AMUNDI FUNDS (formerly CAAM FUNDS) SICAV with sub-funds under Luxembourg law

Audited annual report as at 30/06/10

AMUNDI FUNDS (formerly CAAM FUNDS) Audited annual report

R.C.S. Luxembourg B 68.806

For the year ended as at 30/06/10

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual report of the SICAV and the unaudited semi-annual report if published after such annual report. Additional information concerning the representation and distribution of the Fund in Hong Kong as at 30 June 2010 : Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents: Equities: Emerging Markets / Emerging World / Europe SRI / Gems Europe / Gems World / Clean Planet / Japan Value / Restructuring Equities / Select Euro / Minimum Variance Europe / Select Europe. Bonds: Emerging Markets Debt / Euro Select Bond / European Bond / Global Aggregate / Global Corporate Bond / Global Inflation Bond / LDI Gilt Plus (GBP) / LDI Index Linked Plus (GBP). Indexed: Index Euro / Index Europe / Index Global Bond (EUR) Hedged / Index North America / Index Pacific. Guaranteed/Protected : Multi Asset Protected. Absolute Return: Arbitrage Inflation / Arbitrage VaR 2 (EUR) / Arbitrage VaR 2 (GBP) / Arbitrage VaR 2 (USD) / Arbitrage VaR Short Term / Equity Statistical Arbitrage (EUR) / Multimanagers Long/Short Equity / Dynarbitrage Forex / Dynarbitrage Forex Asia Pacific / Dynarbitrage High Yield / Dynarbitrage VaR 4 (EUR) / Dynarbitrage VaR 4 (USD) / Dynarbitrage Volatility / Volatility Euro Equities / Volatility World Equities. For all sub-funds authorized in Hong Kong, please note that the shares C(2), C(3), C(4), C(5), H, HK, I(2), I(4), I(5), I(6), I(7), I(8), I(9), I(10), I(11), I(12), I(13), I(14), I(15), L, M, S, S(2) and S(3) are not authorized in Hong Kong. The share class I in respect of the following sub-funds are not authorized in Hong Kong: Euro Quant, Global Equities, Switzerland, US Innovative Companies, Europe Smaller Companies, Global Finance, Asean New Markets, Asia Pacific Renaissance, Asian Growth, Brazil, Emerging Europe, Emerging Internal Demand, Greater China, India, India Infrastructure, Latin America Equities, Global Convertible Bond, Euro Bond, Euro Corporate Bond, Euro Inflation Bond, Euro High Yield Bond, Asian Income and Global Bond.

Table of Contents

Page Organisation

4

Investment Managers of New Sub-Funds

7

Chairman’s Report

8

Portfolios’ details :

Equities Aqua Global

9

Global Corporate Bond

82 85

ASEAN New Markets

10

Global Inflation Bond

Asia Pacific Renaissance

11

LDI Gilt Plus (GBP)

86

Asian Growth

13

LDI Index Linked Plus (GBP)

87

Brazil

15

Clean Planet

17

Indexed

Emerging Europe

18

Index Euro

88 91

Emerging Internal Demand

20

Index Europe

Emerging Markets

25

Index Global Bond (EUR) Hedged

96

Emerging World

27

Index North America

98

Index Pacific

Euro Quant

32

Europe Smaller Companies

34

Europe SRI

36

Guaranteed/protected

Gems Europe

38

Multi Asset Protected

Gems World

40

Global Agriculture

41

Absolute Return

Global Equities

42

Arbitrage Inflation

105

110

111

Global Finance

44

Arbitrage VaR 2 (EUR)

112

Global Resources

46

Arbitrage VaR 2 (GBP)

114 115

Greater China

48

Arbitrage VaR 2 (USD)

India

49

Arbitrage VaR Short Term

116

India Infrastructure

50

Dynarbitrage Forex

117

Japan Value

51

Dynarbitrage High Yield

118

Korea

53

Dynarbitrage VaR 4 (EUR)

119

Latin America Equities

54

Dynarbitrage VaR 4 (USD)

121

Minimum Variance Europe

56

Dynarbitrage Volatility

123

Restructuring Equities

57

Equity Statistical Arbitrage (EUR)

125

Select Euro

58

Multimanagers Long/Short Equity

127

Select Europe

59

Volatility Euro Equities

128

Volatility World Equities

129

Switzerland

60

Thailand

61

US Innovative Companies

62

Reserve

US Opportunities

63

Euro Reserve

130

USD Reserve

131

Bonds Asian Income

64

Emerging Markets Debt

65

Accounts :

Euro Bond

66

Statement of Net Assets

Euro Corporate Bond

68

Financial Details Relating to the Last 3 Years

156

Euro High Yield Bond

71

Statement of Operations and Changes in Net Assets

184 210

132

Euro Inflation Bond

73

Notes to the Financial Statements as at 30/06/10

Euro Select Bond

74

Audit Report

258

European Bond

75

Report of the Custodian

259

Global Aggregate

76

Notices and Reports

260

Global Bond

78

Additional Information (unaudited)

261

Global Convertible Bond

80

3

Organisation

DENOMINATION AND REGISTERED OFFICE

Amundi Funds 5, Allée Scheffer L-2520 Luxembourg

MANAGEMENT COMPANY

Amundi Luxembourg S.A. (Formerly Crédit Agricole Asset Management Luxembourg S.A.)* 5, Allée Scheffer L-2520 Luxembourg

BOARD OF DIRECTORS Chairman

Paul Henri DE LA PORTE DU THEIL Deputy Chief Executive Officer (until 18 December 2009) Amundi (Formerly Crédit Agricole Asset Management)*, Paris Jean-Paul MAZOYER General Management Committee Member in charge of Development (since 01 January 2010) Amundi (Formerly Crédit Agricole Asset Management)*, Paris

Directors

Bruno CALMETTES Central Manager, Marketing and Wealth Management Banque de Gestion Privée Indosuez, Paris Jean-Paul MAZOYER General Management Committee Member in charge of Development (until 01 January 2010) Amundi (Formerly Crédit Agricole Asset Management)*, Paris Olivier CHATAIN Private Banking Director (since 10 August 2009) Crédit Agricole Luxembourg S.A., Luxembourg Etienne CLEMENT Deputy Chief Executive Officer, Strategic Marketing Manager Amundi (Formerly Crédit Agricole Asset Management)*, Luxembourg Michel ESCALERA Chief Executive Officer Amundi Iberia SGIIC* S.A, Madrid Jean-François PINÇON Head of International Business Development Amundi (Formerly Crédit Agricole Asset Management)*, Paris Christine MOSER Head of Sales France Amundi (Formerly Crédit Agricole Asset Management)*, Paris Gabriele TAVAZZANI Head of Sales & Marketing Department Amundi SGR S.p.A (Formerly Crédit Agricole Asset Management SGR S.p.A)*, Milan Giorgio GRETTER Head of Marketing Amundi (Formerly Crédit Agricole Asset Management)*, Paris Christophe LHOTE Head of Marketing Products Crédit Agricole (Suisse) SA, Genève Laurent BERTIAU Deputy Head of Institutional and Third party Distribution (since 16 April 2010), Amundi (Formerly Crédit Agricole Asset Management)*

* Please refer to notes n° 25/26 to financial statements

4

Organisation

GENERAL MANAGERS

Guillaume ABEL Head of Client Servicing Amundi (Formerly Crédit Agricole Asset Management)*, Paris Dominique COUASSE General Manager Amundi Luxembourg S.A (Formerly Crédit Agricole Asset Management Luxembourg S.A.)*, Luxembourg

CUSTODIAN AND CENTRAL ADMINISTRATION AGENT

CACEIS Bank Luxembourg S.A. 5, Allée Scheffer L-2520 Luxembourg

INVESTMENT MANAGERS

Amundi acting through :

„ Main office : 90, Boulevard Pasteur F-75015 Paris, France „ London Branch : 41, Lothbury London EC2R 7HF, United Kingdom Amundi Hong-Kong Ltd (Formerly Crédit Agricole Asset Management Hong-Kong Ltd)* 901-907, One Pacific Place, No. 88 Queensway, Hong Kong Amundi Japan (Formerly Crédit Agricole Asset Management Japan Ltd)* 1-2-2, Uchisaiwaicho Chiyoda-Ku Tokyo 100 - 0011, Japan CPR Asset Management 10, Place des 5 Martyrs du Lycée Buffon, F-75015 Paris, France Emerging Markets Management 1001 19th Street North, 16th Floor Arlington, Virginia 22209-1722, United States of America Resona Bank Ltd Fukagawa Gatharia W2 Bldg, 5-65, Kiba 1-Chome, Koto-Ku, Tokyo 135-8581, Japan Amundi Investment Solutions (Formerly Crédit Agricole Structured Asset Management)* 91-93, Boulevard Pasteur, F-75015 Paris, France

INVESTMENT SUB-MANAGERS

Amundi Singapore Ltd (Formerly Crédit Agricole Asset Management Singapore Ltd)* 168, Robinson Road #22-03, Capital Tower, Singapore 068912 Victory Capital Management Inc. 127, Public Square, 20th Floor, Cleveland, OH 44114-1306, USA

AUDITOR

PricewaterhouseCoopers S.à r.l. 400, Route d’Esch L-1471 Luxembourg

LEGAL ADVISER

Linklaters Loesch 35, Avenue John F.Kennedy, PO Box 1107, L-1011 Luxembourg

FINANCIAL AGENT IN BELGIUM

FASTNET Belgium Avenue du Port / Havenlaan 86 C/320, B-1000 Brussels, Belgium

* Please refer to notes n° 25/26 to financial statements

5

Organisation

CENTRALIZING AGENT IN FRANCE

CACEIS Bank 1-3, Place Valhubert F-75206 Paris Cedex 13, France

PAYING AND INFORMATION AGENT IN GERMANY

Marcard, Stein & Co AG Ballindam 36, 20095 Hamburg, Germany

LEGAL REPRESENTATIVE IN GERMANY

PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft Moskauer Straße 19 40227 Düsseldorf, Germany

PAYING AND INFORMATION AGENT IN AUSTRIA

Meinl Bank A.G. Bauernmarkt 2, 1010 Vienna, Austria

PAYING AGENT IN GREECE

Emporiki Bank of Greece 11, Sofokleous Str., 102 35 Athens, Greece

REPRESENTATIVE IN GREECE

Amundi Hellas M.F.M.C (Formerly Emporiki Asset Management M.F.M.C.)* 45, Mitropoleos Street, 105 56 Athens, Greece

PAYING AGENT IN SWITZERLAND

Crédit Agricole (Suisse) S.A. 4, Quai Général Guisan, CH-1204 Geneva, Switzerland

REPRESENTATIVE IN SWITZERLAND

CACEIS FASTNET (Suisse) S.A. 7-9, Chemin de Précossy, CH-1260 Nyon, Switzerland

REPRESENTATIVE IN HONG KONG

Amundi Hong-Kong Ltd 901-907, One Pacific Place, 88, Queensway, Hong-Kong

REPRESENTATIVE IN THE NETHERLANDS

FASTNET Netherlands De Ruyterkade 6, 1013 AA Amsterdam, The Netherlands

REPRESENTATIVE IN SPAIN

Amundi Iberia SGICC* Paeso de la Castellana 1, 28046 Madrid, Spain

FACILITIES AGENT IN UNITED KINGDOM

Amundi London Branch*. 41, Lothbury, London EC2R 7HF, United Kingdom.

* Please refer to notes n° 25/26 to financial statements

6

Investment Managers of New Sub-Funds

New Sub-Funds

Investment Manager

Change

Amundi Funds Global Inflation Bond

Amundi

-

Launch date 25 August 2009

Amundi Funds Arbitrage VaR Short Term

Amundi

-

15 February 2010

Amundi Funds Multimanagers Long/Short Equity

Amundi Alternative Investments, SAS (as from 8 July 2010)

Amundi (until 7 July 2010)

18 February 2010

7

Chairman’s report

A GENERAL RECOVERY, BUT IT LACKS SPIRIT

„

3RD QUARTER 2009: THE GLOBAL ECONOMY GETS GOING AGAIN, BUT SLOWLY

Most of the statistics published testify to the fact that the global economy emerged from the recession over the course of the 3rd Quarter. The surveys continued to improve, and industrial production bounced back in most countries. Nevertheless, the vigour of the recovery in the major emerging countries sharply contrasts with the weakness of the basics in the G4 countries. The indices of financial tension reached levels unseen since the autumn of 2007. With the newly-regained appetite for risk, the stock markets continued in full flow, gaining their highest level since September 2008. Credit spreads have narrowed. At the same time and quite surprisingly, the interest rates on long-term government loans fell back markedly from the peak that was seen in June. Doubts as to the permanence of the economic recovery coupled with a general movement to reallocate portfolios towards risk-free securities gave the advantage to public debt securities. Gold flew up to more than US$ 1,000 per ounce. In the exchange markets, having served as a currency of refuge, the Dollar fell under the pressure. The Euro, again found the level that it held against the Dollar in September 2008 while the Yen held the same level as at the beginning of 2009.

„

4TH QUARTER 2009: GENERAL RECOVERY

Most economies began to pull themselves up after the harshest recession since the Second World War. In the United States, consumption picked up again, and the labour market began to stabilise. In the Euro zone, surveys indicated a modest recovery. The vigour of the growth of China contributed to the upturn in worldwide trade, and Japan was one of the principal beneficiaries, but that was not enough to overcome local deflationary pressures. Global inflation came back into positive territory because of the rise in energy prices. The underlying inflation (not including food and energy) continued to be held in check because of the overcapacities in production in the major industrialised countries. In these circumstances, the major central banks promised to keep their rates unchanged for a good many months still and the financial tensions rolled back to the levels of the summer of 2007. The world-wide abundance of liquidity and the very low level of money rates encouraged investors to reinstate their strategies in search of aggressive yields, all the more so because many assets were still highly undervalued. Most markets thus ended the year higher. The credit spreads found a level comparable with that reached before the collapse of Lehman Brothers. As regards Government loans, the 10-year rate in the United States climbed up by a greater margin than in the major countries in the Euro zone. On the exchange markets, this movement had benefitted the Dollar by the end of the year.

„

1ST QUARTER 2010: THE REBOUND IN WORLD-WIDE TRADE BOOSTED GROWTH

The resurgence of world-wide trade benefited the majority of countries. Industrial production bounced back hard in the major emerging countries, and regained its pre-crisis levels, which is still far from being the case in the developed countries. In the United States, growth was very solid in the 2nd half of 2009, but the creation of new jobs did not keep pace in the way it had been expected to. In Europe, the recovery was on the contrary a very diffuse affair. The growth was a little better grounded in France and in Germany. But on the whole, the recovery appeared fragile since it resulted above all from recovery plans already put in place and from inventory cycles, two engines of the economy which are by nature temporary. With regard to prices, emerging countries experienced the return of inflationary pressures. On the other hand, in the developed countries, the underlying inflation slowed in response to the overcapacities in production. The central banks in the emerging countries thus began to stiffen their policies, while those in the G7 countries kept their official market rates unchanged. The abundance of world-wide liquidity and the very low level of the money rates encouraged the alignment of portfolios to be more in favour of risky assets. The gulf in the economic conditions between the United States and the Euro zone benefited the US stock markets. As far as government paper was concerned, the rates moved very little during the quarter. And lastly, with respect to the foreign exchange markets, the Euro weakened as a result of the financial crisis in Greece.

„

2ND QUARTER 2010: THE EUROPEAN DEBT CRISIS DOMINATED THE NEWS

In the 1st quarter, the US economy posted a solid growth rate of 2.7% in the quarterly rate, on an annualised basis. In Europe, growth appeared on a scattered basis, with the countries most affected by the crisis finding it difficult to escape from the recession. Asia continued to be a powerful engine of growth: domestic demand in China moved ahead, for example, by close to 16% over the year. In the 2nd Quarter, aversion to risk increased significantly, in all of its manifestations: hike in volatility, collapse of the shares markets, flight to quality and a drop in the yields of French and German government bonds, a surge in tensions on the money markets, the fall in the Euro… The financial markets weighted up a scenario of a relapse into recession in the world-wide economy. Above all, they feared that the sovereign debt crisis in Europe would upset the world banking system. They were also frightened that the property bubble in the coastal regions of China would lead to a brutal rough landing for the Chinese economy, or even that the end of the temporary stimuli (inventory cycles and budgetary policies) would knock the American economy back into low growth. In fact the indicators of the business climate during the second quarter fell back slightly in China, in the United States, and in Europe, suggesting a reduction in the rate of growth towards levels close to those of the underlying growth, but not a collapse. The central banks in the emerging countries decided to stiffen their policies, because of the return of inflationary pressures. In the United States and in the Euro zone, the underlying inflation fell below 1% on an annual basis because of overcapacities in production. The central banks in the G7 countries, with the exception of Canada, maintained their official market rates unchanged and upheld their message of prudence. Luxembourg, 30 August 2010 Jean-Paul MAZOYER, Chairman of the Board of Directors

8

Aqua Global

Securities Portfolio as at 30/06/10

36,671,989

100.69

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

36,365,414

99.85

36,365,414

99.85

749,814

2.06

403,663 346,151

1.11 0.95

1,578,000 BEIJING ENTERPRISES WATER 1,326,000 CHINA WATER AFFAIRS GROUP LTD Brazil

76,800 CIA SANEAMENTO MINAS GERAIS SA 31,000 SABESP -SHS SPONSORED ADR REPR 2 SHS Cayman Islands

46,822 CONSOLIDATED WATER 45,600 TRI-TECH HOLDING INC China

1,850,000 GUANGDONG INVEST -RCFrance

76,815 SUEZ ENVIRONNEMENT COMPANY SA 83,289 VEOLIA ENVIRONNEMENT SA Greece

67,129 EYDAP ATHENS WATER SEWERAGE PUBLIC CO Hong Kong

1,024,000 CHINA EVERBRIGHT INTERNATIONAL 222,000 71,600 85,000 109,000

2.03

435,002 303,777

1.20 Total securities portfolio 0.83

715,682

1.97

715,682

1.97

2,655,590

7.29

1,043,532 1,612,058

2.87 4.42

334,302

0.92

334,302

0.92

355,345

0.98

0.98

EBARA CORPORATION KURITA WATER INDUSTRIES LTD ORGANO CORP TORISHIMA PUMP MFG LTD

782,387 1,615,752 432,091 1,391,771

2.15 4.43 1.19 3.82

525,136

1.44

Switzerland

525,136

1.44

1,336,394

3.67

773,516 562,878

2.12 1.55

1,252,684

3.44

1,252,684

3.44

United Kingdom

6,360,841

17.46

NORTHUMBRIAN WATER GROUP PLC PENNON GROUP PLC SEVERN TRENT PLC UNITED UTILITIES GROUP PLC

1,438,229 1,782,745 1,738,119 1,401,748

3.95 4.89 4.77 3.85

15,203,001

41.74

1,095,690 305,725 1,883,614 421,612 1,148,824 1,717,556 364,438 870,553

3.01 0.84 5.18 1.16 3.15 4.72 1.00 2.39

9,820 GEBERIT AG

United States of America

65,151 11,300 130,500 16,800 36,371 158,900 111,600 37,000

738,779

11.59

407,000 HYFLUX LTD 1,242,000 SOUND GLOBAL

AMERCIAN WATER WORKS CO INC AMERICAN STATES WATER CO AQUA AMERICA INC ARCH CHEMICALS INC BADGER METER INC CALGON CARBON CORP ENERGY RECOVERY INC FRANKLIN ELECTRIC CO

Shares/Units in investment funds

2.39 2.87

355,345

Singapore

INSITUFORM TECHNOLOGIES INC -AITRON INC ITT LINDSAY NALCO HOLDING CO PENTAIR INC TETREA TECH INC WATTS WATER TECHNOLOGIES INC CLASS -A-

869,605 1,046,240

4,222,001

281,416 YTL CORP BHD

35,990 14,200 35,500 40,400 86,001 41,200 44,300 21,400

5.26 Shares/Units of UCITS/UCIS

Japan

Malaysia

386,589 263,946 115,604 218,398

1,915,845

% of NAV

EUR

Long positions

Bermuda

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

France

14 AMUNDI TRESO INSTITUTION CAP/DIS

601,743 716,666 1,301,869 1,045,209 1,436,508 1,083,060 709,220 500,714

1.65 1.97 3.57 2.87 3.94 2.97 1.95 1.37

306,575

0.84

306,575

0.84

306,575

0.84

306,575

0.84

36,671,989

100.69

The accompanying notes form an integral part of these financial statements

9

ASEAN New Markets

Securities Portfolio as at 30/06/10

196,942,430

98.74

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

196,942,430

98.74

194,445,756

97.49

47,935,682

24.03

7,025,214 595,269 3,281,197 2,189,189 5,450,965 4,952,135 985,004 574,803 2,431,539 2,305,623 1,135,196 2,500,287 1,320,538 946,249 4,286,225 756,933 1,418,279 2,521,374 833,436 2,426,227

3.52 0.30 1.65 1.10 2.73 2.48 0.49 0.29 1.22 1.16 0.57 1.25 0.66 0.47 2.15 0.38 0.71 1.26 0.42 1.22

17,640,217

8.84

1,004,734 8,051,921 976,352 1,015,058 1,075,044 2,514,591 1,064,549 1,937,968

0.50 4.04 0.49 0.51 0.54 1.26 0.53 0.97

11,738,285

5.89

5,196,202 970,688 2,468,317 1,051,382 1,025,865 1,025,831

2.61 0.49 1.24 0.53 0.51 0.51

77,885,077

39.05

1,318,500 37,473,000 4,999,000 3,675,000 8,235,500 4,827,000 4,749,500 15,554,000 644,500 7,333,500 277,000 1,434,500 2,884,500 17,155,500 10,027,000 9,530,000 1,549,000 1,325,000 3,514,000 1,173,000

ASTRA INTERNATIONAL TBK BAKRIELAND DEVELOPMENT TBK SCRIPLESS SHS BANK CENTRAL ASIA DEP BANK DANAMON INDONESIA SERIES -ABANK MANDIRI BANK RAKYAT INDONESIA BUMI RESOURCES CIPUTRA DEVELOPMENT TBK GUDANG GARAM INDIKA ENERGY TBK INDO TAMBANGRAYA MEGAH INDOCEMENT TUNGGAL PRAKARSA INDOFOOD SUKSES MAKMUR TBK LIPPO KARAWACI PERUSAHAAN GAS NEGA -BPT BUMI SERPONG DAMAI TBK PT PP LONDON SUMATRA TAMBANG BATUBARA -BTIMAH TBK UNITED TRACTORS Malaysia

829,800 3,724,000 1,470,200 432,400 217,800 1,394,000 251,200 2,163,500

AXIATA GROUP CIMB GROUP HOLDINGS BHD IJM LAND KOSSAN RUBBER IND -SHSPERLIS PLANTATIONS BHD SUPERMAX CORPORATION BHD TOP GLOVE CORPORATION BHD UNISEM (M) Philippines

13,020,000 2,535,000 25,147,000 773,600 3,224,000 113,220

ABOITIZ POWER CORP DMCI HOLDINGS INC ENERGY DEVELOPMENT METROBANK AND TRUST ROBINSON'S LAND SHS SM INVESTMENTS CORP Singapore

3,234,000 1,541,000 86,000 2,027,000 665,500 3,229,000 1,689,000 1,764,000 2,767,000 58,000 220,600 1,103,000

CACHE LOGISTICS TRUST CDL HOSPITALITY TRUST STAPLED ECURITY CITY DEVELOPMENT CSE GLOBAL LTD DBS GROUP HOLDINGS EZION HOLDINGS LTD FALCON ENERGY GOODPACK INDOFOOD AGRI RESOURCES LTD JARDINE CYCLE & CARRIAGE LTD K GREEN TRUST UNITS KEPPEL CORPORATION LTD

The accompanying notes form an integral part of these financial statements

10

2,270,168 1,931,668 683,775 1,277,698 6,521,177 1,457,137 641,206 2,122,754 4,201,814 1,246,353 165,915 6,723,524

% of NAV

USD

Long positions

Indonesia

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

893,000 1,350,000 2,163,000 2,332,000 777,000 545,000 1,863,000 408,000 2,261,000 1,233,000 1,272,000 2,733,000 3,168,000 1,877,000 1,477,000 453,000 724,000

KEPPEL LAND LTD NEPTUNE ORIENT LINES LTD NOBLE GROUP LTD OTTO MARINE LTD OVERSEA-CHINESE BANKING CORPORATION LTD OVERSEAS UNION ENTERPRISE LTD SEMBCORP MARINE LTD SINGAPORE AIRLINES LTD SINGAPORE AIRPORT TERMINAL SERVICES LTD SMRT CORPORATION LTD STRAITS ASIA RESOURCES -SHSSUNTEC REAL ESTATE INVESTMENT TRUST SWIBER HOLDINGS LTD TAT HONG HOLDINGS LIMITED TIGER AIRWAYS HOLDINGS LTD UNITED OVERSEAS BANK WILMAR INTERNATIONAL LTD Thailand

340,700 1,413,700 5,087,000 181,850 1,087,300 9,229,800 4,247,500 2,431,000 694,000 271,200 273,200 664,300 1,481,900 2,853,100 75,399,100

215,340 93,423 179,986 129,430 317,980 269,840 134,200 1,877,000 158,390

2,494,640 1,933,996 2,649,381 693,216 4,936,697 1,054,028 5,151,005 4,266,825 4,340,374 1,960,685 1,822,254 2,584,077 2,235,184 1,230,204 1,925,501 6,366,328 2,997,493

1.25 0.97 1.33 0.35 2.48 0.53 2.58 2.14 2.18 0.98 0.91 1.30 1.12 0.62 0.97 3.19 1.50

33,746,707

16.92

BANGKOK BANK PUBLIC CO LTD -FBANGKOK LIFE ASSURANCE LTD UNITS NON-VOT BANK OF AYUDHYA N-VTG DEPOSIT CO LTD BANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT) KASIKORNBANK UNITS NVDR KRUNG THAI BANK PUBLIC NVTG DEPO CO LTD LPN DEV.PUBLIC CO N.VOTING DEPOS.RECEIPT PTT AROMATICS FOREIGN PTT CHEMICAL (F) PTT EXPLORATION AND PRODUCTION PUBLIC CO PTT PUBLIC COMPANY LTD -FSIAM COMMERCIAL BANK PUBLIC -FTHAI OIL-FOREIGN REG THANACHART CAPITAL PUBLIC CO LTD NVDR TMB BANK SHS FOREIGN REGISTERED

1,346,391 1,189,359 3,078,272 3,402,320 3,046,388 3,590,475 1,121,214 1,895,115 2,249,769 1,201,519 2,074,937 1,666,391 2,024,517 2,554,490 3,305,550

0.68 0.60 1.54 1.70 1.53 1.79 0.56 0.95 1.13 0.60 1.04 0.84 1.02 1.28 1.66

Vietnam

5,499,788

2.76

586,880 572,877 650,893 539,292 649,959 586,916 705,464 460,384 747,123

0.29 0.29 0.33 0.27 0.33 0.29 0.35 0.23 0.38

2,496,674

1.25

2,496,674

1.25

BINH MINH PLASTICS -SHSDHG PHARMACEUTICAL FPT CORP -SHSHAGL HO CHI MINCH CITY INFRASTRUCTURE INV HOA PHAT GROUP JOINT STOCK COMPANY TIEN PHONG VIETNAM MFG & MANUFACTURING AND EXP.PROC VINAMILK

Shares/Units in investment funds 1.14 Singapore 0.97 0.34 2,857,000 CAPITACOMMERCIAL REAL ESTATE INV TRUST 0.64 Total securities portfolio 3.27 0.73 0.32 1.06 2.11 0.62 0.08 3.37

2,496,674

1.25

196,942,430

98.74

Asia Pacific Renaissance

Securities Portfolio as at 30/06/10

19,067,608

94.98

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

18,430,048

91.80

18,430,048

91.80

2,980,851

14.85

162,096 139,170 192,438 72,730 477,490 325,504 76,721 64,442 163,146 146,545 74,048 85,194 144,701 132,830 221,203 75,553 252,605 95,630 78,805

0.81 0.69 0.96 0.36 2.39 1.62 0.38 0.32 0.81 0.73 0.37 0.42 0.72 0.66 1.10 0.38 1.26 0.48 0.39

66,376

0.33

66,376

0.33

30,080 12,549 10,543 53,153 15,015 7,923 2,788 27,947 8,297 4,943 5,868 5,542 2,570 22,434 9,141 7,344 14,087 2,706 3,453

AMCOR LTD ANSELL LTD ANZ BANKING GROUP LTD ASCIANO GROUP - STAPLE SECURITY BHP BILLITON LTD COMMONWEALTH BANK OF AUSTRALIA CSL LTD INCITEC PIVOT LTD NAT. AUSTRALIA BANK NEWCREST MINING LTD ORIGIN ENERGY LTD QBE INSURANCE GROUP RIO TINTO SEEK LTD WESFARMERS WESTFIELD GROUP LTD STAPLED SECURITY WESTPAC BANKING CORP WOODSIDE PETROLEUM WOOLWORTHS LTD Bermuda

52,000 KUNLUN ENERGY Cayman Islands

108,930

0.54

108,930

0.54

1,645,684

8.20

BANK OF CHINA LTD -HBELLE INTERNAIONAL HOLDING CHINA LIFE INSURANCE CO LTD CHINA MERCHANT BANK -HCHINA MOBILE LTD CHINA SHENHUA ENERGY CO LTD-SHS.-HCHINA YURUN FOOD GROUP LTD CNOOC LTD -RCINDUS.AND COMMERCIAL BANK OF CHINA -HNINE DRAGONS PAPER (HOLDINGS) LTD PETROCHINA CO LTD -HPING AN INS (GRP) CO -HSINOPHARM GROUP CO LTD

128,474 123,250 135,714 84,948 90,380 53,068 120,288 340,207 138,829 74,199 122,758 78,505 155,064

0.64 0.61 0.68 0.42 0.45 0.26 0.60 1.70 0.69 0.37 0.61 0.39 0.78

Hong Kong

933,164

4.65

BOC HONG KONG (HOLDINGS) LTD CHEUNG-KONG HOLDINGS LTD HONG KONG EXCHANGES AND CLEARING LTD HUTCHISON WHAMPOA LI AND FUNG LTD MTR CORP LTD SUN HUNG KAI PROPERTIES LTD WHARF HOLDINGS

98,622 81,262 102,336 74,431 63,194 249,828 165,504 97,987

0.49 0.40 0.51 0.37 0.31 1.25 0.83 0.49

India

307,279

1.53

81,134

0.40

6,500 TENCENT HOLDINGS LTD China

252,000 86,000 30,500 35,000 9,000 14,500 38,000 198,000 189,000 54,000 109,000 9,500 42,000

43,000 7,000 6,500 12,000 14,000 73,000 12,000 20,001

1,532 BHARAT HEAVY ELECTRICALS (DEMATERIALISED)

% of NAV

USD

Long positions

Australia

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

1,958 HDFC BANK DEMATERIALISED 1,572 LARSEN & TOUBRO LTD DEMATERIALISED 1,983 LUPIN SHS/DEMATERIALISED Indonesia

39,000 ASTRA INTERNATIONAL TBK 191,000 PERUSAHAAN GAS NEGA -B92,000 UNITED TRACTORS Japan

11,000 12,000 4,900 5,200 40 17,000 11,100 1,400 2,400 600 2,000 12,000 2,700 4,100 30,000 8,200 3,400 21 3,100 10,100 8,700 15,000 5,000 22,000 88,300 8,000 5,000 63,400 14,000 2,000 3,600 1,600 21,000 25,400 1,800 9,500 3,030 7,900 80 306 1,200 3,500 2,100 1,600 3,600 16 4,500 140

AMADA CO LTD ASAHI GLASS CO LTD AVEX GROUP HOLDINGS CANON INC DAI-ICHI LIFE INSURANCE CO LT DENKI KAGAKU KOGYO KK DON QUIJOTE EAST JAPAN RAILWAY CO FANUC LTD FAST RETAILING CO LTD FUJIFILM HOLDINGS CORP FUJITSU LTD GREE INC HITACHI CHEMICAL CO LTD HITACHI LTD HONDA MOTOR CO LTD HOYA CORP JAPAN TOBACCO JFE HOLDINGS INC KOMATSU LTD MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI ESTATE MITSUBISHI HEAVY INDUSTRIES LTD MITSUBISHI UFJ FINANCIAL GROUP INC MITSUI AND CO LTD MITSUI FUDOSAN CO LTD MIZUHO FINANCIAL GROUP INC NABTESCO CORP NICHI-IKO PHARMACEUTICAL CO LTD NIDEC CORP NINTENDO CO LTD NIPPON STEEL CORP NISSAN MOTOR CO LTD NITTO DENKO CORP NOMURA HOLDINGS INC ORIX CORP PANASONIC CORP PGM HOLDINGS RAKUTEN ROHM CO LTD SEVEN & I HOLDINGS CO LTD SHIN-ETSU CHEM. CO LTD SMC CORP SOFTBANK CORP SO-NET M3 SONY CORP START TODAY CO LTD

80,900 61,227 84,018

0.40 0.30 0.43

479,738

2.39

207,800 81,646 190,292

1.03 0.41 0.95

8,490,323

42.29

73,342 114,318 61,520 195,683 55,419 80,111 299,295 93,819 275,014 91,671 58,492 76,076 217,245 77,098 109,843 240,653 73,233 65,902 97,390 184,674 183,261 118,657 70,460 76,822 404,130 95,288 70,686 105,320 218,172 74,698 305,119 476,437 70,245 179,686 59,783 52,497 222,568 100,167 49,181 221,659 72,822 80,964 99,079 216,431 96,458 64,550 121,183 386,191

0.37 0.57 0.31 0.97 0.28 0.40 1.49 0.47 1.37 0.46 0.29 0.38 1.08 0.38 0.55 1.20 0.36 0.33 0.49 0.92 0.91 0.59 0.35 0.38 2.02 0.47 0.35 0.52 1.09 0.37 1.52 2.38 0.35 0.90 0.30 0.26 1.11 0.50 0.24 1.10 0.36 0.40 0.49 1.08 0.48 0.32 0.60 1.92

The accompanying notes form an integral part of these financial statements

11

Asia Pacific Renaissance

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

11,300 1,000 3,200 3,000 28,000 1,300 14,000 2,100 13,000

SUMITOMO MITSUI FINANCIAL GROUP INC TDK CORP TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOSHIBA CORP TOWA PHARMACEUTICAL CO LTD TOYOTA MOTOR CORP UNI-CHARM ZEON CORP Malaysia

18,000 CIMB GROUP HOLDINGS BHD Singapore

3,000 K GREEN TRUST UNITS 15,000 KEPPEL CORPORATION LTD 38,000 SEMBCORP MARINE LTD South Korea

7,260 1,333 7,750 568 5,200 875 352 1,507 648 2,420

HYNIX SEMICONDUCTOR HYUNDAI MOTOR CO LTD KIA MOTORS LG CHEM LG DISPLAY LG ELECTRONICS INC POSCO SAMSUNG ELECTRO MECHANICS SAMSUNG ELECTRONICS CO LTD SHINHAN FINANCIAL GROUP Taiwan

27,000 77,000 80,000 19,350 45,075 15,030 23,000 17,900 95,966

ACER INC ADVANCED SEMICONDUCTOR ENGINEERING INC CHIPBOND TECHNOLOGY CORP HIGH TECH COMPUTER CORP HON HAI PRECISION INDUSTRY CO LTD MEDIA TEK INCORPORATION RADIANT OPTO-ELECTRONICS CORP SIMPLO TECHNOLOGY TAIWAN SEMICONDUCTOR MANUFACTURING CO LT 82,370 WISTRON CORP United States of America

1.61 0.28 0.42 0.82 0.70 0.42 2.44 1.19 0.38

38,919

0.19

38,919

0.19

198,758

0.99

2,256 91,435 105,067

0.01 0.46 0.52

1,725,268

8.59

148,828 157,630 207,391 143,863 174,473 67,310 134,380 190,539 410,448 90,406

0.74 0.79 1.03 0.72 0.87 0.34 0.67 0.95 2.03 0.45

1,306,805

6.51

63,190 61,468 119,509 258,951 159,922 211,664 31,317 97,768 180,992

0.31 0.31 0.60 1.28 0.80 1.05 0.16 0.49 0.90

122,024

0.61

147,953

0.74

147,953

0.74

637,560

3.18

Shares/Units in investment funds

637,560

3.18

Hong Kong

637,560

3.18

10,408 NEWS CORP (CHESS DEPOSITORY INTERESTS)

Shares/Units of UCITS/UCIS

92,000 ISHARES MSCI INDIA INDEX ETF

Total securities portfolio

The accompanying notes form an integral part of these financial statements

12

324,098 55,543 85,054 164,595 140,807 84,767 487,286 238,027 76,834

637,560

3.18

19,067,608

94.98

Asian Growth

Securities Portfolio as at 30/06/10

282,743,465

92.09

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

282,743,465

92.09

281,257,869

91.61

2,998,796

0.98

4,800,000 GOME ELECTRICAL APP 1,200,000 KUNLUN ENERGY

1,467,037 1,531,759

0.48 0.50

Cayman Islands

4,547,778

1.48

1,021,686 2,399,807 1,126,285

0.33 0.78 0.37

China

49,683,712

16.18

BANK OF CHINA LTD -HBELLE INTERNAIONAL HOLDING CH HS TRANSMISS SHS CHINA AGRI-INDUSTRIES LTD -RCCHINA LIFE INSURANCE CO LTD CHINA MOBILE LTD CHINA SHENHUA ENERGY CO LTD-SHS.-HCHINA YURUN FOOD GROUP LTD CNOOC LTD -RCDENWAY MOTORS LTD -RCGOLDEN EAGLE RETAIL GROUP LTD INDUS.AND COMMERCIAL BANK OF CHINA -HPING AN INS (GRP) CO -HSHANGHAI ELECTRIC GROUP CO LTD -HSINOPHARM GROUP CO LTD

3,823,619 1,388,708 1,665,118 1,166,027 4,440,753 6,025,330 1,624,990 11,775,591 4,436,446 805,560 1,053,020 4,515,987 1,388,291 1,207,385 4,366,887

1.25 0.45 0.54 0.38 1.45 1.96 0.53 3.85 1.44 0.26 0.34 1.47 0.45 0.39 1.42

Hong Kong

27,461,892

8.94

3,131,631 4,577,498 2,630,553 2,761,532 4,006,668 5,905,205 2,979,071 1,469,734

1.02 1.49 0.86 0.90 1.30 1.92 0.97 0.48

55,595,928

18.11

4,467,235 1,293,917 1,900,613 1,838,342 4,007,474 3,064,721 2,761,937 3,640,111 2,975,373 1,344,601 2,954,657 3,700,079 5,338,551 3,511,916 7,110,011 1,734,739

1.45 0.42 0.62 0.60 1.31 1.00 0.90 1.19 0.97 0.44 0.96 1.21 1.74 1.14 2.31 0.56

600,000 PARKSON RETAIL GP 143,200 TENCENT HOLDINGS LTD 682,000 WYNN MACAU LTD

7,500,000 969,000 783,000 1,000,000 998,000 600,000 444,000 3,720,000 2,582,000 1,700,000 500,000 6,148,000 168,000 2,694,000 1,182,800

432,000 1,843,100 441,000 296,000 916,312 1,725,500 216,000 300,000

CHINA L&P HLDGS HONG KONG CHINA GAS HONG KONG ELECTRIC HOLDINGS LTD HSBC HOLDINGS PLC (USD 0.5) KERRY PROPERTIES MTR CORP LTD SUN HUNG KAI PROPERTIES LTD WHARF HOLDINGS India

167,000 160,000 46,000 29,000 216,000 51,000 479,724 900,000 1,075,000 100,000 178,000 95,000 126,000 260,000 303,000 35,000

AXIS BK - DEMARTERIALISED DB REALTY LTD HDFC BANK DEMATERIALISED HOUSING DEVELOPMENT FIN.DEMATERIALISED ICICI BANK DEMATERIALISED INFOSYS TECHNOLOGIES DEMATERALISED IRB INFRASTRUCTURE DEVELOPERS IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT JAIPRAKASH ASSOCIATES JINDAL STL & POWER KOTAK MAHINDRA BANK ( DEMAT.) LARSEN & TOUBRO LTD DEMATERIALISED LUPIN SHS/DEMATERIALISED MAHINDRA&MAHINDRA RELIANCE INDUSTRIES DEMATERAILISED STATE BANK OF INDIA (DEMATERIALISED)

% of NAV

USD

Long positions

Bermuda

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

35,941 TATA CONSULT.SERVICES SVS DEMATERIALISED 110,330 TATA MOTORS DEMATERIALISED LTD 54,000 TATA POWER DEMATERIALISED

581,154 1,849,324 1,521,173

0.19 0.60 0.50

10,709,289

3.49

1,459,923 1,516,051 1,654,716 1,590,182 4,488,417

0.48 0.49 0.54 0.52 1.46

Malaysia

4,666,889

1.52

AMMB HOLDING BHD CIMB GROUP HOLDINGS BHD GENTING BHD MALAYAN BANKING BHD

1,078,923 1,210,815 1,209,579 1,167,572

0.35 0.40 0.39 0.38

21,922,691

7.14

1,594,472 44,675 1,810,414 1,575,992 1,683,723 4,899,457 1,590,175 2,850,495 1,418,264 4,455,024

0.52 0.01 0.59 0.51 0.55 1.60 0.52 0.93 0.46 1.45

South Korea

57,181,832

18.62

DOOSAN HVY IND HYNIX SEMICONDUCTOR HYUNDAI MOTOR CO LTD KIA MOTORS KOREA LIFE INSURANCE CO LTD¦ KOREAN REINSURANCE CO LG CHEM LG ELECTRONICS INC POSCO SAMSUNG CORP SAMSUNG ELECTRO MECHANICS SAMSUNG ELECTRONICS CO LTD SAMSUNG ENGINEERING SAMSUNG LIFE INSURANCE CO LTD SHINHAN FINANCIAL GROUP

5,011,273 7,072,420 3,133,682 1,792,932 7,493,109 19,912 3,799,208 1,153,879 1,289,593 1,321,724 9,494,561 10,213,671 1,481,796 1,648,255 2,255,817

1.63 2.30 1.02 0.58 2.44 0.01 1.24 0.38 0.42 0.43 3.09 3.33 0.48 0.54 0.73

Taiwan

42,478,409

13.84

816,793 1,117,594 910,284 1,046,791 1,008,756 1,022,888 2,091,404 8,432,093 2,696,169 1,106,655 1,605,900 4,469,458

0.27 0.36 0.30 0.34 0.33 0.33 0.68 2.75 0.88 0.36 0.52 1.46

Indonesia

274,000 2,545,000 2,500,000 1,550,000 10,500,000

700,000 560,000 550,000 500,000

ASTRA INTERNATIONAL TBK BANK DANAMON INDONESIA SERIES -ABANK MANDIRI BANK RAKYAT INDONESIA PERUSAHAAN GAS NEGA -B-

Singapore

1,050,000 59,400 297,000 570,000 161,000 2,250,000 1,000,000 1,050,000 1,500,000 317,000

81,000 345,000 26,500 67,000 1,067,170 2,524 15,000 15,000 3,378 31,000 75,094 16,125 15,814 19,460 60,384

349,000 1,400,000 1,015,584 700,000 450,805 1,851,659 1,400,000 4,240,000 1,274,000 985,000 120,000 1,259,741

INDOFOOD AGRI RESOURCES LTD K GREEN TRUST UNITS KEPPEL CORPORATION LTD SEMBCORP MARINE LTD SINGAPORE AIRLINES LTD SINGAPORE TELECOM - SH BOARD LOT 1000 SMRT CORPORATION LTD S'PORE PRESS HOLDINGS LTD SUNTEC REAL ESTATE INVESTMENT TRUST UNITED OVERSEAS BANK

ACER INC ADVANCED SEMICONDUCTOR ENGINEERING INC AU OPTRONICS CATHAY FINANCIAL CHICONY ELECTRONICS CHINATRUST FINANCIAL HLDGS CHIPBOND TECHNOLOGY CORP CHUNGHWA TELECOM FORMOSA PLASTICS CORP FUBON FINANCIAL HOLDING COMPANY HIGH TECH COMPUTER CORP HON HAI PRECISION INDUSTRY CO LTD

The accompanying notes form an integral part of these financial statements

13

Asian Growth

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

156,176 2,998,000 435,000 2,266,367

MEDIA TEK INCORPORATION RADIANT OPTO-ELECTRONICS CORP SIMPLO TECHNOLOGY TAIWAN SEMICONDUCTOR MANUFACTURING CO LT 862,700 TRIPOD TECHNOLOGY CO LTD

80,000 1,000,000 240,000 700,000

0.72 1.33 0.77 1.39

3,221,883

1.05

Thailand

4,010,653

1.31

BANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT) PTT AROMATICS FOREIGN PTT CHEMICAL (F) THAI OIL-FOREIGN REG

1,496,759 779,562 778,018 956,314

0.50 0.25 0.25 0.31

Shares/Units in investment funds

1,485,596

0.48

Singapore

1,485,596

0.48

1,700,000 CAPITACOMMERCIAL REAL ESTATE INV TRUST

Total securities portfolio

The accompanying notes form an integral part of these financial statements

14

2,199,387 4,082,051 2,375,938 4,274,365

1,485,596

0.48

282,743,465

92.09

Brazil

Securities Portfolio as at 30/06/10

188,720,727

99.75

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

188,094,562

99.42

188,094,562

99.42

4,628,211

2.45

1,763,580 1,538,351 1,326,280

0.94 0.81 0.70

2,522,564

1.33

464,850 2,057,714

0.25 1.08

2,944,777

1.56

595,026 605,500 1,744,251

0.31 0.32 0.93

133,000 BRF ADR REPR 1 SHS 117,000 BRF FOODS 142,000 COSAN -ABanks and credit institutions

45,000 BANCO SANTANDER SA 244,017 CIELO Building materials and trade

65,399 DURATEX 50,000 GAFISA SA -ADR- REPR 2 SHS 427,179 LLX LOGISTICA Coal mining and steel industry

213,000 GERDAU SA COSG 256,000 VALE ADR REP 1SH 32,500 VALE PFD -A- ADR REPR 1PFD SHS-ACommunications

6,536 BRASIL TELECOM ADR REPR.1SHS 100,662 VIVO PART ADR 6,000 VIVO PATICIPACOES SA Consumer Discretionary

23,000 B2W CIA GLOBAL SHS 505,000 CAMRGO CORREA DESENVOLVIMENTO IMOBILIARO 117,000 CIA HERING 83,000 CYRELA BRAZIL REALTY SA 154,000 GAFISA SA 23,400 LOJAS AMERICANAS PREF. 122,000 SARAIVA SA LIVREIROS EDITORES PREF 50,000 TECNISA SHS 379,292 TRISUL SA Consumer Staples

35,554 9,600 28,400 37,000 48,000 10,000

AMBEV AMBEV - ADR 1.SHS AMBEV PRF ADR REP 1 SHS COMP.BRASIL.DISTR.ADR 2PFD CL.-AMARFRIG FRIGORIFICO SHS NATURA COSMETICO SA Energy

115,000 PETROBRAS SA-ADR-REPR.100 PFD SHS 144A 403,000 PETROLEO BRASILEIRO -PETROBRAS- PREF. 147,400 PETROLEO BRASILEIRO SP.ADR REPR.2 SH Financials

82,100 110,000 597,110 418,044 292,000

AMIL PARTICIPACOES SA BANCO ABC BRASIL SA CONY BANCO BRADESCO PFD ADR REPR 1 BANCO BRADESCO PREF. BANCO DO BRASIL SA

% of NAV

USD

Long positions

Agriculture and fishery

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

168,000 322,000 208,000 1,259,849 237,200 134,000

BANRISUL - PFD SHS -BBRADESPAR PFD SHS EZ TEC ITAUSA INVESTIMENTOS ITAU SA-PREF JHSF PARTICIPACOES -SHSMRV ENGENHARIA PARTICIPACOES SA Health Care

12,000 ODONTOPREV - SHS

35,000 41,000 30,000 129,000 122,000 91,000

418,748

0.22

0.22

13,041,050

6.89

BMF BOVESPA ITAU UNIBANCO PFD ADR REPR 1 PFD SHS ITAUSA INVESTIMENTOS ITAU SA PREF SHS ITAUUNIBANCO PFD SHS

5,277,073 6,520,521 48,043 1,195,413

2.79 3.44 0.03 0.63

Industrials

4,683,541

2.48

CONCESSOES RODOVIARIAS EMBRAER SHS SP.ADR REPR.4 PFD SHS INDUSTRIAS ROMI SA ROMI LOCALIZA RENT A CAR SA MARCOPOLO PREF. TEGMA GESTAO -SHS-

725,819 858,950 186,906 1,499,323 641,637 770,906

0.38 0.45 0.10 0.80 0.34 0.41

Information Technology

1,989,762

1.05

1,358,103 631,659

0.72 0.33

474,337

0.25

8,971,696

4.74

2,054,946 6,233,600 683,150

1.09 3.29 0.36

2,951,962

1.56

56,536 2,609,159 286,267

0.03 1.38 0.15

10,856,818

5.74

50,000 IOCHPE MAXION

383,819 1,428,837

0.20 0.76

Materials

3,050,739 898,373 922,711 169,803 2,524,584 238,556 1,239,396

1.61 0.47 0.49 0.09 1.33 0.13 0.66

10,017,198

5.29

3,077,049 827,808 2,868,684 2,572,240 449,505 221,912

1.62 0.44 1.51 1.36 0.24 0.12

14,491,035

7.66

3,427,000 6,005,267 5,058,768

1.81 3.18 2.67

38,201,520

20.19

667,271 742,074 9,470,164 6,519,347 3,993,200

0.35 0.39 5.00 3.45 2.11

96,000 REDECARD SHS 8,500 TOTVS Machine and apparatus construction

17,200 210,700 220,000 49,500 24,000 170,000 842,400 365,050 248,700 157,400 78,600

0.65 3.10 0.51 3.95 0.18 0.50

418,748

Holding and finance companies

820,000 362,050 7,923 66,300

1,223,757 5,857,584 955,465 7,485,645 342,144 944,869

474,337

0.25

26,970,567

14.26

BRASKEM PFD-A-SP.ADR REPR 2 PFD SHS -ACIA SIDERURGICA NACIONAL ADR 1 SHS COMPANHIA SIDERURGICA NACIONAL FOSFERTIL PREF.FERTILIZANTES FOSFATADOS GERDAU METALUGICA PREF. GERDAU PFD SHS/SPONS.ADR REPR. 1 PFD SH. KLABIN PREF. SUZANO PAPEL PFD.SHS USIMINA VALE DO RIO DOCE VALE DO RIO DOCE PREF -A-

243,380 3,095,183 3,209,960 370,732 388,923 2,240,600 2,336,736 3,080,369 6,539,965 3,811,625 1,653,094

0.13 1.64 1.70 0.20 0.21 1.18 1.24 1.63 3.45 2.01 0.87

Miscellaneous consumer goods

1,324,561

0.70

103,000 HYPERMARCAS SA Miscellaneous sectors

75,000 CR2 EMPREEDIM 50,500 MPX ENERGIA

1,324,561

0.70

766,207

0.40

214,284 551,923

0.11 0.29

Paper and forest products

1,433,735

0.76

96,874 FIBRIA ADR REPR 1 SH

1,433,735

0.76

12,773,268

6.75

11,363,016 1,410,252

6.00 0.75

7,066,925

3.74

260,747 1,976,816

0.14 1.04

Petroleum

1,225,000 OGX PETROLEO E GAS PARTICIPACOES SA 82,000 PETROLEO BRASILEIRO Real estate companies

20,000 BR MALLS PARTICIPACOES SA 458,000 BRASCAN RESIDENTIAL PROPERTIES SA

The accompanying notes form an integral part of these financial statements

15

Brazil

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

221,500 61,883 401,700 348,641

EVEN CONSTR SHS HELBOR EMPREENDIMENTOS SA INPAR PDG REALTY

824,551 444,249 612,852 2,947,710

0.44 0.23 0.32 1.57

Retail trade, department stores

1,049,168

0.55

628,922 420,246

0.33 0.22

Telecommunication Services

6,934,749

3.67

BRASIL TELECOM PDF. BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS TELE NORTE LESTE PARTICIPACOES TELEMAR PFD -ATIM PARTICIPACOES-ADR REP 10 PFD SHS VIVO PARTICIPACOES SA PREF.

202,098 784,827 2,465,905 652,422 1,058,460 1,771,037

0.11 0.41 1.31 0.34 0.56 0.94

218,994

0.12

18,000 CIA BRASILEIRA DIST PFD SHS -A75,000 LOJAS AMERICANAS

30,007 39,085 117,900 24,000 39,000 68,800

Textiles and garments

6,000 GUARARAPES CONFECCOES SA

218,994

0.12

Tobacco and alcoholic drinks

20,071

0.01

20,071

0.01

224 AMBEV - SUB RECEIPT FOR SHS Transportation

567,052

0.30

118,612 448,440

0.06 0.24

12,776,046

6.75

1,356,688 1,566,580 1,115,736 463,297 1,649,995 1,321,698 805,350 1,175,680 1,356,594 516,390 102,756 413,400 693,592 238,290

0.72 0.83 0.59 0.24 0.86 0.70 0.43 0.62 0.72 0.27 0.05 0.22 0.37 0.13

626,165

0.33

Shares

626,165

0.33

Holding and finance companies

626,165

0.33

10,000 GOL LINHAS AEREAS PFD 37,000 GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH. Utilities

137,000 106,788 103,400 35,000 120,900 91,000 39,000 88,000 68,000 26,000 18,000 10,000 59,000 9,237

AES TIETE CEMIG ADR REPR 1 PFD SH CEMIG (CIA ENERGETICA MINAS GERAIS) CENTRAIS ELETRICAS BRASILEIRAS CESP PREFERD SHS -BCOELCE -A- PREF COPEL SP.ADR REPR.1 PFD SHS -BELETROBRAS-CENTRAIS ELEC BRASILEIRA ADR ELETROPAULO ELETRICIDADE PFD -BENERGIAS DO BRAZIL RANDON PARTICIPACOES PREF.-4SABESP -SHS SPONSORED ADR REPR 2 SHS TRACTEBEL ENERGIA SA TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD

Other transferable securities

34,756 ITAU UNIBNCO PFD ADS REP 1PFD SH REG S

Total securities portfolio

The accompanying notes form an integral part of these financial statements

16

626,165

0.33

188,720,727

99.75

Clean Planet

Securities Portfolio as at 30/06/10

26,594,165

99.53

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

25,881,725

96.86

25,881,725

96.86

279,842

1.05

279,842

1.05

243,211

0.91

243,211

0.91

36,700 COSAN -ACanada

18,900 WESTPORT INNOVATNS Cayman Islands

16,600 SUNTECH POWER HOLDINGS CO LTD ( ADR) 13,000 TRINA SOLAR -ADR REPE 50 SHS 23,450 YINGLI GREEN -ADR- REP 1 SHS China

62,500 BYD COMPANY LTD -H200,000 CH HS TRANSMISS SHS 583,000 CHINA LONGYUAN POWER GROUP CORP -HDenmark

12,829 VESTAS WIND SYSTEMS AS France

6,081 19,054 9,071 9,907 3,525 17,459

39,704 16,766 39,513 9,279 10,460

ALSTOM SA CIE DE SAINT-GOBAIN SA EDF ENERGIES NOUVELLES SA FAIVELEY TRANSPORT SCHNEIDER ELECTRIC SA VEOLIA ENVIRONNEMENT SA

502,558

1.88

124,273 183,395 194,890

0.47 0.69 0.72

1,171,138

4.38

382,007 347,226 441,905

1.43 1.30 1.65

439,689

1.65

439,689

1.65

2,238,653

8.38

227,916 588,673 252,355 536,959 294,831 337,919

Germany

4,366,335

AIXTRON AG MANZ AUTOMATION AG ROTH AND RAU AG SIEMENS AG REG SHS WACKER CHEMIE AG

783,360 763,524 882,127 686,832 1,250,492

Hong Kong

1,125,000 CHINA EVERBRIGHT INTERNATIONAL Japan

12,100 HORIBA 98,000 TOSHIBA CORP Malaysia

48,800 KUALA LUMPUR KEPONG MY Netherlands

13,567 KONINKLIJKE PHILIPS ELECTRONICS NV Spain

165,166 IBERDROLA RENOVABLES SA Switzerland

54,982 ABB LTD REG SHS 6,951 GEBERIT AG Taiwan

346,200 BRIGHT LED ELECTRONICS CORP 311,000 EPISTAR CORP

390,394

% of NAV

EUR

Long positions

Bermuda

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

361,207 EVERLIGHT ELECTRONICS CO LTD United Kingdom

22,162 JOHNSON MATHEY PLC 110,966 NATIONAL GRID PLC United States of America

29,900 28,800 2,900 13,100 21,700 19,200 2,300 18,500 56,980 50,100 30,700 10,100 45,400 19,900 24,400 9,800 23,200 8,300 1,000 12,800 17,400 24,000

AMERICAN SUPERCONDUCTOR A123 SYSTEMS CLEAN HARBORS INC CREE EMERSON ELECTRIC CO ENERNOC INC FIRST SOLAR INC FUEL SYSTEMS SOLUTIONS GT SOLAR INTERNATIONAL IDACORP INC ITC HOLDINGS CORP ITRON INC MEMC ELECTRONIC MATERIALS ORMAT TECHNOLOGIES PG AND E CORP POWERSECURE INTERNATIONAK INC QUANTA SERVICES INC RUBICON TECHNOLOGY INC STERICYCLE INC SUNPOWER CORP -AVEECO INSTRUMENTS YONGYE INTERNATIONAL INC

0.85 2.21 0.94 2.02 1.10 1.26 Shares/Units of UCITS/UCIS 16.34

Shares/Units in investment funds 2.93 France 2.86 2 AMUNDI TRESO EONIA FCP CAP 3.30 13 AMUNDI TRESO INSTITUTION CAP/DIS 2.57 4.68 Total securities portfolio

759,897

2.85

1,069,854

4.00

404,397 665,457

1.51 2.49

10,114,221

37.85

651,507 221,719 157,228 642,006 774,000 492,814 213,739 391,930 260,501 1,360,785 1,326,098 509,741 366,195 459,606 818,712 72,726 391,118 201,859 53,539 126,443 486,956 134,999

2.44 0.83 0.59 2.40 2.90 1.84 0.80 1.47 0.97 5.10 4.96 1.91 1.37 1.72 3.06 0.27 1.46 0.76 0.20 0.47 1.82 0.51

712,440

2.67

712,440

2.67

712,440

2.67

427,764 284,676

1.60 1.07

26,594,165

99.53

1.46

390,394

1.46

668,917

2.50

266,578 402,339

1.00 1.50

202,062

0.76

202,062

0.76

335,376

1.26

335,376

1.26

424,807

1.59

424,807

1.59

1,676,321

6.27

789,620 886,701

2.96 3.31

1,758,347

6.58

334,695 663,755

1.25 2.48

The accompanying notes form an integral part of these financial statements

17

Emerging Europe

Securities Portfolio as at 30/06/10

29,845,077

95.72

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

29,845,077

95.72

29,845,077

95.72

263,547

0.85

93,148 170,399

0.30 0.55

282,428

0.91

5,500 CENTRAL EUROPEAN MEDIA ENTERPRISES -A12,900 VIMPELCOM ADR REPR 1SH WHEN ISSUED Cyprus

24,209 GLOBALTRANS INV -GDR- REP 1 SH REG -S Czech Republic

780 CEZ AS Guernsey

48,353 R.G.I. INTERNATIONAL LTD Hungary

1,994 MOL HUNGARIAN OIL AND GAS PLC -A45,151 OTP BANK LTD 2,474 RICHTER GEDEON PLC Isle of Man

28,679 EXILLON ENERGY PLC Kazakstan

4,059 HALYK SAVINGS BANK OF KAZAKHSTAN-GDRLuxembourg

6,512 KERNEL HOLDING SA Malaysia

42,811 STEPPE CEMENT LTD 329 25,056 28,134 56,584 7,856

917,726 24 9,784 23,675 6,475 35,304,979 31,164 4,400 186,710 7,582 15,253 2,185,445 5,253,676 213,133 84 18,926 69,762 14,694

0.91

26,141

0.08

26,141

0.08

80,332

0.26

80,332

0.26

1,250,545

4.01

135,696 754,695 360,154

0.44 2.41 1.16

64,801

0.21

64,801

0.21

26,278

0.08

26,278

0.08

95,239

0.31

95,239

0.31

28,497

0.09

28,497

0.09

822,316

2.64

BSK BANK SLASKI CYFROWY POLSAT SA EUROCASH SA PKO BANK POLSKI SA TVN SA

60,047 85,949 147,447 498,582 30,291

0.19 0.28 0.47 1.60 0.10

19,930,122

63.92

1,336,693 696 189,705 117,901 102,023 309,268 120,850 67,352 2,909,866 21,046 94,639 86,711 27,450 146,073 1,627 94,251 2,933,092 72,696

4.29 0.00 0.61 0.38 0.33 0.99 0.39 0.22 9.33 0.07 0.30 0.28 0.09 0.47 0.01 0.30 9.40 0.23

AK SBEREGATELNY BANK SBERBANK BASHNEFT BASHNEFT PREF COMSTAR UNITED TELESYSTEMS (GDR) EURASIA DRILLIN GDR SHS REG-S FSK EES GAZPROM GAZPROM NEFT ADR REPR 5 SHS GAZPROM OAO ADR GK PIK - GDR - RECEIPT REPR 1 SH RGS-S GROUP LSR -GDR- REPR SHS REG -S HYDRO WGC IDGC CENTER&VOL JSFC SISTEMA JSFC SISTEMA GDR REPR.SHS REG-S KUZBASSKAYA TOPLIVNAYA BRD LUKOIL HOLDINGS ADR REPR.1 SHS M VIDEO COMPANY

The accompanying notes form an integral part of these financial statements

18

282,428

Poland

Russia

% of NAV

EUR

Long positions

Bermuda

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

5,000 19,200 1,808 92,229 67,700 22,846 786,470 13,724 9,595 9,871 2,107 16,646 6,385 5,610 57,950 253,046 35,088 88,788 709,913 17,335 53 207 623 248,697 56,740 1,520,947 14,090 95,305 1 10,163 59,359 13,527 59,482 118,547,502 73,003 86 2,565,879 2,615,117 4,052 4,736

45,366 71,642 22,527 40,187 36,830 15,290 22,257 131,303 885 1,830 8,566 6,080 44,447 107,115 19,291

MAGNIT GDR MECHEL OJSC ADR REPR.1 SHS MMC NORILSK NICKEL MMC NORILSK NICKEL ADR REPR.1/10SHS MOBILE TELESYSTEMS ADR REPR.2 SHS MOBILE TELESYSTEMS OJSC MOSCOW POWER NOVATEK GDR REPR 1/100 SHS REG-S NOVOLIPETSK STEEL - GDR - REPR SHS REG S NOVOROSS PORT SHS GDR REPR SHS REG-S PHARMSTANDARD JSC POLYMETAL GDR - REPR 1 SH 1 SH REG-S POLYUS GOLD CO ZAO POLYUS ZOLOTO ADR REP.1/2 SHS RBC ROSNEFT OIL-GDRROSTELECOM RUSHYDRO ADR REPR 100 SHS SBERBANK SEVERSTAL GDR REPR SHS REG-S SER -OCT06SILVINIT SILVINIT -PREF SHS SOLLERS JSC SURGUTNEFTEGAZ SURGUTNEFTEGAZ JSC PFD ADR 10 PFD SHS SURGUTNEFTEGAZ PREF SHS TATNEFT -ADR-REPR 6 SHS REG-S TATNEFT PREF.SHS TGK-5- GDR - REPR 4000 SHS REG-S TMK SHS SPONSORED GDR REPR.SHS REG-S TNK BP HOLDING URALKALIY GDR REPR.5SHS REG-S URALKALIY OJSC VNESHTORGBANK VNESHTORGBANK-GDR-REPR 2000 SHS REG-S VYKSA METALLURGICAL PLANT OJSC WGC-2 WGC-4 WIMM BILL DANN FOODS X5 RETAIL GROUP GDR REPR SHS REG-S

70,577 284,340 221,406 1,093,285 1,058,970 139,885 60,997 810,062 203,666 88,645 125,570 170,550 272,155 126,178 53,768 1,276,695 61,989 354,456 1,414,147 138,691 24,086 65,062 7,149 182,731 196,869 542,371 324,384 171,368 1 124,455 100,797 199,001 176,076 232,275 290,248 95,563 99,711 165,887 143,045 131,072

0.23 0.91 0.71 3.51 3.40 0.45 0.20 2.60 0.65 0.28 0.40 0.55 0.87 0.40 0.17 4.09 0.20 1.14 4.54 0.44 0.08 0.21 0.02 0.59 0.63 1.74 1.04 0.55 0.00 0.40 0.32 0.64 0.56 0.74 0.93 0.31 0.32 0.53 0.46 0.42

Turkey

6,742,353

21.62

178,952 238,271 36,009 38,128 55,833 146,642 76,893 247,799 47,003 41,519 38,648 44,518 155,846 301,017 102,456

0.57 0.76 0.12 0.12 0.18 0.47 0.25 0.79 0.15 0.13 0.12 0.14 0.50 0.97 0.33

AKBANK AKCANSA CIMENTO SANAYI VE TICARET AS AKENRJI ELEKTRIK URETIM A.S AKSIGORTA AS ALBARAKA TURK KATILIM BANKASI ANADOLU EFES BIRACILIK VE MALT SANAYI ARCELIK ASYA KATILIM BANK-SHS BBAGFAS BANDIRMA BIM BIRLESIK MAGAZALAR CIMSA CIMENTO SANAYI VE TICARET COCA COLA ICECEK SANAYI A.S DOGUS OTOMOTIV SERVIS ENKA INSAAT VE SANAY A.S FORD OTOMOTIV

Emerging Europe

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

74,783 148,069 10,693 166,163 15,963 12,847 13,030 58,691 46,699 36,169 33,889 7,675 67,931 412,371 44,243 298,307 89,063 269,931

HACI OMER SABANCI HOLDING AS KOC HOLDING AS -BKOZA ALTIN SINPAS GAYRIM TAV HAVALIMALARI HOLDING AS TUPRAS TURKIYE PETROL RAFINELERI TURCAS PETROL AS TURK EKONOMI BANKASI TURK HAVA YOLLARI AO TURK SISE CAM TURK TELEKOM TURK TRAKTOR VE ZIR TURKCELL ILETISIM HIZMET TURKIYE GARANTI BANKASI AS (NAMEN-AKT) TURKIYE HALK BANKA -SHSTURKIYE IS BANKASI AS TURKIYE VAKIFLAR BANKASI TAO YAPI VE KREDI BANKASI AS United Kingdom

5,636 IBS GROUP HOLDING-GDR 3,808 PETROPAVLOVSK PLC United States of America

246,790 412,288 74,986 162,792 46,506 192,107 33,930 58,408 94,392 32,451 88,246 47,886 288,979 1,414,013 269,197 761,400 167,164 601,284

0.79 1.32 0.24 0.52 0.15 0.62 0.11 0.19 0.30 0.10 0.28 0.15 0.93 4.55 0.86 2.44 0.54 1.93

116,455

0.37

61,108 55,347

0.19 0.18

116,023

0.37

52,363 63,660

0.17 0.20

0

0.00

Shares

0

0.00

Russia

0

0.00

3,000 CENTRAL EUROPEAN DISTRIBUTION CORP 5,400 CTC MEDIA INC

Other transferable securities

3,876 PIPE METALL COM - ISSUE 2

Total securities portfolio

0

0.00

29,845,077

95.72

The accompanying notes form an integral part of these financial statements

19

Emerging Internal Demand

Securities Portfolio as at 30/06/10

134,657,034

98.10

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

130,562,454

95.12

129,726,333

94.51

226,457

0.16

11,900 NORTEL INVERSORA ADR REPR.1/20 PFD -B4,500 140,000 17,000 25,800

226,457

0.16

Bermuda

868,057

0.63

CENTRAL EUROPEAN MEDIA ENTERPRISES -ACHINA RESOURCES GAS GROUP LTD COSAN -AVIMPELCOM ADR REPR 1SH WHEN ISSUED

93,352 198,481 158,780 417,444

0.07 0.14 0.12 0.30

25,978,753

18.94

90,440 282,865 21,872 155,214 137,355 143,693 1,446,749 283,080 246,887 323,422 344,940 232,484 508,879 8,183 51,706 203,150

0.07 0.21 0.02 0.11 0.10 0.10 1.05 0.21 0.18 0.24 0.25 0.17 0.37 0.01 0.04 0.15

Brazil

42,900 28,564 1,900 1,800 16,900 21,300 91,220 20,700 23,900 44,400 53,600 12,780 117,900 946 2,575 71,800 14,125 4,600 9,100 22,700 31,100 11,400 7,488 18,400 23,200 7,400 12,000 31,000 4,100 8,000 68,700 62,000 3,700 19,800 19,000 4,000 20,000 13,000 122,100 82,002 542 82,827

ACUCAR GUARANI SA AGY AES TIETE AES TIETE PREF AMBEV - ADR 1.SHS AMIL PARTICIPACOES SA BANCO ABC BRASIL SA CONY BANCO BRADESCO PFD ADR REPR 1 BANCO DO BRASIL SA BANCO SANTANDER SA BANRISUL - PFD SHS -BBMF BOVESPA BRADESPAR PFD SHS BRASCAN RESIDENTIAL PROPERTIES SA BRASIL TELECOM ADR REPR.1SHS BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS CAMRGO CORREA DESENVOLVIMENTO IMOBILIARO CEMIG (CIA ENERGETICA MINAS GERAIS) CENTRAIS ELETRICAS BRASILEIRAS CESP PREFERD SHS -BCIA BRASILEIRA DIST PFD SHS -ACIA HERING CIA SIDERURGICA NACIONAL ADR 1 SHS CIELO COELCE -A- PREF COMPANHIA SIDERURGICA NACIONAL COMP.BRASIL.DISTR.ADR 2PFD CL.-ACR2 EMPREEDIM CYRELA BRAZIL REALTY SA DURATEX ELETROPAULO ELETRICIDADE PFD -BEVEN CONSTR SHS EZ TEC FIBRIA ADR REPR 1 SH GAFISA SA GAFISA SA -ADR- REPR 2 SHS GUARARAPES CONFECCOES SA HELBOR EMPREENDIMENTOS SA HYPERMARCAS SA INPAR ITAU UNIBANCO PFD ADR REPR 1 PFD SHS ITAUSA INVESTIMENTOS ITAU SA PREF SHS ITAUSA INVESTIMENTOS ITAU SA-PREF

The accompanying notes form an integral part of these financial statements

20

152,416 60,891 124,193 793,140 810,923 167,466 63,144 267,244 338,505 514,448 34,285 335,537 37,303 159,599 255,741 284,802 54,760 118,634 230,090 145,996 143,577 167,178 186,281 1,476,856 3,287 492,133

% of NAV

USD

Long positions

Argentina

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

0.11 0.04 0.09 0.58 0.59 0.12 0.05 0.19 0.25 0.37 0.02 0.24 0.03 0.12 0.19 0.21 0.04 0.09 0.17 0.11 0.10 0.12 0.14 1.08 0.00 0.36

127,100 356,900 59,542 39,300 40,000 11,200 171,000 60,049 28,800 107,300 9,300 1,900 39,700 104,700 13,400 16,800 8,300 2,800 3,000 1,700 70,430 22,550 37,300 27,200 29,300 20,100 34,025 3,047 400

JHSF PARTICIPACOES -SHSKLABIN PREF. LLX LOGISTICA LOCALIZA RENT A CAR SA MARCOPOLO PREF. MPX ENERGIA OGX PETROLEO E GAS PARTICIPACOES SA PDG REALTY PETROBRAS SA-ADR-REPR.100 PFD SHS 144A PETROLEO BRASILEIRO -PETROBRAS- PREF. PETROLEO BRASILEIRO SP.ADR REPR.2 SH REDECARD SHS SARAIVA SA LIVREIROS EDITORES PREF SUZANO PAPEL PFD.SHS TEGMA GESTAO -SHSTELE NORTE LESTE PARTICIPACOES TELECOMUNICACOES DE SAO PAULO TIM PARTICIPACOES-ADR REP 10 PFD SHS TNLP PREF.SHS-REPR.1000 PREF.TELEMAR-ADR TOTVS TRISUL SA USIMINA VALE ADR REP 1SH VALE DO RIO DOCE VALE DO RIO DOCE PREF -AVALE PFD -A- ADR REPR 1PFD SHS-AVIVO PART ADR VIVO PARTICIPACOES SA PREF. VIVO PATICIPACOES SA British Virgin Islands

63,200 HOLLYSYS AUTOMATION TECHNOLOGIES Canada

104,800 EASTERN PLATINIUM Cayman Islands

8,700 54,000 128,000 3,100 200,000 748,000 122,000

CHANGYOU -A- -ADR- REP 2 SHS A CHINA AUTOMATION GROUP LTD¦ KWG PROPERTY HOLDING LTD NETEASE.COM ADR REPR.SHS PARKSON RETAIL GP SA SA INTERNATIONAL HOLDINGS XINAO GAS HOLDINGS LTD Chile

16,500 11,700 3,800 13,089 1,870 105,005

ANDINA SPONS.ADR REPR.6 PFD -BCENCOSUD SA CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS EMBOTELLADORA ANDINA PFD -BEMPRESAS CMPC EMPRESAS LA POLAR China

166,000 186,000 290,000 420,000 365,000

AIR CHINA .SHS. -HANTA SPORTS PRODUCTS BEIJING JINGKELONG CO -HCHINA BLUECHEMICAL SHS.HCHINA COMMUNICATION SERCICES CORP -H-

183,333 990,006 243,121 456,770 210,373 122,407 1,586,184 507,706 858,240 1,598,922 319,176 26,879 821,525 883,481 113,518 351,376 150,941 75,992 44,880 126,332 230,141 592,988 908,255 658,680 616,230 422,502 881,928 78,435 19,084

0.13 0.72 0.18 0.33 0.15 0.09 1.16 0.37 0.63 1.16 0.23 0.02 0.60 0.64 0.08 0.26 0.11 0.06 0.03 0.09 0.17 0.43 0.66 0.48 0.45 0.31 0.64 0.06 0.01

569,432

0.41

569,432

0.41

95,662

0.07

95,662

0.07

1,622,692

1.18

224,982 35,158 79,886 98,301 340,562 570,573 273,230

0.16 0.03 0.06 0.07 0.25 0.41 0.20

1,284,952

0.94

368,940 52,584 163,742 48,993 81,564 569,129

0.27 0.04 0.12 0.04 0.06 0.41

19,549,299

14.24

165,848 338,698 335,169 235,157 178,115

0.12 0.25 0.24 0.17 0.13

Emerging Internal Demand

Securities Portfolio as at 30/06/10

Cyprus

22,215 GLOBALTRANS INV -GDR- REP 1 SH REG -S

1.68 1.12 0.70 1.20 0.21 0.23 0.72 0.15 0.45 0.37 0.52 0.28 0.22 0.14 0.07 0.83 0.40 0.10 0.73 0.19 0.16 0.91 0.21 0.13 0.12 0.12 0.22 0.07 0.29 0.18 0.31 0.23 0.07

317,452

0.23

0.23

132,636

0.10

132,636

0.10

340,552

0.25

200,079 140,473

0.15 0.10

Hong Kong

3,448,146

2.51

BEIJING ENTERPRISES HOLDINGS LTD -RCCAFE DE CORAL HOLDINGS LTD CHINA UNICO HK CN TAIPING INSURANCE HOLDINGS CO LIFESTYLE INTERNATIONAL POLY (HONG KONG)INVESTEMENTS LTD WHARF HOLDINGS

439,231 215,741 187,002 1,100,466 706,602 118,127 680,977

0.32 0.16 0.14 0.79 0.51 0.09 0.50

456,772

0.33

226,566 230,206

0.17 0.16

10,498,013

7.65

570,816

0.42

3,231 CEZ AS Egypt

5,170 ORASCOM CONS INDUSTRIE GRD REP 1SH REG-S 3,518 ORASCOM CONSTRUCTION INDUSTRIE REG.

67,000 84,000 138,160 335,400 362,000 119,000 139,000

USD

2,292,687 1,530,680 963,625 1,636,881 286,092 320,815 993,216 201,325 623,388 501,751 717,338 386,535 304,924 193,139 101,295 1,142,617 544,620 132,681 1,008,793 255,858 222,714 1,255,339 294,332 183,264 167,276 166,680 305,755 91,561 394,908 246,915 424,645 309,845 94,818

317,452

Czech Republic

Hungary

11,066 OTP BANK LTD 1,291 RICHTER GEDEON PLC India

21,339 AXIS BK - DEMARTERIALISED

% of NAV

CHINA CONSTRUCTION BANK CORPORATION -HCHINA LIFE INSURANCE CO LTD CHINA MERCHANT BANK -HCHINA MOBILE LTD CHINA OVERSEAS LAND INVESTMENT LTD -RCCHINA PACIFIC INSURANCE (GROUP) CO LTD¦ CHINA PETROLEUM AND CHEMICAL -HCHINA RAILWAY CONSTRUCTION -HCHINA RESOURCES BEIJING LAND LTD CHINA RESOURCES POWER HOLDINGS -RCCHINA SHENHUA ENERGY CO LTD-SHS.-HCHINA SHIPPING CONTAINER LINES -HCHINA SOUTH LOCOMOTIVE & ROLLING STOCK CHINA TELECOM CORP LTD -HCHINA YURUN FOOD GROUP LTD CNOOC LTD -RCCTRIP.COM INTL - SHS ADR REPR.1/4TH SHS DENWAY MOTORS LTD -RCGOLDEN EAGLE RETAIL GROUP LTD GREAT WALL MOTOR CO-HGUANGDONG INVEST -RCINDUS.AND COMMERCIAL BANK OF CHINA -HLIANHUA SUPERMARKET -HNEW WORLD DEPARTMENT STORE CHINA LTD PERFECT WORLD -B- ADR REC. REPR 5 SHS -B PETROCHINA CO LTD -HPING AN INS (GRP) CO -HSINOPHARM GROUP CO LTD TINGY HOLDING CORP YANZHOU COAL MINING CO -HZHEJIANG EXPRESSWAY -HZHUZHOU CSR TIMES - SHS -HZIJIN MINING CORP CO LTD -H-

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

2,816,000 344,000 397,030 163,000 151,760 80,200 1,218,000 159,000 328,000 220,000 196,000 1,075,000 443,000 400,000 32,000 665,000 14,500 280,000 479,000 146,500 470,000 1,709,000 80,000 201,000 7,600 148,000 37,000 24,800 160,000 126,000 458,000 145,000 126,000

25,167 23,472 29,900 685,017 23,584 49,157 80,945 12,600 52,725 75,326 4,268 28,945 14,210 1,600 15,718 27,064 53,597 8,008 66,070 59,676 13,114 45,696 1,488 61,776 1,392 15,841 184,010 52,289 15,048

BHARAT PETROLEUM CORP DEMATERIALISED CAIRN INDIA - SHS DEMARTERALISED DR REDDYS LABORATORIES ADR GVK POWER & INFRASTRUCTURE LTD HDFC BANK DEMATERIALISED HINDALCO INDUSTRIES LTD HOUSING DEVELOPMENT & INFRASTRUCTURE ICICI BANK ADR REPR.2 SHS IRB INFRASTRUCTURE DEVELOPERS IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT JAIN IRRIGATION SYSTEMS LTD ( DEMAT.) JINDAL STL & POWER LARSEN & TOUBRO LTD DEMATERIALISED LARSEN TOUBRO GDR-GL.DEPOS.REC.REPR 1SH LUPIN SHS/DEMATERIALISED MAHINDRA&MAHINDRA MAX INDIA DEMATERIALISED MUNDRA PORT AND SPECIAL ECONOMIC ZONE NAGURJANA CONSTRUCTION -SHS DEMAT NTPC DS - SHS - DEMATERIALISED PUNJAB NATIONAL BANK SHS/DEMAT. SHOPPER S STOP LTD DEMATERIALISED STATE BANK OF INDIA (DEMATERIALISED) STERLITE INDUSTRIES INDIA LTD SUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL TATA CHEMICALS LTD (DEMATERIALISED) UNITECH - SHS DEMATERIALISED UNITED PHOSPHORUS LTD DEMATERIALISED UNITED SPIRITS LTD -DEMATERIALISED Indonesia

2,125,000 1,958,000 180,500 780,000 1,135,000 692,000 321,000 10,319,000 58,500 153,000 1,703,000 2,217,500 150,000 1,184,000 320,500 5,604,500 294,000 6,424,500 247,500 342,500 9,958,500

ACE HARDWARE ADARO ENERGY ASTRA INTERNATIONAL TBK BANK CENTRAL ASIA DEP BANK MANDIRI BANK NEGARA INDONESIA BANK RAKYAT INDONESIA CIPUTRA DEVELOPMENT TBK INDO TAMBANGRAYA MEGAH INDOCEMENT TUNGGAL PRAKARSA JASA MARGA -BKALBE FARMA MAYORA INDAH TBK PERUSAHAAN GAS NEGA -BPT BANK TABUNGAN NEGARA (PERSERO) RAMAYANA LESTARI SEMEN GRESIK (PERSERO) TBK SUMMARECON AGUNG TBK TAMBANG BATUBARA -BTELKOM INDONESIA SERIES -BWIJAYA KARYA Kazakstan

10,053 HALYK SAVINGS BANK OF KAZAKHSTAN-GDRLuxembourg

2,000 TERNIUM SA -ADR 1/10 SHS-

359,122 153,507 922,415 652,643 974,436 152,938 435,529 455,364 303,556 304,661 98,487 389,195 553,454 62,064 665,963 365,563 177,426 127,331 268,078 256,461 296,177 559,283 73,751 225,982 53,501 114,020 294,566 207,208 424,516

0.26 0.11 0.67 0.48 0.71 0.11 0.32 0.33 0.22 0.22 0.07 0.28 0.40 0.05 0.49 0.27 0.13 0.09 0.20 0.19 0.22 0.41 0.05 0.16 0.04 0.08 0.21 0.15 0.31

8,762,572

6.38

421,953 429,831 961,736 511,969 751,241 179,393 329,322 381,342 239,744 266,674 380,427 513,707 115,003 506,122 60,105 593,527 283,784 602,408 470,974 290,927 472,383

0.31 0.31 0.71 0.37 0.56 0.13 0.24 0.28 0.17 0.19 0.28 0.37 0.08 0.37 0.04 0.43 0.21 0.44 0.34 0.21 0.34

79,720

0.06

79,720

0.06

65,840

0.05

65,840

0.05

The accompanying notes form an integral part of these financial statements

21

Emerging Internal Demand

Securities Portfolio as at 30/06/10

30,400 79,600 8,500 13,400 12,500 270,300 768,869 235,600 15,400 110,700 27,100 50,300 5,065 9,300 37,500 130,300

3.01

AMMB HOLDING BHD CIMB GROUP HOLDINGS BHD DIGI.COM BHD GENTING BHD GENTING MALAYSIA BHD IOI CORPORATION BHD KUALA LUMPUR KEPONG MY PLUS EXPRESSWAYS BHD PUBLIC BANK BHD PUBLIC BANK BHD FOREIGN STEPPE CEMENT LTD TANJONG PLC

199,292 757,624 71,043 1,500,759 159,711 38,842 332,205 317,460 5,219 461,743 33,313 256,955

0.15 0.55 0.05 1.09 0.12 0.03 0.24 0.23 0.00 0.34 0.02 0.19

Mexico

7,488,068

5.46

AMERICA MOVIL ADR REPR.20SHS -LAMERICA MOVIL -LDESARROLLADORE HOMEX -ADR- REPR 6 SHS EMPRESAS ICA - ADR - REPR 4 FEMSA SPON ADR REP.10UTS CONS-B-+20SH-DGEO -BGMEXICO -BGRUMA SHS-BGRUPO BIMBO -SHS- -AGRUPO FINANCIERO BANORTE -OGRUPO MODELO-C- SHS-CGRUPO TELEVISA ADR (5 ORD.PART.CERT.) INDUSTRIAL PENOLES SAB DE CV KIMBERLY-CLARK -AURBI DESARROLL SHS WAL MART -V-

1,444,000 190,221 214,540 125,692 539,375 726,078 1,820,071 364,982 109,891 430,792 134,360 875,723 99,119 53,940 69,648 289,636

1.05 0.14 0.16 0.09 0.39 0.53 1.33 0.27 0.08 0.31 0.10 0.64 0.07 0.04 0.05 0.21

338,990

0.25

284,456 54,534

0.21 0.04

4,176,201

3.04

ALLIANCE GLOBAL GROUP AYALA LAND INC BANK OF THE PHILIPPINE ISLANDS ENERGY DEVELOPMENT FIRST PHILIPPINE HOLDINGS METRO PACIFIC INVESTMENTS CORP METROBANK AND TRUST PHILIPPINE LONG DISTANCE TEL. ROBINSON'S LAND SHS SECURITY BANK CORP SM PRIME HOLDINGS INC

403,171 412,121 419,959 503,831 385,374 272,721 411,257 39,866 408,692 438,157 481,052

0.29 0.30 0.31 0.36 0.28 0.20 0.30 0.03 0.30 0.32 0.35

Poland

553,567

0.40

CYFROWY POLSAT SA EUROCASH SA GRUPA PEKAO SA PKO BANK POLSKI SA POLISH OIL AND GAS COMPANY SA

43,463 256,731 30,949 201,215 21,209

0.03 0.18 0.02 0.15 0.02

6,294,854

4.59

Peru

Philippines

3,398,000 1,415,100 423,200 5,133,000 319,000 4,515,000 302,600 770 1,284,400 300,900 2,027,200

10,344 39,992 670 18,643 21,771

Russia

31,831 AEROFLOT The accompanying notes form an integral part of these financial statements

22

USD

4,134,166

7,400 BUENAVENTURE SP ADR-SHS600 CREDICORP

58,464

% of NAV

129,300 350,400 10,000 682,400 189,400 25,100 65,500 301,400 1,420 125,200 40,857 47,700

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

Malaysia

0.04

217,677 84,273 22,915 5,704 40,565 421,718 3,461,617 16,473,140 251,041 13,513 8,815 27,783 10,055 14,800 7 2,109,281 3,618 23,009 4,488 1,419 3,075 80,342 298,143 38 369 12,002 6,924 13,449 70,771 2,605,962 1,547,230 4,442

25,226 27,772 34,649 28,741 12,821 103,440 276,317 161,719 27,921 15,104 21,651 81,880 21,483 19,803 23,496 32,651 33,105 47,756 16,089 20,387

AK SBEREGATELNY BANK SBERBANK COMSTAR UNITED TELESYSTEMS (GDR) GK PIK GK PIK - GDR - RECEIPT REPR 1 SH RGS-S GROUP LSR -GDR- REPR SHS REG -S HYDRO WGC IDGC CENTER IDGC CENTER&VOL JSFC SISTEMA JSFC SISTEMA GDR REPR.SHS REG-S KUZBASSKAYA TOPLIVNAYA BRD M VIDEO COMPANY MAGNIT GDR MOBILE TELESYSTEMS ADR REPR.2 SHS MOBILE TELESYSTEMS OJSC MOSCOW POWER NOVATEK GDR REPR 1/100 SHS REG-S NOVOROSS PORT SHS GDR REPR SHS REG-S PHARMSTANDARD JSC POLYUS GOLD CO ZAO POLYUS ZOLOTO ADR REP.1/2 SHS RBC SBERBANK SILVINIT SILVINIT -PREF SHS SOLLERS JSC TMK SHS SPONSORED GDR REPR.SHS REG-S URALKALIY GDR REPR.5SHS REG-S VNESHTORGBANK-GDR-REPR 2000 SHS REG-S WGC-2 WGC-4 WIMM BILL DANN FOODS

388,358 514,064 77,911 19,394 308,294 20,495 112,156 105,428 210,749 320,528 53,772 168,365 173,851 283,568 53 200,382 261,581 253,099 327,624 74,086 84,716 91,309 727,468 21,153 142,065 168,710 103,860 242,351 344,655 124,044 120,220 192,081

0.28 0.38 0.06 0.01 0.22 0.01 0.08 0.08 0.15 0.23 0.04 0.12 0.13 0.21 0.00 0.15 0.19 0.18 0.24 0.05 0.06 0.07 0.54 0.02 0.10 0.12 0.08 0.18 0.25 0.09 0.09 0.14

South Africa

6,320,604

4.60

ABSA GROUP LTD AFRICAN BANK INVESTMENTS LIMITED ASPEN PHARMACARE HOLDINGS PLC AVENG LTD BIDVEST GROUP CLICKS GROUP ESORFRANKI FIRSTRAND LTD IMPERIAL HOLDINGS LTD LEWIS GROUP LTD MASSMART HOLDINGS LTD MTN GROUP LTD MURRAY&ROBERT HODINGS NASPERS -NNORTHAM PLATINUM (PTY) PRETORIA PORTI CEM SHOPRITE HOLDINGS LTD (SHP) STANDARD BANK GROUP LIMITED WILSON BAY OVCON WOOLWORTHS HOLDINGS

399,789 109,663 343,967 129,162 203,860 458,111 110,659 380,996 312,507 116,031 333,274 1,078,802 108,735 671,397 139,459 135,446 357,790 637,863 229,399 63,694

0.29 0.08 0.25 0.09 0.15 0.33 0.08 0.28 0.23 0.08 0.24 0.79 0.08 0.49 0.10 0.10 0.26 0.46 0.17 0.05

15,633,147

11.39

592,927 469,773

0.43 0.34

South Korea

696 AMOREPACIFIC CORP 2,557 CJ CHEILJEDANG

Emerging Internal Demand

Securities Portfolio as at 30/06/10

236,450 530,384 26,202 27,366 215,800 176,080 114,000 32,282 18,176 54,100 126,100 73,000 81,000

40,787 309,623 422,331 673,225 383,467 337,894 411,387

0.03 0.23 0.31 0.49 0.28 0.25 0.30

455,729 424,493 473,262 534,682 313,008 260,359 206,469 364,230 268,839 654,726 647,019 211,810 531,413 52,970 599,320 703,849 1,365,562 183,066 159,855 853,377 99,246 128,997 1,060,178 527,104 187,168 247,212 212,223 265,567

0.33 0.31 0.34 0.39 0.23 0.19 0.15 0.27 0.20 0.48 0.47 0.15 0.39 0.04 0.44 0.51 1.00 0.13 0.12 0.62 0.07 0.09 0.77 0.38 0.14 0.18 0.15 0.19

Taiwan

2,996,666

2.18

Thailand

202,700 7,050 225,400 43,400 639,300

USD

DAEGU BANK DONG-A PHARMACEUTICAL HANA FINANCIAL GROUP INC HANA TOUR SERVICE INC HANMI PHARMACEURICAL CO HYUNDAI DEPARTMENT STORE SHS HYUNDAI DEVELOPMENT COMPANY ENGINEERING HYUNDAI FIRE MARINE INSURANCE CO LTD HYUNDAI STEEL CO KANGWON LAND KB FINANCIAL GROUP INC KCC CORP KOREA INVESTMENT HOLDINGS CO LTD KT & G CORP-SHS. KT ADR KT CORPORATION LG CORP LG ELECTRONICS INC LG ELECTRONICS INC PFD SHS.NON VOTING LG HOUSEHOLD AND HEALTHCARE LG TELECOM CO LTD NHN CORP ORION CORPORATION POSCO SAMSUNG CARD SHS SAMSUNG ENGINEERING SAMSUNG FIRE AND MARINE INSURANCE SAMSUNG HEAVY INDUSTRIES CO LTD SAMSUNG SECURITIES CO LTD SHINHAN FINANCIAL GROUP SHINSEGAE CO LTD SK TELEKOM WOONG JIN COWAY CO LTD WOORI INVESTMENT & SECURITIES CO LTD YUHAN CORP

CATHAY FINANCIAL CHINATRUST FINANCIAL HLDGS CHUNGHWA TELECOM CHUNGHWA TELECOM CO LTD ADR REPR 10 SHS FAR EASTERN TEXTILE FORMOSA PLASTICS CORP FUBON FINANCIAL HOLDING COMPANY MEDIA TEK INCORPORATION PRESIDENT CHAIN STORE CORP SYNNEX TECHNOLOGY INTERNATIONAL CORP TAIWAN CEMENT CORP TAIWAN MOBILE WPG HOLDING

ADVANCED INFO SERVICE -FBANPU PUBLIC CO LTD -FBIG C SUPERCENTER PUBLIC -FKASIKORNBANK -FKRUNG THAI BANK FOREIGN REGISTERED

353,591 292,993 52,108 538,837 224,319 372,638 128,080 454,619 53,796 118,028 107,139 149,265 151,253

% of NAV

22,730 5,738 31,260 13,755 1,290 10,100 4,191 19,000 7,276 12,122 8,411 6,714 1,866 8,450 3,991 2,334 3,577 4,501 1,706 5,334 5,250 2,887 28,379 1,213 1,425 7,350 16,310 2,121

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

3,560 3,076 15,710 15,012 5,436 3,514 18,280

87,000 61,500 91,000 1,094,700 140,800

PTT CHEMICAL (F) PTT EXPLORATION AND PRODUCTION PUBLIC CO PTT PUBLIC COMPANY LTD -FROBINSON DEPT STORE -F- REGISTERED SIAM COMMERCIAL BANK PUBLIC -F-

282,032 272,468 691,139 523,861 353,196

0.21 0.20 0.49 0.38 0.26

3,221,687

2.35

AKCANSA CIMENTO SANAYI VE TICARET AS ALBARAKA TURK KATILIM BANKASI ARCELIK ASYA KATILIM BANK-SHS BBAGFAS BANDIRMA FORD OTOMOTIV HACI OMER SABANCI HOLDING AS KOC HOLDING AS -BSINPAS GAYRIM TURCAS PETROL AS TURK EKONOMI BANKASI TURK HAVA YOLLARI AO TURK TRAKTOR VE ZIR TURKIYE GARANTI BANKASI AS (NAMEN-AKT) TURKIYE HALK BANKA -SHSTURKIYE IS BANKASI AS YAPI VE KREDI BANKASI AS

122,627 32,071 286,739 184,950 39,423 278,761 63,565 464,317 49,566 30,741 86,519 46,207 97,525 705,106 107,113 352,349 274,108

0.09 0.02 0.21 0.13 0.03 0.20 0.05 0.34 0.04 0.02 0.06 0.03 0.07 0.52 0.08 0.26 0.20

United Kingdom

187,668

0.14

175,893 11,775

0.13 0.01

527,492

0.38

141,108 175,560 210,824

0.10 0.13 0.15

Options, Warrants, Rights

836,121

0.61

India

Turkey

30,101 17,271 67,759 80,007 606 42,850 15,725 136,137 41,303 9,638 70,976 18,663 12,761 167,876 14,372 112,700 100,460

13,244 IBS GROUP HOLDING-GDR 886 IBS GROUP REG-S -GDRUnited States of America

6,600 CENTRAL EUROPEAN DISTRIBUTION CORP 38,000 CHINA SECURITY SURVEILLANCE TECHNOLOGY 14,600 CTC MEDIA INC

325,885

0.24

11,449 DEUTSCHE BK (BHARTI AIRTEL) 24.01.17 WAR 4,140 JP MORGAN (HOUSING DVPT) 12.06.12 WAR

64,775 261,110

0.05 0.19

0.26 Netherlands 0.21 8,090 JP MORGAN (HOUSING DEV) 25.08.14 WAR 0.04 0.39 Other transferable securities 0.16 Shares 0.27 Brazil 0.09 0.33 8,306 ITAU UNIBNCO PFD ADS REP 1PFD SH REG S 0.04 Russia 0.09 288 PIPE METALL COM - ISSUE 2 0.08 Options, Warrants, Rights 0.11 0.11 Bermuda

510,236

0.37

3,556,216

2.59

542,891 131,902 382,742 127,292 248,693

0.40 0.10 0.28 0.09 0.18

105,481 CLSA FIN.PROD (EQUITY) 05.05.10 WAR 11,965 CLSA FIN.PROD.REGS (TATA) 20.05.10 WAR India

49,771 CLSA FIN PROD. (GAIL INDIA) 16.01.12 WAR 9,175 CLSA FIN PROD. (JSW STEEL) -03.10.12 WAR 83,911 CLSA FIN PROD.(RELIANCE I) -17.05.10 WAR

510,236

0.37

4,094,580

2.98

149,641

0.11

149,641

0.11

149,641

0.11

0

0.00

0

0.00

3,944,939

2.87

818,881

0.60

693,759 125,122

0.51 0.09

3,126,058

2.27

500,806 209,701 1,969,164

0.36 0.15 1.43

The accompanying notes form an integral part of these financial statements

23

Emerging Internal Demand

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

15,845 CLSA FIN PROD.(TATA POWER) -02.08.10 WAR

Total securities portfolio

The accompanying notes form an integral part of these financial statements

24

446,387

0.33

134,657,034

98.10

Emerging Markets

Securities Portfolio as at 30/06/10

372,086,918

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

355,102,797

93.88

352,796,520

93.27

331,886

0.09

20,200 TELECOM ARGENTINA SPONS. ADR REPR. 5 B SHS

1,818,000 250,500 109,500 27,617 8,598,000 1,070,000

AAC ACOUSTIC TECHNOLOGIES HOLDINGS INC ASM PACIFIC TECHNOLOGY CHINA MOBILE SP ADR.REPR.5 SHS CNOOC ADR REPR.100 SHS SAMSON HOLDING LTD SHANGRI - LA ASIA LTD

4.73

2,614,777 1,965,494 5,410,396 4,699,585 1,214,543 1,989,643

0.69 0.52 1.43 1.24 0.32 0.53 0.23

0.09 0.70

Hungary

856,410

2,663,589

0.70

41,829 OTP BANK LTD

856,410

0.23

Brazil

45,859,785

12.12

28,192,361

7.45

BANCO BRADESCO PFD ADR REPR 1 BANCO SANTANDER UNITS (50SHS+50PFD SHS) CEMIG ADR REPR 1 PFD SH COMP.BRASIL.DISTR.ADR 2PFD CL.-ADURATEX ECORODOVIAS HYPERMARCAS SA ITAU UNIBANCO PFD ADR REPR 1 PFD SHS PDG REALTY PETROBRAS SA-ADR-REPR.100 PFD SHS 144A SUZANO PAPEL PFD.SHS USIMINA VALE PFD -A- ADR REPR 1PFD SHS-AVIVO PART ADR

5,392,400 1,750,698 1,677,749 1,883,992 957,152 1,613,397 886,928 5,300,253 1,917,561 11,392,243 1,044,018 1,262,237 9,998,373 782,784

1.43 0.46 0.44 0.50 0.25 0.43 0.23 1.40 0.51 3.01 0.28 0.33 2.64 0.21

4,049,162 2,726,720 2,333,785 1,001,536 2,015,381 1,718,514 2,336,490 2,215,720 1,201,657 3,196,311 1,494,557 2,003,610 1,898,918

1.07 0.72 0.62 0.26 0.53 0.45 0.62 0.59 0.32 0.84 0.40 0.53 0.50

10,131,344

2.68

1,649,569

0.44

1,649,569

0.44

3,948,930

1.04

1,152,915 2,796,015

0.30 0.74

40,984,675

10.83

1,409,576 2,722,704 1,753,668 1,392,225 1,362,341 1,490,830

0.37 0.73 0.46 0.37 0.36 0.39

1,512,627

0.40

BAIDU - SHS -A- ADR REPR 1 SH -ABELLE INTERNAIONAL HOLDING CH HS TRANSMISS SHS CHINA MENGNIU DAIRY CHINA MERCHANT BANK -HCHINA MOBILE LTD CHINA OVERSEAS LAND INVESTMENT LTD -RCCHINA SHENHUA ENERGY CO LTD-SHS.-HCNOOC LTD -RCINDUS.AND COMMERCIAL BANK OF CHINA -HMINDRAY MEDICAL -ADRNEW ORIENTAL EDUCATION & TECH.GR ADR RE4 PING AN INS (GRP) CO -HWUXI PHARMA TECH SPONSORED ADR REPR 8

1,450,104 2,933,627 1,892,662 2,886,591 5,422,046 2,585,871 1,125,442 3,121,884 1,958,772 5,276,014 3,490,636 1,360,574 5,325,916 2,154,536

0.38 0.78 0.50 0.76 1.43 0.68 0.30 0.83 0.52 1.39 0.92 0.36 1.41 0.57

Colombia

3,744,629

0.99

1,498,887 2,245,742

0.40 0.59

Egypt

7,370,142

1.95

COMMERCIAL INTERNATIONAL BANK GDR REG-S ORASCOM CONSTRUCTION INDUSTRIE REG. TELECOM EGYPT SHS TMG HOLDING

2,230,465 2,314,922 1,430,181 1,394,574

0.59 0.61 0.38 0.37

Canada

83,777 METHANEX CORP Cayman Islands

76,100 CHINA LODGING ADR REP.4SHS 1,642,000 PARKSON RETAIL GP China

29,900 BANCOLOMBIA ADR REPR.4 PREF SHS 377,718 CEMENTOS ARGOS SA

182,825 57,975 517,556 1,082,223

98.37

17,894,438

331,886

8,715,000 GOME ELECTRICAL APP

21,300 2,047,000 890,000 881,500 2,233,976 257,500 597,000 853,000 1,140,000 7,182,690 111,096 14,600 644,500 134,996

Hong Kong

2,663,589

Bermuda

340,000 170,300 114,366 27,100 105,200 291,400 68,969 294,295 226,800 382,290 123,725 48,000 475,660 30,200

% of NAV

USD

Long positions

Argentina

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

India

151,371 51,487 375,516 172,028 2,115,354 170,003 39,000 800,538 39,200 141,525 63,692 71,126 479,192

AXIS BK - DEMARTERIALISED BHARAT HEAVY ELECTRICALS (DEMATERIALISED) DLF SHS GLENMARK PHARMACEUTICALS GVK POWER & INFRASTRUCTURE LTD HINDUSTAN PETROLEUM (DEMATERIALISED) INFOSYS TECHNOLOGIES ADR REPR.1 SHS JAIPRAKASH ASSOCIATES MARUTI UDYOG LTD PUNJAB NATIONAL BANK SHS/DEMAT. RELIANCE INDUSTRIES DEMATERAILISED TATA POWER DEMATERIALISED UNITED PHOSPHORUS LTD DEMATERIALISED Indonesia

6,586,500 511,000 2,649,500 12,748,000 3,187,000 1,544,500

ANEKA TAMBANG SHS ASTRA INTERNATIONAL TBK BANK MANDIRI DELTA DUNIA MAKMUR PERUSAHAAN GAS NEGA -BSEMEN GRESIK (PERSERO) TBK Ireland

247,812 DRAGON OIL PLC Kazakstan

82,599 HALYK SAVINGS BANK OF KAZAKHSTAN-GDRLuxembourg

29,800 TERNIUM SA -ADR 1/10 SHSMalaysia

1,636,837 AMMB HOLDING BHD 1,941,300 GENTING MALAYSIA BHD 1,007,100 SP SETIA BHD Mexico

103,300 618,000 1,751,400 159,100 428,700 628,500

1,512,627

0.40

655,010

0.17

655,010

0.17

981,016

0.26

981,016

0.26

5,463,282

1.44

2,522,886 1,636,994 1,303,402

0.67 0.43 0.34

15,152,903

4.01

AMERICA MOVIL ADR REPR.20SHS -LGEO -BGMEXICO -BGRUPO BIMBO -SHS- -AGRUPO FINANCIERO BANORTE -OMEXICHEM SHS

4,906,750 1,660,068 4,145,921 1,135,300 1,668,298 1,636,566

1.30 0.44 1.10 0.30 0.44 0.43

Oman

1,809,922

0.48

1,809,922

0.48

212,932 BANK MUSCAT SAOG SPONSOR.GL.DEP.REC.SHS

The accompanying notes form an integral part of these financial statements

25

Emerging Markets

Securities Portfolio as at 30/06/10

Peru

16,700 BUENAVENTURE SP ADR-SHS15,400 SOUTHERN COPPER CORP Philippines

9,415,000 ALLIANCE GLOBAL GROUP 867,800 FIRST PHILIPPINE HOLDINGS 737,200 METROBANK AND TRUST Poland

301,601 KGHM POLSKA MIEDZ SA

1,050,664

0.28

641,948 408,716

0.17 0.11

3,167,358

0.84

1,117,086 1,048,361 1,001,911

0.30 0.28 0.26

7,912,489

2.09

2,242,224 676,446

0.59 0.18

17,269,131

4.57

AK SBEREGATELNY BANK SBERBANK GAZPROM OAO ADR RASPADSKAYA -SHSSBERBANK SURGUTNEFTEGAZ PREF SHS

6,524,177 3,283,480 85,429 3,769,324 3,606,721

1.73 0.87 0.02 1.00 0.95

Singapore

2,882,958

0.76

South Africa

EXXARO RESOURCES LTD GRINDROD IMPERIAL HOLDINGS LTD INVESTEC LTD MONDI -SHSMTN GROUP LTD NASPERS -NSouth Korea

2,882,958

0.76

12,633,650

3.34

2,346,687 797,384 183,838 1,048,085 563,132 2,042,185 5,652,339

0.62 0.21 0.05 0.28 0.15 0.54 1.49

54,362,689

14.37

1,557,285 3,642,950 2,068,642 2,007,528 2,452,900 2,403,604 979,744 3,566,789 3,561,841 2,544,942 2,532,413 15,170,074 3,732,525 3,980,368 2,594,239 1,566,845

Taiwan

42,209,910

11.16

1,253,050 2,142,782 3,468,029

0.33 0.57 0.92

The accompanying notes form an integral part of these financial statements

830,129 63,300 1,214,411 264,812 1,846,521 226,245 313,000 161,300 735,714 598,000 625,200 1,345,125

CHUNGHWA TELECOM CHUNGHWA TELECOM CO LTD ADR REPR 10 SHS DELTA ELECTRONIC INCS HIGH TECH COMPUTER CORP HON HAI PRECISION INDUSTRY CO LTD MEDIA TEK INCORPORATION NAN YA PRINTED CIRCUIT BOARD SILICONWARE ADR REPR.SHS SILICONWARE PRECISION INDUSTRIES CO LTD TAIWAN FERTILIZER CO TAIWAN SEMICON ADR (REPR 5 SHS) TAIWAN SEMICONDUCTOR MANUFACTURING CO LT 559,210 TRIPOD TECHNOLOGY CO LTD

0.44 0.33 1.03 0.94 1.73 0.84 0.34 0.23 0.21 0.42 1.61 0.67 0.55

7,795,954

2.06

3,204,495 3,196,570 1,394,889

0.84 0.85 0.37

Turkey

6,426,397

1.70

AKSA ENERJI TOFAS TURK OTOMOBIL FABRIKASI AS TRAKYA CAM SANAYII TUPRAS TURKIYE PETROL RAFINELERI TURK TELEKOM TURKIYE GARANTI BANKASI AS (NAMEN-AKT)

506,010 1,778,593 0 442,582 179,169 3,520,043

0.13 0.47 0.00 0.12 0.05 0.93

922,478

0.24

723,300 PTT EXPLORATION AND PRODUCTION PUBLIC CO 1,274,300 SIAM COMMERCIAL BANK PUBLIC -F1,229,400 TOTAL ACCESS COMMUNICATION PUB.(FOR REG)

172,662 521,481 0 24,163 56,173 838,073

1,650,879 1,246,377 3,911,783 3,543,846 6,551,304 3,186,151 1,280,970 862,955 802,538 1,581,936 6,101,952 2,536,904 2,088,454

Thailand

United Arab Emirates

1,246,592 DEPA United Kingdom

56,300 ANGLO AMERICAN PLC 69,380 ANTOFAGASTA PLC 28,548 EURASIAN NATURAL RESOURCES CORPORATION United States of America

34,600 AMERICAN DAIRY INC

Convertible bonds

AMOREPACIFIC CORP KB FINANCIAL GROUP INC KOOKMIN BANK ADR 1 SH KOREAN REINSURANCE CO KT & G CORP-SHS. LG HOUSEHOLD AND HEALTHCARE MEGASTUDY NHN CORP POSCO POSCO (P.ADRS) SAMSUNG CARD SHS SAMSUNG ELECTRONICS CO LTD SAMSUNG FIRE AND MARINE INSURANCE SHINHAN FINANCIAL GROUP SHINSEGAE CO LTD SK TELECOM CO LTD - ADR - REP.1/90 SH

1,398,000 AU OPTRONICS 1,432,900 CATHAY FINANCIAL 6,277,919 CHINATRUST FINANCIAL HLDGS

26

0.09

2.09

7,594,000 GOLDEN AGRI-RESOURCES

1,828 93,717 54,596 254,474 49,790 8,440 7,372 23,752 9,330 26,982 62,264 23,950 23,330 106,547 5,970 106,371

326,255

0.77

Russia

163,020 426,262 16,425 149,200 95,527 155,000 166,717

0.09

2,918,670

609,300 COMM BK QATAR -GDR- RECP 1/5 SHS REG-S 30,107 QATAR TELECOM GDR

3,656,845 172,000 21,422 1,544,805 8,257,145

USD

326,255

7,912,489

Qatar

% of NAV

7,378 COPA HOLDINGS SA

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

Panama

0.41 United Arab Emirates 0.96 0.55 2,415,000 ALDAR FUNDING LTD 5.767 07-11 10/11Q 0.53 Shares/Units of UCITS/UCIS 0.65 Shares/Units in investment funds 0.64 0.26 Ireland 0.94 1,114,213 EMM UMBRELLA EME MKTS GLB SMALLCAP 0.94 0.67 Total securities portfolio 0.67 4.01 0.99 1.05 0.69 0.41

922,478

0.24

3,163,875

0.84

1,979,785 816,361 367,729

0.52 0.22 0.10

551,524

0.15

551,524

0.15

2,306,277

0.61

2,306,277

0.61

2,306,277

0.61

16,984,121

4.49

16,984,121

4.49

16,984,121

4.49

16,984,121

4.49

372,086,918

98.37

Emerging World

Securities Portfolio as at 30/06/10

Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares Argentina

7,800 NORTEL INVERSORA ADR REPR.1/20 PFD -BBermuda

4,500 CENTRAL EUROPEAN MEDIA ENTERPRISES -A16,100 COSAN -A10,000 VIMPELCOM ADR REPR 1SH WHEN ISSUED Brazil

12,100 23,600 11,500 700 22,700 15,900 53,426 18,034 9,500 16,100 42,200 1,400 18,239 107,900 516 10,598 800 81,900 4,757 11,500 9,500 14,000 24,300 1,400 6,634 6,800 24,900 3,426 600 5,500 2,900 200 35,100 26,900 5,600 20,000 2,500 2,200 74,000 32,753 904 140,346 36,800

ACUCAR GUARANI SA AGY AES TIETE AES TIETE PREF AMBEV - ADR 1.SHS AMIL PARTICIPACOES SA BANCO ABC BRASIL SA CONY BANCO BRADESCO PFD ADR REPR 1 BANCO DO BRASIL SA BANCO SANTANDER SA BANRISUL - PFD SHS -BBMF BOVESPA BR MALLS PARTICIPACOES SA BRADESPAR PFD SHS BRASCAN RESIDENTIAL PROPERTIES SA BRASIL TELECOM ADR REPR.1SHS BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS BRF ADR REPR 1 SHS CAMRGO CORREA DESENVOLVIMENTO IMOBILIARO CEMIG (CIA ENERGETICA MINAS GERAIS) CENTRAIS ELETRICAS BRASILEIRAS CESP PREFERD SHS -BCIA BRASILEIRA DIST PFD SHS -ACIA HERING CIA SIDERURGICA NACIONAL ADR 1 SHS CIELO COELCE -A- PREF COMPANHIA SIDERURGICA NACIONAL COMP.BRASIL.DISTR.ADR 2PFD CL.-ACOPEL SP.ADR REPR.1 PFD SHS -BCYRELA BRAZIL REALTY SA ELETROPAULO ELETRICIDADE PFD -BENERGIAS DO BRAZIL EVEN CONSTR SHS EZ TEC FIBRIA ADR REPR 1 SH GAFISA SA -ADR- REPR 2 SHS GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH. HYPERMARCAS SA INPAR ITAU UNIBANCO PFD ADR REPR 1 PFD SHS ITAUSA INVESTIMENTOS ITAU SA PREF SHS ITAUSA INVESTIMENTOS ITAU SA-PREF JHSF PARTICIPACOES -SHS-

% of NAV

Long positions

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

USD

102,344,390

98.66

96,251,013

92.79

95,484,836

92.05

148,434

0.14

148,434

0.14

405,526

0.39

93,352 150,374 161,800

0.09 0.14 0.16

20,083,391

19.37

25,509 233,707 132,385 60,361 184,495 107,263 847,336 246,621 98,135 117,277 271,576 18,252 331,790 465,717 4,463 212,808 10,608 231,726

0.02 0.23 0.13 0.06 0.18 0.10 0.82 0.24 0.09 0.11 0.26 0.02 0.32 0.45 0.00 0.21 0.01 0.22

51,330 152,226 129,652 489,161 633,615 20,566 55,942 98,764 363,309 238,176 12,390 59,531 57,855 3,972 130,662 123,567 82,880 242,200 30,300 28,292 112,898 589,882 5,371 833,894 53,081

0.05 0.15 0.12 0.47 0.61 0.02 0.05 0.10 0.35 0.23 0.01 0.06 0.06 0.00 0.13 0.12 0.08 0.23 0.03 0.03 0.11 0.57 0.01 0.80 0.05

160,000 89,184 16,100 3,000 9,500 9,000 161,600 65,203 18,072 136,400 10,300 26,200 83,500 11,000 500 3,600 4,800 700 31,231 23,500 30,600 43,000 27,698 4,847 26,767 300

KLABIN PREF. LLX LOGISTICA LOCALIZA RENT A CAR SA LOJAS RENNER MPX ENERGIA MRV ENGENHARIA PARTICIPACOES SA OGX PETROLEO E GAS PARTICIPACOES SA PDG REALTY PETROBRAS SA-ADR-REPR.100 PFD SHS 144A PETROLEO BRASILEIRO -PETROBRAS- PREF. PETROLEO BRASILEIRO SP.ADR REPR.2 SH SARAIVA SA LIVREIROS EDITORES PREF SUZANO PAPEL PFD.SHS TELE NORTE LESTE PARTICIPACOES TELECOMUNICACOES DE SAO PAULO TELEMAR PFD -ATIM PARTICIPACOES-ADR REP 10 PFD SHS TOTVS TRISUL SA USIMINA VALE ADR REP 1SH VALE DO RIO DOCE VALE DO RIO DOCE PREF -AVALE PFD -A- ADR REPR 1PFD SHS-AVIVO PART ADR VIVO PATICIPACOES SA

443,824 364,155 187,125 81,553 103,827 63,461 1,498,991 551,282 538,546 2,032,553 353,496 542,165 704,591 230,068 9,093 97,863 130,272 52,019 102,052 617,970 745,110 1,041,295 582,537 101,884 693,801 14,313

0.43 0.35 0.18 0.08 0.10 0.06 1.45 0.53 0.52 1.96 0.34 0.52 0.68 0.22 0.01 0.09 0.13 0.05 0.10 0.60 0.72 1.00 0.56 0.10 0.67 0.01

73,770

0.07

73,617 153

0.07 0.00

1,675,018

1.61

CHANGYOU -A- -ADR- REP 2 SHS A CHINA AUTOMATION GROUP LTD¦ JU TENG INTERNATIONAL HOLDINGS KWG PROPERTY HOLDING LTD NETEASE.COM ADR REPR.SHS PARKSON RETAIL GP XINAO GAS HOLDINGS LTD

80,166 28,647 986,639 84,567 76,104 109,831 309,064

0.08 0.03 0.94 0.08 0.07 0.11 0.30

Chile

346,339

0.33

ANDINA SPONS.ADR REPR.6 PFD -BCENCOSUD SA CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS EMBOTELLADORA ANDINA PFD -BEMPRESAS CMPC EMPRESAS LA POLAR ENTEL SOQUIMICH SPONSORED ADR REPR 1 -B- PREF

46,956 20,018 4,309 73,906 58,709 116,763 9,373 16,305

0.05 0.02 0.00 0.07 0.06 0.10 0.01 0.02

14,451,163

13.93

103,905 517,973 111,980 19,417 63,438 1,218,814 1,444,304

0.10 0.50 0.11 0.02 0.06 1.17 1.38

Canada

80,649 EASTERN PLATINIUM 168 EASTERN PLATINUM SHS Cayman Islands

3,100 44,000 1,594,000 135,500 2,400 64,500 138,000

2,100 4,454 100 19,745 1,346 21,543 700 500

China

104,000 1,016,000 200,000 21,000 130,000 1,497,012 324,588

AIR CHINA .SHS. -HBANK OF CHINA LTD -HCHINA BLUECHEMICAL SHS.HCHINA COMM CONSTRUCTION -HCHINA COMMUNICATION SERCICES CORP -HCHINA CONSTRUCTION BANK CORPORATION -HCHINA LIFE INSURANCE CO LTD

The accompanying notes form an integral part of these financial statements

27

Emerging World

Securities Portfolio as at 30/06/10

Colombia

700 BANCOLOMBIA ADR REPR.4 PREF SHS Cyprus

9,718 GLOBALTRANS INV -GDR- REP 1 SH REG -S Egypt

3,634 ORASCOM CONS INDUSTRIE GRD REP 1SH REG-S 835 ORASCOM CONSTRUCTION INDUSTRIE REG. Hong Kong

51,000 26,000 162,000 135,000 92,000 167,500 102,000 42,000

BEIJING ENTERPRISES HOLDINGS LTD -RCCAFE DE CORAL HOLDINGS LTD CHINA UNICO HK CN TAIPING INSURANCE HOLDINGS CO LENOVO GROUP LTD -RCLIFESTYLE INTERNATIONAL POLY (HONG KONG)INVESTEMENTS LTD WHARF HOLDINGS Hungary

8,246 OTP BANK LTD 1,036 RICHTER GEDEON PLC

The accompanying notes form an integral part of these financial statements

28

% of NAV

CHINA MERCHANT BANK -HCHINA MOBILE LTD CHINA OILFIELD SVC -HCHINA OVERSEAS LAND INVESTMENT LTD -RCCHINA PACIFIC INSURANCE (GROUP) CO LTD¦ CHINA PETROLEUM AND CHEMICAL -HCHINA RAILWAY CONSTRUCTION -HCHINA RESOURCES BEIJING LAND LTD CHINA RESOURCES ENTERPRISE LTD -RCCHINA RESOURCES POWER HOLDINGS -RCCHINA SHENHUA ENERGY CO LTD-SHS.-HCHINA SHIPPING CONTAINER LINES -HCHINA SOUTH LOCOMOTIVE & ROLLING STOCK CHINA TELECOM CORP LTD -HCHINA YURUN FOOD GROUP LTD CNOOC LTD -RCCTRIP.COM INTL - SHS ADR REPR.1/4TH SHS DENWAY MOTORS LTD -RCGOLDEN EAGLE RETAIL GROUP LTD GREAT WALL MOTOR CO-HGUANGDONG INVEST -RCINDUS.AND COMMERCIAL BANK OF CHINA -HMINDRAY MEDICAL -ADRNEW WORLD DEPARTMENT STORE CHINA LTD PERFECT WORLD -B- ADR REC. REPR 5 SHS -B PETROCHINA CO LTD -HPING AN INS (GRP) CO -HTINGY HOLDING CORP YANZHOU COAL MINING CO -HZHEJIANG EXPRESSWAY -HZHUZHOU CSR TIMES - SHS -HZIJIN MINING CORP CO LTD -HZTE CORPORATION -H-

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

284,105 189,572 56,000 152,720 54,000 810,230 127,500 186,000 42,000 98,000 161,423 354,000 199,000 449,760 28,000 614,835 4,400 396,000 147,000 135,000 402,000 1,744,332 3,800 8,000 3,000 528,669 7,500 66,000 26,000 246,000 123,000 76,000 17,310

USD

689,546 1,903,723 66,232 287,902 216,010 660,701 161,440 353,507 156,142 223,507 590,790 127,287 136,975 217,166 88,633 1,056,422 165,264 187,648 309,588 235,774 190,491 1,281,292 119,396 7,294 66,030 595,396 61,977 162,900 50,951 228,084 262,834 57,192 53,238

0.66 1.83 0.06 0.28 0.21 0.64 0.16 0.34 0.15 0.22 0.57 0.12 0.13 0.21 0.09 1.02 0.16 0.18 0.30 0.23 0.18 1.24 0.12 0.01 0.06 0.57 0.06 0.16 0.05 0.22 0.25 0.06 0.05

35,091

0.03

35,091

0.03

138,870

0.13

138,870

0.13

173,977

0.17

140,636 33,341

0.14 0.03

1,747,387

1.68

334,340 66,777 219,270 442,942 50,093 326,950 101,252 205,763

0.32 0.06 0.21 0.42 0.05 0.32 0.10 0.20

353,564

0.34

168,829 184,735

0.16 0.18

India

14,000 12,392 7,193 6,700

DR REDDYS LABORATORIES ADR ICICI BANK ADR REPR.2 SHS LARSEN TOUBRO GDR-GL.DEPOS.REC.REPR 1SH STERLITE INDUST(INDIA) LTD-ADR-REP 4 Indonesia

988,000 106,000 299,500 700,500 640,500 388,786 78,500 241,000 1,002,000 243,500 96,000 137,500 411,940

0.42 0.43 0.27 0.09

3,926,798

3.79

216,891 564,789 196,583 463,652 166,042 398,865 321,707 420,055 428,323 45,665 92,664 261,652 349,910

0.21 0.55 0.19 0.46 0.16 0.38 0.31 0.40 0.41 0.04 0.09 0.25 0.34

Isle of Man

136,515

0.13

Kazakstan

4,390 HALYK SAVINGS BANK OF KAZAKHSTAN-GDR-

136,515

0.13

34,813

0.03

34,813

0.03

2,582,368

2.49

165,229 294,055 23,444 139,856 611,194 141,127 7,659 16,815 290,616 411,919 36,444 1,706 298,732 15,364 128,208

0.16 0.28 0.02 0.13 0.59 0.14 0.01 0.02 0.28 0.40 0.04 0.00 0.29 0.01 0.12

Mexico

5,505,144

5.31

AMERICA MOVIL ADR REPR.20SHS -LAMERICA MOVIL -LDESARROLLADORE HOMEX -ADR- REPR 6 SHS EMPRESAS ICA - ADR - REPR 4 FEMSA SPON ADR REP.10UTS CONS-B-+20SH-DGEO -BGMEXICO -BGRUMA SHS-BGRUPO FINANCIERO BANORTE -OGRUPO MODELO-C- SHS-CGRUPO TELEVISA ADR (5 ORD.PART.CERT.) INDUSTRIAL PENOLES SAB DE CV KIMBERLY-CLARK -AURBI DESARROLL SHS

912,048 162,500 55,528 7,504 219,073 427,374 2,185,196 138,030 444,802 233,023 454,279 54,599 61,480 14,115

0.88 0.16 0.05 0.01 0.21 0.41 2.12 0.13 0.43 0.22 0.44 0.05 0.06 0.01

Malaysia

19,201 68,000 2,200 800 5,077 159,100 923,113 89,100 114,300 47,000 26,093 2,790 10,600 7,600

1.21

431,900 447,847 279,016 95,408

ADARO ENERGY ASTRA INTERNATIONAL TBK BANK CENTRAL ASIA DEP BANK MANDIRI BANK NEGARA INDONESIA BANK RAKYAT INDONESIA INDO TAMBANGRAYA MEGAH INDOCEMENT TUNGGAL PRAKARSA PERUSAHAAN GAS NEGA -BPT BANK TABUNGAN NEGARA (PERSERO) SEMEN GRESIK (PERSERO) TBK TAMBANG BATUBARA -BTELKOM INDONESIA SERIES -B-

49,324 EXILLON ENERGY PLC

107,200 136,000 3,300 141,938 277,912 167,362 5,040 10,866 57,300 176,400 34,600 464 81,000 18,843 23,800

1,254,171

AMMB HOLDING BHD CIMB GROUP HOLDINGS BHD DIGI.COM BHD GAMUDA BHD GENTING BHD GENTING MALAYSIA BHD IJM CORP IOI CORPORATION BHD KUALA LUMPUR KEPONG MY MALAYAN BANKING BHD PLUS EXPRESSWAYS BHD PUBLIC BANK BHD PUBLIC BANK BHD FOREIGN STEPPE CEMENT LTD TANJONG PLC

Emerging World

Securities Portfolio as at 30/06/10

348,079

0.34

284,456 63,623

0.28 0.06

1,011,983

0.98

ALLIANCE GLOBAL GROUP AYALA LAND INC BANK OF THE PHILIPPINE ISLANDS ENERGY DEVELOPMENT FIRST PHILIPPINE HOLDINGS METROBANK AND TRUST PHILIPPINE LONG DISTANCE TEL. PHILIPPINE LONG DISTANCE TEL.ADR (1 SH) SM PRIME HOLDINGS INC

63,478 130,792 203,727 161,662 104,377 138,490 8,802 5,097 195,558

0.06 0.13 0.20 0.16 0.10 0.13 0.01 0.00 0.19

Poland

466,182

0.45

CYFROWY POLSAT SA EUROCASH SA GRUPA PEKAO SA MOSTOSTAL WARSZAWA PKO BANK POLSKI SA POLISH OIL AND GAS COMPANY SA POLISH TELECOM SA

28,349 104,055 7,807 18,330 215,277 4,256 88,108

0.03 0.10 0.01 0.02 0.21 0.00 0.08

Russia

7,473,897

7.21

AEROFLOT COMSTAR UNITED TELESYSTEMS (GDR) EURASIA DRILLIN GDR SHS REG-S GAZPROM OAO ADR GK PIK - GDR - RECEIPT REPR 1 SH RGS-S GROUP LSR -GDR- REPR SHS REG -S JSFC SISTEMA GDR REPR.SHS REG-S LUKOIL HOLDINGS ADR REPR.1 SHS MECHEL OJSC ADR REPR.1 SHS MMC NORILSK NICKEL ADR REPR.1/10SHS MOBILE TELESYSTEMS ADR REPR.2 SHS MOSCOW POWER NOVATEK GDR REPR 1/100 SHS REG-S NOVOLIPETSK STEEL - GDR - REPR SHS REG S NOVOROSS PORT SHS GDR REPR SHS REG-S PHARMSTANDARD-OKT SHS GDR SHS REG-S POLYMETAL GDR - REPR 1 SH 1 SH REG-S POLYUS ZOLOTO ADR REP.1/2 SHS ROSNEFT OIL COMPANY OJSC ROSNEFT OIL-GDRRUSHYDRO ADR REPR 100 SHS SURGUTNEFTEGAZ JSC PFD ADR 10 PFD SHS TMK SHS SPONSORED GDR REPR.SHS REG-S TNK BP HOLDING URALKALIY GDR REPR.5SHS REG-S VNESHTORGBANK-GDR-REPR 2000 SHS REG-S WGC-2

28,455 85,077 176,730 1,932,442 54,835 137,165 578,341 1,013,262 94,328 186,132 282,610 41,905 334,749 34,424 86,801 106,480 136,946 69,371 79,174 415,191 127,385 120,700 169,215 96,522 194,436 849,878 41,343

0.03 0.08 0.17 1.87 0.05 0.13 0.56 0.99 0.09 0.18 0.27 0.04 0.32 0.03 0.08 0.10 0.13 0.07 0.08 0.40 0.12 0.12 0.16 0.09 0.19 0.82 0.04

South Africa

5,915,288

5.70

367,712 94,887 699

0.35 0.09 0.00

Philippines

6,747 16,209 169 909 19,946 4,369 20,808

15,539 13,947 9,157 101,228 16,128 18,048 24,382 19,675 5,200 12,819 14,750 447,434 4,630 1,324 7,891 4,840 10,912 2,518 12,817 67,183 26,050 28,400 11,281 46,405 10,790 174,513 866,538

23,202 ABSA GROUP LTD 24,030 AFRICAN BANK INVESTMENTS LIMITED 225 ALTRON

% of NAV

0.13

7,400 BUENAVENTURE SP ADR-SHS700 CREDICORP

535,000 449,100 205,300 1,647,000 86,400 101,900 170 100 824,100

USD

135,593

Peru

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

61,000 WAL MART -V-

2,736 5,445 19,370 24,691 14,119 40,281 167,363 139,829 49,970 4,551 23,607 4,197 10,674 17,551 9,994 65,448 20,546 14,685 10,966 25,633 25,193 29,922 43,363 6,991 21,446

ANGLO PLATINUM ANGLOGOLD ASHANTI LTD-REG.SHS ASPEN PHARMACARE HOLDINGS PLC AVENG LTD BIDVEST GROUP CLICKS GROUP ESORFRANKI FIRSTRAND LTD GRINDROD IMPALA PLATINUM HOLDINGS LTD IMPERIAL HOLDINGS LTD KUMBA IRON ORE LEWIS GROUP LTD MASSMART HOLDINGS LTD MONDI -SHSMTN GROUP LTD MURRAY&ROBERT HODINGS NASPERS -NNORTHAM PLATINUM (PTY) PRETORIA PORTI CEM SAPPI LTD SHOPRITE HOLDINGS LTD (SHP) STANDARD BANK GROUP LIMITED WILSON BAY OVCON WOOLWORTHS HOLDINGS South Korea

520 1,510 3,070 2,246 424 6,940 2,657 1,461 4,470 1,720 8,920 16,810 1,091 3,413 10,710 15,742 815 5,000 4,109 2,800 1,611 7,072 2,740 12,500 6,253 5,945 982 7,980 2,134 2,891

AMOREPACIFIC CORP CJ CHEILJEDANG DAEGU BANK DONG-A PHARMACEUTICAL GS ENGINEERING & CONSTRUCTION CORP HANA FINANCIAL GROUP INC HANA TOUR SERVICE INC HANMI PHARMACEURICAL CO HYNIX SEMICONDUCTOR HYUNDAI DEPARTMENT STORE SHS HYUNDAI DEVELOPMENT COMPANY ENGINEERING HYUNDAI FIRE MARINE INSURANCE CO LTD HYUNDAI MOBIS HYUNDAI STEEL CO KANGWON LAND KB FINANCIAL GROUP INC KCC CORP KOREA INVESTMENT HOLDINGS CO LTD KT & G CORP-SHS. KT ADR KT CORPORATION LG CORP LG DISPLAY LG DISPLAY CO -ADR 1/2 SHS. LG ELECTRONICS INC LG ELECTRONICS INC PFD SHS.NON VOTING LG HOUSEHOLD AND HEALTHCARE LG TELECOM CO LTD MIRAEASSET SECURITIES CO NHN CORP

260,187 235,783 192,290 110,961 224,499 178,395 67,025 329,425 93,476 106,862 264,223 174,673 81,999 270,163 58,915 862,303 103,992 497,877 65,088 106,333 98,264 323,389 579,187 99,678 67,003

0.25 0.23 0.19 0.11 0.22 0.17 0.06 0.32 0.09 0.10 0.25 0.17 0.08 0.26 0.06 0.84 0.10 0.48 0.06 0.10 0.09 0.31 0.56 0.10 0.06

13,832,225

13.33

442,991 277,418 35,173 226,077 26,024 186,568 119,155 103,062 91,634 165,389 200,742

0.43 0.27 0.03 0.22 0.03 0.18 0.11 0.10 0.09 0.16 0.19

337,035 184,815 252,491 162,145 611,920 197,753 128,891 202,430 53,676 59,524 381,968 91,934 201,250 481,014 187,550 279,661 50,023 94,304 434,136

0.32 0.18 0.24 0.16 0.59 0.19 0.12 0.20 0.05 0.06 0.37 0.09 0.19 0.46 0.18 0.27 0.05 0.09 0.42

The accompanying notes form an integral part of these financial statements

29

Emerging World

Securities Portfolio as at 30/06/10

43,050 36,000 250,000 126,375 72,000

376,954 1,041,065 59,341 142,064 135,666 2,320,800 996,755 29,141 586,037 93,953 23,218 101,562 738,079 442,368 32,406 131,477 89,131 91,733 133,722

0.36 1.00 0.06 0.14 0.13 2.23 0.96 0.03 0.56 0.09 0.02 0.10 0.71 0.43 0.03 0.13 0.09 0.09 0.13

Taiwan

8,257,270

7.96

ACER INC ADVANCED SEMICONDUCTOR ENGINEERING INC AU OPTRONICS AU OPTRONICS CORP ADR REPR.10 SHS CATHAY FINANCIAL CHICONY ELECTRONICS CHINA STEEL CORP CHINATRUST FINANCIAL HLDGS CHUNGHWA TELECOM CHUNGHWA TELECOM CO LTD ADR REPR 10 SHS COMPAL ELECTRONICS DELTA ELECTRONIC INCS EVERGREEN MARINE CORP FAR EASTERN TEXTILE FORMOSA PLASTICS CORP FUBON FINANCIAL HOLDING COMPANY HIGH TECH COMPUTER CORP HON HAI PRECISION INDUSTRY CO LTD LARGAN PRECISION CO LTD MEDIA TEK INCORPORATION PRESIDENT CHAIN STORE CORP QUANTA COMPUTER INC SILICONWARE PRECISION INDUSTRIES CO LTD SILITECH TECHNOLOGY CORP LTD SIMPLO TECHNOLOGY SYNNEX TECHNOLOGY INTERNATIONAL CORP TAIWAN CEMENT CORP TAIWAN MOBILE TAIWAN SEMICONDUCTOR MANUFACTURING CO LT TRIPOD TECHNOLOGY CO LTD UNIMICRON TECHNOLOGY CORP UNITED MICROELECTRONICS CORP WISTRON CORP WPG HOLDING

201,273 221,922 143,240 273,504 234,033 239,432 93,671 126,485 132,577 203,575 103,549 332,131 121,561 125,943 360,279 102,239 442,961 1,042,385 208,767 437,241 10,087 107,673 54,541 186,218 49,157 158,607 96,009 157,444 1,643,572

0.19 0.21 0.14 0.26 0.23 0.23 0.09 0.12 0.13 0.20 0.10 United Kingdom 0.32 4,059 PETROPAVLOVSK PLC 0.12 0.12 United States of America 0.35 37,300 CHINA SECURITY SURVEILLANCE TECHNOLOGY 0.10 9,300 CTC MEDIA INC 0.43 Options, Warrants, Rights 1.01 0.20 India 0.42 1,692 DEUTSCHE BK (BHARTI AIRTEL) 24.01.17 WAR 0.01 917 JP MORGAN (HOUSING DVPT) 12.06.12 WAR 0.10 Jersey Island 0.05 0.18 6,756 JP MORGAN (CAIRN IND) 11.01.11 WAR 0.05 Netherlands 0.15 27,734 JP MORGAN (CAIRN INDIA LTD) 06.10.14 WAR 0.09 7,461 JP MORGAN (HOUSING DEV) 25.08.14 WAR 0.15 1.59 Other transferable securities

The accompanying notes form an integral part of these financial statements

30

USD

Thailand

ORION CORPORATION POSCO SAMSUNG CARD SHS SAMSUNG CORP SAMSUNG ELECTRO MECHANICS SAMSUNG ELECTRONICS CO LTD SAMSUNG ELECTRONICS CO LTD PFD SHS N/VTG SAMSUNG ENGINEERING SAMSUNG FIRE AND MARINE INSURANCE SAMSUNG HEAVY INDUSTRIES CO LTD SAMSUNG SDI CO LTD SAMSUNG SECURITIES CO LTD SHINHAN FINANCIAL GROUP SHINSEGAE CO LTD SK TELECOM CO LTD - ADR - REP.1/90 SH SK TELEKOM WOONG JIN COWAY CO LTD WOORI INVESTMENT & SECURITIES CO LTD YUHAN CORP

160,777 53,107 111,650 187,213 134,447

% of NAV

86,000 278,000 159,810 30,800 156,500 107,000 101,000 228,966 66,665 10,339 86,085 103,110 191,000 121,160 170,240 91,000 33,100 293,802 13,000 31,048 3,408 59,140 50,000 72,090 9,000 72,700 113,000 77,000 871,460

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

1,250 2,727 1,459 3,332 1,073 3,664 2,320 311 3,663 4,970 164 2,273 19,757 1,018 2,200 1,001 2,650 7,050 1,068

0.15 0.05 0.11 0.18 0.13

102,800 7,600 112,587 390,300 49,700 68,800 64,800 117,582

ADVANCED INFO SERVICE -FBANPU PUBLIC CO LTD -FKASIKORNBANK -FKRUNG THAI BANK FOREIGN REGISTERED PTT CHEMICAL (F) PTT EXPLORATION AND PRODUCTION PUBLIC CO PTT PUBLIC COMPANY LTD -FSIAM COMMERCIAL BANK PUBLIC -FTurkey

23,294 6,997 7,932 26,233 60,475 458 25,594 14,199 108,822 5,912 26,039 4,931 72,983 12,923 9,991 134,365 17,820 86,442 25,238 94,039

AKCANSA CIMENTO SANAYI VE TICARET AS AKENRJI ELEKTRIK URETIM A.S ALBARAKA TURK KATILIM BANKASI ARCELIK ASYA KATILIM BANK-SHS BBAGFAS BANDIRMA FORD OTOMOTIV HACI OMER SABANCI HOLDING AS KOC HOLDING AS -BKOZA ALTIN SINPAS GAYRIM TURCAS PETROL AS TURK EKONOMI BANKASI TURK HAVA YOLLARI AO TURK TRAKTOR VE ZIR TURKIYE GARANTI BANKASI AS (NAMEN-AKT) TURKIYE HALK BANKA -SHSTURKIYE IS BANKASI AS TURKIYE VAKIFLAR BANKASI TAO YAPI VE KREDI BANKASI AS

2,152,600

2.08

275,329 142,192 330,218 151,830 161,115 304,810 492,153 294,953

0.27 0.14 0.32 0.15 0.16 0.29 0.47 0.28

2,576,092

2.48

94,896 13,700 14,729 111,011 139,798 29,795 166,502 57,397 371,155 50,783 31,248 15,728 88,966 31,996 76,355 564,356 132,811 270,255 58,023 256,588

0.09 0.01 0.01 0.11 0.13 0.03 0.16 0.06 0.36 0.05 0.03 0.02 0.09 0.03 0.07 0.53 0.13 0.26 0.06 0.25

72,263

0.07

72,263

0.07

306,618

0.30

172,326 134,292

0.17 0.13

766,177

0.74

67,697

0.07

9,573 58,124

0.01 0.06

44,184

0.04

44,184

0.04

654,296

0.63

181,380 472,916

0.17 0.46

6,093,377

5.87

Shares

170,120

0.16

Brazil

170,120

0.16

170,120

0.16

9,455 ITAU UNIBNCO PFD ADS REP 1PFD SH REG S

Emerging World

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

35,054 6,633 137,591 19,388 86,932 73,536 165,476 16,692 5,526 1,389 15,920 12,746

33,971 4,796 8,798 60,953 10,466

Options, Warrants, Rights

5,923,257

5.71

Bermuda

3,090,151

2.98

109,071 105,477 220,269 260,712 170,621 483,654 157,666 689,731 332,098 53,390 166,480 340,982

0.11 0.10 0.21 0.25 0.16 0.47 0.15 0.67 0.32 0.05 0.16 0.33

India

2,549,486

2.46

CLSA FIN PROD. (GAIL INDIA) 16.01.12 WAR CLSA FIN PROD. (JSW STEEL) -03.10.12 WAR CLSA FIN PROD. (LUPIN LTD) 07.06.10 WAR CLSA FIN PROD.(RELIANCE I) -17.05.10 WAR CLSA FIN PROD.(TATA POWER) -02.08.10 WAR

341,823 109,616 372,796 1,430,402 294,849

0.33 0.11 0.36 1.38 0.28

283,620

0.27

CLSA FIN (HINDALCO INDUS) 06.12.10 WAR CLSA FIN PROD. (MUNDRA PORT)06.12.12 WAR CLSA FIN PROD. (UNITECH) 08.07.10 WAR CLSA FIN PROD.(JINDAL ) 07.01.13 WAR CLSA FIN PROD.(SATYA COM.) 20.05.10 WAR CLSA FIN.PROD (EQUITY) 05.05.10 WAR CLSA FIN.PROD (GVK POWER) 21.02.11 WAR CLSA FIN.PROD (HDFC) 28.06.10 WAR CLSA FIN.PROD (INFOSYS) 10.05.10 WAR CLSA FIN.PROD (SUN PHARMA ) 01.12.10 WAR CLSA FIN.PROD.REGS (TATA) 20.05.10 WAR CLSA FIN.PROD.REGS(AXIS BK) 17.06.10 WAR

Taiwan

69,895 CLSA FIN (NAGARJUNA CONST) 25.08.10 WAR

Total securities portfolio

283,620

0.27

102,344,390

98.66

The accompanying notes form an integral part of these financial statements

31

Euro Quant

Securities Portfolio as at 30/06/10

52,295,619

101.05

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

51,704,765

99.91

51,104,936

98.75

484,689

0.94

112,306 300,913 71,470

0.22 0.58 0.14

1,218,705

2.35

424,741 51,788 78,170 302,042 361,964

0.82 0.10 0.15 0.58 0.70

2,032,437

3.93

221,082 271,646 435,754 137,967 113,649 140,927 456,728 254,684

0.43 0.52 0.84 0.27 0.22 0.27 0.89 0.49

16,243,661

31.39

150,667 592,983 550,227 1,057,288 391,784 156,764 338,596 160,000 109,914 98,987 135,588 189,077 164,016 102,446 570,313 72,764 165,039 192,748 282,758 84,582 150,734 444,349 588,487 138,149 210,271 287,308 421,854 660,822 189,513 275,882

0.29 1.15 1.06 2.04 0.76 0.30 0.65 0.31 0.21 0.19 0.26 0.37 0.32 0.20 1.10 0.14 0.32 0.37 0.55 0.16 0.29 0.86 1.14 0.27 0.41 0.56 0.82 1.28 0.37 0.53

3,090 BWIN INTERACTIVE ENTERTAINMENT AG 12,163 OMV AG 3,161 VOESTALPINE AG Belgium

10,688 17,926 42,231 5,286 6,060

ANHEUSER-BUSCH INBEV NV DEXIA FORTIS GROUPE BRUXELLES LAMBERT GBL GROUPE DELHAIZE Finland

12,228 8,292 64,941 6,847 7,399 16,807 41,825 6,797

FORTUM CORP KONE -BNOKIA OYJ NOKIAN TYRES PLC ORION CORPORATION (NEW) -BPOHJOLA BANK -AUPM KYMENNE CORP WARTSILA CORPORATION -BFrance

3,939 7,105 43,172 23,616 12,272 3,522 9,329 4,887 1,762 6,711 1,715 6,120 2,932 11,864 12,903 1,456 5,251 4,072 16,761 3,069 2,217 31,106 25,042 1,268 4,991 6,374 5,210 7,358 52,366 4,312

ACCOR SA AIR LIQUIDE SA AXA SA BNP PARIBAS SA BOUYGUES BUREAU VERITAS SA CAP GEMINI SA CARREFOUR SA CASINO GUICHARD PERRACHON SA CGG VERITAS SA CHRISTIAN DIOR SA CIE DE SAINT-GOBAIN SA CNP ASSURANCES CREDIT AGRICOLE SA DANONE SA DASSAULT SYSTEMES SA EDF SA EURAZEO SA EUROPEAN AERONAUTIC DEFENSE AND SPACE EUTELSAT COMMUNICATIONS SA FONCIERE DES REGIONS SA FRANCE TELECOM SA GDF SUEZ SA HERMES INTERNATIONAL SA IMERYS SA LAFARGE SA L'OREAL SA LVMH MOET HENNESSY LOUIS VUITTON SA NATIXIS SA PERNOD RICARD SA

The accompanying notes form an integral part of these financial statements

32

% of NAV

EUR

Long positions

Austria

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

12,722 2,816 4,914 6,814 10,477 32,940 1,470 6,131 9,800 12,629 44,112 3,692 1,608 10,901 30,510

PEUGEOT SA PPR PUBLICIS GROUPE RALLYE SA RENAULT SA SANOFI-AVENTIS SA SCHNEIDER ELECTRIC SA SCHNEIDER ELECTRIC SA SCOR SE ACT PROV REGROUPEMENT SOCIETE GENERALE SA TOTAL SA UNIBAIL-RODAMCO SE VALLOUREC SA VINCI SA VIVENDI SA Germany

5,339 11,427 4,488 23,354 18,138 14,180 13,350 16,528 5,505 10,321 20,443 71,130 39,644 5,949 6,171 3,831 4,121 40,678 4,235 4,111 4,250 9,216 14,961 4,421 21,649 22,060 21,756 892 4,398

ADIDAS AG ALLIANZ SE REG SHS AURUBIS AG BASF SE BAYER AG REG SHS BMW AG DAIMLER AG REG SHS DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE LUFTHANSA AG REG SHS DEUTSCHE POST AG REG SHS DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS FRESENIUS SE HANNOVER RUECKVERSICHERUNG AG REG SHS HEIDELBERGCEMENT AG HENKEL AG & CO KGAA INFINEON TECHNOLOGIES REG SHS LINDE AG MAN SE MUENCHENER RUECKVERSICHERUNGS AG REG SHS QIAGEN NV RWE AG RWE VORZ.AKT OHNE STIMMRECHT SAP AG SIEMENS AG REG SHS TUI AG REG SHS VOLKSWAGEN AG VOLKSWAGEN VORZ.AKT Greece

11,435 GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS 14,048 NATIONAL BANK OF GREECE REG. 14,053 PUBLIC POWER CORP OF GREECE Ireland

14,994 ELAN CORP 7,257 KERRY GROUP PLC 21,145 SMURFIT KAPPA GROUP PLC

267,989 288,781 161,572 169,669 322,534 1,631,517 122,951 512,797 153,762 433,175 1,630,599 497,497 229,542 374,340 513,026

0.52 0.56 0.31 0.33 0.62 3.14 0.24 0.99 0.30 0.84 3.15 0.96 0.44 0.72 0.99

13,576,750

26.24

212,893 935,300 160,783 1,053,499 834,348 568,122 559,632 771,858 275,690 117,556 245,520 690,174 879,304 322,733 217,836 150,060 165,252 195,987 366,370 279,342 439,238

0.41 1.81 0.31 2.05 1.61 1.10 1.08 1.49 0.53 0.23 0.47 1.33 1.70 0.62 0.42 0.29 0.32 0.38 0.71 0.54 0.85

147,456 803,705 218,685 794,085 1,632,882 157,709 62,404 318,327

0.28 1.55 0.42 1.53 3.17 0.30 0.12 0.62

407,463

0.79

116,751 125,168 165,544

0.23 0.24 0.32

364,101

0.70

55,793 164,733 143,575

0.11 0.31 0.28

Euro Quant

Securities Portfolio as at 30/06/10

7.92 Other transferable securities

17,833

BENETTON GROUP SPA ENEL SPA ENI SPA EXOR SPA INTESA SANPAOLO SPA LOTTOMATICA SPA TELECOM ITALIA SPA UBI BANCA SCPA UNICREDIT SPA

247,566 535,422 1,028,104 100,959 539,590 53,753 430,485 163,939 1,001,120

0.48 Options, Warrants, Rights 1.03 Austria 1.99 57,138 IMMOEAST 31.12.10 RIGHT 0.20 France 1.04 0.10 7,106 EURAZEO (SHS) 22.06.10 RIGHTS 0.83 Shares/Units of UCITS/UCIS 0.32 1.93 Shares/Units in investment funds

17,833

0.03

0

0.00

765,687

1.48

623,033 142,654

1.20 0.28

6,059,672

11.71

AEGON NV ASML HOLDING NV FUGRO NV -CERT OF SHS HEINEKEN NV ING GROEP NV KONINKLIJKE AHOLD NV KONINKLIJKE BOSKALIS WESTMINSTER NV KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS ELECTRONICS NV REED ELSEVIER NV TNT NV UNILEVER NV WOLTERS KLUWER NV

414,533 338,128 87,309 381,861 766,806 655,439 173,142 235,305 508,362 542,307 635,186 232,840 929,505 158,949

0.80 0.65 0.17 0.74 1.48 1.27 0.33 0.45 0.98 1.05 1.23 0.45 1.80 0.31

Portugal

535,318

1.03

230,302 305,016

0.45 0.58

Spain

5,315,515

10.27

BANCO BILBAO VIZCAYA ARGENT. SA REG SHS BANCO SANTANDER SA REG SHS ENDESA IBERDROLA SA INDITEX SA REG SHS RED ELECTRICA CORPORACION SA REPSOL YPF SA TECNICAS REUNIDAS TELEFONICA SA ZARDOYA OTIS SPLIT ISSUE

570,381 1,666,946 105,810 419,043 222,335 236,845 514,682 133,356 1,349,106 97,011

1.10 3.22 0.20 0.81 0.43 0.46 0.99 0.26 2.61 0.19

Bonds

599,773

1.16

France

599,773

1.16

27,870 ARCELORMITTAL SA REG SHS 8,335 SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS) Netherlands

30,544 JERONIMO MARTINS SGPS SA 37,288 PORTUGAL TELECOM REG.

66,231 190,726 6,048 90,467 4,722 8,045 30,884 3,550 88,437 9,178

EUR

4,100,938

Luxembourg

93,574 14,788 2,282 10,951 124,159 64,480 5,393 7,163 48,531 21,938 69,640 11,205 41,238 10,076

% of NAV

45,012 153,416 67,683 7,258 246,952 5,071 473,060 23,090 544,383

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

Italy

600,000 FRANCE BTF

-10 02/09U

599,773

1.16

Options, Warrants, Rights

56

0.00

Belgium

56

0.00

56

0.00

18,659 ANH.-B.INBV STRIP STRIP VVPR 31.12.49

France

26 CPR CASH -P- CAP

Total securities portfolio

0.03

0

0.00

17,833

0.03

17,833

0.03

573,021

1.11

573,021

1.11

573,021

1.11

573,021

1.11

52,295,619

101.05

The accompanying notes form an integral part of these financial statements

33

Europe Smaller Companies

Securities Portfolio as at 30/06/10

15,910,564

98.57

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

15,866,768

98.30

15,866,768

98.30

236,649

1.47

136,916 99,733

0.85 0.62

Belgium

622,887

3.86

ACKERMANS AND VAN HAAREN NV BEKAERT PARTS SOC. NV MOVETIS TELENET GROUP HOLDING NV

103,023 191,054 65,780 263,030

0.64 1.18 0.41 1.63

Bermuda

183,484

1.14

1,882 MAYR-MELNHOF KARTON AG 4,952 OESTERREICHISCHE POST AG

2,030 1,391 7,475 12,183

60,698 PURECIRCLE 5,893 8,709 10,929 9,340 11,101

809,609

5.02

KONE -BKONECRANES OYJ NOKIAN TYRES PLC OUTOKUMPU OYJ -APOHJOLA BANK -A-

193,055 187,156 220,220 116,096 93,082

1.20 1.16 1.36 0.72 0.58

3,109,570

19.26

126,377 156,540 192,327 160,173 166,950 95,523 43,313 166,702 322,527 171,872 48,068 164,127 143,318 183,997 244,675 91,521 143,829 126,806 156,087 204,838

0.78 0.97 1.19 0.99 1.03 0.59 0.27 1.03 1.99 1.06 0.30 1.02 0.89 1.14 1.52 0.57 0.89 0.79 0.97 1.27

2,119,710

13.13

199,970 156,419 221,788 197,932 172,313 100,035 268,555 195,888 208,465 189,076

1.24 0.97 1.37 1.23 1.07 0.62 1.66 1.21 1.29 1.17

ALTRAN TECHNOLOGIES SA APRIL GROUP CAP GEMINI SA CIMENT VICAT SA DEVOTEAM EUTELSAT COMMUNICATIONS SA FIMALAC INGENICO SA IPSOS SA MEDICA MERCIALYS SA M6 METROPOLE TELEVISION SA REXEL SA SCOR SE ACT PROV REGROUPEMENT SEB SA SECHILIENNE SIDEC STALLERGENES TECHNIP-COFLEXIP TELEPERFORMANCE SA ZODIAC AEROSPACE SA Germany

2,751 9,529 8,433 7,069 3,503 4,275 5,872 12,243 11,404 2,236

FUCHS PETROLUB AG GEA GROUP AG GERRESHEIMER AG GFK SE HOCHTIEF AG KABEL DEUTSCHLAND HOLDING AG¦ MTU AERO ENGINES HOLDING AG QIAGEN NV RHOEN KLINIKUM AG SOFTWARE AG

The accompanying notes form an integral part of these financial statements

34

4,946 TOGNUM AG 2,005 VOSSLOH AG

75,896 133,373

0.47 0.83

Ireland

250,545

1.55

129,048 121,497

0.80 0.75

Italy

947,006

5.87

ANSALDO STS SPA DIASORIN PIAGGIO AND C SPA TERNA SPA TOD'S SPA

177,454 303,108 128,459 149,718 188,267

1.10 1.87 0.80 0.93 1.17

95,793

0.59

95,793

0.59

6,953 DCC PLC 53,125 UNITED DRUG PLC

13,413 10,070 65,708 50,709 3,631

Luxembourg

5,597 SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS) Netherlands

792,889

4.91

BRIT INSURANCE BRUNEL INTERNATIONAL NUTRECO HOLDING NV SLIGRO FOOD GROUP UNIT 4 AGRESSO WERELDHAVE NV

83,652 155,914 195,740 145,779 163,370 48,434

0.52 0.97 1.21 0.90 1.01 0.30

38,070

0.24

8,972 STOREBRAND

38,070

0.24

Portugal

77,563

0.48

77,563

0.48

1.14

Finland

France

41,058 7,827 5,299 2,908 10,009 3,466 1,375 9,469 11,671 11,570 2,063 9,825 12,457 11,727 4,594 4,379 2,767 2,664 7,601 5,128

183,484

% of NAV

EUR

Long positions

Austria

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

7,568 6,663 4,426 6,151 9,468 794

Norway

29,159 REN 361 14,559 6,013 7,934 3,970 8,634

Spain

884,166

5.48

CONSTRUC.Y AUXIL.FERROCARRILES VN 500 EBRO PULEVA SA ENAGAS OBRASCON HUARTE LAIN SA TECNICAS REUNIDAS VISCOFAN SA

120,845 201,934 74,501 145,906 149,133 191,847

0.75 1.26 0.46 0.90 0.92 1.19

Sweden

120,030

0.74

19,181 FASTIGHETS HUFVUDSTADEN -A- FREE Switzerland

1,282 353 1,574 6,239 18,603 2,772 818 76 1,369 8,088

BALOISE HOLDING REG.SHS BARRY CALLEBAUT NOM.SHS BURCKHARDT COMPRESSION HOLDING CIE ASSURANCES NATLE SUISSE NAM.AKT CLARIANT NAMEN AKT DUFRY GROUP HELVETIA HOLDING AG SIKA FINANZ AG BAAR SULZER AG NOM TEMENOS GROUP AG NAM.AKT United Kingdom

68,674 144,451 7,601 15,421 20,395 58,433

ABERDEEN ASSET MANAGEMENT PLC AEGIS GROUP PLC AMLIN PLC ASHMORE GROUP BABCOCK INTERNATIONAL GROUP PLC BALFOUR BEATTY

120,030

0.74

1,526,403

9.46

73,325 179,453 227,359 129,891 193,789 170,824 176,184 110,470 104,989 160,119

0.45 1.11 1.42 0.80 1.21 1.06 1.09 0.68 0.65 0.99

4,052,394

25.10

108,201 188,602 36,002 45,825 148,712 170,785

0.67 1.17 0.22 0.28 0.92 1.06

Europe Smaller Companies

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

227,970 32,198 48,997 6,020 45,559 12,329 17,602 37,765 24,142 49,335 33,134 34,203 93,049 66,404 17,478 6,379 69,518 54,439 39,464 17,062 9,323 25,488 35,264

BETONSPORTS PLC CAIRN ENERGY PLC CARILLION CLOSE BROTHERS GROUP PLC COBHAM PLC DANA PETROLEUM PLC DIALOG SEMICONDUCTOR EASYJET PLC GREENE KING PLC GROUP 4 SECURICOR HUNTING PLC INVESTEC ITE GROUP PLC JAZZTEL PLC KELLER GROUP PLC LLOYD TOMPSON GROUP PLC SAGE GROUP THOMAS COOK GRP TOMKINS PLC TRAVIS PERKINS PLC ULTRA ELECTRONICS HOLDINGS PLC VT GROUP PLC WH SMITH

Shares/Units of UCITS/UCIS

0 163,163 184,917 50,954 118,690 170,912 174,735 183,486 115,675 161,066 181,423 189,490 163,766 172,518 112,500 40,942 196,646 118,752 109,318 152,750 175,016 241,260 176,288

0.00 1.01 1.15 0.32 0.74 1.06 1.08 1.14 0.72 1.00 1.12 1.17 1.01 1.07 0.70 0.25 1.22 0.74 0.68 0.95 1.08 1.48 1.09

43,796

0.27

Shares/Units in investment funds

43,796

0.27

France

43,796

0.27

2 AMUNDI TRESO INSTITUTION CAP/DIS

Total securities portfolio

43,796

0.27

15,910,564

98.57

The accompanying notes form an integral part of these financial statements

35

Europe SRI

Securities Portfolio as at 30/06/10

16,887,174

96.45

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

16,884,349

96.43

16,884,349

96.43

169,845

0.97

65,888 51,954 52,003

0.37 0.30 0.30

93,623

0.53

42,573 51,050

0.24 0.29

2,500 ERSTE GROUP BANK AG 2,100 OMV AG 2,300 VOESTALPINE AG Belgium

23,000 FORTIS 2,140 UMICORE Denmark

5,400 DANSKE BANK 4,710 NOVO-NORDISK -B1,080 VESTAS WIND SYSTEMS AS Finland

1,480 1,700 10,600 3,200 9,000 1,300

KESKO CORP METSO CORP NOKIA OYJ SANOMA CORP STORA ENSO -RWARTSILA CORPORATION -BFrance

917 9,000 570 2,577 1,230 3,940 1,370 1,680 3,151 4,410 1,040 1,430 2,639 2,000 4,060 1,100 4,680 72 1,043 7,000 1,760 2,600 10,560 770 2,130

AIR LIQUIDE SA AXA SA BIC BNP PARIBAS SA BOUYGUES CAP GEMINI SA CARREFOUR SA CHRISTIAN DIOR SA DANONE SA GDF SUEZ SA LAFARGE SA LVMH MOET HENNESSY LOUIS VUITTON SA MICHELIN SA REG SHS PEUGEOT SA RENAULT SA SAFRAN -ACT.SANOFI-AVENTIS SA SCHNEIDER ELECTRIC SA SOCIETE GENERALE SA STMICROELECTRONICS NV TECHNIP-COFLEXIP T.F.1 SA TOTAL SA VALLOUREC SA VINCI SA Germany

1,100 ADIDAS AG 3,920 ALLIANZ SE REG SHS 6,500 BASF SE The accompanying notes form an integral part of these financial statements

36

% of NAV

EUR

Long positions

Austria

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

435,048

2.48

85,614 312,419 37,015

0.49 1.78 0.21

303,452

1.73

39,412 45,084 71,126 45,344 53,775 48,711

0.23 0.26 0.40 0.26 0.30 0.28

2,467,544

14.09

76,533 114,705 33,157 115,372 39,268 143,002 44,854 132,821 139,274 103,635 46,878 128,428 152,349 42,130 124,987 25,262 231,800 6,022 35,775 46,088 83,776 28,015 390,351 109,918 73,144

0.44 0.66 0.19 0.66 0.22 0.82 0.26 0.76 0.80 0.59 0.27 0.73 0.87 0.24 0.71 0.14 1.32 0.03 0.20 0.26 0.48 0.16 2.23 0.63 0.42

2,138,121

12.21

43,863 320,852 293,215

0.25 1.84 1.67

1,430 2,510 2,130 8,500 4,400 20,000 11,610 1,340 800 1,640 1,220 1,490 2,550 5,100

BAYER AG REG SHS DAIMLER AG REG SHS DEUTSCHE BANK AG REG SHS DEUTSCHE LUFTHANSA AG REG SHS DEUTSCHE POST AG REG SHS DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS HENKEL AG & CO KGAA HOCHTIEF AG MUENCHENER RUECKVERSICHERUNGS AG REG SHS RWE AG SAP AG SIEMENS AG REG SHS TUI AG REG SHS Greece

4,300 COCA COLA HBC - REG SHS Guernsey

52,000 RESOLUTION LIMITED 26,332 5,580 59,000 2,600 80,000 41,300 5,800 33,316

65,538 54,653 188,751 36,970

0.37 0.31 1.08 0.21

75,809

0.43

75,809

0.43

40,203

0.23

40,203

0.23

619,075

3.54

ENEL SPA ENI SPA INTESA SANPAOLO SPA ITALCEMENTI SPA TELECOM ITALIA SPA TERNA SPA UBI BANCA SCPA UNICREDIT SPA

91,899 84,760 128,915 16,315 72,800 121,938 41,180 61,268

0.52 0.48 0.74 0.09 0.42 0.70 0.24 0.35

Jersey Island Luxembourg

1,400 ARCELORMITTAL SA REG SHS

83,908

0.48

83,908

0.48

31,297

0.18

31,297

0.18

1,141,252

6.52

AKZO NOBEL NV ING GROEP NV KONINKLIJKE AHOLD NV KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS ELECTRONICS NV ROYAL DUTCH SHELL PLC UNILEVER NV WOLTERS KLUWER NV

55,046 52,039 104,700 68,328 98,465 106,296 373,959 239,826 42,593

0.31 0.30 0.60 0.39 0.56 0.61 2.14 1.37 0.24

Norway

163,687

0.93

52,323 56,863 28,562 25,939

0.30 0.32 0.16 0.15

160,936

0.92

36,600 124,336

0.21 0.71

1,098,284

6.27

54,701

0.31

Netherlands

6,600 10,800 1,800 2,500

0.38 0.60 0.57 0.55 0.30 1.11 1.47 0.31 0.22 0.97

Italy

5,000 SHIRE

1,280 8,426 10,300 2,080 9,400 4,300 18,000 10,640 2,700

65,780 105,219 99,471 96,815 52,844 194,060 257,510 53,734 39,352 169,494

DNB NOR ASA ORKLA BORREGAARD FRIE A STATOIL ASA TELENOR AS Portugal

15,000 EDP-ENERGIAS REG.SHS 15,200 PORTUGAL TELECOM REG. Spain

4,620 ABERTIS INFRAESTRUCTURAS SA -A-

Europe SRI

Securities Portfolio as at 30/06/10

9,300 66 6,500 5,500 1,670 1,340 15,670 9,870 1,900 9,300 280

60,380 159,279 335,615 60,711 80,597 44,346 81,457 221,198

0.34 0.91 1.92 0.35 0.46 0.25 0.47 1.26

Sweden

651,017

3.72

ALFA LAVAL ATLAS COPCO AB -AHENNES AND MAURITZ AB INVESTMENT AB KINNEVIK -BSKANDINAVISKA ENSKILDA BANKEN -ASKANSKA -B- FREE SVENSKA CELLULOSA SCA AB-SHS-BTELEFON AB L.M.ERICSSON TELIASONERA AB

35,381 85,657 105,400 58,115 29,380 64,355 73,591 119,907 79,231

0.20 0.49 0.60 0.33 Other transferable securities 0.17 0.37 Shares 0.42 United Kingdom 0.69 2,313,000 ROLLS-ROYCE GROUP -C-ENTITLEMENT JULY 10 0.45

ABB LTD REG SHS CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH CREDIT SUISSE GROUP AG REG SHS GAM HOLDING AG GEBERIT AG HOLCIM LTD REG SHS NESTLE SA REG SHS NOVARTIS AG REG SHS ROCHE HOLDING AG GENUSSSCHEIN UBS SA REG SHS ZURICH FINANCIAL SERVICES AG REG SHS United Kingdom

6,200 6,000 19,600 51,700 8,100 9,000 65,000 5,700 28,800 4,900 10,200 21,600 10,000 13,200 67,452 45,600 21,900 3,400 124,000 36,000 8,900 14,500 4,800 2,750

EUR

ACS BANCO BILBAO VIZCAYA ARGENT. SA REG SHS BANCO SANTANDER SA REG SHS ENAGAS IBERDROLA SA IBERIA LINEAS AEREAS DE ESPANA SA REG INDITEX SA REG SHS TELEFONICA SA

Switzerland

ANGLO AMERICAN PLC ASTRAZENECA PLC AVIVA PLC BARCLAYS PLC BG GROUP PLC BHP BILLITON PLC BP PLC BRITISH AMERICAN TOBACCO PLC BRITISH LAND CO PLC REIT BURBERRY GROUP PLC COMPASS GROUP PLC DIAGEO PLC FIRSTGROUP PLC GLAXOSMITHKLINE PLC HSBC HOLDINGS PLC INTERNATIONAL POWER J SAINSBURY PLC JOHNSON MATHEY PLC LLOYDS BANKING GROUP PLC MAN GROUP PLC MARKS AND SPENCER GROUP PLC PEARSON PLC PRUDENTIAL PLC RECKITT BENCKISER GROUP PLC

2,167,490

% of NAV

3,300 7,100 4,660 4,400 6,700 5,400 7,600 13,100 15,000

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

2,000 18,495 38,400 4,900 17,400 19,000 1,730 14,500

6,810 9,800 8,000 14,000 3,100 9,100 20,700 12,100 19,000 12,400 3,200 182,000 8,000

RIO TINTO PLC ROLLS-ROYCE GROUP ROYAL DUTCH SHELL PLC -BSAGE GROUP SCHRODERS SERCO GROUP SMITH AND NEPHEW PLC STANDARD CHARTERED PLC STANDARD LIFE PLC TESCO PLC UNILEVER PLC VODAFONE GROUP PLC XSTRATA PLC

12.38 Total securities portfolio

133,561 117,370 201,363 48,925 213,033 73,903 619,255 393,037 214,467 101,808 50,768

0.76 0.67 1.15 0.28 1.22 0.42 3.55 2.24 1.22 0.58 0.29

5,043,758

28.82

177,992 232,232 75,192 170,839 99,525 192,861 253,173 148,740 153,225 45,574 63,785 279,646 44,653 184,276 506,827 167,251 85,995 62,041 81,329 98,184 36,067 157,264 29,811 105,197

1.02 1.33 0.43 0.98 0.57 1.10 1.45 0.85 0.88 0.26 0.36 1.60 0.26 1.05 2.89 0.96 0.49 0.35 0.46 0.56 0.21 0.90 0.17 0.60

246,907 67,328 159,365 39,602 45,927 65,353 160,670 242,517 40,495 57,559 70,390 309,317 86,649

1.41 0.38 0.91 0.23 0.26 0.37 0.92 1.39 0.23 0.33 0.40 1.77 0.49

2,825

0.02

2,825

0.02

2,825

0.02

2,825

0.02

16,887,174

96.45

The accompanying notes form an integral part of these financial statements

37

Gems Europe

Securities Portfolio as at 30/06/10

37,521,967

98.10

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

36,457,280

95.32

36,454,307

95.31

282,398

0.74

4,351 ANHEUSER-BUSCH INBEV NV 1,872 KBC GROUPE SA 2,311 TELENET GROUP HOLDING NV Denmark

2,311 VESTAS WIND SYSTEMS AS Finland

42,150 NOKIA OYJ 11,139 POHJOLA BANK -A2,910 WARTSILA CORPORATION -BFrance

2,606 3,279 24,221 4,270 28,913 12,083 1,265 8,752 10,438 2,459 1,910 2,428 5,246 14,621 2,000 5,143 551 13,791 17,014 22,168 3,597 1,693 1,418 1,764 1,552 2,564 4,819 3,573 2,696 322 2,209 4,960 13,902 10,042 2,938 1,024 1,687 8,500 1,500

ACCOR SA AIR LIQUIDE SA ALCATEL-LUCENT SA ALSTOM SA AXA SA BNP PARIBAS SA BOUYGUES CAP GEMINI SA CARREFOUR SA CFAO CGG VERITAS SA CIE DE SAINT-GOBAIN SA CREDIT AGRICOLE SA DANONE SA DASSAULT SYSTEMES SA EDF SA EULER HERMES SA EUROPEAN AERONAUTIC DEFENSE AND SPACE FRANCE TELECOM SA GDF SUEZ SA GROUPE EUROTUNNEL SA ILIAD SA IPSEN LAFARGE SA L'OREAL SA LVMH MOET HENNESSY LOUIS VUITTON SA MICHELIN SA REG SHS M6 METROPOLE TELEVISION SA PERNOD RICARD SA PPR REMY COINTREAU SA RENAULT SA SAFRAN -ACT.SANOFI-AVENTIS SA SCHNEIDER ELECTRIC SA SOCIETE GENERALE SA SODEXO SA STMICROELECTRONICS NV TECHNIP-COFLEXIP

The accompanying notes form an integral part of these financial statements

38

% of NAV

EUR

Long positions

Belgium

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

172,909 59,595 49,894

0.45 0.16 0.13

79,205

0.21

79,205

0.21

485,265

1.27

282,826 93,401 109,038

0.74 0.24 0.29

8,043,242

21.03

99,680 273,665 51,397 160,040 368,496 540,956 40,385 317,654 341,740 54,516 28,173 75,013 45,299 646,249 99,950 161,644 28,624 232,654 243,045 520,948 20,046 108,013 35,450 79,512 125,665 230,273 278,201 59,687 172,490 33,021 96,787 152,694 319,259 497,380 245,734 35,123 77,180 55,964 71,400

0.26 0.72 0.13 0.42 0.96 1.41 0.11 0.83 0.89 0.14 0.07 0.20 0.12 1.70 0.26 0.42 0.07 0.61 0.64 1.36 0.05 0.28 0.09 0.21 0.33 0.60 0.73 0.16 0.45 0.09 0.25 0.40 0.83 1.30 0.64 0.09 0.20 0.15 0.19

3,700 14,833 5,877 15,402

THALES TOTAL SA VEOLIA ENVIRONNEMENT SA VIVENDI SA Germany

5,347 8,895 8,546 1,588 10,282 2,816 3,128 13,913 13,073 2,186 13,829 1,900 1,541 1,934 4,300 3,478 1,165 1,931 2,311 575 3,580 3,047 7,829 11,021 7,275

0.26 1.43 0.30 0.68

5,206,420

13.61

ALLIANZ SE REG SHS BASF SE BAYER AG REG SHS BEIERSDORF AG DAIMLER AG REG SHS DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS FRESENIUS SE GEA GROUP AG HEIDELBERGCEMENT AG HOCHTIEF AG KABEL DEUTSCHLAND HOLDING AG¦ KLOECKNER AND CO SE LINDE AG MERCK KGAA METRO AG MTU AERO ENGINES HOLDING AG PUMA AG QIAGEN NV RWE AG SAP AG SIEMENS AG REG SHS THYSSENKRUPP AG

437,652 401,253 393,116 71,722 431,021 131,507 156,650 134,998 289,959 118,591 227,003 74,423 75,802 45,256 62,522 300,882 69,888 80,948 105,694 125,580 57,280 163,685 287,168 815,774 148,046

1.14 1.05 1.03 0.19 1.13 0.34 0.41 0.35 0.76 0.31 0.59 0.19 0.20 0.12 0.16 0.79 0.18 0.21 0.28 0.33 0.15 0.43 0.75 2.13 0.39

Greece

212,765

0.56

106,807

0.28

17,227 HELLENIC TELECOMMUNICATIONS ORGANISATION 11,892 NATIONAL BANK OF GREECE REG.

105,958

0.28

1,361,663

3.56

ATLANTIA SPA BANCA POPOLARE DI MILANO BULGARI SPA ENEL SPA ENI SPA FIAT SPA INTESA SANPAOLO SPA SNAM RETE GAS SPA TOD'S SPA UNICREDIT SPA

56,916 7,897 200,671 63,005 356,312 90,353 131,482 128,894 52,939 273,194

0.15 0.02 0.52 0.16 0.94 0.24 0.34 0.34 0.14 0.71

Jersey Island

282,531

0.74

46,354 236,177

0.12 0.62

250,063

0.65

Italy

3,901 2,321 34,012 18,053 23,457 10,611 60,175 39,327 1,021 148,556

98,198 548,303 113,749 258,985

3,200 PETROFAC LTD 30,428 WPP PLC Luxembourg

11,186 ARCELORMITTAL SA REG SHS Netherlands

29,606 AEGON NV 6,101 AKZO NOBEL NV

250,063

0.65

2,708,415

7.08

131,155 262,374

0.34 0.69

Gems Europe

Securities Portfolio as at 30/06/10

0.17 0.17 1.03 0.67 0.33 0.77 0.36 0.34 0.42 0.45 0.74 0.60

Norway

304,663

0.80

218,241 86,422

0.57 0.23

Portugal

Spain

3,884 12,133 8,412 23,421

12,941 41 4,098 23,187 7,000 12,978 161 3,193 29,365 3,539 19,898 6,302 50 722 955 665 18,835 1,562

15,630 2,479 47,547 33,070 137,345

288,512

0.75

139,922 148,590

0.37 0.38

1,211,724

3.17

BANCO BILBAO VIZCAYA ARGENT. SA REG SHS BANCO SANTANDER SA REG SHS REPSOL YPF SA TELEFONICA SA

213,603 423,026 279,072 296,023

0.56 1.11 0.73 0.77

Sweden

433,031

1.13

ELECTROLUX -B- FREE NORDEA BANK SECURITAS -B- FREE TELEFON AB L.M.ERICSSON

73,302 82,608 62,745 214,376

0.19 0.22 0.16 0.56

Switzerland

5,118,843

13.38

ABB LTD REG SHS BARRY CALLEBAUT NOM.SHS CIE SUISSE DE REASSURANCES SA REG SHS CLARIANT NAMEN AKT COMPAGNIE FINANCIERE RICHEMONT SA CREDIT SUISSE GROUP AG REG SHS GIVAUDAN SA REG.SHS HOLCIM LTD REG SHS NESTLE SA REG SHS NOBEL BIOCARE HLDG - NAMEN AKT NOVARTIS AG REG SHS ROCHE HOLDING AG GENUSSSCHEIN SGS SA REG SHS SYNGENTA NAMEN SYNTHES INC THE SWATCH GROUP REG CHF 2.25 UBS SA REG SHS ZURICH FINANCIAL SERVICES AG REG SHS

185,851 20,843 138,710 241,542 201,113 402,044 112,318 176,100 1,160,461 50,102 792,365 711,355 55,341 136,977 90,012 154,306 206,188 283,215

United Kingdom

ANGLO AMERICAN PLC ASTRAZENECA PLC AVIVA PLC BAE SYSTEMS PLC BARCLAYS PLC

% of NAV

65,070 65,042 391,520 256,941 125,017 293,604 138,905 131,016 161,481 172,827 284,568 228,895

57,345 EDP-ENERGIAS REG.SHS 18,165 PORTUGAL TELECOM REG.

24,803 48,401 16,746 19,405

EUR

CORIO NV FUGRO NV -CERT OF SHS ING GROEP NV KONINKLIJKE AHOLD NV KONINKLIJKE BOSKALIS WESTMINSTER NV KONINKLIJKE KPN NV ROYAL DUTCH SHELL PLC ROYAL DUTCH SHELL PLC SBM OFFSHORE NV TNT NV UNILEVER NV WOLTERS KLUWER NV

27,529 DNB NOR ASA 23,140 NORSK HYDRO ASA

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

1,629 1,700 63,394 25,277 3,894 28,029 6,686 6,314 13,679 8,317 12,625 14,510

19,291 16,944 158,117 17,264 9,653 106,053 20,611 9,153 47,376 78,512 168,501 15,351 7,541 69,701 180,005 41,280 6,318 30,932 31,190 82,325 28,236 3,168 8,417 43,663 12,931 4,498 6,324 21,607 59,010 6,684 497,214 3,926

BG GROUP PLC BHP BILLITON PLC BP PLC BRITISH AMERICAN TOBACCO PLC BRITISH LAND CO PLC REIT CENTRICA PLC DAVIS SERVICE GROUP PLC DIAGEO PLC GLAXOSMITHKLINE PLC HAYS HSBC HOLDINGS PLC IMPERIAL TOBACCO GROUP PLC INTERCONTINENTAL HOTELS GROUP PLC KINGFISHER PLC LLOYDS BANKING GROUP PLC LOGICA LSE GROUP MEGGITT PLC MORRISON SUPERMARKETS PLC OLD MUTUAL PRUDENTIAL PLC RECKITT BENCKISER GROUP PLC RIO TINTO PLC ROYAL DUTCH SHELL PLC -BSAGE GROUP SCHRODERS SSL INTERNATIONAL STANDARD CHARTERED PLC TESCO PLC UNILEVER PLC VODAFONE GROUP PLC XSTRATA PLC

Options, Warrants, Rights 0.49 Belgium 0.05 0.36 1,616 ANH.-B.INBV STRIP STRIP VVPR 31.12.49 0.63 Norway 0.53 7,042 NORSK HYDRO ASA 09.07.10 RIGHT 1.05 0.29 Other transferable securities 0.46 Shares 3.04 Sweden 0.13 2.07 330,000 SVENSKA MILJOEBOLAGET -B1.86 Shares/Units of UCITS/UCIS 0.14 0.36 Shares/Units in investment funds 0.24 France 0.40 14 AMUNDI VOLATILITE ACTIONS EURO CAP 0.54 0.74 Total securities portfolio

10,185,567

26.63

448,712 95,951 182,406 126,625 453,847

1.17 0.25 0.48 0.33 1.19

237,029 363,093 615,860 450,498 51,357 384,317 92,388 118,500 661,382 87,933 1,266,098 352,300 97,906 179,797 118,061 55,057 43,483 118,666 101,370 104,069 175,365 121,187 305,171 869,793 36,578 66,639 62,564 433,064 273,915 147,028 845,035 42,523

0.62 0.95 1.61 1.18 0.13 1.00 0.24 0.31 1.73 0.23 3.32 0.92 0.26 0.47 0.31 0.14 0.11 0.31 0.27 0.27 0.46 0.32 0.80 2.27 0.10 0.17 0.16 1.13 0.72 0.38 2.21 0.11

2,973

0.01

5

0.00

5

0.00

2,968

0.01

2,968

0.01

0

0.00

0

0.00

0

0.00

0

0.00

1,064,687

2.78

1,064,687

2.78

1,064,687

2.78

1,064,687

2.78

37,521,967

98.10

The accompanying notes form an integral part of these financial statements

39

Gems World

Securities Portfolio as at 30/06/10

USD

900,000 US TREASURY BILLS 100,000 USA TREASURY BILLS 800,000 USA TREASURY BILLS

Long positions

30,030,479

89.00

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

28,359,297

84.05

15,365,139

45.54 Derivative instruments

Finland

123,286

15,000 NOKIA OYJ France

21,700 33,200 10,600 23,000 15,000 42,600

AXA SA FRANCE TELECOM SA SANOFI-AVENTIS SA SUEZ ENVIRONNEMENT COMPANY SA VEOLIA ENVIRONNEMENT SA VIVENDI SA Germany

6,700 ALLIANZ SE REG SHS 5,600 DEUTSCHE BANK AG REG SHS Italy

37,000 ENI SPA 515,000 TELECOM ITALIA SPA Netherlands

63,000 AEGON NV 50,000 ING GROEP NV 32,000 ROYAL DUTCH SHELL PLC United Kingdom

16,300 189,628 35,000 136,700 80,000 414,000

20,000 70,000 3,400 10,000 55,500 67,100 6,000 10,000

1,900,000 1,500,000 800,000 700,000 1,600,000 1,300,000

ASTRAZENECA PLC AVIVA PLC BP PLC BRITISH LAND CO PLC REIT LAND SECURITIES GROUP PLC REIT VODAFONE GROUP PLC

Options, Warrants, Rights Germany

123,286

0.37

3,178,549

9.42

338,766 580,924 643,095 382,726 355,619 877,419

1.00 1.72 1.91 1.13 1.05 2.61

United States of America

2 SP 500 5 SP 500

SEP 1150 18.09.10 CALL SEP 1150 18.09.10 PUT

4.95

1,671,182

4.95

71,044

0.21

71,044

0.21

1,531,953

4.54

1,531,953

4.54

68,185

0.20

1,820 66,365

0.01 0.19

Short positions

-1,090,936

-3.23

-1,090,936

-3.23

-1,090,936

-3.23

1,262,480

3.74

688,431 574,049

2.04 1.70

1,533,440

4.54

341,857 378,249 813,334

1.01 1.12 2.41

4,252,000

12.61

772,786 891,087 166,983 890,852 668,440 861,852

Options, Warrants, Rights Germany

-60 DJ EURO STOXX 50 JUL 2300 19.07.10 PUT Luxembourg

-7,000,000 EUR(P)/USD(C)OTC AUG 1.20 06.08.10 PUT -17,000,000 EUR(P)/USD(C)OTC JUL 1.10 03.07.12 PUT United States of America

-5 SP 500 MAR 1200 19.03.11 CALL -5 S&P 500 INDEX MAR 1150 19.03.11 PUT 2.29 2.65 Total securities portfolio 0.49 2.65 1.98 2.55

0.85 0.78 1.32 1.09 3.81 2.84 0.47 0.76

Bonds

12,994,158

38.51

France

9,995,583

29.62

2,348,941 2,024,984 990,118 929,718 2,106,997 1,594,825

6.96 6.00 2.93 2.76 6.24 4.73

2,998,575

8.89

199,906 999,595

0.59 2.96

The accompanying notes form an integral part of these financial statements

17,000,000 EUR(P)/USD(C)OTC JUL 1.20 03.07.12 PUT

1,671,182

2.94

11.92

-10 01/07U -10 05/08U

Luxembourg

2.67 0.30 2.37

1.99 Derivative instruments 0.95

287,400 263,200 446,318 366,100 1,288,155 956,846 159,300 256,000

200,000 US TREASURY BILLS 1,000,000 US TREASURY BILLS

25 DJ EURO STOXX 50 DEC 2600 20.12.10 PUT

899,543 99,990 799,541

992,065

4,023,319

-10 07/10U -10 12/08U -10 16/09U -10 23/09U -10 29/07U -11 13/01U

-10 29/07U -10 02/09U -10 15/07U

671,729 320,336

BANK OF AMERICA CORP CITIGROUP INC GOLDMAN SACHS GROUP INC JPMORGAN CHASE CO MORGAN STANLEY PFIZER INC VERISIGN INC WELLS FARGO AND CO

United States of America

40

0.37

United States of America

FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

-6,467

-0.02

-6,467

-0.02

-985,844

-2.92

-85,008 -900,836

-0.25 -2.67

-98,625

-0.29

-13,175 -85,450

-0.04 -0.25

28,939,543

85.77

Global Agriculture

Securities Portfolio as at 30/06/10

118,626,824

97.12

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

118,626,824

97.12

118,626,824

97.12

3,847,758

3.15

1,192,956 1,037,643 1,617,159

0.98 0.85 1.32

Brazil

9,795,009

8.02

ALL AMERICA LATINA LOGISTICA -4 PFD +1SH COSAN SA INDUSTRIA JBS MARFRIG FRIGORIFICO SHS SLC AGRICOLA SA

1,820,579 2,416,448 2,590,585 1,242,695 1,724,702

1.49 1.98 2.12 1.02 1.41

Canada

8,432,728

6.90

AGRIUM MAGINDUSTRIES CORP POTASH CORP OF SASKATCHEWAN POTASH ONE INC VITERRA INC

1,629,499 664,143 3,313,291 654,076 2,171,719

1.33 0.54 2.71 0.54 1.78

Cayman Islands

3,493,324

2.86

1,880,196 1,613,128

1.54 1.32

13,175,330

10.79

1,196,462 1,468,028 1,590,112 2,477,197 1,313,129 3,105,336 2,025,066

0.98 1.20 1.30 2.03 1.08 2.54 1.66

1,929,213

1.58

264,987 GRAINCORP LTD-A450,000 INCITEC PIVOT LTD 355,215 NUFARM LTD

231,100 192,900 611,200 132,700 232,000

33,300 2,240,500 38,400 315,936 325,500

1,346,098 CHINA FISHERY 79,700 FRESH DEL MONTE PRODUCE China

1,210,000 1,259,000 2,840,000 2,448,000 401,000 981,000 3,728,000

CHAODA MODERN AGRICULTURE (HOLDINGS) LTD CHINA AGRI-INDUSTRIES LTD -RCCHINA BLUECHEMICAL SHS.HCHINA GREEN (HOLDINGS) LTD CHINA MENGNIU DAIRY CHINA YURUN FOOD GROUP LTD FIRST TRACTOR CO LTD Denmark

28,483 DANISCO A/S Germany

39,937 KALI SALZ AG Indonesia

786,500 ASTRA AGRO LESTARI 1,625,000 PT PP LONDON SUMATRA Israel

109,054 ISRAEL CHEMICALS LTD Japan

179,000 KUBOTA CORP 203,000 NIPPON MEAT PACKERS INC., OSAKA 362,800 NIPPON SUISAN KAISH LTD Malaysia

267,200 KUALA LUMPUR KEPONG MY Netherlands

47,500 CNH GLOBAL NV

% of NAV

USD

Long positions

Australia

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

57,381 NUTRECO HOLDING NV

3,108,398

2.55

Norway

4,855,860

3.98

195,184 CERMAQ ASA 52,749 LEROY SEAFOOD 3,429,221 MARINE HARVEST

1,583,218 981,462 2,291,180

1.30 0.80 1.88

Singapore

12,727,218

10.42

GOLDEN AGRI-RESOURCES INDOFOOD AGRI RESOURCES LTD NOBLE GROUP LTD OLAM INTERNATIONAL LTD WILMAR INTERNATIONAL LTD

2,430,963 1,872,366 2,372,339 2,503,412 3,548,138

1.99 1.53 1.94 2.05 2.91

Spain

2,166,414

1.77

79,597 VISCOFAN SA

6,403,400 1,233,000 1,936,818 1,349,400 857,000

2,166,414

1.77

Switzerland

3,007,552

2.46

12,942 SYNGENTA NAMEN

3,007,552

2.46

1,921,685

1.57

United Kingdom

285,634 TATE LYLE PLC United States of America

70,500 289,100 92,500 142,900 70,200 49,450 22,500 99,300 78,200 222,900 45,100 47,700 51,900 58,700 143,300 210,800

AGCO CORP AGFEED INDUSTRIE INC ANDERSONS INC ARCHER-DANIELS MIDLAND CO BUNGE LTD CAL-MAINE FOODS CF INDUSTRIES HOLDINGS INC CHIQUITA BRANDS INTERNATIONAL INC CORN PRODUCTS INTERNATIONAL INC DARLING INTERNATIONAL INC DEERE AND CO MONSANTO CO MOSAIC CO SANDERSON FARMS SMITHFIELD FOODS TYSON FOODS INC -A-

1,929,213

1.58

1,853,045

1.52 Total securities portfolio

1,853,045

1.52

3,166,716

2.59

1,678,851 1,487,865

1.37 1.22

1,144,624

0.94

1,144,624

0.94

5,101,001

4.18

1,391,705 2,532,625 1,176,671

1.14 2.08 0.96

1,355,194

1.11

1,355,194

1.11

4,184,273

3.43

1,075,875

0.88

1,921,685

1.57

36,469,880

29.85

1,901,385 847,063 3,014,575 3,689,677 3,453,138 1,578,939 1,427,625 1,206,495 2,369,460 1,673,979 2,511,168 2,204,694 2,023,062 2,978,438 2,135,170 3,455,012

1.56 0.69 2.47 3.01 2.82 1.29 1.17 0.99 1.94 1.37 2.06 1.81 1.66 2.44 1.75 2.82

118,626,824

97.12

The accompanying notes form an integral part of these financial statements

41

Global Equities

Securities Portfolio as at 30/06/10

94,381,344

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

94,381,344

99.93

94,381,344

99.93

1,543,673

1.63

48,542 BHP BILLITON LTD 67,200 17,700 5,900 17,450

1,543,673

1.63

5,196,293

5.50

BARRICK GOLD CORP GOLDCORP POTASH CORP OF SASKATCHEWAN RESEARCH IN MOTION

3,051,553 776,352 509,073 859,315

3.23 0.82 0.54 0.91

Cayman Islands

1,789,727

1.89

1,265,188 524,539

1.33 0.56

3,619,035

3.83

996,723 960,028 931,270 731,014

1.05 1.02 0.99 0.77

China

224,000 395,548 494,000 198,000

CHINA LIFE INSURANCE CO LTD CHINA MERCHANT BANK -HCHINA OVERSEAS LAND INVESTMENT LTD -RCSINOPHARM GROUP CO LTD France

13,106 22,452 22,756 27,166 31,940 17,094 13,706 12,378 15,703

11,235,588

11.91

AIR LIQUIDE SA BNP PARIBAS SA DANONE SA ESSILOR INTERNATIONAL SA GDF SUEZ SA LVMH MOET HENNESSY LOUIS VUITTON SA PERNOD RICARD SA SCHNEIDER ELECTRIC SA VINCI SA

1,339,828 1,231,240 1,232,023 1,629,841 919,398 1,880,481 1,074,127 1,268,134 660,516

1.42 1.30 1.30 1.74 0.97 2.00 1.14 1.34 0.70

Germany

1,153,195

1.22

12,719 SIEMENS AG REG SHS 58,200 550,000 1,531,500 78,476

1,153,195

1.22

Hong Kong

2,665,352

2.82

HONG KONG EXCHANGES AND CLEARING LTD PEACE MARK (HOLDING) SHUI ON LAND LTD SUN HUNG KAI PROPERTIES LTD

916,297 0 666,714 1,082,341

0.97 0.00 0.71 1.14

607,200

0.64

Ireland

13,800 COOPER INDUSTRIES 23,700 32,400 3,600 79,400 26,200 21,700 17,300

607,200

0.64

Japan

5,915,127

6.26

CANON INC JFE HOLDINGS INC KEYENCE CORP KOMATSU LTD KURITA WATER INDUSTRIES LTD MITSUBISHI CORP TSUMURA AND CO

891,863 1,017,878 840,909 1,451,794 724,208 457,100 531,375

0.94 1.08 0.89 1.54 0.77 0.48 0.56

644,560

0.68

644,560

0.68

Luxembourg

23,539 ARCELORMITTAL SA REG SHS

The accompanying notes form an integral part of these financial statements

42

Switzerland

99.93

Canada

743,000 PARKSON RETAIL GP 31,300 TENCENT HOLDINGS LTD

% of NAV

USD

Long positions

Australia

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

29,627 NESTLE SA REG SHS Taiwan

74,110 TAIWAN SEMICON ADR (REPR 5 SHS) 330,255 39,231 102,793 28,442 35,521 60,579

1.52

1,434,131

1.52

723,314

0.77

723,314

0.77

United Kingdom

7,394,891

7.83

ARM HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC HSBC HOLDINGS PLC RECKITT BENCKISER GROUP PLC SABMILLER PLC STANDARD CHARTERED PLC

1,371,077 1,253,954 946,083 1,332,696 1,003,845 1,487,236

1.45 1.33 1.00 1.41 1.06 1.58

50,459,258

53.43

970,821 1,271,269 3,068,666 1,176,588 1,134,027 625,086 1,775,826 1,542,844 856,144 490,176 376,140 1,082,331 742,730 571,012 904,419 512,235 1,156,870 1,302,069 766,556 2,259,684 2,051,530 869,481 454,103 1,248,401 1,134,648 462,501 866,434 633,880 1,148,350 1,665,128 450,660 794,339 1,011,770 851,088 1,658,111 677,116 857,969 830,550 1,759,310 2,248,848 518,082 429,459 1,065,530

1.03 1.35 3.25 1.25 1.20 0.66 1.88 1.63 0.91 0.52 0.40 1.15 0.79 0.60 0.96 0.54 1.22 1.38 0.81 2.39 2.17 0.92 0.48 1.32 1.20 0.49 0.92 0.67 1.22 1.76 0.48 0.84 1.07 0.90 1.76 0.72 0.91 0.88 1.86 2.38 0.55 0.45 1.13

United States of America

26,900 15,100 12,200 17,400 43,300 12,300 23,400 72,400 29,200 19,200 6,000 24,100 17,000 15,800 12,900 4,500 2,600 21,300 19,600 18,300 6,500 14,722 16,900 34,100 20,600 20,100 26,200 13,000 17,000 21,583 21,000 20,300 16,600 11,200 36,450 12,100 16,100 52,500 20,500 58,200 7,900 21,900 25,400

1,434,131

ANADARKO PETROLEUM CORP APACHE CORP APPLE INC BECTON DICKINSON CAVIUM NETWORKS INC CELGENE CORP CERNER CORP CISCO SYSTEMS INC CVS CAREMARK CORP CYBERSOURCE DOLBY LABORATORIES -AECOLAB INC EMERSON ELECTRIC CO EQT FEDEX CORP FIRST SOLAR INC GOOGLE INC GREENHILL AND CO INC HANSEN NATURAL CORP IBM CORP INTUITIVE SURGICAL JOHNSON AND JOHNSON JOHNSON CONTROLS INC JPMORGAN CHASE CO MEDCO HEALTH SOLUTIONS INC MICROSOFT CORP NATIONAL OILWELL VARCO INC NEXTERA ENERGY NIKE INC OCCIDENTAL PETROLEUM CORP ORACLE CORP PEABODY ENERGY CORP PEPSICO INC PRAXAIR INC QUESTAR CORP ROPER INDUSTRIES INC ROSS STORES INC RYLAND GROUP INC. SALESFORCE COM.INC SOUTHWESTERN ENERGY CO STERICYCLE INC TETREA TECH INC TJX COS INC

Global Equities

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

16,100 42,400 14,800 35,900 9,000

UNITED TECHNOLOGIES CORP US BANCORP WAL-MART STORES INC WELLS FARGO AND CO WMWARE

Total securities portfolio

1,045,051 947,640 711,436 919,040 563,310

1.11 1.00 0.75 0.97 0.60

94,381,344

99.93

The accompanying notes form an integral part of these financial statements

43

Global Finance

Securities Portfolio as at 30/06/10

30,885,609

96.94

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

30,885,609

96.94

30,885,609

96.94

2,467,331

7.74

AMP LIMITED ANZ BANKING GROUP LTD AXA ASIA PACIFIC HOLDINGS COMMONWEALTH BANK OF AUSTRALIA NAT. AUSTRALIA BANK QBE INSURANCE GROUP WESTFIELD GROUP LTD STAPLED SECURITY WESTPAC BANKING CORP

139,978 449,765 68,735 511,570 448,067 192,556 239,962 416,698

0.44 1.41 0.22 1.60 1.41 0.60 0.75 1.31

Brazil

562,612

1.77

149,639 76,582 336,391

0.47 0.24 1.06

31,809 24,641 14,877 12,452 22,787 12,526 23,325 23,238

9,435 BANCO BRADESCO PFD ADR REPR 1 5,600 BANCO DO BRASIL SA 18,678 ITAU UNIBANCO PFD ADR REPR 1 PFD SHS Canada

2,912,768

9.14

BANK OF MONTREAL BANK OF NOVA SCOTIA IGM FINANCIAL INC INDUSTRIAL ALLIANCE INSURANCE AND FIN. MANULIFE FINANCIAL CORP NATIONAL BK CANADA COMMON POWER FINANCIAL ROYAL BANK OF CANADA TORONTO DOMINION BANK

483,585 438,499 129,246 82,105 193,572 184,462 133,492 696,575 571,232

1.52 1.38 0.41 0.26 0.61 0.58 0.42 2.18 1.78

Denmark

130,329

0.41

6,711 DANSKE BANK

130,329

0.41

776,099

2.44

455,356 320,743

1.43 1.01

1,558,772

4.89

8,900 9,500 3,700 2,500 13,314 3,600 5,200 14,600 8,800

Finland

44,335 POHJOLA BANK -A15,075 SAMPO LEONIA OYJ -AFrance

8,064 11,287 1,393 2,773 460 6,815 6,021 721

AXA SA BNP PARIBAS SA CNP ASSURANCES EULER HERMES SA ICADE SA SCOR SE ACT PROV REGROUPEMENT SOCIETE GENERALE SA UNIBAIL-RODAMCO SE

125,890 618,965 95,450 176,456 39,064 130,975 252,967 119,005

0.40 1.95 0.30 0.55 0.12 0.41 0.79 0.37

Germany

776,304

2.44

508,709 267,595

1.60 0.84

1,426,639

4.48

259,169 185,742 247,794 91,341 144,844 227,816

0.82 0.58 0.78 0.29 0.45 0.72

5,074 ALLIANZ SE REG SHS 4,678 DEUTSCHE BANK AG REG SHS Hong Kong

113,000 16,000 64,000 6,800 9,200 16,518

BOC HONG KONG (HOLDINGS) LTD CHEUNG-KONG HOLDINGS LTD HANG LUNG PROPERTIES LTD HANG SENG BANK LTD HONG KONG EXCHANGES AND CLEARING LTD SUN HUNG KAI PROPERTIES LTD

The accompanying notes form an integral part of these financial statements

44

% of NAV

USD

Long positions

Australia

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

25,000 WHARF HOLDINGS 15,000 WING HANG BANK LTD Italy

56,274 UNICREDIT SPA Japan

15,000 13,000 78,700 104,100 41,000 71 27 8,600 20,000 4,600 6,600

BANK OF YOKOHAMA LTD MITSUBISHI ESTATE MITSUBISHI UFJ FINANCIAL GROUP INC MIZUHO FINANCIAL GROUP INC NOMURA HOLDINGS INC SHINSEI BANK LTD SONY FINANCIAL HOLDINGS SUMITOMO MITSUI FINANCIAL GROUP INC SUMITOMO TRUST BANK T AND D HOLDINGS INC TOKIO MARINE HOLDINGS INC Netherlands

122,478 147,455

0.38 0.46

126,762

0.40

126,762

0.40

1,728,270

5.42

69,330 183,196 360,193 172,931 226,568 61 90,865 246,658 103,289 99,756 175,423

0.22 0.57 1.14 0.54 0.71 0.00 0.29 0.77 0.32 0.31 0.55

264,305

0.83

34,938 ING GROEP NV

264,305

0.83 0.77

Norway

246,281

25,362 DNB NOR ASA

246,281

0.77

Russia

176,866

0.56

72,486 SBERBANK 63,500 19,000 24,500 32,000 18,000

176,866

0.56

Singapore

977,241

3.07

CAPITALAND LTD CITY DEVELOPMENT DBS GROUP HOLDINGS SINGAPORE EXCHANGE LTD UNITED OVERSEAS BANK

163,745 151,067 240,073 169,389 252,967

0.51 0.47 0.76 0.53 0.80

Spain

953,487

2.99

283,711 669,776

0.89 2.10

Sweden

583,702

1.83

NORDEA BANK RATOS AB -B- FREE SKANDINAVISKA ENSKILDA BANKEN -ASVENSKA HANDELSBANK -A- FREE

222,755 61,573 98,333 201,041

0.70 0.19 0.31 0.63

1,182,814

3.71

113,706 321,668 333,457 413,983

0.36 1.01 1.05 1.29

26,895 BANCO BILBAO VIZCAYA ARGENT. SA REG SHS 62,563 BANCO SANTANDER SA REG SHS

26,710 2,436 18,307 8,140

Switzerland

1,623 8,477 24,868 1,864

BALOISE HOLDING REG.SHS CREDIT SUISSE GROUP AG REG SHS UBS SA REG SHS ZURICH FINANCIAL SERVICES AG REG SHS Taiwan

126,673 CHINATRUST FINANCIAL HLDGS Turkey

195,633 AKSIGORTA AS 47,046 HACI OMER SABANCI HOLDING AS 118,828 TURKIYE GARANTI BANKASI AS (NAMEN-AKT) United Kingdom

3,845 ADMIRAL GROUP PLC

69,976

0.22

69,976

0.22

916,624

2.88

227,355 190,172 499,097

0.71 0.60 1.57

3,124,589

9.81

81,051

0.25

Global Finance

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

74,741 153,281 314,927 13,828 90,896 30,233 51,117 4,058 22,606

7,100 8,600 3,800 7,800 2,600 1,100 66,000 9,200 6,800 7,000 3,300 7,600 4,000 138,200 700 2,100 6,400 2,400 28,739 10,100 8,000 2,600 1,600 3,600 5,200 5,700 4,876 7,013 3,400 4,200 14,900 2,600 2,700 39,700

BARCLAYS PLC HSBC HOLDINGS PLC LLOYDS BANKING GROUP PLC MAN GROUP PLC OLD MUTUAL PRUDENTIAL PLC ROYAL BANK OF SCOTLAND GROUP PLC SCHRODERS STANDARD CHARTERED PLC

302,521 1,410,763 253,008 46,195 140,745 229,997 31,683 73,641 554,985

0.95 4.44 0.79 0.14 0.44 0.72 0.10 0.23 1.75

United States of America

9,923,838

31.14

AFLAC INC AMERICAN EXPRESS CO COM. AMERIPRISE FINANCIAL INC - WHEN ISSUED ANNALY CAPITAL MANAGEMENT AON CORP APPLE INC BANK OF AMERICA CORP BANK OF NEW YORK MELLON CORP BB AND T CORP BERKSHIRE HATHAWAY -BCAPITAL ONE FINANCIAL CORP CHARLES SCHWAB CORP/THE CHUBB CORP CITIGROUP INC CME GROUP -AFRANKLIN RESOURCES INC HARTFORD FINANCIAL SERVICES GROUP INC HCP JPMORGAN CHASE CO METLIFE INC MORGAN STANLEY M&T BANK CORPORATION NORTHERN TRUST CORP PNC FINANCIAL SERVICES GROUP INC PRINCIPAL FINANCIAL GROUP INC PROGRESSIVE CORP PRUDENTIAL FINANCIAL INC SIMON PROPERTY GROUP INC STATE STREET CORP TRAVELERS COS INC/THE US BANCORP VORNADO REALTY TRUST SHS OF BENEF.INT WAL-MART STORES INC WELLS FARGO AND CO

302,957 341,420 137,294 133,770 96,512 276,683 948,420 227,148 178,908 557,830 132,990 107,768 200,040 519,632 197,085 180,999 141,632 77,400 1,052,134 381,376 185,680 220,870 74,720 203,400 121,888 106,704 261,646 566,300 114,988 206,850 333,015 189,670 129,789 1,016,320

0.95 1.07 0.43 0.42 0.30 0.87 2.98 0.71 0.56 1.75 0.42 0.34 0.63 1.63 0.62 0.57 0.44 0.24 3.30 1.20 0.58 0.69 0.23 0.64 0.38 0.33 0.82 1.78 0.36 0.65 1.05 0.60 0.41 3.19

30,885,609

96.94

Total securities portfolio

The accompanying notes form an integral part of these financial statements

45

Global Resources

Securities Portfolio as at 30/06/10

64,594,420

100.28

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

64,594,420

100.28

63,951,783

99.28

Australia

3,593,958

5.58

BHP BILLITON LTD CENTAMIN EGYPT -SHSFORTESCUE METALS GROUP LTD MACARTHUR COAL RIO TINTO

632,835 1,392,420 618,442 328,047 622,214

0.98 2.16 0.96 0.51 0.97

Brazil

2,624,497

4.07

COMPANHIA SIDERURGICA NACIONAL PETROBRAS SA-ADR-REPR.100 PFD SHS 144A USIMINAS PREF. -AVALE DO RIO DOCE PREF -AVALE PFD -A- ADR REPR 1PFD SHS-A-

639,074 250,320 320,286 307,063 1,107,754

0.99 0.39 0.50 0.48 1.71

26,639,691

41.36

AGNICO EAGLE MINES LTD ANATOLIA MINERALS DEVELOPMENT LTD AURIZON MINES LTD BANKERS PETROLEUM BARRICK GOLD CORP CANADIAN NATURAL RESOURCES CRESCENT POINT ENERGY CORP DETOUR GOLD ELDORADO GOLD CORP ENBRIDGE INC EQUINOX MINERALS SHS FRANCO-NEVADA CORP GOLDCORP GOLDEN STAR RESOURCES LTD GRANDE CACHE COAL IAMGOLD CORP IVANHOE MINES LIMITED NEW GOLD OSISKO MINING PACIFIC RUB POTASH CORP OF SASKATCHEWAN RED BACK MINING SILVER WHEATON CORP TECK RESOURSES LTD -BYAMANA GOLD INC

996,663 343,591 576,437 845,518 4,824,461 641,664 646,925 854,612 2,596,289 662,523 808,368 710,407 2,697,496 418,404 179,079 870,798 591,746 518,147 1,135,406 1,538,892 301,993 1,761,741 670,415 601,364 846,752

1.55 0.53 0.89 1.31 7.50 1.00 1.00 1.33 4.03 1.03 1.26 1.10 4.19 0.65 0.28 1.35 0.92 0.80 1.76 2.39 0.47 2.74 1.04 0.93 1.31

China

1,048,942

1.63

313,543 735,399

0.49 1.14

1,127,937

1.75

317,589 810,348

0.49 1.26

Indonesia

379,215

0.59

1,828,500 BUMI RESOURCES

379,215

0.59

798,994

1.24

325,758

0.51

43,800 8,400 12,000 14,600 52,700

Canada

16,400 65,200 116,900 127,991 106,100 19,300 18,500 38,400 144,600 14,200 230,300 23,300 61,500 94,600 34,600 49,300 45,600 83,300 105,100 68,538 3,500 69,570 33,400 20,300 82,400

560,000 CHINA BLUECHEMICAL SHS.H428,000 CNOOC LTD -RCFrance

5,447 TECHNIP-COFLEXIP 17,897 TOTAL SA

Italy

17,508 ENI SPA The accompanying notes form an integral part of these financial statements

46

% of NAV

USD

Long positions

19,900 571,300 177,717 32,045 11,051

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

15,313 SAIPEM SPA

473,236

0.73

Jersey Island

1,930,801

3.00

1,930,801

3.00

452,634

0.70

20,087 RANDGOLD RESSOURCES LTD Luxembourg

25,823 TENARIS SA - REG.SHS Mexico

201,900 GMEXICO -BNetherlands

12,500 ROYAL DUTCH SHELL PLC 21,671 SBM OFFSHORE NV Peru

32,200 BUENAVENTURE SP ADR-SHS11,500 SOUTHERN COPPER CORP Russia

16,913 GAZPROM OAO ADR 10,407 POLYUS ZOLOTO ADR REP.1/2 SHS South Africa

22,344 ANGLOGOLD ASHANTI LTD-REG.SHS 13,787 EXXARO RESOURCES LTD 20,905 KUMBA IRON ORE Turkey

61,053 KOZA ALTIN 48,864 26,059 34,597 33,787 14,707 89,806 105,513 81,902 38,894 34,151 24,764 20,651 69,803

0.70 0.74

477,938

0.74

631,461

0.98

318,100 313,361

0.49 0.49

1,542,978

2.40

1,237,768 305,210

1.93 0.47

609,582

0.95

322,869 286,713

0.50 0.45

2,036,056

3.16

967,555 198,465 870,036

1.50 0.31 1.35

524,433

0.81

524,433

0.81

United Kingdom

8,118,791

12.60

AFRICAN BARRICK GOLD LIMITED ANGLO AMERICAN PLC ANTOFAGASTA PLC BG GROUP PLC BHP BILLITON PLC BP PLC CAIRN ENERGY PLC FERREXPO PETROPAVLOVSK PLC RIO TINTO PLC ROYAL DUTCH SHELL PLC -BTULLOW OIL PLC XSTRATA PLC

463,842 916,363 407,086 508,507 386,035 428,459 654,936 304,243 692,435 1,516,666 604,260 309,878 926,081

0.72 1.42 0.63 0.79 0.60 0.67 1.02 0.47 1.08 2.34 0.94 0.48 1.44

11,413,875

17.72

291,654 997,542 584,784 755,986 314,784 958,776 331,758 697,734 464,688 450,805 307,942 811,076 2,531,340 910,370

0.45 1.55 0.91 1.17 0.49 1.49 0.52 1.08 0.72 0.70 0.48 1.26 3.93 1.41

United States of America

6,600 14,700 12,400 15,400 3,200 16,800 6,300 11,800 92,300 14,500 7,900 16,600 41,000 11,800

452,634 477,938

ALLEGHENY TECHNOLOGIES INC CHEVRON CORP CLIFF NATURAL RESOURCES CONOCOPHILLIPS CO EOG RESOURCES INC EXXON MOBIL CORP FMC TECHNOLOGIES INC FREEPORT MCMORAN COPPER & GOLD INC GRAN TIERRA ENERGY MARATHON OIL CORP MOSAIC CO NEWFIELD EXPLORATION CO NEWMONT MINING CORP OCCIDENTAL PETROLEUM CORP

Global Resources

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

11,800 SCHLUMBERGER LTD 9,100 SOUTHWESTERN ENERGY CO

653,012 351,624

1.01 0.55

Shares/Units in investment funds

641,862

1.00

Canada

641,862

1.00

641,862

1.00

Options, Warrants, Rights

775

0.00

Canada

775

0.00

33,600 PENN WEST ENERGY TRUST UNITS

147 FRANCO-NEVADA (SHS)

13.03.12 WAR

Total securities portfolio

775

0.00

64,594,420

100.28

The accompanying notes form an integral part of these financial statements

47

Greater China

Securities Portfolio as at 30/06/10

610,517,878

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

610,517,878

98.18

610,517,878

98.18

20,619,410

3.32

20,619,410

3.32

17,752,281

2.85

13,813,986 3,938,295

2.22 0.63

67,182,400 CHINA STATE CONSTRUCTION INTL HLDG LTD Consumer Discretionary

9,639,000 BELLE INTERNAIONAL HOLDING 1,870,000 GOLDEN EAGLE RETAIL GROUP LTD Consumer Staples

5,500,000 CHINA AGRI-INDUSTRIES LTD -RC4,000,000 CHINA MENGNIU DAIRY 9,878,000 CHINA YURUN FOOD GROUP LTD Electronics and semiconductors

6,100,000 RADIANT OPTO-ELECTRONICS CORP Energy

18,879,000 21,955,000 7,184,000 2,994,000 36,668,000 2,320,391 1,398,500 468,000 1,196,000

8.17

6,413,150 13,098,543 31,268,624

1.03 2.11 5.03

8,305,707

1.34

8,305,707

1.34 6.31

1.41 4.90

148,349,784

23.85

BANK OF CHINA LTD -HCHINA CONSTRUCTION BANK CORPORATION -HCHINA LIFE INSURANCE CO LTD HSBC HOLDINGS PLC (USD 0.5) INDUS.AND COMMERCIAL BANK OF CHINA -HKERRY PROPERTIES PING AN INS (GRP) CO -HSUN HUNG KAI PROPERTIES LTD WHARF HOLDINGS

9,624,813 17,874,978 31,966,302 27,932,529 26,934,324 10,146,146 11,556,700 6,454,654 5,859,338

1.55 2.87 5.14 4.49 4.33 1.63 1.86 1.04 0.94

Foods and non alcoholic drinks

16,103,503

2.59

19,000,000 WANT WANT CHINA Health Care

671,000 MINDRAY MEDICAL -ADRHolding and finance companies

4,072,000 BEIJING ENTERPRISES HOLDINGS LTD -RCHotels and restaurants

16,103,503

2.59

21,364,640

3.44

21,364,640

3.44

26,694,780

4.29

26,694,780

4.29

6,333,617

1.02

3,835,200 WYNN MACAU LTD

6,333,617

1.02

Industrials

49,536,116

7.97

3,066,538 27,212,209 19,257,369

0.49 4.38 3.10

1,442,000 CH HS TRANSMISS SHS 8,756,400 DONGFANG ELECTRIC -H5,627,000 MTR CORP LTD Information Technology

7,499,178

1.21

2,008,000 TRIPOD TECHNOLOGY CO LTD

7,499,178

1.21

9,259,142

1.49

Insurance

2,822,000 CN TAIPING INSURANCE HOLDINGS CO Internet and Internet services

965,000 TENCENT HOLDINGS LTD

The accompanying notes form an integral part of these financial statements

48

50,780,317

8,783,729 30,443,434

Financials

Office supplies and computing

98.18

39,227,163

2,400,000 CHINA SHENHUA ENERGY CO LTD-SHS.-H17,718,000 CNOOC LTD -RC-

% of NAV

USD

Long positions

Building materials and trade

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

9,259,142

1.49

16,171,885

2.60

16,171,885

2.60

19,000,000 GOME ELECTRICAL APP Petroleum

9,880,000 KUNLUN ENERGY 9,828,000 3,062,000 21,000,000 21,000,000 4,212,400 12,322,475

5,807,021

0.93

5,807,021

0.93

12,611,483

2.03

12,611,483

2.03

Pharmaceuticals and cosmetics

81,164,363

13.04

CHINA SHINEWAY PHARMACEUTICAL GROUP LTD GUANGZHOU PHARMA -HLIJUN INTL PHARMACE SINO BIOPHARMACEUTICAL SINOPHARM GROUP CO LTD THE UNITED LABORATORIES INTL HLDG LTD

30,163,789 2,583,410 7,712,730 8,252,082 15,552,144 16,900,208

4.84 0.42 1.24 1.33 2.50 2.71

Telecommunication Services

31,971,496

5.14

25,607,652 6,363,844

4.12 1.02

2,550,000 CHINA MOBILE LTD 3,200,000 CHUNGHWA TELECOM Utilities

2,000,000 CHINA L&P HLDGS 8,170,000 HONG KONG CHINA GAS 2,758,000 XINAO GAS HOLDINGS LTD

Total securities portfolio

40,965,992

6.59

14,498,290 20,290,902 6,176,800

2.33 3.27 0.99

610,517,878

98.18

India

Securities Portfolio as at 30/06/10

980,771,823

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

980,771,823

97.86

980,771,823

97.86

26,221,866

2.62

6,396,273 19,825,593

0.64 1.98

18,222,407

1.82

13,241,894 4,980,513

1.32 0.50

24,062,485

2.40

4,996,230 19,066,255

0.50 1.90

Consumer Discretionary

39,058,114

3.90

HERO HONDA MOTORS LTD DEMATERIALISED MARUTI UDYOG LTD PANTALOON RETAIL INDIA DEMATERIALISED VOLTAS-DEMATERIALISED SHS-

11,026,748 10,729,085 10,889,860 6,412,421

1.10 1.07 1.09 0.64

Consumer Staples

37,868,434

3.78

31,238,821 6,629,613

3.12 0.66

7,493,377

0.75

7,493,377

0.75

93,861,525

9.36

850,000 BANK OF INDIA DEMATERIALISED 400,000 STATE BANK OF INDIA (DEMATERIALISED) Building materials and trade

2,300,000 IRB INFRASTRUCTURE DEVELOPERS 800,000 SOBHA DEVELOPERS SHS DEMATERALISED Chemicals

3,500,000 CHAMBAL FERTILISER AND CHEMICALS LTD 450,000 LUPIN SHS/DEMATERIALISED

250,000 350,000 1,218,306 1,500,000

4,750,000 ITC DEMATERIALISED 5,250,000 K.S. OILS Electrical engineering and electronics

1,350,000 CROMPTON GREAVES-SHS.DEMATERIALISED Energy

4,000,000 RELIANCE INDUSTRIES DEMATERAILISED

93,861,525

9.36 22.28

16,049,946 57,844,743 60,221,532 50,093,427 3,858,326 15,769,238 9,863,276 9,693,720

1.60 5.77 6.01 5.00 0.38 1.57 0.98 0.97

Foods and non alcoholic drinks

5,913,871

0.59

901,000 JUBILANT FOODWORKS LTD

5,913,871

0.59

3,162,180

0.32

600,000 1,400,000 950,000 2,700,000 1,000,000 950,000 1,000,000 1,500,000

AXIS BK - DEMARTERIALISED HDFC BANK DEMATERIALISED HOUSING DEVELOPMENT FIN.DEMATERIALISED ICICI BANK DEMATERIALISED INFRASTRUCTURE DEVL FIN. DEMATERIALISED KOTAK MAHINDRA BANK ( DEMAT.) MAHINDRA GESCO DEVELOPERS LTD (DEMAT.) POWER FINANCE

Graphic art and publishing

325,000 EVERONN SYSTEMS

3,162,180

0.32

Health Care

31,035,731

3.10

535,000 APOLLO HOSPITALS DEMATERIALISED 750,000 AUROBINDO PHARMA (DEMAT.) 200,000 SUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL Holding and finance companies

250,000 LIC HOUSING FINANCE LTD DEMATERIALISED 275,000 MAHINDRA FINANCIAL SERVICE LTD 734,822 SHIRAM TRANSPORT FIN DEMATERIALISED Hotels and restaurants

750,000 COX AND KINGS

Industrials

97.86

223,394,208

Financials

% of NAV

USD

Long positions

Banks and credit institutions

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

200,000 275,000 400,000 700,000 3,700,000 741,500 3,750,000 1,300,000 2,250,000 776,000 1,100,000

ABB SHS ADANI ENTERPRISE - DEMATERIALISED BEML BHARAT HEAVY ELECTRICALS (DEMATERIALISED) IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT JAIN IRRIGATION SYSTEMS LTD ( DEMAT.) JAIPRAKASH ASSOCIATES LARSEN & TOUBRO LTD DEMATERIALISED NAGURJANA CONSTRUCTION -SHS DEMAT SIMPLEX INFRASTRUCTURE TATA MOTORS DEMATERIALISED LTD Information Technology

1,550,000 INFOSYS TECHNOLOGIES DEMATERALISED 1,100,000 TATA CONSULT.SERVICES SVS DEMATERIALISED Machine and apparatus construction

1,500,000 TEXMACO LTD Materials

1,250,000 HINDALCO INDUSTRIES LTD 1,259,988 JINDAL STL & POWER 2,700,000 UNITED PHOSPHORUS LTD DEMATERIALISED Miscellaneous services

652,000 DELTA CORP LTD Miscellaneous trading companies

1,350,000 DECCAN CHRONICLE HI SHS 1,500,000 MCLEOD RUSSEL INDIA (DEMAT) Office supplies and computing

1,300,000 EDUCOMP SOLUTIONS Petroleum

2,000,000 GUJARAT STATE PETRONET DEMATERIALISED Photographics and optics

181,461,406

18.10

3,715,792 3,189,928 8,617,502 37,071,577 14,964,900 17,110,612 10,379,208 50,632,666 9,129,343 8,211,947 18,437,931

0.37 0.32 0.86 3.70 1.49 1.71 1.04 5.04 0.91 0.82 1.84

110,930,095

11.06

93,143,472 17,786,623

9.29 1.77

4,209,817

0.42

4,209,817

0.42

31,530,240

3.15

3,889,007 16,941,807 10,699,426

0.39 1.69 1.07

482,911

0.05

482,911

0.05

10,082,890

1.01

3,589,729 6,493,161

0.36 0.65

14,906,120

1.49

14,906,120

1.49

4,405,209

0.44

4,405,209

0.44

8,204,594

0.82

8,204,594

0.82

14,417,084

1.44

9,256,594 5,160,490

0.93 0.51

Road vehicles

17,815,647

1.78

30,000 BAJAJ AUTO LTD 1,200,000 MAHINDRA&MAHINDRA

1,606,803 16,208,844

0.16 1.62

1,250,000 ZEE ENTERTAINMENT - DEMATERIALISED Real estate companies

1,144,629 DB REALTY LTD 379,269 GODREJ PROPERTIES LTD¦

Textiles and garments

12,637,158

1.26

6,708,578 5,928,580

0.67 0.59

Utilities

34,705,742

3.46

GVK POWER & INFRASTRUCTURE LTD KSK ENERGY VENT RELIANCE INFRASTRUCTURE DEMATERIALISED TATA POWER DEMATERIALISED

9,527,395 8,727,847 12,929,266 3,521,234

0.95 0.87 1.29 0.35

980,771,823

97.86

1,200,000 BOMBAY RAYON FASHIONS LTD 260,000 KALPATARU POWER TRANSMISSION LTD

8,650,767 14,698,025 7,686,939

0.86 1.47 0.77

17,149,152

1.71

5,370,329 2,659,408 9,119,415

0.54 0.27 0.90

7,539,560

0.75 Total securities portfolio

7,539,560

0.75

10,000,000 2,383,098 500,000 125,000

The accompanying notes form an integral part of these financial statements

49

India Infrastructure

Securities Portfolio as at 30/06/10

99,792,112

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

99,695,142

95.63

99,695,142

95.63

7,942,685

7.62

CONSOLIDATED GMR INFRASTRUCTURE IRB INFRASTRUCTURE DEVELOPERS LANCE INFRATECH SHREE CEMENTS LTD SOBHA DEVELOPERS SHS DEMATERALISED

722,427 960,814 2,302,938 2,163,849 547,529 1,245,128

0.69 0.92 2.21 2.08 0.53 1.19

567,962

0.54

30,000 ULTRA TECH CEMENT LTD Coal mining and steel industry

30,000 JSW STEEL -SHS- DEMATERIALISED Consumer Discretionary

400,000 VOLTAS-DEMATERIALISED SHSElectrical engineering and electronics

120,000 BGR ENERGY SYS 350,000 CROMPTON GREAVES-SHS.DEMATERIALISED 45,000 SANGHVI MOVERS Energy

125,000 100,000 390,000 20,000

800,000 350,000 166,377 200,000

CAIRN INDIA - SHS DEMARTERALISED OIL AND NATURAL GAS CORP. DEMATERIALISED RELIANCE INDUSTRIES DEMATERAILISED RELIANCE INDUSTRIES GDR REPR.2 SHS

0.54 0.66

685,617

0.66

1,709,979

1.64

1,709,979

1.64

4,022,089

3.86

1,895,661 1,942,727 183,701

1.82 1.86 0.18

13,746,790

13.18

817,499 2,843,793 9,151,498 934,000

0.78 2.73 8.77 0.90

4,822,586

4.63

ASCENDAS INDIA UNITS INFRASTRUCTURE DEVL FIN. DEMATERIALISED MAHINDRA GESCO DEVELOPERS LTD (DEMAT.) POWER FINANCE

538,654 1,350,414 1,641,022 1,292,496

0.52 1.30 1.57 1.24

Holding and finance companies

3,728,582

3.58

380,558 967,057 2,380,967

0.37 0.93 2.28

25,571,449

24.52

Industrials

400,000 350,000 80,000 650,000

Machine and apparatus construction

4,363,224

4.19

HINDUSTAN DORR OLIVER LTD (DEMAT) TEXMACO LTD THERMAX DEMATERIALISED UNITECH - SHS DEMATERIALISED

1,039,939 982,291 1,300,463 1,040,531

1.00 0.94 1.25 1.00

Materials

3,385,939

3.25

435,676 933,362 2,016,901

0.42 0.90 1.93

892,668

0.86

150,000 EVEREST KANTO CYLIN 300,000 HINDALCO INDUSTRIES LTD 150,000 JINDAL STL & POWER Miscellaneous services

600,000 JAIPRAKASH HYDRO POWER LTD (DEMAT) Non-ferrous metals

40,000 HINDUSTAN ZINC LTD DEMATERIALISED 300,000 STERLITE INDUSTRIES INDIA LTD Petroleum

700,000 GUJARAT STATE PETRONET DEMATERIALISED 500,000 PETRONET LNG Real estate companies

165,463 DB REALTY LTD 114,634 GODREJ PROPERTIES LTD¦ Road vehicles

750,000 ASHOK LEYLAND -DEMATERIALISED175,000 MAHINDRA&MAHINDRA Telecommunication Services

125,000 BHARTI AIRTEL LTD (DEMATERIALISED) Textiles and garments

85,000 KALPATARU POWER TRANSMISSION LTD 250,000 SINTEX INDUSTRIES LTD DEMATERIALISED Utilities

125,000 30,000 1,400,000 250,000 380,000 75,000 200,000 65,000

CESC LTD DEMATERIALISED GAIL INDIA SPONS.GLOB.DEP.REC.REPR.6REGS GVK POWER & INFRASTRUCTURE LTD INDRAPRASTHA GAS LTD KSK ENERGY VENT RELIANCE INFRASTRUCTURE DEMATERIALISED RURAL ELECTRIFICATI TATA POWER DEMATERIALISED

ABB SHS ADANI ENTERPRISE - DEMATERIALISED BEML BHARAT HEAVY ELECTRICALS (DEMATERIALISED) HINDUSTAN CONSTRUCTION- DEMATERIALISED IVRCL INFRASTRUCTURES AND PROJECTS-DEMAT JAIPRAKASH ASSOCIATES LARSEN & TOUBRO LTD DEMATERIALISED LARSEN TOUBRO GDR-GL.DEPOS.REC.REPR 1SH NAGURJANA CONSTRUCTION -SHS DEMAT SIMPLEX INFRASTRUCTURE TATA MOTORS DEMATERIALISED LTD

1,393,422 2,029,954 969,469 3,707,158 901,658 1,617,827 1,937,452 6,231,713 775,800 2,434,492 1,058,241 2,514,263

1.34 1.95 Other transferable securities 0.93 Shares 3.55 Holding and finance companies 0.86 1.55 25,000 BF INVESTMENT LTD 1.86 Total securities portfolio 5.97 0.74 2.34 1.02 2.41

Information Technology

1,216,438

1.17

1,216,438

1.17

150,000 REDINGTON INDIA The accompanying notes form an integral part of these financial statements

50

567,962 685,617

Financials

25,000 BF UTILITIES (DEMATERIALISED) 100,000 MAHINDRA FINANCIAL SERVICE LTD 191,853 SHIRAM TRANSPORT FIN DEMATERIALISED

75,000 175,000 45,000 70,000 350,000 400,000 700,000 160,000 20,000 600,000 100,000 150,000

95.72

Building materials and trade

Chemicals

% of NAV

USD

Long positions

374,268 750,000 400,000 1,500,000 12,500 200,000

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

892,668

0.86

1,932,349

1.85

834,923 1,097,426

0.80 1.05

2,377,758

2.28

1,541,823 835,935

1.48 0.80

2,897,854

2.78

1,338,096 1,559,758

1.28 1.50

3,391,618

3.25

1,027,828 2,363,790

0.99 2.26

707,288

0.68

707,288

0.68

3,677,881

3.53

1,938,189 1,739,692

1.86 1.67

12,054,386

11.56

1,011,680 1,848,000 1,333,835 1,389,008 1,391,710 1,939,391 1,309,721 1,831,041

0.97 1.77 1.28 1.33 1.33 1.86 1.26 1.76

96,970

0.09

96,970

0.09

96,970

0.09

96,970

0.09

99,792,112

95.72

Japan Value

Securities Portfolio as at 30/06/10

3,906,739,310

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

3,906,739,310

98.59

3,906,739,310

98.59

51,093,000

1.29

63,000 SURUGA BANK LTD Building materials and trade

500 KANDENKO CO LTD 249,000 PENTA-OCEAN CONSTRUCTION CO LTD 51,000 TOTO LTD Chemicals

79,000 TOKUYAMA CORP Coal mining and steel industry

31,000 TOKYO STEEL MFG CO LTD SHS 66,000 29,900 31,600 90,000 150 106,200 19,500 56 25 13,700 40,450 20 20,200 24,700 436 38,700 23,000 79,250 850 3,900 40,100 56,850

70,000 400 126,000 50 21,000 350 700

98.59

51,093,000

1.29

58,247,500

1.47

263,500 27,639,000 30,345,000

0.01 0.70 0.76

31,126,000

0.79

31,126,000

0.79

32,116,000

0.81

32,116,000

0.81

Consumer Discretionary

887,068,310

22.39

AKEBONO BRAKE INDUSTRY CO LTD ASKUL CORP BRIDGESTONE CORP CASIO COMPUTER CO LTD DAIHATSU MOTOR CO DCM HOLDINGS SHS DENSO CORP DOUTOR NICHIRES FAST RETAILING CO LTD FCC CO LTD HONDA MOTOR CO LTD ISETAN MITSUKOSHI IZUMI CO LTD KYORITSU MAINTENANCE CO LTD RAKUTEN ROUND ONE CORP SEGA SAMMY HOLDINGS INC SEKISUI HOUSE LTD SHARP CORP SHIMAMURA CORP SONY CORP TOYOTA MOTOR CORP

26,862,000 44,939,700 44,682,400 48,420,000 124,500 51,931,800 48,282,000 66,920 338,000 22,865,300 105,048,650 17,440 24,139,000 29,590,600 27,947,600 18,963,000 29,486,000 60,547,000 804,100 31,356,000 95,558,300 175,098,000

0.68 1.13 1.13 1.22 0.00 1.31 1.22 0.00 0.01 0.58 2.65 0.00 0.61 0.75 0.71 0.48 0.74 1.53 0.02 0.79 2.41 4.42

Consumer Staples

147,504,850

3.72

AJINOMOTO CO INC KAO CORP NICHIREI CORP SEVEN & I HOLDINGS CO LTD SHISEIDO TOYO SUISAN KAISHA YAMAZAKI BAKING CO

56,490,000 837,200 47,124,000 102,350 41,370,000 742,700 838,600

1.43 0.02 1.19 0.00 1.04 0.02 0.02

Electronics and semiconductors

68,480,000

1.73

23,400,000 45,080,000

0.59 1.14

31,365,000

0.79

31,365,000

0.79

60,000 NIPPON CHEMI-CON CORP 392,000 SANYO ELECTRIC CO LTD Energy

51,000 SHOWA SHELL SEKIYU KK

% of NAV

JPY

Long positions

Banks and credit institutions

Market Value

Quantity

% of NAV

Market Value

Quantity

JPY

600 379,600 36,000 489,000 117,600 6,390 50 500 600 129,000 35,950 500

50 30,200 750 36,000 17,800 50

Financials

514,900,550

12.99

MITSUBISHI ESTATE MITSUBISHI UFJ FINANCIAL GROUP INC MITSUI FUDOSAN CO LTD MIZUHO FINANCIAL GROUP INC NOMURA HOLDINGS INC ORIX CORP RICOH LEASING CO LTD SEVENTY-SEVEN BANK LTD SHIZUOKA BANK LTD SUMITOMO TRUST BANK TOKIO MARINE HOLDINGS INC TOKYO TATEMONO CO

748,200 153,738,000 45,036,000 71,883,000 57,506,400 41,535,000 101,750 239,500 466,800 58,953,000 84,554,400 138,500

0.02 3.88 1.14 1.81 1.45 1.05 0.00 0.01 0.01 1.49 2.13 0.00

Health Care

116,244,500

2.93

214,500 48,018,000 1,015,500 28,836,000 37,736,000 424,500

0.01 1.20 0.03 0.73 0.95 0.01

ALFRESA HOLDINGS CORP DAIICHI SANKYO CO LTD MITSUBISHI TANABE PHARMA CORP NICHII GAKKAN CO OLYMPUS CORP SAWAI PHARMACEUTICAL CO LTD Holding and finance companies

28,000 NOMURA REAL ESTATE HOLDINGS INC 20,000 SQUARE ENIX HDLGS 700 TAKARA SHUZO CO. LTD Industrials

149,000 36,000 15,200 11,550 35,300 500 61,000 91,000 14,000 55,000 50 147,000 74,600 57,000 31,300 750 144,000 36,000 126,000 500 154,000

ALL NIPPON AIRWAYS CO LTD COMSYS HOLDINGS CORP DAIKIN INDUSTRIES LTD EAST JAPAN RAILWAY CO HITACHI TRANSPORT SYSTEM KAWASAKI KISEN KAISHA LTD KUBOTA CORP MARUBENI CORP MEITEC CORP MINEBEA CO LTD MITSUBISHI CORP MITSUBISHI HEAVY INDUSTRIES LTD MITSUI AND CO LTD MITSUI OSK LINES LTD MORI SEIKI CO LTD NIPPON HODO CO LTD NIPPON SHEET GLASS CO LTD PANASONIC ELECTRIC WORKS SANWA HOLDING CORP TOBU RAILWAY CO LTD TOKYU CORP Information Technology

18,000 50 23,000 17,800 147,000 50 50,000

ADVANTEST CORP CANON INC CAPCOM CO LTD FUJIFILM HOLDINGS CORP HITACHI LTD HOYA CORP JAPAN AVIATION ELECTRONICS INDUSTRY

64,571,700

1.63

31,416,000 32,840,000 315,700

0.79 0.83 0.01

701,091,150

17.69

42,167,000 28,800,000 41,602,400 68,491,500 45,854,700 183,000 41,968,000 41,951,000 22,540,000 27,335,000 93,200 45,423,000 78,628,400 33,858,000 28,295,200 497,250 31,680,000 31,716,000 34,020,000 239,500 55,748,000

1.06 0.73 1.05 1.73 1.16 0.00 1.06 1.06 0.57 0.69 0.00 1.15 1.98 0.85 0.71 0.01 0.80 0.80 0.86 0.01 1.41

503,790,550

12.71

33,912,000 166,500 33,120,000 46,066,400 47,628,000 95,300 28,150,000

0.86 0.00 0.84 1.16 1.20 0.00 0.71

The accompanying notes form an integral part of these financial statements

51

Japan Value

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

JPY

37,400 59,000 75 500 16,600 114 18,200 136,000 200 586 52,000

KONAMI CO LTD KONICA MINOLTA HOLDINGS INC NINTENDO CO LTD NIPPON ELECTRIC GLASS CO LTD NOMURA RESEARCH INSTITUTE NTT DATA CORP SUMCO CORP TOSHIBA CORP TREND MICRO INC WORKS APPLICATIONS YOKOGAWA ELECTRIC CORP

51,724,200 50,917,000 1,976,250 514,000 31,423,800 37,620,000 27,099,800 60,520,000 482,600 23,410,700 28,964,000

1.31 1.28 0.05 0.01 0.79 0.95 0.68 1.54 0.01 0.59 0.73

Internet and Internet services

24,885,900

0.63

117 SONY COMMUNICATION NETWORK CORP Materials

77,000 35,200 17,600 500 131,000 500 210,000 116,000 50 97,000 800 110,000 500

ASAHI KASEI CORPORATION FUJIKURA KASEI CO LTD JFE HOLDINGS INC MITSUBISHI GAS CHEM. MITSUBISHI MATERIAL NIPPON STEEL CORP NISSHIN STEEL CO LTD OJI PAPER CO LTD SHIN-ETSU CHEM. CO LTD SUMITOMO CHEMICAL CO LTD SUMITOMO METAL MINING CO LTD TEIJIN LTD TORAY INDUSTRIES INC Miscellaneous consumer goods

50 SANKYO CO LTD Petroleum

13,100 JAPAN PETROLEUM EXPLORATION CO LTD Pharmaceuticals and cosmetics

0.63

279,649,250

7.06

35,959,000 18,128,000 48,928,000 217,500 31,309,000 148,000 30,030,000 50,692,000 208,750 33,659,000 896,000 29,260,000 214,000

0.91 0.46 1.23 0.01 0.79 0.00 0.76 1.27 0.01 0.85 0.02 0.74 0.01

201,250

0.01

201,250

0.01

47,880,500

1.21

47,880,500

1.21

33,288,000

0.84

19,000 TAISHO PHARMACEUTICAL

33,288,000

0.84

Real estate companies

45,504,000

1.15

640 NTT URBAN DEVELOPMENT

45,504,000

1.15

Retail trade, department stores

31,708,800

0.80

10,800 FAMILYMART CO LTD Telecommunication Services

140 KDDI CORP 23,450 NIPPON TEL. Textiles and garments

287,000 ATSUGI CO Utilities

50 HOKKAIDO ELECTRIC POWER CO INC 189,000 OSAKA GAS CY 500 TOHO GAS

Total securities portfolio

The accompanying notes form an integral part of these financial statements

52

24,885,900

31,708,800

0.80

144,788,000

3.65

59,430,000 85,358,000

1.50 2.15

30,422,000

0.77

30,422,000

0.77

60,812,500

1.53

95,500 60,480,000 237,000

0.00 1.52 0.01

3,906,739,310

98.59

Korea

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

USD

19,136 LG CHEM 12,834 OCI MATERIALS CO LTD 13,163 POSCO

4,846,777 1,244,577 5,025,134

4.86 1.25 5.03 4.58

Long positions

90,092,719

90.26

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

90,092,719

90.26

90,092,719

90.26

Road vehicles

4,571,441

13,737,158

13.77

170,830 KIA MOTORS

4,571,441

4.58

Transportation

2,250,862

2.25

Consumer Discretionary

112,685 22,677 15,170 61,614 6,706

679 16,328 1,336 2,405

CHEIL WORLDWIDE HYUNDAI DEPARTMENT STORE SHS HYUNDAI MOBIS HYUNDAI MOTOR CO LTD LG ELECTRONICS INC

1,184,978 2,180,543 2,569,787 7,285,989 515,861

1.19 2.18 74,037 HANJIN SHIPPING CO LTD 2.57 Total securities portfolio 7.31 0.52

Consumer Staples

2,808,401

2.81

AMOREPACIFIC CORP KT & G CORP-SHS. LG HOUSEHOLD AND HEALTHCARE SHINSEGAE CO LTD

578,445 804,397 380,476 1,045,083

0.58 0.81 0.38 1.04

1,158,061

1.16

Electronics and semiconductors

59,086 NEPES CORP

1,158,061

1.16

Energy

3,237,351

3.24

35,963 SK ENERGY CHEMICAL CORP (TENTATIVE) 43,810 81,620 4,693 106,549

3,237,351

3.24

Financials

6,190,663

6.20

HANA FINANCIAL GROUP INC KOREA EXCHANGE BANK SAMSUNG CARD SHS SHINHAN FINANCIAL GROUP

1,177,741 841,605 190,875 3,980,442

1.18 0.84 0.19 3.99

2,483,481

2.49

Holding and finance companies

63,889 KB FINANCIAL GROUP INC

2,483,481

2.49

10,645,592

10.66

910,848 345,223

0.91 0.35

1,142,725 1,029,295 2,059,075 1,776,226 2,443,641 819,682 118,877

1.14 1.03 2.06 1.78 2.45 0.82 0.12

24,137,501

24.19

HYNIX SEMICONDUCTOR LG DISPLAY SAMSUNG ELECTRO MECHANICS SAMSUNG ELECTRONICS CO LTD SAMSUNG SDI CO LTD

4,389,615 3,369,679 5,379,712 9,178,687 1,819,808

4.40 3.38 5.39 9.20 1.82

Insurance

4,482,345

4.49

2,899,309 1,583,036

2.90 1.59

2,263,115

2.27

Industrials

57,970 DOOSAN INFRACORE 15,340 HYUNDAI DEVELOPMENT COMPANY ENGINEERING 5,942 HYUNDAI HEAVY INDUSTRIES CO LTD 19,057 LG CORP 6,828 ORION CORPORATION 41,660 SAMSUNG CORP 26,079 SAMSUNG ENGINEERING 49,832 SUNG KWANG BEND SHS 7,086 T.K. CORP Information Technology

214,130 100,430 42,549 14,491 12,854

412,920 KOREA LIFE INSURANCE CO LTD¦ 18,690 SAMSUNG LIFE INSURANCE CO LTD Machine and apparatus construction

36,580 DOOSAN HVY IND Materials

13,656 HYUNDAI STEEL CO

2,263,115

2.27

12,126,748

12.15

1,010,260

1.01

2,250,862

2.25

90,092,719

90.26

The accompanying notes form an integral part of these financial statements

53

Latin America Equities

Securities Portfolio as at 30/06/10

1,689,319,363

98.94

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

1,683,569,490

98.60

1,683,569,490

98.60

10,031,431

0.59

476,015 7,053,127 2,502,289

0.03 0.41 0.15

7,290,804

0.43

71,047 GRUPO CLARIN -B- GDR REPR 2 SHS-B-REGS-S 370,632 NORTEL INVERSORA ADR REPR.1/20 PFD -B152,300 TELECOM ARGENTINA SPONS. ADR REPR. 5 B SHS Bermuda

780,600 COSAN -ABrazil

229,600 1,061,820 106,600 198,104 1,248 24 69,900 1,062,800 741,600 3,949,690 499,020 1,410,000 487,200 1,750,932 3,255,300 79,900 3,613,500 3,692,900 16,598 1,221 410,042 108,730 760,000 181,200 66,000 3,826,900 281,066 340,391 664,200 538,600 520,700 874,700 312,100 1,207,305 332,000 1,593,600 110,000 126,300 100,000 259,700 304,200 602,207 360,300

ACUCAR GUARANI SA AGY AES TIETE AES TIETE PREF AMBEV AMBEV - SUB RECEIPT FOR SHS AMBEV PREF SHS AMBEV PRF ADR REP 1 SHS AMIL PARTICIPACOES SA BANCO ABC BRASIL SA CONY BANCO BRADESCO PFD ADR REPR 1 BANCO BRADESCO PREF. BANCO DO BRASIL SA BANCO SANTANDER SA BANRISUL - PFD SHS -BBMF BOVESPA BR MALLS PARTICIPACOES SA BRADESPAR PFD SHS BRASCAN RESIDENTIAL PROPERTIES SA BRASIL TELECOM ADR REPR.1SHS BRASIL TELECOM PDF. BRASIL TELECOM SPONS.ADR REPR 3 PFD SHS BRASKEM PFD-A-SP.ADR REPR 2 PFD SHS -ABRF ADR REPR 1 SHS BRF FOODS B2W CIA GLOBAL SHS CAMRGO CORREA DESENVOLVIMENTO IMOBILIARO CEMIG ADR REPR 1 PFD SH CEMIG (CIA ENERGETICA MINAS GERAIS) CENTRAIS ELETRICAS BRASILEIRAS CESP PREFERD SHS -BCIA BRASILEIRA DIST PFD SHS -ACIA HERING CIA SIDERURGICA NACIONAL ADR 1 SHS CIELO COELCE -A- PREF COMPANHIA SIDERURGICA NACIONAL COMP.BRASIL.DISTR.ADR 2PFD CL.-ACONCESSOES RODOVIARIAS COPEL SP.ADR REPR.1 PFD SHS -BCR2 EMPREEDIM CYRELA BRAZIL REALTY SA DURATEX ELETROPAULO ELETRICIDADE PFD -B-

The accompanying notes form an integral part of these financial statements

54

% of NAV

USD

Long positions

Argentina

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

7,290,804

0.43

1,228,375,132

71.93

484,035 10,515,026 1,227,147 17,145,063 108,009 2,395 7,060,599 8,637,944 5,002,931 62,642,083 7,782,158 19,282,231 5,032,776 12,754,259 20,949,335 1,041,684 65,734,098 15,939,268 143,573 8,223 8,233,643 1,538,530 10,077,600 2,382,472 1,101,395 10,827,758

0.03 0.62 0.07 1.00 0.01 0.00 0.41 0.51 0.29 3.67 0.46 1.13 0.29 0.75 1.23 0.06 3.85 0.93 0.01 0.00 0.48 0.09 0.59 0.14 0.06 0.63

4,123,238 3,672,983 8,792,058 7,350,598 18,193,300 22,807,528 4,584,749 10,180,798 4,822,019 23,251,785 7,647,200 2,619,171 2,065,000 741,994 3,292,590 5,479,121 7,187,952

0.24 0.22 0.51 0.43 1.07 1.34 0.27 0.60 0.28 1.36 0.45 0.15 0.12 0.04 0.19 0.32 0.42

164,100 92,600 80,600 2,064,900 1,523,000 439,700 221,700 468,000 1,003,300 224,100 35,700 148,518 285,000 2,553,000 520,000 2,877,861 68,560 10,782,181 84,376 2,858,900 6,562,800 4,307,843 947,900 120,000 85,000 789,800 482,400 1,200,000 6,893,800 2,767,601 796,000 369,000 5,412,700 1,271,500 120,500 278,200 231,900 895,200 3,113,375 60,100 360,000 513,700 531,600 164,800 99,300 203,300 360,000 72,049 33,541 2,345,646 1,429,175 1,433,900 2,537,400 504,200 1,335,300 845,846 139,735

EMBRAER ENERGIAS DO BRAZIL EQUATORIAL ENERGIA SA EVEN CONSTR SHS EZ TEC FIBRIA ADR REPR 1 SH GAFISA SA GAFISA SA -ADR- REPR 2 SHS GERDAU PFD SHS/SPONS.ADR REPR. 1 PFD SH. GOL LINHAS AEREAS PFD ADR REPR 1 PFD SH. GUARARAPES CONFECCOES SA HELBOR EMPREENDIMENTOS SA HYPERMARCAS SA INPAR IOCHPE MAXION ITAU UNIBANCO PFD ADR REPR 1 PFD SHS ITAUSA INVESTIMENTOS ITAU SA PREF SHS ITAUSA INVESTIMENTOS ITAU SA-PREF ITAUUNIBANCO PFD SHS JHSF PARTICIPACOES -SHSKLABIN PREF. LLX LOGISTICA LOCALIZA RENT A CAR SA LOJAS AMERICANAS LOJAS RENNER MARCOPOLO PREF. MPX ENERGIA MRV ENGENHARIA PARTICIPACOES SA OGX PETROLEO E GAS PARTICIPACOES SA PDG REALTY PETROBRAS SA-ADR-REPR.100 PFD SHS 144A PETROLEO BRASILEIRO PETROLEO BRASILEIRO -PETROBRAS- PREF. PETROLEO BRASILEIRO SP.ADR REPR.2 SH PROFARMA REDECARD SHS SAO MARTINHO SARAIVA SA LIVREIROS EDITORES PREF SUZANO PAPEL PFD.SHS TAM SA (ADR) TECNISA SHS TEGMA GESTAO -SHSTELE NORTE LESTE PARTICIPACOES TELECOMUNICACOES DE SAO PAULO TELEMAR PFD -ATIM PARTICIPACOES-ADR REP 10 PFD SHS TNLP PREF.SHS-REPR.1000 PREF.TELEMAR-ADR TOTVS TRANSMISSAO DE ENERGIA ELEC.PAULISTA PFD TRISUL SA USIMINA VALE ADR REP 1SH VALE DO RIO DOCE VALE DO RIO DOCE PREF -AVALE PFD -A- ADR REPR 1PFD SHS-AVIVO PART ADR VIVO PARTICIPACOES SA PREF.

844,846 1,839,142 726,624 7,686,750 6,996,027 6,507,560 1,328,344 5,667,480 13,223,494 2,716,092 1,303,015 1,066,190 3,665,047 3,894,976 4,933,109 51,830,277 407,363 64,064,483 1,521,330 4,123,762 18,204,569 17,589,720 11,017,113 672,394 2,310,661 4,153,811 5,272,235 8,461,513 63,946,413 23,399,667 23,720,800 6,346,135 80,656,839 43,637,880 1,062,932 3,935,669 1,794,718 18,524,656 26,271,319 838,395 1,717,601 4,351,809 11,118,535 2,997,004 2,699,396 5,517,562 5,385,600 5,354,167 865,267 7,664,768 37,582,441 34,915,465 61,446,114 10,604,199 28,068,006 21,924,328 3,597,033

0.05 0.11 0.04 0.45 0.41 0.38 0.08 0.33 0.77 0.16 0.08 0.06 0.21 0.23 0.29 3.04 0.02 3.75 0.09 0.24 1.07 1.03 0.65 0.04 0.14 0.24 0.31 0.50 3.75 1.37 1.39 0.37 4.72 2.56 0.06 0.23 0.11 1.08 1.54 0.05 0.10 0.25 0.65 0.18 0.16 0.32 0.32 0.31 0.05 0.45 2.20 2.04 3.60 0.62 1.64 1.28 0.21

Latin America Equities

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

USD

3,936,168

0.23 Other transferable securities

5,749,873

0.34

Canada

1,010,391

0.06

Shares

5,749,873

0.34

45,000 PACIFIC RUB

1,010,391

0.06

Brazil

5,681,356

0.34

Chile

56,094,423

3.29

ANDINA PFD SHS -AANDINA SPONS.ADR REPR.6 PFD -BBANCO SANTANDER CHILE SPONS -1039- ADR CENCOSUD SA CERVECERIAS UNIDAS SPONS.ADR REPR.5 SHS EMBOTELLADORA ANDINA PFD -BEMPRESAS CMPC EMPRESAS COPEC SA EMPRESAS LA POLAR ENERSIS SA ADR REPR.50 SHS ENTEL FALABELLA SOCIEDAD ANONIMA. LAN AIRLINES SP ADR REPR 1 SHS MASISA SA SOQUIMICH SPONSORED ADR REPR 1 -B- PREF

653,139 1,234,272 2,623,219 3,307,114 5,119,092 5,592,479 3,845,765 1,366,907 13,789,473 4,081,550 5,214,620 1,358,003 5,143,929 263,674 2,501,187

0.04 Chile 0.07 99,836 SUPERMERCADOS UNIMARC ADR REPR.50SHS 0.15 0.19 Total securities portfolio 0.30 0.33 0.23 0.08 0.80 0.24 0.31 0.08 0.30 0.02 0.15

82,500 VIVO PATICIPACOES SA

215,595 55,200 39,100 735,832 118,800 1,494,100 88,171 87,516 2,544,174 205,000 389,460 210,506 277,900 2,000,000 76,700

Colombia

73,000 BANCOLOMBIA ADR REPR.4 PREF SHS

0.21

8,303,065

0.49

412,141 7,890,924

0.02 0.47

Mexico

338,515,999

19.83

AMERICA MOVIL ADR REPR.20SHS -LAMERICA MOVIL -LDESARROLLADORE HOMEX -ADR- REPR 6 SHS EMPRESAS ICA EMPRESAS ICA - ADR - REPR 4 FEMSA SPON ADR REP.10UTS CONS-B-+20SH-DGEO -BGMEXICO -BGRUMA SHS-BGRUPO BIMBO -SHS- -AGRUPO CONTINENTAL GRUPO FINANCIERO BANORTE -OGRUPO MODELO-C- SHS-CGRUPO TELEVISA ADR (5 ORD.PART.CERT.) INDUSTRIAL PENOLES SAB DE CV KIMBERLY-CLARK -AMEXICHEM SHS PASA -BSARE HOLDINGS -BURBI DESARROLL SHS WAL MART -V-

101,668,999 7,012,973 2,349,844 2,450,419 1,842,232 24,681,800 16,812,891 66,102,230 7,815,824 1,058,947 1,015,042 25,659,180 6,718,992 27,904,748 5,846,946 7,175,227 4,921,417 431,142 1,587,090 5,898,923 19,561,133

5.96 0.41 0.14 0.14 0.11 1.45 0.98 3.87 0.46 0.06 0.06 1.50 0.39 1.63 0.34 0.42 0.29 0.03 0.09 0.35 1.15

29,589,052

1.73

20,500,052 9,089,000

1.20 0.53

699,703

0.04

361,136 338,567

0.02 0.02

23,326 TENARIS SA - REG.SHS 239,700 TERNIUM SA -ADR 1/10 SHS-

Peru

533,300 BUENAVENTURE SP ADR-SHS100,000 CREDICORP Venezuela

130,332 SIVENSA 122,187 SIVENSA ADR REPR. 1SH

5,681,356

0.34

68,517

0.00

68,517

0.00

1,689,319,363

98.94

0.21

3,659,490

Luxembourg

2,140,400 2,934,652 93,100 1,038,900 196,400 572,000 6,259,000 27,924,180 5,045,200 148,400 364,600 6,593,600 1,355,200 1,602,800 298,780 1,237,100 1,890,000 467,200 7,382,200 3,176,100 8,800,050

3,659,490

315,761 ITAU UNIBNCO PFD ADS REP 1PFD SH REG S

The accompanying notes form an integral part of these financial statements

55

Minimum Variance Europe

Securities Portfolio as at 30/06/10

EUR

Spain

Long positions

14,071,336

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

14,071,336

98.71

14,067,703

98.68

10,875 SWEDISH MATCH

750,189

5.26

Switzerland

381,186 74,074 294,929

2.67 0.52 2.07

Belgium

9,592 ANHEUSER-BUSCH INBEV NV 384 COLRUYT 6,759 MOBISTAR SA Denmark

287,658

2.02

287,658

2.02

263,109

1.85

133,909 129,200

0.94 0.91

3,213,046

22.54

288,405 300,949 373,619 344,169 95,763 307,239 371,086 173,113 359,588 140,682 334,607 123,826

2.02 2.11 2.63 2.41 0.67 2.16 2.60 1.21 2.52 0.99 2.35 0.87

2,239,204

15.71

9,417 ELISA CORPORATION -A7,146 FORTUM CORP France

6,525 6,022 7,628 24,093 4,075 2,820 4,583 5,265 7,260 1,682 9,052 7,364

DANONE SA DASSAULT SYSTEMES SA ESSILOR INTERNATIONAL SA FRANCE TELECOM SA GDF SUEZ SA HERMES INTERNATIONAL SA L'OREAL SA PUBLICIS GROUPE SANOFI-AVENTIS SA SCHNEIDER ELECTRIC SA TOTAL SA VIVENDI SA Germany

7,063 5,987 8,220 10,044 2,514 21,366 1,275 1,914 1,871 2,479

Sweden

9,592 8,819 2,759 327 1,125 1,132 510

1.37

379,061 351,184 311,429 361,931 312,486 214,762 118,340

2.66 2.46 2.18 2.54 2.19 1.51 0.83

3,268,433

22.92

372,698 154,821 379,285 147,522 368,524 142,613 564 75,743 280,527 360,386 141,015 294,250 188,525 361,960

2.61 1.09 2.66 1.03 2.59 1.00 0.00 0.53 1.97 2.53 0.99 2.06 1.32 2.54

Options, Warrants, Rights

3,633

0.03

Norway

3,633

0.03

NESTLE SA REG SHS NOVARTIS AG REG SHS ROCHE HOLDING AG GENUSSSCHEIN SGS SA REG SHS SWISSCOM SHS NOM SYNGENTA NAMEN THE SWATCH GROUP REG CHF 2.25

ADMIRAL GROUP PLC ASTRAZENECA PLC BRITISH AMERICAN TOBACCO PLC CENTRICA PLC GLAXOSMITHKLINE PLC GROUP 4 SECURICOR HSBC HOLDINGS PLC MORRISON SUPERMARKETS PLC PEARSON PLC RECKITT BENCKISER GROUP PLC SABMILLER PLC SAGE GROUP SEVERN TRENT PLC VODAFONE GROUP PLC

Italy

267,058

1.87

8,146 ENI SPA 48,542 TERNA SPA

123,738 143,320

0.87 1.00

7,591 13,564 16,306 15,790

229,269

1.61

1.61

Netherlands

911,731

6.40

HEINEKEN NV KONINKLIJKE KPN NV REED ELSEVIER NV UNILEVER NV

264,698 142,083 148,727 356,223

1.86 1.00 1.04 2.50

Norway

256,682

1.80

111,422 145,260

0.78 1.02

29,834 NORSK HYDRO ASA 14,000 TELENOR AS

The accompanying notes form an integral part of these financial statements

1.37 14.37

2.28 0.93 8,620 NORSK HYDRO ASA 2.55 Total securities portfolio 2.37 1.53 2.40 0.48 0.99 0.92 1.26

229,269

0.96

195,431

195,431

United Kingdom

21,657 4,000 14,535 40,709 26,398 43,683 75 23,305 25,865 9,421 6,112 104,023 12,539 212,975

0.96

136,700

2,049,193

324,898 132,792 364,352 337,328 217,486 341,856 68,493 141,674 130,895 179,430

Jersey Island

136,700

8,961 TELEFONICA SA

BAYER AG REG SHS E.ON AG REG SHS FRESENIUS MEDICAL CARE AG & CO KGAA HENKEL KGAA LINDE AG QIAGEN NV RWE AG SIEMENS AG REG SHS VOLKSWAGEN AG VOLKSWAGEN VORZ.AKT

29,538 WPP PLC

56

98.71

3,533 COLOPLAST -BFinland

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

09.07.10 RIGHT

3,633

0.03

14,071,336

98.71

Restructuring Equities

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

EUR

Portugal

214,022

0.98

Long positions

21,671,539

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

21,364,964

97.60

21,364,964

97.60

36,509 REPSOL YPF SA

608,422

2.78

215,587

0.98

Sweden

269,958

1.23

215,587

0.98

393,248

1.80

Belgium

6,772 KBC GROUPE SA Finland

46,899 POHJOLA BANK -AFrance

3,947 102,350 12,649 14,116 7,727 16,790 11,586 6,900 10,412 2,155 24,166 17,082 16,523 6,102 2,880 6,523 6,832 19,575 8,867 20,978

AIR LIQUIDE SA ALCATEL-LUCENT SA ALSTOM SA AXA SA BNP PARIBAS SA CAP GEMINI SA CARREFOUR SA CGG VERITAS SA DANONE SA EULER HERMES SA EUROPEAN AERONAUTIC DEFENSE AND SPACE GDF SUEZ SA GROUPE EUROTUNNEL SA ILIAD SA L'OREAL SA PERNOD RICARD SA REMY COINTREAU SA SAFRAN -ACT.SANOFI-AVENTIS SA VEOLIA ENVIRONNEMENT SA Germany

6,753 4,776 20,789 6,975 1,445 12,720 8,194 19,994

ALLIANZ SE REG SHS BAYER AG REG SHS GEA GROUP AG METRO AG PUMA AG QIAGEN NV SIEMENS AG REG SHS THYSSENKRUPP AG Italy

36,568 BULGARI SPA 38,373 FIAT SPA Luxembourg

21,794 ARCELORMITTAL SA REG SHS Netherlands

6,310 85,202 41,883 51,254 50,530 29,342

AKZO NOBEL NV ING GROEP NV KONINKLIJKE AHOLD NV KONINKLIJKE KPN NV SBM OFFSHORE NV UNILEVER NV

99.00

393,248

1.80

6,744,318

30.80

329,417 217,187 474,084 179,908 345,938 609,392 379,326 101,775 460,209 111,952 407,680 401,427 92,083 389,308 233,194 417,342 299,344 449,540 439,183 406,029

26,164 PORTUGAL TELECOM REG. Spain

14,304 ELECTROLUX -B- FREE Switzerland

246 57,631 30,579 1,935

BARRY CALLEBAUT NOM.SHS CLARIANT NAMEN AKT UBS SA REG SHS ZURICH FINANCIAL SERVICES AG REG SHS

1.50 0.99 United Kingdom 2.17 0.82 28,398 ANGLO AMERICAN PLC 1.58 173,107 BARCLAYS PLC 2.79 48,122 BG GROUP PLC 1.73 134,399 CENTRICA PLC 0.46 73,798 HSBC HOLDINGS PLC 2.10 669,349 LLOYDS BANKING GROUP PLC 0.51 23,691 LSE GROUP 1.86 54,133 PRUDENTIAL PLC 1.83 22,346 SSL INTERNATIONAL 0.42 17,094 STANDARD CHARTERED PLC 1.78 Shares/Units of UCITS/UCIS 1.07 1.91 Shares/Units in investment funds 1.37 France 2.05 14 AMUNDI TRESO INSTITUTION CAP/DIS 2.01 1.85 Total securities portfolio

2,938,578

13.42

552,733 219,696 341,251 292,392 315,588 203,520 606,520 406,878

2.52 1.00 1.56 1.34 1.44 0.93 2.77 1.86

542,497

2.48

215,751 326,746

0.99 1.49

487,205

2.23

487,205

2.23

3,018,071

13.79

271,362 526,208 425,741 536,886 596,506 661,368

1.24 2.40 1.94 2.45 2.73 3.03

214,022

0.98

608,422

2.78

269,958

1.23

1,411,005

6.45

125,058 600,350 334,751 350,846

0.57 2.75 1.53 1.60

4,522,053

20.66

815,261 572,020 591,276 487,037 554,510 439,011 163,052 336,203 221,072 342,611

3.73 2.61 2.70 2.22 2.53 2.01 0.74 1.54 1.01 1.57

306,575

1.40

306,575

1.40

306,575

1.40

306,575

1.40

21,671,539

99.00

The accompanying notes form an integral part of these financial statements

57

Select Euro

Securities Portfolio as at 30/06/10

20,450,694

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

20,341,203

99.25

20,341,203

99.25

491,910

2.40

73,310 NOKIA OYJ France

3,413 33,315 14,256 13,270 7,411 12,589 2,767 11,264 24,810 25,060 4,038 5,835 11,714 22,833 16,643 7,822 2,743 19,825 4,230 12,304 26,968 28,401

AIR LIQUIDE SA AXA SA BNP PARIBAS SA CARREFOUR SA CFAO DANONE SA DASSAULT SYSTEMES SA EDF SA FRANCE TELECOM SA GDF SUEZ SA LVMH MOET HENNESSY LOUIS VUITTON SA MICHELIN SA REG SHS RENAULT SA SAFRAN -ACT.SANOFI-AVENTIS SA SOCIETE GENERALE SA SODEXO SA STMICROELECTRONICS NV TECHNIP-COFLEXIP THALES TOTAL SA VIVENDI SA Germany

6,454 10,163 13,000 18,358 6,056 23,514 27,255 4,435 5,320 10,394 9,470

ALLIANZ SE REG SHS BASF SE BAYER AG REG SHS DAIMLER AG REG SHS DEUTSCHE BANK AG REG SHS E.ON AG REG SHS GEA GROUP AG HEIDELBERGCEMENT AG KABEL DEUTSCHLAND HOLDING AG¦ SAP AG SIEMENS AG REG SHS Greece

23,374 HELLENIC TELECOMMUNICATIONS ORGANISATION 19,755 NATIONAL BANK OF GREECE REG. Italy

15,432 53,589 28,907 101,656 10,074 105,781

ATLANTIA SPA BANCA POPOLARE DI MILANO ENI SPA INTESA SANPAOLO SPA SAIPEM SPA UNICREDIT SPA

The accompanying notes form an integral part of these financial statements

58

Luxembourg

99.78

1.24

1.24

1,518,097

7.41

ING GROEP NV KONINKLIJKE KPN NV ROYAL DUTCH SHELL PLC UNILEVER NV WOLTERS KLUWER NV

368,206 314,250 304,569 198,172 332,900

1.80 1.53 1.49 0.97 1.62

1.39 Norway 2.07 12,336 PETROLEUM GEO-SERVICES ASA 3.11 Spain 2.12 0.80 20,000 BANCO BILBAO VIZCAYA ARGENT. SA REG SHS 2.71 57,866 BANCO SANTANDER SA REG SHS 0.67 27,324 TELEFONICA SA 1.73 Switzerland 1.73 2.87 31,930 CLARIANT NAMEN AKT 5,426 COMPAGNIE FINANCIERE RICHEMONT SA 1.77 5,353 NESTLE SA REG SHS 1.64 1.76 United Kingdom 2.56 49,578 TESCO PLC 4.03 158,223 VODAFONE GROUP PLC 1.31 0.61 Shares/Units of UCITS/UCIS 0.64 Shares/Units in investment funds 0.98 France 1.59 4.87 5 AMUNDI TRESO INSTITUTION CAP/DIS 2.33

85,330

0.42

85,330

0.42

1,094,816

5.34

172,240 505,748 416,828

0.84 2.47 2.03

700,053

3.42

332,619 155,891 211,543

1.63 0.76 1.03

499,039

2.43

230,133 268,906

1.12 1.31

109,491

0.53

491,910

2.40 43.29

4,986,455

24.33

528,260 458,453 598,000 769,567 282,815 521,541 447,391 173,719 124,488 381,252 700,969

2.58 2.24 2.92 3.75 1.38 2.54 2.18 0.85 0.61 1.86 3.42

320,936

1.57

144,919

0.71

176,017

0.86

1,517,403

7.40

225,153 182,337 439,097 222,118 254,167 194,531

1.10 0.89 2.14 1.08 1.24 0.95

11,326 ARCELORMITTAL SA REG SHS

253,193

253,193

8,873,971

284,849 424,600 638,241 434,460 164,302 556,434 138,281 354,028 354,411 588,910 362,653 336,855 360,615 524,360 824,327 268,295 125,492 130,528 201,348 326,548 996,871 477,563

% of NAV

EUR

Long positions

Finland

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

Netherlands

59,619 30,000 14,678 8,792 21,103

Total securities portfolio

109,491

0.53

109,491

0.53

109,491

0.53

20,450,694

99.78

Select Europe

Securities Portfolio as at 30/06/10

26,441,844

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

26,074,675

97.32

26,074,675

97.32

402,600

1.50

60,000 NOKIA OYJ France

3,733 20,000 13,609 8,300 14,920 8,744 15,500 7,000 11,000 19,100 19,000 5,156 3,500 8,000 8,500 23,000 8,000 31,000 3,000 13,500 8,500 30,000

AIR LIQUIDE SA AXA SA BNP PARIBAS SA CAP GEMINI SA CARREFOUR SA CFAO DANONE SA DASSAULT SYSTEMES SA EDF SA FRANCE TELECOM SA GDF SUEZ SA IPSEN LVMH MOET HENNESSY LOUIS VUITTON SA MICHELIN SA REG SHS RENAULT SA SAFRAN -ACT.SANOFI-AVENTIS SA STMICROELECTRONICS NV TECHNIP-COFLEXIP THALES TOTAL SA VIVENDI SA Germany

4,500 10,000 8,000 14,500 12,000 32,000 8,200 6,838 15,000 3,500 11,000 4,000

Netherlands

98.69

402,600

1.50

7,874,342

29.39

311,556 254,900 609,274 301,249 488,481 193,854 685,099 349,825 345,730 272,844 446,500 128,900 314,335 461,840 261,673 528,195 396,240 204,104 142,800 358,290 314,203 504,450

1.16 0.95 2.28 1.12 1.82 0.72 2.57 1.31 1.29 1.02 1.67 0.48 1.17 1.72 0.98 1.97 1.48 0.76 0.53 1.34 1.17 1.88

4,288,353

6,000 47,000 42,500 12,000 27,000

30,000 23,000 12,000 27,500 19,000 7,500 180 12,000 1,250

8,200 105,000 27,000 16,500 140,000 12,500 30,000 135,000 17,500 6,000 15,000 570,000

2,099,199

7.83

229,560 290,272 882,962 270,480 425,925

0.86 1.08 3.29 1.01 1.59

Switzerland

4,592,244

17.14

CLARIANT NAMEN AKT COMPAGNIE FINANCIERE RICHEMONT SA CREDIT SUISSE GROUP AG REG SHS NESTLE SA REG SHS NOVARTIS AG REG SHS ROCHE HOLDING AG GENUSSSCHEIN SGS SA REG SHS UBS SA REG SHS ZURICH FINANCIAL SERVICES AG REG SHS

312,514 660,799 371,747 1,086,759 756,605 846,582 199,228 131,365 226,645

1.17 2.47 1.39 4.05 2.82 3.16 0.74 0.49 0.85

United Kingdom

5,490,215

20.49

ANGLO AMERICAN PLC BARCLAYS PLC BG GROUP PLC BHP BILLITON PLC BP PLC BRITISH AMERICAN TOBACCO PLC GLAXOSMITHKLINE PLC HSBC HOLDINGS PLC IMPERIAL TOBACCO GROUP PLC RIO TINTO PLC UNILEVER PLC VODAFONE GROUP PLC

235,409 346,965 331,750 353,579 545,295 326,183 418,809 1,014,375 401,618 217,539 329,954 968,739

0.88 1.29 1.24 1.32 2.04 1.22 1.56 3.78 1.50 0.81 1.23 3.62

367,169

1.37

FUGRO NV -CERT OF SHS ING GROEP NV ROYAL DUTCH SHELL PLC UNILEVER NV WOLTERS KLUWER NV

16.01 Shares/Units of UCITS/UCIS

ALLIANZ SE REG SHS BASF SE BAYER AG REG SHS DAIMLER AG REG SHS E.ON AG REG SHS GEA GROUP AG HEIDELBERGCEMENT AG KABEL DEUTSCHLAND HOLDING AG¦ KLOECKNER AND CO SE LINDE AG SAP AG SIEMENS AG REG SHS

368,325 451,100 368,000 607,840 266,160 525,280 321,194 160,009 218,100 302,785 403,480 296,080

1.37 Shares/Units in investment funds 1.68 France 1.37 1 AMUNDI TRESO EONIA FCP CAP 2.28 7 AMUNDI TRESO INSTITUTION CAP/DIS 0.99 1.96 Total securities portfolio 1.20 0.60 0.81 1.13 1.51 1.11

Greece

325,830

1.22

120,900

0.45

204,930

0.77

19,500 HELLENIC TELECOMMUNICATIONS ORGANISATION 23,000 NATIONAL BANK OF GREECE REG. Italy

45,000 BULGARI SPA 170,000 UNICREDIT SPA Jersey Island

10,500 PETROFAC LTD 35,000 WPP PLC

% of NAV

EUR

Long positions

Finland

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

578,130

2.16

265,500 312,630

0.99 1.17

423,762

1.58

152,098 271,664

0.57 1.01

367,169

1.37

367,169

1.37

213,882 153,287

0.80 0.57

26,441,844

98.69

The accompanying notes form an integral part of these financial statements

59

Switzerland

Securities Portfolio as at 30/06/10

475,639

4.53

51,688

0.49

1,518 GATEGROUP HOLDING AG

51,688

0.49

Telecommunication Services

286,916

2.73

10,217,732

97.05

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

10,217,732

97.05

10,217,732

97.05

225,020

2.14

92,108 132,912

0.87 Total securities portfolio 1.27

576,469

5.48

134,496 441,973

1.28 4.20

1,054,383

10.01

130,271 291,500 632,612

1.24 2.77 6.00

2,557,741

24.30

180,565 419,648 421,967 124,846 21,216 873,137 516,362

1.71 3.99 4.01 1.19 0.20 8.30 4.90

7,839 GAM HOLDING AG 4,293 JULIUS BAER GROUP NAMEN AKT Consumer Discretionary

288 CALIDA HOLDING -NAMEN 1,442 THE SWATCH GROUP REG CHF 2.25 Consumer Staples

194 BARRY CALLEBAUT NOM.SHS 11 CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM. 12,119 NESTLE SA REG SHS Financials

2,390 9,386 10,312 11,272 204 60,383 2,156

BALOISE HOLDING REG.SHS CIE SUISSE DE REASSURANCES SA REG SHS CREDIT SUISSE GROUP AG REG SHS POHJOLA BANK -ASWISS LIFE HOLDING N-NAMEN REGISTERED UBS SA REG SHS ZURICH FINANCIAL SERVICES AG REG SHS Foods and non alcoholic drinks

204,714

1.94

204,714

1.94

1,470,022

13.96

ACTELION LTD NAMEN CYTOS BIOTECHNOLOGY SA NOVARTIS AG REG SHS ROCHE HOLDING AG GENUSSSCHEIN SONOVA HOLDING NAM-AKT SYNTHES INC

33,575 24,675 719,462 337,711 256,617 97,982

0.32 0.23 6.83 3.21 2.44 0.93

Holding and finance companies

501,889

4.77

4,921 ARYZTA Health Care

829 1,482 13,678 2,265 1,928 787

13,225 COMPAGNIE FINANCIERE RICHEMONT SA

501,889

4.77

1,755,566

16.67

ABB LTD REG SHS ADECCO REG.SHS GEBERIT AG KOMAX HOLDING NAMEN KUEHNE + NAGEL INTERNATIONAL AG SCHINDLER HOLDING SA SGS SA REG SHS

475,767 164,979 282,069 65,029 187,041 307,287 273,394

4.51 1.57 2.68 0.62 1.78 2.91 2.60

Information Technology

100,492

0.95

30,671 69,821

0.29 0.66

1,432,832

13.61

72,047 233,140 63,278 440,888 147,840

0.68 2.21 0.60 4.19 1.40

Industrials

25,080 3,188 1,674 776 1,673 3,362 187

2,078 LOGITECH NAMEN AKT 2,670 TEMENOS GROUP AG NAM.AKT Materials

5,236 253 116 6,052 77

CLARIANT NAMEN AKT GIVAUDAN SA REG.SHS GURIT HEBERLEIN HOLCIM LTD REG SHS SIKA FINANZ AG BAAR

The accompanying notes form an integral part of these financial statements

60

% of NAV

CHF

1,898 SYNGENTA NAMEN

Long positions

Banks and credit institutions

Market Value

Quantity

% of NAV

Market Value

Quantity

CHF

Miscellaneous services

782 SWISSCOM SHS NOM

286,916

2.73

10,217,732

97.05

Thailand

Securities Portfolio as at 30/06/10

50,001,102

98.99

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

50,001,102

98.99

50,001,102

98.99

1,165,265

2.31

415,900 KASIKORNBANK UNITS NVDR Building materials and trade

294,500 SIAM CEMENT UNITS N.VTING DEPOS REC Chemicals

1,636,400 INDORAMA VENTURES - FOREIGN REG Consumer Discretionary

2,286,300 SOUBOON ADVANCE TEC - FOREIGN REGISTERED 45,200 59,550 663,700 610,700 751,900

2.31

2,382,187

4.72

2,382,187

4.72

1,111,479

2.20

1,111,479

2.20

1,383,498

2.74

1,383,498

2.74 20.92

845,669 1,114,150 2,940,444 4,638,228 1,027,218

1.67 2.21 5.82 9.19 2.03

15,303,965

30.29

BANGKOK BANK PUBLIC CO LTD -FBANK OF AYUDHYA N-VTG DEPOSIT CO LTD KASIKORNBANK -FKRUNG THAI BANK PUBLIC NVTG DEPO CO LTD LPN DEV.PUBLIC CO N.VOTING DEPOS.RECEIPT QUALITY HOUSES -FSIAM COMMERCIAL BANK PUBLIC -FTMB BANK SHS FOREIGN REGISTERED

789,972 2,274,908 2,218,818 1,935,242 2,039,277 1,273,149 2,814,528 1,958,071

1.56 4.50 4.39 3.83 4.04 2.52 5.57 3.88

Holding and finance companies

4,415,483

8.74

2,143,709 2,271,774

4.24 4.50

3,161,724

6.26

BANPU PUBLIC CO LTD -FBANPU PUBLIC CO LTD (NON-VOT.DEP.RECEIPT) PTT EXPLORATION AND PRODUCTION PUBLIC CO PTT PUBLIC COMPANY LTD -FTHAI OIL-FOREIGN REG Financials

199,900 3,759,400 756,500 4,974,800 7,725,400 20,414,500 1,122,000 44,663,300

1,165,265

10,565,709

Energy

2,394,300 THANACHART CAPITAL PUBLIC CO LTD NVDR 2,559,400 TISCO FIN GRP (UNITS NON VOTING DEP REC) Insurance

3,758,100 BANGKOK LIFE ASSURANCE LTD UNITS NON-VOT

3,161,724

6.26

Materials

1,233,807

2.44

380,600 PTT CHEMICAL (F)

1,233,807

2.44

2,280,384

4.51

2,280,384

4.51

Miscellaneous services

2,569,100 CP SEVEN ELEVEN ALL FOREIGN REGISTERED Petroleum

1,061,300 PTT AROMATICS FOREIGN Real estate companies

3,975,300 AMATA CORP -FOREIGN REG1,647,500 PROPERTY PERFECT PUBLIC CO LTD -F- REG 6,919,300 SUPALAI PUBLIC CO LTD -FOREIGN REGIST. Telecommunication Services

494,200 ADVANCED INFO SERVICE -FTransportation

3,656,250 REGIONAL CONTAINER FOREIGN REGISTERED

% of NAV

USD

Long positions

Banks and credit institutions

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

827,349

1.64

827,349

1.64

3,277,577

6.49

1,030,952 206,510 2,040,115

2.04 0.41 4.04

1,323,614

2.62

1,323,614

2.62

1,569,061

3.11

1,569,061

3.11

0

0.00

Shares

0

0.00

Miscellaneous sectors

0

0.00

Other transferable securities

222,913 DUSIT THAI PROPERTIES PCL ( FOREIGN)

0

0.00

Bonds

0

0.00

Road vehicles

0

0.00

3,472 SWEDISH MOTORS CIE 5.00 03-10 28/11A

Total securities portfolio

0

0.00

50,001,102

98.99

The accompanying notes form an integral part of these financial statements

61

US Innovative Companies

Securities Portfolio as at 30/06/10

53,869,908

99.53

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

53,869,908

99.53

53,869,908

99.53

692,664

1.28

692,664

1.28

498,729

0.92

498,729

0.92

Consumer Discretionary

6,301,582

11.64

AMAZON.COM INC BEST BUY CO INC COACH INC COMCAST CORP NIKE INC URBAN OUTFITTERS INC VF CORP WALT DISNEY CO

529,911 690,744 361,845 1,580,670 986,230 285,437 729,595 1,137,150

0.98 1.28 0.67 2.91 1.82 0.53 1.35 2.10

Consumer Staples

4,576,686

8.46

CAMPBELL SOUP CO HJ HEINZ CO KRAFT FOODS INC PEPSICO INC

1,135,811 270,125 915,600 2,255,150

2.10 0.50 1.69 4.17

Energy

1,488,167

2.75

448,956 1,039,211

0.83 1.92

3,732,691

6.90

860,763 604,431 725,400 780,609 761,488

1.59 1.12 1.34 1.44 1.41

1,432,516

2.65

937,080 495,436

1.73 0.92

Health Care

6,578,772

12.16

ABBOTT LABORATORIES LTD AMGEN INC BRISTOL-MYERS SQUIBB CO CELGENE CORP CEPHALON INC GENZYME CORP MYRIAD GNETICS INC PFIZER INC ST JUDE MEDICAL INC VARIAN MEDICAL SYTEMS ZIMMER HOLDINGS INC

1,057,227 315,600 725,455 238,854 593,038 309,697 327,405 1,281,517 427,667 407,784 894,528

Industrials

5,734,254

10.59

285,065 523,618 1,116,108

0.53 0.97 2.05

16,800 SILICON VALLEY BANCSHARES FINANCIAL GRP Biotechnology

23,100 ONYX PHARMACEUTICALS INC 4,850 20,400 9,900 91,000 14,600 8,300 10,250 36,100

31,700 6,250 32,700 37,000

10,800 BAKER HUGHES INC 13,470 OCCIDENTAL PETROLEUM CORP Financials

59,900 4,215 18,000 55,050 20,800

BANK OF AMERICA CORP BLACKROCK INC CAPITAL ONE FINANCIAL CORP CHARLES SCHWAB CORP/THE JPMORGAN CHASE CO Foods and non alcoholic drinks

22,800 DIAMOND FOODS INC 9,885 MEAD JOHNSON NUTRITION CO

22,600 6,000 29,088 4,700 10,450 6,100 21,900 89,868 11,850 7,800 16,550

7,100 AMETEK INC 4,600 FIRST SOLAR INC 77,400 GENERAL ELECTRIC CO

The accompanying notes form an integral part of these financial statements

62

% of NAV

USD

Long positions

Banks and credit institutions

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

21,150 9,700 9,300 6,800 33,600 10,700

HONEYWELL INTERNATIONAL INC ROPER INDUSTRIES INC SPX CORP STERICYCLE INC TETREA TECH INC 3M CO Information Technology

9,400 7,965 64,600 37,600 1,350 29,900 69,800 5,900 81,200 40,400 27,900 6,250 15,100

1.53 1.00 0.91 0.82 1.22 1.56

13,013,594

24.04

AKAMAI TECHNOLOGIES APPLE INC CISCO SYSTEMS INC CORNING INC GOOGLE INC HEWLETT-PACKARD CO INTEL CORP ITRON INC MICROSOFT CORP ORACLE CORP QUALCOMM INC RESEARCH IN MOTION VISA INC -A-

381,358 2,003,435 1,376,626 607,240 600,683 1,294,072 1,357,610 364,738 1,868,412 866,984 916,236 307,875 1,068,325

0.70 3.71 2.54 1.12 1.11 2.39 2.51 0.67 3.46 1.60 1.69 0.57 1.97

Internet and Internet services

1,169,325

2.16

329,213 840,112

0.61 1.55

1,293,296

2.39

518,480 774,816

0.96 1.43

407,615

0.75

12,551 LOGMELN INC 36,400 MEDASSETS INC Materials

8,000 AIR PRODUCTS CHEMICALS INC 22,400 EI DU PONT DE NEMOURS & CO Miscellaneous consumer goods

6,500 CHURCH AND DWIGHT Miscellaneous sectors

31,600 KRATON PERFORMANCE

407,615

0.75

593,764

1.10

593,764

1.10

1,446,939

2.67

CARDIONET HOSPIRA PERRIGO PSS WORLD MEDICAL

312,360 450,982 321,932 361,665

0.58 0.83 0.59 0.67

Road vehicles

321,124

0.59

Pharmaceuticals and cosmetics

57,000 7,850 5,450 17,100

825,485 542,812 491,133 445,944 658,896 845,193

8,600 BORG WARNER 1.96 Telecommunication Services 0.58 1.34 67,600 AT AND T INC 0.44 Utilities 1.10 21,900 ENERNOC INC 0.57 13,600 NEXTERA ENERGY 0.60 18,200 PG AND E CORP 2.38 41,400 XCEL ENERGY INC 0.79 0.75 Total securities portfolio 1.65

321,124

0.59

1,635,244

3.02

1,635,244

3.02

2,952,946

5.46

688,536 663,136 748,020 853,254

1.27 1.23 1.38 1.58

53,869,908

99.53

US Opportunities

Securities Portfolio as at 30/06/10

128,688,733

94.21

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

128,688,733

94.21

128,688,733

94.21

1,995,300

1.46

10,000 MASTERCARD INC -A-

1,995,300

1.46

Communications

2,238,796

1.64

1,355,571 883,225

0.99 0.65

258,204 QWEST COMMUNICATIONS INTERNATIONAL INC 16,959 TIME WARNER CABLE (WHEN ISSUED) Consumer Discretionary

181,500 9,600 220,775 108,900 123,600 55,626 70,025

14,780,327

10.82

FORD MOTOR JOHNSON CONTROLS INC LOWE'S COMPANIES INC MACYS STAPLES TARGET CORP TOLL BROTHERS INC

1,829,520 257,952 4,508,226 1,949,310 2,354,580 2,735,130 1,145,609

1.34 0.19 3.30 1.43 1.72 2.00 0.84

Consumer Staples

4,657,069

3.41

2,710,260 1,946,809

1.98 1.43

14,510,420

10.62

1,247,270 5,062,109 3,635,978 255,073 4,309,990

0.91 3.70 2.66 0.19 3.16

13,731,243

10.05

96,795 KRAFT FOODS INC 98,873 KROGER CO Energy

34,560 88,700 148,105 5,067 77,882

ANADARKO PETROLEUM CORP EXXON MOBIL CORP HALLIBURTON CO HESS CORP SCHLUMBERGER LTD Financials

273,600 203,291 32,500 86,175 74,700 18,000 25,724

37,000 35,000 8,645 49,065

56,631 UNITED PARCEL SERVICE INC 57,500 WASTE MANAGEMENT INC

3,221,738 1,799,175

2.35 1.32

Information Technology

156,724 108,925 191,800 9,400 120,100 162,835 58,700 127,200 237,531 96,469 98,000

28,783,933

21.07

APPLIED MATERIALS INC EBAY EMC CORP GOOGLE INC MICROSOFT CORP ORACLE CORP PAYCHEX INC QUALCOMM INC TAIWAN SEMICON ADR (REPR 5 SHS) THE WESTERN UNION COMPANY WHEN ISSUED YAHOO INC

1,883,822 2,136,019 3,509,940 4,182,529 2,763,501 3,494,439 1,524,439 4,177,248 2,318,303 1,438,353 1,355,340

1.38 1.56 2.57 3.06 2.02 2.56 1.12 3.06 1.70 1.05 0.99

Internet and Internet services

1,690,503

1.24

1,662,843 27,660

1.22 0.02

Materials

5,853,394

4.29

BARRICK GOLD CORP MONSANTO CO NEWMONT MINING CORP NUCOR CORP

675,338 1,862,666 864,360 2,451,030

0.49 1.37 0.63 1.80

54,129 MCAFFE 2,000 YAHOO INC

14,872 40,300 14,000 64,029

Petroleum

36,800 ENSCO INTER -A- ADR REPR 1 SH.-APharmaceuticals and cosmetics

94,900 MERCK AND CO Telecommunication Services

BANK OF AMERICA CORP CHARLES SCHWAB CORP/THE CHUBB CORP INVESCO LTD MORGAN STANLEY NORTHERN TRUST CORP TRAVELERS COS INC/THE

3,931,633 2,882,666 1,625,325 1,450,325 1,733,787 840,600 1,266,907

161,900 VERIZON COMMUNICATIONS INC 2.87 Transportation 2.11 151,100 SOUTHWEST AIRLINES CO 1.19 1.06 Total securities portfolio 1.27 0.62 0.93

Foods and non alcoholic drinks

5,944,113

4.35

DR PEPPER SNAPPLE GROUP (WHEN ISSUED) KELLOGG MEAD JOHNSON NUTRITION CO NESTLE SA APONS.ADR REPR.1 REG.SHS

1,383,430 1,760,500 433,287 2,366,896

1.01 1.29 0.32 1.73

13,809,854

10.11

655,296 925,234 4,057,422 4,335,040 3,836,862

0.48 0.68 2.97 3.17 2.81

1,225,962

0.90

Health Care

4,422 17,590 68,700 304,000 73,800

ALCON INC REG.SHS AMGEN INC JOHNSON AND JOHNSON PFIZER INC TEVA PHARMA IND.ADR Holding and finance companies

93,300 WEATHERFORD IN Industrials

101,207 GENERAL ELECTRIC CO 41,500 RAYTHEON CO

% of NAV

USD

Long positions

Banks and credit institutions

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

1,225,962

0.90

8,488,503

6.21

1,459,405 2,008,185

1.07 1.47

1,445,504

1.06

1,445,504

1.06

3,318,653

2.43

3,318,653

2.43

4,536,438

3.32

4,536,438

3.32

1,678,721

1.23

1,678,721

1.23

128,688,733

94.21

The accompanying notes form an integral part of these financial statements

63

Asian Income

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

Long positions

17,555,370

88.58

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

17,555,370

88.58

15,652,863

78.98

532,556

2.69

Cayman Islands

500,000 HUTCHISON WHAMP.REGS 5.75 09-19 11/09S Hong Kong

1,500,000 BANK CHINA HK 5.55 10-20 11/02S 400,000 KCRC MTN TR.1 REG-S 5.125 09-19 20/05S Indonesia

550,000 INDONESIA REGS 11.625 09-19 04/03S 1,000,000 INDONESIA REG-S EMTN 5.875 10-20 13/03S 750,000 INDONESIE REG S 10.375 09-14 04/05S Malaysia

900,000 AXIATA SPV1 400,000 PETRONAS CAP

5.375 10-20 28/04S 5.25 09-19 12/08S

Philippines

1,000,000 PHILIPPINES

6.375 09-34 23/10S

Qatar

1,497,888 438,506

7.56 2.21

2,776,895

14.01

793,948 1,057,232 925,715

4.01 5.33 4.67

1,345,033

6.79

925,068 419,965

4.67 2.12

1,005,390

5.07

1,005,390

5.07 3.35

664,098

3.35

1,450,035

7.32

805,825 644,210

4.07 3.25

South Korea

5,942,462

29.98

EXP-IMP.BANK KOREA 4.125 10-15 09/09S HANAROTELECOM -REGS- 7.00 05-12 01/02S IND.BK OF KOREA REG S 7.125 09-14 23/04S KOREA 5.75 09-14 16/04S KOREA 7.125 09-19 16/04S KOREA DEV.BANK 8.00 09-14 23/01S KOREA NATIONAL 5.375 09-14 30/07S SHINHAN BANK REGS 6.00 09-12 29/06S WOORI BANK 4.50 10-15 07/10S

809,754 729,968 449,554 545,460 1,193,684 569,811 424,268 423,779 796,184

4.09 3.68 2.27 2.75 6.01 2.88 2.14 2.14 4.02

Floating rate bonds

1,902,507

9.60

690,219

3.48

690,219

3.48

6.75 09-19 30/09S

Singapore

800,000 CMT MTN PTE LTD 4.321 10-15 08/04S 600,000 TEMASEK FIN EMTN REGS 5.375 09-39 23/11S

Philippines

650,000 LAND BANK OF PHL

FL.R 06-16 19/10S

Singapore

500,000 DBS BANK LTD SUB.REGS FL.R 09-21 15/07Q 400,000 DBS BANK SUB REG S FL.R 07-17 16/05S Taiwan

400,000 CHINATRUST COMM.BANK FL.R 05-XX 17/03S

Total securities portfolio

The accompanying notes form an integral part of these financial statements

64

2.69 9.77

664,098

600,000 RAS LAFFAN REGS

800,000 700,000 400,000 500,000 1,000,000 500,000 400,000 400,000 800,000

532,556 1,936,394

854,663

4.32

439,375 415,288

2.22 2.10

357,625

1.80

357,625

1.80

17,555,370

88.58

Emerging Markets Debt

Securities Portfolio as at 30/06/10

USD

Poland

Long positions

30,741,778

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

30,741,778

92.03

30,741,778

92.03

500,000 ROMANIA EMTN

1,354,017

4.05

Russia

1,353,949 68

4.05 0.00

2,971,874

8.89

2,971,874

8.89

Argentina

1,500,000 ARGENTINA 7.82 03-33 31/12S 83 ARGENTINA REPU DIS$ 8.28 05-33 31/12S Brazil

2,500,000 BRAZIL

7.125 06-37 20/01S

Cayman Islands

300,000 DUBAI HLDG COM.OP 250,000 DUBAI HLDG COM.OP

4.75 07-14 30/01A 6.00 07-17 01/02A

Dominican Republic

650,000 DOMINICAN REP.REG S 9.04 05-18 23/01S Ghana

500,000 GHANA

8.50 07-17 04/10A

Hungary

750,000 HUNGARY

6.25 10-20 29/01S

Indonesia

250,000 PERUSAHAAN

8.80 09-14 23/04S

Ivory Coast

1,500,000 COTE D IVOIRE REGS 2.50 10-32 31/12S Kazakstan

1,250,000 ATF CAPITAL BV 9.25 07-14 21/02S 200,000 CENTERCREDIT INTL BV 8.625 07-14 30/01A Lithuania

500,000 REPUBLIC OF LITHUANIA 7.375 10-20 11/02S Luxembourg

500,000 MHP REGS

10.25 10-15 29/04S

Malaysia

1,750,000 750,000 750,000 500,000

2.37

527,500

1.58

527,500

1.58

738,210

2.21

738,210

2.21

2,000,000 US TREASURY BILLS 300,000 US TREASURY BILLS Venezuela

291,313

0.87

291,313

0.87

824,063

2.47

750,000 AFRIQUE DU SUD

5.875 07-31 30/05A

Turkey

1,500,000 TURKEY (REP.OF)

6.75 10-40 30/05S

Ukraine

1,000,000 NAFTOGAZ UKRAINY 9.50 09-14 30/09S 400,000 UK SPV CREDIT FIN.SUB-8.00 07-12 06/02S United States of America

-10 23/09U -10 26/08U

1,250,000 VENEZUELA 7.65 05-25 21/04S 1,000,000 VENEZUELA 9.25 97-27 15/09S 1,000,000 VENEZUELA REGS 8.25 09-24 13/10S

824,063

2.47

1,502,496

4.50

1,304,143 198,353

250,000 VIETNAM (REP OF)REGS 6.875 05-16 15/01S 3.91 0.59 Total securities portfolio

526,300

1.58

526,300

1.58

480,417

1.44

480,417

1.44

Netherlands

3,052,403

9.13

MAJAPAHIT HOLD.REGS 7.875 07-37 29/06S TURANALEM FINANCE BV 7.75 06-13 25/04S TURANALEM FIN.DEFAUT 7.875 03-10 02/06S WHITE NIGHTS FINANCE 10.50 09-14 08/03Q

1,782,082 348,125 341,250 580,946

5.33 1.04 1.02 1.74

677,250

2.03

8.75 03-33 21/11S

South Africa

790,359

1.07 0.94 1.09 2.38

750,000 PERU

250,000 PRIME DIG PTE REG S 11.75 09-14 03/11S

2.37

358,756 313,187 364,963 793,147

7.875 06-36 31/03S

5.739 10-17 03/04S

Singapore

790,359

5.48

Peru

2,000,000 RZD EMTN

5.00 10-15 18/03A

1.66

1,830,053

900,000 PAKISTAN -REGS-

Romania

0.86 0.80

2.81

Pakistan

6.375 09-19 15/07S

553,174

2.81

DESARROLLADORA HOMEX 9.50 09-19 11/12S PEMEX C TR.2 REG S 4.875 09-15 15/03S URBI DESARROLLOS REGS 9.50 10-20 21/01S UTD MEXICAN STS TR20 6.05 07-40 11/01S

1,500,000 POLAND

285,708 267,466

939,003

Mexico

350,000 300,000 350,000 750,000

92.03

939,003

750,000 PETRONAS CAPITAL REGS 7.875 02-22 22/05S

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

677,250

2.03

1,019,978

3.05

1,019,978

3.05

Vietnam

1,638,585

4.91

1,638,585

4.91

577,259

1.73

577,259

1.73

1,969,518

5.90

1,969,518

5.90

254,219

0.76

254,219

0.76

794,355

2.38

794,355

2.38

1,506,492

4.51

1,506,492

4.51

1,417,321

4.24

1,039,945 377,376

3.11 1.13

2,299,310

6.88

1,999,356 299,954

5.98 0.90

1,942,038

5.81

685,288 677,590 579,160

2.05 2.03 1.73

264,271

0.79

264,271

0.79

30,741,778

92.03

The accompanying notes form an integral part of these financial statements

65

Euro Bond

Securities Portfolio as at 30/06/10

EUR

Long positions

264,786,533

88.98

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

257,288,612

86.46

239,484,096

80.48

1,589,657

0.53

511,638 1,078,019

0.17 0.36

5,314,800

1.79

5,314,800

1.79

Australia

500,000 NATIONAL AUSTRALIA BK 4.625 10-20 10/02A 1,000,000 NATIONAL AUSTRALIA BK 4.75 09-16 15/07A Austria

5,000,000 AUSTRIA

3.90 04-20 15/07A

Belgium

7,500,000 BELGIAN 0318

3.75 10-20 28/09A

Brazil

250,000 VALE EMTN

4.375 10-18 24/03A

Cayman Islands

1,500,000 HUTCHISON WHAMPOA

4.75 09-16 14/11A

Finland

2.59

256,524

0.09

256,524

0.09

1,576,775

0.53

0.53

3,144,647

1.06

0.92 0.14

France

73,533,852

24.70

ALSTOM 4.50 10-20 18/03A BANQUE PSA FINANCE 3.875 10-13 18/01A BNP PARIBAS COVERED 4.75 08-13 28/05A BNPP HOME LOAN COV 2.25 09-12 01/10A CM-CIC COVERED BONDS 1.875 10-13 14/06A CM-CIC COVERED BONDS 3.125 10-15 21/01A DEXIA CLF EMTN 5.375 09-14 21/07A DEXIA MUN AGENCY EMTN 3.50 09-16 16/09A EDF SA 4.625 09-24 11/09A FRANCE BTF -10 16/12U FRANCE BTF 09-10 21/10U FRANCE GOVT 4.50 09-41 25/04A FRANCE OAT 3.25 06-16 25/04A FRANCE OAT 3.75 06-17 25/04A FRANCE OAT 5.75 00-32 25/10A GCE COVERED BONDS 8.625 09-19 15/11S KLEPIERRE 4.00 10-17 13/04A RCI BANQUE EMTN 4.375 10-15 27/01A SOCIETE GENERALE 6.999 07-17 19/12A ST GOBAIN 8.25 09-14 28/07A TPSA EURO FINANCE 6.00 09-14 22/05A

1,014,242 1,502,594 3,795,960 6,508,218 4,991,485 3,094,740 2,090,316 2,478,691 2,111,904 4,993,153 4,994,653 3,439,560 5,292,650 11,900,789 6,607,199 4,206,100 996,358 1,730,815 378,281 1,183,361 222,783

0.34 0.50 1.28 2.19 1.68 1.04 0.70 0.83 0.71 1.68 1.68 1.16 1.78 3.99 2.22 1.41 0.33 0.58 0.13 0.40 0.07

Germany

10,917,945

3.67

1,743,990 7,259,070 1,914,885

0.59 2.44 0.64

931,233

0.31

4.00 09-25 04/07A 6.339 09-12 10/04A

1,500,000 BERTELSMANN EMTN 7.875 09-14 16/01A 7,000,000 BRD 3.00 10-20 04/07A 1,500,000 GERMANY 4.75 08-40 04/07A Ireland

250,000 BANK IRELAND (GOV&CO) 4.625 09-13 08/04A 200,000 GECC EMTN 5.375 09-20 23/01A 500,000 IRISH GOVT TREASURY 5.00 10-20 18/10A Italy

1,500,000 BANCA INTESA EMTN 3.875 05-15 01/04A The accompanying notes form an integral part of these financial statements

66

2.59

7,696,650

2,720,125 424,522

2,500,000 FINLAND 400,000 SAMPO EMTN

1,000,000 1,500,000 3,500,000 6,400,000 5,000,000 3,000,000 2,000,000 2,400,000 2,000,000 5,000,000 5,000,000 3,000,000 5,000,000 11,000,000 5,000,000 4,150,000 1,000,000 1,750,000 450,000 1,000,000 200,000

7,696,650

1,576,775

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

240,015 215,519 475,699

0.08 0.07 0.16

33,620,035

11.29

1,542,642

0.52

500,000 2,000,000 600,000 400,000 650,000 150,000 5,500,000 8,000,000 10,600,000 2,000,000 500,000 567,000

BCO POPULAR SC 3.75 09-12 07/08A EDISON SPA EMTN 3.25 10-15 17/03A ENI SPA 4.00 10-20 29/06A INTESA SANPAOLO 2.625 09-12 04/12A INTESA SANPAOLO 6.625 08-18 08/05A ITALCEMENTI EMTN 5.375 10-20 19/03A ITALY BTP 3.50 09-14 01/06S ITALY BTP 5.00 09-25 01/03S ITALY BTP 5.00 09-40 01/09S TELECOM ITALIA EMTN 4.75 06-14 19/05A TELECOM ITALIA EMTN 5.25 10-22 10/02A UNIPOL GRUPPO FI 5.00 09-17 11/01A Mexico

650,000 AMERICA MOVIL SAB 4.75 10-22 28/06A 1,100,000 PEMEX 5.50 09-17 09/01A Netherlands

500,000 1,700,000 350,000 4,700,000 400,000 350,000 5,000,000 1,750,000 1,500,000 1,050,000

DAIMLER INTL 6.125 08-15 08/09A EDP FINANCE EMTN 4.75 09-16 26/09A EUREKO BV 7.375 09-14 16/06A ING BANK NV 3.00 09-14 30/09A KBC IFIMA NV 3.875 10-15 31/03A LEASEPLAN CORP 4.25 09-11 07/10A NEDERLANDS 3.25 05-15 15/07A NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A PORTUGAL TELECOM 5.00 09-19 04/11A VW INTL FINANCE NV 7.00 09-16 09/02A Norway

0.60

644,860 1,135,146

0.22 0.38

18,202,713

6.12

571,464 1,734,349 393,773 4,836,967 402,470 356,319 5,374,501 1,848,651 1,436,748 1,247,471

0.19 0.58 0.13 1.63 0.14 0.12 1.81 0.62 0.48 0.42 1.37

1.37

Portugal

5,263,655

1.77

BANCO BPU SA 3.25 10-15 15/01A BCO SANTANDER TOTTA 3.25 09-14 21/10A BCP 2.375 10-12 18/01A PORTUGAL 3.85 05-21 15/04A

1,786,668 1,427,559 567,755 1,481,673

0.60 0.48 0.19 0.50

18,387,924

6.18

BANCAJA 3.00 09-14 27/10A BBVA SENIOR FINANCE 3.25 10-15 23/04A CAJA MADRID 3.125 09-12 20/02A GAS NATURAL CAPITAL 4.375 09-16 02/11A GAS NATURAL CAPITAL 5.25 09-14 09/07A SANTANDER INTL DEBT 5.625 08-12 14/02A SPAIN 4.70 09-41 30/07A SPANISH 4.00 10-20 30/04A

3,767,024 1,446,633 1,990,848 740,083 2,087,616 1,038,120 4,447,050 2,870,550

1.27 0.49 0.67 0.25 0.70 0.35 1.49 0.96

Sweden

5,054,310

1.70

1,645,985 3,408,325

0.55 1.15

31,944,277

10.74

5,019,549 5,004,624 1,537,467 1,340,888 2,622,950 611,049

1.69 1.68 0.52 0.45 0.88 0.21

1,500,000 SKAND ENSK.BANK. 3,300,000 STADSHYPOTEK AB

5.50 09-14 06/05A 3.00 09-14 01/10A

United Kingdom

5,000,000 5,000,000 1,500,000 1,250,000 2,600,000 600,000

1,780,006

4,068,528

2.75 10-15 20/04A

Spain

4,000,000 1,500,000 2,000,000 750,000 2,000,000 1,000,000 5,000,000 3,000,000

0.17 0.68 0.20 0.13 0.22 0.05 1.90 2.80 3.56 0.70 0.17 0.19

4,068,528

4,000,000 DNB NOR BOLIGKR 1,900,000 1,500,000 600,000 1,750,000

506,917 2,020,198 602,981 400,084 660,816 150,074 5,648,610 8,343,520 10,595,654 2,080,280 492,995 575,264

ABBEY NAT TREAS SERV 2.50 10-13 18/03A ABBEY NAT TREAS.SERV 3.375 05-15 08/06A ANGLO AMER CAPITAL 4.375 09-16 02/12A BARCLAYS BANK 5.25 09-14 27/05A BARCLAYS BANKS 3.50 10-15 18/03A BNZ INTL FUNDING EMTN 4.00 10-17 08/03A

Euro Bond

Securities Portfolio as at 30/06/10

CARNIVAL PLC 4.25 06-13 27/11A HSBC HOLDINGS SUB 6.00 09-10 10/06A IMPERIAL TABACCO 4.375 06-13 22/11A LLOYDS BANK EMTN 3.25 09-12 26/11A LLOYDS TSB 6.50 10-20 24/03A LLOYDS TSB BANK REG-S 5.875 02-14 08/07A LLOYDS TSB EMTN 5.375 09-19 03/09A OTE PLC EMTN 5.00 03-13 05/08A ROYAL BK SCOTLAND 5.25 08-13 15/05A ROYAL BK SCOTLAND SUB 6.00 01-13 10/05A STANDARD CHARTERED 5.75 09-14 30/04A STANDARD CHARTERED 5.875 07-17 26/09A UBS LONDON EMTN 6.25 08-13 03/09A WESTPAC SECURITIES NZ 3.875 10-17 20/03A United States of America

1,450,000 1,500,000 550,000 500,000 1,000,000 1,000,000 1,750,000 350,000 750,000 1,000,000 1,000,000 750,000 2,000,000 1,500,000

BANK OF AMERICA EMTN 7.00 09-16 15/06A BMW US CAPITAL LLC 5.00 08-15 28/05A CITIGROUP 7.375 09-19 04/09A CL CAPITAL TRUST I 7.047 02-XX 26/04A GOLDMAN SACHS GROUP 5.125 07-14 16/10A JOHN DEERE CAP CORP 7.50 09-14 24/01A JPM CHASE 5.25 07-15 14/01A MORGAN STANLEY 4.375 07-12 10/02A MORGAN STANLEY 4.50 09-10 29/10A SES GLOBAL AMERICAS 4.875 09-14 09/07A SWISS RE TRE.US EMTN 6.00 09-12 18/05A TOYOTA MOTOR CREDIT 4.25 07-12 02/05A WACHOVIA CORP 4.375 06-16 01/08A WAL-MART STORES INC 4.875 09-29 21/09A

Floating rate bonds Denmark

450,000 DANSKE BANK EMTN SUB FL.R 02-15 26/03A France

600,000 500,000 550,000 500,000 1,000,000 500,000 1,700,000 650,000 200,000

AFD FL.R 06-XX 20/07A ALLIANZ IARD SA FL.R 05-XX 10/06A AXA EMTN PERP. SUB FL.R 06-XX 06/07A BFCM EMTN SUB FL.R 06-16 19/12Q BNP PARIBAS FL.R 03-XX 16/01A CNP ASSURANCES SA FL.R 06-XX 22/12A CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q CREDIT LOGEMENT SUB FL.R 06-XX 16/03A SOCIETE GENERALE FL.R 05-49 29/01A Germany

250,000 MUNICH RE SUB

FL.R 07-XX 29/06A

Guernsey

300,000 CREDIT SUISSE GR FIN. FL.R 06-18 23/01A Ireland

500,000 ULSTER BANK FINANCE FL.R 06-11 29/03Q Italy

500,000 BANCA INTESA SPA BAVB FL.R 06-16 02/08Q 700,000 INTESA SANPAOLO FL.R 08-18 28/05A 500,000 INTESA SANPAOLO SPA FL.R 08-XX 20/06A

EUR

1,030,471 553,663 1,578,189 1,913,598 282,191 502,582 992,461 1,917,010 2,072,734 152,439 2,755,308 1,078,410 219,842 758,852

0.35 0.19 0.53 0.64 0.09 0.17 0.33 0.64 0.70 0.05 0.93 0.36 0.07 0.26

16,200,565

5.44

1,639,808 1,638,717 614,437 422,716 1,032,381 1,171,237 1,918,908 354,159 751,285 1,073,165 1,060,761 782,275 2,094,977 1,645,739

0.55 0.55 0.21 0.14 0.35 0.39 0.64 0.12 0.25 0.36 0.36 0.26 0.71 0.55

17,804,516

5.98

455,766

0.15

455,766

0.15

4,977,617

1.67

540,000 398,359 424,353 463,905 886,409 321,666 1,360,849 448,500 133,576

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

1,000,000 500,000 1,500,000 1,900,000 300,000 500,000 1,000,000 2,000,000 2,000,000 150,000 2,500,000 1,000,000 200,000 750,000

125,000 UNICREDITO ITAL PERP. FL.R 05-XX 27/10A 250,000 UNICREDITO ITAL.EMTN FL.R 06-16 20/09A Jersey Island

100,000 UBS JERSEY BRANCH

FL.R 06-18 25/09A

Netherlands

500,000 ABN AMRO EMTN FL.R 05-15 08/06Q 300,000 EUREKO BV FL.R 05-49 29/06A Spain

300,000 BCO BILBAO VIZCAYA FL.R 04-19 20/10A 750,000 SANTANDER ISSUANCES FL.R 07-17 24/10A 750,000 SANTANDER ISSUANCES FL.R 09-19 27/07A Sweden

216,773

0.07

294,859

0.10

294,859

0.10

491,607

0.17

491,607

0.17

1,981,493

0.67

482,463 720,760 449,466

0.16 0.25 0.15

0.03

620,190

0.21

410,924 209,266

0.14 0.07

1,789,201

0.60

287,628 736,917 764,656

0.10 0.25 0.25 0.37

2,977,418

1.00

254,570 245,189 133,701 453,125 352,180 168,518 923,214 446,921

0.09 0.08 0.04 0.15 0.12 0.06 0.31 0.15

United States of America

2,796,321

0.94

BANK OF AMERICA FL.R 07-17 23/05A BANK OF AMERICA CORP FL.R 04-19 06/05A BANK OF AMERICA-SUB- FL.R 06-18 28/03A CITIGROUP INC FL.R 04-19 10/02Q JP MORGAN CHASE SUB FL.R 07-17 29/05A SG CAPITAL TRUST SUB FL.R 03-49 10/11A

234,510 469,051 458,527 462,775 1,021,483 149,975

0.08 0.16 0.15 0.16 0.34 0.05

7,497,921

2.52

7,497,921

2.52

AVIVA PLC FL.R 04-XX 29/11A BARCLAYS BANK EMTN FL.R 05-XX 15/03A BARCLAYS BANK SUB FL.R 04-XX 15/12A HSBC BANK PLC SUB FL.R 05-20 30/09Q HSBC CAP FDG FL.R 03-XX 31/12A OLD MUTUAL PLC SUB. FL.R 07-17 18/01A SL FINANCE SUB FL.R 02-22 12/07A STANDARD CHART SUB FL.R 05-17 03/02A

Shares/Units of UCITS/UCIS

0.18 France 0.13 0.14 10 PORTFOLIO ALPHA PORTABLE FCP CAP 0.16 10 PORTOFOLIO ARBITRAGE EURO GOVIES FCP CAP 0.30 Luxembourg 0.11 4 STRUCTURA VAR NEW EUR AGGREGATE -I- CAP 0.46 0.15 Total securities portfolio 0.04 0.07

0.03

99,745

0.37

Shares/Units in investment funds

216,773

99,745

1,103,526

United Kingdom

250,000 500,000 500,000 500,000 1,000,000 200,000

0.03 0.08

1,103,526

1,250,000 SVENSKA HANDELSBK SUB FL.R 05-XX 16/12A 350,000 400,000 200,000 500,000 395,000 200,000 1,000,000 450,000

79,027 249,777

5,002,133

1.68

2,570,649 2,431,484

0.86 0.82

2,495,788

0.84

2,495,788

0.84

264,786,533

88.98

The accompanying notes form an integral part of these financial statements

67

Euro Corporate Bond

Securities Portfolio as at 30/06/10

EUR

Long positions

431,324,799

89.96

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

425,406,099

88.73

307,251,880

64.09

5,618,867

1.17

3,367,660 2,251,207

0.70 0.47

1,026,097

0.21

1,026,097

0.21

4,801,548

1.00

3,363,786 595,750 842,012

0.70 0.12 0.18

1,593,821

0.33

1,593,821

0.33

Australia

3,300,000 ANZ BANKING GROUP 3.75 10-17 10/03A 2,200,000 NATIONAL AUSTRALIA BK 4.625 10-20 10/02A Brazil

1,000,000 VALE EMTN

4.375 10-18 24/03A

Cayman Islands

3,200,000 HUTCHISON WHAMPOA 4.75 09-16 14/11A 600,000 UPCB FINANCE LTD REGS 7.625 10-20 15/01S 850,000 VOTO VOTORANTIM 5.25 10-17 28/04A Denmark

1,500,000 DONG ENERGY

4.875 09-21 16/12A

Finland

4,250,000 SAMPO EMTN

6.339 09-12 10/04A

France

4,550,000 1,800,000 2,000,000 2,400,000 4,000,000 2,000,000 1,000,000 2,000,000 1,350,000 10,000,000 5,000,000 4,000,000 2,000,000 2,400,000 3,750,000 225,000 500,000 3,050,000

1,500,000 4,000,000 2,300,000 1,500,000

ALSTOM 4.50 10-20 18/03A AUTOR.PARIS RHIN RHONE 7.50 09-10 12/01A BANQUE PSA FINANCE 3.875 10-13 18/01A BOUYGUES 4.00 10-18 12/02A CIE DE SAINT GOBAIN 4.875 06-16 31/05A CIE DE SAINT GOBAIN 6.00 09-13 20/05A CNCEP PERP 6.117 07-XX 30/10A DEXIA CLF EMTN 5.375 09-14 21/07A EDF SA 4.625 09-24 11/09A FRANCE BTF -10 04/11U FRANCE BTF -10 23/09U KLEPIERRE 4.00 10-17 13/04A PPR SA 8.625 09-14 03/04A RCI BANQUE EMTN 4.375 10-15 27/01A RCI BANQUE SA 8.125 09-12 15/05A REXEL 8.25 09-16 15/12S ST GOBAIN 8.25 09-14 28/07A TPSA EURO FINANCE 6.00 09-14 22/05A

0.94

53,741,470

11.21

4,614,801 2,065,169 2,003,458 2,477,297 4,210,380 2,177,072 674,751 2,090,316 1,425,535 9,990,375 4,997,374 3,985,432 2,381,720 2,373,689 4,054,166 230,813 591,681 3,397,441

0.96 0.43 0.42 0.52 0.88 0.45 0.14 0.44 0.30 2.07 1.04 0.83 0.50 0.50 0.85 0.05 0.12 0.71

9,874,643

2.06

1,743,990 4,168,656 2,366,024 1,595,973

0.36 0.88 0.49 0.33

Ireland

5,127,210

1.07

2,417,517 1,632,099 1,077,594

0.51 0.34 0.22

33,501,872

6.99

518,255 514,214 2,483,891 3,266,149 1,000,211

0.11 0.11 0.52 0.68 0.21

ASSICURAZ GENERALI 5.125 09-24 16/09A BANCA INTESA EMTN 3.875 05-15 01/04A BCO POPULAR SC 3.75 09-12 07/08A ENI SPA 4.00 10-20 29/06A INTESA SANPAOLO 2.625 09-12 04/12A

The accompanying notes form an integral part of these financial statements

68

0.94

4,510,546

BERTELSMANN EMTN 7.875 09-14 16/01A DAIMLER EMTN 4.125 10-17 19/01A MERCK FIN SERVICES 3.375 10-15 24/03A MERCK FIN SERVICES 4.50 10-20 24/03A

Italy

500,000 500,000 2,450,000 3,250,000 1,000,000

4,510,546

Germany

2,550,000 ALLIED IRISH BK. 4.50 09-12 01/10A 1,700,000 BANK IRELAND (GOV&CO) 4.625 09-13 08/04A 1,000,000 GECC EMTN 5.375 09-20 23/01A

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

1,000,000 750,000 7,750,000 2,000,000 2,500,000 1,900,000 4,000,000 2,500,000 3,010,000

INTESA SANPAOLO 6.625 08-18 08/05A ITALCEMENTI EMTN 5.375 10-20 19/03A ITALY BTP 5.00 09-40 01/09S LOTTOMATICA 5.375 09-16 05/12A OLIVETTI FINANCE NV 6.875 03-13 24/01A SEAT PAGINE REG S 10.50 10-17 31/07S TELECOM ITALIA EMTN 4.75 06-14 19/05A TELECOM ITALIA EMTN 5.25 10-22 10/02A UNIPOL GRUPPO FI 5.00 09-17 11/01A

1,016,640 750,369 7,746,822 2,047,250 2,714,518 1,764,150 4,160,559 2,464,973 3,053,871

0.21 0.16 1.61 0.43 0.57 0.37 0.86 0.51 0.64

Mexico

9,438,637

1.97

3,174,694 6,263,943

0.66 1.31

39,540,561

8.25

BMW FINANCE 3.875 10-17 18/01A CRH FINANCE EMTN 7.375 09-14 28/05A DAIMLER INTL 6.125 08-15 08/09A EDP FINANCE BV 3.25 10-15 16/03A EDP FINANCE EMTN 4.75 09-16 26/09A ENBW INTL FIN. EMTN 6.125 09-39 07/07A EUREKO BV 7.375 09-14 16/06A HEIDELBERGCEMENT REG S6.75 10-15 15/12S ING BANK 3.375 10-15 03/03A ING GROEP NV 5.625 08-13 03/09A KBC IFIMA NV 3.875 10-15 31/03A NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A PORTUGAL TELECOM 5.00 09-19 04/11A PORTUGAL TELECOM 6.00 09-13 30/04A REPSOL INTL FIN 6.50 09-14 27/03A SHELL INTL FINANCE 3.10 10-15 28/06S

4,692,514 1,144,926 2,000,124 2,510,682 1,122,226 2,150,479 3,318,948 2,463,628 1,609,803 4,845,140 2,263,894 4,225,488 2,203,014 1,269,145 1,378,215 2,342,335

0.98 0.24 0.42 0.52 0.23 0.45 0.69 0.51 0.34 1.02 0.47 0.88 0.46 0.26 0.29 0.49

Norway

1,149,079

0.24

1,149,079

0.24

3,200,000 AMERICA MOVIL SAB 4.75 10-22 28/06A 6,070,000 PEMEX 5.50 09-17 09/01A Netherlands

4,550,000 1,000,000 1,750,000 2,550,000 1,100,000 1,750,000 2,950,000 2,500,000 1,600,000 4,500,000 2,250,000 4,000,000 2,300,000 1,200,000 1,250,000 2,825,000

1,100,000 TELENOR ASA -EMTN- 4.125 10-20 26/03A Portugal

1,800,000 BCP 3,400,000 BCP

2.375 10-12 18/01A 3.75 09-11 17/06A

Russia

600,000 RZD EMTN

5.739 10-17 03/04S

Spain

1,000,000 GAS NATURAL CAPITAL 4.375 09-16 02/11A 4,500,000 GAS NATURAL CAPITAL 5.25 09-14 09/07A 2,000,000 TELEFONICA EMISIONES 4.674 07-14 07/02A Sweden

3,700,000 SKAND ENSK.BANK. 5.50 09-14 06/05A 4,500,000 SVENSKA HANDELSBANK 4.875 09-14 25/03A United Kingdom

1,300,000 1,550,000 3,000,000 2,350,000 4,450,000 2,500,000 2,400,000 4,500,000

ANGLO AMER CAPITAL 4.375 09-16 02/12A ANGLO AMERCAN CAPITAL 4.25 09-13 30/09A BARCLAYS BANK 5.25 09-14 27/05A BARCLAYS BANK PLC 4.00 10-17 20/01A BARCLAYS BANKS 3.50 10-15 18/03A BARCLAYS BK PERP 144A 8.55 00-XX 19/09S BNZ INTL FUNDING EMTN 4.00 10-17 08/03A BP CAPITAL MARK.EMTN 4.50 07-12 08/11A

5,032,602

1.05

1,703,264 3,329,338

0.36 0.69

482,370

0.10

482,370

0.10

7,781,223

1.62

986,777 4,697,136 2,097,310

0.21 0.97 0.44

8,923,758

1.86

4,060,095 4,863,663

0.85 1.01

69,697,290

14.55

1,332,471 1,622,208 3,218,130 2,371,876 4,489,280 1,949,104 2,444,196 4,419,000

0.28 0.34 0.67 0.49 0.94 0.41 0.51 0.92

Euro Corporate Bond

Securities Portfolio as at 30/06/10

CARNIVAL PLC 4.25 06-13 27/11A HSBC BANK REG S 3.50 10-15 28/06S HSBC HOLDINGS SUB 6.00 09-10 10/06A IMPERIAL TABACCO 4.375 06-13 22/11A LLOYDS BANK EMTN 3.25 09-12 26/11A LLOYDS TSB 6.50 10-20 24/03A LLOYDS TSB BANK EMTN 6.375 09-16 17/06A LLOYDS TSB BANK REG-S 5.875 02-14 08/07A LLOYDS TSB EMTN 5.375 09-19 03/09A RBS 4.875 10-17 20/01A RBS 5.375 09-19 30/09A ROYAL BK SCOTLAND 5.25 08-13 15/05A ROYAL BK SCOTLAND SUB 6.00 01-13 10/05A STANDARD CHARTERED 5.75 09-14 30/04A UBS LONDON EMTN 6.25 08-13 03/09A VIRGIN MEDIA REG S 7.00 10-18 15/01S WESTPAC SECURITIES NZ 3.875 10-17 20/03A United States of America

2,350,000 3,500,000 500,000 2,500,000 5,000,000 2,400,000 1,750,000 1,300,000 2,700,000 3,750,000 1,450,000 1,000,000 2,600,000 2,800,000 1,600,000 2,100,000 3,000,000 2,500,000

BANK OF AMERICA EMTN 4.75 10-17 03/04A BANK OF AMERICA EMTN 7.00 09-16 15/06A BMW US CAPITAL LLC 5.00 08-15 28/05A CITIGROUP 7.375 09-19 04/09A CITIGROUP INC -63- 7.375 09-14 16/06A CL CAPITAL TRUST I 7.047 02-XX 26/04A GOLDMAN SACHS 5.375 08-13 15/02A JPMORGAN CHASE AND CO 6.125 09-14 01/04A MORGAN STANLEY 4.375 07-12 10/02A MORGAN STANLEY 4.50 09-10 29/10A MORGAN STANLEY GRP 5.50 07-17 02/10A SES GLOBAL AMERICAS 4.875 09-14 09/07A SWISS RE TRE.US EMTN 6.00 09-12 18/05A WACHOVIA BANK 6.00 08-13 23/05A WACHOVIA CORP 4.375 06-16 01/08A WAL-MART STORES INC 4.875 09-29 21/09A WELLS FARGO CO 4.125 06-16 03/11A ZURICH FINANCE USA 6.50 09-15 14/10A

Floating rate bonds Denmark

2,350,000 DANSKE BANK EMTN SUB FL.R 02-15 26/03A France

4,000,000 5,500,000 1,325,000 2,250,000 7,000,000 2,250,000 5,000,000 1,500,000 1,350,000 1,350,000 2,450,000 3,200,000 2,500,000 1,100,000 850,000

AFD FL.R 06-XX 20/07A ALLIANZ IARD SA FL.R 05-XX 10/06A AXA EMTN PERP. SUB FL.R 06-XX 06/07A AXA SA SUB 6.211 07-17 05/10A BFCM EMTN SUB FL.R 06-16 19/12Q BNP PARIBAS FL.R 03-XX 16/01A BNP PARIBAS FL.R 07-17 27/04Q BNP PARIBAS SUB FL.R 07-XX 13/04A CNCEP EMTN SUB FL.R 03-XX 30/07A CNP ASSURANCES FL.R 01-21 11/04A CNP ASSURANCES SA FL.R 06-XX 22/12A CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q CREDIT LOGEMENT SUB FL.R 06-XX 16/03A NATIXIS EMTN FL.R 07-19 14/05A SOCIETE GENERALE FL.R 05-49 29/01A

4,740,167 1,988,283 4,429,300 1,999,039 2,668,966 2,633,781 3,997,871 2,010,326 1,488,692 2,506,048 781,400 5,648,201 1,270,323 2,204,246 3,517,472 1,818,522 4,148,388

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

4,600,000 2,400,000 4,000,000 1,900,000 2,650,000 2,800,000 3,750,000 2,000,000 1,500,000 2,550,000 800,000 5,450,000 1,250,000 2,000,000 3,200,000 1,500,000 4,100,000

EUR

1.00 0.41 0.92 0.42 0.56 0.55 0.83 0.42 0.31 0.52 0.16 1.19 0.26 0.46 0.73 0.38 0.87

45,410,286

9.47

2,368,546 3,958,157 546,239 2,792,898 5,635,925 2,029,034 1,820,536 1,449,449 2,732,084 3,756,424 1,445,325 1,073,165 2,757,979 3,070,740 1,675,982 2,304,034 3,109,989 2,883,780

0.49 0.83 0.11 0.58 1.19 0.42 0.38 0.30 0.57 0.78 0.30 0.22 0.58 0.64 0.35 0.48 0.65 0.60

118,154,219

24.64

2,380,109

0.50

2,380,109

0.50

34,045,239

7.09

3,600,000 4,381,952 1,022,304 1,730,417 6,494,669 1,994,423 3,935,864 1,186,085 898,594 1,276,695 1,576,161 2,561,600 1,725,000 1,093,777 567,698

0.75 0.91 0.21 0.36 1.34 0.42 0.82 0.25 0.19 0.27 0.33 0.53 0.36 0.23 0.12

Germany

750,000 ALLIANZ EMTN 750,000 MUNICH RE SUB

FL.R 04-XX 29/01A FL.R 07-XX 29/06A

Guernsey

0.31

0.31

10,507,621

2.19

BANCA INTESA SPA BAVB FL.R 06-16 02/08Q INTESA SANPAOLO FL.R 08-18 28/05A INTESA SANPAOLO SPA FL.R 08-XX 20/06A UNICREDITO ITAL PERP. FL.R 05-XX 27/10A

3,377,241 5,148,289 1,033,771 948,320

0.70 1.07 0.22 0.20

Jersey Island

4,787,746

1.00

4,787,746

1.00

4,898,415

1.02

814,000 4,084,415

0.17 0.85

Netherlands

7,177,143

1.50

ABN AMRO EMTN FL.R 05-15 08/06Q EUREKO BV FL.R 05-49 29/06A ING BANK EMTN FL.R 06-16 18/03Q ING VERZEKERINGEN FL.R 01-21 21/06A

3,287,396 279,021 2,730,726 880,000

0.69 0.06 0.57 0.18

13,909,850

2.90

BCO BILBAO VIZCAYA FL.R 04-19 20/10A SANTANDER IS 144A SUB FL.R 06-16 20/06S SANTANDER ISSUANCES FL.R 07-17 24/10A SANTANDER ISSUANCES FL.R 09-19 27/07A

1,438,140 3,953,551 3,930,224 4,587,935

0.30 0.82 0.82 0.96

Sweden

2,517,276

0.53

662,116 1,855,160

0.14 0.39

4,800,000 UBS JERSEY BRANCH

FL.R 06-18 25/09A

Luxembourg

1,100,000 DEXIA BIL FL.R 01-XX 06/07A 5,000,000 UNICREDIT FIN SUB T2 FL.R 06-17 13/01S

Spain

1,500,000 5,000,000 4,000,000 4,500,000

750,000 SVENSKA HANDELSBK SUB FL.R 05-XX 16/12A 2,000,000 SVENSKA HAND.EMTN SUB FL.R 07-XX 23/03Q United Kingdom

2,600,000 3,050,000 2,250,000 700,000 2,850,000 3,500,000 1,072,000 2,850,000 2,000,000 3,100,000 2,000,000 5,500,000

2,000,000 2,000,000 2,500,000 1,500,000 600,000

0.14 0.14

1,474,295

Italy

4,000,000 400,000 3,000,000 1,000,000

0.28

680,358 650,318

1,474,295

1,500,000 CREDIT SUISSE GR FIN. FL.R 06-18 23/01A 3,500,000 5,000,000 1,150,000 1,500,000

1,330,676

AVIVA PLC FL.R 04-XX 29/11A BARCLAYS BANK EMTN FL.R 05-XX 15/03A BARCLAYS BANK PLC-160-FL.R 07-17 30/05Q BARCLAYS BANK SUB FL.R 04-XX 15/12A BARCLAYS BK EMTN SUB FL.R 04-19 04/03A CREDIT AGRICOLE -119- FL.R 05-16 14/03Q HSBC CAP FDG FL.R 03-XX 31/12A OLD MUTUAL PLC SUB. FL.R 07-17 18/01A PRUDENTIAL PLC SUB FL.R 01-21 19/12A ROYAL BK OF SCOTLAND FL.R 03-16 28/01A SL FINANCE SUB FL.R 02-22 12/07A STANDARD CHART SUB FL.R 05-17 03/02A

26,914,385

5.61

1,891,092 1,869,568 2,026,112 467,954 2,821,647 2,735,937 955,790 2,401,379 1,850,012 2,586,098 1,846,428 5,462,368

0.39 0.39 0.42 0.10 0.59 0.57 0.20 0.50 0.39 0.54 0.39 1.13

United States of America

8,211,464

1.71

BANK OF AMERICA CORP FL.R 04-19 06/05A BANK OF AMERICA-SUB- FL.R 06-18 28/03A JP MORGAN CHASE FL.R 06-18 31/03A JP MORGAN CHASE SUB FL.R 07-17 29/05A SG CAPITAL TRUST SUB FL.R 03-49 10/11A

1,876,204 1,834,108 2,519,002 1,532,226 449,924

0.39 0.38 0.53 0.32 0.09

The accompanying notes form an integral part of these financial statements

69

Euro Corporate Bond

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Shares/Units of UCITS/UCIS

1.23

Shares/Units in investment funds

5,918,700

1.23

France

1,551,070

0.32

30 AMUNDI OBLIG HAUT RENDEMENT -P- 3 DEC CA Luxembourg

7 STRUCTURA VAR NEW EUR AGGREGATE -I- CAP

Total securities portfolio

The accompanying notes form an integral part of these financial statements

70

5,918,700

1,551,070

0.32

4,367,630

0.91

4,367,630

0.91

431,324,799

89.96

Euro High Yield Bond

Securities Portfolio as at 30/06/10

EUR

Long positions

346,634,135

105.00

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

331,259,525

100.34

261,896,055

79.33

3,341,940

1.01

3,341,940

1.01

5,107,362

1.55

3,731,250 1,376,112

1.13 0.42

Austria

3,066,000 SAPPI PAPIER EMTN 11.75 09-14 01/08S Bermuda

3,750,000 CENT.EURO MEDIA 11.625 09-16 15/09S 1,960,000 PETROPLUS FINANCE 144A9.375 09-19 15/09S Canada

1,350,000 BOMBARDIER INC -REGS- 7.25 06-16 15/11S Cayman Islands

1,400,000 UPCB FINANCE LTD REGS 7.625 10-20 15/01S Croatia

1,000,000 AGROKOR D.D EMTN

10.00 09-16 07/12S

Czech Republic

1,580,930 SAZKA

8.50 06-21 12/07S

Denmark

6,030,000 NORDIC TEL CO HLDG 8.25 06-16 01/05Q France

4,320,000 3,350,000 8,000,000 1,600,000 4,200,000 1,400,000 5,500,000 1,120,000 6,205,000 2,200,000 1,900,000

BPCE 9.25 06-XX 22/04S CGG VERITAS 9.50 09-16 15/05S CMA CGM SA REGS 5.50 07-12 16/05S EUROPCAR REG-S SUB 8.125 06-14 15/05S GIE GEOPHYSIQUE 7.50 05-15 15/05S KORREDEN REG-S 11.00 08-14 01/08A REXEL 8.25 09-16 15/12S RHODIA 7.00 10-18 15/05S TEREOS EUROPE REGS 6.375 07-14 15/04S WENDEL 4.875 04-14 04/11A WENDEL INVESTISSEMENT 4.375 05-17 09/08A Germany

1,400,000 1,575,000 1,460,000 1,770,000 3,725,000 3,680,000 4,200,000 6,500,000 2,750,000

2,140,000 1,843,000 1,650,000 2,900,000 900,000

COGNIS DEUTSCH. REGS 9.50 04-14 15/05S FRESENIUS FINANCE BV 5.50 06-16 31/01S HEIDELBERGCEMENT EMTN 7.50 09-14 31/10S HEIDELBERGCEMENT FIN 8.00 09-17 31/01S HEIDELBERGCEMENT FIN 8.50 09-19 31/10S HELLA KG HUECK 7.25 09-14 20/10A KABEL DEUTSCHLAND 10.75 06-14 01/07S UNITY MEDIA REG S 8.125 09-17 01/12A UNITY MEDIA REG S 9.625 09-19 01/12S

1,397,250

0.42

1,397,250

0.42

1,386,000

0.42

1,386,000

0.42

980,000

0.30

980,000

0.30

1,067,128

0.32

1,067,128

0.32

6,271,200

1.90

6,271,200

1.90

34,666,146

10.50

4,064,299 2,775,941 6,240,000 1,416,000 3,265,981 630,000 5,637,500 1,097,600 5,987,825 2,040,500 1,510,500

1.23 0.84 1.89 0.43 0.99 0.19 1.71 0.33 1.81 0.62 0.46

27,381,648

8.29

1,470,120 1,608,469 1,492,850 1,761,150 3,762,362 3,762,947 4,357,500 6,402,500 2,763,750

Japan

3,800,000 SOFTBANK CORP

7.75 06-13 15/10S

Luxembourg

2,200,000 900,000 3,117,000 1,400,000 2,873,000 1,700,000 1,000,000 3,234,000 1,700,000 3,725,000 3,450,000

BEVERAGE PACK REGS 9.50 07-17 15/06S BEVERAGE PACK -REGS- 8.00 07-16 15/12S CIRSA CAP.LUX REGS 7.875 05-12 15/07S CIRSA FUNGING 8.75 10-18 15/05S CODERE FINANCE REGS 8.25 05-15 15/06S FIAT FINANCE TRADE 7.625 09-14 15/09A FMC REG S 5.50 10-16 15/07S MHP REGS 10.25 10-15 29/04S TROY CAPITAL 9.50 06-11 10/08A WIND ACQUI.FIN REGS 11.75 09-17 15/07S WIND ACQUI.FIN REG-S 12.25 09-17 15/07S Netherlands

4,939,599 2,000,000 3,800,000 3,000,000 3,850,000 1,006,000 967,000 925,000 3,275,000 5,300,000 3,250,000

2.80

0.69 0.55 0.42 0.87 0.27

16,785,555

5.08

7,151,205 1,764,600

2.16 0.53

3,914,000

1.19

3,914,000

1.19

23,825,209

7.22

2,156,000 823,500 3,070,245 1,281,000 2,628,795 1,776,500 1,044,363 2,536,806 1,623,500 3,762,250 3,122,250

0.65 0.25 0.93 0.39 0.80 0.54 0.32 0.77 0.49 1.13 0.95 8.11

3,704,699 1,648,340 3,591,000 2,956,353 19,250 1,026,120 1,204,690 915,750 3,177,078 5,406,000 3,136,250

1.12 0.50 1.09 0.90 0.01 0.31 0.36 0.28 0.96 1.63 0.95

Russia

1,177,239

0.36

1,400,000 UBS LX (VIMPELCOM)REGS8.25 06-16 23/05S South Africa

3,900,000 CONSOL GLASS LTD REGS 7.625 07-14 15/04S 3,300,000 FOODCORP LTD REG-S 8.875 05-12 15/06S Spain

Sweden

1,600,000 STENA AB 6.125 07-17 01/02S 1,950,000 STENA AB 7.875 10-20 15/03S 3,740,000 TVN FINANCE CORP PLC 10.75 09-17 15/11S The Netherlands Antilles United Kingdom

2,287,500 3,700,000 3,800,000 2,012,000 1,836,000 1,500,000 6,929,000

0.29 2.10

26,785,530

4,350,000 HERTZ H NED BV REG S 8.50 10-15 31/07S

9,250,786

2,279,100 1,806,140 1,394,546 2,871,000 900,000

952,750 6,917,000

BOATS INV.NETH.PIK 11.00 07-17 31/03S CEMEX FINANCE EUROPE 4.75 07-14 05/03A GMAC INTL FIN BV REGD 7.50 10-15 21/04A HEIDELBERGCEMENT REG S6.75 10-15 15/12S HOLLANDWIDE PARENT BV 0.00 09-14 01/08A IMPRESS METAL REG-S 9.25 06-14 15/09S INTERGEN 9.50 07-17 30/06A INTERGEN NV 8.50 07-17 30/06S MAGYAR TELECOM REG S 9.50 09-16 15/12S UPC HOLDING BV REGS 9.75 09-18 15/04S ZIGGO BOND CO 8.00 10-18 15/05S

0.45 0.49 0.45 0.53 1.14 1.14 1.32 1.93 0.84

ARDAGH GLASS FIN REGS 9.25 09-16 01/07S ARDAGH GLASS GR(PIK) 10.75 05-15 01/03S MTS INTL FDG 8.625 10-20 22/06S SMURFIT KAPPA ACQ 7.25 09-17 15/11S SMURFIT KAPPA ACQ 7.75 09-19 15/11S

12,657,000 LIGHTHOUSE INTL REG S 8.00 04-14 30/04S 1,730,000 PIAGGIO & C 7.00 09-16 01/12S

1,030,000 SEAT PAGINE REG S 10.50 10-17 31/07S 6,917,000 WIND ACQUISITION FIN. 9.75 05-15 01/12S

5,450,000 ABENGOA 9.625 09-15 25/02S 5,132,000 CAMPOFRIO FOOD SA 8.25 09-16 31/10S 1,250,000 OBRASCON HUARTE LAIN 7.375 10-15 28/04S

Ireland

Italy

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

ECO-BAT FIN PLC REG-S10.125 03-13 31/01S FCE BANK EMTN 7.125 07-13 15/01A FCE BANK EMTN 9.375 09-14 17/01A INEOS FINANCE REG S 9.25 10-15 15/05S INEOS GRP REG-S 7.875 06-16 15/02S INFINIS PLC REGS 9.125 09-14 15/12S ISS FINANCING PLC 11.00 09-14 15/06S

1,177,239

0.36

6,861,000

2.08

3,627,000 3,234,000

1.10 0.98

11,317,430

3.43

5,199,300 4,952,380 1,165,750

1.58 1.50 0.35

7,124,050

2.16

1,412,000 1,803,750 3,908,300

0.43 0.55 1.18

4,335,297

1.31

4,335,297

1.31

45,253,547

13.71

2,327,531 3,718,500 3,990,000 1,991,880 1,335,690 1,850,382 7,414,029

0.71 1.13 1.21 0.60 0.40 0.56 2.24

The accompanying notes form an integral part of these financial statements

71

Euro High Yield Bond

Securities Portfolio as at 30/06/10

United States of America

5,000,000 4,100,000 1,000,000 3,910,000 1,125,000 4,000,000 2,100,000 4,150,000

AMERICAN GENERAL 4.125 06-13 29/11A CEDC FINANCE REG S 8.875 09-16 01/12S CEMEX FINANCE EUR REGS9.625 09-17 14/12S CHESAPEAKE ENEERGY 6.25 06-17 15/01S FRESENIUS US FIN REGS 8.75 09-15 15/07S LBI ESCROW REG -S 8.00 10-17 01/11S REYNOLDS REGS 7.75 09-16 04/11S ROYAL CARIBBEAN 5.625 07-14 27/01A

Floating rate bonds

2,909,626 NORDIC TEL CO HLDG FL.R 06-16 01/05Q

7.17

21.01

0.86 2.97

BPCE PERPETUAL FL.R 10-49 17/03A CNCEP EMTN SUB FL.R 03-XX 30/07A DEXIA CLF SUB. FL.R 05-XX 18/11A EUROPCAR REG-S SUB FL.R 06-13 15/03Q RHODIA SA REG-S FL.R 06-13 15/10Q

1,911,000 2,358,750 2,092,500 2,666,000 765,000

0.58 0.71 0.63 0.82 0.23

Italy

3,605,610

1.09

3,605,610

1.09

2,868,325

0.87

FL.R 05-XX 29/04A

2,868,325

0.87

3,912,650

1.19

5,210,000 DEXIA BIL FL.R 01-XX 06/07A 5,000,000 HELLAS II IN DEFAULT FL.R 06-15 15/01Q

3,725,150 187,500

1.13 0.06

18,073,573

5.47

2,268,000 2,188,702 2,030,244 2,389,500 2,177,175 3,788,702 3,231,250

0.69 0.66 0.61 0.72 0.66 1.15 0.98

3,970,000 UBS PFD FDG EMTN Luxembourg

Netherlands

3,600,000 2,800,000 3,830,649 2,700,000 2,310,000 4,700,000 4,700,000

ABN AMRO BANK NV FL.R 06-XX 10/03A ABN AMRO REG -S- FL.R 06-XX 17/02A BOATS INV.NETHLD.(PIK)FL.R 07-15 18/12Q CARLSON W.BV REGS FL.R 06-15 01/05Q IMPRESS METAL PACK FL.R 06-13 15/09Q ING GROEP FL.R 06-XX 17/03S ING GROEP SUB EMTN FL.R 05-XX 08/06A South Africa

3,650,000 EDCON HLDGS PROP REGS FL.R 07-15 15/06Q 4,803,000 EDCON PROPRIET REGS FL.R 07-14 15/06Q United Kingdom

1,460,000 AVIS FINANCE CIE PLC FL.R 06-13 31/07S The accompanying notes form an integral part of these financial statements

1,800,305 3,378,041 659,142 1,841,221 438,625 1,483,969 3,227,700 3,132,058

0.55 1.01 0.20 0.56 0.13 0.45 0.98 0.95

United States of America

2,851,860

0.86

2,572,500 279,360

0.78 0.08

4,143,563

1.26

4,143,563

1.26

4,900,000 AMERICAN INTL GROUP FL.R 07-67 15/03A 288,000 INVITEL HOLDINGS-REGS-FL.R 07-13 01/02Q

Luxembourg

2,844,160 9,793,250

FL.R 06-66 31/03A

HBOS PERP. SUB FL.R 01-XX 29/11S LECTA SA REG-S FL.R 07-14 15/02Q LLOYDS TSB B EMTN FL.R 09-XX 21/01S NORTHERN ROCK PLC FL.R 02-15 13/01A OLD MUTUAL PLC SUB. FL.R 05-XX 04/11A OLD MUTUAL REG-S FL.R 05-XX 24/03A RBS CAP.TR.REGS.PREF FL.R 02-XX 29/12A ROYAL BK OF SCOTL. FL.R 07-XX 30/09A

0.77 18 STRUCTURA VAR NEW EUR AGGREGATE -I- CAP 0.77 Total securities portfolio 0.86

2,526,838 2,844,160

Jersey Island

2,200,000 4,276,000 511,000 2,250,000 725,000 1,800,000 6,148,000 5,800,000

1.19 Other transferable securities 1.20 Bonds 0.28 1.11 United Kingdom 0.39 4,200,000 EC FINANCE REG S 9.75 10-17 01/08S 1.23 Shares/Units of UCITS/UCIS 0.62 1.15 Shares/Units in investment funds

France

3,877,000 LOTTOMATICA EMTN

72

23,667,738

2,526,838

FL.R 06-13 15/11Q

Denmark

2,100,000 3,700,000 4,500,000 3,100,000 816,000

0.91 0.41 0.63 1.15 0.58 0.24 0.09 1.92 0.26 0.67

69,363,470

Canada

2,585,000 BOMBARDIER INC

EUR

3,007,155 1,357,033 2,087,597 3,793,125 1,906,339 780,278 283,933 6,335,522 871,500 2,203,053

3,922,500 3,956,500 935,900 3,675,400 1,302,188 4,020,000 2,058,000 3,797,250

% of NAV

KERLING PLC REG-S 10.625 10-17 28/01A LBG CAP REG S 14 SUB 9.334 09-20 07/02A LBG CAP REG S 15 SUB 6.439 09-20 23/05A LBG CAP REG S 18 SUB 6.385 09-20 12/05A LBG CAP REG S 22 SUB 15.00 09-19 21/12S LBG CAP REG S 36 SUB 7.625 09-20 14/10A LBG CAPITAL N.2 15.00 09-29 22/01S VIRGIN MEDIA FIN 8.875 09-19 15/10S VIRGIN MEDIA FINANCE 9.50 09-16 15/08S VIRGIN MEDIA REG S 7.00 10-18 15/01S

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

2,970,000 1,300,000 2,900,000 5,250,000 1,650,000 1,000,000 189,000 5,085,000 830,000 1,850,000

5,576,115

1.69

2,190,000 3,386,115

0.66 1.03

17,311,089

5.24

1,350,028

0.41

4,143,563

1.26

4,143,563

1.26

11,231,047

3.40

11,231,047

3.40

11,231,047

3.40

11,231,047

3.40

346,634,135

105.00

Euro Inflation Bond

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Long positions

366,365,535

102.68

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

356,054,462

99.79

354,710,612

99.41

186,291,591

52.21

7,820,175 34,062,865 33,144,392 14,045,194 19,684,104 14,237,729 3,451,897 46,441,399 13,403,836

2.19 9.54 9.29 3.94 5.52 3.99 0.97 13.01 3.76

France

6,800,000 27,350,000 26,100,000 8,700,000 17,200,000 12,250,000 3,300,000 39,500,000 8,800,000

FRANCE OAT INDEX 2.10 08-23 25/07A FRANCE OAT INDEX 2.25 03-20 25/07A FRANCE OAT INDEX 3.00 01-12 25/07A FRANCE OAT INDEX 3.40 99-29 25/07A FRANCE OAT INDEXE 1.60 03-11 25/07A FRANCE OAT INDEXE 1.80 06-40 25/07A FRANCE OAT INDEXEE 1.30 10-19 25/07A FRANCE OAT INDEXEE 1.60 04-15 25/07A FRANCE OAT INDEXEE 3.15 02-32 25/07A Germany

42,900,000 DEUTSCHLAND I/L BOND 1.50 06-16 15/04A 5,500,000 DEUTSCHLAND INDEXED 1.75 09-20 15/04U Italy

9,800,000 2,800,000 20,000,000 4,000,000 12,250,000 12,400,000 16,000,000 16,950,000

ITALY BTPSI (INDEXEE) 2.55 09-41 15/09S ITALY INFL. INDEX 1.85 07-12 15/09S ITALY INFL. INDEX 2.10 06-17 15/09S ITALY INFL. INDEX 2.10 10-21 15/09S ITALY INFL. INDEX 2.15 03-14 15/09S ITALY INFL. INDEX 2.35 04-35 15/09S ITALY INFL. INDEX 2.35 08-19 15/09S ITALY INFL. INDEX 2.60 07-23 15/09S United Kingdom

8,500,000 UNITED KINGDOM INDEX 1.25 06-17 22/11S

55,420,958

15.53

49,389,472 6,031,486

13.84 1.69

100,075,420

28.05

9,489,486 3,057,071 21,550,538 3,801,673 14,384,149 13,843,538 16,275,384 17,673,581

2.66 0.86 6.04 1.07 4.03 3.88 4.56 4.95

12,922,643

3.62

12,922,643

3.62

Floating rate bonds

1,343,850

0.38

Netherlands

1,343,850

0.38

1,343,850

0.38

10,311,073

2.89

1,500,000 RABOBANK EMTN

FL.R 06-18 21/08A

Shares/Units of UCITS/UCIS Shares/Units in investment funds

10,311,073

2.89

France

10,311,073

2.89

1,638,915 2,897,351 5,774,807

0.46 0.81 1.62

366,365,535

102.68

68 AMUNDI INFLATION MONDE 3 DEC CAP 31 AMUNDI INFLATION PROTECT DURATION 27 AMUNDI TRESO EONIA FCP CAP

Total securities portfolio

The accompanying notes form an integral part of these financial statements

73

Euro Select Bond

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Long positions

10,152,257

94.64

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

10,152,257

94.64

9,737,645

90.78

1,654,352

15.43

1,654,352

15.43

1,206,116

11.24

364,629 202,955 305,908 227,224 105,400

3.40 1.89 2.85 2.12 0.98

Italy

3,267,002

30.46

ASSICURAZ GENERALI 6.15 00-10 20/07A EDISON SPA EMTN -1- 5.125 03-10 10/12A ITALY 9.25 91-11 07/03A ITALY BTP 5.25 01-11 01/08S

300,655 152,227 841,464 1,972,656

2.80 1.42 7.84 18.40

Netherlands

1,258,560

11.73

213,403 306,761 738,396

1.99 2.86 6.88

Finland

1,600,000 FINLAND

5.75 00-11 23/02A

France

350,000 200,000 300,000 200,000 100,000

300,000 150,000 800,000 1,900,000

BPCE 5.50 00-11 30/10A EDF 5.75 00-10 25/10A FRANCE TELECOM UNSUB. 6.625 00-10 10/11A SOCIETE GENERALE 6.625 00-15 27/04A VAUBAN MOBIL.GARANT. 6.00 00-11 28/10A

200,000 GENERALI FIN. 300,000 ING GROEP 1,500,000 RABOBANK

4.75 99-14 12/05A 6.125 00-11 01/04A 5.25 98-13 12/03A

Norway

250,000 STATOIL EMTN

5.125 99-11 30/06A

Sweden

150,000 VATTENFALL TREASURY 4.50 99-11 25/10A 250,000 100,000 100,000 100,000

155,823

1.45

155,823

1.45

552,929

5.15

ABBEY NATIONAL SUB 4.625 99-11 11/02A BRITISH TELECOM 7.125 01-11 15/02A CGNU REG-S SUB 5.75 01-21 14/11A LLOYDS TSB GROUP SUB 4.75 99-11 18/03A

250,898 103,605 97,605 100,821

2.33 0.97 0.91 0.94

1,383,644

12.90

CITIGROUP 6.125 00-10 01/10A CREDIT SUISSE GRP SUB.6.625 00-10 05/10A GOLDMAN SACHS GROUP 4.25 03-10 04/08A GOLDMAN SACHS GRP REGD 6.50 00-10 06/10A MC DONALD'S EMTN 6.25 00-12 20/07A

302,897 455,246 200,381 151,699 273,421

2.82 4.25 1.87 1.41 2.55

Floating rate bonds

414,612

3.86

France

179,970

1.68

80,050 99,920

0.75 0.93

40,612

0.38

40,612

0.38

194,030

1.80

100,000 CREDIT LOGEMENT SUB FL.R 04-XX 02/10Q 100,000 LAFARGE SA EMTN FL.R 07-10 06/07Q Italy

40,000 UNICREDITO ITALIA.SUB FL.R 00-10 29/10A Netherlands

194,000 DEUTSCHE TELEKOM INTL FL.R 00-10 06/07A

Total securities portfolio

The accompanying notes form an integral part of these financial statements

74

2.42

2.42

United Kingdom

United States of America

300,000 450,000 200,000 150,000 250,000

259,219

259,219

194,030

1.80

10,152,257

94.64

European Bond

Securities Portfolio as at 30/06/10

EUR

Spain

Long positions

71,861,458

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

71,747,698

142.40

60,668,261

120.41

1,023,276

2.03

1,023,276

2.03

4,430,244

8.79

1,871,379 2,558,865

3.71 5.08

France

5,790,156

11.49

BANQUE PSA FINANCE 3.625 10-13 17/09A CREDIT AGRICOLE 302 5.875 09-19 11/06A EDF SA 4.625 09-24 11/09A FRANCE OAT 4.75 04-35 25/04A RCI BANQUE SA 8.125 09-12 15/05A VIVENDI 4.875 09-19 02/12A

396,873 830,793 1,055,952 1,644,734 1,081,111 780,693

0.79 1.65 2.10 3.25 2.15 1.55

Germany

2,866,167

5.69

2,866,167

5.69

Floating rate bonds

3,701,911

7.35

Belgium

309,184 684,260 1,042,180 604,070 1,062,217

0.61 1.36 2.07 1.20 2.11

Australia

1,000,000 NATIONAL AUSTRALIA BK 4.625 10-20 10/02A Denmark

13,000,000 DENMARK 13,000,000 DENMARK

400,000 750,000 1,000,000 1,400,000 1,000,000 750,000

6.00 99-11 15/11A 7.00 94-24 10/11A

2,600,000 KRED.ANST.WIEDERAUFB. 4.125 07-17 04/07A Greece

400,000 1,000,000 2,000,000 1,000,000 1,300,000

248,740,000 9,000,000 19,000,000 71,000,000

GREECE 5.90 HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC

10-17 20/04A 4.30 07-17 20/07A 4.50 05-37 20/09A 5.30 09-26 20/03A 6.10 10-15 20/08A

1,624,166

3.22

ICELAND T-NOTES 7.25 02-13 17/05A ISLANDE 13.75 08-10 10/12A RIKISBREF 8.00 09-11 22/07A RIKISBREF 8.00 09-25 12/06A

1,143,465 40,055 83,760 356,886

2.26 0.08 0.17 0.71

Ireland

1,050,000 730,000 2,750,000 1,500,000

142.63

Iceland

3,072,061

6.10

3,072,061

6.10

Italy

6,399,641

12.70

ITALY BTP 4.00 05-37 01/02S ITALY BTP 5.00 01-12 01/02S ITALY BTP 5.75 02-33 01/33S OLIVETTI FINANCE EMTN 7.75 03-33 24/01A

915,548 764,639 3,005,227 1,714,227

1.82 1.52 5.96 3.40

Luxembourg

6,832,440

13.56

6,832,440

13.56

2,363,291

4.69

2,500,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S

6,000,000 BEI EMTN

4.75 07-17 15/10A

Netherlands

1,000,000 EADS FIN BV -34.625 09-16 12/08A 500,000 RABOBANK SUB 5.875 09-19 20/05A 700,000 TENNET HOLDING B.V 4.50 10-22 09/02A Portugal

3,000,000 PORTUGAL 4.10 06-37 15/04A 1,000,000 PORTUGUESE OT'S 4.75 09-19 14/06A Russia

3,900,000 RZD EMTN

5.739 10-17 03/04S

1,051,177 568,920 743,194

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

750,000 GAS NATURAL CAPITAL 5.25 09-14 09/07A 2,600,000 SPAIN 4.70 09-41 30/07A Sweden

750,000 INVESTOR AB 3,700,000 SWEDEN -1046-

4.875 09-21 18/11A 5.50 01-12 08/10A

Switzerland

2,000,000 SWITZERLAND 2,700,000 1,050,000 490,391 850,000 1,000,000

4.25 94-14 06/01A

3,239,450

6.43

4.55 1.88

3,135,407

6.22

3,135,407

6.22

1.55 4.59

1,231,309

2.44

808,170 423,139

1.60 0.84

1,703,308

3.38

1,703,308

3.38

7,545,962

14.99

BARCLAYS BANK -EMTN- 6.213 07-10 16/08S ROYAL BK OF SCOTLAND 6.19 07-10 23/08S UK TREASURY STOCK 4.50 07-42 07/12S UNITED KINGDOM 4.25 03-36 07/03S UNITED KINGDOM 4.25 05-55 07/12S

3,317,941 1,290,836 635,599 1,051,624 1,249,962

6.60 2.56 1.26 2.09 2.48

United States of America

2,614,150

5.19

917,797 1,696,353

1.82 3.37

6,904,116

13.70

569,812

1.13

600,000 FORTIS BANK SUB

569,812

1.13

France

4,910,583

9.74

BPCE FL.R 09-XX 30/09S CREDIT LOGEMENT SUB FL.R 06-XX 16/03A LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A VINCI FL.R 06-XX 13/11A

1,065,000 345,000 1,938,577 1,562,006

2.11 0.68 3.85 3.10

Ireland

1,423,721

2.83

FL.R 01-XX 26/09A

1,423,721

2.83

4,175,321

8.29

502,217

1.00

1,500,000 GE CAP EUROP FUN.EMTN FL.R 07-14 03/04Q

Mortgage and asset backed securities Jersey Island

504,037 VCL 8 A

FL.R 06-13 21/10M

Netherlands

900,903 HERME 13-A1

FL.R 07-39 18/08Q

United Kingdom

1,000,000 PERMA 8 5A1 1,300,000 SMI 2009-1 A2

FL.R 05-42 10/06Q FL.R 09-55 21/01Q

Money market instruments Bonds

Iceland 2.08 26,000,000 ICELAND T-BILLS 1.13 1.48 Total securities portfolio

2,290,650 948,800

6.14

782,856 2,312,466

United Kingdom

750,000 AMER INTL GROUP EMTN 5.95 07-10 04/10S 1,500,000 BANK OF AMERICA EMTN 7.00 09-16 15/06A

1,000,000 500,000 2,250,000 1,600,000

3,095,322

-10 15/07U

502,217

1.00

894,930

1.78

894,930

1.78

2,778,174

5.51

1,191,634 1,586,540

2.37 3.14

113,760

0.23

113,760

0.23

113,760

0.23

113,760

0.23

71,861,458

142.63

The accompanying notes form an integral part of these financial statements

75

Global Aggregate

Securities Portfolio as at 30/06/10

USD

Long positions

49,335,869

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

46,483,544

114.31

119,250

0.29

119,250

0.29

United States of America

159 GMAC 7 PERP PFD SHS SERIES -G- REG-S

Bonds Belgium

2,000,000 ANHEUSER BUSCH INBEV 4.00 10-18 26/04A France

600,000 600,000 700,000 800,000 400,000 500,000 1,500,000 850,000 250,000 500,000 400,000 1,000,000 500,000 700,000 700,000

CASINO GUICHARD EMTN 4.875 07-14 10/04A CIE DE SAINT GOBAIN 7.25 08-13 16/09A CREDIT AGRICOLE 9.75 09-XX 26/12S FRANCE BTF -10 02/09U FRANCE BTF -10 09/09U FRANCE BTF -10 23/09U FRANCE BTF 09-10 01/07U FRANCE OAT 4.00 04-55 25/04A IMERYS SA 5.00 07-17 18/04A LEGRAND SA 4.25 10-17 24/02A RALLYE 5.875 10-14 24/03A RALLYE SA 7.625 09-16 04/11A UNIBAIL-RODAMCO 4.625 09-16 23/09A VIVENDI 4.25 09-16 01/12A VIVENDI 4.875 09-19 02/12A Germany

500,000 MERCK FIN SERVICES 4.50 10-20 24/03A Greece

500,000 GREECE 5.90 10-17 20/04A 1,300,000 HELLENIC REPUBLIC 4.50 05-37 20/09A Iceland

164,500,000 ICELAND T-NOTES

7.25 02-13 17/05A

Ireland

500,000 GE CAP EUROPEAN FDG 6.025 08-38 01/03A Italy

750,000 ITALCEMENTI EMTN 5.375 10-20 19/03A 700,000 ITALY BTP 4.00 05-37 01/02S Luxembourg

700,000 ENEL FINANCE INTL

5.00 09-22 14/09A

Mexico

500,000 AMERICA MOVIL REG S 5.00 10-20 30/03S 20,000,000 MEXIQUE BONOS 7.25 06-16 15/12S Netherlands

1,000,000 KBC IFIMA 3887 4.50 09-14 17/09A 750,000 TENNET BV 6.655 10-XX 01/06A 800,000 TENNET HOLDING B.V 4.50 10-22 09/02A Singapore

1,000,000 CMT MTN PTE LTD

4.321 10-15 08/04S

The accompanying notes form an integral part of these financial statements

76

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

South Korea

121.32

119,250

0.29

35,791,210

88.02

2,547,371

6.26

2,547,371

6.26

12,493,261

30.73

782,120 830,836 719,850 955,429 477,025 611,763 1,849,814 1,113,838 310,534 627,129 500,737 1,284,056 656,769 880,842 892,519

1.92 2.04 1.77 2.35 1.17 1.50 4.56 2.75 0.76 1.54 1.23 3.17 1.61 2.17 2.19

651,636

1.60

651,636

1.60

1,303,167

3.20

473,399 829,768

1.16 2.04

926,283

2.28

926,283

2.28

723,683

1.78

723,683

1.78

1,666,763

4.10

919,127 747,636

2.26 1.84

899,052

2.21

899,052

2.21

2,127,278

5.23

518,247 1,609,031

1.27 3.96

3,267,786

8.04

1,273,416 953,983 1,040,387

3.13 2.35 2.56

1,007,281

2.48

1,007,281

2.48

1,000,000 KOREA RESSOURCES

4.125 10-15 19/05S

United Kingdom

400,000 UNITED KINGDOM 600,000 150,000 751,000 500,000 1,000,000 800,000 800,000 800,000

4.25 03-36 07/03S

2.48

1,007,152

2.48

606,181

1.49

606,181

1.49

United States of America

6,564,316

16.14

AMER INTL GROUP EMTN 5.95 07-10 04/10S GMAC EMTN 5.375 04-11 06/06A GMAC LLC 5.375 08-11 06/06S MICROSOFT CORP 5.20 09-39 01/06S US TREASURY N/B 4.375 09-39 15/11S USA TREASURY BONDS 7.625 95-25 15/02S USA TREASURY NOTES 0.75 09-11 30/11S USA TREASURY NOTES 7.125 93-23 15/02S

899,367 182,922 752,878 554,806 1,083,594 1,177,749 803,250 1,109,750

2.21 0.45 1.85 1.36 2.66 2.90 1.98 2.73

Floating rate bonds

7,724,762

19.00

278,293

0.68

Cayman Islands

260,000 BES FINANCE 2,000,000 143,000 500,000 1,000,000 500,000 500,000 300,000 500,000

1,007,152

FL.R 02-XX 08/05A

278,293

0.68

France

5,639,212

13.87

AXA FL.R 10-40 16/04A BPCE REG S FL.R 09-XX 29/06S CCCE PERPETUAL FL.R 04-49 29/04A CNP ASSURANCES SA FL.R 06-XX 22/12A CREDIT AGRICOLE FL.R 09-XX 26/10A CREDIT LOGEMENT FL.R 06-XX 05/04A CREDIT LOGEMENT SUB FL.R 06-XX 16/03A LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A

2,273,700 157,044 554,108 788,017 585,043 500,065 253,554 527,681

5.59 0.39 1.36 1.94 1.44 1.23 0.62 1.30

599,958

1.48

Luxembourg

500,000 BNP PARIBAS CAP TST FL.R 01-XX 29/12A Netherlands

500,000 SIEMENS FIN NV

FL.R 06-66 14/09A

United Kingdom

500,000 AVIVA PLC

FL.R 04-XX 29/11A

United States of America

200,000 RABOBANK CAP FDG REGS FL.R 04-XX 29/12Q

Mortgage and asset backed securities Jersey Island

252,018 VCL 8 A

FL.R 06-13 21/10M

Netherlands

281,532 HERME 13-A1

FL.R 07-39 18/08Q

Spain

155,313 FTA SANTANDER EMPRESA FL.R 05-38 25/10Q

599,958

1.48

622,209

1.53

622,209

1.53

445,461

1.10

445,461

1.10

139,629

0.34

139,629

0.34

2,848,322

7.00

307,583

0.76

307,583

0.76

342,562

0.84

342,562

0.84

180,080

0.44

180,080

0.44

2,018,097

4.96

2,018,097

4.96

2,819,545

6.93

Shares/Units in investment funds

2,819,545

6.93

France

2,819,545

6.93

2,057,472 762,073

5.06 1.87

United Kingdom

1,350,000 SMI 2009-1 A2

FL.R 09-55 21/01Q

Shares/Units of UCITS/UCIS

65 AMUNDI OB EMERGENTS -I- 3 DEC 2 PORTFOLIO FIXED INCOME TRADE

Global Aggregate

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

Derivative instruments

32,780

0.08

Options, Warrants, Rights

32,780

0.08

Luxembourg

32,780

0.08

22,159 10,621

0.05 0.03

Short positions

-2,090

-0.01

Derivative instruments

-2,090

-0.01

Options, Warrants, Rights

-2,090

-0.01

Luxembourg

-2,090

-0.01

3,000,000 AUD(P)/BRL(C)OTC NOV 1.47 18.11.10 PUT 10,000,000 USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL

-3,000,000 AUD(C)/BRL(P)OTC NOV 2.05 18.11.10 CALL

Total securities portfolio

-2,090

-0.01

49,333,779

121.31

The accompanying notes form an integral part of these financial statements

77

Global Bond

Securities Portfolio as at 30/06/10

USD

Long positions

801,797,682

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

792,407,900

132.46

694,736,896

116.13

6,604,477

1.10

6,604,477

1.10

2,805,455

0.47

2,805,455

0.47

Austria

5,000,000 AUSTRIA EMTN

3.80 03-13 20/10A

Canada

2,000,000 CANADA

8.00 92-23 01/06S

Denmark

4,791,803

0.80

0.80

32,744,167

5.47

3,670,318 9,154,872 1,068,778 2,966,200 2,593,235 3,762,775 1,356,465 2,917,369 5,254,155

0.61 1.52 0.18 0.50 0.43 0.63 0.23 0.49 0.88

Germany

18,928,878

3.16

BRD STRIP (6.50) 0.00 -22 04/07U GERMANY -3014.75 03-34 04/07A LANDWIRT.RENTENBANK 1.375 01-13 25/04A MERCK FIN SERVICES 4.50 10-20 24/03A

1,301,928 13,858,626 1,161,781 2,606,543

0.22 2.31 0.19 0.44

Greece

41,966,668

7.02

2,029,042 8,994,612 25,906,268 5,036,746

0.34 1.50 4.34 0.84

4,010,184

0.67

4,010,184

0.67

Iceland

8,982,241

1.50

ICELAND T-NOTES 7.25 02-13 17/05A ISLANDE 13.75 08-10 10/12A RIKISBREF 8.00 09-11 22/07A RIKISBREF 8.00 09-25 12/06A

3,859,137 806,825 1,754,949 2,561,330

0.65 0.13 0.29 0.43

59,872,956

10.01

31,608,927 28,264,029

5.29 4.72

6.00 09-14 28/05A

France

2,800,000 9,000,000 990,918 1,500,000 3,350,000 3,000,000 1,000,000 2,000,000 4,000,000

1,500,000 9,125,000 100,000,000 2,000,000

1,900,000 14,000,000 26,000,000 5,500,000

AREVA EMTN 4.875 09-24 23/09A BNP PARIBAS 144A SUB 4.80 05-15 24/06S FRANCE OAT 0.00 92-16 25/04U FRANCE OAT INDEX 3.40 99-29 25/07A FRANCE(STRIP/8.50OAT) 0.00 92-23 25/04U LEGRAND SA 4.25 10-17 24/02A PEUGEOT 8.375 09-14 15/07A PPR SA 8.625 09-14 03/04A UNIBAIL-RODAMCO 4.625 09-16 23/09A

GREECE 6.50 HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC

99-14 11/01A 4.60 07-40 20/09A 5.50 09-14 20/08A 6.25 10-11 19/06A

Hong Kong

4,000,000 STANDARD CHARTERED 5.875 10-20 24/06S 685,350,000 148,000,000 325,000,000 416,000,000

Ireland

21,000,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S 24,000,000 IRISH GOVT TREASURY 4.50 07-18 18/10A Italy

7,000,000 INTESA SANPAOLO EMTN 5.00 09-19 23/09A 9,000,000 ITALY BTP 5.25 98-29 01/11S 7,000,000 ITALY BUONI DEL TESO 5.00 03-34 01/08S Ivory Coast

8,900,000 AFRICAN DEV.BK

7.375 93-23 06/04A

Japan

2,000,000,000 JAPAN 303 JGB

1.40 09-19 20/09S

The accompanying notes form an integral part of these financial statements

78

134.03

4,791,803

3,500,000 CARLSBERG BREWER

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

28,909,915

4.83

8,789,009 11,496,704 8,624,202

1.47 1.92 1.44

11,212,496

1.87

11,212,496

1.87

23,462,764

3.92

23,462,764

3.92

3,000,000 25,000,000 2,000,000 1,500,000,000 2,500,000

Luxembourg

27,467,474

4.59

ARCELORMITTAL 7.00 09-39 15/10S BEI EMTN 1.90 06-26 26/01S ENEL FINANCE INTL 5.00 09-22 14/09A EUROP.INVEST.BK 2.15 07-27 18/01S MICHELIN LUX SCS 8.625 09-14 24/04A

3,137,751 288,787 2,568,721 17,795,825 3,676,390

0.52 0.05 0.43 2.98 0.61

Mexico

49,470,321

8.27

5,700,712 22,964,796 20,804,813

0.95 3.84 3.48

5,500,000 AMERICA MOVIL REG S 5.00 10-20 30/03S 270,000,000 MEXICAN BONOS -M- 9.00 06-13 20/06S 250,000,000 MEXICAN BONOS 131219 8.00 03-13 19/12S Netherlands

3,000,000 NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A 5,000,000 WHITE NIGHTS FINANCE 10.50 09-14 08/03Q Portugal

650,000 METROP.LISBOA -144A- 7.42 96-16 15/10S Singapore

4,000,000 CMT MTN PTE LTD 4.321 10-15 08/04S 4,000,000 TEMASEK FIN EMTN REGS 5.375 09-39 23/11S

15,000,000 5,000,000 2,500,000 1,000,000 10,000,000 13,000,000 480,810

747,392

0.12

747,392

0.12

8,323,856

1.39

4,029,124 4,294,732

0.67 0.72

53,212,641

8.90

CEDULAS TDA 6 3.875 05-25 23/05A CRITERIA CAIXACORP 4.125 09-14 20/11A GAS NATURAL CAPITAL 4.125 10-18 26/01A ICO 3.375 08-11 15/11A SPAIN 4.30 09-19 31/10A SPAIN 5.75 01-32 30/07A SPAIN BTS PP STRIP 0.00 98-13 31/01U

13,796,183 6,092,493 2,905,561 1,005,920 12,024,598 16,844,091 543,795

2.31 1.02 0.49 0.17 2.01 2.81 0.09

Sweden

12,607,364

2.11

12,607,364

2.11

5.50 01-12 08/10A

Tunesia

12,889,253

2.15

12,889,253

2.15

United Kingdom

81,152,898

13.57

BARCLAYS BK PERP 144A 8.55 00-XX 19/09S ROYAL BK OF SCOTLAND 6.19 07-10 23/08S UK TREASURY STOCK 4.25 09-39 07/09S UK TREASURY STOCK 5.00 01-12 07/03S UNITED KINGDOM 4.25 03-36 07/03S UNITED KINGDOM 5.00 01-25 07/03S VODAFONE GROUP 5.00 05-15 15/09S

4,774,915 24,695,987 6,064,349 104,180 22,087,706 20,169,105 3,256,656

0.80 4.14 1.01 0.02 3.69 3.37 0.54

194,882,383

32.59

37,773,425 11,257,219 3,117,765 3,110,916 3,194,697 3,622,876 3,570,728 7,764,707 30,673,740 2,219,224 2,547,867 5,696,875

6.32 1.88 0.52 0.52 0.53 0.61 0.60 1.30 5.13 0.37 0.43 0.95

1,140,000,000 BQUE.CENT.TUNISIE NO1 3.30 00-10 02/08S

United States of America

25,200,000 9,700,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 6,000,000 20,000,000 2,000,000 2,000,000 5,000,000

1.62

0.65 0.97

Spain

90,000,000 SWEDEN -1046-

5,000,000 16,400,000 4,000,000 65,000 14,575,000 12,000,000 3,000,000

9,691,310

3,881,850 5,809,460

AMER INTL GROUP EMTN 5.95 07-10 04/10S BEAR STEARNS 7.25 08-18 01/02S CITIGROUP 5.30 07-12 17/10S CITIGROUP INC 5.50 09-14 15/10S CITIGROUP INC 6.375 09-14 12/08S GOLDMAN SACHS GROUP 5.125 09-19 23/10A GOLDMAN SACHS GROUPE 4.375 10-17 16/06A MERRILL LYNCH 6.00 08-13 11/02A MERRILL LYNCH EMTN 6.644 07-11 16/02S MICROSOFT CORP 5.20 09-39 01/06S USA NT INDEX 3.50 01-11 15/01S USA TREAS.NOTES C-2017 4.50 07-17 15/05S

Global Bond

Securities Portfolio as at 30/06/10

USA TREASURY BONDS USA TREASURY NOTES USA TREASURY NOTES USA TREASURY NOTES

6.25 99-30 15/05S 3.875 08-18 15/05S 4.125 05-15 15/05S 4.625 07-17 15/02S

Floating rate bonds

88,941,748

Belgium

2,000,000 FORTIS BANK SUB

FL.R 01-XX 26/09A

France

5,478,000 2,000,000 3,000,000 7,200,000 3,500,000 2,000,000 5,500,000 5,000,000

United Kingdom

3,000,000 SL FINANCE SUB FL.R 02-22 12/07A 2,000,000 VODAFONE GROUP FL.R 06-11 15/06Q United States of America

Options, Warrants, Rights

-68,074

-0.01

311,339

0.05

178,303 36,218 96,818

0.02 0.01 0.02

2,222,319

0.73 35,000,000 USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL 0.27 34,100,000 USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL 0.40 9,000,000 USD(P)/JPY(C)OTC JUL 89.25 05.07.10 PUT 1.19 United Kingdom 0.62 840 EURIBOR 3 MONTH DEC 98.00 13.12.10 PUT 0.42 1.02 Short positions 1.00 0.37 Derivative instruments 0.37

3,563,081

0.60

3,563,081

0.60

5,392,810

0.90

3,392,534 2,000,276

0.57 0.33

41,645,528

6.96

Options, Warrants, Rights Luxembourg

-30,000,000 EUR(P)/USD(C)OTC AUG 1.20 12.08.10 PUT -9,000,000 USD(C)/JPY(P)OTC JUL 95.25 05.07.10 CALL United Kingdom

-840 EURIBOR 3 MONTH DEC97.625 14.12.10 PUT -240 EURIBOR 3 MONTH DEC 98.75 13.12.10 PUT -560 EURIBOR 3 MONTH DEC 99 13.12.10 PUT

Mortgage and asset backed securities

8,729,256

1.46

Germany

527,688 VCL 10 A

FL.R 07-13 21/01M

Netherlands

997,980 CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q Spain

1,996,884 FTA SANTANDER EMPRESA FL.R 05-38 25/10Q United Kingdom

1,250,000 SMI 2009-1 A2

FL.R 09-55 21/01Q

Shares/Units of UCITS/UCIS Shares/Units in investment funds France

23 PORTFOLIO FIXED INCOME TRADE

-0.01

Luxembourg

1.42 1.20 Total securities portfolio 1.20 1.20 0.63 1.31

FL.R 03-25 24/11Q

0.12

-68,074

5.65

8,433,742 7,180,085 7,204,369 7,195,200 3,784,744 7,847,388

France

694,018

0.39

BEAR STEARNS COS FL.R 05-12 27/07Q BEAR STEARNS COS FL.R 06-11 15/08Q GE CAP TR IV REG-S FL.R 09-66 15/06A HSBC FINANCE CORP FL.R 06-16 01/06Q MORGAN STANLEY EMTN FL.R 06-13 01/03Q MORGAN STANLEY GMTN FL.R 06-13 29/11Q

2,400,520 LOGGI 2003-1 A

-10 15/07U

0.12 0.12

33,791,469

2,222,319

Italy

116,000,000 ICELAND T-BILLS

694,018 694,018

2,326,541

Germany

3,000,000 SAN PAOLO IMI PERP.REG FL.R 00-XX 29/12A

14.87

0.12

2,326,541 4,344,310 1,630,648 2,364,048 7,200,942 3,693,766 2,487,642 6,091,045 5,979,068

FL.R 04-XX 29/01A

USD

694,018

5.90 Money market instruments 4.57 Bonds 0.09 Iceland 2.87 0.39 Derivative instruments

CNCEP EMTN FL.R 04-XX 29/07A CNCEP EMTN SUB FL.R 03-XX 30/07A CNP ASSURANCES SA FL.R 06-XX 22/12A CREDIT LOGEMENT FL.R 06-XX 05/04A LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A SOCIETE GENE SA SUB FL.R 09-XX 04/09A SOCIETE GENERALE FL.R 08-XX 22/05A VINCI FL.R 06-XX 13/11A

2,000,000 ALLIANZ EMTN

7,000,000 7,200,000 7,500,000 8,000,000 3,300,000 7,000,000

35,254,375 27,363,281 556,094 17,158,594

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

26,000,000 25,000,000 500,000 15,000,000

2,757,563

0.46

2,757,563

0.46

644,799

0.11

644,799

0.11

1,142,968

0.19

1,142,968

0.19

2,315,318

0.39

2,315,318

0.39

1,868,608

0.31

1,868,608

0.31

8,763,838

1.46

8,763,838

1.46

8,763,838

1.46

8,763,838

1.46

-379,413

-0.06

-379,413

-0.06

-121,157

-0.02

-121,157

-0.02

-121,157

-0.02

-415,439

-0.07

-415,439 0

-0.07 0.00

294,282

0.05

212,214 -29,398 111,466

0.03 0.00 0.02

801,676,525

134.01

The accompanying notes form an integral part of these financial statements

79

Global Convertible Bond

Securities Portfolio as at 30/06/10

EUR

Long positions

31,434,086

100.64

Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Convertible bonds

30,321,942

97.07

29,558,371

94.63

496,552

1.59

496,552

1.59

581,853

1.86

329,442 252,411

1.05 0.81

841,818

2.70

841,818

2.70

France

4,346,409

13.92

AIR FRANCE KLM SA CV 2.75 05-20 01/04A AXA SA CV SUB 3.75 00-17 01/01A CAP GEMINI SA CV -CAP- 3.50 09-14 01/01A MICHELIN SA -ML- CV 0.00 07-17 01/01U PUBLICIS GROUPE CV 3.125 09-14 30/07S UNIBAIL-RODAMCO CV 3.50 09-15 01/01A

635,968 1,246,722 440,266 603,626 840,672 579,155

2.04 4.00 1.41 1.93 2.69 1.85

Germany

4,150,662

13.29

1,020,312 3,130,350

3.27 10.02

Japan

5,574,596

17.84

AEON CO LTD CV 0.30 09-13 22/11U CASIO COMPUTER CV 0.00 08-15 31/03U MITSUB. CHEM. CV 0.00 07-13 22/10U MITSUI O.S.K.LINES CV 0.00 06-11 29/03U NEC CORPORATION CV 1.00 96-11 30/09S SHARP CORP S200.00 06-13 30/09U TOSHIBA CORP CV 0.00 04-11 21/07U

526,366 544,626 610,747 458,976 600,380 1,892,891 940,610

Australia

760,000 CFS RET.PROP TRT CV 5.075 07-14 21/08S Bermuda

300,000 HONGKONG LD CV REGD 2.75 05-12 21/12S 209,000 NOBLE GROUPE CV 0.00 07-14 13/06U Cayman Islands

1,073,000 TRANSOCEAN -A- CV 31,963 5,491 10,478 5,630 22,679 3,260

1.625 07-37 15/12S

900,000 KFW CV 1.50 09-14 30/07A 3,000,000 KFW CV (DEUTSCHE TEL) 3.25 08-13 27/06A

50,000,000 60,000,000 70,000,000 50,000,000 65,000,000 209,000,000 100,000,000

Jersey Island

400,000 WPP CV

625,921

5.75 09-14 19/05S

Luxembourg Netherlands

Panama

509,000 CARNIVAL PLC CV

2.00 01-21 15/04S

Portugal

600,000 PORTUGAL TEL. CV

4.125 07-14 28/08S

Spain

350,000 LA CAIXA CV

3.50 08-11 19/06S

Sweden

400,000 INDUSTRIVAERDEN CV 2.50 10-15 27/02S Switzerland

725,000 ADECCO FINANCIAL SERV 0.00 03-13 26/08U 568,000 STMICROELEC CV REG-S 0.00 06-16 23/02U

The accompanying notes form an integral part of these financial statements

80

Taiwan

328,000 COMPAL ELECTRONICS CV 0.00 05-10 19/08U The Netherlands Antilles

346,000 TEVA PHARMA. FIN CV 1.75 06-26 01/02S

1.77

366,209

1.17

366,209

1.17

324,430

1.04

324,430

1.04

2,116,487

6.78

1,747,942 368,545

5.60 1.18

United States of America

4,588,871

14.68

AFFILIATED MANAG.CV 3.95 09-38 15/08S ALLERGAN CV 1.50 06-26 01/04S BECKMAN COULTER CV 2.50 06-36 15/12S CAMERON INTL CORP 2.50 06-26 15/06S FISHER SCIENTIFIC CV 3.25 04-24 01/03S INT GAME TECH CV 144A 3.25 09-14 01/05S INTEL DEDS CV 2.95 05-35 15/12S JEFFERIES GROUP CV 3.875 09-29 01/11S TECH DATA CORP CV 2.75 07-26 15/12S

389,491 704,760 439,650 479,931 357,158 601,651 1,096,120 274,840 245,270

1.25 2.25 1.41 1.54 1.14 1.92 3.50 0.88 0.79

763,571

2.44

763,571

2.44

763,571

2.44

49,994

0.16

United Kingdom

1,500,000 ANGLO AMERCAN CV-AAL- 4.00 09-14 07/05S 300,000 3I GROUP PLC CV REG-S 3.625 08-11 29/05S

493,000 788,000 488,000 524,000 346,000 674,000 1,419,000 361,000 300,000

552,547

Floating rate bonds United States of America

864,000 DANAHER CV

FL.R 01-21 22/01A

Other transferable securities

Shares 1.69 India 1.74 1.96 45,000 JK LAKSHMI CEMENT -GDR- REG -S 1.47 Shares/Units of UCITS/UCIS 1.92 6.05 Shares/Units in investment funds 3.01 France

49,994

0.16

49,994

0.16

49,994

0.16

866,737

2.78

866,737

2.78

866,737

2.78

866,737

2.78

195,413

0.63

433,101

433,101

1.39 Short positions

-48,040

-0.15

601,970

1.93 Derivative instruments

-48,040

-0.15

601,970

1.93

348,397

1.12

Options, Warrants, Rights

-48,040

-0.15

Germany

-40,840

-0.13

348,397

1.12

432,296

1.38

-8,800 -21,120 -10,920

-0.03 -0.07 -0.03

866,936 1,212,584

1,290,000 PARGESA NETHERL. CV 1.70 06-13 27/04A 250,000 SUEDZUCKER INT FIN CV 2.50 09-16 30/06A

730,000 SWISS AMER.CV REG SUB 3.25 01-21 21/11A

2.00 47 PORTFOLIO JOUR -C- 3 DEC CAPITALISATION 2.00 Derivative instruments 2.78 Options, Warrants, Rights 2.78 France 3.88 1,001 ARCELOR MITTAL DEC 26 17.12.10 CALL 2.99 Germany 0.89 120 DJ EURO STOXX 50 JUL 2600 19.07.10 CALL 1.39

625,921 866,936

31,699 ARCELORMITTAL CV REGS 7.25 09-14 01/04S

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

933,772 278,812

432,296

1.38

1,649,279

5.28

606,940 489,792

1.94 1.57

-100 DJ EURO STOXX 50 JUL 2300 19.07.10 PUT -120 DJ EURO STOXX 50 JUL 2700 19.07.10 CALL -120 DJ EURO STOXX 50 JUL 2750 19.07.10 CALL Netherlands

-600 ARCELOR MITTAL DEC 36 17.12.10 CALL

195,413

0.63

133,133

0.43

133,133

0.43

62,280

0.20

62,280

0.20

-7,200

-0.02

-7,200

-0.02

Global Convertible Bond

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Total securities portfolio

31,386,046

100.49

The accompanying notes form an integral part of these financial statements

81

Global Corporate Bond

Securities Portfolio as at 30/06/10

USD

Long positions

74,756,228

90.85

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

73,735,226

89.61

57,538,194

69.93

1,302,842

1.58

501,365 302,534 498,943

0.60 0.37 0.61

Australia

400,000 NATIONAL AUSTRALIA BK 4.625 10-20 10/02A 250,000 RIO TINTO FIN USA LTD 8.95 09-14 01/05S 500,000 SINGTEL OPTUS PTY 4.625 09-19 15/10S Brazil

600,000 BANCO SANTANDER 4.50 10-15 06/04S 200,000 VALE EMTN 4.375 10-18 24/03A Canada

2,162,215

2.63

518,139 364,552 450,658 252,247 182,434 212,177 182,008

0.63 0.44 0.55 0.31 0.22 0.26 0.22

5,576,632

6.78

AUTOR.PARIS RHIN RHONE 7.50 09-10 12/01A BANQUE PSA FINANCE 3.875 10-13 18/01A CNCEP PERP 6.117 07-XX 30/10A DEXIA CLF EMTN 5.375 09-14 21/07A ELECT.DE FRANCE -144A-6.50 09-19 26/01S KLEPIERRE 4.00 10-17 13/04A LAFARGE SA 6.15 06-11 15/07S PPR SA 3.75 10-15 08/04A RCI BANQUE EMTN 4.375 10-15 27/01A RCI BANQUE SA 8.125 09-12 15/05A REXEL 8.25 09-16 15/12S SOCIETE GENERALE 3.875 10-15 17/12A SOCIETE GENERALE 8.75 09-XX 07/04S TPSA EURO FINANCE 6.00 09-14 22/05A VIVENDI -144A5.75 08-13 04/04S

351,337 184,053 247,951 384,064 291,311 610,219 155,017 312,119 484,589 860,763 94,241 744,858 244,638 341,109 270,363

0.43 0.22 0.30 0.47 0.35 0.74 0.19 0.38 0.59 1.05 0.11 0.91 0.30 0.41 0.33

Germany

502,963

0.61

BANCO DO BRAZIL 6.00 10-20 22/01S HUTCHISON WHAMPOA 4.625 09-15 11/09S HUTCHISON WHAMPOA 4.75 09-16 14/11A PETROBRAS INTL FIN 5.75 09-20 20/01S UPCB FINANCE LTD REGS 7.625 10-20 15/01S VALE OVERSEAS 5.625 09-19 15/09S VOTO VOTORANTIM 5.25 10-17 28/04A

6.50 03-13 15/11S

502,963

0.61

1,396,924

1.70

406,442 293,994 696,488

0.49 0.36 0.85

Italy

4,893,734

5.95

A2A EMTN 4.50 09-16 02/11A BCO POPULAR SC 3.75 09-12 07/08A ENI SPA 4.00 10-20 29/06A INTESA SANPAOLO 2.625 09-12 04/12A ITALCEMENTI EMTN 5.375 10-20 19/03A LOTTOMATICA 5.375 09-16 05/12A SEAT PAGINE REG S 10.50 10-17 31/07S

252,627 372,553 677,044 1,225,159 122,550 376,151 284,330

0.31 0.45 0.82 1.49 0.15 0.46 0.35

Ireland

350,000 ALLIED IRISH BK. 4.50 09-12 01/10A 250,000 BANK IRELAND (GOV&CO) 4.625 09-13 08/04A 550,000 GE CAP EURO FUNDING 4.25 10-17 01/03A

The accompanying notes form an integral part of these financial statements

82

0.72 0.31 0.34

450,000 DAIMLERCHRYSLER

200,000 300,000 550,000 1,000,000 100,000 300,000 250,000

594,458 251,373

0.34

France

250,000 150,000 300,000 300,000 250,000 500,000 150,000 250,000 400,000 650,000 75,000 500,000 250,000 250,000 250,000

1.03

276,599

Cayman Islands

500,000 350,000 350,000 250,000 150,000 200,000 150,000

845,831

276,599

250,000 BARICK INTL BANK CORP 6.35 06-36 15/10S

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

300,000 TELECOM ITALIA EMTN 5.25 10-22 10/02A 500,000 UNICREDITO ITALIANO 5.00 06-16 01/02A 450,000 UNIPOL GRUPPO FI 5.00 09-17 11/01A Mexico

550,000 AMERICA MOVIL SAB 4.75 10-22 28/06A 300,000 AMERICA MOVIL -144A- 6.125 10-40 30/03S 350,000 PEMEX 5.50 09-17 09/01A Netherlands

500,000 450,000 250,000 300,000 400,000 200,000 350,000 190,000 400,000 475,000

0.44 0.80 0.68

1,423,488

1.73

668,368 312,707 442,413

0.81 0.38 0.54

4,297,037

5.22

AEGON NV 4.75 03-13 01/06S EDP FINANCE BV 3.25 10-15 16/03A ENBW INTL FIN. EMTN 6.125 09-39 07/07A EUREKO BV 7.375 09-14 16/06A HEIDELBERGCEMENT REG S6.75 10-15 15/12S ING BANK 3.375 10-15 03/03A KBC IFIMA NV 3.875 10-15 31/03A KONINKLIJKE KPN NV 5.75 09-29 17/09A NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A SHELL INTL FINANCE 3.10 10-15 28/06S

515,225 542,706 376,303 413,428 482,832 246,481 431,362 288,700 517,580 482,420

0.63 0.65 0.46 0.50 0.59 0.30 0.52 0.35 0.63 0.59

Portugal

347,721

0.42

300,000 BCP

2.375 10-12 18/01A

Russia

150,000 RZD EMTN

5.739 10-17 03/04S

Spain

200,000 GAS NATURAL CAPITAL 4.375 09-16 02/11A 250,000 GAS NATURAL CAPITAL 5.25 09-14 09/07A 400,000 SANTANDER US DEBT 144A3.724 10-15 20/01S Sweden

300,000 SKAND ENSK.BANK.

5.50 09-14 06/05A

The Netherlands Antilles

200,000 TEVA PHARMAC.FINANCE 3.00 10-15 15/06S United Kingdom

200,000 500,000 400,000 600,000 400,000 300,000 450,000 400,000 400,000 450,000 650,000 250,000 350,000 300,000 500,000 500,000 200,000 400,000 100,000 500,000 500,000

362,321 661,760 559,239

ANGLO AMER CAPITAL 4.375 09-16 02/12A BARCLAYS BANK 6.75 09-19 22/05S BARCLAYS BANK PLC 4.00 10-17 20/01A BARCLAYS BANKS 3.50 10-15 18/03A BARCLAYS BK PERP 144A 8.55 00-XX 19/09S BNZ INTL FUNDING EMTN 4.00 10-17 08/03A CREDIT SUISSE LDN 3.875 10-17 25/01A HSBC BANK REG S 3.50 10-15 28/06S INTERCONTI HOTELS GR 6.00 09-16 09/12A LLOYDS TSB 6.50 10-20 24/03A LLOYDS TSB BANK EMTN 6.375 09-16 17/06A LLOYDS TSB BANK REG-S 5.80 10-20 13/01S LLOYDS TSB BANK REG-S 5.875 02-14 08/07A MARKS AND SPENC.EMTN 6.125 09-19 02/12A MOTABILITY OPE EMTN 5.375 10-22 28/06S OLD MUTUAL EMTN 7.125 09-16 19/10S PRUDENTIAL FIN.EMTN 6.125 01-31 19/12A RBS 4.875 10-17 20/01A RBS 5.375 09-19 30/09A ROYAL BK OF SCOTLAND 6.40 09-19 21/10U ROYAL BK SCOTLAND 68 4.875 09-14 25/08S

347,721

0.42

147,714

0.18

147,714

0.18

947,646

1.15

241,741 319,640 386,265

0.29 0.39 0.47

403,233

0.49

403,233

0.49

203,909

0.25

203,909

0.25

13,443,709

16.34

251,099 555,781 494,521 741,427 381,993 374,237 553,987 405,908 620,357 518,483 848,813 237,875 430,928 462,871 761,114 801,276 271,475 481,515 119,642 506,888 502,475

0.31 0.68 0.60 0.90 0.46 0.45 0.67 0.49 0.75 0.63 1.04 0.29 0.52 0.56 0.92 0.98 0.33 0.59 0.15 0.62 0.61

Global Corporate Bond

Securities Portfolio as at 30/06/10

STAGECOACH GROUS 5.75 09-16 16/12A STAND CHART 144A 5.50 09-14 18/11S STANDARD BANK SUB 8.125 09-19 02/12S VIRGIN MEDIA REG S 7.00 10-18 15/01S VODAFONE GROUP PLC 5.45 09-19 10/06S WESTPAC SECURITIES NZ 3.875 10-17 20/03A United States of America

250,000 250,000 250,000 350,000 450,000 250,000 900,000 350,000 250,000 250,000 800,000 350,000 250,000 250,000 150,000 250,000 600,000 200,000 250,000 500,000 250,000 250,000 200,000 500,000 250,000 200,000 84,000 250,000 450,000 600,000 250,000 250,000 1,000,000 500,000 250,000 200,000 250,000 400,000 400,000 250,000 250,000 400,000 500,000 450,000 350,000 500,000 250,000 500,000

ABBOTT LABORATORIES 6.15 07-37 30/11S ALLSTATE CORP B 7.45 09-19 16/05S ALTRIA GROUP INC 9.25 09-19 06/08S AMER EXPRESS CREDIT 5.375 09-14 01/10A ANHEUSER BUSCH 7.75 09-19 15/01S AT&T INC 6.55 09-39 15/02S BANK OF AMERICA 5.75 07-17 01/12S BANK OF AMERICA CORP 7.00 08-28 31/07S CISCO SYSTEMS INC 5.90 09-39 15/02S CITIGROUP INC 6.00 07-17 15/08S CITIGROUP INC 6.375 09-14 12/08S CITIGROUP SUB 6.125 06-36 25/08S CL CAPITAL TRUST I 7.047 02-XX 26/04A COMCAST CORP 6.45 06-37 15/03S CONOCOPHILLIPS 5.90 02-32 15/10S CONOCOPHILLIPS 6.50 09-39 01/02S CONSOLIDATED EDISON 5.70 10-40 15/06S COX COMMUNICAT.-144A- 8.375 09-39 01/03S CREDIT SUISSE NY SUB 5.30 09-19 13/08S DEERE AND CO 5.375 09-29 16/10S EXELON GENERATION 5.20 09-19 01/10S GECC 5.25 10-20 01/08S GENERAL ELECTRIC 5.875 08-38 14/01S HESS CORP 6.00 09-40 15/01S JPMORGAN CHASE AND CO 6.125 09-14 01/04A KRAFT FOODS INC 6.50 10-40 09/02S MARATHON OIL CORP 7.50 09-19 15/02S MERRILL LYNCH AND CO 6.05 07-12 15/08S MORGAN STANLEY 4.375 07-12 10/02A MORGAN STANLEY 4.50 09-10 29/10A MORGAN STANLEY 5.625 09-19 23/09S MORGAN STANLEY GRP 5.50 07-17 02/10A NBC -144A5.15 10-20 30/04S ORACLE CORP 6.125 09-39 08/07S PACIFIC GAS & ELECTRIC 6.50 09-39 01/03S PEPSI BOTTLING -B- 7.00 99-29 01/03S PPL ENERGY SUPPLY LCC 6.30 08-13 15/07S PRUDENTIAL FINANCIAL 4.75 09-15 17/09S SIMON PROPERTY GROUP 6.75 10-40 01/02S SIMON PRPERTY GROUP 6.75 09-14 15/05S SOUTHN.CALIF.EDISON 6.05 09-39 15/03S TIME WARNER 4.875 10-20 15/03S UBS AG STAMFORD 143 3.875 10-15 15/01S VALERO ENERGY CORP 4.50 10-15 01/02S WACHOVIA BANK 6.00 08-13 23/05A WEA FINANCE 144A 5.75 09-15 02/09S WELLPOINT INC 7.00 09-19 15/02S WELLS FARGO CO SUB 5.75 06-16 16/05S

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

500,000 250,000 500,000 460,000 250,000 500,000

USD

771,130 267,285 511,105 683,102 268,744 619,678

0.94 0.32 0.62 0.83 0.33 0.75

19,365,997

23.53

292,336 297,082 311,605 551,075 548,341 281,517 934,407 560,511 276,985 259,792 851,918 322,615 258,892 269,373 166,642 302,922 652,610 272,753 263,447 546,924 266,104 264,583 196,666 522,170 341,429 225,604 100,913 266,002 557,755 736,198 243,337 305,238 1,049,924 583,807 290,541 255,734 276,288 417,050 442,906 279,289 293,411 413,554 500,056 464,009 470,169 540,353 298,808 542,352

0.36 0.36 0.38 0.67 0.67 0.34 1.14 0.68 0.34 0.32 1.04 0.39 0.31 0.33 0.20 0.37 0.79 0.33 0.32 0.66 0.32 0.32 0.24 0.63 0.41 0.27 0.12 0.32 0.68 0.89 0.30 0.37 1.28 0.71 0.35 0.31 0.34 0.51 0.54 0.34 0.36 0.50 0.61 0.56 0.57 0.66 0.36 0.66

Floating rate bonds

16,197,032

19.68

979,683

1.19

234,689 248,756 496,238

0.29 0.30 0.60

4,248,867

5.15

AFD FL.R 06-XX 20/07A AXA EMTN PERP. SUB FL.R 06-XX 06/07A AXA SA SUB 6.211 07-17 05/10A BNP PARIBAS FL.R 03-XX 16/01A BNP PARIBAS FL.R 07-17 27/04Q CNCEP EMTN SUB FL.R 03-XX 30/07A CNP ASSURANCES FL.R 01-21 11/04A CNP ASSURANCES SA FL.R 06-XX 22/12A CRED.AGRI.LONDON 144A FL.R 07-XX 30/11S CREDIT AGRICOLE FL.R 06-XX 24/02A NATIXIS EMTN FL.R 07-19 14/05A SOCIETE GENERALE FL.R 05-49 29/01A

440,964 283,521 235,510 488,594 241,052 203,831 492,315 354,607 747,138 455,926 182,696 122,713

0.54 0.34 0.29 0.59 0.29 0.25 0.60 0.43 0.90 0.55 0.22 0.15

Germany

434,652

0.53

222,232 212,420

0.27 0.26

180,586

0.22

Denmark

200,000 DANICA PENSION FL.R 06-XX 06/10A 200,000 DANSKE BANK EMTN FL.R 07-16 20/03Q 400,000 DANSKE BANK EMTN SUB FL.R 02-15 26/03A France

400,000 300,000 250,000 450,000 250,000 250,000 425,000 450,000 1,000,000 400,000 150,000 150,000

200,000 ALLIANZ EMTN 200,000 MUNICH RE SUB

FL.R 04-XX 29/01A FL.R 07-XX 29/06A

Guernsey

150,000 CREDIT SUISSE GR FIN. FL.R 06-18 23/01A Ireland

500,000 ULSTER BANK FINANCE FL.R 06-11 29/03Q

0.73

602,169

0.73 1.40

INTESA SANPAOLO FL.R 08-18 28/05A INTESA SANPAOLO SPA FL.R 08-XX 20/06A UNICREDITO ITAL PERP. FL.R 05-XX 27/10A UNICREDITO ITAL.EMTN FL.R 06-16 20/09A

252,246 440,439 154,880 305,952

0.31 0.53 0.19 0.37

Jersey Island

122,177

0.15

100,000 UBS JERSEY BRANCH

FL.R 06-18 25/09A

Luxembourg

200,000 DEXIA BIL FL.R 01-XX 06/07A 300,000 UNICREDIT FIN SUB T2 FL.R 06-17 13/01S Netherlands

250,000 ING BANK EMTN SUB FL.R 05-20 16/09A 1,000,000 ING GROEP FL.R 06-XX 17/03S Spain

300,000 BCO BILBAO VIZCAYA FL.R 04-19 20/10A 300,000 SANTANDER IS 144A SUB FL.R 06-16 20/06S United Kingdom

450,000 550,000 50,000 150,000 500,000 188,000 300,000 250,000

0.22

602,169 1,153,517

Italy

200,000 400,000 200,000 250,000

180,586

AVIVA PLC FL.R 04-XX 29/11A BARCLAYS BANK EMTN FL.R 05-XX 15/03A BARCLAYS BANK SUB FL.R 04-XX 15/12A BARCLAYS BK EMTN SUB FL.R 04-19 04/03A CREDIT AGRICOLE -119- FL.R 05-16 14/03Q HSBC CAP FDG FL.R 03-XX 31/12A HSBC FINANCE CAP IX FL.R 05-35 30/11S OLD MUTUAL PLC SUB. FL.R 07-17 18/01A

122,177

0.15

481,465

0.59

181,285 300,180

0.22 0.37

1,313,715

1.60

278,867 1,034,848

0.34 1.26

642,878

0.78

352,316 290,562

0.43 0.35

3,789,656

4.61

400,915 412,957 40,943 181,907 478,749 205,318 254,129 258,022

0.49 0.50 0.05 0.22 0.58 0.25 0.31 0.31

The accompanying notes form an integral part of these financial statements

83

Global Corporate Bond

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

400,000 ROYAL BK OF SCOTLAND FL.R 03-16 28/01A 800,000 SL FINANCE SUB FL.R 02-22 12/07A 200,000 STANDARD CHART SUB FL.R 05-17 03/02A United States of America

250,000 400,000 300,000 100,000 100,000 100,000 500,000 300,000

BANK OF AMERICA FL.R 07-17 23/05A BANK OF AMERICA CORP FL.R 04-19 06/05A JP MORGAN CHASE SUB FL.R 07-17 29/05A JPMORGAN CHASE SUB FL.R 05-15 01/09S JPMORGAN CHASE SUB. FL.R 04-19 12/11A SG CAPITAL TRUST SUB FL.R 03-49 10/11A UBS PFD FDG V S.1 FL.R 06-XX 15/05S ZURICH FINANCE SUB FL.R 03-23 02/10A

Other transferable securities

0.50 1.10 0.30

2,247,667

2.73

287,251 459,632 375,365 100,250 123,904 91,852 429,900 379,513

0.35 0.56 0.46 0.12 0.15 0.11 0.52 0.46

1,021,002

1.24

Bonds

1,021,002

1.24

United States of America

1,021,002

1.24

1,000,000 TOYOTA MOTOR CREDIT 3.20 10-15 17/06S

Total securities portfolio

The accompanying notes form an integral part of these financial statements

84

408,737 904,675 243,304

1,021,002

1.24

74,756,228

90.85

Global Inflation Bond

Securities Portfolio as at 30/06/10

130,661,427

103.47

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

120,744,871

95.62

120,744,871

95.62

6,976,402

5.52

6,190,826 785,576

4.90 0.62

3,899,758

3.09

1,588,413 1,547,074 764,271

1.25 1.23 0.61

15,742,190

12.47

575,013 2,578,067 5,130,396 807,195 1,563,245 4,326,692 761,582

0.46 2.04 4.06 0.64 1.24 3.43 0.60

5,300,000 AUSTRALIA (INDEXED) 4.00 94-15 20/08Q 700,000 AUSTRALIA (INDEXED) 4.00 96-20 20/08Q Canada

1,360,000 CANADA (INDEXED) 1,070,000 CANADA (INDEXED) 540,000 CANADA (INDEXED)

3.00 03-36 01/12S 4.00 99-31 01/12S 4.25 91-21 01/12S

France

500,000 2,070,000 4,040,000 500,000 1,345,000 3,680,000 500,000

FRANCE OAT INDEX 2.10 08-23 25/07A FRANCE OAT INDEX 2.25 03-20 25/07A FRANCE OAT INDEX 3.00 01-12 25/07A FRANCE OAT INDEX 3.40 99-29 25/07A FRANCE OAT INDEXE 1.80 06-40 25/07A FRANCE OAT INDEXEE 1.60 04-15 25/07A FRANCE OAT INDEXEE 3.15 02-32 25/07A Germany

5,665,000 DEUTSCHLAND I/L BOND 1.50 06-16 15/04A 3,340,000 GERMANY INFL. INDEX 2.25 07-13 15/04A

1,435,000 1,540,000 565,000 2,310,000 1,715,000

6,521,943 3,812,966 7,817,668

6.19

1,389,532 1,659,392 630,774 2,349,758 1,788,212

1.10 1.31 0.50 1.86 1.42

Japan

5,023,973

3.98

1,071,427 647,823 3,304,723

0.85 0.51 2.62

2,120,834

1.68

925,152 629,149 566,533

0.73 0.50 0.45

31,785,732

25.17

113,213 1,612,263 5,066,937 8,088,055 2,419,630 2,185,728 1,495,864 3,323,989 2,912,626 4,567,427

0.09 1.28 4.01 6.40 1.92 1.73 1.18 2.63 2.31 3.62

37,043,405

29.34

1,292,912 2,365,937

1.02 1.87

5,570,000 SWEDEN INDEXED -3102- 4.00 96-20 01/12A 3,765,000 SWEDEN NR 3104 INDEX 3.50 98-28 01/12A 4,000,000 SWEDEN NR 3105 INDEX 3.50 98-15 01/12A United Kingdom

UNITED KINGDOM 2.50 82-11 23/08S UNITED KINGDOM INDEX 0.75 07-47 22/11S UNITED KINGDOM INDEX 1.125 02-37 22/11S UNITED KINGDOM INDEX 1.25 06-17 22/11S UNITED KINGDOM INDEX 1.875 07-22 22/11S UNITED KINGDOM INDEX 2.50 86-24 17/07S UNITED KINGDOM INDEXE 1.25 05-55 22/11S UNITED KINGDOM INDEXE 1.25 06-27 22/11S UNITED KINGDOM INDEXE 2.50 83-20 16/04S UNITED KINGDOM INDEXE 2.50 85-13 16/08S United States of America

1,335,000 UNITED STATES INDEXEE 2.00 06-16 15/01S 2,750,000 US TREASURY INDEXEE 0.625 08-13 15/04S

US TREASURY INDEXEE 1.25 09-14 15/04S US TREASURY INDEXEE 1.375 08-18 15/07S US TREASURY INDEXEE 2.375 07-27 15/01S US TREASURY INDEXEE 2.50 09-29 15/01S US TREASURY INFL IX 2.375 06-11 15/04S USA NTS S.A-10 INDEX 2.50 06-16 15/07S USA T NOTES INDEX 2.00 06-26 15/01S USA T NOTES INDEX 2.125 10-40 15/02S USA T NOTES INDEX 2.375 04-25 15/01S USA T NOTES INDEXED 1.875 09-19 15/07S USA T.BDS INF.INDEXE 3.875 99-29 15/04S USA TREAS.BONDS(INDEX)3.375 01-32 15/04S USA TREASURY INF.INDX 2.625 07-17 15/07S USA TREASURY NTS INDX 1.75 08-18 15/01S

1,599,913 2,502,327 2,998,554 798,541 3,356,548 1,472,743 1,787,803 995,248 2,362,826 895,037 2,625,363 2,291,037 6,055,200 3,643,416

1.27 1.98 2.37 0.63 2.66 1.17 1.42 0.79 1.87 0.71 2.08 1.81 4.80 2.89

9,916,556

7.85

Shares/Units in investment funds

9,916,556

7.85

France

9,916,556

7.85

841,167 92,356 8,983,033

0.67 0.07 7.11

130,661,427

103.47

Shares/Units of UCITS/UCIS

9 AMUNDI INFLATION PROTECT DURATION 4 AMUNDI MONE 3 MOIS FCP 3 DEC CAP 42 AMUNDI TRESO EONIA FCP CAP

5.16 3.02

ITALY BTPSI (INDEXEE) 2.55 09-41 15/09S ITALY INFL. INDEX 2.10 06-17 15/09S ITALY INFL. INDEX 2.35 04-35 15/09S ITALY INFL. INDEX 2.35 08-19 15/09S ITALY INFL. INDEX 2.60 07-23 15/09S

Sweden

1,820,000 2,920,000 3,060,000 850,000 3,680,000 1,500,000 1,880,000 1,100,000 2,250,000 1,000,000 1,800,000 1,750,000 6,240,000 4,220,000

8.18 Total securities portfolio

Italy

121,200,000 JAPAN 04(INDEXED)JGB 0.50 05-15 10/06S 72,300,000 JAPAN 09(INDEXED)JGB 1.10 06-16 10/09S 369,700,000 JAPAN 14(INDEXED)JGB 1.20 07-17 10/12S

30,000 1,205,000 3,445,000 5,320,000 1,610,000 655,000 845,000 2,230,000 760,000 1,350,000

10,334,909

% of NAV

EUR

Long positions

Australia

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

The accompanying notes form an integral part of these financial statements

85

LDI Gilt Plus (GBP)

Securities Portfolio as at 30/06/10

4.76

Shares/Units in investment funds

2,380,372

4.76

France

2,380,372

4.76

1,634,922 745,450

3.27 1.49

29,836

0.06

52,025,772

104.11

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

49,615,564

99.29

44,430,377

88.91

19,626,880

39.27

415,356 10,343,539 4,569,548 2,604,180 1,694,257

0.83 Derivative instruments 20.70 Options, Warrants, Rights 9.14 Luxembourg 5.21 3.39 10,000,000 USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL 3.87 20,000,000 USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL

500,000 12,000,000 5,500,000 3,000,000 2,000,000

FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF

-10 02/09U -10 05/08U -10 16/09U -10 18/01U -10 22/07U

Germany

1,934,117

2,000,000 GERMANY SERIE 07

4.25 07-39 04/07A

Greece

3,000,000 GREECE 3.80 08-11 20/03A 3,000,000 HELLENIC REPUBLIC 4.60 07-40 20/09A Ireland

2,000,000 ANGLO IRISH BANK 2.375 09-10 29/09S 1,000,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S Italy

6,500,000 ITALY BOT (3 MESI)

-10 15/07U

Netherlands

1,000,000 NEDERLAND T-BILLS

-10 30/09U

Turkey

30,000 TURKEY

11.875 00-30 15/01S

United Kingdom

2,000,000 3,500,000 2,000,000 1,500,000

2,367,333 1,288,328

4.74 2.58

2,343,211

4.69

1,337,111 1,006,100

2.68 2.01

5,730,874

11.47

5,730,874

11.47

820,185

1.64

820,185

1.64

32,489

0.07

32,489

0.07 1.81

905,522

1.81

United States of America

7,120,721

14.25

BEAR STEARNS 7.25 08-18 01/02S GOLDMAN SACHS GROUP 5.45 07-12 01/11S MERRILL LYNCH EMTN 6.644 07-11 16/02S MORGAN STANLEY DEAN 5.25 07-12 02/11S

1,551,458 2,470,327 2,050,300 1,048,636

3.10 4.95 4.10 2.10

Venezuela

2,260,717

4.52

1,099,347 1,161,370

2.20 2.32

Floating rate bonds

5,185,187

10.38

France

2,282,822

4.57

871,969 1,410,853

1.74 2.83

3,000,000 VENEZUELA 7.65 05-25 21/04S 3,000,000 VENEZUELA REGS 8.25 09-24 13/10S

1,000,000 BPCE FL.R 09-XX 30/09S 2,000,000 LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A United Kingdom

1,300,000 BARCLAYS BANK SUB

FL.R 86-XX 29/08S

United States of America

2,000,000 BEAR STEARNS CO INC FL.R 06-13 26/09Q 1,000,000 BEAR STEARNS COS FL.R 05-12 27/07Q

The accompanying notes form an integral part of these financial statements

86

3.87 Total securities portfolio 7.32

905,522

900,000 BARCLAYS BANK -EMTN- 6.213 07-10 16/08S

0 AMUNDI GLOBAL EMERGENTS FCP -R3 PORTF.FOR.TRAD. -PARTS-

3,655,661

1,934,117

% of NAV

GBP

2,380,372

Shares/Units of UCITS/UCIS

Long positions

France

Market Value

Quantity

% of NAV

Market Value

Quantity

GBP

513,766

1.03

513,766

1.03

2,388,599

4.78

1,583,271 805,328

3.17 1.61

29,836

0.06

29,836

0.06

7,099 22,737

0.01 0.05

52,025,772

104.11

LDI Index Linked Plus (GBP)

Securities Portfolio as at 30/06/10

GBP

1,000,000 BEAR STEARNS COS

FL.R 05-12 27/07Q

805,328

0.51

6,521,737

4.13

Shares/Units in investment funds

6,521,737

4.13

France

6,521,737

4.13

4,479,943 2,041,794

2.84 1.29

59,743

0.04

Long positions

149,079,277

94.37

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

142,497,797

90.20

137,035,967

86.74

48,961,535

30.99

2,347,027 22,768,433 5,051,797 2,560,247 8,901,431 6,336,839 995,761

1.49 14.41 Derivative instruments 3.20 1.62 Options, Warrants, Rights 5.63 Luxembourg 4.01 20,100,000 USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL 0.63 40,000,000 USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL 10.61

France

2,500,000 27,500,000 5,900,000 3,000,000 10,700,000 7,300,000 1,200,000

EDF EMTN FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF

5.375 08-20 29/05A -10 02/09U -10 05/08U -10 07/10U -10 16/09U -10 18/01U -10 23/09U

Germany

16,762,844

7,000,000 DEUTSCHE BANK EMTN 5.96 07-10 12/10S 10,000,000 GERMANY SERIE 07 4.25 07-39 04/07A Greece

14,000,000 GREECE 3.80 08-11 20/03A 5,000,000 HELLENIC REPUBLIC 4.60 07-40 20/09A Ireland

3,000,000 ANGLO IRISH BANK 2.375 09-10 29/09S 5,000,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S Italy

9,500,000 ITALY BOT (3 MESI)

-10 15/07U

Netherlands

2,500,000 E.ON INTL FINANCE

5.75 08-20 07/05A

United Kingdom

4,500,000 BARCLAYS BANK -EMTN- 6.213 07-10 16/08S 15,000,000 UNITED KINGDOM -10 19/07U 100,000 UNITED KINGDOM 4.25 00-32 07/06S United States of America

2,500,000 2,000,000 1,500,000 6,500,000 5,000,000 2,000,000 1,500,000

7,092,260 9,670,584

4.49 6.12

13,194,770

8.35

11,047,557 2,147,213

6.99 1.36

7,036,167

4.45

2,005,667 5,030,500

1.27 3.18

8,375,892

5.30

8,375,892

5.30

2,429,528

1.54

2,429,528

1.54

19,615,279

12.42

4,527,608 14,985,958 101,713

2.87 9.49 0.06

16,379,063

10.37

AMER INTL GROUP EMTN 5.95 07-10 04/10S BEAR STEARNS 7.25 08-18 01/02S GENERAL ELECTRIC CAP 3.50 09-12 13/08S GOLDMAN SACHS GROUP 5.45 07-12 01/11S JP MORGAN CHASE 5.375 07-12 01/10S MERRILL LYNCH EMTN 6.644 07-11 16/02S MORGAN STANLEY DEAN 5.25 07-12 02/11S

2,504,820 1,551,458 1,035,515 4,587,752 3,600,582 2,050,300 1,048,636

1.59 0.98 0.66 2.90 2.28 1.30 0.66

Venezuela

4,280,889

2.71

2,345,273 1,935,616

1.48 1.23

6,400,000 VENEZUELA 7.65 05-25 21/04S 5,000,000 VENEZUELA REGS 8.25 09-24 13/10S

Floating rate bonds

5,461,830

3.46

France

2,282,822

1.45

871,969 1,410,853

0.55 0.90

1,000,000 BPCE FL.R 09-XX 30/09S 2,000,000 LA MONDIALE PERP.SUB. FL.R 03-XX 14/10A United Kingdom

2,000,000 BARCLAYS BANK SUB

FL.R 86-XX 29/08S

United States of America

2,000,000 BEAR STEARNS CO INC FL.R 06-13 26/09Q

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

GBP

790,409

0.50

790,409

0.50

2,388,599

1.51

1,583,271

1.00

Shares/Units of UCITS/UCIS

1 AMUNDI GLOBAL EMERGENTS FCP -R8 PORTF.FOR.TRAD. -PARTS-

Total securities portfolio

59,743

0.04

59,743

0.04

14,270 45,473

0.01 0.03

149,079,277

94.37

The accompanying notes form an integral part of these financial statements

87

Index Euro

Securities Portfolio as at 30/06/10

128,799,441

97.95

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

128,796,135

97.95

128,792,590

97.95

1,216,699

0.93

307,801 107,017 96,168 233,026 86,314 193,954 125,779 66,640

0.23 0.08 0.07 0.18 0.07 0.15 0.10 0.05

Belgium

4,187,270

3.18

ANHEUSER-BUSCH INBEV NV BELGACOM SA CNP COLRUYT DEXIA FORTIS GROUPE BRUXELLES LAMBERT GBL GROUPE DELHAIZE KBC GROUPE SA MOBISTAR SA SOLVAY UCB UMICORE

1,695,030 247,502 46,620 208,139 82,787 277,970 308,613 368,415 317,650 45,860 259,840 134,497 194,347

1.29 0.19 0.04 0.16 0.06 0.21 0.23 0.28 0.24 0.03 0.20 0.10 0.15

94,948

0.07

11,679 50,219 3,823 9,419 2,741 21,232 5,563 1,944

42,653 9,569 1,332 1,079 28,656 150,173 5,401 6,168 9,978 1,051 3,703 5,206 8,147

ERSTE GROUP BANK AG IMMOFINANZ AG OESTERR.ELEKTR.WIRT.AG -A-(VERBUNDGESEL) OMV AG RAIFFEISEN INTERNATIONAL BANK-HOLDING AG TELEKOM AUSTRIA AG VOESTALPINE AG WIENER INSURANCE GROUP

Cyprus

28,772 BANK OF CYPRUS PUBLIC COMPANY LTD 6,736 25,788 3,374 10,212 8,897 8,768 217,105 5,452 4,563 6,457 5,952 4,261 24,571 4,074 36,665 31,997 3,994

94,948

0.07

Finland

4,347,922

3.31

ELISA CORPORATION -AFORTUM CORP KESKO CORP KONE -BMETSO CORP NESTE OIL NOKIA OYJ NOKIAN TYRES PLC ORION CORPORATION (NEW) -BOUTOKUMPU OYJ -APOHJOLA BANK -ARAUTARUUKKI SAMPO LEONIA OYJ -ASANOMA CORP STORA ENSO -RUPM KYMENNE CORP WARTSILA CORPORATION -B-

95,786 466,247 89,850 334,545 235,948 104,778 1,456,774 109,858 70,088 80,261 49,908 51,217 426,798 57,729 219,073 349,407 149,655

0.07 0.36 0.07 0.25 0.18 0.08 1.12 0.08 0.05 0.06 0.04 0.04 0.32 0.04 0.17 0.27 0.11

41,004,229

31.19

344,556 79,509 67,196 1,399,958 304,673

0.26 0.06 0.05 1.06 0.23

France

9,008 1,503 6,840 16,774 143,578

ACCOR SA AEROPORTS DE PARIS-ADPAIR FRANCE - KLM SA AIR LIQUIDE SA ALCATEL-LUCENT SA

The accompanying notes form an integral part of these financial statements

88

% of NAV

EUR

Long positions

Austria

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

11,909 3,088 102,277 1,349 599 57,350 14,425 2,474 9,012 36,549 3,486 7,270 3,932 22,358 1,940 53,575 35,401 4,199 14,905 2,950 267 12,363 1,397 26,157 5,015 1,230 110,093 73,807 1,204 34,465 3,243 1,176 724 1,908 1,490 3,362 4,607 11,552 7,513 9,262 14,786 14,599 9,058 3,264 55,576 2,020 6,402 11,887 10,026 4,876 7,483 11,819 11,447 63,715 14,090 8,590 37,711

ALSTOM SA ATOS ORIGIN SA AXA SA BIC BIOMERIEUX SA BNP PARIBAS SA BOUYGUES BUREAU VERITAS SA CAP GEMINI SA CARREFOUR SA CASINO GUICHARD PERRACHON SA CGG VERITAS SA CHRISTIAN DIOR SA CIE DE SAINT-GOBAIN SA CNP ASSURANCES CREDIT AGRICOLE SA DANONE SA DASSAULT SYSTEMES SA EDF SA EIFFAGE ERAMET SA ESSILOR INTERNATIONAL SA EURAZEO SA EUROPEAN AERONAUTIC DEFENSE AND SPACE EUTELSAT COMMUNICATIONS SA FONCIERE DES REGIONS SA FRANCE TELECOM SA GDF SUEZ SA GECINA SA REG SHS GROUPE EUROTUNNEL SA HERMES INTERNATIONAL SA ICADE SA ILIAD SA IMERYS SA IPSEN JC DECAUX SA KLEPIERRE SA LAFARGE SA LAGARDERE GROUPE SCA NOM LEGRAND SA L'OREAL SA LVMH MOET HENNESSY LOUIS VUITTON SA MICHELIN SA REG SHS M6 METROPOLE TELEVISION SA NATIXIS SA NEOPOST PAGES JAUNES SA PERNOD RICARD SA PEUGEOT SA PPR PUBLICIS GROUPE RENAULT SA SAFRAN -ACT.SANOFI-AVENTIS SA SCHNEIDER ELECTRIC SA SCOR SE ACT PROV REGROUPEMENT SOCIETE GENERALE SA

446,349 102,429 1,303,520 78,471 50,592 2,567,560 460,518 110,118 327,091 1,196,614 217,457 107,233 310,864 690,750 108,524 462,620 1,564,724 209,845 468,464 105,551 54,695 605,540 66,127 441,269 138,213 83,628 1,572,679 1,734,465 89,566 192,073 353,325 81,532 46,191 80,384 37,250 64,651 104,878 520,706 193,159 226,456 1,197,222 1,311,136 522,918 54,525 201,130 120,210 54,263 760,530 211,198 500,034 246,041 363,848 262,880 3,155,803 1,178,488 134,777 1,293,487

0.34 0.08 0.99 0.06 0.04 1.95 0.35 0.08 0.25 0.91 0.17 0.08 0.24 0.53 0.08 0.35 1.19 0.16 0.36 0.08 0.04 0.46 0.05 0.34 0.11 0.06 1.20 1.32 0.07 0.15 0.27 0.06 0.04 0.06 0.03 0.05 0.08 0.40 0.15 0.17 0.91 1.00 0.40 0.04 0.15 0.09 0.04 0.58 0.16 0.38 0.19 0.28 0.20 2.39 0.90 0.10 0.98

Index Euro

Securities Portfolio as at 30/06/10

Germany

12,092 27,647 55,561 50,054 6,270 19,865 2,643 3,875 44,457 3,596 54,599 36,863 12,344 11,592 52,385 4,431 168,478 108,953 1,860 1,429 11,260 5,025 11,110 3,053 8,617 10,866 8,094 2,304 67,249 8,853 10,106 6,633 4,057 7,987 11,995 5,819 217 14,477 24,915 1,975 2,130 52,050 49,651

ADIDAS AG ALLIANZ SE REG SHS BASF SE BAYER AG REG SHS BEIERSDORF AG BMW AG BMW VORZUG - STIMMRECHTSLOS CELESIO NAMEN AKT COMMERZBANK AG CONTINENTAL AG DAIMLER AG REG SHS DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE LUFTHANSA AG REG SHS DEUTSCHE POST AG REG SHS DEUTSCHE POSTBANK AG DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS FRAPORT AG FRESENIUS AG FRESENIUS MEDICAL CARE AG & CO KGAA FRESENIUS SE GEA GROUP AG HANNOVER RUECKVERSICHERUNG AG REG SHS HEIDELBERGCEMENT AG HENKEL AG & CO KGAA HENKEL KGAA HOCHTIEF AG INFINEON TECHNOLOGIES REG SHS KALI SALZ AG LINDE AG MAN SE MERCK KGAA METRO AG MUENCHENER RUECKVERSICHERUNGS AG REG SHS PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR PUMA AG QIAGEN NV RWE AG RWE VORZ.AKT OHNE STIMMRECHT SALZGITTER AG SAP AG SIEMENS AG REG SHS

% of NAV

SODEXO SA STMICROELECTRONICS NV SUEZ ENVIRONNEMENT COMPANY SA TECHNIP-COFLEXIP T.F.1 SA THALES TOTAL SA UNIBAIL-RODAMCO SE VALLOUREC SA VEOLIA ENVIRONNEMENT SA VINCI SA VIVENDI SA

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

5,865 39,735 16,947 6,107 5,943 4,632 127,384 5,662 3,167 19,479 26,029 73,226

EUR

268,324 261,615 230,225 290,693 64,036 122,933 4,708,749 762,955 452,089 377,016 893,836 1,231,295

0.20 0.20 0.18 0.22 0.05 0.09 3.57 0.58 0.34 0.29 0.68 0.94

34,072,928

25.91

482,169 2,262,907 2,506,356 2,302,483 283,185 795,891 76,356 69,576 256,739 153,837 2,288,790 1,721,502 618,188 132,033 629,144 105,879 1,634,742 2,416,577 65,026 77,780 499,100 272,606 182,371 107,771 337,528 435,727 271,837 113,334 324,006 335,352 874,270 450,712 243,379 334,815 1,239,683

0.37 1.72 1.90 1.74 0.22 0.61 0.06 0.05 0.20 0.12 1.74 1.31 0.47 0.10 0.48 0.08 1.24 1.83 0.05 0.06 0.38 0.21 0.14 0.08 0.26 0.33 0.21 0.09 0.25 0.26 0.66 0.34 0.19 0.25 0.94

205,382 47,393 231,632 1,338,434 97,693 104,349 1,909,194 3,675,166

0.16 0.04 0.18 1.02 0.07 0.08 1.45 2.79

3,355 21,605 7,243 6,075 1,402 10,226 1,062

SUEDZUCKER MANNH./OCHS THYSSENKRUPP AG TUI AG REG SHS UNITED INTERNET AG REG SHS VOLKSWAGEN AG VOLKSWAGEN VORZ.AKT WACKER CHEMIE AG Greece

33,295 15,484 11,624 16,538 11,315 12,408

ALPHA BANK BANK OF PIRAEUS COCA COLA HBC - REG SHS EFG EUROBANK ERGASIAS GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS HELLENIC TELECOMMUNICATIONS ORGANISATION 37,348 NATIONAL BANK OF GREECE REG. 8,536 PUBLIC POWER CORP OF GREECE Ireland

25,753 199,971 41,883 25,162 8,913 18,712

ANGLO-IRISH BANK BANK OF IRELAND (GOV&CO) CRH PLC ELAN CORP KERRY GROUP PLC RYANAIR HOLDING ORD. Italy

71,375 16,748 5,796 77,300 24,643 112,314 23,899 47,385 7,380 391,471 157,543 2,800 46,724 28,051 460,564 47,211 5,881 44,855 33,662 7,422 109,350 213,860 9,176 16,192 88,638 539,220 375,614 81,509 37,917 916,455

ASSICURAZIONI GENERALI SPA ATLANTIA SPA AUTOGRILL SPA A2A SPA BANCA CARIGE AZ. BANCA MONTE DEI PASCHI DI SIENA SPA BANCA POPOLARE DI MILANO BANCO POPOLARE SOCIETA COOPERATIVA BENI STABILI SPA ENEL SPA ENI SPA EXOR SPA FIAT SPA FINMECCANICA SPA INTESA SANPAOLO SPA INTESA SANPAOLO SPA NON CONV LUXOTTICA GROUP SPA MEDIASET SPA MEDIOBANCA SPA MEDIOLANUM SPA PARMALAT SPA PIRELLI & C SPA PRYSMIAN SPA SAIPEM SPA SNAM RETE GAS SPA TELECOM ITALIA SPA TELECOM ITALIA SPA RISP NON CONV TERNA SPA UBI BANCA SCPA UNICREDIT SPA

49,788 439,662 52,505 54,875 98,084 740,158 126,962

0.04 0.33 0.04 0.04 0.07 0.56 0.10

1,080,122

0.82

134,512 54,039 204,931 60,860 115,526 76,930

0.10 0.04 0.16 0.05 0.09 0.06

332,770 100,554

0.24 0.08

1,215,869

0.92

258 133,981 717,874 94,106 202,324 67,326

0.00 0.10 0.55 0.07 0.15 0.05

12,025,960

9.15

1,029,941 244,353 57,149 86,963 39,675 105,014 81,316 215,602 4,613 1,366,234 2,393,077 38,948 397,855 239,556 1,006,332 77,804 117,267 210,370 207,358 23,955 209,296 97,413 108,644 408,524 290,511 490,690 282,274 240,655 269,211 1,685,360

0.78 0.19 0.04 0.07 0.03 0.08 0.06 0.16 0.00 1.05 1.83 0.03 0.30 0.18 0.77 0.06 0.09 0.16 0.16 0.02 0.16 0.07 0.08 0.31 0.22 0.37 0.21 0.18 0.20 1.29

The accompanying notes form an integral part of these financial statements

89

Index Euro

Securities Portfolio as at 30/06/10

Netherlands

100,790 14,642 26,022 2,952 3,124 4,320 6,984 14,844 227,864 71,579 3,496 9,533 97,305 57,843 3,560 6,950 42,201 8,325 23,783 95,974 18,249

27,415 141,965 9,113 9,117 108,994 16,572 11,151 36,072

1,144,040 316,816 395,070

0.87 0.24 0.30

11,496,193

8.74

234,755 24,127 12,545 4,570 38,186 6,841 44,038 3,764 247,815 6,739

IBERDROLA SA IBERIA LINEAS AEREAS DE ESPANA SA REG INDITEX SA REG SHS INDRA SISTEMAS SA MAPFRE REG-SHS RED ELECTRICA CORPORACION SA REPSOL YPF SA TELECINCO TELEFONICA SA ZARDOYA OTIS SPLIT ISSUE

0.34 0.48 0.45 0.09 0.03 Options, Warrants, Rights 0.13 Belgium 0.16 0.39 10,016 ANH.-B.INBV STRIP STRIP VVPR 31.12.49 1.07 Spain 0.55 20 IBERDROLA SA 28.06.10 RIGHT 0.09 6,739 ZARDOYA OTIS (SHS) 30.06.10 RIGHT 0.24 Other transferable securities 0.78 1.09 Options, Warrants, Rights 0.08 Austria 0.17 0.29 10,000 IMMOEAST 31.12.10 RIGHT 0.07 France 0.38 1,397 EURAZEO (SHS) 22.06.10 RIGHTS 1.64 0.22 Total securities portfolio

Portugal

1,113,521

0.85

89,099 88,018 45,337 42,139 265,945 203,836 84,079 295,068

0.07 0.07 0.03 0.03 0.20 0.16 0.06 0.23

15,081,003

11.47

253,388 80,811 63,804 290,005 1,821,137 32,973 227,571 4,337,732 86,358 230,060 202,144 66,802 116,181 119,209 27,334 68,020 196,017 53,457 113,081

0.19 0.06 0.05 0.22 1.38 0.03 0.17 3.30 0.07 0.17 0.15 0.05 0.09 0.09 0.02 0.05 0.15 0.04 0.09

ABERTIS INFRAESTRUCTURAS SA -AACCIONA SA ACERINOX REG SHS ACS BANCO BILBAO VIZCAYA ARGENT. SA REG SHS BANCO DE VALENCIA REG BANCO SABADELL REG.SHS BANCO SANTANDER SA REG SHS BANKINTER REG.SHS BCO POPULAR ESPANOL REG. CRITERIA CAIXACORP SA EDP RENOVAVEIS SA ENAGAS FERROVIAL SA FOMENTO DE CONSTRUCCIONES Y CONTRATAS GAMESA CORPORACION TECNOLOGICA SA GAS NATURAL SDG GRIFOLS-SHS.A IBERDROLA RENOVABLES SA

The accompanying notes form an integral part of these financial statements

90

1.41

446,500 629,679 594,993 117,918 43,470 165,283 209,869 517,610 1,407,288 727,601 112,239 313,159 1,019,270 1,429,879 107,476 225,423 384,915 98,277 494,211 2,163,255 287,878

Spain

21,401 1,287 4,973 9,606 211,465 9,009 61,175 496,308 17,155 54,685 60,144 13,825 9,377 22,282 1,550 9,583 16,472 6,336 43,966

EUR

1,855,926

AEGON NV AKZO NOBEL NV ASML HOLDING NV CORIO NV DELTA LLOYD N.V.¦ FUGRO NV -CERT OF SHS HEINEKEN HOLDING HEINEKEN NV ING GROEP NV KONINKLIJKE AHOLD NV KONINKLIJKE BOSKALIS WESTMINSTER NV KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS ELECTRONICS NV KONINKLIJKE VOPAK RANDSTAD HOLDING REED ELSEVIER NV SBM OFFSHORE NV TNT NV UNILEVER NV WOLTERS KLUWER NV

BANCO ESPIRIT SANTO BCP, BANCO COMMERCIAL PORTUGUES SA NOM. BRISA AUTO ESTRADAS DE PORTUGAL CIMPOR CIMENTOS DE PORTUGAL NOM. EDP-ENERGIAS REG.SHS GALP ENERGIA SA REG SHS -BJERONIMO MARTINS SGPS SA PORTUGAL TELECOM REG.

% of NAV

51,176 ARCELORMITTAL SA REG SHS 18,511 SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS) 27,608 TENARIS SA - REG.SHS

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

Luxembourg

1,087,385 56,312 590,681 60,233 85,766 201,399 733,893 27,601 3,780,418 71,231

0.83 0.04 0.45 0.05 0.07 0.15 0.56 0.02 2.88 0.05

3,545

0.00

30

0.00

30

0.00

3,515

0.00

4 3,511

0.00 0.00

3,306

0.00

3,306

0.00

0

0.00

0

0.00

3,306

0.00

3,306

0.00

128,799,441

97.95

Index Europe

Securities Portfolio as at 30/06/10

415,474,015

99.93

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

415,454,097

99.93

415,435,371

99.93

1,899,874

0.46

559,173 156,019 219,679 273,699 110,341 258,128 169,055 153,780

0.13 0.04 0.05 0.07 0.03 0.06 0.04 0.04

Belgium

6,280,575

1.51

ANHEUSER-BUSCH INBEV NV BELGACOM SA CNP COLRUYT DEXIA FORTIS GROUPE BRUXELLES LAMBERT GBL GROUPE DELHAIZE KBC GROUPE SA MOBISTAR SA SOLVAY UCB UMICORE

2,602,373 294,758 88,970 351,464 90,322 338,439 382,667 494,624 449,956 87,532 464,104 304,259 331,107

0.64 0.07 0.02 0.08 0.02 0.08 0.09 0.12 0.11 0.02 0.11 0.07 0.08

21,217 73,214 8,733 11,063 3,504 28,257 7,477 4,486

65,485 11,396 2,542 1,822 31,264 182,841 6,697 8,281 14,134 2,006 6,614 11,777 13,880

ERSTE GROUP BANK AG IMMOFINANZ AG OESTERR.ELEKTR.WIRT.AG -A-(VERBUNDGESEL) OMV AG RAIFFEISEN INTERNATIONAL BANK-HOLDING AG TELEKOM AUSTRIA AG VOESTALPINE AG WIENER INSURANCE GROUP

Bermuda

465,573

0.11

31,165 SEADRILL LTD

465,573

0.11

Cyprus

111,550

0.03

33,803 BANK OF CYPRUS PUBLIC COMPANY LTD 66 126 8,690 1,581 37,633 12,342 39,318 5,061 1,761 15,752 2,921

10,277 38,445 4,277 14,779 8,258 8,298 343,306 6,868 5,767

% of NAV

EUR

Long positions

Austria

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

111,550

0.03

Denmark

6,493,512

1.56

A.P. MOELLER-MAERSK -AA.P. MOELLER-MAERSK -B- A/S CARLSBERG AS -BCOLOPLAST -BDANSKE BANK DSV NOVO-NORDISK -BNOVOZYMES -BTRYG SHS VESTAS WIND SYSTEMS AS WILLIAM DEMANT HOLDING

413,862 819,702 544,685 128,726 596,652 146,384 2,608,004 444,001 76,147 539,869 175,480

0.10 0.20 0.13 0.03 0.14 0.04 0.62 0.11 0.02 0.13 0.04

Finland

6,366,955

1.53

ELISA CORPORATION -AFORTUM CORP KESKO CORP KONE -BMETSO CORP NESTE OIL NOKIA OYJ NOKIAN TYRES PLC ORION CORPORATION (NEW) -B-

146,139 695,086 113,897 484,160 219,002 99,161 2,303,583 138,390 88,581

0.04 0.17 0.03 0.12 0.05 0.02 0.56 0.03 0.02

7,633 11,357 5,446 36,509 14,653 47,935 47,421 4,733

OUTOKUMPU OYJ -APOHJOLA BANK -ARAUTARUUKKI SAMPO LEONIA OYJ -ASANOMA CORP STORA ENSO -RUPM KYMENNE CORP WARTSILA CORPORATION -BFrance

11,759 1,921 8,745 25,753 258,504 20,875 4,165 148,251 1,739 1,296 87,423 19,296 5,628 15,452 51,781 6,868 9,595 6,466 33,496 2,762 93,371 49,701 7,301 20,835 2,413 337 20,120 1,773 40,597 5,686 2,631 163,031 113,692 1,010 40,391 5,884 1,274 1,605 5,482 2,366 10,986 5,651 18,535 13,165 5,931 22,957 21,930

ACCOR SA AEROPORTS DE PARIS-ADPAIR FRANCE - KLM SA AIR LIQUIDE SA ALCATEL-LUCENT SA ALSTOM SA ATOS ORIGIN SA AXA SA BIC BIOMERIEUX SA BNP PARIBAS SA BOUYGUES BUREAU VERITAS SA CAP GEMINI SA CARREFOUR SA CASINO GUICHARD PERRACHON SA CGG VERITAS SA CHRISTIAN DIOR SA CIE DE SAINT-GOBAIN SA CNP ASSURANCES CREDIT AGRICOLE SA DANONE SA DASSAULT SYSTEMES SA EDF SA EIFFAGE ERAMET SA ESSILOR INTERNATIONAL SA EURAZEO SA EUROPEAN AERONAUTIC DEFENSE AND SPACE EUTELSAT COMMUNICATIONS SA FONCIERE DES REGIONS SA FRANCE TELECOM SA GDF SUEZ SA GECINA SA REG SHS GROUPE EUROTUNNEL SA HERMES INTERNATIONAL SA ICADE SA ILIAD SA IMERYS SA IPSEN JC DECAUX SA KLEPIERRE SA LAFARGE SA LAGARDERE GROUPE SCA NOM LEGRAND SA L'OREAL SA LVMH MOET HENNESSY LOUIS VUITTON SA

94,878 95,228 65,461 634,161 207,633 286,412 517,837 177,346

0.02 0.02 0.02 0.15 0.05 0.07 0.12 0.04

61,906,928

14.90

449,782 101,621 85,911 2,149,345 548,545 782,395 138,153 1,889,459 101,158 109,460 3,913,929 616,025 250,502 560,830 1,695,310 428,426 141,526 511,202 1,034,859 154,506 806,259 2,196,784 364,867 654,844 86,337 69,034 985,478 83,925 684,871 156,706 178,882 2,328,898 2,671,762 75,134 225,099 641,062 88,326 102,399 230,957 59,150 211,261 128,645 835,465 338,472 145,013 1,858,828 1,969,533

0.11 0.02 0.02 0.52 0.13 0.19 0.03 0.45 0.02 0.03 0.95 0.15 0.06 0.13 0.41 0.10 0.03 0.12 0.25 0.04 0.19 0.53 0.09 0.16 0.02 0.02 0.24 0.02 0.16 0.04 0.04 0.56 0.65 0.02 0.05 0.15 0.02 0.02 0.06 0.01 0.05 0.03 0.20 0.08 0.03 0.45 0.47

The accompanying notes form an integral part of these financial statements

91

Index Europe

Securities Portfolio as at 30/06/10

Germany

21,996 40,258 84,289 76,030 7,956 29,323 1,421 5,505 57,317 3,464 85,337 53,586 17,123 20,243 75,228 5,515 247,700 159,622 2,372 1,826 16,441 8,860 8,984 3,903 15,902 19,873 10,174 2,719

ADIDAS AG ALLIANZ SE REG SHS BASF SE BAYER AG REG SHS BEIERSDORF AG BMW AG BMW VORZUG - STIMMRECHTSLOS CELESIO NAMEN AKT COMMERZBANK AG CONTINENTAL AG DAIMLER AG REG SHS DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE LUFTHANSA AG REG SHS DEUTSCHE POST AG REG SHS DEUTSCHE POSTBANK AG DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS FRAPORT AG FRESENIUS AG FRESENIUS MEDICAL CARE AG & CO KGAA FRESENIUS SE GEA GROUP AG HANNOVER RUECKVERSICHERUNG AG REG SHS HEIDELBERGCEMENT AG HENKEL AG & CO KGAA HENKEL KGAA HOCHTIEF AG

The accompanying notes form an integral part of these financial statements

92

% of NAV

MICHELIN SA REG SHS M6 METROPOLE TELEVISION SA NATIXIS SA NEOPOST PAGES JAUNES SA PERNOD RICARD SA PEUGEOT SA PPR PUBLICIS GROUPE RENAULT SA SAFRAN -ACT.SANOFI-AVENTIS SA SCHNEIDER ELECTRIC SA SCOR SE ACT PROV REGROUPEMENT SOCIETE GENERALE SA SODEXO SA STMICROELECTRONICS NV SUEZ ENVIRONNEMENT COMPANY SA TECHNIP-COFLEXIP T.F.1 SA THALES TOTAL SA UNIBAIL-RODAMCO SE VALLOUREC SA VEOLIA ENVIRONNEMENT SA VINCI SA VIVENDI SA

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

12,156 4,174 113,537 3,573 8,175 16,570 18,664 5,772 14,969 15,531 12,180 95,385 22,471 18,885 56,981 8,487 51,918 24,621 10,567 7,597 7,708 189,102 9,143 4,623 33,516 37,136 106,556

EUR

701,766 69,727 410,890 212,629 69,291 1,060,149 393,157 591,919 492,181 478,122 279,714 4,724,420 1,879,474 296,306 1,954,448 388,280 341,828 334,476 502,989 81,858 204,570 6,990,156 1,232,019 659,933 648,702 1,275,250 1,791,739

0.17 0.02 0.10 0.05 0.02 0.25 0.09 0.14 0.12 0.12 0.07 1.15 0.45 0.07 0.47 0.09 0.08 0.08 0.12 0.02 0.05 1.69 0.30 0.16 0.16 0.31 0.43

50,906,531

12.24

877,091 3,295,117 3,802,277 3,497,380 359,333 1,174,826 41,053 98,842 331,006 148,190 3,577,327 2,502,466 857,520 230,568 903,488 131,781 2,403,433 3,540,416 82,925 99,389 728,747 480,655 147,472 137,776 622,881 796,907 341,694 133,748

0.21 0.79 0.91 0.84 0.09 0.28 0.01 0.02 0.08 0.04 0.86 0.60 0.21 0.06 0.22 0.03 0.58 0.85 0.02 0.02 0.18 0.12 0.04 0.03 0.15 0.19 0.08 0.03

122,785 18,602 13,198 8,589 7,208 11,792 19,101

591,578 704,644 1,141,759 583,623 432,408 494,321 1,974,088

0.14 0.17 0.27 0.14 0.10 0.12 0.47

8,184 17,590 36,476 4,350 4,357 75,239 75,999 6,220 28,688 21,741 3,305 14,802 1,013

INFINEON TECHNOLOGIES REG SHS KALI SALZ AG LINDE AG MAN SE MERCK KGAA METRO AG MUENCHENER RUECKVERSICHERUNGS AG REG SHS PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR QIAGEN NV RWE AG RWE VORZ.AKT OHNE STIMMRECHT SALZGITTER AG SAP AG SIEMENS AG REG SHS SUEDZUCKER MANNH./OCHS THYSSENKRUPP AG UNITED INTERNET AG REG SHS VOLKSWAGEN AG VOLKSWAGEN VORZ.AKT WACKER CHEMIE AG

288,854 281,440 1,959,491 215,173 213,449 2,759,767 5,625,445 92,305 583,801 196,386 231,218 1,071,369 121,104

0.07 0.07 0.47 0.05 0.05 0.66 1.36 0.02 0.14 0.05 0.06 0.26 0.03

Greece

1,683,484

0.40

47,401 30,991 18,342 27,407 27,650 53,137 17,304

ALPHA BANK BANK OF PIRAEUS COCA COLA HBC - REG SHS EFG EUROBANK ERGASIAS GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS NATIONAL BANK OF GREECE REG. PUBLIC POWER CORP OF GREECE

191,500 108,159 323,369 100,858 282,307 473,450 203,841

0.05 0.03 0.08 0.02 0.07 0.10 0.05

Guernsey

269,461

0.06

348,533 RESOLUTION LIMITED Ireland

28,503 20,676 306,801 33,053 30,971 30,673 28,684 9,839 35,443

ANGLO-IRISH BANK ANGLO-IRISH BANK BANK OF IRELAND (GOV&CO) CRH PLC CRH PLC ELAN CORP ELAN CORP KERRY GROUP PLC RYANAIR HOLDING ORD. Italy

110,952 21,155 11,130 107,032 221,982 43,981 48,085 15,786 574,353 231,385 79,193 28,834 739,998

ASSICURAZIONI GENERALI SPA ATLANTIA SPA AUTOGRILL SPA BANCA CARIGE AZ. BANCA MONTE DEI PASCHI DI SIENA SPA BANCA POPOLARE DI MILANO BANCO POPOLARE SOCIETA COOPERATIVA BENI STABILI SPA ENEL SPA ENI SPA FIAT SPA FINMECCANICA SPA INTESA SANPAOLO SPA

269,461

0.06

1,874,262

0.45

285 207 205,557 566,529 529,294 114,717 106,733 223,345 127,595

0.00 0.00 0.05 0.13 0.13 0.03 0.03 0.05 0.03

18,316,567

4.41

1,601,037 308,651 109,742 172,322 207,553 149,645 218,787 9,866 2,004,492 3,514,739 674,328 246,242 1,616,896

0.39 0.07 0.03 0.04 0.05 0.04 0.05 0.00 0.48 0.86 0.16 0.06 0.39

Index Europe

Securities Portfolio as at 30/06/10

77,634 6,787 22,082 40,642

94,496 309,090 249,203 354,988 135,319 380,708 77,145 184,207 695,314 513,515 784,898 514,116 379,910 329,653 2,479,705

0.02 0.07 0.06 0.09 0.03 0.09 0.02 0.04 0.17 0.12 0.19 0.12 0.09 0.08 0.60

Jersey Island

2,528,186

0.61

340,395 533,854 793,740 860,197

0.08 0.13 0.19 0.21

Luxembourg

3,148,221

0.76

ARCELORMITTAL SA REG SHS MILLICOM INTERNATIONAL CELLULAR SA-SDRSES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS) TENARIS SA - REG.SHS

1,735,508 453,193 377,933 581,587

0.42 0.11 0.09 0.14

23,896,313

5.75

AEGON NV AKZO NOBEL NV ASML HOLDING NV CORIO NV FUGRO NV -CERT OF SHS HEINEKEN HOLDING HEINEKEN NV ING GROEP NV KONINKLIJKE AHOLD NV KONINKLIJKE BOSKALIS WESTMINSTER NV KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS ELECTRONICS NV KONINKLIJKE VOPAK RANDSTAD HOLDING REED ELSEVIER NV ROYAL DUTCH SHELL PLC SBM OFFSHORE NV TNT NV UNILEVER NV WOLTERS KLUWER NV

662,272 883,280 874,380 287,404 255,462 259,812 719,229 2,101,347 1,116,595 115,899 492,356 1,498,354 2,310,208 137,365 259,869 488,256 6,585,004 197,238 806,493 3,365,583 479,907

0.16 0.21 0.21 0.07 0.06 0.06 0.17 0.51 0.27 0.03 0.12 0.36 0.56 0.03 0.06 0.12 1.58 0.05 0.19 0.81 0.12

Norway

4,260,005

1.02

AKER SOLUTIONS DNB NOR ASA NORSK HYDRO ASA ORKLA BORREGAARD FRIE A RENEWABLE ENERGY CORPORATION AS STATOIL ASA

166,526 690,970 285,943 326,038 143,265 1,521,242

0.04 0.17 0.07 0.08 0.03 0.36

Netherlands

149,497 20,539 38,241 7,195 6,677 8,646 20,626 340,244 109,847 3,610 14,988 143,041 93,455 4,550 8,012 53,531 316,959 16,708 38,811 149,316 30,422

17,628 87,159 76,563 61,925 73,108 95,869

EUR

INTESA SANPAOLO SPA NON CONV LUXOTTICA GROUP SPA MEDIASET SPA MEDIOBANCA SPA MEDIOLANUM SPA PARMALAT SPA PIRELLI & C SPA PRYSMIAN SPA SAIPEM SPA SNAM RETE GAS SPA TELECOM ITALIA SPA TELECOM ITALIA SPA RISP NON CONV TERNA SPA UBI BANCA SCPA UNICREDIT SPA

PETROFAC LTD RANDGOLD RESSOURCES LTD SHIRE WPP PLC

% of NAV

23,499 6,803 47,298 110,824

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

57,340 15,501 53,135 57,628 41,927 198,907 169,364 15,558 27,559 156,679 862,525 684,120 128,674 46,430 1,348,398

68,613 TELENOR AS 17,831 YARA INTERNATIONAL ASA Portugal

63,414 114,431 15,254 42,516 137,946 17,031 35,962 52,344

BANCO ESPIRIT SANTO BCP, BANCO COMMERCIAL PORTUGUES SA NOM. BRISA AUTO ESTRADAS DE PORTUGAL CIMPOR CIMENTOS DE PORTUGAL NOM. EDP-ENERGIAS REG.SHS GALP ENERGIA SA REG SHS -BJERONIMO MARTINS SGPS SA PORTUGAL TELECOM REG. Spain

34,153 1,397 9,131 15,492 314,263 19,203 68,671 735,298 39,884 82,076 94,468 21,760 19,114 31,062 2,915 17,442 26,316 16,924 97,990 318,064 29,637 19,760 6,375 95,310 12,071 66,069 7,688 376,957 17,049

ABERTIS INFRAESTRUCTURAS SA -AACCIONA SA ACERINOX REG SHS ACS BANCO BILBAO VIZCAYA ARGENT. SA REG SHS BANCO DE VALENCIA REG BANCO SABADELL REG.SHS BANCO SANTANDER SA REG SHS BANKINTER REG.SHS BCO POPULAR ESPANOL REG. CRITERIA CAIXACORP SA EDP RENOVAVEIS SA ENAGAS FERROVIAL SA FOMENTO DE CONSTRUCCIONES Y CONTRATAS GAMESA CORPORACION TECNOLOGICA SA GAS NATURAL SDG GRIFOLS-SHS.A IBERDROLA RENOVABLES SA IBERDROLA SA IBERIA LINEAS AEREAS DE ESPANA SA REG INDITEX SA REG SHS INDRA SISTEMAS SA MAPFRE REG-SHS RED ELECTRICA CORPORACION SA REPSOL YPF SA TELECINCO TELEFONICA SA ZARDOYA OTIS SPLIT ISSUE Sweden

43,275 29,201 57,840 27,167 20,310 28,389 22,325 92,274 3,418 39,671 17,350 33,706 3,556

ALFA LAVAL ASSA ABLOY -BATLAS COPCO AB -AATLAS COPCO -B- FREE BOLIDEN AB ELECTROLUX -B- FREE GETINGE -BHENNES AND MAURITZ AB HOLMEN -BHUSQVARNA -BINVESTMENT AB KINNEVIK -BINVESTOR -B- FREE MODERN TIMES GROUP -B-

711,906 414,115

0.17 0.10

1,794,837

0.43

206,096 70,947 75,889 196,509 336,588 209,481 271,153 428,174

0.05 0.02 0.02 0.05 0.08 0.05 0.07 0.09

23,004,940

5.53

404,372 87,718 117,151 467,703 2,706,433 70,283 255,456 6,426,505 200,776 345,294 317,507 105,144 236,822 166,182 51,406 123,803 313,160 142,788 252,030 1,473,272 69,173 930,400 84,023 214,066 355,370 1,101,040 56,376 5,750,479 180,208

0.10 0.02 0.03 0.11 0.65 0.02 0.06 1.55 0.05 0.08 0.08 0.03 0.06 0.04 0.01 0.03 0.08 0.03 0.06 0.35 0.02 0.22 0.02 0.05 0.09 0.26 0.01 1.38 0.04

18,631,155

4.48

463,975 481,567 697,803 296,118 185,901 535,782 355,291 2,087,060 66,659 196,395 229,156 449,074 160,487

0.11 0.12 0.17 0.07 0.04 0.13 0.09 0.50 0.02 0.05 0.06 0.11 0.04

The accompanying notes form an integral part of these financial statements

93

Index Europe

Securities Portfolio as at 30/06/10

94

EUR

2,057,536 161,348 1,032,438 434,456 136,715 540,363 424,239 466,593 129,728 30,908 517,961 796,125 473,171 427,396 2,404,661 418,306 1,097,282 876,661

0.49 0.04 0.25 0.10 0.03 0.13 0.10 0.11 0.03 0.01 0.12 0.19 0.11 0.10 0.59 0.10 0.26 0.21

Switzerland

52,388,582

12.60

ABB LTD REG SHS ACTELION LTD NAMEN ADECCO REG.SHS ARYZTA BALOISE HOLDING REG.SHS CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM. CIE SUISSE DE REASSURANCES SA REG SHS COMPAGNIE FINANCIERE RICHEMONT SA CREDIT SUISSE GROUP AG REG SHS GAM HOLDING AG GEBERIT AG GIVAUDAN SA REG.SHS HOLCIM LTD REG SHS JULIUS BAER GROUP NAMEN AKT KUEHNE + NAGEL INTERNATIONAL AG LOGITECH NAMEN AKT LONZA GROUP NOM. NESTLE SA REG SHS NOBEL BIOCARE HLDG - NAMEN AKT NOVARTIS AG REG SHS PARGESA HOLDING SA ROCHE HOLDING AG GENUSSSCHEIN SCHINDLER HOLDING SA SGS SA REG SHS SIKA FINANZ AG BAAR SONOVA HOLDING NAM-AKT STRAUMANN HOLDING REG SWISS LIFE HOLDING N-NAMEN REGISTERED SWISSCOM SHS NOM SYNGENTA NAMEN SYNTHES INC THE SWATCH GROUP REG CHF 0.45 THE SWATCH GROUP REG CHF 2.25 UBS SA REG SHS ZURICH FINANCIAL SERVICES AG REG SHS

2,896,512 231,459 537,637 148,871 312,518 96,030 180,559 1,010,265 1,376,503 3,315,669 204,978 472,627 392,068 1,218,689 540,095 437,839 110,479 292,960 12,472,398 186,505 7,631,918 94,077 7,092,550 393,167 471,506 247,104 368,496 89,754 307,063 513,866 1,539,381 615,478 136,807 665,487 3,455,184 2,332,083

0.70 0.06 0.13 0.04 0.08 0.02 0.04 0.24 0.33 0.80 0.05 0.11 0.09 0.29 0.13 0.11 0.03 0.07 3.01 0.04 1.84 0.02 1.71 0.09 0.11 0.06 0.09 0.02 0.07 0.12 0.37 0.15 0.03 0.16 0.83 0.56

The accompanying notes form an integral part of these financial statements

% of NAV

201,687 7,549 13,723 4,727 5,464 54 9 29,847 47,911 107,030 23,043 3,705 562 22,097 23,043 5,173 9,887 5,356 315,609 13,174 191,654 1,749 62,834 5,682 426 170 3,657 506 3,900 1,850 8,114 6,530 3,256 2,868 315,626 12,862

NORDEA BANK RATOS AB -B- FREE SANDVIK AB SCANIA -BSECURITAS -B- FREE SKANDINAVISKA ENSKILDA BANKEN -ASKANSKA -B- FREE SKF AB -BSSAB SWEDISH STEEL -A- FREE SSAB SWEDISH STEEL -B- FREE SVENSKA CELLULOSA SCA AB-SHS-BSVENSKA HANDELSBANK -A- FREE SWEDBANK -ASWEDISH MATCH TELEFON AB L.M.ERICSSON TELE2 AB TELIASONERA AB VOLVO -B- FREE

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

302,201 7,819 102,408 34,511 18,329 123,226 35,598 31,499 11,688 3,116 53,492 39,484 62,169 23,783 262,713 34,022 207,736 95,667

United Kingdom

15,164 15,037 22,322 120,508 29,222 75,341 38,739 133,639 20,038 265,588 330,059 87,364 1,048,305 299,050 199,874 1,707,772 37,319 180,642 66,965 118,436 692,456 41,329 28,023 233,659 141,370 62,553 15,257 482,746 108,740 158,534 228,149 16,611 109,032 57,334 463,689 118,208 72,417 107,009 1,600,347 57,794 99,351 44,977 16,766 141,883 58,735 26,083 270,794 117,029 24,369 13,853 263,342 84,328 653,827 56,255 3,641,293 16,017

ADMIRAL GROUP PLC AGGREKO AMEC ANGLO AMERICAN PLC ANTOFAGASTA PLC ARM HOLDINGS PLC ASSOCIATED BRITISH FOODS PLC ASTRAZENECA PLC AUTONOMY CORPORATION PLC AVIVA PLC BAE SYSTEMS PLC BALFOUR BEATTY BARCLAYS PLC BG GROUP PLC BHP BILLITON PLC BP PLC BRITISH AIRWAYS BRITISH AMERICAN TOBACCO PLC BRITISH LAND CO PLC REIT BRITISH SKY BROADCASTING GROUP BT GROUP PLC BUNZL PLC BURBERRY GROUP PLC CABLE WIRELESS WORLDWIDE CAIRN ENERGY PLC CAPITA GROUP CARNIVAL PLC CENTRICA PLC COBHAM PLC COMPASS GROUP PLC DIAGEO PLC EURASIAN NATURAL RESOURCES CORPORATION EXPERIAN GROUP FIRSTGROUP PLC GLAXOSMITHKLINE PLC GROUP 4 SECURICOR HAMMERSON PLC HOME RETAIL GROUP HSBC HOLDINGS PLC ICAP PLC IMPERIAL TOBACCO GROUP PLC INMARSAT INTERCONTINENTAL HOTELS GROUP PLC INTERNATIONAL POWER INVENSYS INVESTEC ITV PLC J SAINSBURY PLC JOHNSON MATHEY PLC KAZAKHMYS PLC KINGFISHER PLC LAND SECURITIES GROUP PLC REIT LEGAL GENERAL GROUP PLC LIBERTY INTERNATIONAL PLC REIT LLOYDS BANKING GROUP PLC LONMIN PLC

129,207,860

31.09

260,960 259,876 225,197 3,459,592 280,710 255,354 461,083 5,172,543 449,585 1,018,885 1,263,798 255,343 3,464,048 3,674,434 4,283,101 6,651,707 89,338 4,713,791 356,274 1,013,306 1,100,318 339,970 260,635 247,143 716,390 566,129 406,791 1,749,383 283,288 991,382 2,953,746 174,682 780,369 256,016 6,473,240 385,918 303,997 280,347 12,024,837 286,023 2,280,068 392,502 217,676 520,397 173,318 144,504 166,528 459,540 444,669 168,182 679,302 575,233 628,073 214,095 2,388,243 276,030

0.06 0.06 0.05 0.83 0.07 0.06 0.11 1.25 0.11 0.25 0.30 0.06 0.83 0.88 1.03 1.61 0.02 1.13 0.09 0.24 0.26 0.08 0.06 0.06 0.17 0.14 0.10 0.42 0.07 0.24 0.71 0.04 0.19 0.06 1.57 0.09 0.07 0.07 2.90 0.07 0.55 0.09 0.05 0.13 0.04 0.03 0.04 0.11 0.11 0.04 0.16 0.14 0.15 0.05 0.57 0.07

Index Europe

Securities Portfolio as at 30/06/10

Options, Warrants, Rights Belgium

8,040 ANH.-B.INBV STRIP STRIP VVPR 31.12.49 Norway

23,301 NORSK HYDRO ASA

09.07.10 RIGHT

Spain

17,049 ZARDOYA OTIS (SHS)

30.06.10 RIGHT

Other transferable securities

66,946 514,873 621,247 588,465 1,912,714 558,815 572,470 772,189 1,452,549 2,243,640 624,593 361,853 4,710,044 1,243,477 704,395 4,862,462 407,058 1,872,365 256,640 117,959 1,160,111 216,890 337,402 380,629 535,706 410,103 3,776,956 525,067 3,261,337 175,101 408,750 92,498 1,059,744 2,567,682 495,847 300,082 8,316,228 194,601 424,751 1,977,009 208,723

EUR

Options, Warrants, Rights 0.02 0.12 France 0.15 9 EURAZEO (SHS) 22.06.10 RIGHTS 0.14 Total securities portfolio 0.46 0.13 0.14 0.19 0.35 0.54 0.15 0.09 1.13 0.30 0.17 1.17 0.10 0.45 0.06 0.03 0.28 0.05 0.08 0.09 0.13 0.10 0.91 0.13 0.78 0.04 0.10 0.02 0.25 0.62 0.12 0.07 2.01 0.05 0.10 0.48 0.05

18,726

0.00

24

0.00

24

0.00

9,819

0.00

9,819

0.00

8,883

0.00

8,883

0.00

19,918

0.00

Shares

19,895

0.00

United Kingdom

19,895

0.00

19,895

0.00

16,289,550 ROLLS-ROYCE GROUP -C-ENTITLEMENT JULY 10

% of NAV

LSE GROUP MAN GROUP PLC MARKS AND SPENCER GROUP PLC MORRISON SUPERMARKETS PLC NATIONAL GRID PLC NEXT PLC OLD MUTUAL PEARSON PLC PRUDENTIAL PLC RECKITT BENCKISER GROUP PLC REED ELSEVIER PLC REXAM RIO TINTO PLC ROLLS-ROYCE GROUP ROYAL BANK OF SCOTLAND GROUP PLC ROYAL DUTCH SHELL PLC -BRSA INSURANCE GROUP PLC SABMILLER PLC SAGE GROUP SCHRODERS SCOTTISH AND SOUTHERN ENERGY PLC SEGRO (REIT) SERCO GROUP SEVERN TRENT PLC SMITH AND NEPHEW PLC SMITHS GROUP -SHSSTANDARD CHARTERED PLC STANDARD LIFE PLC TESCO PLC THOMAS COOK GRP TOMKINS PLC TUI TRAVEL PLC TULLOW OIL PLC UNILEVER PLC UNITED UTILITIES GROUP PLC VEDANTA RESOURCES VODAFONE GROUP PLC WHITBREAD WOLSELEY PLC XSTRATA PLC 3I GROUP PLC

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

9,727 188,783 153,299 181,062 318,948 22,774 452,860 71,197 233,879 58,652 102,482 97,778 129,909 180,995 1,392,043 244,092 278,661 81,154 90,727 7,962 84,883 69,968 46,981 25,316 69,018 31,322 188,445 246,360 702,597 80,271 147,559 36,184 86,507 116,729 77,255 11,562 4,893,217 11,308 25,972 182,530 64,221

23

0.00

23

0.00

23

0.00

415,474,015

99.93

The accompanying notes form an integral part of these financial statements

95

Index Global Bond (EUR) Hedged

Securities Portfolio as at 30/06/10

EUR

Long positions

188,325,587

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

188,325,587

98.10

188,325,587

98.10

1,264,306

0.66

422,892 841,414

0.22 0.44

Belgium

3,725,604

1.94

BELGIAN -445.00 04-35 28/03A BELGIQUE -405.50 02-17 28/09A BELGIQUE OLO -38- 5.00 02-12 28/09A BELGIQUE OLO -46- 3.75 05-15 28/09A BELGIQUE OLO -48- 4.00 06-22 28/03A

426,177 523,980 1,194,446 1,009,375 571,626

0.22 0.27 0.62 0.53 0.30

Canada

3,802,575

1.98

CANADA 5.00 04-37 01/06S CANADA 5.25 01-12 01/06S CANADA 5.75 98-29 01/06S CANADA GOVT 4.25 07-18 01/06S CANADA GOVT DEBS 4.50 04-15 01/06S

453,936 1,442,458 471,285 673,514 761,382

0.24 0.74 0.25 0.35 0.40

Denmark

1,295,507

0.67

418,327 273,232 603,948

0.22 0.14 0.31

12,184,926

6.35

4,062,276 2,180,256 567,992 780,954 2,366,306 1,203,026 1,024,116

2.11 1.14 0.30 0.41 1.23 0.63 0.53

Australia

600,000 AUSTRALIA -1235.75 06-12 15/04S 1,150,000 AUSTRALIE GVT -217- 6.00 04-17 15/02S

370,000 450,000 1,100,000 950,000 550,000

480,000 1,750,000 475,000 800,000 900,000

2,800,000 DENMARK 1,650,000 DENMARK 4,000,000 DENMARK

4.00 05-17 15/11A 4.50 07-39 15/11A 5.00 01-13 15/11A

France

3,800,000 2,080,000 525,000 730,000 2,135,000 1,100,000 775,000

FRANCE BTAN FRANCE OAT FRANCE OAT FRANCE OAT FRANCE OAT FRANCE OAT FRANCE OAT

3.75 08-13 12/01A 3.00 04-15 25/10A 3.75 06-17 25/04A 4.00 04-55 25/04A 4.25 03-19 25/04A 4.25 06-23 25/10A 5.75 00-32 25/10A

Germany

1,100,000 280,000 960,000 2,600,000 940,000 1,150,000 1,510,000 105,000 950,000

ALLEMAGNE 3.50 09-19 04/07A BRD 6.25 94-24 04/01A BRD -985.625 98-28 04/01A GERMANY 4.50 03-13 04/01A GERMANY SERIE 07 4.25 07-39 04/07A GERMANY -043.75 04-15 04/01A GERMANY -074.00 07-18 04/01A GERMANY -3014.75 03-34 04/07A GERMANY -3034.25 03-14 04/01A Italy

870,000 890,000 1,000,000 1,170,000 2,290,000 1,860,000 2,565,000 2,320,000

BTPS 4.25 08-13 15/04S ITALY BTP 4.00 06-17 01/02S ITALY BTP 4.25 04-14 01/08S ITALY BTP 4.25 04-15 01/02S ITALY BTP 4.50 08-19 01/03S ITALY BTP 4.75 08-23 01/08S ITALY BTP 5.00 01-12 01/02S ITALY BUONI DEL TESO 5.00 03-34 01/08S

The accompanying notes form an integral part of these financial statements

96

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

Japan

98.10

10,952,024

5.71

1,191,234 384,412 1,271,779 2,844,295 1,110,272 1,268,864 1,694,492 130,190 1,056,486

0.62 0.20 0.66 1.49 0.58 0.66 0.88 0.07 0.55

13,457,939

7.01

912,708 919,868 1,055,730 1,235,789 2,385,630 1,928,002 2,686,710 2,333,502

0.48 0.48 0.55 0.64 1.24 1.00 1.40 1.22

116,000,000 410,500,000 738,000,000 321,000,000 799,000,000 45,000,000 464,000,000 165,000,000 232,000,000 235,000,000 400,000,000 1,450,000,000 590,000,000

250,000 600,000 290,000 1,000,000 610,000 630,000

1,200,000 1,050,000 980,000 1,500,000 220,000 160,000

59,191,024

30.83

1,193,514 3,852,416 7,969,603 3,483,334 8,249,445 467,456 4,566,824 1,637,998 2,307,470 2,288,527 3,770,004 13,605,264 5,799,169

0.62 2.01 4.15 1.81 4.30 0.24 2.38 0.85 1.20 1.19 1.96 7.10 3.02

Netherlands

3,717,131

1.94

NEDERLAND 4.00 05-37 15/01A NEDERLAND 4.00 06-16 15/07A NEDERLAND 5.50 98-28 15/01A NETHERLANDS 2.50 09-12 15/01A NETHERLANDS 4.00 09-19 15/07A NETHERLANDS GOVERNMENT3.75 04-14 15/07A

278,495 668,274 376,936 1,028,540 675,691 689,195

0.15 0.35 0.20 0.53 0.35 0.36

Spain

5,208,939

2.71

1,223,400 1,021,199 1,036,644 1,568,325 210,507 148,864

0.64 0.53 0.54 0.81 0.11 0.08

857,172

0.45

343,086 514,086

0.18 0.27

JAPAN 001 JGB JAPAN 013 JGB JAPAN 030 JGB JAPAN 037 JGB JAPAN 040 JGB JAPAN 045 JGB JAPAN 058 JGB JAPAN 074 JGB JAPAN 090 JGB JAPAN 099 JGB JAPAN 238 JGB JAPAN 247 JGB JAPAN 262 JGB

SPAIN SPAIN SPAIN SPAIN BTS SPANISH SPANISH

2.40 2.00 3.70 3.10 2.30 2.40 1.90 2.10 2.20 2.10 1.40 0.80 1.90

07-48 20/03S 03-33 20/12S 95-15 21/09S 97-17 20/09S 98-18 20/09S 00-20 20/03S 02-22 20/09S 04-24 20/12S 06-26 20/09S 07-27 20/12S 02-12 20/03S 03-13 20/03S 04-14 20/06S

3.90 07-12 31/10A 4.10 08-18 30/07A 5.75 01-32 30/07A 4.75 98-14 30/07A 4.00 10-20 30/04A 4.90 07-40 30/07A

Sweden

3,000,000 SWEDEN -10464,050,000 SWEDEN -1047-

5.50 01-12 08/10A 5.00 03-20 01/12A

United Kingdom

1,575,000 1,330,000 1,310,000 420,000 1,550,000 1,080,000 650,000 1,350,000

2,550,000 3,320,000 2,140,000 18,050,000 1,300,000 2,010,000 3,280,000 8,010,000 3,900,000 6,300,000 9,150,000 1,260,000

12,485,701

6.50

2,144,442 2,043,117 1,733,947 519,626 1,926,827 1,434,020 892,866 1,790,856

1.12 1.06 0.90 0.27 1.00 0.75 0.47 0.93

United States of America

60,182,739

31.35

US TREASURY NOTE 5.00 07-37 15/05S US TREASURY NOTES S F 4.25 07-17 15/11S USA T NOTES 4.50 09-39 15/08S USA T.NOTES P-2012 4.125 07-12 31/08S USA TREASURY 8.75 90-20 15/05S USA TREASURY BOND 6.75 96-26 15/08S USA TREASURY BOND 9.125 88-18 15/05S USA TREASURY BOND 9,25 86-16 15/02S USA TREASURY BONDS 8.125 89-19 15/08S USA TREASURY NOTES 4.25 03-13 15/11S USA TREASURY NOTES 4.25 04-14 15/08S USA TREASURY NOTES 7.125 93-23 15/02S

2,489,706 3,048,805 1,931,344 15,854,903 1,588,816 2,282,716 3,956,405 9,072,270 4,543,572 5,676,892 8,310,372 1,426,938

1.30 1.59 1.01 8.25 0.83 1.19 2.06 4.72 2.37 2.96 4.33 0.74

UK TREASURY STOCK 4.75 05-20 07/03S UK TREASURY STOCK 6.00 98-28 07/12S UNITED KINGDOM 4.00 06-16 07/09S UNITED KINGDOM 4.25 03-36 07/03S UNITED KINGDOM 4.25 06-46 07/12S UNITED KINGDOM 4.50 08-13 07/03S UNITED KINGDOM 4.75 03-15 07/09S UNITED KINGDOM 9.00 87-11 12/07S

Index Global Bond (EUR) Hedged

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Total securities portfolio

188,325,587

98.10

The accompanying notes form an integral part of these financial statements

97

Index North America

Securities Portfolio as at 30/06/10

370,027,574

98.97

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

370,027,574

98.97

369,734,985

98.89

Bermuda

888,552

0.24

ARCH CAPITAL GROUP LTD AXIS CAPITAL HOLDINGS LTD EVEREST REINSURANCE GROUP MARVELL TECHNOLOGY GROUP LTD PARTNERRE LTD WHITE MOUNTAINS INSURANCE GROUP LTD

91,597 119,545 127,480 299,786 161,478 88,666

0.02 0.03 0.03 0.09 0.05 0.02

34,586,472

9.25

311,129 278,646 54,732 136,525 1,118,914 1,682,316 1,475,529 227,071 191,023 395,154 121,125 76,129 290,625 807,308 922,755 1,282,155 377,960 114,128 136,988 175,109 677,943 119,672 104,983 189,504 328,376 38,757 571,580 869,773 103,719 36,272 245,912 83,718 111,778 178,618 130,158 103,371 181,861 1,078,227 234,477 220,764 211,385 137,170 356,413

0.08 0.07 0.01 0.04 0.30 0.45 0.39 0.06 0.05 0.11 0.03 0.02 0.08 0.22 0.25 0.34 0.10 0.03 0.04 0.05 0.18 0.03 0.03 0.05 0.09 0.01 0.15 0.23 0.03 0.01 0.07 0.02 0.03 0.05 0.03 0.03 0.05 0.29 0.06 0.06 0.06 0.04 0.10

Canada

6,271 6,975 3,980 9,007 25,224 44,644 39,748 9,516 51,373 21,369 10,546 10,736 16,709 15,888 19,687 47,238 8,622 2,795 3,931 8,445 32,206 9,834 7,677 6,638 22,402 958 15,006 35,116 5,898 3,771 821 6,181 2,717 8,554 5,229 1,848 7,741 30,111 12,680 11,385 14,659 4,810 11,963

AGNICO EAGLE MINES LTD AGRIUM ALIMENTATION COUCHE - TARD INC SUB VTG B ARC ENERGY TRUST BANK OF MONTREAL BANK OF NOVA SCOTIA BARRICK GOLD CORP BCE INC BOMBARDIER INC B BROOKFIELD ASSET MANAGEMENT INC -ABROOKFIELD PROPERTIES CORPORATION CAE INC CAMECO CORP CANADIAN IMPERIAL BANK OF COMMERCE CANADIAN NATIONAL RAILWAY CANADIAN NATURAL RESOURCES CANADIAN PACIFIC RAILWAY CANADIAN TIRE CORP -A- NON VOTING CANADIAN UTILITIES -A- NON VOTING CDN OIL SANDS - TRUST UNITS CENOVUS ENERGY INC CGI GROUP SUB.VTG SHS -ACI FINANCIAL CRESCENT POINT ENERGY CORP ELDORADO GOLD CORP EMPIRE -A- NON VOTING ENBRIDGE INC ENCANA CORP ENERPLUS RESOURCES FUND TRUST UNITS ENSIGN ENERGY SERVICES INC FAIRFAX FINANCIAL HOLDINGS SUB.VTG FINNING INTERNATIONAL FIRST QUANTUM MINERALS LTD FORTIS INC FRANCO-NEVADA CORP GEORGE WESTON GILDAN ACTIVEWEAR GOLDCORP GREAT WEST LIFECO INC HUSKY ENERGY IAMGOLD CORP IGM FINANCIAL INC IMPERIAL OIL

The accompanying notes form an integral part of these financial statements

98

% of NAV

EUR

Long positions

1,506 4,927 2,208 23,300 2,820 335

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

1,134 2,458 5,130 11,732 28,019 3,925 3,803 72,371 3,557 6,537 26,374 1,876 4,096 2,359 10,637 7,465 8,000 2,040 13,594 15,294 8,832 1,621 10,410 22,311 2,564 22,603 61,200 5,172 12,352 22,587 9,147 16,012 9,000 5,399 23,664 67,895 44,268 23,257 3,725 5,188 18,328 7,603 3,121 37,438 8,572 28,978 5,000 11,580 32,557

29,106 6,227 20,781 14,041 5,000 6,025

INDUSTRIAL ALLIANCE INSURANCE AND FIN. INMET MINING CORP INTACT FINANCIAL CORP IVANHOE MINES LIMITED KINROSS GOLD CORP LOBLAW COMPANIES MAGNA INTERNATIONAL SHS -A- SUB.VTG MANULIFE FINANCIAL CORP METRO -A- SUB VTG NATIONAL BK CANADA COMMON NEXEN INC NIKO RESOURCES LTD ONEX CORP SUB.VOTING OPEN TEXT PACIFIC RUB PAN AMERICAN SILVER CORP PETROBAKKEN ENERGY -APETROBANK ENERGY POTASH CORP OF SASKATCHEWAN POWER CORP DU CANADA SUB. POWER FINANCIAL PROGRESS ENERGY RESOURCES CORP RED BACK MINING RESEARCH IN MOTION RITCHIE BROTHERS AUCTIONEERS ROGERS COMMUNICATIONS -B- NON VOTING ROYAL BANK OF CANADA SAPUTO SHAW COMMUNICATIONS -B- NON.VOTING SHERRITT INTERNATIONAL SHOPPERS DRUG MART CORP SILVER WHEATON CORP SINO FOREST CORP SNC-LAVALIN GROUP SUN LIFE FINANCIAL INC SUNCOR ENERGY INC TALISMAN ENERGY INC TECK RESOURSES LTD -BTELUS CORP TELUS NON-VOTING THOMSON REUTERS TIM HORTONS INC TMX GROUP TORONTO DOMINION BANK TRANSALTA CORP TRANSCANADA CORP VERMILION ENERGY TRUST UNITS VITERRA INC YAMANA GOLD INC

30,405 79,595 176,958 124,292 391,769 116,425 204,897 859,011 114,254 273,453 424,286 142,698 80,526 72,493 194,982 153,527 130,173 58,693 957,580 299,735 185,101 15,405 215,214 896,965 38,175 603,951 2,383,773 120,792 181,914 99,257 231,337 262,387 104,613 176,738 508,313 1,634,194 547,547 562,463 114,957 153,530 536,470 199,063 66,633 1,983,999 129,866 792,768 129,336 63,075 273,132

0.01 0.02 0.05 0.03 0.10 0.03 0.05 0.23 0.03 0.07 0.11 0.04 0.02 0.02 0.05 0.04 0.03 0.02 0.26 0.08 0.05 0.00 0.06 0.24 0.01 0.16 0.65 0.03 0.05 0.03 0.06 0.07 0.03 0.05 0.14 0.44 0.15 0.15 0.03 0.04 0.14 0.05 0.02 0.53 0.03 0.21 0.03 0.02 0.07

Ireland

2,460,193

0.66

918,399 223,682 681,672 395,358 93,273 147,809

0.25 0.06 0.18 0.11 0.02 0.04

ACCENTURE - SHS CLASS A COOPER INDUSTRIES COVIDIEN PLC INGERSOLL-RAND WARNER CHILCOTT WILLIS GROUP HOLDINGS PLC

Index North America

Securities Portfolio as at 30/06/10

Singapore

29,993 FLEXTRONICS INTERNATIONAL LTD Switzerland

13,876 5,162 6,212 11,532 14,842 20,140 19,061 29,982

ACE LTD REG SHS FOSTER WHEELER AG (NAMEN) GARMIN NOBLE CORP TRANSOCEAN LTD TYCO ELECTRONICS LTD REG SHS TYCO INTERNATIONAL LTD WEATHERFORD IN United States of America

67,366 3,114 31,314 25,043 3,912 22,839 29,430 21,243 21,761 3,283 15,247 8,988 3,094 6,053 42,672 6,043 2,659 12,904 2,408 3,953 21,502 4,900 10,766 90,252 14,961 6,898 3,792 15,048 6,630 20,744 48,262 4,330 16,784 11,353 11,342 3,819 44,082 6,328 21,407 12,901 23,986

ABBOTT LABORATORIES LTD ABERCROMBIE AND FITCH -AACTIVISION BLIZ ADOBE SYSTEMS INC ADVANCE AUTO PARTS ADVANCED MICRO DEVICES INC AES CORP AETNA INC AFLAC INC AGCO CORP AGILENT TECHNOLOGIES AIR PRODUCTS CHEMICALS INC AIRGAS INC AKAMAI TECHNOLOGIES ALCOA INC ALLEGHENY ENERGY INC ALLEGHENY TECHNOLOGIES INC ALLERGAN INC ALLIANCE DATA SYSTEMS CORP ALLIANT ENERGY CORP ALLSTATE CORP ALPHA NATURAL RESOURCES INC ALTERA CORP ALTRIA GROUP AMAZON.COM INC AMB PROPERTY CORP AMERCIAN WATER WORKS CO INC AMEREN CORPORATION AMERICAN EAGLE OUTFITTERS AMERICAN ELECTRIC POWER CO INC AMERICAN EXPRESS CO COM. AMERICAN INTERNATIONAL GROUP INC AMERICAN TOWER CORP -AAMERIPRISE FINANCIAL INC - WHEN ISSUED AMERISOURCEBERGEN CORP AMETEK INC AMGEN INC AMPHENOL -AANADARKO PETROLEUM CORP ANALOG DEVICES INC ANNALY CAPITAL MANAGEMENT

% of NAV

4,211 ROYAL CARIBBEAN CRUISES

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

Liberia

EUR

78,279

0.02

78,279

0.02

137,122

0.04

137,122

0.04

2,959,453

0.79

583,179 88,752 147,984 291,007 561,376 417,302 548,224 321,629

0.15 0.02 0.04 0.08 0.15 0.11 0.15 0.09

328,624,914

87.89

2,572,766 78,022 268,172 540,360 160,261 136,486 222,004 457,499 758,055 72,286 353,884 475,559 157,112 200,482 350,462 102,024 95,927 613,754 117,009 102,431 504,329 135,491 218,062 1,476,570 1,334,508 133,522 63,773 292,016 63,599 547,009 1,564,210 121,745 609,754 334,871 293,990 125,180 1,892,982 202,926 630,728 293,430 335,831

0.69 0.02 0.07 0.14 0.04 0.04 0.06 0.12 0.20 0.02 0.09 0.13 0.04 0.05 0.09 0.03 0.03 0.16 0.03 0.03 0.13 0.04 0.06 0.39 0.36 0.04 0.02 0.08 0.02 0.15 0.42 0.03 0.16 0.09 0.08 0.03 0.51 0.05 0.17 0.08 0.09

10,378 14,642 6,334 38,660 56,969 6,825 24,160 4,282 4,244 252,870 8,015 21,382 734 1,586 2,666 3,430 5,383 18,625 16,827 3,287 419,566 54,797 4,399 24,639 32,167 3,102 10,108 11,493 25,150 14,409 12,169 855 6,801 27,927 4,160 5,550 63,111 74,552 17,306 3,686 3,286 5,855 21,289 11,129 4,173 7,824 9,644 7,978 18,547 15,108 7,554 10,202 17,642 28,249 21,145 5,374 19,328

AON CORP APACHE CORP APOLLO GROUP -AAPPLE INC APPLIED MATERIALS INC ARCH COAL ARCHER-DANIELS MIDLAND CO ARROW ELECTRONICS INC ASSURANT INC AT AND T INC AUTODESK INC AUTOMATIC DATA PROCESSING INC AUTOMATION AUTOZONE INC AVALONBAY COMMUN AVERY DENNISON CORP AVNET INC AVON PRODUCTS INC. COM. BAKER HUGHES INC BALL CORP BANK OF AMERICA CORP BANK OF NEW YORK MELLON CORP BARD INC BAXTER INTERNATIONAL INC BB AND T CORP BECKMAN COULTER INC BECTON DICKINSON BED BATH AND BEYOND INC BERKSHIRE HATHAWAY -BBEST BUY CO INC BIOGEN IDEC INC BLACKROCK INC BMC SOFTWARE INC BOEING CO COM. BORG WARNER BOSTON PROPERTIES INC BOSTON SCIENTIFIC CORP BRISTOL-MYERS SQUIBB CO BROADCOM CORPORATION BROWN-FORMAN CORP -B- NON VOTING BUCYRUS INTERNATIONAL -ABUNGE LTD CA INC CABLEVISION SYSTEMS -ACABOT OIL AND GAS CORP -ACALPINE CORP WHEN ISSUED CAMERON INTERNATIONAL CORP CAMPBELL SOUP CO CAPITAL ONE FINANCIAL CORP CARDINAL HEALTH INC CAREFUSION - SHS WHEN ISSUED CARMAX INC (WHEN ISSUED) CARNIVAL CORP CATERPILLAR INC CBS -BCELANESE CORP-ACELGENE CORP

314,500 1,006,376 219,614 7,938,729 559,039 110,379 509,275 78,131 120,228 4,993,815 159,397 702,783 11,685 250,181 203,220 89,971 105,955 402,941 571,066 141,768 4,922,168 1,104,529 278,435 817,478 690,925 152,682 558,007 347,914 1,636,218 398,309 471,401 100,096 192,276 1,430,663 126,814 323,240 298,836 1,517,942 465,817 172,218 127,293 235,127 319,796 218,146 106,701 81,248 256,040 233,367 610,208 414,548 139,992 165,744 435,541 1,385,352 223,206 109,288 801,901

0.08 0.27 0.06 2.13 0.15 0.03 0.14 0.02 0.03 1.34 0.04 0.19 0.00 0.07 0.05 0.02 0.03 0.11 0.15 0.04 1.32 0.30 0.07 0.22 0.18 0.04 0.15 0.09 0.44 0.11 0.13 0.03 0.05 0.38 0.03 0.09 0.08 0.41 0.12 0.05 0.03 0.06 0.09 0.06 0.03 0.02 0.07 0.06 0.16 0.11 0.04 0.04 0.12 0.37 0.06 0.03 0.21

The accompanying notes form an integral part of these financial statements

99

Index North America

Securities Portfolio as at 30/06/10

The accompanying notes form an integral part of these financial statements

100

124,864 342,890 112,722 179,301 99,508 473,327 450,453 4,702,389 339,122 666,392 122,103 306,264 173,734 116,604 96,866 4,295,751 224,489 2,862,407 223,199 233,124 287,380 719,907 342,524 3,602,961 221,147 524,672 1,281,482 1,310,599 410,073 161,915 249,062 375,702 2,460,271 201,474 406,475 88,550 292,617 893,570 777,530 94,520 100,243 233,278 447,035 137,517 607,359 450,524 1,472,535 107,017 778,038 150,560 214,658 131,537 894,089 754,742 78,343 119,520 123,410

% of NAV

CENTERPOINT ENERGY CENTURYLINK SHS CEPHALON INC CERNER CORP CF INDUSTRIES HOLDINGS INC CHARLES SCHWAB CORP/THE CHESAPEAKE ENERGY CORP CHEVRON CORP C.H.ROBINSON WORLWIDE INC CHUBB CORP CHURCH AND DWIGHT CIGNA CORP CIMAREX ENERGY CO CINCINNATI FINANCIAL CORP CINTAS CORP CISCO SYSTEMS INC CIT GROUP CITIGROUP INC CITRIX SYSTEMS CLIFF NATURAL RESOURCES CLOROX CO CME GROUP -ACOACH INC COCA-COLA CO COCA-COLA ENTERPRISES INC COGNIZANT TECHNOLOGY SOLUTIONS -ACOLGATE-PALMOLIVE CO COMCAST CORP COMCAST CORP SPECIAL CLASS A COMERICA INC COMPUTER SCIENCES CORP. CONAGRA FOODS INC CONOCOPHILLIPS CO CONSOL ENERGY INC CONSOLIDATED EDISON INC CONSTELLATION BRANDS INC -ACONSTELLATION ENRGY GROUP CORNING INC COSTCO WHOLESALE CORP COVANCE COVENTRY HEALTH CARE INC CREE CROWN CASTLE INTERNATIONAL CROWN HOLDINGS INC CSX CORP CUMMINS INC CVS CAREMARK CORP D AND B CORP DANAHER CORP DARDEN RESTAURANTS INC DAVITA INC DEAN FOODS DEERE AND CO DELL INC DELTA AIR LINES DENBURY RESOURCES DENTSPLY INTERNATIONAL INC

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

11,622 12,609 2,433 2,894 1,921 40,887 26,337 84,880 7,463 16,322 2,385 12,078 2,973 5,521 4,950 246,920 8,121 932,490 6,474 6,055 5,663 3,132 11,479 88,054 10,475 12,838 19,930 92,421 30,572 5,385 6,742 19,734 61,389 7,310 11,552 6,944 11,114 67,773 17,370 2,256 6,945 4,760 14,696 6,727 14,990 8,473 61,518 1,953 25,674 4,747 4,211 16,000 19,669 76,657 8,167 10,000 5,054

EUR

0.03 0.09 0.03 0.05 0.03 0.13 0.12 1.26 0.09 0.18 0.03 0.08 0.05 0.03 0.03 1.15 0.06 0.77 0.06 0.06 0.08 0.19 0.09 0.96 0.06 0.14 0.34 0.35 0.11 0.04 0.07 0.10 0.66 0.05 0.11 0.02 0.08 0.24 0.21 0.03 0.03 0.06 0.12 0.04 0.16 0.12 0.39 0.03 0.21 0.04 0.06 0.04 0.24 0.20 0.02 0.03 0.03

19,533 1,588 2,487 40,920 23,933 6,249 6,591 7,572 1,850 7,500 4,836 23,698 7,490 52,266 11,486 11,336 5,837 52,282 20,000 2,734 6,959 4,506 53,549 10,393 12,605 3,986 36,278 23,293 11,410 44,713 88,841 34,220 5,500 2,962 8,018 10,350 3,888 12,192 4,590 6,754 30,450 9,018 9,473 24,202 217,605 4,750 4,518 2,108 12,258 12,574 12,690 33,603 2,095 12,772 6,917 4,733 2,549

DEVON ENERGY CORP DEVRY DIAMOND OFFSHORE DRILLING DIRECTV -ADISCOVER FINANCIAL SERVICES - SHS WI DISCOVERY COMM -ADISCOVERY COMM -CDISH NETWORK -ADOLBY LABORATORIES -ADOLLAR GENERAL DOLLAR TREE INC DOMINION RESOURCES INC DOVER CORP DOW CHEMICAL CO DR HORTON DR PEPPER SNAPPLE GROUP (WHEN ISSUED) DTE ENERGY COMPANY DUKE ENERGY HLDG DUKE REALTY EASTMAN CHEMICAL CO EATON CORP EATON VANCE NON-VOTING EBAY ECOLAB INC EDISON INTERNATIONAL EDWARDS LIFESCIENCES CORP EI DU PONT DE NEMOURS & CO EL PASO CORP ELECTRONIC ARTS ELI LILLY AND CO EMC CORP EMERSON ELECTRIC CO ENERGEN CORP ENERGIZER HOLDINGS INC ENTERGY CORP EOG RESOURCES INC EQT EQTY RESIDENTIAL PPTYS TR SHS BEN.INT. EQUIFAX INC ESTEE LAUDER COMPANIES INC -AEXELON CORP EXPEDIA EXPEDITORS INTERNATIONAL OF WASHINGTON EXPRESS SCRIPTS -AEXXON MOBIL CORP FAMILLY DOLLAR DTORE FASTENAL CO FED RLTY INV TR / SHS.OF BENEF.INTEREST FEDEX CORP FIDELITY NATIONAL FIDELITY NATIONAL FINANCL-A SHS -AFIFTH THIRD BANCORP FIRST SOLAR INC FIRSTENERGY CORP FISERV INC FLIR SYSTEMS INC FLOWSERVE

971,467 68,050 126,269 1,133,159 273,152 182,180 166,430 112,198 94,682 168,687 164,358 749,498 255,537 1,012,123 92,177 346,031 217,345 682,923 185,321 119,101 371,783 101,568 857,291 381,051 326,419 182,297 1,024,456 211,271 134,137 1,222,864 1,327,284 1,220,566 199,049 121,585 468,813 831,194 114,713 414,462 105,148 307,291 943,903 138,263 266,890 929,038 10,138,555 146,157 185,124 120,932 701,615 275,316 134,577 337,155 194,688 367,342 257,842 112,403 176,468

0.26 0.02 0.03 0.30 0.07 0.05 0.04 0.03 0.03 0.05 0.04 0.20 0.07 0.27 0.02 0.09 0.06 0.18 0.05 0.03 0.10 0.03 0.23 0.10 0.09 0.05 0.27 0.06 0.04 0.33 0.36 0.33 0.05 0.03 0.13 0.22 0.03 0.11 0.03 0.08 0.25 0.04 0.07 0.25 2.72 0.04 0.05 0.03 0.19 0.07 0.04 0.09 0.05 0.10 0.07 0.03 0.05

Index North America

Securities Portfolio as at 30/06/10

275,076 131,842 196,040 1,089,585 298,508 171,638 459,694 948,909 190,164 85,352 340,538 730,219 5,325,239 800,875 186,509 234,746 462,438 1,143,086 2,168,329 242,143 124,711 3,733,526 195,827 732,572 100,098 152,846 189,123 111,332 252,935 152,468 339,877 153,880 126,593 143,379 202,692 502,003 3,596,031 469,037 104,296 1,666,348 1,058,548 88,270 337,036 301,393 167,267 148,088 283,140 5,622,074 96,818 586,595 163,153 146,836 3,705,615 257,268 87,652 136,197 334,600

% of NAV

FLUOR CORP WHEN ISSUED FMC CORP FMC TECHNOLOGIES INC FORD MOTOR FOREST LABORATORIES INC FORTUNE BRANDS FRANKLIN RESOURCES INC FREEPORT MCMORAN COPPER & GOLD INC F5 NETWORKS GAMESTOP CORP -AGAP INC GENERAL DYNAMICS CORP GENERAL ELECTRIC CO GENERAL MILLS INC GENUINE PARTS CO GENWORTH FINANCIAL INC CLASS-A GENZYME CORP GILEAD SCIENCES INC GOLDMAN SACHS GROUP INC GOODRICH CORP GOODYEAR TIRE RUBBER CO GOOGLE INC H & R BLOCK INC HALLIBURTON CO HANSEN NATURAL CORP HARLEY DAVIDSON INC HARRIS CORP HARSCO CORP HARTFORD FINANCIAL SERVICES GROUP INC HASBRO INC HCP HEALTH CARE REIT HELMERICH PAINE HENRY SCHEIN INC HERSHEY HESS CORP HEWLETT-PACKARD CO HJ HEINZ CO HOLOGIC INC HOME DEPOT INC HONEYWELL INTERNATIONAL INC HORMEL FOODS CORP HOSPIRA HOST HOTELS & RESORTS - SHS HUDSON CITY HUMAN GENOME SCI HUMANA INC IBM CORP IHS INC -AILLINOIS TOOL WORKS ILLUMINA INC INTEGRYS ENG GRP SHS INTEL CORP INTERCONTINENTAL EXCHANGE INC INTERNATIONAL FLAVORS FRAGRANCES INTERNATIONAL GAME TECHNOLOGY INTERNATIONAL PAPER CO

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

7,928 2,812 4,560 132,404 13,330 5,366 6,533 19,657 3,397 5,564 21,435 15,274 452,350 27,618 5,791 22,000 11,157 40,845 20,233 4,477 15,368 10,278 15,288 36,551 3,135 8,422 5,562 5,803 14,000 4,544 12,909 4,475 4,246 3,199 5,180 12,215 101,774 13,293 9,171 72,715 33,221 2,671 7,186 27,387 16,739 8,005 7,594 55,770 2,030 17,406 4,591 4,112 233,368 2,788 2,531 10,626 18,111

EUR

0.07 0.04 0.05 0.29 0.08 0.05 0.12 0.25 0.05 0.02 0.09 0.20 1.42 0.21 0.05 0.06 0.12 0.31 0.58 0.06 0.03 1.00 0.05 0.20 0.03 0.04 0.05 0.03 0.07 0.04 0.09 0.04 0.03 0.04 0.05 0.13 0.96 0.13 0.03 0.45 0.28 0.02 0.09 0.08 0.04 0.04 0.08 1.50 0.03 0.16 0.04 0.04 0.99 0.07 0.02 0.04 0.09

17,053 12,427 1,676 18,202 6,849 7,640 2,163 4,381 4,671 7,549 4,981 4,223 116,668 28,220 4,295 170,829 22,871 8,833 11,284 35,571 17,076 16,453 2,805 115,233 6,200 11,656 75,966 25,991 3,980 4,489 10,152 5,006 5,753 3,900 6,667 89,589 5,346 5,905 29,315 4,145 7,742 10,962 13,208 8,950 12,397 14,018 6,771 59,451 30,433 2,716 5,146 5,499 21,632 2,842 29,098 13,499 21,786

INTERPUBLIC GROUP OF COMPANIES INC INTUIT INTUITIVE SURGICAL INVESCO LTD IRON MOUNTAIN ITT ITT EDUCATIONAL SERVICES JACOBS ENGIN GROUP J.B. HUNT TRANSPORT SERVICES INC JC PENNEY INC JEFFERIES GROUP J.M. SMUCKER CO SHS/WHEN ISSUED JOHNSON AND JOHNSON JOHNSON CONTROLS INC JOY GLOBAL INC JPMORGAN CHASE CO JUNIPER NETWORKS INC KBR INC KELLOGG KEYCORP KIMBERLY CLARK KIMCO REALTY KINDER MORGAN MANAGEMENT LLC KINDER MORGAN MANAGEMENT LLC (FRACTION) KLA-TENCOR CORP KOHL'S CORP KRAFT FOODS INC KROGER CO LABORATORY CORP OF AMERICA HOLDINGS LAM RESEARCH CORP LAS VEGAS SANDS CORP LEGG MASON LEGGETT PLATT INC LENDER PROCESSING SERVICES WHEN ISSUED LEUCADIA NATIONAL CORP LEVEL 3 COMMUNICATIONS INC LIBERTY GLOBAL INC SERIES -ALIBERTY GLOBAL SERIES -CLIBERTY MEDIA HOLDING CORP INTERACTIVE-A LIBERTY PROPERTY TRUST LIFE TECHNOLOGIES CORP LIMITED BRANDS INC LINCOLN NATIONAL CORP LINEAR TECHNOLOGY CORP LOCKHEED MARTIN CORP LOEWS CORP LORILLARD WHEN ISSUED LOWE'S COMPANIES INC LSI CORP LUBRIZOL CORP L-3 COMMUNICATIONS HOLDINGS INC MACERICH CO MACYS MANPOWER INC MARATHON OIL CORP MARRIOTT INTERNATIONAL -AMARSH MC-LENNAN COS. INC.

99,264 352,753 431,855 250,094 125,585 280,177 146,602 130,332 124,583 132,380 85,721 207,616 5,625,284 619,048 175,636 5,105,762 426,089 146,676 463,373 223,317 845,226 180,528 129,590 0 141,118 452,004 1,736,507 417,800 244,831 139,482 183,497 114,555 94,216 99,689 106,191 79,722 113,432 125,293 251,292 97,627 298,644 197,511 261,917 203,200 754,002 381,206 397,891 991,093 114,288 178,073 297,610 167,542 316,118 100,186 738,556 329,954 401,073

0.03 0.09 0.12 0.07 0.03 0.07 0.04 0.03 0.03 0.04 0.02 0.06 1.50 0.17 0.05 1.37 0.11 0.04 0.12 0.06 0.23 0.05 0.03 0.00 0.04 0.12 0.46 0.11 0.07 0.04 0.05 0.03 0.03 0.03 0.03 0.02 0.03 0.03 0.07 0.03 0.08 0.05 0.07 0.05 0.20 0.10 0.11 0.27 0.03 0.05 0.08 0.04 0.08 0.03 0.20 0.09 0.11

The accompanying notes form an integral part of these financial statements

101

Index North America

Securities Portfolio as at 30/06/10

The accompanying notes form an integral part of these financial statements

102

117,973 102,542 115,945 748,665 222,898 167,628 307,084 174,780 128,827 143,870 2,397,003 704,168 91,688 345,795 110,792 826,133 1,422,670 117,787 3,626,985 1,085,111 50,241 133,074 260,931 149,242 6,217,001 247,013 142,671 220,705 938,437 120,571 1,058,083 219,420 528,828 177,820 322,041 172,807 144,237 72,708 539,800 167,017 411,296 230,623 210,544 118,528 188,715 983,132 804,627 177,724 638,589 157,436 854,950 151,014 374,914 152,081 677,839 192,853 353,538

% of NAV

MARSHALL & ILSLEY - SHS WHEN ISSUED MARTIN MARIETTA MASCO MASTERCARD INC -AMATTEL MAXIM INTEGRATED PRODUCTS INC MC GRAW-HILL INC MCAFFE MCCORMICK & CO INC NON VOTING MCDERMOTT INTERNATIONAL INC MCDONALD'S CORP MCKESSON CORP MDU RESOURCES GROUP MEAD JOHNSON NUTRITION CO MEADWESTVACO MEDCO HEALTH SOLUTIONS INC MEDTRONIC INC MEMC ELECTRONIC MATERIALS MERCK AND CO METLIFE INC METROPCS COMMUNICATIONS INC MGM RESORTS INTL MICRON TECHNOLOGY MICROSHIP TECH MICROSOFT CORP MILLIPORE CORP MOHAWK INDUSTRIES INC MOLSON COORS BREWING CO -B- NON VOTING MONSANTO CO MOODY'S CORP WHEN ISSUED MORGAN STANLEY MOSAIC CO MOTOROLA INC M&T BANK CORPORATION MURPHY OIL CORP MYLAN INC NABORS INDUSTRIES LTD NASDAQ STOCK MARKET INC NATIONAL OILWELL VARCO INC NATIONAL SEMICONDUCTOR CORP. NETAPP NETFLIX INC NEW YORK COMMUNITY BANCORP INC NEWELL RUBBERMAID NEWFIELD EXPLORATION CO NEWMONT MINING CORP NEWS CORP -A- WHEN ISSUED NEWS CORP -B- WHEN ISSUED NEXTERA ENERGY NII HOLDINGS INC NIKE INC NISOURCE NOBLE ENERGY INC NORDSTROM INC NORFOLK SOUTHERN CORP NORTHEAST UTILITIES INC NORTHERN TRUST CORP

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

20,126 1,481 13,199 4,596 12,903 12,273 13,367 6,969 4,157 8,136 44,574 12,843 6,229 8,451 6,113 18,372 48,046 14,603 127,043 35,200 7,514 16,909 37,646 6,590 330,952 2,837 3,819 6,382 24,870 7,414 55,840 6,895 99,350 2,564 7,961 12,422 10,027 5,009 19,994 15,199 13,503 2,600 16,889 9,917 4,731 19,505 82,407 15,718 16,042 5,930 15,503 12,757 7,612 5,787 15,651 9,271 9,273

EUR

0.03 0.03 0.03 0.20 0.06 0.04 0.08 0.05 0.03 0.04 0.64 0.19 0.02 0.09 0.03 0.22 0.38 0.03 0.97 0.29 0.01 0.04 0.07 0.04 1.66 0.07 0.04 0.06 0.25 0.03 0.28 0.06 0.14 0.05 0.09 0.05 0.04 0.02 0.14 0.04 0.11 0.06 0.06 0.03 0.05 0.26 0.22 0.05 0.17 0.04 0.23 0.04 0.10 0.04 0.18 0.05 0.09

14,118 11,828 3,343 9,585 13,332 24,225 11,760 5,524 35,351 19,000 5,000 13,624 3,551 167,021 5,974 13,893 8,720 5,790 5,999 13,225 11,816 6,152 14,184 7,738 70,881 4,650 15,348 4,557 336,368 15,324 3,836 79,956 3,605 5,343 7,435 6,366 6,125 20,000 2,604 7,260 15,882 14,229 5,640 2,123 6,194 13,759 124,177 11,810 28,394 17,394 20,270 21,261 5,084 14,831 69,013 10,252 6,969

NORTHROP GRUMMAN CORP NRG ENERGY WHEN ISSUED NSTAR NUANCE COMMUNICATIONS INC NUCOR CORP NVIDIA CORP NYSE EURONEXT O REILLY AUTOMOTIVE OCCIDENTAL PETROLEUM CORP OLD REPUBLIC INTERNATIONAL CORP OMNICARE INC OMNICOM GROUP INC ONEOK INC (NEW) ORACLE CORP OWENS-ILLINOIS INC PACCAR INC PACTIV PALL CORP PARKER-HANNIFIN CORP PAYCHEX INC PEABODY ENERGY CORP PENTAIR INC PEOPLES UNITED FINANCIAL PEPCO HOLDINGS PEPSICO INC PERRIGO PETROHAWK ENERGY CORP PETSMART INC PFIZER INC PG AND E CORP PHARMACEUTICAL PRODUCTS DEV.SERVICES PHILIP MORRIS INTERNATIONAL INC PINNACLE WEST CAPITAL CORP PIONER NATURAL RESOURCES COMPANY PITNEY BOWES INC PLAIN EXPLORATION & PRODUCTION CO PLUM CREEK TIMBER PNC FINANCIAL SERVICES GROUP INC POLO RALPH LAUREN PPG INDUSTRIES INC PPL CORP PRAXAIR INC PRECISION CASTPARTS CORP PRICELINE.COM INC PRIDE INTERNATIONAL INC PRINCIPAL FINANCIAL GROUP INC PROCTER AND GAMBLE CO PROGRESS ENERGY INC PROGRESSIVE CORP PROLOGIS TRUST PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GROUP INC PUBLIC STORAGE INC PULTEGROUP QUALCOMM INC QUANTA SERVICES INC QUEST DIAGNOSTICS

627,467 204,810 95,522 116,986 416,645 201,924 265,270 214,484 2,226,573 188,154 96,743 381,503 125,382 2,926,174 129,000 452,212 198,263 162,464 271,618 280,393 377,468 161,723 156,326 99,054 3,526,979 224,243 212,634 112,242 3,915,918 514,178 79,576 2,992,230 107,011 259,320 133,295 107,113 172,664 922,524 155,105 358,051 323,501 882,735 473,891 305,980 112,968 263,296 6,080,607 378,144 433,942 143,849 887,981 543,805 364,874 100,254 1,850,263 172,834 283,164

0.17 0.05 0.03 0.03 0.11 0.05 0.07 0.06 0.60 0.05 0.03 0.10 0.03 0.78 0.03 0.12 0.05 0.04 0.07 0.07 0.10 0.04 0.04 0.03 0.94 0.06 0.06 0.03 1.05 0.14 0.02 0.80 0.03 0.07 0.04 0.03 0.05 0.25 0.04 0.10 0.09 0.24 0.13 0.08 0.03 0.07 1.63 0.10 0.12 0.04 0.24 0.15 0.10 0.03 0.49 0.05 0.08

Index North America

Securities Portfolio as at 30/06/10

230,440 238,279 90,014 228,103 115,611 710,226 179,773 196,587 267,874 95,644 462,321 329,595 101,917 255,529 290,829 146,513 206,782 72,435 118,662 278,376 251,872 350,384 276,586 266,794 122,474 116,105 2,362,737 104,695 233,973 8 91,090 126,197 34,573 361,019 201,825 183,389 759,046 141,943 319,452 1,007,067 154,192 436,494 462,270 423,027 85,063 483,292 227,750 447,953 636,236 213,086 564,799 163,669 501,131 118,710 376,426 150,445 404,740

% of NAV

QUESTAR CORP QWEST COMMUNICATIONS INTERNATIONAL INC RALCORP HOLDINGS RANGE RESOURCES CORP RAYONIER REIT RAYTHEON CO RED HAT REGENCY CENTERS REGIONS FINANCIAL CORP RENAISSANCERE HOLDINGS LTD REPUBLIC SERVICES -AREYNOLDS AMERICAN ROBERT HALF INTERNATIONAL INC ROCKWELL AUTOMATION ROCKWELL COLLINS WHEN ISSUED ROPER INDUSTRIES INC ROSS STORES INC ROWAN COMPANIES INC R.R.DONNELLEY SONS CO SAFEWAY INC SAIC INC SALESFORCE COM.INC SANDISK CORP SARA LEE CORP SBA COMMUNICATIONS SCANA SCHLUMBERGER LTD SCRIPPS NETWORKS SEAGATE TECHNOLOGY SEAHAWK DRILLING INC SEALED AIR SEARS HOLDINGS CORP SEI INVESTMENTS COMPANY SEMPRA ENERGY SHERWIN WILLIAMS CO SIGMA-ALDRICH CORP SIMON PROPERTY GROUP INC SLM SMITH INTERNATIONAL SOUTHERN CO SOUTHWEST AIRLINES CO SOUTHWESTERN ENERGY CO SPECTRA ENERGY - WHEN ISSUED SPRINT NEXTEL 1 SHS-SERIES 1 SPX CORP ST JUDE MEDICAL INC STANLEY BLCK DECK STAPLES STARBUCKS CORP STARWOOD HOTELS AND RESORTS STATE STREET CORP STERICYCLE INC STRYKER CORP SUNOCO SUNTRUST BANKS INC SUPERVALUE INC SYMANTEC CORP

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

6,205 55,594 2,012 6,959 3,217 17,978 7,609 7,000 49,866 2,082 19,048 7,746 5,301 6,376 6,705 3,207 4,753 4,044 8,879 17,344 18,430 5,001 8,053 23,177 4,411 3,977 52,297 3,179 21,978 1 5,658 2,391 2,080 9,451 3,573 4,508 11,514 16,734 10,393 37,066 17,000 13,837 28,213 122,209 1,973 16,403 5,522 28,803 32,071 6,300 20,456 3,057 12,262 4,182 19,789 17,000 35,718

EUR

0.06 0.06 0.02 0.06 0.03 0.19 0.05 0.05 0.07 0.03 0.12 0.09 0.03 0.07 0.08 0.04 0.06 0.02 0.03 0.07 0.07 0.09 0.07 0.07 0.03 0.03 0.63 0.03 0.06 0.00 0.02 0.03 0.01 0.10 0.05 0.05 0.20 0.04 0.09 0.27 0.04 0.12 0.12 0.11 0.02 0.13 0.06 0.12 0.17 0.06 0.15 0.04 0.13 0.03 0.10 0.04 0.11

5,112 25,254 9,500 28,991 11,906 6,388 57,423 8,983 31,107 16,918 4,509 52,335 15,221 16,641 4,828 3,122 4,067 23,944 10,369 5,470 21,789 29,531 36,815 51,053 12,365 5,871 3,387 83,293 6,433 22,119 4,468 7,046 7,853 4,301 121,259 6,859 3,969 25,552 13,152 18,290 7,025 5,483 40,386 95,243 80,928 217 22,409 3,543 4,219 19,059 211,547 9,912 9,382 2,664 5,021 25,552 15,733

SYNOPSYS SYSCO CORP T ROWE PRICE GROUP INC TARGET CORP TD AMERITRADE HOLDING CORP TERADATA - SHS WHEN ISSUED TEXAS INSTRUMENTS INC TEXTRON INC THE WESTERN UNION COMPANY WHEN ISSUED THERMO FISHER SCIEN SHS TIFFANY CO TIME WARNER TIME WARNER CABLE (WHEN ISSUED) TJX COS INC TOLL BROTHERS INC TORCHMARK CORP TRANSATLANTIC HOLDINGS INC TRAVELERS COS INC/THE TYSON FOODS INC -AULTRA PETROLEUM CORP UNION PACIFIC CORP UNITED PARCEL SERVICE INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM SHS URBAN OUTFITTERS INC URS CORP US BANCORP US STEEL VALERO ENERGY CORP (NEW) VARIAN MEDICAL SYTEMS VENTAS INC VERISIGN INC VERISK ANALYTICS INC VERIZON COMMUNICATIONS INC VERTEX PHARMACEUTICALS INC VF CORP VIACOM -BVIRGIN MEDIA INC VISA INC -AVORNADO REALTY TRUST SHS OF BENEF.INT VULCAN MATERIALS CO WALGREEN CO WAL-MART STORES INC WALT DISNEY CO WASHINGTON POST WASTE MANAGEMENT INC WATERS WATSON PHARMACEUTICALS WELLPOINT INC WELLS FARGO AND CO WESTERN DIGITAL CORP WEYERHAEUSER CO WHIRLPOOL CORP WHOLE FOODS MARKET WILLIAMS COS INC WINDSTREAM

87,099 589,033 344,277 1,163,758 148,716 158,957 1,091,360 124,452 378,648 677,466 139,551 1,235,207 647,163 569,916 64,484 126,190 159,240 962,725 138,744 197,606 1,236,471 1,371,556 1,950,903 1,183,693 219,055 164,833 108,808 1,519,796 202,459 324,679 190,699 270,071 170,216 104,988 2,773,840 184,228 230,642 654,393 179,204 1,056,427 418,380 196,196 880,322 3,737,718 2,081,176 72,720 572,437 187,144 139,738 761,333 4,421,261 244,057 269,611 190,997 147,650 381,330 135,636

0.02 0.16 0.09 0.31 0.04 0.04 0.29 0.03 0.10 0.18 0.04 0.33 0.17 0.15 0.02 0.03 0.04 0.26 0.04 0.05 0.33 0.37 0.52 0.32 0.06 0.04 0.03 0.41 0.05 0.09 0.05 0.07 0.05 0.03 0.74 0.05 0.06 0.18 0.05 0.28 0.11 0.05 0.24 1.00 0.56 0.02 0.15 0.05 0.04 0.20 1.18 0.07 0.07 0.05 0.04 0.10 0.04

The accompanying notes form an integral part of these financial statements

103

Index North America

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

4,184 2,226 5,246 2,319 3,758 19,144 54,489 9,484 13,775 54,896 19,684 8,370 27,192

WISCONSIN ENERGY CORP WMWARE W.R.BERKLEY CORP WW GRAINGER INC WYNN RESORTS LTD XCEL ENERGY INC XEROX CORP XILINX INC XL CAPITAL -AYAHOO INC YUM BRANDS INC ZIMMER HOLDINGS INC 3M CO

173,317 113,744 113,323 188,280 233,997 322,114 357,655 195,580 180,046 619,815 627,368 369,335 1,753,528

0.05 0.03 0.03 0.05 0.06 0.09 0.10 0.05 0.05 0.17 0.17 0.10 0.47

Shares/Units in investment funds

292,589

0.08

Canada

292,589

0.08

18,761 PENN WEST ENERGY TRUST UNITS

Total securities portfolio

The accompanying notes form an integral part of these financial statements

104

292,589

0.08

370,027,574

98.97

Index Pacific

Securities Portfolio as at 30/06/10

83,213,569

98.88

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

83,213,569

98.88

14,647 75,209 42,726 67,515 82,417 14,000 24,046 95,817 5,881 36,870 10,988 109,092 6,491 58,921 17,615 45,819 5,192 54,310 17,099 1,727 51,045 13,702 15,283 18,742 46,451 143,850 1,757 73,804 42,841 63,687 221,296 34,086 59,493 15,100 50,164 69,558 70,157 4,828 17,187 4,200 10,940 18,840 25,570 97,733 68,369 16,020 43,044 11,861 28,648 93,231 19,830

AGL ENERGY LTD ALUMINA AMCOR LTD AMP LIMITED ANZ BANKING GROUP LTD ARISTOCRAT LEISURE ARROW ENERGY SHS ASCIANO GROUP - STAPLE SECURITY ASX LTD AXA ASIA PACIFIC HOLDINGS BENDIGO AND ADELAIDE BANK BHP BILLITON LTD BILLABONG INTERNATIONAL LTD BLUESCOPE STEEL BORAL LTD BRAMBLES CALTEX AUSTRALIA LTD CFS RETAIL PROPERTY TRUST COCA-COLA AMATIL LTD COCHLEAR COMMONWEALTH BANK OF AUSTRALIA COMPUTERSHARE LIMITED CROWN CSL LTD CSR LTD DEXUS PROPERTY GROUP STAPLED SECURITY ENERGY RESOURCES OF AUSTRALIA LTD -AFAIRFAX MEDIA FORTESCUE METALS GROUP LTD FOSTER BREWING GROUP LTD GOODMAN GROUP - STAPLED SECURITY GOODMANN FIELDER LTD GPT GROUP STAPLED SECURITY HARVEY NORMAN HOLDINGS INCITEC PIVOT LTD INSURANCE AUSTRALIA GROUP LIMITED INTOLL GRP STAPLED SECURITIES LEIGTHON HOLDINGS LTD LEND LEASE CORP LTD - STAPLED SECURITIES MACARTHUR COAL MACQUARIE GROUP MAP GROUP STAPLED SECURITIES METCASH LTD MIRVAC GROUP STAPLED SECURITIES NAT. AUSTRALIA BANK NEWCREST MINING LTD ONESTEEL LTD ORICA LIMITED ORIGIN ENERGY LTD OZ MINERALS PALADIN ENERGY

% of NAV

EUR

Long positions

Australia

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

83,134,004

98.79

18,578,257

22.08

149,675 76,906 184,081 239,333 1,184,370 34,454 78,683 105,817 115,463 134,973 60,674 2,759,837 37,612 83,547 57,520 171,169 32,386 70,345 136,382 85,920 1,651,856 96,677 79,702 409,873 52,882 76,000 16,110 67,922 116,821 239,657 97,304 30,556 113,559 34,999 89,939 161,222 50,457 92,156 84,945 35,217 271,766 33,136 75,303 86,280 1,073,379 386,275 87,150 200,689 285,523 63,556 46,368

0.18 0.09 0.22 0.28 1.41 0.04 0.09 0.13 0.14 0.16 0.07 3.29 0.04 0.10 0.07 0.20 0.04 0.08 0.16 0.10 1.97 0.11 0.09 0.49 0.06 0.09 0.02 0.08 0.14 0.28 0.12 0.04 0.13 0.04 0.11 0.19 0.06 0.11 0.10 0.04 0.32 0.04 0.09 0.10 1.28 0.46 0.10 0.24 0.34 0.08 0.06

34,177 40,982 14,203 26,587 5,393 11,176 39,100 80,674 41,786 19,300 37,662 147,734 19,611 41,061 33,231 4,684 71,424 96,289 17,619 40,984 5,417

QBE INSURANCE GROUP QUANTAS AIRWAYS LTD RIO TINTO SANTOS LTD SIMS METAL MANAGEMENT LTD SONIC HEALTHCARE LTD SP AUSNET STAPLED SECURITY STOCKLAND SUNCORP METWAY TABCORP HOLDINGS LTD TATTS GROUP TELSTRA CORP TOLL HOLDING LTD TRANSURBAN GROUP WESFARMERS WESFARMERS PRICE PROTECTED SHS WESTFIELD GROUP LTD STAPLED SECURITY WESTPAC BANKING CORP WOODSIDE PETROLEUM WOOLWORTHS LTD WORLEYPARSONS LTD Bermuda

412,389 61,184 630,319 224,020 61,838 78,474 20,391 204,036 223,899 83,942 56,998 320,263 72,193 116,725 629,099 89,120 593,536 1,365,993 504,824 744,300 78,288

0.49 0.07 0.75 0.27 0.07 0.09 0.02 0.24 0.27 0.10 0.07 0.38 0.09 0.14 0.75 0.11 0.71 1.62 0.60 0.88 0.09

82,349

0.10

103,000 MONGOLIA ENERGY 9,000 ORIENT OVERSEAS INTL

29,561 52,788

0.04 0.06

Cayman Islands

157,360

0.19

80,590 76,770

0.10 0.09

30,176

0.04

30,176

0.04

66,000 SANDS CHINA LTD 57,200 WYNN MACAU LTD China

39,000 YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD Hong Kong

5,000 46,400 121,500 34,000 14,000 44,000 65,500 38,221 78,000 29,000 73,000 24,000 37,000 136,700 46,500 34,100 18,000 73,000 21,000 24,000 76,000 20,000 50,000 80,000

ASM PACIFIC TECHNOLOGY BANK OF EAST ASIA LTD BOC HONG KONG (HOLDINGS) LTD CATHAY PACIFIC AIRWAYS CHEUNG KONG INFRASTRUCTURE HOLDINGS CHEUNG-KONG HOLDINGS LTD CHINA L&P HLDGS ESPRIT HOLDINGS LTD FOXCONN INTERNATIONAL HOLDINGS LTD HANG LUNG GROUP LTD HANG LUNG PROPERTIES LTD HANG SENG BANK LTD HENDERSON LAND DEVLOPMENT CO LTD HONG KONG CHINA GAS HONG KONG ELECTRIC HOLDINGS LTD HONG KONG EXCHANGES AND CLEARING LTD HOPEWELL HLDGS HUTCHISON WHAMPOA HYSAN DEVELOPMENT KERRY PROPERTIES LI AND FUNG LTD LIFESTYLE INTERNATIONAL MTR CORP LTD NEW WORLD DEVELOPMENT

5,859,748

6.96

31,883 137,285 226,470 55,000 42,299 415,120 385,885 169,330 41,598 128,024 229,701 261,997 177,628 275,917 225,420 436,313 41,516 367,979 48,655 85,287 278,799 31,727 139,066 106,702

0.04 0.16 0.27 0.07 0.05 0.48 0.46 0.20 0.05 0.15 0.27 0.31 0.21 0.33 0.27 0.51 0.05 0.44 0.06 0.10 0.33 0.04 0.17 0.13

The accompanying notes form an integral part of these financial statements

105

Index Pacific

Securities Portfolio as at 30/06/10

Ireland

15,402 JAMES HARDIES IND/CHESS UNITS OF FOR SEC Isle of Man

216,000 GENTING SINGAPORE PLC Japan

700 1,430 5,200 19,700 1,800 2,800 5,000 6,000 23,000 1,000 26,000 14,000 20,000 12,000 34,000 42,000 4,000 15,100 10,000 40,000 1,700 21,700 6,200 37,100 2,100 6,500 50 25,000 6,000 21,800 7,400 5,000 9,300 31,000 8,500 1,700 15,000 4,200

ABC MART INC. TOKYO ACOM CO LTD ADVANTEST CORP AEON CO LTD AEON CREDIT SERVICE LTD AEON MALL CO LTD AIR WATER AISIN SEIKI CO LTD AJINOMOTO CO INC ALFRESA HOLDINGS CORP ALL NIPPON AIRWAYS CO LTD AMADA CO LTD AOZORA BANK SHS ASAHI BREWERIES LTD ASAHI GLASS CO LTD ASAHI KASEI CORPORATION ASICS CORP KOBE ASTELLAS PHARMA BANK OF KYOTO BANK OF YOKOHAMA LTD BENESSE HOLDINGS INC BRIDGESTONE CORP BROTHER INDUSTRIES CANON INC CANON MARKETING JAPAN INC CASIO COMPUTER CO LTD CENTRAL JAPAN RAILWAY CO CHIBA BANK CHIYODA CORP CHUBU ELECTRIC POWER CO INC CHUGAI PHARMACEUTICAL CHUGOKU BANK LTD CHUGOKU ELECTRIC POWER CO CHUO MITSUI TRUST HOLDING CITIZEN HOLDINGS -SHSCOCA-COLA WEST SHS COSMO OIL LTD CREDIT SAISON CO LTD

The accompanying notes form an integral part of these financial statements

106

% of NAV

NWS HOLDINGS LTD PCCW LTD SHANGRI - LA ASIA LTD SINO LAND SUN HUNG KAI PROPERTIES LTD SWIRE PACIFIC LTD SIE A TELEVISION BROADCASTS LTD THE LINK REIT - UNITS WHARF HOLDINGS WHEELOCK COMPANY LTD WING HANG BANK LTD YUE YUEN INDUSTRIAL HOLDINGS

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

33,000 100,000 48,000 52,000 47,000 25,000 9,000 71,000 47,000 33,000 5,000 23,000

EUR

48,767 23,795 72,538 76,194 526,811 232,211 34,096 143,752 187,131 76,457 39,946 58,449

0.06 0.03 0.09 0.09 0.62 0.28 0.04 0.17 0.22 0.09 0.05 0.07

66,043

0.08

66,043

0.08

148,281

0.18

148,281

0.18

54,104,693

64.28

21,484 15,200 87,145 168,609 13,203 45,069 44,082 128,658 168,066 38,883 66,759 74,600 21,719 165,433 259,396 177,416 29,744 409,948 66,722 148,353 63,206 285,579 52,323 1,101,119 24,255 32,004 335,910 122,400 35,340 439,772 105,218 47,396 155,171 88,726 41,851 22,920 29,404 35,792

0.03 0.02 0.10 0.20 0.02 0.05 0.05 0.15 0.20 0.05 0.08 0.09 0.03 0.20 0.31 0.21 0.04 0.49 0.08 0.18 0.08 0.34 0.06 1.31 0.03 0.04 0.40 0.15 0.04 0.52 0.13 0.06 0.18 0.11 0.05 0.03 0.03 0.04

19,000 8,000 7,000 6,000 260 22,600 7,900 5,200 2,500 17,000 56,000 2,700 12,000 15,800 5,700 7,000 11,300 8,200 4,300 5,200 2,300 6,100 1,800 15,000 16,000 14 14,800 62,000 24,000 19,000 13,000 12,000 13,000 720 38,000 9,000 1,000 14,000 2,000 3,300 3,900 2,000 150,000 7,000 6,500 46,000 5,700 54,300 13,900 4,400 600 37,000 27 11,000 42,000 2,100 51,000

DAI NIPPON PRINTING CO LTD DAICEL CHEMICAL INDUSTRIES LTD DAIDO STEEL DAIHATSU MOTOR CO DAI-ICHI LIFE INSURANCE CO LT DAIICHI SANKYO CO LTD DAIKIN INDUSTRIES LTD DAINIPPON SUMITOMO PHARMA CO LTD DAITO TRUST CONSTRUCTION CO LTD DAIWA HOUSE INDUSTRY CO LTD DAIWA SECURITIES GROUP INC DENA CO LTD DENKI KAGAKU KOGYO KK DENSO CORP DENTSU DOWA HOLDINGS CO LTD EAST JAPAN RAILWAY CO EISAI ELECTRIC POWER DEVELOPMENT CO ELPIDA MEMORY INC FAMILYMART CO LTD FANUC LTD FAST RETAILING CO LTD FUJI ELECTRIC HOLDINGS CO FUJI HEAVY INDUSTRIES LTD FUJI MEDIA HLDGS FUJIFILM HOLDINGS CORP FUJITSU LTD FUKUOKA FINANCIAL GROUP FURUKAWA ELECTRIC CO LTD GS YUASA CORP GUNMA BANK LTD HACHIJUNI BANK HAKUHODO DY HOLDINGS INC HANKYU HANSHIN HOLDINGS INC HINO MOTORS LTD HIROSE ELECTRIC CO HIROSHIMA BANK HISAMITSU PHARMACEUTICAL CO INC HITACHI CHEMICAL CO LTD HITACHI CONST MACH. HITACHI HIGH-TECHNOLOGIES HITACHI LTD HITACHI METALS LTD HOKKAIDO ELECTRIC POWER CO INC HOKUGIN FINANCIAL GROUP HOKURIKU ELECTRIC POWER CO INC HONDA MOTOR CO LTD HOYA CORP IBIDEN IDEMITSU KOSAN IHI CORP INPEX ISETAN MITSUKOSHI ISUZU MOTORS LTD ITO EN LTD ITOCHU CORP

179,229 44,395 24,094 45,831 278,759 327,581 194,701 32,063 113,887 123,284 193,779 56,082 44,837 347,815 121,806 26,284 613,565 218,848 112,150 63,457 62,040 557,454 221,314 33,821 69,501 16,350 346,641 313,252 79,735 65,921 69,869 51,905 59,221 29,188 137,088 34,787 74,360 45,352 62,489 49,473 57,893 29,818 434,843 57,786 113,717 69,004 101,347 1,255,307 242,796 95,767 36,168 47,672 120,638 85,643 99,724 25,878 332,303

0.21 0.05 0.03 0.05 0.33 0.39 0.23 0.04 0.14 0.15 0.23 0.07 0.05 0.41 0.14 0.03 0.73 0.26 0.13 0.08 0.07 0.66 0.26 0.04 0.08 0.02 0.41 0.37 0.09 0.08 0.08 0.06 0.07 0.03 0.16 0.04 0.09 0.05 0.07 0.06 0.07 0.04 0.52 0.07 0.14 0.08 0.12 1.49 0.29 0.11 0.04 0.06 0.14 0.10 0.12 0.03 0.39

Index Pacific

Securities Portfolio as at 30/06/10

21,452 59,783 14,548 36,140 57,103 71,323 362,834 376,573 60,666 85,745 66,676 94,570 120,668 80,469 44,307 67,705 301,316 51,795 56,405 56,212 503,943 49,089 339,023 90,595 62,424 381,750 101,012 95,251 41,414 257,080 42,012 34,695 129,210 289,637 122,952 47,672 465,616 31,497 121,107 227,121 104,068 89,490 348,371 62,065 220,040 63,860 30,664 89,237 235,008 46,544 12,303 14,384 86,076 43,181 38,726 81,496 31,115

% of NAV

ITOCHU TECHNO-SOLUTIONS CORP CTC IYO BANK JAFCO CO LTD JAPAN PETROLEUM EXPLORATION CO LTD JAPAN RETAIL FUND INVESTMENT CORP JAPAN STEEL WORKS JAPAN TOBACCO JFE HOLDINGS INC J.FRONT RETAILING CO LTD JGC CORP JOYO BANK LTD JP REAL ESTATE INVESTMENT JS GROUP JSR CORP JTEKT CORP JUPITER TELECOMMUNICATIONS CO LTD JX HOLDINGS INC KAJIMA CORP KAMIGUMI CO LTD KANEKA CORP KANSAI ELECTRIC POWER KANSAI PAINT CO LTD KAO CORP KAWASAKI HEAVY INDUSTRIES KAWASAKI KISEN KAISHA LTD KDDI CORP KEIH ELECTRIC EXPRESS RAILWAY KEIO KEISEI ELECTRIC RAILWAY CO LTD KEYENCE CORP KIKKOMAN CORP KINDEN CORP KINETSU KIRIN HOLDINGS CO LTD KOBE STEEL KOITO MANUFACTURING KOMATSU LTD KONAMI CO LTD KONICA MINOLTA HOLDINGS INC KUBOTA CORP KURARAY CO LTD KURITA WATER INDUSTRIES LTD KYOCERA CORP KYOWA HAKKO KIRIN CO LTD KYUSHU ELECTRIC POWER CO INC LAWSON INC MABUCHI MOTOR CO LTD MAKITA CORP MARUBENI CORP MARUI GROUP CO LTD MARUICHI STEEL TUBE LTD MATSUI SECURITIES CO LTD MAZDA MOTOR CORP MC DONALD'S CO (JAPAN) MEDICEO HOLDINGS CORP MEIJI HLDGS MINEBEA CO LTD

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

700 8,000 800 1,100 56 10,000 145 15,200 16,000 7,000 21,000 14 7,800 5,900 5,900 88 75,440 28,000 9,000 12,000 25,600 7,000 17,900 46,000 19,000 99 14,000 18,000 9,000 1,370 5,000 5,000 52,000 28,000 80,000 4,000 31,800 2,500 15,500 37,000 11,000 4,000 5,400 8,000 12,100 1,800 800 4,100 56,000 8,500 800 3,000 47,000 2,400 4,000 2,453 7,000

EUR

0.03 0.07 0.02 0.04 0.07 0.08 0.43 0.45 0.07 0.10 0.08 0.11 0.14 0.10 0.05 0.08 0.36 0.06 0.07 0.07 0.60 0.06 0.40 0.11 0.07 0.45 0.12 0.11 0.05 0.31 0.05 0.04 0.15 0.34 0.15 0.06 0.55 0.04 0.14 0.27 0.12 0.11 0.41 0.07 0.26 0.08 0.04 0.11 0.28 0.06 0.01 0.02 0.10 0.05 0.05 0.10 0.04

38,500 44,000 65,000 39,000 11,000 101,000 4,000 39,000 127,000 8,000 419,500 55,600 30,000 24,000 28,000 19,000 39,000 2,600 458,300 19,000 40,000 17,804 1,710 6,500 5,300 86,000 8,000 6,000 6,000 3,600 10,600 3,300 17 12,000 27,000 7,000 2,700 19,000 166,000 17,200 51,000 24,000 5,000 82,500 1,000 6,500 2,000 24,000 4,000 1,150 5,300 45,700 3,400 115,500 3,600 3,500 13,000

MITSUBISHI CHEMICAL HOLDINGS CORP MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI ESTATE MITSUBISHI GAS CHEM. MITSUBISHI HEAVY INDUSTRIES LTD MITSUBISHI LOGISTICS MITSUBISHI MATERIAL MITSUBISHI MOTORS CORP MITSUBISHI TANABE PHARMA CORP MITSUBISHI UFJ FINANCIAL GROUP INC MITSUI AND CO LTD MITSUI CHEMICALS MITSUI ENGINEERING SHIPBUILDING CO LTD MITSUI FUDOSAN CO LTD MITSUI MINING SMELTING CO LTD MITSUI OSK LINES LTD MITSUMI ELECTRIC CO LTD MIZUHO FINANCIAL GROUP INC MIZUHO SECURITIES CO LTD MIZUHO TRUST AND BANKING CO LTD MS&AD INSURANCE GROUP HOLDING M'UFJ LEASE & FIN -SHSMURATA MANUFACTURING CO LTD NAMCO BANDAI HOLDINGS INC, TOKYO NEC CORP NGK INSULATORS LTD NGK SPARK PLUG CO LTD NHK SPRING CO LTD NIDEC CORP NIKON CORP NINTENDO CO LTD NIPPON BUILDING FD NIPPON ELECTRIC GLASS CO LTD NIPPON EXPRESS NIPPON MEAT PACKERS INC., OSAKA NIPPON PAPER GROUP NIPPON SHEET GLASS CO LTD NIPPON STEEL CORP NIPPON TEL. NIPPON YUSEN KK NISHI NIPPON CITY BANK NISSAN CHEMICAL INDUSTRIES LTD NISSAN MOTOR CO LTD NISSHA PRINTING LTD NISSHIN FLOUR MILL. NISSHIN FOODS NISSHIN STEEL CO LTD NISSHINBO HOLDINGS NITORI CO LTD NITTO DENKO CORP NKSJ HOLDINGS NOK CORP NOMURA HOLDINGS INC NOMURA REAL ESTATE HOLDINGS INC NOMURA RESEARCH INSTITUTE NSK LTD

147,041 756,820 411,559 441,110 43,733 282,569 36,076 81,474 130,904 97,258 1,548,128 526,527 67,642 39,094 317,467 40,567 207,813 35,365 611,573 34,447 27,977 312,463 46,189 246,457 37,997 179,661 100,276 60,464 44,395 238,874 148,181 794,783 113,584 112,535 97,902 70,090 59,462 37,594 443,033 567,477 150,663 56,322 45,279 460,105 21,747 59,640 59,359 31,143 31,106 81,387 141,304 224,589 43,744 511,278 35,947 61,619 72,023

0.17 0.90 0.49 0.52 0.05 0.34 0.04 0.10 0.16 0.12 1.84 0.63 0.08 0.05 0.38 0.05 0.25 0.04 0.73 0.04 0.03 0.37 0.05 0.29 0.05 0.21 0.12 0.07 0.05 0.28 0.18 0.94 0.13 0.13 0.12 0.08 0.07 0.04 0.53 0.67 0.18 0.07 0.05 0.55 0.03 0.07 0.07 0.04 0.04 0.10 0.17 0.27 0.05 0.61 0.04 0.07 0.09

The accompanying notes form an integral part of these financial statements

107

Index Pacific

Securities Portfolio as at 30/06/10

The accompanying notes form an integral part of these financial statements

108

49,696 116,289 603,114 26,670 70,863 29,498 139,886 118,719 138,597 115,443 87,097 57,592 109,847 195,463 193,760 20,799 649,326 104,206 150,147 197,497 226,155 45,352 157,924 62,189 71,553 56,691 28,874 34,879 60,262 249,241 88,261 53,503 81,281 125,069 22,492 482,675 30,845 47,883 290,999 133,399 55,743 51,408 88,694 67,587 516,915 31,281 155,958 27,609 207,813 148,233 79,017 28,443 194,644 565,394 56,158 695,181 74,023

% of NAV

NTN CORP NTT DATA CORP NTT DOCOMO INC NTT URBAN DEVELOPMENT OBAYASHI CORP OBIC ODAKYU ELECTRIC RAILWAY CO LTD OJI PAPER CO LTD OLYMPUS CORP OMRON CORP ONO PHARMACEUTICAL CO LTD ORACLE CORP JAPAN ORIENTAL LAND CO LTD ORIX CORP OSAKA GAS CY OTSUKA CORP PANASONIC CORP PANASONIC ELECTRIC WORKS RAKUTEN RESONA HOLDINGS INC RICOH CO LTD RINNAI CORP ROHM CO LTD SANKYO CO LTD SANTEN PHARMACEUTICAL CO LTD SANYO ELECTRIC CO LTD SAPPORO HOKUYO HOLDINGS INC SAPPORO HOLDINGS LTD SBI HOLDING SECOM CO LTD SEGA SAMMY HOLDINGS INC SEIKO EPSON CORP SEKISUI CHEMICAL CO LTD SEKISUI HOUSE LTD SENSHU IKEDA HOLDINGS SEVEN & I HOLDINGS CO LTD SEVEN BANK SEVENTY-SEVEN BANK LTD SHARP CORP SHIKOKU ELECTRIC POWER CO SHIMADZU CORPORATION SHIMAMURA CORP SHIMANO INC SHIMIZU CORP SHIN-ETSU CHEM. CO LTD SHINKO ELECTRIC INDUSTRIES CO LTD SHINOGI CO LTD SHINSEI BANK LTD SHISEIDO SHIZUOKA BANK LTD SHOWA DENKO KK SHOWA SHELL SEKIYU KK SMC CORP SOFTBANK CORP SOJITZ CORP SONY CORP SONY FINANCIAL HOLDINGS

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

15,000 39 492 42 22,000 190 20,000 30,000 7,300 6,400 2,600 1,400 1,600 3,350 66,000 400 64,200 13,000 251 20,000 22,000 1,100 3,300 1,700 2,500 55,000 8,300 10,000 598 6,900 7,400 5,200 16,000 18,000 18,800 25,900 21 11,000 34,000 5,700 9,000 700 2,500 24,000 13,600 3,000 9,200 40,000 11,700 21,000 54,000 5,100 1,800 27,100 43,900 32,900 27

EUR

0.06 0.14 0.72 0.03 0.08 0.04 0.17 0.14 0.16 0.14 0.10 0.07 0.13 0.23 0.23 0.02 0.77 0.12 0.18 0.23 0.27 0.05 0.19 0.07 0.09 0.07 0.03 0.04 0.07 0.30 0.10 0.06 0.10 0.15 0.03 0.57 0.04 0.06 0.35 0.16 0.07 0.06 0.11 0.08 0.61 0.04 0.19 0.03 0.25 0.18 0.09 0.03 0.23 0.67 0.07 0.83 0.09

1,500 5,200 3,800 51,000 35,500 25,000 18,000 113,000 18,000 43,400 12,000 6,700 48,000 6,000 2,100 10,900 900 8,700 36,000 30,000 4,000 9,000 10,000 24,500 3,900 28,000 5,700 3,600 26,000 3,300 14,000 14,100 24,300 8,000 40,500 5,800 83,000 3,200 10,000 39,000 12,000 10,000 18,000 44,000 129,000 20,000 8,000 4,800 3,000 2,600 2,200 5,400 90,000 6,600 3,700 1,800 35,000

SQUARE ENIX HDLGS STANLEY ELECTRIC CO LTD SUMCO CORP SUMITOMO CHEMICAL CO LTD SUMITOMO CORP SUMITOMO ELECTRIC INDUSTRIES LTD SUMITOMO HEAVY INDUSTRIES SUMITOMO METAL INDUSTRIES LTD SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GROUP INC SUMITOMO REALTY & DEVELOPMENT CO LTD SUMITOMO RUBBER INDUSTRIES LTD SUMITOMO TRUST BANK SURUGA BANK LTD SUZUKEN CO SUZUKI MOTOR CORP SYSMEX T AND D HOLDINGS INC TAIHEIYO CEMENT CORP TAISEI TAISHO PHARMACEUTICAL TAIYO NIPPON SANSO TAKASHIMAYA CO LTD TAKEDA PHARMA CO LTD TDK CORP TEIJIN LTD TERUMO CORP. THK CO LTD TOBU RAILWAY CO LTD TOHO CO TOHO GAS TOHOKU ELECTRIC POWER CO INC TOKIO MARINE HOLDINGS INC TOKUYAMA CORP TOKYO ELECTRIC POWER CO INC TOKYO ELECTRON LTD TOKYO GAS CO LTD TOKYO STEEL MFG CO LTD SHS TOKYO TATEMONO CO TOKYU CORP TOKYU LAND CORP TONENGENERAL SEKIYU TOPPAN PRINTING TORAY INDUSTRIES INC TOSHIBA CORP TOSOH CORP TOTO LTD TOYO SEIKAN KAISHA TOYO SUISAN KAISHA TOYODA GOSEI CO LTD TOYOTA BOSHOKU CORP TOYOTA INDUSTRIES CORP TOYOTA MOTOR CORP TOYOTA TSUSHO CORP TREND MICRO INC TSUMURA AND CO UBE INDUSTRIES LTD

22,501 70,252 51,023 160,988 292,730 232,606 83,987 200,709 181,723 1,007,316 163,777 50,376 199,227 44,009 57,032 174,645 41,911 151,886 38,101 49,420 64,053 59,718 63,961 866,948 171,024 65,967 219,009 59,602 114,136 44,462 60,427 247,068 525,091 28,566 897,143 251,141 307,832 29,126 24,572 129,210 33,352 70,127 117,118 171,287 521,176 41,045 42,849 56,278 57,344 52,522 26,098 111,071 2,493,099 76,593 79,884 44,644 67,320

0.03 0.08 0.06 0.19 0.35 0.28 0.10 0.24 0.22 1.20 0.19 0.06 0.24 0.05 0.07 0.21 0.05 0.18 0.05 0.06 0.08 0.07 0.08 1.03 0.20 0.08 0.26 0.07 0.14 0.05 0.07 0.29 0.62 0.03 1.07 0.30 0.37 0.03 0.03 0.15 0.04 0.08 0.14 0.20 0.62 0.05 0.05 0.07 0.07 0.06 0.03 0.13 2.95 0.09 0.09 0.05 0.08

Index Pacific

Securities Portfolio as at 30/06/10

129,486 30,977 49,107 41,622 168,125 147,004 68,242 144,975 54,243 45,713 75,936 133,826 20,118 55,908 47,340 41,631

New Zealand

246,887

AUCKLAND INTERNATIONAL AIRPORT CONTACT ENERGY LTD FLETCHER BUILDING LTD SKY CITY TELECOM CORP OF NEW ZEALAND LTD Singapore

42,000 86,500 50,000 72,400 18,000 69,000 25,000 57,500 34,000 191,512 3,000 8,800 44,000 27,000 31,500 91,182 44,000 81,000 26,000 32,000 15,000 680 27,000 59,000 268,000 53,000 17,000 41,000 14,000 45,000

ASCENDAS REAL ESTATE INVES.TRUST UNITS CAPITALAND LTD CAPITALMALLS CAPITAMALL REAL ESTATE INVESTMENT TRUST CITY DEVELOPMENT COMFORTDELGRO CORP COSCO CORP (S) LTD DBS GROUP HOLDINGS FRASER & NEAVE LTD GOLDEN AGRI-RESOURCES JARDINE CYCLE & CARRIAGE LTD K GREEN TRUST UNITS KEPPEL CORPORATION LTD KEPPEL LAND LTD NEPTUNE ORIENT LINES LTD NOBLE GROUP LTD OLAM INTERNATIONAL LTD OVERSEA-CHINESE BANKING CORPORATION LTD SEMBCORP INDUSTRIES LTD SEMBCORP MARINE LTD SINGAPORE AIRLINES LTD SINGAPORE AIRPORT TERMINAL SERVICES LTD SINGAPORE EXCHANGE LTD SINGAPORE TECHNOLOGIES ENGINEERING SINGAPORE TELECOM - SH BOARD LOT 1000 S'PORE PRESS HOLDINGS LTD STARHUB UNITED OVERSEAS BANK UOL GROUP LTD WILMAR INTERNATIONAL LTD

% of NAV

25,500 8,213 23,007 23,273 57,907

UNI-CHARM UNY CO LTD USHIO INC. USS WEST JAPAN RAILWAY COMPANY YAHOO JAPAN CORP YAKULT HONSHA CO LTD YAMADA DENKI CO LTD YAMAGUCHI FINANCIAL GROUP YAMAHA CORP. YAMAHA MOTOR CO LTD YAMATO HOLDINGS CO LTD YAMATO KOGYO CO LTD YAMAZAKI BAKING CO YASKAWA ELECTRIC CORP YOKOGAWA ELECTRIC CORP

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

1,400 5,100 4,000 710 57 463 3,100 2,670 7,000 5,600 7,200 12,700 1,000 5,000 8,000 8,600

EUR

Shares/Units in investment funds 0.15 0.04 Japan 0.06 19 JAPAN PRIME REALTY INVESTMENT CORP 0.05 11 NOMURA REAL ESTATE OFFICE FD 0.20 Options, Warrants, Rights 0.17 0.08 Hong Kong 0.17 7,400 HENDERSON LAND DEV (SHS) 01.06.11 WAR 0.06 Mauritius 0.05 0.09 6,364 GOLDEN AGRI-RESOURCES 23.07.12 RIGHT 0.16 Other transferable securities 0.02 Shares 0.07 0.06 Malta 0.05 206,362 BGP HOLDINGS 0.29

Total securities portfolio

26,356 25,968 99,080 36,598 58,885

0.03 0.03 0.12 0.04 0.07

3,860,210

4.59

45,448 180,659 60,213 78,343 114,143 58,206 20,944 460,294 100,681 57,936 52,638 5,376 215,533 60,946 35,002 89,118 64,250 414,684 60,958 70,743 126,185 1,064 115,138 113,270 473,977 117,168 22,747 465,123 30,461 148,962

0.05 0.21 0.07 0.09 0.14 0.07 0.02 0.55 0.12 0.07 0.06 0.01 0.26 0.07 0.04 0.11 0.08 0.49 0.07 0.08 0.15 0.00 0.14 0.13 0.57 0.14 0.03 0.55 0.04 0.18

78,175

0.09

78,175

0.09

32,873 45,302

0.04 0.05

1,390

0.00

1,020

0.00

1,020

0.00

370

0.00

370

0.00

0

0.00

0

0.00

0

0.00

0

0.00

83,213,569

98.88

The accompanying notes form an integral part of these financial statements

109

Multi Asset Protected

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Long positions

32,888,814

91.95

Shares/Units of UCITS/UCIS

32,888,814

91.95

Shares/Units in investment funds

32,888,814

91.95

France

31,347,821

87.64

3,174,947 2,709,551 3,158,705 3,179,421 7,180,710 2,566,581 7,185,924 211,770 211,184 1,769,028

8.88 7.58 8.83 8.89 20.07 7.18 20.08 0.59 0.59 4.95

212,833

0.60

75,648 16,012 30,895 34,908 311 12 7 1,776 11,798 13,278

AMUNDI ETF DJ EURO STOXX 50 FCP AMUNDI ETF EUROMTS BROAD GLB FCP AMUNDI ETF MSCI JAPAN FCP CAP/DIS AMUNDI ETF MSCI USA FCP CAP/DIS AMUNDI MONE 3 MOIS FCP 3 DEC CAP AMUNDI TRESO EONIA FCP CAP AMUNDI TRESO 3 MOIS -C CAPLYXOR ETF CHINA ENT FCP -A- CAP/DIS EUR LYXOR ETF EASTERN EUR FCP CAP / DIS MULTI UNITS FRA LYXOR ETF EUROMTS GLB Ireland

5,186 ISHARES MSCI BRAZIL Luxembourg

7,886 DB X-TRCK2 IBOXX SOV EUR TTL RET -1C-

Total securities portfolio

The accompanying notes form an integral part of these financial statements

110

212,833

0.60

1,328,160

3.71

1,328,160

3.71

32,888,814

91.95

Arbitrage Inflation

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Long positions

23,744,040

101.95

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

21,278,613

91.36

21,278,613

91.36

16,337,163

70.14

BUNDESSCHATZANW. 0.50 10-12 15/06A GERMAN TREASURY BILLS -10 11/08U GERMAN TREASURY BILLS -10 14/07U GERMANY INFL. INDEX 2.25 07-13 15/04A

6,487,845 999,902 1,999,776 6,849,640

27.86 4.29 8.59 29.40

United States of America

4,941,450

21.22

2,280,264 2,661,186

9.79 11.43

2,465,427

10.59

Shares/Units in investment funds

2,465,427

10.59

France

2,465,427

10.59

201,968 1,366,435 897,024

0.87 5.87 3.85

23,744,040

101.95

Germany

6,500,000 1,000,000 2,000,000 6,000,000

2,500,000 US TREASURY INFL IX 2.375 06-11 15/04S 3,000,000 USA T.NOTES M-2012 4.875 07-12 30/06S

Shares/Units of UCITS/UCIS

2 CPR CASH EURO GOVERNMENT -I- CAP 62 CPR CASH -P- CAP 2,322 CPR GLOBAL INFLATION FCP 3 DEC CAP

Total securities portfolio

The accompanying notes form an integral part of these financial statements

111

Arbitrage VaR 2 (EUR)

Securities Portfolio as at 30/06/10

EUR

4,500,000 VENEZUELA 9.25 97-27 15/09S 1,100,000 VENEZUELA REGS 8.25 09-24 13/10S

Long positions

310,427,826

98.29

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

293,596,217

92.96

Floating rate bonds

262,128,030

82.99

Argentina

988,528

0.31

Argentina

1,200,000 ARGENTINA SERIE V

7.00 06-11 28/03S

988,528

0.31

7,382,913

2.34

7,382,913

2.34

108,285,862

34.28

5,995,893 9,988,020 6,492,636 38,948,938 19,982,806 15,473,937 2,973,240 8,430,392

1.90 3.16 2.06 12.32 6.33 4.90 0.94 2.67

15,078,813

4.77

2,282,774 3,091,840 2,102,315 2,839,941 419,608 2,847,075 1,495,260

0.72 0.98 0.67 0.90 0.13 0.90 0.47

Iceland

2,115,304

0.67

ICELAND T-NOTES 7.25 02-13 17/05A ISLANDE 13.75 08-10 10/12A RIKISBREF 8.00 09-11 22/07A RIKISBREF 8.00 09-25 12/06A

225,254 1,673,420 211,603 5,027

Australia

6,000,000 ANZ BANKING GROUP

6.15 07-10 23/08S

France

6,000,000 10,000,000 6,500,000 39,000,000 20,000,000 15,500,000 2,250,000 7,650,000

FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE OAT HSBC FRANCE

-10 07/10U -10 12/08U -10 18/11U -10 23/09U 09-10 01/07U 09-10 21/10U 5.75 00-32 25/10A 5.75 08-13 19/06A

Greece

2,600,000 4,000,000 2,300,000 5,450,000 800,000 3,500,000 2,000,000

49,000,000 376,000,000 48,000,000 1,000,000

GREECE 4.10 GREECE 5.90 HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC

07-12 20/08A 10-17 20/04A 4.30 09-12 20/03A 4.50 05-37 20/09A 4.60 07-40 20/09A 5.50 09-14 20/08A 6.25 10-11 19/06A

Ireland

21,507,090

5,150,000 GE CAP EUROPEAN FDG 6.025 08-38 01/03A 12,550,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S Portugal

13,962,534

14,000,000 EDP ENERGIAS DE PORTUGAL 14,250,000 1,900,000 3,250,000 1,200,000

17,000,000 5,000,000 15,000,000 12,000,000 2,000,000 6,000,000 2,000,000

-10 30/09U

13,962,534

BARCLAYS BANK -EMTN- 6.213 07-10 16/08S UK TREASURY GILT STK 4.75 04-38 07/12S UK TREASURY STOCK 4.25 09-39 07/09S UNITED KINGDOM 4.25 03-36 07/03S

17,511,357 2,548,256 4,022,601 1,484,645

United States of America

63,469,842

20.10

AMER INTL GROUP EMTN 5.95 07-10 04/10S JP MORGAN CHASE 5.375 07-12 01/10S MERRILL LYNCH EMTN 6.644 07-11 16/02S NYSE EURONEXT -10 01/07U US TREASURY BILLS -10 01/07U US TREASURY BILLS -10 19/08U US TREASURY BILLS -10 29/07U

20,803,391 4,397,657 18,781,374 11,998,040 1,498,180 4,493,225 1,497,975

6.60 1.39 5.95 3.80 0.47 1.42 0.47

3,770,285

1.19

760,871

0.24

7.65 05-25 21/04S

The accompanying notes form an integral part of these financial statements

Italy

4,000,000 SCCI S9

FL.R 05-10 31/07S

United States of America

5,750,000 GE CAP TR IV REG-S FL.R 09-66 15/06A 2,400,000 INTL LEASE FIN.EMTN FL.R 05-11 15/08Q

Mortgage and asset backed securities France

1,178,830 FCC PROUDREED S.1 C.A FL.R 05-17 18/08Q Italy

1,045,726 ASSET BACKED EUR.-A-2-FL.R 05-15 01/10Q 4,000,000 1,796,364 1,613,969 3,574,834

0.79 0.16

11,006,980

3.49

281,860

0.09

281,860

0.09

4,001,000

1.27

4,001,000

1.27

6,724,120

2.13

4,509,225 2,214,895

1.43 0.70

20,461,207

6.48

1,002,006

0.32

1,002,006

0.32

1,039,176

0.33

1,039,176

0.33

9,720,951

3.08

ADAGI II-X -A1FL.R 05-21 15/01S CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q E-MAC 2007-1 A1- FL.R 07-46 25/07Q E-MAC NL04-II-A- FL.R 04-37 25/01Q

3,600,000 1,679,600 1,569,794 2,871,557

1.14 0.53 0.50 0.91

Spain

1,242,506 FTA SANTANDER EMPRESA FL.R 05-38 25/10Q United Kingdom

22,000,000 10,300,000 9,000,000 51,300,000 12,000,000

2,489,309 520,105

Netherlands

4.42 Money market instruments 8.10 Bonds 5.55 Iceland 0.81 72,000,000 ICELAND T-BILLS 1.27 0.47 Derivative instruments

25,566,859

1,700,000 VENEZUELA

1,000,000 ARGENTINA (REP OF) FL.R 02-12 03/08S

3,560,534 ECLIP 2005-3 A FL.R 05-15 10/10Q 2,350,000 PERMM 2010-1X 1A FL.R 10-42 15/07Q 0.07 3,293,973 PROMI 1 A1 FL.R 05-32 20/12Q 0.53 0.07 Shares/Units of UCITS/UCIS 0.00 Shares/Units in investment funds 6.81 France 1.93 1 AMUNDI GLOBAL EMERGENTS FCP -R4.88 6 PORTF.FOR.TRAD. -PARTS4.42 4 PORTFOLIO FIXED INCOME TRADE

United Kingdom

Venezuela

112

6,085,343 15,421,747

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

-10 15/07U

1,176,131

0.37

1,176,131

0.37

7,522,943

2.38

2,777,216 1,906,322 2,839,405

0.88 0.60 0.90

14,583,686

4.62

14,583,686

4.62

14,583,686

4.62

11,352,176 1,934,636 1,296,874

3.60 0.61 0.41

315,028

0.10

315,028

0.10

315,028

0.10

315,028

0.10

1,932,895

0.61

Options, Warrants, Rights

1,932,895

0.61

Luxembourg

1,913,148

0.60

EUR(P)/USD(C)OTC JUL 1.20 03.07.12 PUT USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL

1,618,521 42,838 7,804 227,323 16,662

0.51 0.01 0.00 0.07 0.01

19,747

0.01

19,747

0.01

United States of America

258 90DAY EURO$

DEC 98.25 13.12.10 PUT

Arbitrage VaR 2 (EUR)

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Short positions

-1,059,964

-0.34

Derivative instruments

-1,059,964

-0.34

Options, Warrants, Rights

-1,059,964

-0.34

Luxembourg

-1,048,116

-0.34

-96,376 -951,740

-0.03 -0.31

-11,848

0.00

-9,720,930 EUR(P)/USD(C)OTC AUG 1.20 06.08.10 PUT -22,000,000 EUR(P)/USD(C)OTC JUL 1.10 03.07.12 PUT United States of America

-258 90DAY EURO$

DEC 97.75 13.12.10 PUT

Total securities portfolio

-11,848

0.00

309,367,862

97.95

The accompanying notes form an integral part of these financial statements

113

Arbitrage VaR 2 (GBP)

Securities Portfolio as at 30/06/10

GBP

313

0.01

313

0.01

Short positions

-188

0.00

7.34 Derivative instruments

-188

0.00

Options, Warrants, Rights

-188

0.00

United States of America

-188

0.00

Long positions

3,385,049

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

3,194,774

77.58

3,008,881

73.07

Australia

302,238

300,000 ANZ BANKING GROUP

6.15 07-10 23/08S

France

600,000 FRANCE BTF 300,000 FRANCE BTF

-10 05/08U -10 16/09U

Greece

50,000 100,000 30,000 30,000 100,000

4.30 4.50 4.60 5.50 6.25

09-12 20/03A 05-37 20/09A 07-40 20/09A 09-14 20/08A 10-11 19/06A

Iceland

5,000,000 RIKISBREF 5,000,000 RIKISBREF

8.00 09-11 22/07A 8.00 09-25 12/06A

Ireland

300,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S

7.34 18.64

516,650 250,859

12.55 -5 90DAY EURO$ 6.09 Total securities portfolio 4.23

37,419 42,664 12,883 19,980 61,213

0.91 1.04 0.31 0.49 1.48

38,624

0.94

18,047 20,577

0.44 0.50

301,830

7.33

301,830

7.33 33.86

301,841 998,791 32,943 60,803

7.33 24.25 0.80 1.48

30,143

0.73

14,658 15,485

0.36 0.37

Floating rate bonds

114,991

2.79

United States of America

114,991

2.79

150,000 MORGAN STANLEY EMTN FL.R 06-13 01/03Q

114,991

2.79

Mortgage and asset backed securities

70,902

1.72

Italy

70,902

1.72

300,000 1,000,000 30,000 60,000

BARCLAYS BANK -EMTN- 6.213 07-10 16/08S UK TREASURY BILL -10 16/08U UK TREASURY GILT STK 4.75 04-38 07/12S UK TREASURY STOCK 4.25 09-39 07/09S Venezuela

40,000 VENEZUELA 7.65 05-25 21/04S 40,000 VENEZUELA REGS 8.25 09-24 13/10S

87,144 ASSET BACKED EUR.-A-2-FL.R 05-15 01/10Q

70,902

1.72

186,400

4.53

Shares/Units in investment funds

186,400

4.53

France

186,400

4.53

148,044 23,074 15,282

3.60 0.56 0.37

3,875

0.09

Options, Warrants, Rights

3,875

0.09

Luxembourg

3,562

0.08

1,022 2,540

0.02 0.06

Shares/Units of UCITS/UCIS

0 AMUNDI GLOBAL EMERGENTS FCP -R0 PORTF.FOR.TRAD. -PARTS0 PORTFOLIO FIXED INCOME TRADE

Derivative instruments

300,000 USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL 700,000 USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL

The accompanying notes form an integral part of these financial statements

5 90DAY EURO$

767,509

1,394,378

United Kingdom

114

82.20

United States of America

302,238

174,159

HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

GBP

DEC 98.25 13.12.10 PUT

DEC 97.75 13.12.10 PUT

-188

0.00

3,384,861

82.20

Arbitrage VaR 2 (USD)

Securities Portfolio as at 30/06/10

USD

300,000 VENEZUELA REGS

8.25 09-24 13/10S

173,748

0.17

Floating rate bonds

627,303

0.62

United States of America

627,303

0.62

288,175 339,128

0.28 0.34

5,547,586

5.44

685,781

0.67

Long positions

99,698,212

97.96

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

94,839,296

93.18

88,664,407

87.12

2,863,721

2.81

2,863,721

2.81

Mortgage and asset backed securities

1,387,542

1.36

Netherlands

Australia

1,900,000 ANZ BANKING GROUP

6.15 07-10 23/08S

Belgium

1,000,000 BELGIUM T-BILL

-10 15/07U

France

3,300,000 3,200,000 3,500,000 4,000,000 4,000,000 650,000

FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF HSBC FRANCE

-10 07/10U -10 09/09U -10 12/08U -10 18/01U 09-10 01/07U 5.75 08-13 19/06A

Greece

400,000 1,400,000 400,000 950,000 150,000 600,000 1,200,000

GREECE 4.10 GREECE 5.90 HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC

07-12 20/08A 10-17 20/04A 4.30 09-12 20/03A 4.50 05-37 20/09A 4.60 07-40 20/09A 5.50 09-14 20/08A 6.25 10-11 19/06A

Iceland

46,000,000 RIKISBREF 45,000,000 RIKISBREF

8.00 09-11 22/07A 8.00 09-25 12/06A

Ireland

350,000 GE CAP EUROPEAN FDG 6.025 08-38 01/03A 1,300,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S Italy

3,935,141 3,816,200 4,757,532 5,592,865 4,932,834 877,405

3.87 3.75 4.67 5.50 4.85 0.86

4,603,049

4.52

430,180 1,325,518 447,848 606,369 96,371 597,837 1,098,926

0.42 1.30 0.44 0.60 Shares/Units of UCITS/UCIS 0.09 Shares/Units in investment funds 0.59 1.08 France

525,460

0.52

248,393 277,067

0.24 0.28

598,788 CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q United Kingdom

667,600 71,089 500,000 150,000

1,100,000 700,000 937,551 167,496 859,105

ECLIP 2005-3 A FL.R 05-15 10/10Q GRACECHURCH 1X A2B FL.R 05-41 11/10Q PERMM 2010-1X 1A FL.R 10-42 15/07Q SMI 2009-1 A2 FL.R 09-55 21/01Q

1.04

1,228,503

1.21

1,228,503

1.21

United Kingdom

BARCLAYS BANK -EMTN- 6.213 07-10 16/08S ROYAL BK OF SCOTLAND 6.19 07-10 23/08S UK TREASURY GILT STK 4.75 04-38 07/12S UK TREASURY STOCK 4.25 09-39 07/09S

0.62 0.07 0.49 0.22

3,433,832

3.37

1.07 0.69 0.73 0.16 0.72

4,768,078

4.69

4,768,078

4.69

4,768,078

4.69

3,755,582 601,358 411,138

3.70 0.59 0.40

90,838

0.09

0 AMUNDI GLOBAL EMERGENTS FCP -R2 PORTF.FOR.TRAD. -PARTS1 PORTFOLIO FIXED INCOME TRADE

0.50 1.92

1,055,230

637,840 69,080 496,820 224,233

1,095,974 698,906 740,665 167,188 731,099

506,578 1,956,743

1.04

0.67 1.40

AMER.EX.CRED 2005-7 A FL.R 05-15 16/03M MBNA MAS.2004-A8 A8 FL.R 04-14 15/01M NCSLT 2004-1 CLASS A2 FL.R 04-27 25/06Q SLM STUDENT 2003-6 A4 FL.R 03-18 17/12Q SLMA 2002-A -A2- FL.R 02-30 16/12Q

2.42 Derivative instruments

1,055,230

685,781 1,427,973

United States of America

2,463,321

0.71

Options, Warrants, Rights

90,838

0.09

Luxembourg

84,650

0.08

8,660 75,990

0.01 0.07

1,700,000 USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL 14,000,000 USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL

6,188

0.01

6,188

0.01

Short positions

-3,713

0.00

7,306,076

7.18 Derivative instruments

-3,713

0.00

1,806,287 3,162,292 821,410 1,516,087

1.77 3.11 0.81 1.49

United States of America

42,255,036

41.52

AMER INTL GROUP EMTN 5.95 07-10 04/10S MERRILL LYNCH EMTN 6.644 07-11 16/02S US TREASURY BILLS -10 01/07U US TREASURY BILLS -10 19/08U US TREASURY BILLS -10 29/07U USA TREASURY BILLS -10 08/07U

3,747,364 3,527,480 2,998,870 18,987,066 2,998,460 9,995,796

3.68 3.47 2.95 18.65 2.95 9.82

338,217

0.33

164,469

0.16

1,000,000 NOMURA HOLDING

5.00 10-15 04/03S

Netherlands

1,000,000 NEDERLAND T-BILLS

2,500,000 2,300,000 3,000,000 19,000,000 3,000,000 10,000,000

1.36 23.50

0.71

Japan

1,200,000 2,100,000 500,000 1,000,000

1,387,542

726,275

4.00 05-37 01/02S

300,000 GE CAP TR IV REG-S FL.R 09-66 15/06A 300,000 INTL LEASE FIN.EMTN FL.R 05-11 15/08Q

23,911,977

726,275

680,000 ITALY BTP

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

-10 30/09U

Venezuela

300,000 VENEZUELA

7.65 05-25 21/04S

United States of America

66 90DAY EURO$

DEC 98.25 13.12.10 PUT

Options, Warrants, Rights

-3,713

0.00

United States of America

-3,713

0.00

-66 90DAY EURO$

Total securities portfolio

DEC 97.75 13.12.10 PUT

-3,713

0.00

99,694,499

97.96

The accompanying notes form an integral part of these financial statements

115

Arbitrage VaR Short Term

Securities Portfolio as at 30/06/10

EUR

Long positions

22,677,699

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

15,944,900

59.08

15,944,900

59.08

998,225

3.70

Austria

1,000,000 UNICREDIT BK AUSTRIA

-10 28/09U

France

1,200,000 BANQUE PSA FINANCE 1,000,000 CRCAM PARIS ET IDF

-10 20/09U -10 15/09U

Greece

200,000 GREECE 5.90 10-17 20/04A 200,000 HELLENIC REPUBLIC 6.25 10-11 19/06A Ireland

500,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S Italy

1,000,000 UNICREDITO ITAL.BNK

-10 25/11U

Netherlands

1,000,000 ENDESA INTL BV -10 25/11U 1,000,000 ING BANK NV -10 18/11U 1,000,000 INTERNATIONAL ENDESA -10 22/09U Portugal

1,000,000 BANCO ESPIRITO SANTO -10 19/07U 1,000,000 EDP ENERGIAS DE PORTUGAL -10 30/09U Spain

1,000,000 BCO BILBAO VISCAYA ARG.

-10 15/07U

United Kingdom

500,000 ROYAL BK OF SCOTLAND 6.19 07-10 23/08S 1,200,000 VODAFONE GROUP -10 01/11U United States of America

1,500,000 CATERPILLAR INTL FIN 2,000,000 NYSE EURONEXT

-10 12/07U -10 01/07U

Other transferable securities

998,225

3.70

2,195,689

8.14

1,197,187 998,502

4.44 3.70

304,118

1.13

154,592 149,526

0.58 0.55

613,911

2.27

613,911

2.27

995,168

3.69

995,168

3.69

2,988,979

11.07

995,294 995,725 997,960

3.69 3.69 3.69

1,996,332

7.40

999,008 997,324

3.70 3.70

998,804

3.70

998,804

3.70

1,807,468

6.70

613,748 1,193,720

2.27 4.43

3,046,206

11.28

1,046,532 1,999,674

3.88 7.40

1,003,096

3.72

Bonds

1,003,096

3.72

1,003,096

3.72

1,003,096

3.72

541,228

2.01

Shares/Units in investment funds

541,228

2.01

France

541,228

2.01

259,083 282,145

0.96 1.05

5,188,475

19.22

Bonds

5,188,475

19.22

France

1,197,696

4.43

1,197,696

4.43

1,000,000 CFF (OIS+0.30)

0.63 10-10 21/07U

1 PORTF.FOR.TRAD. -PARTS1 PORTFOLIO FIXED INCOME TRADE

Money market instruments

1,200,000 UNION DE BANQUES ARABES FSES -10 22/09U

The accompanying notes form an integral part of these financial statements

116

84.03

France

Shares/Units of UCITS/UCIS

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

Malta

995,372

1,000,000 BMW MALTA FINANCE

-10 27/09U

Netherlands

1,000,000 FORTIS BANK NEDERLAND

-10 15/09U

Spain

1,000,000 BANESTO

-10 30/06U

United Kingdom

1,000,000 BAT INTL FINANCE

Total securities portfolio

-10 06/07U

3.69

995,372

3.69

998,161

3.70

998,161

3.70

998,710

3.70

998,710

3.70

998,536

3.70

998,536

3.70

22,677,699

84.03

Dynarbitrage Forex

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Long positions

11,392,997

88.01

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

10,510,065

81.19

10,510,065

81.19

998,292

7.71

Belgium

1,000,000 BELGIUM T-BILL

-10 15/07U

France

1,700,000 500,000 800,000 3,000,000 700,000 700,000 100,000

FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF FRANCE BTF

-10 04/11U -10 07/10U -10 09/09U -10 12/08U -10 16/12U -10 26/08U -11 13/01U

Italy

1,000,000 ITALY BOT (3 MESI)

-10 15/07U

998,292

7.71

7,492,928

57.88

1,698,544 499,658 799,513 2,997,362 699,099 698,947 99,805

13.12 3.86 6.18 23.15 5.40 5.40 0.77

998,950

7.72

998,950

7.72

1,019,895

7.88

649,858 370,037

5.02 2.86

882,932

6.82

Shares/Units in investment funds

882,932

6.82

France

882,932

6.82

882,932

6.82

11,392,997

88.01

United States of America

800,000 US TREASURY BILLS 500,000 USA TREASURY BILLS

-10 16/09U -10 08/07U

Shares/Units of UCITS/UCIS

3 PORTF.FOR.TRAD. -PARTS-

Total securities portfolio

The accompanying notes form an integral part of these financial statements

117

Dynarbitrage High Yield

Securities Portfolio as at 30/06/10

EUR

Long positions

64,194,839

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

61,699,051

71.66

54,465,757

63.26

1,144,500

1.33

1,144,500

1.33

2,229,869

2.59

884,369 1,345,500

1.03 1.56

Austria

1,050,000 SAPPI PAPIER EMTN 11.75 09-14 01/08S Denmark

884,000 ISS GLOBAL A/S 1,300,000 TDC AS EMTN

4.75 03-10 18/09A 6.50 02-12 19/04A

France

1,550,000 1,650,000 1,450,000 300,000 2,300,000 1,400,000 1,700,000 2,050,000 2,000,000 800,000 1,650,000

865,000 1,000,000 1,750,000 2,050,000 1,000,000

16,910,438

19.65

1,681,995 1,675,262 1,131,000 233,284 2,357,454 1,410,227 1,737,393 2,216,278 2,020,000 772,000 1,675,545

1.95 1.95 1.31 0.27 2.74 1.64 2.02 2.57 2.35 0.90 1.95

Germany

6,847,856

7.95

EVONIK INDUSTRIES 7.00 09-14 14/10A FRESENIUS MED.C.REGD 7.375 01-11 15/06Q HECKLER AND KOCH REGS 9.25 04-11 15/07S PERI GMBH REG-S 5.625 04-11 15/12S SIXT AG 5.375 09-12 06/11A

943,269 1,040,000 1,715,000 2,095,524 1,054,063

1.10 1.21 1.99 2.43 1.22

Ireland

Italy

400,000 FIAT FIN.&TRADE GMTN 5.625 06-11 15/11S 2,750,000 LIGHTHOUSE INTL REG S 8.00 04-14 30/04S Japan

1,756,000 SOFTBANK CORP

7.75 06-13 15/10S

Kazakstan

1,600,000 ATF BANK EMTN REGS 9.25 05-12 12/04S Luxembourg

1,000,000 800,000 659,000 1,750,000 1,200,000 1,655,000 2,000,000

400,000 691,821 1,050,000 45,000

2.25

1.20 1.05

1,960,750

2.28

407,000 1,553,750

0.47 1.81

1,808,680

2.10

1,808,680

2.10

1,349,750

1.57

8,017,967

1.57 9.31

CIRSA CAP.LUX REGS 7.875 05-12 15/07S FIAT FINANCE TRADE 9.00 09-12 30/07A MHP REGS 10.25 10-15 29/04S MOBILE TELESYSTEMS 8.00 05-12 28/01S NOVOROSSIYSK PORT 7.00 07-12 17/05S TROY CAPITAL 9.50 06-11 10/08A VTB CAPITAL EMTN 7.50 09-11 10/08A

985,000 851,504 516,931 1,491,822 1,005,388 1,580,525 1,586,797

1.14 0.99 0.60 1.73 1.17 1.84 1.84

Netherlands

1,855,240

2.15

424,533 518,865 865,379 46,463

0.49 0.60 1.01 0.05

AHOLD FINANCE EMTN 5.875 01-12 14/03A BOATS INV.NETH.PIK 11.00 07-17 31/03S CEMEX FINANCE EUROPE 4.75 07-14 05/03A HEIDELBERGER ZEMENT 7.625 08-12 25/01A

The accompanying notes form an integral part of these financial statements

118

1,940,031

1,033,100 906,931

1,349,750

Russia

74.56

BANQUE PSA 8.50 09-12 04/05A BANQUE PSA FINANCE 6.375 09-10 16/11A CMA CGM SA REGS 5.50 07-12 16/05S GIE GEOPHYSIQUE 7.50 05-15 15/05S PERNOD RICARD 4.625 06-13 06/12A PEUGEOT 3.625 09-11 14/10A RALLYE 5.875 10-14 24/03A RCI BANQUE SA 8.125 09-12 15/05A REMY COINTREAU REG S 5.20 04-12 15/01S TEREOS EUROPE REGS 6.375 07-14 15/04S WENDEL 5.00 04-11 16/02A

1,000,000 SIBACADEMFINANCE PLC 8.30 06-11 16/11A 1,050,000 VIP FINANCE IRELAND 8.375 08-13 30/04S

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

1,600,000 GAZ CAPITAL LOAN PART.4.56 05-12 09/12A 1,550,000 VIMPELCOM -UBS LUX 8.375 04-11 22/10S South Africa

750,000 CONSOL GLASS LTD REGS 7.625 07-14 15/04S 1,000,000 FOODCORP LTD REG-S 8.875 05-12 15/06S The Netherlands Antilles

1,020,000 HERTZ H NED BV REG S 8.50 10-15 31/07S 450,000 2,100,000 262,000 1,700,000

2,990,799

3.47

1,655,792 1,335,007

1.92 1.55

1,677,500

1.95

697,500 980,000

0.81 1.14

1,016,552

1.18

1,016,552

1.18

United Kingdom

4,715,825

5.48

ECO-BAT FIN PLC REG-S10.125 03-13 31/01S FCE BANK EMTN 7.125 07-12 16/01A INFINIS PLC REGS 9.125 09-14 15/12S ISS FINANCING PLC 11.00 09-14 15/06S

457,875 2,115,750 323,200 1,819,000

0.53 2.46 0.38 2.11

Floating rate bonds

7,233,294

8.40

Canada

1,563,999

1.82

1,563,999

1.82

924,000

1.07

1,600,000 BOMBARDIER INC

FL.R 06-13 15/11Q

Czech Republic

1,200,000 CENT.EURO MEDIA REGS FL.R 07-14 15/05S Finland

66,204 M-REAL CORP

FL.R 06-10 15/12Q

France

1,565,000 RHODIA SA REG-S

FL.R 06-13 15/10Q

Germany

1,100,000 SGL CARBON AG

FL.R 07-15 15/05Q

Netherlands

833,000 IMPRESS METAL PACK FL.R 06-13 15/09Q United Kingdom

1,080,000 AVIS FINANCE CIE PLC FL.R 06-13 31/07S 400,000 IMPERIAL TOBACCO EMTN FL.R 09-12 25/06A United States of America

41,000 INVITEL HOLDINGS-REGS-FL.R 07-13 01/02Q

924,000

1.07

66,366

0.08

66,366

0.08

1,467,188

1.70

1,467,188

1.70

968,000

1.12

968,000

1.12

785,103

0.91

785,103

0.91

1,418,868

1.65

998,651 420,217

1.16 0.49

39,770

0.05

39,770

0.05

2,495,788

2.90

Shares/Units in investment funds

2,495,788

2.90

Luxembourg

2,495,788

2.90

Shares/Units of UCITS/UCIS

4 STRUCTURA VAR NEW EUR AGGREGATE -I- CAP

Total securities portfolio

2,495,788

2.90

64,194,839

74.56

Dynarbitrage VaR 4 (EUR)

Securities Portfolio as at 30/06/10

EUR

Long positions

206,185,110

113.51

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

189,536,520

104.35

Bermuda

1,600 LAZARD -AFrance

28,300 1,400 33,500 935 12,797 200 8,000 20,500 9,900 50,200 1,100

AXA SA CIE DE SAINT-GOBAIN SA FRANCE TELECOM SA SAFT GROUPE SA REG SHS SANOFI-AVENTIS SA SPECEA-AREVA SUEZ ENVIRONNEMENT COMPANY SA TOTAL SA VEOLIA ENVIRONNEMENT SA VIVENDI SA WENDEL SA Germany

5,700 600 4,700 2,300 2,400 200

ALLIANZ SE REG SHS DAIMLER AG REG SHS DEUTSCHE BANK AG REG SHS DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS MUENCHENER RUECKVERSICHERUNGS AG REG SHS 700 VOLKSWAGEN AG 108 VOLKSWAGEN VORZ.AKT Italy

45,300 ENI SPA 9,000 FIAT SPA 799,159 TELECOM ITALIA SPA Netherlands

43,000 AEGON NV 35,900 ING GROEP NV 1,800 ROYAL DUTCH SHELL PLC South Africa

10,500 1,000 3,100 200

6.32

34,889

0.02

34,889

0.02

3,556,098

1.96

360,684 43,253 478,548 23,291 633,835 68,400 108,680 757,782 191,615 844,112 45,898

0.20 0.02 0.26 0.01 0.35 0.04 0.06 0.42 0.11 0.46 0.03

864,195

0.48

466,545 25,152 219,490 22,317 53,232 20,670

0.27 0.01 0.12 0.01 0.03 0.01

48,972 7,817

0.03 0.00

1,491,977

0.82

688,107 76,635 727,235

0.38 0.04 0.40

449,558

0.25

190,490 221,718 37,350

0.10 0.13 0.02

207,520

0.11

0.11

Switzerland

344,352

0.19

ABB LTD REG SHS CIE SUISSE DE REASSURANCES SA REG SHS NOVARTIS AG REG SHS ZURICH FINANCIAL SERVICES AG REG SHS

150,795 33,848 123,446 36,263

0.08 0.02 0.07 0.02

2,814,230

1.55

673,472 368,288 85,585 149,567 261,759 108,304 69,802 43,647

0.38 0.20 0.05 0.08 0.14 0.06 0.04 0.02

United Kingdom

17,400 96,000 25,900 38,400 49,200 101,400 5,000 11,900

11,472,470

207,520

7,207 SASOL ADR REPR,SHS

ASTRAZENECA PLC AVIVA PLC BARCLAYS PLC BP PLC BRITISH LAND CO PLC REIT ENTERPRISE INNS GLAXOSMITHKLINE PLC INTERNATIONAL POWER

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

35,400 101,820 38,100 24,500 93,632 332,600

LAND SECURITIES GROUP PLC REIT LEGAL GENERAL GROUP PLC PUNCH TAVERNS LTD SEGRO (REIT) UK COAL PLC VODAFONE GROUP PLC United States of America

1,100 1,600 4,000 5,700 1,900 400 8,500 6,500 16,400 5,300 2,400 45,100 10,400

AKAMAI TECHNOLOGIES BANK OF AMERICA CORP BLACKSTONE GROUP PARTNERSHIP UNITS ELI LILLY AND CO EXXON MOBIL CORP GOLDMAN SACHS GROUP INC HEXCEL CORPORATION KKR FINANCIAL HOLDINGS LLC MORGAN STANLEY PATRIOT COAL SHS - WHEN ISSUED PEABODY ENERGY CORP PFIZER INC VERISIGN INC

Bonds Australia

10,000,000 ANZ BANKING GROUP

6.15 07-10 23/08S

France

2,000,000 5,500,000 3,200,000 2,700,000 2,000,000

0.13 0.05 0.01 0.04 0.03 0.32

1,709,651

0.94

36,433 18,771 31,219 155,890 88,524 42,867 107,629 39,587 310,755 50,841 76,669 525,044 225,422

0.02 0.01 0.02 0.09 0.05 0.02 0.06 0.02 0.17 0.03 0.04 0.29 0.12

147,826,688

81.39

12,304,855

6.77

12,304,855

6.77

16,856,409

9.28

CASINO GUICHARD EMTN 4.875 07-14 10/04A CIE SAINT GOBAIN EMTN 4.75 07-17 11/04A FRANCE OAT 4.00 06-38 25/10A FRANCE OAT 5.75 00-32 25/10A PPR SA EMTN 4.00 05-13 29/01A

2,128,392 5,710,491 3,385,440 3,567,888 2,064,198

1.17 3.15 1.86 1.96 1.14

Germany

7,935,933

4.37

4,228,481 3,707,452

2.33 2.04

19,036,020

10.48

2,287,197 5,417,914 5,484,300 1,250,616 4,595,993

1.26 2.98 3.02 0.69 2.53

1,285,924

0.71

142,968 1,054,788 88,168

0.08 0.58 0.05

3,580,000 GERMANY SERIE 07 4.25 07-39 04/07A 3,500,000 VOLKSWAGEN LEASING 4.875 07-12 18-10A Greece

2,700,000 7,300,000 6,000,000 2,400,000 5,650,000

241,477 97,809 26,990 75,946 46,316 565,268

GREECE 4.60 GREECE 6.50 HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC

03-13 20/05A 00-19 22/10A 4.30 09-12 20/03A 4.50 05-37 20/09A 5.50 09-14 20/08A

Iceland

31,100,000 ICELAND T-NOTES 7.25 02-13 17/05A 237,000,000 ISLANDE 13.75 08-10 10/12A 20,000,000 RIKISBREF 8.00 09-11 22/07A Ireland

14,700,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S Italy

4,200,000 ITALY BTP 4.00 05-37 01/02S 6,200,000 MONTE DEI PASCHI EMTN 6.00 08-11 20/06A Netherlands

1,400,000 NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A

18,063,719

9.94

18,063,719

9.94

10,058,804

5.54

3,662,190 6,396,614

2.02 3.52

1,478,921

0.81

1,478,921

0.81

The accompanying notes form an integral part of these financial statements

119

Dynarbitrage VaR 4 (EUR)

Securities Portfolio as at 30/06/10

0.23

Bonds

122,511

0.07

United Kingdom

30,298,899

16.69

Iceland

122,511

0.07

BARCLAYS BANK -EMTN- 6.213 07-10 16/08S ROYAL BK OF SCOTLAND 6.19 07-10 23/08S UK TREASURY GILT STK 4.75 04-38 07/12S UNITED KINGDOM 4.25 00-32 07/06S UNITED KINGDOM 4.25 03-36 07/03S

9,216,504 10,818,438 6,169,461 2,857,292 1,237,204

United States of America

Venezuela

2,550,000 VENEZUELA 3,580,000 VENEZUELA

7.65 05-25 21/04S 9.25 97-27 15/09S

Floating rate bonds Argentina

1,500,000 ARGENTINA (REP OF) FL.R 02-12 03/08S Italy

7,000,000 SCCI S9

FL.R 05-10 31/07S

United States of America

2,000,000 GE CAP TR IV REG-S FL.R 09-66 15/06A 10,000,000 MERRILL LYNCH FL.R 06-11 15/06Q

Mortgage and asset backed securities France

3,789,098 FCC PROUDREED S.1 C.A FL.R 05-17 18/08Q Italy

1,481,445 ASSET BACKED EUR.-A-2-FL.R 05-15 01/10Q Netherlands

2,000,000 ADAGI II-X -A1FL.R 05-21 15/01S 1,429,934 E-MAC NL04-II-A- FL.R 04-37 25/01Q Spain

942,435 BBVAP 5 A1 FL.R 06-39 15/03Q 154,062 CAP TDA S.1 CL.1 FL.R 03-13 12/09Q 488,127 FTA SANTANDER EMPRESA FL.R 05-38 25/10Q United Kingdom

5,607,843 ECLIP 2005-3 A 1,070,541 PROMI 1 A1

FL.R 05-15 10/10Q FL.R 05-32 20/12Q

Shares/Units of UCITS/UCIS

5.07 28,000,000 ICELAND T-BILLS -10 15/07U 5.97 Derivative instruments 3.40 1.57 Options, Warrants, Rights 0.68 Luxembourg

26,959,458

14.85

18,355,933 2,593,485 6,010,040

10.11 1.43 3.31

3,121,691

1.72

1,141,307 1,980,384

0.63 1.09

15,789,407

8.69

422,790

0.23

422,790

0.23

7,001,750

3.85

7,001,750

3.85

8,364,867

4.61

1,568,426 6,796,441

14,447,955

0.86 3.75

22,000,000 18,000,000 69,400,000 32,000,000 5,000,000

USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL USD(P)/JPY(C)OTC JUL 89.25 05.07.10 PUT United States of America

3,220,733

1.77

3,220,733

1.77

1,472,165

0.81

1,472,165

0.81

2,948,623

1.62

1,800,000 1,148,623

0.99 0.63

1,509,509

0.83

894,724 152,734 462,051

0.50 0.08 0.25

5,296,925

2.92

4,374,119 922,806

2.41 0.51

15,991,568

8.80

15,991,568

8.80

France

15,991,568

8.80

AMUNDI GLOBAL EMERGENTS FCP -RCAAM ACTIONS THEMATIQUES MONDE -I- 3 DEC CAAM PORTFOLIO GLOBAL TRADING FCP PORTF.FOR.TRAD. -PARTS-

10,432,367 1,944,989 3,018,545 595,667

5.74 1.07 1.66 0.33

122,511

0.07

534,511

0.29

534,511

0.29

502,978

0.27

91,498 15,608 307,529 44,431 43,912

0.05 0.01 0.17 0.02 0.02

31,533

0.02

31,533

0.02

Short positions

-18,920

-0.01

Derivative instruments

-18,920

-0.01

-18,920

-0.01

0

0.00

412 90DAY EURO$

DEC 98.25 13.12.10 PUT

Options, Warrants, Rights Luxembourg

-5,000,000 USD(C)/JPY(P)OTC JUL 95.25 05.07.10 CALL United States of America

-412 90DAY EURO$

7.95 Total securities portfolio

Shares/Units in investment funds

The accompanying notes form an integral part of these financial statements

120

0.07

426,055

15,000,000 AMER INTL GROUP EMTN 5.95 07-10 04/10S 3,000,000 BEAR STEARNS 5.35 07-12 01/02S 4,800,000 MERRILL LYNCH EMTN 6.644 07-11 16/02S

1 70 10 2

EUR

122,511

0.23 Money market instruments

500,000 UBS LX (VIMPELCOM)REGS8.25 06-16 23/05S 7,500,000 8,800,000 4,600,000 2,300,000 1,000,000

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

426,055

Russia

DEC 97.75 13.12.10 PUT

0

0.00

-18,920

-0.01

-18,920

-0.01

206,166,190

113.50

Dynarbitrage VaR 4 (USD)

Securities Portfolio as at 30/06/10

USD

Long positions

139,566,018

98.10

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

127,975,524

89.95

117,628,905

82.68

4,069,499

2.86

Australia

2,700,000 ANZ BANKING GROUP

6.15 07-10 23/08S

4,069,499

2.86

20,575,205

14.46

635,889 10,700,666 9,238,650

0.45 7.52 6.49

3,031,558

2.13

3,031,558

2.13

10,685,694

7.51

1,348,913 2,909,108 3,134,935 702,111 2,590,627

0.95 2.04 2.21 0.49 1.82

Iceland

506,700

0.36

ICELAND T-NOTES 7.25 02-13 17/05A ISLANDE 13.75 08-10 10/12A RIKISBREF 8.00 09-11 22/07A RIKISBREF 8.00 09-25 12/06A

33,785 201,707 129,596 141,612

0.02 0.15 0.09 0.10

10,235,272

7.19

10,235,272

7.19

France

500,000 CIE SAINT GOBAIN EMTN 4.75 07-17 11/04A 8,000,000 FRANCE BTF -10 09/09U 7,000,000 FRANCE BTF -10 18/01U Germany

2,000,000 DEUTSCHE BANK EMTN

5.96 07-10 12/10S

Greece

1,300,000 3,200,000 2,800,000 1,100,000 2,600,000

6,000,000 37,000,000 24,000,000 23,000,000

GREECE 4.60 GREECE 6.50 HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC

03-13 20/05A 00-19 22/10A 4.30 09-12 20/03A 4.50 05-37 20/09A 5.50 09-14 20/08A

Ireland

6,800,000 GE CAPITAL UK -EMTN- 6.27 07-10 17/08S Italy

2,350,000 ITALY BTP 4.00 05-37 01/02S 700,000 MONTE DEI PASCHI EMTN 6.00 08-11 20/06A Mexico

10,000,000 MEXICAN BONOS -MI10- 9.50 04-14 18/12S Netherlands

600,000 NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A 3,400,000 4,950,000 2,700,000 1,050,000 800,000

7,000,000 3,000,000 8,000,000 3,000,000 3,000,000 10,000,000

3,394,542

2.39

2,509,921 884,621

1.77 0.62

2.17

France

2,412,620

1.69

2,412,620

1.69

678,256

0.48

United States of America

600,000 INTL LEASE FIN.EMTN FL.R 05-11 15/08Q

Mortgage and asset backed securities Italy

697,151 ASSET BACKED EUR.-A-2-FL.R 05-15 01/10Q

1,371,561 703,474 260,348

0.97 0.49 0.18

United Kingdom

4,071,769

2.86

ECLIP 2005-3 A FL.R 05-15 10/10Q GRACECHURCH 1X A2B FL.R 05-41 11/10Q PROMI 1 A1 FL.R 05-32 20/12Q SMI 2009-1 A2 FL.R 09-55 21/01Q

1,913,519 690,800 869,496 597,954

1.34 0.49 0.61 0.42

11,197,848

7.87

Shares/Units in investment funds

11,197,848

7.87

France

11,197,848

7.87

7,992,648 1,157,174 1,920,929 127,097

5.62 0.81 1.35 0.09

11,966

0.01

11,966

0.01

11,966

0.01

AMUNDI GLOBAL EMERGENTS FCP -RCAAM ACTIONS THEMATIQUES MONDE -I- 3 DEC CAAM PORTFOLIO GLOBAL TRADING FCP PORTF.FOR.TRAD. -PARTS-

Money market instruments Bonds

776,370

0.55 Derivative instruments

United States of America

41,931,333

29.47

AMER INTL GROUP EMTN 5.95 07-10 04/10S BEAR STEARNS 5.35 07-12 01/02S MERRILL LYNCH EMTN 6.644 07-11 16/02S US TREASURY BILLS -10 01/07U US TREASURY BILLS -10 19/08U US TREASURY BILLS -10 29/07U

10,492,618 3,176,760 12,269,496 2,998,870 2,997,955 9,995,634

-10 15/07U

1.21

1,206,106 230,381

0.85 0.16

11,966

0.01

380,680

0.27

Options, Warrants, Rights

380,680

0.27

Luxembourg

356,586

0.25

USD(C)/JPY(P) OTC APR102.5 07.04.11 CALL USD(C)/JPY(P)OTC FEB 110 08.02.11 CALL USD(C)/JPY(P)OTC JUN 104.4 13.06.11 CALL USD(C)/JPY(P)OTC MAR 108 04.03.11 CALL USD(P)/JPY(C)OTC JUL 89.25 05.07.10 PUT

49,925 8,497 242,080 23,811 32,273

0.04 0.01 0.16 0.02 0.02

United States of America

7.38 257 90DAY EURO$ DEC 98.25 13.12.10 PUT 2.23 8.61 Short positions 2.11 Derivative instruments 2.11 7.03 Options, Warrants, Rights

1,726,067

0.60

0.60

Shares/Units of UCITS/UCIS

9,800,000 8,000,000 44,600,000 14,000,000 3,000,000

848,591

1.64

1,197,576 CHAPEL 2003-I -A- REG FL.R 03-64 17/11Q 714,967 E-MAC NL04-II-A- FL.R 04-37 25/01Q 213,965 HERME 13-A1 FL.R 07-39 18/08Q

1 34 5 0

0.48

5.10

2,335,383

Netherlands

2,002,799 710,890 823,493 400,000

678,256

7,255,743

848,591

Iceland

3.60 5.24 3.12 1.12 0.85

8.25 09-24 13/10S

2,000,000 CIE DE SAINT GOBAIN FL.R 07-12 11/04Q

2,000,000 ICELAND T-BILLS

5,117,814 7,453,972 4,435,614 1,597,779 1,212,361

7.65 05-25 21/04S 9.25 97-27 15/09S

3,090,876

0.62

0.55

2,200,000 VENEZUELA 340,000 VENEZUELA

0.20

Floating rate bonds

0.62

13.93

Venezuela

289,580

879,125

776,370

BARCLAYS BANK -EMTN- 6.213 07-10 16/08S ROYAL BK OF SCOTLAND 6.19 07-10 23/08S UK TREASURY GILT STK 4.75 04-38 07/12S UNITED KINGDOM 4.25 00-32 07/06S UNITED KINGDOM 4.25 03-36 07/03S

500,000 VENEZUELA REGS

879,125

19,817,540

United Kingdom

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

Luxembourg

-3,000,000 USD(C)/JPY(P)OTC JUL 95.25 05.07.10 CALL

24,094

0.02

24,094

0.02

-14,456

-0.01

-14,456

-0.01

-14,456

-0.01

0

0.00

0

0.00

The accompanying notes form an integral part of these financial statements

121

Dynarbitrage VaR 4 (USD)

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

United States of America

-257 90DAY EURO$

DEC 97.75 13.12.10 PUT

Total securities portfolio

The accompanying notes form an integral part of these financial statements

122

-14,456

-0.01

-14,456

-0.01

139,551,562

98.09

Dynarbitrage Volatility

Securities Portfolio as at 30/06/10

EUR

Long positions

480,666,587

89.61

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

411,530,585

76.72

68 24,137 28,290 62,038 378,249 222,628 18,681 104,261 29,623 136,478 76,515 24,440

1,665 64,876 122 44,277 74,080 52,730 71,989 25,965 202,523 158,068

98,913,049

18.44

France

32,697,021

6.09

AIR LIQUIDE SA BOUYGUES CAP GEMINI SA CARREFOUR SA FRANCE TELECOM SA LAFARGE SA LVMH MOET HENNESSY LOUIS VUITTON SA PEUGEOT SA SANOFI-AVENTIS SA TOTAL SA VINCI SA VIVENDI SA

5,675 770,574 1,026,786 2,031,124 5,403,287 10,034,956 1,677,741 2,196,258 1,467,227 5,044,909 2,627,525 410,959

0.00 0.14 0.19 0.38 1.01 1.87 0.31 0.41 0.27 0.94 0.49 0.08

Germany

30,889,131

5.76

ADIDAS AG BAYER AG REG SHS DAIMLER AG REG SHS DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS MAN SE METRO AG SAP AG SIEMENS AG REG SHS THYSSENKRUPP AG

66,392 2,984,296 5,114 429,620 1,643,094 3,583,004 3,017,779 952,396 14,990,752 3,216,684

0.01 0.56 0.00 0.08 0.31 0.67 0.56 0.18 2.79 0.60

2,360,174

0.44

Luxembourg

105,577 ARCELORMITTAL SA REG SHS Netherlands

35,520 202,332 104,896 295,162 161,596

2,360,174

0.44

15,137,154

2.82

AKZO NOBEL NV ING GROEP NV KONINKLIJKE PHILIPS ELECTRONICS NV ROYAL DUTCH SHELL PLC UNILEVER NV

1,527,538 1,249,602 2,593,029 6,124,611 3,642,374

Switzerland

1,582,912

28,701 HOLCIM LTD REG SHS

1,582,912

United States of America

16,246,657

25,247 APPLE INC 148,204 DELL INC 271,784 HEWLETT-PACKARD CO

9,000,000 18,000,000 12,500,000 12,500,000 15,500,000 6,000,000 24,000,000 11,750,000

5,184,405 1,459,172 9,603,080

263,517,253

49.13

France

206,720,036

38.54

8,984,670 18,000,000 12,500,000 12,500,000 15,500,000 6,000,000 23,999,999 11,750,000

12,500,000 14,500,000 9,000,000 12,750,000 6,000,000 5,750,000 23,000,000 14,000,000

CREDIT AGRI.(OIS+0.55)0.889 -11 03/05U GROUPE BPCE(OIS+0.19) 0.508 -10 09/08U LCL - CDN(OIS+0.21) 0.351 -10 05/08U NATIXIS (OIS+0.16) 0.489 -10 24/08U PPR -10 30/07U SAFRAN -10 23/08U STE GENERALE(OIS+0.17) 0.508 -10 01/09U STE GENERALE(OIS+0.20) 0.549 -10 02/11U

12,500,000 14,500,000 9,000,000 12,750,000 5,991,140 5,744,227 23,000,000 14,000,000

2.33 2.70 1.68 2.38 1.12 1.07 4.29 2.61

Italy

11,950,955

2.23

11,950,955

2.23

12,000,000 ITALY BOT

-11 29/10U

Netherlands

16,000,000 ENDESA INTL BV 16,000,000 ENDESA INTL BV

-10 19/07U -10 25/11U

United Kingdom

13,000,000 BARCLAYS (OIS+0.10) 0.449 -10 05/08U

Convertible bonds Cayman Islands

5,250,000 TRANSOCEAN -A- CV

1.625 07-37 15/12S

France

5,005 GECINA SA CV

2.125 10-16 01/01A

Germany

22,100,000 KFW CV (DEUTSCHE TEL) 3.25 08-13 27/06A Italy

1,855,000 FINMECCANICA CV

0.375 03-10 08/08A

Luxembourg

2,920,000 ACTELION FINANCE CV 0.00 06-11 22/11U Switzerland

9,450,000 ADECCO FINANCIAL SERV 0.00 03-13 26/08U 4,675,000 STMICROELEC CV REG-S 0.00 06-16 23/02U

0.28 United States of America 0.23 0.48 6,680,000 OMNICOM GROUP CV 0.00 02-32 31/07U 1.15 Shares/Units of UCITS/UCIS 0.68 Shares/Units in investment funds 0.30 France 0.30 1,236 PORTFOLIO JOUR -C- 3 DEC CAPITALISATION 3.03 110 PORTOFOLIO ASYMETRIE JAPON 0.97 Money market instruments 0.27 1.79 Bonds

Bonds

BANQUE PSA FINANCE -10 28/07U BFCM (OIS+0.15) 0.468 -10 10/09U BNP PARIBAS (OIS+0.48)0.822 10-11 24/05U BPCE (OIS+0.23) 0.565 -10 10/11U CA CIB (OIS+0.11) 0.448 -10 01/09U CA CONSUMER (OIS 0.21)0.549 -10 08/11U CALYON EUR (OIS+0.21) 0.528 -10 09/08U CREDIT AGRI.(OIS+0.30)0.641 -11 01/03U

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

France

31,846,262

5.94

15,921,551 15,924,711

2.97 2.97

13,000,000

2.42

13,000,000

2.42

49,100,283

9.15

4,118,865

0.77

4,118,865

0.77

513,612

0.10

513,612

0.10

23,060,246

4.29

23,060,246

4.29

1,848,266

0.34

1,848,266

0.34

2,167,352

0.40

2,167,352

0.40

11,942,455

2.23

7,911,158 4,031,297

1.48 0.75

5,449,487

1.02

5,449,487

1.02

27,711,630

5.17

27,711,630

5.17

27,711,630

5.17

22,793,336 4,918,294

4.25 0.92

11,500,000

2.14

11,500,000

2.14

11,500,000

2.14

11,500,000 CREDIT AGRI.(OIS+0.26)0.602 09-10 01/12U

11,500,000

2.14

1.67 Derivative instruments 3.36 Options, Warrants, Rights 2.33 France 2.33 2.89 1,450 ARCELOR MITTAL DEC 28.00 17.12.10 PUT 1.12 1,550 BOUYGUES SEP 36 17.09.10 CALL 4.47 1,240 BOUYGUES SEP 38 17.09.10 PUT 2.19

29,924,372

5.58

29,924,372

5.58

6,479,224

1.21

971,500 139,500 808,480

0.18 0.03 0.15

The accompanying notes form an integral part of these financial statements

123

Dynarbitrage Volatility

Securities Portfolio as at 30/06/10

LAFARGE SEP 48.00 17.09.10 PUT LAFARGE DEC 52.13 17.12.10 PUT PEUGEOT DEC 23 17.12.10 PUT ROYAL DUTCH SHELL DEC 20 17.12.10 PUT TOTAL SEP 42 17.09.10 PUT VIVENDI SEP 20.00 17.09.10 CALL Germany

EUR

1,032,060 1,376,688 599,400 900,676 631,200 19,720

0.19 0.26 0.11 0.17 0.12 0.00

10,504,320

1.96

BAYER DEC 52 20.12.10 CALL BAYER SEP 54.00 20.09.10 CALL DAX DEC 5800 20.12.10 CALL DAX JUN 5000 20.06.11 PUT DAX JUN 6200 20.06.11 CALL DAX DEC 5600 20.12.10 PUT DJ EURO STOXX 50 DEC 2600 20.12.10 PUT HOLCIM SEP 72 20.09.10 PUT SAP AG DEC 40 20.12.10 CALL THYSSENKRUPP DEC 22 20.12.10 CALL THYSSENKRUPP DEC 23 20.12.10 CALL THYSSENKRUPP DEC 23.00 20.12.10 PUT THYSSENKRUPP DEC 25 20.12.10 PUT

23,100 50,400 830,183 942,480 1,571,535 2,066,053 3,131,999 170,550 195,400 117,800 126,720 813,100 465,000

0.00 0.01 0.15 0.18 0.29 0.39 0.59 0.03 0.04 0.02 0.02 0.15 0.09

Netherlands

1,689,979

0.32

236,700 451,232 514,602 487,445

0.04 0.08 0.11 0.09

11,250,849

2.09

3,278,635 3,727,659 121,096 3,521,696 601,763

0.61 0.69 0.02 0.66 0.11

Short positions

-29,912,005

-5.58

Derivative instruments

-29,912,005

-5.58

-29,912,005

-5.58

-6,260,485

-1.17

165 1,800 315 630 630 1,405 1,350 640 4,885 950 1,440 2,350 930

1,052 3,824 3,729 3,665

AKZO NOBEL NV DEC 40.00 17.12.10 PUT ING DEC 6.76 17.12.10 PUT PHILIPS DEC 22.00 17.12.10 PUT UNILEVER DEC 22.00 17.12.10 PUT United States of America

3,200 118 163 325 189

HEWLETT PACKARD JAN 55 22.01.11 PUT NASDAQ 100 DEC 1400 18.12.10 CALL SP 500 SEP 1150 18.09.10 CALL SP 500 SEP 1150 18.09.10 PUT SP 500 INDEX DEC 875 18.12.10 PUT

Options, Warrants, Rights France

-1,250 -250 -250 -1,550 -1,360 -615 -650 -650 -830 -830 -1,300 -4,225 -4,225 -2,550 -640 -640 -930

BOUYGUES MAR 36 18.03.11 CALL BOUYGUES MAR 40.00 18.03.11 CALL BOUYGUES MAR 40.00 18.03.11 PUT BOUYGUES SEP 36 17.09.10 PUT BOUYGUES SEP 38 17.09.10 CALL CAP GEMINI DEC 40.00 17.12.10 CALL CARREFOUR DEC 34 17.12.10 CALL CARREFOUR DEC 34 17.12.10 PUT CARREFOUR DEC 38 17.12.10 CALL CARREFOUR DEC 38 17.12.10 PUT CARREFOUR DEC 40 17.12.10 CALL FRANCE TELECOM DEC 15 17.12.10 CALL FRANCE TELECOM DEC 15 17.12.10 PUT FRANCE TELECOM DEC 16 17.12.10 CALL LVMH DEC 88 17.12.10 CALL LVMH SEP 88 17.09.10 PUT SANOFI-AVENTIS SEP 50 17.09.10 CALL

The accompanying notes form an integral part of these financial statements

124

-366,250 -41,500 -237,500 -765,700 -66,640 -113,160 -143,650 -221,000 -65,570 -495,510 -55,900 -211,250 -735,150 -58,650 -595,200 -311,040 -192,510

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

1,670 1,160 1,800 6,772 12,000 2,465

-930 -245 -1,880 -1,220 -12,000 -360 -360 -490 -1,335 -460 -2,465 -2,840

SANOFI-AVENTIS SEP 50 17.09.10 OUT TOTAL AUG 39 20.08.10 CALL TOTAL SEP 36 17.09.10 PUT TOTAL SEP 40 17.09.10 CALL TOTAL SEP 42 17.09.10 CALL VINCI DEC 36 17.12.10 PUT VINCI DEC 36.00 17.12.10 CALL VINCI DEC 38 17.12.10 CALL VINCI SEP 38 17.09.10 CALL VINCI SEP 42 17.09.10 CALL VIVENDI SEP 17 17.09.10 CALL VIVENDI SEP 17 17.09.10 PUT

-230,640 -16,905 -283,880 -79,300 -33,600 -159,120 -91,080 -82,810 -109,470 -6,440 -207,060 -284,000

-0.04 0.00 -0.05 -0.01 -0.01 -0.03 -0.02 -0.02 -0.02 0.00 -0.04 -0.05

-10,678,501

-1.99

BAYER DEC 48 20.12.10 CALL BAYER SEP 49.00 20.09.10 CALL DAIMLER DEC 44 20.12.10 CALL DAIMLER DEC 44 20.12.10 PUT DAX DEC 5000 20.12.10 PUT DEUTSCHE TELEKOM JUL 9 19.07.10 CALL DEUTSCHE TELEKOM SEP 9 20.09.10 PUT DEUTSCHE TELEKOM SEP 9.5 20.09.10 CALL DJ EURO STOXX 50 JUL 2250 19.07.10 PUT DJ EURO STOXX 50 JUL 2300 19.07.10 PUT DJ EURO STOXX 50 JUN 2300 20.06.11 PUT DJ EURO STOXX 50 JUN 2800 20.06.11 CALL E ON N SEP 28 20.09.10 CALL MAN DEC 68 20.12.10 CALL METRO AG SEP 42.00 20.09.10 CALL SAP AG DEC 30 20.12.10 PUT SAP AG DEC 32 20.12.10 PUT SAP AG DEC 34 20.12.10 CALL SAP AG DEC 36 20.12.10 CALL SIEMENS DEC 58 20.12.10 CALL SIEMENS SEP 76 20.09.10 CALL THYSSENKRUPP DEC 25 20.12.10 CALL

-93,060 -223,200 -151,900 -249,900 -1,138,050 -181,300 -107,950 -323,850 -60,000 -330,000 -1,467,736 -968,787 -9,600 -551,100 -305,028 -38,638 -56,903 -279,595 -293,625 -3,575,879 -232,410 -39,990

-0.02 -0.04 -0.03 -0.05 -0.21 -0.03 -0.02 -0.06 -0.01 -0.06 -0.27 -0.18 0.00 -0.10 -0.06 -0.01 -0.01 -0.05 -0.05 -0.68 -0.04 -0.01

Netherlands

-2,645,625

-0.49

-2,645,625

-0.49

Germany

-330 -1,800 -490 -490 -1,405 -2,450 -6,350 -6,350 -1,000 -3,750 -677 -677 -3,200 -835 -1,332 -1,405 -1,405 -1,405 -2,250 -1,980 -635 -930

-1,275 AEX

DEC 320 17.12.10 CALL

United States of America

-0.07 -320 APPLE JAN 210 22.01.11 CALL -0.01 -4,800 DELL INC JAN 15 22.01.11 CALL -0.04 -118 NASDAQ 100 DEC 1400 18.12.10 PUT -0.15 -325 SP 500 MAR 1200 19.03.11 CALL -0.01 -189 SP 500 INDEX DEC 875 18.12.10 CALL -0.02 -325 S&P 500 INDEX MAR 1150 19.03.11 PUT -0.03 Total securities portfolio -0.04 -0.01 -0.09 -0.01 -0.04 -0.14 -0.01 -0.11 -0.06 -0.04

-10,327,394

-1.93

-1,503,470 -207,690 -509,609 -699,139 -2,873,035 -4,534,451

-0.28 -0.04 -0.09 -0.13 -0.54 -0.85

450,754,582

84.03

Equity Statistical Arbitrage (EUR)

Securities Portfolio as at 30/06/10

EUR

Long positions

63,642,644

97.09

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

47,300,631

72.15

29,342,589

44.76

208,023

0.32

Finland

31,002 NOKIA OYJ

208,023

0.32

1,849,587

2.82

ALSTOM SA AXA SA CREDIT AGRICOLE SA EDF SA FRANCE TELECOM SA SANOFI-AVENTIS SA SUEZ ENVIRONNEMENT COMPANY SA VEOLIA ENVIRONNEMENT SA VIVENDI SA

204,716 205,564 211,911 205,458 202,647 208,472 203,721 200,711 206,387

0.31 0.31 0.33 0.31 0.31 0.32 0.31 0.31 0.31

Germany

617,665

0.94

209,082 206,446 202,137

0.32 0.31 0.31

France

5,462 16,129 24,541 6,537 14,186 4,209 14,996 10,370 12,274

3,077 MAN SE 3,843 RWE AG 9,933 THYSSENKRUPP AG Ireland

17,608 INGERSOLL-RAND Italy

14,240 ASSICURAZIONI GENERALI SPA 44,235 MEDIASET SPA 29,087 UBI BANCA SCPA Luxembourg

8,994 ARCELORMITTAL SA REG SHS Norway

38,542 ORKLA BORREGAARD FRIE A 8,881 YARA INTERNATIONAL ASA Spain

43,937 IBERDROLA SA 13,562 TELEFONICA SA Switzerland

8,739 JULIUS BAER GROUP NAMEN AKT 1,806 ROCHE HOLDING AG GENUSSSCHEIN United Kingdom

52,177 53,012 32,043 14,766 77,704 52,809 11,397 18,248

AVIVA PLC BAE SYSTEMS PLC COMPASS GROUP PLC GLAXOSMITHKLINE PLC HOME RETAIL GROUP LIBERTY INTERNATIONAL PLC REIT LONMIN PLC XSTRATA PLC United States of America

73,552 AES CORP 51,466 AK STEEL HOLDING CORP

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

495,796

0.76

495,796

0.76

619,463

0.94

205,483 207,462 206,518

0.31 0.31 0.32

201,061

0.31

201,061

0.31

409,181

0.62

202,925 206,256

0.31 0.31

410,404

0.63

203,516 206,888

0.31 0.32

408,687

0.62

204,830 203,857

0.31 0.31

1,608,280

2.45

200,169 202,983 200,379 206,137 203,573 200,981 196,411 197,647

0.31 0.31 0.31 0.30 0.31 0.31 0.30 0.30

22,514,442

34.35

554,838 500,837

0.85 0.76

60,077 18,554 14,403 9,405 117,913 36,344 43,808 38,482 18,104 67,698 18,074 16,145 13,158 9,514 11,141 13,882 81,096 18,006 8,680 60,423 22,225 17,155 75,115 26,649 14,372 26,490 45,601 59,275 11,816 64,428 18,745 41,384 15,956 7,592 145,140 18,297 13,676 23,450 10,389 15,067 22,183

ALCOA INC ANADARKO PETROLEUM CORP APOLLO GROUP -ABOSTON PROPERTIES INC BOSTON SCIENTIFIC CORP CA INC CHARLES SCHWAB CORP/THE COVENTRY HEALTH CARE INC DANAHER CORP DEAN FOODS DIRECTV -AEQTY RESIDENTIAL PPTYS TR SHS BEN.INT. EXPRESS SCRIPTS -AFEDEX CORP FREEPORT MCMORAN COPPER & GOLD INC ITT KING PHARMACEUTICALS INC LEXMARK INTERNATIONAL INC -AL-3 COMMUNICATIONS HOLDINGS INC MASCO MASSEY ENERGY CO MEDTRONIC INC METROPCS COMMUNICATIONS INC MICROSOFT CORP MONSANTO CO MORGAN STANLEY NEWELL RUBBERMAID NVIDIA CORP PNC FINANCIAL SERVICES GROUP INC PROLOGIS TRUST QUALCOMM INC R.R.DONNELLEY SONS CO SANDISK CORP SIMON PROPERTY GROUP INC SPRINT NEXTEL 1 SHS-SERIES 1 STATE STREET CORP THERMO FISHER SCIEN SHS WALGREEN CO WATERS WATSON PHARMACEUTICALS WESTERN DIGITAL CORP

Bonds France

2,000,000 BANQUE PSA FINANCE -10 03/08U 2,000,000 CRCAM PARIS ET IDF -10 17/08U 2,000,000 LAFARGE -10 11/08U Germany

2,000,000 METRO AG

-10 06/08U

Italy

2,000,000 UNICREDITO ITAL.BNK

-10 25/11U

Netherlands

2,000,000 AEGON 2,000,000 ENDESA INTL BV 1,000,000 LINDE FINANCE BV

-10 23/07U -10 21/07U -10 10/08U

493,407 546,668 499,384 547,761 558,327 545,946 507,141 555,443 548,633 556,551 500,506 548,843 505,094 544,556 537,813 509,086 502,505 485,540 501,993 530,779 496,248 507,970 502,238 500,607 542,309 501,945 545,023 494,079 545,027 532,824 502,560 553,071 548,019 500,493 502,403 505,188 547,643 511,156 548,754 499,035 546,199

0.75 0.83 0.76 0.84 0.85 0.83 0.77 0.85 0.84 0.85 0.76 0.84 0.77 0.83 0.82 0.78 0.77 0.74 0.77 0.81 0.76 0.77 0.77 0.76 0.83 0.77 0.83 0.75 0.83 0.81 0.77 0.84 0.84 0.76 0.77 0.77 0.84 0.78 0.84 0.76 0.83

17,958,042

27.39

5,987,965

9.12

1,996,869 1,994,528 1,996,568

3.04 3.04 3.04

1,997,137

3.05

1,997,137

3.05

1,990,336

3.04

1,990,336

3.04

4,993,706

7.62

1,997,479 1,997,575 998,652

3.05 3.05 1.52

The accompanying notes form an integral part of these financial statements

125

Equity Statistical Arbitrage (EUR)

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

United Kingdom

2,000,000 LLOYDS BANK 1,000,000 VODAFONE

-10 08/09U -10 13/10U

Other transferable securities

4.56

1,995,712 993,186

3.04 1.52

0

0.00 0.00

Shares

0

United States of America

0

0.00

529 MARRIOTT INTERNATIONAL

0

0.00

2,352,699

3.59

Shares/Units of UCITS/UCIS Shares/Units in investment funds

2,352,699

3.59

France

2,352,699

3.59

11 AMUNDI TRESO EONIA FCP CAP

2,352,699

3.59

13,966,216

21.31

Bonds

13,966,216

21.31

Belgium

3,993,613

6.09

1,996,215 1,997,398

3.05 3.04

3,987,615

6.08

1,990,248 1,997,367

3.04 3.04

1,997,576

3.05

1,997,576

3.05

Money market instruments

2,000,000 FORTIS BANK -10 19/08U 2,000,000 VOLKSWAGEN GRP SERVICES -10 25/08U France

2,000,000 CAISSE DE DEPOT ET CONS S1907 -11 07/01U 2,000,000 PPR FINANCE -10 17/08U Germany

2,000,000 BAYERISCHE MOTOREN WERKE

-10 23/07U

Netherlands

2,000,000 REPSOL INTL FIN

-10 18/10U

Spain

2,000,000 SANTANDER CONS FIN

-10 06/08U

Derivative instruments Options, Warrants, Rights Germany

75 DJ EURO STOXX 50 JUL 2800 19.07.10 CALL 150 DJ EURO STOXX 50 JUL 2850 19.07.10 CALL United States of America

35 SP 500 INDEX

JUL 1080 17.07.10 CALL

Total securities portfolio

The accompanying notes form an integral part of these financial statements

126

2,988,898

1,990,780

3.04

1,990,780

3.04

1,996,632

3.05

1,996,632

3.05

23,098

0.04

23,098

0.04

6,525

0.01

3,375 3,150

0.01 0.00

16,573

0.03

16,573

0.03

63,642,644

97.09

Multimanagers Long/Short Equity

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Long positions

9,923,623

100.81

Shares/Units of UCITS/UCIS

9,923,623

100.81

9,923,623

100.81

262,778

2.67

Shares/Units in investment funds France

12 AMUNDI TRESO INSTITUTION CAP/DIS

262,778

2.67

3,384,200

34.38

1,390,739 1,281,388 712,073

14.13 13.02 7.23

2,397,229

24.35

1,430,511 966,718

14.53 9.82

United Kingdom

3,879,416

39.41

BLACKROCK EUROPEAN ABS AL FD -D- GBP CAP BLACKROCK UK ABS ALPHA FD -D- GBP CAP GARTMORE INV SR I UK ABS RET -INS- CAP JUPITER ABSOLUTE RETURN FUND GBP CAP

532,602 1,460,093 1,088,703 798,018

5.41 14.83 11.06 8.11

9,923,623

100.81

Ireland

13,250 GLG INV VI PLC PURE ALP UCITS3 -C- EUR 13,183 GLG INV VI THE GLG ALP SEL UCIT III -C 65,750 OCCAM UMB FUND PLC GLG EME MKT -A- EUR Luxembourg

101 EXANE FUNDS 1 ARCHIMEDES -A- CAP 57 EXANE FUNDS 1 SICAV TEMPLIERS FD -A- CAP

444,016 996,209 816,203 1,368,903

Total securities portfolio

The accompanying notes form an integral part of these financial statements

127

Volatility Euro Equities

Securities Portfolio as at 30/06/10

EUR

Long positions

715,893,093

64.35

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

419,679,103

37.72

419,679,103

37.72

348,422,977

31.31

France

11,500,000 33,000,000 34,000,000 19,000,000 17,500,000 24,000,000 8,750,000 30,000,000 15,000,000 17,000,000 16,000,000 12,000,000 19,000,000 9,000,000 11,500,000 35,500,000 20,000,000 9,500,000 6,250,000

BANQUE PSA FINANCE -10 28/07U BFCM (OIS+0.15) 0.468 -10 10/09U BNP PARIBAS (OIS+0.40)0.375 -10 10/08U BNP PARIBAS (OIS+0.48)0.822 10-11 24/05U BPCE (OIS+0.23) 0.565 -10 10/11U CA CIB (OIS+0.11) 0.448 -10 01/09U CA CONSUMER (OIS 0.21)0.549 -10 08/11U CALYON EUR (OIS+0.21) 0.528 -10 09/08U CREDIT AGRI.(OIS+0.30)0.641 -11 01/03U CREDIT AGRI.(OIS+0.55)0.889 -11 03/05U GROUPE BPCE(OIS+0.19) 0.508 -10 09/08U LCL - CDN(OIS+0.21) 0.351 -10 05/08U NATIXIS (OIS+0.16) 0.489 -10 24/08U PPR -10 30/07U SAFRAN -10 23/08U STE GENERALE(OIS+0.17) 0.508 -10 01/09U STE GENERALE(OIS+0.20) 0.549 -10 02/11U THALES -10 07/07U UNEDIC -10 15/12U

11,480,412 33,000,000 34,000,000 19,000,000 17,500,000 24,000,000 8,750,000 30,000,000 15,000,000 17,000,000 16,000,000 12,000,000 19,000,000 8,986,710 11,488,454 35,500,000 20,000,000 9,498,248 6,219,153

Italy

17,926,432

18,000,000 ITALY BOT

-11 29/10U

Netherlands

16,500,000 ENDESA INTL BV 19,000,000 ENDESA INTL BV United Kingdom

18,000,000 BARCLAYS (OIS+0.10) 0.449 -10 05/08U

Shares/Units of UCITS/UCIS

1.62

55,146,030

4.96

55,146,030

4.96 4.96

55,146,030

4.96

16,000,000

1.44

Bonds

16,000,000

1.44

France

16,000,000

1.44

16,000,000 CREDIT AGRI.(OIS+0.26)0.602 09-10 01/12U

16,000,000

1.44

225,067,960

20.23

Options, Warrants, Rights

225,067,960

20.23

Germany

225,067,960

20.23

6,904,200 4,949,400 2,721,600 252,180 34,234,250 51,120,000 26,698,800 12,976,500

0.62 0.44 0.24 0.02 3.08 4.60 2.40 1.17

DJ EURO STOXX 50 DEC 2600 20.12.10 CALL DJ EURO STOXX 50 DEC 2700 20.12.10 CALL DJ EURO STOXX 50 DEC 2750 20.12.10 CALL DJ EURO STOXX 50 DEC 2800 20.12.10 CALL DJ EURO STOXX 50 DEC 2850 20.12.10 PUT DJ EURO STOXX 50 DEC 3000 20.12.10 PUT DJ EURO STOXX 50 JUN 2600 20.06.11 CALL DJ EURO STOXX 50 DEC 2400 19.12.11 PUT

The accompanying notes form an integral part of these financial statements

128

18,000,000

55,146,030

Derivative instruments

3,700 3,650 2,400 270 9,250 10,650 11,400 4,100

1.62

France

5,365 AMUNDI MONE CASH 3DEC

19.12.11 CALL 20.06.11 CALL 20.06.11 PUT 20.06.11 CALL 20.06.11 PUT 20.06.11 PUT

18,000,000

Shares/Units in investment funds

Money market instruments

DJ EURO STOXX 50 DEC 3000 DJ EURO STOXX 50 JUN 2700 DJ EURO STOXX 50 JUN 2800 DJ EURO STOXX 50 JUN 3000 DJ EURO STOXX 50 JUN 3000 DJ EURO STOXX 50 JUN 3200

16,419,099 18,910,595

35,329,694

-10 19/07U -10 25/11U

9,600 3,000 11,790 950 450 1,600

1.03 2.96 Short positions 3.05 Derivative instruments 1.71 Options, Warrants, Rights 1.57 Germany 2.16 0.79 -15,100 DJ EURO STOXX 50 DEC 2200 20.12.10 PUT 2.70 -3,775 DJ EURO STOXX 50 DEC 2600 20.12.10 PUT 1.35 -3,300 DJ EURO STOXX 50 DEC 2700 20.12.10 PUT 1.53 -3,600 DJ EURO STOXX 50 DEC 2750 20.12.10 PUT 1.44 -8,330 DJ EURO STOXX 50 DEC 2850 20.12.10 CALL 1.08 -10,650 DJ EURO STOXX 50 DEC 3000 20.12.10 CALL 1.71 -1,880 DJ EURO STOXX 50 JUN 2600 20.06.11 PUT 0.81 -2,730 DJ EURO STOXX 50 JUL 2400 19.07.10 PUT 1.03 -3,000 DJ EURO STOXX 50 JUL 2500 19.07.10 PUT 3.18 -2,730 DJ EURO STOXX 50 JUL 2850 19.07.10 CALL 1.80 -11,765 DJ EURO STOXX 50 JUN 2000 20.06.11 PUT 0.85 -10,500 DJ EURO STOXX 50 JUN 2200 20.06.11 PUT 0.56 -2,120 DJ EURO STOXX 50 JUN 2400 20.06.11 CALL 1.61 -2,620 DJ EURO STOXX 50 JUN 2400 20.06.11 PUT -1,200 DJ EURO STOXX 50 JUN 2500 20.06.11 CALL 1.61 -1,200 DJ EURO STOXX 50 JUN 2500 20.06.11 PUT 3.18 -3,000 DJ EURO STOXX 50 JUN 2800 20.06.11 CALL 1.48 -1,600 DJ EURO STOXX 50 JUN 3200 20.06.11 CALL 1.70

17,926,432

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

EUR

Total securities portfolio

12,451,200 5,565,000 52,135,380 741,000 2,588,850 11,729,600

1.12 0.50 4.69 0.07 0.23 1.05

-124,560,260

-11.20

-124,560,260

-11.20

-124,560,260

-11.20

-124,560,260

-11.20

-15,809,700 -8,758,000 -9,259,800 -11,095,200 -6,297,480 -3,855,300 -6,301,760 -521,430 -1,215,000 -57,330 -16,000,400 -19,572,000 -7,388,200 -6,584,060 -3,464,400 -3,487,200 -4,293,000 -600,000

-1.42 -0.79 -0.83 -1.00 -0.57 -0.35 -0.57 -0.05 -0.11 -0.01 -1.44 -1.75 -0.66 -0.59 -0.31 -0.31 -0.39 -0.05

591,332,833

53.15

Volatility World Equities

Securities Portfolio as at 30/06/10

USD

19.12.11 CALL 20.06.11 CALL 20.06.11 PUT 20.06.11 CALL 20.06.11 PUT

1,159,748 885,180 14,732,901 2,054,157 15,150,727

0.18 0.14 2.32 0.32 2.39

Japan 0.78 1,380 NIKKEI 225 DEC 11000 10.12.10 PUT 3.18 390 NIKKEI 225 JUN 10000 11.06.11 PUT 3.27 300 NIKKEI 225 DEC 10000 10.12.10 PUT 1.93 925 NIKKEI 225 DEC 11000 10.12.10 CALL 1.64 225 NIKKEI 225 JUN 10000 10.06.11 CALL 2.50 United States of America 0.82 1.93 385 SP 500 DEC 1000 17.12.11 PUT 1.16 385 SP 500 DEC 1200 17.12.11 CALL 2.12 260 SP 500 DEC 1200 18.12.10 PUT 0.96 1,020 SP 500 INDEX DEC 1000 18.12.10 CALL 0.77 285 SP 500 INDEX JUN 1000 18.06.11 CALL 1.93 1,110 S&P 500 INDEX JUN 1200 18.06.11 PUT 0.83 1.06 Short positions 4.32 Derivative instruments 1.68 0.88 Options, Warrants, Rights 0.53 Germany 1.61 -5,300 DJ EURO STOXX 50 DEC 2200 20.12.10 PUT 1.61 -300 DJ EURO STOXX 50 DEC 2700 20.12.10 CALL 3.17 -350 DJ EURO STOXX 50 DEC 2700 20.12.10 PUT -750 DJ EURO STOXX 50 DEC 2800 20.12.10 CALL 1.24 -600 DJ EURO STOXX 50 DEC 2850 20.12.10 CALL 1.93 -100 DJ EURO STOXX 50 DEC 3000 20.12.10 CALL 1.49 -3,270 DJ EURO STOXX 50 JUN 2600 20.06.11 PUT -5,600 DJ EURO STOXX 50 DEC 2000 20.12.10 PUT 1.49 -1,000 DJ EURO STOXX 50 JUL 2400 19.07.10 PUT 4.40 -1,000 DJ EURO STOXX 50 JUL 2850 19.07.10 CALL 4.40 -1,800 DJ EURO STOXX 50 JUN 2200 20.06.11 PUT -810 DJ EURO STOXX 50 JUN 2400 20.06.11 CALL 4.40 -810 DJ EURO STOXX 50 JUN 2400 20.06.11 PUT 4.40 Japan 1.11 -100 NIKKEI 225 DEC 10000 10.12.10 CALL 1.11 -285 NIKKEI 225 DEC 9500 10.12.10 CALL 1.11 -2,330 NIKKEI 225 INDEX DEC 9500 10.12.10 PUT

39,942,657

6.28

27,385,102 6,132,242 3,469,375 1,035,594 1,920,344

4.31 0.96 0.55 0.16 0.30

Long positions

436,041,603

68.55

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

245,309,965

38.56

245,309,965

38.56

205,454,454

32.29

France

3,750,000 16,500,000 17,000,000 10,000,000 8,500,000 13,000,000 4,250,000 10,000,000 6,000,000 11,000,000 5,000,000 4,000,000 10,000,000 4,000,000 5,500,000 22,500,000 8,750,000 4,500,000 2,500,000

BANQUE PSA FINANCE -10 28/07U BFCM (OIS+0.15) 0.468 -10 10/09U BNP PARIBAS (OIS+0.40)0.375 -10 10/08U BNP PARIBAS (OIS+0.48)0.822 10-11 24/05U BPCE (OIS+0.23) 0.565 -10 10/11U CA CIB (OIS+0.11) 0.448 -10 01/09U CA CONSUMER (OIS 0.21)0.549 -10 08/11U CALYON EUR (OIS+0.21) 0.528 -10 09/08U CREDIT AGRI.(OIS+0.30)0.641 -11 01/03U CREDIT AGRI.(OIS+0.55)0.889 -11 03/05U GROUPE BPCE(OIS+0.19) 0.508 -10 09/08U LCL - CDN(OIS+0.21) 0.351 -10 05/08U NATIXIS (OIS+0.16) 0.489 -10 24/08U PPR -10 30/07U SAFRAN -10 23/08U STE GENERALE(OIS+0.17) 0.508 -10 01/09U STE GENERALE(OIS+0.20) 0.549 -10 02/11U THALES -10 07/07U UNEDIC -10 15/12U

4,987,989 20,210,850 20,823,300 12,249,000 10,411,650 15,923,700 5,205,825 12,249,000 7,349,400 13,473,900 6,124,500 4,899,600 12,249,000 5,289,777 6,762,604 27,560,251 10,717,875 5,571,322 3,394,911

Italy

10,222,149

7,750,000 ITALY BOT

-11 29/10U

Netherlands

5,500,000 ENDESA INTL BV 10,000,000 ENDESA INTL BV

20,140,387

-10 19/07U -10 25/11U

United Kingdom

7,750,000 BARCLAYS (OIS+0.10) 0.449 -10 05/08U

Shares/Units of UCITS/UCIS

7,863,928 12,276,459 9,492,975

9,492,975

27,964,734

Shares/Units in investment funds

27,964,734

France

27,964,734

1,238 PORTFOLIO JOUR -C- 3 DEC CAPITALISATION

Money market instruments Bonds France

5,750,000 CREDIT AGRI.(OIS+0.26)0.602 09-10 01/12U

Derivative instruments Options, Warrants, Rights Germany

800 3,000 850 725 1,850 100 1,065 730

10,222,149

DJ EURO STOXX 50 DEC 2600 20.12.10 CALL DJ EURO STOXX 50 DEC 2600 20.12.10 PUT DJ EURO STOXX 50 DEC 2750 20.12.10 PUT DJ EURO STOXX 50 DEC 2800 20.12.10 PUT DJ EURO STOXX 50 DEC 2850 20.12.10 PUT DJ EURO STOXX 50 DEC 3000 20.12.10 PUT DJ EURO STOXX 50 JUN 2600 20.06.11 CALL DJ EURO STOXX 50 DEC 2400 19.12.11 PUT

27,964,734

7,043,175 7,043,175 7,043,175

7,043,175

1.11

155,723,729

24.48

155,723,729

24.48

65,406,947

10.28

1,828,531 8,525,304 3,208,871 3,001,617 8,386,707 587,952 3,055,182 2,830,070

% of NAV

Market Value

Quantity

% of NAV

Market Value

Quantity

USD

730 505 2,720 2,150 2,150

-300 -1,160 -233 -233 -1,415 -630

DJ EURO STOXX 50 DEC 3000 DJ EURO STOXX 50 JUN 2800 DJ EURO STOXX 50 JUN 2800 DJ EURO STOXX 50 JUN 3000 DJ EURO STOXX 50 JUN 3000

50,374,125

7.92

5,247,550 2,250,325 4,958,200 9,904,200 3,593,850 24,420,000

0.82 0.35 0.78 1.56 0.56 3.85

-88,084,247

-13.85

-88,084,247

-13.85

-88,084,247

-13.85

-38,415,461

-6.04

-6,797,093 -498,289 -1,202,974 -858,042 -555,615 -44,341 -13,426,179 -4,712,435 -233,956 -25,723 -4,109,784 -3,457,709 -2,493,321

-1.07 -0.08 -0.19 -0.13 -0.09 -0.01 -2.11 -0.74 -0.04 0.00 -0.65 -0.54 -0.39

-21,706,641

-3.41

-402,588 -1,878,346 -19,425,707

-0.06 -0.30 -3.05

United States of America

-27,962,145

-4.40

SP 500 DEC 1200 18.12.10 CALL SP 500 INDEX DEC 1000 18.12.10 PUT SP 500 INDEX JUL 1040 17.07.10 PUT SP 500 INDEX JUL 1150 17.07.10 CALL SP 500 INDEX JUN 1000 18.06.11 PUT SP 500 INDEX JUN 1200 18.06.11 CALL

-393,000 -8,874,000 -766,570 -5,825 -15,579,150 -2,343,600

-0.06 -1.40 -0.12 0.00 -2.45 -0.37

347,957,356

54.70

0.29 1.34 0.50 Total securities portfolio 0.47 1.32 0.09 0.48 0.44

The accompanying notes form an integral part of these financial statements

129

Euro Reserve

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

EUR

Long positions

377,481,386

77.01

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

317,597,956

64.79

317,597,956

64.79

9,962,828

2.03

Finland

10,000,000 POHJOLA BANK

-10 10/11U

9,962,828

2.03

142,946,717

29.16

AXA -10 01/12U BFCM (OIS+0.017) 0.429 -10 13/09U BFCM (OIS+0.15) 0.468 -10 10/09U BNP PARIBAS (OIS+0.18)0.509 -10 02/09U CACIB (OIS+0.30) 0.639 -10 29/11U CRCAM NORD/FRANCE (OIS+0.11) -10 25/08U NATEXIS BP (OIS+0.36)0.68 -10 02/08U STE GENERALE(OIS+0.18) 0.515 -10 02/08U UNEDIC -10 06/09U

9,965,805 5,000,000 10,000,000 20,000,000 18,000,000 20,000,000 20,000,000 25,000,000 14,980,912

2.03 1.02 2.04 4.08 3.67 4.08 4.08 5.10 3.06

Germany

14,955,391

3.05

14,955,391

3.05

14,992,254

3.06

14,992,254

3.06

France

10,000,000 5,000,000 10,000,000 20,000,000 18,000,000 20,000,000 20,000,000 25,000,000 15,000,000

15,000,000 ALLIANZ SE

-10 23/08U

Ireland

15,000,000 BANESTO FINANCIAL

-10 07/07U

Italy

19,944,253

4.07

19,944,253

4.07

19,942,565

4.07

9,971,721 9,970,844

2.04 2.03

39,922,638

8.14

19,977,026 9,983,088 9,962,524

4.07 2.04 2.03

54,931,310

11.21

20,000,000 20,000,000 14,931,310

4.08 4.08 3.05

59,883,430

12.22

Bonds

59,883,430

12.22

Luxembourg

14,973,215

3.05

14,973,215

3.05

19,960,910

4.07

19,960,910

4.07

20,000,000 ITALY BOT (6 MESI)

-10 31/08U

Spain

10,000,000 BBVA -10 24/09U 10,000,000 BCO BILBAO VISCAYA ARG. -10 08/10U Sweden

20,000,000 NORDEA BANK -10 18/08U 10,000,000 STADSHYPOTEK -10 01/07U 10,000,000 SVENSKA HANDELSBANK -10 17/12U United Kingdom

20,000,000 BARCLAYS (OIS+0.10) 0.449 -10 05/08U 20,000,000 HSBC BANK PLC 0.64 -10 25/08U 15,000,000 LLOYDS BANK -10 14/07U

Money market instruments

15,000,000 UBI BANKA UNION BANCHA

-10 27/08U

Netherlands

20,000,000 FORTIS BANK NEDERLAND

-10 13/09U

Spain

10,000,000 CAJA MADRID -10 14/07U 15,000,000 SANTANDER CONS FIN -10 30/09U

Total securities portfolio

The accompanying notes form an integral part of these financial statements

130

24,949,305

5.10

9,983,344 14,965,961

2.04 3.06

377,481,386

77.01

USD Reserve

Securities Portfolio as at 30/06/10

% of NAV

Market Value

Quantity

USD

Long positions

83,395,328

72.09

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

36,447,173

31.50

36,447,173

31.50

4,996,627

4.32

4,996,627

4.32

1,993,631

1.72

Austria

5,000,000 OESTRREICHISCHE KONTROL

-10 15/07U

Finland

2,000,000 POHJOLA BANK

-10 22/09U

France

2,500,000 CIC -10 23/09U 5,000,000 LA BANQUE POSTALE -10 05/08U 5,000,000 SNCF -10 08/07U Netherlands

2,000,000 SCHLUMBERGER FINANCE

-10 21/07U

New Zealand

5,000,000 BANK OF NEW ZEALAND

-10 23/08U

Sweden

3,000,000 SWEDEN 5,000,000 SWEDEN

-10 07/12U -10 13/10U

United States of America

2,000,000 CATERPILLAR

-10 13/09U

Money market instruments Bonds Australia

4,000,000 COMMONW.BK AUSTRALIA

-10 17/08U

Belgium

2,000,000 ENI COORDINATION CENTER SA -10 19/07U Finland

1.72 10.78

2,495,408 4,994,129 4,997,513

2.16 4.31 4.31

1,998,651

1.73

1,998,651

1.73

4,993,351

4.32

4,993,351

4.32

7,980,388

6.90

2,990,423 4,989,965

2.58 4.32

1,997,475

1.73

1,997,475

1.73

46,948,155

40.59

46,948,155

40.59

3,996,221

3.45

3,996,221

3.45

1,999,307

1.73

1,999,307

1.73

4,995,355

4.32

4,995,355

4.32

17,978,150

15.54

BRED -10 12/07U CAISSE DE DEPOT ET CONSIG. -10 02/08U CREDIT MUTUEL ARKEA -10 24/09U STE DE PRISE DE PART ETAT -10 25/08U

3,996,464 1,998,295 1,994,241 9,989,150

3.45 1.73 1.72 8.64

Germany

5,991,293

5.18

3,993,237 1,998,056

3.45 1.73

1,997,703

1.73

1,997,703

1.73

5,000,000 FINLANDE

-10 18/08U

France

4,000,000 2,000,000 2,000,000 10,000,000

1,993,631 12,487,050

4,000,000 DEUTSCHE POSTBANK 2,000,000 LDKR BAD W FOERD

-10 16/08U -10 16/07U

Luxembourg

2,000,000 NESTLE FINANCE INT

-10 09/09U

Netherlands

5,000,000 DEUTSCHE BAHN -10 18/08U 5,000,000 NEDERL.WATERSCHAPSBK -10 14/07U

Total securities portfolio

9,990,126

8.64

4,994,104 4,996,022

4.32 4.32

83,395,328

72.09

The accompanying notes form an integral part of these financial statements

131

Statement of Net Assets

Note

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

132

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Aqua Global

ASEAN New Markets

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

39,943,902 36,671,989 35,580,337 1,091,652 445,083 58 210,476 443,047 1,510,745 662,504 3,522,794 87,593 2,610,881 137,798 661,118 25,405

35,667,997 31,992,460 37,539,195 -5,546,735 2,009,435 90 167,386 240,095 477,961 780,571 1,869,079 908,362 58,647 103,967 776,324 21,779

205,003,761 196,942,430 158,784,773 38,157,656 1,940,461 597,132 4,546,734 381,982 595,023 5,551,623 3,029,055 1,308,967 452,985 591,795 168,821

163,053,211 155,598,071 140,672,661 14,925,410 4,889,533 542,641 1,112,608 96,258 814,099 3,384,547 1,955,847 235,905 303,850 819,256 69,689

36,421,108

33,798,918

199,452,138

159,668,663

Asia Pacific Renaissance

Asian Growth

Brazil

Clean Planet

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

20,899,173 19,067,608 18,586,917 480,691 872,987 65,164 684,486 152,137 56,790 824,605 600,390 80,710 73,378 56,789 13,338

17,496,754 16,404,457 15,296,246 1,108,210 242,678 2 83,336 551,964 4,012 210,307 924,770 539,329 109,773 55,758 209,016 10,894

309,603,953 282,743,465 257,792,426 24,951,039 7,047,867 491,489 19,321,132 2,569,688 1,606,217 838,119 125,352

457,555,999 450,330,945 409,163,580 41,167,365 1,994,061 2,120,969 1,508,549 101,738 1,499,736 5,555,335 1,840,852 1,126,578 924,232 1,508,549 155,124

191,366,102 188,720,727 200,400,556 -11,679,828 183,030 1,411,888 440,221 610,236 2,172,121 343,047 404,925 500,736 783,489 139,924

15,762,724 15,426,443 15,346,411 80,032 18,699 139,256 58,443 119,883 392,903 5,907 151,677 108,510 38,649 88,159

26,858,147 26,594,165 25,038,355 1,555,810 9,004 67,714 3,413 183,852 138,449 47,007 5,681 76,316 9,446

27,904,011 26,441,394 24,754,490 1,686,904 1,121,520 141,103 392 199,601 556,452 204,830 80,296 62,265 200,287 8,774

20,074,568

16,571,984

307,034,265

452,000,663

189,193,981

15,369,821

26,719,698

27,347,558

The accompanying notes form an integral part of these financial statements

133

Statement of Net Assets

Note

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

134

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Emerging Europe

Emerging Internal Demand

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

32,995,316 29,845,077 27,840,189 2,004,888 1,458,821 324,037 1,078,701 172,053 116,627 1,815,741 1,056,512 189,625 145,579 134,472 126,549 118,010 44,992

23,271,224 21,259,152 24,713,675 -3,454,524 1,253,164 190,971 479,601 88,335 1,179,586 28,389 885,836 18,871 84,451 68,514 93,524

140,105,206 134,657,034 133,057,358 1,599,675 2,745,675 378,542 1,572,821 294,689 456,445 2,839,593 107 1,318,721 300,069 12,891 333,847 455,370 418,587

40,803,175 39,593,021 42,095,748 -2,502,727 830,156 254,103 94,959 30,936 1,354,348 25 1,152,616 14,763 11,594 89,932 85,418

31,179,575

22,091,637

137,265,613

39,448,826

Emerging Markets

Emerging World

30/06/10 USD

30/06/09 USD

30/06/10 USD

391,824,398 372,086,918 358,742,156 13,344,762 11,389,250 19,343 1,727,634 1,221,695 4,576,786 802,771 13,556,828 840,649 10,092,163 1,600,165 798,526 225,324

551,687,326 517,267,503 527,293,332 -10,025,829 7,807,782 21,514 2,474,203 12,713,177 11,403,146 15,924,588 2 3,324,322 10,951,558 1,408,594 240,111

104,548,206 102,344,390 107,880,838 -5,536,448 807,456 18 296,791 1,078,453 21,098 816,511 521,489 1,062 2,865 248,835 42,260

378,267,570

535,762,738

103,731,695

Euro Quant

30/06/09 USD

Europe Smaller Companies

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

9,586,289 8,692,855 8,997,256 -304,401 632,070 49,714 27,589 30,362 153,700 804,284 600,887 2,016 15,880 153,978 31,522

52,370,186 52,295,619 62,811,721 -10,516,102 29,370 67 41,488 3,642 620,460 9,463 389,298 24,650 166,056 30,993

85,925,851 83,041,129 113,180,945 -30,139,816 120,394 129,174 2,597,884 37,271 2,251,318 1,555,712 440,958 10,400 198,181 46,068

16,231,615 15,910,564 14,918,343 992,221 8,652 34,997 105,175 161,739 10,488 90,521 10,375 7 70,306 9,833

16,371,785 14,833,808 16,473,822 -1,640,014 1,509,230 28,747 143,378 62,329 13,432 58,915 8,702

8,782,005

51,749,726

83,674,533

16,141,093

16,228,406

The accompanying notes form an integral part of these financial statements

135

Statement of Net Assets

Note

30/06/10 EUR

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

136

Europe SRI

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Gems Europe

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

17,592,599 16,887,174 18,053,809 -1,166,636 636,397 68,880 148 84,661 6,864 34,225 40,074 3,499

7,681,202 7,598,253 10,415,805 -2,817,552 72,372 10,578 15,109 80 13,207 1,822

38,590,627 37,521,967 40,468,286 -2,946,319 930,768 105,570 732 28,130 3,461 341,494 20,592 62,526 102,220 132,400 23,756

52,627,181 49,729,192 62,705,552 -12,976,360 590,696 190,606 90,608 2,015,426 10,098 555 2,237,313 1,887,508 27,269 117,177 22,147 144,026 39,186

17,507,938

7,666,093

38,249,133

50,389,868

Gems World

Global Agriculture

Global Equities

Global Finance

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

38,746,240 28,359,297 32,658,810 -4,299,514 1,671,182 820,391 8,639,378 -446,204 43,372 28,137 451,078 5,005,859 1,090,936 587,501 724,616 2,664,626 62,591 454,366 8,725

22,245,759 15,537,479 16,596,119 -1,058,640 530,910 530,401 3,286,281 1,000,000 437,635 357 9,938 16,118 1,427,040 1,689,476 22,513 169,099 21,588 117,515 32,011 1,423,045 72,804

123,573,216 118,626,824 122,948,543 -4,321,719 3,044,200 268,797 58,840 842,090 732,465 1,430,461 177,861 79,732 383,830 725,548 63,491

61,738,435 59,063,902 64,522,291 -5,458,388 2,480,724 144,325 45,464 4,020 1,451,379 863,088 387,859 173,569 26,862

95,385,139 94,381,344 88,271,985 6,109,358 720,848 158,095 13,502 111,350 936,159 37,018 360,125 335,883 203,134

83,298,494 82,849,508 83,415,697 -566,190 364,635 83,126 1,225 440,511 19,266 73,986 71,200 236,944 39,116

32,769,521 30,885,609 34,768,171 -3,882,562 616,090 86,599 1,096,661 17,472 67,091 909,307 547,141 43,749 122,276 107,235 66,848 22,059

32,462,184 32,045,008 43,212,682 -11,167,674 355,155 48,079 13,942 255,412 131,033 96,245 28,134

33,740,381

20,556,284

122,142,755

60,287,057

94,448,980

82,857,983

31,860,214

32,206,772

The accompanying notes form an integral part of these financial statements

137

Statement of Net Assets

Note

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

138

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Global Resources

Greater China

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

66,933,798 64,594,420 65,390,021 -795,602 312,544 45,490 1,161,748 48,126 771,471 2,522,139 146,896 1,389,114 3,566 179,661 775,654 27,248

30,052,936 29,837,850 40,624,979 -10,787,130 187,227 17,289 10,570 190,940 104,609 76,020 10,311

645,214,637 610,517,878 563,280,932 47,236,946 9,537,772 2,422,180 8,024,662 5,362,279 9,349,866 23,355,156 11,529,698 1,603,890 9,348,989 872,578

606,278,475 583,891,351 487,877,995 96,013,357 160,845 5,011,563 13,553,834 3,660,882 13,680,931 5,910,264 817,594 1,170,579 3,661,376 2,121,118

64,411,659

29,861,997

621,859,482

592,597,544

India

30/06/10 USD

India Infrastructure

Japan Value

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 JPY

1,008,865,845 980,771,823 787,588,371 193,183,452 19,979,616 3,611,152 2,148,840 2,138,512 215,903 6,651,170 4,273,439 1,543,803 217,649 616,280

851,555,307 795,609,315 806,212,472 -10,603,157 42,238,318 1,306,753 5,499,516 6,901,405 15,189,861 12,071,494 1,635,153 970,556 512,657

105,049,353 99,792,112 89,988,965 9,803,147 4,134,005 72,139 1,502 1,049,595 795,094 523,804 215,396 55,895

43,625,763 36,328,118 41,069,054 -4,740,936 5,540,497 527,875 1,229,273 1,855,324 809,724 933,351 50,460 61,789

4,115,676,527 3,906,739,310 4,271,922,606 -365,183,296 78,525,365 15,799,439 109,592,996 5,019,417 153,189,806 139,033,524 12,304,777 1,851,505

1,002,214,675

836,365,446

104,254,258

41,770,439

3,962,486,721

Korea

30/06/09 JPY

30/06/10 USD

30/06/09 USD

3,766,544,866 3,586,201,742 3,419,148,996 167,052,746 18,631,973 15,064,598 48,566,384 98,080,169 62,235,359 40,139,811 15,161,886 5,408,757 1,524,905

113,617,354 90,092,719 77,347,041 12,745,679 6,921,642 28,723 5,858,507 10,715,763 13,798,977 13,510,721 241,161 47,095

64,698,148 63,178,403 64,495,912 -1,317,509 532,014 917,221 70,511 691,933 298,871 207,348 153,936 31,777

3,704,309,507

99,818,377

64,006,215

The accompanying notes form an integral part of these financial statements

139

Statement of Net Assets

Note

30/06/10 USD

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

140

Latin America Equities

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Minimum Variance Europe

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

1,741,094,743 1,689,319,363 1,524,315,872 165,003,491 12,217,132 6,885,677 5,283,215 27,389,357 33,606,988 6,553,712 6,708,883 7,611,836 5,067,916 7,664,641

793,745,135 776,319,177 815,654,086 -39,334,909 694,366 6,578,577 3,288,906 6,864,109 12,669,092 1,511,724 6,427,026 1,619,494 1,844,760 1,266,088

14,633,795 14,071,336 13,310,072 761,264 148,442 25,307 152,775 228,731 2,405 4,800 378,287 9,377 337,523 3,866 20,822 6,699

10,509,471 10,379,751 10,385,799 -6,048 96,537 30,119 3,065 12,844 572 9,804 2,469

1,707,487,755

781,076,043

14,255,508

10,496,627

Restructuring Equities

Select Euro

Select Europe

Switzerland

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 CHF

30/06/09 CHF

21,948,011 21,671,539 22,242,269 -570,730 229,669 4,820 489 41,494 57,560 5,167 46,966 5,427

18,763,155 18,615,141 23,762,188 -5,147,047 117,320 30,695 65,706 25,644 35,596 4,467

20,647,076 20,450,694 19,476,173 974,522 8,634 82,260 105,198 290 152,124 93,088 4,341 44,539 10,156

18,125,406 17,767,707 17,500,516 267,191 214,342 50,687 92,293 378 66,976 23,859 4,830 28,798 9,488

27,066,133 26,441,844 24,443,686 1,998,158 168,508 115,262 219,216 121,303 272,976 37,024 45,281 10,400 51,948 120,916 7,408

23,359,194 22,345,317 21,917,189 428,129 896,137 117,458 281 47,785 4,200 37,378 6,207

10,714,243 10,217,732 9,644,910 572,822 349,622 145,534 1,356 185,638 15,535 86,604 45,258 32,614 5,627

12,725,553 12,039,500 12,745,338 -705,838 660,042 26,011 182,692 144,705 32,243 5,744

21,890,451

18,697,449

20,494,952

18,058,431

26,793,157

23,311,408

10,528,605

12,542,861

The accompanying notes form an integral part of these financial statements

141

Statement of Net Assets

Note

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

142

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Thailand

US Innovative Companies

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

65,621,552 50,001,102 43,079,234 6,921,868 617,770 9,479 1,746,080 13,186,046 61,075 15,110,229 207,385 14,672,476 143,192 61,245 25,931

33,198,759 31,836,054 25,629,322 6,206,732 502,683 3 827,992 32,027 1,108,787 82,481 898,560 109,202 18,544

55,471,593 53,869,908 56,764,639 -2,894,731 1,468,103 65,268 68,314 1,348,169 1,090,284 152,502 105,383

30,298,921 29,116,482 31,837,470 -2,720,988 1,151,369 20,847 10,222 205,609 83,990 16,913 82,126 22,580

50,511,323

32,089,972

54,123,424

30,093,312

US Opportunities

Asian Income

30/06/10 USD

30/06/09 USD

30/06/10 USD

139,336,265 128,688,733 143,945,685 -15,256,952 8,682,109 119,213 1,775,178 71,033 2,735,741 2,280,403 66,577 344,295 44,466

43,597,990 42,802,637 42,514,566 288,071 217,996 49,192 525,371 2,794 610,857 38,752 396,679 156,926 18,499

19,937,393 17,555,370 16,756,477 798,893 1,745,899 261,952 362,872 11,301 119,621 55,232 1,734 10,959 30,922 11,290 9,483

136,600,524

42,987,133

19,817,772

Emerging Markets Debt

30/06/09 USD

Euro Bond

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

9,264,893 7,612,691 8,426,006 -813,314 387,848 1,100,130 127,303 5,984 30,938 60,752 3,573 38,062 15,845 3,273

38,741,882 30,741,778 30,835,214 -93,436 565,176 1,224,900 567,483 2,659,411 2,983,133 5,337,371 4,944,840 142,565 12,361 61,636 114,313 61,656

15,235,111 11,292,485 11,345,367 -52,882 581,217 199,677 2,249,375 91,964 5,188 113,881 701,325 3,400,561 2,615,340 23,916 39,144 702,541 19,620

298,398,380 264,786,533 264,518,336 268,197 3,149,479 25,000,000 4,474,679 987,689 830,628 171,232 16,880 273,295 305,648 63,572

196,952,812 189,571,308 190,808,085 -1,236,777 74,900 1,203,340 3,022,250 53,958 2,983,107 33,300 10,650 29,968,729 14,400 25,404,223 4,056,982 63,500 161,928 267,697

9,204,142

33,404,511

11,834,550

297,567,753

166,984,084

The accompanying notes form an integral part of these financial statements

143

Statement of Net Assets

Note

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

144

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Euro Corporate Bond

Euro High Yield Bond

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

488,992,187 431,324,799 423,141,248 8,183,550 48,958,312 7,744,283 698,336 120,295 146,162 9,529,319 3,058,500 2,486,100 1,497,318 120,715 1,578,024 649,536 139,126

476,406,156 463,629,684 482,382,695 -18,753,011 2,306,010 7,451,503 457,069 1,786,058 670,045 105,788 39,250,491 31,253,800 6,926,689 242,642 19,489 565,677 242,193

406,580,225 346,634,135 339,555,708 7,078,427 8,790,572 7,060,305 3,606,270 137,825 39,748,671 602,449 76,447,959 12,320 25,849,500 7,130,064 86,039 1,037,872 208,447 1,034,243 431,457 39,950,705 707,312

308,664,290 288,142,547 320,846,844 -32,704,296 998,133 6,449,764 3,652,397 7,463,412 11,167 1,344,421 602,449 15,899,442 233,432 12,213,750 1,658,173 446,733 432,281 292,049 623,024

479,462,869

437,155,665

330,132,266

292,764,848

Euro Inflation Bond

Euro Select Bond

European Bond

Global Aggregate

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

391,331,779 366,365,535 358,478,410 7,887,125 7,058,953 4,350,048 12,293,497 1,263,747 34,532,017 12,655,267 20,553,069 320,255 209,589 609,713 184,124

158,330,163 145,249,030 143,038,088 2,210,942 2,552,561 6,999,999 1,785,796 1,742,777 3,013,442 2,646,404 13,380 243,241 110,417

10,760,357 10,152,257 10,325,314 -173,057 277,273 276,440 53,113 1,274 32,689 7,511 20,006 5,172

22,220,121 21,635,020 21,712,581 -77,561 39,587 362,849 182,664 40,884 32,720 8,164

81,657,310 71,861,458 69,898,425 1,963,033 8,020,847 1,734,094 40,911 31,274,915 3,493 30,322,401 128,439 258,070 91,676 88,647 382,189

113,889,844 90,079,819 90,740,744 -660,925 29,194 142,180 5,431,567 4,710,575 1,596,656 127,034 109,663 11,805,335 49,924,968 36,104,490 749,198 44,244 21,950 100,957 11,815,937 1,088,193

58,684,081 49,303,089 51,540,710 -2,237,621 32,780 141,939 1,794,989 801,122 680,893 9,273 6,061,935 18,015,562 2,090 31,093 17,290 10,969,712 99,208 174,676 65,716 6,124,500 562,370

109,718,426 63,302,809 62,437,729 865,081 279,847 533,891 1,934,385 1,500,000 1,124,134 2,283,673 160,130 39,133,447 67,077,996 282,935 291,052 35,135 25,262,354 1,401,149 3,231 5,707 42,781 39,138,186 906,520

356,799,763

155,316,721

10,727,668

22,179,237

50,382,395

63,964,876

40,668,518

42,640,430

The accompanying notes form an integral part of these financial statements

145

Statement of Net Assets

Note

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

146

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Global Bond

Global Convertible Bond

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

851,023,411 801,865,757 843,502,882 -41,637,125 -68,074 878,050 8,096,571 8,574,300 17,134,515 11,249,310 897,637 2,784,227 489,168 252,801,535 121,157 443,290 236,863 239,264,842 10,556,137 703,569 961,481 957,485

960,969,491 707,187,503 702,794,667 4,392,836 1,139,014 753,558 12,786,202 14,367,555 70,154,610 381,547 4,869,816 1,947,876 2,530,952 145,604,416 513,901,901 1,080,944 1,722,385 1,398,692 253,383,650 104,192,184 837,663 145,832,216 7,176,552

31,932,885 31,238,673 28,137,126 3,101,548 195,413 308,090 340,092 139,018 19,689 700,420 48,040 82,940 134,759 185,351 220,739 92,647 18,884

38,765,844 34,834,526 35,933,390 -1,098,864 228,235 369,123 2,978,498 225,583 206,843 292,160 1,264,444 71,870 149,675 1,045,775 34,802 9,847 82,141 20,008

598,221,876

447,067,590

31,232,465

37,501,400

Global Corporate Bond

Global Inflation Bond

30/06/10 USD

30/06/09 USD

30/06/10 EUR

83,688,080 74,756,228 79,025,425 -4,269,197 6,987,324 1,387,298 261,885 26,212 24,153 244,980 1,403,836 7,478 487,236 118,676 137,246 288,388 100,934 245,269 18,610

63,594,658 46,536,756 47,957,256 -1,420,499 215,186 784,890 904,784 15,041,000 60,243 49,845 1,953 6,059,174 1,057,703 4,728,236 45,025 228,210

225,170,056 130,661,427 120,089,543 10,571,883 4,007,227 827,369 2,836,233 86,837,800 98,891,503 10,486,233 534,152 389,440 264,801 65,205 210,374 86,881,388 59,911

82,284,243

57,535,485

126,278,553

LDI Gilt Plus (GBP)

30/06/09 EUR

LDI Index Linked Plus (GBP)

30/06/10 GBP

30/06/09 GBP

30/06/10 GBP

30/06/09 GBP

-

57,208,737 51,995,936 50,329,115 1,666,821 29,836 171,674 1,765,895 -630,066 2,157,045 479,842 1,410,249 7,235,409 6,544,678 239,214 114,589 336,928

133,069,635 119,340,062 121,665,280 -2,325,218 607 471,839 1,115,800 6,375,682 629,649 721,264 459,348 1,866,816 2,560,406 3,375,961 109,683 156,395 2,555,100 554,783

159,490,618 149,019,534 146,498,312 2,521,223 59,743 343,950 2,507,391 -220,358 5,761,186 1,200,132 1,162,990 1,515,338 121,628 578,226 205,270 610,215

264,647,361 209,557,822 213,814,768 -4,256,947 607 471,839 1,385,899 16,292,478 1,808,806 1,111,871 678,845 8,486,138 25,324,894 26,766,086 124,821 278,928 25,349,790 1,012,547

-

49,973,328

129,693,674

157,975,280

237,881,275

The accompanying notes form an integral part of these financial statements

147

Statement of Net Assets

Note

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

148

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Index Euro

Index Europe

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

131,690,143 128,799,441 141,874,514 -13,075,072 850,431 295,186 1,745,084 199,451 15,564 142,730 27,172 13,985

68,641,253 68,025,311 87,387,785 -19,362,474 357,795 220,610 37,537 22,352 1,000 16,738 4,614

417,607,973 415,474,015 358,155,342 57,318,673 373,647 1,538,677 221,633 1,861,474 562,647 1,130,290 17,354 12,966 109,692 28,525

452,566,773 443,882,760 449,564,844 -5,682,085 6,475,175 1,705,919 502,920 2,830,081 428,198 2,207,236 55,471 108,612 30,565

131,490,692

68,618,901

415,746,499

449,736,692

Index Global Bond (EUR) Hedged

Index North America

Index Pacific

Multi Asset Protected

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

204,644,978 188,325,587 168,226,460 20,099,127 2,862,092 2,398,912 278,144 7,249,197 9,889 3,521,158 12,674,880 795 7,013,823 15,678 2,048,356 45,437 3,530,148 20,644

267,765,323 151,250,601 155,959,251 -4,708,650 5,824,502 1,993,453 4,278,421 135,583 104,282,763 112,256,286 6,496,163 1,300,547 45,102 104,395,405 19,069

376,741,974 370,027,574 313,430,349 56,597,225 6,226,826 485,475 1,892 207 2,861,180 2,449,857 283,883 98,584 28,856

291,135,308 285,789,901 296,195,213 -10,405,312 2,740,597 359,810 2,245,000 4,580,254 440,222 1,755,086 39,631 22,565 72,235 2,230,917 19,598

84,246,426 83,213,569 69,669,388 13,544,181 830,028 196,107 4,068 2,655 91,303 14,807 1,587 38,803 22,734 13,372

63,354,267 58,108,640 55,134,737 2,973,903 21,984 85,063 2,682,686 2,939 2,452,955 4,946,378 181,960 2,262,587 10,822 2,472,381 18,628

36,063,618 32,888,814 33,431,770 -542,956 151,775 3,023,029 294,888 44,073 123,868 116,589 10,358

4,936,460 4,928,126 4,928,707 -581 7,092 1,242 14,104 12,673 1,431

191,970,097

155,509,038

373,880,794

286,555,054

84,155,123

58,407,888

35,768,730

4,922,356

The accompanying notes form an integral part of these financial statements

149

Statement of Net Assets

Note

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

150

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Arbitrage Inflation

Arbitrage VaR 2 (EUR)

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

29,547,685 23,744,040 23,385,513 358,528 356,643 2,266,885 45,340 746,896 53,274 11,969 2,322,639 6,257,952 2,088,137 1,757,070 7,318 21,189 54,896 2,316,209 13,133

30,399,167 12,836,763 13,045,836 -209,073 25,621 21,093 174,498 16,970,721 52,106 284,591 54,074 791 2,310,891 2,191,984 55,226 14,795 38,407 10,478

325,787,820 308,494,931 319,156,323 -10,661,392 1,932,895 1,489,720 2,612,334 3,500,000 6,462,230 903,713 68,451 1,813,265 9,954,944 1,059,964 534,150 2,015 909,000 1,600,870 1,333,748 526,977 384,788 4,137,580

227,353,839 189,123,306 220,473,879 -31,350,573 551,212 327,918 2,788,896 22,500,000 2,935,002 627,835 3,582,440 201,430 12,399 388,935 2,829,119 1,813,265 13,737,638 132,612 246,254 36,508 740,125 3,008,864 236,180 2,829,674 6,753,676

23,289,733

28,088,276

315,832,876

213,616,201

Arbitrage VaR 2 (GBP)

30/06/10 GBP

Arbitrage VaR 2 (USD)

Arbitrage VaR Short Term

30/06/09 GBP

30/06/10 USD

30/06/09 USD

30/06/10 EUR

4,595,600 3,381,174 3,475,482 -94,307 3,875 8,634 675,682 1,012 16,813 517,045 477,979 188 639 4,368 6,041 467,383

10,770,561 9,425,877 9,436,581 -10,704 873,556 -200,789 41,056 7,250 85,760 537,853 6,099,784 15,146 4,756 85,170 5,994,713

102,860,463 99,607,374 107,511,943 -7,904,569 90,838 192,319 2,351,663 1,224,900 -502,698 7,435 80,950 1,094,208 3,713 13,200 987 600,887 135,564 100,928 128,287 123,842

46,285,768 34,558,346 39,710,569 -5,152,223 1,102,601 8,500,000 422,107 99,518 32,376 1,478,123 92,697 2,661,054 2,479 177,991 40,630 1,473,998 965,956

27,143,301 22,677,699 22,727,156 -49,456 1,317,586 3,000,000 145,215 577 2,224 154,837 130,679 12,119 12,038

4,117,621

4,670,777

101,766,255

43,624,714

26,988,464

Dynarbitrage Forex

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

-

13,290,545 11,392,997 11,453,571 -60,574 1,841,522 46,550 9,476 345,072 4,282 49,137 20,268 271,385

11,201,617 8,971,461 9,113,174 -141,714 2,105,606 6,721 38,290 79,539 495,461 111,197 13,958 370,306

-

12,945,473

10,706,156

The accompanying notes form an integral part of these financial statements

151

Statement of Net Assets

Note

30/06/10 USD

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

152

Dynarbitrage Forex Asia Pacific

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

30/06/09 USD

Dynarbitrage High Yield

30/06/10 EUR

30/06/09 EUR

16,053,490 1,164,629 14,867,277 3,894 17,690 191,065 110,486 58,812 18,270 3,497

8,620,679 138,908 52,790 906,037 7,572,771 2,963 239,605 138,908 67,678 20 79,378 11,589 9,709

97,616,249 64,194,839 62,786,379 1,408,459 4,913,971 17,999,685 1,433,298 51,951 9,017,534 4,971 11,516,763 123,319 168,210 3,138 1,172,619 147,025 9,038,978 863,473

36,267,276 22,393,296 22,256,970 136,327 1,495,147 11,486,455 431,879 105,994 1,012 348,521 4,971 483,397 359,096 43,206 42,481 38,613

15,862,425

8,381,074

86,099,486

35,783,879

Dynarbitrage VaR 4 (EUR)

Dynarbitrage VaR 4 (USD)

Dynarbitrage Volatility

Equity Statistical Arbitrage (EUR)

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

228,571,197 205,650,599 215,404,536 -9,753,937 534,511 1,310,823 3,768,778 14,000,000 3,591,168 57,193 548,524 191,279 229,145 46,927,552 18,920 78,507 38,650,741 1,121,291 1,073,922 27,583 383,100 5,651,995

240,963,549 232,509,764 272,830,323 -40,320,559 4,470,296 3,144,810 106,218 298,797 59,944 144,575 229,145 21,578,892 -2,600 130,543 19,490,424 592,882 346,527 267,574 431,438 322,105

146,629,479 139,185,338 152,155,791 -12,970,453 380,680 943,913 3,603,737 3,062,250 298,312 99,162 4,357,709 14,456 64,750 300,645 592,613 386,063 186,974 2,876,958

135,940,781 121,326,436 127,303,165 -5,976,729 2,906,510 7,000,000 1,423,195 214,843 2,956,246 113,551 3,939,068 -1,683 27,577 692,019 156,068 2,947,996 117,091

581,716,694 450,742,215 451,485,031 -742,816 29,924,372 23,405,050 92,469,739 444,025 50,671 5,948,876 2,129,607 7,189 45,274,239 29,912,005 28,702,240 7,433,677 4,418,083 907,568 1,071,405 1,250,397 281,103

929,259,451 505,179,428 505,765,992 -586,564 30,909,962 37,726,653 24,219,765 335,343,653 731,635 292,934 14,403,875 17,221,696 956,504 64,541,840 26,544,490 35,052,663 340,287 26,263,546 8,463,508 17,026 1,343,207 1,569,776

90,068,049 63,619,546 64,528,147 -908,601 23,098 154,878 4,504,747 34,631 28,147 20,960,291 245 121,428 775,916 24,515,304 22,614,957 226,647 1,564,753 94,513 14,435

110,706,562 80,791,852 80,785,836 6,015 1,973,126 4,000,275 130,660 8,230 9,405,161 2,805 135,728 14,258,725 28,679,239 13,443,114 142,102 155,414 644,915 112,324 14,163,303 18,068

181,643,645

219,384,657

142,271,770

132,001,713

536,442,455

864,717,611

65,552,744

82,027,322

The accompanying notes form an integral part of these financial statements

153

Statement of Net Assets

Note

30/06/10 EUR

English Assets Securities portfolio at market value Acquisition cost Unrealised gain/loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Dividends receivable Brokers receivable Subscribers receivable Unrealised net appreciation on forward foreign exchange contracts Unrealised net appreciation on futures contracts Unrealised net appreciation on swaps Receivable on spot exchange Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Repurchase agreements Brokers payable Subscribers payable Unrealised net depreciation on forward foreign exchange contracts Unrealised net depreciation on futures contracts Unrealised net depreciation on swaps and CFD Accrued management fees Payable on spot exchange Other liabilities Net asset value

The accompanying notes form an integral part of these financial statements

154

Multimanagers Long/Short Equity

2

2

2,8

2,10 2,7 2,18 24 2,17

2,9

2,10 2,7 2,18,19 4

Volatility Euro Equities

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

9,928,382 9,923,623 9,759,875 163,748 4,758 84,271 57,992 24,836 1,443

-

1,250,109,785 490,825,133 490,821,416 3,717 225,067,960 188,245,270 8,420,452 475,091,405 659,937 160,000 49,005,865 567,881 302,425 8,727 137,631,253 124,560,260 140,372,791 313,525 7,268,666 1,709,120 3,779,682

623,869,458 188,215,468 188,213,605 1,863 285,236,160 211,400,475 79,101 140,164,192 275,437 400,000 9,482,781 16,319 164,563,748 160,309,250 239,670,100 720,609 2,191,425 387,070 6,768 762,122 186,504

9,844,111

-

1,112,478,533

459,305,710

Volatility World Equities

Euro Reserve

USD Reserve

Consolidated

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

730,018,528 280,317,874 288,652,661 -8,334,787 155,723,729 130,331,063 108,200,286 170,461,446 -2,966,416 1,273,896 13,199,649 2,707,730 1,095,086 5,247 93,921,901 88,084,247 97,054,273 2,187,071 461,380 892,056 2,297,147

164,459,130 39,266,287 38,360,087 906,199 18,076,210 21,926,370 53,552,931 48,671,269 75,903 1,190,921 3,625,611 24,624,006 23,359,196 35,980,935 7,280 24,002 779,767 275,869 151,248 26,643

491,927,351 377,481,386 377,481,386 85,992 105,580,637 5,300,000 644,834 2,834,502 1,774,351 1,422,319 128,647 223,385

658,134,685 522,131,662 522,131,662 928,810 131,956,049 968,039 2,150,126 37,147,138 19,980,691 16,556,232 222,895 387,321

116,580,697 83,395,328 83,395,328 351,197 32,000,000 59,841 774,330 892,855 847,512 21,999 23,343

59,796,639 51,057,879 51,057,879 871,784 7,500,000 92,220 274,755 548,557 476,572 39,788 32,197

13,291,365,331 10,148,545,717 11,136,168,575 8,240,590,348 10,665,505,500 8,433,374,031 470,663,074 -192,783,683 386,644,655 331,841,854 324,385,625 268,476,210 416,573,546 193,004,284 765,102,178 681,620,854 75,562,126 80,327,674 55,042,248 48,253,465 19,213,831 17,484,924 93,893,259 110,126,752 167,721,829 96,433,217 7,681,027 6,252,860 2,105,822 5,103,492 3,645,084 18,745,369 158,576,657 315,294,156 3,434,493 3,466,469 995,134,581 1,152,007,925 228,516,883 204,837,416 249,936,410 302,509,348 12,531,888 8,329,359 326,221,430 323,123,509 66,574,037 115,505,078 123,691,695 134,547,579 8,798,016 2,920,936 7,814,714 1,863,457 6,133,166 682,088 22,556,983 13,037,104 158,891,324 315,493,381 33,404,445 31,668,018

636,096,626

139,835,124

490,153,000

620,987,547

115,687,842

59,248,081

12,296,230,750

8,996,537,793

The accompanying notes form an integral part of these financial statements

155

Financial Details Relating to the Last 3 Years

Aqua Global

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

36,421,108

33,798,918

35,588,337

Classic C Number of shares Net asset value per share

EUR

194,065.64 81.19

190,920.11 69.21

201,757.03 84.80

Classic D Number of shares Net asset value per share

EUR

8,056.74 76.29

7,953.41 65.59

7,787.67 80.51

Classic S C Number of shares Net asset value per share

EUR

132,638.25 80.06

146,062.53 68.52

162,965.13 84.29

Institutional C Number of shares Net asset value per share

EUR

10,387.40 830.91

12,365.17 703.74

4,549.88 856.78

EUR

8,459.19 94.43

16,920.18 79.98

2,229.97 97.39

30/06/10

30/06/09

30/06/08

USD

199,452,138

159,668,663

293,733,087

Classic C Number of shares Net asset value per share

USD

800,143.32 72.76

825,061.97 54.00

1,002,075.99 86.48

Classic D Number of shares Net asset value per share

USD

52,210.28 60.49

56,966.29 45.50

64,297.51 72.87

Classic S C Number of shares Net asset value per share

USD

50,488.02 71.86

34,527.51 53.55

49,220.77 86.10

Institutional 4 C Number of shares Net asset value per share

USD

1,839,000.00 72.04

2,067,000.00 52.79

2,233,700.00 83.45

Institutional 9 C Number of shares Net asset value per share

USD

5,550.00 80.72

4,480.00 59.06

4,510.00 93.22

Institutional C Number of shares Net asset value per share

USD

2,054.94 738.17

2,361.31 549.54

12,916.83 872.99

USD

0.00 0.00

0.00 0.00

621.66 95.06

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

20,074,568

16,571,984

45,912,331

Classic C Number of shares Net asset value per share

USD

611,285.78 14.27

660,918.24 13.15

1,076,896.29 18.85

Classic D Number of shares Net asset value per share

USD

25,737.97 14.23

25,259.97 13.17

8,350.97 18.88

Classic S C Number of shares Net asset value per share

USD

244,615.33 14.15

207,763.69 13.09

853,489.26 18.83

Total Net Assets

MC

Number of shares Net asset value per share

ASEAN New Markets Total Net Assets

MC

Number of shares Net asset value per share

Asia Pacific Renaissance Total Net Assets

The accompanying notes form an integral part of these financial statements

156

Year ending as of:

Financial Details Relating to the Last 3 Years

Asia Pacific Renaissance

30/06/10

30/06/09

30/06/08

USD

4,926.67 1,523.94

2,976.22 1,392.43

3,575.52 1,980.77

USD

179.52 76.24

9,805.10 69.65

23,225.53 99.05

30/06/10

30/06/09

30/06/08

USD

307,034,265

452,000,663

496,402,433

Classic C Number of shares Net asset value per share

USD

5,074,026.83 22.58

5,002,028.02 19.03

6,163,100.74 24.37

Classic D Number of shares Net asset value per share

USD

174,595.95 22.14

197,071.65 18.80

297,291.55 24.08

Classic S C Number of shares Net asset value per share

USD

430,159.36 21.72

400,930.04 18.37

527,766.87 23.63

Institutional 7 C Number of shares Net asset value per share

USD

78,977.94 1,133.39

276,568.62 941.59

188,557.88 1,191.24

Institutional C Number of shares Net asset value per share

USD

38,481.91 2,325.68

43,440.89 1,942.88

41,052.53 2,469.61

USD

2,610.51 87.71

12,979.08 73.22

6,029.78 93.04

30/06/10

30/06/09

30/06/08

USD

189,193,981

15,369,821

17,532,396

Classic C Number of shares Net asset value per share

USD

1,577,343.01 98.79

25,626.24 73.51

4,674.00 106.80

Classic D Number of shares Net asset value per share

USD

13,730.20 95.20

0.00 0.00

0.00 0.00

Classic S C Number of shares Net asset value per share

USD

220,608.42 97.86

50,145.02 73.11

9,690.73 106.64

Institutional C Number of shares Net asset value per share

USD

10,347.34 1,001.00

13,353.37 735.37

14,944.53 1,070.61

USD

1,270.04 95.31

0.00 0.00

0.00 0.00

Institutional C Number of shares Net asset value per share MC

Number of shares Net asset value per share

Asian Growth Total Net Assets

MC

Number of shares Net asset value per share

Brazil

Year ending as of:

Year ending as of:

Total Net Assets

MC

Year ending as of:

Number of shares Net asset value per share

The accompanying notes form an integral part of these financial statements

157

Financial Details Relating to the Last 3 Years

Clean Planet

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

26,719,698

27,347,558

63,856,806

Classic C Number of shares Net asset value per share

EUR

157,793.45 67.93

180,287.51 62.25

207,083.57 78.72

Classic D Number of shares Net asset value per share

EUR

134.01 110.02

63.00 101.14

0.00 0.00

Classic S C Number of shares Net asset value per share

EUR

12,289.07 75.79

3,200.99 69.74

720.79 88.55

Institutional 6 C Number of shares Net asset value per share

EUR

6,839.38 1,154.19

12,507.22 1,045.79

36,323.02 1,307.44

Institutional C Number of shares Net asset value per share

EUR

9,215.11 777.11

3,977.00 707.67

1.00 889.32

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

31,179,575

22,091,637

56,848,636

Classic C Number of shares Net asset value per share

EUR

480,264.52 28.51

504,246.89 19.10

629,296.66 37.84

Classic D Number of shares Net asset value per share

EUR

28,642.54 28.37

15,281.71 19.09

14,480.10 37.83

Classic S C Number of shares Net asset value per share

EUR

347,186.58 27.50

358,014.42 18.49

325,018.61 36.79

Institutional C Number of shares Net asset value per share

EUR

2,633.52 2,692.41

3,053.07 1,792.39

5,719.54 3,584.37

EUR

552.55 64.24

1,792.84 43.53

377.87 85.46

30/06/10

30/06/09

30/06/08

USD

137,265,613

39,448,826

83,993,669

Classic C Number of shares Net asset value per share

USD

500,038.44 79.24

103,735.81 60.78

176,866.81 87.49

Classic D Number of shares Net asset value per share

USD

198.00 114.45

0.00 0.00

0.00 0.00

Classic S C Number of shares Net asset value per share

USD

53,490.15 78.39

10,120.16 60.37

7,374.55 87.25

Institutional C Number of shares Net asset value per share

USD

97,160.72 797.44

52,948.73 614.34

74,294.40 879.64

USD

188,107.99 84.77

64.00 64.94

27,219.69 92.71

Total Net Assets

Emerging Europe Total Net Assets

MC

Number of shares Net asset value per share

Emerging Internal Demand Total Net Assets

MC

Number of shares Net asset value per share

The accompanying notes form an integral part of these financial statements

158

Year ending as of:

Financial Details Relating to the Last 3 Years

Emerging Markets

30/06/10

30/06/09

30/06/08

USD

378,267,570

535,762,738

950,772,938

Classic C Number of shares Net asset value per share

USD

5,094,496.52 27.74

5,727,521.41 23.04

5,043,593.15 32.52

Classic D Number of shares Net asset value per share

USD

97,370.04 27.04

112,103.53 22.78

132,070.77 32.44

Classic S C Number of shares Net asset value per share

USD

1,266,012.09 26.60

1,145,597.03 22.18

455,873.65 31.60

Institutional 7 C Number of shares Net asset value per share

USD

0.00 0.00

79,619.96 822.90

237,073.44 1,146.77

Institutional C Number of shares Net asset value per share

USD

61,572.63 2,961.66

124,066.06 2,441.02

142,214.39 3,422.46

Institutional D Number of shares Net asset value per share

USD

1.00 1,109.72

1.00 932.14

1.00 1,330.41

USD

215,715.32 84.61

107,339.72 69.74

96,838.42 97.74

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

103,731,695

8,782,005

10,083,855

Classic C Number of shares Net asset value per share

USD

78,327.87 85.94

1,182.45 69.50

10.00 97.31

Classic S C Number of shares Net asset value per share

USD

36,280.28 85.15

7,097.40 69.12

2,089.32 97.17

Institutional C Number of shares Net asset value per share

USD

107,894.08 870.36

11,755.11 698.35

10,130.52 975.26

USD

50.60 96.76

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

51,749,726

83,674,533

177,178,140

Classic C Number of shares Net asset value per share

EUR

3,928,547.42 6.02

5,428,852.44 5.50

6,862,665.27 7.79

Classic D Number of shares Net asset value per share

EUR

107,775.69 5.73

118,026.34 5.33

84,472.40 7.67

Classic S C Number of shares Net asset value per share

EUR

1,654,196.90 5.79

2,263,582.86 5.31

3,240,042.61 7.55

Institutional C Number of shares Net asset value per share

EUR

10,419.69 642.25

14,995.84 582.90

50,115.18 818.41

Total Net Assets

MC

Number of shares Net asset value per share

Emerging World Total Net Assets

MC

Number of shares Net asset value per share

Euro Quant Total Net Assets

Year ending as of:

The accompanying notes form an integral part of these financial statements

159

Financial Details Relating to the Last 3 Years

Euro Quant

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

184,410.02 60.82

588,611.14 55.11

742,712.48 77.52

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

16,141,093

16,228,406

48,409,584

Classic C Number of shares Net asset value per share

EUR

1,920,685.72 6.72

2,164,227.94 5.40

2,470,155.35 8.31

Classic D Number of shares Net asset value per share

EUR

153,553.25 6.65

186,406.47 5.37

232,123.77 8.31

Classic S C Number of shares Net asset value per share

EUR

227,012.74 6.47

235,288.80 5.22

266,761.34 8.07

Institutional C Number of shares Net asset value per share

EUR

815.19 915.66

3,168.85 728.48

21,448.56 1,109.41

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

17,507,938

7,666,093

21,973,086

Classic C Number of shares Net asset value per share

EUR

106.35 66.65

180.36 56.89

180.00 80.42

Classic S C Number of shares Net asset value per share

EUR

1,261.99 65.99

114.71 56.48

260.05 80.08

Institutional C Number of shares Net asset value per share

EUR

25,483.03 683.50

13,191.62 579.86

26,960.50 813.70

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

38,249,133

50,389,868

113,698,974

Classic C Number of shares Net asset value per share

EUR

440,844.64 67.54

579,926.76 57.02

630,659.37 79.77

Classic D Number of shares Net asset value per share

EUR

3,182.19 67.46

3,660.37 56.97

3,932.71 79.75

Classic S C Number of shares Net asset value per share

EUR

108,396.11 66.84

140,611.06 56.65

134,359.45 79.57

Institutional C Number of shares Net asset value per share

EUR

1,438.86 688.55

15,840.51 577.34

65,370.32 801.43

EUR

212.25 104.03

0.00 0.00

0.00 0.00

MC

Number of shares Net asset value per share

Europe Smaller Companies Total Net Assets

Europe SRI Total Net Assets

Gems Europe Total Net Assets

MC

Number of shares Net asset value per share

The accompanying notes form an integral part of these financial statements

160

Financial Details Relating to the Last 3 Years

Gems World

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

33,740,381

20,556,284

56,223,456

Classic C Number of shares Net asset value per share

USD

5,851.26 64.37

3,928.93 58.41

11,603.69 82.87

Classic S C Number of shares Net asset value per share

USD

5,886.19 61.38

3,175.75 55.93

22,353.61 79.58

Institutional C Number of shares Net asset value per share

USD

51,802.55 637.00

35,227.80 571.97

51,385.87 806.70

Institutional D Number of shares Net asset value per share

USD

0.00 0.00

0.00 0.00

15,000.00 802.02

USD

37.00 113.45

0.00 0.00

0.00 0.00

30/06/10

30/06/09

30/06/08

USD

122,142,755

60,287,057

136,208,937

Classic 2 C Number of shares Net asset value per share

EUR

20,596.50 90.31

0.00 0.00

0.00 0.00

Classic 3 C Number of shares Net asset value per share

EUR

7,678.00 116.44

0.00 0.00

0.00 0.00

Classic C Number of shares Net asset value per share

USD

570,325.00 68.50

295,134.49 60.47

43,132.55 99.29

Classic D Number of shares Net asset value per share

USD

11,466.54 75.72

3,494.46 66.84

0.00 0.00

Classic S C Number of shares Net asset value per share

USD

253,472.08 67.87

96,901.72 60.16

23,084.81 99.16

Institutional 10 C Number of shares Net asset value per share

EUR

13,390.00 878.47

10,000.00 779.20

0.00 0.00

Institutional C Number of shares Net asset value per share

USD

65,149.44 700.42

41,545.70 612.50

130,131.87 996.20

USD

16,276.64 97.56

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

94,448,980

82,857,983

94,001,240

Classic C Number of shares Net asset value per share

USD

12,942,056.85 6.65

12,486,444.73 5.94

10,230,566.88 8.59

Classic D Number of shares Net asset value per share

USD

352,231.11 6.44

380,083.79 5.76

36,339.72 8.59

Total Net Assets

MC

Number of shares Net asset value per share

Global Agriculture Total Net Assets

MC

Number of shares Net asset value per share

Global Equities Total Net Assets

Year ending as of:

The accompanying notes form an integral part of these financial statements

161

Financial Details Relating to the Last 3 Years

Global Equities

Year ending as of:

30/06/10

30/06/09

30/06/08

Classic S C Number of shares Net asset value per share

USD

914,931.36 6.40

1,043,043.80 5.74

697,026.62 8.32

Institutional C Number of shares Net asset value per share

USD

318.55 839.73

682.35 760.87

40.55 1,098.13

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

31,860,214

32,206,772

71,002,552

Classic 3 C Number of shares Net asset value per share

EUR

10.00 102.74

10.00 90.71

0.00 0.00

Classic C Number of shares Net asset value per share

USD

991,785.97 8.49

1,117,530.99 8.57

1,234,070.41 12.30

Classic D Number of shares Net asset value per share

USD

12,645.92 8.33

14,957.03 8.46

12,416.82 12.30

Classic S 3 C Number of shares Net asset value per share

EUR

10.00 102.30

10.00 90.63

0.00 0.00

Classic S C Number of shares Net asset value per share

USD

1,244,982.98 8.19

426,630.33 8.29

372,041.70 11.96

Institutional C Number of shares Net asset value per share

USD

12,887.27 995.56

15,271.81 994.34

36,455.30 1,404.96

USD

4,549.07 68.69

55,246.71 68.42

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

64,411,659

29,861,997

102,430,868

Classic C Number of shares Net asset value per share

USD

48,787.54 72.17

13,422.30 63.39

980.00 105.29

Classic D Number of shares Net asset value per share

USD

4,691.74 75.46

1,780.00 66.27

0.00 0.00

Classic S C Number of shares Net asset value per share

USD

118,584.48 71.50

32,702.11 63.05

3,409.56 105.15

Institutional C Number of shares Net asset value per share

USD

70,567.67 737.70

41,806.19 641.80

96,556.13 1,056.06

Global Finance Total Net Assets

MC

Number of shares Net asset value per share

Global Resources Total Net Assets

The accompanying notes form an integral part of these financial statements

162

Financial Details Relating to the Last 3 Years

Greater China

30/06/10

30/06/09

30/06/08

USD

621,859,482

592,597,544

661,397,522

Classic C Number of shares Net asset value per share

USD

353,722.36 456.57

304,076.21 414.02

302,120.39 443.15

Classic D Number of shares Net asset value per share

USD

15,777.82 456.51

14,861.97 413.97

14,189.32 443.08

Classic S C Number of shares Net asset value per share

USD

4,565,600.77 23.88

4,545,155.73 21.74

4,774,309.60 23.36

Institutional 2 D Number of shares Net asset value per share

USD

15,412.00 117.71

25,452.00 108.30

19,652.00 118.93

Institutional 4 C Number of shares Net asset value per share

USD

970,972.00 291.50

1,107,972.00 260.95

1,077,872.00 275.72

Institutional 7 C Number of shares Net asset value per share

USD

14,963.58 1,077.17

23,263.58 979.49

27,894.72 1,086.85

Institutional 9 C Number of shares Net asset value per share

USD

18,285.00 91.31

16,470.00 81.62

10,800.00 86.11

Institutional C Number of shares Net asset value per share

USD

76,931.35 475.00

95,783.91 428.19

163,570.38 473.54

USD

57,393.58 86.21

60,368.43 77.94

16,706.67 86.43

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

1,002,214,675

836,365,446

836,376,753

Classic C Number of shares Net asset value per share

USD

218,797.47 156.44

241,897.04 121.82

262,066.77 132.39

Classic D Number of shares Net asset value per share

USD

23,815.26 129.54

22,573.61 100.88

36,253.14 109.63

Classic S C Number of shares Net asset value per share

USD

386,006.85 153.48

337,226.47 120.00

352,989.51 130.93

Institutional 2 D Number of shares Net asset value per share

USD

14,951.00 123.27

27,351.00 95.77

20,551.00 104.43

Institutional 4 C Number of shares Net asset value per share

USD

5,516,455.00 154.86

5,832,955.00 119.04

5,428,455.00 127.71

Institutional 7 C Number of shares Net asset value per share

USD

1,561.00 996.62

0.00 0.00

0.00 0.00

Institutional 9 C Number of shares Net asset value per share

USD

46,160.00 97.94

43,750.00 75.18

36,650.00 80.53

Institutional C Number of shares Net asset value per share

USD

26,333.98 1,609.07

32,693.74 1,244.65

38,682.05 1,348.31

Total Net Assets

MC

Number of shares Net asset value per share

India Total Net Assets

Year ending as of:

The accompanying notes form an integral part of these financial statements

163

Financial Details Relating to the Last 3 Years

India

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

13,954.40 78.90

380,753.28 60.92

14,660.16 65.66

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

104,254,258

41,770,439

34,387,658

Classic C Number of shares Net asset value per share

USD

161,982.76 66.49

108,452.03 53.02

85,279.54 58.10

Classic D Number of shares Net asset value per share

USD

7,565.19 109.73

0.00 0.00

0.00 0.00

Classic S C Number of shares Net asset value per share

USD

242,766.42 65.81

39,584.66 52.68

10,865.33 57.97

Institutional 4 C Number of shares Net asset value per share

USD

487,668.00 89.25

458,900.00 70.25

324,180.00 76.00

Institutional C Number of shares Net asset value per share

USD

49,199.79 662.04

3,123.00 522.19

7,136.37 583.70

USD

4,820.34 120.20

710.00 94.39

0.00 0.00

30/06/10

30/06/09

30/06/08

JPY

3,962,486,721

3,704,309,507

26,304,411,590

Classic C Number of shares Net asset value per share

JPY

255,903.14 5,990

261,654.00 6,508

315.00 8,234

Classic D Number of shares Net asset value per share

JPY

28,003.19 10,032

28,776.48 10,900

0.00 0

Classic S C Number of shares Net asset value per share

JPY

60,976.00 5,923

66,295.21 6,461

4,415.48 8,211

Institutional 2 D Number of shares Net asset value per share

JPY

120,733.00 5,364

158,933.00 5,890

181,193.00 7,547

Institutional 8 C Number of shares Net asset value per share

JPY

0.00 0

0.00 0

334,555.23 72,261

Institutional 9 C Number of shares Net asset value per share

JPY

16,930.00 6,782

14,420.00 7,285

3,610.00 9,117

Institutional C Number of shares Net asset value per share

JPY

16,716.58 61,323

3,300.67 66,136

8,300.00 83,102

MC

Number of shares Net asset value per share

India Infrastructure Total Net Assets

MC

Number of shares Net asset value per share

Japan Value Total Net Assets

The accompanying notes form an integral part of these financial statements

164

Year ending as of:

Financial Details Relating to the Last 3 Years

Korea

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

99,818,377

64,006,215

164,800,994

Classic C Number of shares Net asset value per share

USD

440,742.44 17.99

474,995.48 13.36

762,041.86 22.15

Classic D Number of shares Net asset value per share

USD

7,458.14 17.99

12,192.61 13.37

16,194.94 22.16

Classic S C Number of shares Net asset value per share

USD

452,958.54 17.08

428,030.96 12.74

711,574.11 21.20

Institutional 2 D Number of shares Net asset value per share

USD

22,375.00 76.54

33,005.00 57.66

24,005.00 97.45

Institutional 4 C Number of shares Net asset value per share

USD

222,687.00 125.81

236,337.00 92.27

254,587.00 151.01

Institutional 7 C Number of shares Net asset value per share

USD

10,113.00 957.62

0.00 0.00

0.00 0.00

Institutional C Number of shares Net asset value per share

USD

19,915.28 2,238.89

16,352.69 1,651.15

33,444.92 2,717.13

USD

262.58 73.31

24,630.18 54.05

9,152.75 88.93

30/06/10

30/06/09

30/06/08

USD

1,707,487,755

781,076,043

1,316,736,862

Classic C Number of shares Net asset value per share

USD

1,008,726.08 579.36

653,910.45 431.95

659,705.69 677.47

Classic D Number of shares Net asset value per share

USD

31,444.18 529.23

18,964.72 401.49

21,822.49 635.28

Classic S C Number of shares Net asset value per share

USD

151,970.34 566.51

66,218.75 424.07

103,477.00 667.78

Institutional 7 C Number of shares Net asset value per share

USD

321,422.40 1,484.31

262,233.89 1,111.05

267,417.44 1,725.72

Institutional C Number of shares Net asset value per share

USD

92,359.97 5,637.64

39,358.53 4,231.35

48,104.93 6,597.23

USD

249,754.37 90.31

73,525.68 68.44

75,069.06 106.51

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

14,255,508

10,496,627

0

EUR

10.00 122.07

10.00 101.65

0.00 0.00

Total Net Assets

MC

Number of shares Net asset value per share

Latin America Equities Total Net Assets

MC

Number of shares Net asset value per share

Minimum Variance Europe Total Net Assets Classic C Number of shares Net asset value per share

Year ending as of:

The accompanying notes form an integral part of these financial statements

165

Financial Details Relating to the Last 3 Years

Minimum Variance Europe

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

10,262.58 1,231.07

10,310.73 1,017.93

0.00 0.00

EUR

16,813.82 96.37

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

21,890,451

18,697,449

26,546,607

Classic C Number of shares Net asset value per share

EUR

5,723.57 61.62

86.00 51.95

271.00 74.34

Classic S C Number of shares Net asset value per share

EUR

1,656.96 61.17

849.84 51.77

594.10 74.43

Institutional C Number of shares Net asset value per share

EUR

33,892.70 632.48

35,350.53 527.54

35,375.41 748.61

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

20,494,952

18,058,431

0

Classic C Number of shares Net asset value per share

EUR

15,110.20 116.32

10,068.02 105.28

0.00 0.00

Classic D Number of shares Net asset value per share

EUR

80.52 111.26

80.52 101.22

0.00 0.00

Classic S C Number of shares Net asset value per share

EUR

31,594.73 123.34

32,877.07 112.08

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

12,580.50 1,178.93

12,570.83 1,058.44

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

26,793,157

23,311,408

0

Classic C Number of shares Net asset value per share

EUR

24,770.32 122.13

20,486.79 104.85

0.00 0.00

Classic D Number of shares Net asset value per share

EUR

142.54 117.79

142.54 101.62

0.00 0.00

Classic S C Number of shares Net asset value per share

EUR

2,567.72 135.94

3,294.17 117.15

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

18,933.08 1,236.04

19,722.77 1,052.75

0.00 0.00

Institutional C Number of shares Net asset value per share MC

Number of shares Net asset value per share

Restructuring Equities Total Net Assets

Select Euro Total Net Assets

Select Europe Total Net Assets

The accompanying notes form an integral part of these financial statements

166

Financial Details Relating to the Last 3 Years

Switzerland

Year ending as of:

30/06/10

30/06/09

30/06/08

CHF

10,528,605

12,542,861

23,211,055

Classic C Number of shares Net asset value per share

CHF

777,738.23 7.57

1,006,560.54 6.66

1,174,986.58 9.01

Classic D Number of shares Net asset value per share

CHF

4,853.45 7.56

4,637.48 6.68

11,953.48 9.03

Classic S C Number of shares Net asset value per share

CHF

208,388.67 7.29

213,975.00 6.43

254,790.91 8.74

Institutional C Number of shares Net asset value per share

CHF

2,508.60 1,229.68

4,134.95 1,072.61

7,144.12 1,440.50

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

50,511,323

32,089,972

157,621,215

Classic C Number of shares Net asset value per share

USD

275,997.60 66.68

291,783.46 44.82

475,409.06 64.78

Classic D Number of shares Net asset value per share

USD

3,394.50 64.75

4,828.96 44.09

4,882.69 64.21

Classic S C Number of shares Net asset value per share

USD

468,606.91 11.37

458,587.59 7.67

1,148,110.18 11.13

Institutional 7 C Number of shares Net asset value per share

USD

12,877.00 1,014.24

0.00 0.00

50,903.86 1,373.44

Institutional C Number of shares Net asset value per share

USD

4,198.88 3,168.34

7,159.85 2,113.59

14,095.03 3,032.78

USD

2,240.91 87.72

2,562.73 58.49

12,729.90 83.92

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

54,123,424

30,093,312

44,010,592

Classic C Number of shares Net asset value per share

USD

2,090,800.10 7.53

2,013,412.36 6.79

2,175,591.68 9.46

Classic D Number of shares Net asset value per share

USD

79,939.69 7.53

103,952.25 6.79

25,195.20 9.46

Classic S C Number of shares Net asset value per share

USD

1,000,438.70 7.28

845,487.09 6.59

979,835.68 9.22

Institutional C Number of shares Net asset value per share

USD

11,119.51 803.93

12,651.03 719.87

12,647.98 996.52

USD

282,294.91 76.32

15,125.00 68.41

16,427.24 94.67

Total Net Assets

Thailand Total Net Assets

MC

Number of shares Net asset value per share

US Innovative Companies Total Net Assets

MC

Number of shares Net asset value per share

The accompanying notes form an integral part of these financial statements

167

Financial Details Relating to the Last 3 Years

US Opportunities

30/06/10

30/06/09

30/06/08

USD

136,600,524

42,987,133

42,359,096

Classic C Number of shares Net asset value per share

USD

3,106,189.30 8.84

3,036,031.96 8.37

2,297,165.66 12.05

Classic D Number of shares Net asset value per share

USD

488,189.85 8.84

9,533.49 8.38

9,252.49 12.06

Classic S C Number of shares Net asset value per share

USD

278,445.61 8.14

115,521.72 7.75

97,883.82 11.20

Institutional C Number of shares Net asset value per share

USD

108,153.74 948.42

18,624.23 890.57

10,602.26 1,269.79

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

19,817,772

9,204,142

48,313,908

Classic C Number of shares Net asset value per share

USD

538,987.78 17.99

381,708.32 15.41

505,030.64 15.73

Classic D Number of shares Net asset value per share

USD

4,920.65 13.98

420.65 12.68

420.65 13.76

Classic S C Number of shares Net asset value per share

USD

422,083.47 16.36

44,311.41 14.05

927,673.79 14.37

Institutional C Number of shares Net asset value per share

USD

1,683.59 1,868.37

1,692.13 1,592.47

12,516.71 1,618.32

USD

0.00 0.00

0.00 0.00

67,930.59 99.81

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

33,404,511

11,834,550

12,088,866

Classic C Number of shares Net asset value per share

USD

121,429.36 24.09

185,867.43 19.47

201,624.39 19.88

Classic D Number of shares Net asset value per share

USD

147,428.77 15.00

121,749.54 13.17

251,490.67 14.53

Classic S C Number of shares Net asset value per share

USD

1,037,704.49 23.54

206,755.94 19.07

226,719.89 19.51

Institutional C Number of shares Net asset value per share

USD

1,260.00 1,698.44

203.00 1,366.95

3.00 1,413.42

USD

13,240.04 128.34

23,082.77 103.59

0.00 0.00

Total Net Assets

Asian Income Total Net Assets

MC

Number of shares Net asset value per share

Emerging Markets Debt Total Net Assets

MC

Number of shares Net asset value per share

The accompanying notes form an integral part of these financial statements

168

Year ending as of:

Financial Details Relating to the Last 3 Years

Euro Bond

30/06/10

30/06/09

30/06/08

EUR

297,567,753

166,984,084

174,955,991

Classic C Number of shares Net asset value per share

EUR

1,393,300.76 14.49

1,530,029.68 13.79

1,917,796.45 12.49

Classic D Number of shares Net asset value per share

EUR

108,944.43 11.09

38,163.56 10.87

47,200.32 10.19

Classic S C Number of shares Net asset value per share

EUR

1,010,116.57 14.19

832,094.00 13.54

1,044,321.36 12.28

Institutional 2 D Number of shares Net asset value per share

EUR

2,547,009.89 86.35

984,801.11 87.27

433,642.58 84.19

Institutional C Number of shares Net asset value per share

EUR

26,261.76 1,470.61

32,565.78 1,396.89

58,526.40 1,262.74

EUR

28,582.98 114.91

25,463.61 108.73

278,865.46 97.89

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

479,462,869

437,155,665

513,532,007

Classic C Number of shares Net asset value per share

EUR

4,966,529.54 14.87

4,132,554.43 12.99

4,151,623.43 12.66

Classic D Number of shares Net asset value per share

EUR

9,450,430.35 10.73

16,224,422.54 9.75

22,661,234.09 9.92

Classic S C Number of shares Net asset value per share

EUR

1,829,003.15 14.58

798,053.62 12.76

583,446.26 12.47

Institutional 2 D Number of shares Net asset value per share

EUR

2,464,428.37 89.40

1,974,517.43 83.22

2,061,891.44 87.15

Institutional C Number of shares Net asset value per share

EUR

21,562.74 1,486.95

35,081.47 1,300.00

19,321.22 1,263.65

Institutional D Number of shares Net asset value per share

EUR

9,395.99 1,173.81

5,000.00 1,032.14

0.00 0.00

EUR

122,868.09 115.30

660.51 101.01

260,414.71 95.43

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

330,132,266

292,764,848

346,608,902

Classic C Number of shares Net asset value per share

EUR

497,400.59 13.85

506,900.84 10.52

400,295.44 11.45

Classic D Number of shares Net asset value per share

EUR

39,238.71 10.34

9,836.56 8.39

13,966.56 9.75

Total Net Assets

MC

Number of shares Net asset value per share

Euro Corporate Bond Total Net Assets

MC

Number of shares Net asset value per share

Euro High Yield Bond Total Net Assets

Year ending as of:

The accompanying notes form an integral part of these financial statements

169

Financial Details Relating to the Last 3 Years

Euro High Yield Bond

Year ending as of:

30/06/10

30/06/09

30/06/08

Classic S C Number of shares Net asset value per share

EUR

1,066,266.69 13.47

638,617.90 10.25

609,480.97 11.18

Institutional 2 D Number of shares Net asset value per share

EUR

3,821,181.00 79.48

3,971,898.00 66.08

3,569,961.00 80.72

Institutional C Number of shares Net asset value per share

EUR

663.00 1,555.36

16,127.00 1,137.20

38,431.59 1,220.32

EUR

34,816.39 107.60

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

356,799,763

155,316,721

157,006,916

Classic C Number of shares Net asset value per share

EUR

682,130.69 130.60

552,160.30 124.53

606,550.54 118.90

Classic D Number of shares Net asset value per share

EUR

1,045,337.06 126.41

203,160.19 121.60

152,028.63 116.63

Classic S C Number of shares Net asset value per share

EUR

341,132.03 129.16

65,660.72 123.41

321,516.97 118.04

Institutional C Number of shares Net asset value per share

EUR

29,098.43 1,353.20

26,244.12 1,284.33

23,395.65 1,220.08

EUR

469,142.39 111.12

190,173.95 105.40

6,619.67 100.20

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

10,727,668

22,179,237

36,996,240

Classic C Number of shares Net asset value per share

EUR

78,964.02 112.01

114,783.36 111.36

292,616.43 107.96

Classic D Number of shares Net asset value per share

EUR

10.00 100.83

10.00 104.47

10.00 105.62

Classic S C Number of shares Net asset value per share

EUR

166,804.42 10.90

232,082.82 10.86

193,381.55 10.55

Institutional C Number of shares Net asset value per share

EUR

1.00 1,179.11

5,997.21 1,146.37

3,043.12 1,105.93

EUR

618.75 99.91

0.00 0.00

0.00 0.00

MC

Number of shares Net asset value per share

Euro Inflation Bond Total Net Assets

MC

Number of shares Net asset value per share

Euro Select Bond Total Net Assets

MC

Number of shares Net asset value per share

The accompanying notes form an integral part of these financial statements

170

Financial Details Relating to the Last 3 Years

European Bond

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

50,382,395

63,964,876

203,316,262

Classic C Number of shares Net asset value per share

EUR

144,961.65 141.82

131,881.07 130.18

329,313.23 121.41

Classic D Number of shares Net asset value per share

EUR

6,482.50 109.45

5,467.99 104.87

6,775.45 102.76

Classic S C Number of shares Net asset value per share

EUR

65,571.66 140.22

109,996.10 128.97

546,626.42 120.51

Institutional C Number of shares Net asset value per share

EUR

11,892.42 1,367.69

22,853.36 1,263.33

25,590.84 1,192.81

EUR

33,925.87 107.72

31,817.80 99.47

703,307.36 94.18

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

40,668,518

42,640,430

45,829,472

Classic C Number of shares Net asset value per share

USD

81,523.46 158.38

25,022.20 125.14

60.00 99.26

Classic S C Number of shares Net asset value per share

USD

89,266.59 157.20

2,525.46 124.48

10.00 99.07

Institutional C Number of shares Net asset value per share

USD

8,689.62 1,505.63

31,817.00 1,231.88

46,000.00 996.14

USD

6,483.25 98.88

0.00 0.00

0.00 0.00

30/06/10

30/06/09

30/06/08

USD

598,221,876

447,067,590

955,829,284

Classic C Number of shares Net asset value per share

USD

8,047,763.00 22.70

4,222,336.21 20.31

7,057,955.24 18.65

Classic D Number of shares Net asset value per share

USD

2,671,193.62 16.67

4,762,143.34 15.49

7,159,709.59 14.81

Classic S C Number of shares Net asset value per share

USD

1,658,021.72 22.26

903,246.58 19.96

8,953,703.61 18.36

Institutional 5 D Number of shares Net asset value per share

EUR

59.06 1,134.15

1,731.00 962.43

3,281.00 816.79

Institutional C Number of shares Net asset value per share

USD

94,448.24 2,236.12

87,295.74 2,024.57

186,880.83 1,888.26

Institutional D Number of shares Net asset value per share

USD

20,245.00 2,026.31

24,703.41 1,878.24

20,423.00 1,829.42

Total Net Assets

MC

Number of shares Net asset value per share

Global Aggregate Total Net Assets

MC

Number of shares Net asset value per share

Global Bond Total Net Assets

Year ending as of:

The accompanying notes form an integral part of these financial statements

171

Financial Details Relating to the Last 3 Years

Global Bond

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

672,137.67 121.77

399,733.66 110.18

1,555,016.05 102.50

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

31,232,465

37,501,400

47,196,981

Classic C Number of shares Net asset value per share

EUR

1,100,671.92 10.04

1,550,446.28 9.29

1,780,514.02 10.08

Classic D Number of shares Net asset value per share

EUR

53,299.22 9.83

22,701.00 9.16

20,168.00 10.00

Classic S C Number of shares Net asset value per share

EUR

1,106,536.68 10.81

1,347,002.84 10.03

1,734,717.14 10.90

Institutional C Number of shares Net asset value per share

EUR

6,385.98 1,188.82

7,449.40 1,091.47

8,630.00 1,175.19

EUR

942.19 100.39

13,529.18 92.16

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

82,284,243

57,535,485

45,917,870

Classic C Number of shares Net asset value per share

USD

7,486.02 117.17

17.82 101.19

10.00 97.03

Classic D Number of shares Net asset value per share

USD

3,869.86 107.09

0.00 0.00

0.00 0.00

Classic S C Number of shares Net asset value per share

USD

39,830.22 116.42

1,742.15 100.75

10.00 96.84

Institutional C Number of shares Net asset value per share

USD

64,986.92 1,174.94

56,468.24 1,015.76

47,153.27 973.76

Period ending as of:

30/06/10

30/06/09

30/06/08

EUR

126,278,553

0

0

Classic C Number of shares Net asset value per share

EUR

584,676.00 105.17

0.00 0.00

0.00 0.00

Classic D Number of shares Net asset value per share

EUR

562,990.93 101.57

0.00 0.00

0.00 0.00

Classic S C Number of shares Net asset value per share

EUR

1,558.37 104.97

0.00 0.00

0.00 0.00

MC

Number of shares Net asset value per share

Global Convertible Bond Total Net Assets

MC

Number of shares Net asset value per share

Global Corporate Bond Total Net Assets

Global Inflation Bond Total Net Assets

The accompanying notes form an integral part of these financial statements

172

Financial Details Relating to the Last 3 Years

Global Inflation Bond

30/06/10

30/06/09

30/06/08

7,033.94 1,058.03

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

GBP

49,973,328

129,693,674

179,923,923

GBP

39,146.34 1,276.58

118,839.89 1,091.33

195,931.52 918.30

Year ending as of:

30/06/10

30/06/09

30/06/08

GBP

157,975,280

237,881,275

224,109,554

GBP

126,459.50 1,249.22

213,296.54 1,115.26

213,296.54 1,050.69

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

131,490,692

68,618,901

0

Classic C Number of shares Net asset value per share

EUR

5,937.71 88.02

140.00 77.61

0.00 0.00

Classic D Number of shares Net asset value per share

EUR

8.48 115.16

0.49 102.01

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

92,020.38 883.30

33,830.57 777.28

0.00 0.00

Institutional D Number of shares Net asset value per share

EUR

54,957.93 859.82

54,435.88 777.28

0.00 0.00

EUR

24,311.91 100.04

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

415,746,499

449,736,692

0

Classic C Number of shares Net asset value per share

EUR

7,798.44 93.95

6,685.00 77.75

0.00 0.00

Classic D Number of shares Net asset value per share

EUR

10.53 108.93

0.00 0.00

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

33,714.26 942.71

235,306.49 778.65

0.00 0.00

Institutional D Number of shares Net asset value per share

EUR

412,184.98 919.04

333,659.48 778.66

0.00 0.00

Institutional C Number of shares Net asset value per share

LDI Gilt Plus (GBP) Total Net Assets Institutional C Number of shares Net asset value per share

LDI Index Linked Plus (GBP) Total Net Assets Institutional C Number of shares Net asset value per share

Index Euro Total Net Assets

MC

Number of shares Net asset value per share

Index Europe Total Net Assets

Period ending as of:

EUR

The accompanying notes form an integral part of these financial statements

173

Financial Details Relating to the Last 3 Years

Index Europe

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

31,726.90 139.23

53,798.67 115.06

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

191,970,097

155,509,038

0

Classic C Number of shares Net asset value per share

EUR

10.00 112.01

10,172.78 105.64

0.00 0.00

Classic D Number of shares Net asset value per share

EUR

6.97 105.78

0.50 100.16

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

154,682.38 1,120.46

129,952.29 1,058.06

0.00 0.00

EUR

175,656.70 106.19

168,813.93 100.33

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

373,880,794

286,555,054

0

Classic 5 C Number of shares Net asset value per share

USD

1.00 93.29

0.00 0.00

0.00 0.00

Classic C Number of shares Net asset value per share

EUR

43,844.64 106.59

4,671.00 82.01

0.00 0.00

Classic D Number of shares Net asset value per share

EUR

15.75 122.00

0.00 0.00

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

46,729.45 1,069.57

110,805.70 821.33

0.00 0.00

Institutional D Number of shares Net asset value per share

EUR

254,105.87 1,054.92

230,712.74 821.34

0.00 0.00

EUR

409,207.74 125.03

59,029.45 96.06

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

84,155,123

58,407,888

0

Classic C Number of shares Net asset value per share

EUR

14.08 130.94

801.97 108.56

0.00 0.00

Classic D Number of shares Net asset value per share

EUR

20.86 113.11

0.00 0.00

0.00 0.00

MC

Number of shares Net asset value per share

Index Global Bond (EUR) Hedged Total Net Assets

MC

Number of shares Net asset value per share

Index North America Total Net Assets

MC

Number of shares Net asset value per share

Index Pacific Total Net Assets

The accompanying notes form an integral part of these financial statements

174

Financial Details Relating to the Last 3 Years

Index Pacific

Year ending as of:

30/06/10

30/06/09

30/06/08

Institutional C Number of shares Net asset value per share

EUR

34,401.68 1,311.85

43,206.59 1,086.55

0.00 0.00

Institutional D Number of shares Net asset value per share

EUR

28,315.72 1,298.16

10,468.63 1,086.54

0.00 0.00

EUR

19,696.26 114.88

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

35,768,730

4,922,356

0

EUR

368,390.72 97.09

49,972.49 98.50

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

23,289,733

28,088,276

42,484,489

Classic C Number of shares Net asset value per share

EUR

58,414.66 106.98

28,282.44 108.31

107,180.73 105.21

Classic H C Number of shares Net asset value per share

EUR

10,318.60 107.75

2,896.13 109.39

3,106.42 106.68

Classic S C Number of shares Net asset value per share

EUR

119,530.71 106.08

98,045.72 107.54

102,612.91 104.72

Institutional C Number of shares Net asset value per share

EUR

9.00 1,090.21

6,922.00 1,096.64

15,441.00 1,061.97

EUR

31,108.48 104.13

62,633.90 104.95

36,694.68 101.71

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

315,832,876

213,616,201

780,904,489

Classic C Number of shares Net asset value per share

EUR

566,559.74 116.79

228,535.53 109.75

1,496,261.27 107.57

Classic D Number of shares Net asset value per share

EUR

51,620.56 102.33

66,596.70 98.89

159,857.13 101.20

Classic H C Number of shares Net asset value per share

EUR

58,324.82 113.75

391.04 107.33

24,758.82 106.35

Classic S C Number of shares Net asset value per share

EUR

1,014,552.67 115.96

900,059.19 109.16

3,457,212.35 107.23

MC

Number of shares Net asset value per share

Multi Asset Protected Total Net Assets Classic C Number of shares Net asset value per share

Arbitrage Inflation Total Net Assets

MC

Number of shares Net asset value per share

Arbitrage VaR 2 (EUR) Total Net Assets

The accompanying notes form an integral part of these financial statements

175

Financial Details Relating to the Last 3 Years

Arbitrage VaR 2 (EUR)

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

80,206.23 1,187.71

67,005.30 1,115.22

171,107.41 1,089.46

EUR

224,546.45 110.63

86,188.20 103.66

433,685.32 101.53

Year ending as of:

30/06/10

30/06/09

30/06/08

GBP

4,117,621

4,670,777

466,909,963

Classic C Number of shares Net asset value per share

GBP

16,798.78 116.44

3,743.87 115.77

56,344.57 114.47

Classic D Number of shares Net asset value per share

GBP

485.00 97.68

10.00 99.99

110.00 103.61

Classic H C Number of shares Net asset value per share

GBP

1.00 116.38

1.00 115.35

1.00 113.75

Classic S C Number of shares Net asset value per share

GBP

16,740.37 115.67

19,249.53 115.07

50,263.70 114.09

Institutional C Number of shares Net asset value per share

GBP

148.12 1,193.39

1,764.92 1,144.68

391,940.60 1,160.16

Institutional D Number of shares Net asset value per share

GBP

1.00 986.79

1.00 1,009.04

1.00 1,048.04

30/06/10

30/06/09

30/06/08

USD

101,766,255

43,624,714

111,648,740

Classic C Number of shares Net asset value per share

USD

132,247.75 121.24

60,359.10 117.11

429,319.83 112.44

Classic D Number of shares Net asset value per share

USD

1,052.00 103.77

738.00 101.44

923.00 101.60

Classic H C Number of shares Net asset value per share

USD

762.16 135.79

713.72 131.83

25.55 126.99

Classic S C Number of shares Net asset value per share

USD

588,056.40 120.46

80,916.22 116.72

343,385.90 112.21

Institutional C Number of shares Net asset value per share

USD

11,841.00 1,239.83

22,591.00 1,192.64

21,695.75 1,140.67

Institutional C Number of shares Net asset value per share MC

Number of shares Net asset value per share

Arbitrage VaR 2 (GBP) Total Net Assets

Arbitrage VaR 2 (USD) Total Net Assets

The accompanying notes form an integral part of these financial statements

176

Year ending as of:

Financial Details Relating to the Last 3 Years

Arbitrage VaR Short Term

Period ending as of:

30/06/10

30/06/09

30/06/08

EUR

26,988,464

0

0

EUR

26,898.93 1,003.33

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

12,945,473

10,706,156

55,980,590

Classic C Number of shares Net asset value per share

EUR

7,191.44 109.64

9,084.47 106.58

184,767.79 102.47

Classic D Number of shares Net asset value per share

EUR

13.15 103.61

120.88 100.43

0.00 0.00

Classic H C Number of shares Net asset value per share

EUR

265.62 109.29

228.01 106.44

104.66 102.20

Classic S C Number of shares Net asset value per share

EUR

66,744.59 110.13

59,602.81 107.12

129,344.99 102.63

Institutional C Number of shares Net asset value per share

EUR

1,565.07 1,100.76

3,023.09 1,062.62

21,450.92 1,043.98

EUR

28,553.38 106.94

1,008.63 103.78

13,782.68 99.16

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

15,862,425

8,381,074

12,647,184

Classic C Number of shares Net asset value per share

USD

5,767.61 124.22

3,683.99 123.44

293.00 117.69

Classic S C Number of shares Net asset value per share

USD

7,269.17 124.38

3,358.77 123.72

6,286.90 118.00

Institutional C Number of shares Net asset value per share

USD

6,000.00 1,266.57

6,000.00 1,251.80

10,000.00 1,187.09

USD

66,206.17 100.33

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

86,099,486

35,783,879

37,071,155

Classic C Number of shares Net asset value per share

EUR

539,558.42 100.65

10,819.76 94.08

109.62 96.89

Classic D Number of shares Net asset value per share

EUR

68.91 100.62

0.00 0.00

0.00 0.00

Total Net Assets Institutional C Number of shares Net asset value per share

Dynarbitrage Forex Total Net Assets

MC

Number of shares Net asset value per share

Dynarbitrage Forex Asia Pacific Total Net Assets

MC

Number of shares Net asset value per share

Dynarbitrage High Yield Total Net Assets

The accompanying notes form an integral part of these financial statements

177

Financial Details Relating to the Last 3 Years

Dynarbitrage High Yield

Year ending as of:

30/06/10

30/06/09

30/06/08

Classic H C Number of shares Net asset value per share

EUR

10.00 101.83

10.00 95.31

10.00 96.46

Classic S C Number of shares Net asset value per share

EUR

37,284.94 102.39

33,209.34 95.67

47,975.83 96.67

Institutional C Number of shares Net asset value per share

EUR

24,261.26 1,044.88

31,613.91 974.16

32,728.41 976.69

EUR

24,625.13 106.38

8,178.28 96.69

4,702.65 97.03

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

181,643,645

219,384,657

537,795,979

Classic C Number of shares Net asset value per share

EUR

414,149.29 110.53

551,039.08 103.02

1,139,608.41 104.38

Classic D Number of shares Net asset value per share

EUR

114,879.65 93.77

141,926.82 91.20

189,871.65 96.10

Classic H C Number of shares Net asset value per share

EUR

11,578.69 108.23

6,310.28 100.82

22,327.49 102.45

Classic S C Number of shares Net asset value per share

EUR

998,950.11 109.79

1,333,451.82 102.53

2,733,055.40 104.03

Institutional C Number of shares Net asset value per share

EUR

9,118.24 1,135.03

10,950.86 1,050.66

103,970.48 1,059.27

EUR

36,751.69 103.85

8,421.97 96.25

39,878.00 97.10

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

142,271,770

132,001,713

135,899,259

Classic C Number of shares Net asset value per share

USD

18,079.18 108.93

7,450.34 102.33

6,245.34 97.76

Classic D Number of shares Net asset value per share

USD

2,530.00 99.53

3,302.00 95.83

4,182.00 94.57

Classic H C Number of shares Net asset value per share

USD

10.00 107.54

10.00 101.34

10.00 97.22

Classic S C Number of shares Net asset value per share

USD

79,243.77 107.84

7,272.98 101.83

14,085.53 97.36

Institutional C Number of shares Net asset value per share

USD

119,030.53 1,104.79

125,681.62 1,035.80

135,618.74 984.53

MC

Number of shares Net asset value per share

Dynarbitrage VaR 4 (EUR) Total Net Assets

MC

Number of shares Net asset value per share

Dynarbitrage VaR 4 (USD) Total Net Assets

The accompanying notes form an integral part of these financial statements

178

Financial Details Relating to the Last 3 Years

Dynarbitrage Volatility

30/06/10

30/06/09

30/06/08

EUR

536,442,455

864,717,611

828,379,430

Classic C Number of shares Net asset value per share

EUR

676,446.90 116.29

1,927,817.29 115.59

2,662,512.74 109.81

Classic D Number of shares Net asset value per share

EUR

50,155.06 104.39

56,504.13 104.58

0.00 0.00

Classic H C Number of shares Net asset value per share

EUR

997,029.51 114.97

910,478.93 114.62

191,193.05 109.11

Classic S C Number of shares Net asset value per share

EUR

1,140,490.93 115.56

1,666,302.37 114.99

1,980,964.01 109.34

Institutional C Number of shares Net asset value per share

EUR

123,177.24 1,186.86

90,137.21 1,173.48

158,197.21 1,111.28

EUR

547,266.70 109.50

2,161,408.00 108.37

1,195,635.55 102.65

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

65,552,744

82,027,322

0

Classic C Number of shares Net asset value per share

EUR

5,021.75 94.72

777.18 100.15

0.00 0.00

Classic S C Number of shares Net asset value per share

EUR

21,912.96 93.93

33,083.83 100.04

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

40,502.85 952.05

46,944.80 1,003.51

0.00 0.00

Institutional D Number of shares Net asset value per share

EUR

25,750.01 946.76

13,408.00 1,002.75

0.00 0.00

EUR

848.51 93.48

183,565.68 98.52

0.00 0.00

Period ending as of:

30/06/10

30/06/09

30/06/08

EUR

9,844,111

0

0

Classic C Number of shares Net asset value per share

EUR

908.65 97.36

0.00 0.00

0.00 0.00

Classic S C Number of shares Net asset value per share

EUR

10.00 97.29

0.00 0.00

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

10,000.00 975.47

0.00 0.00

0.00 0.00

Total Net Assets

MC

Number of shares Net asset value per share

Equity Statistical Arbitrage (EUR) Total Net Assets

MC

Number of shares Net asset value per share

Multimanagers Long/Short Equity Total Net Assets

Year ending as of:

The accompanying notes form an integral part of these financial statements

179

Financial Details Relating to the Last 3 Years

Volatility Euro Equities

30/06/10

30/06/09

30/06/08

EUR

1,112,478,533

459,305,710

519,769,343

Classic 4 D Number of shares Net asset value per share

GBP

104.10 104.84

0.00 0.00

0.00 0.00

Classic C Number of shares Net asset value per share

EUR

1,561,348.08 149.49

599,467.16 141.22

776,957.25 116.97

Classic D Number of shares Net asset value per share

EUR

70,863.71 134.87

10,769.12 127.65

408.00 106.74

Classic H C Number of shares Net asset value per share

EUR

327,678.49 146.46

154,857.04 138.59

154,859.20 115.49

Classic S C Number of shares Net asset value per share

EUR

1,144,751.74 148.03

792,510.69 139.65

1,535,265.43 116.02

Institutional 12 D Number of shares Net asset value per share

GBP

124,080.33 1,071.82

22,416.77 1,005.37

0.00 0.00

Institutional 14 D Number of shares Net asset value per share

GBP

3,070.71 1,047.19

0.00 0.00

0.00 0.00

Institutional C Number of shares Net asset value per share

EUR

193,592.53 1,526.60

95,921.88 1,434.63

113,895.91 1,179.58

Institutional D Number of shares Net asset value per share

EUR

750.00 1,001.52

0.00 0.00

0.00 0.00

EUR

1,403,253.64 134.98

608,242.03 126.71

943,478.84 104.39

30/06/10

30/06/09

30/06/08

USD

636,096,626

139,835,124

80,483,700

Classic 2 C Number of shares Net asset value per share

EUR

94,461.37 102.57

0.00 0.00

0.00 0.00

Classic 4 D Number of shares Net asset value per share

GBP

9,299.82 106.59

0.00 0.00

0.00 0.00

Classic C Number of shares Net asset value per share

USD

1,224,446.37 139.30

179,675.14 135.07

137,439.35 106.52

Classic D Number of shares Net asset value per share

USD

45,065.35 125.49

2,127.42 121.51

0.00 0.00

Classic H C Number of shares Net asset value per share

USD

47,276.15 137.38

10,304.65 133.80

12,712.00 106.14

Classic S C Number of shares Net asset value per share

USD

246,343.66 138.15

49,014.73 134.36

1,215.31 106.28

Institutional 10 C Number of shares Net asset value per share

EUR

91,546.70 1,048.46

0.00 0.00

0.00 0.00

Total Net Assets

MC

Number of shares Net asset value per share

Volatility World Equities Total Net Assets

The accompanying notes form an integral part of these financial statements

180

Year ending as of:

Year ending as of:

Financial Details Relating to the Last 3 Years

Volatility World Equities

Year ending as of:

30/06/10

30/06/09

30/06/08

Institutional 14 D Number of shares Net asset value per share

GBP

2,682.19 1,029.63

0.00 0.00

0.00 0.00

Institutional C Number of shares Net asset value per share

USD

189,028.70 1,423.17

78,493.31 1,367.54

60,129.39 1,070.45

Institutional D Number of shares Net asset value per share

USD

3,054.43 1,057.72

0.00 0.00

0.00 0.00

USD

116,640.84 103.24

0.00 0.00

0.00 0.00

Year ending as of:

30/06/10

30/06/09

30/06/08

EUR

490,153,000

620,987,547

596,159,810

Classic C Number of shares Net asset value per share

EUR

12,944,920.21 12.34

9,176,077.70 12.31

6,210,034.11 12.00

Classic D Number of shares Net asset value per share

EUR

785,913.43 10.14

1,047,956.26 10.37

10,787.10 10.49

Classic S C Number of shares Net asset value per share

EUR

1,434,901.62 12.07

2,794,517.67 12.06

4,064,521.79 11.80

Institutional 11 C Number of shares Net asset value per share

EUR

218,388.57 1,035.74

193,037.89 1,031.02

140,907.76 1,001.53

Institutional C Number of shares Net asset value per share

EUR

33,245.11 1,216.57

102,699.59 1,211.61

168,958.02 1,177.54

Institutional D Number of shares Net asset value per share

EUR

2,678.00 1,004.32

64,489.19 1,002.71

0.00 0.00

EUR

338,757.67 105.85

714,209.64 105.47

1,301,758.35 102.57

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

115,687,842

59,248,081

80,436,750

Classic C Number of shares Net asset value per share

USD

4,808,950.89 12.09

4,063,785.05 12.08

5,159,141.52 11.94

Classic D Number of shares Net asset value per share

USD

10,818.08 10.02

16,152.17 10.12

75,131.17 10.37

Classic S C Number of shares Net asset value per share

USD

671,361.14 11.86

779,734.15 11.84

1,482,151.06 11.76

Institutional C Number of shares Net asset value per share

USD

40,247.12 1,198.49

6.00 1,195.80

555.00 1,132.38

MC

Number of shares Net asset value per share

Euro Reserve Total Net Assets

MC

Number of shares Net asset value per share

USD Reserve Total Net Assets

The accompanying notes form an integral part of these financial statements

181

Financial Details Relating to the Last 3 Years

USD Reserve MC

Number of shares Net asset value per share

The accompanying notes form an integral part of these financial statements

182

Year ending as of:

30/06/10

30/06/09

30/06/08

USD

12,387.04 100.22

7,671.60 100.03

0.00 0.00

Statement of Operations and Changes in Net Assets

Note

Aqua Global

ASEAN New Markets

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

794,341 794,054 286 819,959 496,025 118,793 14,173 42,957 145,176 2,156 680

913,300 900,633 12,667 676,699 449,374 106,325 13,058 43,958 63,636 157 192

4,803,767 4,803,731 36 4,261,294 1,670,497 82,859 863,782 46,967 10,287 1,583,619 3,284 -

6,117,512 6,069,609 47,903 5,291,346 1,301,305 682,408 32,102 8,235 3,266,459 757 81

-25,618 -1,556,387 257,352

236,601 -7,573,945 -880 588,590

542,473 28,146,356 3,116,304

826,166 -151,685,633 -16,360,363

-1,324,653 6,638,387

-6,749,634 -1,059,987

31,805,134 23,232,246

-167,219,829 63,010,851

-

-

-

-

-

-

-

-

5,313,734 -4,834 27,497,232 -30,183,942

-7,809,620 -1,109 22,533,013 -16,511,703

55,037,380 -44,748 75,100,036 -90,309,193

-104,208,978 33,470,272 -63,325,717

2,622,190

-1,789,419

39,783,475

-134,064,423

-

-

-

-

Net assets at the beginning of the year

33,798,918

35,588,337

159,668,663

293,733,087

Net assets at the end of the year

36,421,108

33,798,918

199,452,138

159,668,663

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

184

16

Asia Pacific Quant

Asia Pacific Renaissance

Asian Growth

Brazil

16/10/09 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

40,041 37,778 2,263 33,917 15,046 5,861 338 373 12,273 26 -

404,952 392,615 3,680 8,657 246,385 90,460 35,901 1,141 1,113 108,119 3,456 6,195

325,195 324,153 1,041 571,687 281,517 97,189 7,438 13,373 171,665 45 460

586,257 580,197 6,060 841,065 292,221 98,942 6,629 15,870 427,201 95 108

5,808,166 5,807,300 866 9,899,779 3,838,445 1,404,472 91,044 35,519 4,485,421 13,611 31,267

12,317,191 12,239,495 77,696 11,158,957 3,675,112 1,346,168 77,244 27,132 6,030,998 2,303 -

4,854,476 4,854,043 221 212 3,910,828 2,064,627 75,454 654,685 70,626 78,061 740,950 29,592 196,832

591,804 590,768 1,036 396,696 121,188 78,250 47,239 2,123 6,217 127,187 4,027 10,467

6,124 880,022 75,997 159,063

158,567 -4,535,512 -3,528 -294,393 -1,920,188

-246,492 1,292,168 702,733

-254,808 -12,236,447 -44,626

-4,091,614 103,853,424 1 4,370,079

1,158,234 -161,903,661 -37,618,177

943,648 1,099,060 -137,241 -1,870,119

195,108 -3,629,929 -1,365,329

1,121,205 -29,266

-6,595,054 -441,587

1,748,409 -627,519

-12,535,881 542,809

104,131,890 -16,216,326

-198,363,604 72,952,307

35,348 -11,759,860

-4,800,151 -686,007

-

-

-

-

-

-

-

-

2,723 -

15,060 -

-

-

-

-

-

-

1,094,662 514,700 -5,569,222

-7,021,581 4,066,310 -10,990,394

1,120,889 -1,865 8,675,000 -6,291,441

-11,993,073 2,766,062 -20,113,336

87,915,565 -33,943 117,530,026 -350,378,047

-125,411,297 263,437,552 -182,428,024

-11,724,513 248,082,177 -62,533,505

-5,486,158 11,779,095 -8,455,512

-3,959,860

-13,945,665

3,502,584

-29,340,347

-144,966,399

-44,401,769

173,824,159

-2,162,574

-

-

-

-

-

-

-

-

3,959,860

17,905,525

16,571,984

45,912,331

452,000,663

496,402,433

15,369,821

17,532,396

-

3,959,860

20,074,568

16,571,984

307,034,265

452,000,663

189,193,981

15,369,821

The accompanying notes form an integral part of these financial statements

185

Statement of Operations and Changes in Net Assets

Note

Clean Planet

Emerging Europe

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

346,563 346,374 189 488,349 292,486 84,930 7,916 2,520 91,395 2,284 6,818

971,800 954,167 17,633 532,512 317,311 104,975 8,090 474 100,397 1,266 -

714,375 689,175 25,200 998,079 428,013 35,608 144,569 12,305 35,334 274,652 14,263 53,335

693,634 660,415 15,994 17,224 772,845 326,984 77,174 108,957 7,941 21,849 192,579 11,597 25,764

-141,786 1,961,067 -668 14,789 896,251

439,287 -24,380,153 -1,798 -475,805 2,231,566

-283,704 3,183,553 427,715 1,504,915

-79,211 -22,084,045 -4,561 -543,809 1,846,196

2,729,652 -131,094

-22,186,902 10,286,625

4,832,478 5,459,411

-20,865,430 -3,992,236

183,852

-

-

-

-

60,745 -

-50,021 -

4,729 -

2,782,410 -35 9,283,929 -12,694,163

-11,839,533 7,430,904 -32,100,619

10,241,868 -2,305 27,496,731 -28,648,357

-24,852,937 7,542,673 -17,446,734

-627,860

-36,509,248

9,087,938

-34,756,998

-

-

-

-

Net assets at the beginning of the year

27,347,558

63,856,806

22,091,637

56,848,636

Net assets at the end of the year

26,719,698

27,347,558

31,179,575

22,091,637

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

186

16

Emerging Internal Demand

Emerging Markets

Emerging World

Euro Quant

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

1,760,438 1,758,104 2,334 2,854,085 897,778 774,331 362,650 20,438 8,364 749,931 11,864 28,729

1,393,127 1,380,179 12,948 1,067,840 457,884 69,611 178,973 6,846 1,767 337,109 10,297 5,353

13,389,788 13,000,737 155,781 120 233,149 12,463,551 6,785,067 2,524,015 139,279 130,537 2,822,176 4,148 58,328

21,907,230 21,547,983 263,221 90,842 5,185 10,708,393 5,393,688 2,117,779 102,766 58,181 3,013,959 406 21,614

1,106,478 1,105,880 598 1,291,268 428,918 4,448 183,444 7,624 6,146 642,754 14,614 3,319

228,184 224,822 2,946 416 269,399 69,525 28,097 28,877 806 821 138,622 2,011 641

2,222,558 2,221,671 851 36 1,256,194 765,212 15,721 263,648 24,532 47,669 131,312 8,100 -

3,790,820 3,680,902 75,057 20,474 13,893 494 1,628,653 1,006,854 2,623 369,171 28,923 59,469 157,047 4,565 -

-1,093,647 6,903,568 61,082 -368,710

325,287 -27,341,215 -8,080 -70,959 -5,982,075

926,236 90,490,131 933,597

11,198,837 -160,863,122 -41,341,657

-184,790 573,839 -115 11,859 -548,281

-41,215 -3,077,928 -3,261 2,129 -699,171

966,364 -12,037,427 666,539 -316

2,162,167 -46,757,231 -1,480 -4,175,248 -966

5,502,294 4,102,403

-33,077,042 5,315,934

92,349,964 23,370,590

-191,005,942 -138,809,825

-147,489 -5,232,047

-3,819,446 -4,941

-10,404,839 19,623,715

-48,772,758 -2,349,968

-

-

-

-

-

-

-

-

-1,297 -

-60 -

-

-

-848 -

-2,016 -

-14,250 -

306,400 -

9,603,399 125,144,532 -36,931,145

-27,761,168 10,055,098 -26,838,773

115,720,554 -42,685 366,131,358 -639,304,396

-329,815,766 -25,713 392,390,790 -477,559,511

-5,380,384 120,578,946 -20,248,873

-3,826,403 4,976,412 -2,451,859

9,204,625 -13,359 23,990,402 -65,106,475

-50,816,326 -13,388 57,403,097 -100,076,990

97,816,787

-44,544,843

-157,495,168

-415,010,200

94,949,690

-1,301,850

-31,924,807

-93,503,607

-

-

-

-

-

-

-

-

39,448,826

83,993,669

535,762,738

950,772,938

8,782,005

10,083,855

83,674,533

177,178,140

137,265,613

39,448,826

378,267,570

535,762,738

103,731,695

8,782,005

51,749,726

83,674,533

The accompanying notes form an integral part of these financial statements

187

Statement of Operations and Changes in Net Assets

Note

Europe Smaller Companies

Europe SRI

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

403,523 391,003 51 12,470 443,866 271,497 76,793 8,310 5,741 81,170 354 -

537,845 511,953 16,463 9,429 627,597 286,278 81,014 7,427 4,752 247,237 410 480

648,661 648,555 106 288,307 110,618 38,272 1,584 109 133,525 4,199 -

364,177 359,747 4,335 95 146,132 91,488 32,662 1,115 43 19,944 880

-40,343 989,906 125,248 43,928

-89,752 -16,858,441 -103,743 -336,834 -1,226,216

360,354 -2,569,941 -82,734 496,593

218,045 -9,249,327 -42,211 -1,110

1,118,739 2,632,235

-18,614,986 5,887,003

-1,795,729 1,650,916

-9,074,604 1,674,390

23,920

-13,432

-

-

-

-

-34,145 -

13,960 -

3,774,894 -5,592 3,763,365 -7,619,979

-12,741,415 -8,702 1,164,624 -20,595,685

-178,957 33,834,343 -23,813,541

-7,386,253 100,470 -7,021,210

-87,313

-32,181,177

9,841,845

-14,306,992

-

-

-

-

Net assets at the beginning of the year

16,228,406

48,409,584

7,666,093

21,973,086

Net assets at the end of the year

16,141,093

16,228,406

17,507,938

7,666,093

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

188

16

Gems Europe

Gems World

Gems World Hedged

Global Agriculture

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

16/10/09 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

1,345,665 1,236,630 355 108,680 978,285 594,882 14,512 167,113 22,178 33,658 137,407 8,536 -

2,377,938 2,253,287 40,156 84,495 1,233,949 707,604 11,827 220,496 23,090 32,019 226,795 12,119 -

585,058 476,731 44,071 5,544 58,712 450,073 244,403 94,204 3,640 1,304 97,245 9,247 30

489,350 118,737 184,046 186,567 376,813 204,384 67,735 72,188 2,681 1,599 27,532 693 -

214,754 61,097 15,142 1,594 136,921 131,583 63,526 24,463 1,060 5 37,317 5,214 -

594,493 142,207 246,601 205,685 519,079 254,101 136,921 91,589 3,188 7 30,150 3,123 -

1,487,866 1,486,698 1,168 2,053,733 1,242,807 347,453 30,742 46,399 377,701 2,178 6,452

996,860 984,536 11,787 537 1,200,604 685,565 191,192 10,642 12,535 299,554 1,116 -

367,380 -1,503,413 45,759 239,977 612,119 -502,465

1,143,988 -27,263,067 86,187 -780,736 -3,773,581 -1,678,332

134,985 120,375 703,034 5,942,459 1,917,113 -2,786,977

112,537 -5,152,687 2,237,206 3,669,347 -19,851,424 -2,712,067

83,171 1,092,270 1,900 -1,821,367 5,105,170 1,118,662

75,414 -4,334,994 2,351,880 10,582,132 -22,747,901 -5,178,053

-565,867 2,435,851 -4,004,065 1,115,424

-203,744 -38,606,626 -587,907 -7,628,434

-740,643 10,030,041

-32,265,540 2,435,342

6,030,988 -3,240,874

-21,697,088 3,777,929

5,579,805 1,501,094

-19,251,524 3,599,662

-1,018,657 1,136,669

-47,026,711 -3,612,211

18,033

-137,848 2,144

200,261 12,019

4,454 -289,225

-141,093 93,199

-1,548 -206,842

-83,752

4,020

-80,073 -

582,915 -

-2,547,111 -

2,299,181 -

208,459 -

2,950,146 -

-

-

9,227,356 4,092,197 -25,460,288

-29,382,988 8,397,987 -42,324,105

455,283 45,440,056 -32,711,241

-15,904,750 -235,350 17,192,446 -36,719,519

7,241,465 533 -37,057,723

-12,910,106 238,142 -22,450,231

34,261 137,231,278 -75,409,840

-50,634,902 46,669,771 -71,956,750

-12,140,735

-63,309,106

13,184,098

-35,667,172

-29,815,725

-35,122,195

61,855,699

-75,921,881

-

-

-

-

-

-

-

-

50,389,868

113,698,974

20,556,284

56,223,456

29,815,725

64,937,920

60,287,057

136,208,937

38,249,133

50,389,868

33,740,381

20,556,284

-

29,815,725

122,142,755

60,287,057

The accompanying notes form an integral part of these financial statements

189

Statement of Operations and Changes in Net Assets

Note

Global Equities

Global Finance

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

1,832,922 1,779,200 190 53,533 2,041,427 1,290,598 156,372 350,353 50,069 27,106 165,550 1,380 -

1,441,511 1,319,809 86,650 35,052 1,953,852 1,056,274 292,017 37,428 64,699 500,689 2,744 -

825,432 803,129 236 22,067 813,852 418,578 124,741 10,227 23,654 228,211 6,509 1,933

1,479,137 1,457,868 11,806 9,463 930,041 556,122 12,085 162,244 10,954 20,962 166,091 330 1,252

-208,505 2,588,050 -538,132 -79,395

-512,341 -42,421,488 -252,147 -14,299 -596,076 -5,949,413

11,580 -6,511,865 168,146 -286,061 -336,846

549,096 -25,006,796 -1,728 -113,443 -3,035,717

1,762,019 6,675,548

-49,745,764 11,442,892

-6,955,046 7,285,112

-27,608,588 -5,149,146

-

271,847 28,083

-

26,485

182,550 -

465,683 -

-122,276 -

57,960 -

8,620,117 38,902,301 -35,931,420

-37,537,259 -8,722 97,078,635 -70,675,911

207,790 -1,018 26,170,436 -26,723,766

-32,673,289 -1,740 36,501,128 -42,621,880

11,590,997

-11,143,257

-346,558

-38,795,780

-

-

-

-

Net assets at the beginning of the year

82,857,983

94,001,240

32,206,772

71,002,552

Net assets at the end of the year

94,448,980

82,857,983

31,860,214

32,206,772

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

190

16

Global Resources

Greater China

India

India Infrastructure

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

722,942 722,661 281 1,189,257 571,050 159,269 9,897 20,293 414,254 6,995 7,500

680,649 671,404 9,246 663,882 402,484 111,978 4,434 4,253 140,256 477 -

11,760,442 11,759,468 974 15,388,827 6,585,023 418,477 2,946,289 185,482 462,947 4,785,861 4,749 -

15,600,235 15,572,378 27,856 13,785,734 4,135,609 1,790,440 1,885,078 112,683 300,036 5,560,416 1,472 -

12,045,745 12,045,739 5 13,123,788 5,871,928 95,768 4,120,563 144,095 217,498 2,670,508 3,428 -

6,871,817 6,836,162 35,655 8,942,281 3,621,003 168,022 2,568,919 82,673 130,386 2,371,113 11 153

678,767 635,417 43,350 1,333,219 612,176 320,322 16,015 33,128 351,578 -

327,841 324,145 3,695 460,422 174,013 44,875 107,377 4,464 2,755 126,442 496

-466,315 -5,969,552 -1,375,518

16,767 -15,496,660 -4,508 -5,820,089

-3,628,385 118,186,998 68,964

1,814,500 -204,236,523 2,735,816

-1,078,043 60,831,867 -12,391,860

-2,070,464 -201,508,270 -73,345,226

-654,452 912,463 -628,775

-132,581 -6,693,715 -2,078,771

-7,811,385 9,991,528

-21,304,490 -17,315,486

114,627,576 -48,776,411

-199,686,207 162,299,351

47,361,964 203,786,609

-276,923,959 221,529,004

-370,764 14,544,083

-8,905,068 6,737,876

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,180,143 79,490,762 -47,121,243

-38,619,975 10,808,848 -44,757,744

65,851,166 -57,171 431,125,870 -467,657,928

-37,386,856 -78,144 212,030,429 -243,365,406

251,148,573 -22,231 180,330,350 -265,607,462

-55,394,955 -31,221 186,231,730 -130,816,860

14,173,319 72,119,274 -23,808,773

-2,167,192 15,241,430 -5,691,458

34,549,662

-72,568,871

29,261,937

-68,799,978

165,849,229

-11,307

62,483,820

7,382,780

-

-

-

-

-

-

-

-

29,861,997

102,430,868

592,597,544

661,397,522

836,365,446

836,376,753

41,770,439

34,387,658

64,411,659

29,861,997

621,859,482

592,597,544

1,002,214,675

836,365,446

104,254,258

41,770,439

The accompanying notes form an integral part of these financial statements

191

Statement of Operations and Changes in Net Assets

Note

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

16

Japan Value

Korea

30/06/10 JPY

30/06/09 JPY

30/06/10 USD

30/06/09 USD

73,686,348 73,686,348 79,130,152 43,967,768 13,706,984 1,461,073 1,632,975 18,361,352 -

195,452,225 194,817,190 635,035 82,699,009 38,178,061 10,410,121 789,036 342,669 32,960,007 19,115 -

865,325 865,325 1,994,411 840,454 379,628 15,844 28,679 729,778 28 -

1,065,653 1,013,094 52,532 28 2,747,578 790,735 345,162 13,757 29,385 1,566,584 155 1,799

112,753,216 -5,443,804 314,961,055 -17,338,264,172 -192,578 -206,377

-1,129,086 8,002,939 587,102

-1,681,925 -34,508,345 -14 -33,427,811

309,324,673-17,225,717,333 -532,236,042 8,473,396,391

7,460,955 14,063,188

-69,618,095 8,134,589

-

-

-

-

-

-

-

-

-222,911,369 -8,752,320,942 -17,245,960 -20,522,560 8,651,271,572 3,884,586,361 -8,152,937,029 -17,711,844,942

21,524,144 -53,522 90,429,686 -76,088,145

-61,483,506 -55,819 39,165,968 -78,421,423

258,177,214-22,600,102,083

35,812,162

-100,794,779

-

-

-

Net assets at the beginning of the year

3,704,309,507 26,304,411,590

64,006,215

164,800,994

Net assets at the end of the year

3,962,486,721

99,818,377

64,006,215

The accompanying notes form an integral part of these financial statements

192

-

3,704,309,507

Latin America Equities

Minimum Variance Europe

Restructuring Equities

Select Euro

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

43,537,845 43,536,488 1,358 38,859,504 16,730,705 12,223,954 6,067,409 433,084 268,006 2,989,452 137,719 9,175

31,332,329 31,257,063 75,266 12,830,862 7,407,934 938,167 2,618,660 163,032 128,262 1,552,419 21,135 1,253

363,850 362,205 1,644 193,813 77,202 3,576 30,222 1,320 81,226 267 -

112,659 112,648 11 35,093 9,804 3,892 263 20,373 762 -

487,827 487,817 9 288,037 179,478 56,139 2,363 274 49,414 369 -

608,088 605,647 2,441 261,588 158,177 47,917 1,861 128 53,484 22 -

643,945 586,226 328 72 57,319 297,618 178,211 59,666 4,661 18,219 35,280 475 1,107

397,658 390,615 581 2,311 4,150 102,049 52,920 2,318 19,579 1,503 1,995 23,470 95 170

4,678,342 29,942,138 -27,264 -2,701,849

18,501,467 -152,979,788 -3,773 -29,487,175

170,036 956,684 56,203 6,214 115,630 97,938

77,566 -14,819 -34,588 52,533 -4,616

199,789 -1,119,674 492,911 -453,847

346,500 -8,207,053 -15,425 -24,023 -689,592

346,327 991,135 59,289 22,666

295,609 43,289 161,465 4,406

31,891,367 204,338,400

-163,969,269 -330,980,860

1,402,705 767,312

76,077 -6,048

-880,820 4,576,317

-8,589,594 1,175,136

1,419,417 707,330

504,769 267,191

-

-

2,977

-572

67,138

-25,644

-

-

-

-

1,735 -

3,065 -

-

17,550 -

4,830 -

-4,830 -

236,229,767 -187,560 1,550,701,380 -860,331,875

-494,950,129 -76,816 502,070,103 -542,703,976

2,174,729 10,852,141 -9,267,988

72,522 10,931,368 -507,263

3,762,634 4,934,333 -5,503,965

-7,422,552 1,843,729 -2,270,336

2,131,577 -43 6,618,688 -6,313,701

767,130 17,847,782 -556,482

926,411,712

-535,660,819

3,758,881

10,496,627

3,193,002

-7,849,159

2,436,521

18,058,431

-

-

-

-

-

-

-

-

781,076,043

1,316,736,862

10,496,627

-

18,697,449

26,546,607

18,058,431

-

1,707,487,755

781,076,043

14,255,508

10,496,627

21,890,451

18,697,449

20,494,952

18,058,431

The accompanying notes form an integral part of these financial statements

193

Statement of Operations and Changes in Net Assets

Note

Select Europe

Switzerland

30/06/10 EUR

30/06/09 EUR

30/06/10 CHF

30/06/09 CHF

849,114 783,049 53 66,012 344,205 202,639 73,401 4,112 1,959 59,954 638 1,500

557,562 547,399 2,570 1,491 6,102 154,215 70,825 26,984 1,625 236 54,104 82 360

223,423 217,145 45 6,232 237,494 136,378 40,225 4,544 6,172 49,993 183 -

326,587 307,658 4,055 14,874 316,630 164,175 48,754 4,924 6,410 92,136 230 -

504,909 1,961,725 89,174 73,928

403,347 317,758 -202,033 99,845

-14,071 463,374 139,570 -13,592

9,957 -5,600,249 -941 -72,959 -18,157

2,629,737 1,570,029

618,917 428,129

575,281 1,278,660

-5,682,348 -266,385

-

-

-

-

-6,200 -

-4,200 -

-71,270 -

-32,334 -

4,193,566 -70 3,520,396 -4,232,144

1,042,845 22,309,545 -40,982

1,782,671 -139 3,040,627 -6,837,414

-5,981,067 1,528,349 -6,215,476

3,481,749

23,311,408

-2,014,256

-10,668,193

-

-

-

-

Net assets at the beginning of the year

23,311,408

-

12,542,861

23,211,055

Net assets at the end of the year

26,793,157

23,311,408

10,528,605

12,542,861

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

194

16

Thailand

US Innovative Companies

US Opportunities

US Quant

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

16/10/09 USD

30/06/09 USD

1,213,481 1,204,036 5,669 19 3,758 1,142,092 536,924 185,159 13,900 17,839 382,528 5,743 -

2,049,739 2,009,930 25,099 14,710 2,176,499 601,332 212,458 11,321 15,401 1,321,718 397 13,872

877,867 873,219 4,649 910,159 478,460 70,893 161,287 15,013 31,385 147,525 5,595 -

439,795 431,913 7,336 545 557,695 350,627 5,903 104,088 11,463 23,502 62,034 79 -

913,248 913,246 2 1,401,917 825,566 230,931 19,983 6,449 317,522 1,467 -

770,055 760,262 9,793 1,037,127 596,846 167,517 15,614 3,302 252,799 1,049 -

17,678 17,678 57,920 16,720 4,786 680 2,344 33,308 32 50

375,450 371,379 4,071 314,364 160,687 54,837 2,744 4,500 91,585 11 -

71,389 14,195,815 84,789

-126,760 -45,242,483 -195 -9,198,565

-32,291 2,097,504 112,743 4,656

-117,901 -7,314,999 -405 -205,516 55,022

-488,668 4,825,598 -55,176

-267,071 -14,634,998 -368 -45,897

-40,242 365,814 14,776 15,263

61,087 -14,113,309 -2,106 -368,665 -19,611

14,351,993 715,136

-54,568,003 3,258,313

2,182,612 -173,743

-7,583,798 -4,470,702

4,281,753 -15,545,023

-14,948,335 739,063

355,611 465,313

-14,442,604 3,117,430

-

-

-

-

-

-

-

-

-

-

16,913 -

-16,913 -

-

-

-

-

15,067,128 -5,518 122,195,143 -118,835,403

-51,309,690 -1,776 34,839,589 -109,059,366

2,025,781 65,531,236 -43,526,905

-12,071,413 8,922,082 -10,767,949

-11,263,270 158,019,224 -53,142,563

-14,209,272 39,504,733 -24,667,424

820,924 2,139,783 -6,763,863

-11,325,174 2,235,552 -31,677,217

18,421,351

-125,531,243

24,030,112

-13,917,280

93,613,391

628,037

-3,803,156

-40,766,840

-

-

-

-

-

-

-

-

32,089,972

157,621,215

30,093,312

44,010,592

42,987,133

42,359,096

3,803,156

44,569,996

50,511,323

32,089,972

54,123,424

30,093,312

136,600,524

42,987,133

-

3,803,156

The accompanying notes form an integral part of these financial statements

195

Statement of Operations and Changes in Net Assets

Note

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets Net assets at the beginning of the year Net assets at the end of the year

The accompanying notes form an integral part of these financial statements

196

16

Asian Income

Emerging Markets Debt

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

713,196 712,244 953 146,766 91,393 35,287 5,830 5,818 8,242 196 -

1,317,074 2,506 1,287,415 27,153 197,154 123,814 47,940 4,877 8,480 10,203 1,813 26

1,563,675 1,561,914 501 1,259 493,580 298,616 60,406 82,765 10,150 20,066 16,229 980 3,714 654

1,060,246 1,052,222 6,738 1,285 217,868 141,275 12,553 35,957 4,139 7,429 4,793 20 11,702 -

566,430 -644,389 98,222 93,102 84,938

1,119,920 -13,366,504 579,424 736,757 2,028,257

1,070,095 2,695,096 364,670 50,530 -166,069

842,378 -3,221,443 184,217 870,492 -10,472

198,303 1,612,207

-8,902,145 3,310,495

4,014,321 -40,553

-1,334,829 1,021,605

36,327

290,534

-17,549

6,588

-41,896 -

430,180 -

-175,517 -

109,844 -

1,804,941 -1,840 18,563,727 -9,753,198

-4,870,937 -328 7,340,093 -41,578,595

3,780,702 -155,382 67,926,827 -49,982,187

-196,792 -161,126 8,892,932 -8,789,329

10,613,630

-39,109,766

21,569,961

-254,315

-

-

-

-

9,204,142

48,313,908

11,834,550

12,088,866

19,817,772

9,204,142

33,404,511

11,834,550

Euro Bond

Euro Corporate Bond

Euro High Yield Bond

Euro Inflation Bond

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

11,560,006 11,404,909 625 22,320 132,153 1,853,297 1,054,238 167,324 354,197 43,274 25,694 31,919 3,330 57,402 115,919 -

7,434,563 7,246,279 47,617 25,772 114,747 147 1,531,237 762,624 212,220 262,535 28,930 24,255 23,615 460 66,540 149,506 550

26,184,990 25,408,068 2,306 21,840 752,776 5,229,851 2,735,445 452,456 967,917 140,888 91,441 37,638 113,337 431,514 259,214 -

25,498,753 24,625,756 90,435 91,297 690,624 641 4,829,594 2,558,703 116,921 934,250 133,433 14,635 92,377 7,035 751,940 220,299 -

33,052,397 30,920,602 1,103 7,594 1,260,976 862,122 3,107,547 1,588,520 818 721,520 41,163 22,748 19,063 6,980 365,837 340,618 280

27,729,881 25,082,738 97,302 214,860 2,334,981 3,121,638 1,117,321 526,212 28,522 10,725 13,227 5,318 1,403,404 16,790 120

5,670,692 5,582,840 83 14,065 73,704 3,158,161 2,036,606 50,611 779,349 134,995 60,954 11,273 3,352 61,571 19,449 -

3,270,736 2,985,821 40,679 244,236 1,771,423 932,073 59,661 334,940 49,357 21,223 10,048 302 363,819 -

9,706,709 2,081,741 3,703 -3,542,365 338,814 8,568

5,903,326 -313,069 299,580 -200 4,529,154 -100,247 -3,356

20,955,139 23,749,617 61,340 -2,641,524 -3,932,379 2,257,529 -134,423

20,669,159 -50,776,304 500,305 -233,602 19,528,981 -76,150 -716,571

29,944,850 28,748,604 -2,603,109 -2,386,547 4,664,481 83,053

24,608,243 -55,349,794 -6,875,730 4,001,388 -7,314,947 1,668,684

2,512,531 3,151,571 16,090 -21,590 -1,160,342 -4,881 10,343

1,499,313 4,657,672 75,150 -20 131,224 -2,140

8,597,170 1,504,974

10,315,188 5,684,317

40,315,299 26,936,561

-11,104,183 13,738,264

58,451,332 39,782,723

-39,262,156 15,087,994

4,503,722 5,676,183

6,361,199 391,844

-60,500 -

62,750 -

165,651

200,000 -11,769

-1,049,039

-172,592

-

-

-50,180 -283,945

-180,890 431,958

-790,759 -1,683,812

607,689 898,638

223,834 -2,378,663

231,328 2,923,169

-320,255 -196,209

-433,130 -13,380

9,707,519 -12,458,778 248,748,048 -115,413,120

16,313,323 -3,244,257 97,747,823 -118,788,797

64,942,940 -16,707,564 346,039,035 -351,967,207

4,328,639 -21,870,670 106,388,488 -165,222,800

95,030,187 -32,455,671 120,140,886 -145,347,984

-21,192,257 -30,877,259 65,840,286 -67,614,824

9,663,441 -1,087,566 355,264,576 -162,357,410

6,306,533 -78,186 145,640,727 -153,559,269

130,583,669

-7,971,907

42,307,204

-76,376,342

37,367,418

-53,844,054

201,483,041

-1,690,195

-

-

-

-

-

-

-

-

166,984,084

174,955,991

437,155,665

513,532,007

292,764,848

346,608,902

155,316,721

157,006,916

297,567,753

166,984,084

479,462,869

437,155,665

330,132,266

292,764,848

356,799,763

155,316,721

The accompanying notes form an integral part of these financial statements

197

Statement of Operations and Changes in Net Assets

Note

Euro Select Bond

European Bond

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

999,197 998,534 663 176,996 108,193 52,500 7,416 5,870 2,724 294 -

1,702,991 1,698,335 4,656 295,021 184,868 90,377 11,641 4,201 3,934 -

4,139,747 4,088,521 23,156 28,070 1,106,888 372,533 300,003 153,488 18,378 23,175 40,975 3,586 194,752 -

7,032,980 5,861,783 268,353 901,833 1,011 3,155,114 584,639 585,575 246,101 22,758 49,948 16,448 38,049 1,502,429 109,168

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange

822,201 -577,859 -

1,407,970 -624,211 -280,372 -

3,032,859 2,748,181 -207,916 -1,341,674 -606,057 -821,126

3,877,866 -9,658,861 158,550 -4,036,777 4,142,133 -11,312,565

Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps

244,341 -95,496

503,387 622,726

2,804,267 2,623,958

-16,829,655 14,492,500

-

-

112,986 -236,120

-112,986 -45,105

-

-87,745 -

-201,339 -

2,037,269 -

148,845 -174 9,585,830 -21,186,070

1,038,368 -43 18,885,949 -34,741,277

5,103,752 -25,900 49,920,614 -68,580,947

-457,976 -30,841 40,728,375 -179,590,944

-11,451,569

-14,817,003

-13,582,481

-139,351,386

-

-

-

-

Net assets at the beginning of the year

22,179,237

36,996,240

63,964,876

203,316,262

Net assets at the end of the year

10,727,668

22,179,237

50,382,395

63,964,876

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

198

2 2 2

11 4 5 2 6

12

16

Global Aggregate

Global Bond

Global Convertible Bond

Global Corporate Bond

30/06/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

2,937,350 7,836 2,913,329 5,817 10,368 1,990,384 236,520 1,435,138 91,187 10,787 9,593 85,831 4,839 116,463 24

2,013,357 1,904 1,980,939 30,513 1,207,869 188,923 889,553 60,065 4,293 210 7,497 3,290 53,619 420

40,581,865 37,528,225 129,048 351,581 2,573,010 11,772,679 3,506,513 4,772,805 1,499,936 159,765 59,124 122,461 19,225 155,929 1,476,818 103

50,810,514 41,336,514 3,858,995 4,941,299 654,825 18,881 23,461,466 4,896,462 6,726,331 2,040,121 194,800 60,662 77,727 162,874 1,640 8,443,688 857,160

859,529 2,015 856,635 878 2 770,797 418,943 138,124 15,972 32,160 157,448 8,149 -

739,384 19,213 703,989 16,182 510,662 312,601 2 101,316 12,485 21,361 60,991 1,908 -

4,107,327 3,917,854 262 189,211 999,201 355,612 389,715 120,197 8,960 3,202 44,619 25,584 50,409 904

2,763,415 2,514,063 4,369 244,979 4 848,552 191,246 221,397 60,834 4,331 41 30,539 8,745 331,240 179

946,966 7,990,945 -498,371 4,257,945 -308,848 -236,974

805,488 68,232 684,696 4,516,123 2,415,802 -746,666

28,809,186 33,918,046 1,894,317 45,233,369 -5,875,287 -1,496,444

27,349,048 19,771,441 10,366,192 87,444,368 15,274,561 1,300,639 -108,469,415

88,733 3,253,572 -168,159 -2,794,148 -1,353,678 715,213

228,722 -7,390,551 180,043 -880 -149,528 -365,802

3,108,125 4,209,419 14,593 8,533,356 -555,758 408,046 -2,642,179

1,914,863 -2,537,796 90,757 5,260,549 652,392 84,908 -3,937,930

12,151,662 -3,102,702

7,743,676 628,171

102,483,188 -46,029,961

53,036,834 -53,093,419

-258,468 4,200,412

-7,497,996 4,993,177

13,075,601 -2,848,698

1,527,742 -687,485

165,771 -168,969

-245,927 -230,758

-1,650,888 -2,085,589

3,138,607 1,589,996

-14,694 -220,739

-172,151 -

-197,490

710 228,962

-150,857 -

185,230 -

-2,651,446 -2,041,784

5,464,420 2,530,952

9,847 -

-9,847 -

-25,692 -290,341

113,358 261,799

8,894,906 55,335,468 -66,202,286

8,080,392 10,305,978 -21,575,411

48,023,521 -4,787,565 594,936,291 -487,017,961

12,667,391 -16,062,028 752,860,154 -1,258,227,210

3,716,359 -2,723 58,372,809 -68,355,380

-2,686,817 -1,189 23,342,680 -30,350,253

9,713,381 35,397,416 -20,362,038

1,445,086 20,712,139 -10,539,611

-1,971,912

-3,189,042

151,154,286

-508,761,694

-6,268,935

-9,695,580

24,748,759

11,617,615

-

-

-

-

-

-

-

-

42,640,430

45,829,472

447,067,590

955,829,284

37,501,400

47,196,981

57,535,485

45,917,870

40,668,518

42,640,430

598,221,876

447,067,590

31,232,465

37,501,400

82,284,243

57,535,485

The accompanying notes form an integral part of these financial statements

199

Statement of Operations and Changes in Net Assets

Note

Global Inflation Bond

LDI Gilt Plus (GBP)

30/06/10 EUR

30/06/09 EUR

30/06/10 GBP

30/06/09 GBP

1,201,800 1,201,450 196 155 643,512 385,372 146,140 31,745 42 28,894 15,902 13,953 21,365 101

-

3,944,638 3,618,748 16,739 309,151 1,144,066 585,024 120,868 117,012 10,726 21,018 902 286,045 2,421 50

7,429,056 7,042,054 325,746 50,140 11,116 3,979,831 727,670 144,287 13,744 7,419 1,227 3,077,340 1,964 6,181

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange

558,288 -1,613,798 -3,110 -10,823,050 -564,223 4,897,900

-

2,800,573 251,875 -550,715 3,934,427 211,603 6,154,953 -458,653

3,449,225 -7,949,142 -93,678 -3,046,928 460,891 11,734,588 14,279,302

Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps

-7,547,993 10,571,883

-

12,344,064 3,992,039

18,834,257 -2,551,797

-389,440

-

329,393 -241,422

-475,403 -132,586

-264,801 -65,205

-

-698,562 -456,568

2,182,038 1,866,816

2,304,445 146,378,878 -22,404,770

-

15,268,945 51,164,535 -146,153,825

19,723,325 245,559 -70,199,134 -50,230,250

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

Result of operations Dividend paid Subscriptions Redemptions

2 2 2

11 4 5 2 6

12

16

126,278,553

-

-79,720,345

Reevaluation of consolidated Net Assets

-

-

-

-

Net assets at the beginning of the year

-

-

129,693,674

179,923,923

126,278,553

-

49,973,328

129,693,674

Increase/(decrease) in net assets

Net assets at the end of the year

The accompanying notes form an integral part of these financial statements

200

LDI Index Linked Plus (GBP)

Swiss Franc Bond

Index Euro

Index Europe

30/06/10 GBP

30/06/09 GBP

16/10/09 CHF

30/06/09 CHF

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

7,337,772 6,890,425 24,253 423,094 1,504,437 1,073,861 214,787 21,775 22,521 2,173 169,320 -

17,376,796 659 9,756,240 423,881 6,928 7,189,088 1,690,295 1,103,111 219,124 21,988 5,924 2,114 338,033 -

68,724 68,587 137 40,681 19,083 7,157 571 1,124 12,165 581 -

518,560 513,593 4,967 178,001 117,063 43,908 7,058 4,636 2,939 2,396 -

3,029,453 2,876,379 84 152,990 231,131 98,365 50,753 10,898 60,468 10,573 74

2,282,849 2,198,376 2,245 23,843 58,385 99,121 50,501 25,364 6,935 16,216 104 -

14,567,494 13,669,088 368 898,037 846,358 471,495 240,860 47,402 61,452 25,099 50

11,442,903 11,219,082 58,192 165,629 1,240,683 224,317 113,892 31,386 836,921 34,167 -

5,833,336 2,150,081 -587,830 6,659,831 -657,149 15,126,643 -1,645,339

15,686,501 -4,861,645 5,265 -4,696,547 6,724,288 -23,272,067 20,262,354

28,043 -128,996 -6,350

340,560 -282,203 -15,558

2,798,322 -2,539,765 87,872 -169 1

2,183,728 -1,535,508 -7,375 -214,297 -

13,721,136 15,357,527 -117,442 -439,027 701,820

10,202,220 -2,571,457 -1,176,800 -270,039 665,401

26,879,572 6,778,170

9,848,149 -6,997,799

-107,303 235,030

42,798 687,872

346,262 6,287,401

426,548 -19,362,474

29,224,014 63,000,758

6,849,324 -5,682,085

187,025 88,261

-475,403 162,958

-

-

-

-

-17,354

-

-1,257,071 -7,323,148

2,747,679 8,486,138

-

-

-141,730 -

-1,000 -

42,505 -

-55,471 -

25,352,808 67,102,863 -172,361,666

13,771,722 -

127,727 -328 146,546 -10,631,088

730,670 -505 2,537,283 -8,718,286

6,491,933 -1,346,303 103,221,666 -45,495,506

-18,936,926 90,640,408 -3,084,581

92,249,924 -7,233,668 207,258,045 -326,264,494

1,111,769 476,540,234 -27,915,310

-79,905,995

13,771,722

-10,357,144

-5,450,837

62,871,791

68,618,901

-33,990,194

449,736,692

-

-

-

-

-

-

-

-

237,881,275

224,109,554

10,357,144

15,807,981

68,618,901

-

449,736,692

-

157,975,280

237,881,275

-

10,357,144

131,490,692

68,618,901

415,746,499

449,736,692

The accompanying notes form an integral part of these financial statements

201

Statement of Operations and Changes in Net Assets

Note

Index Global Bond (EUR) Hedged

Index North America

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

6,004,391 6,004,285 105 379,087 163,941 169,430 16,795 28,310 611 -

2,996,942 2,975,885 21,057 220,330 91,512 94,492 11,227 22,406 693 -

7,165,390 7,073,159 72 92,159 632,024 340,155 178,028 35,339 63,864 14,568 70

3,461,389 3,429,530 2 28,395 3,462 392,580 165,577 84,180 22,468 89,068 31,288 -

5,625,303 -279,065 -19,979,760 35,403 -52,689

2,776,612 -54,499 6,287,807 89,966 -489,986

6,533,366 8,014,965 122,799 -17,600 1,297,125

3,068,809 -1,406,146 -1,051,893 -18,941 1,787,307

-14,650,807 24,807,777

8,609,899 -4,708,650

15,950,655 67,002,537

2,379,136 -10,405,312

-747,809

-1,300,547

39,838

-39,631

9,889 -

-

-261,318 -

-22,565 -

9,419,049 127,870,382 -100,828,372

2,600,702 230,613,191 -77,704,855

82,731,713 -2,688,369 221,005,563 -213,723,167

-8,088,372 305,676,301 -11,032,874

36,461,060

155,509,038

87,325,740

286,555,054

-

-

-

-

Net assets at the beginning of the year

155,509,038

-

286,555,054

-

Net assets at the end of the year

191,970,097

155,509,038

373,880,794

286,555,054

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

202

16

Index Pacific

Multi Asset Protected

Arbitrage Inflation

Arbitrage VaR 2 (EUR)

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

1,941,812 1,937,756 4,056 210,565 77,510 78,054 8,096 46,430 420 54

554,057 551,092 2,965 127,139 21,555 21,560 3,068 77,895 3,061 -

53,202 53,202 473,940 320,297 51,241 14,437 85,596 48 2,320

23,120 23,018 102 19,351 12,673 2,028 615 3,985 10 40

393,202 355,848 281 37,073 422,616 248,891 108,386 15,057 16,101 32,238 1,863 78 -

550,744 236,165 1,875 309,067 3,637 264,818 152,332 60,147 5,984 7,825 29,157 1,786 7,297 252 40

16,314,623 8,816,734 109,309 7,388,580 13,679,898 1,191,005 4,472,545 674,207 105,494 110,775 37,360 2,219 7,086,264 28

21,580,513 19,621,210 700,563 830,414 428,326 8,451,531 1,596,094 5,036,489 873,234 106,227 167,336 13,703 121,785 89,468 429,766 17,428

1,731,247 714,313 -16,817 709,788

426,918 55,790 -10,942 61,801 58,042

-420,738 784,845 -1,971,152 -140,879

3,769 530 -105,212 25,300

-29,414 478,111 -21,182 -2,694,778 -805,566 4,742 2,191,393

285,926 318,920 38,213 -74,592 -138,186 -49,839 502,097

2,634,725 -2,628,167 497,295 -2,872,657 -3,623,708 763 693,947

13,128,982 -27,973,794 875,560 7,688,206 -88,217 -761,830 -16,280,049

3,138,531 10,570,278

591,609 2,973,903

-1,747,924 -542,375

-75,613 -581

-876,694 567,601

882,539 -225,534

-5,297,803 20,689,181

-23,411,142 8,767,556

-

-

-125,110

1,242

-4,528 -61,392

13,482 -178,278

-419,576 -1,535,178

361,936 -3,676,541

-41,742 -

2,939 -

-

-

-6,394 11,177

52,783 6,585

-539,376 -320,483

351,979 388,934

13,667,067 -128,974 44,259,253 -32,050,112

3,568,451 55,108,525 -269,088

-2,415,408 33,799,873 -538,090

-74,952 5,298,443 -301,135

-370,230 56,346,867 -60,775,180

551,578 51,251,389 -66,199,180

12,576,766 -139,627 332,365,309 -242,585,772

-17,217,278 -540,360 121,538,373 -671,069,024

25,747,234

58,407,888

30,846,374

4,922,356

-4,798,543

-14,396,213

102,216,676

-567,288,288

-

-

-

-

-

-

-

-

58,407,888

-

4,922,356

-

28,088,276

42,484,489

213,616,201

780,904,489

84,155,123

58,407,888

35,768,730

4,922,356

23,289,733

28,088,276

315,832,876

213,616,201

The accompanying notes form an integral part of these financial statements

203

Statement of Operations and Changes in Net Assets

Note

Arbitrage VaR 2 (GBP)

Arbitrage VaR 2 (USD)

30/06/10 GBP

30/06/09 GBP

30/06/10 USD

30/06/09 USD

149,663 96,531 2,068 51,064 54,886 23,049 12,612 2,191 2,146 14,447 441 -

15,215,366 3,302 13,960,807 670,526 579,419 1,313 6,780,445 842,234 5,508,846 284,786 23,869 3,341 14,364 160 83,548 19,297 -

1,500,917 1,476,780 24,137 1,149,116 318,944 564,894 168,669 31,769 28,875 35,456 508 -

2,779,221 247 2,443,297 243,878 69,581 22,218 1,404,015 277,653 871,050 139,072 17,016 17,604 10,669 3,047 53,035 14,870 -

94,777 473 -74 119,039 -14,330 19,464

8,434,921 -13,859,819 530,365 -51,324,957 -1,590,076 496 52,615,457

351,801 -145,373 -560 10,215,492 -591,387 -5,446,717

1,375,205 -2,991,416 -10,590 13,722,269 234,398 -1,122 -8,639,383

219,348 -83,603

-5,193,613 1,574,392

4,383,256 -2,752,346

3,689,360 -5,038,201

-4,308 -24,243

-1,425,435

-91,994 42,427

-125,458

-11,618 -

574,023 -

-133,304 -

173,443 -

95,577 -62 5,687,153 -6,335,823

-4,470,633 -566 2,357,964 -460,125,951

1,448,038 -1,179 112,351,534 -55,656,853

-1,300,855 -3,506 51,630,183 -118,349,847

-553,156

-462,239,186

58,141,540

-68,024,025

-

-

-

-

Net assets at the beginning of the year

4,670,777

466,909,963

43,624,714

111,648,740

Net assets at the end of the year

4,117,621

4,670,777

101,766,255

43,624,714

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

2 2 2

11 4 5 2 6

12

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

204

16

Arbitrage VaR Short Term

Dynarbitrage Forex

Dynarbitrage Forex (USD)

Dynarbitrage Forex Asia Pacific

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

05/02/10 USD

30/06/09 USD

30/06/10 USD

30/06/09 USD

84,046 57,148 8,169 18,729 51,007 16,790 6,529 1,341 1,208 18 20,974 4,146

-

36,495 32,233 4,262 153,469 75,079 21,464 29,110 4,157 6,572 16,955 132 -

400,179 309,275 41,129 47,409 2,366 245,197 99,331 86,255 33,480 3,762 6,102 7,322 4,885 4,009 50

3,118 2,951 167 11,739 7,402 2,092 106 149 1,931 59 -

86,835 63,019 23,816 47,624 31,974 7,852 743 58 6,912 17 69

18,437 309 18,127 81,426 53,888 15,932 1,622 520 9,405 21 37

204,634 74,484 130,150 94,763 67,905 8,381 15,288 1,681 972 522 15 -

33,040 12,833 -28,804 18,154 213,016

-

-116,974 -56,289 126,606 427,862

154,981 37,564 1,623,373 -3,211 131,421

-8,621 579 -112,319 24,345

39,211 -312,582 1,108,722 -933,516

-62,990 15,259 141,810 16,134

109,871 1,217 117,207 72,558 377,147

248,238 -49,456

-

381,206 81,140

1,944,128 -471,508

-96,015 -

-98,165 -134,051

110,214 -

678,000 -

-130,679

-

-128,676

-975,788

19,400

-78,564

-14,888 20,565

14,888 -44,469

577 2,224

-

-

-

-

-

-

-

70,904 27,074,285 -156,724

-

333,669 12,770,463 -10,864,816

496,832 12,780,182 -58,551,447

-76,615 47,245 -5,393,534

-310,780 1,836,821 -6,597,543

115,891 12,257,983 -4,892,524

648,418 9,105,131 -14,019,659

26,988,464

-

2,239,316

-45,274,434

-5,422,904

-5,071,502

7,481,350

-4,266,110

-

-

-

-

-

-

-

-

-

-

10,706,156

55,980,590

5,422,904

10,494,406

8,381,074

12,647,184

26,988,464

-

12,945,473

10,706,156

-

5,422,904

15,862,425

8,381,074

The accompanying notes form an integral part of these financial statements

205

Statement of Operations and Changes in Net Assets

Note

Dynarbitrage High Yield

Dynarbitrage VaR 4 (EUR)

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

2,890,351 2,715,125 73 32,360 142,793 1,758,043 320,383 813,672 99,411 13,850 4,189 11,863 1,129 492,765 780

2,432,139 2,000 2,050,621 56,505 43,961 279,052 860,302 163,702 9,603 37,889 4,063 1,922 6,461 8 636,455 200

10,562,519 503,037 10,003,806 14,302 2,373 39,000 8,070,259 1,685,704 5,340,674 621,349 99,486 130,596 102,269 1,675 88,506 -

18,915,816 1,083,730 16,733,253 291,252 639,632 167,949 4,814,773 2,401,778 836,605 122,300 170,665 150,201 105,594 1,027,630 -

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange

1,132,308 1,729,785 -1,132,197 -339,293 917,706 317,151

1,571,837 -3,929,288 -956,963 50,837 -992,839 345,007

2,492,260 -3,667,466 58,599 -4,858,324 -5,323,454 -1,406,758

14,101,043 -48,328,024 12,455,919 -5,758,813 -28,033,781

Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps

2,625,460 1,272,133

-3,911,408 2,930,716

-12,705,143 30,566,622

-55,563,655 35,219,545

-169,222

-21,571

-719,325 -1,218,497

2,600 -3,420,956

40,068 -1,521,140

-132,177 290,150

239,991 -

801,167 -

2,247,298 109,802,249 -61,733,941

-844,290 33,571,092 -34,014,077

16,163,648 -539,510 71,113,077 -124,478,226

-22,961,298 -601,814 33,741,827 -328,590,037

50,315,607

-1,287,276

-37,741,012

-318,411,322

-

-

-

-

Net assets at the beginning of the year

35,783,879

37,071,155

219,384,657

537,795,979

Net assets at the end of the year

86,099,486

35,783,879

181,643,645

219,384,657

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets

The accompanying notes form an integral part of these financial statements

206

2 2 2

11 4 5 2 6

12

16

Dynarbitrage VaR 4 (USD)

Dynarbitrage Volatility

Equity Statistical Arbitrage (EUR)

Multimanagers Long/Short Equity

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

30/06/10 EUR

30/06/09 EUR

5,154,404 5,118,045 35,041 1,319 3,720,571 732,806 2,767,435 152,874 16,271 2,389 46,114 333 2,349 -

3,757,418 3,441,004 174,063 142,255 96 696,188 550,527 1 111,102 10,944 951 13,516 731 6,245 2,171

5,498,391 1,799,602 2,784,420 21,743 491,340 186,291 214,996 10,928,889 5,442,818 2,147,703 249,350 177,685 2,559,839 52,268 299,227 -

20,185,656 2,002,585 11,484,628 296,087 1,962,024 3,716,796 723,537 13,668,264 4,557,817 1,256,394 1,843,579 242,024 151,513 2,489,898 24,864 3,101,763 411 -

825,210 477,427 343,249 792 3,742 819,637 406,540 870 146,603 7,542 2,643 245,777 3,290 6,372

565,934 101,516 459,957 1,727 2,733 331,831 179,312 71,735 5,023 1,130 73,136 213 1,282

44,642 36,746 5,595 394 1,048 132 727

-

1,433,833 1,748,992 45,323 21,209,306 984,605 -46 -8,162,282

3,061,230 -4,331,939 15,221,894 -1,086,806 -5,444,768

-5,430,498 494,791 16,138,602 -14,893,129 -2,686,906 9,691,078

6,517,393 20,068,785 65,943,778 262,760 -65,485,863 -475,280 682,436

5,573 -2,243,032 -19,339 -5,665,382 -1,212,820 6,010,779

234,102 977,872 487,515 -959,252 -384,331

-44,642 -46,784 -311,136 48,916

-

17,259,731 -6,993,724

7,419,611 -5,297,054

3,313,938 -156,252

27,514,007 10,305,241

-3,124,220 -914,616

355,906 6,015

-353,645 163,748

-

-514,623 99,406

1,683 -678,867

3,618,077 -907,568

-15,649,369 -

-131,780 276,842

-155,414

-57,992

-

-600,905 -

1,104,725 -

-2,027,909 24,215

11,205,445 -17,026

640,188 -919,838

135,728 -644,915

-

-

9,249,885 -7,743 34,396,368 -33,368,454

2,550,098 -12,546 113,786,633 -120,221,731

3,864,500 -66,139 858,678,587 -1,190,752,104

33,358,298 1,144,012,884 -1,141,033,002

-4,173,425 -135,176 37,020,942 -49,186,920

-302,679 105,168,936 -22,838,935

-247,889 10,092,000 -

-

10,270,057

-3,897,546

-328,275,156

36,338,181

-16,474,578

82,027,322

9,844,111

-

-

-

-

-

-

-

-

-

132,001,713

135,899,259

864,717,611

828,379,430

82,027,322

-

-

-

142,271,770

132,001,713

536,442,455

864,717,611

65,552,744

82,027,322

9,844,111

-

The accompanying notes form an integral part of these financial statements

207

Statement of Operations and Changes in Net Assets

Note

Volatility Euro Equities

Volatility World Equities

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

2,477,458 1,704,156 5,669 602,312 165,320 12,969,593 5,593,884 3,328,946 1,603,088 236,960 507,869 1,445,163 10,166 243,515 -

9,464,387 7,817,303 232,944 1,385,954 28,187 6,041,851 3,362,612 1,023,991 125,075 331,473 889,121 58,836 250,692 50

888,807 691,522 749 125,834 70,702 5,802,764 2,299,934 2,110,881 595,284 88,868 43,273 544,104 18,937 101,482 -

1,551,164 1,191,498 115,873 204,144 39,648 802,387 496,713 112,876 16,178 9,614 116,211 1,644 49,152 -

Net realised profit/(loss) from investments Net realised profit/(loss) on securities sold Net realised profit/(loss) on options Net realised profit/(loss) on forward foreign exchange contracts Net realised profit/(loss) on financial futures Net realised profit/(loss) on swaps Net realised profit/(loss) on foreign exchange

-10,492,135 147,306 133,442,018 11,524,743 32,744,574 -3,348,542

3,422,536 630,651 85,500,047 868,902 -135,180,487 -538,219 -15,697

-4,913,957 -3,679,306 -5,120,844 27,835,854 6,139,128 4,218,022 -30,505,217

748,777 749,167 17,650,191 -3,261,551 -4,830,926 1,828,415 -7,640,982

Net realised profit/(loss) Net change in unrealised appreciation/(depreciation) on investments and on debts derived from reverse repurchase agreements Net change in net unrealised appreciation/(depreciation) on options Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts Net change in unrealised appreciation/(depreciation) on financial futures Net change in net unrealised appreciation/(depreciation) on swaps

164,017,964 1,854

-45,312,266 -7,700

-6,026,319 -9,240,986

5,243,090 650,286

-100,561,314 551,562

132,328,775 16,319

25,591,113 3,487,497

10,321,279 -779,767

689,495 15,495

1,592,980 -49,333

1,370,955 -3,620,363

858,066 2,493,229

64,715,057 -13,788 1,417,871,423 -829,399,870

88,568,774 -429 1,129,293,426 -1,278,325,404

11,561,896 1,010,519,849 -525,820,243

18,786,184 171,212,975 -130,647,733

653,172,823

-60,463,633

496,261,502

59,351,425

-

-

-

-

459,305,710

519,769,343

139,835,124

80,483,700

1,112,478,533

459,305,710

636,096,626

139,835,124

English Income Net dividends Bond Interest Bank interest Income on Reverse Repos Interest received on swaps Other income Expenses Management fees Performance fees Administration fees Taxe d'abonnement Distributor fees Brokers & transactions fees Bank interest & similar charges Interest paid on swaps Expenses on Repos Other expenses

Result of operations Dividend paid Subscriptions Redemptions Increase/(decrease) in net assets Reevaluation of consolidated Net Assets Net assets at the beginning of the year Net assets at the end of the year

The accompanying notes form an integral part of these financial statements

208

2 2 2

11 4 5 2 6

12

16

Euro Reserve

USD Reserve

Consolidated

30/06/10 EUR

30/06/09 EUR

30/06/10 USD

30/06/09 USD

30/06/10 EUR

30/06/09 EUR

3,585,776 2,927,882 25,858 362,220 269,817 1,768,805 557,178 431,644 52,068 51,299 10,815 7,148 655,133 2,047 1,472

26,706,359 23,017,851 34,443 3,278,797 365,981 9,287 2,926,549 1,000,200 636,252 77,021 100,514 17,042 13,123 1,051,846 30,553 -

326,969 274,242 39,106 13,622 219,967 95,344 76,714 9,039 11,376 6,963 386 20,144 -

1,304,440 1,229,096 44,365 18,789 12,190 471,804 205,994 105,989 6,942 26,495 8,056 8,629 109,673 26

319,498,714 126,671,273 173,639,629 526,899 2,023,687 13,610,461 3,026,765 196,516,416 81,155,363 36,395,777 31,615,748 2,884,485 2,831,840 27,759,067 609,182 10,553,991 2,348,681 362,284

383,657,066 110,675,466 231,546,944 8,338,871 14,611,663 17,154,333 1,329,790 156,077,479 57,083,454 22,917,898 22,197,172 1,964,170 2,027,348 26,624,272 714,693 11,881,071 9,844,912 822,489

1,816,971 74,495 -

23,779,809 881,751 -44 -

107,003 -1,040 -29 6

832,637 -827 -80 -19 -

122,982,297 493,599,338 146,104,660 47,224,229 11,555,317 37,948,426 -26,503,957

227,579,587 -1,539,439,192 177,871,033 52,316,885 -203,258,644 -21,575,363 -249,740,480

1,891,466 -

24,661,516 -4,206

105,940 -

831,711 -

832,910,311 -1,556,246,174 658,372,894 164,847,443

-

-

-

-

-78,334,294 -4,855,071

125,409,737 -13,409,608

-

-

-

-

-9,196,425 -21,677,700

34,020,470 20,034,173

1,891,466 -218,157 533,258,136 -665,765,992

24,657,310 -232,350 1,116,224,608 -1,115,821,831

105,940 -1,773 136,625,352 -80,289,758

831,711 -7,175 71,513,529 -93,526,735

1,377,219,716 -1,225,343,960 -79,847,075 -69,615,117 10,940,372,217 7,955,904,047 -9,468,474,805 -9,779,797,196

-130,834,547

24,827,737

56,439,761

-21,188,669

2,769,270,052 -3,118,852,225

-

-

-

-

620,987,547

596,159,810

59,248,081

80,436,750

490,153,000

620,987,547

115,687,842

530,422,905

553,477,045

8,996,537,793 11,561,912,973

59,248,081 12,296,230,750

8,996,537,793

The accompanying notes form an integral part of these financial statements

209

Notes to the Financial Statements as at 30/06/10

1

INTRODUCTION

Amundi Funds (formerly CAAM Funds) (the “Fund”) is organised as a “Société d’Investissement à Capital Variable” (“SICAV”) under the laws of the Grand Duchy of Luxembourg. The Fund, initially Groupe Indosuez Funds FCP, an unincorporated mutual investment fund (“Fonds Commun de Placement”) created on 18 July 1985, was transformed, in accordance with Article 110 (2) of the law of 30 March 1988 on Undertakings for Collective Investment, and renamed GIF SICAV II on 15 March 1999. The deed of transformation and the Articles of Incorporation (the “Articles”) were published in the Mémorial, Recueil des Sociétés et Associations on 28 April 1999. The name of the Fund was then changed to GIF SICAV on 1st December 1999, to Crédit Agricole Funds on 8 December 2000 and to CAAM Funds on 1st July 2007. As at 2 March 2010, in accordance with the decision taken by the shareholders in the framework of the Extraordinary General Meeting held on 23 November 2009 and with the decision of the Board of Directors taken on 23 December 2009, CAAM Funds was renamed Amundi Funds. The amendments to the Articles have been published in the Mémorial, Recueil des Sociétés et Associations respectively on 14 January 2000, on 17 January 2001, and on 13 June 2007 for the first three name changes and on 3 April 2010 for the last one. The Fund is a UCITS III fund (Undertaking for Collective Investment in Transferable Securities) submitted to Part I of the law of 20 December 2002 on undertakings for collective investment. A latest amendment to the Articles of Incorporation has been made on 23 November 2009 and published in the Mémorial, Recueil des Sociétés et Associations on 15 January 2010.

The following sub-funds have been launched during the year : Amundi Funds Global Inflation Bond (on 25 August 2009) Amundi Funds Arbitrage VaR Short Term (on 15 February 2010) Amundi Funds Multimanagers Long/Short Equity (on 18 February 2010) The following sub-funds have been merged on 16 October 2009 : CAAM Funds Asia Pacific Quant into CAAM Funds Asia Pacific Renaissance (at present Amundi Funds Asia Pacific Renaissance) CAAM Funds Gems World Hedged into CAAM Funds Gems World (at present Amundi Funds Gems World) CAAM Funds US Quant into CAAM Funds US Innovative Companies (at present Amundi Funds US Innovative Companies) CAAM Funds Swiss Franc Bond into CAAM Funds European Bond (at present Amundi Funds European Bond) The following sub-funds have been renamed : CAAM Funds European Convertible Bond in CAAM Funds Global Convertible Bond (as at 30 September 2009) (at present Amundi Funds Global Convertible Bond) CAAM Funds Euro SRI in CAAM Funds Europe SRI (as at 26 February 2010) (at present Amundi Funds Europe SRI) The following sub-fund has been liquidated on 5 February 2010 : CAAM Funds Dynarbitrage Forex (USD) The following sub-fund has been withheld on 4 June 2010 : Amundi Funds Equity Statistical Arbitrage (USD) In reference to the prospectus of February 2010 such as modified by the prospectus dated July 2010, as at 30 June 2010, the Fund consisted of 71 sub-funds in activity, each investing in a specific market or group of markets, and 1 dormant sub-fund : Amundi Funds Japan Small Caps. Categories of shares : In order for Amundi Funds to be marketed by different distribution networks and to different investor profiles, 26 separate sub-categories of shares were created, each with its own characteristics and its own fee and expenses structure.

210

Minimum investment 1

0.01% p.a. USD 100,000,000 except Emerging Accumulation World USD 5,000,000 and Emerging Markets USD 10,000,000

Specific fee schedule

0.01% p.a. USD 50,000

Max 5.00%

0.01% p.a. USD 30,000,000 4 except Emerging Accumulation/ Distribution Markets USD 100,000,000 4

Specific fee schedule

-

Max 0.50%

Accumulation

0.01% p.a. -

Accumulation

Max 2.50%

Max 5.00%

Max 2.50%

-

Accumulation/ Distribution

0.01% p.a. USD 1,000,000

Max 5.00%

Max 5.00%

Max 2.50%

Subscription Fee 2

Difference with Class I: base currency (EUR)

Accumulation

Distribution

Accumulation/ Distribution

Distributing/ Accumulation

0.01% p.a. USD 50,000

0.01% p.a. USD 50,000

0.01% p.a. USD 500,000

Taxation

Difference with Class I (2): Only Accumulation Shares

-

Specific characteristics

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

Conversion Fee 3

-

-

-

Max 1.00%

-

-

-

-

Redemption Fee

2

Each minimum investment amount must be appreciated at level of the concerned class of shares, independently of the sub-fund(s), except if otherwise provided in the table. As from 2 March 2010, each of the subscription and conversion fees includes a fixed fee amounting to 0.90% for the subscription and/or conversion in shares of I, I(7), M, C, S classes of shares for the Brazil sub-fund. These fixed fees accrue to the corresponding class of shares of the Brazil sub-fund. No fixed fee is taken for the combinations of redemptions and subscriptions carried out on the same Net Asset Value. 3 No conversion fee is applied for a change of class of shares or category within a same sub-fund. 4 This minimum investment must be appreciated remotely in case of a sole institutional investor or in aggregate in case of companies of a same group, held in 100% by the same parent company and investing for their own account.

1

Class I (9)

Japanese UCIs specifically authorised by the Board

Institutional Investors specifically authorised by the Board

Institutional Class IX

Class I (6)

Institutional Class VI

Institutional Investors

Dedicated institutional Investor

Class I (5)

Institutional Class V

Japanese UCIs

Institutional Class VIII Class I (8)

Class I (4)

Institutional Class IV

Japanese UCIs

Institutional Investors

Class I (2)

Institutional Class II

Institutional Investors investing for their own account or for individuals within the framework of a collective savings or any comparable scheme as well as UCITS

Investors

Institutional Class VII Class I (7)

Class I

Institutional Class

Institutional Classes

Classes of Shares

Denomination

Notes to the Financial Statements as at 30/06/10

211

212

Class I (11) Institutional Investors

Institutional Class XI

Minimum investment 1

- base currency (USD)

Difference with Class I:

hedged Class of Shares (this operation aims to hedge the NAV in GBP regarding to the currency of denomination of the relevant sub-fund).

- base currency (GBP)

Difference with Class I:

- base currency (GBP)

Difference with Class I:

- hedged Class of Shares (this operation aims to hedge the NAV in GBP regarding to the currency of denomination of the relevant sub-fund).

- base currency (GBP)

0.01% p.a. USD 500,000

0.01% p.a. GBP 500,000

0.01% p.a. GBP 500,000

0.01% p.a. GBP 500,000

Difference with Class I:

- specific settlement. - subscriptions can only be realized in amount and not in number of shares.

0.01% p.a. EUR 500,000

Taxation

0.01% p.a. EUR 1,000,000 for the initial subscription. This specific investment amount must be appreciated as both at the Class of Shares level and at subfund’s one. For the avoidance of any doubt, investment in an I(11) Class must be appreciated independently of an investment in another sub-fund even if this investment is realized on an I(11) Class.

Difference with Class I:

- hedged Class of Shares (this operation aims to hedge the NAV in Euro regarding to the currency of denomination of the relevant sub-fund).

- base currency (EUR)

Difference with Class I:

Specific characteristics

Accumulation

Distribution

Accumulation

Distribution

Accumulation

Accumulation

Distributing/ Accumulation

Max 2.50%

Max 2.50%

Max 2.50%

Max 2.50%

Max 1.00%

Max 2.50%

Subscription Fee 2

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

No conversion is authorized from or to this Class of Shares.

Max 1.00%

Conversion Fee 3

-

-

-

-

-

-

Redemption Fee

2

Each minimum investment amount must be appreciated at level of the concerned class of shares, independently of the sub-fund(s), except if otherwise provided in the table. As from 2 March 2010, each of the subscription and conversion fees includes a fixed fee amounting to 0.90% for the subscription and/or conversion in shares of I, I(7), M, C, S classes of shares for the Brazil sub-fund. These fixed fees accrue to the corresponding class of shares of the Brazil sub-fund. No fixed fee is taken for the combinations of redemptions and subscriptions carried out on the same Net Asset Value. 3 No conversion fee is applied for a change of class of shares or category within a same sub-fund.

1

Institutional Class XV Class I (15) Institutional Investors

Institutional Class XIV Class I (14) Institutional Investors

Institutional Class XIII Class I (13) Institutional Investors

Institutional Class XII Class I (12) Institutional Investors specifically authorised by the Board

Class I (10) Institutional Investors

Investors

Institutional Class X

Classes of Shares

Denomination

Notes to the Financial Statements as at 30/06/10

All Investors

Class C(3)

Class C (4) All Investors

Class C (5) All Investors

Classic (3) Class

Classic (4) Class

Classic (5) Class - base currency (USD)

Difference with Class C:

- hedged Class of Shares (this operation aims to hedge the NAV in GBP regarding to the currency of denomination of the relevant sub-fund)

- base currency (GBP)

Difference with Class C:

- base currency (EUR)

Difference with Class C:

- hedged Class of Shares (this operation aims to hedge the NAV in Euro regarding to the currency of denomination of the relevant sub-fund)

-

Minimum investment 1

0.05% p.a.

0.05% p.a.

0.05% p.a.

0.05% p.a.

0.05% p.a.

-

-

-

-

-

0.05% p.a. EUR 100

0.01% p.a.

Taxation

Accumulation

Distribution

Accumulation

Accumulation

Accumulation/ Distribution 5

Accumulation

Accumulation

Distributing/ Accumulation

Max 4.50%

Max 4.50%

Max 4.50%

Max 4.50%

Max 4.50%

Max 4.50%

Max 2.50%

Subscription Fee 2

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

-

Max 1.00%

Conversion Fee 3

-

-

-

-

-

-

-

Redemption Fee

2

Each minimum investment amount must be appreciated at level of the concerned class of shares, independently of the sub-fund(s), except if otherwise provided in the table. As from 2 March 2010, each of the subscription and conversion fees includes a fixed fee amounting to 0.90% for the subscription and/or conversion in shares of I, I(7), M, C, S classes of shares for the Brazil sub-fund. These fixed fees accrue to the corresponding class of shares of the Brazil sub-fund. No fixed fee is taken for the combinations of redemptions and subscriptions carried out on the same Net Asset Value. 3 No conversion fee is applied for a change of class of shares or category within a same sub-fund. 5 Only accumulation share will be available for Amundi Funds Multi Asset Protected sub-funds.

1

Difference with Class C:

All Investors

Class C(2)

Classic (2) Class - base currency (EUR)

-

Specific settlement day

All Investors

Reserved for investors investing via a mandate promoted by LCL

UCIs governed by Italian law and Institutional Investors acting in the framework of discretionary portfolio management mandates in Italy and investing exclusively in UCITS/UCIs (“Gestioni Patrimoniali in Fondi”)

Specific characteristics

Class C

Class L

Class M

Investors

Classic Class

Classic Class

L Class

L Class

M Class

M Class

Classes of Shares

Denomination

Notes to the Financial Statements as at 30/06/10

213

214 -

Minimum investment 1

Class HK

Class H

All Investors based in Hong-Kong

All Investors

-

- Difference with Class S: Reduced Subscription Fee

0.05%

- Shares only available through a networks 0.05% p.a. of distributors specifically authorised by the Board.

-

-

Accumulation

Accumulation

Accumulation

Distribution

Accumulation

Distributing/ Accumulation

Max 5.00%

Max 1.00%

Max 3.00%

Max 3.00%

Max 3.00%

Subscription Fee 2

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

Max 1.00%

Conversion Fee 3

-

-

-

-

-

Redemption Fee

2

Each minimum investment amount must be appreciated at level of the concerned class of shares, independently of the sub-fund(s), except if otherwise provided in the table. As from 2 March 2010, each of the subscription and conversion fees includes a fixed fee amounting to 0.90% for the subscription and/or conversion in shares of I, I(7), M, C, S classes of shares for the Brazil sub-fund. These fixed fees accrue to the corresponding class of shares of the Brazil sub-fund. No fixed fee is taken for the combinations of redemptions and subscriptions carried out on the same Net Asset Value. 3 No conversion fee is applied for a change of class of shares or category within a same sub-fund.

1

HK Class

Classic HK Class

Classic H Class

Classic H Class

- Difference with S Class : base currency (EUR)

-

- Shares only available through a networks 0.05% p.a. of distributors specifically authorised by the Board

Shares only available through a networks of 0.05% p.a. distributors specifically authorised by the Board

Taxation

Classic S (3) Class Class S (3) All Investors

All Investors

Specific characteristics

Shares only available through a networks of 0.05% p.a. USD 100,000 distributors specifically authorised by the Board

Class S

Investors

Classic S (2) Class Class S (2) All Investors

Classic S Class

Classic S Classes

Classes of Shares

Denomination

Notes to the Financial Statements as at 30/06/10

Notes to the Financial Statements as at 30/06/10

2

PRINCIPAL ACCOUNTING CONVENTIONS

„

PRESENTATION OF THE FINANCIAL STATEMENTS :

The Fund’s financial statements were prepared in accordance with the regulatory provisions in force in Luxembourg concerning undertakings for collective investment. The financial statements are presented on the basis of the latest Net Asset Value (“NAV”) calculated during the financial year. In accordance with the prospectus dated February 2010 such as modified by the prospectus dated July 2010, the NAV were calculated using the latest market values and exchange rates known at the time of the calculation meaning: - Index Pacific sub-fund : 1 July 2010 - For all the other sub-funds : 30 June 2010 By way of information, if the Index Pacific Sub-Fund had calculated its NAV solely for reporting purposes based on the market prices and exchanges rates as at 30 June 2010 the NAV would have been significantly different from the one shown in this annual report as an increase in the NAV of about 2.27% would have been observed. In the annual report as at 30 June 2009, the sub-funds merged or liquidated during this year were shown separately in the Statement of Operations and Changes in Net Assets and were included in the consolidated figures. In the annual report as at 30 June 2010, these sub-funds are not shown separately anymore even though they are still included in the consolidated figures as at 30 June 2009.

„

Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the Board of Directors.

„

Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressed in foreign currencies are therefore converted and consolidated in EUR at the exchange rate in force at the close of the financial year. Transactions and acquisition costs for portfolio securities expressed in foreign currencies are converted into the accounting currency of the sub-fund concerned at the exchange rate in force on the date of transaction or acquisition, as appropriate. Valuation values for securities in the portfolio and of other assets and liabilities expressed in foreign currencies are converted into the accounting currency of the sub-fund concerned at the exchange rate in force at the end of the financial year. Currency differences resulting from these conversions are recorded in the Statement of Operations and Changes in net assets.

„

Return on investments - Dividends are entered as yields on the date when they are declared and in so far as the appropriate information can be obtained by the Fund. Interest is entered on a daily basis.

„

Distribution of costs and expenses - Each sub-fund is charged with costs or expenses specifically attributable to it. Costs and expenses not attributable to a specific sub-fund are distributed between the sub-funds on an equitable basis, in proportion to their respective Net Assets.

„

Repurchase agreements - Repurchase agreements (Repos) are equivalent to borrowings guaranteed by underlying assets presented in the securities portfolio of the sub-fund which remains exposed to market risk. Reverse Repurchase agreements (Reverse Repos) are similar to guaranteed loans. In this case, the sub-fund is not subject to the risk of depreciation in the value of the underlying assets. Repos and Reverse Repos are regarded as borrowings and loans, respectively, of the sum of liquid assets received and/or paid.

„

Futures contracts - Unexpired futures contracts are valued at their last known price on the date of valuation or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets.

„

Forward foreign exchange contracts - Unexpired forward foreign exchange contracts are valued at the exchange rates applicable on the valuation date or on the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets.

„

Valuation of options - Options officially listed on a stock market or any other regulated market, operating in a regular manner, recognised and open to the public, are valued on the basis of their closing prices on the valuation day or, in the absence of such prices, on the basis of the last-known prices available. If these last-known prices are not representative, the valuation will be based on the probable realisation value estimated by the Board of Directors with prudence and in good faith. Currency options are valued at the market value.

„

Swaps - The Fund is authorised to enter into volatility swaps, correlation swaps, credit default swaps, total return swaps, inflation swaps, asset swaps or interest rate swaps. Interest rate swaps, volatility swaps, correlation swaps, variance swaps, credit default swaps, total return swaps and inflation swaps are recorded at the estimated market value based on the valuation elements laid down in the contracts. The unrealised net gain is included in the item “Unrealised net appreciation on swaps” in the Statement of Net Assets and the unrealised net loss is included in the item “Unrealised net depreciation on swaps” in the Statement of Net Assets.

„

Fee structure - The Administration fee is a fee expressed as a percentage of the NAV of the sub-funds and classes of shares, including all the administrative expenses of the Fund. Such fee includes the remuneration of the Administration Agent, Domiciliary Agent, Transfer Agent and Registrar for its services rendered to the Fund, the remuneration of the Custodian for its services rendered to the Fund as well as all other administrative expenses incurred in the operation of the Fund including, but not limited to: - the fees of auditors and legal advisers of the Fund (including costs associated with compliance with legal and regulatory requirements); - the cost of translation, printing and distributing to investors the annual and semi-annual reports and of the prospectus dated February 2010 such as modified by the prospectus dated July 2010 of the Fund and any supplement thereto; - any costs related to the information of the shareholders including costs related to the publication of prices of shares in the financial press, the production of information material for the subscribers and distributors; - any fees and expenses involved in registering and maintaining the registration of the Fund with any governmental agency or stock exchange and to comply with any regulatory requirements and the reimbursement of such fees and expenses incurred by any local representative; - the fees of any local representative/correspondent, of which the services are required pursuant to the applicable law; - the costs related to extraordinary measures, in particular any expertise or trial aiming at the protection of the shareholders’ interests; - the costs related to the translation, distribution and publication of any notice to the shareholders.

215

Notes to the Financial Statements as at 30/06/10

The maximum amount of the Administration fee, expressed as a percentage of the NAV, is set out in the following schedule (the maximal and the effective amounts are identical) : Classes of shares Sub-fund

I, I(2), I(4), I(5), I(6), I(10), I(12), I(13), I(14), I(15)

I(7)

I(8)

I(9)

I(11)

M, L

C, C(2), C(3), C(4), C(5), S, S(2), S(3), H, HK

Global/Regional/Country

0.25%

-

0.10%

0.25%

-

0.35%

0.35%

Smaller Companies/Thematic

0.25%

-

-

-

-

0.35%

0.45%

Asia/Emerging Markets

0.40%

0.25%

0.40%

0.33%

-

0.50%

0.50%

- Except Emerging Markets

0.40%

0.25%

0.25%

-

-

0.50%

0.50%

Socially Responsible Investments

0.25%

-

-

-

-

0.35%

0.35%

0.20%

-

-

-

-

0.35%

0.30%

Convertible Bonds

0.25%

-

-

-

-

0.35%

0.35%

Global Bonds

0.15%

-

-

-

-

0.30%

0.35%

Euro Bonds

0.10%

-

-

-

-

0.25%

0.30%

Specific Bonds

0.20%

-

-

-

-

0.25%

0.30%

High Yield Bonds

0.20%

-

-

-

-

0.35%

0.40%

Global Bonds and Debts

0.20%

-

-

-

-

0.30%

0.30%

- Except Global Aggregate

0.15%

-

-

-

-

0.30%

0.35%

- Except Global Inflation Bond

EQUITY SUB-FUNDS

- Except Europe SRI* BOND SUB-FUNDS

0.15%

-

-

-

-

0.30%

0.30%

Emerging Markets Debts

0.20%

-

-

-

-

0.35%

0.40%

LDI Bonds

0.10%

-

-

-

-

-

0.30%

0.05%

-

-

-

-

0.10%

0.15%

0.10%

-

-

-

-

0.15%

0.15%

0.10%

-

-

-

-

0.15%

0.15%

-

-

-

-

-

-

0.20%

INDEXED SUB-FUNDS Indexed Equities - Except Index Pacific Indexed Bonds GUARANTEED/PROTECTED SUB-FUND ABSOLUTE RETURN SUB-FUNDS Arbitrage VaR Short Term

0.07%

-

-

-

-

0.10%

-

Arbitrage VaR

0.10%

-

-

-

-

0.25%

0.30%

Dynarbitrage VaR

0.10%

-

-

-

-

0.30%

0.30%

Equity Arbitrage

0.20%

-

-

-

-

0.30%

0.30%

0.30%

0.30% (Except S Class = 0.35%) 0.30%

Arbitrage Inflation Dynarbitrage Forex

0.10%

-

-

-

-

0.10%

-

-

-

-

0.25%

0.10%

-

-

-

-

0.30%

0.30%

Dynarbitrage High Yield

0.10%

-

-

-

-

0.30%

0.30%

Dynarbitrage Volatility

0.10%

-

-

-

-

0.30%

0.30%

Volatility Equities

0.10%

-

-

-

-

0.30%

0.30%

Multimanagers Long/Short Equity

0.15%

RESERVE SUB-FUNDS **

0.05%

- Except Dynarbitrage Forex Asia Pacific

-

-

-

0.05%

0.15%

0.30%

0.10%

0.15%

* The maximum Administration fee charged to the sub-fund Amundi Funds Europe SRI have been reduced as follows as from 26 February 2010 : Class I shares : a decrease of 0.05%. As at 30 June 2010, the maximum Administration fees rate charged to this class of shares amounts to 0.20%. Class C shares : a decrease of 0.05%. As at 30 June 2010, the maximum Administration fees rate charged to this class of shares amounts to 0.30%. Class M shares : a decrease of 0.05%. As at 30 June 2010, the maximum Administration fees rate charged to this class of shares amounts to 0.30%. ** The Administration fee charged to the sub-fund Amundi Funds USD Reserve have been reduced as follows as from 2 December 2009 : Class M shares : a decrease of 0.03%. As at 30 June 2010, the effective Administration fees rate charged to this class of shares amounts to 0.07%. Class C and Class S shares : a decrease of 0.08%. As at 30 June 2010, the effective Administration fees rate charged to these classes of shares amounts to 0.07%. The Administration fee is payable monthly in arrears to Amundi Luxembourg and is calculated each day for each sub-fund and each class of shares. From such fee, Amundi Luxembourg will pay the fees of the Custodian, the Administration Agent, the Domiciliary Agent, the Transfer Agent and the Registrar and the administrative expenses of the Fund.

„

Cost of investments - The brokerage fees and transaction fees are not included in the cost of investments, but are debited in the expenses item “Brokers & transactions fees”.

3

EXCHANGE RATES USED AS OF 30 JUNE 2010

The exchange rates used for the consolidated figures are the following : 1 EUR = 1 EUR = 1 EUR = 1 EUR =

216

1.22490 USD 0.81875 GBP 1.32090 CHF 108.39140 JPY

MANAGEMENT FEES

I(2)

0.65%

0.70% 0.45%

0.65%

I(9)

0.80%

- Brazil*

- Asian Growth*

- Asia Pacific Renaissance*

- ASEAN New Markets*

0.90%

0.45% 0.45%

Asia/Emerging Markets sub-funds

- US Opportunities

0.80%

0.80%

0.90%

0.70%

0.55%

0.60%

0.55%

M

0.70%

I(15)

- Restructuring Equities* 0.80%

I(14)

0.80%

I(13)

0.90%

I(12)

- Global Resources *

I(11)

0.70%

0.90%

I(10)

0.80%

0.37%

0.45% 0.30%

I(8)

- Global Finance*

0.60%

I(7)

0.90%

I(6)

- Global Agriculture

I(5)

0.80%

I(4)

- Europe Smaller Companies*

Smaller Companies/Thematic sub-funds

- US Innovative Companies*

- Switzerland*

- Select Europe*

- Select Euro*

- Minimum Variance Europe*

- Japan Value

- Global Equities*

- Gems World*

- Gems Europe*

- Euro Quant*

Global/Regional/Country sub-funds

EQUITY SUB-FUNDS

I

1.30%

L

1.60%

1.60%

1.30%

C

1.60%

C2

1.60%

C3

C4

C5

2.00%

2.00%

1.70%

S

S2

2.00%

S3

H

HK

These Management fees applicable for the year ended 30 June 2010, expressed in percentages of the NAV, are payable quarterly to Amundi Luxembourg and calculated each day for each sub-fund on the basis of the daily NAV of each class of shares at the below rates per annum. The Management Company is responsible for paying commissions to Investment Managers.

4

Notes to the Financial Statements as at 30/06/10

217

218

I(2)

I(4)

0.50%

0.60% 0.65%

1.00%

1.00%

0.60%

- Clean Planet

- Europe SRI***

0.55%

0.45%

0.45%

- Euro Select Bond

0.30%

Specific Bonds sub-funds

- Euro Inflation Bond*

- Euro Corporate Bond*

- Euro Bond*

Euro Bonds sub-funds

- Global Corporate Bond*

Global Bonds sub-funds

- Global Convertible Bond*

Convertible Bonds sub-funds

BOND SUB-FUNDS

1.00%

- Aqua Global

0.30%

Socially Responsible Investments sub-funds

- Thailand

- Korea

- Latin America Equities* 0.90%

0.60%

0.65%

0.90%

1.00%

0.80% 0.80%

I(8)

1.00%

I(7)

0.60%

0.45% 0.45%

I(6)

0.90%

I(5)

1.00%

- India Infrastructure*

- India*

- Greater China*

- Emerging World*

- Emerging Markets*

- Emerging Internal Demand*

- Emerging Europe*

Asia/Emerging Markets sub-funds (cont’d)

I

0.37%

0.37%

I(9)

I(10)

I(11)

I(12)

I(13)

I(14)

I(15)

0.30%

0.30%

0.40%

0.45%

0.55%

0.90%

0.90%

0.90%

0.80%

0.90%

0.80%

0.90%

0.80%

M

L

0.65%

0.80%

0.80%

1.20%

0.80%

1.50%

1.50%

1.60%

C

C2

C3

C4

C5

0.85%

1.00%

1.00%

1.40%

1.00%

1.90%

1.90%

2.00%

S

S2

S3

H

HK

Notes to the Financial Statements as at 30/06/10

0.55% 0.40%

I(2)

0.35%

0.45%

0.50%

0.55%

0.10%

0.10%

I(4)

- Multi Asset Protected**

GUARANTEED/PROTECTED SUB-FUNDS

- Index Global Bond (EUR) Hedged

Indexed Bonds sub-funds

- Index Pacific

- Index North America

- Index Europe

- Index Euro

Indexed Equities sub-funds

INDEXED SUB-FUNDS

- LDI Index Linked Plus (GBP)*

- LDI Gilt Plus (GBP)*

LDI Bonds sub-funds

- Emerging Markets Debt*

Emerging Markets Debts sub-funds

- Global Inflation Bond*

- Global Bond*

- Global Aggregate*

- European Bond*

- Asian Income*

Global Bonds and Debts sub-funds

- Euro High Yield Bond

High Yield Bonds sub-funds

I

0.50%

I(5)

I(6)

I(7)

I(8)

I(9)

I(10)

I(11)

I(12)

0.45%

I(13)

I(14)

0.10%

I(15)

0.10%

0.10%

0.45%

0.35%

0.40%

0.45%

M

L

1.10%

0.20%

0.15%

0.80%

1.60%

0.80%

1.60%

C

C2

C3

C4

0.15%

C5

1.80%

1.00%

1.80%

S

S2

S3

H

HK

Notes to the Financial Statements as at 30/06/10

219

220

I (2)

0.50%

0.55%

0.60%

I(7)

I(8)

I(9)

0.50%

I(10)

I(11)

0.50%

I(12)

I(13)

0.50%

I(14)

I(15)

0.40%

0.55%

0.40%

0.25%

0.18%

M

0.50%

- Volatility World Equities*

- Volatility Euro Equities*

0.50%

Volatility Equities sub-funds

- Dynarbitrage Volatility*

Dynarbitrage Volatility sub-fund

- Dynarbitrage High Yield* 0.50%

Dynarbitrage High Yield sub-fund

- Dynarbitrage Forex*

0.50%

0.40%

0.40%

0.40%

I(6)

- Dynarbitrage Forex Asia 0.50% Pacific*

I (5)

0.30%

I (4)

0.40%

Dynarbitrage Forex sub-funds

- Arbitrage Inflation*

Arbitrage Inflation sub-fund

- Equity Statistical Arbitrage (EUR)*

Equity Arbitrage sub-fund

- Dynarbitrage VaR 4 (USD)*

- Dynarbitrage VaR 4 (EUR)*

Dynarbitrage VaR sub-funds

- Arbitrage VaR 2 (USD)*

- Arbitrage VaR 2 (GBP)* 0.30%

- Arbitrage VaR 2 (EUR)*

Arbitrage VaR sub-funds

Arbitrage VaR Short Term 0.18%

Arbitrage VaR Short Term sub-fund

ABSOLUTE RETURN SUB-FUNDS

I

L

1.00%

0.80%

0.80%

0.80%

0.80%

0.80%

0.80%

0.50%

C

1.00%

C2

C3

1.00%

C4

C5

1.30%

0.90%

0.90%

0.90%

0.90%

1.50%

0.90%

0.60%

S

S2

S3

1.60%

1.10%

1.10%

1.10%

1.10%

1.10%

0.80%

H

1.80%

HK

Notes to the Financial Statements as at 30/06/10

I(2)

I(4)

0.10%

0.99%

M

L

0.25%

1.30%

C

C2

C3

C4

C5

0.70%

1.50%

S

S2

S3

H

HK

The effective Management fees charged to the sub-fund Amundi Funds USD Reserve have been reduced as follows : Class I shares : - on the NAV dated 20 October 2009, a decrease of 0.10%. No management fees were paid on this NAV; - as from 2 December 2009, a decrease of 0.02%; - on the NAV dated 9 December 2009, a decrease of 0.05%. The management fees rate was 0.03% on that NAV As at 30 June 2010, the effective Management fees rate charged to this class of shares amounts to 0.08%. Class M shares : - on the NAVs dated 20 October 2009 and 22 October 2009, a decrease of 0.10%. No management fees were paid on these NAV; - as from 2 December 2009, a decrease of 0.02%. As at 30 June 2010, the effective Management fees rate charged to this class of shares amounts to 0.08%. Class C shares : - as from 5 October 2009, a decrease of 0.05%; - as from 2 December 2009, an additional decrease of 0.12%. As at 30 June 2010, the effective Management fees rate charged to this class of shares amounts to 0.08%. Class S shares : - as from 5 October 2009, a decrease of 0.05%; - as from 2 December 2009, an additional decrease of 0.12%. As at 30 June 2010, the effective Management fees rate charged to this class of shares amounts to 0.08%.

I(15)

******

I(14)

The effective Management fees charged to the sub-fund Amundi Funds Euro Reserve have been reduced as follows : Class C shares : as from 6 October 2009, a decrease of 0.05%. As at 30 June 2010, the effective Management fees rate charged to this class of shares amounts to 0.20%. Class S shares : - as from 6 October 2009, a decrease of 0.05%; - as from 2 December 2009, an additional decrease of 0.15%. As at 30 June 2010, the effective Management fees rate charged to this class of shares amounts to 0.25%.

I(13)

*****

I(12)

The maximum cumulative management fee amounting respectively 3.64% for the classes I and M, 3.95% for the class C and 4.15% for the Class S, is composed of the sub-fund's management fee and the maximum management fee charged by the UCITS and/or UCIs in which the sub-fund invests. Taking into consideration the level of retrocession expected in application of the agreements that the Investment Manager has or seeks to conclude with the UCITS and/or UCIs in which it intends to invest, the maximum average management fee charged by such UCITS and/or UCIs amounts respectively to 2.65%.

0.05%

I(11)

****

I(10)

The maximum Management fees charged to the sub-fund Amundi Funds Europe SRI have been reduced as follows as from 26 February 2010 : Class I shares : a decrease of 0.10%. As at 30 June 2010, the maximum Management fees rate charged to this class of shares amounts to 0.60%. Class M shares : a decrease of 0.30%. As at 30 June 2010, the maximum Management fees rate charged to this class of shares amounts to 0.50%. Class C shares : a decrease of 0.50%. As at 30 June 2010, the maximum Management fees rate charged to this class of shares amounts to 0.80%. Class S shares : a decrease of 0.60%. As at 30 June 2010, the maximum Management fees rate charged to this class of shares amounts to 1.00%.

I(9)

***

I(8)

The maximum cumulative management fee amounting to 3.10% is composed of the sub-fund’s management fee and the maximum management fee charged by the UCITS and/or UCIs in which the sub-fund invests. Taking into consideration the level of retrocession expected in application of the agreements that the Investment Manager has or seeks to conclude with the UCITS and/or UCIs in which it intends to invest, the maximum average management fee charged by such UCITS and/or UCIs amounts to 2.00%.

I(7)

**

I(6)

A performance fee is added to some classes of shares of these sub-funds, as delaited in note 5.

0.10%

0.99%

I(5)

*

- USD Reserve******

- Euro Reserve*****

RESERVE SUB-FUNDS

Multimanagers Long/Short Equity ****

Multimanagers Long/Short Equity sub-fund

I

Notes to the Financial Statements as at 30/06/10

221

Notes to the Financial Statements as at 30/06/10

The prospectus dated February 2010 such as modified by the prospectus dated July 2010 gives details of the extent to which the assets of each sub-fund are subject to Management fees on the part of its assets invested in other funds. In addition, some sub-funds are invested in other UCI’s and as a consequence they are subject to the Management fees charged to those funds. The Management fees* for underlying funds are the following :

AMUNDI ACTIONS THEMATIQUE MONDE -I- 3 DEC AMUNDI ETF DJ EURO STOXX 50 FCP AMUNDI ETF MSCI JAPAN FCP CAP/DIS AMUNDI ETF MSCI USA FCP CAP/DIS AMUNDI FUNDS GLOBAL EMERGENTS FCP -RAMUNDI MONE 3 MOIS FCP 3 DEC CAP AMUNDI INFLATION MONDE 3 DEC CAP AMUNDI INFLATION PROTECT DURATION AMUNDI MONE 3 MOIS FCP 3 DEC CAP AMUNDI MONE CASH 3 DEC AMUNDI OB EMERGENTS -I- 3 DEC AMUNDI OBLIG HAUT RENDEMENT -P-3 DEC CA AMUNDI PORTFOLIO GLOBAL TRADING FCP AMUNDI TRESO EONIA FCP CAP AMUNDI TRESO 3 MOIS -C CAPAMUNDI TRESO INSTITUTION CAP/DIS AMUNDI VOLATILITE ACTIONS EURO CAP BLACKROCK EUROPEAN ABS AL FD -D- GBP CAP BLACKROCK UK ABS ALPHA FD -D- GBP CAP CASAM ETF EUROMTS BROAD GLB FCP CPR CASH EURO GOVERNMENT -I- CAP CPR CASH-P-CAP CPR GLOBAL INFLATION FCP 3 DEC CAP DB X-TRCK2 IBOXX SOV EUR TTL RET -1CEMM UMBRELLA EME MKTS GLB SMALLCAP EXANE FUNDS 1 ARCHIMEDES -A- CAP EXANE FUNDS 1 SICAV TEMPLIERS FD -A- CAP GARTMORE INV SR I UK ABS RET -INS- CAP GLG INV VI PLC PURE ALP UCITS3 -C- EUR GLG INV VI THE GLG ALP SEL UCIT III -C ISHARES MSCI BRAZIL ISHARES MSCI INDIA INDEX ETF JUPITER ABSOLUTE RETURN FUND GBP CAP LYXOR ETF CHINA ENT FCP -A- CAP/DIS EUR LYXOR ETF EASTERN EUR FCP CAP / DIS MULTI UNITS FRA LYXOR ETF EUROMTS GLB OCCAM UMB FUND PLC GLG EME MKT -A- EUR PORTFOLIO ALPHA PORTABLE FCP CAP PORTFOLIO ARBITRAGE EURO GOVIES FCP CAP PORTFOLIO ASYMETRIE JAPON PORTFOLIO FIXED INCOME TRADE PORTF.FOR.TRAD. -PARTSPORTFOLIO JOUR -C- 3 DEC CAPITALISATION STRUCTURA VAR NEW EUR AGGREGATE -I- CAP

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP EUR EUR EUR EUR EUR USD EUR EUR GBP EUR EUR EUR USD GBP EUR EUR EUR EUR EUR EUR JPY EUR EUR EUR EUR

Annual rate 1.00% 0.15% 0.45% 0.28% 1.00% 0.15% 0.75% 0.50% 0.15% 0.31% 0.80% 1.20% 0.10% 0.10% 0.01% 0.48% 0.60% 0.75% 0.75% 0.14% 0.30% 0.03% 0.70% 0.15% 1.50% 1.50% 1.50% 1.00% 2.00% 1.25% 0.65% 0.99% 1.25% 0.65% 0.50% 0.165% 1.75% 0.10% 0.10% 0.10% 0.50% 0.10% 0.10% 0.60%

* In accordance with the article 46 (3) of the law of 20 December 2002, the Management fee rates are presented for underlying funds, - whose promoter is part of Crédit Agricole Group and ; - in which the Amundi Funds Multi Asset Protected and Amundi Funds Multimanagers Long/Short Equity sub-funds invest, as these sub-funds hold a substantial portion of their assets in UCITs and/or other UCIs.

222

Notes to the Financial Statements as at 30/06/10

5

PERFORMANCE FEES

„

EQUITIES AND BONDS SUB-FUNDS

A daily performance of the relevant class of shares is calculated on the basis of the change in NAV per share of the relevant class of shares (Performance Fee excluded) multiplied by the number of shares of the day. The performance of each relevant class of shares is compared with the Performance of the reference indicator of the relevant sub-fund. The mechanism applied is detailed in the prospectus dated February 2010 such as modified by the prospectus dated July 2010. The Performance fee is calculated and applied to I, I(7), I(13) and M classes of shares of the following sub-funds : Amundi Funds ASEAN New Markets Amundi Funds Asia Pacific Renaissance Amundi Funds Asian Growth Amundi Funds Brazil Amundi Funds Emerging Europe Amundi Funds Emerging Internal Demand Amundi Funds Emerging World Amundi Funds Euro Quant Amundi Funds Europe Smaller Companies Amundi Funds Gems Europe Amundi Funds Gems World Amundi Funds Global Equities Amundi Funds Global Finance Amundi Funds Greater China Amundi Funds India Amundi Funds India Infrastructure

Amundi Funds Latin America Equities Amundi Funds Restructuring Equities Amundi Funds Switzerland Amundi Funds US Innovative Companies Amundi Funds Asian Income Amundi Funds Emerging Markets Debt Amundi Funds Euro Bond Amundi Funds Euro Corporate Bond Amundi Funds Euro High Yield Bond Amundi Funds Euro Inflation Bond Amundi Funds European Bond Amundi Funds Global Aggregate Amundi Funds Global Bond Amundi Funds Global Convertible Bond Amundi Funds Global Corporate Bond

The Performance fee is calculated and applied to I, M, C, S classes of shares of the following sub-funds : Amundi Funds Minimum Variance Europe Amundi Funds Select Euro Amundi Funds Select Europe Amundi Funds Global Inflation Bond (launched on 25 August 2009). The Performance fee is calculated and applied to I, I(10), I(14), M, C, C(2), C(4), S and H classes of shares of the following sub-funds : Amundi Funds Volatility Euro Equities Amundi Funds Volatility World Equities

„

EMERGING MARKETS SUB-FUNDS

A Performance fee has been added to the Management fee : •

Performance fee : 15% of the return (after base fee) in excess of the MSCI Emerging Markets Investable Market (the benchmark).

•

Base fee : fee paid to the Investment Manager of the sub-fund.

•

Maximum Performance fee : 1% per annum of the sub-fund’s net assets.

•

Benchmark : The MSCI Emerging Markets Investable Market (including dividends net of withholding taxes).

•

Calculation period : the calculation period corresponds to the accounting year of the Fund.

•

Payment : the performance fee will be paid yearly in arrears.

„

ABSOLUTE RETURN SUB-FUNDS

A Performance fee is calculated on the basis of the change in NAV per class of share (Performance fee excluded) multiplied by the number of shares of the day for the following sub-funds. The performance of each class of shares is compared with the performance objective or performance benchmark (each described as a “Performance Base”) determined for the relevant sub-fund. The mechanism applied is detailed in the prospectus dated February 2010 such as modified by the prospectus dated July 2010. Amundi Funds Arbitrage Inflation Amundi Funds Arbitrage VaR 2 (EUR) Amundi Funds Arbitrage VaR 2 (GBP) Amundi Funds Arbitrage VaR 2 (USD) Amundi Funds Dynarbitrage Forex Amundi Funds Dynarbitrage Forex Asia Pacific

„

Amundi Funds Dynarbitrage High Yield Amundi Funds Dynarbitrage VaR 4 (EUR) Amundi Funds Dynarbitrage VaR 4 (USD) Amundi Funds Dynarbitrage Volatility Amundi Funds Equity Statistical Arbitrage (EUR)

LDI SUB-FUNDS

A Performance fee is calculated on the basis of the change in NAV per class of share (Performance fee excluded) multiplied by the number of shares of the day. The performance of each class of shares is compared with the performance objective of the relevant sub-fund. The Performance fee is calculated according to principles of the High Water Mark method. The mechanism applied is detailed in the prospectus dated February 2010 such as modified by the prospectus dated July 2010.

223

Notes to the Financial Statements as at 30/06/10

As at 30 June 2010, the accrued performance fees are as follows :

Amundi Funds ASEAN New Markets Amundi Funds Brazil Amundi Funds Emerging Europe Amundi Funds Emerging Internal Demand Amundi Funds Global Equities Amundi Funds Greater China Amundi Funds India Amundi Funds India Infrastructure Amundi Funds Latin America Equities Amundi Funds Minimum Variance Europe Amundi Funds US Innovative Companies Amundi Funds Emerging Markets Debt Amundi Funds Euro High Yield Bond Amundi Funds Global Aggregate Amundi Funds Global Bond Amundi Funds LDI Gilt Plus (GBP) Amundi Funds Dynarbitrage Forex Amundi Funds Dynarbitrage High Yield Amundi Funds Dynarbitrage VaR 4 (EUR) Amundi Funds Dynarbitrage VaR 4 (USD) Amundi Funds Equity Statistical Arbitrage (EUR) Amundi Funds Volatility Euro Equities Amundi Funds Volatility World Equities *

USD USD EUR USD USD USD USD USD USD EUR USD USD EUR USD USD GBP EUR EUR EUR USD EUR EUR USD

End of calculation period 30 November 2010 30 November 2010 30 November 2010 30 November 2010 30 November 2010 30 November 2010 30 November 2010 30 November 2010 30 November 2010 30 June 2010 30 November 2010 30 November 2010 30 November 2010 30 November 2010 30 November 2010 30 June 2010 30 June 2010 30 June 2010 30 June 2010 30 June 2010 31 December 2010 30 September 2010 30 September 2010

82,859.00 11,762.69 17,902.74 357,264.06 156,371.60 480,636.00 177,629.00 585.00 6,870,165.33 3,575.57 76,796.15 38,231.71 817.52 537,728.67 295,862.33 120,868.23 21,464.16 813,671.70 5,340,673.94 2,767,435.22 870.19 3,328,830.26 2,110,880.72

* Except for I(10) class for which the end of calculation period is 30 September 2011.

6

TAXATION

The Fund is further liable in Luxembourg to a tax of 0.05% per annum in respect of the Equity sub-funds and Bond sub-funds (except on investments by these subfunds in other undertakings for collective investment established in Luxembourg for which no tax is applied) and of 0.01% per annum in respect of the Reserve subfunds, the M class of shares, the Institutional class of shares and the I(2), I(4), I(5), I(6), I(7), I(8), I(9), I(10), I(11), I(12), I(13), I(14) and I(15) classes of shares of all the sub-funds (“Taxe d'abonnement”), such tax being payable quarterly on the basis of the NAV of the Fund at the end of the relevant calendar quarter. The benefit of the 0.01% per annum Taxe d'abonnement is available to those shareholders admitted in the M class of shares, the Institutional class of shares and the I(2), I(4), I(5), I(6), I(7), I(8), I(9), I(10), I(11), I(12), I(13), I(14) and I(15) classes of shares on the basis of the Luxembourg legal, regulatory and tax provisions as these are known to the Fund at the time of admission of an Investors in such class of shares. However, no guarantee can be given for the past and for the future and such assessment is subject to interpretations on the status of an eligible Investors in the M class of shares, the Institutional class of shares and the I(2), I(4), I(5), I(6), I(7), I(8), I(9), I(10), I(11), I(12), I(13), I(14) and I(15) classes of shares by any competent authorities as will exist from time to time. Any such reclassification made by an authority as to the status of an Investors may submit the entire class of shares to a Taxe d'abonnement rate of 0.05% per annum.

7

OPEN POSITIONS ON FUTURES CONTRACTS

As at 30 June 2010, certain sub-funds had the following positions :

„

Amundi Funds Emerging Europe Number of contracts Description Purchase/Sale 460

WIG20 INDEX (WSE)

Maturity date

Currency

0910

PLN

Commitment in EUR

Unrealised appreciation/depreciation in EUR

2,533,130.27

-134,472.40

Total :

-134,472.40

Commitment in USD

Unrealised appreciation/depreciation in USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 134,472.40.

„

Amundi Funds Emerging Internal Demand Number of contracts Description Purchase/Sale 36

WIG20 INDEX (WSE)

Maturity date

Currency

0910

PLN

242,830.27

-12,890.76

Total :

-12,890.76

Commitment in USD

Unrealised appreciation/depreciation in USD

As at 30 June 2010, the unrealised depreciation on futures contracts amounted to USD 12,890.76.

„

Amundi Funds Emerging World Number of contracts Description Purchase/Sale 8

WIG20 INDEX (WSE)

Maturity date

Currency

0910

PLN

As at 30 June 2010, the unrealised depreciation on futures contracts amounted to USD 2,864.61.

224

53,962.28

-2,864.61

Total :

-2,864.61

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Euro Quant Number of contracts Description Purchase/Sale 17

DJ EURO STOXX 50

Maturity date

Currency

0910

EUR

Commitment in EUR

Unrealised appreciation/depreciation in EUR

436,560.00

-24,650.00

Total :

-24,650.00

Commitment in EUR

Unrealised appreciation/depreciation in EUR

385,200.00 238,436.64

-21,840.00 -12,384.73

Total :

-34,224.73

Commitment in EUR

Unrealised appreciation/depreciation in EUR

1,129,920.00 715,309.92

-64,480.00 -37,740.46

Total :

-102,220.46

Commitment in USD

Unrealised appreciation/depreciation in USD

590,254.81 -1,095,336.20 16,168,092.05 709,952.04 -689,924.93 -1,947,884.98 -2,023,106.09 353,212.16 238,855.50 -4,441,634.39 1,199,428.20 -307,449.90 -1,431,185.41 -5,090,715.02 -2,939,502.77 -3,723,389.78 3,924,224.38 1,116,949.56 -736,777.35 -7,862,143.14 14,237,975.79 592,422.89 3,867,730.15 -563,637.74 4,484,040.00 -898,604.37 -5,834,880.00 21,763,920.00 256,650.00 -1,065,000.00 -6,699,576.74 2,883,007.88 6,064,414.09

-39,527.52 39,778.63 -797,850.86 -40,850.42 551.21 29,985.55 46,797.30 -16,756.63 -5,634.54 187,519.94 -21,288.76 9,431.73 146,804.27 130,194.62 172,851.76 135,045.23 -173,911.30 -84,940.69 19,904.63 370,948.72 -1,052,875.42 -35,491.48 -120,198.40 29,948.81 -401,319.00 13,447.85 534,720.00 -1,749,440.00 -14,587.50 74,850.00 228,875.10 -172,398.49 -109,210.08

Total :

-2,664,625.74

As at 30 June 2010, the unrealised depreciation on futures contracts amounted to EUR 24,650.00.

„

Amundi Funds Europe SRI Number of contracts Description Purchase/Sale 15 4

DJ EURO STOXX 50 FTSE 100 INDEX

Maturity date

Currency

0910 0910

EUR GBP

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 34,224.73.

„

Amundi Funds Gems Europe Number of contracts Description Purchase/Sale 44 12

DJ EURO STOXX 50 FTSE 100 INDEX

Maturity date

Currency

0910 0910

EUR GBP

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 102,220.46.

„

Amundi Funds Gems World Number of contracts Description Purchase/Sale 14 -6 514 60 -30 -96 -91 36 40 -269 79 -20 -51 -185 -167 -315 458 67 -50 -134 195 5 30 -5 129 -17 -96 424 1 -15 -54 51 64

CAC40 10 EURO DAX INDEX GE DJ EURO STOXX 50 DJ EURO STOXX 600 DJ ST600 HLTH (EUX) DJ STOXX 600 FOOD DJ STOXX 600 P&HG DJ STOXX 600 MED (EUX) DJ STOXX 600 REA (EUX) DJ STOXX 600 INDUS DJ.STOXX 600 AUTO DJ STOXX 600 RETL DJ STOXX 600 BASI DJ STOXX 600 CHEM DJ STOXX 600 UTI DJ STOXX 600 BK(EUX) DJ STOXX 600 INS(EUX) DJ STOXX 600 OIL(EUX) DJ STOXX 600 TLC(EUX) DJ STOXX MID200(EUX) FTSE 100 INDEX FTSE MIB IND HANG SENG INDEX IBEX 35 INDE NASDAQ 100 E NIKKEI 225 (SGX) RUSSELL 2000 MINI S&P 500 EMIN S&P 500 INDEX (CME) S&P MID 400 S&P/TSE CAN 60 INDEX SWISS MARKET INDEX TOPIX INDEX (TSE)

Maturity date

Currency

0710 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0710 0710 0910 0910 0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR GBP EUR HKD EUR USD JPY USD USD USD USD CAD CHF JPY

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to USD 2,664,625.74.

225

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Global Equities Number of contracts Description Purchase/Sale 15 JPN YEN CURR FUTURE 32 USD/GBP (CME)

Maturity date

Currency

0910 0910

USD USD

Commitment in USD

Unrealised appreciation/depreciation in USD

2,121,562.50 2,991,200.00

60,750.00 50,600.00

Total :

111,350.00

Commitment in USD

Unrealised appreciation/depreciation in USD

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to USD 111,350.00.

„

Amundi Funds Global Finance Number of contracts Description Purchase/Sale 121

DJ STOXX 600 F S (EUX)

Maturity date

Currency

0910

EUR

1,647,386.38

-122,275.64

Total :

-122,275.64

Commitment in EUR

Unrealised appreciation/depreciation in EUR

958,000.00 -897,600.00

-17,400.00 22,200.00

Total :

4,800.00

Commitment in EUR

Unrealised appreciation/depreciation in EUR

As at 30 June 2010, the unrealised depreciation on futures contracts amounted to USD 122,275.64.

„

Amundi Funds Minimum Variance Europe Number of contracts Description Purchase/Sale 20 -30

DJ STOXX MID200(EUX) DJ STOXX SMAL 200

Maturity date

Currency

0910 0910

EUR EUR

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to EUR 4,800.00.

„

Amundi Funds Select Europe Number of contracts Description Purchase/Sale 16

DJ EURO STOXX 50

Maturity date

Currency

0910

EUR

409,600.00

-10,400.00

Total :

-10,400.00

Commitment in CHF

Unrealised appreciation/depreciation in CHF

412,696.00 278,876.46 253,558.40

-14,852.00 -16,969.54 -13,436.80

Total :

-45,258.34

Commitment in USD

Unrealised appreciation/depreciation in USD

1,584,898.11 -1,600,858.86 -1,183,515.63

14,698.80 -10,735.68 -14,921.88

Total :

-10,958.76

Commitment in USD

Unrealised appreciation/depreciation in USD

-2,219,543.30 -6,370,000.00 -4,378,718.75 5,474,437.50

-22,807.64 -138,937.50 -62,148.44 162,257.81

Total :

-61,635.77

As at 30 June 2010, the unrealised depreciation on futures contracts amounted to EUR 10,400.00.

„

Amundi Funds Switzerland Number of contracts Description Purchase/Sale 79 NESTLE (LIFFE) 53 NOVARTIS AG (EUREX) 17 ROCHE HOLDING

Maturity date

Currency

0910 0910 0910

CHF CHF CHF

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to CHF 45,258.34.

„

Amundi Funds Asian Income Number of contracts Description Purchase/Sale 10 EURO BUND FUTURE -1 JPN 10 YEARS BOND -10 US 5 YEARS NOTE-CBT

Maturity date

Currency

0910 0910 0910

EUR JPY USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to USD 10,958.76.

„

Amundi Funds Emerging Markets Debt Number of contracts Description Purchase/Sale -14 -52 -37 43

EURO BUND FUTURE US 10 YEARS NOTE US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910

EUR USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to USD 61,635.77.

226

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Euro Bond Number of contracts Description Purchase/Sale

Maturity date

Currency

800 -354 255 59 -1,097

0910 0910 0910 0910 0910

EUR EUR EUR EUR EUR

2YR SWAPNOTE(LIF) EURO BOBL FUTURE EURO BUND FUTURE EURO BUXL FUTURE EURO SCHATZ FUTURE

Commitment in EUR

Unrealised appreciation/depreciation in EUR

87,148,000.00 -42,802,140.00 32,994,450.00 6,613,900.00 -120,154,410.00

-108,000.00 -198,430.00 247,190.00 121,540.00 -79,180.00

Total :

-16,880.00

Commitment in EUR

Unrealised appreciation/depreciation in EUR

179,742,750.00 -7,980,060.00 40,887,240.00 10,089,000.00 -171,633,510.00 -2,217,709.92 -1,900,882.22 -3,215,696.18 -5,507,420.25

-222,750.00 -20,460.00 187,930.00 185,400.00 -100,440.00 -37,923.66 -43,141.28 -14,006.25 -55,323.40

Total :

-120,714.59

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-25,753,830.00 -4,011,090.00 -19,496,340.00 1,062,835.49

-163,110.00 -49,900.00 -14,240.00 18,802.56

Total :

-208,447.44

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-8,826,430.00 -5,434,380.00 -11,384,244.27

-55,860.00 -69,720.00 -194,674.81

Total :

-320,254.81

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-5,562,780.00 -6,342,070.00 -4,600,680.00 3,845,618.32 -1,000,081.64 178,637.03 -1,449,225.45

-49,450.00 -65,170.00 -2,940.00 67,322.14 -21,685.44 816.39 -20,569.28

Total :

-91,676.19

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 16,880.00.

„

Amundi Funds Euro Corporate Bond Number of contracts Description Purchase/Sale

Maturity date

Currency

1,650 -66 316 90 -1,567 -15 -19 -18 -57

0910 0910 0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR EUR EUR GBP USD USD USD

2YR SWAPNOTE(LIF) EURO BOBL FUTURE EURO BUND FUTURE EURO BUXL FUTURE EURO SCHATZ FUTURE LONG GILT FUTURE US 10 YEARS NOTE US 2 YEARS NOTE- CBT US 5 YEARS NOTE-CBT

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 120,714.59.

„

Amundi Funds Euro High Yield Bond Number of contracts Description Purchase/Sale -213 -31 -178 11

EURO BOBL FUTURE EURO BUND FUTURE EURO SCHATZ FUTURE US 5 YEARS NOTE-CBT

Maturity date

Currency

0910 0910 0910 0910

EUR EUR EUR USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 208,447.44.

„

Amundi Funds Euro Inflation Bond Number of contracts Description Purchase/Sale -73 EURO BOBL FUTURE -42 EURO BUND FUTURE -77 LONG GILT FUTURE

Maturity date

Currency

0910 0910 0910

EUR EUR GBP

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 320,254.81.

„

Amundi Funds European Bond Number of contracts Description Purchase/Sale -46 -49 -42 26 -10 1 -15

EURO BOBL FUTURE EURO BUND FUTURE EURO SCHATZ FUTURE LONG GILT FUTURE US 10 YEARS NOTE US 2 YEARS NOTE- CBT US 5 YEARS NOTE-CBT

Maturity date

Currency

0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR GBP USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 91,676.19.

227

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Global Aggregate Number of contracts Description Purchase/Sale 40 -31 -24 5 -47 3 8 5 18 -41 7

AUSTR 3YR BOND EURO BOBL FUTURE EURO BUND FUTURE EURO BUXL FUTURE EURO SCHATZ FUTURE JPN 10 YEARS BOND LONG GILT FUTURE US 10 YEARS NOTE US 2 YEARS NOTE- CBT US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910

AUD EUR EUR EUR EUR JPY GBP USD USD USD USD

Commitment in USD

Unrealised appreciation/depreciation in USD

8,864,166.31 -4,591,941.87 -3,804,931.37 687,046.41 -6,306,250.66 4,802,576.59 1,449,383.96 612,500.00 3,938,625.00 -4,852,093.75 891,187.50

32,971.28 -40,813.67 -39,098.81 11,636.55 -4,029.92 36,953.33 25,373.20 13,359.38 18,000.00 -68,867.19 23,789.06

Total :

9,273.21

Commitment in USD

Unrealised appreciation/depreciation in USD

-73,619,197.03 -22,036,894.17 -367,640,996.04 64,034,354.48 -10,145,687.74 -40,425,000.00 -52,296,187.50 -33,372,937.50 36,920,625.00

-654,427.32 -42,246.80 -223,758.61 499,039.44 -185,152.52 -617,218.75 -235,265.63 -473,671.88 1,229,132.81

Total :

-703,569.26

Commitment in USD

Unrealised appreciation/depreciation in USD

27,354,068.71 -6,220,311.68 3,169,796.22 2,746,225.80 -33,406,660.95 -1,838,203.13 -1,969,453.13 -2,248,679.69 -255,000.00 3,666,937.50

-33,899.11 -38,584.35 1,898.60 50,465.88 -24,400.01 -41,718.75 -8,578.13 -22,796.88 -11,812.50 153,578.13

Total :

24,152.88

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-2,780,930.00 -1,682,070.00 -3,548,335.88 -2,000,928.65 -2,029,049.56 -1,995,775.17

-22,540.00 -19,760.00 -62,436.64 -43,881.13 -35,360.03 -80,822.92

Total :

-264,800.72

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to USD 9,273.21.

„

Amundi Funds Global Bond Number of contracts Description Purchase/Sale

Maturity date

Currency

-497 -139 -2,740 40 -56 -330 -239 -282 290

0910 0910 0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR JPY GBP USD USD USD USD

EURO BOBL FUTURE EURO BUND FUTURE EURO SCHATZ FUTURE JPN 10 YEARS BOND LONG GILT FUTURE US 10 YEARS NOTE US 2 YEARS NOTE- CBT US 5 YEARS NOTE-CBT US TREASURY

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to USD 703,569.26.

„

Amundi Funds Global Corporate Bond Number of contracts Description Purchase/Sale 205 -42 20 20 -249 -15 -9 -19 -2 27

2YR SWAPNOTE(LIF) EURO BOBL FUTURE EURO BUND FUTURE EURO BUXL FUTURE EURO SCHATZ FUTURE US 10 YEARS NOTE US 2 YEARS NOTE- CBT US 5 YEARS NOTE-CBT US TREASURY US ULTRA BD CBT 30YR

Maturity date

Currency

0910 0910 0910 0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR EUR EUR USD USD USD USD USD

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to USD 24,152.88.

„

Amundi Funds Global Inflation Bond Number of contracts Description Purchase/Sale -23 -13 -24 -20 -21 -18

EURO BOBL FUTURE EURO BUND FUTURE LONG GILT FUTURE US 10 YEARS NOTE US 5 YEARS NOTE-CBT US ULTRA BD CBT 30YR

Maturity date

Currency

0910 0910 0910 0910 0910 0910

EUR EUR GBP USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 264,800.72.

228

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds LDI Gilt Plus (GBP) Number of contracts Description Purchase/Sale -27 -114 -46 -351 113

EURO BUND FUTURE EURO SCHATZ FUTURE US 10 YEARS NOTE US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910

EUR EUR USD USD USD

Commitment in GBP

Unrealised appreciation/depreciation in GBP

-2,861,211.94 -10,224,189.75 -3,766,557.47 -27,765,348.03 9,616,126.51

-24,095.81 -6,533.63 -82,153.23 -420,886.48 294,455.52

Total :

-239,213.63

Commitment in GBP

Unrealised appreciation/depreciation in GBP

-7,523,927.69 -33,452,831.38 -5,570,600.00 -81,881.68 -69,690,232.53 22,465,994.67

-77,895.88 -21,377.56 -101,660.00 -1,775.50 -1,114,457.77 738,940.42

Total :

-578,226.29

Commitment in EUR

Unrealised appreciation/depreciation in EUR

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to GBP 239,213.63.

„

Amundi Funds LDI Index Linked Plus (GBP) Number of contracts Description Purchase/Sale -71 -373 -46 -1 -881 264

EURO BUND FUTURE EURO SCHATZ FUTURE LONG GILT FUTURE US 10 YEARS NOTE US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910 0910

EUR EUR GBP USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to GBP 578,226.29.

„

Amundi Funds Index Euro Number of contracts Description Purchase/Sale 145 DJ EURO STOXX 50

Maturity date

Currency

0910

EUR

3,723,600.00

-142,730.00

Total :

-142,730.00

Commitment in EUR

Unrealised appreciation/depreciation in EUR

154,080.00 119,218.32

-8,630.00 -4,335.88

Total :

-12,965.88

Commitment in EUR

Unrealised appreciation/depreciation in EUR

1,209,100.00 100,046.44

8,020.00 1,868.77

Total :

9,888.77

Commitment in EUR

Unrealised appreciation/depreciation in EUR

125,716.39 3,352,436.93 405,147.31

-7,274.06 -255,082.05 -21,526.52

Total :

-283,882.63

Commitment in EUR

Unrealised appreciation/depreciation in EUR

287,272.48 610,344.19

-22,973.62 -15,829.19

Total :

-38,802.81

As at 30 June 2010, the unrealised depreciation on futures contracts amounted to EUR 142,730.00.

„

Amundi Funds Index Europe Number of contracts Description Purchase/Sale 6 DJ EURO STOXX 50 2 FTSE 100 INDEX

Maturity date

Currency

0910 0910

EUR GBP

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 12,965.88.

„

Amundi Funds Index Global Bond (EUR) Hedged Number of contracts Description Purchase/Sale 10 EURO BOBL FUTURE 1 US 10 YEARS NOTE

Maturity date

Currency

0910 0910

EUR USD

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to EUR 9,888.77.

„

Amundi Funds Index North America Number of contracts Description Purchase/Sale 3 S&P 500 EMIN 16 S&P 500 INDEX (CME) 4 S&P/TSE CAN 60 INDEX

Maturity date

Currency

0910 0910 0910

USD USD CAD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 283,882.63.

„

Amundi Funds Index Pacific Number of contracts Description Purchase/Sale 4 SPI 200 INDE 8 TOPIX INDEX (TSE)

Maturity date

Currency

0910 0910

AUD JPY

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 38,802.81.

229

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Arbitrage Inflation Number of contracts Description Purchase/Sale -12 22 -13 -113 4 -33

10YR MINI JGB-SGX AUSTR 10YR BOND EURO BUND FUTURE EURO SCHATZ FUTURE US 10 YEARS NOTE US 2 YEARS NOTE- CBT

Maturity date

Currency

0910 0910 0910 0910 0910 0910

JPY AUD EUR EUR USD USD

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-1,567,873.47 10,906,315.98 -1,682,070.00 -12,376,890.00 400,185.73 -5,895,443.00

-11,366.22 22,986.07 -13,760.00 -3,040.00 -204.10 -15,804.87

Total :

-21,189.12

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-27,209,250.00 5,177,200.00 -109,211,380.00 2,218,625.95 -11,400,930.69 -28,598,048.82 12,160,635.56

-241,880.00 59,060.00 -96,125.00 39,389.31 -248,668.26 -405,900.48 367,147.32

Total :

-526,977.11

Commitment in GBP

Unrealised appreciation/depreciation in GBP

-396,045.75 317,912.44 -1,255,602.25 -81,881.68 -146,259.07 -474,621.33 255,295.39

-3,520.63 2,947.50 -802.38 -1,775.50 -657.98 -7,394.42 6,835.66

Total :

-4,367.75

Commitment in USD

Unrealised appreciation/depreciation in USD

-9,924,519.52 5,390,319.44 -30,457,848.94 1,087,037.97 -3,430,000.00 -8,284,062.50 4,328,625.00

-88,217.30 52,878.93 -19,463.66 19,029.90 -74,812.50 -117,578.13 127,234.38

Total :

-100,928.38

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-846,510.00 1,423,730.00 -3,943,440.00 -1,159,380.36 519,685.28

-7,520.00 13,200.00 -2,520.00 -16,455.42 13,872.31

Total :

576.89

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 21,189.12.

„

Amundi Funds Arbitrage VaR 2 (EUR) Number of contracts Description Purchase/Sale -225 40 -997 15 -114 -296 117

EURO BOBL FUTURE EURO BUND FUTURE EURO SCHATZ FUTURE LONG GILT FUTURE US 10 YEARS NOTE US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR GBP USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 526,977.11.

„

Amundi Funds Arbitrage VaR 2 (GBP) Number of contracts Description Purchase/Sale -4 3 -14 -1 -1 -6 3

EURO BOBL FUTURE EURO BUND FUTURE EURO SCHATZ FUTURE US 10 YEARS NOTE US 2 YEARS NOTE- CBT US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR USD USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to GBP 4,367.75.

„

Amundi Funds Arbitrage VaR 2 (USD) Number of contracts Description Purchase/Sale -67 34 -227 6 -28 -70 34

EURO BOBL FUTURE EURO BUND FUTURE EURO SCHATZ FUTURE LONG GILT FUTURE US 10 YEARS NOTE US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR GBP USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to USD 100,928.38.

„

Amundi Funds Arbitrage VaR Short Term Number of contracts Description Purchase/Sale -7 EURO BOBL FUTURE 11 EURO BUND FUTURE -36 EURO SCHATZ FUTURE -12 US 5 YEARS NOTE-CBT 5 US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910

EUR EUR EUR USD USD

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to EUR 576.89.

230

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Dynarbitrage High Yield Number of contracts Description Purchase/Sale 6 EURO BOBL FUTURE -85 EURO SCHATZ FUTURE -1 US 2 YEARS NOTE- CBT

Maturity date

Currency

0910 0910 0910

EUR EUR USD

Commitment in EUR

Unrealised appreciation/depreciation in EUR

725,460.00 -9,310,050.00 -178,649.79

4,440.00 -6,800.00 -778.13

Total :

-3,138.13

Commitment in EUR

Unrealised appreciation/depreciation in EUR

1,331,200.00 582,240.00 561,880.00 -622,960.00 -628,740.00 -31,079,010.00 -21,614,810.00 -86,974,760.00 -4,946,039.69 7,395,419.85 950,612.29 -1,210,678.42 -2,203,281.90 928,302.43 -100,008.16 4,108,651.73 -37,873,091.68 14,759,061.96

-65,330.00 -22,320.00 -23,320.00 29,120.00 30,660.00 -276,280.00 -223,780.00 -75,690.00 383,193.89 133,032.06 -69,669.36 89,346.07 151,873.62 -16,717.19 -2,168.54 18,777.04 -537,543.88 449,233.10

Total :

-27,583.19

Commitment in USD

Unrealised appreciation/depreciation in USD

6,051,985.92 -28,440,414.14 8,244,017.96 -57,561,309.23 -948,906.65 6,341,054.84 493,990.00 528,590.80 -986,100.00 -3,185,000.00 656,437.50 -21,775,250.00 12,603,937.50

-388,893.50 -252,819.36 76,433.76 -36,783.75 73,516.44 113,625.84 -36,204.00 -7,910.50 67,972.50 -69,468.75 3,000.00 -309,062.50 380,531.25

Total :

-386,062.57

Commitment in EUR

Unrealised appreciation/depreciation in EUR

20,129,400.00 -4,471,125.00 8,936,640.00 -2,409,660.00 -16,742,917.79 -3,195,087.43 21,581,312.76

-966,950.73 209,776.98 -123,960.00 440.00 1,008,621.11 27,308.44 -1,226,640.95

Total :

-1,071,405.15

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 3,138.13.

„

Amundi Funds Dynarbitrage VaR 4 (EUR) Number of contracts Description Purchase/Sale 52 12 11 -13 -21 -257 -167 -794 -83 50 33 -24 -52 12 -1 23 -392 142

DJ EURO STOXX 50 DJ STOXX 600 I FUTURE DJ STOXX LARGE 200 DJ STOXX MID200 (EUX) DJ STOXX SMAL 200 EURO BOBL FUTURE EURO BUND FUTURE EURO SCHATZ FUTURE FTSE 100 INDEX LONG GILT FUTURE NASDAQ 100 E RUSSELL 2000 MINI S&P 500 EMIN TOPIX INDEX (TSE) US 10 YEARS NOTE US 2 YEARS NOTE- CBT US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP USD USD USD JPY USD USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 27,583.19.

„

Amundi Funds Dynarbitrage VaR 4 (USD) Number of contracts Description Purchase/Sale 193 -192 52 -429 -13 35 14 10 -19 -26 3 -184 99

DJ EURO STOXX 50 EURO BOBL FUTURE EURO BUND FUTURE EURO SCHATZ FUTURE FTSE 100 INDEX LONG GILT FUTURE NASDAQ 100 E NIKKEI 225 (SGX) S&P 500 EMIN US 10 YEARS NOTE US 2 YEARS NOTE- CBT US 5 YEARS NOTE-CBT US TREASURY

Maturity date

Currency

0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910 0910

EUR EUR EUR EUR GBP GBP USD JPY USD USD USD USD USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to USD 386,062.57.

„

Amundi Funds Dynarbitrage Volatility Number of contracts Description Purchase/Sale 318 AMSTERDAM INDEX -30 DAX INDEX GE 348 DJ EURO STOXX 50 -22 EURO SCHATZ FUTURE -118 NASDAQ 100 INDX- CME -37 NIKKEI 225 (OSAKA) 103 S&P 500 INDEX (CME)

Maturity date

Currency

0710 0910 0910 0910 0910 0910 0910

EUR EUR EUR EUR USD JPY USD

As at 30 June 2010, the net unrealised depreciation on futures contracts amounted to EUR 1,071,405.15.

231

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Equity Statistical Arbitrage (EUR) Number of contracts Description Purchase/Sale -174 DJ EURO STOXX 50 -100 RUSSELL 2000 MINI -467 S&P 500 EMIN

Maturity date

Currency

0910 0910 0910

EUR USD USD

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-4,468,320.00 -4,962,037.72 -19,569,850.60

243,430.00 64,495.06 467,991.26

Total :

775,916.32

Commitment in EUR

Unrealised appreciation/depreciation in EUR

-5,290,080.00 -10,186,290.00

313,120.00 -10,695.00

Total :

302,425.00

Commitment in USD

Unrealised appreciation/depreciation in USD

52,530,571.44 -25,088,536.54 33,847,892.58 -68,782,200.00 875,312.50

-3,137,336.37 -26,341.47 -289,298.23 4,545,500.00 2,562.50

Total :

1,095,086.43

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to EUR 775,916.32.

„

Amundi Funds Volatility Euro Equities Number of contracts Description Purchase/Sale -206 DJ EURO STOXX 50 -93 EURO SCHATZ FUTURE

Maturity date

Currency

0910 0910

EUR EUR

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to EUR 302,425.00.

„

Amundi Funds Volatility World Equities Number of contracts Description Purchase/Sale 1670 DJ EURO STOXX 50 -187 EURO SCHATZ FUTURE 320 NIKKEI 225 (OSAKA) -268 S&P 500 INDEX (CME) 4 US 2 YEARS NOTE- CBT

Maturity date

Currency

0910 0910 0910 0910 0910

EUR EUR JPY USD USD

As at 30 June 2010, the net unrealised appreciation on futures contracts amounted to USD 1,095,086.43.

8

REVERSE REPURCHASE AGREEMENTS

During the financial year ending 30 June 2010, certain sub-funds entered into reverse repurchase contracts (see note 2) by which they lend a certain amount to financial institutions, guaranteed by collateral. On 30 June 2010, loans granted in accordance with these agreements were guaranteed by the following underlying assets:

„

Amundi Funds Euro Bond

Currency EUR

Nominal Description 25,855,000.00 ITALY CTZS

Amount in EUR 0.00 10-12 30/04U

24,999,999.97

Total :

24,999,999.97

These contracts will mature during July 2010.

„

Amundi Funds Arbitrage Inflation

Currency EUR

Nominal Description 1,790,000.00 FRANCE OAT INDEXE

Amount in EUR 1.60 03-11 25/07A

2,266,885.15

Total :

2,266,885.15

These contracts will mature during August 2010.

„

Amundi Funds Dynarbitrage High Yield

Currency EUR

Nominal Description 17,391,000.00 DEXIA MUN AGENCY EMTN

These contracts will mature during July 2010.

232

Amount in EUR 4.00 04-11 26/01A

17,999,685.07

Total :

17,999,685.07

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Volatility Euro Equities

Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Nominal Description 67,493,020.00 29,000,000.00 50,000,000.00 23,000,000.00 95,890,186.00 72,000,000.00 27,600,000.00 15,400,000.00 9,750,000.00 19,512,000.00 25,850,000.00 18,900,000.00

PORTUGAL BCO BILBAO VIZCAYA BSCH ITALY INFL. INDEX CRH CIC SECS SOCIETE GENERALE BANCO SANTANDER 16 CREDIT AGRICOLE CB 3 CIE FIN FONCIER ITALY CTZS BBVA HIPOT

Amount in EUR 5.00 02-12 15/06A 4.25 04-14 15/07Q 2.50 05-11 28/01A 2.10 06-17 15/09S 4.375 07-10 11/10A 4.375 07-10 02/11A 5.25 08-13 28.03A 4.625 07-27 04/05A 2.25 10-13 29/01A 2.25 10-13 25/01A 0.00 10-12 30/04U 3.875 06-12 31/05A

75,000,000.67 30,807,049.97 50,574,999.90 25,139,000.00 100,000,000.44 74,952,000.29 30,006,720.00 14,424,999.98 9,993,883.57 19,999,800.02 25,000,000.04 19,192,950.00

Total :

475,091,404.88

These contracts will mature during July, August, and September 2010.

„

Amundi Funds Volatility World Equities

Currency EUR EUR EUR EUR EUR EUR EUR

Nominal Description 23,940,000.00 7,000,000.00 7,700,000.00 24,600,000.00 24,000,000.00 26,100,000.00 27,500,000.00

EUROP.INVEST.BK EMTN FL.R FRANCE BTAN BNP PARIBAS COV BANCO SANTANDER 16 BANCO SANTANDER BBVA HIPOT BANCO SANTANDER HIPOT

Amount in USD 04-20 25/01Q 3.00 06-11 12/01A 4.125 08-11 24/01A 4.625 07-27 04/05A 4.00 03-10 10/09A 3.875 06-12 31/05A 4.00 05-20 07/04A

29,397,416.27 8,814,380.40 9,759,649.56 27,842,467.08 30,470,612.30 32,496,413.19 31,680,507.28

Total :

170,461,446.08

These contracts will mature during July 2010.

„

Amundi Funds Euro Reserve

Currency EUR EUR EUR

Nominal Description 19,209,428.00 CRH 50,000,000.00 FINLAND 28,553,000.00 SFEF

Amount in EUR 4.375 07-10 11/10A 4.25 07-12 15/09A 3.25 09-14 16/01A

20,000,000.02 55,580,000.00 30,000,637.10

Total :

105,580,637.12

These contracts will mature during July and September 2010.

9

REPURCHASE AGREEMENTS

As at 30 June 2010, the Fund was committed to the following amounts under repurchase agreement operations (see note 2). To cover these operations, the Fund holds the securities listed below, in the securities portfolios of its sub-funds:

„

Amundi Funds Euro Corporate Bond

Currency EUR

Nominal 3,000,000.00

Description BP CAPITAL MARK.EMTN

Amount in EUR 4.50 07-12 08/11A Total :

-3,058,499.99 -3,058,499.99

These contracts will mature during July 2010.

„

Amundi Funds Euro High Yield Bond

Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR

Nominal Description 1,000,000.00 3,600,000.00 2,000,000.00 6,000,000.00 1,000,000.00 2,000,000.00 3,000,000.00 6,000,000.00 3,000,000.00

ABENGOA ABENGOA BEVERAGE PACK REGS CMA CGM SA REGS FMC REG S KERLING PLC REG-S LECTA SA REG-S FL.R UNITY MEDIA REG S WIND ACQUI.FIN REG-S

Amount in EUR 9.625 09-15 25/02S 9.625 09-15 25/02S 9.50 07-17 15/06S 5.50 07-12 16/05S 5.50 10-16 15/07S 10.625 10-17 28/01A 07-14 15/02Q 8.125 09-17 01/12A 12.25 09-17 15/07S Total :

-3,492,000.01 -975,000.00 -2,012,000.00 -4,649,999.99 -1,065,500.00 -2,036,000.00 -2,452,500.00 -6,450,000.00 -2,716,500.00 -25,849,500.00

These contracts will mature during July 2010.

233

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Euro Inflation Bond

Currency GBP

Nominal Description 10,285,000.00 UNITED KINGDOM INDEX

Amount in EUR 1.25 06-17 22/11S Total :

-12,655,267.18 -12,655,267.18

7.00 09-16 15/06A 4.75 07-17 15/10A 4.625 09-16 12/08A 4.625 09-24 11/09A 4.75 04-35 25/04A 4.30 07-17 20/07A 4.50 05-37 20/09A 5.30 09-26 20/03A 6.10 10-15 20/08A 5.75 02-33 01/33S 5.75 02-33 01/33S 4.125 07-17 04/07A 7.75 03-33 24/01A 4.10 06-37 15/04A 4.10 06-37 15/04A 4.75 09-19 14/06A 8.125 09-12 15/05A 4.70 09-41 30/07A 4.50 10-22 09/02A Total :

Amount in EUR -1,789,755.00 -7,014,435.60 -1,084,727.40 -1,083,425.75 -1,163,000.00 -916,057.53 -1,245,049.32 -655,386.16 -1,071,944.38 -1,110,061.00 -1,110,567.10 -2,961,241.89 -1,794,114.60 -851,419.18 -1,431,275.10 -1,031,500.00 -1,097,391.23 -2,168,859.86 -742,189.58 -30,322,400.68

4.875 07-14 10/04A 7.25 08-13 16/09A 4.00 04-55 25/04A 4.50 09-14 17/09A 4.50 10-22 09/02A 4.375 09-39 15/11S 7.625 95-25 15/02S 0.75 09-11 30/11S 7.125 93-23 15/02S 4.25 09-16 01/12A 4.875 09-19 02/12A Total :

Amount in USD -787,589.10 -871,171.60 -1,082,550.60 -1,313,797.38 -1,047,091.37 -1,022,000.00 -1,152,400.00 -804,000.00 -1,087,600.00 -897,021.40 -904,490.48 -10,969,711.93

4.875 09-24 23/09A 3.80 03-13 20/10A 5.00 09-22 14/09A 4.75 03-34 04/07A 5.125 09-19 23/10A 6.50 99-14 11/01A 5.50 09-14 20/08A 6.25 10-11 19/06A 6.25 10-11 19/06A 4.60 07-40 20/09A 4.50 07-18 18/10A 5.25 98-29 01/11S 6.00 08-13 11/02A 8.625 09-14 24/04A 06-13 01/03Q 5.125 09-14 09/12A 8.375 09-14 15/07A 5.75 01-32 30/07A 4.625 09-16 23/09A 4.25 03-36 07/03S 5.00 01-25 07/03S 6.25 99-30 15/05S 3.875 08-18 15/05S Total :

Amount in USD -3,844,119.90 -6,668,774.82 -2,695,442.67 -14,006,330.47 -3,619,354.50 -2,276,109.18 -31,051,214.99 -2,774,398.48 -3,340,302.30 -10,675,003.50 -30,555,180.77 -11,674,521.90 -7,847,764.80 -3,666,303.13 -3,781,319.35 -3,912,928.35 -1,426,125.84 -17,520,045.35 -5,322,686.49 -12,019,953.05 -19,954,462.53 -13,195,000.00 -27,437,500.00 -239,264,842.37

These contracts will mature during July 2010.

„

Amundi Funds European Bond

Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Nominal 1,684,755.00 6,828,600.00 1,045,700.00 1,048,960.00 1,000,000.00 1,000,000.00 2,000,000.00 1,000,000.00 1,300,000.00 1,000,000.00 1,000,000.00 2,861,043.95 1,754,940.00 1,000,000.00 2,000,000.00 1,000,000.00 1,094,720.00 2,600,000.00 731,143.01

Description BANK OF AMERICA EMTN BEI EMTN EADS FIN BV -3EDF SA FRANCE OAT HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC ITALY BTP ITALY BTP KRED.ANST.WIEDERAUFB. OLIVETTI FINANCE EMTN PORTUGAL PORTUGAL PORTUGUESE OT'S RCI BANQUE SA SPAIN TENNET HOLDING B.V

These contracts will mature during July and September 2010.

„

Amundi Funds Global Aggregate

Currency EUR EUR EUR EUR EUR USD USD USD USD EUR EUR

Nominal 638,094.01 679,398.00 850,000.00 1,041,630.00 842,904.00 1,021,286.68 1,136,391.71 801,164.83 1,072,641.44 700,000.00 700,000.00

Description CASINO GUICHARD EMTN CIE DE SAINT GOBAIN FRANCE OAT KBC IFIMA 3887 TENNET HOLDING B.V US TREASURY N/B USA TREASURY BONDS USA TREASURY NOTES USA TREASURY NOTES VIVENDI VIVENDI

These contracts will mature during August and September 2010.

„

Amundi Funds Global Bond

Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP USD USD

Nominal 3,046,316.00 5,000,000.00 2,131,500.00 11,014,199.98 3,000,000.00 1,900,000.00 26,000,000.00 2,500,000.00 3,000,000.00 14,000,000.00 24,000,000.00 9,000,000.00 6,303,300.00 2,973,650.00 3,300,000.00 3,123,300.00 1,090,395.84 13,000,000.00 4,220,720.00 8,000,000.00 13,197,782.64 10,000,000.00 25,000,000.00

Description AREVA EMTN AUSTRIA EMTN ENEL FINANCE INTL GERMANY -301GOLDMAN SACHS GROUP GREECE HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC HELLENIC REPUBLIC IRISH GOVT TREASURY ITALY BTP MERRILL LYNCH MICHELIN LUX SCS MORGAN STANLEY EMTN FL.R NOMURA EUR.FIN.EMTN PEUGEOT SPAIN UNIBAIL-RODAMCO UNITED KINGDOM UNITED KINGDOM USA TREASURY BONDS USA TREASURY NOTES

These contracts will mature during August and September 2010.

234

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Global Inflation Bond

Currency EUR EUR

Nominal Description 5,665,000.00 DEUTSCHLAND 3,000,000.00 FRANCE OAT INDEX

1.50 06-16 15/04A 3.00 01-12 25/07A Total :

Amount in EUR -6,574,232.50 -3,912,000.00 -10,486,232.50

6.25 10-11 19/06A Total :

Amount in EUR -909,000.00 -909,000.00

These contracts will mature during July 2010.

„

Amundi Funds Arbitrage VaR 2 (EUR)

Currency EUR

Nominal Description 1,000,000.00 HELLENIC REPUBLIC

These contracts will mature during August 2010.

„

Amundi Funds Dynarbitrage VaR 4 (EUR)

Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP EUR

Nominal 2,120,720.00 5,500,000.00 3,000,000.00 2,700,000.00 3,500,000.00 3,643,080.00 2,073,040.00 1,400,000.00 2,058,360.00 3,000,000.00 2,000,000.00 3,500,000.00

Description CASINO GUICHARD CIE SAINT GOBAIN EMTN FRANCE OAT FRANCE OAT GERMANY SERIE 07 ITALY MONTE DEI PASCHI EMTN NOMURA EUR.FIN.EMTN PPR SA EMTN UK TREASURY GILT STK UNITED KINGDOM VOLKSWAGEN LEASING

4.875 07-14 10/04A 4.75 07-17 11/04A 4.00 06-38 25/10A 4.00 06-38 25/10A 4.25 07-39 04/07A 4.00 05-37 01/025 6.00 08-11 20/06A 5.125 09-14 09/12A 4.00 05-13 29/01A 4.75 04-38 07/12S 4.25 00-32 07/06S 4.875 07-12 18-10A Total : These contracts will mature during July, August, and September 2010.

Amount in EUR -2,138,617.26 -5,706,249.99 -3,206,999.98 -3,635,549.98 -4,273,500.00 -3,704,803.62 -2,185,149.60 -1,490,157.51 -2,088,606.58 -3,953,587.78 -2,454,961.83 -3,812,556.71 -38,650,740.84

10 OPEN POSITIONS ON FORWARD FOREIGN EXCHANGE CONTRACTS As at 30 June 2010, certain sub-funds had the following open positions :

„

Amundi Funds Clean Planet

Amount in EUR 4,898,359.05 Total : 4,898,359.05 Currency payable EUR 4,714,507.21 Total : 4,714,507.21 Total : 183,851.84 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 183,851.84 and the final expiry date for all open contracts will be 31 August 2010. Currency receivable

„

Currency USD

Amundi Funds Europe Smaller Companies

Amount in EUR 353,989.95 429,694.46 200,837.62 486,973.88 773,845.23 Total : 2,245,341.14 Currency payable EUR 2,234,853.28 Total : 2,234,853.28 Total : 10,487.86 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 10,487.86 and the final expiry date for all open contracts will be 11 August 2010. Currency receivable

„

Currency CHF DKK GBP NOK SEK

Amundi Funds Gems Europe

Amount in EUR 499,253.46 1,726,869.03 1,302,493.30 Total : 3,528,615.79 Currency payable EUR 3,500,485.40 Total : 3,500,485.40 Total : 28,130.39 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 28,130.39 and the final expiry date for all open contracts will be 29 July 2010. Currency receivable

Currency DKK GBP SEK

235

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Gems World

Amount in USD 2,359,416.62 120,227.00 361,764.00 2,147,203.22 1,346,443.24 2,234,457.38 110,426.83 229,404.45 2,252,092.12 4,004,843.46 2,137,414.56 618,642.97 1,332,475.16 1,876,118.84 1,002,812.78 1,200,046.41 25,717,648.21 417,437.98 Total : 49,468,875.23 Currency payable CAD 2,258,487.31 EUR 25,651,628.45 GBP 1,496,059.76 JPY 301,729.01 USD 19,732,833.55 Total : 49,440,738.08 Total : 28,137.15 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to USD 28,137.15 and the maximal final expiry date for the open contracts will be 24 September 2010. Currency receivable

„

Currency AUD CAD DKK EUR GBP HKD HUF JPY KRW MXN NOK NZD PLN SEK SGD TRY USD ZAR

Amundi Funds Global Agriculture

Amount in USD 17,769,768.12 Total : 17,769,768.12 Currency payable USD 17,849,500.00 Total : 17,849,500.00 Total : -79,731.88 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to USD 79,731.88 and the final expiry date for all open contracts will be 30 September 2010. Currency receivable

„

Currency EUR

Amundi Funds Minimum Variance Europe

Amount in EUR 404,162.01 678,010.87 780,383.80 Total : 1,862,556.68 Currency payable EUR 1,860,151.40 Total : 1,860,151.40 Total : 2,405.28 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 2,405.28 and the final expiry date for all open contracts will be 11 August 2010. Currency receivable

„

Currency CHF GBP SEK

Amundi Funds Restructuring Equities

Amount in EUR 1,546,110.98 2,611,441.59 310,757.32 661,944.02 Total : 5,130,253.91 Currency payable EUR 5,088,760.22 Total : 5,088,760.22 Total : 41,493.69 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 41,493.69 and the final expiry date for all open contracts will be 11 August 2010. Currency receivable

236

Currency CHF GBP NOK SEK

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Asian Income

Currency receivable

Currency AUD CNY EUR GBP IDR INR KRW MYR NOK SGD USD Total :

Currency payable

AUD EUR IDR JPY PHP TWD USD

Total : Total : As at 30 June 2010, the net unrealised depreciation on forward exchange contracts will be 28 July 2010.

„

Amount in USD 505,230.48 199,554.35 918,794.52 299,208.23 508,108.13 306,071.59 246,181.34 204,522.72 246,033.33 429,776.91 4,139,382.38 8,002,863.98 842,050.80 1,900,222.95 103,033.65 887,105.89 201,337.47 498,264.62 3,572,582.83 8,004,598.21 -1,734.23 contracts amounted to USD 1,734.23 and the maximal final expiry date for the open

Amundi Funds Emerging Markets Debt

Amount in USD 2,295,685.40 Total : 2,295,685.40 Currency payable EUR 2,008,837.14 GBP 299,209.61 Total : 2,308,046.75 Total : -12,361.35 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to USD 12,361.35 and the maximal final expiry date for the open contracts will be 19 July 2010. Currency receivable

„

Currency USD

Amundi Funds Euro Corporate Bond

Amount in EUR 27,531,329.45 Total : 27,531,329.45 Currency payable GBP 1,832,061.07 USD 25,553,106.38 Total : 27,385,167.45 Total : 146,162.00 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 146,162.00 and the final expiry date for all open contracts will be 30 July 2010. Currency receivable

„

Currency EUR

Amundi Funds Euro High Yield Bond

Amount in EUR 80,459,032.87 1,822,242.20 Total : 82,281,275.07 Currency payable EUR 1,806,538.48 GBP 55,877,862.60 USD 25,634,745.70 Total : 83,319,146.78 Total : -1,037,871.71 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 1,037,871.71 and the maximal final expiry date for the open contracts will be 30 July 2010. Currency receivable

Currency EUR GBP

237

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds European Bond

Amount in EUR 16,787,254.01 1,203,542.93 1,495,346.38 Total : 19,486,143.32 Currency payable CHF 4,012,415.78 CZK 2,752,579.33 DKK 966,572.69 EUR 2,679,414.63 GBP 5,496,183.21 USD 3,837,047.92 Total : 19,744,213.56 Total : -258,070.24 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 258,070.24 and the maximal final expiry date for the open contracts will be 29 July 2010. Currency receivable

„

Currency EUR HUF TRY

Amundi Funds Global Aggregate

Amount in USD 773,369.96 834,833.79 8,358,149.27 1,164,108.57 1,195,243.98 1,829,872.89 274,952.43 1,006,759.01 1,220,762.26 884,244.72 45,524,445.80 Total : 63,066,742.68 Currency payable AUD 1,110,429.48 BRL 838,828.21 CAD 2,258,487.30 CHF 1,483,715.65 EUR 38,950,979.70 GBP 8,201,515.08 JPY 5,251,440.87 USD 5,146,022.10 Total : 63,241,418.39 Total : -174,675.71 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to USD 174,675.51 and the maximal final expiry date for the open contracts will be 22 November 2010. Currency receivable

„

Currency AUD BRL EUR KRW MXN NOK NZD PLN SEK TRY USD

Amundi Funds Global Bond

Amount in USD 12,703,991.10 3,518,977.04 136,828,946.11 15,079,922.93 98,043,847.24 1,738,536.70 19,636,535.17 5,226,240.00 22,178,308.79 18,285,733.62 143,420,867.05 Total : 476,661,905.75 Currency payable AUD 7,836,633.77 CAD 55,050,628.04 CHF 20,493,822.39 EUR 260,204,198.25 GBP 74,054,626.96 JPY 15,562,210.49 MXN 682,996.56 NZD 12,377,936.84 SEK 19,262,343.43 USD 8,352,281.70 Total : 473,877,678.43 Total : 2,784,227.32 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to USD 2,784,227.32 and the maximal final expiry date for the open contracts will be 29 July 2010. Currency receivable

238

Currency CAD DKK EUR HUF JPY MXN NOK NZD PLN SEK USD

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Global Convertible Bond

Amount in EUR 19,512,415.94 Total : 19,512,415.94 Currency payable AUD 517,170.05 CHF 1,589,825.12 GBP 977,099.24 JPY 5,627,752.76 USD 11,021,307.86 Total : 19,733,155.03 Total : -220,739.09 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 220,739.09 and the final expiry date for all open contracts will be 30 September 2010. Currency receivable

„

Currency EUR

Amundi Funds Global Corporate Bond

Amount in USD 8,940,387.51 46,301,848.00 Total : 55,242,235.51 Currency payable EUR 46,552,721.29 GBP 8,826,760.31 Total : 55,379,481.60 Total : -137,246.09 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to USD 137,246.09 and the final expiry date for all open contracts will be 30 July 2010. Currency receivable

„

Currency EUR USD

Amundi Funds Global Inflation Bond

Amount in EUR 176,317,940.14 1,632,786.35 Total : 177,950,726.49 Currency payable AUD 13,760,860.57 CAD 7,625,705.84 EUR 1,636,875.53 GBP 63,407,633.59 JPY 10,021,237.84 SEK 4,248,861.76 USD 77,638,990.94 Total : 178,340,166.07 Total : -389,439.58 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 389,439.58 and the maximal final expiry date for the open contracts will be 5 August 2010. Currency receivable

„

Currency EUR USD

Amundi Funds LDI Gilt Plus (GBP)

Amount in GBP 1,915,032.72 2,012,829.87 11,009,251.08 49,000,000.00 786,654.82 3,298,573.58 1,384,582.87 1,154,455.53 1,924,688.41 503,640.59 1,583,387.72 360,750.93 6,364,407.87 Total : 81,298,255.99 Currency payable AUD 1,128,775.44 CAD 4,088,560.67 CHF 185,952.76 EUR 55,496,359.06 INR 1,697,139.14 JPY 3,283,568.87 PLN 804,657.85 USD 14,133,400.21 Total : 80,818,414.00 Total : 479,841.99 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to GBP 479,841.99 and the maximal final expiry date for the open contracts will be 29 July 2010. Currency receivable

Currency AUD CAD EUR GBP HUF INR JPY KRW MXN NOK PLN SEK USD

239

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds LDI Index Linked Plus (GBP)

Amount in GBP 4,168,012.39 16,750,635.14 118,500,000.00 2,360,538.88 6,597,147.17 3,809,703.25 4,866,193.35 853,105.48 2,632,382.09 730,091.16 9,416,389.25 Total : 170,684,198.16 Currency payable AUD 3,724,958.95 CAD 4,088,560.67 CHF 805,795.29 EUR 127,568,520.97 INR 1,158,472.86 JPY 6,845,867.19 USD 25,291,889.91 Total : 169,484,065.84 Total : 1,200,132.32 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to GBP 1,200,132.32 and the maximal final expiry date for the open contracts will be 29 July 2010. Currency receivable

„

Currency AUD EUR GBP HUF INR KRW MXN NOK PLN SEK USD

Amundi Funds Index Europe

Amount in EUR 1,270,189.14 Total : 1,270,189.14 Currency payable GBP 1,287,543.45 Total : 1,287,543.45 Total : -17,354.31 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 17,354.31 and the final expiry date for all open contracts will be 29 July 2010. Currency receivable

„

Currency EUR

Amundi Funds Index Global Bond (EUR) Hedged

Amount in EUR 136,012,612.09 2,117,996.72 497,793.70 Total : 138,628,402.51 Currency payable AUD 1,025,375.81 CAD 3,918,103.94 DKK 1,192,106.32 EUR 2,599,919.22 GBP 12,323,664.12 JPY 60,549,084.15 SEK 794,360.17 USD 58,274,144.83 Total : 140,676,758.56 Total : -2,048,356.05 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 2,048,356.05 and the final expiry date for all open contracts will be 06 July 2010. Currency receivable

„

Currency EUR JPY USD

Amundi Funds Index North America

Amount in EUR 412,810.58 1,740,448.89 Total : 2,153,259.47 Currency payable EUR 2,153,052.84 Total : 2,153,052.84 Total : 206.63 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 206.63 and the final expiry date for all open contracts will be 06 July 2010. Currency receivable

240

Currency CAD USD

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Multi Asset Protected

Amount in EUR 8,553,748.90 590,452.75 1,093,150.46 Total : 10,237,352.11 Currency payable EUR 1,684,834.14 JPY 3,948,652.75 USD 4,727,732.88 Total : 10,361,219.77 Total : -123,867.66 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 123,867.66 and the final expiry date for all open contracts will be 30 July 2010. Currency receivable

„

Currency EUR JPY USD

Amundi Funds Arbitrage Inflation

Currency receivable

Currency EUR USD Total :

Currency payable

EUR USD

Total : Total : As at 30 June 2010, the net unrealised depreciation on forward exchange contracts will be 3 August 2010.

„

Amount in EUR 7,620,717.74 176,158.95 7,796,876.69 175,000.00 7,629,194.22 7,804,194.22 -7,317.53 contracts amounted to EUR 7,317.53 and the maximal final expiry date for the open

Amundi Funds Arbitrage VaR 2 (EUR)

Amount in EUR 921,906.81 116,002,999.18 2,192,054.72 6,485,754.40 4,068,872.28 7,229,709.61 1,920,723.10 3,031,578.95 1,788,865.52 1,510,669.10 Total : 145,153,133.67 Currency payable AUD 1,448,076.13 CAD 9,987,323.78 CHF 4,466,651.53 CZK 31,146.58 EUR 16,712,267.61 GBP 87,450,381.68 JPY 7,001,477.98 USD 19,389,556.38 Total : 146,486,881.67 Total : -1,333,748.00 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 1,333,748.00 and the maximal final expiry date for the open contracts will be 12 August 2010. Currency receivable

„

Currency CAD EUR HUF JPY KRW MXN NOK NZD PLN SEK

Amundi Funds Arbitrage VaR 2 (GBP)

Amount in GBP 325,141.08 2,000,000.00 23,550.82 57,982.60 83,005.43 20,556.76 247,947.77 Total : 2,758,184.46 Currency payable AUD 56,324.49 CAD 188,702.80 CHF 123,968.51 EUR 2,016,881.53 JPY 76,291.80 USD 279,202.31 Total : 2,741,371.44 Total : 16,813.02 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to GBP 16,813.02 and the maximal final expiry date for the open contracts will be 12 August 2010. Currency receivable

Currency EUR GBP HUF KRW MXN NOK USD

241

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Arbitrage VaR 2 (USD)

Amount in USD 1,784,005.15 582,211.52 2,166,346.49 1,276,018.47 2,281,829.41 676,591.66 756,119.19 592,211.18 398,354.00 71,708,189.16 Total : 82,221,876.23 Currency payable AUD 421,324.40 CAD 3,293,627.32 CHF 1,761,912.33 CZK 4,768.93 EUR 47,979,083.11 GBP 19,149,430.60 JPY 2,223,980.12 USD 7,523,313.72 Total : 82,357,440.53 Total : -135,564.30 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to USD 135,564.30 and the maximal final expiry date for the open contracts will be 12 August 2010. Currency receivable

„

Currency EUR HUF JPY KRW MXN NOK NZD PLN SEK USD

Amundi Funds Arbitrage VaR Short Term

Amount in EUR 137,912.01 3,148,373.55 538,584.85 276,182.41 181,303.94 115,398.33 653,114.54 Total : 5,050,869.63 Currency payable CAD 537,778.97 CHF 1,287,001.29 EUR 1,371,565.02 GBP 977,099.24 JPY 465,904.12 USD 542,200.18 Total : 5,181,548.82 Total : -130,679.19 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 130,679.19 and the maximal final expiry date for the open contracts will be 22 July 2010. Currency receivable

„

Currency AUD EUR MXN NOK PLN SEK USD

Amundi Funds Dynarbitrage Forex

Amount in EUR 344,780.03 2,526,952.97 854,961.83 222,397.61 495,501.52 1,210,231.84 640,241.03 112,280.70 386,781.73 325,213.49 119,464.83 170,396.76 Total : 7,409,204.34 Currency payable CAD 1,152,383.51 CHF 227,117.87 CZK 120,693.01 EUR 2,885,788.06 JPY 1,064,660.11 USD 1,890,550.94 ZAR 117,147.77 Total : 7,458,341.27 Total : -49,136.93 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 49,136.93 and the maximal final expiry date for the open contracts will be 24 September 2010. Currency receivable

242

Currency AUD EUR GBP HUF KRW MXN NOK NZD PLN SEK USD ZAR

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Dynarbitrage Forex Asia Pacific

Amount in USD 589,435.56 796,204.54 918,794.52 508,108.13 306,168.48 1,427,851.78 715,829.51 725,989.60 6,096,884.94 Total : 12,085,267.06 Currency payable AUD 842,050.80 CAD 37,641.46 EUR 2,082,600.91 GBP 239,366.58 IDR 103,033.65 JPY 548,084.53 PHP 553,678.03 SGD 573,035.88 THB 1,188,638.80 USD 5,975,948.78 Total : 12,144,079.42 Total : -58,812.36 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to USD 58,812.36 and the maximal final expiry date for the open contracts will be 3 August 2010. Currency receivable

„

Currency AUD CNY EUR IDR INR KRW MYR TWD USD

Amundi Funds Dynarbitrage High Yield

Amount in EUR 19,569,743.97 1,632,786.35 Total : 21,202,530.32 Currency payable CHF 3,300,779.78 EUR 1,621,246.11 GBP 610,687.02 USD 15,838,027.59 Total : 21,370,740.50 Total : -168,210.18 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 168,210.18 and the maximal final expiry date for the open contracts will be 30 July 2010. Currency receivable

„

Currency EUR USD

Amundi Funds Dynarbitrage VaR 4 (EUR)

Amount in EUR 1,152,383.51 116,480,730.50 2,809,160.31 2,210,997.11 8,763,610.40 822,429.41 4,334,023.99 3,150,990.18 1,515,789.47 1,311,344.71 Total : 142,551,459.59 Currency payable AUD 6,412,908.56 CAD 11,062,881.73 CHF 5,602,240.90 CZK 934,397.51 EUR 19,457,629.95 GBP 84,274,809.16 JPY 8,942,591.38 PLN 580,172.60 USD 6,357,749.83 Total : 143,625,381.62 Total : -1,073,922.03 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 1,073,922.03 and the maximal final expiry date for the open contracts will be 12 August 2010. Currency receivable

Currency CAD EUR GBP HUF JPY KRW MXN NOK NZD SEK

243

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Dynarbitrage VaR 4 (USD)

Amount in USD 846,932.74 9,734,211.78 1,555,428.57 6,914,905.67 486,654.66 2,429,294.58 2,398,824.97 893,595.40 925,209.29 145,163,682.34 Total : 171,348,740.00 Currency payable CAD 8,563,431.03 CHF 4,080,218.03 CZK 515,044.58 EUR 76,748,573.64 GBP 60,290,814.34 JPY 6,713,753.00 PLN 325,716.15 USD 14,703,802.04 Total : 171,941,352.81 Total : -592,612.81 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to USD 592,612.81 and the maximal final expiry date for the open contracts will be 12 August 2010. Currency receivable

„

Currency CAD EUR HUF JPY KRW MXN NOK NZD SEK USD

Amundi Funds Dynarbitrage Volatility

Amount in EUR 77,377,931.25 Total : 77,377,931.25 Currency payable CHF 15,141,191.61 JPY 5,996,785.72 USD 57,147,522.25 Total : 78,285,499.58 Total : -907,568.33 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 907,568.33 and the final expiry date for all open contracts will be 9 September 2010. Currency receivable

„

Currency EUR

Amundi Funds Equity Statistical Arbitrage (EUR)

Amount in EUR 23,237,223.93 Total : 23,237,223.93 Currency payable GBP 903,816.79 NOK 508,426.70 SEK 477,329.47 USD 21,226,222.54 Total : 23,115,795.50 Total : 121,428.43 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 121,428.43 and the final expiry date for all open contracts will be 6 July 2010. Currency receivable

„

Currency EUR

Amundi Funds Multimanagers Long/Short Equity

Amount in EUR 3,850,405.41 Total : 3,850,405.41 Currency payable GBP 3,908,396.95 Total : 3,908,396.95 Total : -57,991.54 As at 30 June 2010, the net unrealised depreciation on forward exchange contracts amounted to EUR 57,991.54 and the final expiry date for all open contracts will be 22 July 2010. Currency receivable

„

Currency EUR

Amundi Funds Volatility Euro Equities

Amount in EUR 166,157,498.16 Total : 166,157,498.16 Currency payable EUR 165,589,616.86 Total : 165,589,616.86 Total : 567,881.30 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to EUR 567,881.30 and the final expiry date for all open contracts will be 30 September 2010. Currency receivable

244

Currency GBP

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Volatility World Equities

Amount in USD 130,592,250.21 5,606,984.57 560,324,172.27 Total : 696,523,407.05 Currency payable EUR 537,148,891.03 JPY 19,211,210.40 USD 137,455,575.76 Total : 693,815,677.19 Total : 2,707,729.86 As at 30 June 2010, the net unrealised appreciation on forward exchange contracts amounted to USD 2,707,729.86 and the final expiry date for all open contracts will be 30 September 2010. Currency receivable

Currency EUR GBP USD

11 OTHER INCOME Balances for other income in the Statement of Operations and Changes in Net Assets include mainly revenues from securities lending and recovery of provisions on performance fees.

12 OTHER EXPENSES Balances for other expenses in the Statement of Operations and Changes in Net Assets mainly include other taxes.

13 STATEMENT OF PORTFOLIO MOVEMENTS Details of movements of securities in the portfolio for the financial year ending 30 June 2010 may be obtained free of charge on request from the Fund’s registered office and the Hong Kong representative office. The list of the portfolio changes can also be obtained free of charge at the Paying and Information Agent’s office in Germany and at the Representative’s office in Switzerland.

14 OPERATIONS WITH RELATED PARTIES The related parties, in their capacity as brokers, may also carry out operations or invest in currencies or other financial products on behalf of each sub-fund for which the related parties act as broker or on their own behalf or as counterpart for their clients, including cases where the related parties or their clients are able to carry out transactions on their own behalf at the same time as on behalf of each sub-fund. The transactions as listed on the table have been entered into ordinary course of business and on normal commercial terms. The Fund considers that the commissions, premiums and reductions billed by related parties will be competitive, even though it is in the interest of the related parties to obtain favourable commission rates, together with premiums and reductions for each sub-fund. During the year, transactions for a total amount of EUR 22,985,313,356.26 i.e. 37.04% of the total transactions carried out over the period, were carried out by such related parties. Due to the merger of Crédit Agricole Asset Management Group and Société Générale Asset Management activities as at 1 January 2010, related parties affiliated to Société Générale Asset Management have been taken into account since 1 January 2010.

245

Notes to the Financial Statements as at 30/06/10

During the period from 01 July 2009 to 31 December 2009, CAAM Funds carried out transactions with related parties amounting to :

Currency Equities

Bonds

Indexed

Guaranteed/protected Absolute Return

Reserve

246

EUR USD USD USD USD EUR EUR USD USD USD EUR EUR EUR EUR USD USD USD USD USD USD USD USD JPY USD USD EUR EUR EUR EUR CHF USD USD USD USD USD EUR EUR EUR EUR EUR EUR USD USD EUR USD EUR GBP GBP EUR EUR EUR EUR EUR EUR EUR EUR GBP USD EUR EUR USD EUR EUR USD EUR EUR EUR EUR USD EUR USD

Sub-funds Amundi Funds Aqua Global Amundi Funds ASEAN New Markets Amundi Funds Asia Pacific Renaissance Amundi Funds Asian Growth Amundi Funds Brazil Amundi Funds Clean Planet Amundi Funds Emerging Europe Amundi Funds Emerging Internal Demand Amundi Funds Emerging Markets Amundi Funds Emerging World Amundi Funds Euro Quant Amundi Funds Europe Smaller Companies Amundi Funds Europe SRI Amundi Funds Gems Europe Amundi Funds Gems World Amundi Funds Global Agriculture Amundi Funds Global Equities Amundi Funds Global Finance Amundi Funds Global Resources Amundi Funds Greater China Amundi Funds India Amundi Funds India Infrastructure Amundi Funds Japan Value Amundi Funds Korea Amundi Funds Latin America Equities Amundi Funds Minimum Variance Europe Amundi Funds Restructuring Equities Amundi Funds Select Euro Amundi Funds Select Europe Amundi Funds Switzerland Amundi Funds Thailand Amundi Funds US Innovative companies Amundi Funds US Opportunities Amundi Funds Asian Income Amundi Funds Emerging Markets Debt Amundi Funds Euro Bond Amundi Funds Euro Corporate Bond Amundi Funds Euro High Yield Bond Amundi Funds Euro Inflation Bond Amundi Funds Euro Select Bond Amundi Funds European Bond Amundi Funds Global Aggregate Amundi Funds Global Bond Amundi Funds Global Convertible Bond Amundi Funds Global Corporate Bond Amundi Funds Global Inflation Bond Amundi Funds LDI Gilt Plus (GBP) Amundi Funds LDI Index Linked Plus (GBP) Amundi Funds Index Euro Amundi Funds Index Europe Amundi Funds Index Global Bond (EUR) Hedged Amundi Funds Index North America Amundi Funds Index Pacific Amundi Funds Multi Asset Protected Amundi Funds Arbitrage Inflation Amundi Funds Arbitrage VaR 2 (EUR) Amundi Funds Arbitrage VaR 2 (GBP) Amundi Funds Arbitrage VaR 2 (USD) Amundi Funds Arbitrage VaR Short Term Amundi Funds Dynarbitrage Forex Amundi Funds Dynarbitrage Forex Asia Pacific Amundi Funds Dynarbitrage High Yield Amundi Funds Dynarbitrage VaR 4 (EUR) Amundi Funds Dynarbitrage VaR 4 (USD) Amundi Funds Dynarbitrage Volatility Amundi Funds Equity Statistical Arbitrage (EUR) Amundi Funds Multimanagers Long/Short Equity Amundi Funds Volatility Euro Equities Amundi Funds Volatility World Equities Amundi Funds Euro Reserve Amundi Funds USD Reserve

Total transactions with related parties 11,888,702.20 17,098,885.46 1,168,186.09 77,405,508.01 1,075,321.23 12,438,520.54 2,987,134.42 18,559,044.26 15,927,165.19 6,033,926.14 15,451,721.56 1,411,810.47 5,942,145.32 4,958,225.50 19,789,245.50 8,753,355.92 5,720,659.74 9,457,198.06 68,447,140.83 103,140,522.80 9,946,348.64 2,517,282.30 27,740,907.04 1,203,679.14 1,689,981.10 1,388,600.32 1,934,241.40 1,271,142.37 2,467,286.55 3,392,225.52 208,901,389.66 423,962,331.88 151,962,776.07 71,543,119.35 3,301,908.42 246,922,996.84 116,251,844.25 529,303,044.53 31,281,662.61 4,972,315.26 8,385,279.26 151,373.22 764,068.76 397.18 244,661.72 385,820.73 87,026.67 25,940,215.66 303,168,237.22 21,710,826.41 708,395.95 1,498,680.08 75,717,478.74 30,236,010.66 2,152,942.87 2,642,524,349.66 67,422,189.82 1,330,627,370.25 454,437,668.59 2,884,927,105.13 3,260,319.66

Percentage of transactions with related parties 31.48% 6.06% 4.42% 9.84% 0.91% 40.53% 10.00% 30.52% 4.08% 28.85% 29.62% 9.10% 14.22% 8.29% 24.73% 18.41% 14.33% 13.09% 8.17% 22.28% 24.68% 2.74% 4.97% 6.84% 13.73% 8.77% 13.99% 15.16% 21.10% 5.06% 24.66% 40.54% 18.74% 8.02% 18.17% 59.44% 41.61% 26.83% 23.48% 3.45% 7.00% 0.11% 0.38% 0.13% 0.27% 0.08% 58.09% 89.95% 14.30% 4.50% 9.32% 55.64% 27.13% 3.42% 48.12% 20.36% 37.73% 58.12% 69.87% 2.08%

Total commissions with related parties 20,627.57 62,533.20 4,344.42 251,088.90 3,326.93 16,744.97 9,907.15 54,238.11 61,849.14 16,895.24 5,664.26 3,798.46 11,886.66 1,023.45 41,772.85 15,759.12 13,865.36 19,946.41 207,995.37 323,675.20 32,283.90 8,424.87 93,588.53 2,184.75 3,439.82 2,113.91 3,961.57 1,529.86 3,505.78 0.08 511.78 26.11 11,376.76 4,779.97 66,297.13 207.86 -

Average commission rate 0.17% 0.37% 0.37% 0.32% 0.31% 0.13% 0.33% 0.29% 0.39% 0.28% 0.04% 0.27% 0.20% 0.02% 0.21% 0.18% 0.24% 0.21% 0.30% 0.31% 0.32% 0.33% 0.34% 0.18% 0.20% 0.15% 0.20% 0.12% 0.14% 0.02% 0.21% 0.03% 0.04% 0.02% -

Notes to the Financial Statements as at 30/06/10

During the period from 01 January 2010 to 30 June 2010, Amundi Funds carried out transactions with related parties amounting to :

Currency Equities

Bonds

Indexed

Guaranteed/protected Absolute Return

Reserve

EUR USD USD USD USD EUR EUR USD USD USD EUR EUR EUR EUR USD USD USD USD USD USD USD USD JPY USD USD EUR EUR EUR EUR CHF USD USD USD USD USD EUR EUR EUR EUR EUR EUR USD USD EUR USD EUR GBP GBP EUR EUR EUR EUR EUR EUR EUR EUR GBP USD EUR EUR USD EUR EUR USD EUR EUR EUR EUR USD EUR USD

Sub-funds Amundi Funds Aqua Global Amundi Funds ASEAN New Markets Amundi Funds Asia Pacific Renaissance Amundi Funds Asian Growth Amundi Funds Brazil Amundi Funds Clean Planet Amundi Funds Emerging Europe Amundi Funds Emerging Internal Demand Amundi Funds Emerging Markets Amundi Funds Emerging World Amundi Funds Euro Quant Amundi Funds Europe Smaller Companies Amundi Funds Europe SRI Amundi Funds Gems Europe Amundi Funds Gems World Amundi Funds Global Agriculture Amundi Funds Global Equities Amundi Funds Global Finance Amundi Funds Global Resources Amundi Funds Greater China Amundi Funds India Amundi Funds India Infrastructure Amundi Funds Japan Value Amundi Funds Korea Amundi Funds Latin America Equities Amundi Funds Minimum Variance Europe Amundi Funds Restructuring Equities Amundi Funds Select Euro Amundi Funds Select Europe Amundi Funds Switzerland Amundi Funds Thailand Amundi Funds US Innovative companies Amundi Funds US Opportunities Amundi Funds Asian Income Amundi Funds Emerging Markets Debt Amundi Funds Euro Bond Amundi Funds Euro Corporate Bond Amundi Funds Euro High Yield Bond Amundi Funds Euro Inflation Bond Amundi Funds Euro Select Bond Amundi Funds European Bond Amundi Funds Global Aggregate Amundi Funds Global Bond Amundi Funds Global Convertible Bond Amundi Funds Global Corporate Bond Amundi Funds Global Inflation Bond Amundi Funds LDI Gilt Plus (GBP) Amundi Funds LDI Index Linked Plus (GBP) Amundi Funds Index Euro Amundi Funds Index Europe Amundi Funds Index Global Bond (EUR) Hedged Amundi Funds Index North America Amundi Funds Index Pacific Amundi Funds Multi Asset Protected Amundi Funds Arbitrage Inflation Amundi Funds Arbitrage VaR 2 (EUR) Amundi Funds Arbitrage VaR 2 (GBP) Amundi Funds Arbitrage VaR 2 (USD) Amundi Funds Arbitrage VaR Short Term Amundi Funds Dynarbitrage Forex Amundi Funds Dynarbitrage Forex Asia Pacific Amundi Funds Dynarbitrage High Yield Amundi Funds Dynarbitrage VaR 4 (EUR) Amundi Funds Dynarbitrage VaR 4 (USD) Amundi Funds Dynarbitrage Volatility Amundi Funds Equity Statistical Arbitrage (EUR) Amundi Funds Multimanagers Long/Short Equity Amundi Funds Volatility Euro Equities Amundi Funds Volatility World Equities Amundi Funds Euro Reserve Amundi Funds USD Reserve

Total transactions with related parties 13,277,146.24 13,084,733.69 198,932.66 28,594,699.84 20,557,597.35 17,981,464.15 5,602,754.74 27,142,591.74 35,817,709.43 42,900,607.77 74,575,159.34 4,783,048.75 50,340,848.88 9,148,488.00 5,380,021.56 29,130,888.78 19,177,235.70 11,990,249.75 31,681,790.86 71,185,654.44 33,571,647.55 2,717,839.51 12,193,964.58 2,880,094.63 2,276,726.27 8,443,458.67 2,470,623.85 40,480,132.97 1,542,008.21 2,578,428.44 256,472,220.16 861,357,896.16 45,724,646.45 1,403,988.39 889,548.05 153,936,636.83 90,107,334.50 458,141,073.78 19,911,475.56 14,131,942.30 27,408,415.35 28,502,186.87 35,497,399.27 20,202,178.19 22,262,483.26 22,698,623.55 16,351,619.47 257,170.83 47,586,840.19 282,969,394.37 53,900,381.09 2,966,835.37 10,065,351.15 13,410,055.91 4,912,996.30 109,521,960.70 121,726,589.85 9,540,534.01 2,685,886,492.00 32,406,149.45 351,459.82 3,120,015,543.35 1,067,635,657.99 2,621,493,806.66 -

Percentage of transactions with related parties 37.10% 5.77% 1.06% 8.19% 20.05% 48.60% 10.01% 22.99% 6.84% 42.21% 76.12% 29.68% 76.56% 18.15% 12.21% 32.87% 32.21% 25.24% 28.67% 11.53% 13.44% 6.91% 49.55% 29.60% 7.35% 19.83% 27.50% 47.72% 1.13% 1.36% 16.38% 36.11% 6.06% 0.26% 2.95% 43.38% 38.83% 23.11% 33.65% 9.47% 8.72% 9.65% 11.21% 9.48% 5.89% 9.43% 6.11% 1.48% 39.54% 62.62% 15.65% 11.19% 12.41% 26.18% 19.61% 26.82% 41.88% 20.37% 53.39% 7.15% 8.83% 41.71% 52.14% 71.71% -

Total commissions with related parties 14,791.94 24,177.60 656.27 65,482.90 17,848.59 13,829.19 12,403.94 48,145.19 122,181.20 65,608.65 26,401.29 5,473.88 84,959.34 9,051.42 4,019.07 30,954.22 20,273.59 15,045.62 40,647.09 199,558.61 107,968.17 8,832.50 16,326.07 1,754.02 1,390.63 11,045.60 1,455.89 36,057.16 1,471.50 484.17 5,980.96 6,758.62 3,712.34 240.98 16,255.81 3,265.86 155,683.15 95.71 -

Average commission rate 0.11% 0.18% 0.33% 0.23% 0.09% 0.08% 0.22% 0.18% 0.34% 0.15% 0.04% 0.11% 0.17% 0.10% 0.07% 0.11% 0.11% 0.13% 0.13% 0.28% 0.32% 0.32% 0.13% 0.06% 0.06% 0.13% 0.06% 0.09% 0.10% 0.03% 0.03% 0.02% 0.09% 0.03% 0.01% -

247

Notes to the Financial Statements as at 30/06/10

15 SOFT DOLLAR COMMISSIONS The Investment Managers of the concerned sub-funds have entered into soft commission arrangements with brokers under which certain goods and services used to support the investment decision making and are of demonstrable benefits to the sub-funds were received by the Investment Managers. The goods and services are paid for by the brokers out of commission they received and the Investment Managers do not make direct payment for these services. The goods and services utilised for the Fund include market analysis: data and quotation services, performance measurement and computer hardware and software incidental to the above goods and services; clearing and custodian services and investment related publications. The sub-funds subject to soft dollar commissions are: Amundi Funds ASEAN New Markets, Amundi Funds Asia Pacific Renaissance, Amundi Funds Asian Growth, Amundi Funds Greater China, Amundi Funds Korea, Amundi Funds Thailand and Amundi Funds US Opportunities.

16 DIVIDENDS The Fund distributed the following dividends per share during the financial year under review: Ex-date : 24 September 2009 Payment date : 29 September 2009

„

CLASSIC CLASS

Amundi Funds Aqua Global Amundi Funds ASEAN New Markets Amundi Funds Asia Pacific Renaissance Amundi Funds Asian Growth Amundi Funds Clean Planet Amundi Funds Emerging Europe Amundi Funds Emerging Markets Amundi Funds Europe Smaller Companies Amundi Funds Euro Quant Amundi Funds Global Finance Amundi Funds Latin America Equities Amundi Funds Select Euro Amundi Funds Select Europe Amundi Funds Switzerland Amundi Funds Thaïland Amundi Funds Asian Income Amundi Funds Emerging Markets Debt Amundi Funds Euro Bond Amundi Funds Euro Corporate Bond Amundi Funds Euro High Yield Bond Amundi Funds Euro Inflation Bond Amundi Funds Euro Select Bond Amundi Funds European Bond Amundi Funds Global Bond Amundi Funds Global Convertible Bond CAAM FUNDS Swiss Franc Bond (has been merged as at 16 October 2009) Amundi Funds Index Euro Amundi Funds Index Global Bond (EUR) Hedged Amundi Funds Arbitrage VaR 2 (EUR) Amundi Funds Arbitrage VaR 2 (GBP) Amundi Funds Arbitrage VaR 2 (USD) Amundi Funds Dynarbitrage VaR 4 (EUR) Amundi Funds Dynarbitrage VaR 4 (USD) Amundi Funds Dynarbitrage Volatility Amundi Funds Volatility Euro Equities Amundi Funds Euro Reserve Amundi Funds USD Reserve

„

CHF

0.75 0.43 2.53 2.94 1.28 3.96 2.23 0.81 0.56 0.25 0.11

EUR EUR EUR GBP USD EUR USD EUR EUR EUR USD

21.36 3.24 53.30 24.67 22.82 12.30 12.32 32.62 5.13 2.52

USD EUR USD EUR EUR EUR EUR GBP EUR EUR

87.21

EUR

0.03

GBP

INSTITUTIONAL (12) CLASS

Amundi Funds Volatility Euro Equities

248

0.23

INSTITUTIONAL (5) CLASS

Amundi Funds Global Bond

„

EUR USD USD USD EUR EUR USD EUR EUR USD USD EUR EUR CHF USD USD USD EUR EUR EUR EUR EUR EUR USD EUR

INSTITUTIONAL CLASS

Amundi Funds Emerging Markets Amundi Funds Euro Corporate Bond Amundi Funds Global Bond Amundi Funds Index Euro Amundi Funds Index Europe Amundi Funds Index North America Amundi Funds Index Pacific Amundi Funds Arbitrage VaR 2 (GBP) Amundi Funds Equity Statistical Arbitrage (EUR) Amundi Funds Euro Reserve

„

0.60 0.74 0.07 0.17 0.33 0.11 0.38 0.03 0.11 0.07 8.78 0.53 0.49 0.03 0.77 0.76 1.20 0.33 0.41 0.63 1.09 4.29 4.63 0.65 0.07

Notes to the Financial Statements as at 30/06/10

Ex-dates : 2 July 2009, 3 August 2009, 2 september 2009, 2 October 2009, 2 November 2009, 2 December 2009, 4 January 2010, 2 February 2010, 2 March 2010, 1 April 2010, 3 May 2010, 2 June 2010 Payment Dates : 7 July 2009, 7 August 2009, 7 September 2009, 7 October 2009, 9 November 2009, 7 December 2009, 7 January 2010, 8 February 2010, 8 March 2010, 8 April 2010, 7 May 2010, 7 June 2010

„

INSTITUTIONAL (2) CLASS 0.27 0.10 10.00 15.00 0.50 0.53 0.67

Amundi Funds Greater China Amundi Funds India Amundi Funds Japan Value Amundi Funds Korea Amundi Funds Euro Bond Amundi Funds Euro Corporate Bond Amundi Funds Euro High Yield Bond

USD USD JPY JPY EUR EUR EUR

17 OPTIONS As at 30 June 2010, certain sub-funds had the following open short positions :

„

Amundi Funds Gems World

EUR(P)/USD(C)OTC /PUT EUR(P)/USD(C)OTC /PUT DJ EURO STOXX 50 /PUT S&P 500 INDEX /PUTT SP 500 /CALL

Maturity Date

Currency

03/07/12 06/08/10 19/07/10 19/03/11 19/03/11

EUR EUR EUR USD USD

Number of options sold

Total commitment in USD

-17,000,000 -7,000,000 -60 -5 -5

22,905,630.00 10,289,160.00 1,690,362.00 143,750,000.00 -150,000,000.00

Total :

28,635,152.00

As at 30 June 2010, the net unrealised depreciation on short options amounted to USD 503,434.52.

„

Amundi Funds Global Aggregate

AUD(C)/BRL(P) /CALL

Maturity Date

Currency

18/11/10

AUD

Number of options sold

Total commitment in USD

-3,000,000

-5,194,549.03

Total :

-5,194,549.03

Number of options sold

Total commitment in USD

-30,000,000 -9,000,000 -840 -560 -240

44,096,400.00 -857,250,000.00 251,119,811.25 169,771,140.00 72,575,325.00

Total :

-319,687,323.75

Number of options sold

Total commitment in EUR

-600 -120 -120 -100

-2,160,000.00 -3,240,000.00 -3,300,000.00 2,300,000.00

Total :

-6,400,000.00

Number of options sold

Total commitment in EUR

-22,000,000 -9,720,930 -258

24,200,000.00 11,665,116.00 51,472,569.19

Total :

87,337,685.19

Number of options sold

Total commitment in GBP

-5

816,728.02

Total :

816,728.02

As at 30 June 2010, the unrealised appreciation on short option amounted to USD 29,002.53.

„

Amundi Funds Global Bond

EUR(P)/USD(C)OTC /PUT USD(C)/JPY(P)OTC /CALL EURIBOR 3 MONTH /PUT EURIBOR 3 MONTH /PUT EURIBOR 3 MONTH /PUT

Maturity Date

Currency

12/08/10 05/07/10 14/12/10 13/12/10 13/12/10

EUR USD EUR EUR EUR

As at 30 June 2010, the net unrealised appreciation on short options amounted to USD 322,132.69.

„

Amundi Funds Global Convertible Bond

ARCELOR MITTAL /CALL DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /PUT

Maturity Date

Currency

17/12/10 19/07/10 19/07/10 19/07/10

EUR EUR EUR EUR

As at 30 June 2010, the net unrealised appreciation on short options amounted to EUR 34,900.00.

„

Amundi Funds Arbitrage VaR 2 (EUR)

EUR(P)/USD(C)OTC/PUT EUR(P)/USD(C)OTC/PUT 90DAY EURO$/PUT

Maturity Date

Currency

03/07/12 06/08/10 13/12/10

EUR EUR USD

As at 30 June 2010, the net unrealised depreciation on short options amounted to EUR 525,814.36.

„

Amundi Funds Arbitrage VaR 2 (GBP)

90DAY EURO$/PUT

Maturity Date

Currency

13/12/10

USD

As at 30 June 2010, the unrealised appreciation on short option amounted to GBP 451.23.

249

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Arbitrage VaR 2 (USD)

90DAY EURO$/PUT

Maturity Date

Currency

13/12/10

USD

Number of options sold

Total commitment in USD

-66

16,128,750.00

Total :

16,128,750.00

Number of options sold

Total commitment in EUR

-5,000,000 -412

-388,807,249.59 82,196,505.84

Total :

-306,610,743.75

Number of options sold

Total commitment in USD

-3,000,000 -257

-285,750,000.00 62,804,375.00

Total :

-222,945,625.00

Number of options sold

Total commitment in EUR

-12,000 -6,350 -6,350 -4,800 -4,225 -4,225 -3,750 -3,200 -2,840 -2,550 -2,465 -2,450 -2,250 -1,980 -1,880 -1,800 -1,550 -1,405 -1,405 -1,405 -1,405 -1,360 -1,335 -1,332 -1,300 -1,275 -1,250 -1,220 -1,000 -930 -930 -930 -835 -830 -830 -677 -677 -650 -650 -640 -640 -635 -615 -490

-5,040,000.00 5,715,000.00 -6,032,500.00 -5,878,030.86 6,337,500.00 -6,337,500.00 86,250,000.00 -8,960,000.00 4,828,000.00 -4,080,000.00 -4,190,500.00 -2,205,000.00 -4,050,000.00 -11,484,000.00 6,768,000.00 -8,820,000.00 5,580,000.00 -2,388,500.00 878,125,000.00 2,107,500.00 2,248,000.00 -5,168,000.00 -5,073,000.00 -5,594,400.00 -5,200,000.00 -8,160,000,000.00 -4,500,000.00 -4,880,000.00 22,500,000.00 -2,325,000.00 -4,650,000.00 4,650,000.00 -5,678,000.00 -3,154,000.00 3,154,000.00 15,571,000.00 -18,956,000.00 2,210,000.00 -2,210,000.00 -5,632,000.00 5,632,000.00 -4,826,000.00 -2,460,000.00 2,156,000.00

As at 30 June 2010, the unrealised appreciation on short option amounted to USD 9,487.50.

„

Amundi Funds Dynarbitrage VaR 4 (EUR)

USD(C)/JPY(P)OTC /CALL 90DAY EURO$ /PUT

Maturity Date

Currency

05/07/10 13/12/10

USD USD

As at 30 June 2010, the net unrealised appreciation on short options amounted to EUR 59,586.73.

„

Amundi Funds Dynarbitrage VaR 4 (USD)

USD(C)/JPY(P)OTC/CALL 90DAY EURO$/PUT

Maturity Date

Currency

05/07/10 13/12/10

USD USD

As at 30 June 2010, the net unrealised appreciation on short options amounted to USD 50,293.66.

„

Amundi Funds Dynarbitrage Volatility

TOTAL /CALL DEUTSCHE TELEKOM /PUT DEUTSCHE TELEKOM /CALL DELL INC /CALL FRANCE TELECOM /PUT FRANCE TELECOM /CALL DJ EURO STOXX 50 /PUT E ON N /CALL VIVENDI /PUT FRANCE TELECOM /CALL VIVENDI /CALL DEUTSCHE TELEKOM /CALL SAP AG /CALL SIEMENS /CALL TOTAL /PUT BAYER /CALL BOUYGUES /PUT SAP AG /CALL DAX /PUT SAP AG /PUT SAP AG /PUT BOUYGUES /CALL VINCI /CALL METRO AG /CALL CALLRREFOUR /CALL AEX /CALL BOUYGUES /CALL TOTAL /CALL DJ EURO STOXX 50 /PUT THYSSENKRUPP /CALL SANOFI-AVENTIS /CALL SANOFI-AVENTIS /PUT MAN /CALL CALLRREFOUR /CALL CALLRREFOUR /PUT DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /CALL CALLRREFOUR /PUT CALLRREFOUR /CALL LVMH /CALL LVMH /PUT SIEMENS /CALL CALLP GEMINI /CALL DAIMLER /PUT

250

Maturity Date

Currency

17/09/10 20/09/10 20/09/10 22/01/11 17/12/10 17/12/10 19/07/10 20/09/10 17/09/10 17/12/10 17/09/10 19/07/10 20/12/10 20/12/10 17/09/10 20/09/10 17/09/10 20/12/10 20/12/10 20/12/10 20/12/10 17/09/10 17/09/10 20/09/10 17/12/10 17/12/10 18/03/11 17/09/10 19/07/10 20/12/10 17/09/10 17/09/10 20/12/10 17/12/10 17/12/10 22/06/11 20/06/11 17/12/10 17/12/10 17/12/10 17/09/10 20/09/10 17/12/10 20/12/10

EUR EUR EUR USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Dynarbitrage Volatility (continued)

DAIMLER /CALL VINCIV /CALL VINCI /CALL VINCI /CALL VINCI /PUT BAYER /CALL S&P 500 INDEX /PUT SP 500 /CALL APPLE /CALL BOUYGUES /CALL BOUYGUES /PUT TOTAL /CALL SP 500 INDEX /CALL NASDAQ 100 /PUT

Maturity Date

Currency

20/12/10 17/12/10 17/09/10 17/12/10 17/12/10 20/12/10 19/03/11 19/03/11 22/01/11 18/03/11 18/03/11 20/08/10 18/12/10 18/12/10

EUR EUR EUR EUR EUR EUR USD USD USD EUR EUR EUR USD USD

Number of options sold

Total commitment in EUR

-490 -490 -460 -360 -360 -330 -325 -325 -320 -250 -250 -245 -189 -118

-2,156,000.00 -1,862,000.00 -1,932,000.00 -1,296,000.00 1,296,000.00 -1,584,000.00 7,628,173,728.91 -7,959,833,456.25 -5,486,162.14 -1,000,000.00 1,000,000.00 -955,500.00 -3,375,275,532.89 1,348,681,525.10

Total :

-9,628,169,828.13

Number of options sold

Total commitment in EUR

-15,100 -11,765 -10,650 -10,500 -8,330 -3,775 -3,600 -3,300 -3,000 -3,000 -2,730 -2,730 -2,620 -2,120 -1,880 -1,600 -1,200 -1,200

332,200,000.00 235,300,000.00 -319,500,000.00 231,000,000.00 -237,405,000.00 98,150,000.00 99,000,000.00 89,100,000.00 -84,000,000.00 75,000,000.00 -77,805,000.00 65,520,000.00 62,880,000.00 -50,880,000.00 48,880,000.00 -51,200,000.00 30,000,000.00 -30,000,000.00

Total :

516,240,000.00

Number of options sold

Total commitment in USD

-5,600 -5,300 -3,270 -2,330 -1,800 -1,415 -1,160 -1,000 -1,000 -810 -810 -750 -630 -600 -350 -300 -300 -285 -233 -233 -100 -100

137,188,800.00 142,823,340.00 104,140,998.00 250,141,260.12 48,506,040.00 35,375,000,000.00 29,000,000,000.00 -34,909,650.00 29,397,600.00 23,812,056.00 -23,812,056.00 -25,722,900.00 -18,900,000,000.00 -20,945,790.00 11,575,305.00 -9,921,690.00 -9,000,000,000.00 -30,596,677.74 6,058,000,000.00 -6,698,750,000.00 -11,300,712.00 -3,674,700.00

Total :

36,420,951,223.38

As at 30 June 2010, the net unrealised depreciation on short options amounted to EUR 1,209,764.60.

„

Amundi Funds Volatility Euro Equities

DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /CALL DJ EURO STOXX /PUT DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /CALL

Maturity Date

Currency

20/12/10 20/06/11 20/12/10 20/06/11 20/12/10 20/12/10 20/12/10 20/12/10 20/06/11 19/07/10 19/07/10 19/07/10 20/06/11 20/06/11 20/06/11 20/06/11 20/06/11 20/06/11

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

As at 30 June 2010, the net unrealised appreciation on short options amounted to EUR 15,812,531.00.

„

Amundi Funds Volatility World Equities

DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /PUT DJ EURO STOXX /PUT NIKKEI 225 INDEX /PUT DJ EURO STOXX 50 /PUT SP 500 INDEX /PUT SP 500 INDEX /PUT DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /PUT DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /CALL SP 500 INDEX /CALL DJ EURO STOXX 50 /CALL DJ EURO STOXX 50 /PUT DJ EURO STOXX /CALL SP 500 /CALL NIKKEI 225 /CALL SP 500 INDEX /PUT SP 500 INDEX /CALL NIKKEI 225 /CALL DJ EURO STOXX 50 /CALL

Maturity Date

Currency

20/12/10 20/12/10 20/06/11 10/12/10 20/06/11 18/06/11 18/12/10 19/07/10 19/07/10 20/06/11 20/06/11 20/12/10 18/06/11 20/12/10 20/12/10 20/12/10 18/12/10 10/12/10 17/07/10 17/07/10 10/12/10 20/12/10

EUR EUR EUR JPY EUR USD USD EUR EUR EUR EUR EUR USD EUR EUR EUR USD JPY USD USD JPY EUR

As at 30 June 2010, the net unrealised appreciation on short options amounted to USD 8,970,026.00.

251

Notes to the Financial Statements as at 30/06/10

18 SWAPS INTEREST RATE SWAPS The Fund has concluded Interest rate swap contracts in which the counterparties exchange respective engagements for the payment or receipt of interest on a specific nominal reference amount. These amounts are calculated and booked for every time the NAV is calculated. The interests receivable are included in the item "Interest receivable" of the Statement of Net Assets and the interests payable are included in the item "Other liabilities" of the Statement of Net Assets.

„

Amundi Funds Global Bond Nominal 23,000,000.00 10,000,000.00

Currency GBP GBP

Maturity Date 10/09/10 11/09/10

Flow/Rate paid GBP LIBOR 6 MONTHS GBP LIBOR 6 MONTHS

Flow/Rate received 5.8860 5.8925

As at 30 June 2010, the net unrealised appreciation on interest rate swaps amounted to USD 489,168.29.

„

Amundi Funds Arbitrage VaR 2 (EUR) Nominal 11,998,040.00 100,000,000.00 100,000,000.00 13,962,533.00

Currency EUR GBP GBP EUR

Maturity Date 01/07/10 11/09/10 11/09/10 30/09/10

Flow/Rate paid 0.3410 GBP LIBOR 6 MONTHS 5.5200 0.4850

Flow/Rate received EONIA EURO 5.8000 GBP LIBOR 6 MONTHS EONIA EURO

As at 30 June 2010, the net unrealised appreciation on interest rate swaps amounted to EUR 68,451.48.

„

Amundi Funds Arbitrage VaR Short Term Nominal 1,999,673.00 998,536.00 1,046,240.00 998,803.00 999,007.00 1,999,191.00 998,710.00 998,160.00 998,502.00 1,197,186.00 997,959.00 1,197,696.00 995,371.00 998,224.00 997,323.00 997,945.00 1,193,720.00 995,725.00 995,294.00 995,167.00

Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Maturity Date 01/07/10 06/07/10 12/07/10 15/07/10 19/07/10 29/07/10 31/08/10 15/09/10 15/09/10 20/09/10 22/09/10 22/09/10 27/09/10 28/09/10 30/09/10 04/10/10 01/11/10 18/11/10 25/11/10 25/11/10

Flow/Rate paid 0.3410 0.3750 0.3775 0.3940 0.3700 0.4400 0.4750 0.4100 0.4120 0.4160 0.4260 0.4550 0.4540 0.4750 0.4850 0.4500 0.4770 0.4480 0.4450 0.4450

Flow/Rate received EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO

As at 30 June 2010, the net unrealised appreciation on interest rate swaps amounted to EUR 2,224.27.

„

Amundi Funds Dynarbitrage Volatility Nominal 18,906,841.00 12,977,856.00 8,737,078.00 5,744,227.00 17,750,000.00 15,924,711.00 7,462,983.00

Currency EUR EUR EUR EUR EUR EUR EUR

Maturity Date 19/07/10 28/07/10 30/07/10 23/08/10 29/10/10 25/11/10 15/12/10

Flow/Rate paid 0.4130 0.4080 0.4250 0.4000 0.5220 0.4425 0.5100

Flow/Rate received EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO

As at 30 June 2010, the net unrealised appreciation on interest rate swaps amounted to EUR 7,188.92.

„

Amundi Funds Volatility Euro Equities Nominal 9,498,248.00 16,419,099.00 11,480,411.00 8,986,709.00 11,488,454.00 18,000,000.00 18,910,594.00 6,219,153.00

Currency EUR EUR EUR EUR EUR EUR EUR EUR

Maturity Date 07/07/10 19/07/10 28/07/10 30/07/10 23/08/10 29/10/10 25/11/10 15/12/10

Flow/Rate paid 0.3530 0.4130 0.4080 0.4250 0.4000 0.5220 0.4425 0.5100

As at 30 June 2010, the net unrealised appreciation on interest rate swaps amounted to EUR 8,727.33.

252

Flow/Rate received EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Volatility World Equities Nominal 4,499,170.00 5,473,033.00 3,743,612.00 3,994,093.00 5,494,478.00 7,750,000.00 9,952,944.00 2,487,661.00

Currency EUR EUR EUR EUR EUR EUR EUR EUR

Maturity Date 07/07/10 19/07/10 28/07/10 30/07/10 23/08/10 29/10/10 25/11/10 15/12/10

Flow/Rate paid 0.3530 0.4130 0.4080 0.4250 0.4000 0.5220 0.4425 0.5100

Flow/Rate received EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO

As at 30 June 2010, the net unrealised appreciation on interest rate swaps amounted to USD 5,247.10.

„

Amundi Funds Euro Reserve Nominal 14,931,309.00 14,955,391.00 20,000,000.00 9,983,087.00 19,944,253.00 9,983,344.00 9,962,827.00 19,977,026.00 9,971,721.00 14,973,214.00 9,965,804.00 9,970,843.00 9,962,524.00

Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Maturity Date 14/07/10 23/08/10 25/08/10 01/07/10 31/08/10 14/07/10 10/11/10 08/08/10 24/09/10 27/08/10 01/12/10 08/10/10 17/12/10

Flow/Rate paid 0.4375 0.4390 0.4465 0.3750 0.4175 0.3810 0.4830 0.3890 0.4090 0.4020 0.4200 0.4180 0.4520

Flow/Rate received EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO EONIA EURO

As at 30 June 2010, the net unrealised appreciation on interest rate swaps amounted to EUR 0.00.

„

Amundi Funds USD Reserve Nominal 2,000,000.00 2,000,000.00 16,000,000.00 4,000,000.00 900,000.00

Currency USD USD USD USD USD

Maturity Date 22/09/10 24/09/10 16/07/10 13/10/10 20/10/10

Flow/Rate paid 0.2330 0.2318 0.2235 0.2525 0.2500

Flow/Rate received EONIA USD EONIA USD EONIA USD EONIA USD EONIA USD

As at 30 June 2010, the net unrealised appreciation on interest rate swaps amounted to USD 0.00.

CREDIT DEFAULT SWAPS The Fund has concluded “Credit Default Swaps” contracts designed to transfer the credit exposure of fixed income instruments between parties. The amounts of fixed income exchanged with an income tied to the evolution of credit events of either an index or a bond, are calculated and accounted for every time the NAV is calculated.

„

Amundi Funds Euro Bond Nominal

1,000,000.00 750,000.00 750,000.00 750,000.00 700,000.00 900,000.00 1,100,000.00 650,000.00 875,000.00 1,050,000.00 1,050,000.00 800,000.00 800,000.00 1,000,000.00 1,350,000.00 270,000.00 1,000,000.00 1,000,000.00 1,000,000.00 700,000.00

Currency

Maturity date

Underlying

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

20/09/10 20/12/14 20/12/14 20/12/14 20/03/15 20/03/15 20/03/15 20/03/15 20/03/15 20/03/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15

PPR EUR SN MM M GEN ELEC CAP COR USD SN XR M BRIT AMERN TOB P EUR SN MM M ALTRIA GP INC USD SN XR M LAFARGE EUR SN MM M CIE DE ST GOBAIN EUR SN MM M GDF SUEZ EUR SN MM M VEOLIA ENVIRONNE EUR SN MM M BRIT TELECOM PLC EUR SN MM M TELENOR ASA EUR SN MM M REPSOL YPF SA EUR SN MM M PETROLEOS MEXICA USD SN CR M SODEXO EUR SN MM M COMPASS GP PLC EUR SN MM M ITRAXX EUROPE S13 V1 5Y MKT ITRAXX XOVER S13 V2 5Y MKT EDP FIN BV EUR SN MM M ASS GENERALI SPA EUR SN MM M ALLIANZ SE EUR SN MM M ENDESA S A EUR SN MM M

Purchase/ Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Sale Purchase Purchase

Counterparty

MORGAN STANLEY & CO INTERN PLC BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH SOCIETE GENERALE PARIS SOCIETE GENERALE PARIS SOCIETE GENERALE PARIS BNP PARIBAS LONDON BRANCH BARCLAYS BANK PLC LONDON BARCLAYS BANK PLC LONDON SOCIETE GENERALE PARIS SOCIETE GENERALE PARIS BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH JPMORGAN CHASE BANK, N.A. (EU) JPMORGAN CHASE BANK, N.A. (EU) BNP PARIBAS LONDON BRANCH

Premium

1.58 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 5.00 1.00 1.00 1.00 1.00 Total :

Unrealised appreciation/ depreciation in EUR 1,177.29 -33,303.33 -12,047.48 -20,354.26 -72,044.59 20,910.04 1,563.22 4,787.03 -22,182.12 -12,835.04 -65,835.64 16,688.07 8,416.90 -16,887.44 -18,099.12 7,853.43 -72,111.26 -19,923.37 -5,817.74 36,750.04 -273,295.37

As at 30 June 2010, the net unrealised depreciation on credit default swaps amounted to EUR 273,295.37.

253

Notes to the Financial Statements as at 30/06/10

Amundi Funds Euro Corporate Bond

„

Nominal

4,500,000.00 5,000,000.00 5,150,000.00 5,150,000.00 3,700,000.00 5,000,000.00 4,850,000.00 2,950,000.00 3,900,000.00 4,700,000.00 4,650,000.00 3,500,000.00 3,400,000.00 4,400,000.00 5,400,000.00 1,080,000.00 4,050,000.00 2,700,000.00 4,050,000.00 4,050,000.00 1,900,000.00 1,900,000.00 1,650,000.00 1,320,000.00 1,650,000.00 1,200,000.00

Currency

Maturity date

Underlying

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

20/09/10 20/12/14 20/12/14 20/12/14 20/03/15 20/03/15 20/03/15 20/03/15 20/03/15 20/03/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15

PPR EUR SN MM M GEN ELEC CAP COR USD SN XR M BRIT AMERN TOB P EUR SN MM M ALTRIA GP INC USD SN XR M LAFARGE EUR SN MM M CIE DE ST GOBAIN EUR SN MM M GDF SUEZ EUR SN MM M VEOLIA ENVIRONNE EUR SN MM M BRIT TELECOM PLC EUR SN MM M TELENOR ASA EUR SN MM M REPSOL YPF SA EUR SN MM M PETROLEOS MEXICA USD SN CR M SODEXO EUR SN MM M COMPASS GP PLC EUR SN MM M ITRAXX EUROPE S13 V1 5Y MKT ITRAXX XOVER S13 V2 5Y MKT ASS GENERALI SPA EUR SN MM M ENDESA S A EUR SN MM M EDP FIN BV EUR SN MM M ALLIANZ SE EUR SN MM M RHODIA EUR SN MM M HEIDELBERGCEMENT EUR SN MM M PEUGEOT SA EUR SN MM M AB VOLVO EUR SN MM M WIND ACQUISI FIN EUR SN MM M UPC HLDG BV EUR SN MM M

Purchase/ Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Sale Purchase Purchase Sale Sale Purchase Sale Purchase

Counterparty

MORGAN STANLEY & CO INTERN PLC BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH SOCIETE GENERALE PARIS SOCIETE GENERALE PARIS SOCIETE GENERALE PARIS BNP PARIBAS LONDON BRANCH BARCLAYS BANK PLC LONDON BARCLAYS BANK PLC LONDON SOCIETE GENERALE PARIS SOCIETE GENERALE PARIS BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH JPMORGAN CHASE BANK, N.A. (EU) BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH JPMORGAN CHASE BANK, N.A. (EU) BANK OF AMERICA NA LDN BANK OF AMERICA NA LDN JPMORGAN CHASE BANK, N.A. (EU) JPMORGAN CHASE BANK, N.A. (EU) BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH

Premium

1.58 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 5.00 1.00 1.00 1.00 1.00 5.00 5.00 1.00 1.00 5.00 5.00 Total :

Unrealised appreciation/ depreciation in EUR 5,297.82 -222,022.13 -82,726.11 -139,765.83 -380,806.94 116,166.84 6,892.24 21,725.91 -98,869.00 -57,452.05 -291,557.88 73,010.17 35,771.96 -74,304.55 -72,396.49 31,413.73 -80,689.78 141,750.01 -292,050.75 -23,561.71 -69,490.93 33,466.41 -172,530.70 59,555.49 -123,948.32 79,098.61 -1,578,023.98

As at 30 June 2010, the net unrealised depreciation on credit default swaps amounted to EUR 1,578,023.98.

Amundi Funds Euro High Yield Bond

„

Nominal

6,400,000.00 4,300,000.00

Currency

Maturity date

Underlying

USD EUR

20/03/14 20/03/14

REP SOUTH AFRICA USD SN CR M GROHE HLDG GMBH EUR SN MM M

Purchase/ Sale Purchase Sale

Counterparty

MORGAN STANLEY & CO INTERN PLC JPMORGAN CHASE BANK, N.A. (EU)

Premium

4.35 5.00 Total :

Unrealised appreciation/ depreciation in EUR -516,877.29 -517,365.32 -1,034,242.61

As at 30 June 2010, the net unrealised depreciation on credit default swaps amounted to EUR 1,034,242.61.

Amundi Funds Global Corporate Bond

„

Nominal

1,000,000.00 500,000.00 250,000.00 500,000.00 250,000.00 800,000.00 800,000.00 800,000.00 600,000.00 800,000.00 500,000.00 800,000.00 700,000.00 800,000.00 600,000.00 600,000.00 750,000.00 1,050,000.00 210,000.00 800,000.00 800,000.00 800,000.00 550,000.00 350,000.00 350,000.00 250,000.00 200,000.00 300,000.00 200,000.00

Currency

Maturity date

Underlying

EUR EUR USD USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

20/12/12 20/09/10 20/03/14 20/03/14 20/12/14 20/12/14 20/12/14 20/03/15 20/03/15 20/03/15 20/03/15 20/03/15 20/03/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15

TELEFONICA EURP EUR SN MM M PPR EUR SN MM M BERKSHIRE HAT IN USD SN XR M METLIFE INC USD SN XR M GEN ELEC CAP COR USD SN XR M BRIT AMERN TOB P EUR SN MM M ALTRIA GP INC USD SN XR M CIE DE ST GOBAIN EUR SN MM M LAFARGE EUR SN MM M GDF SUEZ EUR SN MM M VEOLIA ENVIRONNE EUR SN MM M TELENOR ASA EUR SN MM M BRIT TELECOM PLC EUR SN MM M REPSOL YPF SA EUR SN MM M PETROLEOS MEXICA USD SN CR M SODEXO EUR SN MM M COMPASS GP PLC EUR SN MM M ITRAXX EUROPE S13 V1 5Y MKT ITRAXX XOVER S13 V2 5Y MKT EDP FIN BV EUR SN MM M ASS GENERALI SPA EUR SN MM M ALLIANZ SE EUR SN MM M ENDESA S A EUR SN MM M RHODIA EUR SN MM M HEIDELBERGCEMENT EUR SN MM M PEUGEOT SA EUR SN MM M AB VOLVO EUR SN MM M WIND ACQUISI FIN EUR SN MM M UPC HLDG BV EUR SN MM M

Purchase/ Sale Sale Sale Sale Sale Sale Purchase Sale Purchase Sale Sale Purchase Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Sale Purchase Purchase Purchase Sale Sale Purchase Sale Purchase

Counterparty

BANK OF AMERICA NA LDN MORGAN STANLEY & CO INTERN PLC BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH SOCIETE GENERALE PARIS SOCIETE GENERALE PARIS BNP PARIBAS LONDON BRANCH SOCIETE GENERALE PARIS BARCLAYS BANK PLC LONDON BARCLAYS BANK PLC LONDON SOCIETE GENERALE PARIS SOCIETE GENERALE PARIS BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH JPMORGAN CHASE BANK, N.A. (EU) JPMORGAN CHASE BANK, N.A. (EU) BNP PARIBAS LONDON BRANCH BANK OF AMERICA NA LDN BANK OF AMERICA NA LDN JPMORGAN CHASE BANK, N.A. (EU) JPMORGAN CHASE BANK, N.A. (EU) BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH

As at 30 June 2010, the net unrealised depreciation on credit default swaps amounted to USD 288,387.82.

254

Premium

0.61 1.58 3.20 4.87 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 5.00 1.00 1.00 1.00 1.00 5.00 5.00 1.00 1.00 5.00 5.00 Total :

Unrealised appreciation/ depreciation in USD -29,567.43 721.03 11,461.63 30,339.64 -13,597.78 -15,740.71 -26,594.10 22,766.90 -75,640.60 1,392.50 4,510.48 -11,978.33 -21,736.76 -61,441.64 15,330.86 7,732.45 -15,514.02 -17,243.02 7,481.95 -70,663.34 -19,523.38 -5,700.84 35,368.95 -15,679.86 7,551.31 -32,020.17 11,052.92 -27,604.40 16,147.94 -288,387.82

Notes to the Financial Statements as at 30/06/10

„

Amundi Funds Dynarbitrage High Yield Nominal

800,000.00 1,200,000.00 1,350,000.00 1,350,000.00 1,000,000.00 1,500,000.00 1,000,000.00 2,250,000.00 1,500,000.00 1,250,000.00 1,200,000.00 1,000,000.00 2,000,000.00 3,500,000.00 3,500,000.00 3,250,000.00 2,600,000.00 2,500,000.00 1,900,000.00 2,500,000.00 3,750,000.00

Currency

Maturity date

Underlying

Purchase/ Sale

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

20/03/14 20/09/14 20/12/14 20/12/14 20/03/11 20/03/13 20/03/15 20/03/13 20/03/15 20/03/12 20/12/10 20/12/10 20/06/11 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/06/15 20/09/15 20/09/15

TATE LYLE PLC EUR SN MM M ISS GLOB A S EUR SN MM M BRIT AMERN TOB P EUR SN MM M ALTRIA GP INC USD SN XR M FIAT S P A EUR SN MM M FRESENIUS SE EUR SN MM M FRESENIUS SE EUR SN MM M HEIDELBERGCEMENT EUR SN MM M HEIDELBERGCEMENT EUR SN MM M FCE BK PLC EUR SN MM M GROHE HLDG GMBH EUR SN MM M GROHE HLDG GMBH EUR SN MM M INEOS GP HLDGS P EUR SN MM M HEIDELBERGCEMENT EUR SN MM M RHODIA EUR SN MM M PEUGEOT SA EUR SN MM M AB VOLVO EUR SN MM M WIND ACQUISI FIN EUR SN MM M UPC HLDG BV EUR SN MM M SMURFIT KAPPA FD EUR SU MM M SMURFIT KAPPA FD EUR SN MM M

Purchase Purchase Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale Sale Sale Sale Purchase Sale Purchase Sale Purchase Sale Purchase

Counterparty

Premium

SOCIETE GENERALE PAR BNP-PARIBAS SA PARIS BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH SOCIETE GENERALE PAR BANK OF AMERICA NA LDN BANK OF AMERICA NA LDN SOCIETE GENERALE PAR SOCIETE GENERALE PAR BNP PARIBAS LONDON BRANCH BANK OF AMERICA NA LDN BANK OF AMERICA NA LDN MORGAN STANLEY & CO INTERN PLC SOCIETE GENERALE PAR SOCIETE GENERALE PAR JPMORGAN CHASE BANK, N.A. (EU) JPMORGAN CHASE BANK, N.A. (EU) BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH BANK OF AMERICA NA LDN BANK OF AMERICA NA LDN

1.45 5.00 1.00 1.00 1.00 1.00 1.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 1.00 1.00 5.00 5.00 5.00 5.00 Total :

Unrealised appreciation/ depreciation in EUR -4,559.24 -119,144.65 -21,685.48 -36,637.65 -17,615.64 44,195.00 -70,014.29 -69,277.91 28,914.89 -12,941.56 -7,489.36 -6,241.13 -66,466.93 61,648.59 -128,009.53 -339,833.13 117,306.33 -187,800.53 125,239.47 -74,112.63 -388,093.61 -1,172,618.99

As at 30 June 2010, the net unrealised depreciation on credit default swaps amounted to EUR 1,172,618.99.

TOTAL RETURN SWAPS The Fund has concluded “Total Return Swaps” contracts in which counterparties exchange the total performance of an index for an interest rate plus a spread.

„

Amundi Funds LDI Gilt Plus (GBP) Nominal 10,454,095.07 20,000,000.00 10,000,000.00 4,000,000.00 10,000,000.00

Currency GBP GBP GBP GBP GBP

Maturity date 06/07/10 06/07/10 26/07/10 28/07/10 17/08/10

Flows paid

Flows received

GBP LIBOR 1 MONTH GBP LIBOR 1 MONTH GBP LIBOR 6 MONTHS GBP LIBOR 1 MONTH GBP LIBOR 3 MONTHS

STERLING BOND GILT OVER 15Y TR STERLING BOND GILT OVER 15Y TR STERLING BOND GILT OVER 15Y TR STERLING BOND GILT OVER 15Y TR STERLING BOND GILT OVER 15Y TR Total :

Unrealised appreciation/ depreciation in GBP 151,294.09 227,902.82 564,423.75 43,264.76 423,363.20 1,410,248.62

As at 30 June 2010, the net unrealised appreciation on total return swaps amounted to GBP 1,410,248.62.

„

Amundi Funds LDI Index Linked Plus (GBP) Nominal

158,616,029.00

Currency GBP

Maturity date 07/07/10

Flows paid

Flows received

GBP LIBOR 1 MONTH

BARCAP STERLING GILT INFLATION

Unrealised appreciation/ depreciation in GBP 1,162,989.50

As at 30 June 2010, the unrealised appreciation on total return swaps amounted to GBP 1,162,989.50.

INFLATION SWAPS The Fund has concluded “Inflation Swaps” contracts in which counterparties exchange a fixed interest rate for an inflation rate.

„

Amundi Funds Euro Inflation Bond Nominal 9,000,000.00

Currency EUR

Maturity date 08/04/20

Flows paid

Flow received

9,209,589.00

9,000,000.00

Unrealised appreciation/ depreciation in EUR -209,589.00

As at 30 June 2010, the unrealised depreciation on inflation swaps amounted to EUR 209,589.00.

„

Amundi Funds Global Inflation Bond Nominal 2,800,000.00

Currency EUR

Maturity date 08/04/20

Flows paid

Flow received

2,865,205.44

2,800,000.00

Unrealised appreciation/ depreciation in EUR -65,205.44

As at 30 June 2010, the unrealised depreciation on inflation swaps amounted to EUR 65,205.44.

255

Notes to the Financial Statements as at 30/06/10

Amundi Funds Arbitrage Inflation

„

Nominal 1,500,000.00

Currency EUR

Maturity date 11/06/20

Flows paid

Flow received

1,500,000.00

1,511,968.50

Unrealised appreciation/ depreciation in EUR 11,968.50

As at 30 June 2010, the unrealised appreciation on inflation swaps amounted to EUR 11,968.50.

19 CONTRACTS FOR DIFFERENCE The Fund has concluded “Contracts for difference” in which counterparties trade a security or a basket of securities, without actually buying or selling the security. The contract stipulates that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time. The following abbreviations have been used to signify the location of the stocks issuers : EUR : Euro-zone US : United States of America NOK : Norway UK : United Kingdom SEK : Sweden DKK : Denmark CHF : Switzerland D : Germany

Amundi Funds Equity Statistical Arbitrage (EUR)

„

Currency

Maturity date

USD GBP NOK EUR USD CHF SEK DKK EUR EUR

09/12/10 09/12/10 09/12/10 09/12/10 09/12/10 09/12/10 09/12/10 09/12/10 09/12/10 31/01/11

Counterparty

Underlying

Unrealised Appreciation/ Depreciation in EUR

MORGAN STANLEY BANK MORGAN STANLEY BANK MORGAN STANLEY BANK MORGAN STANLEY BANK MORGAN STANLEY BANK MORGAN STANLEY BANK MORGAN STANLEY BANK MORGAN STANLEY BANK MORGAN STANLEY BANK MORGAN STANLEY BANK

Basket of US stocks Basket of UK stocks Basket of NOK stocks CRH PLC / RYANAIR Hldgs Basket of US stocks Basket of CHF stocks Basket of SEK stocks Basket of DKK stocks Basket of EUR stocks Basket of D stocks

-1,360,438.45 -455,528.95 -82,186.61 -71,494.31 254,393.50 -29,208.00 22,656.39 31,639.75 33,665.40 91,748.44

Total : -1,564,752.84 As at 30 June 2010, the net unrealised depreciation on contracts for difference amounted to EUR 1,564,752.84.

20 SECURITIES LENDING As at 30 June 2010, the Fund is engaged into fully collateralised securities lending agreements with a first-class financial institution as follows : Sub-funds Amundi Funds Europe Smaller Companies Amundi Funds Gems Europe Amundi Funds Global Equities Amundi Funds Global Finance Amundi Funds Select Euro Amundi Funds Select Europe Amundi Funds Index Euro Amundi Funds Index Europe Amundi Funds Index North America Amundi Funds Dynarbitrage VaR 4 (EUR) Amundi Funds Dynarbitrage Volatility

Currency EUR EUR USD USD EUR EUR EUR EUR EUR EUR EUR

Market Value of securities lent

% of Portfolio

1,185,415.05 4,418,740.15 9,106,574.17 595,076.02 4,568,851.60 5,505,548.10 23,526,048.95 49,014,732.11 9,615,826.55 3,525,935.60 8,567,478.00

7.45% 11.78% 9.65% 1.93% 22.34% 20.82% 18.27% 11.80% 2.60% 1.71% 1.90%

As at 30 June 2010, the collateral from securities lending agreements represents 115% of the Net Asset Value of the Fund.

21 SECURITIES BORROWING As at 30 June 2010, no securities borrowing is allowed in the Fund.

22 SUSPENSIONS OF THE NAV CALCULATION Due to the political crisis in Thailand and to the closure of the Thailand Stock exchange, the NAVs dated 20 May 2010 and 21 May 2010 of the sub-fund Amundi Funds Thailand have been suspended.

23 GUARANTEE - PROTECTION MECHANISM OF Amundi Funds Multi Asset Protected The Guarantor, SEGESPAR Finance, commits himself, during the protection period, to allow each shareholder to benefit from a protection of 85% of the Highest NAV observed since the beginning of the relevant Observation, as described in the last prospectus. In remuneration, guarantee fees are payable quarterly by the Amundi Funds Multi Asset Protected sub-fund. As at 30 June 2010, the commitment of the Guarantor amounts to EUR 0.00.

256

Notes to the Financial Statements as at 30/06/10

24 LEHMAN BROTHERS BANKRUPTCY In all the below listed sub-funds, the assets also include receivables from Lehman Brothers. Those items are part of the caption “Other assets”. They have been depreciated by 90% as at 30 June 2010 following the firm’s bankrupt in September 2008 : Currency Amundi Funds Arbitrage VaR 2 (EUR) Amundi Funds Arbitrage VaR 2 (GBP) Amundi Funds Arbitrage VaR 2 (USD) Amundi Funds Dynarbitrage VaR 4 (USD) Amundi Funds Dynarbitrage VaR 4 (EUR) Amundi Funds Euro High Yield Bond Amundi Funds Dynarbitrage High Yield

EUR GBP USD USD EUR EUR EUR

Lehman Brothers receivables as at 30 June 2010

Depreciation at as 30 June 2010

Net amount at as 30 June 2010

1,813,265.29 517,044.93 80,950.26 99,161.69 229,145.35 321,198.70 4,970.70

1,631,938.76 465,340.43 72,855.23 89,245.52 206,230.82 289,078.83 4,473.63

181,326.53 51,704.50 8,095.03 9,916.17 22,914.53 32,119.87 497.07

25 CHANGE OF NAME Regarding to the merger of Crédit Agricole Asset Management Group and Société Générale Asset Management activities, the following entities have been renamed as follows: Credit Agricole Asset Management into Amundi and its London Branch into Amundi London Branch on 1 January 2010. Credit Agricole Structured Asset Management into Amundi Investment Solutions on 1 January 2010. Crédit Agricole Asset Management Luxembourg SA into Amundi Luxembourg SA on 2 March 2010. Crédit Agricole Asset Management Hong-Kong Ltd into Amundi Hong-Kong Ltd on 2 March 2010. Crédit Agricole Asset Management Singapore Ltd into Amundi Singapore Ltd on 2 March 2010. Emporiki Asset Management M.F.M.C. into Amundi Hellas M.F.M.C. on 19 April 2010. Crédit Agricole Asset Management Distribution A.V. into Amundi Iberia SGIIC, SA on 17 March 2010: Crédit Agricole Asset Management Distribution A.V. has been merged into CAAM Fondos SGIIC, which has been renamed Amundi Iberia SGIIC, SA. Both entities were owned by Amundi before the merger. Crédit Agricole Asset Management SGR S.p.A into Amundi SGR S.p.A on 1 March 2010.

26 SUBSEQUENT EVENT As at 1 July 2010, a new sub-fund named Amundi Funds Euro Govies has been launched. As at 1 July 2010, Crédit Agricole Asset Management Japan has been renamed into Amundi Japan : Crédit Agricole Asset Management Japan has been absorbed by SGAM Japan, which has been renamed into Amundi Japan. Both entities were owned by Amundi before the merger. As at 8 July 2010, Amundi Alternative Investments SAS has been appointed as investment manager of Amundi Funds Multimanagers Long/Short Equity instead of Amundi.

257

Audit report

To the Shareholders of Amundi Funds (formerly CAAM Funds)

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

We have audited the accompanying financial statements of Amundi Funds (formerly CAAM Funds) and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at 30 June 2010 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Board of Directors of the SICAV’s responsibility for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes : designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the “Réviseur d’entreprises agréé” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, these financial statements give a true and fair view of the financial position of Amundi Funds (formerly CAAM Funds) and of each of its sub-funds as of 30 June 2010, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers S.à r.l. Represented by

Christophe Pittie

Cabinet de révision agréé Expert comptable (autorisation gouvernementale n°95992) R.C.S. Luxembourg B 65 477 – Capital social EUR 516 950 - TVA LU17564447

258

Luxembourg, 13 October 2010

Report of the Custodian

To the shareholders of Amundi Funds (formerly CAAM Funds) We hereby confirm that, in our opinion, the Management Company of the Fund, has in all material respects, managed Amundi Funds (formerly CAAM Funds) in accordance with the provisions of the legal documentation of the Fund, as amended, for the year ended 30 June 2010.

For and on behalf of CACEIS Bank Luxembourg S.A.

259

Notices and Reports

If required by the Law, notices to shareholders will be published in the Luxembourg “Mémorial”, the Luxemburger Wort and in such other newspapers as the Directors may determine. All dividend payment will be announced in the Luxemburger Wort and such other newspapers, or using such other means, as the Board of Directors may determine.

260

1.01% 2.13% 2.14% 2.49% 2.50% 1.70% 1.70% 1.02% 2.10% 2.10% 1.06% 2.14% 2.16% 1.31% 2.15% 2.17%

0.86% 0.86% 0.86% 0.86% 0.86%

1.17% 0.92% 1.06% 1.18% 1.31% 1.31% 1.34%

Amundi Funds Global Agriculture

Amundi Funds Global Equities

Amundi Funds Global Finance

Amundi Funds Global Resources

Amundi Funds Greater China

Amundi Funds India

Amundi Funds India Infrastructure

0.86% 0.86%

0.96% 1.71%

0.91%

Amundi Funds Gems World

1.42%

0.84% 1.68% 1.70%

0.88%

Amundi Funds Gems Europe

Amundi Funds Korea

1.49%

0.90%

Amundi Funds Europe SRI

0.71%

2.10% 2.10%

1.05%

Amundi Funds Europe Smaller Companies

0.99%

0.90% 1.69% 1.70%

0.91%

Amundi Funds Euro Quant

Amundi Funds Japan Value

1.02% 2.21%

1.35%

Amundi Funds Emerging World

0.21%

0.56%

0.20% 0.71%

0.86% 0.71%

261

1.41% 2.16% 2.14%

1.71% 1.70%

1.33% 2.16% 1.92%

1.31% 2.16% 2.16%

1.40% 2.13% 2.13%

1.39% 1.33%

Amundi Funds Emerging Markets

3.01%

1.35% 2.20% 1.82%

1.32%

Amundi Funds Emerging Internal Demand

1.63%

1.49% 2.34% 2.35%

1.49%

Amundi Funds Emerging Europe

0.25%

1.91% 1.94%

0.78%

1.29%

Amundi Funds Clean Planet

C(3)

1.29% 2.32% 2.21%

C(2)

1.42%

C-D

Amundi Funds Brazil

C-C

1.30% 2.16% 2.16%

0.86%

I(14)

1.31%

I(12)

Amundi Funds Asian Growth

I(11)

1.30% 2.15% 2.15%

I(10)

1.32%

0.71%

I(9)

Amundi Funds Asia Pacific Renaissance

I(7)

2.16% 2.15%

0.86%

I(6)

1.33%

I(5)

Amundi Funds Asean New Markets

I(4) 1.26% 1.91% 1.91%

I(2)

1.26%

I-D

M

Amundi Funds Aqua Global

I-C

Institutional C(4)

Classic C(5)

CH

CS(3)

2.56%

2.10%

2.60%

2.56%

2.55%

2.55%

2.53% 3.55%

2.09%

2.54%

2.13%

2.08%

1.68%

2.51%

2.09%

2.59%

2.54%

2.61%

2.74%

2.35%

2.71%

2.56%

2.56%

2.57%

2.31%

CS

Additionnal Information (unaudited)

The Total expense ratio (TER) is fixed as follow :

262 0.92% 0.92% 0.91% 1.41% 0.91% 1.19% 0.66% 0.78% 0.55% 0.56% 0.57% 0.41% 0.61%

1.06%

0.73% 0.56% 0.50% 0.66% 0.60% 0.66% 0.66% 0.79% 0.61% 0.48% 0.61% 0.61%

Amundi Funds Restructuring Equities

Amundi Funds Select Euro

Amundi Funds Select Europe

Amundi Funds Switzerland

Amundi Funds Thailand

Amundi Funds US Innovative Companies

Amundi Funds US Opportunities

Amundi Funds Asian Income

Amundi Funds Emerging Markets Debt

Amundi Funds Euro Bond

Amundi Funds Euro Corporate Bond

Amundi Funds Euro High Yield Bond

Amundi Funds Euro Inflation Bond

Amundi Funds Euro Select Bond

Amundi Funds European Bond

Amundi Funds Global Aggregate

Amundi Funds Global Bond

Amundi Funds Global Convertible Bond

Amundi Funds Global Corporate Bond

Amundi Funds Global Inflation Bond

Amundi Funds LDI Gilt Plus (GBP)

Amundi Funds LDI Index Linked Plus (GBP)

0.41%

0.90%

Amundi Funds Minimum Variance Europe

I(2)

1.32%

I-D

Amundi Funds Latin America Equities

I-C

I(4)

0.99%

I(5)

I(6)

0.02%

0.87%

I(7)

Institutional I(9)

I(10)

I(11)

I(12)

I(14) C-C

C-D

1.05% 1.06%

1.25% 1.12%

0.80% 1.57% 1.60%

0.72% 1.15% 1.15%

0.66% 1.21%

0.72% 1.15% 1.15%

0.18% 0.99% 1.09%

0.57% 1.15% 1.17%

0.60% 2.05% 2.08%

0.58% 1.15% 1.14%

0.56% 1.14% 1.17%

0.80% 2.04% 2.06%

1.15% 1.18%

2.10% 2.17%

0.94% 1.70% 1.70%

1.43% 2.16% 2.14%

1.70% 1.71%

1.71% 1.71%

1.72% 1.71%

2.18%

0.21% 1.66%

1.33% 2.17% 2.17%

M C(2)

C(3)

C(4)

Classic C(5)

CH

1.00%

1.45%

1.78%

1.36%

1.45%

1.34%

1.20%

1.38%

2.26%

1.36%

1.35%

2.30%

1.40%

2.53%

2.09%

2.56%

2.10%

2.08%

2.11%

2.51%

2.59%

CS

CS(3)

Additionnal Information (unaudited)

The Total expense ratio (TER) is fixed as follow :

0.86% 0.85%

0.57% 1.15% 1.10% 0.62% 1.16% 0.73% 1.19% 0.81% 0.72% 1.15% 1.15% 1.16% 1.15% 0.70% 1.13% 1.14% 0.84% 1.16%

0.41% 0.27% 0.50% 0.61% 0.61% 0.61% 0.61% 0.61% 0.58% 0.77% 0.77% 1.04% 0.62% 0.15% 0.61% 0.52% 0.16% 0.16% 0.15%

Amundi Funds Arbitrage VaR 2 (USD)

Amundi Funds Arbitrage VaR Short Term

Amundi Funds Dynarbitrage Forex

Amundi Funds Dynarbitrage Forex Asia Pacific

Amundi Funds Dynarbitrage High Yield

Amundi Funds Dynarbitrage VaR 4 (EUR)

Amundi Funds Dynarbitrage VaR 4 (USD)

Amundi Funds Dynarbitrage Volatility

Amundi Funds Equity Statistical Arbitrage (EUR)

Amundi Funds Multimanagers Long/Short Equity

Amundi Funds Volatility Euro Equities

Amundi Funds Volatility World Equities

Amundi Funds Euro Reserve

Amundi Funds USD Reserve

0.11%

0.88% 0.88%

0.40% 0.39%

Amundi Funds Arbitrage VaR 2 (GBP)

0.66%

0.52% 0.86% 0.85%

0.41%

Amundi Funds Arbitrage VaR 2 (EUR)

C(2)

263

0.18% 0.25% 0.26%

0.21% 0.37% 0.37%

1.59% 0.81% 1.37% 1.44% 1.64%

0.71% 0.48% 0.81% 1.37% 1.38%

1.53%

0.69% 1.15%

0.68%

1.54%

Amundi Funds Arbitrage Inflation

Amundi Funds Multi Asset Protected

0.24% 0.34% 0.35%

0.21% 0.21%

C-D

Amundi Funds Index Pacific

C-C

0.21% 0.38% 0.38%

I(14)

0.16% 0.16%

I(12)

Amundi Funds Index North America

I(11)

0.26% 0.38% 0.22%

I(10)

0.21%

I(9)

Amundi Funds Index Global Bond (EUR) Hedged

I(7)

0.21% 0.35% 0.21%

I(6)

0.16% 0.16%

I(5)

Amundi Funds Index Europe

I(4) 0.22% 0.37% 0.19%

I(2)

0.16% 0.16%

I-D

M

Amundi Funds Index Euro

I-C

Institutional C(3)

1.76%

1.44%

C(4)

Classic

0.07%

C(5)

CS

0.24%

0.50%

1.97% 1.68%

1.96% 1.66%

1.68%

1.83%

1.45% 1.24%

1.45% 1.28%

1.47% 1.25%

1.47% 1.25%

1.26%

1.47% 1.25%

1.15% 0.99%

0.53% 0.95%

1.18% 0.95%

1.46% 1.29%

CH

CS(3)

Additionnal Information (unaudited)

The Total expense ratio (TER) is fixed as follow :

Additionnal Information (unaudited)

HISTORICAL DATA Here are the highest issue prices and the lowest redemption prices of the shares over the last 10 financial years, or if the sub-fund has not been in existence during the whole period, over the whole period in which it has been in existence. Important variation can appear over time in the value of one class of share, due to a corporate action. Accounting year ending as at :

Name, class and part of the sub-fund

30/06/10

30/06/10

30/06/09

30/06/09

30/06/08

30/06/08

30/06/07

30/06/07

30/06/06

30/06/06

30/06/05

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Amundi Funds Aqua Global - C (C)

65.82

86.85

53.28

90.53

82.18

109.25

94.86

108.51

Amundi Funds Aqua Global - C (D)

62.38

81.61

50.50

85.95

78.02

104.12

100.00

103.41

Amundi Funds Aqua Global – I (C)

669.42

887.81

540.68

915.31

828.77

1,097.01

950.24

1,088.78

Amundi Funds Aqua Global - M (C)

76.08

100.89

61.45

104.03

97.39

100.45

Amundi Funds Aqua Global - S (C)

65.16

85.71

52.81

89.94

81.78

109.03

94.79

108.33

Amundi Funds ASEAN New Markets - C (C)

51.26

77.07

34.51

86.48

85.52

126.65

99.97

111.04

Amundi Funds ASEAN New Markets - C (D)

43.20

64.08

29.08

72.87

72.06

106.73

Amundi Funds ASEAN New Markets - I (C)

521.81

789.75

350.23

872.99

862.96

1,272.26

999.86

1,112.54

Amundi Funds ASEAN New Markets - I4 (C)

50.13

76.14

33.60

83.45

82.47

121.17

98.28

105.76

Amundi Funds ASEAN New Markets - I9 (C)

56.09

85.29

37.57

93.22

92.12

100.00

40.15

95.06

93.97

107.36

Amundi Funds ASEAN New Markets - S (C)

50.83

76.18

34.26

86.10

85.16

126.44

99.97

110.99

Amundi Funds Asia Pacific Quant* - C (C)

81.25

107.61

55.86

116.74

113.61

161.71

99.22

128.02

Amundi Funds Asia Pacific Quant* - I (C)

831.30

1,103.38

569.87

1,181.93

1,142.67

1,628.93

992.35

1,286.11

Amundi Funds Asia Pacific Quant* - S (C)

80.41

106.39

55.37

116.01

113.28

161.10

99.21

127.73

Amundi Funds Asia Pacific Renaissance - C (C)

12.36

16.69

9.18

18.85

17.21

25.44

13.68

19.42

10.94

16.62

Amundi Funds Asia Pacific Renaissance - C (D)

12.38

16.63

9.19

18.88

17.21

25.44

13.68

19.42

10.94

16.62

10.05

1,308.90

1,778.64

969.40

1,980.77

1,797.37

2,659.99

1,417.19

2,025.78

1,124.86

1,719.41

1,027.27

Amundi Funds Asia Pacific Renaissance - M (C)

65.47

88.98

48.49

99.05

99.05

110.83

Amundi Funds Asia Pacific Renaissance - S (C)

12.30

16.56

9.15

18.83

17.26

25.48

13.78

19.49

11.06

16.75

10.19

Amundi Funds Asian Growth - C (C)

17.96

24.62

11.62

24.37

23.52

37.71

16.26

26.13

13.44

19.64

10.65

Amundi Funds Asian Growth - C (D)

17.75

24.14

11.49

24.08

23.24

37.26

16.07

25.82

13.28

19.40

10.65

1,835.03

2,531.75

1,180.62

2,469.61

2,367.70

3,802.23

1,623.82

2,627.47

1,333.26

1,958.48

1,048.75

Amundi Funds Asian Growth - I7 (C)

889.46

1,226.09

570.41

1,191.24

1,137.14

1,827.93

957.99

1,260.92

Amundi Funds Asian Growth - M (C)

69.16

94.81

44.49

93.04

90.74

109.23 15.89

25.44

13.17

19.20

10.49

94.09

113.61

87.52

103.05

74.47

1,525.09

1,865.10

1,398.35

1,662.39

1,178.38 17.23

Amundi Funds ASEAN New Markets - M (C)

Amundi Funds Asia Pacific Renaissance - I (C)

Amundi Funds Asian Growth - I (C)

Amundi Funds Asian Growth - S (C)

17.35

23.70

11.26

23.63

22.88

36.66

Amundi Funds Brazil - C (C)

70.18

118.27

38.20

106.80

89.57

117.26

384.00

1,070.61

895.97

1,174.57

Amundi Funds Brazil - C (D)

86.59

113.98

Amundi Funds Brazil - I (C)

700.40

1,192.58

Amundi Funds Brazil - M (C)

86.60

112.04

Amundi Funds Brazil - S (C)

69.79

117.38

38.08

106.64

89.56

117.12

Amundi Funds Clean Planet - C (C)

59.08

78.47

47.10

81.26

78.20

112.03

Amundi Funds Clean Planet - C (D)

95.98

127.10

10.05

Amundi Funds Clean Planet - I (C)

671.66

894.98

534.34

918.94

882.11

1,016.11

Amundi Funds Clean Planet - I6 (C)

992.71

1,326.06

788.43

1,352.45

1,294.52

1,841.47

Amundi Funds Clean Planet - S (C)

66.17

87.72

52.83

91.33

88.08

101.58

Amundi Funds Emerging Europe - C (C)

17.30

32.96

11.93

37.84

35.38

47.28

30.35

41.65

21.38

39.08

Amundi Funds Emerging Europe - C (D)

17.29

32.80

11.93

37.83

35.37

47.27

30.35

41.64

21.38

39.07

17.23

1,628.17

3,093.80

1,123.95

3,584.37

3,344.08

4,460.21

2,834.13

3,916.44

1,981.08

3,644.14

1,086.24

Amundi Funds Emerging Europe - M (C)

39.36

74.14

26.41

85.46

83.57

106.00

Amundi Funds Emerging Europe - S (C)

16.75

31.82

11.57

36.79

34.43

46.06

29.74

40.65

21.04

38.32

16.99

Amundi Funds Emerging Internal Demand - C (C)

58.17

88.32

35.77

87.49

83.03

105.23

Amundi Funds Emerging Internal Demand – C (D)

97.17

127.57

58.77

99.80

Amundi Funds Emerging Internal Demand - I (C)

587.46

890.22

360.49

879.64

833.09

1,052.62

Amundi Funds Emerging Internal Demand - M (C)

62.18

94.69

38.00

92.71

92.52

105.46

Amundi Funds Emerging Internal Demand - S (C)

57.77

87.45

35.63

87.25

82.91

105.21

Amundi Funds Emerging Markets - C (C)

22.02

31.71

13.97

32.52

29.16

38.63

23.32

33.34

18.20

28.90

12.91

Amundi Funds Emerging Markets - C (D)

21.77

30.91

13.82

32.44

29.09

38.53

23.25

33.25

18.20

28.83

12.91

Amundi Funds Emerging Markets - I (C)

2,334.18

3,379.51

1,473.94

3,422.46

3,049.39

4,045.35

2,418.20

3,481.78

1,872.81

2,992.70

1,321.69

Amundi Funds Emerging Markets - I (D)

891.35

1,266.11

563.23

1,330.41

1,192.33

1,572.90

945.46

1,361.47

Amundi Funds Emerging Markets - I7 (C)

786.98

990.97

495.72

1,146.77

1,018.69

1,352.36

944.29

1,162.50

109.27 22.84

32.52

17.90

28.33

12.77

5.46

Amundi Funds Emerging Europe - I (C)

Amundi Funds Emerging Markets - M (C)

66.69

96.55

42.10

97.74

92.50

Amundi Funds Emerging Markets - S (C)

21.20

30.43

13.51

31.60

28.44

37.64

Amundi Funds Emerging World - C (C)

66.47

98.48

41.36

97.31

92.50

111.60

Amundi Funds Emerging World - I (C)

666.67

995.51

415.45

975.26

925.28

1,117.69

Amundi Funds Emerging World - M (C)

89.93

110.67

Amundi Funds Emerging World - S (C)

66.10

97.65

41.24

97.17

92.49

111.52

Amundi Funds Euro Quant - C (C)

5.23

6.90

4.14

7.93

7.77

10.93

7.98

10.88

6.92

8.93

Amundi Funds Euro Quant - C (D)

5.07

6.57

4.01

7.81

7.65

10.87

7.98

10.82

6.92

8.93

5.46

Amundi Funds Euro Quant - I (C)

555.03

734.19

437.47

833.76

815.98

1,139.63

825.73

1,133.63

711.11

923.73

557.71

Amundi Funds Euro Quant - M (C)

52.46

69.52

41.35

78.96

77.29

102.36

Amundi Funds Euro Quant - S (C)

5.05

6.64

4.00

7.68

7.53

10.62

7.78

10.58

6.78

8.73

5.37

Amundi Funds Europe Smaller Companies - C (C)

5.24

7.33

4.31

8.31

8.00

12.47

8.41

12.40

7.15

10.41

5.43

Amundi Funds Europe Smaller Companies - C (D) Amundi Funds Europe Smaller Companies - I (C) Amundi Funds Europe Smaller Companies - S (C)

5.21

7.25

4.29

8.31

8.00

12.47

8.41

12.40

7.15

10.41

5.43

707.02

996.85

573.78

1,109.41

1,063.27

1,649.68

1,104.01

1,637.77

931.35

1,364.72

702.98

5.07

7.06

4.17

8.07

7.78

12.16

8.23

12.09

7.03

10.20

5.36

* The datas date from 16 October 2009 because this sub-fund has been merged as at 16 October 2009.

264

Additionnal Information (unaudited)

HISTORICAL DATA Here are the highest issue prices and the lowest redemption prices of the shares over the last 10 financial years, or if the sub-fund has not been in existence during the whole period, over the whole period in which it has been in existence. Important variation can appear over time in the value of one class of share, due to a corporate action. Accounting year ending as at :

Name, class and part of the sub-fund

30/06/05

30/06/04

30/06/04

30/06/03

30/06/03

30/06/02

30/06/02

30/06/01

30/06/01

30/06/00

30/06/00

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Amundi Funds Aqua Global - C (C) Amundi Funds Aqua Global - C (D) Amundi Funds Aqua Global - I (C) Amundi Funds Aqua Global - M (C) Amundi Funds Aqua Global - S (C) Amundi Funds ASEAN New Markets - C (C) Amundi Funds ASEAN New Markets - C (D) Amundi Funds ASEAN New Markets - I (C) Amundi Funds ASEAN New Markets - I4 (C) Amundi Funds ASEAN New Markets - I9 (C) Amundi Funds ASEAN New Markets - M (C) Amundi Funds ASEAN New Markets - S (C) Amundi Funds Asia Pacific Quant* - C (C) Amundi Funds Asia Pacific Quant * - I (C) Amundi Funds Asia Pacific Quant * - S (C) Amundi Funds Asia Pacific Renaissance - C (C)

11.58

8.80

13.33

7.54

10.11

8.49

10.37

10.01

1,592.35

5.08

1,960.82

Amundi Funds Asia Pacific Renaissance - C (D)

11.58

8.80

13.33

7.54

10.11

8.49

10.37

9.80

1,592.35

5.08

1,960.82

1,187.75

893.17

1,358.21

763.35

1,019.00

851.98

1,044.67

1,000.87

1,596.06

5.08

1,962.48

Amundi Funds Asia Pacific Renaissance - S (C)

11.74

8.96

13.54

7.68

10.33

8.49

10.61

10.01

1,592.35

5.08

1,960.82

Amundi Funds Asian Growth - C (C)

13.79

9.02

13.25

7.48

10.44

6.96

11.04

3.05

10.64

3.61

5.15

Amundi Funds Asian Growth - C (D)

13.79

9.02

13.25

7.48

10.44

6.96

11.04

3.05

10.64

3.61

5.15

1,363.05

882.09

1,301.96

731.35

1,015.11

673.15

1,071.37

3.05

1,012.28

3.61

5.15

13.55

8.90

13.07

7.39

10.33

6.91

10.93

3.05

10.65

3.61

5.15

88.71

69.18

82.82

59.37

86.20

82.62

107.07

1,417.95

1,080.45

1,306.57

924.24

1,112.77

Amundi Funds Emerging Europe - C (C)

163.65

107.22

172.35

89.63

111.55

72.63

619.06

544.73

940.93

645.00

1,188.88

Amundi Funds Emerging Europe - C (D)

161.08

105.54

169.64

88.23

109.79

71.50

609.40

536.22

926.25

634.93

1,170.24

1,992.16

865.68

1,401.04

721.41

900.02

784.85

1,065.06

163.65

107.22

172.35

89.63

111.55

72.63

619.06

544.73

940.93

645.00

1,188.88

Amundi Funds Emerging Markets - C (C)

18.48

10.33

15.20

7.90

10.45

7.01

11.30

2.28

10.99

2.72

3.98

Amundi Funds Emerging Markets - C (D)

18.48

10.33

15.20

7.90

10.45

7.01

11.30

2.28

10.98

2.72

3.98

1,899.29

1,051.14

1,552.16

799.90

1,062.93

705.05

1,140.78

2.28

1,020.67

2.70

4.00

18.23

10.26

15.04

7.86

10.38

7.01

11.27

2.28

10.99

2.70

4.00

Amundi Funds Euro Quant - C (C)

6.95

4.57

6.07

3.49

6.17

5.75

8.80

4.87

10.12

3.63

5.64

Amundi Funds Euro Quant - C (D)

6.95

4.57

6.07

3.49

6.17

5.75

8.80

4.87

10.12

3.63

5.64

714.32

463.67

619.15

354.04

623.99

580.65

883.68

4.87

1,011.86

3.63

5.64

Amundi Funds Euro Quant - S (C)

6.82

4.51

5.99

3.46

6.13

5.71

8.78

4.87

10.12

3.63

5.64

Amundi Funds Europe Smaller Companies - C (C)

7.18

4.47

6.05

3.76

5.72

4.80

7.70

7.64

10.33

8.83

19.68

8.83

19.68

8.83

19.68

Amundi Funds Asia Pacific Renaissance - I (C) Amundi Funds Asia Pacific Renaissance - M (C)

Amundi Funds Asian Growth - I (C) Amundi Funds Asian Growth - I7 (C) Amundi Funds Asian Growth - M (C) Amundi Funds Asian Growth - S (C) Amundi Funds Brazil - C (C) Amundi Funds Brazil - C (D) Amundi Funds Brazil - I (C) Amundi Funds Brazil - M (C) Amundi Funds Brazil - S (C) Amundi Funds Clean Planet - C (C) Amundi Funds Clean Planet - C (D) Amundi Funds Clean Planet - I (C) Amundi Funds Clean Planet - I6 (C) Amundi Funds Clean Planet - S (C)

Amundi Funds Emerging Europe - I (C) Amundi Funds Emerging Europe - M (C) Amundi Funds Emerging Europe - S (C) Amundi Funds Emerging Internal Demand - C (C) Amundi Funds Emerging Internal Demand - C (D) Amundi Funds Emerging Internal Demand - I (C) Amundi Funds Emerging Internal Demand - M (C) Amundi Funds Emerging Internal Demand - S (C)

Amundi Funds Emerging Markets - I (C) Amundi Funds Emerging Markets - I (D) Amundi Funds Emerging Markets - I7 (C) Amundi Funds Emerging Markets - M (C) Amundi Funds Emerging Markets - S (C) Amundi Funds Emerging World - C (C) Amundi Funds Emerging World - I (C) Amundi Funds Emerging World - M (C) Amundi Funds Emerging World - S (C)

Amundi Funds Euro Quant - I (C) Amundi Funds Euro Quant - M (C)

Amundi Funds Europe Smaller Companies - C (D) Amundi Funds Europe Smaller Companies - I (C) Amundi Funds Europe Smaller Companies - S (C)

7.18

4.47

6.05

3.76

5.72

4.80

7.70

7.64

10.33

935.39

573.66

780.67

482.26

729.79

610.04

975.74

968.51

1,105.42

7.06

4.42

5.97

3.72

5.68

4.78

7.67

7.62

10.33

*This sub-fund has been merged as at 16 October 2009.

265

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/10

30/06/10

30/06/09

30/06/09

30/06/08

30/06/08

30/06/07

30/06/07

30/06/06

30/06/06

30/06/05

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Amundi Funds Europe SRI - C (C)

54.28

73.61

42.30

82.21

80.14

112.29

96.15

112.88

Amundi Funds Europe SRI - I (C)

553.37

754.40

430.19

832.48

810.82

1,128.16

963.45

1,133.08

96.12

112.78

Amundi Funds Europe SRI - S (C)

53.89

72.93

42.04

81.84

79.81

112.14

Amundi Funds Gems Europe - C (C)

54.63

74.38

44.30

80.02

78.86

102.65

Amundi Funds Gems Europe - C (D)

54.57

74.29

44.27

80.00

79.00

91.40

Amundi Funds Gems Europe - I (C)

553.49

756.98

446.93

804.60

790.68

1,027.13

Amundi Funds Gems Europe - M (C)

97.63

114.37

Amundi Funds Gems Europe - S (C)

54.27

73.66

44.07

79.78

78.75

102.62

Amundi Funds Gems World - C (C)

54.87

80.13

32.00

92.07

77.42

116.40

100.00

106.91

Amundi Funds Gems World - I (C)

539.04

791.64

313.69

897.61

752.10

1,127.08

1,000.00

1,070.52

305.41

892.52

747.74

1,120.56

1,000.00

1,070.52

96.03

140.99 106.85

Amundi Funds Gems World - I (D) Amundi Funds Gems World - M (C) Amundi Funds Gems World - S (C)

52.53

76.47

30.68

88.41

74.42

112.10

100.00

Amundi Funds Gems World Hedged* - C (C)

54.16

71.19

32.49

87.38

71.20

110.61

100.00

107.82

Amundi Funds Gems World Hedged* - I (C)

551.18

725.98

329.87

882.64

716.99

1,110.18

1,000.00

1,079.56

Amundi Funds Gems World Hedged* - S (C)

53.63

70.49

32.23

86.91

70.95

110.41

100.00

107.76

Amundi Funds Global Agriculture C - (C)

57.55

82.94

37.52

99.29

89.31

105.79

Amundi Funds Global Agriculture C - (D)

63.61

91.67

Amundi Funds Global Agriculture - C2 (D)

87.70

111.22

97.25

127.63 377.58

996.20

893.61

1,060.55

Amundi Funds Global Agriculture - C3 (D) Amundi Funds Global Agriculture - I (C)

583.04

844.64

Amundi Funds Global Agriculture - I10 (C)

740.52

1,081.96

Amundi Funds Global Agriculture - M (C)

94.87

117.65

Amundi Funds Global Agriculture - S (C)

57.24

82.33

37.42

99.16

89.31

105.71

Amundi Funds Global Equities - C (C)

5.70

7.62

4.44

8.68

8.59

10.91

7.92

10.35

7.20

8.98

Amundi Funds Global Equities - C (D)

5.53

7.38

4.31

8.68

8.59

10.91

7.92

10.35

7.20

8.98

6.29

730.75

982.59

564.74

1,110.61

1,098.03

1,387.78

998.51

1,313.51

900.78

1,130

781.93

Amundi Funds Global Equities - I (C)

6.29

Amundi Funds Global Equities - S (C)

5.51

7.34

4.30

8.41

8.32

10.60

7.74

10.08

7.06

8.78

6.19

Amundi Funds Global Finance - C (C)

8.09

10.87

4.68

12.93

12.30

15.92

12.27

15.64

9.98

13.99

8.68

12.30

15.92

12.27

15.64

9.98

13.99

8.68

1,404.96

1,806.72

1,366.38

1,768.14

1,102.6

1,555.66

913.84

11.96

15.52

12.02

15.27

9.81

13.72

8.56

87.82

106.46

878.50

1,066.65

Amundi Funds Global Finance - C (D)

7.99

10.66

4.62

12.93

Amundi Funds Global Finance - C3 (C)

86.21

118.57

55.04

106.07

Amundi Funds Global Finance - I (C)

939.54

1,269.48

533.18

1,477.74

Amundi Funds Global Finance - M (C)

64.65

87.59

37.32

100.00

Amundi Funds Global Finance - S (C)

7.83

10.51

4.54

12.57

Amundi Funds Global Finance - S3 (C)

86.12

118.15

55.02

106.06

Amundi Funds Global Resources - C (C)

58.73

84.36

39.56

105.29

Amundi Funds Global Resources - C (D)

61.41

88.20

51.04

74.57

Amundi Funds Global Resources - I (C)

594.79

858.52

398.00

1,056.06

Amundi Funds Global Resources - M (C)

89.14

107.60

Amundi Funds Global Resources - S (C)

58.41

83.74

39.46

105.15

87.81

106.38

Amundi Funds Greater China - C (C)

387.91

506.23

201.16

452.63

416.35

739.34

254.03

466.09

194.41

285.27

156.92

Amundi Funds Greater China - C (D)

387.86

506.13

201.13

452.57

416.33

739.28

254.03

466.06

194.42

285.27

156.92

Amundi Funds Greater China - I (C)

401.22

524.86

215.47

483.90

442.06

786.18

267.55

494.29

203.20

300.03

162.93

Amundi Funds Greater China - I2 (D)

101.27

131.19

53.67

121.29

112.44

199.52

95.05

126.13

Amundi Funds Greater China - I4 (C)

244.60

321.19

125.68

281.85

256.16

456.08

154.12

286.19

116.39

172.64

99.63

Amundi Funds Greater China - I7 (C)

921.73

1,189.39

495.33

1,110.99

1,010.19

1,798.41

973.88

1,128.68

Amundi Funds Greater China - I9 (C)

76.51

100.54

39.27

88.03

85.79

100.00

Amundi Funds Greater China - M (C)

73.17

95.36

39.33

88.32

85.11

108.23

Amundi Funds Greater China - S (C)

20.37

26.53

10.59

23.86

22.03

39.08

13.50

24.68

10.37

15.17

8.40

110.36

165.53

62.38

154.38

132.39

249.27

91.40

159.81

84.29

122.60

Amundi Funds India - C (C) Amundi Funds India - C (D) Amundi Funds India - I (C)

91.38

137.07

51.66

127.84

109.63

206.42

75.69

132.33

69.80

101.52

1,121.66

1,701.62

638.83

1,573.66

1,348.31

2,529.91

917.44

1,615.46

845.43

1,228.82

Amundi Funds India - I2 (D)

86.71

130.27

49.04

121.73

104.43

196.11

90.93

125.44

Amundi Funds India - I4 (C)

107.89

163.38

60.71

149.15

127.71

239.00

85.97

152.17

79.18

115.03

Amundi Funds India - I7 (C)

987.64

1,004.46

Amundi Funds India - I9 (C)

68.14

103.30

38.32

94.07

80.53

100.00

Amundi Funds India - M (C)

55.20

83.32

31.11

76.64

65.66

100.00

Amundi Funds India - S (C)

108.69

162.55

61.52

152.61

130.93

247.01

91.04

158.67

84.02

122.30

47.33

70.82

25.56

66.60

58.10

101.49

Amundi Funds India Infrastructure - C (D)

92.13

116.88

Amundi Funds India Infrastructure - I (C)

469.17

704.38

258.06

669.67

583.70

1,015.73

Amundi Funds India Infrastructure - I4 (C)

62.75

94.79

33.73

87.25

76.00

106.79

Amundi Funds India Infrastructure - M (C)

84.39

127.61

Amundi Funds India Infrastructure - S (C)

47.03

70.16

25.43

66.42

57.97

101.45

Amundi Funds India Infrastructure - C (C)

* The datas date from 16 October 2009 because this sub-fund has been merged as at 16 October 2009.

266

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/05

30/06/04

30/06/04

30/06/03

30/06/03

30/06/02

30/06/02

30/06/01

30/06/01

30/06/00

30/06/00

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Amundi Funds Europe SRI - C (C) Amundi Funds Europe SRI - I (C) Amundi Funds Europe SRI - S (C) Amundi Funds Gems Europe - C (C) Amundi Funds Gems Europe - C (D) Amundi Funds Gems Europe - I (C) Amundi Funds Gems Europe - M (C) Amundi Funds Gems Europe - S (C) Amundi Funds Gems World - C (C) Amundi Funds Gems World - I (C) Amundi Funds Gems World - I (D) Amundi Funds Gems World - M (C) Amundi Funds Gems World - S (C) Amundi Funds Gems World Hedged* - C (C) Amundi Funds Gems World Hedged* - I (C) Amundi Funds Gems World Hedged* - S (C) Amundi Funds Global Agriculture C - (C) Amundi Funds Global Agriculture C - (D) Amundi Funds Global Agriculture - C2 (D) Amundi Funds Global Agriculture - C3 (D) Amundi Funds Global Agriculture - I (C) Amundi Funds Global Agriculture - I10 (C) Amundi Funds Global Agriculture - M (C) Amundi Funds Global Agriculture - S (C) Amundi Funds Global Equities - C (C)

7.52

5.84

7.10

4.91

6.41

6.24

8.33

8.08

65.21

46.31

70.09

Amundi Funds Global Equities - C (D)

7.52

5.84

7.10

4.91

6.41

6.24

8.33

8.08

65.21

46.31

70.09

938.08

721.24

880.47

604.61

786.76

763.55

1,015.19

983.15

8,251.11 65.21

Amundi Funds Global Equities - I (C) Amundi Funds Global Equities - S (C)

7.38

5.76

6.99

4.85

6.37

6.20

8.30

8.06

Amundi Funds Global Finance - C (C)

10.61

7.66

9.74

5.93

8.18

7.04

9.35

8.32

46.31

70.09

9.29

11.16

Amundi Funds Global Finance - C (D)

10.61

7.66

9.74

5.93

8.18

7.04

9.35

8.32

11.46

9.29

11.16

1,171.35

766.13

978.49

592.17

813.12

696.14

922.63

9.94

1,011.58

9.29

11.16

10.45

7.59

9.62

5.88

8.14

7.02

9.33

8.32

9.29

11.16

Amundi Funds Greater China - C (C)

201.85

109.30

197.30

88.67

112.15

88.50

120.04

104.63

Amundi Funds Greater China - C (D)

201.86

129.31

77.10

150.59

Amundi Funds Greater China - I (C)

210.42

112.77

204.27

91.37

115.68

90.28

122.27

105.99

130.64

77.28

151.48

7.77

197.30

88.67

112.15

88.50

120.04

104.63

129.31

77.10

150.59

Amundi Funds Global Finance - C3 (C) Amundi Funds Global Finance - I (C) Amundi Funds Global Finance - M (C) Amundi Funds Global Finance - S (C) Amundi Funds Global Finance - S3 (C) Amundi Funds Global Resources - C (C) Amundi Funds Global Resources - C (D) Amundi Funds Global Resources - I (C) Amundi Funds Global Resources - M (C) Amundi Funds Global Resources - S (C)

Amundi Funds Greater China - I2 (D) Amundi Funds Greater China - I4 (C)

120.30

Amundi Funds Greater China - I7 (C) Amundi Funds Greater China - I9 (C) Amundi Funds Greater China - M (C) Amundi Funds Greater China - S (C)

10.79

Amundi Funds India - C (C) Amundi Funds India - C (D) Amundi Funds India - I (C) Amundi Funds India - I2 (D) Amundi Funds India - I4 (C) Amundi Funds India - I7 (C) Amundi Funds India - I9 (C) Amundi Funds India - M (C) Amundi Funds India - S (C) Amundi Funds India Infrastructure - C (C) Amundi Funds India Infrastructure - C (D) Amundi Funds India Infrastructure - I (C) Amundi Funds India Infrastructure - I4 (C) Amundi Funds India Infrastructure - M (C) Amundi Funds India Infrastructure - S (C)

*This sub-fund has been merged as at 16 October 2009.

267

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/10

30/06/10

30/06/09

30/06/09

30/06/08

30/06/08

30/06/07

30/06/07

30/06/06

30/06/06

30/06/05

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Amundi Funds Japan Value - C (C)

5,657.00

7,254.00

Amundi Funds Japan Value - C (D )

9,475.00

12,149.00

4,493

8,366

7,192

11,611

9,482

11,873

9,856

10,260

Amundi Funds Japan Value - I (C)

57,667.00

Amundi Funds Japan Value - I2 (D)

5,097.00

74,166.00

45,561

84,472

72,434

116,334

94,772

118,629

98,559

102,577

6,506.00

4,077

7,663

6,599

10,677

9,956

10,930

Amundi Funds Japan Value - I9 (C) Amundi Funds Japan Value - S (C)

6,362.00

8,197.00

5,012

9,270

9,117

10,000

5,608.00

7,178.00

4,466

8,340

7,179

11,621

9,478

11,890

9,856

10,257

Amundi Funds Korea - C (C)

12.96

20.25

8.70

22.15

21.17

31.95

16.19

25.44

12.70

19.90

8.18

Amundi Funds Korea - C (D)

12.96

20.25

8.70

22.16

21.16

31.94

16.19

25.43

12.70

19.90

8.18

1,601.93

2,516.95

1,072.37

2,717.13

2,590.87

3,900.6

1,958

3,096.72

1,523.54

2,403.27

8.31

55.81

86.32

37.69

97.45

93.14

140.63

78.66

112.00

59.82

151.01

143.77

216.02

107.66

171.14

91.74

132.01

101.82

Amundi Funds Korea - I (C) Amundi Funds Korea - I2 (D) Amundi Funds Korea - I4 (C)

89.54

141.30

Amundi Funds Korea - I7 (C)

957.62

989.15

Amundi Funds Korea - M (C)

52.44

82.42

35.10

88.93

88.93

Amundi Funds Korea - S (C)

12.35

19.24

8.30

21.20

20.28

30.66

15.62

24.45

12.30

19.22

7.96

412.08

683.42

239.95

677.47

453.84

739.30

302.81

552.41

204.05

390.20

126.17

Amundi Funds Latin America Equities - C (C) Amundi Funds Latin America Equities - C (D)

383.02

624.29

223.03

635.28

427.41

693.25

288.35

520.23

196.15

371.56

121.21

Amundi Funds Latin America Equities - I (C)

4,018.38

6,722.75

2,342.15

6,597.23

4,390.69

7,193.25

2,906.16

5,337.97

1,943.9

3,739.79

1,191.60

Amundi Funds Latin America Equities - I7 (C)

1,056.51

1,745.93

613.66

1,725.72

1,143.53

1,880.56

984.80

1,389.13

Amundi Funds Latin America Equities - M (C)

64.94

108.35

37.82

106.51

79.70

116.13

Amundi Funds Latin America Equities - S (C)

236.21

667.78

448.88

729.05

300.80

546.73

203.56

387.90

172.95

6.16

404.52

668.83

Amundi Funds Minimum Variance Europe - C (C)

98.77

126.48

Amundi Funds Minimum Variance Europe - I (C)

986.62

1,275.36

Amundi Funds Minimum Variance Europe - M (C)

96.37

100.00

Amundi Funds Restructuring Equities - C (C)

49.92

68.16

42.40

74.34

73.88

100.67

Amundi Funds Restructuring Equities - I (C)

506.92

698.02

425.27

748.61

743.84

1,007.15

73.96

100.67

Amundi Funds Restructuring Equities - S (C) Amundi Funds Select Euro - C (C) Amundi Funds Select Euro - C (D)

49.74

67.72

42.33

74.43

100.24

131.83

83.63

110.97

837.80

1,114.19

82.48

109.52

825.11

1,099.17

96.38

126.09

Amundi Funds Select Euro - I (C)

1,007.96

1,333.93

Amundi Funds Select Euro - S(C)

106.70

139.90

Amundi Funds Select Europe - C (C)

100.73

134.90

Amundi Funds Select Europe - C (D)

97.65

130.11

1,011.28

1,363.03

112.56

150.28

Amundi Funds Switzerland - C (C)

6.38

8.66

5.11

9.31

8.77

12.44

9.07

12.56

7.51

10.27

Amundi Funds Switzerland - C (D)

6.40

8.65

5.13

9.34

8.80

12.47

9.10

12.60

7.53

10.30

6.16

1,028.04

1,403.85

821.59

1,490.16

1,400.02

1,974.86

1,430.07

1,992.93

1,175.05

1,616.49

6.52

Amundi Funds Select Europe - I (C) Amundi Funds Select Europe - S (C)

Amundi Funds Switzerland - I (C) Amundi Funds Switzerland - S (C) Amundi Funds Thaïland - C (C) Amundi Funds Thaïland - C (D)

6.16

8.34

4.94

9.03

8.52

12.11

8.87

12.24

7.37

10.05

6.07

41.24

68.52

29.83

64.78

59.10

77.71

44.83

62.64

39.11

59.79

40.91

40.57

66.53

29.35

64.21

58.55

76.98

44.40

62.06

39.10

59.21

40.91

Amundi Funds Thaïland - I (C)

1,945.33

3,249.84

1,400.77

3,032.78

2,748.98

3,635.09

2,076.21

2,910.85

1,791.24

2,755.24

1,862.20

Amundi Funds Thaïland - I7 (C)

1,000.00

1,024.74

652.95

1,373.44

1,239.50

1,645.30

1,027.54

1,311.63

Amundi Funds Thaïland - M (C)

53.84

89.98

38.76

83.92

81.55

100.59

Amundi Funds Thaïland - S (C)

7.06

11.69

5.11

11.13

10.19

13.36

7.75

10.81

6.80

10.36

7.14

Amundi Funds US Innovative Companies - C (C)

6.46

8.79

5.22

9.52

9.10

11.09

8.67

10.75

8.33

9.47

7.33

Amundi Funds US Innovative Companies - C (D)

6.46

8.79

5.22

9.52

9.10

11.09

8.67

10.75

8.33

9.47

7.33

Amundi Funds US Innovative Companies - I (C)

685.46

938.66

547.98

1,002.60

956.39

1,162.21

900.20

1,124.00

860.15

981.83

750.59

Amundi Funds US Innovative Companies - M (C)

65.14

89.20

51.96

95.25

94.65

100.25

Amundi Funds US Innovative Companies - S (C)

6.27

8.51

5.07

9.27

8.88

10.84

8.51

10.52

8.20

9.31

7.25

Amundi Funds US Opportunities - C (C)

8.02

10.75

6.22

12.13

11.32

13.79

10.44

13.22

10.08

11.57

8.94

Amundi Funds US Opportunities - C (D)

8.03

10.75

6.22

12.13

11.33

13.79

10.44

13.23

10.08

11.57

9.20

853.33

1,151.96

659.06

1,279.92

1,189.35

1,442.86

1,080.98

1,379.77

1,038.09

1,196.44

912.35

Amundi Funds US Opportunities - S (C)

7.42

9.91

5.76

11.26

10.53

12.84

9.77

12.33

9.46

10.83

8.44

Amundi Funds US Quant* - C (C)

6.15

7.62

9.24

11.30

8.98

11.17

8.77

10.58

7.83

Amundi Funds US Opportunities - I (C)

Amundi Funds US Quant* - C (D) Amundi Funds US Quant* - I (C) Amundi Funds US Quant* - S (C) Amundi Funds Asian Income - C (C) Amundi Funds Asian Income - C (D) Amundi Funds Asian Income - I (C)

6.15

7.62

5.08

9.55

9.24

11.30

8.98

11.17

8.77

10.58

7.83

745.75

925.94

614.11

1,150.16

1,109.19

1,353.13

1,065.57

1,333.74

1,034.14

1,253.47

915.70

5.93

7.34

4.90

9.24

8.95

10.98

8.76

10.86

8.58

10.33

7.71

15.40

18.02

12.55

16.19

15.73

17.07

15.29

17.11

14.95

15.60

13.37

12.68

14.00

10.32

14.16

13.76

15.53

14.69

15.72

14.41

15.23

13.59

1,592.06

1,871.62

1,292.62

1,666.42

1,618.32

1,751.28

1,558.92

1,751.11

1,518.45

1,588.32

1,351.65

94.35

102.80

99.81

100.21

14.04

16.39

11.45

14.78

14.37

15.61

14.01

15.66

13.73

14.31

12.30

Amundi Funds Asian Income - M (C) Amundi Funds Asian Income - S (C)

* The datas date from 16 October 2009 because this sub-fund has been merged as at 16 October 2009.

268

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/05

30/06/04

30/06/04

30/06/03

30/06/03

30/06/02

30/06/02

30/06/01

30/06/01

30/06/00

30/06/00

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Amundi Funds Japan Value - C (C) Amundi Funds Japan Value - C (D ) Amundi Funds Japan Value - I (C) Amundi Funds Japan Value - I2 (D) Amundi Funds Japan Value - I8 (C) Amundi Funds Japan Value - I9 (C) Amundi Funds Japan Value - S (C) Amundi Funds Korea - C (C)

13.23

Amundi Funds Korea - C (D)

13.23

Amundi Funds Korea - I (C)

1,583.57

7.23

10.40

6.36

9.18

4.81

10.08

4.55

10.00

8.10

14.87

7.23

10.40

6.36

9.18

4.81

10.08

4.55

10.00

8.10

14.87

Amundi Funds Korea - I2 (D) Amundi Funds Korea - I4 (C) Amundi Funds Korea - I7 (C) Amundi Funds Korea - M (C) Amundi Funds Korea - S (C) Amundi Funds Latin America Equities - C (C) Amundi Funds Latin America Equities - C (D) Amundi Funds Latin America Equities - I (C)

12.83

7.23

10.40

6.36

9.18

4.81

10.08

4.55

10.00

8.10

14.87

209.90

92.09

145.23

62.75

94.74

75.76

648.86

569.45

770.88

475.55

824.51

461.39

624.14

385.38

668.13

199.75

89.54

139.49

61.01

92.12

73.66

525.73

1,994.66

862.16

1,368.50

582.76

885.80

746.01

1,014.38

Amundi Funds Latin America Equities - I7 (C) Amundi Funds Latin America Equities - M (C) Amundi Funds Latin America Equities - S (C)

209.68

Amundi Funds Minimum Variance Europe - C (C) Amundi Funds Minimum Variance Europe - I (C) Amundi Funds Minimum Variance Europe - M (C) Amundi Funds Restructuring Equities - C (C) Amundi Funds Restructuring Equities - I (C) Amundi Funds Restructuring Equities - S (C) Amundi Funds Select Euro - C (C) Amundi Funds Select Euro - C (D) Amundi Funds Select Euro - I (C) Amundi Funds Select Euro - S(C) Amundi Funds Select Europe - C (C) Amundi Funds Select Europe - C (D) Amundi Funds Select Europe - I (C) Amundi Funds Select Europe - S (C) Amundi Funds Switzerland - C (C)

7.58

5.45

7.08

4.28

7.34

6.40

9.03

8.01

10.15

7.96

9.44

Amundi Funds Switzerland - C (D)

7.60

5.45

7.08

4.28

7.34

6.40

9.03

8.01

10.15

7.96

9.44

1,184.71

5.45

7.08

5.08

913.62

7.96

1,019.69

8.01

10.15

7.96

9.44

7.44

5.39

6.98

4.24

7.28

6.38

9.00

8.01

10.15

7.96

9.44

15.13

24.38

8.54

21.82

8.28

11.49

10.37

21.63

Amundi Funds Switzerland - I (C) Amundi Funds Switzerland - S (C) Amundi Funds Thaïland - C (C)

52.50

24.05

67.84

Amundi Funds Thaïland - C (D)

52.49

43.37

57.37

2,397.32

1,087.88

3,075.29

998.67

1,101.28

Amundi Funds Thaïland - I (C) Amundi Funds Thaïland - I7 (C) Amundi Funds Thaïland - M (C) Amundi Funds Thaïland - S (C)

9.14

7.58

67.84

15.13

24.38

8.54

21.82

8.28

11.49

10.37

21.63

Amundi Funds US Innovative Companies - C (C)

8.63

7.00

8.17

5.98

7.34

7.23

9.15

7.13

10.22

6.15

8.65

Amundi Funds US Innovative Companies - C (D)

8.63

7.00

8.17

5.98

7.34

7.23

9.15

7.13

10.22

6.15

8.65

886.97

712.12

835.02

606.80

742.80

727.33

918.91

7.13

1,021.92

6.15

8.65

8.52

6.95

8.10

5.95

7.33

7.22

9.17

7.13

10.22

6.15

8.65

10.44

8.16

9.72

6.76

8.74

8.46

10.50

9.99

34.11

1,069.7

828.16

991.20

682.74

881.25

848.24

1,051.69

34.11

1,122.67

Amundi Funds US Opportunities - S (C)

9.86

7.73

9.17

6.42

8.30

8.17

10.50

9.99

11.22

Amundi Funds US Quant* - C (C)

9.60

7.45

9.48

5.83

7.68

7.28

9.09

3.03

10.59

2.60

5.54

Amundi Funds US Quant* - C (D)

9.60

7.45

9.48

5.83

7.68

7.28

9.09

3.03

10.59

2.60

5.54

1,130.24

860.20

1,105.73

669.86

885.96

831.53

1,036.10

968.11

1,123.28

Amundi Funds US Innovative Companies - I (C) Amundi Funds US Innovative Companies - M (C) Amundi Funds US Innovative Companies - S (C) Amundi Funds US Opportunities - C (C) Amundi Funds US Opportunities - C (D) Amundi Funds US Opportunities - I (C)

Amundi Funds US Quant* - I (C) Amundi Funds US Quant* - S (C) Amundi Funds Asian Income - C (C) Amundi Funds Asian Income - C (D) Amundi Funds Asian Income - I (C)

10.44

9.41

7.37

9.34

5.78

7.60

7.26

9.06

3.03

10.60

2.60

5.54

15.07

12.70

13.89

11.31

13.46

10.15

11.39

9.99

1,716.43

10.87

1,554.57

1,529.52

1,280.67

1,403.52

1,136.07

1,356.10

1,016.30

1,144.20

999.21

1,592.69

13.84

11.69

12.79

10.34

12.39

9.95

10.96

9.99

1,716.43

10.87

1,554.57

15.09

Amundi Funds Asian Income - M (C) Amundi Funds Asian Income - S (C)

*This sub-fund has been merged as at 16 October 2009.

269

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/10

30/06/10

30/06/09

30/06/09

30/06/08

30/06/08

30/06/07

30/06/07

30/06/06

30/06/06

30/06/05

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Amundi Funds Emerging Markets Debt - C (C)

19.49

24.82

11.57

19.88

18.88

20.56

18.17

20.61

16.87

18.82

14.10

Amundi Funds Emerging Markets Debt - C (D)

13.19

15.46

7.82

14.53

13.97

15.10

13.73

15.25

13.41

14.46

11.84

Amundi Funds Emerging Markets Debt - I (C)

1,368.83

1,744.82

825.73

1,413.42

1,325.27

1,455.52

1,260.3

1,442.94

1,157.47

1,302.64

14.10

Amundi Funds Emerging Markets Debt - M(C)

103.73

131.13

Amundi Funds Emerging Markets Debt - S (C)

19.09

24.27

11.34

19.51

18.56

20.19

17.90

20.27

16.66

18.55

13.95

Amundi Funds Euro Bond - C (C)

13.80

14.82

12.45

13.79

12.43

13.11

12.41

12.84

12.42

13.05

12.44

Amundi Funds Euro Bond - C (D)

10.87

11.41

9.91

10.87

10.14

10.70

10.13

10.72

10.43

11.40

10.88

1,397.29

1,501.70

1,259.43

1,396.89

1,250.29

1,323.04

1,243.00

1,288.26

1,242.79

1,302.46

1,111.47

88.92

95.51

94.23

103.29

101.27

Amundi Funds Euro Bond - I (C) Amundi Funds Euro Bond - I2 (D)

85.48

90.86

82.00

87.27

83.87

90.22

Amundi Funds Euro Bond - M (C)

108.78

117.33

97.62

108.73

97.53

103.55

Amundi Funds Euro Bond - S (C)

13.54

14.52

12.24

13.54

12.23

12.90

12.24

12.67

12.26

12.90

12.32

Amundi Funds Euro Corporate Bond - C (C)

13.01

15.42

11.09

12.99

12.66

13.43

13.11

13.53

13.10

13.64

12.46

Amundi Funds Euro Corporate Bond - C (D)

9.76

11.13

8.32

10.13

9.92

10.80

10.73

11.27

11.00

11.79

11.05

Amundi Funds Euro Corporate Bond - I (C)

1,301.69

1,532.73

1,111.18

1,300.00

1,263.65

1,337.10

1,294.99

1,341.10

1,293.93

1,342.89

1,220.76

Amundi Funds Euro Corporate Bond - I (D)

1,033.49

1,212.47 96.58

102.41

101.23

109.71

106.06

Amundi Funds Euro Corporate Bond - I2 (D)

83.29

93.70

72.37

87.99

87.15

97.07

Amundi Funds Euro Corporate Bond - M (C)

101.14

119.20

83.91

101.01

95.43

100.10

Amundi Funds Euro Corporate Bond - S (C)

12.78

15.13

10.91

12.76

12.47

13.23

13.36

12.95

13.50

12.36

Amundi Funds Euro High Yield Bond - C (C)

10.58

14.86

7.80

11.45

11.35

13.41

12.45

13.61

11.69

12.61

10.79

Amundi Funds Euro High Yield Bond - C (D)

8.44

11.10

6.22

9.75

9.67

12.00

11.43

12.18

11.34

12.12

10.98

1,143.87

1,665.14

839.11

1,220.32

1,205.83

1,412.45

1,296.66

1,431.65

1,205.12

1,311.65

1,102.31

51.53

80.72

80.72

101.86

100.24

104.25

100.04

103.18

95.92

Amundi Funds Euro High Yield Bond - I (C) Amundi Funds Euro High Yield Bond - I2 (D)

65.80

86.46

Amundi Funds Euro High Yield Bond - M (C)

100.00

114.83

Amundi Funds Euro High Yield Bond - S (C) Amundi Funds Euro Inflation Bond - C (C) Amundi Funds Euro Inflation Bond - C (D)

10.31

14.46

7.61

11.18

11.09

13.12

12.20

13.31

11.48

12.36

10.63

124.37

132.60

111.97

125.16

110.92

120.82

110.47

116.62

111.85

119.84

105.71

121.44

128.35

109.34

122.22

109.74

118.52

109.30

116.01

111.81

119.81

107.35

1,282.70

1,372.82

1,151.07

1,289.42

1,132.21

1,237.69

1,127.31

1,186.85

1,135.28

1,213.38

1,064.27

Amundi Funds Euro Inflation Bond - M (C)

105.26

112.73

94.52

105.82

97.88

100.20

Amundi Funds Euro Inflation Bond - S (C)

123.24

131.18

111.11

124.07

110.33

120.03

109.90

116.14

111.53

119.63

110.85

Amundi Funds Euro Select Bond - C (C)

111.35

112.38

107.96

111.36

105.16

107.96

102.94

105.13

101.94

102.96

99.80

Amundi Funds Euro Select Bond - C (D)

100.68

105.28

102.17

106.45

102.97

105.62

100.88

102.94

99.97

1912.22

1,146.30

1,180.31

1,105.93

1,146.37

1,072.08

1,105.93

1,044.26

1,071.63

1,024.18

1,044.37

99.91

100.01

Amundi Funds Euro Inflation Bond - I (C)

Amundi Funds Euro Select Bond - I (C) Amundi Funds Euro Select Bond - M (C) Amundi Funds Euro Select Bond - S (C) Amundi Funds European Bond - C (C) Amundi Funds European Bond - C (D)

998.49

10.86

10.95

10.55

10.86

10.30

10.55

10.10

10.29

10.02

10.10

9.99

129.97

144.79

108.04

130.18

120.23

130.19

121.62

126.46

119.73

124.03

109.10

104.70

111.74

87.03

107.39

101.76

112.06

107.43

110.59

107.55

111.74

101.13

1,261.29

1,389.32

1,062.97

1,263.33

1,181.17

1,276.81

1,184.65

1,236.97

1,161.27

1,205.53

1,054.29

Amundi Funds European Bond - M (C)

99.32

109.56

83.93

99.47

93.27

100.84

Amundi Funds European Bond - S (C)

128.76

143.23

107.18

128.97

119.34

129.38

121.22

125.77

119.55

123.72

115.56

Amundi Funds Global Aggregate - C (C)

125.19

161.42

98.62

125.14

98.78

101.22

991.62

1,231.88

991.08

1,013.86

14.81

Amundi Funds European Bond - I (C)

Amundi Funds Global Aggregate - C (D)

99.86

101.58

1,232.23

1,525.13

Amundi Funds Global Aggregate - M (C)

98.04

100.15

Amundi Funds Global Aggregate - S (C)

Amundi Funds Global Aggregate - I (C)

124.52

160.27

98.36

124.48

98.60

101.13

Amundi Funds Global Bond - C (C)

20.33

23.88

17.12

20.35

17.29

19.58

16.55

17.62

15.97

16.85

Amundi Funds Global Bond - C (D)

15.51

17.54

13.06

15.53

14.09

15.55

13.73

14.36

13.25

14.07

12.75

Amundi Funds Global Bond - I (C)

2,026.96

2,345.85

1,736.30

2,033.19

1,743.07

1,981.07

1,661.31

1,774.64

1,598.74

1,691.41

1,474.75

Amundi Funds Global Bond - I (D)

1,880.51

2,126.23

1,607.97

1,882.79

1,740.07

1,919.37

1,661.30

1,773.09

1,649.60

1,672.26

Amundi Funds Global Bond - I5 (D)

947.72

1,138.82

810.46

962.43

816.79

942.98

917.20

980.34

944.79

1,017.66

Amundi Funds Global Bond - M (C)

110.32

127.86

94.25

110.44

99.42

107.55

Amundi Funds Global Bond - S (C)

19.98

23.44

16.84

20.00

17.05

19.28

16.36

17.39

15.80

16.66

14.69

Amundi Funds Global Convertible Bond - C (C)

9.26

10.70

8.11

10.22

10.07

12.21

10.24

12.12

9.32

10.71

8.79

Amundi Funds Global Convertible Bond - C (D)

9.13

10.47

7.99

10.13

9.98

12.15

10.21

12.06

9.30

10.68

8.77

1,088.10

1,263.93

947.85

1,192.78

1,173.49

1,412.51

1,176.60

1,401.97

1,062.48

1,229.39

996.04

Amundi Funds Global Convertible Bond - M (C)

91.87

106.71

79.90

100.54

Amundi Funds Global Convertible Bond - S (C)

9.99

11.53

8.76

11.04

10.88

13.22

11.11

13.13

10.13

11.63

9.58

101.29

120.00

82.76

101.19

96.94

101.20

10.44

11.02

10.62

Amundi Funds Global Convertible Bond - I (C)

Amundi Funds Global Corporate Bond - C (C) Amundi Funds Global Corporate Bond - C (D) Amundi Funds Global Corporate Bond - I (C) Amundi Funds Global Corporate Bond - S (C) Amundi Funds Global Inflation Bond - C (C)

100.00

109.67

1,016.56

1,199.74

833.85

1,015.76

972.65

1,013.26

100.84

119.28

82.46

100.75

96.76

101.14

99.96

105.43

Amundi Funds Global Inflation Bond - C (D)

98.43

101.82

Amundi Funds Global Inflation Bond - I (C)

999.77

1,059.79

Amundi Funds Global Inflation Bond - S (C)

99.95

105.26

Amundi Funds LDI Gilt PLus (GBP) - I (C)

1,059.11

1,276.58

863.53

1,110.11

973.52

1,081.08

978.03

1,031.37

Amundi Funds LDI Index Linked Plus (GBP) - I (C)

1,081.36

1,278.91

905.28

1,135.42

10.00

10.35

10.21

10.59

270

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/05

30/06/04

30/06/04

30/06/03

30/06/03

30/06/02

30/06/02

30/06/01

30/06/01

30/06/00

30/06/00

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Amundi Funds Emerging Markets Debt - C (C)

16.87

13.44

Amundi Funds Emerging Markets Debt - C (D)

13.55

11.61

1,157.47

13.44

Amundi Funds Emerging Markets Debt - I (C)

14.62 14.62

9.71

14.27

9.84

11.04

9.99

165.17

134.91

153.84

9.08

12.66

9.45

10.60

9.99

91.11

79.73

88.96

12.27

1,151.07

925.90

1,006.98

Amundi Funds Emerging Markets Debt - M(C) Amundi Funds Emerging Markets Debt - S (C)

16.66

13.35

14.47

9.67

14.17

9.84

11.00

9.99

165.17

134.91

153.84

Amundi Funds Euro Bond - C (C)

121.82

110.87

116.37

101.16

114.73

99.04

223.39

197.85

213.89

194.82

201.82

Amundi Funds Euro Bond - C (D)

113.38

106.32

113.09

104.21

114.73

194.82

201.82

Amundi Funds Euro Bond - I (C)

1,286.89

1,069.78

1,125.6

1,000.00

1,105.97

Amundi Funds Euro Bond - I2 (D)

1,181.68

1,069.78

1,125.6

1,000.00

1,105.97

Amundi Funds Euro Bond - M (C) Amundi Funds Euro Bond - S (C)

121.82

110.87

116.37

101.16

114.73

99.04

223.39

197.85

213.89

Amundi Funds Euro Corporate Bond - C (C)

13.50

11.95

12.61

10.70

12.25

10.39

10.90

1.97

10.45

Amundi Funds Euro Corporate Bond - C (D)

11.68

10.86

11.38

10.10

11.36

10.13

10.65

1.97

10.45

1,328.11

1,167.78

1,234.88

1,040.98

1,195.88

1,007.69

1,058.74

1.97

1,013.56

109.83

105.40

109.03

100.00

108.89

Amundi Funds Euro Corporate Bond - S (C)

13.37

11.88

12.52

10.66

12.18

10.37

10.88

1.97

10.44

Amundi Funds Euro High Yield Bond - C (C)

12.06

9.69

10.91

8.17

9.82

8.50

10.00

9.92

10.16

1,239.52

981.93

1,111.88

825.88

993.78

863.05

1,003.14

991.39

1,018.23

105.58

97.51

101.09 8.50

10.00

9.92

10.15

122.18

Amundi Funds Euro Corporate Bond - I (C)

2.00 1.93

2.00 2.00

Amundi Funds Euro Corporate Bond - I (D) Amundi Funds Euro Corporate Bond - I2 (D) Amundi Funds Euro Corporate Bond - M (C)

Amundi Funds Euro High Yield Bond - C (D) Amundi Funds Euro High Yield Bond - I (C) Amundi Funds Euro High Yield Bond - I2 (D)

1.93

2.00

130.66

115.43

123.21

12.06

Amundi Funds Euro High Yield Bond - M (C) Amundi Funds Euro High Yield Bond - S (C) Amundi Funds Euro Inflation Bond - C (C) Amundi Funds Euro Inflation Bond - C (D) Amundi Funds Euro Inflation Bond - I (C)

11.85

9.56

10.74

8.10

9.68

117.93

99.15

106.69

97.49

103.09

994.26

1,072.82

975.74

1,032.56

117.90 1,192.46

Amundi Funds Euro Inflation Bond - M (C) Amundi Funds Euro Inflation Bond - S (C)

117.80

Amundi Funds Euro Select Bond - C (C)

102.01

Amundi Funds Euro Select Bond - C (D) Amundi Funds Euro Select Bond - I (C)

1,024.66

Amundi Funds Euro Select Bond - M (C) Amundi Funds Euro Select Bond - S (C)

10.04

Amundi Funds European Bond - C (C)

120.80

106.83

111.16

100.31

112.42

98.91

137.62

Amundi Funds European Bond - C (D)

109.85

102.90

109.15

100.29

111.30

98.90

101.05

1,171.29

1,029.76

1,072.95

996.64

1,081.62

Amundi Funds European Bond - I (C) Amundi Funds European Bond - M (C) Amundi Funds European Bond - S (C)

120.63

Amundi Funds Global Aggregate - C (C) Amundi Funds Global Aggregate - C (D) Amundi Funds Global Aggregate - I (C) Amundi Funds Global Aggregate - M (C) Amundi Funds Global Aggregate - S (C) Amundi Funds Global Bond - C (C)

16.96

13.21

15.68

11.50

14.50

9.92

11.67

3.13

10.54

3.13

3.49

Amundi Funds Global Bond - C (D)

14.29

11.75

13.59

10.50

12.90

9.41

10.77

3.13

10.54

3.13

3.49

1,692.94

1,311.31

1,559.06

1,137.01

1,438.43

977.22

1,153.32

3.13

1,006.29

3.13

3.49

Amundi Funds Global Bond - I (C) Amundi Funds Global Bond - I (D) Amundi Funds Global Bond - I5 (D) Amundi Funds Global Bond - M (C) Amundi Funds Global Bond - S (C)

16.82

13.13

15.57

11.46

14.42

9.91

11.63

3.13

10.54

3.13

3.49

Amundi Funds Global Convertible Bond - C (C)

9.33

8.65

9.28

8.06

8.73

8.43

9.71

1.89

10.10

1.94

2.04

Amundi Funds Global Convertible Bond - C (D)

9.31

8.63

9.25

8.04

8.70

8.43

9.71

9.61

9.94

1,063.31

8.65

1,048.76

8.06

8.73

8.43

978.50

1.89

1,001.13

1.94

2.04

10.14

9.44

10.11

8.81

9.53

8.61

10.34

1.89

10.10

1.94

2.04

11.00

10.57

10.95

10.29

10.99

10.06

10.36

3.69

10.27

3.66

3.79

Amundi Funds Global Convertible Bond - I (C) Amundi Funds Global Convertible Bond - M (C) Amundi Funds Global Convertible Bond - S (C) Amundi Funds Global Corporate Bond - C (C) Amundi Funds Global Corporate Bond - C (D) Amundi Funds Global Corporate Bond - I (C) Amundi Funds Global Corporate Bond - S (C) Amundi Funds Global Inflation Bond - C (C) Amundi Funds Global Inflation Bond - C (D) Amundi Funds Global Inflation Bond - I (C) Amundi Funds Global Inflation Bond - S (C) Amundi Funds LDI Gilt Plus (GBP) - I (C) Amundi Funds LDI Index Linked Plus (GBP) - I (C)

271

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/10

30/06/10

30/06/09

30/06/09

30/06/08

30/06/08

30/06/07

30/06/07

30/06/06

30/06/06

30/06/05

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Amundi Funds Swiss Franc Bond* - C (C)

12.08

12.29

11.41

12.10

1,032.49

1,063.95

1,028.05

1,046.26

1,025.46

1,056.48

11.12

Amundi Funds Swiss Franc Bond* - C (D)

10.17

10.43

9.69

10.27

11.26

11.56

11.28

11.46

11.27

11.67

11.05

1,103.07

1,122.17

1,038.69

1,104.13

1,032.49

1,063.95

1,028.05

1,046.26

1,025.46

1,056.48

11.12

11.88

12.07

11.23

11.89

57.52

101.55

100.32

Amundi Funds Swiss Franc Bond* - I (C) Amundi Funds Swiss Franc Bond* - S (C ) Amundi Funds Index Euro - C (C)

74.09

99.76

Amundi Funds Index Euro - C (D)

97.40

130.47

Amundi Funds Index Euro - I (C)

742.06

1,000.62

575.71

1,015.55

Amundi Funds Index Euro - I (D)

742.06

974.01

575.71

1,015.55

Amundi Funds Index Euro - M (C)

96.05

113.33

Amundi Funds Index Europe - C (C)

74.62

103.65

58.75

100.00

Amundi Funds Index Europe - C (D)

98.16

120.14

Amundi Funds Index Europe - I (C)

747.34

1,039.61

587.97

1,000.00

Amundi Funds Index Europe - I (D)

747.35

1,013.55

587.98

1,000.00

Amundi Funds Index Europe - M (C)

110.43

153.56

86.89

120.15

Amundi Funds Index Global Bond (EUR) Hedged - C (C)

105.41

112.01

100.14

106.94

1,001.62

1,070.06

66.15

102.09

Amundi Funds Index Global Bond (EUR) Hedged - C (D) Amundi Funds Index Global Bond (EUR) Hedged - I (C) Amundi Funds Index Global Bond (EUR) Hedged - M (C)

100.03

105.78

1,055.96

1,120.46

100.12

106.19

Amundi Funds Index North America - C (C)

78.63

116.91

Amundi Funds Index North America - C (D)

99.69

133.81

Amundi Funds Index North America - C5 (C)

93.29

109.89

Amundi Funds Index North America - I (C)

787.46

1,172.74

662.07

1,020.97

Amundi Funds Index North America - I (D)

787.46

1,156.69

662.07

1,020.97

Amundi Funds Index North America - M (C)

92.10

137.10 85.26

111.44

Amundi Funds Index Pacific - C (C)

104.55

140.75

Amundi Funds Index Pacific - C (D)

95.95

121.64

Amundi Funds Index Pacific - I (C)

1,046.46

1,410.15

852.93

1,115.34

Amundi Funds Index Pacific - I (D)

1,046.45

1,395.45

852.92

1,115.33

100.00

123.50

Amundi Funds Index Pacific - M (C) Amundi Funds Multi Asset Protected - C (C)

97.01

105.96

Amundi Funds Arbitrage Inflation - C (C)

106.89

108.77

104.80

108.31

100.93

105.27

99.76

100.94

99.10

Amundi Funds Arbitrage Inflation - H (C)

107.66

109.76

106.05

109.39

102.18

106.73

100.00

102.17

99.30

100.54

1,088.25

1,105.38

1,057.24

1,096.64

1,014.41

1,062.55

1,000.81

1,014.38

990.58

1,004.60

Amundi Funds Arbitrage Inflation - M (C)

104.03

105.74

101.20

104.95

99.40

101.76

Amundi Funds Arbitrage Inflation - S (C)

105.99

107.94

104.15

107.54

100.58

104.75

99.50

100.59

99.06

100.14

Amundi Funds Arbitrage VaR 2 EUR - C (C)

109.73

118.02

96.81

110.14

105.21

108.05

102.91

107.09

100.24

103.14

Amundi Funds Arbitrage VaR 2 EUR - C (D)

98.86

103.27

87.46

103.62

98.97

103.40

100.07

103.55

99.78

100.33

Amundi Funds Arbitrage Inflation - I (C)

Amundi Funds Arbitrage VaR 2 EUR - H (C)

99.94

107.31

115.11

95.63

108.85

104.21

106.85

102.38

106.20

100.10

102.70

1,114.99

1,199.36

981.71

1,116.14

1,062.78

1,094.05

1,033.33

1,078.38

1,003.40

1,035.61

Amundi Funds Arbitrage VaR 2 EUR - M (C)

103.64

111.57

91.43

103.79

99.38

101.97

Amundi Funds Arbitrage VaR 2 EUR - S (C)

109.13

117.12

96.48

109.77

104.93

107.72

102.79

106.84

100.23

103.07

99.92

Amundi Funds Arbitrage VaR 2 GBP - C (C)

115.49

118.25

107.43

117.35

111.40

114.87

105.76

112.16

100.84

105.95

99.94

103.65

Amundi Funds Arbitrage VaR 2 EUR - I (C)

999.49

Amundi Funds Arbitrage VaR 2 GBP - C (D)

96.89

100.69

92.90

106.27

100.97

103.97

100.13

Amundi Funds Arbitrage VaR 2 GBP - H (C)

115.33

118.05

106.99

116.71

110.41

114.13

104.43

111.07

100.14

104.60

Amundi Funds Arbitrage VaR 2 GBP - I (C)

1,144.12

1,210.07

1,090.28

1,190.21

1,125

1,164.03

1,063.27

1,131.25

1,009.02

1,065.06

Amundi Funds Arbitrage VaR 2 GBP - I (D)

978.09

1,016.69

935.41

1,075.62

1,018.19

1,064.58

1,001.05

1,062.96

1,000

1,000

Amundi Funds Arbitrage VaR 2 GBP - S (C)

114.74

117.48

107.04

117.00

111.16

114.49

105.68

111.95

100.82

105.87

99.94

Amundi Funds Arbitrage VaR 2 USD - C (C)

117.08

122.43

107.09

117.11

110.55

113.15

105.46

111.74

100.36

105.62

99.91

Amundi Funds Arbitrage VaR 2 USD - C (D)

101.41

104.87

92.80

103.75

99.89

103.80

99.92

103.75

Amundi Funds Arbitrage VaR 2 USD - H (C)

999.43

131.80

137.42

120.90

131.84

109.29

127.70

104.84

110.72

100.00

105.00

1,192.37

1,248.57

1,087.85

1,192.69

1,119.94

1,146.73

1,061.27

1,128.35

1,005.13

1,062.84

999.23

Amundi Funds Arbitrage VaR 2 USD - S (C)

116.69

121.88

106.84

116.72

110.35

112.95

105.50

111.66

100.40

105.66

99.91

Amundi Funds Arbitrage VaR Short Term - I (C)

999.66

1,005.31

Amundi Funds Dynarbitrage Forex - C (C)

104.79

110.22

100.71

106.65

98.76

104.22

99.10

104.65

98.38

101.89

Amundi Funds Dynarbitrage Forex - C (D)

98.74

104.51

Amundi Funds Arbitrage VaR 2 USD - I (C)

Amundi Funds Dynarbitrage Forex - H (C)

104.56

110.02

99.27

106.68

98.72

104.08

98.72

103.85

98.03

101.56

1,046.68

1,105.95

1,022.74

1,081.14

1,002.32

1,060.05

995.24

1,053

987.67

1,020.5

Amundi Funds Dynarbitrage Forex - M (C)

102.21

107.44

96.37

103.89

96.10

100.64

Amundi Funds Dynarbitrage Forex - S (C)

105.29

110.73

99.81

107.34

99.00

104.45

99.00

104.38

98.30

101.75

98.22

100.34

97.84

106.71

100.09

105.23

99.98

105.17 1,054.20

Amundi Funds Dynarbitrage Forex - I (C)

Amundi Funds Dynarbitrage Forex (USD)** - C (C) Amundi Funds Dynarbitrage Forex (USD)** - C (D) Amundi Funds Dynarbitrage Forex (USD)** - I (C) Amundi Funds Dynarbitrage Forex (USD)** - S (C) Amundi Funds Dynarbitrage Forex Asia Pacific - C (C) Amundi Funds Dynarbitrage Forex Asia Pacific - C (D)

97.55

99.65

1,005.00

1,021.38

992.75

1,080.23

1,008.52

1,062.24

999.94

97.56

99.72

97.32

106.68

100.00

105.10

99.98

105.15

121.20

124.84

116.98

123.92

108.21

117.83

99.94

109.48

1,180.66

1,256.39

1,085.55

1,188.61

999.50

1,098.00

116.94

124.55

108.09

118.16

99.94

109.37

99.59

100.03

1,231.81

1,272.36

Amundi Funds Dynarbitrage Forex Asia Pacific - M (C)

100.00

100.79

Amundi Funds Dynarbitrage Forex Asia Pacific - S (C)

121.42

125.02

Amundi Funds Dynarbitrage Forex Asia Pacific - I (C)

* The datas date from 16 October 2009 because this sub-fund has been merged as at 16 October 2009. ** The datas date from 5 February 2010 because this sub-fund has been liquidated as at 5 February 2010.

272

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/05

30/06/04

30/06/04

30/06/03

30/06/03

30/06/02

30/06/02

30/06/01

30/06/01

30/06/00

30/06/00

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Amundi Funds Swiss Franc Bond* - C (C)

1,054.05

11.10

Amundi Funds Swiss Franc Bond* - C (D)

11.65

10.84

11.36

1,054.05

11.10

11.43

Amundi Funds Swiss Franc Bond* - I (C)

11.43 10.53

11.22

10.21

10.55

10.00

10.25

3.66

3.79

Amundi Funds Swiss Franc Bond* - S (C ) Amundi Funds Index Euro - C (C) Amundi Funds Index Euro - C (D) Amundi Funds Index Euro - I (C) Amundi Funds Index Euro - I (D) Amundi Funds Index Euro - M (C) Amundi Funds Index Europe - C (C) Amundi Funds Index Europe - C (D) Amundi Funds Index Europe - I (C) Amundi Funds Index Europe - I (D) Amundi Funds Index Europe - M (C) Amundi Funds Index Global Bond (EUR) Hedged - C (C) Amundi Funds Index Global Bond (EUR) Hedged - C (D) Amundi Funds Index Global Bond (EUR) Hedged - I (C) Amundi Funds Index Global Bond (EUR) Hedged - M (C) Amundi Funds Index North America - C (C) Amundi Funds Index North America - C (D) Amundi Funds Index North America - C5 (C) Amundi Funds Index North America - I (C) Amundi Funds Index North America - I (D) Amundi Funds Index North America - M (C) Amundi Funds Index Pacific - C (C) Amundi Funds Index Pacific - C (D) Amundi Funds Index Pacific - I (C) Amundi Funds Index Pacific - I (D) Amundi Funds Index Pacific - M (C) Amundi Funds Multi Asset Protected - C (C) Amundi Funds Arbitrage Inflation - C (C) Amundi Funds Arbitrage Inflation - H (C) Amundi Funds Arbitrage Inflation - I (C) Amundi Funds Arbitrage Inflation - M (C) Amundi Funds Arbitrage Inflation - S (C) Amundi Funds Arbitrage VaR 2 EUR - C (C)

100.32

Amundi Funds Arbitrage VaR 2 EUR - C (D) Amundi Funds Arbitrage VaR 2 EUR - H (C) Amundi Funds Arbitrage VaR 2 EUR - I (C)

1,004.55

Amundi Funds Arbitrage VaR 2 EUR - M (C) Amundi Funds Arbitrage VaR 2 EUR - S (C)

100.36

Amundi Funds Arbitrage VaR 2 GBP - C (C)

100.88

Amundi Funds Arbitrage VaR 2 GBP - C (D) Amundi Funds Arbitrage VaR 2 GBP - H (C) Amundi Funds Arbitrage VaR 2 GBP - I (C)

1,009.38

Amundi Funds Arbitrage VaR 2 GBP - I (D) Amundi Funds Arbitrage VaR 2 GBP - S (C)

100.83

Amundi Funds Arbitrage VaR 2 USD - C (C)

100.45

Amundi Funds Arbitrage VaR 2 USD - C (D) Amundi Funds Arbitrage VaR 2 USD - H (C) Amundi Funds Arbitrage VaR 2 USD - I (C) Amundi Funds Arbitrage VaR 2 USD - S (C)

1,005.98 100.49

Amundi Funds Arbitrage VaR Short Term - I (C) Amundi Funds Dynarbitrage Forex - C (C) Amundi Funds Dynarbitrage Forex - C (D) Amundi Funds Dynarbitrage Forex - H (C) Amundi Funds Dynarbitrage Forex - I (C) Amundi Funds Dynarbitrage Forex - M (C) Amundi Funds Dynarbitrage Forex - S (C) Amundi Funds Dynarbitrage Forex (USD)** - C (C) Amundi Funds Dynarbitrage Forex (USD)** - C (D) Amundi Funds Dynarbitrage Forex (USD)** - I (C) Amundi Funds Dynarbitrage Forex (USD)** - S (C) Amundi Funds Dynarbitrage Forex Asia Pacific - C (C) Amundi Funds Dynarbitrage Forex Asia Pacific - C (D) Amundi Funds Dynarbitrage Forex Asia Pacific - I (C) Amundi Funds Dynarbitrage Forex Asia Pacific - M (C) Amundi Funds Dynarbitrage Forex Asia Pacific - S (C)

*This sub-fund has been merged as at 16 October 2009. **This sub-fund has been liquidated as at 5 February 2010.

273

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/10

30/06/10

30/06/09

30/06/09

30/06/08

30/06/08

30/06/07

30/06/07

30/06/06

30/06/06

30/06/05

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Amundi Funds Dynarbitrage High Yield - C (C)

94.22

101.46

Amundi Funds Dynarbitrage High Yield - C (D)

99.21

100.83

82.69

97.07

96.63

102.73

99.90

102.67

Amundi Funds Dynarbitrage High Yield - H (C)

95.44

102.38

82.17

96.64

96.35

102.55

99.90

102.62

Amundi Funds Dynarbitrage High Yield - I (C)

975.56

1,052.13

835.72

979.14

972.08

1,030.92

999.13

1,029.55

Amundi Funds Dynarbitrage High Yield - M (C)

96.83

107.02

82.97

97.24

96.65

100.31

Amundi Funds Dynarbitrage High Yield - S (C)

95.80

103.09

82.47

96.86

96.46

102.62

99.90

102.66

Amundi Funds Dynarbitrage VaR 4 (EUR) - C (C)

103.12

113.29

88.92

107.02

102.07

110.32

104.46

110.55

100.54

105.96

Amundi Funds Dynarbitrage VaR 4 (EUR) - C (D)

91.29

96.06

78.72

98.53

93.97

103.86

99.05

104.25

98.73

100.57

Amundi Funds Dynarbitrage VaR 4 (EUR) - H (C)

99.63

100.92

110.84

87.20

105.02

100.26

108.60

103.32

108.99

100.29

104.98

1,051.73

1,161.32

903.57

1,086.88

1,034.20

1,113.41

1,050.11

1,115.58

1,007.35

1,064.68

996.42

Amundi Funds Dynarbitrage VaR 4 (EUR) - M (C)

96.35

106.34

82.83

99.45

94.87

100.50

Amundi Funds Dynarbitrage VaR 4 (EUR) - S (C)

102.63

112.55

88.56

106.68

101.75

110.06

104.38

110.50

100.60

105.97

99.62

Amundi Funds Dynarbitrage VaR 4 (USD) - C (C)

102.25

110.93

90.18

102.34

96.31

103.40

100.07

103.73

99.96

102.03

Amundi Funds Dynarbitrage VaR 4 (EUR) - I (C)

Amundi Funds Dynarbitrage VaR 4 (USD) - C (D)

95.76

101.33

84.45

96.64

93.16

101.75

99.56

102.04

Amundi Funds Dynarbitrage VaR 4 (USD) - H (C)

101.24

109.50

89.60

101.34

95.87

103.03

100.47

103.44

Amundi Funds Dynarbitrage VaR 4 (USD) - I (C)

1,035.11

1,123.87

909.18

1,035.81

968.35

1,035.78

1,000.88

1,038.88

Amundi Funds Dynarbitrage VaR 4 (USD) - S (C)

101.74

110.28

89.79

101.83

95.94

103.13

100.07

103.47

Amundi Funds Dynarbitrage Volatility - C (C)

114.73

116.46

109.81

115.64

105.21

109.81

102.02

105.41

Amundi Funds Dynarbitrage Volatility - C (D)

103.00

104.84

100.01

104.69

99.85

102.04

Amundi Funds Dynarbitrage Volatility - H (C)

113.47

115.14

109.11

114.70

104.81

109.11

101.98

105.05

99.95

102.00

Amundi Funds Dynarbitrage Volatility - I (C)

1,170.29

1,188.41

1,111.28

1,173.84

1,059.62

1,111.28

1,022.06

1,060.96

999.44

1,022.13

Amundi Funds Dynarbitrage Volatility - I (D)

989.81

1,002.30

Amundi Funds Dynarbitrage Volatility - M (C)

107.98

109.64

102.65

108.40

99.55

102.65

Amundi Funds Dynarbitrage Volatility - S (C)

114.03

115.73

109.34

115.02

104.85

109.34

101.79

105.06

99.95

101.80

Amundi Funds Equity Statistical Arbitrage (EUR) - C (C)

93.13

100.53

Amundi Funds Equity Statistical Arbitrage (EUR) - I (C)

934.92

1,008.20

Amundi Funds Equity Statistical Arbitrage (EUR) - I (D)

929.34

1,007.44

Amundi Funds Equity Statistical Arbitrage (EUR) - M (C)

91.76

98.98

Amundi Funds Equity Statistical Arbitrage (EUR) - S (C)

92.69

100.46

99.98

104.19

Amundi Funds Multimanagers Long/Short Equity - C (C)

97.36

100.82

Amundi Funds Multimanagers Long/Short Equity - I (C)

975.47

1,009.10

97.29

100.79

Amundi Funds Multimanagers Long/Short Equity - S (C) Amundi Funds Volatility Euro Equities - C (C)

136.85

149.49

113.18

141.22

102.72

119.17

Amundi Funds Volatility Euro Equities - C (D)

123.17

134.87

102.32

127.65

96.63

108.74

Amundi Funds Volatility Euro Equities - C4 (D)

96.70

104.84

Amundi Funds Volatility Euro Equities - H (C)

133.67

146.46

111.48

138.62

102.01

117.86

99.82

103.65

Amundi Funds Volatility Euro Equities - I (C)

1,397.32

1,526.60

1,144.65

1,434.63

1,028.35

1,199.27

999.92

1,040.6

Amundi Funds Volatility Euro Equities - I (D)

106.19 99.97

103.75

1,000.00

1,001.52

Amundi Funds Volatility Euro Equities - I12 (D)

980.36

1,071.82

Amundi Funds Volatility Euro Equities - I14 (D)

967.16

1,047.19

Amundi Funds Volatility Euro Equities - M (C)

123.28

134.98

101.22

126.71

96.47

Amundi Funds Volatility Euro Equities - S (C)

135.01

148.03

112.13

139.66

102.20

118.30

Amundi Funds Volatility World Equities - C (C)

129.46

139.30

104.99

135.07

98.86

109.94

Amundi Funds Volatility World Equities - C (D)

116.45

125.49

99.99

121.51

Amundi Funds Volatility World Equities - C2 (C)

95.29

102.59

Amundi Funds Volatility World Equities - C4 (D)

99.80

106.59

Amundi Funds Volatility World Equities - H (C)

127.63

137.38

104.39

133.80

98.80

109.74

Amundi Funds Volatility World Equities - I (C)

1,316.36

1,423.17

1,055.88

1,367.54

989.58

1,102.53

Amundi Funds Volatility World Equities - I (D)

987.09

1,057.72

Amundi Funds Volatility World Equities - I10(D)

978.77

1,049.53

Amundi Funds Volatility World Equities - I14 (D)

966.43

1,036.73

Amundi Funds Volatility World Equities - M (C)

95.89

103.24

Amundi Funds Volatility World Equities - S (C)

128.47

138.15

104.63

134.36

98.82

109.82

Amundi Funds Euro Reserve - C (C)

12.31

12.34

12.00

12.31

11.55

12.00

11.24

11.55

11.06

11.24

Amundi Funds Euro Reserve - C (D)

10.13

10.38

10.21

10.60

10.18

10.49

10.16

10.39

10.04

10.20

9.93

Amundi Funds Euro Reserve - I (C)

1,211.63

1,216.57

1,177.54

1,211.61

1,130.67

1,177.54

1,095.62

1,130.33

1,074.51

1,095.62

1,042.21

Amundi Funds Euro Reserve - I (D)

1,001.39

1,004.32

Amundi Funds Euro Reserve - I11 (C)

1,031.04

1,035.74

1,001.53

1,031.02

1,000.00

1,001.53

Amundi Funds Euro Reserve - M (C)

105.48

105.85

102.57

105.47

100.00

102.57

Amundi Funds Euro Reserve - S (C)

12.06

12.07

11.80

12.06

11.40

11.80

11.11

11.40

10.96

11.11

10.82

Amundi Funds USD Reserve - C (C)

12.08

12.09

11.94

12.08

11.52

11.94

11.01

11.52

10.64

11.01

10.49

Amundi Funds USD Reserve - C (D)

10.90

10.01

10.12

10.05

10.42

10.11

10.58

10.11

10.47

9.89

10.17

9.87

1,195.83

1,198.49

1,132.38

1,195.80

1,089.63

1,132.38

1,037.35

1,089.18

1,000.31

1,037.35

1,000.14

Amundi Funds USD Reserve - M (C)

100.03

100.22

100.00

100.99

Amundi Funds USD Reserve - S (C)

11.84

11.86

11.76

11.84

11.39

11.76

10.90

11.38

10.56

10.90

10.43

Amundi Funds USD Reserve - I (C)

274

Additionnal Information (unaudited)

Accounting year ending as at :

Name, class and part of the sub-fund

30/06/05

30/06/04

30/06/04

30/06/03

30/06/03

30/06/02

30/06/02

30/06/01

30/06/01

30/06/00

30/06/00

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Lowest Bid Price

Highest Offer Price

Amundi Funds Dynarbitrage High Yield - C (C) Amundi Funds Dynarbitrage High Yield - C (D) Amundi Funds Dynarbitrage High Yield - H (C) Amundi Funds Dynarbitrage High Yield - I (C) Amundi Funds Dynarbitrage High Yield - M (C) Amundi Funds Dynarbitrage High Yield - S (C) Amundi Funds Dynarbitrage VaR 4 (EUR) - C (C)

100.72

Amundi Funds Dynarbitrage VaR 4 (EUR) - C (D) Amundi Funds Dynarbitrage VaR 4 (EUR) - H (C) Amundi Funds Dynarbitrage VaR 4 (EUR) - I (C)

1,009.09

Amundi Funds Dynarbitrage VaR 4 (EUR) - M (C) Amundi Funds Dynarbitrage VaR 4 (EUR) - S (C)

100.78

Amundi Funds Dynarbitrage VaR 4 (USD) - C (C) Amundi Funds Dynarbitrage VaR 4 (USD) - C (D) Amundi Funds Dynarbitrage VaR 4 (USD) - H (C) Amundi Funds Dynarbitrage VaR 4 (USD) - I (C) Amundi Funds Dynarbitrage VaR 4 (USD) - S (C) Amundi Funds Dynarbitrage Volatility - C (C) Amundi Funds Dynarbitrage Volatility - C (D) Amundi Funds Dynarbitrage Volatility - H (C) Amundi Funds Dynarbitrage Volatility - I (C) Amundi Funds Dynarbitrage Volatility - I (D) Amundi Funds Dynarbitrage Volatility - M (C) Amundi Funds Dynarbitrage Volatility - S (C) Amundi Funds Equity Statistical Arbitrage (EUR) - C (C) Amundi Funds Equity Statistical Arbitrage (EUR) - I (C) Amundi Funds Equity Statistical Arbitrage (EUR) - I (D) Amundi Funds Equity Statistical Arbitrage (EUR) - M (C) Amundi Funds Equity Statistical Arbitrage (EUR) - S (C) Amundi Funds Multimanagers Long/Short Equity - C (C) Amundi Funds Multimanagers Long/Short Equity - I (C) Amundi Funds Multimanagers Long/Short Equity - S (C) Amundi Funds Volatility Euro Equities - C (C) Amundi Funds Volatility Euro Equities - C (D) Amundi Funds Volatility Euro Equities - C4 (D) Amundi Funds Volatility Euro Equities - H (C) Amundi Funds Volatility Euro Equities - I (C) Amundi Funds Volatility Euro Equities - I (D) Amundi Funds Volatility Euro Equities - I12 (D) Amundi Funds Volatility Euro Equities - I14 (D) Amundi Funds Volatility Euro Equities - M (C) Amundi Funds Volatility Euro Equities - S (C) Amundi Funds Volatility World Equities - C (C) Amundi Funds Volatility World Equities - C (D) Amundi Funds Volatility World Equities - C2 (C) Amundi Funds Volatility World Equities - C4 (D) Amundi Funds Volatility World Equities - H (C) Amundi Funds Volatility World Equities - I (C) Amundi Funds Volatility World Equities - I (D) Amundi Funds Volatility World Equities - I10(D) Amundi Funds Volatility World Equities - I14 (D) Amundi Funds Volatility World Equities - M (C) Amundi Funds Volatility World Equities - S (C) Amundi Funds Euro Reserve - C (C)

11.06

10.76

10.90

10.52

10.76

10.23

10.52

2.38

10.23

2.32

2.38

Amundi Funds Euro Reserve - C (D)

10.10

9.97

10.07

9.87

10.19

9.92

10.31

2.38

10.23

2.32

2.38

1,074.51

1,025.49

1,042.21

1,000.97

1,025.49

1,000.00

1,000.71

Amundi Funds Euro Reserve - I (C) Amundi Funds Euro Reserve - I (D) Amundi Funds Euro Reserve - I11 (C) Amundi Funds Euro Reserve - M (C) Amundi Funds Euro Reserve - S (C)

10.96

10.69

10.82

10.49

10.69

10.22

10.48

2.38

10.21

2.32

2.38

Amundi Funds USD Reserve - C (C)

10.64

10.47

10.49

10.41

10.47

10.25

10.41

2.87

10.25

2.73

2.87

Amundi Funds USD Reserve - C (D) Amundi Funds USD Reserve - I (C)

10.01

9.85

9.87

9.82

9.88

9.77

10.31

2.41

10.25

2.73

2.87

1,004.52

10.47

1,000.49

10.41

10.47

10.25

10.41

2.87

10.25

2.73

2.87

10.56

10.43

10.43

10.37

10.43

10.23

10.37

2.87

10.23

2.73

2.87

Amundi Funds USD Reserve - M (C) Amundi Funds USD Reserve - S (C)

275

LEGAL NOTICES

AMUNDI FUNDS Société d'investissement à capital variable R.C.S. Luxembourg B 68.806 5, allée Scheffer - L-2420 Luxembourg Tel. + 352 4767 6222 / + 352 4767 6667 Fax + 352 4767 3781