets Local

Debt

-

6,165,190

4,972

-

6,170,162

-

-

(1,571,958)

(62,826)

(1,634,784)

4,535,378

2,154,188

6,689,566

(1,564,568)

12,629,042

17,754,040

1,014,120,043

(68,680,929)

(4,651,159)

-

958,541,995

USD

Global High

Income Bond

(launched as at 28

July 2010)

64



-Net Assets at the Beginning of thePeriod

INCOME


17Bank Interest

-Other Income (note 15)

163,949Total Income

EXPENSES




(2,273)Interest Paid


139,409Net Investment Profit/(Loss)

(588,729)Realised Profit/(Loss) on Sale ofInvestments

(449,320)Realised Profit/(Loss) for the Periodbefore Foreign Currency Movement

287,542Profit/(Loss) on Foreign Currency

1,587,527Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

1,425,749Change in Total Net Assets as a Result of Operations



-Dividends Paid (note 13)



USD

Global Inflation

Linked Bond

(launched as at 30

June 2010)

87,491,283

3,250,270

16,381

2,192

3,268,843

(114,192)

-

(83,547)

(1,169)

(198,908)

3,069,935

(1,736,240)

1,333,695

(216,395)

3,288,634

4,405,934

47,774,616

(28,437,304)

(2,782,058)

-

108,452,471

USD

US Dollar Core

Plus Bond

29,795,236

53,313

65

-

53,378

(31,847)

-

(14,072)

(113)

(46,032)

7,346

42,287

49,633

(226)

(10,687)

38,720

4,023,342

(6,550,357)

-

-

27,306,941

Reserve Sub-

Fund

EUR

Euro Reserve

-

126,049

1,296

-

127,345

(55,135)

(12,286)

(37,706)

(58,691)

(163,818)

(36,473)

872,807

836,334

(27,657)

(158,995)

649,682

35,183,371

(682,640)

-

-

35,150,413

Other Sub-Funds

EUR

European Equity

Alpha (launched as

at 13 April 2010)

65



128,604,573

1,133,007

8,756

-

1,141,763

(487,389)

(2,682)

(151,457)

(859,837)

(1,501,365)

(359,602)

(1,198,077)

(1,557,679)

(508,036)

1,692,837

(372,878)

35,012,092

(42,924,459)

-

-

120,319,328

EUR

Global Bond

Market Neutral

68,435,114

-

14,569

64,447

79,016

(590,904)

-

(118,181)

(36)

(709,121)

(630,105)

(1,402,058)

(2,032,163)

2,183,762

1,945,225

2,096,824

61,786,580

(15,489,124)

-

-

116,829,394

USD

Global Currency

-

134,379

23

-

134,402

(49,040)

(11,209)

(52,652)

(41,496)

(154,397)

(19,995)

(96,640)

(116,635)

81,206

(114,658)

(150,087)

33,999,008

(4,673,174)

-

-

29,175,747

USD

Global Emerging

Markets Equity

Alpha (launched as

at 16 April 2010)

353,479,140

296,058

106,991

121,235

524,284

(3,038,818)

(358,259)

(719,757)

(55,760)

(4,172,594)

(3,648,310)

2,575,279

(1,073,031)

1,666,488

(10,158,020)

(9,564,563)

466,503,555

(188,439,349)

-

-

621,978,783

EUR

Global Macro

567,173,302

20,649,261

48,388

-

20,697,649

(2,149,241)

(1,786,845)

(940,847)

(2,199,541)

(7,076,474)

13,621,175

10,524,922

24,146,097

(2,223,890)

21,827,753

43,749,960

591,359,985

(325,143,947)

(10,448,893)

-

866,690,407

USD

New World Income

Notes to the Financial Statements

66

1. Basis of presentation

HSBC Global Investment Funds (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourg as an investment company with variable capital (Société d’Investissement à Capital Variable or “SICAV”). The capital comprises various classes of shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cash and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are expressed in the currency designated in the Prospectus for that particular sub-fund and the financial statements of the Company are expressed in United States Dollars (USD). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.

The Company is an officially registered investment fund under Part I of the law of 20 December 2002 (the “2002 Law”) and has been certified as a UCITS fund under the directive 85/611/CEE of the Council of Europe.

Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section 104 of the “Securities and Futures Ordinance”.

In the Prospectus and in the various reports, the short names of the sub-funds are used. The complete name of each sub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund.

From 1 April 2010 to 30 September 2010, the Company has proceeded to the opening of the following 4 sub-funds:

• European Equity Alpha on 13 April 2010. • Global Emerging Markets Equity Alpha on 16 April 2010. • Global Inflation Linked Bond on 30 June 2010. • Global High Income Bond on 28 July 2010.

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company’s financial statements.

2. Accounting Policies

a) Accounting convention

The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.

b) Assets and portfolio securities valuation

Portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the last available price on the principal market on which such securities are traded. Securities traded on other organised markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors.

The assets of each share class within each sub-fund are valued using prices available at different times during the day of 30 September 2010. If the Company had calculated the net asset values solely with a view to publication, the market prices used to value the net assets would have been the closing prices on 30 September 2010. However, these net asset values would not have been significantly different from those shown in these financial statements.

The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market are valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds are valued at their last available net asset value reduced by any applicable charges.

The Company uses the amortized cost method of valuation in valuing its portfolio of financial instruments in the form of short term debt (such as commercial paper, certificate of deposit, treasury bills,…).

Notes to the Financial Statements (continued)

67

2. Accounting Policies (continued)

c) Income and Expenses

Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.

d) Foreign Exchange

The cost of investments, income and expenses in currencies other than the fund relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of investments and other assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange ruling at 30 September 2010.

e) Realised Profit/(Loss) on Sale of Investments

Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and the sale proceeds.

f) Segregated Liability

The Company has segregated liability between its sub-funds; meaning, the assets of a sub-fund are exclusively available to satisfy the rights of shareholders in relation to that sub-fund and the rights of creditors whose claims have arisen in connection with the creation, operation and liquidation of that sub-fund.

3. Share capital

The Company has issued either A, AM, E, I, J, L, M, P, R, S, W, X, Y, YP, Z and ZP Shares to investors in one or several sub-funds as detailed below.

Within each share class of a sub-fund, the Company is entitled to create different sub-classes distinguished by their distribution policy (Capital-Accumulation (C) and Distribution (D) Shares), their hedging activity (H) and/or by any other criterion to be stipulated by the Directors.

All share classes are available as both ‘Capital Accumulation’ and ‘Distribution’ shares.

Description Minimum Initial

Investment

Minimum Holding

Class A A Shares are available to all investors.

USD 5,000

Class AM AM Shares are available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor.

USD 5,000

Class E E Shares are available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor. Class E Shares incur an annual management fee, equivalent to that of the Class A Shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class E Shares, which may be payable to specific distributors in certain countries.

USD 5,000


68

3. Share capital (continued)


Investment

Minimum Holding

Class I I Shares are available through specific distributors selected by the Distributor.

USD 1,000,000

Class J J Shares are available for investment by fund of fund ranges managed by the HSBC Group only.

USD 100,000

Class L L Shares are available through specific distributors selected by the Distributor, provided that the investor qualifies as institutional investor within the meaning of article 129 of the 2002 Law.

USD 1,000,000

Class M M Shares are available to all investors.

USD 5,000

Class P P Shares are available for subscription in certain jurisdictions or through certain distributors selected by the Distributor.

USD 50,000

Class R R Shares are available in certain jurisdictions, through specific distributors selected by the Distributor. R Shares incur additional fees of between 0.3% and 0.5% of the Net Asset Value of such share class. These may be payable to specific distributors in certain countries.

USD 5,000

Class S S Shares are available in certain jurisdictions or through certain distributors selected by the Distributor provided that the investor qualifies as an institutional investor within the meaning of article 129 of the 2002 Law.

USD 100,000

Class W W Shares are available through specific distributors that will also be members or affiliated entities of the HSBC Group as selected by the Distributor provided that the investor qualifies as an institutional investor within the meaning of article 129 of the 2002 Law. No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges allocated to this class will be paid directly by members or affiliated entities of the HSBC Group.

USD 100,000


69

3. Share capital (continued)


Investment

Minimum Holding

Class X X Shares are available through specific distributors selected by the Distributor, provided that the investor qualifies as an institutional investor within the meaning of article 129 of the 2002 Law and falls into one of the following categories: companies or company pension funds, insurance companies or registered charities company.

USD 10,000,000Unless otherwise

provided in the Sub-Fund characteristics

of the Prospectus

Class Y Y Shares are available in certain jurisdictions through specific distributors appointed by the Distributor.

USD 1,000

Class YP YP Shares are available in certain jurisdictions through specific distributors appointed by the Distributor.

USD 1,000

Class Z Z Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor, provided that such investor qualifies as an institutional investor within the meaning of article 129 of the 2002 Law.

USD 1,000,000

Class ZP ZP Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor provided that such investor qualifies as an institutional investor within the meaning of article 129 of the 2002 Law.

USD 1,000,000

The Board of Directors of the Company is authorised to issue different classes of shares in the one more sub-funds. Details of the characteristics of such share classes offered by one or more sub-funds will be determined at the sole discretion of the Board of Directors. In case of the creation of any additional classes of shares, the Prospectus will be updated. The subscription proceeds of all shares in a sub-fund are invested in one common underlying portfolio of investments. All shares of the same class have equal rights and privileges. Each share is, upon issue, entitled to participate equally in assets of the relevant class of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The shares will carry no preferential or pre-emptive rights and each whole share will be entitled to one vote at all meetings of shareholders. The minimum initial investment amount may be waived or reduced at the discretion of the Company.


70

3. Share capital (continued) Share Class Denominations and Successive Classes: The share classes issued in the different sub-funds are designated by their class name, followed by their distribution characteristics and, if applicable, their specific hedging policy and the currency into which the base currency is hedged. This means that for example shares issued in Class A which are distributing income and applying a hedging policy to Euro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating income would be identified as IC. Successive Classes J, L, M, R, YP and ZP in a given sub-fund are numbered 1, 2, 3… and will be referred to as J1, J2, J3, (…), L1, L2, L3 (…), M1, M2, M3 (…) etc. Successive Classes S Shares will be issued in different sub-funds, and numbered 1, 2, 3 etc. and will be referred to as S1, S2, S3, etc. for the S Class launched in the first sub-fund, S Class launched in the second sub-fund and S Class launched in the third sub-fund, respectively and as disclosed in the relevant sub-fund characteristics (see Section 3.2. of the Prospectus). Within each share class of a sub-fund, separate currency hedged classes may be issued (suffixed by “H” and the currency into which the Base Currency is hedged e.g. “HEUR” or “HGBP”). Any fees of the Administrator relating to the execution of the currency hedging policy will be borne by the relevant currency hedged class. These fees are in addition to the operating, administrative and servicing expenses detailed below. Any gains or losses shall also accrue to the relevant currency hedged class. 4. Charges and Expenses 1. Explanation of the Charging Structure Investment in the Company is generally offered via charging structures, as represented by the A, AM, E, I, J, L, M, P, R, S, W, X, Y, YP, Z and ZP Classes of Shares. The Management Company is entitled, in respect of each class of shares, to a management fee to cover all investment management, investment advisory and distribution services provided in relation to the relevant class (see paragraph (2) headed “Management Fee” below). In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicing expenses. To safeguard shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses, the Company has agreed with the Management Company that the fee charged to cover such operating, administrative and servicing expenses is fixed at an annual rate. The potential excess of such expenses above such annual rate will be borne directly by the Management Company (see paragraph (4) headed “Operating, Administrative and Servicing Expenses / operating currency hedging fees” below). 2. Management Fee The Company pays to the Management Company an annual management fee calculated as a percentage of the Net Asset Value of each sub-fund or share class (“Management Fee”). The Management Fee is accrued daily and payable monthly in arrears at the rates specified in the table on page 125.


71

4. Charges and Expenses (continued)

2. Management Fee (continued) The maximum rate for Class E, I, J, L and M Shares is 3.5%. The maximum rate for Class A, AM, P, R, S, X, Y, YP, Z and ZP Shares is as stated in the Prospectus. No Management Fee is currently charged for Class W Shares. The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the Company by the Management Company, the Investment Advisers and the Share Distributors. The Management Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion. The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the assets of the Company to any of such service providers. In such case, the Management Fee due to Management Company is reduced accordingly. 3. Performance Fee Unless otherwise provided in the Prospectus, for sub-funds issuing Classes J Shares, L Shares, M Shares, R Shares, XP Shares, YP Shares and ZP Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of each twelve month period. Each Dealing Day, the Performance Fee accrual will be calculated as 20% of the difference between the change in the Net Asset Value per share of the relevant class of the sub-fund since the previous dealing day (net of all other fees and expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage defined below for the relevant sub-funds (hereafter the "Percentage") provided that on such Dealing Day the Net Asset Value per Share of the relevant class of the sub-fund is higher than the Low Tide Mark (as defined below). On a dealing day when the net asset value exceeds the Low Tide Mark but immediately follows a dealing day when the NAV per share was below the Low Tide Mark, no accrual is made. On the first issue of the relevant class of shares in a sub-fund, the Low Tide Mark will equal the initial offer price of the relevant class of shares of the sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant class of shares of the sub-fund. The cumulative Performance Fee accruals from the beginning of the twelve months period will be included in the calculation of the Net Asset Value per Share. In the event of any change in the Net Asset Value per Share of the relevant Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily Performance Fee accrual will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be set as the ‘Low Tide Mark’. No further daily Performance Fee accruals will be made until the Net Asset Value per Share exceeds the Low Tide Mark.


72


3. Performance Fee (continued) At the end of the twelve months period, the positive balance (if any) of the Performance Fee accrual will become payable to the Management Company and the Performance Fee accrual in the Net Asset Value per share of the relevant class of shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the relevant class of shares, followed by a period of negative performance, all shareholders will participate (in proportion with their shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant class of shares of the sub-fund, including shares that are newly issued and which only experience positive performance. The detailed Performance Fee information can be found in the Prospectus dated October 2010. If there is a positive balance of the Performance Fee, it will become payable to the Management Company and will be included in the “performance fees” balance from the statement of operations. If there was a positive balance of the Performance Fees accrued as at 31 March 2010 but no performance fees paid during the period ended 30 September 2010 or payable as at 30 September 2010, the 31 March 2010 accrual reversal is included in the “other income” balance from the statement of operations. 4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below, inter alia, payable to the Custodian, Administration, Registrar and Transfer Agent. This fee is set, for each sub-fund and/or class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or class specified in the Company’s Prospectus (as specified in the table on page 123). Such fee is accrued daily and payable monthly in arrears. No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges allocated to such class of shares will be paid directly by a member or an affiliated entity of HSBC Group. The maximum rate for class A, AM, E, I, J, L, M, P, R, S, X, Y, YP, Z and ZP Shares is 1.0% (but not including the fees of the Administration Agent relating to the execution of the currency hedging for the currency hedged share classes). However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and Servicing Expenses applicable to each class of shares. In the event of an increase of such expenses, the concerned shareholders will be given at least three months prior notice of such increase. During this three months notice, such shareholders may request the redemption of their shares, free of charge. Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services payable to the Registrar and Transfer Agent.


73


4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees (continued) Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiaries (see below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under Section “Taxation” of the Company’s Prospectus attendance fees and reasonable out-of-pocket expenses incurred by the Board of Directors legal, auditing fees and expenses ongoing registration and listing fees, including translation expenses the costs and expenses of preparing, printing, and distributing the Company’s Prospectus, simplified Prospectuses, financial reports, statements and other documents made available directly or through intermediaries to its shareholders. The Company pays to the Management Company a fee to cover the fees of the Administration Agent relating to the execution of the currency hedging policy for the hedged share classes launched on or after 1 December 2008. The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assets of the Company to any of the aforementioned service providers. In such case the fee due to the Management Company is reduced accordingly. 5. Transaction expenses and extraordinary expenses

The transaction expenses linked to security dealing are written off against the realised profit/loss from the sale of investments. Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments, brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s share classes. The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets. 6. Indian Equity and Global Emerging Markets Equity

The Company’s wholly owned subsidiaries in Mauritius, HSBC Global Investment Funds Mauritius Limited ("HSBC Mauritius") and HSBC GIF Mauritius No. 2 Limited ("HSBC Mauritius No. 2"), (each a "Subsidiary" or collectively, the "Subsidiaries") both located at Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius. HSBC Mauritius manages the Indian Equity sub-fund's investments in India, whilst HSBC Mauritius No. 2 manages the Global Emerging Markets Equity sub-fund's investments in India. HSBC Mauritius was incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and the HSBC Mauritius have been consolidated. HSBC Mauritius No. 2 was incorporated in Mauritius on 21 November 2007. The accounts of the Global Emerging Markets Equity sub-fund and HSBC Mauritius No. 2 have been consolidated.


74

6. Indian Equity and Global Emerging Markets Equity (continued) The Subsidiaries have appointed Multiconsult Limited, Rogers House, 5, President John Kennedy Street, Port Louis, Mauritius, to provide administrative services to the Subsidiaries in Mauritius, including maintenance of its accounts, books and records. Both Subsidiaries have appointed KPMG Mauritius, KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiaries in Mauritius to perform the auditor’s duties required by Mauritius law. 7. Taxation of the Company

The following summary is based on the Company’s understanding of the law and practice currently in force in the Grand Duchy of Luxembourg and in other jurisdictions and is subject to changes therein. Belgium The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds registered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the net outstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is not substantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds. To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial or long term the Management Company may require the sub-funds concerned to bear that tax charge for future periods. India On the basis that they are a Mauritian tax resident and hold a valid Tax Residency Certificate, the Subsidiaries will benefit from the tax advantages available to them under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries will file, through its Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. Capital gains resulting from the purchase and sale by the Subsidiaries of stocks on the Indian stock exchanges will be exempt from tax on the basis that the Subsidiaries are able to benefit from the provisions of the India-Mauritius double taxation treaty. The above-stated tax treatment under the India-Mauritius double taxation treaty will be available provided that the Subsidiaries neither have a permanent establishment nor its effective management and control in India. No guarantee or warranty can be given or should be assumed that the tax benefits of the said treaty will continue to be available to the Indian Equity and in Global Emerging Markets Equity sub-funds in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union. The Central Board of Direct Taxes, an apex Income-tax authority of India, has confirmed the availability of the treaty benefits to companies holding a certificate of Mauritian tax residence. The Supreme Court of India in the case of Union of India and Anr. v. Azadi Bachao Andolan and Anr., confirmed on 7 October 2003 the validity of this position. Dividends paid by the Indian companies are exempt from tax in the hands of the recipients if the said company pays a dividend distribution tax at the prescribed tax rate on dividends declared, distributed or paid by them on or after 1 April 2003. The new Indian Direct Tax Code is expected to come into force from 1 April 2012. This will broadly tax all capital gains of foreign investors at 30% unless relief is available under an appropriate double tax treaty with India. However, the new Indian Direct Tax Code gives considerable discretion to the tax authorities, which may be used to seek to deny treaty benefits to foreign investors. Such actions could result in a significant financial cost for investors.


75

7. Taxation of the Company (continued)

Luxembourg The Company is not liable to any Luxembourg tax on profits or income. The Company is, however, liable in Luxembourg to a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for the Euro Reserve sub-fund and Classes J, L, S1, W, X, Z and ZP Shares in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of shares. The classes/sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the Luxembourg law of 19 December 2003 which are the following: (i) the shares of the class/sub-fund must be reserved to institutional investors in the meaning of article 129 of the 2002 Law; (ii) the exclusive object of the class/sub-fund’s portfolio must be the investment in money market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of the class/sub-fund’s portfolio must be less than 90 days and (iv) the class/sub-fund must benefit from the highest possible rating of a recognized rating agency. No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company. Mauritius The Subsidiaries are registered with the Financial Services Commission as offshore companies. As a result they are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiaries investments in India and any dividends and redemption proceeds paid by the Subsidiaries to the Indian Equity or Global Emerging Markets Equity sub-funds will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by the Mauritius Revenue Authority. On the basis that they are Mauritian tax residents, the Subsidiaries will qualify for certain reliefs from Indian tax as set out in the Indian tax paragraph above. Thailand Where possible, Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favourable position, no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an adverse effect on investment returns and a possible impact on the net asset value. United Kingdom It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident in the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not be subject to United Kingdom corporation tax on its income and capital gains. The Company has received certification as a distributing fund under Schedule 27 of the Income and Corporation Taxes Act 1988.


76

7. Taxation of the Company (continued)

General Dividends and interest received by the Company on its investments are generally subject to non-recoverable withholding taxes in the countries of origin. For the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, the following sub-funds have invested in excess of 75% of equity or equity equivalent securities, which have their registered office in a country which is a member of the EU or the European Economic Area. % of holdings in shares Euroland Equity 94.26 Euroland Equity Smaller Companies 97.93 Euroland Growth 93.85 European Equity 99.76 UK Equity 99.55 8. Public and bank holidays in Hong Kong

HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and Share Distributor in Hong Kong. There will be no dealing for the shares of the Company in Hong Kong on a day which is a public or bank holiday in Hong Kong.

9. Forward foreign exchange contracts

As at 30 September 2010, the Company had entered into various forward foreign currency contracts for the purpose of hedging the portfolio which obliges the Company to deliver currencies at specified future dates. Open contracts are as follows: Contracts with a settlement date of 30 September 2010 still appear because they were open at the time of the preparation and publication of the net asset value of 30 September 2010.

Sub-funds Contract Date In exchange for Settlement Contract to

deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asia ex Japan Equity

25/06/2010 EUR 39,676,000 30/09/2010 USD 48,964,152 5,104,317

30/06/2010 USD 1,092,987 30/09/2010 EUR 893,000 (123,948)

02/07/2010 USD 1,000,280 30/09/2010 EUR 800,000 (89,920)

05/07/2010 USD 28,806 30/09/2010 EUR 23,000 (2,537)

07/07/2010 EUR 777,000 30/09/2010 USD 976,751 82,106

08/07/2010 USD 570,686 30/09/2010 EUR 451,000 (43,914)

09/07/2010 EUR 562,000 30/09/2010 USD 713,403 52,463

12/07/2010 EUR 982,000 30/09/2010 USD 1,235,356 102,864

14/07/2010 USD 773,978 30/09/2010 EUR 609,000 (55,937)


77

9. Forward foreign exchange contracts (continued)


deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asia ex Japan Equity (continued)

15/07/2010 EUR 675,000 30/09/2010 USD 859,268 60,588

16/07/2010 USD 632,130 30/09/2010 EUR 489,000 (34,254)

20/07/2010 USD 22,074 30/09/2010 EUR 17,000 (1,093)

22/07/2010 EUR 633,000 30/09/2010 USD 811,506 51,115

28/07/2010 EUR 604,000 30/09/2010 USD 786,317 36,784

30/07/2010 EUR 20,000 30/09/2010 USD 26,082 1,173

02/08/2010 USD 61,376 30/09/2010 EUR 47,000 (2,673)

03/08/2010 EUR 459,000 30/09/2010 USD 607,670 17,832

05/08/2010 EUR 796,000 30/09/2010 USD 1,046,143 38,606

09/08/2010 USD 726,662 30/09/2010 EUR 547,000 (18,762)

10/08/2010 EUR 775,000 30/09/2010 USD 1,020,443 35,689

11/08/2010 USD 620,668 30/09/2010 EUR 475,000 (26,638)

12/08/2010 USD 658,691 30/09/2010 EUR 510,000 (36,312)

13/08/2010 USD 1,362,355 30/09/2010 EUR 1,058,000 (79,435)

16/08/2010 EUR 644,000 30/09/2010 USD 825,737 51,874

19/08/2010 EUR 646,000 30/09/2010 USD 827,332 53,004

25/08/2010 USD 1,022,330 30/09/2010 EUR 806,000 (76,046)

26/08/2010 USD 1,005,998 30/09/2010 EUR 792,000 (73,300)

31/08/2010 EUR 856,000 30/09/2010 USD 1,085,648 80,866

01/09/2010 USD 682,746 30/09/2010 EUR 534,000 (44,963)

02/09/2010 EUR 571,000 30/09/2010 USD 731,268 46,862

07/09/2010 EUR 1,481,000 30/09/2010 USD 1,890,896 127,336

09/09/2010 USD 539,095 30/09/2010 EUR 424,000 (38,711)

10/09/2010 USD 82,742 30/09/2010 EUR 65,000 (5,837) 14/09/2010 EUR 867,000 30/09/2010 USD 1,113,722 67,782

16/09/2010 EUR 20,000 30/09/2010 USD 26,034 1,221 17/09/2010 USD 23,633 30/09/2010 EUR 18,000 (896)

21/09/2010 EUR 694,000 30/09/2010 USD 911,222 34,527 27/09/2010 USD 58,055,510 30/09/2010 EUR 43,180,000 (788,035)

27/09/2010 EUR 43,220,000 31/12/2010 USD 58,094,163 725,059 28/09/2010 EUR 1,189,000 31/12/2010 USD 1,595,638 22,503

29/09/2010 USD 1,438,351 31/12/2010 EUR 1,058,000 (1,511) USD 5,249,849


78



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Elite

28/09/2010 USD 46,164 04/10/2010 ZAR 321,035 198 29/09/2010 USD 40,346 05/10/2010 ZAR 280,848 140 USD 338

Global Emerging Markets Equity 23/09/2010 USD 252,716 01/10/2010 ZAR 1,788,940 (3,189) 27/09/2010 USD 1,092,360 04/10/2010 ZAR 7,699,542 (8,495) 28/09/2010 USD 2,475,885 04/10/2010 ZAR 17,217,987 14,136 29/09/2010 USD 1,588,518 05/10/2010 ZAR 11,057,641 7,801 29/09/2010 USD 939 05/10/2010 AUD 967 4 USD 10,257

US Equity 10/09/2010 EUR 4,000 20/10/2010 USD 5,094 357 13/09/2010 EUR 34,408,000 20/10/2010 USD 44,251,337 2,630,973 14/09/2010 USD 786,181 20/10/2010 EUR 605,000 (38,163) 16/09/2010 EUR 608,000 20/10/2010 USD 794,775 33,650 21/09/2010 EUR 406,000 20/10/2010 USD 533,159 20,033 22/09/2010 USD 10,706 20/10/2010 EUR 8,000 (194) 23/09/2010 USD 599,406 20/10/2010 EUR 450,000 (13,739) 24/09/2010 EUR 500,000 20/10/2010 USD 673,772 7,499 USD 2,640,416

Global Core Credit Bond

28/06/2010 EUR 720,000 30/09/2010 USD 889,488 91,692

28/06/2010 USD 7,490,500 30/09/2010 EUR 6,063,218 (772,151)

06/07/2010 USD 330,000 30/09/2010 EUR 262,419 (27,612)

26/08/2010 USD 2,100,000 30/09/2010 EUR 1,652,242 (151,593)

28/09/2010 USD 10,885,016 30/09/2010 EUR 8,122,985 (178,303)

28/09/2010 EUR 720,000 01/12/2010 USD 964,800 15,759

USD (1,022,208)


79



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Core Plus Bond

30/06/2010 USD 614,449 04/10/2010 EUR 500,000 (66,913)

06/08/2010 USD 1,319,551 12/10/2010 EUR 1,000,998 (44,442)

16/08/2010 USD 2,566,663 16/11/2010 EUR 2,004,000 (163,252)

17/08/2010 USD 2,571,600 08/11/2010 EUR 2,000,000 (153,117)

01/09/2010 EUR 463,000 08/10/2010 USD 593,444 37,479

01/09/2010 GBP 279,000 08/10/2010 USD 431,111 12,249

01/09/2010 USD 130,126 08/10/2010 CAD 137,000 (2,549)

01/09/2010 USD 6,189,276 08/10/2010 JPY 523,000,000 (83,854)

02/09/2010 USD 448,886 08/10/2010 EUR 350,000 (28,055)

02/09/2010 USD 161,664 08/10/2010 GBP 105,000 (5,192)

02/09/2010 USD 535,173 08/10/2010 JPY 45,000,000 (4,580)

08/09/2010 JPY 317,457,000 08/10/2010 USD 3,790,626 17,118

08/09/2010 USD 110,537 08/10/2010 EUR 87,000 (8,017)

14/09/2010 KRW 1,130,000,000 17/11/2010 USD 972,796 18,214

14/09/2010 TWD 11,120,000 17/11/2010 USD 351,343 5,031

15/09/2010 AUD 993,000 17/11/2010 USD 922,187 33,811

15/09/2010 CHF 684,000 17/11/2010 USD 682,096 20,380

15/09/2010 DKK 2,588,000 17/11/2010 USD 450,516 22,539

15/09/2010 MXN 3,737,000 17/11/2010 USD 288,914 7,224

15/09/2010 PLN 852,000 17/11/2010 USD 279,431 10,437

15/09/2010 SEK 3,624,000 17/11/2010 USD 509,735 29,552

20/09/2010 USD 50,409 08/10/2010 CAD 52,000 50

20/09/2010 USD 500,098 08/10/2010 EUR 382,000 (20,448)

20/09/2010 USD 101,414 08/10/2010 GBP 65,000 (1,878)

20/09/2010 USD 363,562 08/10/2010 JPY 31,136,000 (9,899)

23/09/2010 USD 1,330,169 08/10/2010 EUR 997,000 (28,427)

24/09/2010 JPY 249,746,000 08/10/2010 USD 2,962,540 33,043

27/09/2010 EUR 218,000 08/10/2010 USD 293,053 4,012

29/09/2010 USD 142,218 01/10/2010 GBP 90,000 (809)

29/09/2010 USD 70,868 01/10/2010 JPY 5,929,565 (251)

29/09/2010 GBP 90,000 08/10/2010 USD 142,212 808

29/09/2010 JPY 5,930,000 08/10/2010 USD 70,877 250

USD (369,486)


80



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Bond

27/08/2010 USD 1,758,482 30/09/2010 EUR 1,382,481 (125,495)

27/08/2010 EUR 111,762,346 30/09/2010 USD 142,149,186 10,154,950

30/08/2010 USD 4,066,565 30/09/2010 EUR 3,200,482 (294,892)

01/09/2010 EUR 2,448,101 30/09/2010 USD 3,134,928 201,222

02/09/2010 USD 3,894,051 30/09/2010 EUR 3,036,972 (244,583)

07/09/2010 KRW 3,537,000,000 12/10/2010 USD 3,000,000 109,023

10/09/2010 EUR 6,838,272 30/09/2010 USD 8,704,300 614,555

22/09/2010 EUR 1,473,401 30/09/2010 USD 1,969,495 38,382

24/09/2010 EUR 2,924,553 30/09/2010 USD 3,925,042 60,392

27/09/2010 USD 1,362,999 30/09/2010 EUR 1,011,727 (15,732)

28/09/2010 USD 158,588,896 30/09/2010 EUR 117,826,737 (1,979,489)

28/09/2010 EUR 4,013 01/10/2010 USD 5,402 66

28/09/2010 EUR 119,323,101 29/10/2010 USD 160,599,828 1,974,675

29/09/2010 USD 486,335 04/10/2010 EUR 357,547 (901)

30/09/2010 USD 781,256 05/10/2010 EUR 573,736 (580)

30/09/2010 EUR 2,228,080 29/10/2010 USD 3,035,135 564

USD 10,492,157

Global Emerging Markets Local Debt

19/02/2010 CNY 13,286,000 23/02/2011 USD 2,000,000 (16,666)

28/04/2010 CNY 33,025,000 28/04/2011 USD 5,000,000 (42,287)

06/05/2010 USD 1,975,320 23/02/2011 CNY 13,286,000 (8,023)

06/05/2010 USD 4,929,104 28/04/2011 CNY 33,025,000 (28,479)

04/06/2010 USD 10,000,000 08/06/2011 ARS 45,000,000 (418,644)

10/08/2010 KRW 5,880,000,000 14/02/2011 USD 5,000,000 139,120

17/08/2010 KRW 2,374,000,000 22/02/2011 USD 2,000,000 72,502

27/08/2010 BRL 34,643,250 04/10/2010 USD 19,602,360 751,520

07/09/2010 KRW 5,895,000,000 12/10/2010 USD 5,000,000 181,705

07/09/2010 COP 1,810,500,000 09/12/2010 USD 1,000,000 6,638

08/09/2010 MYR 12,452,000 13/10/2010 USD 4,000,000 30,003

10/09/2010 USD 5,200,000 14/12/2010 KRW 6,081,400,000 (127,452)

13/09/2010 RUB 309,500,000 13/10/2010 USD 10,000,000 113,222

15/09/2010 USD 3,000,000 18/10/2010 ZAR 21,402,300 (53,237)

15/09/2010 MYR 6,223,000 20/10/2010 USD 2,000,000 13,047

15/09/2010 COP 2,720,250,000 17/12/2010 USD 1,500,000 12,459


81



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Local Debt (continued)

17/09/2010 RUB 155,150,000 18/10/2010 USD 5,000,000 67,664

21/09/2010 ZAR 21,473,700 25/10/2010 USD 3,000,000 59,852

23/09/2010 COP 6,338,500,000 27/12/2010 USD 3,500,000 24,206

28/09/2010 HUF 1,034,200,000 29/10/2010 USD 5,000,000 83,176

29/09/2010 USD 5,000,000 29/10/2010 RUB 153,200,000 165

29/09/2010 PLN 14,689,500 01/12/2010 USD 5,000,000 (8,875)

USD 851,616

Global High Income Bond

28/07/2010 USD 58,500,000 01/10/2010 EUR 44,972,670 (2,786,163)

29/07/2010 USD 3,000,000 01/10/2010 EUR 2,295,614 (128,330)

30/07/2010 USD 2,000,000 01/10/2010 EUR 1,531,171 (86,591)

02/08/2010 USD 7,400,000 01/10/2010 EUR 5,610,949 (246,277)

03/08/2010 USD 4,000,000 01/10/2010 EUR 3,021,513 (117,544)

04/08/2010 USD 3,200,000 01/10/2010 EUR 2,433,756 (116,582)

05/08/2010 USD 3,500,000 01/10/2010 EUR 2,661,961 (127,567)

06/08/2010 USD 4,400,000 01/10/2010 EUR 3,313,802 (115,858)

09/08/2010 USD 4,300,000 01/10/2010 EUR 3,246,332 (123,914)

11/08/2010 USD 3,900,000 01/10/2010 EUR 2,988,987 (173,219)

13/08/2010 EUR 1,560,208 01/10/2010 USD 2,000,000 126,162

13/08/2010 USD 8,800,000 01/10/2010 EUR 6,856,974 (544,289)

16/08/2010 USD 4,500,000 01/10/2010 EUR 3,507,760 (280,173)

17/08/2010 USD 3,700,000 01/10/2010 EUR 2,877,440 (221,210)

18/08/2010 USD 6,400,000 01/10/2010 EUR 4,977,332 (382,822)

19/08/2010 USD 3,500,000 01/10/2010 EUR 2,717,623 (203,421)

20/08/2010 USD 4,000,000 01/10/2010 EUR 3,154,323 (298,530)

23/08/2010 USD 3,900,000 01/10/2010 EUR 3,080,812 (298,354)

24/08/2010 USD 1,700,000 01/10/2010 EUR 1,339,722 (125,696)


82



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global High Income Bond (continued)

24/08/2010 USD 2,228,630 08/10/2010 EUR 1,448,000 (72,396)

25/08/2010 USD 2,300,000 01/10/2010 EUR 1,820,456 (180,812)

26/08/2010 USD 1,800,000 01/10/2010 EUR 1,417,993 (132,359)

30/08/2010 USD 3,700,000 01/10/2010 EUR 2,907,137 (261,679)

01/09/2010 USD 5,200,000 01/10/2010 EUR 4,053,190 (323,455)

02/09/2010 USD 8,600,000 01/10/2010 EUR 6,709,692 (543,582)

02/09/2010 USD 2,229,855 08/10/2010 GBP 1,448,000 (71,171)

06/09/2010 USD 7,500,000 01/12/2010 EUR 5,809,765 (412,510)

07/09/2010 USD 7,000,000 01/12/2010 EUR 5,504,226 (496,454)

08/09/2010 USD 2,126,670 08/10/2010 EUR 1,667,000 (144,930)

09/09/2010 USD 6,800,000 01/12/2010 EUR 5,345,009 (479,606)

10/09/2010 USD 4,200,000 01/12/2010 EUR 3,297,506 (291,017)

15/09/2010 USD 6,400,000 01/12/2010 EUR 4,919,842 (300,464)

16/09/2010 USD 3,600,000 01/12/2010 EUR 2,750,191 (145,544)

17/09/2010 USD 3,000,000 01/12/2010 EUR 2,298,445 (130,308)

20/09/2010 USD 4,400,000 01/12/2010 EUR 3,362,578 (179,568)

21/09/2010 USD 4,200,000 01/12/2010 EUR 3,198,294 (155,817)

23/09/2010 USD 3,800,000 01/12/2010 EUR 2,841,759 (70,202)

24/09/2010 USD 1,000,000 01/12/2010 EUR 741,807 (10,264)

27/09/2010 EUR 3,932,334 01/10/2010 USD 5,300,000 58,757

27/09/2010 USD 7,600,000 01/12/2010 EUR 5,639,654 (80,627)

28/09/2010 EUR 2,583,979 04/10/2010 USD 3,500,000 21,240

28/09/2010 USD 3,500,000 01/12/2010 EUR 2,584,437 (19,727)

29/09/2010 USD 150,300,000 01/12/2010 EUR 110,352,423 12,367

USD (10,660,506)


83



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Inflation Linked Bond

10/09/2010 USD 300,564 19/10/2010 AUD 326,500 (14,935) 10/09/2010 USD 628,621 19/10/2010 CAD 648,402 863 10/09/2010 USD 5,492,849 19/10/2010 EUR 4,317,287 (389,727)

10/09/2010 USD 6,522,258 19/10/2010 GBP 4,223,451 (188,702)

10/09/2010 USD 3,300,143 19/10/2010 JPY 277,720,550 (31,096)

10/09/2010 USD 420,098 19/10/2010 SEK 3,044,000 (33,160)

13/09/2010 EUR 4,057,200 20/10/2010 USD 5,202,511 325,590

13/09/2010 GBP 1,700,952 20/10/2010 USD 2,621,014 81,726

16/09/2010 CAD 389,398 19/10/2010 USD 379,166 (2,165)

16/09/2010 GBP 405,605 19/10/2010 USD 632,649 11,844

16/09/2010 USD 715,568 19/10/2010 EUR 547,324 (30,192)

23/09/2010 EUR 49,400 20/10/2010 USD 65,801 1,508

23/09/2010 GBP 21,828 20/10/2010 USD 34,297 386

29/09/2010 USD 510,702 19/10/2010 GBP 323,332 (3,062)

USD (271,122)

US Dollar Core Plus Bond

30/06/2010 USD 2,457,794 04/10/2010 EUR 2,000,000 (267,652)

06/08/2010 USD 1,319,551 12/10/2010 EUR 1,000,998 (44,442)

16/08/2010 USD 2,566,663 16/11/2010 EUR 2,004,000 (163,252)

17/08/2010 USD 2,571,600 08/11/2010 EUR 2,000,000 (153,117)

01/09/2010 USD 2,558,952 04/11/2010 EUR 2,000,000 (165,883)

06/09/2010 USD 1,932,567 18/10/2010 EUR 1,500,000 (111,289)

15/09/2010 USD 1,089,198 11/03/2011 EUR 839,000 (50,853)

28/09/2010 EUR 1,499,142 30/09/2010 USD 2,020,544 22,412

28/09/2010 USD 1,348,784 02/11/2010 EUR 1,000,000 (13,644)

28/09/2010 USD 672,704 17/11/2010 EUR 500,000 (8,391)

28/09/2010 USD 1,346,740 30/11/2010 EUR 1,000,000 (15,186)

28/09/2010 USD 1,345,534 01/12/2010 EUR 1,000,000 (16,364)

USD (987,661)


84



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

European Equity Alpha

18/08/2010 GBP 100,000 30/09/2010 EUR 121,405 (4,788)

27/08/2010 USD 180,200 30/09/2010 EUR 141,755 (9,522)

28/09/2010 EUR 117,689 30/09/2010 GBP 100,000 1,071

28/09/2010 EUR 133,853 30/09/2010 USD 180,200 1,621

28/09/2010 GBP 96,637 29/10/2010 EUR 113,716 (1,020)

28/09/2010 USD 176,813 29/10/2010 EUR 131,349 (1,575)

29/09/2010 EUR 115,948 05/10/2010 GBP 100,000 (669)

29/09/2010 GBP 100,000 29/10/2010 EUR 115,939 680

EUR (14,202)

Global Bond Market Neutral

10/09/2010 EUR 168,995 19/10/2010 CHF 220,000 4,003 10/09/2010 GBP 80,000 19/10/2010 EUR 97,031 (4,690)

10/09/2010 NOK 3,380,000 19/10/2010 EUR 429,049 (6,637) 10/09/2010 EUR 2,062,171 19/10/2010 NZD 3,630,000 109,259

10/09/2010 EUR 690,848 19/10/2010 USD 880,000 46,159 13/09/2010 EUR 12,419,802 20/10/2010 CHF 16,100,000 345,301

13/09/2010 AUD 3,320,000 20/10/2010 EUR 2,409,147 (59,852) 13/09/2010 CAD 4,130,000 20/10/2010 EUR 3,124,173 (176,202)

13/09/2010 GBP 6,600,000 20/10/2010 EUR 7,963,945 (345,796) 13/09/2010 JPY 400,370,000 20/10/2010 EUR 3,725,592 (214,251)

13/09/2010 NOK 40,320,000 20/10/2010 EUR 5,128,308 (89,607)

13/09/2010 EUR 1,470,103 20/10/2010 NZD 2,580,000 82,203

13/09/2010 EUR 792,926 20/10/2010 SEK 7,280,000 816 13/09/2010 EUR 7,129,025 20/10/2010 USD 9,130,000 440,300 15/09/2010 EUR 411,684 19/10/2010 CAD 550,000 19,096 15/09/2010 AUD 140,000 19/10/2010 EUR 100,834 (1,756) 15/09/2010 CHF 110,000 19/10/2010 EUR 84,272 (1,777) 15/09/2010 NZD 630,000 19/10/2010 EUR 354,451 (15,490) 15/09/2010 USD 1,850,000 19/10/2010 EUR 1,421,462 (66,162) 15/09/2010 EUR 1,295,713 19/10/2010 GBP 1,080,000 49,104 15/09/2010 EUR 78,620 19/10/2010 JPY 8,750,000 1,881 15/09/2010 EUR 367,157 19/10/2010 NOK 2,910,000 3,486 22/09/2010 CAD 2,480,000 20/10/2010 EUR 1,822,038 (51,829)


85



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Bond Market Neutral (continued)

22/09/2010 SEK 22,490,000 20/10/2010 EUR 2,462,481 (15,427) 22/09/2010 EUR 1,216,777 20/10/2010 NZD 2,200,000 33,242

22/09/2010 EUR 602,728 20/10/2010 USD 800,000 16,643 30/09/2010 GBP 1,460,000 19/10/2010 EUR 1,701,219 (15,991)

30/09/2010 EUR 1,144,577 19/10/2010 USD 1,560,000 1,730 EUR 87,756

Global Currency

21/09/2010 USD 6,668 01/10/2010 EUR 5,076 (269) 22/09/2010 USD 8,681,367 30/09/2010 CAD 8,985,666 (32,007)

22/09/2010 USD 3,151,465 01/10/2010 CHF 3,107,226 (45,786) 22/09/2010 USD 1,520,053 01/10/2010 EUR 1,135,915 (32,454)

22/09/2010 USD 2,682,590 01/10/2010 GBP 1,716,131 (45,356) 22/09/2010 USD 1,623,853 01/10/2010 JPY 137,069,455 (21,848)

22/09/2010 USD 7,731,353 01/10/2010 NZD 10,523,300 (44,780) 22/09/2010 USD 1,172,063 01/10/2010 SEK 8,047,107 (30,071)

22/09/2010 AUD 17,146,671 01/10/2010 USD 16,325,843 302,124 22/09/2010 CHF 5,016,472 01/10/2010 USD 5,073,000 88,814

22/09/2010 EUR 9,731,348 01/10/2010 USD 13,033,000 267,281 22/09/2010 GBP 3,078,710 01/10/2010 USD 4,824,400 69,486 22/09/2010 JPY 4,169,364,857 01/10/2010 USD 49,258,095 800,675 22/09/2010 NOK 13,323,626 01/10/2010 USD 2,252,300 26,760

22/09/2010 NZD 1,173,053 01/10/2010 USD 861,924 4,896 22/09/2010 SEK 7,290,414 01/10/2010 USD 1,069,600 19,493

22/09/2010 USD 1,002,674 04/10/2010 JPY 84,609,982 (13,203) 22/09/2010 JPY 162,112,960 04/10/2010 USD 1,920,903 25,521 23/09/2010 CAD 4,568,015 30/09/2010 USD 4,429,346 245 23/09/2010 USD 1,497,019 01/10/2010 EUR 1,122,302 (36,883) 23/09/2010 USD 16,367,091 01/10/2010 EUR 12,023,405 (65,850) 23/09/2010 USD 1,151,862 01/10/2010 NOK 6,834,027 (17,126) 23/09/2010 USD 5,721,890 01/10/2010 NZD 7,817,216 (54,600) 23/09/2010 AUD 1,210,639 01/10/2010 USD 1,153,929 20,087 23/09/2010 CHF 1,426,651 01/10/2010 USD 1,449,453 18,533


86



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Currency (continued) 23/09/2010 GBP 995,995 01/10/2010 USD 1,565,463 17,761 23/09/2010 SEK 15,473,100 01/10/2010 USD 2,246,338 65,142 23/09/2010 JPY 145,446,523 04/10/2010 USD 1,724,042 22,275 24/09/2010 CAD 4,183,310 30/09/2010 USD 4,070,937 (14,393) 24/09/2010 USD 1,643,639 01/10/2010 AUD 1,714,871 (19,358) 24/09/2010 USD 599,013 01/10/2010 CHF 588,574 (6,614) 24/09/2010 USD 1,075,291 01/10/2010 EUR 801,441 (20,075) 24/09/2010 USD 6,050,408 01/10/2010 NOK 35,589,620 (37,340) 24/09/2010 EUR 3,212,685 01/10/2010 USD 4,333,575 57,350 24/09/2010 GBP 728,794 01/10/2010 USD 1,153,949 4,535 24/09/2010 NZD 1,031,870 01/10/2010 USD 756,907 5,588 24/09/2010 SEK 6,563,670 01/10/2010 USD 963,133 17,394 24/09/2010 USD 886,981 04/10/2010 JPY 74,749,941 (10,511) 27/09/2010 USD 128,978 30/09/2010 CAD 132,515 479 27/09/2010 CAD 116,661 30/09/2010 USD 113,512 (386) 27/09/2010 USD 1,504 01/10/2010 EUR 1,118 (24) 27/09/2010 USD 4,493,797 01/10/2010 NOK 26,494,957 (38,273) 27/09/2010 AUD 1,244,259 01/10/2010 USD 1,196,575 10,044 27/09/2010 CHF 1,663 01/10/2010 USD 1,693 19 27/09/2010 EUR 1,969,383 01/10/2010 USD 2,654,919 36,727 27/09/2010 GBP 532,404 01/10/2010 USD 843,317 2,987 27/09/2010 NZD 1,380,759 01/10/2010 USD 1,014,977 5,327 27/09/2010 SEK 1,090,694 01/10/2010 USD 159,512 3,424 27/09/2010 USD 23,709 04/10/2010 JPY 1,995,951 (255) 28/09/2010 USD 490,642 30/09/2010 CAD 505,226 726 28/09/2010 USD 3,042,554 30/09/2010 EUR 2,241,953 (21,635) 28/09/2010 USD 1,264,750 30/09/2010 NOK 7,419,528 (4,450) 28/09/2010 AUD 52,755 30/09/2010 USD 51,040 124 28/09/2010 CHF 1,010,504 30/09/2010 USD 1,035,670 4,102 28/09/2010 GBP 673,053 30/09/2010 USD 1,063,559 6,327 28/09/2010 JPY 36,226,589 30/09/2010 USD 431,937 3,008 28/09/2010 NZD 1,318,113 30/09/2010 USD 974,481 (395) 28/09/2010 SEK 8,666,724 30/09/2010 USD 1,280,015 14,707 28/09/2010 USD 51,035 01/10/2010 AUD 52,755 (125) 28/09/2010 USD 1,035,692 01/10/2010 CHF 1,010,504 (4,089)


87



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Currency (continued) 28/09/2010 USD 1,063,552 01/10/2010 GBP 673,053 (6,327) 28/09/2010 USD 974,404 01/10/2010 NZD 1,318,113 393 28/09/2010 USD 1,279,992 01/10/2010 SEK 8,666,724 (14,704) 28/09/2010 EUR 2,241,953 01/10/2010 USD 3,042,552 21,628 28/09/2010 NOK 7,419,528 01/10/2010 USD 1,264,690 4,450 28/09/2010 USD 431,952 04/10/2010 JPY 36,226,589 (3,005) 28/09/2010 USD 6,436 08/10/2010 EUR 4,777 (93) 28/09/2010 USD 11,180 08/10/2010 JPY 940,772 (116) 29/09/2010 CAD 3,176,113 30/09/2010 USD 3,080,913 (1,046) 29/09/2010 USD 21,048,797 01/10/2010 AUD 21,710,982 (5,407) 29/09/2010 USD 5,142,000 01/10/2010 CHF 5,027,848 (31,519) 29/09/2010 USD 5,161,891 01/10/2010 GBP 3,266,215 (30,053) 29/09/2010 USD 49,313,378 01/10/2010 JPY 4,124,611,437 (208,067) 29/09/2010 USD 10,402,511 01/10/2010 SEK 70,076,496 (66,008) 29/09/2010 CHF 4,767,914 01/10/2010 USD 4,883,641 22,414 29/09/2010 EUR 20,590 01/10/2010 USD 28,028 114 29/09/2010 GBP 6,585 01/10/2010 USD 10,410 58 29/09/2010 JPY 7,516,598 01/10/2010 USD 89,868 378 29/09/2010 NOK 79,155,958 01/10/2010 USD 13,504,847 35,097 29/09/2010 NZD 18,606,032 01/10/2010 USD 13,712,646 36,170 29/09/2010 SEK 17,970 01/10/2010 USD 2,675 9 29/09/2010 USD 1,314,414 04/10/2010 JPY 109,977,020 (6,035) 29/09/2010 USD 3,080,447 07/10/2010 CAD 3,176,113 1,066 29/09/2010 USD 4,872,254 08/10/2010 CHF 4,756,538 (22,332) 29/09/2010 USD 178,765 08/10/2010 EUR 131,291 (668) 29/09/2010 USD 13,500,014 08/10/2010 NOK 79,155,958 (35,272) 29/09/2010 USD 13,705,017 08/10/2010 NZD 18,606,032 (36,230) 29/09/2010 AUD 21,710,982 08/10/2010 USD 21,031,711 4,538 29/09/2010 CHF 5,027,513 08/10/2010 USD 5,142,000 31,427 29/09/2010 EUR 12,023,517 08/10/2010 USD 16,367,035 65,228 29/09/2010 GBP 3,266,352 08/10/2010 USD 5,161,877 30,061 29/09/2010 JPY 4,234,371,107 08/10/2010 USD 50,627,891 213,779 29/09/2010 SEK 70,077,550 08/10/2010 USD 10,400,952 66,602 USD 1,370,335


88



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Equity Alpha

25/08/2010 GBP 22,756 30/09/2010 USD 35,105 1,059 26/08/2010 GBP 2,372 30/09/2010 USD 3,682 88

27/08/2010 EUR 154,200 30/09/2010 USD 196,138 13,997 07/09/2010 GBP 596 30/09/2010 USD 914 33

08/09/2010 GBP 11,025 30/09/2010 USD 17,040 481 10/09/2010 GBP 2,052,465 30/09/2010 USD 3,170,071 91,689

13/09/2010 GBP 16,796 30/09/2010 USD 25,863 829 15/09/2010 GBP 4,374 30/09/2010 USD 6,807 144

16/09/2010 GBP 5,688 29/10/2010 USD 8,879 159 24/09/2010 USD 45,912 30/09/2010 GBP 29,232 (543)

24/09/2010 GBP 29,232 29/10/2010 USD 45,902 544 27/09/2010 USD 45,131 01/10/2010 GBP 28,508 (174)

27/09/2010 GBP 28,508 29/10/2010 USD 45,150 147 28/09/2010 USD 2,018 04/10/2010 GBP 1,274 (7)

28/09/2010 EUR 153,200 29/10/2010 USD 206,106 2,624 28/09/2010 GBP 2,072,374 29/10/2010 USD 3,281,738 11,046

29/09/2010 USD 207,468 30/09/2010 GBP 154,200 (2,668)

29/09/2010 USD 3,342,559 30/09/2010 GBP 2,105,384 (11,248)

29/09/2010 GBP 34,221 05/10/2010 USD 54,037 344 29/09/2010 USD 4,576 05/10/2010 GBP 2,898 (29)

29/09/2010 GBP 2,898 29/10/2010 USD 4,575 29 USD 108,544

Global Macro

20/08/2010 CHF 3,069,900 17/12/2010 EUR 2,339,203 (24,895) 20/08/2010 GBP 72,367,500 17/12/2010 EUR 88,094,809 (3,934,084) 20/08/2010 SEK 270,931,000 17/12/2010 EUR 28,544,890 1,053,665 20/08/2010 USD 25,056,500 17/12/2010 EUR 19,722,368 (1,368,500) 23/08/2010 SEK 2,500,000 17/12/2010 EUR 265,874 7,245 26/08/2010 CHF 38,000 17/12/2010 EUR 29,203 (556) 26/08/2010 GBP 81,600 17/12/2010 EUR 99,845 (4,947) 26/08/2010 EUR 40,000 17/12/2010 USD 50,773 2,805 01/09/2010 EUR 1,386,654 17/12/2010 GBP 1,150,600 48,553 03/09/2010 CHF 100,000 17/12/2010 EUR 76,914 (1,526)


89



deliver

Unrealised

Gain /

(Loss) by

Sub-Fund

Global Macro (continued)

03/09/2010 GBP 869,282 17/12/2010 EUR 1,042,100 (31,157) 07/09/2010 USD 523,029 17/12/2010 EUR 411,200 (28,082)

08/09/2010 GBP 1,053,351 17/12/2010 EUR 1,282,000 (56,991) 08/09/2010 SEK 6,800,000 17/12/2010 EUR 732,592 10,292

10/09/2010 SEK 5,000,000 17/12/2010 EUR 542,077 4,161 13/09/2010 EUR 6,580,000 16/12/2010 CHF 8,550,322 134,138

13/09/2010 USD 21,080,000 16/12/2010 KRW 24,473,880,000 208,318

13/09/2010 USD 12,650,000 16/12/2010 TWD 399,170,750 174,935

14/09/2010 EUR 5,000,000 09/12/2010 AUD 6,959,525 101,218 14/09/2010 EUR 10,000,000 09/12/2010 KRW 14,957,000,000 (412,861) 14/09/2010 USD 10,000,000 09/12/2010 AUD 10,792,490 (276,858)

14/09/2010 SGD 10,330,000 09/12/2010 GBP 5,000,000 (57,621) 14/09/2010 USD 21,621,600 09/12/2010 GBP 14,000,000 (446,758)

14/09/2010 USD 25,000,000 09/12/2010 KRW 29,150,000,000 333,293

14/09/2010 USD 10,000,000 09/12/2010 NZD 13,775,040 (91,381) 14/09/2010 NOK 60,699,000 09/12/2010 USD 10,000,000 251,129

14/09/2010 SGD 13,326,000 09/12/2010 USD 10,000,000 103,276 14/09/2010 JPY 1,085,900,000 16/12/2010 AUD 14,153,075 (406,462)

14/09/2010 USD 12,600,000 16/12/2010 CAD 12,999,470 15,882 14/09/2010 USD 41,863,351 16/12/2010 KRW 48,770,804,999 520,658 14/09/2010 USD 21,144,483 16/12/2010 TWD 668,165,650 314,868 14/09/2010 EUR 10,820,000 16/12/2010 CHF 13,928,759 319,344

14/09/2010 NOK 95,705,000 16/12/2010 EUR 12,105,210 (164,834) 14/09/2010 EUR 6,600,000 16/12/2010 SEK 60,961,560 (59,906)

14/09/2010 SEK 8,100,000 17/12/2010 EUR 876,724 8,182 14/09/2010 EUR 5,000,000 17/12/2010 NZD 8,862,850 230,678

15/09/2010 USD 20,000,000 09/12/2010 JPY 1,711,540,000 (406,868) 15/09/2010 USD 20,000,000 09/12/2010 KRW 23,282,000,000 242,355

15/09/2010 USD 10,000,000 09/12/2010 NOK 61,185,000 (312,930)

15/09/2010 USD 5,000,000 09/12/2010 SEK 35,570,000 (224,276) 15/09/2010 SEK 35,375,000 09/12/2010 USD 5,000,000 202,667

16/09/2010 SEK 9,640,000 17/12/2010 EUR 1,045,885 7,262

17/09/2010 EUR 5,523,624 17/12/2010 GBP 4,621,515 148,989

21/09/2010 EUR 4,284,000 16/12/2010 CHF 5,635,349 35,729

21/09/2010 AUD 29,561,100 16/12/2010 EUR 21,100,000 (305,359)

21/09/2010 CAD 1,041,168 16/12/2010 EUR 768,000 (30,074)


90



deliver

Unrealised

Gain /

(Loss) by

Sub-Fund

Global Macro (continued)

21/09/2010 JPY 1,662,476,048 16/12/2010 EUR 14,834,000 (208,692)

21/09/2010 EUR 800,000 16/12/2010 GBP 676,866 12,834

21/09/2010 AUD 13,548,347 16/12/2010 JPY 1,085,900,000 (22,426)

21/09/2010 EUR 35,646,000 16/12/2010 NOK 283,884,744 228,609 21/09/2010 CAD 13,003,200 16/12/2010 USD 12,600,000 (13,208)

21/09/2010 EUR 14,642,000 16/12/2010 USD 19,237,026 550,691 21/09/2010 SEK 1,510,000 17/12/2010 EUR 165,017 (54)

21/09/2010 EUR 7,616,030 17/12/2010 USD 10,000,000 290,705 22/09/2010 EUR 1,305,000 17/12/2010 GBP 1,116,819 6,181

23/09/2010 EUR 400,000 17/12/2010 USD 534,430 8,521 24/09/2010 CHF 42,700 17/12/2010 EUR 32,529 (339)

24/09/2010 GBP 400,000 17/12/2010 EUR 468,566 (3,380) 24/09/2010 EUR 37,274 17/12/2010 USD 50,000 648

27/09/2010 GBP 273,000 17/12/2010 EUR 321,174 (3,685) 27/09/2010 SEK 13,000,000 17/12/2010 EUR 1,417,506 2,713

27/09/2010 USD 191,000 17/12/2010 EUR 141,860 (1,952) 28/09/2010 GBP 1,081,100 17/12/2010 EUR 1,273,514 (16,235)

28/09/2010 EUR 1,114,451 17/12/2010 USD 1,500,000 15,684 30/09/2010 EUR 10,608,000 16/12/2010 CHF 14,109,701 (28,599)

30/09/2010 AUD 14,476,630 16/12/2010 EUR 10,220,000 (36,471) 30/09/2010 JPY 829,679,544 16/12/2010 EUR 7,320,000 (21,057) 30/09/2010 EUR 388,000 16/12/2010 GBP 333,522 128 30/09/2010 EUR 11,756,000 16/12/2010 NOK 94,064,458 20,365

EUR (3,386,303)

New World Income

19/02/2010 CNY 19,929,000 23/02/2011 USD 3,000,000 (24,999)

06/05/2010 USD 2,962,979 23/02/2011 CNY 19,929,000 (12,034)

04/06/2010 USD 25,000,000 08/06/2011 ARS 112,750,000 (1,109,686)

06/08/2010 KRW 5,242,500,000 10/02/2011 USD 4,500,000 81,945

26/08/2010 USD 4,000,000 04/10/2010 BRL 7,099,200 (171,175)

27/08/2010 EUR 252,600,246 30/09/2010 USD 321,279,222 22,951,764

27/08/2010 BRL 10,590,000 04/10/2010 USD 5,992,191 229,730

30/08/2010 USD 3,528,048 30/09/2010 EUR 2,776,657 (255,841)

30/08/2010 USD 6,000,000 04/10/2010 BRL 10,606,200 (231,705)

30/08/2010 BRL 10,611,000 04/10/2010 USD 6,000,000 234,260


91



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

New World Income (continued)

02/09/2010 USD 9,742,487 30/09/2010 EUR 7,598,169 (611,919)

02/09/2010 USD 3,500,000 04/10/2010 BRL 6,086,500 (76,076) 03/09/2010 USD 4,400,000 04/10/2010 BRL 7,627,600 (81,522)

07/09/2010 KRW 7,074,000,000 12/10/2010 USD 6,000,000 218,046 08/09/2010 USD 5,000,000 04/10/2010 BRL 8,685,000 (102,798)

10/09/2010 BRL 17,255,000 04/10/2010 USD 10,000,000 137,796 10/09/2010 USD 4,000,000 14/12/2010 KRW 4,678,000,000 (98,040)

13/09/2010 USD 5,000,000 04/10/2010 BRL 8,582,500 (42,508) 14/09/2010 USD 5,000,000 04/10/2010 BRL 8,550,000 (23,391)

15/09/2010 USD 10,000,000 04/10/2010 BRL 17,225,000 (120,308) 15/09/2010 BRL 34,452,500 04/10/2010 USD 20,000,000 241,808

15/09/2010 USD 6,000,000 18/10/2010 ZAR 42,804,600 (106,474) 15/09/2010 COP 1,813,500,000 17/12/2010 USD 1,000,000 8,306

16/09/2010 USD 10,000,000 04/10/2010 BRL 17,272,500 (148,247) 20/09/2010 USD 20,000,000 04/10/2010 BRL 34,537,500 (292,083)

20/09/2010 BRL 25,922,500 04/10/2010 USD 15,000,000 230,195 21/09/2010 USD 15,000,000 04/10/2010 BRL 25,910,000 (223,106)

21/09/2010 BRL 8,685,000 04/10/2010 USD 5,000,000 102,681 21/09/2010 MYR 24,800,000 25/10/2010 USD 8,000,000 19,725

22/09/2010 USD 5,000,000 04/10/2010 BRL 8,580,000 (41,037) 22/09/2010 BRL 8,540,000 04/10/2010 USD 5,000,000 17,489

23/09/2010 USD 5,000,000 04/10/2010 BRL 8,617,500 (63,095) 23/09/2010 COP 7,606,200,000 27/12/2010 USD 4,200,000 29,047

24/09/2010 EUR 3,705,502 30/09/2010 USD 4,973,154 76,519 24/09/2010 USD 3,000,000 04/10/2010 BRL 5,133,000 (15,799)

24/09/2010 USD 5,000,000 28/10/2010 ZAR 35,223,000 (16,747) 27/09/2010 USD 56,545 30/09/2010 EUR 41,972 (653) 27/09/2010 USD 32,400,000 04/10/2010 BRL 55,446,300 (176,456) 27/09/2010 BRL 51,375,000 04/10/2010 USD 30,000,000 184,251 28/09/2010 USD 331,010,724 30/09/2010 EUR 245,930,922 ( 4,131,639) 28/09/2010 EUR 118,237 01/10/2010 USD 159,182 1,944 28/09/2010 USD 30,000,000 04/10/2010 BRL 51,330,000 (157,993) 28/09/2010 BRL 105,215,609 04/10/2010 USD 61,560,661 256,455 28/09/2010 EUR 245,930,922 29/10/2010 USD 331,004,379 4,069,862


92



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

New World Income (continued)

28/09/2010 USD 41,336,794 03/11/2010 BRL 70,985,609 (15,669) 29/09/2010 USD 5,000,000 04/10/2010 BRL 8,517,500 (4,275)

29/09/2010 BRL 17,055,000 04/10/2010 USD 10,000,000 20,290 29/09/2010 EUR 189,002 04/10/2010 USD 257,137 420

30/09/2010 EUR 84,725 05/10/2010 USD 115,371 86 USD 20,757,344


93

10. Futures

As at 30 September 2010, the Company had entered into the following outstanding futures contracts: Sub-funds Number

of

contracts

Currency Commitments Maturity

Date

Unrealised

gain / (loss) in

sub-fund

currency

BRIC Markets Equity

HSCEI - HKD CHINA ENT 28/10/2010 896 HKD 55,4355,200 28/10/2010 253,995

USD 253,995

Climate Change

NIKKEI 225 INDICES D 5 JPY 46,800,000 09/12/2010 15,892

S&P 500 EMINI INDEX 18 USD 1,031,175 17/12/2010 43,290

USD 59,182

Emerging Wealth

DAX-INDEX 4 EUR 628,650 17/12/2010 5,792

HONG KONG HANG SENG INDICES 1 HKD 1,116,400 28/10/2010 (213)

HSCEI - HKD CHINA ENT 6 HKD 3,712,200 28/10/2010 1,701

S&P 500 INDICES 4 USD 1,145,500 16/12/2010 47,850

USD 55,130

Euroland Equity DOW JONES EURO STOXX 50/PR.IND 1825 EUR 50,406,500 17/12/2010 (433,600)

EUR (433,600)

Euroland Growth

DOW JONES EURO STOXX 50/PR.IND 179 EUR 4,943,980 17/12/2010 (16,200)

EUR (16,200)


94

10. Futures (continued)

Sub-funds

Number

of

contracts Currency Commitments

Maturity

Date

Unrealised

gain / (loss) in

sub-fund

currency

Global Equity

S&P / ASX 200 INDEX (3) AUD (345,000) 16/12/2010 2,227

S&P INDICES S&P/TSX 60 INDEX (13) CAD (1,854,580) 16/12/2010 (40,395) SMI INDEX/OHNE DIVIDENDENKORR. 27 CHF 1,709,910 17/12/2010 (28,001)

BEL-20 4 EUR 104,292 15/10/2010 884

CAC 40 (76) EUR (2,857,220) 15/10/2010 (13,464)

DAX-INDEX 22 EUR 3,457,575 17/12/2010 31,854

FTSE MIB INDEX (5) EUR (514,875) 17/12/2010 (341)

IBEX-35 INDICES BOLSA ESPANOL. (4) EUR (423,120) 15/10/2010 5,039

UKX FTSE 100 INDEX (29) GBP (1,623,710) 17/12/2010 (33,643)

HONG KONG HANG SENG INDICES 7 HKD 7,814,800 28/10/2010 (1,491)

TOPIX INDEX (TOKYO) 17 JPY 140,505,000 09/12/2010 (6,501) SWED OPTI OMX STOCKHOLM 30 IDX 167 SEK 18,324,075 15/10/2010 52,237

MSCI SINGAPORE CASH IX (3) SGD (218,280) 28/10/2010 1,460

S&P 500 INDICES 30 USD 8,591,250 16/12/2010 289,700

USD 259,565

Japanese Equity TOPIX INDEX (TOKYO) 38 JPY 314,070,000 09/12/2010 (2,965,000)

JPY (2,965,000)

US Equity S&P 500 INDICES 60 USD 17,182,500 16/12/2010 717,750

EUR 717,750

Euro Core Bond

EURO BOBL (13) EUR (1,567,020) 08/12/2010 (7,410)

EURO BUND (51) EUR (6,696,810) 08/12/2010 (33,590)

EURO SCHATZ 104 EUR 11,342,760 08/12/2010 (40,040)

EUR (81,040)


95


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss) in

sub-fund

currency

Euro Core Credit Bond

EURO BOBL 369 EUR 44,479,260 08/12/2010 91,090

EURO BUND (314) EUR (41,231,340) 08/12/2010 (240,760)

EURO SCHATZ 366 EUR 39,917,790 08/12/2010 (140,910)

EUR (290,580)

Global Core Credit Bond

EURO BOBL (2) EUR (241,080) 08/12/2010 709

EURO BUND (4) EUR (525,240) 08/12/2010 (2,781)

EURO SCHATZ 11 EUR 1,199,715 08/12/2010 (5,771)

EUR (7,843)

Global Core Plus Bond

EURO BUND (36) EUR (4,727,160) 08/12/2010 (2,944)

5Y TREASURY NOTES USA (89) USD (21,478,204) 31/12/2010 (73,007)

USD (75,951)

Global High Income Bond EURO BOBL 08/12/2010 (88) EUR (10,607,520) 08/12/2010 (7,141)

EUR (7,141)

US Dollar Core Plus Bond 5Y TREASURY NOTES USA (125) USD (15,083,008) 31/12/2010 (102,539)

USD (102,539)


96


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss)

in sub-fund

currency


10 YEAR TREAS.BOND AUSTRAL.6% 61 AUD 6,530,844 15/12/2010 (19,310)

10 YEARS CANADIAN BONDS (380) CAD (48,062,400) 20/12/2010 (264,372)

EURO BUND (139) EUR (18,268,770) 08/12/2010 (124,970)

LONG GILT STERLING FUTURES (142) GBP (17,653,440) 29/12/2010 97,247

JAPANESE GOV. BDS FUTURE 10Y 6 JPY 859,920,000 09/12/2010 117,844

JP 10Y MINI GV BDS 85 JPY 1,218,135,000 08/12/2010 151,251

10Y TREASURY NOTES USA 486 USD 61,258,781 21/12/2010 290,069

EUR 247,759

Global Macro

DOW JONES EURO STOXX 50/PR.IND 650 EUR 17,738,500 17/12/2010 (344,500)

EURO BUND (2,239) EUR (295,189,760) 08/12/2010 (5,002,961)

LONG GILT STERLING FUTURES 1,534 GBP 191,274,460 29/12/2010 3,871,146

UKX FTSE INDEX 250 GBP 13,856,250 17/12/2010 68,329

JP 10Y MINI GV BDS (1,426) JPY (20,448,840,000) 08/12/2010 (1,084,010)


2Y TREASURY NOTES USA (2,016) USD (442,386,000) 31/12/2010 (737,516)


TREASURY BONDS USA 507 USD 68,033,063 21/12/2010 46,369

EUR 3,513,019


97

11. Swaps

Euro Core Bond As at 30 September 2010, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/09/2011 1,000,000 (4,754) BNP PARIBAS EUR 20/09/2015 1,000,000 9,775 BNP PARIBAS EUR 20/09/2015 2,000,000 (7,216) BNP PARIBAS EUR 20/09/2015 2,000,000 9,115 BNP PARIBAS EUR 20/09/2015 1,000,000 (7,133) CREDIT SUISSE FIRST BOSTON EUR 20/09/2011 1,000,000 1,983 J.P. MORGAN CHASE LONDON EUR 20/09/2013 1,000,000 31,894 J.P. MORGAN CHASE LONDON EUR 20/03/2015 1,000,000 (14,798) J.P. MORGAN CHASE LONDON EUR 20/03/2015 1,000,000 (13,906) J.P. MORGAN CHASE LONDON EUR 20/06/2015 1,000,000 (85,942) J.P. MORGAN CHASE LONDON EUR 20/12/2015 1,000,000 (33,610) MORGAN STANLEY CIE INTL EUR 20/12/2015 2,000,000 10,977 MORGAN STANLEY CIE INTL EUR 20/12/2015 2,000,000 (41,428) SOCIETE GENERALE PARIS EUR 20/12/2015 1,000,000 (22,484) EUR (167,527) Euro Core Credit Bond As at 30 September 2010, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/03/2015 5,000,000 (71,745) BNP PARIBAS EUR 20/06/2015 5,000,000 (33,689) BNP PARIBAS EUR 20/09/2015 5,000,000 181,315 BNP PARIBAS EUR 20/09/2015 5,000,000 (65,913) CREDIT SUISSE FIRST BOSTON EUR 20/03/2015 5,000,000 (2,106) HSBC BANK PLC LONDON EUR 20/12/2015 5,000,000 (112,420)


98

11. Swaps (continued)

Euro Core Credit Bond (continued) As at 30 September 2010, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

J.P. MORGAN CHASE LONDON EUR 20/09/2014 3,000,000 (30,724) J.P. MORGAN CHASE LONDON EUR 20/09/2015 5,000,000 117,882 J.P. MORGAN CHASE LONDON EUR 20/09/2015 5,000,000 (22,788) J.P. MORGAN CHASE LONDON EUR 20/09/2015 5,000,000 338,909 J.P. MORGAN CHASE LONDON EUR 20/09/2015 5,000,000 (190,004) MORGAN STANLEY CIE INTL USD 20/09/2014 3,000,000 (61,872) MORGAN STANLEY CIE INTL USD 20/09/2014 3,000,000 (4,863) MORGAN STANLEY CIE INTL EUR 20/12/2014 4,000,000 (65,071) MORGAN STANLEY CIE INTL EUR 20/12/2015 15,000,000 82,325 MORGAN STANLEY CIE INTL EUR 20/12/2015 15,000,000 310,712 SOCIETE GENERALE PARIS EUR 20/12/2015 5,000,000 444,885 UNION DES BANQUES SUISSES EUR 20/12/2015 7,000,000 (87,734)

EUR 727,099

Euro High Yield Bond As at 30 September 2010, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS LONDON EUR 20/09/2012 1,000,000 9,090 BNP PARIBAS LONDON EUR 20/03/2013 1,000,000 (28,861) CREDIT SUISSE FIRST BOSTON EUR 20/12/2012 2,000,000 (45,182) CREDIT SUISSE FIRST BOSTON EUR 20/12/2017 2,000,000 (112,040) HSBC BANK PLC LONDON EUR 20/06/2013 1,000,000 (3,423) HSBC FRANCE EUR 20/06/2013 1,000,000 21,269 HSBC FRANCE EUR 20/12/2013 1,000,000 61,691 JPM CHASE LONDON EUR 20/03/2014 1,000,000 160,247 JPM CHASE LONDON EUR 20/03/2014 1,000,000 75,239 JPM CHASE LONDON EUR 20/09/2015 2,000,000 14,586 MORGAN STANLEY CIE INTL EUR 20/06/2015 1,000,000 (26,135) SOCIETE GENERALE PARIS EUR 20/06/2015 2,000,000 30,557 SOCIETE GENERALE PARIS EUR 20/03/2014 1,000,000 149,509 EUR 306,547


99



As at 30 September 2010, the Company entered into the following interest rate swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS GBP BRL 02/01/2012 73,203,851 8,176 BARCLAYS GBP MXN 13/02/2012 56,000,000 138,407 BARCLAYS GBP MXN 15/03/2012 39,000,000 92,353 JPM CHASE GBP BRL 02/01/2012 75,469,684 8,429

USD 247,365



Date

Net notional

amount

Unrealised

gain / (loss)

in USD

RBOS LONDON BRL 02/07/2012 7,768,382 69,188 RBOS LONDON BRL 02/07/2012 7,778,707 54,983 RBOS LONDON BRL 02/07/2012 7,779,077 56,328 RBOS LONDON BRL 02/07/2012 7,779,459 57,664 RBOS LONDON BRL 02/07/2012 7,773,679 62,791 RBOS LONDON BRL 02/01/2012 8,232,404 95,119 RBOS LONDON BRL 02/01/2012 4,120,545 45,801 RBOS LONDON BRL 02/07/2012 5,967,721 33,848 BARCLAYS GBP MXN 14/07/2014 34,000,000 149,504 BARCLAYS GBP ZAR 20/11/2014 25,000,000 230,514

USD 855,740

Global Inflation Linked Bond

As at 30 September 2010, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

CREDIT SUISSE INTERNATIONAL USD 02/07/2020 419,000 12,958 CREDIT SUISSE INTERNATIONAL JPY 02/07/2020 48,000,000 (4,728) ROYAL BANK OF CANADA LONDON USD 02/08/2011 7,500,000 (16,354) ROYAL BANK OF CANADA LONDON GBP 06/07/2020 326,000 12,690 UNION DES BANQUES SUISSES EUR 06/07/2020 670,000 10,326 UNION DES BANQUES SUISSES AUD 06/07/2020 2,300,000 207

USD 15,099


100


European Equity Alpha

As at 30 September 2010, the Company entered into the following CFD:

Description Quantity Currency Commitment Unrealised

gain / (loss)

in EUR

ACCIONA SA (9,200) EUR (573,436) 49,036 ACCIONA SA (2,900) EUR (180,757) 6,784 ACCIONA SA (1,800) EUR (112,194) 7,261 ACCIONA SA (1,000) EUR (62,330) 920 ACCIONA SA (1,000) EUR (62,330) 5,226 ACCOR SA (38,200) EUR (1,029,490) (56,605) ACERGY SA 2,900 NOK 315,520 (3,324) ACERGY SA 4,000 NOK 435,200 2,327 ACERGY SA 8,200 NOK 892,160 6,910 ACERGY SA 9,900 NOK 1,077,120 8,383 ACERGY SA 13,700 NOK 1,490,560 14,846 ACERINOX SA (4,800) EUR (62,976) 162 ACERINOX SA (4,300) EUR (56,416) (1,962) ACERINOX SA (2,400) EUR (31,488) 4,022 ACERINOX SA (2,100) EUR (27,552) (513) ACERINOX SA (2,100) EUR (27,552) 1,941 ACTELION LTD. ALLSCHWIL 5,400 CHF 213,084 (20,656) ALCATEL-LUCENT (389,600) EUR (971,662) (113,140) ALCATEL-LUCENT (139,500) EUR (347,913) (52,466) ASM INTERNATIONAL NV (26,000) EUR (489,450) (45,292) ASM INTERNATIONAL NV (5,900) EUR (111,068) (8,117) ASM INTERNATIONAL NV (2,300) EUR (43,298) (1,617) ASML HOLDING NV (15,700) EUR (346,735) 18,064 ASML HOLDING NV (5,300) EUR (117,051) (156) ASML HOLDING NV (3,600) EUR (79,506) 7,387 ASML HOLDING NV (2,300) EUR (50,796) 6,891 ASML HOLDING NV (1,300) EUR (28,711) 4,671 ASTRAZENECA PLC 1,000 GBP 32,720 5,076 ASTRAZENECA PLC 1,400 GBP 45,808 5,330 ASTRAZENECA PLC 1,400 GBP 45,808 5,914 ATOS ORIGIN (8,400) EUR (280,812) 48,420 ATOS ORIGIN (7,400) EUR (247,382) (12,954)


101


European Equity Alpha (continued)


gain / (loss)

in EUR

ATOS ORIGIN (3,700) EUR (123,691) 6,125 ATOS ORIGIN (3,100) EUR (103,633) 6,231 ATOS ORIGIN (2,100) EUR (70,203) 7,118 ATOS ORIGIN (1,600) EUR (53,488) 8,814 ATOS ORIGIN (600) EUR (20,058) 2,874 AXFOOD 10,133 SEK 2,257,632 9,437 AXFOOD 16,567 SEK 3,691,128 19,255 BAE SYSTEMS PLC 15,600 GBP 53,914 3,653 BAE SYSTEMS PLC 62,500 GBP 216,000 17,347 BP PLC 52,800 GBP 229,020 61,297 BRISA (77,600) EUR (371,394) 39,576 BRISA (31,100) EUR (148,845) 4,606 BRISA (30,500) EUR (145,973) 10,821 BRISA (21,100) EUR (100,985) 2,806 BT GROUP PLC (277,200) GBP (392,515) (27,445) BT GROUP PLC (185,500) GBP (262,668) (39,068) BT GROUP PLC (158,800) GBP (224,861) (6,704) BT GROUP PLC (65,500) GBP (92,748) (10,572) BULGARI SPA (55,900) EUR (372,853) (25,256) BULGARI SPA (26,000) EUR (173,420) (22,407) BULGARI SPA (14,100) EUR (94,047) (6,623) BULGARI SPA (11,900) EUR (79,373) (5,773) BULGARI SPA (8,500) EUR (56,695) (5,407) BULGARI SPA (7,900) EUR (52,693) (3,504) CAB & WIRE WRLD (462,930) GBP (342,105) (65,538) CAB & WIRE WRLD (451,700) GBP (333,806) 91,129 CAB & WIRE WRLD (219,570) GBP (162,262) (30,163) CAB & WIRE WRLD (65,800) GBP (48,626) 10,167 CARGOTEC -B- (5,700) EUR (181,488) (56,079) CARGOTEC -B- (5,400) EUR (171,936) (47,168) CARGOTEC -B- (4,600) EUR (146,464) (35,696) CARGOTEC -B- (4,500) EUR (143,280) (49,141)


102




gain / (loss)

in EUR

CARGOTEC -B- (2,800) EUR (89,152) (29,649) CIE GEN.GEOPHYSIQUE/VERITAS (18,100) EUR (293,763) 49,051 CIE GEN.GEOPHYSIQUE/VERITAS (11,800) EUR (191,514) (4,796) CIE GEN.GEOPHYSIQUE/VERITAS (11,700) EUR (189,891) 6,539 CIE GEN.GEOPHYSIQUE/VERITAS (11,700) EUR (189,891) 38,621 CIE GEN.GEOPHYSIQUE/VERITAS (9,700) EUR (157,431) (21,851) CLARIANT /NAMEN-AKT. (7,300) CHF (105,996) 1,807 CLARIANT /NAMEN-AKT. (3,900) CHF (56,628) (3,870) CLARIANT /NAMEN-AKT. (2,900) CHF (42,108) 1,327 COOKSON GRP (14,400) GBP (78,768) (15,769) COOKSON GRP (11,800) GBP (64,546) 2,864 COOKSON GRP (11,000) GBP (60,170) 2,081 DAIMLER AG / NAMEN-AKT. (4,500) EUR (211,095) (35,893) DAIMLER AG / NAMEN-AKT. (2,400) EUR (112,584) (7,245) DAIMLER AG / NAMEN-AKT. (1,100) EUR (51,601) (6,791) DAIMLER AG / NAMEN-AKT. (600) EUR (28,146) (3,877) EDP RENOVAVEIS SA (65,700) EUR (272,524) 31,273 EDP RENOVAVEIS SA (34,100) EUR (141,447) 13,210 EDP RENOVAVEIS SA (32,600) EUR (135,225) 28,264 EDP RENOVAVEIS SA (22,500) EUR (93,330) 10,688 EDP RENOVAVEIS SA (7,000) EUR (29,036) 2,474 FIAT (35,900) EUR (408,901) (48,145) FISCHER GEORG AG/NAM. (600) CHF (236,850) 6,333 FRANKFURT AIRPORT SERV.WORLDW. (12,932) EUR (579,354) (64,895) FRANKFURT AIRPORT SERV.WORLDW. (6,768) EUR (303,206) (32,255) FRED.OLSEN ENERGY ASA 1,700 NOK 350,370 (3,485) FRED.OLSEN ENERGY ASA 4,100 NOK 845,010 4,815 FRED.OLSEN ENERGY ASA 6,900 NOK 1,422,090 13,864 FRED.OLSEN ENERGY ASA 7,700 NOK 1,586,970 31,675 GKN PLC (28,100) GBP (48,107) (14,605) GKN PLC (27,700) GBP (47,422) (10,175) GKN PLC (25,100) GBP (42,971) (13,757)


103




gain / (loss)

in EUR

GKN PLC (16,000) GBP (27,392) (4,959) IBERDROLA RENOVABLES SA (117,600) EUR (288,708) 6,115 IBERDROLA RENOVABLES SA (61,800) EUR (151,719) 15,790 IBERDROLA RENOVABLES SA (55,900) EUR (137,235) 7,927 IBERDROLA RENOVABLES SA (33,200) EUR (81,506) 2,002 IBERDROLA RENOVABLES SA (11,800) EUR (28,969) (18) IMERYS (4,800) EUR (213,336) (13,670) IMERYS (1,100) EUR (48,890) (3,364) INMARSAT PLC 42,477 GBP 283,746 (14,707) INMARSAT PLC 71,223 GBP 475,770 (20,308) ITV PLC (154,300) GBP (92,734) (9,339) ITV PLC (39,300) GBP (23,619) (1,907) ITV PLC (36,200) GBP (21,756) (2,060) LANXESS AG (4,200) EUR (170,037) (10,762) LOGITECH INTERNATIONAL SA (26,000) CHF (447,980) 17,829 LOGITECH INTERNATIONAL SA (11,600) CHF (199,868) (10,461) LOGITECH INTERNATIONAL SA (10,800) CHF (186,084) (15,811) LOGITECH INTERNATIONAL SA (8,900) CHF (153,347) (5,719) LOGITECH INTERNATIONAL SA (7,800) CHF (134,394) (946) LOGITECH INTERNATIONAL SA (5,800) CHF (99,934) (2,032) LONMIN (3,300) GBP (55,968) 12,287 LONMIN (1,800) GBP (30,528) (2,467) LONMIN (1,600) GBP (27,136) 1,526 LONMIN (1,300) GBP (22,048) (1,513) MICHAEL PAGE INTL PLC (84,700) GBP (392,500) (98,854) MICHAEL PAGE INTL PLC (17,400) GBP (80,632) (18,088) MICHAEL PAGE INTL PLC (8,400) GBP (38,926) (8,534) MICHAEL PAGE INTL PLC (5,200) GBP (24,097) (1,179) MICRO FOCUS INTL PLC 7,900 GBP 30,289 (12,430) MICRO FOCUS INTL PLC 16,000 GBP 61,344 (20,094) MICRO FOCUS INTL PLC 23,800 GBP 91,249 (20,158) MICRO FOCUS INTL PLC 36,300 GBP 139,174 (40,008)


104




gain / (loss)

in EUR

MICRO FOCUS INTL PLC 88,000 GBP 337,392 (126,575) MICRO FOCUS INTL PLC 118,000 GBP 452,412 22,568 NEXT PLC 2,600 GBP 58,188 4,876 NEXT PLC 3,400 GBP 76,092 4,195 NEXT PLC 3,600 GBP 80,568 6,385 NEXT PLC 5,100 GBP 114,138 8,077 NEXT PLC 6,600 GBP 147,708 16,757 NEXT PLC 7,400 GBP 165,612 23,046 NEXT PLC 19,300 GBP 431,934 (7,864) PROSAFE SE 5,300 NOK 192,178 1,433 PROSAFE SE 30,300 NOK 1,098,678 28,961 PROSAFE SE 43,200 NOK 1,566,432 43,536 PROSAFE SE 47,900 NOK 1,736,854 42,663 RANDSTAD HOLDING (10,300) EUR (346,698) 2,669 RANDSTAD HOLDING (3,100) EUR (104,346) (3,300) RANDSTAD HOLDING (2,900) EUR (97,614) 11,266 RANDSTAD HOLDING (2,100) EUR (70,686) (4,665) RANDSTAD HOLDING (700) EUR (23,562) 3,243 RENEWABLE ENERGY AS (97,000) NOK (1,944,850) (56,630) RHEINMETALL AG DUESSELDORF (9,100) EUR (441,487) (31,213) RHEINMETALL AG DUESSELDORF (4,300) EUR (208,615) (14,040) RHEINMETALL AG DUESSELDORF (3,000) EUR (145,545) (10,447) RHEINMETALL AG DUESSELDORF (2,700) EUR (130,991) (11,764) RHEINMETALL AG DUESSELDORF (1,600) EUR (77,624) (7,754) RHODIA /ACT.REGROUPEMENT (11,100) EUR (197,025) (22,692) ROCHE HOLDING AG /GENUSSSCHEIN 1,500 CHF 202,200 (8,179) ROLLS-ROYCE GROUP PLC 5,100 GBP 31,008 (273) ROLLS-ROYCE GROUP PLC 5,600 GBP 34,048 1,216 ROLLS-ROYCE GROUP PLC 32,100 GBP 195,168 3,878 ROY.PHILIPS ELECTR. (14,300) EUR (332,690) 15,241 ROY.PHILIPS ELECTR. (4,700) EUR (109,346) 6,782 ROY.PHILIPS ELECTR. (3,800) EUR (88,407) (1,091)


105




gain / (loss)

in EUR

ROY.PHILIPS ELECTR. (3,400) EUR (79,101) 3,673 SANDVIK AB (45,100) SEK (4,708,440) (70,383) SANDVIK AB (19,300) SEK (2,014,920) (9,891) SANDVIK AB (11,700) SEK (1,221,480) (16,501) SANDVIK AB (8,500) SEK (887,400) 655 SANDVIK AB (7,500) SEK (783,000) (8,984) SANDVIK AB (2,900) SEK (302,760) (1,838) SCHIBSTED (5,400) NOK (801,900) (19,890) SCHIBSTED (3,200) NOK (475,200) (8,420) SCOTTISH & SOUTHERN ENERGY PLC 1,620 GBP 18,257 21,291 SCOTTISH & SOUTHERN ENERGY PLC 2,500 GBP 28,175 (1,108) SCOTTISH & SOUTHERN ENERGY PLC 3,200 GBP 36,064 1,448 SCOTTISH & SOUTHERN ENERGY PLC 3,500 GBP 39,445 1,241 SCOTTISH & SOUTHERN ENERGY PLC 10,700 GBP 120,589 13,534 SCOTTISH & SOUTHERN ENERGY PLC 19,600 GBP 220,892 1,584 SGL CARBON SE (6,700) EUR (172,190) (1,530) SUEZ ENVIRONNEMENT CIE (29,700) EUR (405,257) 86,050 SUEZ ENVIRONNEMENT CIE (10,100) EUR (137,815) 1,694 SUEZ ENVIRONNEMENT CIE (10,000) EUR (136,450) (6,092) SUEZ ENVIRONNEMENT CIE (7,800) EUR (106,431) 4,314 SUEZ ENVIRONNEMENT CIE (7,400) EUR (100,973) 2,774 SUEZ ENVIRONNEMENT CIE (7,100) EUR (96,880) 1,845 SUEZ ENVIRONNEMENT CIE (5,400) EUR (73,683) 2,188 SYNTHES-STRATEC INC 1,800 CHF 204,660 (8,552) TELE2 AB 5,900 SEK 836,620 3,205 TELE2 AB 7,200 SEK 1,020,960 20,631 TELE2 AB 9,500 SEK 1,347,100 22,341 TELE2 AB 9,900 SEK 1,403,820 32,510 TELE2 AB 11,300 SEK 1,602,340 29,796 TELE2 AB 20,300 SEK 2,878,540 39,173 TELECOM ITALIA SPA (1,042,100) EUR (1,073,363) 66,486


106




gain / (loss)

in EUR

TELENET GROUP HOLDING (12,309) EUR (304,525) (28,554) TELENET GROUP HOLDING (10,100) EUR (249,874) (45,344) TELENET GROUP HOLDING (5,300) EUR (131,122) (16,380) TELENET GROUP HOLDING (3,815) EUR (94,383) (8,266) TELENET GROUP HOLDING (3,800) EUR (94,012) (7,198) TELENET GROUP HOLDING (1,600) EUR (39,584) (4,481) TELENET GROUP HOLDING (491) EUR (12,147) (1,114) TELENOR AS 8,000 NOK 742,400 6,244 TELENOR AS 9,300 NOK 863,040 14,020 TELENOR AS 9,900 NOK 918,720 (2,603) TELENOR AS 13,600 NOK 1,262,080 19,898 TELENOR AS 14,000 NOK 1,299,200 23,751 TELENOR AS 23,700 NOK 2,199,360 23,417 THALES (17,700) EUR (477,635) 32,846 THALES (9,200) EUR (248,262) 1,089 THALES (6,300) EUR (170,006) (6,537) THALES (4,400) EUR (118,734) (2,389) THALES (3,800) EUR (102,543) 4,071 THALES (3,500) EUR (94,448) 3,656 THALES (2,000) EUR (53,970) (3,321) THALES (1,800) EUR (48,573) 3,468 THYSSENKRUPP AG DUESSELDORF (8,900) EUR (214,535) (11,631) TRELLEBORG B (31,900) SEK (1,985,775) (36,951) USG PEOPLE NV (50,600) EUR (586,707) 40,080 USG PEOPLE NV (3,700) EUR (42,902) 363 VALEO (6,000) EUR (204,360) (55,583) VOLVO (18,900) SEK (1,891,890) (31,658) VOLVO (10,200) SEK (1,021,020) (8,349) VOLVO (7,800) SEK (780,780) (11,196) WOLSELEY PLC (11,900) GBP (192,185) (36,574) WOLSELEY PLC (1,300) GBP (20,995) (346)

EUR (592,626)


107



Date

Net notional

amount

Unrealised

gain / (loss)

in EUR

ABN AMRO BANK LONDON NZD 11/09/2019 2,200,000 96,211 CREDIT SUISSE FIRST BOSTON NZD 10/09/2020 9,100,000 61,236 CREDIT SUISSE INTERNATIONAL CHF 03/09/2020 5,600,000 (53,056) CREDIT SUISSE INTERNATIONAL EUR 19/07/2020 7,500,000 (232,233) CREDIT SUISSE INTERNATIONAL NZD 03/09/2019 2,200,000 100,944 ROYAL BANK OF CANADA LONDON GBP 02/09/2020 5,700,000 51,225 ROYAL BANK OF CANADA LONDON NZD 12/01/2020 3,200,000 166,925 ROYAL BANK OF CANADA LONDON NZD 29/01/2020 5,200,000 233,581 ROYAL BANK OF CANADA LONDON NZD 05/03/2020 2,000,000 79,478 ROYAL BANK OF CANADA LONDON NZD 09/03/2020 4,850,000 190,221 ROYAL BANK OF CANADA LONDON NZD 03/09/2020 1,930,000 2,098 UNION DES BANQUES SUISSES CHF 18/06/2020 6,700,000 89,219 UNION DES BANQUES SUISSES CHF 20/09/2020 8,300,000 82,225 UNION DES BANQUES SUISSES EUR 20/09/2020 6,700,000 (91,004) UNION DES BANQUES SUISSES GBP 01/09/2019 420,000 (41,383) UNION DES BANQUES SUISSES GBP 05/11/2019 700,000 (80,312) UNION DES BANQUES SUISSES NOK 23/09/2020 38,800,000 54,335 UNION DES BANQUES SUISSES NZD 14/12/2019 1,300,000 67,958 EUR 777,668 Global Emerging Markets Equity Alpha

As at 30 September 2010, the Company entered into the following CFD: Description Quantity Currency Commitment Unrealised

gain / (loss)

in USD

ALL AMERICA LATINA (18,400) USD (185,247) (58,396) ALL AMERICA LATINA 17,700) USD (178,200) (10,301) ALL AMERICA LATINA (13,900) USD (139,942) (27,773) ALL AMERICA LATINA (11,971) USD (120,521) (34,425) ALL AMERICA LATINA (10,500) USD (105,712) (12,850) BANCO DO BRASIL SA 15,800 USD 298,118 36,852 BANCO DO BRASIL SA 19,800 USD 373,592 49,412 BEIJING ENTERPRISES HLD LTD (48,500) USD (344,973) (1,289)


108


Global Emerging Markets Equity Alpha (continued)


gain / (loss)

in USD

BEIJING ENTERPRISES HLD LTD (20,500) USD (145,813) (2,350) BEIJING ENTERPRISES HLD LTD (18,500) USD (131,588) 32 CENCOSUD SA (67,547) USD (450,080) (160,064) CENCOSUD SA (24,700) USD (164,581) (51,886) CHEIL INDUSTRIAL INC (3,900) USD (341,346) 5,288 CHEIL INDUSTRIAL INC (2,398) USD (209,884) 10,607 CHINA LG PWR -H (92,000) USD (91,282) 9,734 CHINA LG PWR -H (136,000) USD (134,938) 4,394 CHINA LG PWR -H (130,000) USD (128,985) (15,547) CHINA LG PWR -H (125,000) USD (124,024) (11,261) CHINA LG PWR -H (85,000) USD (84,336) 6,169 CHINA LG PWR -H (74,000) USD (73,422) 3,553 CHINA MERCHANTS HOLDINGS (40,000) USD (145,350) (4,787) CHINA MERCHANTS HOLDINGS (36,000) USD (130,815) (11,469) CHINA MERCHANTS HOLDINGS (36,000) USD (130,815) (701) CHINA MERCHANTS HOLDINGS (34,000) USD (123,547) (11,874) CHINA MERCHANTS HOLDINGS (14,000) USD (50,872) 235 CHINA MERCHANTS HOLDINGS (1,200) USD (4,360) (4,360) CHINA MERCHANTS HOLDINGS (346) USD (1,257) (1,257) CHINA RESOURCES ENTERPRISE LTD (156,000) USD (706,569) (39,146) CHINA SOUTH LOCOMOTIVE -H- (155,000) USD (146,599) (29,763) CHINA SOUTH LOCOMOTIVE -H- (154,000) USD (145,654) (31,135) CHINA SOUTH LOCOMOTIVE -H- (150,000) USD (141,870) (36,030) CHINA SOUTH LOCOMOTIVE -H- (128,000) USD (121,063) (24,866) CIA BRAS -A- (3,700) USD (125,689) 1,737 CIA BRAS -A- (3,324) USD (112,916) (2,943) CIA BRAS -A- (2,100) USD (71,337) (1,548) CIA ENERGET.MIN.GERAIS 1,274 USD 20,253 20,253 CIA ENERGET.MIN.GERAIS 2,943 USD 46,786 (4,960) CIA ENERGET.MIN.GERAIS 3,800 USD 60,410 (8,061) CIA ENERGET.MIN.GERAIS 5,500 USD 87,436 836 CIA ENERGET.MIN.GERAIS 10,100 USD 160,564 13,495 COMPAL ELECTRONICS 5,726 USD 6,854 6,854


109




gain / (loss)

in USD

COMPAL ELECTRONICS 49,000 USD 58,654 (10,856) COMPAL ELECTRONICS 79,000 USD 94,565 (12,330) COMPAL ELECTRONICS 81,000 USD 96,959 (17,380) COMPAL ELECTRONICS 81,228 USD 97,231 (12,677) COMPAL ELECTRONICS 115,229 USD 137,931 (21,591) DOOSAN HEAVY INDUST.& CONSTR. (2,382) USD (177,357 (26,145) DOOSAN HEAVY INDUST.& CONSTR. (2,273) USD (169,242) (58,639) DOOSAN HEAVY INDUST.& CONSTR. (1,474) USD (109,750) (23,010) DOOSAN HEAVY INDUST.& CONSTR. (1,424) USD (106,027) 4,180 DOOSAN HEAVY INDUST.& CONSTR. (1,206) USD (89,796) (109) DOOSAN HEAVY INDUST.& CONSTR. (1,058) USD (78,776) (9,370) DOOSAN INFRACORE CO LTD (10,348) USD (217,351) (22,708) DOOSAN INFRACORE CO LTD (9,625) USD (202,165) (34,911) DOOSAN INFRACORE CO LTD (7,930) USD (166,563) (26,437) EMPRESAS COPEC SA (16,540) USD (307,868) (48,337) EMPRESAS COPEC SA (8,796) USD (163,725) (8,251) EMPRESAS COPEC SA (5,353) USD (99,638) (15,161) EMPRESAS COPEC SA (5,321) USD (99,043) (13,188) FALABELLA SA COMERC.E INDUST. (57,400) USD (558,856) (176,095) FAR EAST DEPT STORES (495,000) USD (623,459) (73,019) FORMOSA PETROCHEMICAL CO (244,000) USD (629,501) (57,565) GAMUDA BHD (498,800) USD (626,923) (53,969) GENTING (99,900) USD (321,021) (71,980) GENTING (58,800) USD (188,949) (43,043) GMRI (524,000) USD (665,480) 9,234 GRUPO FIN.I.SAB DE CV O (79,000) USD (315,882) (28,268) GRUPO FIN.I.SAB DE CV O (46,500) USD (185,930) (13,814) GRUPO FIN.I.SAB DE CV O (31,000) USD (123,954) (6,132) GRUPO MODELO SA DE CV C (24,254) USD (133,905) (5,032) GRUPO MODELO SA DE CV C (24,206) USD (133,640) (18,841) GRUPO MODELO SA DE CV C (19,500) USD (107,658) (1,705) GRUPO MODELO SA DE CV C (19,100) USD (105,450) (3,290) GRUPO MODELO SA DE CV C (17,420) USD (96,175) (9,704)


110




gain / (loss)

in USD

GRUPO MODELO SA DE CV C (15,313) USD (84,542) (8,048)

GRUPO MODELO SA DE CV C (293) USD (1,618) (2)

HDFCB (11,500) USD 636,985) (17,252)

ICICI (28,500) USD (706,515) (14,966)

JPA (262,000) USD (710,020) (2,507)

KGHM POLSKA MIEDZ SA 211 USD 8,475 568

KGHM POLSKA MIEDZ SA 3,640 USD 146,206 42,150

KMB (52,000) USD (552,760) 3,594

SAMSUNG SDI CO LTD (1,737) USD (237,643) 7,197

SAMSUNG SDI CO LTD (870) USD (119,027) 7,802

SAMSUNG SDI CO LTD (827) USD (113,144) (1,379)

SAMSUNG SDI CO LTD (631) USD (86,328) 2,962

SESA GOA LTD 10,713 USD 78,887 5,580

SESA GOA LTD 14,590 USD 107,436 (4,415)

SESA GOA LTD 18,899 USD 139,167 (12,070)

SESA GOA LTD 42,700 USD 314,430 16,478

SIME DARBY BHD (220,800) USD (607,959) (31,465)

SINOPHARM GROUP CO -H- (72,000) USD (297,348) 8,875

SINOPHARM GROUP CO -H- (32,000) USD (132,155) (15,848)

SINOPHARM GROUP CO -H- (30,000) USD (123,895) (10,801)

SINOPHARM GROUP CO -H- (26,000) USD (107,376) (622)

TAIWAN FERTILIZER CO (68,000) USD (212,701) 8,626


TAIWAN FERTILIZER CO (29,000) USD (90,711) (11,330)


TAIWAN FERTILIZER CO (21,000) USD (65,687) 921

TATA STEEL LTD 5,788 USD 84,651 23,498




TELEKOM MALAYSIA (137,400) USD (152,219) (23,408)




111




gain / (loss)

in USD

TELEKOM MALAYSIA (85,000) USD (94,168) (1,621) TELEKOM MALAYSIA (53,800) USD (59,603) (2,975) TELEKOM MALAYSIA (17,600) USD (19,498) (519) TSINGTAO BREWERY CO LTD H (20,000) USD (115,197) (12,355) TSINGTAO BREWERY CO LTD H (32,000) USD (184,316) (33,128) TSINGTAO BREWERY CO LTD H (28,000) USD (161,276) (40,165) TSINGTAO BREWERY CO LTD H (18,000) USD (103,678) (20,462) TSINGTAO BREWERY CO LTD H (4,000) USD (23,039) (3,441) UNI-PRESIDENT ENT. (302,500) USD (393,121) (74,397) UNI-PRESIDENT ENT. (138,600) USD (180,121) (33,167) UNSP (20,000) USD (704,200) (4,372) Z=V0 IS (97,000) USD (648,930) 4,787 ZTE CORP -H- (94,000) USD (374,275) (24,999) ZTE CORP -H- (57,000) USD (226,954) (2,870) USD (1,482,493)

New World Income As at 30 September 2010, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS CAP USD 20/12/2015 25,000,000 2,379,973 BARCLAYS CAP USD 20/12/2015 25,000,000 (5,384,394)BARCLAYS CAP USD 20/12/2015 80,000,000 10,445,528 BARCLAYS GBP USD 20/06/2015 15,000,000 1,483,020 BARCLAYS GBP USD 20/06/2015 5,000,000 607,417 BOA NY USD 20/06/2015 15,000,000 1,822,250 BOA NY USD 20/06/2015 10,000,000 988,680 CITI GLOBAL MKT USD 20/09/2015 50,000,000 (1,452,213)CITI GLOBAL MKT USD 20/09/2015 50,000,000 1,447,443 STANDARD CHART GB USD 20/09/2015 10,000,000 188,453 STANDARD LONDON USD 20/09/2015 15,000,000 282,679 USD 12,808,836


112


New World Income (continued) As at 30 September 2010, the Company entered into the following interest rate swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCALYS GBP MXN 15/03/2012 42,000,000 99,457 BARCALYS GBP MXN 13/02/2012 168,000,000 415,222 RBOS LONDON MXN 01/05/2015 250,000,000 1,103,063 RBOS LONDON MXN 23/04/2015 100,000,000 391,996 RBOS LONDON BRL 02/01/2012 82,410,905 916,027 STANDARD CHART GB BRL 02/01/2012 74,240,243 (25,404)STANDARD CHART GB BRL 02/01/2012 75,130,048 8,741 USD 2,909,102

As at 30 September 2010, the Company entered into the following funded swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

STD BANK LONDON USD 13/06/2011 2,873,000 388,486 STD BANK LONDON USD 13/06/2011 654,450 88,495 STD BANK LONDON USD 13/06/2011 2,545,500 344,203 STD BANK LONDON USD 13/06/2011 2,469,498 333,926 USD 1,155,110


113

12. Options

As at 30 September 2010, the Company had entered into the following written options contracts: Sub-funds Quantity Strike Currency Maturity

Date

Commitment Unrealised

Gain / (Loss)

Euro Core Bond

CALL FUT EURO SCHATZ (150,000) 109.7 EUR 30/09/2010 16,455,000 6,750 PUT FUT EURO SCHATZ (150,000) 109.3 EUR 30/09/2010 16,395,000 (12,750) PUT FUT EURO BUND (80,000) 129.5 EUR 30/09/2010 10,360,000 19,200 PUT FUT EURO BUND (80,000) 130 EUR 30/09/2010 10,400,000 26,400

EUR 39,600 Global Emerging Markets Bond PUT BZDIOVRA BRAZIL C (3,798,087) 11.44 BRL 03/01/2011 43,450,115 (123,131)

USD (123,131)


PUT BZDIOVRA BRAZIL CE (2,278,852) 11.44 BRL 03/01/2011 26,070,069 (73,878) PUT USD/TRY SPOT CROSS (150,000) 1.3 USD 20/01/2011 195,000 59,599 CALL USD/KRW SPOT CROSS (120,000) 1,260 USD 10/12/2010 151,200,000 48,259 CALL USD/ZAR SPOT CROSS (50,000) 7.85 USD 24/11/2010 392,500 79,932

USD (113,912)

New World Income PUT BUBOR03M BUDAPEST I (440,000,000) 5.91 HUF 16/12/2010 2,600,400,000 (226,449) PUT BUBOR03M BUDAPEST I (400,000,000) 5.79 HUF 23/12/2010 2,316,000,000 (154,243) PUT BZDIOVRA BRAZIL CE (3,798,087) 11.44 BRL 03/01/2011 43,450,115 (123,131) PUT ISHARES/MSCI BRAZIL (500,000) 65 USD 18/12/2010 32,500,000 1,900,000 PUT USD/CNY SPOT CROSS (500,000) 6.5 USD 29/09/2010 3,250,000 236,250 PUT USD/TRY SPOT CROSS (350,000) 1.3 USD 20/01/2011 455,000 139,064 CALL USD/BRL SPOT CROSS (200,000) 1.79 USD 13/10/2010 358,000 0 PUT USD/BRL SPOT CROSS (200,000) 1.62 USD 13/10/2010 324,000 0 PUT USD/CNY SPOT CROSS (200,000) 6.5 USD 29/09/2010 1,300,000 96,000 CALL USD/KRW SPOT CROSS (100,000) 1,260 USD 10/12/2010 126,000,000 40,216 CALL USD/ZAR SPOT CROSS (100,000) 7.85 USD 24/11/2010 785,000 159,864 CALL USD/BRL SPOT CROSS (50,000) 1.756 USD 08/12/2010 87,800 45,410 CALL USD/BRL SPOT CROSS (50,000) 1.749 USD 21/12/2010 87,450 14,250 USD 2,127,231


114

13. Dividends

The following dividends were declared out of the profits for the period ended 30 September 2010 for the classes of shares below.

Sub-

Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Asia ex Japan Equity ADH USD 0.060689 16/07/2010 30/07/2010 116,074 7,044 AD USD 0.133845 16/07/2010 30/07/2010 5,924,141 792,917 ID USD 0.078023 16/07/2010 30/07/2010 142,000 11,079 WD USD 0.030085 16/07/2010 30/07/2010 7,019 211 ZD USD 0.776255 16/07/2010 30/07/2010 355,100 275,648 Asia ex Japan Equity Smaller Companies

AD USD 0.098134 16/07/2010 30/07/2010 1,236,544 121,347 Asia Pacific ex Japan Equity High Dividend

AD USD 0.016457 16/07/2010 30/07/2010 4,869,842 80,143 ZD USD 0.039911 16/07/2010 30/07/2010 1,382,561 55,179 BRIC Markets Equity

AD USD 0.021620 16/07/2010 30/07/2010 12,083,722 261,250

Climate Change

AD USD 0.015878 16/07/2010 30/07/2010 3,088,921 49,046 Emerging Wealth

AD USD 0.046273 16/07/2010 30/07/2010 3,829,600 177,207

Euroland Equity

AD EUR 0.398213 16/07/2010 30/07/2010 8,451,457 3,365,480 ED EUR 0.280362 16/07/2010 30/07/2010 7,018 1,968 ZD EUR 0.849035 16/07/2010 30/07/2010 598,311 507,987

Euroland Equity Smaller Companies

AD EUR 0.388828 16/07/2010 30/07/2010 130,955 50,919 Euroland Growth

M1D EUR 0.199630 16/07/2010 30/07/2010 203,714 40,667


115

13. Dividends (continued)

Sub-

Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

European Equity

AD EUR 0.414932 16/07/2010 30/07/2010 19,072 7,914 ED EUR 0.283409 16/07/2010 30/07/2010 90,739 25,716 PD EUR 0.533677 16/07/2010 30/07/2010 3,042,220 1,623,563 WD EUR 0.528354 16/07/2010 30/07/2010 27,027 14,280 ZD EUR 0.826762 16/07/2010 30/07/2010 233,768 193,271 Global Emerging Markets Equity

PD USD 0.002592 16/07/2010 30/07/2010 2,027,588 5,256 WD USD 0.274743 16/07/2010 30/07/2010 7,613,263 2,091,691 ZD USD 0.231306 16/07/2010 30/07/2010 30,424 7,037 Global Equity AD USD 0.110569 16/07/2010 30/07/2010 986,784 109,108 ZD USD 0.457115 16/07/2010 30/07/2010 2,784,155 1,272,679 Latin American Equity L1D USD 0.058258 16/07/2010 30/07/2010 1,901,034 110,750 M1D USD 0.051878 16/07/2010 30/07/2010 2,982,585 154,731

Middle East and North Africa Equity AD USD 0.068761 19/07/2010 30/07/2010 27,316 1,878 Brazil Equity

AD USD 0.146246 16/07/2010 30/07/2010 18,384,615 2,688,676 ED USD 0.000904 16/07/2010 30/07/2010 6,129 6 ID USD 0.443454 16/07/2010 30/07/2010 577,135 255,933 Chinese Equity AD USD 0.104470 16/07/2010 30/07/2010 31,605,367 3,301,813 ID USD 0.721014 16/07/2010 30/07/2010 3,179 2,292 ZD USD 1.272008 16/07/2010 30/07/2010 1,846,847 2,349,204


116


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

AD USD 0.498674 16/07/2010 30/07/2010 29,335 14,629 PD USD 0.970126 16/07/2010 30/07/2010 2,896,569 2,810,037 ZD USD 2.138059 16/07/2010 30/07/2010 532,566 1,138,657 Indian Equity

ZD USD 0.598129 16/07/2010 30/07/2010 157,348 94,114 Japanese Equity

WD JPY 77.049937 16/07/2010 30/07/2010 16,368 1,261,137 ZD JPY 6.640706 16/07/2010 30/07/2010 69,024 458,368 Singapore Equity AD USD 0.594249 16/07/2010 30/07/2010 992,046 589,523 PD USD 0.733562 16/07/2010 30/07/2010 711,763 522,122 Taiwan Equity AD USD 0.022090 16/07/2010 30/07/2010 550,203 12,154 Thai Equity AD USD 0.182029 16/07/2010 30/07/2010 8,564,204 1,558,933 ZD USD 0.324828 16/07/2010 30/07/2010 95,875 31,143 Turkey Equity AD EUR 0.058879 16/07/2010 30/07/2010 346,452 20,399 UK Equity AD GBP 0.431813 16/07/2010 30/07/2010 1,863,984 804,892 ID GBP 0.655094 16/07/2010 30/07/2010 100,833 66,055 US Equity ID USD 0.007772 16/07/2010 30/07/2010 13,687 106 WD USD 1.477806 16/07/2010 30/07/2010 22,921 33,873 YD USD 0.017559 16/07/2010 30/07/2010 1,990,519 34,952 ZD USD 0.206234 16/07/2010 30/07/2010 172,227 35,519 Brazil Bond AD USD 2.528538 16/07/2010 30/07/2010 292,394 739,330 ED USD 0.136435 16/07/2010 30/07/2010 455 62


117


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Euro Core Bond

AD EUR 0.583245 16/07/2010 30/07/2010 37,349 21,784 Euro Core Credit Bond AD EUR 0.544315 16/07/2010 30/07/2010 77,205 42,024 ZD EUR 0.786365 16/07/2010 30/07/2010 52,340 41,158 Euro High Yield Bond

AD EUR 0.905833 16/07/2010 30/07/2010 149,126 135,083 ED EUR 1.009570 16/07/2010 30/07/2010 1,181 1,192 Global Core Plus Bond AD USD 0.348363 16/07/2010 30/07/2010 2,774,557 966,553 PD USD 0.311677 16/07/2010 30/07/2010 763,190 237,869 WD USD 6.633816 16/07/2010 30/07/2010 9,988 66,262 ZD USD 0.476010 16/07/2010 30/07/2010 2,631,578 1,252,657 Global Emerging Markets Bond

IDH USD 0.896158 16/07/2010 30/07/2010 8,368,562 7,499,554 AD USD 1.001903 16/07/2010 30/07/2010 10,446,273 10,466,153 ED USD 1.183670 16/07/2010 30/07/2010 7,952 9,413 ID USD 0.999269 16/07/2010 30/07/2010 3,667,475 3,664,794 ZD USD 1.579036 16/07/2010 30/07/2010 2,654,244 4,191,148 Global Emerging Markets Local Debt AD USD 0.475633 16/07/2010 30/07/2010 2,162,514 1,028,563 ID USD 0.569711 16/07/2010 30/07/2010 10,341,940 5,891,917 ZD USD 0.627271 16/07/2010 30/07/2010 6,226,314 3,905,586 Global High Income Bond AMD USD 0.05000 30/09/2010 30/09/2010 93,023,185 4,651,159


118


Sub-

Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

US Dollar Core Plus Bond AD USD 0.223380 16/07/2010 30/07/2010 880,214 196,622 PD USD 0.248791 16/07/2010 30/07/2010 2,038,315 507,114 WD USD 0.324940 16/07/2010 30/07/2010 1,646,139 534,897 ZD USD 0.325182 16/07/2010 30/07/2010 4,746,341 1,543,425 New World Income LDH1 EUR USD 0.124282 16/07/2010 30/07/2010 38,877,954 4,831,830 L1D USD 0.061619 16/07/2010 30/07/2010 2,383,439 146,865 M1D USD 0.129826 16/07/2010 30/07/2010 8,652,418 1,123,309 ZD USD 0.654428 16/07/2010 30/07/2010 6,642,273 4,346,889


119

14. Equalisation received/(paid) Equalisation is calculated for Bond and Reserve sub-funds only. Equalisation received reflects the amounts received by the sub-fund in respect of undistributed income on the shares issued during the accounting period. Equalisation paid reflects the amounts paid by the sub-fund in respect of undistributed income on shares purchased during the period. Sub-fund Currency Total amount received /

(paid)

Brazil Bond USD 307,356

Euro Core Bond EUR (22,835) Euro Core Credit Bond EUR 492,032 Euro High Yield Bond EUR 2,053,067 Global Core Credit Bond USD 66,099 Global Core Plus Bond USD (8,286) Global Emerging Markets Bond USD 3,026,077 Global Emerging Markets Local Debt USD 2,822,928 US Dollar Core Plus Bond USD (5,183) Euro Reserve EUR 186 Global Inflation Linked Bond USD (3,878) Global High Income Bond USD 1,967,175

15. Securities lending The Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As at 30 September 2010, the value of securities lent is as follows: Sub-fund Currency

Asia ex Japan Equity 41,612,635 USD Asia ex Japan Equity Smaller Companies 3,660,071 USD Asia Pacific Equity High Dividend 11,532,079 USD BRIC Equity 41,322,898 USD BRIC Markets 2,250,764 USD BRIC Markets Equity 26,353,722 USD Climate Change 11,356,456 USD Emerging Wealth 2,663,929 USD Euroland Equity 529,742,523 EUR Euroland Equity Smaller Companies 18,710,647 EUR Euroland Growth 57,958,421 EUR European Equity 19,803,595 EUR Global Emerging Markets Elite 361,592 USD Global Emerging Markets Equity 56,523,759 USD Global Equity 19,520,947 USD Latin American Equity 7,853,649 USD Brazil Equity 16,193,286 USD Chinese Equity 483,814,916 USD


120

15. Securities lending (continued)

Sub-fund Currency

Hong Kong Equity 88,991,194 USD Japanese Equity 1,029,442,011 JPY Korean Equity 13,444,011 USD Russia Equity 6,161,245 USD Singapore Equity 5,681,230 USD Turkey Equity 21,515,684 USD US Equity 29,246,877 USD Euro Core Credit Bond 1,961,290 EUR Euro High Yield Bond 8,632,700 EUR

In return for making securities available for loan throughout the period, the sub-funds participating in the programs received fees which are reflected in the financial statements as "other income" for USD 9,094,233. As at 30 September 2010, only cash was held as collateral, although G10 bonds and / or equities may also be held, as detailed in the stock lending agreement between the Fund and its lending agent, should borrower preferences make these more financially rewarding to the Company. The Management Company is entitled to collect a fee of up to 10% of the stock lending gross fee payable to the Company as a result of any stock lending programme, to cover the administration work the Management Company has to undertake in the monitoring and oversight of the stock lending activity. 16. List of movements in the investment portfolio

The detailed list of movements in the investment portfolio can be obtained free of charge upon request at the registered office of the Company. The current Prospectus, the Articles of Incorporation, together with both the interim and audited annual reports are available free of charge upon request from the German payment and information officer from the Management Company.


121

17. Subsequent events

The following Investment Advisers will change their names as at 1 January 2011: Former Investment Advisers Names New Investment Advisers Names Halbis Capital Management (Hong Kong) Limited HSBC Global Asset Management (Hong Kong) Limited Halbis Capital Management (USA) Inc. HSBC Global Asset Management (USA) Inc. Halbis Capital Management (UK) Limited HSBC Global Asset Management (UK) Limited The following sub-funds will change their names as at 1 January 2011: • Euro Core Bond will change its name to Euro Bond. • Euro Core Credit Bond will change its name to Euro Credit Bond. • Global Core Credit Bond will change its name to Global Credit Bond. • Global Core Plus Bond will change its name to Global Bond. • US Dollar Core Plus Bond will change its name to US Dollar Bond. • New World Income will change its name to GEM Debt Total Return. • European Equity Alpha will change its name to European Equity Absolute Return. • Global Emerging Markets Equity Alpha will change its name to GEM Equity Absolute Return. Further, in order to protect investors from some of the performance dilution they may suffer as a result of significant flows into and out of the sub-funds, an amendment has been made to the 'pricing adjustment' permitted to mitigate transaction costs associated with investing in Brazil. Since October 2010, where net capital inflows in the Brazil Bond, Brazil Equity, Latin American Equity and Latin American Local Debt sub-funds exceed a predefined threshold, the net asset value per share may be adjusted by a maximum of 7% to additionally mitigate the effects of a financial transactions tax (IOF) payable in Brazil.

Charges and Expenses

122

Operating, Administration and Servicing Expenses (refer also to note 4.4) Sub-fund Class A, AM,E,

M, P, R, S1

Class I, J, L, Y, Z, ZP,

S2, S3

Class X Class W

RESERVE SUB-FUND Euro Reserve 0.15% 0.10% - - BOND SUB-FUNDS Brazil Bond 0.35% 0.25% 0.20% - Euro Core Bond 0.25% 0.15% 0.15% - Euro Core Credit Bond 0.35% 0.25% 0.15% - Euro High Yield Bond 0.35% 0.25% 0.15% - Global Core Credit Bond 0.35% 0.25% 0.15% - Global Core Plus Bond 0.25% 0.15% 0.15% - Global Emerging Markets Bond 0.35% 0.25% 0.20% - Global Emerging Markets Local Debt 0.35% 0.25% 0.20% - Global High Income Bond 0.25% 0.20% 0.15% -

Global Inflation Linked Bond 0.25% 0.20% Z=0.15%

0.15% -

US Dollar Core Plus Bond 0.25% 0.15% - - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 0.35% 0.25% 0.20% - Asia ex Japan Equity Smaller Companies 0.35% 0.25% 0.20% - Asia Pacific ex Japan Equity High Dividend 0.35% 0.25% 0.20% - BRIC Equity 0.40% 0.30% 0.25% - BRIC Markets - Y=0.35% / Z=0.25% - - BRIC Markets Equity 0.35% 0.25% 0.20% - Climate Change 0.35% 0.25% 0.20% - Emerging Wealth 0.40% 0.25% - - Euroland Equity 0.35% 0.25% 0.20% - Euroland Equity Smaller Companies 0.35% 0.25% 0.20% - Euroland Growth 0.35% 0.25% 0.20% - European Equity 0.35% 0.25% 0.20% - Global Emerging Markets Elite - J,Z=0.25% / Y=0.35% - -

Global Emerging Markets Equity 0.40% 0.30% 0.20% - Global Equity 0.35% 0.25% 0.20% - Latin American Equity 0.40% 0.30%* 0.25% - Middle East and North Africa Equity 0.40% 0.30%** 0.25% - b) Market Specific sub-funds

Brazil Equity 0.40% 0.30% 0.20% - * 0.25% for share class Z ** 0.25% for share class J

Charges and Expenses

123

Operating, Administration and Servicing Expenses (refer also to note 4.4) (continued)

Sub-fund Class A, AM, E, M,

P, R, S1

Class I, J, L,Y, Z, ZP

S2,S3

Class X Class W

Chinese Equity 0.40% 0.30% 0.20% - Hong Kong Equity 0.35% 0.25% 0.20% - Indian Equity 0.40% 0.30% 0.20% - Japanese Equity 0.35% 0.25% 0.20% - Korean Equity 0.40% 0.30% 0.20% - Russia Equity 0.40% 0.30% 0.20% - Singapore Equity 0.40% 0.30% 0.20% - Taiwan Equity 0.40% 0.30% 0.20% - Thai Equity 0.35% 0.25% 0.20% - Turkey Equity 0.40% 0.30% 0.20% - UK Equity 0.31% 0.25% 0.20% - US Equity 0.35% 0.25% 0.20% - OTHER SUB-FUNDS European Equity Alpha 0.40% 0.30% - - Global Bond Market Neutral 0.30% 0.20% - - Global Currency 0.30% 0.20% - - Global Emerging Markets Equity Alpha 0.50% 0.40% Global Macro 0.30% 0.20% - - New World Income 0.35% 0.25% - - ** 0.25% for class Z

Charges and Expenses (continued)

124

Management Fee Percentages (refer also to note 4.2)

Class Class Class Class Class Class Class Class Class Class Class Class Class Class

Sub-Fund A AM E I M P Z J L R S W Y X

RESERVE SUB-FUND Euro Reserve 0.50 - - 0.25 - - - - - - - - - - BOND SUB-FUNDS Brazil Bond 1.00 - 1.30 0.50 - - - - - - - - - 0.60Euro Core Bond 0.75 - 1.05 0.375 - 0.50 - 0.60 - - - - - 0.30Euro Core Credit Bond 1.00 - 1.30 0.50 - - - 0.60 - - - - - 0.35Euro High Yield Bond 1.20 - 1.50 0.60 - - - 0.60 - - - - - 0.50 Global Core Credit Bond 1.00 - 1.30 0.50 - - - - - - - - - 0.35Global Core Plus Bond 0.75 - 1.05 0.375 0.50 0.00 0.60 - - - 0.00 - 0.35Global Emerging Markets Bond 1.00 - 1.30 0.50 - - - 0.60 - - - - - 0.60

Global Emerging Markets Local Debt 1.25 - 1.55 0.625 - - - 0.60 - - - - - 0.60

Global High Income Bond 1.25 1.25 1.55 0.625 - - - - - - - - - 0.50Global Inflation Linked Bond 0.70 - 1.00 0.35 - - - - - - - - - 0.35US Dollar Core Plus Bond 0.75 - 1.05 0.375 - 0.50 - - - - - - - - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70Asia ex Japan Equity Smaller Companies 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70

Asia Pacific ex Japan Equity High Dividend 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70

BRIC Equity 1.50 - 2.00 0.75 1.00 - 0.00 0.60 0.50 - - - - 0.70BRIC Markets - - - - - - 1.00 - - - - - 1.50 - BRIC Markets Equity 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70Climate Change 1.50 - 2.00 0.75 - 0.60 - - - - - 0.60Emerging Wealth 1.50 - 2.00 0.75 - - - 0.60 - - - - - - Euroland Equity 1.50 - 2.00 0.75 - - - - - - - - - 0.60Euroland Equity Smaller Companies 1.50 - 2.00 0.75 - - - - - - - - - 0.70

Euroland Growth 1.50 - 2.00 0.75 1.25 - - - - - - - - 0.60European Equity 1.50 - 2.00 0.75 - 1.00 - - - - - - - 0.60Global Emerging Markets Elite - - - - - - 1.00 0.60 - - - - 1.50 -

Global Emerging Markets Equity 1.50 - 2.00 0.75 - 1.00 - 0.60 - - 1.60 - - 0.70

Charges and Expenses (continued)

125

Management Fee Percentages (refer also to note 4.2) (continued)

Class Class Class Class Class Class Class Class Class Class Class Class Class Class

Sub-Fund A AM E I M P Z J L R S W Y X

Global Equity 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.60 Latin American Equity 1.50 - 2.00 0.75 1.00 - 0.00 - 0.50 - 1.75 - - 0.70 Middle East and North Africa Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70

b) Market Specific Equity sub-funds

Brazil Equity 1.75 - 2.25 0.875 - - - - - - 0.55 - - 0.70 Chinese Equity 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70 Hong Kong Equity 1.50 - 2.00 0.75 - 1.00 - 0.60 - - - - - 0.70 Indian Equity 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70 Japanese Equity 1.50 - 2.00 0.75 - 1.00 - - - - - - - 0.60 Korean Equity 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70 Russia Equity 1.75 - 2.25 0.875 - - - - - - - 0.70 Singapore Equity 1.50 - 2.00 0.75 - 1.00 - 0.60 - - - - - 0.70 Taiwan Equity 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70 Thai Equity 1.50 - 2.00 0.75 - - - 0.60 - - - - - 0.70 Turkey Equity 1.75 2.25 0.875 - - - 0.60 - - - - - 0.70 UK Equity 1.50 - 2.00 0.75 - - - - - - - - - 0.60 US Equity 1.50 - 2.00 0.75 - 1.00 0.00 - - - - 0.00 0.30 0.50 OTHER SUB-FUNDS European Equity Alpha - - - - 1.50 - - - 1.00 - - - - - Global Bond Market Neutral - - - - 1.25 - - - 0.70 1.55 - - - - Global Currency - - - - 1.50 - - - 1.00 - - - - - Global Emerging Markets Equity Alpha - - - - 1.50 - - - 1.00 - - - - -

Global Macro - - - - 1.50 - - - 1.00 2.00 - - - - New World Income - - - - 1.00 - - 0.60 0.50 - - - - -

Publication of TER (Total Expense Ratio) – Information concerning the Swiss Investors

126

Sub-Fund

Share class

TER excluding the

performance fee (in %)

EQUITY SUB-FUNDS

a) International and Regional sub-funds

Asia ex Japan Equity AC 1.84 ACH 1.84 AD 1.84 ADH 1.85 EC 2.34 ED 2.35 IC 1.00 ID 1.00 J1C 0.85 WD 0.00 ZD 0.25 Asia ex Japan Equity Smaller Companies AC 1.86 AD 1.86 EC 2.37 ED 2.39 IC 1.01 Asia Pacific ex Japan Equity High Dividend AC 1.85 AD 1.85 EC 2.34 IC 0.99 ZC 0.25 ZD 0.25 BRIC Equity AC 1.92 AD 1.39 EC 2.40 IC 1.05 J1C 0.90 L1C 0.81 M1C 1.40 M2C 1.40 M2D 1.40 XC 1.12 BRIC Markets YC 1.83 ZC 1.26


127

Euroland Growth AC 1.86

IC 1.00

M1C 1.59

M1D 1.62

TER excluding the Sub-Fund

Share class performance fee (in %)

BRIC Markets Equity AC 1.85

AD 1.85

EC 2.34

ED 2.35

IC 1.00

J1C 0.85

Climate Change AC 1.85

AD 1.85

EC 2.35

IC 1.00

Emerging Wealth AC 1.90

AD 1.90

EC 2.59

Euroland Equity AC 1.84

AD 1.84

EC 2.35

ED 2.34

IC 0.99

ZC 0.25

ZD 0.25

Euroland Equity Smaller Companies AC 1.84

AD 1.84

EC 2.32

IC 0.99

ZC 0.25


128



European Equity AC 1.85

AD 1.86

EC 2.36

ED 2.35

IC 1.00

PC 1.35

PD 1.35

WD 0.00

ZD 0.25

Global Emerging Markets Elite YC 0.25

ZC 1.25

Global Emerging Markets Equity AC 1.91

AD 1.91

EC 2.41

ED 2.42

IC 1.05

PC 1.44

PD 1.44

S1D 1.95

WD 0.01

ZD 0.30

Global Equity AC 1.86

AD 1.86

EC 2.36

IC 1.02

ZC 0.26

ZD 0.25


129



Latin American Equity AC 2.07

AD 2.01

EC 2.50

IC 1.12

L1D 0.85

M1C 1.44

M1D 1.44

S2C 2.09

Middle East and North Africa Equity AC 1.90

AD 1.92

EC 2.44

IC 1.06

ZC 0.30

Brazil Equity AC 2.15

AD 2.15

EC 2.65

ED 2.65

IC 1.18

ID 1.18

XC 0.91

ZC 0.30

Chinese Equity AC 1.90

AD 1.90

EC 2.40

ED 2.40

IC 1.05

ID 1.05

J1C 0.90

ZD 0.30


130



Hong Kong Equity AC 1.85

AD 1.85

EC 2.33

IC 1.00

J1C 0.85

PD 1.35

ZC 0.25

ZD 0.25

Indian Equity AC 1.90

AD 1.90

EC 2.40

ED 2.40

IC 1.05

ID 1.05

ZD 0.30

Japanese Equity AC 1.88

AD 1.88

EC 2.35

ED 2.35

IC 0.97

PC 1.37

PD 1.37

WD 0.00

ZC 0.25

ZD 0.25

Korean Equity AC 1.90

AD 1.90

EC 2.40

ED 2.40

IC 1.05

J1C 0.90


131



Russia Equity AC 2.16

AD 2.16

EC 2.65

IC 1.18

Singapore Equity AC 1.90

AD 1.90

EC 2.40

IC 1.04

PD 1.40

Taiwan Equity AC 1.96

AD 1.96

EC 2.41

Thai Equity AC 1.85

AD 1.86

EC 2.37

IC 1.00

ZD 0.25

Turkey Equity AC 2.16

AD 2.16

EC 2.66

IC 1.18

ID 1.74

UK Equity AC 1.82

AD 1.81

EC 2.33

ED 1.91

IC 0.96

ID 1.00

ZC 0.25


132



US Equity AC 1.85

ACH 1.84

AD 1.85

ADH 1.85

EC 2.36

ED 2.35

IC 1.00

ID 1.01

PD 1.37

WD 0.00

YD 0.55

ZC 0.25

ZD 0.26

BOND SUB-FUNDS

Brazil Bond AC 1.35

AD 1.35

EC 1.66

ED 1.68

IC 0.75

ID 0.75

ZC 0.25

Euro Core Bond AC 1.01

AD 1.01

EC 1.30

IC 0.53

Euro Core Credit Bond AC 1.35

AD 1.35

EC 1.64

IC 0.75

ZD 0.25


133



Euro High Yield Bond AC 1.56

AD 1.57

EC 1.86

ED 1.86

IC 0.85

ZC 0.25

Global Core Credit Bond AC 1.35

ACH 1.35

IC 0.74

ICH 0.75

XC 0.50

ZC 0.25

Global Core Plus Bond AC 1.01

AD 1.00

EC 1.31

IC 0.52

PD 0.75

WD 0.00

ZC 0.15

ZD 0.15

Global Emerging Markets Bond AC 1.35

AD 1.35

EC 1.65

ED 1.65

IC 0.75

ID 0.75

IDH 0.75

XC 0.80

ZC 0.23

ZD 0.25


134



Global Emerging Markets Local Debt AC 1.60

AD 1.61

EC 1.91

IC 0.88

ID 0.87

ZD 0.25

Global High Income Bond AC 1.54

AMD 1.50

Global Inflation Linked Bond AC 0.94

ACH 0.94

IC 0.54

ICH EUR 0.54

ICH GBP 0.55

ZC 0.15

US Dollar Core Plus Bond AC 1.00

AD 1.00

EC 1.30

IC 0.52

PD 0.75

WC 0.00

WD 0.00

ZC 0.15

ZD 0.15

RESERVE SUB-FUND

Euro Reserve AC 0.36

AD 0.36

IC 0.35


135



OTHER SUB-FUNDS

European Equity Alpha L1C 1.30

LCH1 USD 1.29

M1C 1.91

MCH1 GBP 1.92

MCH1 USD 1.91

ZC 0.30

Global Bond Market Neutral L1C 0.89

M1C 1.53

Global Currency L1C 1.22

LCH1 CHF 1.02

LCH1 EUR 1.21

LCH1 GBP 1.23

LCH1 JPY 1.21

LCH1 SEK 1.19

M1C 1.80

M1D 1.80

MCH1 EUR 1.79

MCH1 GBP 1.81

MCH1 JPY 1.80

MDH1 GBP 1.80

Global Emerging Markets Equity Alpha L1C 1.42

LCH1 EUR 1.39

M1C 2.01

M1D 2.02

MCH1 EUR 1.99

MCH1 GBP 2.20

MDH1 GBP 2.22

ZC 0.40


136

Sub-Fund Share class TER excluding the

performance fee (in %)

Global Macro L1C 1.20

L1D 1.21

LCH1 GBP 1.20

LCH1 SEK 1.21

LCH1 USD 1.20

LDH1 GBP 1.19

M1C 1.80

M1D 1.81

MCH1 CHF 0.32

MCH1 GBP 1.76

MCH1 SEK 1.81

MCH1 USD 1.79

MDH1 GBP 1.80

MDH1 SEK 1.80

ZPDH1 GBP 0.20

New World Income L1C 0.75

L1D 0.75

LDH1 EUR 0.75

M1C 1.36

M1D 1.35

ZD 0.25


137

TER including the Sub-Fund


BRIC Equity AC 1.92

AD 1.39

EC 2.40

IC 1.05

J1C 0.90

L1C 2.95

M1C 1.40

M2C 1.40

M2D 1.40

XC 1.12

Euroland Growth AC 1.86

IC 1.00

M1C 1.59

M1D 1.62

Latin American Equity AC 2.07

AD 2.01

EC 2.50

IC 1.12

L1D 0.85

M1C 1.44

M1D 1.44

S2C 2.09

European Equity Alpha L1C 1.30

LCH1 USD 1.29

M1C 3.13

MCH1 GBP 1.92

MCH1 USD 1.91

ZC 0.30


138



Global Bond Market Neutral L1C 0.90

M1C 1.53

Global Currency L1C 1.93

LCH1 CHF 1.02

LCH1 EUR 1.06

LCH1 GBP 1.23

LCH1 JPY 1.21

LCH1 SEK 1.19

M1C 1.80

M1D 1.78

MCH1 EUR 1.79

MCH1 GBP 1.81

MCH1 JPY 1.80

MDH1 GBP 1.80

Global Emerging Markets Equity Alpha L1C 1.42

LCH1 EUR 2.21

M1C 2.01

M1D 2.02

MCH1 EUR 1.99

MCH1 GBP 9.77

MDH1 GBP 5.33

ZC 0.40

Global Macro L1C 1.70

L1D 1.19

LCH1 GBP 1.31

LCH1 SEK 1.21

LCH1 USD 1.37

LDH1 GBP 1.20

M1C 1.91

M1D 1.80


139



Global Macro MCH1 CHF 0.32

MCH1 GBP 1.76

MCH1 SEK 1.81

MCH1 USD 1.79

MDH1 GBP 1.80

MDH1 SEK 1.80

ZPDH1 GBP 0.20

New World Income L1C 2.01

L1D 2.03

LDH1 EUR 1.76

M1C 2.25

M1D 2.43

ZD 0.25

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

140

% Asia ex Japan Equity 205.70 Asia ex Japan Equity Smaller Companies 94.17 Asia Pacific ex Japan Equity High Dividend 54.31 BRIC Equity 182.82 BRIC Markets 17.37 BRIC Markets Equity (12.56) Climate Change 7.44 Emerging Wealth 187.15 Euroland Equity (16.65) Euroland Equity Smaller Companies 208.78 Euroland Growth 15.10 European Equity 43.95 Global Emerging Markets Elite 241.50 Global Emerging Markets Equity 168.20 Global Equity 218.35 Latin American Equity 54.99 Middle East and North Africa Equity 98.75 Brazil Equity 38.23 Chinese Equity 299.04 Hong Kong Equity 146.46 Indian Equity 62.89 Japanese Equity 78.66 Korean Equity 122.38 Russia Equity 94.94 Singapore Equity 54.90 Taiwan Equity 100.26 Thai Equity (13.86) Turkey Equity 49.70 UK Equity 64.83 US Equity 112.30 Brazil Bond 22.60 Global High Income Bond* (56.04) Global Inflation Linked Bond* 37.25 Euro Core Bond 80.91 Euro Core Credit Bond 314.75 Euro High Yield Bond (19.35)

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

141

% Global Core Credit Bond 189.98 Global Core Plus Bond 396.07 Global Emerging Markets Bond 22.64 Global Emerging Markets Local Debt (100.11) US Dollar Core Plus Bond 986.64 Euro Reserve 1,023.66 European Equity Alpha* 226.32 Global Bond Market Neutral 660.75 Global Currency 149.67 Global Emerging Markets Equity Alpha* 831.37 Global Macro 273.45 New World Income 77.76

* The PTR have been annualised. In reference to the section 2.6 (2) of the Prospectus, adjustments related to swing pricing methodology are included in the PTR figures.

142

Asia ex Japan EquityUSD

AC 53.3547.3228.89

ACH 23.9421.1012.84

AD 49.4343.9727.23

ADH 23.3620.6612.74

EC 49.2043.7426.84

ED 48.7443.3326.85

IC 53.2847.0628.49

ID 53.1947.0627.98

J1C 11.249.926.00

WD 10.329.10N/A

ZD 50.1444.9027.79

Total Net Assets 318,220,865 732,481,378 767,949,573

Net Asset Value per Share

Asia ex Japan Equity Smaller CompaniesUSD

AC 37.7132.5915.45

AD 35.9131.1315.01

EC 37.0932.1315.31

ED 35.6530.8914.90

IC 38.1632.83N/A

Total Net Assets 18,640,611 55,570,392 74,071,291


Asia Pacific ex Japan Equity High DividendUSD

AC 18.4217.2010.32

AD 15.8714.848.99

EC 18.1717.0110.26

IC 16.4415.28N/A

ZC 16.5615.34N/A

ZD 16.1915.049.13

Total Net Assets 70,708,171 130,080,396 139,802,085


Comparative Table of Net Assets

at 31 March 2010at 31 March 2009 at 30 September 2010

143

BRIC EquityUSD

AC 24.6123.59N/A

AD 24.71N/AN/A

EC 24.13N/AN/A

IC 24.7823.66N/A

J1C 18.5517.708.52

L1C 24.6123.47N/A

M1C 26.0024.8712.03

M2C 25.0023.9211.57

M2D 25.0823.9911.60

XC 24.78N/AN/A

Total Net Assets 829,973,305 2,020,189,397 1,954,647,241


BRIC MarketsUSD

YC 28.9127.8514.26

ZC 29.5128.3514.43

Total Net Assets 28,854,219 42,863,997 34,459,976


BRIC Markets EquityUSD

AC 15.6915.198.56

AD 15.6415.178.56

EC 15.3614.918.44

ED 15.3514.918.44

IC 16.2315.658.74

J1C 16.3715.778.79

ZC N/AN/A8.64

Total Net Assets 328,357,517 693,145,864 693,697,863




144

Climate ChangeUSD

AC 6.196.314.35

AD 6.146.274.35

EC 6.106.244.33

IC 6.346.444.41

Total Net Assets 28,012,784 44,102,409 37,809,018


Emerging WealthUSD

AC 8.017.704.82

AD 7.917.644.82

EC 8.437.69N/A

ZC N/AN/A4.87

Total Net Assets 23,790,937 34,703,204 32,698,980


Euroland EquityEUR

AC 26.2226.7716.75

AD 24.9725.9116.54

EC 25.7326.3316.56

ED 24.8025.6716.37

IC 27.0927.5317.08

ZC 29.6029.9718.46

ZD 27.3328.5818.29

Total Net Assets 572,821,302 1,111,987,486 948,671,172


Euroland Equity Smaller CompaniesEUR

AC 37.0937.2821.96

AD 35.8336.4421.81

EC 36.4336.7021.72

IC 38.4338.4622.46

ZC 41.7541.6324.13

Total Net Assets 30,100,075 69,348,554 65,618,363




145

Euroland GrowthEUR

AC 10.6211.01N/A

IC 10.7011.04N/A

M1C 10.6411.017.31

M1D 10.0710.647.25

Total Net Assets 92,656,030 125,960,642 114,402,468


European EquityEUR

AC 30.4730.0619.67

AD 28.1728.2319.02

EC 28.7928.48N/A

ED 27.8527.8418.73

IC 31.1530.6119.85

PC 31.6431.1520.28

PD 27.8027.9218.82

WD 16.8517.0211.50

ZD 28.4028.6719.36

Total Net Assets 93,859,080 112,787,066 109,155,679


Global Emerging Markets EliteUSD

YC 11.1810.666.04

ZC 10.7810.335.91

Total Net Assets 7,999,301 13,979,295 14,588,245




146

Global Emerging Markets EquityUSD

AC 17.8417.059.85

AD 17.4616.699.71

EC 16.9016.209.40

ED 16.7916.109.36

IC 18.2917.419.97

PC 12.1011.54N/A

PD 11.9511.40N/A

S1D 8.568.194.76

WD 17.8317.189.76

ZD 17.7317.079.94

Total Net Assets 169,609,139 722,049,225 698,637,588


Global EquityUSD

AC 21.4821.8614.95

AD 21.1221.6114.89

EC 21.3021.7314.94

IC 22.1322.4315.21

ZC 23.2523.47N/A

ZD 22.7623.4716.22

Total Net Assets 73,141,164 109,115,760 89,809,232


Latin American EquityUSD

AC 19.81N/AN/A

AD 19.81N/AN/A

EC 19.7618.42N/A

IC 20.0018.52N/A

L1D 19.9318.49N/A

M1C 19.9418.508.19

M1D 19.8318.458.23

S2C 19.7918.42N/A

Total Net Assets 66,218,462 264,783,920 305,536,538




147

Middle East and North Africa EquityUSD

AC 9.759.49N/A

AD 9.679.49N/A

EC 9.72N/AN/A

IC 9.829.53N/A

ZC 9.909.57N/A

Total Net Assets N/A 6,610,924 8,905,797


Brazil EquityUSD

AC 38.5235.1414.71

AD 38.1935.0014.64

EC 37.6434.4314.48

ED 37.6434.4314.48

IC 40.2836.5715.15

ID 39.2636.1015.10

XC 40.3436.58N/A

ZC 43.0538.9215.99

Total Net Assets 418,214,041 2,472,031,818 2,839,006,363


Chinese EquityUSD

AC 78.4176.5850.72

AD 76.4974.8349.84

EC 76.2674.6749.70

ED 76.1774.5849.70

IC 81.9479.6952.34

ID 78.5877.2051.40

J1C 81.0378.7451.63

ZD 79.0777.9851.88

Total Net Assets 2,209,848,264 3,367,916,217 3,190,409,209




148

Hong Kong EquityUSD

AC 118.54111.1969.58

AD 111.07104.7266.52

EC 116.54109.5768.92

IC 121.82113.7870.61

J1C 7.967.434.61

PD 109.37103.3765.65

ZC 117.84109.65N/A

ZD 115.39109.6569.60

Total Net Assets 290,694,033 428,756,893 442,411,970


Indian EquityUSD

AC 204.45181.6573.27

AD 203.79181.0773.03

EC 196.96175.4471.11

ED 196.96175.4471.11

IC 218.06192.9277.15

ID 213.16188.5875.77

ZD 211.63187.1375.16

Total Net Assets 2,241,664,016 6,876,598,268 7,429,885,558


Japanese EquityJPY

AC 4,362.315,135.454,099.60

AD 647.08761.78611.49

EC 624.53736.95591.15

ED 624.39736.78591.03

IC 4,527.535,304.914,199.03

PC 4,434.585,207.144,135.96

PD 667.61783.92630.23

WD 5,959.137,039.035,682.94

ZC N/AN/A4,325.35

ZD 650.77767.58619.63

Total Net Assets 10,095,771,137 7,109,597,023 4,976,192,293




149

Korean EquityUSD

AC 14.9113.848.27

AD 14.9113.848.27

EC 14.6613.648.19

ED 14.6713.658.19

IC 15.5214.348.50

J1C 15.1113.96N/A

Total Net Assets 83,683,768 123,443,939 130,646,673


Russia EquityUSD

AC 7.257.493.10

AD 7.257.493.10

EC 7.167.423.09

IC 7.457.663.14

Total Net Assets 20,046,275 112,840,000 177,773,696


Singapore EquityUSD

AC 40.3436.1318.06

AD 34.7931.7316.42

EC 39.5635.5217.85

IC N/A36.7318.18

PD 34.7531.7516.44

Total Net Assets 43,907,698 73,472,733 82,738,330


Taiwan EquityUSD

AC 11.4510.296.65

AD 11.4110.286.65

EC 11.4010.27N/A

Total Net Assets 4,420,988 7,187,878 6,024,371




150

Thai EquityUSD

AC 14.3711.065.32

AD 13.0010.185.05

EC 14.1010.875.26

IC 14.9511.455.47

J1C N/AN/A4.13

ZD 13.3810.525.23

Total Net Assets 72,684,841 107,711,690 148,989,135


Turkey EquityEUR

AC 26.1421.158.11

AD 19.7516.036.33

EC 25.7320.878.04

IC 26.7321.528.17

ID 19.75N/AN/A

Total Net Assets 6,482,386 33,564,070 106,430,733


UK EquityGBP

AC 25.6925.0817.56

AD 22.4322.3516.06

EC 25.4824.9417.56

IC 25.9725.2617.69

ID 24.9124.9217.69

ZC 27.7926.9218.56

Total Net Assets 47,251,610 51,436,817 49,994,725




151

US EquityUSD

AC 18.4718.9013.46

ACH 21.5621.9715.49

AD 20.6721.1515.07

ADH 22.3122.7015.99

EC 18.1318.6013.31

ED 20.1420.6514.79

IC 18.8319.1813.55

ID 7.737.88N/A

PD 21.1321.5715.35

WD 120.14123.4188.01

YD 7.567.70N/A

ZC N/AN/A14.22

ZD 20.8321.3615.23

Total Net Assets 132,835,254 155,416,819 124,961,933


Brazil BondUSD

AC 19.1917.5512.63

AD 13.3914.7210.59

EC 18.9717.3712.54

ED 18.8217.37N/A

IC 19.4817.7612.71

ID 16.1714.75N/A

ZC N/AN/A13.01

Total Net Assets 12,717,810 43,646,193 51,558,864


Euro Core BondEUR

AC 20.7120.1617.10

AD 17.4717.5815.46

EC 20.4919.9716.99

IC 21.4620.8417.59

Total Net Assets 46,473,023 67,323,983 82,971,081




152

Euro Core Credit BondEUR

AC 19.8819.2814.99

AD 15.2515.3412.48

EC 19.6719.1114.89

IC 20.8020.1115.54

ZD 17.0517.2314.01

Total Net Assets 192,334,689 375,061,060 424,078,889


Euro High Yield BondEUR

AC 26.5225.5215.90

AD 18.9919.2012.76

EC 26.2125.2615.79

ED 22.4322.6515.06

IC 27.9426.7916.58

ZC 28.5827.3216.80

Total Net Assets 78,225,553 237,598,720 349,201,097


Global Core Credit BondUSD

AC 107.38103.78N/A

ACH 144.24138.19N/A

IC 107.93104.00N/A

ICH 144.75138.29N/A

XC 108.17104.10N/A

ZC 108.40104.19N/A





153

Global Core Plus BondUSD

AC 16.1615.2513.61

AD 14.0513.6012.50

EC 12.4911.8110.57

IC 16.4415.4713.75

PD 11.4611.1110.21

WD 192.63187.36172.31

ZC 14.93N/AN/A

ZD 14.4314.0212.90

Total Net Assets 78,776,684 87,144,986 100,400,320


Global Emerging Markets BondUSD

AC 27.9125.6118.95

AD 19.0218.4314.49

EC 27.5825.3518.82

ED 23.6822.9118.02

IC 28.6826.2419.30

ID 20.4519.68N/A

IDH 20.0518.89N/A

XC 28.6726.23N/A

ZC N/A24.5719.81

ZD 25.2424.5719.29

Total Net Assets 234,514,986 918,079,559 1,193,481,991


Global Emerging Markets Local DebtUSD

AC 14.0913.109.50

AD 12.8312.409.30

EC 14.0113.059.50

IC 14.4013.349.61

ID 13.2312.839.31

ZD 12.7612.419.29

Total Net Assets 44,558,057 188,366,728 575,741,934




154

Global High Income Bond (launched as at 28 July2010)USD

AC 10.35N/AN/A

AMD 10.30N/AN/A

Total Net Assets N/A N/A 958,541,995


Global Inflation Linked Bond (launched as at 30 June2010)USD

AC 102.59N/AN/A

ACH 139.58N/AN/A

IC 102.69N/AN/A

ICH EUR 139.72N/AN/A

ICH GBP 164.00N/AN/A

ZC 102.79N/AN/A



US Dollar Core Plus BondUSD

AC 13.9713.4312.17

AD 10.4110.229.61

EC 13.8113.3012.08

IC 14.0513.4712.17

PD 10.4310.259.64

WC N/AN/A14.28

WD 10.4510.319.69

ZC 14.6113.9812.56

ZD 10.9710.8110.17

Total Net Assets 79,033,476 87,491,283 108,452,471




155

Euro ReserveEUR

AC 17.2517.2317.18

AD 15.3915.3615.64

IC 17.2817.2517.19

Total Net Assets 56,371,637 29,795,236 27,306,941


European Equity Alpha (launched as at 13 April 2010)EUR

L1C 10.35N/AN/A

LCH1 USD 7.24N/AN/A

M1C 10.30N/AN/A

MCH1 GBP 9.87N/AN/A

MCH1 USD 7.23N/AN/A

ZC 10.44N/AN/A



Global Bond Market NeutralEUR

L1C 1,016.261,016.24N/A

M1C 996.991,000.12N/A





156

Global CurrencyUSD

L1C 10.3210.68N/A

LCH1 CHF 9.969.46N/A

LCH1 EUR 14.5414.74N/A

LCH1 GBP 15.4315.19N/A

LCH1 JPY 116.20107.44N/A

LCH1 SEK 1.46N/AN/A

M1C 9.6310.00N/A

M1D 10.3610.75N/A

MCH1 EUR 13.1913.49N/A

MCH1 GBP 15.8515.53N/A

MCH1 JPY 115.66106.12N/A

MDH1 GBP 15.3415.14N/A



Global Emerging Markets Equity Alpha (launched as at16 April 2010)USD

L1C 9.94N/AN/A

LCH1 EUR 13.84N/AN/A

M1C 9.91N/AN/A

M1D 9.81N/AN/A

MCH1 EUR 13.84N/AN/A

MCH1 GBP 16.32N/AN/A

MDH1 GBP 16.35N/AN/A

ZC 9.98N/AN/A





157

Global MacroEUR

L1C 116.67118.22112.37

L1D 117.31118.46N/A

LCH1 GBP 122.82119.70N/A

LCH1 SEK 123.14N/AN/A

LCH1 USD 128.12130.81N/A

LDH1 GBP 122.82119.90N/A

M1C 115.09116.66111.37

M1D 115.23116.82111.32

MCH1 CHF 74.82N/AN/A

MCH1 GBP 114.83N/AN/A

MCH1 SEK 121.76N/AN/A

MCH1 USD 111.75N/AN/A

MDH1 GBP 114.81N/AN/A

MDH1 SEK 122.05N/AN/A

ZDH1P GBP 115.80N/AN/A

Total Net Assets 49,978,596 353,479,140 621,978,783


New World IncomeUSD

L1C 12.8612.419.46

L1D 12.3111.949.43

LDH1 EUR 12.1111.78N/A

M1C 13.0012.569.54

M1D 12.1311.859.24

ZD 12.3812.539.44

Total Net Assets 254,293,923 567,173,302 866,690,407




Portfolio of Investments and Other Net Assets as at 30 September 2010

158

CHINA YURUN FOOD GROUPLTD 1,298,000 4,816,834 0.63HKD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

HONGKONG LAND HOLDINGSLTD 1,521,000 9,445,411 1.22USD

KUNLUN ENERGY COMPANYLTD 3,198,000 4,128,960 0.54HKD

ORIENT OVERSEAS(INTERNATIONAL) 916,500 7,310,005 0.95HKD

SKYWORTH DIGITAL HLD LTD 6,792,704 4,735,158 0.62HKD

30,436,368 3.96

BOSHIWA INTL 181,000 174,452 0.02HKD

CAYMAN ISLANDS

KINGBOARD LAMINATESHLDGS LTD 8,090,000 8,214,275 1.07HKD

TENCENT HOLDINGS 314,800 6,879,472 0.90HKD

XINYI GLASS HOLDING CO.LTD 7,274,000 4,489,556 0.58HKD

19,757,755 2.57

AIR CHINA LTD -H- 3,808,000 5,260,006 0.68HKD

CHINA

BANK OF CHINA LTD -H- 16,912,000 8,869,189 1.15HKD

BANK OF COMMUNICATIONSCO. -H- 12,491,300 13,504,052 1.76HKD

BBMG -H- 5,087,000 7,144,680 0.93HKD

CHAODA MODERNAGRICULTURE HOLDING 3,112,000 2,578,369 0.34HKD

CHINA COMMUNICATIONSCONSTRUCTION -H- 6,311,000 6,001,352 0.78HKD

CHINA CONSTRUCTION BANKCO. -H- 13,646,000 11,956,631 1.56HKD

CHINA OILFIELD SERVICES -H- 4,336,000 6,782,698 0.88HKD

CHINA PETROLEUM&CHEMCORP. H 7,910,000 7,012,283 0.91HKD

CHINA RAILWAYCONSTRUCTION CORP. -H- 2,938,000 3,952,272 0.51HKD

CHINA SHENHUA ENERGYCO. -H- 2,034,500 8,415,061 1.10HKD

DONGFENG MOTOR -H- 5,596,000 11,450,455 1.49HKD

IND & COM BOC -H- 13,066,000 9,731,169 1.27HKD

PETROCHINA CO. LTD /-H- 4,498,000 5,233,615 0.68HKD

INVESTMENTS

Asia ex Japan EquityStatement of investments as at 30 September 2010(expressed in USD)

Description Currency Evaluation % netassets

Quantity/Facevalue

PING AN INSURANCE GRPCO. -H- 1,971,000 20,114,365 2.63HKD

SHIMAO PROPERTY HOLDINGLTD 3,337,000 5,546,774 0.72HKD

WEICHAI POWER CO LTD /-H- 972,000 10,270,100 1.34HKD

143,823,071 18.73

CAIRN ENERGY 625,436 4,580,089 0.60GBP

GREAT BRITAIN

4,580,089 0.60

BOC HONG KONG HOLDINGSLTD 2,353,000 7,458,501 0.97HKD

HONG KONG

CATHAY PACIFIC AIRWAYS 2,320,000 6,292,665 0.82HKD

CHEUNG KONG HOLDINGS 1,105,000 16,744,190 2.18HKD

CHINA MOBILE LTD 1,851,500 18,954,493 2.47HKD

CNOOC LTD 7,735,000 14,990,036 1.95HKD

H.K.EXCHANGES ANDCLEARING LTD 214,000 4,213,390 0.55HKD

HOPEWELL HOLDINGS LTD 2,141,000 6,924,444 0.90HKD

LI & FUNG LTD 622,000 3,498,398 0.46HKD

SINO LAND CO LTD 2,598,000 5,376,247 0.70HKD

SUN HUNG KAI PROPERTIESLTD 446,197 7,704,172 1.00HKD

THE WHARF HOLDING 1,260,750 8,106,326 1.06HKD

100,262,862 13.06

BANK NEGARA INDO TBK 26,595,500 10,950,618 1.42IDR

INDONESIA

INDO TAMBANGRAYAMEGAH (ITM) 934,000 4,353,247 0.57IDR

INDOFOOD CBP 2,391,000 1,445,254 0.19IDR

PERUSAHAAN GAS NEGA -B- 7,110,000 3,066,927 0.40IDR

PT HARUM ENERGY TBK 6,549,500 3,815,791 0.50IDR

UNITED TRACTORS 1,536,500 3,520,456 0.46IDR

27,152,293 3.54

BUMIPUTRA-COMMERCEHOLDINGS 3,662,000 9,691,633 1.26MYR

MALAYSIA

TENAGA NASIONAL 853,000 2,437,104 0.32MYR

12,128,737 1.58

OVERSEA-CHINESE BANKCORP. 549,000 3,695,071 0.48SGD

SINGAPORE


Quantity/Facevalue

159


SEMBCORP INDUSTRIES LTD 1,030,000 3,415,316 0.44SGD

SINGAPORE AIRLINES LTD 741,000 9,196,988 1.20SGD

SINGAPORE TELECOM/BOARD LOT 1000 1,465,000 3,498,440 0.46SGD

UTD OVERSEAS BANK /LOCAL 379,672 5,289,824 0.69SGD

25,095,639 3.27

BUSAN BANK 599,100 7,382,020 0.96KRW

SOUTH KOREA

DONGBU INSURANCE CO.LTD 68,410 2,114,844 0.28KRW

GS HOLDINGS CORP. 104,940 5,080,187 0.66KRW

HAN KOOK TIREMANUFACTURING CO. 189,830 5,485,546 0.71KRW

HONAM PETROCHEMICALCO. LTD 22,511 4,195,206 0.55KRW

HYNIX SEMICONDUCTOR INC 116,400 2,261,134 0.29KRW

HYUNDAI HEAVY INDUSTRIES 17,532 5,035,497 0.66KRW

HYUNDAI MOBIS 23,050 5,195,216 0.68KRW

HYUNDAI MOTOR CO. LTD 59,141 7,935,599 1.03KRW

KIA MOTORS CORP. 220,210 7,106,969 0.93KRW

KOLON INDUSTRIES INC 59,218 3,962,578 0.52KRW

KOREA ELECTRIC POWERCORP. 112,110 2,890,622 0.38KRW

KOREA EXCHANGE BANK 395,420 4,785,610 0.62KRW

KOREA INVESTMENTHOLDINGS CO 38,910 1,194,342 0.16KRW

KOREA ZINC CO. LTD 21,880 6,006,082 0.78KRW

KOREAN AIR 99,295 6,757,541 0.88KRW

KT CORPORATION 226,500 9,077,871 1.18KRW

KT&G CORPORATION 65,400 3,900,194 0.51KRW

LG CHEMICAL LTD 31,341 9,166,600 1.19KRW

LG DISPLAY CO. LTD 154,730 5,346,509 0.70KRW

LOTTE SHOPPING LTD 18,737 7,805,366 1.02KRW

POSCO 22,434 10,152,104 1.31KRW

SAMSUNG ELECTRONICS CO.LTD 36,696 25,005,720 3.25KRW

SHINHAN FINANCIAL GROUP 132,800 5,083,723 0.66KRW

152,927,080 19.91

ACER INC. 2,202,410 5,605,676 0.73TWD

TAIWAN

CHINA AIRLINES 8,563,000 6,176,149 0.80TWD

CHINATRUST FINANCIALHOLDING CO. 9,331,280 5,892,733 0.77TWD



Quantity/Facevalue

CHUNGHWA TELECOM CO.LTD 1,939,000 4,350,961 0.57TWD

DELTA ELECTRONICINDUSTRIAL 2,182,000 9,127,978 1.19TWD

FAR EASTERN TEXTILE LTD 4,149,360 5,719,511 0.74TWD

FORMOSA CHEMICALS &FIBER CO. 3,084,000 7,463,983 0.97TWD

FUBON FINANCIAL HOLDINGCO. LTD 6,738,555 8,305,628 1.08TWD

HON HAI PRECISIONINDUSTRY CO. LTD 1,913,158 7,206,063 0.94TWD

MEGA FINANCIAL HOLDINGCOMPANY 9,904,000 6,667,135 0.87TWD

NOVATEKMICROELECTRONICS CORP. 2,508,000 7,115,086 0.93TWD

PRESIDENT CHAIN STORECORP. 1,163,000 5,014,312 0.65TWD

TAIWAN SEMICONDUCTORMANUFACTURING 5,061,849 10,060,282 1.31TWD

TRIPOD TECHNOLOGY CO.LTD 1,098,000 4,206,100 0.55TWD

TXC CORPORATION 2,213,043 3,958,525 0.52TWD

UNIMICRON TECHNOLOGYCORP. 5,308,000 9,324,397 1.21TWD

UNITED MICROELECTRONICCORP 10,770,000 4,781,617 0.62TWD

WISTRON CORP. 4,085,125 7,464,308 0.97TWD

YOUNG FASTOPTOELECTRONICS 517,000 5,899,971 0.77TWD

124,340,415 16.19

BANGKOK BANK PUBLIC/FOREIGN 2,152,200 11,446,863 1.49THB

THAILAND

CHAROEN POKPHANDFOODS/FOREIGN 3,756,400 3,123,665 0.41THB

PTT EXPL. PROD.PUBLIC/FOR. REG 535,200 2,714,364 0.35THB

17,284,892 2.25

85.66657,789,201TOTAL SHARES

MOR ST AS 13.05.14CW/DRRD 172,313 5,573,786 0.73USD

WARRANTS / EQUITY LINKED SECURITIES

CAYMAN ISLANDS

5,573,786 0.73


Quantity/Facevalue


160

BNP PARIBAS AR 01.04.15CW/NJSP 462,833 7,344,372 0.96USD

NETHERLANDS

BNPP AR 01.04.15 CW /SBIN 80,912 5,882,685 0.77USD

BNPP AR 09-01.04.15 CW/INFO 72,175 4,939,866 0.64USD

JP MORGAN STRUCTUREPROD BV 25.08.14 CERT/ITC 1,540,400 6,162,292 0.80USD

JP MORGAN STRUCTURE 09-08.09.14 CERT 1,270,075 12,700,750 1.65USD

JP MORGAN STRUCTURE 09-08.09.14 CERT/ICICI BK 453,879 11,333,736 1.48USD

JP MORGAN STRUCTURE15.10.14 CERT /MM 175,600 2,724,420 0.35USD

JP MORGAN STRUCTURE25.08.14 CERT/RIL 331,000 7,331,832 0.95USD

58,419,953 7.60

MER LY INTL 10-17.08.15CW/BHEL 121,833 6,775,030 0.88USD

NETHERLANDS ANTILLES

6,775,030 0.88

RIGHT YOUNG FASTOPTOELECTRONI 24,724 53,894 0.01TWD

TAIWAN

53,894 0.01

CITIGROUP GM 24.10.12CW/TTMT 212,700 5,215,404 0.68USD

UNITED STATES

5,215,404 0.68

9.9076,038,067TOTAL WARRANTS / EQUITY LINKED

SECURITIES

PERFECT WORLD CO LTD/SADR -B- 205,800 5,243,784 0.68USD

SADR (Sponsored American Dep. Receipt)

CAYMAN ISLANDS

5,243,784 0.68

0.685,243,784TOTAL SADR (Sponsored American Dep.

Receipt)

96.24

TOTAL TRANSFERABLE SECURITIES

ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

739,071,052



Quantity/Facevalue

INDUSTRIAL BANK OF KOREA 723,410 9,897,117 1.29KRW

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

SHARES

SOUTH KOREA

MANDO CORP 46,783 5,661,959 0.74KRW

15,559,076 2.03

2.0315,559,076TOTAL SHARES

2.03TOTAL TRANSFERABLE SECURITIES TRADED

ON ANOTHER REGULATED MARKET15,559,076

PEACE MARK HOLDINGSLIMITED 4,314,000 - 0.00HKD

OTHER TRANSFERABLE SECURITES

SHARES

BERMUDA ISLANDS

- 0.00

0.00-TOTAL SHARES

BNPP AR 01.04.15CW/JAIPRAKASH 1,537,632 4,167,510 0.54USD


NETHERLANDS

4,167,510 0.54

MERRIL LYNCHINTERNATIONAL 02-21.11.10C W / INFO 96,425 6,599,607 0.86USD


6,599,607 0.86


SECURITIES

AYALA LAND INC. /PREF 12,129,600 - 0.00PHP

PREFERENTIAL SHARES

PHILIPPINES

- 0.00

0.00-TOTAL PREFERENTIAL SHARES

1.40TOTAL OTHER TRANSFERABLE SECURITIES 10,767,117

99.67TOTAL INVESTMENTS 765,397,245

0.33OTHER NET ASSETS LESS LIABILITIES 2,552,328

100.00TOTAL NET ASSETS 767,949,573


Quantity/Facevalue

161


DIGITAL CHINA HLD LTD 424,000 738,647 1.00HKD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

FIRST PACIFIC CO LTD 1,256,000 1,140,968 1.54HKD

KUNLUN ENERGY COMPANYLTD 622,000 803,069 1.08HKD

ORIENT OVERSEAS(INTERNATIONAL) 46,500 370,884 0.50HKD

TRINITY 1,260,000 1,232,272 1.67HKD

4,285,840 5.79

AAC ACOUSTICTECHNOLOGIES HOLDING 494,000 1,077,016 1.45HKD

CAYMAN ISLANDS

BOSHIWA INTL 24,000 23,132 0.03HKD

CHINA STATECONSTRUCTIONINTERNATIONAL HOLDINGLTD 2,622,080 1,581,199 2.14HKD

COMBA TELECOM SYST 717,396 809,762 1.09HKD

HAITAN INTL HLDGS LTD 481,000 471,035 0.64HKD

PEAK SPORT PDT 1,379,000 1,012,823 1.37HKD

REAL GOLD MINING 507,500 901,114 1.22HKD

SHENZHOU INTL GROUP LTD 666,000 813,537 1.10HKD

TCL COMM TECH HLDGS 1,374,000 837,418 1.13HKD

UNI-PRESIDENT CHINAHOLDINGS LTD 1,211,000 926,883 1.25HKD

VST HOLDINGS LTD 1,640,000 437,430 0.59HKD


9,944,302 13.43

BEIJING JINGKELONGSUPERMARKT -H- 365,000 445,387 0.60HKD

CHINA

CHINA NATIONAL MATERIALCO. -H- 1,169,000 973,064 1.32HKD

SICHUAN EXPRESSWAY CO.LTD H 1,420,000 951,451 1.28HKD

2,369,902 3.20

BEIJING ENTERPRISESHOLDING LTD 82,000 583,240 0.79HKD

HONG KONG

INVESTMENTS

Asia ex Japan Equity Smaller CompaniesStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

HYSAN DEVELOPMENT CO 279,000 999,410 1.35HKD

INDUSTRIAL ANDCOMMERCIAL BANK OFCHINA 330,792 1,214,771 1.64HKD

SINGAMAS CONTAINER HLDSLTD 3,580,000 825,716 1.11HKD

SINOTRANS SHIPPING LTD 1,733,000 732,431 0.99HKD

4,355,568 5.88

BW PLANTATION 5,267,500 513,449 0.69IDR

INDONESIA

PT INDOFOOD SUKSES 2,496,500 1,524,407 2.06IDR

TAMBANG BATUBARA /S.-B- 387,000 843,342 1.14IDR

2,881,198 3.89

GAMUDA BHD 785,100 986,763 1.34MYR

MALAYSIA

MALAYSIA AIRPORTSHOLDINGS 419,200 780,811 1.05MYR

MASTERSKILL EDUCATIONGRP BHD 346,400 373,662 0.50MYR

PARKSON HOLDINGS BHD 428,104 807,103 1.09MYR

2,948,339 3.98

ALLIANCE GLOBAL GROUPINC. 4,386,000 899,888 1.21PHP

PHILIPPINES

AYALA LAND INC. 1,923,000 771,560 1.04PHP

METROPOLITAN BANK &TRUST 429,800 685,381 0.93PHP

2,356,829 3.18

MOBILEONE LTD 451,000 751,152 1.01SGD

SINGAPORE

RAFFLES MEDICAL GROUPLTD 543,000 912,640 1.23SGD

SIA ENGINEERING CO. LTD 258,000 902,578 1.22SGD

SINGAPORE AIRPORTTERMINAL SERVICES 483,000 1,046,885 1.41SGD

WING TAI HOLDINGS 618,000 813,096 1.10SGD

YANGZIJIANG SHIPBUILDINGLTD 348,000 465,800 0.63SGD

4,892,151 6.60

BUSAN BANK 27,650 340,699 0.46KRW

SOUTH KOREA

CHEIL INDUSTRIAL INC. 7,340 642,431 0.87KRW

CHEIL WORLDWIDE INC. 80,810 960,294 1.30KRW


Quantity/Facevalue


162

DAEGU BANK 41,140 541,197 0.73KRW

GSENGINEERING&CONSTRUCTTION CORP. 4,260 327,649 0.44KRW

HOTEL SHILLA 29,510 844,991 1.14KRW

HYUNDAI DEPARTMENTSTORE CO. 8,970 1,085,602 1.46KRW

HYUNDAI HYSCO 11,580 231,549 0.31KRW

LG HOUSEHOLD &HEALTHCARE LTD 2,826 1,043,407 1.41KRW

LOCK & LOCK CO LTD 12,870 430,599 0.58KRW

LOTTE SHOPPING LTD 2,024 843,148 1.14KRW

ORION CORPORATION 2,801 1,016,981 1.37KRW

SAMSUNG ENGINEERING CO.LTD 7,940 1,058,434 1.43KRW

SILICON WORKS CO LTD 11,082 680,324 0.92KRW

WOONG JIN COWAY CO. LTD 22,260 866,778 1.17KRW

10,914,083 14.73

ADVANTECH CO LTD 137,000 360,995 0.49TWD

TAIWAN

CHINA AIRLINES 355,000 256,047 0.35TWD

CHINA LIFE INSURANCE CO.LTD 631,844 547,881 0.74TWD

CHROMA ATE INC. 457,930 1,093,615 1.48TWD

E SUN FINANCIAL HOLDINGLTD 1,667,791 866,096 1.17TWD

FORMOSA INTL HOTELSCORP 44,000 719,337 0.97TWD

LARGAN PRECISION CO. LTD 38,000 724,786 0.98TWD

MAKALOT INDUSTRIAL COLTD 243,000 571,757 0.77TWD

MERCURIES ANDASSOCIATES LTD 410,550 282,953 0.38TWD

NOVATEKMICROELECTRONICS CORP. 112,650 319,583 0.43TWD

PRESIDENT CHAIN STORECORP. 172,000 741,584 1.00TWD

SYNNEX TECHNOLOGYINTERNATIONAL 390,357 905,962 1.22TWD

TAISHIN FINANCIALHOLDINGS CO. 790,320 354,683 0.48TWD

TAIWAN CEMENT CORP. 889,000 951,826 1.29TWD

TAIWAN FERTILIZER CO. LTD 201,000 628,862 0.85TWD

TRIPOD TECHNOLOGY CO.LTD 276,850 1,060,527 1.43TWD

TXC CORPORATION 564,784 1,010,243 1.36TWD



Quantity/Facevalue

U-MING MARINE TRANSPORTCORP 186,000 366,092 0.49TWD

UNIMICRON TECHNOLOGYCORP. 619,000 1,087,378 1.47TWD

YOUNG FASTOPTOELECTRONICS 76,000 867,307 1.17TWD

13,717,514 18.52

ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 4,157,100 1,033,638 1.40THB

THAILAND

BEC WORLD PUBLIC CO./FOREIGN 656,800 838,178 1.13THB

PHATRA SEC.PUBLIC CO. LTD 483,000 437,433 0.59THB

THAI AIRWAYSINTERNATIONAL /FOREIGNREG 439,900 568,624 0.77THB

THANACHART CAPITALPUBLIC /FOREIGN 694,200 943,061 1.27THB

3,820,934 5.16


MOR ST AS 22.10.12CW/AUBP 35,383 824,042 1.11USD


CAYMAN ISLANDS

MOR ST AS 30.06.14 CW /HCC 454,486 600,101 0.81USD

1,424,143 1.92

JP MORGAN INTERNATIONALJE 08-18.03.13 CERT / HCL 71,929 679,025 0.92USD

JERSEY

679,025 0.92

BNP PARIBAS AR 01.04.15CW /GNC 600,405 831,838 1.12USD

NETHERLANDS

BNP PARIBAS AR 01.04.15CW /IVRCL 169,148 607,217 0.82USD

BNP PARIBAS AR 01.04.15CW/LPC 124,850 1,087,151 1.47USD

BNP PARIBAS AR 05.05.14CW /RDCK 244,028 949,667 1.28USD

BNP PARIBAS AR 05.05.15CW/INDIABULLS 284,882 909,871 1.23USD

BNPP AR 05.05.14 CW/STR 102,263 986,378 1.33USD

BNPP AR 10-05.05.15CW/GNC/B IN 34,697 337,472 0.46USD


Quantity/Facevalue

163


JP MORGAN STRUCTURE15.09.14 CERT/HCLT 17,992 169,848 0.23USD

JPM STR 01.09.14 CERT/NJCC 210,355 734,139 0.99USD

6,613,581 8.93


TAIWAN

7,921 0.01


SECURITIES

96.14



EXCHANGE LISTING

71,211,330

HYUNDAI HOME SHOPPINGNETWORK 1,058 112,736 0.15KRW


MARKET

SHARES

SOUTH KOREA

112,736 0.15

CHIPBOND TECHNOLOGY 693,000 1,066,310 1.45TWD

TAIWAN

SIMPLO TECHNOLOGY CO. 61,580 351,374 0.47TWD

1,417,684 1.92




BNP PARIBAS 09-01.04.15 CW/ ADITYA 15,075 290,102 0.39USD



NETHERLANDS

290,102 0.39

ML 07-02.01.12WRT/INDIABULLS 135,544 520,188 0.70USD


520,188 0.70

1.09810,290TOTAL WARRANTS / EQUITY LINKED

SECURITIES



Quantity/Facevalue

AYALA LAND INC. /PREF 5,644,800 - 0.00PHP

PREFERENTIAL SHARES

PHILIPPINES

- 0.00

0.00-TOTAL PREFERENTIAL SHARES

1.09TOTAL OTHER TRANSFERABLE SECURITIES 810,290


0.70OTHER NET ASSETS LESS LIABILITIES 519,251



Quantity/Facevalue


164

ANZ BANKING GROUP 99,004 2,270,448 1.62AUD


EXCHANGE LISTING

SHARES

AUSTRALIA

BHP BILLITON LTD 131,941 4,971,853 3.56AUD

CHALLENGER FIN.SERVICESGROUP 498,487 2,046,901 1.46AUD

COCA-COLA AMATIL LTD 62,397 723,932 0.52AUD

COCHLEAR LIMITED 10,803 734,967 0.53AUD

COMPUTERSHARE LIMITEDCPU 81,298 767,647 0.55AUD

CWTHBK OF AUSTRALIA 41,766 2,069,739 1.48AUD

NATIONAL AUSTRALIA BANKLTD 95,533 2,344,430 1.68AUD

NEWCREST MINING 66,622 2,559,511 1.83AUD

QANTAS AIRWAYS LTD 326,653 882,608 0.63AUD

QBE INSURANCE GROUP 60,179 1,005,919 0.72AUD

RIO TINTO LIMITED 26,401 1,962,859 1.40AUD

TELSTRA CORPORATION LTD 448,980 1,139,214 0.81AUD

WESFARMERS LTD 59,910 1,908,273 1.36AUD

WESTPAC BANKING CORP. 126,229 2,841,009 2.03AUD

WOOLWORTHS 59,476 1,661,171 1.19AUD

29,890,481 21.37

HONGKONG LAND HOLDINGSLTD 110,000 683,100 0.49USD

BERMUDA ISLANDS

JOHNSON ELECTRICHOLDINGS LTD 986,500 521,165 0.37HKD

KERRY PROPERTIES LTD 131,000 712,325 0.51HKD

ORIENT OVERSEAS(INTERNATIONAL) 84,000 669,984 0.48HKD

PACIFIC BASIN SHIPPING LTD 1,561,000 1,126,381 0.80HKD

SKYWORTH DIGITAL HLD LTD 672,905 469,079 0.34HKD

TPV TECHNOLOGY LTD 1,162,000 763,609 0.55HKD

VTECH HLDGS SHS 40,800 416,896 0.30HKD

5,362,539 3.84

ANTA SPORTS PRODUCTSLTD 493,000 1,142,170 0.82HKD

CAYMAN ISLANDS

HENGAN INTL GROUP 60,000 598,007 0.43HKD

INVESTMENTS

Asia Pacific ex Japan Equity High DividendStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue


LONKING HOLDINGS LTD 697,000 704,115 0.50HKD

TENCENT HOLDINGS 38,900 850,100 0.61HKD

4,374,229 3.13


CHINA

CHINA COAL ENERGY CO.LTD -H- 501,000 828,891 0.59HKD


CHINA LIFE INSURANCE CO.LTD -H- 428,000 1,690,319 1.21HKD

CHINA PETROLEUM&CHEMCORP. H 844,000 748,213 0.54HKD

DONGFENG MOTOR -H- 778,000 1,591,932 1.14HKD

GUANGSHEN RAILWAY COLTD H 1,960,000 729,875 0.52HKD

HUANENG POWERINTERNATIONAL -H- 1,082,000 673,394 0.48HKD

IND & COM BOC -H- 2,199,000 1,637,750 1.17HKD


SHIMAO PROPERTY HOLDINGLTD 234,000 388,956 0.28HKD

ZHEJIANG EXPRESSWAY CO.LTD H 844,000 796,064 0.57HKD

14,917,001 10.67

CAIRN ENERGY 185,220 1,356,372 0.97GBP

GREAT BRITAIN

STANDARD CHARTERED PLC 24,512 725,179 0.52HKD

2,081,551 1.49

BOC HONG KONG HOLDINGSLTD 294,000 931,916 0.67HKD

HONG KONG

CHEUNG KONG HOLDINGS 102,000 1,545,618 1.11HKD

CHINA MOBILE LTD 255,000 2,610,529 1.86HKD

CHINA OVERSEASLAND&INVESTMENT 262,546 555,486 0.40HKD

CLP HOLDINGS LTD 161,000 1,285,173 0.92HKD

CNOOC LTD 1,135,000 2,199,572 1.57HKD

GUANGDONG INVESTMENTLTD 1,210,000 631,444 0.45HKD

H.K.EXCHANGES ANDCLEARING LTD 43,500 856,460 0.61HKD


Quantity/Facevalue

165


HONGKONG ELECTRICHOLDINGS LTD 200,000 1,215,084 0.87HKD

HSBC HOLDINGS PLC 88,474 908,591 0.65HKD

HUTCHISON WHAMP 103,000 960,883 0.69HKD

LI & FUNG LTD 168,000 944,905 0.68HKD

SHANGHAI INDUSTRIALHOLDINGS 124,000 626,329 0.45HKD

SUN HUNG KAI PROPERTIESLTD 71,512 1,234,748 0.88HKD

16,506,738 11.81

BANK RAKYAT INDONESIA 1,288,500 1,443,635 1.03IDR

INDONESIA

INDOFOOD CBP 312,500 188,892 0.14IDR

PERUSAHAAN GAS NEGA -B- 1,193,000 514,605 0.37IDR

PT ASTRA INTERNATIONALTBK 111,000 705,146 0.50IDR

TELKOM INDONESIA S -B- 1,612,000 1,661,599 1.19IDR

4,513,877 3.23

BUMIPUTRA-COMMERCEHOLDINGS 292,200 773,319 0.55MYR

MALAYSIA

KUALA LUMPUR KEPONGBHD 139,000 765,456 0.55MYR

MASTERSKILL EDUCATIONGRP BHD 465,600 502,243 0.36MYR

TENAGA NASIONAL 234,000 668,561 0.48MYR

2,709,579 1.94

METROPOLITAN BANK &TRUST 395,600 630,844 0.45PHP

PHILIPPINES

630,844 0.45

ALLGREEN PROPERTIES LTD 764,000 685,619 0.49SGD

SINGAPORE

MOBILEONE LTD 342,060 569,710 0.41SGD

OVERSEA-CHINESE BANKCORP. 207,000 1,393,223 1.00SGD

SEMBCORP MARINE LTD 246,000 735,250 0.53SGD

SINGAPORE AIRLINES LTD 69,001 856,412 0.61SGD

SINGAPORE PRESSHOLDINGS LTD 222,000 717,545 0.51SGD

SINGAPORE TELECOM/BOARD LOT 1000 512,000 1,222,663 0.87SGD

6,180,422 4.42



Quantity/Facevalue

DONGBU INSURANCE CO.LTD 18,290 565,422 0.40KRW

SOUTH KOREA

HONAM PETROCHEMICALCO. LTD 3,400 633,633 0.45KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 12,000 762,990 0.55KRW

HYUNDAI FIRE & MARINE INSCO 30,730 598,295 0.43KRW

HYUNDAI HEAVY INDUSTRIES 2,049 588,509 0.42KRW

HYUNDAI MIPO DOCKYARDCO. LTD 4,930 815,000 0.58KRW

KANGWON LAND INC. 42,910 933,275 0.67KRW

KB FINANCIAL GROUP INC. 15,179 652,287 0.47KRW

KIA MOTORS CORP. 26,480 854,605 0.61KRW

KOREA EXCHANGE BANK 68,360 827,334 0.59KRW




LG CORP. 11,562 836,540 0.60KRW

LG DISPLAY CO. LTD 21,350 737,724 0.53KRW


POSCO 2,613 1,182,466 0.85KRW


19,678,066 14.08

ACER INC. 380,775 969,166 0.69TWD

TAIWAN

ASIA CEMENT CORP. 512,940 523,703 0.37TWD

CHINA STEEL 941,809 975,157 0.70TWD

CHINATRUST FINANCIALHOLDING CO. 1,190,616 751,878 0.54TWD

CHUNGHWA TELECOM CO.LTD 874,464 1,962,228 1.40TWD

COMPAL ELECTRONICS INC. 14,284 17,102 0.01TWD

DELTA ELECTRONICINDUSTRIAL 200,000 836,662 0.60TWD

FAR EASTERN TEXTILE LTD 503,880 694,552 0.50TWD

FORMOSA CHEMICALS &FIBER CO. 234,000 566,333 0.41TWD

FUBON FINANCIAL HOLDINGCO. LTD 743,362 916,233 0.66TWD

HON HAI PRECISIONINDUSTRY CO. LTD 412,272 1,552,856 1.11TWD


Quantity/Facevalue


166

HTC CORP. 41,072 933,472 0.67TWD

MEDIA TEK INCORPORATION 42,090 592,315 0.42TWD



TXC CORPORATION 593,029 1,060,766 0.76TWD

UNIMICRON TECHNOLOGYCORP. 506,000 888,874 0.64TWD

UNITED MICROELECTRONICCORP 1,179,000 523,447 0.37TWD

WISTRON CORP. 448,027 818,631 0.59TWD

YOUNG FASTOPTOELECTRONICS 89,000 1,015,662 0.73TWD

19,292,530 13.80

ADVANCED INFO SERVICEPUB./ FOR. RG 271,600 849,737 0.61THB

THAILAND

BANGKOK BANK PUBLIC/FOREIGN 233,800 1,243,508 0.89THB

BANGKOK EXPRESSWAY/FOR. REG 1,274,900 785,143 0.56THB

PTT PLC CO. LTD /FOREIGNREG 77,300 753,533 0.54THB

3,631,921 2.60

92.83129,769,778TOTAL SHARES

THE LINK REIT 343,500 1,018,003 0.73HKD

INVESTMENT FUNDS

HONG KONG

1,018,003 0.73

CPN RETAIL GROWTHLEASEHOLD 2,918,334 1,057,205 0.75THB

THAILAND

1,057,205 0.75

1.482,075,208TOTAL INVESTMENT FUNDS

DEUTSCHE BANK LN 07-27.03.17 CW /INDIABULLS 134,952 517,916 0.37USD


GREAT BRITAIN

517,916 0.37

BNP PARIBAS AR 01.04.15CW /DRRD 27,426 887,145 0.63USD

NETHERLANDS



Quantity/Facevalue

BNP PARIBAS AR 01.04.15CW/NJSP 52,455 832,372 0.60USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 193,085 1,822,762 1.30USD

JP MORGAN STRUCTURE15.10.14 CERT /MM 59,770 927,327 0.66USD

JP MORGAN STRUCTURE25.08.14 CERT/SBIN 19,590 1,424,286 1.02USD

LARSEN TOUBRO 05.05.15CW/NLT IN 18,482 851,387 0.61USD

6,745,279 4.82


TAIWAN

9,277 0.01


SECURITIES

99.51



EXCHANGE LISTING

139,117,458





Quantity/Facevalue

167


ALLIANCE OIL CO/SDR 206,790 2,801,403 0.14SEK


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

BRILLIANCE CHINAAUTOMOTIVE 17,314,000 12,894,953 0.66HKD


HUABA0 INTERNATIONAL 4,222,000 6,626,132 0.34HKD

KUNLUN ENERGY COMPANYLTD 5,604,000 7,235,364 0.37HKD

38,761,049 1.98

ANHANGUERAEDUCACIONAL PART. 312,990 5,449,391 0.28BRL

BRAZIL

BANCO BRADESCO SA /PREF. 41,602 823,672 0.04BRL

BANCO DO BRASIL SA 546,100 10,278,930 0.53BRL

BR MALLS PARTICIPAES SA 2,399,734 19,154,407 0.98BRL

BRF FOODS 899,848 13,306,388 0.68BRL

CIA DE CONCESSOESRODOVIARIAS 513,345 12,923,462 0.66BRL

CIA HERING 331,758 14,606,258 0.75BRL

CYRELA BRAZIL REALTY SA 435,200 6,156,441 0.31BRL

DIAGNOST DA AMERICA SABRL 1,194,783 14,245,200 0.73BRL

DURATEX 1,874,074 19,985,283 1.03BRL

ECORODOVIAS 632,900 4,169,451 0.21BRL

GAFISA SA 375,400 2,808,712 0.14BRL

GERDAU /PREF. 78,000 1,044,680 0.05BRL

GOL LINHAS AEREASINTELIGENTES 180,100 2,749,013 0.14BRL

HYPERMARCAS SA 1,048,900 15,886,824 0.81BRL

INVESTIMENTOS ITAU /PREF. 1,000,200 7,483,413 0.38BRL

IOCHPE MAXION SA 404,660 4,972,267 0.25BRL

JBS AS 4,144,901 17,651,373 0.90BRL

MARCOPOLO POMO /PREF. 3,583,642 11,698,855 0.60BRL

METALURGICA GERDAU/PREF. 231,100 3,719,134 0.19BRL

MRV ENGHENHARIA 665,900 6,282,596 0.32BRL

OGX PETROLEO E GASPARTICIP SA 998,000 12,785,396 0.65BRL

INVESTMENTS

BRIC EquityStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

PETROBRAS PETROLEOBRASILEIRO 2,101,814 37,620,277 1.93BRL

SAO CARLOSEMPREENDIMENTOS 601,507 6,191,623 0.32BRL

USIMINAS PREF.-A- 795,600 10,599,582 0.54BRL

VALE RIO DOCE /NAM. 146,770 4,488,310 0.23BRL

267,080,938 13.65

ANTA SPORTS PRODUCTSLTD 1,286,000 2,979,375 0.15HKD

CAYMAN ISLANDS

BELLE INTERNATIONALHOLDING LTD 3,251,000 6,526,479 0.33HKD

BOSHIWA INTL 115,000 110,839 0.01HKD

CHINA LILANG 4,268,000 7,149,280 0.37HKD

CHINA SHINEWAY PHARMAGRP LTD 529,000 1,864,265 0.10HKD

CHINA STATECONSTRUCTIONINTERNATIONAL HOLDINGLTD 8,186,000 4,936,420 0.25HKD

CN RESO CEMENT 6,966,000 4,101,986 0.21HKD

HENGAN INTL GROUP 557,500 5,556,480 0.28HKD

INTIME DEPT.STORE (GROUP)CO LTD 1,598,000 2,203,206 0.11HKD

RUINIAN INTERNATIONALLTD 3,094,000 2,591,363 0.13HKD

SANY HEAVY EQ 977,000 1,724,685 0.09HKD

SINA CORPORATION 100,500 5,057,160 0.26USD


TINGYI HOLDING CORP. 450,000 1,240,854 0.06HKD

VINDA INTL HLDG 3,008,000 4,240,233 0.22HKD

WANT WANT CHINAHOLDINGS LTD 4,710,000 4,369,663 0.22HKD

69,999,978 3.58

AGRICULT BK CHINA /H-SHARES 19,961,000 10,339,580 0.53HKD

CHINA

AIR CHINA LTD -H- 940,000 1,298,426 0.07HKD

ANGANG STEEL COMPANYLTD -H- 810,000 1,300,462 0.07HKD

ANHUI CONCH CEMENT CO. -H- 306,000 1,389,873 0.07HKD



BBMG -H- 8,773,500 12,322,361 0.63HKD


Quantity/Facevalue


168

CHINA COAL ENERGY CO.LTD -H- 5,740,000 9,496,672 0.49HKD


CHINA COSCO HOLDINGS -H- 2,029,000 2,292,853 0.12HKD

CHINA EASTERN AIRLINES H 4,152,000 2,535,889 0.13HKD

CHINA INTERNATIONALMARINE B 1,410,267 2,405,935 0.12HKD

CHINA LIFE INSURANCE CO.LTD -H- 4,056,000 16,018,541 0.82HKD

CHINA MENGNIU DAIRY CO.LTD 875,000 2,705,913 0.14HKD

CHINA OILFIELD SERVICES -H- 390,000 610,067 0.03HKD



CHINA RAILWAY GROUP LTD-H- 4,479,000 3,508,966 0.18HKD


CHINA SOUTH LOCOMOTIVE -H- 9,217,000 8,717,264 0.45HKD

CHINA TELECOM CORP. LTD -H- 11,380,000 6,246,639 0.32HKD

DONGFANG ELECTRICCORP.LTD-H- 583,000 2,738,171 0.14HKD


GUANGZHOU AUTO 1,777,598 3,060,092 0.16HKD

HUANENG POWERINTERNATIONAL -H- 2,370,000 1,474,993 0.08HKD

IND & COM BOC -H- 32,191,000 23,974,902 1.23HKD

INNER MONG. YITAI COALCO. B 457,400 2,599,404 0.13USD

JIANGXI COPPER CO. LTD H 2,135,000 5,408,489 0.28HKD

MAANSHAN IRON & STEELCO. H 2,430,000 1,518,597 0.08HKD


PICC PROPERTY & CASUALTY-H- 1,868,000 2,527,323 0.13HKD


SHANGDONG WEIGAOMED.POLY -H- 568,000 1,617,466 0.08HKD

WEICHAI POWER CO LTD /-H- 156,000 1,648,288 0.08HKD

YANTAI CHANGYU PIONEERWINE -B- 129,100 1,646,857 0.08HKD



Quantity/Facevalue

YANZHOU COAL MINING CO.H 980,000 2,404,294 0.12HKD

ZHAOJIN MINING INDUSTRY -H- 1,293,500 3,983,445 0.20HKD

ZHEJIANG EXPRESSWAY CO.LTD H 3,424,000 3,229,530 0.17HKD

ZHUZHOU CSR TIMESELECTRIC -H- 1,525,000 4,892,871 0.25HKD

263,002,481 13.46

AK SBEREGATELNY BANKSBERBANK 30,174,141 84,638,466 4.33USD

FEDERATION OF RUSSIA

GAZPROM OAO 14,220,278 73,661,040 3.77USD

MMC NORILSK NICKEL 41,598 7,050,861 0.36USD

165,350,367 8.46

CAIRN ENERGY 5,100,000 37,347,471 1.91GBP

GREAT BRITAIN

37,347,471 1.91

CHINA AGRI INDUSTRIESHOLDINGS 1,276,000 1,808,581 0.09HKD

HONG KONG


CHINA OVERSEASLAND&INVESTMENT 3,076,000 6,508,097 0.33HKD

CHINA RESOURCESENTERPRISE LTD 1,410,000 6,386,148 0.33HKD

CHINA RESOURCES POWERHOLDINGS 1,774,000 3,812,802 0.20HKD

CHINA UNICO (HK) 4,452,000 6,516,704 0.33HKD

CNOOC LTD 16,539,000 32,051,740 1.64HKD

POLY(HONGKONG)INVESTMENTS LTD 5,851,000 6,272,605 0.32HKD

SHANGHAI INDUSTRIALHOLDINGS 1,320,000 6,667,370 0.34HKD

98,304,784 5.03

BHARAT HEAVY ELECTRICALS/DEMAT. 75,000 4,170,758 0.21INR

INDIA

HCL INFOSYSTEMS LTD/DEMAT. 322,482 888,523 0.05INR

HCL TECHNOLOGIES /DEMAT. 4,285,530 40,456,979 2.07INR

INDIABULLS POWER 13,208,670 8,564,889 0.44INR

JINDAL STEEL & POWER/DEMAT. 1,500,000 23,802,852 1.22INR

MARUTI SUZUKI INDIA LTD 2,566,640 82,978,119 4.24INR


Quantity/Facevalue

169


RURAL ELECTRIFICATIONCORP LTD 300,000 2,307,758 0.12INR

ST.BK OFINDIA/DEMATERIALISED 725,000 52,711,833 2.70INR

UNITECH LTD /DEMAT. 1,686,400 3,341,074 0.17INR

219,222,785 11.22

ENERGYO SOL RUS 1,080,700 6,422,757 0.33SEK

SWEDEN

6,422,757 0.33

59.621,165,492,610TOTAL SHARES

INDIABULLS PROPERTIESINVESTMENT TRUST 22,399,000 4,258,688 0.22SGD

INVESTMENT FUNDS

SINGAPORE

4,258,688 0.22


MOR ST AS 03.03.15 WRT/RECL 1,288,000 9,907,804 0.51USD


CAYMAN ISLANDS

MOR ST AS 09-15.04.14CW/STLT IN 2,190,000 8,200,829 0.42USD

MOR ST AS 21.04.14 CW/UT 3,380,000 6,696,297 0.34USD

24,804,930 1.27

HSBC 09-14.01.19CERT/BHARAT 39,672 2,206,126 0.11USD

GREAT BRITAIN

2,206,126 0.11

BNP PARIBAS 01.04.15 CW /UNITECH 7,958,331 15,766,672 0.81USD

NETHERLANDS

JP MORGAN STRUCTURE 09-25.08.14 CERT/BHEL 180,000 10,009,648 0.51USD

JP MORGAN STRUCTURE10.07.14 CERT/UT 4,948,792 9,804,314 0.50USD

JP MORGAN STRUCTURE13.10.14 WRT/IBPOW 24,207,014 15,696,264 0.80USD

JP MORGAN STRUCTURE25.08.14 CERT/SBIN 178,990 13,013,420 0.67USD

64,290,318 3.29


SECURITIES



Quantity/Facevalue

BANCO BRADESCO /SADR 27,424 553,691 0.03USD


BRAZIL

BRF BR FOODS /SADR 4,700 70,876 0.00USD

GERDAU SA SADR PREF. SHS 17,773 241,535 0.01USD

PETROBRAS /SADR 1,172,884 38,142,187 1.95USD

PETROLEO BRASILEIRO/SADR 532,875 19,204,815 0.98USD

TELE NORT. LE. TNLP /PREF.SADR 175,500 2,514,915 0.13USD

VALE / -A- /SADR 12,131 331,783 0.02USD

VALE /SADR 533,589 16,551,931 0.85USD

VIVO PARTICIPACOES SA/SADR 164,339 4,461,804 0.23USD

82,073,537 4.20

PERFECT WORLD CO LTD/SADR -B- 88,700 2,260,076 0.12USD

CAYMAN ISLANDS

2,260,076 0.12

GAZPROM OAO /SADR REGS 4,226,815 88,720,846 4.53USD


LUKOIL /SADR (REP.1 SHS.) 1,498,589 85,119,855 4.35USD

MMC NORILSK NICKEL /SADR 2,301,180 39,235,119 2.01USD

MOBILE TELESYSTEMSOJS/SADR 746,775 15,786,824 0.81USD

WIMM-BILL-DANN FODDS/SADR 185,360 4,179,868 0.21USD

233,042,512 11.91


Receipt)

GP INVESTMENTS LTD /BDR 1,441,316 5,171,479 0.26BRL

BDR (Bearer Depositary Receipt)

BERMUDA ISLANDS

5,171,479 0.26

0.265,171,479TOTAL BDR (Bearer Depositary Receipt)

AFK SISTEMA / SGDR 725,277 19,403,045 0.99USD

GDR (Global Depositary Receipt)


NOVATEK OAO /SGDR 98,968 8,501,351 0.43USD

ROSNEFT OIL COMPANYOJSC /SGDR 6,094,439 40,649,909 2.09USD


Quantity/Facevalue


170

SEVERSTAL CHEREPOVETSMET/SGDR 282,651 4,183,235 0.21USD

VNESHTORGBANK SGDR 1,700,351 9,785,520 0.50USD

82,523,060 4.22

FINANCIAL TECHNOLOGIES/GDR 3 11 0.00USD

INDIA

11 0.00

4.2282,523,071TOTAL GDR (Global Depositary Receipt)

BANCO DAYCOVAL SA /PREF. 957,900 6,310,503 0.32BRL

PREFERENTIAL SHARES

BRAZIL

BANRISUL PNB -B- /PREF 416,553 4,104,033 0.21BRL

BRADESPAR SA BRASIL/PREF. 1,583,700 37,913,430 1.95BRL

CIA BRAS -A- /PFD 46,900 1,589,817 0.08BRL

CIA VALE DO RIO DOCE A/PREF. 767,600 20,778,171 1.06BRL

CONTAXPARTICIPACOES/PREF. SHS 436,271 7,005,591 0.36BRL

ITAU HOLDING /PREF 335,370 7,874,818 0.40BRL

VIVO PARTICIPACOES SA/PREF. SHS 121,000 3,266,810 0.17BRL

88,843,173 4.55

4.5588,843,173TOTAL PREFERENTIAL SHARES

VIMPELCOM SP /ADR 439,792 6,500,126 0.33USD

ADR (American Depositary Receipt)

BERMUDA ISLANDS

6,500,126 0.33

BRASIL DISTRIBUTION PAO/ADR 30,779 2,097,281 0.11USD

BRAZIL

FIBRIA CELULOSE SA ADR 70,838 1,237,540 0.06USD

GAFISA SA 25,835 392,434 0.02USD

GOL LINHAS AEREASINTELIGENTES 36,700 571,419 0.03USD

ITAU HOLDING ITAU / PFD. /SADR 2,039,201 48,675,727 2.49USD

52,974,401 2.71



Quantity/Facevalue

MECHEL OJSC /ADR 382,610 9,515,511 0.49USD


9,515,511 0.49

3.5368,990,038TOTAL ADR (American Depositary Receipt)

93.30



EXCHANGE LISTING

1,823,956,558

RUSHYDRO OJSC /SADR 1,978,966 10,191,675 0.52USD


MARKET



10,191,675 0.52


Receipt)

INTEGRA GROUP / GDR 984,607 2,559,978 0.13USD


CAYMAN ISLANDS

2,559,978 0.13

CHERKIZOVO GROUP /SGDR 432,042 8,295,206 0.43USD


GROUPE LSR /SGDR REPR.SREG S 939,153 7,982,801 0.41USD

16,278,007 0.84




MAGNIT JSC 96,452 11,188,432 0.57USD


SHARES


RUSHYDRO OJSC 9 - 0.00USD

11,188,432 0.57


HSBC BANK PLC 09-23.04.19CW/UNITE 2,500,000 4,952,883 0.26USD


GREAT BRITAIN

4,952,883 0.26


Quantity/Facevalue

171


RBS NL 09-30.06.11CERT/IBPOW IN 1,000,000 648,418 0.03USD

NETHERLANDS

648,418 0.03


SECURITIES

TATNEFT /SGDR REP. 20 SHSREGS 591,253 18,500,306 0.95USD



18,500,306 0.95



96.60TOTAL INVESTMENTS 1,888,276,257


100.00TOTAL NET ASSETS 1,954,647,241



Quantity/Facevalue


172

CHINA YURUN FOOD GROUPLTD 16,000 59,378 0.18HKD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

HUABA0 INTERNATIONAL 25,000 39,237 0.11HKD

KUNLUN ENERGY COMPANYLTD 36,000 46,482 0.13HKD

145,097 0.42

ALL AMERICA LATINA /UNIT 6,900 68,777 0.20BRL

BRAZIL

BANCO DO BRASIL SA 8,300 154,139 0.45BRL

BM&F BOVESPA BOLSA DEVALORES 28,300 237,484 0.69BRL

BR MALLS PARTICIPAES SA 4,400 36,095 0.10BRL

BRF FOODS 9,500 141,061 0.41BRL

B2W COMPANHIA GLOBALDO VAREJO 1,600 30,015 0.09BRL

CIA DE CONCESSOESRODOVIARIAS 2,700 67,401 0.20BRL

CIELO 8,900 77,198 0.22BRL

COSAN SA INDUSTRIA ECOMERCIO 2,700 39,377 0.11BRL

CPFL ENERGIA SA 1,800 40,922 0.12BRL

CYRELA BRAZIL REALTY SA 5,400 77,801 0.23BRL

DURATEX 4,400 46,316 0.13BRL

EDP-ENERGIAS DO BRASIL SA 1,000 21,141 0.06BRL

ELETROBRAS. CENTR. ELETR.BRASIL 4,400 55,191 0.16BRL

ELETROBRAS. EL.BRASIL./PREF. B 3,300 48,612 0.14BRL

FIBRIA 2,900 51,520 0.15BRL

GAFISA SA 6,700 51,220 0.15BRL

HYPERMARCAS SA 4,400 66,369 0.19BRL

INVESTIMENTOS ITAU /PREF. 33,412 249,534 0.73BRL

JBS AS 8,600 36,817 0.11BRL

LLX LOGISTICA SA 4,000 21,688 0.06BRL

LOJAS RENNER SA 2,100 70,193 0.20BRL

MARFRIG ALIMENTOS SA 3,400 33,990 0.10BRL

METALURGICA GERDAU/PREF. 4,000 64,616 0.19BRL

MRV ENGHENHARIA 4,200 39,542 0.11BRL

INVESTMENTS

BRIC MarketsStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

NATURA COSMETICOS SA 2,500 68,715 0.20BRL

OGX PETROLEO E GASPARTICIP SA 18,800 238,911 0.69BRL

PDG REALTY SA 7,000 82,946 0.24BRL

REDECARD SA 5,900 92,290 0.27BRL

ROSSI RESIDENCIAL ON 2,500 23,522 0.07BRL

SOUZA CRUZ 1,100 54,984 0.16BRL

TELEMAR 1,400 25,851 0.08BRL

USIMINAS 2,600 38,606 0.11BRL

2,452,844 7.12

ALIBABA CO. 23,000 47,894 0.14HKD

CAYMAN ISLANDS

ANTA SPORTS PRODUCTSLTD 18,000 41,704 0.12HKD

BELLE INTERNATIONALHOLDING LTD 52,000 104,396 0.31HKD

CH HS TRANSMISS EQ GRCO. LTD 13,000 28,210 0.08HKD

CHINA ZHONGWANG 36,000 22,313 0.06HKD

COUNTRY GARDENHOLDINGS 51,000 16,627 0.05HKD

HENGAN INTL GROUP 8,500 84,721 0.25HKD

HIDILI INDUSTRYINTERNATIONALDEVELOPEMENT LTD 15,000 14,728 0.04HKD

LI NING COMPANY LTD 8,500 25,794 0.07HKD

PARKSON RETAIL GROUP LTD 18,000 31,312 0.09HKD

REHNE COMMERCIALHOLDING COMP LTD 110,000 20,553 0.06HKD

SOHO CHINA LTD 25,500 18,105 0.05HKD

TENCENT HOLDINGS 12,400 270,993 0.80HKD

TINGYI HOLDING CORP. 24,000 66,181 0.19HKD

WANT WANT CHINAHOLDINGS LTD 87,000 80,717 0.23HKD

874,248 2.54

AGILE PROPERTY HOLDINGSLTD 18,000 20,411 0.06HKD

CHINA

AGRICULT BK CHINA /H-SHARES 226,000 117,070 0.34HKD

AIR CHINA LTD -H- 32,000 44,203 0.13HKD

ALUMINIUM CORP. OF CHINA-H- 48,000 45,276 0.13HKD

ANGANG STEEL COMPANYLTD -H- 14,000 22,478 0.07HKD


Quantity/Facevalue

173


ANHUI CONCH CEMENT CO. -H- 12,000 54,507 0.16HKD

BANK OF CHINA LTD -H- 704,000 369,215 1.07HKD

BANK OF COMMUNICATIONSCO. -H- 82,025 88,679 0.26HKD

BEIJING CAPITALINTERNATIONAL AIRPORT -H- 44,000 23,133 0.07HKD

BYD COMPANY LIMITED -H- 7,500 60,257 0.17HKD

CHAODA MODERNAGRICULTURE HOLDING 32,000 26,514 0.08HKD

CHINA CITIC BANK -H- 89,000 56,768 0.16HKD

CHINA COAL ENERGY CO.LTD -H- 50,000 82,727 0.24HKD

CHINA COMMUNICATIONSCONSTRUCTION -H- 61,000 58,009 0.17HKD

CHINA COMMUNICATIONSSERVICES -H- 52,000 30,823 0.09HKD

CHINA CONSTRUCTION BANKCO. -H- 555,000 486,311 1.41HKD

CHINA COSCO HOLDINGS -H- 43,000 48,594 0.14HKD

CHINA LIFE INSURANCE CO.LTD -H- 92,000 363,355 1.05HKD

CHINA MENGNIU DAIRY CO.LTD 14,000 43,296 0.13HKD

CHINA MERCHANTS BANK -H- 48,223 124,278 0.36HKD

CHINA MINSHENG BK -H- 48,000 42,987 0.12HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 14,000 32,797 0.10HKD

CHINA OILFIELD SERVICES -H- 18,000 28,158 0.08HKD

CHINA PACI INSU(GROUP)LTD -H- 11,600 43,572 0.13HKD


CHINA RAILWAYCONSTRUCTION CORP. -H- 34,000 45,739 0.13HKD

CHINA RAILWAY GROUP LTD-H- 58,000 45,440 0.13HKD

CHINA RESOURCES LAND 24,000 48,801 0.14HKD

CHINA SHENHUA ENERGYCO. -H- 42,000 173,726 0.50HKD

CHINA SHIPPING CONTAINER-H- 49,100 18,095 0.05HKD

CHINA SHIPPINGDEVELOPMENT -H- 16,000 22,019 0.06HKD

CHINA TELECOM CORP. LTD -H- 200,700 110,171 0.32HKD

DATANG INT. POWERGENERATION -H- 46,000 19,205 0.06HKD



Quantity/Facevalue

DONGFENG MOTOR -H- 40,000 81,851 0.24HKD

GUANGZHOU AUTO 41,714 71,812 0.21HKD

GUANGZHOU R&F PROPERTY-H- /NEW 12,000 16,855 0.05HKD

HUANENG POWERINTERNATIONAL -H- 44,000 27,385 0.08HKD

IND & COM BOC -H- 667,000 496,782 1.45HKD

JIANGXI COPPER CO. LTD H 19,800 50,160 0.15HKD

METALLURGICAL CORP. OFCHINA -H- 55,000 28,632 0.08HKD

NINE DRAGONS PAPERHOLDINGS LTD 26,000 45,028 0.13HKD

PETROCHINA CO. LTD /-H- 261,200 303,929 0.88HKD

PICC PROPERTY & CASUALTY-H- 30,000 40,590 0.12HKD

PING AN INSURANCE GRPCO. -H- 27,800 283,714 0.82HKD

SHANGHAI ELECTRIC GROUPCO. -H- 40,000 22,215 0.06HKD

SHIMAO PROPERTY HOLDINGLTD 19,500 32,414 0.09HKD

SINOFERT HOLDINGS LTD 46,000 26,496 0.08HKD

TSINGTAO BREWERY CO. LTD-H- 4,000 23,040 0.07HKD

YANZHOU COAL MINING CO.H 28,000 68,697 0.20HKD


ZIJIN MINING GROUP -H- 50,000 42,523 0.12HKD

ZTE CORP. -H- 6,100 24,288 0.07HKD

4,675,652 13.56

AK SBEREGATELNY BANKSBERBANK 304,838 845,255 2.45USD


COMSTAR /SGDR REP. REGS 8,389 54,109 0.16USD

899,364 2.61

BEIJING ENTERPRISESHOLDING LTD 6,500 46,234 0.13HKD

HONG KONG

CHINA EVERBRIGHT LTD 12,000 28,576 0.08HKD

CHINA INSURANCEINTERNATIONAL HOLDING 11,400 38,267 0.11HKD

CHINA MERCHANTSHOLDINGS 15,894 57,756 0.17HKD

CHINA MOBILE LTD 74,400 761,689 2.20HKD


Quantity/Facevalue


174


CHINA RESOURCESENTERPRISE LTD 18,000 81,528 0.24HKD

CHINA RESOURCES POWERHOLDINGS 20,200 43,417 0.13HKD

CHINA UNICO (HK) 72,486 106,107 0.31HKD

CITIC PACIFIC LTD 20,000 45,616 0.13HKD

CNOOC LTD 220,200 426,753 1.24HKD

COSCO PACIFIC LTD 30,000 45,152 0.13HKD

FUSHAN INTERNAT ENERGYGROUP 42,000 28,467 0.08HKD

KINGBOARD CHEMICALSHOLDINGS 7,500 37,981 0.11HKD

LENOVO GROUP LTD 82,000 50,613 0.15HKD

SHANGHAI INDUSTRIALHOLDINGS 8,000 40,410 0.12HKD

1,947,196 5.65

ACC LTD /DEMAT. 1,509 33,736 0.10INR

INDIA

ADANI ENTERPRISESLTD/DEMAT. 4,200 62,667 0.18INR

ADITYA BIRLA NUVO LTD /DEMATER. 1,100 21,044 0.06INR

AMBUJA CEMENTSLTD/DEMAT. 17,500 55,167 0.16INR

AXIS BANK LTD/DEMAT. 6,485 221,013 0.64INR

BAJAJ AUTO LTD 2,600 87,213 0.25INR

BHARAT HEAVY ELECTRICALS/DEMAT. 3,319 184,309 0.53INR

BHARATPETROLEUM/DEMAT. 2,453 41,256 0.12INR

CAIRN INDIA LIMITED 12,806 96,743 0.28INR

CIPLA LTD /DEMAT. 9,411 67,369 0.20INR

DLF LIMITED 11,709 97,796 0.28INR

GMR INFRASTRUCTURE 26,734 34,130 0.10INR

HCL TECHNOLOGIES /DEMAT. 4,690 43,460 0.13INR

HERO HONDA MOTORS/DEMAT. 2,722 113,362 0.33INR

HINDALCO INDUSTRIES /DEMAT. 31,730 137,331 0.40INR

HOUSING DEVT FIN CORP 30,615 500,069 1.46INR

INDIABULLS REAL ESTATE/DEMAT. 9,200 35,463 0.10INR



Quantity/Facevalue

INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 31,228 140,623 0.41INR

ITC LTD /DEMAT. 28,000 109,941 0.32INR

JAIPRAKASH ASSOCIATIONLTD 33,475 89,867 0.26INR

JINDAL STEEL & POWER/DEMAT. 10,704 168,488 0.49INR

JSW STEEL LTD / DEMAT. 2,434 72,628 0.21INR

KOTAK MAHIND 7,366 78,091 0.23INR

MAHINDRA & MAHINDRA 7,494 116,178 0.34INR

MARUTI SUZUKI INDIA LTD 1,959 63,518 0.18INR

NTPC LTD / DEMAT. 26,003 125,962 0.37INR

OIL & NATURAL GAS /DEMAT. 5,464 170,531 0.49INR

PIRAMAL HEALTHCARE LTD 4,000 45,229 0.13INR

RELIANCE CAPITAL LTD/DEMAT. 2,841 50,153 0.15INR

RELIANCECOMMUNICATIONS /DEMAT. 14,812 55,716 0.16INR

RURAL ELECTRIFICATIONCORP LTD 6,800 51,813 0.15INR

SESA GOA LTD /DEMAT. 9,797 73,836 0.21INR

SIEMENS LTD /DEMAT. 2,356 42,781 0.12INR

STEEL AUTHORITY OFINDIA/DEMAT 12,981 59,270 0.17INR

SUN PHARMACEUTICALIND.LTD 1,759 79,498 0.23INR

SUZLON ENERGY LTD 25,800 29,870 0.09INR

TATA CONSULTANCYSERVICES /DEMAT. 13,470 277,822 0.81INR

TATA POWER CO. /DEMAT. 2,803 83,941 0.24INR

TATA STEEL LTD /DEMAT. 8,084 117,453 0.34INR

UNITECH LTD /DEMAT. 34,900 68,360 0.20INR

UNITED PHOSPHORUS LTD/DEMAT. 6,200 24,963 0.07INR

UNITED SPIRITS LIMITED/DEMAT. 2,339 82,614 0.24INR

ZEE ENTERTAINMENTENTERPRISE LTD /DEMAT. 6,227 41,230 0.12INR

4,152,504 12.05

SINO-OCEAN LANDHOLDINGS LTD 53,500 37,158 0.11HKD

VIRGIN ISLANDS

37,158 0.11



Quantity/Facevalue

175


LYXOR INTERNATIONAL ETFRUSSIA -A- 7,700 292,340 0.85EUR

INVESTMENT FUNDS

FRANCE

292,340 0.85

0.85292,340TOTAL INVESTMENT FUNDS

ISHARES MSCI CHINATRACKER 59,100 167,922 0.49HKD

EXCHANGE TRADED FUNDS

HONG KONG

167,922 0.49

ISHARES MSCI BRAZIL /INDEXFD 6,376 485,532 1.41USD

UNITED STATES

485,532 1.41

1.90653,454TOTAL EXCHANGE TRADED FUNDS

KINGBOARD 10-31.10.12CW/148 1,150 717 0.00HKD


CAYMAN ISLANDS

717 0.00

BARCLAYS BANK 6-36-A-WRT/MSCI INC. 4,350 327,556 0.95USD

GREAT BRITAIN

DEUTSCHE BANK LN 30.01.17WRT /HIND.LEV 28,500 195,957 0.57USD

523,513 1.52


SECURITIES

SANTANDERBR/UNITS(55SH+50PFD) 8,200 105,845 0.31BRL

UNIT SHARES

BRAZIL

105,845 0.31

0.31105,845TOTAL - UNIT SHARES



BRAZIL

BRASIL TELECOM /SADR 1,964 38,985 0.11USD

CEMIG /SADR 5,603 90,432 0.26USD



Quantity/Facevalue

CIA SIDER. NAC/SADR(REP.1SH) 11,000 191,070 0.55USD

COPEL /SADR (1000 PREF. B) 2,014 45,295 0.13USD

EMBRAER /SADR 2,000 56,480 0.16USD


NET SERVICOS DECOMUNICACAO /SADR 4,100 52,849 0.15USD

PETROBRAS /SADR 22,900 735,090 2.14USD

PETROLEO BRASILEIRO/SADR 16,700 596,524 1.73USD

SABESP /SADR 1,200 52,236 0.15USD

TELE NORT. LE. TNLP /PREF.SADR 4,400 63,492 0.18USD

TIM PARTICIPACOES SA/SADR 800 26,192 0.08USD

ULTRAPAR PARTICIPATION/SADR PREF. 1,100 64,878 0.19USD

USIMINAS -A- SADR (10000PREF. REGS) 3,300 88,935 0.26USD

VALE / -A- /SADR 29,200 790,737 2.30USD

VALE /SADR 19,000 584,820 1.70USD

4,152,556 12.04

GAZPROM OAO /SADR REGS 72,530 1,501,370 4.36USD


JSC SURGUTNEFTEGAZ/SADR 30,850 291,687 0.85USD

JSC SURGUTNEFTEGAZ/SADR PREF. 29,900 138,437 0.40USD

LUKOIL /SADR (REP.1 SHS.) 17,200 966,640 2.81USD

MMC NORILSK NICKEL /SADR 32,900 552,062 1.60USD

MOBILE TELESYSTEMSOJS/SADR 21,533 452,624 1.31USD

WIMM-BILL-DANN FODDS/SADR 3,050 68,747 0.20USD

3,971,567 11.53

ICICI BANK /SADR 11,560 569,099 1.65USD

INDIA

INFOSYS TECHNOLOGIES /SADR 13,200 886,116 2.57USD

WIPRO LTD /SADR 14,000 205,100 0.60USD

1,660,315 4.82


Receipt)


Quantity/Facevalue


176

AFK SISTEMA / SGDR 4,127 108,540 0.31USD



NOVATEK OAO /SGDR 3,952 332,166 0.96USD

NOVOLIPETSK STEEL REGS/GDR 3,920 140,806 0.41USD

ROSNEFT OIL COMPANYOJSC /SGDR 68,600 452,075 1.32USD

SEVERSTAL CHEREPOVETSMET/SGDR 10,100 149,177 0.43USD

TRUBNAYA METALL. KOMP./SGDR REG 2,732 46,854 0.14USD

VNESHTORGBANK SGDR 33,853 190,592 0.55USD

1,420,210 4.12

GAIL INDIA LTD /GDR REGS 1,850 118,197 0.34USD

INDIA

ITC /GDR 70,800 279,021 0.81USD

LARSEN TOUBRO /GDRREPR.1 SHS 5,900 267,347 0.78USD

RANBAXY LABORATORY /GDR(EQ.SHS) 4,200 52,206 0.15USD

RELIANCE NATURALRESOURCE /GDR 16,700 28,964 0.08USD

STATE BANK OF INDIA /GDRREGS 1,060 150,202 0.44USD

895,937 2.60


AES TIETE SA /PFD 2,400 31,558 0.09BRL

PREFERENTIAL SHARES

BRAZIL

BRADESPAR SA BRASIL/PREF. 4,000 95,195 0.27BRL

CIE ENERGY SAO PAULO/PREF. -B- 2,300 33,232 0.10BRL

ELETROPAULO METROPOLI/PREF. -B- 1,300 22,950 0.07BRL

FOSFERTIL.FER.FOSFATADOS / PREF. 2,300 24,143 0.07BRL

LOJAS AMERICANAS SA/PRIV. 5,400 48,808 0.14BRL

SUZANO PAPEL E CELULOSE-A- /PREF. 4,250 40,613 0.12BRL



Quantity/Facevalue

VIVO PARTICIPACOES SA/PREF. SHS 2,800 75,742 0.22BRL

372,241 1.08

1.08372,241TOTAL PREFERENTIAL SHARES

AMBEV CIA DE BEBIDAS/ADR 2,150 266,364 0.77USD


BRAZIL

BRASIL DISTRIBUTION PAO/ADR 800 53,784 0.16USD

ITAU HOLDING ITAU / PFD. /SADR 33,260 783,272 2.27USD

1,103,420 3.20

MECHEL OJSC /ADR 6,259 154,034 0.45USD


154,034 0.45

DR REDDY SLABORATORIES/ADR 2,900 94,453 0.27USD

INDIA

HOUSING DEVT FIN CORP 2,700 493,479 1.44USD

SATYAM COMPUTER /ADR 8,400 34,272 0.10USD

STERLITE INDUSTRIES (INDIA)/ADR 9,600 139,296 0.40USD

TATA MOTORS LTD /ADR 7,300 186,296 0.54USD

947,796 2.75


91.23



EXCHANGE LISTING

31,438,008

TRACTEBEL ENERGIA SA/SADR 1,900 28,500 0.08USD


MARKET


BRAZIL

28,500 0.08

0.0828,500TOTAL SADR (Sponsored American Dep.

Receipt)

MAGNIT JSC 9,600 235,872 0.69USD



POLYMETAL JT STK CO/SGDRREGS 4,300 64,801 0.19USD


Quantity/Facevalue

177


URALKALITY /GDR 6,450 141,836 0.41USD

442,509 1.29

1.29442,509TOTAL GDR (Global Depositary Receipt)

SBERBANK /PREF. 43,200 86,400 0.25USD

PREFERENTIAL SHARES


86,400 0.25



ON ANOTHER REGULATED MARKET557,409

GOME ELECTRICALAPPLIANCE HOLDING 141,000 42,515 0.12HKD


SHARES

BERMUDA ISLANDS

42,515 0.12

FSK EES 13,316,000 158,367 0.46USD


FTHGEN.CO.WHOLES.EL.OJSCWGC4 800,000 71,200 0.21USD

INTER RAO UES JSC 39,958,000 59,937 0.17USD

RASPADSKAYA 8,100 45,603 0.13USD

RUSHYDRO OJSC 4,657,766 237,915 0.69USD

573,022 1.66

RELIANCE INFRASTRUCTURELTD 3,569 85,042 0.25INR

INDIA

85,042 0.25

2.03700,579TOTAL SHARES

TATNEFT /SGDR REP. 20 SHSREGS 10,200 316,200 0.92USD



316,200 0.92

RELIANCE INDUSTRIES /GDR2 SHS 144A 18,806 828,696 2.40USD

INDIA

828,696 2.40




Quantity/Facevalue

POLYUS ZOLOTO OAO /SADR 4,100 103,115 0.30USD



103,115 0.30

0.30103,115TOTAL ADR (American Depositary Receipt)






Quantity/Facevalue


178

ALL AMERICA LATINA /UNIT 144,600 1,449,318 0.21BRL


EXCHANGE LISTING

SHARES

BRAZIL

BANCO BRADESCO SA /PREF. 807,009 15,977,847 2.30BRL

BM&F BOVESPA BOLSA DEVALORES 282,000 2,368,662 0.34BRL

BRASIL TELECOM SA N1 14,451 125,801 0.02BRL

BRF FOODS 39,898 589,987 0.09BRL

B2W COMPANHIA GLOBALDO VAREJO 23,400 430,810 0.06BRL




ELETROBRAS. CENTR. ELETR.BRASIL 121,961 1,537,336 0.22BRL

ELETROBRAS. EL.BRASIL./PREF. B 112,982 1,671,372 0.24BRL

EMBRAER EMPRESABRASILEIRA AERONAUTICA 170,700 1,189,810 0.17BRL

FIBRIA 34,216 593,110 0.09BRL

GERDAU /PREF. 121,100 1,621,933 0.23BRL

GOL LINHAS AEREASINTELIGENTES 21,500 328,172 0.05BRL

INVESTIMENTOS ITAU /PREF. 272,000 2,035,081 0.29BRL

LOJAS RENNER SA 57,000 1,913,077 0.28BRL

NATURA COSMETICOS SA 105,000 2,864,480 0.41BRL


PETROBRAS PETROLEOBRASILEIRO 888,500 15,903,223 2.29BRL

PETROLEO BRASILEIRO/PREF. 1,617,431 26,020,092 3.76BRL

REDECARD SA 58,200 916,768 0.13BRL

SABESP. CIA SANEAM. BAS.ESTADO 63,618 1,381,927 0.20BRL

SID NACIONAL 271,800 4,650,707 0.67BRL

TAM SA 25,500 579,116 0.08BRL

TELEMAR 26,000 480,513 0.07BRL


INVESTMENTS

BRIC Markets EquityStatement of investments as at 30 September 2010(expressed in USD)

Description Quantity Currency Evaluation % netassets


109,010,705 15.71

ALIBABA CO. 416,500 867,263 0.13HKD

CAYMAN ISLANDS



COUNTRY GARDENHOLDINGS 1,469,000 478,891 0.07HKD

HENGAN INTL GROUP 440,000 4,385,383 0.63HKD

LI NING COMPANY LTD 214,000 649,380 0.09HKD


TINGYI HOLDING CORP. 774,000 2,134,270 0.31HKD

20,524,210 2.96

AGILE PROPERTY HOLDINGSLTD 784,000 888,983 0.13HKD

CHINA


AIR CHINA LTD -H- 936,000 1,292,901 0.19HKD

ALUMINIUM CORP. OF CHINA-H- 1,814,000 1,710,972 0.25HKD

ANGANG STEEL COMPANYLTD -H- 630,000 1,011,470 0.15HKD

ANHUI CONCH CEMENT CO. -H- 460,000 2,089,351 0.30HKD



BEIJING CAPITALINTERNATIONAL AIRPORT -H- 648,000 340,667 0.05HKD


CHINA CITIC BANK -H- 2,840,000 1,811,415 0.26HKD





CHINA MENGNIU DAIRY CO.LTD 445,000 1,376,150 0.20HKD

CHINA MERCHANTS BANK -H- 1,344,200 3,464,084 0.50HKD


179


CHINA NATIONAL BUILDINGMATERIAL -H- 598,000 1,400,843 0.20HKD

CHINA OILFIELD SERVICES -H- 660,000 1,032,422 0.15HKD




CHINA RESOURCES LAND 1,120,000 2,277,296 0.33HKD


CHINA SHIPPINGDEVELOPMENT -H- 934,000 1,285,324 0.19HKD


DATANG INT. POWERGENERATION -H- 1,382,000 576,963 0.08HKD


GUANGZHOU R&F PROPERTY-H- /NEW 456,000 640,451 0.09HKD

HUANENG POWERINTERNATIONAL -H- 1,284,000 799,110 0.12HKD

IND & COM BOC -H- 15,686,000 11,682,468 1.68HKD

JIANGXI COPPER CO. LTD H 750,000 1,899,937 0.27HKD

MAANSHAN IRON & STEELCO. H 476,000 297,470 0.04HKD

NINE DRAGONS PAPERHOLDINGS LTD 457,000 791,425 0.11HKD


PICC PROPERTY & CASUALTY-H- 774,000 1,047,188 0.15HKD

PING AN INSURANCE GRPCO. -H- 320,500 3,270,753 0.47HKD

SHANGHAI ELECTRIC GROUPCO. -H- 1,294,000 718,631 0.10HKD

SHIMAO PROPERTY HOLDINGLTD 606,000 1,007,295 0.15HKD

SINOFERT HOLDINGS LTD 782,000 450,411 0.06HKD

SINOPEC SHANGHAIPETROCHEMICAL -H- 634,000 261,417 0.04HKD

YANZHOU COAL MINING CO.H 826,000 2,026,476 0.29HKD


ZIJIN MINING GROUP -H- 2,122,000 1,804,612 0.26HKD

115,189,540 16.60



BEIJING ENTERPRISESHOLDING LTD 176,000 1,251,833 0.18HKD

HONG KONG

CHINA INSURANCEINTERNATIONAL HOLDING 328,000 1,100,972 0.16HKD

CHINA MERCHANTSHOLDINGS 584,000 2,122,054 0.31HKD



CHINA RESOURCESENTERPRISE LTD 482,000 2,183,066 0.31HKD

CHINA RESOURCES POWERHOLDINGS 592,000 1,272,367 0.18HKD

CHINA TRAVELINTERNATIONALINVESTMENT H.K. 794,000 187,226 0.03HKD


CITIC PACIFIC LTD 356,000 811,929 0.12HKD

CNOOC LTD 5,801,000 11,242,042 1.62HKD

COSCO PACIFIC LTD 390,000 586,951 0.08HKD

GUANGDONG INVESTMENTLTD 1,012,000 528,117 0.08HKD

HOPSON DEVELOPMENTHOLDINGS LTD 160,000 178,745 0.03HKD

LENOVO GROUP LTD 1,642,000 1,013,452 0.15HKD

SHANGHAI INDUSTRIALHOLDINGS 415,000 2,096,181 0.30HKD

53,894,267 7.77

AMBUJA CEMENTSLTD/DEMAT. 408,100 1,287,409 0.19INR

INDIA

AXIS BANK LTD/DEMAT. 57,500 1,982,410 0.29INR

BHARAT HEAVY ELECTRICALS/DEMAT. 54,100 3,008,507 0.43INR

CIPLA LTD /DEMAT. 134,900 975,673 0.14INR

DLF LIMITED 89,200 756,922 0.11INR

DR REDDY SLABORATORIES/DEMAT. 66,500 2,151,104 0.31INR

GAIL (INDIA) LTD /DEMAT. 149,200 1,598,647 0.23INR

H D F C BANK /DEMAT. 147,900 8,260,739 1.19INR

HERO HONDA MOTORS/DEMAT. 33,400 1,392,377 0.20INR

HINDALCO INDUSTRIES /DEMAT. 308,500 1,363,944 0.20INR

HINDUSTAN UNILEVER LTD 413,000 2,863,806 0.41INR



180

HOUSING DEVT FIN CORP 534,600 8,794,602 1.27INR

ICICI BANK LTD /DEMAT. 298,000 7,373,918 1.06INR

INDIABULLS REAL ESTATE/DEMAT. 94,400 362,293 0.05INR

INFOSYS TECHNOLOGIES LTD/DEMAT. 240,100 16,433,421 2.37INR

INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 276,400 1,257,372 0.18INR

ITC LTD /DEMAT. 1,065,600 4,262,951 0.61INR

JAIPRAKASH ASSOCIATIONLTD 394,500 1,069,249 0.15INR

JINDAL STEEL & POWER/DEMAT. 174,000 2,761,131 0.40INR

KOTAK MAHIND 104,200 1,113,559 0.16INR

LARSEN & TOUBRO LTD /DEMAT. 89,400 4,118,347 0.59INR

MAHINDRA & MAHINDRA 111,800 1,734,598 0.25INR

MARUTI SUZUKI INDIA LTD 35,600 1,150,929 0.17INR

NTPC LTD / DEMAT. 308,800 1,503,148 0.22INR

OIL & NATURAL GAS /DEMAT. 151,500 4,772,824 0.69INR

RELIANCE CAPITAL LTD/DEMAT. 44,000 770,433 0.11INR

RELIANCECOMMUNICATIONS /DEMAT. 228,400 863,497 0.12INR

RELIANCE INDUSTRIES/DEMAT. 644,800 14,282,919 2.06INR

SESA GOA LTD /DEMAT. 214,000 1,575,858 0.23INR

SIEMENS LTD /DEMAT. 52,600 971,824 0.14INR

STERLITE IND(INDIA) --- SHS 474,800 1,778,000 0.26INR

SUN PHARMACEUTICALIND.LTD 25,100 1,137,882 0.16INR

TATA CONSULTANCYSERVICES /DEMAT. 222,400 4,625,470 0.67INR

TATA MOTORS LTD /DEMAT. 21,700 534,646 0.08INR

TATA STEEL LTD /DEMAT. 7,800 114,079 0.02INR

UNITECH LTD /DEMAT. 255,400 505,995 0.07INR

WIPRO LTD /DEMAT. 195,833 1,974,841 0.28INR

111,485,324 16.07

SINO-OCEAN LANDHOLDINGS LTD 1,396,000 969,547 0.14HKD

VIRGIN ISLANDS

969,547 0.14

59.25411,073,593TOTAL SHARES



HALBIS FD-CHINA A SHARE-X 300 3,173,367 0.46USD

INVESTMENT FUNDS

LUXEMBOURG

3,173,367 0.46


ISHARES MSCI BRAZIL /INDEXFD 728,100 55,837,989 8.05USD

EXCHANGE TRADED FUNDS

UNITED STATES

55,837,989 8.05

8.0555,837,989TOTAL EXCHANGE TRADED FUNDS

GAZPROM OAO /SADR REGS 1,356,173 28,466,071 4.11USD



JSC SURGUTNEFTEGAZ/SADR 304,910 2,921,038 0.42USD

LUKOIL /SADR (REP.1 SHS.) 299,685 17,022,108 2.45USD

MMC NORILSK NICKEL /SADR 623,578 10,632,005 1.53USD


65,951,888 9.51


Receipt)




AK SBEREGATELNY BANKSBERBANK 13,060 4,004,441 0.58EUR


NOVOLIPETSK STEEL REGS/GDR 45,210 1,627,560 0.23USD

ROSNEFT OIL COMPANYOJSC /SGDR 599,570 3,999,132 0.58USD


VNESHTORGBANK SGDR 855,100 4,921,101 0.70USD

20,468,429 2.95


AMBEV CIA DEBEDIDAS/PREF. 79,165 9,620,781 1.39BRL

PREFERENTIAL SHARES

BRAZIL


181


BRASIL TELECOM SA /PREF. 76,422 502,108 0.07BRL

CIA ENERGET. MIN. GERAIS/PRIV. 177,648 2,818,169 0.41BRL


CIE ENERGY SAO PAULO/PREF. -B- 86,159 1,268,491 0.18BRL


KLABIN RIOCELL SA /PREF. 188,000 527,475 0.08BRL

LOJAS AMERICANAS SA/PRIV. 139,973 1,259,684 0.18BRL

SUZANO PAPEL E CELULOSE-A- /PREF. 133,625 1,270,149 0.18BRL

TEMAR / PREF. 97,000 1,385,307 0.20BRL

TIM PARTICIPACOES SA/PREF. 242,058 780,236 0.11BRL


60,665,536 8.75





1,741,397 0.25


89.22



EXCHANGE LISTING

618,912,199

URALKALITY /GDR 62,580 1,373,631 0.20USD


MARKET



1,373,631 0.20






GOME ELECTRICALAPPLIANCE HOLDING 4,098,000 1,235,613 0.18HKD


SHARES

BERMUDA ISLANDS

1,235,613 0.18

AO TATNEFT 235,000 1,045,750 0.15USD


1,045,750 0.15

RELIANCE INFRASTRUCTURELTD 44,800 1,074,635 0.15INR

INDIA

1,074,635 0.15





2,832,778 0.41








182

EVN AG 9,174 143,584 0.38EUR


EXCHANGE LISTING

SHARES

AUSTRIA

143,584 0.38

BOMBARDIER INC -B- 70,933 342,160 0.90CAD

CANADA

CAMECO CORP. 22,279 604,451 1.60CAD

946,611 2.50


CAYMAN ISLANDS

262,556 0.69

CHINA SOUTH LOCOMOTIVE -H- 297,000 280,897 0.74HKD

CHINA

280,897 0.74

CEZ.CESKE ENERGETICKEZAVODY 8,831 393,040 1.04CZK

CZECH REPUBLIC

393,040 1.04

VESTAS WIND SYSTEMS AS /REG 7,349 276,855 0.73DKK

DENMARK

276,855 0.73

FORTUM CORPORATION 14,862 390,482 1.03EUR

FINLAND

390,482 1.03

AIR LIQUIDE 3,000 369,578 0.98EUR

FRANCE

EDF 18,329 797,043 2.10EUR

SAFT GROUPE SA 7,800 306,075 0.81EUR

SAINT-GOBAIN 3,615 162,692 0.43EUR

SCHNEIDER ELECTRIC SA 6,000 769,899 2.04EUR

SUEZ ENVIRONNEMENT CIE 12,170 226,298 0.60EUR

VEOLIA ENVIRONNEMENT 9,900 262,944 0.70EUR

2,894,529 7.66

INVESTMENTS

Climate ChangeStatement of investments as at 30 September 2010(expressed in USD)


AIXTRON AG 11,000 328,511 0.87EUR

GERMANY

CENTROTHERM PHOTO AG 3,600 152,083 0.40EUR

E.ON 50,700 1,512,758 4.00EUR

RWE AG (NEU). ESSEN A 7,600 517,016 1.37EUR

SIEMENS AG 11,820 1,261,717 3.34EUR

SMA SOLAR TECHNOLOGYAG 3,300 362,374 0.96EUR

WACKER CHEMIE AGMUENCHEN 1,848 342,371 0.91EUR

4,476,830 11.85

EAGA PLC 61,449 111,326 0.29GBP

GREAT BRITAIN

SERCO GROUP PLC 36,831 360,849 0.96GBP

472,175 1.25

CHINA AGRI INDUSTRIESHOLDINGS 200,000 283,476 0.75HKD

HONG KONG

GUANGDONG INVESTMENTLTD 518,000 270,321 0.71HKD

553,797 1.46

CROMPTON GREAVESLTD/DEMAT. 50,000 350,803 0.93INR

INDIA

RURAL ELECTRIFICATIONCORP LTD 35,000 269,238 0.71INR

620,041 1.64

ENEL 283,356 1,516,577 4.02EUR

ITALY

IMPREGILO/POSTRAGGRUPPAMENTO 63,824 190,913 0.50EUR

LANDI RENZO SPA 28,312 144,973 0.38EUR

1,852,463 4.90

AISIN SEIKI CO. LTD 12,000 374,789 0.99JPY

JAPAN

ASAHI GLASS CO. LTD 30,000 306,207 0.81JPY

CHUBU ELECTRIC POWER -C- 7,700 190,526 0.50JPY

DAISEKI CO LTD 9,093 171,445 0.45JPY

ELECTRIC POWERDEVELOPMENT CO. 7,612 229,159 0.61JPY

KANSAI ELECTRIC POWERCO. JPY 500 46,900 1,140,224 3.02JPY

KYUSHU ELECTR.POWER CO. 27,800 635,524 1.68JPY


183


NGK INSULATORS LTD 9,000 149,721 0.40JPY

SHARP CORP. 24,000 239,208 0.63JPY

TOKYO ELECTRIC POWERJPY 500 32,100 783,875 2.07JPY

4,220,678 11.16


MALAYSIA

140,425 0.37

ROYAL PHILIPSELECTRONICS 13,888 440,784 1.17EUR

NETHERLANDS

440,784 1.17

YARA INTERNATIONAL ASA 3,000 137,060 0.36NOK

NORWAY

137,060 0.36

MANILA WATER CO INC 962,000 416,245 1.10PHP

PHILIPPINES

416,245 1.10

EDP-ENERGIAS DEPORTUGAL SA 71,542 246,367 0.65EUR

PORTUGAL

246,367 0.65

FIRST RESSOURCES LTD 400,000 355,921 0.94SGD

SINGAPORE

HYFLUX LTD 72,000 170,294 0.45SGD

WILMAR INTERNATIONALLTD 29,000 132,550 0.35SGD

658,765 1.74

IMPALA PLATINUMHOLDINGS LTD 15,602 399,119 1.06ZAR

SOUTH AFRICA

399,119 1.06

KOREA ELECTRIC POWERCORP. 8,000 206,270 0.55KRW

SOUTH KOREA

WOONG JIN COWAY CO. LTD 6,000 233,633 0.61KRW

439,903 1.16

IBERDROLA RENOVABLES SA 113,358 379,245 1.00EUR

SPAIN



IBERDROLA SA 78,361 604,625 1.60EUR

983,870 2.60

J.M.AB 15,000 316,149 0.84SEK

SWEDEN

316,149 0.84

ABB LTD ZUERICH /NAMEN. 51,900 1,112,713 2.94CHF

SWITZERLAND

1,112,713 2.94


TAIWAN

351,334 0.93

AMERICAN WATER WORKSCO INC 15,000 349,650 0.92USD

UNITED STATES

APPLIED MATERIALS INC. 5,000 58,200 0.15USD

AQUA AMERICA INC 15,480 318,114 0.84USD

BALDOR ELECTRIC CO. 8,930 359,790 0.95USD

CENTERPOINT ENERGY INC. 22,183 353,375 0.93USD

EDISON INTERNATIONAL 5,138 177,467 0.47USD

EMERSON ELECTRIC CO. 15,700 828,645 2.19USD

ENERGIZER HLD INC 3,400 229,330 0.61USD

ENTERGY CORP. 6,100 470,005 1.24USD

EXELON CORP. 33,200 1,420,295 3.77USD

FIRST SOLAR INC. 3,500 517,125 1.37USD

FIRSTENERGY CORP. 9,842 380,295 1.01USD

FLUOR CORP. (NEW) 6,135 306,259 0.81USD

GORMAN RUPP CO 4,000 111,200 0.29USD

GRAFTECH INTERNATIONALLTD 11,000 170,830 0.45USD

HEXCEL CORP 12,000 218,760 0.58USD

HONEYWELLINTERNATIONAL INC. 7,900 348,864 0.92USD

ITT CORP. 2,000 94,280 0.25USD

JOHNSON CONTROLS INC. 12,600 385,812 1.02USD

LENNOX INTERNATIONALINC. 6,000 247,620 0.65USD

LINEAR TECHNOLOGY 12,600 387,828 1.03USD

MONOLITHIC POWERSYSTEMS INC 10,000 162,000 0.43USD

NEXTERA ENERGY 5,900 323,792 0.86USD

NRG ENERGY INC 9,351 194,781 0.52USD



184

OCEANEERING INTL INC. 5,215 274,831 0.73USD

PG&E CORP. 8,322 378,235 1.00USD

PRAXAIR 5,608 506,795 1.34USD

REPUBLIC SERVICES INC. 6,071 185,773 0.49USD

ROPER INDUSTRIES 3,000 196,350 0.52USD

SHAW GROUP INC 2,400 80,352 0.21USD

SUNPOWER CORP 4,439 63,256 0.17USD

WASTE MANAGEMENT INC. 26,742 961,374 2.55USD

11,061,283 29.27


CIA ENERGET. MIN. GERAIS/PRIV. 18,847 298,985 0.79BRL

PREFERENTIAL SHARES

BRAZIL

298,985 0.79


JA SOLAR HOLDINGS CO/ADR 30,000 275,100 0.73USD


CAYMAN ISLANDS

YINGLI GREEN HLD / ADR 17,100 228,114 0.60USD

503,214 1.33


93.34



EXCHANGE LISTING

35,290,754



MARKET

SHARES

TAIWAN

401,700 1.06









185


BANCO BRADESCO SA /PREF. 24,200 479,132 1.47BRL


EXCHANGE LISTING

SHARES

BRAZIL



1,169,651 3.58

REHNE COMMERCIALHOLDING COMP LTD 800,000 149,469 0.46HKD

CAYMAN ISLANDS

149,469 0.46


CHINA


CHINA LIFE INSURANCE CO.LTD -H- 100,000 394,934 1.21HKD


IND & COM BOC -H- 800,000 595,817 1.82HKD

2,201,969 6.73

KOMERCNI BANKA AS 1,200 261,396 0.80CZK

CZECH REPUBLIC

261,396 0.80

CARLSBERG AS B 3,500 364,838 1.12DKK

DENMARK

364,838 1.12

CREDIT AGRICOLE SA PARIS 20,000 317,248 0.97EUR

FRANCE

GAZ DE FRANCE 5,000 181,416 0.55EUR

LVMH MOET HENNESSY 3,000 446,028 1.37EUR

PPR SA 2,000 326,924 1.00EUR

1,271,616 3.89

BMW-BAYERISCHEMOTOREN WERKE 5,000 352,543 1.07EUR

GERMANY

DEUTSCHE BANK AG 3,300 181,794 0.56EUR

FRESENIUS / VZ A 3,000 244,069 0.75EUR

INVESTMENTS

Emerging WealthStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

SAP AG 7,000 347,944 1.06EUR

1,126,350 3.44

ASTRAZENECA PLC 5,000 259,993 0.80GBP

GREAT BRITAIN

BG GROUP PLC 15,000 269,965 0.83GBP

BRITISH AMERICANTOBACCO 12,231 466,597 1.42GBP

DIAGEO PLC 15,000 263,410 0.81GBP

HSBC HOLDINGS PLC 58,000 600,602 1.83GBP

PRUDENTIAL PLC 32,000 327,757 1.00GBP

RECKITT BENCKISER GROUPPLC 5,000 280,732 0.86GBP

ROYAL DUTCH SHELL -B- 15,000 449,585 1.37GBP

TESCO PLC 50,000 339,493 1.04GBP

3,258,134 9.96

CATHAY PACIFIC AIRWAYS 100,000 271,236 0.83HKD

HONG KONG

CHEUNG KONG HOLDINGS 25,000 378,828 1.16HKD

CHINA MOBILE LTD 70,000 716,615 2.19HKD

SUN HUNG KAI PROPERTIESLTD 20,000 345,326 1.06HKD

1,712,005 5.24

CANARA BANK /DEMAT. 15,000 196,228 0.60INR

INDIA

MAHINDRA & MAHINDRA 14,000 217,214 0.66INR

PUNJAB NATIONALBANK/DEMAT. 6,142 178,213 0.55INR

SUN TV NETWORK INR 5 18,000 209,606 0.64INR

801,261 2.45

BANK RAKYAT INDONESIA 200,000 224,080 0.69IDR

INDONESIA

224,080 0.69

KERRY GROUP A 7,000 244,205 0.75EUR

IRELAND

244,205 0.75

HONDA MOTOR CO. LTD 12,000 426,458 1.30JPY

JAPAN

MITSUBISHI UFJ FINANCIALGROUP 40,000 186,627 0.57JPY

SHISEIDO CO. LTD 10,000 224,768 0.69JPY

837,853 2.56


Quantity/Facevalue


186


MALAYSIA

RHB CAPITAL BHD 130,000 304,466 0.93MYR

TM INTERNATIONAL BERHAD 200,000 283,766 0.87MYR

725,904 2.22

AMERICA MOVIL SAB DE CV -L- 175,000 465,381 1.42MXN

MEXICO

465,381 1.42

ING GROEP NV/CERT.OF SHS 30,000 314,223 0.96EUR

NETHERLANDS

314,223 0.96

UTD OVERSEAS BANK /LOCAL 20,000 278,652 0.85SGD

SINGAPORE

WILMAR INTERNATIONALLTD 55,000 251,388 0.77SGD

530,040 1.62

DISCOVERY HOLDINGS LTD 30,000 167,909 0.51ZAR

SOUTH AFRICA

IMPERIAL HOLDINGS LTD 10,000 161,242 0.49ZAR

JSE LIMITED 35,000 368,304 1.14ZAR

SASOL LTD /REG 5,000 223,743 0.68ZAR

921,198 2.82

HYUNDAI MOTOR CO. LTD 3,000 402,542 1.23KRW

SOUTH KOREA

KIA MOTORS CORP. 6,000 193,642 0.59KRW

KT CORPORATION 10,000 400,789 1.23KRW

LOTTE SHOPPING LTD 800 333,260 1.02KRW

SHINSEGAE CO. LTD 500 263,539 0.81KRW

WOORI FINANCE HOLDINGSCO LTD 15,000 186,801 0.57KRW

1,780,573 5.45

BANCO SANTANDERCENTRAL HISPANO/REG 15,000 192,679 0.59EUR

SPAIN

TELEFONICA SA 20,000 498,767 1.52EUR

691,446 2.11



Quantity/Facevalue

TELE2 AB / B 15,000 316,819 0.97SEK

SWEDEN

316,819 0.97

NESTLE 12,000 648,732 1.98CHF

SWITZERLAND

ROCHE HOLDING AG/GENUSSSCHEIN 4,000 553,239 1.69CHF

UBS AG 20,000 345,210 1.06CHF

1,547,181 4.73

CHINATRUST FINANCIALHOLDING CO. 372,400 235,172 0.72TWD

TAIWAN

235,172 0.72

TURKIYE HALK BANKASI AS 25,000 230,629 0.71TRY

TURKEY

230,629 0.71

ACTIVISION BLIZZARD INC 15,000 164,250 0.50USD

UNITED STATES

AMERICAN TOWER CORP. -A- 5,000 258,650 0.79USD

AVON PRODUCTS INC. 8,000 256,880 0.79USD

BAXTER INTERNATIONAL INC. 4,000 192,280 0.59USD

CISCO SYSTEMS INC. 22,000 484,000 1.48USD

CITIGROUP INC. 100,000 398,000 1.22USD

COCA-COLA CO. 8,000 469,360 1.44USD

COLGATE-PALMOLIVE CO. 2,000 155,380 0.48USD

CONTINENTAL AIRLINES B 7,000 174,160 0.53USD

DIEBOLD INC 5,000 155,500 0.48USD

FRANKLIN RESOURCES INC. 2,000 215,780 0.66USD

GAP INC. 10,000 186,700 0.57USD

HESS CORP. 5,000 293,850 0.90USD

JP MORGAN 5.48% 06-15.05.45 16,000 610,719 1.86USD

LIFE TECHNOLOGIES CORP. 5,000 234,900 0.72USD

MERCK 12,000 446,760 1.37USD

MYLAN INC. 10,000 188,800 0.58USD

PFIZER INC. 32,000 555,840 1.69USD

PHILIP MORRISINTERNATIONAL 4,000 226,760 0.69USD

QUALCOMM INC. 12,000 543,720 1.65USD


Quantity/Facevalue

187


SOHU.COM INC 4,000 230,160 0.70USD

6,442,449 19.69


HLDVF 10-01.06.11 CW/HLDVF 6,000 1,732 0.01HKD


HONG KONG

1,732 0.01


SECURITIES

PETROBRAS /SADR 31,170 1,013,648 3.10USD


BRAZIL

1,013,648 3.10

GAZPROM OAO /SADR REGS 30,000 629,700 1.92USD



1,027,300 3.14


Receipt)

TELEMAR A /PREF. SHS 5,000 132,375 0.40BRL

PREFERENTIAL SHARES

BRAZIL

132,375 0.40


91.74



EXCHANGE LISTING

29,998,897

INDUSTRIAL BANK OF KOREA 20,000 273,624 0.84KRW


MARKET

SHARES

SOUTH KOREA

273,624 0.84






Quantity/Facevalue

SWIRE PACIFIC LTD A 25,000 344,360 1.05HKD


SHARES

HONG KONG

344,360 1.05







Quantity/Facevalue


188

OMV AG 360,000 9,943,200 1.05EUR


EXCHANGE LISTING

SHARES

AUSTRIA

ZUMTOBEL AG 371,206 4,693,900 0.49EUR

14,637,100 1.54

DELHAIZE GROUP 197,976 10,621,412 1.12EUR

BELGIUM

UMICORE SA 279,642 8,952,739 0.94EUR

19,574,151 2.06

BANK OF CYPRUS PUBLICCOMPANY 1,250,000 4,550,000 0.48EUR

CYPRUS

4,550,000 0.48

NOKIA OY 1,110,000 8,258,400 0.87EUR

FINLAND

OUTOKUMPU OYJ A 361,307 5,296,761 0.56EUR

13,555,161 1.43

AXA 1,500,000 19,507,500 2.06EUR

FRANCE

BNP PARIBAS 570,000 30,016,200 3.16EUR

BOUYGUES 380,000 12,103,000 1.28EUR

CAP GEMINI SA 340,000 12,554,500 1.32EUR

CARREFOUR SA 460,000 18,282,700 1.93EUR

CIE GEN.GEOPHYSIQUE /VERITAS 673,726 10,934,573 1.15EUR

GAZ DE FRANCE 900,000 23,962,500 2.53EUR

MICHELIN B /NOM. 230,000 12,909,900 1.36EUR

NATIXIS 3,197,311 13,620,545 1.44EUR

PEUGEOT SA 346,458 8,663,182 0.91EUR

SAFRAN SA 574,131 11,962,019 1.26EUR

SAINT-GOBAIN 530,001 17,503,283 1.85EUR

SANOFI-AVENTIS 752,310 37,043,744 3.90EUR

SOCIETE GENERALE PARIS -A- 590,000 25,378,850 2.68EUR

TOTAL SA 560,000 21,459,200 2.26EUR

VEOLIA ENVIRONNEMENT 400,000 7,796,000 0.82EUR

VIVENDI 750,000 15,120,000 1.59EUR

INVESTMENTS

Euroland EquityStatement of investments as at 30 September 2010(expressed in EUR)


Quantity/Facevalue

ZODIAC AEROSPACE 230,000 10,709,950 1.13EUR

309,527,646 32.63

ALLIANZ SE /NAMEN.VINKULIERT 285,000 23,828,850 2.51EUR

GERMANY

BAYER 300,000 15,513,000 1.64EUR

DAIMLER CHRYSLER 494,940 23,227,534 2.45EUR

DEUTSCHE BOERSE AG 190,000 9,352,750 0.99EUR

DEUTSCHE LUFTHANSA 900,000 12,271,500 1.29EUR

DEUTSCHE POST AG BONN 1,275,000 17,085,000 1.80EUR

FRESENIUS MEDICAL CAREAG 380,000 17,267,200 1.82EUR

HENKEL / VORZUG 420,000 16,638,300 1.75EUR

MUENCHENER RUECKVERS 130,000 13,305,500 1.40EUR

SIEMENS AG 260,000 20,365,800 2.15EUR

168,855,434 17.80

HELLENIC TELECOM 1,217,552 6,428,675 0.68EUR

GREECE

6,428,675 0.68

AUTOGRILL SPA 1,300,000 12,018,500 1.27EUR

ITALY

BUZZI UNICEM 663,220 5,186,380 0.55EUR

ERG SPA MILANO 377,145 3,752,593 0.40EUR

UNICREDITO ITALIANO SPA 13,300,000 25,243,400 2.65EUR

46,200,873 4.87

ARCELORMITTAL SA REG 760,000 18,483,200 1.95EUR

LUXEMBOURG

18,483,200 1.95

HEINEKEN NV 430,000 16,428,150 1.73EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 3,400,000 26,132,400 2.76EUR

KONINKLIJKE DSM NV 180,000 6,802,200 0.72EUR

KONINKLIJKE KPN NV 2,000,000 22,790,000 2.40EUR

RANDSTAD HOLDING (EUR0.1) 360,000 12,119,400 1.28EUR

REED ELSEVIER NV 1,700,000 15,872,900 1.67EUR

ROYAL PHILIPSELECTRONICS 780,000 18,166,200 1.91EUR

UNILEVER CERT.OF SHS 900,000 19,885,500 2.10EUR

138,196,750 14.57


Quantity/Facevalue

189


BANCO SANTANDERCENTRAL HISPANO/REG 4,550,000 42,888,300 4.52EUR

SPAIN

FERROVIAL SA 1,800,000 12,454,200 1.31EUR

GESTEVISION TELECINCO SA 920,000 7,479,600 0.79EUR

GRIFOLS SA -A- 856,247 9,119,031 0.96EUR

REPSOL YPF SA. MADRID 1,375,000 26,262,500 2.77EUR

TELEFONICA SA 2,544,000 46,555,200 4.91EUR

144,758,831 15.26

SYNTHES-STRATEC INC. 110,000 9,423,720 0.99CHF

UNITED STATES

9,423,720 0.99

94.26894,191,541TOTAL SHARES

RIGHTS BK CYP PUB 2010 1,250,000 562,500 0.06EUR


CYPRUS

562,500 0.06

RIGHTS MICHELIN 10-13.10.10 230,000 471,500 0.05EUR

FRANCE

471,500 0.05


SECURITIES

94.37



EXCHANGE LISTING

895,225,541




Euroland EquityStatement of investments as at 30 September 2010(expressed in EUR)


Quantity/Facevalue


190

VIENNA INSURANCE GROUP 18,784 740,653 1.13EUR


EXCHANGE LISTING

SHARES

AUSTRIA

VOESTALPINE AG 55,000 1,489,400 2.27EUR

2,230,053 3.40

BEKAERT SA 10,470 2,045,838 3.11EUR

BELGIUM

D IETEREN SA 1,300 535,795 0.82EUR

KINEPOLIS GROUP 15,000 719,250 1.10EUR

TELENET GROUP HOLDING 58,000 1,434,920 2.19EUR

THROMBOGENICS NV 35,000 640,850 0.98EUR

UMICORE SA 55,000 1,760,825 2.68EUR

7,137,478 10.88

BANK OF CYPRUS PUBLICCOMPANY 280,000 1,019,200 1.55EUR

CYPRUS

1,019,200 1.55

KONECRANES PLC 60,000 1,650,600 2.52EUR

FINLAND

OUTOKUMPU OYJ A 90,000 1,319,400 2.01EUR

OUTOTEC OYJ 21,500 669,295 1.02EUR

POHJOLA BANK PLC A 133,628 1,196,639 1.82EUR

SPONDA OYJ HELSINKI 500,000 1,765,000 2.69EUR

YIT OYJ 77,000 1,342,880 2.05EUR

7,943,814 12.11

BIOMERIEUX 10,000 763,100 1.16EUR

FRANCE

BOURBON 41,000 1,231,845 1.88EUR

CAP GEMINI SA 35,000 1,292,375 1.97EUR

FAURECIA SA 40,000 695,000 1.06EUR

ORPEA 29,035 960,333 1.46EUR

SEB SA 22,000 1,396,559 2.13EUR

VALEO 25,162 857,018 1.31EUR

7,196,230 10.97

AIXTRON AG 60,000 1,314,900 2.00EUR

GERMANY

BILFINGER BERGER AG 30,000 1,525,200 2.33EUR

INVESTMENTS

Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2010(expressed in EUR)


Quantity/Facevalue

GEA GROUP AG 40,000 739,000 1.13EUR

JUNGHEINRICH AG/VORZ.O.ST 30,000 740,100 1.13EUR

LANXESS AG 30,000 1,215,000 1.85EUR

LEONI AG 29,199 729,975 1.11EUR

NORDDEUTSCHE AFFINERIEAG 35,000 1,225,000 1.87EUR

SOLARWORLD AG BONN 130,000 1,197,170 1.82EUR

STROEER OUT OF HOMEMEDIA 65,000 1,404,975 2.14EUR

TOGNUM AG 80,000 1,312,000 2.00EUR

WACKER CHEMIE AGMUENCHEN 10,000 1,359,500 2.07EUR

12,762,820 19.45

TITAN CEMENT CO /REG. 71,038 1,059,177 1.61EUR

GREECE

1,059,177 1.61

SMURFIT KAPPA GROUP PLC 160,000 1,184,000 1.80EUR

IRELAND

1,184,000 1.80

BENI STABILI SPA 2,000,000 1,371,000 2.09EUR

ITALY

CREDITO EMILIANO SPACREDEM 150,527 762,419 1.16EUR

DANIELI +C./RISP.N-CV 135,000 1,289,925 1.97EUR

IMPREGILO/POSTRAGGRUPPAMENTO 416,000 913,120 1.39EUR

SORIN SPA 350,000 600,250 0.91EUR

4,936,714 7.52

AALBERTS INDUSTRIES NV 108,000 1,314,900 2.00EUR

NETHERLANDS

ARCADIS NV 85,000 1,404,200 2.14EUR

ASM INTERNATIONAL NV 62,367 1,174,059 1.79EUR

BOSKALIS WESTMINSTER 38,404 1,186,300 1.81EUR

FUGRO NV 32,000 1,553,600 2.37EUR

IMTECH NV 57,292 1,340,060 2.04EUR

KONINKLIJKE VOPAK 44,524 1,564,128 2.38EUR

NUTRECO HOLDING BV 25,000 1,348,750 2.06EUR

QIAGEN NV 80,000 1,056,000 1.61EUR

SBM OFFSHORE NV 88,000 1,234,640 1.88EUR

UNIT4 N.V. 79,918 1,610,347 2.46EUR

14,786,984 22.54


Quantity/Facevalue

191


OBRASCON HUARTE LAIN SA 64,400 1,339,198 2.05EUR

SPAIN

PROSEGUR CIA DESEGURID./NAM. 30,000 1,325,100 2.02EUR

TECNICAS REUNIDAS SA 34,000 1,335,180 2.03EUR

3,999,478 6.10


RIGHTS BK CYP PUB 2010 280,000 126,000 0.19EUR


CYPRUS

126,000 0.19


SECURITIES

98.12



EXCHANGE LISTING

64,381,948




Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2010(expressed in EUR)


Quantity/Facevalue


192

VOESTALPINE AG 28,920 783,154 0.68EUR


EXCHANGE LISTING

SHARES

AUSTRIA

ZUMTOBEL AG 29,771 376,454 0.33EUR

1,159,608 1.01

UMICORE SA 66,819 2,139,210 1.87EUR

BELGIUM

2,139,210 1.87

NOKIA OY 137,936 1,026,244 0.90EUR

FINLAND

1,026,244 0.90

AIR LIQUIDE 19,969 1,805,198 1.58EUR

FRANCE

ALSTOM 46,840 1,767,273 1.54EUR

AXA 135,085 1,756,780 1.54EUR

BNP PARIBAS 73,366 3,863,454 3.38EUR

BOUYGUES 43,786 1,394,584 1.22EUR

GAZ DE FRANCE 105,551 2,810,295 2.46EUR

GROUPE DANONE 28,090 1,240,595 1.08EUR

IPSOS SA PARIS 32,903 1,102,251 0.96EUR

L'OREAL 7,584 631,292 0.55EUR

LVMH MOET HENNESSY 11,260 1,228,466 1.07EUR


SCHNEIDER ELECTRIC SA 31,452 2,961,520 2.59EUR


TOTAL SA 150,799 5,778,617 5.04EUR

VEOLIA ENVIRONNEMENT 53,346 1,039,714 0.91EUR

VIVENDI 116,078 2,340,132 2.05EUR

34,744,040 30.36

ALLIANZ SE /NAMEN.VINKULIERT 51,540 4,309,259 3.77EUR

GERMANY

BASF 47,248 2,204,592 1.93EUR

BAYER 44,604 2,306,473 2.02EUR

DAIMLER CHRYSLER 52,828 2,479,218 2.17EUR

DEUTSCHE BANK AG 39,956 1,615,221 1.41EUR

DEUTSCHE BOERSE AG 42,521 2,093,096 1.83EUR

INVESTMENTS

Euroland GrowthStatement of investments as at 30 September 2010(expressed in EUR)


Quantity/Facevalue

E.ON 80,319 1,758,585 1.54EUR


MUENCHENER RUECKVERS 4,591 469,889 0.41EUR

RWE AG (NEU). ESSEN A 49,984 2,495,201 2.18EUR

SAP AG 54,843 2,000,398 1.75EUR

SIEMENS AG 81,260 6,365,096 5.55EUR

SOFTWARE AG 4,129 366,242 0.32EUR

29,632,078 25.90

AUTONOMY CORPORATIONPLC 45,040 956,994 0.84GBP

GREAT BRITAIN

956,994 0.84

BANQUE NATIONALEGRECE/NOM. S.C.P. 125,320 898,544 0.79EUR

GREECE

HELLENIC TELECOM 93,627 494,351 0.43EUR

1,392,895 1.22

DIASORIN AZ 37,661 1,135,103 0.99EUR

ITALY

SAIPEM SPA 32,817 972,368 0.85EUR

UNICREDITO ITALIANO SPA 1,252,689 2,377,603 2.08EUR

4,485,074 3.92

ARCELORMITTAL SA REG 44,382 1,079,370 0.94EUR

LUXEMBOURG

1,079,370 0.94

ASML HOLDING NV 25,335 559,904 0.49EUR

NETHERLANDS

HEINEKEN NV 119,671 4,572,031 3.99EUR

ING GROEP NV/CERT.OF SHS 249,346 1,916,473 1.68EUR

KONINKLIJKE KPN NV 251,610 2,867,096 2.51EUR

UNILEVER CERT.OF SHS 59,075 1,305,262 1.14EUR

11,220,766 9.81

BANCO BILBAO VIZCAYAARGENTARIA/NAM. 173,283 1,735,429 1.52EUR

SPAIN

BANCO SANTANDERCENTRAL HISPANO/REG 474,279 4,470,554 3.91EUR

GRIFOLS SA -A- 109,688 1,168,177 1.02EUR

INDITEX /REG 57,252 3,353,250 2.93EUR


Quantity/Facevalue

193


TELEFONICA SA 337,498 6,176,213 5.40EUR

16,903,623 14.78

ELEKTA AB 98,360 2,627,526 2.30SEK

SWEDEN

2,627,526 2.30

93.85107,367,428TOTAL SHARES

RIGHTS DEUTSCHE BANK05.10.10 39,956 147,877 0.13EUR


GERMANY

147,877 0.13

RIGHTS NATIONAL BANKGREECE 10-11.10.10 133,558 48,081 0.04EUR

GREECE

48,081 0.04


SECURITIES

94.02



EXCHANGE LISTING

107,563,386




Euroland GrowthStatement of investments as at 30 September 2010(expressed in EUR)


Quantity/Facevalue


194

NOVO-NORDISK A/S -B- 39,392 2,867,796 2.63DKK


EXCHANGE LISTING

SHARES

DENMARK

2,867,796 2.63

ALSTOM 74,506 2,811,111 2.58EUR

FRANCE

AXA 117,468 1,527,671 1.40EUR

BNP PARIBAS 49,116 2,586,449 2.37EUR

CIE GEN.GEOPHYSIQUE /VERITAS 90,670 1,471,574 1.35EUR

INGENICO.IND.FIN.ING. 87,558 1,882,059 1.72EUR



SODEXO 57,356 2,743,911 2.51EUR

TOTAL SA 69,750 2,672,820 2.45EUR

VALLOUREC 38,260 2,810,962 2.58EUR

VIVENDI 117,131 2,361,361 2.16EUR

26,778,449 24.53

BASF 61,196 2,855,405 2.61EUR

GERMANY


LANXESS AG 34,109 1,381,415 1.27EUR

SOFTWARE AG 4,656 412,987 0.38EUR

5,930,988 5.43

ANGLO AMERICAN PLC 59,224 1,776,705 1.63GBP

GREAT BRITAIN

BAE SYSTEMS PLC 669,222 2,699,108 2.47GBP

BG GROUP PLC 206,986 2,733,641 2.50GBP

BHP BILLITON PLC 105,936 2,535,648 2.32GBP

BP PLC 583,317 2,949,893 2.70GBP

BRITISH AMERICANTOBACCO 112,973 3,162,558 2.90GBP

BT GROUP PLC 798,956 1,319,315 1.21GBP

CAPITA GRP 217,657 2,003,951 1.84GBP

CARNIVAL PLC 72,862 2,149,730 1.97GBP

CENTRICA PLC 613,136 2,330,970 2.14GBP

DANA PETROLEUM PLC 66,920 1,403,178 1.29GBP

INVESTMENTS

European EquityStatement of investments as at 30 September 2010(expressed in EUR)


FENNER 297,064 805,444 0.74GBP

HSBC HOLDINGS PLC 669,911 5,090,499 4.65GBP

PETROFAC LTD 141,603 2,287,096 2.10GBP

PRUDENTIAL PLC 390,770 2,937,016 2.69GBP

VODAFONE GROUP PLC 727,410 1,346,652 1.23GBP

WM MORRISONSUPERMARKETS PLC 725,659 2,518,418 2.31GBP

XSTRATA PLC 205,586 2,959,694 2.71GBP

43,009,516 39.40

RESOLUTION 867,336 2,480,105 2.27GBP

GUERNSEY

2,480,105 2.27

TERNA- RETE ELETTRICANAZIONAL 521,835 1,630,734 1.49EUR

ITALY

1,630,734 1.49

ING GROEP NV/CERT.OF SHS 342,940 2,635,837 2.41EUR

NETHERLANDS

KONINKLIJKE KPN NV 192,991 2,199,132 2.01EUR

TNT NV 143,373 2,845,954 2.62EUR

7,680,923 7.04

BANCO SANTANDERCENTRAL HISPANO/REG 255,634 2,409,606 2.21EUR

SPAIN

ENAGAS 96,146 1,436,902 1.32EUR

GESTEVISION TELECINCO SA 56,011 455,369 0.42EUR

TELEFONICA SA 153,786 2,814,284 2.57EUR

7,116,161 6.52

NESTLE 64,892 2,574,298 2.36CHF

SWITZERLAND

ROCHE HOLDING AG/GENUSSSCHEIN 24,525 2,489,120 2.28CHF

SYNGENTA AG 14,898 2,755,806 2.53CHF

UBS AG 180,263 2,283,198 2.09CHF

10,102,422 9.26

98.57107,597,094TOTAL SHARES

98.57



EXCHANGE LISTING

107,597,094


195


JULIUS BAER GRP 47,601 1,293,694 1.19CHF


SHARES

SWITZERLAND

1,293,694 1.19






European EquityStatement of investments as at 30 September 2010(expressed in EUR)



196

SKYWORTH DIGITAL HLD LTD 327,000 227,959 1.56HKD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

227,959 1.56


BRAZIL

GAFISA SA 11,400 87,150 0.60BRL

INVESTIMENTOS ITAU /PREF. 6,500 48,545 0.33BRL

MRV ENGHENHARIA 8,349 78,605 0.54BRL

OGX PETROLEO E GASPARTICIP SA 5,300 67,353 0.46BRL

537,932 3.69

CHINA SHANSHUI CEMENTGRP LTD 280,000 171,742 1.18HKD

CAYMAN ISLANDS

171,742 1.18

AGRICULT BK CHINA /H-SHARES 364,000 188,555 1.29HKD

CHINA


BANK OF COMMUNICATIONSCO. -H- 125,350 135,518 0.93HKD




CHINA RESOURCES LAND 15,938 32,408 0.22HKD

DONGFENG MOTOR -H- 104,000 212,812 1.46HKD

GUANGZHOU SHIPYARD INTLH 65,922 123,171 0.84HKD

IND & COM BOC -H- 358,000 266,639 1.83HKD

YANZHOU COAL MINING CO.H 115,000 282,148 1.93HKD

2,299,741 15.76

CEZ.CESKE ENERGETICKEZAVODY 1,204 53,206 0.36CZK

CZECH REPUBLIC

53,206 0.36

INVESTMENTS

Global Emerging Markets EliteStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

ELSEWEDY CABLES 6,880 85,759 0.59EGP

EGYPT

85,759 0.59



309,616 2.12

ANGLO AMERICAN PLC 7,097 285,987 1.96ZAR

GREAT BRITAIN

285,987 1.96


HONG KONG

54,293 0.37

BANK RAKYAT INDONESIA 42,000 47,074 0.32IDR

INDONESIA

TELKOM INDONESIA S -B- 101,095 104,242 0.72IDR

151,316 1.04

KERNEL HOLDING SA 2,337 52,589 0.36PLN

LUXEMBOURG

52,589 0.36

KGHM POLSKA MIEDZ SA 2,562 101,940 0.70PLN

POLAND

101,940 0.70

ABSA GROUP LTD 9,968 191,335 1.31ZAR

SOUTH AFRICA

AFRICAN BANKINVESTMENTS 41,168 208,216 1.43ZAR

MURRAY AND ROBERTSHOLDINGS 41,221 257,150 1.76ZAR

SASOL LTD /REG 5,875 262,839 1.80ZAR

STEINHOFF INTERNATIONALHOLDING LTD 68,381 198,399 1.36ZAR

1,117,939 7.66

BUSAN BANK 3,570 43,917 0.30KRW

SOUTH KOREA

DAEGU BANK 11,550 151,940 1.04KRW

DONGBU INSURANCE CO.LTD 4,202 129,902 0.89KRW


Quantity/Facevalue

197


HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 3,790 100,380 0.69KRW

HYUNDAI HEAVY INDUSTRIES 171 49,114 0.34KRW

HYUNDAI MIPO DOCKYARDCO. LTD 946 156,388 1.07KRW

HYUNDAI MOTOR CO. LTD 1,900 254,944 1.75KRW


LG UPLUS CORP 22,110 142,908 0.98KRW

POSCO 280 126,709 0.87KRW

SAMSUNG CARD CO LTD 4,048 203,776 1.40KRW

SAMSUNG ELECTRONICS CO.LTD 611 416,352 2.84KRW

SAMSUNG HEAVYINDUSTRIES 10,376 274,357 1.88KRW

WOORI FINANCE HOLDINGSCO LTD 9,120 113,575 0.78KRW

2,344,806 16.07

CATHAY FINANCIAL HOLDING 2,175 3,324 0.02TWD

TAIWAN

CHICONY ELECTRONICS CO.LTD 67,000 141,544 0.97TWD



HON HAI PRECISIONINDUSTRY CO. LTD 4,305 16,191 0.11TWD

MACRONIX INTERNATIONALCO. LTD 197,000 122,647 0.84TWD

MEDIA TEK INCORPORATION 56 787 0.01TWD

POWERTECH TECHNOLOGYINC. 17,000 54,687 0.37TWD

QUANTA COMPUTER INC. 81,000 131,451 0.90TWD

SILITECH TECH 50,500 149,845 1.03TWD

TAIWAN SEMICONDUCTORMANUFACTURING 103,246 204,899 1.41TWD

WISTRON CORP. 95,305 173,885 1.20TWD

1,162,196 7.97

BANPU PUBLIC CO /NVDR 10,500 250,022 1.72THB

THAILAND

PTT PLC CO. LTD /FOREIGNREG 18,600 181,074 1.24THB

TISCO FINANCIAL GROUP /FOREIGN REG 169,603 217,545 1.49THB

648,641 4.45



Quantity/Facevalue

KOC HOLDING AS 26,935 126,978 0.87TRY

TURKEY

SABANCI HOLDING 10,686 55,156 0.38TRY

TUPRAS TURKIYE PETROLRAFINEL 5,178 137,196 0.94TRY

TURK HAVA YOLLARI AO 55,806 220,835 1.51TRY

TURKIYE GARANTI BANKASI 35,924 208,911 1.43TRY

TURKIYE IS BANKASI AS C 60,053 256,240 1.76TRY

1,005,316 6.89


JP MORGAN STRUCTURE20.07.15 CERT /SESA 21,797 163,343 1.12USD


NETHERLANDS

JP MORGAN STRUCTURE25.08.14 CERT/ONGC 2,325 72,585 0.50USD

235,928 1.62

CITIGROUP 07-24.10.12WRT/TATA 9,613 139,741 0.96USD

UNITED STATES

139,741 0.96


SECURITIES



BRAZIL


PETROBRAS /SADR 8,544 274,262 1.88USD

PETROLEO BRASILEIRO/SADR 3,509 125,341 0.86USD


VALE / -A- /SADR 11,054 299,343 2.05USD

VALE /SADR 9,946 306,139 2.10USD

1,263,954 8.66





807,956 5.54


Receipt)


Quantity/Facevalue


198





312,923 2.15


BANRISUL PNB -B- /PREF 12,569 122,327 0.84BRL

PREFERENTIAL SHARES

BRAZIL

TEMAR / PREF. 400 5,695 0.04BRL

128,022 0.88


VIMPELCOM SP /ADR 3,558 51,627 0.35USD


BERMUDA ISLANDS

51,627 0.35

GAFISA SA 742 11,560 0.08USD

BRAZIL

ITAU HOLDING ITAU / PFD. /SADR 10,216 240,586 1.64USD

252,146 1.72



69,351 0.48

AMERICA MOVIL SAB /ADR -L- 4,102 216,832 1.49USD

MEXICO

216,832 1.49


96.58



EXCHANGE LISTING

14,089,458



MARKET

SHARES

SOUTH KOREA

160,891 1.10



Quantity/Facevalue

CORETRONIC CORP 93,000 142,888 0.98TWD

TAIWAN

142,888 0.98








Quantity/Facevalue

199


SKYWORTH DIGITAL HLD LTD 15,728,000 10,963,906 1.57HKD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

10,963,906 1.57


BRAZIL

GAFISA SA 549,700 4,112,810 0.59BRL




26,087,149 3.73

CHINA SHANSHUI CEMENTGRP LTD 13,547,000 8,308,921 1.19HKD

CAYMAN ISLANDS

8,308,921 1.19


CHINA






CHINA RESOURCES LAND 799,677 1,625,984 0.23HKD


GUANGZHOU SHIPYARD INTLH 3,149,539 5,884,499 0.84HKD

IND & COM BOC -H- 17,032,000 12,684,928 1.82HKD

YANZHOU COAL MINING CO.H 5,435,000 13,334,018 1.91HKD

109,502,201 15.68

CEZ.CESKE ENERGETICKEZAVODY 58,996 2,625,726 0.38CZK

CZECH REPUBLIC

2,625,726 0.38

INVESTMENTS

Global Emerging Markets EquityStatement of investments as at 30 September 2010(expressed in USD)


ELSEWEDY CABLES 321,929 4,002,476 0.57EGP

EGYPT

4,002,476 0.57



GAZPROM OAO 542,295 2,809,088 0.40USD

17,842,713 2.55

ANGLO AMERICAN PLC 334,137 13,562,463 1.94ZAR

GREAT BRITAIN

13,562,463 1.94


HONG KONG

2,713,367 0.39

JSW STEEL LTD / DEMAT. 197,868 5,919,937 0.85INR

INDIA

OIL & NATURAL GAS /DEMAT. 114,085 3,594,110 0.51INR

SESA GOA LTD /DEMAT. 1,057,412 7,786,595 1.11INR

TATA STEEL LTD /DEMAT. 424,488 6,208,374 0.89INR

23,509,016 3.36

BANK RAKYAT INDONESIA 1,981,500 2,220,073 0.32IDR

INDONESIA

TELKOM INDONESIA S -B- 4,443,919 4,580,649 0.65IDR

6,800,722 0.97

KERNEL HOLDING SA 113,272 2,554,353 0.37PLN

LUXEMBOURG

2,554,353 0.37

KGHM POLSKA MIEDZ SA 124,620 4,994,594 0.71PLN

POLAND

4,994,594 0.71

ABSA GROUP LTD 482,045 9,254,701 1.32ZAR

SOUTH AFRICA

AFRICAN BANKINVESTMENTS 1,930,482 9,854,742 1.41ZAR

MURRAY AND ROBERTSHOLDINGS 1,949,458 12,406,043 1.78ZAR

SASOL LTD /REG 284,239 12,719,305 1.82ZAR



200

STEINHOFF INTERNATIONALHOLDING LTD 3,275,005 9,586,769 1.37ZAR

53,821,560 7.70

BUSAN BANK 169,820 2,092,497 0.30KRW

SOUTH KOREA

DAEGU BANK 550,110 7,236,697 1.04KRW


HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 180,630 4,784,058 0.68KRW


HYUNDAI MIPO DOCKYARDCO. LTD 42,919 7,095,133 1.02KRW



LG UPLUS CORP 1,066,610 6,894,023 0.99KRW

POSCO 13,233 5,988,356 0.86KRW

SAMSUNG CARD CO LTD 191,569 9,643,545 1.38KRW


SAMSUNG HEAVYINDUSTRIES 500,753 13,240,685 1.90KRW

WOORI FINANCE HOLDINGSCO LTD 439,980 5,479,247 0.78KRW

111,167,153 15.92


TAIWAN

CHICONY ELECTRONICS CO.LTD 3,280,000 6,939,483 0.99TWD

COMPAL ELECTRONICS INC. 6,468,232 7,744,360 1.10TWD



HON HAI PRECISIONINDUSTRY /GDR 69,837 537,535 0.08USD

MACRONIX INTERNATIONALCO. LTD 9,514,000 5,931,876 0.85TWD

MEDIA TEK INCORPORATION 723 10,174 0.00TWD

POWERTECH TECHNOLOGYINC. 860,000 2,770,600 0.40TWD

QUANTA COMPUTER INC. 3,591,000 5,836,234 0.84TWD

SILITECH TECH 2,420,970 7,194,133 1.03TWD




WISTRON CORP. 4,617,888 8,437,769 1.20TWD

53,528,744 7.66

BANPU PUBLIC CO /NVDR 506,900 11,952,717 1.71THB

THAILAND

PTT PLC CO. LTD /FOREIGNREG 899,400 8,767,502 1.25THB

TISCO FINANCIAL GROUP /FOREIGN REG 8,209,414 10,746,835 1.54THB

31,467,054 4.50

KOC HOLDING AS 1,299,589 6,173,390 0.88TRY

TURKEY

SABANCI HOLDING 516,986 2,669,369 0.38TRY

TUPRAS TURKIYE PETROLRAFINEL 242,460 6,509,885 0.93TRY

TURK HAVA YOLLARI AO 2,692,788 10,937,619 1.57TRY

TURKIYE GARANTI BANKASI 1,710,488 9,891,632 1.42TRY

TURKIYE IS BANKASI AS C 2,897,496 12,267,798 1.75TRY

48,449,693 6.93

76.12531,901,811TOTAL SHARES

BANCO BRADESCO /SADR 60,466 1,220,809 0.17USD


BRAZIL

GERDAU SA SADR PREF. SHS 387,495 5,266,057 0.75USD



TELE NORT. LE. TNLP /PREF.SADR 396,569 5,682,834 0.81USD

VALE / -A- /SADR 568,436 15,546,725 2.23USD

VALE /SADR 437,718 13,578,012 1.94USD

60,822,769 8.71





35,763,404 5.12

TAIWAN SEMICONDUCTORMANUFACTURING/SADR 207,296 2,116,492 0.30USD

TAIWAN

2,116,492 0.30


Receipt)


201






15,345,631 2.20



PREFERENTIAL SHARES

BRAZIL

TEMAR / PREF. 17,300 247,070 0.04BRL

6,013,917 0.86




BERMUDA ISLANDS

2,435,315 0.35

GAFISA SA 36,368 552,430 0.08USD

BRAZIL

ITAU HOLDING ITAU / PFD. /SADR 481,546 11,494,503 1.64USD

12,046,933 1.72



3,323,478 0.48

AMERICA MOVIL SAB /ADR -L- 197,915 10,527,099 1.51USD

MEXICO

10,527,099 1.51


97.37



EXCHANGE LISTING

680,296,849



MARKET

SHARES

SOUTH KOREA

7,495,109 1.08



CORETRONIC CORP 4,327,000 6,657,903 0.95TWD

TAIWAN

6,657,903 0.95









202

AGL ENERGY 18,343 287,248 0.32AUD


EXCHANGE LISTING

SHARES

AUSTRALIA

FORTESCUE METALS GROUPLTD 83,832 423,797 0.47AUD

NATIONAL AUSTRALIA BANKLTD 56,501 1,386,564 1.55AUD

WESFARMERS LTD 8,533 271,796 0.30AUD

WESTPAC BANKING CORP. 31,010 697,935 0.78AUD

3,067,340 3.42

KBC GROUPE SA 5,173 232,493 0.26EUR

BELGIUM

232,493 0.26

EVEREST REINSURANCEGROUP LTD 5,549 479,823 0.53USD

BERMUDA ISLANDS

RENAISSANCERE HLD LTD 4,010 240,760 0.27USD

VALIDUS HOLDINGS 8,993 238,764 0.27USD

959,347 1.07

BCE INC /NEW 18,482 602,223 0.67CAD

CANADA

BOMBARDIER INC -B- 46,439 224,008 0.25CAD

ENCANA CORP. 33,741 963,142 1.07CAD

FIRST QUANTUM MINERALSLTD 4,202 316,208 0.35CAD

ROGERS COMMUN. -B- NV 21,968 817,310 0.91CAD

TALISMAN ENERGY 23,133 401,534 0.45CAD

TECK COMINCO LTD -B- 12,871 527,606 0.59CAD

3,852,031 4.29

A.P. MOELLER - MAERSK A/SB 31 259,080 0.29DKK

DENMARK

CARLSBERG AS B 4,418 460,530 0.51DKK

719,610 0.80

METSO CORP. 6,565 302,658 0.34EUR

FINLAND

WARTSILA CORPORATION -B- 4,580 299,837 0.33EUR

602,495 0.67

INVESTMENTS

Global EquityStatement of investments as at 30 September 2010(expressed in USD)


AXA 27,549 488,239 0.54EUR

FRANCE

BNP PARIBAS 9,512 682,604 0.76EUR

CHRISTIAN DIOR SA 2,106 277,323 0.31EUR

CREDIT AGRICOLE SA PARIS 23,183 367,738 0.41EUR


TOTAL SA 4,452 232,486 0.26EUR

VALLOUREC 6,848 685,630 0.76EUR

VIVENDI 10,588 290,885 0.32EUR

4,448,538 4.95

BASF 20,635 1,312,095 1.46EUR

GERMANY

DEUTSCHE BANK AG 15,249 840,055 0.94EUR

HENKEL / VORZUG 8,059 435,068 0.48EUR


2,991,035 3.33

ANGLO AMERICAN PLC 28,748 1,175,281 1.31GBP

GREAT BRITAIN

ASS.BRITISH FOODS PLC 16,479 276,550 0.31GBP

ASTRAZENECA PLC 19,488 1,013,349 1.13GBP

BARCLAYS PLC 157,495 762,762 0.85GBP

BP PLC 82,721 570,077 0.63GBP

BRITISH AMERICANTOBACCO 21,375 815,429 0.91GBP

COMPASS GROUP PLC 27,920 236,716 0.26GBP

INTERNATIONAL POWER PLC 48,725 302,069 0.34GBP

LLOYDS BANKING GROUPPLC 542,148 644,635 0.72GBP

PRUDENTIAL PLC 54,350 556,674 0.62GBP

ROYAL DUTCH SHELL -B- 39,865 1,194,847 1.32GBP

VEDANTA RESOURCES PLC 11,143 384,451 0.43GBP

7,932,840 8.83

HONGKONG ELECTRICHOLDINGS LTD 64,500 391,865 0.44HKD

HONG KONG

THE WHARF HOLDING 49,000 315,058 0.35HKD

706,923 0.79

RYANAIR HOLDINGS PLC 45,888 246,196 0.27EUR

IRELAND

246,196 0.27


203


ENEL 163,921 877,338 0.98EUR

ITALY

877,338 0.98

FAMILYMART CO. LTD 6,400 229,747 0.26JPY

JAPAN

HITACHI LTD 64,000 280,180 0.31JPY

ITOCHU CORP. 53,700 492,075 0.55JPY

JGC CORP. 15,000 260,690 0.29JPY

JX HOLDINGS 79,300 460,344 0.51JPY

KAWASAKI KISEN 70,000 263,628 0.29JPY

KOMATSU LTD 12,900 299,852 0.33JPY

KURARAY CO. LTD 23,500 297,079 0.33JPY

MAKITA CORP. 8,300 263,509 0.29JPY

MITSUBISHI ELECTRIC CORP. 34,000 292,798 0.33JPY

MITSUBISHI UFJ FINANCIALGROUP 146,800 684,920 0.76JPY

MITSUI & CO. LTD 20,500 305,379 0.34JPY

MITSUI O.S.K. LINES LTDTOKYO 40,000 251,874 0.28JPY

NIPPON ELECTRIC GLASS 38,000 518,669 0.58JPY

NIPPON TEL&TEL 11,000 480,899 0.54JPY

OMRON CORP. 12,500 284,258 0.32JPY

SEGA SAMMY HOLDING INC 18,600 284,661 0.32JPY

SUMITOMO ELECTRICINDUSTRIES 18,600 227,104 0.25JPY

SUMITOMO HEAVYINDUSTRIES 110,000 567,316 0.63JPY

SUMITOMO RUBBERINDUSTRIES 52,600 514,171 0.57JPY

TAKEDA PHARMACEUTICALCO. LTD 21,500 988,935 1.11JPY

TOKYO GAS CO.LTD 60,000 272,744 0.30JPY

WEST JAPAN RAILWAY CO. 108 387,828 0.43JPY

8,908,660 9.92

ING GROEP NV/CERT.OF SHS 44,758 468,800 0.52EUR

NETHERLANDS

KONINKLIJKE AHOLD NV 41,274 558,524 0.62EUR

1,027,324 1.14

STATOILHYDRO ASA 15,967 336,116 0.37NOK

NORWAY

TELENOR AS 18,724 296,653 0.33NOK

632,769 0.70



EDP-ENERGIAS DEPORTUGAL SA 86,192 296,817 0.33EUR

PORTUGAL

296,817 0.33

SINGAPORE AIRLINES LTD 21,000 260,643 0.29SGD

SINGAPORE

260,643 0.29

BANCO SANTANDERCENTRAL HISPANO/REG 49,889 640,838 0.72EUR

SPAIN

INDITEX /REG 6,234 497,575 0.55EUR

1,138,413 1.27

ELECTROLUX AB -B- 15,961 397,978 0.44SEK

SWEDEN

SKANSKA B 15,052 279,130 0.31SEK

VOLVO B 52,952 788,726 0.88SEK

1,465,834 1.63

HOLCIM LTD /NAM. 4,695 306,363 0.34CHF

SWITZERLAND

NESTLE 12,710 687,114 0.76CHF

NOVARTIS AG BASEL 10,338 600,281 0.67CHF

SIKA SA. BAAR 216 403,212 0.45CHF

TRANSOCEAN LTD 5,836 382,667 0.43USD

TYCO ELECTRON /REG. SHS 10,314 304,882 0.34USD

2,684,519 2.99

ADVANCED MICRO DEVICESINC. 52,630 375,778 0.42USD

UNITED STATES

AES CORP. 39,055 446,399 0.50USD

AMGEN INC. 20,115 1,102,302 1.23USD

AUTOZONE INC. 1,436 327,652 0.36USD

BANK OF AMERICA CORP. 67,860 894,395 1.00USD

BEST BUY CO. INC. 8,013 327,331 0.36USD

CAREMARK GROUP 7,097 222,704 0.25USD

CEPHALON INC. 5,415 335,784 0.37USD

CHEVRON CORPORATION 21,555 1,755,870 1.97USD


COMPUTER SCIENCES CORP. 16,417 759,615 0.85USD

CONAGRA FOODS INC. 17,670 386,090 0.43USD

CONOCOPHILLIPS 15,159 874,068 0.97USD

CSX CORP. 13,291 735,391 0.82USD



204

DEVON ENERGY CORP. (NEW) 5,710 368,238 0.41USD

DIRECTV 21,053 876,015 0.98USD

DOLBY LABORATORIES INC -A- 5,937 344,227 0.38USD

DOLLAR TREE INC. 6,554 321,801 0.36USD

DOVER CORP. 4,725 246,503 0.27USD

DR PEPPER SNAPPLE GROUPINC. 18,098 647,184 0.72USD

ELI LILLY & CO. 19,239 705,879 0.79USD

ENERGEN CORP 4,961 225,775 0.25USD

EXELON CORP. 17,882 764,992 0.85USD

FORD MOTOR CO. 28,504 350,599 0.39USD

FOREST LABORATORIES 9,460 294,679 0.33USD

FREEPORT MCMO.COPP&GOLD -B- 5,625 478,069 0.53USD

GAMESTOP CORP. -A- 15,662 306,662 0.34USD

GAP INC. 21,032 392,667 0.44USD

GOLDMAN SACHS GROUPINC. 7,342 1,072,152 1.19USD

HESS CORP. 6,076 357,087 0.40USD

HEWLETT-PACKARD CO. 18,271 772,863 0.86USD

HUMANA INC. 13,985 702,606 0.78USD

IBM CORP. 14,691 1,983,286 2.22USD

INTEL CORP. 12,145 235,006 0.26USD

INTERPUBLIC GROUP 36,930 372,254 0.41USD

JM SMUCKER CO. 6,471 393,954 0.44USD

JP MORGAN 5.48% 06-15.05.45 31,388 1,198,080 1.33USD

KBR INC 12,979 319,283 0.36USD

KIMBERLY CLARK CORP. 10,475 682,761 0.76USD

LIMITED BRANDS INC. 10,618 282,226 0.31USD

LORILLARD INC. 5,195 423,237 0.47USD

MARATHON OIL CORP. 18,398 610,078 0.68USD

MERCK 30,773 1,145,679 1.28USD

MICROSOFT CORP. 73,399 1,806,350 2.02USD

MOLSON COORS BREW-B-NON-VOT 5,770 272,921 0.30USD

NATIONAL OILWELL VARCOINC. 2,186 97,802 0.11USD

NORFOLK SOUTHERN CORP. 3,856 230,550 0.26USD

NRG ENERGY INC 12,164 253,376 0.28USD

PNC FINANCIAL SERVICES GP 9,270 486,490 0.54USD

QWEST COMMUNICATIONSINTERNATIONAL 137,181 865,612 0.96USD



RAYONIER INC REIT 6,653 335,245 0.37USD

REPUBLIC SERVICES INC. 7,413 226,838 0.25USD

REYNOLDS AMERICAN INC. 4,291 257,546 0.29USD

ROSS STORES INC. 7,582 413,446 0.46USD

SUPERVALU INC. 17,317 200,704 0.22USD

TEXAS INSTRUMENTS INC. 35,735 968,776 1.08USD

TIME WARNER 20,994 645,985 0.72USD

TJX COS INC. 7,479 333,638 0.37USD

TORCHMARK CORP. 4,421 236,656 0.26USD

TRAVELERS COMPANIES INC. 4,397 230,007 0.26USD

UNITEDHEALTH GROUP INC. 16,633 589,640 0.66USD

VALERO ENERGY CORP. 15,925 275,343 0.31USD

VF CORP. 3,710 300,584 0.33USD

VIACOM INC. -B- 17,814 650,033 0.72USD

WELLS FARGO & CO. 51,297 1,292,684 1.44USD

WESTERN DIGITAL CORP. 12,838 362,288 0.40USD

WHIRLPOOL CORP. 2,201 177,995 0.20USD

37,487,879 41.75


89.68



EXCHANGE LISTING

80,539,044

SWIRE PACIFIC LTD A 35,500 488,991 0.54HKD


SHARES

HONG KONG

488,991 0.54

SEAGATE TECHNOLOGIE PLC 10,305 122,011 0.14USD

IRELAND

122,011 0.14







205


CREDICORP. 84,000 9,528,120 3.12USD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

9,528,120 3.12

ANHANGUERAEDUCACIONAL PART. 120,700 2,101,477 0.69BRL

BRAZIL

BANCO BRADESCO SA /PREF. 53,993 1,068,999 0.35BRL



BRF FOODS 271,036 4,007,910 1.31BRL


CIA HERING 133,432 5,874,590 1.92BRL


DIAGNOST DA AMERICA SABRL 517,501 6,170,079 2.02BRL

DURATEX 784,453 8,365,473 2.74BRL

ECORODOVIAS 327,600 2,158,180 0.71BRL

GAFISA SA 198,800 1,487,405 0.49BRL

GERDAU /PREF. 68,400 916,104 0.30BRL

GOL LINHAS AEREASINTELIGENTES 11,684 178,342 0.06BRL

HYPERMARCAS SA 444,470 6,732,021 2.20BRL


IOCHPE MAXION SA 176,700 2,171,205 0.71BRL

JBS AS 1,734,215 7,385,285 2.42BRL


METALFRIO SOLUTIONS SA 85,900 545,686 0.18BRL

METALURGICA GERDAU/PREF. 66,400 1,068,587 0.35BRL



PETROBRAS PETROLEOBRASILEIRO 105,500 1,888,340 0.62BRL

SAO MARTINHO SA 74,228 793,320 0.26BRL



100,962,497 33.04

INVESTMENTS

Latin American EquityStatement of investments as at 30 September 2010(expressed in USD)


BCO DE CRED.DEINVERSIONES SA 44,100 2,650,128 0.87CLP

CHILE

2,650,128 0.87

ANTOFAGASTA PLC 347,117 6,873,414 2.25GBP

GREAT BRITAIN

6,873,414 2.25

AMERICA MOVIL SAB DE CV -L- 4,344,100 11,552,361 3.79MXN

MEXICO

BANCO COMPARTAMOS SADE CV 952,300 6,169,913 2.02MXN

CORP. MOCTEZUMA SA DECV B2 783,351 1,910,260 0.63MXN

FOMENTO ECONOMICOMEXICANO SAB /UNITS 420,200 2,151,848 0.70MXN

GRUPO FINANCIEROBANORTE SA DE CV -O- 1,058,100 4,017,105 1.31MXN

GRUPO TELEVISA SA / CERT.PAR. 1,082,800 4,134,178 1.35MXN

29,935,665 9.80

BANCO LATINOAMER.COM 155,500 2,265,635 0.74USD

PANAMA

COPA HOLDINGS -A- 64,900 3,487,726 1.14USD

5,753,361 1.88

ALICORP SA 460,000 788,949 0.26PEN

PERU

788,949 0.26

51.22156,492,134TOTAL SHARES



BRAZIL

BRF BR FOODS /SADR 126,900 1,913,652 0.63USD

GERDAU SA SADR PREF. SHS 87,769 1,192,781 0.39USD




VALE / -A- /SADR 264,656 7,238,342 2.37USD

VALE /SADR 482,221 14,958,495 4.90USD



206

VIVO PARTICIPACOES SA/SADR 76,153 2,067,554 0.68USD

54,413,587 17.81

BUENAVENTURA / SADR(1SHS) 107,665 4,762,023 1.56USD

PERU

4,762,023 1.56


Receipt)

GP INVESTMENTS LTD /BDR 452,671 1,624,195 0.53BRL


BERMUDA ISLANDS

1,624,195 0.53


BANCO DAYCOVAL SA /PREF. 354,691 2,336,652 0.76BRL

PREFERENTIAL SHARES

BRAZIL


BRADESPAR SA BRASIL/PREF. 298,900 7,155,601 2.35BRL

CIA BRAS -A- /PFD 17,000 576,266 0.19BRL


CONTAXPARTICIPACOES/PREF. SHS 178,800 2,871,150 0.94BRL


NET SERVICOS DECOMUNICACAO /PREF 7,278 94,223 0.03BRL

SARAIVA SA LIVREIROS EDIT/PREF. 112,342 2,418,516 0.79BRL


22,513,799 7.37




BRAZIL


GAFISA SA 10,642 161,652 0.05USD

GOL LINHAS AEREASINTELIGENTES 113,690 1,770,153 0.58USD

Latin American EquityStatement of investments as at 30 September 2010(expressed in USD)



28,935,551 9.47

BANCOLOMBIA SA / ADR 2,700 180,495 0.06USD

COLOMBIA

180,495 0.06

TERNIUM SA LUXEMBOURG/ADR 200,875 6,598,744 2.16USD

LUXEMBOURG

6,598,744 2.16

AMERICA MOVIL SAB /ADR -L- 276,591 14,711,875 4.82USD

MEXICO

FOMENTO ECONOMICOMEXICANO / ADR 33,660 1,723,392 0.56USD

16,435,267 5.38


GRUPO TELEVISA /GDS 201,713 3,848,684 1.26USD

GDS(Global Depositary Shares)

MEXICO

3,848,684 1.26

1.263,848,684TOTAL GDS (Global Depositary Shares)

96.82



EXCHANGE LISTING

295,804,479

BANCOLOMBIA SA 83,000 1,356,751 0.44COP


SHARES

COLOMBIA

1,356,751 0.44







207


CENTAMIN EGYPT 24,800 69,760 0.78GBP


EXCHANGE LISTING

SHARES

AUSTRALIA

69,760 0.78

COMMERCIALINTERNATIONAL BANK LTD 41,660 311,004 3.49EGP

EGYPT

EFG HERMES 15,585 79,389 0.89EGP

ELSEWEDY CABLES 7,055 87,713 0.98EGP

EZZ STEEL REBARDS 33,480 113,501 1.27EGP

GHABBOUR AUTO 10,100 78,061 0.88EGP

ORASCOM CONSTRUCTIONINDUSTRIE 2,330 102,241 1.15EGP

ORASCOM TELECOMHOLDING 90,780 80,208 0.90EGP

SIXTH OFOCT.DVPT&INV/SODIC SA 5,850 95,976 1.08EGP

TELECOM EGYPT 22,790 70,055 0.79EGP

1,018,148 11.43

AGILITY PUBLIC 40,000 73,054 0.82KWD

KUWAIT

KUWAIT FINANCE HOUSE 63,600 259,119 2.91KWD

KUWAIT INVES PROJECT 129,489 213,753 2.40KWD

MABANEE CO 50,500 127,704 1.43KWD

MOBILETELECOMMUNICATIONS CO 140,000 668,728 7.50KWD

NATIONAL MOBILE TEL 12,500 82,537 0.93KWD

1,424,895 15.99

BANKMUSCAT 51,101 112,959 1.27OMR

OMAN

NATL BK OF OMAN 70,535 62,294 0.70OMR

175,253 1.97

COMMERCIAL BANK OFQATAR 6,980 162,988 1.83QAR

QATAR

DOHA BANK SHS 8,290 120,701 1.36QAR

INDUSTRIES OF QATAR 6,760 202,235 2.27QAR

QATAR ELECT & WATER 1,660 49,980 0.56QAR

INVESTMENTS

Middle East and North Africa EquityStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

QATAR GAS TRANSCOMPANY LTD 22,010 116,697 1.31QAR

QATAR NATIONAL BANK 5,457 228,614 2.56QAR

QATAR TELECOM (Q-TELL) 1,810 86,966 0.98QAR

968,181 10.87

NATL BANK OF KUWAIT 115,250 607,176 6.82KWD

SAUDI ARABIA

607,176 6.82

TUNISIE PROFIELSALUMINIUM 16,678 71,733 0.81TND

TUNISIA

71,733 0.81

ALDAR PROPERTIES PJSC 109,169 73,712 0.83AED

UNITED ARAB EMIRATES

DANA GAS 522,012 117,963 1.32AED

DP WORLD 249,756 129,623 1.46USD

EMAAR PROPERTIES 193,112 196,111 2.21AED

FIRST GULF BANK 25,142 102,336 1.15AED

NATIONAL BANK OF ABUDHABI 41,561 132,956 1.49AED

UNION NATIONAL BANK 99,462 92,071 1.03AED

844,772 9.49


CS INTL 08.06.11 CERT /JARIR 1,600 67,834 0.76USD


GREAT BRITAIN

CS INTL 19.12.10 CERT/SABIC 10,300 246,490 2.78USD

CS INTL 23.01.11 CERT/ RIBL 11,100 83,169 0.93USD

DB LN 03.12.12 CW /RJHI 7,400 155,386 1.74USD

DB LN 03.12.12 CW /SABIC 3,100 74,186 0.83USD

DB LN 10.12.12 CERT /EEC 6,800 96,551 1.08USD

DB LN 31.03.14 CW/SAAC 17,778 89,119 1.00USD

DB LN 31.12.12 CW /YACCO 6,600 90,192 1.01USD

HSBC 05.09.11 CERT/MAADEN 26,600 154,486 1.73USD

HSBC 05.09.11 CERT/SAMBA 15,400 259,721 2.93USD

HSBC 08.10.12 PST/SIPCHEM 9,404 61,576 0.69USD

HSBC 08-23.01.12 ELN/EEC 7,627 108,578 1.22USD

HSBC 13.10.11 CERT/SAFCO 2,650 101,751 1.14USD

1,589,039 17.84


Quantity/Facevalue


208

RIGHTS TPR 10-25.05.10 24 3 0.00TND

TUNISIA

3 0.00

CITIGROUP 01.02.11CERT/ALMARAI 2,880 155,314 1.74USD

UNITED STATES

CITIGROUP 01.02.11CERT/SABIC 11,000 263,242 2.96USD

CITIGROUP 10-01.02.11CERT/RJHI 3,500 73,493 0.83USD

492,049 5.53


SECURITIES

81.53



EXCHANGE LISTING

7,261,009

ADDOHA MAROC EM.2010 903 11,101 0.12MAD


MARKET

SHARES

MOROCCO

ATTIJARIWAFA BANK 4,678 187,141 2.11MAD

DOUJA PROM.GRP ADDOHAMAROC 12,527 155,978 1.75MAD

MAROC TELECOM 6,473 117,905 1.32MAD

472,125 5.30

DRAKE & SCULL 255,000 64,220 0.72AED


64,220 0.72


ORASCOMCONSTR.IND./SGDR 3,160 139,537 1.57USD


EGYPT

ORASCOM TELECOMHOLDING /GDR REGS 8,197 35,583 0.40USD

175,120 1.97




Middle East and North Africa EquityStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

ARAB BANK 12,870 190,747 2.14JOD


SHARES

JORDAN

190,747 2.14

BANK AUDI SAL AUDISARADAR 16,000 131,200 1.47USD

LEBANON

SOLIDERE -A- 10,372 196,031 2.21USD

327,231 3.68

RENAISSANCE SERVICESSAOG 29,400 63,843 0.72OMR

OMAN

63,843 0.72


CS INTL 05.04.11 CERT/ BSFR 11,300 143,723 1.61USD


GREAT BRITAIN

143,723 1.61


SECURITIES






Quantity/Facevalue

209


ANHANGUERAEDUCACIONAL PART. 1,792,908 31,215,872 1.10BRL


EXCHANGE LISTING

SHARES

BRAZIL

BANCO BRADESCO SA /PREF. 1,589,655 31,473,334 1.11BRL

BANCO DO BRASIL SA 4,345,900 81,800,407 2.88BRL


BRF FOODS 5,463,314 80,788,063 2.85BRL

CIA DE CONCESSOESRODOVIARIAS 3,284,056 82,676,119 2.91BRL

CIA HERING 1,929,379 84,944,470 2.99BRL

CONTAX PARTICIPACOES SA 658,600 12,694,743 0.45BRL

CYRELA BRAZIL REALTY SA 3,210,300 45,413,655 1.60BRL

DIAGNOST DA AMERICA SABRL 7,759,227 92,511,978 3.26BRL

DURATEX 10,711,429 114,227,580 4.01BRL

ECORODOVIAS 4,125,700 27,179,498 0.96BRL

FIBRIA 266,200 4,614,386 0.16BRL

GAFISA SA 2,299,000 17,200,927 0.61BRL

GERDAU /PREF. 319,700 4,281,850 0.15BRL

GOL LINHAS AEREASINTELIGENTES 1,034,156 15,785,167 0.56BRL

HYPERMARCAS SA 6,712,298 101,665,645 3.58BRL

INVESTIMENTOS ITAU /PREF. 9,093,157 68,034,243 2.40BRL

IOCHPE MAXION SA 2,545,440 31,277,142 1.10BRL

JBS AS 26,288,303 111,950,716 3.94BRL


METALFRIO SOLUTIONS SA 3,017,800 19,170,788 0.68BRL

METALURGICA GERDAU/PREF. 2,181,900 35,113,708 1.24BRL

MRV ENGHENHARIA 4,858,079 45,834,732 1.61BRL

MULTIPLANEMPREENDIMENTOS 922,400 19,201,078 0.68BRL

OGX PETROLEO E GASPARTICIP SA 8,725,200 111,778,692 3.94BRL

PETROBRAS PETROLEOBRASILEIRO 2,652,420 47,475,550 1.67BRL

PETROLEO BRASILEIRO/PREF. 516,700 8,312,307 0.29BRL

PROFAMA SA 1,356,600 12,607,665 0.44BRL

INVESTMENTS

Brazil EquityStatement of investments as at 30 September 2010(expressed in USD)


SAO CARLOSEMPREENDIMENTOS 3,126,584 32,183,547 1.13BRL

SAO MARTINHO SA 1,440,781 15,398,509 0.54BRL

TELEMAR 232,067 4,288,894 0.15BRL

USIMINAS PREF.-A- 6,128,600 81,649,822 2.88BRL

VALE RIO DOCE /NAM. 1,956,600 59,833,943 2.11BRL

1,713,566,302 60.35

60.351,713,566,302TOTAL SHARES

BANCO BRADESCO /SADR 2,340,219 47,249,022 1.66USD


BRAZIL

BRF BR FOODS /SADR 1,134,400 17,106,752 0.60USD

GERDAU SA SADR PREF. SHS 1,364,562 18,544,398 0.65USD

PETROBRAS /SADR 1,127,348 36,661,357 1.29USD

PETROLEO BRASILEIRO/SADR 3,202,258 115,409,378 4.08USD

TELE NORT. LE. TNLP /PREF.SADR 1,059,100 15,176,903 0.53USD

VALE / -A- /SADR 534,201 14,610,397 0.51USD

VALE /SADR 3,230,359 100,205,736 3.54USD

VIVO PARTICIPACOES SA/SADR 1,875,400 50,917,110 1.79USD

415,881,053 14.65


Receipt)

GP INVESTMENTS LTD /BDR 8,202,290 29,430,031 1.04BRL


BERMUDA ISLANDS

29,430,031 1.04


BANCO DAYCOVAL SA /PREF. 5,391,900 35,521,035 1.25BRL

PREFERENTIAL SHARES

BRAZIL

BANRISUL PNB -B- /PREF 2,352,382 23,176,530 0.82BRL

BRADESPAR SA BRASIL/PREF. 4,286,281 102,612,626 3.62BRL

CIA BRAS -A- /PFD 242,500 8,220,271 0.29BRL

CIA VALE DO RIO DOCE A/PREF. 1,468,900 39,761,669 1.40BRL

CONTAXPARTICIPACOES/PREF. SHS 1,682,200 27,012,578 0.95BRL

ITAU HOLDING /PREF 2,085,190 48,962,313 1.72BRL



210

NET SERVICOS DECOMUNICACAO /PREF 163,503 2,116,760 0.07BRL

SARAIVA SA LIVREIROS EDIT/PREF. 1,643,956 35,391,342 1.25BRL

TEMAR / PREF. 539,900 7,710,593 0.27BRL


340,782,917 12.00




BRAZIL


GAFISA SA 397,456 6,037,357 0.21USD

GOL LINHAS AEREASINTELIGENTES 813,574 12,667,347 0.45USD


248,050,910 8.74


96.78



EXCHANGE LISTING

2,747,711,213



100.00TOTAL NET ASSETS 2,839,006,363

Brazil EquityStatement of investments as at 30 September 2010(expressed in USD)


211


BRILLIANCE CHINAAUTOMOTIVE 28,278,000 21,060,616 0.66HKD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS


HAIER ELECTRONICS GROUPCO LTD 4,964,000 4,183,156 0.13HKD

HUABA0 INTERNATIONAL 7,130,000 11,190,033 0.35HKD

62,844,752 1.97


CAYMAN ISLANDS

BOSIDENG INTERNATION.HLDG LTD 77,082,000 33,471,672 1.05HKD

CHINA DONGXIANG (GROUP)CO. LTD 16,397,000 9,423,100 0.30HKD

CHINA LILANG 11,213,000 18,782,773 0.59HKD

CHINA WIRELESSTECHNOLOGIES 26,600,000 12,373,238 0.39HKD

COMBA TELECOM SYST 16,148,000 18,227,092 0.57HKD

DAPHNE INTERNATIONALHLDGS LTD 19,146,000 22,622,569 0.71HKD

ENN ENERGY HOLDINGS 3,900,000 11,206,345 0.35HKD

EVERGRANDE REAL 56,000,000 18,905,312 0.59HKD

HENGAN INTL GROUP 3,909,500 38,965,125 1.22HKD

INTIME DEPT.STORE (GROUP)CO LTD 15,562,000 21,455,751 0.67HKD

LONKING HOLDINGS LTD 9,800,000 9,900,034 0.31HKD

REAL GOLD MINING 15,497,500 27,517,273 0.86HKD

RUINIAN INTERNATIONALLTD 20,000,000 16,750,890 0.53HKD

SOHO CHINA LTD 30,891,500 21,932,348 0.69HKD

TENCENT HOLDINGS 5,158,000 112,720,193 3.52HKD

VINDA INTL HLDG 7,665,000 10,804,981 0.34HKD

WANT WANT CHINAHOLDINGS LTD 53,212,000 49,366,986 1.55HKD


361 DEGREESINTERNATIONAL IPO 12,029,661 12,090,452 0.38HKD

539,935,684 16.92

INVESTMENTS

Chinese EquityStatement of investments as at 30 September 2010(expressed in USD)


AGILE PROPERTY HOLDINGSLTD 8,514,000 9,654,079 0.30HKD

CHINA


AIR CHINA LTD -H- 20,654,000 28,529,456 0.89HKD



BBMG -H- 21,729,000 30,518,331 0.96HKD

BYD COMPANY LIMITED -H- 2,750,000 22,093,458 0.69HKD





CHINA INTERNATIONALMARINE B 10,737,489 18,318,304 0.57HKD


CHINA NATIONAL BUILDINGMATERIAL -H- 8,908,000 20,867,413 0.65HKD





CHINA SOUTH LOCOMOTIVE -H- 12,000,000 11,349,372 0.36HKD



GUANGZHOU R&F PROPERTY-H- /NEW 13,800,000 19,382,068 0.61HKD

HANGZHOU STEAM TURBINE-B- 5,500,000 11,324,890 0.35HKD

HARBIN POWER EQUIPMENTCO. H 11,462,000 14,252,211 0.45HKD

IND & COM BOC -H- 277,315,000 206,535,987 6.48HKD

INNER MONG. YITAI COALCO. B 5,334,840 30,317,896 0.95USD

JIANGXI COPPER CO. LTD H 19,808,000 50,178,616 1.57HKD



212

MAANSHAN IRON & STEELCO. H 26,504,000 16,563,332 0.52HKD

NINE DRAGONS PAPERHOLDINGS LTD 22,760,000 39,415,411 1.24HKD

PICC PROPERTY & CASUALTY-H- 9,708,000 13,134,502 0.41HKD


SHIMAO PROPERTY HOLDINGLTD 18,321,500 30,454,065 0.95HKD

WEICHAI POWER CO LTD /-H- 2,451,000 25,897,134 0.81HKD

YANTAI CHANGYU PIONEERWINE -B- 1,048,028 13,369,114 0.42HKD

ZHAOJIN MINING INDUSTRY -H- 6,359,000 19,583,092 0.61HKD

1,737,022,623 54.44


HONG KONG

CHINA RESOURCES POWERHOLDINGS 7,832,000 16,833,067 0.53HKD


CNOOC LTD 132,895,000 257,543,748 8.07HKD

FUSHAN INTERNAT ENERGYGROUP 40,000,000 27,110,671 0.85HKD

KINGBOARD CHEMICALSHOLDINGS 4,813,000 24,372,661 0.76HKD

SEMICONDUCTORMANUFACTERINTERNATIONAL CORP. 103,000,000 7,432,241 0.23HKD

SHANGHAI INDUSTRIALHOLDINGS 1,755,000 8,864,571 0.28HKD

TECHTRONIC INDUSTRIES COLTD 11,726,500 11,528,890 0.36HKD

660,983,149 20.72

WEST CHINA CEMENT 36,506,000 11,007,144 0.35HKD

JERSEY

11,007,144 0.35

94.403,011,793,352TOTAL SHARES

Chinese EquityStatement of investments as at 30 September 2010(expressed in USD)


PERFECT WORLD CO LTD/SADR -B- 1,230,000 31,340,400 0.98USD


CAYMAN ISLANDS

31,340,400 0.98


Receipt)

95.38



EXCHANGE LISTING

3,043,133,752



SHARES

BERMUDA ISLANDS

16,583,381 0.52





100.00TOTAL NET ASSETS 3,190,409,209


213


CHEUNG KONGINFRASTRUCTURE HOLDING 462,000 1,833,527 0.41HKD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

JOHNSON ELECTRICHOLDINGS LTD 5,696,000 3,009,181 0.68HKD

TPV TECHNOLOGY LTD 7,590,000 4,987,771 1.13HKD

VTECH HLDGS SHS 392,000 4,005,473 0.91HKD

13,835,952 3.13

CHINA SHINEWAY PHARMAGRP LTD 1,684,000 5,934,634 1.34HKD

CAYMAN ISLANDS

CN RESO CEMENT 3,906,000 2,300,080 0.52HKD

COMBA TELECOM SYST 1,951,949 2,203,267 0.50HKD

DAPHNE INTERNATIONALHLDGS LTD 3,490,000 4,123,721 0.93HKD

ERA HOLDINGS GLOBAL 7,088,000 465,788 0.11HKD


KWG PORPERTY HOLDINGLTD 3,691,000 2,829,799 0.64HKD

NEW WORLD DEVELOPMENTSTORE CN 1,626,000 1,671,930 0.38HKD

PEAK SPORT PDT 2,675,000 1,964,686 0.44HKD

SHENGUAN HOLDINGS 1,500,000 1,758,843 0.40HKD

SINO PROSPER STATE GOLDRES 92,560,000 4,532,121 1.02HKD


VST HOLDINGS LTD 4,120,000 1,098,910 0.25HKD


51,901,424 11.73


CHINA

ALUMINIUM CORP. OF CHINA-H- 3,924,000 3,701,132 0.84HKD




INVESTMENTS

Hong Kong EquityStatement of investments as at 30 September 2010(expressed in USD)








HUANENG POWERINTERNATIONAL -H- 3,046,000 1,895,709 0.43HKD

IND & COM BOC -H- 28,267,000 21,052,423 4.75HKD

JIANGXI COPPER CO. LTD H 333,000 843,572 0.19HKD

NINE DRAGONS PAPERHOLDINGS LTD 1,489,000 2,578,627 0.58HKD



152,898,304 34.56

BEIJING ENTERPRISESHOLDING LTD 178,000 1,266,058 0.29HKD

HONG KONG

BOC HONG KONG HOLDINGSLTD 1,622,500 5,142,974 1.16HKD

CATHAY PACIFIC AIRWAYS 1,338,000 3,629,132 0.82HKD

CHEUNG KONG HOLDINGS 748,000 11,334,528 2.56HKD

CHINA EVERBRIGHT LTD 684,000 1,628,743 0.37HKD

CHINA MERCHANTSHOLDINGS 613,909 2,230,733 0.50HKD


CHINA OVERSEASLAND&INVESTMENT 784,000 1,658,761 0.37HKD

CITIC PACIFIC LTD 777,000 1,772,102 0.40HKD

CLP HOLDINGS LTD 938,000 7,487,532 1.69HKD

CNOOC LTD 10,757,000 20,846,519 4.71HKD

COSCO PACIFIC LTD 2,744,000 4,129,728 0.93HKD

DAH CHONG HONGHOLDINGS LTD 1,308,000 1,614,611 0.36HKD

H.K.EXCHANGES ANDCLEARING LTD 649,500 12,787,836 2.89HKD

HONGKONG ELECTRICHOLDINGS LTD 831,500 5,051,711 1.14HKD

HSBC HOLDINGS PLC 3,210,775 32,973,324 7.46HKD

HUTCHISON WHAMP 946,261 8,827,628 2.00HKD



214

LENOVO GROUP LTD 7,392,000 4,562,386 1.03HKD

LI & FUNG LTD 1,981,000 11,142,003 2.52HKD

POLY(HONGKONG)INVESTMENTS LTD 4,134,000 4,431,883 1.00HKD

SUN HUNG KAI PROPERTIESLTD 1,349,242 23,296,420 5.27HKD

THE WHARF HOLDING 1,437,124 9,240,369 2.09HKD

WELLING HLDG 16,978,000 929,758 0.21HKD

215,198,988 48.64

98.06433,834,668TOTAL SHARES

CHARM COMM INC -A- ADR 167,400 1,312,416 0.30USD


CAYMAN ISLANDS

1,312,416 0.30


98.36



EXCHANGE LISTING

435,147,084



SHARES

BERMUDA ISLANDS

1,902,265 0.43

EMPEROR WATCH &JEWELLERY LTD 19,360,000 2,220,189 0.50HKD

HONG KONG

SWIRE PACIFIC LTD A 234,000 3,223,206 0.73HKD

5,443,395 1.23




(0.02)OTHER NET ASSETS LESS LIABILITIES (80,774)


Hong Kong EquityStatement of investments as at 30 September 2010(expressed in USD)


215


GUJARAT NRE MINERALSLTD - SHS 47,934,278 28,085,281 0.38AUD


EXCHANGE LISTING

SHARES

AUSTRALIA

28,085,281 0.38

CAIRN ENERGY 74,500,000 545,566,003 7.34GBP

GREAT BRITAIN

545,566,003 7.34

ADANI POWER 21,157,481 63,611,194 0.86INR

INDIA

ADITYA BIRLA NUVO LTD /DEMATER. 7,476,053 143,870,771 1.94INR

ASHAPURA MINECHEM LTD/DEMAT. 3,400,000 3,898,204 0.05INR

AUROBINDOPHARMA/DEMATERIAL. 2,360,690 54,979,540 0.74INR

BANK OF INDIA /DEMATERIALISED 2,460,581 28,567,409 0.38INR

BHARAT FORGE LTD /DEMAT. 1,200,000 9,760,095 0.13INR

BHARAT HEAVY ELECTRICALS/DEMAT. 3,046,372 169,409,065 2.28INR

BHARTI AIRTEL LTD/DEMAT. 29,200,000 239,985,255 3.23INR

CAIRN INDIA LIMITED 1,056,124 7,938,245 0.11INR

CROMPTON GREAVESLTD/DEMAT. 7,900,000 55,426,794 0.75INR

CUMMINS INDIA LTD 2,662,147 43,949,770 0.59INR

DR REDDY SLABORATORIES/DEMAT. 3,330,000 107,716,918 1.45INR

EMAMI INFRASTRUCTURELTD 6,000,000 61,939,582 0.83INR

EMAMI INFRASTRUCTURELTD 159,000 187,828 0.00INR

EVEREADY INDUSTRIES (I)/DEMAT. 5,598,379 8,654,586 0.12INR

EXIDE INDUSTRIES LTD 5,783,638 21,236,449 0.29INR

GAMMON INDIA LTD /DEMAT. 5,905,537 29,170,433 0.39INR

GAMMON INFRASTR 12,886,285 7,054,762 0.09INR

GITANJALI GEMS LTD/DEMAT. 3,336,314 17,677,452 0.24INR

GLENMARKPHARMACEUTICALS 10,000,000 67,254,908 0.91INR

INVESTMENTS

Indian EquityStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

GRASIM INDUSTRIES/DEMAT. 69,534 3,463,966 0.05INR

GUJARAT NRE COKE LTD 33,900,000 46,967,933 0.63INR

GUJARAT STATE PETRONET/DEMAT. 13,795,967 33,987,504 0.46INR

GVK POWERINFRASTRUCTURE 65,600,000 68,441,825 0.92INR

HCL INFOSYSTEMS LTD/DEMAT. 15,000,000 41,328,954 0.56INR

HCL TECHNOLOGIES /DEMAT. 47,538,284 448,778,883 6.04INR

HINDALCO INDUSTRIES /DEMAT. 10,000,000 44,212,109 0.60INR

HINDUSTAN CONSTR. LTD/DEMAT. 46,952,800 61,997,296 0.83INR

ICICI BANK LTD /DEMAT. 1,971,419 49,228,815 0.66INR

INDIA CEMENTS LTD /DEMAT. 16,600,000 43,167,442 0.58INR

INDIABULLS FINANCESRV/DEMAT. 23,000,000 73,459,860 0.99INR

INDIABULLS POWER 50,723,748 32,890,764 0.44INR

INDIABULLS REAL ESTATE/DEMAT. 27,613,717 105,977,272 1.43INR

INDUSIND BANK LTD 6,350,000 37,884,089 0.51INR

ING VYSYA BANK /DEMAT. 3,226,305 27,536,625 0.37INR

IRB INFRASTRUCTUREDEVELOPERS 5,125,148 29,938,413 0.40INR

ITC LTD /DEMAT. 11,400,000 45,605,895 0.61INR

IVR PRIME URBANDEVELOPERS 3,361,354 9,615,884 0.13INR

IVRCL INFRASTRUCTURESAND PROJECTS 20,930,340 75,138,246 1.01INR

JAIPRAKASH ASSOCIATIONLTD 34,500,000 93,508,441 1.26INR

JINDAL SOUTH WESTHOLDINGS 390,000 18,657,667 0.25INR

JINDAL STEEL & POWER/DEMAT. 29,300,000 464,949,050 6.26INR

KALPATARU POWER 5,846,045 23,524,929 0.32INR

KOTAK MAHIND 1,079,338 11,534,608 0.16INR

LARSEN & TOUBRO LTD /DEMAT. 1,600,000 73,706,442 0.99INR

LUPIN LTD 5,500,000 47,892,898 0.64INR

MAHINDRA & MAHINDRA 12,800,000 198,594,374 2.67INR

MAHINDRA LIFESCAPES LTD 2,027,834 21,750,563 0.29INR

MARUTI SUZUKI INDIA LTD 17,553,694 567,501,681 7.65INR

MAX INDIA LIMITED/DEMAT. 1,505,694 5,733,019 0.08INR

NAGARJUNA CONSTRUCTION/DEMAT. 16,700,000 58,790,101 0.79INR


Quantity/Facevalue


216

NOIDA TOLLBRIDGE/DEMATERIAL. 9,500,000 6,692,957 0.09INR

OPTO CIRCUITS INDIALTD/DEMAT. 8,294,481 55,235,451 0.74INR

PENINSULA LAND LTD 5,000,000 7,258,370 0.10INR

PTC INDIA LTD 2,653,745 6,862,224 0.09INR

PUNJ LLOYD LTD 600,000 1,703,641 0.02INR

PURAVANKARA PROJECTSLTD 9,130,176 26,364,679 0.35INR

RADICO KHAITAN LTD/DEMAT. 11,000,000 42,808,674 0.58INR

RELIANCE INDUSTRIES/DEMAT. 7,300,000 161,701,776 2.18INR

RURAL ELECTRIFICATIONCORP LTD 23,089,813 177,618,974 2.39INR

SHREE CEMENTS LTD 115,750 5,505,686 0.07INR

SIMPLEX INFRASTRUCTURE/DEMATERIALISED 1,966,160 20,908,177 0.28INR

SINTEX INDUSTRIES LTD/DEMAT. 3,109,844 26,814,751 0.36INR

SKS MICRO 180,000 5,401,102 0.07INR

ST.BK OFINDIA/DEMATERIALISED 6,600,000 479,859,446 6.46INR

STERLITE IND(INDIA) --- SHS 21,670,933 81,151,908 1.09INR

STRIDES ARCOLAB LTD 3,592,253 34,649,674 0.47INR

SUMMIT SECURITIES LTD 3,501 37,281 0.00INR

TATA STEEL LTD /DEMAT. 1,700,000 24,863,449 0.33INR

TRIVENI ENGINEERING &INDUSTRIES /DEMAT 2,927,845 8,096,546 0.11INR

ULTRA TECH CEMENT LTD 39,733 947,297 0.01INR

UNITECH LTD /DEMAT. 189,611,939 375,656,728 5.06INR

UNITED PHOSPHORUS LTD/DEMAT. 3,474,933 13,987,293 0.19INR

UNITED SPIRITS LIMITED/DEMAT. 7,100,000 250,638,903 3.37INR

USHA MARTIN LTD 21,052,473 41,094,827 0.55INR

WELSPUN GLOBAL BRANDSLTD 196,170 - 0.00INR

WELSPUN INDIA LTD 1,760,000 2,487,815 0.03INR

WELSPUNINVEST&COMMERCIALS LTD 98,085 251,104 0.00INR

WIPRO LTD /DEMAT. 5,555,938 56,027,799 0.75INR

ZEE ENTERTAINMENTENTERPRISE LTD /DEMAT. 2,501,061 16,846,115 0.23INR

5,939,527,455 79.93



Quantity/Facevalue

UNITECH CORPORATE PARKSPLC 35,999,999 18,882,556 0.25GBP

ISLE OF MAN

18,882,556 0.25

YATRA CAPITAL LTD 988,000 5,250,948 0.07EUR

JERSEY

5,250,948 0.07

COGNIZANT TECHNOLOGYSOL.CORP. 3,800,706 245,639,629 3.31USD

UNITED STATES

245,639,629 3.31

91.286,782,951,872TOTAL SHARES

HIRCO PLC/REIT 3,970,746 5,300,660 0.07GBP

INVESTMENT FUNDS

ISLE OF MAN

5,300,660 0.07


MOR ST AS 21.04.14 CW/UT 22,142,000 43,866,690 0.59USD


CAYMAN ISLANDS

43,866,690 0.59

DEUTSCHE BANK LN 07-27.03.17 CW /INDIABULLS 1,700,000 6,524,231 0.09USD

GREAT BRITAIN

DEUTSCHE BANK LN 30.01.17WRT /HCL INFOS 2,150,000 5,923,717 0.08USD

HSBC BK 10-12.08.20CW/SKSM IN 173,239 5,198,142 0.07USD

HSBC 14.01.19 CW/MARUTI 1,081,979 34,979,213 0.47USD

52,625,303 0.71

JP MORGAN INTERNATIONAL08-13 WRT/GAMMON 2,242,255 1,227,529 0.02USD

JERSEY

1,227,529 0.02

ABN AMRO 03.07.09WRT/HCL TC. 587,846 5,549,387 0.07USD

NETHERLANDS

BNP PARIBAS 01.04.15 CW /UNITECH 4,000,000 7,924,612 0.11USD

BNP PARIBAS 01.04.15 CW/HCLT 1,820,565 17,186,509 0.23USD


Quantity/Facevalue

217


BNP PARIBAS 01.04.15CW/HCLI 900,000 2,479,695 0.03USD

BNP PARIBAS 05.05.14 CW/SKSM 156,236 4,687,956 0.06USD

JP MORGAN STRUCTURE07.10.14 CERT/GISP 8,969,020 4,910,117 0.07USD

JP MORGAN STRUCTURE 09-25.08.14 CERT/IVRCL 200,000 712,000 0.01USD

JP MORGAN STRUCTURE13.10.14 WRT/IBPOW 13,077,261 8,479,531 0.11USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 943,057 8,902,652 0.12USD

JP MORGAN STRUCTURE19.05.14 CERT/IBREL 9,800,000 37,610,274 0.51USD

98,442,733 1.32

CITIGROUP 24.10.12CW/HCLT 2,028,400 19,148,514 0.26USD

UNITED STATES

19,148,514 0.26


SECURITIES

ICICI BANK /SADR 400,000 19,920,000 0.27USD


INDIA

19,920,000 0.27


Receipt)

FINANCIAL TECHNOLOGIES/GDR 6 22 0.00USD


INDIA

22 0.00

0.0022TOTAL GDR (Global Depositary Receipt)

DR REDDY SLABORATORIES/ADR 3,755,454 121,075,837 1.63USD


INDIA

STERLITE INDUSTRIES (INDIA)/ADR 6,450,000 95,718,000 1.29USD

216,793,837 2.92


97.44



EXCHANGE LISTING

7,240,277,160



Quantity/Facevalue

UNITED SPIRITS LTD / GDR 1 18 0.00USD


MARKET


INDIA

18 0.00

0.0018TOTAL GDR (Global Depositary Receipt)


ON ANOTHER REGULATED MARKET18

GUJARAT NRE COKE LTD 2,890,747 2,811,668 0.04INR


SHARES

INDIA

INDIABULLS SECURITIES LTD 17,072,440 10,438,230 0.14INR

KESORAM TEXT.MILLSLTD/DM 1,014,882 5,693 0.00INR

13,255,591 0.18


BNP PARIBAS 01.04.15CW/INDIABULLS 350,000 1,343,230 0.02USD


NETHERLANDS

1,343,230 0.02


SECURITIES




100.00TOTAL NET ASSETS 7,429,885,558


Quantity/Facevalue


218

ABC MART INC. 3,600 9,252,000 0.19JPY


EXCHANGE LISTING

SHARES

JAPAN

AEON CO. LTD 48,600 43,545,600 0.88JPY

AEON CREDIT SERVICE LTD 28,600 25,711,400 0.52JPY

AIR WATER INC. OSAKA 15,000 14,880,000 0.30JPY

AISIN SEIKI CO. LTD 18,300 47,653,200 0.96JPY

ALFRESA HOLDING CORP.TOKYO 3,700 13,172,000 0.26JPY

ASAHI GLASS CO. LTD 71,000 60,421,000 1.21JPY

ASAHI KASEI CORP. 95,000 43,700,000 0.88JPY

ASTELLAS PHARMA INC. 11,500 34,672,500 0.70JPY

BRIDGESTONE CORP. 16,500 25,096,500 0.50JPY

CANON INC. 28,800 112,176,000 2.24JPY

CENTRAL JAPAN RAILWAYCO. 83 50,962,000 1.02JPY

CHUBU ELECTRIC POWER -C- 5,700 11,759,100 0.24JPY

CHUO MITSUI TRUSTHOLDINGS INC. 78,000 21,606,000 0.43JPY

COSMO OIL CO LTD 118,000 25,724,000 0.52JPY

DAICEL CHEMICALINDUSTRIES CO. 52,000 29,224,000 0.59JPY

DAIHATSU MOTOR CO. 35,000 39,095,000 0.79JPY

DAIICHI SANKYO CO. LTD 27,700 47,034,600 0.95JPY

DAITO TRUSTCONSTRUCTION 9,200 45,908,000 0.92JPY

DAIWA HOUSE INDUSTRYCO. LTD 29,000 24,360,000 0.49JPY

DENA CO LTD TOKYO 7,900 20,769,100 0.42JPY

DOWA HOLDINGS CO. LTD 60,000 29,820,000 0.60JPY

EAST JAPAN RAILWAY CO. 3,400 17,136,000 0.34JPY

EISAI CO. LTD 17,400 50,790,600 1.02JPY

ELPIDA MEMORY INC 25,200 24,192,000 0.49JPY

FAMILYMART CO. LTD 12,000 35,916,000 0.72JPY

FANUC LTD JPY 50 2,000 21,260,000 0.43JPY

FUJIFILM HOLDINGS CORP. 9,900 27,373,500 0.55JPY

FUJITSU LTD 98,000 57,428,000 1.15JPY

HINO MOTORS LTD 74,000 29,822,000 0.60JPY

HITACHI CHEMICAL CO. 8,700 13,554,600 0.27JPY

HITACHI LTD 209,000 76,285,000 1.53JPY

INVESTMENTS

Japanese EquityStatement of investments as at 30 September 2010(expressed in JPY)


HITACHI LTD 32,000 31,456,000 0.63JPY

HOKUHOKU FINANCIALGROUP 138,000 21,114,000 0.42JPY

HONDA MOTOR CO. LTD 31,400 93,038,200 1.87JPY

HOYA CORP. 27,400 55,759,000 1.12JPY

IDEMITSU KOSAN 3,200 22,912,000 0.46JPY

ITOCHU CORP. 38,200 29,184,800 0.59JPY

ITOCHU TECHNO-SOLUTIONSCORP 4,100 11,176,600 0.22JPY

JAPAN TOBACCO INC. 114 31,680,600 0.64JPY

JFE HOLDINGS INC. 11,800 30,125,400 0.61JPY

JGC CORP. 28,000 40,572,000 0.82JPY

JOYO BANK LTD 67,000 24,388,000 0.49JPY

JX HOLDINGS 80,900 39,155,600 0.79JPY

KANSAI ELECTRIC POWERCO. JPY 500 5,700 11,553,900 0.23JPY

KAO CORP. 13,800 28,069,200 0.56JPY

KINDEN CORP 13,000 9,802,000 0.20JPY

KOBE STEEL LTD 235,000 46,060,000 0.93JPY

KOMATSU LTD 24,300 47,093,400 0.95JPY

KONICA MINOLTA HOLDINGSINC. 12,000 9,768,000 0.20JPY

KYUSHU ELECTR.POWER CO. 28,300 53,939,800 1.08JPY

LAWSON INC. 1,800 6,885,000 0.14JPY

MARUBENI CORP. 103,000 48,616,000 0.98JPY

MATSUI SECURITIES LTD 11,600 5,417,200 0.11JPY

MEDICEO PALTAC HOLDINGSCO. LTD 10,800 11,458,800 0.23JPY

MEIJI HOLDINGS CO LTD 9,200 36,156,000 0.73JPY

MINIBEA CO. LTD 43,000 18,490,000 0.37JPY

MITSUBISHI CORP. 26,700 52,892,700 1.06JPY

MITSUBISHI ELECTRIC CORP. 49,000 35,182,000 0.71JPY

MITSUBISHI ESTATE CO. 9,000 12,222,000 0.25JPY

MITSUBISHI UFJ FINANCIALGROUP 351,800 136,850,200 2.74JPY

MITSUI & CO. LTD 73,200 90,914,400 1.83JPY

MITSUI ENGINEERING &SHIPBUILDING 66,000 12,474,000 0.25JPY

MITSUI FUDOSAN CO. 10,000 14,080,000 0.28JPY

MITSUI MINING & SMELTING 47,000 11,233,000 0.23JPY

MITSUI O.S.K. LINES LTDTOKYO 55,000 28,875,000 0.58JPY

MIZUHO FINANCIAL GROUPINC. 529,000 64,538,000 1.30JPY


219


MURATA MANUFACTURINGCO LTD 12,400 54,560,000 1.10JPY

NGK SPARK PLUG CO LTD 21,000 23,457,000 0.47JPY

NHK SPRING CO 35,000 24,185,000 0.49JPY

NINTENDO CO. LTD 1,300 27,118,000 0.54JPY

NIPPON ELECTRIC GLASS 42,000 47,796,000 0.96JPY

NIPPON PAPER GROUP INC. 15,900 33,215,100 0.67JPY

NIPPON TEL&TEL 21,900 79,825,500 1.60JPY

NIPPON YUSEN K K 133,000 45,486,000 0.91JPY

NISSAN MOTOR CO. LTD 87,000 63,423,000 1.27JPY

NISSHINBO IND. 16,000 13,392,000 0.27JPY

NITTO DENKO CORP. 16,000 52,240,000 1.05JPY

NOMURA HOLDINGS INC. 30,700 12,402,800 0.25JPY

NSK LTD 65,000 36,790,000 0.74JPY

NTN CORP 96,000 34,560,000 0.69JPY

NTT DATA CORP. 128 33,779,200 0.68JPY

NTT DOCOMO INC. 330 45,870,000 0.92JPY

OMRON CORP. 12,800 24,268,800 0.49JPY

ORIENTAL LAND CO. LTD 3,200 24,896,000 0.50JPY

ORIX CORP. 7,400 47,212,000 0.95JPY

OSAKA GAS CO. LTD 152,000 45,752,000 0.92JPY

OTSUKA CORP. 3,600 19,944,000 0.40JPY

PANASONIC CORP. 23,900 27,030,900 0.54JPY

RESONA HOLDINGS INC. 44,600 33,405,400 0.67JPY

RICOH CO. LTD 37,000 43,549,000 0.88JPY

ROHM CO. LTD 2,200 11,330,000 0.23JPY

SANKYO 5,600 24,752,000 0.50JPY

SEGA SAMMY HOLDING INC 30,500 38,918,000 0.78JPY

SEKISUI CHEMICAL CO. LTD 40,000 20,200,000 0.41JPY

SEVEN & I HOLDINGS CO.LTD 5,900 11,540,400 0.23JPY

SHARP CORP. 59,000 49,029,000 0.99JPY

SHIKOKU ELECTRIC POWERCO INC. 17,500 41,912,500 0.84JPY

SHIMAMURA CORP. 2,300 17,825,000 0.36JPY

SHIN-ETSU CHEMICAL CO. 2,700 10,975,500 0.22JPY

SOFTBANK 11,600 31,679,600 0.64JPY

SONY CORP. 15,300 39,489,300 0.79JPY

SONY FINANCIAL HOLDINGINC. 131 35,632,000 0.72JPY

SUMITOMO CORP. 29,600 31,849,600 0.64JPY

SUMITOMO ELECTRICINDUSTRIES 47,600 48,456,800 0.97JPY

Japanese EquityStatement of investments as at 30 September 2010(expressed in JPY)


SUMITOMO HEAVYINDUSTRIES 48,000 20,640,000 0.41JPY

SUMITOMO METALINDUSTRIES 85,000 17,935,000 0.36JPY

SUMITOMO METAL MININGCO. LTD 37,000 47,175,000 0.95JPY

SUMITOMO MITSUIFINANCIAL GROUP 46,900 114,060,800 2.28JPY

SUMITOMO RUBBERINDUSTRIES 43,000 35,045,000 0.70JPY

SUZUKEN CO 4,100 11,328,300 0.23JPY

TAIYO YUDEN CO. LTD 97,000 30,749,000 0.62JPY

TAKEDA PHARMACEUTICALCO. LTD 27,067 103,801,945 2.09JPY

T&D HOLDINGS INC. TOKYO 15,400 26,796,000 0.54JPY

TOHO GAS CO LTD 23,000 9,499,000 0.19JPY

TOKIO MARINE HOLDINGSINC. 18,400 41,436,800 0.83JPY

TOKYO ELECTRIC POWERJPY 500 18,300 37,258,800 0.75JPY

TOKYO GAS CO.LTD 121,000 45,859,000 0.92JPY

TOKYO TATEMONO CO LTD 41,000 13,120,000 0.26JPY

TOPPAN PRINTING CO. LTD 23,000 15,019,000 0.30JPY

TOSHIBA CORP. 102,000 41,208,000 0.83JPY

TOSOH CORP 108,000 24,300,000 0.49JPY

TOYOTA MOTOR CORP. 61,597 184,667,806 3.70JPY

TOYOTA TSUSHO CORP. 27,200 33,456,000 0.67JPY

UNI-CHARM CORP. 11,700 39,312,000 0.79JPY

USS CO. LTD TOKAI 5,410 33,704,300 0.68JPY

WEST JAPAN RAILWAY CO. 182 54,490,800 1.10JPY

YAMAZAKI BAKING CO 13,000 13,234,000 0.27JPY

4,655,276,451 93.55

93.554,655,276,451TOTAL SHARES

93.55



EXCHANGE LISTING

4,655,276,451



100.00TOTAL NET ASSETS 4,976,192,293



220

AMORE PACIFIC CORP. (NEW) 900 904,538 0.69KRW


EXCHANGE LISTING

SHARES

SOUTH KOREA

BUSAN BANK 147,800 1,821,169 1.39KRW

CHEIL INDUSTRIAL INC. 5,200 455,128 0.35KRW

CJ CHEILJEDANG CORP. 7,253 1,532,972 1.17KRW

DAELIM INDUSTRIAL CO. LTD 22,500 1,665,423 1.27KRW

DAEWOO SECURITIES CO.LTD 35,700 787,419 0.60KRW

DAEWOO SHIPBUILDING &MARINE ENGINEERING CO. 86,500 2,067,199 1.58KRW


GS HOLDINGS CORP. 16,000 774,566 0.59KRW

HAN KOOK TIREMANUFACTURING CO. 23,300 673,304 0.52KRW

HANWHA CHEMICAL CORP. 65,300 1,566,283 1.20KRW

HYNIX SEMICONDUCTOR INC 140,700 2,733,175 2.09KRW

HYUNDAI DEPARTMENTSTORE CO. 23,100 2,795,701 2.14KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 36,800 2,339,836 1.79KRW

HYUNDAI FIRE & MARINE INSCO 47,500 924,797 0.71KRW


HYUNDAI MIPO DOCKYARDCO. LTD 7,000 1,157,202 0.89KRW

HYUNDAI MOBIS 19,300 4,350,007 3.33KRW


HYUNDAI SECURITIES CO LTD 105,000 1,473,360 1.13KRW

HYUNDAI STEEL CO. 25,000 2,565,225 1.96KRW

KB FINANCIAL GROUP INC. 75,325 3,236,941 2.48KRW

KCC CORP. 1,400 450,603 0.34KRW

KEPCO E&C 9,300 1,150,010 0.88KRW

KIA MOTORS CORP. 46,700 1,507,177 1.15KRW

KOREA ELECTRIC POWERCORP. 75,000 1,933,785 1.48KRW

KOREA EXCHANGE BANK 161,300 1,952,149 1.49KRW

KOREA INVESTMENTHOLDINGS CO 39,000 1,197,105 0.92KRW

KOREA ZINC CO. LTD 2,299 631,078 0.48KRW

INVESTMENTS

Korean EquityStatement of investments as at 30 September 2010(expressed in USD)


KOREAN AIR 40,100 2,729,014 2.09KRW




LG CORP. 38,500 2,785,571 2.13KRW


LG ELECTRONICS INC. 17,000 1,432,755 1.10KRW

LG FASHION CORP. 38,800 1,156,938 0.89KRW

LG UPLUS CORP 156,600 1,012,183 0.77KRW


MERITZ FIRE & MARINEINSURANCE CO. 39,420 261,014 0.20KRW

NCSOFT CORPORATION 4,300 893,751 0.68KRW

NHN CORPORATION 13,700 2,354,920 1.80KRW

PACIFIC CORP 3,850 624,643 0.48KRW

POSCO 22,600 10,227,222 7.83KRW

SAMSUNG CARD CO LTD 12,100 609,112 0.47KRW

SAMSUNG C&T CORP. 27,800 1,516,473 1.16KRW

SAMSUNG ELECTRO-MECHANICS CO. 12,900 1,408,506 1.08KRW


SAMSUNG FIRE&MARINEINSURANCE 6,200 1,060,293 0.81KRW

SAMSUNG HEAVYINDUSTRIES 47,600 1,258,618 0.96KRW

SAMSUNG LIFE 5,950 542,688 0.42KRW

SAMSUNG SDI CO. LTD 6,900 944,003 0.72KRW

SAMSUNG TECHWIN CO. LTD 7,100 703,617 0.54KRW

SHINHAN FINANCIAL GROUP 97,927 3,748,748 2.87KRW

SHINSEGAE CO. LTD 5,330 2,809,320 2.15KRW

SILICON WORKS CO LTD 4,250 260,908 0.20KRW

SK ENERGY 12,200 1,556,763 1.19KRW

SK HOLDINGS CO. LTD 7,750 805,415 0.62KRW

SK TELECOM CO. LTD 6,400 962,595 0.74KRW

SKC 25,200 759,149 0.58KRW

WOOJIN 12,600 325,428 0.25KRW

WOONG JIN COWAY CO. LTD 42,850 1,668,528 1.28KRW

127,118,490 97.30

97.30127,118,490TOTAL SHARES

97.30



EXCHANGE LISTING

127,118,490


221


FILA KOREA LTD 20,000 1,199,736 0.92KRW


MARKET

SHARES

SOUTH KOREA

HYUNDAI HOME SHOPPINGNETWORK 5,012 534,056 0.41KRW


3,248,301 2.49







Korean EquityStatement of investments as at 30 September 2010(expressed in USD)



222

ALLIANCE OIL CO/SDR 81,389 1,102,584 0.62SEK


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

1,102,584 0.62



16,832,811 9.47

ENERGYO SOL RUS 153,400 911,678 0.51SEK

SWEDEN

911,678 0.51





JSC SURGUTNEFTEGAZ/SADR 312,711 2,995,771 1.69USD




WIMM-BILL-DANN FODDS/SADR 122,242 2,756,557 1.55USD

55,565,797 31.26


Receipt)





NOVOLIPETSK STEEL REGS/GDR 122,115 4,396,140 2.47USD



VNESHTORGBANK SGDR 1,398,938 8,050,888 4.53USD

49,501,076 27.84


INVESTMENTS

Russia EquityStatement of investments as at 30 September 2010(expressed in USD)




BERMUDA ISLANDS

4,565,291 2.57



7,810,995 4.39


76.66



EXCHANGE LISTING

136,290,232

RUSHYDRO OJSC /SADR 990,221 5,099,638 2.87USD


MARKET



5,099,638 2.87


Receipt)

INTEGRA GROUP / GDR 75,722 196,877 0.11USD


CAYMAN ISLANDS

196,877 0.11

CHERKIZOVO GROUP /SGDR 206,193 3,958,906 2.23USD


GROUPE LSR /SGDR REPR.SREG S 218,425 1,856,613 1.04USD

MAGNIT JSC 234,588 5,911,617 3.33USD

URALKALITY /GDR 197,087 4,326,060 2.43USD

16,053,196 9.03




FSK EES 139,993,844 1,665,927 0.94USD


SHARES


GAZ AUTO WORKS 783 25,342 0.01USD

MAGNIT JSC 4,246 492,536 0.28USD

RASPADSKAYA 459,601 2,587,554 1.46USD


223


RUSHYDRO OJSC 60 3 0.00USD

SOLLERS JSC 8,425 134,210 0.08USD

TNK-BP HOLDING 1,389,803 3,057,566 1.71USD

7,963,138 4.48





7,743,180 4.36






Russia EquityStatement of investments as at 30 September 2010(expressed in USD)



224

ARA ASSET MANAGEMENTLTD 1,000,000 927,827 1.12SGD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

927,827 1.12

ALLGREEN PROPERTIES LTD 2,000,000 1,794,813 2.17SGD

SINGAPORE

CAPITALAND LTD 1,100,000 3,396,456 4.11SGD

CHINA MINZHONG FOODCORP LTD 2,000,000 2,083,808 2.52SGD

COMFORTDELGROCORPORATION LTD 1,900,000 2,196,364 2.65SGD

DBS GROUP HOLDINGS LTD 360,538 3,860,654 4.67SGD

FRASER AND NEAVE LTD 350,000 1,730,169 2.09SGD

HO BEE INVESTMENT LTD 2,000,000 2,524,906 3.05SGD

KEPPEL CORP. LTD 480,000 3,278,120 3.96SGD

OVERSEA-CHINESE BANKCORP. 1,088,865 7,328,659 8.85SGD

OVERSEAS UNIONENTERPRISE LTD 700,000 1,570,461 1.90SGD

RAFFLES MEDICAL GROUPLTD 500,000 840,368 1.02SGD

SEMBCORP INDUSTRIES LTD 1,050,000 3,481,633 4.21SGD

SINGAPORE AIRLINES LTD 300,000 3,723,477 4.50SGD

SINGAPORE EXCHANGE LTD 500,000 3,429,918 4.15SGD

SINGAPORE POST LTD 1,000,000 927,827 1.12SGD

SINGAPORE PRESSHOLDINGS LTD 960,000 3,102,897 3.75SGD

SINGAPORE TELECOM/BOARD LOT 1000 3,100,000 7,402,844 8.94SGD

STARHUB LTD 1,800,000 3,531,827 4.27SGD

STRAITS ASIA RESOURCESLTD 1,000,000 1,673,131 2.02SGD

UTD OVERSEAS BANK /LOCAL 521,215 7,261,889 8.78SGD

VENTURE CORPORATION LTD 350,000 2,613,887 3.16SGD

WHEELOCK PROPERTY(SINGAPORE) LTD 1,000,000 1,437,371 1.74SGD

WILMAR INTERNATIONALLTD 740,000 3,382,310 4.09SGD

INVESTMENTS

Singapore EquityStatement of investments as at 30 September 2010(expressed in USD)


WING TAI HOLDINGS 600,000 789,414 0.95SGD

73,363,203 88.67


MACQUARIE INTERNATIONALINFRASTRUCTURE 6,000,000 2,486,881 3.01SGD

INVESTMENT FUNDS

BERMUDA ISLANDS

2,486,881 3.01

ASCENDAS REAL ESTATEINVESTMENT 1,000,000 1,665,526 2.01SGD

SINGAPORE

FRASERS CENTREPOINT -REIT- 2,212,000 2,489,740 3.01SGD

4,155,266 5.02


97.82



EXCHANGE LISTING

80,933,177





225


ACER INC. 72,704 185,050 3.07TWD


EXCHANGE LISTING

SHARES

TAIWAN

ADVANCEDSEMICONDUCTOR ENG. INC. 158,589 128,364 2.13TWD

ADVANTECH CO LTD 33,000 86,955 1.44TWD

AU OPTRONICS CORP. 137,570 142,882 2.37TWD


CHINA AIRLINES 71,000 51,209 0.85TWD

CHINA STEEL 190,924 197,684 3.28TWD

CHINATRUST FINANCIALHOLDING CO. 285,903 180,549 3.00TWD

CHUNGHWA TELECOM CO.LTD 79,243 177,815 2.95TWD

DELTA ELECTRONICINDUSTRIAL 55,900 233,847 3.88TWD

E SUN FINANCIAL HOLDINGLTD 184,039 95,573 1.59TWD


FORMOSA INTL HOTELSCORP 5,500 89,917 1.49TWD

FORMOSA PLASTICS 101,000 248,328 4.12TWD

FUBON FINANCIAL HOLDINGCO. LTD 109,590 135,076 2.24TWD


HTC CORP. 13,230 300,687 4.99TWD

LARGAN PRECISION CO. LTD 5,000 95,367 1.58TWD

MAKALOT INDUSTRIAL COLTD 23,000 54,117 0.90TWD

MEDIA TEK INCORPORATION 13,082 184,098 3.06TWD

MEGA FINANCIAL HOLDINGCOMPANY 239,000 160,889 2.67TWD

MERCURIES ANDASSOCIATES LTD 2,250 1,551 0.03TWD

NAN YA PLASTICS CORP. 118,000 258,730 4.29TWD

NOVATEKMICROELECTRONICS CORP. 8,055 22,852 0.38TWD


SYNNEX TECHNOLOGYINTERNATIONAL 54,556 126,617 2.10TWD

TAIWAN CEMENT CORP. 119,000 127,410 2.11TWD

INVESTMENTS

Taiwan EquityStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

TAIWAN FERTILIZER CO. LTD 12,000 37,544 0.62TWD

TAIWAN SEMICONDUCTORMANUFACTURING 303,834 603,861 10.03TWD

TRIPOD TECHNOLOGY CO.LTD 29,340 112,393 1.87TWD

TXC CORPORATION 52,570 94,033 1.56TWD

U-MING MARINE TRANSPORTCORP 15,000 29,524 0.49TWD


UNI-PRESIDENTENTERPRISES CORP. 105,500 137,136 2.28TWD

UNITED MICROELECTRONICCORP 209,000 92,791 1.54TWD

WISTRON CORP. 86,850 158,692 2.63TWD

YOUNG FASTOPTOELECTRONICS 8,000 91,295 1.52TWD

YUANTA FINANCIAL HOLDINGCO. 152,000 92,578 1.54TWD

5,905,919 98.03


RIGHT YOUNG FASTOPTOELECTRONI 430 937 0.02TWD


TAIWAN

937 0.02

0.02937TOTAL WARRANTS / EQUITY LINKED

SECURITIES

98.05



EXCHANGE LISTING

5,906,856

CHIPBOND TECHNOLOGY 52,000 80,012 1.33TWD


MARKET

SHARES

TAIWAN


99,526 1.65







Quantity/Facevalue


226


Taiwan EquityStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

227


ADVANCED INFO SERVICEPUB./ FOR. RG 1,900,000 5,944,407 3.99THB


EXCHANGE LISTING

SHARES

THAILAND

ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 23,000,000 5,718,815 3.84THB

ASIAN PROPERTYDEVELOPMENT PUBLIC CO. 100 25 0.00THB

BANGKOK BANK PUBLIC/FOREIGN 2,600,000 13,828,568 9.29THB

BANPU PUBLIC CO. LTD/FOR.REG 280,000 6,639,293 4.46THB

BEC WORLD PUBLIC CO./FOREIGN 4,300,000 5,487,461 3.68THB

BIG C SUPERCENTER/FOR.REG. 930,586 2,007,378 1.35THB

BIG C SUPERCENTER/NVDEP.REC. 1,669,414 3,601,112 2.42THB

BUMRUNDGRAD HOSPITAL/FOR. 2,000,000 2,305,310 1.55THB

CENTRAL PATTANA PUBLICCO LTD 100,000 99,622 0.07THB

C.P.ALL - SHS FOREIGN REGS 100,000 139,142 0.09THB

ELECTRICITY GENERATING /FOREIGN REG 2,000,000 6,125,538 4.11THB

GLOW ENERGY PUBLIC CO.LTD 1,000,000 1,407,886 0.94THB

HANAMICROELECTRONICS/FOR.REG 3,500,000 2,939,270 1.97THB

INDORAMA VENTURES/FOREIGN REG 4,500,000 4,186,608 2.81THB

KASIKORNBANK PUBLICCOMPANY FOR. REG 1,550,000 6,329,723 4.25THB

KASIKORNBANK PUBLICCOMPANY LTD /NVDR 200,000 770,632 0.52THB

LAND AND HOUSE PUBLIC/FOR. REG. 8,100,000 2,027,355 1.36THB

LAND AND HOUSE PUBLIC/NVDR 100,000 25,029 0.02THB

LPN DEVELOPMENT PUB. /FOR. REG 18,000,000 6,224,337 4.18THB

MINOR INTERNATIONALFOREIGN REGISTERED 9,650,000 4,290,347 2.88THB

INVESTMENTS

Thai EquityStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

PRECIOUS SHIPPINGPUBL/FOREIGN 2,000,000 1,205,348 0.81THB

PTT EXPL. PROD.PUBLIC/FOR. REG 2,700,000 13,693,541 9.19THB

PTT PLC CO. LTD /FOREIGNREG 1,400,000 13,647,435 9.16THB

QUALITY HOUSES PUBLIC/FOR. REG 37,000,000 3,216,895 2.16THB

ROBINSON DEPT STORE 2,700,000 2,036,247 1.37THB

SIAM CEMENT PUBLIC /NVDR 600,000 6,580,013 4.42THB

SIAM COMMERC.BANKPUBL./FOR.REG 3,200,000 10,907,410 7.32THB

SIAM MAKRO /FOREIGNREGISTERED 459,500 2,269,907 1.52THB

THE ERAWAN GROUP /FOR.REG 40,000,000 3,135,222 2.10THB

TISCO FINANCIAL GROUP /FOREIGN REG 4,500,000 5,890,890 3.95THB

TOTAL ACCESSCOMMUNICATION PCL 1,250,000 1,718,691 1.15THB

TOTAL ACCESSCOMMUNICATION PLC 750,000 1,005,000 0.67USD

145,404,457 97.60

97.60145,404,457TOTAL SHARES

MINOR INTERNATIONALPERP CW/ MINT 1,300,000 154,126 0.10THB


THAILAND

154,126 0.10


SECURITIES

97.70



EXCHANGE LISTING

145,558,583





Quantity/Facevalue


228

AK ENERJI AS 1,175,000 2,279,405 2.14TRY


EXCHANGE LISTING

SHARES

TURKEY

AKBANK 1,500,000 6,706,361 6.30TRY

AKSIGORTA 500,000 515,291 0.48TRY

ALBARAKA TURK 917,479 1,251,447 1.18TRY

ANADOLU EFES BIRACILIK VEMALT 39,000 445,272 0.42TRY

ARCELIK AS 200,000 803,248 0.75TRY

ASYA KATILIM BANKASI A.S 575,000 1,010,880 0.95TRY

BAGFAS 16,000 1,042,707 0.98TRY

BIM BIRLESIK MAGAZALARAS 11,000 232,007 0.22TRY

COCA COLA ICECEK SANAYI 40,000 357,673 0.34TRY

DOGAN SIRKETLER GRUBUHOLDINGS 900,000 477,402 0.45TRY

ENKA INSAAT VE SANAYI AS 1,030,000 3,278,160 3.08TRY

EREGLI DEMIR CELIK 1,935,000 5,034,318 4.73TRY

FORD OTOMOTIV SANAYI AS 187,500 1,174,560 1.10TRY

GUBRE.FABRIKALARI.TAS 340,000 2,301,633 2.16TRY

HURRIYET GAZETE 1,030,096 806,607 0.76TRY

ISGYO 784,102 685,285 0.64TRY

KARDEMIR KARABUK -D- 9,000,000 3,000,813 2.82TRY

KOC HOLDING AS 660,000 2,300,623 2.16TRY

OTOKAR OTOBUS KAROSERISANAYI 45,000 368,282 0.35TRY

PETKIM PETROKIMYAHOLDING AS 1,750,000 2,024,538 1.90TRY

REYSAS TASIMACILIK VELOJISTIK 6,229 11,832 0.01TRY

SABANCI HOLDING 950,000 3,599,460 3.38TRY

TAV HAVALIMALARI HOLDINGAS 625,000 2,447,001 2.30TRY

TEKFEN HOLDING AS 1,050,000 3,129,635 2.94TRY

TOFAS TURK OTOMOBILFABRIKASI 679,466 2,574,432 2.42TRY

TRAKYA CAN SANAYII AS 378,935 555,156 0.52TRY

TUPRAS TURKIYE PETROLRAFINEL 134,886 2,657,565 2.50TRY

TURCAS PETROL AS 530,000 1,646,658 1.55TRY

TURK HAVA YOLLARI AO 1,000,269 2,981,407 2.80TRY

INVESTMENTS

Turkey EquityStatement of investments as at 30 September 2010(expressed in EUR)


TURK TELEKOMUNIKASYON 730,000 2,397,114 2.25TRY

TURKCELL ILETISIM HIZMET 950,000 4,679,297 4.40TRY

TURKIYE GARANTI BANKASI 1,990,000 8,444,711 7.93TRY

TURKIYE HALK BANKASI AS 520,000 3,520,145 3.31TRY

TURKIYE IS BANKASI AS C 3,155,000 9,802,275 9.22TRY

TURKIYE VAKIFLAR BANKASITAO 3,100,000 6,890,755 6.47TRY

VESTEL BEYAZ ESA TICAR.SANAYI 70,000 140,038 0.13TRY

YAPI KREDI BANKASA 1,300,000 3,283,717 3.09TRY

94,857,710 89.13


89.13



EXCHANGE LISTING

94,857,710





229


ITHACA ENERGY INC 879,772 994,142 1.99GBP


EXCHANGE LISTING

SHARES

CANADA

994,142 1.99

AMLIN PLC 228,008 921,152 1.84GBP

GREAT BRITAIN

BAE SYSTEMS PLC 309,807 1,071,468 2.14GBP

BARCLAYS PLC 656,552 2,000,842 4.00GBP

BG GROUP PLC 179,526 2,033,132 4.07GBP

BHP BILLITON PLC 97,802 2,007,386 4.02GBP

BP PLC 466,033 2,020,952 4.04GBP

BRITISH AMERICANTOBACCO 83,484 2,004,033 4.01GBP

BRITVIC PLC 198,927 966,984 1.93GBP

BT GROUP PLC 704,796 997,991 2.00GBP

CAPITA GRP 267,837 2,114,574 4.22GBP

CARILLION PLC 308,635 980,225 1.96GBP

CARNIVAL PLC 43,564 1,102,169 2.20GBP

CENTRICA PLC 600,472 1,957,539 3.92GBP

DANA PETROLEUM PLC 113,101 2,033,579 4.07GBP

FENNER 445,413 1,035,585 2.07GBP

GLAXOSMITHKLINE PLC 156,084 1,977,584 3.96GBP

GREGGS PLC 227,850 1,088,667 2.18GBP

HSBC HOLDINGS PLC 308,824 2,012,297 4.03GBP

PETROFAC LTD 142,114 1,968,279 3.94GBP

PREMIER FOODS PLC 4,924,612 803,204 1.61GBP

PRUDENTIAL PLC 169,517 1,092,537 2.19GBP

RIO TINTO PLC /REG 57,646 2,175,849 4.34GBP

ROYAL & SUN ALLIANCE 739,019 971,071 1.94GBP

UNILEVER PLC 113,663 2,108,449 4.21GBP

VODAFONE GROUP PLC 1,261,342 2,002,380 4.01GBP

WM MORRISONSUPERMARKETS PLC 663,527 1,974,656 3.95GBP

WS ATKINS PLC 124,885 919,778 1.84GBP

XSTRATA PLC 168,475 2,079,824 4.16GBP

3I GROUP PLC 163,234 472,889 0.95GBP

44,895,075 89.80

INVESTMENTS

UK EquityStatement of investments as at 30 September 2010(expressed in GBP)


RESOLUTION 777,149 1,905,569 3.81GBP

GUERNSEY

1,905,569 3.81

VIRGIN MEDIA INC 71,131 1,039,224 2.08GBP

UNITED STATES

1,039,224 2.08


97.68



EXCHANGE LISTING

48,834,010

HOMESERVE PLC 210,095 935,343 1.87GBP


SHARES

GREAT BRITAIN

935,343 1.87








230

ABBOTT LABORATORIES INC. 29,881 1,572,039 1.26USD


EXCHANGE LISTING

SHARES

UNITED STATES

AFLAC INC. 16,998 887,806 0.71USD

ALTERA CORP. 21,660 657,164 0.53USD

ALTRIA GROUP 51,796 1,251,391 1.00USD

AMERICAN ELECTRIC POWERCO.INC. 21,975 802,527 0.64USD

AMERICAN EXPRESS CO. 27,985 1,200,277 0.96USD

AMERIPRISE FINANCIALINC./WHEN ISSUED 19,986 961,327 0.77USD

AMERISOURCEBERGENCORP. 26,912 824,315 0.66USD

AON CORP. 16,000 632,640 0.51USD

APACHE CORP. 10,824 1,057,180 0.85USD

APOLLO GROUP INC. -A- 9,000 451,800 0.36USD

APPLE INC. 10,128 2,888,000 2.31USD

AT & T 57,363 1,655,496 1.32USD

AVERY DENNISON CORP. 11,090 417,871 0.33USD

AVON PRODUCTS INC. 18,835 604,792 0.48USD

BALL CORP. 7,128 423,047 0.34USD

BANK OF AMERICA CORP. 54,303 715,714 0.57USD

BERKSHIRE HATHAWAY - B 11,836 984,518 0.79USD

BIG LOTS 11,880 395,010 0.32USD

BIOGEN IDEC INC. 7,500 417,525 0.33USD

BLOCK INC. H+R 32,500 417,300 0.33USD

BOEING CO. 13,835 928,190 0.74USD

BRISTOL MYERS SQUIBB CO. 42,000 1,145,340 0.92USD

CAPITAL ONE FINANCIALCORP. 16,000 626,400 0.50USD

CATERPILLAR INC. 12,088 957,007 0.77USD

CB RICHARD ELLIS GROUPINC. -A- 29,908 549,111 0.44USD

CENTURYTEL 21,362 847,431 0.68USD

CEPHALON INC. 6,668 413,483 0.33USD

CHEVRON CORPORATION 32,844 2,675,473 2.14USD

CIGNA CORP. 14,000 501,480 0.40USD

CISCO SYSTEMS INC. 17,090 375,980 0.30USD


INVESTMENTS

US EquityStatement of investments as at 30 September 2010(expressed in USD)


CLIFFS NATURALRESOURCES INC. 7,787 495,798 0.40USD

COACH INC. 16,481 710,990 0.57USD

COCA-COLA CO. 20,709 1,214,997 0.97USD

COGNIZANT TECHNOLOGYSOL.CORP. 13,184 852,082 0.68USD

COMPUTER SCIENCES CORP. 11,000 508,970 0.41USD

CONOCOPHILLIPS 32,111 1,851,520 1.48USD

CORNING INC. 44,815 821,011 0.66USD

CSX CORP. 19,679 1,088,839 0.87USD

DARDEN RESTAURANTS 12,817 550,106 0.44USD

DELL INC. 40,000 510,000 0.41USD

DEVRY INC. 8,554 401,183 0.32USD

DIRECTV 33,266 1,384,198 1.11USD

DR PEPPER SNAPPLE GROUPINC. 11,653 416,711 0.33USD

DTE ENERGY COMPANY 8,516 394,120 0.32USD

DU PONT DE NEM.& CO./E.I. 33,362 1,500,623 1.20USD

EASTMAN CHEMICAL CO. 6,836 505,522 0.40USD

EATON CORP. 8,545 709,748 0.57USD

ELI LILLY & CO. 30,000 1,100,700 0.88USD

ENTERGY CORP. 7,000 539,350 0.43USD

EXELON CORP. 15,000 641,700 0.51USD

EXXON MOBIL CORP. 60,245 3,742,420 3.00USD

FORD MOTOR CO. 85,546 1,052,216 0.84USD

FOREST LABORATORIES 20,000 623,000 0.50USD

FREEPORT MCMO.COPP&GOLD -B- 13,597 1,155,609 0.92USD

GANNETT CO. INC. 26,489 326,344 0.26USD

GENERAL ELECTRIC CO. 143,456 2,345,506 1.88USD

GILEAD SCIENCES INC. 17,426 622,282 0.50USD

GOLDMAN SACHS GROUPINC. 9,838 1,436,643 1.15USD

GOOGLE INC. -A- 1,100 577,753 0.46USD

GRAINGER INC..WW 4,000 478,080 0.38USD

HALLIBURTON CO. 28,252 940,509 0.75USD

HARRIS CORP. 11,950 532,492 0.43USD

HEALTH CARE REIT INC. 6,000 283,560 0.23USD

HEWLETT-PACKARD CO. 22,602 956,065 0.77USD

HONEYWELLINTERNATIONAL INC. 14,000 618,240 0.49USD

IBM CORP. 19,161 2,586,735 2.07USD

INTEL CORP. 23,914 462,736 0.37USD

INTUIT 6,000 264,540 0.21USD


231


ITT CORP. 8,000 377,120 0.30USD

JABIL CIRCUIT INC. 24,000 348,000 0.28USD

JM SMUCKER CO. 10,455 636,500 0.51USD

JOHNSON & JOHNSON 11,109 692,091 0.55USD

JP MORGAN 5.48% 06-15.05.45 45,344 1,730,780 1.39USD

KIMBERLY CLARK CORP. 9,000 586,620 0.47USD

KIMCO REALTY CORP. 16,000 254,080 0.20USD

LORILLARD INC. 5,000 407,350 0.33USD

MACY S 23,544 540,570 0.43USD

MARATHON OIL CORP. 31,077 1,030,513 0.82USD

MERCK 19,653 731,681 0.59USD

METLIFE INC. 19,735 772,428 0.62USD

MICRON TECHNOLOGY INC. 94,111 686,069 0.55USD

MICROSOFT CORP. 109,567 2,696,445 2.16USD

MORGAN STANLEY 28,000 700,840 0.56USD

M&T BANK CORPORATION 5,000 410,150 0.33USD

MYLAN INC. 29,053 548,521 0.44USD

NATIONAL OILWELL VARCOINC. 10,824 484,266 0.39USD

NEWELL RUBBERMAID INC. 28,252 507,688 0.41USD

NORFOLK SOUTHERN CORP. 9,417 563,042 0.45USD

ORACLE CORP. 70,541 1,909,545 1.53USD

PFIZER INC. 47,087 817,901 0.65USD

PNC FINANCIAL SERVICES GP 16,881 885,915 0.71USD

PRAXAIR 14,000 1,265,180 1.01USD

PROCTER & GAMBLE CO. 14,715 888,197 0.71USD

PRUDENTIAL FINANCIAL INC. 15,721 849,091 0.68USD

REYNOLDS AMERICAN INC. 7,000 420,140 0.34USD

ROCKWELL AUTOMATION 9,400 583,458 0.47USD

ROSS STORES INC. 9,000 490,770 0.39USD

SANDISK CORP. 16,951 619,220 0.50USD

SLM CORP. 47,610 552,752 0.44USD

TARGET CORP. 18,435 984,060 0.79USD

TERADYNE INC. 40,000 448,800 0.36USD

TJX COS INC. 27,000 1,204,470 0.96USD

TYSON FOODS INC. -A- 35,217 552,907 0.44USD

UNITEDHEALTH GROUP INC. 33,343 1,182,009 0.95USD

VF CORP. 8,298 672,304 0.54USD

VIACOM INC. -B- 26,362 961,949 0.77USD

WAL-MART STORES INC. 37,670 2,017,605 1.61USD

WATSONPHARMACEUTICALS INC. 10,254 435,692 0.35USD

US EquityStatement of investments as at 30 September 2010(expressed in USD)


WELLPOINT INC. 11,109 630,991 0.50USD

WELLS FARGO & CO. 72,670 1,831,284 1.47USD

WESTERN UNION COMPANY 48,000 840,000 0.67USD

WHOLE FOODS MARKET INC. 6,836 255,393 0.20USD

3M CO. 19,197 1,676,858 1.34USD

102,055,190 81.67

81.67102,055,190TOTAL SHARES

US EQUITY MOMENTUM BYSINOPIA -Z- 50 4,811,603 3.85USD

INVESTMENT FUNDS

FRANCE

4,811,603 3.85


85.52



EXCHANGE LISTING

106,866,793






232

BRAZIL 0% 06-21.12.11 160 413,433 0.80BRL


EXCHANGE LISTING

BONDS

BRAZIL

BRAZIL 10% 06-01.01.14 S.F 1,600 895,882 1.74BRL

BRAZIL 10% 07-01.01.13 5,200 2,953,431 5.74BRL

BRAZIL 6% 03-15.05.15 S.B /INDEX 1,200 1,358,380 2.63BRL

5,621,126 10.91

10.915,621,126TOTAL BONDS

BRAZIL 0% 06-07.03.12 /LFT 280 723,506 1.40BRL

FLOATING RATE BONDS

BRAZIL

723,506 1.40

1.40723,506TOTAL FLOATING RATE BONDS

12.31



EXCHANGE LISTING

6,344,632

BRAZIL 10% 05-01.01.12SERIES F 6,121 3,543,576 6.87BRL


MARKET

BONDS

BRAZIL

3,543,576 6.87


BRAZIL FRN 07-07.03.13 1,141 2,948,229 5.72BRL

FLOATING RATE BONDS

BRAZIL

BRAZIL FRN 08-07.09.12 1,264 3,266,111 6.34BRL

BRAZIL 0% 07-07.06.13 531 1,372,050 2.66BRL

7,586,390 14.72

14.727,586,390TOTAL FLOATING RATE BONDS



INVESTMENTS

Brazil BondStatement of investments as at 30 September 2010(expressed in USD)


Face Value

BANCO ABC 0% 10-15.04.11CDI 800 493,700 0.96BRL

FINANCIAL INSTRUMENTS

CERTIFICATE OF DEPOSIT

BRAZIL

BANCO GARANTIA 0% 10-18.02.11CD 1,300 812,019 1.57BRL

BCO ABC 0% 10-04.02.11 CDB 1,000 627,429 1.22BRL

BCO ABC 0% 10-08.09.11 CD 1,000 592,430 1.15BRL

BCO ABC 0% 10-14.02.11 CDB 900 563,509 1.09BRL

BCO ALFA 0% 10-04.07.11 CD 600 362,416 0.70BRL

BCO ALFA 0% 10-08.09.11 CD 1,000 592,430 1.15BRL

BCO ALFA 0% 10-27.05.11 CD 2,000 1,221,317 2.37BRL

BCO ALFA 0% 10-31.01.11 CD 1,000 627,220 1.22BRL

BCO BNPPB 0% 09-18.11.10CDI 1,100 701,101 1.36BRL

BCO BNPPB 0% 10-28.02.11CDI 2,500 1,557,045 3.02BRL

BCO BRADES 0% 09-29.10.10CD 1,200 766,682 1.49BRL

BCO GARANTIA 0% 10-04.03.11 CDB 700 435,618 0.84BRL

BCO GARANTIA 0% 10-21.03.11CDI 1,800 1,116,007 2.16BRL

BCO ITAU 0% 10-14.07.11CDB 1,200 722,211 1.40BRL

BCO ITAU 0% 10-22.07.11CDB 1,600 960,668 1.86BRL

BCO SANT BR 0% 10-01.04.11CD 1,300 803,354 1.56BRL

BCO SANT BR 0% 10-18.04.11CDI 1,400 862,001 1.67BRL

BCO STANDARD 0% 09-18.11.10CDI 3,000 1,915,025 3.72BRL

BCO STANDARD 0% 10-22.06.11 CDI 1,400 849,013 1.65BRL

BCO VOTORANTIM 0% 09-01.10.10 CD 800 516,731 1.00BRL

BES INVEST 0% 10-17.03.11CDB 800 496,754 0.96BRL

BES INVEST 0% 10-27.06.11CDB 1,500 908,912 1.76BRL

BRADESCO 0% 10-24.01.11CD 2,000 1,254,491 2.43BRL

HSBC BRAZIL 0% 09-26.11.10CDI 1,000 635,136 1.23BRL


Face Value

233


HSBC BRAZIL 0% 10-09.09.11CDI 800 473,661 0.92BRL

HSBC BRAZIL 0% 10-19.05.11CD 500 305,467 0.59BRL

HSBC BRAZIL 0% 10-24.01.11CD 1,300 814,650 1.58BRL

ITAUUNIBANCO 0% 10-08.07.11 CDI 700 422,030 0.82BRL

RABOBK BRASIL 0% 10-08.07.11CDI 1,800 1,084,978 2.10BRL

SAFRA 0% 10-12.09.11 CDI 1,200 710,319 1.38BRL

SAFRA 0% 10-20.06.11 CDI 1,000 606,847 1.18BRL

SAFRA 0% 10-24.01.11 CD 2,000 1,256,379 2.44BRL

SOGERAL 0% 09-18.11.10 CDI 2,600 1,659,053 3.22BRL

SOGERAL 0% 10-21.02.11CDB 900 536,490 1.04BRL

VOTORANTIM 0% 09-06.12.10CD 1,400 889,740 1.73BRL

VOTORANTIM 0% 10-01.08.11CD 1,200 719,042 1.39BRL

29,871,875 57.93

BNP 0% 10-19.09.11 CDI 1,800 1,063,221 2.06BRL

FRANCE

1,063,221 2.06

RABOBANK 0% 09-13.12.10CD 1,200 759,688 1.47BRL

NETHERLANDS

RABOBANK 0% 10-04.04.11CDI 800 494,093 0.96BRL

1,253,781 2.43

62.4232,188,877TOTAL CERTIFICATE OF DEPOSIT

62.42TOTAL FINANCIAL INSTRUMENTS 32,188,877




Brazil BondStatement of investments as at 30 September 2010(expressed in USD)


Face Value


234

ASFINAG 4.375% 09-08.07.19 1,340,000 1,501,738 1.81EUR


EXCHANGE LISTING

BONDS

AUSTRIA

AUSTRIA 3.2% 10-20.02.17 1,800,000 1,900,080 2.29EUR

TELEKOM FINANCIAL 6.375%09-29.01.16 700,000 799,222 0.96EUR

4,201,040 5.06

HUTCH WHAM 4.75% 09-14.11.16 1,000,000 1,065,080 1.28EUR

CAYMAN ISLANDS

1,065,080 1.28

CEZ 4.875% 10-16.04.25 800,000 834,672 1.01EUR

CZECH REPUBLIC

834,672 1.01

AFD 3.625% 10-21.04.20 500,000 527,530 0.64EUR

FRANCE

BNPP PSS 3.75% 10-26.02.20 450,000 478,451 0.58EUR

CCBP 9.25% 09-PERP 400,000 403,226 0.49EUR

CRH 3.5% 10-22.06.20 1,500,000 1,542,338 1.86EUR

FRANCE 3.25% 05-25.04.16OAT 4,300,000 4,597,989 5.55EUR

FRANCE 3.5% 04-25.4.15 OAT 500,000 539,775 0.65EUR

FRANCE 3.75% 05-25.04.21OAT 1,500,000 1,635,150 1.97EUR

FRANCE 4.75% 04-25.04.35OAT 2,500,000 3,120,249 3.76EUR

GECSCF 3 3.75% 09-22.07.14 1,550,000 1,630,174 1.96EUR

LAFARGE 7.625% 09-24.11.16 300,000 343,332 0.41EUR

PSA FIN 3.625% 10-17.09.13 650,000 652,470 0.79EUR

PSA FIN 4% 10-19.07.13 900,000 912,996 1.10EUR

RATP 4% 09-23.09.21 1,500,000 1,626,195 1.96EUR

RCI BK 8.125% 09-15.05.12 980,000 1,056,901 1.27EUR

SCOR ASSIST 6.154% 06-PERP. 400,000 347,850 0.42EUR

19,414,626 23.41

GERMANY 3.25% 09-04.01.20 1,400,000 1,518,230 1.83EUR

GERMANY

GERMANY 3.75% 08-04.01.19 3,000,000 3,365,250 4.06EUR

GERMANY 4% 06-04.07.16 1,910,000 2,149,610 2.59EUR

INVESTMENTS

Euro Core BondStatement of investments as at 30 September 2010(expressed in EUR)


Face Value

GERMANY 4.75% 98-04.07.28 2,800,000 3,534,439 4.26EUR

GERMANY 5.50% 00-04.01.31 1,150,000 1,602,180 1.93EUR

MUNICH RE FIN. 6.75% 03-21.06.23 1,000,000 1,081,365 1.30EUR

13,251,074 15.97

ABBEY NATIONAL 3.125% 10-30.06.14 1,500,000 1,513,590 1.81EUR

GREAT BRITAIN

BARCLAYS 5.25% 09-27.05.14 500,000 544,173 0.66EUR

CS LDN 3.875% 10-25.01.17 550,000 570,438 0.69EUR

LLOYDS 3.375% 10-17.03.15 1,000,000 1,018,910 1.23EUR

OTE PLC 3.75% 05-11.11.11 500,000 496,700 0.60EUR

OTE PLC 5.00% 03-05.08.13EMTN 1,000,000 1,011,210 1.22EUR

RBS 4.875% 10-15.07.15 1,000,000 1,043,080 1.26EUR

6,198,101 7.47

ITALY 3.75% 10-01.03.21 BTP 1,100,000 1,091,365 1.32EUR

ITALY

ITALY 4.00% 05-01.02.37 BTP 2,300,000 2,089,205 2.52EUR

ITALY 4.25% 03-01.08.13 BTP 3,000,000 3,159,750 3.81EUR

ITALY 4.25% 04-01.02.15 BTP 3,500,000 3,722,599 4.48EUR

ITALY 4.25% 08-15.04.13 BTP 1,500,000 1,574,400 1.90EUR

ITALY 4.50% 04-01.02.20 BTP 1,000,000 1,059,700 1.28EUR

TELECOM IT SPA 8.25% 09-21.03.16 500,000 600,333 0.72EUR

13,297,352 16.03

AIG. SUN. III 4.75% 03-11.09.13 1,100,000 1,144,347 1.38EUR

JERSEY

1,144,347 1.38

BEI 4.75% 07-15.10.17 EMTN 1,000,000 1,154,450 1.39EUR

LUXEMBOURG

1,154,450 1.39

NETHERLANDS 3.5% 10-15.07.20 2,350,000 2,549,985 3.07EUR

NETHERLANDS

2,549,985 3.07

FUND ORD BK 3% 09-19.11.14 850,000 833,723 1.00EUR

SPAIN

SANT ID 2.875% 10-20.09.13 1,000,000 994,680 1.20EUR

SANT ID 3.5% 10-12.08.14 1,600,000 1,612,991 1.95EUR


Face Value

235


SPAIN 4.4% 04-31.01.15 1,000,000 1,055,950 1.27EUR

SPAIN 4.65% 10-30.07.25 500,000 501,800 0.60EUR

SPAIN 5% 02-30.07.12 500,000 524,200 0.63EUR

SPAIN 5.5% 02-30.07.17 1,000,000 1,107,500 1.34EUR

TELEFONICA 3.661% 10-18.09.17 650,000 644,170 0.78EUR

7,275,014 8.77

TELIASONERA 3.875% 10-01.10.25 450,000 444,278 0.54EUR

SWEDEN

444,278 0.54

BOA 4.625% 10-07.08.17 600,000 606,477 0.73EUR

UNITED STATES

BOA 4.75% 10-03.04.17 400,000 410,606 0.49EUR

GOLDMAN SACHS GROUPINC. 5.125% 07-16.10.14 900,000 952,600 1.15EUR

MOR ST 5.375% 10-10.08.20 500,000 511,908 0.62EUR

2,481,591 2.99

88.3773,311,610TOTAL BONDS

BANQUE POSTALE FRN 06-12.12.16 750,000 727,283 0.88EUR

FLOATING RATE BONDS

FRANCE

CREDIT AGRICO FRN 08-PERP 700,000 742,045 0.89EUR

NATEXIS BQ POP.FRN 06-26.01.17 700,000 659,939 0.80EUR

SUEZ ENV 4.82%(FRN)10-PERP/SUB 500,000 488,875 0.59EUR

2,618,142 3.16

RWE 4.625% (FRN) 10-PERP 800,000 792,316 0.95EUR

GERMANY

792,316 0.95

ABN AMRO BANK FRN 06-14.09.16 1,000,000 924,000 1.11EUR

NETHERLANDS

924,000 1.11



Face Value

GE CAP IV FRN 09-15.09.66/SUB 500,000 415,503 0.50EUR

UNITED STATES

415,503 0.50


94.09



EXCHANGE LISTING

78,061,571

BNPPCB 3.375% 10-12.01.17 1,000,000 1,045,350 1.26EUR


BONDS

FRANCE

1,045,350 1.26

UNICREDIT 4.25% 09-29.07.16 1,400,000 1,486,898 1.79EUR

ITALY

1,486,898 1.79



CALL EURO SCHATZ30/09/2010 109.5 50 250 0.00EUR


OPTIONS

GERMANY

CALL EURO SCHATZ30/09/2010 109.7 (150) (750) 0.00EUR

PUT EURO BUND 30/09/2010129.5 (80) (800) 0.00EUR

PUT EURO BUND 30/09/2010130.0 (80) (800) 0.00EUR

PUT EURO BUND 30/09/2010131.0 80 800 0.00EUR

PUT EURO SCHATZ30/09/2010 109.3 (150) (20,250) (0.02)EUR

PUT EURO SCHATZ30/09/2010 109.5 150 48,000 0.05EUR

26,450 0.03

0.0326,450TOTAL OPTIONS

0.03TOTAL FINANCIAL INSTRUMENTS 26,450




Face Value


236




Face Value

237


ANZ BK 3.75% 10-10.03.17 7,000,000 7,289,835 1.72EUR


EXCHANGE LISTING

BONDS

AUSTRALIA

CBA 4.375% 10-25.02.10 5,000,000 5,400,350 1.27EUR

CBA 5.5% 09-06.08.19 5,500,000 6,174,603 1.46EUR

NAT AUST 6.75% 08-26.06.23EMTN 5,000,000 5,860,550 1.38EUR

24,725,338 5.83

TELEKOM FINANCIAL 6.375%09-29.01.16 10,000,000 11,417,450 2.69EUR

AUSTRIA

11,417,450 2.69

FORTIS BANK 4.625% 04 -PERP. 8,000,000 7,216,760 1.70EUR

BELGIUM

FORTIS BANK 5.757% 07-04.10.17 2,500,000 2,826,250 0.67EUR

10,043,010 2.37

HUTCH WHAM 4.75% 09-14.11.16 7,000,000 7,455,560 1.76EUR

CAYMAN ISLANDS

7,455,560 1.76

DANSKE BANK 5.375% 08-18.08.14 950,000 970,107 0.23EUR

DENMARK

DANSKE BANK 6.00% 07-20.03.16 3,150,000 3,297,010 0.78EUR

4,267,117 1.01

SAMPO PLC 6.339% 09-10.04.12 2,500,000 2,641,225 0.62EUR

FINLAND

2,641,225 0.62

BFCM 4.471% 05-PERP. 833,000 725,056 0.17EUR

FRANCE

CNCEP 5.60% 99-05.11.11 1,000,000 1,033,400 0.24EUR

DEXIA CLF 4.375% 07-12.02.19 SUB 1,000,000 966,620 0.23EUR

EDENRED 3.625% 10-06.10.17 5,550,000 5,533,661 1.30EUR

EDF 4.625% 09-11.09.24 7,000,000 7,696,220 1.82EUR

INVESTMENTS

Euro Core Credit BondStatement of investments as at 30 September 2010(expressed in EUR)


Face Value

EDF 6.25% 09-25.01.21 1,000,000 1,245,290 0.29EUR

FRANCE TELECOM 8.125%03-28.01.33 2,000,000 3,004,440 0.71EUR

PERNOD 4.875% 10-18.03.16 3,000,000 3,069,255 0.72EUR

PSA FIN 3.625% 10-17.09.13 9,000,000 9,034,200 2.14EUR

VEOLIA ENVIRONMENT5.125% 07-24.05.22 8,000,000 8,967,800 2.12EUR

VEOLIA ENVIRONMENT6.125% 03-25.11.33 EMTN 2,000,000 2,515,420 0.59EUR

43,791,362 10.33

COMMERZBANK 5.625% 07-29.11.17 3,000,000 3,082,725 0.73EUR

GERMANY

DEUTSCHE BANK 5% 10-24.06.20 6,000,000 6,365,460 1.50EUR

FRANZ H&C 5.875% 10-01.02.17 7,000,000 7,418,110 1.75EUR

16,866,295 3.98

ANGLIAN WATER 4.625% 03-07.10.13 10,000,000 10,658,650 2.51EUR

GREAT BRITAIN

BRITISH TELECOM 6.5% 08-07.07.15 EMTN 1,100,000 1,238,743 0.29EUR

CS LDN 3.875% 10-25.01.17 5,000,000 5,185,800 1.22EUR

HSBC BANK 4.25% 03-18.03.16 EMTN 6,000,000 6,038,160 1.42EUR

HSBC HOLDING 0% 09-10.06.19 12,000,000 13,851,300 3.28EUR

36,972,653 8.72

HUTCH WHAM 5.875% 03-08.07.13 5,000,000 5,418,750 1.28EUR

HONG KONG

5,418,750 1.28

GE CAP EUR FD 5.25% 08-18.05.15 5,000,000 5,496,900 1.30EUR

IRELAND

GE CAP EUR 5.375% 09-23.01.20 6,000,000 6,624,300 1.56EUR

12,121,200 2.86

ATLANTIA 5.625% 09-06.05.16 5,163,000 5,764,076 1.36EUR

ITALY

ENI 5% 09-28.01.16 1,800,000 2,005,020 0.47EUR

HERA SPA 4.125% 06-16.02.16 1,500,000 1,553,970 0.37EUR


Face Value


238

INTESA SAN PAOLO 6.625%08-08.05.18 EMTN 5,000,000 5,300,175 1.25EUR

14,623,241 3.45

ELM BV 6.5% 09-02.04.13 3,000,000 3,307,890 0.78EUR

NETHERLANDS

EUREKO 7.375% 09-16.06.14 9,000,000 10,183,680 2.40EUR

HEIDELBG 6.375% 08-25.01.12 EMTN ST-UP 4,000,000 4,203,560 0.99EUR

HEIDLRG 7.5% 09-31.10.14 3,000,000 3,196,305 0.75EUR

KBC IFIMA 4.5% 09-17.09.14 10,000,000 10,435,550 2.46EUR

KPN 7.5% 09-04.02.19 8,000,000 10,280,800 2.42EUR

RABOBANK 4.125% 10-14.01.20 12,000,000 12,726,240 3.00EUR

RABOBANK 4.375% 09-22.01.14 5,000,000 5,358,600 1.26EUR

RABOBANK 5.875% 09-20.05.19 11,550,000 13,599,951 3.21EUR

SIEMENS F. 5.25% FLR 06-14.09.66 7,543,000 7,807,269 1.84EUR

SOLVAY FIN. 6.375% 06-02.06.2104 7,450,000 7,795,680 1.84EUR

88,895,525 20.95

NORDEA 2.75% 10-11.08.15 7,250,000 7,306,985 1.72EUR

SWEDEN

SVSK HDBK 3.75% 10-24.02.17 5,000,000 5,246,850 1.24EUR

12,553,835 2.96

BOA 4.625% 10-07.08.17 3,000,000 3,032,385 0.72EUR

UNITED STATES

CARGILL INC. 6.25 08-24.07.15 1,000,000 1,159,380 0.27EUR

CITIGROUP 7.375% 09-04.09.19 3,000,000 3,525,510 0.83EUR

CL CAPITAL TRUST 7.047%02-PERP. 7,000,000 6,873,300 1.61EUR

CS GROUP (US) 3.625% 05-14.09.20 5,700,000 5,751,300 1.36EUR

FRESENIUS FINANCE II 8.75%09-15.07.15 5,000,000 5,906,375 1.39EUR

MERRILL LYNCH 6.75% 08-21.05.13 EMTN 6,000,000 6,509,760 1.54EUR

MOR ST 5.375% 10-10.08.20 3,150,000 3,225,017 0.76EUR

MORGAN STAN 5.5% 07-2.10.2017 5,000,000 5,282,050 1.25EUR



Face Value

ZURICH FIN.USA 5.75% 03-02.10.23 12,000,000 12,636,540 2.97EUR

53,901,617 12.70

81.51345,694,178TOTAL BONDS

BFCM FRN 06-19.12.16 1,000,000 972,160 0.23EUR

FLOATING RATE BONDS

FRANCE

CLF FRN 05-PERP 3,000,000 1,739,565 0.41EUR

CREDIT LOGEMENT FRN 07-15.06.17 1,050,000 987,504 0.23EUR

GRPE BPCE FRN 10-PERP/SUB 6,000,000 6,122,490 1.44EUR

NATEXIS BQ POP.FRN 06-26.01.17 11,000,000 10,370,470 2.45EUR

SUEZ ENV 4.82%(FRN)10-PERP/SUB 7,700,000 7,528,675 1.78EUR

27,720,864 6.54

RWE 4.625% (FRN) 10-PERP 5,000,000 4,951,975 1.17EUR

GERMANY

4,951,975 1.17

BARCLAYS BANK FRN 06-20.04.16 1,000,000 984,880 0.23EUR

GREAT BRITAIN

BARCLAYS BANK FRN 07-30.05.17 700,000 665,994 0.16EUR

1,650,874 0.39

BANCO POPOLARE VERONAFRN 07-08.02.17 1,050,000 953,626 0.22EUR

ITALY

INTESA FRN 09-PERP 4,000,000 4,060,400 0.97EUR

UNICREDITO IT FRN 06-20.09.16 1,500,000 1,462,095 0.34EUR

6,476,121 1.53

UBS AG JERSEY FRN 05-17.11.15 2,000,000 1,989,830 0.47EUR

JERSEY

1,989,830 0.47

ABN AMRO BANK FRN 06-14.09.16 3,300,000 3,049,200 0.72EUR

NETHERLANDS

3,049,200 0.72


Face Value

239


SANTANDER ISS. FRN 07-23.03.17 2,000,000 1,885,300 0.44EUR

SPAIN

1,885,300 0.44

GE CAP IV FRN 09-15.09.66/SUB 9,000,000 7,479,045 1.76EUR

UNITED STATES

7,479,045 1.76


94.53



EXCHANGE LISTING

400,897,387

LEHMAN 4.625% 07-14.03.19DEFLT 900,000 90 0.00EUR


BONDS

NETHERLANDS

90 0.00

0.0090TOTAL BONDS

0.00TOTAL OTHER TRANSFERABLE SECURITIES 90






Face Value


240

WIENERBERGER 6.5% 07-PERP 2,000,000 1,617,450 0.46EUR


EXCHANGE LISTING

BONDS

AUSTRIA

1,617,450 0.46

BARRY CALL.SVCS 6.00% 07-13.07.17 4,340,000 4,635,663 1.33EUR

BELGIUM


KBC BANK 8% 08-PERP. 4,200,000 4,137,357 1.18EUR

17,388,027 4.98

BOMBARDIER 7.25% 06-15.11.16 8,225,000 8,790,099 2.52EUR

CANADA

8,790,099 2.52

UPCB FIN 7.625%10-15.01.20REGS 3,250,000 3,400,865 0.97EUR

CAYMAN ISLANDS

3,400,865 0.97

NORDIC TELEPHONE 8.25%06-01.05.16 REGS 12,470,000 13,262,281 3.79EUR

DENMARK

TDC AS 5.875% 09-16.12.15 150,000 161,348 0.05EUR

13,423,629 3.84

BFCM 4.471% 05-PERP. 3,255,000 2,833,201 0.81EUR

FRANCE

BPCE 6.117% 07-PERP EMTN 8,950,000 7,812,812 2.24EUR

CEGEDIM 7% 10-27.07.15 500,000 524,075 0.15EUR

CREDIT LOGEMENT 4.604%06-PERP 1,850,000 1,563,833 0.45EUR

CROWN EU HOLDING 7.125%15.08.18 REGS 6,050,000 6,370,953 1.82EUR

GECINA 4.5% 10-19.09.14 1,650,000 1,649,579 0.47EUR

MICHELIN 6.375% 03-03.12.33EMTN 5,929,000 6,172,682 1.77EUR

NEXANS 5.75% 07-02.05.17 7,950,000 7,898,761 2.25EUR

PERNOD 4.875% 10-18.03.16 3,800,000 3,887,723 1.11EUR

PEUGEOT SA 8.375% 09-15.07.14 1,750,000 1,974,551 0.57EUR

INVESTMENTS

Euro High Yield BondStatement of investments as at 30 September 2010(expressed in EUR)


Face Value

REMY COINT 5.18% 10-15.12.16 500,000 518,428 0.15EUR

RENAULT 5.625% 10-30.06.15 2,700,000 2,790,963 0.80EUR

RENAULT 5.625% 10-30.06.15/FUNG 4,250,000 4,388,614 1.26EUR

RENAULT 6% 09-13.10.14 1,000,000 1,054,650 0.30EUR

REXEL 8.25% 09-15.12.16 3,400,000 3,691,057 1.06EUR

SCOR ASSIST 6.154% 06-PERP. 5,650,000 4,913,381 1.41EUR

SOCIETE GENERALE 4.196%05-PERP 2,600,000 2,271,516 0.65EUR

TEREOS EUROPE 6.375% 07-15.04.14 REGS 5,605,000 5,779,400 1.66EUR

VALEO 3.75% 05-24.06.13 1,400,000 1,401,386 0.40EUR

VINCI 6.25% 06-PERP 3,850,000 3,917,279 1.12EUR

71,414,844 20.45

BAYER AG 5.00% 05-29.07.15 3,050,000 2,994,109 0.86EUR

GERMANY

FRANZ H&C 5.875% 10-01.02.17 1,650,000 1,748,555 0.50EUR

FRANZ H&C 6.75% 09-23.10.14 500,000 549,433 0.16EUR

HELLA KG HUECK 7.25%20.10.14 1,900,000 2,047,649 0.59EUR

HSH NORDBANK 4.375% 07-14.02.08 2,300,000 1,768,286 0.51EUR

KABEL DEUTSCHLAND10.75% 06-01.07.14 6,500,000 6,824,837 1.94EUR

MUNICH RE 5.767% 07-26.06.49 5,000,000 4,738,200 1.36EUR

UNITYMEDIA 8.125% 09-01.12.17 5,750,000 6,055,468 1.73EUR

UPC GER 9.625% 09-01.12.19 600,000 650,484 0.19EUR

27,377,021 7.84

BARCLAYS BANK 4.75% 05-PERP. 5,550,000 4,037,653 1.16EUR

GREAT BRITAIN

FCE BK 9.375% 09-17.01.14 11,750,000 13,083,155 3.74EUR

MONDI FIN 5.75% 10-03.04.17 3,675,000 3,780,344 1.08EUR

REXAM PLC 6.75% 07-29.06.67 2,270,000 2,186,997 0.63EUR

VIRGIN MEDIA FIN 9.5% 09-15.08.16 1,000,000 1,158,750 0.33EUR

24,246,899 6.94


Face Value

241


MOL HU O&G 5.875% 10-20.04.17 5,700,000 5,433,012 1.56EUR

HUNGARY

5,433,012 1.56

SMURFIT KAP ACQ 7.25% 09-15.11.17 4,400,000 4,610,276 1.32EUR

IRELAND

4,610,276 1.32

CIRINT 5.75% 04-16.12.24 3,050,000 2,579,187 0.74EUR

ITALY

2,579,187 0.74

HSBC CAPITAL JE 5.3687%03-PERP 3,750,000 3,614,850 1.03EUR

JERSEY

HSBC CAPITAL 5.13% 04-PERP 900,000 861,498 0.25EUR

4,476,348 1.28

KAZKOMMERTS 6.875% 07-13.02.17 1,300,000 1,182,194 0.34EUR

KAZAKHSTAN

1,182,194 0.34

DEXIA BIL 6.821% 01-PERPSUB 1,110,000 916,444 0.26EUR

LUXEMBOURG

FIAT FINANCE 7.625% 09-15.09.14 3,850,000 4,175,748 1.19EUR

GAZ CAPITAL 6.605% 07-13.02.18 EMTN 2,415,000 2,640,633 0.76EUR

JP MORGAN LUX 5% 05-PERP 2,550,000 2,085,964 0.60EUR

PROLOGIS INTERNATIONAL5.875% 07-23.10.14 1,250,000 1,263,288 0.36EUR

WIND ACQUIS 11.75% 09-15.07.17 1,000,000 1,118,385 0.32EUR

WIND ACQUISITION 9.75%05-01.12.15 1,250,000 1,318,756 0.38EUR

13,519,218 3.87

CON GUM FIN 7.5%10-15.09.17 REGS 1,400,000 1,427,265 0.41EUR

NETHERLANDS

CONGR 7.125% 10-15.10.18 1,000,000 988,360 0.28EUR

EUREKO 5.125% 05-29.06.49 5,000,000 4,177,050 1.20EUR

GMAC INTL 7.5% 10-21.04.15 5,000,000 5,144,325 1.47EUR

HEIDLRG 7.5% 09-31.10.14 250,000 266,359 0.08EUR



Face Value

HEIDLRG 7.5% 10-03.04.20 500,000 506,128 0.14EUR

HEIDLRG 8% 09-31.01.17 3,100,000 3,289,999 0.94EUR

HEIDLRG 8.5% 09-31.10.19 8,650,000 9,280,238 2.66EUR

IFCO 10% 09-30.06.16 400,000 453,002 0.13EUR

ING VERZEK.6.25%01-21.06.21 4,350,000 4,174,217 1.20EUR

INTERXION 9.5% 10-12.02.17 800,000 877,668 0.25EUR

LINDE FINANCE 7.375% 06-14.07.66 5,370,000 5,931,809 1.70EUR

OI EUROPEAN GP 6.875% 07-31.03.17 2,450,000 2,551,577 0.73EUR

OI EUROPEAN 6.75% 10-09.15.20 1,850,000 1,895,797 0.54EUR

PFEIDERER 7.125% 07-PERP 100,000 46,250 0.01EUR

RABOBANK 6.875% 10-19.03.20 7,450,000 7,290,420 2.09EUR

SOLVAY FIN. 6.375% 06-02.06.2104 6,200,000 6,487,679 1.86EUR

UPC 9.75% 09-15.04.18 1,150,000 1,238,378 0.35EUR

ZIGGO 8% 10-15.05.18 2,700,000 2,853,941 0.82EUR

58,880,462 16.86

STENA 7.875% 10-15.03.20 750,000 743,749 0.21EUR

SWEDEN

743,749 0.21

AGCO 6.875% 04-15.04.14 5,968,000 5,997,840 1.72EUR

UNITED STATES

CEDCFC 8.875% 09-01.12.16REGS 550,000 596,118 0.17EUR

CL CAPITAL TRUST 7.047%02-PERP. 4,350,000 4,271,265 1.22EUR

FIAT FINANCE NORTHAMERICA 5.625% 07-12.07.17 1,350,000 1,374,199 0.39EUR


HVB FD TR VIII PREF. 02-PERP 3,050,000 2,963,151 0.85EUR

24,475,581 7.01

C10 CAP SPV 6.277% FRN 07-09.05.49 4,355,000 2,645,663 0.76EUR

VIRGIN ISLANDS

2,645,663 0.76

81.95286,204,524TOTAL BONDS


Face Value


242

SANTOS FIN 8.25% (FRN) 10-22.09.70 1,750,000 1,771,595 0.51EUR

FLOATING RATE BONDS

AUSTRALIA

1,771,595 0.51

BANQUE POSTALE FRN 06-12.12.16 1,100,000 1,066,681 0.31EUR

FRANCE

CLF FRN 05-PERP 4,400,000 2,551,362 0.73EUR

CNP ASSURANCE FRN 06-PERP. 4,200,000 3,587,303 1.02EUR

CREDIT AGRICO FRN 08-PERP 2,900,000 3,074,188 0.88EUR

CREDIT LOGEMENT FRN 04-PERP. 2,300,000 1,843,450 0.53EUR

GRPE BPCE FRN 10-PERP/SUB 500,000 510,208 0.15EUR


13,953,155 4.00

ATU AUTO-TEILE FRN 04-01.10.14 350,000 271,250 0.08EUR

GERMANY

RWE 4.625% (FRN) 10-PERP 1,200,000 1,188,474 0.34EUR

1,459,724 0.42

AVIS FINANCE FRN 06-31.07.13 2,100,000 2,009,049 0.58EUR

GREAT BRITAIN

2,009,049 0.58

INTESA FRN 09-PERP 2,000,000 2,030,200 0.58EUR

ITALY

2,030,200 0.58

CALCIPAR FRN 07-01.07.14REGS 400,000 330,680 0.09EUR

LUXEMBOURG

330,680 0.09

ABN AMRO BANK FRN 06-14.09.16 2,200,000 2,032,800 0.58EUR

NETHERLANDS

2,032,800 0.58

UBS PREF. FD FRN 05-PERP 6,650,000 5,870,288 1.68EUR

SWITZERLAND

5,870,288 1.68



Face Value


UNITED STATES

10,346,012 2.96


GERRESHEIMER 7.875% 05-01.03.15 REGS 4,335,000 2,700,983 0.78EUR

ASSET BACKED SECURITIES

GERMANY

2,700,983 0.78

ECO-BAT 10.125% 03-31.01.13REGS 1,604,000 1,231,571 0.35EUR

GREAT BRITAIN

1,231,571 0.35

1.133,932,554TOTAL ASSET BACKED SECURITIES

94.48



EXCHANGE LISTING

329,940,581

PICARD FR 9% 10-01.10.18 1,000,000 1,048,065 0.30EUR


BONDS

FRANCE

1,048,065 0.30

NORDENIA 9.75% 10-15.07.17 250,000 268,594 0.08EUR

GERMANY

268,594 0.08

HEIDEL FIN 6.75% 10-15.12.15 150,000 156,086 0.04EUR

NETHERLANDS

PHOENIX FIN 9.625% 10-15.07.14 2,150,000 2,328,020 0.67EUR

UPC HLD BV 8.375% 15.08.20REGS 850,000 857,527 0.25EUR

3,341,633 0.96

HERTZ HDGS 8.5% 10-31.07.15 900,000 951,939 0.27EUR

UNITED STATES

951,939 0.27



Face Value

243


INTESA SAN 9.5% (FRN) 10-PERP 1,300,000 1,333,098 0.38EUR

FLOATING RATE BONDS

ITALY

1,333,098 0.38








Face Value


244

ANZ BK 3.75% 10-10.03.17 150,000 212,876 1.04EUR


EXCHANGE LISTING

BONDS

AUSTRALIA

CBA 5.5% 09-06.08.19 150,000 229,485 1.11EUR

MACQUARIE 7.3% 09-01.08.14 200,000 224,295 1.09USD

NAB 4% 10-13.07.20 150,000 211,175 1.03EUR

NAB 4.625% 10-10.02.20 100,000 142,714 0.70EUR

1,020,545 4.97

BOMBARDIER 7.25% 06-15.11.16 100,000 145,638 0.71EUR

CANADA

145,638 0.71

HUTCH WHAM 4.75% 09-14.11.16 150,000 217,716 1.06EUR

CAYMAN ISLANDS

217,716 1.06

DANSKE BANK 6.00% 07-20.03.16 100,000 142,635 0.69EUR

DENMARK

142,635 0.69

BNPP 2.875% 10-13.07.15 115,000 159,465 0.78EUR

FRANCE

BPCE 6.117% 07-PERP EMTN 150,000 178,440 0.87EUR

DEXIA CLF 5.375% 09-21.07.14 100,000 147,379 0.72EUR

EDENRED 3.625% 10-06.10.17 250,000 339,685 1.65EUR

RCI BK 8.125% 09-15.05.12 120,000 176,362 0.86EUR

SOCIETE GENERALE PERP8.75% 200,000 210,099 1.02USD

SOCIETE GENERALE 3.75%09-21.08.14 150,000 213,479 1.04EUR

VEOLIA ENVIRONMENT6.125% 03-25.11.33 EMTN 200,000 342,789 1.67EUR

1,767,698 8.61

HENKEL 5.375% 05-25.11.14STEP-UP 200,000 274,396 1.34EUR

GERMANY

INVESTMENTS

Global Core Credit BondStatement of investments as at 30 September 2010(expressed in USD)


Face Value

MUNICH RE FIN. 6.75% 03-21.06.23 120,000 176,836 0.86EUR

451,232 2.20

ANGLIAN WATER 4.625% 03-07.10.13 250,000 363,126 1.77EUR

GREAT BRITAIN

BARCLAYS BANK 6% 10-14.01.21 150,000 217,904 1.06EUR

HSBC BANK 4.25% 03-18.03.16 EMTN 100,000 137,142 0.67EUR

HSBC HOLDING 0% 09-10.06.19 200,000 314,598 1.53EUR

IMPERIAL TOBACCO 8.375%09-17.02.16 125,000 213,730 1.04EUR

RBS 4.875% 09-25.08.14 400,000 421,502 2.06USD

RIO TINTO FIN 8.95% 09-01.05.14 200,000 247,110 1.20USD

1,915,112 9.33

GE CAP EUR 5.375% 09-23.01.20 200,000 300,909 1.47EUR

IRELAND

300,909 1.47

INTESA 5% 09-23.09.19 100,000 140,628 0.69EUR

ITALY

140,628 0.69

TELECOM IT CAP 7.175% 09-18.06.19 200,000 234,164 1.14USD

LUXEMBOURG

234,164 1.14

CRH FIN 7.375% 09-28.05.14 100,000 152,754 0.74EUR

NETHERLANDS

HEIDELBG 6.375% 08-25.01.12 EMTN ST-UP 100,000 143,210 0.70EUR

KPN 7.5% 09-04.02.19 200,000 350,254 1.71EUR

RABOBANK 4.125% 10-14.01.20 200,000 289,045 1.41EUR

RABOBANK 4.375% 09-22.01.14 150,000 219,073 1.07EUR

SIEMENS F. 5.25% FLR 06-14.09.66 250,000 352,623 1.72EUR

SOLVAY FIN. 6.375% 06-02.06.2104 100,000 142,598 0.69EUR

1,649,557 8.04


Face Value

245


WESTPAC SEC 3.875% 10-20.03.17 50,000 70,608 0.34EUR

NEW ZEALAND

70,608 0.34

INVESTOR AB 4% 06-14.03.16 100,000 144,721 0.71EUR

SWEDEN

NORDEA 2.75% 10-11.08.15 200,000 274,692 1.33EUR

NORDEA 8.375% 09-PERP 200,000 214,681 1.05USD

SVSK HDBK 3.75% 10-24.02.17 100,000 143,003 0.70EUR

SVSK HDBK 4.875% 09-25.03.14 150,000 221,525 1.07EUR

998,622 4.86

CS 5.4% 10-14.01.20 100,000 106,438 0.52USD

SWITZERLAND

106,438 0.52

AMEREN CORP 8.875% 09-15.05.14 200,000 231,832 1.13USD

UNITED STATES

AMERICAN EXPRESS 8.125%20.05.19 200,000 258,572 1.26USD

BB&T CORP 3.95% 10-29.04.16 200,000 211,485 1.03USD

BOA 4.75% 10-03.04.17 100,000 139,888 0.68EUR

BOA 6.875% 08-25.04.18 200,000 223,242 1.09USD

CAPITAL ONE 8.8% 09-15.07.19 200,000 255,134 1.24USD

CS GROUP (US) 3.625% 05-14.09.20 150,000 206,252 1.00EUR

ETP 9.7% 08-15.03.19 200,000 266,665 1.30USD

FRESENIUS FINANCE II 8.75%09-15.07.15 200,000 321,957 1.57EUR

GECC 6.375% 07-15.11.67 200,000 199,382 0.97USD

JP MORGAN CHASE 6.3% 09-23.04.19 200,000 230,944 1.13USD

KRAFT FOODS 4.125% 10-09.02.16 400,000 431,094 2.10USD

KROGER CO. 5.00% 08-15.04.13 200,000 217,411 1.06USD

MECCANICA 6.25% 09-15.07.19 REGS 200,000 221,984 1.08USD

MIDCONT EXP 5.45% 9-15.09.14 200,000 212,298 1.03USD

MOR ST 4.5% 9-29.10.14 150,000 210,504 1.03EUR



Face Value

MORGAN STANLEY 6% 08-28.10.08 200,000 220,103 1.07USD

PFIZER 6.2% 09-15.03.19 400,000 491,765 2.40USD

ROCHE HOLDING 5.625% 09-04.03.16 100,000 158,067 0.77EUR

WM COV BD 4.375% 07-19.05.14 150,000 216,381 1.05EUR

XEROX CORP 4.25% 09-15.02.15 400,000 428,513 2.09USD

XTO ENERGY 5.5% 08-15.06.18 200,000 239,539 1.17USD

ZURICH FIN. USA 4.5% 05-15.06.25 100,000 137,701 0.67EUR

5,730,713 27.92

72.5514,892,215TOTAL BONDS

NATEXIS BQ POP.FRN 06-26.01.17 200,000 256,952 1.25EUR

FLOATING RATE BONDS

FRANCE

SUEZ ENV 4.82%(FRN)10-PERP/SUB 300,000 399,729 1.95EUR

656,681 3.20

RWE 4.625% (FRN) 10-PERP 120,000 161,959 0.79EUR

GERMANY

161,959 0.79

CREDIT AGR LN FRN 07-PERP 200,000 184,688 0.90USD

GREAT BRITAIN

184,688 0.90

INTESA FRN 09-PERP 150,000 207,499 1.01EUR

ITALY

207,499 1.01

ING NV FRN 06-26.09.16 200,000 183,792 0.90USD

NETHERLANDS

183,792 0.90

NAB NEW YORK FRN 09-PERP 200,000 215,800 1.05USD

UNITED STATES

215,800 1.05


80.40



EXCHANGE LISTING

16,502,634


Face Value


246

VIVENDI 5.75% 08-04.04.13144A 200,000 217,392 1.06USD


MARKET

BONDS

FRANCE

217,392 1.06

ARCELORMIT 9% 09-15.02.15 200,000 241,233 1.18USD

LUXEMBOURG

241,233 1.18

TELEFONICA EMIS 5.877%09-15.07.19 200,000 229,158 1.12USD

SPAIN

229,158 1.12

CITICORP 5% 04-15.09.14 200,000 207,526 1.01USD

UNITED STATES

CITIGROUP INC. 6.40% 08-27.03.13 125,000 184,291 0.90EUR

DEUTSCHE BANK C 5.628%06-PERP.-144A 200,000 174,250 0.85USD

UNION PACIFIC 6.125% 09-15.02.20 400,000 479,801 2.33USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 200,000 222,248 1.08USD

1,268,116 6.17




GLENCORE FDG 6% 04-15.04.14 144A 200,000 208,707 1.02USD


BONDS

UNITED STATES

ROCHE HOLDING 5% 09-01.03.14 144A 400,000 446,456 2.17USD

655,163 3.19

3.19655,163TOTAL BONDS






Face Value



Face Value

247


MACQUARIE 7.3% 09-01.08.14 450,000 504,664 0.50USD


EXCHANGE LISTING

BONDS

AUSTRALIA

504,664 0.50

HUTCH WHAM 5.75% 09-11.09.19 400,000 445,810 0.44USD

CAYMAN ISLANDS

TWU CAYMAN 6.125% 09-04.02.13 350,000 518,265 0.52EUR

964,075 0.96

BPCE 6.117% 07-PERP EMTN 300,000 356,880 0.36EUR

FRANCE

DEXIA MUNAG 1.55% 06-31.10.13 17,000,000 205,707 0.20JPY

DEXIA MUNAG 1.8% 07-09.05.17 6,000,000 72,798 0.07JPY

FRANCE 4% 07-25.04.18 OAT 1,000,000 1,519,738 1.51EUR

FRANCE 4% 07-25.4.18 OAT 49,000 74,467 0.07EUR

FRANCE 5.75% 01-25.10.32 1,111,000 2,116,744 2.12EUR

LAFARGE 5.5% 09-16.12.19 250,000 347,900 0.35EUR

SOCIETE GENERALE 3.1% 10-14.09.15 500,000 504,671 0.50USD

VEOLIA ENVIRONNEMENT5.25% 08-03.06.13 580,000 634,493 0.63USD

5,833,398 5.81

GERMANY 3.5% 08-12.04.13 79,000 114,682 0.11EUR

GERMANY

GERMANY 3.75% 08-04.01.19 900,000 1,375,797 1.37EUR

GERMANY 4.00% 07-04.01.18S.07 59,000 91,269 0.09EUR

GERMANY 4.75% 03-04.07.34 400,000 713,318 0.71EUR

GERMANY 4.75% 08-04.07.40 650,000 1,211,934 1.21EUR

HENKEL 5.375% 05-25.11.14STEP-UP 180,000 246,957 0.25EUR

HSH NORDBANK 4.375% 07-14.02.08 900,000 942,939 0.94EUR

KFW 2.05% 06-16.02.26GLOBAL 20,000,000 257,989 0.26JPY

INVESTMENTS

Global Core Plus BondStatement of investments as at 30 September 2010(expressed in USD)


Face Value

KFW 4.125% 04-15.10.14GLOBAL 500,000 555,548 0.55USD

5,510,433 5.49

BPCM 3.875% 09-10.03.15 500,000 517,143 0.52USD

GREAT BRITAIN

DEUTSCHE BANK LN 4.875%08-20.05.13 15,000 16,298 0.02USD

HAMMERSON 6.875% 00-31.03.20 500,000 899,408 0.90GBP

LLOYDS 6.25% 09-15.04.14 700,000 1,044,060 1.04EUR

NATIONWIDE 5% 03-01.08.15 500,000 503,128 0.50USD

RBS GRP 6.4% 09-21.10.19 450,000 486,263 0.48USD

RBS 4.875% 09-25.08.14 400,000 421,503 0.42USD

REXAM PLC 6.75% 07-29.06.67 500,000 656,461 0.65EUR

UK TSY 4.00% 06-07.09.16TSY 578,000 1,016,705 1.01GBP

UK TSY 4.25% 03-07.03.36 580,000 976,441 0.97GBP

UK TSY 4.75% 04-07.12.38 400,000 728,966 0.73GBP

UK TSY 8.00% 93-27.09.13 270,000 517,540 0.52GBP

7,783,916 7.76

GE CAP EUR 5.375% 09-23.01.20 500,000 752,272 0.75EUR

IRELAND

752,272 0.75

ITALY 4.25% 08-15.04.13 BTP 3,164,000 4,525,603 4.51EUR

ITALY

4,525,603 4.51

JAPAN 0.3% 10-20.06.15 180,000,000 2,165,138 2.16JPY

JAPAN

JAPAN 1.10% 07-20.09.12S.66 300,000,000 3,667,142 3.65JPY

JAPAN 1.70% 06-20.12.16N284 549,500,000 7,134,105 7.11JPY

12,966,385 12.92

BAA FDG 3.975% 08-15.02.14 400,000 555,089 0.55EUR

JERSEY

HSBC CAPITAL 8.03% 00-PERP 500,000 710,184 0.71EUR

1,265,273 1.26

BEI 0% 96-06.11.26 SENIOR 1,300,000 679,640 0.68USD

LUXEMBOURG


Face Value


248

BEI 1.25% 07-20.09.12 27,800,000 340,485 0.34JPY

GAZPROM CAPITAL 5.03% 06-25.02.14 REGS 380,000 538,577 0.54EUR


2,333,236 2.32

LINDE FINANCE 7.375% 06-14.07.66 185,000 278,484 0.28EUR

NETHERLANDS

RABOBANK NL 0.8% 06-03.02.11 38,000,000 456,534 0.45JPY

735,018 0.73

ASIA DVLP BANK 2.35% 07-21.06.27 70,000,000 933,390 0.93JPY

PHILIPPINES

933,390 0.93

SANTANDER US 3.724% 10-20.01.15 400,000 401,925 0.40USD

SPAIN

SPAIN 2.75% 09-30.04.12 3,300,000 4,539,572 4.52EUR

SPAIN 4.1% 08-30.07.18 181,000 250,000 0.25EUR

5,191,497 5.17

NORDEA 8.375% 09-PERP 450,000 483,032 0.48USD

SWEDEN

483,032 0.48

CS 5.4% 10-14.01.20 550,000 585,406 0.58USD

SWITZERLAND

585,406 0.58

ABU DHABI 5.5% 07-02.08.12 500,000 538,967 0.54USD


538,967 0.54

BELLSOUTH TELEC. 7.00%95-01.12.95 425,000 480,894 0.48USD

UNITED STATES

BOA 6.4% 07-28.08.17 450,000 490,429 0.49USD

BURL.NORTHERN 5.65% 07-01.05.17 500,000 573,975 0.57USD

CAPITAL ONE 8.8% 09-15.07.19 400,000 510,268 0.51USD

CITIGROUP 3.625% 06-28.03.11 500,000 687,759 0.69EUR

FREDDIE MAC 5.125% 07-17.11.17 600,000 711,720 0.71USD



Face Value

MET LIFE 5.125% 09-10.06.14 800,000 887,909 0.88USD


PFIZER 5.75% 09-03.06.21 500,000 831,581 0.83EUR

USA 3.125% 09-15.05.19 1,300,000 1,380,234 1.37USD

7,215,077 7.19

57.9058,121,642TOTAL BONDS

RWE 4.625% (FRN) 10-PERP 1,000,000 1,349,660 1.35EUR

FLOATING RATE BONDS

GERMANY

1,349,660 1.35


GREAT BRITAIN

STANDARD CHART.FRN 05-09.06.16 450,000 439,792 0.44USD

901,512 0.90

ING BANK FRN 06-23.05.16 500,000 466,188 0.46USD

NETHERLANDS

466,188 0.46

SANTANDER ISS. FRN 06-30.05.18 495,000 673,924 0.67EUR

SPAIN

673,924 0.67

SWEDISH EXP FRN 09-14.08.14 1,000,000 1,017,046 1.01USD

SWEDEN

1,017,046 1.01


UNITED STATES

485,550 0.48


BBC 5.0636% 03-10.08.33REG 500,000 825,062 0.82GBP


GREAT BRITAIN

825,062 0.82

0.82825,062TOTAL ASSET BACKED SECURITIES


Face Value

249


USA 2.375% 09-31.10.14 S-2014 1,000,000 1,054,375 1.05USD

TREAS. BONDS/NOTES - FIXED RATE

UNITED STATES

1,054,375 1.05

1.051,054,375TOTAL TREASURY BONDS/NOTES - FIXED

RATE

FHLMC (30Y) 5% 10-1.10.40TBA 860,000 902,866 0.90USD

FHLMC

UNITED STATES

FHLMC (30Y) 5.5% 10-1.10.40TBA 840,000 890,269 0.89USD

FHLMC (30YR) 4.5%10-1.10.40TBA 1,020,000 1,059,365 1.05USD

2,852,500 2.84

2.842,852,500TOTAL FHLMC

FNMA (15Y) 4% 10-19.10.25TBA 630,000 657,070 0.65USD

FNMA

UNITED STATES

FNMA (15Y) 4.5% 10-01.10.25TBA 670,000 704,442 0.70USD

FNMA (15Y) 5% 10-15.10.25TBA 510,000 540,839 0.54USD

FNMA (30Y) 5% 10-01.10.40TBA 930,000 978,389 0.97USD

FNMA (30Y) 6.5% 10-01.10.40TBA 410,000 447,092 0.45USD

FNMA (30YR) 4% 10-01.10.40TBA 510,000 523,467 0.52USD

FNMA (30YR) 4.5% 10-01.01.40 TBA 1,020,000 1,061,278 1.06USD

FNMA (30YR) 5.5% 10-01.10.40 TBA 1,020,000 1,083,591 1.08USD

FNMA(30Y) 6% 10-12.10.40TBA 1,440,000 1,543,726 1.54USD

7,539,894 7.51

7.517,539,894TOTAL FNMA

74.99



EXCHANGE LISTING

75,287,353



Face Value

CANADA 4.00% 06-01.06.17 2,639,000 2,817,447 2.81CAD


MARKET

BONDS

CANADA

2,817,447 2.81

VIVENDI 5.75% 08-04.04.13144A 475,000 516,306 0.51USD

FRANCE

516,306 0.51

BAT INTERNATIONALFINANCE 8.125% 08-13 144A 500,000 586,266 0.58USD

GREAT BRITAIN

586,266 0.58

ITALY 4.25% 09-01.03.20 BTP 1,000,000 1,413,581 1.41EUR

ITALY

1,413,581 1.41

JAPAN 2.00% 07-20.03.27 NO93 (20Y) 275,800,000 3,531,314 3.53JPY

JAPAN

3,531,314 3.53


SPAIN

572,895 0.57

COX COMM.7.125% 02-01.10.12 600,000 661,317 0.66USD

UNITED STATES


MIDAMERICAN ENERGY5.95% 07-15.07.17 610,000 716,274 0.71USD

RABOBANK CAP.III 5.254%04-PERP 144A 550,000 526,675 0.52USD

TIME WARNER CABLE 6.2%08-01.07.13 535,000 601,505 0.60USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 350,000 388,934 0.39USD

3,417,455 3.40

12.8112,855,264TOTAL BONDS


Face Value


250

FIN DANISH FRN 09-17.08.12144A 250,000 251,818 0.25USD

FLOATING RATE BONDS

DENMARK

251,818 0.25

BARCLAYS BANK FRN 06-27.06.16 144A 450,000 435,431 0.43USD

GREAT BRITAIN

435,431 0.43


CAIRN MEZZ.FRN 07-13.08.4707-3A B1 DEFLT 860,000 - 0.00USD


IRELAND

- 0.00

0.00-TOTAL ASSET BACKED SECURITIES

USA 4.375% 08-15.02.38 TBO 100,000 112,141 0.11USD


UNITED STATES

USA 4.375% 09-15.11.39 TBO 700,000 781,375 0.78USD

893,516 0.89

0.89893,516TOTAL TREASURY BONDS/NOTES - FIXED

RATE

JLOC FRN 07-15.01.15 37X A1 60,000,000 329,512 0.33JPY

MORTGAGE BACKED SECURITIES

JAPAN

JLOC FRN 07-16.02.16 36X-A1 40,000,000 248,922 0.25JPY

578,434 0.58

COMMERCIAL MTG FRN 06-15.12.20 FL12 A2 2,000,000 1,197,540 1.19USD

UNITED STATES

GNMA (30Y) 5% 10-01.10.40TBA 780,000 830,091 0.83USD

GNMA (30YR) 4.5% 10-01.10.40 TBA 880,000 924,963 0.92USD

GNMA (30YR) 5.5% 10-01.10.40 TBA 450,000 483,398 0.48USD

GNMA 4% 10-01.10.40 TBA 240,000 247,763 0.25USD



Face Value

JP MORGAN CC 5.875% 06-4506-LD P7 A4 220,000 245,502 0.24USD

3,929,257 3.91

4.494,507,691TOTAL MORTGAGE BACKED SECURITIES



CHICAGO IL 6.899% 08-01.12.40 PF-A 800,000 862,160 0.86USD


BONDS

UNITED STATES

862,160 0.86


CBA FRN 09-12.07.13 144A 500,000 502,885 0.50USD

FLOATING RATE BONDS

AUSTRALIA

502,885 0.50


ABFC 3.684% 05-25.03.33 03-AHL1 A1 7,500,000 689,878 0.69USD


UNITED STATES

689,878 0.69


ARRMF FRN 10-16.5.47 10-1XA2C 1,000,000 1,000,000 1.00USD


GREAT BRITAIN

1,000,000 1.00

BACM 5.634% 06-10.07.46 06-4 A4 500,000 543,700 0.54USD

UNITED STATES

BEAR STEARNS FRN 07-12.10.41 06-T24 A2 1,340,000 1,378,625 1.37USD

MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 450,000 461,531 0.46USD

2,383,856 2.37




Face Value

251


INTESA IE 0% 10-08.11.10 CP 2,000,000 2,723,142 2.71EUR


COMMERCIAL PAPER

IRELAND

2,723,142 2.71

2.712,723,142TOTAL COMMERCIAL PAPER

RBS 0.57% 10-12.10.10 CD 1,000,000 1,362,750 1.36EUR


GREAT BRITAIN

UNICR LN 0.8% 10-16.11.10CD 2,000,000 2,725,500 2.71EUR

4,088,250 4.07

RABOBANK 0% 10-4.10.10 CD 500,000 681,342 0.68EUR

NETHERLANDS

681,342 0.68




(6.74)OTHER NET ASSETS LESS LIABILITIES (6,762,266)




Face Value


252

CITY BUENOS 12.5% 10-06.04.15 1,375,000 1,471,412 0.12USD


EXCHANGE LISTING

BONDS

ARGENTINA

1,471,412 0.12

BELIZE STEP-UP 6.00% 07-20.02.29 1,350,000 1,215,000 0.10USD

BELIZE

1,215,000 0.10

ALLI OIL 9.875% 10-11.03.15REGS 1,000,000 1,048,470 0.09USD

BERMUDA ISLANDS

1,048,470 0.09

BANCO DESENV 6.5% 09-10.06.19 1,050,000 1,205,154 0.10USD

BRAZIL

BERTIN 10.25% 06-05.10.16REG S 1,575,000 1,760,308 0.15USD

BNDES 5.5% 10-12.07.20 REG-S 1,575,000 1,692,938 0.14USD

BNDES. 6.369% 98-18.06.16REG.-S- 825,000 937,097 0.08USD

BRAZIL 10% 06-01.01.14 S.F 6,000 3,351,399 0.28BRL

BRAZIL 10% 07-01.01.13 1,075 609,172 0.05BRL

BRAZIL 10% 07-01.01.17 12,800 6,944,327 0.58BRL

BRAZIL 10.125% 97-15.05.27 5,100,000 8,274,750 0.69USD

BRAZIL 10.5% 04-14.07.14 75,000 97,894 0.01USD

BRAZIL 11.00% 00-17.08.40 4,450,000 6,164,363 0.52USD

BRAZIL 4.875% 10-22.01.21 2,950,000 3,236,150 0.27USD

BRAZIL 5.625% 09-07.01.14 8,350,000 9,153,688 0.77USD

BRAZIL 5.875% 09-15.01.19 12,075,000 14,188,124 1.19USD

BRAZIL 6% 03-15.05.15 S.B /INDEX 3,000 3,373,994 0.28BRL

BRAZIL 6.00% 06-17.01.17 11,150,000 13,014,837 1.09USD

BRAZIL 7.125% 06-20.01.37 3,860,000 5,076,093 0.43USD

BRAZIL 8.25% 04-20.01.34 200,000 290,500 0.02USD

BRAZIL 8.75% 05-04.02.25GLOBAL 7,550,000 11,117,375 0.93USD

BRAZIL 8.875% 01-15.04.24 7,875,000 11,605,388 0.97USD

BRAZIL 8.875% 04-14.10.19 4,245,000 5,980,144 0.50USD

INVESTMENTS

Global Emerging Markets BondStatement of investments as at 30 September 2010(expressed in USD)


Face Value

NATIONAL STEEL 9.875% 06-PERP. 975,000 995,161 0.08USD

109,068,856 9.13

MARFRIG OVER 9.5% 10-04.05.20 REGS 1,200,000 1,260,514 0.11USD

CAYMAN ISLANDS

MINERV 10.875% 10-15.11.19REGS 625,000 662,966 0.06USD

PETROBRAS INTL 8.375% 03-10.12.18 1,530,000 1,932,150 0.15USD

3,855,630 0.32

COLOMBIA 6.125% 09-18.01.41 3,175,000 3,643,471 0.31USD

COLOMBIA

COLOMBIA 7.375% 06-18.09.37 650,000 854,783 0.07USD

COLOMBIA 8.125% 04-21.05.24 3,900,000 5,304,000 0.44USD

COLUMBIA 8.25% 04-22.12.14GL 3,310,000 4,058,888 0.34USD

REPUBLIC OF COLUMBIA7.375% 06-27.01.17 5,500,000 6,764,999 0.57USD

20,626,141 1.73

REPUBLIC ECUADOR 9.375%05-15.12.15 4,250,000 3,910,595 0.33USD

ECUADOR

3,910,595 0.33

EGYPT 5.75% 10-29.04.20 2,500,000 2,687,500 0.22USD

EGYPT

EGYPT 6.875% 10-30.04.40REGS 1,325,000 1,498,443 0.13USD

4,185,943 0.35

EL SALVADOR 7.375%01.12.19 REGS 4,025,000 4,490,390 0.38USD

EL SALVADOR

EL SALVADOR 7.65% 05-15.06.35 REG 1,875,000 2,047,266 0.17USD

EL SALVADOR 7.75% 02-24.01.23 REG 1,200,000 1,359,000 0.11USD

EL SALVADOR 8.25% 02-10.04.32 1,000,000 1,143,125 0.10USD

9,039,781 0.76


Face Value

253


RUSSIA 12.75% 98-24.06.28REG.S 3,200,000 5,821,920 0.49USD


RUSSIA 5% 10-29.04.20 8,200,000 8,543,170 0.71USD

14,365,090 1.20

GABON 8.20% 07-12.12.17REGS 2,225,000 2,590,757 0.22USD

GABON

2,590,757 0.22

REP OF GEORGIA 7.5% 08-15.04.13 1,025,000 1,055,115 0.09USD

GEORGIEN

1,055,115 0.09

GHANA 8.50% 07-04.10.17REG 2,140,000 2,456,271 0.21USD

GHANA

2,456,271 0.21

BIZ FIN 8.375% 10-27.04.15 2,475,000 2,536,875 0.21USD

GREAT BRITAIN

2,536,875 0.21

INDONESIA 11.625% 09-04.03.19 1,000,000 1,547,920 0.13USD

INDONESIA

INDONESIA 5.875% 10-13.03.20 REGS 9,925,000 11,452,705 0.96USD

INDONESIA 6.875% 08-17.01.18 7,600,000 9,217,394 0.77USD

INDONESIA 7.25% 05-20.04.15 3,700,000 4,382,576 0.37USD


INDONESIA 8.5% 05-12.10.35REGS 3,400,000 4,966,125 0.42USD

INDONESIA 9.5% 10-15.07.31 10,000,000,000 1,226,686 0.10IDR

INDOSAT PAL 7.375% 10-29.07.20 300,000 330,095 0.03USD

MAJAPAHIT 8% 09-07.08.19REGS 1,250,000 1,505,425 0.13USD

STAR ENERGY 11.5%10-12.02.15 REGS 1,000,000 1,125,842 0.09USD

40,877,043 3.43

ALFA BD ISS 7.875% 10-25.09.17 600,000 604,110 0.05USD

IRELAND



Face Value

MTS INTL FD 8.625% 10-22.06.20 1,000,000 1,150,050 0.10USD

1,754,160 0.15

JAMAICA 8% 07-15.03.39 1,450,000 1,400,063 0.12USD

JAMA CA

1,400,063 0.12

KAZKOMMERTSBK 8.5% 03-16.04.13 REGS 1,050,000 1,033,348 0.09USD

KAZAKHSTAN

KAZMUNAIGAZ FIN.8.375%08-02.07.13 REG 5,075,000 5,615,543 0.47USD

KAZMUNAIGAZ 11.75% 09-23.01.15 REGS 5,175,000 6,571,811 0.55USD

13,220,702 1.11

LITHUANIA 7.375% 10-11.02.20 8,925,000 10,007,156 0.84USD

LITHUANIA

10,007,156 0.84

GAZ CAP 8.125% 09-31.07.14 8,325,000 9,407,975 0.80USD

LUXEMBOURG

GAZ CAP 9.25% 09-23.04.19 6,600,000 8,162,788 0.68USD

GAZ CAPITAL 6.212% 06-22.11.16 2,575,000 2,745,336 0.23USD

GAZ CAPITAL 8.146% 08-11.04.18 4,175,000 4,865,198 0.41USD

GAZ CAPI6.51% 07-07.03.22 5,400,000 5,753,970 0.48USD

RSHB CAPITAL 7.125% 08-14.01.14 1,000,000 1,077,750 0.09USD

SBERBANK 5.4% 10-24.03.17REGS 1,000,000 1,000,300 0.08USD

33,013,317 2.77

PETRONAS CAP 5.25% 09-12.08.19 6,825,000 7,616,714 0.64USD

MALAYSIA

1MALAY SUK 3.928% 10-04.06.15 8,270,000 8,718,854 0.73USD

16,335,568 1.37

AXTEL 7.625% 07-01.02.17 1,225,000 1,116,491 0.09USD

MEXICO

DESARROLLA H 9.5%11.12.19 REGS 975,000 1,100,978 0.09USD

GRUPO PETROTE 9.5% 09-19.08.14 925,000 1,018,237 0.09USD


Face Value


254

GRUPO POSADAS 9.25%15.01.15 REGS 825,000 788,414 0.07USD

MEXICO 5.125% 10-15.01.20 6,380,000 7,108,915 0.60USD

MEXICO 5.625% 06-15.01.17S-19 14,970,000 17,178,823 1.43USD

MEXICO 5.875% 09-17.02.14 5,100,000 5,769,375 0.48USD

MEXICO 5.95% 08-19.03.19 10,800,000 12,712,140 1.07USD

MEXICO 6.05% 08-11.01.40 5,500,000 6,233,150 0.52USD

MEXICO 6.75% 04-27.09.34GLOB. 15,050,000 18,586,749 1.55USD

MEXICO 7.5% 03-08.04.33 7,875,000 10,473,750 0.88USD

MEXICO 8% 02-24.09.22 2,500,000 3,412,500 0.29USD

MEXICO 8% 03-19.12.13SR131219 210,000 1,805,741 0.15MXN

MEXICO 8% 05-17.12.15 1,125,000 9,891,471 0.83MXN

MEXICO 8.30% 01-15.08.31T.7 MTN 1,600,000 2,284,000 0.19USD

PEMEX 4.875% 09-15.03.15 5,000,000 5,363,555 0.45USD

PEMEX 6% 10-05.03.20 REGS 13,400,000 14,843,247 1.24USD

URBI DESA 9.5% 10-21.01.20 1,550,000 1,752,760 0.15USD

VITRO SAB 8.625% 07-01.02.12/FLAT 500,000 242,938 0.02USD

VITRO SAB 9.125% 01.02.17WI/FLAT 4,600,000 2,284,668 0.19USD

123,967,902 10.38


NETHERLANDS

KMG FINANCE 7% 10-05.05.20 REGS 2,675,000 2,918,909 0.24USD

PLNIJ 7.75% 09-20.01.20 2,950,000 3,528,306 0.30USD

WHITE NIGHTS 10.5% 09-25.03.14 1,150,000 1,381,901 0.12USD

23,189,335 1.94

PAKISTAN 6.875% 07-01.06.17 2,050,000 1,871,055 0.15USD

PAKISTAN

PAKISTAN 7.125% 06-31.03.16 1,100,000 1,034,457 0.09USD

2,905,512 0.24

PANAMA 5.2% 09-30.01.20 2,700,000 2,997,000 0.25USD

PANAMA

PANAMA 8.875% 97-30.09.27 900,000 1,309,500 0.11USD

REPUBLIC PANAMA 7.125%05-29.01.26 2,925,000 3,717,529 0.31USD

8,024,029 0.67



Face Value

CORP PESQUERA 9%10.02.17 REGS 925,000 955,001 0.08USD

PERU

PERU 7.35% 05-21.07.25 10,425,000 13,552,500 1.13USD

PERU 8.75% 03-21.11.33 2,445,000 3,646,229 0.31USD

REP OF PERU 6.55% 07-14.03.37 4,275,000 5,210,156 0.44USD

23,363,886 1.96

PHILIPPINES 10.625% 00-16.03.25 1,525,000 2,457,637 0.21USD

PHILIPPINES

PHILIPPINES 4.95%-10-15.01.21 /USD 31,000,000 720,876 0.06PHP

PHILIPPINES 6.375% 07-15.01.32 6,025,000 7,029,819 0.59USD

PHILIPPINES 6.375% 09-23.10.34 8,475,000 9,872,697 0.82USD

PHILIPPINES 7.5% 06-25.09.24GLOBAL 1,450,000 1,900,406 0.16USD

PHILIPPINES 7.75% 06-14.01.31 1,600,000 2,131,336 0.18USD

PHILIPPINES 9.375% 02-18.01.17 1,550,000 2,119,145 0.18USD

PSALM 7.39% 09-02.12.24REGS 5,200,000 6,381,778 0.53USD

32,613,694 2.73

POLAND 3.875% 10-16.07.15 2,500,000 2,605,000 0.22USD

POLAND

POLAND 6.375% 09-15.07.19 700,000 829,115 0.07USD

3,434,115 0.29

QATAR 5.25% 09-20.01.20REGS 26,375,000 29,096,900 2.44USD

QATAR

29,096,900 2.44

BUMI CAP 12% 09-10.11.16 850,000 908,944 0.08USD

SINGAPORE

PRIME DIG 11.75% 09-03.11.14 REGS 1,025,000 1,066,594 0.09USD

1,975,538 0.17

SOUTH AFRICA 5.875% 07-30.05.22 3,425,000 3,947,450 0.33USD

SOUTH AFRICA

3,947,450 0.33


Face Value

255


HYNIX SEMICO.7.875% 07-27.06.17 REGS 1,125,000 1,136,078 0.10USD

SOUTH KOREA

1,136,078 0.10

SRI LANKA 6.25% 10-04.10.20 500,000 504,375 0.04USD

SRI LANKA

SRI LANKA 7.4% 09-22.01.15REGS 2,200,000 2,409,088 0.20USD

2,913,463 0.24

TRUE MOVE 10.75%06-16.12.13 REG 1,075,000 1,148,200 0.10USD

THAILAND

1,148,200 0.10

TURKEY GOVERNMENT BOND10.00% 07-15.12 S.CPI 4,540,996 4,594,453 0.38TRY

TURKEY

TURKEY 0% 09-16.11.11 15,400,000 9,758,646 0.82TRY

TURKEY 6.75% 07-03.04.18 10,225,000 11,963,250 1.00USD

TURKEY 6.75% 10-30.05.40 1,350,000 1,539,270 0.13USD

TURKEY 6.875% 06-17.03.36 11,255,000 13,099,694 1.09USD

TURKEY 7% 08-11.03.19 2,900,000 3,455,640 0.29USD

TURKEY 7.00% 05-05.06.20 5,750,000 6,900,000 0.58USD

TURKEY 7.00% 06-26.09.16 5,650,000 6,663,610 0.56USD

TURKEY 7.25% 04-15.03.15 8,300,000 9,739,220 0.82USD

TURKEY 7.375% 05-05.02.25 7,850,000 9,729,290 0.82USD

TURKEY 7.5% 09-07.11.19 2,000,000 2,463,000 0.21USD

TURKEY 7.5% 09-14.07.17 10,375,000 12,579,687 1.04USD

TURKEY 8% 04-14.02.34 2,350,000 3,073,800 0.26USD

95,559,560 8.00

DTEK FIN 9.5% 10-28.04.15 1,000,000 1,026,348 0.09USD

UKRAINE

NAFTOGAZ 9.5% 09-30.09.14 3,275,000 3,534,727 0.30USD

UKRAINE FIN. 6.58% 06-21.11.16 7,425,000 7,287,266 0.62USD

UKRAINE 6.385% 07-26.06.12REGS 375,000 380,063 0.03USD

UKRAINE 6.75% 07-14.11.17REGS 900,000 882,855 0.07USD

UKRAINE 7.65% 03-11.06.13REG. 1,075,000 1,118,645 0.09USD

UKRAINE 7.75% 10-23.09.20 3,250,000 3,265,600 0.27USD

17,495,504 1.47



Face Value

PEMEX PROJECT FUNDING6.625% 05-15.06.35 1,400,000 1,528,911 0.13USD

UNITED STATES

PEMEX PROJECT 5.75% 07-01.03.18 18,725,000 20,548,777 1.72USD

22,077,688 1.85

PETROL VENEZ 5.5% 07-12.04.37 6,475,000 3,052,386 0.26USD

VENEZUELA

PETROLEOS VENEZUELA5.25% 07-12.04.17 8,210,000 4,854,737 0.41USD


VENEZUELA 6% 05-09.12.20REGS 2,125,000 1,253,750 0.11USD

VENEZUELA 7.00% 03-01.12.18 7,400,000 4,902,500 0.41USD

VENEZUELA 7.00% 07-31.03.38 REGS 6,925,000 3,895,313 0.33USD

VENEZUELA 7.65% 05-21.04.25 14,550,000 8,911,875 0.74USD

VENEZUELA 7.75% 13.10.19REGS 17,625,000 11,870,438 0.98USD

VENEZUELA 8.25% 09-13.10.24 18,450,000 11,998,034 1.00USD

VENEZUELA 8.5% 04-08.10.14GLOBAL 2,100,000 1,757,280 0.15USD


VENEZUELA 9.375% 04-13.01.34 4,500,000 3,048,750 0.26USD

61,490,141 5.15

VIETNAM 6.75% 10-29.01.20REGS 1,025,000 1,135,188 0.10USD

VIETNAM

VIETNAM 6.875% 05-15.01.16REG.S 1,275,000 1,412,865 0.11USD

2,548,053 0.21

62.92750,920,993TOTAL BONDS

MEX UDIBONOS FRN 06-16.06.16 110,416 4,598,185 0.38MXN

FLOATING RATE BONDS

MEXICO

4,598,185 0.38


Face Value


256

SIGMA CAP FRN 10-30.04.15 1,000,000 1,052,191 0.09USD

SINGAPORE

1,052,191 0.09


ARGENTINA 8.28% 03-31.12.33 PIK 17,175,000 18,315,572 1.53USD

PIK BONDS

ARGENTINA

18,315,572 1.53

REPUBLIC DOMINICAN 9.04%05-23.01.18 REG/PIK 1,350,000 1,752,184 0.15USD

DOMINICAN REPUBLIC

1,752,184 0.15

CO DURANGO ST-UP 09-27.08.16/PIK 2,150,000 1,854,375 0.16USD

MEXICO

1,854,375 0.16

URUGUAY 7.875% 03-15.10.33 PIK 3,175,000 4,157,663 0.35USD

URUGUAY

4,157,663 0.35

2.1926,079,794TOTAL PIK BONDS

ARGENTINA 1.33% 03-31.12.38 36,225,000 14,741,764 1.24USD


ARGENTINA

14,741,764 1.24

BRAZIL 8.00% 05-15.01.18 5,375,000 5,362,682 0.45USD

BRAZIL

5,362,682 0.45

REP DOMINICAN 7.5%-10-06.05.21/POOL 2,275,000 2,578,333 0.22USD

DOMINICAN REPUBLIC

2,578,333 0.22

RUSSIA 7.50% 00-31.03.30REG/ST-UP 85,780,000 94,286,803 7.89USD


94,286,803 7.89



Face Value

IRAQ 5.80% 06-15.01.28 STEP-UP 13,225,000 11,376,145 0.95USD

IRAQ

11,376,145 0.95

IVORY COAST 2.5% 09-31.12.32 6,225,000 3,652,674 0.31USD

IVORY COAST

3,652,674 0.31

GAZPROM INTL 7.201% 04-01.02.20 REG. 2,550,000 1,592,720 0.13USD

LUXEMBOURG

1,592,720 0.13

GT 2005 ST-UP 09-21.07.14 1,200,000 1,103,190 0.09USD

NETHERLANDS

1,103,190 0.09

REPUBLIC URUGUAY 7.625%06-21.03.36 4,075,000 5,274,680 0.44USD

URUGUAY

REPUBLIC URUGUAY 8.00%05-18.11.22 6,600,000 8,539,080 0.72USD

13,813,760 1.16

REPUBLIC SERBIA 3.75% 04-01.11.24 STEP-UP 2,750,000 2,622,180 0.22USD

YOUGOSLAVIA

2,622,180 0.22


78.24



EXCHANGE LISTING

933,781,414

PROV BUENOS 11.75% 10-05.10.15 1,000,000 992,859 0.08USD


MARKET

BONDS

ARGENTINA

992,859 0.08

BLUE CITY 13.75% 06-07.11.13 REG -B1- 1,000,000 155,000 0.01USD

CAYMAN ISLANDS

INDEP INTL 12% 09-30.12.16144A 1,378,131 62,016 0.01USD

JBS FIN II 8.25% 10-29.01.18 400,000 414,672 0.03USD


Face Value

257


PETBRA 5.75% 09-20.01.20 2,750,000 3,039,776 0.26USD

3,671,464 0.31

ECOPETROL 7.625% 09-23.07.19 1,425,000 1,720,636 0.14USD

COLOMBIA

1,720,636 0.14

INDONESIA 6.625% 07-17.02.37 7,025,000 8,586,587 0.72USD

INDONESIA


19,571,103 1.63

ALESTRA 11.75% 10-11.08.14 900,000 1,013,013 0.08USD

MEXICO

MAXCOM TELEC.11% 07-15.12.14S.B 1,775,000 1,565,758 0.14USD

2,578,771 0.22

MAJAPAHIT HOLDING 7.25%07-28.06.17 3,000,000 3,451,940 0.29USD

NETHERLANDS

MAJAPAHIT HOLDING 7.75%06-17.10.16 REGS 500,000 583,852 0.05USD

MAJAPAHIT HOLDING 7.875%07-29.06.37 REG 1,775,000 2,191,687 0.18USD

METINVEST BV 10.25% 10-20.05.15 1,025,000 1,083,898 0.09USD

7,311,377 0.61

PHILIPPINES 6.5% 09-20.01.20 9,950,000 11,918,260 1.00USD

PHILIPPINES

PHILIPPINES 8% 05-15.01.16 3,275,000 4,153,371 0.35USD

16,071,631 1.35

SOUTH AFRICA 5.5% 10-03.09.20 8,050,000 9,015,895 0.76USD

SOUTH AFRICA

9,015,895 0.76

SRI LANKA 8.25% 07-24.10.12REG 500,000 544,280 0.05USD

SRI LANKA

544,280 0.05



Face Value

TURKEY 5.625% 10-30.03.21 16,275,000 17,733,240 1.49USD

TURKEY

17,733,240 1.49


PANAMA 6.7% 06-26.01.36 1,175,000 1,448,187 0.12USD


PANAMA

1,448,187 0.12

URUGUAY 6.875% 09-28.09.25 1,075,000 1,296,558 0.11USD

URUGUAY

1,296,558 0.11




BRAZIL 6% 09-15.08.14/INFL 4,974 5,645,532 0.47BRL


BONDS

BRAZIL

5,645,532 0.47

PETROBRAS INTERNATIONAL7.875% 09-15.03.19 4,375,000 5,443,979 0.46USD

CAYMAN ISLANDS

5,443,979 0.46

COLOMBIA 7.375% 09-18.03.19 2,075,000 2,622,281 0.22USD

COLOMBIA

2,622,281 0.22

CSFB EXIM UKRAINE 7.65%06-07.09.11 1,650,000 1,673,925 0.14USD

GREAT BRITAIN

1,673,925 0.14

SB CAPITAL SA 5.499% 10-07.07.15 3,350,000 3,451,338 0.29USD

LUXEMBOURG

3,451,338 0.29

PEROU 7.125% 09-30.03.19 2,500,000 3,134,375 0.26USD

PERU

3,134,375 0.26


Face Value


258

PHILIPPINES 8.375% 09-17.06.19 8,000,000 10,684,200 0.89USD

PHILIPPINES

POWER SECTOR 7.25% 09-27.05.19 2,625,000 3,169,396 0.27USD

13,853,596 1.16

SOUTH AFRICA 6.875% 09-27.05.19 8,650,000 10,574,417 0.89USD

SOUTH AFRICA

10,574,417 0.89

VENEZUELA 9.25% 08-07.05.28 REG 4,100,000 2,767,705 0.23USD

VENEZUELA

2,767,705 0.23


AEROMEXICO SERIES 2007-1 1,800,000 1,350,000 0.11USD

FLOATING RATE BONDS

MEXICO

1,350,000 0.11



PUT USD/CNY SPOT CROSS29/09/2010 6.7 48,000,000 97,242 0.00USD


CURRENCY OPTIONS

SWITZERLAND

97,242 0.00

0.0097,242TOTAL CURRENCY OPTIONS

PUT BZDIOVRA BRAZIL CE03/01/2011 11.44 (379,808,697) (369,420) (0.03)BRL

OPTION ON STOCK INDICES

BRAZIL

PUT BZDIOVRA BRAZIL CE03/01/2011 11.73 189,413,397 313,884 0.03BRL

(55,536) 0.00

0.00(55,536)TOTAL OPTION ON STOCK INDICES

0.00TOTAL FINANCIAL INSTRUMENTS 41,706





Face Value

100.00TOTAL NET ASSETS 1,193,481,991


Face Value

259


BRAZIL 10% 06-01.01.14 S.F 15,800 8,825,351 1.53BRL


EXCHANGE LISTING

BONDS

BRAZIL

BRAZIL 10% 07-01.01.13 14,250 8,075,075 1.40BRL

BRAZIL 10% 07-01.01.17 17,700 9,602,703 1.67BRL

BRAZIL 10% 10-01.01.2021 5,000 2,624,740 0.46BRL

29,127,869 5.06

CHILE 5.5% 10-05.08.20 425,000,000 923,229 0.16CLP

CHILE

923,229 0.16

COLOMBIA 7.75% 10-14.04.21/DUAL 28,488,000,000 18,487,505 3.21COP

COLOMBIA

COLUMBIA 12.00% 05-22.10.15 19,130,000,000 14,033,295 2.44COP

32,520,800 5.65

HUNGARY 5.5% 03-12.02.14S.-C- 750,000,000 3,595,559 0.62HUF

HUNGARY

HUNGARY 6% 07-24.10.12SERIE C 935,000,000 4,601,673 0.80HUF

HUNGARY 6.5% 08-24.06.19S.19/A 100,000,000 486,190 0.08HUF

HUNGARY 6.75% 06-24.02.17S.B 330,000,000 1,638,850 0.28HUF

HUNGARY 7.5% 04-12.11.20SER.A 1,200,000,000 6,246,803 1.09HUF

HUNGARY 7.5% 09-24.10.13 300,000,000 1,524,857 0.26HUF

HUNGARY 8% 04-12.02.15 S.-A- 1,450,000,000 7,538,209 1.32HUF

25,632,141 4.45

INDONESIA 10% 07-15.09.24 10,000,000,000 1,299,612 0.23IDR

INDONESIA

INDONESIA 10.25% 07-15.07.22 30,000,000,000 3,945,982 0.69IDR

INDONESIA 11% 05-15.11.20 65,000,000,000 9,010,951 1.57IDR

INDONESIA 11.5% 06-15.09.19 18,500,000,000 2,604,025 0.45IDR

INDONESIA 12.5%06-15.03.13S.FR33 6,000,000,000 758,049 0.13IDR

INVESTMENTS

Global Emerging Markets Local DebtStatement of investments as at 30 September 2010(expressed in USD)


Face Value

INDONESIA 12.9%06-15.06.22FR35 5,000,000,000 772,607 0.13IDR

INDONESIA 7.375% 10-15.09.16 9,806,000,000 1,105,635 0.19IDR

INDONESIA 8.375% 10-15.09.26 10,000,000,000 1,141,534 0.20IDR

INDONESIA 9% 08-15.09.13FR0049 29,500,000,000 3,478,206 0.60IDR

INDONESIA 9.5% 04-15.06.15 96,500,000,000 11,795,621 2.05IDR

INDONESIA 9.5% 10-15.07.31 42,000,000,000 5,152,080 0.89IDR

INDONESIE 10.75% 05-15.05.16 FR30 20,000,000,000 2,597,609 0.45IDR

INDONESIE 11% 04-15.10.14FR26 5,000,000,000 634,787 0.11IDR

44,296,698 7.69

MALAYSIA 3.741% 09-27.02.15 22,500,000 7,412,617 1.29MYR

MALAYSIA

MALAYSIA 3.814% 07-17S.0207 16,500,000 5,435,929 0.94MYR

MALAYSIA 3.835% 10-12.08.15 48,500,000 16,127,606 2.80MYR

MALAYSIA 4.378% 09-29.11.19 5,000,000 1,715,679 0.30MYR

MALAYSIA 5.094% 04-30.04.14 29,500,000 10,143,072 1.76MYR

40,834,903 7.09

MEXICO 10% 05-05.12.24 -M- 508,400 5,408,808 0.94MXN

MEXICO

MEXICO 4% 09-13.06.19/INFL 134,145 5,499,587 0.96MXN

MEXICO 4.5% 06-04.12.25UDIBONOS 99,885 3,983,361 0.69MXN

MEXICO 7% 09-19.06.14 567,364 4,763,560 0.83MXN

MEXICO 7.25% 07-15.12.16 350,000 2,993,949 0.52MXN

MEXICO 7.5% 07-21.06.12 1,343,228 11,203,816 1.94MXN

MEXICO 7.75% 07-14.12.17S.M 10 133,570 1,173,286 0.20MXN

MEXICO 8% 03-07.12.23S.M20 50,000 452,790 0.08MXN

MEXICO 8% 03-19.12.13SR131219 316,578 2,722,180 0.47MXN

MEXICO 8% 05-17.12.15 400,000 3,516,967 0.61MXN

MEXICO 8% 10-11.06.20 210,000 1,899,794 0.33MXN

MEXICO 8.5% 09-13.12.18 500,000 4,612,772 0.80MXN

MEXICO 9% 03-20.12.12 165,000 1,422,544 0.25MXN


Face Value


260

MEXICO 9.50% 04-18.12.14BONOS 577,000 5,293,940 0.92MXN

54,947,354 9.54

REP PERU 7.84% 05-12.08.20 18,267,000 7,623,708 1.32PEN

PERU

REP PERU 8.2% 06-12.08.26 7,500,000 3,216,768 0.56PEN

REP PERU 9.91% 05-05.05.2015 2,000,000 863,761 0.15PEN

11,704,237 2.03

PHILIPPINES 4.95%-10-15.01.21 /USD 56,000,000 1,302,227 0.23PHP

PHILIPPINES

1,302,227 0.23

POLAND 3% 04-24.08.16/INFL 14,565,000 5,772,126 1.00PLN

POLAND

POLAND 4.75% 07-25.04.12PS0412 6,000,000 2,057,026 0.36PLN

POLAND 5.25% 07-25.04.13S0413 16,900,000 5,843,616 1.01PLN

POLAND 5.25% 10-25.10.20 22,050,000 7,390,057 1.28PLN

POLAND 5.5% 09-25.04.15 35,500,000 12,339,945 2.15PLN

POLAND 5.75% 01-23.09.22 1,300,000 452,396 0.08PLN

POLAND 5.75% 08-25.04.14 3,500,000 1,225,942 0.21PLN

POLAND 6.25% 04-24.10.15DS 1015 18,000,000 6,448,144 1.12PLN

41,529,252 7.21

SOUTH AFRICA 13.5% 94-15.09.15 LOAN157 69,995,000 12,544,093 2.18ZAR

SOUTH AFRICA

SOUTH AFRICA 6.25% 06-31.03.36 17,000,000 1,980,711 0.34ZAR

SOUTH AFRICA 7.5% 05-14R206 70,000,000 10,140,458 1.76ZAR

SOUTH AFRICA 8.25% 04-15.09.17 171,500,000 25,213,060 4.39ZAR

SOUTH AFRICA7.25% 05-15.01.20 96,000,000 13,120,179 2.28ZAR

62,998,501 10.95

THAILAND GOV 4.25% 07-13.03.13 140,000,000 4,813,146 0.83THB

THAILAND

THAILAND GOV 5.125% 07-13.03.18 62,000,000 2,350,440 0.41THB



Face Value

THAILAND GOV 5.25% 07-12.05.14 65,000,000 2,339,021 0.41THB

THAILAND 3.625% 09-22.05.15 350,000,000 12,070,742 2.09THB

THAILAND 3.875% 09-13.06.19 50,000,000 1,771,700 0.31THB

THAILAND 4.125% 09-18.11.16 90,000,000 3,199,161 0.56THB

THAILAND 5.4% 06-27.07.16 90,000,000 3,398,212 0.59THB

29,942,422 5.20

TURKEY GOVERNMENT BOND14.00% 07-26.09.12 3,500,000 2,670,027 0.46TRY

TURKEY

TURKEY 0% 09-16.11.11 44,340,000 28,097,294 4.89TRY

TURKEY 10% 10-09.01.13 9,000,000 6,449,412 1.12TRY

TURKEY 12% 08-14.08.13/CPI 400,000 399,562 0.07TRY

TURKEY 16% 08-28.08.13 4,000,000 3,293,516 0.57TRY

TURKEY 4% 10-01.04.20/INFL 10,920,000 7,790,705 1.35TRY

TURKEY 9% 09-21.05.14/INFL 1,500,000 1,374,077 0.24TRY

50,074,593 8.70

73.96425,834,226TOTAL BONDS

POLAND 0% 09-25.01.12 10,000,000 3,227,130 0.56PLN

PLACEMENTS

POLAND

POLAND 0% 09-25.07.12 30,000,000 9,446,657 1.65PLN

POLAND 0% 10-25.10.12 10,000,000 3,108,910 0.54PLN

15,782,697 2.75

TURKEY 0% 10-25.01.12 16,500,000 10,271,671 1.78TRY

TURKEY

10,271,671 1.78

4.5326,054,368PLACEMENTS

ARGENTINA FRN 05-15.12.35PGDP 50,000,000 1,339,092 0.23ARS

FLOATING RATE BONDS

ARGENTINA

1,339,092 0.23

MEX UDIBONOS FRN 06-16.06.16 19,481 811,271 0.14MXN

MEXICO

811,271 0.14



Face Value

261


BCO CTRL ARGENTINA 2%02-04.02.18 28,000,000 2,605,893 0.45ARS


ARGENTINA

2,605,893 0.45



4,277,205 0.75


80.06



EXCHANGE LISTING

460,922,055

INDONESIAGOVERNMENT11% 06-15.09.25 87,000,000,000 12,160,576 2.11IDR


MARKET

BONDS

INDONESIA

12,160,576 2.11




BRAZIL 6% 07-15.05.17 IPCA-IDX 3,575 4,038,686 0.70BRL


BONDS

BRAZIL

BRAZIL 6% 09-15.08.14/INFL 6,632 7,527,834 1.31BRL

11,566,520 2.01

GHANA 16% 08-02.05.11 500,000 355,880 0.06GHS

GHANA

355,880 0.06

MALAYSIA 4.012% 10-15.09.17 33,000,000 11,014,526 1.91MYR

MALAYSIA

MALAYSIA 4.24% 03-07.02.18 3,000,000 1,010,361 0.18MYR

12,024,887 2.09



Face Value

KOREA 2.75% 07-10.03.17/INFL 3,000,000,000 3,144,140 0.55KRW

SOUTH KOREA

3,144,140 0.55

JP MORGAN 6% 07-09.07.12INT.USD/REGS 8,000,000 186,188 0.03PHP

UNITED STATES

JP MORGAN 8% 07-09.07.12INT.USD 21,500,000 503,138 0.09INR

689,326 0.12



EGYPT 0% 09-09.11.10 TB 23,000,000 3,999,570 0.69EGP


TREASURY BILLS

EGYPT

3,999,570 0.69

0.693,999,570TOTAL TREASURY BILLS

CALL USD/ZAR SPOT CROSS24/11/2010 7.52 5,000,000 27,724 0.00USD

CURRENCY OPTIONS

GREAT BRITAIN

CALL USD/ZAR SPOT CROSS24/11/2010 7.85 (5,000,000) (10,518) 0.00USD

PUT USD/BRL SPOT CROSS21/01/2011 1.7 10,000,000 148,326 0.03USD

PUT USD/TRY SPOT CROSS20/01/2011 1.3 (15,000,000) (4,151) 0.00USD

PUT USD/TRY SPOT CROSS20/01/2011 1.4 15,000,000 70,565 0.01USD

231,946 0.04


SWITZERLAND

44,570 0.01

CALL USD/KRW SPOT CROSS10/12/2010 1260.0 (12,000,000) (50,141) (0.01)USD

UNITED STATES


Face Value


262

PUT USD/KRW SPOT CROSS10/12/2010 1124.0 12,000,000 150,094 0.03USD

99,953 0.02

0.07376,469TOTAL CURRENCY OPTIONS



BRAZIL


(33,322) (0.01)

(0.01)(33,322)TOTAL OPTION ON STOCK INDICES







Face Value

263


ARGENTINA 7% 05-03.10.15 5,025,000 4,472,501 0.47USD


EXCHANGE LISTING

BONDS

ARGENTINA

ARGENTINA 7% 07-17.04.17S.X 9,200,000 7,843,000 0.81USD

12,315,501 1.28

OPTUS FIN SIN 3.5% 10-15.9.20 700,000 964,752 0.10EUR

AUSTRALIA

964,752 0.10

TELEKOM FINANCIAL 6.375%09-29.01.16 1,000,000 1,555,913 0.16EUR

AUSTRIA

1,555,913 0.16

BARRY CALL.SVCS 6.00% 07-13.07.17 1,800,000 2,620,057 0.27EUR

BELGIUM


KBC BANK 8% 08-PERP. 2,700,000 3,624,546 0.38EUR

10,793,124 1.13

ALLI OIL 9.875% 10-11.03.15REGS 6,600,000 6,919,902 0.72USD

BERMUDA ISLANDS

6,919,902 0.72

BCO CRUZ 8.875% 10-22.09.20 700,000 733,069 0.08USD

BRAZIL

BERTIN 10.25% 06-05.10.16REG S 4,000,000 4,470,624 0.47USD

BNDES 5.5% 10-12.07.20 REG-S 2,900,000 3,117,155 0.33USD

BRAZIL 10.125% 97-15.05.27 6,315,000 10,246,088 1.06USD

BRAZIL 5.625% 09-07.01.14 6,100,000 6,687,125 0.69USD

BRAZIL 7.125% 06-20.01.37 700,000 920,535 0.10USD

JBS 10.5% 06-04.08.16 /REG.S 1,600,000 1,837,539 0.19USD

VOTORANTIM 6.75% 10-05.04.21 REGS 5,600,000 5,915,510 0.62USD

33,927,645 3.54

INVESTMENTS

Global High Income Bond (launched as at 28 July 2010)Statement of investments as at 30 September 2010(expressed in USD)


Face Value

BOMBARDIER 7.25% 06-15.11.16 1,700,000 2,475,842 0.26EUR

CANADA

BOMBARDIER 7.5% 10-15.03.18 3,500,000 3,741,405 0.39USD

CANADIAN PAC 4.45%10-15.03.2023 1,000,000 1,009,225 0.11USD

SUNCOR ENERG 6.85% 08-01.06.39 2,500,000 2,986,948 0.31USD

10,213,420 1.07

HUTCH WHAM 4.75% 09-14.11.16 2,250,000 3,265,735 0.34EUR

CAYMAN ISLANDS

PETROBRAS INTL 8.375% 03-10.12.18 5,550,000 7,008,779 0.74USD

VOTO VOTAR 5.25% 10-28.04.2017 1,000,000 1,389,167 0.14EUR

11,663,681 1.22

EMPRESA NAC 5.25% 10-10.08.20 4,500,000 4,638,951 0.48USD

CHILE

4,638,951 0.48

COLOMBIA 6.125% 09-18.01.41 500,000 573,775 0.06USD

COLOMBIA

COLOMBIA 8.125% 04-21.05.24 2,700,000 3,672,000 0.38USD

4,245,775 0.44

NORDIC TELEPHONE 8.25%06-01.05.16 REGS 4,650,000 6,739,395 0.70EUR

DENMARK

6,739,395 0.70

EL SALVADOR 8.25% 02-10.04.32 4,700,000 5,372,688 0.56USD

EL SALVADOR

TELEMOVIL 8% 10-01.10.17 800,000 829,527 0.09USD

6,202,215 0.65

ALFA BK 8.635% 07-22.02.17 3,200,000 3,200,672 0.33USD


RUSSIA 12.75% 98-24.06.28REG.S 2,450,000 4,457,408 0.47USD

RUSSIA 5% 10-29.04.20 5,500,000 5,730,175 0.60USD

13,388,255 1.40


Face Value


264

BPCE 6.117% 07-PERP EMTN 2,250,000 2,676,598 0.28EUR

FRANCE

CEGEDIM 7% 10-27.07.15 700,000 999,856 0.10EUR

CNP ASSURANCES 4.75% 06-PERP. 1,000,000 1,163,952 0.12EUR

CROWN EU HOLDING 7.125%15.08.18 REGS 4,600,000 6,601,201 0.69EUR

GECINA 4.5% 10-19.09.14 1,000,000 1,362,403 0.14EUR

LAFARGE 5.5% 10-09.07.15 3,000,000 3,147,783 0.33USD

LAFARGE 7.625% 09-24.11.16 1,700,000 2,651,296 0.28EUR

MICHELIN 6.375% 03-03.12.33EMTN 2,500,000 3,546,898 0.37EUR

NEXANS 5.75% 07-02.05.17 2,450,000 3,317,219 0.35EUR

PERNOD 4.875% 10-18.03.16 2,300,000 3,206,681 0.33EUR

PEUGEOT SA 8.375% 09-15.07.14 1,525,000 2,344,857 0.24EUR

PSA FIN 8.5% 09-04.05.12 2,000,000 2,953,365 0.31EUR

RCI BQ 2.75% 10-10.09.12 1,500,000 2,035,560 0.21EUR

RENAULT 5.625% 10-30.06.15 1,750,000 2,465,157 0.26EUR

RENAULT 5.625% 10-30.06.15/FUNG 1,000,000 1,407,196 0.15EUR

SCOR ASSIST 6.154% 06-PERP. 1,750,000 2,073,893 0.22EUR

TEREOS EUROPE 6.375% 07-15.04.14 REGS 2,100,000 2,950,819 0.31EUR

VINCI 6.25% 06-PERP 2,150,000 2,981,113 0.31EUR

47,885,847 5.00

ALZ 5.5% 04-PERP. EMTN 1,300,000 1,754,568 0.18EUR

GERMANY

BAYER AG 5.00% 05-29.07.15 2,250,000 3,010,000 0.31EUR

DEUTSCHE BANK 5% 10-24.06.20 2,000,000 2,891,510 0.30EUR

FRANZ H&C 5.875% 10-01.02.17 1,000,000 1,444,147 0.15EUR

HELLA KG HUECK 7.25%20.10.14 970,000 1,424,590 0.15EUR

HENKEL 5.375% 05-25.11.14STEP-UP 1,500,000 2,057,974 0.21EUR

KABEL DEUTSCHLAND10.75% 06-01.07.14 1,500,000 2,146,280 0.22EUR

KFW 4.375% 05-21.07.15 5,000,000 5,654,324 0.60USD

MUNICH RE 5.767% 07-26.06.49 3,400,000 4,390,748 0.46EUR



Face Value

UNITYMEDIA 8.125% 09-01.12.17 1,250,000 1,793,933 0.19EUR

26,568,074 2.77

BARCLAYS BANK 6% 10-14.01.21 1,000,000 1,452,692 0.15EUR

GREAT BRITAIN

BIZ FIN 8.375% 10-27.04.15 3,950,000 4,048,750 0.42USD

BPCM 3.875% 09-10.03.15 2,500,000 2,585,713 0.27USD

BRITISH TELECOM.9.625%00-15.12.30 MULTIC 2,628,000 3,617,008 0.38USD

FCE BK 9.375% 09-17.01.14 4,100,000 6,221,206 0.65EUR

HSBC HOLDING 0% 09-10.06.19 1,000,000 1,572,988 0.16EUR

MONDI FIN 5.75% 10-03.04.17 2,650,000 3,714,805 0.39EUR

NATIONAL GRID 6.3% 06-01.08.16 2,000,000 2,348,818 0.25USD

RBS GRP 6.4% 09-21.10.19 2,500,000 2,701,460 0.28USD

RBS 3.95% 10-21.09.15 1,000,000 1,006,755 0.11USD

REXAM PLC 6.75% 07-29.06.67 750,000 984,691 0.10EUR

VEDANTA RESOURCES 9.5%08-18.07.18 2,000,000 2,144,094 0.22USD

VIRGIN MEDIA FIN 9.5% 09-15.08.16 1,450,000 2,289,676 0.24EUR

34,688,656 3.62

MOL HU O&G 5.875% 10-20.04.17 2,000,000 2,597,838 0.27EUR

HUNGARY

2,597,838 0.27


INDONESIA



14,293,105 1.49

ALFA BD ISS 7.875% 10-25.09.17 1,800,000 1,812,330 0.19USD

IRELAND

GE CAP EUR FD 5.25% 08-18.05.15 1,000,000 1,498,180 0.16EUR

GPB EUROBD 6.25% 10-15.12.14 5,000,000 5,078,000 0.53USD


Face Value

265


MTS INTL FD 8.625% 10-22.06.20 4,100,000 4,715,205 0.49USD

SMURFIT KAP ACQ 7.25% 09-15.11.17 1,700,000 2,427,389 0.25EUR

VIP FIN 9.125% 08-30.04.18REGS 2,800,000 3,202,640 0.33USD

18,733,744 1.95

EXOR SPA 5.375% 07-12.06.17 3,500,000 4,914,741 0.51EUR

ITALY

INTESA SAN PAOLO 6.625%08-08.05.18 EMTN 1,000,000 1,444,563 0.15EUR

INTESA SAN PAOLO 8.047%FRN 08-PERP. 2,100,000 2,873,050 0.30EUR

9,232,354 0.96

HSBC CAPITAL JE 5.3687%03-PERP 2,200,000 2,890,000 0.30EUR

JERSEY

2,890,000 0.30


KAZAKHSTAN

6,222,584 0.65

LITHUANIA 5.125% 14.09.17REGS 2,900,000 2,874,770 0.30USD

LITHUANIA

2,874,770 0.30

ARCELORMIT 9.375% 09-03.06.16 1,000,000 1,698,463 0.18EUR

LUXEMBOURG

ARCELORMIT 9.85% 09-1.6.19 2,600,000 3,318,572 0.35USD

ENEL FIN 3.875% 09-07.04.10 3,000,000 3,119,157 0.33USD

FIAT FT 6.875% 09-13.02.15 2,000,000 2,876,193 0.30EUR

GAZ CAP 9.25% 09-23.04.19 4,100,000 5,070,823 0.53USD

GAZ CAPITAL 6.605% 07-13.02.18 EMTN 3,000,000 4,470,215 0.47EUR

GAZ CAPI6.51% 07-07.03.22 6,000,000 6,393,300 0.66USD

RSHB CAPITAL 6.299% 07-15.05.17 4,950,000 5,163,593 0.53USD


TELECOM IT CAP 7.175% 09-18.06.19 3,000,000 3,512,457 0.37USD



Face Value

VTB CAPIT 6.875% 08-29.5.18REG 4,650,000 4,903,220 0.51USD

44,527,193 4.65

AXTEL SAB DE 9% 09-22.09.19 6,871,000 6,320,990 0.66USD

MEXICO

DESARROLLA H 9.5%11.12.19 REGS 2,000,000 2,258,416 0.24USD

MEXICO 6.05% 08-11.01.40 3,200,000 3,626,560 0.38USD

MEXICO 6.75% 04-27.09.34GLOB. 5,675,000 7,008,625 0.72USD

PEMEX 5.5% 10-21.01.21REG-S 3,500,000 3,747,044 0.39USD

PEMEX 6.625% 10-15.06.35REGS 800,000 872,274 0.09USD

URBI DESA 9.5% 10-21.01.20 2,614,000 2,955,945 0.31USD

26,789,854 2.79

CRH FIN 7.375% 09-28.05.14 3,000,000 4,582,622 0.48EUR

NETHERLANDS

DEUT TEL IF 4.875% 09-08.07.14 3,000,000 3,281,703 0.34USD

DEUT TEL IF 5.75% 08-10.01.14 3,000,000 4,511,527 0.47EUR

EUREKO 5.125% 05-29.06.49 1,000,000 1,138,455 0.12EUR

HEIDLRG 8.5% 09-31.10.19 4,600,000 6,725,383 0.71EUR

ING VERZEK.6.25%01-21.06.21 2,150,000 2,811,515 0.29EUR


LINDE FINANCE 7.375% 06-14.07.66 3,000,000 4,515,963 0.47EUR

OI EUROPEAN GP 6.875% 07-31.03.17 2,250,000 3,193,312 0.33EUR

OI EUROPEAN 6.75% 10-09.15.20 750,000 1,047,364 0.11EUR

PLNIJ 7.75% 09-20.01.20 1,200,000 1,435,243 0.15USD

RABOBANK 6.875% 10-19.03.20 3,600,000 4,800,815 0.50EUR

SOLVAY FIN. 6.375% 06-02.06.2104 2,450,000 3,493,655 0.36EUR

SUEDZUCK.INTERNATIONAL5.25% 05-PERP 1,650,000 2,165,342 0.23EUR

49,076,964 5.12

PANAMA 9.375% 99-01.04.29 3,475,000 5,282,000 0.55USD

PANAMA


Face Value


266


10,365,800 1.08

PHILIPPINES 10.625% 00-16.03.25 2,500,000 4,028,913 0.42USD

PHILIPPINES

PHILIPPINES 6.375% 07-15.01.32 3,800,000 4,433,745 0.47USD

PHILIPPINES 9.50% 05-02.02.30 GLOBAL 400,000 612,478 0.06USD

9,075,136 0.95

COMM BK QATAR 7.5% 09-18.11.19 5,600,000 6,348,037 0.66USD

QATAR

6,348,037 0.66

BUMI CAP 12% 09-10.11.16 2,600,000 2,780,300 0.29USD

SINGAPORE


8,555,513 0.89

SOUTH AFRICA 5.875% 07-30.05.22 4,000,000 4,610,160 0.48USD

SOUTH AFRICA

4,610,160 0.48

TELEFONICA 3.661% 10-18.09.17 1,500,000 2,025,789 0.21EUR

SPAIN

2,025,789 0.21

SRI LANKA 6.25% 10-04.10.20 300,000 302,625 0.03USD

SRI LANKA

302,625 0.03

TURKEY 6.875% 06-17.03.36 8,225,000 9,573,078 0.99USD

TURKEY

TURKEY 7.375% 05-05.02.25 6,150,000 7,622,310 0.80USD

17,195,388 1.79

UKRAINE FIN. 6.58% 06-21.11.16 4,750,000 4,661,888 0.49USD

UKRAINE

UKRAINE 7.75% 10-23.09.20 400,000 401,920 0.04USD

5,063,808 0.53



Face Value

AGCO 6.875% 04-15.04.14 1,550,000 2,122,824 0.22EUR

UNITED STATES

AMB PROP 4.5% 10-15.08.17 2,500,000 2,504,480 0.26USD

AMERICAN EXPRESS 6.8% 06-01.09.66 4,000,000 4,006,799 0.42USD

BURLINGTON 6.15% 07-01.05.37 3,000,000 3,428,505 0.36USD

BXP 5.625% 10-15.11.20 2,000,000 2,222,898 0.23USD

CAP ONE CAP III 7.686%15.08.36 4,000,000 4,049,999 0.42USD

CHK 6.625% 10-15.8.20 4,000,000 4,125,475 0.43USD

CITIGROUP INC 4.875% 03-07.05.15 3,500,000 3,628,748 0.38USD

CITIGROUP 8.3% 07-21.12.77 3,000,000 3,151,500 0.33USD

CNTRYW FIN 5.8% 07-07.06.12 3,000,000 3,188,502 0.33USD

COMCAST CORP 6.4% 08-15.05.38 3,000,000 3,312,315 0.35USD

CONAGRA FOODS 8.25% 00-15.09.30 400,000 539,768 0.06USD

DEVEL DIV 7.875% 10-01.09.20 1,000,000 1,046,250 0.11USD

DEVEL DIV 9.625% 09-15.03.16 2,000,000 2,172,454 0.23USD

DOW CHEMICAL CO 5.9%09-15.2.15 3,000,000 3,337,695 0.35USD

ETP 5.65% 06-1.8.12 1,000,000 1,058,538 0.11USD

ETP 8.5% 09-15.4.15 1,500,000 1,774,748 0.19USD

EXELON GEN 6.25% 09-1.10.39 2,500,000 2,673,898 0.28USD

FIAT FINANCE NORTHAMERICA 5.625% 07-12.07.17 750,000 1,040,383 0.11EUR

FIFTH THIRD 8.25% 08-1.03.2038 3,000,000 3,510,156 0.37USD

FORD MOT. 7.45% 99-16.07.31 GLOB.LANDM. 1,000,000 1,027,977 0.11USD


FTR 8.25% 10-15.4.17 3,000,000 3,244,872 0.34USD

GCI 7.125% 10-01.09.18 3,500,000 3,446,216 0.36USD

HCA INC 7.25% 10-15.9.20 2,000,000 2,148,140 0.22USD

HOME DEPOT 5.875% 06-16.12.36 2,000,000 2,116,330 0.22USD

HSBC FIN TR 5.911% 05-30.11.35 1,500,000 1,406,625 0.15USD

INTL LEASE 6.375% 08-25.03.13 2,000,000 2,004,016 0.21USD


Face Value

267


KRAFT FOODS 4.125% 10-09.02.16 2,000,000 2,155,468 0.22USD

KROGER CO 5.4% 10-15.07.40 2,000,000 2,053,125 0.21USD

LIMITED BRANDS 6.95% 03-01.03.33 3,000,000 2,651,829 0.28USD

MASCO CORP 5.85% 07-15.03.17 2,000,000 1,961,346 0.20USD

MASCO CORP 7.125% 10-15.03.20 1,000,000 1,020,116 0.11USD

METLIFE 5.875% 10-06.02.41 1,500,000 1,634,811 0.17USD

MIDCONT EXP 6.7% 09-15.09.19 2,500,000 2,696,845 0.28USD

MOR ST CAP 5.3% 03-01.03.13 3,000,000 3,223,914 0.34USD

MOR ST 5.375% 10-10.08.20 2,250,000 3,139,209 0.33EUR

NORFOLK STH 7.05% 97-01.05.37 1,200,000 1,534,866 0.16USD

NRG 8.5% 09-15.06.19 2,000,000 2,101,056 0.22USD

PEMEX PROJECT 5.75% 07-01.03.18 5,150,000 5,651,599 0.58USD

PRIDE INTL 6.875% 10-15.08.20 250,000 268,684 0.03USD

PRIDE INTL 7.875% 10-15.08.40 1,500,000 1,644,624 0.17USD

PRUDEN FIN 3.875% 10-14.01.15 2,500,000 2,620,718 0.27USD

QEP RES 6.875% 10-01.03.21 450,000 483,845 0.05USD

SAFEWAY 5% 09-15.8.19 2,000,000 2,194,694 0.23USD

SPRINT CAP. 6.9% 99-01.05.2019 1,000,000 992,406 0.10USD

SPRINT NEX. 8.375% 09-15.08.17 4,000,000 4,290,107 0.45USD

TW CBL 5% 09-1.2.20 1,600,000 1,713,213 0.18USD

TWX 4.7% 10-15.1.21 2,000,000 2,120,684 0.22USD

UHS 7% 10-01.10.18 2,000,000 2,077,162 0.22USD

UNION PACIFIC 5.125% 09-15.02.14 1,500,000 1,660,703 0.17USD

WYNDHAM 7.375% 10-1.3.20 3,000,000 3,180,819 0.33USD

XEROX CORP 6.35% 08-15.05.18 2,500,000 2,892,243 0.30USD

129,164,033 13.48


VENEZUELA

PETROLEOS 5% 09-28.10.15 5,400,000 3,199,532 0.33USD

VENEZUELA 7.00% 03-01.12.18 10,800,000 7,155,000 0.76USD



Face Value

VENEZUELA 7.00% 07-31.03.38 REGS 1,600,000 900,000 0.09USD

VENEZUELA 7.65% 05-21.04.25 2,800,000 1,715,000 0.18USD


VENEZUELA 9.375% 04-13.01.34 3,040,000 2,059,600 0.21USD

19,232,651 2.01

64.87621,888,452TOTAL BONDS

SANTOS FIN 8.25% (FRN) 10-22.09.70 2,000,000 2,759,133 0.29EUR

FLOATING RATE BONDS

AUSTRALIA

2,759,133 0.29

CREDIT AGRICO FRN 08-PERP 3,250,000 4,694,961 0.49EUR

FRANCE

GRPE BPCE FRN 10-PERP/SUB 2,000,000 2,781,141 0.29EUR

NATEXIS BQ POP.FRN 06-26.01.17 1,000,000 1,284,760 0.13EUR


10,759,505 1.12

RWE 4.625% (FRN) 10-PERP 2,750,000 3,711,567 0.39EUR

GERMANY

3,711,567 0.39

CREDIT AGR LN FRN 07-PERP 2,700,000 2,493,288 0.26USD

GREAT BRITAIN

2,493,288 0.26

HSBC CAPITAL JE FRN 03-PERP/PFD 1,500,000 1,442,063 0.15USD

JERSEY

1,442,063 0.15

SIGMA CAP FRN 10-30.04.15 3,500,000 3,682,669 0.38USD

SINGAPORE

3,682,669 0.38

UBS PREF. FD FRN 05-PERP 2,750,000 3,308,161 0.35EUR

SWITZERLAND

3,308,161 0.35


Face Value


268

ENT PR 7.034% (FRN) 07-15.01.2068 4,590,000 4,575,766 0.48USD

UNITED STATES

FTH THRD CAP 6.5% (FRN) 07-15.4.67 4,000,000 3,820,000 0.40USD


13,605,045 1.42



PIK BONDS

ARGENTINA

3,732,431 0.39


ARGENTINA 8.28% 09-31.12.33/POOL 1,950,000 2,028,382 0.21USD


ARGENTINA

2,028,382 0.21

BCO BMG 9.15% 05-15.01.16REG.S 3,150,000 3,467,473 0.36USD

BRAZIL

3,467,473 0.36

SLVR FRN 06-16.10.20 06-2A C 2,250,000 1,305,000 0.14USD

CAYMAN ISLANDS

1,305,000 0.14



16,734,863 1.74

GRANM FRN 06-20.12.54 06-1C2 2,200,000 1,023,000 0.11USD

GREAT BRITAIN

1,023,000 0.11

MARQ FRN 06-15.7.20 06-1AB1 2,550,000 1,734,000 0.19USD

IRELAND



Face Value

MARQ US/EUR FRN 06-15.07.20 1A A1B 1,000,000 717,500 0.07USD

2,451,500 0.26


BRUNTW ALP FRN 07-15.01.17 2007-1 C 4,000,000 4,592,788 0.47GBP


GREAT BRITAIN

GRANM FRN 06-20.12.54 06-4C1 2,885,000 1,226,125 0.13USD

GRANM FRN 07-20.12.54 07-12C1 4,465,000 1,897,625 0.20USD

GRANM FRN 07-20.12.542007-1 1C1 3,290,000 1,398,250 0.15USD

9,114,788 0.95

SILENUS NO.25 FRN 07-15.05.19 2,922,000 2,268,691 0.24EUR

IRELAND

2,268,691 0.24

CSMC FRN 06-15.02.39 2006-C1 AJ 3,500,000 3,158,316 0.33USD

UNITED STATES

JPMCC 5.464%15.03.1407LDPXC-AM 3,600,000 3,197,250 0.33USD

JPMCC 5.466%10-12.02.17CB18 AM 5,363,000 4,853,408 0.51USD

MORGAN ST 5.879778% 07-11.07.17 5,700,000 4,969,910 0.52USD

16,178,884 1.69


75.32



EXCHANGE LISTING

721,954,895

PROV BUENOS 11.75% 10-05.10.15 1,400,000 1,390,003 0.15USD


MARKET

BONDS

ARGENTINA

1,390,003 0.15

NCX 8.625% 10-01.11.19 2,000,000 2,135,000 0.22USD

CANADA


Face Value

269


TECK RES 3.85% 10-15.08.17 2,500,000 2,562,020 0.27USD

4,697,020 0.49

JBS FIN II 8.25% 10-29.01.18 5,350,000 5,546,238 0.58USD

CAYMAN ISLANDS

PETBRA 5.75% 09-20.01.20 2,700,000 2,984,507 0.31USD

8,530,745 0.89

BANCOLOMBIA 6.125% 10-26.07.20 4,750,000 4,923,817 0.52USD

COLOMBIA

ECOPETROL 7.625% 09-23.07.19 3,350,000 4,045,004 0.42USD

8,968,821 0.94

INDONESIA 6.625% 07-17.02.37 2,425,000 2,964,053 0.31USD

INDONESIA

2,964,053 0.31

ALESTRA 11.75% 10-11.08.14 3,700,000 4,164,609 0.43USD

MEXICO

4,164,609 0.43

MAJAPAHIT HOLDING 7.875%07-29.06.37 REG 3,375,000 4,167,291 0.43USD

NETHERLANDS

4,167,291 0.43

TURKEY 5.625% 10-30.03.21 6,000,000 6,537,600 0.68USD

TURKEY

6,537,600 0.68

BANKAMERICA 8% 96-15.12.26 S2 3,000,000 3,090,000 0.32USD

UNITED STATES

BE AEROSPACE 6.875% 10-01.10.20 4,000,000 4,058,576 0.42USD

CORNING 4.25% 10-15.08.20 1,500,000 1,561,265 0.16USD

DOMINION RES.5.95% 05-15.06.35 2,000,000 2,214,642 0.23USD

FORD MC 8.125% 09-15.01.20 5,000,000 5,773,634 0.61USD

METLIFE INC 6.5% 02-15.12.32 1,500,000 1,724,276 0.18USD

NEWELL RUB 4.70% 10-15.08.20 2,500,000 2,605,745 0.27USD

RABOBANK CAP.III 5.254%04-PERP 144A 2,100,000 2,010,939 0.21USD

TIME WARNER ENTMT.8.375% 93-15.03.23 1,100,000 1,447,137 0.15USD



Face Value

UNION PACIFIC 6.125% 09-15.02.20 1,500,000 1,799,253 0.19USD

XEROX CAP.TR.1 8% 97-01.02.27 5,000,000 5,018,570 0.52USD

31,304,037 3.26


PPL CAP FDG 6.7% (FRN) 07-30.03.67 4,750,000 4,565,315 0.48USD

FLOATING RATE BONDS

UNITED STATES

4,565,315 0.48


CLYDS FRN 05-06.12.17 2005-1A C 4,500,000 2,733,750 0.29USD


CAYMAN ISLANDS

2,733,750 0.29

GS MTG 4.782% 10.07.39 5-GG4 AJ 2,000,000 1,670,046 0.17USD

UNITED STATES

1,670,046 0.17


CD 5.222559% 05-15.07.44 05-CD1 5,950,000 5,119,231 0.53USD


UNITED STATES

CD 5.688% 06-15.10.48 CD3AJ 7,332,000 5,582,057 0.58USD

GCCFC 5.475% 07-10.02.17GG9 AM 1,850,000 1,679,641 0.18USD

GCCFC5.505% 07-10.02.17 07-GG9AJ 5,500,000 3,958,196 0.41USD

JPMCC FRN 06-12.12.44 CB14AJ 4,000,000 3,044,156 0.32USD

JPMCC FRN 06-15.4.45 LDP7AJ 6,580,000 5,107,363 0.53USD

JPMCC 5.746136% 07-12.5.17 5,845,000 5,294,974 0.55USD

JPMORGAN C.5.48% 06-45LDP8 AJ 6,500,000 5,724,979 0.61USD

LB-UBS COM FRN 06-15.06.38C4 2,100,000 1,715,657 0.18USD

LB-UBS 5.323% 05-15.11.40C7 AJ 2,000,000 1,819,968 0.19USD


Face Value


270

LB-UBS 5.378%-15.10.16 06-C7 AM 2,750,000 2,691,843 0.28USD

WBCMT 5.51509% 05-15.12.44 C22AJ 6,000,000 5,414,964 0.56USD

47,153,029 4.92




HARVEST OPER 6.875% 10-01.10.17 144A 2,500,000 2,556,250 0.27USD


BONDS

CANADA

2,556,250 0.27

MARKS&SPENCER 6.25% 07-01.12.17 144A 2,500,000 2,743,413 0.28USD

GREAT BRITAIN

2,743,413 0.28

CALPINE 7.875% 10-31.07.20144A 2,000,000 2,057,500 0.21USD

UNITED STATES

FIDELITY NAT 7.625% 10-15.07.17 144A 1,500,000 1,605,000 0.17USD

FIDELITY NAT 7.875% 10-15.07.20 144A 2,000,000 2,160,000 0.23USD

FTI CSLT 6.75% 10-01.10.20144A 100,000 101,500 0.01USD

GENON ESCROW 9.5% 10-15.10.18 144A 3,000,000 2,910,000 0.30USD

ILFC 7.125% 10-1.9.18 144A 300,000 319,029 0.03USD

METROPCS WIRES 7.875%10-1.9.18 2,000,000 2,040,738 0.21USD

NRG ENERGY 8.25% 10-01.09.20 144A 1,500,000 1,534,851 0.16USD

RANGE RESOURCES 6.75%1.8.20 1,250,000 1,291,284 0.13USD

SPX CORP 6.875% 10-1.9.17144A 2,250,000 2,385,000 0.25USD

WYN L VEG 7.75% 15.08.20144A 4,000,000 4,197,688 0.44USD

20,602,590 2.14




Face Value

SOCGEN 5.922%(FRN)07-PERP 144A 2,500,000 2,350,000 0.25USD

FLOATING RATE BONDS

FRANCE

2,350,000 0.25


CENT CDO 15 FRN11.3.21 7-15A C 3,000,000 1,695,000 0.18USD


CAYMAN ISLANDS

1,695,000 0.18


BANC AMER COML FRN 07-01.04.17 3,000,000 2,448,282 0.26USD


UNITED STATES

2,448,282 0.26







Face Value

271


AUSTRALIA 4% 96-20.08.20/INFL 200,000 322,349 1.03AUD


EXCHANGE LISTING

BONDS

AUSTRALIA

322,349 1.03

SWEDEN 3.5% 98-01.12.28/INFL 1,300,000 325,183 1.03SEK

SWEDEN

SWEDEN 4% 95-01.12.20/INFL 600,000 146,505 0.47SEK

471,688 1.50


UK 2.5% 83-16.04.20/INFL 200,000 1,018,121 3.24GBP

FLOATING RATE BONDS

GREAT BRITAIN

UK 2.5% 85-16.08.13/INFL 200,000 882,785 2.81GBP

UK 2.5% 86-17.07.24/INFL 200,000 899,900 2.86GBP

2,800,806 8.91


CANADA 4.25% 91-01.12.21/INFL 100,000 184,958 0.59CAD

INFLATION INDEX BOND

CANADA

184,958 0.59

FRANCE 1% 05-25.07.17VAR/INFL 200,000 305,570 0.97EUR

FRANCE

FRANCE 1.8% 07-25.7.2040S.OAT 100,000 165,050 0.52EUR

FRANCE 2.25% 03-25.07.20/INFL 400,000 698,963 2.22EUR

FRANCE 3% 01-25.07.12OAT/INFL 600,000 1,030,293 3.28EUR

FRANCE 3.15% 02-25.7.32OAT 100,000 213,780 0.68EUR

FRANCE 3.4% 99-25.07.29OAT/ INFL 200,000 449,538 1.43EUR

2,863,194 9.10

INVESTMENTS

Global Inflation Linked Bond (launched as at 30 June 2010)Statement of investments as at 30 September 2010(expressed in USD)


Face Value

GERMANY 1.5% 06-15.04.16/INFL 100,000 158,448 0.50EUR

GERMANY

GERMANY 2.25%07-15.4.13/INDEX 300,000 464,357 1.48EUR

622,805 1.98

GREAT BRITAIN 1.125% 07-22.11.37 3MO 700,000 1,401,711 4.45GBP

GREAT BRITAIN

GREAT BRIT.1.875% 07-22.11.22 100,000 199,866 0.64GBP

UK TSY FRN IL/06-22.11.17 300,000 600,871 1.91GBP

UK TSY FRN 06-22.11.27/RPI 350,000 704,424 2.24GBP

UK 0.75% 07-22.11.47/INFL 500,000 918,164 2.92GBP

3,825,036 12.16

ITALY 2.1% 06-15.9.17 /INFL. 400,000 602,331 1.92EUR

ITALY

ITALY 2.15% 03-15.9.14 BTP 600,000 970,290 3.09EUR

ITALY 2.35% 04-15.9.35 BTP 200,000 301,009 0.96EUR

ITALY 2.35% 08-15.09.19 CPIBTP 400,000 573,539 1.82EUR

ITALY 2.55% 09-15.09.41 100,000 133,460 0.42EUR

ITALY 2.6% 07-15.9.23 BTP 300,000 441,742 1.40EUR

3,022,371 9.61

JAPAN GOVT 1.4% 08-10.3.18CPI 280,000,000 3,318,825 10.55JPY

JAPAN

3,318,825 10.55

USA 1.625% 08-15.1.18INF/TBO 800,000 905,227 2.88USD

UNITED STATES

USA 3.875% 99-15.04.29/INFL 900,000 1,663,489 5.29USD

2,568,716 8.17

52.1616,405,905TOTAL INFLATION INDEX BOND

63.60



EXCHANGE LISTING

20,000,748


Face Value


272

CANADA 4% 99-01.12.31/INFL 50,000 95,353 0.30CAD


MARKET

INFLATION INDEX BOND

CANADA

95,353 0.30

USA TSY 1.875% 03-15.07.13 200,000 252,423 0.80USD

UNITED STATES

USA TSY 3.375% 02-15.01.12INDEX INF 1,000,000 1,287,251 4.09USD

USA 1.875% 05-15.07.15 TBINDEXED 2,400,000 2,924,499 9.31USD

USA 2% 04-15.7.14 TBOINFL.IND 500,000 625,813 1.99USD

USA 2% 06-15.1.26TSY/INFL.IDX 1,400,000 1,696,597 5.40USD

USA 2.125% 09-15.1.19 1,500,000 1,719,692 5.47USD

USA 2.375% 04-15.01.25/INFL 600,000 800,202 2.54USD

USA 2.375% 07-15.01.17TSY/INDEX 600,000 731,837 2.33USD

USA 3%15.7.12 S.C-2012INFLAT. 600,000 773,316 2.46USD

USA 3.375% 01-15.04.32INFLATION 300,000 497,372 1.58USD

11,309,002 35.97

36.2711,404,355TOTAL INFLATION INDEX BOND






Global Inflation Linked Bond (launched as at 30 June 2010)Statement of investments as at 30 September 2010(expressed in USD)


Face Value

273


MACQUARIE 7.3% 09-01.08.14 400,000 448,590 0.41USD


EXCHANGE LISTING

BONDS

AUSTRALIA

448,590 0.41

HUTCH WHAM 5.75% 09-11.09.19 350,000 390,084 0.36USD

CAYMAN ISLANDS

390,084 0.36

SOCIETE GENERALE 3.1% 10-14.09.15 500,000 504,671 0.47USD

FRANCE

504,671 0.47

KFW 4.125% 04-15.10.14GLOBAL 1,500,000 1,666,644 1.54USD

GERMANY

1,666,644 1.54

BPCM 3.875% 09-10.03.15 500,000 517,143 0.48USD

GREAT BRITAIN

LLOYDS 5.8% 10-13.01.20 950,000 987,318 0.91USD

NATIONWIDE 5% 03-01.08.15 450,000 452,815 0.42USD

NATIONWIDE 6.25% 10-25.02.20 500,000 552,015 0.51USD

NETWORK RAILWAYINFRASTRUCTURE 5.25% 06-09.05.11 2,100,000 2,160,269 1.98USD

RBS GRP 6.4% 09-21.10.19 400,000 432,234 0.40USD

RBS 4.875% 09-25.08.14 350,000 368,815 0.34USD

STANDARD CHART BK4.875% 08-11.03.11 800,000 1,106,743 1.02EUR

6,577,352 6.06

ITALY 3.125% 10-26.01.15 800,000 813,160 0.75USD

ITALY

813,160 0.75

BEI 0% 96-06.11.26 SENIOR 1,300,000 679,640 0.63USD

LUXEMBOURG

BEI 4.625% 04-15.05.14 EMTN 1,000,000 1,122,300 1.03USD

INVESTMENTS

US Dollar Core Plus BondStatement of investments as at 30 September 2010(expressed in USD)


Face Value


2,355,179 2.17

SANTANDER US 3.724% 10-20.01.15 900,000 904,331 0.83USD

SPAIN

904,331 0.83

NORDEA 8.375% 09-PERP 400,000 429,362 0.40USD

SWEDEN

429,362 0.40

CS 5.4% 10-14.01.20 500,000 532,188 0.49USD

SWITZERLAND

532,188 0.49

ABU DHABI 5.5% 07-02.08.12 400,000 431,173 0.40USD


431,173 0.40

BELLSOUTH TELEC. 7.00%95-01.12.95 700,000 792,061 0.73USD

UNITED STATES

BOA 6.4% 07-28.08.17 400,000 435,937 0.40USD

CAPITAL ONE 8.8% 09-15.07.19 400,000 510,268 0.47USD

CITIGROUP INC. 6.5% 08-19.08.13 150,000 165,555 0.15USD

CITIGROUP 5.3% 07-17.10.12 800,000 849,214 0.78USD

DOMINION RES 6.4% 08-15.06.18 200,000 241,117 0.22USD

FREDDIE MAC 5.125% 07-17.11.17 1,500,000 1,779,300 1.65USD

GLAXOSMITHKL 4.85% 08-15.05.13 250,000 274,855 0.25USD

MET LIFE 5.125% 09-10.06.14 700,000 776,920 0.72USD


PFIZER 7.2% 09-15.3.39 600,000 815,600 0.75USD

USA 3.125% 09-15.05.19 2,300,000 2,441,952 2.26USD

VERIZON PENNSYLVANIA5.65% 01-15.11.11 500,000 524,809 0.48USD

10,086,311 9.30

23.1825,139,045TOTAL BONDS


Face Value


274

BELGIUM FRN 09-06.08.12 1,000,000 1,001,090 0.92USD

FLOATING RATE BONDS

BELGIUM

1,001,090 0.92

CADES FRN 09-02.07.14 1,000,000 1,007,695 0.93USD

FRANCE

SOCIETE GENERALE FRN 09-19.06.13 1,000,000 1,011,300 0.92USD

2,018,995 1.85

KFW FRN 09-05.08.14 REG-S 1,500,000 1,503,360 1.39USD

GERMANY

1,503,360 1.39


GREAT BRITAIN

STANDARD CHART.FRN 05-09.06.16 400,000 390,926 0.36USD

806,474 0.74

HSBC CAPITAL JE FRN 03-PERP/PFD 1,000,000 961,375 0.89USD

JERSEY

961,375 0.89

ING BANK FRN 06-23.05.16 450,000 419,569 0.39USD

NETHERLANDS

419,569 0.39

SWEDISH EXP FRN 09-14.08.14 1,000,000 1,017,046 0.94USD

SWEDEN

1,017,046 0.94


UNITED STATES

431,600 0.40


SLM STU FRN 05-23 S05-09 A-4 1,050,000 887,205 0.82USD


UNITED STATES

SLM STU FRN 05-26.04.21 05-04 A2 380,000 335,055 0.31USD



Face Value

SLM STU FRN 06-25.04.17 06-9 A2 500,000 44,084 0.04USD

1,266,344 1.17


USA 2.375% 09-31.10.14 S-2014 7,800,000 8,224,125 7.58USD


UNITED STATES

8,224,125 7.58


RATE

FHLMC (30Y) 5% 10-1.10.40TBA 2,370,000 2,488,130 2.29USD

FHLMC

UNITED STATES

FHLMC (30Y) 5.5% 10-1.10.40TBA 2,320,000 2,458,838 2.27USD

FHLMC (30YR) 4.5%10-1.10.40TBA 2,830,000 2,939,220 2.71USD

7,886,188 7.27

7.277,886,188TOTAL FHLMC

FNMA (15Y) 4% 10-19.10.25TBA 1,750,000 1,825,195 1.68USD

FNMA

UNITED STATES

FNMA (15Y) 4.5% 10-01.10.25TBA 1,870,000 1,966,130 1.81USD

FNMA (15Y) 5% 10-15.10.25TBA 1,400,000 1,484,656 1.37USD

FNMA (30Y) 5% 10-01.10.40TBA 2,580,000 2,714,241 2.50USD

FNMA (30Y) 6.5% 10-01.10.40TBA 1,140,000 1,243,134 1.15USD

FNMA (30YR) 4% 10-01.10.40TBA 1,430,000 1,467,761 1.35USD

FNMA (30YR) 4.5% 10-01.01.40 TBA 2,830,000 2,944,527 2.72USD

FNMA (30YR) 5.5% 10-01.10.40 TBA 2,830,000 3,006,433 2.77USD


Face Value

275


FNMA(30Y) 6% 10-12.10.40TBA 4,000,000 4,288,125 3.96USD

20,940,202 19.31

19.3120,940,202TOTAL FNMA

66.03



EXCHANGE LISTING

71,615,413

VIVENDI 5.75% 08-04.04.13144A 250,000 271,740 0.25USD


MARKET

BONDS

FRANCE

271,740 0.25

COVIDIEN INTERNATIONAL5.45% 08-15.10.12 400,000 435,538 0.40USD

LUXEMBOURG

435,538 0.40


SPAIN

687,474 0.63

AMER HONDA 4.625% 08-02.04.13 200,000 215,175 0.20USD

UNITED STATES

AT&T INC. 5.50% 08-02.01.18 600,000 692,783 0.64USD

CLOROX CO. 5.45% 07-15.10.12 500,000 542,931 0.50USD


ELECTRON.DATA 6.5%03-01.08.13-B- 350,000 396,464 0.37USD

MIDAMERICAN ENERGY5.95% 07-15.07.17 750,000 880,666 0.81USD

NY LIFE GBL 3% 10-4.05.15144A 1,000,000 1,042,100 0.96USD

RABOBANK CAP.III 5.254%04-PERP 144A 650,000 622,434 0.57USD

TIME WARNER ENTMT.8.375% 93-15.03.23 525,000 690,679 0.64USD


WAL-MART STORES 6.50%07-15.08.37 750,000 933,797 0.86USD



Face Value

WEA&WT FIN 5.75% 09-02.09.15 S144A 350,000 388,934 0.36USD

XTRA FIN. 5.15% 07-01.04.17 1,000,000 1,112,974 1.03USD

8,460,335 7.81


FIN DANISH FRN 09-17.08.12144A 1,000,000 1,007,272 0.93USD

FLOATING RATE BONDS

DENMARK

1,007,272 0.93

BARCLAYS BANK FRN 06-27.06.16 144A 400,000 387,050 0.36USD

GREAT BRITAIN

387,050 0.36


CAIRN MEZZ.FRN 07-13.08.4707-3A B1 DEFLT 605,000 - 0.00USD


IRELAND

- 0.00

AMERICAN AIRLINES 6.978%02-01.04.11 1,250,000 123,837 0.11USD

UNITED STATES

BURLINGTON 4.83% 05-01.15.23 700,000 509,335 0.48USD


1,125,830 1.04


USA 0.875% 10-31.01.12 TBO 3,000,000 3,021,563 2.78USD


UNITED STATES

USA 3.75% 08-15.11.18 TBO 2,250,800 2,510,697 2.31USD

USA 4.375% 08-15.02.38 TBO 1,930,000 2,164,314 2.00USD

USA 4.375% 09-15.11.39 TBO 2,000,000 2,232,500 2.06USD

9,929,074 9.15


RATE


Face Value


276

AMERICAN AIRLINES 7.858%02-01.04.13 A2S01-2 900,000 949,500 0.88USD


UNITED STATES

CIT. DT 5.205% 07-49 07-CD4A2B 900,000 935,996 0.86USD

COMMERCIAL MTG FRN 06-15.12.20 FL12 A2 1,600,000 958,033 0.88USD

GNMA (30Y) 5% 10-01.10.40TBA 2,170,000 2,309,354 2.13USD

GNMA (30YR) 4.5% 10-01.10.40 TBA 2,430,000 2,554,157 2.35USD

GNMA (30YR) 5.5% 10-01.10.40 TBA 1,260,000 1,353,516 1.25USD

GNMA 4% 10-01.10.40 TBA 680,000 701,994 0.65USD

9,762,550 9.00




CHICAGO IL 6.899% 08-01.12.40 PF-A 650,000 700,505 0.65USD


BONDS

UNITED STATES

700,505 0.65


CBA FRN 09-12.07.13 144A 1,500,000 1,508,655 1.39USD

FLOATING RATE BONDS

AUSTRALIA

1,508,655 1.39


ABFC 3.684% 05-25.03.33 03-AHL1 A1 2,425,000 223,060 0.21USD


UNITED STATES

223,060 0.21


CWCI 06-15.08.48 06-C1 A2 900,000 812,907 0.75USD


CAYMAN ISLANDS

812,907 0.75



Face Value

ARRMF FRN 10-16.5.47 10-1XA2C 1,000,000 1,000,000 0.92USD

GREAT BRITAIN

1,000,000 0.92

CGCMT 5.378% 06-49 2006-C5A2 950,000 986,029 0.91USD

UNITED STATES

GCCFC FRN 06-10.07.38 06-GG7 A2 520,000 497,260 0.46USD

MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 1,060,000 1,087,162 0.99USD

RAST FRN 03-25.02.34 03-A151A2 2,500,000 463,614 0.43USD

WAMU 5.303% 06-23.11.43 700,000 574,955 0.53USD

3,609,020 3.32



SOCIETE GENERALE 0% 10-04.11.10 CP 2,000,000 2,724,176 2.52EUR


COMMERCIAL PAPER

FRANCE

SOCIETE GENERALE 0% 10-2.11.10 CP 1,000,000 1,362,126 1.26EUR

4,086,302 3.78

BARCLAYS 0% 10-18.10.10 CP 1,500,000 2,043,666 1.88EUR

GREAT BRITAIN

LLOYDS BK 0%10-17.11.2010CP 500,000 680,830 0.63EUR

2,724,496 2.51

INTESA IE 0% 10-08.11.10 CP 2,000,000 2,723,142 2.51EUR

IRELAND

2,723,142 2.51

ITALY 0% 10-07.12.10 CP 2,000,000 1,998,113 1.84USD

ITALY

1,998,113 1.84



Face Value

277


CR AGR 0% 10-1.12.10 CD 1,000,000 1,361,296 1.26EUR


FRANCE

1,361,296 1.26

ABBEY NATIONAL 0% 10-30.11.2010 CD 1,000,000 1,361,458 1.26EUR

GREAT BRITAIN

RBS 0.57% 10-12.10.10 CD 1,000,000 1,362,750 1.26EUR

UNICR LN 0.8% 10-16.11.10CD 2,000,000 2,725,501 2.50EUR

5,449,709 5.02

RABOBANK 0% 10-4.10.10 CD 2,000,000 2,725,367 2.51EUR

NETHERLANDS

2,725,367 2.51




(22.27)OTHER NET ASSETS LESS LIABILITIES (24,152,377)




Face Value


278

FINLAND 8.25% 95-15.10.10(RBG) 600,000 601,260 2.20EUR


EXCHANGE LISTING

BONDS

FINLAND

601,260 2.20


ITALY 0% 09-15.12.10 BOT 1,000,000 998,588 3.66EUR

ORDINARY TREASURY BONDS (BOT)

ITALY

ITALY 0% 10-29.10.10 BOT 2,890,000 2,888,328 10.58EUR

3,886,916 14.24

14.243,886,916TOTAL - ORDINARY TREASURY BONDS (BOT)

16.44



EXCHANGE LISTING

4,488,176

ANTALIS 0% 10-08.10.10 CP 500,000 499,939 1.82EUR


COMMERCIAL PAPER

FRANCE

ING BK INTL 0% 10-16.11.10CP 500,000 499,440 1.83EUR

LMA 0% 10-27.10.10 CP 500,000 499,786 1.83EUR

UNEDIC 0% 10-7.12.10 CP 300,000 299,703 1.10EUR

1,798,868 6.58

DEUT APOTH 0% 10-23.11.10CP 500,000 499,323 1.83EUR

GERMANY

DGZ DEKABK 0% 10-25.10.10CP 500,000 499,752 1.83EUR

999,075 3.66

ARGENTO VAR 0% 10-21.12.10 CP 500,000 499,057 1.83EUR

GREAT BRITAIN

NATIONWIDE 0% 10-20.12.10CP 500,000 499,135 1.83EUR

998,192 3.66

INVESTMENTS

Euro ReserveStatement of investments as at 30 September 2010(expressed in EUR)


Face Value

MATCHPT FIN 0% 10-11.10.10CP 500,000 499,890 1.83EUR

IRELAND

TOTTA IE 0% 10-13.10.10 CP 500,000 499,811 1.83EUR

999,701 3.66

EIBK 0% 10-26.10.10 CP 500,000 499,647 1.83EUR

SOUTH KOREA

INDBK KOREA 0% 10-26.10.10CP 500,000 499,687 1.83EUR

999,334 3.66

NORDEA 0% 10-16.11.10 CP 500,000 499,609 1.83EUR

SWEDEN

499,609 1.83


SPAIN 0% 09-17.12.10 TB 1,500,000 1,497,744 5.48EUR

TREASURY BILLS

SPAIN

SPAIN 0% 09-19.11.10 TB 3,335,000 3,332,178 12.21EUR

SPAIN 0% 09-22.10.10 TB 500,000 499,788 1.83EUR

5,329,710 19.52


BNPP EO-0.06 10-1.10.10 CD 1,000,000 1,000,001 3.66EUR


FRANCE

BNPP 0% 10-03.11.10 CD 500,000 499,675 1.83EUR

CACIB EO+0.00 10-1.10.10 CD 500,000 500,000 1.83EUR

CDC 0% 09-25.10.10 CD 500,000 502,309 1.84EUR

CIC EO+0.19 10-10.11.10 CD 500,000 500,000 1.83EUR

DEXIA CLF 0% 10-12.10.10 CD 500,000 499,905 1.83EUR

GECEF EO+0.12% 10-10.11.10CD 500,000 500,000 1.83EUR

LBP 0.4782 10-13.10.10 CD 500,000 500,000 1.83EUR

NATIXIS EO+0.22 10-25.10.10CD 500,000 500,000 1.83EUR

OSEO FIN EO+0.16 10-9.11.10CD 500,000 500,000 1.83EUR

SOCGEN E0+0.12 10-2.11.10CD 500,000 500,000 1.83EUR

6,001,890 21.97


Face Value

279


COMMERZBANK 0% 10-1.12.10 CD 500,000 499,428 1.83EUR

GERMANY

499,428 1.83

LLOYDS 0% 10-29.11.10 CD 500,000 499,310 1.83EUR

GREAT BRITAIN

499,310 1.83

INTESA SAN 0% 10-05.11.10CD 300,000 299,784 1.10EUR

ITALY

299,784 1.10

UNILEVER 0% 10-23.11.10 CD 500,000 499,386 1.83EUR

NETHERLANDS

499,386 1.83

SHB 0% 10-27.12.10 CD 600,000 599,137 2.19EUR

SWEDEN

599,137 2.19






Euro ReserveStatement of investments as at 30 September 2010(expressed in EUR)


Face Value


280

BELGACOM SA 33,200 954,002 2.72EUR


EXCHANGE LISTING

SHARES

BELGIUM

MOBISTAR NV 20,900 943,113 2.68EUR

1,897,115 5.40

FLSMIDTH & CO. A/S B 14,900 798,610 2.27DKK

DENMARK

798,610 2.27

FORTUM CORPORATION 28,100 541,768 1.54EUR

FINLAND

NOKIA OY 131,100 975,384 2.77EUR

WARTSILA CORPORATION -B- 29,300 1,407,572 4.01EUR

2,924,724 8.32

ALSTOM 18,400 694,232 1.98EUR

FRANCE

CFAO / NOM. 14,000 410,760 1.17EUR

METROPOLE TELEVISION SAM6 70,200 1,224,990 3.48EUR

TECHNIP 9,000 537,480 1.53EUR

TOTAL SA 5,500 210,760 0.60EUR

VALLOUREC 10,300 756,741 2.15EUR

VINCI 34,900 1,300,548 3.71EUR

5,135,511 14.62

FUCHS PETROLUB AG/VZ.A. 8,200 700,936 1.99EUR

GERMANY

NORDDEUTSCHE AFFINERIEAG 22,000 770,000 2.19EUR


SOFTWARE AG 7,900 700,730 1.99EUR

VOSSLOH AG 11,400 894,444 2.55EUR

WINCOR NIXDORF AG 13,600 651,848 1.85EUR

4,202,182 11.95

ANSALDO STS SPA 43,200 413,208 1.18EUR

ITALY

ATLANTIA SPA 49,600 759,376 2.16EUR

PRYSMIAN SPA 72,400 977,400 2.78EUR

2,149,984 6.12

INVESTMENTS

European Equity Alpha (launched as at 13 April 2010)Statement of investments as at 30 September 2010(expressed in EUR)


Quantity/Facevalue

TENARIS SA 52,300 738,999 2.10EUR

LUXEMBOURG

738,999 2.10

BOSKALIS WESTMINSTER 44,500 1,374,605 3.91EUR

NETHERLANDS

1,374,605 3.91

ABB LTD ZUERICH /NAMEN. 81,600 1,283,778 3.65CHF

SWITZERLAND

NESTLE 17,500 694,234 1.98CHF

SCHINDLER HOLDING SAPARTICIPATION 8,900 707,476 2.01CHF

2,685,488 7.64


62.33



EXCHANGE LISTING

21,907,218

GERMANY 0% 10-10.11.10 TB 300,000 299,895 0.85EUR


TREASURY BILLS

GERMANY

GERMANY 0% 10-12.01.11 TB 2,000,000 1,997,700 5.68EUR

GERMANY 0% 10-13.10.10 TB 1,000,000 999,850 2.84EUR

GERMANY 0% 10-16.03.11 TB 1,000,000 997,550 2.84EUR

GERMANY 0% 10-20.04.11 TB 1,000,000 996,850 2.84EUR

GERMANY 0% 10-23.02.11 TB 2,000,000 1,995,900 5.68EUR

7,287,745 20.73







Quantity/Facevalue

281


NEW ZEALAND 6% 05-15.12.17 1,000,000 579,718 0.48NZD


EXCHANGE LISTING

BONDS

NEW ZEALAND

579,718 0.48


0.48



EXCHANGE LISTING

579,718

ACOSS 0% 10-8.10.10 CP 2,500,000 2,499,758 2.08EUR


COMMERCIAL PAPER

FRANCE

SAGESS 0% 10-25.11.10 CP 2,500,000 2,498,097 2.08EUR

UNEDIC 0% 10-16.12 CP 2,000,000 1,997,779 1.66EUR

6,995,634 5.82

COMMERZBANK 0% 10-13.12.10 CP 2,000,000 1,997,619 1.66EUR

GERMANY

LBK HESS 0% 10-29.10.10 CP 2,000,000 1,998,730 1.66EUR

3,996,349 3.32

DB LN 0% 10-30.12.10 CP 2,000,000 1,997,475 1.66EUR

GREAT BRITAIN

1,997,475 1.66

GECC IE 0% 10-16.11.10 CP 2,000,000 1,998,306 1.66EUR

IRELAND

1,998,306 1.66


FRANCE 0% 10-02.12.10 TB 500,000 499,720 0.42EUR

TREASURY BILLS

FRANCE

FRANCE 0% 10-10.11.10 12,000,000 11,994,783 9.97EUR

FRANCE 0% 10-14.10.10 BTF 14,670,000 14,667,663 12.19EUR

FRANCE 0% 10-23.12.10 BTF 1,600,000 1,598,638 1.33EUR

FRANCE 0% 10-25.11.10 BTF 18,300,000 18,289,246 15.20EUR

FRANCE 0% 10-28.10.10 BTF 20,750,000 20,743,242 17.24EUR

INVESTMENTS

Global Bond Market NeutralStatement of investments as at 30 September 2010(expressed in EUR)


Face Value

FRANCE 0% 10-4.11.10 BTF 10,700,000 10,696,592 8.89EUR

78,489,884 65.24


BPCE 0% 10-7.10.10 CD 2,500,000 2,499,674 2.07EUR


FRANCE

CALYON 0% 10-19.11.10 CD 1,500,000 1,498,648 1.25EUR

CDC 0% 10-21.10.10 CD 500,000 499,863 0.42EUR

HSBC FR 0% 10-04.10.10 CD 2,000,000 1,999,898 1.66EUR

LBP 0% 10-27.10.10 CD 2,000,000 1,999,094 1.66EUR

SOCIETE GENERALE 0% 10-12.11.10 CD 2,000,000 1,998,450 1.66EUR

10,495,627 8.72

LLOYDS BK 0% 10-29.10.10CD 2,000,000 1,998,714 1.66EUR

GREAT BRITAIN

RBS 0% 10-10.11.10 CD 600,000 599,543 0.50EUR

RBS 0% 10-26.11.10 CD 1,300,000 1,298,586 1.08EUR

3,896,843 3.24

BANK OF TOKYO 0% 10-25.11.10 CD 2,000,000 1,998,365 1.66EUR

JAPAN

1,998,365 1.66

RABOBANK 0% 10-24.12.10CD 2,000,000 1,997,642 1.66EUR

NETHERLANDS

1,997,642 1.66

NORDEA 0% 10-18.11.10 CD 2,000,000 1,998,383 1.66EUR

SWEDEN

1,998,383 1.66







Face Value


282

USA 0% 09-18.11.10 TB 28,000,000 27,993,360 23.96USD


TREASURY BILLS

UNITED STATES

USA 0% 10-03.02.11 TB 4,500,000 4,497,007 3.85USD

USA 0% 10-03.03.11 TB 3,500,000 3,497,305 2.99USD

USA 0% 10-07.10.10 TB 25,500,000 25,499,265 21.83USD

USA 0% 10-10.02.11 TB 4,500,000 4,496,924 3.85USD

USA 0% 10-10.03.11 TB 3,500,000 3,497,261 2.99USD

69,481,122 59.47






INVESTMENTS

Global CurrencyStatement of investments as at 30 September 2010(expressed in USD)


Face Value

283


SKYWORTH DIGITAL HLD LTD 1,100,000 766,804 2.63HKD


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

766,804 2.63


CHINA



1,804,466 6.18



315,128 1.08

ANGLO AMERICAN PLC 15,500 629,138 2.16ZAR

GREAT BRITAIN

629,138 2.16

KERNEL HOLDING SA 5,210 117,489 0.40PLN

LUXEMBOURG

117,489 0.40

KGHM POLSKA MIEDZ SA 13,958 559,417 1.92PLN

POLAND

559,417 1.92

MURRAY AND ROBERTSHOLDINGS 120,418 766,321 2.63ZAR

SOUTH AFRICA

STEINHOFF INTERNATIONALHOLDING LTD 222,277 650,661 2.23ZAR

1,416,982 4.86

DAEGU BANK 56,420 742,205 2.55KRW

SOUTH KOREA

HONAM PETROCHEMICALCO. LTD 2,946 549,024 1.88KRW

HYUNDAI MIPO DOCKYARDCO. LTD 4,102 678,120 2.32KRW


LG UPLUS CORP 88,980 575,121 1.97KRW

INVESTMENTS

Global Emerging Markets Equity Alpha (launched as at 16April 2010)Statement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

SAMSUNG ELECTRONICS CO.LTD 900 613,286 2.10KRW

SAMSUNG HEAVYINDUSTRIES 28,060 741,950 2.54KRW

4,546,208 15.58


TAIWAN

MACRONIX INTERNATIONALCO. LTD 418,000 260,618 0.89TWD

POWERTECH TECHNOLOGYINC. 91,000 293,168 1.00TWD

WISTRON CORP. 378,000 690,679 2.38TWD

1,426,358 4.89

TURK HAVA YOLLARI AO 196,463 797,997 2.74TRY

TURKEY

TURKIYE VAKIFLAR BANKASITAO 193,896 587,341 2.01TRY

1,385,338 4.75




BRAZIL

VALE /SADR 23,260 721,525 2.48USD

1,410,798 4.84





1,942,073 6.65


Receipt)





998,227 3.42



Quantity/Facevalue


284

TEMAR / PREF. 800 11,425 0.04BRL

PREFERENTIAL SHARES

BRAZIL

11,425 0.04


VIMPELCOM SP /ADR 19,853 293,427 1.01USD


BERMUDA ISLANDS

293,427 1.01



588,425 2.01


62.42



EXCHANGE LISTING

18,211,703



MARKET

SHARES

SOUTH KOREA

448,059 1.54

CORETRONIC CORP 321,000 493,919 1.69TWD

TAIWAN

493,919 1.69




USA 0% 09-21.10.10 TB 2,300,000 2,299,849 7.88USD


TREASURY BILLS

UNITED STATES

USA 0% 10-04.11.10 TB 1,870,000 1,869,793 6.41USD

USA 0% 10-14.10.10 TB 1,800,000 1,799,938 6.17USD

5,969,580 20.46




Global Emerging Markets Equity Alpha (launched as at 16April 2010)Statement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue




Quantity/Facevalue

285


ITALY 0% 09-15.11.10 BOT 20,000,000 19,985,000 3.21EUR


EXCHANGE LISTING

ORDINARY TREASURY BONDS (BOT)

ITALY

ITALY 0% 09-15.12.10 BOT 15,000,000 14,979,000 2.41EUR

34,964,000 5.62

5.6234,964,000TOTAL - ORDINARY TREASURY BONDS (BOT)

5.62



EXCHANGE LISTING

34,964,000

FRANCE 0% 09-16.12.10 BTF 72,000,000 71,931,600 11.56EUR


TREASURY BILLS

FRANCE

FRANCE 0% 09-18.11.10 BTF 64,000,000 63,958,400 10.28EUR

FRANCE 0% 09-21.10.10 BTF 85,000,000 84,978,750 13.66EUR

FRANCE 0% 10-07.04.11 BTF 35,000,000 34,882,750 5.61EUR

FRANCE 0% 10-07.10.10 BTF 87,000,000 86,995,650 13.98EUR

FRANCE 0% 10-10.02.11 BTF 45,000,000 44,903,250 7.22EUR

FRANCE 0% 10-10.03.11 BTF 22,000,000 21,937,300 3.53EUR

FRANCE 0% 10-13.01.11 BTF 20,000,000 19,967,000 3.21EUR

FRANCE 0% 10-25.11.10 BTF 40,000,000 39,970,000 6.43EUR

FRANCE 0% 10-27.01.11 BTF 20,000,000 19,963,000 3.21EUR

FRANCE 0% 10-30.06.11 BTF 20,000,000 19,889,000 3.20EUR

509,376,700 81.89

GERMANY 0% 10-23.02.11 TB 15,000,000 14,969,250 2.41EUR

GERMANY

14,969,250 2.41






INVESTMENTS

Global MacroStatement of investments as at 30 September 2010(expressed in EUR)


Face Value


286

LONZIM PLC 1,050,000 386,929 0.04GBP


EXCHANGE LISTING

SHARES

ISLE OF MAN

386,929 0.04


ARGENTINA 7% 07-17.04.17S.X 2,100,000 1,790,250 0.21USD

BONDS

ARGENTINA

CITY BUENOS 12.5% 10-06.04.15 3,525,000 3,772,166 0.43USD

5,562,416 0.64

ALLI OIL 9.875% 10-11.03.15REGS 3,575,000 3,748,280 0.43USD

BERMUDA ISLANDS

3,748,280 0.43

BCO CRUZ 8.875% 10-22.09.20 800,000 837,794 0.10USD

BRAZIL

BERTIN 10.25% 06-05.10.16REG S 3,945,000 4,409,153 0.51USD

BRAZIL 10% 06-01.01.14 S.F 7,900 4,412,676 0.51BRL

BRAZIL 10% 07-01.01.13 1,475 835,841 0.10BRL

BRAZIL 10% 07-01.01.17 13,500 7,324,094 0.84BRL

BRAZIL 5.625% 09-07.01.14 5,200,000 5,700,499 0.66USD

NATIONAL STEEL 9.875% 06-PERP. 3,025,000 3,087,551 0.36USD

TELEMAR N L 5.5% 23.10.20REGS 1,400,000 1,408,105 0.16USD

VOTORANTIM 6.75% 10-05.04.21 REGS 2,300,000 2,429,584 0.28USD

30,445,297 3.52

MARFRIG OVER 9.5% 10-04.05.20 REGS 2,500,000 2,626,070 0.30USD

CAYMAN ISLANDS

MINERV 10.875% 10-15.11.19REGS 1,700,000 1,803,268 0.21USD

4,429,338 0.51

INVESTMENTS

New World IncomeStatement of investments as at 30 September 2010(expressed in USD)


Quantity/Facevalue

COLOMBIA 8.125% 04-21.05.24 4,950,000 6,732,000 0.78USD

COLOMBIA

6,732,000 0.78

TELEMOVIL 8% 10-01.10.17 1,200,000 1,244,291 0.14USD

EL SALVADOR

1,244,291 0.14

BIZ FIN 8.375% 10-27.04.15 11,575,000 11,864,375 1.37USD

GREAT BRITAIN

11,864,375 1.37


INDONESIA

INDONESIA 9.5% 04-15.06.15 69,500,000,000 8,495,291 0.98IDR

INDONESIE 10.75% 05-15.05.16 FR30 45,000,000,000 5,844,621 0.67IDR

INDONESIE 11% 04-15.10.14FR26 15,000,000,000 1,904,362 0.22IDR

INDOSAT PAL 7.375% 10-29.07.20 700,000 770,222 0.09USD


22,919,424 2.64

ALFA BD ISS 7.875% 10-25.09.17 1,500,000 1,510,275 0.17USD

IRELAND

MTS INTL FD 8.625% 10-22.06.20 2,750,000 3,162,638 0.37USD

4,672,913 0.54

KAZKOMMERTSBK 8.5% 03-16.04.13 REGS 3,475,000 3,419,890 0.39USD

KAZAKHSTAN



16,855,311 1.94

GAZ CAP 7.343% 08-11.04.13REGS 500,000 545,127 0.06USD

LUXEMBOURG

GAZ CAP 8.125% 09-31.07.14 15,300,000 17,290,331 2.00USD

GAZ CAPI6.51% 07-07.03.22 5,000,000 5,327,750 0.62USD


Quantity/Facevalue

287



26,164,108 3.03

AXTEL 7.625% 07-01.02.17 3,650,000 3,326,687 0.38USD

MEXICO

CONTROLADORA 7.875%28.10.19 REGS 2,250,000 2,478,409 0.29USD

DESARROLLA H 9.5%11.12.19 REGS 3,200,000 3,613,465 0.42USD

GRUPO PETROTE 9.5% 09-19.08.14 3,000,000 3,302,391 0.38USD

GRUPO POSADAS 9.25%15.01.15 REGS 1,350,000 1,290,132 0.15USD

MEXICO 7% 09-19.06.14 125,000 1,049,494 0.12MXN

MEXICO 8% 03-19.12.13SR131219 185,000 1,590,772 0.18MXN

MEXICO 8% 05-17.12.15 1,610,000 14,155,793 1.64MXN

MEXICO 9.50% 04-18.12.14BONOS 230,000 2,110,236 0.24MXN

PEMEX 5.5% 10-21.01.21REG-S 1,800,000 1,927,051 0.22USD

URBI DESA 9.5% 10-21.01.20 3,925,000 4,438,440 0.52USD

39,282,870 4.54

HSBK EUR 7.25% 07-03.05.17REG-S 1,750,000 1,796,328 0.21USD

NETHERLANDS



10,200,143 1.18


PANAMA

3,939,945 0.45

CORP PESQUERA 9%10.02.17 REGS 2,375,000 2,452,031 0.28USD

PERU

2,452,031 0.28

PHILIPPINES 4.95%-10-15.01.21 /USD 68,000,000 1,581,276 0.18PHP

PHILIPPINES

1,581,276 0.18



Quantity/Facevalue

SENEGAL 8.75% 09-22.12.14 5,600,000 5,779,676 0.67USD

SENEGAL

5,779,676 0.67

ALTUS CAP 12.875% 10.02.15REGS 1,975,000 2,080,597 0.24USD

SINGAPORE

BUMI CAP 12% 09-10.11.16 2,425,000 2,593,164 0.30USD


8,185,716 0.94

SOUTH AFRICA 8.25% 04-15.09.17 105,000,000 15,436,567 1.78ZAR

SOUTH AFRICA

15,436,567 1.78

HYNIX SEMICO.7.875% 07-27.06.17 REGS 1,600,000 1,615,755 0.19USD

SOUTH KOREA

1,615,755 0.19

SRI LANKA 6.25% 10-04.10.20 1,150,000 1,160,063 0.13USD

SRI LANKA

1,160,063 0.13

TRUE MOVE 10.75%06-16.12.13 REG 3,325,000 3,551,409 0.41USD

THAILAND

3,551,409 0.41

TURKEY GOVERNMENT BOND10.00% 07-15.12 S.CPI 8,600,000 8,701,240 1.01TRY

TURKEY

TURKEY 0% 09-16.11.11 21,500,000 13,624,082 1.58TRY

TURKEY 6.875% 06-17.03.36 5,300,000 6,168,670 0.71USD

TURKEY 9% 09-21.05.14/INFL 5,500,000 5,038,282 0.58TRY

33,532,274 3.88

DTEK FIN 9.5% 10-28.04.15 2,175,000 2,232,307 0.26USD

UKRAINE

UKRAINE FIN. 6.58% 06-21.11.16 3,200,000 3,140,640 0.36USD

UKRAINE 7.75% 10-23.09.20 1,500,000 1,507,200 0.17USD

6,880,147 0.79


VENEZUELA


Quantity/Facevalue


288

VENEZUELA 7.00% 03-01.12.18 10,000,000 6,625,000 0.76USD

VENEZUELA 7.65% 05-21.04.25 13,900,000 8,513,750 0.99USD


18,150,000 2.09

33.05286,385,625TOTAL BONDS

MEX UDIBONOS FRN 06-16.06.16 141,422 5,889,405 0.68MXN

FLOATING RATE BONDS

MEXICO

5,889,405 0.68

SIGMA CAP FRN 10-30.04.15 2,000,000 2,104,382 0.24USD

SINGAPORE

2,104,382 0.24


CHINA HYDROEL /ADR 563,558 3,375,712 0.39USD


CAYMAN ISLANDS

3,375,712 0.39



PIK BONDS

ARGENTINA

17,622,407 2.03

CO DURANGO ST-UP 09-27.08.16/PIK 4,975,000 4,290,938 0.50USD

MEXICO

4,290,938 0.50


ARGENTINA 1.33% 03-31.12.38 20,500,000 8,342,475 0.96USD


ARGENTINA

8,342,475 0.96



Quantity/Facevalue

BCO BMG 9.15% 05-15.01.16REG.S 1,175,000 1,293,422 0.15USD

BRAZIL

1,293,422 0.15



2,780,183 0.32

IRAQ 5.80% 06-15.01.28 STEP-UP 18,950,000 16,300,791 1.89USD

IRAQ

16,300,791 1.89

GAZPROM INTL 7.201% 04-01.02.20 REG. 6,000,000 3,747,576 0.43USD

LUXEMBOURG

3,747,576 0.43

GT 2005 ST-UP 09-21.07.14 4,400,000 4,045,030 0.47USD

NETHERLANDS

4,045,030 0.47


41.15



EXCHANGE LISTING

356,564,875

PROV BUENOS 11.75% 10-05.10.15 2,000,000 1,985,718 0.23USD


MARKET

BONDS

ARGENTINA

1,985,718 0.23

TELEMAR NL5.5%10-23.10.20144A 2,395,000 2,417,154 0.28USD

BRAZIL

2,417,154 0.28

BLUE CITY 13.75% 06-07.11.13 REG -B1- 7,000,000 1,085,000 0.13USD

CAYMAN ISLANDS

INDEP INTL 12% 09-30.12.16144A 4,214,406 189,648 0.02USD

JBS FIN II 8.25% 10-29.01.18 900,000 933,012 0.11USD


Quantity/Facevalue

289


PETBRA 5.75% 09-20.01.20 3,050,000 3,371,388 0.38USD

5,579,048 0.64

ECOPETROL 7.625% 09-23.07.19 2,400,000 2,897,914 0.33USD

COLOMBIA

2,897,914 0.33

INDONESIAGOVERNMENT11% 06-15.09.25 25,000,000,000 3,494,418 0.40IDR

INDONESIA

3,494,418 0.40

ALESTRA 11.75% 10-11.08.14 3,325,000 3,742,520 0.44USD

MEXICO

MAXCOM TELEC.11% 07-15.12.14S.B 3,600,000 3,175,621 0.37USD

6,918,141 0.81

METINVEST BV 10.25% 10-20.05.15 3,375,000 3,568,931 0.41USD

NETHERLANDS

3,568,931 0.41


CITIGROUP FNDG FRN 06-04.10.11 1,044,776 1,149,045 0.13USD

FLOATING RATE BONDS

UNITED STATES

1,149,045 0.13


STANDARD BK 9% 07-15.08.12 CV 1,500,000 1,200,000 0.14USD

CONVERTIBLE BONDS

GREAT BRITAIN

1,200,000 0.14

0.141,200,000TOTAL CONVERTIBLE BONDS





Quantity/Facevalue

XXI CENTURY INVESTMENTSPUBLIC 5,069 - 0.00USD


SHARES

UKRAINE

- 0.00

0.00-TOTAL SHARES

BRAZIL 6% 07-15.05.17 IPCA-IDX 7,000 7,907,918 0.91BRL

BONDS

BRAZIL

BRAZIL 6% 09-15.08.14/INFL 4,856 5,511,935 0.64BRL

13,419,853 1.55

GHANA 16% 08-02.05.11 1,500,000 1,067,640 0.12GHS

GHANA

1,067,640 0.12


DOMAS AGR FRN 08-24.10.12LOAN 939,294 540,094 0.06USD

FLOATING RATE BONDS

FRANCE

540,094 0.06

AEROMEXICO SERIES 2007-1 2,500,000 1,875,000 0.22USD

MEXICO

1,875,000 0.22

CONCOURSE PWR FRN 08-PERP LOAN 176,628 104,211 0.01USD

UNITED STATES

104,211 0.01


XXI CENTURY 24.5.13 PW/XXI 400 - 0.00USD


CYPRUS

- 0.00

0.00-TOTAL WARRANTS / EQUITY LINKED

SECURITIES


Quantity/Facevalue


290

XXI CENTURY INV.10%07-24.11.14 400,000 40,364 0.00USD

PIK BONDS

CYPRUS

40,364 0.00

0.0040,364TOTAL PIK BONDS

CESPM FRN 08-27.12.10LOAN 5,000,000 4,307,246 0.50USD


DOMINICAN REPUBLIC

4,307,246 0.50



EGYPT 0% 09-09.11.10 TB 7,000,000 1,218,555 0.14EGP


TREASURY BILLS

EGYPT

EGYPT 0% 10-07.12.10 TB 24,000,000 4,136,567 0.48EGP

5,355,122 0.62

USA 0% 09-16.12.10 TB 75,000,000 74,980,050 8.65USD

UNITED STATES

USA 0% 10-30.12.10 TB 50,000,000 49,980,125 5.77USD

124,960,175 14.42


PUT ISHARES/MSCI BRAZIL18/12/2010 65.0 (5,000) (525,000) (0.06)USD

OPTIONS

UNITED STATES

PUT ISHARES/MSCI BRAZIL18/12/2010 70.0 5,000 1,065,000 0.12USD

540,000 0.06

0.06540,000TOTAL OPTIONS

CALL USD/BRL SPOT CROSS08/12/2010 1.756 (5,000,000) (84,590) (0.01)USD

CURRENCY OPTIONS

GREAT BRITAIN

CALL USD/BRL SPOT CROSS08/12/2010 1.845 10,000,000 71,246 0.01USD

CALL USD/BRL SPOT CROSS13/10/2010 1.79 (20,000,000) (3,000) 0.00USD



Quantity/Facevalue

CALL USD/BRL SPOT CROSS21/12/2010 1.749 (5,000,000) (109,750) (0.01)USD

CALL USD/BRL SPOT CROSS21/12/2010 1.833 10,000,000 106,086 0.01USD

CALL USD/ZAR SPOT CROSS24/11/2010 7.52 10,000,000 55,448 0.01USD

CALL USD/ZAR SPOT CROSS24/11/2010 7.85 (10,000,000) (21,037) 0.00USD




PUT USD/BRL SPOT CROSS13/10/2010 1.62 (20,000,000) (8,000) 0.00USD





PUT USD/TRY SPOT CROSS20/01/2011 1.3 (35,000,000) (9,686) 0.00USD



1,711,358 0.19

PUT USD/CNY SPOT CROSS29/09/2010 6.5 (70,000,000) - 0.00USD

SWITZERLAND


141,812 0.02

CALL USD/KRW SPOT CROSS10/12/2010 1260.0 (10,000,000) (41,784) 0.00USD

UNITED STATES

PUT USD/KRW SPOT CROSS10/12/2010 1124.0 10,000,000 125,078 0.01USD

83,294 0.01

0.221,936,464TOTAL CURRENCY OPTIONS


Quantity/Facevalue

291




BRAZIL


(55,536) (0.01)

PUT BUBOR03M BUDAPESTINTERBK OFF 16/12/2010 5.91(44,000,000,000) (565,645) (0.06)HUF

HUNGARY

PUT BUBOR03M BUDAPESTINTERBK OFF 16/12/2010 6.27 22,000,000,000 511,619 0.06HUF

PUT BUBOR03M BUDAPESTINTERBK OFF 23/12/2010 6.1 20,000,000,000 364,637 0.04HUF

PUT BUBOR03M BUDAPEST23/12/2010 5.79INTERBK OFF (40,000,000,000) (419,433) (0.05)HUF

(108,822) (0.01)

(0.02)(164,358)TOTAL OPTION ON STOCK INDICES







Quantity/Facevalue

Currency Conversion Table

292

To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we have produced the following table. It shows the value of one US Dollar against various currencies (as at the given dates).

31 March 2010 30 September 2010

USD USD

AUD 1.0930 1.0326

CAD 1.0147 1.0324

HKD 7.7642 7.7608

JPY 93.4200 83.3750

GBP 0.6595 0.6292

SGD 1.3994 1.3149

CHF 1.0591 0.9739

EUR 0.7416 0.7338

Dealing Days of the Fund

293

Dealing for Shares in the Company will take place on any Business Day (other than days during a period of suspension of dealing in Shares) and which is also for each sub-fund, a day where stock exchanges and regulated markets in countries where the sub-fund is materially invested are open for normal trading. Until 1 February 2010, for sub-funds materially invested in North or South American markets, a Dealing Day means any Business Day (other than days during a period of suspension of dealing in Shares) except a Business Day following the day where stock exchanges and regulated markets in such countries were closed for normal trading. The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and available at the registered office of the Company. Any amendments to such lists are also available at the registered office of the Company. Shareholders who deal through the Company's local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction. Shareholders in such jurisdictions can however deal via the Transfer Agent in Luxembourg. The Company will determine the dealing/non-dealing calendar according to the latest market information obtained by the Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Company from the registered office of the Company or from the Company's local distributor or representative.

294

HSBC Global Investment Funds (“HGIF”)

Fund Holiday Calendar for 2011

Updated: 4 October 2010

All HGIF sub-funds will have no NAV calculated on the following days:

all Saturdays and Sundays

and on the following dates : 22-Apr Luxembourg 25-Apr Luxembourg 02-Jun Luxembourg 13-Jun Luxembourg 23-Jun Luxembourg 15-Aug Luxembourg 01-Nov Luxembourg 26-Dec Luxembourg

In addition, the following funds will have non-dealing days on the following dates:

Asia ex Japan Equity (Korea)

02-Feb Korea 03-Feb Korea 04-Feb Korea 01-Mar Korea 05-May Korea 10-May Korea 06-Jun Korea 15-Aug Korea 12-Sep Korea 13-Sep Korea 03-Oct Korea

Asia ex Japan Equity Smaller Companies

Taiwan Equity (Taiwan)

17-Feb Taiwan 04-Apr Taiwan 05-Apr Taiwan 03-Oct Taiwan 05-Oct Taiwan 10-Oct Taiwan

295

Asia Pacific ex Japan Equity High Dividend (Australia)

03-Jan Australia 26-Jan Australia 22-Apr Australia 25-Apr Australia 26-Apr Australia 13-Jun Australia 26-Dec Australia 27-Dec Australia

Brazil Bond (Brazil)

25-Jan Brazil 07-Mar Brazil 08-Mar Brazil 21-Apr Brazil 22-Apr Brazil 23-Jun Brazil 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil 30-Dec Brazil

Brazil Equity (Brazil, UK, US**, ***)

03-Jan UK 17-Jan US 25-Jan Brazil 21-Feb US 07-Mar Brazil 08-Mar Brazil 22-Apr US, UK 25-Apr UK 02-May UK 30-May US, UK 21-Apr Brazil 22-Apr Brazil 23-Jun Brazil 04-Jul US 29-Aug UK 05-Sep US 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil 24-Nov US 26-Dec US, UK 27-Dec UK30-Dec Brazil

296

BRIC Equity

BRIC Markets

BRIC Markets Equity (Brazil, Hong Kong, India, Russia, UK, US**, ***)

03-Jan UK 17-Jan US 25-Jan Brazil 26-Jan India 15-Feb India 21-Feb US 23-Feb Russia 02-Mar India 07-Mar Brazil 08-Mar Brazil, Russia 14-Apr India 21-Apr Brazil 22-Apr Brazil, US, UK, India 25-Apr UK, India 02-May UK 09-May Russia 17-May India 30-May US, UK 23-Jun Brazil 04-Jul US 15-Aug India 29-Aug UK 31-Aug India 01-Sep India 05-Sep US 07-Sep Brazil 06-Oct India 12-Oct Brazil 02-Nov Brazil 04-Nov Russia 07-Nov India 15-Nov Brazil 24-Nov US 06-Dec India 26-Dec US, UK 27-Dec UK 30-Dec Brazil

Chinese Equity

Hong Kong Equity (Hong Kong)

03-Feb Hong Kong 04-Feb Hong Kong 05-Feb Hong Kong 22-Apr Hong Kong 25-Apr Hong Kong 02-May Hong Kong 10-May Hong Kong 06-Jun Hong Kong 01-Jul Hong Kong 13-Sep Hong Kong 05-Oct Hong Kong 26-Dec Hong Kong 27-Dec Hong Kong

297

Climate Change (UK, US**, ***)

03-Jan UK 17-Jan US 21-Feb US 22-Apr US, UK 25-Apr UK 02-May UK 30-May US, UK 04-Jul US 29-Aug UK 05-Sep US 24-Nov US 26-Dec US, UK 27-Dec UK

UK Equity

Euro Core Bond

Euro Core Credit Bond

Euro High Yield Bond

Global Currency (UK)

03-Jan UK 22-Apr UK 25-Apr UK 02-May UK 30-May UK 29-Aug UK 26-Dec UK 27-Dec UK

Global Emerging Markets Elite

Global Emerging Markets Equity

Global Emerging Markets Equity Alpha (Hong Kong, Korea, UK, US**, ***)

03-Jan UK 17-Jan US 02-Feb Korea 03-Feb Hong Kong, Korea 04-Feb Hong Kong, Korea 21-Feb US 01-Mar Korea 05-Apr Hong Kong 22-Apr Hong Kong, UK, US 25-Apr Hong Kong, UK 02-May Hong Kong, UK 05-May Korea 10-May Hong Kong, Korea 30-May UK, US 06-Jun Hong Kong, Korea 01-Jul Hong Kong 04-Jul US 15-Aug Korea 29-Aug UK 05-Sep US 12-Sep Korea 13-Sep Hong Kong, Korea 03-Oct Korea 05-Oct Hong Kong

298

24-Nov US 26-Dec Hong Kong, UK, US 27-Dec Hong Kong, UK

Global Emerging Markets Equity Alpha (Korea, China, India, UK, US**, ***)

03-Jan UK, China 17-Jan US 26-Jan India 02-Feb China 03-Feb Korea, China 04-Feb Korea, China 07-Feb China 08-Feb China 15-Feb India 21-Feb US 22-Feb Korea 01-Mar Korea 02-Mar India 05-Apr China 14-Apr India 22-Apr India, UK, US 25-Apr India, UK 02-May UK 05-May Korea 10-May Korea 17-May India 30-May UK, US 06-Jun Korea, China 04-Jul US 15-Aug India, Korea 29-Aug UK 31-Aug India 01-Sep India 05-Sep US 12-Sep Korea, China 13-Sep Korea 03-Oct Korea, China 04-Oct China 05-Oct China 06-Oct India 10-Oct Korea 07-Nov India 24-Nov US 06-Dec India 26-Dec UK, US 27-Dec UK

299

Global Core Plus Bond (Japan, US**, ***)

03-Jan Japan 10-Jan Japan 17-Jan US 11-Feb Japan 21-Feb US 21-Mar Japan 22-Apr US 29-Apr Japan 03-May Japan 04-May Japan 05-May Japan 30-May US 04-Jul US 18-Jul Japan 19-Jul Japan 05-Sep US 23-Sep Japan 10-Oct Japan 03-Nov Japan 24-Nov US 23-Nov Japan 23-Dec Japan 26-Dec US

Emerging Wealth (US**, ***)

17-Jan US 21-Feb US 22-Apr US 30-May US 04-Jul US 05-Sep US 24-Nov US 26-Dec US

European Equity (UK, France)

03-Jan UK 22-Apr UK, France 25-Apr UK, France 02-May UK 30-May UK 02-Jun France 13-Jun France 14-Jul France 15-Aug France 29-Aug UK 01-Nov France 11-Nov France 26-Dec UK, France 27-Dec UK

300

European Equity Alpha (UK, France, Germany)

03-Jan UK 22-Apr UK, France, Germany 25-Apr UK, France, Germany 02-May UK 30-May UK 02-Jun France 13-Jun France, Germany 14-Jul France 15-Aug France 29-Aug UK 03-Oct Germany 01-Nov France 11-Nov France 26-Dec UK, France, Germany 27-Dec UK

Euroland Growth

Euroland Equity (France)

22-Apr France 25-Apr France 02-Jun France 13-Jun France 14-Jul France 15-Aug France 01-Nov France 11-Nov France 26-Dec France

Global Bond Market Neutral (Germany, UK, US**, ***)

03-Jan UK 17-Jan US 21-Feb US 22-Apr US, UK, Germany 25-Apr UK, Germany 02-May UK 30-May US, UK 02-Jun Germany 13-Jun Germany 04-Jul US 29-Aug UK 05-Sep US 03-Oct Germany 24-Nov US 26-Dec US, UK, Germany 27-Dec UK

301

Global Core Credit Bond (France, Germany, Italy, Spain, Netherlands, UK, US**, ***)

03-Jan UK 06-Jan Italy 17-Jan US 21-Feb US 03-Mar Italy 08-Mar Italy 22-Apr UK, US, France, Germany, Spain 25-Apr UK, France, Germany, Netherlands, Italy 28-Ap Italy 02-May UK 05-May Netherlands 30-May UK, US 02-Jun France, Netherlands, Italy 13-Jun France, Germany, Italy 04-Jul US 14-Jul France 15-Aug France, Spain, Italy 29-Aug UK 05-Sep US 03-Oct Germany 12-Oct Spain 01-Nov France, Spain, Italy 11-Nov France 24-Nov US 06-Dec Spain 08-Dec Spain, Italy 26-Dec UK, France, Germany, US, Netherlands, Italy 27-Dec UK

Euroland Equity Smaller Companies (France)

22-Apr France 25-Apr France 02-Jun France 13-Jun France 14-Jul France 15-Aug France 01-Nov France 11-Nov France 26-Dec France



Global High Income Bond

New World Income

US Dollar Core Plus Bond (UK, US**, ***)

03-Jan UK 17-Jan US 21-Feb US 22-Apr US, UK 25-Apr UK 02-May UK 30-May US, UK 04-Jul US 29-Aug UK 05-Sep US 24-Nov US 26-Dec US, UK 27-Dec UK

302

Global Equity (Japan, UK, US**, ***)

03-Jan UK, Japan 10-Jan Japan 17-Jan US 11-Feb Japan 21-Feb US 21-Mar Japan 22-Apr US, UK 25-Apr UK 29-Apr Japan 02-May UK 03-May Japan 04-May Japan 05-May Japan 30-May US, UK 04-Jul US 18-Jul Japan 19-Jul Japan 29-Aug UK 05-Sep US 23-Sep Japan 10-Oct Japan 03-Nov Japan 23-Nov Japan 24-Nov US 23-Dec Japan 26-Dec US, UK 27-Dec UK

Global Inflation Linked Bond (France, Italy, Germany, UK, US**, ***)

03-Jan UK 06-Jan Italy 17-Jan US 21-Feb US 03-Mar Italy 08-Mar Italy 22-Apr UK, US, France, Germany 25-Apr UK, France, Germany, Italy 28-Apr Italy 02-May UK 30-May UK, US 02-Jun France, Italy 13-Jun France, Germany, Italy 04-Jul US 14-Jul France 15-Aug France, Italy 29-Aug UK 05-Sep US 03-Oct Germany 01-Nov France, Italy 11-Nov France 24-Nov US 08-Dec Italy 26-Dec UK, France, Germany, US, Italy 27-Dec UK

303

Global Macro

Global Macro II (Germany, Japan, UK, US**, ***)

03-Jan UK, Japan 10-Jan Japan 17-Jan US 11-Feb Japan 21-Feb US 03-Mar Japan 08-Mar Japan 21-Mar Japan 22-Apr US, UK, Germany 25-Apr UK, Germany 29-Apr Japan 02-May UK 03-May Japan 04-May Japan 05-May Japan 30-May US, UK 02-Jun Germany 13-Jun Germany 04-Jul US 18-Jul Japan 19-Jul Japan 15-Aug Japan 29-Aug UK 05-Sep US 23-Sep Japan 03-Oct Germany 10-Oct Japan 03-Nov Japan 23-Nov Japan 24-Nov US 23-Dec Japan 26-Dec US, UK, Germany 27-Dec UK

Indian Equity (India)

26-Jan India 15-Feb India 02-Mar India 14-Apr India 22-Apr India 17-May India 15-Aug India 31-Aug India 01-Sep India 06-Oct India 07-Nov India 10-Nov India 06-Dec India

304

Japanese Equity(Japan)

03-Jan Japan 10-Jan Japan 11-Feb Japan 21-Mar Japan 29-Apr Japan 03-May Japan 04-May Japan 05-May Japan 18-Jul Japan 19-Jul Japan 23-Sep Japan 10-Oct Japan 03-Nov Japan 23-Nov Japan 23-Dec Japan

Korean Equity (Korea)

02-Feb Korea 03-Feb Korea 04-Feb Korea 01-Mar Korea 05-May Korea 10-May Korea 06-Jun Korea 15-Aug Korea 12-Sep Korea 13-Sep Korea 03-Oct Korea 27-Dec Korea

Latin American Equity (Brazil, Mexico, UK, US**, ***)

03-Jan UK 17-Jan US 25-Jan Brazil 07-Feb Mexico 21-Feb US 07-Mar Brazil 08-Mar Brazil 21-Mar Mexico 21-Apr Brazil, Mexico 22-Apr UK, US, Brazil, Mexico 25-Apr UK 02-May UK 30-May US, UK 23-Jun Brazil 04-Jul US 29-Aug UK 05-Sep US 07-Sep Brazil 16-Sep Mexico 12-Oct Brazil 02-Nov Brazil, Mexico

305

15-Nov Brazil 21-Nov Mexico 24-Nov US 12-Dec Mexico 26-Dec US, UK 27-Dec UK 30-Dec Brazil

Middle East and North Africa Equity (Egypt, Kuwait, Saudi Arabia)

07-Jan Egypt 15-Feb Egypt, Kuwait 25-Feb Kuwait 25-Apr Egypt 23-Jun Egypt 28-Jun Kuwait 15-Aug Egypt 30-Aug Egypt, Saudi Arabia 31-Aug Kuwait 23-Sep Saudi Arabia 06-Oct Egypt 21-Oct Egypt 24-Oct Egypt 06-Nov Saudi Arabia 07-Nov Kuwait 23-Dec Egypt

Russia Equity (Russia, UK)

03-Jan UK 23-Feb Russia 08-Mar Russia 22-Apr UK 25-Apr UK 02-May UK 09-May Russia 30-May UK 29-Aug UK 04-Nov Russia 26-Dec UK 27-Dec UK

Singapore Equity (Singapore)

03-Feb Singapore 04-Feb Singapore 22-Apr Singapore 02-May Singapore 17-May Singapore 09-Aug Singapore 30-Sep Singapore 26-Oct Singapore 07-Nov Singapore 26-Dec Singapore

306

Thai Equity (Thailand)

18-Feb Thailand 03-Mar Thailand 06-Apr Thailand 13-Apr Thailand 14-Apr Thailand 15-Apr Thailand 05-May Thailand 17-May Thailand 15-Jul Thailand 12-Aug Thailand 24-Oct Thailand 05-Dec Thailand 12-Dec Thailand

Turkey Equity (Turkey)

19-May Turkey 30-Aug Turkey 01-Sep Turkey 28-Oct Turkey 07-Nov Turkey 08-Nov Turkey 09-Nov Turkey

US Equity (US**, ***)

17-Jan US 21-Feb US 22-Apr US 30-May US 04-Jul US 05-Sep US 24-Nov US 26-Dec US

** The NYSE and Nasdaq are open on Columbus Day (10 October 2011) and Veterans Day (11 November

2011) therefore equity sub-funds listing the US as a material market will not have a holiday on these

dates. Bond markets will be closed to trading on these dates and bond sub-funds listing the US as a

material market will have holiday days delayed by one business day in line with a policy adopted by the

Board of Directors.

*** In line with the change of definition for Business Day in the prospectus dated October 2010, holiday days

for North American and Latin American markets will be observed on the market holiday dates.

Issued by HSBC Global Asset Management (Singapore) Limited Company registration no.: 198602036R

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