SYMPHONIA LUX SICAV Société d'investissement à capital variable

Transcription

1 SYMPHONIA LUX SICAV Société d'investissement à capital variable R.C.S. Luxembourg N B SemiAnnual Report as at March 31, 2011 (Unaudited) SYMPHONIA LUX SICAV Combined Dividends SYMPHONIA LUX SICAV Combined Global Trends SYMPHONIA LUX SICAV Equity SYMPHONIA LUX SICAV Flexible Bond SYMPHONIA LUX SICAV Free Style SYMPHONIA LUX SICAV Synapsi TR Strategies SYMPHONIA LUX SICAV Valore No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus which will be accompanied by a copy of the latest available annual report and a copy of the latest available semiannual report, if published after such annual report. SYMPHONIA LUX SICAV Alto Valore SYMPHONIA LUX SICAV Bestvalue

2 Table of Contents SYMPHONIA LUX SICAV Organisation 3 General Information 5 Statement of Net Assets 6 Statement of Operations and Changes in Net Assets 9 Statistics SYMPHONIA LUX SICAV Combined Dividends Statement of Investments and Other Net Assets 12 Portfolio Breakdowns 15 SYMPHONIA LUX SICAV Combined Global Trends Statement of Investments and Other Net Assets 16 Portfolio Breakdowns 18 SYMPHONIA LUX SICAV Equity Statement of Investments and Other Net Assets 19 Portfolio Breakdowns 21 SYMPHONIA LUX SICAV Flexible Bond Statement of Investments and Other Net Assets 22 Portfolio Breakdowns 26 SYMPHONIA LUX SICAV Free Style Statement of Investments and Other Net Assets 27 Portfolio Breakdowns 29 SYMPHONIA LUX SICAV Synapsi TR Strategies Statement of Investments and Other Net Assets 30 Portfolio Breakdowns 32 SYMPHONIA LUX SICAV Valore Statement of Investments and Other Net Assets 33 Portfolio Breakdowns 35 SYMPHONIA LUX SICAV Alto Valore Statement of Investments and Other Net Assets 36 Portfolio Breakdowns 37 SYMPHONIA LUX SICAV Bestvalue Statement of Investments and Other Net Assets 38 Portfolio Breakdowns 40 Notes to the Financial Statements 41 2

3 Organisation SYMPHONIA LUX SICAV BOARD OF DIRECTORS CHAIRMAN: Mr Dario BRANDOLINI Head of Risk Management Department of Symphonia SGR S.p A., Milano Italy DIRECTORS: Mr Massimo BAGGIANI, Fund Manager of Symphonia SGR S.p A., Milano Italy Mr Paolo BORETTO, Head of Investments of Symphonia SGR S.p A., Milano Italy Mr Gianmario ROLFO, Vice Chief Operating Officer of Symphonia SGR S.p A., Milano Italy Mr Loris Andrea CLEMENTI, Legal Officer of Banca Intermobiliare di Investimenti e Gestioni S.p A., Torino Italy Mr Cristiano ANFOSSI, Head of Commercial Coordination of Banca Intermobiliare di Investimenti e Gestioni S.p A., Torino Italy MANAGERS: Mr Dario BRANDOLINI (Manager) Mr Michael LANGE (Manager) ADMINISTRATION AND MANAGEMENT REGISTERED OFFICE 33, rue de Gasperich L 5826 Hesperange Grand Duchy of Luxembourg INVESTMENT MANAGER Symphonia Società di Gestione del Risparmio S.p.A., 5, Corso Giacomo Matteotti I Milano Italy Bestinver Gestión S.A. SGIIC Calle Juan de Mena, Núm 8, E Madrid Spain DISTRIBUTOR For Switzerland: Banca Intermobiliare di Investimenti e Gestioni (Suisse) S.A., 10, Contrada Sassello CH 6900 Lugano Switzerland 3

4 Organisation SYMPHONIA LUX SICAV For Italy: until March 23, 2011: Banca Intermobiliare di Investimenti e Gestioni S.p.A., 7, Via Gramsci I Torino Italy From March 24, 2011: Symphonia Società di Gestione del Risparmio S.p.A., 5, Corso Giacomo Matteotti I Milano Italy CUSTODIAN, PAYING AGENT, DOMICILIARY AND LISTING AGENT, ADMINISTRATIVE AGENT, REGISTRAR and TRANSFER AGENT BNP Paribas Securities Services, Luxembourg Branch, 33, rue de Gasperich L 5826 Hesperange (Postal Address: L2085 Luxembourg) Grand Duchy of Luxembourg APPROUVED STATUTORY AUDITOR Ernst & Young, S.A., 7, Parc d'activité Syrdall L 5365 Munsbach Grand Duchy of Luxembourg REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND BNP Paribas Securities Services, Paris, succursale de Zurich, 16, Selnaustrasse CH 8022 ZURICH Switzerland 4

5 General Information SYMPHONIA LUX SICAV SYMPHONIA LUX SICAV (the SICAV ) is an openended investment company registered on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of March 30, 1988 on collective investment undertakings and submitted through the modifications of its articles of incorporation to part I of the Luxembourg law dated December 20, The SICAV was incorporated in Luxembourg on July 6, 1998 for an unlimited period and offers shares in the following activated SubFunds (the SubFunds ), each linked to a separate investment portfolio of transferable securities: SYMPHONIA LUX SICAV Combined Dividends SYMPHONIA LUX SICAV Combined Global Trends SYMPHONIA LUX SICAV Equity SYMPHONIA LUX SICAV Flexible Bond SYMPHONIA LUX SICAV Free Style SYMPHONIA LUX SICAV Synapsi TR Strategies SYMPHONIA LUX SICAV Valore SYMPHONIA LUX SICAV Alto Valore SYMPHONIA LUX SICAV Bestvalue Notices of all general meetings will be published in the Mémorial, Recueil des Sociétés et Associations of Luxembourg (the Mémorial ) to the extent required by Luxembourg law, and in such other newspapers as the Directors may decide on and namely in the countries in which the shares are publicly offered. The Articles of Incorporation of the SICAV and a notice required by Luxembourg law in respect of the issue and sale of shares by the SICAV are deposited with the Greffe du Tribunal d Arrondissement of Luxembourg. The SICAV is registered with the Registre de Commerce, Luxembourg under number B The annual general meeting of shareholders will be held at the registered office of the SICAV or at such other place in Luxembourg on the fourth Tuesday of the month of January of each year at am or, if any such day is not a bank business day in Luxembourg, on the next bank business day in Luxembourg. The Articles of Incorporation of the SICAV, the Prospectus, the latest annual and semiannual reports and the full list of sales and purchases in the SubFunds can be obtained free of charge at the registered office of the SICAV and at the representative office in Switzerland. The Net Asset Values and the issue, conversion and redemption prices of the shares in any SubFund are made public and available at the registered office of the SICAV. 5

6 Statement of Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV SYMPHONIA LUX SICAV Combined Dividends SYMPHONIA LUX SICAV Combined Global Trends SYMPHONIA LUX SICAV Equity Combined Statements Notes Assets Investment in securities at cost Unrealised appreciation / (depreciation) on securities 9,841,653 (584,317) 10,477,317 (1,439,992) 2,888,816 48, ,445,432 4,282,921 Investment in securities at market value 2 Cash at bank Receivable for investment sold Net unrealised appreciation on forward foreign exchange 7 contracts Receivable on withholding tax reclaim Dividends and interest receivable 9,257, ,581 66,650 6,560 48,365 9,037,325 1,224, ,651 13,357 39,093 2,936, , , , ,728,353 23,373,036 5,182,122 3,424 22, ,053 Total assets 9,988,492 10,865,596 3,487, ,114,650 Liabilities Bank overdraft Accrued expenses Payable on securities purchased Performance fees payable 61, , ,886 23, , ,331,665 7,086,378 12,887 Total liabilities 61, , ,936 8,431,724 Net assets at the end of the period 9,927,137 10,236,661 3,360, ,682,926 Statement of changes in the number of shares For the period ended March 31, 2011 Shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Shares outstanding at the end of the period 7, (8,114) Net Asset Value per share Capitalisation Shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Shares outstanding at the end of the period 7,749 7,749 Net Asset Value per share Distribution 1, , (752) 9,988 1, , ,568 (91,480) 1,131, The accompanying notes are an integral part of these financial statements. 6

7 Statement of Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV SYMPHONIA LUX SICAV Flexible Bond SYMPHONIA LUX SICAV Free Style SYMPHONIA LUX SICAV Synapsi TR Strategies Combined Statements Notes Assets Investment in securities at cost Unrealised appreciation / (depreciation) on securities 49,711,134 (223,843) 12,861, ,946 43,707, , ,445,432 4,282,921 Investment in securities at market value 2 Cash at bank Receivable for investment sold Net unrealised appreciation on forward foreign exchange 7 contracts Receivable on withholding tax reclaim Dividends and interest receivable 49,487,291 2,984, ,600 13,241,942 1,563, ,565 43,953,602 2,393,304 4,201,931 3, , ,728,353 23,373,036 5,182,122 3,424 22, ,053 Total assets 52,934,858 14,873,846 50,655, ,114,650 Liabilities Bank overdraft Accrued expenses Payable on securities purchased Performance fees payable , , , , ,301 4,263,475 12, ,331,665 7,086,378 12,887 Total liabilities 838, ,161 4,380,665 8,431,724 Net assets at the end of the period 52,096,851 14,258,685 46,274, ,682,926 Statement of changes in the number of shares For the period ended March 31, 2011 Shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Shares outstanding at the end of the period 7,285,654 3,363,745 (1,242,463) 9,406,936 Net Asset Value per share Capitalisation 5.54 Shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Shares outstanding at the end of the period Net Asset Value per share Distribution 3,806,282 27,225 (189,933) 3,643, ,451,539 1,517,103 (1,586,290) 4,382, The accompanying notes are an integral part of these financial statements. 7

8 Statement of Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV SYMPHONIA LUX SICAV Valore SYMPHONIA LUX SICAV Alto Valore SYMPHONIA LUX SICAV Bestvalue Combined Statements Notes Assets Investment in securities at cost Unrealised appreciation / (depreciation) on securities 13,489, ,923 63,227,382 2,682,349 26,240,477 2,801, ,445,432 4,282,921 Investment in securities at market value 2 Cash at bank Receivable for investment sold Net unrealised appreciation on forward foreign exchange 7 contracts Receivable on withholding tax reclaim Dividends and interest receivable 13,862,463 2,174,102 46,887 65,909,731 9,937,584 29,997 29,041,830 2,107, ,573 1,893 4, ,728,353 23,373,036 5,182,122 3,424 22, ,053 Total assets 16,083,452 75,877,312 31,347, ,114,650 Liabilities Bank overdraft Accrued expenses Payable on securities purchased Performance fees payable 52, , , , , ,331,665 7,086,378 12,887 Total liabilities 52, , ,129 8,431,724 Net assets at the end of the period 16,030,595 74,887,633 30,609, ,682,926 Statement of changes in the number of shares For the period ended March 31, 2011 Shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Shares outstanding at the end of the period 904,087 1,365,087 (675,783) 1,593,391 Net Asset Value per share Capitalisation Shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Shares outstanding at the end of the period Net Asset Value per share Distribution 2,110,261 5,727,395 (568,438) 7,269, ,388,043 1,751,325 (533,719) 2,605, The accompanying notes are an integral part of these financial statements. 8

9 Statement of Operations and Changes in Net Assets for the period ended March 31, 2011 SYMPHONIA LUX SICAV SYMPHONIA LUX SICAV Combined Dividends SYMPHONIA LUX SICAV Combined Global Trends SYMPHONIA LUX SICAV Equity Combined Statements Notes Income Dividends (net of withholding taxes) Interest on bonds Bank interest 36,504 61, ,368 31, ,337 1, , ,375 13,105 Total income 97,878 76,489 7,724 1,297,011 Expenses Investment management fees 3 Custodian fees 4 Performance fees 5 Administration fees 4 Professional fees Taxe d'abonnement 6 Bank interest and charges Managing directors fees Distribution fees 3 Printing & Publication fees Other expenses 14,288 2,904 19,600 11,220 4,846 1, ,618 32,988 1,948 7,753 16,555 2,187 65,585 11,220 4,943 2, ,869 26,539 2,043 8,279 5,118 15,609 3,062 11,220 3, ,869 14,921 1,030 4, ,100 67, , ,111 62,476 48, , ,113 29, ,785 Total expenses 99, ,772 61,742 2,246,096 Net investment income / (loss) (1,814) (65,283) (54,018) (949,085) Net realised gain / (loss) on: Investments Foreign currencies transactions Futures contracts Forward foreign exchange contracts Options and swaps 239,544 (7,909) (1,868) 288,517 (24,690) (12,454) (127,291) (209) 11,145 1,893,414 (151,380) (708,496) 35,752 75,158 Net realised gain / (loss) for the period 227, ,090 (170,373) 195,363 Net change in unrealised appreciation / (depreciation) on: Investments Forward foreign exchange contracts (49,433) (1,914) 416,942 (12,760) 286,759 4,095,527 (20,611) Increase / (Decrease) in net assets as a result of operations 176, , ,386 4,270,279 Proceeds received on subscription of shares Net amount paid on redemption of shares Net assets at the beginning of the period 10,769,533 (10,402,912) 9,383, ,258 (751,393) 10,257,524 1,114,300 (261,801) 2,392, ,556,606 (54,553,972) 168,410,013 Net assets at the end of the period 9,927,137 10,236,661 3,360, ,682,926 The accompanying notes are an integral part of these financial statements. 9

10 Statement of Operations and Changes in Net Assets for the period ended March 31, 2011 SYMPHONIA LUX SICAV SYMPHONIA LUX SICAV Flexible Bond SYMPHONIA LUX SICAV Free Style SYMPHONIA LUX SICAV Synapsi TR Strategies Combined Statements Notes Income Dividends (net of withholding taxes) Interest on bonds Bank interest 26, ,187 1,950 22,445 87, , ,138 4, , ,375 13,105 Total income 565, , ,645 1,297,011 Expenses Investment management fees 3 Custodian fees 4 Performance fees 5 Administration fees 4 Professional fees Taxe d'abonnement 6 Bank interest and charges Managing directors fees Distribution fees 3 Printing & Publication fees Other expenses 31,216 6,271 13,589 11,104 11, ,869 88,925 6,188 24,484 23,317 4,951 49,028 11,220 5,668 3, ,869 43,195 2,647 11,874 44,122 6,794 39,649 13,804 11,280 8, , ,528 6,963 25, ,100 67, , ,111 62,476 48, , ,113 29, ,785 Total expenses 194, , ,955 2,246,096 Net investment income / (loss) 371,057 (46,746) 51,690 (949,085) Net realised gain / (loss) on: Investments Foreign currencies transactions Futures contracts Forward foreign exchange contracts Options and swaps (101,235) (20,119) 21,230 3, ,611 (20,831) (245,947) ,908 (31,241) 50,074 70,620 1,893,414 (151,380) (708,496) 35,752 75,158 Net realised gain / (loss) for the period 274,733 (125,175) 421, ,363 Net change in unrealised appreciation / (depreciation) on: Investments Forward foreign exchange contracts (473,919) 403,002 (306,433) (5,937) 4,095,527 (20,611) Increase / (Decrease) in net assets as a result of operations (199,186) 277, ,681 4,270,279 Proceeds received on subscription of shares Net amount paid on redemption of shares Net assets at the beginning of the period 18,644,328 (6,881,023) 40,532, ,000 (743,121) 14,618,979 16,075,688 (16,736,722) 46,826, ,556,606 (54,553,972) 168,410,013 Net assets at the end of the period 52,096,851 14,258,685 46,274, ,682,926 The accompanying notes are an integral part of these financial statements. 10

11 Statement of Operations and Changes in Net Assets for the period ended March 31, 2011 SYMPHONIA LUX SICAV SYMPHONIA LUX SICAV Valore SYMPHONIA LUX SICAV Alto Valore SYMPHONIA LUX SICAV Bestvalue Combined Statements Notes Income Dividends (net of withholding taxes) Interest on bonds Bank interest 44,405 1,164 19,068 2,592 42,606 1, , ,375 13,105 Total income 45,569 21,660 44,402 1,297,011 Expenses Investment management fees 3 Custodian fees 4 Performance fees 5 Administration fees 4 Professional fees Taxe d'abonnement 6 Bank interest and charges Managing directors fees Distribution fees 3 Printing & Publication fees Other expenses 19,967 2,408 5,191 11,219 4,987 2,787 1,869 55,188 1,682 8,758 94,546 6,283 76,657 12,400 9,106 11, , ,485 4,043 24,792 89,971 20, ,747 11,219 6,921 6, , ,344 2,985 15, ,100 67, , ,111 62,476 48, , ,113 29, ,785 Total expenses 114, , ,250 2,246,096 Net investment income / (loss) (68,487) (464,636) (670,848) (949,085) Net realised gain / (loss) on: Investments Foreign currencies transactions Futures contracts Forward foreign exchange contracts Options and swaps 57,853 (4,983) (43,274) 424,372 (15,934) (451,650) 644,135 (25,464) 1,893,414 (151,380) (708,496) 35,752 75,158 Net realised gain / (loss) for the period (58,891) (507,848) (52,177) 195,363 Net change in unrealised appreciation / (depreciation) on: Investments Forward foreign exchange contracts 206,254 1,871,235 1,741,120 4,095,527 (20,611) Increase / (Decrease) in net assets as a result of operations 147,363 1,363,387 1,688,943 4,270,279 Proceeds received on subscription of shares Net amount paid on redemption of shares Net assets at the beginning of the period 13,777,216 (6,821,640) 8,927,656 58,728,431 (5,812,766) 20,608,581 20,201,852 (6,142,594) 14,861, ,556,606 (54,553,972) 168,410,013 Net assets at the end of the period 16,030,595 74,887,633 30,609, ,682,926 The accompanying notes are an integral part of these financial statements. 11

12 Statistics SYMPHONIA LUX SICAV Net asset value Capitalisation Net asset value Distribution Net Asset Value SYMPHONIA LUX SICAV Combined Dividends 30/09/09 30/09/10 31/03/11 SYMPHONIA LUX SICAV Combined Global Trends 30/09/09 30/09/10 31/03/11 SYMPHONIA LUX SICAV Equity 30/09/09 30/09/10 31/03/11 SYMPHONIA LUX SICAV Flexible Bond 30/09/09 30/09/10 31/03/11 SYMPHONIA LUX SICAV Free Style 30/09/09 30/09/10 31/03/11 SYMPHONIA LUX SICAV Synapsi TR Strategies 30/09/09 30/09/10 31/03/11 SYMPHONIA LUX SICAV Valore 30/09/09 30/09/10 31/03/11 SYMPHONIA LUX SICAV Alto Valore 30/09/09 30/09/10 31/03/11 SYMPHONIA LUX SICAV Bestvalue 30/09/09 30/09/10 31/03/11 1, , , , ,944,754 9,383,910 9,927, ,453,609 10,257,524 10,236, ,567,796 2,392,030 3,360, ,308,789 40,532,732 52,096, ,927,618 14,618,979 14,258, ,819,526 46,826,946 46,274, ,927,656 16,030,595 20,608,581 74,887, ,861,655 30,609,856 The accompanying notes are an integral part of these financial statements. 12

13 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Combined Dividends Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Transferable securities admitted to an official exchange listing Shares Telecommunication 3,358 AT & T Inc 72, ,147 Deutsche Telekom AG 55, ,854 France Télécom SA 92, ,125 Hellenic Telecommunications Organization SA 64, ,255 Koninklijke KPN NV 99, ,254 Mobile Telesystems 48, ,943 Nokia Oyj AB 60, ,712 Telecom Italia SpA RNC 138, ,858 Telefonica SA 156, NOK 5,171 Telenor ASA 59, ,879 Verizon Communications Inc 105, ,016 Vimpelcom Ltd ADR 49, ,002, Energy GBP 13,568 BP Plc 69, ,218 Chesapeake Energy Corp 28, ,590 Conoco Phillips 89, ,993 Endesa SA 174, ,314 Enel SpA 130, ,830 ENIEnte Nazionale Idrocarburi SpA 153, ,307 E.On AG 114, ,739 Iren SpA 61, ,949 QCells AG 18, ,323 RWE AG 104, , Insurance 3,009 Allianz AG 297, GBP 10,985 Aviva Plc 53, ,544 Axa 111, ,123 Milano Assicurazioni SpA 31, Muenchener Rueckversicherungs AG 51, CHF 549 Zurich Financial Services 108, , Pharmaceutical products 4,009 Eli Lilly & Co 99, ,328 Pfizer Inc 290, ,365 SanofiAventis SA 215, , Transportation 11,446 Deutsche Post AG 145, ,000 FNM SpA 41, ,960 TNT NV 89, , Banks 30,116 Banca Intesa SpA RNC 56, ,124 Banco Santander Central Hispano SA 66, ,436 Crédit Agricole SA 62, ,452 ING Groep NV 75, , Distribution & Wholesale 3,044 Carrefour SA 95, ,165 Conns Inc 22, ,277 Koninklijke Ahold NV 97, ,

14 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Combined Dividends Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Diversified services GBP 75,910 Thomas Cook Group 146, , Media 7,165 Vivendi SA 144, , Computer hardware 9,597 Intel Corp 136, , Cosmetics 5,804 Merck & Co. Inc. 135, , Printing & Editing 17,836 New York Times Co 119, , Internet 11,837 Freenet AG 95, , Car industry 9,404 Fiat SPA Priv 48, , Financial services GBP 17,369 MAN Group Plc 48, , Building Equipments GBP 107,131 Speedy Hire Plc 34, , Food services 2,665 Dean Foods Co 18, , Engineering & Construction THB 138,000 Italian Thai Development NVDR 13, , Computer software AUD 323,082 Isoft Group 12, , Total Shares 4,913, Bonds Government 150,000 Austria Government Bond /07/15 153, ,000 France Government Bond OAT /10/15 403, ,000 France Government Bond OAT /10/13 732, ,000 France Government Bond OAT /07/15 708, ,000 Italy Buoni Ordinari del Tesoro ZC 16/01/12 296, ,000 italy certificati del Tesoro Zero coupon Bond ZC 31/12/12 286, , ,000 Spain Government Bond US Treasury Note /04/21 15/11/40 406, , ,358, Total Bonds 3,358, Total Transferable securities admitted to an official exchange listing 8,271, Funds Investment Funds Openended Funds 24,826 BGF Local Emerging Markets Short Duration 491, Bond 49,164 ETFS Leveraged Natural Gas 13, ,389 Ishares Euro Corporate Bond 282,

15 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Combined Dividends Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * 11,981 Lyxor ETF Leveraged DJ Euro STOXX , , Total Investment Funds 985, Total Funds 985, Total investments (Cost : 9,841,653) 9,257, Cash at bank 609, Other net assets 60, Total net assets 9,927, * Any differences in the market value and the percentage of net asset figures are the result of roundings. The accompanying notes are an integral part of these financial statements. 15

16 Portfolio Breakdowns SYMPHONIA LUX SICAV Combined Dividends Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Shares Bonds Investment Funds France Italy United States Germany Spain Luxembourg Netherlands United Kingdom Other Top Ten Holdings Rate Maturity Date Market value % of net assets France Government Bond OAT Government /10/13 732, France Government Bond OAT Government /07/15 708, BGF Local Emerging Markets Short Duration Openended Funds 491, Bond Spain Government Bond Government /04/21 406, France Government Bond OAT Government /10/15 403, US Treasury Note Government /11/40 370, Allianz AG Insurance 297, Italy Buoni Ordinari del Tesoro Government FRN 16/01/12 296, Pfizer Inc Pharmaceutical products 290, italy certificati del Tesoro Zero coupon Bond Government ZC 31/12/12 286,

17 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Combined Global Trends Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Transferable securities admitted to an official exchange listing Shares Energy GBP 32,262 BP Plc 165, ,211 ENIEnte Nazionale Idrocarburi SpA 194, ,453 E.On AG 182, ,037 Gazprom OAO ADR 229, , Banks 24,940 Bank of America Corp 234, ,545 Crédit Agricole SA 122, ,529 ING Groep NV 228, ,936 Mediobanca SpA 71, , Insurance 5,174 Allianz AG 512, CHF 687 Zurich Financial Services 136, , Cosmetics 19,594 Merck & Co. Inc. 455, , Telecommunication 3,372 AT & T Inc 72, ,750 Telefonica SA 119, ,990 Vimpelcom Ltd ADR 198, , Pharmaceutical products GBP 9,149 GlaxoSmithKline Plc 122, ,146 SanofiAventis SA 155, , Printing & Editing 40,170 New York Times Co 268, , Electric & Electronic 939 Samsung Electronics 189, , Media 8,453 Vivendi SA 170, , Transportation 4,298 Deutsche Post AG 54, ,658 FNM SpA 106, , Financial services 7,400 Morgan Stanley 142, , Computer software AUD 497,859 Isoft Group 18, ,420 Symantec Corp 123, , Engineering & Construction THB 1,383,039 Italian Thai Development PCL REG Shares 135, , Food services 3,207 Campbell Soup Co 74, ,942 Dean Foods Co 34, ,

18 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Combined Global Trends Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Distribution & Wholesale 13,832 Conns Inc 43, ,064 Koninklijke Ahold NV 47, , Leisure time 18,848 18,699 Intralot SAIntegrated Lottery Systems & Services Poncin Yachts 46,178 36, , Computer hardware 5,932 Dell Inc 60, , Building Equipments GBP 184,445 Speedy Hire Plc 59, , Total Shares 4,814, Bonds Government 350,000 Bundesrepublik Deutschland Bundesobligationen Serie /04/12 359, ,000 France Government Bond OAT /10/13 942, , ,000 France Government Bond OAT Italy Buoni Poliennali del Tesoro /07/11 15/09/11 101, , ,605, Total Bonds 1,605, Total Transferable securities admitted to an official exchange listing 6,419, Funds Investment Funds Openended Funds 11,381 Dws Invest Global Thematic 991, ,122 ETFS Leveraged Natural Gas 23, Lyxor Etf Euro Cash Eonia 73, ,693 Nasdaq 100 European Tracker 512, ,749 Pictet Global Megatrend Selection Class I 1,015, ,617, Total Investment Funds 2,617, Total Funds 2,617, Total investments (Cost : 10,477,317) 9,037, Cash at bank 1,224, Other net liabilities (24,834) (0.24) Total net assets 10,236, * Any differences in the market value and the percentage of net asset figures are the result of roundings. 18 The accompanying notes are an integral part of these financial statements.

19 Portfolio Breakdowns SYMPHONIA LUX SICAV Combined Global Trends Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Shares Investment Funds Bonds Luxembourg France United States Germany Italy Ireland Netherlands United Kingdom Russia South Korea Other Top Ten Holdings Rate Maturity Date Market value % of net assets Pictet Global Megatrend Selection Class I Openended Funds 1,015, Dws Invest Global Thematic Openended Funds 991, France Government Bond OAT Government /10/13 942, Nasdaq 100 European Tracker Openended Funds 512, Allianz AG Insurance 512, Merck & Co. Inc. Cosmetics 455, Bundesrepublik Deutschland Bundesobligationen Government /04/12 359, Serie 150 New York Times Co Printing & Editing 268, Bank of America Corp Banks 234, Gazprom OAO ADR Energy 229,

20 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Equity Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Transferable securities admitted to an official exchange listing Shares Energy 30,000 A2A SPA 34, ,683 Enel SpA 212, ,150 ENIEnte Nazionale Idrocarburi SpA 106, ,000 Iren SpA 55, ,400 Royal Dutch Shell Plc Classe A 61, Saipem SpA 22, Technip SA 51, ,000 Terna SpA 101, ,800 Ternienergia SpA 32, ,200 Total SA 51, , Engineering & Construction 14,500 Astaldi SpA 84, ,500 Buzzi Unicem SpA 14, ,789 Impregilo SpA 41, ,500 Italcementi SPA RNC 50, ,700 Trevi Finanziaria SpA 44, , Printing & Editing 25,373 Arnoldo Mondadori Editore SpA 69, ,000 Gruppo Editoriale l'espresso SpA 36, ,553 RCS MediaGroup SpA 44, , Building materials 1,200 Abengoa SA 28, ,000 Bouygues 67, Ciments Français 7, HeidelbergCement AG 38, , Auto Parts & Equipment 5,200 Danieli SpA Officine Meccaniche 60, ,400 Pirelli & C SpA 58, , Commercial services 5,000 Atlantia SpA 80, ,500 Engineering Ingegneria Informatica SpA 34, , Telecommunication 44,019 Telecom Italia SpA 47, ,505 Telecom Italia SpA RNC 62, , Banks 31,600 Banco Popolare Scarl 66, ,197 Crédit Agricole SA 37, , Chemical 900 Bayer AG 49, ,000 ISAGRO SpA 11, ,000 Maire Tecnimont 26, , Electric & Electronic 6,000 Saes GettersRnc 33, ,573 STMicroelectronics NV 48, ,

21 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Equity Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Distribution & Wholesale 1,600 Autogrill SpA 15, ,500 Bulgari SpA 55, , Media 14,006 Mediaset SpA 62, , Insurance 511 Allianz AG 50, , Computer hardware 1,200 Atos Origin SA 49, , Metal 573 Vallourec 45, , Computer software 33,000 Exprivia SpA 33, , Financial services 4,000 Societa Iniziative Autostradali e Servizi SpA 33, , Total Shares 2,220, Bonds Government 150,000 italy certificati del Tesoro Zero coupon Bond ZC 31/08/12 145, ,000 italy certificati del Tesoro Zero coupon Bond ZC 31/12/12 143, ,000 italy certificati del Tesoro Zero coupon Bond ZC 30/04/12 97, ,000 66,000 Italy Certificati di Credito del Tesoro Italy Certificati di Credito del Tesoro FRN FRN 01/05/11 01/07/13 230,046 65, , Total Bonds 681, Total Transferable securities admitted to an official exchange listing 2,902, Transferable securities dealt in on another regulated market Shares Commercial services 1,650 Reply SpA 33, , Total Shares 33, Total Transferable securities dealt in on another regulated market 33, Total investments (Cost : 2,888,816) 2,936, Cash at bank 378, Other net assets 45, Total net assets 3,360, * Any differences in the market value and the percentage of net asset figures are the result of roundings. The accompanying notes are an integral part of these financial statements. 21

22 Portfolio Breakdowns SYMPHONIA LUX SICAV Equity Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Shares Bonds Italy France Germany Netherlands Spain Top Ten Holdings Rate Maturity Date Market value % of net assets Italy Certificati di Credito del Tesoro Government FRN 01/05/11 230, Enel SpA Energy 212, italy certificati del Tesoro Zero coupon Bond Government ZC 31/08/12 145, italy certificati del Tesoro Zero coupon Bond Government ZC 31/12/12 143, ENIEnte Nazionale Idrocarburi SpA Energy 106, Terna SpA Energy 101, italy certificati del Tesoro Zero coupon Bond Government ZC 30/04/12 97, Astaldi SpA Engineering & Construction 84, Atlantia SpA Commercial services 80, Arnoldo Mondadori Editore SpA Printing & Editing 69,

23 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Flexible Bond Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Transferable securities admitted to an official exchange listing Bonds Government 1,000,000 Bundesschatzanweisung /03/13 994, ,000 Bundesschatzanweisung /12/11 400, ,000 Cassa Depositi e Prestiti SpA /04/12 100, ,000 European Union /12/15 196, ,000 France Government Bond OAT /04/20 693, ,000 Instituto de Credito Oficial /03/12 300, ,000,000 Italy Buoni Ordinari del Tesoro ZC 15/02/12 984, ,000 Italy Buoni Ordinari del Tesoro ZC 15/03/12 491, ,000,000 Italy Buoni Ordinari del Tesoro ZC 15/12/11 989, ,000 Italy Buoni Ordinari del Tesoro ZC 14/10/11 496, ,000 Italy Buoni Ordinari del Tesoro ZC 15/08/11 298, ,500,000 Italy Buoni Ordinari del Tesoro ZC 15/07/11 1,495, ,000 Italy Buoni Poliennali del Tesoro /12/12 495, ,000 Italy Buoni Poliennali del Tesoro /04/14 742, ,000 italy certificati del Tesoro Zero coupon Bond ZC 31/08/12 483, ,000 italy certificati del Tesoro Zero coupon Bond ZC 31/12/12 478, ,000 Italy Certificati di Credito del Tesoro FRN 01/11/11 500, ,000 Netherlands Government Bond /07/15 102, PLN 2,700,000 Poland Government Bond /04/12 671, ,000 Slovakia Government Bond /10/25 457, ,000 Société de financement de l'économie française /05/12 200, ,000 Société de financement de l'économie française /03/12 402, , ,000 Société de financement de l'économie française Spanish Government /11/11 31/10/13 101, , ,370, Banks 200,000 ABN Amro Bank NV FRN 20/04/14 201, ,000 Banca Marche FRN 19/10/11 99, ,000 Banca Popolare di Milano FRN 24/09/12 299, ,000 Banca Popolare Vicent FRN 05/10/12 695, ,000 Banco Popular Espanol /09/13 339, ,000 Bank of America Corp FRN 23/05/17 476, ,000 Barclays Bank Plc FRN 28/01/13 150, ,000 Compagnie Financière et Foncière /02/12 200, ,000 Credit Suisse Ltd FRN 17/06/13 202, ,000 Dexia Credit Local FRN 06/02/12 300, ,000 EFSF /07/16 441, ,000 Ford Credit Europe /01/13 315, TRY 1,800,000 International Bank Reconversion & Development /08/12 848, ,000,000 Intesa Sanpaolo /02/13 998, ,000 Intesa Sanpaolo /01/16 196, ,000 Intesa Sanpaolo FRN 29/10/49 150, ,000 KFW /05/12 201, ,000 Mediobanca /12/12 205, ,000,000 Mediobanca FRN 13/12/15 1,005, ,000 Mediobanca SpA ZC 12/12/11 196, ,000 Monte Dei Paschi /06/15 475, ,000 Monte Dei Paschi FRN 09/05/14 188, ,000 Nationwide Building Society /07/20 341, ,000 Rentenbank /03/14 203, ,000 Royal Bank of Scotland /06/13 199, ,000 SEB /05/12 102,

24 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Flexible Bond Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * 400,000 Ubi Banca Spca FRN 05/11/12 399, ,000 Unicredit SpA FRN 14/09/12 349, ,000 Unicredito Italiano /09/17 495, ,000 Union Bank India /02/16 70, ,200 Unione di Banche Italia SCPA /07/13 282, ,000 Veneto Banca Holding FRN 15/07/11 250, ,000 Veneto Banca SCP FRN 04/03/13 699, ,000 Volkswagen Bank /06/13 496, ,079, Financial services 400,000 Banque Psa Finance SA /01/13 404, ,000 BP Capital Plc /11/12 515, ,000 FGA Capital Ireland /03/13 300, ,000 Fiat Finance & Trade Ltd /11/11 759, ,800,000 Fiat Finance & Trade Ltd ZC 09/05/11 1,795, ,000 Fiat Industrial Finance /03/18 495, ,000 GE Capital Euro Fund /09/15 241, ,000 GE Capital European Funding /10/14 197, ,000 Merrill Lynch FRN 22/07/14 486, ,000 RCI Banque /01/13 401, ,000 Sanpaolo IMI FRN 20/02/18 698, ,000 Volkswagen Bank FRN 10/04/12 501, ,797, Supranational organisation 250,000 Euro Community /12/11 253, ,000 European Investment Bank /04/12 201, ,000 European Investment Bank /07/15 491, TRY 400,000 European Investment Bank /09/13 189, INR 20,000,000 Interamerica Development Bank /03/14 294, MXN 9,000,000 International Bank Reconversion & Development /09/13 547, ,979, Energy 100,000 Alliander Finance /04/12 101, ,000 A2A SpA /10/13 103, ,000 Edison SpA /07/14 151, ,000 Enagas /07/12 302, ,000 Enel SpA FRN 14/01/15 399, ,000 ENIEnte Nazionale Idrocarburi SpA FRN 29/06/15 201, ,260, Auto Parts & Equipment 300,000 Alstom /10/15 287, ,000 Pirelli & C. SpA /02/16 249, ,000 Rheinmetall /09/17 293, , Pharmaceutical products 700,000 Sanofi Aventis /05/13 713, , Telecommunication 400,000 Mediaset SpA /02/17 390, ,000 Vodafone Group PLC FRN 05/09/13 300, , Car industry 500,000 Fiat Finance & Trade /07/12 530, , Distribution & Wholesale 100,000 Mc Donalds Corp /02/21 98, ,000 Praktiker Bauun /02/16 403, ,

25 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Flexible Bond Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Diversified services 300,000 Hit Finance BV /03/18 302, , Building materials 300,000 Buzzi Unicem SPA /12/16 299, , Chemical 250,000 Symrise AG /10/17 239, , Tobacco & Alcohol 250,000 Carlsberg Brew /10/17 237, , Insurance 150,000 Assicurazioni Generali SpA /11/14 155, ,000 Unipol Gruppo Finanziario /01/17 49, , Transportation 200,000 Atlantia SpA FRN 09/06/11 199, , Total Bonds 39,239, Mortgage backed securities Banks 500,000 Credito Valtellinese FRN 30/03/17 505, , Total Mortgage backed securities 505, Total Transferable securities admitted to an official exchange listing 39,744, Funds Investment Funds Openended Funds 9,300 AXA IM FIIS US Short Durable High Income 1,210, ,700 Eurizon Stars Fund Emerging Bond I 1,411, ,643 Ishares Euro Corporate Bond 1,497, ,804 Julius Baer Multibond Absolute Return Fund 486, ,500 LFP Protectaux 1,468, ,000 Pimco Global Investment Fund Unconstrained Bond I H Acc 1,174, ,000 10,000 Schroder International Euro Corporate Cac Vontobel Absolute Bond Eur J Cap 1,368,000 1,127, ,742, Total Investment Funds 9,742, Total Funds 9,742, Total investments (Cost : 49,711,134) 49,487, Cash at bank 2,984, Other net liabilities (374,663) (0.72) Total net assets 52,096, * Any differences in the market value and the percentage of net asset figures are the result of roundings. The accompanying notes are an integral part of these financial statements. 25

26 Portfolio Breakdowns SYMPHONIA LUX SICAV Flexible Bond Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Bonds Investment Funds Mortgage backed securities Italy Luxembourg France Germany Supranational Multinational Ireland United Kingdom Spain United States Other Top Ten Holdings Rate Maturity Date Market value % of net assets Fiat Finance & Trade Ltd Financial services ZC 09/05/11 1,795, Ishares Euro Corporate Bond Openended Funds 1,497, Italy Buoni Ordinari del Tesoro Government ZC 15/07/11 1,495, LFP Protectaux Openended Funds 1,468, Eurizon Stars Fund Emerging Bond I Openended Funds 1,411, Schroder International Euro Corporate Cac Openended Funds 1,368, AXA IM FIIS US Short Durable High Income Openended Funds 1,210, Pimco Global Investment Fund Unconstrained Openended Funds 1,174, Bond I H Acc Vontobel Absolute Bond Eur J Cap Openended Funds 1,127, Mediobanca Banks FRN 13/12/15 1,005,

27 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Free Style Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Transferable securities admitted to an official exchange listing Bonds Banks 1,400,000 Deutsche Bank AG FRN 16/01/14 1,372, ,000 Intesa Sanpaolo FRN 29/10/49 501, ,000 Unicredit International FRN 29/12/49 247, ,000 Unione di Banche Italia SCPA /07/13 217, ,339, Supranational organisation 1,500,000 European Investment Bank FRN 15/01/20 1,492, ,492, Government 712,000 Italy Buoni Ordinari del Tesoro ZC 14/10/11 706, ,000 italy certificati del Tesoro Zero coupon Bond ZC 30/09/11 706, ,412, Building materials 1,000,000 Buzzi Unicem SPA /12/16 997, , Financial services 500,000 Bpu Banca Scpa FRN 30/06/16 482, ,000 Italcementi Finance /03/20 189, , Telecommunication 400,000 Vodafone Group FRN 06/06/14 397, , Total Bonds 7,311, Shares Energy 300,000 Edison SpA 236, ,000 Enel SpA 311, ,000 ENIEnte Nazionale Idrocarburi SpA 294, ,000 ERG SpA 351, ,000 Snam Rete Gas SpA 594, ,000 Terna SpA 591, ,379, Telecommunication 26,000 Prysmian SpA 393, , Car industry 70,000 Fiat SPA Priv 362, , Chemical CHF 1,200 Syngenta AG 275, , Auto Parts & Equipment 37,000 Fiat Industrial Preferred 231, , Metal fabricate 6,000 Arcelor Mittal 153, , Financial services 50,000 CIRCompagnie Industriali Riunite SpA 79, , Healthcare 2,000 Baxter International Inc 75, ,

28 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Free Style Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Real estate Banks 350,000 Aedes SpA 63, , ,000 Ageas Strip Wpr Total Shares 4,015, Total Transferable securities admitted to an official exchange listing 11,327, Funds Investment Funds Openended Funds 0 Dws Invest Global Thematic ,500 Lyxor Etf DJ Stoxx Oil & Gas 302, ,000 Lyxor Etf Euro Cash Eonia 1,061, ,000 Lyxor Etf Korea 78, ,000 Lyxor Etf MSCI India 242, ,000 Lyxor Etf Taiwan 67, ,000 Morgan Stanley China A Share Fund Inc 162, ,914, Total Investment Funds 1,914, Total Funds 1,914, Total investments (Cost : 12,861,996) 13,241, Cash at bank 1,563, Other net liabilities (546,392) (3.83) Total net assets 14,258, * Any differences in the market value and the percentage of net asset figures are the result of roundings. 28 The accompanying notes are an integral part of these financial statements.

29 Portfolio Breakdowns SYMPHONIA LUX SICAV Free Style Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Bonds Shares Investment Funds Italy France Supranational Multinational Germany Luxembourg United Kingdom Switzerland Other Top Ten Holdings Rate Maturity Date Market value % of net assets European Investment Bank Supranational FRN 15/01/20 1,492, organisation Deutsche Bank AG Banks FRN 16/01/14 1,372, Lyxor Etf Euro Cash Eonia Openended Funds 1,061, Buzzi Unicem SPA Building materials /12/16 997, Italy Buoni Ordinari del Tesoro Government ZC 14/10/11 706, italy certificati del Tesoro Zero coupon Bond Government ZC 30/09/11 706, Snam Rete Gas SpA Energy 594, Terna SpA Energy 591, Intesa Sanpaolo Banks FRN 29/10/49 501, Bpu Banca Scpa Financial services FRN 30/06/16 482,

30 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Synapsi TR Strategies Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Transferable securities admitted to an official exchange listing Bonds Government 1,000,000 Bundesrepublik Deutschland Bundesobligationen Serie /04/12 1,026, ,700,000 Bundesschatzanweisung /03/12 2,692, ,831,000 Italy Buoni Poliennali del Tesoro /03/12 1,849, ,419,000 Italy Buoni Poliennali del Tesoro /06/13 1,392, ,493,000 italy certificati del Tesoro Zero coupon Bond ZC 29/02/12 1,468, ,463,000 italy certificati del Tesoro Zero coupon Bond ZC 30/09/11 3,438, ,018,000 Italy Certificati di Credito del Tesoro FRN 01/07/13 1,010, ,879, Banks 2,970,000 KFW /01/12 3,015, ,936,000 Mediobanca FRN 13/12/15 1,948, ,000 Veneto Banca Holding FRN 15/07/11 450, ,000 Veneto Banca SCP FRN 04/03/13 499, ,913, Financial services 1,000,000 BP Capital Plc /11/12 1,031, ,031, Total Bonds 19,823, Shares Building materials 80,000 Australia Acquisition Corp 543, ,550 Italy 1 Investment SA 1,179, ,723, Pharmaceutical products CHF 12,834 Actelion NV 522, , Financial services 4,236 GS International 436, ,371 Helikos SE 81, , Auto Parts & Equipment GBP 174,258 Gulf Keystone Petroleum Ltd 298, , Cosmetics 19,607 Gentium SpA 131, , Total Shares 3,193, Total Transferable securities admitted to an official exchange listing 23,017, Funds Investment Funds Openended Funds 5,416 Amundi Funds Volatility Euro Equities 727, ,322 Amundi FundsDynarbitrage VOLM 702, ,962 Axa IM Fixed Us Short Duration High Yield 2,249, Bond Classe C 5,045 BBVA Partners European Absolute Return A 642, ,642 DB Etc Crude Oil Hedged 3,286, Dexia Index Arbitrage Cap 1,005, ,302 F&C Active Return I 466, ,833 HSBC GIF GL Emerging Market Bond Class 1,771, IH Euro 44,252 HSBC GIF European Equity Alpha L1 430,

31 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Synapsi TR Strategies Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * 74,062 HSBC GIF New World Income L1H 667, ,524 Ishares Euro Corporate Bond 1,838, ,289 JP Morgan Fund Pacific Equity Fund Class B 829, ,108 Julius Baer Multibond Absolute Return Fund 780, ,880 Market Access III 592, ,294 Pimco Total Return Bond E Eur 740, ,670 SGAM Bond Absolute Return Forex SG Asset Management 497, ,600 SPDR S&P Russia Etf 2,031, ,337 6,310 SPDR Trust Series 1 Vontobel Absolute Bond Eur J Cap 965, , ,935, Total Investment Funds 20,935, Total Funds 20,935, Total investments (Cost : 43,707,117) 43,953, Cash at bank 2,393, Other net liabilities (72,311) (0.15) Total net assets 46,274, * Any differences in the market value and the percentage of net asset figures are the result of roundings. The accompanying notes are an integral part of these financial statements. 31

32 Portfolio Breakdowns SYMPHONIA LUX SICAV Synapsi TR Strategies Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Investment Funds Bonds Shares Italy Luxembourg Germany Jersey United States United Kingdom France Other Top Ten Holdings Rate Maturity Date Market value % of net assets italy certificati del Tesoro Zero coupon Bond Government ZC 30/09/11 3,438, DB Etc Crude Oil Hedged Openended Funds 3,286, KFW Banks /01/12 3,015, Bundesschatzanweisung Government /03/12 2,692, Axa IM Fixed Us Short Duration High Yield Bond Openended Funds 2,249, Classe C SPDR S&P Russia Etf Openended Funds 2,031, Mediobanca Banks FRN 13/12/15 1,948, Italy Buoni Poliennali del Tesoro Government /03/12 1,849, Ishares Euro Corporate Bond Openended Funds 1,838, HSBC GIF GL Emerging Market Bond Class IH Euro Openended Funds 1,771,

33 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Valore Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Transferable securities admitted to an official exchange listing Bonds Government 900,000 Bundesschatzanweisung /06/12 889, ,300,000 Bundesschatzanweisung /03/12 1,296, ,000 Deutsche Bundesrepublik /01/12 522, ,000 Deutsche Bundesrepublik /07/11 508, ,000 Italy Buoni Ordinari del Tesoro ZC 30/06/11 518, ,000 Italy Buoni Ordinari del Tesoro ZC 15/02/12 590, ,000 Italy Buoni Ordinari del Tesoro ZC 15/07/11 199, ,000 Italy Buoni Ordinari del Tesoro ZC 15/09/11 198, ,000 Italy Buoni Ordinari del Tesoro ZC 15/12/11 296, ,000 Netherlands Government /01/12 201, ,223, Supranational organisation 700,000 European Investment Bank /04/12 706, , Total Bonds 5,930, Shares Insurance 5,277 Berkshire Hathaway Inc B 310, , Total Shares 310, Total Transferable securities admitted to an official exchange listing 6,241, Funds Investment Funds Openended Funds 268 Agressor Gestione Patrimoni 325, ,881 CAAM Latin America Equity 158, Carmignac Investis.A FCP 650, Carmignac Patrimoine 709, CS Etf (Lux) Global Value Class I 160, ,647 Echiquier Patrimoine 2,114, ,560 Sextant Autour du Monde Class A Cap 806, ,695 UIS Best Europe Equity RCA 972, , UIS Best International Equity RCA Valeur Intrinsèque Class I 1,224, , ,621, Total Investment Funds 7,621, Total Funds 7,621, Total investments (Cost : 13,489,540) 13,862, Cash at bank 2,174, Other net liabilities (5,970) (0.04) Total net assets 16,030, * Any differences in the market value and the percentage of net asset figures are the result of roundings. The accompanying notes are an integral part of these financial statements. 33

34 Portfolio Breakdowns SYMPHONIA LUX SICAV Valore Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Investment Funds Bonds Shares France Germany Luxembourg Italy Supranational Multinational United States Netherlands Top Ten Holdings Rate Maturity Date Market value % of net assets Echiquier Patrimoine Openended Funds 2,114, Bundesschatzanweisung Government /03/12 1,296, UIS Best International Equity RCA Openended Funds 1,224, UIS Best Europe Equity RCA Openended Funds 972, Bundesschatzanweisung Government /06/12 889, Sextant Autour du Monde Class A Cap Openended Funds 806, Carmignac Patrimoine Openended Funds 709, European Investment Bank Supranational /04/12 706, organisation Carmignac Investis.A FCP Openended Funds 650, Italy Buoni Ordinari del Tesoro Government ZC 15/02/12 590,

35 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Alto Valore Currency Quantity or Denomination Rate Maturity Date Nominal Market value * % of net assets * Transferable securities admitted to an official exchange listing Bonds Government 3,000,000 Bundesschatzanweisung /03/12 2,992, ,000 Italy Buoni Ordinari del Tesoro ZC 15/03/12 491, ,000 Italy Buoni Ordinari del Tesoro ZC 15/11/11 792, ,000,000 Italy Buoni Ordinari del Tesoro ZC 15/02/12 984, ,000 Italy Buoni Ordinari del Tesoro ZC 15/07/11 777, ,000 Italy Buoni Ordinari del Tesoro ZC 15/09/11 775, ,813, Supranational organisation 1,200,000 European Investment Bank /04/12 1,211, ,211, Total Bonds 8,024, Shares Insurance 47,816 Berkshire Hathaway Inc B 2,817, ,817, Total Shares 2,817, Total Transferable securities admitted to an official exchange listing 10,842, Funds Investment Funds Openended Funds 4,070 Agressor Gestione Patrimoni 4,939, ,230 CAAM Latin America Equity 1,451, ,115 Carmignac Emergents FCP 1,450, Carmignac Investis.A FCP 6,528, ,220 CS Etf (Lux) Global Value Class I 3,610, ,166 Echiquier Agenor 2,069, ,707 Echiquier Major 2,084, ,990 Sextant Autour du Monde Class A Cap 6,882, ,248 UIS Best Europe Equity RCA 10,552, ,628 1,829 UIS Best International Equity RCA Valeur Intrinsèque Class I 11,991,952 3,505, ,067, Total Investment Funds 55,067, Total Funds 55,067, Total investments (Cost : 63,227,382) 65,909, Cash at bank 9,937, Other net liabilities (959,682) (1.28) Total net assets 74,887, * Any differences in the market value and the percentage of net asset figures are the result of roundings. The accompanying notes are an integral part of these financial statements. 35

36 Portfolio Breakdowns SYMPHONIA LUX SICAV Alto Valore Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Investment Funds Bonds Shares Luxembourg France Italy Germany United States Supranational Multinational Top Ten Holdings Rate Maturity Date Market value % of net assets UIS Best International Equity RCA Openended Funds 11,991, UIS Best Europe Equity RCA Openended Funds 10,552, Sextant Autour du Monde Class A Cap Openended Funds 6,882, Carmignac Investis.A FCP Openended Funds 6,528, Agressor Gestione Patrimoni Openended Funds 4,939, CS Etf (Lux) Global Value Class I Openended Funds 3,610, Valeur Intrinsèque Class I Openended Funds 3,505, Bundesschatzanweisung Government /03/12 2,992, Berkshire Hathaway Inc B Insurance 2,817, Echiquier Major Openended Funds 2,084,

37 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Bestvalue Currency Quantity Denomination Market value * % of net assets * Transferable securities admitted to an official exchange listing Shares Financial services 1,058,972 CIRCompagnie Industriali Riunite SpA 1,678, CHF 4,288 Daetwyler Holding AGBR 277, ,630 Econocom Group 505, ,720 Exor SpA 2,469, CHF 310 Metall Zug AGSHS B 924, ,574 Sogefi SpA 284, ,139, Auto Parts & Equipment 73,312 Bayerische Motoren Werke AG Vorzugsaktien o.st. EO 1 2,932, ,909 Fuchs Petrolub AG Preferred 935, ,867 Koenig und Bauer AG 352, ,173 MGI Coutier 133, CHF 2,846 Schindler Holding AG 243, CHF 14,121 Schindler Holding AG Part Cert 1,200, ,798, Aerospace & Defense GBP 75,336 BAE Systems Plc 276, ,129 Dassault Aviation SA 731, ,345 Finmeccanica SpA 464, ,014 Thales SA 1,886, ,359, Printing & Editing 47,636 MC Clatchy CoClass A 114, ,111 Roularta Media Group NV 242, ,624 Wolters Kluwer NV 2,419, ,775, Distribution & Wholesale CHF 6,363 Charles Voegele Holding AG 331, GBP 201,640 Clinton Cards Plc 51, ,701 DCC Plc 217, GBP 1,096,601 Debenhams PLC 733, ,961 Koninklijke Ahold NV 1,097, ,431, Electric & Electronic CHF 5,798 Also Holding 228, ,718 Rexel SA 1,313, ,541, Transportation CHF 5,156 Panalpina Welttransport Holding 455, ,239 Signaux Girod SA 66, ,333 StefTFE SA 806, ,327, Food services 2,590 LDC SA 190, ,250 Macintosh Retail 595, , Insurance 26,169 Willis Group Holdings Plc 744, , Diversified machinery 971,981 Compagnia Finanziaria de Benedetti Cofide SpA 662, , Chemical CHF 21,680 Clariant AG 276,

38 Statement of Investments and Other Net Assets as at March 31, 2011 SYMPHONIA LUX SICAV Bestvalue Currency Quantity Denomination Market value * % of net assets * 66,120 Sol SpA 368, , Media 17,428 Lagardere SCA 525, , Diversified services 49,087 Smurfit Kappa Group Plc 439, , Computer software 69,691 Esprinet SpA 424, , Telecommunication 18,945 Virgin Media Inc 370, , Commercial services 14,436 Engineering Ingegneria Informatica SpA 334, , Advertising CHF 2,149 PubliGroupe SA 199, , Building materials 28,436 Panariagroup 42, ,116 VM Materiaux SA 137, , Pharmaceutical products GBP 11,851 GlaxoSmithKline Plc 159, , Leisure time 2,746 Kinepolis 155, , Storage & Warehousing GBP 220,499 Powerflute OYJ 37, , Total Shares 29,035, Total Transferable securities admitted to an official exchange listing 29,035, Other transferable securities Shares Financial services GBP 4,059 Office 2 Office Plc 5, , Total Shares 5, Total Other transferable securities 5, Total investments (Cost : 26,240,477) 29,041, Cash at bank 2,107, Other net liabilities (539,868) (1.77) Total net assets 30,609, * Any differences in the market value and the percentage of net asset figures are the result of roundings. 38 The accompanying notes are an integral part of these financial statements.

39 Portfolio Breakdowns SYMPHONIA LUX SICAV Bestvalue Nature allocation % of portfolio % of net assets Country allocation % of portfolio % of net assets Shares Italy France Germany Switzerland Netherlands United Kingdom Belgium Ireland Other Top Ten Holdings Market value % of net assets Bayerische Motoren Werke AG Vorzugsaktien Auto Parts & Equipment 2,932, o.st. EO 1 Exor SpA Financial services 2,469, Wolters Kluwer NV Printing & Editing 2,419, Thales SA Aerospace & Defense 1,886, CIRCompagnie Industriali Riunite SpA Financial services 1,678, Rexel SA Electric & Electronic 1,313, Schindler Holding AG Part Cert Auto Parts & Equipment 1,200, Koninklijke Ahold NV Distribution & Wholesale 1,097, Fuchs Petrolub AG Preferred Auto Parts & Equipment 935, Metall Zug AGSHS B Financial services 924,

40 Notes to the Financial Statements as at March 31, 2011 SYMPHONIA LUX SICAV Note 1. General SYMPHONIA LUX SICAV (the "SICAV") is incorporated in Luxembourg under the laws of the Grand Duchy of Luxembourg as a "Société Anonyme" qualifying as a "Société d'investissement à Capital Variable" ("SICAV"). The SICAV is an open ended investment company registered on the official list of collective investment undertakings pursuant to part I of the Luxembourg Law of March 30, 1988 on collective investment undertakings. The SICAV is a UCITS III fund (Undertaking for Collective Investment in Transferable Securities) submitted to Part I of the law of 20 December 2002 on undertakings for collective investment. Amendments to the articles of incorporation were published in the "Mémorial, Recueil des Sociétés et Associations" on August 31, The SICAV was incorporated in Luxembourg on July 6, 1998 for an unlimited period, with an initial capital of 35,000. The Articles of Incorporation of the SICAV were published in the "Mémorial, Recueil des Sociétés et Associations", of Luxembourg on August 8, On September 30, 2008, the name of the SICAV changed from BIM FUND to SYMPHONIA LUX SICAV. Modifications to the Articles were published in the Memorial on October 29, The SICAV is registered with the Registre de Commerce under number B The SICAV's objective is to offer its shareholders the opportunity to invest in diversified portfolios of transferable securities listed on the main stock exchanges of the world. The SICAV will seek capital appreciation while trying to maintain an adequate level of annual income. Emphasis will be placed on minimizing the risks of the portfolios through efficient diversification giving due consideration to liquidity. At the date of the report, the SICAV is composed of 9 SubFunds, all of them are active and each linked to a separate investment portfolio of transferable securities. The SICAV may issue different categories of shares, as at March 31, 2011, there are two categories of shares namely Distribution Shares and Accumulation Shares. The active SubFunds (hereafter "SubFunds") and related classes of Shares of SYMPHONIA LUX SICAV are: SYMPHONIA LUX SICAV Combined Dividends (formerly known as SYMPHONIA LUX SICAV Combined, name changed with effect on March 24, 2011) SYMPHONIA LUX SICAV Combined Global Trends (formerly known as SYMPHONIA LUX SICAV Combined Plus, name changed with effect on March 24, 2011) SYMPHONIA LUX SICAV Equity (formerly known as SYMPHONIA LUX SICAV Italian Equity, name changed with effect on March 24, 2011) SYMPHONIA LUX SICAV Flexible Bond SYMPHONIA LUX SICAV Free Style SYMPHONIA LUX SICAV Synapsi TR Strategies SYMPHONIA LUX SICAV Valore SYMPHONIA LUX SICAV Alto Valore SYMPHONIA LUX SICAV Bestvalue The total Net Asset Value of the SICAV is equal to the sum of the net assets of the various activated SubFunds into. The capital of the SICAV shall at any time be equal to the total Net Asset Value of the SICAV. Note 2. Summary of significant accounting policies The Net Asset Value per share is calculated as a per share figure in the reference currency of the relevant SubFund and is determined in respect of each valuation day by dividing the total Net Asset Value of the relevant SubFund, being the value of the assets of the SubFund less its liabilities, by the number of shares of the relevant SubFund then outstanding. For each SubFund, the ''valuation day'' is daily, provided that if any such day is not a Luxembourg bank business day, the shares will be valued on the next Luxembourg bank business day. The accounting principles of the SICAV conform with Luxembourg statutory requirements and the management regulations of the SICAV. Assets The value of any cash on hand or on deposit, bills and demand notes and accounts receivables, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Directors may consider appropriate in such case to reflect the true value thereof; The value of transferable securities which are quoted or dealt in on any stock exchange is in respect of each security, the last know price, and where appropriate, the middle market price on the stock exchange which is normally the principal market for such security; Securities dealt in on another regulated market are valued in a manner as near as possible to that described in the preceding subparagraph; 40

41 Notes to the Financial Statements as at March 31, 2011 (continued) SYMPHONIA LUX SICAV Note 2. Summary of significant accounting policies (continued) In the event that any of the transferable securities held in any portfolio on the relevant valuation day are not quoted or dealt in on a stock exchange or another regulated market or, for any of the transferable securities, no price quotation is available, or if the price as determined pursuant to subparagraph above is, in the opinion of the Directors, not representative of the fair market value of the relevant transferable securities, the value of such securities will be determined based on the reasonably foreseeable sales price determined prudently and in good faith; All other assets will be valued at their respective fair values as determined in good faith by the Directors in accordance with the generally accepted valuation principles and procedures. Investments in openended investment funds either listed or not, are valued on the basis of their last available Net Asset Value per share. Financial derivative instruments valuation Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the closing date. Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognized in the market. More specifically, swaps are valued under the responsibility of the Board of Directors on the basis of their market value, which depends on several parameters (level and volatility of the index, market interest rate, remaining life of the swap). Income Dividends are accounted for on the exdate. Interest is accrued on a daily basis. Allocation of charges Any charges and costs attributable to a specific SubFund will be allocated directly to that SubFund. Any charges and costs that cannot be directly charged to a specific SubFund will be allocated equally to the various SubFund or, in relation to the type of costs, they will be allocated to the subfunds in proportion to their respective net assets. Note 3. Investment Management and Distribution fees As remuneration for its services, the Investment Manager and the Distributors receive from the SICAV a monthly fee at the following maximum annual rates applicable on the average net assets of each SubFund during the relevant month. The calculation method has changed during the period under review as shown below. Currently the investment fee is used to pay Distributor(s) and Representative(s) for their services to the SICAV, as indicated in the 3 rd column: Investment Manager Distributor Investment Manager (including distributor fee) before March 24, 2011 before March 24, 2011 since March 24, 2011 (up to) (up to) (up to) SYMPHONIA LUX SICAV Combined Dividends 1.00% 0.25% 1.40% SYMPHONIA LUX SICAV Combined Global Trends 1.00% 0.25% 1.90% SYMPHONIA LUX SICAV Equity 1.40% 0.35% 1.00% SYMPHONIA LUX SICAV Flexible Bond 0.40% 0.10% 0.80% SYMPHONIA LUX SICAV Free Style 0.50% 0.30% 0.80% SYMPHONIA LUX SICAV Synapsi TR Strategies 0.45% 0.15% 1.00% SYMPHONIA LUX SICAV Valore 1.10% 0.30% 1.40% SYMPHONIA LUX SICAV Alto Valore 1.50% 0.40% 1.90% SYMPHONIA LUX SICAV Bestvalue* 1.60% 0.80% * The Calculation method of the SubFund SYMPHONIA LUX SICAV Bestvalue has been not changed. 41

42 Notes to the Financial Statements as at March 31, 2011 (continued) SYMPHONIA LUX SICAV Note 4. Custodian, administration and domiciliation fees Custodian fees are payable quarterly and are calculated on the basis of the average SICAV s total Net Asset Value for the relevant quarter. They amount to a maximum of 0.075% per annum and may be increased by settlement charges calculated on the basis of fixed amounts per transaction. Administration fees are payable quarterly and are calculated on the basis of the average SICAV s total Net Asset Value for the relevant quarter. They amount to a maximum of 0.80% per annum with a minimum of 22,500 per SubFund. Domiciliation fees are paid quarterly and amount to 10,000 per annum for the SICAV. Note 5. Incentive fees For the SubFunds SYMPHONIA LUX SICAV Combined Dividends and SYMPHONIA LUX SICAV Combined Global Trends, the SICAV pays to the Investment Manager an incentive fee of 10% of the net increase as a result of operations of the related SubFunds at the end of the financial period. However, a provision for the accrued incentive fee, if any, is made at each calculation of the Net Asset Value of each Sub Fund. The detailed calculation method of the incentive fee is described in the prospectus. On SYMPHONIA LUX SICAV Combined Dividends, the incentive fees accrued for the period amounts to 19,600. On SYMPHONIA LUX SICAV Combined Global Trends the incentive fees accrued for the period amounts to 65,585. For the SubFund SYMPHONIA LUX SICAV Equity, the SICAV pays to the Investment Manager an incentive fee of 10% of the percentage return in excess of 500 basis points on a yearly basis. The detailed calculation method of the incentive fee is described in the prospectus. The incentive fees accrued for the period amounts to 3,062. For the SubFund SYMPHONIA LUX SICAV Free Style, the SICAV will pay to the Investment Manager an incentive fee of 15% of the net increase as a result of operation. The detailed calculation method of the incentive fee is described in the prospectus. The incentive fees accrued for the period amounts to 49,028. For the SubFund SYMPHONIA LUX SICAV Synapsi TR Strategies, the incentive fees will be calculated using the mechanism of High Water Mark (hereafter "HWM"). The first HWM will conventionally be the issue price of the subfund and, subsequently, the highest monthend NAV ever achieved before. The condition to calculate the incentive fee is satisfied if the daily Net Asset Value is higher than the HWM: the fee will be calculated and accrued daily applying the rate of 15% to the percentage difference between the last Net Asset Value and the HWM, multiplied by the average monthly net assets of the subfund. The fee is payable to the Investment Manager on a monthly basis only if the Net Asset Value at the end of the month is higher than the current HWM. The incentive fees paid for the period amounts to 39,649. For the SubFund SYMPHONIA LUX SICAV Valore and Alto Valore, the incentive fees will be calculated using the mechanism of High Water Mark (hereafter "HWM"). The first HWM will conventionally be the issue price of the subfunds and, subsequently, the highest quarterend NAV ever achieved before. The condition to calculate the incentive fee is satisfied if the daily Net Asset Value is higher than the HWM: The fee will be calculated and accrued daily applying the rate of 10% to the percentage difference between the last Net Asset Value and the HWM, multiplied by the average quarterly net assets of the subfund. The fees is payable to the Investment Manager on a quarterly basis only if the Net Asset Value at the end of the quarter is higher than the current HWM. The incentive fees accrued for the period amounts to 5,191 and 76,657 respectively. For the SubFund SYMPHONIA LUX SICAV Bestvalue, the incentive fees will be calculated using the mechanism of High Water Mark (hereafter "HWM"). The first HWM will conventionally be the issue price of the subfund and, subsequently, the highest yearend NAV ever achieved before. The condition to calculate the incentive fee is satisfied if the daily Net Asset Value is higher than the HWM: the fee will be calculated and accrued daily applying the rate of 15% to the percentage difference between the last Net Asset Value and the HWM, multiplied by the average annual net assets of the subfund. The fees is payable to the Investment Manager on a yearly basis only if the Net Asset Value at the end of the year is higher than the current HWM. The incentive fees paid for the period amounts to 379,747. There is no incentive fee for the SubFund SYMPHONIA LUX SICAV Flexible Bond. Note 6. Taxation Under current law and practice, the SICAV is not liable to any Luxembourg income tax, nor are dividends paid by the SICAV liable to any Luxembourg withholding tax. However, the SICAV is liable in Luxembourg to a subscription duty (''taxe d abonnement") of 0.05% per annum of its net assets, such tax being payable quarterly and calculated on the basis of the net assets of all SubFunds at the end of the relevant quarter. No stamp duty or other tax is payable in Luxembourg on the issue of shares in the SICAV except a one time tax of 1, which was paid upon incorporation. Under current law and practice, no capital gains tax is payable in Luxembourg on the realised or unrealised capital appreciation of the assets of the SICAV. Income derived by the SICAV from different sources may be subject to withholding taxes in the countries of origin. 42

43 Notes to the Financial Statements as at March 31, 2011 (continued) SYMPHONIA LUX SICAV Note 7. Forward foreign exchange contracts As at March 31, 2011, the following forward foreign exchange contracts were outstanding: SYMPHONIA LUX SICAV Synapsi TR Strategies Currency Bought amount Note 8. Foreign Exchange Currency Sold amount Unrealised appreciation () Maturity date 469, ,000 3,424 30/06/2011 The value of the assets denominated in a currency other than the reference currency of the relevant SubFund () will be converted at the rates of exchange prevailing in Luxembourg at the time of the determination of the corresponding Net Asset Value. As at March 31, 2011 the rates of exchange were the following: 1 = AUD 1 = MXN 1 = CAD 1 = NOK 1 = CHF 1 = SEK 1 = GBP 1 = THB 1 = HKD 1 = TRY 1 = INR 1 = = JPY Note 9. Securities lending As at March 31, 2011, the SICAV is not committed by any securities lending transaction. Note 10. Total expenses ratio ("TER") The TER is calculated in accordance with the "Guidelines on the calculation and disclosure of the Total Expense Ratio ("TER") and Portfolio Turnover ("PTR") issued by the SWISS FUNDS ASSOCIATION ("SFA")" on May 16, The transactions fees are registered separately in the Statement of Operations under the item Other expenses. These fees, which are not included in the operating expenses following the above mentioned Guidelines, will not be taken into account in the calculation of the TER. The TER is annualized for periods less than one year. The TER does not include the proportional TER of the underlying funds due to the impossibility to calculate a synthetic TER for such portion of investments. As at March 31, 2011, the TER (including incentive fees) of the SubFunds are as follows: TER Incentive Fees SYMPHONIA LUX SICAV Combined Dividends 1.87% SYMPHONIA LUX SICAV Combined Global Trends 1.75% 0.06% SYMPHONIA LUX SICAV Equity 4.65% 0.11% SYMPHONIA LUX SICAV Flexible Bond 0.87% SYMPHONIA LUX SICAV Free Style 1.44% SYMPHONIA LUX SICAV Synapsi TR Strategies 0.98% 0.13% SYMPHONIA LUX SICAV Valore 2.12% 0.11% SYMPHONIA LUX SICAV Alto Valore 2.26% 0.32% SYMPHONIA LUX SICAV Bestvalue 3.03% 2.72% 43

44 Notes to the Financial Statements as at March 31, 2011 (continued) SYMPHONIA LUX SICAV Note 11. Portfolio Turnover Ratio ("PTR") As an indicator of the relevance of the additional costs incurred by a collective investment scheme when buying and selling investments, the internationally recognized Portfolio Turnover Rate ("PTR") is to be disclosed in accordance with the standard method and the guidelines of the "Guidelines on the calculation and disclosure of the Total Expense Ratio ("TER") and Portfolio Turnover ("PTR") issued by the SWISS FUNDS ASSOCIATION ("SFA")" on May 16, As at March 31, 2011, the PTR of the SubFunds are as follows: SYMPHONIA LUX SICAV Combined Dividends (106.98%) SYMPHONIA LUX SICAV Combined Global Trends 80.84% SYMPHONIA LUX SICAV Equity % SYMPHONIA LUX SICAV Flexible Bond 61.08% SYMPHONIA LUX SICAV Free Style % SYMPHONIA LUX SICAV Synapsi TR Strategies % SYMPHONIA LUX SICAV Valore (164.33%) SYMPHONIA LUX SICAV Alto Valore (102.51%) SYMPHONIA LUX SICAV Bestvalue (28.43%) Note 12. Representative and paying agent in Switzerland Pursuant to an agreement dated October 1st, 2008, BNP Paribas Securties Services, Paris, Succursale de Zurich, with its registered address at 16, Selnaustrasse, CH8002 Zurich, Switzerland, has been appointed as the representative ("the Representative") of the SICAV in Switzerland. The Representative shall, without limitation, represent the SICAV in Switzerland in relation to its investors and the supervisory body according to the provisions of art. 124 of the Swiss Federal Act on Collective Investment Schemes. BNP Paribas Securities Services, Paris, Succursale de Zurich has also been appointed as Paying Agent (the "Paying Agent") for the SICAV in Switzerland. Investors in Switzerland, or investors subscribing through Swiss banks or other financial intermediaries may elect to send their application and effect payments for subscriptions of Shares to the Swiss Paying Agent. Further, shareholders in Switzerland or shareholders holding their shares with a Swiss depositary have the right to redeem and convert their shares or to collect dividend distributions (if any) through the Swiss Paying Agent. Note 13. Changes in the investment portfolio The changes in the investment portfolio are available free of charge: at the registered office of the SICAV at the representative agent in Switzerland: BNP Paribas Securties Services, Paris, Succursale de Zurich. Note 14. Subsequent events The Board of Director have decided to launch a new SubFund, named SYMPHONIA LUX SICAV Bond. This launch has been approved by the CSSF on March 24, 2011 but the SubFund is not yet activated at the reporting date. 44