AMUNDI FUNDS
SICAV with sub-funds under Luxembourg law
Audited annual report as at 30/06/15
A company of Crédit Agricole / Société Générale
AMUNDI FUNDS
Audited annual report
R.C.S. Luxembourg B 68.806
For the year ended as at 30/06/15
No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual
report of the SICAV and the unaudited semi-annual report if published after such annual report and the most recent Key Investor Information Document relating to the relevant sub-fund.
Additional information concerning the representation and distribution of the Fund in Hong Kong as at 30 June 2015:
Residents in Hong Kong please note that the following sub-funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:
Equities:
Equity Global Income / Equity Japan Target / Equity US Concentrated Core / Equity Japan Value / Equity Euro / Equity Euroland Small Cap / Equity Europe Small Cap / Equity Emerging Europe1 /
Equity India Select / Equity Emerging Anti-Benchmark2 / Equity Emerging Minimum Variance / Equity Europe Minimum Variance / Equity Global Minimum Variance / Equity World Anti-Benchmark2.
Bonds:
Convertible Credit / Convertible Europe / Bond Euro Aggregate / Bond Euro Corporate 1-3 / Bond Euro Government / Bond Euro Inflation / Bond Euro High Yield Short Term / Bond Global
Corporate / Bond US Corporate / Bond US Opportunistic Core Plus / Bond US Aggregate / Bond Europe / Bond Global Aggregate / Bond Global Inflation / Bond Global High Yield / Bond Enhanced
RMB / Bond Asian Local Debt / Bond Emerging Inflation / Bond Global Emerging Corporate / Bond Global Emerging Hard Currency.
Multi Asset:
Multi Asset Emerging Markets3 / Patrimoine.
Indexed:
Index Equity Emerging Markets / Index Equity Euro / Index Equity Europe / Index Equity Japan / Index Equity North America / Index Equity Pacific ex Japan4 / Index Equity USA / Index Equity
World / Index Global Bond (EUR) Hedged / Index Bond Euro Corporate / Index Bond Euro Govies.
Absolute Return:
Global Macro Forex / Global Macro Forex Strategic / Global Macro Bonds & Currencies / Global Macro Bonds & Currencies Low Vol / Absolute Equity Market Neutral5 / Absolute US Corporate /
Absolute High Yield / Absolute Volatility Arbitrage / Absolute Volatility Arbitrage Plus / Absolute Volatility Euro Equities / Absolute Volatility World Equities / Absolute Global Dividend.
For all sub-funds authorized in Hong Kong, please note that the shares
AE-DH, AE-MD, AHE, AHE-MD, AHK, AHU, AHU-MD, AK, AU-MD, FE, FE-MD, FHE, FHE-MD, FU, I10, I11, I2, I4, I8, I9, IG, IHE, IHG, IHU, ME, MHE, MU, O1, OE, OFE, OFU, OHE, OR, ORHE,
OU, RE, RHE, RHG, RU, SE, SE-MD, SHE, SHE-MD, SU, XU are not authorized in Hong Kong.
For all the sub-funds authorized in Hong Kong, please note that the shares AE and IE are not authorized in Hong Kong excepted for the sub-funds Cash EUR and Equity Global Aqua6.
For all the sub-funds authorized in Hong Kong, please note that the shares AU and IU are not authorized in Hong Kong excepted for the sub-funds Cash USD, Equity Korea and Equity Thailand.
This sub-fund has been merged as at 12 September 2014.
These sub-funds have been merged as at 19 June 2015.
This sub-fund has been liquidated as at 25 June 2015.
4
The sub-fund Amundi Funds Index Equity Pacific has been renamed into Amundi Funds Index Equity Pacific ex Japan as at 1 July 2014.
5
This sub-fund has been liquidated as at 10 November 2014.
6
This sub-fund has been merged as at 17 April 2015.
1
2
3
Table of Contents
Page
Organisation
Board of Directors’ Report
Portfolios details as at 30/06/15:
Equities
6
9
10
Equity Japan Target
13
Equity US Relative Value
16
11
Equity US Concentrated Core
Equity Japan Value
15
17
Equity Euro
19
Equity Europe
Equity Euroland Small Cap
Equity Europe Small Cap
Equity Global Gold Mines
Equity Global Luxury and Lifestyle
Equity Global Agriculture
Equity Global Resources
20
Equity Brazil
Equity Emerging Internal Demand
Equity Emerging World
24
25
44
45
46
50
55
53
Convertible Credit4
57
Convertible Global
63
60
Bond Euro Aggregate
Bond Euro Corporate
66
71
Bond Euro Corporate 1-3
75
Bond Euro Inflation
79
Bond Euro Government
5
Bond Euro High Yield
Bond Euro High Yield Short Term
Bond Global Corporate
78
80
85
87
Bond US Corporate6
90
Bond US Aggregate7
98
Bond US Opportunistic Core Plus
Bond Europe
118
Multi Asset
116
Patrimoine
120
Index Equity Emerging Markets
121
Index Equity Europe
133
Index Equity Japan
Index Equity North America
Index Equity Pacific ex Japan10
130
138
142
150
178
Equity Global Minimum Variance
Convertible Europe
Bond Global Emerging Hard Currency
Bond Global Emerging Corporate
Index Bond Euro Govies11
35
51
Bonds
115
171
Equity Emerging Minimum Variance3
Equity Europe Minimum Variance
114
Bond Global Emerging Local Currency9
Index Global Bond (EUR) Hedged11
48
Equity Thailand
113
32
43
Equity Latin America
111
112
Index Equity USA
30
Equity India
Equity Korea
Bond Emerging Inflation
108
28
41
Equity India Infrastructure
Bond Asian Local Debt
Index Equity Euro
39
Equity India Select
Bond Enhanced RMB
23
Equity MENA
Equity Greater China
110
Indexed
22
27
Equity Asia ex Japan
Bond Global Inflation
21
26
Equity ASEAN
104
Bond Global
Bond Global High Yield8
Equity Global1
Equity Global Income2
Bond Global Aggregate
92
102
Index Equity World
Index Bond Euro Corporate11
Absolute
Global Macro Forex
Global Macro Forex Strategic12
Global Macro Bonds & Currencies
Global Macro Bonds & Currencies Low Vol
152
157
174
180
181
182
184
Absolute US Corporate13
186
Absolute Volatility Arbitrage
189
Absolute High Yield
Absolute Volatility Arbitrage Plus
Absolute Volatility Euro Equities
Absolute Volatility World Equities
Absolute Global Dividend
Cash
Cash EUR
Cash USD
Accounts:
188
191
192
193
195
196
198
Statement of Net Assets
200
Statement of Operations and Changes in Net Assets
306
Financial Details Relating to the Last 3 Years
Notes to the Financial Statements as at 30/06/15
Audit Report
Report of the Custodian
Notices and Reports
Additional Information (unaudited)
228
336
423
424
425
426
Amundi Funds Equity Global Select has been merged into Amundi Funds Equity Global on 24 April 2015 on the basis of the NAV dated 23 April 2015 ; Amundi Funds Equity Global Aqua has been merged into Amundi Funds Equity
Global on 17 April 2015 on the basis of the NAV dated 16 April 2015.
This sub-fund has been launched on 18 June 2015.
3
Amundi Funds Equity Emerging Europe has been merged into Amundi Funds Equity Emerging Minimum Variance on 12 September 2014 on the basis of the NAV dated 11 September 2014.
4
This sub-fund has been launched on 5 September 2014.
5
This sub-fund has been launched on 7 November 2014.
6
This sub-fund has been launched on 22 January 2015.
7
This sub-fund has been launched on 17 September 2014.
8
This sub-fund has been launched on 10 February 2015.
9
Amundi Funds Bond Global Emerging has been renamed into Amundi Funds Bond Global Emerging Local Currency as at 13 March 2015.
10
Amundi Funds Index Equity Pacific has been renamed into Amundi Funds Index Equity Pacific ex Japan as at 1 July 2014.
11
Those sub-funds are not an index-tracking sub-fund within the meaning of the article 44 of the Law dated 17 December 2010.
12
This sub-fund has been launched on 14 November 2014.
13
This sub-fund has been launched on 3 February 2015.
1
2
Organisation
DENOMINATION AND REGISTERED OFFICE
Amundi Funds
5, Allée Scheffer,
L-2520 Luxembourg
MANAGEMENT COMPANY
Amundi Luxembourg S.A.
5, Allée Scheffer,
L-2520 Luxembourg
BOARD OF DIRECTORS
Chairman
Since January 28, 2015
Laurent BERTIAU
Deputy Head of Institutional and Third party Distribution
Amundi, Paris
Directors
Etienne CLEMENT
Deputy Chief Executive Officer, Strategic Marketing Manager
Amundi, Paris
Jean-François PINÇON
Deputy Global Head of Sales
Amundi, Paris
Christian PELLIS
Global Head of External Distribution
Amundi, Paris
GENERAL MANAGERS
Julien FAUCHER
Managing Director
Amundi Luxembourg S.A., Luxembourg
Philippe CHOSSONNERY
Until January 19, 2015
Deputy General Manager
Amundi Luxembourg S.A., Luxembourg
Since January 20, 2015
Strategic Marketing Manager
Amundi, Paris
CUSTODIAN
CACEIS Bank Luxembourg S.A.
5, Allée Scheffer,
L-2520 Luxembourg
REGISTRAR, TRANSFER AND
PAYING AGENT
CACEIS Bank Luxembourg S.A.
5, Allée Scheffer,
L-2520 Luxembourg
ADMINISTRATIVE AGENT
Until July 31, 2014
Société Générale Securities Services Luxembourg
28-32, Place de la gare,
L-1616 Luxembourg
Grand Duchy of Luxembourg
Since August 1, 2014
Société Générale Bank & Trust S.A
28-32, Place de la gare,
L-1616 Luxembourg
Grand Duchy of Luxembourg
INVESTMENT MANAGERS
Amundi acting through:
n Main office
90, Boulevard Pasteur,
F-75015 Paris, France
n London Branch
41, Lothbury,
London EC2R 7HF, United Kingdom
Amundi Hong-Kong Ltd
901-908, One Pacific Place,
No. 88 Queensway, Hong Kong
Amundi Japan
1-2-2, Uchisaiwaicho Chiyoda-Ku,
Tokyo 100-0011, Japan
6
Organisation
Amundi Smith Breeden LLC
280 South Mangum Street, Suite 301
Durham, NC 27701
Resona Bank Ltd
Fukagawa Gatharia W2 Bldg, 5-65, Kiba 1 -Chome, Koto-Ku,
Tokyo 135-8581, Japan
Amundi Singapore Ltd
168, Robinson Road #24-01, Capital Tower,
Singapore 068912
TCW Investment Management Company (“TCW”)
865, South Figueroa Street, Suite 1800,
Los Angeles, California 90017, United States of America
TOBAM S.A.S. (until 19 June 2015)
20, rue Quentin Bauchart,
75008 Paris
BFT Gestion S.A.
90, Boulevard Pasteur,
75015 Paris
INVESTMENT SUB-MANAGERS
Amundi Singapore Ltd
168, Robinson Road #24-01, Capital Tower,
Singapore 068912
NH-CA Asset Management Co., Ltd
10F Nonghyup Culture & Welfare Foundation Bldg.
34-7 Yeoido-dong Yeongdeungpo-gu, Seoul, Korea
Amundi Japan
1-2-2, Uchisaiwaicho Chiyoda-Ku,
Tokyo 100 – 0011 Japan
AUDITOR OF THE FUND
PricewaterhouseCoopers, Société coopérative
2 rue Gerhard Mercator,
B.P. 1443, L-1014 Luxembourg
Grand Duchy of Luxembourg
FINANCIAL AGENT IN BELGIUM
CACEIS Belgium SA/VN
Avenue du Port / Havenlaan 86 C/320,
B - 1000 Brussels, Belgium
CENTRALIZING AGENT IN FRANCE
CACEIS Bank France
1-3, Place Valhubert,
F-75206 Paris Cedex 13, France
PAYING AND INFORMATION AGENT
IN GERMANY
Marcard, Stein & Co AG
Ballindam 36,
D-20095 Hamburg, Germany
PAYING AND INFORMATION AGENT
IN AUSTRIA
Meinl Bank A.G.
Bauermarkt 2,
1014, Wien, Austria
PAYING AGENT IN GREECE
Alpha Bank of Greece
11, Sofokleous Str.,
102 35 Athens, Greece
REPRESENTATIVE IN GREECE
Amundi Hellas M.F.M.C
45, Mitropoleos Street,
105 56 Athens, Greece
REPRESENTATIVE IN HONG KONG
Amundi Hong-Kong Ltd
901-908, One Pacific Place,
88, Queensway, Hong-Kong
REPRESENTATIVE IN THE NETHERLANDS
CACEIS Netherlands
De Ruyterkade 6,
1013 AA Amsterdam, The Netherlands
7
Organisation
REPRESENTATIVE IN SPAIN
Amundi Iberia SGICC
Paseo de la Castellana 1,
28046 Madrid, Spain
FACILITIES AGENT IN UNITED KINGDOM
Amundi London Branch.
41, Lothbury,
London EC2R 7HF, United Kingdom
PAYING AND REPRESENTATIVE AGENT
IN BULGARIA
Société Générale Express Bank AD
92,Vladislav Varnenchik Blvd,
9000 Varma, Bulgaria
REPRESENTATIVE IN SWITZERLAND
CACEIS (Switzerland) S.A.
7-9, Chemin de Précossy,
CH-1260 Nyon, Switzerland
CONTACT BANK IN CZECH REPUBLIC
Komercni Banka A.S
Na Prikogne 33,
Prague 1, Czech Republic
PAYING AND REPRESENTATIVE
AGENT IN SLOVENIA
SKB Banka D.D. Ljubljana
Ajdovscina 4,
Ljubljana, Slovenia
FACILITIES AGENT IN IRELAND
Société Générale, Dublin Branch
3rd Floor, IFSC House, IFSC,
Dublin 1, Ireland
REPRESENTATIVE AGENT IN ITALY
Amundi SGR S.p.A.
Piazza Missori 2,
Milano 20122, Italy
PAYING AND REPRESENTATIVE AGENT
IN SINGAPORE
Amundi Singapore Ltd
168, Robinson Road #24-01, Capital Tower,
Singapore 068912
MASTER AGENT IN TAIWAN
Amundi Taïwan
Suite A, 14F, Tun Hua North Road,
Taipei, Taïwan
8
Board of Directors’ Report
n Economic overview
In the Euro area, the economic recovery continued during the second semester of 2014 and the first semester of 2015. However, despite the support of very low interest
rates, a depreciating euro and falling oil prices, this recovery remained slow and uneven across countries. The German economy was generally robust while Spain
recovered strongly from very low levels, but French figures remained disappointing while Italy just managed to exit from a very long recession. In those two latter
countries, economic growth was not sufficient to bring an improvement to the employment market.
Deflationary pressure remained strong. Inflation became slightly negative in the Euro area at the beginning of 2015 before returning to marginally positive territory
helped by the large scale government bond buying program that the European Central Bank announced in January and started to implement in March.
The Euro area also had to cope with negative business confidence effects due to the Ukraine crisis during the second semester of 2014. It then faced a new episode
of domestic political stress at the beginning of 2015, as tense negotiations between member states on the subject of Greek public debt increased the risk that Greece
could leave the monetary union.
In the US, the recovery accelerated during the second semester of 2014 as consumers took advantage of lower oil prices. During that period, the Federal Reserve
gradually terminated its asset purchase program. However, the economy slowed down sharply in the first quarter of 2015, partly due to falling investment in the energy
sector and as the stronger dollar put pressure on internationally exposed activities. Yet, this period of weakness proved to be transitory and consumer behavior together
with an increase in housing investment led to another acceleration in the second quarter. As the employment market continued to improve, the Federal Reserve
announced that it could raise its policy rates later in 2015.
Emerging economies decelerated, on average, at the end of 2014 and at the beginning of 2015, despite large differences across countries. Chinese authorities, in
particular, had to face an economic slowdown to which they responded with targeted fiscal and monetary stimulus. However, at the end of the first semester of 2015,
the situation was not fully stabilised. In Brazil, the economy contracted due to falling commodities prices, the prospect of austerity measures and the necessity to
increase again interest rates as inflation was still very high, while the new government was fragilised by political scandal. Russia had to face a deep recession caused
by the fall in oil prices and economic sanctions. Conversely, economic growth was still strong in India where lower commodities prices caused inflation to moderate.
n Fixed income markets
In the Euro area, government bond yields fell almost continuously until April 2015, reaching new historic lows due to the expectation, announcement and effective start
of the European Central Bank’s government bond purchase program. However, yields then bounced back sharply, due to a variety of reasons including technical factors,
profit taking and the gradually improving economic and inflation situation. At the end of the second semester of 2015, the surge of political risk due to Greece also
caused a widening of the spread between German yields and their Italian and Spanish equivalents.
In the US, government bond yields also fell sharply until the Spring of 2015, partly due to the influence of European yields. They then bounced back, also in line with
European movements and supported by the prospect that the Federal Reserve would soon increase its policy rate.
n Equity markets
In the Euro area, equity markets were constrained during the second semester of 2015 by stress due to the Ukraine crisis and doubts over the economic recovery.
However, these risk factors diminished at the beginning of 2015 while the expectation and announcement of the European Central Bank’s assets purchase program
was the major cause of a sharp upward movement. At the end of the first semester of 2015, however, the situation in Greece proved to be a major factor of volatility.
In the US, equity markets were buoyant at the end of 2014 due to the rapidly improving economic situation. However, a phase of consolidation followed in the first
semester of 2015, first when economic figures caused some disappointment and then when the prospect of a policy rate increase by the Federal Reserve appeared
nearer.
Luxembourg, 22 October 2015
The Board of Directors
The figures stated in this report are historical and not necessarily indicative of future performance.
9
Equity Global1
Securities Portfolio as at 30/06/15
Portfolios details as at 30/06/15:
Equities
Brazil
225,400 PCAPN PCA4 PREFERRED
Denmark
276,631 H. LUNDBECK
France
106,667 BNP PARIBAS
Germany
61,572 PORSCHE AUTOMOBIL HOLDING SE
Israel
129,100 TEVA PHARMACEUTICAL IND. ADR
5,098,364
1.97
5,098,364
5,318,640
5,318,640
5,329,920
5,329,920
6,435,639
6,435,639
5,184,368
5,184,368
7,629,810
7,629,810
16,924,891
Japan
15,113,564
Netherlands
14,118,897
330,400 AEON MALL
250,300 JAPAN TOBACCO INC
352,493 ING GROEP NV-CVA
80,200 LYONDELLBASELL
Sweden
765,357 VOLVO AB-B SHS
United Kingdom
402,099 GLAXOSMITHKLINE PLC
1,951,768 SAINSBURY(J)
United States of America
AM AXLE & MFG HLDS
AMGEN INC
APACHE CORP
BIOGEN INC
BLACKSTONE GROUP LP
CISCO SYSTEMS INC
CYBERONICS
EMC CORP
ENVISION HEALTH
F5 NETWORKS INC
GOOGLE INC-A
The accompanying notes form an integral part of these financial statements
10
95.40
246,299,288
Italy
466,168 ENI SPA
6,826,695 TELECOM ITALIA SPA
318,200
49,100
119,700
29,900
248,400
331,100
81,700
250,900
225,000
37,900
20,350
246,299,288
8,268,918
8,655,973
6,194,073
8,919,491
5,816,593
8,302,304
9,491,415
9,491,415
16,507,051
8,363,396
8,143,655
139,146,729
6,653,562
7,537,832
6,898,311
12,077,806
10,152,108
9,092,006
4,857,882
6,621,251
8,883,000
4,561,265
10,989,814
95.40
1.97
0.00
2.06
2.06
2.06
2.06
2.49
2.49
2.01
2.01
2.96
2.96
6.56
3.20
3.36
5.85
2.40
3.45
5.47
2.25
3.22
3.68
3.68
6.39
3.24
3.15
53.90
2.58
2.92
2.67
4.68
3.93
3.52
1.88
2.56
3.44
1.77
4.26
329,438
105,600
161,800
203,600
173,953
HEWLETT PACKARD CO
JOHNSON & JOHNSON
J.P.MORGAN CHASE & CO
ROSS STORES INC
WELLS FARGO & CO
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
1 AMUNDI TRESO DOLLAR
Total securities portfolio
USD
9,886,435
10,291,776
10,963,568
9,896,996
9,783,117
22,676
22,676
22,676
22,676
246,321,964
% of NaV
36,700 CREDICORP LTD.
550,000 PEACE MARK (HLDGS)
95.41
Market Value
Bermuda
246,321,964
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
3.83
3.99
4.25
3.83
3.79
0.01
0.01
0.01
0.01
95.41
Equity Global Income2
Securities Portfolio as at 30/06/15
Bermuda
4,200 INVESCO LTD
25,000 YUE YUEN INDUSTRIAL HOLDINGS
4,900
1,300
8,600
5,700
6,700
2,400
Canada
BCE INC
CATAMARAN
CGI GROUP INC A
IGM FINANCIAL
SHAW COMMUNICATIONS B
VALEANT PHARMA
Cayman Islands
11,700 GARMIN LTD
2,706
1,392
1,802
2,042
1,789
1,967
1,028
579
1,402
411
1,084
1,693
France
CAP GEMINI SA
IMERYS SA
PUBLICIS GROUPE
SANOFI
THALES SA
VINCI SA
Germany
BASF SE
BAYER AG
HENKEL KGAA
MERCK KGAA
MUENCHENER RUECKVERSICHERUNGS AG-NOM
SIEMENS AG-NOM
Hong Kong (China)
3,700 ASM PACIFIC TECH
25,327,503
96.31
1,265,089
4.81
25,325,805
119,293
84,954
199,799
195,828
163,473
501,742
241,141
157,458
83,683
1,484,495
208,257
79,483
336,511
181,625
145,975
532,644
513,981
513,981
901,278
239,303
106,396
133,157
200,763
107,957
113,702
708,220
90,280
80,995
133,545
40,930
192,039
170,431
36,654
36,654
Ireland
670,068
Israel
206,695
1,900 MALLINCKRODT PLC W/I
12,000 XL GROUP PLC
1,507 NICE SYSTEME LTD
1,873 TEVA PHARMACEUTICAL INDUSTRIES
223,668
446,400
95,875
110,820
96.30
0.45
0.32
0.76
0.74
0.62
1.92
0.92
0.60
0.32
5.64
0.79
0.30
1.28
0.69
0.56
2.02
1.95
1.95
3.43
0.92
0.40
0.51
0.76
0.41
0.43
2.69
0.34
0.31
0.51
0.16
0.72
0.65
0.14
0.14
2.55
0.85
1.70
0.79
0.36
0.43
102,000
9,800
31,000
10,600
1,100
10,400
10,300
21,400
3,600
10,400
7,000
3,100
3,100
1,300
3,000
20,000
Japan
3,414,081
12.98
Jersey
232,457
0.88
Netherlands
323,030
AOZORA BANK
ASAHI GROUP HOLDINGS
ASAHI KASEI
CASIO
HIKARI TSUSHIN INC
ISUZU MOTORS LTD
KDDI CORP
KONICA MINOLTA HOLDINGS
MAKITA
MIXI
NIPPON TELEGRAPH & TELEPHONE
NITORI
NOMURA RESEARCH
OTSUKA
SEKISUI CHEMICAL CO LTD
TOKYO GAS CO LTD
10,365 WPP PLC
2,000 LYONDELLBASELL
3,907 WOLTERS KLUWER CVA
New Zealand
28,020 FLETCHER BUILDING
7,084 RYMAN HEALTHCARE
96,908 SPARK NEW SHS
Norway
18,795 NORSK HYDRO ASA
Singapore
60,200 COMFORTDELGRO CORP
2,900 JARDINE CYCLE & CARRIAGE
119,600 YANGZIJIANG SHIPBUILDING
Switzerland
1,154 NESTLE SA
16,061
67,111
5,285
14,401
1,835
20,745
2,275
3,700
1,700
3,300
10,500
USD
% of NaV
CIMIC GROUP LIMITED
COMPUTERSHARE
FLIGHT CENTRE
ORICA
RESMED
WOODSIDE PETROLEUM
99.59
Market Value
7,136
9,439
7,621
11,973
2,900
19,071
Australia
26,189,182
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
United Kingdom
BT GROUP PLC
CENTRICA PLC
IMPERIAL TOBACCO GROUP PLC
PERSIMMON PLC
PRUDENTIAL PLC
SAGE GRP
SHIRE
United States of America
ALTRIA GROUP INC
AMGEN INC
APPLE INC
CAMPBELL SOUP CO
385,110
311,744
254,734
209,289
74,253
136,624
248,651
249,913
195,350
516,749
253,622
252,834
121,350
60,769
36,849
106,240
232,457
207,040
115,990
374,997
153,873
37,944
183,180
78,954
78,954
336,915
1.46
1.19
0.97
0.80
0.28
0.52
0.95
0.95
0.74
1.97
0.96
0.96
0.46
0.23
0.14
0.40
0.88
1.23
0.79
0.44
1.43
0.59
0.14
0.70
0.30
0.30
1.28
139,940
71,289
125,686
0.53
0.27
0.48
83,348
0.32
83,348
1,488,127
113,719
278,434
254,925
447,315
44,227
167,210
182,297
12,966,275
180,967
260,984
413,902
500,325
0.32
5.66
0.43
1.06
0.97
1.70
0.17
0.64
0.69
49.30
0.69
0.99
1.57
1.90
The accompanying notes form an integral part of these financial statements
11
Equity Global Income
Securities Portfolio as at 30/06/15
12
1,698
0.01
0.01
0.01
USD
% of NaV
The accompanying notes form an integral part of these financial statements
1,698
1.28
Share/Units of UCITS/UCIS
1.14
0.39
Share/Units in investment funds
0.97
France
0.90
38 AMUNDI TRESO DOLLAR
1.52
1.33 Total securities portfolio
1.11
0.64
0.85
0.82
1.09
1.05
1.24
0.41
1.56
0.41
0.85
0.23
0.22
0.63
1.48
1.91
1.49
1.40
0.76
1.44
1.92
1.73
0.40
1.54
0.65
1.06
0.19
0.94
1.25
0.59
0.74
0.42
1.90
0.43
0.81
1.49
0.50
0.47
Market Value
Singapore
322 JARDINE CYCLE & CARRIAGE LTD RIGHT
15/07/2015
1,698
Quantity
Warrants, Rights
USD
335,632
299,676
101,998
255,099
236,142
398,544
349,209
292,128
167,948
223,188
215,348
285,516
275,001
325,320
108,410
409,332
106,642
222,537
60,723
57,541
165,354
389,787
502,480
392,817
367,008
200,337
378,820
508,560
453,718
105,248
406,112
171,718
277,500
50,673
248,482
329,199
154,185
193,320
111,096
503,388
113,488
213,465
392,892
131,076
123,440
% of NaV
CELGENE CORP
CENTURYTEL INC
COCA-COLA CO
COLGATE PALMOLIVE CO
CUMMINS INC
CVS HEALTH CORP
EMERSON ELECTRIC CO
GAMESTOP A
GAP INC
GENERAL ELECTRIC CO
HARRIS CORP
HONEYWELL INTERNATIONAL INC
HOSPIRA
INTL BUSINESS MACHINES CORP
JM SMUCKER
JOHNSON & JOHNSON
KEYCORP
KIMBERLY-CLARK CORP
MACY S STORE
MARATHON PETROLEUM
MASCO CORP
MC DONALD’S CORP
MEDIVATION
MERCK AND CO INC
NORTHERN TRUST CORP
OCEANEERING INTL
ORACLE CORP
PROCTER AND GAMBLE CO
RACKSPACE HOSTING
RAYTHEON CO
REGIONS FINANCIAL CORP
REYNOLDS AMERICAN INC
ROBERT HALF INTL
SPX CORP
STRYKER CORP
TESORO
TOYOTA MOTOR CORP
TRAVELERS COMPANIES INC
VERISIGN
VERIZON COMMUNICATIONS INC
WAL-MART STORES INC
WESTERN UNION CO
WISCONSIN ENERGY
ZIMMER BIOMET HOLDINGS INC
3M
Market Value
Quantity
2,900
10,200
2,600
3,900
1,800
3,800
6,300
6,800
4,400
8,400
2,800
2,800
3,100
2,000
1,000
4,200
7,100
2,100
900
1,100
6,200
4,100
4,400
6,900
4,800
4,300
9,400
6,500
12,200
1,100
39,200
2,300
5,000
700
2,600
3,900
2,300
2,000
1,800
10,800
1,600
10,500
8,700
1,200
800
861,679
3.28
861,679
3.28
26,189,182
99.59
861,679
861,679
3.28
3.28
Equity Japan Target
Securities Portfolio as at 30/06/15
27,997,111,000
93.76
3,133,357,400
10.49
27,997,111,000
IMASEN ELECTRIC INDUSTRIAL CO
KEIHIN
RIKEN
SHOWA CORP
TACHI-S
Banks
239,000 CHIBA BANK
665,000 KAGOSHIMA BANK
306,200
90,400
971,800
599,400
439,600
421,000
139,500
123,200
403,700
909,000
340,000
492,800
259,000
269,000
263,000
640,100
248,300
223,100
10,700
1,033,800
196,200
Chemicals
ADEKA
KONISHI
SHIN-ETSU POLYMER
TOAGOSEI
Construction and Materials
CHUDENKO CORP
KINDEN
MIRAIT
NIPPON DENSETSU KOGYO
NORITZ
OKUMURA CORP
OYO CORP
SANKI ENGINEERING
TAIHEI DENGYO
TAKIRON CO LTD
Electronic and Electrical Equipment
FUTABA CORP
HITACHI KOKI
IBIDEN CO LTD
KOA
MARUWA
MITSUMI ELECTRIC
NIPPON CERAMIC
General Retailers
331,200 JOYFUL HONDA
174,400 XEBIO
Household Goods and Home Construction
181,000 TENMA CORP
356,800
711,000
300,800
293,500
Industrial Engineering
NAMURA SHIPBUILDING
NIPPON ROAD CO LTD
SHIMA SEIKI MFG LTD
SINTOKOGIO
401,990,000
654,110,000
623,984,000
874,510,600
578,762,800
811,512,000
222,987,000
588,525,000
1,908,634,000
520,540,000
209,547,200
566,559,400
611,987,400
5,174,494,300
1,032,620,400
681,599,000
199,206,000
265,496,000
932,143,300
568,125,000
559,300,000
476,537,600
313,131,000
146,336,000
3,264,940,900
583,334,000
653,542,100
513,981,000
293,599,600
27,713,000
858,054,000
334,717,200
1,269,656,000
852,840,000
416,816,000
381,548,000
381,548,000
2,542,299,300
374,640,000
434,421,000
586,860,800
318,447,500
93.76
1.35
2.19
2.09
2.92
1.94
2.72
0.75
1.97
6.39
1.74
0.70
1.90
2.05
17.34
3.47
2.28
0.67
0.89
3.12
1.90
1.87
1.60
1.05
0.49
10.94
1,020,000 TOSHIBA MACHINE
196,700 TSUKISHIMA KUKAI
329,800
174,800
524,100
434,000
572,220,000
255,710,000
1.92
0.86
746,997,000
531,392,000
462,256,200
232,190,000
2.50
1.78
1.55
0.78
Industrial Metals and Mining
1,972,835,200
Media
1,039,512,500
KYOEI STEEL
MARUICHI STEEL TUBE
NETUREN CO
YODOGAWA STEEL WORKS
639,700 FUJI MEDIA HOLDINGS INC
Nonlife Insurance
195,800 MS AD ASSURANCE
Oil and Gas Producers
177,500 K&O ENERGY GROUP
Personal Goods
701,500 TSI HOLDINGS CO LTD
392,000 WACOAL HOLDINGS CORP
Pharmaceuticals and Biotechnology
72,300 KISSEI PHARMA
1,039,512,500
746,585,400
746,585,400
341,865,000
341,865,000
1,155,122,500
594,170,500
560,952,000
224,853,000
224,853,000
Support Services
1,203,873,200
Technology Hardware and Equipment
2,826,022,300
763,500 KOKUYO
236,600 TOPPAN FORMS
303,000
683,000
208,500
169,000
209,900
210,300
JPY
DAI-ICHI SEIKO
DENKI KOGYO
EIZO NANAO
JAPAN DIGITAL LABORATORY CO
MIMASU SEMICONDUCTOR INDUSTRY
RYOSAN
1.95
Derivative instruments
2.20
1.72
Options
0.98
Official stock exchange
0.09
50
NIKKEI 225 SIMEX FUT - 18,000 - 08.12.17 CALL
2.88
285 NIKKEI 225 SIMEX FUT - 18,000 - 09.06.17 CALL
1.12
55 NIKKEI 225 SIMEX FUT - 18,500 - 08.12.17 CALL
4.25
90 NIKKEI 225 SIMEX FUT - 18,500 - 10.07.15 PUT
50 NIKKEI 225 SIMEX FUT - 20,000 - 08.12.17 CALL
2.85
200 NIKKEI 225 SIMEX FUT - 22,000 - 08.06.18 CALL
1.40
75 NIKKEI 225 SIMEX FUT - 22,750 - 14.08.15 CALL
1.28
% of NaV
305,000
372,500
1,322,000
717,400
331,100
Automobiles and Parts
96.47
Market Value
Shares
28,806,716,000
Quantity
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
JPY
% of NaV
Market Value
Quantity
Long positions
804,729,000
399,144,200
614,787,000
399,555,000
586,927,500
288,990,000
258,596,800
677,166,000
809,605,000
809,605,000
809,605,000
6.61
3.48
3.48
2.50
2.50
1.14
1.14
3.87
1.99
1.88
0.75
0.75
4.03
2.69
1.34
9.46
2.05
1.34
1.97
0.97
0.87
2.26
2.71
2.71
2.71
Short positions
79,475,000
431,490,000
79,695,000
945,000
54,425,000
163,200,000
375,000
-462,567,500
0.27
1.44
0.27
0.00
0.18
0.55
0.00
-1.55
8.51 Derivative instruments
-462,567,500
-1.55
1.28
1.25
1.45
1.96
1.07
Options
Official stock exchange
-280 NIKKEI 225 SIMEX FUT - 19,000 - 09.06.17 CALL
-462,567,500
-462,567,500
-344,120,000
-1.55
-1.55
-1.15
The accompanying notes form an integral part of these financial statements
13
Equity Japan Target
Securities Portfolio as at 30/06/15
NIKKEI 225 SIMEX FUT - 19,250 - 10.07.15 PUT
NIKKEI 225 SIMEX FUT - 20,500 - 08.12.17 CALL
NIKKEI 225 SIMEX FUT - 21,750 - 14.08.15 CALL
NIKKEI 225 SIMEX FUT - 22,500 - 08.12.17 CALL
NIKKEI 225 SIMEX FUT - 23,500 - 08.12.17 CALL
Total securities portfolio
JPY
28,344,148,500
The accompanying notes form an integral part of these financial statements
14
-2,700,000
-49,350,000
-2,550,000
-36,547,500
-27,300,000
% of NaV
Market Value
Quantity
-90
-50
-75
-55
-50
-0.01
-0.17
-0.01
-0.12
-0.09
94.92
Equity US Concentrated Core
Securities Portfolio as at 30/06/15
Financial Services
67,950 CHARLES SCHWAB CORP
68,250 VISA INC-A
Food Producers
28,055 MEAD JOHNSON NUTRITION
4,850
17,645
3,470
22,545
2,023,702
1.96
98,511,192
2,023,702
6,801,555
2,218,568
4,582,987
2,531,122
2,531,122
95.30
2.45
3.27
Oil Equipment, Services and Distribution
Personal Goods
21,950 UNDER ARMOUR
Pharmaceuticals and Biotechnology
ALEXION PHARMACEUTICALS INC
ALLERGAN PLC
BIOMARIN PHARMACEUTICAL INC
CELGENE CORP
ILLUMINA
Real Estate Investment Trusts
54,050 AMERICAN TOWER
12,070 EQUINIX INC COMMON STOCK REIT
Software and Computer Services
ATHENAHEALTH
CERNER CORP
FACEBOOK A
GOOGLE INC-C
LINKEDIN CORP CLASS A
MOBILEYE N V
SALESFORCE.COM
SERVICENOW INC
SPLUNK INC
Technology Hardware and Equipment
54,494 ARM HOLDINGS ADR
21,255 QUALCOMM INC
1,675,103
1,675,103
1,831,508
1,831,508
2.04
2.31
3.86
2.00
3.27
1.62
1.62
1.77
1.77
16,755,453
16.21
8,108,105
7.84
3,401,911
2,782,728
2,548,211
3,972,025
4,050,578
5,042,325
3,065,780
3.29
2.69
2.47
3.84
3.92
4.87
2.97
33,668,120
32.56
4,016,120
3.89
2,431,388
4,391,525
4,103,855
4,686,672
2,913,483
3,516,557
5,784,861
3,340,978
2,498,801
2,684,919
1,331,201
95.30
2.77
4.17
2.45
3,376,793
3,376,793
98,511,192
2,867,653
4,302,603
2.15
4.43
Nonlife Insurance
2,105,337
2,383,134
3,995,253
2,069,631
Total securities portfolio
6.94
6.58
10.21
AMAZON.COM
COSTCO WHOLESALE
PRICELINE GROUP
TIFFANY & CO
4,740 CHIPOTLE MEXICAN GRILL CL A
80,250 STARBUCKS
7,170,256
1.96
10,553,355
19,435 SCHLUMBERGER LTD
21,220
63,590
47,850
9,004
14,100
66,138
83,080
44,960
35,892
95.30
General Retailers
33,210 ACE LTD
18,819
9,170
18,630
34,320
18,550
98,511,192
Travel, Leisure and Catering
USD
% of NaV
15,100 MONSTER BEVERAGE CORP
95.30
Market Value
Beverages
98,511,192
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
2.35
4.25
3.97
4.53
2.82
3.40
5.59
3.23
2.42
2.60
1.29
The accompanying notes form an integral part of these financial statements
15
Equity US Relative Value
Securities Portfolio as at 30/06/15
383,100
308,484
228,400
66,000
Banks
CITIGROUP INC
J.P.MORGAN CHASE & CO
STATE STREET CORP
ZIONS BANCORP
Beverages
150,065 PEPSICO INC
Electricity
910,885 AES CORP
118,025 AMERICAN ELECTRIC POWER INC
Electronic and Electrical Equipment
452,135 CORNING INC
Financial Services
142,525 AMERIPRISE FINANCIAL
30,643 INTERCONTINENTALEXCHANGE GROUP
549,896 NAVIENT CORP.
Fixed Line Telecommunications
236,400 AT&T INC
97.10
13,824,718
2.31
581,854,955
13,824,718
61,746,629
21,162,444
20,902,875
17,586,800
2,094,510
14,007,067
14,007,067
18,330,119
12,078,335
6,251,784
8,920,624
8,920,624
34,671,336
17,805,649
6,852,081
10,013,606
8,396,928
8,396,928
Food and Drug Retailers
10,129,660
Food Producers
14,170,879
280,600 SYSCO CORP
344,455 MONDELEZ INTERNATIONAL
General Industrials
865,940 GENERAL ELECTRIC CO
805,948 KONINK PHIL SP ADR NY REGISTRED ADR
330,040 SEALED AIR
General Retailers
367,140 GAP INC
122,900 HOME DEPOT INC
980,500 JC PENNEY CO INC
Health Care Equipment and Services
103,611 ANTHEM INC
84,895 CIGNA CORP
Household Goods and Home Construction
307,306 LENNAR A
The accompanying notes form an integral part of these financial statements
16
581,854,955
10,129,660
14,170,879
97.10
2.31
10.31
3.54
3.49
2.93
0.35
2.34
2.34
3.06
2.02
1.04
2.98
1.14
1.67
1.40
1.40
1.69
1.69
2.36
2.36
6.00
17,006,710
13,752,990
15,684,898
15,684,898
Industrial Metals and Mining
10,194,614
1.70
Leisure Goods
23,097,609
3.85
Nonlife Insurance
27,886,402
4.65
126,575 PENTAIR PLC
403,365 TEREX
337,570 ALLEGHENY TECHNOLOGIES INC
384,064 COMCAST CLASS A
333,950 HARTFORD FINANCIAL SERVICES GRP
144,880 TRAVELERS COMPANIES INC
3.84
3.42
2.83
2.83
2.30
2.62
2.62
23,097,609
13,882,302
14,004,100
1.70
3.85
2.32
2.33
Oil Equipment, Services and Distribution
11,365,140
1.90
Pharmaceuticals and Biotechnology
45,391,832
7.58
Software and Computer Services
24,920,997
4.16
GILEAD SCIENCES INC
JOHNSON & JOHNSON
MERCK AND CO INC
PFIZER INC
143,552 CATAMARAN
365,665 MICROSOFT CORP
4,569,647
13,996,350
7,343,427
11,365,140
7,727,280
9,239,208
12,755,736
15,669,608
8,776,888
16,144,109
Support Services
17,306,153
Technology Hardware and Equipment
50,598,595
199,288 ADT CORP
275,885 TYCO INTERNATIONAL PLC
APPLIED MATERIALS INC
BROADCOM CORPORATION A
CISCO SYSTEMS INC
INTEL CORP
NETAPP INC
WESTERN DIGITAL CORP
2.33 Total securities portfolio
2.28
1.39
5.13
10,194,614
1.45
1.57
25,909,424
409,100 CHESAPEAKE ENERGY CORP
145,085 CHEVRON CORP
508,900 NABORS INDUSTRIES
418,080
18,147
604,370
284,900
139,100
152,735
8,702,031
9,378,237
Oil and Gas Producers
5.79
35,976,446
30,759,700
3.02
66,000
94,800
224,060
467,331
10.09
14,013,734
13,657,877
8,304,835
18,080,268
184,200 BAKER HUGHES INC
60,484,917
23,008,026
20,519,436
16,957,455
Industrial Engineering
1.49
1.49
USD
% of NaV
671,755 DANA HOLDING WI
97.10
Market Value
Automobiles and Parts
581,854,955
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
6,690,098
10,616,055
8,035,498
934,389
16,595,999
8,665,234
4,389,996
11,977,479
581,854,955
4.32
0.76
2.33
1.23
1.90
1.29
1.54
2.13
2.62
1.46
2.70
2.89
1.12
1.77
8.44
1.34
0.16
2.76
1.45
0.73
2.00
97.10
Equity Japan Value
Securities Portfolio as at 30/06/15
12,485,241,130
98.56
893,385,500
7.05
12,485,241,130
FCC
HONDA MOTOR CO LTD
MAZDA MOTOR CORP
MUSASHI SEIMITSU
SUMITOMO ELECTRIC INDUSTRIES
Banks
594,800 MITSUBISHI UFJ FINANCIAL GROUP
318,000 SEVEN BANK LTD
66,000 SURUGA BANK LTD
108,500
164,000
386,000
498,000
149,500
93,200
125,500
2,000
168,000
250,000
51,200
18,000
103,200
Chemicals
JSR CORP
MITSUBISHI CHEMICAL HOLDINGS
MITSUI CHEMICALS INC
TEIJIN LTD
TOAGOSEI
Construction and Materials
COMSYS HOLDINGS
LIXIL GROUP CORPORATION
NEW REAL PROPERTY
SANWA HOLDINGS CORP
Electronic and Electrical Equipment
HITACHI LTD
IBIDEN CO LTD
NIDEC CORP
USHIO INC
Financial Services
43,000 CREDIT SAISON CO LTD
225,900 NOMURA HLDGS INC
188,100 TOKAI TOKYO HOLDINGS
Food and Drug Retailers
23,800 DAIKOKUTENBUSSAN CO LTD
166,243,000
289,189,500
136,686,000
102,082,000
199,185,000
876,993,040
523,305,040
180,306,000
173,382,000
925,975,500
234,794,000
126,362,000
175,630,000
236,550,000
152,639,500
647,983,400
169,810,400
304,965,000
173,208,000
637,154,800
201,700,000
105,984,000
164,970,000
164,500,800
468,061,640
112,832,000
187,632,540
167,597,100
112,336,000
112,336,000
Food Producers
427,615,000
General Industrials
164,268,000
85,000 NH FOODS SHS
225,000 NICHIREI CORP
324,000 RENGO
General Retailers
95,600 DENA CO LTD
13,500 SHIMAMURA
175,300 YAMADA DENKI
237,490,000
190,125,000
164,268,000
489,520,600
230,013,600
173,610,000
85,897,000
98.56
1.31
2.28
1.08
0.81
1.57
6.92
4.13
1.42
1.37
7.31
1.85
1.00
1.39
1.87
1.20
5.12
1.34
2.41
0.00
1.37
5.03
1.59
0.84
1.30
1.30
3.69
0.89
1.48
1.32
0.89
0.89
Health Care Equipment and Services
129,228,000
1.02
Household Goods and Home Construction
518,884,400
4.10
44,000 TERUMO CORP
98,000 IIDA GROUP HLDGS
19,400 MAKITA
102,350 SEKISUI HOUSE LTD
77,000
94,000
84,500
116,000
783,000
42,000
434,000
Industrial Engineering
JGC
KOMATSU LTD
KURITA WATER INDUSTRIES LTD
MITSUBISHI ELECTRIC CORP
MITSUI ENGINEERING & SHIPBUILD
THK CO LTD
TSUGAMI CORP
Industrial Metals and Mining
324,000 DAIDO STEEL
50,000 JFE HOLDINGS
Industrial Transportation
18,850 EAST JAPAN RAILWAY CO
51,200 HITACHI TRANSPORT SYSTEM
518,000 NIPPON YUSEN
Leisure Goods
75,000 KONAMI CORP
158,700 PANASONIC CORP
455,000 TOMY
Mobile Telecommunications
82,700 NTT DOCOMO INC
41,500 SOFTBANK CORP
Nonlife Insurance
42,200 MS AD ASSURANCE
53,950 TOKIO MARINE HLDGS INC
Oil and Gas Producers
249,000 JX HOLDINGS
Pharmaceuticals and Biotechnology
1.88
1.50
98,000
28,000
54,000
38,400
1.30
57,000 MITSUI FUDOSAN CO LTD
3.38
1.30
3.86
1.81
1.37
0.68
JPY
% of NaV
88,900
73,000
57,000
43,000
105,000
Automobiles and Parts
98.56
Market Value
Shares
12,485,241,130
Quantity
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
JPY
% of NaV
Market Value
Quantity
Long positions
ADERANS HOLDINGS
NIPPON SHINYAKU
ROHTO PHARMACEUTIC
TAKEDA PHARMACEUTICAL CO LTD
Real Estate Investment and Services
Software and Computer Services
366,000 YAHOO JAPAN
129,228,000
191,100,000
128,816,000
198,968,400
1.02
1.51
1.02
1.57
1,403,301,000
11.08
301,065,000
2.38
178,024,000
230,958,000
241,163,000
183,512,000
165,996,000
111,132,000
292,516,000
165,240,000
135,825,000
488,266,100
207,538,500
104,089,600
176,638,000
728,299,050
170,700,000
266,854,050
290,745,000
493,022,300
193,848,800
299,173,500
435,729,900
160,908,600
274,821,300
131,521,800
131,521,800
544,756,400
103,586,000
105,000,000
109,188,000
226,982,400
195,339,000
195,339,000
180,804,000
180,804,000
1.41
1.82
1.90
1.45
1.31
0.88
2.31
1.31
1.07
3.85
1.64
0.82
1.39
5.75
1.35
2.11
2.29
3.89
1.53
2.36
3.44
1.27
2.17
1.04
1.04
4.30
0.82
0.83
0.86
1.79
1.54
1.54
1.43
1.43
The accompanying notes form an integral part of these financial statements
17
Equity Japan Value
Securities Portfolio as at 30/06/15
Support Services
534,816,100
4.22
Technology Hardware and Equipment
433,569,600
3.42
44,000 DAISEKI
187,000 MARUBENI CORP
180,000 MITSUI & CO LTD
104,236,000
131,330,100
299,250,000
194,000 FUJITSU LTD
184,400 RENESAS ELECTRONICS CORP
18,000 TOKYO ELECTRON LTD
132,773,600
161,350,000
139,446,000
Travel, Leisure and Catering
82,000 AEON CO LTD
25,000 AEON FANTASY CO.LTD
151,000 TOKYU CORP
Total securities portfolio
323,345,000
142,475,000
57,050,000
123,820,000
12,485,241,130
The accompanying notes form an integral part of these financial statements
18
% of NaV
Market Value
Quantity
JPY
0.82
1.04
2.36
1.05
1.27
1.10
2.55
1.12
0.45
0.98
98.56
Equity Euro
Securities Portfolio as at 30/06/15
67,996
18,311
1,088,195
90,948
107,605
152,959
84,919
59,581
120,068
309,701
36,221
121,934
81,892
130,441
35,367
21,180
201,544
23,408
206,798
39,686
56,249
43,786
57,453
59,325
87,037
26,205
88,561
41,074
40,463
67,611
31,923
292,244
16,135
123,316
310,297
98,360
67,869
61,633
39,391
50,327
France
ACCOR SA
AIR LIQUIDE SA PRIME DE FIDELITE 2017
ALCATEL LUCENT
ALSTOM
AXA
BNP PARIBAS
BOUYGUES
CAP GEMINI SA
CARREFOUR SA
CREDIT AGRICOLE SA
ESSILOR INTERNATIONAL
EUROPCAR GROUPE SA
FAURECIA
GDF SUEZ
IPSEN
LVMH MOET HENNESSY LOUIS VUITTON SE
PEUGEOT SA
PUBLICIS GROUPE
REXEL
SAFRAN
SANOFI
SCHNEIDER ELECTRIC SA
SOCIETE GENERALE A
THALES SA
TOTAL
VALEO
ZODIAC AEROSPACE
Germany
ALLIANZ SE-NOM
BASF SE
BAYER AG
BEIERSDORF
COMMERZBANK
CONTINENTAL AG
DAIMLER
DEUTSCHE TELEKOM AG-NOM
E.ON SE
FRESENIUS SE & CO KGAA
GEA GROUP AG
KION GROUP
SIEMENS AG-NOM
231,819,797
97.23
6,149,347
2.58
231,770,919
5,619,992
529,355
86,568,071
3,078,179
2,077,383
3,556,221
2,314,627
2,435,101
8,282,729
2,847,759
4,728,944
3,448,353
4,131,411
3,875,647
1,472,963
3,020,996
2,170,538
1,750,136
3,328,437
3,717,479
1,552,419
2,990,299
2,412,512
4,963,412
2,711,667
2,405,557
3,213,042
3,792,202
3,704,077
2,585,981
55,238,300
5,738,038
3,189,294
8,488,561
2,398,694
3,350,577
3,424,654
10,067,519
4,794,089
1,175,402
3,905,861
2,465,936
1,692,631
4,547,044
97.21
2.36
0.22
36.31
1.29
0.87
1.49
0.97
1.02
3.48
1.19
1.98
1.45
1.73
1.63
0.62
1.27
0.91
0.73
1.40
1.56
0.65
1.25
1.01
2.09
1.14
1.01
1.35
1.59
1.55
1.08
23.17
188,243
118,168
399,739
878,880
318,516
338,080
2,225,656
3,584,182
Italy
ASSICURAZIONI GENERALI
BANCA GENERALI
BANCA POPOLARE DELL’EMILIA
ENEL SPA
FINMECCANICA SPA
INFRASTRUTTURE WIRELESS ITALIANE SPA
INTESA SANPAOLO SPA
TELECOM ITALIA SPA
Luxembourg
70,857 APERAM
60,758 HOLCIM LTD-NOM
61,525
16,678
522,056
137,134
176,691
190,131
1,089,479
161,558
346,362
105,114
225,113
EUR
% of NaV
52,279 ANHEUSER-BUSH INBEV
19,664 ONTEX GROUP
EUR
241,709,665 101.38
Market Value
Belgium
Quantity
Shares
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
29,822,150
12.51
6,581,839
2.76
3,042,007
3,731,745
3,197,912
3,571,768
3,592,860
1,369,224
7,237,834
4,078,800
2,555,812
4,026,027
1.28
1.57
1.34
1.50
1.51
0.57
3.03
1.71
1.07
1.69
Netherlands
24,175,947
10.14
Spain
16,174,455
6.78
AIRBUS GROUP
GEMALTO
ING GROEP NV-CVA
ROYAL PHILIPS NV
STMICROELECTRONICS NV
UNILEVER CVA
BANCO SANTANDER SA
CELLNEX TELECOM S.A.
DIA SA
REPSOL
TELEFONICA SA
United Kingdom
197,217 GLAXOSMITHKLINE PLC
133,199 ROYAL DUTCH SHELL PLC-A
Warrants, Rights
Spain
105,114 REPSOL S.A. RIGHT 03/07/2015
Share/Units of UCITS/UCIS
Share/Units in investment funds
2.41
France
1.34
1,321 AMUNDI TRESO EONIA ISR S C
3.56
8 AMUNDI TRESO 3 MOIS I C
1.01
1.41 Total securities portfolio
1.44
4.21
2.01
0.49
1.64
1.03
0.71
1.91
3,580,755
1,332,239
7,731,649
3,129,398
1,299,562
7,102,344
6,824,495
2,451,643
2,372,580
1,655,546
2,870,191
7,060,810
3,681,551
3,379,259
48,878
1.50
0.56
3.24
1.31
0.55
2.98
2.86
1.03
1.00
0.69
1.20
2.96
1.54
1.42
0.02
48,878
0.02
9,889,868
4.15
48,878
9,889,868
9,889,868
1,336,848
8,553,020
0.02
4.15
4.15
0.56
3.59
241,709,665 101.38
The accompanying notes form an integral part of these financial statements
19
Equity Europe
Securities Portfolio as at 30/06/15
Denmark
50,628 H. LUNDBECK
38,122
427,704
32,171
48,818
39,133
7,698
50,125
10,427
43,157
21,839
10,778
81,967
15,488
11,878
29,279
6,328
4,532
13,766
4,792
24,700
11,955
37,369
France
ACCOR SA
ALCATEL LUCENT
ALSTOM
BNP PARIBAS
BOUYGUES
CAP GEMINI SA
CARREFOUR SA
ESSILOR INTERNATIONAL
EUROPCAR GROUPE SA
FAURECIA
INGENICO GROUP SA
PEUGEOT SA
SAFRAN
THALES SA
TOTAL
VALEO
Germany
ALLIANZ SE-NOM
BEIERSDORF
CONTINENTAL AG
DAIMLER
FRESENIUS SE & CO KGAA
GEA GROUP AG
Greece
87,937 HELLENIC TELECOMMUNICATIONS
ORGANIZATIONS OTE
19,648
29,843
155,236
516,390
143,715
121,745
670,857
2,447,952
Italy
ASSICURAZIONI GENERALI
BANCA GENERALI
BANCA POPOLARE DELL’EMILIA
ENEL SPA
FINMECCANICA SPA
INFRASTRUTTURE WIRELESS ITALIANE SPA
INTESA SANPAOLO SPA
TELECOM ITALIA SPA
Jersey
337,294 GLENCORE PLC
30,973 WOLSELEY
The accompanying notes form an integral part of these financial statements
20
84,947,258
98.87
1,940,913
2.26
84,947,258
1,940,913
875,483
875,483
18,793,120
1,725,783
1,397,737
818,752
2,643,495
1,312,325
610,990
1,439,590
1,115,689
521,337
805,641
1,134,923
1,511,881
941,516
643,312
1,275,686
894,463
6,884,252
633,120
1,034,377
1,017,102
2,016,508
688,010
1,495,135
721,083
721,083
11,682,019
317,512
942,442
1,241,888
2,098,609
1,621,105
493,067
2,181,627
2,785,769
2,991,805
1,215,487
1,776,318
98.87
2.26
1.02
1.02
21.87
2.00
1.63
0.95
3.07
1.53
0.71
1.68
1.30
0.61
0.94
1.32
1.76
1.10
0.75
1.48
1.04
8.01
0.74
1.20
1.18
2.35
0.80
1.74
0.84
0.84
13.60
Luxembourg
1,920,576
2.24
Netherlands
4,645,493
5.41
28,984 HOLCIM LTD-NOM
21,442 AIRBUS GROUP
14,455 AKZO NOBEL NV-CVA
165,705 ING GROEP NV-CVA
Spain
21,255 AMADEUS IT HOLDING
58,583 CELLNEX TELECOM S.A.
16,518
69,657
19,273
22,489
9,125
1.41
2.07
1,247,924
943,478
2,454,091
1,648,970
759,973
888,997
2.24
1.45
1.10
2.86
1.92
0.88
1.04
10,295,916
United Kingdom
22,547,628
26.24
1,087,546
1.27
ASSOCIATED BRITISH FOODS
BG GROUP PLC
GLAXOSMITHKLINE PLC
HSBC HOLDINGS PLC
KINGFISHER
LLOYDS BANKING GROUP PLC
PRUDENTIAL PLC
RIO TINTO PLC
ROYAL DUTCH SHELL
ROYAL DUTCH SHELL PLC-A
SHIRE
UNILEVER
VODAFONE GROUP
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
0.001 AMUNDI TRESO EONIA ISR S C
1 AMUNDI TRESO 3 MOIS I C
0.37
Total securities portfolio
1.10
1.45
2.44
1.89
0.57
2.54
3.24
3.48
1,920,576
Switzerland
CIE FINANCIERE RICHEMONT SA
CREDIT SUISSE GROUP AG-NOM
NESTLE SA
NOVARTIS AG-NOM
ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
96,355 UBS GROUP INC NAMEN AKT
26,646
90,455
131,423
263,033
398,634
2,165,326
113,598
30,751
3,275
113,809
17,884
41,295
481,775
EUR
% of NaV
18,055 ANHEUSER-BUSH INBEV
EUR
86,034,804 100.14
Market Value
Belgium
Quantity
Shares
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
1,206,371
1,719,183
1,249,330
1,990,167
2,295,928
1,834,937
1,079,832
1,352,771
2,453,341
2,116,665
1,954,204
2,605,298
2,457,321
1,134,634
83,095
2,869,923
1,286,174
1,591,296
1,563,074
1,087,546
1,087,546
1
1,087,545
11.98
1.40
2.00
1.45
2.32
2.67
2.14
1.26
1.57
2.86
2.46
2.27
3.03
2.86
1.32
0.10
3.34
1.50
1.85
1.82
1.27
1.27
0.00
1.27
86,034,804 100.14
Equity Euroland Small Cap
Securities Portfolio as at 30/06/15
Belgium
46,803 ACKERMANS V.HAAREN
175,301 NYRSTAR STRIP VVPR
229,044 ONTEX GROUP
Finland
272,879 HUHTAMAKI OYJ
92,444
308,070
229,498
365,484
89,137
120,546
158,383
173,656
17,081
62,412
1,045,013
133,476
421,565
135,061
156,822
143,230
142,117
51,522
20,062
137,634
43,093
93,077
99,478
213,314
France
ALTEN
ELIOR PROMESSES
ELIS SA
EUROPCAR GROUPE SA
INGENICO GROUP SA
INTER PARFUMS
KORIAN-MEDICA
NEXITY
SARTORIUS BIOTECH
SEB
TECHNICOLOR
TELEPERFORMANCE
TF1
Germany
AAREAL BANK
AURELIUS
CTS EVENTIM AKT
DIALOG SEMICONDUCTOR
DUERR
HELLA KG HUECK
KION GROUP
KRONES AG
LEG IMMOBILIEN
NORMA GROUP N
WIRECARD
97.20
10,382,101
3.34
301,778,026
3,699,319
6,682,782
12,140,443
5,974,403
175
6,165,865
7,564,206
7,564,206
71,550,169
3,851,679
5,534,478
4,043,755
4,415,047
9,386,125
2,947,350
4,721,397
6,112,691
4,226,693
5,217,643
6,113,326
8,458,374
6,521,611
55,111,695
4,756,848
6,013,340
4,684,337
6,891,253
4,305,178
867,481
5,914,133
4,040,400
5,800,559
4,510,830
7,327,336
Ireland
18,032,182
Italy
68,764,072
459,619 KINGSPAN GROUP PLC
327,051 SMURFIT KAPPA
908,830
189,818
982,986
8,215,206
1,756,805
301,778,026
ANIMA HOLDING
BANCA GENERALI
BANCA POPOLARE DELL’EMILIA
BANCA POPOLARE DI MILANO
HERA SPA
9,950,752
8,081,430
7,161,580
5,994,452
7,863,888
7,771,586
3,942,270
97.20
1.19
2.15
3.91
1.92
0.00
1.99
2.44
2.44
23.05
259,634
376,697
623,035
1,235,160
711,774
316,965
361,019
176,701
179,329
207,826
175,959
146,810
179,784
134,265
181,545
INFRASTRUTTURE WIRELESS ITALIANE SPA
INTERPUMP GROUP
ITALCEMENTI SPA SPA
MEDIASET SPA
OVS SPA AZ
PARMALAT FINANZIARIA
RECORDATI INDUSTRIA CHIMICA E
SALVATORE FERRAGAMO
YOOX SPA
Netherlands
AALBERTS INDUSTRIES
ARCADIS NV
EUROCOMMERCIAL PROPERTIES BDR
IMCD B.V
QIAGEN NV
TKH GROUP NV
Spain
1.24
402,511 ACERINOX SA
1.78
142,149 BOLSAS Y MERCADOS ESPANOLES
1.30
142,726 CELLNEX TELECOM S.A.
1.42
364,458 LABORATORIOS ALMIRALL
3.03
773,554 NH HOTELES
0.95
62,895 TECNICAS REUNIDAS
1.52
616,397 TUBACEX
1.97
1.36
Warrants, Rights
1.68
Austria
1.97
217,635 IMMOEAST AG
2.73
2.10 Share/Units of UCITS/UCIS
17.75
Share/Units in investment funds
1.53
France
1.94
616 AMUNDI TRESO EONIA ISR S C
1.51
7 AMUNDI TRESO 3 MOIS I C
2.22
0.027 AMUNDI TRESO 3 MOIS DP C
1.39
0.28 Total securities portfolio
1.90
1.30
1.87
1.45
2.36
EUR
% of NaV
165,703 RHI AG
250,714 ZUMTOBEL AG
99.87
Market Value
Austria
310,081,138
Quantity
Shares
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
1,051,518
5,454,573
3,688,367
5,326,010
3,754,608
6,790,767
4,760,325
5,204,128
0.34
1.76
1.19
1.72
1.21
0.00
2.19
1.53
1.68
5,536,485
4,340,909
5,491,428
5,842,980
2,958,529
6,821,553
1.78
1.40
1.77
1.88
0.95
2.20
30,991,884
27,241,274
4,995,162
5,157,166
2,165,867
6,461,840
3,983,803
2,899,460
1,577,976
-
9.98
8.77
1.61
1.66
0.70
2.08
1.28
0.93
0.51
0.00
-
0.00
8,303,112
2.67
-
8,303,112
8,303,112
623,209
7,659,453
20,450
310,081,138
0.00
2.67
2.67
0.20
2.46
0.01
99.87
5.81
3.21
2.60
22.15
2.31
1.93
2.52
2.50
1.27
The accompanying notes form an integral part of these financial statements
21
Equity Europe Small Cap
Securities Portfolio as at 30/06/15
Belgium
38,431 ACKERMANS V.HAAREN
183,652 NYRSTAR STRIP VVPR
130,077 ONTEX GROUP
69,791
149,113
51,309
281,691
214,449
44,718
311,785
44,772
9,173
40,553
67,496
45,001
106,520
204,143
139,302
53,751
762,906
94,255
228,257
107,273
88,149
17,356
97,225
56,315
28,666
136,095
695,000
167,500
188,634
991,633
France
ALTEN
COFACE
EIFFAGE
ELIOR PROMESSES
ELIS SA
EURAZEO
EUROPCAR GROUPE SA
FAURECIA
HARLANT PARFUMEUR PFD
IMERYS SA
INGENICO GROUP SA
IPSEN
KORIAN-MEDICA
M6 METROPOLE TELEVISION
NEXITY
SEB
TECHNICOLOR
TELEPERFORMANCE
TF1
Germany
AAREAL BANK
DIALOG SEMICONDUCTOR
HELLA KG HUECK
KION GROUP
LEG IMMOBILIEN
NORMA GROUP N
WIRECARD
93.65
9,297,723
3.49
249,296,854
2,908,497
2,861,596
3,527,630
8,407,574
4,905,717
184
3,501,673
66,147,651
2,907,842
1,554,503
2,560,319
5,060,579
3,778,591
2,654,013
3,766,363
1,651,639
2,781,936
7,107,330
2,226,874
3,175,361
3,558,212
4,903,430
4,493,584
4,463,000
5,972,939
3,531,136
22,465,006
3,778,155
4,274,345
750,473
4,177,758
3,509,551
1,299,860
4,674,864
Ireland
18,148,500
Italy
43,035,087
GREENCORE GROUP
KINGSPAN GROUP PLC
SMURFIT KAPPA
UDG HEALTHCARE PLC
740,726 ANIMA HOLDING
136,698 BANCA GENERALI
650,373 BANCA POPOLARE DELL’EMILIA
The accompanying notes form an integral part of these financial statements
22
249,296,854
3,010,740
3,626,375
4,661,146
6,850,239
5,836,921
4,316,923
5,202,984
93.65
1.09
1.07
1.33
3.16
1.84
0.00
1.32
24.84
1.09
0.58
0.96
1.90
1.42
1.00
1.41
0.62
0.00
1.05
2.66
0.84
1.19
1.34
1.84
1.69
1.68
2.24
1.33
8.44
5,264,240
1,311,879
223,439
1,075,424
703,435
349,256
135,498
BANCA POPOLARE DI MILANO
HERA SPA
INFRASTRUTTURE WIRELESS ITALIANE SPA
MEDIASET SPA
OVS SPA AZ
RECORDATI INDUSTRIA CHIMICA E
YOOX SPA
Netherlands
122,966 IMCD B.V
113,098 QIAGEN NV
208,966 REFRESCO GERBER BV
284,724
122,805
332,700
632,792
43,240
Spain
ACERINOX SA
CELLNEX TELECOM S.A.
LABORATORIOS ALMIRALL
NH HOTELES
TECNICAS REUNIDAS
Sweden
244,892 TRELLEBORG B
Switzerland
177,853 LOGITECH INTERNATIONAL NOM
469,392 OC OERLIKON CORP
92,878
826,642
332,910
1,611,080
133,852
321,094
347,674
547,123
2,124,927
479,142
149,716
United Kingdom
CRODA INTERNATIONAL PLC
EXOVA GROUP PLC
GREAT PORTLAND ESTATES
HAYS PLC
HIKMA PHARMACEUTICALS
JOHN WOOD GROUP
SPORTS DIRECT INTERNATIONAL WI
ST JAMES’S PLACE
TAYLOR WINPEY PLC
THE RESTAURANT GROUP
ULTRA ELECTRONICS HOLDINGS
1.42
1.61
0.28 Share/Units of UCITS/UCIS
1.57
Share/Units in investment funds
1.32
France
0.49
18,000 AMUNDI TRESO COURT TERM PC
1.75
48 AMUNDI TRESO EONIA ISR I C
6.82
1.13
1.36
1.75
2.58
16.17
2.19
1.62
1.95
Total securities portfolio
EUR
% of NaV
58,580 ANDRITZ AG
128,179 RHI AG
132,344 ZUMTOBEL AG
98.32
Market Value
Austria
261,734,881
Quantity
Shares
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
4,979,971
2,943,856
904,928
4,637,228
3,710,620
6,569,504
3,932,152
1.87
1.11
0.34
1.74
1.39
2.48
1.48
3,996,395
2,492,114
3,078,070
1.49
0.94
1.16
9,566,579
16,548,005
3,533,425
1,863,566
5,898,771
3,258,879
1,993,364
4,060,740
4,060,740
7,501,320
2,339,946
5,161,374
3.59
6.22
1.33
0.70
2.22
1.22
0.75
1.53
1.53
2.82
0.88
1.94
44,118,669
16.57
12,438,027
4.67
3,607,880
2,027,370
3,646,526
3,715,865
3,652,141
2,921,097
3,526,061
6,996,872
5,572,890
4,707,218
3,744,749
12,438,027
1.36
0.76
1.37
1.40
1.37
1.10
1.32
2.62
2.09
1.77
1.41
4.67
12,438,027
4.67
261,734,881
98.32
1,806,804
10,631,223
0.68
3.99
Equity Global Gold Mines
Securities Portfolio as at 30/06/15
Shares
Australia
129,035 NEWCREST MINING
410,210
783,700
955,239
236,878
3,879,800
52,808
630,468
132,400
951,797
128,352
752,292
854,318
1,335,454
463,570
460,100
2,683,589
878,076
351,600
267,344
248,900
2,587,000
1,750,725
1,467,132
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
123,053,888
99.95
123,053,888
99.95
1,291,274
1.05
123,053,888
1,291,274
99.95
1.05
Canada
90,794,433
73.74
Jersey
13,664,095
11.10
581,299
0.47
AGNICO EAGLE MINES
ALAMOS GOLD
ARGONAUT GOLD
BARRICK GOLD CORP
B2GOLD
CENTERRA GOLD
DETOUR GOLD
DOMINION DIAMOND CORP
ELDORADO GOLD CORP
FRANCO NEVADA
GOLDCORP
KINROSS GOLD
NEW GOLD
OSISKO GOLD
PRIMERO MINING
ROMARCO MINERALS INC
SEMAFO INC
SILVER WHEATON
STORNOWAY DIAMOND
TAHOE RESOURCES INC
TERANGA GOLD CORP
TOREX GOLD RESOURCES
YAMANA GOLD
202,689 POLYMETAL INTERNATIONAL PLC
124,699 RANDGOLD RESOURCES
53,885 RANDGOLD RESOURCES ADR
South Africa
64,347 ANGLOGOLD ASHANTI
United Kingdom
441,831 FRESNILLO PLC-W/I
United States of America
216,534 NEWMONT MINING CORP
99,800 ROYAL GOLD INC
60,000 STILLWATER MINING COMPANY
Total securities portfolio
11,651,477
4,438,184
1,285,456
2,533,040
5,935,793
300,327
7,256,979
1,855,932
3,949,209
6,124,438
12,214,514
1,991,354
3,583,519
5,837,191
1,794,805
913,568
2,363,238
6,096,744
175,598
3,018,470
1,471,265
1,584,647
4,418,685
1,652,848
8,403,646
3,607,601
581,299
4,822,471
4,822,471
11,900,316
5,058,234
6,146,682
695,400
123,053,888
9.47
3.60
1.04
2.06
4.82
0.24
5.89
1.51
3.21
4.97
9.93
1.62
2.91
4.74
1.46
0.74
1.92
4.95
0.14
2.45
1.19
1.29
3.59
1.34
6.83
2.93
0.47
3.92
3.92
9.67
4.11
5.00
0.56
99.95
The accompanying notes form an integral part of these financial statements
23
Equity Global Luxury and Lifestyle
Securities Portfolio as at 30/06/15
Beverages
22,911 PERNOD RICARD
40,892 REMY COINTREAU
12,900
17,136
64,200
2,900
67,200
33,254
106,508
General Retailers
AMAZON.COM
DUFRY AG REG
HOME DEPOT INC
PRICELINE GROUP
ROSS STORES INC
TIFFANY & CO
YOOX SPA
Health Care Equipment and Services
37,250 ESSILOR INTERNATIONAL
28,500 RESMED
Household Goods and Home Construction
38,768 RECKITT BENCKISER GROUP PLC
18,400 WHIRLPOOL CORP
Leisure Goods
43,300 COMCAST CLASS A
21,364 FITBIT INC
15,400 POLARIS INDUSTRIES INC.
69,300
122,600
710,045
45,400
70,400
176,453
13,989
48,628
41,700
7,578
98.32
29,884,898
17.51
167,832,222
3,331,866
5,774,168
4,679,950
2,221,891
2,359,492
2,581,989
2,051,956
3,432,303
3,451,283
5,590,217
2,644,642
2,945,575
28,223,732
5,599,761
2,387,304
7,134,546
3,338,973
3,266,592
3,052,717
3,443,839
6,047,468
4,440,923
1,606,545
6,530,240
3,346,120
3,184,120
5,701,702
2,604,062
816,746
2,280,894
98.32
1.95
3.39
2.75
1.30
1.38
1.51
1.20
2.01
2.02
3.27
1.55
1.72
16.53
3.83
1.96
1.87
3.34
1.52
0.48
1.34
14.56
Personal Goods
31,430,073
18.41
CHRISTIAN DIOR SE
CIE FINANCIERE RICHEMONT SA
ESTEE LAUDER COMPANIES INC-A
HERMES INTERNATIONAL
3,590,586
2,362,502
2,940,294
3,968,414
8,035,456
3,957,332
2,729,204
3,957,063
3,613,722
2,825,164
Pharmaceuticals and Biotechnology
46,700 MYLAN NEW MOON BV
22,500 PERRIGO COMPANY PLC
53,390 SHIRE
Software and Computer Services
6,500 GOOGLE INC-A
Support Services
81,700 RECRUIT HOLDING CO LTD
Technology Hardware and Equipment
20,245 APPLE INC
2.60
86 AMUNDI TRESO DOLLAR
0.94 Total securities portfolio
24,854,584
DENTSU INC
INTERPUBLIC GROUP OF COS INC
ITV
TIME WARNER
WALT DISNEY COMPANY
WPP PLC
HUGO BOSS AG
L’OREAL
LUXOTTICA GROUP
MONCLER SPA
NIKE INC -BPOLO RALPH LAUREN A
VF CORP
Travel, Leisure and Catering
3.28
1.40
99,400 CARNIVAL CORP
4.17
55,400 RESORTTRUST
1.96
39,000 STARWOOD HTLS & RESORTS WORLD
1.91
1.79 Share/Units of UCITS/UCIS
2.02
Share/Units in investment funds
3.54
Investment Fund
Media
The accompanying notes form an integral part of these financial statements
24
167,832,222
13,464
19,005
43,227
158,531
34,406
8,200
40,184
2.10
1.38
1.72
2.32
4.72
2.32
1.60
2.32
2.12
1.65
USD
% of NaV
BAYERISCHE MOTORENWERKE
DAIMLER
DELPHI AUTOMOTIVE PLC
DENSO CORP
MAZDA MOTOR CORP
NISSAN MOTOR CO LTD
PORSCHE AUTOMOBIL HOLDING SE
TOYOTA MOTOR CORP
VALEO
99.46
Market Value
30,458
63,478
55,000
44,600
120,400
247,800
24,370
51,200
21,914
Automobiles and Parts
169,782,337
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
1,503,909
3,388,059
2,872,954
2,935,678
3,716,536
1,085,352
2,802,432
0.88
1.98
1.68
1.72
2.18
0.64
1.64
3,169,062
4,158,675
4,278,170
1.86
2.44
2.50
11,605,907
3,510,260
3,510,260
2,493,765
2,493,765
2,539,229
2,539,229
9,420,147
4,909,366
1,348,271
3,162,510
1,950,115
1,950,115
6.80
2.06
2.06
1.46
1.46
1.49
1.49
5.52
2.88
0.79
1.85
1.14
1.14
1,950,115
1.14
169,782,337
99.46
1,950,115
1.14
Equity Global Agriculture
Securities Portfolio as at 30/06/15
Brazil
281,300 BRF SP ADR
34,000 SLC AGRICOLA
Canada
46,500 AGRIUM INC
192,800 POTASH CORP OF SASKATCHEWAN
Cayman Islands
1,516,000 WH GROUP LTD
Germany
1,784 BAYER AG
39,455 K+S AG
Japan
186,000 KUBOTA CORPORATION
237,000 NH FOODS SHS
Mauritius
2,906,700 GOLDEN AGRI-RESSOURCES LTD
96.29
11,900,080
8.67
132,201,417
11,659,840
240,240
6,071,334
5,881,983
189,351
10,903,868
4,930,359
5,973,509
1,032,501
1,032,501
1,910,617
249,560
1,661,057
8,362,663
2,951,163
5,411,500
885,082
885,082
Norway
5,491,963
Singapore
4,366,491
354,775 MARINE HARVEST
27,703 YARA INTERNATIONAL ASA
1,792,500 WILMAR INTERNATIONAL
Spain
3,860 VISCOFAN
Switzerland
26,410 SYNGENTA AG-NOM
United Kingdom
145,190 ASSOCIATED BRITISH FOODS
61,471 TATE & LYLE PLC
5,450
262,500
41,000
89,500
11,100
71,200
55,100
132,201,417
United States of America
ANDERSONS INC
ARCHER-DANIELS MIDLAND CO
CELANESE SER A
CF INDUSTRIES HOLDINGS INC
DARLING INGREDIENTS
DEERE & CO
DOW CHEMICAL CO
4,053,912
1,438,051
4,366,491
233,319
233,319
10,738,393
10,738,393
7,058,010
6,555,772
502,238
63,247,096
212,550
12,657,751
2,947,080
5,753,060
162,726
6,909,960
2,819,467
96.29
73,000
67,700
71,300
134,700
58,000
232,400
INGREDION
INTREPID POTASH INC
MONSANTO
MOSAIC CO THE -WI
PILGRIMS PRIDE
TYSON FOODS -A-
8.50 Total securities portfolio
0.17
USD
5,826,130
808,338
7,599,867
6,310,695
1,332,260
9,907,212
132,201,417
% of NaV
132,800 BUNGE LTD
39,000 COSAN CL A
96.29
Market Value
Bermuda
132,201,417
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
4.24
0.59
5.54
4.60
0.97
7.22
96.29
4.42
4.28
0.14
7.94
3.59
4.35
0.75
0.75
1.39
0.18
1.21
6.09
2.15
3.94
0.64
0.64
4.00
2.95
1.05
3.18
3.18
0.17
0.17
7.82
7.82
5.14
4.77
0.37
46.08
0.15
9.23
2.15
4.19
0.12
5.03
2.05
The accompanying notes form an integral part of these financial statements
25
Equity Global Resources
Securities Portfolio as at 30/06/15
158,500
476,900
44,790
467,060
71,700
14,200
857,700
Canada
AGNICO EAGLE MINES
BARRICK GOLD CORP
ELDORADO GOLD CORP
GOLDCORP
NEW GOLD
SUNCOR ENERGY INC. (NOUV. STE)
YAMANA GOLD
Cayman Islands
43,918 APEX SILVER MINES
France
92,009 TOTAL
Germany
6,864 BASF SE
Jersey
1,386 RANDGOLD RESOURCES
Netherlands
655 AKZO NOBEL NV-CVA
4,069,653
4.22
4,069,653
-
0.00
-
4,466,641
4,466,641
602,805
602,805
93,405
93,405
47,634
47,634
7,300,131
AIR PRODUCTS & CHEMICALS INC
ALBEMARLE
ALCOA INC
APACHE CORP
CELANESE SER A
CONOCOPHILLIPS
DEVON ENERGY CORPORATION
DOW CHEMICAL CO
EXXON MOBIL CORP
HESS CORP
INTERNATIONAL PAPER
MARATHON OIL CORP
MARATHON PETROLEUM
NEWMONT MINING CORP
NUCOR CORP
The accompanying notes form an integral part of these financial statements
4.22
21.28
4,501,985
5,099,700
185,843
7,583,373
192,398
391,276
2,583,207
United Kingdom
United States of America
96.43
20,537,782
4,824,185
258,254 ROYAL DUTCH SHELL PLC-A
26
96.43
93,049,192
Norway
689,671 NORSK HYDRO ASA
108,214 STATOILHYDRO ASA
14,700
3,400
429,500
61,000
30,000
40,900
51,000
92,800
57,800
62,010
5,800
140,900
11,400
353,700
2,200
93,049,192
2,897,178
1,927,007
7,300,131
51,106,956
2,011,401
187,918
4,788,925
3,515,430
2,156,400
2,511,669
3,033,990
4,748,576
4,808,960
4,147,228
276,022
3,739,486
596,334
8,262,432
96,954
4.67
5.28
0.19
7.85
0.20
0.41
2.68
0.00
4.63
4.63
0.62
0.62
0.10
0.10
0.05
0.05
5.00
3.00
2.00
7.57
7.57
52.96
2.08
0.19
4.96
3.64
2.23
2.60
3.14
4.92
4.99
4.30
0.29
3.88
0.62
8.57
0.10
61,500 OCCIDENTAL PETROLEUM CORP
10,600 PHILLIPS 66
9,400 VALERO ENERGY CORPORATION
Total securities portfolio
USD
4,782,855
853,936
588,440
93,049,192
% of NaV
406,674 NEWCREST MINING
96.43
Market Value
Australia
93,049,192
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
4.96
0.88
0.61
96.43
Equity ASEAN
Securities Portfolio as at 30/06/15
Malaysia
AMMB HOLDINGS BHD
ASTRO MALAYSIA HOLDINGS
AXIATA GROUP BHD
BERJAYA AUTO BHD
CIMB GROUP HOLDINGS BERHAD
DIALOG
DIGI.COM BHD
IHH HEALTHCARE BHD
IJM CORP BHD
MALAYAN BANKING
MAXIS BERHAD
MISC
PUBLIC BANK BHD
SAPURAKENCANA PETROLEUM
SUNWAY
SUNWAY CONSTRUCTION GROUP BHD
TELEKOM MALAYSIA BHD
WESTPORTS HOLDINGS BHD
Mauritius
5,101,100 GOLDEN AGRI-RESSOURCES LTD
1,178,500
204,200
5,742,300
4,003,200
1,177,100
543,890
506,675
Philippines
AYALA LAND INC
BANCO DE ORO UNIBANK
BLOOMBERRY
CENTURY PACIFIC FOOD
FIRST GEN
JG SUMMIT HLDG
METRO BANK & TRUST
96,014,038
98.70
13,723,511
14.11
96,003,742
1,514,658
623,295
1,679,742
1,128,666
751,977
219,979
483,786
939,206
417,063
635,068
1,544,912
344,577
468,389
1,332,867
603,560
1,035,766
16,940,322
420,643
1,504,726
848,127
988,124
1,260,862
965,753
1,105,805
755,163
881,137
2,196,690
689,334
449,939
873,727
844,666
1,056,246
104,264
527,461
1,467,655
1,553,271
1,553,271
10,704,034
974,896
490,914
1,096,501
1,624,718
704,851
864,869
1,056,276
98.69
1.56
0.64
1.73
1.16
0.77
0.23
0.50
0.97
0.43
0.65
1.59
0.35
0.48
1.37
0.62
1.06
17.41
0.43
1.54
0.87
1.02
1.30
0.99
1.14
0.78
0.91
2.25
0.71
0.46
0.90
0.87
1.09
0.11
0.54
1.50
1.60
1.60
11.00
1,623,600
206,606
230,100
967,800
218,460
ROBINSONS LAND CORPORATION
SECURITY BANK
SEMIRARA MINING AND POWER CORPORATION
SM PRIME HLDGS
UNIVERSAL ROBINA
321,700
375,000
975,400
302,400
156,900
479,400
1,010,200
297,100
146,200
2,747,000
662,400
287,400
418,600
1,672,500
287,800
200,800
347,600
1,048,800
ASCENDAS REAL ESTATE INV TRUST
ASIAN PAY TV TRUST
CAPITALAND
CAPITALAND MALL TRUST
CITY DEVELOPMENTS LTD
DBS GROUP HOLDINGS LTD
GLOBAL LOGISTIC PROPERTIE
HONG LEONG FIN GRP
KEPPEL CORPORATION LTD
MERMAID MARITIME
OVERSEA-CHINESE BANKING
SINGAPORE EXCHANGE
SINGAPORE POST
SINGAPORE TELECOMM
UNITED OVERSEAS BANK LTD
UOL GROUP LTD
WILMAR INTERNATIONAL
YANLORD LAND GROUP
157,200
131,200
925,500
1,598,000
124,800
632,800
917,500
264,000
2,198,200
708,300
939,290
731,200
119,000
77,200
185,100
1,092,600
311,500
USD
1,055,035
740,006
727,196
428,846
939,926
% of NaV
263,200
1,843,300
500,000
1,380,820
869,700
2,291,702
778,400
503,400
509,900
906,800
408,300
219,900
176,100
1,350,400
1,158,500
115,850
304,300
1,309,100
ASTRA INTERNATIONAL TBK PT
ASTRA OTOPARTS
BANK CENTRAL ASIA
BANK MANDIRI
GUDANG GARAM
INDOFOOD CBP
INDOFOOD SUKSES
KALBE FARMA
MALINDO FEEDMILL TBK
MODERN INTERNASIONAL TBK PT
PT BANK RAKYAT INDONESIA
PT JASA MARGA TBK
PT SEMEN GRESIK TBK
TELKOM INDONESIA SERIE B
TOWER B INFRA
WASKITA KARYA
98.70
Market Value
2,854,300
3,324,030
1,658,900
1,497,307
222,300
235,100
981,000
7,475,800
2,981,500
19,287,100
1,990,100
839,100
520,400
6,065,000
872,300
9,085,100
Indonesia
96,014,038
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
1.08
0.76
0.75
0.44
0.97
Singapore
36,939,174
37.97
Thailand
16,143,430
16.60
690,963
697,897
1,256,366
1,477,284
575,982
707,765
834,294
1,499,181
1,264,852
1,188,554
852,188
753,729
507,247
0.71
0.72
1.29
1.52
0.59
0.73
0.86
1.54
1.30
1.22
0.88
0.77
0.52
ADVANCED INFO SCE PUB.FRGN RGD
AIRPORTS THAILAND-FBANGKOK AIRWAYS
BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO
LTD
BUMRUNGRAD HOSPIT
CENTRAL PLAZA FOREIGN
C.P. ALL PCL
KASIKORNBANK PCL-NVDR
LAND & HOUSES NVDR
MAJOR CINEPLEX GROUP PUBLIC CO LTD
MINOR INTERNATIONAL PCL-FOR
PTT GLOBAL CHEM
PTT PUBLIC COMPANY FOREIGN
SIAM CEMENT (NVDR)
SIAM COMMCL BANK -FSINO THAI FOREIGN
THAI OIL F
Warrants, Rights
Indonesia
1.00
3,348,041 WASKITA KARYA PERSERO-RIGHTS 02/07/2015
0.50
1.13 Total securities portfolio
1.67
0.72
0.89
1.09
587,741
236,728
2,535,422
482,858
1,139,623
7,366,448
1,898,136
1,193,748
892,522
418,227
5,008,038
1,671,275
589,126
5,229,350
4,931,033
1,031,975
846,746
880,178
1,117,023
1,176,996
611,054
932,055
10,296
0.60
0.24
2.61
0.50
1.17
7.56
1.95
1.23
0.92
0.43
5.15
1.72
0.61
5.38
5.07
1.06
0.87
0.90
1.15
1.21
0.63
0.96
0.01
10,296
0.01
96,014,038
98.70
10,296
0.01
The accompanying notes form an integral part of these financial statements
27
Equity Asia ex Japan
Securities Portfolio as at 30/06/15
British Virgin Islands
907,500 KERRY LOGISTICS NETWORK LTD
12,656
225,000
97,704
90,000
1,739,896
161,200
1,221,000
284,400
176,600
1,327,000
131,500
191,400
906,000
721,000
238,000
255,200
5,146,175
884,000
97,000
147,500
544,200
1,720,000
251,000
155,704
4,918,000
244,000
414,000
1,180,500
38,300
1,120,000
58,271
79,126
55,533
131,612
62,247
99,933
33,818
Cayman Islands
ALIBABA GROUP HOLDING-SP ADR
CHINA MOBILE LTD
CK HUTCHISON HOLDINGS LTD
GINKO INTL
LI NING CO LTD
MGM CHINA HOLDINGS LTD
NEXTEER AUTOMOTIVE GROUP LTD
SANDS CHINA LTD
TENCENT HOLDINGS LTD
90.12
1,445,002
1.23
105,552,995
1,445,002
1,435,141
1,435,141
13,287,445
1,026,022
2,880,518
1,435,468
1,133,222
794,482
263,659
1,272,578
957,475
3,524,021
China
11,446,197
Hong Kong (China)
16,456,752
CHINA EVERBRIGHT BANK
CHINA MERCHANTS BANK-H
CHINA PACIFIC INSURANCE GR H
CHINA PETROLEUM & CHEMICAL H
CHINA RAILWAY GROUP LTD-H
CHINA SHENHUA ENERGY CO-H
GUANGZHOU R&F PROPERTIES - H
INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
PETROCHINA CO LTD-H
PING AN INSURANCE GROUP CO-H
SHANGHAI FOSUN PHARMACEUTI-H
AIA GROUP LTD
BEST PACIFIC INTERNAL
BOC HONG KONG HOLDINGS LTD
CHEUNG KONG PROPERTY HOLDINGS LTD
CHINA CONSTRUCTION BANK H
CHINA OVERSEAS LAND & INVESTMENT LTD
CHINA UNICOM HONG KONG LTD
HK ELECTRIC INVESTMENTS -SS
HKG EXCHANGES & CLEARING LTD
LENOVO GROUP LTD
India
CONTAINER CORPN
HDFC BANK
HOUSING DEVELOPMENT FINANCE CORP LTD
INDUSIND BANK LTD
INFOSYS TECHNOLOGIES
ITC LTD
LARSEN & TOUBRO LTD
The accompanying notes form an integral part of these financial statements
28
105,563,244
795,942
383,347
918,422
781,829
778,428
542,771
313,054
4,089,052
986,338
1,310,014
547,000
3,562,477
843,081
1,045,764
1,291,422
4,491,375
860,805
651,505
807,048
1,351,675
1,551,600
12,063,761
1,535,424
1,325,994
1,130,587
1,803,671
962,199
494,565
946,777
90.11
1.23
1.23
1.23
11.34
0.88
2.45
1.22
0.97
0.68
0.23
1.09
0.82
3.00
9.77
0.68
0.33
0.78
0.67
0.66
0.46
0.27
3.49
0.84
1.12
0.47
14.05
3.05
0.72
0.89
1.10
3.84
0.73
0.56
0.69
1.15
1.32
10.30
1.31
1.13
0.97
1.54
0.82
0.42
0.81
31,415
130,444
66,130
31,487
LUPIN
OIL & NATURAL GAS CORPORATION LTD
RELIANCE INDUSTRIES LTD
TATA CONSULTANCY SERVICES
Indonesia
3,489,900 KALBE FARMA
1,959,600 WASKITA KARYA
18,632
4,664
9,546
65,536
41,307
8,584
5,034
5,419
29,458
25,455
6,288
0.79
0.54
0.89
1.08
438,447
223,408
0.38
0.19
661,855
1,367,395
Singapore
7,709,246
ASIAN PAY TV TRUST
DBS GROUP HOLDINGS LTD
INDOFOOD AGRI RESOURCES LTD
SINGAPORE POST
SUPER GROUP
WILMAR INTERNATIONAL
South Korea
DAUM KAKAO SHS
EO TECHNICS
GS HOME SHOPPING INC
HITEJINRO
HYUNDAI F & M INS
HYUNDAI MOTOR
SAMSUNG ELECTRONICS CO LTD
SAMSUNG FIRE & MARINE
SAMSUNG LIFE INSURANCE CO
SK HYNIX INC
SK INNOVATION CO LTD
Switzerland
45,779 GLENMARK PHARMACEUTICALS
242,000
812,000
167,000
782,000
1,024,440
1,053,000
192,000
238,000
1,111,091
930,438
634,194
1,038,578
1,261,334
Philippines
2,772,200 EMPERADOR
641,800 FIRST GEN
126,850 SECURITY BANK
1,813,000
143,300
2,296,200
688,400
706,600
664,100
USD
Taiwan
ADVANTECH
CHINA LIFE INSURANCE
DELTA ELECTRONIC INDUSTRIAL INC
EPISTAR CORP
FUBON FINANCIAL HOLDING
INOTERA MEMORIES
QUANTA COMPUTER
TAIWAN MOBILE CO LTD
TAIWAN SEMICONDUCTOR MANUFACTURING CO
LTD
60,000 TWI PHARMACEUTICALS INC
% of NaV
368,500 KERRY PROPERTIES LTD
96.91
Market Value
Bermuda
113,520,237
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
528,741
384,312
454,342
1,144,501
2,201,944
1,193,733
968,835
582,500
1,617,733
0.57
1.17
0.45
0.33
0.39
6.58
0.98
1.87
1.02
0.83
0.50
1.38
19,409,476
16.57
714,686
0.61
2,107,991
392,621
1,796,320
1,330,755
1,092,435
1,046,595
5,722,455
1,428,290
2,838,975
965,302
687,737
714,686
1.80
0.34
1.53
1.14
0.93
0.89
4.89
1.22
2.42
0.82
0.59
0.61
13,986,913
11.94
405,451
0.35
1,662,771
831,619
855,175
1,045,471
2,038,620
839,547
454,261
794,503
5,059,495
1.42
0.71
0.73
0.89
1.74
0.72
0.39
0.68
4.31
Thailand
735,477
0.63
United Kingdom
720,275
0.61
227,900 PTT EXPLORATION PRODUC PUBLIC
79,600 HSBC HOLDINGS HKD
735,477
720,275
0.63
0.61
Equity Asia ex Japan
Securities Portfolio as at 30/06/15
Warrants, Rights
Indonesia
3,332,858 WASKITA KARYA PERSERO-RIGHTS
Share/Units of UCITS/UCIS
Share/Units in investment funds
Luxembourg
4,100 AMUNDI INTERINVEST CHINA A SHARES I C
Total securities portfolio
% of NaV
3,800 BAIDU ADS
8,260 CHINA BIOLOGIC PRODUCTS INC
1,713,000 CNOOC LTD
Market Value
Quantity
United States of America
USD
4,113,374
3.51
10,249
0.01
761,900
920,907
2,430,567
10,249
10,249
7,956,993
7,956,993
7,956,993
7,956,993
113,520,237
0.65
0.79
2.07
0.01
0.01
6.79
6.79
6.79
6.79
96.91
The accompanying notes form an integral part of these financial statements
29
Equity Brazil
Securities Portfolio as at 30/06/15
Automobiles and Parts
83,100 IOCHPE MAXION
19,600 TUPY SA
234,123
98,204
131,500
46,200
9,600
62,186
87,994
2.91
475,272
493,394
438,649
337,065
101,584
92.35
1.43
1.48
1.32
1.01
0.31
17.89
Beverages
2,002,229
6.02
BANCO BRADESCO PFD
BANCO BRADESCO-SPONSORED ADR
BANCO DO BRASIL SA
BANCO ESTADO RIO GRANDE DO SUL
ITAU UNIBANCO ADR
ITAU UNIBANCO HLDG
ITAU UNIBANCO HOLDING SA
Construction and Materials
Electricity
AES TIETE
CEMIG SP ADR
CPELBN SP.ADR
CPFL ENERGIA
CPFL ENERGY
ENERGIAS DO BRASIL S.A
EQUATORIAL ENERGIA SA - ORD
Financial Services
BOLSA DE MERCADORI
BRADESPAR PREF
CETIP BALCAO ORG.ATIVOS DERIV.
CIELO
ITAUSA INVESTIMENTOS PREF
Fixed Line Telecommunications
23,200 TELEF BRAZIL
16,000 TELEFONICA BRAZIL ADR 1 PFD
Food and Drug Retailers
18,946 PCAPN PCA4 PREFERRED
5,200 RAIADROGASIL
Food Producers
51,300 BRF
3,400 BRF SP ADR
The accompanying notes form an integral part of these financial statements
30
968,666
5,947,149
40,540 ARTERIS
199,100
64,200
34,595
121,432
714,376
93.03
30,702,488
Banks
325,640 AMBEV SA
50,500
21,200
9,800
29,057
3
53,600
4,600
30,927,085
2,147,987
899,549
1,027,820
132,514
105,120
664,820
969,339
2,002,229
123,327
123,327
889,216
269,862
80,772
107,800
180,063
37
198,602
52,080
5,110,120
751,176
217,417
379,538
1,712,964
2,049,025
499,213
276,333
222,880
514,151
447,059
67,092
2,069,744
1,084,659
71,094
6.45
2.71
3.09
0.40
0.32
2.00
2.92
6.02
0.37
0.37
2.67
0.81
0.24
0.32
0.54
0.00
0.60
0.16
15.37
2.26
0.65
1.14
5.15
6.17
1.50
0.83
0.67
1.55
1.35
0.20
6.23
3.27
0.21
27,600
51,170
96,900
47,000
2,000
COSAN
COSAN CL A
MARFRIG GLOBAL FOODS
MINERVA
SAO MARTINHO SA
Forestry and Paper
18,800 FIBRIA CELULOSE SA
150,700 KLABIN SA UNIT
251,150 SUZANO BAHIA SUL PAPEL PFD A
Gas, Water and Multiutilities
43,500 SABESP SP.ADR
40,200
175,520
11,145
22,200
6,200
28,300
214,800
40,200
40,500
154,900
109,800
53,800
215,306
25,700
USD
223,455
315,207
177,492
173,693
24,144
7.58
225,330
0.68
255,868
926,109
1,337,246
225,330
1,365,555
Industrial Metals and Mining
1,342,269
GERDAU SA
METALURGICA GERDAU PREF
USIMINAS PREFERED .SHS A
VALE SA - PREF ADR
Industrial Transportation
CCR SA
ECORODIA
RUMO LOGIST
TEGMA GESTAO LOGISTICA S.A.
Media
25,100 SARAIVA SA LIVREIROS EDITORES
Mobile Telecommunications
7,000 LINX
117,646 TIM PARTICIPACOES
4,500 TIM PARTICIPACOES ADR
Nonequity Investment Instruments
52,846 PORTO SUDESTE ROYALTIES FUNDO DE
INVESTIMENTO
Nonlife Insurance
84,100 BB SEGURIDADE PARTICIPACOES SA
Oil and Gas Producers
28,600 PACIFIC RUBIALES
223,400 PETROLEO BRASILEIRO PREF.SHS
235,900 PETROLEO BRASILEIRO-SP ADR
Personal Goods
8,000 GRENDENE SA
0.67
0.96
0.53
0.52
0.07
2,519,223
General Retailers
ANIMA
KROTON EDUCACIONAL SA
LOCALIZA RENT A CAR
LOJAS AMERICANAS SA
SMILES
VIAVAREJO
% of NaV
62,400 EMBRAER EMPRESA
16,289 EMBRAER SA ADR
97.48
Market Value
Aerospace and Defense
32,406,707
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
0.77
2.79
4.02
0.68
4.11
281,467
671,817
110,108
94,692
105,163
102,308
0.85
2.02
0.33
0.28
0.32
0.31
423,875
82,434
53,715
782,245
1.27
0.25
0.16
2.36
841,840
527,015
134,223
88,024
92,578
46,461
46,461
570,811
109,381
387,810
73,620
47,634
47,634
4.04
2.53
1.59
0.40
0.26
0.28
0.14
0.14
1.72
0.33
1.17
0.22
0.14
0.14
923,194
2.78
2,946,898
8.86
213,304
0.64
923,194
107,900
914,054
1,924,944
43,085
2.78
0.32
2.75
5.79
0.13
Equity Brazil
Securities Portfolio as at 30/06/15
Real Estate Investment and Services
BR MALLS PARTICIPACOES SA
EVEN CONSTRUTORA E INCORPORADO
EZ TEC EMPREENDIMENTOS PARTICI
JHSF PARTICIPACOES
Software and Computer Services
22,500 TOTVS
Support Services
9,000 VALID SOLUCOES SA
Convertible bonds
Forestry and Paper
13,601 KLABIN SA VAR 08/01/2019 CV
Real Estate Investment and Services
77,899 PDG REALTY 0% 19/09/2016 CV
Other transferable securities
Shares
Food Producers
261,000 JBS
Real Estate Investment and Services
12,000 IGUATEMI EMPRESA DE SHOPPING C
Share/Units of UCITS/UCIS
Share/Units in investment funds
Investment Fund
10 AMUNDI MONEY MARKET SHORT TERM PV CAP
Total securities portfolio
USD
% of NaV
62,800
33,600
47,099
210,400
Market Value
Quantity
19,200 NATURA COSMETICOS
170,219
0.51
294,350
35,694
219,545
126,657
0.88
0.11
0.66
0.38
676,246
282,481
282,481
138,778
138,778
224,597
224,095
224,095
502
502
1,469,560
1,469,560
1,374,569
1,374,569
94,991
94,991
10,062
10,062
10,062
10,062
32,406,707
2.03
0.85
0.85
0.42
0.42
0.68
0.68
0.68
0.00
0.00
4.42
4.42
4.13
4.13
0.29
0.29
0.03
0.03
0.03
0.03
97.48
The accompanying notes form an integral part of these financial statements
31
Equity Emerging Internal Demand
Securities Portfolio as at 30/06/15
61,345
124,312
106,476
72,200
134,800
76,600
58,400
58,261
133,683
45,321
916,883
307,900
14,805
510,788
302,100
49,200
Bermuda
CAFE DE CORAL HLDG LTD
COSAN CL A
CREDICORP LTD.
LUYE PHARMA GROUP LTD
Brazil
AMBEV SA
BANCO BRADESCO PFD
BANCO BRADESCO-SPONSORED ADR
BB SEGURIDADE PARTICIPACOES SA
BOLSA DE MERCADORI
BR MALLS PARTICIPACOES SA
CCR SA
CIELO
ITAU UNIBANCO ADR
ITAU UNIBANCO HOLDING SA
ITAUSA INVESTIMENTOS PREF
KLABIN SA UNIT
PCAPN PCA4 PREFERRED
RUMO LOGIST
SUZANO BAHIA SUL PAPEL PFD A
TOTVS
British Virgin Islands
1,889,500 KERRY LOGISTICS NETWORK LTD
76,223 MAIL.RU GROUP ADR
42,147
521,000
408,500
778,667
43,100
646,500
182,000
12,500
480,000
311,400
38,955,255
4,331
413,468
48,287
Cayman Islands
AIRTAC INTERNATIONAL GROUP
CHINA MENGNIU DAIRY CO
CHINA MOBILE LTD
CHINA RESOURCES LAND LTD
JD.COM ADR
LONGFOR PROPERTIES
MINTH GROUP
QIHOO 360 TECHNOLOGY
STELLA INTERNATIONAL HOLDINGS LTD
TENCENT HOLDINGS LTD
Chile
CORPBANCA
EMPRESA NACIONAL DE TELECOM.
ENERSIS
ENERSIS SA ADR
The accompanying notes form an integral part of these financial statements
32
230,439,035
95.57
1,270,110
0.53
230,259,459
1,270,110
5,486,099
1,986,453
643,720
1,972,664
883,262
14,524,865
377,186
1,140,514
975,320
792,564
508,581
359,032
280,307
821,851
1,463,829
499,255
2,629,870
1,892,162
349,345
208,827
1,608,529
617,693
4,577,348
2,988,098
1,589,250
21,728,915
264,319
2,597,435
5,229,740
2,526,081
1,469,710
1,029,061
407,078
846,125
1,145,435
6,213,931
1,373,618
429,919
47,930
131,386
764,383
95.50
0.53
2.28
0.82
0.27
0.82
0.37
6.02
0.16
0.47
0.40
0.33
0.21
0.15
0.12
0.34
0.61
0.21
1.08
0.78
0.14
0.09
0.67
0.26
1.90
1.24
0.66
9.01
0.11
1.08
2.16
1.05
0.61
0.43
0.17
0.35
0.48
2.57
0.57
0.18
0.02
0.05
0.32
1,298,000
308,400
339,800
137,000
408,000
8,200
21,200
1,024,000
610,900
925,000
68,000
61,500
China
BANK OF CHINA -HCHINA PACIFIC INSURANCE GR H
CHINA VANKE CO LTD-H
GREAT WALL MOTOR COMPANY-H
JIANGSU EXPRESS -HNETEASE SP ADR SHS
NW ORIENTL ED & TECHNO GP ADR
PICC GRP CN
PICC PROPERTY & CASUALTY-H
SHANG FUDAN-ZHANGJIANG BIO-PHARM - H
WEICHAI POWER CO LTD-H
ZHUZHOU CSR TIMES ELECTRIC CO H
Czech Republic
4,058 KOMERCNI BANKA AS
Egypt
4.11
843,845
1,479,839
836,295
671,524
535,754
1,187,893
519,824
655,148
1,391,613
1,104,868
226,739
460,902
0.35
0.61
0.35
0.28
0.22
0.49
0.22
0.27
0.58
0.46
0.09
0.19
899,491
0.37
899,491
0.37
0.45
330,155
0.14
Hong Kong (China)
16,836,075
6.98
India
30,306,014
12.57
Greece
246,930 NATIONAL BANK OF GREECE
93,399
138,572
1,056,200
70,692
43,875
18,332
226,239
109,873
28,994
106,651
465,519
42,026
269,155
436,459
63,648
35,037
95,030
9,914,244
1,075,457
60,566 COMMERCIAL INTL BANK (EGYPT)
85,356 COMMERCIAL INTL BANK GDR
120,500
728,000
6,656,000
233,461
672,000
542,000
554,000
1,626,000
398,000
USD
% of NaV
550,000
104,500
14,200
825,000
95.66
Market Value
Austria
44,747 ERSTE GROUP BANK
230,652,765
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
BEIJING ENTERPRISES HLDGS
BRILLIANCE CHINA AUTOMOTIVE
CHINA CONSTRUCTION BANK H
CHINA MERCHANTS HOLDINGS
CHINA OVERSEAS LAND & INVESTMENT LTD
CHINA RESOURCES POWER HOLDIN
CHINA UNICOM HONG KONG LTD
CSPC PHARMACEUTICAL GROUP LT
SHANGHAI INDUSTRIAL HOLDINGS
APOLLO HOSPITALS ENTERPRISE
AXIS BANK
BANK NEGARA INDONESIA PERSERO
CADILLA HEALTHCARE LTD
CONTAINER CORPN
DR REDDY’S LABORATORIES
FEDERAL BANK
GATEWAY DISTRIPARKS LTD
GUJARAT GAS SHS
HDFC BANK
ICICI BANK LTD
INDIABULLS HOUSING FINANCE
IRB INFRAST DEV
ITC LTD
LARSEN & TOUBRO LTD
LUPIN
MAHINDRA & MAHINDR
448,090
627,367
330,155
906,954
1,136,251
6,078,608
1,001,298
2,370,741
1,513,612
871,821
1,606,596
1,350,194
1,930,095
1,216,313
419,866
1,994,485
1,156,094
1,024,683
525,096
591,551
338,339
1,787,259
2,251,569
410,790
986,719
2,160,020
1,781,904
1,037,713
1,913,658
0.19
0.26
0.14
0.38
0.47
2.51
0.42
0.98
0.63
0.36
0.67
0.56
0.80
0.50
0.17
0.83
0.48
0.42
0.22
0.25
0.14
0.74
0.94
0.17
0.41
0.90
0.74
0.43
0.79
Equity Emerging Internal Demand
Securities Portfolio as at 30/06/15
0.64
0.38
0.71
0.78
0.37
0.76
BANK CENTRAL ASIA
MATAHARI DEPARTMENT STORE TB
MATAHARI PUTRA PRIM
PT ACSET INDONUSA TBK
1,689,766
1,390,535
435,580
286,354
0.70
0.58
0.18
0.12
Indonesia
PT JASA MARGA TBK
SUMMARECON AGUNG
SURYA SEMESTA INTERNUSA
TAMBANG BATUBARA-BWINTERMAR OFS SHS
84,700
139,900
982,669
42
21,900
234,900
660,900
66,000
421,300
2,170,889
Malaysia
4,990,437
DIALOG
GENTING MALAYSIA BHD
HONG LEONG BANK
IJM CORP BHD
MALAYSIA AIRPORTS
SUNWAY
Mexico
ARCA CONTINENTAL
BOLSA MEXICANA DE VALORES
CEMENTOS DE MEXICO CPO
CEMEX SAB DE CV-SPONS ADR PART CER
FOMENTO ECONOMICO MEXICANO SA DE CV
FEMSA ADR
GRUPO BIMBO SA DE CV BIMBO
GRUPO FIN BANORTE
GRUPO TELEVISA GDR
WALMART DE MEXICO-SAB DE CV
Netherlands
67,600 YANDEX CL A
576,800
282,240
120,878
453,026
755,980
279,300
385,300
634,397
2,422,400
410,363
879,546
918,873
268,775
311,046
Luxembourg
23,681 HOLCIM LTD-NOM
483,224 SBERBANK PREF
1,505,700
1,183,500
227,600
648,100
248,506
769,066
6,590,838
Philippines
ABOITIZ POWER
ABS-CBN HOLDINGS CORP-PDR
AYALA CORP
BANCO DE ORO UNIBANK
INTERNATIONAL CONTAINER TERMIN
JOLLIBEE FOODS CORP.
MANILA WATER
METRO BANK & TRUST
ROBINSONS LAND CORPORATION
1,748,382
422,507
634,522
1,317,432
808,328
1,119,955
409,015
701,185
11,408,104
482,051
242,340
902,463
385
1,951,071
608,708
3,632,477
2,562,120
1,026,489
1,028,872
1,028,872
14,981,632
582,045
392,470
2,117,845
1,089,112
1,847,617
1,222,132
204,656
1,322,541
1,574,104
2.73
0.17
0.36
0.38
0.11
0.13
0.90
0.72
0.18
2.07
0.26
0.55
0.34
0.46
0.17
0.29
4.73
0.20
0.10
0.37
0.00
0.81
0.25
1.51
1.06
0.43
0.43
0.43
6.21
0.24
0.16
0.88
0.45
0.77
0.51
0.08
0.55
0.65
635,598 SECURITY BANK
3,749,800 SM PRIME HLDGS
160,600 UNIVERSAL ROBINA
Poland
2,781 BANK ZACHODNI WBK
64,012 PKO BANK POLSKI SA
4,076 POWSZECHNY ZAKLAD UBEZPIECZEN
Russia
560,941 MOSCOW EXCHANGE MICEX-RTS PJSC
Singapore
1,430,300 FIRST RESOURCES LTD
86,660
348,165
224,656
50,310
26,485
396,018
103,596
109,115
9,260
26,374
16,472
7,064
11,423
9,634
35,261
50,674
50,629
7,533
12,309
2,471
1,561
1,610
15,410
41,818
24,700
27,558
2,276,538
1,661,589
690,983
0.94
0.69
0.29
252,337
529,674
468,898
0.10
0.23
0.19
1,250,909
0.52
702,951
0.29
2,166,990
0.90
702,951
2,166,990
0.29
0.90
South Africa
20,652,125
South Korea
25,901,037
10.74
214,489
0.09
BIDVEST GROUP
FIRSTRAND
MTN GROUP LTD
NASPERS-NNEDBANK GROUP LTD
RMI HOLDINGS
SHOPRIETE HOLDINGS LTD
STANDARD BANK GRP
CELTRION
DAEWOO INTL
DONGBU INSURANCE CO LTD
HYUNDAI DEPARTMENT STORE NEW
HYUNDAI MOBIS
HYUNDAI WIA CORP
KANGWON LAND
KIA MOTORS CORP
KOREA ELECTRIC POWER CORP
KOREA ZINC
LG CHEM
LG CHEMICAL PREF ISSUE 01
LG HOUSEHOLD & HEALTH CARE LTD
NAVER CORP
SAMSUNG CORP
SHINHAN FINANCIAL GROUP
SK TELECOM SP ADR
WOONG JIN COWAY CO LTD
Spain
43,698 CEMEX LATAM HLDG
64,000
347,000
37,000
632,526
56,000
244,000
USD
% of NaV
1,546,018
916,957
1,706,791
1,883,166
894,567
1,832,361
Market Value
NTPC LTD
OBEROI REALTY
POWER GRID CORP OF INDIA
RELIANCE INDUSTRIES LTD
STATE BANK OF INDIA
TATA MOTORS
Quantity
999,300
7,172,200
12,695,200
426,600
12,643,338
USD
% of NaV
1,668,800
1,120,200
1,968,600
812,300
Market Value
Quantity
715,223
214,597
781,369
119,908
216,807
268,766
Taiwan
CLEANAWAY CO
DELTA ELECTRONIC INDUSTRIAL INC
ECLAT TEXTILE
FAR EASTERN TEXTILE
PC HOME ONLINE
PRESIDENT CHAIN STORE CORP
2,200,106
1,529,460
4,233,913
7,854,641
527,617
1,385,671
1,480,830
1,439,887
647,523
610,022
834,343
930,932
2,171,031
889,598
1,169,624
2,057,943
2,078,810
3,680,565
3,073,250
416,467
1,083,163
915,093
914,556
1,557,701
612,313
2,258,103
214,489
6,074,301
378,551
1,776,920
606,783
670,359
925,634
1,716,054
8.57
0.91
0.63
1.76
3.27
0.22
0.57
0.61
0.60
0.27
0.25
0.35
0.39
0.90
0.37
0.49
0.85
0.86
1.52
1.27
0.17
0.45
0.38
0.38
0.65
0.25
0.94
0.09
2.52
0.16
0.74
0.25
0.28
0.38
0.71
The accompanying notes form an integral part of these financial statements
33
Equity Emerging Internal Demand
Securities Portfolio as at 30/06/15
United Arab Emirates
181,283 EMAAR MALLS
843,288 EMAAR PROPERTIES
153,787 FIRST GULF BANK
United Kingdom
523,783 OLD MUTUAL
58,671 SABMILLER
78,356 UNILEVER
United States of America
9,700 BAIDU ADS
Convertible bonds
Brazil
10,891 KLABIN SA VAR 08/01/2019 CV
20,477 PDG REALTY 0% 19/09/2016 CV
Other transferable securities
Shares
Brazil
27,000 IGUATEMI EMPRESA DE SHOPPING C
Total securities portfolio
The accompanying notes form an integral part of these financial statements
34
% of NaV
CENTRAL PATTANA PUBLIC
C.P. ALL PCL
GLOW ENERGY PLC FOREIGN
HANA MICROELECTRONICS-FOREIGN
KASIKORNBANK -FL.P.N DEVELOPMENT PUBLIC LTD
PTT EXPLORATION PRODUC PUBLIC
PTT GLOBAL CHEM
SIAM CITY CEMENT PUBLIC CO LTD
SIAM COMMCL BANK -FTESCO LOTUS RETAIL GROWTH
THAI OIL
THAI OIL F
TOTAL ACCESS COMMUNICA-NVDR
Market Value
Quantity
616,600
777,900
477,700
1,464,700
257,600
475,400
245,100
78,600
61,600
243,600
1,265,700
194,000
154,700
318,900
Thailand
USD
11,189,071
4.64
2,610,479
1.08
867,153
1,065,207
1,205,724
1,756,314
1,441,471
247,725
790,985
161,154
675,821
1,121,517
502,151
315,910
251,913
786,026
164,850
1,809,202
636,427
8,072,868
1,659,894
3,048,720
3,364,254
1,931,076
1,931,076
179,576
179,576
179,444
132
213,730
213,730
213,730
213,730
230,652,765
0.36
0.44
0.50
0.72
0.60
0.10
0.33
0.07
0.28
0.47
0.21
0.13
0.10
0.33
0.07
0.75
0.26
3.35
0.69
1.26
1.40
0.80
0.80
0.07
0.07
0.07
0.00
0.09
0.09
0.09
0.09
95.66
Equity Emerging World
Securities Portfolio as at 30/06/15
42,500
139,600
128,220
63,000
392,416
239,100
139,360
120,700
245,665
69,200
124,800
105,100
1,935
17,400
83,300
58,400
104,400
131,877
126,262
226,610
60,900
327,141
74,599
1,493,188
472,000
444,707
108,264
24,885
264,500
85,300
231,000
20,239
112,500
284,900
96.79
174,205
0.03
514,968,153
174,205
Austria
3,043,164
Bermuda
8,254,542
9,412 DO & CO AG
76,160 ERSTE GROUP BANK
132,000
166,480
35,400
1,713,500
519,865,888
CAFE DE CORAL HLDG LTD
COSAN CL A
CREDICORP LTD.
LUYE PHARMA GROUP LTD
Brazil
AES TIETE SA
ANIMA
ARTERIS
BANCO BRADESCO PFD
BANCO BRADESCO-SPONSORED ADR
BANCO DO BRASIL SA
BANCO ESTADO RIO GRANDE DO SUL
BB SEGURIDADE PARTICIPACOES SA
BOLSA DE MERCADORI
BR MALLS PARTICIPACOES SA
CCR SA
CIA HERING
COMPANHIA BRASILEIRA DIST -ADR
COSAN
EMBRAER EMPRESA
EMBRAER SA ADR
ENERGIAS DO BRASIL S.A
EZ TEC EMPREENDIMENTOS PARTICI
GERDAU SA
HELBOR EMPREENDIMENTOS SA
IOCHPE MAXION
ITAU UNIBANCO ADR
ITAU UNIBANCO HOLDING SA
ITAUSA INVESTIMENTOS PREF
JHSF PARTICIPACOES
KLABIN SA UNIT
KROTON EDUCACIONAL SA
LOCALIZA RENT A CAR
MARFRIG GLOBAL FOODS
METALURGICA GERDAU PREF
MINERVA
PCAPN PCA4 PREFERRED
PETROLEO BRASILEIRO PREF.SHS
PETROLEO BRASILEIRO-SP ADR
881,420
2,161,744
476,749
1,025,517
4,917,768
1,834,508
38,958,981
239,425
977,434
390,059
578,000
3,594,531
1,868,835
399,722
1,324,965
926,859
324,347
599,011
411,076
45,801
140,874
634,457
1,768,936
386,829
614,724
304,437
146,628
247,019
3,582,194
821,780
4,282,871
284,136
2,732,893
414,389
245,854
484,485
174,917
853,683
477,569
460,300
2,324,784
95.88
0.03
0.57
0.16
0.41
1.54
0.09
0.19
0.92
0.34
7.25
0.04
0.18
0.07
0.11
0.66
0.35
0.07
0.25
0.17
0.06
0.11
0.08
0.01
0.03
0.12
0.33
0.07
0.11
0.06
0.03
0.05
0.67
0.15
0.79
0.05
0.51
0.08
0.05
0.09
0.03
0.16
0.09
0.09
0.43
307,984 PORTO SUDESTE ROYALTIES FUNDO DE
INVESTIMENTO
1,468,019 PRUMO LOGISTICA
1,120,049 RUMO LOGIST
94,900 SARAIVA SA LIVREIROS EDITORES
553,186 SUZANO BAHIA SUL PAPEL PFD A
34,800 TIM PARTICIPACOES
24,900 TOTVS
85,000 USIMINAS PREFERED .SHS A
222,800 VALE SA - PREF ADR
Canada
79,800 PACIFIC RUBIALES
176,500
97,555
613,000
921,345
1,250,627
75,700
830,500
354,000
21,700
3,511,000
300,000
708,735
2,334,000
Cayman Islands
AAC TECHNOLOGIES HOLDINGS IN
AIRTAC INTERNATIONAL GROUP
CHINA MENGNIU DAIRY CO
CHINA MOBILE LTD
CHINA RESOURCES LAND LTD
JD.COM ADR
LONGFOR PROPERTIES
MINTH GROUP
QIHOO 360 TECHNOLOGY
SEMICONDUCTOR MANUFAT INTER
SUNNY OPTICAL TECHNOLOGY
TENCENT HOLDINGS LTD
XINYI GLASS HOLDINGS
Chile
15
71,592,411
9,800
43,670
111,755
26,296
990,230
43,349
18,520
CERVECERIAS SP.ADR
CORPBANCA
EMBOT AND SP ADR-B
EMBOTELLADORA ANDINA S.A. -BEMBOTELLADORA ANDINA SA PFD A
EMPRESA NACIONAL DE TELECOM.
ENERSIS
ENERSIS SA ADR
INVERSIONES LA CONSTRUCTION SA
4,200,000
1,624,000
653,600
394,957
2,407,511
668,000
308,500
13,109,000
822,000
17,700
45,030
3,756,000
1,217,860
153,000
BANK OF CHINA -HCHINA COMMUNICATION SERVI-H
CHINA PACIFIC INSURANCE GR H
CHINA SHENHUA ENERGY CO-H
CHINA TELECOM CORP LTD-H
CHINA VANKE CO LTD-H
GREAT WALL MOTOR COMPANY-H
INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
JIANGSU EXPRESS -HNETEASE SP ADR SHS
NW ORIENTL ED & TECHNO GP ADR
PICC GRP CN
PICC PROPERTY & CASUALTY-H
WEICHAI POWER CO LTD-H
China
USD
277,606
% of NaV
26,552 BANCO MACRO BANSUD B
98.55
Market Value
Argentina
529,294,305
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
0.05
373,337
457,914
175,662
2,945,435
114,715
312,613
112,735
1,125,140
0.07
0.09
0.03
0.55
0.02
0.06
0.02
0.21
301,065
0.06
301,065
43,103,565
0.06
8.03
997,186
611,803
3,056,099
11,795,335
4,057,171
2,581,370
1,321,942
791,790
1,468,873
384,953
653,981
14,142,680
1,240,382
0.19
0.11
0.57
2.20
0.76
0.48
0.25
0.15
0.27
0.07
0.12
2.63
0.23
318
790,109
195,412
147,638
267,728
291,010
314,660
686,215
208,576
0.00
0.14
0.04
0.03
0.05
0.05
0.06
0.13
0.04
2,730,469
821,163
3,136,262
900,720
1,412,984
1,644,040
1,512,155
10,416,162
1,079,387
2,564,111
1,104,136
2,403,061
2,774,250
510,164
0.51
0.15
0.58
0.17
0.26
0.31
0.28
1.94
0.20
0.48
0.21
0.45
0.52
0.09
2,901,666
35,708,142
0.54
6.65
The accompanying notes form an integral part of these financial statements
35
Equity Emerging World
Securities Portfolio as at 30/06/15
Greece
442,575 NATIONAL BANK OF GREECE
270,000
1,552,000
14,889,341
466,865
1,282,000
1,211,699
817,370
2,858,000
1,638,819
773,000
Hong Kong (China)
BEIJING ENTERPRISES HLDGS
BRILLIANCE CHINA AUTOMOTIVE
CHINA CONSTRUCTION BANK H
CHINA MERCHANTS HOLDINGS
CHINA OVERSEAS LAND & INVESTMENT LTD
CHINA RESOURCES POWER HOLDING
CHINA UNICOM HONG KONG LTD
CSPC PHARMACEUTICAL GROUP LT
LENOVO GROUP LTD
SHANGHAI INDUSTRIAL HOLDINGS
Hungary
160,065 OTP BANK
79,987 RICHTER GEDEON
274,917
2,354,600
28,476
36,324
272,041
191,107
66,729
146,106
240,524
777,994
53,556
390,122
298,983
105,591
82,513
155,923
699,851
953,305
237,695
414,084
424,567
148,219
India
AXIS BANK
BANK NEGARA INDONESIA PERSERO
CADILLA HEALTHCARE LTD
DR REDDY’S LABORATORIES
FEDERAL BANK
GATEWAY DISTRIPARKS LTD
GUJARAT GAS SHS
HCL TECHNOLOGIES LTD
HDFC BANK
ICICI BANK LTD
INDIABULLS HOUSING FINANCE
INFOSYS TECHNOLOGIES
IRB INFRAST DEV
LARSEN & TOUBRO LTD
LUPIN
MAHINDRA & MAHINDR
NTPC LTD
POWER GRID CORP OF INDIA
RELIANCE INDUSTRIES LTD
STATE BANK OF INDIA
TATA MOTORS
TECH MAHINDRA LTD
The accompanying notes form an integral part of these financial statements
36
1,271,213
0.24
1,271,213
3,214,804
860,513
1,676,116
678,175
591,740
591,740
36,964,077
2,032,180
2,422,337
13,597,723
2,002,352
4,522,753
3,383,843
1,286,281
2,823,895
2,270,350
2,622,363
4,369,256
3,167,853
1,201,403
47,758,969
2,413,079
936,012
803,414
2,030,362
631,402
1,028,911
778,680
2,110,254
4,030,704
3,762,911
523,491
6,030,412
1,096,068
2,956,150
2,443,839
3,139,885
1,512,790
2,082,361
3,733,021
1,708,552
2,894,563
1,112,108
0.24
0.60
0.16
0.31
0.13
0.11
0.11
6.88
0.38
0.45
2.53
0.37
0.84
0.63
0.24
0.53
0.42
0.49
0.81
0.59
0.22
8.89
0.45
0.17
0.15
0.38
0.12
0.19
0.14
0.39
0.75
0.70
0.10
1.12
0.20
0.55
0.46
0.58
0.28
0.39
0.70
0.32
0.54
0.21
3,702,000
2,220,600
3,168,000
2,259,500
8,698,200
799,700
Indonesia
BANK CENTRAL ASIA
MATAHARI DEPARTMENT STORE TB
MATAHARI PUTRA PRIM
PT JASA MARGA TBK
SUMMARECON AGUNG
TAMBANG BATUBARA-BJersey
703,000 UNITED COMPANY RUSAL LIMITED
533,200
738,463
75,873
43,730
78,800
184,400
2,215,600
2,225,562
210,300
779,800
479,379
397,845
23,900
610,000
80,000
1,202,500
883,900
115,600
528,644
114,011
719,500
9,704,358
1.81
350,026
0.07
3,748,510
2,756,492
700,964
927,865
1,066,684
503,843
350,026
Luxembourg
4,953,087
Malaysia
7,487,633
GAZPROM OAO-SPON ADR REG
SBERBANK PREF
SBERBANK RUS.ADR
TERNIUM SA ADR
TUPY SA
AMMB HOLDINGS BHD
DIALOG
GENTING MALAYSIA BHD
HONG LEONG BANK
IJM CORP BHD
MALAYSIA AIRPORTS
SIME DARBY
Malta
139,823 BRAIT
354,320
51,669
142,800
155,100
1,640,717
298,401
244,500
43,893
USD
Mexico
AMERICA MOVIL L
AMERICA MOVIL-ADR-L
ARCA CONTINENTAL
BOLSA MEXICANA DE VALORES
CEMENTOS DE MEXICO CPO
CEMEX SAB DE CV-SPONS ADR PART CER
CORPORACION INMOBILIARIA VESTA SAB
FOMENTO ECONOMICO MEXICANO SA DE CV
FEMSA ADR
GERDAU SA
GRUPO BIMBO SA DE CV BIMBO
GRUPO CARSO S.A1
GRUPO FIN BANORTE
GRUPO FINANCIERO INBURSA S.A.B
GRUPO INDUSTRIAL MASECA S.A.B.
GRUPO MEXICO SAB DE CV -BGRUPO TELEVISA GDR
WALMART DE MEXICO-SAB DE CV
Netherlands
30,079 X 5 RETAIL GROUP NV REGS ADR
82,700 YANDEX CL A
% of NaV
116,311 COMMERCIAL INTL BANK (EGYPT)
228,043 COMMERCIAL INTL BANK GDR
36,461 EDITA FOOD INDUSTRIES SAE GDR REGS
0.19
0.31
Market Value
Egypt
1,020,954
1,678,124
Quantity
5,735 KOMERCNI BANKA AS
USD
% of NaV
Czech Republic
Market Value
Quantity
136,230 ZHUZHOU CSR TIMES ELECTRIC CO H
659,720 ZTE CORP -H
2,745,980
645,675
396,057
756,966
408,409
294,706
933,683
2,477,420
746,887
1,347,540
789,008
898,389
1,420,380
1,420,380
30,951,030
378,467
1,101,066
812,715
268,670
1,506,801
2,733,353
398,600
3,910,428
47,163
1,580,722
333,956
6,609,251
2,006,575
1,488,000
1,596,308
4,425,908
1,753,047
1,759,509
500,815
1,258,694
0.71
0.51
0.13
0.17
0.20
0.09
0.07
0.92
0.51
0.12
0.07
0.14
0.08
1.39
0.05
0.17
0.46
0.14
0.25
0.15
0.17
0.26
0.26
5.76
0.07
0.21
0.15
0.05
0.28
0.51
0.07
0.73
0.01
0.29
0.06
1.23
0.37
0.28
0.30
0.82
0.33
0.33
0.09
0.24
Equity Emerging World
Securities Portfolio as at 30/06/15
ALIOR BANK
BANK PEKAO SA
CCC SA
CYFROWY POLSAT SA
PKO BANK POLSKI SA
POLSKI KONCERN NAFTOWY ORLEN SA
POWSZECHNY ZAKLAD UBEZPIECZEN
TVN SA
Qatar
17,867 QATAR NATIONAL BANK
459,370
25,422
58,100
10,256
112,751
1,573,026
13,877
42,406
71,025
4,778,835
306,172
Russia
ALROSA CJSC
BASHNEFT PJSOC
LUKOIL SP ADR
MAGNIT SP GDR SPONSORED
MMC NORILSK NICKEL JSC-ADR
MOSCOW EXCHANGE MICEX-RTS PJSC
NOVATEK OAO-SPONS GDR REGS
SEVERSTAL PAO GDR
SISTEMA JSFC-REG S SPONS GDR
SURGUTNEFTEGAZ PRF
TATNEFT PREF SHS
Singapore
196,400 FIRST RESOURCES LTD
66,865
46,843
113,418
66,360
14,906
494,999
154,604
121,741
396,759
280,424
South Africa
ANGLOGOLD ASHANTI
ASPEN PHARMACARE
BARCLAYS AFRICA SHS
BIDVEST GROUP
CAPITEC BANK HOLDING LIMITED
FIRSTRAND
INVESTEC LIMITED
MEDICLINIC
MMI HOLDINGS
MTN GROUP LTD
14,057,291
2.62
1,699,206
718,575
2,330,825
1,972,076
1,450,760
404,213
2,586,584
1,146,031
1,899,453
1,548,774
6,872,063
637,344
1,057,191
874,926
311,388
509,269
1,386,748
785,600
1,309,597
946,535
946,535
15,437,509
523,673
870,139
2,556,691
570,849
1,902,109
1,971,260
1,412,679
448,655
628,571
3,688,067
864,816
297,558
297,558
42,807,223
604,046
1,389,345
1,709,812
1,684,734
595,566
2,174,489
1,395,391
1,026,467
985,546
5,284,928
0.32
0.13
0.43
0.37
0.27
0.08
0.49
0.21
0.35
0.29
1.28
0.12
0.20
0.16
0.06
0.09
0.26
0.15
0.24
0.18
0.18
2.87
0.10
0.16
0.48
0.11
0.35
0.37
0.26
0.08
0.12
0.68
0.16
0.06
0.06
7.97
0.11
0.26
0.32
0.31
0.11
0.40
0.26
0.19
0.18
0.98
20,521
44,309
21,469
13,534
18,062
12,391
45,003
71,644
78,112
5,301
16,779
2,082
36,940
8,457
2,993
3,575
27,180
8,560
11,915
9,755
11,344
84,094
90,464
42,300
28,742
13,335,405
564,032
650,290
1,937,303
2,123,054
566,684
1,480,702
4,802,712
496,717
CELTRION
DAEWOO INTL
DONGBU INSURANCE CO LTD
HYUNDAI DEPARTMENT STORE NEW
HYUNDAI MOBIS
HYUNDAI WIA CORP
KANGWON LAND
KIA MOTORS CORP
KOREA ELECTRIC POWER CORP
KOREA ZINC
LG CHEM
LG CHEMICAL PREF ISSUE
LG DISPLAY CO LTD
LG ELECTRONICS
LG HOUSEHOLD & HEALTH CARE LTD
NAVER CORP
SAMSUNG CORP
SAMSUNG ELECTRO-MECHANICS
SAMSUNG ELECTRONICS CO LTD
SAMSUNG ELECTRONICS PREF SHS
SAMSUNG SDI
SHINHAN FINANCIAL GROUP
SK HYNIX INC
SK TELECOM SP ADR
WOONG JIN COWAY CO LTD
1,434,971
1,024,853
1,087,452
1,783,583
3,432,825
1,144,178
1,492,771
2,909,564
3,207,252
2,590,027
4,189,297
350,904
856,066
357,856
2,076,814
2,031,960
1,613,085
392,143
13,544,508
8,684,132
1,128,857
3,132,463
3,430,568
1,048,617
2,355,120
South Korea
Spain
78,598 CEMEX LATAM HLDG
1,667,390
55,160
289,000
14,711
128,235
154,000
562,000
535,000
81,000
749,000
1,140,088
558,129
16,000
18,000
USD
NASPERS-NOCEANA GROUP LTD
PSG GROUP LTD
RMI HOLDINGS
SANLAM LTD
SASOL LTD
STANDARD BANK GRP
STEINHOFF INTL HLD
TSOGO SUN HOLDINGS LTD
Taiwan
ADVANCED SEMI ENGR
ASUSTEK COMPUTER
CATCHER
CHUNGHWA TELECOM ADR
CHUNGHWA TELECOM CO LTD
CLEANAWAY CO
COMPAL ELECTRONICS
DELTA ELECTRONIC INDUSTRIAL INC
ECLAT TEXTILE
EPISTAR CORP
FAR EASTERN TEXTILE
FORMOSA PLASTICS
HERMES MICROVIS
LARGAN PRECISION
% of NaV
Poland
0.32
85,415
70,578
38,512
553,672
388,439
15,285
112,208
757,163
247,395
Market Value
26,833
22,095
18,911
49,518
61,546
70,641
6,829
256,792
ABOITIZ POWER
AYALA CORP
BANCO DE ORO UNIBANK
INTERNATIONAL CONTAINER TERMIN
MANILA WATER
METRO BANK & TRUST
SECURITY BANK
SM PRIME HLDGS
UNIVERSAL ROBINA
1,699,206
Quantity
712,100
133,034
820,303
593,600
761,000
1,240,734
319,966
4,286,600
359,970
Philippines
% of NaV
163,700 CIA DE MINAS BUENAVENTURA-SP ADR
Market Value
Quantity
Peru
USD
2.49
0.11
0.12
0.36
0.40
0.11
0.28
0.89
0.09
65,299,866
12.15
385,794
0.07
385,794
45,289,545
2,258,888
537,217
3,615,484
469,575
408,962
910,888
428,041
2,739,632
1,328,363
1,001,353
1,208,280
1,313,265
1,042,311
2,056,425
0.27
0.19
0.20
0.33
0.64
0.21
0.28
0.54
0.60
0.48
0.78
0.07
0.16
0.07
0.39
0.38
0.30
0.07
2.51
1.61
0.21
0.58
0.64
0.20
0.44
0.07
8.43
0.42
0.10
0.67
0.09
0.08
0.17
0.08
0.51
0.25
0.19
0.22
0.24
0.19
0.38
The accompanying notes form an integral part of these financial statements
37
Equity Emerging World
Securities Portfolio as at 30/06/15
AKBANK
BRISA BRIDGESTONE
HACI OMER SABANCI HOLDING
TUPRAS
TURK TELEKOMUNIKASYON A.S.
TURKIYE GARANTI BANKASI
ULKER GIDA
United Arab Emirates
AGTHIA GROUP
ALDAR PROPERTIES
EMAAR MALLS
EMAAR PROPERTIES
FIRST GULF BANK
UNION NATIONAL BANK
United Kingdom
752,993 OLD MUTUAL
United States of America
14,100 BAIDU ADS
27,200 COGNIZANT TECH SO-A
The accompanying notes form an integral part of these financial statements
38
19,248,986
3.58
8,012,088
1,438,551
2,216,955
1,144,391
2,602,018
1,773,096
548,914
1,366,393
359,008
558,438
2,518,264
2,116,887
774,793
613,418
1,217,860
1.50
Bonds
Bahamas
5,495 CREDIT SUISSE NASSAU BRANCH 0% 23/09/2015
Convertible bonds
Brazil
18,789 KLABIN SA VAR 08/01/2019 CV
81,697 PDG REALTY 0% 19/09/2016 CV
Warrants, Rights
Australia
117,025 MACQUARIE BANK WRT ON DLF SHS 21/04/2016
Saudi Arabia
868,617
1,382,348
617,143
423,214
1,361,594
961,900
1,015,605
0.27
0.41
9,101 HSBC CERTIF HERFY FOOD 06/07/2017
0.21
United Kingdom
0.49
540,385 DEUBK WARRANT 24/01/2017 (ITC)
0.33
141,512 DEUTSCHE BANK LONDON WRT ON SAMBA AB
0.10
27/09/2016
0.25
3,424 EMTN HSBC BANK ELN HERFY FOOD SERVICES
0.07
08/10/2015
0.10
0.48 Other transferable securities
0.39
Shares
0.14
Brazil
0.11
0.23
42,300,000 BANCO NACIONAL PREF
1.23
67,200 IGUATEMI EMPRESA DE SHOPPING C
936,400 JBS
0.16
South Africa
0.26
0.11
150,799 PICK’N PAY STORES
0.08
24,887 REMGRO
0.25
75,852 SAPPI LTD
0.18
0.19 Share/Units of UCITS/UCIS
627,044
311,942
347,393
3,192,343
1,086,416
320,082
0.12
0.06
0.06
0.60
0.20
0.06
6,630,421
5,885,220
2,400,848
2,400,848
4,468,676
2,807,028
1,661,648
1.10
0.45
0.45
0.83
Share/Units in investment funds
Cayman Islands
41,976 BATAVIA INVESTMENT
Luxembourg
930 AMUNDI MONEY MARKET SHORT TERM PV CAP
Romania
4,704,024 S.C FONDUL PROPRIETATEA S.A
South Africa
701,205 REDEFINE PROPERTIES LTD
0.52
Total securities portfolio
0.31
USD
323,684
323,684
% of NaV
309,973
421,231
382,023
1,487,984
262,523
172,889
Turkey
0.42
0.26
0.24
0.22
0.41
0.19
0.10
0.10
0.07
1.33
Market Value
300,262
419,878
163,696
16,698
517,407
308,246
145,498
CENTRAL PATTANA PUBLIC
C.P. ALL PCL
GLOW ENERGY PLC FOREIGN
KASIKORNBANK -FKRUNG THAI BANK PUBLIC FOREIGN
L.P.N DEVELOPMENT PUBLIC LTD
PTT EXPLORATION PRODUC PUBLIC
PTT GLOBAL CHEM
PTT PUBLIC COMPANY FOREIGN
SIAM CEMENT -FSIAM COMMCL BANK -FTHAI OIL
THAI OIL F
TOTAL ACCESS COMMUNICA-NVDR
2,264,571
1,419,760
1,305,806
1,164,802
2,222,430
1,037,868
515,775
515,824
382,845
7,129,092
Quantity
1,022,900
1,619,000
453,400
464,997
3,502,175
1,053,400
423,400
175,100
52,539
164,200
459,800
475,800
376,700
494,100
Thailand
USD
% of NaV
MEDIATEK INC
NOVATEK MICROELECTRONICS
PC HOME ONLINE
PEGATRON CORP
PRESIDENT CHAIN STORE CORP
PRIMAX ELECTRO
QUANTA COMPUTER
RADIANT OPTO-ELECTRONICS
SILICONWARE PRECISION INDUSTRIES CO LTD
TAIWAN SEMICONDUCTOR MANUFACTURING CO
LTD
352,800 TAIWAN SEMICONDUCTOR-SP ADR
Market Value
Quantity
165,574
294,000
79,000
398,000
316,000
819,000
218,000
139,000
250,000
1,565,585
0.06
0.06
323,684
0.06
310,101
0.06
310,101
0.06
309,575
526
0.06
0.00
214,916
0.04
283,979
0.05
4,263,950
214,916
283,979
0.79
0.04
0.05
3,765,055
0.70
106,839
0.02
2,674,959
983,257
0.50
0.18
6,972,357
1.30
5,463,545
1.02
6,972,357
1.30
531,950
4,931,595
0.00
0.10
0.92
714,381
524,775
269,656
0.13
0.10
0.05
1,508,812
2,456,060
2,456,060
0.28
0.46
0.46
-
0.00
935,722
0.18
-
935,722
930,499
930,499
589,839
589,839
529,294,305
0.00
0.18
0.17
0.17
0.11
0.11
98.55
Equity MENA
Securities Portfolio as at 30/06/15
930,876
124,626
111,438
45,038
25,978
5,798
151,934
15,306
79,668
64,900
16,195
Kuwait
BOUBYAN BANK
BURGAN BANK
JAZEERA AIRWAYS CO
KUWAIT FINANCE HOUSE
KUWAIT FOOD COMPANY (AMERICANA
KUWAIT PROJECTS COMPANY
NATIONAL BANK OF KUWAIT
Oman
BANK MUSCAT SAOG
OMAN CEMENT CO
OMAN TELECOM
RAYSUT CEMENT COMPANY
Qatar
ALMEERA CONSUMER GOODS COMPANY Q.S.C
GULF INTERNATIONAL SERVICES
MASRAF AL-RAYAN
QATAR ELECTRICITY & WATER
QATAR INSURANCE CO
QATAR NATIONAL BANK
QATAR NATIONAL CEMENT CO
Saudi Arabia
69,588 ARAB BANK
721,129
830,925
2,205,236
2,279,606
50,189
83,594
1,221,366
550,462
494,992
820,658
United Arab Emirates
ABU DHABI COMMERCIAL BANK
AGTHIA GROUP
AIR ARABIA
ALDAR PROPERTIES
ARAMEX
DP WORLD LTD
DRAKE & SCULL INTL
DUBAI INVESTMENTS
DUBAI ISLAMIC BANK
DUBAI PARKS & RESORTS PJSC
128,142,608
99.33
12,606,069
9.77
56,361,404
190,969
6,398,609
1,144,064
1,134,042
766,930
472,569
341,152
1,140,760
253,898
763,076
8,055,597
375,134
408,722
469,878
674,835
673,373
3,176,820
2,276,835
2,181,086
1,330,031
170,942
502,273
177,840
10,912,201
1,802,867
127,386
1,940,264
958,406
2,111,368
3,438,188
533,722
603,709
603,709
20,729,090
1,509,817
1,680,876
972,647
1,688,161
47,552
1,788,912
243,745
436,119
921,806
265,885
43.69
0.15
4.96
0.89
0.88
0.59
0.37
0.26
0.88
0.20
0.59
6.24
0.29
0.32
0.36
0.52
0.52
2.47
1.76
1.69
1.03
0.13
0.39
0.14
8.46
1.40
0.10
1.50
0.74
1.64
2.67
0.41
0.47
0.47
16.07
1.17
1.30
0.75
1.31
0.04
1.39
0.19
0.34
0.71
0.21
1,124,380
2,458,900
44,285
862,105
643,097
EMAAR MALLS
EMAAR PROPERTIES
EMIRATES NBD PJSC
FIRST GULF BANK
UNION NATIONAL BANK
United Kingdom
38,488 AL NOOR HOSPITALS
8,873 HIKMA PHARMACEUTICALS
34,542 NMC HEALTH PLC-W/I
Bonds
148,042
41,952
52,032
179,606
41,126
Bahamas
CREDIT SUISSE NASSAU BRANCH 0% 03/09/2015
CREDIT SUISSE NASSAU BRANCH 0% 07/10/2015
CREDIT SUISSE NASSAU BRANCH 0% 14/09/2016
CREDIT SUISSE NASSAU BRANCH 0% 21/10/2015
CREDIT SUISSE NASSAU BRANCH 0% 29/03/2016
United Kingdom
100,452 CREDIT SUISSE BAHAMAS LTD 0% 06/10/2016
Convertible bonds
Oman
154,586 BANK MUSCAT 0.005% 20/03/2017 CV
131,665 BANK MUSCAT 3.50% 19/03/2018 CV
Warrants, Rights
Bahamas
14,343 CREDIT SUISSE AL TAYYAR TRAVEL GROUP
CERTIFICATE 31/07/2017
USD
1,022,456
5,275,361
117,436
3,567,704
1,190,613
0.79
4.09
0.09
2.77
0.92
572,020
269,747
431,885
0.45
0.21
0.33
1,273,652
7,011,790
5.44
4.75
889,193
0.69
1,738,327
765,865
1,247,875
1,286,732
1,083,798
889,193
74,486
74,486
40,962
33,524
1.35
0.59
0.97
1.00
0.84
0.69
0.06
0.06
0.03
0.03
64,694,928
50.14
377,983
0.29
5,159,974
3,791,259
172,175 MERRILL LYNCH WRT BANQUE SAUDI FRANSI
02/03/2017
609,075 MERRILL LYNCH WRT EMAAR ECO 02/03/2017
11,450 MERRILL LYNCH WRT JARIR MARKETING CO
09/03/2017
447,015 MERRILL LYNCH WRT ALINMA BANK 04/10/2016
1,475,419
112,848 MERRILL LYNCH WRT NATIONAL
INDUSTRIALIZATION COMPANY 12/07/2017
0.99
6,122,597
99,695 CREDIT SUISSE CERT MOUWASAT MEDICAL
SERVICES19/08/2015
62,927 CREDIT SUISSE CERT UNITED INTL
TRANSPORTATION 11/03/2016
Curacao
% of NaV
266,852
290,745
305,496
318,780
75,399
1,524,493
800,399
AMER GROUP HLDG
COMMERCIAL INTL BANK GDR
EASTERN TOBACCO
EDITA FOOD INDUSTRIES SAE GDR REG S
GB AUTO
JUHAYNA FOOD INDUSTRIES
ORASCOM TELECOM HOLDING
ORIENTAL WEAVERS
SIDI KERIR PETROCHEMICALS
SODIC SA
99.33
Market Value
1,457,106
870,559
40,605
60,970
1,364,035
424,203
1,028,856
836,928
152,300
528,820
Egypt
128,142,608
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
990,732
4.00
2.94
0.77
7,850,055
6.08
2,418,046
674,465
1.87
0.52
2,691,196
590,929
1.14
2.09
0.46
Germany
1,292,818
1.00
Netherlands
4,057,230
3.14
53,906 DEUTSCHE BANK WRT ALMARAI 04/10/2016 USD
150,306 JP MORGAN CERT SAUDI ARABIAN 22/06/2016
97,370 MORGAN STAN WRT SAUDI BASIC 01/10/2015
Saudi Arabia
77,280 CITIGROUP /ALHOKAIR CERTIF 24/07/2017
1,292,818
1,588,581
2,468,649
31,578,376
2,018,437
1.00
1.23
1.91
24.48
1.56
The accompanying notes form an integral part of these financial statements
39
Equity MENA
Securities Portfolio as at 30/06/15
52,014 DEUTSCHE BANK LONDON WARRANT ON
HALWANI BROTHERS 13/09/2016
50,982 DEUTSCHE BANK LONDON WARRANT ON SABIC
AB 27/09/2016
291,380 DEUTSCHE BANK LONDON WRT ON SAMBA AB
27/09/2016
23,940 EMTN HSBC BANK ELN HERFY FOOD SERVICES
08/10/2015
43,373 GOLDMAN SACHS INTERNATIONAL CERTIFICATE
04/12/2017 SAFCO
80,213 GOLDMAN SACHS INTERNATIONAL WT 16/04/2018
27,584 HSBC BANK PLC CERTIFICATE ON SAUDI CO
21/05/2018
184,402 HSBC BANK PLC CERTIFICATE 24/07/2017
United States of America
46,724 CITIGROUP CERT JAHIR MARKETING 24/07/2017
49,051 CITIGROUP CERT SAUDI TELECOM 24/07/2017
31,239 CITIGROUP CERT SAUDI PHARMACEUTICAL
INDUSTRY 24/07/2017
Total securities portfolio
The accompanying notes form an integral part of these financial statements
40
USD
% of NaV
United Kingdom
Market Value
Quantity
245,325 GOLDMAN SACHS CERT BANQUE SAUDI FRANSI
04/12/2017
120,896 HSBC BANK WRT AL KHALEEJ TRAINING AND
EDUCATION 18/07/2016
46,701 HSBC BANK CERTIFICAT ON DALLAH HEALTHCARE
HLDGS 24/12/2015
46,536 HSBC BANK MARKET ACCESS NOTES BUPA
ARABIA 10/10/2016
94,810 HSBC /BQ SAUDI FRANSI 15/01/2018
8,656 HSBC CERTIF HERFY FOOD 06/07/2017
141,454 HSBC /NCB CERTIF 20/11/2017
55,078 JP MORGAN CERTIFICATES AL OTHA 28/01/2016
164,692 JPM STRUCTURED NOTES WRT SAUDI TELECOM
08/02/2016
49,104 MERRILL LYNCH INTL AND CO.C.V.
WARRANT/SAOUDI ECO 02/03/2017
7,091 MERRILL LYNCH INTL AND CO.C.V.
WARRANT/SAVOLA ECO 02/03/2017
176,951 MERRILL LYNCH WARRANT ON NAT COMM BK
07/11/2017
541,340 MORGAN STANLEY WRT SAMBA FINANCIAL
GROUP 28/02/2015
167,306 MS BV WARRANT ON YANBU NAT PETRO 15/12/2016
66,358 MS CERT SAUDI AIRLINES 05/07/2016
2,102,264
1.63
1,737,497
1.35
1,755,129
2,945,071
812,455
270,093
2,355,682
1,580,853
2,963,104
883,469
129,452
2,946,825
3,761,348
2,419,528
2,897,169
10,747,530
1,266,581
1,292,561
2,024,572
747,000
1,365,048
2,033,663
981,686
1,036,419
4,008,945
1.36
2.28
0.63
0.21
1.83
1.23
2.30
0.68
0.10
2.28
2.91
1.88
2.25
8.33
0.98
1.00
1.57
0.58
1.06
1.58
0.76
0.80
3.11
2,752,288
882,515
374,142
2.14
0.68
0.29
128,142,608
99.33
Equity Greater China
Securities Portfolio as at 30/06/15
830,000
22,256,740
1,811,000
3,941,000
1,697,600
489,848
25,302,575
Banks
BOC HONG KONG HOLDINGS LTD
CHINA CONSTRUCTION BANK H
CHINA MERCHANTS BANK-H
CHINA MINSHENG BANKING CORP
DAH SING BANKING GROUP LTD
DAH SING FIN HLDGS
INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
Construction and Materials
2,078,000 CHINA NATIONAL BUILDING MATERI
1,594,000 CHINA STATE CONSTRUCTION INTL
Electricity
487,500 CLP HOLDINGS LTD
Electronic and Electrical Equipment
937,000 DELTA ELECTRONIC INDUSTRIAL INC
6,064,000 JIANGNAN GRP LTD
7,118,000 LEXTAR ELECTRON
Financial Services
19,760 CHINA BIOLOGIC PRODUCTS INC
124,700 HKG EXCHANGES & CLEARING LTD
Food Producers
1,690,000 TINGYI HOLDING
342,997,009
93.20
2,216,850
0.60
342,997,009
2,216,850
61,260,111
3,458,104
20,326,018
5,279,398
5,164,849
3,713,802
3,212,993
20,104,947
4,835,075
1,964,749
2,870,326
4,143,979
4,143,979
11,167,944
4,798,197
1,744,301
4,625,446
6,603,928
2,203,042
4,400,886
3,453,022
3,453,022
General Industrials
13,636,768
General Retailers
4,609,721
565,656 CK HUTCHISON HOLDINGS LTD
1,570,000 SHANGHAI INDUSTRIAL HOLDINGS
56,861 ALIBABA GROUP HOLDING-SP ADR
Health Care Equipment and Services
203,000 GINKO INTL
Industrial Engineering
3,026,200 CHANGSA ZOOMLION
Industrial Transportation
1,040,500 SHENZHEN INTL HOLD
Leisure Goods
24,000 LARGAN PRECISION
8,310,624
5,326,144
4,609,721
2,556,044
2,556,044
1,963,465
1,963,465
1,817,265
1,817,265
2,741,900
2,741,900
93.20
0.60
16.65
0.94
5.53
1.43
1.40
1.01
0.87
5.47
2,391,400
2,788,814
1,402,000
853,400
565,000
Life Insurance
AIA GROUP LTD
CATHAY FINANCIAL HLDG CO
CHINA LIFE INSURANCE CO-H
CHINA PACIFIC INSURANCE GR H
PING AN INSURANCE GROUP CO-H
Mining
1,225,500 CHINA SHENHUA ENERGY CO-H
Mobile Telecommunications
1,764,000 CHINA UNICOM HONG KONG LTD
6,393,000 CITIC TELECOM INTERNATIONAL
1,141,000 TAIWAN MOBILE CO LTD
Nonequity Investment Instruments
1.31
2,751,160 FUBON FINANCIAL HOLDING
1.13
4,902,000 CHINA PETROLEUM & CHEMICAL H
3,312,000 CNOOC LTD
4,392,000 PETROCHINA CO LTD-H
0.53
0.78
1.13
3.03
1.30
0.47
1.26
1.79
0.60
1.19
0.94
0.94
3.71
2.26
1.45
1.25
1.25
0.69
0.69
0.53
0.53
0.49
0.49
0.75
0.75
6,834,000
9,084,000
254,500
5,545,021
38,355,529
10.42
2,794,815
0.76
15,654,737
4,871,802
6,103,505
4,094,992
7,630,493
2,794,815
9,553,606
2,775,977
2,968,689
3,808,940
5,474,765
5,474,765
Oil and Gas Producers
13,829,990
Personal Goods
11,178,438
BEST PACIFIC INTERNAL
DAPHNE INTERNATIONAL HOLDINGS
HENGAN INTERNATIONAL GROUP CO LTD
LI NING CO LTD
Pharmaceuticals and Biotechnology
701,500 SHANGHAI FOSUN PHARMACEUTI-H
834,156
1,763,333
2,166,400
2,123,250
2,480,000
395,833
USD
Real Estate Investment and Services
CHEUNG KONG PROPERTY HOLDINGS LTD
CHINA RESOURCES LAND LTD
GUANGZHOU R&F PROPERTIES - H
KERRY LOGISTICS NETWORK LTD
SHIMAO PROPERTY HOLDINGS LTD
SUN HUNG KAI PROPERTIES
Real Estate Investment Trusts
614,500 LINK REIT
Software and Computer Services
22,100 BAIDU ADS
1,121,000 CHINA MOBILE LTD
972,400 TENCENT HOLDINGS LTD
Support Services
5,774,000 SOUND GLOBAL LTD
2,814,000 SUMMIT ASCENT
Technology Hardware and Equipment
3,307,000 ACER INC
3,392,000 ADVANCED SEMI ENGR
% of NaV
2,127,000 NEXTEER AUTOMOTIVE GROUP LTD
97.71
Market Value
Automobiles and Parts
359,609,658
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
4,230,161
4,699,379
4,900,450
3,349,779
2,273,193
3,023,465
2,532,001
2,601,495
2,601,495
4.26
1.32
1.66
1.11
2.07
0.76
2.60
0.75
0.81
1.04
1.49
1.49
3.76
1.15
1.28
1.33
3.04
0.91
0.62
0.82
0.69
0.71
0.71
29,961,664
8.14
3,598,614
0.98
38,186,495
10.38
2,849,675
0.77
6,918,560
5,720,445
2,657,521
3,357,756
4,894,413
6,412,969
3,598,614
4,431,050
14,351,379
19,404,066
1,303,384
1,546,291
51,980,661
1,602,347
4,595,295
1.89
1.55
0.72
0.91
1.33
1.74
0.98
1.20
3.90
5.28
0.35
0.42
14.12
0.44
1.25
The accompanying notes form an integral part of these financial statements
41
Equity Greater China
Securities Portfolio as at 30/06/15
Travel, Leisure and Catering
1,352,000 GALAXY ENTERTAINMENT GROUP L
1,852,400 SANDS CHINA LTD
Share/Units of UCITS/UCIS
Share/Units in investment funds
Investment Fund
8,560 AMUNDI INTERINVEST CHINA A SHARES I C
Total securities portfolio
The accompanying notes form an integral part of these financial statements
42
USD
% of NaV
ADVANTECH
EPISTAR CORP
LENOVO GROUP LTD
MEDIATEK INC
QUANTA COMPUTER
TAIWAN SEMICONDUCTOR MANUFACTURING CO
LTD
Market Value
Quantity
563,000
4,106,000
2,958,000
227,000
1,658,000
5,556,000
3,868,348
5,489,391
4,097,887
3,104,700
3,922,732
25,299,961
1.05
1.49
1.11
0.84
1.07
6.87
11,625,190
3.16
16,612,649
4.51
5,388,807
6,236,383
16,612,649
16,612,649
16,612,649
359,609,658
1.46
1.70
4.51
4.51
4.51
97.71
Equity India
Securities Portfolio as at 30/06/15
566,768,422 100.71
566,768,422 100.71
6,343,531
6,343,531
Automobiles and Parts
250,000 CUMMINS INDIA DS
200,000 MARUTI SUZUKI SHS
1,500,000 MOTHERSON SUMI SYSTEMS LIMITED
28,374,021
3,519,747
12,636,151
12,218,123
1,200,000
1,900,000
2,300,000
1,000,000
2,800,000
10,532,978
31,840,219
11,124,373
13,704,461
11,553,079
Banks
AXIS BANK
HDFC BANK
ICICI BANK LTD
INDUSIND BANK LTD
STATE BANK OF INDIA
Beverages
450,000 UNITED BREWERIES LTD
200,000 UNITED SPIRIT LTD
Chemicals
1,025,000 RALLIS INDIA
800,000
1,600,000
500,000
200,000
75,000
160,000
600,000
Construction and Materials
ASIAN PAINTS LTD
IRB INFRAST DEV
LARSEN & TOUBRO LTD
NATIONAL BUILDINGS
SHREE CEMENT
ULTRA TECH CEMENT
VA TECH WABAG
Electricity
3,000,000 KSK ENERGY VENTURES LIMITED
17,220,832
6,601,956
10,618,876
3,851,798
3,851,798
60,049,326
9,489,322
5,865,578
13,998,118
2,841,866
13,357,079
7,521,232
6,976,131
1,787,846
1,787,846
Electronic and Electrical Equipment
17,782,626
Financial Services
78,073,303
450,000 AMARA RAJA BATT
2,600,000 HAVELLS INDIA LTD
75,000
1,600,000
650,000
800,000
450,000
2,100,000
78,755,110
BAJAJ FINANCE
HOUSING DEVELOPMENT FINANCE CORP LTD
KOTAK MAHINDRA BANK LTD
MAHINDRA & MAHINDRA FIN SECS
SHRIRAM TRANSPORT FINANCE CO LTD
SKS MICROFINANCE
Fixed Line Telecommunications
1,900,000 BHARTI AIRTEL LTD
Food Producers
500,000 GODREJ INDUSTRIES
300,000 KAVERI SEED
650,000 MCLEOD RUSSEL INDIA LTD
6,242,267
11,540,359
6,411,040
32,574,123
14,145,259
3,521,357
6,030,976
15,390,548
12,532,900
12,532,900
8,577,223
2,792,871
3,467,808
2,316,544
1.13
1.13
5.04
0.63
2.24
2.17
13.99
1.87
5.65
1.98
2.44
2.05
3.06
1.17
1.89
0.68
0.68
10.67
1.69
1.04
2.49
0.50
2.37
1.34
1.24
0.32
0.32
3.16
1.11
2.05
13.87
1.14
5.79
2.51
0.63
1.07
2.73
2.23
2.23
1.52
General Industrials
3,181,140
0.57
Health Care Equipment and Services
7,749,392
1.38
300,000 SUPREME INDUSTRIES
375,000 APOLLO HOSPITALS ENTERPRISE
Household Goods and Home Construction
1,000,000 EVEREADY INDS I SHS
100,000 SYMPHONY LTD
3,000,000
350,000
55,000
1,100,000
700,000
Industrial Engineering
ASHOK LEYLAND DEMAT.
BHARAT FORGE
EICHER MOTORS LTD
TATA MOTORS
VOLTAS LTD
Industrial Transportation
200,000 CONTAINER CORPN
1,200,000 GUJARAT PIPAVAV PORT LTD
Media
1,200,000 ZEE ENTERTAINMENT SHS DEMATERIALISED
3,181,140
7,749,392
37,144,020
6.60
5,141,332
3,327,733
3,417,871
5,843,868
16,916,906
7,499,451
3,465,924
9,376,100
5,269,944
4,106,156
6,932,790
6,932,790
Personal Goods
16,950,889
18,846,107
6,332,837
5,813,364
4,804,688
Pharmaceuticals and Biotechnology
31,056,398
Real Estate Investment and Services
12,008,481
300,000 AUROBINDO PHARMA
650,000 GLENMARK PHARMACEUTICALS
475,000 LUPIN
300,000 MAHINDRA LIFESPACEDEVELOPERS L
750,000 OBEROI REALTY
1,750,000 PRESTIGE ESTATES PROJECTS
1.38
1.50
18,846,107
1,500,000 ARVIND MILLS
350,000 BATA INDIA
150,000 COLGATE PALMOLIVE (INDIA)
0.57
8,469,065
Oil and Gas Producers
1,200,000 RELIANCE INDUSTRIES LTD
120,000
1,200,000
2,000,000
525,000
650,000
USD
% of NaV
120,000 BHARAT ELECT DS
USD
566,768,422 100.71
Market Value
Aerospace and Defense
Quantity
Shares
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
6,840,453
10,147,575
14,068,370
2,010,443
3,204,696
6,793,342
0.91
0.59
0.61
1.04
3.00
1.33
0.62
1.67
0.94
0.73
1.23
1.23
3.35
3.35
3.01
1.13
1.03
0.85
5.52
1.22
1.80
2.50
2.13
0.36
0.57
1.20
Software and Computer Services
81,496,450
14.49
Travel, Leisure and Catering
20,209,074
3.59
COGNIZANT TECH SO-A
HCL TECHNOLOGIES LTD
INFOSYS TECHNOLOGIES
TATA CONSULTANCY SERVICES
TECH MAHINDRA LTD
1,900,000 ITC LTD
225,000 JUBILANT FOODWORKS LTD
475,000 UFO MOVIEZ INDIA LTD
0.50
0.61
0.41 Total securities portfolio
7,341,000
17,331,974
30,915,517
21,030,917
4,877,042
9,403,031
6,563,266
4,242,777
1.30
3.08
5.50
3.74
0.87
1.67
1.17
0.75
566,768,422 100.71
The accompanying notes form an integral part of these financial statements
43
Equity India Select
Securities Portfolio as at 30/06/15
Banks
486,285 AXIS BANK
73,000 CHOLAMANDALAM INVESTMENT AND FINANCE CO
LTD
400,000 FEDERAL BANK
1,013,165 ICICI BANK LTD
86,910 INDUSIND BANK LTD
970,120 STATE BANK OF INDIA
Chemicals
85,000 PI INDUSTRIES LTD
123,025 VINATI ORGANICS LTD
73,000
75,000
131,544
101,000
137,500
24,012
Construction and Materials
ASIAN PAINTS LTD
KAJARIA CERAMICS LTD DEMATERIALISED
LARSEN & TOUBRO LTD
RAMCO CEMENTS
TECHNO ELECTRIC
ULTRA TECH CEMENT
Electronic and Electrical Equipment
120,000 ALSTOM T&D INDIA LTD
5,000
145,220
304,885
149,837
122,000
30,000
Financial Services
BAJAJ FINANCE
HOUSING DEVELOPMENT FINANCE CORP LTD
IDFC LTD
INDIA INFOLINE
KOTAK MAHINDRA BANK LTD
SHRIRAM CITY UNION FINANCE LTD SHS
DEMATERIALISED
77,000 SHRIRAM TRANSPORT FINANCE CO LTD
Fixed Line Telecommunications
150,000 TATA COMM.VIDESH SANCHAR
Food Producers
60,104 BRITANNIA INDUSTRIES
280,000 CCL PRODUCTS (I)
General Industrials
227,000 MOLD-TEK PACKAGING LTD SHS
72,001 SUPREME INDUSTRIES
The accompanying notes form an integral part of these financial statements
44
83,068,283
94.33
4,877,531
5.54
83,068,283
1,208,621
2,826,724
842,186
15,987,082
4,262,668
716,491
927,154
4,893,826
1,189,467
3,997,476
1,871,202
859,065
1,012,137
8,095,654
864,746
857,739
3,677,827
533,155
1,034,943
1,127,244
1,008,986
1,008,986
8,999,803
426,833
2,952,567
706,211
407,813
2,651,417
824,371
1,030,591
1,042,343
1,042,343
3,399,112
2,604,319
794,793
1,386,703
624,237
762,466
94.33
1.37
3.21
0.96
18.16
4.84
0.81
General Retailers
158,200 INDIAN TERRAIN FASHIONS LTD SHS
Household Goods and Home Construction
202,184 EPC INDL
Industrial Engineering
78,400 BHARAT FORGE
50,000 SANGHVI MOVERS
347,954 TATA MOTORS
Industrial Transportation
165,800 ADANI PORTS
USD
1,559,423
1.77
482,274
0.55
1,559,423
482,274
3,930,574
1,307,281
254,215
2,369,078
800,593
800,593
Media
1,059,436
1.05
5.57
1.35
4.54
76,568 ADLABS ENTERTAINMENT LTD
1,500,000 IBN18 BROADCAST
Mining
2,026,089
0.98
1.14
Oil and Gas Producers
6,269,931
2.12
9.19
0.98
0.97
4.17
0.61
1.18
1.28
1.15
1.15
10.22
0.48
3.36
0.80
0.46
3.01
0.94
1.17
1.18
1.18
3.86
2.96
0.90
1.57
0.71
0.86
306,691 COAL INDIA
145,000 HINDUSTAN PETRLOLEUM COPR
294,046 RELIANCE INDUSTRIES LTD
104,718
298,872
59,300
120,524
191,405
868,031
2,026,089
1,658,069
4,611,862
1.77
0.55
4.46
1.48
0.29
2.69
0.91
0.91
1.20
0.22
0.98
2.30
2.30
7.12
1.88
5.24
Personal Goods
1,854,395
1,854,395
2.11
Pharmaceuticals and Biotechnology
6,215,003
7.06
Software and Computer Services
9,399,620
10.68
Travel, Leisure and Catering
2,802,529
3.18
83,068,283
94.33
17,300 PROCTER & GAMBLE HYGIENE & HEALTH CARE
LTD
110,000
55,000
18,000
60,000
163,534
% of NaV
64,481 ATUL LTD SHS DEMATERIALISED
44,800 MARUTI SUZUKI SHS
220,000 TVS MOTOR
94.33
Market Value
Automobiles and Parts
83,068,283
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
ALEMBIC PHARMACEUTICALS LTD
AUROBINDO PHARMA
DIVI’S LABS
STRIDES ARCOLAB LTD
SUN PHARMACEUTICAL INDUSTRIES
HCL TECHNOLOGIES LTD
INFOSYS TECHNOLOGIES
TATA CONSULTANCY SERVICES
TECH MAHINDRA LTD
567,042 ITC LTD
Total securities portfolio
1,143,645
1,252,411
530,656
1,045,260
2,243,031
1,510,458
4,613,733
2,372,326
903,103
2,802,529
2.11
1.30
1.42
0.60
1.19
2.55
1.72
5.24
2.69
1.03
3.18
Equity India Infrastructure
Securities Portfolio as at 30/06/15
Automobiles and Parts
50,000 CUMMINS INDIA DS
25,000 MARUTI SUZUKI SHS
200,000 MOTHERSON SUMI SYSTEMS LIMITED
Banks
125,000 AXIS BANK
Chemicals
100,000 CASTROL INDIA LIMITED
125,000 SHARDA CROPCHEM LTD
85,000
425,000
125,000
100,000
50,000
57,500
100,000
10,000
25,000
140,000
Construction and Materials
ASIAN PAINTS LTD
IRB INFRAST DEV
J KUMAR INFRAPROJECTS
JK LAKSHMI CEMENT
KAJARIA CERAMICS LTD DEMATERIALISED
LARSEN & TOUBRO LTD
NATIONAL BUILDINGS
SHREE CEMENT
ULTRA TECH CEMENT
VA TECH WABAG
Electricity
450,000 JSW ENERGY LTD
500,000 KSK ENERGY VENTURES LIMITED
200,000 POWER GRID CORP OF INDIA
48,505,569 101.38
1,585,883
3.31
3,912,551
8.18
1,585,883
703,949
1,579,519
1,629,083
1,097,185
1,097,185
1,335,329
680,983
654,346
12,681,529
1,008,241
1,558,044
1,382,499
545,540
572,590
1,609,783
1,420,933
1,780,943
1,175,192
1,627,764
1,429,491
694,645
297,974
436,872
Electronic and Electrical Equipment
2,718,750
Financial Services
3,418,534
100,000 AMARA RAJA BATT
300,000 HAVELLS INDIA LTD
200,000
200,000
80,000
90,000
75,000
48,505,569 101.38
GRUH FINANCE LTD
MAHINDRA & MAHINDRA FIN SECS
POWER FINANCE
RURAL ELECTRIFICATION CORP LTD
SHRIRAM TRANSPORT FINANCE CO LTD
Gas, Water and Multiutilities
80,000 GUJARAT GAS SHS
General Industrials
75,000 SUPREME INDUSTRIES
1,387,170
1,331,580
822,550
880,339
321,608
388,874
1,005,163
936,684
936,684
795,285
795,285
3.31
1.47
3.30
3.41
2.29
2.29
Household Goods and Home Construction
2,419,673
5.06
Industrial Engineering
7,550,129
15.79
3,411,472
7.13
325,000 EVEREADY INDS I SHS
22,500 SYMPHONY LTD
1,000,000
60,000
7,000
110,000
25,000
850,000
150,000
USD
ASHOK LEYLAND DEMAT.
BHARAT FORGE
EICHER MOTORS LTD
TATA MOTORS
THERMAX DS
TITAGARH WAGONS LTD
VOLTAS LTD
Industrial Transportation
1,670,933
748,740
1,139,290
1,001,806
2,153,061
749,945
410,510
1,352,819
742,698
2.79
150,000 ADANI PORTS
50,000 CONTAINER CORPN
400,000 GUJARAT PIPAVAV PORT LTD
725,267
1,317,486
1,368,719
26.51
75,000 RELIANCE INDUSTRIES LTD
1,177,882
1.42
1.37
2.11
3.26
2.89
1.14
1.20
3.36
2.97
3.72
2.46
3.40
2.99
Oil and Gas Producers
100,000
50,000
160,000
275,000
% of NaV
30,000 BHARAT ELECT DS
USD
48,505,569 101.38
Market Value
Aerospace and Defense
Quantity
Shares
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
Real Estate Investment and Services
GODREJ PROPERTIES LTD
MAHINDRA LIFESPACEDEVELOPERS L
OBEROI REALTY
PRESTIGE ESTATES PROJECTS
Software and Computer Services
550,000 REDINGTON INDIA
400,000 VAKRANGEE LTD
Total securities portfolio
1,177,882
2,473,909
387,641
335,074
683,668
1,067,526
1,561,283
833,896
727,387
3.50
1.56
2.38
2.09
4.51
1.57
0.86
2.83
1.55
1.52
2.75
2.86
2.46
2.46
5.17
0.81
0.70
1.43
2.23
3.26
1.74
1.52
48,505,569 101.38
1.46
0.62
0.91
5.68
2.90
2.78
7.14
1.72
1.84
0.67
0.81
2.10
1.96
1.96
1.66
1.66
The accompanying notes form an integral part of these financial statements
45
Equity Korea
Securities Portfolio as at 30/06/15
Banks
BNK FINANCIAL GROUP
INDUSTRIAL BANK OF KOREA
KB FINANCIAL GROUP
SHINHAN FINANCIAL GROUP
Beverages
105 LOTTE CHILSUNG BEV
7,635
1,616
7,453
1,055
50,350
7,637
9,582
12,550
Chemicals
KOLON INDUSTRIES INC
KOREA PETRO CHEMICAL IND CO.LTD
LG CHEM
LOTTE CHEMICAL
Construction and Materials
BYUKSAN CORP
DAELIM INDUSTRIAL
HYUNDAI DEVT -E&C
LG INTERNATIONAL CORP
4,629,653
10.20
1,402,758
878,257
1,004,726
914,644
429,268
3,847,699
657,698
895,772
1,290,615
1,003,614
250,204
250,204
2,855,946
442,172
279,607
1,860,829
273,338
1,982,585
414,825
561,418
568,676
437,666
1,196,109
Electronic and Electrical Equipment
1,013,037
388 LOTTE FOOD
4,839 SAMSUNG SDI
930 SAMSUNG SDS CO. LTD
Financial Services
DAEWOO SECURITIES
KOREA INVESTMENT HOLDINGS
NH INVESTMENT & SECURITIES
SK C&C CO LTD
Fixed Line Telecommunications
20,791 KT
Food and Drug Retailers
11,260 GS RETAIL
Food Producers
1,277 CJ
The accompanying notes form an integral part of these financial statements
46
93.83
42,591,741
Electricity
29,131 KOREA ELECTRIC POWER CORP
21,060
4,182
25,395
6,844
42,591,741
1,196,109
315,145
481,535
216,357
2,501,003
287,924
238,821
277,752
1,696,506
530,283
530,283
471,417
471,417
1,546,146
338,870
93.83
3.10
1.93
2.21
2.01
0.95
8.48
1.45
1.97
2.85
2.21
0.55
0.55
6.29
0.97
0.62
4.10
0.60
4.37
0.91
1.24
1.26
0.96
2.63
2.63
2.23
0.69
1.06
0.48
5.51
0.63
0.53
0.61
3.74
1.17
1,731 CJ CHEILJEDANG
1,334 CJ CORPARATION PFD SHS NON VOTING
372 ORION CORP
991,097
2.18
Industrial Engineering
575,365
1.27
Industrial Metals and Mining
1,021,550
2.25
Industrial Transportation
1,146,861
2.53
18,093 DAEWOO SHIPBUILDING & MARINE CO LTD
3,614 HYUNDAI HEAVY IND
5,087 POSCO
6,333 HYUNDAI GLOVIS CO LTD
215,731
359,634
1,021,550
1,146,861
4,081,636
Life Insurance
724,441
7,517 SAMSUNG LIFE INSURANCE CO
Media
864,603
3,217,033
724,441
1.88
0.30
0.48
0.79
2.25
2.53
8.99
1.90
7.09
1.60
1.60
1,039,185
2.29
719,441
1.58
1,030,673
2.27
Oil and Gas Producers
900,576
1.98
Personal Goods
912,859
11,829 CHEIL COMMUNICATIONS INC
15,731 NEXT ENTERTAINMENT WORLD CO LTD
15,378 SM ENTERTAINMENT
Mobile Telecommunications
3,210 SK TELECOM
Nonlife Insurance
12,549 LIG INSURANCE CO LTD
2,679 SAMSUNG FIRE & MARINE
8,234 SK INNOVATION CO LTD
2,436 AMOREPACIFIC
183,461
411,803
443,921
719,441
324,567
706,106
900,576
912,859
0.40
0.91
0.98
1.58
0.71
1.56
1.98
2.01
2.01
Pharmaceuticals and Biotechnology
1,646,842
Software and Computer Services
2,071,179
4.56
216,863
0.48
2,929 DONG-A PHARMACEUTICAL CO LTD
1,864 GREEN CROSS SANG-A
5,757 HANMI PHARMACEUT
1.04
2,050 KEPCO PLANT SERVICE & ENGINEERING CO LTD
0.75
853,630
137,467
Leisure Goods
12,317 CJ E&M CORP
2,830 SAMSUNG ELECTRONICS CO LTD
3,644 NAVER CORP
3.41
1.51
0.38
0.77
General Retailers
4,122 E-MART
5,875 SEOBU T&D CO LTD
1.17
1.04
USD
684,360
173,410
349,506
% of NaV
51,664
69,148
39,014
26,943
HALLA VISTEON
HYUNDAI MOBIS
KIA MOTORS CORP
KOREA ZINC
MANDO CORP
93.83
Market Value
40,589
4,621
24,740
1,872
3,846
Automobiles and Parts
42,591,741
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
Support Services
Technology Hardware and Equipment
15,872 LG DISPLAY CO LTD
534,360
428,631
683,851
2,071,179
216,863
2,624,620
367,826
3.63
1.18
0.94
1.51
4.56
0.48
5.78
0.81
Equity Korea
Securities Portfolio as at 30/06/15
GRAND KOREA LEISURE CO LTD
HANJIN KAL CORP
HOTEL SHILLA
MODETOUR NETWORK
Total securities portfolio
USD
% of NaV
10,790
13,158
9,179
17,568
Travel, Leisure and Catering
Market Value
Quantity
53,460 SK HYNIX INC
18,027 WONIK IPS
2,027,305
229,489
4.46
0.51
300,837
323,214
917,530
522,890
0.66
0.71
2.03
1.15
2,064,471
42,591,741
4.55
93.83
The accompanying notes form an integral part of these financial statements
47
Equity Latin America
Securities Portfolio as at 30/06/15
Bermuda
549,970 COSAN CL A
135,400 CREDICORP LTD.
337,000
35,000
2,154,760
615,200
440,895
733,924
187,260
1,817,616
1,089,600
509,181
696,100
1,461,639
424,148
796,021
246,686
707,484
123,210
220,324
370,648
71,200
58,600
151,799
11
440,400
768,800
93,600
610,205
92,500
137,000
445,223
628,345
36,300
131,900
29,838
785,800
420,660
1,040,683
9,420,284
1,555,300
1,661,800
Brazil
AES TIETE
AES TIETE SA
AMBEV SA
ANIMA
ARTERIS
BANCO BRADESCO PFD
BANCO BRADESCO SA BRAD N1
BANCO BRADESCO-SPONSORED ADR
BANCO DO BRASIL SA
BANCO ESTADO RIO GRANDE DO SUL
BB SEGURIDADE PARTICIPACOES SA
BOLSA DE MERCADORI
BR MALLS PARTICIPACOES SA
BRADESPAR PREF
BRF
CCR SA
CETIP BALCAO ORG.ATIVOS DERIV.
CIA HERING
CIELO
COSAN
CPELBN SP.ADR
CPFL ENERGIA
CPFL ENERGY
ECORODIA
EMBRAER EMPRESA
EMBRAER SA ADR
ENERGIAS DO BRASIL S.A
EQUATORIAL ENERGIA SA - ORD
ESTACIO PARTICIPACOES S.A.
EVEN CONSTRUTORA E INCORPORADO
EZ TEC EMPREENDIMENTOS PARTICI
FIBRIA CELULOSE SA
GERDAU SA
HELBOR EMPREENDIMENTOS SA
IOCHPE MAXION
ITAU UNIBANCO ADR
ITAU UNIBANCO HOLDING SA
ITAUSA INVESTIMENTOS PREF
JHSF PARTICIPACOES
KLABIN SA UNIT
The accompanying notes form an integral part of these financial statements
48
464,966,867
95.96
2,254,356
0.47
463,341,110
910,572
1,343,784
22,197,583
3,387,815
18,809,768
238,346,748
1,800,863
197,174
13,248,753
4,307,431
1,341,250
6,733,466
1,686,691
16,649,362
8,516,448
1,460,470
7,641,326
5,514,555
1,988,024
2,695,771
5,215,793
3,395,760
1,351,725
861,749
5,228,496
576,449
644,600
940,681
135
1,098,732
5,855,593
2,835,144
2,260,965
1,047,266
793,845
472,971
2,928,933
494,043
318,031
19,307
3,187,317
4,606,227
11,464,133
27,019,942
936,264
10,212,391
95.62
0.19
0.28
4.58
0.70
3.88
49.18
0.37
0.04
2.73
0.89
0.28
1.39
0.35
3.43
1.76
0.30
1.58
1.14
0.41
0.56
1.08
0.70
0.28
0.18
1.08
0.12
0.13
0.19
0.00
0.23
1.21
0.59
0.47
0.22
0.16
0.10
0.60
0.10
0.07
0.00
0.66
0.95
2.37
5.57
0.19
2.11
1,010,176
25,000
100,482
1,404,300
749,400
718,700
114,298
3,780,280
748,500
1,874,237
4,072,448
2,896,378
123,200
190,300
21,200
363,988
44,000
2,356,750
151,500
156,700
753,391
132,545
323,100
323,900
942,600
70,200
KROTON EDUCACIONAL SA
LINX
LOCALIZA RENT A CAR
MARFRIG GLOBAL FOODS
METALURGICA GERDAU PREF
MINERVA
PCAPN PCA4 PREFERRED
PETROLEO BRASILEIRO PREF.SHS
PETROLEO BRASILEIRO-SP ADR
PORTO SUDESTE ROYALTIES FUNDO DE
INVESTIMENTO
PRUMO LOGISTICA
RUMO LOGIST
SABESP
SABESP SP.ADR
SAO MARTINHO SA
SARAIVA SA LIVREIROS EDITORES
SMILES
SUZANO BAHIA SUL PAPEL PFD A
TEGMA GESTAO LOGISTICA S.A.
TELEF BRAZIL
TIM PARTICIPACOES
TOTVS
USIMINAS PREFERED .SHS A
VALE DO RIO DOCE
VALE SA - PREF ADR
VALID SOLUCOES SA
Canada
345,592 PACIFIC RUBIALES
127,381
351,003,796
55,000
584,373
196,787
49,200
177,462
458,828
30,567
398,561
33,080
Chile
CERVECERIAS SP.ADR
CORPBANCA
EMBOT AND SP ADR-B
EMBOTELLADORA ANDINA S.A. -BEMBOTELLADORA ANDINA SA PFD A
EMPRES ELEC SP ADR
EMPRESA NACIONAL DE TELECOM.
ENERSIS SA ADR
INVERSIONES LA CONSTRUCTION SA
PARAUCO
SDAD QUIMICA Y MINERA CHILE B
Colombia
145,434 BANCO DAVIVIENDA PREFERRED
77,000 BANCOLOMBIA ADR
60,957 GRUPO INVERSIONES
Luxembourg
21,466 TENARIS SA
93,900 TERNIUM SA ADR
284,700 TUPY SA
USD
% of NaV
70,044 GRUPO CLARIN CL.B
73,632 NORTEL INV SP.ADR-B
99.26
Market Value
Argentina
480,978,974
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
3,866,532
390,645
992,723
2,572,260
1,536,724
2,656,026
2,697,027
15,467,220
6,107,760
1,689,372
0.80
0.08
0.20
0.53
0.32
0.55
0.56
3.19
1.26
0.35
1,303,829
0.27
1,035,679
1,184,136
654,391
985,754
255,923
673,748
746,317
12,548,498
545,740
1,866,438
2,483,494
1,664,067
428,526
1,907,073
4,760,130
1,082,469
1,303,829
23,018,687
2,697,930
3,873,759
1,096,700
1,975,627
471,436
2,039,340
1,963,922
7,263,246
344,251
757,324
535,152
5,675,031
1,495,963
3,311,000
868,068
3,512,132
411,165
1,625,409
1,475,558
0.21
0.24
0.14
0.20
0.05
0.14
0.15
2.59
0.11
0.39
0.51
0.34
0.09
0.39
0.98
0.22
0.27
4.75
0.56
0.79
0.23
0.41
0.10
0.42
0.41
1.49
0.07
0.16
0.11
1.17
0.31
0.68
0.18
0.72
0.08
0.34
0.30
Equity Latin America
Securities Portfolio as at 30/06/15
491,200
93,600
2,302,500
174,500
4,125,800
4,173,581
421,800
3,740,676
561,005
116,560
268,900
636,302
1,061,148
3,775,850
Peru
637,800 CIA DE MINAS BUENAVENTURA-SP ADR
Spain
236,803 CEMEX LATAM HLDG
United States of America
9,256 SOUTHERN COPPER CORP
157,009,249
32.40
332,850
922,568
19,323,621
0.07
0.19
3.99
738,033
20,653,652
2,816,056
701,037
7,847,838
8,484,560
490,130
969,307
225,576
5,966,579
728,442
22,676,462
9,474,606
5,429,400
11,295,450
21,778,214
1,901,354
1,130,737
1,840,695
2,082,303
9,199,779
6,620,364
6,620,364
1,162,335
1,162,335
272,219
272,219
Venezuela
1,968,577
Convertible bonds
1,625,757
130,332 SIDERURGICA VENEZOLANA SIVENSA
118,887 SIVENSA ADR
Brazil
98,534 KLABIN SA VAR 08/01/2019 CV
353,251 PDG REALTY 0% 19/09/2016 CV
Other transferable securities
Shares
Brazil
177,400 IGUATEMI EMPRESA DE SHOPPING C
2,773,700 JBS
Total securities portfolio
% of NaV
105,700
565,900
216,900
ALSEA SAB DE CV
AMERICA MOVIL-ADR-L
ARCA CONTINENTAL
BOLSA MEXICANA DE VALORES
CEMENTOS DE MEXICO CPO
CEMEX SAB DE CV-SPONS ADR PART CER
CONCENTRADORA FIBRA HOTELERA MEXICANA
REIT
CONTROLADORA UTS UNITS
CORPORACION INMOBILIARIA VESTA SAB
FOMENTO ECONOMICO MEXICANO SA DE CV
FEMSA ADR
GERDAU SA
GERDAU SP.ADR
GRUPO BIMBO SA DE CV BIMBO
GRUPO CARSO S.A1
GRUPO FIN BANORTE
GRUPO FINANCIERO INBURSA S.A.B
GRUPO INDUSTRIAL MASECA S.A.B.
GRUPO MEXICO SAB DE CV -BGRUPO TELEVISA GDR
INDUSTRIAS PENOLES SA DE CV
MEGACABLE HLDGS SAB DE CV
MEXICHEM S.A.B. DE C.V
TERRA13 REIT
WALMART DE MEXICO-SAB DE CV
Market Value
Quantity
244,000
969,200
494,802
404,700
8,545,307
926,262
449,472
Mexico
USD
1,944,800
23,777
1,625,757
1,623,483
2,274
16,012,107
16,012,107
16,012,107
1,404,284
14,607,823
480,978,974
0.15
4.26
0.58
0.14
1.62
1.75
0.10
0.20
0.05
1.23
0.15
4.69
1.96
1.12
2.33
4.49
0.39
0.23
0.38
0.43
1.90
1.37
1.37
0.24
0.24
0.06
0.06
0.41
0.41
0.00
0.34
0.34
0.34
0.00
3.30
3.30
3.30
0.29
3.01
99.26
The accompanying notes form an integral part of these financial statements
49
Equity Thailand
Securities Portfolio as at 30/06/15
60,100
188,800
2,730,300
3,281,400
Construction and Materials
SIAM CEMENT -FSIAM CEMENT (NVDR)
SINO THAI FOREIGN
UNIQUE ENGINEERING & CO-FORE
Electronic and Electrical Equipment
397,400 DELTA ELECTRONICS PUBLIC CO LIMITED
581,700 HANA MICROELECTRONICS-FOREIGN
Financial Services
916,700 SRISAWAD POWER 1979 PLC
Food and Drug Retailers
2,992,600 C.P. ALL PCL
Food Producers
3,151,000 THAI UNION FROZEN PRODUCTS PUBLIC CO LTD
Health Care Equipment and Services
5,146,000 BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO
LTD
302,700 BUMRUNGRAD HOSPIT
Household Goods and Home Construction
1,740,700 LAND & HOUSES NVDR
5,972,780
9.89
59,026,212
1,243,536
2,283,635
2,445,609
7,285,830
921,728
2,906,723
1,883,496
1,573,883
1,762,330
1,064,817
697,513
1,085,639
1,085,639
4,097,876
4,097,876
2,033,777
2,033,777
4,677,389
3,001,472
1,675,917
456,106
456,106
3,254,680
Mobile Telecommunications
5,219,201
570,600 ADVANCED INFO SCE PUB.FRGN RGD
3,450,620 TRUE CORPORATION PUBLIC
Oil and Gas Producers
PTT EXPLORATION PRODUC PUBLIC
PTT GLOBAL CHEM
PTT PUBLIC COMPANY FOREIGN
THAI OIL F
Oil Equipment, Services and Distribution
2,755,000 MERMAID MARITIME
Real Estate Investment and Services
222,913 DUSIT THAI PROPERTIE
The accompanying notes form an integral part of these financial statements
50
97.73
Industrial Transportation
362,800 AIRPORTS THAILAND-F-
580,900
1,368,200
547,100
1,283,800
59,026,212
3,254,680
4,054,538
1,164,663
97.73
2.06
3.78
4.05
12.06
7,967,481
13.19
BANGKOK AIRWAYS
CENTRAL PLAZA FOREIGN
MAJOR CINEPLEX GROUP PUBLIC CO LTD
MINOR INTERNATIONAL PCL-FOR
Bonds
1,976,962
1,730,515
1,487,876
2,772,128
-
2.47
1.19
3.27
2.87
2.46
4.59
0.00
622,549
1.03
Investment Fund
622,549
1.03
59,648,761
98.76
2.92
1.77
1.15
Share/Units in investment funds
2,145,600 JASMINE BROADBAND
1.80 Total securities portfolio
1.80
6.78
6.78
3.37
3.37
7.74
4.97
2.77
0.76
0.76
5.39
5.39
8.64
6.71
1.93
0.69
-
Travel, Leisure and Catering
1,486,770
721,337
0.00
419,445
-
3.66
-
20.84
419,445
2,208,107
General Retailers
1.53
4.80
6,944,000 SWEDISH MOTORS CIE 0% 28/11/2049
3.12
Share/Units
of UCITS/UCIS
2.61
12,585,571
1,874,676
2,805,225
5,815,130
2,090,540
Technology Hardware and Equipment
643,800 INTOUCH HOLDINGS PUBLIC CO LTDC
696,100 THAICOM PUBLIC CO
2,994,300
1,569,100
1,489,000
3,121,000
USD
% of NaV
235,300 BANGKOK BANK-F408,100 KASIKORNBANK -F531,200 SIAM COMMCL BANK -F-
98.76
Market Value
Banks
59,648,761
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
3.10
4.64
9.64
3.46
0.69
0.00
0.00
-
622,549
622,549
0.00
1.03
1.03
Equity Emerging Minimum Variance3
Securities Portfolio as at 30/06/15
Brazil
37,192 TOTVS
24,500 TRACTEBEL ENERGIA
218,259
795,000
240,378
164,211
62,000
643,455
Cayman Islands
ANTA SPORTS PRODUCTS LTD
CHINA MEDICAL SYSTEM HOLDING
CHINA MENGNIU DAIRY CO
ENN ENERGY HOLDINGS LTD
HENGAN INTERNATIONAL GROUP CO LTD
SINO BIOPHARMACEUTICAL
Chile
318,765 AGUAS ANDINAS
2,547,272 BANCO DE CHILE
277,176 ENDESA CHILE
404,000
373,000
155,000
12,500
205,770
98.92
3,380,112
5.00
62,393,521
563,850
694,227
611,248
348,062
1,162,725
736,590
466,935
269,655
5,315,146
529,282
1,113,665
1,198,400
990,242
736,561
746,996
844,737
181,929
279,091
383,717
China
2,409,283
Czech Republic
1,145,402
BEIJING CAPITAL INTL AIRPO-H
CRRC CORPORATION SHARES H
SHENZHOU INTERNATIONAL GROUP
ZHUZHOU CSR TIMES ELECTRIC CO H
ZTE CORP -H
26,527 CESKE ENERGETICKE ZAVODY A.S.
2,389 KOMERCNI BANKA AS
Egypt
79,274 COMMERCIAL INTL BANK (EGYPT)
160,584 TALAAT MOUSTAFA GROUP
465,882
572,550
753,757
93,679
523,415
615,859
529,543
774,653
586,499
188,154
Hong Kong (China)
1,770,401
Indonesia
1,588,405
106,000 CHINA POWER INTL DEV
1,710,000 CSPC PHARMACEUTICAL GROUP LT
113,200
229,000
226,900
463,700
133,400
204,144
66,938,454
ASTRA AGRO LESTARI
INDOFOOD CBP
MATAHARI DEPARTMENT STORE TB
PT JASA MARGA TBK
UNILEVER INDONESIA
UNITED TRACTORS
80,807
1,689,594
194,858
214,272
281,657
190,419
395,222
311,977
92.20
0.83
1.03
0.90
0.51
1.73
1.09
0.69
0.40
7.85
0.78
1.65
1.77
1.46
1.09
1.10
1.25
0.27
0.41
0.57
3.56
0.69
0.85
1.11
0.14
0.77
1.69
0.91
0.78
1.14
0.86
0.28
2.62
0.12
2.50
2.35
0.29
0.32
0.42
0.28
0.58
0.46
Kuwait
315,810
0.47
Malaysia
5,206,484
7.69
Mexico
2,699,397
3.99
20,946 COMMERCIAL BANK OF QATAR
211,296
217,400
13,800
724,000
317,700
155,212
43,410
143,100
279,467
41,400
244,100
475,300
134,600
68,330
44,000
23,200
135,488
23,740
27,749
AMMB HOLDINGS BHD
ASTRO MALAYSIA HOLDINGS
BRITISH AMOR TOB M
DIGI.COM BHD
GAMUDA BHD
GENTING
HONG LEONG BANK
IJM CORP BHD
IOI CORPORATION BHD
KUALA LUMPUR KEPONG
MISC
TELEKOM MALAYSIA BHD
TENAGA NASIONAL
ARCA CONTINENTAL
CONTROLADORA UTS UNITS
EL PUERTO DE LIVERPOOL SAB CI
FOMENTO ECO UNIT
GRUPO AEROPORTUAR DEL SUR B
GRUPO INDUSTRIAL MASECA S.A.B.
Peru
28,200 CIA DE MINAS BUENAVENTURA-SP ADR
196,469
30,860
544,200
2,094,300
5,290
169,070
USD
% of NaV
CHINA GAS HLDGS LTD
CHINA RESOURCES GAS GROUP LT
CREDICORP LTD.
HAIER ELECTRONICS GROUP CO
SIHUAN PHARMACEUTICAL HLDGS
98.92
Market Value
351,953
234,000
4,400
129,108
2,044,000
Bermuda
66,938,454
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
Philippines
ABOITIZ POWER
AYALA CORP
DMCI PHP1 ORDS
ENERGY DEVELOPMENT
GLOBE TELECOM
UNIVERSAL ROBINA
Poland
66,280 PKO BANK POLSKI SA
315,810
337,691
177,468
226,768
1,028,524
393,228
331,567
154,172
247,285
300,723
234,814
499,454
823,866
450,924
388,885
138,556
268,422
1,208,633
337,717
357,184
292,716
292,716
548,441
South Korea
9,626,819
3,122 CJ KOREA EXPRESS CORP
0.43
0.81
2,861,182
CAPITEC BANK HOLDING LIMITED
MEDICLINIC
SHOPRIETE HOLDINGS LTD
TELKOM SA SOC SHS
0.43
548,441
South Africa
6,566
91,367
97,525
82,222
0.57
0.20
0.40
1.79
0.50
0.53
3.35
198,256
540,683
159,313
347,425
294,476
727,425
2,121,886
GULF INTERNATIONAL SERVICES
INDUSTRIES QATAR
MASRAF AL-RAYAN
QATAR ELECTRICITY & WATER
QATAR ISLAMIC BANK
0.50
0.26
0.34
1.51
0.58
0.49
0.23
0.37
0.44
0.35
0.74
1.21
0.67
2,267,578
Qatar
31,756
13,108
42,899
3,033
5,671
0.47
0.29
0.80
0.24
0.51
0.44
1.07
0.81
3.14
697,700
518,384
547,839
189,915
168,048
1.03
0.77
0.81
0.28
0.25
262,343
770,367
1,394,050
434,422
0.39
1.14
2.06
0.64
542,981
4.23
14.23
0.80
The accompanying notes form an integral part of these financial statements
51
Equity Emerging Minimum Variance
Securities Portfolio as at 30/06/15
Thailand
BANGKOK DUSIT MED
CENTRAL PATTANA PUBLIC CO LTD
DELTA ELECTRONICS PUBLIC CO LIMITED
GLOW ENERGY
SIAM CEMENT
THAI UNION FROZEN PRODUCTS PUBLIC CO LTD
Turkey
16,517 ANADOLU EFES
64,236 TURK TELEKOMUNIKASYON A.S.
51,472 ULKER GIDA
14,492
422,703
747,500
50,960
United Arab Emirates
DP WORLD LTD
DUBAI ISLAMIC BANK
EMAAR PROPERTIES
NATIONAL BANK OF ABU DHABI
United States of America
25,700 SOUTHERN COPPER CORP
The accompanying notes form an integral part of these financial statements
52
1,056,610
2,553,935
867,604
430,623
236,596
148,917
469,571
400,624
677,528
149,201
169,042
359,285
2,853,629
310,129
787,184
1,603,697
152,619
755,837
755,837
Cayman Islands
89,628 MORAN STANLEY ASIA PRODUCTS WARRANT
23/01/2020
25,620 MORGAN STANLEY WRT WIPRO LTD 15/02/2016
37,145 MORGAN STANLEY WRT TATA CONSULTANCY
SERVICES LTD 26/03/2018
25,251 MORGAN STANLEY ASIA PRODUCTS WARRANT ON
LUPIN LTD 12/04/2017
10,001 MORGAN STANLEY ASIA PRODUCTS WARRANT ON
MARICO LTD 15/06/2017
6,871 MORGAN STANLEY WRT DR REDDY’S
LABORATORIES LTD 25/09/2019
11,394 MORGAN STANLEY WRT DIVI’S LABORATORIES
LTD 25/09/2015
2.13
0.92
0.58
1.18
Total securities portfolio
0.85
0.94
0.64
0.46
0.76
2.03
0.62
0.56
1.07
0.53
2.37
1.56
3.77
1.28
0.64
0.35
0.22
0.69
0.59
1.00
0.22
0.25
0.53
4.22
0.46
1.16
2.37
0.23
1.12
1.12
USD
4,544,933
% of NaV
1,487,500
306,200
88,300
59,000
30,500
620,700
1,447,266
625,257
390,089
798,911
573,984
638,892
431,412
309,002
512,709
1,374,029
417,099
377,766
724,400
359,874
1,610,250
17.20
Warrants, Rights
Market Value
ADVANCED SEMI ENGR
ADVANTECH
CHANG HWA COMMCL BK
CHINA STEEL CORP
ECLAT TEXTILE
FIRST FINANCIAL HOLDING
GIANT MANUFACTURE
HUA NAN FIANCIAL HOLDINGS CO LTD
LITE ON TECHNOLOGY CORP
MEGA FINANCIAL HOLDING
MERIDA INDUSTRY
PHISON ELECTRONICS CORP
PRESIDENT CHAIN STORE CORP
SILICONWARE PRECISION INDUSTRIES CO LTD
TAIWAN SEMICONDUCTOR MANUFACTURING CO
LTD
596,000 UNI-PRESIDENT ENTERPRISES CORP
11,647,550
1.63
0.16
0.87
1.02
2.38
2.20
0.66
0.22
2.37
1.22
0.70
Quantity
Taiwan
USD
1,100,370
110,355
589,074
689,519
1,605,591
1,487,500
443,351
151,952
1,604,958
826,119
475,049
% of NaV
1,068,294
91,000
680,000
1,000,000
35,000
1,043,000
51,000
537,133
437,000
1,525,000
64,347
43,573
103,000
235,000
353,619
HANSSEM
HOTEL SHILLA
KANGWON LAND
KEPCO PLANT SERVICE & ENGINEERING CO LTD
KT
KT&G CORP
LG DISPLAY CO LTD
SK C&C CO LTD
SK TELECOM
WOONG JIN COWAY CO LTD
YUHAN CORP
Market Value
Quantity
4,368
1,104
17,759
6,518
62,951
17,484
19,131
613
7,161
10,082
1,941
6.72
4,544,933
6.72
220,149
0.33
748,768
1.11
1,294,927
1,489,767
70,682
384,181
1.91
2.20
0.10
0.57
336,459
0.50
66,938,454
98.92
Equity Europe Minimum Variance
Securities Portfolio as at 30/06/15
Denmark
193,621 NOVO NORDISK
134,779 TOPDANMARK
Finland
50,591 NOKIAN RENKAAT OYJ
127,072 SAMPO A
41,420
26,515
88,989
88,945
65,107
115,411
129,147
64,866
313,199
74,218
96,674
128,363
109,158
24,435
73,050
78,094
60,375
62,356
18,011
58,007
224,222
39,539
43,825
105,448
18,046
59,596
142,448
106,579
France
AIR LIQUIDE
BIC
CAP GEMINI SA
COMPAGNIE DE SAINT-GOBAIN SA
DANONE
DASSAULT SYSTEMES
EDENRED
IMERYS SA
ORANGE
PUBLICIS GROUPE
SAFRAN
SANOFI
SCOR SE ACT PROV
SEB
SODEXO
THALES SA
VINCI SA
Germany
BASF SE
BAYER AG
DAIMLER
FREENET
FRESENIUS SE & CO KGAA
HANNOVER RUECK SE
HENKEL KGAA VZ
HUGO BOSS AG
MUENCHENER RUECKVERSICHERUNGS AG-NOM
SAP SE
SIEMENS AG-NOM
Ireland
521,217 EXPERIAN PLC
104,365 KINGSPAN GROUP PLC
Italy
269,036 DAVIDE CAMPARI-MILANO SPA
922,242 ENEL SPA
439,020,596
92.75
2,070,696
0.44
439,020,279
2,070,696
12,704,402
9,463,158
3,241,244
6,790,905
1,422,113
5,368,792
83,282,903
4,699,099
3,791,645
7,063,057
3,581,815
3,775,555
7,527,105
2,862,543
4,449,808
4,325,278
4,922,138
5,876,812
11,326,752
3,454,305
2,042,766
6,222,399
4,229,571
3,132,255
65,205,383
4,914,900
2,261,281
4,735,691
6,774,868
2,275,469
3,803,572
10,608,068
1,809,112
9,475,764
8,917,245
9,629,413
10,786,434
8,526,932
2,259,502
7,889,217
1,836,171
3,747,991
92.75
0.44
2.68
2.00
0.68
1.43
0.30
1.13
17.59
0.99
0.80
1.49
0.76
0.80
1.60
0.60
0.94
0.91
1.04
1.24
2.40
0.73
0.43
1.31
0.89
0.66
13.78
1.04
0.48
1.00
1.43
0.48
0.80
2.25
0.38
2.00
1.88
2.04
2.28
1.80
0.48
1.67
0.39
0.79
38,643 LUXOTTICA GROUP
Jersey
76,257 WOLSELEY
521,317 WPP PLC
Luxembourg
44,490 HOLCIM LTD-NOM
92,608
470,935
134,803
98,750
272,750
158,707
Netherlands
HEINEKEN NV
KONINKLIJKE AHOLD
QIAGEN NV
RANDSTAD HOLDING NV
UNILEVER CVA
WOLTERS KLUWER CVA
Norway
473,247 NORSK HYDRO ASA
1
170,907
360,765
54,988
563,485
145,832
150,671
72,133
1
205,401
1,925,700
43,277
985,880
305,485
93,105
180,704
1
128,555
1,564,022
486,450
937,337
2,305,055
0.49
4,373,381
10,493,303
0.92
2.22
14,866,684
2,948,055
2,948,055
37,371,230
6,303,827
7,911,708
2,970,384
5,767,988
10,188,575
4,228,748
1,784,259
1,784,259
Spain
14,490,602
Sweden
15,617,661
Switzerland
27,243,156
CONSTRUCCION Y AUXILIAR DE FER
ENAGAS
GAS NATURAL SDG
VISCOFAN
660,907 ERICSSON LM-B SHS
1,795,020 TELIASONERA AB
204,751
2,541
104,805
52,917
41,964
EUR
ABB LTD-NOM
KABA HOLDING N
NESTLE SA
NOVARTIS AG-NOM
ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
United Kingdom
ABERDEEN ASSET MANAGEMENT
AMEC FOSTER WHEELER PLC
ASTRAZENECA PLC
BABCOCK INTERNATIONAL GROUP PLC
BP PLC
BRITISH AMERICAN TOBACCO PLC
BT GROUP PLC
BUNZL
CENTRICA PLC
COMPASS GROUP
DIAGEO
IMPERIAL TOBACCO GROUP PLC
INDIVIOR PLC
INTERTEK GROUP
ITV
MARKS AND SPENCER GROUP
QINETIQ GROUP
% of NaV
28,680 GROUPE BRUXELLES LAMBERT
97.99
Market Value
Belgium
463,835,999
Quantity
Shares
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
3.14
0.62
0.62
7.90
1.33
1.67
0.63
1.22
2.16
0.89
0.38
0.38
3.06
267
4,169,276
7,337,960
2,983,099
0.00
0.88
1.55
0.63
6,140,757
9,476,904
1.30
2.00
3,850,019
1,357,982
6,793,755
4,682,898
10,558,502
135,968,692
3,213,324
1,682,796
8,547,487
1,099,635
6
9,901,114
12,237,282
1,061,690
3,671,044
4,540,556
2,419,455
7,822,982
3
4,445,758
5,812,788
3,680,390
2,967,672
3.30
5.76
0.81
0.29
1.44
0.99
2.23
28.72
0.68
0.36
1.81
0.23
0.00
2.09
2.58
0.22
0.78
0.96
0.51
1.65
0.00
0.94
1.23
0.78
0.63
The accompanying notes form an integral part of these financial statements
53
Equity Europe Minimum Variance
Securities Portfolio as at 30/06/15
Warrants, Rights
Austria
9,052 INTERCELL AG DROIT DE SOUSCRIPTION
Share/Units of UCITS/UCIS
Share/Units in investment funds
69,103
70,757
21
10,379
34
France
AMUNDI D.J EUROSTOXX 50 ETF
AMUNDI STOXX EUROPE 50 UCITS ETF
AMUNDI TRESO EONIA ISR I C
AMUNDI TRESO EONIA ISR S C
MONETAIRE BIO AMUNDI
Total securities portfolio
The accompanying notes form an integral part of these financial statements
54
EUR
% of NaV
RECKITT BENCKISER GROUP PLC
REED ELSEVIER PLC
REXAM P.L.C.
RIO TINTO PLC
ROYAL DUTCH SHELL B SHARES
ROYAL DUTCH SHELL PLC-A
SAGE GRP
SCHRODERS LTD
SHIRE
SKY PLC
SMITH & NEPHEW
SMITH (DS) PLC
SSE PLC
STAGECOACH GROUP PLC
VODAFONE GROUP
Market Value
Quantity
142,966
333,180
567,201
71,470
218,079
1
1,065,576
68,098
92,646
173,039
310,531
596,884
7,465
701,333
686,499
11,074,846
4,867,546
4,419,436
2,637,061
5,562,407
25
7,708,486
3,052,851
6,662,875
2,532,874
4,707,605
3,252,131
161,850
3,997,435
2,227,282
2.33
1.03
0.93
0.56
1.18
0.00
1.63
0.64
1.41
0.54
0.99
0.69
0.03
0.84
0.47
317
0.00
317
317
24,815,403
24,815,403
24,815,403
4,611,243
4,678,453
4,621,371
10,501,605
402,731
463,835,999
0.00
0.00
5.24
5.24
5.24
0.97
0.99
0.98
2.21
0.09
97.99
Equity Global Minimum Variance
Securities Portfolio as at 30/06/15
31,000
32,200
10,000
8,700
71,500
7,800
43,300
20,500
15,300
77,700
36,400
11,700
13,683
4,684
7,989
7,408
6,528
5,445
6,061
2,089
2,495
3,968
6,398
130,328,433
98.28
511,100
0.39
130,328,433
511,100
Bermuda
6,971,656
Canada
10,411,959
ARCH CAP GRP
AXIS CAPITAL HOLDINGS
EVEREST REINSURANCE GROUP
PARTNERRE
YUE YUEN INDUSTRIAL HOLDINGS
ALIMENTATION COUCHE TARD B
BCE INC
DOLLARAMA INC
SHAW COMMUNICATIONS B
TELUS
THOMSON CORP
VALEANT PHARMA
France
CAP GEMINI SA
IMERYS SA
PUBLICIS GROUPE
SANOFI
VINCI SA
Germany
BASF SE
BAYER AG
LINDE AG
MERCK KGAA
MUENCHENER RUECKVERSICHERUNGS AG-NOM
SIEMENS AG-NOM
2,075,760
1,718,514
1,820,100
1,117,950
239,332
333,823
1,840,311
1,243,042
333,347
2,678,109
1,386,690
2,596,637
3,264,079
1,210,044
358,017
590,337
728,332
377,349
3,317,006
478,187
847,860
395,453
248,470
702,962
644,074
Hong Kong (China)
1,054,169
Ireland
5,068,748
Israel
2,007,260
72,500 CLP HOLDINGS LTD
733,199 PCCW LTD
16,600 TYCO INTERNATIONAL PLC
49,800 WILLIS GROUP HOLDING
56,300 XL GROUP PLC
184,665 BANK HAPOALIM B.M
5,318 NICE SYSTEME LTD
11,400 TEVA PHARMACEUTICAL IND. ADR
Japan
15,000 ABC MART
616,284
437,885
638,768
2,335,620
2,094,360
995,188
338,332
673,740
16,768,250
918,155
98.28
0.39
5.26
1.57
1.30
1.37
0.84
0.18
7.85
0.25
1.39
0.94
0.25
2.01
1.05
1.96
2.46
0.91
0.27
0.45
0.55
0.28
2.50
0.36
0.63
0.30
0.19
0.53
0.49
0.79
0.46
0.33
3.82
0.48
1.76
1.58
1.51
0.74
0.26
0.51
12.64
0.69
43,700
9,700
25,900
3,600
13,700
3,890
45,600
19,000
2,300
34,400
6,100
15,700
9,000
8,000
54,900
63,000
3,700
22,300
57,000
282,000
ASAHI GROUP HOLDINGS
CENTRAL JAPAN RAILWAY
COLOPL INC
FANUC LTD
HAMAMATSU PHOTONICS KK
HIROSE ELECTRIC
ISUZU MOTORS LTD
KDDI CORP
KEYENCE CORP
NIPPON TELEGRAPH & TELEPHONE
NITORI
NOMURA RESEARCH
ORACLE CORP JAPAN
OTSUKA
RAKUTEN
SEKISUI CHEMICAL CO LTD
SMC CORP
STANLEY ELECTRIC CO LTD
TOHO GAS
TOKYO GAS CO LTD
Luxembourg
36 ALLERGAN PLC
Netherlands
7,200 LYONDELLBASELL
18,828 REED ELSEVIER NV
13,699 WOLTERS KLUWER CVA
New Zealand
140,513 FLETCHER BUILDING
Norway
88,408 NORSK HYDRO ASA
1.05
1.33
0.39
0.56
0.30
0.42
0.45
0.35
0.94
0.94
0.38
0.46
0.28
0.28
0.67
0.58
0.84
0.35
0.25
1.13
10,925
0.01
10,925
1,598,348
745,344
446,310
406,694
771,632
771,632
371,385
371,385
0.01
1.21
0.56
0.34
0.31
0.58
0.58
0.28
0.28
1,249,741
0.94
Switzerland
2,374,199
1.79
244 BARRY CALLEBAUT N
18,693 NESTLE SA
5,516 SONOVA HOLDING AG
21,700
15,200
6,500
12,000
1,390,122
1,752,288
523,440
737,858
404,176
557,281
599,044
458,677
1,241,679
1,246,373
497,512
614,579
376,578
373,963
887,221
773,824
1,114,702
465,081
337,719
1,497,978
Singapore
165,300 OVERSEA-CHINESE BANKING
112,885
26,065
20,665
10,512
38,522
USD
% of NaV
56,787 COMPUTERSHARE
99.22
Market Value
Australia
131,575,599
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
United Kingdom
BT GROUP PLC
CARNIVAL PLC
IMPERIAL TOBACCO GROUP PLC
SHIRE
UNILEVER
United States of America
ABBVIE INC
AMERISOURCEBERGEN
AMGEN INC
APPLE INC
1,249,741
278,052
1,350,113
746,034
5,624,225
799,274
1,331,869
996,789
842,332
1,653,961
68,953,751
1,458,023
1,616,368
997,880
1,505,100
0.94
0.21
1.02
0.56
4.24
0.60
1.00
0.75
0.64
1.25
52.01
1.10
1.22
0.75
1.13
The accompanying notes form an integral part of these financial statements
55
Equity Global Minimum Variance
Securities Portfolio as at 30/06/15
% of NaV
USD
APPLIED MATERIALS INC
BECTON DICKINSON & CO
CAMPBELL SOUP CO
CHIPOTLE MEXICAN GRILL CL A
CHURCH & DWIGHT INC
CLOROX CO
COLGATE PALMOLIVE CO
CUMMINS INC
CVS HEALTH CORP
DIRECTV
EXPRESS SCRIPTS HLD
FIFTH THIRD BANCORP
HONEYWELL INTERNATIONAL INC
HORMEL FOODS
INTL BUSINESS MACHINES CORP
JOHNSON & JOHNSON
KIMBERLY-CLARK CORP
LAM RESEARCH CORP
LINEAR TECHNOLOGY CORP
MC DONALD’S CORP
MCCORMICK NON VTG
MERCK AND CO INC
NORTHERN TRUST CORP
PEPSICO INC
PRICELINE GROUP
PROCTER AND GAMBLE CO
RAYTHEON CO
REGIONS FINANCIAL CORP
REPUBLIC SERVICES INC
ROCKWELL AUTOMATION INC
SIGMA-ALDRICH CORP
SOUTHWEST AIRLINES
SPX CORP
STARBUCKS
TESORO
T-MOBILE US INC
TOYOTA MOTOR CORP
UNION PACIFIC CORP
VERISK ANALYTICS INC
VERIZON COMMUNICATIONS INC
VOYA FINANCIAL
WALGREEN BOOTS
WAL-MART STORES INC
WALT DISNEY COMPANY
WHOLE FOODS MARKET
WISCONSIN ENERGY
ZIMMER BIOMET HOLDINGS INC
3M
476,656
376,789
500,325
2,117,465
2,628,612
1,737,134
1,125,052
865,854
681,720
2,737,305
871,612
670,404
1,529,550
2,080,053
1,041,024
2,572,944
964,327
585,720
278,649
1,663,725
2,760,395
2,550,464
2,041,482
1,848,132
921,096
2,511,504
526,240
1,249,416
1,378,784
1,146,688
1,156,605
1,128,369
267,843
1,849,719
455,814
1,380,212
375,408
1,316,106
451,112
2,526,262
957,282
658,632
1,397,321
1,963,208
642,872
1,819,948
677,226
1,913,320
0.36
0.28
0.38
1.61
1.99
1.31
0.85
0.65
0.51
2.07
0.66
0.51
1.15
1.57
0.79
1.95
0.73
0.44
0.21
1.25
2.09
1.93
1.54
1.39
0.69
1.90
0.40
0.94
1.04
0.86
0.87
0.85
0.20
1.39
0.34
1.04
0.28
0.99
0.34
1.91
0.72
0.50
1.05
1.48
0.48
1.37
0.51
1.44
Share/Units in investment funds
1,247,166
0.94
Share/Units of UCITS/UCIS
France
55 AMUNDI TRESO DOLLAR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
56
Market Value
Quantity
24,800
2,660
10,500
3,500
32,400
16,700
17,200
6,600
6,500
29,500
9,800
32,200
15,000
36,900
6,400
26,400
9,100
7,200
6,300
17,500
34,100
44,800
26,700
19,800
800
32,100
5,500
120,600
35,200
9,200
8,300
34,100
3,700
34,500
5,400
35,600
5,600
13,800
6,200
54,200
20,600
7,800
19,700
17,200
16,300
40,300
6,200
12,400
1,247,166
1,247,166
1,247,166
131,575,599
0.94
0.94
0.94
99.22
Convertible Credit4
Securities Portfolio as at 30/06/15
Bonds
Belgium
500,000 BNP PARIBAS FORTIS SA 5.757% 04/10/2017
300,000 UCB 4.125% 04/01/2021
Curacao
500,000 TEVA PHARMACEUTICALS FIN.IV BV 2.875%
15/04/2019
200,000
400,000
300,000
500,000
500,000
500,000
2,000,000
500,000
300,000
200,000
300,000
300,000
200,000
300,000
500,000
500,000
France
ALD INTERNATIONAL 2.00% 26/05/2017
ALSTOM 3.625% 05/10/2018
BNP PARIBAS 5.431% PERPETUAL
BPCE 0.75% 22/01/2020
CARREFOUR 4.00% 09/04/2020
CASINO GUICHARD PERRACHON 4.481%
12/11/2018
CGG ACT 5.875% 15/05/2020
EUTELSAT 2.625% 13/01/2020
FAURECIA 9.375% 15/12/2016
INFRA FOCH 1.25% 16/10/2020
KERING 3.125% 23/04/2019
LAFARGE SA 5.375% 26/06/2017
NOVALIS 3.00% 30/04/2022
PARIS-RHIN-RHONE(STE AUTOR.) 1.125%
15/01/2021
PEUGEOT SA 6.50% 18/01/2019
RENAULT SA 5.625% 22/03/2017
Ireland
150,000 FGA CAPITAL IRELAND PLC 4.00% 17/10/2018
Italy
300,000 INTESA SANPAOLO VITA SPA 5.35% 18/09/2018
200,000 2I RETE GAS SPA 1.125% 02/01/2020
300,000
300,000
500,000
300,000
400,000
300,000
200,000
500,000
97.20
112,305,232
87.31
200,664
0.16
500,000 ABERTIS INFRAESTRUCT 4.75% 25/10/2019
0.69
500,000 XSTRATA FINANCE DUBAI LTD VAR 19/11/2018
17,169,142
200,664
891,471
555,330
336,141
537,275
537,275
7,822,841
205,502
430,688
330,882
494,010
571,260
562,355
1,910,500
531,385
332,625
199,568
326,724
325,506
192,810
297,453
571,483
540,090
161,711
161,711
531,457
333,423
198,034
Luxembourg
1,512,933
Netherlands
1,501,643
ARCELORMITTAL SA VAR 17/11/2017
ARCELORMITTAL SA VAR 29/03/2018
CLARIANT FINANCE 5.625% 24/01/2017
FIAT FINANCE AND TRADE LTD 7.00% 23/03/2017
ADECCO INT FINL SERVICES BV 4.75% 13/04/2018
AMADEUS FINANCE BV 0.625% 02/12/2017
DELTA LLOYD NV 4.25% 17/11/2017
DEUTSCHE ANNINGTON FINANCE B.V. 3.125%
25/07/2019
326,257
327,308
537,993
321,375
444,448
300,105
216,700
540,390
13.35
0.16
0.43
0.26
0.42
0.42
6.08
0.16
0.33
0.26
0.38
0.44
0.44
1.50
0.41
0.26
0.16
0.25
0.25
0.15
0.23
0.44
0.42
0.13
0.13
0.41
0.26
0.15
1.18
0.25
0.25
0.43
0.25
1.17
0.35
0.23
0.17
0.42
Netherlands Antilles
198,234
0.15
Spain
577,640
0.45
200,000 JAB HOLDING BV 1.50% 24/11/2021
United Arab Emirates
United Kingdom
500,000 ABBEY NATIONAL TREASURY SERVICES 0.875%
13/01/2020
300,000 BARCLAYS BANK PLC LONDON 6.00% 23/01/2018
200,000 MORRISON SUPERMAR PLC 2.25% 19/06/2020
500,000 ROYAL BANK OF SCOTLAND PLC 5.50% 23/03/2020
United States of America
500,000 GOLDMAN SACHS GROUP 5.125% 23/10/2019
500,000 WHIRLPOOL CORP 0.625% 12/03/2020
Convertible bonds
Austria
500,000 CONWERT IMMO 5.25% 01/02/2016 CV
115,585 IMMOFINANZ IMMOBILIE 4.25% 08/03/2018 CV
2,250,000
3,300
52,718
800,000
198,234
577,640
526,525
526,525
1,633,618
494,960
0.41
1.27
0.38
0.45
0.38
0.83
95,136,090
73.96
551,580
511,037
0.43
0.40
1,062,617
4,110,154
AIR FRANCE - KLM 2.03% 15/02/2023 CV
ALCATEL-LUCENT 0% 30/01/2019 CV
ALCATEL-LUCENT 0.125% 30/01/2020 CV
ALCATEL-LUCENT 4.25% 01/07/2018 CV
AXA SA 3.75% 01/01/2017 CV
BNP PARIBAS 0.25% 21/09/2015 CV
CGG ACT 1.25% 01/01/2019 CV
CREDIT AGRICOLE SA 0% 06/12/2016 CV
FONCIERE DES REGIONS 0.875% 01/04/2019 CV
FONCIERE DES REGIONS 3.34% 01/01/2017 CV
INGENICO 0% 26/06/2022 CV
MAUREL ET PROM NIGERIA 1.625% 01/07/2019 CV
MAUREL ET PROM NIGERIA 2.75% 01/07/2021 CV
MISARTE 3.25% 01/01/2016 CV
NEOPOST SA VAR PERPETUAL CV
NEXANS 2.50% 01/01/2019 CV
ORPAR 0% 15/07/2019 CV
ORPEA 1.75% 01/01/2020 CV
PEUGEOT SA 4.45% 01/01/2016 CV
0.41
587,445
485,685
1,073,130
Finland
France
0.45
0.26
0.16
0.47
3,692,737
BNP PARIBAS FORTIS SA FRN PERPETUAL CV
COFINIMMO SA 2.00% 20/06/2018 CV
ECONOCOM GROUP NV 1.50% 15/01/2019 CV
SAGERPAR 0.375% 09/10/2018 CV
0.15
335,205
206,088
597,365
Belgium
200,000 NOKIA OYJ 5.00% 26/10/2017 CV
3,600,000 SOLIDIUM OY 0.50% 29/09/2015 CV
213,430
140,983
118,523
251,011
16,500
400,000
37,298
9,000
4,604
14,396
2,995
73,500
10,150
5,119
6,636
35,500
500,000
24,500
62,573
EUR
% of NaV
200,000 OMV AG 0.60% 19/11/2018
125,026,976
Market Value
Austria
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
1,806,120
395,785
601,496
889,336
510,298
3,599,856
31,905,972
2,185,452
623,286
524,099
977,678
4,558,198
409,972
1,040,287
676,737
446,976
1,423,977
507,787
1,098,287
101,021
870,874
374,330
2,699,214
507,505
1,651,647
1,880,421
0.83
2.87
1.40
0.31
0.47
0.69
3.20
0.40
2.80
24.79
1.70
0.48
0.41
0.76
3.53
0.32
0.81
0.53
0.35
1.11
0.39
0.85
0.08
0.68
0.29
2.10
0.39
1.28
1.46
The accompanying notes form an integral part of these financial statements
57
Convertible Credit
Securities Portfolio as at 30/06/15
300,000
1,000,000
700,000
800,000
900,000
DEUTSCHE POST AG 0.60% 06/12/2019 CV
DEUTSCHE WOHNEN AG 0.50% 22/11/2020 CV
FRESENIUS AG 0% 24/09/2019 CV
FRESENIUS MEDICAL CA 1.125% 31/01/2020 CV
HANIEL FINANCE DEUTSCHLAND GMBH 0%
12/05/2020 CV
RAG STIFTUNG 0% 18/02/2021 CV
RAG STIFTUNG 0% 31/12/2018 CV
SGL CARBON SE 2.75% 25/01/2018 CV
SGL CARBON SE 3.50% 30/06/2016 CV
397,062
1,301,330
906,402
965,216
930,879
0.31
1.01
0.70
0.75
0.72
Germany
Hungary
500,000 MNV MAGYAR NEMZETIN VAGYONKEZ 3.375%
02/04/2019 CV
1,000,000
300,000
3,400,000
3,000,000
800,000
300,000
651,000
Italy
BENI STABILI SPA 2.625% 17/04/2019 CV
BUZZI UNICEM 1.375% 17/07/2019 CV
ENI SPA 0.25% 30/11/2015 CV
ENI SPA 0.625% 18/01/2016 CV
PRYSMIAN SPA 1.25% 08/03/2018 CV
SAFILO GROUP SPA 1.25% 22/05/2019 CV
SOCIETA INITIATIVE AUTODASTRALIE 2.625%
30/06/2017 CV
3,700,000 TELECOM ITALIA SPA 1.125% 26/03/2022 CV
Jersey
400,000 GABRIEL FINANCE LIMITED 2.00% 26/11/2016 CV
Luxembourg
3,500,000 BNP PARIBAS FORTIS FUNDING FRN PERPETUAL
CV
400,000 FF GROUP FINANCE LX 1.75% 03/07/2019 CV
2,000,000 GBL VERWALTUNG SA 1.25% 07/02/2017 CV
2,500,000 KLOCKNER AND CO FINANCIAL SERVICES S.A.
2.50% 22/12/2017 CV
927,776
572,800
2,423,725
100,727
538,175
538,175
13,914,242
1,174,900
340,026
3,401,394
3,193,590
886,584
286,326
703,835
3,927,587
431,144
431,144
7,297,652
2,299,640
339,452
2,160,060
2,498,500
6.63
0.72
0.45
1.89
0.08
0.42
0.42
10.82
0.34
5.67
1.79
0.26
1.68
1.94
3,179,732
2.47
Netherlands
6,913,282
5.37
ACS ACTIVIDADES FINANCE 1.625% 27/03/2019 CV
ACS ACTIVIDADES FINANCE 2.625% 22/10/2018 CV
AIRBUS GROUP NV 0% 01/07/2022 CV
AMPLITER NV AMSTERDAM BRANCH 2.875%
14/11/2018 CV
300,000 SALZGITTER FINANCE B.V 0% 05/06/2022 CV
500,000 SALZGITTER FINANCE B.V 2.00% 08/11/2017 CV
The accompanying notes form an integral part of these financial statements
3,179,732
1,337,544
715,002
706,496
736,330
296,859
603,565
1,400,000 VASTNED RETAIL NV 1.875% 10/04/2019 CV
1,000,000 WERELDHAVE NV 1.00% 22/05/2019 CV
1,474,466
1,043,020
1.14
0.81
1,600,000 AMORIM ENERGIA BV 3.375% 03/06/2018 CV
2,650,000 PARPUBLICA - PARTICIPACOES PUB 5.25%
28/09/2017 CV
1,662,672
2,941,500
1.29
2.29
Portugal
Spain
400,000 ABENGOA SA 6.25% 17/01/2019 CV
2,300,000 CAJA DE AHORROS BARCELONA 1.00% 25/11/2017
CV
600,000 CAJA DE AHORROS DE BARCELONA 4.50%
22/11/2016 CV
400,000 INDRA SISTEMAS SA 1.75% 17/10/2018 CV
400,000 MELIA HOTELS INTERNATIONAL SA 4.50%
04/04/2018 CV
600,000 NH HOTELES SA 4.00% 08/11/2018 CV
Sweden
500,000 INDUSTRIVARDEN AB 1.875% 27/02/2017 CV
United Arab Emirates
1,100,000 AABAR INVESTMENTS P.J.S.C 0.50% 27/03/2020 CV
1,800,000 AABAR INVESTMENTS P.J.S.C 1.00% 27/03/2022 CV
0.91
0.26 Share/Units of UCITS/UCIS
2.65
Share/Units in investment funds
2.48
France
0.69
0.22
55 AMUNDI TRESO EONIA ISR I C
0.55
Derivative instruments
3.06
Options
0.34
France
Mexico
3,100,000 AMERICA MOVIL SAB DE CV 0% 28/05/2020 CV
1,200,000
600,000
700,000
500,000
8,525,917
2.47
1.04
0.56
0.55
0.57
0.23
0.47
EUR
% of NaV
1.59
0.23
1.40
2.90
0.40
0.75
Market Value
2,040,611
294,130
1,803,715
3,740,142
509,542
960,084
Quantity
% of NaV
Market Value
Quantity
RALLYE 1.00% 02/10/2020 CV
SALVEPAR 1.625% 01/01/2022 CV
TECHNIP 0.25% 01/01/2017 CV
TECHNIP 0.50% 01/01/2016 CV
UNIBAIL RODAMCO 0% 01/07/2021 CV
VILMORIN CLAUSE ET CIE 4.50% 01/07/2015 CV
800,000
500,000
2,500,000
100,000
58
EUR
19,127
4,868
18,844
45,000
1,600
6,131
25 KERING - 170.00 - 18.12.15 CALL
620 SUEZ ENVIRONNEMENT - 18.00 - 18.03.16 CALL
87 TECHNIP SA - 60.00 - 18.12.15 CALL
260
162
100
334
155
40
300
Germany
ADIDAS NOM - 80.00 - 18.03.16 CALL
CAP GEMINI SA - 84.00 - 18.12.15 CALL
DEUTSCHE POST AG-NOM - 26.00 - 18.03.16 CALL
DEUTSCHE POST AG-NOM - 28.00 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,400 - 18.09.15 PUT
SIEMENS AG-NOM - 96.00 - 18.09.15 CALL
TUI - 16.00 - 18.12.15 CALL
Netherlands
630 ARCELORMITTAL SA - 10.00 - 18.12.15 CALL
490 ARCELORMITTAL SA - 9.50 - 18.03.16 CALL
12 UNIBAIL RODAMCO - 280.00 - 17.06.16 CALL
4,604,172
3.58
5,359,999
4.17
541,566
0.42
485,152
2,544,789
386,596
658,556
743,340
556,320
556,320
3,043,975
1,153,273
1,890,702
12,102,439
12,102,439
0.38
1.98
0.30
0.51
0.58
0.43
0.43
2.37
0.90
1.47
9.41
9.41
12,102,439
9.41
619,305
0.48
12,102,439
619,305
106,044
15,300
68,820
21,924
454,487
9.41
0.48
0.08
0.01
0.05
0.02
0.35
52,780
77,112
22,800
36,740
238,855
8,200
18,000
0.04
0.06
0.02
0.03
0.18
0.01
0.01
20,790
31,360
6,624
0.02
0.02
0.01
58,774
0.05
Convertible Credit
Securities Portfolio as at 30/06/15
% of NaV
Market Value
Quantity
EUR
Short positions
-77,943
-0.06
Derivative instruments
-77,943
-0.06
France
-6,302
0.00
Options
-25 KERING - 200.00 - 18.12.15 CALL
-87 TECHNIP SA - 72.00 - 18.12.15 CALL
-34
-35
-48
-200
Germany
DJ EURO STOXX 50 EUR - 2,900 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,000 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,150 - 18.09.15 PUT
TUI - 19.00 - 18.12.15 CALL
Netherlands
-485 ARCELORMITTAL SA - 12.00 - 18.12.15 CALL
Total securities portfolio
-77,943
-2,300
-4,002
-0.06
0.00
0.00
-67,761
-0.06
-3,880
0.00
-11,798
-16,835
-36,528
-2,600
-3,880
124,949,033
-0.01
-0.01
-0.04
0.00
0.00
97.14
The accompanying notes form an integral part of these financial statements
59
Convertible Europe
Securities Portfolio as at 30/06/15
1,074,091,309
88.69
4,572,195
0.38
4,572,195
Luxembourg
326,351 ARCELORMITTAL 6% 15/01/16 PFD
4,572,195
8,558,406
Bonds
Cayman Islands
10,200,000 SIEM INDUSTRIES INC 1.00% 12/09/2019 CV
Convertible bonds
Austria
8,558,406
0.71
0.71
3,329,296
1,677,269
0.27
0.14
Belgium
BEKAERT SA 0.75% 18/06/2018 CV
BNP PARIBAS FORTIS SA FRN PERPETUAL CV
COFINIMMO SA 2.00% 20/06/2018 CV
ECONOCOM GROUP NV 1.50% 15/01/2019 CV
SAGERPAR 0.375% 09/10/2018 CV
Bermuda
5,006,565
30,903,058
5,223,866
15,653,040
846,620
1,620,176
7,559,356
495,450
495,450
Cyprus
3,653,886
Finland
21,782,455
4,000,000 HOLDGROVE LIMITED 1.00% 24/09/2017 CV
1,900,000 NOKIA OYJ 5.00% 26/10/2017 CV
400,000 SOLIDIUM OY 0% 04/09/2018 CV
16,500,000 SOLIDIUM OY 0.50% 29/09/2015 CV
France
AIR FRANCE - KLM 2.03% 15/02/2023 CV
ALCATEL-LUCENT 0% 30/01/2019 CV
ALCATEL-LUCENT 0.125% 30/01/2020 CV
ALCATEL-LUCENT 4.25% 01/07/2018 CV
AXA SA 3.75% 01/01/2017 CV
BNP PARIBAS 0.25% 21/09/2015 CV
CAP GEMINI 0% 01/01/2019 CV
CGG ACT 1.25% 01/01/2019 CV
CREDIT AGRICOLE SA 0% 06/12/2016 CV
FAURECIA 3.25% 01/01/2018 CV
FONCIERE DES REGIONS 0.875% 01/04/2019 CV
FONCIERE DES REGIONS 3.34% 01/01/2017 CV
INGENICO 0% 26/06/2022 CV
MAUREL ET PROM NIGERIA 1.625% 01/07/2019 CV
MAUREL ET PROM NIGERIA 2.75% 01/07/2021 CV
MISARTE 3.25% 01/01/2016 CV
NEOPOST SA VAR PERPETUAL CV
NEXANS 2.50% 01/01/2019 CV
The accompanying notes form an integral part of these financial statements
60
0.71
87.60
600,000 BW GROUP LTD 1.75% 10/09/2019 CV
2,557,754
5,088,736
2,243,391
1,473,531
164,211
7,400,000
20,000
359,378
71,714
160,460
17,354
222,354
28,541
162,542
143,850
141,289
63,868
55,600
0.38
1,060,960,708
753,011 IMMOFINANZ IMMOBILIE 4.25% 08/03/2018 CV
1,100,000 STEINHOFF FINANCE HOLDINGS 4.00% 30/01/2021
CV
5,300,000
19,500,000
7,059
142,000
6,800,000
8,558,406
0.38
3,653,886
4,847,831
435,284
16,499,340
289,878,683
26,190,544
22,497,302
9,920,098
5,739,346
45,364,008
7,584,482
1,815,520
10,023,496
5,392,391
6,007,428
1,684,799
21,994,097
4,838,984
2,428,814
1,431,711
24,036,900
3,602,730
4,227,502
0.41
2.55
0.43
1.30
0.07
0.13
0.62
0.04
0.04
0.30
0.30
1.80
0.40
0.04
1.36
23.94
2.16
1.86
0.82
0.47
3.74
0.63
0.15
0.83
0.45
0.50
0.14
1.82
0.40
0.20
0.12
1.98
0.30
0.35
153,460
2,700,000
40,000
835,713
123,771
29,206
141,781
111,301
29,399
5,600,000
4,300,000
15,800,000
5,800,000
8,500,000
NEXITY 0.625% 01/01/2020 CV
ORPAR 0% 15/07/2019 CV
ORPEA 1.75% 01/01/2020 CV
PEUGEOT SA 4.45% 01/01/2016 CV
RALLYE 1.00% 02/10/2020 CV
SALVEPAR 1.625% 01/01/2022 CV
TECHNIP 0.25% 01/01/2017 CV
TECHNIP 0.50% 01/01/2016 CV
UNIBAIL RODAMCO 0% 01/07/2021 CV
Germany
DEUTSCHE WOHNEN AG 0.50% 22/11/2020 CV
DEUTSCHE WOHNEN AG 0.875% 08/09/2021 CV
FRESENIUS AG 0% 24/09/2019 CV
FRESENIUS MEDICAL CA 1.125% 31/01/2020 CV
HANIEL FINANCE DEUTSCHLAND GMBH 0%
12/05/2020 CV
21,600,000 RAG STIFTUNG 0% 18/02/2021 CV
4,400,000 RAG STIFTUNG 0% 31/12/2018 CV
200,000 SGL CARBON SE 3.50% 30/06/2016 CV
Hungary
1,500,000 MNV MAGYAR NEMZETIN VAGYONKEZ 3.375%
02/04/2019 CV
1,000,000
1,700,000
40,400,000
1,800,000
1,500,000
64,200,000
Italy
BENI STABILI SPA 2.625% 17/04/2019 CV
BUZZI UNICEM 1.375% 17/07/2019 CV
ENI SPA 0.625% 18/01/2016 CV
PRYSMIAN SPA 1.25% 08/03/2018 CV
SAFILO GROUP SPA 1.25% 22/05/2019 CV
TELECOM ITALIA SPA 1.125% 26/03/2022 CV
Jersey
400,000 BALFOUR BEATTY FINANCE 2 LTD 1.875%
03/12/2018 CV
11,500,000 BRITISH LAND CO.(JERSEY) LTD 1.50% 10/09/2017
CV
3,300,000 BRITISH LAND (WHITE) 2015 0% 09/06/2020 CV
1,400,000 CARILLION FINANCE JERSEY LIMITED 2.50%
19/12/2019 CV
2,800,000 DERWENT LDN PLC 1.125% 24/07/2019 CV
6,000,000 GABRIEL FINANCE LIMITED 2.00% 26/11/2016 CV
1,800,000 INTU PROPERTIES PLC 2.50% 04/10/2018 CV
Luxembourg
3,600,000 APERAM SA 0.625% 08/07/2021 CV
23,500,000 BNP PARIBAS FORTIS FUNDING FRN PERPETUAL
CV
3,100,000 FF GROUP FINANCE LX 1.75% 03/07/2019 CV
28,800,000 GBL VERWALTUNG SA 1.25% 07/02/2017 CV
3,100,000 KLOCKNER AND CO FINANCIAL SERVICES S.A.
2.50% 22/12/2017 CV
28,800,000 SUBSEA 7 SA 1.00% 05/10/2017 CV
EUR
% of NaV
99.33
Market Value
Shares
1,202,907,394
Quantity
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
EUR
% of NaV
Market Value
Quantity
Long positions
7,387,613
2,740,527
2,696,567
25,114,536
13,204,811
1,764,657
13,571,033
9,256,264
9,362,523
0.61
0.23
0.22
2.07
1.09
0.15
1.12
0.76
0.77
7,287,448
5,228,800
20,458,788
6,997,816
8,791,635
0.60
0.43
1.69
0.58
0.73
1,614,525
0.13
79,056,533
25,049,952
5,040,640
201,454
1,614,525
6.53
2.06
0.42
0.02
0.13
117,682,635
9.72
40,359,258
3.33
1,174,900
1,926,814
43,007,012
1,994,814
1,430,153
68,148,942
551,073
19,167,640
4,620,885
2,128,684
4,682,160
6,467,160
2,741,656
79,717,945
3,758,578
15,440,440
2,630,753
31,104,864
3,098,140
23,685,170
0.10
0.16
3.55
0.16
0.12
5.63
0.05
1.57
0.38
0.18
0.39
0.53
0.23
6.58
0.31
1.27
0.22
2.56
0.26
1.96
Convertible Europe
Securities Portfolio as at 30/06/15
2,100,000
17,000,000
5,100,000
Norway
1,300,000 PAN FISH ASA 0.875% 06/05/2019 CV
1,257,984
13,884,847
8,014,392
2,770,684
1,931,408
44,585,662
9,996,589
2,111,487
15,611,255
5,319,402
1,512,966
1,512,966
4.10
0.10
1.15
0.66
0.23
0.16
3.68
0.83
0.17
1.29
0.44
0.12
0.12
32,083,854
Spain
53,340,161
4.40
2,978,613
0.25
9,000,000 ABENGOA SA 6.25% 17/01/2019 CV
27,100,000 CAJA DE AHORROS BARCELONA 1.00% 25/11/2017
CV
3,300,000 CAJA DE AHORROS DE BARCELONA 4.50%
22/11/2016 CV
2,600,000 INDRA SISTEMAS SA 1.75% 17/10/2018 CV
2,300,000 INTL CONSOLIDATED AIRLINES GROUP 1.75%
31/05/2018 CV
900,000 MELIA HOTELS INTERNATIONAL SA 4.50%
04/04/2018 CV
1,300,000 NH HOTELES SA 4.00% 08/11/2018 CV
6,442,854
25,641,000
10,915,920
29,984,253
2,512,874
3,856,180
1,481,751
1,610,570
Sweden
20,318,288
United Arab Emirates
55,949,527
105,000,000 INDUSTRIVARDEN AB 0% 15/05/2019 CV
6,800,000 INDUSTRIVARDEN AB 1.875% 27/02/2017 CV
18,500,000 AABAR INVESTMENTS P.J.S.C 0.50% 27/03/2020 CV
34,800,000 AABAR INVESTMENTS P.J.S.C 1.00% 27/03/2022 CV
United Kingdom
1,200,000 GREAT PORTLAND ESTAT 1.00% 10/09/2018 CV
300,000 INMARSAT PLC 1.75% 16/11/2017 CV
22,700,000 J SAINSBURY PLC 1.25% 21/11/2019 CV
12,752,336
7,565,952
19,395,955
36,553,572
36,779,118
1,988,736
394,812
34,395,570
France
0.62
489 AMUNDI TRESO EONIA ISR I C
1.41
495 MONETAIRE BIO AMUNDI
0.58
Derivative instruments
0.34
Portugal
6,200,000 AMORIM ENERGIA BV 3.375% 03/06/2018 CV
23,100,000 PARPUBLICA - PARTICIPACOES PUB 5.25%
28/09/2017 CV
Share/Units in investment funds
11.66
2.65
0.53
2.12
0.90
2.47
Options
433
7,000
18,183
781
289
2,350
1,858
2,109
900
4,344
1,490
2,000
1,400
2,675
7,800
France
KERING - 170.00 - 18.12.15 CALL
STMICROELECTRONICS - 7.20 - 18.12.15 CALL
SUEZ ENVIRONNEMENT - 18.00 - 18.03.16 CALL
TECHNIP SA - 60.00 - 18.12.15 CALL
Germany
ADIDAS NOM - 72.00 - 18.12.15 CALL
ADIDAS NOM - 80.00 - 18.03.16 CALL
CAP GEMINI SA - 84.00 - 18.12.15 CALL
DAIMLER - 88.00 - 18.12.15 CALL
DEUTSCHE POST AG-NOM - 26.00 - 18.03.16 CALL
DEUTSCHE POST AG-NOM - 28.00 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,400 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,400 - 18.12.15 CALL
FAURECIA - 40.00 - 18.12.15 PUT
SIEMENS AG-NOM - 96.00 - 18.09.15 CALL
TUI - 16.00 - 18.12.15 CALL
Netherlands
6,732 ARCELORMITTAL SA - 10.00 - 18.12.15 CALL
5,685 ARCELORMITTAL SA - 9.50 - 18.03.16 CALL
135 UNIBAIL RODAMCO - 280.00 - 17.06.16 CALL
United Kingdom
1,563 GLENCORE PLC - 289.00 - 18.09.15 CALL
0.21
Short positions
0.32
0.12 Derivative instruments
Options
0.13
1.68
1.06
0.62
4.62
1.60
3.02
3.04
0.16
0.03
2.85
France
-433 KERING - 200.00 - 18.12.15 CALL
-7,000 STMICROELECTRONICS - 8.80 - 18.12.15 CALL
-781 TECHNIP SA - 72.00 - 18.12.15 CALL
-303
-333
-1,000
-461
-1,400
-1,400
-5,750
Germany
DJ EURO STOXX 50 EUR - 2,900 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,000 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,150 - 18.09.15 PUT
FAURECIA - 34.00 - 18.12.15 PUT
FAURECIA - 52.00 - 18.12.15 CALL
TUI - 19.00 - 18.12.15 CALL
EUR
% of NaV
10,000,000
7,467,954
17,040,881
7,064,960
4,123,448
4.10 Share/Units of UCITS/UCIS
Market Value
1,200,000
14,400,000
8,200,000
2,800,000
1,600,000
46,500,000
ACS ACTIVIDADES FINANCE 1.625% 27/03/2019 CV
ACS ACTIVIDADES FINANCE 2.625% 22/10/2018 CV
AIRBUS GROUP NV 0% 01/07/2022 CV
AMPLITER NV AMSTERDAM BRANCH 2.875%
14/11/2018 CV
CEZ FINANCE BV 0% 04/08/2017 CV
QIAVEN NV 0.375% 19/03/2019 CV
QIAVEN NV 0.875% 19/03/2021 CV
SALZGITTER FINANCE B.V 0% 05/06/2022 CV
SALZGITTER FINANCE B.V 2.00% 08/11/2017 CV
SIEMENS FINANCIERINGSMAATSCHAP 1.05%
16/08/2017 CV
SIEMENS FINANCIERINGSMAATSCHAP 1.65%
16/08/2019 CV
SONAE INVESTMENTS BV 1.625% 11/06/2019 CV
STMICROELECTRONICS 0% 03/07/2019 CV
WERELDHAVE NV 1.00% 22/05/2019 CV
49,644,848
141,180,953
Quantity
6,700,000
14,300,000
7,000,000
2,800,000
Netherlands
49,644,848
% of NaV
48,400,000 AMERICA MOVIL SAB DE CV 0% 28/05/2020 CV
Market Value
Quantity
Mexico
EUR
113,448,039
9.37
113,448,039
9.37
113,448,039
107,584,744
5,863,295
15,368,046
15,368,046
2,977,121
264,996
497,000
2,018,313
196,812
11,674,978
97,682
477,050
884,408
710,733
205,200
477,840
2,296,090
4,650,000
859,600
548,375
468,000
660,516
222,156
363,840
74,520
55,431
9.37
8.89
0.48
1.27
1.27
0.25
0.02
0.04
0.17
0.02
0.97
0.01
0.04
0.07
0.06
0.02
0.04
0.19
0.38
0.07
0.05
0.04
0.05
0.02
0.02
0.01
0.00
55,431
-2,296,575
0.00
-0.19
-2,296,575
-0.19
-2,296,575
-208,762
-39,836
-133,000
-35,926
-2,045,685
-105,141
-160,173
-841,000
-350,821
-406,000
-107,800
-74,750
-0.19
-0.02
0.00
-0.02
0.00
-0.17
-0.01
-0.01
-0.07
-0.03
-0.03
-0.01
-0.01
The accompanying notes form an integral part of these financial statements
61
Convertible Europe
Securities Portfolio as at 30/06/15
% of NaV
Market Value
Quantity
EUR
Netherlands
-42,128
0.00
Total securities portfolio
1,200,610,819
99.14
-5,266 ARCELORMITTAL SA - 12.00 - 18.12.15 CALL
The accompanying notes form an integral part of these financial statements
62
-42,128
0.00
Convertible Global
Securities Portfolio as at 30/06/15
Luxembourg
1,380 ALLERGAN PLC
104,344 ARCELORMITTAL 6% 15/01/2016 PFD
Bonds
333,325,744
94.38
128,590
0.04
2,881,749
128,590
2,753,159
1,291,295
1,461,864
6,113,385
Cayman Islands
3,188,425
United Arab Emirates
2,924,960
3,800,000 SIEM INDUSTRIES INC 1.00% 12/09/2019 CV
3,000,000 DP WORLD LTD 1.75% 19/06/2024
Convertible bonds
Belgium
1,700,000 BEKAERT SA 0.75% 18/06/2018 CV
Bermuda
1,774,000 JAZZ INVESTMENTS I LTD 1.875% 15/08/2021 CV
British Virgin Islands
4,100,000 BILLION EXPRESS INVESTMENTS 0.75% 18/10/2015
CV
9,000,000 LOGO STAR 1.50% 22/11/2018 CV
2,380,000 PB ISSUER N 2 LTD 1.75% 12/04/2016 CV
20,000,000 SHINE POWER INTL LTD 0% 28/07/2019 CV
7,000,000 TONG JIE LTD 0% 18/02/2018 CV
Cayman Islands
2,720,000 AYC FINANCE LTD 0.50% 02/05/2019 CV
14,000,000 BIOSTIME INTERNATIONAL HOLDINGS LTD 0%
20/02/2019 CV
2,600,000 CHINA OVERSEAS FINANCE CAYMAND 0%
04/02/2021 CV
1,505,000 CTRIP.COM INTERNATIO 1.00% 01/07/2020 CV
1,074,000 CTRIP.COM INTERNATIO 1.25% 15/10/2018 CV
1,720,000 CTRIP.COM INTERNATIO 1.99% 01/07/2025 CV
3,000,000 ENN ENERGY HOLDINGS LTD 0% 26/02/2018 CV
2,250,000 HAITIAN INTERNATIONAL HOLDINGS 2.00%
13/02/2019 CV
9,000,000 HENGAN INTERNATIONAL 0% 27/06/2018 CV
17,000,000 KINGSOFT CORPORATION LIMITED 1.25%
11/04/2019 CV
1,610,000 QIHOO 360 TECHNOLOGY CO.LTD 0.50% 15/08/2020
CV
1,500,000 SINA CORPORATION 1.00% 01/12/2018 CV
925,000 SOUFUN HOLDINGS LTD 2.00% 15/12/2018 CV
1,750,000 TPK HOLDING CO LTD 0% 01/10/2017 CV
250,000 TPK HOLDING CO LTD 0% 08/04/2020 CV
3,188,425
2,924,960
0.82
0.04
0.78
0.37
0.41
1.73
0.90
0.90
0.83
0.83
324,330,610
91.83
1,675,580
0.47
1,675,580
1,859,102
1,859,102
10,827,880
3,704,977
1,896,118
2,099,535
2,281,239
846,011
25,130,651
2,641,344
1,545,910
2,766,800
1,313,478
1,103,409
1,507,246
3,052,288
2,140,792
1,113,965
1,936,495
1,364,830
1,283,852
787,375
1,555,398
221,138
0.47
0.53
0.53
3.07
1.05
0.54
0.59
0.65
0.24
7.12
0.75
0.44
0.78
0.37
0.31
0.43
0.86
0.61
0.32
0.55
0.39
0.36
0.22
0.44
0.06
800,000 ZHEN DING TECH HLD LTD 0% 26/06/2019 CV
2,959,151
0.84
Finland
1,786,043
0.51
France
32,582,227
9.23
Germany
13,914,477
AIR FRANCE - KLM 2.03% 15/02/2023 CV
ALCATEL-LUCENT 0% 30/01/2019 CV
ALCATEL-LUCENT 4.25% 01/07/2018 CV
BNP PARIBAS 0.25% 21/09/2015 CV
CGG ACT 1.25% 01/01/2019 CV
FAURECIA 3.25% 01/01/2018 CV
FONCIERE DES REGIONS 0.875% 01/04/2019 CV
FONCIERE DES REGIONS 3.34% 01/01/2017 CV
INGENICO 0% 26/06/2022 CV
MAUREL ET PROM NIGERIA 1.625% 01/07/2019 CV
MAUREL ET PROM NIGERIA 2.75% 01/07/2021 CV
MISARTE 3.25% 01/01/2016 CV
NEXITY 0.625% 01/01/2020 CV
ORPAR 0% 15/07/2019 CV
PEUGEOT SA 4.45% 01/01/2016 CV
RALLYE 1.00% 02/10/2020 CV
TECHNIP 0.25% 01/01/2017 CV
UNIBAIL RODAMCO 0% 01/07/2021 CV
DEUTSCHE WOHNEN AG 0.50% 22/11/2020 CV
DEUTSCHE WOHNEN AG 0.875% 08/09/2021 CV
FRESENIUS AG 0% 24/09/2019 CV
FRESENIUS MEDICAL CA 1.125% 31/01/2020 CV
HANIEL FINANCE DEUTSCHLAND GMBH 0%
12/05/2020 CV
2,000,000 RAG STIFTUNG 0% 18/02/2021 CV
500,000 RAG STIFTUNG 0% 31/12/2018 CV
Hong Kong (China)
12,000,000 ASM PACIFIC TECHNOLO 2.00% 28/03/2019 CV
1,786,043
4,051,703
3,127,819
1,816,559
1,947,367
1,448,503
1,096,470
550,467
2,391,759
1,403,494
1,382,437
320,480
1,040,319
2,375,580
1,015,010
2,611,697
1,644,053
1,810,798
2,547,712
2,342,394
1,945,600
1,942,290
2,413,040
2,378,913
2,319,440
572,800
1,501,165
1,501,165
0.84
0.51
1.15
0.89
0.51
0.55
0.41
0.31
0.16
0.68
0.40
0.39
0.09
0.29
0.67
0.29
0.74
0.47
0.51
0.72
3.94
0.66
0.55
0.55
0.69
0.67
0.66
0.16
0.43
0.43
Italy
15,730,406
Japan
57,365,516
16.24
1,534,902
0.43
3,700,000 ENI SPA 0.625% 18/01/2016 CV
900,000 SAFILO GROUP SPA 1.25% 22/05/2019 CV
10,300,000 TELECOM ITALIA SPA 1.125% 26/03/2022 CV
100,000,000
190,000,000
150,000,000
100,000,000
270,000,000
170,000,000
0.23
2,959,151
700,000 NOKIA OYJ 5.00% 26/10/2017 CV
1,800,000
1,600,000
1,500,000
2,000,000
2,300,000
796,331
China
22,000,000 SHENZHOU INTERNATIONAL GROUP HOLDINGS
LTD 0.50% 18/06/2019 CV
395,687
707,491
466,387
1,900,000
51,934
29,287
5,670
24,180
8,278
92,516
32,200
6,115
49,347
1,000,000
86,907
15,410
18,918
8,000
EUR
% of NaV
25,641 CGG ACT
98.04
Market Value
France
346,262,259
Quantity
Shares
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
ABC-MART INC 0% 05/02/2018 CV
ADVANTEST CORP 0% 14/03/2019 CV
ALPS ELECTRIC CO 0% 25/03/2019 CV
ASICS CORPORATION 0% 01/03/2019 CV
CHUGOKU ELECTRIC POWER 0% 23/03/2018 CV
FUKUYAMA TRANSPORTING CO LTD 0% 22/03/2017
CV
210,000,000 GS YUASA CORP 0% 13/03/2019 CV
3,938,761
858,092
10,933,553
1,204,805
1,443,475
2,302,242
929,602
2,103,436
1,613,428
4.45
1.12
0.24
3.09
0.34
0.41
0.65
0.26
0.60
0.46
The accompanying notes form an integral part of these financial statements
63
Convertible Global
Securities Portfolio as at 30/06/15
800,000 APERAM SA 0.625% 08/07/2021 CV
2,800,000 GBL VERWALTUNG SA 1.25% 07/02/2017 CV
3,600,000 SUBSEA 7 SA 1.00% 05/10/2017 CV
Mexico
7,900,000 AMERICA MOVIL SAB DE CV 0% 28/05/2020 CV
2,200,000
2,100,000
2,000,000
1,571,000
2,800,000
2,000,000
800,000
1,750,000
Netherlands
ACS ACTIVIDADES FINANCE 1.625% 27/03/2019 CV
ACS ACTIVIDADES FINANCE 2.625% 22/10/2018 CV
AIRBUS GROUP NV 0% 01/07/2022 CV
NXP SEMICONDUCTOR NV 1.00% 01/12/2019 CV
QIAVEN NV 0.375% 19/03/2019 CV
QIAVEN NV 0.875% 19/03/2021 CV
SALZGITTER FINANCE B.V 0% 05/06/2022 CV
SIEMENS FINANCIERINGSMAATSCHAP 1.05%
16/08/2017 CV
1,000,000 SONAE INVESTMENTS BV 1.625% 11/06/2019 CV
2,400,000 STMICROELECTRONICS 0% 03/07/2019 CV
1,615,000 YANDEX NV 1.125% 15/12/2018 CV
The accompanying notes form an integral part of these financial statements
5,798,869
1.64
1,120,215
1,064,342
0.32
0.30
1,504,979
609,257
6,819,970
835,240
3,024,084
2,960,646
8,103,188
8,103,188
20,198,922
2,452,164
2,502,507
2,018,560
1,638,637
2,699,831
1,954,730
791,624
1,677,955
1,005,470
2,203,942
1,253,502
0.42
0.43
0.17
1.93
0.24
0.85
0.84
2.29
2.29
5.72
0.70
0.72
0.57
0.46
0.77
0.55
0.22
0.48
0.28
0.62
0.35
EUR
% of NaV
Luxembourg
0.32
0.84
1.06
0.48
0.52
0.36
0.43
0.45
1.05
0.63
0.43
0.31
0.80
0.35
0.69
0.83
0.93
0.70
0.71
Market Value
1,500,076
0.49
0.34
0.37
Quantity
900,000 BRITISH LAND CO.(JERSEY) LTD 1.50% 10/09/2017
CV
800,000 BRITISH LAND (WHITE) 2015 0% 09/06/2020 CV
700,000 CARILLION FINANCE JERSEY LIMITED 2.50%
19/12/2019 CV
900,000 DERWENT LDN PLC 1.125% 24/07/2019 CV
400,000 INTU PROPERTIES PLC 2.50% 04/10/2018 CV
1,122,452
2,974,881
3,718,163
1,682,461
1,836,516
1,256,255
1,527,191
1,588,042
3,700,330
2,232,487
1,517,443
1,092,652
2,840,477
1,232,785
2,451,504
2,922,431
3,301,311
2,479,517
2,496,789
% of NaV
Market Value
Quantity
1,730,433
1,214,279
1,315,227
Jersey
64
EUR
210,000,000 HIS CO 0% 30/08/2019 CV
160,000,000 IIDA GROUP HLDGS 0% 18/06/2020 CV
160,000,000 JAPAN AIRPORT TERMINAL CO LTD 0% 06/03/2020
CV
140,000,000 KAWASAKI KISEN KAISH 0% 26/09/2018 CV
410,000,000 LIXIL GROUP CORPORATION 0% 04/03/2020 CV
4,400,000 MITSUI OSK LINES LTD 0% 18/04/2018 CV
220,000,000 NAGOYA RAILROAD CO LTD 0% 11/12/2024 CV
145,000,000 NIDEC CORP 0% 18/09/2015 CV
165,000,000 NIKKISO CO 0% 02/08/2018 CV
130,000,000 OSG CORP 0% 04/04/2022 CV
210,000,000 PARK24 CO LTD 0% 26/04/2018 CV
450,000,000 RESORTTRUST INC 0% 01/12/2021 CV
240,000,000 SHIONOGI & CO LTD 0% 17/12/2019 CV
1,700,000 SHIZUOKA BANK LTD 0% 25/04/2018 CV
140,000,000 SUMITOMO FORESTRY 0% 24/08/2018 CV
350,000,000 TAKASHIMAYA CO 0% 11/12/2020 CV
160,000,000 T&D HOLDINGS INC 0% 05/06/2020 CV
270,000,000 TEIJIN LTD 0% 12/12/2018 CV
380,000,000 TERUMO CORP 0% 04/12/2019 CV
370,000,000 TORAY INDUSTRIES INC 0% 30/08/2019 CV
310,000,000 YAMADA DENKI CO 0% 28/06/2019 CV
2,600,000 YAMAGUCHI FINANCIAL GROUP INC VAR
26/03/2020
Portugal
4,347,921
1.23
Singapore
4,497,342
1.27
South Korea
2,673,193
0.76
1,300,000 AMORIM ENERGIA BV 3.375% 03/06/2018 CV
2,700,000 PARPUBLICA - PARTICIPACOES PUB 5.25%
28/09/2017 CV
1,250,000 CAPITALAND LTD 1.85% 19/06/2020 CV
1,750,000 CAPITALAND LTD 2.80% 08/06/2025 CV
3,250,000 RUBY ASSETS PTE LTD 1.60% 01/02/2017 CV
3,200,000,000 LOTTE SHOPPING CO LTD 0% 24/01/2018 CV
Spain
1,800,000 ABENGOA SA 6.25% 17/01/2019 CV
2,700,000 CAJA DE AHORROS BARCELONA 1.00% 25/11/2017
CV
1,700,000 CAJA DE AHORROS DE BARCELONA 4.50%
22/11/2016 CV
800,000 INDRA SISTEMAS SA 1.75% 17/10/2018 CV
900,000 INTL CONSOLIDATED AIRLINES GROUP 1.75%
31/05/2018 CV
1,350,921
2,997,000
792,551
1,128,317
2,576,474
2,673,193
8,987,114
2,183,184
2,987,361
1,534,437
773,192
1,508,940
0.38
0.85
0.22
0.32
0.73
0.76
2.54
0.62
0.84
0.43
0.22
0.43
Sweden
2,600,610
0.74
Taiwan
2,943,006
0.83
15,000,000 INDUSTRIVARDEN AB 0% 15/05/2019 CV
700,000 INDUSTRIVARDEN AB 1.875% 27/02/2017 CV
600,000 ADVANCD SEMICONDUCT 0% 05/09/2018 CV
1,200,000 ADVANCD SEMICONDUCT 0% 27/03/2018 CV
1,300,000 EPISTAR CORP 0% 07/08/2018 CV
United Arab Emirates
3,200,000 AABAR INVESTMENTS P.J.S.C 0.50% 27/03/2020 CV
4,200,000 AABAR INVESTMENTS P.J.S.C 1.00% 27/03/2022 CV
United Kingdom
3,200,000 J SAINSBURY PLC 1.25% 21/11/2019 CV
United States of America
2,376,000 AKAMAI TECHNOLOGIES 0% PERPETUAL CV
1,170,000 BIOMARIN PHARMACEUTICAL INC 0.75% 15/10/2018
CV
4,024,000 CITRIX SYSTEMS INC 0.50% 15/04/2019 CV
1,350,000 ELECTRONICS FOR IMAG 0.75% 01/09/2019 CV
1,215,000 FIREEYE INC 1.00% 01/06/2035 CV
1,035,000 GILEAD SCIENCES INC 1.625% 01/05/2016 CV
1,686,000 HOMEAWAY INC 0.125% 01/04/2019 CV
3,109,000 INTEL CORP 3.25% 01/08/2039 CV
2,213,000 JARDEN CORP 1.875% 15/09/2018 CV
2,000,000 LIBERTY INTERACTIVE CORP 1.00% 30/09/2043 CV
3,841,000 LINKEDIN CORP 0.50% 01/11/2019 CV
880,000 LIVE NATION ENTERTAINMENT 2.50% 15/05/2019
CV
3,500,000 MICROCHIP TECHNOLOGY 1.625% 15/02/2025 CV
1,821,762
778,848
700,102
1,080,592
1,162,312
7,766,614
3,354,976
4,411,638
4,848,715
4,848,715
0.52
0.22
0.20
0.31
0.32
2.20
0.95
1.25
1.37
1.37
79,412,948
22.48
3,821,807
1,257,068
1,218,141
4,791,190
1,451,016
4,245,395
3,333,085
1,755,511
3,471,551
850,528
1.08
0.36
0.34
1.36
0.41
1.20
0.94
0.50
0.98
0.24
2,226,834
1,588,667
3,163,649
0.63
0.45
0.90
Convertible Global
Securities Portfolio as at 30/06/15
Share/Units in investment funds
France
73,290 AMUNDI TRESO COURT TERM PC
5 AMUNDI TRESO EONIA ISR I C
Derivative instruments
Options
245
1,550
1,211
349
388
510
748
300
773
471
180
828
1,645
France
KERING - 170.00 - 18.12.15 CALL
STMICROELECTRONICS - 7.20 - 18.12.15 CALL
SUEZ ENVIRONNEMENT - 18.00 - 18.03.16 CALL
TECHNIP SA - 60.00 - 18.12.15 CALL
Germany
ADIDAS NOM - 80.00 - 18.03.16 CALL
CAP GEMINI SA - 84.00 - 18.12.15 CALL
DAIMLER - 88.00 - 18.12.15 CALL
DEUTSCHE POST AG-NOM - 26.00 - 18.03.16 CALL
DEUTSCHE POST AG-NOM - 28.00 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,400 - 18.09.15 PUT
FAURECIA - 40.00 - 18.12.15 PUT
SIEMENS AG-NOM - 96.00 - 18.09.15 CALL
TUI - 16.00 - 18.12.15 CALL
Netherlands
1,591 ARCELORMITTAL SA - 10.00 - 18.12.15 CALL
2,065 ARCELORMITTAL SA - 9.50 - 18.03.16 CALL
31 UNIBAIL RODAMCO - 280.00 - 17.06.16 CALL
3,067,435
0.87
4,514,918
3,951,270
2,362,905
1,788,538
1,727,380
872,779
2,740,716
1,467,108
1,168,971
2,488,553
5,749,581
8,405,435
8,405,435
8,405,435
7,356,704
1,048,731
4,531,080
4,531,080
482,359
149,940
110,050
134,421
87,948
1,831,801
78,764
242,760
252,076
68,400
85,030
725,811
110,520
169,740
98,700
201,775
52,503
132,160
17,112
1.28
1.12
0.67
0.51
0.49
0.25
Singapore
115 NIKKEI 225 SIMEX FUT - 19,625 - 11.09.15 PUT
United Kingdom
564 GLENCORE PLC - 289.00 - 18.09.15 CALL
650
250
187
750
280
340
600
120
1,890
340
United States of America
DANAHER CORP - 90.00 - 15.01.16 CALL
GILEAD SCIENCES INC - 105.00 - 20.11.15 PUT
GILEAD SCIENCES INC - 115.00 - 18.09.15 PUT
INTEL CORP - 32.00 - 15.01.16 PUT
LAM RESEARCH CORP - 80.00 - 21.08.15 PUT
MICROCHIP TECH - 45.00 - 17.07.15 PUT
NUANCE COMMUNICAT. - 15.00 - 15.01.16 CALL
S&P 500 INDEX - 2,050 - 18.09.15 PUT
TEVA PHARMA ADR - 65.00 - 15.01.16 CALL
XILINX INC - 42.00 - 18.12.15 PUT
0.78
0.42 Short positions
0.33
0.70 Derivative instruments
1.62
Options
2.38
France
2.38
-245 KERING - 200.00 - 18.12.15 CALL
2.38
-1,550 STMICROELECTRONICS - 8.80 - 18.12.15 CALL
-349 TECHNIP SA - 72.00 - 18.12.15 CALL
2.08
0.30
1.28
1.28
0.14
0.05
0.03
0.04
0.02
0.51
-97
-105
-146
-180
-180
-900
Germany
DJ EURO STOXX 50 EUR - 2,900 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,000 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,150 - 18.09.15 PUT
FAURECIA - 34.00 - 18.12.15 PUT
FAURECIA - 52.00 - 18.12.15 CALL
TUI - 19.00 - 18.12.15 CALL
Netherlands
-1,145 ARCELORMITTAL SA - 12.00 - 18.12.15 CALL
United States of America
0.02
-250
GILEAD SCIENCES INC - 140.00 - 20.11.15 CALL
0.07
0.07 Total securities portfolio
0.02
0.02
0.20
0.03
0.05
0.03
EUR
% of NaV
Share/Units of UCITS/UCIS
0.46
1.12
0.61
0.53
0.81
0.29
0.23
Market Value
3,405,000
1,440,000
1,150,000
1,795,000
6,233,000
1,626,452
3,970,887
2,171,373
1,871,013
2,864,814
1,020,796
813,017
Quantity
3,276,000
EUR
% of NaV
4,152,000
4,521,000
2,241,000
1,971,000
1,572,000
865,000
NETSUITE 0.25% 01/06/2018 CV
NOVELLUS SYSTEMS INC 2.625% 15/05/2041 CV
NVIDIA CORP 1.00% 01/12/2018 CV
PRICELINE COM INC 0.90% 15/09/2021 CV
PRICELINE COM INC 1.00% 15/03/2018 CV
RED HAT INC 0.25% 01/10/2019 CV
RESTORATION HARDWARE HOLDING 0%
15/06/2019 CV
SALESFORCE COM INC 0.25% 01/04/2018 CV
SANDISK CORP 0.50% 15/10/2020 CV
SERVICENOW INC. 0% 01/11/2018 CV
SHUTTERFLY INC 0.25% 15/05/2018 CV
STANDARD PACIFIC CORP 1.25% 01/08/2032 CV
SYNCHRONOSS TECHNOLOGIES INC 0.75%
15/08/2019 CV
TOLL BROTHERS FINANCE CORP 0.50% 15/09/2032
CV
TWITTER INC. 0.25% 15/09/2019 CV
VERINT SYSTEMS INC 1.50% 01/06/2021 CV
WORKDAY INC 0.75% 15/07/2018 CV
XILINX INC 2.625% 15/06/2017 CV
YAHOO INC 0% 01/12/2018 CV
Market Value
Quantity
1,736,000
1,858,000
2,103,000
2,182,000
2,400,000
930,000
880,000
184,723
0.05
20,002
0.01
184,723
20,002
1,810,420
0.05
0.01
0.51
174,430
81,897
85,595
218,767
73,129
11,596
163,166
624,663
303,635
73,542
-385,910
0.05
0.02
0.02
0.06
0.02
0.00
0.05
0.18
0.09
0.02
-0.11
-385,910
-0.11
-385,910
-68,044
-0.11
-0.02
-22,540
-29,450
-16,054
-0.01
-0.01
0.00
-33,659
-50,505
-111,106
-52,200
-13,860
-11,700
-0.01
-0.01
-0.04
-0.02
0.00
0.00
-273,030
-9,160
-9,160
-0.08
0.00
0.00
-35,676
-0.01
345,876,349
97.93
-35,676
-0.01
0.06
0.01
0.05
0.00
The accompanying notes form an integral part of these financial statements
65
Bond Euro Aggregate
Securities Portfolio as at 30/06/15
950,000
900,000
1,850,000
600,000
800,000
Brazil
544,530
963,288
948,490
528,945
2,830,375
6,099,075
4,806,850
348,033
348,033
85.66
0.17
0.16
0.18
0.16
0.28
0.10
0.18
2.81
0.18
0.10
0.52
1.12
0.89
0.06
0.06
Cayman Islands
1,599,024
Curacao
1,088,142
0.20
Denmark
2,903,318
0.54
DANSKE BANK AS VAR 04/10/2023
DANSKE BANK AS VAR 19/05/2026
DONG ENERGY AS VAR 08/07/3013
ISS GLOBAL AS 1.125% 09/01/2020
TDC AS 1.75% 27/02/2027
France
ACCOR SA VAR PERPETUAL
ACCOR SA 2.625% 05/02/2021
ARKEMA SA 1.50% 20/01/2025
AXA SA VAR PERPETUAL
AXA SA VAR 16/04/2040
BANQUE FEDERATIVE DU CREDIT MUTUEL 3.00%
21/05/2024
BFCM BANQUE FEDERATIVE DU CREDIT MUTUEL
4.00% 22/10/2020
BNP PARIBAS ASSET MANAGEMENT 2.375%
17/02/2025
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR 14/10/2027
BNP PARIBAS VAR 20/03/2026
The accompanying notes form an integral part of these financial statements
66
909,492
873,801
975,055
869,776
15,213,735
AHNEUSER-BUSH INBEV 0.80% 20/04/2023
AHNEUSER-BUSH INBEV 2.70% 31/03/2026
BELGIUM 2.60% 22/06/2024
BELGIUM 3.75% 22/06/2045
ROYAUME DE BELGIQUE 0.80% 22/06/2025
1,150,000 TEVA PHARMACEUTICAL FINANCE II BV 1.25%
31/03/2023
350,000
0.67
Belgium
1,600,000 HUTCHISON WHAMPOA FINANCE (CI) 1.375%
31/10/2021
500,000
1,000,000
1,000,000
650,000
1,000,000
300,000
3,628,124
1,507,818
356,000 BRF SA 2.75% 03/06/2022
500,000
250,000
300,000
1,150,000
700,000
90.07
463,453,637
Austria
500,000 OMV AG 2.625% 27/09/2022
900,000 VIENNA INSURANCE GROUP VAR 09/10/2043
1,000,000
500,000
2,500,000
4,500,000
5,000,000
487,302,194
1,599,024
1,088,142
536,705
256,983
317,943
1,148,401
643,286
57,350,658
498,500
1,056,320
954,800
645,814
1,121,000
305,550
393,848
895,299
867,591
1,856,789
590,034
811,720
0.30
0.30
0.20
0.10
0.05
0.06
0.21
0.12
10.59
0.09
0.20
0.18
0.12
0.21
0.06
0.07
0.17
0.16
0.34
0.11
0.15
300,000 BNP PARIBAS 2.375% 20/05/2024
1,000,000 BPCE SOCIETE FINANCEMENT HABITAT 2.50%
24/10/2022
1,000,000 BPCE 4.625% 18/07/2023
2,000,000 CAP GEMINI 1.75% 01/07/2020
1,000,000 CARREFOUR BANQUE FRN 20/03/2020
1,000,000 CASINO GUICHARD PERRACHON 2.798%
05/08/2026
1,000,000 CASINO GUICHARD PERRACHON 3.157%
06/08/2019
200,000 CNP ASSURANCES VAR PERPETUAL
500,000 CREDIT AGRICOLE SA VAR PERPETUAL
800,000 CREDIT AGRICOLE SA 2.625% 17/03/2027
800,000 DANONE 1.125% 14/01/2025
800,000 EDENRED 1.375% 10/03/2025
900,000 EDF ELECTRICITE DE FRANCE VAR PERPETUAL
100,000 EDF ELECTRICITE DE FRANCE 4.50% 12/11/2040
700,000 EDF VAR PERPETUAL
600,000 FONCIERE DES REGIONS 1.75% 10/09/2021
10,000,000 FRANCE OAT 0% 25/05/2020
700,000 GECINA 1.50% 20/01/2025
500,000 GECINA 2.00% 17/06/2024
1,000,000 ICADE EMGP 2.25% 16/04/2021
1,200,000 INFRA FOCH 1.25% 16/10/2020
1,200,000 KERING FINANCE 0.875% 28/03/2022
300,000 KERING 1.375% 01/10/2021
600,000 KLEPIERRE 1.00% 17/04/2023
750,000 ORANGE VAR PERPETUAL
650,000 ORANGE VAR PERPETUAL
550,000 ORANGE VAR PERPETUAL
850,000 RENAULT CREDIT INTERNATIONAL BANQUE
0.625% 04/03/2020
950,000 RENAULT CREDIT INTERNATIONAL BANQUE 1.25%
08/06/2022
1,000,000 RENAULT CREDIT INTERNATIONAL BANQUE 2.25%
29/03/2021
1,000,000 RENAULT SA 3.625% 19/09/2018
800,000 SCHNEIDER ELECTRIC S 0.875% 11/03/2025
700,000 SOCIETE GENERALE VAR 16/09/2026
600,000 SOCIETE GENERALE 2.625% 27/02/2025
900,000 SOGECAP CONVERTIBLE VAR 29/12/2049
2,100,000 SOLVAY FINANCE VAR PERPETUAL
400,000 SUEZ ENVIRONNEMENT VAR PERPETUAL
700,000 SUEZ ENVIRONNEMENT VAR PERPETUAL
1,200,000 TOTAL CAPITAL INTERNATIONAL SA VAR
PERPETUAL
1,150,000 TOTAL FINA ELF CAPITAL VAR PERPETUAL
600,000 UNIBAIL RODAMCO 1.00% 14/03/2025
1,200,000 VALEO 3.25% 22/01/2024
700,000 VALLOUREC 2.25% 30/09/2024
500,000 VEOLIA ENVIRONNEMENT 1.59% 10/01/2028
600,000 WENDEL 2.50% 09/02/2027
800,000 WENDEL 2.75% 02/10/2024
550,000 WPP FINANCE SA 2.25% 22/09/2026
EUR
% of NaV
BHP BILLITON FINANCE LIMITED 0.75% 28/10/2022
MACQUARIE BANK 1.125% 20/01/2022
NATIONAL AUSTRALIA BANK 0.875% 20/01/2022
ORIGIN ENERGY FINANCE LTD 3.50% 04/10/2021
99.19
Market Value
950,000
900,000
1,000,000
800,000
Australia
536,603,126
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
313,506
1,052,830
0.06
0.19
1,083,510
0.20
1,133,130
2,015,160
997,140
1,000,860
195,644
490,950
733,512
752,840
747,944
941,184
122,420
719,985
595,164
9,844,000
651,917
490,950
1,039,910
1,197,408
1,152,360
300,066
571,044
799,995
675,642
560,918
827,041
921,728
1,045,230
1,078,040
741,096
684,887
561,012
850,851
2,265,123
402,788
666,785
1,164,072
1,072,651
552,624
1,335,936
600,167
461,300
576,978
813,456
551,639
0.21
0.37
0.18
0.19
0.04
0.09
0.14
0.14
0.14
0.17
0.02
0.13
0.11
1.81
0.12
0.09
0.19
0.22
0.21
0.06
0.11
0.15
0.12
0.10
0.15
0.17
0.19
0.20
0.14
0.13
0.10
0.16
0.41
0.07
0.12
0.22
0.20
0.10
0.25
0.11
0.09
0.11
0.15
0.10
Bond Euro Aggregate
Securities Portfolio as at 30/06/15
650,000
200,000
400,000
5,000,000
2,000,000
500,000
800,000
200,000
1,000,000
1,400,000
700,000
502,000
100,000
Guernsey
1,600,000 CREDIT SUISSE GROUP FUNDING 1.25% 14/04/2022
700,000
300,000
250,000
800,000
850,000
500,000
1,000,000
600,000
3,350,000
4,600,000
350,000
1,450,000
Ireland
AQUARIUS + INVESTMENTS PLC VAR 02/10/2043
CLOVERLIE PLC 1.75% 16/09/2024
CRH FINANCE LIMITED 3.125% 03/04/2023
CRH PLC 2.75% 15/10/2020
FCA CAPITAL IRELAND PLC 1.375% 17/04/2020
FGA CAPITAL IRELAND PLC 2.00% 23/10/2019
FGA CAPITAL IRELAND PLC 2.625% 17/04/2019
FGA CAPITAL IRELAND PLC 4.00% 17/10/2018
IRELAND 2.00% 18/02/2045
IRELAND 3.40% 18/03/2024
RYANAIR HOLDINGS PLC 1.875% 17/06/2021
RYANAIR LIMITED 1.125% 10/03/2023
Italy
1,000,000 AEM SPA 4.375% 10/01/2021
200,000 ASSICURAZIONI GENERA VAR 12/12/2042
900,000 ASSICURAZIONI GENERA 2.875% 14/01/2020
589,410
0.11
323,982
756,652
862,444
857,853
1,248,494
1,291,524
1,209,538
504,875
1,170,871
0.06
0.14
0.16
0.16
0.23
0.24
0.22
0.09
0.22
424,031
0.08
114,380
0.02
684,408
643,351
0.13
0.12
231,606
443,592
7,790,650
3,360,260
530,320
785,048
238,784
1,229,160
1,312,752
730,709
471,127
112,064
0.04
0.08
1.43
0.62
0.10
0.15
0.04
0.23
0.24
0.14
0.09
0.02
1,516,976
0.28
1,516,976
15,190,474
771,687
296,181
271,940
852,640
825,911
504,395
1,034,910
646,842
2,948,000
5,315,898
356,388
1,365,682
66,200,394
1,142,720
239,500
958,914
0.28
2.81
0.14
0.05
0.05
0.16
0.15
0.09
0.19
0.12
0.55
0.99
0.07
0.25
12.23
0.21
0.04
0.18
ENI SPA 1.50% 02/02/2026
EXOR SPA 2.50% 08/10/2024
HERA SPA 2.375% 04/07/2024
INTESA SANPAOLO SPA 1.125% 04/03/2022
INTESA SANPAOLO SPA 1.125% 14/01/2020
INTESA SANPAOLO SPA 3.50% 17/01/2022
INTESA SANPAOLO SPA 4.00% 30/10/2023
INTESA SANPAOLO SPA 6.50% 24/02/2021
INTESA SANPAOLO SPA 6.625% 13/09/2023
ITALY BTP 1.50% 01/06/2025
ITALY BTP 3.50% 01/03/2030
ITALY BTP 4.75% 01/09/2044
ITALY BTP 5.50% 01/09/2022
UNICREDIT SPA 3.25% 14/01/2021
UNICREDIT SPA 3.625% 24/01/2019
Japan
1,150,000 BANK OF TOKYO MITSUBISHI LTD 0.875%
11/03/2022
565,686
1,950,000
305,250
564,342
1,173,180
163,007
336,600
718,659
1,782,001
6,495,440
19,357,004
10,676,850
18,002,841
692,270
1,076,130
0.10
0.36
0.06
0.10
0.22
0.03
0.06
0.13
0.33
1.20
3.58
1.97
3.33
0.13
0.20
1,116,018
0.21
1,116,018
0.21
Jersey
2,407,475
0.45
Luxembourg
1,081,877
0.20
1,500,000 DELPHI AUTOMOTIVE 1.50% 10/03/2025
1,000,000 HEATHROW FUNDING LIMITED 1.875% 23/05/2022
1,000,000 GLENCORE FINANCE (EUROPE) SA 1.25%
17/03/2021
100,000 HANNOVER FINANCE (LUXEMBOURG) VAR
30/06/2043
Mexico
1,350,000 AMERICA MOVIL SAB DE CV VAR PERPETUAL
3,650,000 MEXICO 1.625% 06/03/2024
1,650,000 PETROLEOS MEXICANOS SA 1.875% 21/04/2022
450,000
450,000
1,000,000
1,050,000
600,000
850,000
800,000
350,000
500,000
850,000
1,000,000
1,200,000
EUR
% of NaV
100,000
5.16
600,000
2,000,000
300,000
600,000
1,200,000
150,000
300,000
700,000
1,500,000
7,000,000
17,793,000
8,500,000
14,538,000
650,000
1,000,000
Market Value
600,000
27,917,885
Quantity
450,000
% of NaV
600,000
ALLIANZ SE VAR PERPETUAL
BAYER AG VAR PERPETUAL
BAYER AG VAR PERPETUAL
BAYER AG VAR PERPETUAL
BERTELSMANN SE AND CO KGAA VAR PERPETUAL
BERTELSMANN SE AND CO KGAA 1.75% 14/10/2024
CONTINENTAL AG 3.125% 09/09/2020
CRH FINANCE GERMANY GMBH 1.75% 16/07/2021
DEUTSCHE BANK AG FRANKFURT 1.125%
17/03/2025
DEUTSCHE BANK AG FRANKFURT 1.25%
08/09/2021
DEUTSCHE BANK AG FRANKFURT 2.75%
17/02/2025
DEUTSCHE BANK AG FRANKFURT 5.00%
24/06/2020
DEUTSCHE TELEKOM INTL FINANCE 3.25%
17/01/2028
ENBW ENERGIE BADEN-WUERTTEMBER VAR
PERPETUAL
EWE AG 4.125% 04/11/2020
GERMANY BUND 2.00% 04/01/2022
GERMANY BUND 4.75% 04/07/2034
GERMANY BUND 6.25% 04/01/2030
HELLA KGAA HUECK CO 2.375% 24/01/2020
MERCK KGAA VAR PERPETUAL
MUNCHENER RUCKVERSIC VAR 26/05/2041
MUNCHENER RUCKVERSIC VAR 26/05/2042
RWE AG VAR PERPETUAL
TALANX AG 2.50% 23/07/2026
THYSSENKRUPP AG 2.50% 25/02/2025
VIER GAS TRANSPORT GMBH 3.125% 10/07/2023
Market Value
Quantity
300,000
750,000
850,000
900,000
1,300,000
1,300,000
1,100,000
500,000
1,300,000
Germany
EUR
Netherlands
ABN AMRO BANK NV 1.00% 16/04/2025
ABN AMRO BANK NV 2.875% 30/06/2025
ACHMEA B.V. VAR PERPETUAL
ACHMEA HYPOTHEEKBANK NV 1.125% 25/04/2022
ADECCO INT FINL SERVICES BV 1.50% 22/11/2022
AEGON NV 4.00% 25/04/2044
AKZO NOBEL NV 1.75% 07/11/2024
ALLIANDER N.V. VAR PERPETUAL
ALLIANZ FINANCE II BV VAR 08/07/2041
ASML HOLDING NV 3.375% 19/09/2023
COCA COLA HBC FINANCE BV 2.375% 18/06/2020
DEMETER INVESTMENT BV (SWISS LIFE) VAR
PERPETUAL
1,000,000 DEUTSCHE ANNINGTON FINANCE B.V. VAR
PERPETUAL
500,000 DEUTSCHE ANNINGTON FINANCE B.V. 0.875%
30/03/2020
401,000 DEUTSCHE ANNINGTON FINANCE B.V. 1.50%
31/03/2025
1,373,745
1,033,730
966,390
115,487
0.26
0.19
0.18
0.02
6,554,095
1.21
28,772,042
5.32
1,548,950
3,435,088
1,570,057
415,409
453,312
966,160
1,003,821
591,114
858,823
800,544
365,085
585,060
958,562
1,043,630
1,171,860
997,980
491,895
371,835
0.29
0.63
0.29
0.08
0.08
0.18
0.19
0.11
0.16
0.15
0.07
0.11
0.18
0.19
0.22
0.18
0.09
0.07
The accompanying notes form an integral part of these financial statements
67
Bond Euro Aggregate
Securities Portfolio as at 30/06/15
0.11
0.17
0.00
1,328,294
1,343,780
994,146
651,588
779,359
190,282
532,612
826,800
743,808
500,700
771,280
1,379,574
1,791,990
808,000
358,100
311,751
383,611
776,640
0.08
0.25
0.25
0.18
0.12
0.14
0.04
0.10
0.15
0.14
0.09
0.14
0.25
0.32
0.15
0.07
0.06
0.07
0.14
2,034,123
0.38
Norway
4,302,312
0.80
2,000,000 DNB BANK ASA VAR PERPETUAL
650,000 DNB BANK ASA VAR 26/09/2023
850,000 KOMMUNAL LANDSPENSJONSKASSE AS VAR
10/06/2045
1,100,000 STATOIL ASA 1.25% 17/02/2027
Portugal
4,000,000 PARPUBLICA - PARTICIPACOES PUB 3.75%
05/07/2021
9,000,000 PORTUGAL 3.85% 15/04/2021
3,889,000 PORTUGAL 3.875% 15/02/2030
1,300,000 PORTUGAL 4.75% 14/06/2019
6,817,130 PORTUGAL 5.65% 15/02/2024
Slovakia
9,721,168 SLOVAK REPUBLIC 3.375% 15/11/2024
1,000,000 SLOVAK REPUBLIC 3.625% 16/01/2029
The accompanying notes form an integral part of these financial statements
1,387,638
646,485
1,755,879
681,187
834,513
1,030,733
27,897,069
4,122,960
9,887,850
4,104,528
1,471,990
8,309,741
12,771,639
11,546,609
1,225,030
0.26
0.12
0.33
0.13
0.15
0.19
5.16
0.76
1.83
0.76
0.27
1.54
2.36
2.13
0.23
Slovenia
21,867,624
4.04
Spain
76,490,459
14.13
1,178,016
0.22
8,000,000 SLOVENIA 1.50% 25/03/2035
13,045,000 SLOVENIA 4.625% 09/09/2024
300,000
800,000
600,000
600,000
1,200,000
500,000
19,034,000
8,733,000
20,000,000
5,000,000
6,000,000
1,500,000
1,000,000
1,000,000
350,000
350,000
350,000
1,500,000
1,200,000
800,000
700,000
550,000
EUR
% of NaV
598,117
900,162
14,562
414,860
Market Value
0.24
Quantity
% of NaV
EUR
1,296,936
Netherlands Antilles
1,400,000 JAB HOLDING BV 1.50% 24/11/2021
700,000 JAB HOLDING BV 1.625% 30/04/2025
68
Market Value
Quantity
1,200,000 DEUTSCHE ANNINGTON FINANCE B.V. 3.125%
25/07/2019
400,000 DEUTSCHE ANNINGTON FINANCE B.V. 4.625%
PERPETUAL
650,000 ELM BV VAR PERPETUAL
900,000 ENECO HOLDING NV VAR PERPETUAL
15,000 ENEL FINANCE INTERNATIONAL NV 1.966%
27/01/2025
1,100,000 ENEL FINANCE INTERNATIONAL NV 4.875%
17/04/2023
1,500,000 FIAT CHRYSLER AUTOMOBILES N.V. 4.50%
15/04/2020
1,000,000 GAS NATURAL FENOSA FINANCE BV VAR
PERPETUAL
700,000 GAS NATURAL FENOSA FINANCE BV 1.375%
21/01/2025
700,000 GAS NATURAL FENOSA FINANCE BV 3.50%
15/04/2021
200,000 IBERDROLA INTERNATIONAL BV 1.125% 27/01/2023
600,000 ING GROEP NV VAR PERPETUAL
800,000 ING VERZEKERINGEN NV VAR 08/04/2044
800,000 KONINKLIJKE DSM NV 1.00% 09/04/2025
400,000 NETHERLANDS 2.75% 15/01/2047
800,000 NN GROUP N.V 1.00% 18/03/2022
1,400,000 NOMURA HOLDINGS INC 1.50% 12/05/2021
1,800,000 RABOBANK (INTERNATIONAL) NV VAR 26/05/2026
800,000 RABOBANK NEDERLAND VAR PERPETUAL
400,000 SYNGENTA FINANCE NV 1.25% 10/09/2027
300,000 URENCO FINANCE NV 2.50% 15/02/2021
350,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
750,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
ABERTIS INFRAESTRUCT 2.50% 27/02/2025
ABERTIS INFRAESTRUCT 3.75% 20/06/2023
ENAGAS FINANCIONES SAU 1.25% 06/02/2025
INMOBILIARIA COLONIAL NUEVAS 1.863%
05/06/2019
SANTANDER CONSUMER FINANCE 0.90%
18/02/2020
SANTANDER ISSUANCES SA 2.50% 18/03/2025
SPAIN 4.40% 31/10/2023
SPAIN 4.70% 30/07/2041
SPAIN 4.85% 31/10/2020
SPAIN 5.15% 31/10/2044
SPAIN 5.50% 30/04/2021
TELEFONICA SA 4.71% 20/01/2020
Sweden
ALFA LAVAL AB 1.375% 12/09/2022
MOLNLYCKE HOLDING AB 1.50% 28/02/2022
NORDEA BANK AB VAR PERPETUAL
NORDEA BANK AB 1.125% 12/02/2025
SVENSKA CELLULOSA AB 2.50% 09/06/2023
SVENSKA HANDELSBANKEN AB VAR 15/01/2024
SVENSKA KULLAGERFABR 2.375% 29/10/2020
SWEDBANK AB VAR PERPETUAL
SWEDBANK AB 1.00% 01/06/2022
VOLVO TREASURY AB VAR PERPETUAL
Switzerland
1,200,000 CREDIT SUISSE VAR 18/09/2025
300,000 UBS GROUP INC VAR PERPETUAL
500,000 UBS GROUP INC VAR PERPETUAL
United Kingdom
550,000 ABBEY NATIONAL TREASURY SERVICES 1.125%
10/03/2025
750,000 ABBEY NATIONAL TREASURY SERVICES 1.125%
14/01/2022
100,000 ANGLO AMERICAN CAPITAL PLC 2.50% 29/04/2021
600,000 AON PLC 2.875% 14/05/2026
950,000 AVIVA PLC VAR 04/12/2045
1,000,000 BARCLAYS BANK PLC LONDON 1.50% 01/04/2022
550,000 BARCLAYS BANK PLC LONDON 6.00% 14/01/2021
450,000 BARCLAYS BANK PLC LONDON 6.625% 30/03/2022
450,000 BG ENERGY CAPITAL PLC 1.25% 21/11/2022
1,350,000 BP CAPITAL MARKETS PLC 1.109% 16/02/2023
1,300,000 BRITISH SKY BROADCASTING LTD 1.875%
24/11/2023
750,000 COVENTRY BUILDING SOCIETY 2.50% 18/11/2020
700,000 CREDIT AGRICOLE SA LONDON BRANCH 2.375%
20/05/2024
6,305,200
15,562,424
307,290
910,312
549,324
594,000
468,480
22,336,779
10,864,288
23,558,000
6,667,150
7,324,080
1,732,740
7,792,428
998,630
1,001,990
311,852
330,460
377,437
1,559,460
1,272,768
707,248
681,758
550,825
2,107,926
1,335,180
304,446
468,300
32,800,126
505,230
730,215
102,505
628,500
899,127
979,760
653,274
559,098
445,176
1,309,513
1,287,741
797,122
724,003
1.17
2.87
0.06
0.17
0.10
0.11
0.09
4.13
2.01
4.34
1.23
1.35
0.32
1.44
0.18
0.19
0.06
0.06
0.07
0.28
0.24
0.13
0.13
0.10
0.39
0.24
0.06
0.09
6.06
0.09
0.13
0.02
0.12
0.17
0.18
0.12
0.10
0.08
0.24
0.24
0.15
0.13
Bond Euro Aggregate
Securities Portfolio as at 30/06/15
693,589
0.13
1,062,020
1,499,696
1,058,880
662,137
1,243,428
988,704
1,541,925
523,342
699,006
661,109
1,100,440
1,276,776
1,105,210
40,993,843
761,312
444,038
719,089
321,561
697,564
1,298,094
1,537,680
106,295
1,114,675
373,428
139,814
298,233
1,159,800
343,308
411,684
827,441
1,381,660
1,033,116
951,590
196,080
878,352
549,928
426,800
762,108
0.20
0.28
0.20
0.12
0.23
0.18
0.29
0.10
0.13
0.12
0.20
0.24
0.20
7.58
0.14
0.08
0.13
0.06
0.13
0.24
0.27
0.02
0.21
0.07
0.03
0.06
0.21
0.06
0.08
0.15
0.25
0.19
0.18
0.04
0.16
0.10
0.08
0.14
1,050,000
1,100,000
150,000
750,000
600,000
800,000
1,100,000
750,000
1,300,000
1,500,000
900,000
1,000,000
800,000
150,000
1,200,000
1,200,000
1,100,000
1,100,000
1,000,000
750,000
1,100,000
400,000
500,000
1,600,000
300,000
500,000
1,100,000
400,000
300,000
ILLINOIS TOOL WORKS INC 1.25% 22/05/2023
JEFFERIES GROUP INC 2.375% 20/05/2020
JP MORGAN CHASE AND CO 1.375% 16/09/2021
JP MORGAN CHASE AND CO 1.50% 27/01/2025
JP MORGAN CHASE AND CO 2.625% 23/04/2021
KELLOGG CO 1.25% 10/03/2025
KINDER MORGAN INC 1.50% 16/03/2022
MOHAWAK 2.00% 14/01/2022
MONDELEZ INTERNATIONAL 2.375% 26/01/2021
MOODY’S CORP 1.75% 09/03/2027
MORGAN STANLEY 1.75% 30/01/2025
MORGAN STANLEY 1.875% 30/03/2023
MORGAN STANLEY 2.375% 31/03/2021
PRICELINE COM INC 1.80% 03/03/2027
PRICELINE COM INC 2.375% 23/09/2024
PROLOGIS 1.375% 13/05/2021
PROLOGIS 3.375% 20/02/2024
REED ELSEVIER CAPITAL PLC 1.30% 12/05/2025
SIMON PROPERTY GROUP LP 2.375% 02/10/2020
UNITED TECHNOLOGIES CORP 1.25% 22/05/2023
VERIZON COMMUNICATIONS INC 1.625%
01/03/2024
VERIZON COMMUNICATIONS INC 2.375%
17/02/2022
VERIZON COMMUNICATIONS INC 3.25% 17/02/2026
WALGREEN BOOTS ALLIANCE INC 2.125%
20/11/2026
WELLS FARGO AND CO 1.125% 29/10/2021
WELLS FARGO AND CO 1.625% 02/06/2025
WHIRLPOOL CORP 0.625% 12/03/2020
WP CAREY AND CO LLC 2.00% 20/01/2023
WP CAREY AND CO LLC 4.60% 01/04/2024
Convertible bonds
Belgium
1,019,298
1,075,536
150,248
720,135
645,468
745,504
1,060,708
753,390
1,369,550
1,407,090
865,179
1,001,730
841,120
132,786
1,181,232
1,171,524
1,188,374
1,029,435
1,064,890
730,507
1,074,722
0.19
0.20
0.03
0.13
0.12
0.14
0.20
0.14
0.25
0.25
0.16
0.19
0.16
0.02
0.22
0.22
0.22
0.19
0.20
0.14
0.20
551,850
1,545,216
0.10
0.28
422,368
297,768
486,835
1,068,507
389,228
269,995
23,848,557
0.08
0.06
0.09
0.20
0.07
0.05
4.41
1,642,537
0.30
France
2,975,649
0.55
Germany
5,264,575
700,000 BEKAERT SA 0.75% 18/06/2018 CV
4,235 COFINIMMO SA 2.00% 20/06/2018 CV
400,000 SAGERPAR 0.375% 09/10/2018 CV
3,300
13,131
10,596
36,382
300,000
EUR
% of NaV
United States of America
0.10
0.12
0.13
0.19
0.19
0.20
0.02
0.08
0.12
0.27
0.19
0.06
Market Value
AT& T INC 1.30% 05/09/2023
AT& T INC 1.45% 01/06/2022
AT& T INC 2.40% 15/03/2024
AT& T INC 2.65% 17/12/2021
BANK OF AMERICA CORP 1.375% 10/09/2021
BANK OF AMERICA CORP 1.375% 26/03/2025
BANK OF AMERICA CORP 2.375% 19/06/2024
BANK OF AMERICA CORP 2.50% 27/07/2020
BERKSHIRE HATHAWAY I 1.125% 16/03/2027
BLACKROCK INC 1.25% 06/05/2025
BRISTOL MYERS SQUIBB CO 1.00% 15/05/2025
CITIGROUP INC 1.375% 27/10/2021
CITIGROUP INC 1.75% 28/01/2025
CITIGROUP INC 2.125% 10/09/2026
CITIGROUP INC 2.375% 22/05/2024
ELI LILLY AND CO 1.625% 02/06/2026
EXPEDIA INC 2.50% 03/06/2022
GENERAL ELECTRIC CO 1.25% 26/05/2023
GENERAL MILLS INC 1.00% 27/04/2023
GOLDMAN SACHS GROUP INC 1.375% 26/07/2022
GOLDMAN SACHS GROUP INC 3.25% 01/02/2023
GOLDMAN SACHS GROUP 2.125% 30/09/2024
GOLDMAN SACHS GROUP 2.625% 19/08/2020
GOLDMAN SACHS GROUP 3.625% 22/01/2023
650,000
545,760
666,445
718,455
1,025,020
1,014,260
1,068,225
100,180
440,820
665,462
1,436,280
1,030,440
351,253
Quantity
800,000
450,000
700,000
300,000
700,000
1,400,000
1,500,000
100,000
1,250,000
400,000
150,000
300,000
1,200,000
350,000
400,000
850,000
1,400,000
1,050,000
1,000,000
200,000
800,000
550,000
400,000
850,000
1,000,000
1,600,000
1,000,000
700,000
1,200,000
900,000
1,500,000
550,000
EUR
% of NaV
700,000
650,000
1,100,000
1,200,000
1,000,000
CREDIT SUISSE LONDON 1.375% 31/01/2022
DIAGEO FINANCE PLC 2.375% 20/05/2026
FCE BANK PLC 1.134% 10/02/2022
FCE BANK PLC 1.875% 18/04/2019
FCE BANK PLC 1.875% 24/06/2021
HAMMERSON PLC 2.75% 26/09/2019
HSBC HOLDINGS PLC VAR PERPETUAL
LLOYDS BANK P.L.C 1.00% 19/11/2021
LLOYDS BANK P.L.C 1.25% 13/01/2025
LLOYDS TSB BANK PLC 6.50% 24/03/2020
MORRISON SUPERMAR PLC 2.25% 19/06/2020
MOTABILITY OPERATIONS GROUP 1.625%
09/06/2023
NATIONWIDE BUILDING SOCIETY VAR 20/03/2023
NATIONWIDE BUILDING SOCIETY 1.25% 03/03/2025
NGG FINANCE PLC VAR PERPETUAL
PEARSON FUNDING FIVE PLC 1.375% 06/05/2025
PEARSON FUNDING FIVE PLC 1.875% 19/05/2021
RENTOKIL INITIAL PLC 3.375% 24/09/2019
ROYAL MAIL PLC 2.375% 29/07/2024
SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
SCOTTISH AND SOUTHERN ENERGY PLC 2.375%
10/02/2022
SKY PLC 1.50% 15/09/2021
STANDARD CHARTERED PLC 1.625% 13/06/2021
UBS AG LONDON BRANCH 1.125% 30/06/2020
UBS AG VAR 12/02/2026
WPP FINANCE SA 3.00% 20/11/2023
Market Value
Quantity
550,000
650,000
750,000
1,000,000
1,000,000
1,000,000
100,000
450,000
700,000
1,200,000
1,000,000
350,000
CGG ACT 1.25% 01/01/2019 CV
CREDIT AGRICOLE SA 0% 06/12/2016 CV
FONCIERE DES REGIONS 3.34% 01/01/2017 CV
MAUREL ET PROM NIGERIA 1.625% 01/07/2019 CV
ORPAR 0% 15/07/2019 CV
600,000 DEUTSCHE WOHNEN AG 0.50% 22/11/2020 CV
1,100,000 FRESENIUS MEDICAL CA 1.125% 31/01/2020 CV
700,000 HANIEL FINANCE DEUTSCHLAND GMBH 0%
12/05/2020 CV
1,900,000 RAG STIFTUNG 0% 18/02/2021 CV
200,000 RAG STIFTUNG 0% 31/12/2018 CV
689,945
507,924
444,668
92,041
987,359
1,048,101
543,645
304,503
780,798
1,327,172
724,017
2,203,468
229,120
0.13
0.09
0.08
0.02
0.18
0.19
0.10
0.06
0.98
0.14
0.25
0.13
0.42
0.04
The accompanying notes form an integral part of these financial statements
69
Bond Euro Aggregate
Securities Portfolio as at 30/06/15
Mexico
2,564,300
Netherlands
1,000,000 WERELDHAVE NV 1.00% 22/05/2019 CV
Portugal
600,000 AMORIM ENERGIA BV 3.375% 03/06/2018 CV
Spain
1,000,000 CAJA DE AHORROS BARCELONA 1.00% 25/11/2017
CV
Sweden
4,000,000 INDUSTRIVARDEN AB 0% 15/05/2019 CV
United Arab Emirates
1,300,000 AABAR INVESTMENTS P.J.S.C 0.50% 27/03/2020 CV
1,300,000 AABAR INVESTMENTS P.J.S.C 1.00% 27/03/2022 CV
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
0.1 AMUNDI TRESO COURT TERME PART I C
0.01 AMUNDI TRESO EONIA ISR I C
0.001 AMUNDI TRESO 3 MOIS I C
Luxembourg
AMUNDI FUNDS ABSOLUTE HIGH YIELD OE C
AMUNDI FUNDS CONVERTIBLE EUROPE OE C
AMUNDI FUNDS BOND EMERGING INFLATION OU C
AMUNDI FUNDS BOND EURO HIGH YIELD SHORT
TERM OE C
6,205 AMUNDI FUNDS SICAV - BOND EURO HIGH YIELD
I4 C
30,000 AMUNDI SICAV SMART JAPAN EQUITIES IJ C
Derivative instruments
Options
Germany
350 DJ EURO STOXX 50 EUR - 3,400 - 18.09.15 PUT
250 EURO BUND FUTURE - 153.00 - 24.07.15 CALL
The accompanying notes form an integral part of these financial statements
1,080,030
2,564,300
1,043,020
1,043,020
623,502
623,502
1,106,430
1,106,430
0.07
Derivative instruments
0.53
Options
0.21
0.05
0.16
0.20
0.47
0.47
0.19
0.19
0.12
0.12
0.20
0.20
0.09
2,728,466
0.50
1,362,959
1,365,507
48,676,582
48,676,582
5,147
1,887
2,200
1,060
48,671,435
3,383,822
16,704,711
7,705,013
11,495,135
0.09
0.25
0.25
9.00
9.00
0.00
0.00
0.00
0.00
9.00
0.63
3.09
1.42
2.12
6,316,454
1.17
624,350
0.12
3,066,300
624,350
624,350
539,350
85,000
-100 DJ EURO STOXX 50 EUR - 2,900 - 18.09.15 PUT
-175 DJ EURO STOXX 50 EUR - 3,150 - 18.09.15 PUT
0.20 Total securities portfolio
485,803
485,803
Germany
0.57
0.12
0.12
0.10
0.02
EUR
% of NaV
840,161
1,080,030
2,500,000 AMERICA MOVIL SAB DE CV 0% 28/05/2020 CV
70
275,537
Luxembourg
1,000,000 GBL VERWALTUNG SA 1.25% 07/02/2017 CV
3,369
15,093
9,400
10,877
1,115,698
0.60 Short positions
Market Value
200,000 BALFOUR BEATTY FINANCE 2 LTD 1.875%
03/12/2018 CV
600,000 BRITISH LAND (WHITE) 2015 0% 09/06/2020 CV
352,470
2,866,077
Quantity
Jersey
3,218,547
% of NaV
300,000 BENI STABILI SPA 2.625% 17/04/2019 CV
2,700,000 TELECOM ITALIA SPA 1.125% 26/03/2022 CV
Market Value
Quantity
Italy
EUR
-167,875
-0.03
-167,875
-0.03
-167,875
-0.03
-167,875
-34,700
-133,175
536,435,251
-0.03
-0.01
-0.02
99.16
Bond Euro Corporate
Securities Portfolio as at 30/06/15
Austria
3,700,000 VIENNA INSURANCE GROUP VAR 09/10/2043
Belgium
4,000,000 AHNEUSER-BUSH INBEV 2.70% 31/03/2026
Brazil
2,145,000 BRF SA 2.75% 03/06/2022
Cayman Islands
3,600,000 HUTCHISON WHAMPOA FINANCE (CI) 1.375%
31/10/2021
1,750,000
4,300,000
6,100,000
10,400,000
1,950,000
3,700,000
2,800,000
7,000,000
2,912,670
0.30
933,148,116
2,912,670
3,960,184
3,960,184
4,231,560
4,231,560
2,096,995
2,096,995
3,597,804
3,597,804
96.58
0.30
0.41
0.41
0.44
0.44
0.22
0.22
0.37
0.37
4,731,050
0.49
Denmark
16,450,297
1.70
DANSKE BANK AS VAR 04/10/2023
DANSKE BANK AS VAR 19/05/2026
DONG ENERGY AS VAR 08/07/3013
ISS GLOBAL AS 1.125% 09/01/2020
TDC AS 1.75% 27/02/2027
Finland
1,900,000 SAMPO OYJ 1.50% 16/09/2021
3,100,000
4,000,000
2,000,000
4,700,000
5,000,000
1,600,000
3,000,000
1,600,000
96.58
Curacao
5,000,000 TEVA PHARMACEUTICAL FINANCE II BV 1.25%
31/03/2023
3,500,000
1,450,000
4,500,000
4,050,000
2,600,000
933,148,116
France
ACCOR SA VAR PERPETUAL
ACCOR SA 2.625% 05/02/2021
ALSTOM 3.00% 08/07/2019
ARKEMA SA VAR PERPETUAL
ARKEMA SA 1.50% 20/01/2025
AXA SA VAR PERPETUAL
AXA SA VAR 16/04/2040
BANQUE FEDERATIVE DU CREDIT MUTUEL 3.00%
21/05/2024
BFCM BANQUE FEDERATIVE DU CREDIT MUTUEL
4.00% 22/10/2020
BNP PARIBAS ASSET MANAGEMENT 2.375%
17/02/2025
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR 14/10/2027
BNP PARIBAS VAR 20/03/2026
BPCE 4.625% 18/07/2023
CAP GEMINI 1.75% 01/07/2020
4,731,050
3,756,935
1,490,499
4,769,145
4,044,370
2,389,348
1,913,471
1,913,471
205,112,193
3,090,700
4,225,280
2,121,900
4,788,378
4,774,000
1,589,696
3,363,000
1,629,600
1,969,240
4,052,406
5,880,339
10,438,168
1,917,611
3,754,205
3,172,764
7,053,060
0.49
0.39
0.15
0.49
0.42
0.25
0.20
0.20
21.23
0.32
0.44
0.22
0.50
0.49
0.16
0.35
0.17
0.20
0.42
0.61
1.09
0.20
0.39
0.33
0.73
5,600,000 CASINO GUICHARD PERRACHON 2.798%
05/08/2026
1,600,000 CNP ASSURANCES VAR PERPETUAL
2,000,000 CREDIT AGRICOLE SA VAR PERPETUAL
5,600,000 CREDIT AGRICOLE SA 2.625% 17/03/2027
3,000,000 CREDIT AGRICOLE SA 5.971% 01/02/2018
3,900,000 DANONE 1.125% 14/01/2025
2,600,000 EDENRED 1.375% 10/03/2025
2,500,000 EDF ELECTRICITE DE FRANCE VAR PERPETUAL
3,700,000 EDF VAR PERPETUAL
3,000,000 EUTELSAT 2.625% 13/01/2020
4,600,000 FONCIERE DES REGIONS 1.75% 10/09/2021
100,000 GDF SUEZ VAR PERPETUAL
3,200,000 GECINA 2.00% 17/06/2024
4,500,000 ICADE EMGP 2.25% 16/04/2021
4,200,000 INFRA FOCH 1.25% 16/10/2020
5,000,000 KERING FINANCE 0.875% 28/03/2022
3,500,000 KLEPIERRE 1.00% 17/04/2023
2,650,000 ORANGE VAR PERPETUAL
4,350,000 ORANGE VAR PERPETUAL
3,000,000 PUBLICIS GROUPE SA 1.125% 16/12/2021
3,500,000 RENAULT CREDIT INTERNATIONAL BANQUE
0.625% 04/03/2020
6,150,000 RENAULT CREDIT INTERNATIONAL BANQUE 1.25%
08/06/2022
3,550,000 RENAULT CREDIT INTERNATIONAL BANQUE 2.25%
29/03/2021
4,600,000 REXEL SA 3.25% 15/06/2022
2,000,000 SCHNEIDER ELECTRIC S 0.875% 11/03/2025
2,300,000 SOCIETE GENERALE VAR 16/09/2026
1,800,000 SOCIETE GENERALE 2.625% 27/02/2025
2,900,000 SOGECAP CONVERTIBLE VAR 29/12/2049
8,500,000 SOLVAY FINANCE VAR PERPETUAL
800,000 SUEZ ENVIRONNEMENT VAR PERPETUAL
4,700,000 SUEZ ENVIRONNEMENT VAR PERPETUAL
6,000,000 TOTAL CAPITAL INTERNATIONAL SA VAR
PERPETUAL
3,950,000 TOTAL FINA ELF CAPITAL VAR PERPETUAL
3,000,000 UNIBAIL RODAMCO 1.00% 14/03/2025
4,800,000 VALEO 3.25% 22/01/2024
2,800,000 VEOLIA ENVIRONNEMENT 1.59% 10/01/2028
4,900,000 WENDEL 2.50% 09/02/2027
1,000,000 WENDEL 2.75% 02/10/2024
1,500,000 WENDEL 5.875% 17/09/2019
4,700,000 WPP FINANCE SA 2.25% 22/09/2026
600,000
1,000,000
3,150,000
5,350,000
5,400,000
5,200,000
4,000,000
4,450,000
Germany
ALLIANZ SE VAR PERPETUAL
BAYER AG VAR PERPETUAL
BAYER AG VAR PERPETUAL
BAYER AG VAR PERPETUAL
BERTELSMANN SE AND CO KGAA VAR PERPETUAL
BERTELSMANN SE AND CO KGAA VAR PERPETUAL
BERTELSMANN SE AND CO KGAA 1.75% 14/10/2024
CRH FINANCE GERMANY GMBH 1.75% 16/07/2021
EUR
% of NaV
3,000,000 MACQUARIE BANK 1.125% 20/01/2022
99.05
Market Value
Australia
957,048,375
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
5,604,816
0.58
5,966,976
0.62
1,565,152
1,963,800
5,134,584
3,376,530
3,670,095
2,430,818
2,614,400
3,805,635
3,188,310
4,562,924
101,981
3,142,080
4,679,595
4,190,928
4,801,500
3,331,090
2,754,543
4,436,347
2,962,530
3,405,465
3,710,566
4,505,700
1,852,740
2,250,343
1,683,036
2,741,631
9,168,355
805,576
4,476,985
5,820,360
3,684,323
2,763,120
5,343,744
2,583,280
4,711,987
1,016,820
1,769,175
4,714,006
63,287,436
647,964
1,008,870
3,196,116
5,099,459
5,186,052
4,761,016
3,973,920
4,493,388
0.16
0.20
0.53
0.35
0.38
0.25
0.27
0.39
0.33
0.47
0.01
0.33
0.48
0.43
0.50
0.34
0.29
0.46
0.31
0.35
0.38
0.47
0.19
0.23
0.17
0.28
0.96
0.08
0.46
0.60
0.38
0.29
0.55
0.27
0.49
0.11
0.18
0.49
6.55
0.07
0.10
0.33
0.53
0.54
0.49
0.41
0.47
The accompanying notes form an integral part of these financial statements
71
Bond Euro Corporate
Securities Portfolio as at 30/06/15
Italy
AEM SPA 4.375% 10/01/2021
ASSICURAZIONI GENERA VAR 10/07/2042
ASSICURAZIONI GENERA VAR 12/12/2042
ENI SPA 1.50% 02/02/2026
EXOR SPA 2.50% 08/10/2024
HERA SPA 2.375% 04/07/2024
INTESA SANPAOLO SPA 1.125% 04/03/2022
INTESA SANPAOLO SPA 1.125% 14/01/2020
INTESA SANPAOLO SPA 3.50% 17/01/2022
INTESA SANPAOLO SPA 4.00% 30/10/2023
INTESA SANPAOLO SPA 6.625% 13/09/2023
UNICREDIT SPA 3.25% 14/01/2021
UNICREDIT SPA 3.625% 24/01/2019
Japan
2,650,000 BANK OF TOKYO MITSUBISHI LTD 0.875%
11/03/2022
1,200,000 HANNOVER FINANCE (LUXEMBOURG) VAR
30/06/2043
1,711,020
0.18
4,800,000 AMERICA MOVIL SAB DE CV VAR PERPETUAL
5,000,000 PETROLEOS MEXICANOS SA 1.875% 21/04/2022
1,884,580
2,721,868
4,661,222
2,984,800
2,212,090
3,844,488
1,977,178
3,131,610
2,596,830
2,241,280
6,636,770
6,636,770
25,398,692
5,346,688
987,270
5,538,462
4,760,586
2,156,140
1,476,463
5,133,083
48,700,827
2,913,936
4,379,199
2,155,500
3,771,240
5,362,500
2,187,625
3,574,166
4,986,015
3,586,143
1,514,700
3,564,003
5,325,150
5,380,650
2,571,693
2,571,693
0.20
0.28
0.48
0.31
0.23
0.40
0.20
0.32
0.27
0.23
0.69
0.69
2.63
0.56
0.10
0.58
0.49
0.22
0.15
0.53
5.04
0.30
0.45
0.22
0.39
0.55
0.23
0.37
0.52
0.37
0.16
0.37
0.55
0.56
0.27
0.27
Jersey
6,555,027
0.68
Luxembourg
6,217,794
0.64
4,900,000 DELPHI AUTOMOTIVE 1.50% 10/03/2025
2,000,000 HEATHROW FUNDING LIMITED 1.875% 23/05/2022
5,000,000 GLENCORE FINANCE (EUROPE) SA 1.25%
17/03/2021
The accompanying notes form an integral part of these financial statements
72
0.51
4,487,567
2,067,460
4,831,950
0.47
0.21
0.50
Mexico
2,550,000
2,300,000
4,750,000
2,000,000
1,500,000
2,000,000
3,050,000
2,800,000
3,000,000
5,000,000
1,500,000
5,976,000
5,100,000
2,950,000
1,041,000
1,700,000
4,000,000
3,500,000
2,700,000
5,750,000
6,000,000
5,000,000
3,700,000
4,050,000
3,000,000
5,000,000
5,000,000
4,450,000
3,500,000
4,950,000
6,000,000
3,750,000
4,350,000
2,600,000
75,000
1,500,000
Netherlands
ABN AMRO BANK NV 2.875% 30/06/2025
ACHMEA B.V. VAR PERPETUAL
ACHMEA HYPOTHEEKBANK NV 1.125% 25/04/2022
ADECCO INT FINL SERVICES BV 1.50% 22/11/2022
AEGON NV 4.00% 25/04/2044
AKZO NOBEL NV 1.75% 07/11/2024
ALLIANDER N.V. VAR PERPETUAL
ALLIANZ FINANCE II BV VAR 08/07/2041
ASML HOLDING NV 3.375% 19/09/2023
COCA COLA HBC FINANCE BV 2.375% 18/06/2020
DELTA LLOYD LEVENSVERZEKERING VAR
29/08/2042
DEMETER INVESTMENT BV (SWISS LIFE) VAR
PERPETUAL
DEUTSCHE ANNINGTON FINANCE B.V. VAR
PERPETUAL
DEUTSCHE ANNINGTON FINANCE B.V. 0.875%
30/03/2020
DEUTSCHE ANNINGTON FINANCE B.V. 1.50%
31/03/2025
DEUTSCHE ANNINGTON FINANCE B.V. 4.625%
PERPETUAL
EDP FINANCE BV 2.625% 18/01/2022
ELM BV VAR PERPETUAL
ENBW INTERNATIONAL FINANCE BV 6.125%
07/07/2039
ENECO HOLDING NV VAR PERPETUAL
ENEL FINANCE INTERNATIONAL NV 4.875%
17/04/2023
GAS NATURAL FENOSA FINANCE BV VAR
PERPETUAL
GAS NATURAL FENOSA FINANCE BV 1.375%
21/01/2025
GENERALI FINANCE BV VAR PERPETUAL
IBERDROLA INTERNATIONAL BV 1.125% 27/01/2023
ING BANK NV VAR 21/11/2023
ING GROEP NV VAR PERPETUAL
ING VERZEKERINGEN NV VAR 08/04/2044
KONINKLIJKE DSM NV 1.00% 09/04/2025
NN GROUP N.V 1.00% 18/03/2022
NOMURA HOLDINGS INC 1.50% 12/05/2021
RABOBANK (INTERNATIONAL) NV VAR 26/05/2026
RABOBANK NEDERLAND VAR PERPETUAL
URENCO FINANCE NV 2.50% 15/02/2021
VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
EUR
% of NaV
2,550,000
3,300,000
1,800,000
4,000,000
5,500,000
2,150,000
3,800,000
5,100,000
3,300,000
1,350,000
3,000,000
5,000,000
5,000,000
AQUARIUS + INVESTMENTS PLC VAR 02/10/2043
CLOVERLIE PLC 1.75% 16/09/2024
FCA CAPITAL IRELAND PLC 1.375% 17/04/2020
FGA CAPITAL IRELAND PLC 2.625% 17/04/2019
FGA CAPITAL IRELAND PLC 4.00% 17/10/2018
RYANAIR HOLDINGS PLC 1.875% 17/06/2021
RYANAIR LIMITED 1.125% 10/03/2023
4,953,685
Market Value
4,850,000
1,000,000
5,700,000
4,600,000
2,000,000
1,450,000
5,450,000
Ireland
Quantity
7,000,000 CREDIT SUISSE GROUP FUNDING 1.25% 14/04/2022
EUR
% of NaV
Guernsey
Market Value
Quantity
5,500,000 DEUTSCHE BANK AG FRANKFURT 1.125%
17/03/2025
2,000,000 DEUTSCHE BANK AG FRANKFURT 2.75%
17/02/2025
1,500,000 DEUTSCHE BANK AG FRANKFURT 5.00%
24/06/2020
2,750,000 ENBW ENERGIE BADEN-WUERTTEMBER VAR
PERPETUAL
4,750,000 MERCK KGAA VAR PERPETUAL
2,500,000 MUNCHENER RUCKVERSIC VAR 26/05/2041
1,500,000 RWE AG VAR PERPETUAL
4,100,000 RWE AG VAR PERPETUAL
2,015,000 SAP SE 1.75% 22/02/2027
3,000,000 TALANX AG 2.50% 23/07/2026
2,767,000 THYSSENKRUPP AG 2.50% 25/02/2025
2,000,000 VIER GAS TRANSPORT GMBH 3.125% 10/07/2023
1,385,844
0.14
10,265,126
1.06
128,408,720
13.29
5,835,862
0.60
5,507,376
4,757,750
2,568,768
2,222,168
4,541,095
1,970,380
1,515,570
2,001,360
3,181,455
3,276,336
3,383,160
5,218,150
1,832,640
5,089,698
0.57
0.49
0.27
0.23
0.47
0.20
0.16
0.21
0.33
0.34
0.35
0.54
0.19
0.53
2,902,181
0.30
1,763,155
0.18
965,288
0.10
4,021,400
3,220,630
4,053,456
0.42
0.33
0.42
4,970,730
0.51
5,751,035
7,245,240
0.60
0.74
3,444,108
0.36
1,553,280
0.16
3,862,068
2,854,230
5,288,250
4,438,431
4,599,075
3,254,160
4,772,295
5,912,460
3,733,313
4,393,500
2,701,842
71,951
0.40
0.30
0.55
0.46
0.48
0.34
0.49
0.60
0.39
0.45
0.28
0.01
Bond Euro Corporate
Securities Portfolio as at 30/06/15
1.57
Spain
24,047,895
ABERTIS INFRAESTRUCT 2.50% 27/02/2025
ABERTIS INFRAESTRUCT 3.75% 20/06/2023
ENAGAS FINANCIONES SAU 1.25% 06/02/2025
INMOBILIARIA COLONIAL NUEVAS 1.863%
05/06/2019
4,000,000 SANTANDER CONSUMER FINANCE 0.90%
18/02/2020
3,200,000 SANTANDER ISSUANCES SA 2.50% 18/03/2025
4,500,000 TELEFONICA EMISIONES SAU 5.462% 16/02/2021
Sweden
MOLNLYCKE HOLDING AB 1.50% 28/02/2022
NORDEA BANK AB VAR PERPETUAL
SVENSKA HANDELSBANKEN AB VAR PERPETUAL
SVENSKA HANDELSBANKEN AB VAR 15/01/2024
SWEDBANK AB VAR PERPETUAL
TELIASONERA AB 1.625% 23/02/2035
VOLVO TREASURY AB VAR PERPETUAL
Switzerland
5,100,000 CREDIT SUISSE VAR 18/09/2025
1,504,000 UBS GROUP INC VAR PERPETUAL
3,200,000 UBS GROUP INC VAR PERPETUAL
United Kingdom
2,550,000 ABBEY NATIONAL TREASURY SERVICES 1.125%
14/01/2022
2,000,000 ABBEY NATIONAL TREASURY SERVICES 2.375%
16/03/2020
1,100,000 ANGLO AMERICAN CAPITAL PLC 2.50% 29/04/2021
3,000,000 AON PLC 2.875% 14/05/2026
5,000,000 AVIVA PLC VAR 04/12/2045
4,000,000 BARCLAYS BANK PLC LONDON 1.50% 01/04/2022
1,600,000 BARCLAYS BANK PLC LONDON 6.00% 14/01/2021
2,200,000 BARCLAYS BANK PLC LONDON 6.625% 30/03/2022
2,000,000 BP CAPITAL MARKETS PLC 2.315% 13/02/2020
4,200,000 BRITISH SKY BROADCASTING LTD 1.875%
24/11/2023
2,000,000 COVENTRY BUILDING SOCIETY 2.50% 18/11/2020
2,500,000 CREDIT AGRICOLE SA LONDON BRANCH 2.375%
20/05/2024
5,000,000 DEUTSCHE BANK AG LONDON 3.70% 30/05/2024
3,550,000 DIAGEO FINANCE PLC 2.375% 20/05/2026
7,023,515
2,829,546
2,503,539
2,811,090
2,048,600
3,641,248
3,295,944
3,663,000
3,926,720
2,998,272
4,474,111
25,525,188
2,003,980
1,603,813
5,923,787
5,666,038
3,536,241
3,236,004
3,555,325
10,197,925
5,674,515
1,526,289
2,997,121
0.73
0.29
0.26
0.29
2.49
0.21
0.38
0.34
0.38
0.41
0.31
0.46
2.64
0.21
0.17
0.60
0.59
0.37
0.33
0.37
1.06
0.59
0.16
0.31
119,466,872
12.36
1,790,002
0.19
2,482,731
1,127,555
3,142,500
4,732,250
3,919,040
1,900,432
2,733,368
1,791,510
4,160,394
2,125,660
2,585,725
4,427,615
3,639,815
0.26
0.12
0.33
0.49
0.41
0.20
0.28
0.19
0.43
0.22
0.27
0.46
0.38
6,500,000
3,050,000
3,000,000
FCE BANK PLC 1.134% 10/02/2022
FCE BANK PLC 1.875% 24/06/2021
HAMMERSON PLC 2.75% 26/09/2019
HSBC HOLDINGS PLC VAR PERPETUAL
IMPERIAL TOBACCO FINANCE PLC 3.375%
26/02/2026
LLOYDS BANK P.L.C 1.25% 13/01/2025
LLOYDS TSB BANK PLC 6.50% 24/03/2020
MORRISON SUPERMAR PLC 2.25% 19/06/2020
MOTABILITY OPERATIONS GROUP 1.625%
09/06/2023
NATIONWIDE BUILDING SOCIETY VAR 20/03/2023
NATIONWIDE BUILDING SOCIETY 1.25% 03/03/2025
NATIONWIDE BUILDING SOCIETY 2.35% 21/01/2020
NGG FINANCE PLC VAR PERPETUAL
PEARSON FUNDING FIVE PLC 1.375% 06/05/2025
PEARSON FUNDING FIVE PLC 1.875% 19/05/2021
ROYAL MAIL PLC 2.375% 29/07/2024
SANTANDER UK PLC VAR PERPETUAL
SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
SCOTTISH AND SOUTHERN ENERGY PLC 2.375%
10/02/2022
SKY PLC 1.50% 15/09/2021
THE ROYAL BANK OF SCOTLAND GROUP PLC
1.625% 25/06/2019
UBS AG LONDON BRANCH 1.125% 30/06/2020
UBS AG VAR 12/02/2026
WPP FINANCE SA 3.00% 20/11/2023
5,000,000
1,650,000
5,000,000
2,050,000
4,250,000
6,550,000
8,050,000
1,500,000
4,950,000
4,000,000
2,000,000
4,150,000
8,550,000
4,000,000
5,000,000
3,000,000
3,000,000
5,000,000
3,450,000
2,300,000
4,000,000
4,150,000
7,000,000
2,600,000
AT& T INC 1.30% 05/09/2023
AT& T INC 1.45% 01/06/2022
AT& T INC 2.40% 15/03/2024
AT& T INC 2.65% 17/12/2021
BANK OF AMERICA CORP 1.375% 10/09/2021
BANK OF AMERICA CORP 1.375% 26/03/2025
BERKSHIRE HATHAWAY I 1.125% 16/03/2027
BLACKROCK INC 1.25% 06/05/2025
CITIGROUP INC 1.75% 28/01/2025
CITIGROUP INC 2.125% 10/09/2026
CITIGROUP INC 2.375% 22/05/2024
ELI LILLY AND CO 1.625% 02/06/2026
EXPEDIA INC 2.50% 03/06/2022
GENERAL ELECTRIC CO 1.25% 26/05/2023
GENERAL MILLS INC 1.00% 27/04/2023
GLENCORE FUNDING LLC 2.875% 16/04/2020
GOLDMAN SACHS GROUP INC 1.375% 26/07/2022
GOLDMAN SACHS GROUP INC 3.25% 01/02/2023
GOLDMAN SACHS GROUP 2.125% 30/09/2024
GOLDMAN SACHS GROUP 2.625% 19/08/2020
GOLDMAN SACHS GROUP 3.625% 22/01/2023
ILLINOIS TOOL WORKS INC 1.25% 22/05/2023
JEFFERIES GROUP INC 2.375% 20/05/2020
JP MORGAN CHASE AND CO 1.50% 27/01/2025
1,350,000
5,250,000
4,050,000
1,600,000
4,000,000
1,500,000
1,500,000
6,250,000
4,050,000
2,450,000
2,050,000
2,100,000
3,700,000
850,000
1,200,000
3,200,000
United States of America
EUR
% of NaV
15,167,690
0.41
0.42
5,850,000
4,650,000
2,000,000
800,000
5,000,000
Market Value
Norway
3,964,680
4,063,620
Quantity
0.83
8,000,000 DNB BANK ASA VAR PERPETUAL
2,700,000 DNB BANK ASA VAR 26/09/2023
2,550,000 KOMMUNAL LANDSPENSJONSKASSE AS VAR
10/06/2045
3,000,000 STATOIL ASA 1.25% 17/02/2027
2,000,000
1,800,000
6,800,000
5,450,000
4,000,000
3,800,000
3,550,000
% of NaV
8,028,300
4,000,000 JAB HOLDING BV 1.50% 24/11/2021
4,400,000 JAB HOLDING BV 1.625% 30/04/2025
2,000,000
3,200,000
3,600,000
3,700,000
Market Value
Quantity
Netherlands Antilles
EUR
5,603,949
4,716,309
2,136,450
801,440
5,352,600
0.58
0.49
0.22
0.08
0.55
4,248,080
1,405,965
1,341,801
6,618,000
3,830,936
2,538,666
2,107,298
2,957,696
3,520,661
0.44
0.15
0.14
0.67
0.40
0.26
0.22
0.31
0.36
1,283,391
6,283,725
4,173,282
1,605,728
907,001
0.13
0.65
0.43
0.17
0.09
1,198,296
3,213,632
0.12
0.33
187,665,937
19.42
6,502,600
3,245,139
3,315,630
4,758,200
1,628,138
5,136,350
2,197,334
4,235,210
6,073,225
7,178,507
1,400,355
4,784,175
3,923,520
2,058,420
4,039,859
8,437,995
3,935,680
4,757,950
2,648,815
2,941,200
5,489,700
3,449,552
2,454,100
3,586,393
4,028,654
6,844,320
2,496,468
0.66
0.34
0.34
0.49
0.17
0.53
0.23
0.44
0.63
0.74
0.14
0.50
0.41
0.21
0.42
0.87
0.41
0.49
0.27
0.30
0.57
0.36
0.25
0.37
0.42
0.71
0.26
The accompanying notes form an integral part of these financial statements
73
Bond Euro Corporate
Securities Portfolio as at 30/06/15
1,550,000
4,000,000
2,450,000
2,300,000
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
181 AMUNDI TRESO COURT TERME PART I C
9 AMUNDI TRESO 3 MOIS I C
EUR
4,519,618
5,496,396
5,834,377
4,218,984
3,371,200
3,377,016
5,479,467
4,057,006
3,995,320
5,373,928
398,358
4,872,582
6,882,703
2,592,816
4,679,250
1,064,890
3,506,436
4,494,292
0.47
0.57
0.60
0.44
0.35
0.35
0.57
0.42
0.41
0.56
0.04
0.50
0.71
0.27
0.48
0.11
0.36
0.47
1,509,189
3,885,480
2,384,022
2,069,959
0.16
0.40
0.25
0.21
5,118,528
23,900,259
23,900,259
12,848,661
3,411,613
9,437,048
Luxembourg
11,051,598
Total securities portfolio
957,048,375
7,950 AMUNDI FUNDS ABSOLUTE HIGH YIELD OE C
30,000 AMUNDI SICAV SMART JAPAN EQUITIES IJ C
The accompanying notes form an integral part of these financial statements
74
% of NaV
5,300,000
KELLOGG CO 1.25% 10/03/2025
KINDER MORGAN INC 1.50% 16/03/2022
MERRILL LYNCH AND CO 4.625% 14/09/2018
MOHAWAK 2.00% 14/01/2022
MONDELEZ INTERNATIONAL 2.375% 26/01/2021
MOODY’S CORP 1.75% 09/03/2027
MORGAN STANLEY 1.75% 30/01/2025
MORGAN STANLEY 1.875% 30/03/2023
MORGAN STANLEY 2.375% 31/03/2021
PPG INDUSTRIES INC 0.875% 13/03/2022
PRICELINE COM INC 1.80% 03/03/2027
PRICELINE COM INC 2.375% 23/09/2024
PROLOGIS 1.375% 13/05/2021
PROLOGIS 3.375% 20/02/2024
REED ELSEVIER CAPITAL PLC 1.30% 12/05/2025
SIMON PROPERTY GROUP LP 2.375% 02/10/2020
UNITED TECHNOLOGIES CORP 1.25% 22/05/2023
VERIZON COMMUNICATIONS INC 1.625%
01/03/2024
WALGREEN BOOTS ALLIANCE INC 2.125%
20/11/2026
WELLS FARGO AND CO 1.625% 02/06/2025
WHIRLPOOL CORP 0.625% 12/03/2020
WP CAREY AND CO LLC 2.00% 20/01/2023
WP CAREY AND CO LLC 4.60% 01/04/2024
Market Value
Quantity
4,850,000
5,700,000
5,250,000
4,200,000
3,200,000
3,600,000
5,700,000
4,050,000
3,800,000
5,600,000
450,000
4,950,000
7,050,000
2,400,000
5,000,000
1,000,000
3,600,000
4,600,000
7,985,298
3,066,300
0.53
2.47
2.47
1.33
0.35
0.98
1.14
0.82
0.32
99.05
Bond Euro Corporate 1-35
Securities Portfolio as at 30/06/15
Belgium
2,500,000 AHNEUSER-BUSH INBEV 0.80% 20/04/2023
4,000,000 BNP PARIBAS FORTIS SA 5.757% 04/10/2017
Brazil
1,000,000 BRF SA 2.75% 03/06/2022
0.40
2,201,928
6,813,865
2,371,225
4,442,640
977,620
977,620
97.44
0.40
1.25
0.44
0.81
0.18
0.18
Canada
2,191,178
0.40
Cayman Islands
6,248,332
1.15
4,046,000 HUTCHISON WHAMPOA EUROPE FINAN 2.50%
06/06/2017
2,000,000 HUTCHISON WHAMPOA VAR PERPETUAL
Curacao
3,000,000 TEVA PHARMACEUTICAL FINANCE II BV 1.25%
31/03/2023
1,000,000
2,000,000
1,850,000
3,050,000
4,000,000
3,050,000
2,500,000
2,200,000
1,800,000
2,000,000
2,201,928
3,392,350
2,200,000 TOTAL CAPITAL CANADA LTD 1.125% 18/03/2022
1,700,000
4,000,000
5,000,000
3,000,000
2,100,000
3,000,000
3,000,000
97.44
530,583,496
British Virgin Islands
3,400,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2015
LTD 0.50% 27/04/2018
700,000
1,000,000
1,000,000
2,600,000
530,583,496
Denmark
DANSKE BANK AS VAR 04/10/2023
DANSKE BANK AS VAR 19/05/2026
DONG ENERGY AS VAR PERPETUAL
ISS GLOBAL AS 1.125% 09/01/2020
France
ACCOR SA 2.625% 05/02/2021
ACCOR SA 2.875% 19/06/2017
ALD INTERNATIONAL 2.00% 26/05/2017
ALSTOM 4.125% 01/02/2017
AUCHAN SA 1.75% 23/04/2021
AXA SA VAR 16/04/2040
BFCM BANQUE FEDERATIVE DU CREDIT MUTUEL
4.00% 22/10/2020
BNP PARIBAS VAR 14/10/2027
BNP PARIBAS VAR 20/03/2026
BNP PARIBAS 2.00% 28/01/2019
BNP PARIBAS 3.75% 25/11/2020
BNP PARIBAS 5.431% PERPETUAL
BOUYGUES 3.641% 29/10/2019
BPCE 0.75% 22/01/2020
BPCE 1.375% 22/05/2019
BPCE 2.125% 17/03/2021
CAP GEMINI FRN 02/07/2018
3,392,350
2,191,178
4,207,112
2,041,220
2,838,630
2,838,630
5,435,513
751,387
1,027,930
1,059,810
2,596,386
0.62
0.62
0.40
0.78
0.37
0.52
0.52
1.00
0.14
0.19
0.19
0.48
136,833,992
25.12
983,390
2,029,300
1,933,454
3,474,712
4,411,760
3,407,917
2,470,050
2,247,498
1,882,044
2,009,740
0.18
0.37
0.36
0.64
0.80
0.63
0.45
0.41
0.35
0.37
1,795,744
4,190,520
5,137,550
3,165,360
2,172,429
3,363,000
3,375,840
0.33
0.76
0.93
0.58
0.40
0.62
0.62
2,200,000
3,000,000
3,000,000
1,000,000
500,000
1,100,000
1,500,000
1,000,000
1,200,000
1,000,000
2,300,000
1,000,000
3,300,000
2,400,000
1,800,000
2,300,000
3,900,000
2,000,000
2,000,000
1,600,000
3,000,000
2,000,000
1,000,000
2,300,000
3,100,000
2,000,000
2,700,000
2,650,000
2,800,000
3,250,000
1,500,000
2,000,000
1,500,000
1,200,000
1,600,000
1,000,000
1,500,000
500,000
1,500,000
3,000,000
1,000,000
1,000,000
4,000,000
2,400,000
CAP GEMINI 1.75% 01/07/2020
CARREFOUR SA 1.75% 15/07/2022
CNP ASSURANCES VAR PERPETUAL
CNP ASSURANCES VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA 0.875% 19/01/2022
EDENRED 1.375% 10/03/2025
EDF ELECTRICITE DE FRANCE VAR PERPETUAL
EDF ELECTRICITE DE FRANCE 2.25% 27/04/2021
EDF VAR PERPETUAL
FONCIERE DES REGIONS 1.75% 10/09/2021
GECINA 2.00% 17/06/2024
HSBC FRANCE (EX CCF) 1.625% 03/12/2018
ICADE EMGP 2.25% 16/04/2021
ICADE 2.25% 30/01/2019
INFRA FOCH 1.25% 16/10/2020
KERING FINANCE 0.875% 28/03/2022
KERING 1.375% 01/10/2021
KLEPIERRE 1.00% 17/04/2023
KLEPIERRE 2.75% 17/09/2019
NATIXIS BANQUES POPULAIRES 4.125%
PERPETUAL
ORANGE VAR PERPETUAL
ORANGE VAR PERPETUAL
ORANGE 1.875% 02/10/2019
PARIS-RHIN-RHONE(STE AUTOR.) 5.125%
18/01/2018
PERNOD RICARD 5.00% 15/03/2017
PUBLICIS GROUPE SA 1.125% 16/12/2021
RENAULT CREDIT INTERNATIONAL BANQUE
0.625% 04/03/2020
RENAULT CREDIT INTERNATIONAL BANQUE 1.25%
08/06/2022
RENAULT CREDIT INTERNATIONAL BANQUE
2.875% 22/01/2018
RTE EDF TRANSPORT 1.625% 08/10/2024
SAINT GOBAIN (CIE) 4.00% 08/10/2018
SCHNEIDER ELECTRIC S 0.875% 11/03/2025
SOCIETE GENERALE VAR 16/09/2026
SOCIETE GENERALE 2.25% 23/01/2020
SOGECAP CONVERTIBLE VAR PERPETUAL
SOLVAY FINANCE VAR PERPETUAL
SUEZ ENVIRONNEMENT VAR PERPETUAL
SUEZ ENVIRONNEMENT VAR PERPETUAL
TOTAL CAPITAL INTERNATIONAL SA VAR
PERPETUAL
UNIBAIL RODAMCO 1.00% 14/03/2025
WENDEL 2.50% 09/02/2027
WENDEL 5.875% 17/09/2019
WENDEL 6.75% 20/04/2018
Germany
1,750,000 BAYER AG VAR PERPETUAL
1,000,000 BAYER AG VAR PERPETUAL
2,000,000 BAYER AG VAR PERPETUAL
EUR
% of NaV
2,300,000 BHP BILLITON FINANCE LIMITED 0.75% 28/10/2022
98.95
Market Value
Australia
538,780,880
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
2,216,676
3,053,580
3,082,470
978,220
490,950
1,056,341
1,402,395
1,045,760
1,275,600
1,028,550
2,281,462
981,900
3,417,546
2,495,784
1,879,146
2,295,032
3,745,170
2,000,440
1,903,480
1,728,352
3,157,050
0.41
0.56
0.57
0.18
0.09
0.19
0.26
0.19
0.23
0.19
0.42
0.18
0.63
0.46
0.35
0.42
0.69
0.37
0.35
0.32
0.58
2,154,880
2,666,277
2,578,424
0.40
0.49
0.47
2,078,900
1,019,850
2,408,215
3,459,290
2,716,672
3,426,247
1,484,655
2,215,540
1,389,555
1,174,092
1,699,632
945,390
1,617,945
503,485
1,428,825
2,910,180
921,040
961,630
4,717,800
2,789,256
25,961,276
1,765,522
1,014,640
1,906,340
0.38
0.19
0.44
0.64
0.50
0.63
0.27
0.41
0.26
0.22
0.31
0.17
0.30
0.09
0.26
0.53
0.17
0.18
0.86
0.51
4.77
0.32
0.19
0.35
The accompanying notes form an integral part of these financial statements
75
Bond Euro Corporate 1-3
Securities Portfolio as at 30/06/15
1,717,293
2,813,040
3,366,057
0.32
0.52
0.62
2,500,000 CREDIT SUISSE GROUP FUNDING 1.25% 14/04/2022
2,370,275
1,750,000
3,000,000
3,250,000
Guernsey
3,050,000
2,900,000
1,100,000
2,650,000
2,600,000
1,000,000
2,600,000
2,400,000
4,000,000
5,000,000
2,950,000
1,500,000
5,100,000
4,000,000
3,150,000
4,000,000
2,650,000
5,000,000
Ireland
CRH PLC 2.75% 15/10/2020
FCA CAPITAL IRELAND PLC 1.375% 17/04/2020
FGA CAPITAL IRELAND PLC 2.00% 23/10/2019
FGA CAPITAL IRELAND PLC 2.625% 17/04/2019
FGA CAPITAL IRELAND PLC 4.00% 17/10/2018
RYANAIR HOLDINGS PLC 1.875% 17/06/2021
RYANAIR LIMITED 1.125% 10/03/2023
Italy
ACEA SPA 3.75% 12/09/2018
ASSICURAZIONI GENERA 2.875% 14/01/2020
EDISON SPA 3.875% 10/11/2017
ENEL SPA 4.875% 20/02/2018
EXOR SPA 2.50% 08/10/2024
INTESA SANPAOLO SPA 1.125% 14/01/2020
INTESA SANPAOLO SPA 2.00% 18/06/2021
INTESA SANPAOLO SPA 4.00% 09/11/2017
SNAM SPA 2.375% 30/06/2017
SNAM SPA 3.875% 19/03/2018
UNICREDIT SPA 3.625% 24/01/2019
Japan
3,900,000 BANK OF TOKYO MITSUBISHI LTD 0.875%
11/03/2022
1,336,190
0.25
2,370,275
0.44
16,190,727
2.97
3,250,690
2,817,814
1,109,669
2,742,512
2,802,982
1,018,250
2,448,810
41,764,603
2,617,824
4,261,840
5,395,350
3,268,807
1,462,500
4,986,015
4,014,760
3,358,152
4,143,720
2,874,985
5,380,650
3,784,755
3,784,755
0.44
0.60
0.52
0.20
0.50
0.51
0.19
0.45
7.67
0.48
0.78
0.98
0.60
0.27
0.92
0.74
0.62
0.76
0.53
0.99
0.70
0.70
Jersey
1,831,660
0.34
Luxembourg
4,831,950
0.89
2,000,000 DELPHI AUTOMOTIVE 1.50% 10/03/2025
5,000,000 GLENCORE FINANCE (EUROPE) SA 1.25%
17/03/2021
Mexico
10,000 AMERICA MOVIL SAB DE CV VAR PERPETUAL
1,200,000 AMERICA MOVIL SAB DE CV VAR PERPETUAL
5,000,000 PETROLEOS MEXICANOS SA 1.875% 21/04/2022
Netherlands
1,400,000 ABN AMRO BANK NV 2.875% 30/06/2025
3,100,000 ACHMEA HYPOTHEEKBANK NV 1.125% 25/04/2022
The accompanying notes form an integral part of these financial statements
1,831,660
4,831,950
6,145,205
10,611
1,376,844
4,757,750
73,796,767
1,410,304
2,963,662
0.34
0.89
1.13
0.00
0.25
0.88
13.55
0.26
0.54
3,850,000
1,950,000
2,300,000
750,000
500,000
1,300,000
1,600,000
8,650,000
2,000,000
1,600,000
500,000
1,000,000
2,000,000
1,500,000
4,700,000
3,000,000
2,000,000
3,050,000
1,100,000
2,650,000
2,700,000
2,650,000
5,000,000
1,800,000
2,000,000
1,000,000
1,500,000
500,000
2,250,000
1,550,000
ACHMEA HYPOTHEEKBANK NV 2.00% 23/01/2018
ADECCO INT FINL SERVICES BV 1.50% 22/11/2022
AKZO NOBEL NV 4.00% 17/12/2018
ALLIANDER N.V. VAR PERPETUAL
ALLIANZ FINANCE II BV VAR 08/07/2041
COCA COLA HBC FINANCE BV 2.375% 18/06/2020
CORIO NV 3.25% 26/02/2021
DELTA LLOYD NV 4.25% 17/11/2017
DEUTSCHE ANNINGTON FINANCE B.V. VAR
PERPETUAL
DEUTSCHE ANNINGTON FINANCE B.V. 0.875%
30/03/2020
DEUTSCHE ANNINGTON FINANCE B.V. 4.625%
PERPETUAL
ELM BV VAR PERPETUAL
ENECO HOLDING NV VAR PERPETUAL
ENEL FINANCE INTERNATIONAL NV 4.875%
17/04/2023
ING BANK NV VAR 21/11/2023
ING BANK NV 0.70% 16/04/2020
ING BANK NV 1.25% 13/12/2019
KBC IFIMA NV 2.125% 10/09/2018
KONINKLIJKE DSM NV 1.00% 09/04/2025
LEASEPLAN CORPORATION NV 2.375% 23/04/2019
NN GROUP N.V 1.00% 18/03/2022
NOMURA EUROPE FINANCE NV 1.875% 29/05/2018
NOMURA HOLDINGS INC 1.50% 12/05/2021
RABOBANK (INTERNATIONAL) NV VAR 26/05/2026
RABOBANK NEDERLAND VAR PERPETUAL
SHELL INTERNATIONAL FINANCE BV 1.00%
06/04/2022
URENCO FINANCE NV 2.50% 15/02/2021
VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
WOLTERS KLUWER NV 6.375% 10/04/2018
Netherlands Antilles
2,400,000 JAB HOLDING BV 1.50% 24/11/2021
Norway
5,000,000 DNB BANK ASA VAR PERPETUAL
1,950,000 DNB BANK ASA VAR 26/09/2023
Spain
3,000,000 INMOBILIARIA COLONIAL NUEVAS 1.863%
05/06/2019
4,100,000 SANTANDER CONSUMER FINANCE 0.90%
18/02/2020
3,000,000 TELEFONICA EMISIONES SAU 5.811% 05/09/2017
Sweden
2,300,000 SVENSKA HANDELSBANKEN AB VAR 15/01/2024
3,850,000 SVENSKA KULLAGERFABR 3.875% 25/05/2018
1,950,000 SWEDBANK AB 1.00% 01/06/2022
EUR
% of NaV
0.44
0.65
0.64
0.47
Market Value
2,400,950
3,597,804
3,489,330
2,554,110
Quantity
% of NaV
EUR
BERTELSMANN SE AND CO KGAA VAR PERPETUAL
COMMERZBANK AG 0.50% 03/04/2018
CONTINENTAL AG 3.00% 16/07/2018
DEUTSCHE BANK AG FRANKFURT 1.25%
08/09/2021
ENBW ENERGIE BADEN-WUERTTEMBER VAR
PERPETUAL
MERCK KGAA VAR PERPETUAL
RWE AG VAR PERPETUAL
TELEFONICA DEUTSCHLAND HOLDING AG 1.875%
22/11/2018
1,350,000
76
Market Value
Quantity
2,500,000
3,600,000
3,250,000
2,600,000
3,976,973
1,921,120
2,573,516
782,325
585,060
1,356,719
1,763,504
9,372,275
1,995,960
0.73
0.35
0.47
0.14
0.11
0.25
0.32
1.73
0.37
518,575
0.10
1,574,064
0.29
920,180
2,000,360
1,811,310
0.17
0.37
0.33
1,558,755
548,015
0.29
0.10
4,970,955
2,955,960
2,030,720
3,205,123
1,022,736
2,789,787
2,603,070
2,728,148
4,927,050
1,791,990
2,020,000
991,080
2,329,920
0.91
0.54
0.37
0.59
0.19
0.51
0.48
0.50
0.90
0.33
0.37
0.18
0.43
1,797,551
0.33
2,378,808
0.44
2,378,808
6,433,258
4,389,697
2,043,561
10,331,878
2,970,000
4,024,888
3,336,990
8,501,601
2,391,172
4,211,246
1,899,183
0.44
1.18
0.80
0.38
1.90
0.55
0.74
0.61
1.56
0.44
0.77
0.35
Bond Euro Corporate 1-3
Securities Portfolio as at 30/06/15
1,900,000
2,000,000
2,500,000
3,000,000
4,500,000
3,000,000
3,200,000
United States of America
BANK OF AMERICA CORP 1.375% 10/09/2021
BANK OF AMERICA CORP 4.625% 07/08/2017
CITIGROUP INC 1.375% 27/10/2021
COCA COLA CO 0.75% 09/03/2023
EXPEDIA INC 2.50% 03/06/2022
GENERAL ELECTRIC CO 1.25% 26/05/2023
GENERAL MILLS INC 1.00% 27/04/2023
0.27
73,182,329
13.44
2,057,600
0.38
1,446,445
1,606,473
1,454,096
1,439,411
3,919,040
1,107,519
678,561
3,301,772
2,679,183
2,816,055
2,306,295
2,535,650
4,196,960
2,612,478
4,133,280
2,548,124
2,448,629
5,984,500
1,030,440
1,154,117
3,186,060
1,905,984
1,657,904
1,189,413
1,707,296
948,651
2,034,180
5,021,300
3,001,200
1,296,581
1,223,577
84,698,551
1,893,388
2,172,320
2,485,275
2,856,840
4,441,050
2,951,760
3,045,088
0.27
0.30
0.27
0.26
0.72
0.20
0.12
0.61
0.49
0.52
0.42
0.47
0.77
0.48
0.76
0.47
4,500,000
2,000,000
1,100,000
2,000,000
2,700,000
5,000,000
650,000
3,000,000
2,308,000
1,700,000
3,000,000
2,000,000
1,550,000
2,950,000
2,000,000
3,800,000
1,800,000
2,300,000
1,850,000
3,000,000
2,350,000
3,100,000
2,100,000
2,250,000
2,750,000
2,500,000
GOLDMAN SACHS GROUP INC 1.375% 26/07/2022
GOLDMAN SACHS GROUP INC 3.25% 01/02/2023
GOLDMAN SACHS GROUP 2.625% 19/08/2020
IBM CORP 1.25% 26/05/2023
ILLINOIS TOOL WORKS INC 1.25% 22/05/2023
JEFFERIES GROUP INC 2.375% 20/05/2020
JP MORGAN CHASE AND CO 1.375% 16/09/2021
KINDER MORGAN INC 1.50% 16/03/2022
MERRILL LYNCH AND CO 4.625% 14/09/2018
MOHAWAK 2.00% 14/01/2022
MORGAN STANLEY AND CO INC 3.75% 21/09/2017
NATIONAL GRID USA 1.75% 20/02/2018
PHILIP MORRIS INTERNATIONAL INC 1.875%
03/03/2021
PPG INDUSTRIES INC 0.875% 13/03/2022
PRAXAIR INC 1.50% 11/03/2020
PROLOGIS 1.375% 13/05/2021
REED ELSEVIER CAPITAL PLC 1.30% 12/05/2025
SES GLOBAL AMERICAS HOLDINGS G 1.875%
24/10/2018
SIMON PROPERTY GROUP LP 2.375% 02/10/2020
TOYOTA MOTOR CREDIT CORPORATIO 0.75%
21/07/2022
UNITED TECHNOLOGIES CORP 1.25% 22/05/2023
WACHOVIA CORP 4.375% 27/11/2018
WELLS FARGO AND CO 1.125% 29/10/2021
WELLS FARGO AND CO 2.25% 03/09/2020
WHIRLPOOL CORP 0.625% 12/03/2020
WP CAREY AND CO LLC 2.00% 20/01/2023
0.45
1.11
0.19
Share/Units of UCITS/UCIS
0.21
Share/Units in investment funds
0.59
France
0.35
408 AMUNDI TRESO COURT TERME PART I C
0.30
0.001 AMUNDI TRESO EONIA ISR I C
0.22
0.474 AMUNDI TRESO 3 MOIS I C
0.31 Total securities portfolio
0.17
0.37
0.92
Market Value
1,650,000 ABBEY NATIONAL TREASURY SERVICES 1.125%
14/01/2022
2,000,000 ABBEY NATIONAL TREASURY SERVICES 1.75%
15/01/2018
1,400,000 ABBEY NATIONAL TREASURY SERVICES 2.00%
14/01/2019
1,350,000 ABBEY NATIONAL TREASURY SERVICES 2.625%
16/07/2020
4,000,000 BARCLAYS BANK PLC LONDON 1.50% 01/04/2022
1,050,000 BARCLAYS BANK PLC LONDON 2.125% 24/02/2021
750,000 CREDIT AGRICOLE SA LONDON BRANCH 2.50%
15/04/2019
3,250,000 CREDIT SUISSE LONDON 1.375% 29/11/2019
2,700,000 CREDIT SUISSE LONDON 1.375% 31/01/2022
2,750,000 FCE BANK PLC 1.75% 21/05/2018
2,250,000 FCE BANK PLC 1.875% 18/04/2019
2,500,000 FCE BANK PLC 1.875% 24/06/2021
4,000,000 FCE BANK PLC 2.875% 03/10/2017
2,300,000 HSBC HOLDINGS PLC 6.25% 19/03/2018
4,000,000 IMPERIAL TOBACCO FINANCE PLC 2.25%
26/02/2021
2,300,000 IMPERIAL TOBACCO FINANCE PLC 4.50%
05/07/2018
2,350,000 LLOYDS TSB BANK PLC 1.875% 10/10/2018
5,000,000 LLOYDS TSB BANK PLC 6.50% 24/03/2020
1,000,000 MORRISON SUPERMAR PLC 2.25% 19/06/2020
1,150,000 MOTABILITY OPERATIONS GROUP 1.625%
09/06/2023
3,000,000 NATIONWIDE BUILDING SOCIETY VAR 20/03/2023
1,800,000 NGG FINANCE PLC VAR PERPETUAL
1,600,000 PEARSON FUNDING FIVE PLC 1.875% 19/05/2021
1,250,000 SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
1,600,000 SCOTTISH AND SOUTHERN ENERGY PLC 2.375%
10/02/2022
950,000 SKY PLC 1.50% 15/09/2021
2,000,000 STANDARD CHARTERED PLC 1.625% 13/06/2021
5,000,000 THE ROYAL BANK OF SCOTLAND GROUP PLC
1.625% 25/06/2019
3,000,000 UBS AG LONDON BRANCH 1.125% 30/06/2020
1,300,000 UBS AG LONDON BRANCH 1.25% 03/09/2021
1,150,000 UBS AG VAR 12/02/2026
1,446,445
Quantity
United Kingdom
% of NaV
1,300,000 CREDIT SUISSE VAR 18/09/2025
Market Value
Quantity
Switzerland
EUR
EUR
4,411,800
2,195,880
1,173,700
1,965,660
2,621,052
4,888,800
651,073
2,892,840
2,564,902
1,707,684
3,216,180
2,067,240
1,608,063
0.81
0.40
0.22
0.36
0.48
0.89
0.12
0.53
0.47
0.31
0.59
0.38
0.30
1,970,047
2,903,490
0.36
0.53
2,830,908
2,060,040
3,709,826
1,684,530
2,391,172
2,288,924
3,462,359
2,084,376
2,398,342
2,671,267
2,432,675
8,197,384
8,197,384
8,197,384
7,694,731
220
502,433
538,780,880
0.52
0.38
0.68
0.31
0.44
0.42
0.64
0.38
0.44
0.49
0.45
1.51
1.51
1.51
1.42
0.00
0.09
98.95
0.55
0.24
0.22
15.55
0.35
0.40
0.46
0.52
0.82
0.54
0.56
The accompanying notes form an integral part of these financial statements
77
Bond Euro Government
Securities Portfolio as at 30/06/15
12,277,043
3.58
France
94,235,871
27.47
9,944,700
2.90
BELGIUM 4.25% 28/03/2041
BELGIUM 4.25% 28/09/2021
BELGIUM 4.25% 28/09/2022
BELGIUM 5.50% 28/03/2028
Germany
Ireland
1,000,000 IRELAND 2.00% 18/02/2045
3,500,000 IRELAND 2.40% 15/05/2030
12,664,350 IRELAND 3.40% 18/03/2024
Italy
ITALY BTP 1.35% 15/04/2022
ITALY BTP 3.75% 01/03/2021
ITALY BTP 4.00% 01/09/2020
ITALY BTP 4.25% 01/02/2019
ITALY BTP 4.50% 01/03/2026
ITALY BTP 4.75% 01/09/2021
ITALY BTP 5.00% 01/08/2039
ITALY BTP 5.00% 01/09/2040
ITALY BTP 5.25% 01/11/2029
ITALY BTP 5.75% 01/02/2033
Luxembourg
5,000,000 EUROPEAN FINANCIALL STABILITY FACILITY 0.20%
28/04/2025
The accompanying notes form an integral part of these financial statements
3,248,519
2,156,775
3,194,490
3,119,950
3,805,828
9,993,300
8,588,720
21,121,920
9,261,200
6,538,672
9,920,100
4,594,140
6,376,920
7,896,199
15,680,612
10,760,200
4,920,412
19,151,803
880,000
3,636,500
14,635,303
0.95
0.63
0.93
0.91
1.11
2.91
2.50
6.16
2.70
1.91
2.89
1.34
1.86
2.30
4.57
3.14
1.43
5.58
33.10
4,597,900
1.34
4,597,900
3,293,920
0.96
Netherlands
6,200,880
1.81
1,000,000 NETHERLANDS 1.75% 15/07/2023
2,000,000 NETHERLANDS 2.00% 15/07/2024
2,000,000 NETHERLANDS 3.75% 15/01/2042
2.75
4.43
9.86
1.80
2.83
5.83
0.88
1.47
2.05
1.20
1.34
1,077,580
2,193,340
2,929,960
19,937,808
Slovenia
3,940,750
PORTUGAL 3.85% 15/04/2021
PORTUGAL 4.10% 15/02/2045
PORTUGAL 4.75% 14/06/2019
PORTUGAL 4.80% 15/06/2020
PORTUGAL 5.65% 15/02/2024
5,000,000 SLOVENIA 1.50% 25/03/2035
2,274,000
7,600,000
5,000,000
10,256,000
6,000,000
1,400,000
14,900,000
1,700,000
3,500,000
3,293,920
Portugal
Spain
SPAIN 4.20% 31/01/2037
SPAIN 4.40% 31/10/2023
SPAIN 4.60% 30/07/2019
SPAIN 4.65% 30/07/2025
SPAIN 4.85% 31/10/2020
SPAIN 5.15% 31/10/2044
SPAIN 5.50% 30/04/2021
SPAIN 5.75% 30/07/2032
SPAIN 6.00% 31/01/2029
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
7 AMUNDI TRESO ETAT I C
0.26
Total
securities
portfolio
1.06
4.26
113,494,513
9,436,451
15,188,580
33,799,160
6,167,784
9,700,981
19,981,208
3,012,465
5,054,444
7,043,740
4,109,700
Mexico
3,500,000 MEXICO 1.625% 06/03/2024
5,700,000
1,850,556
1,000,000
5,000,000
4,000,000
EUR
% of NaV
Belgium
10,000,000 GERMANY BUND 1.50% 15/02/2023
3,400,000 GERMANY BUND 4.75% 04/07/2028
78
359,898,904 104.93
0.95
10,000,000 CAISSE CENTRALE DU CREDIT MUTUEL FRN
01/03/2018
10,000,000 DEXIA CREDIT LOCAL DE FRANCE 1.25%
26/11/2024
8,000,000 DEXIA CREDIT LOCAL DE FRANCE 2.00%
22/01/2021
19,000,000 FRANCE OAT 2.50% 25/10/2020
8,000,000 FRANCE OAT 3.00% 25/04/2022
5,600,000 FRANCE OAT 3.25% 25/10/2021
8,600,000 FRANCE OAT 3.50% 25/04/2020
3,091,615 FRANCE OAT 5.50% 25/04/2029
4,000,000 FRANCE OAT 5.75% 25/10/2032
5,000,000 FRANCE OATI 1.80% 25/07/2040
9,700,000
13,500,000
29,800,000
5,510,000
8,172,000
16,900,000
2,350,000
3,949,000
5,500,000
3,000,000
359,898,904 104.93
3,248,519
2,487,000 AUSTRIA 3.15% 20/06/2044
1,490,000
2,600,000
2,500,000
2,600,000
EUR
361,508,146 105.40
Market Value
Austria
Quantity
Bonds
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
6,262,305
1,924,153
1,132,300
5,743,250
4,875,800
3,940,750
0.96
0.31
0.64
0.86
5.81
1.83
0.56
0.33
1.67
1.42
1.15
1.15
63,839,285
18.61
1,609,242
0.47
2,625,742
8,918,752
5,721,250
12,359,711
7,067,400
1,866,802
18,188,132
2,335,171
4,756,325
1,609,242
1,609,242
1,609,242
0.77
2.60
1.67
3.60
2.06
0.54
5.30
0.68
1.39
0.47
0.47
0.47
361,508,146 105.40
Bond Euro Inflation
Securities Portfolio as at 30/06/15
Germany
7,642,803 GERMANY BUNDI 0.10% 15/04/2023
255,713 GERMANY BUNDI 0.50% 15/04/2030
8,541,400 GERMANY BUNDI 1.75% 15/04/2020
13,438,000
19,593,000
4,227,000
12,584,000
366,000
10,779,000
7,122,000
7,060,000
6,000,000
3,900,000
Italy
ITALY BTPI 1.70% 15/09/2018
ITALY BTPI 2.10% 15/09/2021
ITALY BTPI 2.35% 15/09/2019
ITALY BTPI 2.35% 15/09/2024
ITALY BTPI 2.35% 15/09/2035
ITALY BTPI 2.55% 15/09/2041
ITALY BTPI 2.60% 15/09/2023
ITALY BTPI 3.10% 15/09/2026
ITALY CCT FRN 15/04/2018
ITALY CCT FRN 15/06/2017
Spain
6,643,000 SPAINI 0.55% 30/11/2019
3,293,000 SPAINI 1.00% 30/11/2030
8,445,000 SPAINI 1.80% 30/11/2024
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
0.001 AMUNDI TRESO EONIA ISR I C
3 AMUNDI TRESO 3 MOIS I C
Luxembourg
3,070 AMUNDI FUNDS BOND EMERGING INFLATION OU C
462 AMUNDI FUNDS BOND EMERGING INFLATION IE C
264,397,298
96.94
128,118,655
46.98
264,397,298
28,343
39,920,003
26,806,377
11,420,248
5,502,613
35,507
7,912,061
9,315,802
3,149,939
12,240,219
6,792,933
4,994,610
19,323,330
8,466,166
292,574
10,564,590
96.94
0.01
14.64
9.83
4.19
2.02
0.01
2.90
3.42
1.15
4.49
2.49
1.83
18,768,011
6.88
6,059,995
6,059,995
2,997,858
220
2,997,638
3,062,137
2,516,425
545,712
Germany
230 EURO BUND FUTURE - 153.00 - 24.07.15 CALL
Total securities portfolio
0.03
78,940
0.03
78,940
78,940
270,536,233
0.03
0.03
99.19
3.10
0.11
3.87
36.00
6,732,642
3,050,770
8,984,599
Options
78,940
7.08
98,187,302
14,311,999
23,048,133
5,076,655
13,940,092
490,320
13,194,364
9,158,921
8,827,991
6,079,980
4,058,847
Derivative instruments
EUR
% of NaV
FRANCE OATI 0.10% 25/07/2021
FRANCE OATI 0.25% 25/07/2018
FRANCE OATI 0.25% 25/07/2024
FRANCE OATI 0.70% 25/07/2030
FRANCE OATI 1.10% 25/07/2022
FRANCE OATI 1.30% 25/07/2019
FRANCE OATI 1.60% 25/07/2015
FRANCE OATI 1.80% 25/07/2040
FRANCE OATI 1.85% 25/07/2027
FRANCE OATI 2.25% 25/07/2020
FRANCE OATI 3.15% 25/07/2032
FRANCE OATI 3.40% 25/07/2029
99.19
Market Value
26,578
36,805,954
24,783,268
10,272,354
4,506,424
30,300
6,583,265
5,898,915
2,365,038
8,626,240
3,602,018
2,666,009
France
270,536,233
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
5.25
8.44
1.86
5.11
0.18
4.84
3.36
3.24
2.23
1.49
2.47
1.12
3.29
2.22
2.22
1.10
0.00
1.10
1.12
0.92
0.20
The accompanying notes form an integral part of these financial statements
79
Bond Euro High Yield
Securities Portfolio as at 30/06/15
1,220,259,446
89.36
7,183,037
0.53
1,220,259,446
5,680,000 SAPPI PAPIER HOLDING AG 3.375% 01/04/2022
1,683,000 WIENERBERGER AG 4.00% 17/04/2020
Belgium
4,060,000 KBC GROUPE SA VAR PERPETUAL
1,000,000 ONTEX GROUP 4.75% 15/11/2021
Brazil
250,000 TONON BIOENERGIA SA 6.375% 15/11/2020
Canada
3,531,000 BOMBARDIER INC 6.125% 15/05/2021
6,800,000 VRX ESCROW CORP 4.50% 15/05/2023
Cayman Islands
2,933,000 MEDIA PARTNERS HOLDING 7.00% 15/05/2020
Croatia
5,430,000 AGROKOR DD 9.125% 01/02/2020
Czech Republic
1,700,000 CE ENERGY AS 7.00% 01/02/2021
Denmark
3,560,000 DANSKE BANK AS VAR PERPETUAL
4,050,000 TDC AS VAR 26/02/3015
Euroland
3,540,000 LOCK AS 7.00% 15/08/2021
Finland
2,945,000 STORA ENSO OYJ 5.50% 07/03/2019
6,000,000
800,000
1,200,000
5,900,000
650,000
4,500,000
5,100,000
2,800,000
4,700,000
800,000
6,700,000
3,762,000
6,051,000
1,700,000
2,800,000
France
ACCOR SA VAR PERPETUAL
AREVA 3.125% 20/03/2023
AREVA 3.25% 04/09/2020
AREVA 3.50% 22/03/2021
AREVA 4.375% 06/11/2019
AREVA 4.875% 23/09/2024
ARKEMA SA VAR PERPETUAL
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR PERPETUAL
BPCE VAR PERPETUAL
CASINO GUICHARD PERRACHON VAR PERPETUAL
CEGEDIM 6.75% 01/04/2020
CERBA EUROPEAN LAB 7.00% 01/02/2020
CMA CGM SA 7.75% 15/01/2021
CNP ASSURANCES VAR 05/06/2045
The accompanying notes form an integral part of these financial statements
80
5,393,160
1,789,877
5,042,350
3,994,350
1,048,000
260,575
260,575
10,257,360
3,672,240
6,585,120
3,108,980
3,108,980
5,919,243
5,919,243
1,751,000
1,751,000
7,451,861
3,559,608
3,892,253
3,734,700
3,734,700
3,267,478
3,267,478
248,046,464
5,982,000
753,000
1,177,224
5,826,250
673,356
4,689,054
5,195,900
2,699,172
4,717,249
864,000
6,827,300
4,034,745
6,334,429
1,695,750
2,856,952
89.36
0.40
0.13
0.37
0.29
0.08
0.02
0.02
0.75
0.27
0.48
0.23
0.23
0.43
0.43
0.13
0.13
0.55
0.26
0.29
0.27
0.27
0.24
0.24
18.16
0.44
0.06
0.09
0.43
0.05
0.34
0.38
0.20
0.35
0.06
0.50
0.30
0.46
0.12
0.21
3,950,000
4,176,000
2,900,000
3,610,000
2,250,000
6,350,000
500,000
2,050,000
2,753,000
1,100,000
2,800,000
6,745,000
6,850,000
2,500,000
3,900,000
4,107,000
5,020,000
4,375,000
1,676,000
1,604,000
4,234,000
6,300,000
7,995,000
5,597,000
1,770,000
1,200,000
1,150,000
4,050,000
8,600,000
4,943,000
4,324,000
600,000
1,200,000
6,000,000
3,800,000
2,750,000
4,318,000
4,000,000
5,178,000
1,012,000
1,718,000
4,450,000
3,923,000
3,400,000
1,818,000
1,500,000
6,750,000
5,010,000
5,900,000
1,000,000
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CROWN EUROPEAN HOLDINGS 3.375% 15/05/2025
CROWN EUROPEAN HOLDINGS 4.00% 15/07/2022
CSE NAT.CSES EPAR.PREVOYANCE VAR
PERPETUAL
CSE NAT.CSES EPAR.PREVOYANCE VAR
PERPETUAL
DARTY FINANCEMENT 5.875% 01/03/2021
EDF ELECTRICITE DE FRANCE VAR PERPETUAL
EUROPCAR GROUPE SA 5.75% 15/06/2022
FAURECIA 3.125% 15/06/2022
GROUPAMA SA VAR 27/10/2039
GROUPAMA SA VAR PERPETUAL
GROUPAMA SA VAR PERPETUAL
GROUPE SMCP SAS 8.875% 15/06/2020
HOMEVI 6.875% 15/08/2021
ITALCEMENTI FINANCE SA VAR 19/03/2020
LA FINANCIERE ATALIAN 7.25% 15/01/2020
LABCO 8.50% 15/01/2018
LABEYRIE FINE FOODS 5.625% 15/03/2021
LAFARGE SA VAR 29/11/2018
LAFARGE SA 4.75% 30/09/2020
LAFARGE SA 5.875% 09/07/2019
LOXAM 7.375% 24/01/2020
NATIXIS BANQUES POPULAIRES VAR PERPETUAL
NEXANS 5.75% 02/05/2017
NOVAFIVES SAS 4.50% 30/06/2021
NOVALIS 3.00% 30/04/2022
NUMERICABLE GROUP SA 5.375% 15/05/2022
NUMERICABLE GROUP SA 5.625% 15/05/2024
ORANGE VAR PERPETUAL
ORANGE VAR PERPETUAL
PAPREC HOLDING SA 5.25% 01/04/2022
PEUGEOT SA 6.50% 18/01/2019
PEUGEOT SA 7.375% 06/03/2018
RENAULT SA 3.125% 05/03/2021
REXEL SA 3.25% 15/06/2022
REXEL SA 5.125% 15/06/2020
SGD GROUP SAS 5.625% 15/05/2019
SOCIETE GENERALE VAR PERPETUAL
SOCIETE GENERALE VAR PERPETUAL
SOCIETE GENERALE VAR PERPETUAL
SOGECAP CONVERTIBLE VAR 29/12/2049
SOLVAY FINANCE SA VAR PERPETUAL
SOLVAY FINANCE VAR PERPETUAL
SPCM SA 2.875% 15/06/2023
THOM EUROPE 7.375% 15/07/2019
VEOLIA ENVIRONNEMENT VAR PERPETUAL
VEOLIA ENVIRONNEMENT VAR PERPETUAL
Germany
8,600,000 COMMERZBANK AG 7.75% 16/03/2021
EUR
% of NaV
Austria
96.15
Market Value
Bonds
1,312,909,282
Quantity
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
EUR
% of NaV
Market Value
Quantity
Long positions
4,695,563
4,210,327
2,847,510
3,168,097
2,070,000
6,461,125
501,380
0.34
0.31
0.21
0.23
0.15
0.47
0.04
2,875,509
1,581,410
2,856,000
6,454,965
7,642,188
2,556,250
3,978,000
4,393,997
5,253,430
4,931,684
1,793,320
1,664,150
4,397,009
7,166,287
9,242,883
6,570,614
1,858,442
1,302,454
1,213,158
3,859,650
8,290,830
5,017,145
4,356,430
611,910
1,240,032
6,135,000
4,343,271
3,130,952
4,652,645
3,918,000
5,474,441
1,025,915
2,714,195
5,471,275
3,920,685
3,214,326
1,873,758
1,617,945
6,345,000
5,210,400
6,136,000
1,416,961
0.21
0.12
0.21
0.47
0.56
0.19
0.29
0.32
0.38
0.36
0.13
0.12
0.32
0.52
0.67
0.48
0.14
0.10
0.09
0.28
0.60
0.37
0.32
0.04
0.09
0.45
0.32
0.23
0.34
0.29
0.40
0.08
0.20
0.40
0.29
0.24
0.14
0.12
0.46
0.38
0.45
0.10
2,057,565
73,860,920
10,253,909
0.15
5.41
0.76
Bond Euro High Yield
Securities Portfolio as at 30/06/15
1,328,000
Guernsey
1,692,000 CSG GUERNSEY I LTD VAR 24/02/2041
Ireland
6,420,000 ARDAGH PACKAGING FIN PLC 4.25% 15/01/2022
1,341,000 ARDAGH PACKAGING FINANCE PLC 9.25%
15/10/2020
1,600,000 EIRCOM FINANCE LTD 9.25% 15/05/2020
1,300,000 SMURFIT KAPPA ACQUISITIONS 2.75% 01/02/2025
2,750,000 SMURFIT KAPPA ACQUISITIONS 3.25% 01/06/2021
1,200,000 SMURFIT KAPPA ACQUISITIONS 4.125% 30/01/2020
3,600,000
5,039,000
10,050,000
3,448,000
932,000
500,000
11,228,000
1,000,000
2,600,000
800,000
5,150,000
1,150,000
4,500,000
500,000
8,200,000
3,170,000
1,200,000
3,286,000
Italy
ASSICURAZIONI GENERA VAR PERPETUAL
ASTALDI SPA 7.125% 01/12/2020
BANCO POPOLARE 3.50% 14/03/2019
BUZZI UNICEM 6.25% 28/09/2018
CERVED GROUP S.P.A. 6.375% 15/01/2020
CERVED TECHNOLOGIES SPA 8.00% 15/01/2021
ENEL SPA VAR PERPETUAL
ENEL SPA VAR PERPETUAL
ENEL SPA VAR PERPETUAL
FINMECCANICA SPA 4.875% 24/03/2025
INTESA SANPAOLO SPA VAR PERPETUAL
INTESA SANPAOLO SPA VAR PERPETUAL
INTESA SANPAOLO SPA VAR PERPETUAL
INTESA SANPAOLO SPA 5.15% 16/07/2020
INTESA SANPAOLO SPA 6.625% 13/09/2023
RHINO BONDCO SPA 7.25% 15/11/2020
SALINI SPA 6.125% 01/08/2018
SNAI SPA 7.625% 15/06/2018
4,584,982
4,023,025
1,420,956
0.03
0.34
0.29
0.10
1,591,880
0.12
14,828,801
1.09
1,591,880
6,371,978
1,421,460
1,736,000
1,217,125
2,801,838
1,280,400
111,885,361
5,132,331
5,291,555
10,324,164
3,861,819
971,610
536,250
12,237,475
1,045,000
3,794,029
850,243
6,051,250
1,220,622
5,040,000
543,743
9,741,607
3,375,099
1,302,888
3,376,365
0.12
0.47
0.10
0.13
0.09
0.21
0.09
8.19
0.38
0.39
0.76
0.28
0.07
0.04
0.89
0.08
0.28
0.06
0.44
0.09
0.37
0.04
0.71
0.25
0.10
0.25
TELECOM ITALIA SPA 4.00% 21/01/2020
TELECOM ITALIA SPA 5.375% 29/01/2019
TELECOM ITALIA SPA 5.875% 19/05/2023
TELECOM ITALIA SPA 6.375% 24/06/2019
UNICREDIT SPA VAR PERPETUAL
UNICREDIT SPA VAR 28/10/2025
UNICREDIT SPA 6.125% 19/04/2021
UNICREDIT SPA 6.95% 31/10/2022
UNIPOL GRUPPO FINANZIARIO SPA VAR
PERPETUAL
Japan
2,886,000 SOFTBANK CORPORATION 4.625% 15/04/2020
2,949,000
4,172,000
2,057,000
1,752,000
2,262,000
3,200,000
1,500,000
1,000,000
11,035,000
1,500,000
4,900,000
3,500,000
3,000,000
417,030
5,980,000
2,020,000
2,540,000
1,000,000
4,170,000
2,966,000
7,900,000
2,700,000
6,200,000
10,877,000
5,348,000
1,000,000
3,100,000
7,535,000
2,489,000
6,672,000
2,000,000
842,000
4,425,000
Jersey
ASTON MARTIN CAPITAL LTD 9.25% 15/07/2018
AVIS BUDGET FINANCE PLC 6.00% 01/03/2021
HASTINGS INSURANCE GROUP 8.00% 21/10/2020
HBOS CAPITAL FUNDING LP VAR PERPETUAL
Luxembourg
ALBEA BEAUTY HOLDINGS 8.75% 01/11/2019
ALTICE FINANCING SA 5.25% 15/02/2023
ALTICE FINANCING SA 6.50% 15/01/2022
ALTICE FINANCING SA 8.00% 15/12/2019
ALTICE SA 7.25% 15/05/2022
ARCELORMITTAL SA 2.875% 06/07/2020
ARCELORMITTAL SA 3.00% 09/04/2021
ARCELORMITTAL SA 3.00% 25/03/2019
ARCELORMITTAL SA 3.125% 14/01/2022
ARDAGH FINANCIAL HOLDINGS SA 8.375%
15/06/2019
CIRSA FUNDING LUXEMBOURG SA 5.875%
15/05/2023
CIRSA FUNDING LUXEMBOURG SA 8.75%
15/05/2018
CNH INDUSTRIAL FINANCE EUROPE 2.875%
27/09/2021
CONVATEC HEALTHCARE 10.875% 15/12/2018
DUFRY FINANCE SCA 4.50% 15/07/2022
ELIOR FINANCE & CP SCA 6.50% 01/05/2020
FIAT FINANCE AND TRADE LTD 4.75% 15/07/2022
FIAT FINANCE AND TRADE LTD 4.75% 22/03/2021
FIAT FINANCE AND TRADE LTD 6.625% 15/03/2018
FIAT FINANCE AND TRADE LTD 6.75% 14/10/2019
FIAT FINANCE AND TRADE LTD 7.375% 09/07/2018
FIAT FINANCE AND TRADE LTD 7.75% 17/10/2016
FIAT INDUSTRIAL FINANCIAL EUROPE 2.75%
18/03/2019
FIAT INDUSTRIAL FINANCIAL EUROPE 6.25%
09/03/2018
FINDUS BONDCO SA 9.125% 01/07/2018
FINMECCANICA FINANCE SA 4.50% 19/01/2021
FINMECCANICA FINANCE SA 5.25% 21/01/2022
FMC FINANCE III 6.50% 15/09/2018
FMC FINANCE VII SA 5.25% 15/02/2021
EUR
% of NaV
3,580,000
387,450
0.49
6,034,000
1,100,000
4,800,000
550,000
5,000,000
5,900,000
2,650,000
4,408,000
2,400,000
Market Value
4,739,000
6,721,002
0.24
0.17
0.49
0.15
0.30
0.22
0.16
0.15
0.72
0.13
0.19
0.37
0.11
Quantity
400,000
EUR
3,343,457
2,322,970
6,717,030
2,106,893
4,038,734
2,955,542
2,252,400
2,081,610
9,740,490
1,792,420
2,532,000
5,066,250
1,519,800
% of NaV
7,012,000
COMMERZBANK AG 8.125% 19/09/2023
DEUTSCHE RASTSTATTEN 6.75% 30/12/2020
HEIDELBERGCEMENT AG 8.50% 31/10/2019
TECHEM AG 6.125% 01/10/2019
TECHEM AG 7.875% 01/10/2020
THYSSENKRUPP AG 1.75% 25/11/2020
THYSSENKRUPP AG 2.50% 25/02/2025
THYSSENKRUPP AG 3.125% 25/10/2019
THYSSENKRUPP AG 4.00% 27/08/2018
TRIONISTA TOPCO GMBH 5.00% 30/04/2020
TRIONISTA TOPCO GMBH 6.875% 30/04/2021
UNITY MEDIA GMBH 3.75% 15/01/2027
UNITYMEDIA HESSEN GMBH CO NRW 4.00%
15/01/2025
UNITYMEDIA HESSEN GMBH CO NRW 5.50%
15/09/2022
UNITYMEDIA HESSEN GMBH CO NRW 5.625%
15/04/2023
UNITYMEDIA HESSEN GMBH CO NRW 5.75%
15/01/2023
UNITYMEDIA HESSEN GMBH CO NRW 6.25%
15/01/2029
WEPA HYGIENEPRODUKTE GMBH 6.50%
15/05/2020
Market Value
Quantity
3,200,000
2,171,000
5,289,000
2,021,000
3,716,000
3,050,000
2,400,000
2,020,000
9,146,000
1,736,000
2,400,000
5,250,000
1,490,000
6,448,439
1,227,530
7,125,546
840,973
4,856,900
6,329,945
2,921,591
5,092,082
2,346,305
0.47
0.09
0.52
0.06
0.36
0.46
0.21
0.37
0.17
3,116,938
0.23
14,299,978
1.05
3,116,938
4,225,048
4,370,170
3,077,193
2,627,567
0.23
0.31
0.32
0.23
0.19
236,285,498
17.29
5,771,298
0.42
2,419,775
3,216,000
1,593,750
1,060,000
11,145,350
1,470,000
4,752,843
3,508,750
2,895,090
424,361
1,460,419
0.18
0.24
0.12
0.08
0.81
0.11
0.35
0.26
0.21
0.03
0.11
2,504,963
0.18
8,308,211
0.61
1,052,500
4,275,184
2,067,673
8,275,250
2,837,781
6,799,416
12,330,710
6,005,911
1,065,250
3,114,725
2,607,228
7,112,064
2,200,000
964,511
5,108,663
0.08
0.31
0.15
0.61
0.21
0.50
0.89
0.44
0.08
0.23
0.19
0.52
0.16
0.07
0.37
The accompanying notes form an integral part of these financial statements
81
Bond Euro High Yield
Securities Portfolio as at 30/06/15
5,410,000
1,000,000
10,450,000
10,288,000
2,389,000
Mexico
2,000,000 CEMEX S.A.B.DE C.V. 4.375% 05/03/2023
1,300,000 CEMEX S.A.B.DE C.V. 4.75% 11/01/2022
600,000 CEMEX S.A.B.DE C.V. 6.125% 05/05/2025
Netherlands
3,101,000 ABN AMRO BANK NV VAR PERPETUAL
4,548,000 CABLE COMMUNICATIONS SYSTEMS 7.50%
01/11/2020
2,900,000 DARLING GLOBAL FINANCE B.V. 4.75% 30/05/2022
1,700,000 DEUTSCHE ANNINGTON FINANCE B.V. VAR
PERPETUAL
1,100,000 DEUTSCHE ANNINGTON FINANCE B.V. 4.625%
PERPETUAL
1,850,000 EDP FINANCE BV 5.25% 14/01/2021
1,100,000 EDP FINANCE BV 8.625% 04/01/2024
2,357,000 FRESENIUS FINANCE BV 3.00% 01/02/2021
1,000,000 FRESENIUS FINANCE BV 4.00% 01/02/2024
The accompanying notes form an integral part of these financial statements
82
4,238,917
4,478,292
6,167,400
947,352
10,423,875
10,627,504
2,497,461
3,758,209
1,922,500
1,303,835
531,874
0.31
0.21
0.11
0.32
0.48
0.09
0.20
0.49
0.18
0.37
0.14
0.22
0.18
0.31
0.33
0.45
0.07
0.75
0.77
0.18
0.28
0.14
0.10
0.04
183,840,123
13.45
2,834,750
1,696,566
0.21
0.12
3,128,909
4,755,207
1,140,865
1,749,148
2,054,467
2,454,816
1,106,206
0.23
0.35
0.08
0.13
0.15
0.18
0.08
EUR
% of NaV
4,095,000
4,207,660
2,858,800
1,554,015
4,303,125
6,490,375
1,200,000
2,705,820
6,645,470
2,501,448
4,987,653
1,942,750
3,062,089
2,394,656
1.02
0.01
3,519,000 FRESENIUS FINANCE BV 4.25% 15/04/2019
6,200,000 GAS NATURAL FENOSA FINANCE BV VAR
PERPETUAL
1,150,000 GENERALI FINANCE BV VAR PERPETUAL
11,000,000 GENERALI FINANCE BV VAR PERPETUAL
1,140,000 GRUPO ANTOLIN DUTCH BV 5.125% 30/06/2022
4,600,000 GRUPO ANTOLIN DUTUCH BV 4.75% 01/04/2021
4,131,000 GRUPO ISOLUX CORSAN FIN 6.625% 15/04/2021
3,120,000 HERTZ HOLDINGS NEDERLANDS 4.375%
15/01/2019
1,750,000 ING GROEP NV VAR PERPETUAL
6,110,000 KONINKLIJKE KPN NV VAR PERPETUAL
6,625,000 LGE HOLDCO VI 7.125% 15/05/2024
1,000,000 OI EUROPEAN 4.875% 31/03/2021
4,530,000 OI EUROPEAN 6.75% 15/09/2020
4,700,000 PETROBRAS GLOBAL FINANCE BV 2.75%
15/01/2018
2,300,000 PETROBRAS GLOBAL FINANCE BV 3.75%
14/01/2021
7,416,000 PETROBRAS INTERNATL BV 3.25% 01/04/2019
7,300,000 PETROBRAS INTERNATL FINANCE 4.875%
07/03/2018
1,000,000 PETROBRAS INTERNATL FINANCE 5.875%
07/03/2022
1,200,000 PHOENIX PIB FINANCE 3.125% 27/05/2020
1,900,000 PHOENIX PIB FINANCE 3.625% 30/07/2021
1,325,000 POLISH TELEVISION HOLDING 11.00% 15/01/2021
6,498,000 PORTUGAL TELECOM INTL FINANCE BV 4.625%
08/05/2020
600,000 PORTUGAL TELECOM INTL FINANCE BV 5.00%
04/11/2019
2,600,000 PORTUGAL TELECOM INTL FINANCE BV 5.875%
17/04/2018
4,500,000 RABOBANK NEDERLAND VAR PERPETUAL
2,650,000 REPSOL INTERNATIONAL FINANCE BV VAR
PERPETUAL
4,650,000 REPSOL INTERNATIONAL FINANCE BV VAR
PERPETUAL
5,640,000 SAMVARDHANA MOTHERSON AUTOMOT. 4.125%
15/07/2021
1,000,000 SCHAEFFLER FINANCE BV 2.50% 15/05/2020
5,169,000 SCHAEFFLER FINANCE BV 3.25% 15/05/2019
1,550,000 SCHAEFFLER FINANCE BV 3.25% 15/05/2025
2,603,000 SCHAEFFLER FINANCE BV 3.50% 15/05/2022
2,460,000 SCHAEFFLER FINANCE BV 4.25% 15/05/2018
2,150,000 SCHAEFFLER FINANCE BV 6.875% 15/08/2018
1,100,000 SCHAEFFLER HOLDING FINANCE BV 5.75%
15/11/2021
500,000 SELECTA GROUP B.V. 6.50% 15/06/2020
3,600,000 TELEFONICA EUROPE BV VAR PERPETUAL
4,600,000 TELEFONICA EUROPE BV VAR PERPETUAL
9,500,000 TELEFONICA EUROPE BV VAR PERPETUAL
600,000 TELEFONICA EUROPE BV VAR PERPETUAL
1,000,000 THYSSENKRUPP FINANCE NEDERLAND 8.50%
25/02/2016
6,155,000 UPC HOLDING BV 6.375% 15/09/2022
Market Value
4,045,000
INEOS GROUP HOLDINGS SA 5.75% 15/02/2019
INEOS GROUP HOLDINGS SA 6.50% 15/08/2018
KION FINANCE SA 6.75% 15/02/2020
MAGNOLIA BC SA 9.00% 01/08/2020
MATTERHORN TELECOM S.A. 3.875% 01/05/2022
MATTERHORN TELECOM S.A. 4.875% 01/05/2023
ONEX WIZARD 7.75% 15/02/2023
PICARD BONDCO SA 7.75% 01/02/2020
PLAY FINANCE 1 SA 6.50% 01/08/2019
PLAY FINANCE 2 SA 5.25% 01/02/2019
PLAY TOPCO SA 7.75% 28/02/2020
TELECOM ITALIA FINANCE SA 7.75% 24/01/2033
TELENET FINANCE LUXEMBOURG SCA 6.25%
15/08/2022
TELENET FINANCE LUXEMBOURG SCA 6.625%
15/02/2021
TELENET FINANCE LUXEMBOURG SCA 6.75%
15/08/2024
UNICREDIT LUXEMBOURG FINANCE VAR
PERPETUAL
UNICREDIT LUXEMBOURG FINANCE 6.00%
31/10/2017
WIND ACQUISITION FINANCE SA 4.00% 15/07/2020
WIND ACQUISITION FINANCE SA 7.00% 23/04/2021
ZINC CAPITAL SA 8.875% 15/05/2018
14,075,860
112,110
0.07
0.24
0.05
0.18
0.21
0.33
0.10
0.40
Quantity
4,166,000
2,800,000
1,473,000
4,050,000
6,850,000
1,250,000
2,600,000
6,200,000
2,400,000
4,857,000
1,900,000
2,364,000
2,225,000
EUR
992,004
3,270,637
747,600
2,410,200
2,831,415
4,444,438
1,409,363
5,409,533
% of NaV
GATEGROUPE FINANCE LUX SA 6.75% 01/03/2019
GAZ CAPITAL SA (EX GAZPROM) 6.605% 13/02/2018
GAZ CAPITAL SA 3.389% 20/03/2020
GAZ CAPITAL SA 3.60% 26/02/2021
GAZ CAPITAL SA 3.70% 25/07/2018
GAZ CAPITAL SA 3.755% 15/03/2017
GCS HOLDCO FINANCE I SA 6.50% 15/11/2018
GESTAMP FUNDING LUXEMBOURG SA 5.875%
31/05/2020
11,315,000 HEIDELBERGCEMENT FINANCE 7.50% 03/04/2020
7,474,000 HELLAS TELECOM (LUX) V 0% DEFAULTED
Market Value
Quantity
1,329,000
3,109,000
800,000
2,600,000
2,900,000
4,450,000
1,365,000
5,189,000
3,852,179
6,163,705
0.28
0.45
1,553,451
6,485,765
7,359,380
1,059,000
5,226,488
4,512,009
0.11
0.47
0.54
0.08
0.38
0.33
1,173,001
10,489,567
1,158,035
4,669,000
3,304,800
3,115,320
2,129,223
7,035,803
7,360,465
1,011,088
1,211,400
1,951,300
1,566,813
6,368,040
610,410
0.09
0.77
0.08
0.34
0.24
0.23
0.16
0.52
0.54
0.07
0.09
0.14
0.11
0.47
0.04
2,703,740
0.20
4,291,532
0.31
4,545,000
2,556,593
0.33
0.19
5,690,771
0.42
481,250
5,335,592
5,035,850
10,972,500
624,056
1,050,080
0.04
0.39
0.37
0.81
0.05
0.08
977,820
5,194,845
1,463,829
2,609,508
2,506,125
2,227,615
1,158,795
6,601,238
0.07
0.38
0.11
0.19
0.18
0.16
0.08
0.48
Bond Euro High Yield
Securities Portfolio as at 30/06/15
2,520,000 DNB BANK ASA VAR PERPETUAL
1,370,000 SILK BIDCO AS 7.50% 01/02/2022
2,212,407
1,399,113
0.16
0.10
1,600,000
2,500,000
1,200,000
1,100,000
1,556,000
2,487,650
1,217,155
1,151,238
Norway
1,300,000
2,300,000
5,017,000
3,415,000
4,700,000
5,800,000
5,200,000
2,100,000
700,000
750,000
1,836,000
Portugal
BANCO ESPIRITO SANTO 2.625% 08/05/2017
BANCO ESPIRITO SANTO 4.00% 21/01/2019
BANCO ESPIRITO SANTO 4.75% 15/01/2018
PORTUCEL-EMPRESA PRODUTORA 5.375%
15/05/2020
Spain
ABENGOA FINANCE SAU 6.00% 31/03/2021
ABENGOA FINANCE SAU 7.00% 15/04/2020
ABENGOA SA 8.875% 05/02/2018
ALMIRALL S.A. 4.625% 01/04/2021
BANCO SANTANDER SA VAR PERPETUAL
BBVA BILBAO VISCAYA ARGENTINA VAR
PERPETUAL
CAMPOFRIO ALIMENTACI 3.375% 15/03/2022
CELANESE US HOLDING LLC 3.25% 15/10/2019
EMPARK FUNDING SA 6.75% 15/12/2019
NH HOTELES SA 6.875% 15/11/2019
OBRASCON HUARTE LAIN SA 7.625% 15/03/2020
Sweden
2,851,000 EILEME 2 AB 11.75% 31/01/2020
1,000,000 NORCELL SWEDEN HOLDINGS 2 AB 10.75%
29/09/2019
3,000,000 NORDEA BANK AB VAR PERPETUAL
4,100,000 SVENSKA HANDELSBANKEN AB VAR PERPETUAL
3,400,000 SWEDBANK AB VAR PERPETUAL
5,101,000 TVN FINANCE CORPORATION III AB 7.375%
15/12/2020
2,403,000 VERISURE HOLDING AB 8.75% 01/09/2018
900,000 VOLVO TREASURY AB VAR PERPETUAL
8,230,000 VOLVO TREASURY AB VAR PERPETUAL
Switzerland
1,880,000 CREDIT SUISSE VAR 18/09/2025
2,600,000 UBS GROUP INC VAR PERPETUAL
United Kingdom
600,000 ANGLIAN WATER SERVICES FINANCING 5.00%
30/04/2023
1,100,000 ANGLIAN WATER SERVICES FINANCING 7.00%
31/01/2018
2,411,000 ARROW GLOBAL FINANCE PLC 7.875% 01/03/2020
1,950,000 BAKKAVOR INVEST LTD 8.25% 15/02/2018
6,790,000 BARCLAYS BANK PLC LONDON VAR PERPETUAL
1,650,000 BOPARAN FINANCE P.L.C. 5.25% 15/07/2019
2,110,000 BOPARAN HOLDINGS LTD 4.375% 15/07/2021
3,611,520
6,412,043
33,117,875
1,202,526
2,179,250
5,242,765
3,543,585
4,617,938
5,779,990
5,126,503
2,142,000
757,400
818,438
1,707,480
30,259,558
3,153,691
702,000
2,575,714
3,571,695
3,005,805
5,575,393
2,535,165
897,750
8,242,345
4,730,314
2,091,782
2,638,532
0.26
0.47
0.11
0.19
0.09
0.08
2.43
0.09
0.16
0.38
0.26
0.34
0.41
0.38
0.16
0.06
0.06
0.13
2.22
0.23
0.05
0.19
0.26
0.22
0.41
0.19
0.07
0.60
0.35
0.15
0.20
149,804,376
10.97
1,676,900
0.12
837,359
3,573,364
1,655,217
6,786,605
2,189,286
1,929,595
0.06
0.26
0.12
0.50
0.16
0.14
800,000
200,000
570,000
1,863,000
3,840,000
4,550,000
5,400,000
5,870,000
2,957,000
2,800,000
3,500,000
1,665,000
2,006,000
1,700,000
3,040,000
6,130,000
700,000
886,000
1,725,000
4,599,000
1,560,000
800,000
3,850,000
4,500,000
7,660,000
4,427,000
1,600,000
1,700,000
1,400,000
6,620,000
920,000
500,000
6,948,000
800,000
870,000
2,650,000
800,000
1,420,000
1,310,000
5,348,000
BOPARAN HOLDINGS LTD 5.50% 15/07/2021
ECO BAT FINANCE PLC 7.75% 15/02/2017
GKN HOLDINGS P.L.C. 5.375% 19/09/2022
HOUSE OF FRASER 8.875% 15/08/2018
HSBC HOLDINGS PLC VAR PERPETUAL
INEOS FINANCE PLC 4.00% 01/05/2023
INTERNATIONAL GAME TECHNOLOGY 4.125%
15/02/2020
INTERNATIONAL GAME TECHNOLOGY 4.75%
15/02/2023
INTERNATIONAL PERSONAL FINANCE 5.75%
07/04/2021
JAGUAR LAND ROVER PLC 3.875% 01/03/2023
JAGUAR LAND ROVER PLC 5.00% 15/02/2022
LLOYDS TSB GROUP PLC VAR PERPETUAL
LLOYDS TSB GROUP PLC VAR PERPETUAL
MERLIN ENTERTAINMENTS PLC 2.75% 15/03/2022
MOY PARK BONDCO PLC 6.25% 29/05/2021
NEW LOOK SECURED ISSUER PLC 6.50%
01/07/2022
NEW LOOK SENIOR ISSUER PLC 8.00% 01/07/2023
OLD MUTUAL UNITS PLC VAR PERPETUAL
OLD MUTUAL UNITS PLC 5.00% PERPETUAL
OTE PLC 7.875% 07/02/2018
PIZZAEXPRESS FINANCING 2 6.625% 01/08/2021
PRIORY GROUP N°3 PLC 7.00% 15/02/2018
ROYAL BANK OF SCOTLAND PLC VAR PERPETUAL
ROYAL BANK OF SCOTLAND PLC VAR 22/09/2021
ROYAL BANK OF SCOTLAND VAR 25/03/2024
R&R ICE CREAM PLC 5.50% 15/05/2020
TESCO CORP TRESURY SERVICES 1.375%
01/07/2019
TESCO CORP TRESURY SERVICES 2.50%
01/07/2024
TESCO PLC 5.00% 24/03/2023
TESCO PLC 6.125% 24/02/2022
TESCO TREASURY SERVICES PLC 2.125%
12/11/2020
THOMAS COOK FINANCE PLC 6.75% 15/06/2021
THOMAS COOK GROUP 7.75% 15/06/2020
TWINKLE PIZZA HOLDINGS PLC 6.625% 01/08/2021
VIRGIN MEDIA FINANCE PLC 4.50% 15/01/2025
VIRGIN MEDIA SECURED FINANCE P 5.125%
15/01/2025
VIRGIN MEDIA SECURED FINANCE P 5.50%
15/01/2025
VIRGIN MEDIA SECURED FINANCE P 6.25%
28/03/2029
VOUGEOT BIDCO 7.875% 15/07/2020
WILLIAM HILL PLC 4.25% 05/06/2020
United States of America
3,689,000 CEMEX FINANCE LLC 5.25% 01/04/2021
850,000 FRESENIUS US FINANCE II 4.25% 01/02/2021
750,000 HUNTSMAN INTERNATIONAL LLC 4.25% 01/04/2025
EUR
% of NaV
0.22
0.05
0.28
Market Value
2,996,770
693,000
3,836,438
Quantity
% of NaV
Market Value
Quantity
EUR
2,762,000 UPC HOLDING BV 6.75% 15/03/2023
700,000 ZIGGO BOND FINANCE BV 4.625% 15/01/2025
3,950,000 ZIGGO 3.75% 15/01/2025
1,025,055
194,800
901,219
2,743,024
3,846,912
4,322,864
5,346,000
0.08
0.01
0.07
0.20
0.28
0.32
0.39
2,959,957
0.22
963,371
1,254,732
1,730,468
4,244,877
2,272,890
712,677
4,119,500
4,602,222
7,806,153
6,350,397
1,546,653
0.07
0.09
0.13
0.31
0.17
0.05
0.30
0.34
0.57
0.47
0.11
5,655,862
3,784,555
5,078,001
1,722,209
2,852,176
1,616,870
4,398,334
8,393,112
1,595,294
1,990,464
10,112,850
903,093
520,000
7,350,956
1,165,585
863,475
3,684,452
1,019,454
2,072,023
1,960,128
7,473,386
52,833,004
3,781,778
771,462
693,000
0.41
0.28
0.37
0.13
0.21
0.12
0.32
0.61
0.12
0.15
0.73
0.07
0.04
0.54
0.09
0.06
0.27
0.07
0.15
0.14
0.55
3.87
0.28
0.06
0.05
The accompanying notes form an integral part of these financial statements
83
Bond Euro High Yield
Securities Portfolio as at 30/06/15
0.12
0.06
92,649,836
92,649,836
France
88,045,097
329 AMUNDI TRESO COURT TERME PART I C
372 AMUNDI TRESO EONIA ISR I C
0.001 AMUNDI TRESO 3 MOIS I C
6,198,320
81,845,717
1,060
Luxembourg
4,604,739
1,538,439
3,066,300
1,312,909,282
The accompanying notes form an integral part of these financial statements
84
1,667,160
785,625
2,977,500
3,398,400
Share/Units in investment funds
Total securities portfolio
0.14
4,523,750
-
Share/Units of UCITS/UCIS
1,532 AMUNDI FUNDS ABSOLUTE HIGH YIELD OE C
30,000 AMUNDI SICAV SMART JAPAN EQUITIES IJ C
1,854,000
3,670,800
5,607,717
4,140,000
10,370,053
7,516,409
1,075,350
3,000,000 ZF NORTH AMERICA CAPITAL INC 2.25% 26/04/2019
3,600,000 ZF NORTH AMERICA CAPITAL INC 2.75% 27/04/2023
% of NaV
Market Value
Quantity
EUR
1,800,000 HUNTSMAN INTERNATIONAL LLC 5.125%
15/04/2021
3,800,000 IMS HEALTH INC 4.125% 01/04/2023
3,870,000 IRON MOUNTAIN INC 6.125% 15/09/2022
4,000,000 JARDEN CORP 3.75% 01/10/2021
7,849,000 LYNX I CORP 6.00% 15/04/2021
5,000,000 LYNX II CORP 7.00% 15/04/2023
1,005,000 MPT OPERATING PARTNERSHIP LP 5.75%
01/10/2020
1,650,000 PSPC ESCROW CORP 6.00% 01/02/2023
750,000 UNITED STATES COATING ACQUISITION FLASH
DUTCH 5.75% 01/02/2021
4,700,000 VWR FUNDING INC 4.625% 15/04/2022
295,000 WINSTAR COMMUNICATIONS INC. 0% DEFAULTED
0.27
0.41
0.30
0.75
0.55
0.08
0.33
0.00
0.22
0.25
6.79
6.79
6.45
0.45
6.00
0.00
0.34
0.11
0.23
96.15
Bond Euro High Yield Short Term
Securities Portfolio as at 30/06/15
Belgium
1,300,000 BARRY CALLEBAUT SERVICES NV 6.00%
13/07/2017
500,000
2,700,000
2,700,000
3,000,000
900,000
2,900,000
1,500,000
4,903,363
2.44
172,920,221
3,602,300
1,301,063
1,423,500
1,423,500
86.02
1.79
0.65
0.71
0.71
4,384,759
2.18
France
43,772,940
21.78
AREVA 4.375% 06/11/2019
AREVA 4.625% 05/10/2017
FAURECIA 9.375% 15/12/2016
ITALCEMENTI FINANCE SA 6.125% 21/02/2018
LABCO 8.50% 15/01/2018
LAFARGE SA VAR 13/04/2018
LAFARGE SA 5.375% 26/06/2017
NEXANS 4.25% 19/03/2018
NEXANS 5.75% 02/05/2017
PEUGEOT SA 6.50% 18/01/2019
PEUGEOT SA 7.375% 06/03/2018
REMY COINTREAU SA 5.18% 15/12/2016
STE DES CIMENTS FRAN 4.75% 04/04/2017
VEOLIA ENVIRONNEMENT VAR PERPETUAL
Germany
FRANZ HANIEL UND CIE GMBH VAR 01/02/2017
FRANZ HANIEL UND CIE GMBH 6.25% 08/02/2018
HEIDELBERGCEMENT AG 8.50% 31/10/2019
RHEINMETALL AG VAR 22/09/2017
THYSSENKRUPP AG 3.125% 25/10/2019
THYSSENKRUPP AG 4.00% 27/08/2018
THYSSENKRUPP AG 4.375% 28/02/2017
Hungary
500,000 MAGYAR OLAJ-ES GAZIPARE RESZ 3.875%
05/10/2015
4,000,000 MAGYAR OLAJ-ES GAZIPARE RESZ 5.875%
20/04/2017
2,800,000
3,700,000
1,100,000
300,000
600,000
3,600,000
86.02
Finland
3,000,000 STORA ENSO OYJ 5.50% 07/03/2019
700,000 UPM KYMMENE CORPORAT 6.625% 23/01/2017
950,000
3,700,000
3,000,000
4,100,000
5,100,000
1,200,000
2,700,000
300,000
3,000,000
600,000
5,200,000
1,000,000
4,000,000
6,000,000
172,920,221
Italy
BUZZI UNICEM 6.25% 28/09/2018
GTECH SPA 6.625% 02/02/2018
SALINI SPA 6.125% 01/08/2018
SNAI SPA 7.625% 15/06/2018
TELECOM ITALIA SPA 5.375% 29/01/2019
TELECOM ITALIA SPA 7.375% 15/12/2017
3,328,500
1,056,259
984,135
3,848,000
3,326,250
4,463,677
5,291,250
1,331,015
2,929,557
312,165
3,164,760
685,780
5,920,345
1,058,110
4,217,896
6,240,000
15,828,391
532,500
3,037,576
3,429,000
3,242,865
927,450
3,088,500
1,570,500
4,790,250
503,050
4,287,200
14,967,578
3,136,048
4,075,550
1,194,314
308,250
669,562
5,583,854
1.65
0.53
0.49
1.91
1.65
2.22
2.63
0.66
1.46
0.16
1.57
0.34
2.95
0.53
2.10
3.11
7.87
0.26
1.51
1.71
1.61
0.46
1.54
0.78
2.38
0.25
2.13
7.45
1.56
2.03
0.59
0.15
0.33
2.79
Jersey
300,000 ASTON MARTIN CAPITAL LTD 9.25% 15/07/2018
2,300,000
4,000,000
2,200,000
1,600,000
100,000
900,000
3,050,000
1,600,000
4,500,000
900,000
2,200,000
700,000
2,100,000
1,455,000
2,000,000
950,000
450,000
800,000
Luxembourg
ARCELORMITTAL SA VAR 29/03/2018
ARCELORMITTAL SA 3.00% 25/03/2019
CLARIANT FINANCE 5.625% 24/01/2017
FIAT FINANCE AND TRADE LTD 6.625% 15/03/2018
FIAT FINANCE AND TRADE LTD 6.75% 14/10/2019
FIAT FINANCE AND TRADE LTD 7.00% 23/03/2017
FIAT FINANCE AND TRADE LTD 7.375% 09/07/2018
FIAT INDUSTRIAL FINANCIAL EUROPE 2.75%
18/03/2019
FIAT INDUSTRIAL FINANCIAL EUROPE 6.25%
09/03/2018
FINDUS BONDCO SA 9.125% 01/07/2018
FINMECCANICA FINANCE SA 4.375% 05/12/2017
FINMECCANICA FINANCE SA 5.75% 12/12/2018
FMC FINANCE III 6.50% 15/09/2018
GAZ CAPITAL SA (EX GAZPROM) 6.605% 13/02/2018
GAZ CAPITAL SA 3.755% 15/03/2017
INEOS GROUP HOLDINGS SA 6.50% 15/08/2018
PLAY FINANCE 2 SA 5.25% 01/02/2019
ZINC CAPITAL SA 8.875% 15/05/2018
Netherlands
2,200,000 HEIDELBERGER ZEMENT FINANCE BV 9.50%
15/12/2018
4,850,000 PETROBRAS INTERNATL FINANCE 4.875%
07/03/2018
3,000,000 PORTUGAL TELECOM INTL FINANCE BV 4.375%
24/03/2017
2,200,000 PORTUGAL TELECOM INTL FINANCE BV 5.875%
17/04/2018
2,000,000 SCHAEFFLER FINANCE BV 3.25% 15/05/2019
200,000 THYSSENKRUPP FINANCE NEDERLAND 8.50%
25/02/2016
EUR
% of NaV
3,400,000 TELEKOM AUSTRIA AG VAR 28/02/2049
1,285,000 WIENERBERGER AG VAR PERPETUAL
94.77
Market Value
Austria
190,514,654
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
429,812
0.21
33,982,251
16.91
4,961,772
2.48
429,812
2,509,365
4,010,000
2,367,167
1,754,688
113,365
964,125
3,425,211
1,607,600
942,750
2,337,500
786,638
2,405,550
1,530,645
1,997,500
969,950
462,105
836,320
15,233,819
2,770,900
4,890,173
3,064,950
2,287,780
2,010,000
210,016
0.21
1.25
1.99
1.18
0.87
0.06
0.48
1.70
0.80
0.47
1.16
0.39
1.20
0.76
0.99
0.48
0.23
0.42
7.58
1.38
2.44
1.52
1.14
1.00
0.10
Slovenia
2,838,379
1.41
Spain
4,086,975
2.03
2,727,000 TELEKOM SLOVENIJE DD 4.875% 21/12/2016
1,250,000 ABENGOA SA 8.50% 31/03/2016
2,670,000 ABENGOA SA 8.875% 05/02/2018
Sweden
1,800,000 STENA AB 6.125% 01/02/2017
United Kingdom
500,000 ANGLIAN WATER SERVICES FINANCING 7.00%
31/01/2018
500,000 BRITISH AIRWAYS PLC 8.75% 23/08/2016
1,400,000 ECO BAT FINANCE PLC 7.75% 15/02/2017
250,000 HOUSE OF FRASER 8.875% 15/08/2018
650,000 LADBROKES PLC 7.625% 05/03/2017
2,838,379
1,296,825
2,790,150
1,894,500
1,894,500
19,917,434
762,227
755,763
1,363,600
368,092
980,669
1.41
0.65
1.38
0.94
0.94
9.91
0.38
0.38
0.68
0.18
0.49
The accompanying notes form an integral part of these financial statements
85
Bond Euro High Yield Short Term
Securities Portfolio as at 30/06/15
% of NaV
EUR
OTE PLC 4.625% 20/05/2016
OTE PLC 7.875% 07/02/2018
REXAM PLC VAR PERPETUAL
TESCO PLC 3.375% 02/11/2018
THOMAS COOK GROUP VAR 22/06/2017
WILLIAM HILL PLC 7.125% 11/11/2016
2,173,362
1,015,300
5,467,500
5,232,050
755,170
1,043,701
1.08
0.51
2.71
2.60
0.38
0.52
3,032,000 CHESAPEAKE ENERGY CORP 6.25% 15/01/2017
1,300,000 ZF NORTH AMERICA CAPITAL INC 2.25% 26/04/2019
3,176,020
1,290,250
1.58
0.64
United States of America
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
933 AMUNDI TRESO COURT TERME PART I C
0.001 AMUNDI TRESO 3 MOIS I C
Total securities portfolio
The accompanying notes form an integral part of these financial statements
86
Market Value
Quantity
2,300,000
1,100,000
5,400,000
5,000,000
500,000
700,000
4,466,270
17,594,433
17,594,433
17,594,433
17,593,373
1,060
190,514,654
2.22
8.75
8.75
8.75
8.75
0.00
94.77
Bond Global Corporate
Securities Portfolio as at 30/06/15
3,000,000
1,500,000
750,000
3,300,000
Belgium
AHNEUSER-BUSH INBEV 1.50% 18/04/2030
AHNEUSER-BUSH INBEV 3.70% 01/02/2024
AHNEUSER-BUSH INBEV 4.00% 24/09/2025
KBC GROUPE SA VAR 11/03/2027
British Virgin Islands
4,200,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2015
LTD 2.50% 28/04/2020
Canada
1,000,000 BARRICK GOLD CORP 4.10% 01/05/2023
Cayman Islands
1,200,000 ADCB FINANCE 2.75% 16/09/2019
4,450,000 HUTCHISON WHAMPOA VAR PERPETUAL
Curacao
2,000,000 TEVA PHARMACEUTICAL FINANCE II BV 1.875%
31/03/2027
2,200,000
1,600,000
2,500,000
3,000,000
7,000,000
1,000,000
2,350,000
3,000,000
2,200,000
500,000
2,000,000
1,800,000
700,000
2,000,000
2,500,000
3,000,000
5,700,000
3,600,000
3,000,000
1,000,000
2,200,000
1,000,000
1,150,000
2,100,000
France
BANQUE POSTALE (LA) 2.75% 23/04/2026
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR 20/03/2026
BPCE 5.15% 21/07/2024
CNP ASSURANCES VAR PERPETUAL
CNP ASSURANCES VAR 14/09/2040
CREDIT AGRICOLE ASSURANCES VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA 4.375% 17/03/2025
CREDIT LOGEMENT SA VAR PERPETUAL
EDF ELECTRICITE DE FRANCE VAR PERPETUAL
GROUPAMA SA VAR 27/10/2039
KLEPIERRE 1.75% 06/11/2024
LA MONDIALE VAR PERPETUAL
MERCIALYS 1.787% 31/03/2023
NATIXIS BANQUES POPULAIRES VAR PERPETUAL
NUMERICABLE GROUP SA 6.00% 15/05/2022
ORANGE VAR PERPETUAL
ORANGE VAR PERPETUAL
ORANGE 5.25% 05/12/2025
RALLYE 4.00% 02/04/2021
520,190,782
87.37
2,773,440
0.47
516,011,723
2,773,440
9,205,941
2,934,669
1,533,000
1,258,234
3,480,038
4,138,596
4,138,596
86.67
0.47
1.55
0.49
0.26
0.21
0.59
0.70
0.70
971,780
0.16
6,265,514
1.05
971,780
1,205,136
5,060,378
2,045,337
2,045,337
98,184,103
2,499,113
1,718,524
2,795,723
3,391,569
7,146,860
1,144,829
2,951,427
3,225,074
3,486,923
866,967
1,955,620
1,738,062
646,360
2,012,460
3,107,638
3,300,717
6,466,145
3,964,070
3,627,985
989,980
2,614,640
1,608,241
2,088,073
2,379,340
0.16
0.20
0.85
0.34
0.34
16.49
0.42
0.29
0.47
0.57
1.20
0.19
0.50
0.54
0.59
0.15
0.33
0.29
0.11
0.34
0.52
0.55
1.09
0.67
0.61
0.17
0.44
0.27
0.35
0.40
2,500,000 RENAULT CREDIT INTERNATIONAL BANQUE 1.25%
08/06/2022
2,500,000 SOCIETE GENERALE VAR PERPETUAL
3,000,000 SOCIETE GENERALE 2.625% 27/02/2025
3,500,000 SOCIETE GENERALE 4.25% 14/04/2025
5,300,000 SOGECAP CONVERTIBLE VAR 29/12/2049
1,600,000 SOLVAY FINANCE SA VAR PERPETUAL
1,000,000 SOLVAY FINANCE SA VAR
2,000,000 TOTAL CAPITAL INTERNATIONAL SA VAR
PERPETUAL
1,500,000 TOTAL FINA ELF CAPITAL VAR PERPETUAL
4,000,000 VEOLIA ENVIRONNEMENT VAR PERPETUAL
1,800,000 WENDEL 4.375% 09/08/2017
Germany
2,000,000 ALLIANZ SE VAR PERPETUAL
3,400,000 DEUTSCHE BANK AG FRANKFURT 2.75%
17/02/2025
4,300,000 DEUTSCHE BANK AG FRANKFURT 4.50%
01/04/2025
1,600,000 ENBW ENERGIE BADEN-WUERTTEMBER VAR
PERPETUAL
2,000,000 MERCK KGAA VAR PERPETUAL
Guernsey
3,000,000 CREDIT SUISSE GROUP FUNDING 1.25% 14/04/2022
Ireland
1,800,000 FCA CAPITAL IRELAND PLC 1.375% 17/04/2020
3,000,000 FGA CAPITAL IRELAND PLC 2.875% 26/01/2018
1,440,000 SMURFIT KAPPA ACQUISITIONS 2.75% 01/02/2025
5,000,000
2,000,000
2,500,000
3,600,000
2,500,000
3,150,000
2,000,000
2,750,000
2,000,000
1,000,000
Italy
ASSICURAZIONI GENERA VAR 12/12/2042
ASSICURAZIONI GENERA 4.125% 04/05/2026
ENEL SPA VAR PERPETUAL
INTESA SANPAOLO SPA VAR PERPETUAL
INTESA SANPAOLO SPA 3.875% 16/01/2018
INTESA SANPAOLO SPA 5.00% 23/09/2019
INTESA SANPAOLO SPA 5.017% 26/06/2024
INTESA SANPAOLO SPA 5.25% 12/01/2024
UNICREDIT SPA VAR 02/05/2023
UNICREDIT SPA VAR 28/10/2025
Luxembourg
3,000,000 ACTAVIS FUNDING SCS 3.80% 15/03/2025
3,000,000 ARCELORMITTAL SA 3.125% 14/01/2022
1,100,000
1,250,000
2,500,000
3,000,000
Mexico
AMERICA MOVIL SAB DE CV VAR PERPETUAL
AMERICA MOVIL SAB DE CV VAR PERPETUAL
PETROLEOS MEXICANOS SA 3.50% 30/01/2023
PETROLEOS MEXICANOS SA 4.50% 23/01/2026
Netherlands
6,500,000 ABN AMRO BANK NV 2.45% 04/06/2020
USD
% of NaV
3,000,000 BHP BILLITON FINANCE USA LTD 4.125% 24/02/2042
87.37
Market Value
Australia
520,190,782
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
2,702,604
0.45
1,558,888
6,315,111
2,156,498
0.26
1.06
0.36
2,574,325
3,125,398
3,289,790
5,582,774
1,837,396
1,153,297
2,161,682
14,219,674
2,406,538
3,569,659
4,105,468
1,932,272
0.43
0.52
0.55
0.94
0.31
0.19
0.36
2.39
0.40
0.60
0.70
0.32
2,205,737
0.37
3,169,152
0.53
3,169,152
6,921,910
1,948,722
3,471,024
1,502,164
30,495,747
6,671,272
2,292,600
3,035,936
3,939,281
2,583,200
3,795,524
1,943,080
2,948,110
2,091,350
1,195,394
6,165,379
2,939,670
3,225,709
8,704,365
1,300,493
2,092,202
2,370,500
2,941,170
51,613,054
6,466,785
0.53
1.16
0.33
0.58
0.25
5.12
1.11
0.39
0.51
0.66
0.43
0.64
0.33
0.50
0.35
0.20
1.04
0.49
0.55
1.46
0.22
0.35
0.40
0.49
8.67
1.09
The accompanying notes form an integral part of these financial statements
87
Bond Global Corporate
Securities Portfolio as at 30/06/15
0.36
0.50
0.35
0.29
0.37
4,900,000 DNB BANK ASA VAR PERPETUAL
4,793,180
5,102,579
1,523,670
4,069,250
3,396,917
2,672,269
0.32
0.36
0.83
0.86
0.26
0.68
0.57
0.45
Norway
4,793,180
0.81
Spain
2,524,550
0.42
Sweden
5,400,000 NORDEA BANK AB VAR PERPETUAL
2,000,000 SKANDINAVISKA ENSKILDA BANKEN VAR
PERPETUAL
3,000,000 SVENSKA HANDELSBANKEN AB VAR PERPETUAL
1,400,000 VOLVO TREASURY AB VAR PERPETUAL
1,700,000 VOLVO TREASURY AB VAR PERPETUAL
Switzerland
1,200,000 UBS GROUP INC VAR PERPETUAL
2,400,000 UBS GROUP INC VAR PERPETUAL
Thailand
1,400,000 SIAM COMMERCIAL BANK PUBLIC CO 3.50%
07/04/2019
Turkey
2,000,000 TURKIYE GARANTI BANK 4.75% 17/10/2019
United Kingdom
2,500,000 ABBEY NATIONAL TREASURY SERVICES 1.125%
10/03/2025
1,500,000 BARCLAYS BANK PLC LONDON VAR PERPETUAL
4,500,000 BARCLAYS BANK PLC LONDON 3.75% 15/05/2024
1,800,000 BRITISH TELECOMMUNICATIONS PLC VAR
07/12/2016
1,500,000 IMPERIAL TOBACCO FINANCE PLC 2.05%
11/02/2018
The accompanying notes form an integral part of these financial statements
2,524,550
0.81
0.42
13,502,880
2.27
2,911,890
1,555,980
1,896,982
0.49
0.26
0.32
5,165,748
1,972,280
3,861,399
1,356,855
2,504,544
1,439,256
1,439,256
0.87
0.33
0.65
0.23
0.42
0.24
0.24
2,029,220
0.34
37,366,141
6.28
2,029,220
2,558,760
1,670,464
4,534,740
3,108,568
1,504,050
0.34
0.43
0.28
0.77
0.52
0.25
3,000,000
1,500,000
1,500,000
2,200,000
5,000,000
4,100,000
2,000,000
4,000,000
3,500,000
10,000,000
1,500,000
6,200,000
6,000,000
2,000,000
2,000,000
2,500,000
3,000,000
1,000,000
1,800,000
1,500,000
3,000,000
1,200,000
5,000,000
2,000,000
2,000,000
2,000,000
1,100,000
3,007,000
2,600,000
3,500,000
2,600,000
4,000,000
3,200,000
2,000,000
2,000,000
2,900,000
5,000,000
2,000,000
4,000,000
United States of America
ABBVIE INC 2.50% 14/05/2020
ALTRIA GROUP INC 2.85% 09/08/2022
ALTRIA GROUP INC 4.25% 09/08/2042
APPLE INC 2.15% 09/02/2022
APPLE INC 2.40% 03/05/2023
AT& T INC 3.00% 30/06/2022
AT& T INC 4.35% 15/06/2045
AT&T WIRELESS SERVICES INC 2.30% 11/03/2019
BANK OF AMERICA CORP VAR PERPETUAL
BANK OF AMERICA CORP 3.30% 11/01/2023
BANK OF AMERICA CORP 5.00% 21/01/2044
BERKSHIRE HATHAWAY I 1.625% 16/03/2035
CITIGROUP INC VAR PERPETUAL
CITIGROUP INC 4.50% 14/01/2022
CITIGROUP INC 4.95% 07/11/2043
CITIGROUP INC 5.50% 13/09/2025
COCA COLA CO 1.625% 09/03/2035
COMCAST CORP 3.125% 15/07/2022
COMCAST CORP 4.75% 01/03/2044
COMMONWEALTH EDISON CO 4.70% 15/01/2044
CREDIT SUISSE NEW YORK BRANCH 3.625%
09/09/2024
CVS CAREMARK CORP 5.30% 05/12/2043
DEERE AND CO 3.90% 09/06/2042
DIRECTV HOLDINGS LLC 3.95% 15/01/2025
DIRECTV HOLDINGS LLC 5.15% 15/03/2042
DUKE ENERGY CORP 3.75% 15/04/2024
ELI LILLY AND CO 2.75% 01/06/2025
EXELON GENERATION 6.25% 01/10/2039
EXXON MOBIL CORP 3.567% 06/03/2045
FORD MOTOR CREDIT CO 2.597% 04/11/2019
FORD MOTOR CREDIT CO 3.219% 09/01/2022
FORD MOTOR CREDIT CO 3.664% 08/09/2024
GENERAL ELECTRIC CAP CORP 4.625% 30/01/2043
GENERAL ELECTRIC CO 4.50% 11/03/2044
GENERAL MOTORS FINANCIAL CO 4.375%
25/09/2021
GOLDMAN SACHS GROUP INC VAR PERPETUAL
GOLDMAN SACHS GROUP INC 4.00% 03/03/2024
GOLDMAN SACHS GROUP INC 5.15% 22/05/2045
HALLIBURTON CO 3.50% 01/08/2023
USD
% of NaV
2,124,996
2,952,881
2,077,026
1,751,415
2,181,429
1,923,940
2,153,056
4,962,067
960,000 IMPERIAL TOBACCO FINANCE PLC 4.875%
07/06/2032
1,000,000 LBG CAPITAL N°2 PLC 6.385% 12/05/2020
2,000,000 LLOYDS TSB GROUP PLC VAR PERPETUAL
750,000 PRUDENTIAL PLC VAR PERPETUAL
4,500,000 SANTANDER UK PLC 5.00% 07/11/2023
900,000 SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
2,000,000 SOCIETY OF LLOYD’S (THE) 4.75% 30/10/2024
2,900,000 STANDARD CHARTERED PLC 3.20% 17/04/2025
1,600,000 UBS AG VAR 22/05/2023
3,000,000 WPP FINANCE 2010 3.75% 19/09/2024
Market Value
0.47
0.91
Quantity
% of NaV
Market Value
Quantity
2,814,413
5,440,361
2,500,000 BBVA US SENIOR SA UNIPERSONAL 4.664%
09/10/2015
88
USD
2,500,000 AEGON NV 4.00% 25/04/2044
5,000,000 DEMETER INVESTMENT BV (SWISS LIFE) VAR
PERPETUAL
1,900,000 EDP FINANCE BV 4.125% 15/01/2020
2,100,000 ELM BV VAR PERPETUAL
4,000,000 GAS NATURAL FENOSA FINANCE BV 3.50%
15/04/2021
2,000,000 GENERALI FINANCE BV VAR PERPETUAL
2,500,000 ING BANK NV VAR 25/02/2026
2,100,000 ING GROEP NV VAR PERPETUAL
1,600,000 NOMURA EUROPE FINANCE NV 1.125% 03/06/2020
1,633,000 PETROBRAS GLOBAL FINANCE BV 6.625%
16/01/2034
3,000,000 RABOBANK NEDERLAND 4.00% 19/09/2022
1,500,000 SHELL INTERNATIONAL FINANCE BV 4.55%
12/08/2043
4,100,000 SIEMENS FINANCIERINGSMAATSCHAP 2.90%
27/05/2022
3,000,000 TELEFONICA EUROPE BV VAR PERPETUAL
2,500,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
1,595,412
0.27
3,180,719
2,749,403
1,618,416
3,005,730
0.53
0.46
0.27
0.50
1,260,283
3,320,944
1,251,771
4,633,110
1,373,771
0.21
0.56
0.21
0.79
0.23
205,621,105
34.53
1,311,144
4,663,550
1,961,680
1,889,020
2,036,600
1,062,072
3,330,132
2,367,508
3,486,525
2,578,186
3,957,240
3,193,536
2,030,100
2,070,100
0.22
0.78
0.33
0.32
0.34
0.18
0.56
0.40
0.59
0.43
0.66
0.54
0.34
0.35
2,970,480
1,442,640
1,351,500
2,116,136
4,778,300
3,958,550
1,715,560
4,005,480
3,454,990
9,835,200
1,557,075
5,759,716
5,790,900
2,147,020
2,086,680
2,705,700
2,879,884
995,280
1,829,340
1,570,065
2,991,150
2,869,724
5,070,700
1,937,240
4,046,680
0.50
0.24
0.23
0.36
0.80
0.66
0.29
0.67
0.58
1.64
0.26
0.97
0.97
0.36
0.35
0.45
0.48
0.17
0.31
0.26
0.50
0.48
0.85
0.33
0.68
Bond Global Corporate
Securities Portfolio as at 30/06/15
1,500,000
157,000
1
1,500,000
3,000,000
5,500,000
USD
% of NaV
2,800,000
1,300,000
1,500,000
2,000,000
1,400,000
3,000,000
3,000,000
2,000,000
1,520,000
Market Value
Quantity
1,500,000
3,000,000
1,750,000
2,100,000
5,000,000
6,000,000
2,900,000
2,500,000
2,200,000
2,000,000
3,000,000
3,500,000
6,800,000
1,600,000
2,500,000
7,700,000
1,500,000
5,000,000
HOME DEPOT INC 2.625% 01/06/2022
HOME DEPOT INC 4.875% 15/02/2044
JP MORGAN CHASE AND CO 4.85% 01/02/2044
KELLOGG CO 1.25% 10/03/2025
KINDER MORGAN INC 5.05% 15/02/2046
KINDER MORGAN INC 5.625% 15/11/2023
MERCK AND CO INC NEW 3.70% 10/02/2045
METLIFE INC 3.00% 01/03/2025
MICROSOFT CORP 2.375% 12/02/2022
MICROSOFT CORP 3.75% 12/02/2045
MORGAN STANLEY VAR PERPETUAL
MORGAN STANLEY 1.75% 30/01/2025
MORGAN STANLEY 2.80% 16/06/2020
MORGAN STANLEY 5.00% 24/11/2025
ONCOR ELECTRIC DELIVERY CO 5.30% 01/06/2042
ORACLE CORP 2.50% 15/05/2022
ORACLE CORP 4.50% 08/07/2044
PHILIP MORRIS INTERNATIONAL INC 4.875%
15/11/2043
PRUDENTIAL FINANCIAL INC VAR 15/05/2045
SEMPRA ENERGY CORP 4.05% 01/12/2023
TIME WARNER INC 4.90% 15/06/2042
UBS PREFERRED VAR 29/05/2049
UNITED TECHNOLOGIES CORP 1.25% 22/05/2023
UNITEDHEALTH GROUP INC 4.25% 15/03/2043
VERIZON COMMUNICATIONS INC 2.45% 01/11/2022
VERIZON COMMUNICATIONS INC 4.40% 01/11/2034
VERIZON COMMUNICATIONS INC 4.672%
15/03/2055
VERIZON COMMUNICATIONS INC 5.012%
21/08/2054
VERIZON COMMUNICATIONS INC 6.55% 15/09/2043
VERIZON COMMUNICATIONS INC 6.55% 15/09/2043
VIACOM INC 5.25% 01/04/2044
WAL MART STORES INC 3.30% 22/04/2024
WELLS FARGO AND CO 4.65% 04/11/2044
1,477,890
3,194,970
1,809,115
2,180,431
4,353,900
6,450,660
2,591,324
2,393,275
2,159,058
1,801,960
2,976,330
3,748,821
6,810,336
1,678,096
2,774,238
7,473,389
1,481,340
5,155,100
0.25
0.54
0.30
0.37
0.73
1.08
0.44
0.40
0.36
0.30
0.50
0.63
1.14
0.28
0.47
1.26
0.25
0.87
1,374,135
0.23
France
1,064,498
Convertible bonds
3,000 UNIBAIL RODAMCO 0% 01/07/2021 CV
Italy
1,500,000 ENI SPA 0.625% 18/01/2016 CV
Netherlands
1,250,000 SIEMENS FINANCIERINGSMAATSCHAP 1.05%
16/08/2017 CV
Total securities portfolio
2,787,512
1,342,666
1,473,630
2,053,750
1,519,339
2,846,850
2,812,260
1,868,820
1,327,644
184,037
1
1,407,255
3,033,330
5,276,260
4,179,059
1,064,498
1,779,148
1,779,148
1,335,413
1,335,413
520,190,782
0.47
0.23
0.25
0.34
0.26
0.48
0.47
0.31
0.22
0.03
0.00
0.24
0.51
0.89
0.70
0.18
0.18
0.30
0.30
0.22
0.22
87.37
The accompanying notes form an integral part of these financial statements
89
Bond US Corporate6
Securities Portfolio as at 30/06/15
Automobiles and Parts
250,000 DAIMLER FINANCE NORTH AMERICA LLC 2.45%
18/05/2020
350,000 FORD MOTOR CREDIT CO 2.459% 27/03/2020
630,000 GENERAL MOTORS FINANCIAL CO 3.45%
10/04/2022
Banks
500,000 BANK OF NEW YORK MELLON CORP 3.00%
24/02/2025
400,000 BARCLAYS BANK PLC 3.65% 16/03/2025
500,000 BNP PARIBAS 2.375% 21/05/2020
400,000 BPCE 5.15% 21/07/2024
375,000 CAPITAL ONE FINANCIA L CORP 3.20% 05/02/2025
500,000 CITIGROUP INC 1.80% 05/02/2018
630,000 CITIGROUP INC 3.30% 27/04/2025
300,000 CITIGROUP INC 4.40% 10/06/2025
480,000 CREDIT SUISSE NEW YORK BRANCH 3.625%
09/09/2024
515,000 GOLDMAN SACHS GROUP INC VAR PERPETUAL
560,000 GOLDMAN SACHS GROUP INC 3.50% 23/01/2025
350,000 GOLDMAN SACHS GROUP INC 5.15% 22/05/2045
255,000 HSBC HOLDINGS PLC 4.25% 14/03/2024
500,000 HSBC USA INC 2.35% 05/03/2020
995,000 HUNTINGTON NATIONAL BANK 2.00% 30/06/2018
250,000 JP MORGAN CHASE AND CO 2.25% 23/01/2020
750,000 JP MORGAN CHASE AND CO 2.75% 23/06/2020
345,000 JP MORGAN CHASE AND CO 4.85% 01/02/2044
230,000 LLOYDS BANK P.L.C 3.50% 14/05/2025
140,000 MORGAN STANLEY VAR PERPETUAL
300,000 MORGAN STANLEY 2.65% 27/01/2020
450,000 MORGAN STANLEY 4.30% 27/01/2045
630,000 SOCIETE GENERALE 4.25% 14/04/2025
160,000 STATE STREET CORP 3.30% 16/12/2024
250,000 WELLS FARGO AND CO VAR PERPETUAL
250,000 WELLS FARGO AND CO 3.90% 01/05/2045
Beverages
450,000 BROWN FORMAN CORP 4.50% 15/07/2045
220,000
630,000
240,000
750,000
170,000
400,000
Electricity
ALABAMA POWER CO 4.15% 15/08/2044
DOMINION RESOURCE INC 4.70% 01/12/2044
DTE ELECTRIC 3.375% 01/03/2025
ENTERGY CORP 4.00% 15/07/2022
EXELON CORP 5.10% 15/06/2045
EXELON GENERATION 2.95% 15/01/2020
The accompanying notes form an integral part of these financial statements
90
47,868,502
93.42
105,246
0.21
47,868,502
105,246
1,210,010
248,780
345,002
616,228
93.42
0.21
2.36
0.49
0.67
1.20
10,816,575
21.12
381,168
495,785
408,152
356,074
499,455
605,701
299,031
478,584
0.74
0.97
0.80
0.69
0.97
1.18
0.58
0.93
485,770
509,623
542,853
339,017
259,179
495,555
995,493
246,140
749,895
356,654
226,555
138,895
299,943
418,923
593,069
159,123
250,998
224,940
445,545
445,545
3,276,779
212,681
619,636
243,208
755,190
171,137
401,468
0.95
0.99
1.06
0.66
0.51
0.97
1.95
0.48
1.47
0.70
0.44
0.27
0.59
0.82
1.16
0.31
0.49
0.44
0.87
0.87
6.39
0.42
1.21
0.47
1.47
0.33
0.78
125,000 ONCOR ELECTRIC DELIVERY CO 2.95% 01/04/2025
750,000 SOUTHERN CO 2.75% 15/06/2020
Electronic and Electrical Equipment
180,000 KEYSIGHT TECHNOLOGIES INC 4.55% 30/10/2024
300,000
265,000
210,000
380,000
700,000
125,000
170,000
305,000
230,000
630,000
0.24
1.47
174,062
0.34
174,062
1,969,434
Fixed Line Telecommunications
1,397,948
Food and Drug Retailers
1,230,618
Food Producers
1,686,880
AERCAP IRELAND CAP LTD 4.25% 01/07/2020
BLACKSTONE HDGS FINANCE 4.45% 15/07/2045
KKR FINANCIAL CORP 5.50% 01/02/2043
NASDAQ STOCK MARKET INC 4.25% 01/06/2024
NOMURA HOLDINGS INC 2.00% 13/09/2016
TD AMERITRADE HOLDING CORP 2.95% 01/04/2022
AT&T INC 4.50% 15/05/2035
AT&T INC 4.75% 15/05/2046
TELSTRA CORPORATION 3.125% 07/04/2025
VERIZON COMMUNICATIONS INC 6.55% 15/09/2043
HJ HEINZ CO 3.95% 15/07/2025
HJ HEINZ CO 4.875% 15/02/2025
HJ HEINZ CO 5.20% 15/07/2045
JM SMUCKER CO 3.50% 15/03/2025
JM SMUCKER CO 4.375% 15/03/2045
WRIGLEY JR CO WILLIA 3.375% 21/10/2020
Forestry and Paper
490,000 GEORGIA PACIFIC CORP 2.539% 15/11/2019
Gas, Water and Multiutilities
1,000,000 NATIONAL FUEL GAS CO 5.20% 15/07/2025
General Industrials
460,000 BALL CORP 5.25% 01/07/2025
280,000 GENERAL ELECTRIC CO 4.50% 11/03/2044
250,000 MUFG AMERICAS HLODINGS CORP 3.00%
10/02/2025
General Retailers
183,000 COMMUNICATIONS SALES & LEASING 6.00%
15/04/2023
425,000 HOME DEPOT INC 4.25% 01/04/2046
130,000 SUNOCO LP 6.375% 01/04/2023
1,000,000
3,048,000
1,294,000
602,000
121,007
752,452
Financial Services
350,000 CARDINAL HEALTH INC 4.50% 15/11/2044
505,000 CARDINAL HEALTH INC 4.90% 15/09/2045
400,000 KROGER CO 2.95% 01/11/2021
575,000
207,000
370,000
270,000
40,000
200,000
USD
Governments
USA T-BONDS 0.625% 31/05/2017
USA T-BONDS 1.50% 31/05/2020
USA T-BONDS 2.125% 15/05/2025
USA T-BONDS 2.50% 15/02/2045
% of NaV
110,000 UNITED TECHNOLOGIES CORP 4.15% 15/05/2045
94.73
Market Value
Aerospace and Defense
48,538,144
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
300,186
241,648
214,035
384,807
704,739
124,019
156,579
277,947
224,931
738,491
330,418
503,616
396,584
578,059
225,371
376,408
264,376
36,700
205,966
490,038
490,038
1,016,850
1,016,850
974,777
454,825
284,214
235,738
0.34
3.84
0.59
0.47
0.42
0.75
1.37
0.24
2.73
0.31
0.54
0.44
1.44
2.40
0.64
0.99
0.77
3.29
1.13
0.44
0.73
0.52
0.07
0.40
0.96
0.96
1.98
1.98
1.90
0.89
0.55
0.46
727,178
1.42
413,002
135,200
0.81
0.26
178,976
5,823,922
999,883
3,028,235
1,268,019
527,785
0.35
11.38
1.95
5.92
2.48
1.03
Bond US Corporate6
Securities Portfolio as at 30/06/15
175,000 CNH INDUSTRIAL CAPITAL LLC 3.875% 16/07/2018
Industrial Metals and Mining
75,000 ARCELORMITTAL SA 6.125% 01/06/2025
230,000 FREEPORT MCMORAN COPPER GOLD 2.375%
15/03/2018
460,000 GLENCORE FUNDING LLC 4.125% 30/05/2023
Industrial Transportation
385,000 NORFOLK SOUTHERN CORP 4.45% 15/06/2045
250,000 UNION PACIFIC CORP 3.875% 01/02/2055
450,000
420,000
500,000
70,000
Leisure Goods
COMCAST CORP 4.60% 15/08/2045
COMCAST CORP 4.75% 01/03/2044
DIRECTV HOLDINGS LLC 3.95% 15/01/2025
TIME WARNER CABLE INC 4.50% 15/09/2042
Life Insurance
140,000 CNO FINANCIAL GROUP INC 5.25% 30/05/2025
440,000 STANDARD LIFE PLC 2.25% 17/04/2020
Media
200,000 TIME WARNER INC 6.25% 29/03/2041
450,000 VIACOM INC 2.75% 15/12/2019
Nonlife Insurance
630,000 AMERICAN INTERNATIONAL GROUP INC 4.375%
15/01/2055
395,000 AON PLC 4.75% 15/05/2045
500,000 MARSH AND MC LENNAN COS INC 2.35%
06/03/2020
145,000 METLIFE INC 4.05% 01/03/2045
85,000
140,000
150,000
75,000
500,000
Oil and Gas Producers
ANTERO RESOURCES CORP 5.625% 01/06/2023
DEVON ENERGY CORP 5.00% 15/06/2045
ENSCO P.L.C. 5.20% 15/03/2025
NEWFIELD EXPLORATION CO 5.375% 01/01/2026
OCCIDENTAL PETROLEUM CORP 4.625%
15/06/2045
240,000 PHILLIPS 66 4.875% 15/11/2044
310,000 VALERO ENERGY CORP 6.625% 15/06/2037
329,975
175,438
175,438
752,223
74,765
228,811
448,647
591,002
371,082
219,920
1,422,061
447,336
426,846
490,420
57,459
575,166
142,268
432,898
678,779
228,392
450,387
1,581,106
563,402
385,698
498,528
133,478
1,526,019
82,131
137,560
149,316
74,250
498,795
229,742
354,225
0.64
0.64
0.34
0.34
1.47
0.15
0.45
0.87
1.15
0.72
0.43
2.78
0.87
0.83
0.97
0.11
1.12
0.28
0.84
1.32
0.45
0.87
3.09
1.11
70,000 DCP MIDSTREAM UNIT 5.35% 15/03/2020
435,000 ENERGY TRANSFER PARTNERS LP 2.50%
15/06/2018
440,000 ENTERPRISE PRODUCTS OPERATING 4.90%
15/05/2046
450,000 KINDER MORGAN ENERGY 5.40% 01/09/2044
250,000 MAGELLAN MIDSTREAM PARTNERS 3.20%
15/03/2025
220,000 MARKWEST ENERGY PART 4.875% 01/06/2025
375,000 MARKWEST ENERGY PART 4.875% 01/12/2024
400,000 PHILLIPS 66 PARTNERS LP 3.605% 15/02/2025
125,000 PLAINS ALL AMERICAN PIPELINE 2.60% 15/12/2019
450,000 WILLIAMS PARTNERS LP 3.60% 15/03/2022
255,000
180,000
675,000
250,000
Pharmaceuticals and Biotechnology
ABBVIE INC 4.70% 14/05/2045
ACTAVIS FUNDING SCS 3.85% 15/06/2024
AMGEN INC 3.125% 01/05/2025
ELI LILLY AND CO 3.70% 01/03/2045
Software and Computer Services
150,000 AUTODESK INC 3.125% 15/06/2020
200,000 MSCI INC 5.25% 15/11/2024
625,000
185,000
925,000
105,000
235,000
Technology Hardware and Equipment
APPLE INC 3.45% 09/02/2045
CISCO SYSTEMS INC 1.65% 15/06/2018
CISCO SYSTEMS INC 3.00% 15/06/2022
QUALCOMM INC 3.45% 20/05/2025
QUALCOMM INC 4.80% 20/05/2045
Tobacco
210,000 ALTRIA GROUP INC 5.375% 31/01/2044
500,000 REYNOLDS AMERICAN IN 3.25% 12/06/2020
95,000 REYNOLDS AMERICAN IN 4.45% 12/06/2025
Travel, Leisure and Catering
250,000 AMERICAN AIRLINES 2013-1B 3.375% 01/05/2027
90,000 MC DONALD’S CORP 3.375% 26/05/2025
0.75
0.97 Money market instrument
Bonds
0.26
2.98
500,000
50,000
70,000
50,000
Governments
USA T-BILLS 0% 04/02/2016
USA T-BILLS 0% 17/09/2015*
USA T-BILLS 0% 20/08/2015
USA T-BILLS 0% 29/10/2015*
0.16
0.27
0.29
0.14
Total securities portfolio
0.98
USD
% of NaV
Industrial Engineering
329,975
0.46
0.46
0.44
0.43
0.17
Oil Equipment, Services and Distribution
Market Value
335,000 BROOKFIELD RESIDENTIAL 6.375% 15/05/2025
234,591
236,831
223,505
222,783
88,400
1.96
Quantity
Household Goods and Home Construction
1,006,110
% of NaV
BAXALTA INCORPORATED 3.60% 23/06/2022
BAXALTA INCORPORATED 5.25% 23/06/2045
BECTON DICKINSON AND 4.685% 15/12/2044
MEDTRONIC INC 4.625% 15/03/2045
WELLCARE HEALTH PLAN 5.75% 15/11/2020
Market Value
Quantity
235,000
235,000
230,000
220,000
85,000
Health Care Equipment and Services
USD
3,101,994
6.05
417,952
0.82
71,959
435,425
0.14
0.85
413,429
240,550
0.81
0.47
1,296,123
2.53
215,050
366,563
379,132
124,440
437,494
251,063
177,667
641,378
226,015
352,745
150,245
202,500
1,973,088
529,175
185,585
929,514
102,432
226,382
825,788
222,196
506,910
96,682
335,023
246,875
88,148
669,642
669,642
0.42
0.72
0.74
0.24
0.84
0.49
0.35
1.25
0.44
0.69
0.29
0.40
3.85
1.03
0.36
1.82
0.20
0.44
1.61
0.43
0.99
0.19
0.65
0.48
0.17
1.31
1.31
669,642
1.31
48,538,144
94.73
499,666
49,992
69,993
49,991
0.97
0.10
0.14
0.10
0.45
0.69
* As at 30 June 2015, the sub-fund has pledged these securities, please refer to note 21.
The accompanying notes form an integral part of these financial statements
91
Bond US Opportunistic Core Plus
Securities Portfolio as at 30/06/15
250,000
1,000,000
500,000
25,000
1,300,000
75,000
240,000
300,000
35,000
500,000
1,000,000
700,000
865,000
175,000
500,000
100,000
1,200,000
75,000
1,000,000
1,500,000
500,000
375,000
1,250,000
450,000
1,525,000
1,100,000
500,000
700,000
175,000
1,000,000
500,000
500,000
875,000
200,000
500,000
525,000
1,250,000
Banks
BANK OF AMERICA CORP FRN 15/06/2016
BANK OF AMERICA CORP 1.50% 09/10/2015
BANK OF AMERICA CORP 1.70% 25/08/2017
BANK OF AMERICA CORP 5.00% 13/05/2021
BANK OF AMERICA CORP 5.30% 15/03/2017
BANK OF AMERICA CORP 5.65% 01/05/2018
BANK OF AMERICA CORP 6.00% 15/06/2016
BANK OF AMERICA CORP 6.10% 15/06/2017
BARCLAYS BANK PLC LONDON 5.00% 22/09/2016
CITIGROUP INC FRN 25/07/2016
CITIGROUP INC FRN 25/08/2036
CITIGROUP INC 5.30% 07/01/2016
CITIGROUP INC 6.00% 15/08/2017
CITIGROUP INC 6.125% 15/05/2018
CITIGROUP INC 6.625% 01/04/2018
CITIGROUP INC 8.50% 22/05/2019
CREDIT SUISSE NEW YORK BRANCH FRN
24/08/2015
DISCOVER BANK NEW 7.00% 15/04/2020
GOLDMAN SACHS GROUP INC FRN 29/11/2023
GOLDMAN SACHS GROUP INC 2.375% 22/01/2018
GOLDMAN SACHS GROUP INC 3.50% 23/01/2025
GOLDMAN SACHS GROUP INC 6.15% 01/04/2018
HBOS PLC 6.75% 21/05/2018
JP MORGAN CHASE AND CO 4.625% 10/05/2021
JP MORGAN CHASE CAP XIII FRN 30/09/2034
JP MORGAN CHASE CAPITAL XXII FRN 02/02/2037
JP MORGAN CHASE CAPITAL XXII FRN 15/05/2047
JP MORGAN INTERNATIONAL DERIVATIVES
(JERSEY) LTD 6.00% 01/10/2017
JPMORGAN CHASE BANK NA 5.875% 13/06/2016
MACQUARIE BANK FRN 27/10/2017
MORGAN STANLEY FRN 18/10/2016
MORGAN STANLEY 2.375% 23/07/2019
MORGAN STANLEY 5.45% 09/01/2017
MORGAN STANLEY 5.50% 24/07/2020
MORGAN STANLEY 5.625% 23/09/2019
MORGAN STANLEY 7.30% 13/05/2019
ROYAL BANK OF SCOTLAND 1.875% 31/03/2017
Beverages
500,000 AHNEUSER-BUSH INBEV 3.70% 01/02/2024
The accompanying notes form an integral part of these financial statements
92
519,758,842 101.22
237,197,633
46.19
1,001,606
295,413
785,052
0.19
0.06
0.15
2,327,896
245,825
23,386,079
249,281
1,002,360
500,836
27,479
1,377,250
82,442
250,488
325,019
36,637
501,548
782,863
716,029
941,322
195,414
531,875
122,074
1,199,955
87,378
1,018,339
1,523,379
485,481
417,115
1,389,066
487,120
1,300,063
918,500
396,875
763,490
182,861
1,002,372
499,519
497,002
927,441
224,445
560,616
617,969
1,244,176
512,317
512,317
0.45
0.05
4.55
0.05
0.20
0.10
0.01
0.27
0.02
0.05
0.06
0.01
0.10
0.15
0.14
0.18
0.04
0.10
0.02
0.23
0.02
0.20
0.29
0.09
0.08
0.26
0.09
0.25
0.18
0.08
0.15
0.04
0.20
0.10
0.10
0.18
0.04
0.11
0.12
0.24
0.10
0.10
Electricity
1,100,000 APPALACHIAN POWER CO 4.45% 01/06/2045
75,000 CENTERPOINT ENERGY HOUSTON ELECTRIC
6.15% 01/05/2016
600,000 CLECO POWER LLC 6.00% 01/12/2040
465,000 DUKE ENERGY PROCESS INC 4.10% 15/03/2043
1,000,000 METROPOLITAN EDISON CO 3.50% 15/03/2023
515,000 MIRANT AMERICAS GENERATION 8.50% 01/10/2021
100,000 NISOURCE FINANCE CORPORATION 6.80%
15/01/2019
355,000 PUBLIC SERVICE CO OF NEW MEXICO 7.95%
15/05/2018
500,000
750,000
1,500,000
350,000
1,975,000
150,000
50,000
400,000
1,000,000
50,000
2,500,000
1,500,000
2,120,000
500,000
1,100,000
80,000
2,000,000
USD
% of NaV
1,000,000 FORD MOTOR CREDIT CO FRN 09/01/2018
300,000 GENERAL MOTORS COMPANY 5.00% 01/04/2035
800,000 GENERAL MOTORS FINANCIAL CO 3.45%
10/04/2022
250,000 ZF NORTH AMERICA CAPITAL INC 4.50% 29/04/2022
USD
556,894,013 108.45
Market Value
Automobiles and Parts
Quantity
Bonds
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
4,281,067
0.83
690,638
445,761
986,254
491,825
115,366
0.13
0.09
0.19
0.10
0.02
1,059,692
78,157
413,374
0.20
0.02
0.08
Financial Services
8,838,129
1.72
Fixed Line Telecommunications
3,559,699
0.69
AERCAP IRELAND CAP LTD 5.00% 01/10/2021
DBRR TRUST 1.636% 18/12/2049
GENERAL ELECTRIC CAP CORP FRN 05/05/2026
GENERAL ELECTRIC CAP CORP FRN 15/08/2036
GENERAL ELECTRIC CAP CORP 3.10% 09/01/2023
GENERAL ELECTRIC CAP CORP 4.375% 16/09/2020
GENERAL ELECTRIC CAP CORP 5.50% 08/01/2020
GOLDMAN SACHS GROUP 5.25% 27/07/2021
GOLDMAN SACHS GROUP 5.35% 15/01/2016
GOLDMAN SACHS GROUP 6.00% 15/06/2020
MERRILL LYNCH WORLD MINING FRN 25/04/2037
RESIDENTIAL ASSET MORTGAGE 6.00% 25/04/2037
SLM STUDENT LOAN TRUST 2011-2 FRN 25/04/2024
ALTICE US FINANCE I CORP 5.375% 15/07/2023
AT&T INC 4.75% 15/05/2046
TELECOMITALIA FINANCE 7.175% 18/06/2019
VERIZON COMMUNICATIONS INC 3.00% 01/11/2021
Food and Drug Retailers
1,500,000 WALGREEN BOOTS ALLIANCE INC FRN 18/05/2016
Food Producers
13,000 KRAFT FOODS INC 5.375% 10/02/2020
Gas, Water and Multiutilities
600,000 CENTERPOINT ENERGY RESOURCES 6.25%
01/02/2037
700,000 FLORIDA GAS TRANSMISSION 3.875% 15/07/2022
650,000 ONCOR ELECTRIC DELIVERY CO 5.25% 30/09/2040
1,935,000 SABINE PASS LNG 7.50% 30/11/2016
General Industrials
950,000 REYNOLDS GROUP ISS INC.LLC SA 5.75%
15/10/2020
General Retailers
750,000 NORTHWESTERN UNIVERSITY 4.643% 01/12/2044
150,000 WAL MART STORES INC 5.80% 15/02/2018
515,625
557,356
1,434,881
319,152
1,971,521
163,451
56,715
444,556
1,023,931
57,174
425,793
374,552
1,493,422
488,750
1,004,835
90,200
1,975,914
1,500,096
1,500,096
14,525
14,525
4,181,048
703,467
708,090
723,210
2,046,281
976,125
976,125
978,872
811,314
167,558
0.10
0.11
0.28
0.06
0.39
0.03
0.01
0.09
0.20
0.01
0.08
0.07
0.29
0.10
0.20
0.02
0.37
0.29
0.29
0.00
0.00
0.81
0.14
0.14
0.14
0.39
0.19
0.19
0.19
0.16
0.03
Bond US Opportunistic Core Plus
Securities Portfolio as at 30/06/15
Industrial Metals and Mining
55,000 SOUTHERN COPPER CORP 7.50% 27/07/2035
Industrial Transportation
375,000 AUTOPISTAS METROPOLITANAS DE PUERTO RICO
6.75% 30/06/2035
750,000 BURLINGTON NORTH SANTA FE 4.15% 01/04/2045
Leisure Goods
500,000 CCO HOLD.LLC/ CCO HOLD.CAPITAL 5.125%
01/05/2023
450,000 CSC HOLDINGS INC 6.75% 15/11/2021
Media
125,000 NBC UNIVERSAL 4.375% 01/04/2021
6,962,454
897,471
786,267
693,562
478,688
479,250
837,837
1,090,000
638,879
1,060,500
55,000
55,000
61,872
61,872
1,012,392
317,813
694,579
963,375
487,500
475,875
163,583
135,488
0.12
0.03
0.07
0.86
0.32
5.13
1.95
5.07
5.01
0.24
3.06
1.37
0.81
0.95
0.26
0.28
1.58
0.11
1.36
0.17
0.15
0.14
0.09
0.09
0.16
0.22
0.12
0.22
0.01
0.01
0.01
0.01
0.20
0.06
0.14
0.19
0.10
0.09
0.03
0.02
Mining
350,000 BARRICK GOLD CORP 4.10% 01/05/2023
USD
28,095
0.01
341,595
0.07
341,595
Mobile Telecommunications
2,631,799
Nonlife Insurance
6,065,016
110,000 INTELSAT JACKSON 7.25% 15/10/2020
1,775,000 SPRINT NEXTEL CORP 9.00% 15/11/2018
500,000 T-MOBILE US INC 6.25% 01/04/2021
725,000 BERKSHIRE HATHAWAY FINANCE CORP 4.40%
15/05/2042
1,000,000 FARMERS EXCHANGE CAPITAL VAR 01/11/2053
850,000 FARMERS EXCHANGE CAPITAL VAR 15/10/2054
75,000 METLIFE INC 6.817% 15/08/2018
1,000,000 METRO LIFE GLOBAL FRN 15/07/2016
1,000,000 METROPOLITAN LIFE INSURANCE 3.875%
11/04/2022
1,300,000 NATIONWIDE MUTUAL INSURANCE VAR 15/12/2024
Oil and Gas Producers
1,100,000 CHESAPEAKE ENERGY CORP 6.625% 15/08/2020
500,000 EXXON MOBIL CORP 3.567% 06/03/2045
540,000 SHELL INTERNATIONAL FINANCE BV 4.375%
11/05/2045
Oil Equipment, Services and Distribution
1,000,000 BOARDWALK PIPELINES LP 4.95% 15/12/2024
500,000 ENERGY TRANSFER PARTNERS LP FRN PERPETUAL
700,000 ENERGY TRANSFER PARTNERS LP 5.15%
15/03/2045
500,000 ENERGY TRANSFER PARTNERS LP 5.95%
01/10/2043
800,000 ENLINK MIDSTREAM PARTNERS LP 5.05%
01/04/2045
75,000 PANHANDLE EASTN PIPELINE CO 7.00% 15/06/2018
100,000 PANHANDLE EASTN PIPELINE CO 8.125%
01/06/2019
1,000,000 RUBY PIPELINE LLC 6.00% 01/04/2022
200,000 SOUTHERN NATURAL GAS CO 7.35% 15/02/2031
100,000 TENNESSEE GAS PIPELINE CO 8.00% 01/02/2016
500,000 TENNESSEE GAS PIPELINE CO. 8.375% 15/06/2032
1,500,000 TEXAS EASTERN TRANSMISSION COR 2.80%
15/10/2022
24,000 WILLIAMS COMPANIES INC 7.875% 01/09/2021
Pharmaceuticals and Biotechnology
915,000 ACTAVIS FUNDING SCS 4.75% 15/03/2045
1,000,000 VPI ESCROW CORPORATION 6.375% 15/10/2020
Real Estate Investment and Services
180,000 POST APARTMENT HOMES 4.75% 15/10/2017
Real Estate Investment Trusts
915,000 ALEXANDRIA R ESTATE 3.90% 15/06/2023
725,000 ALEXANDRIA R ESTATE 4.60% 01/04/2022
% of NaV
Industrial Engineering
50,000 CASE NEW HOLLAND INC 7.875% 01/12/2017
612,695
161,876
381,823
4,393,458
1,650,891
26,386,766
10,000,793
26,015,000
25,751,717
1,253,359
15,721,702
7,033,980
4,141,184
4,857,445
1,344,612
1,421,503
8,101,710
569,335
0.40
0.15
25,000 NBC UNIVERSAL 5.15% 30/04/2020
Market Value
900,000 BARBABAS HEALTH SYSTEMS 4.00% 01/07/2028
750,000 CATHOLIC HEALTH INITIATIVES 4.20% 01/08/2023
675,000 CHS COMMUNITY HEALTH SYSTEM 5.125%
15/08/2018
450,000 DAVITA HEALTHCARE PARTNERS 5.75% 15/08/2022
450,000 FRESENIUS MEDICAL CARE US FIN 2 5.875%
31/01/2022
775,000 HARTFORD HEALTHCARE CORP 5.746% 01/04/2044
1,000,000 HCA 5.875% 15/03/2022
550,000 NORTH SHORE LONG ISLAND JEWISH HEALTH
CARE INC 6.15% 01/11/2043
1,050,000 TENET HEALTHCARE COR FRN 15/06/2020
2,041,877
761,094
27.77
Quantity
Health Care Equipment and Services
142,602,820
% of NaV
2,040,000 FEDERAL FARM CREDIT BANKS FRN 26/04/2017
600,000 NEW YORK CITY MUNICIPAL WATER 5.882%
15/06/2044
500,000 NEW YORK CITY 5.968% 01/03/2036
150,000 STATE OF CALIFORNIA 5.75% 01/03/2017
330,000 STATE OF CALIFORNIA 6.20% 01/03/2019
4,375,000 UNITED STATES OF AMERICA 0.875% 15/07/2017
1,650,000 UNIVERSITY OF CALIFORNIA FRN 01/07/2041
26,395,000 USA T-BONDS 0.625% 30/06/2017
10,055,000 USA T-BONDS 1.50% 31/05/2020
26,015,000 USA T-BONDS 1.625% 30/06/2020
26,225,000 USA T-BONDS 2.125% 15/05/2025
1,315,000 USA T-BONDS 2.875% 15/05/2043
16,040,000 USA T-BONDS 3.00% 15/05/2045
6,530,000 USA T-BONDSI 0.125% 15/04/2016
4,255,000 USA T-BONDSI 0.125% 15/07/2024
4,950,000 USA T-BONDSI 0.25% 15/01/2025
1,470,000 USA T-BONDSI 0.625% 15/02/2043
1,545,000 USA T-BONDSI 0.75% 15/02/2045
7,460,000 USA T-BONDSI 1.375% 15/02/2044
500,000 VILLE DE NEW YORK 5.047% 01/10/2024
Market Value
Quantity
Governments
USD
109,175
2,008,874
513,750
715,577
1,070,452
833,514
86,358
1,004,789
1,051,731
1,302,595
2,067,030
1,078,000
453,808
535,222
0.07
0.51
0.02
0.39
0.10
1.18
0.14
0.21
0.16
0.02
0.20
0.20
0.25
0.40
0.21
0.09
0.10
6,906,606
1.35
491,661
0.10
982,490
430,000
620,692
0.19
0.08
0.12
728,146
0.14
1,085,961
225,172
103,772
602,456
1,406,160
0.21
0.04
0.02
0.12
0.28
84,775
117,113
28,208
1,930,135
874,510
1,055,625
191,900
191,900
9,543,916
912,725
764,811
0.02
0.02
0.01
0.38
0.17
0.21
0.04
0.04
1.86
0.18
0.15
The accompanying notes form an integral part of these financial statements
93
Bond US Opportunistic Core Plus
Securities Portfolio as at 30/06/15
CONTINENTAL AIRLINES 6.25% 11/04/2020
CONTINENTAL AIRLINES 7.256% 15/03/2020
CONTINENTAL AIRLINES 7.707% 02/04/2021
CONTINENTAL AIRLINES 8.048% 01/11/2020
DELTA AIR LINES INC 6.20% 02/07/2018
DELTA AIR LINES INC 6.718% 02/01/2023
US AIRWAYS GROUP INC 5.90% 01/10/2024
US AIRWAYS INC 4.625% 03/06/2025
Mortgage and asset backed securities
Banks
3,600,000 BANK OF AMERICA CORP VAR 25/01/2034
Financial Services
725,000 ACADEMIC LOAN FUNDING TRUST FRN 27/12/2044
1,200,000 ACCREDITED MORTGAGE LOAN TRUST FRN
25/02/2037
1,700,000 ACE SECURITIES CORP HOME LOAN TRUST FRN
25/06/2036
700,000 ADJUSTABLE RATE MORTGAGE TRUST FRN
25/07/2035
800,000 ALM LOAN FUNDING 2012-7A FRN 19/10/2024
650,000 AMMC CLO XIII FRN 27/07/2026
37,410,000 ARGENT SECURITIES FRN 25/10/2035
13,000,000 ASSET BACKED SECURITIES CORP HOME EQUITY
LOAN TRUST FRN 25/12/2036
900,000 BABSON CLO LTD FRN 12/07/2025
950,000 BABSON CLO 2013-I LTD VAR 20/04/2025
3,150,000 BANC OF AMERICA FDG 2006-D TR. VAR 20/05/2036
2,600,000 BANC OF AMERICA FUNDING CORPORATION FRN
20/07/2036
The accompanying notes form an integral part of these financial statements
94
325,474
0.06
317,132
1,124,346
393,826
187,120
213,431
436,311
221,730
827,966
1,344,601
399,256
1,102,687
700,567
700,567
247,188
247,188
4,194,532
546,745
598,574
533,450
133,970
66,952
855,003
730,638
729,200
282,561,209
224,868
224,868
0.06
0.22
0.08
0.04
0.04
0.08
0.04
0.16
0.27
0.08
0.21
0.14
0.14
0.05
0.05
0.82
0.11
0.12
0.10
0.03
0.01
0.17
0.14
0.14
55.03
0.04
0.04
272,114,178
53.00
907,942
0.18
733,104
961,165
252,880
799,280
649,740
2,671,360
2,600,247
902,592
940,405
691,011
2,371,136
0.14
0.19
0.05
0.16
0.13
0.52
0.51
0.18
0.18
0.13
0.46
4,000,000 BAYVIEW COMMERCIAL ASSET TRUST FRN
25/01/2035
1,725,000 BAYVIEW FINANCIAL FRN 25/12/2036
2,750,000 BCAP LLC TRUST 2007-AA1 FRN 25/02/2047
4,800,000 BCAP LLC TRUST 2007-AA2 VAR 26/04/2037
10,400,000 BCAP LLC TRUST 2013-RR2 FRN 25/04/2038
3,600,000 BEAR STEARNS ALT FRN 25/11/2034
550,000 BRAZOS HIGHER ED AUTH INC FRN 27/10/2036
650,000 BRAZOS HIGHER ED AUTH INC VAR 26/12/2035
900,000 CAL FUNDING II LTD 3.47% 25/10/2027
1,240,000 CEDAR CAYMAN FUND LIM CLASSE C USD FRN
20/05/2026
850,000 CENT CLO LP FRN 23/07/2025
3,420,000 CENTEX HOME EQUITY LOAN TRUST 2006-A FRN
25/06/2036
4,080,000 CIT EDUCATION LOAN TRUST 2007-1 FRN
25/03/2042
1,800,000 CITIGROUP COMMERCIAL MTGE TRST 1.813%
10/09/2045
340,000 CITIGROUP MORTGAGE LOAN TRUST CMLTI
5.775% 25/09/2036
5,236,000 CITIGROUP MORTGAGE LOAN TRUST VAR
25/04/2037
2,500,000 COMMERCIAL MORTGAGE TRUST 2.256%
10/12/2044
2,245,000 COMMERCIAL 2012-LC4 MORTGAGE TRUST 3.069%
10/12/2044
250,000 COUNTRYPLACE MANUFACTURED HOUSING
5.846% 15/07/2037
12,580,000 COUNTRYWIDE HOME LOANS INC VAR 25/02/2035
1,850,000 COUNTRYWIDE HOME LOANS INC VAR 25/09/2047
1,275,000 CREDIT BASED ASSET SERVICING AND
SECURITIZATION LLC VAR 25/01/2033
1,500,000 CREDIT SUISSE COML MTG TR 5.00% 25/04/2037
185,000 DBRR TRUST 4.537% 12/05/2021
1,250,000 DRYDEN SENIOR LOAN FUND FRN 15/04/2027
250,000 EFS VOLUNTEER LLC FRN 25/10/2035
2,465,000 FANNIE MAE FRN 25/03/2019
49,427,847 FANNIE MAE FRN 25/06/2029
939,000 FANNIE MAE GUARANTD REMIC PTGH 4.287%
25/07/2019
2,760,000 FANNIE MAE GUARANTD REMIC PTGH 6.00%
01/10/2040
2,260,000 FANNIE MAE VAR 25/10/2021
2,155,000 FANNIE MAE 2.747% 01/08/2022
1,425,000 FANNIE MAE 2.80% 01/06/2025
1,900,000 FANNIE MAE 2.966% 01/05/2027
1,215,000 FANNIE MAE 3.00% 25/06/2017
1,060,000 FANNIE MAE 3.64% 01/08/2023
1,895,000 FANNIE MAE 3.84% 01/08/2021
939,430 FEDERAL NATIONAL MORTGAGE ASSOCIATION
VAR 01/01/2021
6,400,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
VAR 25/03/2038
8,000,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
VAR 25/03/2038
USD
558,322
% of NaV
650,000
1,490,000
1,025,000
350,000
100,000
1,990,000
750,000
810,000
Travel, Leisure and Catering
0.19
Market Value
250,000 NXP B.V. / NXP FUNDING LLC 4.625% 15/06/2022
972,500
Quantity
Technology Hardware and Equipment
USD
% of NaV
Software and Computer Services
775,000 MICROSOFT CORP 3.75% 12/02/2045
Market Value
Quantity
1,000,000 ARC PROPERTIES OPERATING PTN 2.00%
06/02/2017
300,000 AVALONBAY COMMUNITIES INC 3.95% 15/01/2021
1,150,000 HCP INC. 3.875% 15/08/2024
390,000 HCP INC. 4.25% 15/11/2023
175,000 HCP INC. 5.625% 01/05/2017
200,000 HCP INC. 6.00% 30/01/2017
440,000 HEALTH CARE REIT INC 3.75% 15/03/2023
200,000 HEALTHCARE REALTY TRUST INC 5.75% 15/01/2021
850,000 SCENTRE GROUP 2.375% 28/04/2021
1,255,000 SL GREEN REALTY CORP 5.00% 15/08/2018
400,000 VENTAS REALTY LP/VENTAS CAPL 2.70%
01/04/2020
300,000 VENTAS REALTY LP/VENTAS CAPL 4.75%
01/06/2021
1,100,000 WEA FINANCE LLC 2.70% 17/09/2019
0.11
601,984
1,252,480
2,346,433
2,319,983
170,628
558,731
441,208
661,705
1,240,000
0.12
0.24
0.46
0.45
0.03
0.11
0.09
0.13
0.24
1,809,288
0.35
836,655
3,159,608
1,815,780
152,293
0.16
0.62
0.35
0.03
1,710,313
0.33
2,328,877
0.45
2,496,319
251,848
0.49
0.05
1,410,798
599,030
149,640
0.27
0.12
0.03
535,039
0.10
130,080
204,023
1,251,500
253,350
2,466,322
697,284
895,425
1,608,471
2,173,709
1,424,928
1,875,158
1,258,844
1,099,900
1,935,398
909,205
152,568
127,099
0.03
0.04
0.24
0.05
0.48
0.14
0.17
0.31
0.42
0.28
0.37
0.25
0.21
0.38
0.18
0.03
0.02
Bond US Opportunistic Core Plus
Securities Portfolio as at 30/06/15
1,710,604
0.33
359,958
2,220,399
1,647,454
3,249,985
12,867,830
1,314,456
1,765,298
484,622
612,641
1,201,141
18,582,170
1,230,720
2,312,171
1,549,133
959,233
1,159,482
3,071,954
762,977
2,428,835
10,150,571
615,990
1,358,672
309,577
4,622,344
1,136,774
1,588,796
178,218
0.07
0.43
0.32
0.63
2.51
0.26
0.34
0.09
0.12
0.23
3.61
0.24
0.45
0.30
0.19
0.23
0.60
0.15
0.47
1.98
0.12
0.26
0.06
0.90
0.22
0.31
0.03
1,355,000 FHLMC MULTIFAMILY STRUCTURED PASS
THROUGH 3.871% 25/04/2021
635,000 FHLMC MULTIFAMILY STRUCTURED PASS
THROUGH 2.811% 25/01/2025
2,500,000 FHLMC MULTIFAMILY STRUCTURED PASS
THROUGH 3.241% 25/09/2024
660,000 FHLMC MULTIFAMILY STRUCTURED PASS
THROUGH 4.285% 25/01/2020
1,900,000 FIRST HORIZON MORTGAGE PASS THROUGH
TRUST 6.00% 25/08/2036
880,000 FIRST HORIZON MTG 2004-AR7 VAR 25/02/2035
1,000,000 FLAGSHIP CLO FRN 16/01/2026
950,000 FLATIRON CLO 2013 FRN 17/07/2026
2,660,000 FREDDIE MAE 3.00% 15/09/2042
2,410,000 FREDDIE MAE 3.00% 15/09/2042
1,775,000 FREDDIE MAE 3.50% 01/01/2045
3,955,000 FREDDIE MAE 3.50% 01/02/2044
4,545,000 FREDDIE MAE 4.00% 01/01/2042
1,670,000 FREDDIE MAE 4.00% 01/03/2041
920,000 FREDDIE MAE 4.00% 01/03/2041
2,780,000 FREDDIE MAE 4.00% 01/08/2044
1,875,000 FREDDIE MAE 6.00% 15/04/2037
325,000 GE BUSINESS LOAN TRUST FRN 15/06/2033
600,000 GINNIE MAE REMIC PASSTHRU SECS VAR
20/10/2035
1,035,000 GLOBAL SC FINANCE SRL 3.09% 17/07/2024
6,530,000 GNMA I & II GINNIE MAE 3.50% 01/07/2043
1,700,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 2.85% 16/12/2037
2,295,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 3.00% 20/06/2043
2,720,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 3.50% 20/04/2045
2,695,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 3.50% 20/05/2045
2,435,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 4.00% 20/06/2043
12,000,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA VAR 20/07/2036
7,000,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA VAR 20/12/2040
3,500,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA 3.50% 20/01/2038
750,000 GREEN T G2 FUND LTD 7.00% 15/03/2027
665,000 GS MORTGAGE SECURITIES CORPORATION II
3.707% 10/08/2044
1,000,000 GSAA HOME EQUITY TRUST 2007-2 6.099%
25/03/2037
895,000 GSAMP 2006 HE5 FRN 25/08/2036
5,750,000 GSR MORTGAGE LN TRST 2006-AR2 VAR
25/04/2036
25,000,000 GSR MORTGAGE LOAN TR 2006-OA1 VAR
25/08/2046
2,400,000 GSR 2007-AR2 2A1 VAR 25/05/2037
830,000 HARBORVIEW MORTGAGE VAR 19/06/2034
875,000 HIGHER EDUCATION FUNDING FRN 25/05/2034
2,800,000 HSI ASSET SECURITIZATION CORP FRN 25/12/2035
USD
% of NaV
0.16
Market Value
807,491
Quantity
USD
% of NaV
Market Value
Quantity
1,175,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0%
25/10/2043
520,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0%
25/10/2043
1,690,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
2.50% 25/06/2027
2,580,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.00% 01/03/2043
1,845,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.00% 01/08/2033
4,000,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.00% 25/04/2041
12,915,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.00% 25/05/2043
1,660,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.306% 01/12/2017
1,800,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.416% 01/10/2020
1,020,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.50% 01/01/2026
700,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.50% 01/08/2034
1,430,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.50% 01/09/2033
18,030,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.50% 25/06/2042
1,255,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.521% 01/12/2020
2,535,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.665% 01/10/2020
1,570,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.763% 12/01/2020
953,947 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.794% 01/12/2020
1,155,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.841% 01/09/2020
3,340,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.00% 01/09/2043
1,150,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.00% 01/10/2041
2,440,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.00% 01/12/2043
9,580,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.00% 25/07/2041
620,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.304% 01/07/2021
1,335,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.38% 01/06/2021
485,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.50% 01/07/2041
4,275,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.50% PERPETUAL
1,440,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.772% 01/02/2020
1,805,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
5.177% 01/05/2019
905,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
5.50% 01/12/2033
1,470,997
0.29
2,574,390
0.50
259,214
0.05
938,553
6,777,682
973,691
0.18
1.32
0.19
630,954
727,572
560,221
1,000,500
950,095
2,163,962
1,962,392
1,771,590
3,921,366
3,663,458
1,236,547
612,305
2,753,415
2,445,964
130,026
143,979
2,316,874
2,821,911
2,806,672
2,580,672
164,134
160,027
149,588
0.12
0.14
0.11
0.19
0.19
0.42
0.38
0.35
0.76
0.71
0.24
0.12
0.54
0.48
0.03
0.03
0.45
0.55
0.55
0.50
0.03
0.03
0.03
81,962
703,762
0.02
0.14
598,847
1,743,611
0.12
0.34
358,711
2,136,080
674,381
323,246
832,472
738,039
0.07
0.42
0.13
0.06
0.16
0.14
The accompanying notes form an integral part of these financial statements
95
Bond US Opportunistic Core Plus
Securities Portfolio as at 30/06/15
859,472
392,941
0.17
0.08
848,045
559,640
0.17
0.11
532,499
0.10
532,240
454,103
500,200
641,010
0.10
0.09
0.10
0.12
1,377,006
255,421
668,325
791,500
659,990
177,851
257,355
486,960
2,506,201
445,381
1,649,147
791,071
1,867,909
253,141
327,418
286,185
220,026
2,260,000
870,751
1,202,834
70,323
125,025
1,179,280
2,133,228
890,512
2,484,276
1,379,684
0.27
0.05
0.13
0.15
0.13
0.03
0.05
0.09
0.49
0.09
0.32
0.15
0.36
0.05
0.06
0.06
0.04
0.44
0.17
0.23
0.01
0.02
0.23
0.42
0.17
0.48
0.27
775,000 SCHOLAR FUNDING TRUST VAR 28/03/2046
56,680,000 SEQUOIA MORTGAGE TRUST 2004-4 VAR
20/05/2034
1,930,000 SLM STUDENT LOAN TRUST FRN 25/01/2027
360,000 SLM STUDENT LOAN TRUST FRN 25/01/2029
1,250,000 SLM STUDENT LOAN TRUST FRN 25/01/2041
1,250,000 SLM STUDENT LOAN TRUST FRN 25/01/2041
360,000 SLM STUDENT LOAN TRUST FRN 25/04/2029
360,000 SLM STUDENT LOAN TRUST FRN 25/07/2029
360,000 SLM STUDENT LOAN TRUST FRN 25/07/2029
2,810,000 SLM STUDENT LOAN TRUST FRN 25/09/2019
360,000 SLM STUDENT LOAN TRUST FRN 27/04/2043
360,000 SLM STUDENT LOAN TRUST VAR 25/04/2029
360,000 SLM STUDENT LOAN TRUST VAR 25/07/2029
360,000 SLM STUDENT LOAN TRUST VAR 25/10/2029
360,000 SLM STUDENT LOAN TRUST VAR 25/10/2029
2,400,000 SLM STUDENT LOAN TRUST 2005-8 FRN 26/12/2025
355,000 SLM STUDENT LOAN TRUST 2011-2 FRN 25/03/2025
4,245,000 SLM STUDENT LOAN TRUST 2011-2 FRN 25/04/2023
600,000 SLM STUDENT LOAN TRUST 2011-2 FRN 25/10/2034
1,880,000 SLMA 2008-6 FRN 25/01/2019
6,000,000 STARM MORTGAGE LOAN TRUST 07-1 VAR
25/02/2037
11,550,000 STRUCTURED ASSET SECURITIES CORP VAR
25/03/2035
1,005,000 STRUCTURED ASSET SECURITIES CORP VAR
25/11/2033
875,000 SYMPHONY CLO XII LTD FRN 17/01/2025
1,050,000 TAL ADVANTAGE FRN 20/04/2021
875,000 VOYA CLO LTD FRN 14/10/2026
2,000,000 WACHOVIA BANK COMMERCIAL MGE VAR
15/01/2045
9,500,000 WAMU MGE PASS THRU CTFS S.AR9 VAR
25/09/2046
8,000,000 WAMU MGT PASSTHRU CERT06-AR7 VAR
25/07/2046
4,200,000 WAMU MORTGAGE PASS-THROUGH CER VAR
25/01/2046
4,000,000 WAMU MORTGAGE PASS-THROUGH CER VAR
25/09/2036
12,050,000 WAMU MORTGAGE PASS-THROUGH 2006-AR3 VAR
25/02/2046
5,708,325 WAMU PASS TROUGH CERTIFICATE FRN
25/10/2045
8,000,000 WAMU PASS TROUGH CERTIFICATE FRN
25/11/2045
6,000,000 WASHINGTON MUTUAL MGE 2007-OA3 VAR
25/04/2047
2,700,000 WASHINGTON MUTUAL MORTGAGE SEC FRN
25/06/2037
580,000 WELLS FARGO ALTERNATIVE 2005- 2 TRUST FRN
25/10/2035
765,000 321 HENDERSON RECEIVABLES II 3.61% PERPETUAL
545,000 321 HENDERSON RECEIVABLES II 4.08% 15/07/2041
Governments
4,675,000 FREDDIE MAC 3.50% 01/03/2045
USD
% of NaV
0.16
Market Value
798,344
Quantity
96
USD
% of NaV
The accompanying notes form an integral part of these financial statements
Market Value
Quantity
2,500,000 INDYMAC IMSC MORTGAGE LOANS TRUST 2007HOA1 VAR 25/04/2037
850,000 ING INVESTMENT MANAGEMENT CLO LTD FRN
15/10/2023
3,300,000 JP MORGAN ALT LN TR 06-A4 VAR 25/05/2036
2,000,000 JP MORGAN CHASE COMMERCIAL MORTGAGE
SECURITIES TRUST 2011-C3 5.397% 15/05/2045
1,065,000 JP MORGAN CHASE COMMERCIAL MORTGAGE
2005-LDP5 VAR 15/12/2044
800,000 JP MORGAN CHASE COMMERCIAL MORTGAGE
3.673% 15/02/2046
1,305,000 JP MORGAN CHASE COMMERCIAL MORTGAGE
3.678% 15/08/2046
1,200,000 JP MORGAN MORTGAGE TRUST VAR 25/01/2037
1,800,000 LEHMAN XS TRUST VAR 25/05/2046
500,000 LIMEROCK CLO I FRN 20/10/2026
4,200,000 MASTR ADJUSTABLE RATE MORTGAGE VAR
21/11/2034
1,250,000 MERRIL LYNCH MORTGAGE INVESTORS TRUST
FRN 25/08/2036
4,300,000 MERRILL LYNCH MORTGAGE INVESTORS TRUST
VAR 25/08/2034
1,920,000 MERRILL LYNCH-CFC COMMERCIAL MTG T.2006-4
5.166% 12/12/2049
650,000 MONT HGHR EDUC ASS STUD LN REV FRN
20/07/2043
165,000 MORGAN STANLEY ABS CAPITAL I TR07-HQ13
4.118% 15/07/2049
1,025,000 MORGAN STANLEY ABS CAPITAL I TR07-HQ13
5.649% 15/12/2044
2,965,000 MORGAN STANLEY CAPITAL I TR VAR 12/04/2049
2,500,000 MORGAN STANLEY CAPITAL I TRUST VAR
12/04/2049
2,700,000 MORTGAGEIT TRUST FRN 25/02/2035
1,780,000 NAVIENT STUDENT LOAN TRUST FRN 25/03/2043
855,000 NAVIENT STUDENT LOAN TRUST FRN 25/03/2043
1,870,000 NAVIENT STUDENT LOAN TRUST FRN 25/08/2024
740,000 NCUA GUARANTEED NOTE VAR 06/11/2017
740,000 NCUA GUARANTEED NOTE VAR 07/10/2020
510,000 NCUA GUARANTEED NOTES VAR 06/02/2020
340,000 NCUA GUARANTEED NOTES VAR 08/12/2020
2,260,000 NELNET STUDENT LOAN 2008-3 FRN 25/09/2042
885,000 NELNET STUDENT LOAN 2008-3 FRN 25/11/2043
2,240,000 NEW CENTURY HOME EQUITY LOANS TRUST 20053 FRN 25/07/2035
720,000 NEW CENTURY HOME EQUITY 2005 1 FRN
25/09/2035
125,000 OAK HILL CREDIT PARTN IV LTD FRN 20/11/2023
1,180,000 PENNSYLVANIA HIGHER ED. ASSIST FRN
25/10/2041
2,600,000 PENNSYLVANIA HIGHER ED. ASSIST VAR 25/11/2042
3,900,000 RESIDENTIAL ACCREDIT LOANS INC VAR
25/07/2035
4,860,000 RESIDENTIAL ACCREDIT LOANS INC 5.50%
25/07/2035
10,300,000 RESIDENTIAL FUNDING MORTGAGE SEC I VAR
25/04/2037
802,421
2,133,735
0.16
0.42
1,582,479
0.31
1,892,267
335,924
1,144,020
1,163,186
336,194
366,146
362,496
1,697,835
293,316
351,342
363,232
375,139
375,721
1,576,468
365,228
2,035,985
609,019
1,888,207
1,877,792
192,034
871,763
87,093
875,875
1,519,779
2,711,658
2,202,525
765,648
2,429,135
2,631,243
890,637
1,695,318
1,816,754
1,006,136
5,899
761,805
516,984
9,928,702
4,762,668
0.37
0.07
0.22
0.23
0.07
0.07
0.07
0.33
0.06
0.07
0.07
0.07
0.07
0.31
0.07
0.40
0.12
0.37
0.37
0.04
0.17
0.02
0.17
0.30
0.53
0.43
0.15
0.47
0.51
0.17
0.33
0.35
0.20
0.00
0.15
0.10
1.93
0.93
Bond US Opportunistic Core Plus
Securities Portfolio as at 30/06/15
Warrants, Rights
Financial Services
525 HYPOTECARIA SU CASITA CERTIFICAT CLASS I
Share/Units of UCITS/UCIS
Share/Units in investment funds
Investment Fund
66,479 TCW EMERGING MARKETS INCOME OU
CAPITALISATION
Money market instrument
Bonds
Governments
15,350,000 FEDERAL HOME LOANS BANK SYSTEM 0%
22/07/2015
13,890,000 FEDERAL HOME LOANS BANKS 0% 29/07/2015
Total securities portfolio
USD
% of NaV
Oil Equipment, Services and Distribution
290,000 PANHANDLE EASTN PIPELINE CO FRN 01/10/2037
Market Value
Quantity
5,025,000 FREDDIE MAC 3.50% 01/06/2045
5,166,034
1.00
293,461
0.06
293,461
-
0.06
0.00
-
0.00
7,896,275
1.54
7,896,275
1.54
-
7,896,275
7,896,275
0.00
1.54
1.54
29,238,896
5.69
29,238,896
5.69
29,238,896
15,349,344
13,889,552
5.69
2.99
2.70
556,894,013 108.45
The accompanying notes form an integral part of these financial statements
97
Bond US Aggregate7
Securities Portfolio as at 30/06/15
Automobiles and Parts
40,000 AMERICAN HONDA FINANCE CORP 1.55%
11/12/2017
200,000 FORD MOTOR CREDIT CO 2.459% 27/03/2020
105,000 GENERAL MOTORS FINANCIAL CO 3.45%
10/04/2022
Banks
45,000 ABBEY NATIONAL TREASURY SERVICES 2.375%
16/03/2020
20,000 BANK OF NEW YORK MELLON CORP 3.00%
24/02/2025
200,000 BARCLAYS BANK PLC 3.65% 16/03/2025
20,000 CAPITAL ONE FINANCIA L CORP 3.20% 05/02/2025
45,000 CITIGROUP INC 1.80% 05/02/2018
45,000 CITIGROUP INC 3.30% 27/04/2025
85,000 CITIGROUP INC 4.40% 10/06/2025
250,000 CREDIT SUISSE NEW YORK BRANCH 3.625%
09/09/2024
100,000 GOLDMAN SACHS GROUP INC VAR PERPETUAL
250,000 GOLDMAN SACHS GROUP INC 4.00% 03/03/2024
45,000 GOLDMAN SACHS GROUP INC 5.15% 22/05/2045
45,000 HSBC USA INC 2.35% 05/03/2020
100,000 JP MORGAN CHASE AND CO 4.85% 01/02/2044
45,000 MORGAN STANLEY VAR PERPETUAL
15,000 MORGAN STANLEY 2.65% 27/01/2020
150,000 MORGAN STANLEY 3.875% 29/04/2024
100,000 ROYAL BANK OF SCOTLAND 6.00% 19/12/2023
200,000 STANDARD CHARTERED PLC 2.25% 17/04/2020
50,000 STATE STREET CORP 3.30% 16/12/2024
25,000 WELLS FARGO AND CO 3.90% 01/05/2045
125,000 WELLS FARGO AND CO 4.10% 03/06/2026
Beverages
25,000 BROWN FORMAN CORP 4.50% 15/07/2045
70,000
30,000
90,000
20,000
30,000
35,000
45.62
28,718
0.09
28,718
339,956
40,153
196,765
103,038
0.64
0.34
19,401
0.06
189,590
18,956
44,920
43,362
84,852
248,803
98,915
254,640
43,575
44,661
103,570
44,730
14,983
151,767
106,069
196,642
49,973
22,556
125,691
24,802
24,802
Financial Services
643,965
The accompanying notes form an integral part of these financial statements
1.11
0.13
6.38
44,897
270,887
ALABAMA POWER CO 4.15% 15/08/2044
AMEREN ILLINOIS CO 3.25% 01/03/2025
DOMINION RESOURCE INC 4.70% 01/12/2044
EXELON CORP 5.10% 15/06/2045
EXELON GENERATION 2.95% 15/01/2020
SOUTHERN CO 2.75% 15/06/2020
0.09
1,952,553
Electricity
35,000 AIRCASTLE LTD 5.50% 15/02/2022
200,000 BK OF TOKYO MITSUB 1.70% 05/03/2018
98
13,992,428
67,158
29,983
88,331
20,156
30,135
35,124
35,810
199,683
0.15
0.62
0.06
0.15
0.14
0.28
0.81
0.32
0.84
0.14
0.15
0.34
0.15
0.05
0.49
0.35
0.64
0.16
0.07
0.41
0.08
0.08
0.88
0.22
0.10
0.28
0.07
0.10
0.11
2.10
0.12
0.65
USD
% of NaV
30,000 UNITED TECHNOLOGIES CORP 4.15% 15/05/2045
33,662,684 109.75
Market Value
Aerospace and Defense
USD
34,752,547 113.30
Quantity
Bonds
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
200,000
125,000
50,000
30,000
FLY LEASING LTD 6.375% 15/10/2021
GENERAL ELECTRIC CAP CORP 3.10% 09/01/2023
NASDAQ STOCK MARKET INC 4.25% 01/06/2024
TD AMERITRADE HOLDING CORP 2.95% 01/04/2022
203,000
124,780
50,920
29,772
0.65
0.41
0.17
0.10
100,000
25,000
25,000
50,000
165,000
AT& T INC 4.80% 15/06/2044
AT&T INC 4.50% 15/05/2035
AT&T INC 4.75% 15/05/2046
VERIZON COMMUNICATIONS INC 4.40% 01/11/2034
VERIZON COMMUNICATIONS INC 6.55% 15/09/2043
93,502
23,055
22,837
46,434
193,682
0.30
0.08
0.07
0.15
0.64
70,000
15,000
70,000
30,000
Fixed Line Telecommunications
Food and Drug Retailers
CARDINAL HEALTH INC 4.50% 15/11/2044
CARDINAL HEALTH INC 4.90% 15/09/2045
KROGER CO 2.95% 01/11/2021
WALGREEN BOOTS ALLIANCE INC 1.75%
17/11/2017
110,000 WALGREEN BOOTS ALLIANCE INC 3.80%
18/11/2024
66,725
15,005
69,652
30,135
107,942
0.94
0.22
0.05
0.23
0.10
0.34
116,891
0.38
Forestry and Paper
310,024
1.01
General Industrials
125,312
310,000 GEORGIA PACIFIC CORP 2.539% 15/11/2019
100,000 GENERAL ELECTRIC CO 4.50% 11/03/2044
25,000 MUFG AMERICAS HLODINGS CORP 3.00%
10/02/2025
General Retailers
65,000 HOME DEPOT INC 4.25% 01/04/2046
25,000
25,000
40,000
40,000
289,459
1.24
Food Producers
45,000 HJ HEINZ CO 3.95% 15/07/2025
42,000 HJ HEINZ CO 4.875% 15/02/2025
25,000 HJ HEINZ CO 5.20% 15/07/2045
190,000
2,982,000
965,000
369,000
241,000
411,000
100,000
429,000
72,000
46,000
90,000
399,000
379,510
Governments
MEXICO 4.00% 02/10/2023
USA T-BONDS 0.50% 31/08/2016
USA T-BONDS 1.00% 15/09/2017
USA T-BONDS 1.375% 30/04/2020
USA T-BONDS 1.375% 31/03/2020
USA T-BONDS 1.625% 31/08/2019
USA T-BONDS 1.625% 31/12/2019
USA T-BONDS 2.00% 15/02/2025
USA T-BONDS 2.125% 15/05/2025
USA T-BONDS 2.50% 15/02/2045
USA T-BONDSI 0.625% 15/02/2043
USA T-BONDSI 1.375% 15/02/2044
Health Care Equipment and Services
BAXALTA INCORPORATED 3.60% 23/06/2022
BAXALTA INCORPORATED 5.25% 23/06/2045
BECTON DICKINSON AND 2.675% 15/12/2019
BECTON DICKINSON AND 4.685% 15/12/2044
45,341
45,832
25,718
310,024
101,805
23,507
0.15
0.15
0.08
1.01
0.41
0.33
0.08
63,277
0.21
6,314,852
20.60
216,417
0.71
63,277
195,700
2,986,425
970,654
364,993
238,646
414,339
100,422
416,834
70,701
40,493
82,323
433,322
25,023
25,193
40,072
38,858
0.21
0.64
9.75
3.16
1.19
0.78
1.35
0.33
1.36
0.23
0.13
0.27
1.41
0.08
0.08
0.13
0.13
Bond US Aggregate
Securities Portfolio as at 30/06/15
Industrial Metals and Mining
20,000 ARCELORMITTAL SA 6.125% 01/06/2025
60,000 FREEPORT-MCMORAN INC 2.30% 14/11/2017
80,000 GLENCORE FUNDING LLC 4.125% 30/05/2023
Industrial Transportation
50,000 NORFOLK SOUTHERN CORP 4.45% 15/06/2045
20,000 UNION PACIFIC CORP 3.875% 01/02/2055
Leisure Goods
90,000 COMCAST CORP 4.75% 01/03/2044
85,000 DIRECTV HOLDINGS LLC 3.95% 15/01/2025
20,000 TIME WARNER CABLE INC 4.50% 15/09/2042
Life Insurance
30,000 CNO FINANCIAL GROUP INC 5.25% 30/05/2025
55,000 TEACHERS INSURANCE & ANNUITY ASSOCIATION
OF AMERICA 4.90% 15/09/2044
110,000 TIAA ASSET MANAGEMENT FINANCE COMPANY
4.125% 01/11/2024
Media
50,000 TIME WARNER INC 6.25% 29/03/2041
30,000 VIACOM INC 2.75% 15/12/2019
100,000 VIACOM INC 5.25% 01/04/2044
Nonlife Insurance
10,000 AMERICAN INTERNATIONAL GROUP INC 4.375%
15/01/2055
75,000 AMERICAN INTERNATIONAL GROUP 4.50%
16/07/2044
20,000 AON PLC 4.75% 15/05/2045
40,000 MARSH AND MC LENNAN COS INC 2.35%
06/03/2020
100,000 MARSH AND MC LENNAN COS INC 3.50%
10/03/2025
30,000 METLIFE INC VAR 15/12/2044
30,000 METLIFE INC 4.05% 01/03/2045
Oil and Gas Producers
120,000 BP CAPITAL MARKETS PLC 2.75% 10/05/2023
35,000 DEVON ENERGY CORP 5.00% 15/06/2045
20,000 DIAMOND OFFSHORE DRILLING INC 4.875%
01/11/2043
45,000 ENCANA CORP 3.90% 15/11/2021
30,000 ENSCO P.L.C. 4.50% 01/10/2024
20,000 NEWFIELD EXPLORATION CO 5.375% 01/01/2026
64,025
0.21
64,025
116,750
20,050
96,700
157,359
19,988
59,849
77,522
65,805
48,167
17,638
191,449
91,578
83,499
16,372
197,780
30,561
56,218
111,001
181,528
57,409
30,029
94,090
296,798
8,946
71,625
19,353
39,882
98,973
30,396
27,623
526,327
114,895
34,685
15,960
45,978
28,714
19,900
0.21
0.38
0.07
0.31
0.51
0.07
0.20
0.24
0.21
0.15
0.06
0.62
0.30
0.27
0.05
0.64
0.10
0.18
0.36
0.59
0.19
0.10
0.30
0.97
0.03
0.23
0.06
0.13
0.33
0.10
0.09
1.72
0.38
0.11
0.05
0.15
0.09
0.06
25,000 PETROBRAS GLOBAL FINANCE BV 6.25%
17/03/2024
75,000 PETROLEOS MEXICANOS SA 6.50% 02/06/2041
70,000 PHILLIPS 66 4.875% 15/11/2044
70,000 UNITED REFINING CO 10.50% 28/02/2018
20,000 VALERO ENERGY CORP 6.625% 15/06/2037
Oil Equipment, Services and Distribution
35,000 BAKER HUGHES INC 3.20% 15/08/2021
35,000 ENERGY TRANSFER PARTNERS LP 2.50%
15/06/2018
50,000 ENTERPRISE PRODUCTS OPERATING 4.90%
15/05/2046
60,000 KINDER MORGAN ENERGY 5.40% 01/09/2044
30,000 KINDER MORGAN INC 5.55% 01/06/2045
20,000 MAGELLAN MIDSTREAM PARTNERS 3.20%
15/03/2025
65,000 MARKWEST ENERGY PART 4.875% 01/06/2025
10,000 PHILLIPS 66 PARTNERS LP 3.605% 15/02/2025
20,000 PLAINS ALL AMERICAN PIPELINE 2.60% 15/12/2019
40,000 WILLIAMS PARTNERS LP 3.60% 15/03/2022
Pharmaceuticals and Biotechnology
25,000 ABBVIE INC 4.70% 14/05/2045
45,000 AMGEN INC 3.125% 01/05/2025
25,000 ELI LILLY AND CO 3.70% 01/03/2045
24,199
0.08
351,722
1.15
78,375
67,114
73,850
22,657
35,644
35,078
47,275
54,695
27,825
19,244
63,700
9,430
19,936
38,895
90,093
24,689
42,665
22,739
Software and Computer Services
114,982
Technology Hardware and Equipment
212,619
30,000 ADOBE SYSTEMS INC 3.25% 01/02/2025
25,000 AUTODESK INC 3.125% 15/06/2020
60,000 MSCI INC 5.25% 15/11/2024
30,000
25,000
65,000
25,000
50,000
25,000
USD
APPLE INC 3.45% 09/02/2045
APPLE INC 4.375% 13/05/2045
CISCO SYSTEMS INC 1.65% 15/06/2018
QUALCOMM INC 3.45% 20/05/2025
QUALCOMM INC 4.80% 20/05/2045
SEAGATE HDD CAYMAN 5.75% 01/12/2034
Tobacco
55,000 ALTRIA GROUP INC 5.375% 31/01/2044
20,000 REYNOLDS AMERICAN IN 3.25% 12/06/2020
20,000 REYNOLDS AMERICAN IN 4.45% 12/06/2025
Travel, Leisure and Catering
125,000 AMERICAN AIRLINES 2013-1B 3.375% 01/05/2027
25,000 MC DONALD’S CORP 3.375% 26/05/2025
100,000 SOUTHWEST AIRLINES 2.75% 06/11/2019
Mortgage and asset backed securities
Financial Services
810,313 ALLY AUTO RECEIVABLES TRUST 2012-4 0.59%
17/01/2017
485,000 ALLY AUTO RECEIVABLES TR.10-5 0.48% 15/02/2017
300,000 AMERICAN HOMES 4 RENT VAR 17/06/2031
% of NaV
20,000 CNH INDUSTRIAL CAPITAL LLC 3.875% 16/07/2018
100,000 KEY TECHNOLOGY INC 4.55% 30/10/2024
0.17
0.12
Market Value
Industrial Engineering
50,740
36,531
Quantity
65,000 BROOKFIELD RESIDENTIAL 6.375% 15/05/2025
USD
% of NaV
Household Goods and Home Construction
Market Value
Quantity
50,000 MEDTRONIC INC 4.625% 15/03/2045
35,000 WELLCARE HEALTH PLAN 5.75% 15/11/2020
29,022
25,060
60,900
25,492
24,697
65,259
24,392
48,092
24,687
99,088
58,391
20,281
20,416
249,480
123,437
24,481
101,562
13,769,634
0.27
0.22
0.24
0.07
0.12
0.11
0.15
0.18
0.09
0.06
0.22
0.03
0.06
0.13
0.29
0.08
0.14
0.07
0.37
0.09
0.08
0.20
0.69
0.08
0.08
0.21
0.08
0.16
0.08
0.32
0.18
0.07
0.07
0.81
0.40
0.08
0.33
44.88
13,607,849
44.35
251,996
298,472
0.82
0.97
101,389
0.33
The accompanying notes form an integral part of these financial statements
99
Bond US Aggregate
Securities Portfolio as at 30/06/15
70,875
0.23
245,789
215,724
140,370
112,939
122,197
184,729
82,201
251,970
50,389
310,063
200,043
215,587
199,989
627,813
639,871
686,888
239,501
84,420
313,731
233,582
107,639
136,733
326,475
130,098
130,888
214,843
112,153
100,939
75,590
136,861
106,554
113,069
0.80
0.70
0.46
0.37
0.40
0.60
0.27
0.82
0.16
1.01
0.65
0.70
0.65
2.05
2.09
2.24
0.78
0.28
1.02
0.76
0.35
0.45
1.06
0.42
0.43
0.70
0.37
0.33
0.25
0.45
0.35
0.37
164,044 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.00% 01/02/2045
104,904 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.00% 01/04/2045
108,920 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.50% 01/09/2044
100,000 FIRSTKEY LENDING TRUST 4.367% 09/09/2031
212,000 FORD CREDIT AUTO OWNER TRUST 0.55%
15/07/2017
231,019 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 3.00% 15/11/2042
90,768 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 3.00% 20/05/2045
300,000 GS MORTGAGE SECURITIES TRUST 2013-GCJ16
4.271% 10/11/2046
301,000 INVITATION HOMES TRUST 2014-SFR2 FRN
17/12/2031
250,813 J P MORGAN CHASE COML MTG SECS 5.42%
15/02/2017
300,000 JPMBB COMMERCIAL MORTGAGE SECURITIES
TRUST 2013-C12 VAR 15/05/2048
80,000 MLCC MORTGAGE INVESTORS VAR 12/01/2044
100,000 MORGAN STANLEY BAML TRUST 2013 4.244%
15/05/2046
324,000 MORGAN STANLEY RE REMIC TRUST 2010 R9 VAR
15/08/2045
870,000 NISSAN AUTO LEASE TRUST 0.50% 15/05/2017
100,000 PROGRESS RESIDENTIAL TRUST VAR 17/10/2031
180,000 SANTANDER DRIVE AUTO RECEIVABLES TRUST
3.02% 15/04/2021
86,000 SANTANDER DRIVE AUTO RECEIVABLES TRUST
3.24% 15/04/2021
145,000 SANTANDER DRIVE AUTO RECEIVABLES TRUST
3.50% 15/06/2018
210,000 SANTANDER DRIVE AUTO RECEIVABLES TRUST
3.82% 15/08/2017
370,000 SANTANDER DRIVE AUTO RECEIVABLES TRUST
4.74% 15/09/2017
570,000 SLM STUDENT LOAN TRUST 2011-2 FRN 25/04/2023
267,000 STRUCTURED AGENCY CREDIT RISK DEBT NO
FRN 25/01/2025
400,000 STUCTURED ASSET SECS FRN 25/02/2024
160,000 SWAY 2014-1 A FRN 17/01/2020
280,000 SYNCHRONY CREDIT CARD MASTER 2.37%
15/03/2023
285,000 WACHOVIA BANK COMMERCIAL MORTGAGE
TRUST 5.246% 15/12/2043
500,000 WACHOVIA BK COMM.S.2006-C28 5.572%
15/10/2048
170,000 WELLS FARGO COMMERCIAL MORTGAGE TRUST
2015 NXS1 VAR 15/05/2048
171,000 WELLS FARGO COMMERCIAL MORTGAGE TRUST
2015 NXS1 VAR 15/06/2048
Governments
80,078 FREDDIE MAC 3.00% 01/06/2045
82,076 FREDDIE MAC 3.00% 01/06/2045
USD
168,647
111,491
108,709
% of NaV
0.41
Market Value
126,644
Quantity
100
USD
% of NaV
The accompanying notes form an integral part of these financial statements
Market Value
Quantity
125,000 AMERICAN RESIDENTIAL PROPERTIE VAR
17/09/2031
245,763 AMERICREDIT AUTO RECEIVABLES 0.90%
10/09/2018
71,000 AMERICREDIT AUTO RECEIVABLES 0.94%
08/02/2019
250,000 AMERICREDIT AUTO RECEIVABLES 2.67%
08/01/2018
140,000 AMERICREDIT AUTO RECEIVABLES 3.00%
08/06/2021
110,000 AMERICREDIT AUTO RECEIVABLES 3.31%
08/10/2019
120,000 AMERICREDIT AUTO RECEIVABLES 4.08%
08/09/2017
180,000 AMERICREDIT AUTO RECEIVABLES 4.72%
08/03/2018
80,000 AMERICREDIT AUTO RECEIVABLES 5.05%
08/12/2017
250,000 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2013-3 2.42% 08/05/2018
50,000 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2013-3 3.07% 09/11/2020
310,000 AMXCA 0.68% 15/03/2018
200,000 BARCLAYS DRYROCK ISSUANCE TR 0.64%
15/08/2018
200,000 BEAR STEARNS COML MTG 07-TOP28 VAR
11/09/2042
215,000 BSCMS 2006-PW13 A4 5.54% 11/09/2041
628,000 CAP ONE MULTI-ASSET EXECUTION FRN
15/11/2019
640,000 CITIBANK CREDIT CARD ISSUANCE TRUST FRN
07/11/2018
689,000 CITIBANK CREDIT CARD ISSUANCE TRUST FRN
17/12/2018
230,000 CITIGROUP COMMERCIAL MTGE TRST 5.431%
15/10/2049
100,000 COMMERCIAL MORTGAGE TRUST VAR 10/12/2047
300,000 COMMERCIAL MORTGAGE TRUST 3.819%
10/06/2047
240,334 COMMERCIAL MTG LN TR.2008-LS1 VAR 10/12/2049
110,000 CONNECTICUT AVENUE SECURITIES SERIES FRN
25/05/2025
140,000 CONNECTICUT AVENUE SECURITIES SERIES FRN
25/05/2025
300,000 CONNECTICUT AVENUE SECURITIES SERIES FRN
25/10/2023
130,000 DRIVE AUTO RECEIVABLES TRUST 2.76%
15/07/2021
130,000 DRIVE AUTO RECEIVABLES TRUST 3.06%
17/05/2021
215,000 DRIVE AUTO RECEIVABLES TRUST 3.84%
15/07/2021
133,295 FANNIE MAE 3.00% 01/03/2043
97,911 FANNIE MAE 3.50% 01/04/2045
73,205 FANNIE MAE 3.50% 01/05/2045
128,831 FANNIE MAE 4.00% 01/04/2045
100,000 FANNIE MAE 4.00% 01/05/2045
112,042 FANNIE MAE 4.00% 01/11/2044
0.55
0.36
0.35
101,754
82,851
0.33
0.27
92,148
0.30
303,017
0.99
248,952
0.81
197,889
324,702
245,046
64,594
86,403
345,107
305,184
103,522
179,316
86,563
148,977
0.65
1.06
0.80
0.21
0.28
1.13
0.99
0.34
0.58
0.28
0.49
64,111
0.21
273,383
271,660
0.89
0.89
67,679
0.22
379,152
354,080
163,018
282,724
451,358
148,577
1.24
1.15
0.53
0.92
1.47
0.48
148,221
0.48
161,785
0.53
79,833
81,952
0.26
0.27
Bond US Aggregate
Securities Portfolio as at 30/06/15
Financial Services
300,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.00% 25/05/2043
300,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.50% 25/07/2028
50,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
3.50% 25/07/2042
500,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.00% 15/08/2039
900,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.00% 25/07/2041
800,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION
4.50% PERPETUAL
2,400,000 FREDDIE MAE 3.50% 15/07/2042
400,000 GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION GNMA II 4.00% 20/06/2043
Money market instrument
Bonds
Governments
90,000 USA T-BILLS 0% 17/09/2015*
Support Services
1,000,000 MITSUBISHI CORP 0% 23/07/2015
Total securities portfolio
% of NaV
Market Value
Quantity
To-Be-Announced
USD
5,900,622
19,25
298,904
0.97
5,900,622
316,416
51,398
528,607
953,602
865,000
2,462,765
423,930
19,25
1.03
0.17
1.72
3.12
2.82
8.04
1.38
1,089,863
3.55
89,978
0.29
1,089,863
89,978
999,885
999,885
3.55
0.29
3.26
3.26
34,752,547 113.30
* As at 30 June 2015, the sub-fund has pledged this security, please refer to note 21.
The accompanying notes form an integral part of these financial statements
101
Bond Europe
Securities Portfolio as at 30/06/15
Croatia
2,400,000 CROATIA 3.00% 11/03/2025
Denmark
12,000,000 DENMARK 1.50% 15/11/2023
264,000
500,000
800,000
500,000
350,000
650,000
2,000,000
500,000
3,000,000
4,500,000
565,000
600,000
300,000
200,000
600,000
300,000
200,000
400,000
900,000
France
BNP PARIBAS VAR 20/03/2026
BPCE 5.70% 22/10/2023
CREDIT AGRICOLE ASSURANCES VAR PERPETUAL
CREDIT AGRICOLE SA 2.625% 17/03/2027
CREDIT AGRICOLE SA 4.375% 17/03/2025
CREDIT LOGEMENT SA VAR PERPETUAL
DEXIA CREDIT LOCAL DE FRANCE 2.125%
12/02/2025
EDF ELECTRICITE DE FRANCE VAR PERPETUAL
FRANCE OAT 2.25% 25/05/2024
FRANCE OAT 3.25% 25/05/2045
LA MONDIALE VAR PERPETUAL
ORANGE VAR PERPETUAL
TOTAL CAPITAL INTERNATIONAL SA VAR
PERPETUAL
TOTAL FINA ELF CAPITAL VAR PERPETUAL
VEOLIA ENVIRONNEMENT VAR PERPETUAL
Germany
ALLIANZ SE VAR PERPETUAL
ALLIANZ SE VAR 17/10/2042
BAYER AG VAR PERPETUAL
DEUTSCHE BANK AG FRANKFURT 1.125%
17/03/2025
3,400,000 GERMANY BUND 1.00% 15/08/2024
400,000 MUNCHENER RUCKVERSIC VAR 26/05/2042
500,000 THYSSENKRUPP AG 2.50% 25/02/2025
Ireland
1,000,000 BANK OF IRELAND 3.25% 15/01/2019
2,750,000 IRELAND 2.40% 15/05/2030
1,700,000 IRELAND 3.40% 18/03/2024
Italy
700,000 ASSICURAZIONI GENERA VAR 12/12/2042
700,000 INTESA SANPAOLO SPA 5.017% 26/06/2024
3,000,000 ITALY BTP 3.50% 01/12/2018
The accompanying notes form an integral part of these financial statements
102
4.63
2,172,672
1.56
1.23
1,500,000 LATVIA 2.75% 12/01/2020
162,934,639 117.28
158,703,091 114.23
1,656,495
1,184,470
3,119,950
473,235
2,172,672
1,713,079
1,713,079
17,341,647
267,868
476,081
771,872
458,445
303,318
538,675
2,697,832
451,548
3,314,850
5,538,150
575,249
620,016
291,018
186,548
850,177
6,224,389
323,982
235,654
405,856
810,603
3,487,380
491,664
469,250
5,877,361
1,055,540
2,857,250
1,964,571
37,069,809
838,250
610,373
3,274,890
1.19
0.85
2.25
0.34
1.56
1.23
12.48
0.19
0.34
0.56
0.33
0.22
0.39
1.94
0.33
2.39
3.98
0.41
0.45
0.21
0.13
0.61
4.48
0.23
0.17
0.29
0.58
2.52
0.35
0.34
4.23
0.76
2.06
1.41
26.68
0.60
0.44
2.36
ITALY BTP 3.75% 01/05/2021
ITALY BTP 3.75% 01/09/2024
ITALY BTP 4.00% 01/02/2037
ITALY BTP 4.75% 01/06/2017
ITALY BTP 4.75% 01/08/2023
ITALY BTP 5.00% 01/08/2034
ITALY BTP 5.25% 01/11/2029
ITALY BTP 5.50% 01/09/2022
ITALY BTP 5.75% 01/02/2033
ITALY BTP 5.75% 25/07/2016
ITALY BTPI 2.35% 15/09/2024
UNICREDIT SPA VAR 02/05/2023
Latvia
Lithuania
800,000 LITHUANIA 2.625% 21/01/2021
Luxembourg
600,000 SBERBANK LUX 5.40% 24/03/2017
700,000 VTB CAPITAL SA 6.00% 12/04/2017
Mexico
1,500,000 MEXICO 1.625% 06/03/2024
1,100,000
400,000
600,000
1,400,000
4,494,520
1,007,145
559,300
2,705,000
3,591,900
1,274,230
1,921,020
7,429,980
4,383,680
2,959,404
1,550,868
469,249
3.23
0.72
0.40
1.95
2.59
0.92
1.38
5.34
3.16
2.13
1.12
0.34
1,347,052
0.97
1,347,052
873,376
873,376
1,175,301
543,215
632,086
1,411,680
0.97
0.63
0.63
0.85
0.39
0.46
1.02
1,411,680
1.02
986,416
404,000
867,161
1,287,748
0.71
0.29
0.62
0.93
Netherlands
3,545,325
Poland
3,324,170
2.39
Portugal
10,592,172
7.62
Romania
3,261,536
2.35
690,647
0.50
ING BANK NV 2.45% 16/03/2020
RABOBANK NEDERLAND VAR PERPETUAL
RABOBANK NEDERLAND 4.625% 23/05/2029
VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
12,000,000 POLAND 5.75% 25/10/2021
1,500,000
2,700,000
600,000
1,000,000
1,500,000
1,400,000
1,000,000
EUR
% of NaV
BELGIUM 2.25% 22/06/2023
BELGIUM 3.00% 22/06/2034
BELGIUM 4.25% 28/09/2022
KBC GROUPE SA VAR 11/03/2027
6,434,150
4,000,000
900,000
500,000
2,500,000
3,000,000
1,000,000
1,500,000
6,000,000
3,200,000
2,800,000
1,400,000
500,000
Market Value
1,500,000
1,000,000
2,500,000
500,000
Belgium
EUR
162,943,479 117.29
Quantity
Bonds
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
PORTUGAL 2.875% 15/10/2025
PORTUGAL 3.85% 15/04/2021
PORTUGAL 3.875% 15/02/2030
PORTUGAL 4.45% 15/06/2018
PORTUGAL 4.80% 15/06/2020
PORTUGAL 4.95% 25/10/2023
REDE FERROVIARIA NACIONAL REFE 4.25%
13/12/2021
1,600,000 ROMANIA 5.25% 17/06/2016
1,600,000 ROUMANIE 2.875% 28/10/2024
Russia
1,050,000 RUSSIA VAR 31/03/2030
Slovenia
500,000 SLOVENIA 4.125% 18/02/2019
800,000 SLOVENIA 4.75% 10/05/2018
3,324,170
1,486,320
2,966,355
633,252
1,100,650
1,722,975
1,639,540
1,043,080
1,673,888
1,587,648
690,647
2,639,670
468,094
764,164
2.55
2.39
1.07
2.13
0.46
0.79
1.24
1.18
0.75
1.21
1.14
0.50
1.90
0.34
0.55
Bond Europe
Securities Portfolio as at 30/06/15
Sweden
500,000 SVENSKA HANDELSBANKEN AB VAR PERPETUAL
11,000,000 SWEDEN 3.50% 01/06/2022
Switzerland
3,000,000 SWITZERLAND 1.25% 11/06/2024
200,000 UBS GROUP INC VAR PERPETUAL
300,000 UBS GROUP INC VAR PERPETUAL
United Kingdom
800,000 ABBEY NATIONAL TREASURY SERVICES 1.125%
10/03/2025
400,000 BP CAPITAL MARKETS PLC 1.573% 16/02/2027
1,000,000 HSBC HOLDINGS PLC 6.75% 11/09/2028
200,000 SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
4,200,000 UK GILT 3.25% 22/01/2044
1,700,000 UK GILT 3.75% 07/09/2021
3,800,000 UK GILT 4.25% 07/03/2036
800,000
1,000,000
1,500,000
1,600,000
United States of America
GENERAL ELECTRIC CO 4.50% 11/03/2044
UBS PREFERRED VAR 29/05/2049
USA T-BONDSI 1.375% 15/02/2044
USA T-BONDSI 1.75% 15/01/2028
Mortgage and asset backed securities
France
1,200,000 CFHL-1 2014 FCT FRN 27/04/2054
1,100,000 FCT GINKGO FRN 18/07/2038
Ireland
700,000 FASTNET SECURITIES 9 LIMITED FRN 10/08/2053
Italy
400,000 MARS 2006 BV FRN 25/10/2050
Netherlands
1,300,000 ARENA 2011-I B.V. FRN 17/12/2042
22,146,537
1,878,400
3,294,750
1,693,920
3,978,730
2,524,600
800,058
3,533,270
1,111,729
3,331,080
1,855,836
435,573
1,420,263
3,687,718
3,203,774
202,964
280,980
0.91
15.94
1.35
Derivative instruments
2.37
1.22
Options
2.86
United States of America
1.82
394 90 DAY EURO$ - 99.125 - 14.12.15 PUT
0.58
Short
positions
2.54
0.80
2.40 Derivative instruments
1.34
0.31
1.03
2.65
13.77
381,504
1,716,945
273,993
0.27
1.24
0.20
6,559,992
2,700,227
6,755,895
4,935,456
728,810
921,073
1,451,439
1,834,134
4,231,548
1,261,719
1,214,736
46,983
561,813
561,813
342,710
342,710
1,481,508
1,307,674
Options
United States of America
-394 90 DAY EURO$ - 97.62 - 14.12.15 PUT
-394 90 DAY EURO$ - 97.87 - 14.12.15 PUT
-394 90 DAY EURO$ - 99.25 - 13.06.16 CALL
2.30
Total securities portfolio
0.15
0.20
19,123,436
734,880
United Kingdom
800,000 ARKLE MASTER ISSUER PLC SERIE 2006-1X
CLASS 5A1 FRN PERPETUAL
600,000 FOSSE MASTER ISSUER PLC FRN 18/10/2054
EUR
% of NaV
SPAIN 1.60% 30/04/2025
SPAIN 3.75% 31/10/2018
SPAIN 4.00% 30/04/2020
SPAIN 4.30% 31/10/2019
SPAIN 5.15% 31/10/2028
SPAIN 5.15% 31/10/2044
SPAIN 6.00% 31/01/2029
SPAIN I 1.00% 30/11/2030
VILLE DE MADRID 4.125% 21/05/2024
1,260,072
0.91
1,300,000 HOLLAND MORTGAGE BACKED SERIES (HERMES)
XVIII BV FRN 18/09/2044
Market Value
2,000,000
3,000,000
1,500,000
3,500,000
2,000,000
600,000
2,600,000
1,200,000
3,000,000
Spain
1,260,072
0.64
0.37
Quantity
1,200,000 SOUTH KOREA 2.125% 10/06/2024
EUR
898,280
509,132
% of NaV
South Korea
Market Value
Quantity
900,000 SLOVENIA 5.50% 26/10/2022
500,000 SLOVENIA 5.85% 10/05/2023
173,834
0.13
583,798
0.42
315,820
0.23
8,840
0.01
267,978
8,840
8,840
0.19
0.01
0.01
8,840
-117,136
0.01
-0.08
-117,136
-0.08
-117,136
-117,136
-2,210
-2,210
-112,716
-0.08
-0.08
0.00
0.00
-0.08
162,826,343 117.21
0.53
4.72
1.94
4.87
3.55
0.52
0.66
1.04
1.33
3.05
0.91
0.88
0.03
0.40
0.40
0.25
0.25
1.07
0.94
The accompanying notes form an integral part of these financial statements
103
Bond Global Aggregate
Securities Portfolio as at 30/06/15
6,445,211,269
86.60
82,513,898
1.11
5,994,829,141
AHNEUSER-BUSH INBEV 3.70% 01/02/2024
AHNEUSER-BUSH INBEV 4.00% 24/09/2025
BELGIUM 2.25% 22/06/2023
KBC GROUPE SA VAR PERPETUAL
KBC GROUPE SA VAR 11/03/2027
Brazil
3,000,000 BANCO DO BRASIL SA GRAND CAYMAN BRANCH
9.00% PERPETUAL
10,000,000 BANCO DO BRASIL SA 3.75% 25/07/2018
50,000 BRAZIL 0% 01/07/2015
136,000 BRAZIL 10.00% 01/01/2017
35,000,000 BRAZIL 2.625% 05/01/2023
12,500,000 CAIXA ECONOMICA FEDERAL 4.25% 13/05/2019
British Virgin Islands
33,900,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2015
LTD 2.50% 28/04/2020
13,900,000 SINOPEC GRP OVERSEA DEVELOPMENT 2012 LTD
2.50% 17/10/2018
30,000,000
30,500,000
30,000,000
20,500,000
30,000,000
Canada
BANK OF MONTREAL 2.24% 11/12/2017
CANADA HOUSING TRUST N1 1.70% 15/12/2017
QUEBEC 3.75% 01/09/2024
QUEBEC 4.50% 01/12/2017
THE ROYAL BANK OF CANADA 2.26% 12/03/2018
Cayman Islands
22,050,000 ADCB FINANCE 2.75% 16/09/2019
8,000,000 HUTCHISON WHAMPOA VAR PERPETUAL
Chile
9,400,000 CORPBANCA 3.125% 15/01/2018
6,200,000 CORPBANCA 3.875% 22/09/2019
Croatia
14,000,000 CROATIA 3.00% 11/03/2025
26,576,000 CROATIA 3.875% 30/05/2022
15,100,000
10,000,000
9,500,000
19,000,000
9,600,000
14,000,000
5,000,000
20,500,000
France
ACCOR SA VAR PERPETUAL
AXA SA VAR PERPETUAL
AXA SA VAR 16/04/2040
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR 20/03/2026
BPCE VAR PERPETUAL
BPCE 5.15% 21/07/2024
BPCE 5.70% 22/10/2023
The accompanying notes form an integral part of these financial statements
104
1.60
CNP ASSURANCES VAR PERPETUAL
CREDIT AGRICOLE ASSURANCES VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA 2.625% 17/03/2027
CREDIT AGRICOLE SA 4.375% 17/03/2025
CREDIT LOGEMENT SA VAR PERPETUAL
EDF ELECTRICITE DE FRANCE VAR PERPETUAL
EDF ELECTRICITE DE FRANCE VAR PERPETUAL
GDF SUEZ VAR PERPETUAL
LA MONDIALE VAR PERPETUAL
NATIXIS BANQUES POPULAIRES VAR PERPETUAL
NUMERICABLE GROUP SA 6.00% 15/05/2022
ORANGE VAR PERPETUAL
ORANGE VAR PERPETUAL
RALLYE 4.00% 02/04/2021
SOCIETE GENERALE VAR PERPETUAL
SOCIETE GENERALE VAR PERPETUAL
SOCIETE GENERALE VAR 16/09/2026
SOGECAP CONVERTIBLE VAR 29/12/2049
SOLVAY FINANCE SA VAR PERPETUAL
TOTAL CAPITAL INTERNATIONAL SA VAR
PERPETUAL
9,300,000 TOTAL FINA ELF CAPITAL VAR PERPETUAL
11,700,000 VEOLIA ENVIRONNEMENT VAR PERPETUAL
11,100,000 WENDEL 3.75% 21/01/2021
0.42
21,700,000
9,000,000
12,500,000
9,200,000
13,500,000
80.55
18,907,000
8,136,583
28,300,223
15,675,422
11,494,670
0.25
0.11
0.39
0.21
0.15
2,708,940
0.04
115,319,713
11,457,764
16,087,453
41,599,181
31,085,250
12,381,125
47,460,618
33,404,382
14,056,236
118,748,909
24,578,563
24,993,336
26,744,405
17,852,840
24,579,765
31,241,683
22,144,374
9,097,309
15,774,924
9,469,090
6,305,834
43,797,701
14,121,282
29,676,419
550,999,217
16,773,947
11,574,310
11,865,673
20,407,476
10,853,021
16,846,704
5,104,900
21,748,450
1.55
0.15
0.22
0.55
0.42
0.17
0.64
0.45
0.19
0.33
0.34
0.36
0.24
0.33
0.30
0.12
0.21
0.13
0.08
0.59
0.19
0.40
7.40
0.23
0.16
0.16
0.27
0.15
0.23
0.07
0.29
4,000,000
24,000,000
14,500,000
2,000,000
21,000,000
9,000,000
35,300,000
10,000,000
8,300,000
10,000,000
25,900,000
10,751,000
13,650,000
8,300,000
27,000,000
16,600,000
7,300,000
6,414,000
6,600,000
22,700,000
35,600,000
26,500,000
12,300,000
11,800,000
93,000,000
30,000,000
12,500,000
3,200,000
16,600,000
Germany
ALLIANZ SE VAR PERPETUAL
ALLIANZ SE VAR 17/10/2042
BAYER AG VAR PERPETUAL
BAYER AG VAR PERPETUAL
DEUTSCHE BANK AG FRANKFURT 2.75%
PERPETUAL
ENBW ENERGIE BADEN-WUERTTEMBER VAR
PERPETUAL
GERMANY BUND 4.75% 04/07/2040
KREDITANSTALT WIEDER KFW 3.75% 10/08/2017
MERCK KGAA VAR PERPETUAL
MERCK KGAA VAR PERPETUAL
THYSSENKRUPP AG 2.50% 25/02/2025
Guernsey
28,300,000 CREDIT SUISSE GROUP FUNDING 1.25% 14/04/2022
5,600,000
15,800,000
16,800,000
29,000,000
37,000,000
USD
4,311,520
25,800,593
22,981,993
3,107,021
20,534,010
9,194,390
34,085,327
9,233,710
8,351,709
11,651,635
29,185,604
12,196,059
16,507,329
8,216,834
32,088,759
19,225,376
8,271,038
6,604,688
6,605,874
24,746,278
37,499,386
30,431,872
13,294,342
0.06
0.35
0.31
0.04
0.28
0.12
0.46
0.12
0.11
0.16
0.39
0.16
0.22
0.11
0.43
0.26
0.11
0.09
0.09
0.33
0.49
0.41
0.18
321,795,490
4.32
9,665,108
18,471,702
13,562,579
26,110,941
11,815,456
14,131,399
9,770,603
14,173,643
14,250,509
0.35
0.16
0.19
0.13
0.19
0.19
2.33
0.32
0.18
0.05
0.23
29,895,672
0.40
29,895,672
120,568,405
Italy
969,168,981
12,000,000 ASSICURAZIONI GENERA VAR 12/12/2042
0.13
0.25
0.18
173,284,729
23,703,603
13,667,195
3,529,179
17,358,233
Ireland
AQUARIUS + INVESTMENTS PLC VAR 02/10/2043
BANK OF IRELAND 3.25% 15/01/2019
DECO 2014 BONN LTD FRN 07/11/2024
FGA CAPITAL IRELAND PLC 2.875% 26/01/2018
IRELAND 2.40% 15/05/2030
% of NaV
18,500,000
4,850,000
23,000,000
14,300,000
10,900,000
Belgium
96.25
Market Value
Bonds
7,163,316,482
Quantity
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
USD
% of NaV
Market Value
Quantity
Long positions
6,878,509
18,582,106
18,721,380
33,553,219
42,833,191
16,011,054
0.40
1.62
0.09
0.25
0.25
0.45
0.58
13.03
0.22
Bond Global Aggregate
Securities Portfolio as at 30/06/15
AMERICA MOVIL SAB DE CV VAR PERPETUAL
AMERICA MOVIL SAB DE CV VAR PERPETUAL
CEMEX S.A.B.DE C.V. 7.25% 15/01/2021
MEXICO 6.50% 10/06/2021
PETROLEOS MEXICANOS SA 3.125% 27/11/2020
PETROLEOS MEXICANOS SA 3.50% 30/01/2023
PETROLEOS MEXICANOS SA 3.75% 16/04/2026
PETROLEOS MEXICANOS SA 5.625% 23/01/2046
UNITED MEXICAN STATES 4.75% 14/06/2018
Morocco
11,100,000 MOROCCO 3.50% 19/06/2024
8,000,000
50,000,000
7,700,000
7,000,000
9,600,000
19,200,000
7,650,000
20,000,000
12,500,000
10,600,000
2,800,000
9,485,000
18,306,000
8,300,000
15,000,000
15,700,000
Netherlands
ABN AMRO BANK NV VAR PERPETUAL
ABN AMRO BANK NV 2.45% 04/06/2020
ABN AMRO BANK NV 6.25% 27/04/2022
ACHMEA HYPOTHEEKBANK NV 2.75% 18/02/2021
AEGON NV 4.00% 25/04/2044
ARENA 2001-1 BV FRN 17/10/2046
EDP FINANCE BV 2.625% 15/04/2019
EDP FINANCE BV 4.125% 15/01/2020
EDP FINANCE BV 4.125% 20/01/2021
EDP FINANCE BV 5.25% 14/01/2021
GENERALI FINANCE BV VAR PERPETUAL
GENERALI FINANCE BV VAR PERPETUAL
ING BANK NV VAR 21/11/2023
ING GROEP NV VAR PERPETUAL
MDC GMTN B.V 3.25% 28/04/2022
NOMURA EUROPE FINANCE NV 1.125% 03/06/2020
14,698,350
24,134,964
23,950,174
0.20
0.32
0.32
62,783,488
416,984,411
29,639,421
5,416,292
21,162,200
126,512,276
10,429,475
56,607,540
7,588,464
18,701,600
140,927,143
12,681,758
12,681,758
405,870,085
8,993,822
49,744,500
8,593,585
8,278,517
10,807,348
21,712,359
8,781,896
20,252,000
15,184,039
11,166,676
3,160,067
10,077,791
18,862,869
8,209,198
15,311,550
17,185,764
0.84
5.60
0.40
0.07
0.28
1.70
0.14
0.76
0.10
0.25
1.90
10,000,000 NOMURA HOLDINGS INC 1.50% 12/05/2021
6,700,000 PETROBRAS GLOBAL FINANCE BV 2.00%
20/05/2016
5,867,000 PETROBRAS GLOBAL FINANCE BV 6.625%
16/01/2034
21,600,000 PETROBRAS INTERNATL FINANCE 5.375%
27/01/2021
4,231,000 PETROBRAS INTERNATL FINANCE 7.875%
15/03/2019
7,400,000 RABOBANK NEDERLAND VAR PERPETUAL
10,400,000 SHELL INTERNATIONAL FINANCE BV 2.125%
11/05/2020
19,100,000 TELEFONICA EUROPE BV VAR PERPETUAL
13,500,000 TELEFONICA EUROPE BV VAR PERPETUAL
7,500,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
15,758,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
15,000,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
9,000,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
20,774,880
0.28
8,327,531
10,393,344
0.11
0.14
7,837,383
4,494,211
31,541,085
16,466,901
8,016,808
16,149,798
17,495,837
0.11
0.06
0.41
0.22
0.11
0.22
0.24
Poland
68,032,059
0.91
Portugal
420,925,646
5.66
0.17
5.45
10,100,000 DBS BANK LTD 3.625% 21/09/2022
0.12
0.66
0.12
0.11
0.15
0.29
0.12
0.27
0.20
0.15
0.04
0.14
0.25
0.11
0.21
0.23
0.15
0.09
0.14
PORTUGAL 3.85% 15/04/2021
PORTUGAL 4.75% 14/06/2019
PORTUGAL 4.80% 15/06/2020
PORTUGAL 4.95% 25/10/2023
REDE FERROVIARIA NACIONAL REFE 4.047%
16/11/2026
27,900,000 REDE FERROVIARIA NACIONAL REFE 4.25%
13/12/2021
0.17
10,979,438
6,641,174
10,429,714
11,000,000 POLAND 3.00% 15/01/2024
150,000,000 POLAND 3.25% 25/07/2025
15,000,000 POLOGNE 3.00% 17/03/2023
117,500,000
99,000,000
35,000,000
43,000,000
16,300,000
USD
% of NaV
25,070,000
3,236,000
20,000,000
19,000,000
8,893,000
59,700,000
6,700,000
20,000,000
22,000,000
Mexico
0.34
0.27
0.13
0.22
0.36
0.39
4.39
2.53
1.17
0.94
0.90
0.26
0.11
0.45
0.18
0.08
0.09
Market Value
15,000,000 ACTAVIS FUNDING SCS 3.80% 15/03/2025
21,500,000 ARCELORMITTAL SA FRN 09/04/2018
30,000,000 EUROPEAN INVESTMENT BANK (EIB) 1.125%
18/02/2020
25,137,550
20,434,980
9,629,353
16,100,160
27,020,272
29,146,200
325,796,537
187,792,282
87,279,186
69,977,331
67,113,837
19,624,889
8,270,086
33,354,316
13,489,208
5,976,970
7,014,770
Quantity
Luxembourg
USD
% of NaV
ENEL SPA VAR PERPETUAL
ENEL SPA VAR PERPETUAL
INTESA SANPAOLO SPA VAR PERPETUAL
INTESA SANPAOLO SPA 2.375% 13/01/2017
INTESA SANPAOLO SPA 3.875% 16/01/2018
INTESA SANPAOLO SPA 5.017% 26/06/2024
ITALY BTP 0.70% 01/05/2020
ITALY BTP 3.75% 01/05/2021
ITALY BTP 3.75% 01/09/2024
ITALY BTP 4.75% 01/09/2044
ITALY BTP 5.00% 01/03/2022
ITALY BTPI 2.35% 15/09/2024
TELECOM ITALIA SPA 5.875% 19/05/2023
TELECOM ITALIA SPA 7.375% 15/12/2017
UNICREDIT SPA VAR 02/05/2023
UNICREDIT SPA VAR 28/10/2025
UNICREDIT SPA 6.95% 31/10/2022
Market Value
Quantity
20,700,000
12,000,000
8,800,000
16,000,000
26,150,000
30,000,000
300,000,000
150,000,000
70,000,000
50,000,000
50,000,000
15,900,000
5,000,000
19,300,000
12,900,000
5,000,000
5,450,000
13,576,070
39,705,739
14,750,250
143,833,610
124,899,257
44,793,904
56,108,104
18,865,398
32,425,373
0.18
0.53
0.20
1.94
1.68
0.60
0.75
0.25
0.44
Singapore
10,433,098
0.14
Slovenia
43,635,890
0.59
41,000,000 SLOVENIA 4.75% 10/05/2018
South Africa
300,000,000 SOUTH AFRICA 6.75% 31/03/2021
South Korea
10,700,000 KOREA RESOURCES CORPORATION 2.125%
02/05/2018
13,900,000 KOREA RESOURCES LTD 2.00% 16/04/2018
24,000,000 WOORI BANK 4.75% 30/04/2024
Spain
11,200,000 BANCO SANTANDER SA VAR PERPETUAL
7,200,000 BBVA BILBAO VISCAYA ARGENTINA VAR
PERPETUAL
10,433,098
43,635,890
23,384,866
23,384,866
49,539,825
10,732,100
13,918,765
24,888,960
218,385,881
12,261,156
8,053,447
0.14
0.59
0.31
0.31
0.67
0.14
0.19
0.34
2.93
0.16
0.11
The accompanying notes form an integral part of these financial statements
105
Bond Global Aggregate
Securities Portfolio as at 30/06/15
17,984,456
14,268,261
4,890,224
6,248,879
Switzerland
29,563,966
CREDIT SUISSE GROUP VAR PERPETUAL
CREDIT SUISSE VAR 18/09/2025
UBS GROUP INC VAR PERPETUAL
UBS GROUP INC VAR PERPETUAL
8,250,523
6,198,573
3,844,422
11,270,448
16,200,000
7,900,000
32,800,000
7,500,000
3,400,000
60,000,000
19,170,000
0.40
0.11
0.08
0.05
0.16
10,588,812
United Arab Emirates
11,374,087
0.15
407,929,407
5.48
8,175,666
42,715,401
5,609,906
14,317,962
7,552,309
9,969,345
8,345,137
13,236,625
8,547,909
0.11
0.57
0.08
0.19
0.10
0.13
0.11
0.18
0.11
10,588,812
11,374,087
United Kingdom
BANK OF SCOTLAND 10.50% 16/02/2018
BARCLAYS BANK PLC LONDON VAR PERPETUAL
BARCLAYS BANK PLC LONDON 6.00% 14/01/2021
HSBC BANK PLC VAR 29/09/2020
HSBC HOLDINGS PLC VAR 17/09/2049
IMPERIAL TOBACCO FINANCE PLC 4.875%
07/06/2032
LLOYDS BANK P.L.C 3.50% 14/05/2025
MOTOR P.L.C FRN 25/06/2022
NATIONWIDE BUILDING SOCIETY VAR PERPETUAL
NATIONWIDE BUILDING SOCIETY VAR 20/03/2023
NGG FINANCE PLC VAR PERPETUAL
NGG FINANCE PLC VAR PERPETUAL
PRUDENTIAL PLC VAR PERPETUAL
ROYAL BANK OF SCOTLAND 6.00% 19/12/2023
SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
SCOTTISH WIDOWS PLC 5.50% 16/06/2023
SCOTTISH WIDOWS PLC 7.00% 16/06/2043
STANDARD LIFE PLC 2.25% 17/04/2020
UBS AG VAR 12/02/2026
UBS AG VAR 22/05/2023
UK GILT 3.25% 22/01/2044
WESTFIELD STRATFORD CITY FINANCE PLC VAR
04/11/2019
United States of America
14,000,000 ABBVIE INC 2.50% 14/05/2020
47,100,000 APPLE INC 2.70% 13/05/2022
9,405,235
11,136,429
19,757,238
15,814,578
3,624,372
9,306,568
26,509,571
14,619,484
32,270,608
8,891,149
3,439,134
104,416,322
30,268,459
1,312,038,831
The accompanying notes form an integral part of these financial statements
106
0.24
0.19
0.07
0.08
Thailand
11,450,000 TAQA ABU DHABI NATIONAL ENERGY COMPAGNY
3.625% 12/01/2023
8,300,000
27,150,000
3,600,000
12,100,000
4,500,000
8,450,000
5,000,000
12,500,000
5,600,000
0.58
13,862,240
46,667,622
0.14
0.14
0.15
0.13
0.15
0.27
0.21
0.05
0.13
0.36
0.20
0.43
0.12
0.05
1.39
0.41
17.64
0.19
0.63
2,000,000
35,200,000
30,000,000
5,500,000
12,000,000
40,000,000
29,710,000
25,290,000
7,000,000
10,700,000
11,400,000
9,800,000
37,800,000
7,000,000
11,500,000
26,700,000
17,400,000
9,300,000
285,000,000
80,000,000
120,000,000
60,000,000
47,000,000
21,970,000
9,640,000
10,265,000
7,500,000
23,700,000
23,000,000
11,000,000
AT& T INC 3.90% 11/03/2024
AT& T INC 4.35% 15/06/2045
AT&T INC 3.40% 15/05/2025
BANK OF AMERICA CORP 5.00% 21/01/2044
CITIGROUP INC 1.70% 27/04/2018
CITIGROUP INC 3.875% 25/10/2023
COMMONWEALTH EDISON CO 4.70% 15/01/2044
CVS CAREMARK CORP 5.30% 05/12/2043
DIRECTV HOLDINGS LLC 3.95% 15/01/2025
EXXON MOBIL CORP 3.567% 06/03/2045
GENERAL MOTORS FINANCIAL CO 4.375%
25/09/2021
GOLDMAN SACHS GROUP INC 3.25% 01/02/2023
GOLDMAN SACHS GROUP INC 4.00% 03/03/2024
GOLDMAN SACHS GROUP INC 5.00% 21/08/2019
GOLDMAN SACHS GROUP 2.125% 30/09/2024
HOME DEPOT INC 2.625% 01/06/2022
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOPMENT 4.25% 24/06/2025
JP MORGAN CHASE AND CO 2.25% 23/01/2020
JP MORGAN CHASE AND CO 2.35% 28/01/2019
JP MORGAN INTERNATIONAL DERIVATIVES
(JERSEY) LTD FRN 30/05/2017
METLIFE INC 3.00% 01/03/2025
MICROSOFT CORP 2.375% 12/02/2022
MICROSOFT CORP 3.75% 12/02/2045
MORGAN STANLEY GROUP INC 4.10% 22/05/2023
MORGAN STANLEY 3.75% 25/02/2023
MORGAN STANLEY 4.75% 16/11/2018
ORACLE CORP 2.50% 15/05/2022
ORACLE CORP 2.95% 15/05/2025
SEMPRA ENERGY CORP 4.05% 01/12/2023
UNITED STATES OF AMERICA 0.875% 15/07/2017
USA T-BONDS 3.375% 15/05/2044
USA T-BONDS 3.75% 15/08/2041
USA T-BONDSI 1.75% 15/01/2028
USA T-BONDSI 2.375% 15/01/2025
VERIZON COMMUNICATIONS INC 4.672%
15/03/2055
VERIZON COMMUNICATIONS INC 5.012%
21/08/2054
VERIZON COMMUNICATIONS INC 6.55% 15/09/2043
VIACOM INC 5.25% 01/04/2044
WELLS FARGO AND CO 2.125% 22/04/2022
WELLS FARGO AND CO 2.15% 30/01/2020
WELLS FARGO AND CO 5.375% 02/11/2043
USD
20,183,200
6,862,240
31,942,176
9,342,450
49,687,000
10,221,700
5,861,576
4,916,790
11,966,248
9,561,090
8,280,400
0.27
0.09
0.43
0.13
0.67
0.14
0.08
0.07
0.16
0.13
0.11
29,251,278
25,434,912
10,868,188
0.39
0.34
0.15
2,446,650
35,697,728
24,117,263
6,127,303
11,823,120
32,569,550
10,243,217
11,187,846
8,829,604
38,032,092
7,098,280
9,147,193
25,914,219
16,733,406
9,605,226
286,168,956
83,700,000
134,259,372
76,634,675
69,356,679
19,189,697
8,831,108
12,032,736
7,036,275
35,887,846
22,772,070
11,687,610
Mortgage and asset backed securities
450,382,128
26,700,000 FCT BAVARIAN SKY FR, COMPT 1 FRN 20/04/2024
28,780,929
France
Ireland
22,000,000 FASTNET SECURITIES 9 LIMITED FRN 10/08/2053
% of NaV
NORDEA BANK AB VAR PERPETUAL
SVENSKA HANDELSBANKEN AB VAR PERPETUAL
VOLVO TREASURY AB VAR PERPETUAL
VOLVO TREASURY AB VAR PERPETUAL
10,300,000 SIAM COMMERCIAL BANK PUBLIC CO 3.50%
07/04/2019
5,000,000
10,000,000
14,929,000
10,000,000
3,600,000
5,600,000
43,391,820
0.12
2.05
0.34
20,000,000
8,000,000
33,600,000
9,000,000
50,000,000
10,000,000
5,600,000
4,500,000
12,200,000
10,500,000
8,000,000
Market Value
7,900,000
5,000,000
3,400,000
10,800,000
0.15
Quantity
18,800,000
14,700,000
4,400,000
5,600,000
11,197,710
9,251,871
152,289,691
25,332,006
Sweden
% of NaV
Market Value
Quantity
USD
10,000,000 BBVA INTERNATIONAL PREFERRED VAR
PERPETUAL
8,000,000 BBVA SUBORDINATED CAPITAL SA VAR 11/04/2024
135,000,000 SPAIN 1.40% 31/01/2020
20,000,000 SPAIN 4.30% 31/10/2019
0.03
0.48
0.32
0.08
0.16
0.44
0.14
0.15
0.12
0.51
0.10
0.12
0.35
0.22
0.13
3.85
1.12
1.80
1.03
0.93
0.26
0.12
0.16
0.09
0.48
0.31
0.16
6.05
28,780,929
0.39
19,673,420
0.26
19,673,420
0.39
0.26
Bond Global Aggregate
Securities Portfolio as at 30/06/15
United Kingdom
E-CARAT SA FRN 18/09/2022
LANARK MASTER ISSUER PLC VAR 22/12/2054
PARAGON MORTGAGE N 8 PLC FRN 15/09/2042
PENARTH MASTER ISSUER PLC FRN 18/10/2019
SILVERSTONE MASTER FRN PERPETUAL
TURBO FINANCE PLC FRN 20/08/2021
Share/Units of UCITS/UCIS
Share/Units in investment funds
Luxembourg
30,000 AMUNDI FUNDS ABSOLUTE BONDS &
CURRENCIES - OE C
27,800 AMUNDI FUNDS BOND ASIAN LOCAL DEBT OU C
71,730 AMUNDI FUNDS BOND GLOBAL CORPORATE OU C
68,000 AMUNDI FUNDS BOND GLOBAL EMERGING
CORPORATE OU C
113,198 AMUNDI FUNDS BOND GLOBAL EMERGING LOCAL
CURRENCY - OU C
51,427 AMUNDI FUNDS GLOBAL MACRO BONDS &
CURRENCIES LOW VOL-OE C
344,152 AMUNDI FUNDS GLOBAL MACRO FOREX - ME C
400 AMUNDI FUNDS GLOBAL MACRO FOREX
STRATEGIC IE C
Money market instrument
Bonds
United States of America
100,000,000 USA T-BILLS 0% 10/12/2015
31,521,321
17,420,224
11,171,648
12,392,778
7,318,694
20,635,781
0.42
0.23
0.15
0.17
0.10
0.28
16,176,294
8,305,171
34,205,935
13,492,161
7,156,283
20,804,432
16,212,979
16,212,979
40,737,496
18,102,218
22,635,278
144,376,582
10,794,222
21,566,925
23,767,925
35,393,483
28,303,504
24,550,523
405,657,763
405,657,763
405,657,763
33,062,325
27,064,968
83,842,286
71,029,400
88,180,439
57,209,429
39,154,485
6,114,431
0.22
0.11
0.45
0.18
0.10
0.28
0.22
0.22
0.55
0.24
0.31
1.94
540,000,000
540,000,000
600,000,000
406,000,000
105,479,452
600,000,000
200,000,000
600,000,000
26,000,000
300,000,000
600,000,000
690,000,000
260,000,000
600,000,000
260,000,000
500,000,000
Luxembourg
AUD(C)/NZD(P)OTC - 1.10 - 30.07.15 CALL
AUD(C)/NZD(P)OTC - 1.13 - 30.07.15 CALL
AUD(C)/NZD(P)OTC - 1.20 - 29.10.15 CALL
EUR(C)/CHF(P)OTC - 1.07 - 18.09.15 CALL
EUR(C)/USD(P)OTC - 1.168 - 06.08.15 CALL
EUR(P)/GBP(C)OTC - 0.70 - 10.09.15 PUT
EUR(P)/NOK(C)OTC - 8.70 - 08.07.15 PUT
EUR(P)/USD(C)OTC - 1.00 - 24.07.15 PUT
EUR(P)/USD(C)OTC - 1.047 - 24.09.15 PUT
EUR(P)/USD(C)OTC - 1.07 - 24.07.15 PUT
EUR(P)/USD(C)OTC - 1.10 - 24.07.15 PUT
NZD(P)// U(C)OTC - 0.64 - 20.08.15 PUT
USD(C)/JPY(P)OTC - 121.50 - 18.09.15 CALL
USD(C)/JPY(P)OTC - 126.00 - 10.09.15 CALL
USD(P)/JPY(C)OTC - 117.00 - 18.09.15 PUT
USD(P)/MXN(C)OTC - 14.00 - 10.12.15 PUT
United States of America
0.77 Total securities portfolio
0.53
0.08
3.36
249,972,894
3.36
99,982,115
Options
15,000 US Y2Y - 109.00 - 24.07.15 PUT
5,800 90 DAY EURO$ - 99.125 - 14.12.15 PUT
0.15
0.29 Short positions
0.32
0.47 Derivative instruments
0.38
Options
0.33
Luxembourg
5.45
-1,080,000,000 AUD(C)/NZD(P)OTC - 1.13 - 30.07.15 CALL
5.45
-600,000,000 EUR(P)/GBP(C)OTC - 0.68 - 10.09.15 PUT
-200,000,000 EUR(P)/NOK(C)OTC - 8.50 - 08.07.15 PUT
5.45
-26,000,000 EUR(P)/USD(C)OTC - 1.047 - 23.07.15 PUT
0.44
-1,200,000,000 EUR(P)/USD(C)OTC - 1.05 - 24.07.15 PUT
-260,000,000 USD(C)/JPY(P)OTC - 125.00 - 18.09.15 CALL
0.36
-600,000,000 USD(C)/JPY(P)OTC - 130.00 - 10.09.15 CALL
1.13
-260,000,000 USD(P)/JPY(C)OTC - 117.00 - 18.09.15 PUT
0.95
United States of America
1.19
-5,800 90 DAY EURO$ - 99.25 - 13.06.16 CALL
249,972,894
249,972,894
Derivative instruments
USD
% of NaV
8,700,000
13,600,000
15,400,000
22,500,000
28,300,000
15,600,000
2.69
50,000,000 USA T-BILLS 0% 17/12/2015
100,000,000 USA T-BILLS 0% 24/09/2015
Market Value
Portugal
17,000,000 VOLTA ELECTRICITY RECEIVABLE
SECURITISATION 1.99% 12/02/2019
28,300,000 VOLTA ELECTRICITY RECEIVABLE
SECURITISATION 2.98% 16/02/2018
200,600,722
Quantity
Netherlands
14,500,000 BUMPER 6 NL FINANCE B.V VAR 19/03/2029
% of NaV
18,100,000 ASSET BACKED EUROPEAN SECURITISATION
TRANSACTION FRN 10/12/2028
36,700,000 ASTI FINANCE FRN 27/09/2022
17,700,000 BERICA ABS SRL FRN PERPETUAL
20,500,000 BERICA ABS SRL FRN 30/12/2055
60,000,000 CLARIS FINANCE SRL FRN PERPETUAL
8,400,000 CLARIS FINANCE SRL FRN PERPETUAL
106,000,000 CORDUSIO RMBS SECURISATION SRL FRN
31/12/2040
8,700,000 MARS 2006 BV FRN 25/10/2050
31,000,000 QUADRIVIO FINANCE SRL FRN PERPETUAL
12,100,000 SUNRI 2 A FRN 27/11/2031
14,000,000 SUNRISE SRL FRN 27/05/2031
23,000,000 VELA HOME SRL FRN 25/10/2042
Market Value
Quantity
Italy
USD
49,991,854
99,998,925
0.67
1.35
62,474,556
0.84
62,474,556
61,860,806
14,364,232
5,933,850
2,057,316
2,680,540
285,431
8,520,361
994,419
110,252
8,292,434
1,109,085
6,151,895
2,202,411
4,984,507
2,874,840
916,843
382,390
613,750
468,750
145,000
-26,325,490
-26,325,490
-26,325,490
0.84
0.83
0.20
0.08
0.03
0.04
0.00
0.11
0.01
0.00
0.11
0.01
0.08
0.03
0.07
0.04
0.01
0.01
0.01
0.01
0.00
-0.35
-0.35
-0.35
-24,476,740
-0.33
-1,848,750
-0.02
-11,867,699
-3,873,732
-112,060
-2,969,343
-2,110,839
-1,912,890
-713,334
-916,843
-1,848,750
7,136,990,992
-0.16
-0.05
0.00
-0.04
-0.03
-0.03
-0.01
-0.01
-0.02
95.90
3.36
1.34
The accompanying notes form an integral part of these financial statements
107
Bond Global
Securities Portfolio as at 30/06/15
Belgium
1,000,000 KBC GROUPE SA VAR PERPETUAL
Brazil
3,000,000 BRAZIL 2.625% 05/01/2023
1,500,000 CAIXA ECONOMICA FEDERAL 4.25% 13/05/2019
British Virgin Islands
1,400,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2015
LTD 2.50% 28/04/2020
Croatia
2,700,000 CROATIA 3.00% 11/03/2025
4,000,000 CROATIA 3.875% 30/05/2022
700,000
1,200,000
2,000,000
1,400,000
1,000,000
1,500,000
1,500,000
600,000
1,478,000
2,500,000
990,918
1,350,000
6,000,000
1,000,000
1,700,000
3,000,000
1,200,000
1,000,000
300,000
France
ACCOR SA VAR PERPETUAL
BNP PARIBAS VAR 20/03/2026
BPCE 5.15% 21/07/2024
BPCE 5.70% 22/10/2023
CNP ASSURANCES VAR PERPETUAL
CNP ASSURANCES VAR 14/09/2040
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA 2.625% 17/03/2027
CSE NAT.CSES EPAR.PREVOYANCE VAR
PERPETUAL
EDF ELECTRICITE DE FRANCE VAR PERPETUAL
FRANCE OAT 0% 25/04/2016 STRIPS
FRANCE OAT 0% 25/04/2023 STRIPS
FRANCE OAT 3.25% 25/05/2045
NUMERICABLE GROUP SA 6.00% 15/05/2022
ORANGE VAR PERPETUAL
PERNOD RICARD 5.75% 07/04/2021
SOLVAY FINANCE SA VAR PERPETUAL
SOLVAY FINANCE SA VAR PERPETUAL
SUEZ ENVIRONNEMENT VAR PERPETUAL
Germany
700,000 BAYER AG VAR PERPETUAL
1,000,000 GERMANY BUND 4.75% 04/07/2034
Ireland
700,000 FGA CAPITAL IRELAND PLC 2.625% 17/04/2019
5,500,000 IRELAND 2.40% 15/05/2030
The accompanying notes form an integral part of these financial statements
108
331,098,427 108.43
329,131,085 107.79
8,318,512
2.72
1,096,183
0.36
4,270,568
4,047,944
1,096,183
4,150,185
2,664,450
1,485,735
1,379,532
1,379,532
7,190,040
2,723,390
4,466,650
35,837,710
777,600
1,356,628
2,041,960
1,485,260
1,144,829
1,883,889
2,377,448
612,959
1,651,333
2,515,575
1,104,992
1,408,415
8,227,476
989,980
2,020,403
3,389,220
1,378,047
1,153,297
318,399
2,527,427
791,358
1,736,069
7,174,264
807,168
6,367,096
1.39
1.33
0.36
1.36
0.87
0.49
0.45
0.45
2.35
0.89
1.46
11.74
0.25
0.44
0.67
0.49
0.37
0.62
0.78
0.20
0.54
0.83
0.36
0.46
2.70
0.32
0.66
1.12
0.45
0.38
0.10
0.83
0.26
0.57
2.35
0.26
2.09
500,000
800,000
700,000
2,400,000
15,000,000
23,000,000
12,000,000
3,500,000
3,000,000
Italy
ENEL SPA VAR PERPETUAL
ENEL SPA VAR PERPETUAL
INTESA SANPAOLO SPA VAR PERPETUAL
INTESA SANPAOLO SPA 5.017% 26/06/2024
ITALY BTP 3.75% 01/05/2021
ITALY BTP 4.50% 01/03/2019
ITALY BTP 4.50% 01/05/2023
ITALY BTPI 2.35% 15/09/2024
TELECOM ITALIA SPA 5.625% 29/12/2015
Ivory Coast
5,000,000 AFRICAN DEVELOPMENT BANK 7.375% 06/04/2023
Japan
200,000,000 JAPAN EXPRESSWAY HOLDING 2.87% 20/12/2046
Lithuania
2,800,000 LITHUANIA 2.625% 21/01/2021
Luxembourg
1,400,000 ARCELORMITTAL SA FRN 09/04/2018
5,000,000 EUROPEAN INVESTMENT BANK (EIB) 1.125%
18/02/2020
25,000,000 EUROPEAN INVESTMENT BANK (EIB) 1.90%
26/01/2026
650,000,000 EUROPEAN INVESTMENT BANK (EIB) 2.15%
18/01/2027
Mexico
2,463,000 PETROLEOS MEXICANOS SA 3.125% 27/11/2020
1,500,000 PETROLEOS MEXICANOS SA 5.50% 27/06/2044
1,573,209 UNITED MEXICAN STATES 4.75% 14/06/2018
Morocco
800,000 MOROCCO 3.50% 19/06/2024
2,000,000
400,000
1,300,000
1,200,000
1,200,000
400,000
500,000
Netherlands
ABN AMRO BANK NV VAR PERPETUAL
AEGON NV 4.00% 25/04/2044
ALLIANZ FINANCE II BV VAR 08/07/2041
EDP FINANCE BV 2.625% 15/04/2019
EDP FINANCE BV 4.125% 15/01/2020
ING GROEP NV VAR PERPETUAL
PETROBRAS INTERNATL FINANCE 5.375%
27/01/2021
461,000 PETROBRAS INTERNATL FINANCE 7.875%
15/03/2019
1,000,000 TELEFONICA EUROPE BV VAR PERPETUAL
Portugal
8,000,000 PORTUGAL 3.85% 15/04/2021
12,000,000 PORTUGAL 4.75% 14/06/2019
3,000,000 PORTUGAL 4.95% 25/10/2023
USD
% of NaV
5,000,000 AUSTRALIA 5.25% 15/03/2019
5,000,000 QUEENSLAND TREASURY CORP 4.00% 21/06/2019
USD
347,050,830 113.65
Market Value
Australia
Quantity
Bonds
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
77,655,680
25.42
6,632,550
2.17
607,187
1,300,710
765,971
2,331,696
18,779,228
28,981,122
15,770,387
4,319,944
4,799,435
6,632,550
2,042,807
2,042,807
3,405,904
3,405,904
12,121,641
1,571,579
3,991,696
236,422
6,321,944
0.20
0.43
0.25
0.76
6.15
9.49
5.16
1.41
1.57
2.17
0.67
0.67
1.12
1.12
3.97
0.51
1.31
0.08
2.07
14,350,656
4.70
914,001
0.30
2,888,541
1,384,485
10,077,630
914,001
10,003,875
2,248,456
450,306
1,694,872
1,377,552
1,215,120
395,624
480,900
489,679
1,651,366
28,846,749
9,792,927
15,139,303
3,914,519
0.95
0.45
3.30
0.30
3.28
0.73
0.15
0.56
0.45
0.40
0.13
0.16
0.16
0.54
9.45
3.21
4.96
1.28
Bond Global
Securities Portfolio as at 30/06/15
2,000,000
1,000,000
2,000,000
2,000,000
2,000,000
700,000
1,500,000
10,000,000
5,000,000
6,000,000
900,000
2,300,000
DEUTSCHE BANK AG LONDON 3.70% 30/05/2024
LLOYDS TSB GROUP PLC 6.50% 14/09/2020
NATIONWIDE BUILDING SOCIETY VAR PERPETUAL
STANDARD LIFE PLC 2.25% 17/04/2020
UK GILT 3.25% 22/01/2044
UK GILT 3.50% 22/01/2045
UK GILT 4.75% 07/12/2038
UK GILT 5.00% 07/03/2025
United States of America
AT&T INC 3.40% 15/05/2025
BANK OF AMERICA CORP 5.00% 13/05/2021
DUKE ENERGY CORP 3.75% 15/04/2024
GE CAPITAL TRUST IV VAR PERPETUAL
GOLDMAN SACHS GROUP INC 4.00% 03/03/2024
HOME DEPOT INC 2.625% 01/06/2022
JP MORGAN CHASE AND CO 2.25% 23/01/2020
USA T-BONDS 3.125% 15/11/2041
USA T-BONDSI 1.375% 15/01/2020
USA T-BONDSI 1.75% 15/01/2028
WELLS FARGO AND CO 2.125% 22/04/2022
WELLS FARGO AND CO 2.15% 30/01/2020
Mortgage and asset backed securities
Ireland
2,200,000 FASTNET SECURITIES 9 LIMITED FRN 10/08/2053
Share/Units of UCITS/UCIS
Share/Units in investment funds
Luxembourg
4,035 AMUNDI FUNDS BOND ASIAN LOCAL DEBT OU C
7,001 AMUNDI FUNDS BOND GLOBAL CORPORATE OU C
3,229 AMUNDI FUNDS BOND GLOBAL EMERGING CORP
OU C
Derivative instruments
Options
Germany
300 EURO BUND FUTURE - 153.00 - 24.07.15 PUT
Luxembourg
20,000,000 EUR(C)/CHF(P)OTC - 1.07 - 18.09.15 CALL
22,773,214
7.46
2,222,956
5,049,100
3,572,404
12,666,002
1,485,708
41,792,633
986,650
2,310,080
857,069
1,279,018
5,220,816
16,401,316
860,157
13,877,527
0.73
1.65
13.69
0.32
0.76
0.28
0.42
1.71
5.38
0.28
4.54
12.67
1,967,342
0.64
1,967,342
1,967,342
15,483,670
15,483,670
15,483,670
3,928,315
8,182,774
3,372,581
0.62
0.36
0.67
0.75
0.66
0.23
0.48
3.28
1.91
2.51
0.45
0.75
Luxembourg
-10,000,000 EUR(P)/NOK(C)OTC - 8.50 - 08.07.15 PUT
United States of America
-1,000 90 DAY EURO$ - 99.25 - 13.06.16 CALL
Total securities portfolio
0.01
0.11
0.01
350,852
0.11
675,205
0.21
-5,603
0.00
350,852
675,205
-5,603
-318,750
-318,750
0.11
0.21
0.00
-0.10
-0.10
347,401,682 113.76
5.07
5.07
1.29
2.68
1.10
0.04
132,046
-600 EURO BUND FUTURE - 149.50 - 24.07.15 PUT
25,000
350,852
25,000
5.07
124,189
319,544
Germany
0.02
0.02
0.02
0.64
0.15
124,189
Options
49,721
73,939
63,838
0.64
468,733
468,733
Short positions
1.17
4.15
Derivative instruments
0.49
38,694,566
1,901,320
1,099,550
2,039,060
2,278,249
2,028,280
689,682
1,476,840
10,030,469
5,847,612
7,663,467
1,362,830
2,277,207
United States of America
1,000 90 DAY EURO$ - 99.125 - 14.12.15 PUT
USD
% of NaV
1,000,000
2,000,000
550,000
1,300,000
3,000,000
9,000,000
400,000
7,000,000
United Kingdom
0.73
10,000,000 EUR(P)/NOK(C)OTC - 8.70 - 08.07.15 PUT
20,000,000 EUR(P)/USD(C)OTC - 1.07 - 24.07.15 PUT
20,000,000 NZD(P)// U(C)OTC - 0.64 - 20.08.15 PUT
Market Value
5,000,000 BBVA US SENIOR SA UNIPERSONAL 4.664%
09/10/2015
3,000,000 SPAIN 2.75% 30/04/2019
10,000,000 SPAIN 4.30% 31/10/2019
1,000,000 SPAIN 5.15% 31/10/2044
2,222,956
Quantity
Spain
% of NaV
1,900,000 SOUTH KOREA 2.125% 10/06/2024
Market Value
Quantity
South Korea
USD
0.15
0.04
0.10
0.04
The accompanying notes form an integral part of these financial statements
109
Bond Global Inflation
Securities Portfolio as at 30/06/15
Canada
341,000 CANADAI 4.00% 01/12/2031
300,000 CANADAI 4.25% 01/12/2021
500,000 CANADAI 4.25% 01/12/2026
Denmark
3,109,115 KINGDOM OF DENMARKI 0.10% 15/11/2023
3,902,000
11,823,398
830,000
2,000
120,049
France
FRANCE OATI 0.25% 25/07/2018
FRANCE OATI 0.25% 25/07/2024
FRANCE OATI 0.70% 25/07/2030
FRANCE OATI 1.30% 25/07/2019
FRANCE OATI 1.80% 25/07/2040
Germany
2,173,018 GERMANY BUNDI 0.10% 15/04/2023
900,000 GERMANY BUNDI 0.50% 15/04/2030
7,100,000
6,408,000
2,206,000
1,149,000
3,000
2,212,000
Italy
ITALY BTPI 1.70% 15/09/2018
ITALY BTPI 2.10% 15/09/2021
ITALY BTPI 2.35% 15/09/2035
ITALY BTPI 2.55% 15/09/2041
ITALY BTPI 2.60% 15/09/2023
ITALY BTPI 3.10% 15/09/2026
Japan
1,876,300,000 JAPAN JGBI 0.10% 10/09/2023
147,300,000 JAPAN JGBI 1.10% 10/09/2016
469,700,000 JAPAN JGBI 1.20% 10/12/2017
New Zealand
1,100,000 NEW ZEALANDI 0.00% 20/09/2025
87.14
1,342,284
0.61
193,283,633
562,642
779,642
1,735,443
538,924
431,898
764,621
458,227
458,227
18,135,383
4,232,137
12,788,567
922,749
2,344
189,586
3,436,853
2,407,118
1,029,735
22,231,379
7,561,780
7,538,020
2,955,315
1,406,469
3,858
2,765,937
20,207,016
15,150,409
1,178,680
3,877,927
684,410
684,410
Spain
6,016,480
Sweden
1,431,130
1,276,000 SPAINI 1.00% 30/11/2030
4,544,000 SPAINI 1.80% 30/11/2024
11,500,000 SWEDENI 1.00% 01/06/2025
United Kingdom
4,288,999 UK GILTI 0.125% 22/03/2024
1,662,338 UK GILTI 0.125% 22/03/2044
1,451,942 UK GILTI 0.375% PERPETUAL
The accompanying notes form an integral part of these financial statements
110
193,283,633
1,182,139
4,834,341
1,431,130
44,244,248
6,976,505
3,141,701
3,758,030
87.14
0.25
0.36
0.78
0.24
0.19
0.35
0.21
0.21
8.18
1.91
5.76
0.42
0.00
0.09
1.55
1.09
0.46
1,730,000
1,941,511
1,200,000
1,315,000
1,690,000
695,000
1,092,393
1,451,033
519,806
5,145,300
4,199,600
7,718,400
907,000
5,943,800
5,153,500
18,920,000
3,604,300
2,300,000
5,268,500
2,478,700
3,679,300
4,500,000
50,000
5,500
1,900
UK GILTI 0.50% 22/03/2050
UK GILTI 0.625% 22/03/2040
UK GILTI 0.625% 22/11/2042
UK GILTI 0.75% 22/03/2034
UK GILTI 0.75% 22/11/2047
UK GILTI 1.125% 22/11/2037
UK GILTI 1.25% 22/11/2032
UK GILTI 1.25% 22/11/2055
UK GILTI 2.00% 26/01/2035
United States of America
USA T-BONDSI 0.125% 15/01/2023
USA T-BONDSI 0.625% 15/01/2024
USA T-BONDSI 0.625% 15/07/2021
USA T-BONDSI 0.75% 15/02/2045
USA T-BONDSI 1.25% 15/07/2020
USA T-BONDSI 1.375% 15/02/2044
USA T-BONDSI 1.375% 15/07/2018
USA T-BONDSI 1.75% 15/01/2028
USA T-BONDSI 1.875% 15/07/2019
USA T-BONDSI 2.00% 15/01/2026
USA T-BONDSI 2.125% 15/01/2019
USA T-BONDSI 2.125% 15/02/2040
USA T-BONDSI 2.125% 15/02/2041
USA T-BONDSI 2.50% 15/01/2029
USA T-BONDSI 3.375% 15/04/2032
USA T-BONDSI 3.875% 15/04/2029
10.02 Share/Units of UCITS/UCIS
3.41
3.40
1.33
0.63
0.00
1.25
9.11
Share/Units in investment funds
France
0.001 AMUNDI TRESO EONIA ISR I C
18 AMUNDI TRESO 3 MOIS I C
Luxembourg
1,845 AMUNDI FUNDS BOND EMERGING INFLATION OU C
6.83
Derivative instruments
0.53
1.75
Options
0.31
0.31
2.71
0.53
2.18
0.65
0.65
19.95
3.16
1.42
1.69
Germany
180 EURO BUND FUTURE - 153.00 - 24.07.15 CALL
Total securities portfolio
EUR
4,399,272
4,441,179
2,897,271
2,660,101
4,557,113
1,816,348
2,514,728
5,395,869
1,686,131
% of NaV
600,000 AUSTRALIAI 2.50% 20/09/2030
800,000 AUSTRALIAI 3.00% 20/09/2025
96.58
Market Value
Australia
214,216,301
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
1.98
2.00
1.31
1.20
2.05
0.82
1.13
2.43
0.76
73,360,780
33.06
20,870,888
9.41
4,649,995
3,885,001
7,505,572
742,867
6,191,034
4,986,660
19,747,765
4,131,729
2,493,005
6,463,286
2,667,051
4,433,989
5,389,242
60,856
9,256
3,472
20,870,888
2.10
1.75
3.38
0.33
2.79
2.25
8.91
1.86
1.12
2.91
1.20
2.00
2.43
0.03
0.00
0.00
9.41
19,358,731
8.73
1,512,157
0.68
220
19,358,511
1,512,157
61,780
61,780
61,780
61,780
214,216,301
0.00
8.73
0.68
0.03
0.03
0.03
0.03
96.58
Bond Global High Yield8
Securities Portfolio as at 30/06/15
Australia
750,000 BLUESCOPE STEEL LTD 7.125% 01/05/2018
Austria
500,000 SAPPI PAPIER HOLDING AG 3.375% 01/04/2022
531,250
1.74
531,250
765,000
765,000
528,966
528,966
2,105,460
Canada
1,601,231
AIR CANADA INC 7.75% 15/04/2021
AUTOMATION TOOLING SYSTEMS INC 6.50% 15/06/2023
BROOKFIELD RESIDENTIAL 6.375% 15/05/2025
GFL ENVIRONMENTAL CORP 7.875% 01/04/2020
France
500,000 CMA CGM SA 7.75% 15/01/2021
250,000 EUROPCAR GROUPE SA 5.75% 15/06/2022
Ireland
300,000 AERCAP IRELAND CAP LTD 4.25% 01/07/2020
Luxembourg
145,000 ARCELORMITTAL SA 6.125% 01/06/2025
750,000 INTELSAT (LUXEMBOURG) S.A. 6.75% 01/06/2018
Mexico
500,000 GRUPO POSADAS 7.875% 30/06/2022
Netherlands
150,000 PETROBRAS GLOBAL FINANCE BV 3.75% 14/01/2021
150,000 PETROBRAS INTERNATL FINANCE 6.75% 27/01/2041
Panama
750,000 AVIANCA TACA HOLDINGS S.A. 8.375% 10/05/2020
United Kingdom
500,000 MERLIN ENTERTAINMENTS PLC 2.75% 15/03/2022
335,000
150,000
500,000
400,000
500,000
460,000
96.52
29,479,818
Bermuda
750,000 AIRCASTLE LTD 5.50% 15/02/2022
750,000 FLY LEASING LTD 6.375% 15/10/2021
585,000 VIKING CRUISES LTD 6.25% 15/05/2025
500,000
185,000
635,000
250,000
29,479,818
United States of America
AIR MEDICAL GROUP HOLDING 6.375% 15/05/2023
ALERE INC 6.375% 01/07/2023
AMERICAN AIRLINES GROUP INC 4.625% 01/03/2020
ANTERO RESOURCES CORP 5.625% 01/06/2023
AVAYA INC 7.00% 01/04/2019
BALL CORP 5.25% 01/07/2025
765,472
759,375
580,613
533,750
188,931
622,300
256,250
839,828
555,707
284,121
300,186
300,186
854,234
144,546
709,688
507,590
507,590
286,080
154,720
131,360
758,460
758,460
529,858
529,858
19,871,675
314,900
152,625
483,750
386,500
488,750
454,825
96.52
1.74
2.50
2.50
1.73
1.73
6.90
2.51
2.49
1.90
5.24
1.75
0.62
2.03
0.84
2.75
1.82
0.93
0.98
0.98
2.80
0.47
2.33
1.66
1.66
0.94
0.51
0.43
2.48
2.48
1.73
1.73
65.07
500,000
280,000
250,000
500,000
500,000
465,000
135,000
205,000
179,000
500,000
600,000
565,000
500,000
160,000
500,000
330,000
500,000
500,000
500,000
500,000
500,000
240,000
125,000
500,000
190,000
500,000
750,000
665,000
250,000
435,000
265,000
475,000
320,000
245,000
750,000
135,000
335,000
250,000
500,000
250,000
195,000
270,000
500,000
165,000
405,000
175,000
BI-LO LLC/BI-LO FINANCE CORP 9.25% 15/02/2019
BLUE COAT SYSTEMS IN 8.375% 01/06/2023
CAESARS ENTERTAINMENT RESORT 8.00% 01/10/2020
CALUMET SPECIALTY PRODUCTS PAR 7.75% 15/04/2023
CARRIZO OIL AND GAS INC 7.50% 15/09/2020
CHEMOURS CO 6.625% 15/05/2023
CHEMOURS CO 7.00% 15/05/2025
CNO FINANCIAL GROUP INC 5.25% 30/05/2025
COMMUNICATIONS SALES & LEASING 6.00% 15/04/2023
CONSOL ENERGY INC 5.875% 15/04/2022
CTP TRANSP.PROD.LLC / FIN.INC. 8.25% 15/12/2019
DJO FINANCE LLC 8.125% 15/06/2021
EARTHLINK INC 8.875% 15/05/2019
EP ENERGY/ EP FINANCE INC 6.375% 15/06/2023
FAGE DAIRY INDUSTRY SA 9.875% 01/02/2020
FERRELLGAS LP/FERRELLGAS FIN 6.75% 15/06/2023
FIRST DATA CORP 11.75% 15/08/2021
GOLDEN NUGGET ESCROW INC 8.50% 01/12/2021
GOLDMAN SACHS GROUP INC VAR PERPETUAL
HARRON COMMUNICATIONS LP 9.125% 01/04/2020
HEALTHSOUTH CORPORAT 5.125% 15/03/2023
HOLOGIC INC 5.25% 15/07/2022
HRG GROUP INC 7.875% 15/07/2019
IHEARTCOMMINCATIONS INC 10.625% 15/03/2023
JBS USA LLC/ JBS USA FINANCE 5.75% 15/06/2025
JBS USA LLC/ JBS USA FINANCE 7.25% 01/06/2021
KRATOS DEFENSE 7.00% 15/05/2019
LENNAR CORP 4.75% 30/05/2025
LTF MERGER 8.50% 15/06/2023
MARKWEST ENERGY PART 4.875% 01/06/2025
MURRAY ENERGY CORP 11.25% 15/04/2021
OMEGACORP US LIMITED 8.75% 15/07/2023
PRISO ACQUISITION CORPORATION 9.00% 15/05/2023
QUICKEN LOANS INC 5.75% 01/05/2025
SPRINT CORP 7.625% 15/02/2025
SS AND C TECHNOLOGIES HOLDINGS 5.875% 15/07/2023
STERIGENICS NORDION HOLDINGS 6.50% 15/05/2023
SUNOCO LP 6.375% 01/04/2023
TENET HEALTHCARE COR 8.125% 01/04/2022
T-MOBILE US INC 6.375% 01/03/2025
TOPS HOLDING CORPORATION 8.00% 15/06/2022
UNITED RENTALS INC 5.50% 15/07/2025
VWR FUNDING INC 4.625% 15/04/2022
WELLCARE HEALTH PLAN 5.75% 15/11/2020
XPO LOGISTICS 6.50% 15/06/2022
ZF NORTH AMERICA CAPITAL INC 4.75% 29/04/2025
Total securities portfolio
USD
505,000
284,900
235,470
513,750
526,250
450,468
130,950
208,321
175,064
425,000
621,000
581,950
521,250
160,400
521,250
331,650
562,500
517,500
494,780
540,625
496,875
245,100
131,875
473,750
187,806
529,375
683,437
645,050
241,250
425,213
222,600
474,702
314,400
234,588
706,875
137,194
340,025
260,000
546,750
255,625
195,244
260,888
536,208
171,600
396,394
169,423
29,479,818
% of NaV
500,000 YACIMIENTOS PETROLIF FISCALES 8.875% 19/12/2018
96.52
Market Value
Argentina
29,479,818
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
1.65
0.93
0.77
1.68
1.72
1.47
0.43
0.68
0.57
1.39
2.04
1.91
1.71
0.53
1.71
1.09
1.84
1.69
1.62
1.77
1.63
0.80
0.43
1.55
0.61
1.73
2.25
2.12
0.79
1.39
0.73
1.55
1.03
0.77
2.32
0.45
1.11
0.85
1.79
0.84
0.64
0.85
1.76
0.56
1.30
0.55
96.52
1.03
0.50
1.58
1.27
1.60
1.49
The accompanying notes form an integral part of these financial statements
111
Bond Enhanced RMB
Securities Portfolio as at 30/06/15
Cayman Islands
200,000 CHINA OVERSEAS FINANCE CAYMAND 3.95%
15/11/2022
China
2,000,000 BANK OF CHINA 3.35% 15/07/2016
3,000,000 BAOSTEEL GROUP CORPORATION 4.15%
01/03/2017
2,000,000 CHINA DEVELOPMENT BANK 3.30% 20/10/2020
2,000,000 CHINA DEVELOPMENT BANK 4.20% 19/01/2027
3,000,000 CHINA GUANGDONG NUCLEAR POWER HOLDING
CO LTD 3.75% 01/11/2015
3,000,000 CHINA 1.80% 01/12/2015
2,500,000 CHINA 3.39% 21/05/2025
5,000,000 CHINA 3.60% 27/06/2028
2,000,000 INDUSTRIAL AND CIAL BK CHINA 3.20% 28/11/2015
5,000,000 NE PAS UTILISER 2.65% 29/06/2019
3,000,000 REPUBLIC OF CHINA 1.40% 18/08/2016
Hong Kong (China)
11,223,183
96.02
3,000,000 VOLVO TREASURY AB 3.80% 22/11/2015
642,714
5.50
200,000 PTT GBL CHEMICAL 4.25% 19/09/2022
11,223,183
642,714
195,358
195,358
1.67
2.68
2.78
4.14
481,745
402,989
810,403
322,187
797,240
476,659
844,112
244,386
244,386
478,547
478,547
2.75
4.17
4.12
3.45
6.94
2.76
6.82
4.08
7.22
2.77
1.74
2.71
2.09
2.09
4.09
4.09
Malaysia
322,516
2.76
New Zealand
320,693
2.74
2,000,000 CAGAMAS GLOBAL 3.70% 22/09/2017
2,000,000 FONTERRA COOPERATIVE GROUP LTD 3.60%
29/01/2019
Singapore
3,000,000 BOC AVIATION PTE LTD 4.20% 05/11/2018
3,000,000 DBS BANK LTD 2.50% 07/06/2016
2,000,000 GLOBAL LOGISTIC PROPERTIES LTD 3.375%
11/05/2016
3,000,000 ICICI BANK LIMITED 4.90% 21/09/2015
South Korea
2,000,000 SK CHEMICALS 4.125% 26/09/2016
The accompanying notes form an integral part of these financial statements
322,516
320,693
2.76
2.74
1,777,132
15.21
485,084
4.15
490,073
480,665
321,310
323,056
323,056
4.20
4.11
2.75
2.76
2.76
USD
Sweden
483,774
4.14
Thailand
204,980
1.75
United Kingdom
1,000,000 BP CAPITAL MARKETS PLC 3.95% 08/10/2018
1.67 Total securities portfolio
313,125
325,300
483,805
250,000 RELIANCE INDUSTRIES 4.125% 28/01/2025
3,000,000 INTESA SANPAOLO BANK IRELAND PLC 4.50%
27/02/2019
5.50
44.69
321,989
486,955
323,247
203,893
316,972
Ireland
96.02
5,222,397
2,000,000 CHINA CHENGTONG DEV 4.00% 09/05/2017
200,000 CRCC YUXIANG VAR PERPETUAL
2,000,000 HKCG FINANCE LTD 1.40% 11/04/2016
India
112
96.02
% of NaV
4,000,000 AUSTRALIA & NEW ZEALAND BKING VAR
30/01/2025
11,223,183
Market Value
Australia
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
483,774
204,980
163,518
163,518
11,223,183
4.14
1.75
1.40
1.40
96.02
Bond Asian Local Debt
Securities Portfolio as at 30/06/15
British Virgin Islands
600,000 PCCW HKT CAPITAL NO 2 LTD 3.625% 02/04/2025
Cayman Islands
1,000,000 CHINA OVERSEAS FINANCE CAYMAND 3.95%
15/11/2022
800,000 COUNTRY GARDEN HOLDINGS 7.875% 27/05/2019
500,000 DBS CAPITAL FUNDING II CORP VAR PERPETUAL
China
6,000,000 CHINA DEVELOPMENT BANK 3.30% 20/10/2020
10,000,000 CHINA DEVELOPMENT BANK 4.20% 19/01/2027
10,500,000 CHINA 3.39% 21/05/2025
Hong Kong (China)
1,500,000 BANK OF EAST ASIA LT VAR 13/09/2022
1,000,000 BANK OF EAST ASIA LT VAR 20/11/2024
200,000 MCC HOLDING CORP 2.50% 28/08/2017
India
1,000,000 EXPORT-IMPORT BANK OF INDIA 3.375% 18/09/2017
415,000,000 INDIA 8.12% 10/12/2020
100,000,000 POWER FINANCE CORPORATION LTD 8.65%
28/12/2024
1,500,000 RELIANCE INDUSTRIES 5.875% PERPETUAL
4,000,000,000
15,000,000,000
4,000,000,000
20,000,000,000
12,000,000,000
4,000,000,000
4,500,000,000
13,500,000,000
12,000,000,000
10,000,000,000
20,000,000,000
10,000,000,000
1,000,000
400,000
2,500,000
5,000,000
4,500,000
Indonesia
INDONESIA 10.50% 15/07/2038
INDONESIA 10.50% 15/08/2030
INDONESIA 11.00% 15/09/2025
INDONESIA 11.50% 15/09/2019
INDONESIA 11.60% 15/08/2018
INDONESIA 7.00% 15/05/2027
INDONESIA 8.25% 15/07/2021
INDONESIA 8.375% 15/03/2024
INDONESIA 8.375% 15/03/2034
INDONESIA 8.375% 15/09/2026
INDONESIA 9.50% 15/07/2023
INDONESIA 9.75% 15/05/2037
MITRA 6.75% 19/09/2019
Malaysia
MALAYAN BANKING BERHAD VAR 20/09/2022
MALAYSIA 3.844% 15/04/2033
MALAYSIA 4.181% 15/07/2024
MALAYSIA 4.498% 15/04/2030
73,789,947
97.73
1,928,142
2.55
73,789,947
1,928,142
97.73
2.55
577,569
0.76
2,228,726
2.95
577,569
976,790
853,156
398,780
4,258,433
939,375
1,626,502
1,692,556
2,349,797
1,144,867
1,003,930
201,000
0.76
1.29
1.13
0.53
5.64
1.24
2.15
2.25
3.11
1.51
1.33
0.27
10,358,657
13.72
1,506,855
2.00
754,815
6,522,631
1,574,356
11,357,311
356,791
1,320,175
353,736
1,675,575
986,885
269,927
337,987
1,017,555
896,051
754,056
1,602,249
837,019
949,305
3,602,174
403,844
623,671
1,340,631
1,234,028
1.00
8.63
2.09
15.04
0.47
1.75
0.47
2.21
1.31
0.36
0.45
1.35
1.19
1.00
2.11
1.11
1.26
4.77
40,000,000
40,000,000
37,000,000
40,000,000
10,000,000
20,000,000
Philippines
5,282,332
7.00
Singapore
8,803,607
11.66
192,744
352,400
366,436
1,837,678
787,088
1,436,410
1,471,808
0.26
0.47
0.49
2.43
1.04
1.90
1.95
PHILIPPINES 10.25% 19/01/2026
PHILIPPINES 4.75% 30/08/2019
PHILIPPINES 6.125% 16/09/2020
PHILIPPINES 6.125% 24/10/2037
PHILIPPINES 8.75% 27/05/2030
REPUBLIC OF PHILIPPINES 9.50% 04/12/2028
2,500,000 DBS BANK LTD VAR 14/02/2023
3,000,000 GLOBAL LOGISTIC PROPERTIES LTD 3.375%
11/05/2016
250,000 NTUC INCOME INSURANCE VAR 23/08/2027
500,000 SINGAPORE 2.75% 01/04/2042
500,000 SINGAPORE 2.875% 01/09/2030
2,400,000 SINGAPORE 3.00% 01/09/2024
1,000,000 SINGAPORE 3.25% 01/09/2020
1,800,000 SINGAPORE 3.50% 01/03/2027
1,500,000 TBG GLOBAL PTE 5.25% 10/02/2022
3,000,000,000
1,000,000
500,000,000
1,100,000,000
1,000,000,000
1,000,000,000
500,000,000
1,700,000,000
2,600,000,000
1,000,000,000
690,000
795,000
28,000,000
50,000,000
35,000,000
18,000,000
15,000,000
13,000,000
8,000,000
10,000,000
USD
% of NaV
12,000,000 AUSTRALIA & NEW ZEALAND BKING VAR
30/01/2025
97.73
Market Value
Australia
73,789,947
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
South Korea
REPUBLIC OF KOREA 0% 10/09/2024
SHINSEGAE CO LTD VAR 08/05/2045
SOUTH KOREA 0% 10/03/2016
SOUTH KOREA 0% 10/03/2028
SOUTH KOREA 0% 10/09/2017
SOUTH KOREA 0% 10/09/2018
SOUTH KOREA 0% 10/09/2018
SOUTH KOREA 0% 10/09/2023
SOUTH KOREA 0% 10/12/2031
SOUTH KOREA 0% 10/12/2033
Thailand
PTT GBL CHEMICAL 4.25% 19/09/2022
THAI OIL PUBLIC CO LTD 3.625% 23/01/2023
THAILAND 3.58% 17/12/2027
THAILAND 3.625% 16/06/2023
THAILAND 3.65% 17/12/2021
THAILAND 3.775% 25/06/2032
THAILAND 3.85% 12/12/2025
THAILAND 4.675% 29/06/2044
THAILAND 5.67% 13/03/2028
THAILANDI 1.20% 14/07/2021
United States of America
2,000,000 CATERPILLAR FINANCIAL SERVICES CORP 2.95%
03/03/2016
80,000,000 INTERNATIONAL FINANCE CORPORAT IFC 7.75%
03/12/2016
500,000 ROLTA LLC 10.75% 16/05/2018
600,000 ROLTA LLC 8.875% 24/07/2019
0.53
0.83 Total securities portfolio
1.78
1.63
1,372,726
919,757
910,887
1,057,042
331,166
690,754
1,877,078
481,965
1.82
1.22
1.21
1.40
0.44
0.91
2.48
0.64
13,401,973
17.76
7,073,009
9.37
2,832,632
986,020
461,186
1,312,742
921,050
942,274
509,736
1,644,829
2,752,080
1,039,424
707,181
784,355
856,319
1,558,934
1,097,735
547,256
480,226
442,825
293,985
304,193
2,568,217
321,629
1,271,018
469,035
506,535
73,789,947
3.75
1.31
0.61
1.74
1.22
1.25
0.68
2.18
3.64
1.38
0.94
1.04
1.13
2.07
1.45
0.72
0.64
0.59
0.39
0.40
3.40
0.43
1.68
0.62
0.67
97.73
The accompanying notes form an integral part of these financial statements
113
Bond Emerging Inflation
Securities Portfolio as at 30/06/15
Bonds
473
1,600
1,213
1,074
1,370
1,764
170
1,690
74,928,900
249,763,000
74,928,900
262,251,150
2,700,000
1,430,000
1,500,000
5,816,000
40,200
13,913
36,700
54,764
14,777
Brazil
BRAZILI 14.714% 15/08/2050
BRAZILI 6.00% 15/05/2017
BRAZILI 6.00% 15/05/2045
BRAZILI 6.00% 15/08/2016
BRAZILI 6.00% 15/08/2020
BRAZILI 6.00% 15/08/2022
BRAZILI 6.00% 15/08/2030
BRAZILI 6.00% 15/08/2040
Chile
CHILEI 0% 01/02/2031
CHILEI 0.00% 01/02/2021
CHILEI 0.00% 01/02/2041
CHILEI 0.00% 01/07/2017
25,960,782
98.05
7,968,248
30.09
25,960,782
403,505
1,361,583
1,029,651
920,911
1,160,171
1,496,525
146,242
1,449,660
1,142,655
136,531
434,191
141,874
430,059
98.05
1.52
5.14
3.89
3.48
4.38
5.65
0.55
5.48
4.32
0.52
1.64
0.54
1.62
15.22
Mexico
5,651,631
21.35
136,964
0.52
ISRAELI 0.00% 30/04/2018
ISRAELI 0.00% 30/05/2036
ISRAELI 0.00% 30/08/2041
ISRAELI 0.00% 30/09/2022
MEXICOI 2.00% 09/06/2022
MEXICOI 2.50% 10/12/2020
MEXICOI 3.50% 14/12/2017
MEXICOI 4.00% 15/11/2040
MEXICOI 4.50% 22/11/2035
Poland
South Africa
SOUTH AFRICAI 2.00% 31/01/2025
SOUTH AFRICAI 2.50% 31/01/2017
SOUTH AFRICAI 2.50% 31/12/2050
SOUTH AFRICAI 2.60% 31/03/2028
SOUTH AFRICAI 2.75% 31/01/2022
SOUTH AFRICAI 3.45% 07/12/2033
SOUTH AFRICAI 5.50% 07/12/2023
Thailand
Turkey
TURKEYI 2.00% 26/10/2022
TURKEYI 2.80% 08/11/2023
TURKEYI 3.00% 06/01/2021
TURKEYI 3.00% 21/07/2021
Total securities portfolio
The accompanying notes form an integral part of these financial statements
114
98.05
4,030,137
23,700,000 THAILANDI 1.20% 14/07/2021
1,700,000
1,198,308
940,000
2,581,834
25,960,782
Israel
400,000 POLANDI 2.75% 25/08/2023
4,050,000
2,950,000
4,000,000
1,819,614
3,622,995
4,469,517
1,850,000
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
940,106
665,381
545,284
1,879,366
1,303,696
475,541
1,313,028
1,983,351
576,015
136,964
3.55
2.51
2.06
7.10
4.92
1.80
4.96
7.49
2.18
0.52
3,151,461
11.90
720,937
2.72
401,734
324,710
442,585
264,573
413,608
867,176
437,075
720,937
1.52
1.23
1.67
1.00
1.56
3.27
1.65
2.72
3,158,749
11.93
25,960,782
98.05
770,677
529,528
511,883
1,346,661
2.91
2.00
1.93
5.09
Bond Global Emerging Local Currency9
Securities Portfolio as at 30/06/15
Colombia
18,225,200,000 COLOMBIA 10.00% 24/07/2024
2,500,000,000 COLOMBIA 7.75% 14/04/2021
7,000,000,000 TITULOUS DE TESORERIA 7.75% 18/09/2030
Hungary
2,496,000,000 HUNGARY 5.50% 24/06/2025
215,800,000 HUNGARY 7.00% 24/06/2022
400,000,000 HUNGARY 7.50% 12/11/2020
India
175,000,000 THE FOOD CORPORATION OF INDIA 9.95%
07/03/2022
105,300,000,000
20,000,000,000
35,000,000,000
80,068,000,000
Indonesia
INDONESIA 5.625% 15/05/2023
INDONESIA 7.00% 15/05/2027
INDONESIA 7.875% 15/04/2019
INDONESIA 8.25% 15/06/2032
180,659,264
96.83
17,688,900
9.48
180,659,264
8,289,860
9,399,040
11,961,613
8,275,655
1,060,231
2,625,727
12,636,910
9,994,713
919,373
1,722,824
2,970,631
2,970,631
16,563,780
6,701,290
1,349,635
2,612,354
5,900,501
96.83
4.44
5.04
6.41
4.43
0.57
1.41
6.77
5.36
0.49
0.92
1.59
1.59
8.88
3.60
0.72
1.40
3.16
Malaysia
13,936,495
Mexico
18,776,029
10.06
1,434,270
0.77
14,500,000 MALAYSIA 3.26% 01/03/2018
27,000,000 MALAYSIA 3.955% 15/09/2025
11,000,000 MALAYSIA 4.392% 15/04/2026
2,295,210 MEXICO 10.00% 05/12/2024
Peru
4,000,000 PERU 7.84% 12/08/2020
Philippines
9,000,000 PHILIPPINES 3.90% 26/11/2022
12,000,000 REPUBLIC OF PHILIPPINES 4.95% 15/01/2021
Poland
21,217,000 POLAND 2.50% 25/07/2018
2,600,000 POLAND 3.25% 25/07/2025
32,900,000 POLAND 5.75% 23/09/2022
Romania
1,500,000 ROMANIA 4.75% 24/02/2025
15,100,000 ROMANIA 5.80% 26/07/2027
Russia
285,425,000 RUSSIA 6.80% 11/12/2019
200,000,000 RUSSIA 7.50% 15/03/2018
3,828,240
7,120,575
2,987,680
18,776,029
1,434,270
479,273
198,509
280,764
16,597,206
5,677,172
688,233
10,231,801
4,593,970
389,781
4,204,189
9,944,956
4,410,145
3,320,365
7.47
100,400,000 RUSSIA 7.60% 14/04/2021
43,430,000 RUSSIA 7.60% 20/07/2022
Serbia
720,000,000 SERBIA 10.00% 05/02/2022
65,000,000
57,417,000
66,784,776
23,209,000
50,000,000
South Africa
SOUTH AFRICA 6.50% 28/02/2041
SOUTH AFRICA 6.75% 31/03/2021
SOUTH AFRICA 7.00% 28/02/2031
SOUTH AFRICA 7.25% 15/01/2020
SOUTH AFRICA 8.75% 28/02/2048
Thailand
140,000,000 THAILAND 3.58% 17/12/2027
32,500,000 THAILAND 3.85% 12/12/2025
104,000,000 THAILAND 4.875% 22/06/2029
USD
1,555,836
658,610
7,022,844
7,022,844
4.78
4,281,596
1,040,495
3,592,020
272,897
Luxembourg
1,000,000 EUR(P)/USD(C)OTC - 1.07 - 18.09.15 PUT
1,000,000 USD(P)/EUR(C)OTC - 0.85 - 10.03.16 PUT
2.05 Total securities portfolio
3.82
1.60
3.76
8,914,111
4,066,583
4,475,629
4,694,905
1,873,704
4,030,040
Derivative instruments
Options
3.76
10.26
17,997,415
TURKEY 8.50% 10/07/2019
TURKEY 8.50% 14/09/2022
TURKEY 8.80% 14/11/2018
TURKEYI 2.00% 18/09/2024
0.83
0.35
19,140,861
Turkey
30,434,093
14,120,678
4,100,000
1,000,000
% of NaV
27,102 BRAZIL 10.00% 01/01/2017
32,465 BRAZIL 10.00% 01/01/2021
96.98
Market Value
Brazil
180,932,161
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
11,042,012
5,074,891
1,501,539
378,973
272,897
272,897
227,018
45,879
180,932,161
2.18
2.40
2.52
1.00
2.16
2.29
0.56
1.93
9.65
5.93
2.72
0.80
0.20
0.15
0.15
0.15
0.13
0.02
96.98
10.06
0.77
0.26
0.11
0.15
8.90
3.04
0.37
5.49
2.46
0.21
2.25
5.33
2.37
1.78
The accompanying notes form an integral part of these financial statements
115
Bond Global Emerging Corporate
Securities Portfolio as at 30/06/15
Australia
1,500,000 CNOOC CURTIS FUNDING 4.50% 03/10/2023
Bahrain
2,000,000 BATELCO INT FIN NO 1 LTD 4.25% 01/05/2020
Bermuda
1,000,000 DIGICEL LIMITED 6.75% 01/03/2023
3,500,000 QTEL INTERNATIONAL FINANCE LTD 3.25%
21/02/2023
British Virgin Islands
1,000,000 HUARONG FINANCE LTD 5.50% 16/01/2025
1,200,000 PCCW HKT CAPITAL 3.75% 08/03/2023
4,000,000 STAR ENERGY GEOTHERMAL 6.125% 27/03/2020
1,000,000
2,500,000
1,000,000
3,000,000
600,000
3,000,000
2,400,000
2,700,000
4,000,000
Cayman Islands
COMCEL TRUST 6.875% 06/02/2024
COUNTRY GARDEN HOLDINGS 7.50% 09/03/2020
COUNTRY GARDEN HOLDINGS 7.50% 10/01/2023
COUNTRY GARDEN HOLDINGS 7.875% 27/05/2019
LAMAR FUNDING LTD 3.958% 07/05/2025
MAF GLOBAL SECURITIES LTD VAR PERPETUAL
ODEBRECHT FINANCE LTD 5.25% 27/06/2029
ODEBRECHT FINANCE LTD 7.125% 26/06/2042
ODEBRECHT OFFSHORE DRILLING 6.625%
01/10/2022
3,000,000 SHIMAO PROPERTY HOLDINGS LTD 6.625%
14/01/2020
1,500,000 THREE GORGES FINANCE II LTD 3.70% 10/06/2025
1,000,000
1,000,000
3,000,000
1,300,000
Chile
AES GENER VAR PERPETUAL
COLBUN S.A 4.50% 10/07/2024
CORPBANCA 3.875% 22/09/2019
EMPRESA ELECTRICA ANGAMOS SA 4.56%
30/04/2025
2,000,000 EMPRESA NACIONAL DE TELECOM 4.75%
01/08/2026
92.43
5,872,858
2.47
219,506,597
1,539,555
2,595,920
1,737,383
1,580,145
1,580,145
2,020,000
2,020,000
4,361,955
980,220
3,381,735
92.43
0.65
1.09
0.73
0.85
1.84
0.41
1.43
9.57
1,509,450
8,357,375
1,085,710
997,070
3,051,210
1,257,425
1,965,960
0.44
0.50
1.62
0.45
1.09
0.42
1.34
0.25
1.35
0.76
0.87
1.13
1.27
0.64
3.52
0.46
0.42
1.28
0.53
0.83
2,548,225
1.07
Colombia
7,226,559
3.04
3,000,000 BANCOLOMBIA SA 5.95% 03/06/2021
700,000 COLOMBIA 5.00% 15/06/2045
The accompanying notes form an integral part of these financial statements
2,548,225
3,287,310
650,741
2,500,000 SUAM FINANCE BV 4.875% 17/04/2024
2,539,850
1.07
Curacao
Ecuador
1,200,000 REPUBLIC OF ECUADOR 10.50% 24/03/2020
Egypt
2,000,000 BANK OF EAST ASIA LT VAR 04/05/2022
2,000,000 BANK OF EAST ASIA LT VAR PERPETUAL
1,400,000 CRCC YUXIANG VAR PERPETUAL
22,733,854
3,026,400
0.50
0.88
0.85
0.67
2.56
1,057,020
2,579,658
1,007,150
3,199,320
585,570
3,225,480
1,803,384
2,068,254
2,672,168
1,187,928
2,100,580
2,600,000 EGYPT 5.875% 11/06/2025
6,080,494
1,045,690
1,190,364
3,844,440
1,200,000 ECOPETROL SA 5.375% 26/06/2026
2,000,000 ECOPETROL SA 5.875% 18/09/2023
0.67
China
2,500,000 DIANJIAN HAIXING VAR PERPETUAL
116
219,506,597
1.07
1.39
0.27
USD
% of NaV
1,500,000 CITY OF BUENOS AIRES 8.95% 19/02/2021
2,644,877 PROVINCIA DE BUENOS AIRES 9.95% 09/06/2021
1,750,000 YPF SOCIEDAD ANONIMA 8.50% 28/07/2025
92.43
Market Value
Argentina
219,506,597
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
Hong Kong (China)
India
1,700,000 OIL INDIA LTD 3.875% 17/04/2019
1,000,000 ONGC VIDESH 3.25% 15/07/2019
1,300,000 ONGC VIDESH 3.75% 07/05/2023
Indonesia
2,000,000 PELABUHAN INDONESIA III 4.875% 01/10/2024
Ireland
500,000 ALFA BOND ISSUANCE PLC 7.75% 28/04/2021
5,000,000 ROSNEFT INT FINANCE 4.199% 06/03/2022
1,500,000 RZD CAPITAL LIMITED 3.374% 20/05/2021
Israel
2,000,000 ISRAEL ELECTRIC CORP LTD 5.00% 12/11/2024
Jersey
1,200,000 WEST CHINA CEMENT 6.50% 11/09/2019
1,800,000
2,400,000
1,800,000
3,500,000
Luxembourg
ANDRADE GUTIERREZ INTL 4.00% 30/04/2018
MILLICOM INTL CELLUL 4.75% 22/05/2020
MILLICOM INTL CELLUL 6.625% 15/10/2021
OFFSHORE DRILLING HOLDINGS 8.625%
20/09/2020
2,800,000 SBERBANK OF RUSSIA OJSC 3.352% 15/11/2019
2,500,000 SBERBANK SB CAP SA VAR 26/02/2024
Mauritius
5,990,000 MTN MAURITIUS INVESTMENTS 4.755% 11/11/2024
3,000,000
4,000,000
1,200,000
1,500,000
3,000,000
2,700,000
Mexico
ALFA SA DE CV 5.25% 25/03/2024
BBVA BANCOMER SA 4.375% 10/04/2024
CEMEX S.A.B.DE C.V. 4.375% 05/03/2023
CEMEX S.A.B.DE C.V. 4.75% 11/01/2022
CEMEX S.A.B.DE C.V. 5.875% 25/03/2019
FERMACA ENTERPRISES S DE RL DE CV 6.375%
30/03/2038
2,539,850
1,212,348
1,212,348
2,540,018
2,540,018
5,876,510
2,128,820
2,320,432
1,427,258
4,010,239
1,746,291
1,004,300
1,259,648
1,996,240
1,996,240
6,223,440
495,965
4,281,800
1,445,675
2,034,300
2,034,300
1,208,298
1,208,298
13,634,481
1,390,158
2,354,136
1,858,914
3,133,865
2,823,383
2,074,025
5,999,105
5,999,105
24,499,744
3,084,930
4,038,920
1,285,230
1,676,230
3,083,520
2,735,921
1.07
0.51
0.51
1.07
1.07
2.47
0.90
0.97
0.60
1.69
0.74
0.42
0.53
0.84
0.84
2.62
0.21
1.80
0.61
0.86
0.86
0.51
0.51
5.74
0.59
0.99
0.78
1.32
1.19
0.87
2.53
2.53
10.31
1.30
1.69
0.54
0.71
1.30
1.15
Bond Global Emerging Corporate
Securities Portfolio as at 30/06/15
1,500,000 BHARTI AIRTEL INTERNATIONAL NETHERLANDS
B.V. 5.125% 11/03/2023
1,000,000 GTB FINANCE BV 7.50% 19/05/2016
3,500,000 HSBK (EUROPE) BV 7.25% 03/05/2017
1,500,000 LISTRINDO CAPITAL BV 6.95% 21/02/2019
3,500,000 NOSTRUM OIL&GAS FIN BV 6.375% 14/02/2019
1,000,000 PETROBRAS GLOBAL FINANCE BV 6.25%
17/03/2024
Nigeria
4,000,000 ZENITH BANK PLC 6.25% 22/04/2019
5,000,000
2,000,000
1,800,000
500,000
900,000
Peru
BANCO DE CREDITO DEL PERU VAR 24/04/2027
BANCO DE CREDITO DEL PERU 5.375% 16/09/2020
BBVA BANCO CONTINENTAL VAR 22/09/2029
CORP LINDLEY SA 4.625% 12/04/2023
CORPORACION FINANC.DESARROLLO VAR
15/07/2029
5,242,600
2.21
5,242,600
12,081,095
1,574,235
1,017,810
3,626,490
1,572,825
3,324,265
965,470
2.21
5.09
0.66
0.43
1.53
0.66
1.40
0.41
3,844,160
1.62
10,741,104
4.52
3,844,160
5,351,700
2,170,320
1,821,114
485,910
912,060
1.62
2.26
0.91
0.77
0.20
0.38
Philippines
639,474
0.27
Singapore
4,708,498
1.98
600,000 ALLIANCE GLOBAL GROUP INC 6.50% 18/08/2017
900,000 DBS BANK LTD 3.625% 21/09/2022
700,000 OVERSEA-CHINESE BANKING CORP VAR
11/03/2023
2,000,000 OVERSEA-CHINESE BANKING CORP VAR
15/10/2024
1,000,000 OVERSEA-CHINESE BANKING CORP 4.25%
19/06/2024
639,474
929,682
711,746
2,052,400
1,014,670
3,007,416
1.27
3,000,000 KRUNG THAI BANK PUBLIC CO LTD VAR 26/12/2024
3,500,000 PTT EXPLOR PRODUCT PUBLIC CO VAR PERPETUAL
1,500,000 SIAM COMMERCIAL BANK PUBLIC CO 3.50%
07/04/2019
Turkey
2,700,000 AKBANK TAS 5.125% 31/03/2025
4,000,000 TURKIYE GARANTI BANK 4.75% 17/10/2019
2,000,000 TURKIYE IS BANKASI AS 3.75% 10/10/2018
3,007,416
8,167,551
3,093,606
3,531,885
1,542,060
15,373,195
2,588,652
4,058,440
1,985,560
1,500,000 PETROLEOS DE VENEZUELA 5.125% 28/10/2016
2,000,000 PETROLEOS DE VENEZUELA 6.00% 15/11/2026
Viet Nam
300,000 SOCIALIST REPUBLIC OF VIETNAM 4.80%
19/11/2024
Total securities portfolio
1.84
2.74
3,170,155
4,084,220
2,119,180
1,965,040
1,695,990
986,250
709,740
300,606
300,606
219,506,597
5.91
1.33
1.72
0.89
0.83
0.71
0.41
0.30
0.13
0.13
92.43
0.43
South Korea
Thailand
Venezuela
4,374,880
6,478,575
14,023,610
0.86
1.28
2,900,000 WOORI BANK 4.75% 30/04/2024
United States of America
2,000,000 RELIANCE HOLDING 4.50% 19/10/2020
2,000,000 RIO OIL FINANCE TRUST 6.25% 06/07/2024
0.94
0.99
0.91
0.39
0.30
3,041,040
3,041,040
United Arab Emirates
4,000,000 DP WORLD LTD 6.85% 02/07/2037
4,000,000 DUBAI HOLDING COMMERCIAL OPERA 6.00%
01/02/2017
3,000,000 EMIRATES NBD PJSC 1.75% 23/03/2022
USD
2,224,090
2,361,861
2,154,592
0.27
South Africa
3,000,000 ESKOM HOLDINGS LTD 6.75% 06/08/2023
2,200,000 TURKIYE IS BANKASI AS 5.00% 30/04/2020
2,100,000 TURKIYE VAKIFLAR BANKASI TAO 3.50% 17/06/2019
2,200,000 TURKIYE VAKIFLAR BANKASI TAO 6.00% 01/11/2022
% of NaV
Netherlands
1.09
0.20
1.03
1.30
Market Value
5,000,000 OCP SA 5.625% 25/04/2024
2,589,400
485,953
2,438,550
3,081,090
Quantity
Morocco
USD
% of NaV
MEXICHEM SA DE CV 4.875% 19/09/2022
MEXICO 4.00% PERPETUAL
PETROLEOS MEXICANOS SA 4.25% 15/01/2025
TENEDORA NEMAK SA 5.50% 28/02/2023
Market Value
Quantity
2,500,000
500,000
2,500,000
3,000,000
1.28
1.27
3.44
1.30
1.49
0.65
6.47
1.09
1.70
0.84
The accompanying notes form an integral part of these financial statements
117
Bond Global Emerging Hard Currency
Securities Portfolio as at 30/06/15
Armenia
3,000,000 ARMENIA 6.00% 30/09/2020
Australia
2,000,000 CNOOC CURTIS FUNDING 4.50% 03/10/2023
Bahrain
5,500,000 BAHRAIN 6.00% 19/09/2044
Belarus
2,000,000 BELARUS 8.75% 03/08/2015
Brazil
1,500,000 BANCO NACIONAL DE DESENVOL ECO E SOCIAL
4.00% 14/04/2019
4,000,000 BRAZIL 2.625% 05/01/2023
3,700,000 BRAZIL 2.875% 01/04/2021
2,000,000 BRAZIL 5.625% 07/01/2041
British Virgin Islands
1,300,000 HUARONG FINANCE LTD 5.50% 16/01/2025
5,000,000 SINOPEC GRP OVERSEA DEVELOPMENT 2014 LTD
4.375% 10/04/2024
Bulgaria
3,000,000 BULGARIA 3.125% 26/03/2035
2,000,000
900,000
3,000,000
900,000
1,100,000
Cayman Islands
ARANTES INTL 0% 19/06/2049 DEFAULTED
COUNTRY GARDEN HOLDINGS 7.50% 09/03/2020
COUNTRY GARDEN HOLDINGS 7.875% 27/05/2019
LAMAR FUNDING LTD 3.958% 07/05/2025
THREE GORGES FINANCE II LTD 3.70% 10/06/2025
Chile
900,000 EMPRESA ELECTRICA ANGAMOS SA 4.56%
30/04/2025
1,000,000
1,500,000
7,000,000
1,600,000
Colombia
COLOMBIA 4.00% 26/02/2024
COLOMBIA 5.00% 15/06/2045
COLOMBIA 6.125% 18/01/2041
ECOPETROL SA 5.375% 26/06/2026
The accompanying notes form an integral part of these financial statements
118
263,490,239
85.98
13,551,616
4.42
263,490,239
3,912,157
1,197,524
8,040,970
400,965
2,646,069
2,646,069
1,890,917
1,890,917
4,631,018
4,631,018
1,785,999
1,785,999
9,981,032
1,357,916
3,188,476
3,718,611
1,716,029
5,933,223
1,220,066
4,713,157
2,534,250
2,534,250
5,534,143
47,442
833,492
2,871,406
788,328
993,475
781,300
781,300
10,387,371
896,293
1,251,521
6,817,995
1,421,562
85.98
1.28
0.39
2.62
0.13
0.86
0.86
0.62
0.62
1.51
1.51
0.58
Costa Rica
2,000,000 COSTA RICA 4.25% 26/01/2023
2,000,000 COSTA RICA 4.375% 30/04/2025
Croatia
5,000,000 CROATIA 3.00% 11/03/2025
6,500,000 CROATIA 3.875% 30/05/2022
1,000,000 CROATIA 6.25% 27/04/2017
Dominican Republic
3,000,000 DOMINICAN REPUBLIC 6.85% 27/01/2045
1,000,000 REPUBLIQUE DOMINICAINE 8.625% 20/04/2027
Ecuador
4,600,000 REPUBLIC OF ECUADOR 10.50% 24/03/2020
Egypt
3,700,000 EGYPT 5.875% 11/06/2025
El Salvador
0.58
3,000,000 EL SALVADOR 5.875% 30/01/2025
1,000,000 EL SALVADOR 7.75% 24/01/2023
0.44
1,700,000 GABON 6.95% 16/06/2025
3.26
1.04
1.22
0.56
1.94
0.40
1.54
0.83
0.83
1.81
0.02
0.27
0.94
0.26
0.32
0.25
0.25
3.39
0.29
0.41
2.23
0.46
Gabon
Ghana
1,000,000 GHANA 8.125% 18/01/2026
Hungary
1,500,000 HUNGARY 4.00% 25/03/2019
7,000,000 HUNGARY 5.375% 21/02/2023
8,000,000 HUNGARY 5.375% 25/03/2024
India
1,000,000 EXPORT-IMPORT BANK OF INDIA 3.875% 02/10/2019
4,000,000
1,400,000
3,000,000
10,500,000
1,500,000
Indonesia
INDONESIA 2.875% 08/07/2021
INDONESIA 4.125% 15/01/2025
INDONESIA 5.25% 17/01/2042
PARTAMINA PERSERO PT 5.625% 20/05/2043
PARTAMINA PERSERO PT 6.00% 03/05/2042
Iraq
8,000,000 REPUBLIC OF IRAQ 5.80% 15/01/2028
Ireland
2,500,000 RZD CAPITAL LIMITED 3.374% 20/05/2021
2,000,000 VEB FINANCE LIMITED 4.032% 21/02/2023
Ivory Coast
2,000,000 IVORY COAST 5.375% 23/07/2024
2,000,000 IVORY COAST 6.375% 03/03/2028
EUR
% of NaV
ARGENTINA 0% 07/05/2024
CITY OF BUENOS AIRES 8.95% 19/02/2021
PROVINCIA DE BUENOS AIRES 9.95% 09/06/2021
YPF SOCIEDAD ANONIMA 8.50% 28/07/2025
89.96
Market Value
4,500,000
1,300,000
9,128,212
450,000
Argentina
275,677,593
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
3,289,733
1.07
11,991,725
3.91
1,665,141
1,624,592
4,526,400
6,514,365
950,960
3,845,378
2,762,709
1,082,669
4,171,005
4,171,005
3,244,158
3,244,158
3,568,884
2,588,234
980,650
1,517,275
1,517,275
819,835
0.54
0.53
1.48
2.12
0.31
1.25
0.90
0.35
1.36
1.36
1.06
1.06
1.16
0.84
0.32
0.50
0.50
0.27
819,835
0.27
1,392,892
6,816,110
7,791,133
0.45
2.22
2.55
16,000,135
929,689
929,689
17,534,159
4,037,920
1,234,041
2,612,116
8,398,870
1,251,212
5,825,597
5,825,597
3,864,060
2,162,500
1,701,560
3,455,466
1,692,138
1,763,328
5.22
0.30
0.30
5.72
1.32
0.40
0.85
2.74
0.41
1.90
1.90
1.26
0.70
0.56
1.13
0.55
0.58
Bond Global Emerging Hard Currency
Securities Portfolio as at 30/06/15
Mexico
CEMEX S.A.B.DE C.V. 4.375% 05/03/2023
MEXICO 4.00% 02/10/2023
MEXICO 4.00% PERPETUAL
MEXICO 4.60% 23/01/2046
MEXICO 4.75% 08/03/2044
PETROLEOS MEXICANOS SA 4.25% 15/01/2025
PETROLEOS MEXICANOS SA 5.50% 21/01/2021
Morocco
6,500,000 MOROCCO 3.50% 19/06/2024
Nigeria
2,000,000 ZENITH BANK PLC 6.25% 22/04/2019
Panama
3,000,000 REPUBLIC OF PANAMA 4.00% 22/09/2024
Peru
900,000 BBVA BANCO CONTINENTAL VAR 22/09/2029
5,000,000 PERU 5.625% 18/11/2050
Philippines
600,000 REPUBLIC OF PHILIPPINES 3.95% 20/01/2040
Romania
3,000,000 ROMANIA 6.125% 22/01/2044
4,500,000 ROUMANIE 2.875% 28/10/2024
0.83
0.76
5,055,425
1,820,266
3,235,159
16,013,277
480,625
1,843,475
1,133,977
1,084,640
5,156,327
5,340,211
974,022
6,665,100
6,665,100
1,725,076
1,725,076
2,723,883
2,723,883
5,838,455
817,229
5,021,226
544,243
544,243
7,500,667
3,035,407
4,465,260
Russia
12,267,205
Serbia
2,017,268
8,000,000 RUSSIA 4.50% 04/04/2022
6,000,000 RUSSIA 5.875% 16/09/2043
2,000,000 SERBIA 7.25% 28/09/2021
Slovenia
3,500,000 SLOVENIA 5.25% 18/02/2024
4,500,000 SLOVENIA 5.50% 26/10/2022
4,000,000
3,000,000
750,000
7,500,000
2,541,868
2,327,518
802,845
South Africa
ESKOM HOLDINGS LTD 6.75% 06/08/2023
ESKOM HOLDINGS SOC LIMITED 7.125% 11/02/2025
REPUBLIC OF SOUTH AFRICA 6.25% 08/03/2041
SOUTH AFRICA 4.665% 17/01/2024
7,046,634
5,220,571
2,017,268
7,924,300
3,432,903
4,491,397
14,048,178
3,639,131
2,735,272
762,964
6,910,811
0.26
1.65
0.59
1.06
5.23
0.16
0.60
0.37
0.35
1.68
1.75
0.32
2.17
2.17
0.56
0.56
0.89
0.89
Sri Lanka
4,643,475
1.52
Tunisia
1,932,888
0.63
4,000 SRI LANKA 5.125% 11/04/2019
1,200,000 SRI LANKA 5.875% 25/07/2022
2,200,000 CROWN CASTLE INTERNATIONAL 5.75% 30/01/2025
Turkey
3,000,000 TURKEY 4.125% 11/04/2023
9,000,000 TURKEY 4.875% 16/04/2043
3,000,000 TURKEY 6.625% 17/02/2045
United Arab Emirates
1,000,000 DUBAI HOLDING COMMERCIAL OPERA 6.00%
01/02/2017
3,000,000 UNITED ARAB EMIRATES 5.25% 30/01/2043
United States of America
5,500,000 RIO OIL FINANCE TRUST 6.25% 06/07/2024
Venezuela
6,000,000 PETROLEOS DE VENEZUELA 5.125% 28/10/2016
9,500,000 PETROLEOS DE VENEZUELA 6.00% 15/11/2026
Viet Nam
300,000 SOCIALIST REPUBLIC OF VIETNAM 4.80%
19/11/2024
1.91 Share/Units of UCITS/UCIS
0.27
1.64
0.18
0.18
2.45
0.99
1.46
EUR
% of NaV
500,000
2,000,000
1,300,000
1,300,000
6,000,000
6,100,000
1,000,000
1.85
Market Value
2,000,000 LEBANON 5.00% 12/10/2017
3,500,000 LEBANON 6.60% 27/11/2026
5,672,231
Quantity
Lebanon
% of NaV
1,000,000 DEVELOPMENT BANK OF KAZAKHSTAN 4.125%
10/12/2022
3,000,000 KAZAKHSTAN 3.875% 14/10/2024
3,000,000 KAZAKHSTAN 4.875% 14/10/2044
Market Value
Quantity
Kazakhstan
EUR
Share/Units in investment funds
Luxembourg
13,000 AMUNDI FUNDS BOND GLOBAL EMERGING
CORPORATE OU C
Total securities portfolio
3,579,501
1,063,974
1,932,888
13,659,526
3,188,040
7,370,759
3,100,727
3,858,835
1,453,638
2,405,197
4,849,991
4,849,991
6,566,384
3,540,657
3,025,727
269,795
269,795
12,187,354
1.17
0.35
0.63
4.46
1.04
2.41
1.01
1.26
0.47
0.79
1.58
1.58
2.14
1.15
0.99
0.09
0.09
3.98
12,187,354
3.98
12,187,354
3.98
12,187,354
275,677,593
3.98
89.96
4.00
2.30
1.70
0.66
0.66
2.59
1.12
1.47
4.58
1.19
0.89
0.25
2.25
The accompanying notes form an integral part of these financial statements
119
Patrimoine
Securities Portfolio as at 30/06/15
Multi Asset
% of NaV
Market Value
Quantity
EUR
Long positions
728,780,645 100.59
Share/Units of UCITS/UCIS
728,780,645 100.59
Share/Units in investment funds
France
656,725 AMUNDI PATRIMOINE PART ORC 3D
Total securities portfolio
The accompanying notes form an integral part of these financial statements
120
728,780,645 100.59
728,780,645 100.59
728,780,645 100.59
728,780,645 100.59
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
Indexed
ALIBABA HEALTH INFORMATION TECHNOLOGY
BEIJING ENTERPRISES WATER GR
CHINA GAS HLDGS LTD
CHINA RESOURCES GAS GROUP LT
CREDICORP LTD.
GOME ELECTRICAL APPLIANCES
HAIER ELECTRONICS GROUP CO
HANERGY THIN FILM POWER GROU
KUNLUN ENERGY CO LTD
LUYE PHARMA GROUP LTD
NINE DRAGONS PAPER
SIHUAN PHARMACEUTICAL HLDGS
Brazil
AES TIETE SA
AMBEV SA
BANCO BRADESCO PFD
BANCO BRADESCO SA BRAD N1
BANCO DO BRASIL SA
BANCO ESTADO RIO GRANDE DO SUL
BANCO SANTANDER BRASIL
BB SEGURIDADE PARTICIPACOES SA
BOLSA DE MERCADORI
BR MALLS PARTICIPACOES SA
BRASKEM PREF A
BRF
B2W COMPANHIA GLOBAL DO VAREJO
CCR SA
CESP CIA ENERG SP PRF NPV ‘B’
CETIP BALCAO ORG.ATIVOS DERIV.
CIA ENERG MINAS GERAIS PREF
CIA PARANAESE DE ENERGI PFB
CIELO
COSAN
CPFL ENERGIA
CYRELA BRAZIL REALTY SA
DURATEX
ECORODIA
ELETROBRAS PREF B
EMBRAER EMPRESA
ENERGIAS DO BRASIL S.A
ESTACIO PARTICIPACOES S.A.
FIBRIA CELULOSE SA
GERDAU SA
HYPERMARCAS
ITAU UNIBANCO HOLDING SA
ITAUSA INVESTIMENTOS PREF
113,328,676
95.80
1,190,524
1.01
113,328,346
58,221
96,805
76,899
71,203
263,948
78,910
88,965
198,714
89,561
46,037
50,724
70,537
8,434,893
20,844
826,734
663,811
197,879
191,604
13,220
64,932
219,130
185,511
58,486
24,935
394,537
17,873
115,775
38,192
66,879
83,769
32,920
341,529
27,025
32,205
22,627
19,961
17,634
12,695
144,745
19,097
44,948
93,009
59,100
69,200
870,570
285,310
95.80
0.05
0.08
0.07
0.06
0.21
0.07
0.08
0.17
0.08
0.04
0.04
0.06
7.13
0.02
0.69
0.56
0.17
0.16
0.01
0.05
0.19
0.16
0.05
0.02
0.33
0.02
0.10
0.03
0.06
0.07
0.03
0.29
0.02
0.03
0.02
0.02
0.01
0.01
0.12
0.02
0.04
0.08
0.05
0.06
0.73
0.24
16,006
39,382
4,228
13,554
5,875
3,771
1,992
5,298
9,080
4,674
84,894
111,826
3,227
6,690
5,868
9,746
17,805
10,441
6,197
10,800
10,122
23,153
3,102
4,905
3,400
10,313
14,000
36,697
54,917
3,967
15,439
KLABIN SA UNIT
KROTON EDUCACIONAL SA
LOCALIZA RENT A CAR
LOJA AMERICANAS PFD
LOJAS AMERICANAS SA
LOJAS RENNER SA
MULTIPL.EMPREEND.
NATURA COSMETICOS
OI PFD
PCAPN PCA4 PREFERRED
PETROLEO BRASILEIRO
PETROLEO BRASILEIRO PREF.SHS
PORTO SEGURO
QUALICORP
RAIADROGASIL
SABESP
SID NACIONAL
SOUZA CRUZ
SUL AMERICA SA UNITS
SUZANO BAHIA SUL PAPEL PFD A
TELEF BRAZIL PFD
TIM PARTICIPACOES
TOTVS
TRACTEBEL ENERGIA
TRANSMISSORA ALIANCA DE ENERGIA ELETRICA
ULTRAPAR PARTICIPACOES SA
USIMINAS PREFERED .SHS A
VALE DO RIO DOCE
VALE DO RIO DOCE -PREF-A
VIAVAREJO
WEG SA PFD
16,000
21,000
127,000
28,600
17,500
204,000
22,000
38,000
175,000
70,000
80,000
62,000
173,866
22,000
145,000
303,000
185,000
23,000
21,500
AAC TECHNOLOGIES HOLDINGS IN
ANTA SPORTS PRODUCTS LTD
BELLE INTERNATIONAL HOLDINGS
CHAILEASE
CHINA CONCH VENTURE HOLDINGS
CHINA HUISHAN DAI
CHINA MEDICAL SYSTEM HOLDING
CHINA MENGNIU DAIRY CO
CHINA MOBILE LTD
CHINA RESOURCES CEMENT
CHINA RESOURCES LAND LTD
CHINA STATE CONSTRUCTION INTL
COUNTRY GARDEN HOLDINGS CO
ENN ENERGY HOLDINGS LTD
EVERGRANDE REAL ESTATE GROUP
GCL-POLY ENERGY HOLDINGS LTD
GEELY AUTOMOBILE HOLDINGS LTD
HAITIAN INTERNATIONAL HOLDINGS
HENGAN INTERNATIONAL GROUP CO LTD
Cayman Islands
USD
% of NaV
3,700
134,459
72,353
21,969
24,514
4,609
11,921
19,962
49,170
12,478
5,687
18,660
2,723
24,121
6,050
6,096
21,941
2,926
24,211
3,338
5,197
7,100
8,541
7,068
4,656
19,004
5,154
7,757
6,811
24,511
9,499
79,028
99,471
Bermuda
96.57
Market Value
56,000
118,000
48,000
24,000
1,900
357,749
33,000
394,000
88,000
43,000
58,000
124,000
114,238,745
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
98,363
150,738
41,771
75,659
25,059
137,176
30,748
46,970
17,100
110,290
383,422
457,542
43,007
42,448
75,711
51,767
29,633
82,112
30,263
57,505
141,937
76,322
38,945
53,986
22,525
218,119
18,568
216,066
275,434
14,341
94,680
0.08
0.13
0.04
0.06
0.02
0.12
0.03
0.04
0.01
0.09
0.32
0.39
0.04
0.04
0.06
0.04
0.03
0.07
0.03
0.05
0.12
0.06
0.03
0.05
0.02
0.18
0.02
0.18
0.23
0.01
0.08
90,396
50,925
146,289
68,964
40,181
46,576
30,818
189,448
2,240,403
39,097
259,529
111,644
76,476
132,667
86,598
69,961
98,794
54,055
255,420
0.08
0.04
0.12
0.06
0.03
0.04
0.03
0.16
1.89
0.03
0.22
0.09
0.06
0.11
0.07
0.06
0.08
0.05
0.22
7,816,973
6.61
The accompanying notes form an integral part of these financial statements
121
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
73,798
80,598
646,591
1,978,369
36,105
4,039
215,621
12,998
4,367,809
891
7,113
3,231
34,155
93,555
559,986
13,355
8,557
2,631
15,370
8,245
AES GENER SA
AGUAS ANDINAS
BANCO DE CHILE
BANCO SANTANDER CHILE
CENCOSUD SA
CERVECERIAS UNIDAS
COLBUN
COPEC
CORPBANCA
CREDITO
EMBOTELLADORA ANDINA S.A. -BEMPRESA NACIONAL DE TELECOM.
EMPRESAS CMPC
ENDESA CHILE
ENERSIS
FALABELLA
LAN AIRLINES
SDAD QUIMICA Y MINERA CHILE B
SONDA
VINA CONCHA Y TORO
42,022
46,000
70,844
99,950
86,840
42,849
61,184
137,988
48,204
39,155
24,047
35,757
92,900
129,515
177,943
93,274
60,972
42,563
32,089
14,375
0.04
0.04
0.06
0.08
0.07
0.04
0.05
0.12
0.04
0.03
0.02
0.03
0.08
0.11
0.15
0.08
0.05
0.04
0.03
0.01
658,000
64,000
64,000
35,000
30,300
72,000
2,266,000
226,000
41,500
36,000
20,000
236,000
207,000
76,000
84,000
121,000
91,500
97,000
AGRICULTURAL BANK OF CHINA-H
AIR CHINA LIMITED H
ALUMINUM CORP OF CHINA LTD-H
ANHUI CONCH CEMENT CO LTD-H
AUTOMOBILE -BAVICHINA IND & TECH
BANK OF CHINA -HBANK OF COMMUNICATIONS CO-H
BBMG CORPORATION-H
BEIJING CAPITAL INTL AIRPO-H
BYD CO LTD-H
CHINA CINDA ASSET MANAGEME-H
CHINA CITIC BANK CORP LTD-H
CHINA COAL ENERGY CO- SHARE H
CHINA COMMUNICATION SERVI-H
CHINA COMMUNICATIONS CONSTR H
CHINA COSCO HOLDINGS
CHINA EVERBRIGHT BANK
Chile
China
1,378,471
13,782,912
353,932
72,317
32,279
122,799
77,504
70,398
1,473,153
235,547
42,022
41,514
120,090
131,508
165,012
45,389
42,474
181,051
59,131
58,181
1.17
11.65
0.30
0.06
0.03
0.10
0.07
0.06
1.25
0.20
0.04
0.04
0.10
0.11
0.14
0.04
0.04
0.15
0.05
0.05
87,500
17,700
212,000
95,000
136,000
150,300
84,000
54,000
72,200
698,000
40,000
114,000
93,000
133,000
58,000
380,000
34,400
81,000
61,500
278
119,450
9,500
106,000
74,000
30,200
28,500
78,000
32,400
72,800
24,000
96,000
124,000
21,000
2,104,000
44,000
43,000
23,600
614,000
187,000
94,080
74,500
44,000
72,000
9,500
24,400
20,000
124,000
35,200
25,000
33,500
12,000
178,000
17,000
CHINA GALAXY SECURITIES CO-H
CHINA INTERNATIONAL MARINE
CHINA LIFE INSURANCE CO-H
CHINA LONGYUAN POWER GROUP-H
CHINA MERCHANTS BANK-H
CHINA MINSHENG BANKING CORP
CHINA NATIONAL BUILDING MATERI
CHINA OILFIELD SERVICES-H
CHINA PACIFIC INSURANCE GR H
CHINA PETROLEUM & CHEMICAL H
CHINA RAILWAY CONSTRUCTION-H
CHINA RAILWAY GROUP LTD-H
CHINA SHENHUA ENERGY CO-H
CHINA SHIPPING CONTAINER
CHINA SOUTHN AIR-HCHINA TELECOM CORP LTD-H
CHINA VANKE CO LTD-H
CHONGQING RURAL COMMERCIAL BANK LTD
CITIC SECURITIES CO LTD-H
CJ CHEILJEDANG
CRRC CORPORATION SHARES H
DALIAN WANDA COMMERCIAL PROPERTIES CO
LTD
DATANG INTL POWER GEN CO-H
DONGFENG MOTOR H
GF SECURITIES CO LTD
GREAT WALL MOTOR COMPANY-H
GUANGZHOU AUTOMOBILE GROUP CO LTD
GUANGZHOU R&F PROPERTIES - H
HAITONG SECURITIES CO TLD - H
HUADIAN POWER -HHUANENG POWER INTL INC-H
HUANENG RENEWABLES CORP-H
HUATAI SECURITIES CO LTD H
INDUSTRIAL & COMMERCIAL BANK OF CHINA-H
JIANGSU EXPRESS -HJIANGXI COPPER H
NEW CHINA LIFE INSURANCE C-H
PETROCHINA CO LTD-H
PICC GRP CN
PICC PROPERTY & CASUALTY-H
PING AN INSURANCE GROUP CO-H
SHANDONG WEIGAO GROUP MEDICAL
SHANGHAI ELECTRIC GRP CO L-H
SHANGHAI FOSUN PHARMACEUTI-H
SHANGHAI PHARMACEUTICALS HOLDINGS CO
LTD-H
SHENZHOU INTERNATIONAL GROUP
SINOPEC SH PETRO-HSINOPHARM GROUP CO-H
SINOTRANS LIMITED-H
SIPONEC ENGINEERING GROUP-H
TSINGTAO BREWERY CO LTD
WANT WANT CHINA HOLDINGS
WEICHAI POWER CO LTD-H
USD
113,995
45,526
922,927
105,630
396,465
196,975
79,422
86,093
346,448
602,336
61,812
123,080
212,091
51,982
68,530
223,024
84,663
64,883
221,725
109,909
183,354
76,404
54,282
99,271
77,676
139,697
72,240
39,745
192,505
26,593
133,737
50,064
59,323
1,671,798
57,777
71,773
140,945
685,081
119,641
214,312
1,006,145
32,862
58,789
35,231
67,983
97,259
67,338
156,419
16,672
31,026
72,828
188,274
56,685
% of NaV
0.07
0.06
0.04
0.05
0.06
0.03
0.10
0.04
0.06
2.51
0.10
0.04
0.01
Market Value
80,954
76,404
49,625
60,084
71,048
36,182
116,091
44,621
65,708
2,953,312
114,420
46,282
14,001
Quantity
% of NaV
Market Value
Quantity
KINGSOFT CORP LTD
LONGFOR PROPERTIES
NEW WORLD CN LAND
SEMICONDUCTOR MANUFAT INTER
SHIMAO PROPERTY HOLDINGS LTD
SHUI ON LAND
SINO BIOPHARMACEUTICAL
SOHO CHINA LTD
SUNAC CHINA HOLDINGS LTD
TENCENT HOLDINGS LTD
TINGYI HOLDING
TPK HOLDING CO LTD
ZHEN DING TECH
The accompanying notes form an integral part of these financial statements
122
USD
24,000
48,000
84,000
548,000
36,000
127,500
100,000
68,500
60,000
148,000
56,000
8,000
4,000
0.10
0.04
0.78
0.09
0.34
0.17
0.07
0.07
0.29
0.51
0.05
0.10
0.18
0.04
0.06
0.19
0.07
0.05
0.19
0.09
0.15
0.06
0.05
0.08
0.07
0.12
0.06
0.03
0.16
0.02
0.11
0.04
0.05
1.40
0.05
0.06
0.12
0.58
0.10
0.18
0.85
0.03
0.05
0.03
0.06
0.08
0.06
0.13
0.01
0.03
0.06
0.16
0.05
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
4,401 CESKE ENERGETICKE ZAVODY A.S.
415 KOMERCNI BANKA AS
Egypt
23,368 COMMERCIAL INTL BANK (EGYPT)
83,245 ORASCOM TELECOM HOLDING
31,738 TALAAT MOUSTAFA GROUP
123,232
260,459
1,005
6,934
1,962
46,039
5,657
38,202
1,211
280,000
14,500
86,000
171,000
74,000
2,418,000
67,000
30,000
31,331
112,000
87,000
34,000
52,000
Greece
ALPHA BANK
EUROBANK ERGASIAS SA
FOLLI FOLLIE GROUP
HELLENIC TELECOMMUNICATIONS
ORGANIZATIONS OTE
JUMBO SA
NATIONAL BANK OF GREECE
OPAP SA
PIRAEUS BANK S.A
TITAN CEMENT CO
Hong Kong (China)
ALIBABA PIC
BEIJING ENTERPRISES HLDGS
BRILLIANCE CHINA AUTOMOTIVE
CGN POWER CO LTD SHS 144A S H
CHINA AGRI-INDUSTRIES HLDGS
CHINA CONSTRUCTION BANK H
CHINA EVERBRIGHT INTL LTD
CHINA EVERBRIGHT LTD
CHINA MERCHANTS HOLDINGS
CHINA OVERSEAS LAND & INVESTMENT LTD
CHINA POWER INTL DEV
CHINA RESOURCES ENTERPRISE
CHINA RESOURCES POWER HOLDIN
50,201
25,088
136,334
42,176
32,911
95,159
54,467
44,509
41,712
98,460
31,808
20,813
0.04
0.02
0.11
0.04
0.03
0.08
0.05
0.04
0.04
0.07
0.03
0.02
673,638
194,163
102,175
91,988
0.57
0.16
0.08
0.08
237,675
0.20
349,356
0.30
172,885
27,603
37,187
44,212
41,789
27,098
63,352
16,221
61,556
49,227
17,026
28,875
5,389,714
108,713
109,136
134,227
89,553
42,190
2,208,244
120,129
104,095
134,377
395,123
66,323
109,642
145,217
0.15
0.02
0.03
0.04
0.04
0.02
0.06
0.01
0.06
0.04
0.01
0.02
4.55
0.09
0.09
0.11
0.08
0.04
1.87
0.10
0.09
0.11
0.33
0.06
0.09
0.12
46,452
164,000
64,000
48,859
116,000
47,000
57,000
130,000
46,000
88,000
172,000
17,000
120,925
72,000
242,060
CHINA TAIPING INSURANCE HOLD SHS
CHINA UNICOM HONG KONG LTD
CITIC
COSCO PACIFIC LIMITED
CSPC PHARMACEUTICAL GROUP LT
FAR EAST HORIZON LTD
FOSUN INTERNATIONAL
FRANSHION PROPERTIES
GOLDIN PROPERTIES HOLDINGS LTD SHS
GUANGDONG INVESTMENT LTD
LENOVO GROUP LTD
SHANGHAI INDUSTRIAL HOLDINGS
SINO-OCEAN LAND HOLDINGS
SUN ART RETAIL GROUP LTD
YUEXIU PROPERTY
Hungary
861 MOL HUNGARIAN OIL AND GAS PLC
6,108 OTP BANK
3,812 RICHTER GEDEON
1,446
11,833
5,085
1,332
17,820
2,702
9,235
4,631
2,174
229,300
3,388
13,173
6,101
32,802
15,314
16,124
9,787
22,297
2,144
9,129
300
34
3,664
351
11,149
4,189
15,377
1,415
39,197
22,776
43,909
31,409
28,009
India
ACC LIMITED
ADANI PORTS
ADANI TRANSMISSION
ADITYA BIRLA NUVO
AMBUJA CEMENTS SHS
APOLLO HOSPITALS ENTERPRISE
ASIAN PAINTS LTD
AUROBINDO PHARMA
BAJAJ AUTO
BANK NEGARA INDONESIA PERSERO
BHARAT FORGE
BHARAT HEAVY ELECT
BHARAT PETROLEUM CORPORATION LIMITED
BHARTI AIRTEL LTD
BHARTI INFRATEL
CAIRN INDIA LTD
CIPLA LTD
COAL INDIA
CONTAINER CORPN
DABUR INDIA
DIVI’S LABS
DLF LTD
DR REDDY’S LABORATORIES
EICHER MOTORS LTD
GAIL LTD
GODREJ CONSUMER PRODUCTS LTD
HCL TECHNOLOGIES LTD
HERO MOROCORP LTD
HINDALCO INDUSTRIES
HINDUSTAN LEVER LTD
HOUSING DEVELOPMENT FINANCE CORP LTD
ICICI BANK LTD
IDEA CELLULAR LTD
USD
% of NaV
Czech Republic
0.01
0.02
0.10
0.03
0.06
0.03
Market Value
ALMACENES EXITO
BANCO DAVIVIENDA PREFERRED
BANCOLOMBIA SA
CEMENTOS ARGOS SA
CORFICOLOMBIANA
ECOPETROL SA
GRUPO ARGOS
GRUPO AVAL ACCIONES-PF
GRUPO DE INV SURAMERICANA-PF
GRUPO INVERSIONES
ISA
ISAGEN
17,282
25,561
112,415
33,102
69,397
29,609
Quantity
Colombia
USD
% of NaV
5,744
2,439
12,703
11,853
2,344
142,991
8,329
90,750
2,979
6,914
11,250
19,462
YANZHOU COAL MINING H
YITAI COAL -BZHUZHOU CSR TIMES ELECTRIC CO H
ZIJIN MINING GROUP CO LTD-H
ZJ EXPRESS -HZTE CORP -H
Market Value
Quantity
22,000
17,800
15,000
94,000
50,000
11,640
166,873
258,084
114,750
66,301
114,616
44,742
134,109
46,449
48,596
123,274
238,281
57,672
91,405
64,825
52,768
0.14
0.22
0.10
0.06
0.10
0.04
0.11
0.04
0.04
0.10
0.20
0.05
0.08
0.05
0.04
44,061
120,884
57,256
0.04
0.10
0.05
222,201
8,793,575
32,802
57,214
3,768
37,370
64,334
55,837
109,542
105,594
86,781
91,152
56,569
51,281
84,248
216,371
107,496
45,969
94,581
147,497
56,494
40,154
8,856
62
204,803
107,961
68,666
81,386
222,095
56,073
68,878
327,870
893,936
151,915
77,478
0.19
7.43
0.03
0.05
0.00
0.03
0.05
0.05
0.09
0.09
0.07
0.08
0.05
0.04
0.07
0.18
0.09
0.04
0.08
0.12
0.05
0.03
0.01
0.00
0.17
0.09
0.06
0.07
0.19
0.05
0.06
0.28
0.76
0.13
0.07
The accompanying notes form an integral part of these financial statements
123
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
124
2,109
24,099
330,388
341,436
38,219
192,444
31,001
53,835
21,763
57,506
52,139
38,831
48,921
93,961
40,960
0.00
0.02
0.29
0.30
0.03
0.16
0.03
0.05
0.02
0.05
0.04
0.03
0.04
0.08
0.03
2,448,758
2.07
59,100
149,000
303,600
42,600
81,100
90,500
326,600
155,000
6,800
1,437,700
59,500
42,500
48,500
MATAHARI DEPARTMENT STORE TB
MEDIA NUSANTARA CITRA TBK PT
PT BANK RAKYAT INDONESIA
PT JASA MARGA TBK
PT SEMEN GRESIK TBK
PT XL AXIATA TBK
SUMMARECON AGUNG
SURYA CITRA MEDIA
TAMBANG BATUBARA-BTELKOM INDONESIA SERIE B
TOWER B INFRA
UNILEVER INDONESIA
UNITED TRACTORS
Kuwait
2,672 COMMERCIAL BANK OF QATAR
40,287
40,287
0.06
0.02
0.20
0.01
0.06
0.02
0.03
0.03
0.00
0.27
0.03
0.11
0.06
0.03
0.03
Luxembourg
1,336,795
1.13
Malaysia
3,621,458
3.06
338,403 GAZPROM OAO
347,248 SBERBANK OF RUSSIA
44,200
38,300
58,600
37,500
70,500
4,500
54,300
142,205
111,332
101,800
61,600
40,900
61,400
97,900
8,000
19,900
67,100
39,700
90,400
13,834
16,400
13,500
131,566
20,022
49,600
39,400
76,600
4,300
21,600
16,700
72,130
22,608
94,000
USD
73,362
21,681
235,684
17,494
72,995
25,014
40,052
33,424
4,284
315,954
41,169
125,914
74,119
% of NaV
The accompanying notes form an integral part of these financial statements
0.70
0.26
0.01
0.03
0.20
0.04
0.15
0.17
0.04
0.04
0.05
0.07
0.06
0.07
0.09
0.03
0.00
0.03
0.01
0.47
0.04
0.04
0.04
0.05
0.14
0.29
0.44
0.12
0.01
0.03
0.05
0.05
0.05
0.07
0.07
0.13
0.06
Market Value
ADARO ENERGY TBK
ASTRA AGRO LESTARI
ASTRA INTERNATIONAL TBK PT
BANK CENTRAL ASIA
BANK DANAMON -ABANK MANDIRI
BUMI SERPONG DAMAI
CHAROEN POKPHAND
GLOBAL MEDIACOM
GUDANG GARAM
INDOCEMENT TUNGGAL PRAKARSA TBK PT
INDOFOOD CBP
INDOFOOD SUKSES
KALBE FARMA
LIPPO KARAWACI
826,434
303,322
17,315
40,750
242,027
51,696
178,417
205,261
43,132
51,567
56,260
83,044
65,138
80,694
107,232
29,658
1,603
37,315
17,692
555,960
45,001
41,852
50,312
56,873
168,518
341,531
515,117
139,578
13,498
31,350
59,095
58,901
63,132
83,146
88,587
151,158
76,376
Quantity
37,000
14,000
622,600
337,200
118,500
255,300
247,500
261,000
248,000
17,000
33,300
41,500
99,200
747,900
462,800
Indonesia
USD
% of NaV
INFOSYS TECHNOLOGIES
ITC LTD
JINDAL STEEL & POWER LTD
JSW STEEL LTD
LARSEN & TOUBRO LTD
LIC HOUSING FINANCE LTD
LUPIN
MAHINDRA & MAHINDR
MAHINDRA & MAHINDRA FIN SECS
MARICO LTD DEMATERIALISED
MOTHERSON SUMI SYSTEMS LIMITED
MOTOR INDUSTRIES
NESTLE INDIA DEMATERIALISED
NTPC LTD
OIL & NATURAL GAS CORPORATION LTD
OIL INDIA LTD
PIRAMAL ENTERPRISES LTD
POWER FINANCE
RELIANCE COMMUNICATIONS LTD
RELIANCE INDUSTRIES LTD
RURAL ELECTRIFICATION CORP LTD
SHREE CEMENT
SHRIRAM TRANSPORT FINANCE CO LTD
SIEMENS DS
STATE BANK OF INDIA
SUN PHARMACEUTICAL INDUSTRIES
TATA CONSULTANCY SERVICES
TATA MOTORS
TATA POWER
TATA STEEL
TECH MAHINDRA LTD
ULTRA TECH CEMENT
UNITED PHOSPHORUS
UNITED SPIRIT LTD
VEDANTA LTD
WIPRO
ZEE ENTERTAINMENT SHS DEMATERIALISED
Market Value
Quantity
53,464
61,290
12,866
2,975
8,645
7,301
6,024
10,193
9,799
7,303
6,907
242
653
37,331
22,056
4,227
110
9,282
18,142
35,400
10,415
235
3,754
2,685
40,842
24,867
12,859
20,473
11,592
6,554
7,876
1,253
7,506
1,566
32,393
17,607
13,220
AIRASIA
ALLIANCE FINANCIAL GROUP
AMMB HOLDINGS BHD
ASTRO MALAYSIA HOLDINGS
AXIATA GROUP BHD
BRITISH AMOR TOB M
BUMI ARMADA
CIMB GROUP HOLDINGS BERHAD
DIALOG
DIGI.COM BHD
FELDA GLOBAL VENTURES
GAMUDA BHD
GENTING
GENTING MALAYSIA BHD
GENTING PLANTATIONS
HONG LEONG BANK
IHH HEALTHCARE BHD
IJM CORP BHD
IOI CORPORATION BHD
IOI PROPERTIES GROUP BHD
KUALA LUMPUR KEPONG
LAFARGE MALAYAN CEM
MALAYAN BANKING
MALAYSIA AIRPORTS
MAXIS BERHAD
MISC
PETRONAS CHEMICALS
PETRONAS DAGANGAN BHD
PETRONAS GAS
PPB GROUP
PUBLIC BANK BHD
RHB CAPITAL BHD
SAPURAKENCANA PETROLEUM
885,868
450,927
18,041
44,563
93,654
30,612
119,586
73,946
16,406
206,164
46,917
144,618
26,612
50,623
131,164
108,979
21,012
70,675
100,658
68,604
97,276
6,783
93,018
30,270
318,714
32,954
83,740
80,617
128,309
23,454
121,710
66,924
357,877
44,161
58,796
0.75
0.38
0.02
0.04
0.08
0.03
0.10
0.06
0.01
0.17
0.04
0.12
0.02
0.04
0.11
0.09
0.02
0.06
0.09
0.06
0.08
0.01
0.08
0.03
0.27
0.03
0.07
0.07
0.11
0.02
0.10
0.06
0.29
0.04
0.05
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
ALFA A SHS
AMERICA MOVIL L
ARCA CONTINENTAL
CEMENTOS DE MEXICO CPO
COCA-COLA FEMSA SER’L’MXN1
CONTROLADORA UTS UNITS
EL PUERTO DE LIVERPOOL SAB CI
FIBRA UNO ADMINISTRACION SA
FOMENTO ECO UNIT
GENTERA
GRUPO AEROPORT DEL PAC B
GRUPO AEROPORTUAR DEL SUR B
GRUPO BIMBO SA DE CV BIMBO
GRUPO CARSO S.A1
GRUPO COMMERCIAL
GRUPO FIN BANORTE
GRUPO FINANCIERO B
GRUPO FINANCIERO INBURSA S.A.B
GRUPO INDUSTRIAL MASECA S.A.B.
GRUPO LALA
GRUPO MEXICO SAB DE CV -BGRUPO TELEVISA SA-SER
INDUSTRIAS PENOLES SA DE CV
KIMBERLY-CLARK DEMEXICO S.A.B.
MEXICHEM S.A.B. DE C.V
OHL MEXICO SAB
PROMOTORA Y OPERAD
WALMART DE MEXICO-SAB DE CV
Peru
5,171 CIA DE MINAS BUENAVENTURA-SP ADR
43,280
47,400
72,700
6,880
183,700
50,700
27,824
141,000
265,000
945
2,535
Philippines
ABOITIZ EQUITY VENTURES INC
ABOITIZ POWER
ALLIANCE GLOBAL GRP
AYALA CORP
AYALA LAND INC
BANCO DE ORO UNIBANK
BANK PHILIPPINE ISL
DMCI PHP1 ORDS
ENERGY DEVELOPMENT
GLOBE TELECOM
GT CAPITAL HOLDINGS INC
93,000
0.08
93,000
5,150,063
153,793
997,914
62,644
334,577
111,216
41,148
61,888
155,944
467,305
57,443
63,524
84,287
121,643
68,144
30,856
391,268
92,400
151,062
73,872
36,866
328,478
542,654
67,141
94,414
82,994
33,224
78,477
364,887
53,675
53,675
1,547,001
55,720
47,831
34,988
120,541
151,963
121,887
58,314
41,277
43,961
52,605
76,798
0.08
4.35
0.13
0.84
0.05
0.28
0.09
0.03
0.05
0.13
0.40
0.05
0.05
0.07
0.10
0.06
0.03
0.33
0.08
0.13
0.06
0.03
0.28
0.46
0.06
0.08
0.07
0.03
0.07
0.31
0.05
0.05
1.31
0.05
0.04
0.03
0.10
0.13
0.10
0.05
0.03
0.04
0.04
0.06
17,960
72,100
9,540
177,000
5,990
383,700
2,660
5,100
215,100
24,890
INTERNATIONAL CONTAINER TERMIN
JG SUMMIT HLDG
JOLLIBEE FOODS CORP.
MEGAWORLD
METRO BANK & TRUST
METRO PACIFIC
PHIL LONG DIST TEL
SM INVESTMENTS CORP
SM PRIME HLDGS
UNIVERSAL ROBINA
USD
43,894
114,650
41,744
18,685
12,487
40,251
165,771
101,231
95,314
107,089
0.04
0.10
0.04
0.02
0.01
0.03
0.14
0.09
0.08
0.09
32,992
26,100
30,201
179,524
90,101
34,884
39,875
27,715
43,050
23,626
15,322
33,849
21,084
108,168
61,864
46,302
45,416
112,496
206,998
171,712
84,702
184,637
23,824
38,991
0.03
0.02
0.03
0.15
0.08
0.03
0.03
0.02
0.04
0.02
0.01
0.03
0.02
0.09
0.05
0.04
0.04
0.10
0.16
0.15
0.07
0.16
0.02
0.03
Poland
1,683,433
Qatar
1,039,030
Russia
3,004,408
1,389
982
17,341
3,752
993
754
6,341
6,535
7,120
2,379
42,062
1,541
2,643
3,818
35
422
20,932
22,944
25,016
8,747
48,266
1,605
19,269
33,480
ALIOR BANK
BANK HANDLOWY
BANK MILLENNIUM
BANK PEKAO SA
BANK ZACHODNI WBK
CCC SA
CYFROWY POLSAT SA
ENEA
ENERGA SA
EUROCASH SA
GETIN NOBLE BANK SA
GRUPA AZOTY
GRUPA LOTOS SA
KGHM POLSKA MIEDZ SA
LPP S.A
MBANK
ORANGE POLSKA SA
PGE POL GR EN SHS
PKO BANK POLSKI SA
POLSKI KONCERN NAFTOWY ORLEN SA
POLSKIE GORNICTWO NAFT I GAZ CO
POWSZECHNY ZAKLAD UBEZPIECZEN
SYNTHOS
TAURON POLSKA ENERGIA SA
2,957
3,619
18,083
1,520
4,124
10,021
1,894
842
2,467
1,821
5,001
10,416
BARWA REAL ESTATE CO
DOHA BANK
EZDAN HOLDINGS
GULF INTERNATIONAL SERVICES
INDUSTRIES QATAR
MASRAF AL-RAYAN
OOREDOO TELECOM
QATAR ELECTRICITY & WATER
QATAR INSURANCE CO
QATAR ISLAMIC BANK
QATAR NATIONAL BANK
VODAFONE QATAR
52,600 ALROSA CJSC
14,590 LUKOIL OAO
7,434 MAGNIT SP GDR SPONSORED
% of NaV
80,357
934,245
11,007
364,312
13,985
13,067
5,349
65,582
52,385
32,375
9,253
5,925
46,942
16,324
10,848
71,188
49,925
66,543
5,739
17,641
108,781
69,729
4,116
43,674
28,690
25,380
7,313
149,760
Mexico
0.17
0.05
0.29
0.03
0.02
0.03
Market Value
9,155 BRAIT
200,123
53,895
349,752
37,088
22,534
40,629
Quantity
Malta
USD
% of NaV
SIME DARBY
TELEKOM MALAYSIA BHD
TENAGA NASIONAL
UMW HOLDINGS
WESTPORTS HOLDINGS BHD
YTL CORP BERHAD
Market Value
Quantity
88,623
31,093
104,400
13,800
20,100
98,900
43,041
52,875
89,342
33,395
163,092
127,973
45,253
52,723
65,381
53,962
264,936
47,057
59,963
646,790
413,776
1.42
0.88
0.04
0.04
0.08
0.03
0.14
0.11
0.04
0.04
0.06
0.05
0.21
0.04
2.54
0.05
0.56
0.35
The accompanying notes form an integral part of these financial statements
125
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
AFRICAN BANK INVESTMENTS LTD
ANGLO PLATINUM LTD
ANGLOGOLD ASHANTI
ASPEN PHARMACARE
BARCLAYS AFRICA SHS
BARLOWORLD
BIDVEST GROUP
CAPITEC BANK HOLDING LIMITED
CORONATION FUND MANAGERS LTD
DISCOVERY HLDGS
EXXARO RESOURCES LTD
FIRSTRAND
FOSCHIN LTDI
GOLD FIELDS LIMITED
GROWTHPOINT PROPERTIES LTD
HYPROP INVESTMENTS LTD-UTS
IMPALA PLATINUM HOLDINGS LTD
IMPERIAL HOLDINGS
INVESTEC LIMITED
KUMBA IRON ORE LTD
LIBERTY HOLDINGS LTD
LIFE HEALTHCARE GROUP HOLDINGS LIMITED
MASSMART HOLDING
MEDICLINIC
MMI HOLDINGS
MONDI LTD
MR PRICE GROUP
MTN GROUP LTD
NASPERS-NNEDBANK GROUP LTD
NETWORK HEALTHCARE HOLDINGS
PSG GROUP LTD
RESILIENT PROPER INCOME FUND LIMETED
RMB HOLDINGS
RMI HOLDINGS
The accompanying notes form an integral part of these financial statements
126
29,733
0.03
29,733
8,309,329
1,256
37,526
99,544
290,219
146,155
55,868
231,105
33,842
49,455
101,174
31,301
422,695
78,585
68,100
135,808
66,124
65,557
77,943
68,242
24,514
41,646
79,088
40,732
114,779
74,485
70,951
141,392
895,836
1,772,955
102,894
82,686
48,140
69,824
105,376
66,880
0.03
7.02
0.00
0.03
0.08
0.25
0.12
0.05
0.20
0.03
0.04
0.09
0.03
0.35
0.07
0.06
0.11
0.06
0.06
0.07
0.06
0.02
0.04
0.07
0.03
0.10
0.06
0.06
0.12
0.75
1.49
0.09
0.07
0.04
0.06
0.09
0.06
49,550
15,817
12,497
34,701
65,810
7,669
4,452
11,667
11,301
11,527
27,593
900
879
197
6,807
1,700
3,260
683
329
88
985
3,680
1,610
5,780
3,390
640
4,740
973
296
120
3,580
558
1,260
1,808
1,320
7,930
2,097
81
340
2,980
960
7,680
799
651
359
1,271
2,561
2,210
602
1,143
780
389
SANLAM LTD
SASOL LTD
SHOPRIETE HOLDINGS LTD
STANDARD BANK GRP
STEINHOFF INTL HLD
TELKOM SA SOC SHS
TIGER BRANDS
TRUWORTHS INTERNATIONAL
TSOGO SUN HOLDINGS LTD
VODACOM GROUP PTY LTD
WOOLWORTHS HOLDINGS LTD
South Korea
AMOREPACIFIC
AMOREPACIFIC
AMOREPACIFIC PFD
BNK FINANCIAL GROUP
CELTRION
CHEIL COMMUNICATIONS INC
CHEIL INDUSTRIE
CJ
CJ KOREA EXPRESS CORP
DAELIM INDUSTRIAL
DAEWOO ENGR & CONST
DAEWOO INTL
DAEWOO SECURITIES
DAEWOO SHIPBUILDING & MARINE CO LTD
DAUM KAKAO SHS
DGF FINANCIAL GROUP
DONGBU INSURANCE CO LTD
DOOSAN
DOOSAN HEAVY INDUSTRIES
DOOSAN INFRACORE
E-MART
GS ENGINEERING & CONSTRUCTION
GS HOLDINGS
HALLA VISTEON
HANA FINANCIAL GROUP
HANKOOK TIRE
HANMI PHARM CO LTD
HANSSEM
HANWHA CHEMICAL CORP
HANWHA CORP
HANWHA LIFE
HOTEL SHILLA
HYOSUNG
HYUNDAI DEPARTMENT STORE NEW
HYUNDAI DEVT -E&C
HYUNDAI ENGINEERING AND CONSTR
HYUNDAI F & M INS
HYUNDAI GLOVIS CO LTD
HYUNDAI HEAVY IND
HYUNDAI MERCHANT MARINE
HYUNDAI MIPO DOCK
USD
270,821
586,407
178,636
457,916
417,435
40,519
103,981
82,376
22,690
131,721
224,150
16,241,002
150,881
329,394
36,205
86,655
118,876
50,561
108,685
87,305
15,305
72,410
20,389
37,239
79,022
40,420
72,408
49,718
49,285
28,925
2,582
31,453
115,557
30,273
80,638
45,619
206,523
78,958
33,912
85,652
49,958
40,622
54,599
79,868
84,041
47,311
75,432
94,248
58,447
109,018
113,742
4,825
22,598
% of NaV
49,181
1,661
11,019
9,785
9,695
7,027
9,103
847
7,284
9,710
4,371
96,222
5,999
21,216
62,298
6,633
14,654
5,100
7,561
1,971
3,482
25,578
3,307
13,613
29,986
3,226
6,851
47,534
11,356
5,165
26,218
2,851
8,787
19,248
19,114
South Africa
0.03
0.23
0.12
0.03
0.22
0.13
0.02
0.03
0.05
0.03
0.10
0.12
0.18
0.09
0.20
Market Value
7,400 HONG LEONG FIN GRP
30,385
269,919
144,803
40,816
265,087
154,253
29,374
32,786
60,887
38,312
121,374
144,680
215,461
101,617
234,125
Quantity
Singapore
USD
% of NaV
MEGAFON PJSC
MMC NORILSK NIC
MOBILE TELESYSTEMS-SP ADR
MOSCOW EXCHANGE MICEX-RTS PJSC
NOVATEK OAO-SPONS GDR REG S
ROSNEFT OIL CIE
ROSTELECOM
RUSHYDRO
SEVERSTAL OAO
SISTEMA JSFC-REG S SPONS GDR
SURGUTNEFTEGAZ
SURGUTNEFTEGAZ PRF
TATNEFT
TRANSNEFT OJSC PREF SHS
VTB BANK
Market Value
Quantity
2,186
1,583
14,806
32,570
2,604
37,044
18,044
3,312,800
5,711
4,329
204,300
189,000
40,487
42
165,117,000
0.23
0.49
0.15
0.38
0.35
0.03
0.09
0.07
0.02
0.11
0.19
13.73
0.13
0.28
0.03
0.07
0.10
0.04
0.09
0.07
0.01
0.06
0.02
0.03
0.07
0.03
0.06
0.04
0.04
0.02
0.00
0.03
0.10
0.03
0.07
0.04
0.17
0.07
0.03
0.07
0.04
0.03
0.05
0.07
0.07
0.04
0.06
0.08
0.05
0.09
0.10
0.00
0.02
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
97,740
172,000
10,994
77,520
57,000
22,000
207,000
264,297
18,000
246,700
152,280
42,000
17,085
56,000
339,000
84,700
323,180
375,351
114,000
96,000
21,000
56,000
197,271
4,240
30,000
66,542
59,000
76,600
44,000
9,000
237,150
88,000
40,000
113,000
27,000
20,500
182,000
8,000
1,000
22,000
SHINSEGAE
SK C&C CO LTD
SK HOLDINGS SHS
SK HYNIX INC
SK INNOVATION CO LTD
SK NETWORKS
SK TELECOM
S-OIL CORP
S1 CORP
WOONG JIN COWAY CO LTD
WOORI BANK
YUHAN CORP
Taiwan
ACER INC
ADVANCED SEMI ENGR
ADVANTECH
ASIA CEMENT CORP
ASIA PACIFIC
ASUSTEK COMPUTER
AU OPTRONICS CORP
BANK SINOPAC
CATCHER
CATHAY FINANCIAL HLDG CO
CHANG HWA COMMCL BK
CHENG SHIN RUBBER INDUSTRY CO LTD
CHICONY ELECTRONICS
CHINA AIRLINES
CHINA DEVELOPMENT FINANCIAL HOLDING INC
CHINA LIFE INSURANCE
CHINA STEEL CORP
CHINATRUST FIN HLDG
CHUNGHWA TELECOM CO LTD
COMPAL ELECTRONICS
CTCI
DELTA ELECTRONIC INDUSTRIAL INC
E SUN FINANCIAL HOLDINGS
ECLAT TEXTILE
EPISTAR CORP
EVA AIRWAYS
EVERGREEN MARINE
FAR EASTERN TEXTILE
FAR EASTONE TELECOMMUNICATION
FENG TAY ENTERPRISE CO LTD
FIRST FINANCIAL HOLDING
FORMOSA CHEMICALS AND FIBER CO
FORMOSA PETROCHEMICAL CORP
FORMOSA PLASTICS
FORMOSA TAFFETA
FOXCONN TECHNOLOGY
FUBON FINANCIAL HOLDING
GIANT MANUFACTURE
HERMES MICROVIS
HIGH TECH COMPUTER CORP
USD
56,221
131,873
122,125
652,483
208,902
35,342
61,858
96,541
41,381
117,584
94,569
67,549
14,259,167
47,358
233,016
75,539
91,704
22,908
214,264
91,577
116,925
225,186
430,962
87,357
92,972
45,849
23,867
128,548
86,746
258,192
295,614
363,564
73,117
33,963
286,765
131,708
69,534
40,108
45,397
30,595
81,182
106,383
52,213
145,267
211,625
102,675
265,887
28,659
74,414
362,177
67,672
65,144
51,338
% of NaV
234
532
688
17,206
1,910
4,390
276
1,593
588
1,435
10,764
276
Market Value
0.30
0.43
0.05
0.09
0.10
0.04
0.09
0.10
0.30
0.06
0.06
0.25
0.08
0.28
0.03
0.03
0.10
0.03
0.02
0.22
0.03
0.27
0.04
0.12
0.14
0.10
0.15
0.03
0.06
0.10
0.04
0.06
0.02
0.02
0.04
0.39
0.08
0.04
0.04
0.08
0.02
0.32
0.03
0.18
0.09
3.06
0.42
0.22
0.06
0.19
0.11
0.17
0.05
0.37
Quantity
USD
354,268
514,275
62,181
101,004
121,083
50,417
102,858
120,409
349,664
73,510
68,127
292,686
98,355
330,120
34,701
35,578
118,239
37,761
25,760
255,574
30,784
316,838
45,506
143,828
166,161
121,528
177,636
36,490
66,915
113,999
43,570
68,955
24,423
21,755
42,285
459,251
96,630
46,265
47,685
92,074
28,029
383,157
40,800
218,639
100,647
3,608,078
500,306
256,191
74,287
219,925
134,937
206,353
59,816
434,702
% of NaV
HYUNDAI MOBIS
HYUNDAI MOTOR
HYUNDAI MOTOR CO LTD-PFD
HYUNDAI MOTOR CO.LTD
HYUNDAI STEEL
HYUNDAI WIA CORP
INDUSTRIAL BANK OF KOREA
KANGWON LAND
KB FINANCIAL GROUP
KCC CORPORATION
KEPCO PLANT SERVICE & ENGINEERING CO LTD
KIA MOTORS CORP
KOREA AEROSPACE INDUTRIES LTD
KOREA ELECTRIC POWER CORP
KOREA GAS CORP
KOREA INVESTMENT HOLDINGS
KOREA ZINC
KOREAN AIR LINES
KT
KT&G CORP
KUMHO PETRO CHEMICAL CO LTD
LG CHEM
LG CHEMICAL PREF ISSUE 01
LG CORP
LG DISPLAY CO LTD
LG ELECTRONICS
LG HOUSEHOLD & HEALTH CARE LTD
LG INNOTEK CO
LG TELECOM
LOTTE CHEMICAL
LOTTE CONFECTIONERY
LOTTE SHOPPING CENTER
LS CORP
LS INDUSTRIAL SYSTEMS LTD
MIRAE ASSET SECURITIES
NAVER CORP
NCSOFT
NH INVESTMENT & SECURITIES
OCI
ORION CORP
PARADISE
POSCO
SAMSUNG CARD
SAMSUNG CORP
SAMSUNG ELECTRO-MECHANICS
SAMSUNG ELECTRONICS CO LTD
SAMSUNG ELECTRONICS PREF SHS
SAMSUNG FIRE & MARINE
SAMSUNG HEAVY INDUSTRIES CO LTD
SAMSUNG LIFE INSURANCE CO
SAMSUNG SDI
SAMSUNG SDS CO. LTD
SAMSUNG SECURITIES
SHINHAN FINANCIAL GROUP
Market Value
Quantity
1,864
4,218
680
1,073
1,995
546
7,940
3,630
10,570
167
644
7,207
1,380
8,040
896
623
242
1,040
1,010
3,004
485
1,269
270
2,596
7,170
2,872
256
405
7,570
440
25
328
627
531
934
808
543
4,230
591
98
1,300
1,908
1,230
3,684
2,197
3,174
562
972
4,860
2,282
1,356
887
1,222
11,670
0.05
0.11
0.10
0.56
0.18
0.03
0.05
0.08
0.03
0.10
0.08
0.06
12.05
0.04
0.20
0.06
0.08
0.02
0.18
0.08
0.10
0.19
0.36
0.07
0.08
0.04
0.02
0.11
0.07
0.22
0.25
0.31
0.06
0.03
0.24
0.11
0.06
0.03
0.04
0.03
0.07
0.09
0.04
0.12
0.18
0.09
0.22
0.02
0.06
0.31
0.06
0.06
0.04
The accompanying notes form an integral part of these financial statements
127
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
128
2,592,179
2.19
29,496
3,679
83,126
37,504
36,364
20,370
225,682
124,771
41,628
60,340
62,633
7,351
125,814
32,488
234,490
90,607
79,802
0.02
0.00
0.07
0.03
0.03
0.02
0.19
0.11
0.04
0.05
0.05
0.01
0.11
0.03
0.20
0.08
0.07
78,900 BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO
LTD
38,500 BANPU PUBLIC
2,300 BEC WORLD
205,200 BTS GROUP
11,500 BUMRUNGRAD HOSPIT
29,800 CENTRAL PATTANA PUBLIC
48,000 CHAROEN POKPHAND FOOD
133,200 C.P. ALL PCL
10,400 DELTA ELECTRONICS PUBLIC CO LIMITED
7,100 ENERGY ABSOLUTE PUBLIC COMPANY LTD
8,600 GLOW ENERGY PLC FOREIGN
123,719 HOME PROD.FOREIGN
51,100 INDORAMA VEN. FRG
354,200 IRPC PUBLIC COMPANY
55,800 KASIKORNBANK -F99,700 KRUNG THAI BANK PUBLIC FOREIGN
60,720 MINOR INTERNATIONAL PCL-FOR
38,000 PTT EXPLORATION PRODUC PUBLIC
53,500 PTT GLOBAL CHEM
30,800 PTT PUBLIC COMPANY FOREIGN
11,200 SIAM CEMENT -F42,700 SIAM COMMCL BANK -F28,900 THAI OIL F
61,300 THAI UNION FROZEN PRODUCTS PUBLIC CO LTD
462,800 TMB BANK FOREIGN
282,062 TRUE CORPORATION PUBLIC
62,896
6,651
7,505
5,795
2,352
54,319
15,753
46,014
2,091
25,038
17,288
4,674
3,833
3,549
17,661
18,565
13,008
23,997
62,992
17,043
42,949
21,442
4,980
24,856
Turkey
AKBANK
ANADOLU EFES
ARCELIK AS
BIM BIRLESIK MAGAZALAR AS
COCA COLA ICECEK
EMLAK KONUT REIT
ENKA INSAAT VE SANAYI AS
EREGLI DEMIR VE CE
FORD OTOMOTIV
HACI OMER SABANCI HOLDING
KOC HOLDING
TAV HAVALIMANLARI HOLDING AS
TOFAS TURK OTOMOBIL FABRIKA
TUPRAS
TURK HAVA YOLLARI
TURK SISE CAM
TURK TELEKOMUNIKASYON A.S.
TURKCELL ILETISIM HIZMETL
TURKIYE GARANTI BANKASI
TURKIYE HALK BANKASI
TURKIYE IS BANKASI-C
TURKIYE VAKIFLAR BANKASI T.A.O
ULKER GIDA
YAPI VE KREDI BANKASI
USD
46,019
29,067
2,554
60,754
63,670
41,909
34,108
182,396
27,866
4,940
21,707
24,725
41,984
46,981
312,244
50,477
53,933
122,633
109,691
327,373
171,770
196,588
47,061
39,565
32,063
95,202
1,643,741
181,949
60,080
40,761
103,830
39,156
55,961
29,989
74,543
27,981
94,395
80,019
39,691
26,183
89,950
58,013
25,017
34,231
110,624
196,569
78,567
90,419
34,496
34,761
36,556
% of NaV
The accompanying notes form an integral part of these financial statements
0.04
0.02
1.03
0.08
0.10
0.11
0.02
0.05
0.29
0.07
0.50
0.21
0.04
0.26
0.08
0.11
0.04
0.09
0.04
0.10
0.16
0.02
0.03
0.03
0.03
0.04
0.11
0.04
0.06
0.09
0.10
0.01
0.13
2.72
Market Value
33,000 ADVANCED INFO SCE PUB.FRGN RGD
10,100 AIRPORTS THAILAND-F15,100 BANGKOK BANK-F-
42,937
21,514
1,218,153
99,143
113,767
135,764
29,500
56,740
342,738
87,254
595,747
245,073
47,643
305,045
91,753
131,699
43,349
104,101
49,795
112,528
184,544
25,977
41,018
41,122
41,187
44,430
127,105
46,347
66,724
108,486
114,876
16,364
153,559
3,223,968
Quantity
Thailand
USD
% of NaV
38,000
1,000
158,812
121,680
22,000
15,000
127,300
295,000
26,000
79,562
50,000
21,000
232,450
28,000
HIGHWEALTH CONSTRUCTION CORP
HIWIN TECH
HON HAI PRECISION INDUSTRY
HOTAI MOTOR CO LTD
HUA NAN FIANCIAL HOLDINGS CO LTD
INNOLUX CORPORATION
INOTERA MEMORIES
INVENTEC CORP
LARGAN PRECISION
LITE ON TECHNOLOGY CORP
MEDIATEK INC
MEGA FINANCIAL HOLDING
MERIDA INDUSTRY
NAN YA PLASTICS CORP
NOVATEK MICROELECTRONICS
PEGATRON CORP
PHISON ELECTRONICS CORP
POU CHEN CORP
POWERTECH TECHNOLO TWD10
PRESIDENT CHAIN STORE CORP
QUANTA COMPUTER
RADIANT OPTO-ELECTRONICS
REALTEK SEMICONDUCTOR
RUENTEX DEVELOPMENT CO LTD
RUENTEX INDUSTRIES LTD
SHIN KONG FINANCIAL HOLDING
SILICONWARE PRECISION INDUSTRIES CO LTD
SIMPLO TECHNOLOGY
SYNNEX TECHNOLOGY INTL
TAISHIN FINANCIAL HOLDING
TAIWAN CEMENT
TAIWAN GLASS IND
TAIWAN MOBILE CO LTD
TAIWAN SEMICONDUCTOR MANUFACTURING CO
LTD
TECO ELECTRIC
TRANSCEND INFO
TW COOP FIN HLD
TWN BUSINESS BANK
TWN FERTILIZER
U MING MARINE TRANSPORT CORP
UNI-PRESIDENT ENTERPRISES CORP
UNITED MICROELECTRONICS CORP
VANGUARD INTERNATIONAL SEMI
WISTRON CORP
WPG HOLDINGS CO LTD
YANG MING MARINE TRANSPORT
YUANTA FINANCIAL HOLDINGS CO LTD
YULON MOTOR COMPANY
Market Value
Quantity
18,000
3,270
387,480
7,000
197,760
260,183
37,000
82,000
3,000
74,370
43,558
272,000
7,350
130,000
19,000
45,000
5,000
73,000
23,000
16,000
78,000
7,000
16,000
26,000
18,000
145,528
83,000
10,000
45,000
260,488
91,000
34,000
46,000
708,000
0.04
0.02
0.00
0.05
0.05
0.04
0.03
0.15
0.02
0.00
0.02
0.02
0.04
0.04
0.26
0.04
0.05
0.10
0.09
0.28
0.15
0.17
0.04
0.03
0.03
0.08
1.39
0.15
0.05
0.03
0.09
0.03
0.05
0.03
0.06
0.02
0.08
0.07
0.03
0.02
0.08
0.05
0.02
0.03
0.09
0.17
0.07
0.08
0.03
0.03
0.03
Index Equity Emerging Markets
Securities Portfolio as at 30/06/15
% of NaV
United Arab Emirates
834,407
0.71
United States of America
936,785
0.79
ABU DHABI COMMERCIAL BANK
ALDAR PROPERTIES
ARABTEC HOLDING
DP WORLD LTD
DUBAI FINANCIAL MARKET
DUBAI ISLAMIC BANK
EMAAR MALLS
EMAAR PROPERTIES
FIRST GULF BANK
NATIONAL BANK OF ABU DHABI
526,000 CNOOC LTD
4,600 SOUTHERN COPPER CORP
20,985 URALKALIY
Warrants, Rights
Thailand
2,760 MINOR INTERNATIONAL PUBLIC LTD WARRANT
03/11/2017
Other transferable securities
Shares
Brazil
21,260 JBS
930 M.DIAS BRANCO S.A.
7,934 ODONTOPREV SA
Indonesia
298,400 PERUSAHAAN GAS NEGARA TBK
3,273
19,097
7,344
13,754
15,480
4,488
Market Value
Quantity
53,406
85,763
72,314
4,527
70,472
24,994
63,139
100,299
24,542
17,271
USD
South Africa
AFRICAN RAINBOW MINERALS
NAMPAK LTD
PICK’N PAY STORES
REMGRO
SAPPI LTD
SPAR GROUP LIMITED
Taiwan
9,000 KINSUS INTERCONNECT TECHNOLOGY
Turkey
11,436 PETKIM PETROKIMYA
Share/Units of UCITS/UCIS
Share/Units in investment funds
South Africa
97,523 REDEFINE PROPERTIES LTD
Total securities portfolio
111,815
63,512
51,780
96,878
37,990
46,545
57,416
215,183
101,564
51,724
746,339
135,286
55,160
330
330
330
0.10
0.05
0.04
0.08
0.03
0.04
0.05
0.19
0.09
0.04
0.63
0.11
0.05
0.00
0.00
0.00
828,035
0.70
164,049
0.14
828,035
111,967
24,549
27,533
96,576
96,576
525,445
22,309
53,164
34,791
290,021
55,032
70,128
24,677
24,677
17,288
17,288
82,034
82,034
82,034
82,034
114,238,745
0.70
0.10
0.02
0.02
0.08
0.08
0.45
0.02
0.04
0.03
0.25
0.05
0.06
0.02
0.02
0.01
0.01
0.07
0.07
0.07
0.07
96.57
The accompanying notes form an integral part of these financial statements
129
Index Equity Euro
Securities Portfolio as at 30/06/15
4,122
15,309
12,664
2,837
6,560
140,297
4,543
4,192
18,095
20,382
21,311
6,687
8,447
798
13,081
107,980
8,666
2,613
3,310
74,290
1,342
40,869
39,776
6,709
776,969
0.57
Belgium
5,883,797
4.33
Finland
3,727,845
ANDRITZ AG
ERSTE GROUP BANK
OMV AG
RAIFFEISEN INTL BANK HOLDING
VOESTALPINE AG
AGEAS NV
AGEAS NV
ANHEUSER BUSCH INBEV STRIP VVP
ANHEUSER-BUSH INBEV
COLRUYT DIV
GROUPE BRUXELLES LAMBERT
GROUPE DELHAIZE
KBC GROUPE
PROXIMUS SA DE DROIT PUBLIC
SOLVAY
TELENET GROUP HOLDING
UCB SA
UMICORE
ELISA OYJ
FORTUM OYJ
KONE B
METSO OYJ
NESTE CORPORATION
NOKIA OYJ
NOKIAN RENKAAT OYJ
ORION NEW B
SAMPO A
STORA ENSO OYJ-R
UPM KYMMENE OYJ
WARTSILA OYJ
France
ACCOR SA
ADP
AIR LIQUIDE
ALCATEL LUCENT
ALSTOM
ARKEMA
ATOS
AXA
BIC
BNP PARIBAS
BOLLORE SA
BOUYGUES
The accompanying notes form an integral part of these financial statements
130
137,222,969 100.89
161,462
273,092
147,981
33,878
160,556
290,953
10
3,327,985
133,629
191,402
258,988
601,078
223,939
280,735
98,214
358,588
118,276
117,188
244,025
460,970
69,904
149,962
854,408
127,704
131,545
764,513
188,432
338,206
280,988
42,090,527
382,396
80,877
1,484,039
352,879
220,550
168,878
221,704
1,681,183
191,906
2,213,056
189,930
224,986
0.12
0.20
0.11
0.02
0.12
0.00
0.21
0.00
2.46
0.10
0.14
0.19
0.44
0.16
0.21
0.07
0.26
0.09
2.74
0.09
0.18
0.34
0.05
0.11
0.62
0.09
0.10
0.56
0.14
0.25
0.21
30.95
0.28
0.06
1.09
0.26
0.16
0.12
0.16
1.24
0.14
1.63
0.14
0.17
BUREAU VERITAS
CAP GEMINI SA
CARREFOUR SA
CASINO GUICHARD
CHRISTIAN DIOR SE
CNP ASSURANCES
COMPAGNIE DE SAINT-GOBAIN SA
CREDIT AGRICOLE SA
DANONE
DASSAULT SYSTEMES
EDENRED
ELECTRICITE DE FRANCE SA
ESSILOR INTERNATIONAL
EURAZEO
EUTELSAT COMMUNICATIONS
FONCIERE DES REGIONS
GDF SUEZ
GECINA
GROUPE EUROTUNNEL SE
HERMES INTERNATIONAL
ICADE ACT
ILIAD
IMERYS SA
JC DECAUX
KERING
KLEPIERRE
LAFARGE SA
LAGARDERE
LEGRAND
L’OREAL
LVMH MOET HENNESSY LOUIS VUITTON SE
MICHELIN (CGDE)-SA
NATIXIS
NUMERICABLE-SFR SA
ORANGE
PERNOD RICARD
PEUGEOT SA
PUBLICIS GROUPE
REMY COINTREAU
RENAULT SA
REXEL
SAFRAN
SANOFI
SCHNEIDER ELECTRIC SA
SCOR SE ACT PROV
SOCIETE GENERALE A
SODEXO
SUEZ ENVIRONNEMENT COMPANY
TECHNIP SA
THALES SA
TOTAL
UNIBAIL RODAMCO
VALEO
VALLOUREC
EUR
229,388
516,381
646,717
144,122
366,309
105,070
728,847
568,497
1,346,412
330,992
191,506
221,440
821,225
89,975
178,622
90,244
974,289
153,554
243,199
353,672
88,403
236,830
64,896
100,799
465,396
292,598
443,648
88,185
491,010
1,619,200
1,758,509
695,244
240,578
185,521
956,066
889,820
289,218
499,589
69,240
658,237
192,332
719,693
4,077,835
1,300,344
189,870
1,141,502
308,181
191,310
199,095
178,890
3,626,680
899,092
450,058
83,704
% of NaV
190
8,420
10,016
30,958
3,327
2,651
3,497
10,028
7,071
2,275
2,013
5,569
2,781
137,281,065 100.93
11,103
6,506
22,518
2,121
2,092
7,014
18,099
42,616
23,218
5,075
8,640
11,072
7,675
1,516
6,170
1,184
58,551
1,389
18,722
1,057
1,380
1,191
946
2,693
2,906
7,416
7,489
3,371
9,750
10,120
11,190
7,397
37,270
3,902
69,230
8,589
15,680
7,533
1,071
7,046
13,301
11,839
46,213
20,997
6,000
27,263
3,618
11,466
3,586
3,303
83,238
3,966
3,184
4,569
Market Value
3,252
10,720
5,996
2,596
4,301
Austria
EUR
137,281,065 100.93
Quantity
Shares
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
0.17
0.38
0.48
0.11
0.27
0.08
0.54
0.42
0.99
0.24
0.14
0.16
0.60
0.07
0.13
0.07
0.72
0.11
0.18
0.26
0.06
0.17
0.05
0.07
0.34
0.22
0.33
0.06
0.36
1.19
1.29
0.51
0.18
0.14
0.70
0.65
0.21
0.37
0.05
0.48
0.14
0.53
2.99
0.96
0.14
0.84
0.23
0.14
0.15
0.13
2.67
0.66
0.33
0.06
Index Equity Euro
Securities Portfolio as at 30/06/15
518,857
2,529,548
49,021
2,805,913
4,067,820
153,455
1,302,652
290,642
295,877
500,757
874,258
3,049,008
1,446,164
571,280
106,676
1,017,462
1,885,796
242,528
305,700
958,187
83,441
82,932
589,062
869,408
63,685
292,993
244,574
399,608
355,980
658,829
267,267
466,659
122,520
288,602
219,917
1,276,459
105,232
443,235
183,537
1,031,115
135,222
488,560
417,572
327,266
2,379,113
2,829,039
295,051
30,226
14,741
5,291
1,419
6,140
0.38
1.86
0.04
2.06
2.99
0.11
0.96
0.21
0.22
0.37
0.64
2.24
1.06
0.42
0.08
0.75
1.39
0.18
0.22
0.70
0.06
0.06
0.43
0.64
0.05
0.22
0.18
0.29
0.26
0.48
0.20
0.34
0.09
0.21
0.16
0.94
0.08
0.33
0.13
0.76
0.10
0.36
0.31
0.24
1.75
2.08
0.22
1,055,533
33,391
6,071
6,023
29.53
TELEFONICA DEUTSCHLAND HOLDING AG
THYSSENKRUPP AG
UNITED INTERNET AG & CO KGAA
VOLKSWAGEN AG
VOLKSWAGEN AG-PFD
Ireland
BANK OF IRELAND
CRH PLC
KERRY GROUP A
RYANAIR HOLDINGS PLC
Italy
44,286 ASSICURAZIONI GENERALI
14,184 ATLANTIA SPA
90,662 BANCA MONTE DEI PASCHI DI SIENA SPA AZ POST
RAGGRUPPAMENTO
14,438 BANCO POPOLARE
71,504 ENEL GREEN POWER
282,606 ENEL SPA
101,939 ENI SPA
4,542 EXOR SPA
18,663 FINMECCANICA SPA
24,581 INTESA SANPAOLO RNC
481,767 INTESA SANPAOLO SPA
6,757 LUXOTTICA GROUP
23,559 MEDIOBANCA SPA
10,969 PIRELLI & C SPA
9,401 PRYSMIAN SPA
10,819 SAIPEM
77,854 SNAM RETE GAS
404,601 TELECOM ITALIA SPA
246,223 TELECOM ITALIA-RNC
60,370 TERNA SPA
33,466 UBI BANCA SCPA
181,444 UNICREDIT SPA REGR
13,853 UNIPOLSAI AZ
3,478
40,041
37,938
1,762
12,168
19,359
70,777
23,113
10,026
13,615
3,945
8,995
35,137
3,609
Luxembourg
ALTICE
ARCELORMITTAL SA
CNH INDUSTRIAL N.V
RTL GROUP
SES GLOBAL FDR
TENARIS SA
Netherlands
AEGON NV
AIRBUS GROUP
AKZO NOBEL NV-CVA
ASML HOLDING N.V.
BOSKALIS WESTMINSTER
DELTA LLOYD
FIAT CHRYSLER AUTOMOBILES NV
GEMALTO
EUR
% of NaV
40,171,340
0.21
0.73
0.77
0.11
0.16
Market Value
ADIDAS NOM
ALLIANZ SE-NOM
AXEL SPRINGER
BASF SE
BAYER AG
BAYERISCHE MOTOREN WERKE PFD
BAYERISCHE MOTORENWERKE
BEIERSDORF
BRENNTAG AG
COMMERZBANK
CONTINENTAL AG
DAIMLER
DEUTSCHE BANK AG-NOM
DEUTSCHE BOERSE AG
DEUTSCHE LUFTHANSA NOM
DEUTSCHE POST AG-NOM
DEUTSCHE TELEKOM AG-NOM
DEUTSCHE WOHNEN AG
DT ANNINGTON IM
E.ON SE
EVONIK INDUSTRIES AG
FRAPORT
FRESENIUS MEDICAL CARE AG & CO
FRESENIUS SE & CO KGAA
FUCHS PETROLUB VORZ AKT STIMMRECHTSLOS
GEA GROUP AG
HANNOVER RUECK SE
HEIDELBERGCEMENT AG
HENKEL KGAA
HENKEL KGAA VZ
HUGO BOSS AG
INFINEON TECHNOLOGIES AG-NOM
KABEL DEUTSCHLAND HOLDING AG
K+S AG
LANXESS
LINDE AG
MAN AG
MERCK KGAA
METRO
MUENCHENER RUECKVERSICHERUNGS AG-NOM
OSRAM LICHT
PORSCHE AUTOMOBIL HOLDING SE
PROSIEBENSAT.1 MEDIA AG
RWE AG
SAP SE
SIEMENS AG-NOM
SYMRISE
Quantity
Germany
EUR
281,904
990,545
1,042,718
153,490
217,452
% of NaV
7,558
18,107
1,041
35,599
32,400
2,021
13,268
3,868
5,753
43,677
4,119
37,347
53,661
7,694
9,224
38,827
122,058
11,799
12,083
80,183
2,438
1,472
7,956
15,107
1,681
7,323
2,818
5,618
4,164
6,549
2,666
41,928
1,021
7,638
4,158
7,513
1,139
4,959
6,490
6,485
3,148
6,465
9,426
16,970
38,005
31,312
5,300
VEOLIA ENVIRONNEMENT
VINCI SA
VIVENDI
WENDEL ACT
ZODIAC AEROSPACE
Market Value
Quantity
15,413
19,093
46,087
1,396
7,447
156,268
343,981
210,979
294,513
1,277,120
0.11
0.25
0.16
0.22
0.94
382,103
845,460
403,661
71,192
0.28
0.62
0.30
0.05
1,702,416
10,023,409
715,662
314,317
158,296
213,105
125,347
1,148,511
1,622,869
194,488
210,519
70,351
1,566,706
403,055
207,201
166,071
182,191
102,510
332,281
460,436
225,417
239,307
240,788
1,093,200
30,781
1,833,085
429,706
349,678
310,333
142,828
366,683
233,857
14,387,017
466,562
1,345,177
654,397
1,262,111
173,186
132,451
461,700
288,287
1.25
7.37
0.53
0.23
0.12
0.16
0.09
0.84
1.20
0.14
0.15
0.05
1.15
0.30
0.15
0.12
0.13
0.08
0.24
0.34
0.17
0.18
0.18
0.80
0.02
1.35
0.31
0.26
0.23
0.11
0.27
0.17
10.58
0.34
0.99
0.48
0.93
0.13
0.10
0.34
0.21
The accompanying notes form an integral part of these financial statements
131
Index Equity Euro
Securities Portfolio as at 30/06/15
ABERTIS INFRAESTRUCTURAS A
ACS
AENA SA
AMADEUS IT HOLDING
BANCO BILBAO VIZCAYA ARGENTA
BANCO DE SABADELL
BANCO POPULAR ESPANOL S.A.
BANCO SANTANDER SA
BANKIA SA
BANKINTER
CAIXABANK
DIA SA
ENAGAS
ENDESA
FERROVIAL SA
GAS NATURAL SDG
GRIFOLS B
GRIFOLS SA
IBERDROLA SA
INDITEX
INTERNATIONAL CONSOLIDATED AIRLINES GROUP
SA
MAFPRE SA
RED ELECTRICA CORPORACION
REPSOL
TELEFONICA SA
ZARDOYA OTIS
The accompanying notes form an integral part of these financial statements
132
102,318
315,977
157,737
106,467
0.08
0.00
0.22
0.12
0.08
682,499
0.50
15,944,065
11.72
160,561
310,090
612,581
2,172,103
37,536
0.12
0.23
0.45
1.60
0.03
287,507
185,884
264,909
615,916
2,224,429
423,996
313,381
3,497,473
219,544
178,148
332,950
155,673
166,032
203,028
361,653
273,349
58,711
139,570
1,286,511
1,274,394
188,136
0.21
0.14
0.19
0.45
1.64
0.31
0.23
2.57
0.16
0.13
0.24
0.11
0.12
0.15
0.27
0.20
0.04
0.10
0.95
0.94
0.14
Warrants, Rights
Austria
10,000 IMMOEAST AG
26,046 IMMOFINANZ ANSPRUCH PERPETUAL
Germany
12,080 DEUTSCHE ANNINGTON IMMOBILIEN SE RIGHTS
30/06/2015
Spain
15,545 ABERTIS INFRAESTRUCTURAS SA RIGHTS
194,995 BANCO DE SABADELL SA OPTION RIGHTS
38,862 REPSOL S.A. RIGHT 03/07/2015
3,825 ZARDOYA OTIS SA RGT 30/06/2015
Total securities portfolio
EUR
58,096
% of NaV
Spain
0.15
0.44
1.68
0.41
0.29
0.32
0.06
0.15
0.06
0.12
0.18
0.42
0.59
0.13
0.12
1.74
0.20
Market Value
52,012
4,314
38,894
170,361
3,842
BANCO COMERCIAL PORTUGUES
BANCO ESPERITO SANTO REG
EDP - ENERGIAS DE PORTUGAL
GALP ENERGIA SGPS SA-B
JERONIMO MARTINS SGPS SA
205,595
600,377
2,289,774
562,094
394,940
440,954
83,469
203,535
81,982
168,920
241,934
564,617
798,928
183,140
157,156
2,350,115
275,616
Quantity
19,545
6,442
2,826
17,226
253,006
195,841
72,108
558,345
192,921
26,874
80,113
22,726
6,806
11,828
18,594
13,439
2,110
3,863
212,928
43,711
26,969
Portugal
EUR
% of NaV
1,311,766
84,366
92,798
14,994
9,258
HEINEKEN HOLDING NV
HEINEKEN NV
ING GROEP NV-CVA
KONINKLIJKE AHOLD
KONINKLIJKE DSM NV
KONINKLIJKE KPN NV
KONINKLIJKE VOPAK N.V.
NN GROUP NV
OCI
QIAGEN NV
RANDSTAD HOLDING NV
REED ELSEVIER NV
ROYAL PHILIPS NV
STMICROELECTRONICS NV
TNT EXPRESS NV
UNILEVER CVA
WOLTERS KLUWER CVA
Market Value
Quantity
3,266
8,820
154,610
33,458
7,595
128,558
1,844
8,072
3,234
7,666
4,142
26,539
35,010
24,900
20,654
62,913
10,344
0.04
-
0.00
19,811
0.01
38,285
0.03
7,215
0.01
-
19,811
11,503
18,071
1,496
0.00
0.00
0.01
0.01
0.01
0.00
137,281,065 100.93
Index Equity Europe
Securities Portfolio as at 30/06/15
Belgium
AGEAS NV
ANHEUSER BUSCH INBEV STRIP VVP
ANHEUSER-BUSH INBEV
COLRUYT DIV
GROUPE BRUXELLES LAMBERT
GROUPE DELHAIZE
KBC GROUPE
PROXIMUS SA DE DROIT PUBLIC
SOLVAY
TELENET GROUP HOLDING
UCB SA
UMICORE
Bermuda
26,021 SEADRILL LTD
325
545
11,405
11,381
74,372
13,568
7,971
177,553
21,242
12,315
85,780
18,635
19,822
3,808
21,351
37,690
33,063
17,385
10,741
311,150
6,637
10,078
Denmark
A.P. MOELLER-MAERSK A
A.P. MOELLER-MAERSK B
CARLSBERG B
COLOPLAST B
DANSKE BANK A/S
DSV
ISS
NOVO NORDISK
NOVOZYMES AS-B
PANDORA AB
TDC
TRYGVESTA
VESTAS WIND SYSTEMS A/S
WILLIAM DEMANT HOLDING
Finland
ELISA OYJ
FORTUM OYJ
KONE B
METSO OYJ
NESTE CORPORATION
NOKIA OYJ
NOKIAN RENKAAT OYJ
ORION NEW B
709,200,299
99.17
2,262,384
0.32
709,071,423
372,921
704,588
529,830
68,591
586,454
14,665,333
651,085
8
8,072,390
341,563
337,391
682,833
1,425,433
608,096
772,361
341,140
928,117
504,916
242,518
242,518
18,419,652
511,904
885,454
928,771
669,901
1,962,012
394,314
235,928
8,677,840
905,787
1,186,944
564,247
348,474
887,485
260,591
9,170,673
607,009
600,779
1,203,493
428,366
245,539
1,894,903
186,566
316,248
99.15
0.05
0.11
0.07
0.01
0.08
2.05
0.09
0.00
1.12
0.05
0.05
0.10
0.19
0.09
0.11
0.05
0.13
0.07
0.03
0.03
2.58
0.07
0.12
0.13
0.09
0.27
0.06
0.03
1.22
0.13
0.17
0.08
0.05
0.12
0.04
1.28
0.08
0.08
0.17
0.06
0.03
0.26
0.03
0.04
45,034
55,852
45,294
13,087
23,532
1,921
32,081
260,145
19,271
4,147
7,467
177,446
1,739
102,945
49,223
16,451
34,272
14,513
54,879
6,166
4,965
30,714
42,246
102,581
57,015
8,983
14,273
21,800
17,801
3,533
16,861
3,176
129,923
2,507
45,711
1,868
1,274
2,323
3,424
8,221
6,881
15,658
15,823
10,086
24,221
22,559
26,332
16,471
96,535
8,468
157,717
20,997
SAMPO A
STORA ENSO OYJ-R
UPM KYMMENE OYJ
WARTSILA OYJ
France
ACCOR SA
ADP
AIR LIQUIDE
ALCATEL LUCENT
ALSTOM
ARKEMA
ATOS
AXA
BIC
BNP PARIBAS
BOLLORE SA
BOUYGUES
BUREAU VERITAS
CAP GEMINI SA
CARREFOUR SA
CASINO GUICHARD
CHRISTIAN DIOR SE
CNP ASSURANCES
COMPAGNIE DE SAINT-GOBAIN SA
CREDIT AGRICOLE SA
DANONE
DASSAULT SYSTEMES
EDENRED
ELECTRICITE DE FRANCE SA
ESSILOR INTERNATIONAL
EURAZEO
EUTELSAT COMMUNICATIONS
FONCIERE DES REGIONS
GDF SUEZ
GECINA
GROUPE EUROTUNNEL SE
HERMES INTERNATIONAL
ICADE ACT
ILIAD
IMERYS SA
JC DECAUX
KERING
KLEPIERRE
LAFARGE SA
LAGARDERE
LEGRAND
L’OREAL
LVMH MOET HENNESSY LOUIS VUITTON SE
MICHELIN (CGDE)-SA
NATIXIS
NUMERICABLE-SFR SA
ORANGE
PERNOD RICARD
EUR
1,902,686
516,352
718,816
549,916
100,097,595
1,065,294
194,693
3,639,588
850,154
490,447
268,021
500,140
4,015,602
248,677
5,574,471
235,040
551,684
708,060
1,151,897
1,576,125
418,980
869,372
460,096
1,701,246
1,368,431
3,306,300
585,871
316,361
436,000
1,904,707
209,684
488,126
242,075
2,161,919
277,149
593,786
625,033
81,612
461,929
234,886
307,712
1,101,992
617,786
937,355
263,850
1,219,770
3,609,440
4,138,073
1,548,109
623,133
402,611
2,178,072
2,175,289
% of NaV
18,842
8,040
75,092
8,504
4,673
9,220
23,781
19,201
6,259
6,992
14,414
11,872
ANDRITZ AG
ERSTE GROUP BANK
OMV AG
RAIFFEISEN INTL BANK HOLDING
VOESTALPINE AG
99.17
Market Value
7,511
27,658
21,468
5,256
15,710
Austria
709,200,299
Quantity
Shares
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
0.28
0.07
0.10
0.08
13.99
0.15
0.03
0.51
0.12
0.07
0.04
0.07
0.56
0.03
0.78
0.03
0.08
0.10
0.16
0.22
0.06
0.12
0.06
0.24
0.19
0.46
0.08
0.04
0.06
0.27
0.03
0.07
0.03
0.30
0.04
0.08
0.09
0.01
0.06
0.03
0.04
0.15
0.09
0.13
0.04
0.17
0.50
0.58
0.22
0.09
0.06
0.30
0.30
The accompanying notes form an integral part of these financial statements
133
Index Equity Europe
Securities Portfolio as at 30/06/15
134
0.18
0.85
0.05
0.96
1.38
0.07
0.43
0.10
0.10
0.18
0.27
1.03
0.47
0.22
0.03
0.34
0.62
0.06
0.12
0.32
0.04
0.04
0.20
0.28
0.05
0.08
0.06
0.12
0.12
2,511,350
74,041
85,451
12,662
13,941
HENKEL KGAA VZ
HUGO BOSS AG
INFINEON TECHNOLOGIES AG-NOM
KABEL DEUTSCHLAND HOLDING AG
K+S AG
LANXESS
LINDE AG
MAN AG
MERCK KGAA
METRO
MUENCHENER RUECKVERSICHERUNGS AG-NOM
OSRAM LICHT
PORSCHE AUTOMOBIL HOLDING SE
PROSIEBENSAT.1 MEDIA AG
RWE AG
SAP SE
SIEMENS AG-NOM
SYMRISE
TELEFONICA DEUTSCHLAND HOLDING AG
THYSSENKRUPP AG
TUI
UNITED INTERNET AG & CO KGAA
VOLKSWAGEN AG
VOLKSWAGEN AG-PFD
Ireland
BANK OF IRELAND
CRH PLC
EXPERIAN PLC
KERRY GROUP A
RYANAIR HOLDINGS PLC
Italy
98,469 ASSICURAZIONI GENERALI
34,601 ATLANTIA SPA
262,394 BANCA MONTE DEI PASCHI DI SIENA SPA AZ POST
RAGGRUPPAMENTO
31,147 BANCO POPOLARE
128,204 ENEL GREEN POWER
658,596 ENEL SPA
248,356 ENI SPA
6,968 EXOR SPA
56,030 FINMECCANICA SPA
134,984 INTESA SANPAOLO RNC
1,215,626 INTESA SANPAOLO SPA
12,537 LUXOTTICA GROUP
53,873 MEDIOBANCA SPA
9,195 PIRELLI & C SPA
24,654 PRYSMIAN SPA
18,132 SAIPEM
159,966 SNAM RETE GAS
1,076,514 TELECOM ITALIA SPA
593,822 TELECOM ITALIA-RNC
156,990 TERNA SPA
64,110 UBI BANCA SCPA
EUR
% of NaV
The accompanying notes form an integral part of these financial statements
1,309,018
6,103,772
334,716
6,886,898
9,797,293
496,127
3,100,721
688,358
735,500
1,304,878
1,954,186
7,312,903
3,335,952
1,548,929
234,110
2,458,055
4,402,184
439,240
826,779
2,306,768
297,860
284,123
1,402,392
2,023,631
373,319
566,342
457,470
830,727
884,138
13.55
15,030
8,043
109,043
3,626
19,359
5,705
16,669
1,973
13,845
15,626
15,521
4,262
16,813
19,797
36,987
91,779
76,377
10,589
51,080
40,493
30,897
13,979
2,500
14,431
Market Value
ADIDAS NOM
ALLIANZ SE-NOM
AXEL SPRINGER
BASF SE
BAYER AG
BAYERISCHE MOTOREN WERKE PFD
BAYERISCHE MOTORENWERKE
BEIERSDORF
BRENNTAG AG
COMMERZBANK
CONTINENTAL AG
DAIMLER
DEUTSCHE BANK AG-NOM
DEUTSCHE BOERSE AG
DEUTSCHE LUFTHANSA NOM
DEUTSCHE POST AG-NOM
DEUTSCHE TELEKOM AG-NOM
DEUTSCHE WOHNEN AG
DT ANNINGTON IM
E.ON SE
EVONIK INDUSTRIES AG
FRAPORT
FRESENIUS MEDICAL CARE AG & CO
FRESENIUS SE & CO KGAA
FUCHS PETROLUB VORZ AKT STIMMRECHTSLOS
GEA GROUP AG
HANNOVER RUECK SE
HEIDELBERGCEMENT AG
HENKEL KGAA
96,872,640
0.12
0.14
0.02
0.23
0.04
0.24
1.40
0.43
0.04
0.42
0.10
0.06
0.08
0.04
1.23
0.32
0.18
0.03
0.09
0.35
0.32
0.07
0.10
Quantity
19,068
43,692
7,108
87,375
78,035
6,534
31,582
9,161
14,301
113,814
9,207
89,575
123,783
20,861
20,243
93,801
284,931
21,369
32,679
193,035
8,703
5,043
18,941
35,163
9,854
14,155
5,271
11,679
10,342
Germany
EUR
884,807
968,604
158,134
1,674,180
311,526
1,681,208
9,952,589
3,098,482
291,957
3,011,207
710,146
459,388
568,136
319,706
8,709,206
2,260,879
1,263,104
214,069
673,895
2,474,780
2,284,854
508,299
681,791
% of NaV
PEUGEOT SA
PUBLICIS GROUPE
REMY COINTREAU
RENAULT SA
REXEL
SAFRAN
SANOFI
SCHNEIDER ELECTRIC SA
SCOR SE ACT PROV
SOCIETE GENERALE A
SODEXO
SUEZ ENVIRONNEMENT COMPANY
TECHNIP SA
THALES SA
TOTAL
UNIBAIL RODAMCO
VALEO
VALLOUREC
VEOLIA ENVIRONNEMENT
VINCI SA
VIVENDI
WENDEL ACT
ZODIAC AEROSPACE
Market Value
Quantity
47,970
14,605
2,446
17,921
21,544
27,656
112,790
50,032
9,226
71,918
8,337
27,533
10,233
5,903
199,890
9,973
8,936
11,685
36,845
47,702
100,988
4,623
23,349
1,512,018
806,311
1,213,649
435,120
731,480
301,737
2,832,063
182,285
1,237,466
441,903
2,467,839
183,074
1,270,558
877,007
713,294
5,745,365
6,900,661
589,490
264,084
944,904
448,007
557,413
518,875
3,001,648
0.21
0.11
0.17
0.06
0.10
0.04
0.40
0.03
0.17
0.06
0.35
0.03
0.18
0.12
0.10
0.80
0.97
0.08
0.04
0.13
0.06
0.08
0.07
0.42
909,109
1,874,719
1,397,949
841,896
164,643
0.13
0.26
0.20
0.12
0.02
5,188,316
23,640,196
1,591,259
766,758
458,140
459,730
224,742
2,676,534
3,953,828
298,370
632,018
386,324
3,953,216
747,832
473,813
139,212
477,795
171,801
682,735
1,225,073
543,644
622,308
461,271
0.73
3.31
0.22
0.11
0.06
0.06
0.03
0.37
0.56
0.04
0.09
0.05
0.56
0.10
0.07
0.02
0.07
0.02
0.10
0.17
0.08
0.09
0.06
Index Equity Europe
Securities Portfolio as at 30/06/15
Netherlands
AEGON NV
AIRBUS GROUP
AKZO NOBEL NV-CVA
ASML HOLDING N.V.
BOSKALIS WESTMINSTER
DELTA LLOYD
FIAT CHRYSLER AUTOMOBILES NV
GEMALTO
HEINEKEN HOLDING NV
HEINEKEN NV
ING GROEP NV-CVA
KONINKLIJKE AHOLD
KONINKLIJKE DSM NV
KONINKLIJKE KPN NV
KONINKLIJKE VOPAK N.V.
NN GROUP NV
OCI
QIAGEN NV
RANDSTAD HOLDING NV
REED ELSEVIER NV
ROYAL PHILIPS NV
STMICROELECTRONICS NV
TNT EXPRESS NV
UNILEVER CVA
WOLTERS KLUWER CVA
Norway
DNB NOR ASA
GJENSIDIGE FORSIKRING ASA
NORSK HYDRO ASA
ORKLA ASA
STATOILHYDRO ASA
3,751,287
339,226
242,737
469,236
1,306,388
2,651,662
0.53
0.05
0.03
0.07
0.18
0.37
8,760,536
6,410,882
1,059,565
647,631
720,012
1,565,072
452,684
276,251
898,535
217,984
573,148
34,940,025
1,042,195
3,297,205
1,705,244
2,862,669
158,479
434,800
1,301,583
795,126
554,778
1,386,109
5,127,266
1,555,058
706,576
1,234,934
518,239
265,211
149,692
533,886
814,527
1,528,524
2,123,972
381,857
224,823
5,461,076
776,196
6,497,314
1,519,972
348,934
448,546
501,469
1,799,086
1.23
0.90
0.15
0.09
0.10
0.22
0.06
0.04
0.13
0.03
0.08
4.89
0.15
0.46
0.24
0.40
0.02
0.06
0.18
0.11
0.08
0.19
0.73
0.22
0.10
0.17
0.07
0.04
0.02
0.07
0.11
0.21
0.30
0.05
0.03
0.77
0.11
0.91
0.21
0.05
0.06
0.07
0.26
59,244 TELENOR
15,416 YARA INTERNATIONAL ASA
3,022,705
368,889
244,235
30,027
12,841
55,905
11,911
7,169
46,616
589,616
390,100
173,696
1,312,771
407,547
57,614
163,398
50,286
25,698
40,404
32,887
32,653
2,205
6,265
507,097
102,932
93,281
Portugal
BANCO COMERCIAL PORTUGUES
BANCO ESPERITO SANTO REG
EDP - ENERGIAS DE PORTUGAL
GALP ENERGIA SGPS SA-B
JERONIMO MARTINS SGPS SA
Spain
79,324
9,792
108,566
430,316
25,020
ABERTIS INFRAESTRUCTURAS A
ACS
AENA SA
AMADEUS IT HOLDING
BANCO BILBAO VIZCAYA ARGENTA
BANCO DE SABADELL
BANCO POPULAR ESPANOL S.A.
BANCO SANTANDER SA
BANKIA SA
BANKINTER
CAIXABANK
DIA SA
ENAGAS
ENDESA
FERROVIAL SA
GAS NATURAL SDG
GRIFOLS B
GRIFOLS SA
IBERDROLA SA
INDITEX
INTERNATIONAL CONSOLIDATED AIRLINES GROUP
SA
MAFPRE SA
RED ELECTRICA CORPORACION
REPSOL
TELEFONICA SA
ZARDOYA OTIS
20,856
28,284
90,690
70,147
33,572
23,264
16,686
20,662
296,406
16,037
88,663
29,415
33,859
6,615
39,747
AB INDUSTRIVAERDEN C
ALFA LAVAL
ASSA ABLOY AB SHS B
ATLAS COPCO AB
ATLAS COPCO AB
BOLIDEN AB
ELECTROLUX B
ELEKTA AB B
ERICSSON LM-B SHS
GETINGE AB-B SHS
HENNES & MAURITZ AB-B SHS
HEXAGON B
HUSQVARNA
ICA GRUPPEN AB
INVESTOR B
Sweden
EUR
% of NaV
101,866
24,199
118,970
71,246
112,568
ALTICE
ARCELORMITTAL SA
CNH INDUSTRIAL N.V
HOLCIM LTD-NOM
MILLICOM INTL CELLULAR SDR
RTL GROUP
SES GLOBAL FDR
SUBSEA 7 SA
TENARIS SA
0.37
0.01
Market Value
158,100
56,653
26,126
30,881
3,610
29,528
99,055
9,954
8,813
20,363
346,203
92,563
13,588
360,039
11,449
10,518
5,905
24,229
13,945
71,846
93,075
51,918
29,547
146,194
29,131
Luxembourg
2,647,975
45,818
Quantity
8,576
74,159
88,021
23,619
6,844
3,395
29,817
24,897
47,446
GLENCORE PLC
INTU PROPERTIES PLC
PETROFAC LIMITED
RANDGOLD RESOURCES
WOLSELEY
WPP PLC
EUR
% of NaV
1,040,971
78,129
18,581
7,758
22,779
131,737
Jersey
Market Value
Quantity
439,498 UNICREDIT SPA REGR
20,620 UNIPOLSAI AZ
1,161,090
718,217
0.16
0.10
235,771
831,620
315,884
147,672
0.03
0.00
0.12
0.04
0.02
1,530,947
38,397,797
0.21
5.37
822,363
343,692
672,022
1,666,755
5,183,904
844,567
754,883
8,223,198
463,788
381,923
679,082
344,459
626,903
693,535
639,652
664,162
61,354
226,354
3,063,880
3,000,982
650,728
0.11
0.05
0.09
0.23
0.72
0.12
0.11
1.16
0.06
0.05
0.09
0.05
0.09
0.10
0.09
0.09
0.01
0.03
0.43
0.42
0.09
31,513,217
4.41
244,873
703,849
1,709,915
5,486,529
244,445
352,371
446,359
1,531,266
1,760,295
749,869
380,222
468,900
116,216
2,754,030
346,062
3,061,215
955,778
228,715
210,433
1,328,038
0.03
0.10
0.24
0.78
0.03
0.05
0.06
0.21
0.25
0.10
0.05
0.07
0.02
0.39
0.05
0.42
0.13
0.03
0.03
0.19
The accompanying notes form an integral part of these financial statements
135
Index Equity Europe
Securities Portfolio as at 30/06/15
The accompanying notes form an integral part of these financial statements
136
13.98
216,446
419,803
994,470
693,616
572,703
370,639
794,882
516,948
2,402,953
1,002,409
3,069,413
1,197,582
295,888
664,740
6,494,482
0.03
0.06
0.14
0.10
0.08
0.05
0.11
0.07
0.34
0.14
0.43
0.17
0.04
0.09
0.91
4,002,383
1,158,589
1,098,374
400,481
372,446
103,299
3,421,410
373,727
3,685,616
326,469
146,043
1,251,530
1,474,582
943,576
767,625
449,285
631,472
412,015
19,521,131
19,017,254
629,432
16,507,535
0.56
0.16
0.15
0.06
0.05
0.01
0.48
0.05
0.52
0.05
0.02
0.18
0.21
0.13
0.11
0.06
0.09
0.06
2.72
2.65
0.09
2.30
89,441
22,117
31,843
31,879
143,745
30,423
117,526
43,016
33,214
120,378
399,329
21,321
311,751
1,580,880
119,639
306,105
189,548
1,695,625
176,625
82,547
805,591
24,929
36,648
55,832
15,652
500,893
125,285
167,914
10,930
241,072
119,988
86,579
18,705
12,031
124,408
461,704
118,208
69,210
19,948
1,798,676
70,239
20,148
85,894
44,792
17,113
11,837
38,198
339,989
19,194
196,380
82,856
United Kingdom
ABERDEEN ASSET MANAGEMENT
ADMIRAL GROUP
AGGREKO PLC
AMEC FOSTER WHEELER PLC
ANGLO AMERICAN PLC
ANTOFAGASTA PLC
ARM HOLDINGS
ASHTEAD GROUP
ASSOCIATED BRITISH FOODS
ASTRAZENECA PLC
AVIVA PLC
BABCOCK INTERNATIONAL GROUP PLC
BAE SYSTEMS PLC
BARCLAYS PLC
BARRATT DEVELOPMENTS
BG GROUP PLC
BHP BILLITON PLC
BP PLC
BRITISH AMERICAN TOBACCO PLC
BRITISH LAND CO PLC
BT GROUP PLC
BUNZL
BURBERRY GROUP
CAPITA
CARNIVAL PLC
CENTRICA PLC
COBHAM
COMPASS GROUP
CRODA INTERNATIONAL PLC
DIAGEO
DIRECT LINE INSURANCE GROUP PLC
DIXONS CARPHONE
EASYJET
FRESNILLO PLC-W/I
GKN
GLAXOSMITHKLINE PLC
G4S SHS
HAMMERSON
HARGREAVES LANSDOWN
HSBC HOLDINGS PLC
ICAP PLC
IMI PLC
IMPERIAL TOBACCO GROUP PLC
INMARSAT PLC
INTERCONT HOTELS GROUP PLC
INTERTEK GROUP
INVESTEC
ITV
JOHNSON MATTHEY PLC
KINGFISHER
LAND SECURITIES GROUP PLC
EUR
3,665,390
210,394,760
510,045
433,006
646,793
367,861
1,863,643
296,092
1,720,297
667,296
1,346,000
6,828,981
2,776,054
325,029
1,985,490
5,812,961
1,037,733
4,577,857
3,341,738
10,055,993
8,514,001
924,568
5,119,304
611,569
812,676
975,651
717,811
1,865,136
465,099
2,495,779
424,580
6,264,571
568,734
554,218
408,186
117,856
587,402
8,618,866
448,171
601,295
324,653
14,474,206
524,971
319,945
3,718,497
578,828
619,831
409,354
308,409
1,263,591
823,084
962,704
1,408,125
% of NaV
1,476
2,859
607
219
4,718
4,014
3,866
7,587
30,238
1,992
8,411
3,425
4,389
45,780
341,034
100,066,638
13,411 ZURICH INSURANCE GROUP AG
Market Value
ABB LTD-NOM
ACTELION N
ADECCO
ARYZTA
BALOISE-HOLDING NOM.
BARRY CALLEBAUT N
CIE FINANCIERE RICHEMONT SA
COCA COLA HBC
CREDIT SUISSE GROUP AG-NOM
DUFRY AG REG
EMS-CHEMIE HOLDING N
GEBERIT AG-NOM
GIVAUDAN N
JULIUS BAER GRUPPE
KUEHNE UND NAGEL INTERNATIONAL AG-NOM
LINDT & SPRUENGLI AG-NOM
LINDT AND SPRUENGLI PS
LONZA GROUP AG N
NESTLE SA
NOVARTIS AG-NOM
PARTNERS GROUP HOLDING N
ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
SCHINDLER HOLDING N
SCHINDLER HOLDING PS
SGS SA-NOM
SIKA
SONOVA HOLDING AG
SULZER AG-NOM
SWISS LIFE HOLDING NOM
SWISS PRIME SITE
SWISS RE AG
SWISSCOM N
SYNGENTA AG-NOM
THE SWATCH GROUP
THE SWATCH GROUP N
TRANSOCEAN LTD
UBS GROUP INC NAMEN AKT
0.12
0.04
0.43
0.13
0.20
0.06
0.07
0.13
0.20
0.27
0.23
0.07
0.03
0.17
0.21
Quantity
212,854
8,819
15,069
9,046
3,402
101
46,847
18,677
149,332
2,611
385
4,181
949
18,733
6,441
8
133
3,435
301,146
214,896
2,345
65,608
Switzerland
EUR
830,489
287,161
3,048,808
942,027
1,425,693
407,098
483,715
918,859
1,422,548
1,953,975
1,641,516
533,165
227,218
1,196,014
1,505,162
% of NaV
KINNEVIK INVESTMENT AB-B
LUNDIN PETROLEUM
NORDEA BANK AB
SANDVIK
SEB A
SECURITAS B
SKANSKA AB-B SHS
SKF AB-B SHS
SVENSKA CELLULOSA SCA B
SVENSKA HANDELSBANKEN AB
SWEDBANK A SHS A
SWEDISH MATCH AB
TELE2 B
TELIASONERA AB
VOLVO AB-B SHS
Market Value
Quantity
29,294
18,696
272,597
95,026
124,346
34,340
26,619
44,923
62,389
149,295
78,510
20,904
21,791
226,537
135,232
0.51
29.41
0.07
0.06
0.09
0.05
0.26
0.04
0.24
0.09
0.19
0.95
0.39
0.05
0.28
0.81
0.15
0.64
0.47
1.40
1.19
0.13
0.72
0.09
0.11
0.14
0.10
0.26
0.07
0.35
0.06
0.88
0.08
0.08
0.06
0.02
0.08
1.21
0.06
0.08
0.05
2.01
0.07
0.04
0.52
0.08
0.09
0.06
0.04
0.18
0.12
0.13
0.20
Index Equity Europe
Securities Portfolio as at 30/06/15
EUR
128,876
% of NaV
0.24
Warrants, Rights
0.92
Germany
0.13
32,670 DEUTSCHE ANNINGTON IMMOBILIEN SE RIGHTS
0.00
30/06/2015
0.19
0.05
Spain
0.05
905 ABERTIS INFRAESTRUCTURAS SA RIGHTS
0.04
0.12
388,397 BANCO DE SABADELL SA OPTION RIGHT
0.07
0.55
108,562 REPSOL S.A. RIGHT 03/07/2015
0.23
25,000 ZARDOYA OTIS SA RGT 30/06/2015
0.18
0.17 Total securities portfolio
0.14
0.75
0.63
0.20
0.06
0.63
0.00
0.33
0.14
0.81
1.28
0.07
0.10
0.57
0.10
0.07
0.05
0.04
0.07
0.53
0.17
0.20
0.08
0.03
0.29
0.47
0.16
0.06
0.14
0.31
0.11
0.04
0.62
0.10
1.14
0.04
0.16
0.07
0.12
Market Value
Quantity
EUR
1,741,882
6,563,549
945,257
1,505
1,338,475
382,258
324,141
261,149
873,844
481,332
3,903,931
1,664,459
1,302,538
1,215,682
1,015,866
5,338,949
4,517,985
1,413,850
411,236
4,537,833
33,694
2,332,931
1,028,695
5,812,804
9,171,280
491,595
698,342
4,047,814
739,738
466,201
356,939
282,110
521,036
3,805,158
1,221,609
1,462,714
549,974
243,587
2,067,773
3,375,149
1,142,611
410,665
1,026,929
2,205,264
792,564
289,420
4,438,596
733,733
8,165,624
309,721
1,176,652
465,694
867,883
% of NaV
LEGAL & GENERAL GROUP
LLOYDS BANKING GROUP PLC
LONDON STOCK EXCHANGE
LONMIN
MARKS AND SPENCER GROUP
MEGGITT PLC
MELROSE INDUSTRIES PLC SHS
MERLIN ENTERTAINMENTS PLC
MONDI PLC
MORRISON SUPERMARKETS PLC
NATIONAL GRID PLC
NEXT PLC
OLD MUTUAL
PEARSON
PERSIMMON PLC
PRUDENTIAL PLC
RECKITT BENCKISER GROUP PLC
REED ELSEVIER PLC
REXAM P.L.C.
RIO TINTO PLC
ROLLS ROYCE HOLDINGS PLC PERF C E 15
ROLLS-ROYCE HOLDINGS PLC
ROYAL BK OF SCOTLAND GROUP PLC
ROYAL DUTCH SHELL B SHARES
ROYAL DUTCH SHELL PLC-A
ROYAL MAIL PLC-W/I
RSA INSURANCE GROUP PLC
SABMILLER
SAGE GRP
SAINSBURY(J)
SCHRODERS LTD
SEGRO PLC
SEVERN TRENT PLC
SHIRE
SKY PLC
SMITH & NEPHEW
SMITHS GROUP
SPORTS DIRECT INTERNATIONAL WI
SSE PLC
STANDARD CHARTERED
STANDARD LIFE
TATE & LYLE PLC
TAYLOR WINPEY PLC
TESCO PLC
TRAVIS PERKINS
TULLOW OIL PLC
UNILEVER
UNITED UTILITIES GROUP PLC
VODAFONE GROUP
WEIR GROUP
WHITBREAD
WILLIAM HILL PLC
3I GROUP
Market Value
Quantity
495,796
5,455,122
28,256
953
176,911
58,064
92,783
43,318
45,155
188,606
338,441
15,828
457,957
71,473
36,440
246,811
58,323
96,777
52,779
122,985
23,870,595
189,973
207,334
227,896
363,694
67,691
124,557
86,794
102,257
124,493
7,962
49,251
17,738
52,910
83,457
96,486
34,511
24,018
95,372
234,654
182,316
56,003
391,565
735,036
26,611
60,359
115,184
58,275
2,516,831
12,930
16,854
81,846
119,042
0.02
53,579
0.01
75,297
0.01
14,371
0.00
53,579
670
50,481
9,775
709,200,299
0.01
0.00
0.01
0.00
99.17
The accompanying notes form an integral part of these financial statements
137
Index Equity Japan
Securities Portfolio as at 30/06/15
ABC MART
ACOM
ADVANTEST
AEON CO LTD
AEON CREDIT SERVICE
AEON MALL
AIR WATER
AISIN SEIKI LTD
AJINOMOTO CO INC
ALFRESA HOLDINGS CORP
ALL NIPPON AIRWAYS
AMADA HOLDINGS CO LTD
AOZORA BANK
ASAHI GLASS CO LTD
ASAHI GROUP HOLDINGS
ASAHI KASEI
ASICS CORPORATION
ASTELLAS PHARMA INC
BANK OF KYOTO
BANK OF YOKOHAMA LTD
BENESSE
BRIDGESTONE CORP
BROTHER INDUSTRIES LTD
CALBEE
CANON INC
CASIO
CENTRAL JAPAN RAILWAY
CHIBA BANK
CHIYODA
CHUBU ELECTRIC POWER CO INC
CHUGAI PHARM
CHUGOKU BANK
CHUGOKU EL POWER
CITIZEN HOLDINGS SHS
COLOPL INC
CREDIT SAISON CO LTD
DAI NIPPON PRINTING CO LTD
DAICEL CHEMICAL INDUSTRIES
DAIHATSU MOTOR CO LTD
DAI-ICHI MUTUAL LIFE INSURANCE COMPANY
DAIICHI SANKYO CO LTD
DAIKIN INDUSTRIES LTD
DAITO TRUST CONSTRUCTION CO LTD
DAIWA HOUSE INDUSTRY
DAIWA SECURITIES GROUP INC
DENSO CORP
DENTSU INC
DON QUIJOTE HOLDINGS CO LTD
39,949,918,457
98.12
37,160,382,257
91.27
39,949,918,457
The accompanying notes form an integral part of these financial statements
138
14,980,000
21,244,000
23,059,400
121,451,250
24,480,000
20,003,680
35,856,000
106,805,000
172,347,500
35,832,800
41,180,400
48,136,800
56,826,000
67,620,000
173,994,750
145,797,500
53,805,000
401,465,000
60,630,000
97,578,000
27,630,000
314,208,500
50,286,000
40,764,000
470,134,125
52,185,600
349,259,000
74,640,000
23,848,000
133,006,050
100,977,500
33,599,400
65,010,400
13,066,200
7,913,600
41,721,600
75,870,000
53,448,000
43,052,100
280,597,900
145,935,176
236,081,200
105,244,000
177,456,600
175,185,200
323,697,600
155,964,000
65,646,000
98.12
0.04
0.05
0.06
0.30
0.06
0.05
0.09
0.26
0.42
0.09
0.10
0.12
0.14
0.17
0.43
0.36
0.13
0.99
0.15
0.24
0.07
0.77
0.12
0.10
1.15
0.13
0.86
0.18
0.06
0.33
0.25
0.08
0.16
0.03
0.02
0.10
0.19
0.13
0.11
0.69
0.36
0.58
0.26
0.44
0.43
0.80
0.38
0.16
36,700
27,900
16,520
6,300
21,800
5,600
60,000
64,700
52,900
209,000
83,000
29,700
40,000
44,000
24,900
17,400
130,000
700
27,600
3,385
53,000
4,000
15,500
6,400
8,600
513,000
23,000
130,000
16,200
177,200
44,000
25,500
10,500
9,900
138,000
16,936
109,400
35,900
63,500
165,300
1,800
25,900
25,800
12,800
4,900
24,300
29,500
84
134
260
117,400
49,600
25,000
70,000
EAST JAPAN RAILWAY CO
EISAI
ELECTRIC POWER DEVELOPMENT
FAMILYMART
FANUC LTD
FAST RETAILING
FUJI ELECTRIC HOLDINGS
FUJI HEAVY INDUSTRIES LTD
FUJIFILM HOLDINGS CORP
FUJITSU LTD
FUKUOKA FINANCIAL GROUP
GUNGHO ONLINE ENTERTAINMENT
GUNMA BANK LTD
HACHIJUNI BANK
HAKUHODO DY HOLDINGS
HAMAMATSU PHOTONICS KK
HANKYU HANSHIN HOLDINGS INC.
HIKARI TSUSHIN INC
HINO MOTORS LTD
HIROSE ELECTRIC
HIROSHIMA BANK
HISAMITSU PHARMACEUTICAL CO
HITACHI CHEMICAL CO LTD
HITACHI CONSTRUCTION MACHINERY
HITACHI HIGH-TECH
HITACHI LTD
HITACHI METALS LTD
HOKUHOKU FINANCIAL
HOKURIKU ELECTRIC POWER CO INC
HONDA MOTOR CO LTD
HOYA CORP
HULIC CO LTD
IBIDEN CO LTD
IDEMITSU KOSAN
IHI CORP
IIDA GROUP HLDGS
INPEX HOLDINGS INC
ISETAN MITSUKHOSHI HOLDINGS LTD
ISUZU MOTORS LTD
ITOCHU CORP
ITOCHU TECHNO-SOLUTIONS
IYO BANK
J FRONT RETAILING
JAPAN AIRLINES
JAPAN AIRPORT TERMINAL
JAPAN DISPLAY INC.
JAPAN EXCHANGE
JAPAN PRIME REALTY INVESTMENT
JAPAN REAL ESTATE INVESTMENT
JAPAN RETAIL FUND INVESTMENT
JAPAN TOBACCO INC
JFE HOLDINGS
JGC
JOYO BANK
JPY
404,067,000
229,226,400
71,449,000
35,469,000
546,744,000
311,136,000
31,620,000
291,667,600
231,358,150
143,039,600
52,705,000
14,137,200
36,160,000
40,656,000
32,643,900
62,814,000
93,990,000
5,782,000
41,786,400
59,339,050
38,796,000
19,020,000
34,224,000
13,721,600
29,627,000
413,888,400
43,263,000
37,570,000
29,548,800
701,977,800
215,908,000
27,693,000
21,735,000
23,789,700
78,660,000
33,025,200
152,230,100
78,549,200
102,076,250
267,290,100
5,490,000
38,953,600
59,443,200
54,656,000
32,683,000
11,202,300
117,262,500
31,962,000
74,504,000
63,674,000
511,922,700
134,738,400
57,800,000
48,020,000
% of NaV
2,000
45,200
18,100
69,900
7,200
8,720
16,000
20,500
65,000
18,800
124,000
37,200
123,000
92,000
44,700
145,000
17,000
230,000
43,000
130,000
9,000
69,400
29,000
7,900
118,050
21,600
15,800
80,000
22,000
72,900
23,900
17,400
36,400
15,300
3,200
15,900
60,000
34,000
24,700
116,600
64,459
26,800
8,300
62,200
191,000
53,100
24,600
12,600
Japan
98.12
Market Value
Shares
39,949,918,457
Quantity
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
JPY
% of NaV
Market Value
Quantity
Long positions
0.99
0.56
0.18
0.09
1.34
0.76
0.08
0.72
0.57
0.35
0.13
0.03
0.09
0.10
0.08
0.15
0.23
0.01
0.10
0.15
0.10
0.05
0.08
0.03
0.07
1.02
0.11
0.09
0.07
1.72
0.53
0.07
0.05
0.06
0.19
0.08
0.37
0.19
0.25
0.66
0.01
0.10
0.15
0.13
0.08
0.03
0.29
0.08
0.18
0.16
1.26
0.33
0.14
0.12
Index Equity Japan
Securities Portfolio as at 30/06/15
MITSUBISHI UFJ FINANCIAL GROUP
MITSUBISHI UFJ LEASE & FINANCE CO LTD
MITSUI & CO LTD
MITSUI CHEMICALS INC
MITSUI FUDOSAN CO LTD
MITSUI O.S.K.LINES LTD
MIXI
MIZUHO FINANCIAL GROUP INC
MS AD ASSURANCE
MURATA MANUFACTURING CO LTD
M3 INC
NABTESCO CORP
NAGOYA RAILROAD
NAMCO BANDAI HOLDINGS INC
NEC CORP
NEXON
NGK INSULATORS LTD
NGK SPARK PLUG
NH FOODS SHS
NHK SPRING
NIDEC CORP
NIKON CORP
NINTENDO CO LTD
NIPPON BUILDING FUND
NIPPON ELECTRIC GLASS
NIPPON EXPRESS
NIPPON PAINT CO LTD
NIPPON PROLOGIS REIT INC
NIPPON TELEGRAPH & TELEPHONE
NIPPON YUSEN
NISSAN MOTOR CO LTD
NISSHIN SEIFUN GROUP INC
NISSIN FOOD PRODUCTS CO LTD
NITORI
NITTO DENKO
NKSJ HOLDINGS
NOK CORP
NOMURA REAL ESTATE HOLDINGS
NOMURA RESEARCH
NP STI & S’TOMO
NSK LTD
NTT DATA
NTT DOCOMO INC
NTT URBAN DEVELOPMENT
OBAYASHI
ODAKYU ELECTRIC RAILWAY
OJI HOLDINGS
OLYMPUS CORP
OMRON CORP
ONO PHARMACEUTICAL
ORACLE CORP JAPAN
ORIENTAL LAND
ORIX CORP
OSAKA GAS CO LTD
JPY
1,217,851,713
35,242,000
311,718,750
48,685,000
352,981,000
45,472,000
29,184,000
664,922,100
220,730,757
476,328,000
50,963,400
37,761,000
42,136,000
44,992,000
103,138,000
30,312,000
82,030,000
64,844,500
53,086,000
29,678,000
228,208,500
51,542,400
239,499,000
80,936,000
26,350,000
54,782,000
53,898,000
41,699,000
363,547,000
58,993,000
338,130,000
45,419,572
33,831,000
89,820,000
186,110,000
163,153,738
39,900,000
34,181,000
70,413,000
252,015,600
89,066,100
62,060,000
391,448,000
15,834,000
61,617,000
77,724,000
53,200,000
123,093,000
125,020,000
132,363,000
31,232,000
165,678,000
272,785,800
96,660,000
% of NaV
1,384,237
52,600
187,500
107,000
103,000
116,000
4,800
2,509,140
57,889
22,300
20,700
12,300
92,000
19,000
278,000
18,000
26,000
19,100
19,000
22,000
24,900
36,400
11,700
151
42,500
91,000
15,600
185
82,000
173,000
265,200
27,899
6,300
9,000
18,500
36,325
10,500
13,300
14,700
794,000
47,100
11,600
167,000
13,000
69,000
68,000
100,000
29,100
23,500
9,900
6,100
21,200
149,800
200,000
Market Value
0.10
0.13
0.31
0.13
0.09
0.07
0.07
0.25
0.12
0.78
0.19
1.39
0.09
0.11
0.13
0.10
0.77
0.15
0.18
0.37
0.17
0.12
0.64
0.04
0.17
0.62
0.15
0.08
0.57
0.11
0.18
0.15
0.20
0.10
0.03
0.19
0.33
0.10
0.02
0.32
0.07
0.25
0.15
0.09
0.27
1.00
0.83
0.90
0.08
0.63
0.05
0.16
0.17
0.12
Quantity
JPY
41,332,400
50,996,000
126,773,282
51,750,000
38,629,600
28,750,000
26,850,000
101,933,600
47,425,000
316,530,800
77,656,000
564,804,800
38,502,000
46,200,000
54,312,000
42,224,000
315,238,320
61,200,000
74,643,000
151,402,800
68,186,000
49,182,500
262,161,900
16,614,800
70,306,800
250,453,500
62,125,500
30,823,200
233,522,100
43,227,000
74,692,000
62,012,000
81,162,000
41,022,000
11,632,500
78,352,000
136,105,740
42,177,000
7,296,000
130,211,400
28,756,800
100,646,000
62,651,000
36,720,000
111,645,450
408,645,600
338,548,000
366,473,500
30,870,000
258,410,900
20,904,000
64,390,000
71,168,600
50,462,500
% of NaV
JSR CORP
JTEKT CORPORATION
JX HOLDINGS
KAJIMA CORP
KAKAKU.COM
KAMIGUMI CO LTD
KANEKA CORP
KANSAI ELECTRIC POWER CO INC
KANSAI PAINT
KAO CORP
KAWASAKI HEAVY INDUSTRIES
KDDI CORP
KEIHAN ELECTRIC RAILWAY
KEIHIN ELEC EXP RAILWAY
KEIO CORP
KEISEI EL RAILWAY
KEYENCE CORP
KIKKOMAN CORP
KINTETSU GROUP HOLDINGSS CO LTD
KIRIN HOLDINGS CO LTD
KOBE STEEL LTD
KOITO MFG
KOMATSU LTD
KONAMI CORP
KONICA MINOLTA HOLDINGS
KUBOTA CORPORATION
KURARAY
KURITA WATER INDUSTRIES LTD
KYOCERA CORP
KYOWA HAKKO KIRIN
KYUSHU ELECTRIC POWER CO INC
LAWSON INC
LIXIL GROUP CORPORATION
MABUCHI MOTOR
MAC DONALD’S HOLDINGS JPN
MAKITA
MARUBENI CORP
MARUI GROUP CO LTD
MARUICHI STEEL TUBE
MAZDA MOTOR CORP
MEDICEO PALTAC HOLDINGS
MEIJI HOLDINGS CO LTD
MINEBEA
MIRACA HOLDINGS INC
MITSUBISHI CHEMICAL HOLDINGS
MITSUBISHI CORPORATION
MITSUBISHI ELECTRIC CORP
MITSUBISHI ESTATE CO LTD
MITSUBISHI GAS CHEMICAL CO INC
MITSUBISHI HEAVY INDUSTRIES
MITSUBISHI LOGISTICS CORP
MITSUBISHI MATERIALS CORP
MITSUBISHI MOTORS
MITSUBISHI TANABE PHARMA CORP
Market Value
Quantity
19,100
22,000
240,010
90,000
21,800
25,000
30,000
75,200
25,000
55,600
136,000
191,200
54,000
50,000
62,000
29,000
4,772
16,000
179,000
89,800
331,000
10,300
106,700
7,300
49,200
129,000
41,500
10,800
36,700
27,000
52,600
7,400
33,400
5,300
4,500
11,800
193,800
25,500
2,400
54,300
14,400
6,370
31,000
6,000
144,900
151,800
214,000
139,000
45,000
347,000
13,000
137,000
68,300
27,500
3.00
0.09
0.77
0.12
0.87
0.11
0.07
1.63
0.54
1.17
0.13
0.09
0.10
0.11
0.25
0.07
0.20
0.16
0.13
0.07
0.56
0.13
0.59
0.20
0.06
0.13
0.13
0.10
0.89
0.14
0.83
0.11
0.08
0.22
0.46
0.40
0.10
0.08
0.17
0.62
0.22
0.15
0.96
0.04
0.15
0.19
0.13
0.30
0.31
0.33
0.08
0.41
0.67
0.24
The accompanying notes form an integral part of these financial statements
139
Index Equity Japan
Securities Portfolio as at 30/06/15
SUZUKEN CO LTD
SUZUKI MOTOR CORP
SYSMEX
TAIHEIYO CEMENT CORP
TAISEI CORP
TAISHO PHARM
TAIYO NIPPON SANSO CORP
TAKASHIMAYA CO LTD
TAKEDA PHARMACEUTICAL CO LTD
T&D HOLDINGS INC
TDK CORPORATION
TEIJIN LTD
TERUMO CORP
THK CO LTD
TOBU RAILWAY
TOHO CO LTD
TOHO GAS
TOHOKU ELECTRIC POWER CO INC
TOKIO MARINE HLDGS INC
TOKYO ELECTRIC POWER
TOKYO ELECTRON LTD
TOKYO GAS CO LTD
TOKYO TATEMONO
TOKYU CORP
TOKYU FUDOSAN
TONENGENERAL SEKIYU KK
TOPPAN PRINTING
TORAY INDUSTRIES INC
TOSHIBA
TOTO LTD
TOYO SEIKAN KAISHA
TOYO SUISAN KAISHA LTD
TOYODA GOSEI CO LTD
TOYOTA INDUSTRIES CORP
TOYOTA TSUSHO CORP
TREND MICRO INC
UNI-CHARM CORP
UNITED URBAN INVESTMENT CORP
USS
WEST JAPAN RAILWAY CO
YAHOO JAPAN
YAKULT HONSHA
YAMADA DENKI
YAMAGUCHI FINANCIAL GROUP
YAMAHA CORP
YAMAHA MOTOR CO LTD
YAMATO HOLDINGS
YAMAZAKI BAKING
YASKAWA ELECTRIC CORP
YOKOGAWA ELECTRIC CORP
YOKOHAMA RUBBER
JPY
32,340,000
162,505,500
120,450,000
45,108,000
68,894,000
16,540,000
29,620,000
41,070,000
520,759,100
121,180,000
133,054,000
47,500,000
101,032,800
32,281,200
57,334,000
44,761,500
31,900,000
80,247,200
372,371,400
103,051,500
148,742,400
165,100,000
37,400,000
104,140,000
48,521,600
42,143,000
61,440,000
167,751,000
193,660,000
77,210,000
22,955,400
42,417,500
28,644,100
121,452,000
68,328,000
58,241,000
114,634,300
52,968,600
59,228,000
141,030,000
68,122,600
68,244,000
45,521,000
33,550,000
51,870,000
74,956,000
100,940,700
36,702,000
45,001,600
26,758,000
34,412,000
% of NaV
8,250
39,300
16,500
126,000
98,000
2,000
20,000
37,000
88,100
66,400
14,200
100,000
34,400
12,200
109,000
14,700
44,000
48,400
73,100
154,500
19,200
254,000
22,000
127,000
51,400
37,000
60,000
162,000
460,000
35,000
11,700
9,500
9,700
17,400
20,800
13,900
39,400
306
26,800
18,000
137,900
9,400
92,900
22,000
21,000
28,000
42,600
18,000
28,700
17,000
14,000
Market Value
140
0.08
0.44
0.97
0.05
0.39
0.11
0.41
0.24
0.09
0.22
0.06
0.06
0.17
0.09
0.45
0.08
0.09
0.14
0.17
0.33
1.03
0.09
0.06
0.06
0.13
0.10
0.37
0.16
0.84
0.11
0.38
0.26
0.18
0.05
0.56
1.86
1.10
0.12
0.11
0.06
0.30
0.45
0.40
0.10
0.26
1.86
0.52
0.43
0.09
0.18
0.12
Quantity
The accompanying notes form an integral part of these financial statements
JPY
34,320,000
177,218,900
393,975,450
21,179,700
159,584,250
45,940,500
167,125,000
96,012,000
37,635,000
90,310,000
22,542,000
24,272,500
68,453,500
36,350,160
182,735,000
31,840,000
36,300,800
56,663,100
69,138,000
132,969,600
420,800,000
36,061,200
24,436,000
24,928,800
51,553,000
42,438,000
148,630,000
64,953,000
340,435,200
43,472,000
155,636,000
106,953,000
72,903,000
21,507,000
228,563,000
756,224,100
446,187,350
46,997,400
45,425,600
22,933,000
120,704,000
184,408,000
164,659,600
42,126,000
104,356,000
758,801,000
210,359,544
176,033,500
34,715,100
72,637,500
50,701,100
% of NaV
OTSUKA
OTSUKA HOLDINGS CO LTD
PANASONIC CORP
PARK24
RAKUTEN
RECRUIT HOLDING CO LTD
RESONA HOLDINGS
RICOH COMPANY LTD
RINNAI
ROHM
SANKYO CO LTD
SANRIO
SANTEN PHARMACEUTICAL
SBI HOLDINGS
SECOM CO LTD
SEGA SAMMY HOLDINGS
SEIBU HOLDINGS INC.
SEIKO EPSON CORP
SEKISUI CHEMICAL CO LTD
SEKISUI HOUSE LTD
SEVEN & I HOLDINGS CO LTD
SEVEN BANK LTD
SHARP CORPORATION
SHIKOKU ELECTRIC POWER CO INC
SHIMADZU CORP
SHIMAMURA
SHIMANO
SHIMIZU CORP
SHIN-ETSU CHEMICAL CO LTD
SHINSEI BANK
SHIONOGI & CO LTD
SHISEIDO CO LTD
SHIZUOKA BANK
SHOWA SHELL SEKIYU KK
SMC CORP
SOFTBANK CORP
SONY CORP
SONY FINANCIAL HOLDINGS INC
STANLEY ELECTRIC CO LTD
SUMI DAI PHARMA
SUMITOMO CHEMICAL
SUMITOMO CORP
SUMITOMO ELECTRIC INDUSTRIES
SUMITOMO HEAVY INDUSTRIES LTD
SUMITOMO METAL MINING CO LTD
SUMITOMO MITSUI FINANCIAL GRP
SUMITOMO MITSUI TRUST HLD
SUMITOMO REALTY & DEVELOPMENT
SUMITOMO RUBBER INDUSTRIES
SUNTORY BEVERAGE AND FOOD LIMITED
SURUGA BANK LTD
Market Value
Quantity
6,000
45,400
234,300
10,100
80,700
12,300
250,000
75,600
3,900
11,000
5,200
7,300
39,500
21,560
23,000
19,900
12,800
26,100
46,000
68,400
80,000
63,600
164,000
13,600
31,000
3,300
8,900
63,000
44,800
176,000
32,800
38,500
57,000
20,100
6,200
104,900
128,900
21,900
17,800
17,000
164,000
129,500
86,800
59,000
56,000
139,000
375,240
41,000
18,300
14,900
19,300
0.08
0.40
0.30
0.11
0.17
0.04
0.07
0.10
1.28
0.30
0.33
0.12
0.25
0.08
0.14
0.11
0.08
0.20
0.91
0.25
0.37
0.41
0.09
0.26
0.12
0.10
0.15
0.41
0.48
0.19
0.06
0.10
0.07
0.30
0.17
0.14
0.28
0.13
0.15
0.35
0.17
0.17
0.11
0.08
0.13
0.18
0.25
0.09
0.11
0.07
0.08
Index Equity Japan15
Securities Portfolio as at 30/06/15
Netherlands
408,500 NOMURA HLDGS INC
298,700 TOYOTA MOTOR CORP
Total securities portfolio
339,300,100
0.83
2,450,236,100
6.02
339,300,100
United States of America
% of NaV
Market Value
Quantity
JPY
2,450,236,100
39,949,918,457
0.83
6.02
98.12
The accompanying notes form an integral part of these financial statements
141
Index Equity North America
Securities Portfolio as at 30/06/15
1,568
4,927
3,362
2,908
23,318
23,300
6,600
2,820
2,082
4,900
Bermuda
ARCH CAP GRP
AXIS CAPITAL HOLDINGS
BUNGE LTD
EVEREST REINSURANCE GROUP
INVESCO LTD
MARVELL TECHNOLOGY
NORWEGIAN CRUISE LINE HLDGS
PARTNERRE
RENAISSANCERE HOLDINGS LTD
SIGNET JEWELERS LTD
British Virgin Islands
7,900 MICKAEL KORS
7,213
9,075
18,840
21,342
32,955
57,782
63,390
15,692
8,527
40,304
10,736
19,436
19,920
43,100
50,956
25,999
795
7,862
8,000
7,422
45,906
9,834
11,477
1,200
19,689
800
34,549
2,458
40,379
Canada
AGNICO EAGLE MINES
AGRIUM INC
ALIMENTATION COUCHE TARD B
ARC RESOURCES LTD
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARRICK GOLD CORP
BAYTEX ENERGY CORP
BCE INC
BROOKFIELD ASSET MANAGEMENT A
CAE INC
CAMECO CORP
CANADIAN IMPERIAL BANK OF COM
CANADIAN NATIONAL RAILWAY CO
CANADIAN NATURAL RESOURCES
CANADIAN OIL SANDS LTD (NEW)
CANADIAN TIRE CORP A N VOT
CANADIAN UTILITIES LTD SHS A
CATAMARAN
CDN PACIFIC RAILWAY LTD
CENOVUS ENERGY CORP
CGI GROUP INC A
CI FINCIAL FD
CONSTELLATION SOFTWARE
CRESCENT POINT ENERGY CORP
DOLLARAMA INC
ELDORADO GOLD CORP
EMPIRE CO LTD -A- NON VOTING
ENBRIDGE
The accompanying notes form an integral part of these financial statements
142
981,228,744
98.20
674,388
0.07
981,228,744
274,161
400,227
3,945,772
104,993
262,954
295,184
529,285
874,191
307,211
369,864
362,370
211,344
628,376
332,511
332,511
57,417,074
204,633
962,215
806,310
365,835
1,953,654
2,983,914
677,857
244,223
362,409
1,408,863
127,876
278,207
1,469,073
2,487,755
1,383,665
210,336
85,064
226,522
489,127
1,189,133
734,317
384,796
308,890
476,624
404,211
48,509
143,351
173,202
1,889,204
98.20
0.03
0.04
0.39
0.01
0.03
0.03
0.05
0.08
0.03
0.04
0.04
0.02
0.06
0.03
0.03
5.75
0.02
0.10
0.08
0.04
0.20
0.30
0.07
0.02
0.04
0.14
0.01
0.03
0.15
0.25
0.14
0.02
0.01
0.02
0.05
0.12
0.07
0.04
0.03
0.05
0.04
0.00
0.01
0.02
0.19
17,816
13,398
1,400
6,181
16,030
3,954
9,432
1,848
15,730
48,075
15,832
18,700
22,413
10,010
10,353
6,134
2,830
20,900
71,176
14,964
23,400
107,236
5,000
6,300
11,850
21,146
7,355
7,318
7,556
9,500
39,399
25,194
8,400
5,686
10,644
25,603
68,549
16,406
5,752
16,012
3,470
29,087
69,016
28,156
1,112
23,328
87,570
11,700
8,572
31,875
18,212
15,188
5,000
32,557
ENCANA
ENERPLUS
FAIRFAX FINANCIAL HOLDINGS LTD
FINNING INTERNATIONAL INC
FIRST QUANTUM MINERALS LTD
FORTIS INC
FRANCO NEVADA
GEORGE WESTON LTD
GILDAN ACTIVEWEAR A
GOLDCORP
GREAT WEST LIFECO
H&R REAL ESTATE INVESTMENT TRUST
HUSKY ENERGY
IGM FINANCIAL
IMPERIAL OIL
INDL ALLIANCE INSURANCE FCIAL
INTACT FINANCIAL CORP
INTER PIPELINE LTD
KINROSS GOLD
LOBLAW COMPANIES
MAGNA INTERNATIONAL A SUB.VTG
MANULIFE FINANCIAL CORP
MEG ENERGY CORP
METHANEX CORP
METRO INC
NATIONAL BANK OF CANADA
ONEX CORP SUB VTG
OPEN TEXT
PEMBINA PIPELINE
PEYTO EXPLORATION & DEVELOPMENT CORP
POTASH CORP OF SASKATCHEWAN
POWER CORP OF CANADA
PRAIRIESKY ROYALTY LTD
RESTAURANT BRANDS INTERNATIONAL INC
RIOCAN REAL ESTE INVESTMNT TRT
ROGERS COMMUNICATIONS SHS B
ROYAL BANK OF CANADA
SAPUTO INC
SHAW COMMUNICATIONS B
SILVER WHEATON
SNC-LAVALIN GROUP A
SUN LIFE FINANCIAL
SUNCOR ENERGY INC. (NOUV. STE)
TECK RESOURCES B
TELUS
THOMSON CORP
TORONTO DOMINION BANK
TOURMALINE OIL
TRANSALTA CORP
TRANSCANADA CORP
TURQUOISE HILL
VALEANT PHARMA
VERMILION ENERGY TR
YAMANA GOLD
USD
196,508
117,621
690,653
116,299
209,679
111,105
450,057
145,228
522,767
780,565
461,101
336,125
428,896
318,959
400,129
206,411
196,740
480,468
165,906
756,093
1,313,923
1,993,663
81,703
351,831
318,169
794,735
407,155
297,367
244,336
232,320
1,220,696
644,567
212,014
218,025
228,239
908,512
4,193,887
396,999
125,321
277,677
116,628
971,563
1,901,710
279,208
38,328
888,700
3,720,444
351,629
66,465
1,296,008
69,293
3,370,747
216,072
98,055
% of NaV
18,791 NEW NEWSCORP
7,100 RESMED
98.25
Market Value
Australia
981,683,631
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
0.02
0.01
0.07
0.01
0.02
0.01
0.05
0.01
0.05
0.08
0.05
0.03
0.04
0.03
0.04
0.02
0.02
0.05
0.02
0.08
0.13
0.20
0.01
0.04
0.03
0.08
0.04
0.03
0.02
0.02
0.12
0.06
0.02
0.02
0.02
0.09
0.42
0.04
0.01
0.03
0.01
0.10
0.19
0.03
0.00
0.09
0.37
0.04
0.01
0.13
0.01
0.34
0.02
0.01
Index Equity North America
Securities Portfolio as at 30/06/15
Jersey
893,445
ACCENTURE SHS CLASS A
EATON CORP
ENDO INTERNATIONAL
INGERSOLL RAND PLC
JAZZ PHARMA
MALLINCKRODT PLC W/I
PENTAIR PLC
PERRIGO COMPANY PLC
TYCO INTERNATIONAL PLC
WEATHERFORD INTERNATIONAL LTD
WILLIS GROUP HOLDING
XL GROUP PLC
Liberia
10,711 ROYAL CARIBBEAN CRUISES
5,269,829
2,681,678
1,684,280
748,710
678,110
510,603
847,584
843,906
1,506,365
958,883
509,904
513,696
524,780
893,445
842,849
842,849
Luxembourg
5,437,396
Netherlands
5,227,888
17,918 ALLERGAN PLC
CHICAGO BDGE NY REG
CORE LABORATORIES
LYONDELLBASELL
MYLAN NEW MOON BV
NIELSEN HOLDINGS
SENSATA TECHNOLOGIE
Panama
13,923 CARNIVAL CORP
Singapore
12,200 AVAGO TECHNOLOGIE LTD
29,993 FLEXTRONICS INTL
Sweden
5,980 AUTOLIV INC
5,437,396
230,184
262,292
2,093,692
1,186,057
849,153
606,510
687,657
687,657
1,960,967
1,621,746
339,221
698,165
698,165
Switzerland
3,033,440
United Kingdom
2,617,989
17,770 ACE LTD
19,076 TE CONNECTIVITY LTD
15,500 ENSCO - A
1,806,853
1,226,587
345,185
0.53
0.53
1.20
0.28
0.17
0.07
0.07
0.05
0.08
0.08
0.15
0.10
0.05
0.05
0.05
0.09
0.09
0.08
0.08
0.54
0.54
0.52
0.02
0.03
0.21
0.12
0.08
0.06
0.07
0.07
0.20
0.17
0.03
0.07
0.07
0.30
0.18
0.12
0.26
0.03
71,612
75,712
31,314
900
24,484
12,760
3,912
32,534
14,910
3,600
18,263
15,243
9,315
4,369
7,900
10,127
6,500
73,193
9,404
8,800
1,000
3,908
4,474
19,014
20,300
3,600
16,674
93,906
18,076
15,307
11,700
2,300
24,936
44,238
65,498
15,897
20,669
9,888
6,413
10,648
5,930
36,112
14,734
27,048
11,822
56,010
4,300
6,400
13,253
11,953
United States of America
ABBOTT LABORATORIES
ABBVIE INC
ACTIVISION BLIZZARD INC
ACUITY BRANDS INC.
ADOBE SYSTEMS INC
ADT CORP
ADVANCE AUTO PARTS
AES CORP
AETNA INC
AFFILIATED MANAGERS
AFLAC INC
AGILENT TECHNOLOGIES INC
AIR PRODUCTS & CHEMICALS INC
AIRGAS
A.J.GALLAGHER
AKAMAI TECHNOLOGIES INC
ALBEMARLE
ALCOA INC
ALEXION PHARMACEUTICALS INC
ALKERMES PLC
ALLEGHANY CORPORATION
ALLIANCE DATA SYST
ALLIANT ENERGY CORP
ALLSTATE CORP
ALLY FINANCIAL INC
ALNYLAM PHARMACEUTICALS
ALTERA CORP
ALTRIA GROUP INC
AMAZON.COM
AMEREN CORPORATION
AMERICAN AIRLINES
AMERICAN CAPITAL AGENCY
AMERICAN ELECTRIC POWER INC
AMERICAN EXPRESS CO
AMERICAN INTL GRP
AMERICAN REALTY CAP
AMERICAN TOWER
AMERICAN WATER WORKS
AMERIPRISE FINANCIAL
AMERISOURCEBERGEN
AMETEK
AMGEN INC
AMPHENOL CORPORATION-A
ANADARKO PETROLEUM CORP
ANALOG DEVICES INC
ANNALY CAPITAL MANAGEMENT
ANSYS
ANTERO RESOURCES CORP
ANTHEM INC
AON PLC
USD
705,451
1,567,353
878,829,914
3,514,717
5,087,089
758,112
161,982
1,983,449
428,353
623,142
431,401
1,900,429
786,960
1,135,959
588,075
1,274,571
462,153
373,670
707,067
359,255
816,102
1,699,961
566,192
468,760
1,140,902
258,239
1,233,438
455,329
431,532
853,709
4,592,942
7,846,611
576,768
467,240
42,251
1,320,860
3,438,177
4,049,086
129,243
1,928,211
480,853
801,176
1,132,308
324,845
5,543,914
854,130
2,111,367
758,795
514,732
392,332
219,776
2,175,347
1,191,475
% of NaV
12,008,499
0.03
0.05
0.06
13,047 LIBERTY GLOBAL PLC A
30,957 LIBERTY GLOBAL SHARES C
Market Value
Ireland
0.14
Quantity
5,269,829
10,500 DELPHI AUTOMOTIVE PLC
4,600
2,300
20,225
17,478
18,967
11,500
272,893
523,363
554,705
Curacao
61,142 SCHLUMBERGER LTD
27,709
24,956
9,400
10,058
2,900
7,200
12,275
8,150
24,919
41,557
10,953
14,107
1,350,961
% of NaV
6,212 GARMIN LTD
10,204 PRINCIPAL FINANCIAL
11,678 SEAGATE TECHNOLOGY
Market Value
Quantity
Cayman Islands
USD
0.07
0.16
87.96
0.35
0.51
0.08
0.02
0.20
0.04
0.06
0.04
0.19
0.08
0.11
0.06
0.13
0.05
0.04
0.07
0.04
0.08
0.17
0.06
0.05
0.11
0.03
0.12
0.05
0.04
0.09
0.46
0.79
0.06
0.05
0.00
0.13
0.34
0.41
0.01
0.19
0.05
0.08
0.11
0.03
0.55
0.09
0.21
0.08
0.05
0.04
0.02
0.22
0.12
The accompanying notes form an integral part of these financial statements
143
Index Equity North America
Securities Portfolio as at 30/06/15
CENTENE
CENTERPOINT ENERGY INC
CENTURYTEL INC
CERNER CORP
CF INDUSTRIES HOLDINGS INC
C.H. ROBINSON WORLDWIDE
CHARLES SCHWAB CORP
CHARTER COMMUNICATION
CHENIERE ENERGY
CHESAPEAKE ENERGY CORP
CHEVRON CORP
CHIPOTLE MEXICAN GRILL CL A
CHUBB CORP
CHURCH & DWIGHT INC
CIGNA CORP
CIMAREX ENERGY
CINCINNATI FINANCIAL CORP
CINTAS CORP
CISCO SYSTEMS INC
CIT GROUP INC
CITIGROUP INC
CITIZENS FINANCIAL GROUP
CITRIX SYSTEMS INC
CLOROX CO
CME GROUP INC
CMS ENERGY CORP
COACH INC
COBALT INTERNATIONAL ENERGY
COCA-COLA CO
COCA-COLA ENTERPRI
COGNIZANT TECH SO-A
COLGATE PALMOLIVE CO
COMCAST CLASS A
COMCAST CLASS A SPECIAL
COMERICA INC
COMMUNICATIONS SALES & LEASING INC
COMPUTER SCIENCES CORP
CONAGRA FOODS
CONCHO RESOURCES
CONOCOPHILLIPS
CONSOL ENERGY INC
CONSOLIDATED EDISON INC
CONSTELLATION BRANDS INC-A
CONTINENTAL RESOURCES INC
COOPER COMPANIES INC
CORNING INC
COSTCO WHOLESALE
CROWN CASTLE INTERNATIONAL CORP
CROWN HOLDINGS
CSX CORP
CUMMINS INC
CVR FOR CASA LEY
CVR FOR PDC
CVS HEALTH CORP
USD
434,160
404,768
771,666
876,371
688,760
594,951
1,822,850
787,750
561,006
410,252
8,669,759
714,493
774,059
224,000
1,760,616
494,630
110,145
381,078
6,673,467
377,545
7,956,162
221,211
646,174
667,392
1,425,679
560,384
627,549
137,882
7,562,132
664,198
1,901,487
2,832,253
6,149,255
1,025,274
483,691
110,103
453,441
527,832
865,336
3,409,360
304,686
1,061,809
1,094,765
329,540
551,707
1,202,524
2,811,409
995,399
477,619
1,545,390
1,017,641
5,716,170
% of NaV
5,400
21,270
26,265
12,690
10,715
9,536
55,830
4,600
8,100
36,728
89,870
1,181
8,136
2,761
10,868
4,484
2,195
4,505
243,025
8,121
144,029
8,100
9,210
6,416
15,320
17,600
18,132
14,200
192,764
15,290
31,126
43,300
102,249
17,105
9,425
4,454
6,908
12,073
7,600
55,518
14,015
18,345
9,436
7,774
3,100
60,949
20,816
12,396
9,027
47,332
7,757
3,524
3,524
54,502
Market Value
144
0.09
3.50
0.11
0.03
0.13
0.02
0.01
0.03
0.88
0.07
0.19
0.03
0.07
0.12
0.05
0.02
0.10
0.02
0.85
0.24
0.08
0.19
0.01
0.16
0.08
0.75
0.06
0.45
0.12
0.22
0.45
0.09
0.11
0.13
0.11
0.52
0.13
0.08
0.06
0.05
0.09
0.03
0.00
0.02
0.03
0.23
0.10
0.06
0.23
0.05
0.11
0.04
0.05
0.44
Quantity
The accompanying notes form an integral part of these financial statements
USD
902,255
34,840,932
1,112,569
300,409
1,270,693
238,936
121,900
309,607
8,758,237
714,220
1,901,772
333,794
742,260
1,170,408
520,610
243,371
997,689
242,298
8,508,009
2,358,672
766,614
1,924,194
93,330
1,606,736
811,205
7,503,880
624,645
4,535,438
1,176,308
2,184,518
4,463,871
877,496
1,129,666
1,331,925
1,060,717
5,244,284
1,325,919
760,967
603,257
509,922
868,612
336,125
14,856
192,617
270,366
2,323,640
1,035,754
631,908
2,322,881
481,444
1,140,525
350,870
520,842
4,396,541
% of NaV
APACHE CORP
APPLE INC
APPLIED MATERIALS INC
ARAMARK HOLDINGS CORP
ARCHER-DANIELS MIDLAND CO
ARROW ELECTRONICS INC
ASHLAND INC
ASSURANT
AT&T INC
AUTODESK INC
AUTOMATIC DATA PROCESSING INC
AUTONATION
AUTOZONE INC
AVALONBAY COMMUNITIE
AVERY DENNISON CORP
AVNET INC
BAKER HUGHES INC
BALL CORP
BANK OF AMERICA CORP
BANK OF NEW YORK MELLON CORP
BARD (CR) INC
BAXTER INTERNATIONAL INC
B/E AEROSPACE
BECTON DICKINSON & CO
BED BATH & BEYOND INC
BERKSHIRE HATAW B
BEST BUY CO INC
BIOGEN INC
BIOMARIN PHARMACEUTICAL INC
BLACKROCK INC A
BOEING CO
BORG WARNER INC
BOSTON PROPERTIES INC
BOSTON SCIENTIFIC CORP
BRANCH BANKING AND TRUST CORP
BRISTOL MYERS SQUIBB CO
BROADCOM CORPORATION A
BROWN-FORMAN CORP B
CA INC
CABLEVISION NY GRP
CABOT OIL & GAS
CALPINE CORP W/I
CAMDEN PROPERTY TRUST SBI
CAMERON INTERNATIONAL CORP
CAMPBELL SOUP CO
CAPITAL ONE FINANCIAL CORP
CARDINAL HEALTH INC
CARMAX
CATERPILLAR INC
CBRE GROUP
CBS CORP-B
CDK GLOBAL INC
CELANESE SER A
CELGENE CORP
Market Value
Quantity
15,656
277,783
57,886
9,700
26,352
4,282
1,000
4,621
246,572
14,263
23,704
5,300
1,113
7,321
8,543
5,920
16,170
3,454
499,883
56,199
4,491
27,516
1,700
11,343
11,760
55,131
19,155
11,228
8,600
6,314
32,179
15,438
9,333
75,250
26,314
78,814
25,751
7,596
20,596
21,300
27,540
18,684
200
3,678
5,674
26,414
12,382
9,544
27,386
13,012
20,550
6,500
7,246
37,988
0.04
0.04
0.08
0.09
0.07
0.06
0.18
0.08
0.06
0.04
0.87
0.07
0.08
0.02
0.18
0.05
0.01
0.04
0.67
0.04
0.80
0.02
0.06
0.07
0.14
0.06
0.06
0.01
0.76
0.07
0.19
0.28
0.62
0.10
0.05
0.01
0.05
0.05
0.09
0.34
0.03
0.11
0.11
0.03
0.06
0.12
0.28
0.10
0.05
0.15
0.10
0.00
0.00
0.57
Index Equity North America
Securities Portfolio as at 30/06/15
EXTRA SPACE STORAGE INC
EXXON MOBIL CORP
FACEBOOK A
FAMILY DOLLAR STORE
FASTENAL CO
FEDERAL REALTY INVESTMT TR SBI
FEDEX CORP
FIDELITY NATIONAL FINANCIAL CLASSE A
FIDELITY NATIONAL INFORM SVCES
FIFTH THIRD BANCORP
FIRST REPUBLIC BANK
FIRSTENERGY CORP
FISERV INC
FLEETCOR TECHNOLOGIES INC
FLOWSERVE CORP
FLUOR NEW
FMC CORP
FMC TECHNOLOGIES
FOOT LOCKER
FORD MOTOR CO
FORTUNE BRANDS HOME SECURITY
FRANKLIN RESOURCES INC
FREEPORT MCMORAN INC
FRONTIER COMMUNICATIONS CORP
F5 NETWORKS INC
GAMESTOP A
GANNETT CO INC SHS
GAP INC
GARTNER
GEN GROWTH PROP
GENERAL DYNAMICS CORP
GENERAL ELECTRIC CO
GENERAL MILLS INC
GENERAL MOTORS
GENUINE PARTS CO
GILEAD SCIENCES INC
GOLDMAN SACHS GROUP
GOODYEAR TYRE & RUBBER CO
GOOGLE INC-A
GOOGLE INC-C
HALLIBURTON CO
HANESBRANDS
HARLEY DAVIDSON
HARMAN INTERNATIONAL INDUSTRIE
HARRIS CORP
HARTFORD FINANCIAL SERVICES GRP
HASBRO INC
HCA HOLDINGS INC
HCP INC
HEALTH CARE REIT
HELMERICH & PAYNE INC
HENRY SCHEIN INC
HERTZ GLOBAL HOLDINGS
HESS CORP
USD
345,666
16,743,333
8,156,252
110,334
799,395
573,075
2,172,600
469,403
1,085,393
613,149
207,999
799,591
1,171,382
280,908
412,170
149,223
98,689
645,294
623,193
2,691,623
146,624
753,248
755,525
190,877
587,789
239,373
32,877
635,683
162,982
591,386
1,923,158
12,682,950
1,601,114
2,118,455
873,813
8,392,997
3,894,560
198,990
7,295,400
7,522,411
1,935,867
313,208
714,236
190,304
438,233
649,864
350,765
1,338,029
1,021,124
824,641
95,842
267,754
148,946
688,061
% of NaV
5,300
201,242
95,100
1,400
18,952
4,474
12,750
12,690
17,563
29,450
3,300
24,565
14,142
1,800
7,827
2,815
1,878
15,553
9,300
179,322
3,200
15,363
40,576
38,561
4,884
5,572
2,350
16,654
1,900
23,047
13,573
477,341
28,735
63,560
9,760
71,686
18,653
6,600
13,509
14,452
44,947
9,400
12,675
1,600
5,698
15,633
4,690
14,749
27,999
12,565
1,361
1,884
8,220
10,288
Market Value
0.27
0.01
0.09
0.12
0.02
0.05
0.10
0.02
0.04
0.05
0.24
0.12
0.01
0.03
0.10
0.10
0.09
0.19
0.07
0.26
0.03
0.08
0.08
0.25
0.04
0.02
0.02
0.06
0.02
0.30
0.16
0.08
0.08
0.30
0.08
0.40
0.26
0.19
0.04
0.04
0.08
0.03
0.23
0.07
0.07
0.04
0.10
0.09
0.09
0.06
0.14
0.07
0.04
0.31
Quantity
USD
2,679,481
144,577
923,918
1,240,881
234,156
495,138
974,863
159,041
372,744
547,376
2,381,363
1,193,771
91,064
330,870
973,128
956,202
874,419
1,858,518
654,007
2,621,030
322,492
843,672
785,810
2,461,248
371,400
172,874
209,650
581,740
176,320
2,998,807
1,587,729
760,668
793,050
3,004,755
770,602
3,973,623
2,553,338
1,878,079
375,650
389,651
764,150
347,424
2,306,242
735,964
710,893
406,146
1,041,323
913,750
949,100
640,781
1,389,455
745,330
447,265
3,098,670
% of NaV
DANAHER CORP
DARDEN RESTAURANTS INC
DAVITA HEALTHCARE
DEERE & CO
DELTA AIR LINES WI
DENTSPLY INTERNATIONAL
DEVON ENERGY CORPORATION
DIAMOND OFFSHORE DRILLING INC
DICK’S SPORTING GOODS
DIGITAL REALTY TRUST
DIRECTV
DISCOVER FINANCIAL SERVICES
DISCOVERY COMMUNICATION SERIES C
DISCOVERY COMMUNICATIONS INC - SERIES A
DISH NETWORK CORP
DOLLAR GENERAL
DOLLAR TREE INC
DOMINION RESOURCES
DOVER CORP
DOW CHEMICAL CO
DR HORTON INC
DR PEPPER SNAPPLE GROUP INC
DTE ENERGY CO
DUKE ENERGY
DUKE REALTY
DUN AND BRADSTREET
E TRADE FINANCIAL
EASTMAN CHEMICAL CO
EATON VANCE NON VTG
EBAY INC
ECOLAB INC
EDISON INTERNATIONAL
EDWARDS LIFESCIENCES
E.I. DUPONT DE NEMOURS & CO
ELECTRONIC ARTS INC
ELI LILLY & CO
EMC CORP
EMERSON ELECTRIC CO
ENERGEN CORP
ENERGIZER HOLDINGS
ENTERGY CORP
ENVISION HEALTH
EOG RESOURCES
EQT CORP
EQUIFAX INC
EQUINIX INC COMMON STOCK REIT
EQUITY RESIDENTIAL
ESSEX PROPERTY TRUST INC
ESTEE LAUDER COMPANIES INC-A
EVERSOURCE ENERGY
EXELON CORP
EXPEDIA
EXPEDIT INTL WASH
EXPRESS SCRIPTS HLD
Market Value
Quantity
31,306
2,034
11,626
12,786
5,700
9,605
16,387
6,162
7,200
8,209
25,664
20,718
2,930
9,948
14,372
12,300
11,070
27,793
9,319
51,222
11,787
11,573
10,528
34,852
20,000
1,417
7,000
7,110
4,506
49,781
14,042
13,686
5,568
46,986
11,588
47,594
96,754
33,882
5,500
2,962
10,839
8,800
26,342
9,048
7,322
1,599
14,840
4,300
10,952
14,111
44,222
6,816
9,701
34,840
0.03
1.68
0.82
0.01
0.08
0.06
0.22
0.05
0.11
0.06
0.02
0.08
0.12
0.03
0.04
0.01
0.01
0.06
0.06
0.27
0.01
0.08
0.08
0.02
0.06
0.02
0.00
0.06
0.02
0.06
0.19
1.27
0.16
0.21
0.09
0.84
0.39
0.02
0.73
0.75
0.19
0.03
0.07
0.02
0.04
0.07
0.04
0.13
0.10
0.08
0.01
0.03
0.01
0.07
The accompanying notes form an integral part of these financial statements
145
Index Equity North America
Securities Portfolio as at 30/06/15
LENNAR A
LEUCADIA NATIONAL
LEVEL 3 COMM
LIBERTY INT QVC-A QVC GROUP SHS
LIBERTY MEDIA
LIBERTY MEDIA CORP
LIBERTY PROPERTY TRUST
LIMITED BRANDS INC
LINCOLN NATIONAL CORP
LINEAR TECHNOLOGY CORP
LINKEDIN CORP CLASS A
LKQ CORPORATION
LOCKHEED MARTIN CORP
LOEWS CORP
LOWE’S COMPANIES INC
LULULEMON ATHLETICA
L3 COMMUNICATION
MACERICH CO
MACY S STORE
MANPOWER INC
MARATHON OIL CORP
MARATHON PETROLEUM
MARRIOTT INTERNATIONAL-A
MARSH & MCLENNAN COMPANIES
MARTIN MARIETTA
MASCO CORP
MASTERCARD
MATTEL
MAXIM INTEGRATED PRODUCTS INC
MC DONALD’S CORP
MC GRAW HILL FIN SHS
MCCORMICK NON VTG
MCKESSON CORP
MEAD JOHNSON NUTRITION
MEADWESTVACO
MEDIVATION
MEDTRONIC PLC
MERCK AND CO INC
METLIFE INC
METTLER TOLEDO INTERNATIONAL INC
MGM MIRAGE
MICROCHIP TECHNOLOGY INC
MICRON TECHNOLOGY INC
MICROSOFT CORP
MOHAWK INDUSTRIES
MOLSON COORS BREWING CO-B
MONDELEZ INTERNATIONAL
MONSANTO
MONSTER BEVERAGE CORP
MOODY’S CORP
MORGAN STANLEY
MOSAIC CO THE -WI
MOTOROLA SOLUTIONS INC
M&T BANK CORPORATION
USD
479,776
353,978
970,603
302,891
176,848
352,323
312,856
1,149,554
873,140
401,608
1,281,106
592,802
2,621,004
703,424
2,865,847
460,234
596,379
678,785
1,099,086
566,848
1,094,695
1,305,030
1,026,805
1,259,817
438,681
314,253
4,240,253
508,585
635,246
4,402,597
1,189,629
241,555
2,475,833
1,123,780
429,193
571,000
4,988,486
7,715,381
2,817,921
478,044
465,539
640,475
962,159
16,209,584
729,047
227,022
3,528,331
2,451,783
947,521
1,028,211
2,979,150
1,030,466
430,394
962,586
% of NaV
9,400
14,579
18,428
10,915
4,907
9,814
9,710
13,409
14,744
9,080
6,200
19,600
14,099
18,266
42,793
7,048
5,260
9,099
16,290
6,342
41,247
24,948
13,803
22,219
3,100
11,783
45,360
19,797
18,373
46,309
11,843
2,984
11,013
12,456
9,095
5,000
67,321
135,524
50,329
1,400
25,509
13,505
51,070
367,148
3,819
3,252
85,764
23,002
7,070
9,524
76,802
21,995
7,506
7,705
Market Value
146
0.26
0.05
0.05
0.06
0.71
0.36
0.06
0.07
0.06
0.02
0.02
0.15
0.06
0.06
0.16
0.12
0.10
0.02
0.70
0.11
0.02
0.09
0.04
0.71
0.10
0.11
0.01
0.04
0.05
0.04
0.04
0.06
1.29
0.16
0.04
1.21
0.07
0.03
0.07
0.06
0.05
0.19
0.02
0.35
0.06
0.08
0.26
0.17
0.07
0.08
0.09
0.02
0.02
0.03
Quantity
The accompanying notes form an integral part of these financial statements
USD
2,616,062
528,960
451,489
565,990
7,067,312
3,603,416
551,919
653,438
617,546
225,785
170,964
1,468,074
597,168
569,831
1,643,408
1,244,652
1,021,258
205,218
6,990,644
1,090,099
169,509
936,571
411,453
7,082,379
996,918
1,069,776
93,000
408,605
509,984
408,825
383,442
567,310
12,922,514
1,551,428
359,100
12,043,798
685,972
297,950
699,293
565,989
512,047
1,886,478
173,310
3,460,014
592,622
770,166
2,567,397
1,670,703
710,834
812,605
851,844
213,294
168,297
287,504
% of NaV
HEWLETT PACKARD CO
HILTON WORLDWIDE HOLDINGS IN
HOLLYFRONTIER
HOLOGIC INC
HOME DEPOT INC
HONEYWELL INTERNATIONAL INC
HORMEL FOODS
HOSPIRA
HOST HOTELS & RESORTS INC
H&R BLOCK INC
HUDSON CITY BANCORP
HUMANA
HUNTINGTON BANCSHARES INC
IHS
ILLINOIS TOOL WORKS INC
ILLUMINA
INCYTE
INTEGRYS ENERGY GROUP INC
INTEL CORP
INTERCONTINENTALEXCHANGE GROUP
INTERNATIONAL FLAVORS & FRAGRANCES
INTERNATIONAL PAPER
INTERPUBLIC GROUP OF COS INC
INTL BUSINESS MACHINES CORP
INTUIT
INTUITIVE SURGICAL
IRON MOUNTAIN INC
ISIS PHARMACEUTICALS INC
JACOBS ENGINEERING GROUP INC.
JARDEN
J.B HUNT TRANSPORT SERVICES
JM SMUCKER
JOHNSON & JOHNSON
JOHNSON CONTROLS INC
JONES LANG LASALLE
J.P.MORGAN CHASE & CO
JUNIPER NETWORKS
KANSAS CITY SOUTHERN
KELLOGG CO
KEURIG GREEN MOUNTAIN INC.
KEYCORP
KIMBERLY-CLARK CORP
KIMCO REALTY CORP
KINDER MORGAN
KLA-TENCOR
KOHL S CORP
KRAFT FOODS
KROGER CO
LABORATORY CORP
LAM RESEARCH CORP
LAS VEGAS SANDS
LEAR CORP
LEGG MASON INC
LEGGETT & PLATT INC
Market Value
Quantity
87,173
19,200
10,576
14,871
63,595
35,338
9,791
7,366
31,142
7,615
17,304
7,675
52,800
4,430
17,904
5,700
9,800
2,946
229,842
4,875
1,551
19,680
21,352
43,541
9,893
2,208
3,000
7,100
12,555
7,900
4,671
5,233
132,593
31,323
2,100
177,742
26,414
3,267
11,153
7,386
34,091
17,802
7,689
90,128
10,543
12,301
30,155
23,041
5,864
9,989
16,204
1,900
3,266
5,906
0.05
0.04
0.10
0.03
0.02
0.04
0.03
0.12
0.09
0.04
0.13
0.06
0.26
0.07
0.29
0.05
0.06
0.07
0.11
0.06
0.11
0.13
0.10
0.13
0.04
0.03
0.42
0.05
0.06
0.44
0.12
0.02
0.25
0.11
0.04
0.06
0.50
0.77
0.28
0.05
0.05
0.06
0.10
1.62
0.07
0.02
0.35
0.25
0.09
0.10
0.30
0.10
0.04
0.10
Index Equity North America
Securities Portfolio as at 30/06/15
PPL CORP
PRAXAIR INC
PRECISION CASTPARTS CORP
PRICELINE GROUP
PROCTER AND GAMBLE CO
PROGRESSIVE CORP
PROLOGIS
PRUDENTIAL FINANCIAL
PUBLIC SERVICE ENTERPRISE GROU
PUBLIC STORAGE
PULTE HOMES
QORVO INC SHS
QUALCOMM INC
QUANTA SERVICES
QUEST DIAGNOSTICS INC
RACKSPACE HOSTING
RANGE RESOURCES CORPORATION
RAYMOND J FINANCIAL
RAYTHEON CO
REALOGY HOLDINGS
REALTY INCOME CORP
RED HAT
REGENCY CENTERS CORP
REGENERON PHARMA
REGIONS FINANCIAL CORP
REPUBLIC SERVICES INC
REYNOLDS AMERICAN INC
RITE AID CORP
ROBERT HALF INTL
ROCK-TENN COMPANY-A
ROCKWELL AUTOMATION INC
ROCKWELL COLLINS INC.
ROPER TECHNOLOGIES INC
ROSS STORES INC
SALESFORCE.COM
SANDISK
SBA COMMUNICATIONS CORP
SCANA CORP
SCRIPPS NETWORKS INTER
SEALED AIR
SEI INVESTMENTS
SEMPRA ENERGY
SERVICENOW INC
SHERWIN WILLIAMS CO
SIGMA-ALDRICH CORP
SIMON PROPERTY GROUP INC
SIRIUS XM HOLDINGS
SKYWORKS SOLUTIONS
SL GREEN REALTY CORPOR
SNAP ON INC
SOUTHERN CO
SOUTHWEST AIRLINES
SOUTHWESTERN ENERGY
SPECTRA ENERGY
USD
804,737
1,654,213
1,357,917
2,622,821
10,079,346
539,763
851,964
1,896,558
755,472
1,200,064
423,150
82,758
4,947,707
302,149
372,608
301,239
524,959
190,656
1,134,765
397,120
590,387
578,283
412,860
1,836,468
967,769
719,670
1,183,734
393,285
302,919
559,619
489,960
634,445
963,362
1,256,471
1,778,629
442,996
846,179
459,801
218,074
766,487
469,707
1,101,301
624,204
1,062,402
592,098
2,596,511
547,590
718,290
659,340
605,150
2,031,480
335,830
477,216
1,025,368
% of NaV
27,307
13,837
6,794
2,278
128,826
19,395
22,964
21,670
19,233
6,509
21,000
1,031
78,999
10,484
5,138
8,100
10,631
3,200
11,860
8,500
13,300
7,616
7,000
3,600
93,414
18,373
15,855
47,100
5,458
9,296
3,931
6,870
5,586
25,848
25,544
7,609
7,360
9,078
3,336
14,918
9,580
11,131
8,400
3,863
4,249
15,007
146,807
6,900
6,000
3,800
48,484
10,149
20,995
31,453
Market Value
0.02
0.03
0.04
0.07
0.04
0.06
0.16
0.02
0.04
0.05
0.03
0.20
0.33
0.09
0.10
0.02
0.10
0.06
0.14
0.01
0.02
0.06
0.03
0.27
0.03
0.04
0.06
0.07
0.05
0.66
0.13
0.10
0.01
0.07
0.08
0.05
0.02
0.08
0.02
0.00
0.64
0.98
0.11
0.05
0.57
0.06
0.19
0.03
0.12
0.05
0.24
0.01
0.06
0.13
Quantity
USD
214,834
266,205
380,718
746,216
449,368
580,641
1,607,532
183,500
433,989
531,511
294,009
2,031,868
3,315,998
873,368
1,032,856
246,074
1,030,848
606,481
1,385,157
107,239
167,833
554,753
318,120
2,688,353
326,130
377,124
638,261
703,586
461,995
6,609,643
1,281,759
982,929
112,482
736,122
768,680
534,885
244,077
842,621
236,147
30,819
6,443,074
9,801,925
1,107,254
496,375
5,727,265
576,000
1,922,081
255,777
1,202,165
474,385
2,394,598
148,110
552,338
1,291,747
% of NaV
MURPHY OIL
NABORS INDUSTRIES
NASDAQ OMX GRP INC
NATIONAL OILWELL VARCO
NAVIENT CORP.
NETAPP INC
NETFLIX
NETSUITE INC
NEW YORK COMMUNITY BANCORP
NEWELL RUBBERMAID INC
NEWMONT MINING CORP
NEXTERA ENERGY INC
NIKE INC -BNISOURCE
NOBLE ENERGY
NORDSTROM INC
NORFOLK SOUTHERN CORP
NORTHERN TRUST CORP
NORTHROP GRUMMAN CORP
NRG ENERGY INC
NUANCE COMMUNICATIONS
NUCOR CORP
NVIDIA CORP
OCCIDENTAL PETROLEUM CORP
OCEANEERING INTL
OGE ENERGY CORP
OMNICARE INC SHS
OMNICOM GROUP INC
ONEOK INC
ORACLE CORP
OREILLY AUTOMOTIVE INC
PACCAR INC
PACKAGING CORP. OF AMERICA
PALL CORP
PALO ALTO NETWORKS INC
PARKER-HANNIFIN CORP
PATTERSON COMPANIES
PAYCHEX INC
PEOPLES UNITED FINANCIAL INC
PEPCO HOLDINGS
PEPSICO INC
PFIZER INC
PG&E CORP
PHARMACYCLICS
PHILIP MORRIS INTERNATIONAL INC
PHILLIPS VAN HEUSEN CORP
PHILLIPS 66
PINNACLE WEST CAPITAL CORP
PIONEER NATURAL RES
PLUM CREEK TIMBER
PNC FINANCIAL SERVICES GROUP
POLARIS INDUSTRIES INC.
POLO RALPH LAUREN A
PPG INDUSTRIES INC
Market Value
Quantity
5,168
18,448
7,800
15,456
24,677
18,398
2,447
2,000
23,612
12,929
12,586
20,727
30,698
19,157
24,200
3,303
11,800
7,932
8,732
4,687
9,585
12,588
15,819
34,568
7,000
13,200
6,772
10,125
11,702
164,011
5,672
15,404
1,800
5,915
4,400
4,598
5,017
17,974
14,568
1,144
69,028
292,333
22,551
1,900
71,439
5,000
23,859
4,496
8,668
11,693
25,035
1,000
4,173
11,260
0.08
0.17
0.14
0.26
1.01
0.05
0.09
0.19
0.08
0.12
0.04
0.01
0.50
0.03
0.04
0.03
0.05
0.02
0.11
0.04
0.06
0.06
0.04
0.18
0.10
0.07
0.12
0.04
0.03
0.06
0.05
0.06
0.10
0.13
0.18
0.04
0.08
0.05
0.02
0.08
0.05
0.11
0.06
0.11
0.06
0.26
0.05
0.07
0.07
0.06
0.20
0.03
0.05
0.10
The accompanying notes form an integral part of these financial statements
147
Index Equity North America
Securities Portfolio as at 30/06/15
UNIVERSAL HEALTH SERV CL B
UNUM GROUP
URBAN OUTFITTERS
US BANCORP
VALERO ENERGY CORPORATION
VANTIV INC
VARIAN MEDICAL SYSTEMS INC
VENTAS INC
VERISIGN
VERISK ANALYTICS INC
VERIZON COMMUNICATIONS INC
VERTEX PHARMACEUTICALS INC
VF CORP
VIACOM INC-B
VISA INC-A
VMWARE CLASS A
VORNADO REALTY TRUST
VOYA FINANCIAL
VULCAN MATERIALS CO
WABCO W/I
WABTEC
WALGREEN BOOTS
WAL-MART STORES INC
WALT DISNEY COMPANY
WASTE MANAGEMENT INC
WATERS CORP
WELLS FARGO & CO
WESTERN DIGITAL CORP
WESTERN UNION CO
WESTLAKE CHEMICAL
WEYERHAEUSER CO
WHIRLPOOL CORP
WHITEWAVE FOODS COMPANY
WHITING PETROLEUM HOLDINGS
WHOLE FOODS MARKET
WILLIAMS COMPANIES INC
WISCONSIN ENERGY
WORKDAY INC
W.R.BERKLEY CORP.
WW GRAINGER INC
WYNDHAM WORLWIDE
WYNN RESORTS
XCEL ENERGY INC
XEROX CORPORATION
XILINX INC
XYLEM
YAHOO INC
YUM BRANDS INC
ZILLOW GROUP INC SHARES A
ZIMMER BIOMET HOLDINGS INC
ZOETIS INC
3M
USD
312,620
132,096
210,175
3,691,430
1,228,275
362,805
125,230
1,127,989
495,858
247,457
9,195,687
1,209,487
1,217,102
955,379
6,294,641
448,077
878,387
427,524
748,740
136,092
584,288
3,497,758
5,430,472
8,737,531
802,689
521,223
12,916,810
820,352
646,189
336,091
560,763
855,905
205,296
242,424
809,782
1,716,707
537,630
91,668
272,425
935,477
737,190
447,962
588,283
665,202
735,529
290,518
1,763,885
2,084,812
251,546
882,141
935,468
4,457,573
% of NaV
2,200
3,695
6,005
85,056
19,621
9,500
1,485
18,167
8,034
3,401
197,290
9,795
17,452
14,780
93,740
5,226
9,253
9,200
8,921
1,100
6,200
41,423
76,561
76,551
17,318
4,060
229,673
10,461
31,785
4,900
17,802
4,946
4,200
7,215
20,532
29,913
11,905
1,200
5,246
3,953
9,000
4,540
18,281
62,519
16,656
7,837
44,894
23,144
2,900
8,076
19,400
28,889
Market Value
148
0.04
0.12
0.09
0.06
0.38
0.05
0.14
0.04
0.12
0.04
0.13
0.04
0.10
0.05
0.09
0.08
0.21
0.07
0.02
0.03
0.10
0.03
0.27
0.08
0.09
0.25
0.07
0.33
0.22
0.22
0.03
0.00
0.04
0.03
0.02
0.05
0.06
0.15
0.04
0.07
0.23
0.08
0.07
0.08
0.07
0.09
0.40
0.03
0.04
0.32
0.06
0.46
0.04
0.54
Quantity
The accompanying notes form an integral part of these financial statements
USD
417,720
1,224,361
864,231
607,991
3,814,278
471,052
1,407,252
429,048
1,245,946
391,821
1,272,747
355,644
1,030,626
527,874
898,096
793,235
2,050,301
651,935
150,729
307,100
1,019,388
278,553
2,725,085
810,392
892,209
2,467,776
746,977
3,276,389
2,150,156
2,156,679
345,053
18,942
419,708
332,197
163,540
476,682
561,675
1,521,718
365,976
705,834
2,273,659
808,271
666,448
843,307
679,580
884,464
4,029,573
333,963
377,954
3,234,953
578,292
4,569,761
382,690
5,374,222
% of NaV
SPLUNK INC
ST JUDE MEDICAL INC
STANLEY BLACK AND DECKER INC.
STAPLES INC
STARBUCKS
STARWOOD HTLS & RESORTS WORLD
STATE STREET CORP
STERICYCLE
STRYKER CORP
SUNEDISON
SUNTRUST BANKS INC
SYCHRONY FINANCIAL
SYMANTEC CORP
SYNOPSYS INC
SYSCO CORP
T ROWE PRICE GROUP INC
TARGET CORP
TD AMERITRADE HOLDING
TEGNA INC SHS
TERADATA CORP COM STK USD0.01
TESLA MOTOR INC
TESORO
TEXAS INSTRUMENTS
TEXTRON INC
THE HERSHEY CO
THERMO FISHER SCIE
TIFFANY & CO
TIME WARNER
TIME WNR CBLE CL A
TJX COMPANIES INC
T-MOBILE US INC
TOLL BROTHERS INC
TORCHMARK CORP
TOTAL SYSTEM SERVICES INC
TOWER WATSON & CO
TRACTOR SUPPLY
TRANSDIGM
TRAVELERS COMPANIES INC
TRIMBLE NAVIGATION
TRIPADVISOR
TWENTY-FIRST CENTURY CL A-WI
TWENTY-FIRST CENTURY FOX INC
TWITTER INC
TYSON FOODS -AULTA SALON COSMET.
UNDER ARMOUR
UNION PACIFIC CORP
UNITED CONTINENTAL
UNITED DOMINION REALTY INC
UNITED PARCEL SERVICE-B
UNITED RENTALS INC
UNITED TECHNOLOGIES CORP
UNITED THERAPEUTICS CORP
UNITEDHEALTH GROUP
Market Value
Quantity
6,000
16,756
8,212
39,712
71,142
5,809
18,276
3,204
13,037
13,100
29,585
10,800
44,328
10,422
24,878
10,205
25,117
17,706
4,700
8,300
3,800
3,300
52,904
18,158
10,044
19,018
8,137
37,483
12,068
32,593
8,900
496
7,209
7,953
1,300
5,300
2,500
15,743
15,600
8,100
69,862
25,086
18,400
19,782
4,400
10,600
42,252
6,300
11,800
33,381
6,600
41,195
2,200
44,051
0.03
0.01
0.02
0.37
0.12
0.04
0.01
0.11
0.05
0.02
0.92
0.12
0.12
0.10
0.63
0.04
0.09
0.04
0.07
0.01
0.06
0.35
0.54
0.87
0.08
0.05
1.29
0.08
0.06
0.03
0.06
0.09
0.02
0.02
0.08
0.17
0.05
0.01
0.03
0.09
0.07
0.04
0.06
0.07
0.07
0.03
0.18
0.21
0.03
0.09
0.09
0.45
Index Equity North America
Securities Portfolio as at 30/06/15
Canada
15,832 POWER FINANCIAL CORP
Total securities portfolio
% of NaV
Shares
Market Value
Quantity
Other transferable securities
USD
454,887
0.05
454,887
0.05
454,887
454,887
981,683,631
0.05
0.05
98.25
The accompanying notes form an integral part of these financial statements
149
Index Equity Pacific ex Japan10
Securities Portfolio as at 30/06/15
The accompanying notes form an integral part of these financial statements
150
110,347,794
98.72
64,440,091
57.64
110,347,794
203,692
913,263
982,211
4,976,834
227,043
374,302
452,520
588,461
167,006
551,118
485,044
247,031
291,402
4,864,522
241,373
915,739
477,030
151,852
318,011
238,573
7,700,547
291,827
278,471
2,268,566
387,260
579,593
99,602
156,751
594,933
416,019
132,016
161,425
169,504
391,995
745,830
432,346
1,298,672
291,795
357,908
4,867,766
565,645
436,962
742,559
96,201
91,462
1,029,279
478,988
108,895
98.72
0.18
0.82
0.88
4.45
0.20
0.33
0.40
0.53
0.15
0.49
0.43
0.22
0.26
4.35
0.22
0.82
0.43
0.14
0.28
0.21
6.89
0.26
0.25
2.03
0.35
0.52
0.09
0.14
0.53
0.37
0.12
0.14
0.15
0.35
0.67
0.39
1.16
0.26
0.32
4.35
0.51
0.39
0.66
0.09
0.08
0.92
0.43
0.10
34,846
80,149
428,635
28,735
86,840
31,902
424,791
187,823
103,113
63,383
115,456
345,735
21,231
152,886
49,766
90,174
158,779
252,617
58,844
103,628
16,604
RIO TINTO LTD
SANTOS
SCENTRE GROUP
SEEK
SIDNEY AIRPORT
SONIC HEALTHCARE
SOUTH32 LTD
STOCKLAND
SUNCORP GROUP
TABCORP HOLDINGS LIMITED
TATTS GROUP LTD
TELSTRA CORPORATION LTD
TPG TELECOM LTD
TRANSURBAN GROUP
TREASURY WINE ESTATES LTD
WESFARMERS LTD
WESTFIELD CORPORATION
WESTPAC BANKING CORP
WOODSIDE PETROLEUM
WOOLWORTHS LTD
WORLEY GROUP
49,000
151,250
49,500
498,000
335,992
126,607
55,000
CHEUNG KONG INFRASTRUCTURE
FIRST PACIFIC
KERRY PROPERTIES LTD
LI & FUNG
NOBLE GROUP LTD
NWS HOLDINGS LTD
YUE YUEN INDUSTRIAL HOLDINGS
216,964
72,400
187,600
468,000
142,000
971,200
20,900
99,784
291,500
110,000
215,464
152,000
187,000
190,000
60,200
96,561
90,504
221,800
559,644
49,000
179,637
Bermuda
Cayman Islands
CK HUTCHISON HOLDINGS LTD
MGM CHINA HOLDINGS LTD
SANDS CHINA LTD
WH GROUP LTD
WYNN MACAU LTD
Hong Kong (China)
AIA GROUP LTD
ASM PACIFIC TECH
BANK OF EAST ASIA
BOC HONG KONG HOLDINGS LTD
CATHAY PACIFIC AIRWAYS
CHEUNG KONG PROPERTY HOLDINGS LTD
CLP HOLDINGS LTD
GALAXY ENTERTAINMENT GROUP L
HANG LUNG PROPERTIES LTD
HANG SENG BANK LTD
HENDERSON LAND DEVELOPMENT CO LTD
HKG EXCHANGES & CLEARING LTD
HKT TRUST AND HKT LTD-SS
HONG KONG & CHINA GAS
HYSAN DEVELOPMENT CO
LINK REIT
EUR
% of NaV
ALUMINA LTD
AMCOR LTD
AMP
ANZ BANKING GROUP
ARISTOCRAT LEISURE
ASCIANO GROUP
ASX SHS
AURIZON HOLDINGS
AUSNET SERVICES
AUSTRALIAN GAS LIGHT
AUSTRALIAN PIPELINE TRUST
BANK OF QUEENSLAND
BENDIGO & ADELAIDE BANK
BHP BILLITON LTD
BORAL
BRAMBLES LIMITED
CALTEX AUSTRALIA
CIMIC GROUP LIMITED
COCA COLA AMATIL
COCHLEAR LIMITED
COMMONWEALTH BANK OF AUSTRALIA
COMPUTERSHARE
CROWN RESORTS
CSL LTD
DEXUS PROPERTY GROUP
FEDERATION STAPLED SECURITY
FLIGHT CENTRE
FORTESCUE METAL
GOODMAN GRP
GPT GROUP
HARVEY NORMAN HOLDINGS LTD
HEALTHSCOPE LTD
ILUKA RESOURCES LIMITED
INCITEC PIVOT
INSURANCE AUSTRALIA GROUP
LEND LEASE CORP
MACQUARIE GROUP LIMITED
MEDIBANK
MIRVAC GROUP
NATIONAL AUSTRALIA BANK
NEWCREST MINING
ORICA
ORIGIN ENERGY
PLATINIUM ASSET MANAGEMENT
QANTAS AIRWAYS LTD
QBE INSURANCE GROUP LTD
RAMSAY HEALTH CARE
REA GROUP
98.72
Market Value
192,995
96,495
236,522
224,058
43,024
81,595
16,441
166,289
173,549
51,378
85,333
28,043
34,456
260,697
59,813
125,236
21,712
10,121
50,383
4,315
131,130
36,127
33,089
38,032
76,903
287,742
4,233
118,971
137,551
140,907
42,434
86,033
31,995
147,599
193,762
41,700
23,128
210,448
280,455
211,845
62,979
29,767
89,929
18,644
41,958
109,151
11,296
4,026
Australia
110,347,794
Quantity
Shares
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
1,292,017
432,909
1,108,806
278,698
298,322
470,283
524,524
531,214
955,270
198,940
296,276
1,464,362
131,371
980,816
171,305
2,427,821
998,906
5,602,482
1,389,460
1,927,231
119,234
1.16
0.39
0.99
0.25
0.27
0.42
0.47
0.48
0.85
0.18
0.27
1.31
0.12
0.88
0.15
2.17
0.89
5.01
1.24
1.72
0.11
341,497
114,516
174,210
354,568
170,208
164,454
165,232
0.31
0.10
0.16
0.31
0.15
0.15
0.15
1,484,685
1.33
4,032,845
3.61
25,369,570
22.70
2,860,921
106,280
566,849
286,071
212,724
5,706,095
185,824
391,611
1,090,022
242,722
1,603,910
1,159,640
668,951
507,013
1,055,853
593,037
2,866,673
234,181
1,053,481
190,603
944,161
2.55
0.10
0.51
0.26
0.19
5.11
0.17
0.35
0.98
0.22
1.43
1.04
0.60
0.45
0.94
0.53
2.57
0.21
0.94
0.17
0.84
Index Equity Pacific ex Japan
Securities Portfolio as at 30/06/15
441,900 GENTING INTERNATIONAL
Malta
206,362 BGP HOLDINGS ORDS
Mauritius
601,812 GOLDEN AGRI-RESSOURCES LTD
72,778
28,020
59,277
104,008
57,231
35,316
140,204
163,400
203,300
188,900
205,300
31,300
188,900
139,945
243,000
432,700
8,900
112,400
243,348
75,100
63,900
46,200
60,300
119,600
130,500
650,900
New Zealand
AUCKLAND INTL AIRPORT
CONTACT ENERGY
FLETCHER BUILDING
MERIDIAN ENERGY LTD
MIGHTY RIVER POWER LTD
RYMAN HEALTHCARE
SPARK NEW SHS
Singapore
ASCENDAS REAL ESTATE INV TRUST
CAPITALAND
CAPITALAND COMMERCIAL TRUST
CAPITALAND MALL TRUST
CITY DEVELOPMENTS LTD
COMFORTDELGRO CORP
DBS GROUP HOLDINGS LTD
GLOBAL LOGISTIC PROPERTIE
HUTCHISON PORT HOLDINGS TRST
JARDINE CYCLE & CARRIAGE
KEPPEL CORPORATION LTD
OVERSEA-CHINESE BANKING
SEMBCORP INDUSTRIES
SEMBCORP MARINE
SINGAPORE AIRLINES
SINGAPORE EXCHANGE
SINGAPORE PRESS HOLDING
SINGAPORE TECHNOLOGIES ENGINEE
SINGAPORE TELECOMM
429,126
263,623
263,623
-
-
164,468
164,468
1,236,281
218,003
85,208
292,157
136,363
96,919
169,774
237,857
12,927,105
267,931
474,288
196,423
294,214
204,042
394,106
1,929,985
409,792
244,661
196,361
615,849
1,651,246
194,727
120,964
330,429
314,714
325,258
287,052
1,826,554
EUR
% of NaV
Isle of Man
53,900 STARHUB
0.44
200,400 SUNTEC REIT
0.46
0.17
105,000 UNITED OVERSEAS BANK LTD
0.82
43,200 UOL GROUP LTD
0.09
148,200 WILMAR INTERNATIONAL
0.34
146,600 YANGZIJIANG SHIPBUILDING
0.15
Warrants, Rights
1.79
Singapore
0.48
988 JARDINE CYCLE & CARRIAGE LTD RIGHTS
0.25
15/07/2015
0.28
0.56 Total securities portfolio
0.32
Market Value
35,917 JAMES HARDIE INDUSTRIES PLC
429,126
Quantity
Ireland
EUR
496,056
518,505
189,749
912,617
102,507
382,927
171,154
1,992,070
541,524
279,653
308,757
627,269
353,005
% of NaV
MTR CORP
NEW WORLD DEVELOPMENT
PCCW LTD
POWER ASSETS HOLDINGS LTD
SHANGRI-LA ASIA LTD
SINO LAND
SJM HOLDINGS LTD
SUN HUNG KAI PROPERTIES
SWIRE PACIFIC A
SWIRE PROPERTIES LTD
TECHTRONIC INDUSTRIES CO LTD
WHARF HOLDINGS LTD
WHEELOCK & CO LTD
Market Value
Quantity
118,694
441,693
354,000
111,500
81,834
255,221
176,000
137,000
48,000
97,600
105,000
105,005
77,000
141,913
230,422
1,614,631
199,263
324,010
138,270
0.13
0.21
1.44
0.18
0.29
0.12
-
0.00
110,347,794
98.72
-
0.00
0.00
0.38
0.38
0.24
0.24
0.00
0.00
0.15
0.15
1.11
0.20
0.08
0.26
0.12
0.09
0.15
0.21
11.56
0.24
0.42
0.18
0.26
0.18
0.35
1.72
0.37
0.22
0.18
0.55
1.48
0.17
0.11
0.30
0.28
0.29
0.26
1.63
The accompanying notes form an integral part of these financial statements
151
Index Equity USA
Securities Portfolio as at 30/06/15
Bermuda
2,352 INVESCO LTD
British Virgin Islands
1,100 MICKAEL KORS
Cayman Islands
99.10
75,051
0.06
127,578,137
75,051
88,176
88,176
46,299
46,299
264,411
1,300 GARMIN LTD
2,560 PRINCIPAL FINANCIAL
1,600 SEAGATE TECHNOLOGY
57,109
131,302
76,000
9,241 SCHLUMBERGER LTD
796,482
Curacao
4,081
1,045
2,759
1,300
1,305
900
1,803
1,063
2,618
2,486
796,482
Ireland
1,455,137
Jersey
196,218
ACCENTURE SHS CLASS A
ALLEGION
EATON CORP
ENDO INTERNATIONAL
INGERSOLL RAND PLC
MALLINCKRODT PLC W/I
PENTAIR PLC
PERRIGO COMPANY PLC
TYCO INTERNATIONAL PLC
XL GROUP PLC
2,306 DELPHI AUTOMOTIVE PLC
Liberia
1,500 ROYAL CARIBBEAN CRUISES
394,960
62,846
186,205
103,545
87,983
105,948
123,956
196,474
100,741
92,479
196,218
118,035
118,035
Luxembourg
1,072,124
Netherlands
608,651
3,533 ALLERGAN PLC
2,782 LYONDELLBASELL
2,944 MYLAN NEW MOON BV
2,700 NIELSEN HOLDINGS
Panama
3,518 CARNIVAL CORP
Singapore
2,000 AVAGO TECHNOLOGIE LTD
Switzerland
2,544 ACE LTD
The accompanying notes form an integral part of these financial statements
152
127,667,973
1,072,124
287,992
199,780
120,879
173,754
173,754
265,860
265,860
489,371
258,673
99.03
0.06
0.07
0.07
0.04
0.04
0.21
0.04
0.11
0.06
0.62
0.62
1.13
0.31
0.05
0.14
0.08
0.07
0.08
0.10
0.15
0.08
0.07
0.15
0.15
0.09
0.09
0.83
0.83
0.47
0.22
0.16
0.09
0.13
0.13
0.21
0.21
0.38
0.20
2,833 TE CONNECTIVITY LTD
3,000 TRANSOCEAN LTD
United Kingdom
2,189 ENSCO - A
2,400 NOBLE
10,982
11,619
3,725
209
6,313
2,521
520
3,443
1,488
1,100
1,295
500
800
7,849
1,593
1,018
400
3,268
2,104
14,300
2,748
2,395
5,700
3,914
5,729
9,276
2,610
1,453
1,360
1,100
5,514
1,544
3,595
1,636
1,908
2,197
2,121
1,368
40,259
9,710
4,345
668
36,289
1,702
3,404
732
205
United States of America
ABBOTT LABORATORIES
ABBVIE INC
ADOBE SYSTEMS INC
ADT CORP
AES CORP
AETNA INC
AFFILIATED MANAGERS
AFLAC INC
AGILENT TECHNOLOGIES INC
AGL RESOURCES
AIR PRODUCTS & CHEMICALS INC
AIRGAS
AKAMAI TECHNOLOGIES INC
ALCOA INC
ALEXION PHARMACEUTICALS INC
ALLEGHENY TECHNOLOGIES INC
ALLIANCE DATA SYST
ALLSTATE CORP
ALTERA CORP
ALTRIA GROUP INC
AMAZON.COM
AMEREN CORPORATION
AMERICAN AIRLINES
AMERICAN ELECTRIC POWER INC
AMERICAN EXPRESS CO
AMERICAN INTL GRP
AMERICAN TOWER
AMERIPRISE FINANCIAL
AMERISOURCEBERGEN
AMETEK
AMGEN INC
AMPHENOL CORPORATION-A
ANADARKO PETROLEUM CORP
ANALOG DEVICES INC
ANTHEM INC
AON PLC
APACHE CORP
APARTMENT INVESTMENT AND MANAG
APPLE INC
APPLIED MATERIALS INC
ARCHER-DANIELS MIDLAND CO
ASSURANT
AT&T INC
AUTODESK INC
AUTOMATIC DATA PROCESSING INC
AUTONATION
AUTOZONE INC
USD
182,162
48,536
% of NaV
5,144 NEW NEWSCORP
99.10
Market Value
Australia
127,667,973
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
0.14
0.04
85,685
0.07
121,842,883
94.57
48,749
36,936
538,997
780,681
301,762
7,016
83,710
321,327
113,672
214,155
57,407
51,216
177,195
52,890
55,856
87,516
287,967
30,744
116,776
211,995
107,725
699,413
1,192,879
90,244
227,630
207,325
445,258
573,442
243,487
181,523
144,622
60,258
846,509
89,506
280,626
105,007
313,179
218,997
122,233
50,520
5,049,484
186,626
209,516
44,756
1,288,985
85,228
273,103
46,101
136,715
0.04
0.03
0.42
0.61
0.23
0.01
0.06
0.25
0.09
0.17
0.04
0.04
0.14
0.04
0.04
0.07
0.22
0.02
0.09
0.16
0.08
0.54
0.93
0.07
0.18
0.16
0.35
0.45
0.19
0.14
0.11
0.05
0.66
0.07
0.22
0.08
0.24
0.17
0.09
0.04
3.91
0.14
0.16
0.03
1.00
0.07
0.21
0.04
0.11
Index Equity USA
Securities Portfolio as at 30/06/15
COACH INC
COCA-COLA CO
COCA-COLA ENTERPRI
COGNIZANT TECH SO-A
COLGATE PALMOLIVE CO
COMCAST CLASS A
COMERICA INC
COMPUTER SCIENCES CORP
CONAGRA FOODS
CONOCOPHILLIPS
CONSOL ENERGY INC
CONSOLIDATED EDISON INC
CONSTELLATION BRANDS INC-A
CORNING INC
COSTCO WHOLESALE
CROWN CASTLE INTERNATIONAL CORP
CSX CORP
CUMMINS INC
CVS HEALTH CORP
DANAHER CORP
DARDEN RESTAURANTS INC
DAVITA HEALTHCARE
DEERE & CO
DELTA AIR LINES WI
DENTSPLY INTERNATIONAL
DEVON ENERGY CORPORATION
DIAMOND OFFSHORE DRILLING INC
DIRECTV
DISCOVER FINANCIAL SERVICES
DISCOVERY COMMUNICATION SERIES C
DISCOVERY COMMUNICATIONS INC - SERIES A
DOLLAR GENERAL
DOLLAR TREE INC
DOMINION RESOURCES
DOVER CORP
DOW CHEMICAL CO
DR HORTON INC
DR PEPPER SNAPPLE GROUP INC
DTE ENERGY CO
DUKE ENERGY
DUN AND BRADSTREET
E TRADE FINANCIAL
EASTMAN CHEMICAL CO
EBAY INC
ECOLAB INC
EDISON INTERNATIONAL
EDWARDS LIFESCIENCES
E.I. DUPONT DE NEMOURS & CO
ELECTRONIC ARTS INC
ELI LILLY & CO
EMC CORP
EMERSON ELECTRIC CO
ENTERGY CORP
EOG RESOURCES
USD
50,392
1,050,030
60,121
296,592
364,203
1,086,489
73,644
32,361
90,326
553,611
48,437
150,488
112,423
199,076
429,221
208,298
256,662
174,745
801,912
329,179
95,745
64,291
260,288
246,480
71,397
130,878
11,769
334,322
176,317
66,698
46,098
186,576
75,198
244,544
109,481
361,465
60,274
70,932
62,698
368,425
23,180
17,970
45,328
482,161
240,274
97,321
68,509
391,566
110,257
596,035
382,259
273,602
62,816
304,324
% of NaV
1,456
26,766
1,384
4,855
5,568
18,066
1,435
493
2,066
9,015
2,228
2,600
969
10,090
3,178
2,594
7,861
1,332
7,646
3,846
1,347
809
2,682
6,000
1,385
2,200
456
3,603
3,060
2,146
1,386
2,400
952
3,657
1,560
7,064
2,203
973
840
5,217
190
600
554
8,004
2,125
1,751
481
6,123
1,658
7,139
14,485
4,936
891
3,476
Market Value
0.13
0.04
0.12
0.07
0.97
0.24
0.06
0.21
0.18
0.04
1.34
0.07
0.53
0.24
0.48
0.04
0.08
0.13
0.18
0.63
0.13
0.11
0.07
0.04
0.10
0.08
0.07
0.24
0.16
0.05
0.26
0.08
0.11
0.52
0.03
0.07
0.10
0.07
0.02
0.23
0.04
0.97
0.09
0.11
0.23
0.07
0.05
0.05
0.76
0.91
0.06
0.05
0.18
0.06
Quantity
USD
169,142
53,505
153,818
96,035
1,249,098
314,649
76,986
271,049
227,915
56,357
1,738,396
87,558
683,063
315,534
616,472
54,339
100,947
171,956
231,339
806,132
163,738
139,150
93,904
48,622
123,258
105,630
92,536
309,918
210,296
63,098
332,410
107,337
138,362
669,758
38,384
86,348
127,278
85,171
27,576
297,017
51,483
1,252,470
116,158
147,657
297,108
89,903
69,198
60,313
975,956
1,171,254
75,773
65,949
229,858
81,988
% of NaV
AVALONBAY COMMUNITIE
AVERY DENNISON CORP
BAKER HUGHES INC
BALL CORP
BANK OF AMERICA CORP
BANK OF NEW YORK MELLON CORP
BARD (CR) INC
BAXTER INTERNATIONAL INC
BECTON DICKINSON & CO
BED BATH & BEYOND INC
BERKSHIRE HATAW B
BEST BUY CO INC
BIOGEN INC
BLACKROCK INC A
BOEING CO
BORG WARNER INC
BOSTON PROPERTIES INC
BOSTON SCIENTIFIC CORP
BRANCH BANKING AND TRUST CORP
BRISTOL MYERS SQUIBB CO
BROADCOM CORPORATION A
BROWN-FORMAN CORP B
CA INC
CABLEVISION NY GRP
CABOT OIL & GAS
CAMERON INTERNATIONAL CORP
CAMPBELL SOUP CO
CAPITAL ONE FINANCIAL CORP
CARDINAL HEALTH INC
CARMAX
CATERPILLAR INC
CBRE GROUP
CBS CORP-B
CELGENE CORP
CENTERPOINT ENERGY INC
CENTURYTEL INC
CERNER CORP
CF INDUSTRIES HOLDINGS INC
C.H. ROBINSON WORLDWIDE
CHARLES SCHWAB CORP
CHESAPEAKE ENERGY CORP
CHEVRON CORP
CHIPOTLE MEXICAN GRILL CL A
CHUBB CORP
CIGNA CORP
CIMAREX ENERGY
CINCINNATI FINANCIAL CORP
CINTAS CORP
CISCO SYSTEMS INC
CITIGROUP INC
CITRIX SYSTEMS INC
CLOROX CO
CME GROUP INC
CMS ENERGY CORP
Market Value
Quantity
1,058
878
2,493
1,369
73,390
7,497
451
3,876
1,609
817
12,772
2,685
1,691
912
4,444
956
834
9,715
5,739
12,115
3,180
1,389
3,206
2,031
3,908
2,017
1,942
3,523
2,514
953
3,919
2,901
2,493
5,787
2,017
2,939
1,843
1,325
442
9,097
4,609
12,983
192
1,552
1,834
815
1,379
713
35,541
21,203
1,080
634
2,470
2,575
0.04
0.82
0.05
0.23
0.28
0.84
0.06
0.03
0.07
0.43
0.04
0.12
0.09
0.15
0.33
0.16
0.20
0.14
0.62
0.26
0.07
0.05
0.20
0.19
0.06
0.10
0.01
0.26
0.14
0.05
0.04
0.14
0.06
0.19
0.08
0.28
0.05
0.06
0.05
0.29
0.02
0.01
0.04
0.37
0.19
0.08
0.05
0.30
0.09
0.46
0.30
0.21
0.05
0.24
The accompanying notes form an integral part of these financial statements
153
Index Equity USA
Securities Portfolio as at 30/06/15
HASBRO INC
HCA HOLDINGS INC
HCP INC
HEALTH CARE REIT
HELMERICH & PAYNE INC
HENRY SCHEIN INC
HESS CORP
HEWLETT PACKARD CO
HOME DEPOT INC
HONEYWELL INTERNATIONAL INC
HORMEL FOODS
HOSPIRA
HOST HOTELS & RESORTS INC
H&R BLOCK INC
HUDSON CITY BANCORP
HUMANA
HUNTINGTON BANCSHARES INC
ILLINOIS TOOL WORKS INC
INTEGRYS ENERGY GROUP INC
INTEL CORP
INTERCONTINENTALEXCHANGE GROUP
INTERNATIONAL FLAVORS & FRAGRANCES
INTERNATIONAL PAPER
INTERPUBLIC GROUP OF COS INC
INTL BUSINESS MACHINES CORP
INTUIT
INTUITIVE SURGICAL
IRON MOUNTAIN INC
JACOBS ENGINEERING GROUP INC.
JM SMUCKER
JOHNSON & JOHNSON
JOHNSON CONTROLS INC
JOY GLOBAL
J.P.MORGAN CHASE & CO
JUNIPER NETWORKS
KANSAS CITY SOUTHERN
KELLOGG CO
KEURIG GREEN MOUNTAIN INC.
KEYCORP
KIMBERLY-CLARK CORP
KIMCO REALTY CORP
KINDER MORGAN
KLA-TENCOR
KOHL S CORP
KRAFT FOODS
KROGER CO
LABORATORY CORP
LAM RESEARCH CORP
LEGG MASON INC
LEGGETT & PLATT INC
LENNAR A
LEUCADIA NATIONAL
LEVEL 3 COMM
LIMITED BRANDS INC
USD
92,141
190,512
131,839
136,051
71,406
99,484
84,336
396,372
1,033,954
532,895
68,828
70,613
140,575
71,160
35,499
219,016
42,616
221,765
45,558
981,340
192,752
58,361
109,409
64,400
1,022,155
208,392
128,877
9,300
50,613
44,990
1,901,541
256,764
25,340
1,763,385
97,647
54,720
73,234
91,956
54,748
286,331
86,756
475,268
85,889
120,023
354,353
254,148
84,733
53,366
49,211
20,932
84,573
74,054
89,539
142,055
% of NaV
1,232
2,100
3,615
2,073
1,014
700
1,261
13,208
9,304
5,226
1,221
796
7,089
2,400
3,593
1,145
3,768
2,416
654
32,265
862
534
2,299
3,342
6,284
2,068
266
300
1,246
415
19,511
5,184
700
26,024
3,760
600
1,168
1,200
3,645
2,702
3,849
12,380
1,528
1,917
4,162
3,505
699
656
955
430
1,657
3,050
1,700
1,657
Market Value
154
0.09
0.09
0.06
0.15
0.07
0.12
0.06
0.17
0.08
0.05
0.36
1.89
0.96
0.01
0.03
0.22
0.12
0.08
0.00
0.03
0.06
0.08
0.02
0.06
0.06
0.06
0.08
0.29
0.03
0.08
0.09
0.04
0.05
0.04
0.01
0.03
0.06
0.26
1.47
0.17
0.22
0.05
0.03
0.90
0.46
0.06
0.86
0.83
0.20
0.05
0.05
0.06
0.05
0.07
Quantity
The accompanying notes form an integral part of these financial statements
USD
116,967
114,275
76,200
198,862
85,000
152,175
75,335
215,101
101,586
62,426
469,692
2,449,241
1,231,757
15,762
41,210
288,828
150,792
102,268
32,886
80,887
102,212
22,437
77,358
79,303
74,411
105,592
378,042
33,432
102,424
114,141
46,451
67,998
51,552
9,793
40,918
78,956
328,721
1,904,138
220,763
283,305
66,968
33,792
1,164,361
586,282
77,998
1,113,022
1,075,374
257,343
63,308
68,240
83,258
58,221
95,985
% of NaV
EQT CORP
EQUIFAX INC
EQUINIX INC COMMON STOCK REIT
EQUITY RESIDENTIAL
ESSEX PROPERTY TRUST INC
ESTEE LAUDER COMPANIES INC-A
EVERSOURCE ENERGY
EXELON CORP
EXPEDIA
EXPEDIT INTL WASH
EXPRESS SCRIPTS HLD
EXXON MOBIL CORP
FACEBOOK A
FAMILY DOLLAR STORE
FASTENAL CO
FEDEX CORP
FIDELITY NATIONAL INFORM SVCES
FIFTH THIRD BANCORP
FIRST HORIZON FRACTIONAL SHS
FIRST SOLAR INC
FIRSTENERGY CORP
FISERV INC
FLIR SYSTEMS
FLOWSERVE CORP
FLUOR NEW
FMC CORP
FMC TECHNOLOGIES
FORD MOTOR CO
FOSSIL GROUP
FRANKLIN RESOURCES INC
FREEPORT MCMORAN INC
FRONTIER COMMUNICATIONS CORP
F5 NETWORKS INC
GAMESTOP A
GANNETT CO INC SHS
GAP INC
GEN GROWTH PROP
GENERAL DYNAMICS CORP
GENERAL ELECTRIC CO
GENERAL MILLS INC
GENERAL MOTORS
GENUINE PARTS CO
GENWORTH FINANCIAL
GILEAD SCIENCES INC
GOLDMAN SACHS GROUP
GOODYEAR TYRE & RUBBER CO
GOOGLE INC-A
GOOGLE INC-C
HALLIBURTON CO
HANESBRANDS
HARLEY DAVIDSON
HARMAN INTERNATIONAL INDUSTRIE
HARRIS CORP
HARTFORD FINANCIAL SERVICES GRP
Market Value
Quantity
1,438
1,177
300
2,834
400
1,756
1,659
6,846
929
1,354
5,281
29,438
14,362
200
977
1,695
2,440
4,912
188,996
700
2,485
1,234
728
1,469
1,496
1,416
2,545
25,186
482
2,089
6,130
9,384
565
1,200
700
1,072
3,077
2,320
71,665
3,962
8,500
748
4,464
9,945
2,808
2,587
2,061
2,066
5,975
1,900
1,211
700
757
2,309
0.07
0.15
0.10
0.11
0.06
0.08
0.07
0.31
0.80
0.41
0.05
0.05
0.11
0.06
0.03
0.17
0.03
0.17
0.04
0.76
0.15
0.05
0.08
0.05
0.79
0.16
0.10
0.01
0.04
0.03
1.47
0.20
0.02
1.36
0.08
0.04
0.06
0.07
0.04
0.22
0.07
0.37
0.07
0.09
0.28
0.20
0.07
0.04
0.04
0.02
0.07
0.06
0.07
0.11
Index Equity USA
Securities Portfolio as at 30/06/15
NORTHERN TRUST CORP
NORTHROP GRUMMAN CORP
NRG ENERGY INC
NUCOR CORP
NVIDIA CORP
OCCIDENTAL PETROLEUM CORP
OMNICOM GROUP INC
ONEOK INC
ORACLE CORP
OREILLY AUTOMOTIVE INC
OWENS ILLINOIS INC
PACCAR INC
PALL CORP
PARKER-HANNIFIN CORP
PATTERSON COMPANIES
PAYCHEX INC
PEOPLES UNITED FINANCIAL INC
PEPCO HOLDINGS
PEPSICO INC
PERKINELMER INC
PFIZER INC
PG&E CORP
PHILIP MORRIS INTERNATIONAL INC
PHILLIPS VAN HEUSEN CORP
PHILLIPS 66
PINNACLE WEST CAPITAL CORP
PIONEER NATURAL RES
PITNEY BOWES INC
PLUM CREEK TIMBER
PNC FINANCIAL SERVICES GROUP
POLO RALPH LAUREN A
PPG INDUSTRIES INC
PPL CORP
PRAXAIR INC
PRECISION CASTPARTS CORP
PRICELINE GROUP
PROCTER AND GAMBLE CO
PROGRESSIVE CORP
PROLOGIS
PRUDENTIAL FINANCIAL
PUBLIC SERVICE ENTERPRISE GROU
PUBLIC STORAGE
PULTE HOMES
QEP RESOURCES INC
QORVO INC SHS
QUALCOMM INC
QUANTA SERVICES
QUEST DIAGNOSTICS INC
RANGE RESOURCES CORPORATION
RAYTHEON CO
REALTY INCOME CORP
RED HAT
REGENERON PHARMA
REGIONS FINANCIAL CORP
USD
89,764
213,675
72,369
125,555
42,573
388,928
81,164
86,066
897,803
129,261
39,227
122,260
59,860
99,811
47,288
107,074
50,932
63,336
962,802
3,000
1,424,387
143,127
900,229
34,560
300,811
58,824
116,916
31,069
67,306
319,184
74,916
227,375
118,528
240,893
197,272
447,883
1,483,351
65,122
111,411
240,417
119,333
213,500
52,068
28,728
83,802
713,230
52,568
49,386
91,600
208,008
39,951
97,266
301,487
130,899
% of NaV
1,174
1,347
3,163
2,849
2,117
5,001
1,168
2,180
22,278
572
1,710
1,916
481
858
972
2,284
3,142
2,351
10,315
57
42,481
2,915
11,229
300
3,734
1,034
843
1,493
1,659
3,337
566
1,982
4,022
2,015
987
389
18,959
2,340
3,003
2,747
3,038
1,158
2,584
1,552
1,044
11,388
1,824
681
1,855
2,174
900
1,281
591
12,635
Market Value
0.05
0.07
0.25
0.04
0.34
0.03
0.04
0.12
0.09
0.13
0.06
0.00
0.19
0.06
0.07
0.52
0.06
0.49
0.17
0.04
0.27
0.11
0.06
0.60
0.85
0.32
0.04
0.12
1.93
0.09
0.04
0.38
0.27
0.09
0.08
0.30
0.05
0.03
0.08
0.01
0.04
0.08
0.06
0.07
0.21
0.06
0.04
0.09
0.23
0.39
0.10
0.11
0.09
0.16
Quantity
USD
67,807
85,320
320,863
50,102
438,252
41,724
46,103
149,851
119,855
165,509
75,357
243,640
81,651
89,024
665,391
81,283
627,082
214,662
49,703
343,285
144,081
74,466
770,047
1,098,521
409,287
56,720
160,668
2,495,843
114,540
50,752
493,186
345,991
110,835
99,647
385,611
64,747
43,980
98,195
15,339
55,692
109,209
75,408
94,364
273,944
74,738
46,234
111,170
298,893
506,182
134,627
142,722
110,409
206,519
% of NaV
LINCOLN NATIONAL CORP
LINEAR TECHNOLOGY CORP
LOCKHEED MARTIN CORP
LOEWS CORP
LOWE’S COMPANIES INC
L3 COMMUNICATION
MACERICH CO
MACY S STORE
MARATHON OIL CORP
MARATHON PETROLEUM
MARRIOTT INTERNATIONAL-A
MARRIOTT INTL ORD REG
MARSH & MCLENNAN COMPANIES
MARTIN MARIETTA
MASCO CORP
MASTERCARD
MATTEL
MC DONALD’S CORP
MC GRAW HILL FIN SHS
MCCORMICK NON VTG
MCKESSON CORP
MEAD JOHNSON NUTRITION
MEADWESTVACO
MEDTRONIC PLC
MERCK AND CO INC
METLIFE INC
MICROCHIP TECHNOLOGY INC
MICRON TECHNOLOGY INC
MICROSOFT CORP
MOHAWK INDUSTRIES
MOLSON COORS BREWING CO-B
MONDELEZ INTERNATIONAL
MONSANTO
MONSTER BEVERAGE CORP
MOODY’S CORP
MORGAN STANLEY
MOSAIC CO THE -WI
MOTOROLA SOLUTIONS INC
M&T BANK CORPORATION
MURPHY OIL
NASDAQ OMX GRP INC
NATIONAL OILWELL VARCO
NAVIENT CORP.
NETAPP INC
NETFLIX
NEWELL RUBBERMAID INC
NEWFIELD EXPLORATN
NEWMONT MINING CORP
NEXTERA ENERGY INC
NIKE INC -BNISOURCE
NOBLE ENERGY
NORDSTROM INC
NORFOLK SOUTHERN CORP
Market Value
Quantity
1,145
1,929
1,726
1,301
6,544
368
618
2,221
4,516
3,164
1,013
1,109
4,297
577
3,338
7,118
3,164
6,596
2,137
614
1,527
1,597
1,578
10,392
19,296
7,310
1,196
8,528
56,531
600
727
11,988
3,246
827
923
9,941
1,382
767
786
369
1,141
2,262
4,141
2,990
417
1,818
1,280
4,759
3,049
4,686
2,953
3,344
1,482
2,364
0.07
0.17
0.06
0.10
0.03
0.30
0.06
0.07
0.70
0.10
0.03
0.09
0.05
0.08
0.04
0.08
0.04
0.05
0.75
0.00
1.10
0.11
0.70
0.03
0.23
0.05
0.09
0.02
0.05
0.25
0.06
0.18
0.09
0.19
0.15
0.35
1.14
0.05
0.09
0.19
0.09
0.17
0.04
0.02
0.07
0.55
0.04
0.04
0.07
0.16
0.03
0.08
0.23
0.10
The accompanying notes form an integral part of these financial statements
155
Index Equity USA
Securities Portfolio as at 30/06/15
USD
% of NaV
12,538 TWENTY-FIRST CENTURY CL A-WI
0.04
2,565 TYSON FOODS -A0.14
0.06
1,558 UNDER ARMOUR
0.11
6,104 UNION PACIFIC CORP
0.09
4,687 UNITED PARCEL SERVICE-B
0.08
898 UNITED RENTALS INC
5,678 UNITED TECHNOLOGIES CORP
0.10
6,899 UNITEDHEALTH GROUP
0.24
0.04
854 UNIVERSAL HEALTH SERV CL B
0.06
1,759 UNUM GROUP
0.05
12,975 US BANCORP
0.04
3,333 VALERO ENERGY CORPORATION
0.11
269 VARIAN MEDICAL SYSTEMS INC
0.12
2,756 VENTAS INC
0.08
1,125 VERISIGN
0.31
28,501 VERIZON COMMUNICATIONS INC
1,900 VERTEX PHARMACEUTICALS INC
0.11
2,564 VF CORP
0.04
0.07
2,457 VIACOM INC-B
0.23
13,508 VISA INC-A
0.14
953 VORNADO REALTY TRUST
0.03
630 VULCAN MATERIALS CO
0.10
6,311 WALGREEN BOOTS
0.09
11,487 WAL-MART STORES INC
0.06
11,089 WALT DISNEY COMPANY
0.07
3,367 WASTE MANAGEMENT INC
0.42
389 WATERS CORP
0.06
32,688 WELLS FARGO & CO
0.20
1,591 WESTERN DIGITAL CORP
0.06
1,869 WESTERN UNION CO
0.15
2,847 WEYERHAEUSER CO
0.10
430 WHIRLPOOL CORP
0.07
2,483 WHOLE FOODS MARKET
0.13
4,399 WILLIAMS COMPANIES INC
0.08
1,144 WISCONSIN ENERGY
0.25
570 WW GRAINGER INC
0.02
596 WYNDHAM WORLWIDE
0.03
659 WYNN RESORTS
0.02
3,397 XCEL ENERGY INC
0.01
6,477 XEROX CORPORATION
0.08
1,047 XILINX INC
0.30
177 XYLEM
0.08
6,099 YAHOO INC
0.10
3,041 YUM BRANDS INC
0.26
1,122 ZIMMER BIOMET HOLDINGS INC
0.08
2,000 ZIONS BANCORP
0.41
4,000 ZOETIS INC
0.24
4,468 3 M
0.22
Warrants, Rights
0.06
France
0.06
3,242 AMERICAN INTERNATIONAL GROUP CW12
0.09
19/01/2021
0.19
0.07 Total securities portfolio
Market Value
156
Quantity
The accompanying notes form an integral part of these financial statements
USD
45,398
178,587
82,418
147,698
116,823
103,476
131,247
305,745
56,415
73,392
63,474
46,448
141,880
158,962
99,496
399,676
138,974
54,945
83,766
301,554
175,906
39,005
123,326
121,735
81,245
88,216
543,871
77,198
254,793
79,141
192,287
123,553
84,142
169,562
105,946
326,847
23,099
44,898
22,168
7,992
101,376
391,064
102,828
124,096
329,071
100,337
524,897
313,223
285,854
71,203
74,852
115,933
250,446
90,887
% of NaV
REPUBLIC SERVICES INC
REYNOLDS AMERICAN INC
ROBERT HALF INTL
ROCKWELL AUTOMATION INC
ROCKWELL COLLINS INC.
ROPER TECHNOLOGIES INC
ROSS STORES INC
SALESFORCE.COM
SANDISK
SCANA CORP
SCRIPPS NETWORKS INTER
SEALED AIR
SEMPRA ENERGY
SHERWIN WILLIAMS CO
SIGMA-ALDRICH CORP
SIMON PROPERTY GROUP INC
SKYWORKS SOLUTIONS
SL GREEN REALTY CORPOR
SNAP ON INC
SOUTHERN CO
SOUTHWEST AIRLINES
SOUTHWESTERN ENERGY
SPECTRA ENERGY
ST JUDE MEDICAL INC
STANLEY BLACK AND DECKER INC.
STAPLES INC
STARBUCKS
STARWOOD HTLS & RESORTS WORLD
STATE STREET CORP
STERICYCLE
STRYKER CORP
SUNTRUST BANKS INC
SYMANTEC CORP
SYSCO CORP
T ROWE PRICE GROUP INC
TARGET CORP
TECO ENERGY INC
TEGNA INC SHS
TENET HEALTHCARE
TERADATA CORP COM STK USD0.01
TESORO
TEXAS INSTRUMENTS
TEXTRON INC
THE HERSHEY CO
THERMO FISHER SCIE
TIFFANY & CO
TIME WARNER
TIME WNR CBLE CL A
TJX COMPANIES INC
TORCHMARK CORP
TOTAL SYSTEM SERVICES INC
TRACTOR SUPPLY
TRAVELERS COMPANIES INC
TRIPADVISOR
Market Value
Quantity
1,159
2,392
1,485
1,185
1,265
600
2,700
4,391
969
1,449
971
904
1,434
578
714
2,310
1,335
500
526
7,197
5,316
1,716
3,783
1,666
772
5,762
10,144
952
3,309
591
2,012
2,872
3,619
4,697
1,363
4,004
1,308
1,400
383
216
1,201
7,592
2,304
1,397
2,536
1,093
6,005
1,758
4,320
1,223
1,792
1,289
2,591
1,043
408,049
109,346
130,000
582,138
454,217
78,683
629,861
841,678
121,353
62,884
563,115
208,646
22,685
171,120
69,435
1,328,432
234,612
178,813
158,820
907,062
90,468
52,876
532,901
814,773
1,265,698
156,060
49,940
1,838,372
124,766
37,997
89,681
74,412
97,930
252,459
51,663
134,891
48,818
65,024
109,315
68,915
46,236
6,561
239,630
273,933
122,556
63,470
192,880
689,412
0.32
0.08
0.10
0.45
0.35
0.06
0.49
0.65
0.09
0.05
0.44
0.16
0.02
0.13
0.05
1.03
0.18
0.14
0.12
0.70
0.07
0.04
0.41
0.63
0.98
0.12
0.04
1.42
0.10
0.03
0.07
0.06
0.08
0.20
0.04
0.10
0.04
0.05
0.08
0.05
0.04
0.01
0.19
0.21
0.10
0.05
0.15
0.54
89,836
0.07
127,667,973
99.10
89,836
89,836
0.07
0.07
Index Equity World
Securities Portfolio as at 30/06/15
235,025,764
99.55
6,364,120
2.70
235,014,058
146,863
150,654
409,644
33,018
35,605
32,056
66,880
94,897
92,947
94,230
466,167
49,070
92,584
103,501
37,533
83,904
740,613
46,793
22,767
219,852
30,371
12,902
47,767
35,978
63,421
35,704
186,253
33,113
402,464
21,885
49,305
34,135
89,987
51,368
40,773
33,822
183,550
23,314
165,176
90,469
106,687
40,982
53,180
154,747
128,656
235,338
125,199
538,268
99.55
0.06
0.06
0.17
0.01
0.02
0.01
0.03
0.04
0.04
0.04
0.20
0.02
0.04
0.04
0.02
0.04
0.31
0.02
0.01
0.09
0.01
0.01
0.02
0.02
0.03
0.02
0.08
0.01
0.17
0.01
0.02
0.01
0.04
0.02
0.02
0.01
0.08
0.01
0.07
0.04
0.05
0.02
0.02
0.07
0.05
0.10
0.05
0.23
7,361 WOODSIDE PETROLEUM
5,554 WOOLWORTHS LTD
2,622 WORLEY GROUP
Austria
1,033 ERSTE GROUP BANK
2,643 OMV AG
2,107 VOESTALPINE AG
1,842
5,614
1,509
113
1,396
1,277
717
1,380
738
700
600
600
4,000
200
1,800
32,000
1,600
1,800
51,508
300
400
Belgium
AGEAS NV
ANHEUSER-BUSH INBEV
COLRUYT DIV
GROUPE BRUXELLES LAMBERT
GROUPE DELHAIZE
KBC GROUPE
SOLVAY
UCB SA
UMICORE
Bermuda
ARCH CAP GRP
AXIS CAPITAL HOLDINGS
BUNGE LTD
CHEUNG KONG INFRASTRUCTURE
EVEREST REINSURANCE GROUP
INVESCO LTD
LI & FUNG
MARVELL TECHNOLOGY
NORWEGIAN CRUISE LINE HLDGS
NWS HOLDINGS LTD
PARTNERRE
SIGNET JEWELERS LTD
British Virgin Islands
1,000 MICKAEL KORS
1,600
700
4,200
500
1,200
2,000
4,500
7,300
11,400
800
1,970
8,700
5,950
6,100
2,100
3,200
5,600
Canada
AGNICO EAGLE MINES
AGRIUM INC
ALIMENTATION COUCHE TARD B
ALTAGAS
ARC RESOURCES LTD
ATCO LTD CLASS 1
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BARRICK GOLD CORP
BAYTEX ENERGY CORP
BCE INC
BOMBARDIER INC B
BROOKFIELD ASSET MANAGEMENT A
CAE INC
CAMECO CORP
CANADIAN IMPERIAL BANK OF COM
CANADIAN NATIONAL RAILWAY CO
USD
193,662
115,087
20,979
189,636
29,321
72,678
87,637
1,253,004
% of NaV
AMCOR LTD
AMP
ANZ BANKING GROUP
ASCIANO GROUP
ASX SHS
AURIZON HOLDINGS
AUSNET SERVICES
AUSTRALIAN GAS LIGHT
AUSTRALIAN PIPELINE TRUST
BENDIGO & ADELAIDE BANK
BHP BILLITON LTD
BLACKBERRY
BRAMBLES LIMITED
CALTEX AUSTRALIA
COCA COLA AMATIL
COCHLEAR LIMITED
COMMONWEALTH BANK OF AUSTRALIA
COMPUTERSHARE
CROWN RESORTS
CSL LTD
DEXUS PROPERTY GROUP
FORTESCUE METAL
GOODMAN GRP
GPT GROUP
HARVEY NORMAN HOLDINGS LTD
INSURANCE AUSTRALIA GROUP
MACQUARIE GROUP LIMITED
MIRVAC GROUP
NATIONAL AUSTRALIA BANK
NEW NEWSCORP
NEWCREST MINING
ORICA
ORIGIN ENERGY
QBE INSURANCE GROUP LTD
RAMSAY HEALTH CARE
RESMED
RIO TINTO LTD
SANTOS
SCENTRE GROUP
SONIC HEALTHCARE
SOUTH32 LTD
STOCKLAND
SUNCORP GROUP
TELSTRA CORPORATION LTD
TRANSURBAN GROUP
WESFARMERS LTD
WESTFIELD CORPORATION
WESTPAC BANKING CORP
99.57
Market Value
13,927
32,560
16,552
6,460
1,161
8,130
62,377
7,940
14,676
10,000
22,422
6,000
11,364
4,228
5,337
1,362
11,319
5,199
2,428
3,308
5,413
8,789
9,912
10,937
18,296
8,325
2,977
23,288
15,720
1,500
4,927
2,087
9,781
4,889
863
600
4,443
3,874
57,308
5,508
77,546
13,005
5,152
32,791
17,999
7,845
17,861
21,783
Australia
235,063,116
Quantity
Shares
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
0.08
0.05
0.01
0.08
0.01
0.03
0.04
0.53
70,919
672,424
67,531
9,090
115,195
85,285
98,582
99,006
34,972
0.03
0.29
0.03
0.00
0.05
0.04
0.04
0.04
0.01
46,872
32,022
52,680
31,061
36,402
67,482
25,385
21,096
100,872
74,546
38,550
51,296
0.02
0.01
0.02
0.01
0.02
0.03
0.01
0.01
0.04
0.03
0.02
0.02
42,090
0.02
578,264
42,090
8,368,423
45,446
74,220
179,751
15,235
20,570
63,263
266,771
376,978
121,905
12,451
83,728
15,680
207,988
72,657
30,059
235,996
323,235
0.24
0.02
3.54
0.02
0.03
0.08
0.01
0.01
0.03
0.11
0.15
0.05
0.01
0.04
0.01
0.09
0.03
0.01
0.10
0.14
The accompanying notes form an integral part of these financial statements
157
Index Equity World
Securities Portfolio as at 30/06/15
18,972
500
3,100
28,000
1,300
6,400
VALEANT PHARMA
VERMILION ENERGY TR
WEST FRASER TIMBER
YAMANA GOLD
Cayman Islands
CK HUTCHISON HOLDINGS LTD
GARMIN LTD
PRINCIPAL FINANCIAL
SANDS CHINA LTD
SEAGATE TECHNOLOGY
WYNN MACAU LTD
488,257
25,929
76,962
13,252
0.20
0.01
0.03
0.01
278,738
21,965
158,999
94,266
61,750
10,682
0.12
0.01
0.07
0.04
0.03
0.00
626,400
0.27
Curacao
827,424
0.35
Denmark
1,502,204
0.64
9,600 SCHLUMBERGER LTD
15
69
1,140
407
3,206
2,452
2,292
13,274
2,901
417
4,569
655
USD
% of NaV
2,200
600
1,400
4,400
Market Value
158
0.09
0.01
0.04
0.00
0.06
0.05
0.05
0.05
0.01
0.03
0.01
0.02
0.12
0.05
0.02
0.03
0.01
0.02
0.02
0.02
0.06
0.01
0.01
0.02
0.03
0.01
0.00
0.01
0.01
0.01
0.08
0.11
0.01
0.05
0.04
0.05
0.08
0.02
0.06
0.25
0.04
0.02
0.01
0.01
0.07
0.12
0.01
0.05
0.04
0.22
0.01
0.03
0.08
0.03
Quantity
The accompanying notes form an integral part of these financial statements
USD
200,940
15,371
85,599
11,525
152,852
112,152
121,676
117,388
26,914
79,437
32,848
48,509
276,042
115,710
49,332
65,855
32,701
36,529
42,944
46,527
152,622
34,950
26,790
46,378
67,301
13,904
9,196
13,361
16,783
20,565
185,297
256,561
33,508
116,508
93,461
109,945
179,701
35,818
149,035
617,926
101,633
41,396
34,684
30,249
160,329
278,302
22,808
110,295
83,811
548,060
27,048
63,581
199,230
66,203
% of NaV
CANADIAN NATURAL RESOURCES
CANADIAN OIL SANDS LTD (NEW)
CANADIAN TIRE CORP A N VOT
CANADIAN UTILITIES LTD SHS A
CATAMARAN
CDN PACIFIC RAILWAY LTD
CENOVUS ENERGY CORP
CGI GROUP INC A
CI FINCIAL FD
CONSTELLATION SOFTWARE
CRESCENT POINT ENERGY CORP
DOLLARAMA INC
ENBRIDGE
ENCANA
FAIRFAX FINANCIAL HOLDINGS LTD
FINNING INTERNATIONAL INC
FIRST QUANTUM MINERALS LTD
FORTIS INC
FRANCO NEVADA
GILDAN ACTIVEWEAR A
GOLDCORP
GREAT WEST LIFECO
HUSKY ENERGY
IMPERIAL OIL
INDL ALLIANCE INSURANCE FCIAL
INTACT FINANCIAL CORP
INTER PIPELINE LTD
KEYERA
KINROSS GOLD
LOBLAW COMPANIES
MAGNA INTERNATIONAL A SUB.VTG
MANULIFE FINANCIAL CORP
METHANEX CORP
NATIONAL BANK OF CANADA
OPEN TEXT
PEMBINA PIPELINE
POTASH CORP OF SASKATCHEWAN
POWER CORP OF CANADA
ROGERS COMMUNICATIONS SHS B
ROYAL BANK OF CANADA
SAPUTO INC
SHAW COMMUNICATIONS B
SILVER WHEATON
SNC-LAVALIN GROUP A
SUN LIFE FINANCIAL
SUNCOR ENERGY INC. (NOUV. STE)
TECK RESOURCES B
TELUS
THOMSON CORP
TORONTO DOMINION BANK
TOURMALINE OIL
TRANSALTA CORP
TRANSCANADA CORP
TURQUOISE HILL
Market Value
Quantity
7,400
1,900
800
400
2,500
700
7,600
3,000
1,000
200
1,600
800
5,900
10,500
100
3,500
2,500
1,300
900
1,400
9,400
1,200
1,400
1,200
2,000
200
400
400
7,200
407
3,300
13,800
600
3,100
2,300
3,400
5,800
1,400
4,200
10,100
4,200
1,900
2,000
900
4,800
10,100
2,300
3,200
2,200
12,900
900
8,200
4,900
17,400
A.P. MOELLER-MAERSK A
A.P. MOELLER-MAERSK B
CARLSBERG B
COLOPLAST B
DANSKE BANK A/S
DSV
ISS
NOVO NORDISK
NOVOZYMES AS-B
PANDORA AB
TDC
VESTAS WIND SYSTEMS A/S
Finland
6,286
1,250
840
25,678
715
2,538
4,361
3,509
1,928
FORTUM OYJ
KONE B
METSO OYJ
NOKIA OYJ
NOKIAN RENKAAT OYJ
ORION NEW B
SAMPO A
STORA ENSO OYJ-R
WARTSILA OYJ
918
2,408
28,401
1,216
1,058
1,220
12,254
6,350
1,113
3,738
573
2,682
989
ACCOR SA
AIR LIQUIDE
ALCATEL LUCENT
ALSTOM
ARKEMA
ATOS
AXA
BNP PARIBAS
BOUYGUES
BUREAU VERITAS
CAP GEMINI SA
CARREFOUR SA
CASINO GUICHARD
France
827,424
26,324
124,906
103,438
26,692
94,236
79,398
75,586
722,852
137,830
44,781
33,486
32,675
802,474
0.35
0.01
0.05
0.04
0.01
0.04
0.03
0.03
0.32
0.07
0.02
0.01
0.01
0.34
111,642
50,696
23,061
174,238
22,394
88,738
205,294
36,145
90,266
0.05
0.02
0.01
0.07
0.01
0.04
0.08
0.02
0.04
46,304
304,386
103,414
34,481
76,187
91,048
308,977
383,120
41,587
86,046
50,673
85,824
74,877
0.02
0.13
0.04
0.01
0.03
0.04
0.13
0.17
0.02
0.04
0.02
0.04
0.03
8,186,738
3.47
Index Equity World
Securities Portfolio as at 30/06/15
53,849
496,535
563,110
0.02
0.21
0.24
8,024,334
3.40
5,773
2,311
803
618
3,875
530
6,722
9,629
944
1,509
6,764
20,821
3,961
1,611
13,970
2,215
3,559
2,544
860
1,394
924
1,458
810
12,414
507
533
1,297
1,443
1,207
557
1,744
745
4,153
6,861
5,535
3,912
1,816
1,135
84,000
700
8,281
18,000
19,972
8,000
12,000
12,000
8,200
7,260
7,200
61,000
34,430
11,500
BAYER AG
BAYERISCHE MOTORENWERKE
BEIERSDORF
BRENNTAG AG
COMMERZBANK
CONTINENTAL AG
DAIMLER
DEUTSCHE BANK AG-NOM
DEUTSCHE BOERSE AG
DEUTSCHE LUFTHANSA NOM
DEUTSCHE POST AG-NOM
DEUTSCHE TELEKOM AG-NOM
DEUTSCHE WOHNEN AG
DT ANNINGTON IM
E.ON SE
FRESENIUS MEDICAL CARE AG & CO
FRESENIUS SE & CO KGAA
GEA GROUP AG
HANNOVER RUECK SE
HEIDELBERGCEMENT AG
HENKEL KGAA
HENKEL KGAA VZ
HUGO BOSS AG
INFINEON TECHNOLOGIES AG-NOM
KABEL DEUTSCHLAND HOLDING AG
LANXESS
LINDE AG
MERCK KGAA
MUENCHENER RUECKVERSICHERUNGS AG-NOM
OSRAM LICHT
PORSCHE AUTOMOBIL HOLDING SE
PROSIEBENSAT.1 MEDIA AG
RWE AG
SAP SE
SIEMENS AG-NOM
THYSSENKRUPP AG
UNITED INTERNET AG & CO KGAA
VOLKSWAGEN AG-PFD
Hong Kong (China)
AIA GROUP LTD
ASM PACIFIC TECH
BANK OF EAST ASIA
BOC HONG KONG HOLDINGS LTD
CHEUNG KONG PROPERTY HOLDINGS LTD
CLP HOLDINGS LTD
GALAXY ENTERTAINMENT GROUP L
HANG LUNG PROPERTIES LTD
HANG SENG BANK LTD
HENDERSON LAND DEVELOPMENT CO LTD
HKG EXCHANGES & CLEARING LTD
HKT TRUST AND HKT LTD-SS
HONG KONG & CHINA GAS
LINK REIT
USD
807,573
252,805
67,228
35,413
49,500
125,339
611,456
289,137
78,097
19,445
197,493
358,421
90,716
45,413
186,006
182,727
228,211
113,409
83,163
110,479
88,014
163,425
90,476
153,947
67,788
31,410
245,525
143,704
213,829
26,658
146,845
36,773
89,237
478,547
557,197
101,711
80,683
263,040
2,242,845
549,886
6,935
36,211
74,995
165,649
68,004
47,830
35,679
160,245
49,680
254,101
71,760
72,213
67,346
% of NaV
0.02
0.00
0.07
0.07
0.11
0.02
0.01
0.01
0.08
0.01
0.08
0.02
0.04
0.01
0.00
0.02
0.04
0.02
0.07
0.12
0.13
0.03
0.02
0.03
0.08
0.08
0.03
0.02
0.03
0.03
0.01
0.07
0.36
0.11
0.01
0.10
0.04
0.01
0.04
0.01
0.32
0.07
0.03
0.01
0.05
0.08
0.09
0.03
0.01
Market Value
42,531
10,832
160,765
163,869
261,357
52,757
30,253
21,571
178,948
22,224
189,129
49,876
102,150
34,342
9,936
48,892
91,834
49,372
160,814
285,592
304,843
79,066
42,376
79,462
199,186
189,884
69,731
57,489
62,669
80,148
22,604
154,565
815,048
267,522
34,342
236,010
95,857
20,896
100,152
24,138
725,468
173,024
66,147
14,023
121,111
190,698
202,401
70,074
33,836
Quantity
Germany
704 ADIDAS NOM
3,190 ALLIANZ SE-NOM
6,412 BASF SE
USD
% of NaV
CHRISTIAN DIOR SE
CNP ASSURANCES
COMPAGNIE DE SAINT-GOBAIN SA
CREDIT AGRICOLE SA
DANONE
DASSAULT SYSTEMES
EDENRED
ELECTRICITE DE FRANCE SA
ESSILOR INTERNATIONAL
EUTELSAT COMMUNICATIONS
GDF SUEZ
GROUPE EUROTUNNEL SE
HERMES INTERNATIONAL
ILIAD
IMERYS SA
KERING
KLEPIERRE
LAFARGE SA
LEGRAND
L’OREAL
LVMH MOET HENNESSY LOUIS VUITTON SE
MICHELIN (CGDE)-SA
NATIXIS
NUMERICABLE-SFR SA
ORANGE
PERNOD RICARD
PEUGEOT SA
PUBLICIS GROUPE
REMY COINTREAU
RENAULT SA
REXEL
SAFRAN
SANOFI
SCHNEIDER ELECTRIC SA
SCOR SE ACT PROV
SOCIETE GENERALE A
SODEXO
SUEZ ENVIRONNEMENT COMPANY
TECHNIP SA
THALES SA
TOTAL
UNIBAIL RODAMCO
VALEO
VALLOUREC
VEOLIA ENVIRONNEMENT
VINCI SA
VIVENDI
WENDEL ACT
ZODIAC AEROSPACE
Market Value
Quantity
218
649
3,583
11,025
4,045
726
1,225
968
1,501
689
10,201
3,446
274
155
130
274
2,089
748
2,866
1,602
1,741
755
5,892
1,500
12,945
1,645
3,393
778
870
770
1,403
2,282
8,290
3,877
974
5,059
1,010
1,124
1,619
400
14,944
685
420
687
5,943
3,299
8,029
572
1,040
0.33
0.11
0.03
0.02
0.02
0.05
0.26
0.12
0.03
0.01
0.08
0.15
0.04
0.02
0.08
0.08
0.10
0.05
0.04
0.05
0.04
0.07
0.04
0.07
0.03
0.01
0.10
0.06
0.09
0.01
0.06
0.02
0.04
0.20
0.24
0.04
0.03
0.11
0.95
0.22
0.00
0.02
0.03
0.07
0.03
0.02
0.02
0.07
0.02
0.11
0.03
0.03
0.03
The accompanying notes form an integral part of these financial statements
159
Index Equity World17
Securities Portfolio as at 30/06/15
135,100 GENTING INTERNATIONAL
1,453
6,497
8,131
5,695
8,868
5,186
49,236
17,760
1,607
85,438
147
3,717
1,322
5,851
8,124
40,293
25,868
8,637
5,323
33,402
Israel
AZRIELI GROUP
BANK HAPOALIM B.M
BANK LEUMI
TEVA PHARMACEUTICAL INDUSTRIES
Italy
ASSICURAZIONI GENERALI
ATLANTIA SPA
ENEL SPA
ENI SPA
EXOR SPA
INTESA SANPAOLO SPA
LUXOTTICA GROUP
MEDIOBANCA SPA
PRYSMIAN SPA
SAIPEM
SNAM RETE GAS
TELECOM ITALIA SPA
TELECOM ITALIA-RNC
TERNA SPA
UBI BANCA SCPA
UNICREDIT SPA REGR
The accompanying notes form an integral part of these financial statements
160
367,764
50,601
160,524
283,458
47,790
183,993
148,324
39,284
17,607
44,302
129,492
123,750
175,219
73,112
38,037
42,210
133,920
0.15
0.02
0.07
0.12
0.02
0.08
0.06
0.02
0.01
0.02
0.05
0.05
0.07
0.03
0.02
0.02
0.06
2,059,387
89,800
89,800
464,412
58,045
35,013
34,400
336,954
1,769,605
159,673
128,046
222,946
315,028
76,670
309,574
9,770
36,424
28,546
61,769
38,633
51,090
26,387
38,147
42,673
224,229
0.87
0.04
0.04
0.20
0.03
0.01
0.01
0.15
0.75
0.07
0.05
0.09
0.14
0.03
0.13
0.00
0.02
0.01
0.03
0.02
0.02
0.01
0.02
0.02
0.09
5,300
5,500
9,000
700
2,000
1,000
3,000
4,300
25,000
6,000
3,700
7,000
1,800
15,000
7,000
2,300
5,800
4,600
7,400
3,800
700
5,000
7,500
1,400
2,100
1,100
7,000
10,600
6,200
1,900
400
6,700
7,000
4,600
2,700
2,500
2,700
600
1,300
500
4,500
3,800
23,000
2,500
2,500
7,000
1,000
210
34,000
4,500
10,700
4,500
Japan
ACOM
ADVANTEST
AEON CO LTD
AEON CREDIT SERVICE
AIR WATER
AISIN SEIKI LTD
AJINOMOTO CO INC
ALFRESA HOLDINGS CORP
ALL NIPPON AIRWAYS
ASAHI GLASS CO LTD
ASAHI GROUP HOLDINGS
ASAHI KASEI
ASICS CORPORATION
ASTELLAS PHARMA INC
BANK OF YOKOHAMA LTD
BENESSE
BRIDGESTONE CORP
BROTHER INDUSTRIES LTD
CANON INC
CASIO
CENTRAL JAPAN RAILWAY
CHIBA BANK
CHUBU ELECTRIC POWER CO INC
CHUGAI PHARM
CHUGOKU EL POWER
CREDIT SAISON CO LTD
DAI NIPPON PRINTING CO LTD
DAI-ICHI MUTUAL LIFE INSURANCE COMPANY
DAIICHI SANKYO CO LTD
DAIKIN INDUSTRIES LTD
DAITO TRUST CONSTRUCTION CO LTD
DAIWA HOUSE INDUSTRY
DAIWA SECURITIES GROUP INC
DENSO CORP
DENTSU INC
EAST JAPAN RAILWAY CO
EISAI
FAMILYMART
FANUC LTD
FAST RETAILING
FUJI HEAVY INDUSTRIES LTD
FUJIFILM HOLDINGS CORP
FUJITSU LTD
HAKUHODO DY HOLDINGS
HAMAMATSU PHOTONICS KK
HANKYU HANSHIN HOLDINGS INC.
HINO MOTORS LTD
HIROSE ELECTRIC
HITACHI LTD
HOKURIKU ELECTRIC POWER CO INC
HONDA MOTOR CO LTD
HOYA CORP
USD
19,415,239
20,357
57,263
127,794
19,450
36,628
42,578
65,006
66,978
67,850
36,040
117,699
57,521
46,557
213,971
42,939
57,704
214,600
65,185
240,841
75,028
126,454
38,124
111,827
48,339
30,651
23,588
72,337
208,466
114,713
136,780
41,450
156,214
52,469
229,164
139,893
224,942
181,287
27,606
266,449
227,026
165,783
135,817
128,641
26,785
73,755
41,360
12,373
30,085
224,175
67,078
346,406
180,456
% of NaV
Isle of Man
0.02
0.02
0.02
0.02
0.01
0.08
0.02
0.04
0.02
Market Value
ACCENTURE SHS CLASS A
BANK OF IRELAND
CRH PLC
EATON CORP
ENDO INTERNATIONAL
EXPERIAN PLC
INGERSOLL RAND PLC
JAMES HARDIE INDUSTRIES PLC
JAZZ PHARMA
KERRY GROUP A
MALLINCKRODT PLC W/I
PENTAIR PLC
PERRIGO COMPANY PLC
TYCO INTERNATIONAL PLC
WEATHERFORD INTERNATIONAL LTD
WILLIS GROUP HOLDING
XL GROUP PLC
42,882
44,371
50,158
58,618
11,919
195,419
43,995
95,014
39,935
Quantity
Ireland
USD
% of NaV
3,800
125,456
5,690
4,200
600
10,094
2,200
2,951
100
598
1,100
1,800
948
1,900
3,100
900
3,600
MTR CORP
NEW WORLD DEVELOPMENT
POWER ASSETS HOLDINGS LTD
SHANGRI-LA ASIA LTD
SJM HOLDINGS LTD
SUN HUNG KAI PROPERTIES
SWIRE PACIFIC A
TECHTRONIC INDUSTRIES CO LTD
WHARF HOLDINGS LTD
Market Value
Quantity
9,209
33,924
5,500
42,000
11,000
12,062
3,500
29,000
6,000
8.22
0.01
0.02
0.05
0.01
0.02
0.02
0.03
0.03
0.03
0.02
0.05
0.02
0.02
0.09
0.02
0.02
0.09
0.03
0.10
0.03
0.05
0.02
0.05
0.02
0.01
0.01
0.03
0.09
0.05
0.06
0.02
0.07
0.02
0.10
0.06
0.10
0.08
0.01
0.11
0.10
0.07
0.06
0.05
0.01
0.03
0.02
0.01
0.01
0.09
0.03
0.14
0.08
Index Equity World
Securities Portfolio as at 30/06/15
MITSUI O.S.K.LINES LTD
MIZUHO FINANCIAL GROUP INC
MS AD ASSURANCE
MURATA MANUFACTURING CO LTD
M3 INC
NAGOYA RAILROAD
NEC CORP
NGK SPARK PLUG
NH FOODS SHS
NIDEC CORP
NIKON CORP
NINTENDO CO LTD
NIPPON BUILDING FUND
NIPPON EXPRESS
NIPPON PAINT CO LTD
NIPPON PROLOGIS REIT INC
NIPPON TELEGRAPH & TELEPHONE
NIPPON YUSEN
NISSAN MOTOR CO LTD
NITORI
NITTO DENKO
NKSJ HOLDINGS
NOMURA RESEARCH
NP STI & S’TOMO
NSK LTD
NTT DOCOMO INC
ODAKYU ELECTRIC RAILWAY
OJI HOLDINGS
OLYMPUS CORP
OMRON CORP
ONO PHARMACEUTICAL
ORIENTAL LAND
ORIX CORP
OSAKA GAS CO LTD
OTSUKA HOLDINGS CO LTD
PANASONIC CORP
PARK24
RAKUTEN
RESONA HOLDINGS
RICOH COMPANY LTD
ROHM
SANTEN PHARMACEUTICAL
SBI HOLDINGS
SECOM CO LTD
SEGA SAMMY HOLDINGS
SEKISUI CHEMICAL CO LTD
SEKISUI HOUSE LTD
SEVEN & I HOLDINGS CO LTD
SHARP CORPORATION
SHIKOKU ELECTRIC POWER CO INC
SHIMANO
SHIMIZU CORP
SHIN-ETSU CHEMICAL CO LTD
SHINSEI BANK
USD
22,425
337,408
168,269
244,384
76,457
67,372
45,479
91,558
68,500
59,919
23,144
133,829
26,282
24,599
70,588
64,471
94,203
27,867
117,742
106,027
73,992
47,718
31,316
150,445
30,908
204,967
28,023
21,738
44,939
34,781
109,263
146,893
86,314
39,497
111,652
211,622
18,851
148,678
140,403
31,136
40,257
42,488
71,648
25,971
15,691
24,566
47,661
227,827
10,959
67,409
109,182
16,851
242,194
24,223
% of NaV
7,000
155,800
5,400
1,400
3,800
18,000
15,000
3,300
3,000
800
2,000
800
6
5,000
2,500
35
2,600
10,000
11,300
1,300
900
1,300
800
58,000
2,000
10,700
3,000
5,000
1,300
800
1,000
2,300
5,800
10,000
3,500
15,400
1,100
9,200
25,700
3,000
600
3,000
5,200
400
1,200
2,000
3,000
5,300
9,000
4,500
800
2,000
3,900
12,000
Market Value
0.01
0.03
0.02
0.05
0.02
0.02
0.09
0.01
0.03
0.04
0.01
0.01
0.12
0.04
0.01
0.05
0.02
0.02
0.03
0.08
0.02
0.12
0.01
0.01
0.03
0.07
0.01
0.01
0.05
0.01
0.04
0.08
0.01
0.03
0.03
0.06
0.01
0.01
0.01
0.02
0.02
0.02
0.04
0.03
0.02
0.09
0.07
0.08
0.06
0.01
0.01
0.26
0.07
0.08
Quantity
USD
15,975
60,878
37,266
128,500
41,126
45,979
204,826
28,243
76,770
103,951
27,263
32,022
274,391
104,340
18,894
123,886
36,571
43,202
62,011
186,099
37,331
284,863
22,654
28,636
71,393
161,958
31,259
34,078
108,850
28,619
85,850
188,745
35,035
79,332
72,180
130,000
31,333
27,393
29,788
37,985
40,176
50,952
103,298
70,020
50,374
211,198
168,071
193,916
146,061
26,887
25,547
639,906
172,547
196,045
% of NaV
HULIC CO LTD
IDEMITSU KOSAN
IHI CORP
INPEX HOLDINGS INC
ISETAN MITSUKHOSHI HOLDINGS LTD
ISUZU MOTORS LTD
ITOCHU CORP
J FRONT RETAILING
JAPAN AIRLINES
JAPAN EXCHANGE
JAPAN REAL ESTATE INVESTMENT
JAPAN RETAIL FUND INVESTMENT
JAPAN TOBACCO INC
JFE HOLDINGS
JGC
JX HOLDINGS
KANEKA CORP
KANSAI ELECTRIC POWER CO INC
KANSAI PAINT
KAO CORP
KAWASAKI HEAVY INDUSTRIES
KDDI CORP
KEIHIN ELEC EXP RAILWAY
KEIO CORP
KEISEI EL RAILWAY
KEYENCE CORP
KIKKOMAN CORP
KINTETSU GROUP HOLDINGSS CO LTD
KIRIN HOLDINGS CO LTD
KOBE STEEL LTD
KOITO MFG
KOMATSU LTD
KONICA MINOLTA HOLDINGS
KUBOTA CORPORATION
KURARAY
KYOCERA CORP
KYUSHU ELECTRIC POWER CO INC
LAWSON INC
LIXIL GROUP CORPORATION
MAKITA
MARUBENI CORP
MAZDA MOTOR CORP
MEIJI HOLDINGS CO LTD
MIRACA HOLDINGS INC
MITSUBISHI CHEMICAL HOLDINGS
MITSUBISHI CORPORATION
MITSUBISHI ELECTRIC CORP
MITSUBISHI ESTATE CO LTD
MITSUBISHI HEAVY INDUSTRIES
MITSUBISHI MATERIALS CORP
MITSUBISHI MOTORS
MITSUBISHI UFJ FINANCIAL GROUP
MITSUI & CO LTD
MITSUI FUDOSAN CO LTD
Market Value
Quantity
1,800
3,100
8,000
11,300
2,300
3,500
15,500
1,500
2,200
3,200
6
16
7,700
4,700
1,000
28,700
5,000
3,900
4,000
4,000
8,000
11,800
3,000
4,000
6,000
300
1,000
10,000
7,900
17,000
2,200
9,400
3,000
5,000
5,900
2,500
2,700
400
1,500
700
7,000
2,600
800
1,400
8,000
9,600
13,000
9,000
24,000
7,000
3,000
89,000
12,700
7,000
0.01
0.14
0.07
0.10
0.03
0.03
0.02
0.04
0.03
0.03
0.01
0.06
0.01
0.01
0.03
0.03
0.04
0.01
0.05
0.04
0.03
0.02
0.01
0.06
0.01
0.09
0.01
0.01
0.02
0.01
0.05
0.06
0.04
0.02
0.05
0.09
0.01
0.06
0.06
0.01
0.02
0.02
0.03
0.01
0.01
0.01
0.02
0.10
0.00
0.03
0.05
0.01
0.10
0.01
The accompanying notes form an integral part of these financial statements
161
Index Equity World
Securities Portfolio as at 30/06/15
162
195,707
299,183
0.08
0.13
933,647
0.40
210
1,695
548
2,669
9,167
USD
% of NaV
The accompanying notes form an integral part of these financial statements
0.06
0.02
0.01
0.03
0.08
0.14
0.10
0.05
0.02
0.04
0.02
0.15
0.07
0.04
0.02
0.03
0.03
0.02
0.01
0.01
0.11
0.02
0.02
0.02
0.01
0.01
0.04
0.11
0.02
0.01
0.05
0.01
0.02
0.01
0.03
0.01
0.01
0.02
0.01
0.02
0.01
0.01
0.04
0.01
0.02
0.01
0.02
0.03
0.04
0.01
Market Value
2,300 DELPHI AUTOMOTIVE PLC
74,513 GLENCORE PLC
139,599
49,946
31,357
67,331
180,763
347,591
231,964
120,296
52,368
83,715
45,687
343,515
164,930
105,263
35,856
67,274
64,205
47,726
23,405
34,471
270,515
47,726
53,602
38,403
25,792
24,885
84,008
249,777
44,697
18,993
116,864
13,893
40,208
27,001
65,158
25,105
25,387
55,048
18,028
51,338
34,900
23,969
99,864
25,463
57,627
32,297
35,598
76,570
87,139
20,581
Quantity
Jersey
USD
% of NaV
SHIONOGI & CO LTD
SHISEIDO CO LTD
SHIZUOKA BANK
SHOWA SHELL SEKIYU KK
SMC CORP
SOFTBANK CORP
SONY CORP
SUMITOMO CHEMICAL
SUMITOMO CORP
SUMITOMO ELECTRIC INDUSTRIES
SUMITOMO METAL MINING CO LTD
SUMITOMO MITSUI FINANCIAL GRP
SUMITOMO MITSUI TRUST HLD
SUMITOMO REALTY & DEVELOPMENT
SUNTORY BEVERAGE AND FOOD LIMITED
SUZUKEN CO LTD
SUZUKI MOTOR CORP
SYSMEX
TAIHEIYO CEMENT CORP
TAISEI CORP
TAKEDA PHARMACEUTICAL CO LTD
T&D HOLDINGS INC
TDK CORPORATION
TERUMO CORP
TOBU RAILWAY
TOHO CO LTD
TOHOKU ELECTRIC POWER CO INC
TOKIO MARINE HLDGS INC
TOKYO ELECTRIC POWER
TOKYO ELECTRON LTD
TOKYO GAS CO LTD
TOKYO TATEMONO
TOKYU CORP
TOKYU FUDOSAN
TONENGENERAL SEKIYU KK
TOPPAN PRINTING
TORAY INDUSTRIES INC
TOSHIBA
TOTO LTD
TOYOTA INDUSTRIES CORP
TOYOTA TSUSHO CORP
TREND MICRO INC
UNI-CHARM CORP
UNITED URBAN INVESTMENT CORP
WEST JAPAN RAILWAY CO
YAHOO JAPAN
YAKULT HONSHA
YAMAHA MOTOR CO LTD
YAMATO HOLDINGS
YOKOGAWA ELECTRIC CORP
Market Value
Quantity
3,600
2,200
3,000
7,700
600
5,900
8,200
20,000
4,500
5,400
3,000
7,700
36,000
3,000
900
2,100
1,900
800
8,000
6,000
5,600
3,200
700
1,600
6,000
1,000
6,200
6,000
8,200
300
22,000
1,000
6,000
3,500
7,000
3,000
3,000
16,000
1,000
900
1,300
700
4,200
18
900
8,000
600
3,500
4,500
1,600
INTU PROPERTIES PLC
PETROFAC LIMITED
RANDGOLD RESOURCES
WOLSELEY
WPP PLC
1,016
24,672
36,931
170,549
205,589
0.00
0.01
0.02
0.07
0.09
600 ROYAL CARIBBEAN CRUISES
47,214
0.02
Liberia
47,214
Luxembourg
1,515,916
Netherlands
4,091,131
3,005
871
10,031
3,780
2,388
403
256
1,217
6,091
ALLERGAN PLC
ALTICE
ARCELORMITTAL SA
CNH INDUSTRIAL N.V
HOLCIM LTD-NOM
MILLICOM INTL CELLULAR SDR
RTL GROUP
SES GLOBAL FDR
TENARIS SA
7,190
4,084
1,976
2,305
400
200
2,187
10,191
1,238
1,537
1,127
23,268
5,826
2,247
14,004
2,769
3,000
3,800
34,200
2,870
4,057
7,049
8,808
1,800
4,184
11,372
3,937
AEGON NV
AIRBUS GROUP
AKZO NOBEL NV-CVA
ASML HOLDING N.V.
CHICAGO BDGE NY REG
CORE LABORATORIES
DELTA LLOYD
FIAT CHRYSLER AUTOMOBILES NV
GEMALTO
HEINEKEN HOLDING NV
HEINEKEN NV
ING GROEP NV-CVA
KONINKLIJKE AHOLD
KONINKLIJKE DSM NV
KONINKLIJKE KPN NV
LYONDELLBASELL
MYLAN NEW MOON BV
NIELSEN HOLDINGS
NOMURA HLDGS INC
OCI
QIAGEN NV
REED ELSEVIER NV
ROYAL PHILIPS NV
SENSATA TECHNOLOGIE
STMICROELECTRONICS NV
UNILEVER CVA
WOLTERS KLUWER CVA
10,795
39,819
4,228
12,965
CONTACT ENERGY
MERIDIAN ENERGY LTD
RYMAN HEALTHCARE
SPARK NEW SHS
New Zealand
0.02
0.64
911,896
119,901
97,605
34,452
176,307
29,700
23,210
40,863
81,982
0.40
0.05
0.04
0.01
0.07
0.01
0.01
0.02
0.03
52,809
264,833
143,702
238,075
20,016
22,808
35,881
149,202
110,185
107,803
85,476
383,952
109,054
130,188
53,519
286,647
203,580
170,126
232,146
81,063
99,605
167,094
223,953
94,932
34,288
473,313
116,881
0.02
0.11
0.06
0.10
0.01
0.01
0.02
0.06
0.05
0.05
0.04
0.16
0.05
0.06
0.02
0.12
0.09
0.07
0.10
0.03
0.04
0.07
0.09
0.04
0.01
0.20
0.05
36,576
58,168
22,646
24,507
0.02
0.02
0.01
0.01
141,897
1.73
0.06
Index Equity World
Securities Portfolio as at 30/06/15
31,325 EDP - ENERGIAS DE PORTUGAL
7,067 GALP ENERGIA SGPS SA-B
1,640 JERONIMO MARTINS SGPS SA
1,800
15,000
10,000
12,138
2,600
17,000
3,100
9,000
22,675
5,000
25,800
10,000
58,800
6,000
12,528
12,000
2,230
1,051
4,592
38,057
24,130
7,444
100,295
34,034
24,738
3,823
4,984
2,546
35,884
7,242
5,827
Singapore
AVAGO TECHNOLOGIE LTD
CAPITALAND
COMFORTDELGRO CORP
DBS GROUP HOLDINGS LTD
FLEXTRONICS INTL
GLOBAL LOGISTIC PROPERTIE
JARDINE CYCLE & CARRIAGE
KEPPEL CORPORATION LTD
OVERSEA-CHINESE BANKING
SINGAPORE EXCHANGE
SINGAPORE PRESS HOLDING
SINGAPORE TECHNOLOGIES ENGINEE
SINGAPORE TELECOMM
STARHUB
UNITED OVERSEAS BANK LTD
WILMAR INTERNATIONAL
Spain
ABERTIS INFRAESTRUCTURAS A
AENA SA
AMADEUS IT HOLDING
BANCO BILBAO VIZCAYA ARGENTA
BANCO DE SABADELL
BANCO POPULAR ESPANOL S.A.
BANCO SANTANDER SA
BANKIA SA
CAIXABANK
FERROVIAL SA
GAS NATURAL SDG
GRIFOLS SA
IBERDROLA SA
INDITEX
INTERNATIONAL CONSOLIDATED AIRLINES GROUP
SA
24,416 MAFPRE SA
631 RED ELECTRICA CORPORACION
93,841
222,691
118,842
82,835
21,014
1,429,045
239,274
38,991
23,246
186,512
29,406
31,943
76,206
54,943
171,433
29,076
78,177
24,508
183,848
17,601
214,649
29,232
3,237,937
36,549
109,772
182,937
372,808
58,207
36,046
699,994
43,154
114,552
82,849
112,952
102,492
241,571
235,253
45,291
83,980
50,536
0.04
0.04
0.09
0.04
0.04
0.01
0.61
0.11
0.02
0.01
0.08
0.01
0.01
0.03
0.02
0.07
0.01
0.03
0.01
0.08
0.01
0.10
0.01
1.37
0.02
0.05
0.08
0.15
0.02
0.02
0.29
0.02
0.05
0.04
0.05
0.04
0.10
0.10
0.02
0.04
0.02
1,810
4,014
6,775
1,562
900
3,736
574
2,345
19,301
3,820
7,113
2,792
2,039
895
21,162
4,269
6,082
5,600
4,548
1,583
6,373
11,387
8,830
2,879
6,017
8,754
15,242
14,618
2,900
887
1,551
69
3,644
4,083
10,659
278
99
754
828
1
669
22,513
16,059
309
4,905
USD
187,314
441,680
0.08
0.18
31,826
75,515
189,430
38,873
105,075
68,034
17,972
14,696
199,813
91,845
273,633
101,080
75,908
28,271
263,712
47,153
77,697
73,969
92,083
36,076
161,907
166,053
205,706
81,816
69,905
51,495
189,020
0.01
0.03
0.08
0.02
0.04
0.03
0.01
0.01
0.08
0.04
0.13
0.04
0.03
0.01
0.11
0.02
0.03
0.03
0.04
0.02
0.07
0.07
0.09
0.03
0.03
0.02
0.08
306,258
294,872
129,837
125,962
3,404
296,527
91,031
293,114
92,719
171,396
42,316
109,949
62,574
89,408
1,626,014
1,583,438
92,412
1,375,079
0.13
0.12
0.05
0.05
0.00
0.13
0.04
0.12
0.04
0.07
0.02
0.05
0.03
0.04
0.69
0.67
0.04
0.58
Sweden
2,828,563
Switzerland
8,954,550
ALFA LAVAL
ASSA ABLOY AB SHS B
ATLAS COPCO AB
ATLAS COPCO AB
AUTOLIV INC
BOLIDEN AB
ELECTROLUX B
ELEKTA AB B
ERICSSON LM-B SHS
GETINGE AB-B SHS
HENNES & MAURITZ AB-B SHS
HEXAGON B
INVESTOR B
KINNEVIK INVESTMENT AB-B
NORDEA BANK AB
SANDVIK
SEB A
SECURITAS B
SKANSKA AB-B SHS
SKF AB-B SHS
SVENSKA CELLULOSA SCA B
SVENSKA HANDELSBANKEN AB
SWEDBANK A SHS A
SWEDISH MATCH AB
TELE2 B
TELIASONERA AB
VOLVO AB-B SHS
ABB LTD-NOM
ACE LTD
ACTELION N
ADECCO
ARYZTA
CIE FINANCIERE RICHEMONT SA
COCA COLA HBC
CREDIT SUISSE GROUP AG-NOM
GEBERIT AG-NOM
GIVAUDAN N
JULIUS BAER GRUPPE
KUEHNE UND NAGEL INTERNATIONAL AG-NOM
LINDT & SPRUENGLI AG-NOM
LONZA GROUP AG N
NESTLE SA
NOVARTIS AG-NOM
PARTNERS GROUP HOLDING N
ROCHE HOLDING AG - BON DE JOUISSANCE
DIVIDENDE
239 SCHINDLER HOLDING N
273 SCHINDLER HOLDING PS
22 SGS SA-NOM
% of NaV
Portugal
93,841
0.02
0.02
0.03
0.03
0.09
0.04
0.02
10,674 REPSOL
31,091 TELEFONICA SA
Market Value
1,900 CARNIVAL CORP
54,531
47,636
76,413
70,848
197,163
84,944
52,584
0.25
Quantity
Panama
584,119
% of NaV
DNB NOR ASA
GJENSIDIGE FORSIKRING ASA
NORSK HYDRO ASA
ORKLA ASA
STATOILHYDRO ASA
TELENOR
YARA INTERNATIONAL ASA
Market Value
Quantity
3,280
2,965
18,190
9,034
11,072
3,890
1,013
Norway
USD
39,050
44,664
40,160
1.20
3.79
0.02
0.02
0.02
The accompanying notes form an integral part of these financial statements
163
Index Equity World17
Securities Portfolio as at 30/06/15
164
35,048
99,579
92,892
76,229
17,123
169,420
169,595
557,431
212,976
73,411
176,510
404,374
397,198
289,642
841,566
698,965
48,184
413,695
44,636
43,831
55,237
55,390
88,288
20,214
144,758
37,785
508,518
31,001
89,240
73,527
20,043
118,278
706,408
89,451
42,428
27,182
1,203,049
27,690
334,948
83,914
53,956
0.01
0.04
0.04
0.03
0.01
0.07
0.07
0.24
0.09
0.03
0.07
0.17
0.17
0.12
0.36
0.30
0.02
0.18
0.02
0.02
0.02
0.02
0.04
0.01
0.06
0.02
0.22
0.01
0.04
0.03
0.01
0.05
0.30
0.04
0.02
0.01
0.50
0.01
0.14
0.04
0.02
17,697,832
7.50
2,679
14,957
821
9,501
3,864
56,336
2,199
4,292
398,626
1,585
6,470
3,252
3,985
5,226
37,531
23,396
1,520
19,607
3,277
1,876
1,876
15,502
4,508
5,611
4,218
7,820
868,278
12,973
28,186
17,037
27,189
12,898
6,093
6,443
12,640
20,934
711
12,838
3,478
3,957
8,449
9,718
1,577
7,286
17,263
7,786
9,516
10,404
35,629
45,005
982
13,987
8,385
733
INTERTEK GROUP
ITV
JOHNSON MATTHEY PLC
KINGFISHER
LAND SECURITIES GROUP PLC
LEGAL & GENERAL GROUP
LIBERTY GLOBAL PLC A
LIBERTY GLOBAL SHARES C
LLOYDS BANKING GROUP PLC
LONDON STOCK EXCHANGE
MARKS AND SPENCER GROUP
MEGGITT PLC
MELROSE INDUSTRIES PLC SHS
MONDI PLC
MORRISON SUPERMARKETS PLC
NATIONAL GRID PLC
NEXT PLC
OLD MUTUAL
PEARSON
PERSIMMON PLC
PERSIMMON PLC INT B
PRUDENTIAL PLC
RECKITT BENCKISER GROUP PLC
REED ELSEVIER PLC
REXAM P.L.C.
RIO TINTO PLC
ROLLS ROYCE HOLDINGS PLC PERF C E 15
ROLLS-ROYCE HOLDINGS PLC
ROYAL BANK OF SCOTLAND GROUP PLC
ROYAL DUTCH SHELL B SHARES
ROYAL DUTCH SHELL PLC-A
ROYAL MAIL PLC-W/I
RSA INSURANCE GROUP PLC
SABMILLER
SAGE GRP
SAINSBURY(J)
SCHRODERS LTD
SEGRO PLC
SEVERN TRENT PLC
SHIRE
SKY PLC
SMITH & NEPHEW
SMITHS GROUP
SSE PLC
STANDARD CHARTERED
STANDARD LIFE
STANDARD LIFE (PROVISOIRE)
TATE & LYLE PLC
TAYLOR WINPEY PLC
TESCO PLC
TRAVIS PERKINS
TULLOW OIL PLC
UNILEVER
UNITED UTILITIES GROUP PLC
USD
103,227
61,937
39,227
51,895
73,167
220,529
118,900
217,304
534,396
59,079
54,541
23,854
15,512
112,684
106,719
300,693
178,096
62,136
62,104
58,271
2,803
373,630
389,092
91,334
36,618
321,489
1,366
177,506
155,816
484,178
768,558
104,367
38,062
334,797
101,881
87,346
35,514
81,934
113,830
317,077
137,796
164,148
28,001
176,009
276,659
54,369
10,925
85,004
104,113
150,444
32,587
74,726
360,014
10,283
% of NaV
The accompanying notes form an integral part of these financial statements
0.01
0.04
0.10
0.05
0.10
0.10
0.06
0.01
0.04
0.23
0.12
Market Value
ABERDEEN ASSET MANAGEMENT
AGGREKO PLC
AMEC FOSTER WHEELER PLC
ANGLO AMERICAN PLC
ANTOFAGASTA PLC
ARM HOLDINGS
ASSOCIATED BRITISH FOODS
ASTRAZENECA PLC
AVIVA PLC
BABCOCK INTERNATIONAL GROUP PLC
BAE SYSTEMS PLC
BARCLAYS PLC
BG GROUP PLC
BHP BILLITON PLC
BP PLC
BRITISH AMERICAN TOBACCO PLC
BRITISH LAND CO PLC
BT GROUP PLC
BUNZL
BURBERRY GROUP
CAPITA
CARNIVAL PLC
CENTRICA PLC
COBHAM
COMPASS GROUP
CRODA INTERNATIONAL PLC
DIAGEO
DIRECT LINE INSURANCE GROUP PLC
DIXONS CARPHONE
EASYJET
ENSCO - A
GKN
GLAXOSMITHKLINE PLC
G4S SHS
HAMMERSON
HARGREAVES LANSDOWN
HSBC HOLDINGS PLC
IMI PLC
IMPERIAL TOBACCO GROUP PLC
INMARSAT PLC
INTERCONT HOTELS GROUP PLC
14,116
92,781
227,113
127,836
245,182
244,340
141,421
21,483
101,358
540,960
287,776
Quantity
United Kingdom
USD
% of NaV
5,516
4,400
7,225
5,277
1,579
10,388
3,756
8,819
27,496
4,322
24,874
98,701
23,837
14,745
127,359
13,014
3,861
58,428
1,633
1,774
2,837
1,084
21,280
4,887
8,741
873
17,563
5,870
12,512
3,024
900
22,483
33,963
21,175
4,383
1,499
134,177
1,565
6,944
5,828
1,337
SIKA
SONOVA HOLDING AG
SWISS RE AG
SWISSCOM N
SYNGENTA AG-NOM
TE CONNECTIVITY LTD
THE SWATCH GROUP
THE SWATCH GROUP N
TRANSOCEAN LTD
UBS GROUP INC NAMEN AKT
ZURICH INSURANCE GROUP AG
Market Value
Quantity
4
686
2,565
228
603
3,800
363
286
6,265
25,495
945
0.04
0.03
0.02
0.02
0.03
0.09
0.05
0.09
0.23
0.03
0.02
0.01
0.01
0.05
0.05
0.13
0.08
0.03
0.03
0.02
0.00
0.16
0.16
0.04
0.02
0.14
0.00
0.08
0.07
0.21
0.33
0.04
0.02
0.14
0.04
0.04
0.02
0.03
0.05
0.13
0.06
0.07
0.01
0.07
0.12
0.02
0.00
0.04
0.04
0.06
0.01
0.03
0.15
0.00
Index Equity World
Securities Portfolio as at 30/06/15
579,144
806,280
43,578
267,333
26,856
63,716
100,776
293,158
43,720
248,800
34,068
27,006
232,611
31,734
69,820
16,581
33,450
253,078
46,876
87,582
23,088
207,584
56,075
95,896
66,560
733,650
1,215,452
124,344
27,955
101,035
243,662
427,460
655,292
24,878
261,212
92,397
199,888
159,510
120,516
813,656
69,564
273,210
198,974
34,922
36,496
328,280
209,328
55.24
0.25
0.34
0.02
0.11
0.01
0.03
0.04
0.12
0.02
0.11
0.01
0.01
0.10
0.01
0.03
0.01
0.01
0.11
0.02
0.04
0.01
0.09
0.02
0.04
0.03
0.31
0.51
0.05
0.01
0.04
0.10
0.18
0.28
0.01
0.11
0.04
0.08
0.07
0.05
0.34
0.03
0.12
0.08
0.01
0.02
0.14
0.09
APACHE CORP
APPLE INC
APPLIED MATERIALS INC
ARAMARK HOLDINGS CORP
ARCHER-DANIELS MIDLAND CO
ARROW ELECTRONICS INC
ASHLAND INC
AT&T INC
AUTODESK INC
AUTOMATIC DATA PROCESSING INC
AUTONATION
AUTOZONE INC
AVALONBAY COMMUNITIE
AVERY DENNISON CORP
AVNET INC
BAKER HUGHES INC
BALL CORP
BANK OF AMERICA CORP
BANK OF NEW YORK MELLON CORP
BARD (CR) INC
BAXTER INTERNATIONAL INC
B/E AEROSPACE
BECTON DICKINSON & CO
BED BATH & BEYOND INC
BERKSHIRE HATAW B
BEST BUY CO INC
BIOGEN INC
BIOMARIN PHARMACEUTICAL INC
BLACKROCK INC A
BOEING CO
BORG WARNER INC
BOSTON PROPERTIES INC
BOSTON SCIENTIFIC CORP
BRANCH BANKING AND TRUST CORP
BRISTOL MYERS SQUIBB CO
BROADCOM CORPORATION A
BROWN-FORMAN CORP B
CA INC
CABOT OIL & GAS
CALPINE CORP W/I
CAMDEN PROPERTY TRUST SBI
CAMERON INTERNATIONAL CORP
CAMPBELL SOUP CO
CAPITAL ONE FINANCIAL CORP
CARDINAL HEALTH INC
CARMAX
CATERPILLAR INC
CBRE GROUP
CBS CORP-B
CDK GLOBAL INC
CELANESE SER A
CELGENE CORP
CENTERPOINT ENERGY INC
CENTURYTEL INC
USD
155,601
5,104,797
213,342
105,298
212,168
22,320
36,570
1,285,824
45,068
320,920
94,470
133,380
159,870
24,376
32,888
185,100
42,090
1,308,838
293,790
51,210
265,734
21,960
250,579
62,082
1,156,935
35,871
646,304
82,068
242,186
707,472
113,680
145,248
95,580
217,674
771,864
211,109
50,090
38,077
53,618
25,186
37,140
52,370
123,890
307,895
250,950
59,589
305,352
111,000
194,250
107,960
43,128
648,116
30,448
173,342
% of NaV
130,429,276
2,700
40,700
11,100
3,400
4,400
400
300
36,200
900
4,000
1,500
200
1,000
400
800
3,000
600
76,900
7,000
300
3,800
400
1,769
900
8,500
1,100
1,600
600
700
5,100
2,000
1,200
5,400
5,400
11,600
4,100
500
1,300
1,700
1,400
500
1,000
2,600
3,500
3,000
900
3,600
3,000
3,500
2,000
600
5,600
1,600
5,900
Market Value
ABBOTT LABORATORIES
ABBVIE INC
ACTIVISION BLIZZARD INC
ADOBE SYSTEMS INC
ADT CORP
ADVANCE AUTO PARTS
AES CORP
AETNA INC
AFFILIATED MANAGERS
AFLAC INC
AGCO CORP
AGILENT TECHNOLOGIES INC
AIR PRODUCTS & CHEMICALS INC
AIRGAS
AKAMAI TECHNOLOGIES INC
ALBEMARLE
ALCOA INC
ALEXION PHARMACEUTICALS INC
ALLEGHANY CORPORATION
ALLIANCE DATA SYST
ALLIANT ENERGY CORP
ALLSTATE CORP
ALLY FINANCIAL INC
ALNYLAM PHARMACEUTICALS
ALTERA CORP
ALTRIA GROUP INC
AMAZON.COM
AMEREN CORPORATION
AMERICAN AIRLINES
AMERICAN CAPITAL AGENCY
AMERICAN ELECTRIC POWER INC
AMERICAN EXPRESS CO
AMERICAN INTL GRP
AMERICAN REALTY CAP
AMERICAN TOWER
AMERICAN WATER WORKS
AMERIPRISE FINANCIAL
AMERISOURCEBERGEN
AMETEK
AMGEN INC
AMPHENOL CORPORATION-A
ANADARKO PETROLEUM CORP
ANALOG DEVICES INC
ANNALY CAPITAL MANAGEMENT
ANSYS
ANTHEM INC
AON PLC
0.28
0.01
0.03
0.01
0.04
Quantity
United States of America
USD
669,063
22,793
68,997
34,754
92,068
% of NaV
11,800
12,000
1,800
3,300
800
400
7,600
2,300
200
4,000
600
700
1,700
300
1,000
300
3,000
1,400
100
300
400
3,200
2,500
800
1,300
15,000
2,800
3,300
700
5,500
4,600
5,500
10,600
3,060
2,800
1,900
1,600
1,500
2,200
5,300
1,200
3,500
3,100
3,800
400
2,000
2,100
VODAFONE GROUP
WEIR GROUP
WHITBREAD
WILLIAM HILL PLC
3I GROUP
Market Value
Quantity
185,084
854
887
5,482
11,334
0.07
2.17
0.09
0.04
0.09
0.01
0.02
0.54
0.02
0.14
0.04
0.06
0.07
0.01
0.01
0.08
0.02
0.55
0.12
0.02
0.11
0.01
0.11
0.03
0.49
0.02
0.27
0.03
0.10
0.30
0.05
0.06
0.04
0.09
0.33
0.09
0.02
0.02
0.02
0.01
0.02
0.02
0.05
0.13
0.11
0.03
0.13
0.05
0.08
0.05
0.02
0.27
0.01
0.07
The accompanying notes form an integral part of these financial statements
165
Index Equity World17
Securities Portfolio as at 30/06/15
DELTA AIR LINES WI
DENTSPLY INTERNATIONAL
DEVON ENERGY CORPORATION
DICK’S SPORTING GOODS
DIGITAL REALTY TRUST
DIRECTV
DISCOVER FINANCIAL SERVICES
DISCOVERY COMMUNICATION SERIES C
DISCOVERY COMMUNICATIONS INC - SERIES A
DISH NETWORK CORP
DOLLAR GENERAL
DOLLAR TREE INC
DOMINION RESOURCES
DOVER CORP
DOW CHEMICAL CO
DR HORTON INC
DR PEPPER SNAPPLE GROUP INC
DTE ENERGY CO
DUKE ENERGY
DUKE REALTY
E TRADE FINANCIAL
EASTMAN CHEMICAL CO
EATON VANCE NON VTG
EBAY INC
ECOLAB INC
EDISON INTERNATIONAL
EDWARDS LIFESCIENCES
E.I. DUPONT DE NEMOURS & CO
ELECTRONIC ARTS INC
ELI LILLY & CO
EMC CORP
EMERSON ELECTRIC CO
ENERGEN CORP
ENERGIZER HOLDINGS
ENTERGY CORP
EOG RESOURCES
EQT CORP
EQUIFAX INC
EQUINIX INC COMMON STOCK REIT
EQUITY RESIDENTIAL
ESSEX PROPERTY TRUST INC
ESTEE LAUDER COMPANIES INC-A
EVERSOURCE ENERGY
EXELON CORP
EXPEDIA
EXPEDIT INTL WASH
EXPRESS SCRIPTS HLD
EXTRA SPACE STORAGE INC
EXXON MOBIL CORP
FACEBOOK A
FAMILY DOLLAR STORE
FASTENAL CO
FEDERAL REALTY INVESTMT TR SBI
FEDEX CORP
USD
119,132
30,930
166,572
93,186
120,024
287,649
195,908
96,348
19,956
60,939
171,028
71,091
334,350
105,270
358,190
123,120
58,320
52,248
310,728
38,997
119,800
49,092
31,304
391,560
226,140
66,696
56,972
351,725
179,550
584,430
345,709
260,521
20,490
13,155
49,350
306,425
48,804
48,545
52,070
238,578
148,750
86,660
59,033
188,520
65,610
36,884
382,442
110,874
2,437,760
1,209,286
118,215
139,194
38,427
272,640
% of NaV
2,900
600
2,800
1,800
1,800
3,100
3,400
3,100
600
900
2,200
900
5,000
1,500
7,000
4,500
800
700
4,400
2,100
4,000
600
800
6,500
2,000
1,200
400
5,500
2,700
7,000
13,100
4,700
300
100
700
3,500
600
500
205
3,400
700
1,000
1,300
6,000
600
800
4,300
1,700
29,300
14,100
1,500
3,300
300
1,600
Market Value
166
0.08
0.05
0.04
0.11
0.01
0.06
0.01
0.56
0.03
0.09
0.02
0.15
0.04
0.02
0.01
0.41
0.05
0.52
0.05
0.02
0.02
0.11
0.05
0.01
0.00
0.48
0.02
0.10
0.17
0.40
0.10
0.05
0.01
0.02
0.03
0.02
0.22
0.01
0.03
0.08
0.01
0.07
0.15
0.09
0.01
0.12
0.07
0.00
0.00
0.35
0.14
0.02
0.02
0.09
Quantity
The accompanying notes form an integral part of these financial statements
USD
200,274
128,560
99,824
254,670
34,250
131,594
23,457
1,321,639
60,499
209,308
48,678
356,400
99,279
40,144
33,836
977,576
116,225
1,226,328
120,164
56,128
52,010
269,874
124,176
31,149
11,652
1,137,670
43,440
244,360
392,460
950,212
227,772
123,168
11,866
39,384
74,324
45,544
528,126
19,566
69,456
197,234
16,956
169,678
364,662
200,750
31,746
284,055
157,428
828,552
333,801
35,540
55,629
223,215
% of NaV
CERNER CORP
CF INDUSTRIES HOLDINGS INC
C.H. ROBINSON WORLDWIDE
CHARLES SCHWAB CORP
CHARTER COMMUNICATION
CHENIERE ENERGY
CHESAPEAKE ENERGY CORP
CHEVRON CORP
CHIPOTLE MEXICAN GRILL CL A
CHUBB CORP
CHURCH & DWIGHT INC
CIGNA CORP
CIMAREX ENERGY
CINCINNATI FINANCIAL CORP
CINTAS CORP
CISCO SYSTEMS INC
CIT GROUP INC
CITIGROUP INC
CITIZENS FINANCIAL GROUP
CITRIX SYSTEMS INC
CLOROX CO
CME GROUP INC
CMS ENERGY CORP
COACH INC
COBALT INTERNATIONAL ENERGY
COCA-COLA CO
COCA-COLA ENTERPRI
COGNIZANT TECH SO-A
COLGATE PALMOLIVE CO
COMCAST CLASS A
COMCAST CLASS A SPECIAL
COMERICA INC
COMMUNICATIONS SALES & LEASING INC
COMPUTER SCIENCES CORP
CONAGRA FOODS
CONCHO RESOURCES
CONOCOPHILLIPS
CONSOL ENERGY INC
CONSOLIDATED EDISON INC
CONSTELLATION BRANDS INC-A
CONTINENTAL RESOURCES INC
CORNING INC
COSTCO WHOLESALE
CROWN CASTLE INTERNATIONAL CORP
CROWN HOLDINGS
CSX CORP
CUMMINS INC
CVR FOR CASA LEY
CVR FOR PDC
CVS HEALTH CORP
DANAHER CORP
DARDEN RESTAURANTS INC
DAVITA HEALTHCARE
DEERE & CO
Market Value
Quantity
2,900
2,000
1,600
7,800
200
1,900
2,100
13,700
100
2,200
600
2,200
900
800
400
35,600
2,500
22,200
4,400
800
500
2,900
3,900
900
1,200
29,000
1,000
4,000
6,000
15,800
3,800
2,400
480
600
1,700
400
8,600
900
1,200
1,700
400
8,600
2,700
2,500
600
8,700
1,200
200
200
7,900
3,900
500
700
2,300
0.05
0.01
0.07
0.04
0.05
0.12
0.08
0.04
0.01
0.03
0.07
0.03
0.14
0.04
0.15
0.05
0.02
0.02
0.13
0.02
0.05
0.02
0.01
0.17
0.10
0.03
0.02
0.15
0.08
0.25
0.15
0.11
0.01
0.01
0.02
0.13
0.02
0.02
0.02
0.10
0.06
0.04
0.03
0.08
0.03
0.02
0.16
0.05
1.04
0.51
0.05
0.06
0.02
0.12
Index Equity World
Securities Portfolio as at 30/06/15
HONEYWELL INTERNATIONAL INC
HORMEL FOODS
HOSPIRA
HOST HOTELS & RESORTS INC
H&R BLOCK INC
HUDSON CITY BANCORP
HUMANA
HUNTINGTON BANCSHARES INC
IHS
ILLINOIS TOOL WORKS INC
ILLUMINA
INCYTE
INTEGRYS ENERGY GROUP INC
INTEL CORP
INTERCONTINENTALEXCHANGE GROUP
INTERNATIONAL FLAVORS & FRAGRANCES
INTERNATIONAL PAPER
INTERPUBLIC GROUP OF COS INC
INTL BUSINESS MACHINES CORP
INTUIT
INTUITIVE SURGICAL
IRON MOUNTAIN INC
JACOBS ENGINEERING GROUP INC.
JARDEN
J.B HUNT TRANSPORT SERVICES
JM SMUCKER
JOHNSON & JOHNSON
JOHNSON CONTROLS INC
JONES LANG LASALLE
J.P.MORGAN CHASE & CO
JUNIPER NETWORKS
KANSAS CITY SOUTHERN
KELLOGG CO
KEURIG GREEN MOUNTAIN INC.
KEYCORP
KIMBERLY-CLARK CORP
KIMCO REALTY CORP
KINDER MORGAN
KLA-TENCOR
KOHL S CORP
KRAFT FOODS
KROGER CO
LABORATORY CORP
LAM RESEARCH CORP
LAS VEGAS SANDS
LEAR CORP
LEGG MASON INC
LEGGETT & PLATT INC
LENNAR A
LEUCADIA NATIONAL
LEVEL 3 COMM
LIBERTY INT QVC-A QVC GROUP SHS
LIBERTY MEDIA
LIBERTY MEDIA CORP
USD
591,426
118,377
62,097
162,606
115,635
93,860
191,280
124,410
25,726
275,370
218,360
135,473
20,898
1,006,736
111,805
120,219
147,529
32,759
1,073,556
251,925
145,350
23,281
28,434
103,500
32,836
43,364
1,890,724
217,932
51,300
1,822,744
51,940
27,360
81,510
38,315
148,698
254,328
123,970
483,676
39,347
50,088
315,018
232,032
48,488
56,945
205,023
112,260
97,907
34,076
122,496
29,136
158,010
55,500
14,416
28,720
% of NaV
5,800
2,100
700
8,200
3,900
9,500
1,000
11,000
200
3,000
1,000
1,300
300
33,100
500
1,100
3,100
1,700
6,600
2,500
300
751
700
2,000
400
400
19,400
4,400
300
26,900
2,000
300
1,300
500
9,900
2,400
5,500
12,599
700
800
3,700
3,200
400
700
3,900
1,000
1,900
700
2,400
1,200
3,000
2,000
400
800
Market Value
0.02
0.03
0.08
0.04
0.05
0.02
0.08
0.02
0.03
0.01
0.02
0.01
0.02
0.03
0.14
0.05
0.08
0.08
0.03
0.02
0.04
0.02
0.02
0.05
0.07
0.11
0.83
0.10
0.13
0.02
0.52
0.27
0.05
0.48
0.49
0.11
0.05
0.05
0.05
0.02
0.08
0.02
0.10
0.06
0.07
0.01
0.02
0.01
0.03
0.14
0.05
0.01
0.02
0.46
Quantity
USD
48,087
74,160
179,052
92,929
119,757
55,335
198,792
46,818
77,050
31,596
37,107
26,275
37,341
73,711
340,727
114,550
186,314
191,786
81,675
48,140
90,216
44,768
45,804
111,514
161,658
255,042
1,926,325
234,024
299,970
53,718
1,217,632
626,370
114,570
1,134,084
1,146,683
258,420
123,284
118,335
107,046
46,146
182,908
37,395
226,800
138,586
164,075
28,168
42,636
12,684
80,256
333,111
121,220
34,152
41,866
1,089,074
% of NaV
FIDELITY NATIONAL FINANCIAL CLASSE A
FIDELITY NATIONAL INFORM SVCES
FIFTH THIRD BANCORP
FIRE EYE
FIRST REPUBLIC BANK
FIRSTENERGY CORP
FISERV INC
FLEETCOR TECHNOLOGIES INC
FLIR SYSTEMS
FLOWSERVE CORP
FLUOR NEW
FMC CORP
FMC TECHNOLOGIES
FOOT LOCKER
FORD MOTOR CO
FORTUNE BRANDS HOME SECURITY
FRANKLIN RESOURCES INC
FREEPORT MCMORAN INC
FRONTIER COMMUNICATIONS CORP
F5 NETWORKS INC
GAMESTOP A
GANNETT CO INC SHS
GAP INC
GARTNER
GEN GROWTH PROP
GENERAL DYNAMICS CORP
GENERAL ELECTRIC CO
GENERAL MILLS INC
GENERAL MOTORS
GENUINE PARTS CO
GILEAD SCIENCES INC
GOLDMAN SACHS GROUP
GOODYEAR TYRE & RUBBER CO
GOOGLE INC-A
GOOGLE INC-C
HALLIBURTON CO
HANESBRANDS
HARLEY DAVIDSON
HARMAN INTERNATIONAL INDUSTRIE
HARRIS CORP
HARTFORD FINANCIAL SERVICES GRP
HASBRO INC
HCA HOLDINGS INC
HCP INC
HEALTH CARE REIT
HELMERICH & PAYNE INC
HENRY SCHEIN INC
HERTZ GLOBAL HOLDINGS
HESS CORP
HEWLETT PACKARD CO
HILTON WORLDWIDE HOLDINGS IN
HOLLYFRONTIER
HOLOGIC INC
HOME DEPOT INC
Market Value
Quantity
1,300
1,200
8,600
1,900
1,900
1,700
2,400
300
2,500
600
700
500
900
1,100
22,700
2,500
3,800
10,300
16,500
400
2,100
3,200
1,200
1,300
6,300
1,800
72,500
4,200
9,000
600
10,400
3,000
3,800
2,100
2,203
6,000
3,700
2,100
900
600
4,400
500
2,500
3,800
2,500
400
300
700
1,200
11,100
4,400
800
1,100
9,800
0.25
0.05
0.03
0.07
0.05
0.04
0.08
0.05
0.01
0.12
0.09
0.06
0.01
0.43
0.05
0.05
0.06
0.01
0.45
0.11
0.06
0.01
0.01
0.04
0.01
0.02
0.80
0.09
0.02
0.77
0.02
0.01
0.03
0.02
0.06
0.11
0.05
0.20
0.02
0.02
0.13
0.10
0.02
0.02
0.09
0.05
0.04
0.01
0.05
0.01
0.07
0.02
0.01
0.01
The accompanying notes form an integral part of these financial statements
167
Index Equity World17
Securities Portfolio as at 30/06/15
NETFLIX
NEW YORK COMMUNITY BANCORP
NEWELL RUBBERMAID INC
NEWMONT MINING CORP
NEXTERA ENERGY INC
NIKE INC -BNISOURCE
NOBLE ENERGY
NORDSTROM INC
NORFOLK SOUTHERN CORP
NORTHERN TRUST CORP
NORTHROP GRUMMAN CORP
NRG ENERGY INC
NUCOR CORP
NVIDIA CORP
OCCIDENTAL PETROLEUM CORP
OCEANEERING INTL
OGE ENERGY CORP
OMNICOM GROUP INC
ONEOK INC
ORACLE CORP
OREILLY AUTOMOTIVE INC
PACCAR INC
PACKAGING CORP. OF AMERICA
PALL CORP
PALO ALTO NETWORKS INC
PARKER-HANNIFIN CORP
PATTERSON COMPANIES
PAYCHEX INC
PEOPLES UNITED FINANCIAL INC
PEPCO HOLDINGS
PEPSICO INC
PFIZER INC
PG&E CORP
PHILIP MORRIS INTERNATIONAL INC
PHILLIPS VAN HEUSEN CORP
PHILLIPS 66
PINNACLE WEST CAPITAL CORP
PIONEER NATURAL RES
PLUM CREEK TIMBER
PNC FINANCIAL SERVICES GROUP
POLARIS INDUSTRIES INC.
POLO RALPH LAUREN A
PPG INDUSTRIES INC
PPL CORP
PRAXAIR INC
PRECISION CASTPARTS CORP
PRICELINE GROUP
PROCTER AND GAMBLE CO
PROGRESSIVE CORP
PROLOGIS
PRUDENTIAL FINANCIAL
PUBLIC SERVICE ENTERPRISE GROU
PUBLIC STORAGE
USD
262,776
117,632
49,332
46,720
362,711
572,506
59,267
76,824
44,700
244,608
175,858
222,082
112,112
118,989
46,253
365,519
18,636
22,856
138,980
31,584
1,047,800
158,186
165,906
56,241
124,450
104,820
139,596
19,460
60,944
94,018
26,940
1,026,740
1,435,084
171,850
865,836
103,680
306,128
22,756
152,559
40,570
315,645
44,433
52,944
252,384
153,244
298,875
259,831
345,411
1,478,736
172,546
144,690
253,808
78,560
221,244
% of NaV
400
6,400
1,200
2,000
3,700
5,300
1,300
1,800
600
2,800
2,300
1,400
4,900
2,700
2,300
4,700
400
800
2,000
800
26,000
700
2,600
900
1,000
600
1,200
400
1,300
5,800
1,000
11,000
42,800
3,500
10,800
900
3,800
400
1,100
1,000
3,300
300
400
2,200
5,200
2,500
1,300
300
18,900
6,200
3,900
2,900
2,000
1,200
Market Value
168
0.01
0.09
0.07
0.02
0.07
0.05
0.13
0.06
0.16
0.05
0.04
0.05
0.09
0.01
0.03
0.08
0.03
0.09
0.02
0.30
0.05
0.02
0.29
0.08
0.02
0.14
0.01
0.06
0.01
0.04
0.31
0.48
0.14
0.01
0.01
0.02
0.08
1.05
0.05
0.02
0.17
0.14
0.03
0.04
0.15
0.02
0.02
0.07
0.01
0.01
0.04
0.03
0.01
0.02
Quantity
The accompanying notes form an integral part of these financial statements
USD
28,998
205,752
159,894
39,807
165,304
124,005
297,440
134,785
388,426
111,010
102,042
126,820
209,157
26,814
79,620
198,778
74,390
209,790
56,604
719,796
120,743
38,033
694,011
190,855
48,570
337,215
13,671
144,352
33,033
102,780
735,442
1,127,214
330,341
34,146
29,200
37,940
190,284
2,459,155
114,540
41,886
407,286
319,770
80,412
86,368
349,110
56,220
57,340
162,409
29,099
15,873
97,620
77,248
30,957
44,184
% of NaV
LIBERTY PROPERTY TRUST
LIMITED BRANDS INC
LINCOLN NATIONAL CORP
LINEAR TECHNOLOGY CORP
LINKEDIN CORP CLASS A
LKQ CORPORATION
LOCKHEED MARTIN CORP
LOEWS CORP
LOWE’S COMPANIES INC
LULULEMON ATHLETICA
L3 COMMUNICATION
MACERICH CO
MACY S STORE
MANPOWER INC
MARATHON OIL CORP
MARATHON PETROLEUM
MARRIOTT INTERNATIONAL-A
MARSH & MCLENNAN COMPANIES
MARTIN MARIETTA
MASTERCARD
MATTEL
MAXIM INTEGRATED PRODUCTS INC
MC DONALD’S CORP
MC GRAW HILL FIN SHS
MCCORMICK NON VTG
MCKESSON CORP
MDU RES GROUP
MEAD JOHNSON NUTRITION
MEADWESTVACO
MEDIVATION
MEDTRONIC PLC
MERCK AND CO INC
METLIFE INC
METTLER TOLEDO INTERNATIONAL INC
MGM MIRAGE
MICROCHIP TECHNOLOGY INC
MICRON TECHNOLOGY INC
MICROSOFT CORP
MOHAWK INDUSTRIES
MOLSON COORS BREWING CO-B
MONDELEZ INTERNATIONAL
MONSANTO
MONSTER BEVERAGE CORP
MOODY’S CORP
MORGAN STANLEY
MOSAIC CO THE -WI
MOTOROLA SOLUTIONS INC
M&T BANK CORPORATION
MURPHY OIL
NABORS INDUSTRIES
NASDAQ OMX GRP INC
NATIONAL OILWELL VARCO
NAVIENT CORP.
NETAPP INC
Market Value
Quantity
900
2,400
2,700
900
800
4,100
1,600
3,500
5,800
1,700
900
1,700
3,100
300
3,000
3,800
1,000
3,700
400
7,700
4,700
1,100
7,300
1,900
600
1,500
700
1,600
700
900
9,925
19,800
5,900
100
1,600
800
10,100
55,700
600
600
9,900
3,000
600
800
9,000
1,200
1,000
1,300
700
1,100
2,000
1,600
1,700
1,400
0.11
0.05
0.02
0.02
0.15
0.24
0.03
0.03
0.02
0.10
0.07
0.09
0.05
0.05
0.02
0.15
0.01
0.01
0.06
0.01
0.44
0.07
0.07
0.02
0.05
0.04
0.06
0.01
0.03
0.04
0.01
0.43
0.61
0.07
0.37
0.04
0.13
0.01
0.06
0.02
0.13
0.02
0.02
0.11
0.06
0.13
0.11
0.15
0.63
0.07
0.06
0.11
0.03
0.09
Index Equity World
Securities Portfolio as at 30/06/15
SYCHRONY FINANCIAL
SYMANTEC CORP
SYNOPSYS INC
SYSCO CORP
T ROWE PRICE GROUP INC
TARGET CORP
TD AMERITRADE HOLDING
TERADATA CORP COM STK USD0.01
TESLA MOTOR INC
TESORO
TEXAS INSTRUMENTS
TEXTRON INC
THE HERSHEY CO
THERMO FISHER SCIE
TIFFANY & CO
TIME WARNER
TIME WNR CBLE CL A
TJX COMPANIES INC
T-MOBILE US INC
TOLL BROTHERS INC
TORCHMARK CORP
TOTAL SYSTEM SERVICES INC
TOWER WATSON & CO
TOYOTA MOTOR CORP
TRACTOR SUPPLY
TRANSDIGM
TRAVELERS COMPANIES INC
TRIMBLE NAVIGATION
TRIPADVISOR
TWENTY-FIRST CENTURY CL A-WI
TWENTY-FIRST CENTURY FOX INC
TWITTER INC
TYSON FOODS -AULTA SALON COSMET.
UNDER ARMOUR
UNION PACIFIC CORP
UNITED DOMINION REALTY INC
UNITED PARCEL SERVICE-B
UNITED RENTALS INC
UNITED TECHNOLOGIES CORP
UNITED THERAPEUTICS CORP
UNITEDHEALTH GROUP
UNIVERSAL HEALTH SERV CL B
UNUM GROUP
URBAN OUTFITTERS
US BANCORP
VALERO ENERGY CORPORATION
VANTIV INC
VARIAN MEDICAL SYSTEMS INC
VENTAS INC
VERISIGN
VERISK ANALYTICS INC
VERIZON COMMUNICATIONS INC
VERTEX PHARMACEUTICALS INC
USD
98,790
65,100
45,585
205,770
163,233
318,357
125,188
25,900
160,956
50,646
350,268
116,038
53,298
324,400
45,900
568,165
302,889
291,148
38,770
22,914
43,665
29,239
37,740
1,280,409
53,964
112,335
270,648
103,224
43,570
296,160
57,996
141,258
46,893
108,115
133,504
648,516
48,045
407,022
17,524
698,859
121,765
817,400
56,840
46,475
84,000
486,080
225,360
22,914
8,433
155,225
37,032
43,656
1,353,134
209,916
% of NaV
3,000
2,800
900
5,700
2,100
3,900
3,400
700
600
600
6,800
2,600
600
2,500
500
6,500
1,700
4,400
1,000
600
750
700
300
19,100
600
500
2,800
4,400
500
9,100
1,800
3,900
1,100
700
1,600
6,800
1,500
4,200
200
6,300
700
6,700
400
1,300
2,400
11,200
3,600
600
100
2,500
600
600
29,031
1,700
Market Value
0.01
0.05
0.31
0.01
0.02
0.01
0.01
0.01
0.02
0.11
0.02
0.04
0.03
0.09
0.07
0.02
0.07
0.04
0.01
0.02
0.08
0.05
0.06
0.04
0.11
0.06
0.02
0.01
0.01
0.02
0.02
0.07
0.02
0.09
0.07
0.15
0.02
0.07
0.02
0.05
0.11
0.01
0.07
0.02
0.03
0.06
0.02
0.26
0.03
0.10
0.01
0.10
0.05
0.09
Quantity
USD
28,210
112,378
720,245
34,584
43,512
21,783
14,876
34,566
41,706
258,336
37,376
102,097
60,744
204,052
156,436
47,004
171,718
101,035
33,300
36,120
186,960
110,820
137,968
87,498
264,594
133,906
57,485
25,325
19,611
51,380
44,127
168,198
37,155
220,016
167,220
346,040
46,252
156,150
43,956
111,475
268,160
31,822
166,260
41,772
80,377
136,812
39,806
621,934
64,872
231,000
26,782
229,368
113,658
215,100
% of NaV
PULTE HOMES
QORVO INC SHS
QUALCOMM INC
QUANTA SERVICES
QUEST DIAGNOSTICS INC
QUINTILES TRANSNATIONAL HLD
RACKSPACE HOSTING
RANGE RESOURCES CORPORATION
RAYMOND J FINANCIAL
RAYTHEON CO
REALOGY HOLDINGS
REALTY INCOME CORP
RED HAT
REGENERON PHARMA
REGIONS FINANCIAL CORP
REPUBLIC SERVICES INC
REYNOLDS AMERICAN INC
RITE AID CORP
ROBERT HALF INTL
ROCK-TENN COMPANY-A
ROCKWELL AUTOMATION INC
ROCKWELL COLLINS INC.
ROPER TECHNOLOGIES INC
ROSS STORES INC
SALESFORCE.COM
SANDISK
SBA COMMUNICATIONS CORP
SCANA CORP
SCRIPPS NETWORKS INTER
SEALED AIR
SEI INVESTMENTS
SEMPRA ENERGY
SERVICENOW INC
SHERWIN WILLIAMS CO
SIGMA-ALDRICH CORP
SIMON PROPERTY GROUP INC
SIRIUS XM HOLDINGS
SKYWORKS SOLUTIONS
SL GREEN REALTY CORPOR
SNAP ON INC
SOUTHERN CO
SOUTHWESTERN ENERGY
SPECTRA ENERGY
SPLUNK INC
ST JUDE MEDICAL INC
STANLEY BLACK AND DECKER INC.
STAPLES INC
STARBUCKS
STARWOOD HTLS & RESORTS WORLD
STATE STREET CORP
STERICYCLE
STRYKER CORP
SUNEDISON
SUNTRUST BANKS INC
Market Value
Quantity
1,400
1,400
11,500
1,200
600
300
400
700
700
2,700
800
2,300
800
400
15,100
1,200
2,300
12,100
600
600
1,500
1,200
800
1,800
3,800
2,300
500
500
300
1,000
900
1,700
500
800
1,200
2,000
12,400
1,500
400
700
6,400
1,400
5,100
600
1,100
1,300
2,600
11,600
800
3,000
200
2,400
3,800
5,000
0.04
0.03
0.02
0.09
0.07
0.13
0.05
0.01
0.07
0.02
0.15
0.05
0.02
0.14
0.02
0.24
0.13
0.12
0.02
0.01
0.02
0.01
0.02
0.54
0.02
0.05
0.11
0.04
0.02
0.13
0.02
0.06
0.02
0.05
0.06
0.27
0.02
0.17
0.01
0.30
0.05
0.35
0.02
0.02
0.04
0.21
0.10
0.01
0.00
0.07
0.02
0.02
0.57
0.09
The accompanying notes form an integral part of these financial statements
169
Index Equity World17
Securities Portfolio as at 30/06/15
2,942
0.00
0.00
0.00
Singapore
1,814
0.00
Spain
6,950
0.00
990
0.00
344 JARDINE CYCLE & CARRIAGE LTD RIGHTS
15/07/2015
2,230 ABERTIS INFRAESTRUCTURAS SA RIGHTS
24,013 BANCO DE SABADELL SA OPTION RIGHTS
2,720 REPSOL S.A. RIGHT 03/07/2015
6,225 ZARDOYA OTIS SA RGT 30/06/2015
The accompanying notes form an integral part of these financial statements
170
2,942
1,814
1,839
1,409
2,712
0.00
0.00
0.00
0.00
USD
37,352
37,352
% of NaV
1,610 DEUTSCHE ANNINGTON IMMOBILIEN SE RIGHTS
30/06/2015
11,706
0.08
0.09 Other transferable securities
0.42
Shares
0.02
Canada
0.06
1,300 POWER FINANCIAL CORP
0.06
0.02 Total securities portfolio
0.04
0.22
0.34
0.57
0.08
0.02
0.85
0.08
0.02
0.06
0.05
0.04
0.04
0.02
0.12
0.02
0.02
0.05
0.02
0.05
0.03
0.02
0.02
0.02
0.10
0.11
0.03
0.07
0.31
Market Value
Germany
Quantity
Warrants, Rights
USD
181,324
206,848
980,390
42,870
132,902
130,116
41,965
94,240
515,084
801,509
1,346,852
199,305
38,514
1,985,272
180,366
44,726
138,600
121,135
97,760
94,080
55,216
292,689
40,644
38,195
118,325
40,955
118,404
64,360
50,008
48,576
40,777
247,527
261,232
76,461
159,126
740,640
% of NaV
VF CORP
VIACOM INC-B
VISA INC-A
VMWARE CLASS A
VORNADO REALTY TRUST
VOYA FINANCIAL
VULCAN MATERIALS CO
WABTEC
WALGREEN BOOTS
WAL-MART STORES INC
WALT DISNEY COMPANY
WASTE MANAGEMENT INC
WATERS CORP
WELLS FARGO & CO
WESTERN DIGITAL CORP
WESTERN UNION CO
WEYERHAEUSER CO
WHIRLPOOL CORP
WHITEWAVE FOODS COMPANY
WHITING PETROLEUM HOLDINGS
WHOLE FOODS MARKET
WILLIAMS COMPANIES INC
WISCONSIN ENERGY
WORKDAY INC
WW GRAINGER INC
WYNDHAM WORLWIDE
WYNN RESORTS
XCEL ENERGY INC
XEROX CORPORATION
XILINX INC
XYLEM
YAHOO INC
YUM BRANDS INC
ZIMMER BIOMET HOLDINGS INC
ZOETIS INC
3M
Market Value
Quantity
2,600
3,200
14,600
500
1,400
2,800
500
1,000
6,100
11,300
11,800
4,300
300
35,300
2,300
2,200
4,400
700
2,000
2,800
1,400
5,100
900
500
500
500
1,200
2,000
4,700
1,100
1,100
6,300
2,900
700
3,300
4,800
0.02
0.02
37,352
0.02
235,063,116
99.57
37,352
0.02
Index Global Bond (EUR) Hedged11
Securities Portfolio as at 30/06/15
177,000
182,000
167,000
385,000
422,000
13,000
722,000
28,000
337,000
1,200,000
400,000
228,000
30,000
92,000
54,000
1,857,605
1,276,911
1,085,183
1,919,105
1,694,551
Belgium
BELGIUM 2.60% 22/06/2024
BELGIUM 3.75% 22/06/2045
BELGIUM 3.75% 28/09/2020
BELGIUM 4.00% 28/03/2019
BELGIUM 4.00% 28/03/2022
BELGIUM 4.25% 28/03/2041
BELGIUM 5.00% 28/03/2035
BELGIUM 5.50% 28/03/2028
BELGIUM 5.50% 28/09/2017
KINGDOM OF BELGIUM 1.00% 22/06/2031
Canada
CANADA 1.00% 01/08/2016
CANADA 1.50% 01/09/2017
CANADA 1.75% 01/09/2019
CANADA 2.50% 01/06/2024
CANADA 2.75% 01/12/2048
CANADA 2.75% PERPETUAL
CANADA 3.25% 01/06/2021
CANADA 3.50% 01/12/2045
CANADA 4.00% 01/06/2017
CANADA 4.25% 01/06/2018
CANADA 5.00% 01/06/2037
CANADA 5.75% 01/06/2029
CANADA 5.75% 01/06/2033
CANADA 8.00% 01/06/2027
CANADA 9.00% 01/06/2025
Denmark
DENMARK 3.00% 15/11/2021
DENMARK 4.00% 15/11/2017
DENMARK 4.00% 15/11/2019
DENMARK 4.50% 15/11/2039
DENMARK 7.00% 10/11/2024
France
3,943,724 FRANCE BTAN 1.75% 25/02/2017
282,250,279
96.09
2,871,017
0.98
281,772,503
781,064
82,339
290,296
370,917
183,452
76,401
619,244
203,603
263,701
5,107,358
683,903
291,679
295,408
847,435
821,993
36,826
772,818
720,005
558,208
79,083
3,723,605
127,803
133,780
125,429
297,506
334,050
10,641
584,483
25,122
258,643
957,088
422,822
238,597
33,035
109,720
64,886
1,408,467
289,967
188,585
170,555
405,121
354,239
19,331,816
4,068,740
95.93
0.26
0.03
0.10
0.13
0.06
0.03
0.21
0.07
0.09
1.74
0.23
0.10
0.10
0.29
0.28
0.01
0.26
0.25
0.19
0.03
1.27
0.04
0.05
0.04
0.10
0.11
0.00
0.20
0.01
0.09
0.34
0.14
0.08
0.01
0.04
0.02
0.48
0.10
0.06
0.06
0.14
0.12
6.58
1.38
183,306
827,624
870,439
81,175
27,078
176,703
357,654
141,735
923,728
2,495,745
276,316
1,243,454
614,048
13,790
73,544
564,167
1,357,880
201,758
293,628
452,536
1,179,176
109,361
FRANCE OAT 0% 25/05/2020
FRANCE OAT 0.50% 25/05/2025
FRANCE OAT 2.25% 25/05/2024
FRANCE OAT 2.25% 25/10/2022
FRANCE OAT 2.50% 25/05/2030
FRANCE OAT 2.75% 25/10/2027
FRANCE OAT 3.00% 25/04/2022
FRANCE OAT 3.25% 25/05/2045
FRANCE OAT 3.25% 25/10/2021
FRANCE OAT 3.50% 25/04/2020
FRANCE OAT 3.75% 25/10/2019
FRANCE OAT 4.00% 25/04/2018
FRANCE OAT 4.00% 25/04/2055
FRANCE OAT 4.00% PERPETUAL
FRANCE OAT 4.00% 25/10/2038
FRANCE OAT 4.25% 25/10/2018
FRANCE OAT 4.25% 25/10/2023
FRANCE OAT 4.50% 25/04/2041
FRANCE OAT 4.75% 25/04/2035
FRANCE OAT 5.50% 25/04/2029
FRANCE OAT 5.75% 25/10/2032
FRANCE OAT 0% 25/02/2018
1,041,292
499,017
3,230
817,465
157,548
146,523
795,257
833,794
1,749,620
984,354
135,738
622,690
1,118,480
254,669
844,301
287,935
249,071
GERMANY BUND 0.50% 07/04/2017
GERMANY BUND 0.50% 13/10/2017
GERMANY BUND 0.50% 15/02/2025
GERMANY BUND 1.50% 04/09/2022
GERMANY BUND 1.75% 04/07/2022
GERMANY BUND 2.50% 04/07/2044
GERMANY BUND 3.00% 04/07/2020
GERMANY BUND 3.25% 04/01/2020
GERMANY BUND 3.25% 04/07/2021
GERMANY BUND 3.75% 04/01/2017
GERMANY BUND 4.00% 04/01/2018
GERMANY BUND 4.25% 04/07/2018
GERMANY BUND 4.25% 04/07/2039
GERMANY BUND 4.75% 04/07/2034
GERMANY BUND 5.625% 04/01/2028
GERMANY BUND 6.25% 04/01/2030
GERMANY BUND 2.50% 15/08/2046
297,000
163,000
193,000
31,000
338,000
478,000
1,638,000
1,682,000
85,000
1,961,000
2,677,000
1,894,000
EUR
180,413
774,880
962,392
89,950
29,965
201,813
414,052
174,584
1,079,136
2,878,611
318,643
1,385,565
889,983
20,224
100,626
643,263
1,723,489
299,621
431,971
673,016
1,881,340
109,539
0.06
0.26
0.33
0.03
0.01
0.07
0.14
0.06
0.37
0.98
0.11
0.47
0.30
0.01
0.03
0.22
0.59
0.10
0.15
0.23
0.64
0.04
1,055,058
507,226
3,149
879,846
172,373
178,784
908,621
954,490
2,064,237
1,044,211
150,119
705,653
1,732,772
396,476
1,299,835
483,371
305,222
0.36
0.17
0.00
0.30
0.06
0.06
0.31
0.32
0.71
0.36
0.05
0.24
0.60
0.13
0.44
0.16
0.10
Germany
12,841,443
Italy
20,245,886
ITALY BTP 0.70% 01/05/2020
ITALY BTP 1.50% 01/06/2025
ITALY BTP 1.50% 15/12/2016
ITALY BTP 3.25% 01/09/2046
ITALY BTP 3.50% 01/03/2030
ITALY BTP 3.75% 01/08/2021
ITALY BTP 3.75% 01/09/2024
ITALY BTP 4.00% 01/02/2017
ITALY BTP 4.00% 01/02/2037
ITALY BTP 4.00% 01/09/2020
ITALY BTP 4.50% 01/03/2019
ITALY BTP 4.75% 01/06/2017
% of NaV
603,648
215,041
250,826
739,413
672,117
25,415
509,368
491,555
495,489
88,472
AUSTRALIA 2.75% 21/04/2024
AUSTRALIA 3.25% 21/04/2025
AUSTRALIA 3.25% 21/04/2029
AUSTRALIA 3.25% 21/10/2018
AUSTRALIA 3.75% 21/04/2037
AUSTRALIA 4.25% 21/04/2026
AUSTRALIA 4.50% 15/04/2020
AUSTRALIA 5.50% 21/04/2023
AUSTRALIA 5.75% 15/05/2021
96.09
Market Value
1,146,000
117,000
423,000
518,000
261,000
100,000
817,000
248,000
325,000
Australia
282,250,279
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
289,952
151,693
196,209
31,083
368,907
538,228
1,837,492
1,777,992
95,482
2,227,068
3,030,123
2,049,744
4.37
6.89
0.10
0.05
0.07
0.01
0.13
0.18
0.63
0.61
0.03
0.76
1.02
0.70
The accompanying notes form an integral part of these financial statements
171
Index Global Bond (EUR) Hedged11
Securities Portfolio as at 30/06/15
The accompanying notes form an integral part of these financial statements
172
5,132,695
552,966
241,031
164,032
1.12
0.62
0.35
0.20
0.23
0.09
0.17
0.16
0.17
0.08
0.20
0.86
1.55
0.52
0.20
0.30
0.04
1.43
0.42
0.11
0.08
0.52
1.82
0.50
0.03
0.22
0.12
1.06
0.06
0.05
0.65
1.52
0.64
0.75
0.21
1.05
0.28
2.68
0.26
0.36
0.18
0.28
1.75
0.19
0.08
0.06
NETHERLANDS 2.50% 15/01/2033
NETHERLANDS 2.75% 15/01/2047
NETHERLANDS 3.25% 15/07/2021
NETHERLANDS 3.50% 15/07/2020
NETHERLANDS 4.00% 15/01/2037
NETHERLANDS 4.00% 15/07/2016
NETHERLANDS 4.00% 15/07/2018
NETHERLANDS 4.50% 15/07/2017
NETHERLANDS 5.50% 15/01/2028
525,000
7,000
1,045,000
508,000
2,339,000
9,000
201,000
993,000
1,079,000
40,000
488,000
304,000
167,000
15,000
435,000
622,000
110,000
SPAIN 1.60% 30/04/2025
SPAIN 2.10% 30/04/2017
SPAIN 3.80% 30/04/2024
SPAIN 4.00% 30/04/2020
SPAIN 4.10% 30/07/2018
SPAIN 4.20% 31/01/2037
SPAIN 4.25% 31/10/2016
SPAIN 4.40% 31/10/2023
SPAIN 4.60% 30/07/2019
SPAIN 4.65% 30/07/2025
SPAIN 4.90% 30/07/2040
SPAIN 5.15% 31/10/2028
SPAIN 5.15% 31/10/2044
SPAIN 5.40% 31/01/2023
SPAIN 5.50% 30/04/2021
SPAIN 5.75% 30/07/2032
SPAIN 6.00% 31/01/2029
3,550,000
860,000
2,060,000
1,420,000
482,866
529,349
439,648
434,666
463,887
368,832
417,371
369,878
415,549
222,438
265,443
421,481
360,660
418,616
332,820
592,284
454,422
312,522
309,888
Spain
Sweden
SWEDEN 1.50% 13/11/2023
SWEDEN 3.50% 30/03/2039
SWEDEN 3.75% 12/08/2017
SWEDEN 5.00% 01/12/2020
United Kingdom
UK GILT 1.00% 07/09/2017
UK GILT 1.25% 22/07/2018
UK GILT 1.75% 07/09/2022
UK GILT 1.75% 22/01/2017
UK GILT 1.75% 22/07/2019
UK GILT 2.00% 22/07/2020
UK GILT 2.25% 07/09/2023
UK GILT 2.75% 07/09/2024
UK GILT 3.25% 22/01/2044
UK GILT 3.50% 22/01/2045
UK GILT 3.50% PERPETUAL
UK GILT 3.75% 07/09/2019
UK GILT 3.75% 07/09/2020
UK GILT 3.75% 07/09/2021
UK GILT 3.75% 22/07/2052
UK GILT 4.00% 07/03/2022
UK GILT 4.00% 07/09/2016
UK GILT 4.00% PERPETUAL
UK GILT 4.25% 07/03/2036
EUR
% of NaV
Netherlands
513,389 NETHERLANDS 1.75% 15/07/2023
219,897 NETHERLANDS 2.00% 15/07/2024
147,122 NETHERLANDS 2.25% 15/07/2022
3,302,980
1,812,190
1,022,233
591,822
687,134
255,312
495,024
472,570
509,059
240,122
575,213
2,519,501
4,562,867
1,516,469
580,801
893,163
111,320
4,193,601
1,233,555
328,800
237,950
1,524,127
5,351,164
1,469,482
81,120
651,383
354,987
3,123,247
165,284
151,188
1,913,055
4,459,359
1,876,093
2,196,308
624,893
3,082,269
830,431
7,874,111
778,197
1,050,749
516,037
815,296
22.14
41,916
250,637
492,759
196,280
379,370
107,438
1,466,259
144,671
361,118
Market Value
JAPAN JGB 0.20% 20/03/2017
JAPAN JGB 0.20% 20/09/2018
JAPAN JGB 0.30% 20/12/2016
JAPAN JGB 1.10% 20/09/2021
JAPAN JGB 1.30% 20/03/2019
JAPAN JGB 1.40% 20/03/2020
JAPAN JGB 1.50% 20/03/2034
JAPAN JGB 1.60% 20/06/2030
JAPAN JGB 1.70% 20/03/2054
JAPAN JGB 1.70% 20/06/2044
JAPAN JGB 1.80% 20/06/2030
JAPAN JGB 1.90% 20/06/2017
JAPAN JGB 1.90% 20/09/2022
JAPAN JGB 1.90% 20/12/2023
JAPAN JGB 2.00% 20/03/2052
JAPAN JGB 2.00% 20/06/2030
JAPAN JGB 2.00% 20/09/2041
JAPAN JGB 2.00% 20/12/2033
JAPAN JGB 2.00% 21/06/2021
JAPAN JGB 2.10% 20/03/2030
JAPAN JGB 2.10% 20/06/2025
JAPAN JGB 2.10% 20/12/2021
JAPAN JGB 2.10% 20/12/2027
JAPAN JGB 2.10% 21/09/2021
JAPAN JGB 2.10% 22/03/2021
JAPAN JGB 2.20% 20/03/2050
JAPAN JGB 2.20% 20/03/2051
JAPAN JGB 2.20% 20/09/2026
JAPAN JGB 2.20% 20/09/2028
JAPAN JGB 2.20% 21/09/2020
JAPAN JGB 2.30% 20/09/2018
JAPAN JGB 2.40% 20/03/2020
JAPAN JGB 2.40% 20/03/2048
JAPAN JGB 2.40% 20/12/2034
JAPAN JGB 2.50% 20/09/2034
JAPAN JGB 2.50% 21/12/2020
JAPAN JGB 1.50% 20/06/2034
JAPAN JGB 1.70% 20/03/2017
JAPAN JGB 2.10% 20/09/2033
JAPAN JGB 2.10% 20/12/2029
JAPAN JGB 2.30% 20/06/2035
JAPAN JGB 2.50% 20/03/2036
65,030,466
1.11
0.14
0.41
0.30
0.63
0.01
Quantity
Japan
EUR
3,295,118
401,001
1,199,561
882,637
1,848,784
24,812
% of NaV
448,750,000
245,650,000
138,750,000
76,250,000
89,500,000
32,800,000
63,300,000
58,050,000
66,650,000
30,800,000
68,900,000
331,100,000
555,950,000
182,850,000
70,050,000
104,450,000
13,350,000
495,800,000
151,500,000
38,000,000
27,950,000
184,900,000
620,000,000
178,850,000
9,950,000
75,000,000
40,800,000
360,300,000
18,900,000
18,600,000
243,000,000
548,500,000
206,800,000
246,400,000
69,050,000
372,300,000
106,450,000
1,043,050,000
90,650,000
121,400,000
58,900,000
90,450,000
ITALY BTP 4.75% 01/08/2023
ITALY BTP 4.75% 01/09/2044
ITALY BTP 5.00% 01/08/2034
ITALY BTP 5.00% 01/09/2040
ITALY BTP 5.25% 01/11/2029
ITALY BTP 5.50% 01/09/2022
Market Value
Quantity
2,746,000
318,000
938,000
687,000
1,439,392
20,000
48,544
313,246
576,149
228,307
550,071
112,160
1,647,489
158,532
540,168
0.02
0.11
0.20
0.08
0.19
0.04
0.55
0.05
0.18
494,466
7,216
1,180,233
574,370
2,582,280
10,392
211,858
1,168,453
1,235,844
48,046
627,490
385,290
224,102
18,655
531,757
858,379
149,982
0.17
0.00
0.40
0.20
0.88
0.00
0.07
0.40
0.42
0.02
0.21
0.13
0.08
0.01
0.18
0.29
0.05
10,308,813
961,284
404,295
123,516
241,803
191,670
22,877,252
685,418
752,461
617,903
624,755
666,335
532,837
602,995
552,804
647,628
362,925
469,697
654,808
566,706
664,456
590,014
958,080
667,885
602,268
549,929
3.51
0.33
0.14
0.04
0.08
0.07
7.79
0.23
0.26
0.21
0.21
0.23
0.18
0.21
0.19
0.22
0.12
0.16
0.22
0.19
0.23
0.20
0.32
0.23
0.21
0.19
Index Global Bond (EUR) Hedged
Securities Portfolio as at 30/06/15
111,932,401
38.10
784,816
4,317,278
435,428
300,316
1,789,616
300,970
2,517,832
93,259
5,517,556
2,438,209
3,856,140
332,975
193,329
528,222
1,240,614
245,547
814,054
513,440
546,228
545,129
555,982
574,117
145,909
652,960
8,782,346
589,687
584,146
4,220,303
587,443
590,328
615,926
86,427
858,694
644,227
653,100
653,100
653,100
653,100
18,743,500
653,100
653,100
653,100
653,100
858,900
1,770,400
653,100
221,300
653,100
247,900
1,450,800
29,000
202,600
4,610,900
2,180,600
7,019,500
9,126,900
6,235,400
USA T-BONDS 3.625% 15/08/2043
USA T-BONDS 3.75% 15/08/2041
USA T-BONDS 3.75% 15/11/2043
USA T-BONDS 3.875% 15/08/2040
USA T-BONDS 4.25% 15/11/2017
USA T-BONDS 4.25% 15/11/2040
USA T-BONDS 4.375% 15/05/2040
USA T-BONDS 4.375% 15/05/2041
USA T-BONDS 4.375% 15/11/2039
USA T-BONDS 4.50% 15/02/2036
USA T-BONDS 4.50% 15/08/2039
USA T-BONDS 4.625% 15/02/2040
USA T-BONDS 4.75% 15/02/2037
USA T-BONDS 4.75% 15/02/2041
USA T-BONDS 5.25% 15/02/2029
USA T-BONDS 6.125% 15/11/2027
USA T-BONDS 6.25% 15/05/2030
USA T-BONDS 6.875% 15/08/2025
USA T-BONDS 7.125% 15/02/2023
USA T-BONDS 7.625% 15/02/2025
USA T-BONDS 8.125% 15/08/2019
USA T-BONDS 8.75% 15/05/2020
USA T-BONDS 9.125% 15/05/2018
0.27
1.47
0.15
Convertible bonds
0.10
Australia
0.61
0.10
651,000 AUSTRALIA 6.00% 15/02/2017
0.86
Total securities portfolio
0.03
1.88
0.83
1.31
0.11
0.07
0.18
0.42
0.08
0.28
0.17
0.19
0.19
0.19
0.20
0.05
0.22
2.99
0.20
0.20
1.44
0.20
0.20
0.21
0.03
0.29
0.22
EUR
% of NaV
0.27
0.18
0.23
0.23
0.13
0.18
0.21
0.27
0.22
0.27
0.27
0.19
0.24
0.25
0.14
0.17
0.06
0.27
Market Value
UNITED STATES OF AMERICA 2.00% 31/07/2020
UNITED STATES OF AMERICA 3.25% 31/12/2016
UNITED STATES OF AMERICA 6.125% 15/08/2029
UNITED STATES OF AMERICA 6.375% 15/08/2027
UNITED STATES OF AMERICA 7.50% 15/11/2024
USA T-BONDS 0.50% 31/01/2017
USA T-BONDS 0.50% 31/07/2016
USA T-BONDS 1.00% 15/09/2017
USA T-BONDS 1.125% 31/05/2019
USA T-BONDS 1.375% 31/05/2020
USA T-BONDS 1.50% 31/01/2019
USA T-BONDS 1.625% 31/12/2019
USA T-BONDS 2.00% 07/09/2025
USA T-BONDS 2.125% 15/05/2025
USA T-BONDS 2.125% 15/08/2021
USA T-BONDS 2.375% 15/08/2024
USA T-BONDS 2.375% 31/12/2020
USA T-BONDS 2.50% 15/02/2045
USA T-BONDS 2.75% 15/08/2042
USA T-BONDS 2.75% 15/11/2042
USA T-BONDS 2.875% 15/05/2043
USA T-BONDS 3.00% 15/05/2042
USA T-BONDS 3.00% 15/05/2045
USA T-BONDS 3.00% 15/11/2044
USA T-BONDS 3.00% 31/08/2016
USA T-BONDS 3.125% 15/02/2042
USA T-BONDS 3.125% 15/02/2043
USA T-BONDS 3.125% 15/05/2021
USA T-BONDS 3.125% 15/08/2044
USA T-BONDS 3.125% 15/11/2041
USA T-BONDS 3.375% 15/05/2044
USA T-BONDS 3.50% 15/02/2039
USA T-BONDS 3.625% 15/02/2020
USA T-BONDS 3.625% 15/02/2044
811,348
523,081
676,843
662,895
370,071
517,334
611,755
820,007
644,643
794,367
789,312
554,593
708,940
719,936
423,565
491,859
190,337
796,462
Quantity
United States of America
EUR
% of NaV
859,600
4,619,400
342,600
237,300
1,379,700
335,400
2,800,500
103,300
6,196,800
2,749,300
4,257,100
369,500
138,858
600,700
1,368,500
272,100
879,700
653,100
653,100
653,100
653,100
653,100
166,700
747,500
9,495,600
653,100
653,100
4,395,600
653,100
653,100
653,100
89,300
876,000
653,100
UK GILT 4.25% 07/06/2032
UK GILT 4.25% 07/09/2039
UK GILT 4.25% 07/12/2027
UK GILT 4.25% 07/12/2040
UK GILT 4.25% 07/12/2046
UK GILT 4.25% 07/12/2049
UK GILT 4.25% 07/12/2055
UK GILT 4.50% 07/03/2019
UK GILT 4.50% 07/12/2042
UK GILT 4.75% 07/03/2020
UK GILT 4.75% 07/12/2030
UK GILT 4.75% 07/12/2038
UK GILT 5.00% 07/03/2018
UK GILT 5.00% 07/03/2025
UK GILT 6.00% 07/12/2028
UK GILT 8.00% 07/06/2021
UK GILT 8.75% 25/08/2017
UK OF GB AND NORTHERN IRELAND 4.50%
07/09/2034
Market Value
Quantity
464,113
289,814
394,583
365,168
197,090
269,634
307,835
517,942
338,029
488,108
430,967
287,882
451,910
404,992
209,320
255,777
114,757
438,000
644,502
658,469
659,705
666,529
18,194,458
709,392
718,642
724,778
718,001
969,425
1,988,537
747,263
257,365
763,291
290,560
1,807,071
37,584
257,523
5,616,457
2,867,685
8,003,261
10,931,729
6,900,721
0.22
0.22
0.22
0.23
6.19
0.24
0.24
0.25
0.24
0.33
0.68
0.25
0.09
0.26
0.10
0.62
0.01
0.09
1.91
0.98
2.72
3.72
2.35
477,776
0.16
282,250,279
96.09
477,776
477,776
0.16
0.16
The accompanying notes form an integral part of these financial statements
173
Index Bond Euro Corporate11
Securities Portfolio as at 30/06/15
Austria
328,000 OMV AG 1.75% 25/11/2019
181,000 TELEKOM FINANZMANAGEMENT GMBH 4.00%
04/04/2022
200,000 UNICREDIT BANK AUSTRIA AG 2.50% 27/05/2019
92,000 VIENNA INSURANCE GROUP FRN 02/03/2046
1,000,000
49,000
100,000
294,000
Belgium
AHNEUSER-BUSH INBEV 1.95% 30/09/2021
BNP PARIBAS FORTIS SA 5.757% 04/10/2017
ELIA SYSTEM OPERATOR SA 3.25% 04/04/2028
SOLVAY SA 4.625% 27/06/2018
Brazil
150,000 VOTORANTIM CIMENTOS 3.50% 13/07/2022
Cayman Islands
400,000 HUTCHISON WHAMPOA FINANCE (CI) 1.375%
31/10/2021
1,615,172
1.97
78,867,435
177,584
206,610
425,880
214,791
215,070
50,783
86,229
238,225
844,399
341,744
209,489
206,226
86,940
1,541,659
1,044,000
54,315
113,653
329,691
146,625
146,625
398,420
398,420
98,624
Curacao
94,220
100,000 TEVA PHARMACEUTICAL FINANCE II BV 1.25%
31/03/2023
Denmark
CARLSBERG AS 3.375% 13/10/2017
CARLSBERG BREWERIES A/S 2.625% 03/07/2019
DANSKE BANK AS VAR 04/10/2023
ISS GLOBAL AS 2.125% 02/12/2024
NYKREDIT REALKREDIT A/S 1.75% 28/01/2019
TDC AS 1.75% 27/02/2027
Finland
300,000 POHJOLA BANK (OKO BANK) 3.00% 08/09/2017
7,000 TEOLLISUUDEN VOIMA OY 2.50% 17/03/2021
The accompanying notes form an integral part of these financial statements
174
96.12
China
100,000 BANK OF COMMUNICATIO VAR 03/10/2026
200,000
300,000
61,000
50,000
619,000
100,000
78,867,435
98,624
96.12
0.22
0.25
0.52
0.26
0.26
0.06
0.11
0.29
1.03
0.41
0.26
0.25
0.11
1.88
1.27
0.07
0.14
0.40
0.18
0.18
0.49
0.49
0.12
0.12
0.11
94,220
0.11
1,381,838
1.68
324,181
0.40
212,640
319,320
65,240
49,550
643,698
91,390
317,190
6,991
0.26
0.39
0.08
0.06
0.78
0.11
0.39
0.01
200,000
100,000
200,000
400,000
100,000
100,000
50,000
400,000
300,000
100,000
100,000
648,000
733,000
300,000
200,000
400,000
200,000
126,000
145,000
200,000
200,000
100,000
250,000
90,000
200,000
150,000
100,000
100,000
200,000
100,000
200,000
200,000
500,000
500,000
200,000
50,000
200,000
400,000
301,000
200,000
200,000
100,000
115,000
100,000
20,000
100,000
115,000
France
ACCOR SA 2.625% 05/02/2021
ALSTOM 4.50% 18/03/2020
ARKEMA SA 1.50% 20/01/2025
AUCHAN SA 1.75% 23/04/2021
AUCHAN SA 2.375% 12/12/2022
AXA SA VAR PERPETUAL
BANQUE FEDERATIVE DU CREDIT MUTUEL 3.00%
21/05/2024
BFCM BANQUE FEDERATIVE DU CREDIT MUTUEL
2.00% 19/09/2019
BFCM BANQUE FEDERATIVE DU CREDIT MUTUEL
2.625% 18/03/2024
BNP PARIBAS VAR PERPETUAL
BNP PARIBAS VAR 14/10/2027
BNP PARIBAS 2.875% 26/09/2023
BNP PARIBAS 5.431% PERPETUAL
BOUYGUES 4.50% 09/02/2022
BPCE SOCIETE FINANCEMENT HABITAT 2.50%
24/10/2022
BPCE 4.50% 10/02/2022
BPCE 4.625% 18/07/2023
CARREFOUR SA 1.75% 15/07/2022
CARREFOUR 3.875% 25/04/2021
CASINO GUICHARD PERRACHON 2.798%
05/08/2026
CASINO GUICHARD PERRACHON 3.157%
06/08/2019
CNP ASSURANCES VAR 05/06/2045
COFIROUTE 5.00% 24/05/2021
COMPAGNIE DE ST-GOBAIN SA 3.625% 28/03/2022
CREDIT AGRICOLE ASSURANCES VAR PERPETUAL
CREDIT AGRICOLE SA 2.625% 17/03/2027
CREDIT AGRICOLE SA 5.875% 11/06/2019
DANONE 1.125% 14/01/2025
DANONE 2.25% 15/11/2021
ESSILOR INTL CIE GLE 2.375% 09/04/2024
EUTELSAT 2.625% 13/01/2020
GDF SUEZ 1.50% 13/03/2035
GDF SUEZ 2.375% 19/05/2026
GDF SUEZ 5.125% 19/02/2018
GECINA 1.75% 30/07/2021
GIE SUEZ ALLIANCE 5.75% 24/06/2023
ICADE EMGP 2.25% 16/04/2021
INFRA FOCH 1.25% 16/10/2020
KERING 3.125% 23/04/2019
KLEPIERRE 1.75% 06/11/2024
KLEPIERRE 2.75% 17/09/2019
MFINANCE FRANCE SA 2.00% 26/11/2021
ORANGE VAR PERPETUAL
ORANGE VAR PERPETUAL
ORANGE VAR PERPETUAL
ORANGE 2.50% 01/03/2023
ORANGE 8.125% 28/01/2033
EUR
% of NaV
155,000 BHP BILLITON FINANCE USA LTD 3.25% 24/09/2027
178,000 COMMONWEALTH BANK OF AUSTRALIA 4.375%
25/02/2020
407,000 NATIONAL AUSTRALIA BANK 2.00% 12/11/2020
186,000 NATIONAL AUSTRALIA BANK 4.625% 10/02/2020
200,000 ORIGIN ENERGY FINANCE LTD 3.50% 04/10/2021
50,000 SCENTRE MGMT LTD 2.25% 16/07/2024
81,000 SYDNEY AIRPORT FINANCE CO.LTD 2.75%
23/04/2024
207,000 TELSTRA CORPORATION 3.50% 21/09/2022
96.12
Market Value
Australia
78,867,435
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
15,771,072
19.23
419,316
0.51
210,810
111,910
190,130
411,520
106,190
98,500
50,695
316,554
0.26
0.14
0.23
0.50
0.13
0.12
0.06
0.39
95,750
98,015
706,514
807,464
357,420
209,970
0.12
0.12
0.86
0.98
0.44
0.26
215,960
0.26
478,116
225,948
127,569
166,250
198,820
101,750
303,950
102,335
192,250
136,868
116,908
93,740
211,990
106,985
212,050
170,000
530,050
562,050
201,450
66,786
206,810
397,520
327,262
196,050
215,140
96,202
122,107
101,460
20,586
107,545
188,847
0.58
0.28
0.16
0.20
0.24
0.12
0.37
0.12
0.23
0.17
0.14
0.11
0.26
0.13
0.26
0.21
0.65
0.68
0.25
0.08
0.25
0.48
0.40
0.24
0.26
0.12
0.15
0.12
0.03
0.13
0.23
Index Bond Euro Corporate19
Securities Portfolio as at 30/06/15
264,000
138,000
2,091,000
200,000
50,000
114,000
138,000
120,322
0.15
69,891
300,915
216,490
276,705
186,450
480,692
62,305
93,875
219,446
100,355
362,505
105,735
380,446
279,420
208,330
412,564
186,083
333,540
201,380
139,755
0.09
0.37
0.26
0.34
0.23
0.59
0.08
0.11
0.27
0.12
0.44
0.13
0.46
0.34
0.25
0.50
0.23
0.41
0.25
0.17
9,100,546
11.09
194,502
76,811
825,192
224,264
89,870
0.24
0.09
1.01
0.27
0.11
215,250
193,000
615,766
159,262
302,237
95,660
216,010
685,538
129,528
294,130
157,023
2,273,127
211,776
61,853
133,431
134,785
0.26
0.24
0.75
0.19
0.37
0.12
0.26
0.84
0.16
0.36
0.19
2.76
0.26
0.08
0.16
156,000
700,000
200,000
303,000
155,000
205,000
METRO AG 3.375% 01/03/2019
MUNCHENER RUCKVERSIC VAR PERPETUAL
ROBERT BOSCH GMBH 1.75% 08/07/2024
SAP SE 1.75% 22/02/2027
VIER GAS TRANSPORT GMBH 3.125% 10/07/2023
VOLKSWAGEN LEASING GMBH 2.125% 04/04/2022
Guernsey
100,000 CREDIT SUISSE GROUP FUNDING 1.25% 14/04/2022
19,000
200,000
19,000
250,000
Ireland
CRH FINANCE LIMITED 3.125% 03/04/2023
FGA CAPITAL IRELAND PLC 2.00% 23/10/2019
FGA CAPITAL IRELAND PLC 4.00% 17/10/2018
GE CAPITAL EUROPEAN FUNDING 0.80%
21/01/2022
244,000 GE CAPITAL EUROPEAN FUNDING 5.375%
23/01/2020
104,000 GE CAPITAL EUROPEAN FUNDING 6.025%
01/03/2038
100,000
50,000
100,000
102,000
657,000
200,000
100,000
100,000
300,000
200,000
65,000
100,000
200,000
780,000
133,000
600,000
140,000
57,000
280,000
70,000
300,000
Italy
ASSICURAZIONI GENERA VAR 12/12/2042
ASSICURAZIONI GENERA 2.875% 14/01/2020
ASSICURAZIONI GENERA 4.125% 04/05/2026
ASSICURAZIONI GENERA 5.125% 16/09/2024
ATLANTIA SPA 4.50% 08/02/2019
ENI SPA 1.50% 02/02/2026
ENI SPA 3.625% 29/01/2029
INTESA SANPAOLO SPA VAR PERPETUAL
INTESA SANPAOLO SPA 1.125% 04/03/2022
INTESA SANPAOLO SPA 2.00% 18/06/2021
MEDIOBANCA S.P.A. 2.25% 18/03/2019
SACE SPA VAR PERPETUAL
SNAM SPA 1.50% 24/04/2019
SNAM SPA 3.875% 19/03/2018
SOCIETA INIZIATIVE AUTOSTRADAL 4.50%
26/10/2020
TERNA SPA 2.875% 16/02/2018
TERNA SPA 4.75% 15/03/2021
UNICREDIT SPA 3.25% 14/01/2021
UNICREDIT SPA 4.375% 29/01/2020
UNIONE DI BANCHE ITALIANE 2.875% 18/02/2019
2I RETE GAS SPA 1.75% 16/07/2019
Japan
120,000 SUMITOMO MITSUI BANKING 2.25% 16/12/2020
Jersey
200,000 ATRIUM EUROPEAN REAL ESTATE 4.00%
20/04/2020
100,000 DELPHI AUTOMOTIVE 1.50% 10/03/2025
137,000 HEATHROW FUNDING LIMITED VAR 15/02/2018
EUR
% of NaV
138,000
0.25
0.16
Market Value
700,000
ALLIANZ SE VAR PERPETUAL
ALLIANZ SE VAR PERPETUAL
BASF AG 1.50% 01/10/2018
BAYER AG VAR PERPETUAL
BAYER AG 1.875% 25/01/2021
BERTELSMANN SE AND CO KGAA VAR PERPETUAL
BERTELSMANN SE AND CO KGAA 2.625%
02/08/2022
COMMERZBANK AG 3.625% 10/07/2017
CONTINENTAL AG 3.125% 09/09/2020
DAIMLER AG 2.00% 05/05/2017
DAIMLER AG 2.00% 25/06/2021
DEUTSCHE BANK AG FRANKFURT 1.125%
17/03/2025
DEUTSCHE BANK AG FRANKFURT 1.25%
08/09/2021
DEUTSCHE BANK AG FRANKFURT 2.75%
17/02/2025
DEUTSCHE POST AG 2.875% 11/12/2024
DEUTSCHE TELEKOM INTL FINANCE 3.25%
17/01/2028
DEUTSCHE TELEKOM INTL FINANCE 6.00%
20/01/2017
DVB BANK SE 2.375% 02/12/2020
HSE NETZ AG 6.125% 23/04/2041
MERCK FINANCIAL SERVICE GMBH 4.50%
24/03/2020
MERCK KGAA VAR PERPETUAL
208,110
133,646
Quantity
183,000
70,000
800,000
212,000
100,000
Germany
EUR
% of NaV
200,000
200,000
595,000
159,000
287,000
100,000
200,000
Market Value
Quantity
200,000 PERNOD RICARD FINANCE SA 2.00% 22/06/2020
138,000 RENAULT CREDIT INTERNATIONAL BANQUE 1.25%
08/06/2022
67,000 RENAULT CREDIT INTERNATIONAL BANQUE 2.25%
29/03/2021
113,000 RENAULT CREDIT INTERNATIONAL BANQUE 4.25%
27/04/2017
300,000 SANOFI-AVENTIS 1.125% 10/03/2022
200,000 SANOFI-AVENTIS 2.50% 14/11/2023
300,000 SCHNEIDER ELECTRIC S 0.875% 11/03/2025
200,000 SOCIETE GENERALE 2.625% 27/02/2025
400,000 SOCIETE GENERALE 4.75% 02/03/2021
59,000 SODEXHO ALLIANCE SA 2.50% 24/06/2026
100,000 SOGECAP CONVERTIBLE VAR 29/12/2049
200,000 STE DES AUTOROUTES S 2.95% 17/01/2024
100,000 SUEZ ENVIRONNEMENT VAR PERPETUAL
300,000 SUEZ 6.25% 08/04/2019
100,000 THALES 2.25% 19/03/2021
293,000 TOTAL CAPITAL 5.125% 26/03/2024
300,000 TOTAL FINA ELF CAPITAL VAR PERPETUAL
200,000 UNIBAIL RODAMCO 2.50% 04/06/2026
400,000 VALLOUREC 4.25% 14/02/2017
129,000 VEOLIA ENVIRONNEMENT 6.125% 25/11/2033
300,000 VINCI 3.375% 30/03/2020
200,000 WENDEL 2.75% 02/10/2024
140,000 WPP FINANCE SA 2.25% 22/09/2026
169,455
752,500
204,900
295,546
172,476
216,654
0.21
0.92
0.25
0.36
0.21
0.26
94,589
0.12
94,589
939,036
20,528
201,100
20,410
242,893
292,950
161,155
0.12
1.14
0.03
0.25
0.02
0.29
0.35
0.20
4,937,024
6.02
633,240
164,318
60,597
317,175
72,517
307,185
0.77
0.20
0.07
0.39
0.09
0.37
119,500
53,180
102,625
123,546
738,533
187,760
113,055
97,500
281,706
200,296
66,293
95,000
203,660
845,091
154,247
126,782
126,782
455,317
213,000
91,110
151,207
0.15
0.06
0.13
0.15
0.90
0.23
0.14
0.12
0.34
0.24
0.08
0.12
0.25
1.03
0.19
0.15
0.15
0.55
0.26
0.11
0.18
0.16
The accompanying notes form an integral part of these financial statements
175
Index Bond Euro Corporate19
Securities Portfolio as at 30/06/15
802,000
514,000
100,000
100,000
145,000
366,000
200,000
545,000
163,000
300,000
400,000
150,000
182,000
310,000
233,000
100,000
200,000
19,000
369,000
229,000
703,000
100,000
170,000
200,000
351,000
710,000
160,000
275,000
100,000
ABN AMRO BANK NV 2.125% 26/11/2020
ABN AMRO BANK NV 6.375% 27/04/2021
ACHMEA HYPOTHEEKBANK NV 2.75% 18/02/2021
ALLIANZ FINANCE II BV VAR 08/07/2041
ALLIANZ FINANCE II BV 3.50% 14/02/2022
BHARTI AIRTEL INTERNATIONAL NETHERLANDS
B.V. 4.00% 10/12/2018
BMW FINANCE NV 0.50% 05/09/2018
BMW FINANCE NV 3.25% 14/01/2019
DELTA LLOYD NV VAR PERPETUAL
DEUTSCHE ANNINGTON FINANCE B.V. VAR
PERPETUAL
DEUTSCHE ANNINGTON FINANCE B.V. 3.625%
08/10/2021
EADS FINANCE NV 5.50% 25/09/2018
EDP FINANCE BV 2.625% 18/01/2022
ENEL FINANCE INTERNATIONAL NV 5.00%
14/09/2022
EON INTERNATIONAL FINANCE BV 5.75%
07/05/2020
GAS NATURAL FENOSA FINANCE BV 2.875%
11/03/2024
HEINEKEN NV 2.125% 04/08/2020
HIT FINANCE BV 4.875% 27/10/2021
ING BANK NV VAR 25/02/2026
ING BANK NV 4.50% 21/02/2022
ING GROEP NV 4.75% 31/05/2017
ING VERZEKERINGEN NV VAR 07/05/2027
KBC IFIMA NV 2.125% 10/09/2018
KONINKLIJKE DSM NV 2.375% 03/04/2024
KONINKLIJKE KPN NV 3.75% 21/09/2020
LANXESS FINANCE BV 4.125% 23/05/2018
LINDE FINANCE BV 4.75% 24/04/2017
NN GROUP N.V VAR PERPETUAL
NOMURA HOLDINGS INC 1.50% 12/05/2021
RABOBANK (INTERNATIONAL) NV VAR 26/05/2026
RABOBANK (INTERNATIONAL) NV 1.75% 22/01/2019
RABOBANK (INTERNATIONAL) NV 4.125%
14/01/2020
RABOBANK (INTERNATIONAL) NV 4.125%
14/07/2025
RABOBANK NEDERLAND 1.375% 03/02/2027
RABOBANK NEDERLAND 3.875% 25/07/2023
The accompanying notes form an integral part of these financial statements
176
115,481
0.14
646,806
149,115
22,613
418,451
418,451
15,042,080
439,728
182,633
21,160
116,535
571,880
53,500
803,083
562,033
92,000
99,385
161,037
425,036
200,310
662,366
198,974
319,110
421,520
179,303
192,631
370,208
252,013
107,500
209,804
20,209
411,472
251,992
760,787
99,000
166,921
198,664
364,875
811,763
193,274
256,253
109,615
0.79
0.18
0.03
0.51
0.51
18.33
0.54
0.22
0.03
0.14
0.70
0.07
0.98
0.68
0.11
0.12
0.20
0.52
0.24
0.81
0.24
0.39
0.51
0.22
0.23
0.45
0.31
0.13
0.26
0.02
0.50
0.31
0.93
0.12
0.20
0.24
0.44
0.99
0.24
0.31
0.13
Netherlands Antilles
100,000 JAB HOLDING BV 1.625% 30/04/2025
Norway
236,000 DNB BANK ASA 4.375% 24/02/2021
220,000 SPAREBANK 1 SR BANK 2.00% 14/05/2018
Spain
200,000 ABERTIS INFRAESTRUCT 3.75% 20/06/2023
400,000 BBVA SENIOR FINANCE SA UNIPERS 2.375%
22/01/2019
100,000 BBVA SUBORDINATED CAPITAL SA VAR 11/04/2024
200,000 CAJA DE AHORROS DE BARCELONA 2.375%
09/05/2019
300,000 CAJA DE AHORROS DE BARCELONA 3.125%
14/05/2018
100,000 ENAGAS FINANCIONES SAU 2.50% 11/04/2022
400,000 IBERDROLA FINANZAS SAU 4.125% 23/03/2020
300,000 RED ELECTRICA FINANC SA UNI 4.875% 29/04/2020
300,000 SANTANDER CONSUMER FINANCE 0.90%
18/02/2020
100,000 SANTANDER ISSUANCES SA 2.50% 18/03/2025
1,100,000 TELEFONICA EMISIONES SAU 2.736% 29/05/2019
100,000
296,000
90,000
49,000
Sweden
NORDEA BANK AB 1.125% 12/02/2025
NORDEA BANK AB 2.00% 17/02/2021
NORDEA BANK AB 4.50% 26/03/2020
SKANDINAVISKA ENSKILDA BANKEN 2.00%
19/02/2021
200,000 SVENSKA HANDELSBANKE 2.625% 23/08/2022
173,000 SVENSKA KULLAGERFABR 2.375% 29/10/2020
228,000 TELIASONERA AB 3.875% 01/10/2025
EUR
% of NaV
419,000
150,000
20,000
100,000
500,000
50,000
Netherlands
1.14
100,000 REPSOL INTERNATIONAL FINANCE BV 2.25%
10/12/2026
200,000 REPSOL INTERNATIONAL FINANCE BV 3.625%
07/10/2021
457,000 RWE FINANCE BV 3.00% 17/01/2024
500,000 SHELL INTERNATIONAL FINANCE BV 1.625%
24/03/2021
650,000 SHELL INTERNATIONAL FINANCE BV 4.625%
22/05/2017
775,000 SIEMENS FINANCIERINGSMAATSCHAP 5.625%
11/06/2018
100,000 TELEFONICA EUROPE BV VAR PERPETUAL
115,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
366,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
155,000 VOLKSWAGEN INTERNATIONAL FINANCE NV VAR
PERPETUAL
914,000 VOLKSWAGEN INTERNATIONAL FINANCE NV 1.00%
26/10/2016
150,000 WOLTERS KLUWER NV 2.875% 21/03/2023
Market Value
375,000 AMERICA MOVIL SAB DE CV 3.259% 22/07/2023
934,015
Quantity
Mexico
% of NaV
600,000 GLENCORE FINANCE (EUROPE) SA 5.25%
22/03/2017
100,000 HANNOVER FINANCE (LUXEMBOURG) VAR
14/09/2040
150,000 NOVARTIS FINANCE SA 1.625% 09/11/2026
19,000 SES GLOBAL SA 4.75% 11/03/2021
Market Value
Quantity
Luxembourg
EUR
95,995
0.12
486,591
517,825
0.59
0.63
221,970
704,308
893,730
101,045
105,110
381,756
160,448
923,678
163,050
92,010
92,010
0.27
0.86
1.09
0.12
0.13
0.47
0.20
1.12
0.20
0.11
0.11
505,732
0.62
3,745,400
4.56
276,932
228,800
226,940
417,648
103,585
205,960
318,783
104,915
454,660
352,977
293,880
93,507
1,172,545
1,234,040
94,153
309,105
102,965
51,144
217,998
183,069
275,606
0.34
0.28
0.28
0.51
0.13
0.25
0.39
0.13
0.55
0.43
0.36
0.11
1.42
1.50
0.11
0.37
0.13
0.06
0.27
0.22
0.34
Index Bond Euro Corporate19
Securities Portfolio as at 30/06/15
306,828
0.37
91,513
418,975
94,372
21,874
419,273
754,969
373,320
224,215
49,570
232,473
333,042
98,675
548,365
277,150
289,004
451,024
204,320
300,060
88,578
436,883
267,031
139,178
222,624
309,254
140,042
51,123
20,192
70,508
217,857
387,682
173,343
367,763
144,923
10,500,200
98,010
295,155
214,988
43,115
613,691
198,492
91,831
101,836
421,605
0.11
0.51
0.12
0.03
0.51
0.91
0.45
0.27
0.06
0.28
0.41
0.12
0.67
0.34
0.35
0.55
0.25
0.37
0.11
0.53
0.33
0.17
0.27
0.38
0.17
0.06
0.02
0.09
0.27
0.47
0.21
0.45
0.18
12.80
200,000
150,000
138,000
500,000
370,000
304,000
200,000
100,000
607,000
120,000
200,000
100,000
219,000
168,000
100,000
119,000
150,000
193,000
40,000
350,000
238,000
100,000
83,000
100,000
148,000
295,000
289,000
100,000
200,000
50,000
100,000
200,000
28,000
BRISTOL MYERS SQUIBB CO 1.00% 15/05/2025
CARGILL INC 2.50% 15/02/2023
CITIGROUP INC 1.75% 28/01/2025
CITIGROUP INC 2.375% 22/05/2024
CITIGROUP INC 5.00% 02/08/2019
COCA COLA CO 1.625% 09/03/2035
COCA COLA CO 1.875% 22/09/2026
COCA-COLA ENTERPRISES INC.NEW 2.625%
06/11/2023
GENERAL ELECTRIC CO 1.875% 28/05/2027
GENERAL MILLS INC 1.00% 27/04/2023
GOLDMAN SACHS GROUP INC 1.375% 26/07/2022
GOLDMAN SACHS GROUP 5.125% 23/10/2019
ILLINOIS TOOL WORKS INC 1.75% 20/05/2022
INTERNATIONAL BUSINESS MACHINES CORP
1.875% 06/11/2020
JP MORGAN CHASE AND CO 1.375% 16/09/2021
JP MORGAN CHASE AND CO 1.50% 27/01/2025
JP MORGAN CHASE AND CO 2.625% 23/04/2021
KINDER MORGAN INC 1.50% 16/03/2022
MC DONALD’S CORP 2.375% 27/11/2024
MERCK AND CO INC 1.875% 15/10/2026
METROPOLITAN LIFE GLOBAL FUND 2.375%
11/01/2023
MICROSOFT CORP 3.125% 06/12/2028
MONDELEZ INTERNATIONAL 1.625% 08/03/2027
MONDELEZ INTERNATIONAL 2.375% 26/01/2021
MORGAN STANLEY 1.75% 30/01/2025
MORGAN STANLEY 1.875% 30/03/2023
ORACLE CORP 2.25% 10/01/2021
PFIZER INC 5.75% 03/06/2021
PHILIP MORRIS INTERNATIONAL INC 2.875%
03/03/2026
PRICELINE COM INC 2.375% 23/09/2024
PROCTER AND GAMBLE C 4.875% 11/05/2027
PROLOGIS 3.375% 20/02/2024
ROCHE HOLDINGS INC 6.50% 04/03/2021
TOYOTA MOTOR CORP 1.80% 23/07/2020
VERIZON COMMUNICATIONS INC 2.375%
17/02/2022
VERIZON COMMUNICATIONS INC 2.625%
01/12/2031
WAL MART STORES INC 1.90% 08/04/2022
WALGREEN BOOTS ALLIANCE INC 2.125%
20/11/2026
WELLS FARGO AND CO 1.625% 02/06/2025
WELLS FARGO AND CO 2.125% 04/06/2024
3M CO 1.50% 09/11/2026
0.12
0.36
0.26 Total securities portfolio
0.05
0.76
0.24
0.11
0.12
0.51
EUR
% of NaV
10.39
700,000
19,000
150,000
100,000
369,000
118,000
223,000
100,000
Market Value
APPLE INC 1.625% 10/11/2026
AT& T INC 1.45% 01/06/2022
AT& T INC 2.40% 15/03/2024
AT& T INC 2.45% 15/03/2035
AT& T INC 2.65% 17/12/2021
BANK OF AMERICA CORP 1.375% 10/09/2021
BANK OF AMERICA CORP 1.375% 26/03/2025
BANK OF AMERICA CORP 2.375% 19/06/2024
BERKSHIRE HATHAWAY I 0.75% 16/03/2023
8,526,003
Quantity
100,000
300,000
210,000
50,000
574,000
200,000
100,000
100,000
450,000
United States of America
% of NaV
100,000 ABBEY NATIONAL TREASURY SERVICES 1.125%
10/03/2025
296,000 ABBEY NATIONAL TREASURY SERVICES 2.00%
14/01/2019
398,000 ANGLO AMERICAN CAPITAL PLC 3.25% 03/04/2023
100,000 AVIVA PLC VAR 04/12/2045
19,000 AVIVA PLC VAR 05/07/2043
398,000 BARCLAYS BANK PLC LONDON 2.125% 24/02/2021
677,000 BARCLAYS BANK PLC LONDON 6.00% 23/01/2018
400,000 BAT INTERNATIONAL FINANCE PLC 0.875%
13/10/2023
209,000 BAT INTERNATIONAL FINANCE PLC 2.75%
25/03/2025
50,000 BG ENERGY CAPITAL PLC 2.25% 21/11/2029
215,000 BG ENERGY CAPITAL PLC 3.00% 16/11/2018
303,000 BP CAPITAL MARKETS PLC 2.972% 27/02/2026
100,000 BRITISH SKY BROADCASTING LTD 1.875%
24/11/2023
500,000 CREDIT AGRICOLE SA LONDON BRANCH 3.125%
17/07/2023
280,000 CREDIT SUISSE LONDON 1.375% 31/01/2022
251,000 CREDIT SUISSE LONDON 4.75% 05/08/2019
448,000 DIAGEO FINANCE PLC 1.125% 20/05/2019
200,000 FCE BANK PLC 1.875% 18/04/2019
300,000 GLAXOSMITHKLINE CAPITAL INC 0.625% 02/12/2019
73,000 GLAXOSMITHKLINE CAPITAL PLC 4.00% 16/06/2025
394,000 HSBC BANK PLC 3.875% 24/10/2018
228,000 HSBC HOLDINGS PLC 6.00% 10/06/2019
135,000 IMPERIAL TOBACCO FINANCE PLC 2.25%
26/02/2021
228,000 LLOYDS BANK P.L.C 1.00% 19/11/2021
259,000 LLOYDS TSB BANK PLC 6.50% 24/03/2020
150,000 NATIONWIDE BUILDING SOCIETY 1.25% 03/03/2025
42,000 NATIONWIDE BUILDING SOCIETY 6.75% 22/07/2020
19,000 SCOTTISH AND SOUTHERN ENERGY PLC VAR
PERPETUAL
70,000 SKY PLC 2.50% 15/09/2026
206,000 STANDARD CHARTERED PLC VAR 21/10/2025
376,000 STANDARD CHARTERED PLC 1.625% 20/11/2018
173,000 THE ROYAL BANK OF SCOTLAND GROUP PLC
1.625% 25/06/2019
320,000 UBS AG LONDON BRANCH 6.00% 18/04/2018
150,000 VODAFONE GROUP PLC 1.875% 11/09/2025
Market Value
Quantity
United Kingdom
EUR
649,705
20,209
144,282
102,278
428,925
100,914
222,443
105,990
0.80
0.02
0.18
0.12
0.53
0.12
0.27
0.13
199,664
95,250
650,928
115,344
210,010
100,135
228,581
0.24
0.12
0.80
0.14
0.26
0.12
0.28
196,496
142,365
134,702
585,645
377,622
318,653
190,835
89,950
125,134
143,279
192,365
42,570
446,652
256,981
97,880
108,103
107,405
194,124
308,909
304,245
97,180
208,532
48,028
96,725
205,126
27,313
78,867,435
0.24
0.17
0.16
0.72
0.46
0.39
0.23
0.11
0.15
0.17
0.23
0.05
0.55
0.31
0.12
0.13
0.13
0.24
0.38
0.37
0.12
0.25
0.06
0.12
0.25
0.03
96.12
The accompanying notes form an integral part of these financial statements
177
Index Bond Euro Govies11
Securities Portfolio as at 30/06/15
8,000
97,000
21,000
44,000
108,000
86,000
42,000
698,352
415,257
299,353
712,890
444,757
579,088
209,176
108,934
134,457
95.43
1,253,562
3.78
31,661,096
9,516
23,476
258,511
245,700
46,091
131,208
105,989
156,466
171,338
31,617
43,178
30,472
Belgium
1,973,812
Finland
460,501
BELGIUM 2.60% 22/06/2024
BELGIUM 3.00% 22/06/2034
BELGIUM 3.25% 28/09/2016
BELGIUM 3.75% 22/06/2045
BELGIUM 4.00% 28/03/2017
BELGIUM 4.00% 28/03/2019
BELGIUM 4.25% 28/03/2041
BELGIUM 4.25% 28/09/2021
BELGIUM 4.25% 28/09/2022
BELGIUM 4.50% 28/03/2026
BELGIUM 5.00% 28/03/2035
BELGIUM 5.50% 28/03/2028
KINGDOM OF BELGIUM 1.00% 22/06/2031
ROYAUME DE BELGIQUE 4.00% 28/03/2032
FINLAND 0.75% 15/04/2031
FINLAND 2.00% 15/04/2024
FINLAND 2.625% 04/07/2042
FINLAND 2.75% 04/07/2028
FINLAND 3.50% 15/04/2021
FINLAND 3.875% 15/09/2017
FINLAND 4.375% 04/07/2019
France
FRANCE BTAN 1.00% 25/07/2017
FRANCE BTAN 2.50% 25/07/2016
FRANCE OAT 0.50% 25/05/2025
FRANCE OAT 1.00% 25/05/2018
FRANCE OAT 1.00% 25/05/2019
FRANCE OAT 2.25% 25/05/2024
FRANCE OAT 2.25% 25/10/2022
FRANCE OAT 2.50% 25/05/2030
FRANCE OAT 3.00% 25/04/2022
The accompanying notes form an integral part of these financial statements
178
31,661,096
417,794
13,032
23,428
88,836
246,400
354,146
52,912
308,497
31,437
37,282
197,891
5,709
35,236
161,212
7,157
105,998
25,627
51,568
127,231
93,718
49,202
7,413,730
721,600
436,717
280,150
734,462
459,892
639,956
231,744
120,539
155,630
95.43
0.03
0.07
0.77
0.74
0.14
0.40
0.32
0.47
0.52
0.10
0.13
0.09
5.95
1.25
0.04
0.07
0.27
0.74
1.07
0.16
0.93
0.09
0.11
0.60
0.02
0.11
0.49
1.39
0.02
0.32
0.08
0.16
0.38
0.28
0.15
22.34
2.17
1.32
0.84
2.21
1.39
1.93
0.70
0.36
0.47
80,032
755,553
685,237
337,101
217,784
78,442
41,185
181,740
212,735
238,917
905
FRANCE OAT 3.25% 25/05/2045
FRANCE OAT 3.25% 25/10/2021
FRANCE OAT 3.50% 25/04/2020
FRANCE OAT 3.50% 25/04/2026
FRANCE OAT 4.00% 25/04/2055
FRANCE OAT 4.00% 25/10/2038
FRANCE OAT 4.50% 25/04/2041
FRANCE OAT 4.75% 25/04/2035
FRANCE OAT 5.50% 25/04/2029
FRANCE OAT 5.75% 25/10/2032
FRANCE OAT 8.50% 25/10/2019
195,605
267,215
96,030
529,044
37,826
505,475
429,204
308,497
9,684
124,684
94,406
137,563
398,602
181,565
965,512
67,198
158,296
111,069
207,808
212,163
GERMANY BUND 0.50% 07/04/2017
GERMANY BUND 0.50% 15/02/2025
GERMANY BUND 1.00% 15/08/2024
GERMANY BUND 1.25% 14/10/2016
GERMANY BUND 1.50% 15/05/2024
GERMANY BUND 1.75% 04/07/2022
GERMANY BUND 1.75% 15/02/2024
GERMANY BUND 2.25% 04/09/2020
GERMANY BUND 2.50% 04/07/2044
GERMANY BUND 3.00% 04/07/2020
GERMANY BUND 3.25% 04/01/2020
GERMANY BUND 3.25% 04/07/2021
GERMANY BUND 3.50% 04/07/2019
GERMANY BUND 4.00% 04/01/2037
GERMANY BUND 4.25% 04/07/2018
GERMANY BUND 4.75% 04/07/2028
GERMANY BUND 4.75% 04/07/2034
GERMANY BUND 4.75% 04/07/2040
GERMANY BUND 5.50% 04/01/2031
GERMANY BUND 2.50% 15/08/2046
29,244
29,611
87,006
84,292
141,376
63,270
7,500
81,274
IRELAND 2.00% 18/02/2045
IRELAND 2.40% 15/05/2030
IRELAND 3.90% 20/03/2023
IRELAND 4.40% 18/06/2019
IRELAND 4.50% 18/04/2020
IRELAND 5.50% 18/10/2017
IRISH REPUBLIC 0.80% 15/03/2022
IRISH REPUBLIC 5.40% 13/03/2025
222,000
513,000
227,000
974,000
288,000
755,000
429,000
355,000
1,239,000
140,000
Germany
Ireland
Italy
ITALY BTP 1.50% 01/06/2025
ITALY BTP 2.50% 01/05/2019
ITALY BTP 2.75% 15/11/2016
ITALY BTP 3.75% 01/05/2021
ITALY BTP 3.75% 01/08/2021
ITALY BTP 3.75% 01/09/2024
ITALY BTP 4.00% 01/02/2017
ITALY BTP 4.50% 01/02/2020
ITALY BTP 4.75% 01/05/2017
ITALY BTP 4.75% 01/09/2044
EUR
98,614
882,077
790,277
411,759
315,939
107,317
61,156
267,207
316,341
381,123
1,230
% of NaV
368,987
10,995
22,471
65,467
229,686
309,039
36,526
251,162
25,191
28,153
130,434
3,900
39,443
121,587
AUSTRIA 1.65% 21/10/2024
AUSTRIA 3.15% 20/06/2044
AUSTRIA 3.20% 20/02/2017
AUSTRIA 3.65% PERPETUAL
AUSTRIA 3.80% 26/01/2062
AUSTRIA 3.90% 15/07/2020
AUSTRIA 4.15% 15/03/2037
AUSTRIA 4.35% 15/03/2019
AUSTRIA 4.85% 15/03/2026
AUSTRIA 6.25% 15/07/2027
THE AUSTRIAN REPUBLIC 0.25% 18/10/2019
THE AUSTRIAN REPUBLIC 2.40% 23/05/2034
95.43
Market Value
9,000
18,000
245,000
204,000
29,000
111,000
73,000
135,000
125,000
20,320
43,000
27,000
Austria
31,661,096
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
0.30
2.67
2.38
1.24
0.95
0.32
0.18
0.81
0.95
1.15
0.00
5,862,572
17.67
612,398
1.85
198,191
260,484
98,425
539,366
40,527
552,985
469,790
342,160
11,817
142,632
108,082
162,297
455,132
265,434
1,094,146
97,197
246,430
185,484
331,894
260,099
25,735
30,795
103,870
97,718
167,208
71,045
7,426
108,601
7,859,798
206,580
543,739
234,573
1,095,867
324,222
846,914
453,492
408,751
1,336,856
176,562
0.60
0.79
0.30
1.63
0.12
1.66
1.42
1.03
0.04
0.43
0.33
0.49
1.37
0.80
3.29
0.29
0.74
0.56
1.00
0.78
0.08
0.09
0.31
0.29
0.51
0.21
0.02
0.34
23.69
0.62
1.64
0.71
3.30
0.98
2.55
1.37
1.23
4.04
0.53
Index Bond Euro Govies
Securities Portfolio as at 30/06/15
Luxembourg
27,000 LUXEMBOURG (GRAND DUCHE) 2.125% 10/07/2023
302,248
95,203
67,325
101,479
25,319
83,059
231,190
126,790
42,127
393,176
103,151
30,873
92,110
Netherlands
NETHERLANDS 0.50% 15/04/2017
NETHERLANDS 2.00% 15/07/2024
NETHERLANDS 2.25% 15/07/2022
NETHERLANDS 2.50% 15/01/2033
NETHERLANDS 2.75% 15/01/2047
NETHERLANDS 3.50% 15/07/2020
NETHERLANDS 3.75% 15/01/2023
NETHERLANDS 3.75% 15/01/2042
NETHERLANDS 4.00% 15/01/2037
NETHERLANDS 4.00% 15/07/2019
NETHERLANDS 4.50% 15/07/2017
NETHERLANDS 5.50% 15/01/2028
PAYS-BAS 0.25% 15/07/2025
Slovakia
128,183 SLOVAKIA 4.00% 27/04/2020
32,500 SLOVAKIA 4.35% 14/10/2025
Slovenia
40,000 SLOVENIA 4.625% 09/09/2024
88,000
258,000
508,000
377,000
194,000
251,000
86,000
246,000
74,000
285,000
329,000
210,000
342,000
173,908
Spain
SPAIN 1.95% 30/07/2030
SPAIN 2.75% 31/10/2024
SPAIN 3.75% 31/10/2018
SPAIN 3.80% 31/01/2017
SPAIN 4.20% 31/01/2037
SPAIN 4.60% 30/07/2019
SPAIN 4.70% 30/07/2041
SPAIN 4.85% 31/10/2020
SPAIN 5.15% 31/10/2044
SPAIN 5.40% 31/01/2023
SPAIN 5.50% 30/04/2021
SPAIN 5.50% 30/07/2017
SPAIN 5.90% 30/07/2026
SPAIN 6.00% 31/01/2029
Total securities portfolio
EUR
% of NaV
ITALY BTP 5.00% 01/08/2034
ITALY BTP 5.00% 01/09/2040
ITALY BTP 5.25% 01/11/2029
ITALY BTP 5.50% 01/11/2022
ITALY BTP 5.75% 01/02/2033
ITALY BTP 6.00% 01/05/2031
ITALY BTP 6.50% 01/11/2027
Market Value
Quantity
192,000
240,000
29,641
395,000
177,000
415,000
236,401
245,478
308,450
38,084
490,464
243,177
577,136
329,453
0.74
0.93
0.11
1.48
0.73
1.74
0.99
30,035
0.09
30,035
1,961,323
306,026
104,338
75,053
117,417
31,652
96,602
283,839
185,416
61,023
455,546
113,034
46,168
85,209
191,386
149,601
41,785
47,748
47,748
0.09
5.91
0.92
0.31
0.23
0.35
0.10
0.29
0.86
0.56
0.18
1.37
0.34
0.14
0.26
0.58
0.45
0.13
0.14
0.14
3,994,231
12.04
31,661,096
95.43
79,038
269,032
558,174
397,890
225,263
287,508
107,612
290,108
99,267
354,170
402,183
232,037
454,655
237,294
0.24
0.81
1.68
1.20
0.68
0.87
0.32
0.87
0.30
1.07
1.21
0.70
1.37
0.72
The accompanying notes form an integral part of these financial statements
179
Global Macro Forex
Securities Portfolio as at 30/06/15
Money market instrument
Bonds
Belgium
7,500,000 BNP PARIBAS FORTIS SA 0% 09/09/2015
Germany
7,500,000 DEKABANK DEUTSCHE GIROZENTRALE 0%
16/07/2015
10,000,000 DEUTSCHE APOTHEKER-UND ARTZEBANK EG 0%
09/10/2015
Italy
5,000,000 ITALY BOT 0% 13/05/2016
15,000,000 ITALY BOT 0% 30/10/2015
30,000,000 ITALY BOT 0% 31/08/2015
Netherlands
8,000,000 THE ROYAL BANK OF SCOTLAND NV 0% 17/08/2015
South Korea
8,000,000 KOREA DEVELOPMENT BANK 0% 13/08/2015
Spain
10,000,000 SPAIN 0% 17/07/2015
28,000,000 SPAIN 0% 21/08/2015
Sweden
5,000,000 NORDEA BANK AB 0% 10/08/2015
United Kingdom
10,000,000 CREDIT SUISSE LONDON BRANCH 0% 20/10/2015
United States of America
25,000,000 USA T-BILLS 0% 23/07/2015
20,000,000 USA T-BILLS 0% 30/07/2015
Derivative instruments
Options
32,000,000
300,000
31,000,000
76,000,000
10,000,000
51,000,000
40,000,000
Luxembourg
EUR(C)/CHF(P)OTC - 1.06 - 27.10.15 CALL
EUR(P)/CHF(C)OTC - 1.00 - 13.07.15 PUT
USD(C)/CAD(P)OTC - 1.225 - 18.08.15 CALL
USD(C)/CHF(P)OTC - 0.92 - 26.10.15 CALL
USD(C)/INR(P)OTC - 64.50 - 20.07.15 CALL
USD(C)/JPY(P)OTC - 110.00 - 10.07.15 CALL
USD(C)/JPY(P)OTC - 122.00 - 05.11.15 CALL
The accompanying notes form an integral part of these financial statements
180
USD(C)/SGD(P)OTC - 1.34 - 31.07.15 CALL
USD(C)/SGD(P)OTC - 1.42 - 31.07.15 CALL
USD(P)/CAD(C)OTC - 1.15 - 18.08.15 PUT
USD(P)/INR(C)OTC - 63.00 - 20.07.15 PUT
USD(P)/SGD(C)OTC - 1.28 - 31.07.15 PUT
145,713
1,820
1,177
9,572
832
-6,571,641
0.07
0.00
0.00
0.00
0.00
-3.23
-6,571,641
-3.23
Luxembourg
-6,571,641
-3.23
3.93 Total securities portfolio
197,198,829
96.90
10,560,773
5.19
10,560,773
5.19 Short positions
10,560,773
10,560,773
184,365,376
184,365,376
7,499,113
7,499,113
17,498,291
7,499,833
9,998,458
5.19
5.19
90.59
3.68
3.68
8.60
3.69
4.91
24.57
7,999,573
3.93
7,999,573
7,999,609
7,999,609
2.45
7.37
14.75
3.93
3.93
37,995,776
18.67
4,999,972
2.46
9,999,495
27,996,281
4,999,972
9,997,202
9,997,202
4.91
13.76
2.46
4.91
4.91
40,386,682
19.84
8,844,321
4.35
22,437,114
17,949,568
8,844,321
8,844,321
382,925
15,750
667,451
2,224,988
21,078
4,617,401
755,614
Derivative instruments
Options
90.59
49,989,158
4,994,700
14,999,365
29,995,093
EUR
% of NaV
442 SG MONETAIRE PLUS
16,000,000
16,000,000
15,500,000
10,000,000
16,000,000
Market Value
France
EUR
203,770,470 100.13
Quantity
Share/Units in investment funds
% of NaV
Share/Units of UCITS/UCIS
Market Value
Quantity
Long positions
Absolute
11.02
8.82
4.35
4.35
0.19
0.01
0.33
1.09
0.01
2.28
0.37
-16,000,000
-72,000,000
-72,000,000
-15,500,000
-38,000,000
-10,000,000
-25,500,000
-20,000,000
-32,000,000
-15,500,000
-10,000,000
-25,500,000
-20,000,000
-16,000,000
EUR(C)/CHF(P)OTC - 1.03 - 27.10.15 CALL
NOK(C)/SEK(P)OTC - 1.08 - 13.07.15 CALL
NOK(P)/SEK(C)OTC - 1.03 - 13.07.15 PUT
USD(C)/CAD(P)OTC - 1.21 - 18.08.15 CALL
USD(C)/CHF(P)OTC - 0.88 - 26.10.15 CALL
USD(C)/INR(P)OTC - 63.75 - 20.07.15 CALL
USD(C)/JPY(P)OTC - 108.00 - 10.07.15 CALL
USD(C)/JPY(P)OTC - 119.00 - 05.11.15 CALL
USD(C)/SGD(P)OTC - 1.38 - 31.07.15 CALL
USD(P)/CAD(C)OTC - 1.19 - 18.08.15 PUT
USD(P)/INR(C)OTC - 63.75 - 20.07.15 PUT
USD(P)/JPY(C)OTC - 102.00 - 10.07.15 PUT
USD(P)/JPY(C)OTC - 115.00 - 06.07.15 PUT
USD(P)/SGD(C)OTC - 1.30 - 31.07.15 PUT
-6,571,641
-444,680
-13,677
-19,685
-467,096
-2,148,263
-54,730
-2,682,769
-650,130
-37,291
-9,878
-39,890
-53
-3,499
-3.23
-0.22
-0.01
-0.01
-0.23
-1.06
-0.03
-1.31
-0.32
-0.02
0.00
-0.02
0.00
0.00
0.00
Global Macro Forex Strategic12
Securities Portfolio as at 30/06/15
Money market instrument
Bonds
Belgium
500,000 BNP PARIBAS FORTIS SA 0% 29/01/2016
France
500,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0%
17/08/2015
500,000 HSBC FRANCE (EX CCF) 0% 16/07/2015
11.21
1,551,895
11.21
1,551,895
705,443
846,452
11,129,244
11,129,244
499,941
499,941
1,153,925
705,238
448,687
11.21
80.38
3.61
3.61
8.33
5.09
3.24
2,499,198
18.05
Spain
3,399,545
24.56
650,000 SPAIN 0% 17/07/2015
250,000 SPAIN 0% 18/09/2015
2,500,000 SPAIN 0% 21/08/2015
Sweden
500,000 NORDEA BANK AB 0% 08/12/2015
Switzerland
500,000 CREDIT SUISSE 0% 28/10/2015
499,470
499,973
1,499,755
649,900
249,978
2,499,667
500,000
500,000
499,942
499,942
3.61
3.61
10.83
4.69
1.81
18.06
1,076,974
7.78
Derivative instruments
Options
Luxembourg
EUR(C)/CHF(P)OTC - 1.06 - 27.10.15 CALL
EUR(P)/CHF(C)OTC - 1.00 - 13.07.15 PUT
USD(C)/CAD(P)OTC - 1.225 - 18.08.15 CALL
USD(C)/CHF(P)OTC - 0.92 - 26.10.15 CALL
USD(C)/INR(P)OTC - 64.50 - 20.07.15 CALL
USD(C)/JPY(P)OTC - 110.00 - 10.07.15 CALL
USD(C)/JPY(P)OTC - 122.00 - 05.11.15 CALL
USD(C)/SGD(P)OTC - 1.34 - 31.07.15 CALL
593,933
593,933
593,933
35,899
2,625
64,592
146,381
2,740
271,612
56,671
11,839
Total securities portfolio
-454,844
-3.29
12,820,228
92.59
-41,689
-1,425
-2,051
-45,203
-141,332
-7,115
-157,809
-48,760
-3,030
-956
-5,186
-4
-284
-0.30
-0.01
-0.01
-0.33
-1.02
-0.05
-1.15
-0.35
-0.02
-0.01
-0.04
0.00
0.00
0.00
3.61
United States of America
1,076,974
EUR(C)/CHF(P)OTC - 1.03 - 27.10.15 CALL
NOK(C)/SEK(P)OTC - 1.08 - 13.07.15 CALL
NOK(P)/SEK(C)OTC - 1.03 - 13.07.15 PUT
USD(C)/CAD(P)OTC - 1.21 - 18.08.15 CALL
USD(C)/CHF(P)OTC - 0.88 - 26.10.15 CALL
USD(C)/INR(P)OTC - 63.75 - 20.07.15 CALL
USD(C)/JPY(P)OTC - 108.00 - 10.07.15 CALL
USD(C)/JPY(P)OTC - 119.00 - 05.11.15 CALL
USD(C)/SGD(P)OTC - 1.38 - 31.07.15 CALL
USD(P)/CAD(C)OTC - 1.19 - 18.08.15 PUT
USD(P)/INR(C)OTC - 63.75 - 20.07.15 PUT
USD(P)/JPY(C)OTC - 102.00 - 10.07.15 PUT
USD(P)/JPY(C)OTC - 115.00 - 06.07.15 PUT
USD(P)/SGD(C)OTC - 1.30 - 31.07.15 PUT
-3.29
-3.29
3.61
10.83
1,200,000 USA T-BILLS 0% 30/07/2015
-1,500,000
-7,500,000
-7,500,000
-1,500,000
-2,500,000
-1,300,000
-1,500,000
-1,500,000
-2,600,000
-1,500,000
-1,300,000
-1,500,000
-1,500,000
-1,300,000
-454,844
-454,844
0.00
0.00
0.01
0.00
-3.29
3.61
1,499,719
499,790
499,969
499,960
Short positions
EUR
148
114
1,244
68
-454,844
3.61
United Kingdom
500,000 CREDIT SUISSE LONDON BRANCH 0% 15/12/2015
500,000 STANDARD CHARTERED BANK 0% 19/10/2015
500,000 STANDARD CHARTERED BANK 0% 23/10/2015
USD(C)/SGD(P)OTC - 1.42 - 31.07.15 CALL
USD(P)/CAD(C)OTC - 1.15 - 18.08.15 PUT
USD(P)/INR(C)OTC - 63.00 - 20.07.15 PUT
USD(P)/SGD(C)OTC - 1.28 - 31.07.15 PUT
5.10 Derivative instruments
6.11
Options
80.38
Luxembourg
Italy
500,000 ITALY BOT 0% 13/05/2016
500,000 ITALY BOT 0% 14/07/2015
1,500,000 ITALY BOT 0% 31/08/2015
3,000,000
50,000
3,000,000
5,000,000
1,300,000
3,000,000
3,000,000
1,300,000
1,551,895
1,300,000
1,500,000
1,300,000
1,300,000
% of NaV
500,000 USA T-BILLS 0% 10/08/2015
600,000 USA T-BILLS 0% 17/08/2015
95.88
Market Value
United States of America
13,275,072
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
3.61
3.61
3.61
7.78
4.29
4.29
4.29
0.26
0.02
0.47
1.06
0.02
1.95
0.41
0.09
The accompanying notes form an integral part of these financial statements
181
Global Macro Bonds & Currencies
Securities Portfolio as at 30/06/15
Brazil
30,000 BRAZIL 10.00% 01/01/2017
Cayman Islands
1,000,000 ODEBRECHT FINANCE LTD 5.25% 27/06/2029
0.43
338,838
688,681
8,235,766
8,235,766
674,394
674,394
France
11,579,144
ACCOR SA VAR PERPETUAL
AXA SA 5.50% PERPETUAL
BNP PARIBAS VAR 20/03/2026
BPCE 5.15% 21/07/2024
BPCE 5.70% 22/10/2023
CREDIT AGRICOLE ASSURANCES VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT AGRICOLE SA VAR PERPETUAL
CREDIT LOGEMENT SA 5.454% 16/02/2021
EDF VAR PERPETUAL
ORANGE VAR PERPETUAL
ORANGE VAR PERPETUAL
ORANGE VAR PERPETUAL
VEOLIA ENVIRONNEMENT VAR PERPETUAL
Germany
Indonesia
4,000,000 INDONESIA 5.25% 17/01/2042
Italy
ASSICURAZIONI GENERA VAR 12/12/2042
ENEL SPA VAR PERPETUAL
ITALY BTP 3.50% 01/12/2018
ITALY BTP 4.50% 01/05/2023
ITALY BTP 4.75% 01/09/2044
ITALY BTP 5.00% 01/03/2025
ITALY BTPI 2.35% 15/09/2024
TELECOM ITALIA SPA 5.625% 29/12/2015
UNICREDIT SPA 6.95% 31/10/2022
Luxembourg
2,000,000 GAZPROM OAO 7.288% 16/08/2037
1,500,000 SBERBANK SB CAP SA VAR 26/02/2024
The accompanying notes form an integral part of these financial statements
182
1,027,519
146,084,257
2,715,840
300,000 BAYER AG VAR PERPETUAL
1,200,000
800,000
5,000,000
3,800,000
3,000,000
3,700,000
900,000
500,000
1,200,000
62.75
Croatia
3,000,000 CROATIA 3.00% 11/03/2025
500,000
1,500,000
331,000
700,000
600,000
1,600,000
1,000,000
700,000
500,000
1,000,000
1,000,000
600,000
400,000
700,000
149,163,380
2,715,840
498,500
1,343,861
335,849
641,434
571,298
1,543,744
921,441
614,313
603,940
1,409,217
1,066,660
623,670
413,344
991,873
304,392
304,392
3,482,822
3,482,822
23,646,412
1,437,000
871,926
5,458,150
4,482,100
3,768,300
4,527,801
996,987
717,919
1,386,229
2,894,898
1,778,029
1,116,869
61.45
0.14
0.29
3.46
3.46
0.28
0.28
1.14
1.14
4.87
0.21
0.57
0.14
0.27
0.24
0.65
0.39
0.26
0.25
0.59
0.45
0.26
0.17
0.42
1,600,000
400,000
878,000
700,000
Mexico
17,168,268
7.22
Netherlands
11,055,105
4.65
MEXICO 6.50% 09/06/2022
MEXICO 8.50% 31/05/2029
PETROLEOS MEXICANOS SA 3.125% 27/11/2020
UNITED MEXICAN STATES 4.75% 14/06/2018
700,000 ALLIANZ FINANCE II BV VAR 08/07/2041
400,000 BRITISH AMERICAN TOBACCO HLDGS 5.50%
15/09/2016
100,000 GENERALI FINANCE BV VAR PERPETUAL
350,000 GENERALI FINANCE BV VAR PERPETUAL
1,600,000 MDC GMTN B.V 3.25% 28/04/2022
700,000 PETROBRAS GLOBAL FINANCE BV 2.00%
20/05/2016
1,200,000 PETROBRAS GLOBAL FINANCE BV 5.875%
01/03/2018
2,000,000 PETROBRAS GLOBAL FINANCE BV 6.625%
16/01/2034
2,500,000 PETROBRAS INTERNATL FINANCE 5.375%
27/01/2021
800,000 RABOBANK NEDERLAND VAR PERPETUAL
600,000 TELEFONICA EUROPE BV VAR PERPETUAL
2,000,000
4,000,000
1,200,000
650,000
Portugal
PORTUGAL 2.875% 15/10/2025
PORTUGAL 3.875% 15/02/2030
PORTUGAL 4.75% 14/06/2019
REDE FERROVIARIA NACIONAL REFE 4.047%
16/11/2026
2,250,000 REDE FERROVIARIA NACIONAL REFE 4.25%
13/12/2021
Slovenia
1.22
0.75
0.47
1,098,546
2,397,849
2,158,051
808,000
656,850
10,584,324
1,981,760
4,221,680
1,358,760
675,194
2,346,930
0.04
0.14
0.62
0.26
0.46
1.01
0.91
0.34
0.28
4.45
0.83
1.78
0.57
0.28
0.99
7,622,164
3.21
Spain
6,802,164
60,000,000 SOUTH AFRICA 7.00% 28/02/2031
55,000,000 SOUTH AFRICA 8.00% 31/01/2030
0.60
0.37
2.30
1.89
1.59
1.90
0.42
0.30
0.58
101,292
333,759
1,465,834
622,737
0.34
0.25
South Africa
1.46
9.95
819,084
593,103
3.99
1.15
0.39
1.69
0.24
600,000 SLOVENIA 4.125% 18/02/2019
1.46
9,494,176
2,725,483
924,156
4,024,453
561,712
0.13
0.13
EUR
% of NaV
250,000 BELGIUM 3.75% 22/06/2045
700,000 KBC GROUPE SA VAR PERPETUAL
86.33
Market Value
Belgium
205,243,697
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
600,000 BANCO SANTANDER SA VAR PERPETUAL
600,000 BBVA BILBAO VISCAYA ARGENTINA VAR
PERPETUAL
700,000 BBVA US SENIOR SA UNIPERSONAL 4.664%
09/10/2015
2,500,000 SPAIN 5.15% 31/10/2044
500,000 SPAINI 1.80% 30/11/2024
1,000,000 VILLE DE MADRID 4.125% 21/05/2024
Turkey
1,000,000 TURKEY 4.875% 16/04/2043
1,800,000 TURKEY 5.75% 22/03/2024
800,000 TURKEY 6.00% 14/01/2041
561,712
3,785,623
3,836,541
589,524
602,334
0.24
1.59
1.62
2.86
0.25
0.25
634,423
0.27
3,331,554
1.40
3,333,575
531,948
1,110,360
818,973
1,754,168
758,413
1.40
0.22
0.47
0.34
0.74
0.32
Global Macro Bonds & Currencies
Securities Portfolio as at 30/06/15
62,000
Venezuela
1,500,000 PETROLEOS DE VENEZUELA 5.25% 12/04/2017
Mortgage and asset backed securities
France
1,200,000 AUTONORIA FRN 25/02/2029
Ireland
500,000 FASTNET SECURITIES 9 LIMITED FRN 10/08/2053
Netherlands
600,000 DUTCH MBS XVIII B.V. FRN 02/02/2045
United Kingdom
1,100,000 E-CARAT SA 0.852% 18/11/2020
1,500,000 FOSSE MASTER ISSUER PLC FRN 18/10/2054
1,100,000 PARAGON MORTGAGE N 8 PLC FRN 08/04/2040
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
0.092 AMUNDI GLOBAL EMERGENTS R
3.33
680,627
1,809,496
0.29
Money market instrument
0.76
619,990
269,978
419,577
570,237
425,592
3,123,805
25,808,108
3,020,215
2,066,617
1,711,919
5,289,821
1,901,622
1,533,555
2,562,261
445,993
1,015,156
886,567
3,124,786
1,719,500
464,868
65,228
670,369
670,369
3,079,123
295,528
295,528
401,295
401,295
137,691
137,691
2,244,609
314,103
789,551
1,140,955
2,121,644
2,121,644
963,521
963,521
0.26
0.11
0.18
0.24
0.18
1.31
10.87
1.27
0.87
0.72
2.23
0.80
Luxembourg
1,235 AMUNDI FUNDS BOND GLOBAL EMERGING
CORPORATE OU C
Bonds
7,000,000
5,000,000
2,500,000
5,000,000
1,158,123
1,158,123
51,481,218
2.95
2.10
1.05
2.10
21,996,226
United Kingdom
5,000,000 CREDIT SUISSE LONDON BRANCH 0% 05/10/2015
5,000,000 DEUTSCHE BANK AG LONDON 0% 26/11/2015
United States of America
4,999,445
6,998,110
9,998,671
9,995,812
4,999,327
4,996,485
2,477,455
2,477,455
2,443,799
326,876
1,821,675
295,248
33,656
8.20
9.25
2.10
2.94
4.21
4.20
2.10
2.10
1.04
1.04
1.03
0.14
0.77
0.12
0.01
Short positions
33,656
-588,914
0.01
-0.25
1.30 Derivative instruments
-588,914
-0.25
0.28
0.28
0.12
0.12
0.17
0.17
0.06
0.06
0.95
1,500 90 DAY EURO$ - 99.125 - 14.12.15 PUT
21.65
6,989,981
4,999,804
2,500,213
4,999,182
Spain
5,000,000 SPAIN 0% 18/09/2015
7,000,000 SPAIN 0% 20/11/2015
10,000,000 SPAIN 0% 21/08/2015
0.48
21.65
19,489,180
ITALY BOT 0% 12/02/2016
ITALY BOT 0% 14/07/2015
ITALY BOT 0% 14/09/2015
ITALY BOT 0% 31/08/2015
0.48
51,481,218
Italy
0.65
1.08 Derivative instruments
0.19
Options
0.43
Luxembourg
0.37
25,000,000
EUR(P)/JPY(C)OTC - 135.50 - 27.07.15 PUT
1.31
2,270,000 EUR(P)/USD(C)OTC - 1.225 - 16.06.16 PUT
0.72
240,000,000 NOK(C)/SEK(P)OTC - 1.0475 - 06.07.15 CALL
0.20
0.03
EUR
% of NaV
1,500,000
2,650,000
500,000
700,000
1,000,000
3,000,000
1,500,000
593,000
7,919,302
Market Value
2,500,000
AMGEN INC 6.40% 01/02/2039
AT& T INC 4.80% 15/06/2044
CREDIT SUISSE GROUP FINANCE VAR PERPETUAL
DAIMLERCHRYSLER NORTH AMERICA 8.50%
18/01/2031
ENABLE MIDSTREAM PARTNERS LP 5.00%
15/05/2044
GE CAPITAL TRUST IV VAR PERPETUAL
GE CAPITAL TRUST 1 VAR PERPETUAL
JP MORGAN CHASE AND CO 1.625% 15/05/2018
TIME WARNER CABLE INC 5.75% 02/06/2031
USA T-BONDS 2.00% 15/02/2023
USA T-BONDSI 1.25% 15/07/2020
USA T-BONDSI 1.75% 15/01/2028
VERIZON COMMUNICATIONS INC 4.672%
15/03/2055
VERIZON COMMUNICATIONS INC 6.55% 15/09/2043
Quantity
2,800,000
2,500,000
2,000,000
4,000,000
United States of America
% of NaV
400,000 BRITISH TELECOMMUNICATIONS PLC VAR
07/12/2016
500,000 COVENTRY BUILDING SOCIETY VAR PERPETUAL
2,000,000 CREDIT AGRICOLE SA LONDON BRANCH 2.50%
15/04/2019
300,000 IMPERIAL TOBACCO FINANCE PLC 2.05%
11/02/2018
300,000 NATIONWIDE BUILDING SOCIETY VAR PERPETUAL
600,000 ROYAL BANK OF SCOTLAND 6.00% 19/12/2023
400,000 UBS AG VAR 12/02/2026
2,000,000 UK GILT 3.25% 22/01/2044
Market Value
Quantity
United Kingdom
EUR
Options
-588,914
-0.25
Luxembourg
-151,380
-0.06
United States of America
-437,534
-0.19
-25,000,000 EUR(C)/JPY(P)OTC - 143.50 - 27.07.15 CALL
-25,000,000 EUR(P)/JPY(C)OTC - 130.00 - 27.07.15 PUT
-480,000,000 NOK(C)/SEK(P)OTC - 1.0825 - 06.07.15 CALL
-1,500 90 DAY EURO$ - 98.625 - 14.12.15 PUT
-1,500 90 DAY EURO$ - 99.25 - 13.06.16 CALL
0.13 Total securities portfolio
0.33
0.49
-29,019
-89,061
-33,300
-8,414
-429,120
204,654,783
-0.01
-0.04
-0.01
0.00
-0.19
86.08
0.89
0.89
0.41
0.41
The accompanying notes form an integral part of these financial statements
183
Global Macro Bonds & Currencies Low Vol
Securities Portfolio as at 30/06/15
Germany
3,250,000 GERMANY BUND 3.25% 04/01/2020
3,800,000
4,000,000
1,300,000
1,500,000
Italy
ITALY BTP 0.70% 01/05/2020
ITALY BTP 4.50% 01/05/2023
TELECOM ITALIA SPA 5.625% 29/12/2015
UNICREDIT SPA 2.25% 16/12/2016
Ivory Coast
2,700,000 AFRICAN DEVELOPMENT BANK 7.375% 06/04/2023
Netherlands
1,000,000 BRITISH AMERICAN TOBACCO HLDGS 5.50%
15/09/2016
1,000,000 ING BANK NV FRN 14/03/2016
2,000,000 PETROBRAS GLOBAL FINANCE BV 2.00%
20/05/2016
900,000 SHELL INTERNATIONAL FINANCE BV 2.125%
11/05/2020
1,000,000 VOLKSWAGEN FINANCIAL SERVICES NV 2.375%
13/11/2018
Spain
2,000,000 BBVA US SENIOR SA UNIPERSONAL 4.664%
09/10/2015
2,000,000 SPAIN 1.60% 30/04/2025
United Kingdom
1,000,000 BRITISH TELECOMMUNICATIONS PLC VAR
07/12/2016
1,000,000 IMPERIAL TOBACCO FINANCE PLC 2.05%
11/02/2018
United States of America
500,000 CATERPILLAR FINANCIAL SERVICES CORP 2.85%
01/06/2022
2,500,000 INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOPMENT 9.25% 15/07/2017
2,000,000 JP MORGAN CHASE AND CO 1.625% 15/05/2018
1,500,000 ORACLE CORP 2.50% 15/05/2022
6,400,000 USA T-BONDSI 0.625% 15/07/2021
1,967,000 USA T-BONDSI 1.25% 15/07/2020
Mortgage and asset backed securities
France
2,000,000 AUTONORIA FRN 25/02/2029
The accompanying notes form an integral part of these financial statements
184
55,727,477
32.01
3,459,612
1.99
49,290,414
3,459,612
3,721,738
3,721,738
11,817,444
3,703,784
4,718,000
1,866,590
1,529,070
3,214,483
3,214,483
6,513,700
1,482,758
1,002,490
1,779,250
807,237
1,441,965
3,691,037
1,812,637
1,878,400
2,449,904
1,549,976
899,928
900,000 FASTNET SECURITIES 9 LIMITED FRN 10/08/2053
1.99
500,000 DUTCH MBS XVIII B.V. FRN 02/02/2045
2,500,000 HOLLAND MORTGAGE BACKED SERIES (HERMES)
XVIII BV FRN 18/09/2044
900,000 STORM 2012-I BV FRN 22/01/2054
2.14
2.14
6.79
1.85
1.85
3.74
0.85
0.58
1.02
0.46
0.83
2.12
1.04
1.08
1.41
0.89
0.52
2,612,390
1.50
6,437,063
4,000,690
492,546
Netherlands
United Kingdom
500,000 ARKLE MASTER ISSUER PLC SERIE 2006-1X
2.13
CLASS 5A1 FRN PERPETUAL
2.71
3,000,000 E-CARAT SA 0.852% 18/11/2020
1.07
0.88 Share/Units of UCITS/UCIS
8.27
1,783,971
1,306,637
6,223,525
2,048,818
Ireland
28.31
14,422,496
447,155
800,000 CFHL-1 2014 FCT FRN 27/04/2054
15,000,000 LOGGIAS 2003-1 VAR 24/11/2025
0.26
Share/Units in investment funds
France
0.069 AMUNDI GLOBAL EMERGENTS R
Luxembourg
2,400 AMUNDI FUNDS BOND GLOBAL EMERGING
CORPORATE OU C
Money market instrument
Bonds
Germany
7,500,000 DEKABANK DEUTSCHE GIROZENTRALE 0%
16/07/2015
Italy
18,000,000 ITALY BOT 0% 30/10/2015
10,000,000 ITALY BOT 0% 30/11/2015
Netherlands
7,000,000 ABN AMRO BANK NV 0% 17/08/2015
Spain
23,000,000 SPAIN 0% 17/07/2015
17,000,000 SPAIN 0% 21/08/2015
United Kingdom
8,500,000 CREDIT SUISSE LONDON BRANCH 0% 20/10/2015
7,000,000 STANDARD CHARTERED BANK 0% 15/10/2015
1.02 Derivative instruments
0.75
Options
3.56
Germany
1.18
3.70
2.30
0.28
220 EURO BUND FUTURE - 155.00 - 24.07.15 CALL
Luxembourg
9,000,000 EUR(C)/USD(P)OTC - 1.12 - 15.07.15 CALL
EUR
% of NaV
3,350,000 CAISSE FRANCAISE DE FINANCEMENT LOCAL
3.75% 18/05/2016
90.61
Market Value
France
157,755,550
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
809,824
2,698,320
0.47
1.55
722,331
0.41
722,331
689,911
114,743
334,297
240,871
1,024,131
167,486
856,645
2,972,958
2,972,958
0.41
0.40
0.07
0.19
0.14
0.59
0.10
0.49
1.71
1.71
722,641
0.42
2,250,317
1.29
97,989,015
56.28
7,499,833
4.31
722,641
2,250,317
97,989,015
7,499,833
0.42
1.29
56.28
4.31
27,998,558
16.08
6,999,627
4.02
17,999,238
9,999,320
6,999,627
39,994,208
10.34
5.74
4.02
22.97
22,996,466
16,997,742
13.21
9.76
8,497,621
6,999,168
4.88
4.02
15,496,789
1,066,100
1,066,100
8,800
8.90
0.61
0.61
0.01
8,800
0.01
85,859
0.05
1,057,300
0.60
Global Macro Bonds & Currencies Low Vol
Securities Portfolio as at 30/06/15
EUR
% of NaV
Market Value
Quantity
1,000,000 EUR(P)/USD(C)OTC - 1.225 - 16.06.16 PUT
10,500,000 USD(C)/JPY(P)OTC - 123.00 - 04.08.15 CALL
900,000 USD(C)/JPY(P)OTC - 132.00 - 13.01.16 CALL
Short positions
802,500
77,059
91,882
-813,427
0.46
0.04
0.05
-0.47
Derivative instruments
-813,427
-0.47
-4,400
0.00
Options
Germany
-220 EURO BUND FUTURE - 156.00 - 24.07.15 CALL
-813,427
-4,400
-0.47
0.00
Luxembourg
-809,027
-0.47
Total securities portfolio
156,942,123
90.14
-1,000,000 EUR(P)/USD(C)OTC - 1.225 - 16.06.16 PUT
-21,000,000 USD(C)/JPY(P)OTC - 129.00 - 04.08.15 CALL
-802,500
-6,527
-0.47
0.00
The accompanying notes form an integral part of these financial statements
185
Absolute US Corporate13
Securities Portfolio as at 30/06/15
Automobiles and Parts
610,000 GENERAL MOTORS FINANCIAL CO 3.45%
10/04/2022
230,000 OMEGACORP US LIMITED 8.75% 15/07/2023
450,000
430,000
765,000
420,000
560,000
765,000
Banks
BARCLAYS BANK PLC 3.65% 16/03/2025
CITIGROUP INC 4.40% 10/06/2025
GOLDMAN SACHS GROUP INC VAR PERPETUAL
GOLDMAN SACHS GROUP INC 5.15% 22/05/2045
MORGAN STANLEY VAR PERPETUAL
SOCIETE GENERALE 4.25% 14/04/2025
Chemicals
465,000 CHEMOURS CO 6.625% 15/05/2023
200,000 CHEMOURS CO 7.00% 15/05/2025
300,000
600,000
250,000
195,000
Financial Services
AERCAP IRELAND CAP LTD 4.25% 01/07/2020
CTP TRANSP.PROD.LLC / FIN.INC. 8.25% 15/12/2019
FLY LEASING LTD 6.375% 15/10/2021
QUICKEN LOANS INC 5.75% 01/05/2025
Fixed Line Telecommunications
425,000 EARTHLINK INC 8.875% 15/05/2019
500,000
265,000
170,000
190,000
Food Producers
FAGE DAIRY INDUSTRY SA 9.875% 01/02/2020
HJ HEINZ CO 3.95% 15/07/2025
HJ HEINZ CO 5.20% 15/07/2045
JBS USA LLC/ JBS USA FINANCE 5.75% 15/06/2025
Gas, Water and Multiutilities
335,000 FERRELLGAS LP/FERRELLGAS FIN 6.75%
15/06/2023
General Industrials
125,000 HRG GROUP INC 7.875% 15/07/2019
General Retailers
268,000 COMMUNICATIONS SALES & LEASING 6.00%
15/04/2023
320,000 PRISO ACQUISITION CORPORATION 9.00%
15/05/2023
375,000 SUNOCO LP 6.375% 01/04/2023
195,000 TOPS HOLDING CORPORATION 8.00% 15/06/2022
The accompanying notes form an integral part of these financial statements
186
91.13
27,181,784
89.48
455,625
1.50
145,000
595,000
240,000
165,000
2.72
630,000 BROOKFIELD RESIDENTIAL 6.375% 15/05/2025
18,842,026
455,625
826,522
596,666
229,856
3,296,995
428,814
428,611
757,012
406,820
555,582
720,156
644,469
450,469
194,000
1,361,024
300,186
621,000
253,125
186,713
443,063
443,063
1,148,493
521,250
266,248
173,189
187,806
336,675
62.02
1.50
1.96
0.76
10.85
1.41
1.41
2.49
1.34
1.83
2.37
2.12
1.48
0.64
4.48
0.99
2.05
0.83
0.61
1.46
1.46
3.78
1.71
0.88
0.57
0.62
1.11
336,675
1.11
131,875
0.43
1,161,750
3.82
131,875
262,106
314,400
390,000
195,244
0.43
0.86
1.04
1.28
0.64
Health Care Equipment and Services
BAXALTA INCORPORATED 5.25% 23/06/2045
DJO FINANCE LLC 8.125% 15/06/2021
HOLOGIC INC 5.25% 15/07/2022
WELLCARE HEALTH PLAN 5.75% 15/11/2020
Household Goods and Home Construction
Industrial Engineering
245,000 AUTOMATION TOOLING SYSTEMS INC 6.50%
15/06/2023
175,000 CNH INDUSTRIAL CAPITAL LLC 3.875% 16/07/2018
Industrial Metals and Mining
175,000 ARCELORMITTAL SA 6.125% 01/06/2025
490,000 BLUESCOPE STEEL LTD 7.125% 01/05/2018
Industrial Transportation
590,000 AIR MEDICAL GROUP HOLDING 6.375% 15/05/2023
500,000 XPO LOGISTICS 6.50% 15/06/2022
Life Insurance
245,000 CNO FINANCIAL GROUP INC 5.25% 30/05/2025
Mining
500,000 CONSOL ENERGY INC 5.875% 15/04/2022
335,000 MURRAY ENERGY CORP 11.25% 15/04/2021
Nonlife Insurance
300,000 METLIFE INC 4.05% 01/03/2045
1,175,340
3.87
617,400
2.03
145,790
612,850
245,100
171,600
617,400
425,425
250,206
175,219
674,252
174,452
499,800
1,043,975
554,600
489,375
248,969
248,969
706,400
425,000
281,400
276,162
276,162
Oil and Gas Producers
1,137,850
Oil Equipment, Services and Distribution
1,968,718
400,000 ANTERO RESOURCES CORP 5.625% 01/06/2023
500,000 CALUMET SPECIALTY PRODUCTS PAR 7.75%
15/04/2023
240,000 NEWFIELD EXPLORATION CO 5.375% 01/01/2026
300,000
520,000
600,000
600,000
USD
DCP MIDSTREAM UNIT 5.35% 15/03/2020
MARKWEST ENERGY PART 4.875% 01/06/2025
PHILLIPS 66 PARTNERS LP 3.605% 15/02/2025
WILLIAMS PARTNERS LP 3.60% 15/03/2022
Software and Computer Services
135,000 SS AND C TECHNOLOGIES HOLDINGS 5.875%
15/07/2023
% of NaV
500,000 KRATOS DEFENSE 7.00% 15/05/2019
27,681,771
Market Value
Aerospace and Defense
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
386,500
513,750
237,600
308,394
508,300
568,698
583,326
137,194
137,194
0.48
2.02
0.81
0.56
2.03
1.40
0.82
0.58
2.22
0.57
1.65
3.44
1.83
1.61
0.82
0.82
2.33
1.40
0.93
0.91
0.91
3.75
1.27
1.70
0.78
6.48
1.02
1.67
1.87
1.92
0.45
0.45
Technology Hardware and Equipment
345,950
1.14
Travel, Leisure and Catering
277,900
0.91
340,000 BLUE COAT SYSTEMS IN 8.375% 01/06/2023
280,000 VIKING CRUISES LTD 6.25% 15/05/2025
345,950
277,900
1.14
0.91
Absolute US Corporate
Securities Portfolio as at 30/06/15
Financial Services
1,849,000 AMERICAN HOMES 4 RENT VAR 17/04/2045
600,000 AMERICAN HOMES 4 RENT 5.639% 17/04/2045
500,000 CITIGROUP COMMERCIAL MTGE TRST 3.548%
10/10/2047
600,000 COLONY AMERICAN HOMES INC. VAR 17/05/2031
313,000 COMMERCIAL MORTGAGE TRUST VAR 10/12/2047
885,000 CONNECTICUT AVENUE SECURITIES SERIES FRN
25/01/2024
525,000 CONNECTICUT AVENUE SECURITIES SERIES FRN
25/02/2025
545,000 CONNECTICUT AVENUE SECURITIES SERIES FRN
25/05/2025
355,000 CONNECTICUT AVENUE SECURITIES SERIES FRN
25/05/2025
600,000 CONNECTICUT AVENUE SECURITIES SERIES FRN
25/11/2024
750,000 INVITATION HOMES TRUST 2014-SFR2 FRN
17/06/2032
600,000 INVITATION HOMES TRUST 2014-SFR2 FRN
17/12/2031
200,000 MORGAN STANLEY BANK OF AMERICA MERRILL
LYNCH TRUST 4.137% 15/07/2050
155,750 MORGAN STANLEY BANK OF AMERICA MERRILL
LYNCH TRUST 4.244% 15/05/2046
222,000 STRUCTURED AGENCY CREDIT RISK DEBT NO
FRN 25/01/2025
525,000 STRUCTURED AGENCY CREDIT RISK DEBT NO
FRN 25/03/2025
250,000 SWAY 2014-1 A FRN 17/01/2020
418,000 WELLS FARGO COMMERCIAL MORTGAGE TRUST
2010-C1 3.768% 15/02/2048
285,000 WELLS FARGO COMMERCIAL MORTGAGE TRUST
2015 NXS1 VAR 15/06/2048
311,250 WF-RBS COMMERCIAL 2013-C16 VAR 15/03/2047
Money market instrument
Bonds
Governments
500,000 USA T-BILLS 0% 23/07/2015*
Total securities portfolio
% of NaV
Market Value
Quantity
Mortgage and asset backed securities
USD
8,339,758
27.46
611,625
402,491
0.00
2.01
1.33
8,339,758
581,187
267,954
912,393
530,902
533,300
346,716
619,782
750,000
604,021
168,276
133,441
225,875
518,318
254,716
345,097
247,036
286,628
499,987
499,987
499,987
499,987
27,681,771
27.46
1.91
0.88
3.01
1.75
1.76
1.14
2.04
2.47
1.99
0.55
0.44
0.74
1.71
0.84
1.14
0.81
0.94
1.65
1.65
1.65
1.65
91.13
* As at 30 June 2015, the sub-fund has pledged this security, please refer to note 21.
The accompanying notes form an integral part of these financial statements
187
Absolute High Yield
Securities Portfolio as at 30/06/15
200,000
310,000
550,000
300,000
300,000
France
AIR FRANCE - KLM 6.75% 27/10/2016
FAURECIA 9.375% 15/12/2016
LAFARGE SA 5.375% 26/06/2017
REMY COINTREAU SA 5.18% 15/12/2016
RENAULT CREDIT INTERNATIONAL BANQUE
5.625% 05/10/2015
Germany
700,000 CONTINENTAL AG 2.50% 20/03/2017
150,000 FRANZ HANIEL UND CIE GMBH 6.25% 08/02/2018
200,000 THYSSENKRUPP AG 4.00% 27/08/2018
Ireland
100,000 FGA CAPITAL IRELAND PLC 2.875% 26/01/2018
Italy
300,000 BUZZI UNICEM 5.125% 09/12/2016
100,000 GTECH SPA 6.625% 02/02/2018
200,000 TELECOM ITALIA SPA 4.75% 25/05/2018
150,000
100,000
500,000
100,000
Luxembourg
ARCELORMITTAL SA VAR 17/11/2017
CLARIANT FINANCE 5.625% 24/01/2017
FIAT FINANCE AND TRADE LTD 7.75% 17/10/2016
FIAT INDUSTRIAL FINANCIAL EUROPE 6.25%
09/03/2018
100,000 FMC FINANCE III 5.50% 15/07/2016
300,000 HEIDELBERGCEMENT FINANCE 8.00% 31/01/2017
100,000 PLAY FINANCE 2 SA 5.25% 01/02/2019
Netherlands
400,000 EDP FINANCE BV 4.75% 26/09/2016
Portugal
700,000 CAIXA GERAL DE DEPOSITOS 5.625% 04/12/2015
30.91
226,341
0.75
9,334,243
226,341
1,774,631
212,536
343,713
596,761
317,433
304,188
1,106,128
724,374
168,754
213,000
103,842
103,842
639,828
313,352
110,150
216,326
1,451,124
163,129
107,599
532,625
110,262
103,900
330,919
102,690
417,556
417,556
712,334
712,334
Spain
1,186,486
United Kingdom
1,715,973
100,000 ABENGOA SA 8.50% 31/03/2016
1,000,000 GAS NATURAL CAPITAL MARKETS SA 5.625%
09/02/2017
450,000 FCE BANK PLC 5.125% 16/11/2015
1,000,000 OTE PLC 7.875% 07/02/2018
100,000 WILLIAM HILL PLC 7.125% 11/11/2016
The accompanying notes form an integral part of these financial statements
188
9,334,243
103,746
1,082,740
643,873
923,000
149,100
30.91
0.75
5.88
0.70
1.14
1.98
1.05
1.01
3.66
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
10 AMUNDI TRESO COURT TERME PART I C
2 AMUNDI TRESO 3 MOIS I C
Money market instrument
Bonds
2,635,000
500,000
4,000,000
4,000,000
4,000,000
2,140,000
France
FRANCE BTF 0% 02/03/2016
FRANCE BTF 0% 03/02/2016
FRANCE BTF 0% 09/12/2015
FRANCE BTF 0% 16/09/2015
FRANCE BTF 0% 23/07/2015
FRANCE BTF 0% 25/05/2016
2.39
0.56 Total securities portfolio
0.71
0.34
0.34
2.12
1.04
0.36
0.72
4.81
0.54
0.36
1.76
0.37
0.34
1.10
0.34
1.38
1.38
2.36
2.36
3.93
0.34
3.59
5.68
2.13
3.06
0.49
EUR
% of NaV
150,000 UPM KYMMENE CORPORAT 6.625% 23/01/2017
96.97
Market Value
Finland
29,284,332
Quantity
Bonds
EUR
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
2,667,789
8.83
2,667,789
8.83
17,282,300
57.23
17,282,300
57.23
29,284,332
96.97
2,667,789
185,304
2,482,485
17,282,300
2,637,748
500,400
4,000,541
4,000,269
4,000,061
2,143,281
8.83
0.61
8.22
57.23
8.73
1.66
13.24
13.25
13.25
7.10
Absolute Volatility Arbitrage
Securities Portfolio as at 30/06/15
6,625 ANHEUSER-BUSH INBEV
14,500
10,850
18,250
5,650
10,112
12,175
10,000
7,562
13,750
20,700
18
1,749
15,250
France
ACCOR SA
AIR LIQUIDE
DANONE
ESSILOR INTERNATIONAL
L’OREAL
LVMH MOET HENNESSY LOUIS VUITTON SE
PUBLICIS GROUPE
SCHNEIDER ELECTRIC SA
UNIBAIL RODAMCO
Germany
ALLIANZ SE-NOM
DEUTSCHE BANK AG-NOM
DEUTSCHE LUFTHANSA NOM
SAP SE
Italy
205,000 INTESA SANPAOLO SPA
Netherlands
69,000 ING GROEP NV-CVA
26,500 ROYAL PHILIPS NV
Spain
17,250 INDITEX
United Kingdom
799 ROYAL DUTCH SHELL PLC-A
Convertible bonds
France
115 UNIBAIL RODAMCO 0% 01/01/2022 CV
Share/Units of UCITS/UCIS
Share/Units in investment funds
France
40 AMUNDI TRESO EONIA ISR I C
1 AMUNDI TRESO 3 MOIS I C
Luxembourg
888 AMUNDI MONEY MARKET FUND SHORT TERM
(USD) OV C
18,765,630
16.57
712,188
0.63
18,725,890
712,188
11,330,075
656,415
1,230,932
1,058,318
604,550
1,617,920
1,913,300
663,200
468,315
3,117,125
3,867,152
2,891,790
485
20,227
954,650
666,660
666,660
1,626,620
1,021,890
604,730
502,924
502,924
20,271
20,271
39,740
16.53
0.63
10.00
0.58
1.09
0.93
0.53
1.43
1.69
0.59
0.41
2.75
0.59
0.59
1.44
0.91
0.53
0.44
0.44
0.02
0.02
0.04
10,774,066
9.52
9,967,757
8,801,774
1,165,983
806,309
806,309
7,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0%
17/03/2016
6,500,000 BNP PARIBAS VAR 23/10/2015
2,000,000 BPCE VAR 09/07/2015
6,000,000 BPCE 0% 24/03/2016
5,000,000 CREDIT AGRICOLE SA 0% 24/03/2016
5,500,000 SOCIETE GENERALE 0% 23/10/2015
Netherlands
7,000,000 ING BANK NV 0% 24/03/2016
United Kingdom
5,500,000 BARCLAYS BANK PLC LONDON 0% 30/12/2015
United States of America
10,000,000 USA T-BILLS 0% 03/12/2015*
2.55
Derivative instruments
0.00
0.02
Options
0.84
Belgium
0.04
10,774,066
Bonds
France
3.41
39,740
39,740
Money market instrument
0.04
9.52
8.81
7.78
1.03
0.71
0.71
375 ANHEUSER-BUSH INBEV - 100.00 - 18.09.15 PUT
375 ANHEUSER-BUSH INBEV - 130.00 - 18.09.15 CALL
53,459,665
53,459,665
6,500,000
1,999,895
5,997,768
4,998,512
5,498,946
5.74
1.77
5.30
4.41
4.86
6,999,493
6,996,354
6,996,354
5,494,697
5,494,697
8,974,000
8,974,000
7,259,526
7,259,526
102,750
90,375
12,375
Germany
4,943,418
Netherlands
500 ROYAL PHILIPS NV - 24.00 - 18.09.15 PUT
United States of America
150 S&P 500 INDEX - 1,900 - 19.12.15 PUT
40 S&P 500 INDEX - 2,050 - 17.07.15 PUT
2 S&P 500 INDEX - 2,100 - 18.09.15 PUT
47.22
28.26
1,388,200
ALLIANZ SE-NOM - 150.00 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,250 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,400 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 17.07.15 CALL
DJ EURO STOXX 50 EUR - 3,500 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,500 - 21.08.15 CALL
EURO STOXX BANKS - 165 - 18.09.15 CALL
INTESA SANPAOLO SPA - 3.20 - 17.12.15 PUT
L’OREAL - 165.00 - 17.07.15 PUT
STOXX 600 UTILITIES - 280 - 18.09.15 CALL
47.22
31,994,614
France
1,000 CAC 40 - 5,000 - 18.09.15 CALL
500
1,125
81
150
25
1,125
55
2,000
500
250
250
EUR
% of NaV
Belgium
79.72
Market Value
Shares
90,258,887
Quantity
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
EUR
% of NaV
Market Value
Quantity
Long positions
1,388,200
751,000
946,125
82,458
314,100
18,875
2,022,750
63,360
310,000
129,750
190,000
115,000
93,000
93,000
732,158
626,010
91,905
14,243
6.18
6.18
6.18
4.85
4.85
7.93
7.93
6.41
6.41
0.09
0.08
0.01
1.23
1.23
4.36
0.66
0.84
0.07
0.28
0.02
1.78
0.06
0.27
0.11
0.17
0.10
0.08
0.08
0.65
0.56
0.08
0.01
* As at 30 June 2015, the sub-fund has pledged this security, please refer to note 21.
The accompanying notes form an integral part of these financial statements
189
Absolute Volatility Arbitrage
Securities Portfolio as at 30/06/15
Derivative instruments
-12,787,357
-11.29
-155,625
-0.14
Options
Belgium
-375 ANHEUSER-BUSH INBEV - 120.00 - 18.09.15 CALL
-375 ANHEUSER-BUSH INBEV - 95.00 - 18.12.15 PUT
France
-1,000 CAC 40 - 5,400 - 18.09.15 CALL
-500 PUBLICIS GROUPE - 80.00 - 18.12.15 CALL
-1,000
-250
-250
-500
-1,125
-54
-60
-81
-300
-54
-25
-1,125
-55
-68
-82
-120
-250
-250
-500
-250
-1,000
-250
-1,500
-375
-500
-2,500
-500
-375
-125
-500
-250
-250
-1,000
-1,000
-500
-500
Germany
ACCOR SA - 54.00 - 18.09.15 CALL
AIR LIQUIDE - 120.00 - 18.12.15 CALL
ALLIANZ SE-NOM - 140.00 - 17.07.15 PUT
DANONE - 64.00 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,300 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,300 - 21.08.15 PUT
DJ EURO STOXX 50 EUR - 3,350 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,400 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,400 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 21.08.15 PUT
DJ EURO STOXX 50 EUR - 3,700 - 17.07.15 CALL
DJ EURO STOXX 50 EUR - 3,750 - 21.08.15 CALL
DJ EURO STOXX 50 EUR - 3,800 - 17.07.15 CALL
ESSILOR INTERNAT - 120.00 - 18.12.15 CALL
ESSILOR INTERNAT - 88.00 - 18.12.15 PUT
EURO STOXX BANKS - 130 - 18.12.15 PUT
EURO STOXX BANKS - 150 - 17.07.15 PUT
EURO STOXX BANKS - 155 - 17.07.15 PUT
EURO STOXX BANKS - 160 - 17.07.15 CALL
ING GROEP NV-CVA - 15.00 - 18.09.15 CALL
L’OREAL - 160.00 - 18.09.15 PUT
L’OREAL - 180.00 - 18.09.15 CALL
RWE AG - 28.00 - 18.09.15 CALL
SAP - 70.00 - 18.12.15 CALL
SCHNEIDER ELECTR SA - 72.00 - 18.09.15 CALL
STOXX EUR 600 AUTO&P - 580 - 18.09.15 PUT
STOXX 600 UTILITIES - 240 - 18.12.15 PUT
STOXX 600 UTILITIES - 310 - 18.09.15 CALL
Netherlands
LVMH - 170.00 - 18.12.15 CALL
ROYAL PHILIPS NV - 22.00 - 18.09.15 PUT
ROYAL PHILIPS NV - 25.00 - 18.09.15 CALL
ROYAL PHILIPS NV - 26.00 - 17.07.15 CALL
UNIBAIL RODAMCO - 280.00 - 18.12.15 CALL
The accompanying notes form an integral part of these financial statements
190
-12,787,357
-47,250
-108,375
-330,900
-281,400
-49,500
-11,182,391
-43,000
-114,000
-107,000
-70,500
-5,709,374
-29,052
-58,500
-56,538
-267,000
-83,214
-34,400
-2,887,875
-99,055
-11,288
-24,600
-6,120
-83,500
-45,750
-113,750
-64,375
-392,500
-20,000
-100,500
-319,500
-100,000
-2,500
-56,500
-19,500
-108,750
-135,000
-18,750
-414,500
-164,500
-83,000
-41,000
-1,500
-124,500
-11.29
-0.04
-0.10
-0.29
-0.25
-0.04
-9.87
-50
-60
-85
-70
-135
Singapore
NIKKEI 225 SIMEX FUT - 19,000 - 10.07.15 PUT
NIKKEI 225 SIMEX FUT - 19,500 - 10.07.15 PUT
NIKKEI 225 SIMEX FUT - 19,500 - 14.08.15 PUT
NIKKEI 225 SIMEX FUT - 21,000 - 10.07.15 CALL
NIKKEI 225 SIMEX FUT - 21,500 - 14.08.15 CALL
Spain
-1,000 INDITEX - 31.78 - 18.09.15 CALL
-150
-40
-40
-15
-57
-2
-37
-27
United States of America
S&P 500 INDEX - 1,600 - 19.12.15 PUT
S&P 500 INDEX - 1,950 - 17.07.15 PUT
S&P 500 INDEX - 1,950 - 21.08.15 PUT
S&P 500 INDEX - 2,000 - 17.07.15 PUT
S&P 500 INDEX - 2,000 - 21.08.15 PUT
S&P 500 INDEX - 2,100 - 18.09.15 CALL
S&P 500 INDEX - 2,125 - 17.07.15 CALL
S&P 500 INDEX - 2,150 - 17.07.15 CALL
-0.04
-0.10
-0.09
-0.06
-5.03
-0.03
-0.05 Total securities portfolio
-0.05
-0.24
-0.07
-0.03
-2.54
-0.09
-0.01
-0.02
-0.01
-0.07
-0.04
-0.10
-0.06
-0.35
-0.02
-0.09
-0.28
-0.09
0.00
-0.05
-0.02
-0.10
-0.12
-0.02
-0.37
-0.15
-0.07
-0.04
0.00
-0.11
EUR
% of NaV
-11.29
Market Value
-12,787,357
Quantity
% of NaV
Market Value
Quantity
EUR
Short positions
-177,334
-0.16
-75,000
-0.07
-7,701
-19,363
-89,777
-9,498
-50,995
-0.01
-0.02
-0.07
-0.01
-0.05
-75,000
-0.07
-161,552
-24,053
-74,313
-17,501
-153,985
-6,067
-11,955
-2,181
-0.13
-0.02
-0.07
-0.02
-0.13
-0.01
-0.01
0.00
-451,607
77,471,530
-0.39
68.43
Absolute Volatility Arbitrage Plus
Securities Portfolio as at 30/06/15
Luxembourg
2,500 AMUNDI FUNDS MONEY MARKET FUND SHORT
TERM (USD) OV C
Money market instrument
Bonds
France
2,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0%
19/02/2016
2,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0%
24/11/2015
2,500,000 BNP PARIBAS VAR 23/10/2015
2,000,000 BNP PARIBAS 0% 19/02/2016
3,000,000 BPCE 0% 19/02/2016
2,000,000 BPCE 0% 24/03/2016
2,500,000 BRED-BANQUE POPULAIRE 0% 01/03/2016
4,000,000 FRANCE BTF 0% 09/12/2015*
2,000,000 SOCIETE GENERALE 0% 19/02/2016
2,500,000 SOCIETE GENERALE 0% 23/10/2015
Netherlands
1,500,000 RABOBANK NEDERLAND 0% 25/11/2015
United Kingdom
2,500,000 BARCLAYS BANK PLC LONDON 0% 30/12/2015
10,000,000
4,000,000
2,000,000
1,000,000
United States of America
USA T-BILLS 0% 03/12/2015*
USA T-BILLS 0% 10/12/2015*
USA T-BILLS 0% 15/10/2015*
USA T-BILLS 0% 23/07/2015*
Derivative instruments
Options
475
219
75
475
145
Germany
DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,250 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 17.07.15 CALL
DJ EURO STOXX 50 EUR - 3,500 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,500 - 21.08.15 CALL
United States of America
150 S&P 500 INDEX - 1,900 - 19.12.15 PUT
110 S&P 500 INDEX - 2,050 - 17.07.15 PUT
13 S&P 500 INDEX - 2,100 - 18.09.15 PUT
5,489,566
9.55 Derivative instruments
3,220,192
5.60
5,489,566
1,100,222
2,119,970
2,269,374
2,269,374
9.55
1.91
3.69
3.95
3.95
43,752,285
76.09
24,499,180
42.60
43,752,285
1,999,675
1,999,429
2,500,000
1,999,870
2,998,831
1,999,256
2,499,490
4,003,368
1,999,740
2,499,521
1,499,692
1,499,692
2,497,590
2,497,590
15,255,823
8,974,000
3,589,491
1,794,863
897,469
2,671,461
2,671,461
1,700,132
399,475
222,942
56,625
854,050
167,040
971,329
626,010
252,737
92,582
76.09
3.48
3.48
4.34
3.48
5.21
3.48
4.35
6.95
3.48
4.35
2.61
2.61
4.34
4.34
26.54
Options
Germany
-475
-146
-140
-219
-146
-75
-475
-145
-182
-218
-280
-500
-500
-250
DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,300 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,300 - 21.08.15 PUT
DJ EURO STOXX 50 EUR - 3,350 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,400 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 21.08.15 PUT
DJ EURO STOXX 50 EUR - 3,700 - 17.07.15 CALL
DJ EURO STOXX 50 EUR - 3,750 - 21.08.15 CALL
DJ EURO STOXX 50 EUR - 3,800 - 17.07.15 CALL
EURO STOXX BANKS - 150 - 17.07.15 PUT
EURO STOXX BANKS - 160 - 17.07.15 CALL
STOXX EUR 600 AUTO&P - 580 - 18.09.15 PUT
-150
-140
-215
-180
-365
NIKKEI 225 SIMEX FUT - 19,000 - 10.07.15 PUT
NIKKEI 225 SIMEX FUT - 19,500 - 10.07.15 PUT
NIKKEI 225 SIMEX FUT - 19,500 - 14.08.15 PUT
NIKKEI 225 SIMEX FUT - 21,000 - 10.07.15 CALL
NIKKEI 225 SIMEX FUT - 21,500 - 14.08.15 CALL
-150
-110
-110
-35
-143
-13
-113
-73
S&P 500 INDEX - 1,600 - 19.12.15 PUT
S&P 500 INDEX - 1,950 - 17.07.15 PUT
S&P 500 INDEX - 1,950 - 21.08.15 PUT
S&P 500 INDEX - 2,000 - 17.07.15 PUT
S&P 500 INDEX - 2,000 - 21.08.15 PUT
S&P 500 INDEX - 2,100 - 18.09.15 CALL
S&P 500 INDEX - 2,125 - 17.07.15 CALL
S&P 500 INDEX - 2,150 - 17.07.15 CALL
Singapore
United States of America
15.62
6.24 Total securities portfolio
3.12
1.56
EUR
-6,482,049
-6,482,049
% of NaV
5 AMUNDI TRESO EONIA ISR I C
2 AMUNDI TRESO 3 MOIS I C
90.29 Short positions
Market Value
France
Quantity
Share/Units in investment funds
EUR
51,913,312
% of NaV
Share/Units of UCITS/UCIS
Market Value
Quantity
Long positions
-11.27
-11.27
-6,482,049
-11.27
-2,410,625
-78,548
-136,500
-152,862
-224,986
-103,200
-1,219,325
-261,145
-30,212
-65,400
-14,280
-128,750
-40,000
-217,500
-4.19
-0.14
-0.24
-0.27
-0.39
-0.18
-2.12
-0.45
-0.05
-0.11
-0.02
-0.22
-0.07
-0.38
-23,104
-45,181
-227,082
-24,424
-137,873
-0.04
-0.08
-0.40
-0.04
-0.24
-5,083,333
-457,664
-941,052
-161,551
-66,146
-204,362
-40,836
-386,313
-39,436
-36,511
-5,897
45,431,263
-8.83
-0.80
-1.64
-0.28
-0.12
-0.36
-0.07
-0.67
-0.07
-0.06
-0.01
79.02
4.65
4.65
2.96
0.69
0.39
0.10
1.49
0.29
1.69
1.09
0.44
0.16
* As at 30 June 2015, the sub-fund has pledged these securities, please refer to note 21.
The accompanying notes form an integral part of these financial statements
191
Absolute Volatility Euro Equities
Securities Portfolio as at 30/06/15
Luxembourg
9,652 AMUNDI FUNDS ABSOLUTE VOLATILITY ARBITAGE
PLUS IE C
Money market instrument
Bonds
France
65,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0%
17/03/2016
45,000,000 BPCE VAR 09/07/2015
20,000,000 BPCE 0% 24/03/2016
40,000,000 CREDIT AGRICOLE SA 0% 24/03/2016
Netherlands
35,000,000 ING BANK NV 0% 24/03/2016
Derivative instruments
Options
5,240
6,935
7,924
4,510
8,695
1,775
13,760
16,765
12,045
11,295
3,430
5,665
7,295
7,082
7,410
3,780
8,310
12,490
15,090
4,200
8,210
3,690
Germany
DJ EURO STOXX 50 EUR - 2,700 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 2,800 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,100 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,100 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,200 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,200 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,200 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,300 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,300 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,300 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,400 - 16.12.16 PUT
DJ EURO STOXX 50 EUR - 3,400 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,400 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,500 - 17.07.15 CALL
DJ EURO STOXX 50 EUR - 3,600 - 16.12.16 CALL
DJ EURO STOXX 50 EUR - 3,600 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,600 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,600 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,700 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,800 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,800 - 17.06.16 PUT
The accompanying notes form an integral part of these financial statements
192
89,191,665
9.45 Derivative instruments
79,265,012
8.40
89,191,665
28,385,721
50,879,291
9,926,653
9,926,653
9.45
3.01
5.39
1.05
1.05
204,955,351
21.71
169,973,580
18.00
204,955,351
64,995,288
44,997,641
19,992,558
39,988,093
34,981,771
34,981,771
21.71
6.87
4.77
2.12
4.24
3.71
3.71
527,268,563
55.84
527,268,563
55.84
527,268,563
39,965,480
46,769,640
40,214,300
19,406,530
9,294,955
6,489,400
30,671,040
22,615,985
37,050,420
29,931,750
5,793,270
21,238,085
18,602,250
22,124,168
5,594,550
8,202,600
13,844,460
52,957,600
47,020,440
20,529,600
8,324,940
20,627,100
55.84
Options
-10,210
-12,980
-5,670
-9,370
-9,260
-25,745
-12,838
-4,395
-2,575
-3,170
-2,840
-2,510
-2,505
-4,330
-15,090
-4,200
-7,430
-2,890
-1,260
-7,370
-3,170
-10,110
-5,670
Germany
DJ EURO STOXX 50 EUR - 2,500 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 2,600 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 2,700 - 16.12.16 PUT
DJ EURO STOXX 50 EUR - 2,700 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 2,800 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 2,800 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,100 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,200 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,200 - 18.09.15 PUT
DJ EURO STOXX 50 EUR - 3,200 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,300 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,400 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,500 - 17.07.15 PUT
DJ EURO STOXX 50 EUR - 3,600 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,700 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,700 - 17.07.15 CALL
DJ EURO STOXX 50 EUR - 3,800 - 17.07.15 CALL
DJ EURO STOXX 50 EUR - 3,800 - 18.09.15 CALL
DJ EURO STOXX 50 EUR - 4,000 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 4,000 - 18.09.15 CALL
DJ EURO STOXX 50 EUR - 4,000 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 4,200 - 16.12.16 CALL
4.23
4.95 Total securities portfolio
4.26
2.06
0.98
0.69
3.25
2.40
3.92
3.17
0.61
2.25
1.97
2.34
0.59
0.87
1.47
5.62
4.98
2.17
0.88
2.18
EUR
% of NaV
129 AMUNDI TRESO EONIA ISR I C
48 AMUNDI TRESO 3 MOIS I C
87.00 Short positions
Market Value
France
Quantity
Share/Units in investment funds
EUR
821,415,579
% of NaV
Share/Units of UCITS/UCIS
Market Value
Quantity
Long positions
-117,379,763
-12.43
-117,379,763
-12.43
-117,379,763
-12.43
704,035,816
74.57
-117,379,763
-2,287,040
-8,813,420
-6,775,650
-3,663,670
-9,574,840
-13,129,950
-10,796,758
-681,225
-772,500
-2,792,770
-10,170,040
-1,350,380
-2,229,450
-5,958,080
-20,311,140
-5,506,200
-1,233,380
-147,390
-418,320
-4,193,530
-244,090
-2,871,240
-3,458,700
-12.43
-0.24
-0.93
-0.72
-0.39
-1.01
-1.39
-1.14
-0.07
-0.08
-0.30
-1.08
-0.14
-0.24
-0.63
-2.16
-0.58
-0.13
-0.02
-0.04
-0.44
-0.03
-0.30
-0.37
Absolute Volatility World Equities
Securities Portfolio as at 30/06/15
Luxembourg
9,689 AMUNDI FUNDS ABSOLUTE VOLATILITY ARBITRAGE
PLUS IE C
25,763 AMUNDI FUNDS MONEY MARKET FUND SHORT
TERM (USD) OV C
Money market instrument
Bonds
France
35,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0%
17/03/2016
40,000,000 BPCE VAR 09/07/2015
20,000,000 BPCE 0% 24/03/2016
20,000,000 CREDIT AGRICOLE SA 0% 24/03/2016
Netherlands
20,000,000 ING BANK NV 0% 24/03/2016
Derivative instruments
Options
790
1,105
3,574
1,653
3,585
850
4,440
4,047
4,660
4,655
885
1,565
920
2,255
1,040
2,305
4,215
4,335
1,370
2,140
1,525
Germany
DJ EURO STOXX 50 EUR - 2,700 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 2,800 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,100 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 3,100 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,200 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,200 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,200 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,300 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,300 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,300 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,400 - 16.12.16 PUT
DJ EURO STOXX 50 EUR - 3,400 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,500 - 17.07.15 CALL
DJ EURO STOXX 50 EUR - 3,600 - 16.12.16 CALL
DJ EURO STOXX 50 EUR - 3,600 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,600 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,600 - 18.12.15 PUT
DJ EURO STOXX 50 EUR - 3,700 - 17.06.16 PUT
DJ EURO STOXX 50 EUR - 3,800 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 3,800 - 17.06.16 PUT
Hong Kong (China)
229 HANG SENG INDEX - 24,000 - 30.12.15 CALL
89,687,017
9.36
52,527,358
5.48
89,687,017
21,820,434
30,706,924
37,159,659
11,102,767
26,056,892
9.36
2.28
3.20
3.88
1.16
2.72
150,385,306
15.70
128,112,912
13.38
150,385,306
38,994,173
44,565,664
22,275,709
22,277,366
22,272,394
22,272,394
499,770,097
499,770,097
171,556,195
6,713,423
8,303,152
20,209,414
7,925,148
4,270,021
3,462,488
11,026,970
6,082,867
15,971,121
13,744,493
1,665,467
6,537,218
2,613,913
1,896,953
2,514,527
4,278,673
19,912,537
15,050,458
7,461,307
2,417,769
9,498,276
-583,159
2,494,553
15.70
4.07
4.65
2.33
2.33
2.32
2.32
52.17
382
75
200
75
100
1,700
500
2,035
1,540
3,302
3,531
1,000
1,055
440
3,120
870
880
1,575
7,020
810
1,120
1,620
1,680
1,395
HANG SENG INDEX - 24,000 - 30.12.15 PUT
HANG SENG INDEX - 25,000 - 29.06.16 PUT
HANG SENG INDEX - 26,000 - 30.12.15 CALL
HANG SENG INDEX - 29,000 - 29.06.16 CALL
HANG SENG INDEX - 30,000 - 29.06.16 CALL
USD
-2,956,460
967
430,828
-146,082
-406,965
% of NaV
89 AMUNDI TRESO EONIA ISR I C
26 AMUNDI TRESO 3 MOIS I C
77.23
Market Value
France
739,842,420
Quantity
Share/Units in investment funds
USD
% of NaV
Share/Units of UCITS/UCIS
Market Value
Quantity
Long positions
-0.30
0.00
0.04
-0.02
-0.04
Singapore
103,174,201
10.77
United States of America
225,622,860
23.55
NIKKEI 225 SIMEX FUT - 17,000 - 10.06.16 CALL
NIKKEI 225 SIMEX FUT - 17,500 - 10.06.16 CALL
NIKKEI 225 SIMEX FUT - 18,500 - 10.06.16 PUT
NIKKEI 225 SIMEX FUT - 19,000 - 10.06.16 CALL
NIKKEI 225 SIMEX FUT - 19,000 - 10.06.16 PUT
NIKKEI 225 SIMEX FUT - 19,500 - 10.06.16 CALL
NIKKEI 225 SIMEX FUT - 20,000 - 09.12.16 PUT
NIKKEI 225 SIMEX FUT - 20,000 - 10.06.16 PUT
S&P 500 INDEX - 1,800 - 16.12.16 PUT
S&P 500 INDEX - 1,800 - 17.06.16 PUT
S&P 500 INDEX - 1,800 - 19.12.15 PUT
S&P 500 INDEX - 1,900 - 16.12.16 CALL
S&P 500 INDEX - 1,900 - 17.06.16 CALL
S&P 500 INDEX - 1,900 - 17.06.16 PUT
S&P 500 INDEX - 1,900 - 19.12.15 CALL
S&P 500 INDEX - 1,900 - 19.12.15 PUT
S&P 500 INDEX - 2,000 - 17.06.16 CALL
S&P 500 INDEX - 2,000 - 17.06.16 PUT
S&P 500 INDEX - 2,000 - 19.12.15 PUT
52.17 Short positions
17.91
0.70 Derivative instruments
0.87
Options
2.12
Germany
0.83
-2,210 DJ EURO STOXX 50 EUR - 2,500 - 18.12.15 PUT
0.45
-3,760 DJ EURO STOXX 50 EUR - 2,600 - 17.06.16 PUT
0.36
-1,560 DJ EURO STOXX 50 EUR - 2,700 - 16.12.16 PUT
1.15
-2,230 DJ EURO STOXX 50 EUR - 2,700 - 18.12.15 PUT
0.63
-2,830 DJ EURO STOXX 50 EUR - 2,800 - 17.06.16 PUT
1.67
-6,101 DJ EURO STOXX 50 EUR - 2,800 - 18.12.15 PUT
1.43
-5,314 DJ EURO STOXX 50 EUR - 3,000 - 18.12.15 PUT
0.17
-1,235 DJ EURO STOXX 50 EUR - 3,100 - 17.07.15 PUT
0.68
-715 DJ EURO STOXX 50 EUR - 3,200 - 17.07.15 PUT
0.27
-880 DJ EURO STOXX 50 EUR - 3,200 - 18.09.15 PUT
0.20
-900 DJ EURO STOXX 50 EUR - 3,200 - 18.12.15 CALL
0.26
-715 DJ EURO STOXX 50 EUR - 3,300 - 17.07.15 PUT
0.45
-875 DJ EURO STOXX 50 EUR - 3,400 - 17.06.16 PUT
2.08
-725 DJ EURO STOXX 50 EUR - 3,400 - 17.07.15 PUT
1.57
-1,310 DJ EURO STOXX 50 EUR - 3,500 - 17.07.15 PUT
0.78
-4,335 DJ EURO STOXX 50 EUR - 3,600 - 18.12.15 CALL
0.25
-1,370 DJ EURO STOXX 50 EUR - 3,700 - 17.06.16 CALL
0.99
-2,225 DJ EURO STOXX 50 EUR - 3,700 - 17.07.15 CALL
-0.06
-970 DJ EURO STOXX 50 EUR - 3,800 - 17.07.15 CALL
0.26
-350 DJ EURO STOXX 50 EUR - 3,800 - 18.09.15 CALL
23,708,174
6,182,325
7,359,030
12,585,301
14,396,416
24,700,991
7,702,368
6,539,596
2.47
0.65
0.77
1.31
1.50
2.59
0.80
0.68
4,195,400
20,248,800
2,662,200
22,105,600
35,610,750
64,022,400
15,786,900
5,208,000
25,596,000
20,190,240
9,996,570
-98,009,072
0.44
2.11
0.28
2.31
3.72
6.68
1.65
0.54
2.67
2.11
1.04
-10.23
-98,009,072
-10.23
-98,009,072
-10.23
-551,574
-2,844,597
-2,077,092
-971,504
-3,260,394
-3,466,844
-4,979,442
-213,286
-238,996
-863,817
-3,590,955
-428,599
-3,045,666
-718,938
-2,008,412
-6,501,257
-2,001,181
-411,530
-55,119
-129,470
-0.06
-0.30
-0.22
-0.10
-0.34
-0.36
-0.52
-0.02
-0.02
-0.09
-0.37
-0.04
-0.32
-0.08
-0.21
-0.69
-0.21
-0.04
-0.01
-0.01
-42,072,932
-4.40
The accompanying notes form an integral part of these financial statements
193
Absolute Volatility World Equities
Securities Portfolio as at 30/06/15
Hong Kong (China)
-533 HANG SENG INDEX - 22,000 - 30.12.15 PUT
-300 HANG SENG INDEX - 24,800 - 30.07.15 PUT
-300 HANG SENG INDEX - 28,000 - 30.07.15 CALL
-523
-497
-1,340
-2,000
-1,540
-800
-1,010
-560
-1,035
-500
-600
-1,010
-560
-560
-1,990
-1,370
-1,270
-745
-440
-225
-450
-450
-115
-450
-450
-225
-225
-225
-225
-1,980
-690
-1,360
-1,320
-1,550,081
-75,498
-1,028,407
-1,060,273
-0.16
-0.01
-0.11
-0.11
3,104,148
-191,551
114,157
0.33
-0.02
0.01
-698,815
-816,386
-793,936
-4,020,759
-4,599,928
-35,958
-553,018
-423,324
-3,599,008
-10,215
-252,523
-520,002
-100,682
-1,329,465
-0.07
-0.09
-0.08
-0.42
-0.48
0.00
-0.06
-0.04
-0.38
0.00
-0.03
-0.05
-0.01
-0.14
3,026,754
Singapore
-17,754,019
United States of America
-41,208,875
NIKKEI 225 SIMEX FUT - 16,000 - 10.06.16 PUT
NIKKEI 225 SIMEX FUT - 16,500 - 10.06.16 PUT
NIKKEI 225 SIMEX FUT - 16,500 - 11.12.15 PUT
NIKKEI 225 SIMEX FUT - 17,000 - 10.06.16 PUT
NIKKEI 225 SIMEX FUT - 18,000 - 10.06.16 PUT
NIKKEI 225 SIMEX FUT - 18,000 - 10.07.15 PUT
NIKKEI 225 SIMEX FUT - 18,000 - 11.09.15 PUT
NIKKEI 225 SIMEX FUT - 19,000 - 14.08.15 PUT
NIKKEI 225 SIMEX FUT - 21,500 - 10.06.16 CALL
NIKKEI 225 SIMEX FUT - 21,500 - 10.07.15 CALL
NIKKEI 225 SIMEX FUT - 21,500 - 14.08.15 CALL
NIKKEI 225 SIMEX FUT - 22,000 - 11.09.15 CALL
NIKKEI 225 SIMEX FUT - 22,000 - 14.08.15 CALL
NIKKEI 225 SIMEX FUT - 22,500 - 10.06.16 CALL
S&P 500 INDEX - 1,400 - 17.06.16 PUT
S&P 500 INDEX - 1,400 - 19.12.15 PUT
S&P 500 INDEX - 1,500 - 19.12.15 PUT
S&P 500 INDEX - 1,600 - 17.06.16 PUT
S&P 500 INDEX - 1,700 - 19.12.15 PUT
S&P 500 INDEX - 1,900 - 18.09.15 PUT
S&P 500 INDEX - 2,000 - 17.07.15 PUT
S&P 500 INDEX - 2,000 - 18.09.15 PUT
S&P 500 INDEX - 2,000 - 19.12.15 CALL
S&P 500 INDEX - 2,100 - 19.12.15 CALL
S&P 500 INDEX - 2,100 - 19.12.15 PUT
S&P 500 INDEX - 2,125 - 17.07.15 CALL
S&P 500 INDEX - 2,150 - 17.07.15 CALL
S&P 500 INDEX - 2,150 - 18.09.15 CALL
S&P 500 INDEX - 2,175 - 17.07.15 CALL
S&P 500 INDEX - 2,200 - 17.06.16 CALL
S&P 500 INDEX - 2,200 - 18.09.15 CALL
S&P 500 INDEX - 2,200 - 19.12.15 CALL
S&P 500 INDEX - 2,300 - 16.12.16 CALL
Total securities portfolio
The accompanying notes form an integral part of these financial statements
194
USD
% of NaV
DJ EURO STOXX 50 EUR - 4,000 - 17.06.16 CALL
DJ EURO STOXX 50 EUR - 4,000 - 18.09.15 CALL
DJ EURO STOXX 50 EUR - 4,000 - 18.12.15 CALL
DJ EURO STOXX 50 EUR - 4,200 - 16.12.16 CALL
Market Value
Quantity
-2,445
-880
-3,250
-1,560
-3,303,400
-685,000
-990,600
-2,533,000
-866,800
-504,000
-585,000
-1,908,000
-1,389,200
-2,691,000
-4,990,500
-81,000
-20,250
-315,000
-5,625
-10,751,400
-296,700
-2,679,200
-6,613,200
641,833,348
0.32
-1.85
-4.30
-0.34
-0.07
-0.10
-0.26
-0.09
-0.05
-0.06
-0.20
-0.15
-0.28
-0.52
-0.01
0.00
-0.03
0.00
-1.13
-0.03
-0.28
-0.70
67.00
Absolute Global Dividend
Securities Portfolio as at 30/06/15
% of NaV
Market Value
Quantity
EUR
Long positions
3,958,312
10.17
Share/Units of UCITS/UCIS
3,958,312
10.17
3,958,312
10.17
Share/Units in investment funds
France
40 BFT GESTION STATERE FCP EUR
Total securities portfolio
3,958,312
3,958,312
3,958,312
10.17
10.17
10.17
The accompanying notes form an integral part of these financial statements
195
Cash EUR
Securities Portfolio as at 30/06/15
Cash
239,656,337
12.35
2,000,485
0.10
Bonds
Australia
2,000,000 COMMONWEALTH BANK OF AUSTRALIA FRN
14/01/2016
2,000,000
6,200,000
5,000,000
6,000,000
2,000,000
25,000,000
7,000,000
9,900,000
2,900,000
1,000,000
3,000,000
15,000,000
5,000,000
15,000,000
2,500,000
France
BNP PARIBAS FRN 13/11/2015
BPCE FRN 10/03/2017
BPCE FRN 26/05/2016
BPCE FRN 28/10/2016
CAISSE D’EPARGNE ET DE PREVOYANCE
PROVENCE ALPES CORSE VAR 23/09/2015
CARREFOUR 0% 30/07/2015
DANONE 0% 18/08/2015
HSBC FRANCE (EX CCF) FRN 27/01/2016
SOCIETE GENERALE FRN 16/01/2017
SOCIETE GENERALE FRN 31/03/2016
SOCIETE GENERALE FRN 31/12/2015
SOCIETE GENERALE VAR 31/08/2016
SOCIETE GENERALE VAR 31/08/2016
SOCIETE GENERALE VAR 31/10/2016
VALEO FRN 01/12/2016
Germany
15,000,000 DEUTSCHE BANK AG LONDON 0.28% 17/02/2016
1,600,000 SAP SE FRN 03/04/2017
5,000,000 VOLKSWAGEN BANK GMBH FRN 11/04/2016
Ireland
15,000,000 INTESA SANPAOLO BANK IRELAND PLC FRN
26/03/2017
2,000,000
5,000,000
7,000,000
5,000,000
2,000,485
107,539,823
2,003,051
6,202,300
5,009,212
5,995,846
1,998,347
24,999,374
6,999,762
9,924,750
2,904,828
1,000,531
3,001,334
15,000,000
5,000,488
15,000,000
2,500,000
21,591,523
12.35
53,461,274
2.76
1.30
0.36
0.51
0.15
0.05
0.15
0.77
0.26
0.77
0.13
1.11
0.77
Spain
32,301,116
1.67
5,000,000 ABBEY NATIONAL TREASURY SERVICES FRN
23/01/2017
10,000,000 BARCLAYS BANK PLC LONDON 0% 01/06/2016
3,900,000 CREDIT AGRICOLE SA LONDON BRANCH FRN
28/01/2016
2,000,000 CREDIT AGRICOLE SA LONDON BRANCH FRN
28/08/2015
The accompanying notes form an integral part of these financial statements
40,901,229
0.10
0.26
0.36
0.26
1.29
0.38
2.11
5,000,521
0.26
2,001,300
0.10
10,000,000
3,907,599
0.07
71.24
0.98
United Kingdom
0.52
1,381,895,882
Share/Units in investment funds
France
0.10
782 AMUNDI CASH CORPORATE
0.32
0.26 Money market instrument
0.31
Bonds
0.10
Belgium
0.77
7,301,116
1,300,580
0.07
9,999,491
9.47
15,000,000
25,000,000
1,300,000 JP MORGAN CHASE AND CO FRN 20/11/2016
1,300,580
United States of America
183,654,178
0.77
0.08
0.26
2,000,353
5,006,645
7,005,581
5,009,002
0.52
5.54
19,021,581
BMW FINANCE NV FRN 22/10/2015
ING BANK NV FRN 26/05/2016
RABOBANK NEDERLAND FRN 13/01/2017
RABOBANK NEDERLAND FRN 15/01/2016
9,992,318
183,654,178
14,988,066
1,600,258
5,003,199
15,000,000
10,000,000 DEUTSCHE BANK AG LONDON BRANCH FRN
01/02/2016
10,000,000 LLOYDS BANK P.L.C VAR 19/05/2017
0.10 Share/Units of UCITS/UCIS
Netherlands
25,000,000 BBVA SENIOR FINANCE SA UNIPERS FRN
20/04/2017
7,300,000 SANTANDER CONSUM FIN SPAIN07 1 FRN
20/07/2015
196
239,656,337
EUR
% of NaV
93.06
Market Value
1,805,206,397
Quantity
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
EUR
% of NaV
Market Value
Quantity
Long positions
0.51
0.20
4,000,000
30,000,000
15,000,000
4,500,000
BELFIUS BANK SA/NV 0% 08/03/2016
BNP PARIBAS FORTIS SA 0% 07/03/2016
BNP PARIBAS FORTIS SA 0% 07/10/2015
KBC BANK NV 0% 15/09/2015
Chile
5,000,000 BANCO BILBAO VIZCAYA CHILI 0% 09/11/2015
France
12,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
08/01/2016
25,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL VAR
30/12/2015
5,000,000 BANQUE PALATINE VAR 18/09/2015
26,000,000 BANQUE PALATINE VAR 18/12/2015
5,000,000 BANQUE PALATINE 0% 18/11/2015
4,000,000 BANQUE POPULAIRE DU SUD VAR 15/01/2016
34,000,000 BANQUE POSTALE (LA) VAR 30/10/2015
20,000,000 BNP PARIBAS VAR 01/10/2015
3,000,000 BNP PARIBAS VAR 10/07/2015
20,000,000 BNP PARIBAS VAR 22/12/2015
10,000,000 BNP PARIBAS 0% 19/02/2016
17,000,000 BPCE VAR 31/12/2015
15,000,000 CAISSE REGIONALE DE CREDIT AGRICOLE
MUTUEL D’ AQUITAINE 0% 06/05/2016
25,000,000 CAISSE REGIONALE DE CREDIT AGRICOLE
MUTUEL D’ AQUITAINE 0% 17/06/2016
20,000,000 CAISSE REGIONALE DE CREDIT AGRICOLE
MUTUEL PROVENCE COTE D’AZUR VAR 29/06/2016
10,000,000 CAISSE REGIONALE DE CREDIT AGRICOLE
MUTUELLE DU NORD EST VAR 20/10/2015
60,000,000 CARREFOUR BANQUE 0% 18/08/2015
10,000,000 CIC FRANCE 0% 02/10/2015
47,000,000 CRCAM ALPES VAR 19/05/2016
3,000,000 CRCAM ALPES VAR 21/08/2015
5,000,000 CRCAM BRIE PICARDIE 0% 22/01/2016
30,000,000 CRCAM CENTRE EST 0% 28/01/2016
5,000,000 CRCAM FINISTERE VAR 14/01/2016
5,000,000 CRCAM FINISTERE 0% 12/02/2016
183,654,178
183,654,178
1,381,895,882
3,996,363
29,973,068
14,993,382
4,498,461
4,994,993
4,994,993
9.47
9.47
9.47
71.24
0.21
1.55
0.77
0.23
0.26
0.26
765,768,281
39.47
25,003,112
1.29
12,002,450
5,000,439
26,003,773
4,997,064
4,000,000
34,002,358
20,004,045
3,000,076
20,007,839
9,991,498
17,002,327
14,985,759
24,965,728
20,000,000
10,001,095
59,995,918
9,995,145
46,999,750
3,000,117
4,995,141
29,973,199
5,000,000
4,995,120
0.62
0.26
1.34
0.26
0.21
1.75
1.03
0.15
1.03
0.52
0.88
0.77
1.29
1.03
0.52
3.08
0.52
2.41
0.15
0.26
1.55
0.26
0.26
Cash EUR
Securities Portfolio as at 30/06/15
0.51
0.52
1.79
0.26
2.05
1.55
0.77
24,977,728
9,990,481
19,994,313
14,995,751
19,997,667
19,999,983
25,002,620
25,003,650
19,997,289
1.29
0.52
Total securities portfolio
1.03
0.77
1.03
1.03
1.29
1.29
1.03
5,000,000
10,000,000
9,996,878
39,972,362
9,999,900
29,972,462
1.34
Luxembourg
49,977,158
2.58
15,000,000 BGL BNP PARIBAS 0% 24/02/2016
35,000,000 ENEL FINANCE INTERNATIONAL SA 0% 28/09/2015
Netherlands
35,000,000 IBERDROLA INTERNATIONAL BV 0% 31/08/2015
37,000,000 TELEFONICA EUROPE BV 0% 07/08/2015
Spain
14,988,403
34,988,755
71,995,157
34,997,890
36,997,267
19,999,311
20,000,000 ENDESA CAPITAL SA 0% 31/07/2015
19,999,311
5,000,000 NORDEA BANK AB 0% 03/12/2015
4,996,582
Sweden
Switzerland
20,000,000 CREDIT SUISSE 0% 12/11/2015
10,000,000 CREDIT SUISSE 0% 13/10/2015
United Kingdom
AVIVA PLC 0% 24/08/2015
BARCLAYS BANK PLC LONDON VAR 20/05/2016
BARCLAYS BANK PLC LONDON VAR 30/12/2015
BARCLAYS BANK PLC LONDON 0% 14/10/2015
BARCLAYS BANK PLC LONDON 0% 30/03/2016
CREDIT SUISSE LONDON BRANCH 0% 12/01/2016
DEUTSCHE BANK AG LONDON 0% 10/03/2016
4,996,582
29,986,774
19,994,377
9,992,397
224,758,791
12,998,014
25,000,000
17,004,464
9,993,218
14,982,103
9,989,024
9,982,730
DEUTSCHE BANK AG LONDON 0% 16/05/2016
DEUTSCHE BANK AG LONDON 0% 29/04/2016
DEUTSCHE BANK AG LONDON 0% 31/05/2016
LLOYDS TSB BANK PLC VAR 14/01/2016
LLOYDS TSB BANK PLC 0% 12/02/2016
LLOYDS TSB BANK PLC 0% 16/10/2015
49,890,070
19,957,867
9,976,721
15,004,320
9,991,260
19,989,000
2.57
1.03
0.51
0.77
0.52
1.03
10,000,000
10,000,000
30,000,000
20,000,000
20,000,000
ARABELLA FINANCE LTD 0% 09/07/2015
ARABELLA FINANCE LTD 0% 26/08/2015
ARABELLA FINANCE LTD 0% 31/07/2015
JOHNSON CONTROLS INC 0% 01/09/2015
JOHNSON CONTROLS INC 0% 30/09/2015
9,999,750
9,998,417
29,997,676
19,996,143
19,993,935
0.52
0.52
1.54
1.03
1.03
United States of America
89,985,921
1,805,206,397
4.64
93.06
0.52
1.54
25,999,278
25,999,278
50,000,000
20,000,000
10,000,000
15,000,000
10,000,000
20,000,000
2.06
Jersey
26,000,000 GENERAL FUNDING LTD 0% 20/07/2015
13,000,000
25,000,000
17,000,000
10,000,000
15,000,000
10,000,000
10,000,000
0.26
0.52
0.52
EUR
% of NaV
10,000,000 DEUTSCHE TELEKOM AG 0% 06/07/2015
30,000,000 LANDESBANK HESSEN-THURINGEN
GIROZENTRALE 0% 26/02/2016
9,989,821
10,000,000
34,952,019
5,000,060
39,948,068
30,000,000
15,000,000
Market Value
Germany
Quantity
25,000,000
10,000,000
20,000,000
15,000,000
20,000,000
20,000,000
25,000,000
25,000,000
20,000,000
EUR
% of NaV
5,000,000
10,000,000
10,000,000
CRCAM FINISTERE 0% 18/03/2016
CRCAM MORBIHAN VAR 06/11/2015
CRCAM MORBIHAN 0% 17/06/2016
CRCAM SUD RHONE ALPES VAR 03/08/2015
CRCAM SUD RHONE ALPES 0% 24/06/2016
CRCAM SUD RHONE ALPES 0.11% 13/05/2016
CREDIT AGRICOLE CORPORATE & INVESTMENT
BANKING VAR 31/12/2015
CREDIT AGRICOLE SA VAR 29/09/2015
CREDIT DU NORD SA VAR 27/05/2016
CREDIT INDUSTRIEL COMMERCIAL CIC 0%
15/09/2015
DEXIA CREDIT LOCAL DE FRANCE 0% 11/02/2016
DEXIA CREDIT LOCAL DE FRANCE 0% 23/02/2016
KERING 0% 05/11/2015
KERING 0% 13/11/2015
MERCIALYS 0% 22/09/2015
MICHELIN-MICHELIN ET CIE(GLE) 0% 02/07/2015
NATIXIS BANQUES POPULAIRES VAR 30/10/2015
SOCIETE GENERALE VAR 31/12/2015
VEOLIA ENVIRONNEMENT 0% 30/10/2015
Market Value
Quantity
10,000,000
10,000,000
35,000,000
5,000,000
40,000,000
30,000,000
15,000,000
1.34
0.77
1.81
3.71
1.80
1.91
1.03
1.03
0.26
0.26
1.55
1.03
0.52
11.58
0.67
1.29
0.88
0.52
0.77
0.51
0.51
The accompanying notes form an integral part of these financial statements
197
Cash USD
Securities Portfolio as at 30/06/15
5,000,000
5,000,000
8,000,000
5,000,000
Canada
BANK OF MONTREAL FRN 24/09/2015
BANK OF NOVA SCOTIA FRN 13/12/2016
CANADIAN IMPERIAL BANK FRN 21/02/2017
CSE CENT DESJARDINS DU QUEBEC FRN
29/10/2015
10,000,000 ROYAL BANK OF CANADA FRN 03/02/2017
8,000,000 TORONTO DOMINION BANK FRN 13/07/2016
Finland
5,000,000 NORDEA BANK FINLAND PLC FRN 13/02/2017
7,600,000
6,000,000
13,000,000
10,000,000
10,000,000
France
BNP PARIBAS FRN 07/11/2015
BNP PARIBAS FRN 17/03/2017
BPCE FRN 18/11/2016
CREDIT AGRICOLE SA FRN 12/06/2017
DANONE 0% 13/07/2015
Japan
10,000,000 BANK OF TOKYO MITSUBISHI LTD FRN 10/03/2017
10,000,000
5,500,000
15,000,000
3,000,000
Netherlands
ABN AMRO BANK NV FRN 06/06/2016
ING BANK N.V. FRN 04/01/2016
RABOBANK NEDERLAND FRN 28/04/2017
SHELL INTERNATIONAL FINANCE BV FRN
10/11/2015
38.69
26,791,468
2.91
355,683,519
5,010,950
14,994,000
6,786,518
41,016,783
5,007,498
5,015,000
7,983,200
5,005,325
10,000,000
8,005,760
5,000,000
5,000,000
46,624,513
7,602,280
6,008,400
13,017,420
9,998,000
9,998,413
10,000,000
10,000,000
33,516,338
10,005,000
5,502,338
15,009,000
3,000,000
South Korea
3,892,334
Sweden
5,131,460
3,890,000 SHINHAN BANK CO.LTD FRN 08/04/2017
5,115,000 SVENSKA HANDELSBANKE FRN 21/03/2016
United Kingdom
10,500,000 ABBEY NATIONAL TREASURY SERVICES FRN
13/03/2017
United States of America
6,800,000 AMERICAN EXPRESS CREDIT CORP FRN
05/06/2017
5,000,000 AMERICAN HONDA FINANCE CORP FRN 26/05/2016
20,000,000 AT& T INC FRN 12/02/2016
3,000,000 BAYER US FINANCE LLC FRN 07/10/2016
The accompanying notes form an integral part of these financial statements
198
355,683,519
3,892,334
5,131,460
10,510,500
10,510,500
38.69
0.55
1.62
0.74
4.46
0.54
0.55
0.87
0.54
1.09
0.87
0.54 Share/Units of UCITS/UCIS
0.54
5.07
Share/Units in investment funds
Luxembourg
79,154 AMUNDI FUNDS MONEY MARKET FUND SHORT
TERM (USD) OV C
0.83
0.65
1.41 Money market instrument
1.09
Bonds
1.09
Finland
1.09
15,000,000 POHJOLA BANK (OKO BANK) 0% 03/12/2015
1.09
France
3.65
10,000,000 AUCHAN SA 0% 01/07/2015
1.09
24,000,000 AUCHAN SA 0% 02/10/2015
0.60
14,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL 0%
1.63
03/12/2015
0.33
5,000,000 BNP PARIBAS 0% 21/12/2015
20,000,000 CDC CAISSE DEPOTS ET CONSIGNATIONS 0%
26/10/2015
0.42
10,000,000 DANONE 0% 20/07/2015
0.42
18,000,000 RATP 0% 10/09/2015
0.56
20,000,000 VEOLIA ENVIRONNEMENT 0% 29/07/2015
0.56
1.14
1.14
173,200,123
18.85
5,019,388
20,000,000
3,000,000
0.55
2.17
0.33
6,793,880
13,800,000 BMW US CAPITAL LLC FRN 02/06/2017
5,300,000 CISCO SYSTEMS INC FRN 03/09/2015
10,000,000 CREDIT SUISSE NEW YORK BRANCH FRN
26/05/2017
7,000,000 GENERAL ELECTRIC CAP CORP FRN 09/01/2017
4,500,000 GENERAL ELECTRIC CAP CORP FRN 20/06/2016
7,530,000 GENERAL MILLS INC FRN 29/01/2016
15,000,000 GOLDMAN SACHS GROUP FRN 22/03/2016
10,335,000 GOLDMAN SACHS GROUP FRN 22/07/2015
6,000,000 INTERNATIONAL BUSINESS MACHINES CORP FRN
05/02/2016
10,000,000 JP MORGAN CHASE AND CO FRN 21/11/2016
4,000,000 MORGAN STANLEY FRN 15/10/2015
9,875,000 MORGAN STANLEY FRN 18/10/2016
8,000,000 UBS AG STAMFORD FRN 01/06/2017
5,000,000 UBS AG STAMFORD FRN 26/09/2016
9,085,000 WALGREEN BOOTS ALLIANCE INC FRN 18/05/2016
3,000,000 WELLS FARGO AND CO FRN 28/10/2015
10,000,000 WELLS FARGO BANK N A FRN 02/06/2016
0.74
6,000,000
15,000,000
30,000,000
17,000,000
Germany
ALLIANZ SE 0% 30/11/2015
BAYER AG 0% 24/07/2015
KREDITANSTALT WIEDER KFW 0% 28/09/2015
VOLKSWAGEN BANK GMBH 0% 16/07/2015
Luxembourg
15,000,000 BELFIUS FINANCING COMPANY S.A 0% 18/08/2015
Netherlands
19,000,000 AKZO NOBEL NV 0% 10/07/2015
USD
% of NaV
5,000,000 COMMONWEALTH BANK OF AUSTRALIA FRN
13/03/2017
15,000,000 NATIONAL AUSTRALIA BANK FRN 09/12/2016
6,775,000 WESTPAC BANKING CORP FRN 19/05/2017
92.91
Market Value
Australia
854,068,372
Quantity
Bonds
USD
% of NaV
Transferable securities admitted to an official stock exchange
listing and/or dealt in on another regulated market
Market Value
Quantity
Long positions
13,775,160
5,301,996
9,992,000
1.50
0.58
1.09
9,984,000
4,005,040
9,863,094
8,000,000
5,000,000
9,098,491
3,000,150
10,000,600
1.09
0.44
1.07
0.87
0.54
0.99
0.33
1.09
7,000,000
4,502,453
7,532,560
14,994,000
10,337,311
6,000,000
80,057,199
80,057,199
0.76
0.49
0.82
1.63
1.12
0.65
8.71
8.71
80,057,199
8.71
418,327,654
45.51
14,967,570
1.63
80,057,199
418,327,654
14,967,570
8.71
45.51
1.63
120,882,880
13.14
4,987,224
19,977,736
0.54
2.17
9,999,859
23,971,819
13,964,902
9,997,503
17,988,669
19,995,168
70,182,519
1.09
2.60
1.52
1.09
1.96
2.17
7.64
5,991,088
16,126,885
29,987,256
18,077,290
0.65
1.75
3.27
1.97
14,987,565
1.63
14,987,565
45,322,257
18,997,890
1.63
4.93
2.06
Cash USD
Securities Portfolio as at 30/06/15
% of NaV
Market Value
Quantity
USD
10,000,000 BMW FINANCE NV 0% 13/07/2015
15,000,000 LINDE FINANCE BV 0% 30/07/2015
9,998,503
16,325,864
1.09
1.78
15,000,000 KOREA DEVELOPMENT BANK 0% 12/11/2015
14,979,777
1.63
South Korea
Sweden
23,000,000 NORDEA BANK SWEDEN AB. 0% 11/08/2015
4,000,000
12,000,000
10,000,000
5,000,000
9,000,000
15,000,000
9,000,000
5,000,000
18,000,000
25,000,000
United Kingdom
BARCLAYS BANK PLC LONDON 0% 18/09/2015
LLOYDS TSB BANK PLC 0% 04/09/2015
LLOYDS TSB BANK PLC 0% 17/08/2015
PRUDENTIAL PLC 0% 04/08/2015
STANDARD CHARTERED BANK 0% 20/07/2015
VODAFONE GROUP PLC 0% 28/03/2016
United States of America
ARABELLA FINANCE LTD 0% 11/08/2015
ARABELLA FINANCE LTD 0% 13/08/2015
HYUNDAI CAPITAL AMERICA INC 0% 24/09/2015
MONDELEZ INTL INC 0% 18/08/2015
Total securities portfolio
14,979,777
25,190,597
25,190,597
54,869,209
3,994,409
11,991,648
9,994,672
4,998,446
8,997,902
14,892,132
56,945,280
8,994,443
4,996,765
17,970,734
24,983,338
854,068,372
1.63
2.74
2.74
5.97
0.43
1.30
1.09
0.54
0.98
1.63
6.20
0.98
0.54
1.96
2.72
92.91
The accompanying notes form an integral part of these financial statements
199
Statement of Net Assets
Accounts:
Note
30/06/2015
USD
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
2
2
2,9
Interest receivable
Dividends receivable
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Unrealised net depreciation on forward foreign exchange contracts
2,11
Unrealised net depreciation on swaps and CFD
2,20
Unrealised net depreciation on futures contracts
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
200
2,8
4
30/06/2015
USD
26,308,904
255,183,855
13,487,170
26,824,893
-
-
-
-8,861,891
-
13,968,470
481,300
-
26,189,182
-635,711
-
12,916,878
201,225
111,858
-
-
-
-
-
-
4,482
-
179,829
22,553
-
28,258
35,421
-
-
-
-
30/06/2014
USD
-
-
-
-
-
-
-
-
-
-
-
-
7,864
-
-
-
-
-
-
-
-
-
209,828
1,687,475
228,752
11,255
-
-
-
-
-
-
-
-
-
-
220
-
2,19
30/06/2014
USD
14,563,834
246,321,964
522,444
Unrealised net appreciation on forward foreign exchange contracts
Equity Global Income
259,847,738
-
Brokers receivable
Subscribers receivable
Equity Global
-
-
-
-
-
-
64
-
-
-
-
-
-
-
461,509
-
-
-
-
-
-
-
-
1,598
771,448
13,119
5,718
3,405
5,537
-
-
-
210,566
258,160,263
14,335,082
454,518
-
-
-
26,297,649
-
-
-
-
-
-
-
-
-
Equity Japan Target
Equity US Concentrated Core
30/06/2014
JPY
27,997,111,000
10,953,386,940
3,039,242,216
1,428,732,211
23,301,456
26,094,944
119,665,996
185,951,096
620,145,125
-
-
-
-
-
24,957,868,784
809,605,000
9,524,654,729
-
30/06/2014
USD
30/06/2015
USD
Equity Japan Value
30/06/2015
JPY
31,260,464,246 11,907,047,615
30/06/2015
USD
Equity US Relative Value
30/06/2014
USD
30/06/2015
JPY
104,197,878
114,775,203
602,585,365
767,314,302
75,209,736
86,768,436
462,188,959
564,735,919
11,227,174,985
-
-
98,511,192
-
112,863,380
-
581,854,955
-
750,687,015
30/06/2014
JPY
13,357,221,495 17,380,222,919
12,485,241,130
1,258,066,145
-
16,359,858,010
15,453,211,756
906,646,254
-
-
2,262,542,794
819,376,381
5,428,937
1,757,584
17,514,425
9,035,928
27,557,850
524,816,726
-
-
-
-
-
-
-
-
-
33,014,321
-
6,977,093
196,584
27,662
1,767,360
-
-
-
-
32,417,056
-
-
-
-
54,612
-
-
-
52,377
84,353,257
-
-
-
10,536,888
141,366,020
16,825,111
-
-
-
-
-
8,788
71,965
-
-
-
-
-
-
520,525
-
552,946
843,098
4,817,936
85,002
1,855,877
-
-
-
-
-
4,537,423
629,475,602
-
12,754,478
130,233,695
364,600
210,402,799
323,243,527
-
-
-
-
-
-
-
6,691
29,316,483
-
1,399,493,863
298,682,276
824,746
929,676
3,356,472
10,676,228
689,239,937
856,303,312
236,339,625
-
-
-
-
-
-
-
462,567,500
-
-
-
-
-
-
-
-
292,297
25,687
69,891
3,970,259
286,286,307
676,448,367
68,961,001
-
-
1,007,357
3,468,958
342,742,652
-
12,784,430
-
-
-
-
-
284,038,275
-
29,306,597
59,437
314,144
21,300,000
2,469,000
-
-
77,013,045
42,576,021
404,616
482,179
1,619,303
1,981,239
38,857,638
48,413,883
16,956,130
155,369,657
68,396
107,666
243,683
378,302
5,290,787
6,284,981
-
-
-
-
-
29,860,970,383 11,608,365,339
-
-
-
103,373,132
-
-
-
113,845,527
-
-
-
-
599,228,893
877,470
-
6,623,761
138,585,060
416,238
-
-
-
-
-
756,638,074
3,278,123
517,566,173
-
-
-
-
-
-
-
12,667,981,558 16,523,919,607
The accompanying notes form an integral part of these financial statements
201
Statement of Net Assets
Note
30/06/2015
EUR
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
2
2
2,9
Interest receivable
Dividends receivable
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Unrealised net depreciation on forward foreign exchange contracts
2,11
Unrealised net depreciation on swaps and CFD
2,20
Unrealised net depreciation on futures contracts
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
202
2,8
4
30/06/2015
EUR
30/06/2014
EUR
87,374,001
179,779,872
191,495,688
227,125,577
74,915,958
161,365,862
-
-
50,213,977
-
273,527,793
86,034,804
46,402,216
11,118,846
-
-
-
699,225
880,344
200,146
-
-
-
-
-
-
-
-
16,762,858
-
-
688,993
-
-
-
73,222
15,242
3,086,635
79,910
-
16,713
-
-
124,891
-
-
-
218,481
178,128,720
370,819
-
2,19
30/06/2014
EUR
277,567,994
241,709,665
-
Unrealised net appreciation on forward foreign exchange contracts
Equity Europe
242,874,861
-
Brokers receivable
Subscribers receivable
Equity Euro
-
847,453
-
-
-
-
56,404
-
-
311,848
482,493
42,927
-
-
-
-
4,459,750
1,314,555
1,455,379
984,104
-
-
-
-
-
-
-
-
49,415
-
738,586
-
963,895
-
33,781
-
-
2,249,199
515,183
-
91,220
463,720
1,008,245
-
-
-
238,415,111
-
-
145,077
-
-
7,478
92,693
-
81,634
507,676
280,660
412,107
151,061
168,833
-
-
276,253,439
-
732
85,918,622
3,430
-
124,844
124,319
178,795,768
Equity Euroland Small Cap
30/06/2015
EUR
30/06/2014
EUR
Equity Europe Small Cap
Equity Global Gold Mines
30/06/2015
EUR
30/06/2015
USD
30/06/2014
EUR
Equity Global Luxury and Lifestyle
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
314,147,881
563,324,901
268,186,554
290,813,736
124,820,546
134,921,626
172,335,655
159,601,772
242,409,459
502,780,172
222,901,559
283,196,567
147,680,582
129,666,846
152,346,346
136,499,591
-
976,272
-
-
-
-
-
310,081,138
67,671,679
551,813,904
49,033,732
-
1,014,265
-
-
269,309
-
80,324
3,146,532
-
3,265,815
-
169,782,337
17,435,991
-
155,034,501
18,534,910
-
-
829,570
589,531
1,892,878
1,075,885
-
-
-
-
-
-
-
-
1,374
-
506,396
-
606,445
-
43,129
274,830
-
-
282,013
-
608,938
128
1,634,096
-
1,620,322
-
1,332
-
-
-
-
-
-
-
4,338,694
-
242,937
-
270,988
821,174
-
-
-
71,453
9,496,583
-
-
-
100,265
1,536,651
295
-
41,869
8,176,569
-
-
-
-24,626,694
132,932,661
1,202,781
-
-
-8,270,271
123,053,888
2,788,009
2,347,659
-
38,833,322
274,926,296
9,123
570,578
-
261,734,881
-
-
460,401
17,238
-
-
94,626
-
1,368,849
3,204
44,298
-
-
349,517
-
-
-
3,666,337
29,755,148
1,988,397
17,452,180
1,701,379
3,486,585
1,624,398
4,112,166
-
-
-
-
-
-
-
-
-
11,895
-
153,760
1,809,221
-
-
-
24,369,538
-
1,400,000
244,585
66,997
11,546,053
-
66,085
-
3,533,843
425,538
-
-
-
1,080,639
1,487,574
5,987
610,822
364,193
89,268
-
-
-
310,481,544
-
-
-
533,569,753
-
-
607
266,198,157
-
-
11,286
-
-
-
-
70,585
-
-
427,582
-
-
434,253
173,484
1,140,329
163,804
356,982
905,776
-
-
-
-
359,920
300
411,924
435,947
719,956
617,367
1,079,055
137,840
2,207,521
119,878
-
4,342,618
273,361,556
-
-
-
123,119,167
-
-
608,728
131,435,041
-
-
-
-
-
1,633,127
170,711,257
155,489,606
161,723
The accompanying notes form an integral part of these financial statements
203
Statement of Net Assets
Note
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
2
2
2,9
Interest receivable
Dividends receivable
Unrealised net appreciation on swaps and CFD
2,20
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,19
2,10
2,11
Unrealised net depreciation on swaps and CFD
2,20
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
204
2,8
4
30/06/2014
USD
30/06/2014
USD
138,811,217
142,121,917
96,815,162
146,048,667
114,878,344
118,022,936
112,241,432
127,352,573
-
-
-
132,201,417
17,323,073
-
139,508,703
21,485,767
-
93,049,192
-19,192,240
-
6,044,148
1,755,891
3,536,926
-
-
-
-
142,110
-
-
175,565
-
91,333
-
-
140,663
-
69,986
142,618,256
15,265,683
-
-
1,940,527
-
-
-
115,842
416,614
543,075
2,608
535,675
18,395
394,508
-
-
-
-
-
-
-
54,750
1,519,977
-
-
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
30/06/2015
USD
181,249
2,11
Receivable on spot exchange
30/06/2015
USD
239,685
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Equity Global Resources
-
Brokers receivable
Subscribers receivable
Equity Global Agriculture
-
-
-
19,845
1,203,143
316,922
416,885
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
464
-
-
866,455
612,990
23,410
48,383
-
-
-
-
-
-
-
-
-
-
-
-
425,182
457,034
211,155
243,143
228,340
78,391
82,357
105,134
-
137,291,240
54,728
140,918,774
-
96,498,240
19,761
145,631,782
Equity ASEAN
30/06/2015
USD
Equity Asia ex Japan
30/06/2014
USD
30/06/2015
USD
Equity Brazil
30/06/2014
USD
30/06/2015
USD
Equity Emerging Internal Demand
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
99,524,060
165,961,059
120,104,699
243,719,219
33,732,492
97,205,353
243,055,227
201,011,412
100,195,173
145,328,478
106,199,770
205,760,750
41,486,164
100,125,558
220,867,152
165,958,813
-
-
-
-
-
-
-
-
96,014,038
-4,181,135
-
151,748,690
6,420,212
-
113,520,237
7,320,467
-
227,485,310
21,724,560
-
32,406,707
-9,079,457
-
95,453,664
-4,671,894
-
230,652,765
9,785,613
-
2,234,022
128,618
3,676,119
6,740,084
1,128,325
161,951
7,611,163
-
-
-
-
-
-
-
-
-
58,482
-
-
146,779
-
-
1,408,791
-
-
889,316
1,202,096
13,891,484
1,146,827
4,950,781
-
-
16
-
15,422
-
-
-
45,488
-
-
-
352,709
-
49,554
99,080
880,832
-
7,278
107,242
-
-
-
22,328
-
-
18,439
497,623
-
487,372
759,433
1,939,831
-
-
-
-
-
-
-
-
2,000,516
108,149
1,397,428
2,374,723
1,194,035
6,511,617
-
-
-
-
-
489,126
8,192,115
-
-
-
-
-
468,719
-
286,687
453,980
1,011,272
72,460
101,653
183,173
-
97,278,359
-
152,838,072
-
-
-
-
-
74,131
-
-
4,308,519
-
11,158,057
-
-
311,339
2,965,348
-
218,102
-
13,122,987
-
624,034
-
2,245,701
-
-
22,162
1,392,286
-
-
486,230
39,680
-
3,365,886
3,627,395
27,677
-
-
9,960,759
1,035,064
25,172
-
-
22,416,675
23,654
26,333
-
-
-
188,375,488
-
-
-
-
63
10,335
177,788
815,764
1,823,036
-
-
-
125,607
165,436
156,795
121,887
-
-
-
-
-
712,000
151,978
341,585
737,826
633,459
184,773
42,635
83,265
264,119
-
-
3,624,060
117,139,351
232,561,162
52,974
-
218
33,245,120
-
-
-
96,445,920
-
-
172
241,115,396
674,927
-
-
311,435
855,327
196,702,893
The accompanying notes form an integral part of these financial statements
205
Statement of Net Assets
Note
30/06/2015
USD
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
2
2
2,9
Interest receivable
Dividends receivable
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Unrealised net depreciation on forward foreign exchange contracts
2,11
Unrealised net depreciation on swaps and CFD
2,20
Unrealised net depreciation on futures contracts
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
206
2,8
4
30/06/2015
USD
30/06/2014
USD
131,499,982
183,423,948
516,038,810
659,063,992
119,760,457
155,614,080
-
-
-
13,255,495
-
729,973,080
70,909,088
-
128,142,608
8,382,151
-
5,143,263
31,291,363
3,106,187
-
-
-
-
-
38,234
322,795
68,465
-
42,440
-
-
714
111,659
4,493,136
760,389
-
2,208,807
4,810,190
-
-
168,968,134
13,354,054
-
-
4,268,091
-
-
505
64,311
-
9,514,043
5,241
173,822
-
-
-
-
1,937,248
5,781,869
12,987,026
2,490,434
2,383,881
-
-
-
-
-
17,249
-
1,992,573
123,204
1,240,903
8,338,207
712,280
-
-
412,617
-
-
1,016,963
-
496,899
-
-
1,344,480
167
1,939,702
537,059,691
757,337,326
406,366
744,534
-
-
-
-
2,19
30/06/2014
USD
770,324,352
529,294,305
2,764,957
Unrealised net appreciation on forward foreign exchange contracts
Equity MENA
542,841,560
68,456
Brokers receivable
Subscribers receivable
Equity Emerging World
65,108
-
273,297
161,745
-
-
79,433
-
418,223
-
-
-
395,732
-
-
435,727
923
1,658,052
129,009,548
-
-
-
-
688,475
273,830
923,920
181,040,067
Equity Greater China
30/06/2015
USD
Equity India
30/06/2014
USD
30/06/2015
USD
Equity India Select
30/06/2014
USD
30/06/2015
USD
Equity India Infrastructure
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
371,537,812
393,422,730
573,103,223
417,962,145
90,177,841
57,853,708
48,824,339
44,325,650
331,292,252
348,343,285
398,185,943
259,355,253
71,383,144
43,529,231
36,643,755
32,671,434
-
-
-
-
359,609,658
28,317,406
-
388,978,425
566,768,422
411,928,924
83,068,283
56,580,254
48,505,569
40,635,140
168,582,479
152,573,671
11,685,139
13,051,023
11,861,814
-
-
-
-
-
-
-
-
-
-
42,154,686
9,483,252
-
3,964,665
1,503,712
1,812,688
1,422,109
4,895,818
863,775
142,846
1,522,600
-
-
-
-
-
-
-
-
-
-
4,930,195
2,475,362
115,716
90,550
2,917,556
-
22
-
-
688,010
-
988,029
-
160,879
-
-
3,136,309
3,601,870
1,911,582
-
-
-
-
-
-
-
21,213
-
-
-
106,940
374,681
697,794
-
-
41,234
43,121
607,130
-
-
100,838
-
-
-
-
-
-
195,218
-
248,800
-
31,965
-
-
-
-
-
-
-
-
3,510,844
4,554,451
10,321,935
5,752,717
2,116,927
1,098,811
977,297
1,557,848
-
-
-
-
-
-
-
-
-
12,713
-
-
-
103,781
-
1,268,769
-
2,299,681
-
1,503,266
-
1,435,857
23,883
960,098
1,151,713
616,135
-
-
-
-
1,067,292
3,632,790
2,344,643
-
-
-
-
-
-
-
-
-
1,364,448
-
-
-
-
490,000
-
-
-
-
-
-
-
683,710
10,248
268,339
206,952
-
-
-
-
-
-
1,532,239
1,367,507
1,208,157
679,785
235,774
162,964
188,521
103,091
601,444
747,102
1,678,041
332,334
239,440
285,581
520,437
564,095
-
368,026,968
-
388,868,279
-
562,781,288
-
412,209,428
-
88,060,914
-
56,754,897
-
47,847,042
-
42,767,802
The accompanying notes form an integral part of these financial statements
207
Statement of Net Assets
Note
30/06/2015
USD
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
2
2
2,9
Interest receivable
Dividends receivable
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Unrealised net depreciation on forward foreign exchange contracts
2,11
Unrealised net depreciation on swaps and CFD
2,20
Unrealised net depreciation on futures contracts
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
208
2,8
4
30/06/2015
USD
30/06/2014
USD
486,785,808
896,208,054
41,406,700
54,904,580
565,833,337
854,675,679
-
-
-
1,185,041
-
60,754,557
5,849,977
-
480,978,974
-84,854,363
-
3,149,307
331,284
3,422,998
-
-
-
-
-
-
-
3,963,435
-
-
200,510
13,274
1,284,357
-
-
-
-
-
-
69,076
-
-
358,997
26,647,339
1,452,159
2,132,009
99,699
-
881,323,018
-
-
-
2,19
30/06/2014
USD
63,286,926
42,591,741
-
Unrealised net appreciation on forward foreign exchange contracts
Equity Latin America
45,840,747
-
Brokers receivable
Subscribers receivable
Equity Korea
-
-
-
-
559,406
-
-
3,694,129
3,964,569
-
-
-
1,703,789
-
74,247
446,637
2,085,762
2,216,783
8,817,120
-
-
-
-
-
-
-
-
-
-
68,530
-
-
1,630,546
49,766
947,282
-
-
-
242,412
-
-
-
-
265,054
231,397
2,962,726
-
-
-
-
-
-
179,409
162,851
1,521,823
24,816
27,311
345,238
-
45,394,110
-
-
61,201,164
-
-
2,330,366
29
1,708,575
484,569,025
887,390,934
868,171
Equity Thailand
30/06/2015
USD
Equity Emerging Minimum Variance
30/06/2014
USD
30/06/2015
USD
Equity Europe Minimum Variance
30/06/2014
USD
30/06/2015
EUR
Equity Global Minimum Variance
30/06/2014
EUR
30/06/2015
USD
30/06/2014
USD
61,458,723
91,728,037
67,914,823
76,300,544
496,516,837
188,585,869
133,673,325
87,075,084
58,508,721
82,632,763
64,507,997
63,825,695
430,491,098
172,789,537
129,614,170
80,091,868
-
-
-
-
-
-
-
-
59,648,761
1,140,040
-
84,827,888
2,195,125
-
66,938,454
2,430,457
-
72,127,530
8,301,835
-
463,835,999
33,344,901
-
184,448,356
11,658,819
-
131,575,599
1,961,429
-
86,278,123
6,186,255
-
1,081,695
1,233
811,785
3,939,220
1,564,156
589,403
1,272,681
640,621
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
58,293
151,628
213,573
972,299
218,740
140,612
1,251,399
-
-
29,580,351
-
-
-
-
-
587,655
-
-
-
5,574,514
-
-
14,710
-
12,531
425
-
-
-
-
-
137,891
91,947
3,140,574
412,490
26,625
408,840
125,529
-
36,019
-
14,876
40,020
-
448
-
19,773
-
140,316
-
-
-
-
274,645
19
-
-
23,247
-
-
-
1,749
-
-
1,058,059
6,336,751
248,284
108,861
23,170,534
4,261,517
1,060,011
227,554
-
-
-
-
-
-
-
-
-
-
-
1,555,008
304,843
3,860,668
-
344,529
-
-
414,770
-
-
270
-
-
-
-
-
-
-
256,401
-
18,488,897
-
-
-
-
428,084
-
-
-
-
687,336
-
-
-
800,862
89,311
36,270
-
1,339
2,946,506
-
-
-
-
-
-
-
-
3,928
219,791
307,301
188,126
76,515
886,215
278,423
185,226
154,350
188,896
199,004
59,888
28,418
3,110,937
195,761
96,799
36,934
-
-
60,400,664
-
-
85,391,286
-
-
67,666,539
-
-
76,191,683
-
-
-
-
473,346,303
-
39,965
184,324,352
-
-
132,613,314
-
-
-
86,847,530
The accompanying notes form an integral part of these financial statements
209
Statement of Net Assets
Note
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
2
2
2,9
Convertible Credit
Convertible Europe
30/06/2015
EUR
30/06/2014
EUR
124,407,671
-
130,345,260
123,671,702
735,969
619,305
866,114
3,669,351
30/06/2015
EUR
-
1,234,290,454
623,187,248
-
1,141,956,546
543,612,608
-
15,368,046
-
-
1,187,539,348
45,582,802
21,217,895
-
18,148,874
-
-
-
-
Interest receivable
881,682
-
5,141,498
Brokers receivable
-
-
1,205,176
Time deposits
Dividends receivable
Subscribers receivable
-
Unrealised net appreciation on forward foreign exchange contracts
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,19
2,10
2,11
Unrealised net depreciation on swaps and CFD
2,20
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
210
767,251
-
-
-
-
-
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
-
30/06/2014
EUR
-
-
-
109,838
5,124,198
-
1,653,476
-
-
-
-
-
-
567,585,191
23,972,583
6,666,567
7,249,374
37,600,243
-
-
3,319,985
84,907
-
4,063,521
214,933
-
-
-
3,651,901
-
-
1,717,182
-
23,212,377
29,851,522
102,911
-
2,851,658
687,745
77,943
-
2,296,575
-
-
4,206,550
929,611
-
10,113,078
-
-
-
28,109
-
2,8
100,710
4
115,407
-
-
465,402
128,628,078
-
-
-
3,205,752
1,002,469
-
21,839,045
1,047,705
-
-
503,810
360,200
-
2,160,769
920,748
-
725,843
-
-
-
-
-
1,211,078,077
-
3,673,116
1,008,239
593,335,726
Convertible Global
30/06/2015
EUR
Bond Euro Aggregate
30/06/2014
EUR
30/06/2015
EUR
Bond Euro Corporate
30/06/2014
EUR
30/06/2015
EUR
Bond Euro Corporate 1-3
30/06/2014
EUR
30/06/2015
EUR
366,208,148
324,661,652
568,910,637
283,491,402
1,059,708,118
904,186,252
559,456,457
307,910,361
297,153,126
537,215,995
251,420,650
966,497,899
840,635,275
548,832,911
4,531,080
5,799,831
624,350
29,022
-
141,412
-
341,731,179
33,820,818
5,822,321
304,399,401
7,246,275
5,752,713
535,978,776
-1,237,219
452,025
266,050,061
14,629,411
36,750
957,048,375
-9,449,524
-
875,761,084
35,125,809
183,750
538,780,880
-10,052,031
-
12,225,874
12,736,076
14,858,369
3,353,311
6,768,776
7,084,041
4,766,708
-
-
-
-
-
-
-
-
795,575
35,118
-
-
813,005
46,757
-
-
6,452,835
-
-
-
2,982,622
-
6,001,736
-
10,392,498
-
16,951,219
-
11,208,051
-
4,933,838
-
5,719,370
-
-
606,669
112,676
10,310,004
4,911,350
67,730,856
2,651,257
10,189,499
236,579
-
8,918
119,787
-
-
-
-
-
6,046,074
-
-
-
283,690
393,695
16,109
-
-
816,394
1,932,160
-
-
-
-
-
-
-
-
-
-
-
-
13,021,915
12,405,915
27,910,618
11,580,241
93,458,168
44,093,062
14,976,143
-
492,931
682,764
134,875
10,500
-
52,500
-
-
-
-
9,689,600
-
385,910
7,610,154
843,002
-
3,372,305
8,017,191
-
1,380,391
138,785
-
-
868,258
-
646,503
353,186,233
263,053
84,013
-
-
167,875
550,000
11,833,760
4,434,871
-
-
-
27,404
3,368
-
8,136,254
-
-
260,000
6,989,710
32,329,854
-
80,932,767
-
426,954
-134,860
170,013
152,665
-
332,607
-
1,729,124
-
-
-
1,049,056
272,104
624,199
2,512,518
915,897
1,497,678
541,000,019
271,911,161
4,196,766
1,547,972
873,263
1,192,895
312,255,737
-
-
2,383,623
348,482
-
-
7,245,330
610,313
-
-
7,543,362
788,115
758,046
-
-
-
753,906
-
-
-
-
-
-
141,802
30/06/2014
EUR
-
966,249,950
-
860,093,190
76,878
1,299,260
114,502
-
314,283
544,480,314
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements
211
Statement of Net Assets
Note
30/06/2015
EUR
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Bond Euro Government
2
2
2,9
Bond Euro Inflation
30/06/2014
EUR
30/06/2015
EUR
368,845,308
239,262,660
275,436,623
232,868,065
360,069,429
218,274,339
272,124,734
219,948,693
-
-
78,940
361,508,146
1,438,717
-
234,353,448
16,079,109
-
270,457,293
-1,667,441
-
1,312,507
1,038,338
2,851,307
-
-
-
-
-
-
Interest receivable
4,610,553
3,741,873
1,716,609
Brokers receivable
-
-
-
Dividends receivable
Subscribers receivable
-
Unrealised net appreciation on forward foreign exchange contracts
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Unrealised net depreciation on forward foreign exchange contracts
2,11
Unrealised net depreciation on swaps and CFD
2,20
Unrealised net depreciation on futures contracts
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
212
2,8
4
-
-
1,310,641
7,051
328,079
103,461
121,950
4,395
-
-
-
-
2,19
30/06/2014
EUR
-
-
-
-
-
-
-
-
229,359,795
9,411,102
-
-
622,964
-
-
2,004,450
-
-
868,853
12,003
-
-
-
-
25,854,233
17,825,254
2,681,651
15,360,933
-
-
-
-
-
-
-
6,526
17,942,098
16,414,274
7,066,644
-
-
-
-
-
560,000
-
8,529,211
-
4,332,000
82,943
466,205
1,262,977
-
-
-
-
-
-
-
-
145,812
-
-
355,528
426,287
275,641
359,660
283,054
419,204
1,045,870
1,149,974
598,163
-
342,991,075
-
221,437,406
-
272,754,972
-
217,507,132
Bond Euro High Yield
30/06/2015
EUR
Bond Euro High Yield Short Term
30/06/2014
EUR
30/06/2015
EUR
Bond Global Corporate
30/06/2014
EUR
30/06/2015
USD
Bond US Corporate
30/06/2014
USD
30/06/2015
USD
1,378,449,987
774,605,950
202,732,921
470,037,221
610,376,106
497,902,073
53,052,713
1,305,296,774
696,763,446
193,368,872
457,113,079
546,856,961
446,045,730
49,692,854
-
-
-
-
-
-
-
1,312,909,282
7,612,508
-
9,898,123
-
-
739,849,803
43,086,357
-
7,737,169
-
-
190,514,654
-2,854,218
-
3,691,540
-
-
456,783,499
-329,580
-
465,912
520,190,782
-26,666,179
-
69,224,970
-
13,894,534
-
-
463,224,947
17,179,217
-
5,845,666
-
1,779,895
48,538,144
-1,154,710
-
3,576,155
8,335,046
6,768,808
6,773,371
321,588
1,067,399
10,872,686
940,919
3,264
-
14,197,614
147,643
26,342,146
-
-
4,988,476
2,646,509
2,223,094
23,742
-
-
-
-
-
-
-
1,425,486
959,585
12,973,976
16,786,067
1,703,684
-
-
-
-
3,170,117
-
-
-
-
400,000
-
8,395,746
5,467,701
4,452,617
-
180,400
867,926
-
-
755,254
-
-
-
36,668
281,557
-
-
-
850,030
-
-
-
2,033,968
-
-
-
39,570
-
-
1,618
149,653
-
-
-
-
-
-
-
-
1,040,000
9,429,989
-
2,095,853
20,956
1,394,897
-
-
-
121,268
612,221
-
1,691,720
-
214,619
2,050,811
1,433,795
6,000,000
595,406,975
484,911,162
387,661
208,371
564,314
-
38,625
-
523,405
-
-
2,330,148
1,297,092
464,596,850
-
294,365
456,224
-
-
-
-
-
-
45,390
201,029,237
278,342
-
1,013,282
757,819,883
64,789
1,812,684
267,450
324,527
1,365,476,011
-
12,990,911
-
-
-
14,969,131
192,438
1,554,015
961,659
-
5,440,371
2,171,140
-
-
6,015,791
3,112,372
-
-
-
5,820
64,566
76,900
-
-
-
-
-
-
3,513,813
-
-
-
-
14,431,453
-
-
-
23,244,561
-
30/06/2014
USD
-
-
-
-
-
-
-
-
-
-
359,467
31,862
602,071
50,477
-
51,240,029
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements
213
Statement of Net Assets
Note
30/06/2015
USD
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Bond US Opportunistic Core Plus
2
2
2,9
Bond US Aggregate
30/06/2014
USD
30/06/2015
USD
591,607,362
435,536,124
41,125,595
554,841,997
403,162,888
34,902,855
-
-
-
556,894,013
2,052,016
-
411,005,519
7,842,631
-
34,752,547
-150,308
-
20,739,258
13,589,587
2,045,782
-
-
-
-
-
116,116
Brokers receivable
11,834,807
6,939,446
4,150,333
976,855
694
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,19
2,10
2,11
Unrealised net depreciation on swaps and CFD
2,20
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
214
1,508,287
-
-
102,183
-
-
-
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
318,877
2,8
4
-
-
-
-
-
-
-
-
1,516,430
-
-
-
-
1,718,224
-
-
-
Interest receivable
Dividends receivable
30/06/2014
USD
-
-
-
60,123
-
-
-
-
-
-
-
-
-
-
-
78,109,301
54,223,185
10,451,271
-
-
-
-
-
-
-
-
26,280
-
-
76,790,746
52,087,737
10,369,053
-
300,385
-
-
-
969,755
-
-
-
-
-
16,510
787,106
681,887
34,684
204,784
483,806
31,024
-
-
513,498,061
-
-
381,312,939
-
-
30,674,324
-
-
-
-
-
-
-
-
-
-
-
-
Bond Europe
30/06/2015
EUR
Bond Global Aggregate
30/06/2014
EUR
30/06/2015
USD
Bond Global
30/06/2014
USD
30/06/2015
USD
Bond Global Inflation
30/06/2014
USD
30/06/2015
EUR
30/06/2014
EUR
174,688,488
163,900,877
7,653,000,787
4,794,941,713
371,981,823
362,469,055
224,785,498
256,508,185
157,008,486
149,475,618
7,507,687,588
4,200,095,522
362,840,516
318,861,815
197,567,200
234,976,805
8,840
174,460
62,474,556
17,061,620
468,733
952,642
61,780
162,934,639
5,926,153
143,895
158,801,152
9,325,534
258,249
7,100,841,926
4,405,904,416
-406,845,662
205,808,894
53,236,181
47,869,080
346,582,097
-16,258,419
873,818
343,884,030
25,022,215
1,331,208
214,154,521
16,587,321
-
246,222,446
11,245,641
-
-
2,319,517
2,038,655
292,640,889
121,982,094
17,899,469
7,552,783
8,151,822
4,131,584
-
800,000
-
-
-
1,642,980
-
-
896,632
-
79,300,000
-
-
-
-
1,975,836
1,640,098
64,221,888
53,230,895
3,573,540
4,317,182
684,403
6,513,414
-
46,515,571
130,517,756
2,106,472
3,112,370
-
-
1,080,900
-
-
-
33,543
-
207,918
-
238,594
-
-
-
6,067
-
-
-
-
-
-
7,005,957
6,369,343
-
-
-
-
-
59,875,589
-
-
-
270,612
-
-
159,965
524,537
-
154,983
3,595
-
692,120
-
-
-
-
1,204,840
-
-
-
1,311,500
-
3,355,108
238,657
-
-
-
1,248,890
-
35,770,646
41,919,137
210,604,390
878,608,001
66,606,780
72,810,022
2,974,499
34,508,619
454,159
492,623
18,885,520
50,130,364
305,427
2,139,215
-
-
28,557,242
37,188,426
54,329,530
418,444
117,136
5,313,759
-
52,732
484,433
273,930
109,712
-
26,325,490
27,136,376
5,519,506
506,664,982
55,934,828
152,167
20,717,032
3,810,780
594,125
125,235
6,727,531
2,678,955
-
167,116
10,569,310
61,392,136
685,394
59,883,624
7,442,396,397
3,916,333,712
232,258
1,266,465
9,360,587
121,981,740
20,897,177
17,307,449
18,862,345
13,370,381
-
91,730,338
466,844
231,061
138,917,842
95,843,879
-350,852
76,383,100
320,712
-
8,371,070
7,237,629
5,468,937
741,845
547,025
2,492,902
10,278,969
-
834,518
910,343
610,425
491,032
139,439
265,032
305,375,043
2,062,881
-
457,615
-
292,953
26,946,964
87,684
3,515,404
-
321,711
-
2,158,342
-
160,993
2,309,889
274,527
289,659,033
935,995
-
554,981
692,769
-
-
-
572,900
149,587
-
1,248,907
221,810,999
221,999,566
817,151
The accompanying notes form an integral part of these financial statements
215
Statement of Net Assets
Note
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
2
2
2,9
Bond Global High Yield
Bond Enhanced RMB
30/06/2015
USD
30/06/2014
USD
29,479,818
-
31,339,247
29,804,864
-325,046
-
-
550,962
30/06/2015
USD
-
11,844,534
10,858,791
-
11,286,362
10,523,697
-
-
-
-
11,223,183
-63,179
-
-
530,787
-
-
-
-
Interest receivable
377,216
-
88,797
Brokers receivable
912,188
-
-
Time deposits
Dividends receivable
Subscribers receivable
-
-
-
Unrealised net appreciation on forward foreign exchange contracts
2,11
19,063
Unrealised net appreciation on swaps and CFD
2,20
-
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,19
2,10
2,11
Unrealised net depreciation on swaps and CFD
2,20
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
216
-
-
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
-
2,8
4
30/06/2014
USD
-
-
-
-
-
10,483,760
-39,937
-
-
192,831
-
-
66,103
-
-
-
1,767
16,097
-
-
-
-
-
-
-
-
-
100,000
-
-
794,980
-
156,657
231,161
-
-
-
-
-
-
-
-
-
107,912
662,888
-
-
-
-
-
-
-
-
-
-
-
17,722
103,747
-
-
-
-
-
-
42,326
-
89,766
30,544,267
-
-
-
-
-
26,195
-
4,828
-
-
-
-
23,072
-
100,027
11,687,877
10,627,630
4,315
Bond Asian Local Debt
30/06/2015
USD
Bond Emerging Inflation
30/06/2014
USD
30/06/2015
USD
Bond Global Emerging Local Currency
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
Bond Global Emerging Corporate
30/06/2015
USD
30/06/2014
USD
75,727,946
93,083,873
26,679,920
69,955,748
202,340,511
418,111,183
247,215,194
265,248,240
77,540,592
85,762,507
31,635,000
66,789,025
206,652,945
329,827,774
225,105,879
239,566,294
-
-
-
-
272,897
389,429
-
73,789,947
-3,750,645
-
85,386,437
-376,070
-
25,960,782
-5,674,218
-
65,972,450
-816,575
-
180,659,264
-25,993,681
333,107
320,853,829
-8,973,945
1,015,264
219,506,597
-5,599,282
-
245,526,441
5,960,147
-
-
971,430
3,410,470
593,206
3,033,140
17,750,296
17,778,082
19,231,376
3,872,332
-
-
-
-
-
-
-
6,161,175
-
-
-
-
-
-
3,199,435
-
903,610
1,005,063
125,823
332,936
3,623,302
4,355,945
2,858,505
2,591,639
-
1,253,860
-
-
-
30,156,554
2,419,172
5,958,466
-
477,200
-
-
-
350,233
-
-
-
-
182,724
-
-
-
-
-
62,959
-
-
26,758
-
109
-
-
-
607,525
9,697
-
-
34,752
-
854,931
-
16,813
-
43,705,600
-
-
109
-
605,230
-
220,598
5,164,064
202,452
124,823
15,775,653
77,482,835
9,729,990
6,995,089
-
-
-
-
-
814,768
-
-
-
30,346
-
-
-
-
-
3,487,556
39,004
-
-
-
-
70,863
-
-
-
-
110,400
-
-
-
-
-
-
-
-
-
14,460,296
-
15,893,879
-
-
-
-
-
196,458
-
-
489,003
-
27,868
91,366
299,287
47,068
16,246
27,518
267,177
1,521,095
75,507,348
87,919,809
-
26,477,468
-
69,830,925
5,122,562
63,432
5,939
-
8,770,067
-
3,220,800
-
47,938
1
-
108,345
-
80,385
-
-
-
1,524,085
-
-
-
-
-
-
8,172,953
19,095
-
104,023
-
-
-
6,261,857
2,506
-
48,281
171,350
649,198
151,483
157,983
377,484
274,345
401,393
-
-
43,600,158
186,564,858
340,628,348
808,496
-
237,485,204
-
-
258,253,151
The accompanying notes form an integral part of these financial statements
217
Statement of Net Assets
Note
30/06/2015
EUR
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Bond Global Emerging Hard Currency
2
2
2,9
30/06/2014
EUR
733,743,418
13,875,788
266,313,824
140,705,628
720,603,057
12,439,791
-
-
-
9,363,769
-
30,567,924
-
-
141,605,102
899,474
-
13,468,498
943,360
Unrealised net appreciation on swaps and CFD
2,20
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,19
2,10
2,11
Unrealised net depreciation on swaps and CFD
2,20
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
218
-
8,303
-
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
-
-
-
174,054
2,11
-
-
-
-
-
1,927,989
Unrealised net appreciation on forward foreign exchange contracts
-
-14,115
-
3,918,619
172,394
8,177,588
12,425,676
-
Brokers receivable
-
728,780,645
-
1,764,099
Unrealised net appreciation on futures contracts
30/06/2014
EUR
159,764,836
275,677,593
3,887,539
Subscribers receivable
30/06/2015
EUR
314,406,426
Interest receivable
Dividends receivable
Patrimoine
-
-
-
-
-
3,531
4,962,773
1,450,112
51,541
-
-
-
-
716
-
-
-
-
-
-
-
-
-
-
7,954,431
10,310,238
9,269,457
1,458,876
-
-
-
-
-
-
-
-
-
-
1,916,995
27
6,947,758
4,829,650
4,726,059
1,450,113
-
-
-
-
79,204
-
-
4,940,799
-
236,586
-
-
2,8
191,128
4
560,011
151,687
2,013,467
5,796
176,330
388,102
376,350
2,940
-
-
306,451,995
-
-
-
149,454,598
-
-
-
724,473,961
-
-
-
12,416,912
Index Equity Emerging Markets
30/06/2015
USD
Index Equity Euro
30/06/2014
USD
30/06/2015
EUR
Index Equity Europe
30/06/2014
EUR
30/06/2015
EUR
Index Equity Japan
30/06/2014
EUR
30/06/2015
JPY
30/06/2014
JPY
118,584,134
147,503,500
141,735,259
125,370,192
715,744,262
601,889,810
116,882,299
138,903,204
116,463,743
102,088,905
562,119,775
475,491,965
33,513,621,120
14,557,464,726
-
-
-
-
-
-
-
114,238,745
-2,643,554
-
145,911,390
7,008,186
-
137,281,065
20,817,322
-
123,376,804
709,200,299
577,538,995
21,287,899
147,080,524
102,047,030
-
-
-
-
40,759,213,086 15,684,099,732
39,949,918,457
6,436,297,337
-
15,595,568,264
1,038,103,538
-
3,213,046
1,066,114
4,185,221
1,897,146
3,251,992
926,054
732,545,062
21,188,842
-
-
-
-
-
-
-
-
-
-
-
-
-
622,914
517,870
97,677
85,903
1,707,650
502,662
-
107,406
10,339
1,584,321
-
5,561
63,890
-
-
-
-
282,710
1,049,508
-
-
209
-
-
6,558
-
-
-
-
2,565
-
4,888
991,715
-
-
-
147,822
-
69,446
-
-
-
-
-
-
3,118,762
39,182,268
33,075
-
2,603
-
1,524,000
-
-
6,609,932
439,621
5,714,919
80,010
641,882
19,914,720
45,544,892
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,600,226
-
-
-
-
-
700
4,176
75,375
-
-
-
133,578
-
-
-
5,647,787
1,165
313,526
-
23,540
40,513
2
-
5
-
2
-
26,919
186,709
30,490
22,338
33,628
27,681
96,956
146,453,992
-
65,784,820
33,502
118,301,424
-
-
37,021,118
35,455
-
-
-
1,093,238
29,774
290
-
-
136,020,340
-
125,290,182
106,560
-
-
-
-
-
731
-
-
4,948,190,753
-
-
4,714,143
-
4,935,592,700
5
25,758,434
-
-
-
-
12,842,332
-
-
93,433
9,005,000
-
-
-
-
141,425
8,295,596
2,269,811
106,068
2,392,429
5,614,099
-
6,615,937
715,102,380
581,975,090
-
-
40,713,668,194 10,735,908,979
The accompanying notes form an integral part of these financial statements
219
Statement of Net Assets
Note
30/06/2015
USD
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
2
2
2,9
Interest receivable
Dividends receivable
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Net asset value
* This sub-fund has changed its base/accounting currency from EUR to USD as at 01 July 2014.
The accompanying notes form an integral part of these financial statements
220
663,449,066
107,694,227
62,561,196
-
-
300,604,432
287,259,762
-
-
-
2,653,567
-
14,694,448
474,555
740,813
-
-
-
-
-
-
-
-
66,552,549
3,991,353
-
-
524,418
-
-
-
813,640
691,890
1,106,662
99,270
-
44,560
-
8,147
4,930,000
388
96,399,206
4,418,826
28,461,884
101,306
165,002,107
-
-
-
-
-
27,876,365
-
-
6,375,088
-
-
-
-
-
-
-
-
-
-
287,858
69,577,082
23,682
-
-
-
-
-
3
18,116,926
9
1,796
-
-
-
25,038,397
-
-
-
-
43,846,051
2,8
308,939
-
42,027
1,586
4
251,847
244,066
22,288
25,558
125,023
8,512
2,20
Payable on spot exchange
681,079,199
110,347,794
28,468
Unrealised net depreciation on swaps and CFD
Other liabilities
233,364,795
950,708,828
5,059,693
2,11
Accrued management fees
30/06/2014
EUR
3,726,565
Unrealised net depreciation on forward foreign exchange contracts
Unrealised net depreciation on futures contracts
30/06/2015
EUR
111,880,155
-
2,19
30/06/2014
EUR
985,954,610
981,683,631
826,616
Unrealised net appreciation on forward foreign exchange contracts
Index Equity Pacific ex Japan
1,003,587,930
-
Brokers receivable
Subscribers receivable
Index Equity North America*
831
-
-
-
-
4,916,176
999,169,104
957,492,726
130,641
2
-
1
-
-
96,076,456
111,778,849
68,362,688
12,262
Index Equity USA
30/06/2015
USD
Index Equity World
30/06/2014
USD
30/06/2015
USD
Index Global Bond (EUR) Hedged
30/06/2014
USD
30/06/2015
EUR
Index Bond Euro Corporate
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
129,757,612
167,637,404
285,167,500
158,056,501
299,066,600
215,738,686
82,210,081
81,504,854
115,385,255
145,936,781
230,771,429
144,550,252
277,538,017
211,907,554
79,903,572
70,153,512
-
-
-
-
-
-
-
-
127,667,973
12,282,718
-
156,060,560
10,123,779
-
235,063,116
4,291,687
-
156,648,346
12,098,094
-
282,250,279
4,712,262
-
206,472,869
-5,434,685
-
78,867,435
-1,036,137
-
1,421,572
920,941
1,671,664
817,616
13,133,145
5,392,340
2,350,353
-
-
-
-
-
-
-
-
-
105,650
-
-
-
-
-
-
-
-
70,867,445
713,933
-
3,510,017
-
-
2,557,354
2,275,453
992,293
1,261,302
-
1,117,398
840,254
-
2,976,934
-
-
505,103
-
-
-
-
-
-
-
196,466
221,451
203,828
28,961
48,102,534
255,657
-
3,743
-
5,385
-
6,409,547
10,179
125,000
4,424
925,579
10,611,014
49,093,306
185,843
5,319,386
2,569,890
157,862
9,844,043
-
-
-
-
-
-
-
-
-
4,009,015
1
11
562,416
-
-
-
17
-
-
576,579
-
51,425
-
126,802
-
8,160
-
14
-
-
-
-
-
-
-
-
48,550,564
-
-
3,828,643
418,670
-
28,059
149,574
32,334
237,167
63,679
-
1,159
6,395,616
128,832,033
157,026,390
169,597
98,556
-
-
669
-
-
-
-
-
4,000
-
-
-
430,000
-
-
242,471
10,196
-
-
-
-
-
-
2,889,156
-
-
-
-
-
-
-
-
-
-
-
2,383,773
94,618
9,818,778
-
3,920,222
-
-
-
-
-
-
-
787,837
22,581
79,396
-
-
-
14,335
1,900
-
-
-
37,447
71,536
58,103
27,856
13,156
22,437
87,210
48,618
21,053
10,209
-
125,959
236,074,194
157,870,658
-
293,747,214
-
213,168,796
-
82,052,219
-
71,660,811
The accompanying notes form an integral part of these financial statements
221
Statement of Net Assets
Note
30/06/2015
EUR
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Index Bond Euro Govies
2
2
2,9
Global Macro Forex
30/06/2014
EUR
30/06/2015
EUR
33,189,827
25,405,467
216,092,628
431,893,780
31,030,416
24,526,573
193,747,497
356,011,319
-
-
8,844,321
1,907,351
31,661,096
630,680
-
24,969,394
442,821
-
194,926,149
1,178,652
4,012,544
59,432,992
-
-
-
13,400,000
-
-
-
-
Brokers receivable
-
-
-
-
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Unrealised net depreciation on forward foreign exchange contracts
2,11
Unrealised net depreciation on swaps and CFD
2,20
Unrealised net depreciation on futures contracts
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
222
-
-
-
-
-
2,8
4
-
-
-
-
-
-
-
-
-
134,867
177,645
145,095
-
-
1,307,858
-
-
-
-
815
7,210
11,230
7,807
12,575,213
7,900,101
-
-
3,787,688
2,462,603
-
2,19
2,251,957
10,835,840
367,683
Subscribers receivable
854,946
68,390
418,853
Unrealised net appreciation on forward foreign exchange contracts
356,866,265
1,109,878
Interest receivable
Dividends receivable
30/06/2014
EUR
-
-
-
-
6,571,641
-
-
5,119,125
-
-
-
-
-
-
-
-
-
-
-
-
-
-
496,291
-
1,865,039
140,000
-
57,033
3,492,654
-
1,092,054
-
-
-
-
7,205
4,707
192,674
273,650
4,025
3,100
195,482
972,448
-
33,178,597
-
25,397,660
-
203,517,415
7,223
423,993,679
Global Macro Forex Strategic
Global Macro Bonds & Currencies
30/06/2015
EUR
30/06/2014
EUR
12,681,139
-
14,846,108
12,611,264
69,875
593,933
412,382
1,316,798
-
-
30/06/2015
EUR
Global Macro Bonds & Currencies Low Vol
30/06/2014
EUR
30/06/2015
EUR
241,296,551
117,788,972
175,652,759
208,219,940
32,576,403
-
194,791,177
103,544,486
152,791,504
178,121,196
28,013,936
-
2,477,455
206,442
1,066,100
243,556
-
-
-
202,766,242
7,975,065
1,621,487
107,108,874
3,564,388
326,162
156,689,450
3,897,946
399,886
-
16,870,097
1,877,529
2,619,494
-
-
6,400,000
-
17,600,000
-
-
-
-
-
519,166
-
-
-
399,998
-
-
-
-
-
166,650
-
169,059
-
102,120
127
-
18,474
-
-
-
115,686
-
-
986,128
-332,165
2,158,846
1,027,458
-
1,537,640
27,681,771
33,588,413
2,043,591
78,294
179,658,836
-
-
175,817
30/06/2015
USD
-
-
30/06/2014
EUR
Absolute US Corporate
-
15,511
-
-
14,419
306,285
-
9,111
136,424
-
-
-
-
-
-
-
-
-
-
-
273,917
205,332
-
1,636,614
2,069,806
-
2,998
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
320,657
-
-
-
6,605,833
362,411
30/06/2014
USD
-
-
1,000,561
-
3,549,040
4,072,724
1,549,568
8,648,698
2,201,736
-
343,615
-
1,095,065
80,009
760,157
292,066
-
-
454,844
376,952
-
-
-
-
-
-
17,651
-
151,114
13,845,547
-
-
-
-
588,914
21,334
1,471,606
663,034
-
1,588,105
-
-
487,014
-
-
813,427
260,015
-
-
-161,629
-
-
54,180
50,523
216,029
1,638,819
-
330,013
179,158
289,055
-
517,895
178,250
41,113
45,525
-
483,611
798,402
39,826
-
-
-
-
-
-
-
237,747,511
428,620
-
14,443
113,716,248
-
-
140,018
-
-
6,612,841
174,103,191
199,571,242
29,889
-
-
-
-
-
-
-
-
1,512,657
-
19,098
556,019
38,180
-
75,782
30,374,667
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements
223
Statement of Net Assets
Note
30/06/2015
EUR
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
Absolute High Yield
2
2
2,9
Absolute Volatility Arbitrage
30/06/2014
EUR
30/06/2015
EUR
30,255,543
38,018,582
127,636,182
222,607,961
29,283,203
36,406,862
83,509,409
114,329,155
-
-
7,259,526
16,292,828
29,284,332
1,129
-
36,848,452
441,590
-
82,999,361
-510,048
11,009,996
597,449
729,383
28,575,694
-
-
-
-
-
4,927
Brokers receivable
-
-
3,332,726
-
268,742
Subscribers receivable
Unrealised net appreciation on forward foreign exchange contracts
2,11
Unrealised net appreciation on swaps and CFD
2,20
Unrealised net appreciation on futures contracts
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Unrealised net depreciation on forward foreign exchange contracts
2,11
Unrealised net depreciation on swaps and CFD
2,20
Unrealised net depreciation on futures contracts
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
224
5,885
-
-
488,853
-
-
141,771
-
4,971
2,19
2,8
4
-
-
-
-
4,971
21,243,173
15,915,093
53,366
429,891
-
-1,030,358
70,912,772
227,020
-
113,298,797
4,487,426
Interest receivable
Dividends receivable
30/06/2014
EUR
218,927
-
-
-
31,929
6,077,800
25,376
-
-
-
-
-
55,941
595,639
14,418,372
23,017,263
-
-
10,009,445
15,641,900
-
-
-
-
12,787,357
-
-
-
-
1,154,075
691
-
-
12,351
280,128
-
8,760
5,291
-
58,741
270,023
12,502,091
-
-
5,721,176
92,945
3,794,296
-
469,668
-
193,491
-
23,642
66,068
77,642
174,142
14,657
181,251
36,330
162,399
-
30,199,602
-
37,422,943
-
113,217,810
-
199,590,698
Absolute Volatility Arbitrage Plus
30/06/2015
EUR
Absolute Volatility Euro Equities
30/06/2014
EUR
30/06/2015
EUR
Absolute Volatility World Equities
30/06/2014
EUR
30/06/2015
USD
Absolute Global Dividend
30/06/2014
USD
30/06/2015
EUR
30/06/2014
EUR
64,727,707
55,242,192
1,069,926,111
901,438,924
1,091,606,270
1,241,111,808
42,930,779
245,790,889
49,098,344
38,687,916
294,107,939
255,769,080
251,226,007
340,544,864
3,956,427
23,078,120
2,671,461
10,451,300
527,268,563
450,893,448
499,770,097
556,477,723
-
49,241,851
143,507
38,085,535
-602,381
4,481,643
14,001,057
5,114,770
294,147,016
39,077
255,821,540
52,460
293,427,892
504,271,978
-
106,294,863
-
-
4,093,479
147,348
-
7,534,445
-
1,481
-
16,351
2,593,937
-
17,941
240,072,323
-11,153,684
247,736,914
34,033,852
188,945,817
53,361
199,328
61,574
271,509
-
4,596
-
-
-
-
-
-
-
-
-
-
239,730,809
-
-
2,019,013
-
-
5,765,955
2,666,270
-
-
-
-
-
-
109,952,454
9,890,273
-
-
-
90,052,726
-
-
-
26,802
179,744,788
133,031,777
2,223,277
-
1,885
23,104,922
682,450,019
3,364,576
-
-990,436
3,958,312
498,546,511
-
-
339,554,428
4,021,002
-
-
-
31,759,008
-
-
558,108
497
63,817
-
2,468,238
917,116
1,912,729
-
-
-
-
-
-
-
-
-
3,992,162
-
-
-
-
-
7,235,303
14,939,151
125,805,037
78,759,463
133,580,155
140,670,353
4,011,302
5,180,218
5,457,808
10,305,560
80,157,191
89,266,481
129,719,806
174,389,944
-
-
-
-
-
-
-
-
6,482,049
350,022
8,170,664
1,518,424
-
3,925,716
-
84,034
1,950
117,379,763
4,604,254
-
70,024,104
3,659,319
-
583,235
831,040
638,976
309,782
420,105
-
80,942
94,987
10,558
141,986
-
-
57,492,404
-
-
40,303,041
98,009,072
14,309,513
-
92,302,387
13,478,774
-
-
148,863
-
-
-
-
-
4,000,000
148,035
30,807,373
3,602,364
-
11,989,894
-
-
2,107,779
2,058,841
1,942,450
2,287,933
79,923
432,007
880,657
2,377,723
757,157
1,793,886
180,152
638,672
1,544
-
-
944,121,074
500
-
-
822,679,461
6,424,034
-
-
958,026,115
-
-
-
1,100,441,455
-
-
-
38,919,477
109,539
-
-
-
-
240,610,671
The accompanying notes form an integral part of these financial statements
225
Statement of Net Assets
Note
30/06/2015
EUR
English
Assets
Securities portfolio at market value
Acquisition Cost
Unrealised gain/loss on the securities portfolio
Options purchased at market value
Options purchased at cost
Cash at banks and liquidities
Reverse repurchase agreements
Time deposits
2
2
2,9
Interest receivable
Brokers receivable
2,11
Unrealised net appreciation on swaps and CFD
2,20
Receivable on spot exchange
2,8
Other assets
Liabilities
Options sold at market value
Options sold at cost
Bank Overdrafts
Repurchase agreements
Brokers payable
Subscribers payable
2,10
Unrealised net depreciation on forward foreign exchange contracts
2,11
Unrealised net depreciation on swaps and CFD
2,20
Unrealised net depreciation on futures contracts
Accrued management fees
Payable on spot exchange
Other liabilities
Net asset value
The accompanying notes form an integral part of these financial statements
226
2,8
4
30/06/2015
USD
30/06/2014
USD
948,919,685
411,506,023
1,804,607,244
690,161,448
853,433,842
367,090,355
-
-
-
599,153
-
690,418,653
257,205
-
854,068,372
634,530
-
367,482,907
392,552
-
-
61,940,893
518,459
2,548,181
40,000,000
35,000,000
87,000,000
22,000,000
-
-
-
-
44,046,460
75,479,768
-
-
-
-
-
1,311,303
10,044,637
-
317,972
-
573,187
17,821,163
109,026
-
2,929,468
4,888,268
3,519,740
-
-
-
-
-
96,727
-
-
-
-
165
87,518,736
10,103,753
29,711,825
3,327,861
-
-
-
-
3,767
2,19
30/06/2014
EUR
740,222,520
1,805,206,397
-
Unrealised net appreciation on forward foreign exchange contracts
Unrealised net appreciation on futures contracts
Cash USD
2,027,306,229
628,944
Dividends receivable
Subscribers receivable
Cash EUR
-
-
-
-
-
-
-
1,760,311
74,978,833
4,996,240
23,971,820
-
-
11,715,556
4,625,137
-
-
-
-
-
-
-
-
-
-
-
-
-
3,619,096
3,213,249
-
-
-
-
-
-
537,096
252,225
148,476
67,649
287,251
230,151
212,122
46,963
-
1,939,787,493
-
730,118,767
-
919,207,860
-
408,178,162
Combined
30/06/2015
EUR
30/06/2014
EUR
31,268,738,561 22,325,528,128
27,849,573,072
27,182,771,307
666,801,765
1,082,695,157
19,352,219,044
17,908,671,688
1,443,547,356
913,714,716
844,727,791
1,092,763,616
380,070,949
639,900,593
153,469,418
113,710,154
128,978,206
368,546,049
1,191,046,691
118,082,935
19,848,108
313,001,359
13,344,918
8,577,645
9,104,976
517,939,166
96,268,358
15,018,657
63,230,955
9,474,773
7,143,568
4,164,063
78,850
222,332,722
1,202,549,150
1,724,619,560
241,029,200
286,135,529
866,277
262,792,366
116,475,072
177,835,626
321,842,599
1,865,310
168,330,893
132,362,284
494,620,836
378,022,139
177,235,275
172,273,485
25,052,757
18,562,502
18,100,483
20,684,764
47,797,660
744,286
33,988,262
20,838,582
48,738,511
34,315,574
221,955,203
34,599,551
30,066,189,411 20,600,908,568
The accompanying notes form an integral part of these financial statements
227
Financial Details Relating to the Last 3 Years
Equity Global
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
258,160,263
14,335,082
0
AE ( C )
Number of shares
Net asset value per share
EUR
16,213.08
95.09
0.00
0.00
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
2,797.62
96.09
0.00
0.00
0.00
0.00
AHE ( C )
Number of shares
Net asset value per share
EUR
248,650.90
97.29
0.00
0.00
0.00
0.00
AHE ( D )
Number of shares
Net asset value per share
EUR
20,049.73
96.17
0.00
0.00
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
1,252,295.84
106.98
10.00
103.44
0.00
0.00
AU ( D )
Number of shares
Net asset value per share
USD
21,247.67
96.15
0.00
0.00
0.00
0.00
A2U ( C )
Number of shares
Net asset value per share
USD
102,478.33
96.93
0.00
0.00
0.00
0.00
FHE ( C )
Number of shares
Net asset value per share
EUR
11,363.94
95.82
0.00
0.00
0.00
0.00
FU ( C )
Number of shares
Net asset value per share
USD
3,604.66
95.90
0.00
0.00
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
15,826.52
1,342.49
10,000.00
1,046.85
0.00
0.00
IHE ( C )
Number of shares
Net asset value per share
EUR
2,022.78
963.24
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
10,618.04
963.19
0.00
0.00
0.00
0.00
MHE ( C )
Number of shares
Net asset value per share
EUR
1,617.64
96.32
0.00
0.00
0.00
0.00
Total Net Assets
The accompanying notes form an integral part of these financial statements
228
Financial Details Relating to the Last 3 Years
Equity Global
Year ending as of:
30/06/15
30/06/14
30/06/13
OU ( C )
Number of shares
Net asset value per share
USD
26,394.15
964.09
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
5,108.45
93.14
0.00
0.00
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
70,581.16
102.23
0.00
0.00
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
87,157.94
106.38
10.00
103.37
0.00
0.00
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
26,297,649
0
0
AU ( C )
Number of shares
Net asset value per share
USD
10.00
97.42
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
26,982.00
974.60
0.00
0.00
0.00
0.00
Year ending as of:
30/06/15
30/06/14
30/06/13
JPY
29,860,970,383
11,608,365,339
7,430,254,739
AE ( C )
Number of shares
Net asset value per share
EUR
64,546.63
171.00
10,393.77
134.77
17,744.30
117.09
AE ( D )
Number of shares
Net asset value per share
EUR
4,340.53
146.27
1,745.79
115.28
0.00
0.00
AHE ( C )
Number of shares
Net asset value per share
EUR
270,158.62
195.25
243,569.11
157.51
163,285.07
127.91
AHU ( C )
Number of shares
Net asset value per share
USD
63,455.45
114.31
5,000.00
100.54
0.00
0.00
AJ ( C )
Number of shares
Net asset value per share
JPY
172,493.84
20,017.37
113,604.00
16,048.82
131,146.25
13,020.49
Equity Global Income
Total Net Assets
Equity Japan Target
Total Net Assets
The accompanying notes form an integral part of these financial statements
229
Financial Details Relating to the Last 3 Years
Equity Japan Target
Year ending as of:
30/06/15
30/06/14
30/06/13
AJ ( D )
Number of shares
Net asset value per share
JPY
57,247.22
17,087.26
2,514.33
13,701.70
3,096.23
10,942.06
FHE ( C )
Number of shares
Net asset value per share
EUR
28,998.26
185.51
28,415.43
151.48
15,637.54
124.52
FJ ( C )
Number of shares
Net asset value per share
JPY
4,809.42
18,822.17
3,295.68
15,329.95
17,107.32
12,662.74
IHE ( C )
Number of shares
Net asset value per share
EUR
1,006.86
1,708.40
677.00
1,361.98
0.66
1,096.46
IJ ( C )
Number of shares
Net asset value per share
JPY
27,754.76
209,429.31
15,639.25
165,925.44
9,643.32
133,058.74
IJ ( D )
Number of shares
Net asset value per share
JPY
0.73
176,655.69
0.73
140,657.06
0.73
111,773.66
MHE ( C )
Number of shares
Net asset value per share
EUR
58,548.52
168.90
9,708.06
134.50
14,440.48
108.59
MJ ( C )
Number of shares
Net asset value per share
JPY
2,332.27
21,142.89
2,197.00
16,767.31
40,321.23
13,254.97
OFJ ( C )
Number of shares
Net asset value per share
JPY
51,580.00
123,040.00
0.00
0.00
0.00
0.00
RHE ( C )
Number of shares
Net asset value per share
EUR
457.08
130.96
28.00
104.46
0.00
0.00
RJ ( C )
Number of shares
Net asset value per share
JPY
3,951.42
15,190.55
3,698.79
12,057.12
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
45,290.98
156.92
28,031.43
126.99
16,220.54
103.72
SJ ( C )
Number of shares
Net asset value per share
JPY
5,581.62
19,076.42
1,893.56
15,356.13
1,454.39
12,503.66
The accompanying notes form an integral part of these financial statements
230
Financial Details Relating to the Last 3 Years
Equity US Concentrated Core
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
103,373,132
113,845,527
117,511,886
AE ( C )
Number of shares
Net asset value per share
EUR
120,357.93
204.98
163,370.67
153.69
169,882.65
132.32
AHE ( C )
Number of shares
Net asset value per share
EUR
20,705.64
153.31
23,435.33
141.64
19,000.87
116.20
AU ( C )
Number of shares
Net asset value per share
USD
294,054.74
158.15
359,851.11
145.71
361,089.20
119.11
AU ( D )
Number of shares
Net asset value per share
USD
2,558.80
158.37
2,801.74
145.90
1,345.15
119.27
FHE ( C )
Number of shares
Net asset value per share
EUR
11,223.48
144.42
19,302.11
135.39
10,435.91
112.71
FU ( C )
Number of shares
Net asset value per share
USD
8,175.43
149.37
13,723.23
139.55
23,338.47
115.68
IHE ( C )
Number of shares
Net asset value per share
EUR
5,662.88
1,596.95
682.88
1,459.35
9,308.75
1,184.63
IU ( C )
Number of shares
Net asset value per share
USD
4,207.05
1,640.55
4,439.78
1,496.33
16,048.33
1,209.76
IU ( D )
Number of shares
Net asset value per share
USD
3.64
1,651.36
3.64
1,504.91
2.22
1,216.50
MHE ( C )
Number of shares
Net asset value per share
EUR
19.55
159.64
30.06
146.03
73.30
119.06
MU ( C )
Number of shares
Net asset value per share
USD
366.60
164.34
17,482.12
149.92
366.60
121.37
RHE ( C )
Number of shares
Net asset value per share
EUR
87.46
104.72
0.00
0.00
0.00
0.00
RU ( C )
Number of shares
Net asset value per share
USD
608.00
108.61
754.68
99.17
0.00
0.00
Total Net Assets
The accompanying notes form an integral part of these financial statements
231
Financial Details Relating to the Last 3 Years
Equity US Concentrated Core
Year ending as of:
30/06/15
30/06/14
30/06/13
SHE ( C )
Number of shares
Net asset value per share
EUR
3,711.54
136.95
1,502.73
127.26
744.40
104.83
SU ( C )
Number of shares
Net asset value per share
USD
31,995.99
147.55
41,107.62
136.48
36,743.93
112.01
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
599,228,893
756,638,074
513,078,471
AE ( C )
Number of shares
Net asset value per share
EUR
366,089.72
203.85
505,819.84
163.70
102,063.24
140.99
AE ( D )
Number of shares
Net asset value per share
EUR
292.87
157.76
503.50
126.67
100.00
109.14
AHE ( C )
Number of shares
Net asset value per share
EUR
107,648.43
152.52
127,511.11
151.31
260,873.16
123.78
AHK ( C )
Number of shares
Net asset value per share
CZK
33,790.06
3,636.48
29,793.56
3,629.03
16,252.18
3,001.18
AU ( C )
Number of shares
Net asset value per share
USD
484,874.78
157.38
696,638.58
155.30
768,627.90
126.96
AU ( D )
Number of shares
Net asset value per share
USD
31,521.67
156.33
52,205.94
154.26
51,531.48
126.12
FHE ( C )
Number of shares
Net asset value per share
EUR
6,660.10
144.16
9,853.82
144.96
11,491.85
120.43
FU ( C )
Number of shares
Net asset value per share
USD
25,262.86
148.76
31,705.74
148.86
40,604.22
123.43
IHE ( C )
Number of shares
Net asset value per share
EUR
81,374.07
1,591.45
101,926.14
1,559.22
80,825.76
1,262.97
IU ( C )
Number of shares
Net asset value per share
USD
148,331.27
1,648.21
154,312.69
1,607.25
146,736.86
1,298.34
Equity US Relative Value
Total Net Assets
The accompanying notes form an integral part of these financial statements
232
Financial Details Relating to the Last 3 Years
Equity US Relative Value
Year ending as of:
30/06/15
30/06/14
30/06/13
IU ( D )
Number of shares
Net asset value per share
USD
1,009.32
1,626.62
1,210.68
1,593.46
1,015.29
1,293.26
MHE ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
552.09
155.18
4,513.18
125.84
MU ( C )
Number of shares
Net asset value per share
USD
38,617.15
163.85
80,071.02
159.94
94,143.73
129.33
RHE ( C )
Number of shares
Net asset value per share
EUR
86.01
100.01
0.00
0.00
0.00
0.00
RU ( C )
Number of shares
Net asset value per share
USD
15,090.93
112.71
20,053.76
110.11
0.00
0.00
RU ( D )
Number of shares
Net asset value per share
USD
15,146.30
102.07
0.00
0.00
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
9,286.59
148.48
12,629.93
147.81
2,836.75
121.61
SU ( C )
Number of shares
Net asset value per share
USD
33,578.64
152.26
21,370.63
150.85
9,440.74
123.85
Year ending as of:
30/06/15
30/06/14
30/06/13
JPY
12,667,981,558
16,523,919,607
14,522,154,644
AE ( C )
Number of shares
Net asset value per share
EUR
37,541.77
159.56
66,184.86
125.34
13,104.75
123.55
AE ( D )
Number of shares
Net asset value per share
EUR
351.67
107.63
0.00
0.00
0.00
0.00
AHE ( C )
Number of shares
Net asset value per share
EUR
23,413.96
124.56
406,217.38
100.15
0.00
0.00
AHK ( C )
Number of shares
Net asset value per share
CZK
31,946.95
3,285.12
12,405.25
2,664.93
0.00
0.00
Equity Japan Value
Total Net Assets
The accompanying notes form an integral part of these financial statements
233
Financial Details Relating to the Last 3 Years
Equity Japan Value
Year ending as of:
30/06/15
30/06/14
30/06/13
AJ ( C )
Number of shares
Net asset value per share
JPY
331,939.98
11,434.00
413,593.28
9,139.00
439,396.53
8,392.00
AJ ( D )
Number of shares
Net asset value per share
JPY
31,561.99
19,111.00
32,420.73
15,276.00
58,326.90
14,026.00
FHE ( C )
Number of shares
Net asset value per share
EUR
2,754.77
129.02
200.10
105.27
0.00
0.00
FJ ( C )
Number of shares
Net asset value per share
JPY
1,771.92
17,776.00
3,078.01
14,409.00
4,200.76
13,418.00
IHE ( C )
Number of shares
Net asset value per share
EUR
8.13
1,269.76
1,056.00
1,011.99
0.00
0.00
IJ ( C )
Number of shares
Net asset value per share
JPY
40,473.73
122,292.00
42,115.80
96,884.00
72,385.02
88,171.00
I2 ( D )
Number of shares
Net asset value per share
JPY
15,783.00
9,875.00
26,833.00
7,904.00
36,073.00
7,282.00
I9 ( C )
Number of shares
Net asset value per share
JPY
19,154.00
13,857.00
28,414.00
10,923.00
24,295.00
9,891.00
MHE ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
0.00
0.00
175,121.29
107.02
MJ ( C )
Number of shares
Net asset value per share
JPY
33,914.77
19,514.00
6,223.23
15,460.00
4,581.62
14,070.00
SHE ( C )
Number of shares
Net asset value per share
EUR
2,726.19
129.29
2,075.22
104.23
0.00
0.00
SJ ( C )
Number of shares
Net asset value per share
JPY
32,725.14
11,083.00
40,828.26
8,894.00
46,498.52
8,200.00
The accompanying notes form an integral part of these financial statements
234
Financial Details Relating to the Last 3 Years
Equity Euro
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
238,415,111
276,253,439
218,077,745
AE ( C )
Number of shares
Net asset value per share
EUR
171,042.12
185.14
201,096.49
164.68
230,316.67
132.22
AE ( D )
Number of shares
Net asset value per share
EUR
7,374.71
165.49
7,492.73
149.08
4,745.71
121.10
FE ( C )
Number of shares
Net asset value per share
EUR
12,383.56
133.21
11,969.34
119.96
12,197.44
97.68
IE ( C )
Number of shares
Net asset value per share
EUR
68,609.34
1,950.19
100,577.18
1,716.63
94,904.97
1,367.97
ME ( C )
Number of shares
Net asset value per share
EUR
282,980.62
145.33
347,982.39
127.91
400,266.84
101.92
OE ( C )
Number of shares
Net asset value per share
EUR
9,734.60
1,805.68
7,526.35
1,573.49
4,662.00
1,245.20
SE ( C )
Number of shares
Net asset value per share
EUR
58,736.42
193.65
67,356.54
171.88
68,051.62
138.57
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
85,918,622
178,795,768
108,311,668
AE ( C )
Number of shares
Net asset value per share
EUR
267,389.07
206.02
276,886.66
177.11
274,675.62
148.38
AE ( D )
Number of shares
Net asset value per share
EUR
8,115.69
188.08
6,226.25
164.52
5,089.25
138.53
AHK ( C )
Number of shares
Net asset value per share
CZK
80,666.99
2,879.61
61,937.76
2,505.70
0.00
0.00
FE ( C )
Number of shares
Net asset value per share
EUR
9,717.07
141.46
9,156.76
123.83
3,291.26
104.72
IE ( C )
Number of shares
Net asset value per share
EUR
740.67
2,161.65
36,619.79
1,845.20
37,560.31
1,531.20
Total Net Assets
Equity Europe
Total Net Assets
The accompanying notes form an integral part of these financial statements
235
Financial Details Relating to the Last 3 Years
Equity Europe
Year ending as of:
30/06/15
30/06/14
30/06/13
IE ( D )
Number of shares
Net asset value per share
EUR
1.15
1,140.65
1.15
986.34
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
41,029.13
153.46
311,998.34
131.87
6,432.27
109.35
OE ( C )
Number of shares
Net asset value per share
EUR
2,904.70
1,527.14
5,055.04
1,294.10
2,279.00
1,063.60
SE ( C )
Number of shares
Net asset value per share
EUR
31,404.03
225.29
34,387.02
194.46
35,968.63
163.12
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
310,481,544
533,569,753
216,667,570
AE ( C )
Number of shares
Net asset value per share
EUR
1,120,634.95
165.45
1,210,427.49
138.19
562,100.46
111.05
AE ( D )
Number of shares
Net asset value per share
EUR
18,129.51
165.85
24,170.75
138.52
21,693.02
111.32
AU ( C )
Number of shares
Net asset value per share
USD
7,218.00
92.22
39,421.51
95.35
0.00
0.00
A2U ( C )
Number of shares
Net asset value per share
USD
37.82
109.99
0.00
0.00
0.00
0.00
FE ( C )
Number of shares
Net asset value per share
EUR
37,201.18
157.25
49,625.38
133.19
17,867.80
108.55
IE ( C )
Number of shares
Net asset value per share
EUR
14,778.37
1,715.04
39,849.06
1,422.03
32,472.55
1,130.46
IE ( D )
Number of shares
Net asset value per share
EUR
0.00
0.00
34,100.00
977.59
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
319,943.59
172.29
1,684,845.30
142.59
911,301.42
113.34
Equity Euroland Small Cap
Total Net Assets
The accompanying notes form an integral part of these financial statements
236
Financial Details Relating to the Last 3 Years
Equity Euroland Small Cap
Year ending as of:
30/06/15
30/06/14
30/06/13
OE ( C )
Number of shares
Net asset value per share
EUR
8,996.35
1,824.03
2,100.00
1,494.97
4,805.71
1,178.71
SE ( C )
Number of shares
Net asset value per share
EUR
114,868.58
163.14
147,583.65
136.93
38,241.89
110.50
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
266,198,157
273,361,556
0
AE ( C )
Number of shares
Net asset value per share
EUR
386.06
116.19
10.00
95.05
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
10.00
116.20
10.00
95.05
0.00
0.00
FE ( C )
Number of shares
Net asset value per share
EUR
3,160.96
114.41
10.00
94.98
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
589.00
1,197.73
500.00
969.60
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
10.00
117.48
10.00
95.12
0.00
0.00
OR ( C )
Number of shares
Net asset value per share
EUR
416.43
118,498.74
692.46
95,029.70
0.00
0.00
OR ( D )
Number of shares
Net asset value per share
EUR
295,288.62
728.30
354,151.52
584.68
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
117.27
10.00
95.10
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
117.27
10.00
95.10
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
5,841.81
115.67
10.00
95.04
0.00
0.00
Equity Europe Small Cap
Total Net Assets
The accompanying notes form an integral part of these financial statements
237
Financial Details Relating to the Last 3 Years
Equity Global Gold Mines
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
123,119,167
131,435,041
54,170,327
AE ( C )
Number of shares
Net asset value per share
EUR
123,426.71
37.24
82,565.30
47.77
41,727.36
42.28
AE ( D )
Number of shares
Net asset value per share
EUR
7,907.74
39.60
5,173.39
50.81
4,599.00
44.97
AU ( C )
Number of shares
Net asset value per share
USD
1,066,338.35
28.81
1,022,580.41
45.43
685,623.09
38.07
AU ( D )
Number of shares
Net asset value per share
USD
515.51
69.52
160.00
109.58
0.00
0.00
A2U ( C )
Number of shares
Net asset value per share
USD
40,806.56
29.27
31,603.86
46.20
24,035.01
38.07
FHE ( C )
Number of shares
Net asset value per share
EUR
4,458.86
39.95
2,223.27
65.27
471.71
55.71
FU ( C )
Number of shares
Net asset value per share
USD
87,486.12
27.60
79,001.04
44.12
41,508.18
37.00
IE ( C )
Number of shares
Net asset value per share
EUR
21,573.42
865.64
8,504.00
1,101.22
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
186,005.28
299.13
116,690.69
466.95
53,079.76
388.06
ME ( C )
Number of shares
Net asset value per share
EUR
9,969.58
76.61
0.00
0.00
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
28,741.09
29.91
19,533.41
46.70
17,058.74
38.73
RU ( C )
Number of shares
Net asset value per share
USD
5,157.86
81.93
5,596.81
128.13
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
77,506.27
25.90
38,481.75
41.81
10,869.95
35.28
Total Net Assets
The accompanying notes form an integral part of these financial statements
238
Financial Details Relating to the Last 3 Years
Equity Global Gold Mines
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
82,783.25
27.33
67,475.75
43.25
34,849.77
36.30
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
170,711,257
155,489,606
149,854,499
AE ( C )
Number of shares
Net asset value per share
EUR
522,011.47
181.38
474,559.85
135.54
552,306.36
127.36
AE ( D )
Number of shares
Net asset value per share
EUR
11,106.70
156.09
10,098.66
116.64
8,426.84
109.61
AK ( C )
Number of shares
Net asset value per share
CZK
26,316.96
3,416.57
2,351.58
2,573.05
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
130,075.75
140.02
123,024.92
128.57
131,676.49
114.71
AU ( D )
Number of shares
Net asset value per share
USD
7,193.44
122.33
7,207.77
112.33
1,312.77
100.24
A2U ( C )
Number of shares
Net asset value per share
USD
100,486.70
139.74
131,113.63
128.51
172,798.71
114.68
FHE ( C )
Number of shares
Net asset value per share
EUR
9,794.36
128.37
8,407.25
119.93
7,151.79
108.78
FU ( C )
Number of shares
Net asset value per share
USD
18,354.66
132.47
27,856.57
123.35
37,938.72
111.60
IE ( C )
Number of shares
Net asset value per share
EUR
597.76
1,360.04
16.00
1,008.47
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
9,202.56
145.76
5,484.95
132.62
40,565.24
117.16
OU ( C )
Number of shares
Net asset value per share
USD
6,483.08
1,565.33
12,025.35
1,410.42
4,743.51
1,234.50
SU ( C )
Number of shares
Net asset value per share
Equity Global Luxury and Lifestyle
Total Net Assets
The accompanying notes form an integral part of these financial statements
239
Financial Details Relating to the Last 3 Years
Equity Global Luxury and Lifestyle
Year ending as of:
30/06/15
30/06/14
30/06/13
SHE ( C )
Number of shares
Net asset value per share
EUR
30,822.71
126.47
28,989.50
116.89
22,336.43
104.92
SU ( C )
Number of shares
Net asset value per share
USD
45,017.64
131.12
40,258.92
120.90
30,197.15
108.28
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
137,291,240
140,918,774
160,903,468
AE ( C )
Number of shares
Net asset value per share
EUR
21,037.46
189.73
18,837.92
154.25
21,711.25
139.41
AHE ( C )
Number of shares
Net asset value per share
EUR
7,599.80
129.47
8,862.90
130.08
18,187.05
111.98
AU ( C )
Number of shares
Net asset value per share
USD
255,357.14
101.57
335,626.75
101.47
535,744.94
87.06
AU ( D )
Number of shares
Net asset value per share
USD
11,634.85
112.25
9,938.11
112.14
12,356.45
96.22
A2U ( C )
Number of shares
Net asset value per share
USD
27,220.83
101.37
30,242.96
101.42
27,984.92
87.05
FHE ( C )
Number of shares
Net asset value per share
EUR
15,072.51
111.04
7,204.45
112.86
5,615.51
98.49
FU ( C )
Number of shares
Net asset value per share
USD
18,863.62
103.65
6,322.25
105.03
7,055.02
91.39
IE ( C )
Number of shares
Net asset value per share
EUR
48,681.41
1,197.00
0.00
0.00
0.00
0.00
IE ( D )
Number of shares
Net asset value per share
EUR
1.00
1,169.37
0.00
0.00
0.00
0.00
IHE ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
38,951.68
1,304.99
42,001.58
1,112.52
Equity Global Agriculture
Total Net Assets
The accompanying notes form an integral part of these financial statements
240
Financial Details Relating to the Last 3 Years
Equity Global Agriculture
Year ending as of:
30/06/15
30/06/14
30/06/13
IU ( C )
Number of shares
Net asset value per share
USD
5,480.93
1,088.69
654.90
1,079.11
12,120.82
916.67
MU ( C )
Number of shares
Net asset value per share
USD
81,283.20
151.85
68,739.37
150.30
109,338.97
127.68
RU ( C )
Number of shares
Net asset value per share
USD
23.85
100.66
0.00
0.00
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
10,707.36
119.25
4,610.75
120.12
3,449.51
103.88
SU ( C )
Number of shares
Net asset value per share
USD
134,490.45
98.62
141,058.16
98.93
192,594.93
85.23
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
96,498,240
145,631,782
47,482,959
AE ( C )
Number of shares
Net asset value per share
EUR
30,953.43
81.91
126,653.03
92.05
193,706.04
80.07
AE ( D )
Number of shares
Net asset value per share
EUR
2,122.53
89.04
39.60
100.08
0.00
0.00
AK ( C )
Number of shares
Net asset value per share
CZK
16,294.11
2,329.28
267.19
2,637.92
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
107,323.74
57.01
95,233.59
78.73
134,789.96
65.03
AU ( D )
Number of shares
Net asset value per share
USD
16,258.83
59.61
3,308.98
82.33
2,486.98
68.00
A2U ( C )
Number of shares
Net asset value per share
USD
7,351.63
56.92
3,932.28
78.72
2,820.52
65.03
FHE ( C )
Number of shares
Net asset value per share
EUR
3,783.46
69.05
205.71
97.62
101.42
82.11
Equity Global Resources
Total Net Assets
The accompanying notes form an integral part of these financial statements
241
Financial Details Relating to the Last 3 Years
Equity Global Resources
Year ending as of:
30/06/15
30/06/14
30/06/13
FU ( C )
Number of shares
Net asset value per share
USD
12,228.37
59.70
8,616.96
83.61
12,061.72
70.03
IU ( C )
Number of shares
Net asset value per share
USD
16,059.79
605.67
16,599.41
828.25
16,091.16
677.77
I4 ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
38,664.37
1,121.24
0.00
0.00
I4 ( D )
Number of shares
Net asset value per share
USD
38,903.48
817.54
0.00
0.00
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
19,991.63
64.91
20,298.48
88.75
8,135.34
72.71
ORHE ( C )
Number of shares
Net asset value per share
EUR
28,602.89
847.73
33,481.99
1,158.32
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
99,666.38
56.12
7,881.79
78.47
1,427.02
65.41
SU ( C )
Number of shares
Net asset value per share
USD
132,639.45
55.08
104,146.61
76.37
90,481.16
63.33
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
97,278,359
152,838,072
209,792,366
AU ( C )
Number of shares
Net asset value per share
USD
124,363.20
93.16
200,581.77
104.53
353,086.61
107.21
AU ( D )
Number of shares
Net asset value per share
USD
13,675.90
76.36
17,754.79
86.47
24,036.83
88.69
A2U ( C )
Number of shares
Net asset value per share
USD
239,652.67
92.97
281,187.55
104.47
418,084.36
107.20
A2U ( D )
Number of shares
Net asset value per share
USD
478.12
76.26
653.72
86.37
775.72
88.69
Equity ASEAN
Total Net Assets
The accompanying notes form an integral part of these financial statements
242
Financial Details Relating to the Last 3 Years
Equity ASEAN
Year ending as of:
30/06/15
30/06/14
30/06/13
FU ( C )
Number of shares
Net asset value per share
USD
8,530.66
90.59
8,326.73
103.08
12,939.77
107.23
IU ( C )
Number of shares
Net asset value per share
USD
866.31
979.01
9,123.82
1,088.24
1,290.24
1,106.20
I4 ( C )
Number of shares
Net asset value per share
USD
530,300.00
98.80
718,500.00
109.33
952,000.00
110.59
I9 ( C )
Number of shares
Net asset value per share
USD
2,810.00
111.54
3,822.00
123.24
4,972.00
124.47
MU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
0.00
0.00
4,392.66
97.62
RU ( C )
Number of shares
Net asset value per share
USD
41.54
95.51
447.09
100.13
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
89,582.69
89.32
109,765.04
100.62
152,237.24
103.62
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
117,139,351
232,561,162
213,554,279
AE ( C )
Number of shares
Net asset value per share
EUR
161,315.75
127.28
241,062.87
102.38
244,188.32
94.12
AU ( C )
Number of shares
Net asset value per share
USD
2,259,178.19
27.60
2,491,809.46
27.29
3,265,371.49
23.82
AU ( D )
Number of shares
Net asset value per share
USD
63,304.82
27.09
67,384.26
26.77
69,917.35
23.36
A2U ( C )
Number of shares
Net asset value per share
USD
339,977.83
27.56
417,897.17
27.29
430,873.14
23.81
A2U ( D )
Number of shares
Net asset value per share
USD
24,208.86
27.04
25,168.69
26.77
25,168.69
23.36
Equity Asia ex Japan
Total Net Assets
The accompanying notes form an integral part of these financial statements
243
Financial Details Relating to the Last 3 Years
Equity Asia ex Japan
Year ending as of:
30/06/15
30/06/14
30/06/13
FU ( C )
Number of shares
Net asset value per share
USD
10,341.82
95.34
10,958.90
95.59
16,386.87
84.55
IU ( C )
Number of shares
Net asset value per share
USD
4,846.98
2,973.71
31,645.34
2,912.53
27,158.43
2,520.97
MU ( C )
Number of shares
Net asset value per share
USD
172.26
111.99
106,901.90
109.68
123,411.48
94.89
SHE ( C )
Number of shares
Net asset value per share
EUR
248.69
101.53
0.00
0.00
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
181,933.34
26.00
208,498.72
25.81
274,281.13
22.63
XU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
4,543.36
1,447.13
4,543.36
1,244.45
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
33,245,120
96,445,920
105,505,733
AE ( C )
Number of shares
Net asset value per share
EUR
7,424.51
62.28
12,734.78
73.76
20,630.91
71.57
AU ( C )
Number of shares
Net asset value per share
USD
243,067.51
61.24
448,906.98
89.14
697,015.02
82.10
AU ( D )
Number of shares
Net asset value per share
USD
18,880.84
55.71
25,645.69
82.34
34,877.78
76.73
A2U ( C )
Number of shares
Net asset value per share
USD
23,565.36
61.13
25,298.62
89.09
21,030.76
82.10
A2U ( D )
Number of shares
Net asset value per share
USD
0.00
0.00
166.77
82.60
211.55
76.71
FU ( C )
Number of shares
Net asset value per share
USD
10,552.01
50.02
9,518.52
73.83
10,572.07
68.97
Equity Brazil
Total Net Assets
The accompanying notes form an integral part of these financial statements
244
Financial Details Relating to the Last 3 Years
Equity Brazil
Year ending as of:
30/06/15
30/06/14
30/06/13
IU ( C )
Number of shares
Net asset value per share
USD
13,497.03
645.98
42,936.41
931.44
35,882.06
849.89
MU ( C )
Number of shares
Net asset value per share
USD
532.03
61.40
1,024.70
88.54
1,698.40
80.78
RU ( C )
Number of shares
Net asset value per share
USD
1,706.42
69.85
419.00
100.87
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
100,526.43
59.22
114,847.52
86.54
132,152.62
80.04
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
241,115,396
196,702,893
327,931,334
AE ( C )
Number of shares
Net asset value per share
EUR
159,830.66
120.19
93,121.84
100.87
567,893.40
93.61
AE ( D )
Number of shares
Net asset value per share
EUR
157.50
119.67
10.00
100.32
10.00
93.16
AHE ( C )
Number of shares
Net asset value per share
EUR
126,580.12
95.20
109,326.31
98.37
83,593.03
86.99
AU ( C )
Number of shares
Net asset value per share
USD
542,168.80
97.79
626,671.99
100.73
799,903.38
88.76
AU ( D )
Number of shares
Net asset value per share
USD
23,189.57
141.24
23,741.54
145.44
21,543.47
128.17
A2U ( C )
Number of shares
Net asset value per share
USD
16,844.54
98.08
4,711.69
100.69
2,756.10
88.76
FU ( C )
Number of shares
Net asset value per share
USD
12,591.49
93.54
7,330.59
97.77
14,798.13
87.07
IU ( C )
Number of shares
Net asset value per share
USD
74,057.68
1,013.67
52,408.40
1,037.44
94,595.05
906.32
Equity Emerging Internal Demand
Total Net Assets
The accompanying notes form an integral part of these financial statements
245
Financial Details Relating to the Last 3 Years
Equity Emerging Internal Demand
Year ending as of:
30/06/15
30/06/14
30/06/13
IU ( D )
Number of shares
Net asset value per share
USD
0.00
0.00
2,335.00
1,115.08
2,480.00
973.90
I4 ( C )
Number of shares
Net asset value per share
USD
13,013.32
1,247.20
1.00
1,256.61
1.00
1,088.64
MU ( C )
Number of shares
Net asset value per share
USD
236,176.12
108.18
216,758.33
110.69
340,717.87
96.74
OU ( C )
Number of shares
Net asset value per share
USD
4,997.87
1,008.15
6,445.00
104.67
8,697.00
90.41
RHG ( C )
Number of shares
Net asset value per share
GBP
10.00
96.33
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
67,311.74
121.62
33,693.48
102.51
38,059.79
95.62
SU ( C )
Number of shares
Net asset value per share
USD
171,070.88
94.29
153,372.45
97.65
166,241.84
86.25
XU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
0.00
0.00
36,096.19
917.35
30/06/15
30/06/14
30/06/13
USD
537,059,691
757,337,326
859,028,994
AE ( C )
Number of shares
Net asset value per share
EUR
328,563.05
116.59
595,102.23
100.32
269,078.82
93.16
AE ( D )
Number of shares
Net asset value per share
EUR
11,448.52
115.86
10,244.76
99.65
1,613.00
92.72
AHK ( C )
Number of shares
Net asset value per share
CZK
11,903.49
2,390.49
146.95
2,559.46
0.00
0.00
Equity Emerging World
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
246
Financial Details Relating to the Last 3 Years
Equity Emerging World
Year ending as of:
30/06/15
30/06/14
30/06/13
AU ( C )
Number of shares
Net asset value per share
USD
1,105,804.47
93.81
1,421,386.58
99.03
2,406,916.39
87.30
AU ( D )
Number of shares
Net asset value per share
USD
145,407.58
92.92
206,747.42
98.10
1,718,397.15
86.45
A2U ( C )
Number of shares
Net asset value per share
USD
232.53
93.63
232.53
98.99
534.44
87.29
FU ( C )
Number of shares
Net asset value per share
USD
75,915.90
85.21
97,353.14
91.21
135,205.53
81.55
IE ( C )
Number of shares
Net asset value per share
EUR
5,001.29
1,149.71
57,238.97
981.45
9,948.79
903.28
IU ( C )
Number of shares
Net asset value per share
USD
42,161.98
990.53
43,597.65
1,037.76
151,629.16
907.02
I8 ( C )
Number of shares
Net asset value per share
USD
18,013.35
934.78
19,363.35
977.04
19,363.35
852.84
MU ( C )
Number of shares
Net asset value per share
USD
230,246.98
109.37
631,604.39
114.59
231,563.54
100.56
O1 ( C )
Number of shares
Net asset value per share
USD
244,290.24
1,098.06
245,721.78
1,135.72
247,196.85
980.94
RU ( C )
Number of shares
Net asset value per share
USD
11,235.18
110.34
15,649.73
115.74
0.00
0.00
RU ( D )
Number of shares
Net asset value per share
USD
1,299.00
109.69
1,514.00
115.81
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
89,873.34
91.09
100,806.29
96.55
292,610.07
85.45
The accompanying notes form an integral part of these financial statements
247
Financial Details Relating to the Last 3 Years
Equity MENA
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
129,009,548
181,040,067
128,687,197
AE ( C )
Number of shares
Net asset value per share
EUR
9,272.09
209.24
45,206.35
167.87
552.09
137.17
AE ( D )
Number of shares
Net asset value per share
EUR
1,009.77
118.78
2,365.00
95.12
0.00
0.00
AHE ( C )
Number of shares
Net asset value per share
EUR
10,009.97
160.19
37,785.67
157.89
6,011.66
122.62
AU ( C )
Number of shares
Net asset value per share
USD
126,642.52
162.15
177,306.27
159.62
144,151.69
123.55
AU ( D )
Number of shares
Net asset value per share
USD
2,661.89
161.73
10,453.94
159.18
160.18
123.50
A2U ( C )
Number of shares
Net asset value per share
USD
98,742.23
164.09
140,831.62
159.98
88,470.29
123.50
FHE ( C )
Number of shares
Net asset value per share
EUR
18,545.42
151.92
30,423.84
151.24
8,296.12
118.81
FU ( C )
Number of shares
Net asset value per share
USD
25,980.07
153.86
29,349.91
153.18
9,298.72
120.16
IHE ( C )
Number of shares
Net asset value per share
EUR
162.41
1,609.14
2,039.95
1,560.87
8,076.80
1,209.03
IU ( C )
Number of shares
Net asset value per share
USD
36,835.26
1,634.28
44,784.97
1,597.86
58,591.61
1,228.27
IU ( D )
Number of shares
Net asset value per share
USD
475.04
1,621.00
734.96
1,596.68
815.90
1,227.42
MHE ( C )
Number of shares
Net asset value per share
EUR
25.40
111.46
2,822.27
109.29
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
14,055.15
121.14
16,318.51
118.54
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
4,379.04
1,828.06
6,880.92
1,747.24
7,255.73
1,323.59
Total Net Assets
The accompanying notes form an integral part of these financial statements
248
Financial Details Relating to the Last 3 Years
Equity MENA
Year ending as of:
30/06/15
30/06/14
30/06/13
RE ( C )
Number of shares
Net asset value per share
EUR
885.00
145.29
820.00
115.71
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
25,196.08
154.63
17,215.39
152.69
4,312.81
118.93
SU ( C )
Number of shares
Net asset value per share
USD
32,623.17
158.40
23,527.83
156.44
4,484.35
121.64
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
368,026,968
388,868,279
434,844,961
AE ( C )
Number of shares
Net asset value per share
EUR
265,511.68
140.32
285,088.47
104.54
383,490.40
92.10
AE ( D )
Number of shares
Net asset value per share
EUR
1,058.00
139.22
1,028.00
103.98
4,576.00
91.56
AU ( C )
Number of shares
Net asset value per share
USD
180,013.55
650.99
189,871.46
596.38
242,244.46
498.82
AU ( D )
Number of shares
Net asset value per share
USD
4,875.34
645.75
4,488.36
592.74
5,880.50
495.72
A2U ( C )
Number of shares
Net asset value per share
USD
83,609.56
651.53
84,963.04
597.94
92,394.49
500.41
A2U ( D )
Number of shares
Net asset value per share
USD
182.32
642.98
174.64
591.25
179.82
497.29
FU ( C )
Number of shares
Net asset value per share
USD
55,398.05
119.05
57,876.03
110.64
70,260.16
93.56
IU ( C )
Number of shares
Net asset value per share
USD
30,838.47
698.21
4,120.46
634.26
6,231.64
526.05
I2 ( D )
Number of shares
Net asset value per share
USD
1,582.00
159.55
3,072.00
147.25
4,812.00
124.37
I4 ( C )
Number of shares
Net asset value per share
USD
129,172.00
446.48
218,672.00
403.50
358,272.00
332.88
Equity Greater China
Total Net Assets
The accompanying notes form an integral part of these financial statements
249
Financial Details Relating to the Last 3 Years
Equity Greater China
Year ending as of:
30/06/15
30/06/14
30/06/13
I9 ( C )
Number of shares
Net asset value per share
USD
2,022.00
140.91
2,972.00
127.16
4,803.00
104.74
MU ( C )
Number of shares
Net asset value per share
USD
77,027.89
126.78
110,289.58
115.02
162,161.25
95.42
RU ( C )
Number of shares
Net asset value per share
USD
2,916.72
115.70
2,998.32
105.18
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
1,457,316.06
33.25
1,871,695.26
30.57
2,281,380.84
25.63
XU ( C )
Number of shares
Net asset value per share
USD
4,039.54
1,617.65
8,779.54
1,459.41
11,726.35
1,206.82
30/06/15
30/06/14
30/06/13
USD
562,781,288
412,209,428
435,301,873
AE ( C )
Number of shares
Net asset value per share
EUR
488,771.90
125.34
58,505.37
90.67
76,539.05
73.30
AE ( D )
Number of shares
Net asset value per share
EUR
5,043.29
125.40
139.95
90.70
69.64
73.37
AU ( C )
Number of shares
Net asset value per share
USD
240,495.14
196.90
153,768.94
174.99
174,897.51
134.33
AU ( D )
Number of shares
Net asset value per share
USD
24,165.47
163.27
6,878.20
144.93
11,012.25
111.44
A2U ( C )
Number of shares
Net asset value per share
USD
19,280.88
201.56
18,546.44
175.46
20,703.70
134.32
FU ( C )
Number of shares
Net asset value per share
USD
13,974.02
111.70
5,626.10
100.38
7,388.10
77.97
Equity India
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
250
Financial Details Relating to the Last 3 Years
Equity India
Year ending as of:
30/06/15
30/06/14
30/06/13
IU ( C )
Number of shares
Net asset value per share
USD
22,971.87
2,097.39
6,350.98
1,849.55
9,689.33
1,410.96
I2 ( D )
Number of shares
Net asset value per share
USD
1,711.00
162.24
3,131.00
140.14
5,451.00
106.91
I4 ( C )
Number of shares
Net asset value per share
USD
1,420,097.39
214.19
1,812,655.00
183.61
2,571,155.00
138.55
I9 ( C )
Number of shares
Net asset value per share
USD
51,676.00
136.49
14,729.00
116.82
22,896.00
88.02
MU ( C )
Number of shares
Net asset value per share
USD
524,392.61
102.60
10,692.67
90.48
19,703.47
68.92
SU ( C )
Number of shares
Net asset value per share
USD
125,247.71
188.32
151,994.22
167.88
201,755.79
129.21
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
88,060,914
56,754,897
63,197,822
AE ( C )
Number of shares
Net asset value per share
EUR
67,844.07
164.26
83,777.47
121.00
119,820.50
98.12
AU ( C )
Number of shares
Net asset value per share
USD
51,150.72
155.71
60,786.75
140.58
74,812.39
108.94
AU ( D )
Number of shares
Net asset value per share
USD
63.00
132.76
552.00
120.48
37.00
93.37
FU ( C )
Number of shares
Net asset value per share
USD
4,783.76
108.19
13,951.95
99.05
16,028.31
77.85
IU ( C )
Number of shares
Net asset value per share
USD
8,233.00
1,705.64
1.00
1,525.72
1.00
1,171.08
IU ( D )
Number of shares
Net asset value per share
USD
1.00
1,453.61
1.00
1,300.48
1.00
998.10
Equity India Select
Total Net Assets
The accompanying notes form an integral part of these financial statements
251
Financial Details Relating to the Last 3 Years
Equity India Select
Year ending as of:
30/06/15
30/06/14
30/06/13
I6 ( C )
Number of shares
Net asset value per share
USD
159,502.03
164.75
223,594.37
147.21
340,591.81
112.90
MU ( C )
Number of shares
Net asset value per share
USD
161,621.00
166.01
1.00
149.10
1.00
113.45
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
47,847,042
42,767,802
26,306,226
AU ( C )
Number of shares
Net asset value per share
USD
132,746.54
65.86
218,095.34
59.09
106,302.22
39.51
AU ( D )
Number of shares
Net asset value per share
USD
19,441.80
108.73
7,453.90
97.55
12,232.52
65.20
A2U ( C )
Number of shares
Net asset value per share
USD
49,606.19
69.43
31,443.16
61.23
28,138.90
39.50
FU ( C )
Number of shares
Net asset value per share
USD
29,870.84
97.06
20,214.45
88.02
6,664.03
59.36
IU ( C )
Number of shares
Net asset value per share
USD
2,606.52
1,393.43
964.60
1,240.31
26.00
829.66*
I4 ( C )
Number of shares
Net asset value per share
USD
132,749.00
100.04
188,791.00
86.86
273,058.00
55.24
MU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
0.00
0.00
911.07
73.48
SU ( C )
Number of shares
Net asset value per share
USD
212,462.53
64.64
135,004.29
58.18
119,799.14
38.63
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
45,394,110
61,201,164
68,077,063
USD
345,465.67
18.82
261,058.88
21.95
419,147.59
17.95
Equity India Infrastructure
Total Net Assets
Equity Korea
Total Net Assets
AU ( C )
Number of shares
Net asset value per share
* The Net asset value per share has been rebased during the year.
The accompanying notes form an integral part of these financial statements
252
Financial Details Relating to the Last 3 Years
Equity Korea
Year ending as of:
30/06/15
30/06/14
30/06/13
AU ( D )
Number of shares
Net asset value per share
USD
2,907.94
18.84
2,642.98
21.98
3,788.47
17.96
FU ( C )
Number of shares
Net asset value per share
USD
1,413.55
69.65
915.90
82.38
1,089.83
68.34
IU ( C )
Number of shares
Net asset value per share
USD
12,293.67
2,441.58
14,592.34
2,824.03
16,472.84
2,290.32
I2 ( D )
Number of shares
Net asset value per share
USD
3,675.00
76.39
4,755.00
89.61
7,675.00
73.84
I4 ( C )
Number of shares
Net asset value per share
USD
41,213.00
141.03
59,227.00
162.22
91,177.00
130.84
SU ( C )
Number of shares
Net asset value per share
USD
150,214.73
17.51
199,579.20
20.51
270,427.52
16.84
XU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
0.00
0.00
5,663.00
994.53
30/06/15
30/06/14
30/06/13
USD
484,569,025
887,390,934
897,242,681
AE ( C )
Number of shares
Net asset value per share
EUR
74,031.45
69.61
191,104.05
76.45
265,457.07
74.22
AE ( D )
Number of shares
Net asset value per share
EUR
824,586.53
67.31
850,310.00
74.58
835,615.00
72.82
AU ( C )
Number of shares
Net asset value per share
USD
235,745.81
422.92
347,217.88
570.81
574,475.79
526.07
AU ( D )
Number of shares
Net asset value per share
USD
13,152.59
372.07
20,281.90
506.92
30,914.68
469.91
A2U ( C )
Number of shares
Net asset value per share
USD
14,881.24
422.09
17,442.97
570.55
23,634.94
526.02
Equity Latin America
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
253
Financial Details Relating to the Last 3 Years
Equity Latin America
Year ending as of:
30/06/15
30/06/14
30/06/13
A2U ( D )
Number of shares
Net asset value per share
USD
449.43
371.56
449.43
506.50
475.25
469.88
FU ( C )
Number of shares
Net asset value per share
USD
22,540.96
56.50
25,028.51
77.34
27,290.66
72.29
IU ( C )
Number of shares
Net asset value per share
USD
19,107.12
4,352.88
39,777.66
5,820.45
40,141.56
5,313.56
I11 ( C )
Number of shares
Net asset value per share
USD
114,054.26
685.10
0.00
0.00
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
10,652.43
70.13
92,734.70
93.72
28,523.18
85.71
O1 ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
120,050.80
866.53
117,636.05
782.40
RU ( C )
Number of shares
Net asset value per share
USD
5,891.23
82.51
7,507.89
110.34
0.00
0.00
RU ( D )
Number of shares
Net asset value per share
USD
5,204.08
80.34
8,674.00
108.72
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
16,365.95
70.36
29,442.77
77.58
38,575.69
75.62
SU ( C )
Number of shares
Net asset value per share
USD
37,321.55
404.97
51,776.13
548.77
106,717.68
507.78
XU ( C )
Number of shares
Net asset value per share
USD
108,589.93
1,153.98
118,922.35
1,533.88
68,344.63
1,396.05
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
60,400,664
85,391,286
112,449,888
AU ( C )
Number of shares
Net asset value per share
USD
152,546.18
132.00
211,190.94
132.63
335,505.14
135.85
AU ( D )
Number of shares
Net asset value per share
USD
7,242.24
125.20
9,459.60
126.96
15,304.53
130.58
Equity Thailand
Total Net Assets
The accompanying notes form an integral part of these financial statements
254
Financial Details Relating to the Last 3 Years
Equity Thailand
Year ending as of:
30/06/15
30/06/14
30/06/13
FU ( C )
Number of shares
Net asset value per share
USD
3,965.70
108.93
4,650.06
110.99
5,361.99
115.30
IU ( C )
Number of shares
Net asset value per share
USD
4,400.41
6,510.63
5,680.00
6,493.40
5,278.11
6,601.95
MU ( C )
Number of shares
Net asset value per share
USD
1,002.50
177.53
20,102.67
177.25
14,479.68
180.20
SU ( C )
Number of shares
Net asset value per share
USD
461,900.39
21.86
690,031.03
22.05
1,181,506.25
22.68
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
67,666,539
76,191,683
0
AHE ( C )
Number of shares
Net asset value per share
EUR
193,125.60
91.14
0.00
0.00
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
1,155.14
106.32
10.00
113.17
0.00
0.00
FHE ( C )
Number of shares
Net asset value per share
EUR
6,218.16
91.69
0.00
0.00
0.00
0.00
FU ( C )
Number of shares
Net asset value per share
USD
7,405.77
97.19
100.34
105.01
0.00
0.00
IHE ( C )
Number of shares
Net asset value per share
EUR
223.84
919.97
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
3.00
1,057.41
3.00
1,114.82
0.00
0.00
I8 ( C )
Number of shares
Net asset value per share
EUR
30,000.00
1,295.64
30,000.00
1,109.37
0.00
0.00
MHE ( C )
Number of shares
Net asset value per share
EUR
2,380.64
91.88
0.00
0.00
0.00
0.00
Equity Emerging Minimum Variance
Total Net Assets
The accompanying notes form an integral part of these financial statements
255
Financial Details Relating to the Last 3 Years
Equity Emerging Minimum Variance
Year ending as of:
30/06/15
30/06/14
30/06/13
OU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
26,760.00
1,140.75
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
23,675.61
103.22
407.20
110.53
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
656.68
105.42
193.88
112.73
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
473,346,303
184,324,352
180,405,968
AE ( C )
Number of shares
Net asset value per share
EUR
1,329,215.16
144.07
148,714.36
121.09
116,151.77
103.20
AE ( D )
Number of shares
Net asset value per share
EUR
6,693.57
131.58
2,229.87
112.00
0.00
0.00
FE ( C )
Number of shares
Net asset value per share
EUR
26,456.58
139.78
5,642.52
118.71
2,055.81
102.60
IE ( C )
Number of shares
Net asset value per share
EUR
95,750.23
2,323.52
80,282.97
1,934.47
101,498.03
1,633.81
I11 ( C )
Number of shares
Net asset value per share
EUR
32,700.00
1,064.81
0.00
0.00
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
55,132.56
180.42
35,549.23
150.71
9,542.88
127.53
OE ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
0.00
0.00
703.00
988.68
SE ( C )
Number of shares
Net asset value per share
EUR
68,203.77
146.88
38,184.87
123.97
4,407.88
105.97
Equity Europe Minimum Variance
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
256
Financial Details Relating to the Last 3 Years
Equity Global Minimum Variance
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
132,613,314
86,847,530
37,311,428
AE ( C )
Number of shares
Net asset value per share
EUR
4,467.80
131.06
4,634.29
104.83
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
747.05
98.32
0.00
0.00
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
212,779.81
134.23
220,176.19
131.93
21.00
114.29
AU ( D )
Number of shares
Net asset value per share
USD
1,710.88
114.06
353.69
112.56
0.00
0.00
FU ( C )
Number of shares
Net asset value per share
USD
3,142.68
110.84
1,428.03
110.49
173.91
97.08
IE ( C )
Number of shares
Net asset value per share
EUR
30,807.56
1,524.16
15,309.71
1,207.68
20,592.78
1,091.63
IU ( C )
Number of shares
Net asset value per share
USD
1.51
1,101.86
18,240.17
1,072.80
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
36,631.81
1,350.23
8,411.54
1,308.14
6,469.27
1,116.96
RHE ( C )
Number of shares
Net asset value per share
EUR
285.00
108.54
1,635.00
106.41
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
7,253.55
132.26
6,233.31
130.51
7,452.10
113.52
30/06/15
30/06/14
30/06/13
EUR
128,628,078
0
0
AE ( C )
Number of shares
Net asset value per share
EUR
119,643.92
104.51
0.00
0.00
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
64,815.09
1,791.62
0.00
0.00
0.00
0.00
Total Net Assets
Convertible Credit
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
257
Financial Details Relating to the Last 3 Years
Convertible Europe
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
1,211,078,077
593,335,726
217,022,116
AE ( C )
Number of shares
Net asset value per share
EUR
1,957,943.53
126.61
444,177.44
119.23
401,346.71
106.24
AE ( D )
Number of shares
Net asset value per share
EUR
251,052.43
120.03
37,125.63
113.99
34,142.13
102.02
FE ( C )
Number of shares
Net asset value per share
EUR
220,420.37
123.77
287,509.25
117.24
60,701.85
105.05
IE ( C )
Number of shares
Net asset value per share
EUR
367,346.99
1,308.12
295,508.35
1,221.46
116,396.57
1,080.73
IE ( D )
Number of shares
Net asset value per share
EUR
149,047.86
1,220.57
26,143.03
1,159.09
1,248.01
1,026.54
ME ( C )
Number of shares
Net asset value per share
EUR
930,015.33
130.64
574,580.12
122.04
265,212.38
108.05
OE ( C )
Number of shares
Net asset value per share
EUR
47,083.56
1,101.90
2,000.00
1,023.20
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
17,925.00
105.75
4,190.00
98.94
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
168,173.00
107.50
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
403,190.72
123.93
330,127.50
116.92
84,218.74
104.40
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
353,186,233
312,255,737
120,162,006
AE ( C )
Number of shares
Net asset value per share
EUR
15,075,960.79
13.08
17,567,905.43
12.53
8,220,831.73
11.20
AE ( D )
Number of shares
Net asset value per share
EUR
262,902.60
12.65
130,132.22
12.12
47,670.22
10.83
Total Net Assets
Convertible Global
Total Net Assets
The accompanying notes form an integral part of these financial statements
258
Financial Details Relating to the Last 3 Years
Convertible Global
Year ending as of:
30/06/15
30/06/14
30/06/13
A2E ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
525.00
12.53
525.00
11.20
FE ( C )
Number of shares
Net asset value per share
EUR
12,985.62
119.45
18,847.65
115.12
1,785.73
103.51
IE ( C )
Number of shares
Net asset value per share
EUR
73,610.45
1,604.24
38,887.61
1,530.50
16,100.18
1,356.42
IE ( D )
Number of shares
Net asset value per share
EUR
24,161.00
1,070.65
17,295.00
1,017.92
0.00
0.00
IHU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
4,813.00
1,086.61
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
12,310.00
108.86
2.00
103.36
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
413,780.90
13.93
551,942.93
13.37
462,615.33
11.98
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
541,000,019
271,911,161
229,044,193
AE ( C )
Number of shares
Net asset value per share
EUR
556,272.69
128.16
274,964.37
125.75
311,191.29
112.44
AE ( D )
Number of shares
Net asset value per share
EUR
48,276.72
120.30
40,797.52
120.23
45,224.56
109.95
FE ( C )
Number of shares
Net asset value per share
EUR
89,036.07
126.44
68,346.51
124.44
20,373.31
111.53
IE ( C )
Number of shares
Net asset value per share
EUR
176,899.95
1,307.90
113,190.80
1,275.36
102,724.31
1,136.06
Bond Euro Aggregate
Total Net Assets
The accompanying notes form an integral part of these financial statements
259
Financial Details Relating to the Last 3 Years
Bond Euro Aggregate
Year ending as of:
30/06/15
30/06/14
30/06/13
IE ( D )
Number of shares
Net asset value per share
EUR
1,160.39
1,006.27
0.00
0.00
0.00
0.00
I2 ( D )
Number of shares
Net asset value per share
EUR
18,157.51
1,000.97
24,257.92
1,042.63
38,126.45
987.46
ME ( C )
Number of shares
Net asset value per share
EUR
306,109.89
130.16
279,729.24
127.01
225,290.07
113.26
OE ( C )
Number of shares
Net asset value per share
EUR
120,148.24
1,128.92
7,320.00
1,094.70
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
8,353.00
99.96
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
201,335.34
127.24
85,812.00
125.04
61,983.53
111.97
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
966,249,950
860,093,190
783,748,199
AE ( C )
Number of shares
Net asset value per share
EUR
9,194,455.42
18.34
9,384,651.24
18.27
7,274,120.84
16.91
AE ( D )
Number of shares
Net asset value per share
EUR
6,237,909.94
11.50
8,514,919.60
11.69
10,687,576.29
11.06
AHK ( C )
Number of shares
Net asset value per share
CZK
44,150.24
2,503.95
20,752.15
2,515.33
0.00
0.00
A2E ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
94.12
102.72
11,079.74
16.91
FE ( C )
Number of shares
Net asset value per share
EUR
19,589.43
117.17
22,672.16
117.21
33,930.16
108.82
Bond Euro Corporate
Total Net Assets
The accompanying notes form an integral part of these financial statements
260
Financial Details Relating to the Last 3 Years
Bond Euro Corporate
Year ending as of:
30/06/15
30/06/14
30/06/13
IE ( C )
Number of shares
Net asset value per share
EUR
177,081.60
1,883.22
140,652.13
1,865.36
119,374.72
1,717.62
IE ( D )
Number of shares
Net asset value per share
EUR
25,225.49
1,267.91
52,567.40
1,289.68
85,568.40
1,220.31
I11 ( C )
Number of shares
Net asset value per share
EUR
74,509.65
1,059.05
52,233.00
1,047.03
0.00
0.00
I2 ( D )
Number of shares
Net asset value per share
EUR
553,904.07
78.85
670,961.82
84.16
982,836.20
83.38
ME ( C )
Number of shares
Net asset value per share
EUR
70,732.83
145.67
161,975.44
144.50
288,438.16
133.20
OE ( C )
Number of shares
Net asset value per share
EUR
113,635.85
1,242.07
84,641.75
1,224.77
85,445.64
1,120.71
OE ( D )
Number of shares
Net asset value per share
EUR
66,126.58
999.02
0.00
0.00
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
6,926.56
103.69
7,139.56
102.87
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
3,962.02
107.28
4,749.72
108.46
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
720,808.35
17.82
834,427.25
17.80
790,654.45
16.49
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
544,480,314
0
0
AE ( C )
Number of shares
Net asset value per share
EUR
10.00
98.23
0.00
0.00
0.00
0.00
FE ( C )
Number of shares
Net asset value per share
EUR
10.00
97.89
0.00
0.00
0.00
0.00
Bond Euro Corporate 1-3
Total Net Assets
The accompanying notes form an integral part of these financial statements
261
Financial Details Relating to the Last 3 Years
Bond Euro Corporate 1-3
Year ending as of:
30/06/15
30/06/14
30/06/13
IE ( C )
Number of shares
Net asset value per share
EUR
98,601.12
985.97
0.00
0.00
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
110,695.37
989.05
0.00
0.00
0.00
0.00
OR ( C )
Number of shares
Net asset value per share
EUR
11,354.22
29,748.97
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
10.00
98.08
0.00
0.00
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
342,991,075
221,437,406
217,756,479
AE ( C )
Number of shares
Net asset value per share
EUR
462,919.72
124.54
481,369.38
120.57
527,929.82
108.56
AE ( D )
Number of shares
Net asset value per share
EUR
100,683.44
113.43
21,974.89
112.52
12,236.17
103.60
FE ( C )
Number of shares
Net asset value per share
EUR
9,083.09
125.39
11,324.29
121.87
12,549.80
109.91
IE ( C )
Number of shares
Net asset value per share
EUR
167,747.01
1,300.21
106,107.18
1,251.26
123,749.18
1,121.91
ME ( C )
Number of shares
Net asset value per share
EUR
95,366.44
129.77
107,564.36
124.90
65,372.99
112.06
OE ( C )
Number of shares
Net asset value per share
EUR
11,033.00
1,329.20
10,099.25
1,273.05
10,120.25
1,131.42
OFE ( C )
Number of shares
Net asset value per share
EUR
20,759.00
952.12
0.00
0.00
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
63,590.67
100.97
0.00
0.00
0.00
0.00
Bond Euro Government
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
262
Financial Details Relating to the Last 3 Years
Bond Euro Government
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
11,833.73
122.33
4,091.29
118.76
1,755.30
107.15
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
272,754,972
217,507,132
247,516,745
AE ( C )
Number of shares
Net asset value per share
EUR
346,544.81
145.58
503,568.02
145.00
920,539.48
133.47
AE ( D )
Number of shares
Net asset value per share
EUR
104,045.39
130.56
95,351.02
131.22
116,180.16
121.35
AE-DH ( C )
Number of shares
Net asset value per share
EUR
21,419.82
99.60
0.00
0.00
0.00
0.00
A2E ( D )
Number of shares
Net asset value per share
EUR
55.67
131.07
55.67
131.79
179.86
121.34
FE ( C )
Number of shares
Net asset value per share
EUR
66,106.26
108.46
22,318.67
108.48
21,991.00
100.25
IE ( C )
Number of shares
Net asset value per share
EUR
45,868.09
1,549.90
33,433.67
1,534.46
27,006.94
1,404.53
ME ( C )
Number of shares
Net asset value per share
EUR
125,345.72
127.51
187,856.24
126.28
126,048.87
115.57
OE ( C )
Number of shares
Net asset value per share
EUR
93.00
990.91
0.00
0.00
0.00
0.00
OR ( C )
Number of shares
Net asset value per share
EUR
50,012.58
996.81
0.00
0.00
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
11,854.65
107.44
25,104.65
106.63
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
13,087.37
105.39
16,174.56
105.27
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
Bond Euro Inflation
Total Net Assets
The accompanying notes form an integral part of these financial statements
263
Financial Details Relating to the Last 3 Years
Bond Euro Inflation
Year ending as of:
30/06/15
30/06/14
30/06/13
SE ( C )
Number of shares
Net asset value per share
EUR
169,276.02
142.29
116,161.14
142.02
179,012.73
130.99
XE ( C )
Number of shares
Net asset value per share
EUR
33,293.84
1,070.86
31,829.18
1,057.14
33,508.56
966.43
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
1,365,476,011
757,819,883
676,891,688
AE ( C )
Number of shares
Net asset value per share
EUR
12,614,350.52
19.83
4,962,726.66
19.63
10,192,504.93
17.46
AE ( D )
Number of shares
Net asset value per share
EUR
1,251,562.27
11.36
2,058,169.69
11.77
1,936,567.36
11.00
AHK ( C )
Number of shares
Net asset value per share
CZK
13,388.96
2,522.19
16,075.29
2,518.18
0.00
0.00
A2E ( C )
Number of shares
Net asset value per share
EUR
1,038.27
19.79
365.54
19.62
451.94
17.46
FE ( C )
Number of shares
Net asset value per share
EUR
37,682.00
123.55
49,413.25
123.07
47,499.92
110.12
FE-MD ( D )
Number of shares
Net asset value per share
EUR
20,197.47
102.58
11,888.98
106.18
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
142,535.07
2,330.55
149,815.82
2,289.39
127,882.51
2,020.12
IE ( D )
Number of shares
Net asset value per share
EUR
223,507.67
1,106.86
89,337.52
1,146.53
47,156.41
1,070.83
I2 ( D )
Number of shares
Net asset value per share
EUR
758,917.00
62.76
884,417.00
71.02
1,194,523.00
71.55
I4 ( C )
Number of shares
Net asset value per share
EUR
13,490.12
1,017.60
0.00
0.00
0.00
0.00
Bond Euro High Yield
Total Net Assets
The accompanying notes form an integral part of these financial statements
264
Financial Details Relating to the Last 3 Years
Bond Euro High Yield
Year ending as of:
30/06/15
30/06/14
30/06/13
ME ( C )
Number of shares
Net asset value per share
EUR
1,744,618.58
160.61
459,184.74
157.78
388,910.07
139.22
OE ( C )
Number of shares
Net asset value per share
EUR
93,204.91
1,277.98
2,018.00
1,248.51
1,639.00
1,095.59
RE ( C )
Number of shares
Net asset value per share
EUR
1,448.92
107.50
1,469.65
105.73
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
1,787,455.36
19.09
1,803,612.05
18.94
1,311,897.32
16.88
SE-MD ( D )
Number of shares
Net asset value per share
EUR
183,782.23
101.37
93,959.57
104.61
147.11
97.03
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
201,029,237
464,596,850
119,033,563
AE ( C )
Number of shares
Net asset value per share
EUR
294,280.34
104.71
1,958,289.36
104.01
10.00
98.84
AE ( D )
Number of shares
Net asset value per share
EUR
7,058.29
100.56
7,539.29
101.60
0.00
0.00
AHK ( C )
Number of shares
Net asset value per share
CZK
95,785.90
2,497.00
20,753.51
2,503.67
0.00
0.00
FE ( C )
Number of shares
Net asset value per share
EUR
22,275.58
102.47
55,931.42
102.41
10.00
97.91
FE-MD ( D )
Number of shares
Net asset value per share
EUR
55,553.78
97.88
138,966.88
100.81
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
27,327.63
1,073.24
150,762.07
1,054.64
120,097.63
991.12
Bond Euro High Yield Short Term
Total Net Assets
The accompanying notes form an integral part of these financial statements
265
Financial Details Relating to the Last 3 Years
Bond Euro High Yield Short Term
Year ending as of:
30/06/15
30/06/14
30/06/13
IE ( D )
Number of shares
Net asset value per share
EUR
20,000.00
1,012.06
20,000.00
1,028.15
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
109,267.69
106.84
130,817.39
105.21
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
57,010.77
1,056.81
24,666.45
1,033.87
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
117,704.98
104.25
53,247.15
103.78
10.00
98.83
SE-MD ( D )
Number of shares
Net asset value per share
EUR
197,493.73
97.45
141,652.04
99.99
0.00
0.00
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
595,406,975
484,911,162
334,491,789
AE ( C )
Number of shares
Net asset value per share
EUR
81,043.64
157.60
41,435.28
127.88
75,007.13
123.19
AE ( D )
Number of shares
Net asset value per share
EUR
10,516.95
136.29
1,538.36
113.48
1,091.00
112.33
AHE ( C )
Number of shares
Net asset value per share
EUR
161,123.96
107.21
2,133.64
107.39
3,902.77
98.45
AHE-MD ( D )
Number of shares
Net asset value per share
EUR
1,724.15
97.17
0.00
0.00
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
109,696.87
149.60
16,328.96
149.30
23,448.48
136.70
AU ( D )
Number of shares
Net asset value per share
USD
16,543.32
117.52
3,399.18
120.49
2,658.42
112.56
AU-MD ( D )
Number of shares
Net asset value per share
USD
644.00
97.79
0.00
0.00
0.00
0.00
Bond Global Corporate
Total Net Assets
The accompanying notes form an integral part of these financial statements
266
Financial Details Relating to the Last 3 Years
Bond Global Corporate
Year ending as of:
30/06/15
30/06/14
30/06/13
FHE-MD ( D )
Number of shares
Net asset value per share
EUR
2,200.71
95.27
0.00
0.00
0.00
0.00
FU ( C )
Number of shares
Net asset value per share
USD
22,769.21
117.28
6,683.54
117.70
3,426.64
108.34
IHE ( C )
Number of shares
Net asset value per share
EUR
91,937.03
1,094.34
87,127.36
1,088.34
45,441.93
992.86
IU ( C )
Number of shares
Net asset value per share
USD
71,769.47
1,539.36
120,631.14
1,526.98
91,481.73
1,392.03
MU ( C )
Number of shares
Net asset value per share
USD
12,039.38
115.93
19,444.87
115.11
32,468.13
105.02
OHE ( C )
Number of shares
Net asset value per share
EUR
17,020.00
964.83
0.00
0.00
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
240,204.92
1,168.50
130,591.29
1,153.93
117,878.57
1,041.87
RHG ( C )
Number of shares
Net asset value per share
GBP
10.00
96.03
0.00
0.00
0.00
0.00
SHE-MD ( D )
Number of shares
Net asset value per share
EUR
63,902.59
96.39
0.00
0.00
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
61,153.58
147.33
44,197.76
147.22
42,445.67
135.01
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
51,240,029
0
0
AU ( C )
Number of shares
Net asset value per share
USD
1,000.00
97.76
0.00
0.00
0.00
0.00
IHE ( C )
Number of shares
Net asset value per share
EUR
2,832.12
965.87
0.00
0.00
0.00
0.00
Bond US Corporate
Total Net Assets
The accompanying notes form an integral part of these financial statements
267
Financial Details Relating to the Last 3 Years
Bond US Corporate
Year ending as of:
30/06/15
30/06/14
30/06/13
IU ( C )
Number of shares
Net asset value per share
USD
41,306.75
979.66
0.00
0.00
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
7,630.00
999.72
0.00
0.00
0.00
0.00
30/06/15
30/06/14
30/06/13
USD
513,498,061
381,312,939
384,957,375
AE ( C )
Number of shares
Net asset value per share
EUR
56,942.13
147.82
372,905.87
119.12
84,416.02
119.67
AHE ( C )
Number of shares
Net asset value per share
EUR
101,006.00
113.17
54,395.72
112.60
84,889.84
107.49
AU ( C )
Number of shares
Net asset value per share
USD
695,129.52
114.08
560,942.30
113.00
358,510.84
107.78
AU ( D )
Number of shares
Net asset value per share
USD
81,716.07
108.05
52,291.93
108.82
33,441.88
104.45
FHE ( C )
Number of shares
Net asset value per share
EUR
135,469.43
110.74
202,657.21
110.81
502,615.00
106.34
FHE-QD ( D )
Number of shares
Net asset value per share
EUR
14,240.31
93.38
19,837.14
96.20
21,828.02
95.64
FU ( C )
Number of shares
Net asset value per share
USD
97,756.17
111.59
146,123.74
111.20
171,278.94
106.58
IHE ( C )
Number of shares
Net asset value per share
EUR
99,554.81
1,154.72
36,558.44
1,140.63
40,858.01
1,083.95
IU ( C )
Number of shares
Net asset value per share
USD
57,312.05
1,161.72
49,809.00
1,144.53
62,419.05
1,086.89
IU ( D )
Number of shares
Net asset value per share
USD
0.00
0.00
0.00
0.00
98.45
1,018.38
Bond US Opportunistic Core Plus
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
268
Financial Details Relating to the Last 3 Years
Bond US Opportunistic Core Plus
Year ending as of:
30/06/15
30/06/14
30/06/13
I11 ( C )
Number of shares
Net asset value per share
USD
709.00
995.96
0.00
0.00
0.00
0.00
MHE ( C )
Number of shares
Net asset value per share
EUR
40,765.96
109.82
37,781.47
108.76
106,380.92
103.48
MU ( C )
Number of shares
Net asset value per share
USD
102,792.01
111.03
54,901.12
109.44
48,529.66
103.90
OU ( C )
Number of shares
Net asset value per share
USD
81,180.47
1,006.57
0.00
0.00
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
90,189.31
110.85
108,938.87
110.37
288,236.86
105.58
SHE-QD ( D )
Number of shares
Net asset value per share
EUR
159,530.16
96.87
85,287.71
99.27
88,182.16
98.29
SU ( C )
Number of shares
Net asset value per share
USD
464,903.03
112.50
354,967.50
111.66
297,218.44
106.67
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
30,674,324
0
0
IHE ( C )
Number of shares
Net asset value per share
EUR
1,100.00
1,023.44
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
28,384.04
1,025.71
0.00
0.00
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
793.38
99.69
0.00
0.00
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
2,203.61
98.91
0.00
0.00
0.00
0.00
Bond US Aggregate
Total Net Assets
The accompanying notes form an integral part of these financial statements
269
Financial Details Relating to the Last 3 Years
Bond Europe
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
138,917,842
121,981,740
99,175,488
AE ( C )
Number of shares
Net asset value per share
EUR
364,956.53
189.08
364,027.91
180.82
343,477.93
161.03
AE ( D )
Number of shares
Net asset value per share
EUR
350,617.42
119.57
241,828.18
118.40
205,183.97
108.56
FE ( C )
Number of shares
Net asset value per share
EUR
42,174.39
129.31
24,212.07
124.38
28,580.53
111.31
IE ( C )
Number of shares
Net asset value per share
EUR
6,799.19
1,856.78
8,641.02
1,772.18
2,586.18
1,571.85
ME ( C )
Number of shares
Net asset value per share
EUR
12,276.77
146.38
26,556.13
139.61
77,896.97
123.88
RE ( C )
Number of shares
Net asset value per share
EUR
249.00
113.70
249.00
108.37
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
43,627.94
185.25
30,797.14
177.50
29,650.03
158.33
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
7,442,396,397
3,916,333,712
1,936,068,575
AE ( C )
Number of shares
Net asset value per share
EUR
1,585,124.19
154.85
712,770.27
121.25
242,293.73
122.50
AE ( D )
Number of shares
Net asset value per share
EUR
1,423,493.10
148.83
707,681.67
118.91
162,594.31
120.66
AHC ( C )
Number of shares
Net asset value per share
CHF
476,573.08
104.95
413,894.19
101.93
0.00
0.00
AHE ( C )
Number of shares
Net asset value per share
EUR
4,757,910.79
107.41
993,764.53
103.51
19,097.91
99.39
AHE ( D )
Number of shares
Net asset value per share
EUR
1,067,249.05
104.66
114,936.88
102.07
0.00
0.00
Total Net Assets
Bond Global Aggregate
Total Net Assets
The accompanying notes form an integral part of these financial statements
270
Financial Details Relating to the Last 3 Years
Bond Global Aggregate
Year ending as of:
30/06/15
30/06/14
30/06/13
AHK ( C )
Number of shares
Net asset value per share
CZK
476,622.69
2,562.28
65,658.90
2,491.80
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
3,828,869.26
213.76
2,466,890.29
205.67
1,178,591.41
197.19
AU ( D )
Number of shares
Net asset value per share
USD
1,256,611.89
118.02
1,316,129.40
116.02
290,842.49
111.25
AU-MD ( D )
Number of shares
Net asset value per share
USD
2,400,772.39
99.71
0.00
0.00
0.00
0.00
A2HS ( C )
Number of shares
Net asset value per share
SGD
74,119.96
98.28
0.00
0.00
0.00
0.00
A2HS-MD ( D )
Number of shares
Net asset value per share
SGD
376.31
98.47
0.00
0.00
0.00
0.00
A2U-MD ( D )
Number of shares
Net asset value per share
USD
36.54
99.71
0.00
0.00
0.00
0.00
FHE ( C )
Number of shares
Net asset value per share
EUR
1,370,446.75
115.19
1,088,590.16
111.81
739,007.11
108.07
FHE-MD ( D )
Number of shares
Net asset value per share
EUR
3,640,949.77
100.50
2,832,248.77
101.50
1,819,179.24
102.05
FU ( C )
Number of shares
Net asset value per share
USD
741,493.25
116.75
435,689.94
113.19
193,188.34
109.31
IE ( C )
Number of shares
Net asset value per share
EUR
108,698.50
1,310.11
67,380.22
1,020.64
21,969.81
1,024.44
IHC ( C )
Number of shares
Net asset value per share
CHF
24,184.31
1,063.74
5,673.93
1,028.36
0.00
0.00
IHCA ( D )
Number of shares
Net asset value per share
CAD
735.05
1,078.00
540.00
1,056.12
500.00
1,003.03
The accompanying notes form an integral part of these financial statements
271
Financial Details Relating to the Last 3 Years
Bond Global Aggregate
Year ending as of:
30/06/15
30/06/14
30/06/13
IHE ( C )
Number of shares
Net asset value per share
EUR
603,887.52
1,129.36
76,405.63
1,084.29
45,641.47
1,034.87
IHE ( D )
Number of shares
Net asset value per share
EUR
47,456.18
1,015.41
0.00
0.00
0.00
0.00
IHG ( C )
Number of shares
Net asset value per share
GBP
926.45
1,016.20
0.00
0.00
0.00
0.00
IHG ( D )
Number of shares
Net asset value per share
GBP
1,244.69
1,014.50
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
194,928.57
2,040.38
121,743.61
1,953.77
65,257.51
1,863.70
IU ( D )
Number of shares
Net asset value per share
USD
28,611.39
1,084.10
9,127.09
1,066.38
24,469.69
1,017.30
I11 ( C )
Number of shares
Net asset value per share
USD
70,005.28
974.55
0.00
0.00
0.00
0.00
I12 ( D )
Number of shares
Net asset value per share
USD
23,424.00
998.49
0.00
0.00
0.00
0.00
MHE ( C )
Number of shares
Net asset value per share
EUR
2,709,162.20
121.85
1,697,531.83
116.76
1,089,902.67
111.55
MU ( C )
Number of shares
Net asset value per share
USD
345,357.65
134.37
154,061.85
128.81
143,109.00
122.92
OHE ( C )
Number of shares
Net asset value per share
EUR
137,595.33
1,024.86
0.00
0.00
0.00
0.00
ORHE ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
27,904.05
1,016.01
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
112,190.97
1,219.12
158,512.52
1,160.45
104,418.79
1,099.31
RG ( D )
Number of shares
Net asset value per share
GBP
7,283.77
112.18
200.00
99.45
0.00
0.00
The accompanying notes form an integral part of these financial statements
272
Financial Details Relating to the Last 3 Years
Bond Global Aggregate
Year ending as of:
30/06/15
30/06/14
30/06/13
RHE ( C )
Number of shares
Net asset value per share
EUR
246,437.84
109.09
68,431.40
105.02
43,009.00
100.47
RHE ( D )
Number of shares
Net asset value per share
EUR
38,430.91
107.25
13,398.61
105.64
8,753.00
100.99
RHG ( C )
Number of shares
Net asset value per share
GBP
55,173.36
109.47
22,501.40
104.45
0.00
0.00
RHG ( D )
Number of shares
Net asset value per share
GBP
11,445.29
106.37
4,691.44
103.40
0.00
0.00
RU ( C )
Number of shares
Net asset value per share
USD
64,268.19
108.37
10,199.94
104.11
0.00
0.00
RU ( D )
Number of shares
Net asset value per share
USD
55,525.31
106.61
16,892.30
104.37
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
4,059,790.71
118.66
2,177,729.79
114.50
1,465,123.01
110.07
SHE-MD ( D )
Number of shares
Net asset value per share
EUR
8,554,731.66
100.84
3,370,386.19
101.18
1,576,366.56
101.20
SHG ( D )
Number of shares
Net asset value per share
GBP
23,203.62
103.59
500.00
100.07
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
2,185,729.65
210.31
1,956,092.46
202.65
1,473,209.95
194.62
30/06/15
30/06/14
30/06/13
USD
305,375,043
289,659,033
384,913,715
AE ( C )
Number of shares
Net asset value per share
EUR
61,088.28
135.02
24,132.69
119.50
21,068.54
113.29
AE ( D )
Number of shares
Net asset value per share
EUR
5,245.19
119.43
578.92
109.06
56.00
106.88
Bond Global
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
273
Financial Details Relating to the Last 3 Years
Bond Global
Year ending as of:
30/06/15
30/06/14
30/06/13
AU ( C )
Number of shares
Net asset value per share
USD
2,252,792.09
25.68
2,368,745.34
27.92
2,506,671.98
25.14
AU ( D )
Number of shares
Net asset value per share
USD
982,538.21
14.82
2,316,304.19
16.63
2,647,275.30
15.44
A2U ( C )
Number of shares
Net asset value per share
USD
176,521.57
25.88
229,807.70
28.13
226,153.06
25.13
A2U ( D )
Number of shares
Net asset value per share
USD
9,981.66
15.27
9,709.07
17.11
2,300.07
15.44
FHE ( C )
Number of shares
Net asset value per share
EUR
5,084.30
97.01
10,835.37
106.90
15,822.16
98.60
FHE-MD ( D )
Number of shares
Net asset value per share
EUR
45,061.54
89.17
94,939.20
101.25
70,789.81
95.65
FU ( C )
Number of shares
Net asset value per share
USD
17,811.30
98.65
9,937.46
108.08
7,399.88
98.18
IE-D ( D )
Number of shares
Net asset value per share
EUR
769.55
1,075.40
1,408.41
978.56
1,397.00
951.12
IU ( C )
Number of shares
Net asset value per share
USD
34,375.92
2,534.47
19,618.25
2,742.58
38,142.93
2,464.56
IU ( D )
Number of shares
Net asset value per share
USD
235.80
1,819.06
235.80
2,041.70
235.80
1,879.79
MHE ( C )
Number of shares
Net asset value per share
EUR
8,295.91
95.55
0.00
0.00
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
259,355.64
137.51
281,965.36
148.84
407,374.88
133.79
OHE ( C )
Number of shares
Net asset value per share
EUR
30,115.00
954.38
0.00
0.00
0.00
0.00
The accompanying notes form an integral part of these financial statements
274
Financial Details Relating to the Last 3 Years
Bond Global
Year ending as of:
30/06/15
30/06/14
30/06/13
OU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
0.00
0.00
61,484.73
1,073.05
SHE ( C )
Number of shares
Net asset value per share
EUR
61,270.33
100.59
76,968.70
110.28
53,953.59
100.89
SHE-MD ( D )
Number of shares
Net asset value per share
EUR
302,984.12
84.99
201,311.49
95.89
131,942.07
90.07
SU ( C )
Number of shares
Net asset value per share
USD
780,392.39
24.31
843,778.69
26.48
897,023.73
23.94
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
221,810,999
221,999,566
194,311,967
AE ( C )
Number of shares
Net asset value per share
EUR
32,133.76
122.25
32,678.61
120.17
1,306,181.68
113.84
AE ( D )
Number of shares
Net asset value per share
EUR
18,656.19
107.00
20,106.22
105.94
57,721.91
100.65
FE ( C )
Number of shares
Net asset value per share
EUR
5,801.93
107.18
2,609.50
106.01
2,709.08
101.06
IE ( C )
Number of shares
Net asset value per share
EUR
30,781.86
1,264.86
63,600.05
1,236.21
15,210.95
1,165.98
ME ( C )
Number of shares
Net asset value per share
EUR
516,409.39
118.15
573,878.75
115.50
72,141.39
109.01
OE ( C )
Number of shares
Net asset value per share
EUR
87,195.55
1,080.97
45,255.78
1,051.60
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
19,347.00
106.61
77,091.00
104.47
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
11,027.00
105.63
15,258.00
104.40
0.00
0.00
Bond Global Inflation
Total Net Assets
The accompanying notes form an integral part of these financial statements
275
Financial Details Relating to the Last 3 Years
Bond Global Inflation
Year ending as of:
30/06/15
30/06/14
30/06/13
SE ( C )
Number of shares
Net asset value per share
EUR
146,097.94
120.71
112,437.23
118.90
123,361.00
112.90
SHU ( C )
Number of shares
Net asset value per share
USD
2,061.71
106.34
2,020.35
104.60
0.00
0.00
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
30,544,267
0
0
AU ( C )
Number of shares
Net asset value per share
USD
1,000.00
101.60
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
29,900.00
1,018.15
0.00
0.00
0.00
0.00
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
11,687,877
10,627,630
0
AU ( C )
Number of shares
Net asset value per share
USD
10.00
102.67
10.00
100.92
0.00
0.00
FHE ( C )
Number of shares
Net asset value per share
EUR
442.09
99.28
198.02
98.76
0.00
0.00
FHE-MD ( D )
Number of shares
Net asset value per share
EUR
1,087.21
94.71
668.12
97.09
0.00
0.00
FU ( C )
Number of shares
Net asset value per share
USD
582.54
101.41
0.00
0.00
0.00
0.00
IHE ( C )
Number of shares
Net asset value per share
EUR
119.80
1,004.01
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
658.54
1,043.21
536.54
1,015.09
0.00
0.00
Bond Global High Yield
Total Net Assets
Bond Enhanced RMB
Total Net Assets
The accompanying notes form an integral part of these financial statements
276
Financial Details Relating to the Last 3 Years
Bond Enhanced RMB
Year ending as of:
30/06/15
30/06/14
30/06/13
PU ( C )
Number of shares
Net asset value per share
USD
741,312.46
11.41
768,528.46
11.16
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
2,331.01
100.18
956.88
98.97
0.00
0.00
SHE-MD ( D )
Number of shares
Net asset value per share
EUR
13,615.48
95.45
8,026.82
97.43
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
4,698.90
102.14
1,893.49
100.68
0.00
0.00
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
75,507,348
87,919,809
0
AU ( C )
Number of shares
Net asset value per share
USD
10.00
101.95
10.00
103.90
0.00
0.00
FHE ( C )
Number of shares
Net asset value per share
EUR
2,271.53
95.45
0.00
0.00
0.00
0.00
FHE ( MD )
Number of shares
Net asset value per share
EUR
700.93
94.39
0.00
0.00
0.00
0.00
FU ( C )
Number of shares
Net asset value per share
USD
472.26
97.08
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
34,350.78
1,271.43
68,340.57
1,286.26
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
31,835.00
978.27
0.00
0.00
0.00
0.00
SHE ( C )
Number of shares
Net asset value per share
EUR
1,301.99
99.01
49.24
101.73
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
1,818.28
101.12
75.88
103.59
0.00
0.00
Bond Asian Local Debt
Total Net Assets
The accompanying notes form an integral part of these financial statements
277
Financial Details Relating to the Last 3 Years
Bond Emerging Inflation
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
26,477,468
69,830,925
64,018,071
AU ( C )
Number of shares
Net asset value per share
USD
1,030.80
83.35
532.12
97.61
902.12
92.10
AU ( D )
Number of shares
Net asset value per share
USD
387.00
90.64
387.00
107.88
387.00
103.12
FU ( C )
Number of shares
Net asset value per share
USD
9,777.72
84.41
14,788.81
99.46
13,957.08
94.42
IE ( C )
Number of shares
Net asset value per share
EUR
1,312.50
1,188.92
30,934.91
1,120.91
29,040.58
1,101.92
IU ( C )
Number of shares
Net asset value per share
USD
10,274.05
872.25
18,614.05
1,010.54
15,774.05
943.13
OU ( C )
Number of shares
Net asset value per share
USD
14,314.81
917.62
0.00
0.00
1,935.34
1,003.09
SU ( C )
Number of shares
Net asset value per share
USD
20,538.36
82.55
20,440.49
96.88
45,452.84
91.60
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
186,564,858
340,628,348
387,837,224
AE ( C )
Number of shares
Net asset value per share
EUR
45,406.01
105.05
61,597.43
101.60
402,420.60
107.43
AE ( D )
Number of shares
Net asset value per share
EUR
12,901.17
90.80
16,079.03
92.69
22,281.95
101.19
AHK ( C )
Number of shares
Net asset value per share
CZK
12,022.05
2,079.47
575.94
2,509.61
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
144,907.60
22.92
199,680.57
27.24
379,721.60
27.35
AU ( D )
Number of shares
Net asset value per share
USD
150,387.15
11.57
231,825.85
14.57
455,929.26
15.09
Total Net Assets
Bond Global Emerging Local Currency
Total Net Assets
The accompanying notes form an integral part of these financial statements
278
Financial Details Relating to the Last 3 Years
Bond Global Emerging Local Currency
Year ending as of:
30/06/15
30/06/14
30/06/13
A2U ( C )
Number of shares
Net asset value per share
USD
62,907.45
22.89
72,991.31
27.23
88,983.14
27.34
FHE ( C )
Number of shares
Net asset value per share
EUR
6,796.92
76.79
18,665.55
92.45
21,631.27
92.85
FHE-MD ( D )
Number of shares
Net asset value per share
EUR
103,879.03
63.34
194,470.67
79.47
216,099.84
83.78
FU ( C )
Number of shares
Net asset value per share
USD
6,037.64
79.30
6,262.68
94.80
8,022.72
95.75
IHE ( C )
Number of shares
Net asset value per share
EUR
5.81
851.41
79.78
998.36
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
14,238.86
1,694.44
46,670.89
1,993.11
37,214.76
1,978.99
IU ( D )
Number of shares
Net asset value per share
USD
0.00
0.00
0.00
0.00
2,395.00
964.61
I10 ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
25,288.00
895.69
22,388.00
891.17
MHE ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
0.00
0.00
83,045.32
96.51
MU ( C )
Number of shares
Net asset value per share
USD
6,247.22
127.92
7,265.23
150.47
62,592.76
149.33
OU ( C )
Number of shares
Net asset value per share
USD
128,889.55
782.43
128,889.55
914.79
105,691.13
903.35
RU ( C )
Number of shares
Net asset value per share
USD
1.00
90.73
1.00
105.97
0.00
0.00
RU ( D )
Number of shares
Net asset value per share
USD
0.00
0.00
496.00
105.75
0.00
0.00
The accompanying notes form an integral part of these financial statements
279
Financial Details Relating to the Last 3 Years
Bond Global Emerging Local Currency
Year ending as of:
30/06/15
30/06/14
30/06/13
SHE ( C )
Number of shares
Net asset value per share
EUR
36,048.41
78.21
36,365.82
93.71
61,968.69
93.98
SHE-MD ( D )
Number of shares
Net asset value per share
EUR
304,009.96
64.92
338,320.23
81.04
312,165.74
85.09
SU ( C )
Number of shares
Net asset value per share
USD
591,797.93
22.17
681,303.40
26.40
1,086,839.30
26.55
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
237,485,204
258,253,151
189,311,376
AE ( C )
Number of shares
Net asset value per share
EUR
519.01
123.34
36.09
101.89
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
2,005.50
114.31
1,049.50
97.29
999.50
97.04
AHE ( C )
Number of shares
Net asset value per share
EUR
7,407.49
103.46
245,403.83
105.40
5,516.57
98.05
AU ( C )
Number of shares
Net asset value per share
USD
2,866.00
103.19
28,550.86
104.75
46,993.56
97.30
AU ( D )
Number of shares
Net asset value per share
USD
8,161.00
98.95
11,205.00
103.70
11,205.00
98.29
FHE ( C )
Number of shares
Net asset value per share
EUR
4,928.35
100.42
5,255.99
102.84
6,294.09
96.22
FHE-MD ( D )
Number of shares
Net asset value per share
EUR
9,769.94
96.45
5,384.16
102.95
0.00
0.00
FU ( C )
Number of shares
Net asset value per share
USD
6,217.42
99.05
1,616.22
101.17
10.00
94.57
Bond Global Emerging Corporate
Total Net Assets
The accompanying notes form an integral part of these financial statements
280
Financial Details Relating to the Last 3 Years
Bond Global Emerging Corporate
Year ending as of:
30/06/15
30/06/14
30/06/13
IHE ( C )
Number of shares
Net asset value per share
EUR
54,227.38
805.39
42,301.38
812.29
38,001.93
747.72
IU ( C )
Number of shares
Net asset value per share
USD
13,394.01
1,286.20
20,316.52
1,291.74
13,022.84
1,186.24
MHE ( C )
Number of shares
Net asset value per share
EUR
103.77
101.02
0.00
0.00
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
1,210.18
101.08
0.00
0.00
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
151,012.34
1,044.45
130,462.33
1,042.68
131,236.45
952.32
SHE ( C )
Number of shares
Net asset value per share
EUR
20,312.53
102.21
24,631.05
104.47
26,465.49
97.33
SHE-MD ( D )
Number of shares
Net asset value per share
EUR
51,349.50
97.82
17,949.78
103.59
0.00
0.00
SU ( C )
Number of shares
Net asset value per share
USD
13,265.09
99.93
14,648.83
101.66
13,834.55
94.63
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
306,451,995
149,454,598
0
AE ( C )
Number of shares
Net asset value per share
EUR
155,839.95
630.99
80,697.62
637.49
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
2,758.12
262.89
4,123.18
266.11
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
3,288.17
37,949.17
2,555.45
37,924.20
0.00
0.00
IE ( D )
Number of shares
Net asset value per share
EUR
10,000.00
990.25
0.00
0.00
0.00
0.00
IHU0 ( C )
Number of shares
Net asset value per share
USD
80,000.00
991.72
0.00
0.00
0.00
0.00
Bond Global Emerging Hard Currency
Total Net Assets
The accompanying notes form an integral part of these financial statements
281
Financial Details Relating to the Last 3 Years
Bond Global Emerging Hard Currency
Year ending as of:
30/06/15
30/06/14
30/06/13
ME ( C )
Number of shares
Net asset value per share
EUR
8,068.95
98.74
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
6,985.96
100.89
0.00
0.00
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
724,473,961
12,416,912
0
AE ( C )
Number of shares
Net asset value per share
EUR
1,200,017.43
108.14
10.00
101.97
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
301,694.20
107.97
10.00
101.97
0.00
0.00
FE ( C )
Number of shares
Net asset value per share
EUR
838,046.71
107.16
1,136.78
101.82
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
8,324.42
1,085.72
200.00
1,020.60
0.00
0.00
IE ( D )
Number of shares
Net asset value per share
EUR
200.00
1,093.34
200.00
1,020.60
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
209,763.02
108.50
10.00
102.05
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
100.00
1,024.50
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
109.22
10.00
102.04
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
109.22
10.00
102.04
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
4,090,291.99
107.65
115,871.77
101.71
0.00
0.00
Patrimoine
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
282
Financial Details Relating to the Last 3 Years
Index Equity Emerging Markets
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
118,301,424
146,453,992
0
AE ( C )
Number of shares
Net asset value per share
EUR
16,002.70
122.14
10.00
105.32
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
10.00
121.35
10.00
105.32
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
20.00
100.72
20.00
106.76
0.00
0.00
AU ( D )
Number of shares
Net asset value per share
USD
10.00
98.08
10.00
104.55
0.00
0.00
A3E ( C )
Number of shares
Net asset value per share
EUR
49,400.00
100.15
0.00
0.00
0.00
0.00
A3E ( D )
Number of shares
Net asset value per share
EUR
326,904.00
99.98
0.00
0.00
0.00
0.00
A3U ( D )
Number of shares
Net asset value per share
USD
130,061.00
102.46
0.00
0.00
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
19,147.14
1,247.07
77,520.00
1,072.60
0.00
0.00
IE ( D )
Number of shares
Net asset value per share
EUR
2.00
1,216.85
2.00
1,053.78
0.00
0.00
IG ( C )
Number of shares
Net asset value per share
GBP
1.00
1,055.53
1.00
1,024.80
0.00
0.00
IG ( D )
Number of shares
Net asset value per share
GBP
1.00
1,048.12
1.00
1,024.80
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
33,836.64
1,011.97
30,466.64
1,069.55
0.00
0.00
Total Net Assets
The accompanying notes form an integral part of these financial statements
283
Financial Details Relating to the Last 3 Years
Index Equity Emerging Markets
Year ending as of:
30/06/15
30/06/14
30/06/13
IU ( D )
Number of shares
Net asset value per share
USD
1.00
983.44
1.00
1,046.16
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
20.00
122.45
20.00
105.38
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
2.00
1,226.55
2.00
1,054.05
0.00
0.00
OE ( D )
Number of shares
Net asset value per share
EUR
2.00
1,218.23
2.00
1,054.05
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
1.00
991.34
1.00
1,046.31
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
122.44
10.00
105.37
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
121.66
10.00
105.37
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
136,020,340
125,290,182
132,429,516
AE ( C )
Number of shares
Net asset value per share
EUR
76,199.63
146.18
66,650.34
131.03
50,142.71
103.02
AE ( D )
Number of shares
Net asset value per share
EUR
102.84
171.97
86.88
157.36
58.41
125.53
IE ( C )
Number of shares
Net asset value per share
EUR
54,823.52
1,480.22
62,225.53
1,324.76
87,692.15
1,039.67
IE ( D )
Number of shares
Net asset value per share
EUR
7,005.10
1,287.04
5,339.22
1,177.82
5,455.89
939.78
Index Equity Euro
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
284
Financial Details Relating to the Last 3 Years
Index Equity Euro
Year ending as of:
30/06/15
30/06/14
30/06/13
ME ( C )
Number of shares
Net asset value per share
EUR
84,463.36
167.41
54,756.57
149.91
45,937.61
117.71
OE ( C )
Number of shares
Net asset value per share
EUR
14,636.83
1,404.07
15,619.25
1,255.36
25,961.44
984.21
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
114.62
10.00
102.56
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
112.78
10.00
102.56
0.00
0.00
RHG ( C )
Number of shares
Net asset value per share
GBP
10.00
114.18
10.00
102.51
0.00
0.00
RHG ( D )
Number of shares
Net asset value per share
GBP
10.00
112.46
10.00
102.52
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
715,102,380
581,975,090
353,461,247
AE ( C )
Number of shares
Net asset value per share
EUR
579,411.12
166.43
56,145.58
146.43
20,463.76
119.55
AE ( D )
Number of shares
Net asset value per share
EUR
431.39
171.45
186.61
154.05
152.26
128.43
IE ( C )
Number of shares
Net asset value per share
EUR
152,139.29
1,685.26
150,294.38
1,480.48
57,751.77
1,206.45
IE ( D )
Number of shares
Net asset value per share
EUR
207,968.36
1,446.28
208,811.47
1,300.10
240,724.45
1,083.68
ME ( C )
Number of shares
Net asset value per share
EUR
138,442.16
248.27
251,422.94
218.21
31,413.63
177.92
OE ( C )
Number of shares
Net asset value per share
EUR
17,897.51
1,511.04
18,755.57
1,326.11
13,768.57
1,079.56
Index Equity Europe
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
285
Financial Details Relating to the Last 3 Years
Index Equity Europe
Year ending as of:
30/06/15
30/06/14
30/06/13
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
118.18
10.00
103.82
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
116.84
10.00
103.82
0.00
0.00
RHG ( C )
Number of shares
Net asset value per share
GBP
10.00
117.60
10.00
103.76
0.00
0.00
RHG ( D )
Number of shares
Net asset value per share
GBP
10.00
116.28
10.00
103.76
0.00
0.00
30/06/15
30/06/14
30/06/13
JPY
40,713,668,194
10,735,908,979
0
AE ( C )
Number of shares
Net asset value per share
EUR
19,214.64
184.24
22,061.32
138.81
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
10.00
145.84
10.00
110.00
0.00
0.00
A3E ( C )
Number of shares
Net asset value per share
EUR
62,634.00
98.46
0.00
0.00
0.00
0.00
A3E ( D )
Number of shares
Net asset value per share
EUR
1,392,795.00
104.82
0.00
0.00
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
1,220.82
81,909.43
1,025.03
61,621.70
0.00
0.00
IE ( D )
Number of shares
Net asset value per share
EUR
0.00
0.00
191.38
56,949.00
0.00
0.00
IG ( C )
Number of shares
Net asset value per share
GBP
0.82
1,261.12
0.82
1,071.92
0.00
0.00
IG ( D )
Number of shares
Net asset value per share
GBP
0.82
1,259.23
0.82
1,071.92
0.00
0.00
Index Equity Japan
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
286
Financial Details Relating to the Last 3 Years
Index Equity Japan
Year ending as of:
30/06/15
30/06/14
30/06/13
IHE ( C )
Number of shares
Net asset value per share
EUR
10,379.09
1,403.54
1.00
1,080.81
0.00
0.00
IJ ( C )
Number of shares
Net asset value per share
JPY
5,001.41
141,318.00
1.41
108,116.00
0.00
0.00
IJ ( D )
Number of shares
Net asset value per share
JPY
1.41
141,115.00
1.41
108,116.00
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
148,286.70
146.22
10.00
110.06
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
1,009.74
1,464.69
241.00
1,100.82
0.00
0.00
OE ( D )
Number of shares
Net asset value per share
EUR
1.00
1,462.71
1.00
1,100.84
0.00
0.00
OJ ( C )
Number of shares
Net asset value per share
JPY
1.41
141,486.00
1.41
108,130.00
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
146.10
10.00
110.03
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
145.96
10.00
110.04
0.00
0.00
30/06/15
30/06/14
30/06/13
USD
999,169,104
957,492,726
626,442,324
AE ( C )
Number of shares
Net asset value per share
EUR
170,685.95
239.71
356,500.58
185.82
295,869.37
157.64
AE ( D )
Number of shares
Net asset value per share
EUR
679.50
257.76
360.33
201.86
394.83
173.40
AHK ( C )
Number of shares
Net asset value per share
CZK
5,451.41
2,551.62
0.00
0.00
0.00
0.00
Index Equity North America*
Year ending as of:
Total Net Assets
*This sub-fund has changed its base/accounting currency from EUR to USD as at 01 July 2014.
The Total Net Assets as at 30 June 2014 and as at 30 June 2013 are expressed in EUR.
The accompanying notes form an integral part of these financial statements
287
Financial Details Relating to the Last 3 Years
Index Equity North America*
Year ending as of:
30/06/15
30/06/14
30/06/13
AU ( C )
Number of shares
Net asset value per share
USD
39,494.42
191.03
24,788.45
181.96
14,412.89
146.56
IE ( C )
Number of shares
Net asset value per share
EUR
135,975.81
2,427.38
167,036.17
1,878.84
84,002.50
1,591.06
IE ( D )
Number of shares
Net asset value per share
EUR
106,802.93
2,230.32
135,906.58
1,746.91
153,502.43
1,500.26
IU ( C )
Number of shares
Net asset value per share
USD
14,352.03
1,590.28
15,016.14
1,512.56
5,293.76
1,216.06
ME ( C )
Number of shares
Net asset value per share
EUR
674,122.87
283.05
1,357,025.72
219.19
1,045,610.44
185.71
OE ( C )
Number of shares
Net asset value per share
EUR
35,047.26
1,963.71
14,882.67
1,518.03
11,701.86
1,284.22
RU ( C )
Number of shares
Net asset value per share
USD
10.00
112.41
10.00
106.87
0.00
0.00
RU ( D )
Number of shares
Net asset value per share
USD
10.00
112.05
10.00
106.87
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
111,778,849
68,362,688
111,942,322
AE ( C )
Number of shares
Net asset value per share
EUR
27,027.13
198.20
24,770.41
173.51
29,976.44
162.48
AE ( D )
Number of shares
Net asset value per share
EUR
518.29
152.59
512.25
136.50
174.78
130.82
A3E ( D )
Number of shares
Net asset value per share
EUR
656,445.00
95.60
0.00
0.00
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
12,958.81
1,998.94
24,328.21
1,748.12
38,261.19
1,634.92
Index Equity Pacific ex Japan
Year ending as of:
Total Net Assets
*This sub-fund has changed its base/accounting currency from EUR to USD as at 01 July 2014.
The Total Net Assets as at 30 June 2014 and as at 30 June 2013 are expressed in EUR.
The accompanying notes form an integral part of these financial statements
288
Financial Details Relating to the Last 3 Years
Index Equity Pacific ex Japan
Year ending as of:
30/06/15
30/06/14
30/06/13
IE ( D )
Number of shares
Net asset value per share
EUR
7,572.59
1,750.24
9,848.40
1,566.22
24,889.34
1,501.02
ME ( C )
Number of shares
Net asset value per share
EUR
9,812.37
174.60
9,148.34
152.77
19,163.17
142.95
OE ( C )
Number of shares
Net asset value per share
EUR
2,046.89
1,324.89
4,008.00
1,157.49
4,065.00
1,081.45
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
122.15
10.00
106.78
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
121.48
10.00
106.78
0.00
0.00
RHG ( C )
Number of shares
Net asset value per share
GBP
10.00
121.87
10.00
106.74
0.00
0.00
RHG ( D )
Number of shares
Net asset value per share
GBP
10.00
121.26
10.00
106.75
0.00
0.00
30/06/15
30/06/14
30/06/13
USD
128,832,033
157,026,390
0
AE ( C )
Number of shares
Net asset value per share
EUR
4,911.92
139.10
10.00
106.36
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
10.00
138.75
10.00
106.36
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
13.82
112.19
13.82
105.47
0.00
0.00
AU ( D )
Number of shares
Net asset value per share
USD
8,875.82
112.00
13.82
105.47
0.00
0.00
A4E ( C )
Number of shares
Net asset value per share
EUR
133,888.87
290.09
221,502.45
223.17
0.00
0.00
Index Equity USA
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
289
Financial Details Relating to the Last 3 Years
Index Equity USA
Year ending as of:
30/06/15
30/06/14
30/06/13
IE ( C )
Number of shares
Net asset value per share
EUR
531.83
113,484.31
752.32
86,610.30
0.00
0.00
IE ( D )
Number of shares
Net asset value per share
EUR
1.00
106,371.21
1.00
81,372.47
0.00
0.00
IG ( C )
Number of shares
Net asset value per share
GBP
0.82
1,202.37
0.82
1,036.39
0.00
0.00
IG ( D )
Number of shares
Net asset value per share
GBP
0.82
1,199.38
0.82
1,036.39
0.00
0.00
IHE ( C )
Number of shares
Net asset value per share
EUR
1.00
1,125.54
1.00
1,058.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
1.38
1,126.07
1.38
1,055.35
0.00
0.00
IU ( D )
Number of shares
Net asset value per share
USD
246.38
1,123.01
1.38
1,055.35
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
3,636.61
139.42
10.00
106.42
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
10,016.28
1,396.01
1.00
1,064.35
0.00
0.00
OE ( D )
Number of shares
Net asset value per share
EUR
1.00
1,392.61
1.00
1,064.35
0.00
0.00
OU ( C )
Number of shares
Net asset value per share
USD
1.38
1,126.78
1.38
1,055.47
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
139.27
10.00
106.39
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
139.00
10.00
106.39
0.00
0.00
The accompanying notes form an integral part of these financial statements
290
Financial Details Relating to the Last 3 Years
Index Equity World
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
236,074,194
157,870,658
0
AE ( C )
Number of shares
Net asset value per share
EUR
886,441.36
131.75
221.55
106.19
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
13.00
131.02
10.00
106.19
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
27.45
111.22
27.45
110.12
0.00
0.00
AU ( D )
Number of shares
Net asset value per share
USD
10.00
106.04
10.00
105.45
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
57,835.61
1,374.86
104,127.85
1,106.93
0.00
0.00
IE ( D )
Number of shares
Net asset value per share
EUR
2.00
1,312.21
2.00
1,062.32
0.00
0.00
IG ( C )
Number of shares
Net asset value per share
GBP
1.00
1,136.29
1.00
1,033.08
0.00
0.00
IG ( D )
Number of shares
Net asset value per share
GBP
1.00
1,129.99
1.00
1,033.08
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
1.00
1,066.90
1.00
1,054.61
0.00
0.00
IU ( D )
Number of shares
Net asset value per share
USD
1.00
1,060.59
1.00
1,054.61
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
20.00
131.88
20.00
106.23
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
11,769.63
1,321.07
2.00
1,062.58
0.00
0.00
OE ( D )
Number of shares
Net asset value per share
EUR
2.00
1,313.65
2.00
1,062.58
0.00
0.00
Total Net Assets
The accompanying notes form an integral part of these financial statements
291
Financial Details Relating to the Last 3 Years
Index Equity World
Year ending as of:
30/06/15
30/06/14
30/06/13
OU ( C )
Number of shares
Net asset value per share
USD
1.00
1,067.66
1.00
1,054.76
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
131.86
10.00
106.22
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
131.17
10.00
106.22
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
293,747,214
213,168,796
379,614,886
AE ( C )
Number of shares
Net asset value per share
EUR
42,691.64
130.11
259,127.13
126.18
128,691.66
121.22
AE ( D )
Number of shares
Net asset value per share
EUR
1,364.77
105.02
330.54
105.03
471.06
104.07
IE ( C )
Number of shares
Net asset value per share
EUR
217,689.44
1,313.23
138,824.10
1,271.64
293,600.06
1,219.31
IE ( D )
Number of shares
Net asset value per share
EUR
5.00
1,039.57
2.00
1,014.39
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
16,156.83
124.17
31,599.14
120.29
51,781.21
115.40
OE ( C )
Number of shares
Net asset value per share
EUR
149.00
1,049.01
94.00
1,014.77
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
104.87
10.00
101.47
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
104.05
10.00
101.47
0.00
0.00
RHG ( C )
Number of shares
Net asset value per share
GBP
10.00
105.13
10.00
101.44
0.00
0.00
RHG ( D )
Number of shares
Net asset value per share
GBP
10.00
104.37
10.00
101.44
0.00
0.00
Index Global Bond (EUR) Hedged
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
292
Financial Details Relating to the Last 3 Years
Index Bond Euro Corporate
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
82,052,219
71,660,811
0
AE ( C )
Number of shares
Net asset value per share
EUR
2,174.09
102.92
10.00
101.84
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
13.00
102.17
10.00
101.84
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
62,825.53
1,031.10
70,332.19
1,018.79
0.00
0.00
IE ( D )
Number of shares
Net asset value per share
EUR
1.00
1,024.77
1.00
1,018.94
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
165,332.75
103.09
10.00
101.89
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
1.00
1,032.93
1.00
1,019.08
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
103.22
10.00
101.89
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
102.45
10.00
101.89
0.00
0.00
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
33,178,597
25,397,660
0
AE ( C )
Number of shares
Net asset value per share
EUR
10.00
106.58
10.00
102.55
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
10.00
106.04
10.00
102.55
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
31,071.05
1,067.59
24,750.00
1,025.88
0.00
0.00
Total Net Assets
Index Bond Euro Govies
Total Net Assets
The accompanying notes form an integral part of these financial statements
293
Financial Details Relating to the Last 3 Years
Index Bond Euro Govies
Year ending as of:
30/06/15
30/06/14
30/06/13
IE ( D )
Number of shares
Net asset value per share
EUR
1.00
1,062.92
1.00
1,026.05
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
10.00
106.87
10.00
102.60
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
1.00
1,069.55
1.00
1,026.19
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
10.00
106.87
10.00
102.60
0.00
0.00
RE ( D )
Number of shares
Net asset value per share
EUR
10.00
106.26
10.00
102.58
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
203,517,415
423,993,679
187,774,048
AE ( C )
Number of shares
Net asset value per share
EUR
90,004.29
101.02
115,531.69
105.47
73,056.62
102.60
AE ( D )
Number of shares
Net asset value per share
EUR
2,029.83
99.61
7,223.89
104.00
7,835.65
101.15
CLASSIC H ( C )
Number of shares
Net asset value per share
EUR
3.01
99.49
3.01
104.28
3.01
101.76
FE ( C )
Number of shares
Net asset value per share
EUR
5,828.90
99.06
10,783.31
103.95
6,006.50
101.56
IE ( C )
Number of shares
Net asset value per share
EUR
130,101.14
1,025.92
220,703.59
1,066.49
158,879.36
1,033.42
ME ( C )
Number of shares
Net asset value per share
EUR
540,143.92
102.18
1,616,939.68
106.33
121,890.90
103.16
Global Macro Forex
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
294
Financial Details Relating to the Last 3 Years
Global Macro Forex
Year ending as of:
30/06/15
30/06/14
30/06/13
OE ( C )
Number of shares
Net asset value per share
EUR
2,607.60
1,000.22
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
23,561.91
100.56
25,071.80
105.10
20,655.68
102.31
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
13,845,547
0
0
AE ( C )
Number of shares
Net asset value per share
EUR
47,443.68
118.90
0.00
0.00
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
404.68
13,770.04
0.00
0.00
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
2,608.30
1,008.70
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
10.00
101.13
0.00
0.00
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
237,747,511
113,716,248
0
AE ( C )
Number of shares
Net asset value per share
EUR
374,957.15
103.33
50,992.23
102.64
0.00
0.00
AE ( D )
Number of shares
Net asset value per share
EUR
10,985.21
100.26
13,184.84
99.31
0.00
0.00
AHU ( C )
Number of shares
Net asset value per share
USD
596.16
100.28
2,054.65
99.30
0.00
0.00
AHU ( D )
Number of shares
Net asset value per share
USD
94.11
100.18
519.44
99.30
0.00
0.00
Global Macro Forex Strategic
Total Net Assets
Global Macro Bonds & Currencies
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
295
Financial Details Relating to the Last 3 Years
Global Macro Bonds & Currencies
Year ending as of:
30/06/15
30/06/14
30/06/13
FE ( C )
Number of shares
Net asset value per share
EUR
135,920.21
102.37
40,050.92
102.12
0.00
0.00
FE-MD ( D )
Number of shares
Net asset value per share
EUR
6,558.90
97.30
0.00
0.00
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
53,377.53
1,050.49
80,539.52
1,033.35
0.00
0.00
ME ( C )
Number of shares
Net asset value per share
EUR
71,109.79
103.95
14,644.85
102.58
0.00
0.00
OE ( C )
Number of shares
Net asset value per share
EUR
30,000.00
993.84
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
773,751.99
103.23
176,696.82
102.57
0.00
0.00
SE-MD ( D )
Number of shares
Net asset value per share
EUR
105,208.96
96.22
0.00
0.00
0.00
0.00
SHU ( C )
Number of shares
Net asset value per share
USD
124.71
99.96
618.21
99.29
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
174,103,191
199,571,242
44,962,124
AE ( C )
Number of shares
Net asset value per share
EUR
27,904.01
115.50
33,085.88
115.49
46,895.90
115.99
AE ( D )
Number of shares
Net asset value per share
EUR
4,212.13
98.47
9,448.13
98.45
10,948.53
99.35
AHG ( C )
Number of shares
Net asset value per share
GBP
2,574.68
98.77
2,574.68
98.36
2,888.39
98.66
Global Macro Bonds & Currencies Low Vol
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
296
Financial Details Relating to the Last 3 Years
Global Macro Bonds & Currencies Low Vol
Year ending as of:
30/06/15
30/06/14
30/06/13
AHU ( C )
Number of shares
Net asset value per share
USD
2,341.96
119.56
6,717.23
119.27
10,247.75
119.81
AHU ( D )
Number of shares
Net asset value per share
USD
200.00
100.55
200.00
100.31
20.00
101.32
CLASSIC H ( C )
Number of shares
Net asset value per share
EUR
496.10
111.00
496.10
111.31
508.54
112.11
FE ( C )
Number of shares
Net asset value per share
EUR
5,458.62
97.80
4,022.98
98.09
1,774.65
98.80
FHU ( C )
Number of shares
Net asset value per share
USD
39.90
102.12
39.90
102.19
39.90
102.95
IE ( C )
Number of shares
Net asset value per share
EUR
11,408.49
1,197.10
6,385.59
1,192.65
7,549.21
1,193.06
ME ( C )
Number of shares
Net asset value per share
EUR
1,543.84
110.97
1,025.50
110.64
1,580.83
110.78
OE ( C )
Number of shares
Net asset value per share
EUR
51,427.00
998.73
0.00
0.00
0.00
0.00
OR ( C )
Number of shares
Net asset value per share
EUR
86,526.50
1,012.17
164,648.30
1,004.52
0.00
0.00
RE ( C )
Number of shares
Net asset value per share
EUR
857.00
99.86
1,354.00
99.63
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
126,968.67
114.16
161,622.80
114.26
223,699.55
114.86
SHU ( C )
Number of shares
Net asset value per share
USD
17,842.87
118.30
20,030.33
118.13
22,376.40
118.77
The accompanying notes form an integral part of these financial statements
297
Financial Details Relating to the Last 3 Years
Absolute US Corporate
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
30,374,667
0
0
AU ( C )
Number of shares
Net asset value per share
USD
1,000.00
100.99
0.00
0.00
0.00
0.00
IU ( C )
Number of shares
Net asset value per share
USD
29,900.00
1,012.50
0.00
0.00
0.00
0.00
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
30,199,602
37,422,943
75,732,117
AE ( C )
Number of shares
Net asset value per share
EUR
20,407.72
106.70
194,238.45
107.24
460,472.57
105.84
AE ( D )
Number of shares
Net asset value per share
EUR
3,698.98
98.22
8,864.66
100.34
28,476.42
101.03
FE ( C )
Number of shares
Net asset value per share
EUR
689.43
101.56
2,142.49
102.59
1,710.64
101.69
IE ( C )
Number of shares
Net asset value per share
EUR
8,988.00
1,133.40
9,047.00
1,133.28
16,394.00
1,113.40
ME ( C )
Number of shares
Net asset value per share
EUR
33,189.37
114.72
34,668.04
114.81
38,210.71
112.89
OE ( C )
Number of shares
Net asset value per share
EUR
12,850.50
1,004.55
0.00
0.00
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
6,339.18
108.10
11,502.32
108.77
12,832.60
107.45
30/06/15
30/06/14
30/06/13
EUR
113,217,810
199,590,698
88,879,009
EUR
29,567.03
115.86
47,067.67
116.74
95,772.93
115.86
Total Net Assets
Absolute High Yield
Total Net Assets
Absolute Volatility Arbitrage
Year ending as of:
Total Net Assets
AE ( C )
Number of shares
Net asset value per share
The accompanying notes form an integral part of these financial statements
298
Financial Details Relating to the Last 3 Years
Absolute Volatility Arbitrage
Year ending as of:
30/06/15
30/06/14
30/06/13
AE ( D )
Number of shares
Net asset value per share
EUR
1,871.59
104.00
3,808.64
104.79
10,995.56
104.00
FE ( C )
Number of shares
Net asset value per share
EUR
2,895.45
96.37
479.03
97.60
3,015.36
97.35
CLASSIC H ( C )
Number of shares
Net asset value per share
EUR
6,008.10
112.84
10,692.68
114.03
16,652.96
113.53
IE ( C )
Number of shares
Net asset value per share
EUR
19,615.62
1,213.29
54,243.99
1,216.13
14,725.61
1,201.33
ME ( C )
Number of shares
Net asset value per share
EUR
78,749.34
111.49
90,768.25
111.85
180,005.07
110.53
OR ( C )
Number of shares
Net asset value per share
EUR
62,225.64
1,010.09
97,064.30
1,007.23
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
115,304.73
114.55
160,524.67
115.53
321,196.01
114.79
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
57,492,404
40,303,041
256,809,160
AE ( C )
Number of shares
Net asset value per share
EUR
1,359.00
101.48
1,308.43
102.16
661.75
99.06
FE ( C )
Number of shares
Net asset value per share
EUR
1,919.68
100.01
1,377.27
101.32
99.97
98.98
IE ( C )
Number of shares
Net asset value per share
EUR
27,620.71
1,030.77
5,001.57
1,033.56
44,543.54
997.54
IE ( D )
Number of shares
Net asset value per share
EUR
27,162.95
1,030.86
32,043.53
1,032.18
211,624.11
995.92
ME ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
4,101.38
102.63
2,210.77
99.16
Absolute Volatility Arbitrage Plus
Total Net Assets
The accompanying notes form an integral part of these financial statements
299
Financial Details Relating to the Last 3 Years
Absolute Volatility Arbitrage Plus
Year ending as of:
30/06/15
30/06/14
30/06/13
6,865.85
100.62
13,448.43
101.49
13,380.55
98.68
30/06/15
30/06/14
30/06/13
EUR
944,121,074
822,679,461
2,240,643,593
AE ( C )
Number of shares
Net asset value per share
EUR
761,812.75
133.18
1,057,446.17
128.43
3,282,201.47
145.64
AE ( D )
Number of shares
Net asset value per share
EUR
180,229.21
119.96
167,464.05
115.75
378,873.82
131.27
AHC ( C )
Number of shares
Net asset value per share
CHF
26,496.55
87.01
52,098.26
84.50
362,965.79
96.26
AHG ( D )
Number of shares
Net asset value per share
GBP
2,225.67
93.50
3,317.56
89.66
2,632.48
101.49
FE ( C )
Number of shares
Net asset value per share
EUR
56,418.59
87.09
36,837.35
84.59
88,248.53
96.60
CLASSIC H ( C )
Number of shares
Net asset value per share
EUR
15,706.01
126.54
17,182.56
122.71
143,811.71
139.98
IE ( C )
Number of shares
Net asset value per share
EUR
394,157.46
1,409.28
325,060.42
1,349.84
645,254.53
1,519.44
IE ( D )
Number of shares
Net asset value per share
EUR
5,232.00
925.79
4,028.00
885.83
15,547.00
997.12
IHC ( C )
Number of shares
Net asset value per share
CHF
1,156.61
893.58
1,647.61
862.41
13,268.26
975.31
IHG ( D )
Number of shares
Net asset value per share
GBP
2,985.22
969.35
2,295.66
924.53
15,375.46
1,038.04
IHG0 ( D )
Number of shares
Net asset value per share
GBP
44.54
996.44
61.92
948.31
68,544.22
1,065.47
SE ( C )
Number of shares
Net asset value per share
Absolute Volatility Euro Equities
EUR
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
300
Financial Details Relating to the Last 3 Years
Absolute Volatility Euro Equities
Year ending as of:
30/06/15
30/06/14
30/06/13
ME ( C )
Number of shares
Net asset value per share
EUR
614,161.38
123.17
402,952.07
118.31
1,128,655.03
133.44
OE ( C )
Number of shares
Net asset value per share
EUR
3,587.24
1,061.81
1,280.86
907.79
62,957.42
1,014.60
RE ( C )
Number of shares
Net asset value per share
EUR
27,418.53
98.31
11,458.83
94.33
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
1,263,647.44
129.80
1,291,814.29
125.49
2,317,170.44
142.74
30/06/15
30/06/14
30/06/13
USD
958,026,115
1,100,441,455
2,076,467,557
AE ( C )
Number of shares
Net asset value per share
EUR
47,372.52
104.71
13,903.37
87.65
20,459.85
105.96
AE ( D )
Number of shares
Net asset value per share
EUR
495.00
92.65
495.00
77.55
495.00
93.76
AHC ( C )
Number of shares
Net asset value per share
CHF
5,161.31
76.16
13,637.16
78.35
79,960.99
90.30
AHE ( C )
Number of shares
Net asset value per share
EUR
170,192.71
82.54
254,945.00
84.26
854,366.29
96.70
AHE ( D )
Number of shares
Net asset value per share
EUR
92,260.41
78.30
5,829.18
79.88
17,162.02
91.71
AHG ( C )
Number of shares
Net asset value per share
GBP
111,886.98
81.10
18,835.01
82.33
53,261.04
94.11
AHG ( D )
Number of shares
Net asset value per share
GBP
141.50
87.36
1,597.91
88.43
21,814.03
101.19
AHS ( C )
Number of shares
Net asset value per share
SGD
5,326.68
78.74
7,066.65
79.70
53,445.99
91.52
Absolute Volatility World Equities
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
301
Financial Details Relating to the Last 3 Years
Absolute Volatility World Equities
Year ending as of:
30/06/15
30/06/14
30/06/13
AHS ( D )
Number of shares
Net asset value per share
SGD
300.50
78.25
300.50
79.17
548.00
90.92
AU ( C )
Number of shares
Net asset value per share
USD
671,837.06
113.05
952,014.68
114.83
1,925,669.50
131.78
AU ( D )
Number of shares
Net asset value per share
USD
68,152.25
101.40
52,729.59
103.16
57,052.98
118.40
FHE ( C )
Number of shares
Net asset value per share
EUR
40,720.05
74.50
22,070.50
76.61
27,338.09
88.54
FU ( C )
Number of shares
Net asset value per share
USD
55,236.76
79.57
57,650.91
81.37
148,896.20
94.05
CLASSIC H ( C )
Number of shares
Net asset value per share
USD
38,724.69
108.21
50,917.94
110.57
82,356.80
127.67
IHA0 ( D )
Number of shares
Net asset value per share
AUD
43,759.47
986.18
0.00
0.00
0.00
0.00
IHC ( C )
Number of shares
Net asset value per share
CHF
65.50
809.43
96.50
827.57
876.00
947.14
IHE ( C )
Number of shares
Net asset value per share
EUR
265,267.94
875.62
228,392.16
888.40
552,072.23
1,012.00
IHE0 ( C )
Number of shares
Net asset value per share
EUR
5,889.69
972.64
0.00
0.00
0.00
0.00
IHE0 ( D )
Number of shares
Net asset value per share
EUR
1.00
974.23
0.00
0.00
0.00
0.00
IHG ( C )
Number of shares
Net asset value per share
GBP
49,636.76
819.38
100,275.39
823.06
84,376.93
934.29
IHG ( D )
Number of shares
Net asset value per share
GBP
39,736.51
871.63
12,593.98
877.49
14,041.49
996.74
IHG0 ( C )
Number of shares
Net asset value per share
GBP
60,019.55
979.58
0.00
0.00
0.00
0.00
The accompanying notes form an integral part of these financial statements
302
Financial Details Relating to the Last 3 Years
Absolute Volatility World Equities
Year ending as of:
30/06/15
30/06/14
30/06/13
IHG0 ( D )
Number of shares
Net asset value per share
GBP
47.39
854.65
49.42
859.56
50,299.67
974.63
IHJ ( C )
Number of shares
Net asset value per share
JPY
9,264.05
82,495.00
23,793.97
83,830.00
34,445.80
95,799.00
IU ( C )
Number of shares
Net asset value per share
USD
151,310.19
1,198.42
179,725.92
1,208.29
376,141.20
1,376.53
IU ( D )
Number of shares
Net asset value per share
USD
57,543.37
888.61
211,941.54
897.43
93.97
1,022.39
IU0 ( C )
Number of shares
Net asset value per share
USD
12,293.28
977.56
0.00
0.00
0.00
0.00
IU0 ( D )
Number of shares
Net asset value per share
USD
228.05
977.96
0.00
0.00
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
48,204.39
85.87
109,778.43
86.80
156,014.77
99.08
OU ( C )
Number of shares
Net asset value per share
USD
52,017.47
84.75
106,527.93
84.84
497,709.77
95.97
RG ( C )
Number of shares
Net asset value per share
GBP
2,981.55
82.15
2,278.16
76.36
360.00
98.30
RHE ( C )
Number of shares
Net asset value per share
EUR
1,869.94
88.20
1,882.94
89.64
0.00
0.00
RU ( C )
Number of shares
Net asset value per share
USD
21,970.80
87.09
3,473.98
88.01
226.28
100.54
SHE ( C )
Number of shares
Net asset value per share
EUR
125,162.91
78.22
50,771.83
80.16
67,208.06
92.29
SU ( C )
Number of shares
Net asset value per share
USD
331,308.93
110.49
414,794.24
112.57
685,193.39
129.59
The accompanying notes form an integral part of these financial statements
303
Financial Details Relating to the Last 3 Years
Absolute Global Dividend
Year ending as of:
30/06/15
30/06/14
30/06/13
EUR
38,919,477
240,610,671
32,442,195
AE ( C )
Number of shares
Net asset value per share
EUR
18,044.47
103.46
1,431,784.34
102.23
0.00
0.00
FE ( C )
Number of shares
Net asset value per share
EUR
1,238.38
102.22
728.51
101.86
0.00
0.00
IE ( C )
Number of shares
Net asset value per share
EUR
33,618.44
1,087.42
87,863.14
1,070.63
30,973.01
1,015.49
ME ( C )
Number of shares
Net asset value per share
EUR
0.00
0.00
215.00
99.09
10,305.29
96.01
SE ( C )
Number of shares
Net asset value per share
EUR
3,584.41
102.83
688.43
102.15
0.00
0.00
30/06/15
30/06/14
30/06/13
EUR
1,939,787,493
730,118,767
1,155,372,168
AE ( C )
Number of shares
Net asset value per share
EUR
9,957,365.92
101.20
3,620,909.83
101.18
5,416,476.95
101.02
AE ( D )
Number of shares
Net asset value per share
EUR
124,816.28
100.64
3,704.38
100.74
5,985.46
100.65
FE ( C )
Number of shares
Net asset value per share
EUR
309,907.13
100.84
245,763.61
100.83
592,704.25
100.66
IE ( C )
Number of shares
Net asset value per share
EUR
608,947.10
1,017.76
167,755.80
1,016.72
320,304.63
1,014.11
IE ( D )
Number of shares
Net asset value per share
EUR
23,543.00
1,001.10
3,103.00
1,000.28
0.00
1,010.00
ME ( C )
Number of shares
Net asset value per share
EUR
1,027,737.57
101.78
711,719.23
101.68
1,251,648.16
101.41
OE ( C )
Number of shares
Net asset value per share
EUR
131,701.91
1,021.83
84,651.34
1,019.76
86,481.87
1,016.12
Total Net Assets
Cash EUR
Year ending as of:
Total Net Assets
The accompanying notes form an integral part of these financial statements
304
Financial Details Relating to the Last 3 Years
Cash EUR
Year ending as of:
30/06/15
30/06/14
30/06/13
RE ( C )
Number of shares
Net asset value per share
EUR
1,807.52
100.22
8,763.64
100.11
0.00
0.00
SE ( C )
Number of shares
Net asset value per share
EUR
55,677.00
101.12
53,052.33
101.10
82,174.77
100.94
Year ending as of:
30/06/15
30/06/14
30/06/13
USD
919,207,860
408,178,162
329,763,002
AE ( C )
Number of shares
Net asset value per share
EUR
911,724.51
114.87
0.00
0.00
0.00
0.00
AU ( C )
Number of shares
Net asset value per share
USD
4,304,840.40
101.22
2,654,899.62
101.00
2,061,168.73
100.77
AU ( D )
Number of shares
Net asset value per share
USD
21,929.10
101.21
5,923.57
101.01
4,717.38
100.78
FU ( C )
Number of shares
Net asset value per share
USD
435,551.00
101.20
240,706.68
100.98
178,312.96
100.75
IU ( C )
Number of shares
Net asset value per share
USD
215,175.60
1,012.15
66,735.63
1,009.98
58,707.87
1,007.72
IU ( D )
Number of shares
Net asset value per share
USD
2,651.39
1,001.08
0.00
0.00
0.00
0.00
MU ( C )
Number of shares
Net asset value per share
USD
860,701.42
101.21
398,243.34
101.00
239,431.12
100.77
OU ( C )
Number of shares
Net asset value per share
USD
0.00
0.00
0.00
0.00
9,740.81
1,000.05
SU ( C )
Number of shares
Net asset value per share
USD
127,840.21
101.21
74,397.42
100.99
105,044.99
100.77
Cash USD
Total Net Assets
The accompanying notes form an integral part of these financial statements
305
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
Management fees
Performance fees
Administration fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
2
12
4
5
4
6
4
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
13
Net realised profit/(loss) on options
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
306
57,723
7,819
-
-
41
-
-
-
66,935
-
-
7,865
30/06/2014
USD
-
-
-
-
-
-
46
-
1,194,943
47,780
24,125
-
80,598
-
-
-
359
658
-
194,588
27,723
12,802
4,370
17
-
-
-
-
-
-
626,958
199,883
19,198
3,365
57,943
8,040
408,796
13,118
6,558
-
5
-
-
5,718
880
-
-
-
-
4,067
-
-
-
-
9,984
-16,260
-
-
-
-
70,934
-7,093
1,428,426
-
557,704
33,955
-351,974
-12,966
-9,343,192
-
-
-33,380
-
481,300
-49,640
-635,711
-
-
-
-
-
37,019
-1,598
-
-
-7,169,734
503,582
-685,351
-
276,010,662
13,831,500
26,983,000
243,825,181
14,335,082
26,297,649
-
14,335,082
-
-
-
-
18
57,764
35
22,553
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Redemptions
1,536,769
1,603,739
2,113,886
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Dividend paid
30/06/2015
USD
-
Net realised profit/(loss) on foreign exchange
Subscriptions
30/06/2014
USD
-
Net realised profit/(loss) on forward foreign exchange contracts
Equity Global Income
30/06/2015
USD
-
Net realised profit/(loss) on securities sold
Result of operations
Equity Global
-
-25,015,747
-
258,160,263
23,880
-
-
-
-
14,335,082
-
-
-
-
26,297,649
-
-
-
-
-
Equity Japan Target
30/06/2015
JPY
Equity US Concentrated Core
30/06/2014
JPY
30/06/2015
USD
30/06/2014
USD
171,872,094
637,711
737,826
385,724,252
171,872,194
-
-
385,718,493
Equity US Relative Value
637,785
-
Equity Global Select
30/06/2015
USD
30/06/2014
USD
24/04/2015
USD
30/06/2014
USD
10,278,011
9,536,809
2,123,086
2,416,723
737,984
10,278,342
-
-
9,536,811
-
2,204,529
-
5,705
100
74
158
331
2
481
-
-
-
-
-
-
-
-
54
-
-
-
-
-
-
-
-
-
-
-
80,962
403,203,481
376,437,679
2,341,792
2,756,733
10,055,872
9,747,714
3,171,760
2,923,466
148,594,242
4,002
162
217
30,310
115,050
254,627,894
78,931,114
7,222,686
8,615,939
152,354,432
1,730,429
2,015,915
7,266,705
6,979,749
35,429,762
405,975
478,574
2,090,517
1,991,472
495,941
5,737,072
44,619
60,017
56,130
69,163
1,813
4,234,659
47,513
54,742
160,804
172,221
50,421,082
29,958,530
109,028
146,774
470,634
503,592
461,300
128,982
226
414
10,865
1,207
-
-
-
-
-
-
-
-
-
-17,479,229
3,696,676,245
207,985,350
-
-
-
-204,565,485
1,654,030,937
-
-
-
-
-1,704,007
12,733,195
-
-
-
135
-2,018,749
-
-
-
222,470
-
-210,903
-36,768,000
-
-
-
-43,683
17,872,902
8,756,149
-
-29,169,142
-18,831,000
-2,469,000
5,058,434,130
2,247,506,677
6,158,336
26,705,875
45,734,538,071
14,677,428,083
31,458,056
59,722,017
-528
-32,540,366,629
18,252,605,044
-
11,608,365,339
-
-555
-12,746,823,605
-
-
-
-48,088,787
4,178,110,600
-10,472,395
7,430,254,739
113,845,527
-
29,860,970,383 11,608,365,339
-
103,373,132
-886,046
-
-171,002,116
-
-63,176
-967,231
-
9,577
-
-
-
-
-
-2,793,488
40,301
23,935,180
-
9,015,000
-
205
30,606,970
-
518,856,570
599
50,563,349
-
1,760,288,249
758
371,793
79,695,949
-
1,610,510,005
75,884
18,731,381
-
3,674,525,241
529
550,787
-
7,659,800
-27,222
2,200,885
-
-47,540,152
-1,173,640
3,390,869
-
1,203,953
-13,426,842
-
86,943
180,451
-1,986,966
-
359,412
-
231,016
296,291,437
15,705,000
64,751
-
1,157
-
-265,491,283
66,261,000
1,862,877
2,504,823
76,824
-
-
-
-90,094,251
-
-133,398
32,244,869
-66,285,100
-
-1,770,875
-
-
-
3,561,560
-59,272
-139,106
-109,306
-18,999
57,873,140
81,699,529
-
-
33,091,993
-16,018,236
-
-
22,970,863
3,925,566
-
1,908,117
-
-
-
-104,092
214,630
-35,811,106
141,480,786
16,969,665
27,111,059
143,709,667
624,370,393
81,387,678
18,328,551
-
-
-8,838
-265,298,904
-
-8,663
-522,282,913
-
-
-267,971,998
-
-
-25,807,394
-3,666,359
-157,409,181
243,559,603
-169,614,655
19,632,216
117,511,886
756,638,074
513,078,471
169,614,655
149,982,439
-
113,845,527
-
599,228,893
-
756,638,074
-
-
169,614,655
The accompanying notes form an integral part of these financial statements
307
Statement of Operations and Changes in Net Assets
Note
30/06/2015
JPY
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
Equity Japan Value
2
12
Equity Euro
30/06/2014
JPY
30/06/2015
EUR
30/06/2014
EUR
265,726,525
5,395,904
7,628,522
232,421,273
265,726,682
-
-
232,404,547
5,667,558
-
953
157
200
-
-
-
-
15,773
-
-
-
271,454
298,792,613
307,961,340
4,018,956
-
-
867,468
7,983,988
-
14,166
-
-
341,300
3,116,504
Management fees
4
Administration fees
4
48,230,520
49,047,367
708,848
742,765
4
501,202
547,978
14,364
14,081
Performance fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
5
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
13
Net realised profit/(loss) on options
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on foreign exchange
Net realised profit/(loss)
-
-
40,260
-66,371,340
Net change in unrealised appreciation/(depreciation) on swaps
108,787
1,648,602
-
49,552
4,867,484
199,471,960
-38,908,080
-
-
-
-
-
-
-
-
-914,290
1,385,280
-16,796,043
7,648
-14,969
2,117,685,094
-952,136,504
-
-
25,555,536
3,811,761
-
-
18,146,144
37,959,026
-
-42,100,913
-14,457,015
-
-
-
-
171,130
10
3,030,156,114
1,151,091,575
29,538,427
56,105,180
27,753,218,416
32,480,596,338
43,302,362
71,691,907
-2,623,260
-
-3,746,260
-34,636,689,319
-31,626,176,690
-
-
16,523,919,607 14,522,154,644
308
-
82,621
11,908,349
Net assets at the beginning of the year
The accompanying notes form an integral part of these financial statements
402
-
-3,855,938,049
Net assets at the end of the year
3,391
-
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
189,828
116,211
-42,234,658
45,535
316,831
-
-
43,136
24,813,576
-
18
43,030
1,948,584
2,215,623,875
-
Net change in unrealised appreciation/(depreciation) on financial futures
1,840,026
2,606,350,226
351,419,891
Net change in unrealised appreciation/(depreciation) on options
Redemptions
2,007,016
2,720,837,136
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Dividend paid
2,068,375
-18,613,710
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
5,315,752
80,940,186
-
-
Net realised profit/(loss) on swaps
170,103,041
73,096,970
-
Net realised profit/(loss) on forward foreign exchange contracts
Subscriptions
4,514,967
-
Net realised profit/(loss) on securities sold
Result of operations
170,340,319
2,001,764,963
12,667,981,558 16,523,919,607
-
-13,277
-110,665,840
-
-8,147
-69,613,246
-37,838,328
58,175,694
276,253,439
218,077,745
-
238,415,111
-
276,253,439
Equity Europe
Equity Euroland Small Cap
Equity Europe Small Cap
Equity Global Gold Mines
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
USD
30/06/2014
USD
2,714,377
4,716,154
6,063,823
8,059,848
4,948,510
313,917
897,201
817,127
2,806,374
-
4,749,997
-
6,800,833
-
8,404,922
-
5,002,369
-
313,923
-
932,414
-
1,269
122
5,282
19,344
529
6
57
-
-
-
-
-
-
-
-
90,728
-
33,721
-
731,728
-
325,730
-
53,330
-
-
-
35,156
837,421
-
1,312
-
18,982
2,295,958
2,443,530
8,648,490
7,169,292
1,325,280
84,363
2,543,022
4,181,461
82,736
444,564
248,040
488
-
-
47,921
2,014,768
1,226,482
1,175,246
4,932,372
4,296,483
9,714
300
1,539,750
378,371
372,873
1,521,165
1,379,207
283,088
27,824
382,791
11,589
5,136
51,152
44,903
745
-
30,739
39,351
371,376
34,584
298,212
116,593
877,146
103,770
885,283
25,741
777,168
137,776
102,955
535,583
382,923
199,563
-
-
-
-
3,203
-
45,074
510,416
1,442
-
8,518
-
-441,494
-27,583
2,081
-
105,313
29,514,517
-5,644,014
-
365,964
-1,847,657
12,448,287
1,931,197
-
2,306,467
26,995,174
-
475
-47,870
-
-7,076
1,920
-
74,315
1,235,630
59,459,788
32,572,155
-
-
-
-47,350
30,546
25,205
349,944
-
157,284
171,653
-
-
-
-
26,665
-
2,596
-
3,677,089
-
-
229,560
3,232
-
16,729
-1,610,608
784
-
6,570
-3,344,040
-30,733,113
-20,344,384
-
4,146,000
301,137
-390,488
33,688
-
-
-
-
-
-
-
16,370
33,824,155
-
37,993
-37,993
31,268,393
-260,170
-1,737,053
5,905,727
47,103,594
-
-
41,058
-617,882
-8,270,271
-
-
47,279
-32,686,930
-27,892,507
-
-
-47,968
-23,702,704
46,075,341
-
23,938,499
20,133,810
75,799,227
65,054,555
54,695,728
-8,954,238
-60,595,343
22,389,999
31,158,031
101,098,602
145,116,447
460,456,124
3,079,806
287,155,858
199,463,730
206,588,153
-92,877,146
70,484,100
-223,088,209
316,902,183
-7,163,399
273,361,556
178,795,768
108,311,668
533,569,753
216,667,570
273,361,556
-
-17,366
-147,956,310
-
85,918,622
-5,883
-50,742,429
-
178,795,768
-325,655
-443,678,228
-
310,481,544
-
-
-
-
-
-204,802
-208,608,496
-64,734,131
-
-
533,569,753
266,198,157
-
-
-
-15,906
-
-81,634
-
-66,085
-
98,347
-
1,686,407
-
-3,430
-
-
-66,804
-30,351
-
-
335,916
311,443
-1,189,637
57,123,287
18,637,947
49,404
28,660
146,665
14,701,889
5,516,985
6,835
1,270,548
-
-
-
-4,840,064
-147,184,261
-
-
273,361,556
-8,315,874
131,435,041
123,119,167
17,362
-
-
-
-151,713,438
77,264,714
-
54,170,327
131,435,041
The accompanying notes form an integral part of these financial statements
309
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Equity Global Luxury and Lifestyle
Equity Global Agriculture
30/06/2015
USD
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
2,324,931
2,619,083
2,321,116
2,636,926
2,454,074
-
2,688,408
-
2,390,714
-
171
2,401
27
-
-
-
-
128,972
-
66,924
-
69,571
3,727,023
4,203,838
2,641,314
2,286
5,212
179,282
2,709,352
-
3,532
-
-
68,894
2,749,025
Management fees
4
Administration fees
4
612,355
680,006
441,780
478,048
4
39,241
58,530
25,938
14,153
Performance fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
5
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
13
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net change in unrealised appreciation/(depreciation) on swaps
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
310
-
-
64,486
-1,272,949
-
Net change in unrealised appreciation/(depreciation) on financial futures
Redemptions
-
-1,098,919
Net change in unrealised appreciation/(depreciation) on options
646
-
13,705
-1,515,430
38
-
34,791
-250,600
182
-
20,108
-39,673
19,501,772
4,696,381
6,123,371
249,447
-6,238,174
2,457,145
-
-
-
-
-3,411,934
-23,266
14,800,589
4,609,196
-
-
-
-35,709
-1,828,102
-4,162,694
-
-
13,618
8,554,461
16,026,796
-
45,296
641,933
-1,272,428
12,410,958
18,182,653
-6,523,862
25,133,041
82,995,372
107,515,437
172,413,198
53,930,315
-
-80,184,679
15,221,651
-
155,489,606
170,711,257
-
-170
-120,062,813
5,635,107
-
149,854,499
155,489,606
-533,066
-
-41,094
-
18
150,380
-
167,665
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
41,228
-
963
12,909,038
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
97,110
5,375
129,894
-
Net realised profit/(loss)
378,141
36,162
1,909,657
57,561
1,898,075
Net realised profit/(loss) on foreign exchange
80,459
1,768,652
205,004
-
Net realised profit/(loss) on financial futures
Subscriptions
288,492
2,782,135
126,394
-996,748
Net realised profit/(loss) on swaps
Result of operations
74,874
13,112,995
Net realised profit/(loss) on forward foreign exchange contracts
Dividend paid
2,517,932
-
-
-
-169,516,870
551,784
-
-
-
-99,048,050
-3,627,534
-19,984,694
140,918,774
160,903,468
-
137,291,240
-
140,918,774
Equity Global Resources
Equity ASEAN
Equity Asia ex Japan
Equity Brazil
30/06/2015
USD
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
2,279,365
2,362,820
2,932,546
5,712,114
4,769,896
4,380,859
1,669,508
3,382,198
2,365,830
-
2,389,189
-
163
3,283
-
-
-
86,302
2,932,546
-
5,712,127
-
4,773,999
-
4,385,773
-
-
13
4,103
4,914
-
-
-
-
-
-
23,086
-
-
-
-
-
-
-
1,697,147
21,877
53
-
5,709
1,464,120
2,069,948
2,850,899
3,642,944
7,254,128
6,225,365
1,524,436
9,925
17,388
2
4,040
245
294,133
14
875,632
912,592
1,349,957
1,795,181
3,538,263
2,962,313
907,078
296,309
295,545
554,074
756,481
1,120,194
1,007,347
280,855
7,942
8,470
8,820
11,182
9,362
11,758
6,624
22,859
127,987
25,881
3,586
12,513
11,171
1,741
1,430
-
-
-
-
-
8,685
319,241
-
-
-
81,647
-
-34,457,923
-
7,580
2,410
1,188,941
-12,647,800
33,366
418
-8,270,748
-
1,418
432,915
296,200
-1,391,441
24,278
1,381,445
251,468
2,079,017
-
2,229,917
1,869,094
-5,303,040
-
19,615
-
7,400
2,493,417
-
901,710
69,549
-
1,029,655
-
43,152
80,134
10
903,560
290,220
-
42,819
27,677
510,749
80,142
172
32,076
3,417,285
-
-
-
-
-
2,069,183
689,043
-
-
-
-
-
67,613
-150,756
-2,235
-
3,654,812
19,225,054
-1,460,550
-10,601,346
2,755,991
-9,117,298
-2,480,129
26,551,094
-
-140
-
-1,839,592
706,382
-
-1,974
-
13,436,091
16,121,484
-
4,791
1,187,368
-11,915,532
-
-
-
-15,734
-1,584
-
-
-18,034,968
-10,729,748
-4,407,563
15,935,956
16
-
-52,974
-
-
-
-
-
-
-
-
-
-
-47,481,836
23,274,407
-12,061,896
-6,361,307
10,053,189
29,557,575
-22,495,505
5,206,208
95,931,690
199,774,379
14,275,627
71,641,444
188,209,403
61,034,011
25,490,125
63,013,776
-296,169
-
-97,287,227
-124,899,963
-
-
-49,133,542
145,631,782
96,498,240
-14,055
-57,759,389
-122,234,384
-
-
98,148,823
-55,559,713
47,482,959
152,838,072
145,631,782
-47
97,278,359
-
-
-313,684,403
-
-
-
-
-
172,711
-
386,441
-14,404,093
3,755
-18,898,327
-
24,457,266
-
15,277,657
-
-
70,772
-
-
-
-
53,286
394,541
-
-
-
-
-
-376,113
-
-
-
-
-
-
-71,584,703
-
-28,700
-66,166,720
-56,954,294
-115,421,811
19,006,883
-63,200,800
209,792,366
232,561,162
213,554,279
96,445,920
152,838,072
-
117,139,351
-
232,561,162
-
33,245,120
-
-30,775
-77,249,022
-9,059,813
-
105,505,733
96,445,920
The accompanying notes form an integral part of these financial statements
311
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Equity Emerging Europe
Equity Emerging Internal Demand
12/09/2014
EUR
30/06/2014
EUR
30/06/2015
USD
30/06/2014
USD
448,580
759,422
4,649,107
5,135,193
454,008
-
773,810
-
649
5,994
-
-
-
4,779
-
8,394
4,682,717
17,518
29
-
-
16,063
205,471
987,853
7,136,448
298
55,175
1,506,981
Management fees
4
Administration fees
4
28,329
168,580
1,060,093
4
1,543
9,442
9,034
Performance fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
5
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
13
Net realised profit/(loss) on options
Net realised profit/(loss) on financial futures
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on swaps
Subscriptions
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
312
75,452
9,874
16,426
-
2,389
248,537
28,183
-
-
10,999
-214,043
-561,650
-1,396,650
-
229,537
-
-
8,029
-2,453,731
208,806
-
18,999
-423,169
7,355,607
1,865,803
-
-3,212,185
110,924
-
-
-
-
65,478
14,853
-1,530,362
1,388,061
-
-
-
-158,341
1,531,350
-12,631,062
-
-
39,127
1,592,685
26,332,975
-
-
40,604
271,051
-572,467
128,750
-11,199,677
28,028,188
437,706
8,306,082
217,741,147
104,577,478
-
-32,917,914
-33,052,675
-
33,052,675
-
-
-5,869
-13,845,272
-5,416,309
-
38,468,984
33,052,675
-99,965
-
-
-
18
273,514
1,125,877
2,149
-
Net change in unrealised appreciation/(depreciation) on financial futures
3,341,252
338
64,855
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
6,114,934
3
8,728
-677,926
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
-
532,056
1,044,734
-2,269
Net realised profit/(loss)
70,053
-
1,187,551
-
Net realised profit/(loss) on foreign exchange
16,250
3,063,021
2,354
111,389
-362,544
Net realised profit/(loss) on swaps
587,497
22,162
63,484
-
Net realised profit/(loss) on forward foreign exchange contracts
Result of operations
2,615
-
Net realised profit/(loss) on securities sold
Dividend paid
98,082
5,691,765
-
-
-8,603
-162,120,364
102,528
-
-
-681
-263,833,426
44,412,503
-131,228,441
196,702,893
327,931,334
-
241,115,396
-
196,702,893
Equity Emerging World
30/06/2015
USD
Equity MENA
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
15,602,238
3,544,093
3,509,837
15,229,612
15,809,933
72,988
115,667
15,079,378
288
-
76,958
Equity Greater China
4,428
-
87,600
3,744,959
199,048
1,818
-
-
30/06/2015
USD
Equity India
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
10,460,092
4,594,305
3,899,246
3,930,212
11,744,050
10,461,437
418,278
-
-
11,570,865
2,097
6,798
1,345
-
-
-
-
-
-
166,387
4,594,305
-
-
-
-
-
-
-
11,168,996
12,932,520
5,194,002
4,623,478
10,847,523
11,023,781
9,453,286
367,364
111,894
1,577,465
746,902
21,384
177,193
2,337,501
5,053,028
6,423,643
2,226,516
2,564,746
75,414
97,163
138,917
180,323
2,127,381
1,904,223
5,932,798
5,877,615
3,711,088
709,607
697,379
1,923,628
1,979,945
2,042,744
102,182
53,752
66,832
64,799
10,608
43,438
35,603
142,006
151,854
91,506
3,899,246
-
-
-
5,775,612
2,691,220
270,480
1,656,813
63,626
4,237
2,652,678
2,776,563
548,409
1,028,945
2,744,143
2,766,643
1,224,841
1,049,228
51,731
65,225
12,596
19,713
16,732
5,732
34,998
40,008
-
-
-
-
-
-
-
563,210
-
40,138
672,497
-
40,466
72,924
-
4,060,616
2,877,413
-1,449,043
-
-
-
11,938,143
18,810,124
-
-5,283,228
29,525,655
-57,653,593
-
8,726,310
-2,359,987
-
-111,967
9,131,769
83,236,827
-
-693,266
-
-
896,527
-
-
-
-
-
38,386,835
-4,033,384
137,197
-
-
-
-111,724
1,926,854
-4,971,905
51,650,276
-
38,639,793
-
-
-
-
-
-
-56,257
-234,638
-67,506
-1,084,004
-328,991
-
-
-
-
-
25,678,837
49,115,610
37,756,985
45,707,291
36,434,436
12,003,439
-12,317,731
39,602,176
16,008,808
72,978,635
-22,878
-168,581
177,426
-
-
-
-
-
-
-
-
-
-
-
-
-
-28,882,658
92,345,718
-3,213,632
37,859,702
36,797,879
77,359,161
61,716,099
109,413,071
220,359,267
308,690,868
99,100,244
166,630,213
291,110,864
101,833,960
330,953,794
81,135,639
-3,069
-411,751,175
-
-
-10,150
-
-
-
-16,106
-
-12,980
-147,906,981
-152,137,045
-348,733,948
-225,156,823
-
-
-
-
-
-101,691,668
757,337,326
859,028,994
537,059,691
-
-
-502,728,254
-220,277,635
-
-
-
-1,876,366
48,453,721
-
-
-
-4,858,981
26,291,163
-
-
-
-562,344
7,521,005
-
-
-754,720
-
-
136,961
757,337,326
-52,030,519
181,040,067
129,009,548
52,352,870
128,687,197
181,040,067
-20,841,311
388,868,279
368,026,968
-
-2,693
-242,095,340
-45,976,682
150,571,860
434,844,961
412,209,428
388,868,279
-
562,781,288
-
-5,627
-213,635,528
-23,092,445
-
435,301,873
412,209,428
The accompanying notes form an integral part of these financial statements
313
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Equity India Select
Equity India Infrastructure
30/06/2015
USD
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
830,650
836,180
439,843
368,194
830,650
-
905,661
-
-
69,481
-
-
-
-
-
-
439,843
-
-
-
368,194
-
-
-
2,419,786
1,362,701
2,003,449
1,052,568
201,106
-
705,834
540,648
Management fees
4
Administration fees
4
319,610
251,498
246,630
115,098
4
11,252
12,315
34,274
3,972
Performance fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
5
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
828,390
16,620
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on financial futures
93,154
2,402
2,365
10,084
1,664
-
-
-
-
-457,040
-1,563,606
-
-
517,525
-1,589,136
-
146,728
5,230,420
-
-
-144,180
Net realised profit/(loss)
-
10,657,571
-
Net realised profit/(loss) on foreign exchange
8,571
233,372
-
Net realised profit/(loss) on swaps
18,003
289,461
270,483
-
-
Net realised profit/(loss) on forward foreign exchange contracts
14,731
755,252
522,881
-
13
664,581
-
-
-91,329
-
-
-
3,784,484
-
-
-
-21,521
-
-
-
-684,374
-950,947
-
-
-
-
-13,273
8,924,255
4,682,051
2,199,357
-1,648,594
Net change in unrealised appreciation/(depreciation) on options
-
-
-
-
Net change in unrealised appreciation/(depreciation) on financial futures
-
-
-
-
7,558,372
14,355,786
4,577,920
12,293,240
50,574,194
1,066,157
81,397,465
27,680,973
-1,365,883
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
-
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on swaps
Result of operations
Dividend paid
Subscriptions
Redemptions
-
18
-
-26,826,549
Increase/(decrease) in net assets
31,306,017
Net assets at the beginning of the year
56,754,897
Reevaluation of consolidated Net Assets
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
314
-
88,060,914
9,673,735
-
-
-21,864,868
-6,442,925
-
63,197,822
56,754,897
2,378,563
-
-
-80,896,145
13,941,834
-
-
-23,512,637
5,079,240
16,461,576
42,767,802
26,306,226
-
47,847,042
-
42,767,802
Equity Korea
Equity Latin America
30/06/2015
USD
30/06/2014
USD
642,874
586,609
642,874
-
30/06/2014
USD
17/04/2015
EUR
30/06/2014
EUR
26,599,441
2,319,019
2,856,904
765,550
1,064,526
26,827,299
-
158,487
200,510
21
-
-
-
30/06/2015
USD
14,933,519
-
-
14,448,870
444
-
325,718
Equity Global Aqua
30/06/2014
USD
586,630
-
30/06/2015
USD
Equity Thailand
2,319,104
-
2,856,976
-
469
85
72
-
-
-
-
26,879
-
-
775,192
-
-
-
-
-
9,642
-
2,120,970
2,472,982
12,140,602
14,985,335
1,992,081
2,061,657
1,166,365
-
14
828
283,953
1,469
51
-
648,135
752,934
7,895,091
9,763,301
1,122,874
1,271,642
795,080
255,232
296,049
2,665,100
3,394,747
372,045
404,591
180,890
887
884
15,557
19,859
4,869
5,356
7,127
8,871
12,251
161,356
1,207,665
1,410,830
1,050,606
180
20
501
-
-
-
-
-
-
-
-
-1,478,096
-1,886,352
-
-
-2,575,097
-
244,503
2,792,917
-
-
174,222
22,909
3,568
2,707
8,259
3,340
24
152
-
-
-
20,031
11,841,964
-
-
-
327,023
-
-
-
795,319
27,529
-
4,821
-391,173
32,619
-
2,017
-12,862
-11,379,360
1,525,092
-2,767,785
16,124,920
2,139,646
-
96,125
-
-
-
-
-
-
-
-
-
-
41,798
-129,262
-28,288
-302,667
-
770,501
100,328
-
1,106,316
128,937
-
-106,926,379
-
28,576
348,448
-
8,402,985
21,957
-
460,396
340,371
27,059
28,229
-
352
915,863
324,504
-
22,169
1,093,454
-
-
-6,623
-
-20,838
-
-111,777
-
-861
-4,011,395
6,387,371
-104,161,750
-111,501,702
69,426,357
256,062
1,845,492
-1,993,304
15,621,970
2,125,923
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-8,676,331
15,027,983
-215,663,452
69,682,419
790,407
-4,928,237
6,462,430
8,980,344
65,472,068
69,612,273
238,158,265
255,714,390
109,132,434
91,015,859
15,027,936
45,078,060
-4,664,936
-
-6,873
-72,595,918
-15,807,054
-
61,201,164
45,394,110
8,640,612
-
-11,519
-91,504,636
-
-805,454
-424,511,268
-6,875,899
-402,821,909
68,077,063
887,390,934
-
61,201,164
-
484,569,025
-
-579,192
-334,669,364
-9,851,747
-
897,242,681
887,390,934
-1,055,085
-
-11,595
-134,901,868
-24,990,622
-
85,391,286
60,400,664
-2,934,933
-
-7,652
-113,138,572
-9,159,540
-
-
-89,567,542
6,854,421
-
-
-19,911,663
-27,058,602
-68,077,176
34,146,741
112,449,888
68,077,176
33,930,435
-
85,391,286
-
-
-
68,077,176
The accompanying notes form an integral part of these financial statements
315
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Equity Emerging Anti-Benchmark
Equity Emerging Minimum Variance
19/06/2015
USD
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
458,042
324,534
1,745,299
1,216,771
470,169
-
324,593
-
1,749,114
-
12,127
59
15
-
-
-
-
-
-
-
-
3,800
330,928
190,995
1,571,199
72
-
1,972
Management fees
4
Administration fees
4
59,285
33,742
312,565
4
156
-
9,844
Performance fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
5
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
165,063
2,313
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on forward foreign exchange contracts
860,117
251,050
151
238,521
7,259
254
358,143
11,325
22,028
2,789
1,336
-
-
-
-
-
8
-
-
-
139,241
133,598
-
-
62,312
-
2,855
177,915
241,655
2,674,076
-3,213
-1,353
-4,303,636
-
-
-31,112
Net realised profit/(loss) on foreign exchange
-13,973
Net realised profit/(loss)
-
-
467,879
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
14,810
-
39,482
-773,648
Net realised profit/(loss) on options
1,401
696,173
-
6
92,706
-
13
94,342
1,216,777
-682,705
-
852
-
2,551
356,660
372,901
-
896
4,992
-1,053,654
181,128
28,869
-362,131
-50,662
407,761
-2,867,430
860,923
-1,187,570
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
-
-
12,082
448
-1,219
1,219
4,353
-3,928
-1,871,494
1,596,550
-8,722,373
9,159,278
381,533
26,979,748
37,216,655
67,168,002
-24,926,737
24,926,737
-8,525,144
76,191,683
24,926,737
-
-
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
Result of operations
Dividend paid
Subscriptions
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
316
-
18
-
-23,436,776
-
-
-
-
-
-3,649,561
-
24,926,737
-5,871,378
-
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
1,187,570
-
-
-
-
-37,019,426
-
76,191,683
67,666,539
8,301,835
-
-
-
-135,597
-
76,191,683
Equity Europe Minimum Variance
Equity Global Minimum Variance
Equity World Anti-Benchmark
Convertible Credit
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
USD
30/06/2014
USD
19/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
8,551,274
5,440,595
2,031,881
1,315,289
331,118
321,773
-
8,702,110
-
969
-
149,867
5,501,441
-
7,224
-
53,622
2,071,237
-
1,496
-
37,860
1,318,651
-
876
-
2,486
342,189
-
5,683
-
5,388
323,027
1,823,425
-
1,811,979
-
-
1,254
-
-
247
-
11,199
30/06/2014
EUR
-
-
-
-
7,668,350
2,577,575
1,581,795
991,720
279,688
333,781
1,101,936
-
3,006,338
3,017
95
13
-
27,628
401,716
-
2,226,392
804,310
81,539
20,584
1,185,921
1,124,961
503,613
26,896
5,279
654,816
690,772
331,987
25,120
2,545
1,033,760
18,869,390
-
2,359,935
2,923,866
17,459,406
-
-
2,493
1,736
1,178
4,641
2,317
-
-
-
-
4,691
1,116
56,712
10,734
-
73,024
2,681
62,918
-
-
1,013
44,711
83,841
153,685
-
14,802
179,977
261,820
246,751
7,551
190,188
142,695
347,853
262,033
8,209
453,469
-
19,004
489,442
7,713,591
-
98,793
68,091
-
1,146
326,931
3,791,072
-
-63,759
-
-
3
62,501
4,184,577
-
8,290
362,362
193,602
15,382
-
29,934
-
92,445
-
-
-
-10,754
2,030,709
-
1,612
937
-
5,558
5,284
3,067
35,930
-436,281
-16,260
-8,481
289,700
-53,077
-32,969
8,271
-7,296
24,002,079
21,686,082
-
20,415,499
11,999,538
-
9,694,592
-4,224,826
-
4,368,876
4,680,276
-
-
4,225,466
-1,414,837
-
54,199,102
659,300
4,968,648
314,137,518
-
136,120,325
117,279,622
3,918,384
45,765,784
49,536,102
-16,683,306
180,405,968
86,847,530
37,311,428
16,683,306
473,346,303
-
184,324,352
-
132,613,314
-
-
395,244,528
-
735,969
2,755,086
5,430,678
184,324,352
1,360,452
-
3,428,545
32,540,566
-76,944,419
-
2,810,629
46,111,788
-164,742,507
2,341,668
9,086,920
36,019
-152,331,318
2,065,768
-100,710
-37,358
289,021,951
-
2,325
125,529
-97
-
-
283,311
-
-
-
-221,841
1,749
-3,047
-
-
-1,730
-
-
-
-
-
-
140,316
-
-
-
-
367,709
-
-
-
566,024
1,492,448
1,103,066
-
-
-
-
40,708
-
-
-
721,489
1,755,254
-
-
-
-
-13,749,920
-
86,847,530
-
-3,232
-20,150,003
-
-
-
-
-11,939,389
-
-
-
-188,264,526
-
-
-
-
-
-3,542,196
128,628,078
-
20,225,502
-
-
-
16,683,306
-
128,628,078
-
The accompanying notes form an integral part of these financial statements
317
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Convertible Europe
Convertible Global
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
518,686
514,088
272,608
12,673,713
9,309,567
3,504,181
3,185,585
2,590,448
-
2,243
-
2,075
379,883
92,562
40,455
6,471
7,247
-
5,754
-
5,533
-
9,450,982
5,331,454
5,490,218
79,472
701,421
347,268
Administration fees
4
2,058,767
1,014,546
1,011,793
4
115,204
87,205
6,980
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
13
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on options
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on swaps
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
Redemptions
89,591
158,310
-
-
-
180,193
3,222,731
-
39,115
-
20,226
-1,986,037
177,883
-2,478,464
23,205,775
11,573,727
-12,447,077
402,811
249,389
585,633
4,846,010
95,987
-
31,831,201
-49,739,009
846
-
3,586,314
2,140,110
22,763
644,143
90,385
5,493
362,054
315,149
2,982
-
-
3,235
-654,421
13,054,905
-1,548,012
6,906,280
-1,656,231
-1,166,883
5,293,725
205,558
-
-
20,200,060
16,814,154
-18,734,815
-4,397,234
-757,896
-1,071,100
7,426,465
-2,614,999
-143,610
-566,540
320,592
-249,453
38,707,977
37,933,745
14,515,685
19,782,652
1,194,171,537
548,357,328
217,741,940
299,935,961
-597,353
-614,539,810
22,290,185
153,842
-
-21,685
-209,955,778
Net assets at the beginning of the year
593,335,726
217,022,116
318
3,604
3,978,113
376,313,610
The accompanying notes form an integral part of these financial statements
195,637
-
617,742,351
Net assets at the end of the year
125,892
433,620
5,251
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
3,345,198
396,007
1,321
-
18
2,840,008
755,457
1,438,543
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Dividend paid
307,901
21,610,218
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Subscriptions
188,729
-
Net realised profit/(loss) on foreign exchange
Result of operations
5,763,938
1,123,232
Net realised profit/(loss) on forward foreign exchange contracts
332,053
8,694,920
4
5
2,931,893
11,767,897
Management fees
Performance fees
30/06/2014
EUR
-
1,211,078,077
-
593,335,726
26,574,543
-
-
-191,327,129
16,797,427
5,561,006
288,671
-
-
-127,624,882
40,930,496
192,093,731
312,255,737
120,162,006
-
353,186,233
-
312,255,737
Bond Euro Aggregate
Bond Euro Corporate
30/06/2015
EUR
30/06/2014
EUR
303
324
12,224,639
30/06/2015
EUR
Bond Euro Corporate 1-3
Bond Euro Government
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
-
-
-
8,475,620
27,944,334
29,250,434
11,267,765
8,321,547
26,084,420
27,297,188
9,565,231
47,646
636
881
-
-
448
1,099
-
370
420
9,957,814
5
-
10,784,672
-
10,644,753
8,832,784
-
4,960
7,052
-
134,932
-
-
27
152,014
1,183,473
1,952,826
392,525
3,517,673
4,237,690
8,218,019
9,353,483
2,512,937
-
2,983,946
132,533
1,643,261
391,078
868,659
361
-
239,807
77,188
40,632
1,859,774
669,234
21,588
81,132
-
1,197,235
675,190
4,242,375
-
3,944,010
53
252,774
362,928
1,496,915
1,359,201
386,136
8,143
5,374
6,364
2
46,517
191,712
158,228
182,926
120,399
43,885
71,916
528,904
204,123
1,270,688
934,215
805,717
-
698,449
452,733
1,935,240
936,925
7,795
-
139,525
8,706,966
1,438
34,864
100
-
-
-
-
13,946,414
820,648
-
-464,880
-4,913,429
796,020
-9,978,058
124,428
-1,377,554
12,966,141
13,154
69,742
243,109
315,350
29,137,946
781,703
-1,073,376
356,069
65,271
-2,926,512
45,714,150
36,498,956
-145,022
26,217,971
145,022
-1,015,064
174,081
-835,651
-1,729,861
-1,115,766
22,526
-8,970,741
541,547
-44,575,333
-1,245,244
5,266,529
1,635,507
6,384,681
-10,052,030
-
-76,878
-1,729,124
-1,299,260
53,465
368,386
-1,776,460
43,290,229
69,559
-
-
-1,574,900
14,215,433
-110,870
-
-103,844
-1,354,897
139,921
2,917
-
-
-5,644,137
267,581
-
-
7,444,877
-114,225
-15,866,631
100
-
1,612,055
563,259
19,896,951
-530,469
627,165
-
256
15,221
-
-
19,726,315
10,361,002
-1,115,666
-
2,113
-
4,237,930
12,907,608
-736,034
8,916
-
-
446,413
462,064
30/06/2014
EUR
9,582
8,839,836
-
-
-
2,815,402
1,143,233
936,636
375,509
48,281
2,561
40,831
233,194
380
-
-
34,777
7,800,726
6,024,434
-332,850
-45,500
64,916
-
16,037,980
-
-242,367
-
5,094,607
-
-
2,346,901
-1,844,926
-
52,386
-13,541
-
-
-
-
25,662,776
-
9,215,074
-14,640,392
17,018,800
-
-
-
15,005
-
-18,489
-128,528
-
-
-
-
-533,918
27,553,910
-1,972,686
66,572,698
-6,772,611
-
11,003,895
26,120,351
481,170,458
158,482,296
850,382,458
522,535,501
1,283,191,424
-
384,631,372
132,267,112
76,344,991
544,480,314
-
121,553,669
783,748,199
-
-
221,437,406
-1,610,613
-2,440,553
-209,937,069
-140,728,685
-
-
269,088,858
271,911,161
541,000,019
-7,840,439
-734,412,573
-502,290,740
-
-
42,866,968
106,156,760
229,044,193
860,093,190
271,911,161
-10,472,468
966,249,950
860,093,190
-
-731,938,499
-
544,480,314
-
-
-
-
-68,620
-274,012,978
-
342,991,075
-32,786
-154,673,750
3,680,927
-
217,756,479
221,437,406
The accompanying notes form an integral part of these financial statements
319
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Bond Euro Inflation
Bond Euro High Yield
30/06/2015
EUR
30/06/2014
EUR
-
-
3,541,998
30/06/2015
EUR
4,301,519
55,221,554
51,370,530
3,395,164
3,973,990
52,017,920
50,661,182
895
228
-
163
2,624
-
1,645
707,967
2,646,369
2,059,986
10,138,091
9,322,470
1,187
54,852
7,744
145,776
-
68,765
4
571,429
546,345
2,404,815
4
7,350
5,415
27,336
“Taxe d’abonnement”
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
13
Net realised profit/(loss) on securities sold
1,274,372
64,208
23,005
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
-
146,389
-
-
895,629
2,241,533
45,083,463
-84,950
-30,720
-
7,130,779
-12,003
Net change in unrealised appreciation/(depreciation) on swaps
209,716
78,940
Subscriptions
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
320
4,395
18
2,237
20,206
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Result of operations
21
900
763
-11,078,542
Dividend paid
24,759
41,769
-
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on financial futures
179,594
572,596
55,793
Net change in unrealised appreciation/(depreciation) on options
71,173
3,144
1,989,935
813,861
-26,040
Net realised profit/(loss)
20,149
203,709
6,120,236
855,034
-2,947,807
Net realised profit/(loss) on foreign exchange
65,950
6,566,043
92,507
685
26,162
Net realised profit/(loss) on swaps
1,254,541
-
129,874
9,211,992
Net realised profit/(loss) on options
-
3,133,224
Administration fees
Distributor fees
1,381
324,677
4
5
-
-
Management fees
Performance fees
30/06/2014
EUR
-
132,675
-11,491,334
-2,092,488
-6,515,840
577,695
-181,544
1,152,943
15,943,220
18,900
-40,491
-
319,187
17,393,759
351,082,661
28,820,902
-
-8,053,043
-1,511,030
-1,176,910
-1,406,722
3,186,496
38,877,322
-35,473,849
-
-831,257
180,400
5,270,032
1,607,003
66,432,508
34,126,949
-
-514,830
-180,400
-275,317
107,529,748
1,280,835,379
636,654,821
-30,009,613
607,656,128
247,516,745
757,819,883
-
-
272,754,972
42,048,060
99,588,910
-154,871,296
217,507,132
-
8,022,648
-61,824
-292,049,805
55,247,840
14,718,785
505,792
-3,666,715
-118,301
-
2,783
217,507,132
-17,890,442
-663,311,457
-
1,365,476,011
-14,015,123
-641,300,413
80,928,195
-
676,891,688
757,819,883
Bond Euro High Yield Short Term
30/06/2015
EUR
Bond Global Corporate
30/06/2014
EUR
30/06/2015
USD
Bond US Corporate
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
-
-
-
18,247,008
18,418,468
20,259,067
16,579,790
17,456,384
17,787,428
19,609,337
16,050,475
382,803
-
-
10,608
-
-
-
286
-
151
790,333
630,889
3,957,921
190
5
2,575,754
-
4,054
22,796
424,426
123
10,729,250
-
-
-
5,093,099
125,909
-
4,893,909
86
59,103
869,356
45,970
-
4,512
2,409,467
168,753
1,633,931
-
1,125,237
-
53,022
50,152
35,648
8,282
1,947
-
275,433
28,924
850,808
579,710
-
-
1,073,621
1,592,570
98,250
3,003
824
-
-
77,159
135,286
5,280
-
6
45,877
1,937
88,048
12,166
4,911
750
-
3,414
-
-
3,146
5,014,865
-
12,064
-
-
-
3,465,761
782,029
-
10,732,396
41,500
1,171,389
827
-
506,519
889,559
26,200
30/06/2015
USD
466,315
947,316
82,049
Bond US Opportunistic Core Plus
-
-
-
-
3,120,946
-
1,360,913
-
154,930
-
-
-
-
151,464
78,459
-
46
-
-367,908
-715,747
-
-
-
391,625
-1,502,801
-2,359,340
7,277,330
10,855,356
-264,440
43,031
-2,524,639
-
-55,944
45,390
-608,482
-936,150
386,453
2,128,628
-
-38,884
-45,390
1,777,786
-4,743,854
-19,661,129
16,146,917
-43,845,395
-
655,914
821,574
2,035,783
-3,775,561
49,507
-5,408
247,096
1,542,366
-187,462
22,097,772
402,250
-1,480,262
25,672,990
-
-5,365,948
-494,481
-2,848,411
116,928
268,825
65,767
-
4,908,796
-
-
-1,721,217
297,225
966,980
-
-
5,838,487
40,811,176
2,426,129
-
-
-
-1,214,439
5,951
4,142,941
-
-
298,517
-1,622,704
-
-
-
11,486,691
16,761,502
5,201
1,087
15,244,202
-12,776,230
3,575
9,037,010
22,639
14,952,707
-830,414
9,051,737
-
14,289,087
-5,559,269
30/06/2014
USD
-
-1,154,710
-
1,618
39,570
149,653
-
3,751,749
-
-
1,428,366
-
-
-27,273,466
6,987,491
-
-
-
-
-
-
-
-
-
-
-337,624
-18,020,854
-5,790,615
-
-874,672
-
-
-
3,859
13,328,512
8,421,968
-
1,034,265
-
-
4,133,655
14,677,496
-24,185,207
39,061,922
-561,619
-
-24,686,141
22,784,745
226,394,890
524,875,836
445,995,820
245,149,386
51,852,894
-
546,315,080
301,064,803
-1,443,688
-492,652,470
-255,971
-193,734,074
-84,850
-311,229,950
-11,260
-133,780,675
-
-51,246
-
-
-590,307
-388,853,510
-263,567,613
345,563,287
110,495,813
150,419,373
51,240,029
-
132,185,122
464,596,850
119,033,563
484,911,162
334,491,789
-
-
381,312,939
-
201,029,237
-
464,596,850
-
595,406,975
-
484,911,162
-
51,240,029
-
-
-
513,498,061
-497,577
-326,996,407
-3,644,436
-
384,957,375
381,312,939
The accompanying notes form an integral part of these financial statements
321
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Bond US Aggregate
30/06/2015
USD
30/06/2014
USD
30/06/2015
EUR
-
-
-
550,239
549,806
430
-
-
3
Bank interest and similar charges
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
Net realised profit/(loss) on securities sold
3,029
22,114
-
393
-
-
Net realised profit/(loss) on forward foreign exchange contracts
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
694
Result of operations
Dividend paid
-
-16,510
Subscriptions
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
322
-
18
1,193,415
816,209
-
453,541
314,321
-
17,509
11,913
-
-
68,195
78,507
47,463
49,493
-
159,186
86,021
-
71,560
69,423
-
51,194
-
-
2,581
4,760
-
63,542
-
-673,807
468,537
Net change in unrealised appreciation/(depreciation) on financial futures
-
-55,258
-150,308
Net change in unrealised appreciation/(depreciation) on swaps
-
-
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
13,130
-
12
Net realised profit/(loss)
2,935
3,071,795
-
Net realised profit/(loss) on foreign exchange
367,952
-
4,111,330
175,031
Net realised profit/(loss) on swaps
-
3,730
-
-522,834
Net realised profit/(loss) on financial futures
4,737
8,905
342,691
473,637
Net realised profit/(loss) on options
13,277
-
812,281
107,521
-
13
-
137,895
-
Broker and transaction fees
5,325,624
-
4
Reception and transmission of orders fees
5,951,844
50,554
23,937
Distributor fees
-
-
2,275,426
4
6
5,347,221
2,233,583
Administration fees
“Taxe d’abonnement”
6,344,913
-
4
5
-
30/06/2014
EUR
207,548
Management fees
Performance fees
Bond Europe
-
-
9,726,926
-1,328,350
-
-2,455,719
-
118,220
-
-
-
-
-
-
10,117,149
-3,399,381
-97,153
-291,326
-359,199
-106,813
1,864,792
214,685
-74,819
40,800
358,806
4,802,252
7,653,027
193,090
862,168
-520,681
-307,653
302,413
-
5,863,277
12,682,203
58,713,812
-
222,756,015
90,531,363
-
-28,341,901
-
-
30,674,324
-
-
-
-
30,674,324
-
-
-1,185,666
-210,497,524
-645,809
-79,761,505
16,936,102
22,806,252
121,981,740
99,175,488
-
138,917,842
-
121,981,740
Bond Global Aggregate
30/06/2015
USD
Bond Global
30/06/2014
USD
30/06/2015
USD
Bond Global Inflation
30/06/2014
USD
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
USD
30/06/2014
USD
-
-
-
-
-
185,135,934
133,297,129
11,168,659
16,777,604
181,990,399
130,069,585
11,069,740
16,389,451
-
112,116
5,330
-
31,928
28,889
-
24,470
4,602
10,691
81,944
2,713,557
2,901,966
90,741,843
75,065,125
3,912,677
7,734,786
1,868,934
3,299,560
312,654
3,201,268
314,532
40,806,671
16,954,667
2,126,059
3,726,025
1,958,306
264,761
23,693,938
9,789,478
1,209,424
3,197,761
1,891,309
8,273
61,574
2,030,998
911,481
93,784
71,015
155,935
7,571,503
5,534,227
157,909
15,205,009
25,073,983
160,909
184,381
340,288
-
745,077
629,993
375
10,176
10,795,066
-767,610
-482,653
3,182,449,351
175,610,473
1,936,068,575
-
7,442,396,397
-
3,916,333,712
1,020,469
675,302
61,974
825
11,747
1,545
-
30,116
2,380
5,352
91,703
-
198,612
-
261,154
7,717
64,608
38,483
104,895
18
-2,798,452
2,785,965
6,152,078,573
3,916,333,712
2,202
36,740
42,809,410
1,505,262
-41,280,634
-39,845,700
-1,362,149,054
29,259
-5,235,252
2,977,540
185,630,426
1,980,265,137
383,354
126,011
-
-365,666,901
-2,207,375,677
-
-18,185,232
4,430,962
-3,351,455
3,526,062,685
86,280
-9,011,575
-1,065,326
-25,665,586
63,568
-3,074,855
-14,038,276
-52,973,310
9,640
597,861
-
-
-
-
-
-
-
-
-
-
-
-
-1,305,295
-65,173,089
-
-
-
-428,168
1,915,418
10,579,919
199,648
10,898
-56,285
-
-47,300,498
42,529,792
2,414,470
123,956
-
-67,120
-9,164,954
-9,153,429
1,177,418
16,539,116
-5,035,763
20,430,334
59,889
35,671,822
-239,289,395
47,370,201
190,390
-
-
9,555,117
-2,063,684
253,977,022
18,510
-
-
-
-
-17,684,975
-612,654,556
440,625
1,962
547,115
-107,621,130
182,601,039
79,514
181,452
6,082
503,550
3,958
2,495,540
-1,002,344
30,340,332
101,852
14
1,827
684,912
1,902,723
-92,350,394
-35,480,928
1,036,341
4,889,072
-
9,042,818
2
50,506,686
-23,273,431
2,123,688
2,450,794
746,763
5,732
7,255,982
428,582,880
256,878
4,910,010
361,146
58,232,004
97,142,428
38,640
3,080,141
7,814
94,394,091
-8,491,165
Bond Global High Yield
-152,810
-2,377,757
-117,671,006
15,716,010
-
289,659,033
305,375,043
-1,784,004
4,031,317
5,341,680
61,780
-
1,111,697
9,991,777
-912,793
-1,898,734
-6,599,167
4,132,035
5,612,450
14,895
-
360,291
2,003
-
-46,500
-12,660
850,249
-325,045
-
-
-
-
-
-
-
-
-
-2,396,999
1,541,478
325,306
-417,203
39,606,906
2,311,056
10,816,191
544,267
-
166,540,089
183,614,318
472,059,008
30,000,000
-
27,687,599
30,544,267
-
194,311,967
-
-
-849,066
-2,242,624
-299,159,053
-95,254,682
-
384,913,715
289,659,033
1,777,741
-27,188
-186,086,753
-188,567
-
221,999,566
221,810,999
-67,464
-14,239
-455,173,361
-
221,999,566
19,063
-
-
-
-
-
-
30,544,267
-
-
-
-
-
The accompanying notes form an integral part of these financial statements
323
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Bond Enhanced RMB
Bond Asian Local Debt
30/06/2015
USD
30/06/2014
USD
30/06/2015
USD
-
-
-
361,367
300,559
4,332,899
4,317,967
2,267,547
-
-
-
-
566
-
-
209
-
-
-
-
14,932
151,663
129,857
698,700
47
148
62,341
Administration fees
4
35,324
31,595
199,636
4
788
189
1,769
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net realised profit/(loss) on foreign exchange
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on swaps
Dividend paid
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
324
6,450
-
813
209
14,822
-
-
-
-
-
-
-
-
-
-
-
209,704
170,702
3,634,199
-
-
-
26,777
-1,617,593
-279,279
15,931
1,487,093
-
-
-
-
-3,114
210,296
-39,937
-
-
-
15,000
1,650,413
30,664
-
414,644
-564,538
-283,761
-264,266
109,078
2,674,895
-3,374,576
-
-
1,921,038
-376,069
-
-14,331
16,097
-516,205
477,200
-
-
36,201
26,758
-114,405
186,456
-1,179,685
2,048,927
3,179,919
15,753,606
60,217,208
85,870,882
1,060,247
10,627,630
-12,412,461
87,919,809
10,627,630
-
87,919,809
-
18
29,342
106,452
563
-
Net change in unrealised appreciation/(depreciation) on financial futures
266,143
193,770
-23,241
Net change in unrealised appreciation/(depreciation) on options
9,599
631,979
76,165
-76,833
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
5,201
348,981
-
7,674
5,835
2,866
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
86,076
7,171
8,412
-
Net realised profit/(loss) on swaps
Subscriptions
5,342
-10,124
Net realised profit/(loss) on options
Result of operations
101,187
-
13
-
300,350
4
5
2,282,392
360,801
Management fees
Performance fees
30/06/2014
USD
-39,308
-1,965,959
-
11,687,877
-
-13,298
-5,299,134
-
10,627,630
-
-1,598
-71,448,386
-
75,507,348
-
-
-
-
87,919,809
Bond Emerging Inflation
Bond Global Emerging Local Currency
30/06/2015
USD
30/06/2014
USD
-
-
1,618,335
30/06/2015
USD
30/06/2014
USD
Bond Global Emerging Corporate
30/06/2015
USD
30/06/2014
USD
-
-
1,982,613
16,718,668
29,871,689
14,355,529
1,618,261
1,982,613
16,715,445
29,342,689
-
-
-
-
74
-
-
-
-
-
-
3,158
-
65
-
16,456
30/06/2015
EUR
9,851,827
10,936,051
14,293,332
9,839,464
10,936,051
8,396
-
-
1,454
-
52,347
512,544
Bond Global Emerging Hard Currency
-
3,207
-
9,156
-
-
-
-
381,243
551,840
2,895,350
5,271,593
2,372,460
1,360,216
2,940,695
7,835
12
90,136
-
14
38
-
216,012
364,798
1,657,391
3,083,088
1,221,495
541,094
1,920,919
98,688
124,414
684,981
1,136,914
650,137
410,365
633,615
5,654
5,723
63,048
100,811
10,118
3,986
-
5,095
21,377
7,527
17,699
54,022
118,054
93,129
214,689
48,193
46,961
28,981
26,415
60,775
17,033
21,161
26,949
204,965
606,370
378,737
338,609
302,557
-
-
-
-
15,528
9,722
-
5,328
-
93
4,539
-
179
22,637
-
116
36,393
-
199
1,277
-
-
1,006
-
-
1,237,092
1,430,773
13,823,318
24,600,096
11,983,069
8,491,611
-
-
958,900
-7,881,121
-21,876
-
-4,540,559
-1,419,233
467,027
6,153
-
-
-
146,107
-2,690,333
-4,857,643
-
-57,635
-46,119,908
1,628,019
-37,305,434
-173,038
-
-5,727,813
-
-36,457,566
-17,019,737
-249,140
-21,921,591
26,840,890
-1,387,050
128,582
-469,908
-1,225,934
-
-213,271
-403,406
-7,605,611
3,553,099
-54,409,622
38,332,981
23,796,584
39,469,919
-
-
-635
-74,080,192
-43,353,457
-
69,830,925
26,477,468
-
-519
-21,536,310
-
-2,083,418
-137,040,369
5,812,854
-154,063,490
64,018,071
340,628,348
-
69,830,925
-
186,564,858
-32,107
994,856
-4,701,665
51,710
11,631,696
-
34,017
3,372,807
-3,440,787
-1,987,844
-14,097,311
-11,559,430
-
-511,169
-304,182
5,693,806
13,606,627
-
-
-
-
219,652
151,686
-
46,194
8,474
-
193
13,080
25
-
375,696
5,505
-41,740,639
-1,897,711
960
7,995,356
1,631,371
-1,287,735
-
594,388
-
-15,232,139
-2,046,230
595,348
-
5,680,416
-
-
-7,935,666
291
30/06/2014
EUR
-949,367
-
194,229
-
-221,715
468
-
13,080,642
-394,534
8,464,295
899,474
-10,014,419
-
-45,856
-
-454,256
307,965
-769,306
943,360
123,069
-254,975
-242,668
51,541
1,902,909
-26,979,148
19,536,147
-2,562,098
1,848,519
218,119,802
183,959,406
89,189,932
284,845,080
250,467,781
-
-2,859,778
-264,371,809
-47,208,876
-
387,837,224
340,628,348
-991,220
-265,675
-177,482,530
182,724
-46,907
-39,737,397
-
-2,129
-125,283,456
-20,767,947
68,941,775
156,997,397
258,253,151
189,311,376
149,454,598
-
237,485,204
-
258,253,151
-
306,451,995
-
-
-102,861,702
149,454,598
-
149,454,598
The accompanying notes form an integral part of these financial statements
325
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Management fees
4
Administration fees
4
Performance fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
5
6
4
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
13
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on swaps
Net realised profit/(loss)
Net change in unrealised appreciation/(depreciation) on swaps
Reevaluation of consolidated Net Assets
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
326
1,706,989
-
-
19
-
3
6
-
118,466
1,035
-
1,035
30/06/2014
EUR
-
-
-
-
-
-
-
-
-
1,378,755
1,262,627
4,424,057
8,763
-
103
142,624
1,176
183,525
1,501
-
-
560,666
318,287
8,083
1,783
595,670
337,818
9,195
3,784,991
172,717
685
126,981
20,444
-
5,796
285
5
409,279
288,637
3,323
8,847
13,203
-
-
-
74,722
-
2,612
-
1,228
-
16
-
-
-
1,053,813
1,618,144
-4,423,022
-8,763
-
-
-
-
-788,930
546,086
-231,619
-371,276
-810,260
7,769
-
1,011,793
8,965,880
-
-379
-
-
-
-
-4,423,401
-
-
-
-
-
-8,763
8,191,704
-14,115
-
-
-131,952
23,503
56,682
-160,084
-9,009,095
9,841,092
3,768,303
-22,878
15,838,387
36,896,688
735,399,551
12,439,790
9,496,882
712,057,049
12,416,912
84,351,808
12,416,912
-
18
2,880,771
1,549,574
-
Net change in unrealised appreciation/(depreciation) on financial futures
Net assets at the beginning of the year
-
-4,442,748
Net change in unrealised appreciation/(depreciation) on options
Increase/(decrease) in net assets
1,055,310
-4,491,077
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Redemptions
882,972
2,432,568
-
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Subscriptions
30/06/2015
EUR
-2,915,616
Net realised profit/(loss) on foreign exchange
Result of operations
30/06/2014
USD
-1,587,395
Net realised profit/(loss) on financial futures
Patrimoine
25/06/2015
USD
-
Net realised profit/(loss) on options
Dividend paid
Multi Asset Emerging Markets
-
-100,677,982
-93,848,690
-
93,848,690
-
-
-
-37,240,898
-
93,848,690
-
-
-
-27,110,805
-
724,473,961
-
-
-
-
-
12,416,912
Index Equity Emerging Markets
Index Equity Euro
Index Equity Europe
30/06/2015
USD
30/06/2014
USD
30/06/2015
EUR
30/06/2014
EUR
3,429,753
1,786,873
3,156,526
2,944,479
3,438,348
490
1,786,989
-
464
116
-
-
-
7,641
3,303,844
-
30/06/2015
EUR
Index Equity Japan
30/06/2014
EUR
30/06/2015
JPY
3,113,682
18,239,124
14,336,127
475,646,724
-
-
-
-
17,656,107
13,938,937
467,932,689
22,106
892,299
13,439
-
-
-
-
-
-
-
-
147,318
-
154,877
-
581,334
-
375,084
-
6,821,736
485,520
358,410
1,746,670
1,903,699
48,225,667
-
-
-
-
-
-
-
124,805
132,788
74,097
85,851
-
-
-
6,881
-
129,088
173,837
136,881
12,156
12,395
10,177
-
-
-
32,661
-
190
6,514
-
-
2,998,785
1,438,419
-
-
-1,130,885
-
109,938
632,071
522,781
1,200,993
-
-
-
-
-
11,669
92,023
-
390,323
42,945
58,871
10,753
1,619,037
100,037
-
-
-
-
-
-
-
10,366
14,664
-
173,527
33,456
427,421,057
-
-
-
-
-2
351
87
16,706,090
358
37,022,602
-14,975,316
-
-
189,883
78,863
940,323
-125,043
166,859
-307
337
267,034
13,131
-
2,509,869
7,008,185
-
13,966,815
-470,576
-
-
17,857,836
14,568,795
-
-
33,544,799
45,033,494
-
702,744,337
87
246,894
-9,651,739
3,695,950
12,432,428
1,139,694
2,039,926
-
16,492,454
14,912,257
-
-
2,755,272
10,901,553
-
2,841,374
-
8,232
-
710,780
280,941
-235,101
-
-
16,369,476
155,062
-
2,269,811
302,043
51,064
2,818,324
-
3,629,712
381,023
68,682
59,124
23,699,830
-
75,118
297,069
-
-
1,683
348,570
-
19,283,101
14,326
-
74,846
19,296,540
-
439,563
132,680
30/06/2014
JPY
50,408,571
48,795,471
-
-
-
15,666,828
51,193,894
-
-3,293
67,763,250
7,910,000
-4,158,164
-9,875,361
1,178,795,164
5,398,193,799
-
-
64,892,068
1,038,103,538
-
-
-
4
-5
4
-5
-25,759,165
731
-75,007
5,561
87,430
-10,040
-43,116
36,439
-10,529,000
1,524,000
-7,686,820
9,523,615
13,583,673
32,416,586
78,535,181
99,240,476
6,540,700,798
1,104,520,337
69,633,418
136,930,377
107,613,859
45,411,741
327,168,966
368,143,820
31,848,601,924
10,648,894,229
-28,152,568
146,453,992
146,453,992
-
-
-83
-90,099,083
-
118,301,424
-
-
-
-
146,453,992
-
-138,122
-110,329,252
10,730,158
-
125,290,182
136,020,340
-
-95,003
-84,872,658
-
-6,274,842
-266,302,015
-
-6,514,594
-232,355,859
-
-10,492
-8,411,533,015
-
-
-1,017,505,587
-7,139,334
133,127,290
228,513,843
29,977,759,215 10,735,908,979
132,429,516
581,975,090
353,461,247
10,735,908,979
-
125,290,182
-
715,102,380
-
581,975,090
-
-
40,713,668,194 10,735,908,979
The accompanying notes form an integral part of these financial statements
327
Statement of Operations and Changes in Net Assets
Note
30/06/2015
USD
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
Index Equity North America*
2
12
Index Equity Pacific ex Japan
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
12,969,639
3,172,456
2,997,421
19,164,933
13,254,624
-
-
18,485,870
3,177,808
-
2,561
51,476
4,687
-
-
-
-
676,502
-
233,509
-
665
2,816,197
1,906,741
288,121
-
-
-
Management fees
4
Administration fees
4
885,809
615,138
74,841
4
-
-
-
Performance fees
“Taxe d’abonnement”
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
5
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
1,210,061
-
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on forward foreign exchange contracts
-
-
-
-
323,407
111,065
-
116,954
10,516
-
107,131
137,951
71,120
54,652
2,784
7,892
13,752
-
-
-
288,426
-
203,615
200,983
-
37,482
-
-
332
16,348,736
11,347,883
2,889,687
-
-
-
144,166,238
Net realised profit/(loss) on options
81,037
67,105
-
513
173,634
-
13
862,186
2,997,934
-40,346
23,891,586
754
-
-
2,674,527
3,320,379
11,343,742
380
88
-
Net realised profit/(loss) on financial futures
676,203
964,294
-60,575
163,316
Net realised profit/(loss) on foreign exchange
-251,748
-361,553
-430
-169,913
Net realised profit/(loss) on swaps
-
Net realised profit/(loss)
160,899,083
-92,697,359
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Net change in unrealised appreciation/(depreciation) on options
-
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
Result of operations
Dividend paid
Subscriptions
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
* This sub-fund has changed its base/accounting currency from EUR to USD as at 01 July 2014.
The accompanying notes form an integral part of these financial statements
328
35,842,964
106,100,000
-
-
6,149,441
-1,337,785
-
-
14,011,760
-6,422,511
-
-831
-
-1
-1
-369,948
-32,900
-40,442
-12,600
67,830,945
141,910,064
4,771,213
7,576,648
351,507,315
449,219,110
96,685,537
26,869,979
-
18
-
-3,825,535
-727,294,786
-
-3,310,617
-256,768,155
-
-331,144
-57,709,445
-
-1,038,423
-76,987,838
-311,782,061
331,050,402
43,416,161
-43,579,634
1,310,951,165
626,442,324
68,362,688
111,942,322
-
999,169,104
-
957,492,726
-
111,778,849
-
68,362,688
Index Equity USA
Index Equity World
Index Global Bond (EUR) Hedged
30/06/2015
USD
30/06/2014
USD
30/06/2015
USD
30/06/2014
USD
30/06/2015
EUR
2,351,501
494,303
2,674,758
1,755,413
-
2,366,228
-
2,094
-
12,633
494,307
-
4
-
-
2,690,787
-
1,540
-
14,489
1,757,780
Index Bond Euro Corporate
30/06/2014
EUR
30/06/2015
EUR
-
-
9,032,700
11,081,876
-
8,994,229
11,079,229
3,376,404
476,192
-
-
-
-
-
2,367
-
-
936
-
37,535
2,492
-
155
3,377,562
1,074
-
84
857,357
177,147
542,945
271,951
862,842
924,250
291,984
-
-
-
-
-
-
-
684,005
149,574
129,583
30/06/2014
EUR
76,735
285,658
344,572
109,547
476,192
-
-
-
31,097
13,155
-
80,771
17,530
144,899
76,739
285,239
334,481
116,034
13,156
-
-
-
-
-
-
-
-
-
39,336
-
169,278
105,706
62
7,365
364
6,361
-
-
-
12,206
6,757
3,620
38,891
2,148
-
-
-
91,810
-
10
4,682
-
-
-
-
-
-
-
-
-
-
-
-22
-
19,878
-12,492
-333,682
144
8,409,231
2,158,939
-
1,556,122
10,123,778
-7,806,407
12,098,094
-
3,085,578
445,095
-
-
-
-
85,528
-
-98,028
2,173,157
10,146,947
21,333,887
-162,771
-
131,934
40,100
-8,619,608
-
-
-
-3,672
-
-10,050
-
-1,992,074
2,962,907
431,373
11,055,461
-1,750,070
713,933
-
-4,425,326
2,873,226
-
-
-
-55,168
3,743
-33,444
5,385
-32,777
75,027
-12,435
-1,900
10,512,992
11,683,654
1,389,459
13,845,846
7,862,001
12,011,640
1,200,402
1,143,406
37,805,371
168,859,973
228,384,799
150,745,755
265,597,935
152,681,268
91,926,704
70,517,405
-28,194,357
157,026,390
78,203,536
157,870,658
71,660,811
157,026,390
-
157,870,658
-
-288
-76,512,432
-
128,832,033
-
-23,517,237
-
157,026,390
-68
-151,570,654
-
236,074,194
-
-
-6,720,943
-
157,870,658
-
-24,995,913
-
-
-
11
-
-
1,742,367
-
41
-
-10
-
-
9,229,310
-
-
77
1,148
10,157,626
-21,743,634
168,292
2,757
8,169,858
-
314,024
-
-
18,769
15,759,433
258,886
-
1,986
88,102
221,956
-
104
61,417
1,485,829
-273
3,797
-
159,556
2,147,842
7,101,126
51,406
-
181,242
317,160
992,590
89,948
31,401
5,650
1,508,871
6,658,799
-
-
-1,782
-192,879,736
-
-1,510
-331,137,488
-
-22
-82,735,676
80,578,418
-166,446,090
10,391,408
213,168,796
379,614,886
71,660,811
-
293,747,214
-
213,168,796
-
82,052,219
-
-
-
-
71,660,811
The accompanying notes form an integral part of these financial statements
329
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Index Bond Euro Govies
Global Macro Forex
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
-
-
-
757,999
135,961
757,989
135,961
-
-
-
-
10
10,429
-
25,173
-
-
-
-
778
3,462
2,054,396
2,185,770
-
-
13,427
732,533
27,117
4,705
560,627
4
-
-
3,912
Distributor fees
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
13
Net realised profit/(loss) on securities sold
27,121
-
3,563
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
-
-
-
4,867
346,142
32,398
3,272
47,797
313,105
1,831
-
-
-
696,181
125,594
-2,043,967
-2,149,857
-
-
-3,094,348
5
-
187,859
Net change in unrealised appreciation/(depreciation) on options
-
708,692
-
798,787
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
95,869
-
-
Net realised profit/(loss)
-
38,655
301,958
-
Net realised profit/(loss) on foreign exchange
-
1,035,081
955
4
-
Net realised profit/(loss) on swaps
4,707
4,008
102,606
Net realised profit/(loss) on options
599
10,367
4
6
-
61,818
Administration fees
“Taxe d’abonnement”
-
10,141
6,189
4
5
35,913
-
Management fees
Performance fees
30/06/2014
EUR
-
-
17,519
-
16,846,226
-
-1,676,497
-676,165
-
-45,807,029
4,317,082
-
-
-
-
-
143,113
442,820
14,842,389
-
3,929,128
-19,256,729
3,743,691
323,706
470,219
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
-
-
2,399,912
1,794,867
-239,663
Net change in unrealised appreciation/(depreciation) on swaps
-
-
-
-
-
986,646
585,933
-14,738,244
4,161,536
6,794,308
28,013,128
281,038,462
447,215,843
7,780,937
25,397,660
-220,476,264
236,219,631
25,397,660
-
423,993,679
187,774,048
Net change in unrealised appreciation/(depreciation) on financial futures
Result of operations
Dividend paid
Subscriptions
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
330
18
-17
-
-
33,178,597
-
-
-
-
-3,201,401
-
25,397,660
-
-
-486,776,482
-
203,517,415
187,289
-
-
-215,157,748
-
423,993,679
Global Macro Forex Strategic
Global Macro Bonds & Currencies
Global Macro Bonds & Currencies Low Vol
Absolute Equity Market Neutral
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
10/11/2014
EUR
30/06/2014
EUR
-
-
-
-
-
-
-
1,018
1,063
-
1,063
-
-
-
6,132,364
-
6,105,705
-
16,217
-
-
-
9,379
-
1,063
1,018,609
1,016,194
2,415
-
-
-
1,808,573
1,784,946
3,999
-
-
19,628
1,723,404
855,491
11,075
-
-
856,838
1,105
-
15
1,090
237,936
-
2,871,145
847,275
657,953
607,916
33,789
36,513
-
344,609
566,856
8,630
38,228
30
16,221
2,844
-
38,399
7,413
730
-
-
-147,854
648,691
-107,684
-990,761
-
-
587,945
-9,663
1,618,973
-
445,492
-
52,595
-
-
70,141
102,966
169,128
191,513
244,608
201,602
5,552
1,594
915
777
-
5,449
28,019
163,034
10,712
10,391
1,523
-
-
3,261,219
171,334
457,346
-285,849
-
-6,739,637
-1,152,124
-2,754,180
-
-2,190,704
362,599
-
169,817
-
-
-
-
-
-
-
-
55,840
3,817,137
-5,938,444
-
16,696
42,863
25,026
-
208,550
25,968
-
412,113
843,309
-
92,904
202
-
115,762
-
41,197
1,945
-
8,979
74,237
7
816
19,694
30,900
2,323
-
-
-
1,153
-
2,178
-
17
1,150,620
5,444,908
-297,220
-9,639,046
5,967
-
-
1,115,488
-32,684
-1,260,066
-69,692
671,687
-1,032,272
429,117
25,274
-239,690
31,450
4,242,316
1,033,009
10,488
2,360,306
1,218,944
-
-325,512
33,766
-798,778
148,882
-25,406
1,423,165
597,679
-428,620
276,442
901,821
-668,523
-
432,133
-330,013
109,898
-249,908
208,828
-
-469,429
3,096,091
1,795,865
501,927
330,102
-2,579,696
22,268,876
-
249,505,939
110,907,839
137,851,350
222,917,760
6,924
69,776,375
-25,468,051
154,609,118
-7,747,168
199,571,242
44,962,124
7,747,168
-
-
-
-8,632,157
-
-
-
-
-56,830
-124,948,417
3,564,388
-61,046
-
-
-165,115,266
-
-
-
124,031,263
113,716,248
-
-
113,716,248
-
13,845,547
-
-
-
237,747,511
-
-287,682
13,845,547
-
-
113,716,248
174,103,191
-86,742
-
-5,085
-68,805,484
-
199,571,242
393,953
-233,413
-1,443,086
-
70,322
78,294
4,410,677
288,156
-
-
-7,333,083
-
-1,852,602
-
648
-
69,875
351,382
28,988
2,049
1,148
-
-
308
-
148,917
46,797
4,523
-329
9,225
7,420
-15,690
-64,477
-
-2,643,547
329
-9,225
-7,420
15,690
64,477
-
-8,084,194
-59,449,511
-
-
-
7,747,168
-
7,747,168
The accompanying notes form an integral part of these financial statements
331
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Absolute US Corporate
30/06/2015
USD
30/06/2014
USD
30/06/2015
EUR
-
-
-
418,075
415,934
2,139
-
-
Reception and transmission of orders fees
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
156,624
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
332
50,730
-
609
-
4,693
8,956
330,660
-
-
-
-
-
-74,382
-97,955
-
-55,090
-
-1,553
-
-
-
-
20,327
249,906
-440,460
-
-4,600
8,760
-
200,511
-
-12,811
-
30,000,000
-
-
30,374,667
-
-
-
30,374,667
849
7,975
145,939
374,667
-
18,076
-
-
-
146,534
15,114
42
-
-
391,624
6,071
-
-19,098
-
-
-
458,559
-556,019
18
-
-
-
-
Net change in unrealised appreciation/(depreciation) on financial futures
127,012
206,377
-
Net change in unrealised appreciation/(depreciation) on swaps
-
87
-
-
-332,165
Net change in unrealised appreciation/(depreciation) on options
-
-
1,281,949
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
Subscriptions
-
29,871
-3,415
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
Result of operations
8,710
219,775
Net realised profit/(loss)
Dividend paid
1,539
566,906
Net realised profit/(loss) on foreign exchange
468
1,507
-
Net realised profit/(loss) on swaps
12,977
24
-
61,366
292,306
Net realised profit/(loss) on options
303
-
63,487
34,411
13
-
1,067,659
-
Bank interest and similar charges
1,546,597
345,559
4
Broker and transaction fees
637,010
-
12,314
Distributor fees
-
-
211,698
4
6
1,923,634
363,592
Administration fees
“Taxe d’abonnement”
804,118
166,694
4
5
-
30/06/2014
EUR
-
2
Management fees
Performance fees
Absolute High Yield
-
-
14,117
31,263,887
-38,488,534
203
-
-
855,975
-3,095
-
-101,756
-103,125
548,592
40,542
1,237,133
43,081
-
-22,837
-12,120
-279,018
966,239
-56,635
43,786,821
-83,005,599
-7,223,341
-38,309,174
37,422,943
75,732,117
-
30,199,602
-
37,422,943
Absolute Volatility Arbitrage
Absolute Volatility Arbitrage Plus
Absolute Volatility Euro Equities
Absolute Volatility World Equities
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
USD
528,493
591,812
60,837
438,184
-
-
-
654,958
874,940
84,364
146,094
19,530
103,242
22,358
6,143
213
-
26,948
701
73,076
914
516,617
259,975
1,698,384
427,431
1,099,119
243,397
714,679
3,779
15,880
55,934
578,375
166,036
537,986
5,959
31,630
-
-
-
1,587
-
4,910
-
395
-
4,202
16,688
17,998
-
1,006,867
2,293,039
13,095,215
19,590,065
12,796,235
5,886
43,354
709
134,700
626,477
-
496,285
4,366
6,642
272,631
214,682
265,149
40,763
586
883
396
21,977
31,308
524,849
8,054,278
12,974,087
8,129,131
77,958
1,594,168
2,616,221
1,399,685
271
17,630
21,416
31,595
206,608
312,154
165,077
1,789,269
1,459,384
672,995
1,428,970
2,414,357
3,325,159
2,076,385
11,295
19,264
4,647
8,010
2,012
12,648
40,442
125,376
237,518
-
54,940
10,624
428
-
-
-
203,646
2,775,645
663,417
1,276,941
26,013
2,651,793
472,098
30/06/2014
USD
6,616
67,814
-
43,517
3,571
308
173
177,576
313,307
-
15,073
-
-
-
2,109
-
457,635
7,611
16,665
-
18,828,733
11,995,936
15
2,151,269
245,851
44,802
3,044,686
754,012
12,506
-
15,040
-
564,616
-
-
-1,996,835
-1,900,705
-933,791
-1,776,422
-12,835,240
-17,891,681
-12,368,804
-1,567,435
1,499,697
-311,954
2,247,539
-225,434,869
8,631,788
-40,285,948
-322,710
39,473,128
-94,206,446
-63,711,114
-23,816,398
-518,454
78,626
13,348
-9,983,451
-9,513,717
2,077,492
-2,274,868
2,142,885
33,684
1,241,980
-1,477,869
1,970,602
-23,787
-26,399
-54,254
4,827,402
4,735,472
1,230,419
-150,501
937,930
-27,206
4,121,240
1,863,209
2,268,969
7,545,041
-644,744
745,887
-4,717,847
-3,909,568
-1,419,562
231,382
-1,065,466
958,521
-764,348
-507,814
61,596,051
812,430
-
504,832
807,796
-
-80,349,827
62,332,153
-
5,667,541
-197,578,912
-102,140,363
275,075
230,754,252
-59,384,024
1,511,767
-10,416,196
110,323
-3,553,837
3,099,685
1,615,182
-247,160
2,711,048
278,295,452
27,223,377
27,400,783
-86,372,888
110,711,689
17,189,363
-216,506,119
121,441,613
-1,417,964,132
-142,415,340
199,590,698
88,879,009
40,303,041
256,809,160
822,679,461
2,240,643,593
1,100,441,455
520,309
462,234
-
-
-147,461,125
-
113,217,810
-610,909
-290
-
-169,198,945
-
199,590,698
84,810
327,013
-
-
-9,786,854
-
57,492,404
1,387,735
-
-
-246,617,950
-
40,303,041
-17,551,792
33,853,797
3,803,996
1,137,889
-
-144,366,991
-12,086,225
76,819,060
-143,654,476
-12,929,540
-14,458,132
-5,263,033
36,260,597
-172,993,070
-102,585,507
-131,152,000
824,088,556
367,438,055
930,948,209
712,001,645
-13,383
-1,045
-
-
-738,907,540
-
944,121,074
-47,934
-2,976
-
-1,612,409,117
-
822,679,461
-10,163,248
-
-
-970,778,042
-
958,026,115
8,878,029
20,976,629
-2,924
-
-1,556,875,747
-976,026,102
-
2,076,467,557
1,100,441,455
The accompanying notes form an integral part of these financial statements
333
Statement of Operations and Changes in Net Assets
Note
English
Income
Net dividends
2
Bank interest
2
Bond interest
Income on Reverse Repos
Interest on interest rate swaps
Other income
Expenses
2
12
Absolute Global Dividend
Cash EUR
30/06/2015
EUR
30/06/2014
EUR
30/06/2015
EUR
-
-
-
48,077
-
1,854
46,223
-
141,050
-
1,886,703
140,612
11,411
438
1,840,007
2,841,307
2,981,246
170,714
572,336
-
-
-
250,763
170,759
4
385
99
Broker and transaction fees
Reception and transmission of orders fees
Bank interest and similar charges
6
14
Interest paid on swaps
Expenses on Repos
Other expenses
Realised profit/(loss), net, from investments
Net realised profit/(loss) on securities sold
Net realised profit/(loss) on forward foreign exchange contracts
Net realised profit/(loss) on financial futures
Net change in unrealised appreciation/(depreciation) on options
Net change in unrealised appreciation/(depreciation) on financial futures
Net change in unrealised appreciation/(depreciation) on swaps
Subscriptions
Redemptions
Increase/(decrease) in net assets
Reevaluation of consolidated Net Assets
Net assets at the beginning of the year
Net assets at the end of the year
The accompanying notes form an integral part of these financial statements
334
-
64,598
385,755
-
4
-
-
575
-
-
-
2,934
-
1,379,354
-
91,763
676,742
-
-
84,143
8,799
7,788
-
1,006,480
1,211,749
-
-
-
-
-76
5
-1
-9,265,319
-224,906
-148,122
2,218,152
-
-
-
-
-995,613
2,363,355
-10,285,849
2,164,869
193,826
1,768,871
45,412,321
228,526,104
3,023,401,082
1,484,541,021
-201,691,194
208,168,476
1,209,668,726
240,610,671
32,442,195
730,118,767
-
18
306,976
11,893
-
-
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts
152,504
-824,869
-24,917
Net change in unrealised appreciation/(depreciation) on investments and on debts
derived from reverse repurchase agreements
-
-1,698,957
322,571
Net realised profit/(loss)
-
63,433
118,195
-1,770,557
-
1,229,501
41,221
32,820
5,178
3
1,454,645
-
894,851
10,051
826
-
997,672
164,331
-
-7,864,979
Net realised profit/(loss) on foreign exchange
894,484
161,822
-
Net realised profit/(loss) on swaps
Result of operations
32,963
47,646
Net realised profit/(loss) on options
Dividend paid
1,191,107
-
13
33,422
1,818,634
4
“Taxe d’abonnement”
233,727
411,324
Administration fees
Distributor fees
-
3,309,253
32,336
4
5
85,988
3,987,726
-
Management fees
Performance fees
2,016,438
30/06/2014
EUR
-
-236,817,666
-
38,919,477
26,420
-
-
-22,522,497
-
240,610,671
341,948
-
-
-1,474
-1,813,924,708
-
1,939,787,493
-441,000
-
-8,281
-226
-1,911,563,067
-425,253,401
-
1,155,372,168
730,118,767
Cash USD
Combined
30/06/2015
USD
30/06/2014
USD
-
389
1,402,298
30/06/2015
EUR
30/06/2014
EUR
780,823
618,646,968
483,205,375
1,157,979
702,670
429,241,756
319,270,287
19,226
38,855
415,182
1,413,572
4
-
57,494
167,595
30,911
7,998
172,056,069
405,115
9,801,255
718,247
337,669,528
-
-
16,582,660
263,562
658,110
7,111,683
6,727,591
1,517,564
491,150
150,488,704
4,263,019
275,911,252
172,886,570
133,133,909
18,130,314
715,925
386,371
62,930,147
46,241,216
9,997
6,381
4,862,092
3,526,669
72,543
13,523
-
36,302
11,491
6,093,953
4,479,589
33,721,422
29,820,752
-
19,893,647
14,150,785
205,645
12,682
17,228,307
23,585,355
-
-
2,382,719
930,105
8,781
-
-115,266
1,458
-
765,848
943,302
322,163
969,256
62,576
280,977,440
207,294,123
-
-224,761,549
-67,226,461
-
-143,031,954
-131,059,367
4,586,404
-205,286
-216,295,988
-20,751,960
241,978
177,001
-1,005,095,687
1,098,801,633
-
282,750,538
-164,022,819
-3,164,656
817,889
14,779
13,223
-
-
1,321,261
-
-
688,402
605,543,488
568,471,235
162,556,056
33,677,860
-50,577,758
15,743,865
414,409,735
606,149,295
96,727
-6,867
-
-
1,659,966
858,536
-257,513,680
1,442,654,290
1,302,372,414
429,010,356
27,538,383,588
16,165,790,415
-
-181
-
-
9,041,361
-18,291,922
-2,309,815
43,690,188
-95,139,737
-36,838,270
-43,143,627
-62,404,159
-793,002,501
-351,453,732
-20,166,229,357
-15,010,061,205
-
-
2,445,780,029
-453,597,421
511,029,698
408,178,162
919,207,860
78,415,160
329,763,002
408,178,162
7,019,500,814
2,535,979,341
20,600,908,568 18,518,526,648
30,066,189,411 20,600,908,568
The accompanying notes form an integral part of these financial statements
335
Notes to the Financial Statements as at 30/06/15
1 INTRODUCTION
Amundi Funds (the “Fund”) is organised as a “Société d’Investissement à Capital Variable” (“SICAV”) under the laws of the Grand Duchy of Luxembourg. The Fund,
initially Groupe Indosuez Funds FCP, an unincorporated mutual investment fund (“Fonds Commun de Placement”) created on 18 July 1985, was transformed, in
accordance with Article 110 (2) of the law of 30 March 1988 on Undertakings for Collective Investment, and renamed GIF SICAV II on 15 March 1999. The deed of
transformation and the Articles of Incorporation (the “Articles”) were published in the Mémorial, Recueil des Sociétés et Associations on 28 April 1999. The name of the
Fund was then changed to GIF SICAV on 1st December 1999, to Crédit Agricole Funds on 8 December 2000 and to CAAM Funds on 1st July 2007. As at 2 March 2010,
in accordance with the decision taken by the shareholders in the framework of the Extraordinary General Meeting held on 23 November 2009 and with the decision of
the Board of Directors taken on 23 December 2009, CAAM Funds was renamed Amundi Funds.
The amendments to the Articles have been published in the Mémorial, Recueil des Sociétés et Associations respectively on 14 January 2000, on 17 January 2001, and
on 13 June 2007 for the first three name changes and on 3 April 2010 for the last one. A latest amendment to the Articles has been made on 14 March 2012 and has
been published in the Mémorial, Recueil des Sociétés et Associations - C, number 943 and dated 12 April 2012. The Fund is subject to Part I of the amended law of
17 December 2010 on Undertakings for Collective Investment (the “2010 law”).
As at 1 July 2014, the sub-fund Amundi Funds Index Equity North America has changed its base/accounting currency from EUR to USD.
The following sub-funds have been launched:
- Amundi Funds Convertible Credit on 5 September 2014;
- Amundi Funds Bond US Aggregate on 17 September 2014;
- Amundi Funds Bond Euro Corporate 1-3 on 7 November 2014;
- Amundi Funds Global Macro Forex Strategic on 14 November 2014;
- Amundi Funds Bond US Corporate on 22 January 2015;
- Amundi Funds Absolute US Corporate on 3 February 2015;
- Amundi Funds Bond Global High Yield on 10 February 2015;
- Amundi Funds Equity Global Income on 18 June 2015.
The following sub-funds have been liquidated:
- Amundi Funds Absolute Equity Market Neutral on 10 November 2014;
- Amundi Funds Multi Asset Emerging Markets on 25 June 2015.
The following sub-funds have been renamed:
- Amundi Funds Index Equity Pacific into Amundi Funds Index Equity Pacific ex Japan on 1 July 2014.
- Amundi Funds Bond Global Emerging into Amundi Funds Bond Global Emerging Local Currency on 13 March 2015.
Mergers during the period:
- Based on the exchange ratios, calculated from the respective net asset value dated 11 September 2014, of the shares of the said sub-fund, the following sub-funds
have been merged on 12 September 2014 as follows: Amundi Funds Equity Emerging Europe into Amundi Funds Equity Emerging Minimum Variance.
- Based on the exchange ratios, calculated from the respective net asset value dated 16 April 2015, of the shares of the said sub-fund, the following sub-funds have
been merged on 17 April 2015 as follows: Amundi Funds Equity Global Aqua into Amundi Funds Equity Global.
- Based on the exchange ratios, calculated from the respective net asset value dated 23 April 2015, of the shares of the said sub-fund, the following sub-funds have
been merged on 24 April 2015 as follows: Amundi Funds Equity Global Select into Amundi Funds Equity Global.
Cross-border mergers during the period:
- Based on the exchange ratios, calculated from the respective net asset value dated 17 July 2014, of the shares of the said sub-fund, the following FCP has been
merged on 18 July 2014 into the Fund as follows: FCP Volatilité Actions Euro into Amundi Funds Absolute Volatility Euro Equities.
- Based on the exchange ratios, calculated from the respective net asset value dated 4 September 2014, of the shares of the said sub-fund, the following FCP has
been merged on 5 September 2014 into the Fund as follows: FCP Amundi Convertibles Taux into Amundi Funds Convertible Credit.
- Based on the exchange ratios, calculated from the respective net asset value dated 13 Novembre 2014, of the shares of the said sub-fund, the following FCP has
been merged on 14 Novembre 2014 into the Fund as follows: Amundi Absolute Strategic Forex into Amundi Funds Global Macro Forex Strategic.
- Based on the exchange ratios, calculated from the respective net asset value dated 20 Novembre 2014, of the shares of the said sub-fund, the following FCP has
been merged on 21 Novembre 2014 into the Fund as follows: Amundi Global Macro 4 into Amundi Funds Global Macro Bonds & Currencies.
- Based on the exchange ratios, calculated from the respective net asset value dated 11 December 2014, of the shares of the said sub-fund, the following FCP has
been merged on 12 December 2014 into the Fund as follows: Amundi Oblig Haut Rendement into Amundi Funds Bond Euro High Yield.
- Based on the exchange ratios, calculated from the respective net asset value dated 18 June 2015, of the shares of the said sub-fund, the following sub-fund has been
merged on 19 June 2015 into the SICAV as follows: Amundi Funds Equity Emerging Anti-Benchmark into Most Diversified Portfolio SICAV – TOBAM Anti-Benchmark
Emerging Markets Equity Fund.
- Based on the exchange ratios, calculated from the respective net asset value dated 18 June 2015, of the shares of the said sub-fund, the following sub-fund has been
merged on 19 June 2015 into the SICAV as follows: Amundi Funds Equity World Anti-Benchmark into Most Diversified Portfolio SICAV – TOBAM Anti-Benchmark
World Equity Fund.
Master-Feeder structures during the period:
- As at 7 Novembre 2014, the sud-fund Amundi Funds Bond Euro Corporate 1-3 became the master of Amundi Credit 1-3 Euro, the french Feeder.
- As at 12 June 2015, the sud-fund Amundi Funds Bond Euro Inflation became the master of LCL Obligations Inflation Europe, the french Feeder.
336
Notes to the Financial Statements as at 30/06/15
In reference to the prospectus of June 2015, as at 30 June 2015, the Fund consisted of 80 sub-funds in activity, each investing in a specific market or group of markets.
Amundi Funds Equity Global, Amundi Funds Equity Global Income, Amundi Funds Equity Japan Target, Amundi Funds Equity US Concentrated Core, Amundi Funds
Equity US Relative Value, Amundi Funds Equity Japan Value, Amundi Funds Equity Euro, Amundi Funds Equity Europe, Amundi Funds Equity Euroland Small Cap,
Amundi Funds Equity Europe Small Cap, Amundi Funds Equity Global Gold Mines, Amundi Funds Equity Global Luxury and Lifestyle, Amundi Funds Equity Global
Agriculture, Amundi Funds Equity Global Resources, Amundi Funds Equity ASEAN, Amundi Funds Equity Asia ex Japan, Amundi Funds Equity Brazil, Amundi Funds
Equity Emerging Internal Demand, Amundi Funds Equity Emerging World, Amundi Funds Equity MENA, Amundi Funds Equity Greater China, Amundi Funds Equity
India, Amundi Funds Equity India Select, Amundi Funds Equity India Infrastructure, Amundi Funds Equity Korea, Amundi Funds Equity Latin America, Amundi Funds
Equity Thailand, Amundi Funds Equity Emerging Minimum Variance, Amundi Funds Equity Europe Minimum Variance, Amundi Funds Equity Global Minimum Variance,
Amundi Funds Convertible Credit, Amundi Funds Convertible Europe, Amundi Funds Convertible Global, Amundi Funds Bond Euro Aggregate, Amundi Funds Bond
Euro Corporate, Amundi Funds Bond Euro Corporate 1-3, Amundi Funds Bond Euro Government, Amundi Funds Bond Euro Inflation, Amundi Funds Bond Euro High
Yield, Amundi Funds Bond Euro High Yield Short Term, Amundi Funds Bond Global Corporate, Amundi Funds Bond US Corporate, Amundi Funds Bond US Opportunistic
Core Plus, Amundi Funds Bond US Aggregate, Amundi Funds Bond Europe, Amundi Funds Bond Global Aggregate, Amundi Funds Bond Global, Amundi Funds Bond
Global Inflation, Amundi Funds Bond Global High Yield, Amundi Funds Bond Enhanced RMB, Amundi Funds Bond Asian Local Debt, Amundi Funds Bond Emerging
Inflation, Amundi Funds Bond Global Emerging Local Currency, Amundi Funds Bond Global Emerging Corporate, Amundi Funds Bond Global Emerging Hard Currency,
Amundi Funds Patrimoine, Amundi Funds Index Equity Emerging Markets, Amundi Funds Index Equity Euro, Amundi Funds Index Equity Europe, Amundi Funds Index
Equity Japan, Amundi Funds Index Equity North America, Amundi Funds Index Equity Pacific ex Japan, Amundi Funds Index Equity USA, Amundi Funds Index Equity
World, Amundi Funds Index Global Bond (EUR) Hedged, Amundi Funds Index Bond Euro Corporate, Amundi Funds Index Bond Euro Govies, Amundi Funds Global
Macro Forex, Amundi Funds Global Macro Forex Strategic, Amundi Funds Global Macro Bonds & Currencies, Amundi Funds Global Macro Bonds & Currencies Low
Vol, Amundi Funds Absolute US Corporate, Amundi Funds Absolute High Yield, Amundi Funds Absolute Volatility Arbitrage, Amundi Funds Absolute Volatility Arbitrage
Plus, Amundi Funds Absolute Volatility Euro Equities, Amundi Funds Absolute Volatility World Equities, Amundi Funds Absolute Global Dividend, Amundi Funds Cash
EUR, Amundi Funds Cash USD.
337
338
Institutional Investors
Institutional Investors
specifically authorised by the
Board
Institutional Investors
Asian UCIs and Mandates
approved by the Board
Denominated in EUR
Specific fee schedule
-
Denominated in EUR
-
-
Denominated in USD
Denominated in USD
Denominated in JPY
0.01% p.a.
0.01% p.a.
0.01% p.a.
0.01% p.a.
0.01% p.a.
0.01% p.a.
0.01% p.a.
Taxation
USD 30,000,0004 except
Equity Europe
Minimum Variance
USD 15,000,000
except Bond Euro Corporate,
Bond Euro Aggregate, Bond
Euro Government, Bond
Euro Corporate 1-3: EUR
5,000,000
USD 15,000,000 except
Equity India Select
USD 1,000,000
USD 50,000
USD 50,000
USD 500,000
USD 500,000
Equivalent in JPY of USD
500,000
Equivalent in GBP of USD
500,000
Equivalent in EUR of USD
500,000
Equivalent in CHF of USD
500,000
Minimum
investment1
Accumulation/
Distribution except
for Bond Euro
Inflation:
Accumulation
and Equity Europe
Minimum Variance:
Distribution
Accumulation
Distribution
Accumulation
except for Equity
Global Resources:
Distribution
Distribution
Accumulation/
Distribution
Accumulation/
Distribution except
for Equity India
Infrastructure:
Accumulation
Accumulation/
Distribution
Accumulation/
Distribution
Accumulation/
Distribution
Accumulation/
Distribution
Distributing/
Accumulation
Max 5.00%
Max 0.50%
Max 2.50%
Max 5.00%
Max 5.00%
Max 2.50%
Max 2.50%
Subscription
Fee3
Max 1.00%
Max 1.00%
Max 1.00%
Max 1.00%
Max 1.00%
Max 1.00%
Max 1.00%
Conversion
Fee2
-
-
Max 1.00%
-
-
-
-
Redemption
Fee
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these SubFunds and / or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum
of 2.00%. The amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned Sub-Fund. More information concerning additional subscription fee currently applied can be obtained upon request at
the registered office of the management company and on the website www.amundi-funds.com.
4
For XU and XE classes, this minimum investment must be appreciated at level of the concerned Category of Classes, remotely in case of a sole institutional investor or in aggregate in case of companies of a same group, held in 100% by the same parent company
and investing for their own account.
XE
XE Class
IE-D
I6
Institutional
Class VI
IE-D Class
I2
Institutional
Class II
I4
IU0
IU0 Class
Institutional
Class IV
IU
IU Class
Japanese UCIs
IJ
IJ Class
Institutional Investors
specifically authorised by the
Board
IG
IG Class
Denominated in GBP
Denominated in EUR
IE
IE Class
Institutional Investors investing
for their own account or for
individuals within the framework
of a collective savings or any
comparable scheme as well as
UCITS
Denominated in CHF
Specific
characteristics
IC
Investors
IC Class
Classes of Shares
I Classes Category
Denomination
Classes of Shares
This table further details the characteristics of each Class of Shares.
Notes to the Financial Statements as at 30/06/15
I9
Institutional
Class IX
IHA0
IHA
I12
I11
-
Specific fee schedule
0.01% p.a.
0.01% p.a.
0.01% p.a.
0.01% p.a.
0.01% p.a.
Taxation
0.01% p.a.
- base currency (AUD)
- hedged Class of Shares (this operation
aims to hedge the NAV in AUD vs. the
reference currency of the relevant SubFund)
Institutional Investors specifically - base currency (AUD)
- hedged Class of Shares (this
authorised by the Board
operation aims to hedge the NAV in
AUD vs. the reference currency of the
relevant Sub-Fund)
Institutional Investors
Specific
characteristics
Denominated in USD
Specific fee schedule
Institutional Investors specifically
authorised by the Board
Japanese UCIs specifically
authorised by the Board
Institutional
Investors specifically authorised
by the Board
Institutional Investors
Investors
Equivalent in AUD of USD
500,000
Equivalent in AUD of USD
500,000
USD 20,000,000
USD 20,000,000 for USD
denominated share classes
or equivalent in EUR for
EUR denominated share
classes
USD 25,000,000
USD 50,000
USD 100,000,000 except
Equity Emerging World and
Equity Emerging Internal
Demand USD 30,000,000
Equity Emerging Minimum
Variance Equivalent in EUR
of 25,000,000
USD 30,000,0004 except
Equity Europe
Minimum Variance
USD 15,000,000
except Bond Euro
Corporate, Bond Euro
Aggregate, Bond Euro
Government, Bond Euro
Corporate 1-3: EUR
5,000,000
Minimum
investment1
Subscription
Fee3
Accumulation/
Distribution
Accumulation
Distribution
Accumulation
Accumulation
Accumulation
Max 2.50%
Max 2.50%
Max 5.00%
Max 2.50%
Max 5.00%
Accumulation/
Distribution except
for Equity Greater
China, Equity Latin
America, Equity Asia
Ex Japan and Equity Max 5.00%
Emerging Internal
Demand:
Accumulation
Distributing/
Accumulation
Max 1.00%
Max 1.00%
-
-
-
-
Max 1.00%
Max 1.00%
-
-
Redemption
Fee
Max 1.00%
Max 1.00%
Conversion
Fee2
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of
the management company and on the website www.amundi-funds.com.
4
For XU and XE classes, this minimum investment must be appreciated at level of the concerned Category of Classes, remotely in case of a sole institutional investor or in aggregate in case of companies of a same group, held in 100% by the same parent company
and investing for their own account.
IHA0 Class
IHA Class
Institutional
Class XII
Institutional
Class XI
I10
I8
Institutional
Class VIII
Institutional
Class X
XU
XU Class
Classes of Shares
I Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
339
340
IHE
IHE0
IHG0
IHG
IHS
IHU
IHE Class
IHE0 Class
IHG0 Class
IHG Class
IHS Class
IHU Class
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (CHF)
- hedged Class of Shares (this operation
aims to hedge the NAV in CHF regarding
to the currency of denomination of the
relevant sub-fund)
Specific
characteristics
Institutional Investors
Difference with Class I:
- base currency (USD)
- hedged Class of Shares
(this operation aims to hedge the NAV in
USD regarding to the currency of
denomination of the relevant sub-fund)
Difference with Class I:
- base currency (SGD)
- hedged Class of Shares (this operation
aims to hedge the NAV in SGD regarding
to the currency of denomination of the
relevant sub-fund)
Difference with Class I:
- base currency (GBP)
- hedged Class of Shares (this operation
aims to hedge the NAV in GBP regarding
to the currency of denomination of the
relevant sub-fund)
Institutional Investors specifically - base currency (GBP)
- hedged Class of Shares (this operation
authorised by the Board
aims to hedge the NAV in GBP regarding
to the currency of denomination of the
relevant sub-fund)
Institutional Investors
Investors
0.01% p.a.
0.01% p.a.
0.01% p.a.
Taxation
USD 500,000
Equivalent in SGD of USD
500,000
Equivalent in GBP of USD
500,000
Equivalent in GBP of USD
500,000
Equivalent in EUR of USD
500,000
Equivalent in EUR of USD
500,000
Equivalent in CHF of USD
500,000
Minimum
investment1
Accumulation
Accumulation/
Distribution
except Global Macro
Bonds & Currencies
Low Vol:
Accumulation
Distribution
except for Bond
Global Aggregate
and Absolute
Volatility World
Equities:
Accumulation/
Distribution
Accumulation/
Distribution
Accumulation
except Bond Global
Aggregate:
Accumulation/
Distribution
Accumulation
Distributing/
Accumulation
Max 2.50%
Max 2.50%
Max 2.50%
Subscription
Fee3
Max 1.00%
Max 1.00%
Max 1.00%
Conversion
Fee2
-
-
-
Redemption
Fee
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
1
IHC
IHC Class
I Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
IHJ
IHCA
IHJ Class
IHCA Class
Specific
characteristics
Denominated in GBP
Denominated in USD
Denominated in JPY
MG
MJ
MU
MG Class
MU Class
MHE
MHJ
MHE Class
MHJ Class
- base currency (JPY)
- hedged Class of Shares
(this operation aims to hedge the NAV in
JPY regarding to the currency of
denomination of the relevant sub-fund)
- base currency (EUR)
- hedged Class of Shares
(this operation aims to hedge the NAV in
EUR regarding to the currency of
denomination of the relevant sub-fund)
0.01% p.a.
0.01% p.a.
0.01% p.a.
Taxation
-
Equivalent in CAD of USD
500,000.
USD 500,000
USD 500,000
Minimum
investment1
Accumulation
Accumulation/
Distribution
Accumulation/
Distribution
except Absolute
Volatility World
Equities:
Accumulation
Accumulation
Distributing/
Accumulation
Max 2.50%
Max 2.50%
Max 2.50%
Subscription
Fee3
Max 1.00%
Max 1.00%
Max 1.00%
Conversion
Fee2
-
-
-
Redemption
Fee
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
MHU
MHU Class
MJ Class
Denominated in USD
- hedged Class of Shares
(this operation aims to hedge the NAV in
USD regarding to the currency of
denomination of the relevant sub-fund)
Denominated in EUR - Monthly dividend
distribution
Denominated in EUR
ME-MD
ME
ME-MD Class
ME Class
Denominated in CHF
Difference with Class I:
- base currency (CAD)
- hedged Class of Shares (this operation
aims to hedge the NAV in CAD regarding
to the currency of denomination of the
relevant sub-fund)
MC
Italian GPF and UCITS, UCIs or
mandates authorised by the
Board
Institutional Investors
Difference with Class I:
- base currency (JPY)
- hedged Class of Shares
(this operation aims to hedge the NAV in
JPY regarding to the currency of
denomination of the relevant sub-fund)
Institutional Investors specifically - base currency (USD)
- hedged Class of Shares
authorised by the Board
(this operation aims to hedge the NAV in
USD regarding to the currency of
denomination of the relevant sub-fund)
Investors
MC Class
M Classes Category
IHU0
IHU0 Class
I Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
341
342
OFU
OFJ
OG
OJ
OU
OHU
OHE
OHP
OFU Class
OFJ Class
OG Class
OJ Class
OU Class
OHU Class
OHE Class
OHP Class
Denominated in PLN
- hedged Class of Shares
(this operation aims to hedge the NAV in
PLN regarding to the currency of
denomination of the relevant sub-fund)
- base currency (EUR)
- hedged Class of Shares
(this operation aims to hedge the NAV in
EUR regarding to the currency of
denomination of the relevant sub-fund)
Denominated in USD
- hedged Class of Shares
(this operation aims to hedge the NAV in
USD regarding to the currency of
denomination of the relevant sub-fund)
Denominated in USD
Denominated in JPY
Denominated in GBP
Denominated in JPY
Denominated in USD
0.01% p.a
Taxation
Equivalent in PLN of USD
500,000
Equivalent in EUR of USD
500,000
USD 500,000
USD 500,000
Equivalent in JPY of USD
500,000
Equivalent in GBP of USD
500,000
-
Equivalent in EUR of USD
500,000
Equivalent in CHF of USD
500,000
Minimum
investment1
Accumulation
Accumulation,
except Bond Global
Aggregate:
Accumulation/
Distribution
Accumulation
Accumulation
Accumulation except
Index Equity
Emerging Markets,
Index Equity Japan,
Index Equity USA
and Index Equity
World:
Accumulation/
Distribution
and Bond Euro
Corporate:
Distribution
Accumulation
Distributing/
Accumulation
Max 5.00%
Subscription
Fee3
Max 1.00%
Conversion
Fee2
-
Redemption
Fee
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
1
OFE
OFE Class
Institutional Investors specifically
authorized by the Board
Denominated in EUR
OE
OE Class
Denominated in EUR
Denominated in CHF
Specific
characteristics
OC
Investors
OC Class
O Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
Denominated in EUR
- monthly dividend distribution
AE-MD
AE-QD
AG
AU
AHC
AE-MD Class
AE-QD Class
AG Class
AU Class
AHC Class
AK
AJ
- base currency (CHF)
- hedged Class of Shares (this operation
aims to hedge the NAV in CHF regarding
to the currency of denomination of the
relevant sub-fund)
Denominated in CZK
Denominated in USD
Denominated in JPY
Denominated in GBP
0.05% p.a.
0.01% p.a
0.01% p.a
Taxation
-
-
USD 500,000 except Equity
Latin America USD
100,000,000
Minimum
investment1
Max 5.00%
Subscription
Fee3
Accumulation
Accumulation/
Distribution
Distribution
Accumulation/
Distribution except
for Cash USD:
Distribution
Accumulation/
Distribution
Accumulation/
Distribution
Max 4.50%
Accumulation/
Distribution except
for Global Macro
Bonds & Currencies
Low Vol and
Absolute Volatility
Arbitrage:
Max 5.00%
Accumulation
Accumulation
Distributing/
Accumulation
Max 1.00%
Max 1.00%
Max 1.00%
Conversion
Fee2
-
-
-
Redemption
Fee
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
AK Class
AJ Class
Denominated in EUR
- quarterly dividend distribution
Denominated in EUR
AE
AE Class
All investors
Denominated in CHF
AC
AC Class
A Classes Category
Denominated in EUR
Hedged Class of Shares
(this operation aims to hedge the NAV in
EUR regarding to the currency of
denomination of the relevant sub-fund)
ORHE
Denominated in EUR
ORHE Class
Dedicated to feeders managed
and or distributed by companies
of Amundi Group
OR
OR Class
Institutional Investors specifically Denominated in USD
authorized by the Board
Difference with OU: specific fees
schedule
Specific
characteristics
O1
Investors
O1 Class
O Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
343
344
AHK
AHU
AHU-MD
AHS
AHK Class
AHU Class
AHU-MD Class
AHS Class
Denominated in SGD
- hedged Class of Shares (this operation
aims to hedge the NAV in USD regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (USD)
- hedged Class of Shares (this operation
aims to hedge the NAV in USD regarding
to the currency of denomination of the
relevant sub-fund)
- monthly dividend distribution
- base currency (USD)
- hedged Class of Shares (this operation
aims to hedge the NAV in USD regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (CZK)
- hedged Class of Shares (this operation
aims to hedge the NAV in CZK regarding
to the currency of denomination of the
relevant sub-fund)
0.05% p.a.
Taxation
-
Minimum
investment1
Subscription
Fee3
Accumulation/
Distribution
Distribution
Accumulation
except for Global
Macro Bonds &
Currencies Low Vol:
Accumulation/
Distribution
Accumulation
Accumulation/
Distribution, except
Absolute Volatility
Euro Equities:
Distribution and
except for Global
Macro Bonds &
Currencies Low Vol:
Accumulation
Max 4.50%
Distribution
Accumulation
except for Absolute
Volatility World
Equities, Bond
Global Aggregate
and Equity Global:
Accumulation/
Distribution
Distributing/
Accumulation
Max 1.00%
Conversion
Fee2
-
Redemption
Fee
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
1
AHG
AHG Class
All investors
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
- monthly dividend distribution
AHE-MD
AHE-MD Class
- base currency (GBP)
- hedged Class of Shares (this operation
aims to hedge the NAV in GBP regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
Specific
characteristics
AHE
Investors
AHE Class
A Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
A2U-QD
A2E
A2HU
A2U-QD Class
A2E Class
A2HU Class
A3U
0.05% p.a.
Taxation
Denominated in USD
0.05% p.a.
-
-
-
Minimum
investment1
Accumulation/
Distribution
Distribution
Accumulation/
Distribution
Distribution
Accumulation/
Distribution
Distribution
Accumulation/
Distribution except
for Equity India
Infrastructure:
Accumulation
Accumulation
Distributing/
Accumulation
Max 4.50%
Max 4.50%
Max 4.50%
Subscription
Fee3
Max 1.00%
Max 1.00%
Max 1.00%
Conversion
Fee2
-
-
-
Redemption
Fee
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
A3U Class
Denominated in EUR
Through a network of distributor
specifically authorized by the
board
A3E
A3E Class
- Denominated in USD
- monthly dividend distribution
A2U-MD
A2U-MD Class
Denominated in SGD
- hedged Class of Shares (this operation
aims to hedge the NAV in SGD regarding
to the currency of denomination of the
relevant sub-fund)
- Denominated in SGD
- hedged Class of Shares (this operation
aims to hedge the NAV in SGD regarding
to the currency of denomination of the
relevant sub-fund)
- monthly dividend distribution
A2HS
Denominated in USD
- hedged Class of Shares (this operation
aims to hedge the NAV in USD regarding
to the currency of denomination of the
relevant sub-fund)
Denominated in JPY
Denominated in EUR
Denominated in USD
- quarterly dividend distribution
Denominated in USD
Difference with Class AU:
- only accumulation share
Specific
characteristics
Denominated in USD
Reserved to Hong Kong, Macau, - hedged Class of Shares (this operation
0.05% p.a.
Singapore and Korea Investors aims to hedge the NAV in USD regarding
to the currency of denomination of the
relevant sub-fund)
- monthly dividend distribution
All investors
Investors
A2HS-MD Class A2HS-MD
A2HS Class
A2HU-MD Class A2HU-MD
A2J
A2U
A2U Class
A2J Class
AU-C
AU-C Class
A Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
345
346
RHG
RU
RG
RHG Class
RU Class
RG Class
All Investors
Shares only available through a
networks of distributors in the
U.K. or in the Netherlands or
distributors specifically
authorized by the board and
having separate fee
arrangements with their clients
All Investors
Investors
Taxation
Denominated in JPY
Denominated in GBP
Denominated in USD
- base currency (GBP)
0.05% p.a.
- hedged Class of Shares (this operation
aims to hedge the NAV in GBP regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (CHF)
- hedged Class of Shares (this operation
aims to hedge the NAV in CHF regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
Denominated in EUR
- Denominated in Euro
- Duration-hedged Class of Shares (this 0.05% p.a.
operation aims to reduce the share class’
sensitivity to the Duration of the
Reference Indicator of the relevant subfund)
- base currency (USD)
- monthly dividend distribution
Denominated in EUR
Specific
characteristics
-
-
Minimum
investment1
Accumulation/
Distribution
Accumulation/
Distribution except
for Equity Brazil,
Equity Global
Agriculture and
Equity Asean:
Accumulation, for
Equity Asia Ex
Japan: distribution
Accumulation/
Distribution
Accumulation
Accumulation/
Distribution except
for Equity Global
Minimun Variance:
Accumulation
Accumulation/
Distribution except
for Convertible
Global: Accumulation
Accumulation
Distribution
Accumulation
Distributing/
Accumulation
Max 4.50%
Max 4.50%
Subscription
Fee3
Max 1.00%
Max 1.00%
Conversion
Fee2
-
-
Redemption
Fee
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
1
CHF
RHC Class
RJ
RHE
RHE Class
RJ Class
RE
RE Class
R Classes Category
AE-DH
AE-DH Class
A4E
AU-MD
AU-MD Class
A4E Class
A Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
RE-MD
RE-MD Class
Denominated in USD
SU
SHE-QD
SHE-MD
SHG
SHU
SHE-QD Class
SHE-MD Class
SHG Class
SHU Class
- base currency (USD)
- hedged Class of Shares (this operation
aims to hedge the NAV in USD regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (GBP)
- hedged Class of Shares (this operation
aims to hedge the NAV in GBP regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
- monthly dividend distribution
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
0.05% p.a.
relevant sub-fund)
- quarterly dividend distribution
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
Denominated in JPY
-
-
Minimum
investment1
Accumulation
Distribution
Distribution
Accumulation
Distribution
Accumulation
Distribution
Accumulation
Distributing/
Accumulation
Max 3.00%
Max 4.50%
Subscription
Fee3
Max 1.00%
Max 1.00%
Conversion
Fee2
-
-
Redemption
Fee
1
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
SHE
SJ
SHE Class
SU Class
SJ Class
All Investors
Shares only available through a
networks of distributors
Denominated in GBP
SG
SG Class
Denominated in EUR
- monthly dividend distribution
SE-MD
SE
SE-MD Class
SE Class
Denominated in EUR
Denominated in CHF
- Denominated in Euro
- monthly dividend distribution
Taxation
- Denominated in Euro
- Duration-hedged Class of Shares (this
operation aims to reduce the share class’
sensitivity to the Duration of the
Reference Indicator of the relevant sub- 0.05%
fund)
Specific
characteristics
SC
All Investors
Shares only available through a
networks of distributors in the
U.K. or in the Netherlands or
distributors specifically
authorized by the board and
having separate fee
arrangements with their clients
Investors
SC Class
S Classes Category
RE-DH
RE-DH Class
R Classes Category
Denomination
Notes to the Financial Statements as at 30/06/15
347
348
Denominated in USD
FU
FU Class
FHE-QD
FHE-MD
FHU
FHE-MD Class
FHU Class
P Class Category
PU Class
PU
FHE
FHE-QD Class
FHE Class
FU-MD
FU-MD Class
FJ
Private Banks authorised by the
Board
Denominated in GBP
FG
FG Class
FJ Class
Denominated in USD
- base currency (USD)
- hedged Class of Shares (this operation
aims to hedge the NAV in USD regarding
to the currency of denomination of the
relevant sub-fund)
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
- monthly dividend distribution
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
- quarterly dividend distribution
- base currency (EUR)
- hedged Class of Shares (this operation
aims to hedge the NAV in Euro regarding
to the currency of denomination of the
relevant sub-fund)
Denominated in USD
-monthly dividend distribution
Denominated in JPY
Denominated in EUR
-monthly dividend distribution
FE-MD
Denominated in EUR
FE-MD Class
FE
Denominated in CHF
FE Class
FC
Shares only available through a network
of distributors specifically authorised by
the Board
Difference with Class S: Reduced
Subscription Fee
Specific
characteristics
FC Class
All Investors.
Shares only available through a
network of distributors
specifically authorised by the
Board
Difference with S Classes
Category: Distribution fees
All Investors
Investors
0.05% p.a
0.05% p.a.
0.05% p.a.
Taxation
USD 100 000 - or its
equivalent in EUR
-
-
Minimum
investment1
Accumulation/
Distribution,
except for Bond
Enhanced RMB:
Accumulation
Accumulation/
Distribution
Distribution
Accumulation
Distribution
Accumulation
Distribution
Accumulation
Accumulation
Distributing/
Accumulation
Max 4.50%
-
Max 1.00%
Subscription
Fee3
Max 1.00%
Max 1.00%
-
Max 1.00%
Conversion
Fee2
-
-
-
Redemption
Fee
Each minimum investment amount must be appreciated at level of the concerned Category of Classes, independently of the sub-fund(s), except if otherwise provided in the table. For the I Classes Category except for XU and XE classes, each minimum investment
must be appreciated at the level of the Fund, independently of the sub-fund(s), except if otherwise provided in the table. It can be appreciated remotely in case of a sole investor or in aggregate in case of companies of a same group, held in 100% by the same parent
company and investing for their own account.
2
No conversion fee is applied for a change of Class of Shares or Category within a same sub-fund.
3
Depending on the level of assets under management within Absolute Volatility Euro Equities and Absolute Volatility World Equities, new subscriptions may generate adverse effects increasing the complexity of the management of the assets of these sub-funds and /
or impacting negatively their future performance. As a result, the Board of Directors reserves the right to apply, during any period of time determined at its own discretion and on amounts subscribed, an additional subscription fee up to a maximum of 2.00%. The
amount applied will be fixed by the Board from time to time for each new subscription and will be payable to the concerned sub-fund. More information concerning additional subscription fee currently applied can be obtained upon request at the registered office of the
management company and on the website www.amundi-funds.com.
1
Class H
F Classes Category
Classic H Class
Classic H Class Category
Denomination
Notes to the Financial Statements as at 30/06/15
Notes to the Financial Statements as at 30/06/15
2 PRINCIPAL ACCOUNTING CONVENTIONS
n PRESENTATION OF THE FINANCIAL STATEMENTS
The Fund’s financial statements were prepared in accordance with the legal and regulatory provisions in force in Luxembourg concerning undertakings for collective
investment.
The financial statements are presented on the basis of the latest Net Asset Value (“NAV”) calculated during the financial period/year. In accordance with the prospectus
dated June 2015, the NAV were calculated using the latest market values and exchange rates known at the time of the calculation meaning:
- For all sub-funds: 30 June 2015.
In the annual report as at 30 June 2014, the sub-funds merged or liquidated during this year were shown separately in the Statement of Operations and Changes in
Net Assets and were included in the combined figures. In the annual report as at 30 June 2015, these sub-funds are not shown separately in the Statement of Operations
and Changes in Net Assets even though they are still included in the combined figures as at 30 June 2014.
n
n
n
Cross Sub-Funds investments - As at June 30, 2015, the value of the investments made by sub-funds in other sub-funds of the SICAV amounts to EUR
473,166,944.90 corresponding to of 1.57% the total net asset value. Therefore, the total combined NAV at period end without those cross investments would amount
to EUR 29,593,022,466.10.
Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are
not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the
Board of Directors.
Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressed
in foreign currencies are therefore converted and combined in EUR at the exchange rate in force at the close of the financial period.
Transactions and acquisition costs for portfolio securities expressed in foreign currencies are converted into the accounting currency of the sub-fund concerned at
the exchange rate in force on the date of transaction or acquisition, as appropriate. Valuation values for securities in the portfolio and of other assets and liabilities
expressed in foreign currencies are converted into the accounting currency of the sub-fund at the exchange rate in force at the end of the financial period. Currency
differences resulting from these conversions are recorded in the Statement of Operations and Changes in Net Assets.
n Return on investments - Dividends are entered as yields on the date when they are declared and in so far as the appropriate information can be obtained by the
Fund. Interest is accrued on a daily basis.
n Distribution of costs and expenses - Each sub-fund is charged with costs or expenses specifically attributable to it. Costs and expenses not attributable to a
specific sub-fund are distributed between the sub-funds on an equitable basis, in proportion to their respective Net Assets.
n
n
n
n
n
n
n
n
n
Repurchase agreements - Repurchase agreements (Repos) are equivalent to borrowings guaranteed by underlying assets presented in the securities portfolio
of the sub-fund which remains exposed to market risk. Reverse Repurchase agreements (Reverse Repos) are similar to guaranteed loans. In this case, the
sub-fund is not subject to the risk of depreciation in the value of the underlying assets. Repos and Reverse Repos are regarded as borrowings and loans,
respectively, of the sum of liquid assets received and/or paid.
Futures contracts - Unexpired futures contracts are valued at their last known price on the date of valuation or on the closing date and unrealised appreciations
or depreciations resulting from them are recorded in the Statement of Net Assets.
Forward foreign exchange contracts - Unexpired forward foreign exchange contracts are valued at the exchange rates applicable on the valuation date or on
the closing date and unrealised appreciations or depreciations resulting from them are recorded in the Statement of Net Assets. In the Cash sub-funds, the unexpired
forward foreign exchange contracts are valued with the linearisation method.
Valuation of options - Options officially listed on a stock market or any other regulated market, operating in a regular manner, recognised and open to the
public, are valued on the basis of their closing prices on the valuation day or, in the absence of such prices, on the basis of the last-known prices available. If these
last-known prices are not representative, the valuation will be based on the probable realisation value estimated by the Board of Directors with prudence and in
good faith. Currency options are valued at the market value.
Swaps - The Fund is authorised to enter into volatility swaps, correlation swaps, credit default swaps, total return swaps, inflation swaps, asset swaps or interest
rate swaps. Except for the interest rate swaps with a maturity of less than 6 months included in the Net Asset Value of the Cash EUR and Cash USD sub-funds,
interest rate swaps, volatility swaps, correlation swaps, variance swaps, credit default swaps, total return swaps and inflation swaps are recorded at market value
based on the valuation elements laid down in the contracts. The unrealised net gain is included in the item “Unrealised net appreciation on swaps” in the Statement
of Net Assets and the unrealised net loss is included in the item “Unrealised net depreciation on swaps” in the Statement of Net Assets.
Money market instruments - For the money market instruments, the accretion (difference between cost and amortised value), is reported under “Net change in
unrealised appreciation/(depreciation) on investments” for securities held. If the instruments have been sold or reimbursed, this result is considered as “Net realised
profit/(loss) on securities sold”.
“Net realised profit/(loss) on securities sold” - The “Net realised profit/(loss) on securities sold” figure of the Statement of Operations and Changes in Net Assets
is reflecting the difference between the cost and proceeds from securities sold, including the market as well as the currency impacts.
Transaction costs - The transaction costs include broker fees and fees charged by the custodian for securities and derivatives transactions. The broker fees
are excluded from the cost of securities and derivatives purchased and sold. All these fees are recorded under caption “Broker and transaction fees”. Refer to
note 14 which desribes the reception and transmission of orders fees.
Contracts for difference - Contracts for difference are valued based on the closing market price of the underlying security, less any financing charges attributable
to each contract. Upon entering into contracts for difference, the SICAV may be required to pledge to the broker an amount of cash and/or other assets equal
to a certain percentage of the contract amount (“initial margin”). Subsequently, payments known as “variation margin” are made or received by the SICAV
periodically, depending on fluctuations in the value of the underlying security. During the period, contracts are open, changes in the value of contracts are
recognised as unrealised gains and losses by “marking to market” at each valuation point in order to reflect the changes in the value of the underlying security.
Realised gains or losses upon closure of the contract are equal to the difference between the value of the contract at the time it was opened and the value at
the time it was closed. The open contracts for difference are included in the Statement of Net Assets on the basis of the Unrealised Gain/(Loss) attributable to
each contract as at the end of the period. Dividends attributable to open contracts for difference are also included in the value of the Unrealised Gain/(Loss) at
the end of the period. The contracts are subject to a daily financing charge and income, usually applied at a previously agreed rate, which is accounted for as
interest income for short Contracts for Difference, and as interest expense for long Contracts for Difference positions.
349
Notes to the Financial Statements as at 30/06/15
3 EXCHANGE RATES USED AS OF 30 JUNE 2015
The exchange rates used for the combined figures are the following:
1 JPY =
1 USD =
0.007335 EUR
0.897505 EUR
4 MANAGEMENT FEES, ADMINISTRATION FEES AND DISTRIBUTION FEES
Fee structure - The Administration fee is a fee expressed as a percentage of the NAV of the sub-funds and classes of shares, including all the administrative expenses
of the Fund.
Such fee includes the remuneration of the Administration Agent, Domiciliary Agent, Transfer Agent and Registrar for its services rendered to the Fund, the remuneration
of the Custodian for its services rendered to the Fund as well as all other administrative expenses incurred in the operation of the Fund including but not limited to:
- the fees of auditors and legal advisers of the Fund (including costs associated with compliance with legal and regulatory requirements);
- the cost of translation, printing and distribution to investors the annual and semi-annual reports, the prospectus of the Fund and of the Key Investor Information
of each class of shares and any supplement thereto as well as any notice to the Investors’ attention;
- any costs related to the information of the shareholders including costs related to the publication of prices of shares in the financial press, the production of
information material for the subscribers and distributors;
- any fees and expenses involved in registering and maintaining the registration of the Fund with any governmental agency or stock exchange and to comply with
any regulatory requirements and the reimbursem