REYL (LUX) GLOBAL FUNDS - FONDS professionell REYL (LUX) GLOBAL FUNDS 6 General information REYL...

Unaudited semi-annual report as at 30th June 2013

REYL (LUX) GLOBAL FUNDS Société d'Investissement à Capital Variable with multiple sub-funds Luxembourg

R.C.S. Luxembourg B 90 383

Subscriptions may only be carried out on the basis of this prospectus accompanied by the Articles of Association and the factsheet of each sub-fund and on the basis of the key investor information document ("KIID"). The prospectus must be distributed along with the latest annual report and semi-annual report, if the latter is more recent than the annual report.

REYL (LUX) GLOBAL FUNDS

Contents

1

Organisation ..................................................................................................................................................... 2

General information ......................................................................................................................................... 6

Consolidated statement of net assets .......................................................................................................... 10

Consolidated statement of operations and other changes in net assets ................................................. 11

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES .............................................................................. 12 Statement of net assets ................................................................................................................................ 12 Statement of operations and other changes in net assets ........................................................................... 14 Statistical information .................................................................................................................................... 15 Statement of investments and other net assets ........................................................................................... 17 Industrial and geographical classification of investments ............................................................................. 24

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES ................................................................. 26 Statement of net assets ................................................................................................................................ 26 Statement of operations and other changes in net assets ........................................................................... 27 Statistical information .................................................................................................................................... 28 Statement of investments and other net assets ........................................................................................... 30 Industrial and geographical classification of investments ............................................................................. 36

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES ............................................................ 38 Statement of net assets ................................................................................................................................ 38 Statement of operations and other changes in net assets ........................................................................... 40 Statistical information .................................................................................................................................... 41 Statement of investments and other net assets ........................................................................................... 45 Industrial and geographical classification of investments ............................................................................. 61

REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE .......................................................................... 63 Statement of net assets ................................................................................................................................ 63 Statement of operations and other changes in net assets ........................................................................... 64 Statistical information .................................................................................................................................... 65 Statement of investments and other net assets ........................................................................................... 66 Industrial and geographical classification of investments ............................................................................. 67

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES ..................................................... 68 Statement of net assets ................................................................................................................................ 68 Statement of operations and other changes in net assets ........................................................................... 69 Statistical information .................................................................................................................................... 70 Statement of investments and other net assets ........................................................................................... 72 Industrial and geographical classification of investments ............................................................................. 76

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES ................................... 78 Statement of net assets ................................................................................................................................ 78 Statement of operations and other changes in net assets ........................................................................... 80 Statistical information .................................................................................................................................... 81 Statement of investments and other net assets ........................................................................................... 83 Industrial and geographical classification of investments ............................................................................. 91

Notes to the financial statements ................................................................................................................. 93


2

Organisation

Registered Office REYL (LUX) GLOBAL FUNDS Société d'Investissement à Capital Variable 14, Boulevard Royal L-2449 LUXEMBOURG Board of Directors of the SICAV Chairman Thomas de SAINT-SEINE Directeur REYL ASSET MANAGEMENT S.A. 62, Rue du Rhône CH-1204 GENEVA Directors Fernand REINERS Membre du Comité de Direction BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Mathieu VILLAUME Directeur REYL PRIVATE OFFICE (LUXEMBOURG) S.à r.l. Société à responsabilité limitée 41, Avenue de la Liberté L-1931 LUXEMBOURG Roberto ZITO Head of Operations & Finance REYL ASSET MANAGEMENT S.A. 62, Rue du Rhône CH-1204 GENEVE Management Company REYL ASSET MANAGEMENT (LUXEMBOURG) S.A. (since 23rd May 2013) Société Anonyme 41, Avenue de la Liberté L-1931 LUXEMBOURG Board of Directors of the Management Company Chairman Thomas de SAINT-SEINE Directeur REYL ASSET MANAGEMENT S.A. Société Anonyme 62, Rue du Rhône CH-1204 GENEVA Directors Mathieu VILLAUME Directeur REYL PRIVATE OFFICE (LUXEMBOURG) S.à r.l. Société à responsabilité limitée 41, Avenue de la Liberté L-1931 LUXEMBOURG


Organisation (continued)

3

Yves WAGNER Administrateur de Sociétés The Director’s Office, Luxembourg 19, Rue de Bitbourg L-1273 LUXEMBOURG Direction of the Management Company Mathieu VILLAUME Directeur REYL PRIVATE OFFICE (LUXEMBOURG) S.à r.l. Société à responsabilité limitée 41, Avenue de la Liberté L-1931 LUXEMBOURG Yves WAGNER Administrateur de Sociétés The Director’s Office, Luxembourg 19, Rue de Bitbourg L-1273 LUXEMBOURG Management Company CONVENTUM ASSET MANAGEMENT (until 23rd May 2013) Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG Board of Directors of the Management Company CONVENTUM ASSET MANAGEMENT Chairman Antoine CALVISI Conseiller du Comité de Direction BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Directors Pierre AHLBORN Administrateur-Délégué BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Mario KELLER Administrateur de Sociétés 14, Boulevard Royal L-2449 LUXEMBOURG Pierre RECKINGER Avocat ELVINGER, HOSS & PRUSSEN 2, Place Winston Churchill B.P. 425 L-1340 LUXEMBOURG



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Fernand REINERS Membre du Comité de Direction BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Directors of the Management Company Michèle BIEL General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG (since 1st January 2013) Tom GUTENKAUF General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG Rita HERRMANN General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG Manager: - REYL (LUX) GLOBAL FUNDS - REYL & Cie SA

ELITE FRANCE-EUROPE 62, Rue du Rhône CH-1204 GENEVA - For all other sub-funds REYL ASSET MANAGEMENT S.A. 62, Rue du Rhône CH-1204 GENEVA Custodian and BANQUE DE LUXEMBOURG Central Administration Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Central Administration EUROPEAN FUND ADMINISTRATION S.A. Subcontractor 2, Rue d’Alsace L-1122 LUXEMBOURG Representative and Distributor REYL & Cie SA in Switzerland 62, Rue du Rhône CH-1204 GENEVA



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Payment Service in Switzerland CREDIT SUISSE 11-19, Rue de Lausanne CH-1201 GENEVA Paying and Information MARCARD, STEIN & CO AG Agent in Germany

* Ballindamm 36

D-20095 HAMBURG Paying and Information ERSTE BANK DER ÖSTERREICHISCHEN Agent in Austria

* SPARKASSEN AG

Am Graben 21 A-1010 VIENNA Independent auditor ERNST & YOUNG Société Anonyme 7, Rue Gabriel Lippmann Parc d’Activité Syrdall 2 L-5365 MUNSBACH

* Except for the REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE sub-fund.


6

General information

REYL (LUX) GLOBAL FUNDS (the "SICAV") is a "Société d'Investissement à Capital Variable" (SICAV) with multiple sub-funds subject to Luxembourg law created on 19th December 2002 for an indefinite term, incorporated in accordance with the amended law of 10th August 1915, its amending laws relating to commercial companies, the law relating to Undertakings for Collective Investment (UCI) and under the Council Directive 2009/65/EC as amended. The SICAV is subject to Part I of the amended law of 17th December 2010 relating to Undertakings for Collective Investment. The deed of incorporation of the SICAV was published in the "Mémorial, Recueil des Sociétés et Associations". The legal notice concerning the issue of shares was filed with the Luxembourg Register of Companies. The SICAV appointed, since 23rd May 2013, REYL ASSET MANAGEMENT (LUXEMBOURG) S.A. as Management Company to provide management, administration and marketing services, in place of CONVENTUM ASSET MANAGEMENT. The company was authorised as a Management Company in accordance with the provisions of Section 15 of the amended law of 17th December 2010 relating to Undertakings for Collective Investment. At the date of the present report, the following sub-funds are available to subscribers:

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES in EUR

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES in USD

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES in USD

REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE in EUR

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES in EUR

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES in USD At the date of the present report, the following classes of share are issued:

class B shares: accumulation shares denominated in the reference currency of the sub-fund which, in principle, do not grant the holder the right to receive a dividend, but whose share of the amount to be distributed is accumulated in the sub-fund to which these accumulation shares belong.

class BP shares: accumulation shares denominated in the reference currency of the sub-fund which, in principle, do not grant the holder the right to receive a dividend, but whose share of the amount to be distributed is accumulated in the sub-fund to which these accumulation shares belong. Class BP shares differ from class B shares because they incur a different performance fee.

class C shares: accumulation shares denominated in CHF whose currency risk relative to the reference currency of the sub-fund is automatically hedged.

class CP shares: accumulation shares denominated in CHF whose currency risk relative to the reference currency of the sub-fund is automatically hedged. Class CP shares differ from class C shares because they incur a different performance fee.

class D shares: accumulation shares denominated in USD whose currency risk relative to the reference currency of the sub-fund is automatically hedged.

class E shares: accumulation shares denominated in EUR whose currency risk relative to the reference currency of the sub-fund is automatically hedged.

class F shares: accumulation shares denominated in the reference currency of the sub-fund which are distinguished by a different fee structure.


General information (continued)

7

class FP shares: accumulation shares denominated in the reference currency of the sub-fund. Class FP shares differ from class F shares because they incur a different performance fee.

class FP (SEK) shares: accumulation shares denominated in SEK which are distinguished by a different fee structure.

class G shares: accumulation shares denominated in EUR whose currency risk relative to the reference currency of the sub-fund is automatically hedged and distinguished by a different fee structure.

class H shares: accumulation shares denominated in the reference currency of the sub-fund which are distinguished by a different fee structure.

class I shares: accumulation shares denominated in the reference currency of the sub-fund, intended exclusively for institutional investors as defined in Article 174(2) of the amended law of 17th December 2010 and distinguished by a different management and/or performance fee structure.

class IE shares: accumulation shares denominated in EUR, whose currency risk relative to the reference currency of the sub-fund is automatically hedged, intended exclusively for institutional investors as defined in Article 174(2) of the amended law of 17th December 2010 and distinguished by a different management and/or performance fee structure.

class INCP shares: accumulation shares denominated in CHF, whose currency risk relative to the reference currency of the sub-fund is not automatically hedged, intended exclusively for institutional investors as defined in Article 174(2) of the amended law of 17th December 2010.

class INEP shares: accumulation shares denominated in EUR, whose currency risk relative to the reference currency of the sub-fund is not automatically hedged, intended exclusively for institutional investors as defined in Article 174(2) of the amended law of 17th December 2010.

class IP shares: accumulation shares denominated in the reference currency of the sub-fund, intended exclusively for institutional investors as defined in Article 174(2) of the amended law of 17th December 2010. Class IP shares differ from class I shares because they incur a different performance fee.

class IP (SEK) shares: accumulation shares denominated in SEK, intended exclusively for institutional investors as defined in Article 174(2) of the amended law of 17th December 2010. Class IP (SEK) shares differ from class I (SEK) shares because they incur a different performance fee.

class I (SEK) shares: accumulation shares denominated in SEK, intended exclusively for institutional investors as defined in Article 174(2) of the amended law of 17th December 2010 and distinguished by a different management and/or performance fee structure.

class J shares: accumulation shares denominated in CHF whose currency risk relative to the reference currency of the sub-fund is not automatically hedged.

class JP shares: accumulation shares denominated in CHF whose currency risk relative to the reference currency of the sub-fund is not automatically hedged. Class JP shares differ from class J shares because they incur a different performance fee.

class L shares: accumulation shares denominated in EUR whose currency risk relative to the reference currency of the sub-fund is not automatically hedged.



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class LP shares: accumulation shares denominated in EUR whose currency risk relative to the reference currency of the sub-fund is not automatically hedged. Class LP shares differ from class L shares because they incur a different performance fee.

class N shares: accumulation shares denominated in CHF whose currency risk relative to the reference currency of the sub-fund is automatically hedged and distinguished by a different fee structure.

class O shares: accumulation shares denominated in EUR whose currency risk against the reference currency of the sub-fund is not automatically hedged and distinguished by a different fee structure.

class OP shares: accumulation shares denominated in EUR whose currency risk relative to the reference currency of the sub-fund is not automatically hedged. Class OP shares differ from class O shares because they incur a different performance fee.

class P shares: accumulation shares denominated in CHF whose currency risk relative to the reference currency of the sub-fund is not automatically hedged and distinguished by a different fee structure.

class PP shares: accumulation shares denominated in CHF whose currency risk relative to the reference currency of the sub-fund is not automatically hedged. Class PP shares differ from class P shares because they incur a different performance fee.

class R shares: accumulation shares denominated in the reference currency of the sub-fund, intended exclusively for investments funds promoted and managed by REYL & Cie, Geneva. Class R shares are intended exclusively for institutional investors as defined in Article 174(2) of the amended law of 17th December 2010.

Class S shares: accumulation shares denominated in the reference currency of the sub-fund, intended exclusively for investments by REYL Asset Management SA, Geneva and/or its subsidiaries.

The Net Asset Value of the REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES, REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES and REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES sub-funds is calculated on each bank working day in Luxembourg ("Valuation Day") or, if that day is a public holiday, on the next bank working day in Luxembourg. The Net Asset Value of the REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE is calculated every Friday (ʺValuation Dayʺ) or, if that day is a public holiday, the next bank business day in Luxembourg. The Net Asset Value of the REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES and REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES sub-funds is calculated every Friday ("Valuation Day") or, if that day is a public holiday, the next bank working day in Luxembourg, and the last business day of the month in Luxembourg. The Net Asset Value, the issue price, the redemption price and the conversion price of each share class of sub-funds are available every bank working day in Luxembourg at the SICAV’s registered office. The SICAV publishes an annual report on 31st December audited by the Independent auditor and an unaudited semi-annual report on 30th June. These financial reports contain the individual account prepared for each sub-fund. The consolidation currency is the euro.



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The Prospectus of the SICAV, including the articles of association and the factsheets for each sub-fund, the key investor information document ("KIID"), and financial reports are available free of charge:

- at the SICAV's registered office and at the Management Company’s registered office, - at the registered office of the Representative and Distributor in Switzerland, REYL & Cie SA,

Geneva, - from the payment service in Switzerland, CREDIT SUISSE, Geneva, and its branches in

Switzerland, - from the paying and information agent in Germany, MARCARD, STEIN & CO AG, Hamburg, - from the paying and information agent in Austria, ERSTE BANK DER ÖSTERREICHISCHEN

SPARKASSEN AG, Vienna. For the distribution of the SICAV’s shares in Germany*, MARCARD, STEIN & CO AG is appointed paying and information agent. The paying and information agent in Germany accepts the redemption and conversion orders. For the distribution of the SICAV’s shares in Austria*, ERSTE BANK DER ÖSTERREICHISCHEN SPARKASSEN AG is appointed paying and information agent. In this capacity, the aforementioned agent ensures that Austrian investors are able to make subscription payments and to receive income corresponding to repayments on redemptions and distributions of dividends. For the distribution of the SICAV’s shares in Switzerland: Representative and distributor in Switzerland: Pursuant to an agreement dated 22nd February 2012, REYL & Cie SA in Switzerland was appointed as the representative of the SICAV and of companies that have contracted commitments to the SICAV’s shareholders for Switzerland. In this capacity, REYL & Cie SA is also responsible for distributing the shares of the SICAV, in or from Switzerland. Payment service in Switzerland: Pursuant to an agreement dated 1st July 2003, CREDIT SUISSE and its branches in Switzerland were appointed as paying office of the SICAV for Switzerland. -------------------------------------------- * Except for the REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE sub-fund.


Consolidated statement of net assets (in EUR) as at 30th June 2013

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

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.

Assets Securities portfolio at market value 1,577,786,205.87 Deposits on future contracts 2,298,103.33 Deposits on swap contracts 2,600,172.33 Cash at banks 93,420,856.13 Other liquid assets 64,125,320.40 Formation expenses, net 74,739.53 Receivable on sales of securities 15,576,060.95 Receivable on swap contracts 4,192,544.17 Receivable on issues of shares 2,678,202.52 Income receivable on portfolio 7,365,542.87 Interest receivable on swap contracts 1,091.00 Interest receivable on bank accounts 4,445.71 Unrealised gain on future contracts 1,002,773.97 Unrealised gain on swap contracts 174,165.57 Unrealised gain on forward foreign exchange contracts 821,432.67 Result on underlying of swaps receivable 401,902.87 Other receivables 6,798,315.76 Prepaid expenses 16,882.37

Total assets 1,779,338,758.02

Liabilities Bank liabilities 24,214,810.30 Other liquid liabilities 3,069,331.65 Payable on purchases of securities 12,231,967.37 Payable on swap contracts 1,275,049.52 Interest payable on swap contracts 28,471.19 Unrealised loss on future contracts 426,595.33 Unrealised loss on forward foreign exchange contracts 226,682.26 Interest on bank liabilities and expenses payable 7,736,484.19 Result on underlying of swaps payable 57,099.75 Other liabilities 549,812.61

Total liabilities 49,816,304.17

Net assets at the end of the period 1,729,522,453.85


Consolidated statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 30th June 2013


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Income Dividends, net 25,860,490.63 Interest on bank accounts 56,543.97 Commissions received 9,845.94 Other income 9,098.85

Total income 25,935,979.39

Expenses Management fees 10,350,104.26 Performance fees 12,360,274.33 Custodian fees 316,838.75 Banking charges and other fees 336,634.97 Transaction fees 6,718,832.80 Central administration costs 1,199,166.96 Professional fees 41,617.24 Other administration costs 1,201,974.33 Subscription duty ("taxe d'abonnement") 322,144.25 Other taxes 98,007.46 Interest paid on bank liabilities 180,827.10 Other expenses 261,078.86

Total expenses 33,387,501.31

Net investment loss -7,451,521.92

Net realised gain/(loss) - on securities portfolio 79,610,012.00 - on future contracts -1,447,916.78 - on swap contracts 21,655,184.18 - on forward foreign exchange contracts -725,886.41 - on foreign exchange -4,661,563.28

Realised result 86,978,307.79

Net variation of the unrealised gain/(loss) - on securities portfolio -115,446,734.68 - on future contracts 198,729.20 - on swap contracts 294,752.66 - on forward foreign exchange contracts 734,192.12

Result of operations -27,240,752.91

Subscriptions 970,292,956.25

Redemptions -323,006,699.76

Total changes in net assets 620,045,503.58

Total net assets at the beginning of the period 1,097,970,972.85

Revaluation difference 11,505,977.42

Total net assets at the end of the period 1,729,522,453.85

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES

Statement of net assets (in EUR) as at 30th June 2013


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Assets Securities portfolio at market value 207,400,631.15 Deposits on swap contracts 1,600,000.00 Cash at banks 23,957,995.46 Other liquid assets 37,194,204.73 Receivable on sales of securities 99,312.05 Receivable on swap contracts 2,118,445.33 Receivable on issues of shares 112,799.55 Income receivable on portfolio 233,111.93 Interest receivable on bank accounts 2,013.22 Unrealised gain on swap contracts 0.03 Unrealised gain on forward foreign exchange contracts 2,096.12 Result on underlying of swaps receivable 200,697.51 Prepaid expenses 3,286.07

Total assets 272,924,593.15

Liabilities Bank liabilities 3,417,016.73 Other liquid liabilities 23,379.05 Payable on swap contracts 452,581.51 Interest payable on swap contracts 14,145.92 Interest on bank liabilities and expenses payable 1,572,625.75


Net assets at the end of the period 267,444,844.19

Number of class B shares outstanding 805,199.706 Net asset value per class B share 259.25

Number of class C shares outstanding 33,519.293 Net asset value per class C share CHF 235.46

Number of class D shares outstanding 12,153.708 Net asset value per class D share USD 257.56

Number of class F shares outstanding 79,481.324 Net asset value per class F share 251.52

Number of class H shares outstanding 13,688.363 Net asset value per class H share 244.54

Number of class I shares outstanding 101,453.491 Net asset value per class I share 261.15

Number of class IP shares outstanding 4.000 Net asset value per class IP share 258.70


Statement of net assets (in EUR) (continued) as at 30th June 2013


13

Number of class IP (SEK) shares outstanding 3.490 Net asset value per class IP (SEK) share SEK 2,601.33

Number of class N shares outstanding 219.000 Net asset value per class N share CHF 235.16


Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 30th June 2013


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Income Dividends, net 3,042,832.43 Interest on bank accounts 55,415.33 Other income 23.02


Expenses Management fees 1,873,483.77 Performance fees 3,166,125.83 Custodian fees 52,765.31 Banking charges and other fees 3,831.21 Transaction fees 610,997.29 Central administration costs 337,363.57 Professional fees 6,185.59 Other administration costs 212,952.41 Subscription duty ("taxe d'abonnement") 61,104.06 Other taxes 151.97 Interest paid on bank liabilities 33,188.78 Other expenses 147,169.93



Net realised gain/(loss) - on securities portfolio 23,166,208.62 - on swap contracts 13,669,565.49 - on forward foreign exchange contracts -121,801.72 - on foreign exchange -2,953,351.32


Net variation of the unrealised gain/(loss) - on securities portfolio -7,649,190.20 - on swap contracts -29,041.70 - on forward foreign exchange contracts 1,500.01

Result of operations 22,676,840.24




Total net assets at the beginning of the period 245,858,481.17

Total net assets at the end of the period 267,444,844.19


Statistical information (in EUR) as at 30th June 2013


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Total net assets

- as at 30.06.2013 267,444,844.19 - as at 31.12.2012 245,858,481.17 - as at 31.12.2011 269,574,426.22

Portfolio Turnover Rate in % subscriptions and redemptions are netted per NAV calculation day

- as at 30.06.2013 443.71

Number of class B shares

- outstanding at the beginning of the period 822,670.128 - issued 86,350.569 - redeemed -103,820.991

- outstanding at the end of the period 805,199.706

Net asset value per class B share

- as at 30.06.2013 259.25 - as at 31.12.2012 237.45 - as at 31.12.2011 197.62

Number of class C shares



Net asset value per class C share

- as at 30.06.2013 CHF 235.46 - as at 31.12.2012 CHF 215.75 - as at 31.12.2011 CHF 180.31

Number of class D shares



Net asset value per class D share

- as at 30.06.2013 USD 257.56 - as at 31.12.2012 USD 236.11 - as at 31.12.2011 USD 196.36

Number of class F shares



Net asset value per class F share

- as at 30.06.2013 251.52 - as at 31.12.2012 230.91 - as at 31.12.2011 192.92

Number of class H shares

- outstanding at the beginning of the period 19,454.704 - issued 250.000 - redeemed -6,016.341



Statistical information (in EUR) (continued) as at 30th June 2013


16

Net asset value per class H share

- as at 30.06.2013 244.54 - as at 31.12.2012 224.14 - as at 31.12.2011 186.96

Number of class I shares



Net asset value per class I share

- as at 30.06.2013 261.15 - as at 31.12.2012 238.71 - as at 31.12.2011 197.92

Number of class IP shares

- outstanding at the beginning of the period 0.000 - issued 4.000 - redeemed 0.000

- outstanding at the end of the period 4.000

Net asset value per class IP share

- as at 30.06.2013 258.70 - as at 31.12.2012 - - as at 31.12.2011 -

Number of class IP (SEK) shares



Net asset value per class IP (SEK) share

- as at 30.06.2013 SEK 2,601.33 - as at 31.12.2012 - - as at 31.12.2011 -

Number of class N shares

- outstanding at the beginning of the period 0.000 - issued 350.091 - redeemed -131.091


Net asset value per class N share

- as at 30.06.2013 CHF 235.16 - as at 31.12.2012 - - as at 31.12.2011 -


Statement of investments and other net assets (in EUR) as at 30th June 2013


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Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Shares

CHF 1,208 Acino Hg AG Reg 84,130.71 80,512.01 0.03 CHF 10,857 Actelion Ltd 485,924.98 502,113.63 0.19 CHF 4,575 AFG Arbonia Forster Holding AG 97,683.80 96,681.72 0.04 CHF 1,198 Alpiq Holding Ltd Reg 113,099.45 111,978.48 0.04 CHF 1,655 Aryzta AG 78,439.14 71,428.65 0.03 CHF 51,011 Ascom Holding AG Reg 443,187.00 487,171.21 0.18 CHF 3,507 Autoneum Holding AG Reg 192,143.98 201,385.33 0.08 CHF 6,769 Baloise-Holding Reg 507,244.67 505,339.89 0.19 CHF 2,119 Banque Cantonale de St-Gall Reg 672,949.91 613,141.71 0.23 CHF 294 Banque Cantonale Vaudoise Reg 122,978.32 112,072.76 0.04 CHF 1,099 Barry Callebaut AG Reg 800,882.31 772,669.39 0.29 CHF 5,556 Basler Kantonalbank Partizsch 430,431.97 345,464.62 0.13 CHF 14,301 BB Biotech AG Reg 1,276,236.80 1,319,295.79 0.49 CHF 2,940 Bossard Holding AG 356,872.61 350,078.04 0.13 CHF 5,034 Bucher Industries SA Reg 824,731.17 925,928.97 0.35 CHF 227 Chocolade Lindt & Spruengli AG Part Share 664,805.19 654,620.16 0.24 CHF 3,832 Cie Financière Richemont SA 275,886.02 260,226.70 0.10 CHF 419 Comet Holding AG 92,281.77 93,483.78 0.03 CHF 704 Daetwyler Holding AG 55,374.56 56,934.52 0.02 CHF 2,514 EFG Intl Reg 23,191.09 23,498.66 0.01 CHF 1,631 Emmi AG Reg 348,929.48 366,877.86 0.14 CHF 947 Ems-Chemie Holding AG 174,871.54 215,135.31 0.08 CHF 106,024 Evolva Hg AG Reg 74,243.21 57,737.62 0.02 CHF 1,672 Forbo Holding AG 818,810.19 818,791.32 0.31 CHF 1,136 Galenica AG Reg 528,194.94 548,459.65 0.20 CHF 2,676 Geberit AG Reg 472,921.28 509,610.43 0.19 CHF 1,426 Georg Fischer SA Reg 436,306.35 483,031.04 0.18 CHF 793 Givaudan SA Reg 614,848.94 785,700.09 0.29 CHF 127 Gurit Holding AG 41,469.88 41,754.39 0.02 CHF 140 Helvetia Holding AG Reg 42,883.90 43,411.27 0.02 CHF 6,732 Implenia AG Reg 223,813.66 257,718.10 0.10 CHF 2,625 Inficon Holding AG Reg 585,432.85 597,936.19 0.22 CHF 1,840 Intershop Holding AG 493,991.55 478,572.47 0.18 CHF 9,766 Kardex AG Reg 242,561.16 269,089.24 0.10 CHF 3,546 Komax Holding AG Reg 276,261.43 269,482.30 0.10 CHF 50,249 Kudelski SA 486,363.72 479,893.86 0.18 CHF 11,683 Lonza Group AG Reg 661,588.91 675,630.41 0.25 CHF 2,645 Luzerner Kantonalbank Reg 784,392.45 749,755.74 0.28 CHF 14,735 Nestlé SA Reg 741,624.71 741,944.40 0.28 CHF 29,673 Novartis AG Reg 1,596,538.38 1,618,318.07 0.60 CHF 43,487 OC Oerlikon Corp Inc 390,318.94 395,874.36 0.15 CHF 1,637 Orior AG 67,106.34 68,389.86 0.03 CHF 3,871 Pargesa Holding SA 204,304.85 198,375.56 0.07 CHF 2,631 Partners Group Holding Reg 504,458.93 546,910.67 0.20 CHF 78 Phoenix Mecano AG 28,811.50 29,115.46 0.01 CHF 5,027 Roche Holding AG B de jouis Pref 929,852.72 960,188.84 0.36 CHF 394 Schweiter Technologies AG 181,037.73 185,739.44 0.07 CHF 6,052 Siegfried Holding SA Reg 601,019.56 628,651.10 0.23 CHF 5,977 Swiss Life Holding Reg 698,216.22 746,198.51 0.28 CHF 45,272 Swiss Re AG 2,473,510.58 2,586,812.28 0.97 CHF 2,268 Swisscom SA Reg 703,047.47 762,436.16 0.28 CHF 4,145 U-blox Hg AG Reg 192,599.20 205,510.62 0.08 CHF 124 Vaudoise Assurances Hg AG Reg 31,572.00 35,098.84 0.01 CHF 6,888 Vontobel Holding AG 169,386.34 162,916.86 0.06 CHF 391 VZ Holding AG Reg 39,268.55 41,949.87 0.02 CHF 1,398 Walter Meier AG 61,535.88 55,507.50 0.02 CHF 7,527 Zurich Insurance Group AG Reg 1,531,273.42 1,498,883.60 0.56

26,051,844.21 26,701,435.31 9.98


Statement of investments and other net assets (in EUR) (continued) as at 30th June 2013


18



DKK 4 A.P. Moeller - Maersk A/S B 22,705.29 22,008.79 0.01 DKK 74,208 Auriga Industries A/S B 1,471,657.67 1,601,789.60 0.60 DKK 18,401 Coloplast A/S B 607,339.61 792,649.18 0.30 DKK 422 Formuepleje Epikur A/S 27,700.49 30,268.79 0.01 DKK 789 Formuepleje Penta AS 23,410.30 26,709.59 0.01 DKK 6,511 Formuepleje Safe A/S 198,416.42 200,336.12 0.07 DKK 24,564 Genmab A/S 584,883.68 573,029.79 0.21 DKK 9,039 H Lundbeck A/S 130,464.76 123,851.18 0.05 DKK 13,817 Jyske Bank A/S 425,957.94 400,125.63 0.15 DKK 3,122 NKT Holding 93,138.79 87,145.00 0.03 DKK 87,011 Pandora A/S 1,876,919.30 2,265,438.37 0.85 DKK 19,735 Royal Unibrew A/S 1,324,135.49 1,333,510.79 0.50 DKK 3,310 Schouw & Co 81,277.19 81,653.48 0.03 DKK 1,508 Solar Hg AS B 58,076.73 54,890.86 0.02 DKK 215,924 Spar Nord Bk A/S 1,066,433.27 1,071,103.67 0.40 DKK 205,539 TDC A/S 1,141,649.99 1,279,721.06 0.48 DKK 46,096 Topdanmark AS 899,939.23 902,287.54 0.34 DKK 32,869 Tryg A/S 1,865,688.94 2,081,293.38 0.78 DKK 1,759 United Intl Enterpr Ltd UIE 232,833.63 235,591.81 0.09 DKK 33,468 Vestas Wind Systems A/S 340,272.55 365,243.95 0.14

12,472,901.27 13,528,648.58 5.07

EUR 439,251 A2A SpA 264,607.49 251,031.95 0.09 EUR 25,808 Aalberts Industries NV 351,985.09 443,123.36 0.17 EUR 5,551 Aeroport de Paris (ADP) 393,711.64 414,715.21 0.15 EUR 118,857 Ageas NV 2,820,905.64 3,206,167.58 1.20 EUR 3,661 Akka Technologies 95,527.76 95,112.78 0.04 EUR 14,366 Allianz SE Reg 1,602,344.19 1,612,583.50 0.60 EUR 39,828 Altri SGPS SA 67,833.67 74,478.36 0.03 EUR 21,121 Amadeus IT Holding SA A 496,686.46 518,626.16 0.19 EUR 24,366 Arseus SA 494,420.06 492,193.20 0.18 EUR 6,245 Assystem SA 105,068.60 96,984.85 0.04 EUR 31,076 Atrium Eur Real Estate Ltd 125,879.10 124,304.00 0.05 EUR 73,721 Aurelius AG 1,386,217.28 1,360,889.66 0.51 EUR 40,843 Axa SA 618,097.18 616,525.09 0.23 EUR 133,798 Azimut Holding SpA 1,577,338.82 1,871,834.02 0.70 EUR 101,760 Banca Generali SpA 1,518,987.99 1,685,145.60 0.63 EUR 18,719 Banco Bilbao Vizcaya Argent SA Reg 128,372.20 120,643.96 0.04 EUR 21,772 Barco NV 1,343,884.76 1,353,565.24 0.51 EUR 6,673 BASF SE Reg 491,208.17 457,967.99 0.17 EUR 9,626 BayWa AG Reg Vinkulierte 357,926.56 354,718.10 0.13 EUR 2,647 BB Biotech AG Reg 249,740.01 245,297.49 0.09 EUR 70,904 BE Semiconductor Industries NV 522,662.96 562,126.91 0.21 EUR 12,286 Bechtle AG 446,408.37 432,344.34 0.16 EUR 10,972 Beiersdorf AG 676,814.00 735,124.00 0.27 EUR 788 BIC SA 63,481.41 60,676.00 0.02 EUR 509 Bijou BrigitteM Accessoires AG 35,834.47 37,915.41 0.01 EUR 10,906 BioMerieux 804,010.09 811,842.64 0.30 EUR 5,425 Boiron SA 194,621.47 217,000.00 0.08 EUR 3,093 Bollore SA 891,162.28 989,296.05 0.37 EUR 2,752 Bongrain SA 143,647.99 143,626.88 0.05 EUR 9,301 Boskalis Westminster NV 307,757.64 260,567.52 0.10 EUR 157,603 Brembo SpA 1,965,924.77 2,160,737.13 0.81 EUR 38,813 Bureau Veritas SA 819,553.16 772,184.64 0.29 EUR 120,332 C.A.T. Oil AG 1,256,745.32 1,415,104.32 0.53 EUR 9,578 CA-Immobilien-Anlagen AG 97,084.42 84,841.92 0.03 EUR 10,518 Cairo Communication SpA 32,470.36 35,235.30 0.01 EUR 7,822 Cewe Color Holding AG 265,951.00 266,808.42 0.10 EUR 875 Christian Dior SA 124,595.33 108,500.00 0.04 EUR 12,579 CNP Assurances 140,081.10 138,683.48 0.05 EUR 32,297 Colruyt NV 1,226,984.26 1,304,960.29 0.49 EUR 12,474 CompuGroup Medical AG 232,962.69 227,837.61 0.09 EUR 4,371 Continental AG 434,704.18 448,464.60 0.17 EUR 7,182 CTS Eventim AG 229,569.72 222,426.54 0.08 EUR 101,505 D'Amico Intl Shipping SA 55,211.19 51,361.53 0.02




19



EUR 13,577 Danone 709,485.65 782,849.82 0.29 EUR 5,246 Dassault Systèmes SA 494,412.73 493,019.08 0.18 EUR 58,865 Davide Campari SpA 341,956.92 327,583.73 0.12 EUR 16,440 De'Longhi SpA 196,809.80 197,444.40 0.07 EUR 41,180 Delhaize Groupe 1,836,022.52 1,955,638.20 0.73 EUR 10,487 Deutsche Euroshop AG Reg 327,418.67 320,640.03 0.12 EUR 51,078 Deutsche Lufthansa AG Reg 732,051.44 796,561.41 0.30 EUR 26,263 Deutsche Post AG Reg 477,201.56 501,491.99 0.19 EUR 2,798 Draegerwerk AG&Co KGaA Pref 255,254.18 294,629.40 0.11 EUR 7,481 Drillisch AG 98,966.49 96,130.85 0.04 EUR 33,819 Duerr AG 1,390,961.23 1,567,679.75 0.59 EUR 8,405 Duro Felguera SA 45,399.78 41,604.75 0.02 EUR 12,419 E.ON SE 170,220.18 156,603.59 0.06 EUR 60,252 Ebro Foods SA 918,770.72 950,776.56 0.36 EUR 43,254 Ellaktor SA 97,210.39 95,158.80 0.04 EUR 33,986 Enagas SA 633,351.70 645,224.21 0.24 EUR 223,250 ENCE Energia y Celulosa 533,069.82 530,218.75 0.20 EUR 17,650 Endesa SA 298,055.77 289,636.50 0.11 EUR 2,883 Engineering Ingegneri Info SpA 86,371.25 85,625.10 0.03 EUR 7,172 Euler Hermes 466,987.86 555,471.40 0.21 EUR 25,301 EVN AG 281,847.30 244,154.65 0.09 EUR 412 EVS Broadcast Equipment SA 18,517.79 21,976.08 0.01 EUR 3,967 Exact Holding NV 63,887.90 64,919.96 0.02 EUR 1,556 Faiveley Transport 74,556.99 72,820.80 0.03 EUR 16,541 Ferrovial SA 204,834.56 203,123.48 0.08 EUR 14,668 Finnair Oyj 43,894.30 39,603.60 0.01 EUR 6,702 Folli Follie Group 103,663.09 105,221.40 0.04 EUR 942,894 Fondiaria Sai SpA 1,458,162.88 1,333,252.12 0.50 EUR 87,376 Freenet AG Reg 1,221,362.91 1,466,169.28 0.55 EUR 14,089 Fresenius Medical Care AG & Co KGaA 742,528.22 768,273.17 0.29 EUR 8,008 Fresenius SE & Co KGaA 651,208.93 758,437.68 0.28 EUR 325,572 Gamesa Corp Tecnologica SA 988,110.74 1,360,890.96 0.51 EUR 4,308 Gas Natural SDG SA 64,870.80 66,730.92 0.02 EUR 3,517 Generali Deutschland Hg AG 350,186.22 351,488.98 0.13 EUR 55,466 Gildemeister AG 934,476.23 950,409.91 0.36 EUR 60,100 Grammer AG 1,454,204.31 1,428,276.50 0.53 EUR 1,085 Groupe Bruxelles Lambert SA 64,864.04 62,723.85 0.02 EUR 89,486 Grupo Catalana Occidente SA 1,459,797.16 1,521,262.00 0.57 EUR 783 Hal Trust 77,019.95 75,473.37 0.03 EUR 33,201 Hannover Rueck SE 1,524,435.47 1,836,679.32 0.69 EUR 4,495 Heineken Holding NV 193,002.33 193,756.98 0.07 EUR 570 Henex SA 28,967.78 28,129.50 0.01 EUR 3,817 Henkel AG & Co KGaA Pref 283,642.76 275,778.25 0.10 EUR 40,526 Hera SpA 66,480.16 59,046.38 0.02 EUR 138,792 Iberdrola SA 578,349.02 562,940.35 0.21 EUR 2,709 Iliad SA 459,043.89 450,100.35 0.17 EUR 9,526 Imerys SA 397,382.69 448,436.45 0.17 EUR 20,136 Indus Holding AG 526,671.47 501,185.04 0.19 EUR 45,385 Industria Macchine Automat SpA 817,239.42 803,314.50 0.30 EUR 10,113 InterParfums 219,694.51 229,160.58 0.09 EUR 62,024 Interpump Group SpA 417,724.06 424,864.40 0.16 EUR 6,304 Ipsen SA 170,989.31 178,718.40 0.07 EUR 1,040,075 Iren SpA 897,569.00 890,304.20 0.33 EUR 115,519 Jenoptik AG 918,686.36 1,097,083.94 0.41 EUR 12,000 Jumbo SA Reg 75,336.70 91,200.00 0.03 EUR 32,688 Jungheinrich AG Pref 1,073,799.22 1,120,708.08 0.42 EUR 15,837 K+S Aktiengesellschaft Reg 488,371.11 449,849.99 0.17 EUR 2,053 KBC Group SA 64,336.21 58,726.07 0.02 EUR 26,090 KUKA AG 716,921.18 847,533.65 0.32 EUR 509 Laurent Perrier 31,414.57 33,594.00 0.01 EUR 95,282 Let's Gowex SA 424,809.09 524,051.00 0.20 EUR 1,243 Lisi 94,837.39 104,412.00 0.04 EUR 58,016 LPKF Laser & Electronics Dév 632,632.56 692,130.88 0.26 EUR 75,776 M6 Metropole Television SA 916,448.15 937,728.00 0.35




20



EUR 22,563 Mapfre SA Reg 62,288.61 56,452.63 0.02 EUR 2,425 Marr SpA 19,913.70 22,358.50 0.01 EUR 1,438 Mayr-Melnhof Karton AG 112,993.54 118,778.80 0.04 EUR 148,965 Mediolanum SpA 778,724.62 709,073.40 0.27 EUR 11,382 Merck KGaA 1,259,640.33 1,332,263.10 0.50 EUR 18,783 Metka SA Reg 219,902.42 185,951.70 0.07 EUR 2,004,461 Milano Assicurazioni SpA 975,982.93 944,902.92 0.35 EUR 8,667 Mota-Engil SGPS SA 18,101.25 20,168.11 0.01 EUR 34,619 MPI 116,437.10 116,319.84 0.04 EUR 16,227 Munich Reinsurance Co Rest Transferability 2,018,474.00 2,294,497.80 0.86 EUR 24,493 Mytilineos Holdings SA 111,108.98 108,014.13 0.04 EUR 10,164 Neopost SA 476,857.85 518,364.00 0.19 EUR 13,341 Nokian Tyres Oyj 452,494.70 417,706.71 0.16 EUR 142,551 Nordex SE 758,489.93 765,498.87 0.29 EUR 2,228 Norma Group AG Reg 58,333.07 62,027.52 0.02 EUR 73,178 Obrascon Huarte Lain SA 1,956,668.04 1,913,604.70 0.72 EUR 23,360 Oesterreichische Post AG 565,138.99 700,800.00 0.26 EUR 1,405 Olvi OYJ A 34,261.39 37,738.30 0.01 EUR 34,684 OMV AG 1,006,396.38 1,203,534.80 0.45 EUR 28,756 Orion Corp (New) B 526,421.80 518,183.12 0.19 EUR 136,667 Parmalat SpA 333,397.21 328,000.80 0.12 EUR 125,994 Patrizia Immobilien AG Reg 1,044,149.70 972,799.67 0.36 EUR 1,324 PKC Group Oyj 24,421.72 24,189.48 0.01 EUR 5,563 Plastic Omnium SA 181,889.50 231,754.58 0.09 EUR 12,709 Publicis Groupe SA 648,705.02 695,182.30 0.26 EUR 1,938 Puma SE 427,875.45 419,092.50 0.16 EUR 4,674 Rapala VMC Oyj 22,588.82 22,014.54 0.01 EUR 58,856 Recordati Ind Chim e Farm SpA 478,243.66 501,747.40 0.19 EUR 35,070 Redes Energetic Nacio SGPS SA 75,478.74 77,259.21 0.03 EUR 32,766 Reed Elsevier NV 416,584.81 419,404.80 0.16 EUR 1,234 Renault SA 75,554.11 63,797.80 0.02 EUR 7,790 Renta 4 Banco SA 34,508.35 36,067.70 0.01 EUR 10,447 Reply SpA 345,180.17 345,273.35 0.13 EUR 8,633 Repsol SA 151,142.44 139,940.93 0.05 EUR 2,056 Rexel SA 33,275.47 35,527.68 0.01 EUR 3,829 RHI AG 103,200.14 102,425.75 0.04 EUR 168,711 SAF Holland SA 1,224,769.93 1,237,832.61 0.46 EUR 129,422 Safilo Group SpA 1,249,961.84 1,906,386.06 0.71 EUR 17,174 SAFRAN SA 694,192.74 689,106.75 0.26 EUR 19,645 Salvatore Ferragamo SpA 473,413.92 470,104.85 0.18 EUR 40,680 Sampo Plc A 1,104,432.78 1,217,959.20 0.46 EUR 3,219 Sartorius Stedim Biotech 316,621.47 323,509.50 0.12 EUR 20,260 Save SpA 231,342.05 246,564.20 0.09 EUR 26,126 SBM Offshore NV 354,987.63 337,678.55 0.13 EUR 25,133 SCOR SE 579,395.01 592,510.48 0.22 EUR 111,024 SIAS SpA 794,960.56 697,785.84 0.26 EUR 4,365 Sixt AG 72,975.71 75,056.18 0.03 EUR 2,245 Sligro Food Group NV 52,405.13 57,752.63 0.02 EUR 848 Sodexo 55,906.17 54,272.00 0.02 EUR 346,420 Sonaecom SGPS SA Reg 559,394.74 539,375.94 0.20 EUR 13,727 Springer (Axel) Verlag AG 463,570.29 449,902.43 0.17 EUR 20,537 Stada Arzneimittel AG 692,065.94 679,158.59 0.25 EUR 17,554 Ste d'Edition de Canal Plus 92,286.46 91,105.26 0.03 EUR 59,919 Stora Enso Oyj R 305,129.07 308,582.85 0.12 EUR 32,617 Stroeer Media AG 280,544.36 245,508.16 0.09 EUR 3,511 Suedzucker AG 103,286.59 83,544.25 0.03 EUR 2,258 Symrise AG 71,025.24 70,246.38 0.03 EUR 14,179 TAG Immobilien AG 116,516.27 118,834.20 0.04 EUR 14,802 Takkt AG 171,919.44 171,703.20 0.06 EUR 73,842 Talanx AG Reg 1,654,418.96 1,791,037.71 0.67 EUR 101,516 Technicolor SA 328,639.73 310,638.96 0.12 EUR 27,952 Technopolis Plc 127,460.47 120,473.12 0.04 EUR 36,637 Teleperformance 973,560.81 1,354,836.26 0.51 EUR 10,605 Thales SA 349,169.81 380,454.38 0.14




21



EUR 8,059 Tieto Corp 134,724.67 117,741.99 0.04 EUR 82,214 UBISOFT Entertainment SA 826,808.24 827,072.84 0.31 EUR 24,358 Unilever NV Certif of Shares 698,357.29 736,951.29 0.28 EUR 27,813 Unipol Gruppo Finanziario SpA 60,462.64 70,033.13 0.03 EUR 600 Vacon Oyj 30,899.14 30,570.00 0.01 EUR 1,740 Vaisala Oyj A 36,131.49 34,399.80 0.01 EUR 3,111 Vidrala SA 83,322.67 82,877.04 0.03 EUR 2,997 Vilmorin et Cie 281,701.47 264,095.64 0.10 EUR 1,656 Vinci SA 64,918.28 63,847.08 0.02 EUR 33,393 Voestalpine 806,158.40 905,952.09 0.34 EUR 13,511 Waertsilae Corp B 504,381.73 451,672.73 0.17 EUR 34,973 Wessanen NV 98,464.29 102,785.65 0.04 EUR 1,896 Wiener Versicherung Gruppe 73,843.33 67,658.76 0.03 EUR 47,818 Wolters Kluwer NV 796,690.04 777,281.59 0.29 EUR 719 Zodiac Aerospace 72,191.70 73,122.30 0.03

91,833,971.68 96,990,902.88 36.26

GBP 318,708 3i Group Plc 1,234,885.05 1,255,877.83 0.47 GBP 52,689 Aberdeen Asset Management Plc 233,631.53 235,420.28 0.09 GBP 21,879 AMEC Plc 257,420.77 256,652.51 0.10 GBP 39,271 ARM Holdings Plc 371,923.58 364,410.66 0.14 GBP 157,993 Ashtead Group Plc 1,180,141.04 1,190,381.27 0.44 GBP 19,809 Associated British Foods Plc 392,672.30 401,156.67 0.15 GBP 10,738 AstraZeneca Plc 396,025.46 390,421.24 0.15 GBP 58,749 Babcock Intl Group Plc 759,235.43 756,359.00 0.28 GBP 19,666 Bank of Georgia Hgs Plc 375,275.11 383,340.31 0.14 GBP 267,907 Barratt Developments Plc 962,001.80 968,137.41 0.36 GBP 16,937 Bellway Plc 252,627.25 251,068.48 0.09 GBP 89,945 Berendsen Plc 788,672.28 781,616.50 0.29 GBP 475,765 Blinkx Plc 645,885.21 606,688.72 0.23 GBP 34,270 Bodycote Plc 203,316.69 209,602.94 0.08 GBP 146,126 Booker Group Plc 206,621.58 207,231.50 0.08 GBP 91,638 Bovis Homes Group Plc 811,056.82 815,581.64 0.30 GBP 49,230 BP Plc 261,055.50 261,596.42 0.10 GBP 11,168 British American Tobacco Plc 445,783.83 438,970.16 0.16 GBP 98,398 British Sky Broadcast Gr Plc 907,029.56 909,627.21 0.34 GBP 20,259 Bunzl Plc 302,653.23 302,677.38 0.11 GBP 51,458 Capita Plc 588,953.92 580,205.74 0.22 GBP 98,247 Centrica Plc 411,160.70 413,061.76 0.15 GBP 117,903 Cineworld Group Plc 453,855.25 466,870.79 0.17 GBP 27,180 Compass Group Plc 268,754.97 266,489.88 0.10 GBP 24,604 Cranswick Plc 330,981.04 331,695.59 0.12 GBP 72,351 Crest Nicholson Holdings Plc 270,131.57 270,238.05 0.10 GBP 130,510 CSR Plc 821,455.35 821,078.24 0.31 GBP 114,023 Dart Group Plc 261,676.99 259,857.65 0.10 GBP 20,700 Diageo Plc 458,022.19 454,234.57 0.17 GBP 116,286 EasyJet Plc 1,738,580.94 1,759,075.27 0.66 GBP 73,746 Edinburgh Dragon Trust Plc 225,844.56 228,966.58 0.09 GBP 13,849 Electra Private Equity Plc 363,485.60 358,050.38 0.13 GBP 32,879 Hargreaves Lansdown Plc 347,424.01 340,787.42 0.13 GBP 47,270 HSBC Holdings Plc 376,117.58 376,289.38 0.14 GBP 76,827 Inchcape Plc 444,238.37 449,266.04 0.17 GBP 143,700 Intermediate Capital Group Plc 715,726.78 729,454.43 0.27 GBP 14,030 Intertek Group Plc 481,693.03 478,672.50 0.18 GBP 55,487 Investec Plc 268,473.45 267,934.57 0.10 GBP 147,578 Iofina Plc 269,091.13 253,646.53 0.09 GBP 57,715 J Sainsbury Plc 241,502.09 239,351.36 0.09 GBP 74,853 JD Wetherspoon Plc 571,218.33 580,572.14 0.22 GBP 78,248 Keller Group Plc 887,296.33 905,104.84 0.34 GBP 54,760 Kingfisher Plc 221,123.94 219,234.83 0.08 GBP 206,552 Legal & General Group Plc 406,533.07 413,230.35 0.15 GBP 469,298 Lloyds Banking Group Plc 346,023.46 345,973.49 0.13 GBP 237,881 Man Strateg Hg Plc 225,024.63 231,012.28 0.09 GBP 63,740 Mears Group Plc 288,162.23 287,736.11 0.11 GBP 120,496 Mitie Group Plc 350,391.74 353,441.15 0.13




22



GBP 44,262 Mondi Plc 415,029.68 422,606.65 0.16 GBP 57,859 N.Brown Group Plc 290,967.37 298,500.58 0.11 GBP 22,776 Next Plc 1,222,077.45 1,211,724.15 0.45 GBP 56,693 Northgate Plc 225,231.16 223,665.05 0.08 GBP 221,448 Old Mutual Plc 460,187.91 467,069.93 0.17 GBP 144,869 Optimal Payments Plc 297,985.61 294,645.79 0.11 GBP 86,078 Pace Plc 241,555.95 243,041.27 0.09 GBP 51,283 Pearson Plc 679,627.28 700,942.36 0.26 GBP 69,150 Persimmon Plc 948,513.80 953,222.03 0.36 GBP 22,311 Reckitt Benckiser Group Plc 1,231,480.71 1,210,422.94 0.45 GBP 164,119 Redrow Group Plc 418,021.93 417,606.59 0.16 GBP 40,308 Reed Elsevier Plc 350,594.02 351,450.24 0.13 GBP 9,920 Rightmove Group Plc 242,000.68 241,302.25 0.09 GBP 45,513 Royal Dutch Shell Plc B 1,160,313.99 1,155,969.41 0.43 GBP 31,006 Schroders Plc 778,991.28 790,044.34 0.30 GBP 159,148 SIG Plc 312,391.61 314,492.38 0.12 GBP 64,745 Soco Intl Plc 268,559.11 263,971.37 0.10 GBP 16,255 SSE Plc 286,589.38 288,960.76 0.11 GBP 126,085 St James's Place Plc 782,118.21 794,710.90 0.30 GBP 123,186 Stagecoach Group Plc 448,418.76 453,353.86 0.17 GBP 64,586 Tate & Lyle Plc 621,921.73 621,557.11 0.23 GBP 974,535 Taylor Wimpey Plc 1,091,618.50 1,089,151.29 0.41 GBP 681,935 Thomas Cook Group Plc 973,065.94 1,029,185.12 0.38 GBP 422,875 Trinity Mirror Plc 540,533.10 547,881.93 0.20 GBP 120,407 TUI Travel Plc 501,988.79 501,591.62 0.19 GBP 132,440 Tyman Plc 325,938.75 319,220.83 0.12 GBP 22,426 Unilever Plc 685,735.24 696,805.96 0.26 GBP 251,179 Vodafone Group Plc 543,907.06 550,739.87 0.21 GBP 150,516 William Hill Plc 765,862.83 774,595.11 0.29 GBP 34,801 Xaar Plc 323,556.30 318,260.49 0.12

41,055,641.40 41,215,042.23 15.40

NOK 209,504 ABG Sundal Collier Holdings ASA 113,031.32 104,104.12 0.04 NOK 49,232 Awilco Drilling Plc 609,688.09 651,952.83 0.24 NOK 282,140 Borregaard ASA 897,597.57 942,952.75 0.35 NOK 932,137 BW Offshore Ltd 902,594.26 857,011.54 0.32 NOK 10,996 DNB ASA 124,120.06 121,969.14 0.05 NOK 178,027 Dolphin Group ASA 160,145.39 134,715.17 0.05 NOK 43,545 Eltek ASA 32,831.22 29,601.00 0.01 NOK 1,388 Farstad Shipping ASA 21,815.54 21,181.38 0.01 NOK 1,802 Kongsberg Gruppen ASA 29,639.76 24,999.24 0.01 NOK 11,615 Leroy Seafood Group ASA 256,479.68 247,562.76 0.09 NOK 35,976 Norwegian Air Shuttle ASA 1,103,556.20 1,204,184.93 0.45 NOK 380 Olav Thon Eiendomsselkap ASA 46,700.52 46,199.79 0.02 NOK 11,366 Petroleum Geo-Services ASA 129,434.24 106,076.40 0.04 NOK 4,061,172 Renewable Energy Corp AS 1,143,116.72 1,144,231.63 0.43 NOK 231,090 SalMar ASA 1,684,436.76 1,806,975.39 0.68 NOK 247,852 SpareBank 1 SMN 1,533,829.15 1,453,532.60 0.54 NOK 193,344 Sparebank 1 SR-Bank 1,175,298.79 1,158,253.72 0.43 NOK 5,329 Sparebanken Vest AS 28,830.51 26,547.41 0.01 NOK 93,643 Spectrum ASA 677,167.90 571,610.34 0.21 NOK 19,279 Statoil ASA 352,241.28 304,659.67 0.11 NOK 35,443 Storebrand ASA 127,128.32 130,971.71 0.05 NOK 13,861 Telenor ASA 233,322.50 210,474.96 0.08 NOK 17,528 TGS Nopec Geophysical Co ASA 446,290.44 390,172.33 0.15 NOK 19,677 Yara Intl ASA 727,161.74 601,052.52 0.22

12,556,457.96 12,290,993.33 4.59

SEK 2,727 AF AB B 50,667.05 52,852.60 0.02 SEK 11,580 Arcam AB 443,656.51 462,071.21 0.17 SEK 25,288 Axfood AB 656,589.75 808,973.80 0.30 SEK 2,275 Axis AB 45,082.31 43,002.95 0.02 SEK 15,814 B&B TOOLS AB B 143,139.47 145,134.25 0.05 SEK 3,781 Bilia AB A 51,193.80 46,554.61 0.02 SEK 3,422 Black Earth Farming Ltd DR 7,204.50 2,730.93 0.00




23



SEK 3,546 Boliden AB 43,430.00 33,615.01 0.01 SEK 185,503 Dios Fastigheter AB 854,614.13 790,960.59 0.30 SEK 292,088 Eniro AB 613,333.95 614,387.53 0.23 SEK 257,107 Fastighets Balder AB B 1,465,143.16 1,421,634.47 0.53 SEK 56,282 Fingerprint Cards AB B 227,587.77 367,347.69 0.14 SEK 66,875 Haldex AB 343,935.32 348,427.40 0.13 SEK 14,309 Hexpol AB B 683,689.01 712,890.82 0.27 SEK 15,105 ICA Gruppen AB 305,944.49 311,696.27 0.12 SEK 2,046 Industrial & Financial Syst AB 29,199.74 25,308.57 0.01 SEK 1,498 Industrivaerden AB A 21,583.33 20,442.70 0.01 SEK 21,233 Industrivaerden AB C 233,834.25 271,120.08 0.10 SEK 79,267 Intrum Justitia AB 1,264,417.40 1,242,588.77 0.46 SEK 4,128 Investor AB B 90,923.33 84,853.10 0.03 SEK 6,919 Kloevern AB 21,310.47 21,376.91 0.01 SEK 79,584 Kungsleden AB 398,236.52 355,667.46 0.13 SEK 21,376 Lundbergforetagen AB B 617,518.78 621,439.60 0.23 SEK 17,101 Modern Times Group MTG AB B 554,259.40 557,206.32 0.21 SEK 33,173 Nobia AB 143,464.33 147,496.48 0.06 SEK 100,668 Nolato AB B 1,283,758.74 1,331,317.79 0.50 SEK 1,878 Oriflame Cosmetics SA 49,295.59 45,454.60 0.02 SEK 555 RusForest AB 6,105.51 129.71 0.00 SEK 49,225 SAS AB 80,028.06 71,833.66 0.03 SEK 54,819 Securitas AB B 369,512.92 366,548.49 0.14 SEK 10,116 Svenska Cellulosa SCA AB B 172,942.91 194,099.87 0.07 SEK 91,248 TeliaSonera AB 472,055.48 454,920.11 0.17 SEK 40,568 Tethys Oil AB 305,521.37 300,627.88 0.11 SEK 78,597 Trelleborg AB B 853,775.70 902,334.88 0.34 SEK 30,628 Unibet Group Plc SDR 615,931.91 783,911.96 0.29 SEK 86 Vostok Nafta Investment Ltd Pref Shares 100 into 58 SDR 106.82 44.61 0.00 SEK 986 Vostok Nafta Investment Ltd Pref Shares 1000 into 111 Shares 1,224.73 24.73 0.00 SEK 5,986 Vostok Nafta Investment Ltd SDR 7,435.31 22,111.29 0.01 SEK 12,266 Wihlborgs Fastigheter AB 144,251.04 139,142.03 0.05

13,671,904.86 14,122,281.73 5.29

USD 9,593 Icon Plc 255,876.64 261,486.37 0.10 USD 7,147 Lyondellbasell Industries NV 326,362.07 364,333.14 0.14 USD 2,089 MHP SA GDR repr 1 Share Reg S 27,826.83 27,321.90 0.01 USD 91,741 Navios Maritime Holdings Inc 356,668.51 395,252.81 0.15

966,734.05 1,048,394.22 0.40

Total shares 198,609,455.43 205,897,698.28 76.99

Closed-ended investment funds

EUR 4,913 Befimmo SICAFI SA 240,474.51 238,894.63 0.09 EUR 6,460 Warehouses De Pauw SICAFI 320,379.89 314,279.00 0.12

560,854.40 553,173.63 0.21

GBP 132,228 British Empire Sec & Ge Tr Plc Dist 740,259.67 734,653.19 0.27 GBP 15,905 Temple Bar Inv Trust Plc GBP Dist 211,715.17 212,007.76 0.08

951,974.84 946,660.95 0.35

Total closed-ended investment funds 1,512,829.24 1,499,834.58 0.56

Warrants and rights

EUR 7,239 Repsol SA Droits d'attribut 04.07.2013 0.00 3,098.29 0.00

Total warrants and rights 0.00 3,098.29 0.00

Total investments in securities 200,122,284.67 207,400,631.15 77.55

Cash at banks 23,957,995.46 8.96

Bank liabilities -3,417,016.73 -1.28

Other net assets/(liabilities) 39,503,234.31 14.77

Total 267,444,844.19 100.00


Industrial and geographical classification of investments as at 30th June 2013


24

Industrial classification

(in percentage of net assets)

Insurance 9.52 %

Capital goods 8.28 %

Materials 4.47 %

Food, beverage and tobacco 4.43 %

Pharmaceuticals and biotechnology 4.15 %

Diversified financial services 3.94 %

Media 3.88 %

Consumer durables and apparel 3.86 %

Banks 3.64 %

Investment companies 3.29 %

Energy 3.11 %

Transportation 2.70 %

Automobiles and components 2.62 %

Software and services 2.56 %

Commercial services and supplies 2.09 %

Technology hardware and equipment 2.01 %

Retailing 1.92 %

Real estate 1.77 %

Telecommunication services 1.70 %

Utilities 1.50 %

Health care equipment and services 1.33 %

Food retailing, drugstores and pharmacies 1.32 %

Hotels, restaurants and leisure 1.20 %

Household and personal products 1.00 %

Semiconductors and semiconductor equipment 0.91 %

Investment funds 0.35 %

Total 77.55 %


Industrial and geographical classification of investments (continued) as at 30th June 2013


25

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

United Kingdom 15.99 %

Germany 11.96 %

Switzerland 10.07 %

Italy 6.11 %

France 5.76 %

Sweden 4.99 %

Denmark 4.98 %

Norway 4.03 %

Spain 3.58 %

Belgium 3.38 %

Austria 1.81 %

The Netherlands 1.63 %

Finland 1.24 %

Grand Duchy of Luxembourg 0.49 %

Bermuda 0.36 %

Malta 0.29 %

Portugal 0.27 %

Greece 0.22 %

Marshall Islands 0.15 %

Ireland 0.10 %

Bahamas 0.09 %

Jersey 0.05 %

Total 77.55 %

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES

Statement of net assets (in USD) as at 30th June 2013


26

Assets Securities portfolio at market value 103,462,258.78 Cash at banks 4,102,141.76 Receivable on issues of shares 7,151.86 Income receivable on portfolio 83,020.82 Interest receivable on bank accounts 2.67 Prepaid expenses 943.88


Liabilities Unrealised loss on forward foreign exchange contracts 68,022.87 Interest on bank liabilities and expenses payable 585,644.60

Total liabilities 653,667.47




Number of class CP shares outstanding 1,008.918 Net asset value per class CP share CHF 186.76

Number of class E shares outstanding 31,563.954 Net asset value per class E share EUR 174.09

Number of class F shares outstanding 54,853.186 Net asset value per class F share 180.94

Number of class G shares outstanding 16,307.217 Net asset value per class G share EUR 168.62

Number of class H shares outstanding 1,175.000 Net asset value per class H share 170.44


Number of class IP shares outstanding 22,312.000 Net asset value per class IP share 191.36

Number of class S shares outstanding 122.000 Net asset value per class S share 190.02


Statement of operations and other changes in net assets (in USD) from 1st January 2013 to 30th June 2013


27

Income Dividends, net 795,533.86 Interest on bank accounts 3.76 Other income 11,796.77

Total income 807,334.39

Expenses Management fees 788,840.84 Performance fees 1,689,877.80 Custodian fees 21,922.91 Banking charges and other fees 237.88 Transaction fees 184,767.92 Central administration costs 137,556.68 Professional fees 8,120.97 Other administration costs 105,237.66 Subscription duty ("taxe d'abonnement") 24,734.05 Interest paid on bank liabilities 200.38 Other expenses 11,478.19



Net realised gain/(loss) - on securities portfolio 13,838,545.95 - on forward foreign exchange contracts -172,468.61 - on foreign exchange -30,446.46


Net variation of the unrealised gain/(loss) - on securities portfolio 13,675.58 - on forward foreign exchange contracts -60,773.13








Statistical information (in USD) as at 30th June 2013


28

Total net assets

- as at 30.06.2013 107,001,852.30 - as at 31.12.2012 97,668,058.06 - as at 31.12.2011 105,736,604.63


- as at 30.06.2013 769.54





- as at 30.06.2013 185.32 - as at 31.12.2012 166.41 - as at 31.12.2011 149.34


- outstanding at the beginning of the period 1,026.936 - issued 399.067 - redeemed -270.631



- as at 30.06.2013 CHF 183.91 - as at 31.12.2012 CHF 166.19 - as at 31.12.2011 -

Number of class CP shares



Net asset value per class CP share


Number of class E shares



Net asset value per class E share

- as at 30.06.2013 EUR 174.09 - as at 31.12.2012 EUR 156.71 - as at 31.12.2011 EUR 141.52





Statistical information (in USD) (continued) as at 30th June 2013


29


- as at 30.06.2013 180.94 - as at 31.12.2012 162.92 - as at 31.12.2011 146.70

Number of class G shares



Net asset value per class G share


Number of class H shares



Net asset value per class H share

- as at 30.06.2013 170.44 - as at 31.12.2012 153.40 - as at 31.12.2011 137.88





- as at 30.06.2013 188.74 - as at 31.12.2012 168.97 - as at 31.12.2011 151.00





- as at 30.06.2013 191.36 - as at 31.12.2012 169.08 - as at 31.12.2011 -

Number of class S shares



Net asset value per class S share

- as at 30.06.2013 190.02 - as at 31.12.2012 166.71 - as at 31.12.2011 -


Statement of investments and other net assets (in USD) as at 30th June 2013


30





Shares

CAD 12,963 AGF Management Ltd B Pref 134,414.07 137,552.48 0.13 CAD 250,893 Ainsworth Lumber Co Ltd 982,024.56 761,327.20 0.71 CAD 11,400 Alamos Gold Inc 123,475.80 137,723.20 0.13 CAD 4,884 Alimentation Couche Tard Inc B 286,109.61 288,996.82 0.27 CAD 2,800 Amica Mature Lifestyles Inc 26,659.05 22,303.35 0.02 CAD 3,088 Atco Ltd Non voting 1 139,682.96 127,057.34 0.12 CAD 3,700 Atrium Innovations Inc 51,135.04 51,260.73 0.05 CAD 10,499 AutoCanada Inc 285,655.24 288,920.37 0.27 CAD 3,001 Badger Daylighting Ltd 99,751.60 141,092.96 0.13 CAD 10,775 Bank of Montreal 659,755.65 623,275.33 0.58 CAD 6,892 Bank of Nova Scotia 383,111.71 367,425.20 0.34 CAD 11,972 BCE Inc 511,946.15 489,528.84 0.46 CAD 25,404 Bell Aliant Inc 663,505.00 680,780.47 0.64 CAD 6,959 Canadian Imp Bk of Commerce 527,023.58 492,551.10 0.46 CAD 1,711 Canadian Pacific Railway Ltd 217,845.21 206,916.53 0.19 CAD 77,482 Capstone Mining Corp 128,239.11 131,518.45 0.12 CAD 108,428 Celestica Inc 932,110.85 1,018,938.39 0.95 CAD 941 Constellation Software Inc 129,589.53 129,386.94 0.12 CAD 9,342 DirectCash Payments Inc 232,735.57 212,432.94 0.20 CAD 8,000 Dollarama Inc 490,744.42 558,418.28 0.52 CAD 12,824 Element Financial Corp 146,124.63 145,562.83 0.14 CAD 6,156 Empire Co Ltd A Non voting 369,068.90 469,456.66 0.44 CAD 17,800 Enbridge Income Fd Hgs Inc 418,343.45 404,088.95 0.38 CAD 3,778 Equitable Group Inc 134,695.99 128,685.94 0.12 CAD 1,330 Fairfax Financial Holdings Ltd Sub Voting 526,783.32 521,595.09 0.49 CAD 41,359 Genworth MI Canada Inc 1,003,825.78 962,448.31 0.90 CAD 1,780 George Weston Ltd 109,294.39 141,329.86 0.13 CAD 22,503 Gibson Energy Inc 564,573.63 526,005.36 0.49 CAD 26,782 Gildan Activewear Inc 1,076,094.49 1,083,165.62 1.01 CAD 20,719 Gluskin Sheff & Associates Inc 376,231.25 382,335.35 0.36 CAD 3,510 Granite REIT Units Granite Inc + TU Granite 133,141.29 120,622.45 0.11 CAD 23,989 Great-West Lifeco Inc 598,456.72 649,003.05 0.61 CAD 1,100 Guardian Capital Group Ltd A 14,600.91 14,029.68 0.01 CAD 11,928 IGM Financial Inc 487,110.61 510,012.35 0.48 CAD 3,939 Industrial Al Ins Fin Serv Inc 125,461.60 155,386.09 0.15 CAD 9,298 Intact Financial Corp 569,396.11 522,409.08 0.49 CAD 6,800 MEGA Brands Inc 87,340.78 94,789.25 0.09 CAD 5,186 Methanex Corp 227,546.71 221,544.07 0.21 CAD 8,260 Metro Inc 477,023.18 552,050.45 0.52 CAD 300 Morguard Corp 36,073.63 31,079.61 0.03 CAD 9,321 National Bank of Canada 717,045.36 663,266.64 0.62 CAD 32,281 Norbord Inc 999,020.95 931,497.63 0.87 CAD 13,006 Open Text Corp 748,148.23 886,758.71 0.83 CAD 16,424 Painted Pony Petroleum Ltd 131,390.62 132,071.04 0.12 CAD 7,295 Pason Syst Inc 132,405.14 132,265.33 0.12 CAD 24,693 Progressive Waste Solution Ltd 547,046.30 530,599.19 0.50 CAD 12,129 Quebecor Inc B 453,072.10 535,743.99 0.50 CAD 2,388 Richelieu Hardware Ltd 92,213.48 92,639.59 0.09 CAD 94,584 RMP Energy Inc 418,937.63 379,394.36 0.35 CAD 22,687 Rogers Communications Inc B Nv 1,031,681.04 886,353.80 0.83 CAD 1,461 Royal Bank Canada 88,611.37 84,898.85 0.08 CAD 31,089 Shaw Communications Inc B 662,190.27 744,095.93 0.70 CAD 15,565 Shoppers Drug Mart Corp 656,838.82 716,147.93 0.67 CAD 7,088 Silver Wheaton Corp 129,603.43 138,527.03 0.13 CAD 4,511 Suncor Energy Inc 130,421.95 132,607.27 0.12 CAD 11,387 Superior Plus Corp 145,316.45 132,923.02 0.12 CAD 16,529 Thomson-Reuters Corp 496,559.73 537,931.14 0.50 CAD 10,311 Tim Hortons Inc 545,049.35 556,151.61 0.52 CAD 106,413 Timmins Gold Corp 237,220.72 234,107.59 0.22


Statement of investments and other net assets (in USD) (continued) as at 30th June 2013


31



CAD 1,137 Toronto Dominion Bank 91,930.56 91,074.29 0.09 CAD 11,105 Transcontinental Inc A 130,201.34 134,685.84 0.13 CAD 4,794 Valeant Pharm Intl Inc 427,055.53 412,232.63 0.39 CAD 23,718 Whistler Blackcomb Hgs Inc 309,616.94 314,425.72 0.29

23,808,279.39 23,903,406.10 22.36

USD 2,836 Abaxis Inc 131,638.39 134,738.36 0.13 USD 19,078 AbbVie Inc 746,527.75 788,684.52 0.74 USD 6,869 Acadia Healthcare Co Inc 232,238.16 227,157.83 0.21 USD 5,925 ACE Ltd Reg 535,216.14 530,169.00 0.50 USD 84,068 Advanced Micro Devices Inc 341,419.24 342,997.44 0.32 USD 9,421 Aetna Inc 564,183.89 598,610.34 0.56 USD 17,464 Air Transport Services Gr Inc 112,615.45 115,437.04 0.11 USD 3,426 Albany Intl Corp A 113,728.32 112,989.48 0.11 USD 2,836 Alexander & Baldwin Inc 113,259.57 112,731.00 0.11 USD 2,869 Allete Inc 146,129.34 143,019.65 0.13 USD 8,203 AllianceBernstein Holding LP Partnership Units 194,525.96 170,786.46 0.16 USD 2,002 Alliant Techsystems Inc 140,906.70 164,824.66 0.15 USD 4,655 Allstate Corp 210,228.01 223,998.60 0.21 USD 17,942 Altria Group Inc 615,973.69 627,790.58 0.59 USD 6,151 AMAG Pharmaceuticals Inc 134,030.51 136,859.75 0.13 USD 2,218 American Electric Power Co Inc 105,595.10 99,322.04 0.09 USD 5,267 American Financial Group Inc 228,128.46 257,608.97 0.24 USD 3,680 American National Insurance Co 336,944.34 366,049.60 0.34 USD 4,085 American States Water Co 220,062.05 219,241.95 0.20 USD 12,224 Amerigon Inc 227,312.33 226,999.68 0.21 USD 1,648 Ameriprise Financial Inc 132,625.99 133,290.24 0.12 USD 8,270 Amgen Inc 702,950.57 815,918.20 0.76 USD 4,042 AmTrust Financial Serv Inc 126,355.81 144,299.40 0.13 USD 13,030 Anika Therapeutics Inc 186,352.64 221,510.00 0.21 USD 2,050 Aon Plc 131,543.26 131,917.50 0.12 USD 8,552 Applied Materials Inc 128,328.75 127,510.32 0.12 USD 9,056 ARRIS Group Inc 130,939.22 129,953.60 0.12 USD 4,553 Aspen Technology Inc 131,120.65 131,080.87 0.12 USD 3,875 Astec Industries Inc 130,372.01 132,873.75 0.12 USD 3,655 Astronics Corp 144,872.09 149,379.85 0.14 USD 3,492 AT Cross Co A 58,114.18 59,189.40 0.06 USD 14,359 AT&T Inc 508,733.35 508,308.60 0.48 USD 3,103 Avery Dennison Corp 131,094.84 132,684.28 0.12 USD 44,612 Aviat Networks Inc 136,785.73 116,883.44 0.11 USD 14,202 Avnet Inc 499,816.41 477,187.20 0.45 USD 9,700 Avon Products Inc 221,743.40 203,991.00 0.19 USD 2,935 Balchem Corp 131,053.59 131,341.25 0.12 USD 2,171 Bank of Montreal 130,658.15 125,983.13 0.12 USD 1,425 Baxter Intl Inc 100,165.11 98,709.75 0.09 USD 10,541 Beazer Homes USA Inc 225,192.62 184,678.32 0.17 USD 1,419 Becton Dickinson & Co 135,112.46 140,239.77 0.13 USD 1,898 Bed Bath and Beyond Inc 132,416.67 134,568.20 0.13 USD 829 Berkshire Hathaway Inc 93,378.16 92,781.68 0.09 USD 4,245 Best Buy Co Inc 114,888.88 116,015.85 0.11 USD 760 Biogen IDEC Inc 156,082.37 163,552.00 0.15 USD 2,863 Bob Evans Farms Inc 134,141.15 134,503.74 0.13 USD 3,399 Brinker International Inc 131,856.16 134,022.57 0.13 USD 4,774 Bristol Myers Squibb Co 183,210.24 213,350.06 0.20 USD 35,468 CA Inc 970,240.93 1,015,448.84 0.95 USD 4,783 Cabot Oil & Gas Corp 336,194.25 339,688.66 0.32 USD 9,391 Campbell Soup Co 354,515.08 420,622.89 0.39 USD 1,766 Canadian Imp Bk of Commerce 136,009.71 125,350.68 0.12 USD 8,272 Ceco Environmental Corp 97,450.23 101,745.60 0.10 USD 23,731 CenturyLink Inc 809,198.79 838,890.85 0.78 USD 964 Charter Communications Inc 114,986.86 119,391.40 0.11 USD 2,797 Chemical Financial Corp 73,215.25 72,694.03 0.07 USD 3,009 Chubb Corp 257,737.44 254,711.85 0.24 USD 7,881 Church & Dwight Co Inc 428,766.80 486,336.51 0.45 USD 1,676 Churchill Downs Inc 131,862.82 132,152.60 0.12




32



USD 2,221 Cigna Corp 142,655.00 161,000.29 0.15 USD 5,440 Cisco Systems Inc 132,344.84 132,246.40 0.12 USD 6,527 Clorox Co 487,186.92 542,654.78 0.51 USD 4,859 CMS Energy Corp 127,600.32 132,019.03 0.12 USD 16,612 CNA Financial Corp 576,487.26 541,883.44 0.51 USD 36,968 CNO Financial Group Inc 376,327.13 479,105.28 0.45 USD 7,105 Coca-Cola Bottling Consol 451,216.65 434,470.75 0.41 USD 44,769 Coleman Cable Inc 828,441.80 808,528.14 0.76 USD 11,014 Colgate-Palmolive Co 605,410.37 630,992.06 0.59 USD 3,916 Community Trust Bancorp Inc 135,048.13 139,487.92 0.13 USD 13,541 ConAgra Foods Inc 407,764.58 472,987.13 0.44 USD 2,183 ConocoPhillips 131,347.71 132,071.50 0.12 USD 4,877 Consolidated Graphics Inc 228,956.45 229,267.77 0.21 USD 1,705 Covance Inc 131,038.03 129,818.70 0.12 USD 1,234 Cracker Barrel Old Country Store Inc 115,313.75 116,810.44 0.11 USD 3,445 Crown Holdings Inc 147,737.13 141,692.85 0.13 USD 3,774 CVS Caremark Corp 225,383.11 215,797.32 0.20 USD 2,555 Cyberonics Inc 131,671.56 132,757.80 0.12 USD 3,363 Deluxe Corp 131,604.91 116,527.95 0.11 USD 10,262 Dillards Inc A 931,998.60 841,176.14 0.79 USD 5,624 Diodes Inc 136,494.93 146,055.28 0.14 USD 1,600 DirectTV 101,518.45 98,592.00 0.09 USD 17,118 Discover Financial Services 740,736.36 815,501.52 0.76 USD 1,731 Discovery Communication Inc 131,284.31 133,650.51 0.12 USD 1,938 Discovery Communications Inc C 131,362.35 135,001.08 0.13 USD 2,882 Dorman Products Inc 131,283.92 131,505.66 0.12 USD 1,703 Dover Corp 131,781.05 132,254.98 0.12 USD 2,184 Edison Intl 101,479.38 105,181.44 0.10 USD 15,303 El Paso Electric Co 515,594.82 540,348.93 0.51 USD 15,087 Electronic Arts Inc 342,458.46 346,548.39 0.32 USD 4,701 Electronics For Imaging Inc 130,444.39 132,991.29 0.12 USD 3,264 Eli Lilly & Co 171,298.44 160,327.68 0.15 USD 4,806 Energizer Holdings Inc 467,475.64 483,051.06 0.45 USD 4,251 EQT Corp 343,667.94 337,401.87 0.32 USD 11,786 Exar Corp 129,505.69 126,935.22 0.12 USD 30,038 Exelis Inc 405,808.93 414,224.02 0.39 USD 2,217 Exponent Inc 129,622.75 131,046.87 0.12 USD 1,465 Exxon Mobil Corp 130,869.61 132,362.75 0.12 USD 1,246 Federal Agricultural Mrtge Corp 38,842.45 35,984.48 0.03 USD 5,068 Fidelity Natl Financial Inc A 132,625.28 120,669.08 0.11 USD 3,158 Fidelity Natl Inform Serv Inc 142,721.24 135,288.72 0.13 USD 5,159 First American Financial Corp 102,725.51 113,704.36 0.11 USD 1,139 First Connecticut Bancorp Inc 16,852.08 15,854.88 0.01 USD 6,102 First Financial Bankshares Inc 340,600.23 339,637.32 0.32 USD 9,855 Flowers Foods Inc 212,416.82 217,302.75 0.20 USD 25,711 Foot Locker Inc 874,566.72 903,227.43 0.84 USD 6,854 Ford Motor Co 95,940.34 106,031.38 0.10 USD 8,936 Forestar Group Inc 192,234.32 179,256.16 0.17 USD 5,310 Fortune Brands Home & Security Inc 226,741.10 205,709.40 0.19 USD 3,433 Forward Air Corp 130,651.10 131,415.24 0.12 USD 3,180 Gap Inc 132,272.02 132,701.40 0.12 USD 13,430 General Mills Inc 593,400.53 651,757.90 0.61 USD 4,625 Gibraltar Industries Inc 82,277.65 67,340.00 0.06 USD 5,125 Glacier Bancorp Inc 113,973.69 113,723.75 0.11 USD 13,636 Glatfelter 326,305.11 342,263.60 0.32 USD 167,754 Gran Tierra Energy Inc 1,050,872.67 1,008,201.54 0.94 USD 4,679 Granite REIT Units Granite Inc + TU Granite 177,679.60 161,659.45 0.15 USD 5,333 Green Mtn Coffee Roasters Inc 314,915.25 400,294.98 0.37 USD 17,968 Green Plains Renewable Energy Inc 264,180.19 239,333.76 0.22 USD 16,974 Hanesbrands Inc 723,929.78 872,803.08 0.82 USD 31,173 Hartford Fin Serv Gr Inc (The) 948,593.65 963,869.16 0.90 USD 5,752 Hasbro Inc 267,111.64 257,862.16 0.24 USD 22,999 HCC Insurance Holdings Inc 925,227.36 991,486.89 0.93 USD 5,485 Healthcare Serv Group Inc 130,391.78 134,492.20 0.13




33



USD 9,463 Heartland Express Inc 130,528.24 131,251.81 0.12 USD 6,368 Hershey Co (The) 486,322.86 568,535.04 0.53 USD 15,986 Hewlett-Packard Co 394,704.34 396,452.80 0.37 USD 5,656 Hillenbrand Inc 140,033.88 134,103.76 0.13 USD 5,922 Horace Mann Educators Corp 132,084.83 144,378.36 0.13 USD 13,856 Hormel Foods Corp 479,429.01 534,564.48 0.50 USD 2,477 HSN Inc Del 131,878.87 133,064.44 0.12 USD 11,514 Iconix Brand Group Inc 348,303.51 338,626.74 0.32 USD 14,014 inContact Inc 115,517.01 115,195.08 0.11 USD 2,275 Integrys Energy Group 132,266.99 133,155.75 0.12 USD 13,443 Inter Parfums Inc 403,129.44 383,394.36 0.36 USD 5,920 Intl Bancshares Corp 131,391.78 133,673.60 0.12 USD 6,309 Intl Rectifier Corp 131,289.28 132,110.46 0.12 USD 15,576 Investment Technology Gr Inc 206,990.07 217,752.48 0.20 USD 18,517 Isis Pharmaceuticals Inc 389,244.02 497,551.79 0.47 USD 1,783 IUC Medical Inc 129,318.76 128,482.98 0.12 USD 1,741 J & J Snack Foods Corp 131,016.29 135,449.80 0.13 USD 1,294 J.M. Smucker Co 132,107.72 133,476.10 0.12 USD 2,974 Jack in the Box Inc 115,421.36 116,848.46 0.11 USD 7,426 Johnson & Johnson 568,011.63 637,596.36 0.60 USD 3,610 KapStone Paper Packaging Corp 144,416.60 145,049.80 0.14 USD 9,918 KB Home 216,488.82 194,690.34 0.18 USD 8,684 Kellogg Co 482,315.69 557,773.32 0.52 USD 3,949 Kemper Corp 131,474.79 135,253.25 0.13 USD 5,109 Kimberly-Clark Corp 494,783.05 496,288.26 0.46 USD 3,017 Kroger Co 90,468.29 104,207.18 0.10 USD 12,014 Laclede Group (The) Inc 476,749.45 548,559.24 0.51 USD 8,977 Lam Research Corp 402,147.48 398,040.18 0.37 USD 1,687 Lancaster Colony Corp 131,332.53 131,569.13 0.12 USD 2,685 Lear Corp When Issued 156,638.07 162,335.10 0.15 USD 4,251 Legg Mason Inc 131,856.26 131,823.51 0.12 USD 821 Liberty Media Corp A 101,727.78 104,069.96 0.10 USD 3,158 Ligand Pharmaceuticals Inc B 115,172.69 118,172.36 0.11 USD 2,353 Lincoln Electric Holdings Inc 130,909.12 134,756.31 0.13 USD 3,771 Lincoln National Corp 125,685.27 137,528.37 0.13 USD 1,805 Littelfuse Inc 133,160.50 134,671.05 0.13 USD 17,518 Macy's Inc 851,427.33 840,864.00 0.79 USD 2,268 Madison Square Garden Co A 141,111.70 134,379.00 0.13 USD 2,212 Magna Intl Sub Voting 135,749.09 157,538.64 0.15 USD 1,812 Marathon Petroleum Corp 131,682.74 128,760.72 0.12 USD 3,319 Marriott Intl Inc A 131,398.46 133,988.03 0.13 USD 8,631 Marten Transport Ltd 129,578.95 135,247.77 0.13 USD 4,716 Maxim Intergrated Products Inc 131,530.96 131,010.48 0.12 USD 5,141 Mc Donald's Corp 484,424.14 508,959.00 0.48 USD 6,847 McCormick & Co 412,185.22 481,754.92 0.45 USD 1,243 McKesson Corp 143,138.48 142,323.50 0.13 USD 2,517 Measurement Specialties Inc 113,907.02 117,116.01 0.11 USD 15,585 Medifast Inc 358,936.64 401,469.60 0.38 USD 3,065 Mercury General Corp 131,206.64 134,737.40 0.13 USD 11,436 Meredith Corp 426,136.69 545,497.20 0.51 USD 6,082 Meridian Bioscience Inc 132,405.93 130,763.00 0.12 USD 8,896 Methode Electronics Inc 144,174.45 151,320.96 0.14 USD 13,575 Micrel Inc 131,201.00 134,121.00 0.13 USD 10,319 Micron Technology Inc 145,664.39 147,871.27 0.14 USD 7,644 Monarch Casino & Resort Inc 113,164.37 128,877.84 0.12 USD 3,121 Moody's Corp 210,143.48 190,162.53 0.18 USD 2,660 Mueller Industries Inc 130,097.86 134,143.80 0.13 USD 16,841 Multimedia Games Hg Inc 386,595.80 439,044.87 0.41 USD 2,344 Murphy Oil Corp 146,912.97 142,726.16 0.13 USD 4,223 Nasdaq OMX Gr Inc 133,317.86 138,472.17 0.13 USD 2,384 Neogen Corp 131,395.90 132,455.04 0.12 USD 110,469 Newpark Resources Inc 1,154,720.27 1,214,054.31 1.13 USD 2,446 Noble Energy Inc 144,504.10 146,857.84 0.14 USD 28,800 Nordion Inc 213,077.34 213,120.00 0.20




34



USD 1,801 Norfolk Southern Corp 131,827.35 130,842.65 0.12 USD 10,831 Northrop Grumman Corp 828,809.53 896,806.80 0.84 USD 1,173 O Reilly Automotive Inc 129,152.72 132,103.26 0.12 USD 7,491 OFG Bancorp 116,483.28 135,662.01 0.13 USD 10,583 Old Republic Intl Corp 133,141.26 136,203.21 0.13 USD 10,191 Omnicare Inc 440,362.89 486,212.61 0.45 USD 8,439 Pacific Continental Corp 95,894.11 99,580.20 0.09 USD 727 Panera Bread Co A 132,032.56 135,178.38 0.13 USD 8,668 Partnerre Ltd 750,552.68 784,974.08 0.73 USD 3,470 Paychex Inc 131,842.98 126,724.40 0.12 USD 8,878 People's United Fin Inc 131,182.49 132,282.20 0.12 USD 6,298 Pepsico Inc 459,950.16 515,113.42 0.48 USD 1,940 Petsmart Inc 130,402.45 129,960.60 0.12 USD 62,666 PharMeria Corp 913,645.81 868,550.76 0.81 USD 588 PhotoMedex Inc 8,878.53 9,372.72 0.01 USD 34,689 Pilgrims Pride Corp 338,458.17 518,253.66 0.48 USD 6,487 Procter & Gamble Co 471,046.31 499,434.13 0.47 USD 5,119 Progressive Corp 132,314.64 130,124.98 0.12 USD 22,175 Protective Life Corp 856,691.79 851,741.75 0.80 USD 2,113 Qualcomm Inc 130,796.53 129,062.04 0.12 USD 86,781 Regions Financial Corp 728,492.53 827,022.93 0.77 USD 14,021 Reynolds American Inc 625,575.18 678,195.77 0.63 USD 115,117 Rite Aid Corp 296,598.70 329,234.62 0.31 USD 32,846 Rockville Financial New Inc 422,065.59 429,625.68 0.40 USD 5,197 Rollins Inc 131,763.72 134,602.30 0.13 USD 4,826 Ryland Group (The) Inc 232,249.81 193,522.60 0.18 USD 10,535 Saia Inc 290,176.66 315,733.95 0.30 USD 12,510 Sanderson Farms Inc 821,294.75 830,914.20 0.78 USD 2,660 Schweitzer-Mauduit Intl Inc 132,140.02 132,680.80 0.12 USD 2,007 Scripps Network Interactiv Inc A 131,217.67 133,987.32 0.13 USD 1,963 Signet Jewelers Ltd 131,668.65 132,365.09 0.12 USD 29,449 SkyWest Inc 402,461.77 398,739.46 0.37 USD 92,811 Smith & Wesson Hg Corp 864,817.08 926,253.78 0.87 USD 8,783 Southside Bancshares Inc 212,521.88 209,738.04 0.20 USD 16,097 Southwest Airlines Co 228,948.23 207,490.33 0.19 USD 17,101 Standard Motor Products 495,811.94 587,248.34 0.55 USD 33,786 Stein Mart Inc 398,960.64 461,178.90 0.43 USD 3,566 Steris Corp 131,712.48 152,910.08 0.14 USD 5,352 Supertex Inc 127,988.65 127,966.32 0.12 USD 1,805 T. Rowe Price Group Inc 132,264.58 132,035.75 0.12 USD 7,372 Target Corp 474,227.92 507,635.92 0.47 USD 7,677 Teradyne Inc 131,905.09 134,884.89 0.13 USD 9,717 Territorial Bancorp Inc 226,640.22 219,701.37 0.21 USD 3,190 Texas Industries Inc 227,695.71 207,796.60 0.19 USD 3,729 Texas Instruments Inc 130,833.54 130,030.23 0.12 USD 4,443 The Babcock & Wilcox Co 131,838.47 133,423.29 0.12 USD 2,763 Thor Industries Inc 133,225.40 135,884.34 0.13 USD 2,304 Time Warner Inc 132,629.91 133,217.28 0.12 USD 3,694 Tompkins Financial Corp 163,873.25 166,931.86 0.16 USD 1,872 Torchmark Corp 111,772.19 121,942.08 0.11 USD 13,203 Travelers Cies Inc 1,065,263.12 1,055,183.76 0.99 USD 9,675 Trico Bancshares 193,764.95 206,367.75 0.19 USD 3,477 Trinity Industries Inc 142,669.33 133,655.88 0.12 USD 9,867 TrueBlue Inc 223,863.46 207,700.35 0.19 USD 1,923 Tyler Technologies Inc 131,744.24 131,821.65 0.12 USD 5,836 Tyson Foods Inc Cl A 140,596.83 149,868.48 0.14 USD 1,506 Unifirst Corp 129,957.94 137,422.50 0.13 USD 6,900 Union First Mk Bankshares Corp 139,323.46 142,071.00 0.13 USD 9,333 Unisource Energy Corp 407,305.07 417,465.09 0.39 USD 2,423 Universal Corp 117,369.46 140,170.55 0.13 USD 5,066 Universal Electronics Inc 142,887.84 142,506.58 0.13 USD 4,970 Unum Group 139,716.65 145,968.90 0.14 USD 3,345 Urban Outfitters Inc 132,093.53 134,535.90 0.13 USD 16,717 Usana Health Sciences Inc 774,591.43 1,209,976.46 1.13




35



USD 2,036 Valspar Corp 131,201.32 131,668.12 0.12 USD 4,144 Vectren Corp 145,954.38 140,191.52 0.13 USD 1,965 Viacom Inc A 132,849.67 134,484.60 0.13 USD 1,990 Viacom Inc B 132,662.74 135,419.50 0.13 USD 1,794 Wabco Holdings Inc 131,880.43 133,993.86 0.13 USD 6,735 Wal-Mart Stores Inc 483,527.20 501,690.15 0.47 USD 2,420 WD-40 Co 130,827.66 131,841.60 0.12 USD 15,640 Wesbanco Inc 391,745.49 413,365.20 0.39 USD 2,127 West Pharmaceutical Serv Inc 136,587.85 149,443.02 0.14 USD 4,484 Westar Energy Inc 141,467.79 143,308.64 0.13 USD 19,253 Western Digital Corp 1,057,649.72 1,195,418.77 1.12 USD 29,561 Wet Seal (The) Inc 141,441.55 139,232.31 0.13 USD 227 White Mountain Insuranc Gr Ltd 130,937.78 130,511.38 0.12 USD 19,520 Wilshire Bancorp Inc 130,641.64 129,222.40 0.12 USD 13,400 Wisconsin Energy Corp 564,152.26 549,266.00 0.51 USD 19,881 Wisdomtree Investments Inc 182,864.16 230,023.17 0.21 USD 3,093 WR Berkley Corp 128,596.32 126,379.98 0.12 USD 8,411 XL Group Plc 241,164.62 255,021.52 0.24 USD 4,585 Zions Bancorp 132,558.64 132,414.80 0.12

72,857,818.86 76,225,700.58 71.21

Total shares 96,666,098.25 100,129,106.68 93.57


CAD 7,365 Morguard Real Estate Inv Trust Units 133,745.54 113,839.55 0.11 CAD 85,015 Retrocom Real Estate Inv Trust Units Dist 437,272.22 418,403.92 0.39

571,017.76 532,243.47 0.50

USD 72,408 Capstead Mortgage Corp 908,941.86 876,136.80 0.82 USD 82,869 Dynex Capital Inc Dist 835,162.96 844,435.11 0.79 USD 7,445 Parkway Properties Inc 136,353.70 124,778.20 0.12

1,880,458.52 1,845,350.11 1.73


Other transferable securities

Shares

USD 26,486 Homeowners Choice Inc 671,116.34 813,649.92 0.76 USD 2,494 Tribune Co A 142,774.59 141,908.60 0.13

Total shares 813,890.93 955,558.52 0.89


Cash at banks 4,102,141.76 3.83

Other net assets/(liabilities) -562,548.24 -0.52

Total 107,001,852.30 100.00




36



Insurance 10.71 %


Banks 6.40 %




Energy 4.57 %


Retailing 4.40 %


Media 4.12 %

Materials 4.12 %


Utilities 3.06 %






Real estate funds 2.11 %





Real estate 0.66 %


Total 96.69 %




37



United States of America 71.13 %

Canada 23.60 %

Bermuda 0.97 %

Switzerland 0.50 %

Ireland 0.24 %

Porto Rico 0.13 %


Total 96.69 %

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES



38

Assets Securities portfolio at market value 1,507,566,299.04 Cash at banks 60,481,006.38 Receivable on sales of securities 18,051,999.23 Receivable on issues of shares 3,327,358.92 Income receivable on portfolio 8,656,722.52 Interest receivable on bank accounts 3,159.08 Other receivables 152,524.13 Prepaid expenses 13,608.45

Total assets 1,598,252,677.75

Liabilities Bank liabilities 7,836,219.36 Payable on purchases of securities 11,596,013.91 Unrealised loss on forward foreign exchange contracts 226,618.73 Interest on bank liabilities and expenses payable 6,028,070.96 Other liabilities 2,655.51


Net assets at the end of the period 1,572,563,099.28

Number of class B shares outstanding 2,746,051.579 Net asset value per class B share 146.76

Number of class BP shares outstanding 262,487.232 Net asset value per class BP share 146.84

Number of class F shares outstanding 1,065,231.155 Net asset value per class F share 144.75

Number of class FP shares outstanding 15,452.760 Net asset value per class FP share 144.55

Number of class FP (SEK) shares outstanding 81.684 Net asset value per class FP (SEK) share SEK 1,464.73


Number of class INCP shares outstanding 168.000 Net asset value per class INCP share CHF 145.15

Number of class INEP shares outstanding 585,738.417 Net asset value per class INEP share EUR 146.74

Number of class IP shares outstanding 2,888,801.628 Net asset value per class IP share 145.69


Statement of net assets (in USD) (continued) as at 30th June 2013


39

Number of class IP (SEK) shares outstanding 4.874 Net asset value per class IP (SEK) share SEK 1,473.61

Number of class I (SEK) shares outstanding 4.874 Net asset value per class I (SEK) share SEK 1,468.04

Number of class J shares outstanding 132,071.937 Net asset value per class J share CHF 130.76

Number of class JP shares outstanding 33,729.000 Net asset value per class JP share CHF 129.79

Number of class L shares outstanding 1,467,701.781 Net asset value per class L share EUR 146.70

Number of class LP shares outstanding 227,743.311 Net asset value per class LP share EUR 145.58

Number of class O shares outstanding 48,502.524 Net asset value per class O share EUR 148.37

Number of class OP shares outstanding 10,984.000 Net asset value per class OP share EUR 148.18

Number of class P shares outstanding 9,073.132 Net asset value per class P share CHF 144.63

Number of class PP shares outstanding 4,193.000 Net asset value per class PP share CHF 129.66

Number of class R shares outstanding 1,000.000 Net asset value per class R share 150.75




40

Income Dividends, net 26,537,864.44 Interest on bank accounts 1,288.62


Expenses Management fees 9,007,963.89 Performance fees 8,528,464.99 Custodian fees 273,859.99 Banking charges and other fees 420,122.05 Transaction fees 6,983,682.05 Central administration costs 455,541.01 Professional fees 8,661.48 Other administration costs 998,035.96 Subscription duty ("taxe d'abonnement") 280,426.57 Other taxes 126,880.83 Interest paid on bank liabilities 5,497.74 Other expenses 112,279.20


Net investment loss -662,262.70

Net realised gain/(loss) - on securities portfolio 42,837,632.46 - on forward foreign exchange contracts -210,254.98 - on foreign exchange -2,606,813.17


Net variation of the unrealised gain/(loss) - on securities portfolio -127,084,566.08 - on forward foreign exchange contracts -210,992.99

Result of operations -87,937,257.46

Subscriptions 1,129,497,568.65




Total net assets at the end of the period 1,572,563,099.28




41

Total net assets

- as at 30.06.2013 1,572,563,099.28 - as at 31.12.2012 853,632,926.40 - as at 31.12.2011 150,962,789.08


- as at 30.06.2013 696.20


- outstanding at the beginning of the period 2,106,725.674 - issued 1,249,668.758 - redeemed -610,342.853

- outstanding at the end of the period 2,746,051.579


- as at 30.06.2013 146.76 - as at 31.12.2012 152.04 - as at 31.12.2011 119.32

Number of class BP shares



Net asset value per class BP share

- as at 30.06.2013 146.84 - as at 31.12.2012 152.83 - as at 31.12.2011 -





- as at 30.06.2013 144.75 - as at 31.12.2012 150.32 - as at 31.12.2011 118.62

Number of class FP shares

- outstanding at the beginning of the period 0.000 - issued 15,628.514 - redeemed -175.754


Net asset value per class FP share

- as at 30.06.2013 144.55 - as at 31.12.2012 - - as at 31.12.2011 -

Number of class FP (SEK) shares






42

Net asset value per class FP (SEK) share






- as at 30.06.2013 143.67 - as at 31.12.2012 148.69 - as at 31.12.2011 -

Number of class INCP shares

- outstanding at the beginning of the period 0.000 - issued 9,728.000 - redeemed -9,560.000


Net asset value per class INCP share


Number of class INEP shares



Net asset value per class INEP share

- as at 30.06.2013 EUR 146.74 - as at 31.12.2012 EUR 150.97 - as at 31.12.2011 -


- outstanding at the beginning of the period 1,418,750.370 - issued 1,975,254.515 - redeemed -505,203.257



- as at 30.06.2013 145.69 - as at 31.12.2012 151.42 - as at 31.12.2011 -

Number of class IP (SEK) shares



Net asset value per class IP (SEK) share





43

Number of class I (SEK) shares



Net asset value per class I (SEK) share


Number of class J shares



Net asset value per class J share


Number of class JP shares



Net asset value per class JP share


Number of class L shares

- outstanding at the beginning of the period 529,709.298 - issued 1,292,051.038 - redeemed -354,058.555


Net asset value per class L share


Number of class LP shares



Net asset value per class LP share

- as at 30.06.2013 EUR 145.58 - as at 31.12.2012 - - as at 31.12.2011 -

Number of class O shares






44

Net asset value per class O share

- as at 30.06.2013 EUR 148.37 - as at 31.12.2012 EUR 152.43 - as at 31.12.2011 -

Number of class OP shares

- outstanding at the beginning of the period 0.000 - issued 11,029.000 - redeemed -45.000


Net asset value per class OP share

- as at 30.06.2013 EUR 148.18 - as at 31.12.2012 - - as at 31.12.2011 -

Number of class P shares

- outstanding at the beginning of the period 5,223.422 - issued 4,095.365 - redeemed -245.655


Net asset value per class P share


Number of class PP shares



Net asset value per class PP share


Number of class R shares

- outstanding at the beginning of the period 1,000.000 - issued 0.000 - redeemed 0.000


Net asset value per class R share

- as at 30.06.2013 150.75 - as at 31.12.2012 154.21 - as at 31.12.2011 -




45





Shares

AUD 58,994 AGL Energy Ltd 918,894.05 781,666.02 0.05 AUD 579,598 Amcor Ltd 5,388,812.04 5,377,862.06 0.34 AUD 313,559 AMP Ltd 1,704,289.84 1,219,419.19 0.08 AUD 174,361 Ansell Ltd 2,887,487.57 2,812,849.45 0.18 AUD 191,964 ANZ Banking Group Ltd 5,436,558.59 5,020,267.29 0.32 AUD 212,497 APA Group Stapled Security 1,257,533.44 1,164,727.83 0.07 AUD 293,612 Ausenco Ltd 662,947.31 537,339.32 0.03 AUD 55,720 Austbrokers Holdings Ltd 578,783.15 555,753.79 0.04 AUD 276,805 Australand Property Group 972,801.33 881,450.65 0.06 AUD 89,357 Australian Pharm Industrie Ltd 40,501.80 36,385.93 0.00 AUD 27,180 Australian Stock Exchange Ltd 1,021,224.07 822,485.92 0.05 AUD 449,744 Automotive Holdings Group Ltd 1,650,922.32 1,316,922.39 0.08 AUD 718,235 Bank of Queensland Ltd 6,186,371.48 5,724,394.36 0.36 AUD 174,412 Beach Energy Ltd 187,034.18 181,141.12 0.01 AUD 513,274 Bendigo & Adelaide Bk Ltd 5,047,992.66 4,729,590.73 0.30 AUD 315,691 Bradken Ltd 1,534,518.10 1,245,042.84 0.08 AUD 418,320 Brambles Ltd 3,724,152.27 3,575,199.91 0.23 AUD 19,580 Brickworks Ltd 258,047.10 227,541.82 0.01 AUD 67,188 BT Investment Management Ltd 247,016.14 188,129.96 0.01 AUD 186,632 Caltex Australia Ltd 3,840,346.99 3,082,535.89 0.20 AUD 58,375 Cedar Woods Properties Ltd CWP 294,517.27 276,160.95 0.02 AUD 1,324,021 Challenger Ltd 5,406,961.09 4,858,297.12 0.31 AUD 203,443 Charter Hall Group 706,111.73 720,441.20 0.05 AUD 369,004 Clough Ltd 474,917.82 361,293.11 0.02 AUD 7,548 Cochlear Ltd 512,120.25 426,218.47 0.03 AUD 207,967 Codan Ltd 358,080.07 288,304.81 0.02 AUD 124,506 Collection House Ltd 195,784.21 187,413.56 0.01 AUD 33,678 Commonwealth Bank of Australia 2,374,232.60 2,131,923.79 0.14 AUD 334,175 Computershare Ltd CPU 3,431,445.28 3,140,430.78 0.20 AUD 4,278 Cred Corp Group Ltd 40,023.74 36,797.09 0.00 AUD 271,495 Crown Ltd 3,130,128.94 3,008,505.46 0.19 AUD 63,624 CSL Ltd 3,826,431.98 3,585,134.72 0.23 AUD 184,493 Decmil Group Ltd 376,620.06 300,500.17 0.02 AUD 746,059 DuluxGroup 3,351,087.83 2,874,088.22 0.18 AUD 119,692 Envestra Ltd Stapled Security Ord Sh & Loan Notes 109,719.37 108,976.54 0.01 AUD 934,220 Fairfax Media Ltd 566,917.92 423,154.72 0.03 AUD 114,140 Flight Centre Ltd 3,817,454.03 4,107,774.93 0.26 AUD 87,277 G8 Education Ltd 205,312.43 196,462.53 0.01 AUD 452,357 Goodman Fielder Ltd 295,799.65 304,238.02 0.02 AUD 606,347 Harvey Norman Holdings Ltd 1,549,564.01 1,414,836.45 0.09 AUD 515,099 iiNet Ltd 2,536,306.03 2,922,316.31 0.19 AUD 240,116 Imdex Ltd 221,305.29 136,225.25 0.01 AUD 625,511 Insurance Australia Group Ltd 3,420,846.40 3,113,713.69 0.20 AUD 18,160 Invocare Ltd 210,716.08 189,104.97 0.01 AUD 153,915 Ioof Holdings Ltd 1,248,649.44 1,036,581.82 0.07 AUD 155,657 James Hardie Industries Plc Chess Units of Foreign Sec 1,595,599.71 1,337,454.68 0.08 AUD 256,166 JB Hi-Fi Ltd 3,810,474.70 3,940,342.98 0.25 AUD 69,972 Kathmandu Holdings Ltd 154,646.84 135,098.82 0.01 AUD 246,555 M2 Telecom Group Ltd 1,287,882.67 1,319,819.39 0.08 AUD 278,633 Maca Ltd 785,069.12 451,284.73 0.03 AUD 43,090 Macquarie Group Ltd 1,726,492.73 1,650,913.35 0.10 AUD 202,693 Magellan Flagship Fd Ltd 235,783.06 249,462.84 0.02 AUD 536,333 Mermaid Marine Australia Ltd 1,866,623.00 1,727,515.72 0.11 AUD 1,470,971 Metcash Ltd 5,913,230.61 4,737,962.29 0.30 AUD 898,623 Myer Holdings Ltd 2,579,814.13 1,957,038.24 0.12 AUD 82,747 MyState Ltd 380,975.74 321,042.80 0.02 AUD 96,532 National Australia Bank Ltd 3,025,409.61 2,621,682.08 0.17 AUD 341,216 NIB Holdings Ltd 769,628.14 665,049.26 0.04 AUD 1,111,095 NRW Holding Ltd 1,772,526.14 925,203.81 0.06




46



AUD 11,739 Orica Ltd 221,538.22 221,817.59 0.01 AUD 1,097,424 Pacific Brands Ltd 878,159.91 702,938.48 0.04 AUD 149,494 Platinum Asset Management Ltd 734,326.66 748,265.83 0.05 AUD 339,273 Premier Investments Ltd 2,675,406.65 2,073,817.75 0.13 AUD 995,120 Primary Health Care Ltd 4,795,921.61 4,352,594.18 0.28 AUD 310,036 Programmed Maintenanc Serv Ltd 704,953.62 697,898.17 0.04 AUD 216,622 QBE Insurance Group Ltd 3,188,262.84 2,991,139.21 0.19 AUD 98,940 Ramsay Health Care Ltd RHC 3,239,858.39 3,242,060.03 0.21 AUD 242,708 Rcr Tomlinson Ltd 527,637.15 513,027.80 0.03 AUD 61,476 Reject Shop Ltd (The) 952,259.58 966,999.62 0.06 AUD 1,303,452 Resolute Mining Ltd 1,591,871.11 715,634.25 0.05 AUD 126,047 Retail Food Group Ltd 470,462.55 455,590.26 0.03 AUD 133,705 Seven Group Holdings Ltd 1,322,983.37 844,192.65 0.05 AUD 121,707 SFG Australia Ltd 78,114.90 66,263.96 0.00 AUD 348,991 Skilled Group Ltd 1,008,354.04 820,714.63 0.05 AUD 278,235 SKY Network Television Ltd 1,235,680.01 1,163,517.14 0.07 AUD 93,890 SkyCity Entertainment Group Ltd 332,231.28 317,881.96 0.02 AUD 101,647 Slater & Gordon Ltd 269,860.48 258,573.60 0.02 AUD 350,509 Sonic Healthcare Ltd 4,714,584.37 4,750,059.59 0.30 AUD 1,685,458 SP AusNet 1,970,397.62 1,812,177.05 0.12 AUD 1,599,598 Spark Infrastructured Group 2,759,287.60 2,539,540.58 0.16 AUD 580,553 STW Communications Group Ltd 857,197.06 762,322.26 0.05 AUD 281,241 Suncorp Group Ltd 3,307,178.62 3,067,606.96 0.19 AUD 216,876 Super Retail Group Ltd 2,319,239.18 2,375,475.03 0.15 AUD 623,688 Sydney Airport 2,185,192.79 1,928,985.28 0.12 AUD 758,384 Tabcorp Holdings Ltd 2,283,741.35 2,116,575.80 0.13 AUD 123,910 Tassal Group Ltd 273,617.10 277,790.42 0.02 AUD 831,243 Tatts Group Ltd 2,577,454.32 2,411,193.64 0.15 AUD 2,014,196 Telecom Corp of New Zealand 3,864,700.78 3,492,655.64 0.22 AUD 872,962 Telstra Corp Ltd 3,953,163.02 3,810,294.50 0.24 AUD 105,496 Thorn Group Ltd 223,537.65 195,964.25 0.01 AUD 160,739 Toll Holdings Ltd 960,640.28 782,488.06 0.05 AUD 307,676 TPG Telecom Ltd 1,018,574.30 991,017.01 0.06 AUD 35,452 Trade Me Group Ltd 126,706.16 133,654.25 0.01 AUD 177,258 Transurban Group 1,124,023.45 1,096,471.55 0.07 AUD 36,417 Treasury Wine Estates 183,707.34 193,942.05 0.01 AUD 199,324 Troy Resources Ltd 446,130.55 279,058.88 0.02 AUD 17,354 UGL Ltd 202,078.73 109,888.06 0.01 AUD 347,216 UXC Ltd 410,499.66 328,840.20 0.02 AUD 279,128 WAM Capital Ltd 492,650.14 418,882.37 0.03 AUD 13,725 Wesfarmers Ltd 573,052.11 497,338.83 0.03 AUD 130,322 West Australian Newsp Hgs Ltd 288,963.16 226,577.18 0.01 AUD 207,284 Westpac Banking Corp 6,008,814.10 5,477,820.47 0.35 AUD 237,531 WHK Group Ltd 155,703.63 145,626.34 0.01 AUD 117,205 Woodside Petroleum Ltd 4,025,099.87 3,754,767.72 0.24 AUD 90,451 Woolworths Ltd 2,920,179.30 2,715,591.42 0.17

182,565,440.76 165,515,004.64 10.49

BRL 20,091 Ambev-Cia Bebidas das Americas 741,258.42 751,546.83 0.05 BRL 83,490 Autometal SA 817,043.86 682,261.10 0.04 BRL 528,348 Banco Bradesco SA 8,774,845.38 7,323,540.85 0.47 BRL 43,191 Banco do Brasil SA 522,615.52 432,966.49 0.03 BRL 234,116 Cia de Concessoes Rodoviarias 1,856,515.10 1,877,085.16 0.12 BRL 133,953 Cia Energetica Minas Gerais 1,342,621.08 1,191,718.12 0.08 BRL 72,193 Cia Sanea Bas Est de Sao Paulo 741,457.23 755,743.90 0.05 BRL 103,152 Cosan Ltd BDR repr 1 Share A 1,683,618.40 1,710,166.33 0.11 BRL 136,198 Cosan SA Industria e Comercio 2,993,653.64 2,668,928.01 0.17 BRL 427,599 CPFL Energia SA 4,524,268.69 4,011,403.91 0.25 BRL 51,796 Eternit SA 249,154.88 221,721.42 0.01 BRL 168,079 Ez Tec Empreendime Particip SA 2,293,865.82 2,084,618.14 0.13 BRL 312,686 Grendene SA 3,123,991.14 2,869,640.49 0.18 BRL 50,788 Itau Unibanco Hg SA 727,043.07 671,774.60 0.04 BRL 86,528 Linx SA 1,481,690.13 1,411,038.23 0.09 BRL 117,577 Odontoprev SA 493,620.72 489,992.93 0.03 BRL 43,902 Rodobens Negocios Imob SA 328,000.41 287,363.61 0.02




47



BRL 233,309 Souza Cruz SA 2,872,045.39 2,894,697.18 0.18 BRL 5,392 Telefonica Brasil SA 109,717.15 109,911.22 0.01 BRL 115,212 Tractebel Energia SA 1,993,761.37 1,809,385.77 0.11

37,670,787.40 34,255,504.29 2.17

CZK 48,535 CEZ AS 1,415,450.46 1,164,917.83 0.07 CZK 1,163 Komercni Banka AS 230,429.00 216,201.33 0.01 CZK 361 Philip Morris CR AS 209,745.37 202,957.36 0.01

1,855,624.83 1,584,076.52 0.09

HKD 28,601,790 Agricultural Bank of China H 13,891,686.75 11,800,407.17 0.75 HKD 583,929 Anhui Gujing Distillery Co Ltd B 1,653,016.18 1,361,169.69 0.09 HKD 28,039,245 Bank of China Ltd H 12,709,253.08 11,532,163.72 0.73 HKD 12,279,092 Bank of Communications Co Ltd H 9,393,607.65 7,915,713.34 0.50 HKD 919,468 Bank of East Asia Ltd 3,475,665.22 3,313,387.52 0.21 HKD 1,341,778 BOC Hong Kong (Holdings) Ltd 4,408,489.61 4,125,939.46 0.26 HKD 2,931,394 BOE Technology Gr Co Ltd B 702,084.35 680,300.05 0.04 HKD 4,928,000 China Aerospace Intl Hgs Ltd 613,598.66 559,122.76 0.04 HKD 7,598,542 China Citic Bank Corp Ltd H 4,264,512.90 3,507,253.00 0.22 HKD 334,375 China Com Construction Cie Ltd H 315,361.78 261,683.47 0.02 HKD 13,708,984 China Construction Bank Corp H 10,914,506.41 9,703,567.13 0.62 HKD 39,499 China High Precis Autom Gr Ltd 13,695.22 6,212.98 0.00 HKD 628,753 China Merchant Bank Co Ltd H 1,321,565.31 1,050,603.57 0.07 HKD 648,493 China Merchant Prop Dev Co Ltd B 1,991,176.14 1,856,145.72 0.12 HKD 3,402,644 China MinSheng Banking Corp H 4,295,560.53 3,329,753.55 0.21 HKD 676,229 China Mobile Ltd 7,358,345.43 7,062,079.64 0.45 HKD 120,945 China National Accord Medicines Co Ltd B 449,352.60 399,971.54 0.03 HKD 1,173,000 China Oversea Gra Ocean Gr Ltd 1,584,675.49 1,497,224.78 0.10 HKD 6,555,707 China Petroleum & Chem Corp H 5,594,786.67 4,614,939.14 0.29 HKD 982,786 China Resources Pow Hgs Co Ltd 2,325,113.52 2,341,610.89 0.15 HKD 522,429 China Shenhua Energy Co Ltd H 1,749,157.00 1,333,663.51 0.08 HKD 654,000 China Travel Intl Inv HK Ltd 141,047.22 122,264.27 0.01 HKD 2,144,522 CNOOC Ltd 3,940,158.04 3,638,649.27 0.23 HKD 823,430 Dah Sing Banking Group Ltd 1,153,574.80 973,531.08 0.06 HKD 213,215 Dah Sing Financial Hgs Ltd 1,100,375.78 856,307.22 0.05 HKD 1,702,905 Dongfang Electric Corp Ltd 2,758,414.93 2,287,767.79 0.15 HKD 7,450,000 Emperor Watch & Jewellery Ltd 709,806.11 614,737.98 0.04 HKD 520,200 Foshan Electrical Light Co Ltd Shares B 422,613.60 367,540.08 0.02 HKD 4,678,000 Guangdong Investment Ltd 4,273,430.57 4,053,062.41 0.26 HKD 27,450 Hang Seng Bank Ltd 433,790.24 405,937.87 0.03 HKD 970,444 Hangzhou Steam Turbine Co Ltd B 1,344,138.41 1,348,785.97 0.09 HKD 1,485,414 Hisense Kelon Electrical Hg H 769,831.35 825,426.83 0.05 HKD 372,541 Hopewell Hgs Ltd 1,503,332.75 1,241,619.21 0.08 HKD 5,511,072 Huadian Power Intl Corp H 2,901,539.85 2,252,418.82 0.14 HKD 8,308,941 Huaneng Power Intl Inc H 9,125,944.38 8,227,363.69 0.52 HKD 84,300 Hubei Sanonda Co Ltd B 54,309.10 48,366.14 0.00 HKD 83,000 Hutchison Whampoa Ltd 873,113.23 872,681.68 0.06 HKD 12,743,790 Industr & Cial Bk of China Ltd H 8,849,167.11 8,034,544.61 0.51 HKD 7,100 Inner Mongol Yitai Coal Co Ltd 38,020.84 33,503.74 0.00 HKD 3,582,218 Jiangsu Expressway Co Ltd H 4,104,703.87 3,694,841.39 0.23 HKD 199,142 Jingwei Textile Machine Co Ltd H 142,222.72 123,241.76 0.01 HKD 11,597,000 Lai Sun Development Co Ltd 451,151.21 303,525.72 0.02 HKD 1,320,500 MTR Corp Ltd 5,023,704.04 4,869,207.02 0.31 HKD 792,207 NWS Holdings Ltd 1,391,318.54 1,219,542.12 0.08 HKD 6,902,831 PCCW Ltd 3,166,082.98 3,230,633.31 0.21 HKD 7,643,000 People's Ins Cie Group China Ltd H 3,451,082.50 3,488,356.98 0.22 HKD 558,000 PetroChina Co Ltd H 617,338.08 593,529.01 0.04 HKD 128,333 PICC Prop and Casualty Co Ltd H 159,224.04 144,777.21 0.01 HKD 101,763 Real Gold Mining Ltd 148,513.55 0.00 0.00 HKD 3,566,100 Shandong Chenm Paper Hgs Ltd B 1,773,315.69 1,682,784.11 0.11 HKD 220,422 Shandong Luoxin Pharm St Ltd H 263,103.52 213,142.47 0.01 HKD 1,119,269 Shanghai Fosun Pharm Gr Co Ltd H 2,094,430.63 1,824,044.17 0.12 HKD 1,042,671 Shanghai Ind Hgs Ltd 3,375,320.82 3,233,077.95 0.21 HKD 1,234,200 Shanghai Pharmaceuti Hg Co Ltd H 2,368,458.92 2,313,682.43 0.15 HKD 1,410,704 Shenzhen Expressway Co Ltd H 555,577.53 518,363.67 0.03




48



HKD 642,000 Shenzhen Inv Ltd 263,597.64 244,180.42 0.02 HKD 1,215,176 Shenzhen Prop & Resources Dev repr 1 Share B 1,100,208.15 1,035,605.73 0.07 HKD 2,686,000 Shun Tak Holdings Ltd 1,318,864.25 1,302,109.94 0.08 HKD 2,448,912 Sino Media Holdings Ltd 1,297,575.16 2,156,491.17 0.14 HKD 2,452,807 Sino Ocean Land Hgs Ltd 1,586,821.98 1,331,371.55 0.08 HKD 658,000 SINOPEC Engineering Gr Co Ltd H 879,249.07 885,686.84 0.06 HKD 1,312,000 Sinopec Shanghai Petroc Co Ltd H 429,785.83 439,805.83 0.03 HKD 1,648,855 Sinotrans Ltd H 332,658.70 308,250.84 0.02 HKD 245,196 SJM Holdings Ltd 622,331.05 596,223.20 0.04 HKD 203,000 Swire Pacific Ltd A 2,401,147.76 2,457,623.95 0.16 HKD 185,000 Swire Pacific Ltd B 433,030.17 436,492.33 0.03 HKD 404,000 Technovator International Ltd 121,480.67 112,509.43 0.01 HKD 318,495 Television Broadcasts Ltd 2,278,179.82 2,188,686.85 0.14 HKD 1,175,824 Tianjin Development Hgs Ltd 854,264.50 635,199.50 0.04 HKD 1,478,000 Travelsky Technology Ltd H 961,700.69 937,547.62 0.06 HKD 270,251 VTech Holdings Ltd 3,475,922.29 4,128,948.45 0.26 HKD 644,883 Weiqiao Textile Co Ltd H 427,298.41 387,454.44 0.02 HKD 3,410,000 West China Cement Ltd 534,184.00 505,598.78 0.03 HKD 446,286 Xinhua Win Publ Media Co Ltd 248,841.70 212,321.23 0.01 HKD 241,000 Xiwang Special Steel Co Ltd 44,102.75 24,857.69 0.00 HKD 223,800 Yantai Chan Pioneer Win Co Ltd B 1,044,981.26 1,027,220.98 0.07 HKD 1,048,000 Yuexiu Property Co Ltd 342,297.88 266,183.61 0.02 HKD 3,936,604 Zhejiang Expressway Co Ltd H 3,149,320.97 3,207,691.61 0.20 HKD 646,700 Zoomilion Ind S Tec Co Ltd 608,348.66 463,587.22 0.03

183,259,560.81 167,201,819.82 10.66

IDR 20,680,000 Agung Podomoro Land Tbk PT 909,503.39 802,199.12 0.05 IDR 5,876,750 Bank Mandiri (PT) Tbk 5,734,368.03 5,329,060.41 0.34 IDR 2,109,249 Bank Negara Indonesia (PT) Tbk 1,053,111.74 913,833.82 0.06 IDR 4,067,977 Bank Pan Indonesia (PT) Tbk 328,610.88 291,009.89 0.02 IDR 6,265,250 Bank Rakyat Indonesia (PT) Tbk 5,465,209.48 4,892,276.85 0.31 IDR 10,248,000 Bekasi Fajar Ind Est (PT) Tbk 864,399.96 815,712.52 0.05 IDR 34,949,500 Multipolar (PT) Tbk Ser A 2,131,020.81 2,042,395.66 0.13 IDR 258,250 Perusaha Perk Lon Sum Ind Tbk 47,681.71 44,754.81 0.00 IDR 6,104,089 PT Bank Bukopin B 489,509.28 442,816.99 0.03 IDR 1,521,000 PT Bank Pemba Daer Jabar B Tbk B 179,256.76 180,834.85 0.01 IDR 27,487,000 PT Bk Pembang Daerah Jawa Timur Tbk 1,190,688.53 1,093,944.67 0.07 IDR 2,794,000 PT Bk Tabungan Negar (Persero) 403,653.33 323,739.10 0.02 IDR 76,953,197 PT Panin Financial Tbk 2,058,147.47 1,628,234.23 0.10 IDR 1,718,000 PT Summarecon Agung Tbk 214,072.71 223,297.46 0.01 IDR 17,098,711 Surya Semesta Internusa Tbk PT 2,529,243.51 2,239,637.04 0.14 IDR 5,354,319 Telekom Indonesia (PT) Tbk B 6,004,707.61 6,069,147.36 0.39

29,603,185.20 27,332,894.78 1.73

ILS 204,508 Babylon Ltd 1,250,468.90 1,204,640.78 0.08 ILS 475,106 Bank Hapoalim BM 2,207,352.11 2,149,842.25 0.14 ILS 1,832,133 Bank Leumi Le-Israël 6,414,508.86 6,090,666.87 0.39 ILS 4,519,128 Bezeq Israel Telecommun Corp 6,060,118.20 6,034,112.33 0.38 ILS 12,560 Cellcom Israel Ltd 123,692.62 116,462.44 0.01 ILS 87,397 Frutarom Industries (1995) Ltd 1,342,019.69 1,319,190.94 0.08 ILS 49,202 Gazit - Globe Ltd 631,969.55 642,094.35 0.04 ILS 233,985 Israel Chemicals Ltd 2,575,997.44 2,309,764.56 0.15 ILS 2,219,937 Israel Discount Bank Ltd A 3,775,827.94 3,726,527.57 0.24 ILS 17,203 Ituran Location & Control Ltd 280,275.56 286,275.54 0.02 ILS 260,578 Mizrahi Tefahot Bank Ltd Reg 2,652,659.77 2,613,082.31 0.17 ILS 12,052 Nice Systems Ltd 446,142.62 437,736.80 0.03

27,761,033.26 26,930,396.74 1.73

INR 340,710 Cairn India Ltd 1,955,197.90 1,659,682.82 0.11 INR 292,977 Coal India Ltd 1,519,040.55 1,488,925.28 0.09 INR 98,972 Dr Reddy's Laboratories Ltd 3,668,476.65 3,688,777.92 0.23 INR 17,881 Fin Technologies (India) Ltd 262,801.13 234,066.20 0.01 INR 125,264 Gitanjali Gems Ltd 1,228,361.60 492,151.39 0.03 INR 183,077 Glenmark Pharmaceuticals Ltd 1,879,171.15 1,685,988.65 0.11 INR 57,586 HCL Technologies Ltd 774,220.65 750,621.25 0.05




49



INR 571,993 Karnataka Bank Ltd 1,357,173.87 1,076,576.25 0.07 INR 302,326 Lupin Ltd 4,096,120.64 3,968,431.73 0.25 INR 3,618 MRF Ltd 932,253.76 785,561.11 0.05 INR 67,470 Oil & Natural Gas Corp Ltd 375,463.57 375,242.58 0.02 INR 191,171 Sun Pharm Industries Ltd 3,187,604.30 3,248,266.00 0.21 INR 161,068 Tata Consultancy Services Ltd 4,246,720.93 4,107,392.16 0.26 INR 338,881 Tech Mahindra Ltd 5,753,808.48 6,032,722.58 0.38 INR 669,696 United Phosphorus Ltd 1,864,359.22 1,527,072.87 0.10 INR 734 Wockhardt Ltd 25,711.68 12,339.78 0.00 INR 51,338 Yes Bank Ltd Dematerialised 423,360.85 397,627.39 0.03

33,549,846.93 31,531,445.96 2.00

KRW 20,860 AK Holdings Inc 522,902.91 513,100.41 0.03 KRW 29,460 Asia Paper Manufact Co Ltd 537,049.58 569,910.62 0.04 KRW 102,120 Baiksan Co Ltd 666,033.79 550,646.97 0.03 KRW 20,320 Bukwang Pharmaceutical Co Ltd 242,448.11 240,126.01 0.02 KRW 435,534 China Ocean Resources Co Ltd 1,299,313.95 1,097,984.70 0.07 KRW 2,705 Chong Kun Dang Pharmaca Corp 105,783.59 131,177.32 0.01 KRW 8,449 CJ CGV Co Ltd 329,170.26 369,791.61 0.02 KRW 140,367 Daeduck GDS Co Ltd 2,501,022.38 2,494,266.15 0.16 KRW 3,594 Daehan Flour Mills Co Ltd 515,898.66 413,700.04 0.03 KRW 12,121 Daelim Industrial Co Ltd 958,418.62 920,958.19 0.06 KRW 7,840 Daesang Corp 220,895.82 213,431.34 0.01 KRW 13,750 Daewoong Pharmaceutical Co Ltd 815,169.04 688,462.78 0.04 KRW 94,310 Digital Power Com Co Ltd 341,187.07 302,974.13 0.02 KRW 43,930 Dongbu Insurance Co Ltd 1,843,682.84 1,857,334.26 0.12 KRW 19,170 Dongyang Mechatronics Corp 194,537.30 173,677.76 0.01 KRW 28,984 Global & Yuasa Battery Co Ltd 1,420,040.60 1,504,508.86 0.10 KRW 6,248 Grand Korea Leisure Co Ltd 165,635.33 193,609.21 0.01 KRW 128,158 Halla Visteon Climate Control Corp 3,861,225.58 4,066,637.57 0.26 KRW 94,020 Hanil E-WHA Co Ltd 1,072,961.17 1,098,710.43 0.07 KRW 65,097 Hankook Tire Co Ltd 3,017,498.70 3,008,684.39 0.19 KRW 126,420 Hanmi Semiconductor Co Ltd 1,111,406.77 1,250,477.74 0.08 KRW 3,200 Hanwha General Ins Co Ltd 17,502.49 13,977.59 0.00 KRW 19,750 Hwashin Co Ltd 232,853.20 241,169.87 0.02 KRW 63,270 Hyundai Corp 1,443,607.41 1,223,973.02 0.08 KRW 107,032 Hyundai Fire&Marine Ins Co Ltd 2,938,238.29 2,838,820.97 0.18 KRW 31,260 Hyundai HCN Co Ltd 136,246.48 151,867.10 0.01 KRW 8,617 Hyundai Home Shop Network Corp 1,176,436.31 1,157,833.76 0.07 KRW 2,195 Hyundai Wia Corp 323,035.61 326,636.85 0.02 KRW 82,516 Iljin Display Co Ltd 1,507,192.75 1,177,355.20 0.07 KRW 371,992 Isupetasys Co Ltd 2,210,448.38 1,947,226.72 0.12 KRW 102,492 Jahwa Electronics Co Ltd 2,419,315.42 1,996,189.28 0.13 KRW 80,833 Jeonbuk Bank Ltd 425,933.04 436,571.72 0.03 KRW 23,027 Kia Motors Corp 1,187,458.54 1,251,730.10 0.08 KRW 4,789 Korea District Heating Corp 392,679.19 377,284.60 0.02 KRW 49,872 KT&G Corp 3,353,584.56 3,239,234.78 0.21 KRW 15,076 Kukdo Chemical Co Ltd 669,351.97 590,555.75 0.04 KRW 31,135 Kyungnam Energy Co Ltd 194,986.42 151,804.90 0.01 KRW 5,205 LG Corp 300,086.40 289,318.49 0.02 KRW 107,435 LG Intl Corp 3,522,269.36 2,995,276.79 0.19 KRW 82,549 LIG Insurance Co Ltd 1,720,767.76 1,687,253.89 0.11 KRW 2,322 Lotte Food Co Ltd 1,419,114.96 1,193,114.30 0.08 KRW 30,600 Meritz Financial Holdings Co 130,423.73 128,035.69 0.01 KRW 153,370 Meritz Fire & Marine Insurance Co Ltd 1,757,614.94 1,705,005.85 0.11 KRW 5,050 Motonic Corp 58,621.15 49,288.77 0.00 KRW 19,970 Muhak Co Ltd 334,867.87 321,645.61 0.02 KRW 22,190 NICE Holdings Co Ltd 195,916.31 192,297.76 0.01 KRW 10,813 Reyon Pharmaceutical Co Ltd 169,963.23 184,570.61 0.01 KRW 97,070 S&T Dynamics Co Ltd 1,167,469.36 1,062,127.81 0.07 KRW 11,040 S&T Motiv Co Ltd 269,716.75 259,474.75 0.02 KRW 99,903 Samjin Pharmaceutical Co Ltd 1,381,373.87 1,250,536.30 0.08 KRW 4,270 Samsung Electronics Co Ltd 5,780,704.90 5,016,053.12 0.32 KRW 14,205 Samsung Heavy Ind Co Ltd 460,996.84 445,149.61 0.03 KRW 194,178 Shinpoong Pharmaceutical Co Lt 884,988.93 782,728.95 0.05




50



KRW 170,568 Simpac Inc 1,014,986.14 1,092,925.04 0.07 KRW 9,806 SK Gas Co Ltd 706,381.21 681,544.36 0.04 KRW 31,662 SK Telecom Co Ltd 5,170,461.19 5,820,219.66 0.37 KRW 481,233 Tai Lim Packaging Ind Co Ltd 1,357,806.85 1,219,510.95 0.08

68,175,683.88 65,158,481.01 4.16

MXN 376,361 America Movil SAB de CV L 366,096.98 408,133.61 0.03 MXN 832,936 Consorcio Ara SAB de CV 300,039.92 299,166.58 0.02 MXN 10,590 Gr Aero del Sureste SAB de CV B 133,645.31 117,221.47 0.01 MXN 59,475 Gr Aeroport Centro Norte SAB B 173,837.92 193,259.52 0.01 MXN 85,102 Grupo Aeromexico SAB de CV 119,291.96 107,765.39 0.01 MXN 203,149 Grupo Sanborns SA B1 456,429.10 451,979.24 0.03 MXN 47,211 Industrias Bachoco SAB de CV B 133,916.08 134,350.26 0.01 MXN 186,935 Kimberly-Clark Mex SAB de CV A 614,147.81 600,688.29 0.04 MXN 46,900 Vitro SAB de CV A 126,133.76 98,263.24 0.01

2,423,538.84 2,410,827.60 0.17

MYR 470,200 Affin Holdings Bhd 647,839.01 648,859.63 0.04 MYR 5,999,378 Air Asia Bhd 5,878,606.43 6,057,292.55 0.39 MYR 1,476,967 Alam Maritim Resources Bhd 486,031.77 645,106.65 0.04 MYR 3,466,923 AMMB Holdings Bhd 8,236,053.64 8,054,190.47 0.51 MYR 3,028,265 Astro Malaysia Holdings Bhd 2,959,835.18 2,904,143.99 0.18 MYR 1,198,013 Berjaya Sports Toto Bhd 1,665,947.15 1,657,008.01 0.11 MYR 239,146 Bimb Holdings Bhd 242,265.99 308,819.65 0.02 MYR 398,826 Boustead Holdings Berhad 657,414.65 661,449.04 0.04 MYR 152,540 British American Tobacco Bhd 2,995,490.34 2,877,475.55 0.18 MYR 154,500 Can-One Bhd 168,092.45 164,304.48 0.01 MYR 66,600 Carlsberg Brewery Malaysia Bhd 274,698.48 322,513.06 0.02 MYR 149,500 CB Ind Pro Holding Bhd CBIPH 126,092.87 123,972.15 0.01 MYR 1,268,100 China Stationery Ltd 499,565.70 114,387.88 0.01 MYR 470,400 CIMB Group Hgs Bhd 1,274,389.31 1,232,762.15 0.08 MYR 585,200 Coastal Contracts Bhd 409,734.36 400,073.43 0.03 MYR 253,900 Crescendo Corp Bhd 245,512.83 244,296.88 0.02 MYR 1,220,632 Dayang Enterprise Holdings Bhd 1,492,303.75 1,893,051.68 0.12 MYR 487,800 Eversendai Corp Bhd 199,298.13 223,867.70 0.01 MYR 1,593,800 Faber Group Bhd 867,819.15 897,915.49 0.06 MYR 4,201,000 Gamuda Bhd 6,296,449.37 6,302,497.23 0.40 MYR 175,014 Gas Malaysia Bhd 158,798.81 180,027.06 0.01 MYR 53,300 Genting Bhd 161,971.85 176,120.27 0.01 MYR 833,900 Genting Malaysia Bhd 1,088,716.90 1,026,703.91 0.07 MYR 667,500 Globetronics Technology Bhd 450,907.69 458,450.70 0.03 MYR 711,000 Glomac Bhd 270,735.23 272,293.08 0.02 MYR 66,800 Guinness Anchor Bhd 456,591.11 402,977.69 0.03 MYR 2,890,520 Hap Seng Consolidated Bhd 1,667,286.45 1,875,475.87 0.12 MYR 507,370 Hartalega Holdings Bhd 910,785.67 1,027,747.43 0.07 MYR 461,995 Hong Leong Bank Bhd 2,186,510.71 2,032,514.80 0.13 MYR 332,892 Hong Leong Fin Group Bhd 1,522,033.17 1,523,538.00 0.10 MYR 249,300 Hua Yang Bhd 241,033.89 220,144.64 0.01 MYR 1,002,400 IJM Land Bhd 940,252.21 907,379.02 0.06 MYR 1,161,000 IOI Corp Bhd 1,982,697.07 1,998,999.84 0.13 MYR 556,300 JCY Intl Bhd 99,467.13 117,968.35 0.01 MYR 423,300 Kian Joo Can Factory Bhd 405,224.26 375,135.31 0.02 MYR 493,000 Kimlun Corp Bhd 351,451.39 321,436.94 0.02 MYR 173,800 KLCC Real Estate Inv Trust Uts 345,842.96 374,059.19 0.02 MYR 772,562 Kossan Rubber Industries Bhd 1,034,493.71 1,220,156.47 0.08 MYR 656,614 KSL Holdings Bhd 458,093.30 415,644.25 0.03 MYR 140,700 Kulim Malaysia Bhd 165,071.58 153,636.65 0.01 MYR 79,262 Lafarge Malaysia Bhd 248,983.58 255,384.45 0.02 MYR 1,492,300 LBS Bina Gr Bhd 606,250.32 590,401.96 0.04 MYR 469,000 Lion Industries Corp Bhd 181,901.33 145,472.38 0.01 MYR 973,500 Mah Sing Group Bhd 940,988.12 893,543.28 0.06 MYR 1,620,134 Malayan Banking Bhd 4,955,340.55 5,332,930.40 0.34 MYR 738,800 Malaysia Airports Holdings Bhd 1,469,577.97 1,475,495.49 0.09 MYR 2,754,113 Malaysia Building Soc Bhd MBS 2,584,899.33 2,676,096.50 0.17 MYR 612,800 Matrix Concepts Holdings Bhd 510,408.26 492,645.04 0.03




51



MYR 543,500 Maxis Bhd 1,159,133.93 1,181,783.51 0.08 MYR 890,300 Mudajaya Group Bhd 745,100.68 732,641.24 0.05 MYR 1,516,616 Muhibbah Engineering Bhd 614,855.57 835,230.84 0.05 MYR 619,900 Naim Holdings Bhd 751,465.15 776,959.64 0.05 MYR 31,600 Nestle Malaysia Berhad 640,757.50 670,106.03 0.04 MYR 351,100 Oldtown Bhd 317,211.25 305,594.24 0.02 MYR 395,600 Parkson Holdings Bhd 503,508.21 488,317.77 0.03 MYR 1,488,900 Petronas Chem Gr Bhd 3,098,210.90 3,119,644.88 0.20 MYR 939,242 Pos Malaysia Bhd 1,074,384.55 1,397,194.93 0.09 MYR 933,759 Public Bank Bhd 5,040,760.46 5,006,449.58 0.32 MYR 1,912,255 RHB Capital Bhd 5,269,380.70 5,223,219.07 0.33 MYR 73,200 Scientex Bhd 117,776.92 123,023.26 0.01 MYR 577,646 Star Publications (Malay) Bhd 490,435.30 508,262.66 0.03 MYR 2,120,984 Supermax Corporation Bhd 1,375,517.11 1,322,468.26 0.08 MYR 50,000 Syarikat Takaful Malaysia Bhd 99,292.63 119,955.69 0.01 MYR 428,200 Tan Chong Motor Hgs Bhd 903,162.22 889,062.19 0.06 MYR 3,073,624 Tenaga Nasional Bhd 7,347,862.95 8,064,675.72 0.51 MYR 831,678 Top Glove Corp Bhd 1,647,327.57 1,642,560.76 0.10 MYR 345,200 Tropicana Corp Bhd 204,575.33 206,497.23 0.01 MYR 1,754,713 UMW Holdings Bhd 7,104,107.12 8,108,501.28 0.52 MYR 186,300 UOA Development Bhd 156,123.50 142,695.36 0.01 MYR 873,136 YTL Corp Bhd 503,442.88 458,745.29 0.03 MYR 781,600 YTL Power Intl Bhd 378,186.98 395,809.46 0.03 MYR 93,700 Zhulian Corp Bhd 97,501.70 92,232.00 0.01

101,659,836.22 104,487,997.53 6.69

NZD 1,921,201 Air New Zealand Ltd 2,264,272.66 2,204,357.69 0.14 NZD 1,178,324 Argosy Property Trust 965,809.72 892,223.40 0.06 NZD 772,239 Auckland Intl Airport Ltd 1,798,315.91 1,772,111.28 0.11 NZD 493,122 Contact Energy Ltd 2,109,581.39 1,950,774.85 0.12 NZD 246,842 DNZ Property Fund Ltd 324,518.24 310,877.63 0.02 NZD 81,909 Ebos Gr Ltd 628,057.45 607,555.09 0.04 NZD 1,577,961 Fisher Paykel Hlth Corp Ltd 3,533,810.14 4,206,279.90 0.27 NZD 26,289 Fletcher Building Ltd 186,440.69 171,231.81 0.01 NZD 32,249 Freightways Ltd 116,817.95 111,130.67 0.01 NZD 107,861 Kathmandu Holdings Ltd 205,932.03 210,847.17 0.01 NZD 136,095 Metlifecare Ltd 347,538.55 341,749.86 0.02 NZD 103,138 Michael Hill Intl Ltd 119,107.26 104,393.34 0.01 NZD 340,822 Nuplex Industries Ltd 960,754.12 763,674.74 0.05 NZD 288,500 PGG Wrightson Ltd 90,647.45 64,643.76 0.00 NZD 397,003 Precinct Properties NZ Ltd Units 358,020.85 315,946.70 0.02 NZD 388,183 Ryman Healthcare Group Ltd 1,758,044.85 1,910,551.52 0.12 NZD 2,013,516 SKY Network Television Ltd 8,903,159.05 8,447,685.24 0.54 NZD 931,448 SkyCity Entertainment Group Ltd 3,337,124.46 3,137,819.18 0.20 NZD 77,492 Steel and Tube Holdings Ltd 141,232.94 143,698.07 0.01 NZD 79,828 Telecom Corp of New Zealand 167,808.22 138,777.98 0.01 NZD 20,000 Verctor Ltd 44,829.04 41,414.04 0.00

28,361,822.97 27,847,743.92 1.77

PHP 266,167 Alliance Global Group Inc 136,495.66 144,374.31 0.01 PHP 330,800 Atlas Consol Mining & Dev Corp 136,013.61 113,487.25 0.01 PHP 1,536,343 Banco De Oro Unibank Inc 3,148,768.47 3,027,101.40 0.19 PHP 475,352 Cebu Air Inc 921,335.80 733,853.57 0.05 PHP 9,450,000 Filinvest Land Inc PHP 1.00 Com 411,998.83 372,392.21 0.02 PHP 2,409,404 First Gen Corp 1,437,234.88 949,463.79 0.06 PHP 571,094 First Philippine Holdings Corp 1,298,961.60 968,371.02 0.06 PHP 7,030 Globe Telecom Inc 251,736.32 262,362.08 0.02 PHP 174,470 Manila Electric Co 1,327,966.17 1,333,801.71 0.08 PHP 357,600 Manila Water Co Inc 350,938.31 268,573.02 0.02 PHP 1,502,568 Megaworld Corp 122,557.63 114,939.14 0.01 PHP 1,799,073 Metropolitan Bank & Trust Co 5,467,811.28 4,629,047.34 0.29 PHP 67,886 Philippine National Bank 163,049.54 135,016.66 0.01 PHP 349,600 PhilWeb Corporation 131,002.33 118,802.41 0.01




52



PHP 504,510 Rizal Commercial Banking Corp 808,570.04 672,446.10 0.04 PHP 466,110 Security Bank Corp 1,914,419.80 1,633,653.96 0.10 PHP 9,740,771 Vista Land & Lifescapes Inc 1,418,067.03 1,268,964.60 0.08

19,446,927.30 16,746,650.57 1.06

PLN 82,734 Alchemia SA 133,885.96 114,013.08 0.01 PLN 228,974 Asseco Poland SA 3,109,856.27 2,927,182.44 0.19 PLN 31,551 Bank Zachodni WBK SA 2,782,876.22 2,652,339.56 0.17 PLN 192,447 Cyfrowy Polsat SA 998,083.73 1,071,798.20 0.07 PLN 92,328 Famur SA 156,246.67 152,459.36 0.01 PLN 13,113 Grupa Azoty SA 242,482.19 291,334.38 0.02 PLN 367,790 Netia SA 588,335.32 459,357.92 0.03 PLN 1,188,912 PGE Polska Gr Energetyczna S.A 6,455,346.03 5,497,033.64 0.35 PLN 2,526,013 Polish Oil & Gas Co 4,571,437.17 4,398,671.59 0.28 PLN 43,243 Powszechny Zaklad Ubezpie SA 5,607,068.74 5,319,119.44 0.34 PLN 1,395,158 Tauron Polska Energia SA 1,861,850.91 1,805,338.43 0.11 PLN 37,907 Zespol Elektrowni Pat Ad Ko SA 333,851.37 283,384.91 0.02

26,841,320.58 24,972,032.95 1.60

SGD 44,000 Amara Holdings Ltd 22,262.96 20,126.18 0.00 SGD 414,000 Amtek Engineering Ltd 187,786.51 156,719.24 0.01 SGD 1,265,000 Baker Technology Ltd 351,480.05 284,325.71 0.02 SGD 437,000 Boustead Singapore Ltd 474,171.32 461,813.88 0.03 SGD 816,000 China Gaox Fibr Fabric Hgs Ltd 151,160.52 0.00 0.00 SGD 920,000 Chip Eng Seng Corp Ltd 562,650.23 504,258.68 0.03 SGD 5,422,000 ComfortDelgro Corp Ltd 8,185,132.55 7,846,506.31 0.50 SGD 188,000 CSE Global Ltd 131,121.08 126,025.24 0.01 SGD 862,104 CWT Ltd 1,071,463.77 972,246.62 0.06 SGD 625,860 DBS Group Holdings Ltd 8,197,680.22 7,650,496.84 0.49 SGD 75,000 Eu Yan Sang Intl Ltd 46,393.80 44,952.68 0.00 SGD 2,436,194 Ezion Holdings Ltd 4,037,563.36 4,073,131.92 0.26 SGD 25,000 Far East Orchard Ltd 37,923.01 41,009.46 0.00 SGD 217,000 First Resources Ltd 305,178.02 303,765.77 0.02 SGD 182,000 Fraser & Neave Ltd 1,271,743.13 1,231,514.20 0.08 SGD 2,009,000 Golden Agri-Resources Ltd 887,289.35 887,255.52 0.06 SGD 18,000 Great Eastern Holdings Ltd 262,335.46 247,429.02 0.02 SGD 207,385 Ho Bee Investment Ltd 319,996.95 322,199.09 0.02 SGD 17,000 Hotel Properties Ltd 42,566.89 42,500.00 0.00 SGD 72,167 Jardine Cycle & Carriage Ltd 2,680,214.89 2,419,415.75 0.15 SGD 587,639 Keppel Corp Ltd 5,155,489.84 4,819,752.05 0.31 SGD 721,000 KSH Holdings Ltd 319,954.41 284,305.99 0.02 SGD 1,032,051 M1 Ltd 2,485,852.39 2,449,900.24 0.16 SGD 143,125 Neptune Orient Lines Ltd 135,180.73 119,647.08 0.01 SGD 1,605,875 Osim Intl Ltd 2,277,486.33 2,488,599.67 0.16 SGD 982,002 Oversea-Chinese Bankg Corp Ltd 8,258,023.78 7,744,495.27 0.49 SGD 3,309,284 Pacific Andes Resources Dev Ltd 404,088.30 334,060.21 0.02 SGD 24,000 Pan-United Corp Ltd 18,735.78 17,034.70 0.00 SGD 254,412 Raffles Medical Group Ltd 685,619.37 630,010.79 0.04 SGD 2,112,740 SATS Ltd 5,025,641.36 5,481,793.85 0.35 SGD 1,961,597 Sheng Siong Group Ltd 1,012,256.15 1,013,285.52 0.06 SGD 43,000 SIA Engineering Co Ltd 176,432.15 170,914.83 0.01 SGD 2,423,000 Sinarmas Land Ltd 1,400,692.65 1,232,519.72 0.08 SGD 6,153,816 Singapore Post Ltd 6,009,390.31 6,309,117.35 0.40 SGD 1,911,000 Singapore Telecom Ltd Board Lot 1000 5,574,630.56 5,681,758.67 0.36 SGD 3,421,000 Soilbuild Construction Gr Ltd 875,101.33 809,384.86 0.05 SGD 468,000 Stamford Land Corp Ltd 229,740.92 217,760.25 0.01 SGD 1,532,112 Starhub Ltd 4,924,309.92 5,050,653.12 0.32 SGD 112,000 Super Group Ltd 356,162.84 393,059.94 0.02 SGD 4,556,875 Swiber Holdings Ltd 2,596,474.65 2,569,531.25 0.16 SGD 337,336 United Overseas Bank Ltd Local 5,604,918.31 5,283,511.80 0.34 SGD 953,745 UOL Group Ltd 4,910,338.88 5,054,547.63 0.32 SGD 3,746,000 Wee Hur Holdings Ltd 1,275,683.67 1,137,389.59 0.07 SGD 2,510,500 Wilmar Intl Ltd 6,537,608.28 6,236,652.21 0.40




53



SGD 1,058,287 Wing Tai Holdings Ltd 1,594,471.78 1,710,952.96 0.11 SGD 6,250,042 Yangzijiang Shipbuil Hgs Ltd 4,517,921.17 4,091,115.82 0.26 SGD 1,167,305 Yanlord Land Group Ltd 1,383,792.57 1,132,322.67 0.07

102,972,112.50 100,099,770.15 6.36

THB 320,000 AAPICO Hitech PCL 315,134.32 199,517.92 0.01 THB 6,714 Advanced Info Serv PCL Foreign Reg 60,575.03 60,850.01 0.00 THB 8,199 Advanced Info Serv PCL Units Nv DR 73,409.38 74,308.79 0.00 THB 374,161 Advanced Information Tec Plc Foreign Reg 1,059,547.45 943,970.39 0.06 THB 7,668,681 Ananda Dev Pub Co Ltd 1,162,994.77 709,812.03 0.04 THB 679,000 Ananda Development PCL 62,459.84 62,848.14 0.00 THB 21,821,100 Asia Aviation Public Co Ltd 4,082,533.92 3,787,046.14 0.24 THB 55,222 Asia Sermkij Leasing Public Co Ltd LP 37,834.76 40,464.78 0.00 THB 334,172 Asia Sermkij Leasing Public Co Ltd PCL 228,954.38 244,869.73 0.02 THB 1,964,058 Bangchak Petroleum PCL 2,340,895.12 2,177,727.83 0.14 THB 141,600 Bangchak Petroleum PCL 156,226.80 157,004.66 0.01 THB 61,000 Bangkok Bank PCL Nv DR 437,056.32 399,935.72 0.03 THB 7,275,600 BTS Group Holdings PCL 1,789,112.59 1,788,794.48 0.11 THB 12,364,700 BTS Group Holdings PCL Foreign 3,147,116.75 3,040,011.43 0.19 THB 14,265,619 Cal-Comp Electronics PCL Foreign Reg 1,904,080.01 1,256,236.42 0.08 THB 1,056,100 Charoong Thai W & C PCL Foreign Reg 548,008.65 390,331.03 0.02 THB 3,124,300 Country Group Securities PCL Foreign 171,486.84 128,526.56 0.01 THB 54,200 Delta Electronic Thailand PCL 69,088.98 69,677.01 0.00 THB 770,813 Delta Electronic Thailand PCL Foreign Reg 886,717.36 990,921.43 0.06 THB 2,007,684 Diamond Build Prod Pub Co Ltd Foreign Reg 613,531.95 609,757.80 0.04 THB 500,238 Dynasty Ceramic PCL Ltd Foreign 1,005,460.00 1,024,913.15 0.07 THB 513,995 Electricity Generating PCL Foreign 2,170,796.48 2,230,092.41 0.14 THB 91,833 Electricity Generating PCL Non Voting Deposity Receipt 479,258.70 398,439.82 0.03 THB 11,500 Kang Yong Elec PCL Foreign 115,255.24 110,139.80 0.01 THB 278,600 Kasikornbank PCL 1,892,560.29 1,710,191.24 0.11 THB 2,031,800 KCE Electronics PCL Foreign Reg 1,023,699.13 1,012,145.27 0.06 THB 53,500 Kiatnakin Bank PCL 88,094.86 91,129.68 0.01 THB 1,612,150 Kiatnakin Bank PCL Foreign Reg 3,463,378.81 2,746,069.44 0.17 THB 103,115 Lanna Resources (The) PCL Foreign Reg 56,992.22 35,128.36 0.00 THB 458,100 Major Cineplex Group PCL 314,461.18 309,178.85 0.02 THB 2,314,200 Major Cineplex Group PCL Foreign Reg 1,713,726.67 1,561,889.77 0.10 THB 45,000 Maybank Kim Eng Sec (Thai) PCL Units NVDR 36,247.25 33,986.82 0.00 THB 55,800 MBK PCL 272,451.76 285,142.22 0.02 THB 421,710 MBK PCL Foreign Reg 2,064,789.31 2,154,969.96 0.14 THB 86,000 Modernform Group PCL 27,202.89 28,468.58 0.00 THB 180,500 Pranda Jewelry Public Co Ltd Foreign Reg 69,024.44 46,118.43 0.00 THB 71,200 PTT Explor & Prod PCL Foreign 357,951.62 362,693.24 0.02 THB 2,966,618 PTT Global PCL Foreign Reg 7,303,628.72 6,578,712.63 0.42 THB 444,400 PTT Global PCL Units NVDR 1,061,796.38 985,492.53 0.06 THB 51,800 PTT PCL 552,663.91 557,705.29 0.04 THB 3,658 PTT PCL Uts Nv DR 40,134.44 39,383.90 0.00 THB 11,292,900 Raimon Land Plc Foreign Re 644,527.83 497,228.77 0.03 THB 352,691 Ratchaburi Elec Generat Hg PCL 613,295.69 583,756.60 0.04 THB 6,000 Saha-Union PCL Foreign Reg 8,726.64 7,327.66 0.00 THB 936,600 Samart Telcoms PCL Foreign Reg 684,056.85 677,277.84 0.04 THB 1,543,879 Shin Corp PCL 4,472,114.73 4,316,807.77 0.27 THB 289,503 Shin Corp PCL Foreign 722,746.40 809,473.28 0.05 THB 67,600 Siam Cement PCL 1,000,966.36 968,973.17 0.06 THB 13,900 Siam City Cement PCL 163,196.32 171,097.54 0.01 THB 351,600 SNC Former Public Co Ltd 314,197.05 274,590.39 0.02 THB 1,294,900 Sri Trang Agro-Industry PCL Foreign Reg 672,197.83 520,207.30 0.03 THB 80,800 Sriracha Construction PCL 105,268.87 104,521.94 0.01 THB 1,084,300 Supalai PCL Foreign Reg 635,672.03 616,812.15 0.04 THB 4,383,800 Susco PCL 626,804.09 617,099.28 0.04 THB 5,689,200 Susco PCL Foreign 880,093.06 800,857.98 0.05 THB 1,362,200 SVI Public Co Ltd 155,405.78 150,601.58 0.01 THB 686,066 Thai Airways Intl PCL Units Non Voting Depository Receipt 712,307.86 544,619.33 0.03 THB 9,800 Thai Central Chemical PLC TCCC Foreign Reg 7,030.29 7,212.60 0.00 THB 125,000 Thai Metal Trade PCL Foreign Reg 54,516.22 50,618.67 0.00 THB 421,300 Thai Tap Water Supply PCL 140,761.10 136,754.94 0.01




54



THB 706,700 Thai Vegetable Oil PCL 457,477.64 417,910.34 0.03 THB 822,933 Thai Vegetable Oil PCL Foreign Reg 632,426.82 486,645.26 0.03 THB 3,022,794 Thanachart Capital PCL 4,481,856.75 3,740,240.07 0.24 THB 755,656 Thitikorn Public Co Ltd 474,490.15 386,145.93 0.02 THB 323,300 Ticon Ind Connect PCL Foreing Reg 220,463.44 188,067.81 0.01 THB 70,200 Tipco Asphalt Public Co Ltd 140,148.43 135,368.79 0.01 THB 261,000 Tipco Asphalt Public Co Ltd Foreign Reg 557,219.42 503,294.23 0.03 THB 1,100,847 TISCO Fin Gr PCL 1,819,115.29 1,450,577.77 0.09 THB 1,376,644 TISCO Fin Gr PCL Foreign 2,054,838.78 1,813,993.39 0.12 THB 991,449 TISCO Fin Gr PCL NVDR 1,754,054.83 1,306,424.85 0.08 THB 22,612,776 TMB Bank Public Co Ltd Foreign Reg 2,001,974.40 1,627,916.39 0.10

70,464,290.47 63,347,027.31 3.98

TRY 1,189,832 Akbank 5,795,642.38 4,843,127.66 0.31 TRY 166,664 Akcansa Cimento AS 1,018,419.42 979,614.91 0.06 TRY 258,688 Akfen Holding AS 763,284.33 620,261.75 0.04 TRY 652,370 Aksa Akrilik Kimya Sanayii AS 1,960,445.80 2,290,558.57 0.15 TRY 624,730 Aksa Enerji Uretim AS 1,587,220.56 1,093,520.14 0.07 TRY 238,434 Aksigorta AS 316,334.18 318,570.54 0.02 TRY 95,057 Alarko Holding AS 291,492.07 284,531.05 0.02 TRY 317,960 Albaraka Turk Katilim Banka AS 303,577.94 302,975.87 0.02 TRY 102,955 Anadolu Cam Sanayii AS 160,026.05 146,088.40 0.01 TRY 250,266 Aygaz AS 1,408,566.99 1,148,294.54 0.07 TRY 307,786 Bolu Cimento Sanayi AS 371,435.92 374,571.26 0.02 TRY 31,518 Boyner Buyuk Magazacilik AS 111,426.14 93,362.49 0.01 TRY 152,603 Cimsa Cimento Sanayi Ve AS 914,816.90 1,039,217.74 0.07 TRY 98,654 DOGUS Gayrimenku Yat Ort AS 193,780.80 220,707.03 0.01 TRY 232,459 Dogus Otomotiv Ser ve Tica AS 1,146,463.62 1,177,342.84 0.07 TRY 2,360,152 Enka Insaat Ve Sanayi A.S 6,264,579.91 5,927,880.47 0.38 TRY 6,412,438 Eregli Demir ve Celik Fabrikal 7,407,459.24 6,608,364.38 0.42 TRY 58,653 Ford Otomotiv Sanayi AS 741,524.41 807,959.50 0.05 TRY 737,864 GSD Holding AS 591,551.16 458,537.96 0.03 TRY 57,924 Gubre Fabrikalari TAS 531,152.76 410,957.43 0.03 TRY 1,032,249 Haci Omer Sabanci Holding AS 6,406,011.78 5,425,855.69 0.34 TRY 2,541,501 Kardemir Kara Dem Sana Tica AS D 2,122,219.26 1,895,267.45 0.12 TRY 165,645 Mutlu Aku 692,721.18 665,668.15 0.04 TRY 4,454 Otokar Otomotiv Ve Savu San AS 137,556.43 155,117.30 0.01 TRY 178,915 Pegasus Hava Tasimaciligi AS 1,941,719.22 2,121,778.09 0.13 TRY 464,688 Sekerbank TAS 473,823.49 450,008.58 0.03 TRY 388,554 Selcuk Ecz Depo Ticar ve Sa AS Shares 478,130.82 366,218.68 0.02 TRY 122,403 Soda Sanayii AS 152,733.43 157,837.12 0.01 TRY 1,040,622 TAV Havalimanlari Holding AS 6,016,223.70 6,089,605.69 0.39 TRY 311,235 Teknosa Ic ve Dis Ticaret AS 1,786,002.49 1,789,077.42 0.11 TRY 112,378 Tofas Turk Otomobil Fabrikasi 883,276.26 701,271.31 0.04 TRY 198,087 Torunlar Gayr Yat Ortakligi AS 370,708.56 358,013.27 0.02 TRY 461,913 Turk Ekonomi Bankasi AS 615,701.61 526,260.28 0.03 TRY 3,170,956 Turk Hava Yollari AO 10,480,854.79 12,315,986.52 0.78 TRY 771,032 Turk Telekomunikasyon AS 3,328,383.27 2,994,686.69 0.19 TRY 56,373 Turk Traktor ve Ziraat Maki AS 1,692,183.78 1,985,170.38 0.13 TRY 1,192,066 Turkcell Iletisim Hizmet 7,407,286.89 6,914,106.26 0.44 TRY 346,904 Turkiye Garanti Bankasi AS Reg 1,895,148.29 1,512,652.34 0.10 TRY 171,316 Turkiye Halk Bankasi AS 1,874,504.81 1,450,552.35 0.09 TRY 1,892,745 Turkiye Is Bankasi AS 6,069,830.90 5,587,077.42 0.36 TRY 117,471 Turkiye Petrol Rafinerileri AS 3,391,695.58 2,865,294.72 0.18 TRY 1,152,944 Turkiye Sinai Kalkinma Bk AS 1,208,682.91 1,140,405.51 0.07 TRY 2,075,494 Turkiye Vakiflar Bankasi Tao 5,821,425.51 5,169,925.50 0.33 TRY 79,095 Ulker Biskuvi Sanayi AS 603,180.16 573,448.99 0.04 TRY 138,060 Vestel Beyaz Esya Sanayi Ticar 221,775.92 208,770.17 0.01 TRY 671,956 Yapi Kredi Bankasi AS 2,060,062.69 1,527,647.25 0.10

100,011,044.31 94,094,147.66 5.97

TWD 88,000 Ability Enterprise Co Ltd 78,636.57 78,615.79 0.00 TWD 2,474,875 AcBel Polytech Inc 1,968,704.66 1,964,382.22 0.12 TWD 2,844,371 Accton Technology Corp 1,618,186.64 1,757,009.10 0.11 TWD 75,000 Advantech Co Ltd 373,909.70 356,182.13 0.02




55



TWD 995,000 Ali Corp 1,051,257.93 1,007,854.28 0.06 TWD 775,000 Alpha Networks Inc 510,677.22 499,319.19 0.03 TWD 928,000 AmTRAN Technology Co Ltd 755,629.08 755,072.90 0.05 TWD 413,249 Apex Biotechnology Corp 1,080,889.60 997,748.42 0.06 TWD 919,267 Arcadyan Technology Corp 1,319,812.91 1,343,288.11 0.09 TWD 658,000 Ardentec Corp 445,847.00 413,011.86 0.03 TWD 1,907,964 Asia Cement Corp 2,356,405.06 2,338,144.61 0.15 TWD 105,553 Asustek Computer Inc 1,085,127.60 904,409.49 0.06 TWD 28,000 Aurora Corp 50,509.85 52,631.93 0.00 TWD 684,281 Catcher Technology Co Ltd 3,558,326.62 3,545,144.20 0.23 TWD 4,467,681 Cathay Financial Hg Co Ltd 5,993,713.81 6,068,485.10 0.39 TWD 678,800 Chaun-Choung Technology Corp 1,365,785.95 1,688,489.94 0.11 TWD 1,302,329 Cheng Shin Rubber Indus Co Ltd 4,209,817.06 4,091,538.80 0.26 TWD 1,200,311 Chi Mei Materials Tech Corp 1,418,559.27 1,327,433.72 0.08 TWD 541,574 Chia Chang Co Ltd 772,851.38 665,479.00 0.04 TWD 1,826,719 Chicony Electronics Co Ltd 4,587,730.88 4,731,961.19 0.30 TWD 1,995,000 Chien Kuo Construction Co Ltd 1,044,103.49 970,633.67 0.06 TWD 2,477,072 Chin-Poon Industrial Co Ltd 2,974,891.73 3,619,646.28 0.23 TWD 148,000 China Ecotek Corp 393,652.33 395,669.36 0.03 TWD 3,245,250 China General Plastics Corp 1,749,654.20 1,907,639.25 0.12 TWD 4,092,985 China Life Insurance Co Ltd 4,207,701.25 4,030,321.36 0.26 TWD 248,453 China Steel Chemical Corp 1,236,827.70 1,229,434.34 0.08 TWD 995,198 China Synthetic Rubber Corp 1,070,276.87 1,039,453.27 0.07 TWD 575,678 Chong Hong Construction Co Ltd 1,977,172.45 2,064,801.06 0.13 TWD 1,331,000 Chunghwa Telecom Co Ltd 4,277,350.63 4,508,717.79 0.29 TWD 33,500 Cleanaway Co Ltd 273,255.86 254,774.01 0.02 TWD 214,655 Cosmos Bank Taiwan 144,187.25 106,575.41 0.01 TWD 4,662,000 CTBC Fin Hg Co Ltd 2,903,407.79 2,872,043.47 0.18 TWD 594,250 Ctci Corp 1,141,781.97 1,077,548.08 0.07 TWD 74,000 Cyberlink Co Ltd 244,257.77 245,757.37 0.02 TWD 1,566,000 Da-Cin Construction Co Ltd 1,441,112.91 1,419,806.73 0.09 TWD 193,000 Delta Electronics Inc 882,736.09 874,912.83 0.06 TWD 59,000 Depo Auto Parts Ind Co Ltd 164,347.97 153,422.34 0.01 TWD 11,720,000 E.Sun Financial Holding Co Ltd 7,030,571.93 7,122,845.55 0.45 TWD 1,219,159 Elite Material Co Ltd 1,142,568.96 1,068,904.98 0.07 TWD 2,012,288 Far Eastern Intl Bk 837,532.57 811,972.35 0.05 TWD 2,623,285 Far Eastern New Cent Corp 2,820,180.32 2,822,703.83 0.18 TWD 931,000 Far Eastone Telecom Co Ltd 2,303,181.36 2,488,974.16 0.16 TWD 992,418 Farglory Land Dev Co Ltd 1,796,209.01 1,812,725.93 0.12 TWD 819,000 First Insurance Co Ltd (The) 548,327.52 541,267.32 0.03 TWD 141,250 Formosa Plastics Corp 351,393.03 340,095.82 0.02 TWD 6,039,250 Fubon Financial Holding Co Ltd 8,048,178.49 8,193,130.92 0.52 TWD 501,500 Gem Tek Technology Co Ltd 546,047.51 531,295.88 0.03 TWD 124,000 Geo Vision Inc 560,260.13 558,002.06 0.04 TWD 769,832 Giga-Byte Technology Co Ltd 711,170.22 715,861.19 0.05 TWD 5,702,500 Grand Pacific Petrochemical Corp 3,327,207.82 3,314,195.84 0.21 TWD 257,000 Grape King Inc 820,547.44 964,464.82 0.06 TWD 1,177,000 Highwealth Construction Corp 2,587,291.69 2,462,588.45 0.16 TWD 244,000 Holy Stone Enterprise Co Ltd 242,933.56 241,074.69 0.02 TWD 1,490,317 Hon Hai Precision Ind Co Ltd 4,135,801.58 3,662,563.82 0.23 TWD 1,819,619 Huaku Dev Co Ltd 5,204,280.51 5,227,227.43 0.33 TWD 675,014 Huang Hsiang Construction Corp 1,788,782.13 1,575,951.80 0.10 TWD 323,364 Hung Poo Real Estate Dev Corp 343,586.56 317,339.39 0.02 TWD 378,000 Hung Sheng Construction Co Ltd 319,849.05 306,306.67 0.02 TWD 836,821 IEI Integration Corp 1,081,821.17 951,848.81 0.06 TWD 9,150,663 Innolux Corp 5,873,230.28 4,543,270.34 0.29 TWD 7,126,000 Inventec Corp 3,049,255.70 3,952,183.63 0.25 TWD 1,098,350 ITEQ Corp 1,261,606.25 1,221,969.56 0.08 TWD 163,000 Kaulin Manufacturing Co Ltd 124,979.58 116,656.70 0.01 TWD 2,151,000 Kee Tai Properties Co Ltd 1,598,752.41 1,557,298.01 0.10 TWD 1,527,000 Kenda Rubber Industrial Co Ltd 3,346,095.70 3,357,158.55 0.21 TWD 4,715,386 King Yuan Ele Co Ltd 3,110,919.39 3,460,862.53 0.22 TWD 6,171,339 King's TownBank 5,254,902.89 5,226,300.89 0.33 TWD 504,000 Kinsus Interconnect Tec Corp 1,866,667.15 1,908,139.90 0.12




56



TWD 1,098,275 Kung Long Batteries Ind Co Ltd 2,346,568.94 2,739,213.36 0.17 TWD 2,085,000 Kuoyang Construction Co Ltd 1,446,968.24 1,412,573.49 0.09 TWD 393,000 Kwong Fong Industries Corp 238,519.23 215,353.20 0.01 TWD 2,838,000 Li Peng Enterprise Co Ltd 1,177,741.00 1,173,428.33 0.07 TWD 19,000 Lian Hwa Foods Corp 25,517.25 26,281.09 0.00 TWD 6,013,252 Lite-On Technology Corp 9,512,678.48 10,504,369.12 0.67 TWD 302,000 Lotes Co Ltd 778,455.90 740,181.34 0.05 TWD 125,062 Lumax International Corp 296,634.98 272,876.14 0.02 TWD 1,206,609 Makalot Industrial Co Ltd 4,745,734.57 5,730,300.85 0.36 TWD 633,305 Mercuries Life Insuranc Co Ltd 379,331.66 332,311.09 0.02 TWD 1,008,000 Merry Electronics Co Ltd 2,100,737.57 2,078,868.21 0.13 TWD 3,108,000 Micro-Star Intl Co Ltd 1,601,314.35 1,620,524.08 0.10 TWD 1,884,000 Namchow Chem Industrial Co Ltd 2,098,099.78 2,133,585.76 0.14 TWD 67,000 Nishoku Technology 135,133.45 107,249.84 0.01 TWD 3,575,076 Pegatron Corp 6,171,821.69 5,877,130.08 0.37 TWD 4,014,537 Pou Chen Corp 4,364,137.28 3,793,084.88 0.24 TWD 2,175,000 Powertech Technology Inc 4,090,247.59 4,066,703.24 0.26 TWD 237,000 President Chain Store Corp 1,515,817.10 1,546,627.49 0.10 TWD 758,000 Primax Electronics Ltd 668,498.55 643,183.56 0.04 TWD 1,281,000 Prime Electron Satellitics Inc 1,192,534.39 1,182,684.08 0.08 TWD 1,074,888 Radiant Opto-Electronics Corp 3,974,693.93 3,509,066.17 0.22 TWD 3,266,000 Realtek Semiconductor Corp 8,940,568.41 7,701,039.57 0.49 TWD 998,000 Rechi Precision Co Ltd 906,864.70 876,659.70 0.06 TWD 122,000 San Shing Fastech Corp 235,516.04 235,402.35 0.01 TWD 25,069,875 Shin Kong Financial Hg Co Ltd 7,981,652.37 8,409,077.75 0.53 TWD 70,625 Silitech Technology Corp Ltd 131,963.66 117,274.42 0.01 TWD 1,308,598 Sinbon Electronics Co Ltd 1,235,738.72 1,184,261.43 0.08 TWD 67,000 Sinher Technology Inc Ltd 171,250.41 143,518.98 0.01 TWD 9,561,000 Sinopac Financial Holdings Co Ltd 4,605,412.43 4,524,733.53 0.29 TWD 153,000 Sonix Technology Co Ltd 224,927.59 218,745.64 0.01 TWD 933,000 Standard Chem & Pharm Co Ltd 1,010,026.29 1,047,304.98 0.07 TWD 356,000 Standard Food Corporation 1,105,379.70 1,120,813.00 0.07 TWD 264,750 Syncmold Enterprise Corp 474,730.42 456,329.09 0.03 TWD 4,455,000 Taichung Commercial Bank 1,599,097.60 1,605,285.46 0.10 TWD 873,000 Taiflex Scientific Co Ltd 1,239,255.60 1,168,406.91 0.07 TWD 16,613,261 Taishin Financial Hgs Co Ltd 7,248,798.40 7,282,888.23 0.46 TWD 3,342,855 Taiwan Cement Corp 4,304,466.27 4,096,554.44 0.26 TWD 1,536,958 Taiwan Hon Chuan Enter Co Ltd 4,017,930.79 3,583,223.83 0.23 TWD 1,621,747 Taiwan Life Insurance Co Ltd 1,237,463.37 1,238,755.98 0.08 TWD 1,162,644 Taiwan Mobile Co Ltd 4,329,919.68 4,575,514.44 0.29 TWD 703,000 Taiwan PCB Techvest Co Ltd 933,583.71 874,343.27 0.06 TWD 2,239,196 Taiwan Semiconduct Mfg Co Ltd 7,950,149.84 8,254,483.70 0.52 TWD 423,000 Taiwan Surface Mount Tec Corp 670,758.40 619,517.79 0.04 TWD 5,402,545 Teco Electric and Machinery Co 5,043,038.72 5,382,629.33 0.34 TWD 786,763 Test Research Co Ltd 1,393,706.02 1,102,633.55 0.07 TWD 844,000 Ton Yi Industrial Corp 741,359.36 730,171.71 0.05 TWD 1,842,801 Tong Yang Industry Co Ltd 2,076,146.56 2,181,789.26 0.14 TWD 391,164 Topco Scientific Co Ltd 698,117.96 688,508.92 0.04 TWD 947,016 Transcend info Inc 3,074,275.98 2,924,927.40 0.19 TWD 178,000 TSRC Corp 345,193.61 339,909.01 0.02 TWD 498,000 Tung Ho Steel Enterprise Corp 481,948.49 451,509.42 0.03 TWD 3,600,000 Uni-President Enterprises Corp 7,053,561.50 6,982,166.06 0.44 TWD 147,500 Unimicron Technology Corp 152,223.20 140,588.16 0.01 TWD 520,000 Union Bank Of Taiwan 199,219.63 193,417.69 0.01 TWD 506,000 United Integrated Serv Co Ltd 480,388.34 492,371.56 0.03 TWD 4,197,000 United Microelectronics Corp 1,913,224.95 2,021,072.05 0.13 TWD 451,000 USI Corp 323,134.64 319,029.59 0.02 TWD 300,000 Wah Lee Industrial Corp 430,632.27 410,979.38 0.03 TWD 2,517,000 WPG Holdings Co Ltd 2,926,970.28 2,967,470.39 0.19 TWD 460,073 WT Microelectronics Co Ltd 544,804.10 527,897.52 0.03 TWD 3,528,000 Yageo Corp 1,209,629.33 1,189,239.83 0.08 TWD 47,000 Yung Chi Paint & Va Man Co Ltd 110,368.30 113,945.07 0.01 TWD 775,435 Yungtay Engineering Co Ltd 1,617,083.81 1,540,002.44 0.10

272,994,896.34 272,472,528.65 17.34




57



USD 131,789 Banco Bradesco SA spons ADR repr 1 Pref Share 2,132,862.38 1,714,574.89 0.11 USD 359,379 BRF SA ADR repr 1 share 8,048,438.68 7,802,118.09 0.50 USD 353,537 Cia Energetica Minas Gerais spons ADR repr 1 Pref 3,458,899.27 3,171,226.89 0.20 USD 21,163 Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B &

20 D) 2,199,082.00 2,183,809.97 0.14

USD 1,221,750 Gazprom OAO spons ADR repr 2 Shares 9,578,641.66 8,039,115.00 0.51 USD 48,602 Globaltrans Investment Plc GDR repr 1 Sh Reg S 703,268.85 667,791.48 0.04 USD 160,231 Gold Fields Ltd ADR repr 1 share 1,083,068.07 841,212.75 0.05 USD 1,417 Gr Aero del Sureste SA de CV ADR repr 10 Shs Ser B 180,174.64 157,627.08 0.01 USD 14,527 Gr Televisa SA spons ADR repr 5 Ord Part Certif 376,156.85 360,850.68 0.02 USD 62,393 Huaneng Power Intl Inc ADR repr 40 Shares 2,780,964.50 2,399,010.85 0.15 USD 461,028 Inner Mongol Yitai Coal Co Ltd B 2,450,015.48 2,225,843.18 0.14 USD 475,354 JSC Surgutneftegaz ADR repr 10 Shares 3,718,828.42 3,726,775.36 0.24 USD 926,059 Lao Feng Xiang Co Ltd B 2,110,167.25 1,753,029.69 0.11 USD 28,730 Magic Software Enterprises Ltd 152,165.69 154,854.70 0.01 USD 97,235 Mail.RU Group Ltd spons GDR Repr 1 Sh Reg-S 3,025,108.92 2,786,755.10 0.18 USD 65,000 Mandarin Oriental Intl Ltd 106,681.48 104,975.00 0.01 USD 32,002 MegaFon OJSC GDR repr Shares Reg S 1,011,304.15 1,000,062.50 0.06 USD 150,035 MMC Norilsk Nickel JSC ADR repr 1/10 Share 2,121,406.14 2,162,004.35 0.14 USD 36,390 Nam Tai Electronics Inc 203,990.74 203,784.00 0.01 USD 244,367 Oil Co Lukoil OJSC spons ADR repr 1 Share 15,343,759.25 14,026,665.80 0.89 USD 86,542 Orbotech Ltd 1,033,664.47 1,076,582.48 0.07 USD 61,272 Pharmstandard Oktyabr OAO GDR repr 1 Share 1,348,677.02 1,278,746.64 0.08 USD 23,524 Philippine Lg Distance Tel Co ADR repr 1 Share 1,647,964.00 1,596,338.64 0.10 USD 140,404 Sberbank of Russia OJSC spons ADR repr 4 Shares 1,644,910.17 1,600,260.86 0.10 USD 16,571 Shan Mech Elec Industry Co Ltd B 19,269.74 18,294.38 0.00 USD 151,086 Shanghai Friends Gr Incorp 194,757.52 159,848.99 0.01 USD 110,784 Shanghai Ji Intl Ho Dev Co Ltd B 181,260.96 143,022.14 0.01 USD 639,254 Shanghai Luj Fin & Trade Zone B 845,148.23 806,099.29 0.05 USD 14,495 Taro Pharm Industries Ltd A 794,277.02 810,270.50 0.05 USD 146,274 Tata Motors Ltd spons ADR repr 5 Shares 3,874,231.84 3,428,662.56 0.22 USD 298,714 Telefonica Brasil SA spons ADR repr 1 Share 7,474,644.69 6,816,653.48 0.43 USD 152,429 Tian Zho Xin Pharm Gr Corp Ltd S 154,436.03 166,147.61 0.01 USD 566,475 United Microelectronics Corp ADR repr 5 Shares 1,270,348.32 1,319,886.75 0.08

81,268,574.43 74,702,901.68 4.73

ZAR 284,164 Acucap Properties Ltd Uts 1,475,358.52 1,366,131.85 0.09 ZAR 39,813 Adcock Ingram Holdings Ltd 255,214.04 260,275.88 0.02 ZAR 163,085 AVI Ltd 976,533.02 975,127.81 0.06 ZAR 109,408 Barloworld Ltd 893,863.77 896,813.94 0.06 ZAR 153,189 Bidvest Group Ltd 3,992,243.46 3,773,989.51 0.24 ZAR 292,410 Blue Label Telecoms Ltd 260,375.78 230,864.70 0.01 ZAR 1,280,261 Capital Property Fd Units 1,323,503.48 1,370,048.08 0.09 ZAR 8,441 Capitec Bank Holdings Ltd 198,797.86 163,850.16 0.01 ZAR 10,886 Cashbuild Ltd 156,929.08 145,618.19 0.01 ZAR 565,044 Coronation Fd Managers Ltd 3,476,817.27 3,566,084.76 0.23 ZAR 185,623 DataTec Ltd 1,051,398.15 1,028,490.35 0.07 ZAR 268,287 DRDGold Ltd 198,710.17 142,471.90 0.01 ZAR 18,876 EOH Holdings Ltd 100,427.21 100,638.33 0.01 ZAR 2,031,815 Firstrand Ltd 6,467,103.31 5,911,916.06 0.38 ZAR 41,144 Foschini Ltd 459,797.03 408,638.50 0.03 ZAR 95,548 Grindrod Ltd 196,620.52 201,807.15 0.01 ZAR 195,093 Group Five Ltd 758,860.56 720,117.58 0.05 ZAR 29,350 Hudaco Industries Ltd 312,566.19 267,148.26 0.02 ZAR 103,818 JD Group Ltd 319,979.64 323,690.55 0.02 ZAR 53,003 Kagiso Media Ltd 127,376.30 130,605.72 0.01 ZAR 390,964 Lewis Group Ltd 2,474,920.62 2,477,267.94 0.16 ZAR 327,790 Liberty Holdings Ltd 4,139,573.27 3,954,170.65 0.25 ZAR 792,177 Mediclinic Intl Ltd 4,994,071.60 5,470,432.85 0.35 ZAR 55,150 Metair Investment Ltd 202,488.66 197,465.48 0.01 ZAR 2,492,915 MMI Hgs Ltd 6,428,493.25 5,558,643.57 0.35 ZAR 319,654 Mondi Ltd 4,020,204.63 4,028,025.54 0.26 ZAR 431,246 Mpact 1,116,686.42 1,010,593.88 0.06 ZAR 168,982 MTN Group Ltd 2,947,326.44 3,127,187.58 0.20 ZAR 235,690 Murray & Roberts Holdings Ltd 594,377.34 595,702.34 0.04




58



ZAR 27,683 Nedbank Group 488,155.62 488,720.06 0.03 ZAR 3,287,080 Netcare Ltd 7,551,355.07 7,617,078.16 0.48 ZAR 51,188 Oceana Group Ltd 455,485.08 433,486.84 0.03 ZAR 246,611 Peregrine Holdings Ltd 285,865.89 291,437.86 0.02 ZAR 228,709 Pinnacle Technology Hg Ltd 551,010.23 549,764.66 0.03 ZAR 37,862 Pioneer Foods Gr Ltd 314,144.53 305,593.60 0.02 ZAR 519,871 PPC Ltd 1,874,328.66 1,557,620.87 0.10 ZAR 78,460 Raubex Group Ltd 173,172.83 172,028.52 0.01 ZAR 4,241,885 Redefine Properties Ltd 4,684,136.94 4,475,381.29 0.28 ZAR 311,910 Resilient Property Inc Fd Ltd 1,736,090.59 1,685,864.34 0.11 ZAR 330,151 Reunert Ltd 2,728,262.16 2,291,170.30 0.15 ZAR 1,201,714 Sanlam Ltd 5,805,479.04 5,559,741.71 0.35 ZAR 128,877 Sasol Ltd 5,581,452.48 5,593,609.43 0.36 ZAR 1,926,742 Sibanye Gold Ltd 1,597,248.48 1,375,870.56 0.09 ZAR 290,797 Standard Bank Group Ltd 3,417,675.33 3,260,487.54 0.21 ZAR 71,185 Steinhoff Intl Holdings Ltd 177,718.76 175,551.53 0.01 ZAR 253,964 Sun International Ltd 2,839,213.54 2,442,143.28 0.16 ZAR 425,139 Super Group Ltd 1,032,224.84 989,868.73 0.06 ZAR 250,572 Sycom Property Fd Uts 691,938.63 693,044.14 0.04 ZAR 8,486 Tongaat-Hulett Ltd 133,991.42 107,113.06 0.01 ZAR 166,328 Truworths Intl Ltd 1,522,267.10 1,454,556.57 0.09 ZAR 762,877 Vodacom Group Ltd 8,973,339.64 8,057,906.04 0.51 ZAR 146,712 Wilson Bayly Holmes-Ovcon Ltd 2,371,244.17 2,272,238.01 0.14 ZAR 457,618 Woolworths Holdings Ltd 2,937,118.72 2,964,504.14 0.19

107,843,537.34 103,218,600.35 6.59

Total shares 1,478,729,064.37 1,403,909,852.13 89.29


AUD 642,887 Ardent Leisure Group REIT Units 1,057,048.62 1,008,889.48 0.06 AUD 603,771 Federarion Centres REITS 1,476,247.69 1,309,379.15 0.08 AUD 70,808 Fonterra Shareholders Fd Units Dist 409,513.11 395,884.38 0.03

2,942,809.42 2,714,153.01 0.17

TRY 2,014,217 Emlak Konut Gayrim Yat Orta AS 3,195,939.76 2,837,219.18 0.18 TRY 239,691 Is Gayrimenkul Yatirim Orta AS 196,228.00 173,779.08 0.01

3,392,167.76 3,010,998.26 0.19

USD 1,945,914 Jiangsu Future Land Co Ltd B USD REITS 1,653,189.19 1,309,600.12 0.08


Warrants and rights

AUD 6,012 Australian Stock Exchange Ltd Droits de sousc 05.07.13 0.00 17,108.98 0.00 MYR 50 Multi-Purpose Hgs Bhd Droits de sousc 13.06.13 0.00 0.00 0.00 NZD 8,094 Ebos Gr Ltd Droits sousc 01.07.13 0.00 16,572.65 0.00


Transferable securities dealt in on another regulated market

Shares

KRW 18,271 AtlasBX Co Ltd 655,041.20 630,144.68 0.04 KRW 27,506 Chemtronics Co Ltd 577,985.25 505,624.92 0.03 KRW 57,647 DAP Co Ltd 519,974.69 317,906.20 0.02 KRW 83,499 Display Tech Co Ltd 829,707.98 641,006.75 0.04 KRW 10,178 DongKook Pharmaceutical Co Ltd 273,101.82 305,589.41 0.02 KRW 9,085 Dongwon Development Co Ltd 146,698.20 130,024.27 0.01 KRW 12,875 Dongyang E&P Inc 246,059.80 209,060.93 0.01 KRW 69,893 e-Litecom Co Ltd 1,070,417.98 1,055,369.45 0.07 KRW 105,480 EM-Tech Co Ltd 1,818,274.21 1,528,093.24 0.10 KRW 113,342 Eugene Technology Co Ltd 2,261,466.60 2,083,492.31 0.13




59



KRW 32,706 Flexcom Inc 641,065.39 396,514.38 0.03 KRW 17,278 GS Home Shopping Inc 2,984,025.72 3,576,896.31 0.23 KRW 109,173 INFRAWARE Co Ltd 1,376,685.91 1,457,359.93 0.09 KRW 22,001 Intel Digital Int Sec Co Ltd 503,150.57 450,650.66 0.03 KRW 70,394 KGMobilians Co Ltd 890,627.09 887,319.19 0.06 KRW 7,685 Kyungdong Pharma Co Ltd 94,058.81 95,524.32 0.01 KRW 5,523 Leeno Industrial Inc 87,975.53 106,118.55 0.01 KRW 72,377 Loen Entertainment Inc 908,268.55 931,321.54 0.06 KRW 18,904 Partron Co Ltd 310,437.10 307,785.67 0.02 KRW 2,634 POSCO CHEMTECH CO LTD 282,677.18 271,147.02 0.02 KRW 187,072 Seowonintech Co Ltd 2,337,743.52 2,218,859.59 0.14 KRW 3,546 SFA Engineering Corp 192,823.13 178,169.09 0.01 KRW 77,598 Signetics Corp 225,677.51 200,040.33 0.01 KRW 39,729 Sungwoo Hitech Co Ltd 542,410.10 499,046.80 0.03 KRW 63,415 Wins Technet Co Ltd 1,129,972.10 1,160,165.69 0.07 KRW 46,815 Woojeon & Handan Co Ltd 370,988.53 355,292.35 0.02 KRW 46,333 Wooree Eti Co Ltd 182,574.60 159,391.33 0.01

21,459,889.07 20,657,914.91 1.32

TWD 261,111 Acter Co Ltd 1,284,965.39 1,118,638.35 0.07 TWD 552,000 Actron Technology Corp 1,683,302.77 1,897,379.72 0.12 TWD 654,000 AData Technology Co Ltd 1,355,807.05 1,455,215.72 0.09 TWD 1,240,205 Boardter Electronics Corp Ltd 1,014,233.69 1,297,414.83 0.08 TWD 116,000 Capella Microsystems Inc 824,755.57 726,179.81 0.05 TWD 1,091,285 Chipbond Technology Corp 2,865,897.06 2,663,792.25 0.17 TWD 374,000 DynaColor Co Ltd 598,795.48 611,719.98 0.04 TWD 103,874 Formosa Optical Tec Co Ltd 308,001.93 329,101.65 0.02 TWD 768,000 Hu Lane Associate Inc 1,795,256.44 1,757,337.87 0.11 TWD 255,000 Microlife Corp 734,074.19 669,871.48 0.04 TWD 316,538 Pacific Hospital Supply Co Ltd 1,048,486.68 1,088,030.40 0.07 TWD 110,899 Poya Co Ltd 373,208.52 394,081.67 0.02 TWD 605,000 Quanta Storage Inc 587,424.95 612,815.92 0.04 TWD 120,745 Raydium Semiconductor Corp 380,106.70 376,939.66 0.02 TWD 429,000 San Far Property Ltd 380,165.72 381,827.24 0.02 TWD 83,858 Sinmag Equipment Corp 357,817.72 317,485.71 0.02 TWD 1,029,436 Sirtec Intl Co Ltd 1,493,515.51 1,690,598.48 0.11 TWD 125,057 St.Shine Optical Co Ltd 2,698,759.62 3,235,342.70 0.21 TWD 275,666 STATS ChipPAC Taiw Semico Corp 378,477.91 336,903.75 0.02 TWD 3,325,000 Taiwan Union Technology Corp 2,281,965.41 2,142,240.40 0.14 TWD 67,830 Tung Thih Electronic Co Ltd 163,827.18 137,412.57 0.01 TWD 562,571 UDE Corp 1,472,314.43 1,343,324.88 0.09 TWD 4,817,356 Vanguard Intl Semiconduct Corp 5,023,744.47 5,439,543.88 0.35 TWD 514,000 Ways Technical Corp 1,128,724.92 1,147,115.68 0.07 TWD 214,000 Xxentria Technology Materials Corp 392,571.40 361,037.50 0.02 TWD 696,030 Youngtek Electronics Corp 1,720,599.18 1,544,113.60 0.10 TWD 659,273 Yungshin Cons Dev Co Ltd 1,427,105.16 1,758,148.93 0.11 TWD 224,724 Zeng Hsing Industrial Co Ltd 920,975.18 959,019.44 0.06

34,694,880.23 35,792,634.07 2.27

USD 12,404 Acron OJSC 510,919.72 470,210.83 0.03 USD 1,249,452 Aeroflot Russian Airlines JSC 2,059,927.62 2,150,057.00 0.14 USD 6,577 Bashneft OJSC 396,962.24 369,024.95 0.02 USD 9,971,700 E.ON Russia OJSC 753,607.63 714,970.89 0.05 USD 194,281 Gruppa Ko PIK OAO 386,073.11 377,079.99 0.02 USD 999,406 JSC Surgutneftegaz 801,810.24 779,336.80 0.05 USD 2,122,026 JSFC Sistema JSC 1,800,100.34 1,821,122.71 0.12 USD 1,377,220 Mobile Telesystems OJSC 11,036,029.39 10,864,337.69 0.69 USD 501,519 Moscow Exchange Micex-Rts Ojsc 822,272.33 828,659.84 0.05 USD 511,049 OAO Tatneft 2,908,904.38 3,051,218.05 0.19 USD 2,012,394 Rosneft Oil Co OJSC 13,641,971.76 13,904,233.86 0.88




60



USD 539,466 Sberbank of Russia OJSC 1,801,408.14 1,535,913.65 0.10 USD 9,838 Singapore Telecommunicat Ltd spons ADR repr 10 Shares 290,776.34 292,188.60 0.02 USD 69,736 Uralkaliy OJSC 484,161.43 464,176.76 0.03

37,694,924.67 37,622,531.62 2.39

ZAR 153,593 Illovo Sugar Ltd 579,020.94 491,240.55 0.03

Total shares 94,428,714.91 94,564,321.15 6.01


KRW 493,192 Korea REIT Co Ltd 714,373.59 606,560.44 0.04

Total closed-ended investment funds 714,373.59 606,560.44 0.04


Shares

THB 168,000 Khon Kaen Sugar Industry PCL Foreign Reg 79,451.63 62,632.17 0.00 THB 6,998,911 SVI PCL Foreign Reg 871,349.90 773,782.87 0.05

950,801.53 836,415.04 0.05

USD 10,556 Cheung Kong Holdings Ltd unspons ADR repr 1 Share 156,847.55 141,767.08 0.01 USD 14,830 Industr & Cial Bk of China Ltd H unspons ADR Repr 20Shs H 216,694.44 184,336.90 0.01

373,541.99 326,103.98 0.02

Total shares 1,324,343.52 1,162,519.02 0.07

Warrants and rights

THB 754,504 KCE Electronics PCL Call Wts 190616 0.00 254,613.28 0.02


Total investments in securities 1,583,184,662.76 1,507,566,299.04 95.87

Cash at banks 60,481,006.38 3.85



Total 1,572,563,099.28 100.00




61



Banks 14.64 %


Energy 6.14 %




Materials 5.37 %


Insurance 4.12 %

Utilities 3.89 %



Real estate 3.29 %




Retailing 2.37 %





Media 0.89 %






Total 95.87 %




62



Taiwan 19.63 %

Australia 10.22 %

China 7.32 %

Malaysia 6.68 %

South Africa 6.67 %

Singapore 6.31 %

Turkey 6.16 %

South Korea 5.51 %

Russia 4.39 %

Thailand 4.05 %

Hong Kong 3.69 %

Brazil 3.30 %

India 2.22 %

New Zealand 2.13 %

Israel 1.86 %

Indonesia 1.73 %

Poland 1.60 %

Philippines 1.16 %

Bermuda 0.41 %

Mexico 0.34 %

British Virgin Islands 0.19 %

Czech Republic 0.09 %

Ireland 0.08 %

Mauritius 0.06 %

Cyprus 0.04 %

Jersey 0.03 %

Total 95.87 %

REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE



63

Assets Securities portfolio at market value 4,318,667.27 Cash at banks 75,558.56 Prepaid expenses 25.71


Liabilities Interest on bank liabilities and expenses payable 23,554.60

Total liabilities 23,554.60






64

Income Commissions received 9,845.94


Expenses Management fees 22,057.08 Custodian fees 7,425.59 Banking charges and other fees 11.33 Transaction fees 150.00 Central administration costs 12,949.82 Professional fees 5,401.74 Other administration costs 7,896.04 Subscription duty ("taxe d'abonnement") 893.87 Other expenses 150.13

Total expenses 56,935.60

Net investment loss -47,089.66

Net realised gain/(loss) - on securities portfolio 23,745.29

Realised result -23,344.37

Net variation of the unrealised gain/(loss) - on securities portfolio 218,551.74

Result of operations 195,207.37

Subscriptions 164,097.05

Redemptions -389,503.23

Total changes in net assets -30,198.81






65

Total net assets

- as at 30.06.2013 4,370,696.94 - as at 31.12.2012 4,400,895.75 - as at 31.12.2011 3,746,751.28


- as at 30.06.2013 -4.77





- as at 30.06.2013 99.90 - as at 31.12.2012 95.61 - as at 31.12.2011 82.69




66




Open-ended investment funds

Investment funds (UCITS)

EUR 10,000 Alexandre C Cap 100,800.00 106,500.00 2.44 EUR 2,882 Carmignac Portfolio Grande Europe A EUR Cap 410,424.57 408,091.20 9.34 EUR 895 Digital Fds Stars Europe Acc Cap 340,273.09 422,368.40 9.66 EUR 320 LFP Europe Alpha I Cap 201,748.00 261,440.00 5.98 EUR 420 Mandarine Opportunites R Cap 234,835.10 311,728.20 7.13 EUR 620 Mandarine Reflex R Cap 372,833.12 395,832.80 9.06 EUR 2,810 Moneta Multi Caps FCP Cap 324,555.66 426,136.50 9.75 EUR 1,320 Oddo Generation Europe A Cap 309,998.23 412,275.60 9.43 EUR 1,882 Raymond James Europe Plus FCP A Cap 424,102.21 418,782.64 9.58 EUR 916 Sextant PEA FCP A 443,869.30 389,052.68 8.90 EUR 1,165 Synergy Small Cies FCP A 438,479.40 446,719.25 10.22

Total investment funds (UCITS) 3,601,918.68 3,998,927.27 91.49

Investment funds (UCI)

EUR 250 Sycomore Partners Fund I Cap 280,340.40 319,740.00 7.32

Total investment funds (UCI) 280,340.40 319,740.00 7.32


Cash at banks 75,558.56 1.73

Other net assets/(liabilities) -23,528.89 -0.54

Total 4,370,696.94 100.00




67




Total 98.81 %



France 79.81 %


Total 98.81 %

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES



68

Assets Securities portfolio at market value 49,700,879.33 Deposits on future contracts 1,384,494.11 Cash at banks 13,029,733.51 Other liquid assets 8,812,177.27 Formation expenses, net 31,139.49 Receivable on sales of securities 1,588,458.99 Receivable on swap contracts 1,427,321.36 Income receivable on portfolio 16,351.41 Interest receivable on swap contracts 7.46 Unrealised gain on future contracts 1,002,773.97 Unrealised gain on swap contracts 6,585.54 Unrealised gain on forward foreign exchange contracts 34,819.86 Result on underlying of swaps receivable 201,205.36 Other receivables 115,865.16 Prepaid expenses 355.87


Liabilities Bank liabilities 8,843,598.24 Payable on swap contracts 557,919.59 Interest payable on swap contracts 10,619.18 Interest on bank liabilities and expenses payable 525,131.94 Result on underlying of swaps payable 37,335.93 Other liabilities 394,240.00





Number of class D shares outstanding 44,750.456 Net asset value per class D share USD 113.16







69

Income Dividends, net 503,067.95 Interest on bank accounts 10.75


Expenses Management fees 328,742.69 Performance fees 737,946.06 Custodian fees 12,583.16 Banking charges and other fees 68.93 Transaction fees 164,035.93 Central administration costs 207,701.19 Professional fees 8,516.87 Other administration costs 53,668.67 Subscription duty ("taxe d'abonnement") 9,228.20 Other taxes 214.55 Interest paid on bank liabilities 19,949.14 Other expenses 8,785.74



Net realised gain/(loss) - on securities portfolio 7,299,903.02 - on future contracts -2,696,927.90 - on swap contracts 5,239,908.22 - on forward foreign exchange contracts -24,289.04 - on foreign exchange -223,812.44


Net variation of the unrealised gain/(loss) - on securities portfolio -3,309,346.59 - on future contracts 499,390.01 - on swap contracts 24,221.53 - on forward foreign exchange contracts 37,713.43










70

Total net assets

- as at 30.06.2013 66,983,323.81 - as at 31.12.2012 60,581,628.49 - as at 31.12.2011 38,194,871.03


- as at 30.06.2013 458.49





- as at 30.06.2013 112.90 - as at 31.12.2012 104.38 - as at 31.12.2011 99.72






Number of class D shares



Net asset value per class D share

- as at 30.06.2013 USD 113.16 - as at 31.12.2012 USD 104.77 - as at 31.12.2011 USD 100.16





- as at 30.06.2013 113.96 - as at 31.12.2012 105.13 - as at 31.12.2011 99.76





Statistical information (in EUR) (continued) as at 30th June 2013


71


- as at 30.06.2013 120.10 - as at 31.12.2012 107.79 - as at 31.12.2011 99.83





- as at 30.06.2013 113.18 - as at 31.12.2012 - - as at 31.12.2011 -




72





Shares

CHF 27,171 Ascom Holding AG Reg 248,121.46 259,491.66 0.39 CHF 1,013 Baloise-Holding Reg 75,851.71 75,625.54 0.11 CHF 36 Banque Cantonale Vaudoise Reg 14,687.26 13,723.20 0.02 CHF 1,491 BB Biotech AG Reg 125,884.17 137,547.73 0.21 CHF 1,507 Bossard Holding AG 177,340.47 179,444.76 0.27 CHF 375 Bucher Industries SA Reg 70,880.02 68,975.64 0.10 CHF 1,590 Burkhalter Holding AG 92,872.60 84,777.55 0.13 CHF 2,399 Cie d'Assurances Natl Suisse 85,038.87 85,112.71 0.13 CHF 389 Coltene Holding AG Reg 14,178.63 14,243.75 0.02 CHF 307 Daetwyler Holding AG 26,425.45 24,827.98 0.04 CHF 276 Forbo Holding AG 134,672.80 135,159.33 0.20 CHF 1,045 Galenica AG Reg 492,166.59 504,524.94 0.75 CHF 106 Givaudan SA Reg 97,810.97 105,024.22 0.16 CHF 390 Helvetia Holding AG Reg 123,401.00 120,931.39 0.18 CHF 878 Implenia AG Reg 33,034.56 33,612.08 0.05 CHF 1,324 Inficon Holding AG Reg 309,729.73 301,587.62 0.45 CHF 611 Intershop Holding AG 165,364.15 158,917.27 0.24 CHF 2,965 Kardex AG Reg 54,400.86 81,696.66 0.12 CHF 1,163 Komax Holding AG Reg 92,865.24 88,383.51 0.13 CHF 1,365 Lonza Group AG Reg 81,256.89 78,938.24 0.12 CHF 12,350 Novartis AG Reg 717,166.74 673,549.29 1.01 CHF 611 Roche Holding AG B de jouis Pref 118,305.51 116,704.87 0.17 CHF 771 Swiss Life Holding Reg 91,961.35 96,255.49 0.14 CHF 17,068 Swiss Re AG 939,251.10 975,254.28 1.46 CHF 3,167 Swisslog Holding AG Reg 2,959.07 2,728.56 0.00 CHF 581 Temenos Group AG Reg 9,850.19 10,908.57 0.02 CHF 212 Walter Meier AG 9,113.21 8,417.45 0.01 CHF 4,311 Zurich Insurance Group AG Reg 901,141.24 858,467.81 1.28

5,305,731.84 5,294,832.10 7.91

DKK 17,639 Auriga Industries A/S B 326,715.46 380,740.17 0.57 DKK 180 DFDS A/S 8,160.75 8,422.22 0.01 DKK 26,698 Genmab A/S 638,411.96 622,811.81 0.93 DKK 837 Novo Nordisk A/S B 102,436.94 100,208.78 0.15 DKK 12,260 Pandora A/S 221,301.00 319,204.17 0.48 DKK 5,515 Royal Unibrew A/S 394,567.40 372,653.25 0.56 DKK 419 Schouw & Co 10,469.66 10,336.20 0.02 DKK 2,460 SimCorp A/S 52,603.27 56,067.72 0.08 DKK 70,226 Spar Nord Bk A/S 341,048.40 348,360.19 0.52 DKK 26,115 TDC A/S 163,705.94 162,596.47 0.24 DKK 13,792 Topdanmark AS 221,861.01 269,965.94 0.40 DKK 10,149 Tryg A/S 654,296.95 642,643.42 0.96

3,135,578.74 3,294,010.34 4.92

EUR 1,783 Aegon NV 8,909.23 9,162.84 0.01 EUR 15,828 Ageas NV 366,202.45 426,960.30 0.64 EUR 27,530 Air Berlin Plc 56,078.61 53,573.38 0.08 EUR 1,272 Air France KLM 9,433.90 8,766.62 0.01 EUR 3,599 Akka Technologies 92,940.01 93,502.02 0.14 EUR 1,242 Allianz SE Reg 140,994.52 139,414.50 0.21 EUR 93 Altarea 13,131.39 11,625.00 0.02 EUR 1,395 Altran Technologies SA 7,102.12 7,421.40 0.01 EUR 63,031 Altri SGPS SA 115,042.03 117,867.97 0.18 EUR 2,764 Amadeus IT Holding SA A 64,146.76 67,870.02 0.10 EUR 4,032 Arseus SA 81,698.91 81,446.40 0.12 EUR 25,207 Aurelius AG 487,266.62 465,321.22 0.69 EUR 6,408 Axa SA 97,417.53 96,728.76 0.14 EUR 15,999 Azimut Holding SpA 226,684.56 223,826.01 0.33 EUR 9,766 Banca Generali SpA 147,600.92 161,724.96 0.24




73



EUR 45,031 Banca Ifis SpA 366,374.85 367,903.27 0.55 EUR 1,678 Bankinter SA Reg 6,981.40 4,596.04 0.01 EUR 898 Barco NV 56,945.06 55,828.66 0.08 EUR 183 Bayer AG Reg 15,748.07 14,993.19 0.02 EUR 4,107 BB Biotech AG Reg 396,038.01 380,595.69 0.57 EUR 15,248 BE Semiconductor Industries NV 118,419.47 120,886.14 0.18 EUR 7,390 Boiron SA 295,189.91 295,600.00 0.44 EUR 616 Bollore SA 183,100.77 197,027.60 0.29 EUR 30,963 Brembo SpA 385,359.20 424,502.73 0.63 EUR 21,969 C.A.T. Oil AG 248,781.01 258,355.44 0.39 EUR 614 Cancom SE 11,239.27 10,858.59 0.02 EUR 2,652 Cewe Color Holding AG 89,577.93 90,459.72 0.14 EUR 534 Christian Dior SA 68,929.47 66,216.00 0.10 EUR 6,540 CompuGroup Medical AG 118,308.19 119,453.10 0.18 EUR 1,344 Continental AG 137,188.80 137,894.40 0.21 EUR 18,148 Delhaize Groupe 841,283.40 861,848.52 1.29 EUR 7,231 Deutsche Beteiligungs AG 134,568.91 133,773.50 0.20 EUR 537 Deutsche Euroshop AG Reg 18,500.99 16,418.78 0.02 EUR 7,599 Deutsche Lufthansa AG Reg 127,492.22 118,506.41 0.18 EUR 266 Deutsche Post AG Reg 5,413.77 5,079.27 0.01 EUR 12,476 Deutsche Telekom AG Reg 116,082.94 111,834.86 0.17 EUR 65 Draegerwerk AG&Co KGaA Pref 6,426.88 6,844.50 0.01 EUR 28,665 Duerr AG 1,437,955.72 1,328,766.08 1.98 EUR 8,039 Duro Felguera SA 43,364.00 39,793.05 0.06 EUR 6,820 Ebro Foods SA 105,065.36 107,619.60 0.16 EUR 18,323 Ellaktor SA 44,477.32 40,310.60 0.06 EUR 2,837 Enagas SA 38,026.44 53,860.45 0.08 EUR 444 Eur Aero Defence and Space NV 18,040.41 18,232.86 0.03 EUR 52 Eurofins Scientific SA 8,347.82 8,439.60 0.01 EUR 1,844 EVS Broadcast Equipment SA 98,204.29 98,358.96 0.15 EUR 2,683 Exact Holding NV 40,484.20 43,907.30 0.07 EUR 1,350 EXEL INDUSTRIES SA A 54,293.46 48,600.00 0.07 EUR 234 Faes Farma SA Reg 538.52 473.85 0.00 EUR 722 Fluxys Belgium SA D 23,031.14 21,660.00 0.03 EUR 63,085 Fondiaria Sai SpA 98,831.90 89,202.19 0.13 EUR 35,467 Freenet AG Reg 638,938.01 595,136.26 0.89 EUR 211 Fuchs Petrolub AG Pref 13,891.19 12,902.65 0.02 EUR 25,509 Gamesa Corp Tecnologica SA 96,638.10 106,627.62 0.16 EUR 4,294 Gildemeister AG 77,034.36 73,577.69 0.11 EUR 14,079 Grammer AG 366,746.69 334,587.44 0.50 EUR 20,466 Grupo Catalana Occidente SA 342,945.22 347,922.00 0.52 EUR 542 GSW Immobilien AG 17,228.83 16,110.95 0.02 EUR 467 GTECH SpA 8,307.48 8,980.41 0.01 EUR 572 Guerbet SA 71,793.90 64,006.80 0.10 EUR 6,927 Hannover Rueck SE 408,890.78 383,201.64 0.57 EUR 15,607 Heineken Holding NV 675,406.64 672,739.74 1.00 EUR 7,233 Hellenic Telecom Org SA (OTE) 43,380.72 43,398.00 0.06 EUR 1,403 Icade EMGP 95,329.76 89,006.32 0.13 EUR 7,654 Iliad SA 1,326,233.36 1,271,712.10 1.90 EUR 11,359 Indus Holding AG 300,786.32 282,725.51 0.42 EUR 9,749 Industria Macchine Automat SpA 174,062.61 172,557.30 0.26 EUR 4,733 InterParfums 100,946.15 107,249.78 0.16 EUR 8,053 Jumbo SA Reg 52,738.50 61,202.80 0.09 EUR 5,565 Jungheinrich AG Pref 207,852.75 190,796.03 0.29 EUR 788 Koenig & Bauer AG 12,661.19 10,803.48 0.02 EUR 2,344 KUKA AG 86,933.10 76,144.84 0.11 EUR 440 Lassila & Tikanoja Oyj 5,498.47 5,896.00 0.01 EUR 23,328 Let's Gowex SA 128,470.83 128,304.00 0.19 EUR 1,502 Lisi 121,504.73 126,168.00 0.19 EUR 1,497 Marr SpA 12,829.02 13,802.34 0.02 EUR 7,047 Medica 97,200.20 97,248.60 0.15 EUR 8,484 Mediolanum SpA 47,422.78 40,383.84 0.06 EUR 10,852 Merck KGaA 1,356,500.00 1,270,226.60 1.90 EUR 187 Michelin SA B Reg 11,768.90 12,846.90 0.02




74



EUR 283,560 Milano Assicurazioni SpA 142,686.27 133,670.18 0.20 EUR 45,620 MPI 153,689.69 153,283.20 0.23 EUR 6,212 Munich Reinsurance Co Rest Transferability 911,493.65 878,376.80 1.31 EUR 12,042 Nordex SE 73,263.53 64,665.54 0.10 EUR 10,597 Obrascon Huarte Lain SA 284,340.26 277,111.55 0.41 EUR 9,847 Oesterreichische Post AG 303,064.60 295,410.00 0.44 EUR 1,790 Olvi OYJ A 46,257.63 48,079.40 0.07 EUR 5,257 OMV AG 186,738.90 182,417.90 0.27 EUR 20,060 Orion Corp (New) B 368,930.86 361,481.20 0.54 EUR 105 Orpea 3,496.01 3,730.65 0.01 EUR 5,554 Patrizia Immobilien AG Reg 52,282.58 42,882.43 0.06 EUR 519 PKC Group Oyj 9,682.05 9,482.13 0.01 EUR 842 Public Power Corp of Greece 5,654.22 5,809.80 0.01 EUR 1,085 Publicis Groupe SA 55,781.87 59,349.50 0.09 EUR 1,586 Ramirent Oyj 12,585.99 10,531.04 0.02 EUR 15,408 Recordati Ind Chim e Farm SpA 123,637.40 131,353.20 0.20 EUR 48 Reed Elsevier NV 525.98 614.40 0.00 EUR 261 Reply SpA 7,446.88 8,626.05 0.01 EUR 29,194 SAF Holland SA 211,087.22 214,196.38 0.32 EUR 47,909 Safilo Group SpA 549,707.54 705,699.57 1.05 EUR 16,989 SAFRAN SA 679,886.75 681,683.63 1.02 EUR 8,366 Sampo Plc A 214,288.88 250,478.04 0.37 EUR 52 Sanofi 3,505.29 4,140.24 0.01 EUR 1,642 Sartorius AG Pref 137,074.16 135,694.88 0.20 EUR 1,803 Sartorius Stedim Biotech 166,494.90 181,201.50 0.27 EUR 27,419 Save SpA 312,692.77 333,689.23 0.50 EUR 13,376 SBM Offshore NV 176,600.62 172,884.80 0.26 EUR 9,302 SCOR SE 213,740.46 219,294.65 0.33 EUR 20,273 SIAS SpA 137,278.57 127,415.81 0.19 EUR 1,702 Sligro Food Group NV 44,116.48 43,783.95 0.07 EUR 14,800 Snam SpA 51,249.24 51,800.00 0.08 EUR 69,719 Sonaecom SGPS SA Reg 108,936.38 108,552.48 0.16 EUR 1,262 Sponda Oyj 4,804.74 4,568.44 0.01 EUR 9,096 Stada Arzneimittel AG 315,653.94 300,804.72 0.45 EUR 121 Suedzucker AG 3,240.08 2,879.20 0.00 EUR 48,269 TAG Immobilien AG 399,015.69 404,542.49 0.60 EUR 55,512 Talanx AG Reg 1,409,449.68 1,346,443.56 2.01 EUR 36,188 Teleperformance 1,118,325.56 1,338,232.24 2.00 EUR 33,025 Terna Rete Elettr Nazional SpA 100,881.26 105,415.80 0.16 EUR 432 Thales SA 13,558.20 15,498.00 0.02 EUR 5,862 Tikkurila Oy 93,142.12 101,705.70 0.15 EUR 7,187 Trevi Finanziaria SpA 46,639.65 44,056.31 0.07 EUR 7,941 UBISOFT Entertainment SA 77,294.36 79,886.46 0.12 EUR 33,241 Unipol Gruppo Finanziario SpA 84,958.28 83,700.84 0.13 EUR 1,068 Vaisala Oyj A 22,921.35 21,114.36 0.03 EUR 1,053 Valeo SA 49,848.63 50,844.11 0.08 EUR 3,134 Vidrala SA 84,191.01 83,489.76 0.12 EUR 5,502 Vittoria Assicurazioni SpA 35,028.80 35,377.86 0.05 EUR 4,097 Voestalpine 97,160.41 111,151.61 0.17 EUR 72 Wendel 5,711.01 5,698.80 0.01 EUR 28,171 Wessanen NV 81,021.56 82,794.57 0.12 EUR 13,280 Wolters Kluwer NV 218,082.22 215,866.40 0.32

24,582,347.43 24,611,639.35 36.75

GBP 112,190 Ashtead Group Plc 850,539.60 845,283.48 1.26 GBP 87,564 EasyJet Plc 1,317,909.66 1,324,593.39 1.98 GBP 449,328 ITV Plc 747,309.81 734,773.71 1.10 GBP 97,083 Persimmon Plc 1,331,663.52 1,338,274.10 2.00 GBP 43,793 SSE Plc 778,023.89 778,496.37 1.16 GBP 1,168,735 Taylor Wimpey Plc 1,309,562.15 1,306,191.40 1.95 GBP 155,265 United Utilities Plc 1,244,624.74 1,239,600.26 1.85 GBP 249,440 William Hill Plc 1,281,525.87 1,283,684.17 1.92

8,861,159.24 8,850,896.88 13.22




75



NOK 21,403 Austevoll Seafood ASA 107,530.43 94,476.13 0.14 NOK 15,390 Awilco Drilling Plc 197,074.80 203,801.47 0.30 NOK 128,250 Borregaard ASA 423,452.84 428,630.08 0.64 NOK 268,506 BW Offshore Ltd 247,635.73 246,865.79 0.37 NOK 8,449 Gjensidige Forsikring ASA 94,818.03 95,209.28 0.14 NOK 12,980 Marine Harvest ASA 9,991.71 10,084.05 0.02 NOK 11,513 Norwegian Air Shuttle ASA 343,673.28 385,361.94 0.58 NOK 12,182 Orkla ASA A 83,473.45 76,450.15 0.11 NOK 795,594 Renewable Energy Corp AS 211,435.29 224,157.91 0.33 NOK 66,648 SalMar ASA 496,368.05 521,144.56 0.78 NOK 1,667 SeaDrill Ltd 50,644.89 51,550.81 0.08 NOK 57,470 SpareBank 1 SMN 358,620.35 337,033.87 0.50 NOK 57,530 Sparebank 1 SR-Bank 345,746.06 344,641.35 0.51 NOK 16,224 Sparebanken Nord-Norge 75,071.65 71,615.23 0.11 NOK 13,135 Spectrum ASA 99,659.40 80,177.93 0.12 NOK 6,283 Telenor ASA 101,496.60 95,405.40 0.14

3,246,692.56 3,266,605.95 4.87

SEK 2,504 Arcam AB 95,703.11 99,915.92 0.15 SEK 6,521 Axfood AB 216,933.60 208,609.54 0.31 SEK 1,476 Bilia AB A 20,638.69 18,173.66 0.03 SEK 50,608 Dios Fastigheter AB 240,248.32 215,785.91 0.32 SEK 121,139 Eniro AB 242,525.58 254,807.77 0.38 SEK 72,622 Fastighets Balder AB B 416,770.02 401,552.42 0.60 SEK 16,638 Haldex AB 84,836.64 86,686.13 0.13 SEK 1,653 Hexpol AB B 79,752.38 82,354.36 0.12 SEK 1,716 ICA Gruppen AB 35,165.41 35,410.18 0.05 SEK 24,507 Intrum Justitia AB 359,734.59 384,171.51 0.57 SEK 15,294 Kloevern AB 52,167.61 47,252.27 0.07 SEK 34,429 Nolato AB B 451,191.47 455,317.88 0.68 SEK 3,424 Saab AB B 50,570.13 50,005.20 0.07 SEK 42,161 SAS AB 68,335.93 61,525.22 0.09 SEK 7,140 Skanska AB B 94,395.82 90,599.47 0.14 SEK 22,450 Swedish Match AB 632,496.60 609,407.85 0.91 SEK 17,529 TeliaSonera AB 87,359.52 87,391.45 0.13 SEK 7,288 Trelleborg AB B 83,746.82 83,670.07 0.13 SEK 20,842 Wihlborgs Fastigheter AB 240,426.53 236,425.75 0.35

3,552,998.77 3,509,062.56 5.23

USD 5,507 Icon Plc 150,536.79 150,110.02 0.22 USD 1,600 Lyondellbasell Industries NV 80,491.35 81,563.32 0.12 USD 1,067 MHP SA GDR repr 1 Share Reg S 15,509.57 13,955.22 0.02 USD 20,136 Navios Maritime Holdings Inc 81,114.95 86,753.04 0.13

327,652.66 332,381.60 0.49

Total shares 49,012,161.24 49,159,428.78 73.39


EUR 10,397 alstria office REIT AG 97,970.93 87,345.20 0.13 EUR 891 Befimmo SICAFI SA 43,114.35 43,324.88 0.06 EUR 1,544 Fonciere des Regions 95,345.09 88,996.16 0.13 EUR 3,330 Klepierre 104,786.68 100,832.40 0.15 EUR 289 Unibail-Rodamco SE 50,853.79 51,731.00 0.08 EUR 2,423 Warehouses De Pauw SICAFI 116,593.07 117,878.95 0.18 EUR 1,029 Wereldhave NV 50,747.80 51,341.96 0.08



Cash at banks 13,029,733.51 19.45



Total 66,983,323.81 100.00




76



Insurance 10.66 %



Media 5.96 %





Utilities 3.37 %


Materials 2.80 %


Energy 2.04 %

Real estate 1.95 %

Banks 1.90 %







Retailing 0.56 %





Total 74.20 %




77



Germany 13.75 %


Switzerland 8.48 %

France 8.42 %

Sweden 5.23 %

Denmark 4.92 %

Italy 4.87 %

Norway 4.12 %

Belgium 2.55 %

The Netherlands 2.26 %

Spain 1.81 %

Austria 1.27 %

Finland 1.21 %

Bermuda 0.45 %


Portugal 0.34 %

Greece 0.22 %

Ireland 0.22 %

Marshall Islands 0.13 %

Total 74.20 %

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES



78

Assets Securities portfolio at market value 99,984,005.53 Deposits on future contracts 1,187,509.27 Deposits on swap contracts 1,300,024.00 Cash at banks 8,670,419.52 Other liquid assets 23,550,996.13 Formation expenses, net 56,671.33 Receivable on swap contracts 840,681.37 Income receivable on portfolio 509,736.83 Interest receivable on swap contracts 1,408.38 Unrealised gain on swap contracts 217,820.48 Unrealised gain on forward foreign exchange contracts 1,019,714.80 Other receivables 8,533,325.16 Prepaid expenses 2,624.17


Liabilities Bank liabilities 7,701,843.73 Other liquid liabilities 3,959,129.19 Payable on purchases of securities 4,303,097.28 Payable on swap contracts 343,860.04 Interest payable on swap contracts 4,817.18 Unrealised loss on future contracts 554,488.61 Interest on bank liabilities and expenses payable 684,884.89 Result on underlying of swaps payable 25,689.01 Other liabilities 199,557.77





Number of class E shares outstanding 178,539.367 Net asset value per class E share EUR 109.85


Number of class IE shares outstanding 193,178.717 Net asset value per class IE share EUR 110.52



Statement of net assets (in USD) (continued) as at 30th June 2013


79





80

Income Dividends, net 1,671,106.11 Interest on bank accounts 160.66


Expenses Management fees 765,137.04 Performance fees 773,029.13 Custodian fees 21,452.38 Banking charges and other fees 12,114.08 Transaction fees 557,105.76 Central administration costs 240,272.17 Professional fees 11,180.20 Other administration costs 102,235.26 Subscription duty ("taxe d'abonnement") 20,982.75 Other taxes 32.86 Interest paid on bank liabilities 160,272.28 Other expenses 12,686.60



Net realised gain/(loss) - on securities portfolio 7,170,199.15 - on future contracts 1,623,464.66 - on swap contracts 3,568,874.47 - on forward foreign exchange contracts -370,894.79 - on foreign exchange 707,837.14


Net variation of the unrealised gain/(loss) - on securities portfolio -9,026,942.67 - on future contracts -390,798.92 - on swap contracts 389,384.76 - on forward foreign exchange contracts 1,175,099.40










81

Total net assets

- as at 30.06.2013 128,097,569.27 - as at 31.12.2012 86,766,016.61 - as at 31.12.2011 41,360,727.79


- as at 30.06.2013 566.80





- as at 30.06.2013 110.69 - as at 31.12.2012 105.98 - as at 31.12.2011 100.19


- outstanding at the beginning of the period 14,399.684 - issued 4,541.623 - redeemed -835.000




Number of class E shares



Net asset value per class E share



- outstanding at the beginning of the period 2,900.000 - issued 2,800.000 - redeemed 0.000



- as at 30.06.2013 111.41 - as at 31.12.2012 106.35 - as at 31.12.2011 100.22

Number of class IE shares






82

Net asset value per class IE share






- as at 30.06.2013 117.07 - as at 31.12.2012 109.77 - as at 31.12.2011 100.34





- as at 30.06.2013 111.61 - as at 31.12.2012 - - as at 31.12.2011 -




83





Shares

AUD 37,580 Amcor Ltd 351,401.06 348,690.05 0.27 AUD 54,021 AMP Ltd 236,550.17 210,085.64 0.16 AUD 22,912 Ansell Ltd 377,713.14 369,623.98 0.29 AUD 28,269 ANZ Banking Group Ltd 789,006.52 739,294.53 0.58 AUD 48,827 APA Group Stapled Security 271,630.33 267,628.09 0.21 AUD 9,024 Austbrokers Holdings Ltd 88,580.25 90,005.78 0.07 AUD 63,860 Australand Property Group 221,170.26 203,354.12 0.16 AUD 7,243 Australian Stock Exchange Ltd 236,518.44 219,178.28 0.17 AUD 53,914 Automotive Holdings Group Ltd 199,686.70 157,868.82 0.12 AUD 41,721 Bank of Queensland Ltd 349,312.47 332,519.94 0.26 AUD 62,070 Bendigo & Adelaide Bk Ltd 595,537.02 571,947.34 0.45 AUD 64,694 Brambles Ltd 577,282.72 552,911.61 0.43 AUD 19,453 Caltex Australia Ltd 400,046.94 321,298.44 0.25 AUD 16,666 Cedar Woods Properties Ltd CWP 89,826.92 78,843.65 0.06 AUD 52,930 Challenger Ltd 213,547.84 194,218.72 0.15 AUD 18,424 Charter Hall Group 65,317.07 65,243.87 0.05 AUD 142,946 Clough Ltd 168,759.75 139,958.93 0.11 AUD 13,051 Collection House Ltd 19,565.69 19,645.12 0.02 AUD 5,601 Commonwealth Bank of Australia 373,995.03 354,560.99 0.28 AUD 55,335 Computershare Ltd CPU 571,268.56 520,014.18 0.41 AUD 47,280 Crown Ltd 544,597.29 523,921.76 0.41 AUD 9,707 CSL Ltd 574,424.23 546,977.60 0.43 AUD 94,668 DuluxGroup 382,249.62 364,695.26 0.28 AUD 16,952 Flight Centre Ltd 550,404.17 610,084.11 0.48 AUD 88,382 G8 Education Ltd 200,623.96 198,949.91 0.16 AUD 87,322 Harvey Norman Holdings Ltd 201,534.60 203,755.19 0.16 AUD 86,788 iiNet Ltd 436,733.60 492,375.23 0.38 AUD 41,543 Insurance Australia Group Ltd 204,839.33 206,795.74 0.16 AUD 25,988 Ioof Holdings Ltd 180,548.47 175,023.15 0.14 AUD 8,858 James Hardie Industries Plc Chess Units of Foreign Sec 90,556.49 76,110.77 0.06 AUD 26,820 JB Hi-Fi Ltd 395,188.64 412,544.99 0.32 AUD 38,012 M2 Telecom Group Ltd 200,139.66 203,479.85 0.16 AUD 45,869 Maca Ltd 123,279.58 74,291.20 0.06 AUD 9,058 Macquarie Group Ltd 372,126.01 347,040.45 0.27 AUD 61,881 Mermaid Marine Australia Ltd 202,958.07 199,317.22 0.16 AUD 66,308 Metcash Ltd 237,317.47 213,576.48 0.17 AUD 9,257 MyState Ltd 43,029.33 35,915.42 0.03 AUD 12,776 National Australia Bank Ltd 371,259.44 346,979.35 0.27 AUD 162,525 NIB Holdings Ltd 359,008.84 316,770.41 0.25 AUD 16,994 Platinum Asset Management Ltd 77,327.19 85,060.47 0.07 AUD 45,921 Premier Investments Ltd 334,437.15 280,693.67 0.22 AUD 102,104 Primary Health Care Ltd 451,707.36 446,596.67 0.35 AUD 10,857 Ramsay Health Care Ltd RHC 358,683.83 355,761.53 0.28 AUD 42,102 Rcr Tomlinson Ltd 84,654.34 88,993.76 0.07 AUD 13,205 Reject Shop Ltd (The) 208,988.16 207,710.81 0.16 AUD 30,847 Retail Food Group Ltd 118,174.56 111,494.86 0.09 AUD 98,754 SFG Australia Ltd 67,353.63 53,767.08 0.04 AUD 108,404 SKY Network Television Ltd 492,998.47 453,321.52 0.35 AUD 38,695 SkyCity Entertainment Group Ltd 132,975.59 131,009.08 0.10 AUD 25,394 Sonic Healthcare Ltd 351,722.39 344,136.71 0.27 AUD 125,792 Spark Infrastructured Group 214,925.27 199,708.86 0.16 AUD 62,029 STW Communications Group Ltd 91,637.01 81,450.08 0.06 AUD 35,806 Suncorp Group Ltd 408,758.19 390,550.22 0.30 AUD 18,980 Super Retail Group Ltd 205,494.96 207,890.76 0.16 AUD 67,653 Sydney Airport 215,679.46 209,241.87 0.16 AUD 60,907 Tassal Group Ltd 137,986.51 136,545.73 0.11 AUD 61,799 Tatts Group Ltd 203,728.85 179,260.88 0.14 AUD 113,532 Telecom Corp of New Zealand 209,490.44 196,866.73 0.15 AUD 167,364 Telstra Corp Ltd 750,449.92 730,508.46 0.57




84



AUD 47,189 Trade Me Group Ltd 187,743.62 177,902.81 0.14 AUD 17,991 UXC Ltd 21,420.57 17,038.86 0.01 AUD 27,574 Westpac Banking Corp 780,302.99 728,688.28 0.57 AUD 16,333 Woodside Petroleum Ltd 575,985.58 523,242.36 0.41

18,550,161.72 17,642,938.23 13.79

BRL 18,318 Autometal SA 189,918.45 149,690.49 0.12 BRL 35,853 Banco Bradesco SA 580,936.21 496,965.84 0.39 BRL 35,370 Cia de Concessoes Rodoviarias 281,468.84 283,588.06 0.22 BRL 15,729 Cia Sanea Bas Est de Sao Paulo 156,030.98 164,657.18 0.13 BRL 12,912 Cosan Ltd BDR repr 1 Share A 206,193.29 214,069.22 0.17 BRL 20,942 CPFL Energia SA 222,527.70 196,461.69 0.15 BRL 44,131 Eternit SA 210,357.82 188,910.11 0.15 BRL 9,805 Ez Tec Empreendime Particip SA 128,472.39 121,607.58 0.09 BRL 7,877 Grendene SA 71,074.81 72,290.28 0.06 BRL 19,034 Rodobens Negocios Imob SA 125,329.10 124,588.38 0.10 BRL 200 Telefonica Brasil SA 3,878.62 4,076.83 0.00 BRL 11,591 Tractebel Energia SA 191,251.80 182,034.78 0.14

2,367,440.01 2,198,940.44 1.72

HKD 1,241,481 Agricultural Bank of China H 576,818.48 512,205.05 0.40 HKD 1,739,692 Bank of China Ltd H 781,821.90 715,511.88 0.56 HKD 743,211 Bank of Communications Co Ltd H 540,990.95 479,110.77 0.37 HKD 59,000 Bank of East Asia Ltd 236,405.73 212,611.93 0.17 HKD 60,000 Besunyen Holdings Co Ltd 6,200.89 2,475.45 0.00 HKD 107,452 BOC Hong Kong (Holdings) Ltd 337,143.65 330,412.67 0.26 HKD 654,732 BOE Technology Gr Co Ltd B 172,496.18 151,946.21 0.12 HKD 490,000 Century Ginwa Retail Hgs Ltd 124,903.19 125,719.59 0.10 HKD 792,000 China Citic Bank Corp Ltd H 415,260.14 365,562.81 0.29 HKD 496,704 China Construction Bank Corp H 368,464.53 351,579.71 0.27 HKD 50,371 China Merchant Prop Dev Co Ltd B 140,778.17 144,174.13 0.11 HKD 292,000 China MinSheng Banking Corp H 333,779.68 285,744.86 0.22 HKD 39,500 China Mobile Ltd 422,469.38 412,511.36 0.32 HKD 127,000 China Petroleum & Chem Corp H 106,065.84 89,402.60 0.07 HKD 70,500 Chinese Estates Hgs Ltd 125,526.83 126,344.90 0.10 HKD 258,800 Dah Sing Banking Group Ltd 373,796.47 305,976.03 0.24 HKD 37,600 Dah Sing Financial Hgs Ltd 189,125.17 151,007.91 0.12 HKD 102,306 Foshan Electrical Light Co Ltd Shares B 84,767.21 72,282.88 0.06 HKD 504,305 Guangdong Investment Ltd 417,241.39 436,934.51 0.34 HKD 1,318,000 Hanergy Solar Group Ltd 86,356.22 101,957.80 0.08 HKD 134,561 Hangzhou Steam Turbine Co Ltd B 160,004.94 187,021.60 0.15 HKD 61,500 Hopewell Hgs Ltd 255,799.83 204,969.60 0.16 HKD 192,000 Huabao Intl Holdings Ltd 86,071.88 84,908.11 0.07 HKD 560,000 Huaneng Power Intl Inc H 621,461.37 554,501.91 0.43 HKD 33,000 Hutchison Whampoa Ltd 340,858.32 346,969.82 0.27 HKD 1,749,638 Industr & Cial Bk of China Ltd H 1,150,776.49 1,103,089.78 0.86 HKD 191,659 Jiangsu Expressway Co Ltd H 226,181.34 197,684.68 0.15 HKD 395,000 Labixiaoxin Snacks Group Ltd 202,113.26 195,560.94 0.15 HKD 44,500 MTR Corp Ltd 181,679.51 164,089.14 0.13 HKD 354,000 NewOcean Energy Hgs Ltd 209,646.29 212,688.00 0.17 HKD 86,358 NWS Holdings Ltd 153,908.99 132,941.54 0.10 HKD 829,175 PCCW Ltd 381,611.59 388,066.92 0.30 HKD 797,000 People's Ins Cie Group China Ltd H 360,124.33 363,760.37 0.28 HKD 128,000 Shandong Luoxin Pharm St Ltd H 153,061.36 123,772.75 0.10 HKD 222,000 Shanghai Fosun Pharm Gr Co Ltd H 421,216.03 361,787.74 0.28 HKD 128,000 Shanghai Ind Hgs Ltd 419,818.72 396,897.95 0.31 HKD 716,000 Shenzhen Expressway Co Ltd H 291,233.85 263,094.45 0.21 HKD 88,016 Shenzhen Prop & Resources Dev repr 1 Share B 77,842.52 75,009.61 0.06 HKD 676,000 Shun Tak Holdings Ltd 323,843.97 327,708.98 0.26 HKD 319,587 Sino Media Holdings Ltd 191,498.37 281,425.61 0.22 HKD 286,500 Sino Ocean Land Hgs Ltd 185,453.24 155,510.79 0.12 HKD 360,000 Sinofert Hgs Ltd 84,087.03 60,339.21 0.05 HKD 364,000 Skyworth Digital Hgs Ltd 234,626.66 183,967.56 0.14 HKD 17,400 Television Broadcasts Ltd 117,059.55 119,572.21 0.09 HKD 12,100 VTech Holdings Ltd 143,548.19 184,866.20 0.14




85



HKD 120,000 Weiqiao Textile Co Ltd H 80,093.34 72,097.63 0.06 HKD 416,000 Xinhua Win Publ Media Co Ltd 217,784.71 197,912.62 0.15 HKD 757,599 Zhejiang Expressway Co Ltd H 635,310.79 617,319.89 0.48

13,747,128.47 12,931,008.66 10.09

IDR 420,500 Bank Mandiri (PT) Tbk 370,056.56 381,311.08 0.30 IDR 399,000 Bank Rakyat Indonesia (PT) Tbk 341,687.41 311,562.74 0.24 IDR 2,129,000 Multipolar (PT) Tbk Ser A 122,076.35 124,415.52 0.10 IDR 5,111,500 PT Bk Pembang Daerah Jawa Timur Tbk 207,609.79 203,430.65 0.16 IDR 1,352,000 Surya Semesta Internusa Tbk PT 212,610.74 177,088.75 0.14 IDR 268,000 Telekom Indonesia (PT) Tbk B 285,959.01 303,779.34 0.24

1,539,999.86 1,501,588.08 1.18

ILS 39,192 Babylon Ltd 249,842.45 230,857.87 0.18 ILS 110,770 Bank Leumi Le-Israël 390,320.82 368,239.19 0.29 ILS 58,398 Bezeq Israel Telecommun Corp 77,497.53 77,975.24 0.06 ILS 21,491 Cellcom Israel Ltd 201,171.97 199,275.03 0.16 ILS 13,134 Frutarom Industries (1995) Ltd 199,866.75 198,247.69 0.15 ILS 16,726 Israel Chemicals Ltd 185,055.65 165,109.40 0.13 ILS 228,672 Israel Discount Bank Ltd A 384,007.75 383,863.38 0.30 ILS 37,181 Mizrahi Tefahot Bank Ltd Reg 384,982.36 372,851.94 0.29 ILS 29,765 Partner Communications Co Ltd 196,825.82 187,840.55 0.15

2,269,571.10 2,184,260.29 1.71

KRW 4,960 AK Holdings Inc 113,612.65 122,002.78 0.10 KRW 7,010 Asia Paper Manufact Co Ltd 123,944.66 135,610.10 0.11 KRW 10,832 Bukwang Pharmaceutical Co Ltd 122,425.00 128,004.18 0.10 KRW 82,690 China Ocean Resources Co Ltd 248,313.89 208,462.15 0.16 KRW 7,010 Daeduck GDS Co Ltd 119,709.69 124,564.93 0.10 KRW 347 Daehan Flour Mills Co Ltd 50,881.04 39,942.66 0.03 KRW 1,043 Daelim Industrial Co Ltd 86,399.63 79,247.54 0.06 KRW 2,481 Daewoong Pharmaceutical Co Ltd 151,894.84 124,223.72 0.10 KRW 4,217 Global & Yuasa Battery Co Ltd 203,296.50 218,897.11 0.17 KRW 23,020 Hanmi Semiconductor Co Ltd 212,759.40 227,701.29 0.18 KRW 17 Huvis Corp 153.12 150.30 0.00 KRW 9 Hyundai HCN Co Ltd 35.54 43.72 0.00 KRW 4,900 Iljin Display Co Ltd 83,665.72 69,914.20 0.05 KRW 27,710 KC Green Holdings Co Ltd 212,556.84 207,388.36 0.16 KRW 9 KT Corp 298.13 282.04 0.00 KRW 4,690 Kukdo Chemical Co Ltd 213,084.19 183,716.27 0.14 KRW 238 Lotte Food Co Ltd 121,611.22 122,291.65 0.10 KRW 2,050 Motonic Corp 23,407.54 20,008.31 0.02 KRW 9,640 NICE Holdings Co Ltd 68,180.06 83,539.90 0.07 KRW 5,960 S&T Corp Holdings Co Ltd 88,629.08 82,429.96 0.06 KRW 18,040 S&T Dynamics Co Ltd 205,090.23 197,391.43 0.15 KRW 4,070 S&T Motiv Co Ltd 95,899.14 95,657.81 0.07 KRW 14,840 Samjin Pharmaceutical Co Ltd 209,537.62 185,759.77 0.14 KRW 449 Samsung Electronics Co Ltd 582,741.18 527,449.15 0.41 KRW 9,970 Sejong Industrial Co Ltd 122,653.27 132,654.04 0.10 KRW 18,270 Shinpoong Pharmaceutical Co Lt 83,315.32 73,646.13 0.06 KRW 34,530 Simpac Inc 210,195.44 221,253.12 0.17 KRW 1,128 SK Gas Co Ltd 83,556.27 78,399.15 0.06 KRW 1,816 SK Telecom Co Ltd 326,693.96 333,823.48 0.26 KRW 80,223 Tai Lim Packaging Ind Co Ltd 207,981.18 203,296.17 0.16

4,372,522.35 4,227,751.42 3.29

MXN 28,350 Industrias Bachoco SAB de CV B 82,962.80 80,676.75 0.06 MXN 700 Value Grupo Fin SAB de CV O 3,239.78 3,540.29 0.00

86,202.58 84,217.04 0.06

MYR 49,476 Berjaya Sports Toto Bhd 69,757.27 68,431.75 0.05 MYR 79,200 Can-One Bhd 87,206.35 84,225.99 0.07 MYR 95,326 China Stationery Ltd 39,662.76 8,598.80 0.01 MYR 23,800 Crescendo Corp Bhd 22,509.72 22,899.83 0.02 MYR 143,700 Gamuda Bhd 202,390.62 215,584.11 0.17 MYR 206,600 Genting Malaysia Bhd 270,876.40 254,367.46 0.20




86



MYR 152,300 Globetronics Technology Bhd 100,595.14 104,602.31 0.08 MYR 344,000 Glomac Bhd 127,921.13 131,742.36 0.10 MYR 151,600 Hap Seng Consolidated Bhd 89,549.52 98,363.67 0.08 MYR 103,999 Hartalega Holdings Bhd 178,078.00 210,664.22 0.16 MYR 40,000 Hong Leong Bank Bhd 193,164.91 175,977.21 0.14 MYR 84,000 Hong Leong Fin Group Bhd 388,662.67 384,440.58 0.30 MYR 95,700 Kian Joo Can Factory Bhd 86,751.96 84,810.89 0.07 MYR 271,600 Kossan Rubber Industries Bhd 396,245.98 428,955.21 0.33 MYR 465,752 KSL Holdings Bhd 332,059.56 294,826.40 0.23 MYR 73,115 Malayan Banking Bhd 231,833.84 240,669.73 0.19 MYR 406,981 Malaysia Building Soc Bhd MBS 399,228.46 395,452.34 0.31 MYR 245,900 Matrix Concepts Holdings Bhd 195,931.43 197,685.08 0.15 MYR 55,500 Maxis Bhd 118,099.21 120,678.90 0.09 MYR 146,000 Media Prima Bhd 124,276.05 129,387.56 0.10 MYR 53,300 Oldtown Bhd 44,782.71 46,391.83 0.04 MYR 104,292 Pos Malaysia Bhd 138,180.58 155,142.40 0.12 MYR 38,386 Public Bank Bhd 183,141.36 205,810.68 0.16 MYR 145,256 RHB Capital Bhd 424,324.42 396,758.75 0.31 MYR 74,300 Scientex Bhd 120,531.97 124,871.97 0.10 MYR 183,500 Tan Chong Motor Hgs Bhd 391,266.56 380,996.99 0.30 MYR 83,900 UMW Holdings Bhd 387,401.85 387,700.59 0.30

5,344,430.43 5,350,037.61 4.18

NZD 376,361 Air New Zealand Ltd 456,476.66 431,831.06 0.34 NZD 98,551 Argosy Property Trust 83,443.41 74,622.52 0.06 NZD 50,641 Contact Energy Ltd 201,962.50 200,334.18 0.16 NZD 12,000 DNZ Property Fund Ltd 16,269.59 15,113.03 0.01 NZD 147,260 Fisher Paykel Hlth Corp Ltd 346,195.44 392,542.51 0.31 NZD 16,299 Michael Hill Intl Ltd 19,024.76 16,497.38 0.01 NZD 47,911 SKY Network Television Ltd 213,985.71 201,010.10 0.16 NZD 113,852 SkyCity Entertainment Group Ltd 384,938.25 383,539.38 0.30

1,722,296.32 1,715,490.16 1.35

PHP 197,830 Banco De Oro Unibank Inc 398,516.88 389,790.22 0.30 PHP 819,500 First Gen Corp 487,705.77 322,936.95 0.25 PHP 192,312 First Philippine Holdings Corp 392,255.73 326,092.32 0.25 PHP 59,670 Metropolitan Bank & Trust Co 192,551.20 153,531.99 0.12

1,471,029.58 1,192,351.48 0.92

PLN 10,850 Alchemia SA 17,541.63 14,952.04 0.01 PLN 15,326 Asseco Poland SA 213,098.78 195,926.17 0.15 PLN 108,439 Famur SA 170,586.66 179,063.12 0.14 PLN 250 ING Bank Slaski SA 7,324.23 7,105.01 0.01 PLN 4,449 Netia SA 7,206.98 5,556.66 0.00 PLN 46,644 PGE Polska Gr Energetyczna S.A 223,064.27 215,662.42 0.17 PLN 114,200 Polish Oil & Gas Co 199,141.71 198,862.12 0.16 PLN 2,645 Powszechny Zaklad Ubezpie SA 323,774.06 325,349.10 0.25 PLN 139,449 Tauron Polska Energia SA 188,768.24 180,447.40 0.14

1,350,506.56 1,322,924.04 1.03

SGD 338,000 Baker Technology Ltd 81,888.11 75,970.03 0.06 SGD 76,000 Boustead Singapore Ltd 83,677.96 80,315.46 0.06 SGD 341,000 Chuan Hup Holdings Ltd 82,321.63 65,887.22 0.05 SGD 262,000 ComfortDelgro Corp Ltd 387,321.20 379,156.15 0.30 SGD 356,040 CWT Ltd 492,943.22 401,527.76 0.31 SGD 504,000 Dukang Distillers Holdings Ltd 202,954.13 189,794.95 0.15 SGD 25,000 Fraser & Neave Ltd 180,939.17 169,164.04 0.13 SGD 78,000 Ho Bee Investment Ltd 119,353.72 121,182.97 0.09 SGD 4,000 Jardine Cycle & Carriage Ltd 150,429.39 134,100.95 0.10 SGD 115,000 Metro Holdings Ltd 87,633.11 84,798.90 0.07 SGD 258,424 Osim Intl Ltd 337,497.97 400,475.68 0.31 SGD 45,000 Oversea-Chinese Bankg Corp Ltd 383,766.64 354,889.59 0.28 SGD 210,000 Pan-United Corp Ltd 166,546.17 149,053.63 0.12 SGD 117,000 Raffles Medical Group Ltd 302,752.80 289,731.86 0.23 SGD 148,322 SATS Ltd 327,174.13 384,841.78 0.30




87



SGD 1,000 Sheng Siong Group Ltd 523.44 516.56 0.00 SGD 361,858 Sinarmas Land Ltd 189,901.25 184,068.15 0.14 SGD 17,000 Singapore Land Ltd 123,851.02 120,260.25 0.09 SGD 461,148 Singapore Post Ltd 449,685.83 472,785.80 0.37 SGD 94,000 Singapore Telecom Ltd Board Lot 1000 272,465.96 279,479.50 0.22 SGD 171,000 Stamford Land Corp Ltd 83,327.50 79,566.25 0.06 SGD 24,000 Starhub Ltd 80,914.05 79,116.72 0.06 SGD 66,000 Super Group Ltd 210,773.24 231,624.61 0.18 SGD 45,000 United Overseas Bank Ltd Local 769,492.53 704,810.73 0.55 SGD 74,412 UOL Group Ltd 351,214.35 394,360.13 0.31 SGD 625,000 Wee Hur Holdings Ltd 213,162.21 189,767.35 0.15 SGD 141,000 Wilmar Intl Ltd 354,759.36 350,276.03 0.27 SGD 359,313 Wing Tai Holdings Ltd 562,963.44 580,908.24 0.45 SGD 300,000 Yangzijiang Shipbuil Hgs Ltd 212,413.33 196,372.24 0.15

7,262,646.86 7,144,803.53 5.56

THB 25,200 Advanced Information Tec Plc Foreign Reg 69,916.98 63,577.05 0.05 THB 1,104,000 Asia Aviation Public Co Ltd 210,791.48 191,598.91 0.15 THB 53 Bangkok Expressway PCL Foreign 46.67 60.90 0.00 THB 383,500 Charoong Thai W & C PCL Foreign Reg 188,389.45 141,740.32 0.11 THB 159,772 Delta Electronic Thailand PCL Foreign Reg 173,030.07 205,395.47 0.16 THB 271,200 Diamond Build Prod Pub Co Ltd Foreign Reg 85,603.02 82,366.70 0.06 THB 81,253 Electricity Generating PCL Foreign 362,442.05 352,535.92 0.28 THB 87,300 Kiatnakin Bank PCL Foreign Reg 183,639.99 148,703.20 0.12 THB 46,500 Major Cineplex Group PCL 31,671.37 31,383.58 0.02 THB 130,500 Major Cineplex Group PCL Foreign Reg 106,792.97 88,076.49 0.07 THB 6,900 Maybank Kim Eng Sec (Thai) PCL 4,372.43 5,211.31 0.00 THB 7,600 MCOT PCL Foreign Reg 9,994.98 10,197.65 0.01 THB 153,800 Modernform Group PCL 47,629.13 50,912.42 0.04 THB 1,300 PTT Explor & Prod PCL Foreign 6,460.94 6,622.21 0.01 THB 108,719 PTT Global PCL Foreign Reg 269,767.79 241,093.08 0.19 THB 128,300 Shin Corp PCL 360,064.60 358,736.95 0.28 THB 89,300 SNC Former Public Co Ltd 80,820.66 69,740.96 0.05 THB 81,400 Thai Metal Trade PCL Foreign Reg 37,474.75 32,962.88 0.03 THB 97,300 Thitikorn Public Co Ltd 56,390.20 49,721.04 0.04 THB 107,900 TISCO Fin Gr PCL 154,347.98 142,179.01 0.11 THB 285,960 TISCO Fin Gr PCL Foreign 503,753.28 376,807.33 0.29 THB 134,900 TISCO Fin Gr PCL NVDR 202,333.33 177,756.71 0.14 THB 123,559 Vanachai Group PCL 19,268.37 11,754.29 0.01

3,165,002.49 2,839,134.38 2.22

TRY 76,524 Akbank 344,218.08 311,485.57 0.24 TRY 56,560 Akcansa Cimento AS 331,724.64 332,447.44 0.26 TRY 57,548 Aksa Akrilik Kimya Sanayii AS 168,172.53 202,058.75 0.16 TRY 82,119 Aksa Enerji Uretim AS 183,373.87 143,740.14 0.11 TRY 54,916 Aksigorta AS 80,225.37 73,373.01 0.06 TRY 116,415 Alarko Holding AS 351,133.14 348,461.26 0.27 TRY 30,564 Aygaz AS 170,879.22 140,236.69 0.11 TRY 190,808 Bolu Cimento Sanayi AS 236,886.90 232,210.67 0.18 TRY 11,430 Cimsa Cimento Sanayi Ve AS 69,772.93 77,837.65 0.06 TRY 144,165.0000006 Enka Insaat Ve Sanayi A.S 394,466.02 362,092.31 0.28 TRY 305,842 Eregli Demir ve Celik Fabrikal 335,679.57 315,186.73 0.25 TRY 5,587 Ford Otomotiv Sanayi AS 68,240.12 76,962.30 0.06 TRY 1 Gubre Fabrikalari TAS 9.47 7.09 0.00 TRY 58,157 Haci Omer Sabanci Holding AS 345,604.01 305,693.19 0.24 TRY 5,428 IS Yatirim Menkul Degerler AS 4,568.59 4,188.36 0.00 TRY 32,336 Mutlu Aku 120,686.47 129,946.85 0.10 TRY 54,910 Park Elekt Ure Ma San VeT AS 119,538.30 125,687.31 0.10 TRY 10,131 Sekerbank TAS 11,412.56 9,810.96 0.01 TRY 67,093 Selcuk Ecz Depo Ticar ve Sa AS Shares 82,339.92 63,236.28 0.05 TRY 64,161 TAV Havalimanlari Holding AS 387,069.50 375,463.13 0.29 TRY 61,418 Teknosa Ic ve Dis Ticaret AS 384,539.90 353,050.13 0.28 TRY 196,175 Turk Hava Yollari AO 707,066.96 761,943.29 0.59 TRY 12,410 Turk Traktor ve Ziraat Maki AS 389,435.86 437,017.09 0.34 TRY 85,182 Turkcell Iletisim Hizmet 497,954.95 494,064.42 0.39




88



TRY 98,114 Turkiye Is Bankasi AS 304,923.97 289,616.68 0.23 TRY 9,895 Turkiye Petrol Rafinerileri AS 248,215.41 241,353.96 0.19 TRY 179,922.0000005 Turkiye Sinai Kalkinma Bk AS 193,056.45 177,965.31 0.14 TRY 114,040 Turkiye Vakiflar Bankasi Tao 290,167.37 284,066.49 0.22 TRY 128,387 Yapi Kredi Bankasi AS 349,081.83 291,879.30 0.23

7,170,443.91 6,961,082.36 5.44

TWD 207,937 AcBel Polytech Inc 156,955.84 165,045.81 0.13 TWD 148,000 Accton Technology Corp 82,321.50 91,421.74 0.07 TWD 173,000 Ardentec Corp 116,952.29 108,588.22 0.08 TWD 101,000 Asia Cement Corp 118,576.81 123,772.04 0.10 TWD 69,000 Catcher Technology Co Ltd 355,760.98 357,477.34 0.28 TWD 252,000 Cathay Financial Hg Co Ltd 340,625.16 342,293.52 0.27 TWD 110,000 Chaun-Choung Technology Corp 219,216.03 273,620.94 0.21 TWD 69,000 Chi Mei Materials Tech Corp 84,120.85 76,307.66 0.06 TWD 32,000 Chia Chang Co Ltd 40,640.55 39,321.18 0.03 TWD 134,389 Chicony Electronics Co Ltd 308,209.28 348,123.35 0.27 TWD 583,000 Chin-Poon Industrial Co Ltd 780,940.42 851,914.59 0.67 TWD 876,000 China General Plastics Corp 496,559.75 514,934.75 0.40 TWD 16,000 China Steel Chemical Corp 82,479.25 79,173.72 0.06 TWD 173,000 China Synthetic Rubber Corp 185,106.15 180,693.10 0.14 TWD 88,684 Chong Hong Construction Co Ltd 246,846.51 318,085.49 0.25 TWD 104,000 Chunghwa Telecom Co Ltd 335,048.07 352,296.51 0.27 TWD 67,004 Cosmos Bank Taiwan 46,296.38 33,267.24 0.03 TWD 67,190 Ctci Corp 116,885.23 121,835.01 0.10 TWD 118,000 Da-Cin Construction Co Ltd 119,255.76 106,984.16 0.08 TWD 649,093 E.Sun Financial Holding Co Ltd 392,119.10 394,487.13 0.31 TWD 232,000 Elite Material Co Ltd 201,965.89 203,407.39 0.16 TWD 47,000 Far Eastone Telecom Co Ltd 119,052.77 125,651.76 0.10 TWD 412,000 Fubon Financial Holding Co Ltd 550,034.00 558,938.60 0.44 TWD 26,000 Geo Vision Inc 115,085.14 117,000.43 0.09 TWD 200,000 Giga-Byte Technology Co Ltd 186,900.88 185,978.55 0.15 TWD 342,000 Grand Pacific Petrochemical Corp 201,874.64 198,764.57 0.16 TWD 265,000 Huaku Dev Co Ltd 785,959.50 761,266.65 0.59 TWD 47,000 Huang Hsiang Construction Corp 127,118.44 109,730.66 0.09 TWD 46,000 Huxen Corp 54,130.41 51,635.62 0.04 TWD 1,014,000 Inventec Corp 430,772.02 562,379.20 0.44 TWD 157,000 ITEQ Corp 185,014.21 174,670.39 0.14 TWD 525,418 King Yuan Ele Co Ltd 350,856.91 385,631.10 0.30 TWD 346,000 King's TownBank 306,454.77 293,015.84 0.23 TWD 131,000 Kung Long Batteries Ind Co Ltd 324,106.85 326,727.78 0.26 TWD 181,000 Kuoyang Construction Co Ltd 121,590.52 122,626.28 0.10 TWD 32,000 Kwong Fong Industries Corp 19,341.78 17,535.12 0.01 TWD 361,839 Lite-On Technology Corp 557,603.04 632,085.67 0.49 TWD 17,000 Lumax International Corp 39,771.20 37,092.76 0.03 TWD 42,270 Makalot Industrial Co Ltd 175,428.08 200,744.25 0.16 TWD 396,000 Micro-Star Intl Co Ltd 205,118.45 206,476.04 0.16 TWD 24,000 Nishoku Technology 48,797.31 38,417.85 0.03 TWD 92,000 Realtek Semiconductor Corp 206,081.28 216,930.69 0.17 TWD 108,000 Rechi Precision Co Ltd 92,447.77 94,868.99 0.07 TWD 540,000 Shin Kong Financial Hg Co Ltd 186,484.94 181,129.82 0.14 TWD 56,000 Sonix Technology Co Ltd 82,142.50 80,063.76 0.06 TWD 195,000 Standard Chem & Pharm Co Ltd 205,919.05 218,890.11 0.17 TWD 937,000 Taishin Financial Hgs Co Ltd 420,416.27 410,760.19 0.32 TWD 31,000 Taiwan Hon Chuan Enter Co Ltd 81,449.25 72,272.59 0.06 TWD 89,000 Taiwan Mobile Co Ltd 340,328.67 350,254.06 0.27 TWD 153,000 Taiwan Semiconduct Mfg Co Ltd 543,913.57 564,013.16 0.44 TWD 391,786 Teco Electric and Machinery Co 354,911.50 390,341.74 0.30 TWD 128,000 Test Research Co Ltd 215,760.88 179,389.59 0.14 TWD 8,000 Topco Scientific Co Ltd 14,689.97 14,081.23 0.01 TWD 64,746 Transcend info Inc 199,709.85 199,972.70 0.16 TWD 41,000 TSRC Corp 81,589.18 78,293.65 0.06 TWD 197,000 Uni-President Enterprises Corp 387,406.99 382,079.64 0.30 TWD 121,000 United Integrated Serv Co Ltd 111,767.07 117,741.03 0.09 TWD 115,000 USI Corp 84,004.06 81,349.01 0.06




89



TWD 56,103 Wah Lee Industrial Corp 81,150.72 76,857.25 0.06 TWD 174,000 WPG Holdings Co Ltd 202,700.16 205,140.98 0.16 TWD 71,000 WT Microelectronics Co Ltd 83,084.71 81,466.91 0.06 TWD 433,000 Yageo Corp 146,588.52 145,958.29 0.11

13,854,439.63 14,331,275.40 11.19

USD 22,790 Banco Bradesco SA spons ADR repr 1 Pref Share 330,471.20 296,497.90 0.23 USD 33,903 BRF SA ADR repr 1 share 775,801.98 736,034.13 0.57 USD 5,067 China Yuchai Intl Ltd 83,477.63 89,331.21 0.07 USD 24,812 Cia Energetica Minas Gerais spons ADR repr 1 Pref 236,688.27 222,563.64 0.17 USD 9,964 Huaneng Power Intl Inc ADR repr 40 Shares 449,476.42 383,115.80 0.30 USD 196,210 Lao Feng Xiang Co Ltd B 420,095.63 371,425.53 0.29 USD 9,160 Magic Software Enterprises Ltd 47,965.97 49,372.40 0.04 USD 4,462 Mail.RU Group Ltd spons GDR Repr 1 Sh Reg-S 123,927.90 127,880.92 0.10 USD 19,230 Oil Co Lukoil OJSC spons ADR repr 1 Share 1,210,368.55 1,103,802.00 0.86 USD 16,952 Orbotech Ltd 210,488.31 210,882.88 0.16 USD 39,246 SGSB Group Co Ltd B 20,463.44 16,836.53 0.01 USD 1,393 Taro Pharm Industries Ltd A 77,084.45 77,868.70 0.06 USD 15,873 Telefonica Brasil SA spons ADR repr 1 Share 359,498.55 362,221.86 0.28

4,345,808.30 4,047,833.50 3.14

ZAR 42,628 Acucap Properties Ltd Uts 223,666.49 204,936.12 0.16 ZAR 13,671 Bidvest Group Ltd 345,850.29 336,801.01 0.26 ZAR 130,000 Blue Label Telecoms Ltd 129,578.51 102,638.12 0.08 ZAR 118,538 Capital Property Fd Units 118,410.48 126,851.29 0.10 ZAR 32,363 Coronation Fd Managers Ltd 204,903.42 204,248.17 0.16 ZAR 64,945 DataTec Ltd 367,486.10 359,843.91 0.28 ZAR 147,479 Firstrand Ltd 471,414.38 429,115.58 0.33 ZAR 49,875 Group Five Ltd 194,677.30 184,096.12 0.14 ZAR 2,685 Hudaco Industries Ltd 27,865.90 24,439.29 0.02 ZAR 30,426 Lewis Group Ltd 185,052.90 192,788.48 0.15 ZAR 47,848 Liberty Holdings Ltd 599,359.39 577,196.25 0.45 ZAR 55,789 Mediclinic Intl Ltd 346,877.63 385,254.78 0.30 ZAR 40,978 Metair Investment Ltd 156,793.96 146,722.40 0.11 ZAR 254,897 MMI Hgs Ltd 651,359.23 568,363.37 0.44 ZAR 29,888 Mondi Ltd 364,875.75 376,624.81 0.29 ZAR 52,279 Mpact 140,199.38 122,512.06 0.10 ZAR 16,092 MTN Group Ltd 284,701.97 297,799.19 0.23 ZAR 16,004 Nedbank Group 277,163.20 282,537.15 0.22 ZAR 167,107 Netcare Ltd 393,887.12 387,233.37 0.30 ZAR 10,000 Peregrine Holdings Ltd 11,368.54 11,817.72 0.01 ZAR 40,491 PPC Ltd 115,753.21 121,317.84 0.09 ZAR 34,280 Raubex Group Ltd 74,952.81 75,161.07 0.06 ZAR 204,930 Redefine Properties Ltd 203,832.76 216,210.46 0.17 ZAR 37,552 Resilient Property Inc Fd Ltd 235,352.26 202,967.45 0.16 ZAR 40,364 Reunert Ltd 314,301.16 280,116.67 0.22 ZAR 21,558 Standard Bank Group Ltd 246,682.99 241,713.60 0.19 ZAR 39,253 Sun International Ltd 439,439.08 377,460.78 0.29 ZAR 31,255 Super Group Ltd 77,691.99 72,772.31 0.06 ZAR 73,594 Sycom Property Fd Uts 202,586.11 203,549.84 0.16 ZAR 49,124 Vodacom Group Ltd 560,638.94 518,873.39 0.41 ZAR 11,406 Wilson Bayly Holmes-Ovcon Ltd 192,978.81 176,653.22 0.14

8,159,702.06 7,808,615.82 6.08

Total shares 96,779,332.23 93,484,252.44 72.95


AUD 124,665 Ardent Leisure Group REIT Units 210,682.95 195,638.13 0.15 AUD 33,069 Challenger Divers Property Gr REITS 73,671.82 73,228.69 0.06 AUD 35,093 Federarion Centres REITS 85,283.17 76,105.08 0.06


Warrants and rights

AUD 478 Australian Stock Exchange Ltd Droits de sousc 05.07.13 0.00 1,360.30 0.00




90




Transferable securities dealt in on another regulated market

Shares

KRW 8,071 Display Tech Co Ltd 81,017.64 61,959.61 0.05 KRW 2,972 DongKook Pharmaceutical Co Ltd 87,969.43 89,232.83 0.07 KRW 9,158 e-Litecom Co Ltd 127,058.70 138,283.85 0.11 KRW 3,863 Eugene Technology Co Ltd 71,336.76 71,011.02 0.06 KRW 1,804 GS Home Shopping Inc 333,833.74 373,464.58 0.29 KRW 3,592 Intel Digital Int Sec Co Ltd 85,197.98 73,575.62 0.06 KRW 10,749 KGMobilians Co Ltd 124,507.92 135,491.57 0.11 KRW 6,512 Sungwoo Hitech Co Ltd 88,262.61 81,799.01 0.06 KRW 4,585 Wins Technet Co Ltd 87,471.20 83,881.73 0.07

1,086,655.98 1,108,699.82 0.88

TWD 27,000 Actron Technology Corp 79,616.07 92,806.62 0.07 TWD 115,000 AData Technology Co Ltd 245,459.72 255,886.56 0.20 TWD 217,000 Boardter Electronics Corp Ltd 211,392.75 227,010.07 0.18 TWD 206,000 Hu Lane Associate Inc 472,490.38 471,369.27 0.37 TWD 42,000 Microlife Corp 129,511.84 110,331.77 0.09 TWD 139,000 San Far Property Ltd 122,517.88 123,715.59 0.10 TWD 3,000 Shanyuan Co Ltd 14,995.48 13,350.60 0.01 TWD 74,000 Sirtec Intl Co Ltd 120,999.90 121,527.02 0.09 TWD 587,000 Taiwan Union Technology Corp 391,121.49 378,194.02 0.30 TWD 52,000 UDE Corp 123,007.93 124,167.25 0.10 TWD 55,000 Ways Technical Corp 121,252.90 122,745.84 0.10 TWD 21,000 Zeng Hsing Industrial Co Ltd 80,645.94 89,618.41 0.07

2,113,012.28 2,130,723.02 1.68

USD 233,138 Aeroflot Russian Airlines JSC 384,880.00 401,183.87 0.31 USD 93,812 Alrosa OJSC 96,596.50 97,855.30 0.08 USD 3,333 Bashneft OJSC 201,978.81 187,009.30 0.15 USD 297,420 JSC Surgutneftegaz 234,000.50 231,928.12 0.18 USD 453,456 JSFC Sistema JSC 388,217.06 389,155.94 0.30 USD 47,436 Mobile Telesystems OJSC 384,802.75 374,203.63 0.29 USD 126,870 Moscow Exchange Micex-Rts Ojsc 201,803.99 209,627.30 0.16 USD 34,800 OAO Tatneft 221,107.53 207,773.40 0.16 USD 583 Pharmastandard JSC 37,326.92 38,560.73 0.03 USD 101,755 Rosneft Oil Co OJSC 697,567.25 703,055.82 0.55 USD 51,368 TNK-BP Holding 72,098.13 72,531.62 0.06

2,920,379.44 2,912,885.03 2.27

ZAR 348 Illovo Sugar Ltd 1,106.07 1,113.02 0.00

Total shares 6,121,153.77 6,153,420.89 4.83


Shares

MYR 96,600 KrisAssets Holdings Bhd 85,024.21 0.00 0.00

Total shares 85,024.21 0.00 0.00


Cash at banks 8,670,419.52 6.77



Total 128,097,569.27 100.00




91



Banks 12.00 %





Materials 4.48 %


Real estate 3.87 %

Energy 3.63 %

Utilities 3.13 %


Insurance 2.53 %

Retailing 2.22 %











Media 0.67 %


Total 78.05 %




92



Australia 13.26 %

Taiwan 12.87 %

China 6.28 %

South Africa 6.08 %

Turkey 5.44 %

Singapore 5.41 %

Malaysia 4.17 %

South Korea 4.01 %

Hong Kong 3.71 %

Russia 3.13 %

Brazil 2.80 %

Thailand 2.22 %

New Zealand 2.09 %

Israel 1.97 %

Bermuda 1.26 %

Indonesia 1.18 %

Poland 1.03 %

Philippines 0.92 %

British Virgin Islands 0.10 %

Ireland 0.06 %

Mexico 0.06 %

Total 78.05 %


Notes to the financial statements as at 30th June 2013

93

Note 1 - Principal accounting methods a) Presentation of the financial statements

The financial statements of the SICAV have been drawn up in accordance with the legal and regulatory requirements in force in Luxembourg concerning undertakings for collective investment.

The financial statements were drawn up on basis of the net asset value of 28th June 2012 using the last available prices on 28th

June 2012.

b) Valuation of assets

The value of cash in hand or on deposit, bills and notes payable on demand and accounts receivable, including pre-paid expenses, dividends and interest announced or due but not yet collected, consists of the nominal value of these assets, unless it is unlikely that this amount can be collected, in which case the value shall be determined by deducting the amount the SICAV deems appropriate to reflect the real value of these assets.

The value of all transferable securities, money market instruments and financial derivatives that are listed on an exchange or traded on another other regulated market that operates regularly and is recognised and open to the public, is determined at the latest price available.

If company investments are listed on a stock exchange or traded on another regulated market that operates regularly and is recognised and open to the public and traded by market makers outside the stock market on which the investments are listed or the market on which they are traded, the Board of Directors may determine a principal market for the investments in question, which shall thereafter be valued at the last price available on this market.

Financial derivatives not listed on an official stock exchange or traded on any other regulated market that operates regularly and is recognised and open to the public are valued in accordance with market practice, as may be described in greater detail in the Prospectus.

Cash and money market instruments may be valued at their nominal value plus interest, or on the basis of the amortised cost method. Where practical, all other assets may be valued on the same basis. The value of units representing any open-ended undertakings for collective investment is determined using the last official Net Asset Value per unit or the last Net Asset Value estimate if this value is more recent than official Net Asset Value, provided that the Company is guaranteed that the valuation method used for this estimate is consistent with that used for the calculation of the official Net Asset Value.

In the case of:

- transferable securities, money market instruments and/or financial derivatives in the portfolio on the valuation day not listed or traded on a stock exchange or on another regulated market that operates regularly and is recognised and open to the public, or - transferable securities, money market instruments and/or financial derivatives listed and traded on a stock exchange or other such market whose prices determined do not, in the opinion of the Board of Directors, reflect the true value of these transferable securities, money market instruments and/or financial derivatives, or


Notes to the financial statements (continued) as at 30th June 2013

94

- financial derivatives traded over the counter and/or securities that represent undertakings for collective investment whose prices determined do not, in the opinion of the Board of Directors, reflect the true value of the financial derivatives or securities that represent undertakings for collective investment, the Board of Directors estimate their probable market value prudently and in good faith.

c) Acquisition cost of securities in the portfolio

The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase.

d) Net realised gain (loss) on sales of securities

The realised gains and losses on sales of securities are determined on the basis of the average acquisition cost.

e) Investment income

Dividend income is recorded at the ex-date, net of any withholding tax. f) Valuation of forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Unrealised gains or losses are recorded in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are recorded in the statement of operations and other changes in net assets.

g) Valuation of futures contracts

Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses are recorded in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are recorded in the statement of operations and other changes in net assets.

h) Valuation of swaps contracts

Swap contracts are posted off-balance sheet and valued on the basis of the recalculated market prices by using the traditional elements of pricing considering the value, the volatility of the underlying, the interest rates and the residual value of the swap. Unrealised gains or losses are recorded in the statement of net assets. Net variation of unrealised gains and losses and net realised gains and losses are recorded in the statement of operations and other changes in net assets.

i) Formation expenses

The formation expenses were paid off over the first five years. If a sub-fund is launched after the date on which the SICAV is launched, the costs relating to the establishment of the new sub-fund shall be charged solely to that sub-fund and may be paid off over a maximum of five years from the date on which the sub-fund is launched.



95

j) Conversion of foreign currencies

Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the sub-fund shall be converted into this currency at the exchange rate in force at the date of the report. Income and expenses expressed in currencies other than the currency of the sub-fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains or losses are recorded in the statement of operations and other changes in net assets.

k) Consolidation

The SICAV's consolidated financial statements are expressed in EUR and are equal to the sum of the corresponding entries in the financial statements of each sub-fund, converted in this currency at the exchange rate in force at the date of the report.

At the date of the report, the consolidation exchange rate is as follows:

1 EUR = 1.2998000 USD US Dollar l) Revaluation difference

The caption ʺRevaluation differenceʺ in the consolidated statement of operations and other changes in net assets represents the valuation difference of the net asset of the Sub-Funds at the beginning of the period with the exchange rate applicable at the date of the report.

m) Transaction fees

Transaction costs disclosed under the caption "Transaction fees" in the expenses of the statement of operations and other changes in net assets are mainly composed of transaction costs incurred by the SICAV relating to purchases or sales of securities, of fees relating to liquidation of transactions paid to the custodian bank and of transaction fees on financial and on derivatives instruments.

Note 2 - Management fee The Board of Directors of the SICAV has appointed, since 23rd May 2013, REYL ASSET MANAGEMENT (LUXEMBOURG) S.A., as Management Company of the SICAV to make it service management, administration and commercialisation, in place of CONVENTUM ASSET MANAGEMENT. Until 23rd May 2013, CONVENTUM ASSET MANAGEMENT, as Management Company, was delegated to REYL ASSET MANAGEMENT S.A., the management of the all assets of the SICAV's sub-funds except those of the REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE sub-fund which are managed by REYL & Cie SA.

The Management Company change does not lead to increased costs for shareholders. The Management Company charges a management company fee, a commission of sales and marketing, if any, will be offset by a decrease in management fees and expenses in connection with the marketing of the shares of the SICAV, including the costs of marketing and advertising. The marketing costs are recorded under caption ʺOther administrative expensesʺ in the statement of operation and other changes in net assets.



96

The Manager receives quarterly a management fee in accordance with the table below, calculated on the basis of the average net assets of the share classes concerned of each sub-fund during the relevant quarter and payable in the month following the end of the quarter: Since 23rd May 2013

Name of the sub-fund Rate in % per annum (per class of shares)

B BP C CP D E F FP


1.20 - 1.20 - 1.40 - 1.60 -


1.20 - 1.60 1.20 - 1.20 1.60 -


1.20 1.20 - - - - 1.60 1.60


1.00 - - - - - - -


1.60 - 1.60 - 1.60 - - -


1.60 - 1.60 - - 1.60 - -

Name of the sub-fund

Rate in % per annum (per class of shares)

FP (SEK)

G H I IE INCP INEP IP


- - 1.40 0.80 - - - 0.80


- 1.60 1.40 0.80 - - - 0.80


1.60 - - 0.80 - 0.80 0.80 0.80


- - - - - - - -


- - - 1.20 - - - -


- - - 1.20 1.20 - - -


IP (SEK) I (SEK) J JP L LP N O


0.80 - - - - - 1.60 -


- - - - - - - -


0.80 0.80 1.20 1.20 1.20 1.20 - 1.60


- - - - - - - -


- - - - - - - -


- - - - - - - -



97


OP P PP R S


- - - - -


- - - - 0.00


1.60 1.60 1.60 0.00 -


- - - - -


- - - 0.00 0.00


- - - 0.00 0.00

Until 22nd May 2013


B BP C CP D E F FP


1.50 - 1.50 - 1.75 - 2.00 -


1.50 - 2.00 1.50 - 1.50 2.00 -


1.50 1.50 - - - - 2.00 2.00


1.00 - - - - - - -


2.00 - 2.00 - 2.00 - - -


2.00 - 2.00 - - 2.00 - -


G H I IE INCP INEP IP J


- 1.75 1.00 - - - - -


2.00 1.75 1.00 - - - 1.00 -


- - 1.00 - 1.00 1.00 1.00 1.50


- - - - - - - -


- - 1.50 - - - - -


- - 1.50 1.50 - - - -



98


JP L LP N O P PP R


- - - 2.00 - - - -


- - - - - - - -


1.50 1.50 1.50 - 2.00 2.00 2.00 0.00


- - - - - - - -


- - - - - - - 0.00


- - - - - - - 0.00

Name of the sub-fund Rate in % per annum (per

class of shares)

S


-


0.00


-


-


-


0.00

Note 3 - Performance fee ("Outperformance fee") REYL ASSET MANAGEMENT S.A., Geneva receives the entire performance fee. There is no provision for a performance fee for the REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE sub-fund. For the classes of share R and S no performance fee is applied. The sub-funds’ performance for each share class concerned equals to the difference between the NAV per share at the end of the quarter in question ("final NAV") and that at the end of the previous quarter ("initial NAV"), expressed as a percentage (the "performance"). For the first quarter for which this performance fee applies, the initial NAV is equal to the initial subscription price of the share class in question.



99

The performance fee is accrued on each Net Asset Value calculation day, payable at the end of each quarter and calculated as follows: For the sub-funds: REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES For the B, C, D, E, F, G, H, I, I (SEK), J, L, N, O and P share classes: For each quarter in which the performance of the sub-fund exceeds the hurdle rate (minimum rate of return required) calculated pro rata temporis (the "outperformance"), a fee of 15% of the outperformance is only payable if (1) the performance exceeds the hurdle rate calculated pro rata temporis and (2) the final NAV per share is greater than the highest historic final NAV per share (the high watermark principle); in this case, the performance fee is paid on the difference between the final NAV per share and the high watermark. For the BP, CP, FP, FP (SEK), INCP, INEP, IP, IP (SEK), JP, LP, OP and PP share classes: For each quarter in which the performance of the share class exceeds the performance of the MSCI (Reference Index), expressed as a percentage (the "outperformance"), a fee of 15% of the outperformance calculated on the average net assets of the quarter is only payable if (1) the performance of the share class exceeds the performance of the Reference Index over the quarter and (2) the outperformance of the class over the quarter is higher than the highest historic quarterly outperformance ("High Water Mark" principle). According the sub-fund, the Reference Index MSCI for Share Classes mentioned above is as follows:

Name of the sub-fund Reference Index


MSCI Daily Net TR Europe Euro


MSCI Daily TR Net North America


MSCI Daily TR Net Emerging Markets

The outperformance fee is recorded under the caption "Performance fee" in the Statement of operations and other changes in net assets. For the sub-funds: REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES For the B, C, D, E, I, and IE share classes: For each quarter in which the performance of the sub-fund is positive, a fee of 20% of the performance achieved is due if (1) the performance is positive over the quarter and (2) the final NAV is higher than the NAV when the last performance fee was due (the "High Water Mark").



100

Note 4 - Subscription, redemption and conversion fees The shares are issued at the Net Asset Value, plus the following entry fee, which shall be paid to the Distribution Agents: - REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES max 5% of the subscribed amount

- REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES max 5% of the subscribed amount

- REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES max 5% of the subscribed amount

- REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE max 5% of the subscribed amount

- REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES max 2% of the subscribed amount

- REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES max 2% of the subscribed amount

No exit fee shall be levied for redeeming shares. Switches between sub-funds is carried out on each "Valuation Day" by converting shares from one sub-fund into shares of another sub-fund. No specific conversion fee shall be charged for share conversions. Note 5 - Subscription duty ("taxe d’abonnement") The SICAV is governed by Luxembourg laws. Pursuant to the legislation and regulations in force, the SICAV is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% of its net assets, calculated and payable quarterly, on the basis of the net assets at the end of each quarter. A lower rate of 0.01% is applied to the classes I, IE, INCP, INEP, IP, IP (SEK), I (SEK) and R shares and to the class IE shares reserved to institutional investors according to Article 174 (2) of the amended law of 17th December 2010. Pursuant to Article 175 (a) of the amended law of 17th December 2010, the net assets invested in UCIs that are already subject to the "taxe d’abonnement" are exempt from this tax. Note 6 - Belgian annual tax Articles 307 to 311 of the Belgian law of 22nd December 2003, require that undertakings for collective investment and authorised for public distribution in Belgium pay an annual tax of 0.08% on the total net amount subscribed in Belgium as at 31st December of the preceding year starting at the date the undertakings were registered with the "Autorité des Services et Marchés Financiers ("FSMA") ". The aforementioned articles 307 to 311 came into force on 1st January 2004. The SICAV is required to pay this tax on 31st March of each year. The Belgian subscription tax amount is presented under the caption “Other taxes” in the statement of operations and other changes in net assets.



101

Note 7 - Changes occurring in the composition of the securities portfolio Changes in the composition of the securities portfolio during the period are available on demand and free of charge - from the registered office of the SICAV, - from the registered office of the Management Company, - from the registered office of the Representative and Distributor in Switzerland, REYL & Cie SA,

Geneva, - from the Payment Service in Switzerland, CREDIT SUISSE, Geneva and its branches in

Switzerland, - from the paying and information agent in Germany, MARCARD, STEIN & CO AG, Hamburg, - from the paying and information agent in Austria, ERSTE BANK DER ÖSTERREISCHICHEN

SPARKASSEN AG, Vienna. Note 8 - Forward foreign exchange contracts As at 30th June 2013, the below sub-funds of the SICAV are engaged in the following forward foreign exchange contracts:

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to class C and N shares CHF 120,000.00 EUR 97,967.18 30.09.2013 -391.57 CHF 60,000.00 EUR 48,701.30 30.09.2013 86.38 CHF 7,664,274.27 EUR 6,242,638.26 30.09.2013 -10,592.15 CHF 90,000.00 EUR 73,081.61 30.09.2013 99.93

-10,797.41 Forward foreign exchange contracts linked to class D shares USD 30,000.00 EUR 22,923.51 30.09.2013 147.78 USD 3,085,609.15 EUR 2,360,219.34 30.09.2013 12,745.75

12,893.53

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES Currency Purchases Currency Sales Maturity Unrealised result

(in USD)

Forward foreign exchange contracts linked to class C and CP shares CHF 393,468.12 USD 419,077.98 30.09.2013 -3,050.56

-3,050.56 Forward foreign exchange contracts linked to class E and G shares EUR 120,000.00 USD 157,224.00 30.09.2013 -1,185.51 EUR 8,065,258.61 USD 10,550,971.31 30.09.2013 -63,548.05 EUR 60,000.00 USD 78,258.00 30.09.2013 -238.75

-64,972.31

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES Currency Purchases Currency Sales Maturity Unrealised result

(in USD)

Forward foreign exchange contracts linked to class INCP, J, JP, P and PP shares CHF 1,822,044.26 USD 1,940,636.56 30.09.2013 -14,126.29 CHF 30,000.00 USD 31,880.98 30.09.2013 -161.00

-14,287.29 Forward foreign exchange contracts linked to class INEP, L, LP, O and OP shares EUR 360,000.00 USD 471,312.00 30.09.2013 -3,196.52 EUR 30,000.00 USD 39,246.00 30.09.2013 -236.38 EUR 43,220.53 USD 56,541.10 30.09.2013 -340.55 EUR 26,340,662.26 USD 34,458,854.37 30.09.2013 -207,544.22 EUR 570,000.00 USD 742,254.00 30.09.2013 -1,071.16 USD 128,897.07 EUR 99,083.00 30.09.2013 57.39

-212,331.44



102

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to class C shares CHF 2,445,397.28 EUR 1,993,589.98 30.09.2013 -5,165.01

-5,165.01 Forward foreign exchange contracts linked to class D shares USD 5,050,828.17 EUR 3,844,325.16 30.09.2013 39,984.87

39,984.87

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES Currency Purchases Currency Sales Maturity Unrealised result

(in USD)

Forward foreign exchange contracts USD 7,680,000.00 AUD 7,488,299.53 31.07.2013 842,404.49 USD 390,000.00 MXN 4,763,131.23 31.07.2013 25,452.43 USD 3,100,000.00 MYR 9,455,310.00 31.07.2013 113,403.39 USD 4,140,000.00 SGD 5,106,483.00 31.07.2013 112,542.65 USD 3,540,000.00 THB 104,364,510.00 31.07.2013 193,596.44 USD 2,070,000.00 TRY 3,752,903.79 31.07.2013 135,717.50 USD 2,360,000.00 ZAR 21,463,020.00 31.07.2013 211,302.60

1,634,419.50 Forward foreign exchange contracts linked to class C shares CHF 1,962,627.38 USD 2,102,687.39 30.09.2013 -27,523.72

-27,523.72 Forward foreign exchange contracts linked to class E and IE shares EUR 40,835,346.96 USD 53,686,230.65 30.09.2013 -587,180.98

-587,180.98

Note 9 - Future contracts As at 30th June 2013, the below sub-funds of the SICAV are engaged in the following future contracts:

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES Number of

contracts Denomination Currency Commitments

(in EUR) Unrealised

result (in EUR)

Sale 117 SWISS MARKET INDEX FUT 09/13 EUX

CHF -7,285,363.60 29,480.00

Sale 139 CAC 40 FUT 07/13 MONEP EUR -5,190,955.00 138,619.97 Sale 18 DAX Germany Index FUT

09/13 EUX EUR -3,584,925.00 105,300.00

Sale 434 Euro Stoxx 50 EUR (Price) Index FUT 09/13 EUX

EUR -11,275,320.00 364,560.00

Sale 190 FTSE 100 Index FUT 09/13 LIFFE

GBP -13,664,446.44 364,814.00

1,002,773.97

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES Number of

contracts Denomination Currency Commitments

(in USD) Unrealised

result (in USD)

Sale 83 S&P/ASX 200 Index FUT 09/13 SFE

AUD -9,055,037.41 72,334.70

Sale 123 Hang Seng Index FUT 07/13 HKFE

HKD -16,436,421.43 -536,380.80

Sale 23 Mexico Bolsa Index FUT 09/13 MXE

MXN -720,554.87 -35,765.92

Sale 172 KUALA LUMPUR COMPOSITE INDEX FUT 07/13 KLCE

MYR -4,811,046.05 -64,939.06



103

Number of contracts

Denomination Currency Commitments (in USD)

Unrealised result

(in USD)

Sale 103 WSE WIG 20 FUT 09/13 WSE

PLN -670,740.82 36,154.02

Sale 99 MSCI Singapore Index ETS FUT 07/13 SIMEX

SGD -5,518,391.17 -69,337.76

Sale 147 THAI SET 50 FUT 09/13 SGX

THB -4,608,661.45 -162,127.61

Sale 545 Istanbul Stock Exchange National (The) 30 Index FUT 08/13 TKD

TRY -2,600,815.64 -14,634.98

Sale 181 FTSE/JSE AFRICA TOP40 INDEX FUT 09/13 SAF

ZAR -6,336,010.33 220,208.80

-554,488.61

Note 10 - Swaps contracts As at 30th June 2013, the below sub-funds of the SICAV are engaged in the following swaps contracts with the following counterparties: - Swaps on baskets of shares REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES

Quantity Currency Underlying Fix / Variable rate Maturity Unrealised result

(in EUR)

Counterparty : CITIBANK London

211.774 GBP 3i Group Plc 0.9925% 17/10/13 0.00

132.712 GBP 3i Infrastructure Plc 0.9925% 17/10/13 0.00

31.003 GBP Aberdeen Asset Management Plc 0.9925% 17/10/13 0.00

99.998 GBP Adv Computer Software Gr Plc 0.9925% 17/10/13 0.00

17.751 GBP AMEC Plc 0.9925% 17/10/13 0.00

12.469 GBP ARM Holdings Plc 0.9925% 17/10/13 0.00

15.652 GBP Ashmore Group Plc 0.9925% 17/10/13 0.00

71.918 GBP Ashtead Group Plc 0.9925% 17/10/13 0.00

8.061 GBP Associated British Foods Plc 0.9925% 17/10/13 0.00

8.591 GBP AstraZeneca Plc 0.9925% 17/10/13 0.00

1.734 GBP Babcock Intl Group Plc 0.9925% 17/10/13 0.00

22.837 GBP Baillie Gifford Jap Trust Plc 0.9925% 17/10/13 -0.01

8.946 GBP Bank of Georgia Hgs Plc 0.9925% 17/10/13 0.00

1.806 GBP Baring Emerging Europe Plc 0.9925% 17/10/13 0.00

258.884 GBP Barrat Developments Plc 0.9925% 17/10/13 0.01

307.266 GBP Beazley Plc 0.9925% 17/10/13 0.00

13.261 GBP Bellway Plc 0.9925% 17/10/13 0.00

514.507 GBP Blinkx Plc 0.9925% 17/10/13 0.00

14.782 GBP Bluecrest Allblue Fd Ltd GBP 0.9925% 17/10/13 0.00

22.625 GBP Bodycote Plc 0.9925% 17/10/13 0.00

157.879 GBP Booker Group Plc 0.9925% 17/10/13 0.00

43.909 GBP Bovis Homes Group Plc 0.9925% 17/10/13 0.00

39.165 GBP BP Plc 0.9925% 17/10/13 0.00

7.397 GBP British American Tobacco Plc 0.9925% 17/10/13 0.01

22.252 GBP British Empire Sec & Ge Tr Plc Dist 0.9925% 17/10/13 0.00

28.454 GBP British Sky Broadcast Gr Plc 0.9925% 17/10/13 0.00

48.231 GBP BT Group Plc 0.9925% 17/10/13 0.00

14.140 GBP Bunzl Plc 0.9925% 17/10/13 0.00

44.474 GBP Capita Group Plc 0.9925% 17/10/13 0.00

44.671 GBP Carphone Warehouse Group Plc 0.9925% 17/10/13 0.00

76.390 GBP Centrica Plc 0.9925% 17/10/13 0.00

88.840 GBP Cineworld Group Plc 0.9925% 17/10/13 0.00

18.024 GBP Close Brothers Group Plc 0.9925% 17/10/13 0.00

1.407 GBP CLS Holdings Plc 0.9925% 17/10/13 0.00

86.287 GBP Cobham Plc 0.9925% 17/10/13 0.00

14.037 GBP Compass Group Plc 0.9925% 17/10/13 0.00

45.737 GBP Cranswick Plc 0.9925% 17/10/13 0.00

56.593 GBP Crest Nicholson Holdings Plc 0.9925% 17/10/13 0.00

126.210 GBP CSR Plc 0.9925% 17/10/13 0.00

11.684 GBP Daily Mail & General Trust Plc A 0.9925% 17/10/13 0.00

13.351 GBP Dairy Crest Group Plc 0.9925% 17/10/13 0.00

45.157 GBP Dart Group Plc 0.9925% 17/10/13 0.00

29.453 GBP Davis Service Group Plc 0.9925% 17/10/13 -0.01



104


(in EUR)

68.845 GBP Debenhams Plc 0.9925% 17/10/13 0.00

27.491 GBP Development Securities Plc 0.9925% 17/10/13 0.00

13.128 GBP Diageo Plc 0.9925% 17/10/13 0.00

6.005 GBP Dignity Plc 0.9925% 17/10/13 0.00

2.821 GBP Dragon Oil Plc 0.9925% 17/10/13 0.00

33.144 GBP EasyJet Plc 0.9925% 17/10/13 0.00

32.618 GBP Edinburgh Dragon Trust Plc 0.9925% 17/10/13 0.00

7.317 GBP Electra Private Equity Plc 0.9925% 17/10/13 0.00

251 GBP Emis Group PLC 0.9925% 17/10/13 0.00

6.000 EUR FBD Holdings Plc 0.6140% 17/10/13 0.00

141.727 GBP Ferrexpo Plc 0.9925% 17/10/13 0.00

17.688 GBP Finsbury Gh & Income Tr Plc Dist 0.9925% 17/10/13 0.00

9.913 GBP G4S Plc 0.9925% 17/10/13 0.00

11.214 GBP Galiform Plc 0.9925% 17/10/13 0.00

11.593 GBP Galliford Try Plc 0.9925% 17/10/13 0.00

48.910 GBP GKN Plc 0.9925% 17/10/13 0.00

3.511 GBP GlaxoSmithKline Plc 0.9925% 17/10/13 0.00

176.482 GBP Globo PLC 0.9925% 17/10/13 -0.01

99.051 EUR Grafton Group Plc Uts 0.6140% 17/10/13 0.00

15.197 GBP Great Portland Estates Plc 0.9925% 17/10/13 -0.01

13.978 GBP Hargreaves Lansdown Plc 0.9925% 17/10/13 0.00

4.295 GBP Hargreaves Serv Plc 0.9925% 17/10/13 0.00

71.998 GBP Henderson Far East Income Ltd 0.9925% 17/10/13 0.00

66.185 GBP Henderson Group Plc 0.9925% 17/10/13 0.00

5.620 GBP Hikma Pharmaceutical Plc 0.9925% 17/10/13 0.00

1.891 GBP Hill & Smith Hdgs PLC 0.9925% 17/10/13 0.00

18.478 GBP Hiscox Ltd 0.9925% 17/10/13 0.00

32.311 GBP HSBC Holdings Plc 0.9925% 17/10/13 0.00

21.766 GBP Hyder Consulting PLC 0.9925% 17/10/13 0.00

12.657 GBP IG Group Holdings Plc 0.9925% 17/10/13 0.00

41.187 GBP Inchcape Plc 0.9925% 17/10/13 0.00

12.123 GBP Informa Plc 0.9925% 17/10/13 0.00

114.587 GBP Intermediate Capital Group Plc 0.9925% 17/10/13 0.00

7.183 GBP Intertek Group Plc 0.9925% 17/10/13 0.00

8.736 GBP Investec Plc 0.9925% 17/10/13 0.00

48.872 GBP Iofina Plc 0.9925% 17/10/13 0.00

57.737 GBP ITE Group Plc 0.9925% 17/10/13 0.00

141.580 GBP ITV Plc 0.9925% 17/10/13 0.00

56.791 GBP J Sainsbury Plc 0.9925% 17/10/13 0.00

6.218 GBP James Fisher & Sons Plc 0.9925% 17/10/13 0.00

6.616 GBP Jardine Lloyd Thompson Gr Plc 0.9925% 17/10/13 0.00

4.085 GBP JD Sports Fashion Plc 0.9925% 17/10/13 0.00

15.857 GBP JD Wetherspoon Plc 0.9925% 17/10/13 0.01

12.172 GBP JPMorgan Japanese Inv Trust 0.9925% 17/10/13 0.00

4.520 GBP Jupiter European Opp Trust Plc 0.9925% 17/10/13 0.00

58.583 GBP Keller Group Plc 0.9925% 17/10/13 0.00

9.687 GBP Kentz Corp Ltd 0.9925% 17/10/13 0.00

8.833 EUR Kerry Group Plc A 0.6140% 17/10/13 0.00

38.937 GBP Kingfisher Plc 0.9925% 17/10/13 0.00

7.674 GBP Ladbrokes Plc 0.9925% 17/10/13 0.00

179.524 GBP Legal & General Group Plc 0.9925% 17/10/13 0.00

432.356 GBP Lloyds Banking Group Plc 0.9925% 17/10/13 0.00

4.413 GBP London Stock Exchange Gr Plc 0.9925% 17/10/13 0.00

51.613 GBP Lookers PLC 0.9925% 17/10/13 0.00

69.542 GBP Lupus Capital PLC 0.9925% 17/10/13 0.00

10.019 GBP M J Gleeson Group Plc 0.9925% 17/10/13 0.00

151.140 GBP Man Strategic Holdings PLC 0.9925% 17/10/13 0.00

12.568 GBP Marks & Spencer Group Plc 0.9925% 17/10/13 0.00

30.140 GBP Mears Group Plc 0.9925% 17/10/13 0.00

24.961 GBP Meggit Plc 0.9925% 17/10/13 0.00

15.118 GBP Micro Focus Intl Plc 0.9925% 17/10/13 0.00

48.661 GBP Mitie Group Plc 0.9925% 17/10/13 0.00

53.428 GBP Mondi Plc 0.9925% 17/10/13 0.00

30.118 GBP N.Brown Group Plc 0.9925% 17/10/13 0.00

35.573 GBP Nanoco Group Plc 0.9925% 17/10/13 0.00

830 GBP Next Plc 0.9925% 17/10/13 0.00

3.990 GBP Nichols PLC 0.9925% 17/10/13 0.00

48.000 GBP Northgate Plc 0.9925% 17/10/13 0.00

32.274 GBP Novae Group Plc 0.9925% 17/10/13 0.00

285.997 GBP Old Mutual Plc 0.9925% 17/10/13 0.00

89.378 GBP Optimal Payments Plc 0.9925% 17/10/13 0.01

2.691 EUR Origin Enterprises Plc 0.6140% 17/10/13 0.00

11.672 GBP Oxford Catalysts Group PLC 0.9925% 17/10/13 0.00

40.794 GBP Pace Plc 0.9925% 17/10/13 0.00



105


(in EUR)

611 EUR Paddy Power Plc 0.6140% 17/10/13 0.00

3.427 GBP Pearson Plc 0.9925% 17/10/13 0.00

66.802 GBP Persimmon Plc 0.9925% 17/10/13 0.00

26.709 GBP Persimmon Plc 0.9925% 17/10/13 0.00

230.126 GBP Picton Property Income Ltd GBP Dist 0.9925% 17/10/13 0.00

4.928 GBP Playtech Limited 0.9925% 17/10/13 0.00

30.399 GBP Porvair Plc 0.9925% 17/10/13 0.00

19.207 GBP Premier Farnell Plc 0.9925% 17/10/13 0.00

109.014 GBP Prezzo Plc 0.9925% 17/10/13 0.00

6.692 GBP Reckitt Benckiser Group Plc 0.9925% 17/10/13 0.00

165.000 GBP Redrow Group Plc 0.9925% 17/10/13 0.00

16.396 GBP Reed Elsevier Plc 0.9925% 17/10/13 0.00

40.463 GBP Resolution Ltd 0.9925% 17/10/13 0.00

13.112 GBP Rightmove Group Plc 0.9925% 17/10/13 0.00

5.531 GBP Rolls-Royce Holdings Plc 0.9925% 17/10/13 0.00

22.507 GBP Royal Dutch Shell Plc B 0.9925% 17/10/13 0.00

52.452 GBP RSA Insurance Group Plc 0.9925% 17/10/13 0.00

79.936 EUR Ryanair Holdings Plc 0.6140% 17/10/13 0.00

23.277 GBP Scapa Group Plc 0.9925% 17/10/13 0.00

19.781 GBP Schroders Plc 0.9925% 17/10/13 0.00

22.252 GBP Scottish & Southern Energy Plc 0.9925% 17/10/13 0.00

14.333 GBP Scottish Orien Sm Co Trust Plc Dist 0.9925% 17/10/13 0.01

21.776 GBP Senior Plc 0.9925% 17/10/13 0.00

54.756 GBP Sepura Plc 0.9925% 17/10/13 0.00

15.523 GBP Serco Group Plc 0.9925% 17/10/13 0.00

5.265 GBP Shire Plc 0.9925% 17/10/13 0.00

34.019 GBP SIG Plc 0.9925% 17/10/13 0.00

13.443 GBP Smith & Nephew Plc 0.9925% 17/10/13 0.00

9.426 GBP Smiths Group Plc 0.9925% 17/10/13 0.00

35.249 GBP Soco Intl Plc 0.9925% 17/10/13 0.00

29.913 GBP Songbird Estates Plc 0.9925% 17/10/13 0.00

29.022 GBP Speedy Hire Plc 0.9925% 17/10/13 0.00

56.329 GBP St James's Place Plc 0.9925% 17/10/13 0.00

91.773 GBP Stagecoach Group Plc 0.9925% 17/10/13 0.00

21.014 GBP SVG Capital Plc 0.9925% 17/10/13 0.00

12.990 GBP Synergy Healthcare Plc 0.9925% 17/10/13 0.00

35.752 GBP Tate & Lyle Plc 0.9925% 17/10/13 0.00

788.911 GBP Taylor Wimpey Plc 0.9925% 17/10/13 0.00

5.487 GBP Ted Baker Plc 0.9925% 17/10/13 0.00

11.653 GBP Temple Bar Inv Trust Plc GBP Dist 0.9925% 17/10/13 0.00

3.119 GBP Templeton Em Mks Inv Tr Plc 0.9925% 17/10/13 0.00

555.916 GBP Thomas Cook Group Plc 0.9925% 17/10/13 0.00

184.167 EUR Total Produce Plc 0.6140% 17/10/13 0.00

74.650 GBP TR Property Inv Trust Plc 0.9925% 17/10/13 0.00

17.261 GBP Tribal Group Plc 0.9925% 17/10/13 0.00

87.618 GBP Trinity Mirror Plc 0.9925% 17/10/13 0.00

28.444 GBP TUI Travel Plc 0.9925% 17/10/13 0.00

7.891 GBP UK Mail Group Plc 0.9925% 17/10/13 0.00

10.443 GBP Unilever Plc 0.9925% 17/10/13 0.00

104.898 GBP Vodafone Group Plc 0.9925% 17/10/13 0.00

3.444 GBP Wandisco Plc 0.9925% 17/10/13 0.00

25.829 GBP WH Smith Plc 0.9925% 17/10/13 0.00

106.298 GBP William Hill Plc 0.9925% 17/10/13 0.00

9.070 GBP Witan Investment Trust Plc Dist 0.9925% 17/10/13 0.00

31.297 GBP Workspace Group Plc 0.9925% 17/10/13 0.00

5.211 GBP Worldwide Healthcare Trust Plc 0.9925% 17/10/13 0.00

26.290 GBP WPP Plc 0.9925% 17/10/13 0.00

70.017 GBP Xaar Plc 0.9925% 17/10/13 0.00

Counterparty : Morgan Stanley and Co. International London

550.522 GBP 3i Infrastructure Plc Sterling Overnight Index Average 29/05/14 -0.01

12.241 GBP 888 Holdings Plc Sterling Overnight Index Average 29/05/14 0.00

43.768 GBP Adv Computer Software Gr Plc Sterling Overnight Index Average 29/05/14 0.00

50.083 EUR Aer Lingus Group Plc Euro OverNight Index Average 29/05/14 0.01

14.615 GBP Ashmore Group Plc Sterling Overnight Index Average 29/05/14 0.00

33.894 GBP Baillie Gifford Jap Trust Plc Sterling Overnight Index Average 29/05/14 0.00

4.973 GBP Baring Emerging Europe Plc Sterling Overnight Index Average 29/05/14 0.00

293.594 GBP Beazley Plc Sterling Overnight Index Average 29/05/14 0.00

13.624 GBP Bluecrest Allblue Fd Ltd GBP Sterling Overnight Index Average 29/05/14 0.00

13.584 GBP Britvic Plc Sterling Overnight Index Average 29/05/14 0.00

45.302 GBP BT Group Plc Sterling Overnight Index Average 29/05/14 0.00

28.196 USD Carador Income Fd Plc Federal Funds Effective Rate US 02/02/15 0.00

27.077 GBP Chesnara Plc Sterling Overnight Index Average 29/05/14 0.00



106


(in EUR)

17.334 GBP Close Brothers Group Plc Sterling Overnight Index Average 29/05/14 0.00

5.473 GBP CLS Holdings Plc Sterling Overnight Index Average 29/05/14 0.00

38.401 GBP Cobham Plc Sterling Overnight Index Average 29/05/14 0.00

7.031 GBP Consort Medical Plc Sterling Overnight Index Average 29/05/14 0.00

22.354 GBP Daily Mail & General Trust Plc A Sterling Overnight Index Average 29/05/14 0.00

115.612 GBP Debenhams Plc Sterling Overnight Index Average 29/05/14 0.00

8.415 GBP Dignity Plc Sterling Overnight Index Average 29/05/14 0.00

2.782 GBP Dragon Oil Plc Sterling Overnight Index Average 29/05/14 0.00

42.837 GBP E2V Technologies PLC Sterling Overnight Index Average 29/05/14 0.00

7.588 GBP Emis Group PLC Sterling Overnight Index Average 29/05/14 0.00

9.723 EUR FBD Holdings Plc Euro OverNight Index Average 29/05/14 0.00

58.304 GBP Ferrexpo Plc Sterling Overnight Index Average 29/05/14 0.00

1.896 GBP Filtrona Plc Sterling Overnight Index Average 29/05/14 0.00

25.474 GBP Finsbury Gh & Income Tr Plc Dist Sterling Overnight Index Average 29/05/14 0.00

7.140 GBP Fuller Smith & Turner Plc A Sterling Overnight Index Average 29/05/14 0.00

25.349 GBP Galiform Plc Sterling Overnight Index Average 29/05/14 0.00

6.301 GBP Galliford Try Plc Sterling Overnight Index Average 29/05/14 0.00

23.217 GBP GKN Plc Sterling Overnight Index Average 29/05/14 0.00

6.804 GBP GlaxoSmithKline Plc Sterling Overnight Index Average 29/05/14 0.00

131.397 GBP Globo PLC Sterling Overnight Index Average 29/05/14 0.00

94.206 EUR Grafton Group Plc Uts Euro OverNight Index Average 29/05/14 0.00

7.362 GBP Great Portland Estates Plc Sterling Overnight Index Average 29/05/14 0.00

90.703 GBP Greencore Group Plc Sterling Overnight Index Average 29/05/14 0.00

20.870 GBP Halfords Group Plc Sterling Overnight Index Average 29/05/14 0.00

8.899 GBP Hansa Trust Plc A GBP Dist Sterling Overnight Index Average 29/05/14 0.00

2.045 GBP Hargreaves Serv Plc Sterling Overnight Index Average 29/05/14 0.00

53.244 GBP Henderson Far East Income Ltd Sterling Overnight Index Average 29/05/14 0.00

184.650 GBP Henderson Group Plc Sterling Overnight Index Average 29/05/14 0.00

10.354 GBP Hikma Pharmaceutical Plc Sterling Overnight Index Average 29/05/14 0.00

25.546 GBP Hill & Smith Hdgs PLC Sterling Overnight Index Average 29/05/14 0.00

47.200 GBP Hiscox Ltd Sterling Overnight Index Average 29/05/14 0.00

19.858 GBP Home Retail Group Plc Sterling Overnight Index Average 29/05/14 0.00

4.524 GBP Hyder Consulting PLC Sterling Overnight Index Average 29/05/14 0.00

73.475 GBP Idox Plc Sterling Overnight Index Average 29/05/14 -0.01

13.277 GBP IG Group Holdings Plc Sterling Overnight Index Average 29/05/14 0.00

457 GBP Informa Plc Sterling Overnight Index Average 29/05/14 0.00

53.408 GBP ITE Group Plc Sterling Overnight Index Average 29/05/14 0.00

54.949 GBP ITV Plc Sterling Overnight Index Average 29/05/14 0.00

10.250 GBP James Fisher & Sons Plc Sterling Overnight Index Average 29/05/14 0.00

8.311 GBP Jardine Lloyd Thompson Gr Plc Sterling Overnight Index Average 29/05/14 0.00

483 GBP JD Sports Fashion Plc Sterling Overnight Index Average 29/05/14 0.01

6.160 GBP JPMorgan Japanese Inv Trust Sterling Overnight Index Average 29/05/14 0.00

26.346 GBP Jupiter European Opp Trust Plc Sterling Overnight Index Average 29/05/14 0.00

27.660 GBP KCom Group Plc Sterling Overnight Index Average 29/05/14 0.00

23.214 GBP Kentz Corp Ltd Sterling Overnight Index Average 29/05/14 0.00

9.782 EUR Kerry Group Plc A Euro OverNight Index Average 29/05/14 0.00

1.443 GBP Ladbrokes Plc Sterling Overnight Index Average 29/05/14 0.00

36.382 GBP Lavendon Group Plc Sterling Overnight Index Average 29/05/14 0.01

112.743 GBP Lookers PLC Sterling Overnight Index Average 29/05/14 0.00

11.727 GBP Meggit Plc Sterling Overnight Index Average 29/05/14 0.01

951 GBP Micro Focus Intl Plc Sterling Overnight Index Average 29/05/14 0.00

32.027 GBP Moneysupermarket.com Gr Plc Sterling Overnight Index Average 29/05/14 0.00

7.156 GBP Monks Investment Trust Plc Sterling Overnight Index Average 29/05/14 0.00

8.010 GBP MP Evans Group Plc Sterling Overnight Index Average 29/05/14 0.00

54.241 GBP Nanoco Group Plc Sterling Overnight Index Average 29/05/14 0.00

20.694 GBP NCC Group PLC Sterling Overnight Index Average 29/05/14 0.00

58 GBP Nichols PLC Sterling Overnight Index Average 29/05/14 0.00

26.170 GBP Novae Group Plc Sterling Overnight Index Average 29/05/14 0.00

3.094 EUR Origin Enterprises Plc Euro OverNight Index Average 29/05/14 0.00

79.459 GBP Oxford Catalysts Group Plc Sterling Overnight Index Average 29/05/14 0.00

37 EUR Paddy Power Plc Euro OverNight Index Average 29/05/14 0.00

47.018 GBP Paragon Group of Co Plc Sterling Overnight Index Average 29/05/14 0.00

2.510 GBP PayPoint Plc Sterling Overnight Index Average 29/05/14 0.00

4.402 GBP Playtech Limited Sterling Overnight Index Average 29/05/14 0.00

8.412 GBP Polar Capital Holdings Plc Sterling Overnight Index Average 29/05/14 0.00

541 GBP Premier Farnell Plc Sterling Overnight Index Average 29/05/14 0.00

567 GBP Prezzo Plc Sterling Overnight Index Average 29/05/14 0.00

60.572 GBP Qinetiq Group Plc Sterling Overnight Index Average 29/05/14 0.00

28.421 GBP Rank Group Plc Sterling Overnight Index Average 29/05/14 0.00

18.551 GBP Resolution Ltd Sterling Overnight Index Average 29/05/14 0.00

17.013 GBP Restaurant Group (The) Plc Sterling Overnight Index Average 29/05/14 0.00

13.923 GBP Rolls-Royce Holdings Plc Emission 2013 Sterling Overnight Index Average 29/05/14 0.00

49.610 GBP RSA Insurance Group Plc Sterling Overnight Index Average 29/05/14 0.00

122.260 EUR Ryanair Holdings Plc Euro OverNight Index Average 29/05/14 0.00



107


(in EUR)

50.311 GBP Safestore Holdings Plc Sterling Overnight Index Average 29/05/14 0.00

93.607 GBP Scapa Group Plc Sterling Overnight Index Average 29/05/14 0.00

19.376 GBP Scottish Orien Sm Co Trust Plc Dist Sterling Overnight Index Average 29/05/14 0.00

22.796 GBP Senior Plc Sterling Overnight Index Average 29/05/14 0.00

19.401 GBP Serco Group Plc Sterling Overnight Index Average 29/05/14 0.01

4.717 GBP Shire Plc Sterling Overnight Index Average 29/05/14 0.00

614 GBP Smith & Nephew Plc Sterling Overnight Index Average 29/05/14 0.00

8.659 GBP Smiths Group Plc Sterling Overnight Index Average 29/05/14 0.00

45.791 GBP Smiths News Plc Sterling Overnight Index Average 29/05/14 0.00

2.442 EUR Smurfit Kappa Plc Euro OverNight Index Average 29/05/14 0.00

43.843 GBP Songbird Estates Plc Sterling Overnight Index Average 29/05/14 0.00

5.968 GBP Speedy Hire Plc Sterling Overnight Index Average 29/05/14 0.00

24.469 GBP Sportech Plc Sterling Overnight Index Average 29/05/14 0.00

13.330 GBP Sports Direct Intl Plc Sterling Overnight Index Average 29/05/14 0.00

14.160 GBP Standard Life Plc Sterling Overnight Index Average 29/05/14 0.00

33.509 GBP SVG Capital Plc Sterling Overnight Index Average 29/05/14 0.00

6.861 GBP Synergy Healthcare Plc Sterling Overnight Index Average 29/05/14 0.00

3.233 GBP Templeton Em Mks Inv Tr Plc Sterling Overnight Index Average 29/05/14 -0.01

50.801 GBP Tesco Plc Sterling Overnight Index Average 29/05/14 0.00

52.204 EUR Total Produce Plc Euro OverNight Index Average 29/05/14 0.00

76.809 GBP TR Property Inv Trust Plc Sterling Overnight Index Average 29/05/14 0.00

4.464 GBP Tribal Group Plc Sterling Overnight Index Average 29/05/14 0.00

278 GBP UK Mail Group Plc Sterling Overnight Index Average 29/05/14 0.00

3.285 GBP Wandisco Plc Sterling Overnight Index Average 29/05/14 0.00

15.359 GBP WH Smith Plc Sterling Overnight Index Average 29/05/14 0.00

17.398 GBP Witan Investment Trust Plc Dist Sterling Overnight Index Average 29/05/14 0.00

29.808 GBP Workspace Group Plc Sterling Overnight Index Average 29/05/14 0.00

8.793 GBP Worldwide Healthcare Trust Plc Sterling Overnight Index Average 29/05/14 0.00

29.370 GBP WPP Plc Sterling Overnight Index Average 29/05/14 0.00

0.03



(in EUR)


205.857 GBP 3i Group Plc Sterling Overnight Index Average 19/12/13 0.00

224 GBP 4Imprint Group Plc Sterling Overnight Index Average 19/12/13 0.00

7.349 GBP 888 Holdings Plc Sterling Overnight Index Average 19/12/13 0.00

-2.523 EUR ANF Immobilier Euro OverNight Index Average 19/12/13 0.00

49.016 GBP ARM Holdings Plc Sterling Overnight Index Average 19/12/13 0.00

-14.432 EUR ASM Intl NV Reg Euro OverNight Index Average 19/12/13 0.00

-3.883 GBP AZ Electronic Materials Gr SA Reg Sterling Overnight Index Average 19/12/13 0.00

113.798 GBP Aberdeen Asset Management Plc Sterling Overnight Index Average 19/12/13 0.00

-18.610 EUR Ablynx NV Euro OverNight Index Average 19/12/13 0.00

-5.702 EUR Ackermans & Van Haaren SA Euro OverNight Index Average 19/12/13 0.00

27.646 GBP Adv Computer Software Gr Plc Sterling Overnight Index Average 19/12/13 0.00

-125.565 GBP African Barrick Gold Ltd Sterling Overnight Index Average 19/12/13 0.00

-8.566 GBP Aggreko Plc Sterling Overnight Index Average 19/12/13 0.00

-15.098 EUR Aixtron SE Reg Euro OverNight Index Average 19/12/13 0.00

-18.697 NOK Aker Solutions ASA Norway Interbank Offered Rate 19/12/13 0.00

-5.769 NOK Algeta ASA Norway Interbank Offered Rate 19/12/13 0.00

-1.207 USD Altisource Ptf Solutions SA Federal Funds Effective Rate US 04/03/15 204.29

22.931 GBP Amerisur Resources Plc Sterling Overnight Index Average 19/12/13 -0.01

10.938 GBP Amlin Plc Sterling Overnight Index Average 19/12/13 0.00

-370 GBP Anglo American Plc Sterling Overnight Index Average 19/12/13 0.00

-6.496 GBP Anglo Pacific Group Plc Sterling Overnight Index Average 19/12/13 0.00

-9.030 GBP Antofagasta Plc Sterling Overnight Index Average 19/12/13 0.00

-10.186 EUR Aperam S.A. Euro OverNight Index Average 19/12/13 0.00

-19.901 EUR ArcelorMittal SA Euro OverNight Index Average 19/12/13 0.00

-29.287 EUR Areva Euro OverNight Index Average 19/12/13 0.00

26.443 GBP Associated British Foods Plc Sterling Overnight Index Average 19/12/13 0.00

-21.157 GBP Avanti Communications Gr Plc Sterling Overnight Index Average 19/12/13 0.00

23.213 GBP BAE Syst Plc Sterling Overnight Index Average 19/12/13 0.00

26.030 GBP BP Plc Sterling Overnight Index Average 19/12/13 0.00

185.478 GBP BT Group Plc Sterling Overnight Index Average 19/12/13 0.00

19.038 GBP Baillie Gifford Jap Trust Plc Sterling Overnight Index Average 19/12/13 0.00

-133.984 GBP Balfour Beatty Plc Sterling Overnight Index Average 19/12/13 0.00

-36.080 EUR Banco Popular Espanol SA Euro OverNight Index Average 19/12/13 0.00

-67.810 EUR Banco de Sabadell SA Reg Euro OverNight Index Average 19/12/13 0.00

-29.541 DKK Bang and Olufsen AS Copenhagen Interbank Offered Rate 05/09/14 0.00

120.734 GBP Barrat Developments Plc Sterling Overnight Index Average 19/12/13 0.00

153.104 GBP Beazley Plc Sterling Overnight Index Average 19/12/13 0.00



108


(in EUR)

-5.126 EUR Bilfinger Berger SE Euro OverNight Index Average 19/12/13 0.00

-3.228 SEK Biogaia AB B Stockholm Interbank Offered Rate 19/12/13 0.00

108.974 GBP Blinkx Plc Sterling Overnight Index Average 19/12/13 -0.01

-489.353 GBP Bowleven Plc Sterling Overnight Index Average 19/12/13 0.00

-17.020 GBP Brammer Plc Sterling Overnight Index Average 19/12/13 0.00

974 GBP British American Tobacco Plc Sterling Overnight Index Average 19/12/13 0.00

-20.902 GBP Bumi PLC Sterling Overnight Index Average 19/12/13 0.00

-12.389 GBP Bwin Party Digital Enterta Plc Sterling Overnight Index Average 19/12/13 0.00

-10.287 EUR CRH Plc Euro OverNight Index Average 19/12/13 0.00

65.164 GBP CSR Plc Sterling Overnight Index Average 19/12/13 0.00

-119.959 GBP Cairn Energy Plc Sterling Overnight Index Average 19/12/13 0.00

-33.536 GBP Cape Plc Sterling Overnight Index Average 19/12/13 0.00

80.400 USD Carador Income Fd Plc Federal Funds Effective Rate US 04/03/15 0.00

-46.503 GBP Carclo Plc Sterling Overnight Index Average 19/12/13 0.00

-9.719 EUR Cargotec Oyj B Euro OverNight Index Average 19/12/13 0.00

82.321 GBP Carphone Warehouse Group Plc Sterling Overnight Index Average 19/12/13 0.00

-204.487 GBP Centamin Plc Sterling Overnight Index Average 19/12/13 0.00

151.673 GBP Centrica Plc Sterling Overnight Index Average 19/12/13 0.00

-5.737 EUR Cie Gen Geophysique - Veritas Euro OverNight Index Average 19/12/13 0.00

-185.060 EUR Cie Industriali Riunite SpA Euro OverNight Index Average 19/12/13 0.00

6.119 GBP Cineworld Group Plc Sterling Overnight Index Average 19/12/13 0.00

-7.326 GBP Clarkson Plc Sterling Overnight Index Average 19/12/13 0.00

7.724 GBP Close Brothers Group Plc Sterling Overnight Index Average 19/12/13 0.00

34.077 GBP Cobham Plc Sterling Overnight Index Average 19/12/13 0.00

8.057 GBP Cranswick Plc Sterling Overnight Index Average 19/12/13 0.00

55.084 GBP Crest Nicholson Holdings Plc Sterling Overnight Index Average 19/12/13 0.00

2.676 GBP DCC Plc Sterling Overnight Index Average 19/12/13 0.00

7.682 GBP Dairy Crest Group Plc Sterling Overnight Index Average 19/12/13 0.00

112.189 GBP Dart Group Plc Sterling Overnight Index Average 19/12/13 0.00

42.027 GBP Davis Service Group Plc Sterling Overnight Index Average 19/12/13 -0.01

47.151 GBP De La Rue Plc Sterling Overnight Index Average 19/12/13 -0.01

16.883 GBP Dechra Pharmaceuticals Plc Sterling Overnight Index Average 19/12/13 0.00

-16.402 EUR Dialog Semiconductor Plc Euro OverNight Index Average 19/12/13 0.00

23.461 GBP Dignity Plc Sterling Overnight Index Average 19/12/13 0.00

32.532 GBP Dolphin Capital Investors Ltd Sterling Overnight Index Average 19/12/13 0.00

10.648 GBP Dragon Oil Plc Sterling Overnight Index Average 19/12/13 0.00

1.847 GBP Dunelm Group Plc Sterling Overnight Index Average 19/12/13 0.00

-4.704 GBP E2V Technologies PLC Sterling Overnight Index Average 19/12/13 0.00

-3.168 DKK East Asiatic Co Ltd Copenhagen Interbank Offered Rate 19/12/13 0.00

-505 EUR Edenred SA Euro OverNight Index Average 19/12/13 0.00

4.724 GBP Electra Private Equity Plc Sterling Overnight Index Average 19/12/13 0.00

-152.962 NOK Electromagnetic GeoServices AS Norway Interbank Offered Rate 19/12/13 0.00

-11.620 EUR Elia Syst Operator SA NV Euro OverNight Index Average 19/12/13 0.00

549 GBP Emis Group PLC Sterling Overnight Index Average 19/12/13 0.00

-1.155 EUR Eramet SA Euro OverNight Index Average 19/12/13 0.00

-242.202 GBP Essar Energy PLC Sterling Overnight Index Average 19/12/13 0.00

-444 EUR Eur Aero Defence and Space NV Euro OverNight Index Average 19/12/13 0.00

-33.554 EUR Evotec OAI AG Euro OverNight Index Average 19/12/13 0.00

34.198 GBP F&C Cial Property Trust Ltd Sterling Overnight Index Average 19/12/13 0.00

797 EUR FBD Holdings Plc Euro OverNight Index Average 19/12/13 0.00

-20.565 GBP Faroe Petroleum Plc Sterling Overnight Index Average 19/12/13 0.00

37.201 GBP Ferrexpo Plc Sterling Overnight Index Average 19/12/13 0.00

59.185 GBP Finsbury Gh & Income Tr Plc Dist Sterling Overnight Index Average 19/12/13 0.00

19.638 EUR Fyffes Plc Euro OverNight Index Average 19/12/13 0.00

-129.902 GBP G4S Plc Sterling Overnight Index Average 19/12/13 0.00

193.387 GBP GKN Plc Sterling Overnight Index Average 19/12/13 0.00

216.286 GBP Galiform Plc Sterling Overnight Index Average 19/12/13 0.00

6.453 GBP Games Workshop Group Plc Sterling Overnight Index Average 19/12/13 0.00

-23.833 CHF Gategroup Holding AG TOM-NEXT Offered Indexed Swaps 19/12/13 0.00

-22.220 GBP Genus Plc Sterling Overnight Index Average 19/12/13 0.00

652 EUR Glanbia Plc Euro OverNight Index Average 19/12/13 0.00

6.123 GBP GlaxoSmithKline Plc Sterling Overnight Index Average 19/12/13 0.00

56.831 EUR Grafton Group Plc Uts Euro OverNight Index Average 19/12/13 0.00

14.778 GBP Great Portland Estates Plc Sterling Overnight Index Average 19/12/13 0.00

57.939 GBP Greencore Group Plc Sterling Overnight Index Average 19/12/13 0.00

-1.846 EUR Groupe Eurotunnel Reg Euro OverNight Index Average 19/12/13 0.00

-51.234 SEK Gunnebo AB Stockholm Interbank Offered Rate 19/12/13 0.00

-2.745 EUR H&R AG Euro OverNight Index Average 19/12/13 0.00

21.771 GBP HSBC Holdings Plc Sterling Overnight Index Average 19/12/13 0.00

107.730 GBP Hansteen Holdings Plc Sterling Overnight Index Average 19/12/13 0.00

50.709 GBP Hargreaves Lansdown Plc Sterling Overnight Index Average 19/12/13 0.00

36.586 GBP Henderson Group Plc Sterling Overnight Index Average 19/12/13 0.00

-252.589 GBP Heritage Oil Plc Sterling Overnight Index Average 19/12/13 0.00

-51 EUR Hermes Intl SA Euro OverNight Index Average 19/12/13 0.00



109


(in EUR)

-42.563 GBP Highland Gold Mining Ltd Sterling Overnight Index Average 19/12/13 0.00

-27.231 NOK Hoegh LNG Holding Ltd Norway Interbank Offered Rate 19/12/13 0.00

99.430 GBP IG Group Holdings Plc Sterling Overnight Index Average 19/12/13 0.00

-10.877 GBP IP Group PLC Sterling Overnight Index Average 19/12/13 0.00

-845.029 GBP IQE PLC Sterling Overnight Index Average 19/12/13 0.00

49.485 GBP ITE Group Plc Sterling Overnight Index Average 19/12/13 0.00

34.554 GBP Idox Plc Sterling Overnight Index Average 19/12/13 0.00

-48.897 GBP Imagination Technologie Gr Plc Sterling Overnight Index Average 19/12/13 0.00

-13.971 GBP Imperial Tobacco Group Plc Sterling Overnight Index Average 19/12/13 0.00

-6.271 GBP Indus Gas Ltd Sterling Overnight Index Average 19/12/13 0.00

-1.398 EUR Infineon Technologies AG Reg Euro OverNight Index Average 19/12/13 0.00

9.533 GBP Informa Plc Sterling Overnight Index Average 19/12/13 0.00

22.672 GBP Intermediate Capital Group Plc Sterling Overnight Index Average 19/12/13 0.00

221.791 GBP Intl Consolidated Air Gr SA Sterling Overnight Index Average 19/12/13 0.00

33.943 GBP Iofina Plc Sterling Overnight Index Average 19/12/13 0.00

1.527 GBP Iomart Group PLC Sterling Overnight Index Average 19/12/13 0.00

32.660 GBP J Sainsbury Plc Sterling Overnight Index Average 19/12/13 0.00

10.631 GBP JD Wetherspoon Plc Sterling Overnight Index Average 19/12/13 -0.01

27.668 GBP JPMorgan Japanese Inv Trust Sterling Overnight Index Average 19/12/13 0.00

665 GBP John Menzies Plc Sterling Overnight Index Average 19/12/13 -0.01

2.901 GBP Jupiter European Opp Trust Plc Sterling Overnight Index Average 19/12/13 0.00

24.597 GBP KCom Group Plc Sterling Overnight Index Average 19/12/13 0.00

-179 EUR Kapsch TrafficCom AG Euro OverNight Index Average 19/12/13 0.00

49.017 GBP Keller Group Plc Sterling Overnight Index Average 19/12/13 0.00

-168.769 GBP Kesa Electricals Plc Sterling Overnight Index Average 19/12/13 0.00

6.734 GBP Kier Group Plc Sterling Overnight Index Average 19/12/13 0.00

-61.341 NOK Kvaerner ASA Norway Interbank Offered Rate 19/12/13 0.00

-213 EUR Laurent Perrier Euro OverNight Index Average 19/12/13 0.00

12.426 GBP Lavendon Group Plc Sterling Overnight Index Average 19/12/13 0.00

58.503 GBP Legal & General Group Plc Sterling Overnight Index Average 19/12/13 0.00

72.040 GBP Lloyds Banking Group Plc Sterling Overnight Index Average 19/12/13 0.00

74.603 GBP London & Stamford Property PLC Sterling Overnight Index Average 19/12/13 0.00

-417.269 GBP London Mining Plc Sterling Overnight Index Average 19/12/13 0.00

-146.543 GBP Lonmin Plc Sterling Overnight Index Average 19/12/13 0.00

-37.968 GBP Lonrho Sterling Overnight Index Average 19/12/13 0.00

32.510 GBP Lupus Capital PLC Sterling Overnight Index Average 19/12/13 0.00

4.723 GBP M J Gleeson Group Plc Sterling Overnight Index Average 19/12/13 0.00

3.411 GBP MP Evans Group Plc Sterling Overnight Index Average 19/12/13 -0.01

-3.496 EUR Maire Tecnimont SpA Euro OverNight Index Average 19/12/13 0.00

-89.144 GBP Man Strategic Holdings PLC Sterling Overnight Index Average 19/12/13 0.00

30.818 GBP Marston's Plc Sterling Overnight Index Average 19/12/13 0.00

-5.679 EUR Mediaset SpA Euro OverNight Index Average 19/12/13 0.00

18.399 GBP Medicx Fund Ltd GBP Sterling Overnight Index Average 19/12/13 0.00

-15.192 EUR Melia Hotels Intl SA Euro OverNight Index Average 19/12/13 0.00

-127.673 GBP Melrose Industries PLC Sterling Overnight Index Average 19/12/13 0.00

-7.823 EUR Metro AG Euro OverNight Index Average 19/12/13 0.00

9.860 GBP Micro Focus Intl Plc Sterling Overnight Index Average 19/12/13 0.00

23.698 GBP Mitie Group Plc Sterling Overnight Index Average 19/12/13 0.00

3.833 GBP Mondi Plc Sterling Overnight Index Average 19/12/13 0.00

94.180 GBP Moneysupermarket.com Gr PLC Sterling Overnight Index Average 19/12/13 0.00

-668.335 GBP Monitise Plc Sterling Overnight Index Average 19/12/13 0.01

190.589 GBP Morrison Supermarkets Plc Sterling Overnight Index Average 19/12/13 0.00

30.604 GBP N.Brown Group Plc Sterling Overnight Index Average 19/12/13 0.00

-59.620 EUR NH Hoteles SA Euro OverNight Index Average 19/12/13 0.00

68.617 GBP National Grid Plc Sterling Overnight Index Average 19/12/13 0.00

-955 EUR Naturex SA Euro OverNight Index Average 19/12/13 0.00

-2.868 GBP New World Resources PLC A Sterling Overnight Index Average 19/12/13 0.00

-32.098 EUR Nokia Oyj Euro OverNight Index Average 19/12/13 0.00

-11.733 NOK Nordic Semiconductor ASA Norway Interbank Offered Rate 19/12/13 0.00

-15.415 NOK Norsk Hydro ASA Norway Interbank Offered Rate 19/12/13 0.00

-89.810 NOK Norwegian Property ASA Norway Interbank Offered Rate 19/12/13 0.00

13.420 GBP Novae Group Plc Sterling Overnight Index Average 19/12/13 0.00

-9.430 USD Ocean Rig UDW Inc Federal Funds Effective Rate US 04/03/15 0.00

264.929 GBP Old Mutual Plc Sterling Overnight Index Average 19/12/13 0.00

-85.890 GBP Ophir Energy Plc Sterling Overnight Index Average 19/12/13 0.00

68.495 GBP Optimal Payments Plc Sterling Overnight Index Average 19/12/13 0.00

12.501 EUR Origin Enterprises Plc Euro OverNight Index Average 19/12/13 0.00

-3.640 USD Orthofix Intl NV Federal Funds Effective Rate US 04/03/15 0.00

-11.768 EUR Outokumpu Oyj Euro OverNight Index Average 19/12/13 0.00

-36.402 EUR Outotec Oyj Euro OverNight Index Average 19/12/13 0.00

-3.578 EUR PSI AG fur Prod & Syst der Inf Euro OverNight Index Average 19/12/13 0.00

-23.686 GBP PZ Cussons Plc Sterling Overnight Index Average 19/12/13 0.00

40.206 GBP Pace Plc Sterling Overnight Index Average 19/12/13 0.00

-4.458 CHF Panalpina Welttransport Hg AG Reg TOM-NEXT Offered Indexed Swaps 19/12/13 0.00



110


(in EUR)

76.685 GBP Paragon Group of Co Plc Sterling Overnight Index Average 19/12/13 0.00

-42.255 SEK Peab AB Stockholm Interbank Offered Rate 19/12/13 0.00

3.678 GBP Pearson Plc Sterling Overnight Index Average 19/12/13 0.00

25.087 GBP Pendragon Plc Sterling Overnight Index Average 19/12/13 0.00

-4.218 EUR Pernod-Ricard Euro OverNight Index Average 19/12/13 0.00

-203.649 GBP Petroceltic Intl Plc Sterling Overnight Index Average 19/12/13 0.00

-27.656 EUR Peugeot SA Euro OverNight Index Average 19/12/13 0.00

-1.090 EUR Pfeiffer Vacuum Technology AG Euro OverNight Index Average 19/12/13 0.00

-88.821 EUR Piaggio & C. SpA Euro OverNight Index Average 19/12/13 0.00

25.351 GBP Picton Property Income Ltd GBP Dist Sterling Overnight Index Average 19/12/13 0.00

94 GBP Polar Capital Holdings PLC Sterling Overnight Index Average 19/12/13 -0.01

-27.300 GBP Polymetal International PLC Sterling Overnight Index Average 19/12/13 0.00

-5.758 GBP Premier Foods Plc Sterling Overnight Index Average 19/12/13 -0.01

5.157 GBP Prezzo Plc Sterling Overnight Index Average 19/12/13 0.00

5.311 GBP Primary Hlth Pro PLC REIT Sterling Overnight Index Average 19/12/13 0.00

-12.086 NOK Prospector Off Drilling SA Reg Shares Norway Interbank Offered Rate 19/12/13 0.00

6.004 GBP Provident Financial Plc Sterling Overnight Index Average 19/12/13 0.00

40.697 GBP RSA Insurance Group Plc Sterling Overnight Index Average 19/12/13 0.00

-3.228 GBP Randgold Resources Ltd Sterling Overnight Index Average 19/12/13 0.00

-13.560 SEK Ratos AB B Stockholm Interbank Offered Rate 19/12/13 0.00

10.880 GBP Reckitt Benckiser Group Plc Sterling Overnight Index Average 19/12/13 0.00

66.232 GBP Redrow Group Plc Sterling Overnight Index Average 19/12/13 0.00

1.252 GBP Renishaw Plc Sterling Overnight Index Average 19/12/13 0.00

32.070 GBP Restaurant Group (The) Plc Sterling Overnight Index Average 19/12/13 0.00

-3.056 CHF Rieter Holding AG Reg TOM-NEXT Offered Indexed Swaps 19/12/13 0.00

28.134 GBP Rightmove Group Plc Sterling Overnight Index Average 19/12/13 0.00

-138.061 GBP Rockhopper Exploration PLC Sterling Overnight Index Average 19/12/13 0.01

14.111 GBP Royal Dutch Shell Plc B Sterling Overnight Index Average 19/12/13 0.00

-15.817 GBP RusPetro PLC Sterling Overnight Index Average 19/12/13 0.00

193.373 EUR Ryanair Holdings Plc Euro OverNight Index Average 19/12/13 6.381.31

-26.271 GBP SDL Plc Sterling Overnight Index Average 19/12/13 0.00

36.232 GBP SIG Plc Sterling Overnight Index Average 19/12/13 0.00

-36.347 SEK SSAB AB A Stockholm Interbank Offered Rate 19/12/13 0.00

12.239 GBP Sage Group Plc Sterling Overnight Index Average 19/12/13 0.00

-34.912 EUR Saipem SpA Euro OverNight Index Average 19/12/13 0.00

-7.604 EUR Salzgitter AG Euro OverNight Index Average 19/12/13 0.00

23.832 GBP Schroders Plc Sterling Overnight Index Average 19/12/13 0.00

27.897 GBP Segro Plc Sterling Overnight Index Average 19/12/13 0.00

-1.949 GBP Serco Group Plc Sterling Overnight Index Average 19/12/13 -0.01

-250.000 GBP Sirius Minerals Plc Sterling Overnight Index Average 19/12/13 0.00

10.473 GBP Smith & Nephew Plc Sterling Overnight Index Average 19/12/13 0.00

92.035 GBP Smiths News Plc Sterling Overnight Index Average 19/12/13 0.00

-58.391 GBP Spirent Communications Plc Sterling Overnight Index Average 19/12/13 0.00

4.505 GBP Sports Direct Intl Plc Sterling Overnight Index Average 19/12/13 0.01

90.147 GBP St James's Place Plc Sterling Overnight Index Average 19/12/13 0.00

-14.315 GBP Stobart Group Ltd Sterling Overnight Index Average 19/12/13 0.00

-657 EUR Stratec Biomedical Systems AG Euro OverNight Index Average 19/12/13 0.01

-35.346 EUR Suess MicroTec AG Reg Euro OverNight Index Average 19/12/13 0.00

-16.022 EUR TNT Express NV Euro OverNight Index Average 19/12/13 0.00

149.646 GBP TUI Travel Plc Sterling Overnight Index Average 19/12/13 0.00

6.353 GBP Tate & Lyle Plc Sterling Overnight Index Average 19/12/13 0.01

-4.487 EUR Technip Euro OverNight Index Average 19/12/13 0.00

4.998 GBP Ted Baker Plc Sterling Overnight Index Average 19/12/13 0.00

-4.430 GBP Telecom Plus Plc Sterling Overnight Index Average 19/12/13 0.00

-18.361 EUR Tessenderlo Chemie NV Parts Soc Euro OverNight Index Average 19/12/13 0.00

-432 EUR Thales SA Euro OverNight Index Average 19/12/13 0.00

5.324 GBP The Go-Ahead Group Plc Sterling Overnight Index Average 19/12/13 0.00

204.747 GBP Thomas Cook Group Plc Sterling Overnight Index Average 19/12/13 0.00

-4.819 EUR ThromboGenics NV Euro OverNight Index Average 19/12/13 -0.01

-6.402 EUR ThyssenKrupp AG Euro OverNight Index Average 19/12/13 0.00

-35.384 NOK Tomra Systems ASA Norway Interbank Offered Rate 19/12/13 0.00

3.081 GBP Tribal Group Plc Sterling Overnight Index Average 19/12/13 0.00

97.423 GBP Trinity Mirror Plc Sterling Overnight Index Average 19/12/13 0.00

-16.085 EUR Tubacex SA Euro OverNight Index Average 19/12/13 0.00

-8.035 GBP Tullow Oil Plc Sterling Overnight Index Average 19/12/13 0.00

50.457 GBP UK Cial Property Trust Ltd Sterling Overnight Index Average 19/12/13 0.00

687 GBP UK Mail Group Plc Sterling Overnight Index Average 19/12/13 0.00

37 GBP UTV Media Plc Sterling Overnight Index Average 19/12/13 0.00

18.879 GBP Unilever Plc Sterling Overnight Index Average 19/12/13 0.00

-10.774 GBP Vectura Gr Plc Sterling Overnight Index Average 19/12/13 0.00

-20.468 NOK Veidekke ASA Norway Interbank Offered Rate 19/12/13 0.00

-10.338 EUR Verbund AG A Euro OverNight Index Average 19/12/13 0.00

3.553 GBP Vitec Group Plc (The) Sterling Overnight Index Average 19/12/13 0.00

18.693 GBP Vodafone Group Plc Sterling Overnight Index Average 19/12/13 0.00



111


(in EUR)

-35.695 SEK Volvo AB B Stockholm Interbank Offered Rate 19/12/13 0.00

-2.710 EUR Vossloh AG Euro OverNight Index Average 19/12/13 0.00

4.398 GBP WPP Plc Sterling Overnight Index Average 19/12/13 0.00

-4.516 EUR Wacker Neuson SE Reg Euro OverNight Index Average 19/12/13 0.00

-330 EUR Waertsilae Corp B Euro OverNight Index Average 19/12/13 0.00

15.041 GBP Wandisco Plc Sterling Overnight Index Average 19/12/13 0.00

38.684 GBP West African Minerals Corp Sterling Overnight Index Average 19/12/13 0.00

15.671 GBP Witan Investment Trust Plc Dist Sterling Overnight Index Average 19/12/13 0.00

22.140 GBP Workspace Group Plc Sterling Overnight Index Average 19/12/13 0.00

16.395 GBP Worldwide Healthcare Trust Plc Sterling Overnight Index Average 19/12/13 0.00

23.587 GBP Xaar Plc Sterling Overnight Index Average 19/12/13 0.00

38.784 GBP Xchanging Plc Sterling Overnight Index Average 19/12/13 0.00

-127 CHF Zehnder Holding AG TOM-NEXT Offered Indexed Swaps 19/12/13 0.00

-468 EUR Zumtobel AG Euro OverNight Index Average 19/12/13 0.00

6.585.54


Quantity Currency Underlying Fix / Variable rate Maturity Unrealised result (in

EUR)

Counterparty : Credit Suisse Securities (Europe) Ltd London

-6.753 AUD ALS Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-102.778 AUD Beadell Resources Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-49.172 AUD Boart Longyear Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-18.640 AUD Bradken Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-36.500 THB C.P. All Public Co Ltd Foreign London Interbank Offered Rate 03/12/14 -9.845.42

-7.085 AUD Cardno Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-121.600 THB Charoen Pokphand Foods PCL Foreign Reg London Interbank Offered Rate 03/12/14 -7.588.41

-14.000 TWD CHC Healthcare Group London Interbank Offered Rate 14/11/14 -995.40

-21.249 USD Cherepovets MK Severstal GDR repr 1 Reg Share Ser Oct 06

London Interbank Offered Rate 03/12/14 784.84

-37.668 MXN Consorcio Ara SAB de CV London Interbank Offered Rate 26/11/14 -1.386.18

-34.730 MXN Desarrolladora Homex SAB de CV London Interbank Offered Rate 26/11/14 -3.844.61

-40 PHP DMCI Holdings Inc London Interbank Offered Rate 17/11/14 -1.48

-13.420 KRW Doosan Infracore Co Ltd London Interbank Offered Rate 14/11/14 -5.577.35

-61.434 AUD Drillsearch Energy Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-322.963 AUD Emeco Holdings Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-20.187 AUD Energy Resour of Australia Ltd A BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 -0.01

-27.000 TWD Firich Enterprise Co Ltd London Interbank Offered Rate 14/11/14 -923.40

-16.640 AUD FKP Property Group Uts BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-4.000 TWD Formosa International Hotels Corp London Interbank Offered Rate 14/11/14 -732.80

-9.518 ZAR Foschini Ltd South African Futures Exchange 05/01/15 -2.223.39

-1.227.000 HKD G-Resources Group Ltd Hang Seng Interbank Offered Rates 28/11/14 -2.372.96

-34.324 AUD GWA GroupLtd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-200 KRW Il Yang Pharmaceutical Co Ltd London Interbank Offered Rate 14/11/14 1.72

-70.701 AUD Imdex Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-26.029 AUD Independence Group NL BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-14.336 ILS Israel Chemicals Ltd London Interbank Offered Rate 02/01/15 314.62

-2.549 PLN Jastrzebsk Spolka Weglowa S.A. Warsaw Interbank Offered Rate 03/12/14 1.048.45

-2.849 KRW KEPCO Engineering & Construct London Interbank Offered Rate 14/11/14 -10.997.85

-29.420 AUD Kingsgate Consolidated Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-49.000 TWD Kinko Optical Co Ltd London Interbank Offered Rate 14/11/14 666.40

-219.300 THB Land and House Public Co Ltd Foreign London Interbank Offered Rate 03/12/14 -2.396.20

-3.115 BRL Localiza Rent A Car SA London Interbank Offered Rate 03/12/14 -3.149.19

-13.240 MXN Mexichem SAB de CV London Interbank Offered Rate 26/11/14 -2.873.08

-52.919 NZD Mighty River Power Ltd New Zealand Interbank Offered Rate 05/01/15 0.00

-30.773 MXN Minera Frisco SAB de CV A1 London Interbank Offered Rate 26/11/14 -8.117.92

-131.827 AUD Mount Gibson Iron Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.01

-44.000 TWD Nankang Rubber Tire Co Ltd London Interbank Offered Rate 14/11/14 -2.406.80

-1.022 KRW NCsoft Corp London Interbank Offered Rate 14/11/14 -8.537.66

-24.357 AUD New Hope Corp Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-27.158 AUD Nextdc Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-14.381 AUD Nufarm Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-1.271 KRW OCI Co Ltd London Interbank Offered Rate 14/11/14 -4.019.58

-1.855 KRW OCI Materials Co Ltd London Interbank Offered Rate 14/11/14 -2.855.40

-127.000 TWD Oriental Union Chemical Corp London Interbank Offered Rate 14/11/14 4.114.80

-71 KRW Orion Corp London Interbank Offered Rate 14/11/14 2.978.59

-1.000 TWD Parade Technologies Ltd London Interbank Offered Rate 14/11/14 -315.40

-206.771 AUD Perseus Mining Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-47.474 USD Raspadskaya OAO London Interbank Offered Rate 03/12/14 1.818.25

-1087 AUD Red Fork Energy Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-1.000 TWD Ruentex Industries Ltd London Interbank Offered Rate 14/11/14 -12.80

-10.206 AUD Sandfire Resources NL BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00



112


EUR)

-21.000 SGD SembCorp Marine Ltd London Interbank Offered Rate 02/01/15 -901.20

-304.235 AUD Senex Energy Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-3.172 KRW Seobu T&D Co Ltd London Interbank Offered Rate 14/11/14 -627.10

-24.621 AUD Silex Systems Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-178.498 AUD Silver Lake Resources Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-5.185 AUD Sirtex Medical Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-2.840 KRW SM Entertainment Co Ltd London Interbank Offered Rate 14/11/14 -10.835.38

-344.002 AUD St Barbara Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-129.609 AUD Starpharma Holdings Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.01

-18.000 TWD Synnex Technology Intl Corp London Interbank Offered Rate 14/11/14 -608.40

-394 BRL Technos SA London Interbank Offered Rate 03/12/14 94.35

-260.142 AUD Ten Network Hgs BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-9.065 AUD UGL Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-34.500 IDR United Tractors (PT) Tbk London Interbank Offered Rate

-2.665.96

-145.464 AUD Virgin Blue Holdings Ltd BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-67.939 AUD Western Areas NL BANK BILL SWAP (BBSW) REFERENCE RATE 02/01/15 0.00

-5.550 KRW Woori Investme & Sec Co Ltd London Interbank Offered Rate 14/11/14 -4.979.46

-7.000 TWD Young Optics Inc London Interbank Offered Rate 14/11/14 244.30


-55.832 AUD Acrux Ltd RBA Cash Rate Overnight 21/03/14 0.00

-26.608 BRL Aliansce Shopping Centers SA Canada Overnight Rate 14/08/13 0.00

-5.218 ZAR Anglo American Platinum Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-9.443 ZAR AngloGold Ashanti Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-9.250 USD AngloGold Ashanti Ltd spons ADS repr 1 Share Federal Funds Effective Rate US 21/04/14 0.00

-7.100 HKD ASM Pacific Technology Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-74.437 AUD Atlas Iron Ltd RBA Cash Rate Overnight 21/03/14 -0.01

-103.851 AUD Ausdrill Ltd RBA Cash Rate Overnight 21/03/14 0.00

-18.603 ZAR AVI Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-52.731 AUD AWE Ltd RBA Cash Rate Overnight 21/03/14 0.00

-150.439 AUD Beadell Resources Ltd RBA Cash Rate Overnight 21/03/14 0.00

-23.900 THB BEC World PCL Foreign Reg Federal Funds Effective Rate US 02/06/14 0.00

-27.100 THB Berli Jucker PCL Foreign Reg Federal Funds Effective Rate US 02/06/14 0.00

-471.800 PHP Bloomberry Resorts Corp Federal Funds Effective Rate US 12/05/14 0.00

-8.978 BRL BMF Bovespa SA Bol Val Mer Fut Canada Overnight Rate 14/08/13 0.00

-54.560 AUD Boart Longyear Ltd RBA Cash Rate Overnight 21/03/14 0.00

-39.210 MXN Bolsa Mexicana Valores SAB CV A Mexican Zero Coupon Yield 21/04/13 0.00

-1.300 BRL Bradespar SA Canada Overnight Rate 14/08/13 0.00

-44.627 BRL Brazil Pharma SA Canada Overnight Rate 14/08/13 0.00

-700 AUD Buru Energy Ltd RBA Cash Rate Overnight 21/03/14 0.00

-60.600 THB Charoen Pokphand Foods PCL Foreign Reg Federal Funds Effective Rate US 02/06/14 0.00

-932 TWD Cheng Shin Rubber Indus Co Ltd Federal Funds Effective Rate US 21/04/14 -0.01

-74.973 HKD China Everbright Intl Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-185.000 HKD China Modern Dairy Hgs Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-448 TWD China Petrochemical Dev Corp Federal Funds Effective Rate US 21/04/14 0.00

-15.222 BRL Cia Hering SA Canada Overnight Rate 14/08/13 0.00

-52.902 BRL Cia Siderurgica Nacional SA Canada Overnight Rate 14/08/13 0.00

-49.214 USD Cia Siderurgica Nacional SA spons ADR repr 1 Share

Federal Funds Effective Rate US 21/04/14 0.00

-742 BRL Cielo SA Canada Overnight Rate 14/08/13 0.00

-955 AUD Cochlear Ltd RBA Cash Rate Overnight 21/03/14 0.00

-113.000 TWD Compal Electronics Inc Federal Funds Effective Rate US 21/04/14 0.00

-2.418 ZAR Curro Hgs Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-7.640 KRW Daewoo Shipbuild & Mar Eng Co Federal Funds Effective Rate US 21/04/14 0.00

-242.633 MXN Desarrolladora Homex SAB de CV Mexican Zero Coupon Yield 21/04/13 0.00

-200.000 AUD Emeco Holdings Ltd RBA Cash Rate Overnight 21/03/14 0.00

-55.506 AUD Energy Resour of Australia Ltd A RBA Cash Rate Overnight 21/03/14 0.00

-15.873 USD Etalon Group Ltd GDR repr 1 Shares Reg S Federal Funds Effective Rate US 21/04/14 0.00

-83.811 AUD Evolution Mining Ltd RBA Cash Rate Overnight 21/03/14 0.00

-6.685 ZAR Exxaro resources Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-4.472 USD EZCHIP Semiconductor Ltd Federal Funds Effective Rate US 21/04/14 0.00

-4.898 USD EZCHIP Semiconductor Ltd Federal Funds Effective Rate US 21/04/14 0.00

-28.313.076 USD Fed Grid Co Uni Ener Syst OJSC Federal Funds Effective Rate US 21/04/14 0.00

-24.300 MXN Fibra Uno Administration SA Trust Units Mexican Zero Coupon Yield 21/04/13 0.00

-53.391 AUD FKP Property Group Uts RBA Cash Rate Overnight 21/03/14 0.00

-53.000 TWD Formosa Chem and Fiber Corp Federal Funds Effective Rate US 21/04/14 0.00

-47.000 TWD Formosa Petrochemical Corp Federal Funds Effective Rate US 21/04/14 0.00

-51.000 TWD Formosa Plastics Corp Federal Funds Effective Rate US 21/04/14 0.00

-13.590 GBP Fresnillo Plc Sterling Overnight Index Average 22/04/14 0.00

-23.861 USD Gerdau SA COSG ADR repr 1 Pref Shares Federal Funds Effective Rate US 21/04/14 0.00

-28.729 BRL Gerdau SA COSG Canada Overnight Rate 14/08/13 0.00

-21.286 PLN Getin Noble Bk SA Cost of Funds rate 27/02/15 0.00



113


EUR)

-23.000 SGD Global Logistic Properties Ltd Singapore Swap Offer Rate Fixing 21/04/14 0.00

-26.531 USD Gold Fields Ltd ADR repr 1 share Federal Funds Effective Rate US 21/04/14 0.00

-26.889 ZAR Gold Fields Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-60.000 AUD Grange Resources Ltd RBA Cash Rate Overnight 21/03/14 0.00

-2.838.000 HKD G-Resources Group Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-5.311 KRW GS Engineering & Construc Corp Federal Funds Effective Rate US 21/04/14 0.00

-14.693 AUD Guildford Coal Ltd RBA Cash Rate Overnight 21/03/14 0.00

-178.000 HKD Guodian Tec & Env Gr Corp Ltd H Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-6.390 KRW Hanwha Chemical Corp Federal Funds Effective Rate US 21/04/14 0.00

-38.751 USD Harmony Gold Mining Co Ltd ADR repr 1 Share Federal Funds Effective Rate US 21/04/14 0.00

-40.266 ZAR Harmony Gold Mining Co Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-7.000 HKD Hengan Intl Group Co Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-1.232 KRW Honam Petrochemical Co Ltd Federal Funds Effective Rate US 21/04/14 0.00

-7.800 HKD Hong Kong Exchange & Clear Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-2.495 KRW Hyundai Development Co - E&C Federal Funds Effective Rate US 21/04/14 0.00

-1.325 KRW Hyundai Mipo Dockyard Co Ltd Federal Funds Effective Rate US 21/04/14 0.00

-2.000 KRW Il Yang Pharmaceutical Co Ltd Federal Funds Effective Rate US 21/04/14 0.00

-5.859 AUD Iluka Resources Ltd RBA Cash Rate Overnight 21/03/14 0.00

-14.920 ZAR Impala Platinum Holdings Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-34.983 AUD Independence Group NL RBA Cash Rate Overnight 21/03/14 0.00

-80.700 THB Indorama Ventures Co Ltd Foreign Reg Federal Funds Effective Rate US 02/06/14 0.00

-3.100 MXN Industrias Penoles SAB de CV Mexican Zero Coupon Yield 21/04/13 0.00

-100.000 SGD Innopac Holdings Ltd Singapore Swap Offer Rate Fixing 21/04/14 0.00

-8.735 AUD James Hardie Industries Plc Chess Units of Foreign Sec

RBA Cash Rate Overnight 21/03/14 0.00

-4.562 PLN Jastrzebsk Spolka Weglowa S.A. Cost of Funds rate 27/02/15 0.00

-250 KRW JW SHINYAK Corp Federal Funds Effective Rate US 21/04/14 0.00

-468.000 HKD Kingdee Intl Softwar Gr Co Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-83.051 AUD Kingsgate Consolidated Ltd RBA Cash Rate Overnight 21/03/14 0.00

-572 TRY Konya Cimento Sanayii AS Cost of Funds rate 27/02/15 0.00

-3.586 ZAR Kumba Iron Ore Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-1.124 KRW Kumho Petro Chemical Co Ltd Federal Funds Effective Rate US 21/04/14 0.00

-78.000 HKD Lee & Man Paper Manufact Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-23.128 USD Magnitogorsk Iron Stl Wks JSC GDR repr 13 Shares

Federal Funds Effective Rate US 21/04/14 0.00

-96.895 AUD Medusa Mining Ltd RBA Cash Rate Overnight 21/03/14 0.00

-53.424 MXN Mexichem SAB de CV Mexican Zero Coupon Yield 21/04/13 0.00

-26.000 HKD Midland Hgs Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-14.274 BRL Mills Estruturas Serv Engen SA Canada Overnight Rate 14/08/13 0.00

-85.353 MXN Minera Frisco SAB de CV A1 Mexican Zero Coupon Yield 21/04/13 0.00

-2.072 BRL Natura Cosmeticos SA Canada Overnight Rate 14/08/13 0.00

-630 KRW NCsoft Corp Federal Funds Effective Rate US 21/04/14 0.00

-1.500 AUD New Hope Corp Ltd RBA Cash Rate Overnight 21/03/14 0.00

-14.901 USD Newcrest Mining Ltd ADR Repr 1 Sh Federal Funds Effective Rate US 21/04/14 0.00

-14.923 AUD Newcrest Mining Ltd RBA Cash Rate Overnight 21/03/14 0.00

-14.825 ZAR Northam Platinum (Pty) Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-164.431 AUD Northern Star Resources Ltd RBA Cash Rate Overnight 21/03/14 0.00

-10.596 USD Novolipetsk Steel (NLMK) GDR repr 10 Shares Federal Funds Effective Rate US 21/04/14 0.00

-28.758 CAD OceanaGold Corp Canada Overnight Rate 13/04/15 0.00

-22.700 BRL Odontoprev SA Canada Overnight Rate 14/08/13 0.00

-175 KRW Orion Corp Federal Funds Effective Rate US 21/04/14 0.00

-38.752 AUD Oz Minerals Ltd RBA Cash Rate Overnight 21/03/14 0.00

-27.912 AUD PanAust Ltd RBA Cash Rate Overnight 21/03/14 0.00

-47.764 AUD Perseus Mining Ltd RBA Cash Rate Overnight 21/03/14 0.00

-397.000 IDR Perusaha Perk Lon Sum Ind Tbk Federal Funds Effective Rate US 21/04/14 0.00

-18.000 SGD Petra Foods Ltd Singapore Swap Offer Rate Fixing 21/04/14 0.00

-2.200 USD Philippine Lg Distance Tel Co ADR repr 1 Share Federal Funds Effective Rate US 21/04/14 0.00

-45.500 IDR PT Matahari Dep Store Tbk Federal Funds Effective Rate US 21/04/14 0.00

-13.033 AUD Regis Resources Ltd RBA Cash Rate Overnight 21/03/14 0.00

-103.437 BRL Rossi Residencial SA Canada Overnight Rate 14/08/13 0.00

-11.828 ZAR Royal Bafokeng Platinum Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-2.222 KRW Samsung Engineering Co Ltd Federal Funds Effective Rate US 21/04/14 0.00

-23.200 HKD Sands China Ltd REGS Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-496 ZAR Santam Ltd South African Benchmark Overnight Rate 22/04/14 0.00

-2.000 KRW Seegene Inc Federal Funds Effective Rate US 21/04/14 0.00

-12.000 SGD SembCorp Marine Ltd Singapore Swap Offer Rate Fixing 21/04/14 0.00

-29.700 THB Shin Corp PCL Foreign Federal Funds Effective Rate US 02/06/14 0.00

-3.400 THB Siam City Cement PCL Foreign Reg Federal Funds Effective Rate US 02/06/14 0.00

-44.383 AUD Silver Lake Resources Ltd RBA Cash Rate Overnight 21/03/14 0.00

-20.000 SGD Singapore Exchange Ltd Singapore Swap Offer Rate Fixing 21/04/14 0.00

-15.000 SGD Singapore Press Hgs Ltd Singapore Swap Offer Rate Fixing 21/04/14 0.00

-102.000 HKD Sinopec Kantons Holdings Ltd Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-1.759 KRW SM Entertainment Co Ltd Federal Funds Effective Rate US 21/04/14 0.00



114


EUR)

-8.302 BRL Souza Cruz SA Canada Overnight Rate 14/08/13 0.00

-22.292 BRL Technos SA Canada Overnight Rate 14/08/13 0.00

-60.000 AUD Ten Network Hgs RBA Cash Rate Overnight 21/03/14 0.00

-28.000 HKD Tingyi Holding Corp Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-50.000 TWD U-Ming Marine Transport Corp Federal Funds Effective Rate US 21/04/14 0.00

-13.476 BRL Unicasa Industria de Moveis SA Canada Overnight Rate 14/08/13 0.00

-288.000 HKD United Co Rusal Plc Hong Kong Overnight Index Swap Reference Rate 21/03/14 0.00

-82.126 AUD Whitehaven Coal Ltd RBA Cash Rate Overnight 21/03/14 0.00

-89.724.47

- swaps on index futures


Quantity Currency Underlying Maturity Unrealised result

(in EUR)


21 KRW Korea kospi 200 FUT 09/13 kfe 17/03/2014 118.385.00 -62 TWD TWSE TAIWAN INDEX FUT 07/13 FTX 17/03/2014 44.207.79 -47 BRL Brazil Bovespa Stock Index (The) FUT 08/13 BMSP 14/08/2013 144.952.16

307.544.95

Note 11 - Total Expense Ratio ("TER") and Portfolio Turnover Rate ("PTR") The TER and the PTR disclosed under "Statistical Information" of this report are calculated in accordance with the "Guidelines on the calculation and disclosure of the TER and PTR of collective investment schemes" issued on 16th May 2008 by the Swiss Funds & Asset Management Association "SFAMA" (Swiss Funds Association "SFA" until 30th June 2013). The TER and PTR are calculated on the basis of the last 12 months prior to the date of this report. Transaction fees are not taken into account in the calculation of the TER. The PTR has been calculated according to the following formula (Total 1 - Total 2)/M*100 with Total 1 = Total securities transactions = X + Y

X = Securities purchases Y = Securities sales

Total 2 = Total subscriptions and redemptions = S + T S = subscriptions T = redemptions S+T: subscriptions and redemptions are netted per NAV calculation day. M = average net assets

If a SICAV invests at least 10% of its assets in other funds which publish a TER, a synthetic TER of the fund of funds is calculated as of the closing date of the financial year or the end of the first half of the financial year. This corresponds to the sum of the prorated TER of the individual target fund, weighted on the basis of their proportion in the net fund assets of the fund as the closing date, the issue and redemption commissions of the target funds actually paid and the TER of the fund of funds minus the retrocessions received from the target funds during the reporting period. The synthetic TER is calculated with the information available at the time of the establishment of this document. The synthetic TER was not calculated for the sub-fund REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE, the TER’s for the underlying funds was not available at the date of drafting this report.



115

Where there is a performance fee and this has been calculated, the performance fee ratio is calculated as a percentage of average net assets for the last 12 months prior to the date of the report. At the date of the report, the below sub-funds of the SICAV present the following TER:

Name of the share Currency TER without

performance fee (in %)

TER with performance fee

(in %)

the Performance fee ratio

(in %)

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class B

EUR 1.99 3.51 1.52

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class C

EUR 2.01 3.54 1.53

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class D

EUR 2.27 3.75 1.48

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class F

EUR 2.50 3.90 1.40

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class H

EUR 2.23 3.63 1.40

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class I

EUR 1.49 3.44 1.95

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class IP

EUR *1.31 *1.69 0.38

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class IP (SEK)

EUR ** - ** - ** -

REYL (LUX) GLOBAL FUNDS - EUROPEAN EQUITIES class N

EUR *2.59 *3.33 0.74

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class B

USD 2.04 3.97 1.93

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class C

USD *2.51 *3.93 1.42

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class CP

USD *2.01 *2.26 0.25

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class E

USD 2.05 3.68 1.63

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class F

USD 2.54 4.42 1.88

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class G

USD 2.55 4.12 1.57

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class H

USD 2.28 4.26 1.98

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class I

USD 1.51 3.49 1.98

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class IP

USD *1.45 *1.72 0.27

REYL (LUX) GLOBAL FUNDS - NORTH AMERICAN EQUITIES class S

USD *0.54 *0.54 -

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class B

USD 1.87 3.33 1.46

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class BP

USD *1.80 *2.90 1.10

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class F

USD 2.37 3.85 1.48

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES classFP

USD *2.22 *2.22 -



116




(in %)


(in %)

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class FP (SEK)

USD ** - ** - ** -

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class I

USD 1.30 2.23 0.93

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class IP

USD 1.33 2.82 1.49

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class INCP

USD *1.32 *1.61 0.29

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class INEP

USD *1.28 *2.65 1.37

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class I (SEK)

USD ** - ** - ** -

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class IP (SEK)

USD ** - ** - ** -

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class J

USD 1.86 4.11 2.25

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class JP

USD 1.81 2.52 0.71

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class L

USD 1.87 3.68 1.81

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class LP

USD 1.80 2.91 1.11

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class O

USD 2.37 4.17 1.80

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class OP

USD 2.22 2.24 0.02

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class P

USD *2.34 *3.70 1.36

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class PP

USD *2.24 *2.95 0.71

REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES class R

USD *0.41 *0.41 -

REYL (LUX) GLOBAL FUNDS - ELITE FRANCE-EUROPE class B

EUR 2.55 2.55 -

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES class B

EUR 2.90 5.61 2.71

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES class C

EUR 2.92 5.38 2.46

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES class D

EUR 2.91 5.51 2.60

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES class I

EUR 2.35 5.14 2.79

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES class R

EUR 0.85 0.85 -

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EUROPEAN EQUITIES class S

EUR ** - ** - ** -

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES class B

USD 2.80 4.66 1.86

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES class C

USD 2.76 4.46 1.70

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES class E

USD 2.78 4.53 1.75



117




(in %)


(in %)

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES class I

USD 2.23 4.21 1.98

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES class IE

USD 2.15 3.14 0.99

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES class R

USD 0.75 0.75 -

REYL (LUX) GLOBAL FUNDS - LONG/SHORT EMERGING MARKETS EQUITIES class S

USD *0.66 *0.66 -

* annualised ** not presented because unrepresentative (short-lived)

Note 12 - Events The REYL (LUX) GLOBAL FUNDS - EMERGING MARKETS EQUITIES sub-fund holds the following positions:

- China Gaox Fibr Fabric Hgs Ltd: pursuit to collected information by the manager, it seems that the annual accounts of the company China Gaox Fibr Fabric Hgs Ltd have been falsified. In that context and in the lack of an available solid valuation of this company, the Board of Directors of the SICAV has decided, since the Net Asset Value of 28th April 2011, to value the position of this security at 0.

- Real Gold Mining: the quotation of this security has been adjourned on 27th May 2011. In that context and in the lack of possibility to get currently complementary information about a potential retaking of the quotation, the Board of Directors of the SICAV has decided, since the Net Asset Value of 3rd June 2011 to value the position of this security at 0.

Moreover, the Board of Directors of the SICAV commissions the manager to follow the evolution of these securities and to inform the Board of Directors of the SICAV about this evolution. Note 13 - Subsequent Event The Law of 17th June 2013 regarding tax and financial provisions as well as sustainable development measures ("Moniteur Belge" as of 28th June 2013) increased the rate of annual tax on Undertakings for Collective Investments established by Article 161 bis of the Inheritance Tax Code to 0.0965% as from 1st January 2013 and 0.0925% as from 1st January 2014. The Undertakings for Collective Investments may complete the payment no later than 30th September 2013 as the aforementioned Law of 17th June 2013 ("Moniteur Belge" as of 28th June 2013) which increased the annual tax to be paid in 2013 is later than the expiry of the deadlines for filing the tax declaration and to pay it.

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