Société d'investissement à Capital Variable Luxembourg RCS Luxembourg B 25.970 Au d i t e d a n n u a l r e p o r t No subscription can be received on the basis of these financial statements. Subscriptions may only be accepted on the basis of the current prospectus accompanied by an application form, the latest available annual report of the SICAV and the latest semiannual report if published thereafter.
TABLE OF CONTENTS General information on the SICAV 3 Management and Administration of the SICAV 5 Management report 6 Audit report 7 Statement of net assets (expressed in original currencies) 9 Statement of operations and changes in net assets for the year ended May 31, 2011 (expressed in original currencies) 19 Statistical information (expressed in original currencies) 31 Notes to the financial statements 69 Schedule of investments SubFunds Bonds World 86 Bonds US Opportunistic Core Plus 87 Bonds Europe 93 Bonds Euro 94 Bonds Europe High Yield 95 Bonds Converging Europe 97 Bonds Euro Corporate 98 Bonds Euro Inflation Linked 101 Bonds Euro Govies Spread 102 Bonds Euro Aggregate 104 Bonds Opportunities 106 Bonds Europe Convertible 107 Equities Global 108 Equities Japan Concentrated 110 Equities US Large Cap Growth 111 Equities Concentrated Europe 112 Equities Asia Pac Dual Strategies 114 Equities Global Emerging Countries 116 Equities China 118 Equities Gold Mines 119 Equities Emerging Europe 120 Equities Euroland Cyclicals 122 Equities Global Energy 123 Equities Euroland Financial 124 Equities Euroland 125 Equities US Small Cap Value 126 Equities US Relative Value 128 Equities US Concentrated Core 129 Equities US Mid Cap Growth 130 Equities US Multi Strategies 131 Equities Japan Small Cap 135 Equities US Focused 137 Equities Japan Target 138 Equities Euroland Small Cap 140 Equities Europe Opportunities 142 Equities Euroland Value 144 Equities India 145 Equities Japan CoreAlpha 146 Equities Global Resources 147 Equities Latin America 148 Equities Luxury & Lifestyle 151 Equities Europe Expansion 152 Equities Europe Environment 154 Equities MENA 155 Money Market () 157 Money Market (O) 158 Index Euroland 159 Index Japan 160 Index US 161 Absolute Return Forex 169 Absolute Return Interest Rate 170 Economic classification of investments 171 Geographical classification of investments 189
GENERAL INFORMATION ON THE SICAV hereafter called the"sicav", is a "société anonyme" which has taken the form of a "Société d'investissement à Capital Variable" (SICAV) under Part I of the December 20, 2002 law of the Grand Duchy of Luxembourg concerning undertakings for collective investments until June 30, 2011 and under the December 17, 2010 law of the Grand Duchy of Luxembourg concerning undertakings for collective investments as from July 1, 2011. The SICAV has its registered office at 16, boulevard Royal, L2449 Luxembourg. The primary objective of the SICAV is to offer investors an opportunity to participate in a professionally managed portfolio of securities or shortterm bonds denominated in the currency of their choice. Investors also have, under certain conditions as described in the prospectus of the SICAV, the opportunity to change SubFunds and/or currencies on favourable terms. At May 31, 2011, the following SubFunds are in activity: SubFunds Bonds Bonds World Bonds US Opportunistic Core Plus Bonds Europe Bonds Euro Bonds Europe High Yield Bonds Converging Europe Bonds Euro Corporate Bonds Euro Inflation Linked Bonds Euro Govies Spread Bonds Euro Aggregate Bonds Opportunities Bonds Europe Convertible Equities Equities Global Equities Japan Concentrated Equities US Large Cap Growth Equities Concentrated Europe Equities Asia Pac Dual Strategies Equities Global Emerging Countries Equities China Equities Gold Mines Equities Emerging Europe Equities Euroland Cyclicals Equities Global Energy Equities Euroland Financial Equities Euroland Equities US Small Cap Value Equities US Relative Value Equities US Concentrated Core Equities US Mid Cap Growth Equities US Multi Strategies Equities Japan Small Cap Equities US Focused Equities Japan Target Equities Euroland Small Cap Equities Europe Opportunities Equities Euroland Value Equities India Equities Japan CoreAlpha Equities Global Resources Equities Latin America Equities Luxury & Lifestyle Equities Europe Expansion Equities Europe Environment Equities MENA Absolute Return Absolute Return Forex Absolute Return Interest Rate Shareholders' information The net asset value per share of each share category, the issue price and the redemption price may be obtained at the SICAV's head office and the head office of Société Générale in Paris. In addition, annual and semiannual financial statements are respectively based on the financial situation of the SICAV at May 31 and November 30. The financial statements include information regarding the number of shares outstanding. The audited annual reports are available free of charge at the head office of the SICAV at least fifteen days before the Annual General Meeting. The unaudited semiannual reports are available free of charge at the SICAV's head office on January 31 at the latest. Those reports are sent to registered shareholders upon request. The notice concerning the Annual General Meeting of shareholders is mailed to all shareholders at the address noted in the shareholders' register, at least fifteen days before the Annual General Meeting. The list of changes in the portfolio from June 1, 2010 to May 31, 2011 is available free of charge at the registered office of the SICAV. All other communications to shareholders shall be done through a notice that will be either published in the "Luxemburger Wort" and in newspapers of countries where the SICAV's shares are offered, or sent to the shareholders at their addresses indicated in the shareholders' register or communicated via other means as deemed appropriate by the Board of Directors and if required by the Luxembourg Law, in the "Mémorial". In each SubFund, the SICAV may issue the following classes of shares: classes "A", "AG", "AH", "AN", "AS" and "AZ" shares (retail shares): capitalisation shares accessible to any individual or legal entity; classes "AE" shares (retail shares): capitalisation shares denominated in Euro with no currency hedging accessible to any individual or legal entity; classes "AD" shares (retail shares): distribution shares accessible to any individual or legal entity; classes "B", "BH" and "BN" shares (institutional shares): capitalisation shares accessible to institutional investors; classes "BD" shares (institutional shares): distribution shares accessible to institutional investors; classes "F" and "FH" shares: capitalisation shares, accessible to any individual or legal entity. These classes differ from the classes "A" and "AH" shares in their fee structures; classes "J" and "JH" shares: capitalisation shares, accessible only to collective investment schemes, including funds of funds located in Japan and in Italian GPF, which have been chosen by the Board of Directors; classes "JX" shares: capitalisation shares accessible to any public or private pension fund registered or domiciliated in a country located in South America and funds of funds located in Japan wich have been chosen by the Board of Directors; classes "O", "OH" and "ON" shares: capitalisation shares accessible to portfolio managers of SociétéGénérale Gestion S.A. Group and of Amundi and who subscribe solely within the framework of discretionary management mandates, advisory agreements concluded with institutional investors or "dedicated funds"; classes "P" and "PH" shares (privilege shares): capitalisation shares accessible to any individual or legal entity; classes "PD" shares (privilege shares): distribution shares, accessible to any individual or legal entity; classes "P", "PH" and "PD" shares differ from the classes "A", "AH" and "AD" shares in their fee structures and a minimum subscription amount is applied; classes "X", "XE" and "XH" shares (institutional shares): reserved for institutional investors, clients of Amundi Group, investing for their own account, who are especially authorised by the Board of Directors to invest in classes X shares and a minimum subscription amount is applied. Basically the classes "A", "AD", "AE", "AG", "AH", "AN", "AS", "AZ", "B", "BD", "BH", "BN", "F", "FH", "J", "JH", "JX", "O", "OH", "ON", "P", "PD", "PH", "X", "XE" and "XH" shares differ from each other by the targeted investors, the management fee rates, the "taxe d'abonnement", the exchange risk and according to the giving right or no right to dividend payments which are applied to them. The class "A" shares and the class "B" shares of the SICAV are listed on the Luxembourg Stock Exchange. Money Market Money Market () Money Market (O) Index Index Euroland Index Japan Index US 3
GENERAL INFORMATION ON THE SICAV (CONT.) The classes AH, BH, FH, JH, OH, PH and XH shares are hedged against the exchange risk of the or the Japanese Yen or against any other currency like the Swiss Franc or the British Pound. No assurance can be given that the hedging objective will be achieved. The reference currency of the class AG shares is the Czech Koruna. The reference currency of the classes AN, BN and ON shares is the Norwegian Krone. The reference currency of the class AS shares is the Singapore Dollar. The reference currency of the class AZ shares is the Polish Zloty. All those classes of shares are hedged against the Euro, the or the Japanese Yen (except for Class AS ). Class XE shares corresponds to the characteristics of the class X shares. In addition, they are denominated in Euro with no currency hedging. Class XH shares corresponds to the characteristics of the class X shares. In addition, the reference currency of the class XH shares is hedged against the exchange risk of the or the Japanese Yen or any other currency like the Swiss Franc and the British Pound. To be eligible for inclusion in French personal equity savings plan (Plan d Epargne en Actions), the SubFunds listed below have been invested at all times at least 75 % of their net assets in eligible securities pursuant to the applicable regulations: Equities Concentrated Euroland (merged into Equities Euroland on September 30, 2010) Equities Concentrated Europe Equities Euroland Equities Euroland Cyclicals Equities Euroland Financial Equities Euroland Small Cap Equities Euroland Value Equities Europe Environment Equities Europe Expansion Equities Europe Opportunities Index Euroland 4
MANAGEMENT AND ADMINISTRATION OF THE SICAV BOARD OF DIRECTORS Chairman: Directors: Mr Laurent Bertiau: Deputy Head of Institutional and Third party Distribution, Amundi, France Mr Alain Pitous, Chief Investment Officer Equity, Fixed Income, Private & Balanced Management, Société Générale Gestion S.A., France Mr Guillaume Wehry, Head of Executive Office Amundi Institutions & External Distributors Business Line, Amundi, France Mr Philippe Chossonnery, General Secretary, Amundi Luxembourg S.A., Luxembourg Ms Karine Laurencin, Head of Product Specialists, Société Générale Gestion S.A., France REGISTERED OFFICE 16, boulevard Royal, L2449 Luxembourg MANAGEMENT COMPANY Amundi Luxembourg S.A., 5, allée Scheffer, L2520 Luxembourg SGAM Luxembourg S.A. (until June 30, 2010) GLOBAL DISTRIBUTOR Société Générale Gestion S.A. («S2G»), 90, boulevard Pasteur 75015 Paris, France (until December 31, 2010) Amundi, 90, Boulevard Pasteur, F75015 Paris, France (since January 1, 2011) ADMINISTRATIVE, CORPORATE AND DOMICILIARY AGENT Société Générale Securities Services Luxembourg, 16, boulevard Royal, L2449 Luxembourg REGISTRAR AGENT European Fund Services S.A. («EFS»), 18, boulevard Royal, L2449 Luxembourg SUBINVESTMENT MANAGERS For the SubFunds / Equities Asia Pac Dual Strategies and / Equities India: Amundi Singapore Limited («Amundi Singapore», since September 30, 2010), 168 Robinson Road, #2401 Capital Tower 068912 Singapore For the SubFunds / Equities Japan Small Cap, / Equities Japan Target and / Equities Japan Concentrated: Amundi Japan, 122, Uchisaiwaicho, ChiyodaKu, Tokyo, Japan. For the SubFunds / Equities Global Emerging Countries, / Equities Emerging Europe and / Equities Japan CoreAlpha and / Equities MENA (until December 14, 2010): GLG Partners UK Limited («GLG Partners UK»), One Curzon Street, London W1J 5HB, United Kingdom For the SubFunds / Bonds US Opportunistic Core Plus, / Equities US Large Cap Growth, / Equities US Small Cap Value, / Equities US Relative Value, / Equities US Concentrated Core, / Equities US Mid Cap Growth, / Equities US Multi Strategies and / Equities US Focused: TCW Investment Management Company, Inc. («TCW»), 865, South Figueroa Street, Suite 800, Los Angeles, California 90017, United States of America For the SubFunds / Index Euroland, / Index Japan and / Index US: Lyxor International Asset Management («Lyxor International AM»), Tour Société Générale, 17 Cours Valmy, 92800 Puteaux, France For the SubFund / Equities China: Amundi Hong Kong Limited («Amundi Hong Kong»), 901908, One Pacific Place, N 88 Queensway Hong Kong INVESTMENT ADVISORS For the SubFund / Equities India: SBI Funds Management Private Limited («SBI FM»), 191, Maker Tower 'E', Cuffe Parade, Mumbai 400 005, India CUSTODIAN BANK AND PAYING AGENT Société Générale Bank & Trust, 11, avenue Emile Reuter, L2420 Luxembourg AUDITOR PricewaterhouseCoopers S.à r.l., 400, route d Esch, L1471 Luxembourg INVESTMENT MANAGERS For the SubFunds / Equities Concentrated Europe, / Equities Euroland Cyclicals, / Equities Europe Environment, / Equities Europe Expansion and / Equities Europe Opportunities: Société Générale Gestion S.A., 90, boulevard Pasteur, F75015 Paris, France (since January 1, 2011) For all SubFunds except / Equities Concentrated Europe, / Equities Euroland Cyclicals, / Equities Europe Environment, / Equities Europe Expansion, / Equities Europe Opportunities as from January 1, 2011 and except / Equities Japan CoreAlpha as from June 1, 2011: Amundi, 90, boulevard Pasteur, F75015 Paris, France Amundi is the investment manager of / Equities MENA as from December 15, 2010. REGISTRATION / DISTRIBUTION OF SGAM FUND At the date of this report, the SICAV (in certain jurisdictions, specific SubFunds or Classes of Shares only) has been authorised for public or restricted offering in Luxembourg, Austria, Belgium, France, Germany, United Kingdom, Greece, Hong Kong, Italy, Spain, Sweden, Switzerland, Portugal, The Netherlands, Chile, Singapore, Bulgaria, Czech Republic, Slovenia, Finland, Ireland, Norway and Peru. The SICAV or specific SubFund(s) may be subsequently authorised for distribution in other jurisdictions. However, no procedure has been undertaken to enable the offer of the Shares in any other jurisdictions whose legislation or regulations in force would require such procedure. The SICAV is not registered in Taiwan since March 16, 2011, in Guernsey since March 11, 2011, in Romania since December 3, 2010. REGIONAL DITRIBUTOR Société Générale Gestion S.A. (until December 31, 2010) For the SubFund / Equities Japan CoreAlpha: Amundi Japan («Amundi Japan» since June 1, 2011), 122, Uchisaiwaicho ChiyodaKu Tokyo, Japan 5
MANAGEMENT REPORT 2011 SUMMARY REPORT OF SGAM FUND Economic summary After a second half of 2010 characterised by a continuing recovery that varied greatly by country and already showed signs of downturn, the world economy was struck by a series of crises in the first half of 2011 (the Arab spring, the earthquake in Japan, the European sovereign debt crisis, etc.). These checked the pace of growth, business indicators declined in most countries, and global trade slowed. Benefitting from the dynamism of their domestic economies, the emerging countries were still the main engines of growth around the world. However, they were not able to escape the overall economic slowdown resulting from the central banks monetary tightening designed to curb the inflationary pressures induced by the rocketing prices of commodities. In the developed economies, United States data were by and large disappointing. Even though economic policies remained very expansionary, consumption suffered from the rise in oil prices, and corporate spending and hiring was particularly cautious. In addition, the automobile sector experienced major production difficulties stemming from the Japanese crisis. In Europe, industrial data were robust in Germany and to a lesser extent in France, whereas the growth in peripheral countries suffered from budgetary restriction measures. Public deficit data showed that Greece was not able to meet the objectives set, which forced it to adopt a second austerity plan. At the same time, the European partners opened new discussions, embracing the private sector, to unblock the funds necessary to refinance the country for the next two or even three years. The bond markets The situation remained troubled on the bond markets in the first half of 2011. The Fed and the ECB led asymmetrical monetary policies, while the problem of budgetary consolidation was raised both for Europe and for the US, but in different forms. In Europe, the ECB started its cycle of monetary normalisation in early April. The refinancing rate was raised from 1% to 1.25%. JeanClaude Trichet indicated in June that a second rise of 0.25% would probably take place in July. At the end of the half, the sovereign debt crisis experienced renewed tension with respect to Portugal and then Greece. Fearing a Lehman Brotherstype panic movement, the bond markets turned to sovereign debt of leading eurozone countries. This triggered a slight softening of German yields and a rise in the risk premiums paid by the peripheral countries. In the United States, the Fed confirmed that it would continue through to the end of its second Treasury securities purchasing plan (QE2) in June. It also indicated that it was not planning a QE3, since the risk of deflation had considerably decreased, due to the rise in underlying inflation. However, as the economic data were disappointing, particularly on the employment front, the Fed announced that it would keep its prime interest rates near 0% for an extended time. The public debt problem in the United States led the S&P rating agency to begin monitoring the American rating, for the first time since 1941. Equity markets The publication of company earnings remained particularly favourable to the beginning of 2011, and 72% and 62% of companies beat consensus estimates in the US and Europe respectively for the first quarter 2011. This was not enough to boost the equity market, and the macroeconomic risks mentioned above (slowing of the world economy, debt crisis, etc.) prevailed. Emerging indices were hardest hit. In the first half of 2011, the MSCI Emerging Market Index shed approximately 0.5% while the MSCI World Index gained approximately 4%. Luxembourg, September 19, 2011 The Board of Directors Note: The figures stated in this report are historical and not necessarily indicative of future performance. 6
Audit report To the Shareholders of We have audited the accompanying financial statements of and of each of its SubFunds, which comprise the statement of net assets and the schedule of investments as and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of and of each of its SubFunds as of May 31, 2011, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers S.à r.1. Luxembourg, September 19,2011 Represented by Marc Saluzzi PricewaterhouseCoopers S.à r.l., 400 Route d Esch, B.P. 1443, L1014 Luxembourg T: +352 494848 1, F: +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expertcomptable (autorisation gouvernementale n 00123693) R.C.S. Luxembourg B 65 477 Capital social 516 950 TVA LU17564447 7
STATEMENT OF NET ASSETS AT MAY 31, 2011
Statement of net assets (expressed in original currencies) STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS BONDS WORLD BONDS US OPPORTUNISTIC CORE PLUS BONDS OPE BONDS O BONDS OPE HIGH YIELD BONDS CONVERGING OPE CURRENCY Investment in securities at cost 18 641 373 86 950 529 24 793 915 57 217 290 101 438 835 76 365 570 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 20 409 336 4 491 037 5 367 27 938 241 138 24 356 16 839 89 273 906 4 495 526 226 254 89 644 438 032 345 112 24 662 528 3 313 726 1 231 446 039 96 822 57 504 860 463 211 2 086 811 50 946 1 030 989 11 170 104 451 138 697 573 7 277 219 597 509 2 170 870 105 791 75 898 621 7 357 539 23 591 2 115 900 84 137 Total assets 25 216 011 94 868 474 28 520 346 61 147 987 115 300 100 85 479 788 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 5 349 2 671 17 260 55 909 2 047 4 134 990 121 474 12 226 215 34 338 49 108 158 332 5 342 423 58 694 19 357 37 794 2 217 115 778 2 578 851 72 689 26 539 66 667 3 355 67 30 054 168 765 7 383 815 412 107 128 741 140 675 8 684 36 176 812 40 000 117 086 58 880 171 462 4 117 223 200 Total liabilities 339 704 12 473 758 233 840 2 946 987 8 290 870 574 745 NET ASSETS 24 876 307 82 394 716 28 286 506 58 201 000 107 009 230 84 905 043 Net assets in 24 876 307 82 394 716 40 664 681 83 669 758 153 836 469 122 059 490 9
STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS BONDS O CORPORATE BONDS O INFLATION LINKED BONDS O GOVIES SPREAD BONDS O AGGREGATE BONDS OPPORTUNITIES BONDS OPE CONVERTIBLE CURRENCY Investment in securities at cost 186 280 559 35 049 206 11 215 237 30 097 531 3 034 093 17 594 760 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 188 217 448 3 818 697 1 444 843 14 578 3 138 387 61 981 394 080 75 124 35 746 864 4 583 490 64 780 336 235 11 082 891 158 431 417 362 7 069 161 546 81 660 30 368 655 490 947 220 414 20 094 14 680 493 492 7 826 2 032 2 956 245 48 835 73 042 18 901 143 421 847 18 249 86 488 205 163 3 661 960 Total assets 197 165 138 40 731 369 11 908 959 31 618 140 3 078 122 19 637 511 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 5 890 104 185 541 45 221 215 572 4 485 377 100 249 077 69 552 6 442 552 23 916 2 205 000 10 824 60 307 2 575 1 722 90 369 43 327 615 591 3 975 15 262 210 15 103 54 876 199 819 76 962 7 180 17 535 43 323 2 233 109 490 15 730 2 391 10 118 251 10 030 255 039 11 525 13 686 71 812 25 514 1 122 829 Total liabilities 6 967 100 8 950 144 705 017 472 272 22 790 379 527 NET ASSETS 190 198 038 31 781 225 11 203 942 31 145 868 3 055 332 19 257 984 Net assets in 273 428 699 45 688 689 16 106 787 44 775 300 4 392 345 27 685 278 10
STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS EQUITIES GLOBAL EQUITIES JAPAN CONCENTRATED EQUITIES US LARGE CAP GROWTH EQUITIES CONCENTRATED OPE EQUITIES ASIA PAC DUAL STRATEGIES EQUITIES GLOBAL EMERGING COUNTRIES CURRENCY Investment in securities at cost 27 428 149 944 597 857 22 802 805 35 987 809 74 174 665 65 470 699 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 29 347 529 4 650 539 3 355 4 699 51 925 98 841 32 802 45 903 871 639 430 7 887 123 2 057 9 592 670 3 235 342 29 288 160 1 045 588 4 181 1 027 13 946 32 857 39 064 553 2 692 126 14 857 121 546 84 824 745 962 815 557 093 223 725 296 056 73 480 858 449 102 445 226 23 827 148 087 Total assets 34 235 593 892 356 622 30 385 759 41 893 082 86 864 434 74 547 100 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 3 356 26 807 80 000 41 366 49 234 2 761 62 54 887 492 784 2 046 2 058 1 218 745 5 291 720 73 384 5 342 4 159 5 507 39 282 68 809 2 552 29 3 2 30 239 63 496 2 099 8 000 1 047 042 10 487 101 259 177 056 6 234 442 348 531 346 129 206 130 329 6 200 123 Total liabilities 751 257 6 593 295 120 341 103 836 1 342 078 1 239 552 NET ASSETS 33 484 336 885 763 327 30 265 418 41 789 246 85 522 356 73 307 548 Net assets in 33 484 336 10 902 861 30 265 418 60 076 220 85 522 356 73 307 548 11
STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS EQUITIES CHINA EQUITIES GOLD MINES EQUITIES EMERGING OPE EQUITIES OLAND CYCLICALS EQUITIES GLOBAL ENERGY EQUITIES OLAND FINANCIAL CURRENCY Investment in securities at cost 143 192 463 129 047 307 43 226 796 11 057 914 10 845 371 13 476 987 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 167 600 365 3 265 573 50 367 18 579 1 267 374 135 836 407 1 717 098 4 505 122 10 301 053 29 322 45 235 384 988 031 187 186 17 909 236 034 12 501 323 873 220 15 122 11 964 135 249 634 84 053 13 154 35 052 12 226 015 110 080 346 290 556 35 900 Total assets 172 202 258 152 389 002 46 664 544 13 389 665 12 346 028 12 718 841 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 50 066 109 695 267 558 674 501 268 868 12 166 15 242 159 246 488 242 476 638 206 11 160 83 766 267 207 374 78 229 77 593 3 646 17 17 170 10 418 51 491 503 6 463 23 469 15 355 33 613 1 040 310 451 17 771 79 702 1 042 Total liabilities 1 382 854 16 380 572 1 133 126 79 582 79 940 408 966 NET ASSETS 170 819 404 136 008 430 45 531 418 13 310 083 12 266 088 12 309 875 Net assets in 170 819 404 136 008 430 65 455 967 19 134 575 12 266 088 17 696 676 12
STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS EQUITIES OLAND EQUITIES US SMALL CAP VALUE EQUITIES US RELATIVE VALUE EQUITIES US CONCENTRATED CORE EQUITIES US MID CAP GROWTH EQUITIES US MULTI STRATEGIES CURRENCY Investment in securities at cost 20 913 665 32 070 580 742 163 791 21 258 377 77 818 942 21 802 785 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 21 390 220 813 153 87 289 110 61 219 34 431 165 33 276 41 707 19 983 663 6 387 2 845 828 111 753 5 751 718 314 369 1 023 496 1 720 877 29 428 946 601 442 6 980 150 17 865 7 506 90 747 668 3 347 710 876 806 401 859 39 963 160 272 25 759 505 45 948 509 451 322 763 23 365 33 528 Total assets 22 351 991 54 499 043 836 922 213 30 062 889 95 574 278 26 694 560 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 20 724 19 815 66 149 1 224 19 034 816 21 076 65 747 2 269 3 2 735 332 32 663 2 993 556 581 175 1 049 438 33 994 171 42 611 6 982 133 907 49 770 55 596 2 360 114 468 466 45 197 84 694 63 170 120 4 688 12 1 341 438 551 122 575 43 603 157 730 2 127 112 66 Total liabilities 107 912 19 123 911 7 468 940 248 729 774 581 764 764 NET ASSETS 22 244 079 35 375 132 829 453 273 29 814 160 94 799 697 25 929 796 Net assets in 31 978 088 35 375 132 829 453 273 29 814 160 94 799 697 25 929 796 13
STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS EQUITIES JAPAN SMALL CAP EQUITIES US FOCUSED EQUITIES JAPAN TARGET EQUITIES OLAND SMALL CAP EQUITIES OPE OPPORTUNITIES EQUITIES OLAND VALUE CURRENCY Investment in securities at cost 471 076 553 6 222 067 4 899 378 817 130 741 277 10 497 104 367 736 535 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 493 078 200 8 024 220 625 549 3 486 748 1 973 596 7 409 462 124 702 60 089 5 427 155 4 175 908 900 91 623 845 935 150 48 274 310 782 682 154 114 723 966 2 559 876 14 932 170 087 11 140 566 206 844 1 822 699 3 052 30 296 386 596 934 15 001 594 3 172 54 872 1 197 834 1 485 Total assets 507 188 313 7 599 835 4 317 524 887 156 860 584 13 203 457 402 855 891 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 358 465 900 346 4 389 017 39 250 1 112 60 615 644 29 425 152 4 502 495 1 369 037 11 358 661 39 352 2 502 1 622 196 309 557 136 800 5 264 248 403 5 307 1 621 550 23 862 13 696 56 272 717 1 503 820 1 796 324 177 252 588 496 7 154 Total liabilities 5 688 190 90 836 17 272 047 2 327 527 1 716 097 4 073 046 NET ASSETS 501 500 123 7 508 999 4 300 252 840 154 533 057 11 487 360 398 782 845 Net assets in 6 172 965 7 508 999 52 931 812 222 156 722 16 514 228 573 290 217 14
STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS EQUITIES INDIA EQUITIES JAPAN COREALPHA EQUITIES GLOBAL RESOURCES EQUITIES LATIN AMERICA EQUITIES LUXURY & LIFESTYLE EQUITIES OPE EXPANSION CURRENCY Investment in securities at cost 147 825 284 42 219 814 687 48 503 342 10 870 857 36 811 007 110 593 328 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 178 053 068 4 844 328 68 286 33 039 331 413 4 37 645 520 870 1 967 429 153 4 571 756 893 632 552 95 668 147 51 136 321 2 460 273 323 349 33 853 103 226 13 030 340 438 191 41 801 39 403 97 682 47 189 397 707 371 1 019 786 299 787 14 406 115 724 055 8 688 782 355 293 Total assets 183 330 138 40 606 822 478 54 057 022 13 647 417 49 230 747 124 768 130 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 67 832 56 308 197 660 268 426 7 218 1 117 129 954 3 645 606 971 115 660 50 806 604 62 417 405 2 148 725 93 667 2 943 548 387 809 184 224 41 874 103 379 2 077 6 202 035 59 124 22 289 48 433 1 124 1 689 148 423 987 65 348 91 006 2 957 172 777 124 916 83 600 1 149 948 2 173 Total liabilities 597 444 2 210 301 169 719 369 333 006 1 272 446 533 415 NET ASSETS 182 732 694 38 396 521 309 53 337 653 13 314 411 47 958 301 124 234 715 Net assets in 182 732 694 472 622 781 53 337 653 13 314 411 47 958 301 178 599 826 15
STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS EQUITIES OPE ENVIRONMENT EQUITIES MENA MONEY MARKET () MONEY MARKET (O) INDEX OLAND INDEX JAPAN CURRENCY Investment in securities at cost 3 302 520 15 030 872 319 790 208 906 270 572 15 337 042 1 529 606 310 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 3 804 362 459 012 606 11 968 15 483 756 220 452 69 173 100 115 320 039 911 38 896 675 365 907 243 133 215 481 098 1 168 269 15 355 900 416 395 246 60 625 1 529 830 797 248 201 826 753 807 36 434 Total assets 4 275 948 15 873 496 358 936 951 1 123 892 500 15 833 166 1 778 822 864 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 2 084 25 441 147 17 940 26 005 64 467 1 194 54 128 167 592 5 853 3 169 6 611 244 346 519 753 17 655 71 693 10 118 1 880 28 503 575 2 380 749 723 3 266 996 779 617 2 370 159 132 942 3 043 8 030 111 89 630 000 Total liabilities 45 612 91 666 237 353 853 447 43 456 104 962 591 NET ASSETS 4 230 336 15 781 830 358 699 598 1 123 039 053 15 789 710 1 673 860 273 Net assets in 6 081 531 15 781 830 358 699 598 1 614 480 943 22 699 287 20 603 546 16
STATEMENT OF NET ASSETS AT MAY 31, 2011 (expressed in original currencies) SUBFUNDS INDEX US ABSOLUTE RETURN FOREX ABSOLUTE RETURN INTEREST RATE Combined CURRENCY Investment in securities at cost 30 774 611 366 750 668 16 968 359 6 437 673 927 ASSETS Investment in securities at market value Cash at bank Receivable from securities sold Receivable from Fund shares issued Options bought at market value Interest and dividend receivable Unrealised appreciation on forward foreign exchange contracts Unrealised appreciation on futures contracts Unrealised appreciation on swaps Other assets 44 564 699 2 739 5 149 68 811 7 964 367 099 053 24 333 870 2 723 790 549 156 183 717 4 625 799 912 618 16 994 190 1 563 263 216 251 32 970 6 699 364 891 492 028 794 69 071 619 37 410 972 986 831 36 302 254 10 739 762 2 228 020 110 919 45 903 Total assets 44 649 362 400 428 003 18 806 674 7 348 289 965 LIABILITIES Bank Overdraft Payable for securities purchased Payable for Fund shares redeemed Payable for repurchase agreement Options sold at market value Investment management fee payable Performance fee payable Other expenses and fees payable Taxe d abonnement payable Interest payable Unrealised depreciation on forward foreign exchange contracts Unrealised depreciation on futures contracts Unrealised depreciation on swaps 272 177 2 721 2 586 11 172 76 397 1 253 42 33 156 1 950 623 416 381 481 148 209 383 024 333 227 20 891 4 502 012 626 583 3 371 25 888 352 145 474 16 858 250 90 136 567 22 897 840 3 169 908 3 237 703 4 641 707 1 336 005 9 442 634 280 038 110 832 7 331 578 4 512 639 380 687 Total liabilities 401 454 7 018 843 175 085 164 336 388 NET ASSETS 44 247 908 393 409 160 18 631 589 7 183 953 577 Net assets in 44 247 908 565 565 009 26 784 772 7 183 953 577 17
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED MAY 31, 2011
Statement of operations and changes in net assets for the year ended May 31, 2011 (expressed in original currencies) STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED MAY 31, 2011 (expressed in original currencies) SUBFUNDS BONDS WORLD BONDS US OPPORTUNISTIC CORE PLUS BONDS OPE BONDS O BONDS OPE HIGH YIELD BONDS CONVERGING OPE CURRENCY INCOME Interest on bonds Interest on interest rate swaps Bank interest and interest on securities lending Dividends (net) Other income 933 039 37 423 15 3 073 623 4 491 1 076 856 28 494 2 400 386 7 973 8 780 518 15 071 18 981 5 183 941 170 482 Total Income 970 477 3 078 114 1 105 350 2 408 359 8 814 570 5 354 423 EXPENSES Investment management fee Custodian fee Administrative agent fee Registrar agent fee Distribution fee Professional fees Taxe d abonnement Performance fee Bank charges and interest Interest on interest rate swaps Other expenses 254 875 6 637 43 078 16 968 4 425 31 257 14 501 39 166 4 007 463 051 11 751 70 466 27 030 46 357 62 464 28 268 40 649 1 396 238 507 5 985 35 304 13 978 7 366 5 294 14 187 8 519 665 359 673 13 281 63 816 22 273 14 471 52 925 21 717 11 551 1 394 1 438 786 32 983 105 222 29 526 30 740 133 656 48 793 25 590 2 257 680 091 26 026 83 747 25 482 20 260 111 644 22 936 168 968 1 954 Total expenses 414 914 751 432 329 805 561 101 1 847 553 1 141 108 NET INVESTMENT INCOME/(LOSS) 555 563 2 326 682 775 545 1 847 258 6 967 017 4 213 315 Realised profit/(loss) on securities sold Realised profit/(loss) on currencies and forward foreign exchange contracts Realised profit/(loss) on options Realised profit/(loss) on futures contracts Realised profit/(loss) on swaps 5 601 586 1 025 360 (833 559) 1 871 463 4 253 969 397 569 35 980 342 173 829 216 79 338 37 928 3 064 731 43 436 55 656 (155 121) 300 605 181 560 (3 879) Profit/(loss) for the year/period 6 348 950 8 452 114 1 551 267 2 793 740 9 975 719 4 691 601 Change in net unrealised appreciation/(depreciation) on: investments forward foreign exchange contracts options futures contracts swaps (185 828) (77 177) (28 940) 1 111 461 295 933 (1 041 780) (83 289) (285 734) (3 196 582) (30 054) 110 065 4 553 979 454 887 (78 400) (45 265) (2 416 165) 66 635 (223 200) RESULT OF OPERATIONS 6 057 005 9 859 508 140 464 (322 831) 14 860 920 2 118 871 Net assets as Exchange differences on the net assets 56 537 943 46 894 052 37 265 470 72 137 809 117 572 318 86 375 823 Subscriptions Redemptions Dividends 13 881 537 (51 600 178) 80 878 432 (55 237 276) 6 009 576 (15 129 004) 24 083 447 (37 697 425) 61 790 282 (87 208 103) (6 187) 59 405 400 (62 995 051) NET ASSETS AT MAY 31, 2011 24 876 307 82 394 716 28 286 506 58 201 000 107 009 230 84 905 043 19
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED MAY 31, 2011 (expressed in original currencies) SUBFUNDS BONDS O CORPORATE BONDS O INFLATION LINKED BONDS O GOVIES SPREAD BONDS O AGGREGATE BONDS OPPORTUNITIES BONDS OPE CONVERTIBLE CURRENCY INCOME Interest on bonds Interest on interest rate swaps Bank interest and interest on securities lending Dividends (net) Other income 12 129 953 28 034 1 181 359 2 025 411 399 4 176 1 403 995 4 195 25 588 1 168 523 7 942 445 273 4 590 Total Income 12 157 987 1 183 384 415 575 1 433 778 1 176 465 449 863 EXPENSES Investment management fee Custodian fee Administrative agent fee Registrar agent fee Distribution fee Professional fees Taxe d abonnement Performance fee Bank charges and interest Interest on interest rate swaps Other expenses 921 089 68 444 186 817 45 867 37 867 195 046 32 809 46 054 52 470 6 264 209 267 12 918 58 351 20 497 20 101 31 103 23 408 25 834 1 320 44 962 2 102 17 468 5 201 487 8 240 922 10 480 1 131 228 604 2 286 38 991 15 399 9 474 22 901 13 923 21 225 6 996 820 165 823 6 688 30 242 10 770 9 273 4 027 9 920 653 124 942 3 578 19 167 7 090 8 931 13 843 5 761 71 812 10 769 1 631 Total expenses 1 592 727 402 799 90 993 360 619 237 396 267 524 NET INVESTMENT INCOME/(LOSS) 10 565 260 780 585 324 582 1 073 159 939 069 182 339 Realised profit/(loss) on securities sold Realised profit/(loss) on currencies and forward foreign exchange contracts Realised profit/(loss) on options Realised profit/(loss) on futures contracts Realised profit/(loss) on swaps 6 041 034 247 104 (61 773) (1 929 470) (300 065) (519 079) 134 861 (122 255) 20 500 348 349 16 365 90 558 (195 307) 726 350 36 194 (3 211) (309 258) 40 477 (3 343 954) (6) (446 645) (321 933) 1 341 514 13 928 (113 834) 61 553 Profit/(loss) for the year/period 14 562 090 294 612 584 547 1 563 711 (3 173 469) 1 485 500 Change in net unrealised appreciation/(depreciation) on: investments forward foreign exchange contracts options futures contracts swaps (4 208 195) 61 981 569 080 (262 880) (1 219 263) (90 369) (182 547) 154 275 (708 945) 95 376 50 467 (1 376 470) (4 773) 5 093 (114 619) (72 497) 3 097 874 243 660 274 800 430 972 (419) 25 250 920 RESULT OF OPERATIONS 10 722 076 (1 043 292) 21 445 445 442 865 1 942 223 Net assets as Exchange differences on the net assets 350 074 649 100 450 396 14 143 993 67 515 783 77 485 176 12 417 430 Subscriptions Redemptions Dividends 11 635 813 (182 234 500) 17 114 432 (84 740 311) 13 120 (2 974 616) 8 385 164 (44 755 524) 3 725 175 (78 597 884) 14 298 284 (9 399 953) NET ASSETS AT MAY 31, 2011 190 198 038 31 781 225 11 203 942 31 145 868 3 055 332 19 257 984 20
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED MAY 31, 2011 (expressed in original currencies) SUBFUNDS EQUITIES GLOBAL EQUITIES JAPAN CONCENTRATED EQUITIES US LARGE CAP GROWTH EQUITIES CONCENTRATED OPE EQUITIES ASIA PAC DUAL STRATEGIES EQUITIES GLOBAL EMERGING COUNTRIES CURRENCY INCOME Interest on bonds Interest on interest rate swaps Bank interest and interest on securities lending Dividends (net) Other income 1 749 581 226 109 18 626 738 205 186 219 10 362 1 071 913 11 759 2 485 814 4 566 1 278 740 Total Income 582 975 18 626 847 186 424 1 082 275 2 497 573 1 283 306 EXPENSES Investment management fee Custodian fee Administrative agent fee Registrar agent fee Distribution fee Professional fees Taxe d abonnement Performance fee Bank charges and interest Interest on interest rate swaps Other expenses 462 161 3 629 53 120 14 711 765 40 789 16 438 36 553 2 224 13 385 977 215 860 3 162 552 408 723 700 246 689 795 446 425 1 086 885 17 894 428 422 11 797 47 254 13 092 18 582 30 457 14 897 64 247 593 352 725 13 126 68 231 18 178 2 712 47 161 12 635 21 892 15 072 1 652 157 40 176 241 774 34 158 29 880 124 722 52 813 80 753 2 851 1 903 399 17 448 194 490 31 063 117 829 74 336 47 537 133 953 9 680 Total expenses 630 390 20 114 357 629 341 551 732 2 259 284 2 529 735 NET INVESTMENT INCOME/(LOSS) (47 415) (1 487 510) (442 917) 530 543 238 289 (1 246 429) Realised profit/(loss) on securities sold Realised profit/(loss) on currencies and forward foreign exchange contracts Realised profit/(loss) on options Realised profit/(loss) on futures contracts Realised profit/(loss) on swaps 5 546 199 245 087 1 173 164 423 777 (143 405 149) 2 299 447 1 207 289 586 324 2 338 146 125 032 4 400 (71 737) 20 180 685 (131 563) 4 747 965 (149 054) Profit/(loss) for the year/period 7 340 812 (142 593 212) 1 350 696 2 926 384 20 287 411 3 352 482 Change in net unrealised appreciation/(depreciation) on: investments forward foreign exchange contracts options futures contracts swaps 2 111 208 (22 085) (231 840) (492 784) 130 931 718 1 248 160 5 295 953 16 958 3 934 367 (3 760) 200 440 11 865 234 12 041 291 RESULT OF OPERATIONS 8 705 311 (10 413 334) 6 663 607 7 057 431 32 152 645 15 393 773 Net assets as Exchange differences on the net assets 34 345 453 1 051 919 922 27 900 688 41 412 809 114 157 855 115 116 121 Subscriptions Redemptions Dividends 5 926 494 (15 492 922) 268 065 962 (423 809 223) 9 424 787 (13 723 664) 8 177 846 (14 858 840) 23 731 024 (84 518 777) (391) 13 161 213 (70 363 559) NET ASSETS AT MAY 31, 2011 33 484 336 885 763 327 30 265 418 41 789 246 85 522 356 73 307 548 21
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED MAY 31, 2011 (expressed in original currencies) SUBFUNDS EQUITIES CHINA EQUITIES GOLD MINES EQUITIES EMERGING OPE EQUITIES OLAND CYCLICALS EQUITIES GLOBAL ENERGY EQUITIES OLAND FINANCIAL CURRENCY INCOME Interest on bonds Interest on interest rate swaps Bank interest and interest on securities lending Dividends (net) Other income 287 2 661 492 2 117 36 583 628 965 1 424 576 042 29 760 590 385 540 163 674 365 352 740 Total Income 2 663 896 665 548 577 466 620 145 164 214 353 105 EXPENSES Investment management fee Custodian fee Administrative agent fee Registrar agent fee Distribution fee Professional fees Taxe d abonnement Performance fee Bank charges and interest Interest on interest rate swaps Other expenses 3 119 437 28 452 327 669 40 493 94 626 155 872 77 508 673 066 49 810 16 721 2 810 295 43 750 224 864 40 586 41 269 167 559 69 638 95 035 3 211 905 613 7 203 72 734 19 292 27 420 50 406 22 107 36 035 4 861 214 481 8 755 45 654 12 412 3 430 38 116 4 265 31 556 47 177 147 030 2 207 39 191 4 575 7 456 6 408 5 595 7 965 1 674 183 760 17 737 26 799 5 464 13 054 10 366 5 588 64 729 1 253 Total expenses 4 583 654 3 496 207 1 145 671 405 846 222 101 328 750 NET INVESTMENT INCOME/(LOSS) (1 919 758) (2 830 659) (568 205) 214 299 (57 887) 24 355 Realised profit/(loss) on securities sold Realised profit/(loss) on currencies and forward foreign exchange contracts Realised profit/(loss) on options Realised profit/(loss) on futures contracts Realised profit/(loss) on swaps 12 648 576 (299 912) 34 804 446 41 332 7 875 884 63 579 754 789 (578) (435 721) 53 781 (2 490) (2 492 402) (2 862) Profit/(loss) for the year/period 10 428 906 32 015 119 7 371 258 532 789 (6 596) (2 470 909) Change in net unrealised appreciation/(depreciation) on: investments forward foreign exchange contracts options futures contracts swaps 20 842 432 (10 664 998) (2 737 958) 3 186 624 (400) 2 804 422 1 520 420 RESULT OF OPERATIONS 31 271 338 21 350 121 4 633 300 3 719 013 2 797 826 (950 489) Net assets as Exchange differences on the net assets 163 082 269 203 102 381 44 937 770 34 976 670 8 169 184 9 166 169 Subscriptions Redemptions Dividends 24 658 962 (48 193 154) (11) 267 223 510 (355 667 582) 9 843 733 (13 883 381) (4) 5 440 900 (30 826 500) 8 807 069 (7 507 991) 32 985 457 (28 891 262) NET ASSETS AT MAY 31, 2011 170 819 404 136 008 430 45 531 418 13 310 083 12 266 088 12 309 875 22